GLOSSARY HOW TO READ FACTSHEET. 2 November 2018 Intouch mutually. Sharpe Ratio

Transcription

1 November 2018

2 GLOSSARY Sharpe Ratio Sharpe 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. Beta Beta (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 Duration A 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 Deviation A 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 Return The theoretical rate of return of an investment with safest (zero risk) investment in a country. Total Expense Ratio Total expenses charged to scheme for the month expressed as a percentage to average monthly net assets. HOW TO READ FACTSHEET Fund Manager An 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 Subscription This is the minimum investment amount for a new investor in a mutual fund scheme. Minimum Amount This is the minimum investment amount for an existing investor in a mutual fund scheme. Yield to Maturity The 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. 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 that invests Rs 500 every 15th of the month in an equity fund for a period of three years. NAV The 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. A 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 Load A 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 (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 Load Exit 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 Duration Modified duration is the price sensitivity and the percentage change in price for a unit change in yield. Tracking Error Tracking 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 Maturity Weighted average maturity of the securities in scheme. Yield (Yield To Maturity) Weighted average yield of the securities in scheme portfolio. Turnover Ratio 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. 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 ( 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 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. 2 November 2018 Intouch mutually

3 Market Review Equity Market update Indian equity markets rose by 5% in November on back of good Q2FY19 results and receding concerns on India s external sector. SENSEX / NIFTY 50 outperformed Midcaps / Smallcaps indices during the month as well as in CYTD 2018 till November. Capital goods, Banking, Auto and FMCG sectors performed well while metals, healthcare, power and IT underperformed. Performance of global equity markets was mixed with US and major Asian indices delivering positive returns on MoM basis while European indices underperforming modestly. The table below gives the details of performance of key domestic and global indices. % Change in Indices CY M CY 2018 YTD S&P BSE India Auto (21.9) S&P BSE India Bankex S&P BSE India Capital Goods (2.6) S&P BSE India FMCG S&P BSE India Healthcare 0.5 (2.7) (3.2) S&P BSE India Metal 47.8 (5.5) (20.8) S&P BSE India Power 19.8 (2.4) (19.8) S&P BSE India Oil & Gas 34.0 (0.0) (18.7) S&P BSE India IT 10.8 (1.6) 26.8 S&P BSE SENSEX NIFTY NIFTY Midcap (17.2) NIFTY Smallcap (31.6) % Change in Indices CY M CY 2018 YTD S&P FTSE 7.6 (2.1) (9.2) DAX 12.5 (1.7) (12.9) CAC 9.3 (1.8) (5.8) Nikkei (1.8) Hang Seng (11.4) KOSPI (15.0) Shanghai 6.6 (0.6) (21.7) MSCI Emerging Market Index (14.1) During the month, Brent crude price corrected sharply by ~21% (on back of 9% decline in previous month) and closed at USD 59.5 per barrel. This was primarily due to US unexpectedly allowing imports from Iran to 8 countries including India for six months. On an average, India basket for crude FY19YTD has been USD 73.5 vs USD 60 as of end-nov 18. Most other major commodities prices were stable or rose marginally. Steel was the worst performer, down 13% while Lead being the best performer, up 2.4%. On CYTD basis, all the major commodities prices (including crude) are in negative territory now. INR ended the month at 69.6 vs USD. INR appreciated by 6% in November, though still nearly 9% down in 2018 vs USD. Appreciation of INR vs USD during the month was largely on account of sharp decline in crude prices. It should be noted that India s external sector position is sensitive to crude prices and thus, if oil prices and currency sustain at current levels, it should be positive for current account deficit going forward. FPIs bought Indian equities worth US$0.8 bn during November, which was highest in any month in FY19 so far. Total FPI s Equity outflows in FY19YTD till November have been close to US$7.0bn. Equity oriented mutual funds flows continue to remain healthy providing a good counter balance in the markets. Net inflows in domestic equity oriented mutual funds in October 2018 were over Rs 13,000 crores. Total net inflows domestic equity oriented mutual funds in FY19YTD till October has been nearly Rs 85,600 crores. Q2FY19 results of Construction, Metals, NBFCs, private corporate banks and large PSU banks were above expectations while for large IT and consumer staples were largely in line with expectations. Earnings for retail banks, small PSU banks, Oil & Gas, Pharma, and Auto were below or slightly below expectations. NIFTY 50 is trading near 16x CY19 (e) and 14x CY20 (e). These are reasonable multiples especially in view of improving profit growth outlook. Markets thus hold promise over the medium to long term in our opinion. Adverse global events, rise in crude oil prices, sharp moderation in equity oriented mutual funds flows and delays in NPA resolution under NCLT are key risks in the near term. In view of the above, there is merit in increasing allocation to equities, especially in multi cap / large cap funds in a phased manner or in staying invested as the case may be (for those with a medium to long term view and in line with individual risk appetite). Debt Market update The yield on 10-year benchmark (7.17% GoI 2028) ended the month at 7.61%, down by ~25 bps Month on Month (MoM). The yield on 10-year AAA Corporate Bonds also declined by 21 bps MoM, ending the month at 8.57%. Thus, corporate bond spreads during the month widened to 81 bps as against 77 bps in October 2018 (spread against 7.17% GoI 2028). Liquidity conditions remained negative during the month despite the G-secs purchases done by RBI through Open Market Operations (OMOs). On overall basis, as against ~Rs 580 bn of average liquidity infused by RBI in October 2018 through various sources, ~Rs 830 bn of liquidity was infused in November 2018 on an average. To support liquidity, RBI conducted OMO purchases of INR 500 bn (as against announced amount of INR 400 bn) and also announced plans to do further OMOs of INR 400 bn during December The overnight rate ended the month at 6.55%, down 5 bps MoM. INR appreciated by ~6% against USD during the month to close at 69.6 on account of sharp correction in crude prices (by over 20%) resulting in expectation of favourable outlook for CAD. Net FII debt flows also turned positive and recorded inflows of USD 0.8 bn during November as against outflows of USD 1.3 bn a month ago. In the first eight months of FY19, net FII debt outflows aggregated to USD 7.5 bn as against inflows of US$ 18.2 bn during the corresponding period last year. October trade deficit widened to US$ 17.1 bn from USD 14.6 bn a year ago, mainly on account of rise in net oil imports (+55%). Non-Oil exports increased by 13% led by improvement in exports of Chemicals (+25%), readymade garments (+36%) and non-electrical machinery (+27%). On the other hand, non-oil imports increased by 6% only due to rise in imports of electronics (29.6%) and engineering goods (8.9%) which was partially offset by lower import of gold, silver & precious stones (-20.5%). The annual rate of retail inflation, CPI declined to 3.3% YoY in October 2018, compared to 3.7% in September This was primarily driven by benign food prices and favourable base effect. However, the Core CPI (excl. food, fuel, transportation & housing) increased to 5.5% (Sep 18: 5.1%) on account of continued high inflation in services and tobacco. Real GDP growth fell to 7.1% YoY in 2QFY19, down from 8.2% in 1QFY19, led by slowdown in private consumption to 7% from 8.6% and sharp rise in imports vis a vis exports. This was partially offset by growth in Government expenditure by 12.7% and gross capital formation by 12.9% YoY (1QFY19: 7.6% and 8.6% respectively). Real GVA also slowed to 6.9% due to slowdown in industrial growth, especially in mining and manufacturing. Further, agriculture and service sector grew by 3.8% and 7.5% YoY respectively. GST collections in November 2018 (for month of October 2018) declined to ~INR 976 bn from ~INR 1,007 bn a month ago. Average monthly collection in FYTD19 remained ~7% higher than FY18 s average monthly collection (Aug 17 to Mar 18). During first eight months of FY19, average monthly collection of GST stood at ~INR 970 bn, lower than FY19 s budgeted estimate of ~INR 1,100 bn. Fiscal deficit for the first seven month ended of FY19 stood at ~104% of the budgeted estimate as against 96% during the same period previous year. This is primarily on account of weaker than expected growth in indirect taxes which grew by 1.2% as against expectation of 19%. Divestments were also lower than last year at 21% of budgeted amount, as compared to 46% last year. On the other hand, total expenditure grew by 12.7% during the period, slightly above budgeted growth rate of 10.1%. The Monetary Policy Committee (MPC) in its bi-monthly monetary policy review held in Dec 18 kept policy rates unchanged and maintained its stance of calibrated tightening. On back of weak food prices and sharp fall in oil prices, RBI revised down its CPI inflation projection to % in H2 FY19 (from % earlier) and % in H1 FY20 (from 4.8% for Q1 FY20 earlier), with risks tilted to the upside. Outlook The broad based weakening of food prices and sharp fall in crude oil prices have led to almost 100 bps decline in RBI s CPI forecast. Further, post policy comments from RBI that if the upside risks to inflation do not materialize, it would provide room for commensurate policy action and continuation of durable liquidity provision through OMOs till Mar 19 have been taken positively by the market leading to decline in bond yields. In our view until more clarity emerges on the durability of recent decline in inflation, RBI could stay on pause mode. ly, the impact of higher MSPs on food prices, improving real economic activity with credit growth outpacing deposit growth, and fiscal pressures are other factors which need to be closely monitored. In our opinion, the front end of the yield curve continues to offer better risk adjusted return than the longer end, and hence, we continue to recommend investment in short to medium duration debt funds. Source for various data points: Bloomberg, Bloomberg Consensus, Reuters, NSDL, CMIE Intouch mutually November

4 CONTENTS Wealth Creation Page No. Regular Income Page No. Hdfc Equity Fund Hdfc Capital Builder Value Fund Hdfc Top 100 Fund Hdfc Mid-Cap Opportunities Fund Hdfc Small Cap Fund Hdfc Growth Opportunities Fund Hdfc Focused 30 Fund Hdfc Infrastructure Fund Hdfc Balanced Advantage Fund HDFC Hybrid Equity Fund Hdfc Multi-Asset Fund Hdfc Nifty 50 Etf Hdfc Index Fund - Nifty 50 Plan Hdfc Sensex Etf Hdfc Index Fund - Sensex Plan Hdfc Equity Savings Fund HDFC Hybrid Debt Fund Hdfc Arbitrage Fund HDFC Corporate Bond Fund Hdfc Credit Risk Debt Fund Hdfc Banking and Psu Debt Fund Hdfc Gilt Fund HDFC Dynamic Debt Fund Hdfc Income Fund Hdfc Medium Term Debt Fund Hdfc Short Term Debt Fund Hdfc Low Duration Fund Hdfc Money Market Fund Hdfc Floating Rate Debt Fund Hdfc Ultra Short Term Fund Hdfc Liquid Fund Tax Savings Hdfc Overnight Fund Hdfc Taxsaver CHILDren'S FUTURE Hdfc Children s Gift Fund Performance details of schemes managed by respective fund managers performance summary - Regular Plans performance summary - Direct Plans RETIREMENT PLANNING Hdfc Retirement Savings Fund - Equity Plan Hdfc Retirement Savings Fund - Hybrid Equity Plan Performance of Category I - FPI Dividend History Disclaimer Hdfc Retirement Savings Fund - Hybrid Debt Plan Goal Based Solutions Wealth Creation Tax Savings CHILDren'S FUTURE retirement planning Regular Income 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. 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. This scheme aims to help you achieve your specific financial goal of planning for child s future expenses like higher education, etc. These schemes aim to help you achieve your specific financial goal of retirement planning. 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 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. 4 November 2018 Intouch mutually

5 HDFC Equity Fund (An open ended equity scheme investing across large cap, mid cap & small cap stocks) 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 will be realized. l CATEGORY OF SCHEME: Multi-Cap Fund l Fund Manager Prashant Jain (since June 20, 03) Total Experience: Over 27 years January 1, 1995 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, , Average for Month of November, , Turnover Ratio (Last 1 year) 25.97% Risk Ratio Standard Deviation 5.362% Beta Sharpe Ratio* Computed for the 3-yr period ended November 30, Based on month-end NAV. * Risk free rate: 6.55% (Source: FIMMDA MIBOR) Including Expenses and Goods and Service Tax Regular: 2.07% Direct: 1.25% l #BENCHMARK INDEX: NIFTY 500 (Total Index) l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) 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. 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 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Date of migration from Zurich India Mutual Fund (Close of business hours - June 19, 03). Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years). to generate long-term capital appreciation / income investment predominantly in equity & equity related instruments Investors understand that their principal will be at moderately high risk Company Industry + % to NAV Equity & Equity Related State Bank of India Banks 9.81 ICICI Bank Ltd. Banks 9.74 Larsen & Toubro Ltd. Construction Project 9.09 Infosys Ltd. Software 8.75 Reliance Industries Ltd. Petroleum Products 5.86 HDFC Bank Ltd. Banks 4.77 ITC Ltd. Consumer Non Durables 3.96 NTPC Ltd. Power 3.10 Power Grid Corporation of India Ltd. Power 2.69 Tata Consultancy Services Ltd. Software 2.69 GAIL (India) Ltd. Gas 2.62 Axis Bank Ltd. Banks 2.55 Aurobindo Pharma Ltd. Pharmaceuticals 2.43 Bank of Baroda Banks 2.37 Tata Steel Ltd. Ferrous Metals 2.16 CESC Ltd. Power 2.01 Vedanta Ltd. Non - Ferrous Metals 1.72 Power Finance Corporation Ltd. Finance 1.70 Housing Development Finance Corporation Ltd. Finance 1.59 Bharat Petroleum Corporation Ltd. Petroleum Products 1.51 Tata Chemicals Ltd. Chemicals 1.51 Cipla Ltd. Pharmaceuticals 1.37 Rural Electrification Corporation Ltd. Finance 1.23 Kalpataru Power Transmission Ltd. Power 1.22 Canara Bank Banks 1.19 Oracle Financial Services Software Ltd. Software 1.04 Coal India Ltd. Minerals/Mining 0.98 Container Corporation of India Ltd. Transportation 0.95 Balkrishna Industries Ltd. Auto Ancillaries 0.88 UPL Ltd. Pesticides 0.88 L&T Technology Services Ltd. Software 0.85 Praj Industries Ltd. Industrial Capital Goods 0.84 Punjab National Bank Banks 0.82 Siemens Ltd. Industrial Capital Goods 0.82 BEML Ltd. Industrial Capital Goods 0.68 Performance^ - Regular Plan - Growth Option Since Inception 15 year 10 year 5 year 3 year 1 year Total Amount Invested (` 000) 2, , , Mkt Value As on November 30, 2018 (` 000) 67, , , # 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. Performance^ - Regular Plan - Growth Option Company Industry + % to NAV CG Power & Industrial Solutions Ltd. Industrial Capital Goods 0.66 Time Technoplast Ltd. Industrial Products 0.51 Bharat Dynamics Ltd. Aerospace & Defence 0.49 Simplex Infrastructures Ltd. Construction 0.49 Oriental Bank of Commerce Banks 0.36 Ramco Systems Ltd. Software 0.20 Reliance Nippon Life Asset Management Ltd. Finance 0.20 RP-SG Business Process Services Software 0.18 RP-SG Retail Ltd Retailing 0.17 Hindustan Construction Company Ltd. Construction Project 0.15 Sub Total Preference Shares Zee Entertainment Enterprises Ltd. Media & Entertainment 0.02 Sub Total 0.02 Total Cash margin 0.07 Cash, Cash Equivalents and Net Current Assets 0.12 Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Banks Software Construction Project 9.24 Power 9.02 Petroleum Products 7.37 Finance 4.72 Consumer Non Durables 3.96 Pharmaceuticals 3.80 Industrial Capital Goods 3.00 Gas 2.62 Ferrous Metals 2.16 Non - Ferrous Metals 1.72 Chemicals 1.51 Minerals/Mining 0.98 Transportation 0.95 Pesticides 0.88 Auto Ancillaries 0.88 Industrial Products 0.51 Construction 0.49 Aerospace & Defence 0.49 Retailing 0.17 Media & Entertainment 0.02 (`) Nov 30, 17 Last 1 Year ,709 10,074 10,782 Nov 30, 15 Last 3 Years ,562 14,144 14,260 Nov 29, 13 Last 5 Years ,159 20,233 18,742 Jan 01, 95 Since Inception , , ,427 greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Prashant Jain, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57. 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 Jan 02, 95 (data for Jan 01, 95 is not available) to June 29, 99 and TRI values since June 30, 99. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. Intouch mutually November

6 HDFC Capital Builder Value Fund (An open ended equity scheme following a value investment strategy) This is a simple and performing scheme which is eligible for distribution by new cadre of distributors. 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 will be realized. l CATEGORY OF SCHEME: Value Fund l Fund Manager Miten Lathia (since Mar 20, 17) 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 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, , Average for Month of November, , Turnover Ratio (Last 1 year) 28.33% Risk Ratio Standard Deviation 4.848% Beta Sharpe Ratio* Computed for the 3-yr period ended November 30, Based on month-end NAV. * Risk free rate: 6.55% (Source: FIMMDA MIBOR) Including Expenses and Goods and Service Tax Regular: 2.31% Direct: 0.96% l #BENCHMARK INDEX: NIFTY 500 (Total Index) l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed / switchedout within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para Exit Load on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years). to generate long-term capital appreciation / income in the long term investment primarily in undervalued stocks Investors understand that their principal will be at moderately high risk Company Industry + % to NAV Equity & Equity Related HDFC Bank Ltd. Banks 9.28 ITC Ltd. Consumer Non Durables 5.44 Reliance Industries Ltd. Petroleum Products 4.55 Bharat Petroleum Corporation Ltd. Petroleum Products 3.35 Infosys Ltd. Software 3.27 Indusind Bank Ltd. Banks 3.21 Housing Development Finance Corporation Ltd. Finance 3.01 Axis Bank Ltd. Banks 2.98 Vedanta Ltd. Non - Ferrous Metals 2.92 ICICI Bank Ltd. Banks 2.77 GAIL (India) Ltd. Gas 2.58 Larsen & Toubro Ltd. Construction Project 2.49 Ambuja Cements Ltd. Cement 2.32 Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.98 Apollo Tyres Ltd. Auto Ancillaries 1.92 Kotak Mahindra Bank Ltd. Banks 1.82 NTPC Ltd. Power 1.81 Persistent Systems Ltd. Software 1.78 Yes Bank Ltd. Banks 1.77 Cipla Ltd. Pharmaceuticals 1.63 Aurobindo Pharma Ltd. Pharmaceuticals 1.60 NHPC Ltd. Power 1.50 Indostar Capital Finance Ltd. Finance 1.47 Bajaj Corp Ltd. Consumer Non Durables 1.36 State Bank of India Banks 1.28 VRL Logistics Ltd. Transportation 1.19 Oracle Financial Services Software Ltd. Software 1.17 Wipro Ltd. Software 1.15 Max Financial Services Ltd. Finance 1.13 Repco Home Finance Ltd. Finance 1.10 Newgen Software Technologies Ltd. Software 1.05 Indoco Remedies Ltd. Pharmaceuticals 1.02 Bharat Financial Inclusion Ltd. Finance 1.00 Trent Ltd. Retailing 1.00 Zee Entertainment Enterprises Ltd. Media & Entertainment 0.98 Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.97 Inox Leisure Ltd. Media & Entertainment 0.95 Schaeffler India Ltd. Industrial Products 0.93 Oil & Natural Gas Corporation Ltd. Oil 0.87 Gujarat Pipavav Port Ltd. Transportation 0.86 S H Kelkar and Company Ltd. Consumer Non Durables 0.86 Advanced Enzyme Technologies Ltd. Consumer Non Durables 0.85 Ashoka Buildcon Ltd. Construction Project 0.85 Tata Chemicals Ltd. Chemicals 0.85 Solar Industries India Ltd. Chemicals 0.82 Coal India Ltd. Minerals/Mining 0.79 Siti Networks Ltd. Media & Entertainment 0.73 Voltas Ltd. Construction Project 0.70 Thyrocare Technologies Ltd. Healthcare Services 0.69 Spicejet Limited Transportation 0.62 Dilip Buildcon Ltd. Construction 0.58 Performance^ - Regular Plan - Growth Option Since Inception 15 year 10 year 5 year 3 year 1 year Total Amount Invested (` 000) 2, , , Mkt Value As on November 30, 2018 (` 000) 42, , , # N.A 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. Performance^ - Regular Plan - Growth Option Company Industry + % to NAV Bharti Airtel Ltd. Telecom - Services 0.55 Blue Star Ltd. Consumer Durables 0.49 Wonderla Holidays Ltd. Hotels/Resorts & Other Recreational Activities 0.47 Entertainment Network (India) Ltd. Media & Entertainment 0.45 Sadbhav Infrastructure Project Ltd.(Corporate Guarantee of Sadbhav Engineering Ltd.) Construction Project 0.41 Bharat Dynamics Limited Aerospace & Defence 0.39 Matrimony.com Ltd. Services 0.23 GlaxoSmithkline Consumer Healthcare Ltd. Consumer Non Durables 0.18 Cochin Shipyard Ltd. Industrial Capital Goods 0.17 Equitas Holdings Ltd. Finance 0.13 General Insurance Corporation of India Finance 0.01 Unichem Laboratories Ltd. Pharmaceuticals 0.01 Sub Total Cash margin 0.31 Cash, Cash Equivalents and Net Current Assets 4.40 Top Ten Holdings, Co-sponsor Outstanding exposure in derivative instruments (` in Crore) Hedged position in Equity & Equity related instruments Outstanding derivative exposure (% age) 0.67 Industry Allocation of Equity Holding (% of Net Assets) Banks Consumer Non Durables 8.69 Software 8.42 Petroleum Products 7.90 Finance 7.85 Pharmaceuticals 6.24 Construction Project 4.45 Power 3.31 Media & Entertainment 3.11 Non - Ferrous Metalsa 2.92 Transportation 2.67 Gas 2.58 Cement 2.32 Auto Ancillaries 1.92 Chemicals 1.67 Retailing 1.00 Fertilisers 0.97 Industrial Products 0.93 Oil 0.87 Minerals/Mining 0.79 Healthcare Services 0.69 Construction 0.58 Telecom - Services 0.55 Consumer Durables 0.49 Hotels, Resorts & Other Recreational Activities 0.47 Aerospace & Defence 0.39 Services 0.23 Industrial Capital Goods (`) Nov 30, 17 Last 1 Year ,677 10,074 10,782 Nov 30, 15 Last 3 Years ,926 14,144 14,260 Nov 29, 13 Last 5 Years ,844 20,233 18,742 Feb 01, 94 Since Inception N.A ,593 N.A. 115,748 greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Miten Lathia, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the 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. 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 Feb 01, 94 to June 29, 99 and TRI values since June 30, 99. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. 6 November 2018 Intouch mutually

7 HDFC Top 100 Fund (An open ended equity scheme predominantly investing in large cap stocks) To provide long-term capital appreciation/income by investing predominantly in Large-Cap companies. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Large-Cap Fund l Fund Manager Prashant Jain (since June 20, 03) Total Experience: Over 27 years October 11, 1996 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, 2018 Average for Month of November, , , Turnover Ratio (Last 1 year) 25.06% Risk Ratio Standard Deviation 4.933% Beta Sharpe Ratio* Computed for the 3-yr period ended November 30, Based on month-end NAV. * Risk free rate: 6.55% (Source: FIMMDA MIBOR) Including Expenses and Goods and Service Tax Regular: 2.14% Direct: 1.44% l #BENCHMARK INDEX: NIFTY 100 (Total Index) l ##addl. BENCHMARK INDEX: S&P BSE SENSEX (Total Index) In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed / switchedout within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para Exit Load on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. l Segment-wise break-up of equity holding (% of net assets) Large Cap 90.25% Mid Cap 9.29% Small Cap 0.23% Date of migration from Zurich India Mutual Fund (Close of business hours - June 19, 03). Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years). to generate long-term capital appreciation / income investment predominantly in Large-Cap companies Investors understand that their principal will be at moderately high risk Company Industry + % to NAV Equity & Equity Related ICICI Bank Ltd. Banks 8.59 State Bank of India Banks 8.18 Reliance Industries Ltd. Petroleum Products 8.03 Infosys Ltd. Software 7.25 HDFC Bank Ltd. Banks 6.93 Larsen & Toubro Ltd. Construction Project 6.47 ITC Ltd. Consumer Non Durables 5.40 Tata Consultancy Services Ltd. Software 3.93 NTPC Ltd. Power 3.59 Axis Bank Ltd. Banks 3.49 Housing Development Finance Corporation Ltd. Finance 2.72 Power Grid Corporation of India Ltd. Power 2.59 Coal India Ltd. Minerals/Mining 2.38 Aurobindo Pharma Ltd. Pharmaceuticals 1.97 Hindustan Petroleum Corporation Ltd. Petroleum Products 1.97 Tata Steel Ltd. Ferrous Metals 1.60 Tata Chemicals Ltd. Chemicals 1.51 GAIL (India) Ltd. Gas 1.50 Power Finance Corporation Ltd. Finance 1.50 Vedanta Ltd. Non - Ferrous Metals 1.35 CESC Ltd. Power 1.32 Bharat Petroleum Corporation Ltd. Petroleum Products 1.16 Canara Bank Banks 1.12 Cipla Ltd. Pharmaceuticals 1.06 Rural Electrification Corporation Ltd. Finance 1.01 Bank of Baroda Banks 1.00 UPL Ltd. Pesticides 0.93 Oil & Natural Gas Corporation Ltd. Oil 0.89 Ambuja Cements Ltd. Cement 0.78 ABB India Ltd. Industrial Capital Goods 0.76 Bank of India Banks 0.73 HCL Technologies Ltd. Software 0.70 Bharat Electronics Ltd. Industrial Capital Goods 0.68 Oracle Financial Services Software Ltd. Software 0.66 Hindalco Industries Ltd. Non - Ferrous Metals 0.62 Tech Mahindra Ltd. Software 0.62 Wipro Ltd. Software 0.60 Avenue Supermarts Ltd. Retailing 0.54 Container Corporation of India Ltd. Transportation 0.54 Performance^ - Regular Plan - Growth Option Since Inception 15 year 10 year 5 year 3 year 1 year Total Amount Invested (` 000) 2, , , Mkt Value As on November 30, 2018 (` 000) $$ 35, , , $$ # N.A 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. Performance^ - Regular Plan - Growth Option $$ Company Industry + % to NAV Indian Oil Corporation Ltd. Petroleum Products 0.53 Siemens Ltd. Industrial Capital Goods 0.51 Punjab National Bank Banks 0.50 Union Bank of India Banks 0.50 Steel Authority Of India Ltd. Ferrous Metals 0.43 NHPC Ltd. Power 0.31 RP-SG Business Process Services Software 0.12 RP-SG Retail Ltd Retailing 0.11 LIC Housing Finance Ltd. Finance 0.04 Lupin Ltd. Pharmaceuticals 0.04 Sub Total Preference Shares Zee Entertainment Enterprises Ltd. Media & Entertainment 0.02 Sub Total 0.02 Total Cash, Cash Equivalents and Net Current Assets 0.22 Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Banks Software Petroleum Products Power 7.81 Construction Project 6.47 Consumer Non Durables 5.40 Finance 5.27 Pharmaceuticals 3.07 Minerals/Mining 2.38 Ferrous Metals 2.03 Non - Ferrous Metals 1.97 Industrial Capital Goods 1.95 Chemicals 1.51 Gas 1.50 Pesticides 0.93 Oil 0.89 Cement 0.78 Retailing 0.65 Transportation 0.54 Media & Entertainment 0.02 (`) $$ Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. Nov 30, 17 Last 1 Year ,057 10,556 11,052 Nov 30, 15 Last 3 Years ,833 14,342 14,405 Nov 29, 13 Last 5 Years ,098 19,495 18,661 Oct 11, 96 Since Inception N.A ,617 N.A. 165,155 greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. $$ All dividends declared prior to the splitting of the into Dividend & Growth Options are assumed to be reinvested in the units of the at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Prashant Jain, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57. Intouch mutually November

8 HDFC Mid Cap Opportunities Fund (An open ended equity scheme predominantly investing in mid cap stocks) To provide long-term capital appreciation/income by investing predominantly in Mid-Cap companies. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Mid Cap Fund l Fund Manager Chirag Setalvad (since June 25, 07) Total Experience: Over 21 years June 25, 2007 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, 2018 Average for Month of November, , , Turnover Ratio (Last 1 year) 37.99% Risk Ratio Standard Deviation 5.076% Beta Sharpe Ratio* Computed for the 3-yr period ended November 30, Based on month-end NAV. * Risk free rate: 6.55% (Source: FIMMDA MIBOR) Including Expenses and Goods and Service Tax Regular: 1.98% Direct: 1.13% l #BENCHMARK INDEX: NIFTY Midcap 100 (Total Index) l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed / switchedout within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para Exit Load on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. l Segment-wise break-up of equity holding (% of net assets) Large Cap 1.73% Mid Cap 64.10% Small Cap 28.26% Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years). to generate long-term capital appreciation / income investment predominantly in Mid-Cap companies Investors understand that their principal will be at moderately high risk Company Industry + / Rating % to NAV Equity & Equity Related Cholamandalam Investment and Finance Company Ltd. Finance 3.89 Sundram Fasteners Ltd. Auto Ancillaries 3.72 Balkrishna Industries Ltd. Auto Ancillaries 3.70 Torrent Pharmaceuticals Ltd. Pharmaceuticals 3.02 Aarti Industries Ltd. Chemicals 2.96 Voltas Ltd. Construction Project 2.90 City Union Bank Ltd. Banks 2.76 The Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 2.71 RBL Bank Ltd. Banks 2.68 Tata Chemicals Ltd. Chemicals 2.58 Exide Industries Ltd. Auto Ancillaries 2.55 Hexaware Technologies Ltd. Software 2.21 Apollo Tyres Ltd. Auto Ancillaries 2.17 Trent Ltd. Retailing 2.05 AIA Engineering Ltd. Industrial Products 2.02 Crompton Greaves Consumer Electricals Ltd. Consumer Durables 2.02 Max Financial Services Ltd. Finance 1.96 SKF India Ltd. Industrial Products 1.94 TI Financial Holdings Ltd. Finance 1.90 Carborundum Universal Ltd. Industrial Products 1.82 Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.82 MRF Ltd. Auto Ancillaries 1.73 The Federal Bank Ltd. Banks 1.68 VST Industries Ltd. Consumer Non Durables 1.64 Divi's Laboratories Ltd. Pharmaceuticals 1.52 Indian Bank Banks 1.49 Whirlpool of India Ltd. Consumer Durables 1.49 Atul Ltd. Chemicals 1.46 Ipca Laboratories Ltd. Pharmaceuticals 1.46 Edelweiss Financial Services Ltd. Finance 1.45 KEC International Ltd. Construction Project 1.30 Supreme Industries Ltd. Industrial Products 1.12 Larsen & Toubro Infotech Ltd. Software 1.09 NIIT Technologies Ltd. Software 1.07 Reliance Nippon Life Asset Management Ltd. Finance 1.05 Solar Industries India Ltd. Chemicals 1.00 Tube Investments of India Ltd. Auto Ancillaries 1.00 Arvind Fashions Limited Retailing 0.95 Jagran Prakashan Ltd. Media & Entertainment 0.92 Schaeffler India Ltd. Industrial Products 0.92 Blue Star Ltd. Consumer Durables 0.89 Dilip Buildcon Ltd. Construction 0.87 Karur Vysya Bank Ltd. Banks 0.87 KNR Constructions Ltd. Construction 0.86 Redington (India) Ltd. Transportation 0.82 Greenlam Industries Ltd. Consumer Durables 0.80 Navneet Education Ltd. Media & Entertainment 0.79 Power Finance Corporation Ltd. Finance 0.76 Oil India Ltd. Oil 0.73 Union Bank of India Banks 0.72 Delta Corp Ltd. Hotels/Resorts & Other Recreational Activities 0.71 Punjab National Bank Banks 0.67 Cummins India Ltd. Industrial Products 0.64 Performance^ - Regular Plan - Growth Option Since Inception 10 year 5 year 3 year 1 year Total Amount Invested (` 000) 1, , Mkt Value As on November 30, 2018 (` 000) 4, , # 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. Performance^ - Regular Plan - Growth Option (`) Nov 30, 17 Last 1 Year ,050 8,883 10,782 Nov 30, 15 Last 3 Years ,804 13,679 14,260 Nov 29, 13 Last 5 Years ,098 24,132 18,742 Jun 25, 07 Since Inception ,082 34,865 29,234 greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Chirag Setalvad, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. Company Industry + / Rating % to NAV Rural Electrification Corporation Ltd. Finance 0.64 Arvind Ltd. Textile Products 0.61 Bata India Ltd. Consumer Durables 0.51 Symphony Ltd. Consumer Durables 0.50 Greenply Industries Ltd. Consumer Durables 0.49 Vesuvius India Ltd. Industrial Products 0.47 Grindwell Norton Ltd. Industrial Products 0.45 Gujarat Fluorochemicals Ltd. Industrial Capital Goods 0.43 Thermax Ltd. Industrial Capital Goods 0.43 Persistent Systems Ltd. Software 0.38 Mahindra Holidays & Resorts India Ltd. Hotels/Resorts & Other Recreational Activities 0.37 Vardhman Textiles Ltd. Textiles - Cotton 0.37 Strides Pharma Science Ltd. Pharmaceuticals 0.27 Dhanuka Agritech Ltd. Pesticides 0.21 Anveshan Heavy Engineering Ltd. Industrial Capital Goods 0.13 Aditya Birla Nuvo Ltd. Aurobindo Pharma Ltd. Sub Total Preference Shares Zee Entertainment Enterprises Ltd. Media & Entertainment 0.01 Sub Total 0.01 Total Cash, Cash Equivalents and Net Current Assets 5.88 Top Ten Less than 0.01% Industry Allocation of Equity Holding (% of Net Assets) Auto Ancillaries Finance Banks Industrial Products Pharmaceuticals Chemicals Consumer Durables Software Construction Project Hotels, Resorts & Other Recreational Activities Retailing Construction Media & Entertainment Consumer Non Durables Industrial Capital Goods Transportation Oil Textile Products Textiles - Cotton Pesticides November 2018 Intouch mutually

9 HDFC Small Cap Fund (An open ended equity scheme predominantly investing in small cap stocks) To provide long-term capital appreciation /income by investing predominantly in Small-Cap companies. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Small Cap Fund l Fund Manager Chirag Setalvad (since June 28, 14) Total Experience: Over 21 years April 3, 2008 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, 2018 Average for Month of November, , , Turnover Ratio (Last 1 year) 19.42% Risk Ratio Standard Deviation 5.275% Beta Sharpe Ratio* Computed for the 3-yr period ended November 30, Based on month-end NAV. * Risk free rate: 6.55% (Source: FIMMDA MIBOR) Including Expenses and Goods and Service Tax Regular: 2.16% Direct: 0.71% l #BENCHMARK INDEX: NIFTY Smallcap 100 (Total Index) l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed / switchedout within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para Exit Load on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. l Segment-wise break-up of equity holding (% of net assets) Large Cap 4.33% Mid Cap 9.24% Small Cap 71.45% Date of migration from Morgan Stanley Mutual Fund (Close of business hours - June 27, 14) Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years). to generate long-term capital appreciation / income investment predominantly in Small-Cap companies Investors understand that their principal will be at moderately high risk Company Industry + % to NAV Equity & Equity Related Aurobindo Pharma Ltd. Pharmaceuticals 4.33 NIIT Technologies Ltd. Software 3.62 Chambal Fertilizers & Chemicals Ltd. Fertilisers 3.37 Sharda Cropchem Ltd. Pesticides 2.84 Sonata Software Ltd. Software 2.76 KEC International Ltd. Construction Project 2.40 SKF India Ltd. Industrial Products 2.38 Indian Bank Banks 2.33 NRB Bearing Ltd. Industrial Products 2.28 EIH Ltd. Hotels/Resorts & Other Recreational Activities 2.12 TV Today Network Ltd. Media & Entertainment 2.10 Vardhman Textiles Ltd. Textiles - Cotton 2.06 Balkrishna Industries Ltd. Auto Ancillaries 2.03 Firstsource Solutions Ltd Software 2.03 Atul Ltd. Chemicals 1.93 Vijaya Bank Banks 1.91 Great Eastern Shipping Company Ltd. Transportation 1.87 Gujarat Fluorochemicals Ltd. Industrial Capital Goods 1.81 Inox Leisure Ltd. Media & Entertainment 1.78 Carborundum Universal Ltd. Industrial Products 1.74 Nilkamal Ltd. Industrial Products 1.70 Tata Metaliks Ltd. Ferrous Metals 1.67 Finolex Industries Ltd. Industrial Products 1.54 The Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 1.50 KEI Industries Ltd. Industrial Products 1.46 Power Mech Projects Ltd. Construction Project 1.45 Advanced Enzyme Technologies Ltd. Consumer Non Durables 1.42 Orient Refractories Ltd. Industrial Products 1.28 Kalpataru Power Transmission Ltd. Power 1.27 Tube Investments of India Ltd. Auto Ancillaries 1.14 Mcleod Russel India Ltd. Consumer Non Durables 1.12 Oriental Carbon & Chemicals Ltd. Chemicals 1.11 Shaily Engineering Plastics Ltd. Industrial Products 1.08 Redington (India) Ltd. Transportation 1.07 PNC Infratech Ltd. Construction 1.03 LG Balakrishnan & Bros Ltd. Auto Ancillaries 1.00 eclerx Services Ltd. Software 0.90 Oriental Bank of Commerce Banks 0.90 IFGL Refractories Ltd. Industrial Products 0.87 Vesuvius India Ltd. Industrial Products 0.81 Apar Industries Ltd. Industrial Capital Goods 0.78 The Federal Bank Ltd. Banks 0.75 Lemon Tree Hotels Ltd. Hotels/Resorts & Other Recreational Activities 0.74 Atul Auto Ltd. Auto 0.70 GNA Axles Ltd. Auto Ancillaries 0.69 Kirloskar Ferrous Industries Ltd Ferrous Metals 0.69 Insecticides (India) Ltd. Pesticides 0.68 Jagran Prakashan Ltd. Media & Entertainment 0.67 Greenlam Industries Ltd. Consumer Durables 0.65 Allahabad Bank Banks 0.52 TI Financial Holdings Ltd. Finance 0.52 Performance^ - Regular Plan - Growth Option Since Inception 10 year 5 year 3 year 1 year Total Amount Invested (` 000) 1, , Mkt Value As on November 30, 2018 (` 000) 3, , # 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. Performance^ - Regular Plan - Growth Option Company Industry + % to NAV Goodyear India Ltd. Auto Ancillaries 0.51 Sadbhav Engineering Ltd. Construction Project 0.49 Gabriel India Ltd. Auto Ancillaries 0.41 Repco Home Finance Ltd. Finance 0.40 Taj GVK Hotels & Resorts Ltd. Hotels/Resorts & Other Recreational Activities 0.39 Swaraj Engines Ltd. Industrial Products 0.38 D.B.Corp Ltd. Media & Entertainment 0.36 Everest Industries Ltd. Cement 0.34 Merck Ltd. Pharmaceuticals 0.30 V.S.T Tillers Tractors Ltd. Auto 0.29 Unichem Laboratories Ltd. Pharmaceuticals 0.24 Amber Enterprises India Ltd. Consumer Durables 0.23 Banco Products (I) Ltd. Auto Ancillaries 0.23 Greenply Industries Ltd. Consumer Durables 0.20 Time Technoplast Ltd. Industrial Products 0.20 CG Power & Industrial Solutions Ltd. Industrial Capital Goods 0.19 Sarla Performance Fibers Ltd. Textiles - Synthetic 0.18 Titagarh Wagons Ltd. Industrial Capital Goods 0.18 Corporation Bank Banks 0.11 Yes Bank Ltd. Sub Total Cash margin 0.08 Cash, Cash Equivalents and Net Current Assets Top Ten Less than 0.01% Industry Allocation of Equity Holding (% of Net Assets) Industrial Products Software Banks Auto Ancillaries Media & Entertainment Pharmaceuticals Hotels, Resorts & Other Recreational Activities Construction Project Pesticides Fertilisers Chemicals Industrial Capital Goods Transportation Consumer Non Durables Ferrous Metals Textiles - Cotton Power Consumer Durables Construction Auto Finance Cement Textiles - Synthetic (`) Nov 30, 17 Last 1 Year ,543 7,207 10,782 Nov 30, 15 Last 3 Years ,638 11,533 14,260 Nov 29, 13 Last 5 Years ,875 20,566 18,742 Apr 03, 08 Since Inception ,992 19,294 25,929 greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Chirag Setalvad, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified Intouch mutually November

10 HDFC Growth Opportunities Fund (An open ended equity scheme investing in both large cap and mid cap stocks) To 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 will be realized. l CATEGORY OF SCHEME: Large & Mid Cap Fund l Fund Manager Vinay Kulkarni (since June 28, 14) Total Experience: Over 29 years February 18, 1994 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, 2018 Average for Month of November, , , Turnover Ratio (Last 1 year) 68.80% Risk Ratio Standard Deviation 4.431% Beta Sharpe Ratio* Computed for the 3-yr period ended November 30, Based on month-end NAV. * Risk free rate: 6.55% (Source: FIMMDA MIBOR) Including Expenses and Goods and Service Tax Regular: 2.41% Direct: 2.29% l #BENCHMARK INDEX: NIFTY Large Midcap 250 (Total Index) l ##addl. BENCHMARK INDEX: S&P BSE Sensex (Total Index) In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed / switchedout within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para Exit Load on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. l Segment-wise break-up of equity holding (% of net assets) Large Cap 55.89% Mid Cap 36.28% Small Cap 6.00% Date of migration from Morgan Stanley Mutual Fund (Close of business hours - June 27, 14) Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years). to generate long-term capital appreciation/income investment predominantly in Large Cap and Mid Cap companies Investors understand that their principal will be at moderately high risk Company Industry + % to NAV Equity & Equity Related State Bank of India Banks 8.15 Infosys Ltd. Software 7.75 NTPC Ltd. Power 7.45 ICICI Bank Ltd. Banks 6.92 ITC Ltd. Consumer Non Durables 5.62 GAIL (India) Ltd. Gas 3.76 Reliance Industries Ltd. Petroleum Products 3.54 HDFC Bank Ltd. Banks 3.23 Bharat Petroleum Corporation Ltd. Petroleum Products 2.89 The Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 2.65 Max Financial Services Ltd. Finance 2.04 Blue Dart Express Ltd. Transportation 2.03 NHPC Ltd. Power 1.97 Tata Chemicals Ltd. Chemicals 1.95 Prestige Estates Projects Ltd. Construction 1.79 Tata Global Beverages Ltd. Consumer Non Durables 1.79 Tata Motors Ltd. DVR Auto 1.79 Apollo Tyres Ltd. Auto Ancillaries 1.76 Vedanta Ltd. Non - Ferrous Metals 1.67 Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.66 Exide Industries Ltd. Auto Ancillaries 1.51 Castrol India Ltd. Petroleum Products 1.47 Divi's Laboratories Ltd. Pharmaceuticals 1.47 Oil India Ltd. Oil 1.45 Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.44 GlaxoSmithkline Consumer Healthcare Ltd. Consumer Non Durables 1.29 Hindustan Petroleum Corporation Ltd. Petroleum Products 1.29 Trent Ltd. Retailing 1.28 Info Edge (India) Ltd. Software 1.27 Kajaria Ceramics Ltd. Construction 1.12 Engineers India Ltd. Construction Project 1.10 Gujarat State Petronet Ltd. Gas 1.08 Indraprastha Gas Ltd. Gas 1.08 Solar Industries India Ltd. Chemicals 0.98 Reliance Power Ltd. Power 0.97 V-Guard Industries Ltd. Industrial Capital Goods 0.97 Canara Bank Banks 0.80 CESC Ltd. Power 0.80 Mahanagar Gas Ltd. Gas 0.77 Power Grid Corporation of India Ltd. Power 0.74 Company Industry + % to NAV Reliance Nippon Life Asset Management Ltd. Finance 0.74 NLC India Ltd. Power 0.72 Dilip Buildcon Ltd. Construction 0.61 NBCC (India) Ltd. Construction 0.56 The Federal Bank Ltd. Banks 0.49 Shriram Transport Finance Company Ltd. Finance 0.47 Indian Bank Banks 0.44 Tata Steel Ltd. Ferrous Metals 0.43 Larsen & Toubro Ltd. Construction Project 0.18 TV18 Broadcast Ltd. Media & Entertainment 0.08 RP-SG Business Process Services Software 0.07 RP-SG Retail Ltd Retailing 0.07 Sub Total Cash, Cash Equivalents and Net Current Assets 1.85 Top Ten Holdings Performance^ - Regular Plan - Growth Option Since Inception 10 year 5 year 3 year 1 year Total Amount Invested (` 000) 1, , Mkt Value As on November 30, 2018 (` 000) $$ 2, , $$ # 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. Performance^ - Regular Plan - Growth Option $$ Industry Allocation of Equity Holding (% of Net Assets) Banks Power Petroleum Products 9.19 Software 9.09 Consumer Non Durables 8.70 Gas 6.69 Pharmaceuticals 4.57 Construction 4.08 Auto Ancillaries 3.27 Finance 3.25 Chemicals 2.93 Hotels, Resorts & Other Recreational Activities 2.65 Transportation 2.03 Auto 1.79 Non - Ferrous Metals 1.67 Oil 1.45 Retailing 1.35 Construction Project 1.28 Industrial Capital Goods 0.97 Ferrous Metals 0.43 Media & Entertainment 0.08 (`) $$ 10 November 2018 Intouch mutually Nov 30, 17 Last 1 Year ,658 9,792 11,052 Nov 30, 15 Last 3 Years ,395 14,392 14,405 Nov 29, 13 Last 5 Years ,773 23,004 18,661 Feb 18, 94 Since Inception N.A ,622 N.A. 133,398 greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. The, 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 s benchmark has also changed. Hence, the past performance of the may not strictly be comparable with that of the new benchmark. $$ All dividends declared prior to the splitting of the into Dividend & Growth Options are assumed to be reinvested in the units of the at the then prevailing NAV. For performance of other schemes managed by Vinay Kulkarni, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57. 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. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified

11 HDFC Focused 30 Fund An open ended equity scheme investing in maximum 30 stocks in large-cap, mid-cap and small-cap category (i.e. Multi-Cap) To generate long term capital appreciation/income by investing in equity & equity related instruments of up to 30 companies. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Focused Fund l Fund Manager Vinay Kulkarni (since November 21, 06) Total Experience: Over 29 years September 17, 2004 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, Average for Month of November, Turnover Ratio (Last 1 year) 40.93% Risk Ratio Standard Deviation 5.166% Beta Sharpe Ratio* Computed for the 3-yr period ended November 30, Based on month-end NAV. * Risk free rate: 6.55% (Source: FIMMDA MIBOR) Including Expenses and Goods and Service Tax Regular: 2.66% Direct: 1.79% l #BENCHMARK INDEX: NIFTY 500 (Total Index) l ##addl. BENCHMARK INDEX: S&P BSE Sensex (Total Index) In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed / switchedout within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para Exit Load on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years). to generate long-term capital appreciation / income investments in equity & equity related instruments of up to 30 companies Investors understand that their principal will be at moderately high risk Company Industry + / Rating % to NAV Equity & Equity Related Infosys Ltd. Software 8.08 HDFC Bank Ltd. Banks 7.63 ICICI Bank Ltd. Banks 7.53 State Bank of India Banks 7.40 NTPC Ltd. Power 6.73 ITC Ltd. Consumer Non Durables 5.96 Tata Steel Ltd. Ferrous Metals 5.32 NHPC Ltd. Power 4.27 Vedanta Ltd. Non - Ferrous Metals 4.25 Bharat Petroleum Corporation Ltd. Petroleum Products 3.23 Hindustan Petroleum Corporation Ltd. Petroleum Products 3.12 GAIL (India) Ltd. Gas 3.07 Elecon Engineering Co. Ltd. Industrial Capital Goods 3.02 KEC International Ltd. Construction Project 2.96 Titagarh Wagons Ltd. Industrial Capital Goods 2.71 Kalpataru Power Transmission Ltd. Power 2.57 Bharat Electronics Ltd. Industrial Capital Goods 2.49 Gujarat Pipavav Port Ltd. Transportation 2.38 PNC Infratech Ltd. Construction 2.22 CESC Ltd. Power 2.19 Axis Bank Ltd. Banks 2.10 Cipla Ltd. Pharmaceuticals 1.83 Wipro Ltd. Software 1.80 Tata Motors Ltd. DVR Auto 1.68 Transport Corporation of India Ltd. Transportation 1.28 Tata Motors Ltd. Auto 0.77 Company Industry + / Rating % to NAV RP-SG Business Process Services Software 0.20 RP-SG Retail Ltd Retailing 0.18 Sub Total Debt & Debt Related Credit Exposure Au Small Finance Bank Ltd. FITCH - AA Sub Total 0.90 Cash, Cash Equivalents and Net Current Assets 2.13 Top Ten Holdings Performance^ - Regular Plan - Growth Option Since Inception 10 year 5 year 3 year 1 year Total Amount Invested (` 000) 1, , Mkt Value As on November 30, 2018 (` 000) 4, , # 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. Performance^ - Regular Plan - Growth Option Industry Allocation of Equity Holding (% of Net Assets) Retailing 0.18 (`) Nov 30, 17 Last 1 Year ,622 10,074 11,052 Nov 30, 15 Last 3 Years ,643 14,144 14,405 Nov 29, 13 Last 5 Years ,631 20,233 18,661 Sep 17, 04 Since Inception ,637 74,722 79,563 greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Vinay Kulkarni, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. Intouch mutually November Banks Power Software Industrial Capital Goods Petroleum Products Consumer Non Durables Ferrous Metals Non - Ferrous Metals Transportation Gas Construction Project Auto Construction Pharmaceuticals

12 HDFC Infrastructure Fund (An open-ended equity scheme following infrastructure theme) 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 will be realized. l CATEGORY OF SCHEME: Thematic Fund l Fund Manager Srinivas Rao Ravuri (since March 20, 17) 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 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, Average for Month of November, Turnover Ratio (Last 1 year) 21.47% Risk Ratio Standard Deviation 7.074% Beta Sharpe Ratio* Computed for the 3-yr period ended November 30, Based on month-end NAV. * Risk free rate: 6.55% (Source: FIMMDA MIBOR) Including Expenses and Goods and Service Tax Regular: 2.47% Direct: 1.64% l #BENCHMARK INDEX: NIFTY 500 (Total Index) l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed / switchedout within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para Exit Load on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if applicable). Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years). to generate long-term capital appreciation / income investment predominantly in equity and equity related securities of companies engaged in or expected to benefit from the growth and development of infrastructure Investors understand that their principal will be at high risk Company Industry + % to NAV Equity & Equity Related Larsen & Toubro Ltd. Construction Project 8.98 State Bank of India Banks 8.80 ICICI Bank Ltd. Banks 8.79 JMC Projects (India) Ltd. Construction 4.86 CESC Ltd. Power 4.77 NTPC Ltd. Power 3.91 Bharat Petroleum Corporation Ltd. Petroleum Products 3.47 Bank of Baroda Banks 3.42 Texmaco Rail & Engineering Ltd. Industrial Capital Goods 3.03 Coal India Ltd. Minerals/Mining 2.76 Canara Bank Banks 2.42 Premier Explosives Ltd. Chemicals 2.37 Centum Electronics Ltd. Industrial Capital Goods 2.34 Dynamatic Technologies Ltd. Auto Ancillaries 2.31 Gujarat Pipavav Port Ltd. Transportation 2.15 Astra Microwave Products Ltd. Telecom - Equipment & Accessories 2.06 Dilip Buildcon Ltd. Construction 1.91 Hindustan Construction Company Ltd. Construction Project 1.90 Ashoka Buildcon Ltd. Construction Project 1.86 Vedanta Ltd. Non - Ferrous Metals 1.85 Tata Steel Ltd. Ferrous Metals 1.83 BEML Ltd. Industrial Capital Goods 1.82 J.Kumar Infraprojects Ltd. Construction 1.78 Power Finance Corporation Ltd. Finance 1.56 Simplex Infrastructures Ltd. Construction 1.51 Ircon International Ltd. Construction Project 1.25 RITES Limited Construction Project 1.24 B L Kashyap & Sons Ltd. Construction 1.21 Sadbhav Infrastructure Project Ltd.(Corporate Guarantee of Sadbhav Engineering Ltd.) Construction Project 1.20 Gujarat State Petronet Ltd. Gas 1.15 CG Power & Industrial Solutions Ltd. Industrial Capital Goods 1.09 Ambuja Cements Ltd. Cement 1.07 Punjab National Bank Banks 1.01 Siemens Ltd. Industrial Capital Goods 0.98 PNC Infratech Ltd. Construction 0.91 Performance^ - Regular Plan - Growth Option Since Inception 10 year 5 year 3 year 1 year Total Amount Invested (` 000) 1, , Mkt Value As on November 30, 2018 (` 000) 1, , # 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. Performance^ - Regular Plan - Growth Option Company Industry + % to NAV MEP Infrastructure Developers Ltd. Transportation 0.79 Rural Electrification Corporation Ltd. Finance 0.61 Corporation Bank Banks 0.53 RP-SG Business Process Services Software 0.43 RP-SG Retail Ltd Retailing 0.39 Elecon Engineering Co. Ltd. Industrial Capital Goods 0.33 Transformers And Rectifiers (India) Ltd. Industrial Capital Goods 0.32 Oriental Bank of Commerce Banks 0.26 Easun Reyrolle Ltd. Industrial Capital Goods 0.03 Grasim Industries Ltd. Sub Total Cash, Cash Equivalents and Net Current Assets 2.74 Top Ten Less than 0.01% Industry Allocation of Equity Holding (% of Net Assets) Banks Construction Project Construction Industrial Capital Goods 9.94 Power 8.68 Petroleum Products 3.47 Transportation 2.94 Minerals/Mining 2.76 Chemicals 2.37 Auto Ancillaries 2.31 Finance 2.17 Telecom - Equipment & Accessories 2.06 Non - Ferrous Metals 1.85 Ferrous Metals 1.83 Gas 1.15 Cement 1.07 Software 0.43 Retailing (`) Nov 30, 17 Last 1 Year ,017 10,074 10,782 Nov 30, 15 Last 3 Years ,468 14,144 14,260 Nov 29, 13 Last 5 Years ,219 20,233 18,742 Mar 10, 08 Since Inception ,435 26,332 25,778 greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Srinivas Rao Ravuri, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. 12 November 2018 Intouch mutually

13 HDFC Balanced Advantage Fund (An open ended Balanced Advantage Fund) investment objective To provide long term capital appreciation / income from a dynamic mix of equity and debt investments. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Balanced Advantage Fund Fund Manager Prashant Jain (since June 20, 03) Total Experience: Over 27 years Inception Date February 01, 1994 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, , Average for Month of November, , Turnover Ratio 18.01% Average Maturity * 3.24 years Macaulay Duration * 2.84 years Modified Duration * 2.59 years Yield to Maturity * 9.62% * Computed on the invested amount for debt portfolio. Including Expenses and Goods and Service Tax Regular: 1.98% Direct: 1.13% l #BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 65:35 Index l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) Exit Load 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. Any redemption in excess of the above limit shall be subject to the following exit load: Exit load of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment of units. No Exit Load is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para Exit Load on Pg 51. 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. Purchase : ` 1,000 and any amount thereafter. Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years). Date of migration of erstwhile HDFC Prudence Fund from Zurich India Mutual Fund (Close of business hours - June 19, 03). Company Industry + / Rating % to NAV Equity & Equity Related ICICI Bank Ltd. Banks 9.16 State Bank of India Banks 8.45 Infosys Ltd. Software 8.22 Larsen & Toubro Ltd. Construction Project 7.47 NTPC Ltd. Power 3.40 Power Grid Corporation of India Ltd. Power 3.39 Reliance Industries Ltd. Petroleum Products 3.28 GAIL (India) Ltd. Gas 2.58 Coal India Ltd. Minerals/Mining 2.56 ITC Ltd. Consumer Non Durables 2.37 Tata Steel Ltd. Ferrous Metals 2.05 Axis Bank Ltd. Banks 1.87 Aurobindo Pharma Ltd. Pharmaceuticals 1.86 Power Finance Corporation Ltd. Finance 1.84 HDFC Bank Ltd. Banks 1.67 Bharat Petroleum Corporation Ltd. Petroleum Products 1.65 Hindustan Petroleum Corporation Ltd. Petroleum Products 1.24 Tata Chemicals Ltd. Chemicals 1.20 Vedanta Ltd. Non - Ferrous Metals 1.04 Cipla Ltd. Pharmaceuticals 1.02 Rural Electrification Corporation Ltd. Finance 0.93 Punjab National Bank Banks 0.90 Solar Industries India Ltd. Chemicals 0.88 Bank of Baroda Banks 0.81 Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.81 Just Dial Ltd. Software 0.81 Tata Consultancy Services Ltd. Software 0.70 Canara Bank Banks 0.68 Gujarat Pipavav Port Ltd. Transportation 0.57 Apollo Tyres Ltd. Auto Ancillaries 0.56 Avenue Supermarts Ltd. Retailing 0.53 NHPC Ltd. Power 0.52 Siemens Ltd. Industrial Capital Goods 0.46 ABB India Ltd. Industrial Capital Goods 0.42 Ashoka Buildcon Ltd. Construction Project 0.42 CESC Ltd. Power 0.41 Container Corporation of India Ltd. Transportation 0.39 Apar Industries Ltd. Industrial Capital Goods 0.38 Savita Oil Technologies Ltd. Petroleum Products 0.34 Company Industry + / Rating % to NAV Mishra Dhatu Nigam Ltd. Ferrous Metals 0.28 Time Technoplast Ltd. Industrial Products 0.28 BEML Ltd. Industrial Capital Goods 0.26 Matrimony.com Ltd. Services 0.24 Union Bank of India Banks 0.24 Orient Cement Ltd. Cement 0.23 Steel Authority Of India Ltd. Ferrous Metals 0.23 Cochin Shipyard Ltd. Industrial Capital Goods 0.20 Vijaya Bank Banks 0.20 RITES Limited Construction Project 0.18 Reliance Nippon Life Asset Management Ltd. Finance 0.16 Dynamatic Technologies Ltd. Auto Ancillaries 0.15 Gujarat Industries Power Co. Ltd. Power 0.15 Oriental Bank of Commerce Banks 0.15 S Chand and Company Ltd. Media & Entertainment 0.15 Corporation Bank Banks 0.14 Future Supply Chain Solutions Ltd. Transportation 0.14 JMC Projects (India) Ltd. Construction 0.13 Kirloskar Pneumatic Ltd. Industrial Products 0.13 Garden Reach Shipbuilders & Engineers Limited Aerospace & Defence 0.11 Titagarh Wagons Ltd. Industrial Capital Goods 0.11 CG Power & Industrial Solutions Ltd. Industrial Capital Goods 0.10 Sagar Cements Ltd. Cement 0.10 MEP Infrastructure Developers Ltd. Transportation 0.09 Texmaco Rail & Engineering Ltd. Industrial Capital Goods 0.09 J.Kumar Infraprojects Ltd. Construction 0.08 Ramco Systems Ltd. Software 0.07 Elecon Engineering Co. Ltd. Industrial Capital Goods 0.06 Syndicate Bank Banks 0.06 Centum Electronics Ltd. Industrial Capital Goods 0.04 Hindustan Construction Company Ltd. Construction Project 0.04 RP-SG Business Process Services Software 0.04 RP-SG Retail Ltd Retailing 0.03 Allahabad Bank Banks 0.02 Sub Total Debt & Debt Related Credit Exposure State Bank of India CARE - AA+/CRISIL - AA Tata Sons Ltd. CRISIL - AAA 3.52 HDFC Bank Ltd. CARE - AA 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, Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified....contd on next page Intouch mutually November

14 HDFC Balanced Advantage Fund (An open ended Balanced Advantage Fund)...Contd from previous page Industry Allocation of Equity Holding (% of Net Assets) Banks Software Construction Project Power Petroleum Products Finance Pharmaceuticals Gas Minerals/Mining Ferrous Metals Consumer Non Durables Industrial Capital Goods Chemicals Transportation Non - Ferrous Metals Fertilisers Auto Ancillaries Retailing Industrial Products Cement Services Construction Media & Entertainment Aerospace & Defence Company Industry + / Rating % to NAV Canara Bank CRISIL - AA 1.73 ICICI Bank Ltd. ICRA - AA Punjab National Bank CARE - A Union Bank of India CARE - AA Axis Bank Ltd. CRISIL - AA Syndicate Bank CARE - A Andhra Bank CARE - A Sub Total Company Industry + / Rating % to NAV Mutual fund Units HDFC Sensex Exchange Traded Fund 0.03 Sub Total 0.03 Cash margin 0.02 Cash, Cash Equivalents and Net Current Assets 0.85 Top Ten Holdings Classification by Asset Class Equity Credit Exposure Mutual Fund Units 0.03 Net Current Assets 0.87 Classification by Rating Class Equity AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent 3.52 AA AA/aa A+ & Below 1.52 Mutual Fund Units 0.03 Net Current Assets 0.87 Performance^ - Regular Plan - Growth Option Since Inception 15 year 10 year 5 year 3 year 1 year Total Amount Invested (` 000) 2, , , Mkt Value As on November 30, 2018 (` 000) $$ 55, , , $$ # N.A 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. to generate long-term capital appreciation / income investments in a mix of equity and debt instruments Investors understand that their principal will be at moderately high risk Performance^ - Regular Plan - Growth Option $$ (`) $$ Nov 30, 17 Last 1 Year ,584 10,666 10,782 Nov 30, 15 Last 3 Years ,120 13,610 14,260 Nov 29, 13 Last 5 Years ,983 17,547 18,742 Feb 01, 94 Since Inception N.A ,621 N.A. 115,748 greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. performance may not strictly be comparable with that of its 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 into Dividend & Growth Options are assumed to be reinvested in the units of the at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Prashant Jain, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57. 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 Feb 01, 94 to Jun 29, 99 and TRI values since Jun 30, 99. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. 14 November 2018 Intouch mutually

15 HDFC Hybrid Equity Fund (An open ended hybrid scheme investing predominantly in equity and equity related instruments) The investment objective of the is to generate capital appreciation / income from a portfolio, predominantly of equity & equity related instruments. The will also invest in debt and money market instruments. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Aggressive Hybrid Fund l Fund Manager Chirag Setalvad (since April 2, 07) Total Experience: Over 21 years l Inception Date September 11, 2000 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, , Average for Month of November, , Turnover Ratio (Last 1 year) 8.97% Average Maturity * 3.20 years Macaulay Duration * 2.67 years Modified Duration * 2.50 years Yield to Maturity * 8.24% * Computed on the invested amount for debt portfolio. Including Expenses and Goods and Service Tax Regular: 1.98% Direct: 1.13% l #BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 65:35 Index l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) 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. Any redemption in excess of the above limit shall be subject to the following exit load: Exit load of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment of units. No Exit Load is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para Exit Load on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. l Segment-wise break-up of equity holding (% of net assets) Large Cap 48.41% Mid Cap 7.16% Small Cap 12.45% Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years). Company Industry + / Rating % to NAV Equity & Equity Related HDFC Bank Ltd. Banks 7.23 Infosys Ltd. Software 4.32 Housing Development Finance Corporation Ltd. Finance 4.20 ICICI Bank Ltd. Banks 3.82 Larsen & Toubro Ltd. Construction Project 3.30 ITC Ltd. Consumer Non Durables 3.29 Aurobindo Pharma Ltd. Pharmaceuticals 2.51 Axis Bank Ltd. Banks 2.15 Reliance Industries Ltd. Petroleum Products 2.10 State Bank of India Banks 1.79 Indusind Bank Ltd. Banks 1.51 Voltas Ltd. Construction Project 1.51 Aarti Industries Ltd. Chemicals 1.49 SKF India Ltd. Industrial Products 1.42 UPL Ltd. Pesticides 1.28 Power Grid Corporation of India Ltd. Power 1.27 Tata Steel Ltd. Ferrous Metals 1.22 KEC International Ltd. Construction Project 1.07 Petronet LNG Ltd. Gas 1.01 Bharat Electronics Ltd. Industrial Capital Goods 0.97 Hindustan Petroleum Corporation Ltd. Petroleum Products 0.97 Balkrishna Industries Ltd. Auto Ancillaries 0.96 The Federal Bank Ltd. Banks 0.95 TI Financial Holdings Ltd. Finance 0.94 Vedanta Ltd. Non - Ferrous Metals 0.94 Atul Ltd. Chemicals 0.93 The Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 0.91 Bank of Baroda Banks 0.87 Hero MotoCorp Ltd. Auto 0.82 Bharti Airtel Ltd. Telecom - Services 0.72 Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.57 Tata Consultancy Services Ltd. Software 0.56 Tube Investments of India Ltd. Auto Ancillaries 0.56 NIIT Technologies Ltd. Software 0.54 Yes Bank Ltd. Banks 0.54 Hexaware Technologies Ltd. Software 0.53 Mahindra Holidays & Resorts India Ltd. Hotels/Resorts & Other Recreational Activities 0.53 Edelweiss Financial Services Ltd. Finance 0.52 Sadbhav Engineering Ltd. Construction Project 0.51 PNC Infratech Ltd. Construction 0.48 Bharat Petroleum Corporation Ltd. Petroleum Products 0.47 Tamil Nadu Newsprint & Papers Ltd. Paper 0.44 Vardhman Textiles Ltd. Textiles - Cotton 0.41 Company Industry + / Rating % to NAV VST Industries Ltd. Consumer Non Durables 0.40 Allahabad Bank Banks 0.38 Redington (India) Ltd. Transportation 0.35 Zensar Technologies Ltd. Software 0.35 Ipca Laboratories Ltd. Pharmaceuticals 0.33 Sharda Cropchem Ltd. Pesticides 0.31 Carborundum Universal Ltd. Industrial Products 0.30 Tata Motors Ltd. DVR Auto 0.29 ICICI Securities Ltd. Finance 0.28 Oil & Natural Gas Corporation Ltd. Oil 0.27 Jagran Prakashan Ltd. Media & Entertainment 0.25 Kalpataru Power Transmission Ltd. Power 0.25 MM Forgings Ltd. Industrial Products 0.17 Kaveri Seed Company Ltd. Consumer Non Durables 0.16 Rallis India Ltd. Pesticides 0.15 Navneet Education Ltd. Media & Entertainment 0.14 Persistent Systems Ltd. Software 0.12 Greenply Industries Ltd. Consumer Durables 0.11 IFB Industries Ltd. Consumer Durables 0.11 Atul Auto Ltd. Auto 0.09 Insecticides (India) Ltd. Pesticides 0.05 J.Kumar Infraprojects Ltd. Construction 0.05 Sub Total Debt & Debt Related Government Securities (Central/State) 7.16 GOI 2023 Sovereign GOI 2022 Sovereign GOI 2025 Sovereign GOI 2024 Sovereign GOI 2022 Sovereign GOI 2025 Sovereign GOI 2033 Sovereign GOI 2023 Sovereign GOI 2022 Sovereign GOI 2023 Sovereign GOI 2024 Sovereign GOI 2022 Sovereign GOI 2028 Sovereign GOI 2020 Sovereign GOI 2020 Sovereign GOI 2020 Sovereign GOI 2045 Sovereign GOI 2022 Sovereign 0.01 Sub Total 7.93 Credit Exposure Tata Sons Ltd. CRISIL - AAA 4.35 LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 2.32 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, Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. Intouch mutually November

16 HDFC Hybrid Equity Fund (An open ended hybrid scheme investing predominantly in equity and equity related instruments)...contd from previous page Industry Allocation of Equity Holding (% of Net Assets) Banks Software 6.42 Construction Project 6.39 Finance 5.94 Consumer Non Durables 3.85 Petroleum Products 3.54 Pharmaceuticals 3.41 Chemicals 2.42 Industrial Products 1.89 Pesticides 1.79 Power 1.52 Auto Ancillaries 1.52 Hotels, Resorts & Other Recreational Activities 1.44 Ferrous Metals 1.22 Auto 1.20 Gas 1.01 Industrial Capital Goods 0.97 Non - Ferrous Metals 0.94 Telecom - Services 0.72 Construction 0.53 Paper 0.44 Textiles - Cotton 0.41 Media & Entertainment 0.39 Transportation 0.35 Oil 0.27 Consumer Durables Company Industry + / Rating % to NAV Power Finance Corporation Ltd. CARE - AAA / CRISIL - AAA / ICRA - AAA 2.31 National Bank for Agriculture & Rural Development CRISIL - AAA 1.59 Axis Bank Ltd. CRISIL - AA Small Industries Development Bank of India CARE - AAA 1.37 Housing Development Finance Corporation Ltd. CRISIL - AAA 1.30 L&T Finance Ltd. CARE - AAA 1.17 Rural Electrification Corporation Ltd. CARE - AAA / CRISIL - AAA / IND - AAA 0.70 Shriram Transport Finance Company Ltd. CRISIL - AA National Highways Authority of India CARE - AAA 0.56 Punjab National Bank CARE - A Cholamandalam Investment and Finance Company Ltd. ICRA - AA HDFC Bank Ltd. CRISIL - AAA 0.22 State Bank of India CRISIL - AA Company Industry + / Rating % to NAV Mahindra & Mahindra Financial Services Ltd. CARE - AAA 0.21 Tata Capital Financial Services Ltd. ICRA - AAA 0.16 Syndicate Bank CARE - A Oriental Bank of Commerce CARE - A ICICI Bank Ltd. CARE - AAA 0.11 Andhra Bank CARE - A Hindalco Industries Ltd. CRISIL - AA 0.05 Sub Total Total Mutual fund Units HDFC NIFTY 50 Exchange Traded Fund 0.66 Sub Total 0.66 Cash, Cash Equivalents and Net Current Assets 3.39 Top Ten Holdings, Co-sponsor to generate long-term capital appreciation / income. investments predominantly in equity & equity related instruments. The will also invest in debt and money market instruments. Investors understand that their principal will be at moderately high risk Classification by Asset Class Classification by Rating Class Equity G-Sec 7.93 Credit Exposure Mutual Fund Units 0.66 Cash, Cash Equivalents and Net Current Assets 3.39 Performance^ - Regular Plan - Growth Option Equity Sovereign 7.93 AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent AA AA/aa A+ & Below 0.79 Mutual Fund Units 0.66 Net Current Assets 3.39 Since Inception 15 year 10 year 5 year 3 year 1 year Total Amount Invested (` 000) 2, , , Mkt Value As on November 30, 2018 (` 000) 11, , , # N.A 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. Performance^ - Regular Plan - Growth Option (`) Nov 30, 17 Last 1 Year ,876 10,666 10,782 Nov 30, 15 Last 3 Years ,502 13,610 14,260 Nov 29, 13 Last 5 Years ,948 17,547 18,742 Sep 11, 00 Since Inception N.A ,994 N.A. 96,510 greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. performance may not strictly be comparable with that of its 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. 16 November 2018 Intouch mutually

17 HDFC Multi-Asset Fund (An open ended scheme investing in Equity and Equity related instruments, Debt & Money Market Instruments and Gold) The objective of the 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 will be realized. l CATEGORY OF SCHEME: Multi Asset Allocation Fund l 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 years Krishan Kumar Daga (Gold) (since May 23, 18) Total Experience: Over 22 years August 17, 2005 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, Average for Month of November, Turnover Ratio % Including Expenses and Goods and Service Tax Regular: 2.95% Direct: 2.25% l #BENCHMARK INDEX: 90% NIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) 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. Any redemption in excess of the above limit shall be subject to the following exit load: t Exit Load of 1.00% is payable if units are redeemed / switched out within 12 months from the date of allotment. No Exit Load is payable if units are redeemed / switched out after 12 months from the date of allotment. For further details, please refer to para Exit Load on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). to generate long-term capital appreciation/income investments in a diversified portfolio of equity & equity related instruments, debt & money market instruments and Gold Investors understand that their principal will be at moderately high risk Performance^ - Regular Plan - Growth Option Since Inception 10 year 5 Year 3 Year 1 Year Total Amount Invested (` 000) 1, , Mkt Value As on November 30, 2018 (` 000) 2, , # N.A. N.A 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. Performance^ - Regular Plan - Growth Option (`) Nov 30, 17 Last 1 Year ,810 10,636 10,782 Nov 30, 15 Last 3 Years ,877 13,483 14,260 Nov 29, 13 Last 5 Years ,140 16,824 18,742 Aug 17, 05 Since Inception 8.71 N.A ,342 N.A. 53,351 greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. The 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 s benchmark has also changed. Hence, the performance of the from inception till May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. performance may not strictly be comparable with that of its 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the 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. Classification by Asset Class Industry Allocation of Equity Holding (% of Net Assets) Banks Software Petroleum Products Chemicals Auto Ancillaries Construction Project Industrial Products Finance Consumer Non Durables Auto Pharmaceuticals Pesticides Industrial Capital Goods Transportation Consumer Durables Media & Entertainment Paper Telecom - Services Ferrous Metals Power Oil Non - Ferrous Metals Minerals/Mining Gas Equity Credit Exposure 8.13 Gold & Gold Related 8.80 Net Current Assets Classification by Rating Class Equity AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent 8.13 Gold & Gold Related 8.80 Net Current Assets 6.07 Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. Intouch mutually November

18 HDFC Multi-Asset Fund (An open ended scheme investing in Equity and Equity related instruments, Debt & Money Market Instruments and Gold)...Contd from previous page Company Industry + / Rating % to NAV (Hedged & Unhedged) % exposure of Derivative Equity & Equity Related HDFC Bank Ltd. Banks Reliance Industries Ltd. Petroleum Products Infosys Ltd. Software Housing Development Finance Corporation Ltd. Finance Oriental Carbon & Chemicals Ltd. Chemicals Larsen & Toubro Ltd. Construction Project Ashok Leyland Ltd. Auto State Bank of India Banks NIIT Technologies Ltd. Software ITC Ltd. Consumer Non Durables ICICI Bank Ltd. Banks Shaily Engineering Plastics Ltd. Industrial Products Aarti Industries Ltd. Chemicals Reliance Infrastructure Ltd. Power Tata Consultancy Services Ltd. Software KEC International Ltd. Construction Project Sonata Software Ltd. Software Firstsource Solutions Ltd Software Gabriel India Ltd. Auto Ancillaries Sharda Cropchem Ltd. Pesticides Redington (India) Ltd. Transportation Tata Motors Ltd. DVR Auto Carborundum Universal Ltd. Industrial Products Bharat Petroleum Corporation Ltd. Petroleum Products Torrent Pharmaceuticals Ltd. Pharmaceuticals Axis Bank Ltd. Banks Balkrishna Industries Ltd. Auto Ancillaries Sundram Fasteners Ltd. Auto Ancillaries Hindustan Petroleum Corporation Ltd. Petroleum Products VST Industries Ltd. Consumer Non Durables Greenply Industries Ltd. Consumer Durables Indusind Bank Ltd. Banks Hero MotoCorp Ltd. Auto Gujarat Fluorochemicals Ltd. Industrial Capital Goods Mahindra & Mahindra Ltd. Auto Ipca Laboratories Ltd. Pharmaceuticals Vesuvius India Ltd. Industrial Products Company Industry + / Rating % to NAV (Hedged & Unhedged) % exposure of Derivative Savita Oil Technologies Ltd. Petroleum Products Banco Products (I) Ltd. Auto Ancillaries Apar Industries Ltd. Industrial Capital Goods Suprajit Engineering Ltd. Auto Ancillaries HCL Technologies Ltd. Software Jagran Prakashan Ltd. Media & Entertainment Timken India Ltd. Industrial Products Rural Electrification Corporation Ltd. Finance Tamil Nadu Newsprint & Papers Ltd. Paper Bharti Airtel Ltd. Telecom - Services Tata Steel Ltd. Ferrous Metals Power Grid Corporation of India Ltd. Power Oil & Natural Gas Corporation Ltd. Oil Vedanta Ltd. Non - Ferrous Metals Union Bank of India Banks Coal India Ltd. Minerals/Mining Tata Motors Ltd. Auto Yes Bank Ltd. Banks GAIL (India) Ltd. Gas UPL Ltd. Pesticides Sub Total Credit Exposure Kotak Mahindra Prime Ltd. CRISIL - AAA 8.13 Sub Total 8.13 Gold Gold Bar 1 Kg (0.995 purity) NA - NA 8.80 HDFC Gold Exchange Traded Fund 2.07 Sub Total Total Short Term Deposits as margin for Futures & Options 2.71 Cash, Cash Equivalents and Net Current Assets 1.29 Top Ten Holdings, Co-sponsor Outstanding exposure in derivative instruments (` in Crore) 6.94 Hedged position in Equity & Equity related instruments Outstanding derivative exposure (% age) 4.71 Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. 18 November 2018 Intouch mutually

19 HDFC NIFTY 50 ETF (An open ended scheme replicating / tracking NIFTY 50 Index) The 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 will be realized. l CATEGORY OF SCHEME: Exchange Traded Fund l Fund Manager Krishan Kumar Daga (since December 09, 15) Total Experience: Over 22 years December 09, 2015 Growth Option 1, assets UNDER MANAGEMENT j (`) IN CRORE As on November 30, Average for Month of November, Turnover Ratio (Last 1 year) 10.02% l tracking ERROR Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.05% Including Expenses and Goods and Service Tax HDFC NIFTY 50 ETF 0.05% l #BENCHMARK INDEX: NIFTY 50 (Total Index) l ##addl. BENCHMARK INDEX: S&P BSE SENSEX (Total Index) For Creation Unit Size: 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: 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 51. HDFC NIFTY 50 ETF. Presently the does not offer any Plans / Options for investment l Minimum 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 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. Company Industry + % to NAV Equity & Equity Related HDFC Bank Ltd. Banks Reliance Industries Ltd. Petroleum Products 9.23 Housing Development Finance Corporation Ltd. Finance 7.47 Infosys Ltd. Software 5.86 ITC Ltd. Consumer Non Durables 5.65 ICICI Bank Ltd. Banks 5.28 Tata Consultancy Services Ltd. Software 4.87 Larsen & Toubro Ltd. Construction Project 4.08 Kotak Mahindra Bank Ltd. Banks 3.80 Hindustan Unilever Ltd. Consumer Non Durables 2.89 Axis Bank Ltd. Banks 2.56 State Bank of India Banks 2.46 Maruti Suzuki India Ltd. Auto 2.35 Indusind Bank Ltd. Banks 1.93 Mahindra & Mahindra Ltd. Auto 1.70 Asian Paints Ltd. Consumer Non Durables 1.40 Bajaj Finance Ltd. Finance 1.39 HCL Technologies Ltd. Software 1.31 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 1.26 NTPC Ltd. Power 1.02 Tech Mahindra Ltd. Software 1.02 Power Grid Corporation of India Ltd. Power 0.96 UltraTech Cement Ltd. Cement 0.96 Bharti Airtel Ltd. Telecom - Services 0.95 Tata Steel Ltd. Ferrous Metals 0.92 Hero MotoCorp Ltd. Auto 0.91 Oil & Natural Gas Corporation Ltd. Oil 0.91 Titan Company Ltd. Consumer Durables 0.89 Bajaj Auto Ltd. Auto 0.86 Wipro Ltd. Software 0.85 Bajaj Finserv Ltd. Finance 0.84 Vedanta Ltd. Non - Ferrous Metals 0.84 Grasim Industries Ltd. Cement 0.79 Coal India Ltd. Minerals/Mining 0.77 Dr. Reddy's Laboratories Ltd. Pharmaceuticals 0.76 Hindalco Industries Ltd. Non - Ferrous Metals 0.76 JSW Steel Ltd. Ferrous Metals 0.75 Eicher Motors Ltd. Auto 0.73 Company Industry + % to NAV Tata Motors Ltd. Auto 0.73 Yes Bank Ltd. Banks 0.72 GAIL (India) Ltd. Gas 0.71 Adani Ports and Special Economic Zone Ltd. Transportation 0.67 Indian Oil Corporation Ltd. Petroleum Products 0.66 UPL Ltd. Pesticides 0.64 Cipla Ltd. Pharmaceuticals 0.63 Zee Entertainment Enterprises Ltd. Media & Entertainment 0.63 Bharat Petroleum Corporation Ltd. Petroleum Products 0.58 Indiabulls Housing Finance Ltd. Finance 0.55 Bharti Infratel Ltd. Telecom - Equipment & Accessories 0.50 Hindustan Petroleum Corporation Ltd. Petroleum Products 0.40 Sub Total Cash, Cash Equivalents and Net Current Assets 0.06 Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Banks Software Petroleum Products Finance Consumer Non Durables Auto Construction Project Pharmaceuticals Power Cement Ferrous Metals Non - Ferrous Metals Telecom - Services Oil Consumer Durables Minerals/Mining Gas Transportation Pesticides Media & Entertainment Telecom - Equipment & Accessories j Includes investments made by the schemes of HDFC Mutual Fund aggregating to Rs Crores returns that are commensurate with the performance of the NIFTY 50, subject to tracking errors over long term investment in equity securities covered by the NIFTY 50 Investors understand that their principal will be at moderately high risk Performance*^ Face Value per Unit: ` , + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. (`) Nov 30, 17 Last 1 Year ,781 10,782 11,052 Dec 09, 15 Since Inception ,803 14,864 15,044 are compounded annualized (CAGR). * The does not offer any Plans/Options. The is in existence for more than 1 year but less than 3 years. For performance of other schemes managed by Krishan Kumar Daga, please refer page 51. Intouch mutually November

20 HDFC Index Fund - NIFTY 50 Plan (An open ended scheme replicating / tracking NIFTY 50 Index) The investment objective of the is to generate returns that are commensurate with the performance of the NIFTY 50 Index, subject to tracking errors. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Index Fund l Fund Manager Krishan Kumar Daga (since October 19, 15) Total Experience: Over 22 years July 17, 2002 Regular Plan - Growth Option Direct Plan - Growth Option As on November 30, Average for Month of November, Turnover Ratio (Last 1 year) 41.00% l tracking ERROR Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.11% Including Expenses and Goods and Service Tax Regular: 0.30% Direct: 0.10% l #BENCHMARK INDEX: NIFTY 50 (Total Index) l ##addl. BENCHMARK INDEX: S&P BSE SENSEX (Total Index) 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. No Exit load is payable if units are redeemed / switched out after 3 days from the date of allotment. For further details, please refer to para Exit Load on Pg 51. Regular Plan, Direct Plan. Each Plan offers Growth Option only. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. returns that are commensurate with the performance of the NIFTY 50, subject to tracking errors over long term investment in equity securities covered by the NIFTY 50 Investors understand that their principal will be at moderately high risk Company Industry + % to NAV Equity & Equity Related HDFC Bank Ltd. Banks Reliance Industries Ltd. Petroleum Products 9.28 Housing Development Finance Corporation Ltd. Finance 7.51 Infosys Ltd. Software 5.89 ITC Ltd. Consumer Non Durables 5.68 ICICI Bank Ltd. Banks 5.30 Tata Consultancy Services Ltd. Software 4.90 Larsen & Toubro Ltd. Construction Project 4.10 Kotak Mahindra Bank Ltd. Banks 3.82 Hindustan Unilever Ltd. Consumer Non Durables 2.91 Axis Bank Ltd. Banks 2.57 State Bank of India Banks 2.48 Maruti Suzuki India Ltd. Auto 2.36 Indusind Bank Ltd. Banks 1.94 Mahindra & Mahindra Ltd. Auto 1.71 Asian Paints Ltd. Consumer Non Durables 1.41 Bajaj Finance Ltd. Finance 1.40 HCL Technologies Ltd. Software 1.31 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 1.26 Tech Mahindra Ltd. Software 1.03 NTPC Ltd. Power 1.02 UltraTech Cement Ltd. Cement 0.97 Bharti Airtel Ltd. Telecom - Services 0.96 Power Grid Corporation of India Ltd. Power 0.96 Tata Steel Ltd. Ferrous Metals 0.93 Hero MotoCorp Ltd. Auto 0.92 Oil & Natural Gas Corporation Ltd. Oil 0.92 Titan Company Ltd. Consumer Durables 0.90 Bajaj Auto Ltd. Auto 0.87 Vedanta Ltd. Non - Ferrous Metals 0.85 Wipro Ltd. Software 0.85 Bajaj Finserv Ltd. Finance 0.84 Grasim Industries Ltd. Cement 0.79 Coal India Ltd. Minerals/Mining 0.78 Dr. Reddy's Laboratories Ltd. Pharmaceuticals 0.77 Hindalco Industries Ltd. Non - Ferrous Metals 0.77 JSW Steel Ltd. Ferrous Metals 0.76 Eicher Motors Ltd. Auto 0.74 Tata Motors Ltd. Auto 0.74 Yes Bank Ltd. Banks 0.73 Performance^ - Regular Plan - Growth Option Since Inception 15 year 10 year 5 year 3 year 1 year Total Amount Invested (` 000) 1, , , Mkt Value As on November 30, 2018 (` 000) 5, , , # 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. Performance^ - Regular Plan - Growth Option (`) Nov 30, 17 Last 1 Year ,749 10,782 11,052 Nov 30, 15 Last 3 Years ,051 14,260 14,405 Nov 29, 13 Last 5 Years ,344 18,742 18,661 Jul 17, 02 Since Inception , , ,385 greater than 1 year period are compounded annualized (CAGR). Since inception returns are calculated on ` (allotment price). For performance of other schemes managed by Krishan Kumar Daga, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60. Face Value per Unit: ` , + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. Company Industry + % to NAV GAIL (India) Ltd. Gas 0.72 Adani Ports and Special Economic Zone Ltd. Transportation 0.67 Indian Oil Corporation Ltd. Petroleum Products 0.67 UPL Ltd. Pesticides 0.65 Cipla Ltd. Pharmaceuticals 0.64 Zee Entertainment Enterprises Ltd. Media & Entertainment 0.63 Bharat Petroleum Corporation Ltd. Petroleum Products 0.59 Indiabulls Housing Finance Ltd. Finance 0.55 Bharti Infratel Ltd. Telecom - Equipment & Accessories 0.51 Hindustan Petroleum Corporation Ltd. Petroleum Products 0.40 Sub Total Cash, Cash Equivalents and Net Current Assets Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Banks Software Petroleum Products Finance Consumer Non Durables Auto Construction Project Pharmaceuticals Power Cement Ferrous Metals Non - Ferrous Metals Telecom - Services Oil Consumer Durables Minerals/Mining Gas Transportation Pesticides Media & Entertainment Telecom - Equipment & Accessories November 2018 Intouch mutually

21 HDFC SENSEX ETF (An open ended scheme replicating / tracking S&P BSE SENSEX Index) The 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 will be realized. l CATEGORY OF SCHEME: Exchange Traded Fund l Fund Manager Krishan Kumar Daga (since December 09, 15) Total Experience: Over 22 years December 09, 2015 Growth Option 3, assets UNDER MANAGEMENT j (`) IN CRORE As on November 30, Average for Month of November, Turnover Ratio (Last 1 year) % l tracking ERROR Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.03% Including Expenses and Goods and Service Tax HDFC Sensex ETF 0.05% l #BENCHMARK INDEX: S&P BSE SENSEX (Total Index) l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) For Creation Unit Size: 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: 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 51. HDFC SENSEX ETF. Presently the does not offer any Plans / Options for investment l 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 Deposit; or (ii) by depositing basket of securities comprising S&P BSE SENSEX Index Each 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. Company Industry + % to NAV Equity & Equity Related HDFC Bank Ltd. Banks Reliance Industries Ltd. Petroleum Products Housing Development Finance Corporation Ltd. Finance 9.19 Infosys Ltd. Software 7.00 ITC Ltd. Consumer Non Durables 6.74 ICICI Bank Ltd. Banks 6.29 Tata Consultancy Services Ltd. Software 5.83 Larsen & Toubro Ltd. Construction Project 4.81 Kotak Mahindra Bank Ltd. Banks 4.02 Hindustan Unilever Ltd. Consumer Non Durables 3.46 Axis Bank Ltd. Banks 3.06 State Bank of India Banks 2.94 Maruti Suzuki India Ltd. Auto 2.81 Indusind Bank Ltd. Banks 2.27 Mahindra & Mahindra Ltd. Auto 2.03 Asian Paints Ltd. Consumer Non Durables 1.67 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 1.47 NTPC Ltd. Power 1.21 Bharti Airtel Ltd. Telecom - Services 1.14 Power Grid Corporation of India Ltd. Power 1.14 Tata Steel Ltd. Ferrous Metals 1.12 Hero MotoCorp Ltd. Auto 1.10 Oil & Natural Gas Corporation Ltd. Oil 1.09 Bajaj Auto Ltd. Auto 1.03 Vedanta Ltd. Non - Ferrous Metals 1.01 Company Industry + % to NAV Wipro Ltd. Software 1.01 Coal India Ltd. Minerals/Mining 0.92 Tata Motors Ltd. Auto 0.86 Yes Bank Ltd. Banks 0.86 Adani Ports and Special Economic Zone Ltd. Transportation 0.80 Tata Motors Ltd. DVR Auto 0.13 Sub Total Cash, Cash Equivalents and Net Current Assets 0.02 Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Banks Software Consumer Non Durables Petroleum Products Finance Construction Project Power Pharmaceuticals Telecom - Services Ferrous Metals Non - Ferrous Metals Minerals/Mining Transportation j Includes investments made by the schemes of HDFC Mutual Fund aggregating to Rs Crores Auto Oil returns that are commensurate with the performance of the S&P BSE SENSEX, subject to tracking errors over long term investment in equity securities covered by the S&P BSE SENSEX Investors understand that their principal will be at moderately high risk Performance*^ Face Value per Unit: ` 2,503.61, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. (`) Nov 30, 17 Last 1 Year ,044 11,052 10,782 Dec 09, 15 Since Inception ,048 15,044 14,864 are compounded annualized (CAGR). * The does not offer any Plans/Options. The is in existence for more than 1 year but less than 3 years. For performance of other schemes managed by Krishan Kumar Daga, please refer page 51. Intouch mutually November

22 HDFC Index Fund - SENSEX Plan (An open-ended scheme replicating / tracking S&P BSE SENSEX Index) The investment objective of the 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 will be realized. l CATEGORY OF SCHEME: Index Fund l Fund Manager Krishan Kumar Daga (since October 19, 15) Total Experience: Over 22 years July 17, 2002 Regular Plan - Growth Option Direct Plan - Growth Option As on November 30, Average for Month of November, Turnover Ratio (Last 1 year) 17.70% l tracking ERROR Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.09% Including Expenses and Goods and Service Tax Regular: 0.30% Direct: 0.10% l #BENCHMARK INDEX: S&P BSE Sensex (Total Index) l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) 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. No Exit load is payable if units are redeemed / switched out after 3 days from the date of allotment. For further details, please refer to para Exit Load on Pg 51. Regular Plan, Direct Plan. Each Plan offers Growth Option only. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Company Industry + % to NAV Equity & Equity Related HDFC Bank Ltd. Banks Reliance Industries Ltd. Petroleum Products Housing Development Finance Corporation Ltd. Finance 9.19 Infosys Ltd. Software 6.99 ITC Ltd. Consumer Non Durables 6.74 ICICI Bank Ltd. Banks 6.29 Tata Consultancy Services Ltd. Software 5.83 Larsen & Toubro Ltd. Construction Project 4.81 Kotak Mahindra Bank Ltd. Banks 4.02 Hindustan Unilever Ltd. Consumer Non Durables 3.46 Axis Bank Ltd. Banks 3.06 State Bank of India Banks 2.94 Maruti Suzuki India Ltd. Auto 2.81 Indusind Bank Ltd. Banks 2.27 Mahindra & Mahindra Ltd. Auto 2.03 Asian Paints Ltd. Consumer Non Durables 1.67 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 1.47 NTPC Ltd. Power 1.21 Bharti Airtel Ltd. Telecom - Services 1.14 Power Grid Corporation of India Ltd. Power 1.14 Tata Steel Ltd. Ferrous Metals 1.12 Hero MotoCorp Ltd. Auto 1.10 Oil & Natural Gas Corporation Ltd. Oil 1.09 Bajaj Auto Ltd. Auto 1.03 Wipro Ltd. Software 1.01 Vedanta Ltd. Non - Ferrous Metals 1.00 Company Industry + % to NAV Coal India Ltd. Minerals/Mining 0.92 Tata Motors Ltd. Auto 0.86 Yes Bank Ltd. Banks 0.86 Adani Ports and Special Economic Zone Ltd. Transportation 0.80 Tata Motors Ltd. DVR Auto 0.13 Sub Total Cash, Cash Equivalents and Net Current Assets 0.04 Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Performance^ - Regular Plan - Growth Option Since Inception 15 year 10 year 5 year 3 year 1 year Total Amount Invested (` 000) 1, , , Mkt Value As on November 30, 2018 (` 000) 6, , , # 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. Banks Software Consumer Non Durables Petroleum Products Finance Auto Construction Project Power Pharmaceuticals Telecom - Services Ferrous Metals Oil Non - Ferrous Metals Minerals/Mining Transportation returns that are commensurate with the performance of the S&P BSE SENSEX, subject to tracking errors over long term. investment in equity securities covered by the S&P BSE SENSEX. Investors understand that their principal will be at moderately high risk Performance^ - Regular Plan - Growth Option (`) Nov 30, 17 Last 1 Year ,001 11,052 10,782 Nov 30, 15 Last 3 Years ,251 14,405 14,260 Nov 29, 13 Last 5 Years ,229 18,661 18,742 Jul 17, 02 Since Inception , , ,987 greater than 1 year period are compounded annualized (CAGR). Since inception returns are calculated on ` (allotment price). For performance of other schemes managed by Krishan Kumar Daga, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the 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. Note: Effective close of business hours of May 25, 2018, HDFC Index Fund - SENSEX Plan (the ) underwent changes in Fundamental Attributes and HDFC Index Fund - SENSEX Plus Plan was merged therein. As the portfolio structuring of the is continued, its past performance is provided, in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, Face Value per Unit: ` , + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. 22 November 2018 Intouch mutually

23 HDFC TaxSaver (An Open-ended Equity Linked Savings with a statutory lock in of 3 years and tax benefit) To generate capital appreciation / income from a portfolio, comprising predominantly of equity & equity related instruments. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Equity Linked Savings l Fund Manager Vinay Kulkarni (since November 21, 06) Total Experience: Over 29 years March 31, 1996 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, , Average for Month of November, , Turnover Ratio (Last 1 year) 45.05% Risk Ratio Standard Deviation 4.898% Beta Sharpe Ratio* Computed for the 3-yr period ended November 30, Based on month-end NAV. * Risk free rate: 6.55% (Source: FIMMDA MIBOR) Including Expenses and Goods and Service Tax Regular: 2.11% Direct: 1.46% l #BENCHMARK INDEX: NIFTY 500 (Total Index) l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) Nil Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout facility. l Minimum Application Amount Purchase : ` 500 and in multiples of ` 500 thereafter. Purchase : ` 500 and in multiples of ` 500 thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if applicable). l LOCK-IN PERIOD 3 years from the date of allotment of the respective Units Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years). to generate long-term capital appreciation / income investment predominantly of equity & equity related instruments Investors understand that their principal will be at moderately high risk Company Industry + % to NAV Equity & Equity Related HDFC Bank Ltd. Banks 9.07 ICICI Bank Ltd. Banks 8.40 Infosys Ltd. Software 8.26 State Bank of India Banks 6.91 NTPC Ltd. Power 6.86 GAIL (India) Ltd. Gas 5.44 Reliance Industries Ltd. Petroleum Products 5.27 ITC Ltd. Consumer Non Durables 4.81 Larsen & Toubro Ltd. Construction Project 4.69 Vedanta Ltd. Non - Ferrous Metals 3.50 Tata Steel Ltd. Ferrous Metals 3.08 Cipla Ltd. Pharmaceuticals 2.80 NHPC Ltd. Power 2.39 Axis Bank Ltd. Banks 2.30 Oracle Financial Services Software Ltd. Software 2.11 Bharat Petroleum Corporation Ltd. Petroleum Products 1.59 Power Grid Corporation of India Ltd. Power 1.34 Bharat Electronics Ltd. Industrial Capital Goods 1.20 L&T Technology Services Ltd. Software 1.15 Tata Motors Ltd. DVR Auto 1.15 Aurobindo Pharma Ltd. Pharmaceuticals 1.12 Solar Industries India Ltd. Chemicals 1.12 Gujarat Pipavav Port Ltd. Transportation 1.03 ICICI Prudential Life Insurance Company Ltd. Finance 0.97 Sadbhav Engineering Ltd. Construction Project 0.88 Kalpataru Power Transmission Ltd. Power 0.81 Tata Motors Ltd. Auto 0.76 eclerx Services Ltd. Software 0.68 Max Financial Services Ltd. Finance 0.65 Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.63 GlaxoSmithkline Consumer Healthcare Ltd. Consumer Non Durables 0.55 Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.50 Persistent Systems Ltd. Software 0.43 BEML Ltd. Industrial Capital Goods 0.39 CG Power & Industrial Solutions Ltd. Industrial Capital Goods 0.37 Rallis India Ltd. Pesticides 0.34 Performance^ - Regular Plan - Growth Option Since Inception 15 year 10 year 5 year 3 year 1 year Total Amount Invested (` 000) 2, , , Mkt Value As on November 30, 2018 (` 000) $$ 62, , , $$ # Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. Performance^ - Regular Plan - Growth Option $$ (`) $$ Nov 30, 17 Last 1 Year ,070 10,074 10,782 Nov 30, 15 Last 3 Years ,765 14,144 14,260 Nov 29, 13 Last 5 Years ,835 20,233 18,742 Mar 31, 96 Since Inception ,239, , ,485 greater than 1 year period are compounded annualized (CAGR). $$ All dividends declared prior to the splitting of the into Dividend & Growth Options are assumed to be reinvested in the units of the at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Vinay Kulkarni, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57. 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. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. Company Industry + % to NAV Sadbhav Infrastructure Project Ltd.(Corporate Guarantee of Sadbhav Engineering Ltd.) Construction Project 0.32 ITD Cementation India Ltd. Construction 0.30 Dynamatic Technologies Ltd. Auto Ancillaries 0.23 HSIL Ltd. Consumer Durables 0.22 Hindustan Construction Company Ltd. Construction Project 0.18 ICICI Securities Ltd. Finance 0.15 Blue Dart Express Ltd. Transportation 0.14 Indostar Capital Finance Ltd. Finance 0.07 KEC International Ltd. Construction Project 0.07 MPS Ltd. Consumer Non Durables 0.06 Siti Networks Ltd. Media & Entertainment 0.06 Ambuja Cements Ltd. Cement 0.02 Nestle India Ltd. Consumer Non Sub Total Cash, Cash Equivalents and Net Current Assets 4.63 Top Ten Less than 0.01% Industry Allocation of Equity Holding (% of Net Assets) Banks Software Power Petroleum Products 6.86 Construction Project 6.14 Gas 5.44 Consumer Non Durables 5.42 Pharmaceuticals 5.05 Non - Ferrous Metals 3.50 Ferrous Metals 3.08 Industrial Capital Goods 1.96 Auto 1.91 Finance 1.84 Transportation 1.17 Chemicals 1.12 Pesticides 0.34 Construction 0.30 Auto Ancillaries 0.23 Consumer Durables 0.22 Media & Entertainment 0.06 Cement 0.02 Intouch mutually November

24 HDFC Children s Gift Fund [An open ended fund for investment for children having a lock-in for at least 5 years or till the child attains age of majority (whichever is earlier)] Ω π To generate capital appreciation / income from a portfolio of equity & equity related instruments and debt and money market instruments. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Children s Fund l Fund Manager Chirag Setalvad (since April 2, 07) Total Experience - Over 21 years March 2, 2001 Regular Plan Direct Plan As on November 30, , Average for Month of November, , Turnover Ratio (Last 1 year) 5.86% Average Maturity * 2.78 years Macaulay Duration * 2.21 years Modified Duration * 2.06 years Yield to Maturity * 8.55% * Computed on the invested amount for debt portfolio. Including Expenses and Goods and Service Tax Regular: 2.27% Direct: 1.32% l #BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 65:35 Index l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) Nil Regular Plan, Direct Plan. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if opted). l LOCK-IN PERIOD Fresh investments by investors including / STP registrations, etc (effective May 23, 2018): Lock-in period will be compulsory. Lock-in period shall be earlier of 5 Years from the date of allotment; or 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 Rakesh Vyas (Total Experience - Over 14 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. (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. Company Industry + / Rating % to NAV Equity & Equity Related HDFC Bank Ltd. Banks 6.71 Reliance Industries Ltd. Petroleum Products 4.53 ICICI Bank Ltd. Banks 2.95 Infosys Ltd. Software 2.52 Larsen & Toubro Ltd. Construction Project 2.45 Bajaj Finance Ltd. Finance 2.09 Britannia Industries Ltd. Consumer Non Durables 2.09 Housing Development Finance Corporation Ltd. Finance 1.97 State Bank of India Banks 1.97 NIIT Technologies Ltd. Software 1.72 Aurobindo Pharma Ltd. Pharmaceuticals 1.47 Motherson Sumi Systems Ltd. Auto Ancillaries 1.34 UPL Ltd. Pesticides 1.25 Schaeffler India Ltd. Industrial Products 1.21 FINOLEX INDUSTRIES LTD. Industrial Products 1.20 Bank of Baroda Banks 1.19 Voltas Ltd. Construction Project 1.14 AIA Engineering Ltd. Industrial Products 1.08 Cholamandalam Investment and Finance Company Ltd. Finance 1.08 Axis Bank Ltd. Banks 1.07 SKF India Ltd. Industrial Products 1.07 Maruti Suzuki India Ltd. Auto 1.01 Carborundum Universal Ltd. Industrial Products 0.87 TI Financial Holdings Ltd. Finance 0.87 Supreme Industries Ltd. Industrial Products 0.82 EIH Ltd. Hotels/ Resorts & Other Recreational Activities 0.80 Tata Steel Ltd. Ferrous Metals 0.80 Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.80 Vedanta Ltd. Non - Ferrous Metals 0.75 The Indian Hotels Company Ltd. Hotels/ Resorts & Other Recreational Activities 0.74 Hexaware Technologies Ltd. Software 0.72 Power Grid Corporation of India Ltd. Power 0.71 Zensar Technologies Ltd. Software 0.71 Company Industry + / Rating % to NAV VST Industries Ltd. Consumer Non Durables 0.68 Sonata Software Ltd. Software 0.67 Bharti Infratel Ltd. Telecom - Equipment & Accessories 0.66 Indian Bank Banks 0.66 Mahindra Holidays & Resorts India Ltd. Hotels/ Resorts & Other Recreational Activities 0.66 Swaraj Engines Ltd. Industrial Products 0.65 PNC Infratech Ltd. Construction 0.61 Vesuvius India Ltd. Industrial Products 0.57 Blue Star Ltd. Consumer Durables 0.55 Ipca Laboratories Ltd. Pharmaceuticals 0.54 Larsen & Toubro Infotech Ltd. Software 0.53 Navneet Education Ltd. Media & Entertainment 0.50 Tube Investments of India Ltd. Auto Ancillaries 0.50 Century Plyboards (India) Ltd. Consumer Durables 0.48 Cipla Ltd. Pharmaceuticals 0.45 Mcleod Russel India Ltd. Consumer Non Durables 0.42 V.S.T Tillers Tractors Ltd. Auto 0.42 Apollo Tyres Ltd. Auto Ancillaries 0.41 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.41 Bharti Airtel Ltd. Telecom - Services 0.39 Hero MotoCorp Ltd. Auto 0.38 Nilkamal Ltd. Industrial Products 0.37 Bayer Cropscience Ltd. Pesticides 0.36 eclerx Services Ltd. Software 0.32 Jagran Prakashan Ltd. Media & Entertainment 0.31 Rallis India Ltd. Pesticides 0.30 Sadbhav Engineering Ltd. Construction Project 0.30 IFB Industries Ltd. Consumer Durables 0.22 Crompton Greaves Consumer Electricals Ltd. Consumer Durables 0.18 Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.15 Allahabad Bank Banks 0.14 CRISIL Ltd. Finance 0.12 J.Kumar Infraprojects Ltd. Construction 0.07 Jyoti Structures Ltd. Power 0.02 Sub Total Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. 24 November 2018 Intouch mutually

25 HDFC Children s Gift Fund [An open ended fund for investment for children having a lockin for at least 5 years or till the child attains age of majority (whichever is earlier)] Ω π...contd from previous page Industry Allocation of Equity Holding (% of Net Assets) Company Industry + / Rating % to NAV Company Industry + / Rating % to NAV Banks Debt & Debt Related Credit Exposure Industrial Products Software Government Securities (Central/State) 8.28 GOI 2027 Sovereign 1.93 Tata Capital Financial Services Ltd. ICRA - AAA 4.68 Power Finance Corporation Ltd. CARE - AAA / CRISIL - AAA 4.12 Finance Petroleum Products Construction Project Pharmaceuticals Consumer Non Durables Auto Ancillaries Hotels, Resorts & Other Recreational Activities Pesticides Auto Consumer Durables GOI 2020 Sovereign GOI 2032 Sovereign GOI 2023 Sovereign GOI 2022 Sovereign GOI 2020 Sovereign GOI 2022 Sovereign GOI 2028 Sovereign GOI 2023 Sovereign GOI 2022 Sovereign 0.11 Sub Total 7.84 L&T Finance Ltd. CARE - AAA 4.08 Axis Bank Ltd. CRISIL - AA Mahindra & Mahindra Financial Services Ltd. IND - AAA 1.64 Tata Sons Ltd. CRISIL - AAA 1.47 Hero Fincorp Ltd. ICRA - AA HDB Financial Services Ltd. CRISIL - AAA 0.61 State Bank of India CRISIL - AA Sub Total Total Cash, Cash Equivalents and Net Current Assets 4.24 Top Ten Holdings, Co-sponsor Media & Entertainment 0.81 Ferrous Metals 0.80 Non - Ferrous Metals 0.75 Power 0.73 Construction 0.68 Telecom - Equipment & Accessories 0.66 Telecom - Services 0.39 Industrial Capital Goods Classification by Asset Class Equity G-Sec 7.84 Credit Exposure Cash, Cash Equivalents and Net Current Assets 4.24 Classification by Rating Class Equity Sovereign 7.84 AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA Cash, Cash Equivalents and Net Current Assets 4.24 capital appreciation over long term. investment in equity and equity related instruments as well as debt and money market instruments. Investors understand that their principal will be at moderately high risk Performance^ - Regular Plan - Growth Option Since Inception 15 year 10 year 5 Year 3 Year 1 Year Total Amount Invested (` 000) 2, , , Mkt Value As on November 30, 2018 (` 000) $ 10, , , $ # N.A 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 Option $ (`) $ Nov 30, 17 Last 1 Year ,029 10,666 10,782 Nov 30, 15 Last 3 Years ,867 13,610 14,260 Nov 29, 13 Last 5 Years ,069 17,547 18,742 Mar 02, 01 Since Inception N.A ,880 N.A. 107,568 greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. performance may not strictly be comparable with that of its 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. 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 will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. Intouch mutually November

26 HDFC Retirement Savings Fund - Equity Plan (A notified Tax Savings Cum Pension ) An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier) The investment objective of the is to provide longterm 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 will be realized. l CATEGORY OF SCHEME: Retirement Fund l Fund Manager Chirag Setalvad (Equities) (since February 25, 2016) Total Experience - Over 21 years & Shobhit Mehrotra (Debt) (since February 25, 2016) Total Experience: Over 25 years February 25, 2016 Regular Plan Direct Plan As on November 30, Average for Month of November, Turnover Ratio 0.83% Including Expenses and Goods and Service Tax Regular: 2.72% Direct: 1.32% l #BENCHMARK INDEX: NIFTY 500 (Total Index) l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) Upon completion of lock-in period: Nil Regular Plan, Direct Plan. Under Each Plan offers Growth Option only. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if opted). l LOCK-IN PERIOD Existing investments by investors including / 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. Fresh investments by investors including / STP registrations, etc (effective June 2, 2018): Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units or Retirement Age of Unit holder (i.e. completion of 60 years), whichever is earlier. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). 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. investment predominantly in equity and equity related instruments. Investors understand that their principal will be at moderately high risk Company Industry + / Rating % to NAV Equity & Equity Related HDFC Bank Ltd. Banks 8.45 Reliance Industries Ltd. Petroleum Products 5.21 Housing Development Finance Corporation Ltd. Finance 4.72 ICICI Bank Ltd. Banks 3.90 Larsen & Toubro Ltd. Construction Project 3.55 Infosys Ltd. Software 3.01 Aurobindo Pharma Ltd. Pharmaceuticals 2.28 Aarti Industries Ltd. Chemicals 2.12 Carborundum Universal Ltd. Industrial Products 1.99 KEC International Ltd. Construction Project 1.77 State Bank of India Banks 1.70 Chambal Fertilizers & Chemicals Ltd. Fertilisers 1.54 Hexaware Technologies Ltd. Software 1.54 Mahindra Holidays & Resorts India Ltd. Hotels/Resorts & Other Recreational Activities 1.44 The Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 1.40 Finolex Industries Ltd. Industrial Products 1.36 Atul Ltd. Chemicals 1.34 UPL Ltd. Pesticides 1.33 Cholamandalam Investment and Finance Company Ltd. Finance 1.27 NIIT Technologies Ltd. Software 1.24 Axis Bank Ltd. Banks 1.21 Sharda Cropchem Ltd. Pesticides 1.19 Indusind Bank Ltd. Banks 1.15 Mcleod Russel India Ltd. Consumer Non Durables 1.15 Power Grid Corporation of India Ltd. Power 1.15 Oriental Carbon & Chemicals Ltd. Chemicals 1.14 TV Today Network Ltd. Media & Entertainment 1.11 EIH Ltd. Hotels/Resorts & Other Recreational Activities 1.08 Voltas Ltd. Construction Project 1.00 IFB Industries Ltd. Consumer Durables 0.97 Nilkamal Ltd. Industrial Products 0.95 Hindustan Petroleum Corporation Ltd. Petroleum Products 0.92 Redington (India) Ltd. Transportation 0.91 Vedanta Ltd. Non - Ferrous Metals 0.89 City Union Bank Ltd. Banks 0.88 SKF India Ltd. Industrial Products 0.81 TI Financial Holdings Ltd. Finance 0.81 GNA Axles Ltd. Auto Ancillaries 0.78 Tata Steel Ltd. Ferrous Metals 0.73 Yes Bank Ltd. Banks 0.69 Apar Industries Ltd. Industrial Capital Goods 0.67 Tata Motors Ltd. DVR Auto 0.66 Blue Star Ltd. Consumer Durables 0.65 Ipca Laboratories Ltd. Pharmaceuticals 0.62 Mahanagar Gas Ltd. Gas 0.62 Maruti Suzuki India Ltd. Auto 0.62 Tamil Nadu Newsprint & Papers Ltd. Paper 0.62 Tata Metaliks Ltd. Ferrous Metals 0.60 Performance^ - Regular Plan - Growth Option Company Industry + / Rating % to NAV KEI Industries Ltd. Industrial Products 0.58 Kalpataru Power Transmission Ltd. Power 0.53 Tube Investments of India Ltd. Auto Ancillaries 0.47 Zensar Technologies Ltd. Software 0.47 Bajaj Electricals Ltd. Consumer Durables 0.42 Bank of Baroda Banks 0.40 Divi's Laboratories Ltd. Pharmaceuticals 0.35 Jagran Prakashan Ltd. Media & Entertainment 0.33 CG Power & Industrial Solutions Ltd. Industrial Capital Goods 0.31 BEML Ltd. Industrial Capital Goods 0.30 Timken India Ltd. Industrial Products 0.30 Cipla Ltd. Pharmaceuticals 0.26 Kirloskar Oil Engines Ltd. Industrial Products 0.23 Oil & Natural Gas Corporation Ltd. Oil 0.18 Greenply Industries Ltd. Consumer Durables 0.04 Sub Total Debt & Debt Related Government Securities (Central/State) 6.84 GOI 2022 Sovereign GOI 2026 Sovereign 2.64 Sub Total 6.94 Credit Exposure Syndicate Bank CARE - A Union Bank of India CARE - AA Sub Total 1.11 Total 8.05 Cash, Cash Equivalents and Net Current Assets Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Banks Finance Construction Project Software Industrial Products Petroleum Products Chemicals Hotels, Resorts & Other Recreational Activities Pharmaceuticals Pesticides Consumer Durables Power Fertilisers Media & Entertainment Ferrous Metals Industrial Capital Goods Auto Auto Ancillaries Consumer Non Durables Transportation Non - Ferrous Metals Paper Gas Oil (`) Nov 30, 17 Last 1 Year ,645 10,074 10,782 Feb 25, 16 Since Inception ,294 16,242 16,224 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 51. The is in existence for more than 1 year but less than 3 years. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. 26 November 2018 Intouch mutually

27 HDFC Retirement Savings Fund - Hybrid Equity Plan (A notified Tax Savings Cum Pension ) An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier) The investment objective of the is to provide longterm 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 will be realized. l CATEGORY OF SCHEME: Retirement Fund l Fund Manager Chirag Setalvad (Equities) (since February 25, 2016) Total Experience - Over 21 years & Shobhit Mehrotra (Debt) (since February 25, 2016) Total Experience: Over 25 years February 25, 2016 Regular Plan Direct Plan As on November 30, Average for Month of November, Turnover Ratio 1.48% Including Expenses and Goods and Service Tax Regular: 2.90% Direct: 1.50% l #BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 65:35 Index l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) Upon completion of lock-in period: Nil Regular Plan, Direct Plan. Under Each Plan offers Growth Option only. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if opted). l LOCK-IN PERIOD Existing investments by investors including / 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. Fresh investments by investors including / STP registrations, etc (effective June 2, 2018): Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units or Retirement Age of Unit holder (i.e. completion of 60 years), whichever is earlier. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). 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. investment predominantly in equity and equity related instruments & balance in debt and money market instruments. Investors understand that their principal will be at moderately high risk Company Industry + / Rating % to NAV Equity & Equity Related HDFC Bank Ltd. Banks 5.96 Reliance Industries Ltd. Petroleum Products 4.57 Housing Development Finance Corporation Ltd. Finance 4.36 ICICI Bank Ltd. Banks 3.15 Infosys Ltd. Software 2.91 Merck Ltd. Pharmaceuticals 2.42 Larsen & Toubro Ltd. Construction Project 2.36 Aarti Industries Ltd. Chemicals 1.98 NIIT Technologies Ltd. Software 1.93 Sundram Fasteners Ltd. Auto Ancillaries 1.59 Aurobindo Pharma Ltd. Pharmaceuticals 1.46 State Bank of India Banks 1.31 City Union Bank Ltd. Banks 1.28 UPL Ltd. Pesticides 1.24 KEC International Ltd. Construction Project 1.23 Oriental Carbon & Chemicals Ltd. Chemicals 1.21 The Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 1.14 Carborundum Universal Ltd. Industrial Products 1.10 Power Grid Corporation of India Ltd. Power 1.09 Cholamandalam Investment and Finance Company Ltd. Finance 1.07 Axis Bank Ltd. Banks 1.05 Shaily Engineering Plastics Ltd. Industrial Products 1.05 Crompton Greaves Consumer Electricals Ltd. Consumer Durables 1.01 Blue Star Ltd. Consumer Durables 0.97 Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.97 TI Financial Holdings Ltd. Finance 0.80 Shree Pushkar Chemicals & Fertilisers Limited Chemicals 0.78 Mahindra Holidays & Resorts India Ltd. Hotels/Resorts & Other Recreational Activities 0.75 Tata Steel Ltd. Ferrous Metals 0.75 Mahanagar Gas Ltd. Gas 0.74 Voltas Ltd. Construction Project 0.74 Maruti Suzuki India Ltd. Auto 0.71 Sonata Software Ltd. Software 0.69 SKF India Ltd. Industrial Products 0.67 Bajaj Electricals Ltd. Consumer Durables 0.66 Nilkamal Ltd. Industrial Products 0.64 Vedanta Ltd. Non - Ferrous Metals 0.64 MRF Ltd. Auto Ancillaries 0.63 Indusind Bank Ltd. Banks 0.61 Apar Industries Ltd. Industrial Capital Goods 0.57 Bharti Infratel Ltd. Telecom - Equipment & Accessories 0.53 Tata Motors Ltd. DVR Auto 0.52 Kalpataru Power Transmission Ltd. Power 0.51 Zensar Technologies Ltd. Software 0.48 Tube Investments of India Ltd. Auto Ancillaries 0.46 Tamil Nadu Newsprint & Papers Ltd. Paper 0.45 Vesuvius India Ltd. Industrial Products 0.45 Yes Bank Ltd. Banks 0.44 Bank of Baroda Banks 0.39 Redington (India) Ltd. Transportation 0.37 Hindustan Petroleum Corporation Ltd. Petroleum Products 0.33 Classification by Asset Class Equity G-Sec 9.50 Credit Exposure Net Current Assets Performance^ - Regular Plan - Growth Option Company Industry + / Rating % to NAV Divi's Laboratories Ltd. Pharmaceuticals 0.32 Jagran Prakashan Ltd. Media & Entertainment 0.29 Sadbhav Engineering Ltd. Construction Project 0.28 BEML Ltd. Industrial Capital Goods 0.27 NRB Bearing Ltd. Industrial Products 0.26 Greenply Industries Ltd. Consumer Durables 0.24 Kirloskar Oil Engines Ltd. Industrial Products 0.24 Cipla Ltd. Pharmaceuticals 0.21 Sub Total Debt & Debt Related Government Securities (Central/State) 6.84 GOI 2022 Sovereign GOI 2020 Sovereign GOI 2023 Sovereign GOI 2023 Sovereign GOI 2020 Sovereign 0.05 Sub Total 9.50 Credit Exposure Jamnagar Utilities & Power Pvt. Ltd.(erstwhile Reliance Utilities & Power Pvt. Ltd.) CARE - AAA 4.60 State Bank of India CRISIL - AA Syndicate Bank CARE - A Reliance Jio Infocomm Ltd. CRISIL - AAA 1.16 Sub Total Total Cash, Cash Equivalents and Net Current Assets Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Banks Finance 6.23 Software 6.01 Petroleum Products 4.90 Construction Project 4.61 Industrial Products 4.41 Pharmaceuticals 4.41 Chemicals 3.97 Consumer Durables 2.88 Auto Ancillaries 2.68 Hotels, Resorts & Other Recreational Activities 1.89 Power 1.60 Pesticides 1.24 Auto 1.23 Fertilisers 0.97 Industrial Capital Goods 0.84 Ferrous Metals 0.75 Gas 0.74 Non - Ferrous Metals 0.64 Telecom - Equipment & Accessories 0.53 Paper 0.45 Transportation 0.37 Media & Entertainment Classification by Rating Class Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. Equity Sovereign 9.50 AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent 5.76 AA A+ & Below 1.64 Net Current Assets Intouch mutually November (`) Nov 30, 17 Last 1 Year ,104 10,666 10,782 Feb 25, 16 Since Inception ,858 14,798 16,224 greater than 1 year period are compounded annualized (CAGR). performance may not strictly be comparable with that of its in view of hybrid nature of the scheme where a portion of scheme s investments are made in equity instruments. The is in existence for more than 1 year but less than 3 years. For performance of other schemes managed by Chirag Setalvad (Equities) and Shobhit Mehrotra (Debt), please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.

28 HDFC Retirement Savings Fund - Hybrid Debt Plan (A notified Tax Savings Cum Pension ) An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier) The investment objective of the is to provide longterm 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 will be realized. l CATEGORY OF SCHEME: Retirement Fund l Fund Manager Chirag Setalvad (Equities) (since February 26, 2016) Total Experience - Over 21 years & Shobhit Mehrotra (Debt) (since February 26, 2016) Total Experience: Over 25 years February 26, 2016 Regular Plan Direct Plan As on November 30, 2018 Average for Month of November, Average Maturity * 3.17 years Macaulay Duration * 2.70 years Modified Duration * 2.54 years Yield to Maturity * 8.30% * Computed on the invested amount for debt portfolio. Including Expenses and Goods and Service Tax Regular: 2.56% Direct: 1.30% l #BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 15:85 Index l ##addl. BENCHMARK INDEX: CRISIL 10 Year Gilt Index Upon completion of lock-in period: Nil Regular Plan, Direct Plan. Under Each Plan offers Growth Option only. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if opted). l LOCK-IN PERIOD Existing investments by investors including / 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. Fresh investments by investors including / STP registrations, etc (effective June 2, 2018): Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units or Retirement Age of Unit holder (i.e. completion of 60 years), whichever is earlier. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). 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. investment predominantly in debt and money market instruments & balance in equity and equity related instruments. Investors understand that their principal will be at moderately high risk Company Industry + / Rating % to NAV Equity & Equity Related HDFC Bank Ltd. Banks 1.25 ICICI Bank Ltd. Banks 1.15 Sundram Fasteners Ltd. Auto Ancillaries 0.97 Aarti Industries Ltd. Chemicals 0.81 Reliance Industries Ltd. Petroleum Products 0.81 Orient Refractories Ltd. Industrial Products 0.71 NIIT Technologies Ltd. Software 0.70 City Union Bank Ltd. Banks 0.66 Infosys Ltd. Software 0.66 Blue Star Ltd. Consumer Durables 0.59 Tata Steel Ltd. Ferrous Metals 0.59 Carborundum Universal Ltd. Industrial Products 0.56 Oriental Carbon & Chemicals Ltd. Chemicals 0.52 Mahanagar Gas Ltd. Gas 0.51 State Bank of India Banks 0.47 GNA Axles Ltd. Auto Ancillaries 0.46 Time Technoplast Ltd. Industrial Products 0.46 Avanti Feeds Ltd. Consumer Non Durables 0.44 SKF India Ltd. Industrial Products 0.43 Vesuvius India Ltd. Industrial Products 0.42 Bajaj Electricals Ltd. Consumer Durables 0.41 Larsen & Toubro Ltd. Construction Project 0.41 The Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 0.39 Zensar Technologies Ltd. Software 0.36 Nilkamal Ltd. Industrial Products 0.35 Apar Industries Ltd. Industrial Capital Goods 0.32 Hindustan Petroleum Corporation Ltd. Petroleum Products 0.31 Kalpataru Power Transmission Ltd. Power 0.31 Axis Bank Ltd. Banks 0.30 Aurobindo Pharma Ltd. Pharmaceuticals 0.28 Power Grid Corporation of India Ltd. Power 0.28 Classification by Asset Class Equity G-Sec Credit Exposure Net Current Assets Performance^ - Regular Plan - Growth Option Company Industry + / Rating % to NAV Timken India Ltd. Industrial Products 0.28 TI Financial Holdings Ltd. Finance 0.27 Bank of Baroda Banks 0.24 Mahindra Holidays & Resorts India Ltd. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. 28 November 2018 Intouch mutually (`) Hotels/Resorts & Other Recreational Activities 0.24 BEML Ltd. Industrial Capital Goods 0.23 Cipla Ltd. Pharmaceuticals 0.23 Tamil Nadu Newsprint & Papers Ltd. Paper 0.22 Poddar Pigments Ltd. Chemicals 0.21 Sadbhav Engineering Ltd. Construction Project 0.18 Kirloskar Oil Engines Ltd. Industrial Products 0.16 Tube Investments of India Ltd. Auto Ancillaries 0.16 Tata Motors Ltd. DVR Auto 0.08 Sub Total Debt & Debt Related Government Securities (Central/State) 7.37 GOI 2023 Sovereign GOI 2023 Sovereign GOI 2020 Sovereign 8.58 Sub Total Credit Exposure Starlite Lighting Ltd. (Corporate Guarantee of Bajaj Electrical Ltd.) ICRA - A+(SO) 8.17 State Bank of India CRISIL - AA Jamnagar Utilities & Power Pvt. Ltd.(erstwhile Reliance Utilities & Power Pvt. Ltd.) CARE - AAA 4.25 Syndicate Bank CARE - A Reliance Jio Infocomm Ltd. CRISIL - AAA 3.28 Union Bank of India CARE - AA Sub Total Total Cash, Cash Equivalents and Net Current Assets Top Ten Holdings Classification by Rating Class Equity Sovereign AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent 7.53 AA AA/aa A+ & Below Net Current Assets Nov 30, 17 Last 1 Year ,017 10,447 10,252 Feb 26, 16 Since Inception ,619 12,805 11,892 greater than 1 year period are compounded annualized (CAGR). performance may not strictly be comparable with that of its in view of hybrid nature of the scheme where a portion of scheme s investments are made in equity instruments. The is in existence for more than 1 year but less than 3 years. For performance of other schemes managed by Chirag Setalvad (Equities) and Shobhit Mehrotra (Debt), please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.

29 HDFC Equity Savings Fund (An open ended scheme investing in equity, arbitrage and debt) To 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 will be realized. l CATEGORY OF SCHEME: Equity Savings Fund l 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 years Anil Bamboli (Debt) (since September 17, 04) Total Experience: Over 23 years September 17, 2004 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, , Average for Month of November, , Turnover Ratio 64.17% Average Maturity * 1.77 years Macaulay Duration * 1.59 years Modified Duration * 1.46 years Yield to Maturity * 8.72% * Computed on the invested amount for debt portfolio. Including Expenses and Goods and Service Tax Regular: 1.94% Direct: 0.57% l #BENCHMARK INDEX: 40% NIFTY 50 Arbitrage Index, 30% Crisil Short Term Bond Fund Index and 30% NIFTY 50 (Total Index) l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) 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. Any redemption in excess of the above limit shall be subject to the following exit load: Exit load of 1.00% is payable if Units are redeemed / switchedout within 1 year from the date of allotment of units. No Exit Load is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para Exit Load on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). Performance^ - Regular Plan - Growth Option Since Inception 10 year 5 Year 3 Year 1 Year Total Amount Invested (` 000) 1, , Mkt Value As on November 30, 2018 (` 000) 3, , # N.A. N.A 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 Option Date Period^^ capital appreciation while generating income over medium to long term. 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. Investors understand that their principal will be at moderately high risk (`) Nov 30, 17 Last 1 Year ,151 10,613 10,782 Nov 30, 15 Last 3 Years ,328 12,668 14,260 Nov 29, 13 Last 5 Years ,034 15,569 18,742 Sep 17, 04 Since Inception 9.28 N.A ,296 N.A. 75,064 ^^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. greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. performance may not strictly be comparable with that of its, 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the 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. Classification by Rating Class Equity Sovereign 1.03 AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent AA AA/aa A+ & Below 4.11 Net Current Assets Industry Allocation of Equity Holding (% of Net Assets) Banks Software 4.15 Power 3.87 Petroleum Products 3.58 Construction Project 2.46 Ferrous Metals 1.73 Gas 1.65 Pharmaceuticals 1.39 Non - Ferrous Metals 1.37 Consumer Non Durables 1.37 Auto 0.97 Cement 0.87 Finance 0.82 Pesticides 0.79 Industrial Capital Goods 0.75 Oil 0.54 Chemicals 0.51 Transportation 0.46 Construction 0.44 Minerals/Mining 0.23 Auto Ancillaries 0.14 Paper 0.11 Retailing 0.02 Media & Entertainment Company Industry + / Rating % to NAV (Hedged & Unhedged) % exposure of Derivative Equity & Equity Related Reliance Industries Ltd. Petroleum Products ICICI Bank Ltd. Banks Housing Development Finance Corporation Ltd. Finance Infosys Ltd. Software NTPC Ltd. Power HDFC Bank Ltd. Banks Tata Steel Ltd. Ferrous Metals Larsen & Toubro Ltd. Construction Project State Bank of India Banks GAIL (India) Ltd. Gas Aurobindo Pharma Ltd. Pharmaceuticals ITC Ltd. Consumer Non Durables Vedanta Ltd. Non - Ferrous Metals Company Industry + / Rating % to NAV % exposure (Hedged & of Derivative Unhedged) JSW Steel Ltd. Ferrous Metals Mahindra & Mahindra Ltd. Auto Sun Pharmaceuticals Industries Ltd. Pharmaceuticals Yes Bank Ltd. Banks Shriram Transport Finance Company Ltd. Finance Dr. Reddy's Laboratories Ltd. Pharmaceuticals LIC Housing Finance Ltd. Finance Maruti Suzuki India Ltd. Auto Hindalco Industries Ltd. Non - Ferrous Metals Tata Motors Ltd. Auto Bharti Airtel Ltd. Telecom - Services UPL Ltd. Pesticides Axis Bank Ltd. Banks DLF Ltd. Construction ACC Ltd. Cement Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified....contd on next page Intouch mutually November

30 HDFC Equity Savings Fund (An open ended scheme investing in equity, arbitrage and debt)...contd from previous page Company Industry + / Rating % to NAV % exposure (Hedged & of Derivative Unhedged) Indiabulls Housing Finance Ltd. Finance Newgen Software Technologies Ltd. Software Power Grid Corporation of India Ltd. Power Oil & Natural Gas Corporation Ltd. Oil Titan Company Ltd. Consumer Durables Jubilant Foodworks Ltd. Consumer Non Durables Bajaj Finance Ltd. Finance Tech Mahindra Ltd. Software Ambuja Cements Ltd. Cement Glenmark Pharmaceuticals Ltd. Pharmaceuticals United Spirits Ltd. Consumer Non Durables Tata Global Beverages Ltd. Consumer Non Durables Mahindra & Mahindra Financial Services Ltd. Finance Steel Authority Of India Ltd. Ferrous Metals Hero MotoCorp Ltd. Auto Tata Chemicals Ltd. Chemicals Capital First Ltd. Finance Escorts Ltd. Auto Cipla Ltd. Pharmaceuticals Gujarat Pipavav Port Ltd. Transportation L&T Technology Services Ltd. Software Ashok Leyland Ltd. Auto Adani Power (Mundra) Ltd. (Secured by Shares of Adani Port & SEZ Ltd.) Power The Federal Bank Ltd. Banks Strides Pharma Science Ltd. Pharmaceuticals Tata Motors Ltd. DVR Auto Multi Commodity Exchange of India Ltd. Finance Grasim Industries Ltd. Cement JMC Projects (India) Ltd. Construction Zee Entertainment Enterprises Ltd. Media & Entertainment Eicher Motors Ltd. Auto NHPC Ltd. Power Dabur India Ltd. Consumer Non Durables eclerx Services Ltd. Software Petronet LNG Ltd. Gas Britannia Industries Ltd. Consumer Non Durables SBI Life Insurance Company Ltd. Finance CESC Ltd. Power Coal India Ltd. Minerals/Mining Texmaco Rail & Engineering Ltd. Industrial Capital Goods Havells India Ltd. Consumer Durables Raymond Ltd. Textile Products ABB India Ltd. Industrial Capital Goods Century Textiles & Industries Ltd. Cement Jindal Steel & Power Ltd. Ferrous Metals Rallis India Ltd. Pesticides Tata Communications Ltd. Telecom - Services NCC Ltd. Construction Project Bank of Baroda Banks Cadila Healthcare Ltd. Pharmaceuticals Equitas Holdings Ltd. Finance Rural Electrification Corporation Ltd. Finance Tata Power Company Ltd. Power Bharat Petroleum Corporation Ltd. Petroleum Products ITD Cementation India Ltd. Construction Torrent Pharmaceuticals Ltd. Pharmaceuticals Apollo Tyres Ltd. Auto Ancillaries Bharat Financial Inclusion Ltd. Finance ICICI Prudential Life Insurance Company Ltd. Finance Indostar Capital Finance Ltd. Finance Tata Consultancy Services Ltd. Software Tata Elxsi Ltd. Software Ashoka Buildcon Ltd. Construction Project Godrej Consumer Products Ltd. Consumer Non Durables Titagarh Wagons Ltd. Industrial Capital Goods Galaxy Surfactants Ltd Chemicals Gujarat State Fertilizers & Chemicals Ltd. Fertilisers India Cements Ltd. Cement Wockhardt Ltd. Pharmaceuticals IDFC Bank Ltd. Banks IRB Infrastructure Developers Ltd. Construction Mahanagar Gas Ltd. Gas Motherson Sumi Systems Ltd. Auto Ancillaries Power Finance Corporation Ltd. Finance Reliance Nippon Life Asset Management Ltd. Finance Tamil Nadu Newsprint & Papers Ltd. Paper Ujjivan Financial Services Ltd. Finance Container Corporation of India Ltd. Transportation Hexaware Technologies Ltd. Software Hindustan Unilever Ltd. Consumer Non Durables IDFC Ltd. Finance Jain Irrigation Systems Ltd. Industrial Products Biocon Ltd. Pharmaceuticals Centum Electronics Ltd. Industrial Capital Goods Godrej Industries Ltd. Consumer Non Durables HCL Technologies Ltd. Software Max Financial Services Ltd. Finance Reliance Power Ltd. Power United Breweries Ltd. Consumer Non Durables Vodafone Idea Ltd Telecom - Services Hindustan Petroleum Corporation Ltd. Petroleum Products MindTree Ltd. Software BEML Ltd. Industrial Capital Goods Ceat Ltd. Auto Ancillaries L&T Finance Holdings Ltd. Finance Wipro Ltd. Software Company Industry + / Rating % to NAV % exposure (Hedged & of Derivative Unhedged) Balkrishna Industries Ltd. Auto Ancillaries MRF Ltd. Auto Ancillaries NMDC Ltd. Minerals/Mining PVR Ltd. Media & Entertainment Bharat Electronics Ltd. Industrial Capital Goods IDBI Bank Ltd. Banks Kalpataru Power Transmission Ltd. Power KEC International Ltd. Construction Project Nestle India Ltd. Consumer Non Durables Orient Cement Ltd. Cement Punjab National Bank Banks Reliance Infrastructure Ltd. Power Bajaj Auto Ltd. Auto CanFin Homes Ltd. Finance Karnataka Bank Ltd. Banks Reliance Capital Ltd. Finance Adani Ports and Special Economic Zone Ltd. Transportation Dish TV India Ltd. Media & Entertainment Godfrey Phillips India Ltd. Consumer Non Durables IFCI Ltd. Finance NBCC (INDIA) Ltd. Construction RP-SG Business Process Services Software RP-SG Retail Ltd Retailing S Chand and Company Ltd. Media & Entertainment Shree Cement Ltd. Cement Bajaj Finserv Ltd. Finance Bata India Ltd. Consumer Durables Cholamandalam Investment and Finance Company Ltd. Finance Lupin Ltd. Pharmaceuticals Piramal Enterprises Ltd. Pharmaceuticals Syndicate Bank Banks The South Indian Bank Ltd. Banks Bosch Ltd. Auto 0.01 Indraprastha Gas Ltd Kotak Mahindra Bank Ltd MPS Ltd. Consumer Non 0.00 Sub Total Preference Shares Zee Entertainment Enterprises Ltd. Media & Sub Total Debt & Debt Related Government Securities (Central/State) 7.16 GOI 2023 Sovereign 1.03 Sub Total 1.03 Credit Exposure Housing Development Finance Corporation Ltd. CRISIL - AAA / ICRA - AAA 4.50 Punjab National Bank CARE - A Power Finance Corporation Ltd. CRISIL - AAA 2.39 State Bank of India CARE - AA+ / CRISIL - AA HDFC Bank Ltd. CARE - AA Syndicate Bank CARE - A Mahindra & Mahindra Financial Services Ltd. CARE - AAA / IND - AAA 1.10 Reliance Jio Infocomm Ltd. CRISIL - AAA / ICRA - AAA 1.09 Rural Electrification Corporation Ltd. CRISIL - AAA 0.89 Union Bank of India CARE - AA- / IND - AA 0.79 Shriram Transport Finance Company Ltd. CRISIL - AA Axis Bank Ltd. CRISIL - AA Canara Bank CRISIL - AA 0.36 Aarish Solar Power Pvt Ltd. (Greenko) CARE - AA-(SO) 0.18 LIC Housing Finance Ltd. CRISIL - AAA 0.15 Power Grid Corporation of India Ltd. CRISIL - AAA 0.15 Bank of Baroda CARE - AA 0.14 JM Financial Asset Reconstruction Company Ltd. ICRA - AA Sub Total Total Short Term Deposits as margin for Futures & Options 8.94 Cash, Cash Equivalents and Net Current Assets 2.16 Top Ten Holdings, Less than 0.01% Outstanding exposure in derivative instruments (` in Crore) 2, Hedged position in Equity & Equity related instruments Outstanding derivative exposure (% age) 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 November 30, 2018 unless otherwise specified. 30 November 2018 Intouch mutually

31 HDFC Hybrid Debt Fund (An open-ended hybrid scheme investing predominantly in debt instruments) To generate income / capital appreciation by investing primarily in debt securities, money market instruments and moderate exposure to equities. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Conservative Hybrid Fund l Fund Manager Prashant Jain (Equities) (since December 26, 03) Total Experience: Over 27 years & Shobhit Mehrotra (Debt) (since September 1, 07) Total Experience: Over 25 years December 26, 2003 Regular Plan - Growth Option Regular Plan - Monthly Dividend Option Regular Plan - Quarterly Dividend Option Direct Plan - Growth Option Direct Plan - Monthly Dividend Option Direct Plan - Quarterly Dividend Option As on November 30, , Average for Month of November, , Average Maturity * 4.25 years Macaulay Duration * 3.22 years Modified Duration * 3.02 years Yield to Maturity * 8.63% * Computed on the invested amount for debt portfolio. Including Expenses and Goods and Service Tax Regular: 1.89% Direct: 1.34% l #BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 15:85 Index l ##addl. BENCHMARK INDEX: Crisil 10 year Gilt Index 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. Any redemption in excess of the limit shall be subject to the following exit load: Exit load of 1.00% is payable if Units are redeemed / switchedout within 1 year from the date of allotment of units. 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 51. Regular Plan, Direct Plan. Under Each Plan : Growth, Monthly Dividend & Quarterly Dividend Option. The Dividend Option offers Dividend Payout and Reinvestment facility. l Minimum Application Amount Purchase: (Growth & Quarterly Dividend Option) - ` 5,000 and any amount thereafter. (Monthly Dividend Option) - ` 25,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). Company Industry + / Rating % to NAV Equity & Equity Related ICICI Bank Ltd. Banks 2.42 State Bank of India Banks 2.29 Infosys Ltd. Software 1.96 Larsen & Toubro Ltd. Construction Project 1.55 Bharat Petroleum Corporation Ltd. Petroleum Products 1.40 HDFC Bank Ltd. Banks 1.12 Power Grid Corporation of India Ltd. Power 1.11 NTPC Ltd. Power 0.94 Cipla Ltd. Pharmaceuticals 0.89 Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.71 Axis Bank Ltd. Banks 0.69 Tata Consultancy Services Ltd. Software 0.69 Tata Chemicals Ltd. Chemicals 0.65 Apar Industries Ltd. Industrial Capital Goods 0.63 Aurobindo Pharma Ltd. Pharmaceuticals 0.57 Power Finance Corporation Ltd. Finance 0.57 Tata Steel Ltd. Ferrous Metals 0.55 MEP Infrastructure Developers Ltd. Transportation 0.52 Vedanta Ltd. Non - Ferrous Metals 0.52 Hindustan Petroleum Corporation Ltd. Petroleum Products 0.50 NHPC Ltd. Power 0.50 Canara Bank Banks 0.47 Bank of Baroda Banks 0.45 GAIL (India) Ltd. Gas 0.39 Balkrishna Industries Ltd. Auto Ancillaries 0.36 Punjab National Bank Banks 0.32 Syndicate Bank Banks 0.32 Rural Electrification Corporation Ltd. Finance 0.31 Texmaco Rail & Engineering Ltd. Industrial Capital Goods 0.25 Union Bank of India Banks 0.24 CG Power & Industrial Solutions Ltd. Industrial Capital Goods 0.21 Corporation Bank Banks 0.14 Mishra Dhatu Nigam Ltd. Ferrous Metals 0.13 Elecon Engineering Co. Ltd. Industrial Capital Goods 0.03 ITD Cementation India Ltd. Construction 0.03 Titagarh Wagons Ltd. Industrial Capital Goods 0.02 Company Industry + / Rating % to NAV Rallis India Ltd. Tata Motors Ltd. DVR Sub Total Debt & Debt Related Government Securities (Central/State) 7.88 GOI 2030 Sovereign GOI 2024 Sovereign GOI 2032 Sovereign GOI 2026 Sovereign GOI 2033 Sovereign GOI 2029 Sovereign GOI 2030 Sovereign GOI 2034 Sovereign GOI 2034 Sovereign GOI 2023 Sovereign 0.31 GOI 2023 Sovereign GOI 2027 Sovereign % Tamil Nadu SDL - Mat Sovereign GOI 2026 Sovereign 0.01 Sub Total Credit Exposure Power Finance Corporation Ltd. CARE - AAA / CRISIL - AAA / ICRA - AAA 7.67 Rural Electrification Corporation Ltd. CARE - AAA / CRISIL - AAA 4.50 Reliance Jio Infocomm Ltd. CRISIL - AAA / ICRA - AAA 4.23 Food Corporation of India (Corporate guarantee from Govt of India) CRISIL - AAA(SO) 3.23 LIC Housing Finance Ltd. State Bank of India CARE - AAA / CRISIL - AAA 2.80 CRISIL - AA+ / CRISIL - AAA 2.48 Union Bank of India CARE - AA- / IND - AA 2.37 Punjab National Bank CARE - A TATA International Ltd. CARE - A Housing Development Finance Corporation Ltd. CRISIL - AAA 1.54 HDFC Bank Ltd. CARE - AA Canara Bank ICRA - AA 1.50 Tata Realty and Infrastructure Ltd. CRISIL - AA 1.46 Andhra Bank CARE - A Hazaribagh Ranchi Expressway Ltd. (NHAI Annuity) CARE - AAA(SO) / IND - AAA(SO) 1.23 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 November 30, 2018 unless otherwise specified. Intouch mutually November

32 HDFC Hybrid Debt Fund (An open-ended hybrid scheme investing predominantly in debt instruments)...contd from previous page Classification by Asset Class Equity G-Sec, SDL CP 5.39 Credit Exposure Net Current Assets 6.16 Classification by Rating Class Equity Sovereign AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent AA AA/aa A+ & Below 6.40 Net Current Assets 6.16 Company Industry + / Rating % to NAV Tata Power Company Ltd. CRISIL - AA Andhra Pradesh Expressway Ltd.(NHAI Annuity) ICRA - AAA(SO) 0.96 Syndicate Bank CARE - A Power Grid Corporation of India Ltd. CRISIL - AAA 0.94 Indian Railway Finance Corporation Ltd. CARE - AAA / CRISIL - AAA 0.91 Kotak Mahindra Bank Ltd. CRISIL - AAA 0.79 Bank of Baroda CARE - AA National Bank for Agriculture & Rural Development CRISIL - AAA 0.77 Adani Transmission Ltd. IND - AA Shriram City Union Finance Ltd. CARE - AA Export - Import Bank of India CRISIL - AAA 0.32 ECL Finance Ltd. ICRA - A Hindalco Industries Ltd. CRISIL - AA 0.31 National Highways Authority of India CARE - AAA 0.30 IIFL Home Finance Ltd. CRISIL - AA 0.16 Tata Steel Ltd. CARE - AA Company Industry + / Rating % to NAV Daimler Financial Services (I) Pvt Ltd. IND - AAA 0.09 Tata Motors Ltd. CARE - AA Vedanta Ltd. CRISIL - AA 0.06 Bharati Telecom Limited CRISIL - AA Asian Satellite Broadcast Pvt. Ltd. (Secured with shares of ZEE Entertainment Enterprise Ltd.) BRICKWORKS - A+(SO) 0.04 Sub Total Total Money Market Instruments CD/CP Fullerton India Credit Company Ltd. ICRA - A Shriram Transport Finance Company Ltd. CRISIL - A PNB Housing Finance Ltd. CRISIL - A Sub Total 5.39 Cash, Cash Equivalents and Net Current Assets 6.16 Top Ten Holdings, Less than 0.01% Performance^ - Regular Plan - Growth Option Since Inception 10 year 5 Year 3 Year 1 Year Total Amount Invested (` 000) 1, , Mkt Value As on November 30, 2018 (` 000) 3, , # 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. to generate long-term income / capital appreciation investments primarily in debt securities, money market instruments and moderate exposure to equities Performance^ - Regular Plan - Growth Option (`) Nov 30, 17 Last 1 Year ,878 10,447 10,252 Nov 30, 15 Last 3 Years ,330 12,572 12,028 Nov 29, 13 Last 5 Years ,290 15,681 14,617 Dec 26, 03 Since Inception ,814 31,964 21,692 greater than 1 year period are compounded annualized (CAGR). performance may not strictly be comparable with that of its 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the 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. Investors understand that their principal will be at moderately high risk 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, Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified. 32 November 2018 Intouch mutually

33 HDFC Arbitrage Fund (An open ended scheme investing in arbitrage opportunities) To generate income through arbitrage opportunities and debt & money market instruments. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Arbitrage Fund l Fund Manager Krishan Kumar Daga (since September 10, 15) Total Experience: Over 22 years October 23, 2007 Retail Plan Regular Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Quarterly Dividend Option Direct Plan - Growth Option Direct Plan - Quarterly Dividend Option Wholesale Plan Regular Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Monthly Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option Direct Plan - Monthly Dividend Option As on November 30, , Average for Month of November, , Turnover Ratio (Last 1 year) % Including Expenses and Goods and Service Tax Regular: 0.75% Direct: 0.25% l #BENCHMARK INDEX: NIFTY 50 Arbitrage Index l ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) In respect of each purchase / switch-in of Units, an Exit Load of 0.25% is payable if Units are redeemed / switchedout within 1 month from the date of allotment. No Exit Load is payable if Units are redeemed / switchedout after 1 month from the date of allotment. For further details, please refer to para Exit Load on Pg 51. (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. l Minimum Application Amount Purchase/ Purchase: ` 1 lakh and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years). Company Industry + / Rating % to NAV Equity & Equity Related (Quantity fully hedged using Futures/Options) Aurobindo Pharma Ltd. Pharmaceuticals 5.83 Reliance Industries Ltd. Petroleum Products 3.79 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 3.56 Yes Bank Ltd. Banks 2.67 Maruti Suzuki India Ltd. Auto 1.72 Indiabulls Housing Finance Ltd. Finance 1.67 Bharti Airtel Ltd. Telecom - Services 1.58 Tata Consultancy Services Ltd. Software 1.47 Titan Company Ltd. Consumer Durables 1.43 Britannia Industries Ltd. Consumer Non Durables 1.42 Hindustan Unilever Ltd. Consumer Non Durables 1.41 Dabur India Ltd. Consumer Non Durables 1.35 ICICI Bank Ltd. Banks 1.35 Tech Mahindra Ltd. Software 1.33 HDFC Bank Ltd. Banks 1.30 Mahindra & Mahindra Ltd. Auto 1.30 Shriram Transport Finance Company Ltd. Finance 1.22 Steel Authority of India Ltd. Ferrous Metals 1.19 Nestle India Ltd. Consumer Non Durables 1.09 Dr. Reddy's Laboratories Ltd. Pharmaceuticals 1.01 ITC Ltd. Consumer Non Durables 1.00 Axis Bank Ltd. Banks 0.95 Housing Development Finance Corporation Ltd. Finance 0.84 NCC Ltd. Construction Project 0.81 Adani Enterprises Ltd. Trading 0.77 Capital First Ltd. Finance 0.74 Zee Entertainment Enterprises Ltd. Media & Entertainment 0.71 Ashok Leyland Ltd. Auto 0.67 Escorts Ltd. Auto 0.66 Strides Pharma Science Ltd. Pharmaceuticals 0.66 GAIL (India) Ltd. Gas 0.64 HCL Technologies Ltd. Software 0.61 Adani Ports and Special Economic Zone Ltd. Transportation 0.59 IDFC Bank Ltd. Banks 0.59 Century Textiles & Industries Ltd. Cement 0.58 Bharat Financial Inclusion Ltd. Finance 0.56 Tata Motors Ltd. DVR Auto 0.55 Multi Commodity Exchange of India Ltd. Finance 0.54 Tata Motors Ltd. Auto 0.54 IDFC Ltd. Finance 0.52 JSW Steel Ltd. Ferrous Metals 0.49 Raymond Ltd. Textile Products 0.47 UPL Ltd. Pesticides 0.47 Godrej Industries Ltd. Consumer Non Durables 0.44 Adani Power (Mundra) Ltd. (Secured by Shares of Adani Port & SEZ Ltd.) Power 0.43 LIC Housing Finance Ltd. Finance 0.43 Tata Steel Ltd. Ferrous Metals 0.43 Godrej Consumer Products Ltd. Consumer Non Durables 0.42 Marico Ltd. Consumer Non Durables 0.40 Tata Power Company Ltd. Power 0.40 Company Industry + / Rating % to NAV Bajaj Auto Ltd. Auto 0.39 IRB Infrastructure Developers Ltd. Construction 0.37 Bank of Baroda Banks 0.35 Larsen & Toubro Ltd. Construction Project 0.34 Wipro Ltd. Software 0.34 DLF Ltd. Construction 0.33 Mahindra & Mahindra Financial Services Ltd. Finance 0.32 Biocon Ltd. Pharmaceuticals 0.30 Infosys Ltd. Software 0.30 Ambuja Cements Ltd. Cement 0.29 Eicher Motors Ltd. Auto 0.27 United Spirits Ltd. Consumer Non Durables 0.27 Bajaj Finserv Ltd. Finance 0.26 Vedanta Ltd. Non - Ferrous Metals 0.26 KPIT Technologies Ltd. Software 0.25 Cadila Healthcare Ltd. Pharmaceuticals 0.24 Wockhardt Ltd. Pharmaceuticals 0.23 Piramal Enterprises Ltd. Pharmaceuticals 0.22 Havells India Ltd. Consumer Durables 0.21 United Breweries Ltd. Consumer Non Durables 0.19 Equitas Holdings Ltd. Finance 0.18 The South Indian Bank Ltd. Banks 0.18 Vodafone Idea Ltd Telecom - Services 0.18 Balkrishna Industries Ltd. Auto Ancillaries 0.17 Hindalco Industries Ltd. Non - Ferrous Metals 0.17 Tata Elxsi Ltd. Software 0.16 CanFin Homes Ltd. Finance 0.15 Power Grid Corporation of India Ltd. Power 0.15 Apollo Hospitals Enterprise Ltd. Healthcare Services 0.14 Ujjivan Financial Services Ltd. Finance 0.13 Bajaj Finance Ltd. Finance 0.12 Jain Irrigation Systems Ltd. Industrial Products 0.12 MRF Ltd. Auto Ancillaries 0.12 Cipla Ltd. Pharmaceuticals 0.11 Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.11 Grasim Industries Ltd. Cement 0.11 Reliance Power Ltd. Power 0.11 Bata India Ltd. Consumer Durables 0.10 Gujarat State Fertilizers & Chemicals Ltd. Hindustan Petroleum Corporation Ltd. Fertilisers 0.10 Petroleum Products 0.10 Indraprastha Gas Ltd. Gas 0.10 Petronet LNG Ltd. Gas 0.10 Reliance Capital Ltd. Finance 0.09 TV18 Broadcast Ltd. Media & Entertainment 0.09 Bharat Forge Ltd. Industrial Products 0.08 IDBI Bank Ltd. Banks 0.08 PVR Ltd. Media & Entertainment 0.08 Tata Chemicals Ltd. Chemicals 0.08 PTC India Ltd. Power 0.07 Reliance Infrastructure Ltd. Power 0.07 ICICI Prudential Life Insurance Company Ltd. Finance 0.06 India Cements Ltd. Cement 0.06 Container Corporation of India Ltd. Transportation 0.05 Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of November 30, 2018 unless otherwise specified....contd on next page Intouch mutually November

34 HDFC Arbitrage Fund (An open ended scheme investing in arbitrage opportunities)...contd from previous page Industry Allocation of Equity Holding (% of Net Assets) Pharmaceuticals Consumer Non Durables 8.04 Finance 7.90 Banks 7.53 Auto 6.10 Software 4.47 Petroleum Products 3.89 Ferrous Metals 2.11 Telecom - Services 1.80 Consumer Durables 1.74 Power 1.25 Construction Project 1.17 Cement 1.06 Media & Entertainment 0.88 Gas 0.84 Trading 0.77 Construction 0.73 Transportation 0.69 Textile Products 0.47 Pesticides 0.47 Non - Ferrous Metals 0.43 Auto Ancillaries 0.36 Industrial Products 0.20 Healthcare Services 0.14 Fertilisers 0.10 Chemicals Company Industry + / Rating % to NAV InterGlobe Aviation Ltd. Transportation 0.05 IFCI Ltd. Finance 0.04 Jubilant Foodworks Ltd. Consumer Non Durables 0.04 Tata Communications Ltd. Telecom - Services 0.04 Exide Industries Ltd. Auto Ancillaries 0.03 Kajaria Ceramics Ltd. Construction 0.03 Rural Electrification Corporation Ltd. Finance 0.03 Ajanta Pharma Ltd. Pharmaceuticals 0.02 Bosch Ltd. Auto Ancillaries 0.02 Karnataka Bank Ltd. Banks 0.02 Motherson Sumi Systems Ltd. Auto Ancillaries 0.02 Shree Cement Ltd. Cement 0.02 State Bank of India Banks 0.02 Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.02 Torrent Power Ltd. Power 0.02 Colgate Palmolive (India) Ltd. Consumer Non Durables 0.01 DCB Bank Ltd. Banks 0.01 Divi's Laboratories Ltd. Pharmaceuticals 0.01 Engineers India Ltd. Construction Project 0.01 GMR Infrastructure Ltd. Construction Project 0.01 Hexaware Technologies Ltd. Software 0.01 Indusind Bank Ltd. Banks 0.01 ACC Ltd. Lupin Ltd. SREI Infrastructure Finance Ltd. Finance Sub Total Company Industry + / Rating % to NAV Debt & Debt Related Credit Exposure Housing Development Finance Corporation Ltd. CRISIL - AAA 2.74 Punjab National Bank CARE - A Vedanta Ltd. CRISIL - AA 2.01 LIC Housing Finance Ltd. CRISIL - AAA 0.69 Syndicate Bank CARE - A Andhra Bank CARE - A Bank of Baroda CARE - AA 0.41 Union Bank of India IND - AA 0.25 ICICI Bank Ltd. ICRA - AA HDB Financial Services Ltd. CRISIL - AAA 0.02 Sub Total 9.47 Money Market Instruments CD/CP Axis Bank Ltd. CRISIL - A Sub Total 1.37 Short Term Deposits as margin for Futures & Options Cash margin 0.99 Cash, Cash Equivalents and Net Current Assets 5.04 Top Ten Holdings, less than 0.01% Outstanding exposure in derivative instruments (` in Crore) 2, Hedged position in Equity & Equity related instruments Outstanding derivative exposure (% age) income over short term. income through arbitrage opportunities between cash and derivative market and arbitrage opportunities within the derivative segment. Classification by Asset Class Equity CD 1.37 Credit Exposure 9.47 Cash, Cash Equivalents and Net Current Assets Classification by Rating Class Equity AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent 4.82 AA AA/AA A+ & Below 3.30 Net Current Assets Investors understand that their principal will be at moderately low risk Performance^ - Wholesale Plan - Regular Plan - Growth Option (`) 34 November 2018 Intouch mutually Nov 30, 17 Last 1 Year ,575 10,482 10,782 Nov 30, 15 Last 3 Years ,913 11,652 14,260 Nov 29, 13 Last 5 Years ,851 13,690 18,742 Oct 23, 07 Since Inception 7.16 N.A ,575 N.A. 22,664 greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. performance is not strictly comparable with that of its 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 59. 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 November 30, 2018 unless otherwise specified.

35 HDFC Corporate Bond Fund (An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds) To generate income/capital appreciation through investments predominantly in AA+ and above rated corporate bonds. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Corporate Bond Fund l Fund Manager Anupam Joshi (since October 27, 15) Total Experience: Over 12 years June 29, 2010 Regular Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Quarterly Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option Direct Plan - Quarterly Dividend Option As on November 30, , Average for Month of November, , Average Maturity * 2.59 years Macaulay Duration * 2.16 years Modified Duration * 2.00 years Yield to Maturity * 8.69% * Computed on the invested amount. Including Expenses and Goods and Service Tax Regular: 0.45% Direct: 0.40% l #BENCHMARK INDEX: CRISIL Composite Bond Fund Index l ##addl. BENCHMARK INDEX: CRISIL 10 year Gilt Index Nil Regular Plan, Direct Plan. Under both the Plans: Growth, Quarterly Dividend & Normal Dividend. Both Dividend options offer Payout and Reinvestment facilities. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). Issuer Rating % to NAV Debt & Debt Related Government Securities (Central/State) 7.17 GOI 2028 Sovereign % Maharashtra SDL - Mat Sovereign % Gujarat SDL - Mat Sovereign % Maharashtra SDL - Mat Sovereign % Rajasthan SDL - Mat Sovereign % Maharashtra SDL - Mat Sovereign GOI 2023 Sovereign % Tamil Nadu SDL - Mat Sovereign GOI 2023 Sovereign % Rajasthan SDL - Mat Sovereign GOI % Rajasthan SDL (UDAY - Strip IV ) - ISD Mat GOI % Rajasthan SDL - Mat % Rajasthan SDL - Mat % Punjab SDL - Mat Sub Total 6.39 Credit Exposure Power Finance Corporation Ltd. CARE - AAA / CRISIL - AAA / ICRA - AAA 8.86 Housing Development Finance Corporation Ltd. CRISIL - AAA 8.45 Bajaj Finance Ltd. CRISIL - AAA / IND - AAA 6.63 ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 6.09 Indiabulls Housing Finance Ltd. CARE - AAA 5.11 Rural Electrification Corporation Ltd. CRISIL - AAA / IND - AAA 4.98 LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 4.98 Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 4.89 Mahindra & Mahindra Financial Services Ltd. IND - AAA 4.77 Classification by Asset Class G-Sec, SDL 6.39 Credit Exposure Net Current Assets 3.83 Issuer Rating % to NAV HDB Financial Services Ltd. CARE - AAA / CRISIL - AAA 4.76 National Bank for Agriculture & Rural Development CRISIL - AAA 3.68 National Highways Authority of India CARE - AAA / CRISIL - AAA 2.54 Food Corporation of India (Corporate guarantee from Govt of India) CRISIL - AAA(SO) 2.36 State Bank of India CRISIL - AAA 2.25 Housing and Urban Development Corporation Ltd. ICRA - AAA 2.20 Export - Import Bank of India CRISIL - AAA 2.06 Reliance Jio Infocomm Ltd. CRISIL - AAA 2.04 Indian Railway Finance Corporation Ltd. CRISIL - AAA 1.89 Small Industries Development Bank of India CARE - AAA 1.85 Power Grid Corporation of India Ltd. CRISIL - AAA 1.56 NTPC Ltd. CRISIL - AAA 1.31 Tata Sons Ltd. CRISIL - AAA 1.17 L&T Infrastructure Finance Company Ltd. CARE - AAA 1.06 Daimler Financial Services (I) Pvt Ltd. IND - AAA 0.85 Sikka Ports & Terminals Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARE - AAA 0.80 Kotak Mahindra Prime Ltd. CRISIL - AAA 0.75 Andhra Pradesh Expressway Ltd.(NHAI Annuity) ICRA - AAA(SO) 0.54 Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(SO) 0.44 Jamnagar Utilities & Power Pvt. Ltd.(erstwhile Reliance Utilities & Power Pvt. Ltd.) CARE - AAA 0.39 Toyota Financial Services India Ltd. CRISIL - AAA 0.26 Gujarat Road and Infra Co Ltd. ICRA - AAA(SO) 0.22 NHPC Ltd. IND - AAA 0.04 Mahindra Vehicle Manufacturers Ltd. ICRA - Sub Total Total Cash, Cash Equivalents and Net Current Assets 3.83 Top Ten Holdings, less than 0.01% Classification by Rating Class Sovereign 6.39 AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent Net Current Assets 3.83 income over short to medium term to generate income/capital appreciation through investments predominantly in AA+ and above rated corporate bonds Investors understand that their principal will be at moderately low risk Performance^ - Regular Plan - Growth Option Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of November 30, 2018 unless otherwise specified. (`) Nov 30, 17 Last 1 Year ,528 10,377 10,252 Nov 30, 15 Last 3 Years ,493 12,395 12,028 Nov 29, 13 Last 5 Years ,095 15,386 14,617 Jun 29, 10 Since Inception ,026 18,933 16,646 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the 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. 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, Intouch mutually November

36 HDFC Credit Risk Debt Fund (An open ended debt scheme predominantly investing in AA and below rated corporate bonds [excluding AA+ rated corporate bonds]) To generate income/capital appreciation by investing predominantly in AA and below rated corporate debt. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Credit Risk Fund l Fund Manager Shobhit Mehrotra (since March 25, 14) Total Experience: Over 25 years March 25, 2014 Regular Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Quarterly Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option Direct Plan - Quarterly Dividend Option As on November 30, , Average for Month of November, , Average Maturity * 2.50 years Macaulay Duration * 2.16 years Modified Duration * 1.99 years Yield to Maturity * 9.79% * Computed on the invested amount. Including Expenses and Goods and Service Tax on Management Fees Regular: 1.63% Direct: 1.08% Performance^ - Regular Plan - Growth Option l #BENCHMARK INDEX: Crisil Short Term Bond Fund Index l ##addl. BENCHMARK INDEX: CRISIL 10 year Gilt Index 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 Any redemption in excess of the above limit shall be subject to the following exit load: 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 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 No Exit Load is payable if Units are redeemed / switched-out after 18 months from the date of allotment For further details, please refer to para Exit Load on Pg 51. Regular Plan, Direct Plan. Under Each Plan: Growth, Quarterly Dividend and Normal Dividend. Both Dividend options offers Payout and Reinvestment facilities. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). (`) Nov 30, 17 Last 1 Year ,431 10,564 10,252 Nov 30, 15 Last 3 Years ,452 12,378 12,028 Mar 25, 14 Since Inception ,812 14,439 14,299 The above returns are for Regular Plan - Growth Option. greater than 1 year period are compounded annualized (CAGR). The is in existence for more than 1 year but less than 5 years. 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58. Classification by Asset Class SDL 0.29 CP 1.70 Credit Exposure Net Current Assets 3.29 Classification by Issuer Rating Class Sovereign 0.29 AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent AA AA/aa A+ & Below Net Current Assets 3.29 income over short to medium term to generate income/capital appreciation by investing predominantly in AA and below rated corporate debt (excluding AA+ rated corporate bonds) 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, Company Industry + / Security Issuer Rating % to NAV Rating Debt & Debt Related Government Securities (Central/State) 8.39% Rajasthan SDL - Mat Sovereign Sovereign 0.29 Sub Total 0.29 Credit Exposure HPCL-Mittal Energy Ltd. ICRA - AA ICRA - AA 4.25 Vedanta Ltd. CRISIL - AA CRISIL - AA 4.20 TATA International Ltd. CARE - A+ ICRA - A 4.15 Rural Electrification Corporation Ltd. CARE - AAA / CRISIL - AAA CRISIL - AAA 3.48 Tata Power Company Ltd. CARE - AA / CRISIL - AA- / ICRA - AA- CRISIL - AA Tata Steel Ltd. CARE - AA / CARE - AA- CARE - AA 2.85 Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power CARE - AAA / CRISIL Pvt. Ltd.) - AAA CRISIL - AAA 2.67 HDFC Bank Ltd. CARE - AA+ CRISIL - AAA 2.60 Company Industry + / Security Rating Issuer Rating % to NAV Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(SO) IND - A Adani Transmission Ltd. IND - AA+ IND - AA Punjab National Bank CARE - A+ ICRA - AA Nuvoco Vistas Corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) CRISIL - AA CRISIL - AA 2.27 Dilip Buildcon Ltd. CRISIL - A+ CARE - A Sikka Ports & Terminals Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARE - AAA CRISIL - AAA 2.17 Adani Rail Infra Private Limited (Secured By Shares Of Adani Ports And Adani Transmission) BRICKWORKS - A1+(SO) BRICKWORKS - AA Power Finance Corporation Ltd. CARE - AAA / CRISIL - AAA / ICRA - AAA CRISIL - AAA 1.97 Muthoot Finance Ltd. ICRA - AA ICRA - AA Tata Sky Ltd. (Subsidiary of Tata Sons) CRISIL - AA CRISIL - AA 1.85 Face Value per Unit: ` 10 unless otherwise specified, Data is as of November 30, 2018 unless otherwise specified. Based on long term rating. 36 November 2018 Intouch mutually

37 HDFC Credit Risk Debt Fund Company Industry + / Security Issuer Rating % to NAV Rating DB Consolidated Private Ltd. (Dainik Bhaskar Group Company) NA - UNRATED INTERNAL - A-(SO) 1.76 Reliance Jio Infocomm Ltd. CRISIL - AAA CRISIL - AAA 1.60 Prism Johnson Ltd. ICRA - A- / IND - A- ICRA - A Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav Engineering Ltd.) CARE - A+(SO) / CRISIL - A+(SO) CARE - A+(SO) 1.46 Aasan Corporate Solutions Pvt. Ltd. (Ajay Piramal Group Co) ICRA - AA-(SO) ICRA - AA-(SO) 1.32 TMF Holdings Ltd. (subsidiary of Tata Motors Ltd.) CRISIL - AA CRISIL - AA 1.15 JM Financial Asset Reconstruction Company Ltd. ICRA - AA- CRISIL - AA Primat Infrapower & Multiventures Private Ltd. (Secured with shares of ZEE Entertainment Enterprise Ltd. & Dish TV Ltd.) BRICKWORKS - A+(SO) / BRICKWORKS - AA-(SO) INTERNAL - A 1.05 Hinduja Leyland Finance Ltd. CARE - AA- CARE - AA Power Grid Corporation of India Ltd. CRISIL - AAA CRISIL - AAA 1.04 Housing Development Finance Corporation Ltd. CRISIL - AAA CRISIL - AAA 1.00 Hindalco Industries Ltd. CRISIL - AA CRISIL - AA 0.99 Indiabulls Housing Finance Ltd. CARE - AAA / CRISIL - AAA CRISIL - AA Raj Infra Properties Pvt. Ltd. (Secured with shares of Emami Ltd.) BRICKWORKS - AA-(SO) BRICKWORKS - AA-(SO) 0.88 Gera Development Pvt. Ltd. CARE - A+ CARE - A Tata Motors Ltd. CARE - AA+ CRISIL - AA 0.79 Starlite Lighting Ltd. (Corporate Guarantee of Bajaj Electrical Ltd.) ICRA - A+(SO) ICRA - A+(SO) 0.76 Coastal Gujarat Power Limited (Corporate Guarantee of Tata Power) CARE - AA(SO) CARE - AA(SO) 0.73 Syndicate Bank CARE - A+ CRISIL - AA 0.73 Simplex Infrastructures Ltd. CARE - A- CARE - A Tata Housing Development Company Ltd. ICRA - AA CARE - AA 0.72 KEC International Ltd. ICRA - AA- CARE - AA Union Bank of India IND - AA CARE - AA Tata Motors Finance Ltd. CARE - AA+ CRISIL - AA 0.65 NTPC Ltd. CRISIL - AAA CRISIL - AAA 0.61 Cholamandalam Investment and Finance Company Ltd. CRISIL - AA+ / ICRA - AA+ CARE - AA 0.60 Export - Import Bank of India CRISIL - AAA CRISIL - AAA 0.60 Tata Realty and Infrastructure Ltd. CRISIL - AA CRISIL - AA 0.58 Indostar Capital Finance Ltd. CARE - AA- CARE - AA Bharat Petroleum Corporation Ltd. CRISIL - AAA CRISIL - AAA 0.57 Tata Capital Financial Services Ltd. ICRA - AAA CRISIL - AAA 0.57 Axis Bank Ltd. CRISIL - AA+ CRISIL - AAA 0.56 Shriram Transport Finance Company Ltd. CARE - AA+ / CRISIL - AA+ / IND - AA+ CRISIL - AA Aarish Solar Power Pvt Ltd. (Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 Aashman Energy Pvt Ltd. (Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 Divyesh Power Pvt Ltd. (Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 Elena Renewable Energy Pvt Ltd. (Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 Pratyash Renewable Pvt Ltd. (Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 SEI Baskara Power Pvt Ltd. (Greenko) CARE - AA-(SO) BRICKWORKS - AA-(SO) 0.48 SEI Enerstar Renewable Energy Pvt. Ltd. (Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 SEI Mihir Energy Pvt Ltd. (Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 Shreyas Renewable Energy Pvt Ltd. (Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 Zuvan Energy Pvt Ltd. (Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 Prabhakar Viniyog Pvt. Ltd. (Secured with shares of Emami Ltd.) BRICKWORKS - AA-(SO) IND - AA-(SO) 0.45 Infiniti Retail Ltd. (Subsidiary of Tata Sons) CARE - A+ CARE - A Inox Air Products Ltd. CRISIL - AA CRISIL - AA 0.42 APL Apollo Tubes Ltd. CARE - AA- CARE - AA (An open ended debt scheme predominantly investing in AA and below rated corporate bonds [excluding AA+ rated corporate bonds])...contd from previous page Company Industry + / Security Issuer Rating % to NAV Rating Andhra Bank CARE - A+ CRISIL - AA 0.40 Aarti Industries Ltd. CRISIL - AA- CRISIL - AA Au Small Finance Bank Ltd. IND - AA- CARE - A PNB Housing Finance Ltd. CARE - AAA CRISIL - AA Repco Home Finance Ltd. CARE - AA / CRISIL - AA ICRA - AA Raviraj Viniyog Pvt. Ltd. (Secured with shares of Emami Ltd.) BRICKWORKS - AA-(SO) BRICKWORKS - AA-(SO) 0.32 Emami Infrastructure Ltd. (Secured with shares of Emami Ltd.) BRICKWORKS - AA-(SO) BRICKWORKS - AA-(SO) 0.31 JM Financial Credit Solutions Ltd. ICRA - AA CRISIL - AA 0.31 LIC Housing Finance Ltd. CRISIL - AAA CRISIL - AAA 0.31 Edisons Infrapower & Multiventures Pvt. Ltd. (Secured with shares of ZEE Entertainment Enterprise Ltd. & Dish TV Ltd.) BRICKWORKS - A+(SO) INTERNAL - A+(SO) 0.30 Aditya Birla Fashion and Retail Ltd. CRISIL - AA CRISIL - AA 0.29 L&T Finance Ltd. CARE - AAA CARE - AAA 0.29 L&T Housing Finance Ltd. CARE - AA+ CARE - AAA 0.29 HDB Financial Services Ltd. CRISIL - AAA CRISIL - AAA 0.28 India infoline Finance Ltd. ICRA - AA CRISIL - AA 0.28 Tata Sons Ltd. CRISIL - AAA CRISIL - AAA 0.28 Hazaribagh Ranchi Expressway Ltd. (NHAI Annuity) CARE - AAA(SO) / IND - AAA(SO) CARE - AAA(SO) 0.24 KKR India Financial Services Pvt Ltd. CRISIL - AA+ CRISIL - AA Bhanu Vyapar Pvt. Ltd. (Secured with shares of Emami Ltd.) IND - AA-(SO) IND - AA-(SO) 0.22 Aspire Home Finance Corporation Ltd. (Subsidiary of Motilal Oswal Financial Services Ltd.) CRISIL - A+ / ICRA - A+ CRISIL - A Arm Infra & Utilities Pvt. Ltd. (Secured with shares of ZEE Entertainment BRICKWORKS - A+ / Enterprise Ltd.) BRICKWORKS - AA- BRICKWORKS - A+(SO) 0.19 Century Textiles & Industries Ltd. CRISIL - AA CARE - AA Food Corporation of India (Corporate guarantee from Govt of India) CRISIL - AAA(SO) CRISIL - AAA(SO) 0.18 ECL Finance Ltd. CARE - AA CRISIL - AA 0.15 Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CRISIL - AAA(SO) CRISIL - AAA(SO) 0.15 Bajaj Finance Ltd. CRISIL - AAA CRISIL - AAA 0.14 ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) IND - A Sundaram Finance Ltd. ICRA - AAA IND - AA G R Infraprojects Ltd. CARE - AA- CARE - AA Asian Satellite Broadcast Pvt. Ltd. (Secured with shares of ZEE Entertainment Enterprise Ltd.) BRICKWORKS - AA-(SO) BRICKWORKS - A Kalpataru Power Transmission Ltd. CRISIL - AA CRISIL - AA 0.12 NHPC Ltd. ICRA - AAA CRISIL - AAA 0.11 Volkswagen Finance Pvt. Ltd. IND - AAA IND - AAA 0.10 Aavas Financiers Ltd.(Formerly known as Au Housing Finance Ltd.) ICRA - A+ CRISIL - A 0.09 IIFL Home Finance Ltd. CRISIL - AA CRISIL - AA 0.06 Petronet LNG Ltd. CRISIL - AAA CRISIL - AA Sprit Infrapower & Multiventures Pvt. Ltd. (Secured with shares of Zee Entertainment Enterprise Ltd. & Dish TV Ltd.) BRICKWORKS - A+(SO) INTERNAL - A Tube Investments of India Ltd. CRISIL - AA+ CRISIL - AA SANSAR Trust Nov 2018 ICRA - AAA(SO) Unrated 1.70 Sub Total Money Market Instruments CD/CP Simplex Infrastructures Ltd. CARE - A2+ CARE - A Sub Total 1.70 Cash, Cash Equivalents and Net Current Assets 3.29 Top Ten Holdings, Co-sponsor 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 November 30, 2018 unless otherwise specified. Intouch mutually November

38 HDFC Banking and PSU Debt Fund (An open ended debt scheme predominantly investing in debt instruments of banks, Public Sector Undertakings, Public Financial Institutions and Municipal Bonds) 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. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Banking and PSU Fund l Fund Manager Anil Bamboli (since March 26, 14) Total Experience: Over 23 years March 26, 2014 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, , Average for Month of November, , Average Maturity * 2.89 years Macaulay Duration * 2.46 years Modified Duration * 2.27 years Yield to Maturity * 9.00% * Computed on the invested amount. Including Expenses and Goods and Service Tax Regular: 0.80% Direct: 0.35% l #BENCHMARK INDEX: CRISIL Short Term Bond Fund Index l ##addl. BENCHMARK INDEX: CRISIL 1 year T-Bill Index Nil Regular Plan, Direct Plan. Under Each Plan: Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Issuer Rating % to NAV Debt & Debt Related Credit Exposure National Highways Authority CARE - AAA / CRISIL of India - AAA Power Finance Corporation Ltd. CARE - AAA / CRISIL - AAA / ICRA - AAA 9.65 Power Grid Corporation of India Ltd. CRISIL - AAA 7.51 National Bank for Agriculture & Rural Development CRISIL - AAA 7.34 Food Corporation of India (Corporate guarantee from Govt of India) CRISIL - AAA(SO) 6.88 Rural Electrification Corporation Ltd. CRISIL - AAA / IND - AAA 5.60 TATA International Ltd. CARE - A Mahanagar Telephone Nigam Ltd. (Corporate CARE - AAA(SO) / CRISIL - AAA / CRISIL - guarantee from Govt of India) AAA(SO) 5.28 Syndicate Bank CARE - A Union Bank of India CARE - AA- / IND - AA 4.74 Bank of Baroda CARE - AA 3.20 Export - Import Bank of India CRISIL - AAA 2.41 ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 2.02 HDFC Bank Ltd. CARE - AA Punjab National Bank CARE - A Small Industries Development Bank of India CARE - AAA 1.84 NTPC Ltd. CRISIL - AAA 1.76 Andhra Bank CARE - A LIC Housing Finance Ltd. CRISIL - AAA 1.64 Issuer Rating % to NAV State Bank of India CRISIL - AA+ / CRISIL - AAA 0.98 Tata Power Company Ltd. CRISIL - AA Indian Railway Finance Corporation Ltd. CRISIL - AAA 0.88 Vedanta Ltd. CRISIL - AA 0.71 Aashman Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.43 Divyesh Power Pvt Ltd. (Greenko) CARE - AA-(SO) 0.43 Elena Renewable Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.43 Pratyash Renewable Pvt Ltd. (Greenko) CARE - AA-(SO) 0.43 SEI Baskara Power Pvt Ltd. (Greenko) CARE - AA-(SO) 0.43 SEI Enerstar Renewable Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.43 SEI Mihir Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.43 Shreyas Renewable Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.43 Zuvan Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.43 Housing Development Finance Corporation Ltd. Hazaribagh Ranchi Expressway Ltd. (NHAI Annuity) CRISIL - AAA / ICRA - AAA 0.40 CARE - AAA(SO) / IND - AAA(SO) 0.31 Sub Total Cash, Cash Equivalents and Net Current Assets 5.21 Top Ten Holdings, Co-sponsor l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). income over short to medium term. 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 Investors understand that their principal will be at moderate risk Classification by Asset Class Credit Exposure Net Current Assets 5.21 Performance^ - Regular Plan - Growth Option Classification by Rating Class AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent AA AA/aa A+ & Below Net Current Assets 5.21 (`) Nov 30, 17 Last 1 Year ,449 10,564 10,644 Nov 30, 15 Last 3 Years ,411 12,378 12,103 Mar 26, 14 Since Inception ,493 14,438 13,890 The above returns are for Regular Plan - Growth Option. greater than 1 year period are compounded annualized (CAGR). The is in existence for more than 1 year but less than 5 years. 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 48. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61. Face Value per Unit: ` 10 unless otherwise specified, Data is as of November 30, 2018 unless otherwise specified. 38 November 2018 Intouch mutually

39 HDFC Gilt Fund (An open ended debt scheme investing in government securities across maturities) To generate credit risk-free returns through investments in sovereign securities issued by the Central Government and/ or State Government. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Gilt Fund l Fund Manager Anil Bamboli (since September 1, 07) Total Experience: Over 23 years July 25, 2001 Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on November 30, , Average for Month of November, , Average Maturity * 3.50 years Macaulay Duration * 2.70 years Modified Duration * 2.60 years Yield to Maturity * 7.27% * Computed on the invested amount. Including Expenses and Goods and Service Tax Regular: 0.90% Direct: 0.55% l #BENCHMARK INDEX: CRISIL Dynamic Gilt Index l ##addl. BENCHMARK INDEX: CRISIL 10 year Gilt Index Nil Regular Plan, Direct Plan. Under both the Plans: Growth & Dividend Option (Dividend Option offers Dividend Payout and Reinvestment facility. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). Issuer Rating % to NAV Debt & Debt Related Government Securities (Central/State) 7.35 GOI 2024 Sovereign GOI 2022 Sovereign GOI 2023 Sovereign GOI 2022 Sovereign GOI 2028 Sovereign % Rajasthan SDL- Mat Sovereign % Rajasthan (UDAY) SDL - Mat Sovereign GOI 2033 Sovereign % Uttar Pradesh SDL (UDAY) - Mat Sovereign GOI 2025 Sovereign GOI 2022 Sovereign % Rajasthan SDL - Mat Sovereign % Rajasthan SDL (UDAY - Strip II ) - ISD Mat Sovereign 2.09 Classification by Asset Class G-Sec, SDL, T-bills Net Current Assets Issuer Rating % to NAV 8.21% Haryana SDL - Mat Sovereign % Maharashtra SDL - Mat Sovereign GOI 2026 Sovereign GOI 2022 Sovereign GOI 2033 Sovereign GOI 2034 Sovereign GOI 2032 Sovereign GOI 2030 Sovereign 0.09 Sub Total T-bills 182 Days TBill - Mat Sovereign Days TBill - Mat Sovereign Days TBill - Mat Sovereign Days Tbill - ISD Mat Sovereign 2.07 Sub Total Total Cash, Cash Equivalents and Net Current Assets Top Ten Holdings Classification by Rating Class Sovereign Net Current Assets credit risk free returns over medium to long term to generate credit risk-free returns through investments in sovereign securities issued by the Central Government and / or State Government Investors understand that their principal will be at moderate risk Performance^ - Regular Plan - Growth Option (`) Nov 30, 17 Last 1 Year ,343 10,391 10,252 Nov 30, 15 Last 3 Years ,346 12,318 12,028 Nov 29, 13 Last 5 Years ,623 15,390 14,617 Jul 25, 01 Since Inception N.A. 36,107 38,947 N.A. 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61. Face Value per Unit: ` 10 unless otherwise specified, Data is as of November 30, 2018 unless otherwise specified. Intouch mutually November

40 HDFC Dynamic Debt Fund (An open ended dynamic debt investing across duration) To generate income / capital appreciation by investing in a range of debt and money market instruments. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Dynamic Bond Fund l Fund Manager Anil Bamboli (since February 16, 04) Total Experience: Over 23 years April 28, 1997 Regular Plan - Growth Option Regular Plan - Quarterly Dividend Option Regular Plan - Half-Yearly Dividend Option Regular Plan - Yearly Dividend Option Regular Plan - Normal Dividend Option Direct Plan - Growth Option Direct Plan - Quarterly Dividend Option Direct Plan - Half-Yearly Dividend Option Direct Plan - Yearly Dividend Option Direct Plan - Normal Dividend Option As on November 30, Average for Month of November, Average Maturity * 3.81 years Macaulay Duration * 3.10 years Modified Duration * 2.89 years Yield to Maturity * 8.67% * Computed on the invested amount. Including Expenses and Goods and Service Tax Regular: 1.85% Direct: 1.25% l #BENCHMARK INDEX: CRISIL Composite Bond Fund Index l ##addl. BENCHMARK INDEX: CRISIL 10 year Gilt Index In respect of each purchase / switch-in of Units, an Exit Load of 0.50% is payable if Units are redeemed / switchedout within 6 months from the date of allotment. No Exit Load is payable if Units are redeemed / switchedout after 6 months from the date of allotment. For further details, please refer to para Exit Load on Pg 51. 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. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). income over medium to long term to generate income / capital appreciation by investing in a range of debt and money market instruments Issuer Rating % to NAV Debt & Debt Related Government Securities (Central/State) 8.21% Rajasthan (UDAY) SDL - Mat Sovereign GOI 2022 Sovereign % Rajasthan SDL - Mat Sovereign % Haryana SDL - Mat Sovereign GOI 2022 Sovereign GOI 2028 Sovereign GOI 2022 Sovereign GOI 2023 Sovereign % Maharashtra SDL - Mat Sovereign % Gujarat SDL - Mat Sovereign % Punjab SDL - Mat Sovereign 0.08 GOI 2023 Sovereign % Maharashtra SDL - ISD Mat Sovereign % Rajasthan SDL (UDAY - Strip IX ) - ISD Mat Sub Total Credit Exposure Union Bank of India CARE - AA- / IND - AA 9.52 Power Finance Corporation Ltd. CARE - AAA 8.94 Hazaribagh Ranchi Expressway Ltd. (NHAI Annuity) CARE - AAA(SO) / IND - AAA(SO) 8.34 Classification by Asset Class G-Sec, SDL Credit Exposure Net Current Assets Performance^ - Regular Plan - Growth Option Issuer Rating % to NAV Reliance Industries Ltd. CRISIL - AAA 5.42 State Bank of India CARE - AAA(SO) / CRISIL - AAA 5.35 LIC Housing Finance Ltd. CRISIL - AAA 4.31 Syndicate Bank CARE - A Small Industries Development Bank of India CARE - AAA 3.04 Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CARE - AAA(SO) 2.77 Vedanta Ltd. CRISIL - AA 2.61 Rural Electrification Corporation Ltd. IND - AAA 2.60 Reliance Jio Infocomm Ltd. CRISIL - AAA 2.56 Housing Development Finance Corporation Ltd. ICRA - AAA 2.54 Punjab National Bank CARE - A National Highways Authority of India CARE - AAA 1.05 Tata Power Company Ltd. CRISIL - AA Sikka Ports & Terminals Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARE - AAA 0.55 NTPC Ltd. CRISIL - AAA 0.07 Sub Total Total Cash, Cash Equivalents and Net Current Assets Top Ten Holdings, less than 0.01% Classification by Rating Class Sovereign AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent AA/aa A+ & Below 5.15 Net Current Assets (`) Nov 30, 17 Last 1 Year ,231 10,377 10,252 Nov 30, 15 Last 3 Years ,131 12,395 12,028 Nov 29, 13 Last 5 Years ,915 15,386 14,617 Apr 28, 97 Since Inception 8.65 N.A. N.A. 60,022 N.A. N.A. greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the Investors understand that their principal will be schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anil Bamboli, at moderate risk please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61. Face Value per Unit: ` 10 unless otherwise specified, Data is as of November 30, 2018 unless otherwise specified. 40 November 2018 Intouch mutually

41 HDFC Income Fund [An open ended medium term debt scheme investing in instruments such that the Macaulay Duration of the is between 4 years and 7 years (Refer page 2 for definition of Macaulay Duration)] To generate income / capital appreciation through investments in debt and money market instruments. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Medium to Long Duration Fund l Fund Manager Shobhit Mehrotra (since September 11, 07) Total Experience: Over 25 years September 11, 2000 Regular Plan - Growth Option Regular Plan - Quarterly Dividend Option Regular Plan - Normal Dividend Option Direct Plan - Growth Option Direct Plan - Quarterly Dividend Option Direct Plan - Normal Dividend Option As on November 30, Average for Month of November, Average Maturity * 3.65 years Macaulay Duration * 2.82 years Modified Duration * 2.65 years Yield to Maturity * 8.49% * Computed on the invested amount for debt portfolio. Including Expenses and Goods and Service Tax Regular: 2.15% Direct: 1.69% l #BENCHMARK INDEX: CRISIL Composite Bond Fund Index l ##addl. BENCHMARK INDEX: Crisil 10 year Gilt Index Issuer Rating % to NAV Debt & Debt Related Government Securities (Central/State) 6.57 GOI 2033 Sovereign GOI 2032 Sovereign GOI 2023 Sovereign GOI 2034 Sovereign 1.14 GOI 2023 Sovereign GOI 2025 Sovereign GOI 2024 Sub Total Credit Exposure Power Finance Corporation Ltd. CARE - AAA / CRISIL - AAA Rural Electrification Corporation Ltd. CRISIL - AAA / IND - AAA 8.60 Punjab National Bank CARE - A Tata Power Company Ltd. CRISIL - AA LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 5.89 Issuer Rating % to NAV Housing Development Finance Corporation Ltd. CRISIL - AAA 5.85 National Bank for Agriculture & Rural Development CRISIL - AAA 5.72 National Highways Authority of India CRISIL - AAA 5.69 State Bank of India CRISIL - AA Tata Steel Ltd. CARE - AA NTPC Ltd. CRISIL - AAA 3.01 Reliance Industries Ltd. CRISIL - AAA 2.96 Export - Import Bank of India CRISIL - AA Indian Railway Finance Corporation Ltd. CARE - AAA 2.71 Union Bank of India CARE - AA Sub Total Sub Total Cash, Cash Equivalents and Net Current Assets Top Ten Holdings, less than 0.01% In respect of each purchase / switch-in of Units, an Exit Load of 0.25% is payable if Units are redeemed / switchedout within 1 month from the date of allotment. No Exit Load is payable if Units are redeemed / switchedout after 1 month from the date of allotment. For further details, please refer to para Exit Load on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth, Quarterly Dividend & Normal Dividend. Both Dividend Options offer Payout and Reinvestment facility. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). income over medium to long term to generate income / capital appreciation through investments in debt and money market instruments Investors understand that their principal will be at moderate risk Classification by Asset Class G-Sec Credit Exposure Net Current Assets Performance^ - Regular Plan - Growth Option Face Value per Unit: ` 10 unless otherwise specified, Data is as of November 30, 2018 unless otherwise specified. Classification by Rating Class Sovereign AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent AA AA/aa A+ & Below 8.36 Net Current Assets (`) Nov 30, 17 Last 1 Year ,164 10,377 10,252 Nov 30, 15 Last 3 Years ,884 12,395 12,028 Nov 29, 13 Last 5 Years ,532 15,386 14,617 Sep 11, 00 Since Inception 7.75 N.A. N.A. 39,016 N.A. N.A. greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. performance may not strictly be comparable with that of its 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58. Intouch mutually November

42 HDFC Medium Term Debt Fund [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)] To generate income / capital appreciation through investments in Debt and Money Market Instruments. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Medium Duration Fund l Fund Manager Shobhit Mehrotra (since September 1, 07) Total Experience: Over 25 years February 6, 2002 Regular Plan - Growth Option Regular Plan - Dividend Option Regular Plan - Fortnightly Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option Direct Plan - Fortnightly Dividend Option As on November 30, , Average for Month of November, , Average Maturity * 2.30 years Macaulay Duration * 1.99 years Modified Duration * 1.83 years Yield to Maturity * 9.04% * Computed on the invested amount. Including Expenses and Goods and Service Tax Regular: 1.29% Direct: 0.49% l #BENCHMARK INDEX: CRISIL Short Term Bond Fund Index l ##addl. BENCHMARK INDEX: CRISIL 1 year T-Bill Index Nil Regular Plan, Direct Plan. Under both the Plans : Growth, Normal Dividend & Fortnightly Dividend. Both Dividend Options offer Payout and Reinvestment facility. l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). income over medium term to generate income / capital appreciation through investments in Debt and Money Market Instruments Investors understand that their principal will be at moderate risk Issuer Rating % to NAV Debt & Debt Related Government Securities (Central/State) 7.35 GOI 2024 Sovereign GOI 2029 Sovereign 0.18 Sub Total 1.03 Credit Exposure Rural Electrification Corporation Ltd. CRISIL - AAA Power Finance Corporation Ltd. CRISIL - AAA 9.13 HPCL-Mittal Energy Ltd. ICRA - AA 7.19 LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 6.53 National Bank for Agriculture & Rural Development CRISIL - AAA 6.38 Indiabulls Housing Finance Ltd. BRICKWORKS - AAA / CRISIL - AAA 5.54 Housing and Urban Development Corporation Ltd. CARE - AAA / ICRA - AAA 5.50 Jamnagar Utilities & Power Pvt. Ltd.(erstwhile Reliance Utilities & Power Pvt. Ltd.) CARE - AAA 5.26 Housing Development Finance Corporation Ltd. CRISIL - AAA 4.26 HDFC Bank Ltd. CARE - AA Syndicate Bank CARE - A Muthoot Finance Ltd. ICRA - AA 3.29 Mahindra & Mahindra Financial Services Ltd. IND - AAA 2.94 Reliance Jio Infocomm Ltd. CRISIL - AAA 2.11 Union Bank of India CARE - AA Punjab National Bank CARE - A JM Financial Asset Reconstruction Company Ltd. ICRA - AA Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(SO) 1.66 Classification by Asset Class G-Sec 1.03 Credit Exposure Net Current Assets 6.04 Performance^ - Regular Plan - Growth Option Face Value per Unit: ` 10 unless otherwise specified, Data is as of November 30, 2018 unless otherwise specified. Issuer Rating % to NAV Sikka Ports & Terminals Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARE - AAA 1.58 Andhra Bank CARE - A Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CRISIL - AAA(SO) 0.86 Vedanta Ltd. CRISIL - AA 0.83 Aarish Solar Power Pvt Ltd. (Greenko) CARE - AA-(SO) 0.40 Aashman Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.40 Divyesh Power Pvt Ltd. (Greenko) CARE - AA-(SO) 0.40 Elena Renewable Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.40 Pratyash Renewable Pvt Ltd. (Greenko) CARE - AA-(SO) 0.40 SEI Baskara Power Pvt Ltd. (Greenko) CARE - AA-(SO) 0.40 SEI Enerstar Renewable Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.40 SEI Mihir Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.40 Shreyas Renewable Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.40 Zuvan Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.40 Sub Total Total Cash, Cash Equivalents and Net Current Assets 6.04 Top Ten Holdings, Co-sponsor Classification by Rating Class Sovereign 1.03 AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent AA AA/aa A+ & Below 6.60 Net Current Assets 6.04 (`) 42 November 2018 Intouch mutually Nov 30, 17 Last 1 Year ,461 10,564 10,644 Nov 30, 15 Last 3 Years ,376 12,378 12,103 Nov 29, 13 Last 5 Years ,827 14,888 14,232 Feb 06, 02 Since Inception 7.86 N.A ,699 N.A. 26,682 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58.

43 HDFC Short Term Debt Fund [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)] To generate income / capital appreciation through investments in Debt and Money Market Instruments. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Short Duration Fund l Fund Manager Anil Bamboli (since June 25, 10) Total Experience: Over 23 years June 25, 2010 Regular Plan - Growth Option Regular Plan - Fortnightly Dividend Option Regular Plan - Normal Dividend Option Direct Plan - Growth Option Direct Plan - Fortnightly Dividend Option Direct Plan - Normal Dividend Option As on November 30, , Average for Month of November, , Average Maturity * 1.34 years Macaulay Duration * 1.26 years Modified Duration * 1.16 years Yield to Maturity * 8.73% * Computed on the invested amount. Including Expenses and Goods and Service Tax Regular: 0.40% Direct: 0.25% l #BENCHMARK INDEX: CRISIL Short Term Bond Fund Index l ##addl. BENCHMARK INDEX: CRISIL 1 year T-Bill Index Nil Regular Plan, Direct Plan. Under Each Plan: Growth, Fortnightly Dividend & Normal Dividend. Both Dividend options offer Payout and Reinvestment facilities. Issuer Rating % to NAV Debt & Debt Related Government Securities (Central/State) 8.39% Rajasthan SDL - Mat Sovereign GOI 2023 Sovereign 0.11 Sub Total 1.31 Credit Exposure Power Finance Corporation Ltd. CARE - AAA / CRISIL - AAA National Bank for Agriculture & Rural Development CRISIL - AAA / IND - AAA 9.49 Rural Electrification Corporation Ltd. CRISIL - AAA / IND - AAA 8.64 Housing Development Finance Corporation Ltd. CRISIL - AAA / ICRA - AAA 8.06 LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 7.17 ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 6.66 Reliance Jio Infocomm Ltd. CRISIL - AAA / CRISIL - AAA(SO) 6.14 Indiabulls Housing Finance Ltd. BRICKWORKS - AAA 5.11 Mahindra & Mahindra Financial Services Ltd. CARE - AAA / IND - AAA 4.44 Tata Sons Ltd. CRISIL - AAA 3.35 Tata Capital Financial Services Ltd. ICRA - AAA 3.10 Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 2.80 Housing and Urban Development Corporation Ltd. ICRA - AAA 2.28 Nuvoco Vistas Corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) CRISIL - AA 1.71 Sansar Trust Nov 2018 ICRA - AAA(SO) 1.70 Vedanta Ltd. CRISIL - AA 1.58 Small Industries Development Bank of India CARE - AAA 1.53 Issuer Rating % to NAV Cholamandalam Investment and Finance Company Ltd. ICRA - AA Bajaj Finance Ltd. CRISIL - AAA / IND - AAA 1.13 HDB Financial Services Ltd. CRISIL - AAA 0.66 Hazaribagh Ranchi Expressway Ltd. (NHAI Annuity) CARE - AAA(SO) / IND - AAA(SO) 0.57 Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(SO) 0.57 ONGC Mangalore Petrochemicals Ltd. IND - AAA 0.57 Sundaram BNP Paribas Home Finance Ltd. ICRA - AA Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(SO) 0.57 Export - Import Bank of India CRISIL - AAA 0.56 L&T Finance Ltd. CARE - AAA 0.56 National Highways Authority of India CARE - AAA 0.56 Tata Motors Ltd. CARE - AA Power Grid Corporation of India Ltd. CRISIL - AAA 0.51 Aditya Birla Finance Ltd. ICRA - AAA 0.34 NTPC Ltd. CRISIL - AAA 0.34 Indian Railway Finance Corporation Ltd. ICRA - AAA 0.28 Toyota Financial Services India Ltd. CRISIL - AAA 0.28 NHPC Ltd. ICRA - AAA 0.22 Sub Total Cash, Cash Equivalents and Net Current Assets 3.55 Top Ten Holdings, Co-sponsor l Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). income over short term. to generate income / capital appreciation through investments in Debt and Money Market Instruments Investors understand that their principal will be at moderately low risk Classification by Asset Class G-Sec, SDL 1.31 Credit Exposure Net Current Assets 3.55 Performance^ - Regular Plan - Growth Option (`) Nov 30, 17 Last 1 Year ,615 10,564 10,644 Nov 30, 15 Last 3 Years ,411 12,378 12,103 Nov 29, 13 Last 5 Years ,955 14,888 14,232 Jun 25, 10 Since Inception ,988 19,227 17,495 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61. Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of November 30, 2018 unless otherwise specified. Classification by Rating Class Sovereign 1.31 AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent AA AA/aa Net Current Assets 3.55 Intouch mutually November

44 HDFC Low Duration Fund [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)] To generate income / capital appreciation through investment in debt securities and money market instruments. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Low Duration Fund l Fund Manager Anupam Joshi (since October 27, 15) Total Experience: Over 12 years November 18, 1999 NAV (As on NOVEMBER 30, 2018)^^ NAV per Unit (`) Retail Option Regular Plan - Growth Option Regular Plan - Daily Dividend Reinvestment Option Regular Plan - Weekly Dividend Option Regular Plan - Monthly Dividend Option Direct Plan - Growth Option Direct Plan - Daily Dividend Reinvestment Option Direct Plan - Weekly Dividend Option Direct Plan - Monthly Dividend Option Wholesale Option Regular Plan - Growth Option Regular Plan - Daily Dividend Reinvestment Option Regular Plan - Weekly Dividend Option Regular Plan - Monthly Dividend Option As on November 30, 2018 Average for Month of November, , , Average Maturity * 256 days Macaulay Duration * 238 days Modified Duration * 212 days Yield to Maturity * 8.37% * Computed on the invested amount. Including Expenses and Goods and Service Tax Regular: 1.03% Direct: 0.43% l #BENCHMARK INDEX: CRISIL Liquid Fund Index l ##addl. BENCHMARK INDEX: CRISIL 1 year T-Bill Index Nil 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. l Minimum Application Amount Retail Option : Growth, Weekly and Monthly Dividend Option: Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. Daily Dividend Option : Purchase : ` 10,000 and any amount thereafter. Purchase : ` 5,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). ^^ Calculated on all calendar days. income over short term. to generate income / capital appreciation through investment in debt securities and money market instruments Investors understand that their principal will be at moderately low risk Issuer Rating % to NAV Debt & Debt Related Government Securities (Central/State) 8.39% Rajasthan SDL - Mat Sovereign % Rajasthan SDL (UDAY - Strip II ) - ISD Mat Sovereign % Karnataka SDL - Mat Sovereign GOI 2022 Sovereign GOI 2027 Sub Total 2.79 Credit Exposure Small Industries Development Bank of India CARE - AAA 8.57 Power Finance Corporation Ltd. CRISIL - AAA 8.14 ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 7.59 Housing Development Finance Corporation Ltd. CRISIL - AAA 7.39 National Bank for Agriculture & Rural Development CRISIL - AAA 7.15 Indian Railway Finance Corporation Ltd. CARE - AAA / CRISIL - AAA 4.16 Tata Capital Financial Services Ltd. CRISIL - AAA / ICRA - AAA 3.60 Rural Electrification Corporation Ltd. CRISIL - AAA 3.35 Power Grid Corporation of India Ltd. CARE - AAA / CRISIL - AAA 3.21 Union Bank of India CARE - AA ONGC Mangalore Petrochemicals Ltd. IND - AAA 2.12 LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 1.92 Petronet LNG Ltd. CRISIL - AAA 1.87 Syndicate Bank CARE - A Canara Bank CRISIL - AA 1.80 Mahindra & Mahindra Financial Services Ltd. CARE - AAA / IND - AAA 1.68 State Bank of India CRISIL - AA L&T Finance Ltd. CARE - AAA 1.58 Punjab National Bank CARE - A Nuvoco Vistas Corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) CRISIL - AA 1.49 Samvardhana Motherson International Ltd. (Secured with shares of Motherson Sumi Systems Ltd) ICRA - AA Shriram Transport Finance Company Ltd. IND - AA Classification by Asset Class G-Sec, SDL 2.79 CP 6.24 CD 3.26 Credit Exposure Net Current Assets 4.90 Performance^ - Regular Plan - Growth Option (`) Nov 30, 17 Last 1 Year ,589 10,745 10,644 Nov 30, 15 Last 3 Years ,277 12,333 12,103 Nov 29, 13 Last 5 Years ,365 14,600 14,232 Nov 18, 99 Since Inception 7.27 N.A ,033 N.A. 32,940 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60. Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of November 30, 2018 unless otherwise specified. Issuer Rating % to NAV Axis Bank Ltd. CRISIL - AA Raviraj Viniyog Pvt. Ltd.(Secured with shares of Emami Ltd.) BRICKWORKS - AA-(SO) 0.93 KKR India Financial Services Pvt Ltd. CRISIL - AA / CRISIL - AA Sundaram Finance Ltd. CRISIL - AAA 0.80 Emami Infrastructure Ltd.(Secured with shares of Emami Ltd.) BRICKWORKS - AA-(SO) 0.57 NRSS XXIX Transmission Ltd. CRISIL - AAA 0.53 Vedanta Ltd. CRISIL - AA 0.52 Adani Transmission Ltd. IND - AA Larsen & Toubro Ltd. CRISIL - AAA 0.37 Reliance Jio Infocomm Ltd. CRISIL - AAA 0.32 Export - Import Bank of India CRISIL - AAA 0.27 Bajaj Finance Ltd. IND - AAA 0.25 Tata Steel Ltd. CARE - AA 0.22 Aarish Solar Power Pvt Ltd. (Greenko) CARE - AA-(SO) 0.05 Aashman Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.05 Divyesh Power Pvt Ltd. (Greenko) CARE - AA-(SO) 0.05 Elena Renewable Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.05 Pratyash Renewable Pvt Ltd. (Greenko) CARE - AA-(SO) 0.05 SEI Baskara Power Pvt Ltd. (Greenko) CARE - AA-(SO) 0.05 SEI Enerstar Renewable Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.05 SEI Mihir Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.05 Shreyas Renewable Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.05 Zuvan Energy Pvt Ltd. (Greenko) CARE - AA-(SO) 0.05 Sub Total Total Money Market Instruments CD/CP Indiabulls Housing Finance Ltd. CRISIL - A Axis Bank Ltd. CRISIL - A L&T Finance Ltd. CARE - A Tata Capital Financial Services Ltd. ICRA - A ICICI Bank Ltd. ICRA - A Sub Total 9.50 Cash, Cash Equivalents and Net Current Assets 4.90 Top Ten Holdings, less than 0.01% Outstanding exposure in derivative instruments Interest Rate Swap (` in Crore) Classification by Rating Class Sovereign 2.79 AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent AA AA/aa A+ & Below 3.33 Net Current Assets November 2018 Intouch mutually

45 HDFC Money Market Fund (An open-ended debt scheme investing in money market instruments) To generate income / capital appreciation by investing in money market instruments. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Money Market Fund l Fund Manager Anil Bamboli (since July 25, 12) Total Experience: Over 23 years November 18, 1999 Regular Plan - Growth Option 3, Regular Plan - Daily Dividend Reinvestment Option 1, Regular Plan - Weekly Dividend Option 1, Direct Plan - Growth Option 3, Direct Plan - Daily Dividend Reinvestment Option 1, Direct Plan - Weekly Dividend Option 1, As on November 30, , Average for Month of November, , Average Maturity * 86 days Macaulay Duration * 86 days Modified Duration * 77 days Yield to Maturity * 7.70% * Computed on the invested amount. Including Expenses and Goods and Service Tax Regular: 0.35% Direct: 0.15% l #BENCHMARK INDEX: CRISIL Liquid Fund Index l ##addl. BENCHMARK INDEX: CRISIL 1 year T-Bill Index Nil Regular Plan, Direct Plan. Each Plan offers Growth and Daily Dividend Option (with Reinvestment facility only). Weekly Dividend Option (with Payout and Reinvestment facility). l Minimum Application Amount Purchase : Under Growth Option and Weekly Dividend Option : ` 5,000 and any amount thereafter. Under Daily Dividend Option : ` 10,000 and any amount thereafter Purchase : Under Growth Option and Weekly Dividend Option : ` 1,000 and any amount thereafter. Under Daily Dividend Option : ` 5,000 and any amount thereafter l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). Issuer Rating % to NAV Debt & Debt Related Money Market Instruments CD/CP NTPC Ltd. CARE - A Rural Electrification Corporation Ltd. CARE - A Axis Bank Ltd. CRISIL - A ICICI Bank Ltd. CRISIL - A1+ / ICRA - A Reliance Jio Infocomm Ltd. CARE - A1+/CRISIL - A CanFin Homes Ltd. CARE - A1+ / ICRA - A Bajaj Finance Ltd. CRISIL - A Hindustan Zinc Ltd. CRISIL - A Indusind Bank Ltd. CRISIL - A Tata Capital Financial Services Ltd. ICRA - A Reliance Retail Ltd. CARE - A PNB Housing Finance Ltd. CRISIL - A L&T Housing Finance Ltd. CRISIL - A L&T Finance Ltd. CARE - A Muthoot Finance Ltd. CRISIL - A IDFC Bank Ltd. CRISIL - A LIC Housing Finance Ltd. ICRA - A UPL Ltd. CRISIL - A Classification by Asset Class CP CD Cash, Cash Equivalents and Net Current Assets 2.13 Issuer Rating % to NAV Reliance Industries Ltd. CRISIL - A1+ / ICRA - A L&T Infrastructure Finance Company Ltd. CRISIL - A Mahindra & Mahindra Financial Services Ltd. IND - A Godrej Industries Ltd. CRISIL - A Tata Housing Development Company Ltd. IND - A Hero Fincorp Ltd. CRISIL - A JM Financial Asset Reconstruction Company Ltd. ICRA - A Standard Chartered Investments and Loans (India) Ltd. CRISIL - A Fedbank Financial Services Ltd. CRISIL - A Housing and Urban Development Corporation Ltd. IND - A Mahindra Rural Housing Finance Ltd IND - A Small Industries Development Bank of India CARE - A Hongkong & Shanghai Bank Ltd. IND - A Tata Power Company Ltd. ICRA - Sub Total Cash, Cash Equivalents and Net Current Assets 2.13 Top Ten Less than 0.01% Classification by Rating Class AAA/AAA(SO)/A1+/A1+(SO) & Equivalent Cash, Cash Equivalents and Net Current Assets 2.13 income over short term to generate income / capital appreciation by investing in money market instruments Investors understand that their principal will be at moderately low risk Performance^ - Regular Plan - Growth Option $$ (`) Nov 30, 17 Last 1 Year ,719 10,745 10,644 Nov 30, 15 Last 3 Years ,277 12,333 12,103 Nov 29, 13 Last 5 Years ,522 14,600 14,232 Nov 18, 99 Since Inception 7.24 N.A ,882 N.A. 32,940 greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. $$ All dividends declared prior to the splitting of the into Dividend & Growth Options are assumed to be reinvested in the units of the at the then prevailing NAV (exdividend 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61. Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of November 30, 2018 unless otherwise specified. Intouch mutually November

46 HDFC Floating Rate Debt Fund [(An open ended debt scheme predominantly investing in floating rate instruments (including fixed rate instruments converted to floating rate exposures using swaps / derivatives)] 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 will be realized. l CATEGORY OF SCHEME: Floater Fund l Fund Manager Shobhit Mehrotra (since February 16, 04) Total Experience: Over 25 years January 16, 2003 Retail Option Regular Plan - Growth Option Regular Plan - Daily Dividend Reinvestment Option Regular Plan - Weekly Dividend Option Regular Plan - Monthly Dividend Option Wholesale Option Regular Plan - Growth Option Regular Plan - Daily Dividend Reinvestment Option Regular Plan - Weekly Dividend Option Regular Plan - Monthly Dividend Option Direct Plan - Growth Option Direct Plan - Daily Dividend Reinvestment Option Direct Plan - Weekly Dividend Option Direct Plan - Monthly Dividend Option As on November 30, , Average for Month of November, , Average Maturity * 263 days Macaulay Duration * 247 days Modified Duration * 226 days Yield to Maturity * 8.35% * Computed on the invested amount. Including Expenses and Goods and Service Tax Regular: 0.38% Direct: 0.23% l #BENCHMARK INDEX: Crisil Liquid Fund Index l ##addl. BENCHMARK INDEX: CRISIL 1 year T-Bill Index Nil 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 Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). income over short term 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 Issuer Rating % to NAV Debt & Debt Related Government Securities (Central/State) 8.39% Rajasthan SDL - Mat Sovereign % Rajasthan (UDAY) SDL - Mat Sovereign % Rajasthan SDL (UDAY - Strip II ) - ISD Mat Sovereign GOI 2023 Sovereign % Karnataka SDL - Mat Sovereign % Gujarat SDL - Mat Sovereign % Gujarat SDL - Mat Sovereign 0.01 Sub Total 3.73 Credit Exposure ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 9.25 Shriram City Union Finance Ltd. CARE - AA Shriram Transport Finance Company Ltd. IND - AA Housing Development Finance Corporation Ltd. CRISIL - AAA 4.02 Power Finance Corporation Ltd. CRISIL - AAA 3.22 Union Bank of India CARE - AA Syndicate Bank CARE - A Indiabulls Housing Finance Ltd. BRICKWORKS - AAA / CARE - AAA 1.82 LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 1.71 JM Financial Credit Solutions Ltd. ICRA - AA 1.64 Power Grid Corporation of India Ltd. CRISIL - AAA 1.36 State Bank of India CARE - AA+ / CRISIL - AA Mahindra & Mahindra Financial Services Ltd. IND - AAA 1.16 Cholamandalam Investment and Finance Company Ltd. ICRA - AA Canara Bank CRISIL - AA 1.07 HPCL-Mittal Energy Ltd. ICRA - AA 0.90 NRSS XXIX Transmission Limited CRISIL - AAA 0.84 Classification by Asset Class G-Sec, SDL 3.73 CP CD Credit Exposure Net Current Assets 5.83 Performance^ - Regular Plan - Growth Option Issuer Rating % to NAV Axis Bank Ltd. CRISIL - AA Gujarat Road and Infra Co Ltd. CARE - AAA(SO) 0.70 Tata Power Company Ltd. ICRA - AA Bharti Airtel Ltd. CRISIL - AA 0.55 Fullerton India Credit Company Ltd. CARE - AAA 0.39 Indian Railway Finance Corporation Ltd. CRISIL - AAA 0.28 ONGC Mangalore Petrochemicals Ltd. IND - AAA 0.28 Tata Capital Financial Services Ltd. CRISIL - AAA 0.28 Tata Motors Ltd. CARE - AA 0.11 Tata Sons Ltd. CRISIL - AAA 0.04 Rural Electrification Corporation Ltd. CRISIL - AAA 0.01 Sub Total Total Money Market Instruments CD/CP Axis Bank Ltd. CRISIL - A ICICI Bank Ltd. CRISIL - A1+ / ICRA - A Indiabulls Housing Finance Ltd. CRISIL - A Indusind Bank Ltd. CRISIL - A Steel Authority Of India Ltd. IND - A National Bank for Agriculture & Rural Development CRISIL - A Au Small Finance Bank Ltd. CRISIL - A Rural Electrification Corporation Ltd. CARE - A Small Industries Development Bank of India CARE - A1+ / ICRA - A Reliance Industries Ltd. ICRA - A Reliance Jio Infocomm Ltd. CRISIL - A Sub Total Cash, Cash Equivalents and Net Current Assets 5.83 Top Ten Holdings, Co-sponsor Outstanding exposure in derivative instruments Interest Rate Swap (` in Crore) 1, Classification by Rating Class Sovereign 3.73 AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent AA AA/aa A+ & Below 2.82 Net Current Assets 5.83 (`) Nov 30, 17 Last 1 Year ,661 10,745 10,644 Nov 30, 15 Last 3 Years ,457 12,333 12,103 Nov 29, 13 Last 5 Years ,868 14,600 14,232 Oct 23, 07 Since Inception ,946 22,423 19,973 greater than 1 year period are compounded annualized (CAGR). Since Inception returns are calculated on ` (allotment Investors understand that their principal will be price). Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance at moderately low risk of other schemes managed by Shobhit Mehrotra, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58. Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of November 30, 2018 unless otherwise specified. 46 November 2018 Intouch mutually

47 HDFC Ultra Short Term Fund [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)] To generate income / capital appreciation through investment in debt securities and money market instruments. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Ultra Short Duration Fund l Fund Manager Anil Bamboli (since September 25, 18) Total Experience: Over 23 years September 25, 2018 Regular Plan - Growth Option Regular Plan - Daily Dividend Reinvestment Option Regular Plan - Weekly Dividend Option Regular Plan - Monthly Dividend Option Direct Plan - Growth Option Direct Plan - Daily Dividend Reinvestment Option Direct Plan - Weekly Dividend Option Direct Plan - Monthly Dividend Option As on November 30, , Average for Month of November, , Average Maturity * 131 days Macaulay Duration * 131 days Modified Duration * 117 days Yield to Maturity * 7.98% * Computed on the invested amount. Including Expenses and Goods and Service Tax Regular: 0.60% Direct: 0.25% l #BENCHMARK INDEX: CRISIL Ultra Short Term Debt Index l ##addl. BENCHMARK INDEX: CRISIL 1 year T-Bill Index Nil 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 Minimum Application Amount Purchase : ` 5,000 and any amount thereafter. l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). income over short term income/capital appreciation through investment in debt securities and money market instruments Issuer Rating % to NAV Debt & Debt Related Credit Exposure Small Industries Development Bank of India CARE - AAA 8.04 Power Finance Corporation Ltd. CRISIL - AAA 6.14 Kotak Mahindra Prime Ltd. CRISIL - AAA 6.14 National Bank for Agriculture & Rural Development CRISIL - AAA 5.89 ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 5.36 Indian Railway Finance Corporation Ltd. CARE - AAA 5.34 Tata Capital Financial Services Ltd. CRISIL - AAA 3.98 LIC Housing Finance Ltd. CRISIL - AAA 2.94 Housing Development Finance Corporation Ltd. CRISIL - AAA 2.94 Bajaj Finance Ltd. IND - AAA 2.68 L&T Infrastructure Finance Company Ltd. CARE - AAA 2.68 National Housing Bank CRISIL - AAA 2.68 Sun Pharma Laboratories Ltd. ICRA - AAA 2.68 Rural Electrification Corporation Ltd. CRISIL - AAA 2.67 Classification by Asset Class CP CD 7.31 Credit Exposure Net Current Assets 8.75 Issuer Rating % to NAV Mahindra & Mahindra Financial Services Ltd. IND - AAA 2.40 Tata Sons Ltd. CRISIL - AAA 1.35 Sundaram Finance Ltd. CRISIL - AAA 1.34 UltraTech Cement Ltd. CRISIL - AAA 1.34 Sub Total Money Market Instruments CD/CP Axis Bank Ltd. CRISIL - A CanFin Homes Ltd. CARE - A L&T Finance Ltd. CARE - A PNB Housing Finance Ltd. CRISIL - A Export - Import Bank of India ICRA - A Reliance Industries Ltd. CRISIL - A Indusind Bank Ltd. CRISIL - A Sub Total Cash, Cash Equivalents and Net Current Assets 8.75 Top Ten Holdings, Co-sponsor Classification by Rating Class AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent Net Current Assets 8.75 Investors understand that their principal will be at moderately low risk Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of November 30, 2018 unless otherwise specified. Intouch mutually November

48 HDFC Liquid Fund (An Open ended Liquid scheme) To generate income through a portfolio comprising money market and debt instruments. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Liquid Fund l Fund Manager Anupam Joshi (since October 27, 15) Total Experience: Over 12 years October 17, 2000 NAV (As on NOVEMBER 30, 2018)^^ NAV per Unit (`) HDFC Liquid Fund Regular Plan - Growth Option 3, Regular Plan - Daily Dividend Reinvestment Option 1, Regular Plan - Weekly Dividend Option 1, Regular Plan - Monthly Dividend Option 1, Direct Plan - Growth Option 3, Direct Plan - Daily Dividend Reinvestment Option 1, Direct Plan - Weekly Dividend Option 1, Direct Plan - Monthly Dividend Option 1, HDFC Liquid Fund - Premium Plan Regular Plan - Growth Option 3, Regular Plan - Daily Dividend Reinvestment Option 1, As on November 30, , Average for Month of November, , Average Maturity * 44 days Macaulay Duration * 45 days Modified Duration * 42 days Yield to Maturity * 7.34% * Computed on the invested amount. Including Expenses and Goods and Service Tax Regular: 0.25% Direct: 0.15% l #BENCHMARK INDEX: Crisil Liquid Fund Index l ##addl. BENCHMARK INDEX: CRISIL 1 year T-Bill Index Nil 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). l Minimum Application Amount 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. 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. l Redemption Proceeds Normally despatched within 1 Business Day. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). ^^Calculated on all calendar days. Issuer Rating % to NAV Debt & Debt Related T-bills 91 Days Tbill - ISD Mat Sovereign Days TBill - Mat Sovereign Days TBill - Mat Sovereign DAYS T-BILL - MAT Sovereign Days TBill - Mat Sovereign Days TBill - Mat Sovereign Days TBill - Mat Sovereign 0.65 DCMB ( Discounted Cash Management Bills) 59 days- Mat Sovereign Days Tbill - Mat Sovereign Days TBill - Mat Sovereign Days TBill - Mat Sovereign Days TBill - Mat Sovereign 0.08 Sub Total Credit Exposure Housing Development Finance Corporation Ltd. CRISIL - AAA / ICRA - AAA(SO) 3.30 LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 0.75 Rural Electrification Corporation Ltd. CRISIL - AAA 0.37 National Bank for Agriculture & Rural Development CRISIL - AAA 0.27 National Housing Bank CRISIL - AAA 0.22 Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.18 Kotak Mahindra Prime Ltd. CRISIL - AAA 0.11 Aditya Birla Finance Ltd. ICRA - AAA 0.06 HDB Financial Services Ltd. CARE - AAA 0.06 UltraTech Cement Ltd. CRISIL - AAA 0.06 Indian Railway Finance Corporation Ltd. CRISIL - AAA 0.05 Cholamandalam Investment and Finance Company Ltd. ICRA - AA Larsen & Toubro Ltd. CRISIL - AAA 0.03 Power Finance Corporation Ltd. CRISIL - AAA 0.03 Volkswagen Finance Pvt. Ltd. IND - AAA 0.03 Tata Steel Ltd. CARE - AA 0.02 Sub Total 5.57 Total Money Market Instruments CD/CP National Bank for Agriculture CRISIL - A1+ / ICRA - & Rural Development A1+ / IND - A LIC Housing Finance Ltd. CRISIL - A1+ / ICRA - A Axis Bank Ltd. CRISIL - A1+ / ICRA - A PNB Housing Finance Ltd. CARE - A Reliance Jio Infocomm Ltd. CRISIL - A NTPC Ltd. CARE - A Indusind Bank Ltd. CRISIL - A Vedanta Ltd. CRISIL - A1+ / ICRA - A L&T Finance Ltd. CARE - A1+ / ICRA - A TATA TELESERVICES LIMITED CRISIL - A Aditya Birla Finance Ltd. CRISIL - A1+ / ICRA - A Canara Bank CRISIL - A Rural Electrification Corporation Ltd. CARE - A Issuer Rating % to NAV Bajaj Housing Finance Ltd. CRISIL - A1+ / IND - A Tata Motors Finance Ltd. CARE - A1+ / ICRA - A Hindustan Zinc Ltd. CRISIL - A IDFC Bank Ltd. CRISIL - A The South Indian Bank Ltd. CARE - A1+ / CRISIL - A Jammu & Kashmir Bank Ltd. CRISIL - A Steel Authority Of India Ltd. CARE - A1+ / IND - A Mahindra & Mahindra Financial Services Ltd. IND - A Reliance Retail Ltd. CARE - A Shriram Transport Finance Company Ltd. IND - A Adani Ports and Special Economic Zone Ltd. CRISIL - A1+ / IND - A Indiabulls Housing Finance Ltd. ICRA - A ICICI Bank Ltd. ICRA - A India infoline Finance Ltd. ICRA - A National Housing Bank ICRA - A Bahadur Chand Investments Private Ltd. CARE - A Hero Fincorp Ltd. CRISIL - A1+ / ICRA - A Aditya Birla Capital ltd. CRISIL - A1+ / ICRA - A L&T Infrastructure Finance Company Ltd. CRISIL - A Bajaj Finance Ltd. CRISIL - A Tata Capital Financial Services Ltd. ICRA - A HPCL-Mittal Energy Ltd. ICRA - A Nirma Ltd. CRISIL - A Vijaya Bank CRISIL - A Bamnipal Steel Ltd ICRA - A Tata Teleservices (Maharashtra) Ltd. CRISIL - A Tata Power Company Ltd. CRISIL - A1+ / ICRA - A CanFin Homes Ltd. CARE - A1+ / ICRA - A Hinduja Leyland Finance Ltd. CARE - A Magma Fincorp Ltd. CARE - A1+ / CRISIL - A National Fertilizers Ltd ICRA - A TVS Credit Services Ltd ICRA - A IIFL Wealth Finance Ltd. ICRA - A Manappuram Finance Ltd. CARE - A Motilal Oswal Financial Services Ltd. IND - A Mahindra Rural Housing Finance Ltd IND - A GIC Housing Finance Ltd. ICRA - A Indian Oil Corporation Ltd. IND - A Tata Capital Housing Finance Ltd. ICRA - A Tata Projects Ltd. CRISIL - A1+ / IND - A TMF Holdings Ltd.(subsidiary of Tata Motors Ltd.) CARE - A Fullerton India Credit Company Ltd. ICRA - A Aditya Birla Housing Finance Ltd. ICRA - A Volkswagen Finance Pvt. Ltd. IND - A Grasim Industries Ltd. CRISIL - A Tata Housing Development Company Ltd. CARE - A1+ / IND - A Tata Realty and Infrastructure Ltd. CRISIL - A Adani Transmission Ltd. IND - A CESC Ltd. ICRA - A L&T Finance Holdings Ltd. CARE - A Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of November 30, 2018 unless otherwise specified. 48 November 2018 Intouch mutually

49 HDFC Liquid Fund (An Open ended Liquid scheme)...contd from previous page Classification by Asset Class T-Bills CP CD Credit Exposure 5.57 Net Current Assets 6.48 Classification by Rating Class Sovereign AAA/AAA(SO)/A1+/ A1+(S0) & Equivalent AA AA/aa Net Current Assets 6.48 Issuer Rating % to NAV SBI Global Factors Ltd. CRISIL - A1+ / ICRA - A United Spirits Ltd. ICRA - A Kotak Securities Ltd. CRISIL - A TGS Investment And Trade Pvt Ltd. IND - A Emami Infrastructure Ltd.(Secured with shares of Emami Ltd.) ICRA - A Haldia Energy Ltd. ICRA - A Shriram City Union Finance Ltd. ICRA - A Turquoise Investments & Finance Pvt Ltd. CARE - A Aarti Industries Ltd. IND - A Aditya Birla Money Ltd. IND - A Hasham Investment and Trading Company Private Ltd. ICRA - A APL Apollo Tubes Ltd. ICRA - A Chambal Fertilizers & Chemicals Ltd. ICRA - A Coromandel International Ltd. CRISIL - A ICICI Home Finance Ltd. CARE - A Infina Finance Pvt. Ltd. CRISIL - A Kotak Mahindra Investments Ltd. CRISIL - A STCI Finance Ltd. ICRA - A Issuer Rating % to NAV Trapti Trading & Investments Pvt Ltd. IND - A Magma Housing Finance CRISIL - A Small Industries Development Bank of India ICRA - A Bajaj Electricals Ltd. ICRA - A Larsen & Toubro Ltd. CRISIL - A Redington (India) Ltd. ICRA - A Reliance Industries Ltd. CRISIL - A Standard Chartered Investments and Loans (India) Ltd. CRISIL - A Tube Investments of India Ltd. ICRA - A Andhra Bank CARE - A Power Finance Corporation Ltd. CRISIL - A Shriram Housing Finance Ltd. CARE - A Sundaram BNP Paribas Home Finance Ltd. CRISIL - A Sub Total Cash, Cash Equivalents and Net Current Assets 6.48 Top Ten Holdings, Co-sponsor regular income over short term to generate income through a portfolio comprising money market and debt instruments Investors understand that their principal will be at low risk Performance^ - Regular Plan - Growth Option (`) Nov 23, 18 Last 7 days N.A. N.A. N.A. N.A. N.A. N.A. Nov 15, 18 Last 15 days ,031 10,031 10,039 Oct 31, 18 Last 1 Month ,063 10,064 10,086 Nov 30, 17 Last 1 Year ,713 10,745 10,644 Nov 30, 15 Last 3 Years ,292 12,333 12,103 Nov 29, 13 Last 5 Years ,554 14,600 14,232 Oct 17, 00 Since Inception 7.28 N.A ,742 N.A. 30,609 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60. Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of November 30, 2018 unless otherwise specified. Intouch mutually November

50 HDFC Overnight Fund (An open ended debt scheme investing in overnight securities) To generate returns by investing in debt and money market instruments with overnight maturity. There is no assurance that the investment objective of the will be realized. l CATEGORY OF SCHEME: Overnight Fund l Fund Manager Anil Bamboli (since July 25, 12) Total Experience: Over 23 years February 06, 2002 Regular Plan - Growth Option 2, Regular Plan - Daily Dividend Reinvestment Option 1, Direct Plan - Growth Option 2, Direct Plan - Daily Dividend Reinvestment Option 1, As on November 30, , Average for Month of November, , Average Maturity * 3 days Macaulay Duration * 3 days Modified Duration * 2 days Yield to Maturity * 6.28% * Computed on the invested amount. Including Expenses and Goods and Service Tax Regular: 0.25% Direct: 0.15% l #BENCHMARK INDEX: CRISIL Overnight Index (w.e.f October 28, 2018) l ##addl. BENCHMARK INDEX: CRISIL 1 year T-Bill Index Nil Regular Plan, Direct Plan. Each Plan offers Growth and Daily Dividend Option (with Reinvestment facility only). l Minimum Application Amount Purchase : Under Growth Option and Weekly Dividend Option : ` 5,000 and any amount thereafter. Under Daily Dividend Option : ` 10,000 and any amount thereafter Purchase : Under Growth Option and Weekly Dividend Option : ` 1,000 and any amount thereafter. Under Daily Dividend Option : ` 5,000 and any amount thereafter l Redemption Proceeds Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). regular income over short term that may be in line with the overnight call rates to generate returns by investing in debt and money market instruments with overnight maturity Issuer Rating % to NAV Cash, Cash Equivalents and Net Current Assets Classification by Asset Class Cash, Cash Equivalents and Net Current Assets Performance^ - Regular Plan - Growth Option $$ Classification by Rating Class Cash, Cash Equivalents and Net Current Assets (`) Nov 23, 18 Last 7 days N.A. N.A. N.A. N.A. N.A. N.A. Nov 15, 18 Last 15 days ,025 10,026 10,039 Oct 31, 18 Last 1 Month ,051 10,053 10,086 Nov 30, 17 Last 1 Year ,608 10,609 10,644 Nov 30, 15 Last 3 Years ,962 11,987 12,103 Nov 29, 13 Last 5 Years ,898 13,992 14,232 Feb 06, 02 Since Inception 6.21 N.A ,554 N.A. 26,682 less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). N.A. Not Available. $$ All dividends declared prior to the splitting of the into Dividend & Growth Options are assumed to be reinvested in the units of the 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 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 62. Investors understand that their principal will be at low risk Face Value per Unit: ` 1,000, Data is as of November 30, 2018 unless otherwise specified. 50 November 2018 Intouch mutually

51 Performance details of s managed by respective Fund Managers Sr. No. Name of the Fund Manager Funds Managed Page no. 1 Mr. Prashant Jain HDFC Equity Fund 05 HDFC Top 100 Fund 07 HDFC Balanced Advantage Fund HDFC Hybrid Debt Fund (Co-managed scheme) Mr. Vinay Kulkarni HDFC Focused 30 Fund 11 HDFC Growth Opportunities Fund 10 HDFC TaxSaver 23 HDFC Equity Savings Fund (Co-managed scheme) Mr. Srinivas Rao Ravuri HDFC Infrastructure Fund 12 4 Mr. Chirag Setalvad HDFC Mid-Cap Opportunities Fund 08 HDFC Small Cap Fund 09 HDFC Long Term Advantage Fund 52 HDFC Hybrid Equity Fund HDFC Children s Gift Fund HDFC Multi-Asset Fund (Co-managed scheme) HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 26 HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 27 HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 28 5 Mr. Miten Lathia HDFC Capital Builder Value Fund 06 HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 56 6 Mr. Krishan Kumar Daga HDFC Arbitrage Fund HDFC Multi-Asset Fund (Co-managed scheme) HDFC Index Fund - Sensex Plan 22 HDFC Index Fund - NIFTY 50 Plan 20 HDFC Sensex ETF 21 HDFC NIFTY 50 ETF 19 HDFC Gold Exchange Traded Fund 55 HDFC Gold Fund 55 HDFC Equity Savings Fund (Co-managed scheme) Mr. Shobhit Mehrotra HDFC Income Fund 41 HDFC Medium Term Debt Fund 42 HDFC Floating Rate Debt Fund 46 HDFC Credit Risk Debt Fund HDFC Hybrid Debt Fund (Co-managed scheme) HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 26 HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 27 HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 28 Close ended schemes Mr. Anil Bamboli HDFC Dynamic Debt Fund 40 HDFC Short Term Debt Fund 43 HDFC Gilt Fund 39 HDFC Money Market Fund 45 HDFC Ultra Short Term Fund 47 HDFC Overnight Fund 49 HDFC Banking and PSU Debt Fund 38 HDFC Equity Savings Fund (Co-managed scheme) HDFC Multi-Asset Fund (Co-managed scheme) HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 56 Close ended schemes Co-managed schemes 56 9 Mr. Anupam Joshi HDFC Liquid Fund HDFC Corporate Bond Fund 35 HDFC Low Duration Fund 44 Close ended schemes For performance details of Direct Plan, refer page Exit Load : (i) No exit load shall be levied for switching between Options under the same Plan within a. (ii) Switch of investments to Direct Plan within the same 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. 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 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, G, Flex, 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 %* 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 %* on distribution of income to any other investor. Such income distributed by the (s) is free from Income tax in the hands of Investors. Units of the (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. Intouch mutually November

52 SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE) Srinivas Rao Ravuri HDFC EOF - II D May 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,672 10,074 10,782 Jun 15, 17 Since Inception ,046 11,050 11,591 # NIFTY 500 (Total Index) ## NIFTY 50 (Total Index). The scheme is managed by Mr. Srinivas Rao Ravuri since inception. HDFC EOF - II D June 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,600 10,074 10,782 Jul 17, 17 Since Inception ,667 10,691 11,160 # NIFTY 500 (Total Index) ## NIFTY 50 (Total Index). The scheme is managed by Mr. Srinivas Rao Ravuri since inception. CHIRAG SETALVAD HDFC LONG TERM ADVANTAGE FUND NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,986 11,052 10,782 Nov 30, 15 Last 3 Years ,737 14,405 14,260 Nov 29, 13 Last 5 Years ,542 18,661 18,742 Jan 02, 01 Since Inception , , ,496 # S&P BSE SENSEX (Total Index) ## NIFTY 50 (Total Index). The scheme is managed by Mr. Chirag Setalvad since April 02, SHOBHIT MEHROTRA HDFC FMP 3360D MARCH 2014 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,400 10,377 10,252 Nov 30, 15 Last 3 Years ,840 12,395 12,028 Mar 26, 14 Since Inception ,501 14,945 14,291 # Crisil Composite Bond Fund Index ## Crisil 10 year Gilt Index. The is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Shobhit Mehrotra since inception. HDFC FMP 1105D December 2015 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,687 10,377 10,644 Dec 30, 15 Since Inception ,457 12,329 12,040 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1183D January 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,681 10,377 10,644 Jan 12, 16 Since Inception ,426 12,286 12,016 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1176D January 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,697 10,377 10,644 Jan 19, 16 Since Inception ,403 12,298 12,000 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1167D January 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,697 10,377 10,644 Jan 28, 16 Since Inception ,380 12,277 11,982 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1155D February 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,701 10,377 10,644 Feb 09, 16 Since Inception ,379 12,282 11,960 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1168D February 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,805 10,377 10,644 Feb 03, 16 Since Inception ,041 12,298 11,973 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1148D February 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,669 10,377 10,644 Feb 18, 16 Since Inception ,336 12,294 11,942 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1161D February 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,816 10,377 10,644 Feb 25, 16 Since Inception ,941 12,364 11,927 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1148D February 2016 (2) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,887 10,377 10,644 Mar 04, 16 Since Inception ,863 12,224 11,897 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more 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. Past performance may or may not be sustained in the future. 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 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 52 November 2018 Intouch mutually

53 SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE) SHOBHIT MEHROTRA...CONTINUED HDFC FMP 1132D February 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,694 10,377 10,644 Mar 03, 16 Since Inception ,336 12,233 11,900 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1140D March 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,850 10,377 10,644 Mar 17, 16 Since Inception ,815 12,119 11,870 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1114D March 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,688 10,377 10,644 Mar 22, 16 Since Inception ,211 12,078 11,859 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1213D MARCH 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,594 10,377 10,644 Mar 23, 17 Since Inception ,215 10,899 11,059 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1188D MARCH 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,610 10,377 10,644 Mar 30, 17 Since Inception ,242 10,837 11,049 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1172d April 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,537 10,377 10,644 Apr 11, 17 Since Inception ,034 10,850 11,033 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1165d April 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,536 10,377 10,644 Apr 18, 17 Since Inception ,022 10,816 11,035 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1166D May 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,635 10,377 10,644 May 09, 17 Since Inception ,160 10,804 11,011 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1136D June 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,649 10,377 10,644 Jun 08, 17 Since Inception ,051 10,561 10,951 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1430D JuLY 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,500 10,377 10,644 Aug 01, 17 Since Inception ,670 10,424 10,851 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC CHARITY FUND FOR CANCER CURE - DEBT PLAN^ ANIL BAMBOLI NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,581 10,564 10,644 Mar 27, 17 Since Inception ,167 11,047 11,052 # CRISIL Short Term Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. ^ offers Dividend option only. of HDFC Charity Fund for Cancer Cure - Debt Plan - Regular Plan are computed based on NAV of Dividend Option and all dividends (after statutory levy) are assumed to be reinvested in the units of the scheme at the then prevailing NAV (ex-dividend NAV). HDFC FMP 1846D AUGUST 2013 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,536 10,377 10,644 Nov 30, 15 Last 3 Years ,166 12,395 12,103 Nov 29, 13 Last 5 Years ,789 15,386 14,232 Aug 14, 13 Since Inception ,402 15,860 14,642 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1175D JANUARY 2014 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,718 10,377 10,644 Nov 30, 15 Last 3 Years ,502 12,395 12,103 Feb 05, 14 Since Inception ,380 15,138 14,059 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Anil Bamboli since inception. 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. Past performance may or may not be sustained in the future. 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 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 Intouch mutually November

54 SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE) ANIL BAMBOLI...CONTINUED HDFC FMP 370D MARCH 2014 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,567 10,564 10,644 Nov 30, 15 Last 3 Years ,279 12,378 12,103 Mar 05, 14 Since Inception ,357 14,557 13,975 # Crisil Short Term Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 793D FEBRUARY 2014 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,569 10,564 10,644 Nov 30, 15 Last 3 Years ,206 12,378 12,103 Feb 26, 14 Since Inception ,722 14,589 13,992 # Crisil Short Term Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1111D November 2015 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,696 10,377 10,644 Dec 03, 15 Since Inception ,483 12,351 12,099 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1111D SEPTEMBER 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,766 10,377 10,644 Sep 15, 16 Since Inception ,979 11,282 11,448 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1309D SEPTEMBER 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,595 10,377 10,644 Sep 20, 16 Since Inception ,832 11,274 11,437 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1302D SEPTEMBER 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,579 10,377 10,644 Sep 28, 16 Since Inception ,813 11,178 11,415 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1218D DECEMBER 2016 (1) NAV as on Nov 30, 2018 ` (`) HDFC FMP 1199D JANUARY 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,584 10,377 10,644 Jan 31, 17 Since Inception ,238 10,786 11,156 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1150D FEBRUARY 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,580 10,377 10,644 Feb 22, 17 Since Inception ,175 11,004 11,122 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1155D FEBRUARY 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,563 10,377 10,644 Feb 16, 17 Since Inception ,161 10,966 11,137 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1178D FEBRUARY 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,579 10,377 10,644 Feb 22, 17 Since Inception ,336 11,004 11,122 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1169D FEBRUARY 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,553 10,377 10,644 Feb 03, 17 Since Inception ,114 10,770 11,146 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1170D FEBRUARY 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,573 10,377 10,644 Mar 01, 17 Since Inception ,311 10,997 11,110 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. Nov 30, 17 Last 1 Year ,625 10,377 10,644 Jan 12, 17 Since Inception ,365 10,799 11,186 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. 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. Past performance may or may not be sustained in the future. 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 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 54 November 2018 Intouch mutually

55 SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE) HDFC GOLD EXCHANGE TRADED FUND* KRISHAN KUMAR DAGA NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,186 10,302 Nov 30, 15 Last 3 Years ,634 12,030 Nov 29, 13 Last 5 Years ,339 10,914 Aug 13, 10 Since Inception ,338 16,331 # Domestic Price of Physical Gold. Since inception returns are calculated on ` (allotment price) * The does not offer any Plans/Options. The scheme is managed by Mr. Krishan Kumar Daga since October 19, HDFC GOLD FUND NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,256 10,302 Nov 30, 15 Last 3 Years ,632 12,030 Nov 29, 13 Last 5 Years ,248 10,914 Nov 01, 11 Since Inception ,937 11,128 # Domestic Price of Physical Gold. The scheme is managed by Mr. Krishan Kumar Daga since October 19, HDFC CHARITY FUND FOR CANCER CURE - ARBITRAGE PLAN^ NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,643 10,482 10,782 Mar 27, 17 Since Inception ,118 10,796 12,313 # NIFTY 50 Arbitrage Index ## NIFTY 50 Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Krishan Kumar Daga since inception. ^ offers Dividend option only. 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 HDFC FMP 1120D MARCH 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,694 10,377 10,644 Mar 16, 16 Since Inception ,230 12,154 11,872 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1107D MARCH 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,658 10,377 10,644 Mar 29, 16 Since Inception ,193 12,067 11,845 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1190D MARCH 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,837 10,377 10,644 Mar 23, 16 Since Inception ,821 12,077 11,857 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1104D APRIL 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,657 10,377 10,644 Apr 21, 16 Since Inception ,048 11,935 11,773 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1127D May 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,712 10,377 10,644 May 31, 16 Since Inception ,345 11,852 11,698 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1153D April 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,712 10,377 10,644 May 05, 16 Since Inception ,424 11,903 11,747 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1113D June 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,654 10,377 10,644 Jun 08, 16 Since Inception ,987 11,837 11,678 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1127D June 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,655 10,377 10,644 Jun 21, 16 Since Inception ,951 11,810 11,649 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1128D June 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,735 10,377 10,644 Jun 29, 16 Since Inception ,269 11,752 11,629 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1112D June 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,624 10,377 10,644 Jul 07, 16 Since Inception ,879 11,682 11,607 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. 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. Past performance may or may not be sustained in the future. 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 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 Intouch mutually November

56 SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE) ANUPAM JOSHI...CONTINUED HDFC FMP 1161D July 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,760 10,377 10,644 Jul 27, 16 Since Inception ,116 11,531 11,557 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. CO-MANAGED BY MITEN LATHIA & ANIL BAMBOLI HDFC DYNAMIC PE RATIO FUND OF FUNDS NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,742 10,666 10,782 Nov 30, 15 Last 3 Years ,885 13,610 14,260 Nov 29, 13 Last 5 Years ,681 17,547 18,742 Feb 06, 12 Since Inception ,725 20,449 22,122 # NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Index). performance may not strictly be comparable with that of its 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 27, CO-MANAGED BY KRISHAN KUMAR DAGA & ANIL BAMBOLI HDFC DAF - II D January 2016 NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,487 10,643 10,644 Feb 04, 16 Since Inception ,078 12,972 11,971 # NIFTY 50 Hybrid Short Duration Debt 25:75 Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception. HDFC DAF - II D MARCH 2016 NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,455 10,643 10,644 Apr 12, 16 Since Inception ,696 12,630 11,795 # NIFTY 50 Hybrid Short Duration Debt 25:75 Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception. HDFC DAF - II D April 2016 NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,440 10,643 10,644 May 12, 16 Since Inception ,675 12,498 11,736 # NIFTY 50 Hybrid Short Duration Debt 25:75 Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception. HDFC DAF - III D AUGUST 2016 NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,406 10,682 10,644 Sep 12, 16 Since Inception ,238 12,078 11,451 # NIFTY 50 Hybrid Short Duration Debt 40:60 Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception. HDFC DAF - III D OCTOBER 2016 NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,385 10,682 10,644 Oct 25, 16 Since Inception ,066 12,015 11,347 # NIFTY 50 Hybrid Short Duration Debt 40:60 Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception. HDFC DAF - III D NOVEMBER 2016 NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,382 10,643 10,644 Dec 07, 16 Since Inception ,992 11,854 11,258 # NIFTY 50 Hybrid Short Duration Debt 25:75 Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception. Performance of close-ended 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. Past performance may or may not be sustained in the future. 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 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 56 November 2018 Intouch mutually

57 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) HDFC EQUITY FUND PRASHANT JAIN NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,801 10,074 10,782 Nov 30, 15 Last 3 Years ,924 14,144 14,260 Nov 29, 13 Last 5 Years ,056 20,233 18,742 Jan 01, 13 Since Inception ,784 20,394 19,683 # NIFTY 500 (Total Index) ## NIFTY 50 (Total Index). HDFC TOP 100 FUND NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,137 10,556 11,052 Nov 30, 15 Last 3 Years ,144 14,342 14,405 Nov 29, 13 Last 5 Years ,802 19,495 18,661 Jan 01, 13 Since Inception ,782 20,348 20,117 # NIFTY 100 (Total Index) ## S&P BSE SENSEX (Total Index). HDFC BALANCED ADVANTAGE FUND NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,700 10,666 10,782 Nov 30, 15 Last 3 Years ,556 13,610 14,260 Nov 29, 13 Last 5 Years ,962 17,547 18,742 Jan 01, 13 Since Inception ,435 18,362 19,683 # NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Index). performance may not strictly be comparable with that of its 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. 13. HDFC Focused 30 Fund VINAY KULKARNI NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,713 10,074 11,052 Nov 30, 15 Last 3 Years ,050 14,144 14,405 Nov 29, 13 Last 5 Years ,556 20,233 18,661 Jan 01, 13 Since Inception ,963 20,394 20,117 # NIFTY 500 (Total Index) ## S&P BSE SENSEX (Total Index). HDFC Growth Opportunities Fund NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,669 9,792 11,052 Nov 30, 15 Last 3 Years ,440 14,392 14,405 Nov 29, 13 Last 5 Years ,887 23,004 18,661 Jan 01, 13 Since Inception ,138 22,619 20,117 # NIFTY Large Midcap 250 (Total Index) ## S&P BSE SENSEX (Total Index). The, 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 s benchmark has also changed. Hence, the past performance of the may not strictly be comparable with that of the new benchmark. HDFC TAXSAVER NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,140 10,074 10,782 Nov 30, 15 Last 3 Years ,037 14,144 14,260 Nov 29, 13 Last 5 Years ,461 20,233 18,742 Jan 01, 13 Since Inception ,687 20,394 19,683 # NIFTY 500 (Total Index) ## NIFTY 50 (Total Index). HDFC MID-CAP OPPORTUNITIES FUND CHIRAG SETALVAD NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,153 8,883 10,782 Nov 30, 15 Last 3 Years ,231 13,679 14,260 Nov 29, 13 Last 5 Years ,390 24,132 18,742 Jan 01, 13 Since Inception ,153 21,866 19,683 # NIFTY Midcap 100 (Total Index) ## NIFTY 50 (Total Index). HDFC SMALL CAP FUND NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,684 7,207 10,782 Nov 30, 15 Last 3 Years ,263 11,533 14,260 Nov 29, 13 Last 5 Years ,440 20,566 18,742 Jan 01, 13 Since Inception ,120 17,648 19,683 # NIFTY Smallcap 100 (Total Index) ## NIFTY 50 (Total Index). HDFC HYBRID EQUITY FUND NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,998 10,666 10,782 Nov 30, 15 Last 3 Years ,971 13,610 14,260 Nov 29, 13 Last 5 Years ,089 17,547 18,742 Jan 01, 13 Since Inception ,012 18,362 19,683 # NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Index). Refer to note on performance disclosure on Page no. 15. HDFC CHILDREN S GIFT FUND NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,135 10,666 10,782 Nov 30, 15 Last 3 Years ,271 13,610 14,260 Nov 29, 13 Last 5 Years ,965 17,547 18,742 Jan 01, 13 Since Inception ,777 18,362 19,683 # NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Index). performance may not strictly be comparable with that of its 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 Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,053 11,052 10,782 Nov 30, 15 Last 3 Years ,036 14,405 14,260 Nov 29, 13 Last 5 Years ,201 18,661 18,742 Jan 01, 13 Since Inception ,803 20,117 19,683 # S&P BSE SENSEX (Total Index) ## NIFTY 50 (Total Index). Past performance may or may not be sustained in the future. 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 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 Intouch mutually November

58 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) SRINIVAS RAO RAVURI HDFC EOF - II D May 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,809 10,074 10,782 Jun 15, 17 Since Inception ,268 11,050 11,591 # NIFTY 500 (Total Index) ## NIFTY 50 (Total Index). The scheme is managed by Mr. Srinivas Rao Ravuri since inception. HDFC EOF - II D June 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,779 10,074 10,782 Jul 17, 17 Since Inception ,915 10,691 11,160 # NIFTY 500 (Total Index) ## NIFTY 50 (Total Index). The scheme is managed by Mr. Srinivas Rao Ravuri since inception. HDFC INFRASTRUCTURE FUND NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,077 10,074 10,782 Nov 30, 15 Last 3 Years ,704 14,144 14,260 Nov 29, 13 Last 5 Years ,993 20,233 18,742 Jan 01, 13 Since Inception ,529 20,394 19,683 # NIFTY 500 (Total Index) ## NIFTY 50 (Total Index). SHOBHIT MEHROTRA HDFC INCOME FUND NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,217 10,377 10,252 Nov 30, 15 Last 3 Years ,138 12,395 12,028 Nov 29, 13 Last 5 Years ,123 15,386 14,617 Jan 01, 13 Since Inception ,437 15,857 14,468 # crisil Composite Bond Fund Index ## Crisil 10 year Gilt Index. HDFC Medium Term Debt Fund NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,545 10,564 10,644 Nov 30, 15 Last 3 Years ,615 12,378 12,103 Nov 29, 13 Last 5 Years ,271 14,888 14,232 Jan 01, 13 Since Inception ,273 15,985 14,971 # crisil Short Term Bond Fund Index ## Crisil 1 year T-Bill Index. HDFC Floating Rate Debt Fund NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,677 10,745 10,644 Nov 30, 15 Last 3 Years ,505 12,333 12,103 Nov 29, 13 Last 5 Years ,945 14,600 14,232 Jan 01, 13 Since Inception ,172 15,791 14,971 # crisil Liquid Fund Index ## Crisil 1 year T-Bill Index. HDFC Credit Risk Debt Fund NAV as on Nov 30, 2018 ` (`) 58 November 2018 Intouch mutually Nov 30, 17 Last 1 Year ,515 10,564 10,252 Nov 30, 15 Last 3 Years ,793 12,378 12,028 Mar 25, 14 Since Inception ,430 14,439 14,299 # crisil Short Term Bond Fund Index ## Crisil 10 year Gilt Index. Refer to note on performance disclosure on Page no. 36. HDFC FMP 3360D MARCH 2014 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,411 10,377 10,252 Nov 30, 15 Last 3 Years ,879 12,395 12,028 Mar 26, 14 Since Inception ,564 14,945 14,291 # Crisil Composite Bond Fund Index ## Crisil 10 year Gilt Index. The is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Shobhit Mehrotra since inception. HDFC FMP 1105D December 2015 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,692 10,377 10,644 Dec 30, 15 Since Inception ,576 12,329 12,040 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1183D January 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,686 10,377 10,644 Jan 12, 16 Since Inception ,550 12,286 12,016 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1176D January 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,703 10,377 10,644 Jan 19, 16 Since Inception ,530 12,298 12,000 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1167D January 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,703 10,377 10,644 Jan 28, 16 Since Inception ,525 12,277 11,982 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1155D February 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,706 10,377 10,644 Feb 09, 16 Since Inception ,503 12,282 11,960 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more 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. Past performance may or may not be sustained in the future. 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 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

59 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) SHOBHIT MEHROTRA...CONTINUED HDFC FMP 1168D February 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,811 10,377 10,644 Feb 03, 16 Since Inception ,061 12,298 11,973 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1148D February 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,675 10,377 10,644 Feb 18, 16 Since Inception ,458 12,294 11,942 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1161D February 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,887 10,377 10,644 Feb 25, 16 Since Inception ,168 12,364 11,927 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1148D February 2016 (2) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,920 10,377 10,644 Mar 04, 16 Since Inception ,100 12,224 11,897 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1132D February 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,700 10,377 10,644 Mar 03, 16 Since Inception ,453 12,233 11,900 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1140D March 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,883 10,377 10,644 Mar 17, 16 Since Inception ,049 12,119 11,870 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1114D March 2016 (1) NAV as on Nov 30, 2018 ` (`) HDFC FMP 1213D MARCH 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,674 10,377 10,644 Mar 23, 17 Since Inception ,355 10,899 11,059 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1188D MARCH 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,658 10,377 10,644 Mar 30, 17 Since Inception ,325 10,837 11,049 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1172D APRIL 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,569 10,377 10,644 Apr 11, 17 Since Inception ,089 10,850 11,033 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1165D APRIL 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,568 10,377 10,644 Apr 18, 17 Since Inception ,076 10,816 11,035 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1166D May 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,646 10,377 10,644 May 09, 17 Since Inception ,177 10,804 11,011 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1430D JULY 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,511 10,377 10,644 Aug 01, 17 Since Inception ,684 10,424 10,851 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC ARBITRAGE FUND - WHOLESALE PLAN KRISHAN KUMAR DAGA NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,694 10,377 10,644 Mar 22, 16 Since Inception ,347 12,078 11,859 Nov 30, 17 Last 1 Year ,630 10,482 10,782 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more Nov 30, 15 Last 3 Years ,097 11,652 14,260 Apr 07, 14 Since Inception ,716 13,286 17,254 # NIFTY 50 Arbitrage Index ## NIFTY 50 (Total Index). performance is not strictly comparable with that of its since the scheme does not take directional call in equity markets but is limited to availing arbitrage opportunities, etc. 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. Past performance may or may not be sustained in the future. 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 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 Intouch mutually November

60 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) KRISHAN KUMAR DAGA...CONTINUED HDFC INDEX FUND - SENSEX PLAN NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,014 11,052 10,782 Nov 30, 15 Last 3 Years ,310 14,405 14,260 Nov 29, 13 Last 5 Years ,374 18,661 18,742 Jan 01, 13 Since Inception ,772 20,117 19,683 # S&P BSE SENSEX (Total Index) ## NIFTY 50 (Total Index). Refer to note on performance disclosure on Page no. 22. HDFC INDEX FUND - NIFTY 50 PLAN NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,769 10,782 11,052 Nov 30, 15 Last 3 Years ,119 14,260 14,405 Nov 29, 13 Last 5 Years ,489 18,742 18,661 Jan 01, 13 Since Inception ,362 19,683 20,117 # NIFTY 50 (Total Index) ## S&P BSE SENSEX (Total Index). HDFC GOLD FUND NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,302 10,302 Nov 30, 15 Last 3 Years ,792 12,030 Nov 29, 13 Last 5 Years ,441 10,914 Jan 01, 13 Since Inception ,189 9,890 # Domestic Price of Physical Gold. The scheme is managed by Mr. Krishan Kumar Daga since October 19, HDFC CHARITY FUND FOR CANCER CURE - ARBITRAGE PLAN^ NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,643 10,482 10,782 Mar 27, 17 Since Inception ,118 10,796 12,313 # NIFTY 50 Arbitrage Index ## NIFTY 50 Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Krishan Kumar Daga since inception. ^ offers Dividend option only. 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). HDFC LIQUID FUND ANUPAM JOSHI NAV as on Nov 30, 2018 ` (`) Nov 23, 18 Last 7 days N.A. N.A. N.A. N.A. N.A. N.A. Nov 15, 18 Last 15 days ,031 10,031 10,039 Oct 31, 18 Last 1 Month ,064 10,064 10,086 Nov 30, 17 Last 1 Year ,724 10,745 10,644 Nov 30, 15 Last 3 Years ,328 12,333 12,103 Nov 29, 13 Last 5 Years ,611 14,600 14,232 Dec 31, 12 Since Inception ,852 15,794 14,977 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 Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,542 10,377 10,252 Nov 30, 15 Last 3 Years ,532 12,395 12,028 Nov 29, 13 Last 5 Years ,172 15,386 14,617 Jan 01, 13 Since Inception ,179 15,857 14,468 # crisil Composite Bond Fund Index ## Crisil 10 year Gilt Index. Refer to note on performance disclosure on Page no. 35. HDFC Low Duration Fund NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,657 10,745 10,644 Nov 30, 15 Last 3 Years ,533 12,333 12,103 Nov 29, 13 Last 5 Years ,880 14,600 14,232 Jan 01, 13 Since Inception ,079 15,791 14,971 # Crisil Liquid Fund Index ## Crisil 1 year T-Bill Index. HDFC FMP 1120D MARCH 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,699 10,377 10,644 Mar 16, 16 Since Inception ,346 12,154 11,872 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1107D MARCH 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,664 10,377 10,644 Mar 29, 16 Since Inception ,307 12,067 11,845 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1190D March 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,902 10,377 10,644 Mar 23, 16 Since Inception ,028 12,077 11,857 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1104D APRIL 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,663 10,377 10,644 Apr 21, 16 Since Inception ,161 11,935 11,773 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. 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. Past performance may or may not be sustained in the future. 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 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 60 November 2018 Intouch mutually

61 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) ANUPAM JOSHI...CONTINUED HDFC FMP 1127D May 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,728 10,377 10,644 May 31, 16 Since Inception ,516 11,852 11,698 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1153D April 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,728 10,377 10,644 May 05, 16 Since Inception ,599 11,903 11,747 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1113D June 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,659 10,377 10,644 Jun 08, 16 Since Inception ,075 11,837 11,678 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1127D June 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,661 10,377 10,644 Jun 21, 16 Since Inception ,038 11,810 11,649 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1128D June 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,752 10,377 10,644 Jun 29, 16 Since Inception ,437 11,752 11,629 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1112D June 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,629 10,377 10,644 Jul 07, 16 Since Inception ,965 11,682 11,607 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1161D JuLY 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,776 10,377 10,644 Jul 27, 16 Since Inception ,283 11,531 11,557 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception. HDFC FMP 1136D June 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,660 10,377 10,644 Jun 08, 17 Since Inception ,068 10,561 10,951 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more ANIL BAMBOLI HDFC Dynamic Debt Fund NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,293 10,377 10,252 Nov 30, 15 Last 3 Years ,380 12,395 12,028 Nov 29, 13 Last 5 Years ,497 15,386 14,617 Jan 01, 13 Since Inception ,314 15,857 14,468 # crisil Composite Bond Fund Index ## Crisil 10 year Gilt Index. HDFC Short Term Debt Fund NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,631 10,564 10,644 Nov 30, 15 Last 3 Years ,469 12,378 12,103 Nov 29, 13 Last 5 Years ,073 14,888 14,232 Jan 01, 13 Since Inception ,199 15,985 14,971 # Crisil Short Term Bond Fund Index ## Crisil 1 year T-Bill Index. HDFC GILT FUND NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,382 10,391 10,252 Nov 30, 15 Last 3 Years ,502 12,318 12,028 Nov 29, 13 Last 5 Years ,957 15,390 14,617 Jan 01, 13 Since Inception ,085 15,492 14,468 # CRISIL Dynamic Gilt Index ## Crisil 10 year Gilt Index. HDFC BANKING AND PSU DEBT FUND NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,496 10,564 10,644 Nov 30, 15 Last 3 Years ,554 12,378 12,103 Mar 26, 14 Since Inception ,671 14,438 13,890 # Crisil Short Term Bond Fund Index ## Crisil 1 year T-Bill Index. HDFC Money Market Fund NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,741 10,745 10,644 Nov 30, 15 Last 3 Years ,351 12,333 12,103 Nov 29, 13 Last 5 Years ,634 14,600 14,232 Dec 31, 12 Since Inception ,866 15,794 14,977 # Crisil Liquid Fund Index ## Crisil 1 year T-Bill Index. 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. Past performance may or may not be sustained in the future. 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 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 Intouch mutually November

62 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) ANIL BAMBOLI...CONTINUED HDFC OVERNIGHT FUND NAV as on Nov 30, 2018 ` (`) Nov 23, 18 Last 7 days N.A. N.A. N.A. N.A. N.A. N.A. Nov 15, 18 Last 15 days ,026 10,026 10,039 Oct 31, 18 Last 1 Month ,051 10,053 10,086 Nov 30, 17 Last 1 Year ,615 10,609 10,644 Nov 30, 15 Last 3 Years ,984 11,987 12,103 Nov 29, 13 Last 5 Years ,940 13,992 14,232 Dec 31, 12 Since Inception ,991 15,054 14,977 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 Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,581 10,564 10,644 Mar 27, 17 Since Inception ,167 11,047 11,052 # CRISIL Short Term Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. ^ offers Dividend option only. 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 Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,569 10,377 10,644 Nov 30, 15 Last 3 Years ,278 12,395 12,103 Nov 29, 13 Last 5 Years ,015 15,386 14,232 Aug 14, 13 Since Inception ,652 15,860 14,642 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1175D JANUARY 2014 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,745 10,377 10,644 Nov 30, 15 Last 3 Years ,587 12,395 12,103 Feb 05, 14 Since Inception ,526 15,138 14,059 # Crisil Short Composite Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 370D MARCH 2014 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,578 10,564 10,644 Nov 30, 15 Last 3 Years ,316 12,378 12,103 Mar 05, 14 Since Inception ,419 14,557 13,975 # Crisil Short Term Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 793D FEBRUARY 2014 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,580 10,564 10,644 Nov 30, 15 Last 3 Years ,252 12,378 12,103 Feb 26, 14 Since Inception ,817 14,589 13,992 # Crisil Short Term Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1111D November 2015 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,701 10,377 10,644 Dec 03, 15 Since Inception ,603 12,351 12,099 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1111D SEPTEMBER 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,772 10,377 10,644 Sep 15, 16 Since Inception ,095 11,282 11,448 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1309D SEPTEMBER 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,643 10,377 10,644 Sep 20, 16 Since Inception ,985 11,274 11,437 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1302D SEPTEMBER 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,632 10,377 10,644 Sep 28, 16 Since Inception ,942 11,178 11,415 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1218D DECEMBER 2016 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,642 10,377 10,644 Jan 12, 17 Since Inception ,473 10,799 11,186 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1199D JANUARY 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,611 10,377 10,644 Jan 31, 17 Since Inception ,374 10,786 11,156 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. 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. Past performance may or may not be sustained in the future. 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 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 62 November 2018 Intouch mutually

63 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) ANIL BAMBOLI...CONTINUED HDFC FMP 1150D FEBRUARY 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,586 10,377 10,644 Feb 22, 17 Since Inception ,186 11,004 11,122 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1155D FEBRUARY 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,568 10,377 10,644 Feb 16, 17 Since Inception ,171 10,966 11,137 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1178D FEBRUARY 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,621 10,377 10,644 Feb 22, 17 Since Inception ,425 11,004 11,122 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1169D FEBRUARY 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,566 10,377 10,644 Feb 03, 17 Since Inception ,169 10,770 11,146 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1170D FEBRUARY 2017 (1) NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,610 10,377 10,644 Mar 01, 17 Since Inception ,388 10,997 11,110 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. MITEN LATHIA HDFC Capital Builder Value Fund NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,803 10,074 10,782 Nov 30, 15 Last 3 Years ,420 14,144 14,260 Nov 29, 13 Last 5 Years ,926 20,233 18,742 Jan 01, 13 Since Inception ,326 20,394 19,683 # NIFTY 500 (Total Index) ## NIFTY 50 (Total Index). CO-MANAGED BY PRASHANT JAIN & SHOBHIT MEHROTRA HDFC Hybrid Debt Fund NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,940 10,447 10,252 Nov 30, 15 Last 3 Years ,553 12,572 12,028 Nov 29, 13 Last 5 Years ,733 15,681 14,617 Jan 01, 13 Since Inception ,066 16,275 14,468 # NIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 32. CO-MANAGED BY ANIL BAMBOLI & MITEN LATHIA HDFC DYNAMIC PE RATIO FUND OF FUNDS NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,833 10,666 10,782 Nov 30, 15 Last 3 Years ,254 13,610 14,260 Nov 29, 13 Last 5 Years ,385 17,547 18,742 Jan 01, 13 Since Inception ,100 18,362 19,683 # NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Index). performance may not strictly be comparable with that of its 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 27, CO-MANAGED BY CHIRAG SETALVAD, ANIL BAMBOLI & KRISHAN KUMAR DAGA HDFC Multi - Asset Fund NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,870 10,636 10,782 Nov 30, 15 Last 3 Years ,085 13,483 14,260 Nov 29, 13 Last 5 Years ,585 16,824 18,742 Jan 01, 13 Since Inception ,403 17,406 19,683 # 90% NIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold ## Nifty 50 (Total Index). The 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 s benchmark and additional benchmarks have also changed. Hence, the past performance of the since inception till May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. performance may not strictly be comparable with that of its 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 Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,321 10,613 10,782 Nov 30, 15 Last 3 Years ,905 12,668 14,260 Nov 29, 13 Last 5 Years ,895 15,569 18,742 Jan 01, 13 Since Inception ,722 16,652 19,683 # 40% NIFTY 50 Arbitrage Index, 30% Crisil Short Term Bond Fund Index and 30% NIFTY 50 (Total Index) ## Nifty 50 (Total Index). performance may not strictly be comparable with that of its, since a portion of scheme s investments are made in equity instruments. 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. Past performance may or may not be sustained in the future. 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 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 Intouch mutually November

64 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) CO-MANAGED BY KRISHAN KUMAR DAGA & ANIL BAMBOLI HDFC DAF - II D JANUARY 2016 NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,630 10,643 10,644 Feb 04, 16 Since Inception ,625 12,972 11,971 # NIFTY 50 Hybrid Short Duration Debt 25:75 Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception. HDFC DAF - II D MARCH 2016 NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,613 10,643 10,644 Apr 12, 16 Since Inception ,243 12,630 11,795 # NIFTY 50 Hybrid Short Duration Debt 25:75 Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception. HDFC DAF - II D April 2016 NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,547 10,643 10,644 May 12, 16 Since Inception ,117 12,498 11,736 # NIFTY 50 Hybrid Short Duration Debt 25:75 Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception. HDFC DAF - III D AUGUST 2016 NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,546 10,682 10,644 Sep 12, 16 Since Inception ,656 12,078 11,451 # NIFTY 50 Hybrid Short Duration Debt 40:60 Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception. HDFC DAF - III D OCTOBER 2016 NAV as on Nov 30, 2018 ` (`) HDFC DAF - III D NOVEMBER 2016 NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,552 10,643 10,644 Dec 07, 16 Since Inception ,376 11,854 11,258 # NIFTY 50 Hybrid Short Duration Debt 25:75 Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception. CO-MANAGED BY CHIRAG SETALVAD & SHOBHIT MEHROTRA HDFC Retirement Savings Fund - Equity plan NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,802 10,074 10,782 Feb 25, 16 Since Inception ,043 16,242 16,224 # Nifty 500 (Total Index) ## Nifty 50 (Total Index). HDFC Retirement Savings Fund - Hybrid Equity plan NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,270 10,666 10,782 Feb 25, 16 Since Inception ,601 14,798 16,224 # NIFTY 50 Hybrid Composite Debt 65:35 Index ## Nifty 50 (Total Index). HDFC Retirement Savings Fund - Hybrid Debt plan NAV as on Nov 30, 2018 ` (`) Nov 30, 17 Last 1 Year ,168 10,447 10,252 Feb 26, 16 Since Inception ,189 12,805 11,892 # NIFTY 50 Hybrid Composite Debt 15:85 Index ## Crisil 10 Year Gilt Index. Nov 30, 17 Last 1 Year ,542 10,682 10,644 Oct 25, 16 Since Inception ,488 12,015 11,347 # NIFTY 50 Hybrid Short Duration Debt 40:60 Index ## Crisil 1 year T-Bill Index. The is in existence for more than 1 year but less than 3 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception. 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. Past performance may or may not be sustained in the future. 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 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 CATEGORY I - FPI PORTFOLIO (MANAGED BY PRASHANT JAIN) Managing Since (As on November 30, 2018) Last 1 year Last 3 years Last 5 years Category I - FPI (managed under a bilateral agreement under March 22, N.A. N.A. Regulation 24(b) and subject to applicable laws) - MSCI India (Total ) 5.15 N.A. N.A. Past performance may or may not be sustained in the future. greater than 1 year period are compounded annualised (CAGR). Inception date is March 22, 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, FPI - Foreign Investor. 64 November 2018 Intouch mutually

65 Dividend History ^ HDFC Equity Fund (Past 3 years) Record Date Regular Plan Direct Plan Dividend Option Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 17, Mar 23, Mar 22, HDFC Top 100 Fund (Past 3 years) Record Date Regular Plan Direct Plan Dividend Option Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 03, Mar 09, Mar 06, HDFC Capital Builder Value Fund (Past 3 years) Record Date Regular Plan Direct Plan Dividend Option Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Feb 25, Mar 01, Feb 22, HDFC Focused 30 Fund (Past 3 years) Record Date Regular Plan Direct Plan Dividend Option Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Feb 25, Mar 01, Feb 22, HDFC Arbitrage Fund Normal Dividend Option (Past 3 months) Record Date Wholesale Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Sep 21, Oct 19, Nov 22, Monthly Dividend Option (Past 3 months) Record Date Wholesale Plan Wholesale Plan - Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Sep 21, Oct 19, Nov 22, HDFC Growth Opportunities Fund (Past 3 years) Record Date Regular Plan Direct Plan Dividend Option Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Feb 18, Feb 23, Mar 01, HDFC Mid-Cap Opportunities Fund (Past 3 years) Record Date Regular Plan Direct Plan Dividend Option Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 23, Mar 23, Mar 01, HDFC Small Cap Fund (Past 3 years) Record Date Regular Plan Direct Plan Dividend Option Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Feb 25, Mar 01, Mar 22, HDFC Hybrid Equity Fund (Past 3 quarters) Record Date Regular Plan Direct Plan Dividend Option Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 26, Jun 25, Sep 25, 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, HDFC Balanced Advantage Fund (Past 3 months) Record Date Regular Plan Direct Plan Dividend Option Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Sep 25, Oct 25, Nov 26, HDFC TaxSaver (Past 3 years) Dividend Option (An open-ended equity linked savings scheme with a lock-in period of 3 years) Record Date Regular Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 10, Mar 16, Mar 15, HDFC Infrastructure Fund (Past 3 years) Record Date Regular Plan Direct Plan Dividend Option Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 17, Mar 23, Mar 15, HDFC Hybrid Debt Fund Monthly Dividend Option (Past 3 months) Record Date Regular Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Sep 25, Oct 25, Nov 26, Quarterly Dividend Option (Past 3 quarters) Record Date Regular Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 26, Jun 25, Sep 25, ^ 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 for Record Date-wise listing of dividends declared. Intouch mutually November

66 Dividend History ^ HDFC Equity Savings Fund (Past 3 quarters) Dividend Option Record Date Regular Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 26, Jun 25, Sep 25, HDFC Multi-Asset Fund (Past 3 years) Dividend Option Record Date Regular Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 03, Mar 09, Mar 01, HDFC Income Fund (Past 3 quarters) Quarterly Dividend Option Record Date Regular Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 26, Jun 25, Sep 25, HDFC Dynamic Debt Fund Quarterly Dividend Option (Past 3 quarters) Record Date Regular Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 26, Jun 25, Sep 25, Half-yearly (Dividend Option) (Past 2 years) Record Date Regular Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Sep 25, Mar 26, Sep 25, Yearly (Dividend Option) (Past 3 years) Record Date Regular Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 28, Mar 27, Mar 26, HDFC Medium Term Debt Fund Normal Dividend Option (Past 3 months) Record Date Regular Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others May 11, May 25, Jun 12, Jul 10, HDFC Corporate Bond Fund Quarterly Dividend Option (Past 3 quarters) Record Date Regular Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 26, Jun 25, Sep 25, HDFC Gilt Fund (Dividend Option) (Past 3 quarters) Record Date Regular Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 26, Jun 25, Sep 25, HDFC Liquid Fund Monthly Dividend Option (Past 3 months) Record Regular Plan Direct Plan Date Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Sep 24, Oct 29, Nov 26, HDFC Floating Rate Debt Fund Monthly Dividend Option (Past 3 months) Record Date Wholesale Option Wholesale Option - Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Sep 24, Oct 29, Nov 26, Record Date Retail Option Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others Sep 24, Oct 29, Nov 26, HDFC Low Duration Fund Monthly Dividend Option (Past 3 months) Record Date Retail Option Retail Option - Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Sep 24, Oct 29, Nov 26, Record Date Wholesale Option Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others Sep 24, Oct 29, Nov 26, HDFC Credit Risk Debt Fund Half-yearly Dividend Option (Past 2 years) Record Date Regular Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Mar 27, Sep 25, Mar 26, Jun 25, Sep 25, HDFC Ultra Short Term Fund Monthly Dividend Option Record Date Regular Plan Direct Plan Cum Div Dividend per Unit (`) For Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Oct 29, Nov 26, ^ 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 for Record Date-wise listing of dividends declared. 66 November 2018 Intouch mutually

67 Disclaimer: The views expressed herein are based on internal data, publicly available information and other sources believed to be reliable, but involve uncertainties that could cause actual events to differ materially from those expressed or implied in such statements. The document is given for general and information purpose and is neither an investment advice nor an offer to sell nor a solicitation. While due care has been exercised while preparing this document, HDFC Asset Management Company Limited ( HDFC AMC ) does not warrant the completeness or accuracy of the information. Neither HDFC AMC, nor any person connected with it, accepts any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice. HDFC Sensex ETF, HDFC Index Fund - SENSEX Plan ( s ) is based on the S&P BSE SENSEX Index. S&P is a registered trademark of S&P Financial Services Limited (S&P). BSE and SENSEX are registered trademarks of BSE Limited. The s is not sponsored, endorsed marketed or promoted by S&P, BSE or their respective affiliates. Please refer to the Information Document for disclaimers w.r.t. S&P BSE SENSEX Index. For HDFC Nifty 50 ETF & HDFC Index Fund - NIFTY 50 Plan: The of HDFC Mutual Fund (the Product(s) ) are not sponsored, endorsed, sold or promoted by India Index Services & Products Limited ( IISL ). IISL does not make any representation or warranty, express or implied, to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly or the ability of the NIFTY Indices to track general stock market performance in India. The relationship of IISL with HDFC Asset Management Company Limited ( the Issuer/Licensee ) is only in respect of the licensing of the Indices and certain trademarks and trade names associated with such Indices which is determined, composed and calculated by IISL without regard to the Issuer /Licensee or the Product(s). IISL does not have any obligation to take the needs of the Issuer/Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the NIFTY Indices. IISL is not responsible for or has participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. IISL has no obligation or liability in connection with the administration, marketing or trading of the Product(s). IISL is engaged in the business of developing, constructing, compiling, computing and maintaining various equity indices. The relationship of IISL to HDFC AMC is only in respect of the rights granted to use certain trademarks and trade names of the Index in connection with the utilisation of the Index data relating to such Index. The Index is determined, composed and calculated by IISL without regard to HDFC AMC. IISL has no obligation to take the needs of HDFC AMC into consideration in determining, composing or calculating the NIFTY Indices. IISL do not guarantee the accuracy and/or the completeness of NIFTY Indices or any data included therein and they shall have no liability for any errors, omissions, or interruptions therein. IISL make no warranty, express or implied, as to results to be obtained by HDFC AMC or any other person or entity from the use of NIFTY Indices or any data included therein. IISL make no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, IISL expressly disclaim any and all liability for any damages or losses arising out of the use of NIFTY Indices or any data included therein by any third party, including any and all direct, special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages. An investor, by subscribing or purchasing an interest in the Product(s), will be regarded as having acknowledged, understood and accepted the disclaimer referred to in Clauses above and will be bound by it. Visit us at Telephone Services Toll-free number: / WANT TO HAVE THE LATEST INFORMATION ABOUT US? For any query or suggestions:- Investors may contact us at: cliser@hdfcfund.com Distributors may contact us at: broser@hdfcfund.com SMS: HDFCMF to Registered Office: HDFC House, 2nd Floor, H.T. Parekh Marg, Backbay Reclamation, Churchgate, Mumbai MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY. Intouch mutually November

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