GLOSSARY HOW TO READ FACTSHEET. Sharpe Ratio

Transcription

1 December 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 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 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. 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. monthly net assets. 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. Portfolio Yield (Yield To Maturity) Weighted average yield of the securities in scheme portfolio. Portfolio Turnover Ratio Portfolio 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 (Portfolio Beta) Beta is a measure of an investment s volatility vis-a-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security s price will be more volatile than the market. Average portfolio PE (Average P/E) It is price to earnings ratio of the stocks calculated for the entire portfolio on a weighted average basis. Average portfolio price to book ratio (Average P/BV) It is price to book value of the stocks calculated for the entire portfolio on a weighted average basis. Average portfolio dividend yield (Average Dividend Yield) It is dividend yield of the stocks calculated for the entire portfolio on a weighted average basis. Net Equity Net equity level is the net equity exposure percentage adjusted for any derivative positions in stocks or index for hedging or rebalancing purpose. R Squared It is a statistical measure of how closely the portfolio returns are correlated with its benchmark. AUM AUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any investment firm. Holdings The holdings or the portfolio is a mutual fund s latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager. Nature of The 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 December 2018

3 Market Review Equity Market update Debt Market update 2018 turned out to be an eventful year. Sharp rise in oil prices & then a dramatic fall, resolutions of large NPAs under Indian Bankruptcy code (IBC), policy rate hikes of 50 bps by RBI, NBFCs liquidity concerns, change of guard at RBI, muted inflation led by lower food prices, INR depreciation, farm loan waivers by few states etc. were key events. Globally, escalation of trade war, rise in US rates and yields, turmoil in Italy, Brexit, China growth slowdown, reimposition of sanctions by US on Iran & thereafter providing 6 months waiver to 8 countries for importing oil etc. made news. Few other key developments in 2018 were: India s ranking moving up 23 notches to 77 in the World Bank s ease of doing business survey in 2019 Volatility in G Sec yields due to fluctuating oil prices and FII flows Default by prominent infrastructure NBFC and companies in Gems & Jewellery sector Increase in capital allocation for recapitalization of PSU banks Merger of Bank of Baroda, Vijaya Bank and Dena Bank Imposition of long term capital gains of 10% on listed shares / MF units Rationalization of GST rates on various goods Strong USD and rising US yields impacted flows to Emerging Markets Key Highlights of equity markets in 2018 were: S&P BSE Sensex / NIFTY 50, ended the year modestly positive, but outperformed Mid-cap and Small cap indices significantly after underperforming for last 4 years. Sector divergence was high with role reversal in performance of many sectors (see table below). All major indices like S&P, FTSE, DAX, Nikkei, Shanghai, etc. delivered negative returns. NIFTY 50 outperformed most world indices. The table below gives the details of performance of key domestic and global indices in % Change in Indices CY 2017 CY 2018 S&P BSE India Auto 32.1 (22.1) S&P BSE India Bankex S&P BSE India Capital Goods 40.0 (1.6) S&P BSE India FMCG S&P BSE India Healthcare 0.5 (5.9) S&P BSE India Metal 47.8 (20.7) S&P BSE India Power 19.8 (16.1) S&P BSE India Oil & Gas 34.0 (15.6) S&P BSE India IT S&P BSE SENSEX NIFTY NIFTY Midcap (15.4) NIFTY Smallcap 57.3 (29.1) % Change in Indices CY 2017 CY 2018 S&P (6.2) FTSE 7.6 (12.5) DAX 12.5 (18.3) CAC 9.3 (11.0) Nikkei 19.1 (12.1) Hang Seng 36.0 (13.6) KOSPI 21.8 (17.3) Shanghai 6.6 (24.6) MSCI Emerging Market Index 34.3 (16.6) In 2018, key commodities corrected sharply. Crude oil prices were down by ~20%, while steel, zinc aluminum, copper, lead were down by 10-30%. Gold prices ended flat in FII s flows turned negative in 2018 with outflows of USD $4.4bn in Indian equities after 6 consecutive years of positive flows. However, inflows in domestic Equity mutual funds continue to be healthy. Inflows in 2018 till November have been ~Rs. 158,000 crores. Strong domestic flows have helped the Indian equity market to hold up well despite net FII outflows. Economy & Equity markets outlook Steady economic growth, stable macro-economic parameters: Most economic indicators like credit growth, PMI, IIP, capacity utilisation, goods & passenger traffic growth, cement production etc. are healthy / stable Momentum of capex in roads, housing, railways, power etc. likely to sustain Signs of private capex recovery are visible driven by increasing capacity utilisation; Capex is likely to accelerate going forward led by metals, cement etc. GST has largely stabilised and should increase the formalisation of economy Earnings outlook is improving with peaking NPAs and provisioning costs, higher metal prices, accelerating capex and credit growth etc. Increase in capital allocation to PSU Banks should help some banks to exit the PCA framework and boost credit growth 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. Outlook In view of the above and expected recovery in earnings, 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). Calendar year 2018 was a volatile year for the Indian debt markets. The key macroeconomic events which influenced the fixed income markets during the year were a sharp rise in crude oil prices & subsequent fall, INR depreciation, 50 bps rate hikes by RBI and change in its policy stance to calibrated tightening from neutral, change of RBI Governor, higher increase in Minimum Support Prices (MSPs), four rate hikes by US Fed, trade war tensions between US and China, etc. The yield on 10-year benchmark Gsec started the year at 7.33% and rose to a high of 8.2% in Sep18. However, 10Year Gsec yield ended the year at 7.37%, up a mere ~4 bps. During the first 9 months, yields moved higher on the back of rising oil prices, weak INR, FII outflows and RBI hiking rates. However, the trend reversed since Oct18 mainly driven by sharp correction in oil prices, subdued inflation, large open market operations (OMOs) by RBI and FII flows turning positive. The table below gives a summary view of movement of key rates & liquidity. CY17 CY18 Change 10Yr G-Sec Yield AAA 10Year Corporate Bond Yields AAA 10Y corporate bond spread against Gsec Yield (bps) Average liquidity absorbed / (infused) by RBI* (INR bn) (approx.) 2,600 (200) Overnight Rate *Liquidity infused / absorbed through Liquidity Adjustment Facility, export refinance, marginal standing facility and term repos/reverse repos. To support liquidity, RBI conducted OMO purchases of INR 1.9 trillion in CY18 and also announced plans to conduct further OMOs of INR 500 bn in Jan19. Net FII debt flows were negative with outflows of USD 6.9 bn during CY18 as against inflows of USD 23 bn in CY17. The annual rate of retail inflation, CPI inched up in first half led by firming crude prices but moderated in the second half driven by fall in food inflation. Average Core CPI (CPI excluding food, fuel, transportation & housing) was still relatively high mainly on account of price rise in services. Average CY17 11MCY18 Change CPI Food & beverages Fuel and Light Housing Core CPI India s external situation deteriorated in 9MCY18 primarily due to higher net oil imports and rise in imports of electronic goods. This was partially offset by lower imports of gold & precious stones. Sharp fall in crude oil prices post Oct18 should ease pressure on CAD going forward. Amount in USD bn 9MCY17 9MCY18 Change (YoY, %) Trade Deficit % Net Oil imports % Net Gold imports* % Trade deficit ex oil & gold % Net Invisibles exports % Current account deficit (CAD) % % of GDP 1.4% 2.4% * includes net imports of gold, silver & precious stones adjusted for gems & jewellery exports Driven by CAD and FII outflows, INR depreciated by ~9.2% during the year to close at INR 69.8 against the USD. However, it should be noted that INR depreciation was largely in line with depreciation of other emerging market currencies against USD. Real GDP growth increased to 7.7% YoY in 9MCY18, up from 6.0% in 9MCY17 supported by private consumption and recovery in capex. YoY Growth % 9MCY17 9MCY18 Real GDP Consumption Private Government Gross capital formation Exports Imports Outlook Source for various data points: Bloomberg, Bloomberg Consensus, Reuters, NSDL, CMIE, RBI The sharp rally in ten year benchmark G-Sec yield from a high of 8.2% in Sep18 to 7.37% in Dec18 has priced in positives of sharp fall in crude oil prices, large quantum of OMOs to be done by RBI and change in expectations on US Fed rate hikes in Going forward, if inflation stays subdued, it could provide room for rate cuts by RBI and further support a moderate decline in yields. However, negatives such as pre-election spends / announcements, slowdown in OMO purchases after Mar19, credit growth outpacing deposit growth and on-going tightening of global liquidity could take yields higher. In view of above, in our opinion, the short to medium end of the yield curve continues to offer better risk adjusted returns than the long end. Hence, we continue to recommend investment in short to medium duration debt funds. December

4 Wealth Creation CONTENTS Page No. 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 Regular Income 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 Tax Savings Hdfc Taxsaver Hdfc Liquid Fund Hdfc Overnight Fund CHILDren'S FUTURE Hdfc Children s Gift Fund Performance details of schemes managed by respective fund managers performance summary - Regular Plans RETIREMENT PLANNING Hdfc Retirement Savings Fund - Equity Plan Hdfc Retirement Savings Fund - Hybrid Equity Plan Hdfc Retirement Savings Fund - Hybrid Debt Plan performance summary - Direct Plans Performance of Category I - FPI Portfolio Dividend History Disclaimer 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 December 2018

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 of the will be realized. CATEGORY OF SCHEME: Multi-Cap Fund Fund Manager Prashant Jain (since June 20, 03) Total Experience: Over 27 years January 1, 1995 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, , Average for Month of December, , Portfolio Turnover Ratio (Last 1 year) 25.69% Risk Ratio Standard Deviation 5.291% Beta Sharpe Ratio* Computed for the 3-yr period ended December 31, Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR) Regular: 2.11% Direct: 1.29% #BENCHMARK INDEX: NIFTY 500 (Total Index) ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) In respect of each purchase / switch-in of Units, an of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment. No is payable if Units are redeemed / switched-out after 1 year from the date of allotment. For further details, please refer to para on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 9.94 ICICI Bank Ltd. Banks 9.64 Larsen and Toubro Ltd. Construction Project 8.90 Infosys Ltd. Software 8.43 Reliance Industries Ltd. Petroleum Products 5.49 HDFC Bank Ltd. Banks 4.63 NTPC Ltd. Power 3.84 ITC Ltd. Consumer Non Durables 3.80 Power Grid Corporation of India Ltd Power 2.90 Bank of Baroda Banks 2.61 Tata Consultancy Services Ltd. Software 2.53 Axis Bank Ltd. Banks 2.46 Power Finance Corporation Ltd. Finance 2.35 GAIL (India) Ltd. Gas 2.07 Rural Electrification Corporation Ltd. Finance 2.01 Aurobindo Pharma Ltd. Pharmaceuticals 1.92 CESC Ltd. Power 1.88 Vedanta Ltd. Non - Ferrous Metals 1.73 Tata Steel Ltd. Ferrous Metals 1.69 Bharat Petroleum Corporation Ltd. Petroleum Products 1.64 Housing Development Finance Corporation Ltd. Finance 1.53 Tata Chemicals Ltd. Chemicals 1.49 Kalpataru Power Transmission Ltd. Power 1.30 Cipla Ltd. Pharmaceuticals 1.25 Canara Bank Banks 1.24 Oracle Financial Ser Software Ltd. Software 1.20 Coal India Ltd. Minerals/Mining 1.12 Container Corporation of India Ltd. Transportation 0.95 L&T Technology Services Ltd. Software 0.91 Punjab National Bank Banks 0.89 Siemens Ltd. Industrial Capital Goods 0.88 UPL Ltd. Pesticides 0.86 Praj Industries Ltd. Industrial Capital Goods 0.84 BEML Ltd. Industrial Capital Goods 0.80 CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.74 Bharat Dynamics Ltd. Aerospace & Defence 0.47 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 December 31, 2018 (` 000) 68, , , # ## 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 Time Technoplast Ltd. Industrial Products 0.47 Simplex Infrastructures Ltd. Construction 0.43 Oriental Bank of Commerce Banks 0.38 Balkrishna Industries Ltd. Auto Ancillaries 0.30 Hindustan Construction Company Ltd. Construction Project 0.24 Ramco Systems Ltd. Software 0.18 RP-SG Business Process Services Software 0.18 RP-SG Retail Ltd Retailing 0.16 Reliance Nippon Life Asset Management Ltd. Finance 0.15 Sub Total Preference Shares Zee Entertainment Enterprises Ltd. Media & Entertainment 0.02 Sub Total 0.02 Total Cash, Cash Equivalents and Net Current Assets 0.56 Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Banks Software Power 9.92 Construction Project 9.14 Petroleum Products 7.13 Finance 6.04 Consumer Non Durables 3.80 Industrial Capital Goods 3.26 Pharmaceuticals 3.17 Gas 2.07 Non - Ferrous Metals 1.73 Ferrous Metals 1.69 Chemicals 1.49 Minerals/Mining 1.12 Transportation 0.95 Pesticides 0.86 Industrial Products 0.47 Aerospace & Defence 0.47 Construction 0.43 Auto Ancillaries 0.30 Retailing 0.16 Media & Entertainment 0.02 ## (`) # Dec 29, 17 Last 1 Year ,649 9,788 10,461 Dec 31, 15 Last 3 Years ,161 14,162 14,230 Dec 31, 13 Last 5 Years ,668 19,771 18,342 Jan 01, 95 Since Inception N.A. 629, ,991 N.A. 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. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified December

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 of the will be realized. CATEGORY OF SCHEME: Value Fund 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 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, , Average for Month of December, , Portfolio Turnover Ratio (Last 1 year) 24.45% Risk Ratio Standard Deviation 4.780% Beta Sharpe Ratio* Computed for the 3-yr period ended December 31, Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR) Regular: 2.31% Direct: 0.96% #BENCHMARK INDEX: NIFTY 500 (Total Index) ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) In respect of each purchase / switch-in of Units, an of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment. No is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 6 December 2018 Company Industry + % to NAV Equity & Equity Related HDFC Bank Ltd. Banks 8.94 ITC Ltd. Consumer Non Durables 5.19 Reliance Industries Ltd. Petroleum Products 4.23 Bharat Petroleum Corporation Ltd. Petroleum Products 3.36 ICICI Bank Ltd. Banks 3.15 Infosys Ltd. Software 3.12 GAIL (India) Ltd. Gas 3.06 Indusind Bank Ltd. Banks 3.05 Vedanta Ltd. Non - Ferrous Metals 3.00 Housing Development Finance Corporation Ltd. Finance 2.88 Axis Bank Ltd. Banks 2.86 Larsen and Toubro Ltd. Construction Project 2.42 Ambuja Cements Ltd. Cement 2.32 Glenmark Pharmaceuticals Ltd. Pharmaceuticals 2.03 Persistent Systems Ltd. Software 1.99 Apollo Tyres Ltd. Auto Ancillaries 1.91 NTPC Ltd. Power 1.86 YES Bank Ltd. Banks 1.84 Kotak Mahindra Bank Ltd. Banks 1.80 Cipla Ltd. Pharmaceuticals 1.51 Indostar Cap Fin Ltd Finance 1.44 Aurobindo Pharma Ltd. Pharmaceuticals 1.40 Coal India Ltd. Minerals/Mining 1.39 Bajaj Corp Ltd. Consumer Non Durables 1.35 Oracle Financial Ser Software Ltd. Software 1.29 State Bank of India Banks 1.28 S H Kelkar and Company Ltd. Consumer Non Durables 1.27 Repco Home Finance Ltd. Finance 1.15 Wipro Ltd. Software 1.13 VRL Logistics Ltd. Transportation 1.12 Max Financial Services Ltd. Finance 1.09 Bharti Airtel Ltd. Telecom - Services 1.04 Inox Leisure Ltd. Media & Entertainment 1.04 Trent Ltd. Retailing 1.04 Indoco Remedies Ltd. Pharmaceuticals 1.02 JK Cement Ltd. Cement 0.99 Mahindra & Mahindra Ltd. Auto 0.97 Schaeffler India Ltd. Industrial Products 0.97 Bharat Financial Inclusion Ltd. Finance 0.96 Newgen Software Technologies Ltd. Software 0.93 Zee Entertainment Enterprises Ltd. Media & Entertainment 0.92 Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.91 Thyrocare Technologies Ltd. Healthcare Services 0.91 Oil & Natural Gas Corporation Ltd. Oil 0.90 Gujarat Pipavav Port Ltd. Transportation 0.89 Solar Industries India Ltd. Chemicals 0.84 Performance ^ - Regular plan - Growth Option Since Inception 15 year 10 year Total Amount Invested (` 000) 2, , , Mkt Value As on December 31, 2018 (` 000) 42, , , # 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). 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 Tata Chemicals Ltd. Chemicals 0.84 NHPC Ltd. Power 0.83 Advanced Enzyme Technologies Ltd. Consumer Non Durables 0.79 Ashoka Buildcon Ltd. Construction Project 0.79 Siti Networks Ltd. Media & Entertainment 0.79 Spicejet Ltd. Transportation 0.69 Voltas Ltd. Construction Project 0.68 Dilip Buildcon Ltd. Construction 0.56 Blue Star Ltd. Consumer Durables 0.44 Entertainment Network (India) Ltd. Media & Entertainment 0.44 Wonderla Holidays Ltd. ## Hotels/Resorts & Other Recreational Activities 0.42 Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav Engineering Ltd.) Construction Project 0.39 Bharat Dynamics Ltd. Aerospace & Defence 0.37 Matrimony.com Ltd. Services 0.22 Cochin Shipyard Ltd. Industrial Capital Goods 0.02 Sub Total Cash margin 0.14 Cash, Cash Equivalents and Net Current Assets 2.83 Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Banks Consumer Non Durables 8.60 Software 8.46 Petroleum Products 7.59 Finance 7.52 Pharmaceuticals 5.96 Construction Project 4.28 Cement 3.31 Media & Entertainment 3.19 Gas 3.06 Non - Ferrous Metals 3.00 Transportation 2.70 Power 2.69 Auto Ancillaries 1.91 Chemicals 1.68 Minerals/Mining 1.39 Telecom - Services 1.04 Retailing 1.04 Industrial Products 0.97 Auto 0.97 Healthcare Services 0.91 Fertilisers 0.91 Oil 0.90 Construction 0.56 Consumer Durables 0.44 Hotels, Resorts & Other Recreational Activities 0.42 Aerospace & Defence 0.37 Services 0.22 Industrial Capital Goods year 3 year 1 year (`) # Dec 29, 17 Last 1 Year ,455 9,788 10,461 Dec 31, 15 Last 3 Years ,967 14,162 14,230 Dec 31, 13 Last 5 Years ,203 19,771 18,342 Feb 01, 94 Since Inception N.A. N.A. 286,159 N.A. N.A. 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. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified.

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 of the will be realized. CATEGORY OF SCHEME: Large-Cap Fund Fund Manager Prashant Jain (since June 20, 03) Total Experience: Over 27 years October 11, 1996 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, , Average for Month of December, , Portfolio Turnover Ratio (Last 1 year) 24.26% Risk Ratio Standard Deviation 4.865% Beta Sharpe Ratio* Computed for the 3-yr period ended December 31, Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR) Regular: 2.09% Direct: 1.41% #BENCHMARK INDEX: NIFTY 100 (Total Index) ##addl. BENCHMARK INDEX: S&P BSE SENSEX (Total Index) In respect of each purchase / switch-in of Units, an of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment. No is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. Normally despatched within 3-4 Business Days. Segment-wise break-up of equity holding (% of net assets) Large Cap 88.84% Mid Cap 9.96% Small Cap 0.22% 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 8.54 State Bank of India Banks 8.33 Reliance Industries Ltd. Petroleum Products 7.56 HDFC Bank Ltd. Banks 7.31 Infosys Ltd. Software 7.02 Larsen and Toubro Ltd. Construction Project 6.37 ITC Ltd. Consumer Non Durables 4.66 NTPC Ltd. Power 3.74 Tata Consultancy Services Ltd. Software 3.71 Axis Bank Ltd. Banks 3.39 Power Grid Corporation of India Ltd Power 2.80 Housing Development Finance Corporation Ltd. Finance 2.64 Coal India Ltd. Minerals/Mining 2.29 Hindustan Petroleum Corporation Ltd. Petroleum Products 2.10 Power Finance Corporation Ltd. Finance 1.83 Aurobindo Pharma Ltd. Pharmaceuticals 1.74 GAIL (India) Ltd. Gas 1.54 Tata Steel Ltd. Ferrous Metals 1.54 Tata Chemicals Ltd. Chemicals 1.50 Vedanta Ltd. Non - Ferrous Metals 1.36 Bharat Petroleum Corporation Ltd. Petroleum Products 1.27 CESC Ltd. Power 1.23 Rural Electrification Corporation Ltd. Finance 1.21 Canara Bank Banks 1.18 Bank of Baroda Banks 1.11 Cipla Ltd. Pharmaceuticals 0.99 Oil & Natural Gas Corporation Ltd. Oil 0.93 UPL Ltd. Pesticides 0.91 Bank of India Banks 0.87 Bharat Electronics Ltd. Industrial Capital Goods 0.71 ABB India Ltd. Industrial Capital Goods 0.70 Oracle Financial Services Software Ltd. Software 0.70 HCL Technologies Ltd. Software 0.65 Ambuja Cements Ltd. Cement 0.62 Tech Mahindra Ltd. Software 0.62 Wipro Ltd. Software 0.60 Siemens Ltd. Industrial Capital Goods 0.55 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 December 31, 2018 (` 000) $$ 36, , , $$ # 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 $$ # ## (`) $$ Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified. Company Industry + % to NAV Punjab National Bank Banks 0.54 Union Bank of India Banks 0.54 Indian Oil Corporation Ltd. Petroleum Products 0.53 Hindalco Industries Ltd. Non - Ferrous Metals 0.51 Avenue Supermarts Ltd. Retailing 0.46 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 0.99 Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Banks Software Petroleum Products Power Construction Project Finance Consumer Non Durables Pharmaceuticals Minerals/Mining Ferrous Metals Industrial Capital Goods Non - Ferrous Metals Gas Chemicals Oil Pesticides Cement Retailing Transportation Media & Entertainment # Dec 29, 17 Last 1 Year ,013 10,255 10,718 Dec 31, 15 Last 3 Years ,339 14,311 14,374 Dec 31, 13 Last 5 Years ,730 19,061 18,258 Oct 11, 96 Since Inception N.A ,305 N.A. 164,625 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 December

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 of the will be realized. CATEGORY OF SCHEME: Mid Cap Fund Fund Manager Chirag Setalvad (since June 25, 07) Total Experience: Over 21 years June 25, 2007 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, , Average for Month of December, , Portfolio Turnover Ratio (Last 1 year) 28.15% Risk Ratio Standard Deviation 5.013% Beta Sharpe Ratio* Computed for the 3-yr period ended December 31, Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR) Regular: 2.15% Direct: 1.12% #BENCHMARK INDEX: NIFTY Midcap 100 (Total Index) ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) In respect of each purchase / switch-in of Units, an of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment. No is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. Normally despatched within 3-4 Business Days. Segment-wise break-up of equity holding (% of net assets) Large Cap 1.66% Mid Cap 64.10% Small Cap 28.03% Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years). to generate long-term capital appreciation / income investment predominantly in Mid-Cap companies 8 December 2018 Investors understand that their principal will be at moderately high risk Company Industry + / Rating % to NAV Equity & Equity Related Sundram Fasteners Ltd. Auto Ancillaries 3.77 Cholamandalam Investment & Finance Company Ltd. Finance 3.59 Balkrishna Industries Ltd. Auto Ancillaries 3.57 City Union Bank Ltd. Banks 2.98 Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.90 Aarti Industries Ltd. Chemicals 2.87 Voltas Ltd. Construction Project 2.80 RBL Bank Ltd. Banks 2.71 Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 2.69 Tata Chemicals Ltd. Chemicals 2.52 Exide Industries Ltd. Auto Ancillaries 2.51 Hexaware Technologies Ltd. Software 2.19 Trent Ltd. Retailing 2.13 Apollo Tyres Ltd. Auto Ancillaries 2.06 Crompton Greaves Consumer Elec. Ltd. Consumer Durables 2.04 AIA Engineering Ltd. Industrial Products 1.92 Max Financial Services Ltd. Finance 1.88 Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.87 SKF India Ltd. Industrial Products 1.87 TI Financial Holdings Ltd. Finance 1.85 The Federal Bank Ltd. Banks 1.77 Carborundum Universal Ltd. Industrial Products 1.72 MRF Ltd. Auto Ancillaries 1.66 VST Industries Ltd. Consumer Non Durables 1.62 Indian Bank Banks 1.52 Divis Laboratories Ltd. Pharmaceuticals 1.50 Edelweiss Financial Services Ltd. Finance 1.50 Supreme Industires Ltd. Industrial Products 1.46 Whirlpool of India Ltd. Consumer Durables 1.43 Ipca Laboratories Ltd. Pharmaceuticals 1.42 Atul Ltd. Chemicals 1.40 KEC International Ltd. Construction Project 1.29 Larsen & Toubro Infotech Ltd. Software 1.22 Tube Investments of India Ltd. Auto Ancillaries 1.15 Niit Technologies Ltd. Software 1.08 Solar Industries India Ltd. Chemicals 1.02 Schaeffler India Ltd. Industrial Products 0.96 Karur Vysya Bank Ltd. Banks 0.94 Reliance Nippon Life Asset Management Ltd. Finance 0.93 Arvind Fashions Ltd. Retailing 0.92 Jagran Prakashan Ltd. Media & Entertainment 0.92 KNR Construction Ltd. Construction 0.91 Power Finance Corporation Ltd. Finance 0.91 Blue Star Ltd. Consumer Durables 0.79 Greenlam Industries Ltd. Consumer Durables 0.77 Dilip Buildcon Ltd. Construction 0.76 Navneet Education Ltd. Media & Entertainment 0.76 Union Bank of India Banks 0.76 Redington (India) Ltd. Transportation 0.75 Rural Electrification Corporation Ltd. Finance 0.75 Delta Corp Ltd. Hotels/Resorts and Other Recreational Activities 0.72 Punjab National Bank Banks 0.72 Performance ^ - Regular plan - Growth Option Since Inception 10 year Total Amount Invested (` 000) 1, , Mkt Value As on December 31, 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 # ## 5 year (`) 3 year 1 year # Dec 29, 17 Last 1 Year ,886 8,547 10,461 Dec 31, 15 Last 3 Years ,006 13,808 14,230 Dec 31, 13 Last 5 Years ,177 23,457 18,342 Jun 25, 07 Since Inception ,490 35,605 29,214 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 December 31, 2018 unless otherwise specified. Company Industry + / Rating % to NAV Oil India Ltd. Oil 0.66 Cummins India Ltd. Industrial Products 0.64 Symphony Ltd. Consumer Durables 0.57 Arvind Ltd. Textile Products 0.56 Bata India Ltd. Consumer Durables 0.54 Grindwell Norton Ltd. Industrial Products 0.50 Greenply Industries Ltd. Consumer Durables 0.49 Vesuvius India Ltd. Industrial Products 0.48 Thermax Ltd. Industrial Capital Goods 0.44 Gujarat Fluorochemicals Ltd. Industrial Capital Goods 0.42 Persistent Systems Ltd. Software 0.38 Mahindra Holidays & Resorts Ind Ltd. Hotels/Resorts & Other Recreational Activities 0.37 Vardhman Textiles Ltd. Textiles - Cotton 0.37 Strides Pharma Science Ltd. Pharmaceuticals 0.25 Dhanuka Agritech Ltd. Pesticides 0.23 Anveshan Heavy Engineering Ltd. Industrial Capital Goods 0.12 Aditya Birla Nuvo Ltd. Aurobindo Pharma Ltd. Sub Total Preference Shares Zee Entertainment Enterprises Ltd. Media & Entertainment 0.01 Sub Total 0.01 Total MONEY MARKET INSTRUMENTS Reliance Jio Infocomm Ltd. CRISIL - A Sub Total 1.14 Cash, Cash Equivalents and Net Current Assets 5.08 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 Media & Entertainment Construction Consumer Non Durables Industrial Capital Goods Transportation Oil Textile Products Textiles - Cotton Pesticides

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 of the will be realized. CATEGORY OF SCHEME: Small Cap Fund Fund Manager Chirag Setalvad (since June 28, 14) Total Experience: Over 21 years April 3, 2008 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, , Average for Month of December, , Portfolio Turnover Ratio (Last 1 year) 17.96% Risk Ratio Standard Deviation 5.201% Beta Sharpe Ratio* Computed for the 3-yr period ended December 31, Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR) Regular: 2.26% Direct: 0.71% #BENCHMARK INDEX: NIFTY Smallcap 100 (Total Index) ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) In respect of each purchase / switch-in of Units, an of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment. No is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. Normally despatched within 3-4 Business Days. Segment-wise break-up of equity holding (% of net assets) Large Cap 3.70% Mid Cap 10.18% Small Cap 72.14% 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 3.70 Niit Technologies Ltd Software 3.60 Chambal Fertilizers & Chemicals Ltd Fertilisers 3.14 Sharda Cropchem Ltd. Pesticides 2.73 Balkrishna Industries Ltd. Auto Ancillaries 2.61 Sonata Software Ltd. Software 2.58 NRB Bearing Ltd Industrial Products 2.53 KEC International Ltd. Construction Project 2.43 Indian Bank Banks 2.33 Great Eastern Shipping Company Ltd. Transportation 2.25 SKF India Ltd. Industrial Products 2.24 Vijaya Bank Banks 2.20 Firstsource Solutions Ltd Software 2.06 Vardhman Textiles Ltd. Textiles - Cotton 2.04 EIH Ltd. Hotels/Resorts & Other Recreational Activities 2.03 Finolex Industries Ltd. Industrial Products 1.99 Tata Metaliks Ltd. Ferrous Metals 1.99 T. V. Today Network Ltd. Media & Entertainment 1.96 Inox Leisure Ltd. Media & Entertainment 1.90 Atul Ltd. Chemicals 1.80 Gujarat Fluorochemicals Ltd. Industrial Capital Goods 1.80 Carborundum Universal Ltd. Industrial Products 1.61 Nilkamal Ltd. Industrial Products 1.54 Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 1.53 Kalpataru Power Transmission Ltd. Power 1.52 Power Mech Projects Ltd. Construction Project 1.45 KEI Industries Ltd. Industrial Products 1.40 Advanced Enzyme Technologies Ltd. Consumer Non Durables 1.28 Tube Investments of India Ltd. Auto Ancillaries 1.27 The Federal Bank Ltd. Banks 1.19 Orient Refractories Ltd. Industrial Products 1.17 Shaily Engineering Plastics Ltd. Industrial Products 1.05 Oriental Carbon & Chemicals Ltd. Chemicals 1.04 Mcleod Russel India Ltd. Consumer Non Durables 1.00 PNC Infratech Ltd. Construction 0.98 LG Balakrishnan & Bros Ltd. Auto Ancillaries 0.97 Repco Home Finance Ltd Finance 0.97 Redington (India) Ltd. Transportation 0.96 Oriental Bank of Commerce Banks 0.91 eclerx Services Ltd. Software 0.90 IFGL Refractories Ltd.(formarly known as IFGL Exports Ltd.) Industrial Products 0.90 Insecticides (India) Ltd. Pesticides 0.86 Vesuvius India Ltd. Industrial Products 0.82 Apar Industries Ltd. Industrial Capital Goods 0.79 Lemon Tree Hotels Ltd. Hotels/Resorts & Other Recreational Activities 0.75 Jagran Prakashan Ltd. Media & Entertainment 0.66 GNA Axles Ltd. Auto Ancillaries 0.63 Kirloskar Ferrous Industries Ltd Ferrous Metals 0.63 Greenlam Industries Ltd. Consumer Durables 0.61 Performance ^ - Regular plan - Growth Option Since Inception 10 year Total Amount Invested (` 000) 1, , Mkt Value As on December 31, 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 # ## 5 year (`) 3 year 1 year # Dec 29, 17 Last 1 Year ,196 7,177 10,461 Dec 31, 15 Last 3 Years ,579 11,741 14,230 Dec 31, 13 Last 5 Years ,116 19,960 18,342 Apr 03, 08 Since Inception ,536 20,020 25,911 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 December 31, 2018 unless otherwise specified. Company Industry + % to NAV Atul Auto Ltd. Auto 0.59 Gabriel India Ltd. Auto Ancillaries 0.49 TI Financial Holdings Ltd. Finance 0.49 Goodyear India Ltd. Auto Ancillaries 0.48 Allahabad Bank Banks 0.47 Sadbhav Engineering Ltd. Construction Project 0.46 Swaraj Engines Ltd. Industrial Products 0.38 Taj GVK Hotels & Resorts Ltd. Hotels/Resorts & Other Recreational Activities 0.37 Everest Industries Ltd. Cement 0.35 D B Corp Ltd. Media & Entertainment 0.32 V.S.T Tillers Tractors Ltd. Auto 0.28 Merck Ltd Pharmaceuticals 0.27 Banco Products (I) Ltd. Auto Ancillaries 0.24 Amber Enterprises India Ltd. Consumer Durables 0.22 CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.21 Unichem Laboratories Ltd. Pharmaceuticals 0.21 Titagarh Wagons Ltd. Industrial Capital Goods 0.20 Greenply Industries Ltd. Consumer Durables 0.19 Sarla Performance Fibers Ltd. Textiles - Synthetic 0.18 Time Technoplast Ltd. Industrial Products 0.17 Corporation Bank Banks 0.12 Yes Bank Ltd. Sub Total Cash margin Cash, Cash Equivalents and Net Current Assets Top Ten Less than 0.01% Industry Allocation of Equity Holding (% of Net Assets) Industrial Products Software 9.14 Banks 7.22 Auto Ancillaries 6.69 Media & Entertainment 4.84 Hotels, Resorts & Other Recreational Activities 4.68 Construction Project 4.34 Pharmaceuticals 4.18 Pesticides 3.59 Transportation 3.21 Fertilisers 3.14 Industrial Capital Goods 3.00 Chemicals 2.84 Ferrous Metals 2.62 Consumer Non Durables 2.28 Textiles - Cotton 2.04 Power 1.52 Finance 1.46 Consumer Durables 1.02 Construction 0.98 Auto 0.87 Cement 0.35 Textiles - Synthetic December

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 of the will be realized. CATEGORY OF SCHEME: Large & Mid Cap Fund Fund Manager Vinay Kulkarni (since June 28, 14) Total Experience: Over 29 years February 18, 1994 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, , Average for Month of December, , Portfolio Turnover Ratio (Last 1 year) 67.32% Risk Ratio Standard Deviation 4.373% Beta Sharpe Ratio* Computed for the 3-yr period ended December 31, Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR) Regular: 2.40% Direct: 2.25% #BENCHMARK INDEX: NIFTY Large Midcap 250 (Total Index) ##addl. BENCHMARK INDEX: S&P BSE Sensex (Total Index) In respect of each purchase / switch-in of Units, an of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment. No is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. Normally despatched within 3-4 Business Days. Segment-wise break-up of equity holding (% of net assets) Large Cap 56.18% Mid Cap 36.16% Small Cap 4.23% 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 10 December 2018 Investors understand that their principal will be at moderately high risk Company Industry + % to NAV Equity & Equity Related State Bank of India Banks 8.32 NTPC Ltd. Power 7.77 Infosys Ltd. Software 7.51 ICICI Bank Ltd. Banks 6.89 ITC Ltd. Consumer Non Durables 5.44 GAIL (India) Ltd. Gas 3.88 Reliance Industries Ltd. Petroleum Products 3.33 Bharat Petroleum Corporation Ltd. Petroleum Products 3.18 HDFC Bank Ltd. Banks 3.16 Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 2.67 Apollo Tyres Ltd. Auto Ancillaries 2.66 NHPC Ltd. Power 2.03 Max Financial Services Ltd. Finance 2.00 Tata Chemicals Ltd. Chemicals 1.94 Prestige Estates Projects Ltd. Construction 1.79 Tata Global Beverages Ltd. Consumer Non Durables 1.77 Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.73 Tata Motors Ltd.DVR Auto 1.73 Vedanta Ltd. Non - Ferrous Metals 1.70 Exide Industries Ltd. Auto Ancillaries 1.51 Divis Laboratories Ltd. Pharmaceuticals 1.49 Castrol India Ltd. Petroleum Products 1.44 Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.41 Hindustan Petroleum Corporation Ltd. Petroleum Products 1.38 Trent Ltd. Retailing 1.36 Oil India Ltd. Oil 1.33 Canara Bank Banks 1.27 Kajaria Ceramics Ltd. Construction 1.23 Info Edge (India) Ltd. Software 1.16 Engineers India Ltd. Construction Project 1.15 Indraprastha Gas Ltd. Gas 1.08 V-Guard Industries Ltd. Industrial Capital Goods 1.03 Solar Industries India Ltd. Chemicals 1.02 Gujarat State Petronet Ltd. Gas 1.00 Reliance Power Ltd Power 0.93 Mahanagar Gas Ltd. Gas 0.82 Power Grid Corporation of India Ltd Power 0.80 CESC Ltd. Power 0.75 Reliance Nippon Life Asset Management Ltd. Finance 0.67 Performance ^ - Regular plan - Growth Option $$ # ## (`) $$ # Dec 29, 17 Last 1 Year ,619 9,487 10,718 Dec 31, 15 Last 3 Years ,933 14,484 14,374 Dec 31, 13 Last 5 Years ,687 22,378 18,258 Feb 18, 94 Since Inception N.A ,855 N.A. 132,969 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 December 31, 2018 unless otherwise specified. Company Industry + % to NAV NBCC (India) Ltd. Construction 0.60 Dilip Buildcon Ltd. Construction 0.55 The Federal Bank Ltd. Banks 0.53 Shriram Transport Finance Company Ltd. Finance 0.50 Indian Bank Banks 0.45 NLC India Ltd. Power 0.42 Tata Steel Ltd. Ferrous Metals 0.42 GlaxoSmithkline Consumer Healthcare Consumer Non Durables 0.26 Larsen and Toubro Ltd. Construction Project 0.17 Larsen & Toubro Infotech Ltd. Software 0.13 TV18 Broadcast Ltd. Media & Entertainment 0.09 RP-SG Business Process Services Software 0.07 RP-SG Retail Ltd Retailing 0.07 Sub Total Cash, Cash Equivalents and Net Current Assets 3.41 Top Ten Holdings Industry Allocation of Equity Holding (% of Net Assets) Banks Power Petroleum Products 9.33 Software 8.87 Consumer Non Durables 7.47 Gas 6.78 Pharmaceuticals 4.63 Construction 4.17 Auto Ancillaries 4.17 Finance 3.17 Chemicals 2.96 Hotels, Resorts & Other Recreational Activities 2.67 Auto 1.73 Non - Ferrous Metals 1.70 Retailing 1.43 Oil 1.33 Construction Project 1.32 Industrial Capital Goods 1.03 Ferrous Metals 0.42 Media & Entertainment 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 December 31, 2018 (` 000) $$ 16, , , $$ # 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.

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 of the will be realized. CATEGORY OF SCHEME: Focused Fund Fund Manager Vinay Kulkarni (since November 21, 06) Total Experience: Over 29 years September 17, 2004 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, Average for Month of December, Portfolio Turnover Ratio (Last 1 year) 39.78% Risk Ratio Standard Deviation 5.109% Beta Sharpe Ratio* Computed for the 3-yr period ended December 31, Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR) Regular: 2.67% Direct: 1.85% #BENCHMARK INDEX: NIFTY 500 (Total Index) ##addl. BENCHMARK INDEX: S&P BSE Sensex (Total Index) In respect of each purchase / switch-in of Units, an of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment. No is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 7.78 State Bank of India Banks 7.50 ICICI Bank Ltd. Banks 7.45 HDFC Bank Ltd. Banks 7.41 NTPC Ltd. Power 6.97 ITC Ltd. Consumer Non Durables 5.73 Tata Steel Ltd. Ferrous Metals 5.11 Vedanta Ltd. Non - Ferrous Metals 4.28 NHPC Ltd. Power 4.17 Elecon Engineering Comapny Ltd. Industrial Capital Goods 3.59 Bharat Petroleum Corporation Ltd. Petroleum Products 3.52 Hindustan Petroleum Corporation Ltd. Petroleum Products 3.32 GAIL (India) Ltd. Gas 3.14 Titagarh Wagons Ltd. Industrial Capital Goods 3.12 KEC International Ltd. Construction Project 2.96 Kalpataru Power Transmission Ltd. Power 2.74 Bharat Electronics Ltd. Industrial Capital Goods 2.57 Gujarat Pipavav Port Ltd. Transportation 2.51 PNC Infratech Ltd. Construction 2.20 CESC Ltd. Power 2.04 Axis Bank Ltd. Banks 2.03 Tata Motors Ltd.DVR Auto 1.62 Coal India Ltd. Minerals/Mining 1.52 Transport Corporation of India Ltd. Transportation 1.26 Tata Motors Ltd. Auto 0.75 Performance ^ - Regular plan - Growth Option Since Inception 10 year 5 year 3 year 1 year Total Amount Invested (` 000) 1, , Mkt Value As on December 31, 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 # ## (`) # Dec 29, 17 Last 1 Year ,545 9,788 10,718 Dec 31, 15 Last 3 Years ,094 14,162 14,374 Dec 31, 13 Last 5 Years ,231 19,771 18,258 Sep 17, 04 Since Inception ,767 75,254 79,307 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 December 31, 2018 unless otherwise specified. Company Industry + / Rating % to NAV RP-SG Business Process Services Software 0.19 RP-SG Retail Ltd. Retailing 0.18 Sub Total Debt & Debt Related Credit Exposure Au Small Finance Bank Ltd. IND - AA Sub Total 0.88 Cash, Cash Equivalents and Net Current Assets 3.46 Top Ten Holdings Industry Allocation of Equity Holding (% of Net Assets) Banks Power Industrial Capital Goods 9.28 Software 7.97 Petroleum Products 6.84 Consumer Non Durables 5.73 Ferrous Metals 5.11 Non - Ferrous Metals 4.28 Transportation 3.77 Gas 3.14 Construction Project 2.96 Auto 2.37 Construction 2.20 Minerals/Mining 1.52 Retailing December

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 of the will be realized. CATEGORY OF SCHEME: Thematic Fund 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 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, Average for Month of December, Portfolio Turnover Ratio (Last 1 year) 19.72% Risk Ratio Standard Deviation 6.994% Beta Sharpe Ratio* Computed for the 3-yr period ended December 31, Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR) Regular: 2.48% Direct: 1.70% #BENCHMARK INDEX: NIFTY 500 (Total Index) ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) In respect of each purchase / switch-in of Units, an of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment. No is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 12 December 2018 Company Industry + % to NAV Equity & Equity Related ICICI Bank Ltd. Banks 8.66 State Bank of India Banks 8.54 Larsen and Toubro Ltd. Construction Project 8.33 JMC Projects (India) Ltd. Construction 4.76 CESC Ltd. Power 4.43 NTPC Ltd. Power 4.03 Bharat Petroleum Corporation Ltd. Petroleum Products 3.77 Bank of Baroda Banks 3.76 Texmaco Rail & Engineering Ltd Industrial Capital Goods 3.12 Coal India Ltd Minerals/Mining 2.92 Hindustan Construction Company Ltd. Construction Project 2.87 Canara Bank Banks 2.53 Premier Explosives Ltd. Chemicals 2.43 Gujarat Pipavav Port Ltd. Transportation 2.26 Rural Electrification Corporation Ltd. Finance 2.22 Dynamatic Technologies Ltd. Auto Ancillaries 2.16 Centum Electronics Ltd. Industrial Capital Goods 2.14 BEML Ltd. Industrial Capital Goods 2.12 Astra Microwave Products Ltd. Telecom - Equipment & Accessories 1.95 Power Finance Corporation Ltd Finance 1.88 Vedanta Ltd. Non - Ferrous Metals 1.86 Tata Steel Ltd. Ferrous Metals 1.75 Ashoka Buildcon Ltd. Construction Project 1.72 Dilip Buildcon Ltd. Construction 1.69 J.Kumar Infraprojects Ltd. Construction 1.69 Simplex Infrastructures Ltd. Construction 1.32 Ircon International Ltd. Construction Project 1.26 RITES Ltd. Construction Project 1.24 CG Power and Industrial Solutions Ltd. Industrial Capital Goods 1.23 Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav Engineering Ltd.) Construction Project 1.16 B L Kashyap & Sons Ltd. Construction 1.14 Punjab National Bank Banks 1.09 Gujarat State Petronet Ltd. Gas 1.05 Performance ^ - Regular plan - Growth Option Since Inception 10 year Total Amount Invested (` 000) 1, , Mkt Value As on December 31, 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 # ## 5 year (`) 3 year 1 year # Dec 29, 17 Last 1 Year ,115 9,788 10,461 Dec 31, 15 Last 3 Years ,982 14,162 14,230 Dec 31, 13 Last 5 Years ,921 19,771 18,342 Mar 10, 08 Since Inception ,933 26,519 25,760 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 December 31, 2018 unless otherwise specified. Company Industry + % to NAV Siemens Ltd. Industrial Capital Goods 1.05 MEP Infrastructure Developers Ltd. Transportation 0.83 Ambuja Cements Ltd. Cement 0.76 Corporation Bank Banks 0.56 RP-SG Business Process Services Software 0.41 Elecon Engineering Comapny Ltd. Industrial Capital Goods 0.40 RP-SG Retail Ltd Retailing 0.38 Transformers & Rectifiers India Ltd Industrial Capital Goods 0.29 Oriental Bank of Commerce Banks 0.27 Easun Reyrolle Ltd. Industrial Capital Goods 0.01 Grasim Industries Ltd. Sub Total Cash, Cash Equivalents and Net Current Assets 1.96 Top Ten Less than 0.01% Industry Allocation of Equity Holding (% of Net Assets) Banks Construction Project Construction Industrial Capital Goods Power 8.46 Finance 4.10 Petroleum Products 3.77 Transportation 3.09 Minerals/Mining 2.92 Chemicals 2.43 Auto Ancillaries 2.16 Telecom - Equipment & Accessories 1.95 Non - Ferrous Metals 1.86 Ferrous Metals 1.75 Gas 1.05 Cement 0.76 Software 0.41 Retailing

13 HDFC Balanced Advantage Fund (An open ended balanced advantage fund) To provide long term capital appreciation / income from a dynamic mix of equity and debt investments. There is no assurance that the of the will be realized. CATEGORY OF SCHEME: Balanced Advantage Fund Fund Manager Prashant Jain (since June 20, 03) Total Experience: Over 27 years Inception Date February 01, 1994 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, , Average for Month of December, , Portfolio Turnover Ratio 17.21% Average Maturity * 3.02 years Macaulay Duration * 2.67 years Modified Duration * 2.44 years Yield to Maturity * 9.32% * Computed on the invested amount for debt portfolio. Regular: 2.14% Direct: 1.19% #BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 65:35 Index ##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 is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 9.03 State Bank of India Banks 8.54 Infosys Ltd. Software 7.89 Larsen and Toubro Ltd. Construction Project 7.29 Power Grid Corporation of India Ltd. Power 3.63 NTPC Ltd. Power 3.51 Reliance Industries Ltd. Petroleum Products 3.06 Power Finance Corporation Ltd. Finance 2.52 Coal India Ltd. Minerals/Mining 2.51 GAIL (India) Ltd. Gas 2.40 ITC Ltd. Consumer Non Durables 2.27 Tata Steel Ltd. Ferrous Metals 1.96 Axis Bank Ltd. Banks 1.80 Bharat Petroleum Corporation Ltd. Petroleum Products 1.80 Aurobindo Pharma Ltd. Pharmaceuticals 1.63 HDFC Bank Ltd. Banks 1.62 Rural Electrification Corporation Ltd. Finance 1.48 Hindustan Petroleum Corporation Ltd. Petroleum Products 1.32 Tata Chemicals Ltd. Chemicals 1.18 Vedanta Ltd. Non - Ferrous Metals 1.05 Punjab National Bank Banks 0.98 Cipla Ltd. Pharmaceuticals 0.96 Solar Industries India Ltd. Chemicals 0.90 Bank of Baroda Banks 0.89 Just Dial Ltd. Software 0.79 Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.76 Canara Bank Banks 0.71 Tata Consultancy Services Ltd. Software 0.65 Gujarat Pipavav Port Ltd. Transportation 0.60 NHPC Ltd. Power 0.58 Apollo Tyres Ltd. Auto Ancillaries 0.55 Siemens Ltd. Industrial Capital Goods 0.49 ABB India Ltd. Industrial Capital Goods 0.39 Apar Industries Ltd. Industrial Capital Goods 0.39 Ashoka Buildcon Ltd. Construction Project 0.39 Container Corporation of India Ltd. Transportation 0.39 CESC Ltd. Power 0.38 Company Industry + / Rating % to NAV Savita Oil Technologies Ltd. Petroleum Products 0.38 Mishra Dhatu Nigam Ltd. Ferrous Metals 0.31 BEML Ltd. Industrial Capital Goods 0.30 Time Technoplast Ltd. Industrial Products 0.25 Union Bank of India Banks 0.25 Vijaya Bank Banks 0.24 Matrimony.com Ltd. Services 0.23 Orient Cement Ltd. Cement 0.23 Steel Authority of India Ltd. Ferrous Metals 0.23 Avenue Supermarts Ltd. Retailing 0.20 Cochin Shipyard Ltd. Industrial Capital Goods 0.18 RITES Ltd. Construction Project 0.18 Kirloskar Pneumatic Ltd. Industrial Products 0.15 Oriental Bank of Commerce Banks 0.15 Corporation Bank Banks 0.14 Dynamatic Technologies Ltd. Auto Ancillaries 0.14 Future Supply Chain Solutions Ltd. Transportation 0.14 Gujarat Industries Power Company Ltd. Power 0.14 Reliance Nippon Life Asset Management Ltd. Finance 0.14 S Chand and Company Ltd. Media & Entertainment 0.14 JMC Projects (India) Ltd. Construction 0.13 Titagarh Wagons Ltd. Industrial Capital Goods 0.13 CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.11 Garden Reach Shipbuilders & Engineers Ltd. Aerospace & Defence 0.10 MEP Infrastructure Developers Ltd. Transportation 0.10 Sagar Cements Ltd. Cement 0.10 Texmaco Rail & Engineering Ltd. Industrial Capital Goods 0.09 Elecon Engineering Comapny Ltd. Industrial Capital Goods 0.07 J.Kumar Infraprojects Ltd. Construction 0.07 Hindustan Construction Company Ltd. Construction Project 0.06 Ramco Systems Ltd. Software 0.06 Syndicate Bank Banks 0.06 Centum Electronics Ltd. Industrial Capital Goods 0.04 RP-SG Business Process Services Software 0.04 RP-SG Retail Ltd. Retailing 0.03 Allahabad Bank Banks 0.02 Sub Total 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 December 31, 2018 unless otherwise specified....contd on next page December

14 HDFC Balanced Advantage Fund...Contd from previous page (An open ended balanced advantage fund) Industry Allocation of Equity Holding (% of Net Assets) Banks Software 9.43 Power 8.24 Construction Project 7.92 Petroleum Products 6.56 Finance 4.14 Pharmaceuticals 2.59 Minerals/Mining 2.51 Ferrous Metals 2.50 Gas 2.40 Consumer Non Durables 2.27 Industrial Capital Goods 2.19 Chemicals 2.08 Transportation 1.23 Non - Ferrous Metals 1.05 Fertilisers 0.76 Auto Ancillaries 0.69 Industrial Products 0.40 Cement 0.33 Services 0.23 Retailing 0.23 Construction 0.20 Media & Entertainment 0.14 Aerospace & Defence Company Industry + / Rating % to NAV Debt & Debt Related Credit Exposure State Bank of India CARE - AA+ / CRISIL - AA Tata Sons Ltd. CRISIL - AAA 3.46 HDFC Bank Ltd. CARE - AA Canara Bank CRISIL - AA 1.69 ICICI Bank Ltd. ICRA - AA Punjab National Bank CRISIL - AA Union Bank of India CARE - AA Axis Bank Ltd. CRISIL - AA Company Industry + / Rating % to NAV Syndicate Bank CARE - A Andhra Bank CARE - A Sub Total MUTUAL FUND UNITS HDFC Sensex Exchange Traded Fund 0.03 Sub Total 0.03 Cash margin 0.03 Cash, Cash Equivalents and Net Current Assets 1.61 Top Ten Holdings Portfolio Classification By Asset Class Equity Credit Exposure Mutual Fund Units 0.03 Cash, Cash Equivalents and Net Current Assets 1.64 Portfolio Classification By Rating Class Equity AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 3.46 AA AA/AA A+ & Below 0.38 Mutual Fund Units 0.03 Cash, Cash Equivalents and Net Current Assets 1.64 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 December 31, 2018 (` 000) $$ 56, , , $$ # 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. 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 $$ # ## (`) $$ # Dec 29, 17 Last 1 Year ,693 10,526 10,461 Dec 31, 15 Last 3 Years ,563 13,649 14,230 Dec 31, 13 Last 5 Years ,643 17,369 18,342 Feb 01, 94 Since Inception N.A. N.A. 698,127 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 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. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified. 14 December 2018

15 HDFC Hybrid Equity Fund (An open ended hybrid scheme investing predominantly in equity and equity related instruments) The 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 of the will be realized. CATEGORY OF SCHEME: Aggressive Hybrid Fund Fund Manager Chirag Setalvad (since April 2, 07) Total Experience: Over 21 years Inception Date September 11, 2000 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, , Average for Month of December, , Portfolio Turnover Ratio (Last 1 year) 7.74% Average Maturity * 3.17 years Macaulay Duration * 2.66 years Modified Duration * 2.49 years Yield to Maturity * 8.13% * Computed on the invested amount for debt portfolio. Regular: 2.07% Direct: 1.13% #BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 65:35 Index ##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 is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. Normally despatched within 3-4 Business Days. SEGMENT-WISE BREAK-UP OF EQUITY HOLDINGS (% of net assets) Large Cap 48.51% Mid Cap 7.35% Small Cap 12.78% 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 7.19 Infosys Ltd. Software 4.26 Housing Development Finance Corporation Ltd. Finance 4.14 ICICI Bank Ltd. Banks 3.86 Larsen and Toubro Ltd. Construction Project 3.30 ITC Ltd. Consumer Non Durables 3.24 Aurobindo Pharma Ltd. Pharmaceuticals 2.26 Axis Bank Ltd. Banks 2.12 Reliance Industries Ltd. Petroleum Products 2.02 State Bank of India Banks 1.86 Aarti Industries Ltd. Chemicals 1.52 Voltas Ltd. Construction Project 1.50 Indusind Bank Ltd. Banks 1.48 SKF India Ltd. Industrial Products 1.41 Power Grid Corporation of India Ltd. Power 1.40 UPL Ltd. Pesticides 1.28 Tata Steel Ltd. Ferrous Metals 1.19 KEC International Ltd. Construction Project 1.10 Hindustan Petroleum Corporation Ltd. Petroleum Products 1.06 Petronet LNG Ltd. Gas 1.06 The Federal Bank Ltd. Banks 1.04 Bharat Electronics Ltd. Industrial Capital Goods 1.03 Balkrishna Industries Ltd. Auto Ancillaries 0.99 Bank of Baroda Banks 0.98 Vedanta Ltd. Non - Ferrous Metals 0.97 TI Financial Holdings Ltd. Finance 0.94 Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 0.93 Atul Ltd. Chemicals 0.92 Hero MotoCorp Ltd. Auto 0.83 Bharti Airtel Ltd. Telecom - Services 0.71 Tube Investments of India Ltd. Auto Ancillaries 0.67 YES Bank Ltd. Banks 0.58 Bharat Petroleum Corporation Ltd. Petroleum Products 0.57 NIIT Technologies Ltd. Software 0.57 Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.57 Mahindra Holidays & Resorts Ind Ltd. Hotels/Resorts & Other Recreational Activities 0.56 Edelweiss Financial Services Ltd. Finance 0.55 Hexaware Technologies Ltd. Software 0.54 Tata Consultancy Services Ltd. Software 0.54 Sadbhav Engineering Ltd. Construction Project 0.51 PNC Infratech Ltd. Construction 0.49 Company Industry + / Rating % to NAV Tamilnadu Newsprint & Papers Ltd. Paper 0.48 Vardhman Textiles Ltd. Textiles - Cotton 0.43 VST Industries Ltd. Consumer Non Durables 0.41 Allahabad Bank Banks 0.36 Zensar Technologies Ltd. Software 0.36 Ipca Laboratories Ltd. Pharmaceuticals 0.34 Redington (India) Ltd. Transportation 0.33 Sharda Cropchem Ltd. Pesticides 0.32 Carborundum Universal Ltd. Industrial Products 0.29 ICICI Securities Ltd. Finance 0.29 Oil & Natural Gas Corporation Ltd. Oil 0.29 Kalpataru Power Transmission Ltd. Power 0.28 Tata Motors Ltd.DVR Auto 0.28 Jagran Prakashan Ltd. Media & Entertainment 0.26 MM Forgings Ltd. Industrial Products 0.18 Kaveri Seed Company Ltd. Consumer Non Durables 0.17 Rallis India Ltd. Pesticides 0.17 Navneet Education Ltd. Media & Entertainment 0.14 Persistent Systems Ltd. Software 0.13 Greenply Industries Ltd. Consumer Durables 0.11 IFB Industries Ltd. Consumer Durables 0.11 Atul Auto Ltd. Auto 0.08 Insecticides (India) Ltd. Pesticides 0.05 J.Kumar Infraprojects Ltd. Construction 0.03 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 2022 Sovereign GOI 2023 Sovereign GOI 2023 Sovereign GOI 2024 Sovereign GOI 2028 Sovereign GOI 2022 Sovereign GOI 2020 Sovereign GOI 2020 Sovereign GOI 2020 Sovereign GOI 2045 Sovereign GOI 2022 Sovereign 0.01 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 December 31, 2018 unless otherwise specified. December

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 Construction Project 6.41 Software 6.40 Finance 5.92 Consumer Non Durables 3.82 Petroleum Products 3.65 Pharmaceuticals 3.17 Chemicals 2.44 Industrial Products 1.88 Pesticides 1.82 Power 1.68 Auto Ancillaries 1.66 Hotels, Resorts & Other Recreational Activities 1.49 Ferrous Metals 1.19 Auto 1.19 Gas 1.06 Industrial Capital Goods 1.03 Non - Ferrous Metals 0.97 Telecom - Services 0.71 Construction 0.52 Paper 0.48 Textiles - Cotton 0.43 Media & Entertainment 0.40 Transportation 0.33 Oil 0.29 Consumer Durables Company Industry + / Rating % to NAV Sub Total 8.01 Credit Exposure Tata Sons Ltd. CRISIL - AAA 4.39 LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 2.33 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 1.38 Housing Development Finance Corporation Ltd. CRISIL - AAA 1.29 L&T Finance Ltd. CARE - AAA 1.17 ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 0.91 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 CRISIL - AA Cholamandalam Investment & Finance Company Ltd. ICRA - AA HDFC Bank Ltd. CRISIL - AAA 0.22 Company Industry + / Rating % to NAV State Bank of India CRISIL - AA M&M 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 Exchange Traded Fund 0.66 Sub Total 0.66 Cash, Cash Equivalents and Net Current Assets 1.75 Top Ten Holdings, Co-sponsor Portfolio Classification by Asset Class Equity G-Sec 8.01 Credit Exposure Mutual Fund Units 0.66 Cash, Cash Equivalents and Net Current Assets 1.75 Portfolio Classification by rating Class Equity Sovereign 8.01 AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA AA/AA A+ & Below 0.36 Mutual Fund Units 0.66 Cash, Cash Equivalents and Net 1.75 Current Assets PRODUCT LABELLING 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 16 December 2018 Performance ^ - Regular plan - Growth Option Since Inception 15 year 10 year Total Amount Invested (` 000) 2, , , Mkt Value As on December 31, 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 # ## (`) 5 year 3 year 1 year # Dec 29, 17 Last 1 Year ,722 10,526 10,461 Dec 31, 15 Last 3 Years ,599 13,649 14,230 Dec 31, 13 Last 5 Years ,216 17,369 18,342 Sep 11, 00 Since Inception N.A ,159 N.A. 96,444 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 December 31, 2018 unless otherwise specified.

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 of the will be realized. CATEGORY OF SCHEME: Multi Asset Allocation Fund Fund Manager Chirag Setalvad (Equities) (since April 2, 07) Total Experience - Over 21 years & Anil Bamboli (Debt) (since August 17, 05) Total Experience: Over 23 years Krishan Kumar Daga (Gold) (since May 23, 18) Total Experience: Over 22 years August 17, 2005 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, Average for Month of December, Portfolio Turnover Ratio % Regular: 3.00% Direct: 2.25% #BENCHMARK INDEX: 90% NIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold ##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 from the date of allotment. Any redemption in excess of the above limit shall be subject to the following exit load: t of 1.00% is payable if units are redeemed / switched out within 12 months from the date of allotment. No is payable if units are redeemed / switched out after 12 months from the date of allotment. For further details, please refer to para on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 Performance ^ - Regular plan - Growth Option Since Inception 10 year 5 Year 3 Year 1 Year Total Amount Invested (` 000) 1, , Mkt Value As on December 31, 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 # ## (`) # Dec 29, 17 Last 1 Year ,811 10,562 10,461 Dec 31, 15 Last 3 Years ,948 13,590 14,230 Dec 31, 13 Last 5 Years ,061 16,828 18,342 Aug 17, 05 Since Inception 8.74 N.A ,686 N.A. 53,314 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. Portfolio Classification By Asset Class Equity Credit Exposure 8.05 Gold 9.15 Cash, Cash Equivalents and Net Current Assets 8.09 Industry Allocation of Equity Holding (% of Net Assets) Banks Software Petroleum Products Industrial Products Auto Ancillaries Chemicals Construction Project Finance Consumer Non Durables Auto Pharmaceuticals Pesticides Industrial Capital Goods Transportation Consumer Durables Media & Entertainment Power Paper Telecom - Services Ferrous Metals Non - Ferrous Metals Gas Portfolio Classification By Rating Class Equity AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 8.05 Gold 9.15 Cash, Cash Equivalents and Net Current Assets 8.09 Investors understand that their principal will be at moderately high risk Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified. December

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 and Toubro Ltd. Construction Project State Bank of India Banks NIIT Technologies Ltd. Software Ashok Leyland Ltd. Auto ITC Ltd. Consumer Non Durables ICICI Bank Ltd. Banks Shaily Engineering Plastics Ltd. Industrial Products Aarti Industries Ltd. Chemicals KEC International Ltd. Construction Project Reliance Infrastructure Ltd. Power Tata Consultancy Services Ltd. Software Sonata Software Ltd. Software Gabriel India Ltd. Auto Ancillaries Sharda Cropchem Ltd. Pesticides Bharat Petroleum Corporation Ltd. Petroleum Products Firstsource Solutions Ltd. Software Tata Motors Ltd. DVR Auto Redington (India) Ltd. Transportation Carborundum Universal Ltd. Industrial Products Sundram Fasteners Ltd. Auto Ancillaries Torrent Pharmaceuticals Ltd. Pharmaceuticals Hindustan Petroleum Corporation Ltd. Petroleum Products Axis Bank Ltd. Banks Balkrishna Industries Ltd. Auto Ancillaries Timken India Ltd. Industrial Products VST Industries Ltd. Consumer Non Durables Greenply Industries Ltd. Consumer Durables Indusind Bank Ltd. Banks Hero MotoCorp Ltd. Auto Savita Oil Technologies Ltd. Petroleum Products Company Industry + / Rating % to NAV (Hedged & Unhedged) % exposure of Derivative Vesuvius India Ltd. Industrial Products Gujarat Fluorochemicals Ltd. Industrial Capital Goods Ipca Laboratories Ltd. Pharmaceuticals Banco Products (I) Ltd. Auto Ancillaries Apar Industries Ltd. Industrial Capital Goods Suprajit Engineering Ltd. Auto Ancillaries Rural Electrification Corporation Ltd. Finance Jagran Prakashan Ltd. Media & Entertainment Power Grid Corporation of India Ltd. Power Tamilnadu Newsprint & Papers Ltd. Paper Bharti Airtel Ltd. Telecom - Services Tata Steel Ltd. Ferrous Metals Vedanta Ltd. Non - Ferrous Metals Union Bank of India Banks GAIL (India) Ltd. Gas Tata Motors Ltd. Auto UPL Ltd. Pesticides Sub Total DEBT & DEBT RELATED Credit Exposure Kotak Mahindra Prime Ltd. CRISIL - AAA 8.05 Sub Total 8.05 Gold Gold Bar 1 Kg (0.995 purity) NA - NA 9.15 Sub Total 9.15 Total MUTUAL FUND UNITS HDFC Gold Exchange Traded Fund 2.13 Sub Total 2.13 Cash, Cash Equivalents and Net Current Assets 5.96 Top Ten Holdings, Co-sponsor Outstanding exposure in derivative instruments (` in Crore) 6.47 Hedged position in Equity & Equity related instruments Outstanding derivative exposure (% age) 4.34 Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified. 18 December 2018

19 HDFC NIFTY 50 ETF (An open ended scheme replicating / tracking NIFTY 50 index) The 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 of the will be realized. CATEGORY OF SCHEME: Exchange Traded Fund Fund Manager Krishan Kumar Daga (since December 09, 15) Total Experience: Over 22 years December 09, 2015 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Growth Option 1, j As on December 31, Average for Month of December, Portfolio Turnover Ratio (Last 1 year) 10.31% tracking ERROR Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.05% HDFC NIFTY 50 ETF 0.05% #BENCHMARK INDEX: NIFTY 50 (Total Index) ##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 on Pg 51. HDFC NIFTY 50 ETF. Presently the does not offer any Plans / Options for investment (Under each Plan / Option) Authorised Participants / Large Investors: Application for subscription of HNETF Units in Creation Unit Size can be made either: (i) in exchange of the Portfolio Deposit; or (ii) by depositing basket of securities comprising NIFTY 50 Index Each Creation Unit Size will consist of 4,000 Units of HNETF and 1 Unit of HNETF will be approximately equal to 1/10th of the value of NIFTY 50 Index. Other investors (including Authorised Participants and Large Investors): Units of HNETF can be subscribed (in lots of 1 Unit) during the trading hours on all trading days on the NSE and BSE on which the Units will be listed. Company Industry + % to NAV Equity & Equity Related HDFC Bank Ltd. Banks Reliance Industries Ltd. Petroleum Products 8.83 Housing Development Finance Corporation Ltd. Finance 7.46 Infosys Ltd. Software 5.76 ITC Ltd. Consumer Non Durables 5.55 ICICI Bank Ltd. Banks 5.33 Tata Consultancy Services Ltd. Software 4.57 Larsen and Toubro Ltd. Construction Project 4.08 Kotak Mahindra Bank Ltd. Banks 3.86 Hindustan Unilever Ltd. Consumer Non Durables 2.99 State Bank of India Banks 2.55 Axis Bank Ltd. Banks 2.53 Maruti Suzuki India Ltd. Auto 2.28 Indusind Bank Ltd. Banks 1.88 Mahindra & Mahindra Ltd. Auto 1.72 Bajaj Finance Ltd. Finance 1.44 Asian Paints Ltd. Consumer Non Durables 1.42 HCL Technologies Ltd. Software 1.24 NTPC Ltd. Power 1.16 Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.09 Oil & Natural Gas Corporation Ltd. Oil 1.06 Power Grid Corporation of India Ltd. Power 1.05 Tech Mahindra Ltd. Software 1.04 UltraTech Cement Ltd. Cement 0.96 Bharti Airtel Ltd. Telecom - Services 0.95 Coal India Ltd. Minerals/Mining 0.93 Hero MotoCorp Ltd. Auto 0.93 Bajaj Finserv Ltd. Finance 0.90 Tata Steel Ltd. Ferrous Metals 0.90 Titan Company Ltd. Consumer Durables 0.89 Vedanta Ltd. Non - Ferrous Metals 0.86 Wipro Ltd. Software 0.86 Bajaj Auto Ltd. Auto 0.85 Indian Oil Corporation Ltd. Petroleum Products 0.77 Yes Bank Ltd. Banks 0.77 Hindalco Industries Ltd. Non - Ferrous Metals 0.76 GAIL (India) Ltd. Gas 0.75 Company Industry + % to NAV Grasim Industries Ltd. Cement 0.75 Dr Reddys Laboratories Ltd. Pharmaceuticals 0.73 Eicher Motors Ltd. Auto 0.73 JSW Steel Ltd. Ferrous Metals 0.72 Tata Motors Ltd. Auto 0.72 Adani Ports & Special Economic Zone Transportation 0.70 Bharat Petroleum Corporation Ltd. Petroleum Products 0.67 Indiabulls Housing Finance Ltd. Finance 0.65 UPL Ltd. Pesticides 0.64 Cipla Ltd. Pharmaceuticals 0.61 Zee Entertainment Enterprises Ltd. Media & Entertainment 0.61 Bharti Infratel Ltd. Telecom - Equipment & Accessories 0.51 Hindustan Petroleum Corporation Ltd. Petroleum Products 0.43 Sub Total Cash, Cash Equivalents and Net Current Assets 0.08 Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Banks Software Petroleum Products Finance Consumer Non Durables 9.96 Auto 7.23 Construction Project 4.08 Pharmaceuticals 2.43 Power 2.21 Cement 1.71 Non - Ferrous Metals 1.62 Ferrous Metals 1.62 Oil 1.06 Telecom - Services 0.95 Minerals/Mining 0.93 Consumer Durables 0.89 Gas 0.75 Transportation 0.70 Pesticides 0.64 Media & Entertainment 0.61 Telecom - Equipment & Accessories 0.51 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 December 31, 2018 unless otherwise specified. ## (`) # Dec 29, 17 Last 1 Year ,460 10,461 10,718 Dec 31, 15 Last 3 Years ,195 14,230 14,374 Dec 09, 15 Since Inception ,792 14,854 14,995 are compounded annualized (CAGR). * The does not offer any Plans/Options. The is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Krishan Kumar Daga, please refer page 51. December

20 HDFC Index Fund - NIFTY 50 Plan (An open ended scheme replicating / tracking NIFTY 50 index) The 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 of the will be realized. CATEGORY OF SCHEME: Index Fund Fund Manager Krishan Kumar Daga (since October 19, 15) Total Experience: Over 22 years July 17, 2002 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Direct Plan - Growth Option As on December 31, Average for Month of December, Portfolio Turnover Ratio (Last 1 year) 39.54% tracking ERROR Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.11% Regular: 0.30% Direct: 0.10% #BENCHMARK INDEX: NIFTY 50 (Total Index) ##addl. BENCHMARK INDEX: S&P BSE SENSEX (Total Index) In respect of each purchase / switch-in of Units, an 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 on Pg 51. Regular Plan, Direct Plan. Each Plan offers Growth Option only. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 20 December 2018 Company Industry + % to NAV Equity & Equity Related HDFC Bank Ltd. Banks Reliance Industries Ltd. Petroleum Products 8.85 Housing Development Finance Corporation Ltd. Finance 7.48 Infosys Ltd. Software 5.78 ITC Ltd. Consumer Non Durables 5.57 ICICI Bank Ltd. Banks 5.35 Tata Consultancy Services Ltd. Software 4.59 Larsen and Toubro Ltd. Construction Project 4.09 Kotak Mahindra Bank Ltd. Banks 3.87 Hindustan Unilever Ltd. Consumer Non Durables 3.00 State Bank of India Banks 2.56 Axis Bank Ltd. Banks 2.54 Maruti Suzuki India Ltd. Auto 2.29 Indusind Bank Ltd. Banks 1.89 Mahindra & Mahindra Ltd. Auto 1.73 Bajaj Finance Ltd. Finance 1.45 Asian Paints Ltd. Consumer Non Durables 1.43 HCL Technologies Ltd. Software 1.24 NTPC Ltd. Power 1.16 Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.10 Oil & Natural Gas Corporation Ltd. Oil 1.07 Power Grid Corporation of India Ltd. Power 1.05 Tech Mahindra Ltd. Software 1.05 UltraTech Cement Ltd. Cement 0.96 Bharti Airtel Ltd. Telecom - Services 0.95 Coal India Ltd. Minerals/Mining 0.93 Hero MotoCorp Ltd. Auto 0.93 Tata Steel Ltd. Ferrous Metals 0.91 Bajaj Finserv Ltd. Finance 0.90 Titan Company Ltd. Consumer Durables 0.90 Vedanta Ltd. Non - Ferrous Metals 0.87 Wipro Ltd. Software 0.86 Bajaj Auto Ltd. Auto 0.85 YES Bank Ltd. Banks 0.78 Indian Oil Corporation Ltd. Petroleum Products 0.77 Hindalco Industries Ltd. Non - Ferrous Metals 0.76 GAIL (India) Ltd. Gas 0.75 Grasim Industries Ltd. Cement 0.75 Eicher Motors Ltd. Auto 0.74 Performance ^ - Regular plan - Growth Option Since Inception Company Industry + % to NAV Dr Reddys Laboratories Ltd. Pharmaceuticals 0.73 JSW Steel Ltd. Ferrous Metals 0.72 Tata Motors Ltd. Auto 0.72 Adani Ports & Special Economic Zone Transportation 0.70 Bharat Petroleum Corporation Ltd. Petroleum Products 0.67 Indiabulls Housing Finance Ltd. Finance 0.66 UPL Ltd. Pesticides 0.64 Cipla Ltd. Pharmaceuticals 0.61 Zee Entertainment Enterprises Ltd. Media & Entertainment 0.61 Bharti Infratel Ltd. Telecom - Equipment & Accessories 0.51 Hindustan Petroleum Corporation Ltd. Petroleum Products 0.44 Sub Total Cash, Cash Equivalents and Net Current Assets Top Ten Holdings, Co-sponsor 15 year 10 year Total Amount Invested (` 000) 1, , , Mkt Value As on December 31, 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 # ## (`) 5 year 3 year 1 year # Dec 29, 17 Last 1 Year ,429 10,461 10,718 Dec 31, 15 Last 3 Years ,020 14,230 14,374 Dec 31, 13 Last 5 Years ,960 18,342 18,258 Jul 17, 02 Since Inception , , ,918 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 December 31, 2018 unless otherwise specified. Industry Allocation of Equity Holding (% of Net Assets) Banks Software Petroleum Products Finance Consumer Non Durables Auto 7.26 Construction Project 4.09 Pharmaceuticals 2.44 Power 2.21 Cement 1.71 Non - Ferrous Metals 1.63 Ferrous Metals 1.63 Oil 1.07 Telecom - Services 0.95 Minerals/Mining 0.93 Consumer Durables 0.90 Gas 0.75 Transportation 0.70 Pesticides 0.64 Media & Entertainment 0.61 Telecom - Equipment & Accessories

21 HDFC SENSEX ETF The 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 of the will be realized. CATEGORY OF SCHEME: Exchange Traded Fund Fund Manager Krishan Kumar Daga (since December 09, 15) Total Experience: Over 22 years December 09, 2015 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Growth Option 3, j As on December 31, Average for Month of December, Portfolio Turnover Ratio (Last 1 year) 93.62% tracking ERROR Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.03% HDFC Sensex ETF 0.05% #BENCHMARK INDEX: S&P BSE SENSEX (Total Index) ##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 on Pg 51. HDFC SENSEX ETF. Presently the does not offer any Plans / Options for investment (Under each Plan / Option) Authorised Participants / Large Investors: Application for subscription of HSXETF Units in Creation Unit Size can be made either: (i) in exchange of the Portfolio Deposit; or (ii) by depositing basket of securities comprising S&P BSE SENSEX 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. (An open ended scheme replicating / tracking S&P BSE SENSEX index) Company Industry + % to NAV Equity & Equity Related HDFC Bank Ltd. Banks Reliance Industries Ltd. Petroleum Products 9.88 Housing Development Finance Corporation Ltd. Finance 9.24 Infosys Ltd. Software 6.85 ITC Ltd. Consumer Non Durables 6.55 ICICI Bank Ltd. Banks 6.30 Tata Consultancy Services Ltd. Software 5.43 Larsen and Toubro Ltd. Construction Project 4.78 Kotak Mahindra Bank Ltd. Banks 4.04 Hindustan Unilever Ltd. Consumer Non Durables 3.54 State Bank of India Banks 3.03 Axis Bank Ltd. Banks 2.99 Maruti Suzuki India Ltd. Auto 2.71 Indusind Bank Ltd. Banks 2.20 Mahindra & Mahindra Ltd. Auto 2.04 Bajaj Finance Ltd. Finance 1.70 Asian Paints Ltd. Consumer Non Durables 1.69 HCL Technologies Ltd. Software 1.46 NTPC Ltd. Power 1.27 Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.27 Power Grid Corporation of India Ltd. Power 1.25 Oil & Natural Gas Corporation Ltd. Oil 1.16 Bharti Airtel Ltd. Telecom - Services 1.13 Hero MotoCorp Ltd. Auto 1.10 Tata Steel Ltd. Ferrous Metals 1.09 Company Industry + % to NAV Vedanta Ltd. Non - Ferrous Metals 1.03 Bajaj Auto Ltd. Auto 1.01 Yes Bank Ltd. Banks 0.92 Coal India Ltd. Minerals/Mining 0.90 Tata Motors Ltd. Auto 0.86 Tata Motors Ltd.DVR Auto 0.13 Sub Total Cash, Cash Equivalents and Net Current Assets 0.01 Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Banks Software Consumer Non Durables Finance Petroleum Products j Includes investments made by the schemes of HDFC Mutual Fund aggregating to Rs Crores Auto Construction Project Power Pharmaceuticals Oil Telecom - Services Ferrous Metals Non - Ferrous Metals Minerals/Mining 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 December 31, 2018 unless otherwise specified. (`) # Dec 29, 17 Last 1 Year ,713 10,718 10,461 Dec 31, 15 Last 3 Years ,410 14,374 14,230 Dec 09, 15 Since Inception ,000 14,995 14,854 are compounded annualized (CAGR). * The does not offer any Plans/Options. The is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Krishan Kumar Daga, please refer page 51. December

22 HDFC Index Fund - SENSEX Plan (An open ended scheme replicating / tracking S&P BSE SENSEX index) The 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 of the will be realized. CATEGORY OF SCHEME: Index Fund Fund Manager Krishan Kumar Daga (since October 19, 15) Total Experience: Over 22 years July 17, 2002 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Direct Plan - Growth Option As on December 31, Average for Month of December, Portfolio Turnover Ratio (Last 1 year) 18.60% tracking ERROR Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.11% Regular: 0.30% Direct: 0.10% #BENCHMARK INDEX: S&P BSE Sensex (Total Index) ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) In respect of each purchase / switch-in of Units, an 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 on Pg 51. Regular Plan, Direct Plan. Each Plan offers Growth Option only. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. Normally despatched within 3-4 Business Days. 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 Company Industry + % to NAV Equity & Equity Related HDFC Bank Ltd. Banks Reliance Industries Ltd. Petroleum Products 9.89 Housing Development Finance Corporation Ltd. Finance 9.24 Infosys Ltd. Software 6.85 ITC Ltd. Consumer Non Durables 6.56 ICICI Bank Ltd. Banks 6.31 Tata Consultancy Services Ltd. Software 5.43 Larsen and Toubro Ltd. Construction Project 4.79 Kotak Mahindra Bank Ltd. Banks 4.04 Hindustan Unilever Ltd. Consumer Non Durables 3.55 State Bank of India Banks 3.03 Axis Bank Ltd. Banks 2.99 Maruti Suzuki India Ltd. Auto 2.71 Indusind Bank Ltd. Banks 2.20 Mahindra & Mahindra Ltd. Auto 2.04 Bajaj Finance Ltd. Finance 1.70 Asian Paints Ltd. Consumer Non Durables 1.69 HCL Technologies Ltd. Software 1.46 NTPC Ltd. Power 1.27 Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.27 Power Grid Corporation of India Ltd. Power 1.25 Oil & Natural Gas Corporation Ltd. Oil 1.16 Bharti Airtel Ltd. Telecom - Services 1.13 Hero MotoCorp Ltd. Auto 1.10 Tata Steel Ltd. Ferrous Metals 1.09 Vedanta Ltd. Non - Ferrous Metals 1.03 Performance ^ - Regular plan - Growth Option Since Inception 15 year 10 year Total Amount Invested (` 000) 1, , , Mkt Value As on December 31, 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. Performance ^ - Regular plan - Growth Option # Company Industry + % to NAV Bajaj Auto Ltd. Auto 1.01 Yes Bank Ltd. Banks 0.92 Coal India Ltd. Minerals/Mining 0.90 Tata Motors Ltd. Auto 0.86 Tata Motors Ltd.DVR Auto 0.13 Sub Total Cash, Cash Equivalents and Net Current Assets Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) ## (`) 5 year 3 year 1 year # Dec 29, 17 Last 1 Year ,665 10,718 10,461 Dec 31, 15 Last 3 Years ,209 14,374 14,230 Dec 31, 13 Last 5 Years ,829 18,258 18,342 Jul 17, 02 Since Inception , , ,896 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, Banks Software Consumer Non Durables Finance Petroleum Products Auto Construction Project Power Pharmaceuticals Oil Telecom - Services Ferrous Metals Non - Ferrous Metals Minerals/Mining Face Value per Unit: ` , + Industry Classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified. 22 December 2018

23 HDFC TaxSaver (An open ended equity linked savings scheme 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 of the will be realized. CATEGORY OF SCHEME: Equity Linked Savings Fund Manager Vinay Kulkarni (since November 21, 06) Total Experience: Over 29 years March 31, 1996 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, , Average for Month of December, , Portfolio Turnover Ratio (Last 1 year) 37.58% Risk Ratio Standard Deviation 4.832% Beta Sharpe Ratio* Computed for the 3-yr period ended December 31, Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR) Regular: 2.09% Direct: 1.44% #BENCHMARK INDEX: NIFTY 500 (Total Index) ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) Nil Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout facility. Purchase : ` 500 and in multiples of ` 500 thereafter. Purchase : ` 500 and in multiples of ` 500 thereafter. Normally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if applicable). 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 8.84 ICICI Bank Ltd. Banks 8.33 Infosys Ltd. Software 7.97 NTPC Ltd. Power 7.32 State Bank of India Banks 7.02 Reliance Industries Ltd. Petroleum Products 5.76 Larsen and Toubro Ltd. Construction Project 5.66 GAIL (India) Ltd. Gas 5.59 ITC Ltd. Consumer Non Durables 4.64 Vedanta Ltd. Non - Ferrous Metals 3.53 Tata Steel Ltd. Ferrous Metals 2.97 Cipla Ltd. Pharmaceuticals 2.63 NHPC Ltd. Power 2.34 Bharat Petroleum Corporation Ltd. Petroleum Products 2.29 Axis Bank Ltd. Banks 2.23 Oracle Financial Ser Software Ltd. Software 2.23 Power Grid Corporation of India Ltd. Power 1.44 Bharat Electronics Ltd. Industrial Capital Goods 1.24 L&T Technology Services Ltd. Software 1.24 Solar Industries India Ltd. Chemicals 1.16 Tata Motors Ltd.DVR Auto 1.11 Gujarat Pipavav Port Ltd. Transportation 1.09 Aurobindo Pharma Ltd. Pharmaceuticals 0.99 ICICI Prudential Life Insurance Company Ltd. Finance 0.94 Sadbhav Engineering Ltd. Construction Project 0.88 Kalpataru Power Transmission Ltd. Power 0.86 Tata Motors Ltd. Auto 0.75 eclerx Services Ltd. Software 0.70 Coal India Ltd. Minerals/Mining 0.68 Max Financial Services Ltd. Finance 0.64 Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.61 Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.52 BEML Ltd. Industrial Capital Goods 0.45 Hindustan Petroleum Corporation Ltd. Petroleum Products 0.44 Persistent Systems Ltd. Software 0.43 CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.41 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 December 31, 2018 (` 000) $$ 63, , , $$ # ## 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 $$ # ## (`) $$ # Dec 29, 17 Last 1 Year ,912 9,788 10,461 Dec 31, 15 Last 3 Years ,283 14,162 14,230 Dec 31, 13 Last 5 Years ,474 19,771 18,342 Mar 31, 96 Since Inception ,259, , ,386 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 December 31, 2018 unless otherwise specified. Company Industry + % to NAV ITD Cementation India Ltd. Construction 0.32 Rallis India Ltd. Pesticides 0.32 Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav Engineering Ltd.) Construction Project 0.31 Hindustan Construction Company Ltd. Construction Project 0.27 HSIL Ltd. Consumer Durables 0.25 Dynamatic Technologies Ltd. Auto Ancillaries 0.21 ICICI Securities Ltd. Finance 0.15 KEC International Ltd. Construction Project 0.07 Siti Networks Ltd. Media & Entertainment 0.07 MPS Ltd. Consumer Non Durables 0.06 Indostar Cap Fin Ltd. Finance 0.05 Ambuja Cements Ltd. Cement 0.02 Nestle India Ltd. Consumer Non Sub Total Cash, Cash Equivalents and Net Current Assets 1.97 Top Ten Less than 0.01% Industry Allocation of Equity Holding (% of Net Assets) Banks Software Power Petroleum Products 8.49 Construction Project 7.19 Gas 5.59 Pharmaceuticals 4.75 Consumer Non Durables 4.70 Non - Ferrous Metals 3.53 Ferrous Metals 2.97 Industrial Capital Goods 2.10 Auto 1.86 Finance 1.78 Chemicals 1.16 Transportation 1.09 Minerals/Mining 0.68 Pesticides 0.32 Construction 0.32 Consumer Durables 0.25 Auto Ancillaries 0.21 Media & Entertainment 0.07 Cement December

24 HDFC Children's Gift Fund [An open ended fund for investment for children having a lock-in for at 5 years or till the child attains age of majority (whichever is earlier)] Ωπ 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 of the will be realized. CATEGORY OF SCHEME: Children s Fund Fund Manager Chirag Setalvad (since April 2, 07) Total Experience - Over 21 years March 2, 2001 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan Direct Plan As on December 31, , Average for Month of December, , Portfolio Turnover Ratio (Last 1 year) 6.88% Average Maturity * 2.74 years Macaulay Duration * 2.18 years Modified Duration * 2.03 years Yield to Maturity * 8.37% * Computed on the invested amount for debt portfolio. Regular: 2.35% Direct: 1.30% #BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 65:35 Index ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) Nil Regular Plan, Direct Plan. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. Normally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if opted). 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 6.53 Reliance Industries Ltd. Petroleum Products 4.24 ICICI Bank Ltd. Banks 2.92 Infosys Ltd. Software 2.43 Larsen and Toubro Ltd. Construction Project 2.40 Bajaj Finance Ltd. Finance 2.13 Britannia Industries Ltd. Consumer Non Durables 2.01 State Bank of India Banks 2.00 Housing Development Finance Corporation Ltd. Finance 1.90 Niit Technologies Ltd. Software 1.77 Motherson Sumi Systems Ltd. Auto Ancillaries 1.41 Hexaware Technologies Ltd. Software 1.34 Bank of Baroda Banks 1.32 Aurobindo Pharma Ltd. Pharmaceuticals 1.30 Schaeffler India Ltd. Industrial Products 1.27 UPL Ltd. Pesticides 1.22 Finolex Industries Ltd. Industrial Products 1.15 Cholamandalam Investment & Finance Finance 1.12 Voltas Ltd. Construction Project 1.11 AIA Engineering Ltd. Industrial Products 1.04 Axis Bank Ltd. Banks 1.04 SKF India Ltd. Industrial Products 1.04 Supreme Industires Ltd. Industrial Products 0.94 Balkrishna Industries Ltd. Auto Ancillaries 0.93 Larsen & Toubro Infotech Ltd. Software 0.92 TI Financial Holdings Ltd. Finance 0.86 Carborundum Universal Ltd. Industrial Products 0.83 EIH Ltd. Hotels/Resorts & Other Recreational Activities 0.80 Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.78 Tata Steel Ltd. Ferrous Metals 0.77 Power Grid Corporation of India Ltd. Power 0.76 Vedanta Ltd. Non - Ferrous Metals 0.75 Company Industry + / Rating % to NAV Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 0.74 Zensar Technologies Ltd. Software 0.73 Century Plyboards (India) Ltd. Consumer Durables 0.71 Sonata Software Ltd. Software 0.70 Indian Bank Banks 0.69 Mahindra Holidays & Resorts Ind Ltd. Vst Industries Ltd. Hotels/Resorts & Other Recreational Activities 0.68 Consumer Non Durables 0.68 Swaraj Engines Ltd. Industrial Products 0.66 Bharti Infratel Ltd. Telecom - Equipment & Accessories 0.65 PNC Infratech Ltd. Construction 0.60 Vesuvius India Ltd. Industrial Products 0.60 Tube Investments of India Ltd. Auto Ancillaries 0.58 Ipca Laboratories Ltd. Pharmaceuticals 0.53 Blue Star Ltd. Consumer Durables 0.49 Navneet Education Ltd. Media & Entertainment 0.49 Cipla Ltd. Pharmaceuticals 0.42 V.S.T Tillers Tractors Ltd. Auto 0.41 Apollo Tyres Ltd. Auto Ancillaries 0.40 Mcleod Russel India Ltd. Consumer Non Durables 0.39 Bharti Airtel Ltd. Telecom - Services 0.38 Hero MotoCorp Ltd. Auto 0.38 Sun Pharmaceutical Industries Ltd. Pharmaceuticals 0.35 Bayer Cropscience Ltd. Pesticides 0.34 Nilkamal Ltd. Industrial Products 0.34 eclerx Services Ltd. Software 0.33 IFB Industries Ltd. Consumer Durables 0.32 Rallis India Ltd. Pesticides 0.32 Jagran Prakashan Ltd. Media & Entertainment 0.31 Sadbhav Engineering Ltd. Construction Project 0.30 Crompton Greaves Consumer Elec. Ltd. Consumer Durables 0.18 Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.01 Jyoti Structures Ltd. Power 0.01 Sub Total Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified. 24 December 2018

25 HDFC Children's Gift Fund [An open ended fund for investment for children having a lock-in for at 5 years or till the child attains age of majority (whichever is earlier)] Ωπ...Contd from previous page Industry Allocation of Equity Holding (% of Net Assets) Banks Company Industry + / Rating % to NAV Company Industry + / Rating % to NAV Software Industrial Products Finance Petroleum Products Construction Project Pharmaceuticals Auto Ancillaries Consumer Non Durables Hotels, Resorts & Other Recreational Activities Pesticides Consumer Durables Media & Entertainment Auto Debt & Debt Related Government Securities (Central/State) 8.28 GOI 2027 Sovereign 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 0.10 Sub Total 7.71 Credit Exposure Power Finance Corporation Ltd. CARE - AAA / CRISIL - AAA 4.02 L&T Finance Ltd. CARE - AAA 4.00 Axis Bank Ltd. CRISIL - AA M&M Financial Services Ltd. IND - AAA 1.60 Tata Sons Ltd. CRISIL - AAA 1.45 Hero Fincorp Ltd. ICRA - AA HDB Financial Services Ltd. CRISIL - AAA 0.60 State Bank of India CRISIL - AA Sub Total Total Cash, Cash Equivalents and Net Current Assets 4.77 Top Ten Holdings, Co-sponsor Power Ferrous Metals Tata Capital Financial Services Ltd. ICRA - AAA 4.59 Non - Ferrous Metals 0.75 Telecom - Equipment & Accessories 0.65 Construction 0.60 Telecom - Services 0.38 Industrial Capital Goods Portfolio Classification By Asset Class Equity G-Sec 7.71 Credit Exposure Cash, Cash Equivalents and Net Current Assets 4.77 Portfolio Classification By Rating Class Equity Sovereign 7.71 AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA Cash, Cash Equivalents and Net Current Assets 4.77 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 December 31, 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 $ # ## (`) $ # Dec 29, 17 Last 1 Year ,869 10,526 10,461 Dec 31, 15 Last 3 Years ,889 13,649 14,230 Dec 31, 13 Last 5 Years ,361 17,369 18,342 Mar 02, 01 Since Inception N.A ,224 N.A. 107,494 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 December 31, 2018 unless otherwise specified. December

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 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. CATEGORY OF SCHEME: Retirement Fund Fund Manager Chirag Setalvad (Equities) (since February 25, 2016) Total Experience - Over 21 years & Shobhit Mehrotra (Debt) (since February 25, 2016) Total Experience: Over 25 years February 25, 2016 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan Direct Plan As on December 31, Average for Month of December, Portfolio Turnover Ratio 2.78% Regular: 2.69% Direct: 1.34% #BENCHMARK INDEX: NIFTY 500 (Total Index) ##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. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. Normally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if opted). 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 Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified. 26 December 2018 Company Industry + / Rating % to NAV Equity & Equity Related HDFC Bank Ltd. Banks 8.20 Reliance Industries Ltd. Petroleum Products 4.87 Housing Development Finance Corporation Ltd. Finance 4.54 ICICI Bank Ltd. Banks 3.85 Larsen and Toubro Ltd. Construction Project 3.47 Infosys Ltd. Software 2.90 Aarti Industries Ltd. Chemicals 2.07 Aurobindo Pharma Ltd. Pharmaceuticals 2.00 Carborundum Universal Ltd. Industrial Products 1.90 KEC International Ltd. Construction Project 1.76 State Bank of India Banks 1.72 Balkrishna Industries Ltd. Auto Ancillaries 1.58 Cholamandalam Investment & Finance Company Ltd. Finance 1.57 Hexaware Technologies Ltd. Software 1.54 Mahindra Holidays & Resorts Ind Ltd. Hotels/Resorts & Other Recreational Activities 1.47 Chambal Fertilizers & Chemicals Ltd. Fertilisers 1.45 Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 1.39 Finolex Industries Ltd. Industrial Products 1.30 UPL Ltd. Pesticides 1.30 Atul Ltd. Chemicals 1.29 Niit Technologies Ltd. Software 1.28 Power Grid Corporation of India Ltd. Power 1.24 Sharda Cropchem Ltd. Pesticides 1.18 Axis Bank Ltd. Banks 1.17 Tata Metaliks Ltd. Ferrous Metals 1.13 Oriental Carbon & Chemicals Ltd. Chemicals 1.11 T. V. Today Network Ltd. Media & Entertainment 1.11 Indusind Bank Ltd. Banks 1.09 Mcleod Russel India Ltd. Consumer Non Durables 1.07 EIH Ltd. Hotels/Resorts & Other Recreational Activities 1.06 Hindustan Petroleum Corporation Ltd. Petroleum Products 0.97 Voltas Ltd. Construction Project 0.97 City Union Bank Ltd. Banks 0.96 IFB Industries Ltd. Consumer Durables 0.94 Vedanta Ltd. Non - Ferrous Metals 0.90 Nilkamal Ltd. Industrial Products 0.89 Redington (India) Ltd. Transportation 0.84 TI Financial Holdings Ltd. Finance 0.80 SKF India Ltd. Industrial Products 0.79 GNA Axles Ltd. Auto Ancillaries 0.75 YES Bank Ltd. Banks 0.71 Apar Industries Ltd. Industrial Capital Goods 0.70 Kalpataru Power Transmission Ltd. Power 0.70 Tata Steel Ltd. Ferrous Metals 0.70 Tata Motors Ltd.DVR Auto 0.64 Tamilnadu Newsprint & Papers Ltd. Paper 0.62 Performance ^ - Regular plan - Growth Option # Company Industry + / Rating % to NAV Ipca Laboratories Ltd. Pharmaceuticals 0.60 Blue Star Ltd. Consumer Durables 0.58 Zensar Technologies Ltd. Software 0.58 KEI Industries Ltd. Industrial Products 0.57 Tube Investments of India Ltd. Auto Ancillaries 0.54 Bank of Baroda Banks 0.44 Bajaj Electricals Ltd. Consumer Durables 0.43 Timken India Ltd. Industrial Products 0.42 BEML Ltd. Industrial Capital Goods 0.35 CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.35 Divis Laboratories Ltd. Pharmaceuticals 0.35 Jagran Prakashan Ltd. Media & Entertainment 0.33 Greenply Industries Ltd. Consumer Durables 0.30 Kirloskar Oil Engines Ltd. Industrial Products 0.23 Sub Total Debt & Debt Related Government Securities (Central/State) 6.84 GOI 2022 Sovereign GOI 2026 Sovereign 2.59 Sub Total 6.82 Credit Exposure Syndicate Bank CARE - A Union Bank of India CARE - AA Sub Total 1.08 Total 7.90 Cash, Cash Equivalents and Net Current Assets Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Banks Finance Software Construction Project Industrial Products Petroleum Products Chemicals Hotels, Resorts & Other Recreational Activities Pharmaceuticals Auto Ancillaries Pesticides Consumer Durables Power Ferrous Metals Fertilisers Media & Entertainment Industrial Capital Goods Consumer Non Durables Non - Ferrous Metals Transportation Auto Paper ## (`) # Dec 29, 17 Last 1 Year ,400 9,788 10,461 Feb 25, 16 Since Inception ,349 16,358 16,212 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

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 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. CATEGORY OF SCHEME: Retirement Fund Fund Manager Chirag Setalvad (Equities) (since February 25, 2016) Total Experience - Over 21 years & Shobhit Mehrotra (Debt) (since February 25, 2016) Total Experience: Over 25 years February 25, 2016 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan Direct Plan As on December 31, Average for Month of December, Portfolio Turnover Ratio 3.95% Regular: 2.84% Direct: 1.49% #BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 65:35 Index ##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. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. Normally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if opted). 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. Company Industry + / Rating % to NAV Equity & Equity Related HDFC Bank Ltd. Banks 5.76 Reliance Industries Ltd. Petroleum Products 4.27 Housing Development Finance Corporation Ltd. Finance 4.19 ICICI Bank Ltd. Banks 3.10 Infosys Ltd. Software 2.79 Merck Ltd. Pharmaceuticals 2.57 Larsen and Toubro Ltd. Construction Project 2.29 NIIT Technologies Ltd. Software 1.98 Aarti Industries Ltd. Chemicals 1.93 Sundram Fasteners Ltd. Auto Ancillaries 1.62 City Union Bank Ltd. Banks 1.39 State Bank of India Banks 1.33 Aurobindo Pharma Ltd. Pharmaceuticals 1.28 Chambal Fertilizers & Chemicals Ltd. Fertilisers 1.28 KEC International Ltd. Construction Project 1.23 UPL Ltd. Pesticides 1.20 Oriental Carbon & Chemicals Ltd. Chemicals 1.17 Power Grid Corporation of India Ltd. Power 1.17 Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 1.13 Sonata Software Ltd. Software 1.10 Carborundum Universal Ltd. Industrial Products 1.05 Shaily Engineering Plastics Ltd. Industrial Products 1.05 Crompton Greaves Consumer Elec. Ltd. Consumer Durables 1.03 Axis Bank Ltd. Banks 1.01 Cholamandalam Investment & Finance Company Ltd. Finance 0.99 Balkrishna Industries Ltd. Auto Ancillaries 0.93 Blue Star Ltd. Consumer Durables 0.86 NRB Bearing Ltd. Industrial Products 0.85 TI Financial Holdings Ltd. Finance 0.79 Mahindra Holidays & Resorts Ind Ltd. Hotels/Resorts & Other Recreational Activities 0.77 Shree Pushkar Chemicals & Fertilisers Ltd. Chemicals 0.76 Tata Steel Ltd. Ferrous Metals 0.72 Voltas Ltd. Construction Project 0.71 Bajaj Electricals Ltd. Consumer Durables 0.69 Hindustan Petroleum Corporation Ltd. Petroleum Products 0.69 Kalpataru Power Transmission Ltd. Power 0.65 SKF India Ltd. Industrial Products 0.65 Vedanta Ltd. Non - Ferrous Metals 0.64 Zensar Technologies Ltd. Software 0.62 MRF Ltd. Auto Ancillaries 0.61 Apar Industries Ltd. Industrial Capital Goods 0.60 Nilkamal Ltd. Industrial Products 0.60 Indusind Bank Ltd. Banks 0.58 Tube Investments of India Ltd. Auto Ancillaries 0.53 Tata Motors Ltd.DVR Auto 0.50 Vesuvius India Ltd. Industrial Products 0.47 YES Bank Ltd. Banks 0.46 Tamilnadu Newsprint & Papers Ltd. Paper 0.44 Portfolio Classification by Asset Class Equity G-Sec 9.30 Credit Exposure Cash, Cash Equivalents and Net Current Assets Performance ^ - Regular plan - Growth Option # Company Industry + / Rating % to NAV Bank of Baroda Banks 0.42 Redington (India) Ltd. Transportation 0.34 Divis Laboratories Ltd. Pharmaceuticals 0.32 BEML Ltd. Industrial Capital Goods 0.31 Jagran Prakashan Ltd. Media & Entertainment 0.29 Sadbhav Engineering Ltd. Construction Project 0.28 Greenply Industries Ltd. Consumer Durables 0.24 Kirloskar Oil Engines Ltd. Industrial Products 0.23 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 9.30 Credit Exposure Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CARE - AAA 4.50 State Bank of India CRISIL - AA Syndicate Bank CARE - A Reliance Jio Infocomm Ltd. CRISIL - AAA 1.14 Sub Total Total Cash, Cash Equivalents and Net Current Assets Top Ten Holdings, Co-sponsor Industry Allocation of Equity Holding (% of Net Assets) Banks Software Finance Petroleum Products Industrial Products Construction Project Pharmaceuticals Chemicals Auto Ancillaries Consumer Durables Hotels, Resorts & Other Recreational Activities Power Fertilisers Pesticides Industrial Capital Goods Ferrous Metals Non - Ferrous Metals Auto Paper Transportation Media & Entertainment Portfolio Classification by Rating Class ## Equity Sovereign 9.30 AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 5.64 AA A+ & Below 1.59 Cash, Cash Equivalents and Net Current Assets (`) # Dec 29, 17 Last 1 Year ,946 10,526 10,461 Feb 25, 16 Since Inception ,010 14,871 16,212 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. Investors understand that their principal will be at The is in existence for more than 1 year but less than 3 years. For performance of other schemes managed by Chirag Setalvad moderately high risk (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. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified December

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 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. CATEGORY OF SCHEME: Retirement Fund 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 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan Direct Plan As on December 31, Average for Month of December, Average Maturity * 3.02 years Macaulay Duration * 2.60 years Modified Duration * 2.44 years Yield to Maturity * 8.10% * Computed on the invested amount for debt portfolio. Regular: 2.54% Direct: 1.33% #BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 15:85 Index ##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. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. Normally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if opted). 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 Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified. 28 December 2018 Company Industry + / Rating % to NAV Equity & Equity Related HDFC Bank Ltd. Banks 1.22 ICICI Bank Ltd. Banks 1.14 Sundram Fasteners Ltd. Auto Ancillaries 1.00 Aarti Industries Ltd. Chemicals 0.80 Reliance Industries Ltd. Petroleum Products 0.76 City Union Bank Ltd. Banks 0.72 NIIT Technologies Ltd. Software 0.72 Orient Refractories Ltd. Industrial Products 0.68 Infosys Ltd. Software 0.64 Tata Steel Ltd. Ferrous Metals 0.57 Carborundum Universal Ltd. Industrial Products 0.54 Blue Star Ltd. Consumer Durables 0.53 NRB Bearing Ltd. Industrial Products 0.53 Oriental Carbon & Chemicals Ltd. Chemicals 0.51 Avanti Feeds Ltd. Consumer Non Durables 0.49 State Bank of India Banks 0.48 GNA Axles Ltd. Auto Ancillaries 0.44 Vesuvius India Ltd. Industrial Products 0.44 Bajaj Electricals Ltd. Consumer Durables 0.43 Time Technoplast Ltd. Industrial Products 0.43 SKF India Ltd. Industrial Products 0.42 Larsen and Toubro Ltd. Construction Project 0.40 Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 0.39 Zensar Technologies Ltd. Software 0.36 Apar Industries Ltd. Industrial Capital Goods 0.34 Hindustan Petroleum Corporation Ltd. Petroleum Products 0.33 Kalpataru Power Transmission Ltd. Power 0.33 Nilkamal Ltd. Industrial Products 0.33 Power Grid Corporation of India Ltd. Power 0.30 Timken India Ltd. Industrial Products 0.30 Portfolio Classification By Asset Class Equity G-Sec Credit Exposure Cash, Cash Equivalents and Net Current Assets Performance ^ - Regular plan - Growth Option # Company Industry + / Rating % to NAV Axis Bank Ltd. Banks 0.29 BEML Ltd. Industrial Capital Goods 0.27 Bank of Baroda Banks 0.26 Aurobindo Pharma Ltd. Pharmaceuticals 0.25 Mahindra Holidays & Resorts Ind Ltd. Portfolio Classification By Rating Class ## Equity Sovereign AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 7.45 AA AA/AA A+ & Below Cash, Cash Equivalents and Net Current Assets (`) Hotels/Resorts & Other Recreational Activities 0.24 Tamilnadu Newsprint & Papers Ltd. Paper 0.22 Poddar Pigments Ltd. Chemicals 0.21 Sadbhav Engineering Ltd. Construction Project 0.18 Tube Investments of India Ltd. Auto Ancillaries 0.18 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 8.46 Sub Total Credit Exposure Starlite Lighting Ltd. (Corporate Guarantee of Bajaj Electrical Ltd.) ICRA - A+(SO) 8.06 State Bank of India CRISIL - AA Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CARE - AAA 4.21 Syndicate Bank CARE - A Reliance Jio Infocomm Ltd. CRISIL - AAA 3.24 Union Bank of India CARE - AA Sub Total Total Cash, Cash Equivalents and Net Current Assets Top Ten Holdings # Dec 29, 17 Last 1 Year ,068 10,571 10,601 Feb 26, 16 Since Inception ,766 12,971 12,146 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 of the will be realized. CATEGORY OF SCHEME: Equity Savings Fund Fund Manager Vinay Kulkarni (Equities) (since November 21, 06) Total Experience: Over 29 years Krishan Kumar Daga (Equities) (since January 08, 16) Total Experience: Over 22 years Anil Bamboli (Debt) (since September 17, 04) Total Experience: Over 23 years September 17, 2004 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, , Average for Month of December, , Portfolio Turnover Ratio 56.27% Average Maturity * 1.65 years Macaulay Duration * 1.49 years Modified Duration * 1.37 years Yield to Maturity * 8.53% * Computed on the invested amount for debt portfolio. Regular: 1.94% Direct: 0.69% #BENCHMARK INDEX: 40% NIFTY 50 Arbitrage Index, 30% Crisil Short Term Bond Fund Index and 30% NIFTY 50 (Total Index) ##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 is payable if Units are redeemed / switchedout after 1 year from the date of allotment. For further details, please refer to para on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 Portfolio (Hedged & Unhedged) Performance ^ - Regular plan - Growth Option Since Inception 10 year 5 Year 3 Year 1 Year Total Amount Invested (` 000) 1, , Mkt Value As on December 31, 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 ## (`) # Dec 29, 17 Last 1 Year ,092 10,533 10,461 Dec 31, 15 Last 3 Years ,418 12,658 14,230 Dec 31, 13 Last 5 Years ,844 15,433 18,342 Sep 17, 04 Since Inception 9.27 N.A ,511 N.A. 75,012 ^^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. Portfolio Classification By Rating Class Equity Sovereign 1.07 AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA AA/AA A+ & Below 3.13 Cash, Cash Equivalents and Net Current Assets % exposure of Derivative Equity & Equity Related ICICI Bank Ltd. Banks Reliance Industries Ltd. Petroleum Products Housing Development Finance Corporation Ltd. Finance Infosys Ltd. Software NTPC Ltd. Power HDFC Bank Ltd. Banks Tata Steel Ltd. Ferrous Metals Larsen and Toubro Ltd. Construction Project State Bank of India Banks Aurobindo Pharma Ltd. Pharmaceuticals ITC Ltd. Consumer Non Durables Industry Allocation of Equity Holding (% of Net Assets) Banks Power 4.25 Software 4.00 Petroleum Products 3.96 Construction Project 2.55 Ferrous Metals 1.76 Non - Ferrous Metals 1.47 Gas 1.41 Consumer Non Durables 1.40 Finance 0.77 Pharmaceuticals 0.73 Auto 0.62 Industrial Capital Goods 0.60 Oil 0.59 Transportation 0.52 Construction 0.48 Pesticides 0.40 Chemicals 0.39 Minerals/Mining 0.23 Auto Ancillaries 0.16 Cement 0.05 Retailing 0.02 Media & Entertainment Company Industry + / Rating % to NAV (Hedged & Unhedged) % exposure of Derivative Vedanta Ltd. Non - Ferrous Metals GAIL (India) Ltd. Gas JSW Steel Ltd. Ferrous Metals Yes Bank Ltd. Banks Sun Pharmaceutical Industries Ltd. Pharmaceuticals Maruti Suzuki India Ltd. Auto Shriram Transport Finance Company Ltd. Finance LIC Housing Finance Ltd. Finance Dr Reddys Laboratories Ltd. Pharmaceuticals Mahindra & Mahindra Ltd. Auto Hindalco Industries Ltd. Non - Ferrous Metals Tata Motors Ltd. Auto Bharti Airtel Ltd. Telecom - Services Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified....contd on next page December

30 HDFC Equity Savings Fund (An open ended scheme investing in equity, arbitrage and debt)...contd from previous page Company Industry + / Rating % to NAV (Hedged & Unhedged) % exposure of Derivative Power Grid Corporation of India Ltd. Power Axis Bank Ltd. Banks DLF Ltd. Construction Bajaj Finance Ltd. Finance Oil & Natural Gas Corporation Ltd. Oil Titan Company Ltd. Consumer Durables Jubilant Foodworks Ltd. Consumer Non Durables Tech Mahindra Ltd. Software UPL Ltd. Pesticides Tata Consultancy Services Ltd. Software M&M Financial Services Ltd. Finance United Spirits Ltd. Consumer Non Durables Bharat Petroleum Corporation Ltd. Petroleum Products Gujarat Pipavav Port Ltd. Transportation Tata Global Beverages Ltd. Consumer Non Durables L&T Technology Services Ltd. Software Tata Chemicals Ltd. Chemicals Escorts Ltd. Auto Zee Entertainment Enterprises Ltd. Media & Entertainment The Federal Bank Ltd. Banks Ashok Leyland Ltd. Auto Newgen Software Technologies Ltd. Software Adani Power (Mundra) Ltd. (Secured by Shares of Adani Port & SEZ Ltd.) Power Multi Commodity Exchange of India Ltd. Finance Tata Motors Ltd. DVR Auto Dabur India Ltd. Consumer Non Durables eclerx Services Ltd. Software JMC Projects (India) Ltd. Construction Strides Pharma Science Ltd. Pharmaceuticals Ambuja Cements Ltd. Cement Cipla Ltd. Pharmaceuticals Indusind Bank Ltd. Banks NHPC Ltd. Power Petronet LNG Ltd. Gas Eicher Motors Ltd. Auto Grasim Industries Ltd. Cement SBI Life Insurance Company Ltd. Finance Britannia Industries Ltd. Consumer Non Durables Texmaco Rail & Engineering Ltd. Industrial Capital Goods Hero MotoCorp Ltd. Auto Raymond Ltd. Textile Products CESC Ltd. Power Coal India Ltd. Minerals/Mining Havells India Ltd. Consumer Durables Century Textiles & Industries Ltd. Cement The Tata Power Company Ltd. Power Bank of Baroda Banks Equitas Holdings Ltd. Finance NCC Ltd. Construction Project Tata Communications Ltd. Telecom - Services Cadila Healthcare Ltd. Pharmaceuticals ITD Cementation India Ltd. Construction Apollo Tyres Ltd. Auto Ancillaries Godrej Consumer Products Ltd. Consumer Non Durables Hindustan Petroleum Corporation Ltd. Petroleum Products Power Finance Corporation Ltd. Finance Titagarh Wagons Ltd. Industrial Capital Goods Hindustan Unilever Ltd. Consumer Non Durables ICICI Prudential Life Insurance Company Ltd. Finance Reliance Capital Ltd. Finance Tata Elxsi Ltd. Software Ashoka Buildcon Ltd. Construction Project Mahanagar Gas Ltd. Gas Asian Paints Ltd. Consumer Non Durables Wockhardt Ltd. Pharmaceuticals Container Corporation of India Ltd. Transportation Guj State Fertilizers & Chemicals Fertilisers Bharat Financial Inclusion Ltd. Finance Glenmark Pharmaceuticals Ltd. Pharmaceuticals IDFC Ltd. Finance Jain Irrigation Systems Ltd. Industrial Products Reliance Nippon Life Asset Management Ltd. Finance HCL Technologies Ltd. Software Vodafone Idea Ltd. Telecom - Services Biocon Ltd. Pharmaceuticals Centum Electronics Ltd. Industrial Capital Goods Godrej Industries Ltd. Consumer Non Durables IRB Infrastructure Developers Ltd. Construction Max Financial Services Ltd. Finance BEML Ltd. Industrial Capital Goods Mindtree Consulting Ltd. Software Company Industry + / Rating % to NAV (Hedged & Unhedged) % exposure of Derivative Reliance Power Ltd. Power Ceat Ltd. Auto Ancillaries Sun TV Network Ltd. Media & Entertainment Bajaj Auto Ltd. Auto Balkrishna Industries Ltd. Auto Ancillaries Bharat Electronics Ltd. Industrial Capital Goods Kalpataru Power Transmission Ltd. Power KEC International Ltd. Construction Project MRF Ltd. Auto Ancillaries Nestle India Ltd. Consumer Non Durables Punjab National Bank Banks PVR Ltd. Media & Entertainment Adani Ports & Special Economic Zone Ltd. Transportation Hexaware Technologies Ltd. Software IDBI Bank Ltd. Banks Orient Cement Ltd. Cement Reliance Infrastructure Ltd. Power United Breweries Ltd. Consumer Non Durables Bosch Ltd. Auto Ancillaries NBCC (India) Ltd. Construction Shree Cement Ltd. Cement Ujjivan Financial Services Ltd. Finance ACC Ltd. Cement Bajaj Finserv Ltd. Finance CanFin Homes Ltd. Finance Dish TV India Ltd. Media & Entertainment Godfrey Phillips India Ltd. Consumer Non Durables IFCI Ltd. Finance Kotak Mahindra Bank Ltd. Banks RP-SG Business Process Services Software RP-SG Retail Ltd. Retailing S Chand and Company Ltd. Media & Entertainment Siemens Ltd. Industrial Capital Goods Cholamandalam Investment & Finance Company Ltd. Finance Lupin Ltd. Pharmaceuticals Piramal Enterprises Ltd. Pharmaceuticals Syndicate Bank Banks The South Indian Bank Ltd. Banks Indraprastha Gas 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 1.07 Sub Total 1.07 Credit Exposure Housing Development Finance Corporation Ltd. CRISIL - AAA / ICRA - AAA 4.31 Punjab National Bank CARE - A+ / CRISIL - AA Power Finance Corporation Ltd. CRISIL - AAA 2.48 State Bank of India CARE - AA+ / CRISIL - AA HDFC Bank Ltd. CARE - AA Syndicate Bank CARE - A M&M Financial Services Ltd. CARE - AAA / IND - AAA 1.14 Reliance Jio Infocomm Ltd. CRISIL - AAA / ICRA - AAA 1.13 Rural Electrification Corporation Ltd. CRISIL - AAA 0.92 Union Bank of India CARE - AA- / IND - AA 0.81 ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 0.39 Axis Bank Ltd. CRISIL - AA Canara Bank CRISIL - AA 0.37 Aarish Solar Power Private Ltd. (Greenko) CARE - AA-(SO) 0.18 Bank of Baroda CARE - AA 0.15 LIC Housing Finance Ltd. CRISIL - AAA 0.15 Power Grid Corporation of India Ltd. CRISIL - AAA 0.15 JM Financial Asset Reconstruction Company Ltd. ICRA - AA Sub Total Total Short Term Deposits as margin for Futures & Options 9.39 Cash, Cash Equivalents and Net Current Assets 2.50 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 December 31, 2018 unless otherwise specified. 30 December 2018

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 of the will be realized. CATEGORY OF SCHEME: Conservative Hybrid Fund Fund Manager Prashant Jain (Equities) (since December 26, 03) Total Experience: Over 27 years & Shobhit Mehrotra (Debt) (since September 1, 07) Total Experience: Over 25 years December 26, 2003 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) 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 December 31, , Average for Month of December, , Average Maturity * 4.42 years Macaulay Duration * 3.41 years Modified Duration * 3.20 years Yield to Maturity * 8.62% * Computed on the invested amount for debt portfolio. Regular: 1.84% Direct: 1.34% #BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 15:85 Index ##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 / switchedout after 1 year from the date of allotment. For further details, please refer to para 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. 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. 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 2.44 State Bank of India Banks 2.37 Infosys Ltd. Software 1.93 Bharat Petroleum Corporation Ltd. Petroleum Products 1.56 Larsen and Toubro Ltd. Construction Project 1.55 Power Grid Corporation of India Ltd. Power 1.22 HDFC Bank Ltd. Banks 1.11 NTPC Ltd. Power 0.99 Cipla Ltd. Pharmaceuticals 0.85 Power Finance Corporation Ltd. Finance 0.70 Apar Industries Ltd. Industrial Capital Goods 0.68 Axis Bank Ltd. Banks 0.68 Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.68 Tata Chemicals Ltd. Chemicals 0.66 Tata Consultancy Services Ltd. Software 0.66 MEP Infrastructure Developers Ltd. Transportation 0.56 Hindustan Petroleum Corporation Ltd. Petroleum Products 0.54 Vedanta Ltd. Non - Ferrous Metals 0.53 Canara Bank Banks 0.51 Bank of Baroda Banks 0.50 NHPC Ltd. Power 0.50 GAIL (India) Ltd. Gas 0.41 Coal India Ltd. Minerals/Mining 0.39 Tata Steel Ltd. Ferrous Metals 0.38 Rural Electrification Corporation Ltd. Finance 0.37 Syndicate Bank Banks 0.36 Punjab National Bank Banks 0.35 Aurobindo Pharma Ltd. Pharmaceuticals 0.29 Texmaco Rail & Engineering Ltd. Industrial Capital Goods 0.26 Union Bank of India Banks 0.26 CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.24 Corporation Bank Banks 0.15 Mishra Dhatu Nigam Ltd. Ferrous Metals 0.15 Elecon Engineering Comapny Ltd. Industrial Capital Goods 0.04 Company Industry + / Rating % to NAV Titagarh Wagons Ltd. Industrial Capital Goods 0.03 Rallis India Ltd. Tata Motors Ltd.DVR Sub Total Debt & Debt Related Government Securities (Central/State) 7.17 GOI 2028 Sovereign GOI 2030 Sovereign GOI 2024 Sovereign GOI 2032 Sovereign GOI 2026 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. Rural Electrification Corporation Ltd. Reliance Jio Infocomm Ltd. CARE - AAA / CRISIL - AAA / ICRA - AAA 7.64 CARE - AAA / CRISIL - AAA 4.47 CRISIL - AAA / ICRA - AAA 4.24 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 2.66 CRISIL - AA+ / CRISIL - AAA 2.47 Union Bank of India CARE - AA- / IND - AA 2.37 Housing Development Finance Corporation Ltd. CRISIL - AAA 2.29 Punjab National Bank CRISIL - AA HDFC Bank Ltd. CARE - AA Adani Transmission Ltd. IND - AA TATA International Ltd. CARE - A Canara Bank ICRA - AA 1.50 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 December 31, 2018 unless otherwise specified. December

32 HDFC Hybrid Debt Fund (An open ended hybrid scheme investing predominantly in debt instruments)...contd from previous page Portfolio Classification By Asset Class Equity G-Sec, SDL Credit Exposure Cash, Cash Equivalents and Net Current Assets 5.45 Portfolio Classification By Rating Class Equity Sovereign AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA AA/AA A+ & Below 4.20 Cash, Cash Equivalents and Net Current Assets 5.45 Company Industry + / Rating % to NAV 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 The Tata Power Company Ltd. CRISIL - AA Andhra Pradesh Expressway Ltd. (NHAI Annuity) ICRA - AAA(SO) 0.97 Power Grid Corporation of India Ltd. CRISIL - AAA 0.94 Syndicate Bank CARE - A Indian Railways Finance Corporation Ltd. CARE - AAA / CRISIL - AAA 0.91 Kotak Mahindra Bank Ltd. CRISIL - AAA 0.79 Bank of Baroda CARE - AA ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 0.74 Hinduja Leyland Finance Ltd. CARE - AA Cholamandalam Investment & Finance Company Ltd. ICRA - AA Shriram City Union Finance Ltd. CARE - AA ECL Finance Ltd. ICRA - A Company Industry + / Rating % to NAV Export - Import Bank of India CRISIL - AAA 0.32 Hindalco Industries Ltd. CRISIL - AA 0.31 National Highways Authority of India CARE - AAA 0.30 Tata Steel Ltd. CARE - AA Daimler Fin Ser (I) Pvt Ltd. IND - AAA 0.09 Tata Motors Ltd. CARE - AA Vedanta Ltd. CRISIL - AA 0.06 Bharati Telecom Ltd. CRISIL - AA Asian Satellite Broadcast Pvt. Ltd.(Secured with shares of ZEE Entertainment Enterprise Ltd.) BRICKWORKS - A+(SO) 0.04 Sub Total Total Short Term Deposits as margin for Futures & Options 2.69 Cash, Cash Equivalents and Net Current Assets 2.76 Top Ten Holdings, Less than 0.01% 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 December 31, 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. 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 # ## (`) # Dec 29, 17 Last 1 Year ,059 10,571 10,601 Dec 31, 15 Last 3 Years ,592 12,698 12,184 Dec 31, 13 Last 5 Years ,327 15,776 14,935 Dec 26, 03 Since Inception ,567 32,378 22,156 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 Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified. 32 December 2018 Note: Effective close of business hours of May 25, 2018, HDFC MF Monthly Income Plan Long Term Plan (MIP-LTP) underwent changes in Fundamental Attributes and was renamed as HDFC Hybrid Debt Fund (HHDF) and HDFC MF Monthly Income Plan Short Term Plan was merged therein. As the portfolio structuring of HHDF closely resembles the erstwhile MIP-LTP, the past performance of MIP-LTP is provided, in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.

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 of the will be realized. CATEGORY OF SCHEME: Arbitrage Fund Fund Manager Krishan Kumar Daga (since September 10, 15) Total Experience: Over 22 years October 23, 2007 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) 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 December 31, , Average for Month of December, , Portfolio Turnover Ratio (Last 1 year) % Regular: 0.75% Direct: 0.25% #BENCHMARK INDEX: NIFTY 50 Arbitrage Index ##addl. BENCHMARK INDEX: NIFTY 50 (Total Index) In respect of each purchase / switch-in of Units, an of 0.25% is payable if Units are redeemed / switched-out within 1 month from the date of allotment. No is payable if Units are redeemed / switchedout after 1 month from the date of allotment. For further details, please refer to para 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. Purchase/ Purchase: ` 1 lakh and any amount thereafter. 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 5.36 Sun Pharmaceutical Industries Ltd. Pharmaceuticals 4.52 Reliance Industries Ltd. Petroleum Products 4.44 YES Bank Ltd. Banks 3.22 Tata Consultancy Services Ltd. Software 2.77 Hindustan Unilever Ltd. Consumer Non Durables 1.97 Maruti Suzuki India Ltd. Auto 1.97 HDFC Bank Ltd. Banks 1.73 Britannia Industries Ltd. Consumer Non Durables 1.56 Titan Company Ltd. Consumer Durables 1.52 Bharti Airtel Ltd. Telecom - Services 1.51 Mahindra & Mahindra Ltd. Auto 1.48 Tech Mahindra Ltd. Software 1.38 Shriram Transport Finance Company Ltd. Finance 1.34 Housing Development Finance Finance 1.26 Corporation Ltd. Axis Bank Ltd. Banks 1.25 Dr Reddys Laboratories Ltd. Pharmaceuticals 1.17 Nestle India Ltd. Consumer Non Durables 1.15 ITC Ltd. Consumer Non Durables 1.12 Adani Enterprises Ltd. Trading 1.07 Dabur India Ltd. Consumer Non Durables 1.01 Tata Steel Ltd. Ferrous Metals 0.90 NCC Ltd. Construction Project 0.84 Zee Entertainment Enterprises Ltd. Media & Entertainment 0.78 ICICI Bank Ltd. Banks 0.77 Adani Ports & Special Economic Zone Transportation 0.67 HCL Technologies Ltd. Software 0.66 ESCORTS Ltd. Auto 0.65 Tata Motors Ltd. Auto 0.65 JSW Steel Ltd. Ferrous Metals 0.64 Ashok Leyland Ltd. Auto 0.60 Tata Motors Ltd.DVR Auto 0.59 Century Textiles & Industries Ltd. Cement 0.58 Steel Authority Of India Ltd. Ferrous Metals 0.58 IDFC Ltd. Finance 0.57 Multi Commodity Exchange of India Ltd. Finance 0.54 UPL Ltd. Pesticides 0.50 Raymond Ltd. Textile Products 0.49 Bharat Financial Inclusion Ltd. Finance 0.45 LIC Housing Finance Ltd. Finance 0.45 Strides Pharma Science Ltd. Pharmaceuticals 0.44 Marico Ltd. Consumer Non Durables 0.43 Bajaj Auto Ltd. Auto 0.42 Larsen and Toubro Ltd. Construction Project 0.42 Bank of Baroda Banks 0.41 Company Industry + / Rating % to NAV The Tata Power Company Ltd. Power 0.41 Adani Power (Mundra) Ltd. (Secured by Shares of Adani Port & SEZ Ltd.) Power 0.40 Godrej Consumer Products Ltd. Consumer Non Durables 0.40 IRB Infrastructure Developers Ltd. Construction 0.37 M&M Financial Services Ltd. Finance 0.35 Piramal Enterprises Ltd. Pharmaceuticals 0.35 DLF Ltd. Construction 0.32 Ambuja Cements Ltd. Cement 0.30 Infosys Ltd. Software 0.30 Wipro Ltd. Software 0.30 Bajaj Finserv Ltd. Finance 0.29 Vedanta Ltd. Non - Ferrous Metals 0.27 Eicher Motors Ltd. Auto 0.26 United Spirits Ltd. Consumer Non Durables 0.26 Godrej Industries Ltd. Consumer Non Durables 0.24 KPIT Technologies Ltd. Software 0.24 Cadila Healthcare Ltd. Pharmaceuticals 0.23 Havells India Ltd. Consumer Durables 0.22 Equitas Holdings Ltd. Finance 0.21 The South Indian Bank Ltd. Banks 0.18 Vodafone Idea Ltd. Telecom - Services 0.18 Wockhardt Ltd. Pharmaceuticals 0.18 Balkrishna Industries Ltd. Auto Ancillaries 0.17 Hindalco Industries Ltd. Non - Ferrous Metals 0.17 Tata Elxsi Ltd. Software 0.17 CanFin Homes Ltd. Finance 0.15 GAIL (India) Ltd. Gas 0.14 Reliance Infrastructure Ltd. Power 0.14 Bajaj Finance Ltd. Finance 0.13 Jain Irrigation Systems Ltd. Industrial Products 0.13 Indusind Bank Ltd. Banks 0.12 MRF Ltd. Auto Ancillaries 0.12 Grasim Industries Ltd. Cement 0.11 Indraprastha Gas Ltd. Gas 0.11 Reliance Capital Ltd. Finance 0.11 Siemens Ltd. Industrial Capital Goods 0.11 Reliance Power Ltd. Power 0.10 Petronet LNG Ltd. Gas 0.09 TV18 Broadcast Ltd. Media & Entertainment 0.09 IDBI Bank Ltd. Banks 0.08 Kotak Mahindra Bank Ltd. Banks 0.08 Bharat Forge Ltd. Industrial Products 0.07 Guj State Fertilizers & Chemicals Fertilisers 0.07 Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.06 Container Corporation of Transportation 0.05 India Ltd. ICICI Prudential Life Insurance Finance 0.05 Company Ltd. InterGlobe Aviation Ltd. Transportation 0.05 Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified....contd on next page December

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 Company Industry + / Rating % to NAV Company Industry + / Rating % to NAV Consumer Non Durables Banks Auto Finance Software Petroleum Products Ferrous Metals Consumer Durables Telecom - Services Construction Project Trading Power Cement Media & Entertainment Transportation Construction Pesticides Textile Products Ujjivan Financial Services Ltd. Finance 0.05 IFCI Ltd. Finance 0.04 Jubilant Foodworks Ltd. Consumer Non Durables 0.04 Kajaria Ceramics Ltd. Construction 0.04 Cipla Ltd. Pharmaceuticals 0.03 Exide Industries Ltd. Auto Ancillaries 0.03 Asian Paints Ltd. Consumer Non Durables 0.02 Shree Cement Ltd. Cement 0.02 State Bank of India Banks 0.02 DCB Bank Ltd. Banks 0.01 GMR Infrastructure Ltd. Construction Project 0.01 PTC INDIA Ltd. Power 0.01 ACC Ltd. Sub Total Debt & Debt Related Credit Exposure Housing Development Finance Corporation Ltd. CRISIL - AAA 3.49 Punjab National Bank CARE - A Vedanta Ltd. CRISIL - AA 2.05 ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 0.70 Syndicate Bank CARE - A Andhra Bank CARE - A Bank of Baroda CARE - AA 0.42 Union Bank of India IND - AA 0.25 ICICI Bank Ltd. ICRA - AA Sub Total Money Market Instruments CD/CP Reliance Jio Infocomm Ltd. CRISIL - A Sub Total 0.14 Short Term Deposits as margin for Futures & Options Cash, Cash Equivalents and Net Current Assets 3.65 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) Non - Ferrous Metals 0.44 Gas 0.34 Auto Ancillaries 0.32 Industrial Products 0.20 Industrial Capital Goods 0.11 Fertilisers income over short term. income through arbitrage opportunities between cash and derivative market and arbitrage opportunities within the derivative segment. Portfolio Classification By Asset Class Equity CP 0.14 Credit Exposure Cash, Cash Equivalents and Net Current Assets Portfolio Classification By Rating Class Equity AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 4.33 AA AA/AA A+ & Below 3.38 Cash, Cash Equivalents and Net Current Assets Investors understand that their principal will be at moderately low risk 34 December 2018 Performance ^ - wholesale Plan - Regular plan - Growth Option # ## (`) # Dec 29, 17 Last 1 Year ,564 10,443 10,461 Dec 31, 15 Last 3 Years ,871 11,613 14,230 Dec 31, 13 Last 5 Years ,787 13,592 18,342 Oct 23, 07 Since Inception 7.14 N.A ,643 N.A. 22,649 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. 60. Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of December 31, 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 of the will be realized. CATEGORY OF SCHEME: Corporate Bond Fund Fund Manager Anupam Joshi (since October 27, 15) Total Experience: Over 12 years June 29, 2010 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) 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 December 31, , Average for Month of December, , Average Maturity * 2.88 years Macaulay Duration * 2.35 years Modified Duration * 2.18 years Yield to Maturity * 8.56% * Computed on the invested amount. Regular: 0.45% Direct: 0.40% #BENCHMARK INDEX: CRISIL Composite Bond Fund Index ##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. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 % Maharashtra SDL - Mat Sovereign GOI 2023 Sovereign % Tamil Nadu SDL - Mat Sovereign GOI 2023 Sovereign % Rajasthan SDL - Mat Sovereign 0.01 Sub Total 7.30 Credit Exposure Power Finance Corporation Ltd. CARE - AAA / CRISIL - AAA / ICRA - AAA 9.24 Housing Development Finance Corporation Ltd. CRISIL - AAA 8.67 Bajaj Finance Ltd. CRISIL - AAA / IND - AAA 6.94 ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 6.37 Indiabulls Housing Finance Ltd. CARE - AAA 5.37 Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 5.13 Rural Electrification Corporation Ltd. CRISIL - AAA / IND - AAA 5.04 HDB Financial Services Ltd. CARE - AAA / CRISIL - AAA 5.00 M&M Financial Services Ltd. IND - AAA 4.99 LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 4.59 Food Corporation of India (Corporate guarantee from Govt of India) CRISIL - AAA(SO) 2.42 State Bank of India CRISIL - AAA 2.36 Export - Import Bank of India CRISIL - AAA 2.16 Reliable Devices Trust ICRA - AAA(SO) 2.15 Portfolio Classification By Asset Class G-Sec, SDL 7.30 Credit Exposure Cash, Cash Equivalents and Net Current Assets 3.25 Issuer Rating % to NAV Reliance Jio Infocomm Ltd. CRISIL - AAA 2.14 National Highways Authority of India CARE - AAA / CRISIL - AAA 2.12 Indian Railways Finance Corporation Ltd. CRISIL - AAA 1.79 Small Industries Development Bank CARE - AAA 1.61 NTPC Ltd. CRISIL - AAA 1.29 Tata Sons Ltd. CRISIL - AAA 1.22 L&T Infrastructure Finance Ltd. CARE - AAA 1.10 National Bank for Agriculture & Rural Development CRISIL - AAA 1.07 Power Grid Corporation of India Ltd. CRISIL - AAA 1.02 Bank of Baroda CARE - AAA 0.92 Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARE - AAA 0.84 Kotak Mahindra Prime Ltd. CRISIL - AAA 0.78 Housing and Urban Development Corporation Ltd. IND - AAA 0.76 Andhra Pradesh Expressway Ltd. (NHAI Annuity) ICRA - AAA(SO) 0.57 Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(SO) 0.46 Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CARE - AAA 0.41 Daimler Fin Ser (I) Pvt Ltd. IND - AAA 0.38 Toyota Financial Services India Ltd. CRISIL - AAA 0.27 Gujarat Road and Infra Company Ltd. ICRA - AAA(SO) 0.23 NHPC Ltd. IND - AAA 0.04 Sub Total Total Cash, Cash Equivalents and Net Current Assets 3.25 Top Ten Holdings, Co-sponsor Portfolio Classification By Rating Class Sovereign 7.30 AAA/AAA(SO)/A1+/A1+(SO) & Equivalent Cash, Cash Equivalents and Net Current Assets 3.25 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 # ## (`) # Dec 29, 17 Last 1 Year ,646 10,591 10,601 Dec 31, 15 Last 3 Years ,549 12,526 12,184 Dec 31, 13 Last 5 Years ,122 15,554 14,935 Jun 29, 10 Since Inception ,218 19,237 17,002 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, Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of December 31, 2018 unless otherwise specified. December

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 of the will be realized. CATEGORY OF SCHEME: Credit Risk Fund Fund Manager Shobhit Mehrotra (since March 25, 14) Total Experience: Over 25 years March 25, 2014 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) 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 December 31, , Average for Month of December, , Average Maturity * 2.52 years Macaulay Duration * 2.15 years Modified Duration * 1.99 years Yield to Maturity * 9.71% * Computed on the invested amount. #BENCHMARK INDEX: Crisil Short Term Bond Fund Index ##addl. BENCHMARK INDEX: CRISIL 10 year Gilt Index Performance ^ - Regular plan - Growth Option 36 December 2018 # Regular: 1.64% Direct: 1.14% 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 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 of 0.50% is payable if Units are redeemed / switched-out after 12 months but within 18 months from the date of allotment No is payable if Units are redeemed / switched-out after 18 months from the date of allotment For further details, please refer to para on Pg 51. Regular Plan, Direct Plan. Under Each Plan: Growth, Quarterly Dividend and Normal Dividend. Both Dividend options offers Payout and Reinvestment facilities. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. Normally despatched within 3-4 Business Days. Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years). ## (`) # Dec 29, 17 Last 1 Year ,533 10,665 10,601 Dec 31, 15 Last 3 Years ,458 12,424 12,184 Mar 25, 14 Since Inception ,931 14,579 14,605 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. Company Industry + / Security Rating Issuer Rating % to NAV Debt & Debt Related Government Securities (Central/State) 8.39% Rajasthan SDL - Mat Sovereign Sovereign 0.30 Sub Total 0.30 Credit Exposure HPCL-Mittal Energy Ltd. ICRA - AA+ ICRA - AA Vedanta Ltd. CRISIL - AA CRISIL - AA 4.23 TATA International Ltd. CARE - A+ ICRA - A 4.18 Rural Electrification Corporation Ltd. CARE - AAA / CRISIL - AAA CRISIL - AAA 3.26 The Tata Power Company Ltd. CARE - AA / CRISIL - AA- CRISIL - AA Tata Steel Ltd. CARE - AA / CARE - AA- CARE - AA 2.88 Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CARE - AAA / CRISIL - AAA CRISIL - AAA 2.70 HDFC Bank Ltd. CARE - AA+ CRISIL - AAA 2.62 Face Value per Unit: ` 10 unless otherwise specified, Data is as of December 31, 2018 unless otherwise specified. Based on long term rating. Portfolio Classification By Asset Class SDL 0.30 CP 1.72 CD 0.29 Credit Exposure Cash, Cash Equivalents and Net Current Assets 3.83 Portfolio Classification By Issuer Rating Class Sovereign 0.30 AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA AA/AA A+ & Below Cash, Cash Equivalents and Net Current Assets 3.83 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 + / Issuer Rating % to NAV Security Rating Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(SO) IND - A Punjab National Bank CARE - A+ / CRISIL - AA- ICRA - AA Nuvoco Vistas Corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) CRISIL - AA CRISIL - AA 2.29 Dilip Buildcon Ltd. CRISIL - A+ CARE - A Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARE - AAA CRISIL - AAA 2.19 Adani Rail Infra Pvt. Ltd. (Secured by Shares of Adani Ports and Adani Transmission) BRICKWORKS - A1+(SO) BRICKWORKS - AA Adani Transmission Ltd. IND - AA+ IND - AA Muthoot Finance Ltd. ICRA - AA ICRA - AA DB Consolidated Pvt. Ltd. (Dainik Bhaskar Group Company) NA - UNRATED INTERNAL - A-(SO) 1.76 Tata Sky Ltd. (Subsidiary of Tata Sons) CRISIL - AA CRISIL - AA 1.70

37 HDFC Credit Risk Debt Fund [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 Rating Issuer Rating % to NAV Sansar Trust Nov 2018 ICRA - AAA(SO) Unrated 1.67 Reliance Jio Infocomm Ltd. CRISIL - AAA CRISIL - AAA 1.62 Coastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARE - AA(SO) CARE - AA(SO) 1.61 Power Finance Corporation Ltd. CARE - AAA / CRISIL - AAA / ICRA - AAA CRISIL - AAA 1.56 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) 1.48 Aasan Corporate Solutions Pvt Ltd. (Ajay Piramal Group Co) ICRA - AA-(SO) ICRA - AA-(SO) 1.33 TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) CRISIL - AA CRISIL - AA 1.16 JM Financial Asset Reconstruction Company Ltd. ICRA - AA- CRISIL - AA Power Grid Corporation of India Ltd. CRISIL - AAA CRISIL - AAA 1.06 Primat Infrapower & Multiventures Pvt. Ltd. (Secured with shares of ZEE Entertainment Enterprise Ltd. & Dish TV Ltd.) BRICKWORKS - A+(SO) / BRICKWORKS - AA- (SO) INTERNAL - A 1.05 Hindalco Industries Ltd. CRISIL - AA CRISIL - AA 0.99 Hinduja Leyland Finance Ltd. CARE - AA- CARE - AA Raj Infra Properties Pvt. Ltd. (Secured with shares of Emami Ltd.) BRICKWORKS - AA-(SO) BRICKWORKS - AA-(SO) 0.89 Indiabulls Housing Finance Ltd. CARE - AAA / CRISIL - AAA CRISIL - AA GERA Development Private Ltd. CARE - A+ CARE - A Reliable Devices Trust ICRA - AAA(SO) ICRA - AAA(SO) 0.87 Shriram Transport Finance Company Ltd. CARE - AA+ / CRISIL - AA+ / IND - AA+ CRISIL - AA Tata Motors Ltd. CARE - AA+ CRISIL - AA 0.80 Starlite Lighting Ltd. (Corporate Guarantee of Bajaj Electrical Ltd.) ICRA - A+(SO) ICRA - A+(SO) 0.77 Syndicate Bank CARE - A+ CRISIL - AA 0.74 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 Tata Motors Finance Ltd. CARE - AA+ CRISIL - AA 0.66 Union Bank of India IND - AA CARE - AA NTPC Ltd. CRISIL - AAA CRISIL - AAA 0.62 Tata Realty and Infrastructure Ltd. CRISIL - AA CRISIL - AA 0.58 Bharat Petroleum Corporation Ltd. CRISIL - AAA CRISIL - AAA 0.58 Housing Development Fin. Corporation Ltd. CRISIL - AAA CRISIL - AAA 0.58 Tata Capital Financial Services Ltd. ICRA - AAA CRISIL - AAA 0.58 Indostar Cap Fin Ltd. CARE - AA- CARE - AA Axis Bank Ltd. CRISIL - AA+ CRISIL - AAA 0.57 Export - Import Bank of India CRISIL - AAA CRISIL - AAA 0.57 Cholamandalam Investment & Finance Company Ltd. CRISIL - AA+ CARE - AA 0.51 Aarish Solar Power Private Ltd. (Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 Aashman Energy Private Ltd. (Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 Divyesh Power Private Ltd.(Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 Elena Renewable Energy Private Ltd. (Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 Pratyash Renewable Private Ltd. (Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 SEI Baskara Power Private Ltd. (Greenko) CARE - AA-(SO) BRICKWORKS - AA-(SO) 0.48 SEI Enerstar Renewable Energy Pvt Ltd. CARE - AA-(SO) CARE - AA-(SO) 0.48 SEI Mihir Energy Private Ltd.(Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 Shreyas Renewable Energy Private Ltd. (Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 Zuvan Energy Private Ltd.(Greenko) CARE - AA-(SO) CARE - AA-(SO) 0.48 Company Industry + / Issuer Rating % to NAV Security Rating Prabhakar Viniyog Pvt. Ltd. (Secured with shares of Emami Ltd.) BRICKWORKS - AA-(SO) IND - AA-(SO) 0.46 APL Apollo Tubes Ltd. CARE - AA- CARE - AA 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 Inox Air Products Pvt. Ltd. CRISIL - AA CRISIL - AA 0.34 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) 0.33 Emami Infrastructure Ltd. (Secured with shares of Emami Ltd.) BRICKWORKS - AA-(SO) BRICKWORKS - AA-(SO) 0.32 JM Financial Credit Solutions Ltd. ICRA - AA CRISIL - AA 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 HDB Financial Services Ltd. CRISIL - AAA CRISIL - AAA 0.29 India Infoline Finance Ltd. ICRA - 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 Tata Sons Ltd. CRISIL - AAA CRISIL - AAA 0.29 Hazaribagh Ranchi Expressway Ltd. (NHAI Annuity) CARE - AAA(SO) / IND - AAA(SO) Unrated 0.24 Kkr India Financial Services Pvt. Ltd. CRISIL - AA+ CRISIL - AA 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 Enterprise Ltd.) BRICKWORKS - A+ / 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 Bhanu Vyapar Pvt. Ltd. (Secured with shares of Emami Ltd.) IND - AA-(SO) IND - AA-(SO) 0.14 Sundaram Finance Ltd. ICRA - AAA IND - AA G R Infraprojects Ltd. CARE - AA- CARE - AA Kalpataru Power Transmission Ltd. CRISIL - AA CRISIL - AA 0.13 Asian Satellite Broadcast Pvt. Ltd. (Secured with shares of ZEE Entertainment Enterprise Ltd.) BRICKWORKS - AA-(SO) BRICKWORKS - A NHPC Ltd. ICRA - AAA CRISIL - AAA 0.11 Volkswagen Finance Private Ltd. IND - AAA IND - AAA 0.10 Aavas Financiers Ltd. (Formerly known as Au Housing Finance Ltd.) ICRA - A+ CRISIL - A 0.09 LIC Housing Finance Ltd. CRISIL - AAA CRISIL - AAA 0.07 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 Sub Total Money Market Instruments CD/CP Simplex Infrastructures Ltd. CARE - A2+ CARE - A Kotak Mahindra Bank Ltd. CRISIL - A1+ CRISIL - AAA 0.29 Sub Total 2.01 Cash, Cash Equivalents and Net Current Assets 3.83 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 December 31, 2018 unless otherwise specified. December

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 of the will be realized. CATEGORY OF SCHEME: Banking and PSU Fund Fund Manager Anil Bamboli (since March 26, 14) Total Experience: Over 23 years March 26, 2014 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, , Average for Month of December, , Average Maturity * 2.78 years Macaulay Duration * 2.40 years Modified Duration * 2.22 years Yield to Maturity * 8.86% * Computed on the invested amount. Regular: 0.80% Direct: 0.35% #BENCHMARK INDEX: CRISIL Short Term Bond Fund Index ##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 of India CARE - AAA / CRISIL - AAA Power Finance Corporation Ltd. CARE - AAA / CRISIL - AAA / ICRA - AAA 9.38 Power Grid Corporation of India Ltd. CRISIL - AAA 7.35 National Bank for Agriculture & Rural Development CRISIL - AAA 7.17 Food Corporation of India (Corporate guarantee from Govt of India) CRISIL - AAA(SO) 6.74 Bank of Baroda CARE - AA 5.74 Rural Electrification Corporation Ltd. CRISIL - AAA / IND - AAA 5.46 TATA International Ltd. CARE - A Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CARE - AAA(SO) / CRISIL - AAA / CRISIL - AAA(SO) 5.22 Syndicate Bank CARE - A Union Bank of India CARE - AA- / IND - AA 4.64 Export - Import Bank of India CRISIL - AAA 2.36 ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 1.96 HDFC Bank Ltd. CARE - AA Punjab National Bank CRISIL - AA Small Industries Development Bank of India CARE - AAA 1.80 NTPC Ltd. CRISIL - AAA 1.72 Andhra Bank CARE - A LIC Housing Finance Ltd. CRISIL - AAA 1.61 Issuer Rating % to NAV State Bank of India CRISIL - AA+ / CRISIL - AAA 0.96 The Tata Power Company Ltd. CRISIL - AA Indian Railways Finance Corporation Ltd. CRISIL - AAA 0.86 Vedanta Ltd. CRISIL - AA 0.70 Aashman Energy Private Ltd. (Greenko) CARE - AA-(SO) 0.42 Divyesh Power Private Ltd. (Greenko) CARE - AA-(SO) 0.42 Elena Renewable Energy Private Ltd. (Greenko) CARE - AA-(SO) 0.42 Pratyash Renewable Private Ltd. (Greenko) CARE - AA-(SO) 0.42 SEI Baskara Power Private Ltd. (Greenko) CARE - AA-(SO) 0.42 SEI Enerstar Renewable Energy Pvt Ltd. CARE - AA-(SO) 0.42 SEI Mihir Energy Private Ltd. (Greenko) CARE - AA-(SO) 0.42 Shreyas Renewable Energy Private Ltd. (Greenko) CARE - AA-(SO) 0.42 Zuvan Energy Private Ltd. (Greenko) CARE - AA-(SO) 0.42 Housing Development Finance Corporation Ltd. Hazaribagh Ranchi Expressway Ltd. (NHAI Annuity) CRISIL - AAA / ICRA - AAA 0.39 CARE - AAA(SO) / IND - AAA(SO) 0.29 Sub Total Cash, Cash Equivalents and Net Current Assets 4.67 Top Ten Holdings, Co-sponsor Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 38 December 2018 Portfolio Classification By Asset Class Credit Exposure Cash, Cash Equivalents and Net Current Assets 4.67 Performance ^ - Regular plan - Growth Option # Portfolio Classification By Rating Class ## AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA AA/AA A+ & Below Cash, Cash Equivalents and Net Current Assets 4.67 (`) # Dec 29, 17 Last 1 Year ,584 10,665 10,686 Dec 31, 15 Last 3 Years ,475 12,424 12,136 Mar 26, 14 Since Inception ,642 14,578 13,998 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 December 31, 2018 unless otherwise specified.

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 of the will be realized. CATEGORY OF SCHEME: Gilt Fund Fund Manager Anil Bamboli (since September 1, 07) Total Experience: Over 23 years July 25, 2001 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) Regular Plan - Growth Option Regular Plan - Dividend Option Direct Plan - Growth Option Direct Plan - Dividend Option As on December 31, , Average for Month of December, , Average Maturity * 3.77 years Macaulay Duration * 2.93 years Modified Duration * 2.82 years Yield to Maturity * 7.12% * Computed on the invested amount. Regular: 0.90% Direct: 0.55% #BENCHMARK INDEX: CRISIL Dynamic Gilt Index ##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. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 GOI 2024 Sovereign GOI 2022 Sovereign GOI 2023 Sovereign GOI 2022 Sovereign % Rajasthan SDL - Mat Sovereign % Rajasthan (UDAY) SDL - Mat Sovereign % Uttar Pradesh SDL (UDAY) - Mat Sovereign GOI 2033 Sovereign GOI 2025 Sovereign GOI 2022 Sovereign % Rajasthan SDL - Mat Sovereign % Haryana SDL - Mat Sovereign 2.13 Portfolio Classification By Asset Class G-Sec, SDL, T-Bills Cash, Cash Equivalents and Net Current Assets Issuer Rating % to NAV 7.86% Rajasthan SDL (UDAY - Strip II ) - ISD 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 Sub Total Total Cash, Cash Equivalents and Net Current Assets Top Ten Holdings Portfolio Classification By Rating Class Sovereign Cash, Cash Equivalents and 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 # ## (`) # Dec 29, 17 Last 1 Year ,533 10,683 10,601 Dec 31, 15 Last 3 Years ,502 12,462 12,184 Dec 31, 13 Last 5 Years ,760 15,648 14,935 Jul 25, 01 Since Inception N.A. 36,513 39,666 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 December 31, 2018 unless otherwise specified. December

40 HDFC Dynamic Debt Fund (An open ended dynamic debt scheme 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 of the will be realized. CATEGORY OF SCHEME: Dynamic Bond Fund Fund Manager Anil Bamboli (since February 16, 04) Total Experience: Over 23 years April 28, 1997 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) 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 December 31, Average for Month of December, Average Maturity * 4.19 years Macaulay Duration * 3.39 years Modified Duration * 3.18 years Yield to Maturity * 8.67% * Computed on the invested amount. Regular: 1.85% Direct: 1.25% #BENCHMARK INDEX: CRISIL Composite Bond Fund Index ##addl. BENCHMARK INDEX: CRISIL 10 year Gilt Index In respect of each purchase / switch-in of Units, an of 0.50% is payable if Units are redeemed / switched-out within 6 months from the date of allotment. No is payable if Units are redeemed / switchedout after 6 months from the date of allotment. For further details, please refer to para 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. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 40 December 2018 Issuer Rating % to NAV Debt & Debt Related Government Securities (Central/State) 8.21% Rajasthan (UDAY) SDL - Mat Sovereign GOI 2028 Sovereign GOI 2022 Sovereign % Rajasthan SDL - Mat Sovereign % Haryana SDL - Mat Sovereign GOI 2022 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 9.81 Power Finance Corporation Ltd. CARE - AAA 9.18 Hazaribagh Ranchi Expressway Ltd. (NHAI Annuity) CARE - AAA(SO) / IND - AAA(SO) 8.61 Portfolio Classification By Asset Class G-Sec, SDL Credit Exposure Cash, Cash Equivalents and Net Current Assets 4.48 Performance ^ - Regular plan - Growth Option # Issuer Rating % to NAV Reliance Industries Ltd. CRISIL - AAA 5.59 State Bank of India CARE - AAA(SO) / CRISIL - AAA 5.55 LIC Housing Finance Ltd. CRISIL - AAA 4.47 Syndicate Bank CARE - A Small Industries Development Bank of India CARE - AAA 3.14 Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CARE - AAA(SO) 2.89 Vedanta Ltd. CRISIL - AA 2.68 Rural Electrification Corporation Ltd. IND - AAA 2.67 Reliance Jio Infocomm Ltd. CRISIL - AAA 2.65 Housing Development Finance Corporation Ltd. ICRA - AAA 2.61 Punjab National Bank CRISIL - AA Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 1.56 National Highways Authority of India CARE - AAA 1.08 The Tata Power Company Ltd. CRISIL - AA Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARE - AAA 0.56 NTPC Ltd. CRISIL - AAA 0.07 Sub Total Total Cash, Cash Equivalents and Net Current Assets 4.48 Top Ten Holdings, less than 0.01% Portfolio Classification By Rating Class ## Sovereign AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA/AA A+ & Below 3.75 Cash, Cash Equivalents and Net Current Assets 4.48 (`) # Dec 29, 17 Last 1 Year ,409 10,591 10,601 Dec 31, 15 Last 3 Years ,267 12,526 12,184 Dec 31, 13 Last 5 Years ,033 15,554 14,935 Apr 28, 97 Since Inception 8.67 N.A. N.A. 60,649 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 December 31, 2018 unless otherwise specified.

41 HDFC Income Fund [An open ended medium term debt scheme investing in instruments such that the Macaulay Duration of the Portfolio is between 4 years and 7 years (Refer page 2 for definition of Macaulay Duration)] To generate income / capital appreciation through investments in debt and money market instruments. There is no assurance that the of the will be realized. CATEGORY OF SCHEME: Medium to Long Duration Fund Fund Manager Shobhit Mehrotra (since September 11, 07) Total Experience: Over 25 years September 11, 2000 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) 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 December 31, Average for Month of December, Average Maturity * 4.27 years Macaulay Duration * 3.36 years Modified Duration * 3.17 years Yield to Maturity * 8.46% * Computed on the invested amount for debt portfolio. Regular: 2.15% Direct: 1.69% #BENCHMARK INDEX: CRISIL Composite Bond Fund Index ##addl. BENCHMARK INDEX: Crisil 10 year Gilt Index In respect of each purchase / switch-in of Units, an of 0.25% is payable if Units are redeemed / switched-out within 1 month from the date of allotment. No is payable if Units are redeemed / switchedout after 1 month from the date of allotment. For further details, please refer to para on Pg 51. Regular Plan, Direct Plan. Under Each Plan : Growth, Quarterly Dividend & Normal Dividend. Both Dividend Options offer Payout and Reinvestment facility. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 GOI 2032 Sovereign GOI 2023 Sovereign 2.37 GOI 2023 Sovereign GOI 2034 Sovereign GOI 2025 Sovereign GOI 2024 Sub Total Credit Exposure Rural Electrification Corporation Ltd. CRISIL - AAA / IND - AAA 8.66 Punjab National Bank CARE - A Power Finance Corporation Ltd. CARE - AAA / CRISIL - AAA 7.62 The Tata Power Company Ltd. CRISIL - AA National Bank for Agriculture & Rural Development CRISIL - AAA 5.78 National Highways Authority of India CRISIL - AAA 5.77 Portfolio Classification By Asset Class G-Sec CD 5.79 Credit Exposure Cash, Cash Equivalents and Net Current Assets 2.76 Issuer Rating % to NAV Reliance Jio Infocomm Ltd. ICRA - AAA 5.68 State Bank of India CRISIL - AA LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 3.46 Tata Steel Ltd. CARE - AA NTPC Ltd. CRISIL - AAA 3.05 Reliance Industries Ltd. CRISIL - AAA 3.00 Export - Import Bank of India CRISIL - AA Indian Railways Finance Corporation Ltd. CARE - AAA 2.76 Union Bank of India CARE - AA Sub Total Total MONEY MARKET INSTRUMENTS CD/CP Kotak Mahindra Bank Ltd. CRISIL - A Sub Total 5.79 Cash, Cash Equivalents and Net Current Assets 2.76 Top Ten less than 0.01% Portfolio Classification By Rating Class Sovereign AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA AA/AA A+ & Below 8.50 Cash, Cash Equivalents and Net Current Assets 2.76 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 Performance ^ - Regular plan - Growth Option Face Value per Unit: ` 10 unless otherwise specified, Data is as of December 31, 2018 unless otherwise specified. # ## (`) # Dec 29, 17 Last 1 Year ,357 10,591 10,601 Dec 31, 15 Last 3 Years ,014 12,526 12,184 Dec 31, 13 Last 5 Years ,637 15,554 14,935 Sep 11, 00 Since Inception 7.78 N.A. N.A. 39,418 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. December

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 of the will be realized. CATEGORY OF SCHEME: Medium Duration Fund Fund Manager Shobhit Mehrotra (since September 1, 07) Total Experience: Over 25 years February 6, 2002 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) 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 December 31, , Average for Month of December, , Average Maturity * 2.80 years Macaulay Duration * 2.33 years Modified Duration * 2.15 years Yield to Maturity * 9.02% * Computed on the invested amount. Regular: 1.29% Direct: 0.49% #BENCHMARK INDEX: CRISIL Short Term Bond Fund Index ##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. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 42 December 2018 Investors understand that their principal will be at moderate risk Issuer Rating % to NAV Debt & Debt Related Government Securities (Central/State) 7.17 GOI 2028 Sovereign GOI 2024 Sovereign GOI 2029 Sovereign 0.19 Sub Total 3.79 Credit Exposure Rural Electrification Corporation Ltd. CRISIL - AAA HPCL-Mittal Energy Ltd. ICRA - AA Power Finance Corporation Ltd. CRISIL - AAA 7.45 LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 7.02 Indiabulls Housing Finance Ltd. BRICKWORKS - AAA / CRISIL - AAA 5.96 Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CARE - AAA 5.64 Housing and Urban Development Corporation Ltd. ICRA - AAA 4.52 HDFC Bank Ltd. CARE - AA Syndicate Bank CARE - A Muthoot Finance Ltd. ICRA - AA 3.50 M&M Financial Services Ltd. IND - AAA 3.15 Reliable Devices Trust ICRA - AAA(SO) 2.31 Coastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARE - AA(SO) 2.28 National Bank for Agriculture & Rural Development CRISIL - AAA 2.27 Reliance Jio Infocomm Ltd. CRISIL - AAA 2.25 Union Bank of India CARE - AA Punjab National Bank CRISIL - AA JM Financial Asset Reconstruction Company Ltd. ICRA - AA Portfolio Classification by Asset Class G-Sec 3.79 Credit Exposure Cash, Cash Equivalents and Net Current Assets 6.30 Performance ^ - Regular plan - Growth Option # Issuer Rating % to NAV Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(SO) 1.78 Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARE - AAA 1.69 Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CRISIL - AAA(SO) 0.93 Andhra Bank CARE - A Vedanta Ltd. CRISIL - AA 0.89 Aarish Solar Power Private Ltd. (Greenko) CARE - AA-(SO) 0.43 Aashman Energy Private Ltd. (Greenko) CARE - AA-(SO) 0.43 Divyesh Power Private Ltd. (Greenko) CARE - AA-(SO) 0.43 Elena Renewable Energy Private Ltd.(Greenko) CARE - AA-(SO) 0.43 Pratyash Renewable Private Ltd. (Greenko) CARE - AA-(SO) 0.43 SEI Baskara Power Private Ltd. (Greenko) CARE - AA-(SO) 0.43 SEI Enerstar Renewable Energy Pvt Ltd. CARE - AA-(SO) 0.43 SEI Mihir Energy Private Ltd. (Greenko) CARE - AA-(SO) 0.43 Shreyas Renewable Energy Private Ltd. (Greenko) CARE - AA-(SO) 0.43 Zuvan Energy Private Ltd. (Greenko) CARE - AA-(SO) 0.43 Sub Total Total Cash, Cash Equivalents and Net Current Assets 6.30 Top Ten Holdings Portfolio Classification by Rating Class ## Sovereign 3.79 AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA AA/AA A+ & Below 4.91 Cash, Cash Equivalents and Net Current Assets 6.30 (`) # Dec 29, 17 Last 1 Year ,556 10,665 10,686 Dec 31, 15 Last 3 Years ,427 12,424 12,136 Dec 31, 13 Last 5 Years ,839 14,912 14,258 Feb 06, 02 Since Inception 7.87 N.A ,987 N.A. 26,891 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. Face Value per Unit: ` 10 unless otherwise specified, Data is as of December 31, 2018 unless otherwise specified.

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 of the will be realized. CATEGORY OF SCHEME: Short Duration Fund Fund Manager Anil Bamboli (since June 25, 10) Total Experience: Over 23 years June 25, 2010 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) 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 December 31, , Average for Month of December, , Average Maturity * 1.50 years Macaulay Duration * 1.36 years Modified Duration * 1.26 years Yield to Maturity * 8.54% * Computed on the invested amount. Regular: 0.40% Direct: 0.25% #BENCHMARK INDEX: CRISIL Short Term Bond Fund Index ##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. Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1,000 and any amount thereafter. 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 Issuer Rating % to NAV Debt & Debt Related Government Securities (Central/State) 8.39% Rajasthan SDL - Mat Sovereign GOI 2028 Sovereign GOI 2023 Sovereign 0.11 Sub Total 1.72 Credit Exposure Power Finance Corporation Ltd. Rural Electrification Corporation Ltd. CARE - AAA / CRISIL - AAA CRISIL - AAA / IND - AAA 8.37 National Bank for Agriculture CRISIL - AAA / & Rural Development IND - AAA 8.17 Housing Development Finance Corporation Ltd. CRISIL - AAA / ICRA - AAA 8.12 LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 6.99 ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 6.18 Indiabulls Housing Finance Ltd. BRICKWORKS - AAA 4.99 Reliance Jio Infocomm Ltd. CRISIL - AAA / CRISIL - AAA(SO) / ICRA - AAA 4.88 M&M Financial Services Ltd. CARE - AAA / IND - AAA 4.21 Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 3.85 Tata Sons Ltd. CRISIL - AAA 3.04 Tata Capital Financial Services Ltd. ICRA - AAA 3.02 Housing and Urban Development Corporation Ltd. ICRA - AAA / IND - AAA 2.77 Reliable Devices Trust ICRA - AAA(SO) 1.98 Nuvoco Vistas Corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) CRISIL - AA 1.66 Sansar Trust Nov 2018 ICRA - AAA(SO) 1.61 Vedanta Ltd. CRISIL - AA 1.53 Small Industries Development Bank of CARE - AAA 1.21 Cholamandalam Investment & Finance Company Ltd. ICRA - AA Portfolio Classification by Asset Class G-Sec, SDL 1.72 CD 0.71 Credit Exposure Cash, Cash Equivalents and Net Current Assets 3.71 Performance ^ - Regular plan - Growth Option # ## (`) # Dec 29, 17 Last 1 Year ,697 10,665 10,686 Dec 31, 15 Last 3 Years ,460 12,424 12,136 Dec 31, 13 Last 5 Years ,954 14,912 14,258 Jun 25, 10 Since Inception ,161 19,412 17,631 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 December 31, 2018 unless otherwise specified. Issuer Rating % to NAV Bajaj Finance Ltd. CRISIL - AAA / IND - AAA 1.10 Aditya Birla Finance Ltd. ICRA - AAA / IND - AAA 0.89 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) 0.56 Export - Import Bank of India CRISIL - AAA 0.55 HDB Financial Services Ltd. CRISIL - AAA 0.55 L&T Finance Ltd. CARE - AAA 0.55 National Highways Authority of India CARE - AAA 0.55 Sundaram BNP Paribas Home Finance Ltd. ICRA - AA Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(SO) 0.55 Tata Motors Ltd. CARE - AA Hindalco Industries Ltd. CRISIL - AA 0.51 CanFin Homes Ltd. CARE - AAA 0.38 Power Grid Corporation of India Ltd. CRISIL - AAA 0.33 Indian Railways Finance Corporation Ltd. ICRA - AAA 0.28 Toyota Financial Services India Ltd. CRISIL - AAA 0.27 NHPC Ltd. ICRA - AAA 0.22 NTPC Ltd. CRISIL - AAA 0.17 Sub Total Total MONEY MARKET INSTRUMENTS CD/CP Kotak Mahindra Bank Ltd. CRISIL - A Sub Total 0.71 Cash, Cash Equivalents and Net Current Assets 3.71 Top Ten Holdings, Co-sponsor Portfolio Classification by Rating Class Sovereign 1.72 AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA AA/AA Cash, Cash Equivalents and Net Current Assets 3.71 December

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 of the will be realized. CATEGORY OF SCHEME: Low Duration Fund Fund Manager Anupam Joshi (since October 27, 15) Total Experience: Over 12 years November 18, 1999 NAV (As on DECEMBER 31, 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 December 31, 2018 Average for Month of December, , , Average Maturity * 281 days Macaulay Duration * 259 days Modified Duration * 230 days Yield to Maturity * 8.20% * Computed on the invested amount. Regular: 1.02% Direct: 0.42% #BENCHMARK INDEX: CRISIL Liquid Fund Index ##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. 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. 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 44 December 2018 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 GOI 2028 Sovereign % Karnataka SDL - Mat Sovereign GOI 2022 Sovereign GOI 2027 Sub Total 3.35 Credit Exposure Power Finance Corporation Ltd. CRISIL - AAA 6.32 ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 6.19 Small Industries Development Bank of India CARE - AAA 6.14 National Bank for Agriculture & Rural Development CRISIL - AAA 3.94 Power Grid Corporation of India Ltd. CARE - AAA / CRISIL - AAA 3.86 Housing Development Finance Corporation Ltd. CRISIL - AAA 3.55 Tata Capital Financial Services Ltd. CRISIL - AAA / ICRA - AAA 2.94 Indian Railways Finance Corporation Ltd. CARE - AAA / CRISIL - AAA 2.91 Union Bank of India CARE - AA ONGC Mangalore Petrochemicals Ltd. IND - AAA 2.14 Reliable Devices Trust ICRA - AAA(SO) 1.99 LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 1.94 Reliance Jio Infocomm Ltd. CRISIL - AAA 1.93 Petronet LNG Ltd. CRISIL - AAA 1.89 Syndicate Bank CARE - A Rural Electrification Corporation Ltd. CRISIL - AAA 1.82 Canara Bank CRISIL - AA 1.82 M&M Financial Services Ltd. CARE - AAA / IND - AAA 1.70 L&T Finance Ltd. CARE - AAA 1.60 State Bank of India CRISIL - AA Punjab National Bank CRISIL - AA Nuvoco Vistas Corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) CRISIL - AA 1.50 Housing and Urban Development Corporation Ltd. ICRA - AAA 1.07 Shriram Transport Finance Company Ltd. IND - AA Axis Bank Ltd. CRISIL - AA Raviraj Viniyog Pvt. Ltd. (Secured with shares of Emami Ltd.) BRICKWORKS - AA-(SO) 0.95 Portfolio Classification by Asset Class G-Sec, SDL 3.35 CP CD Credit Exposure Cash, Cash Equivalents and Net Current Assets 4.08 Performance ^ - Regular plan - Growth Option # ## (`) # Dec 29, 17 Last 1 Year ,650 10,757 10,686 Dec 31, 15 Last 3 Years ,309 12,334 12,136 Dec 31, 13 Last 5 Years ,367 14,580 14,258 Nov 18, 99 Since Inception 7.27 N.A ,325 N.A. 33,198 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 December 31, 2018 unless otherwise specified. Issuer Rating % to NAV KKR India Financial Services Pvt. Ltd. CRISIL - AA / CRISIL - AA Vedanta Ltd. CRISIL - AA 0.58 Emami Infrastructure Ltd. (Secured with shares of Emami Ltd.) BRICKWORKS - AA-(SO) 0.58 NRSS XXIX Transmission Ltd. CRISIL - AAA 0.54 Sun Pharma Laboratories Ltd. ICRA - AAA 0.44 Adani Transmission Ltd. IND - AA Tata Motors Finance Ltd. CRISIL - AAA 0.34 Bajaj Finance Ltd. CRISIL - AAA / IND - AAA 0.29 Tata Motors Ltd. CARE - AA Tata Steel Ltd. CARE - AA 0.22 Larsen and Toubro Ltd. CRISIL - AAA 0.16 NTPC Ltd. CRISIL - AAA 0.09 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. 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 Axis Bank Ltd. CRISIL - A Indiabulls Housing Finance Ltd. CRISIL - A PNB Housing Finance Ltd. CARE - A Indusind Bank Ltd. CRISIL - A Shriram City Union Finance Ltd. CARE - A L&T Finance Ltd. CARE - A Kotak Mahindra Bank Ltd. CRISIL - A Tata Capital Financial Services Ltd. ICRA - A ICICI Bank Ltd. ICRA - A Sub Total Cash, Cash Equivalents and Net Current Assets 4.08 Top Ten Holdings, less than 0.01% Outstanding exposure in derivative instruments Interest Rate Swap (` in Crore) Portfolio Classification by Rating Class Sovereign 3.35 AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA AA/AA A+ & Below 1.84 Cash, Cash Equivalents and Net Current Assets 4.08

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 of the will be realized. CATEGORY OF SCHEME: Money Market Fund Fund Manager Anil Bamboli (since July 25, 12) Total Experience: Over 23 years November 18, 1999 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) 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 December 31, , Average for Month of December, , Average Maturity * 80 days Macaulay Duration * 80 days Modified Duration * 73 days Yield to Maturity * 7.43% * Computed on the invested amount. Regular: 0.35% Direct: 0.15% #BENCHMARK INDEX: CRISIL Liquid Fund Index ##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). 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 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 Rural Electrification Corporation Ltd. CARE - A NTPC Ltd. CARE - A Axis Bank Ltd. CRISIL - A Kotak Mahindra Prime Ltd. CRISIL - A ICICI Bank Ltd. CRISIL - A1+ / ICRA - A CanFin Homes Ltd. CARE - A1+ / ICRA - A Reliance Industries Ltd. CRISIL - A1+ / ICRA - A Indusind Bank Ltd. CRISIL - A Tata Capital Financial Services Ltd. ICRA - A Reliance Jio Infocomm Ltd. CARE - A1+ / CRISIL - A Reliance Retail Ltd. CARE - A L&T Housing Finance Ltd. CRISIL - A L&T Finance Ltd. CARE - A IDFC Bank Ltd. CRISIL - A LIC Housing Finance Ltd. ICRA - A UPL Ltd. CRISIL - A L&T Infrastructure Finance Ltd. CRISIL - A Shriram Housing Finance Ltd. CARE - A Portfolio Classification by Asset Class CP CD Cash, Cash Equivalents and Net Current Assets 0.67 Issuer Rating % to NAV TATA Housing Development Company Ltd. IND - A Hero Fincorp Ltd. ICRA - A L&T Finance Holdings Ltd. CARE - A SCB Inv & Loan (I) Ltd. CRISIL - A Kotak Mahindra Bank Ltd. CRISIL - A JM Financial Products Ltd. ICRA - A JM Financial Asset Reconstruction Company Ltd. ICRA - A Housing and Urban Development Corporation Ltd. IND - A Small Industries Development Bank of India CARE - A PNB Housing Finance Ltd. CRISIL - A Hongkong & Shanghai Bank Ltd. IND - A Vedanta Ltd. CRISIL - A National Bank for Agriculture & Rural Development ICRA - A Manappuram Finance Ltd. CRISIL - A Tata Power Company Ltd. ICRA - Sub Total Cash, Cash Equivalents and Net Current Assets 0.67 Top Ten Less than 0.01% Portfolio Classification by Rating Class AAA/AAA(SO)/A1+/A1+(SO) & Equivalent Cash, Cash Equivalents and Net Current Assets 0.67 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 $$ # ## (`) # Dec 29, 17 Last 1 Year ,740 10,757 10,686 Dec 31, 15 Last 3 Years ,289 12,334 12,136 Dec 31, 13 Last 5 Years ,513 14,580 14,258 Nov 18, 99 Since Inception 7.25 N.A ,156 N.A. 33,198 greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. $$ 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. 62. Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of December 31, 2018 unless otherwise specified. December

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 of the will be realized. CATEGORY OF SCHEME: Floater Fund Fund Manager Shobhit Mehrotra (since February 16, 04) Total Experience: Over 25 years October 23, 2007 NAV (As on DECEMBER 31, 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 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 December 31, , Average for Month of December, , Average Maturity * 244 days Macaulay Duration * 226 days Modified Duration * 204 days Yield to Maturity * 8.32% * Computed on the invested amount. Regular: 0.38% Direct: 0.23% #BENCHMARK INDEX: Crisil Liquid Fund Index ##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). Purchase : ` 5,000 and any amount thereafter. Purchase : ` 1 and any amount thereafter. 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 46 December 2018 Issuer Rating % to NAV Debt & Debt Related Government Securities (Central/State) 8.39% Rajasthan SDL - Mat Sovereign GOI 2028 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 4.59 Credit Exposure ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 8.14 Shriram City Union Finance Ltd. CARE - AA Housing Development Finance Corporation Ltd. CRISIL - AAA 4.96 Shriram Transport Finance Company Ltd. IND - AA Power Finance Corporation Ltd. CRISIL - AAA 3.39 Union Bank of India CARE - AA Syndicate Bank CARE - A Reliable Devices Trust ICRA - AAA(SO) 2.10 Indiabulls Housing Finance Ltd. BRICKWORKS - AAA / CARE - AAA 1.94 Housing and Urban Development Corporation Ltd. ICRA - AAA / IND - AAA 1.79 JM Financial Credit Solutions Ltd. ICRA - AA 1.74 Power Grid Corporation of India Ltd. CRISIL - AAA 1.62 State Bank of India CARE - AA+ / CRISIL - AA Tata Motors Ltd. CARE - AA / CARE - AA LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 1.23 M&M Financial Services Ltd. IND - AAA 1.23 National Bank for Agriculture & Rural Development CRISIL - AAA 1.18 Portfolio Classification by Asset Class G-Sec, SDL 4.59 CP 8.27 CD Credit Exposure Cash, Cash Equivalents and Net Current Assets 2.66 Performance ^ - Regular plan - Growth Option # Issuer Rating % to NAV Canara Bank CRISIL - AA 1.14 HPCL-Mittal Energy Ltd. ICRA - AA NRSS XXIX Transmission Ltd. CRISIL - AAA 0.89 Axis Bank Ltd. CRISIL - AA Gujarat Road and Infra Company Ltd. CARE - AAA(SO) 0.73 The Tata Power Company Ltd. ICRA - AA Bharti Airtel Ltd. CRISIL - AA 0.58 Fullerton India Credit Company Ltd. CARE - AAA 0.42 Indian Railways Finance Corporation Ltd. CRISIL - AAA 0.29 Tata Capital Financial Services Ltd. CRISIL - AAA 0.29 Cholamandalam Investment & Finance Company Ltd. ICRA - AA Tata Sons Ltd. CRISIL - AAA 0.05 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 Small Industries Development Bank of India CARE - A1+ / ICRA - A Au Small Finance Bank Ltd. CRISIL - A Kotak Mahindra Bank Ltd. CRISIL - A Rural Electrification Corporation Ltd. CARE - A National Bank for Agriculture & Rural Development CRISIL - A Reliance Industries Ltd. ICRA - A Sub Total Cash, Cash Equivalents and Net Current Assets 2.66 Top Ten Holdings, Co-sponsor Outstanding exposure in derivative instruments Interest Rate Swap (` in Crore) 5, Portfolio Classification by Rating Class ## Sovereign 4.59 AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA AA/AA A+ & Below 2.99 Cash, Cash Equivalents and Net Current Assets 2.66 (`) # Dec 29, 17 Last 1 Year ,716 10,757 10,686 Dec 31, 15 Last 3 Years ,482 12,334 12,136 Dec 31, 13 Last 5 Years ,863 14,580 14,258 Oct 23, 07 Since Inception ,134 22,568 20,129 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 December 31, 2018 unless otherwise specified.

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 of the will be realized. CATEGORY OF SCHEME: Ultra Short Duration Fund Fund Manager Anil Bamboli (since September 25, 18) Total Experience: Over 23 years September 25, 2018 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) 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 December 31, , Average for Month of December, , Average Maturity * 126 days Macaulay Duration * 124 days Modified Duration * 102 days Yield to Maturity * 7.88% * Computed on the invested amount. Regular: 0.60% Direct: 0.30% #BENCHMARK INDEX: CRISIL Ultra Short Term Debt Index ##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). Purchase : ` 5,000 and any amount thereafter. 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 ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CRISIL - AAA(SO) 7.01 National Bank for Agriculture & Rural Development CRISIL - AAA 6.99 Reliance Jio Infocomm Ltd. CRISIL - AAA 5.82 Small Industries Development Bank of India CARE - AAA 4.67 Indian Railways Finance Corporation Ltd. CARE - AAA 4.66 Power Finance Corporation Ltd. CRISIL - AAA 4.65 Cholamandalam Investment & Finance Company Ltd. ICRA - AA Housing Development Finance Corporation Ltd. CRISIL - AAA 3.49 M&M Financial Services Ltd. IND - AAA 3.49 Tata Capital Financial Services Ltd. CRISIL - AAA 3.48 LIC Housing Finance Ltd. CRISIL - AAA 3.26 Reliable Devices Trust ICRA - AAA(SO) 2.82 Daimler Fin Ser (I) Pvt Ltd. IND - AAA 2.56 Bajaj Finance Ltd. IND - AAA 2.34 Sun Pharma Laboratories Ltd. ICRA - AAA 2.34 Portfolio Classification by Asset Class CP CD Credit Exposure Cash, Cash Equivalents and Net Current Assets 4.73 Issuer Rating % to NAV National Housing Bank CRISIL - AAA 2.33 Rural Electrification Corporation Ltd. CRISIL - AAA 2.33 Kotak Mahindra Prime Ltd. CRISIL - AAA 1.86 Volkswagen Finance Private Ltd. IND - AAA 1.16 Power Grid Corporation of India Ltd. CRISIL - AAA 0.94 Housing and Urban Development Corporation Ltd. CARE - AAA 0.70 NTPC Ltd. CRISIL - AAA 0.70 Sub Total Money Market Instruments CD/CP Axis Bank Ltd. CRISIL - A CanFin Homes Ltd. CARE - A Indusind Bank Ltd. CRISIL - A L&T Finance Ltd. CARE - A PNB Housing Finance Ltd. CRISIL - A Sub Total Cash, Cash Equivalents and Net Current Assets 4.73 Top Ten Holdings, Co-sponsor Portfolio Classification by Rating Class AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA Cash, Cash Equivalents and Net Current Assets 4.73 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 December 31, 2018 unless otherwise specified. December

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 of the will be realized. CATEGORY OF SCHEME: Liquid Fund Fund Manager Anupam Joshi (since October 27, 15) Total Experience: Over 12 years October 17, 2000 NAV (As on DECEMBER 31, 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 December 31, , Average for Month of December, , Average Maturity * 45 days Macaulay Duration * 44 days Modified Duration * 40 days Yield to Maturity * 7.33% * Computed on the invested amount. Regular: 0.25% Direct: 0.15% #BENCHMARK INDEX: Crisil Liquid Fund Index ##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). 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. 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. Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of December 31, 2018 unless otherwise specified. 48 December 2018 Issuer Rating % to NAV Debt & Debt Related Government Securities (Central/State) 7.76% Karnataka SDL - Mat Sovereign 0.26 Sub Total 0.26 T-bills 91 Days TBill - Mat Sovereign Days Tbill - ISD Mat Sovereign Days TBill - Mat Sovereign Days TBill - Mat Sovereign Days TBill - Mat Sovereign Days Tbill - Mat Sovereign 0.69 Sub Total Credit Exposure Housing Development Finance Corporation Ltd. CRISIL - AAA 4.05 National Bank for Agriculture & Rural Development CRISIL - AAA 1.32 Small Industries Development Bank of India CARE - AAA 0.89 LIC Housing Finance Ltd. CARE - AAA / CRISIL - AAA 0.87 Rural Electrification Corporation Ltd. CRISIL - AAA 0.47 PNB Housing Finance Ltd. CARE - AAA 0.28 Kotak Mahindra Prime Ltd. CRISIL - AAA 0.27 Power Finance Corporation Ltd. CRISIL - AAA 0.27 Indian Railways Finance Corporation Ltd. CRISIL - AAA 0.23 M&M Financial Services Ltd. IND - AAA 0.18 Sundaram Finance Ltd. CRISIL - AAA 0.14 Cholamandalam Investment & Finance Company Ltd. ICRA - AA ONGC Mangalore Petrochemicals Ltd. IND - AAA 0.10 Tata Capital Financial Services Ltd. ICRA - AAA 0.09 Bajaj Finance Ltd. IND - AAA 0.08 Aditya Birla Finance Ltd. ICRA - AAA 0.07 L&T Infrastructure Finance Ltd. CARE - AAA 0.07 Daimler Fin Ser (I) Pvt Ltd. IND - AAA 0.03 Larsen and Toubro Ltd. CRISIL - AAA 0.03 Shriram Transport Finance Company Ltd. CRISIL - AA Tata Sons Ltd. CRISIL - AAA 0.03 Tata Steel Ltd. CARE - AA 0.03 HDB Financial Services Ltd. CRISIL - AAA 0.02 Sub Total 9.65 Total Money Market Instruments CD/CP National Bank for Agriculture CRISIL - A1+ / ICRA - A1+ & Rural Development / IND - A Reliance Jio Infocomm Ltd. CRISIL - A PNB Housing Finance Ltd. CARE - A1+ / CRISIL - A Vedanta Ltd. CRISIL - A1+ / ICRA - A L&T Finance Ltd. CARE - A1+ / ICRA - A Hindustan Zinc Ltd. CRISIL - A NTPC Ltd. CARE - A Indusind Bank Ltd. CRISIL - A Issuer Rating % to NAV Aditya Birla Finance Ltd. ICRA - A1+ / IND - A Tata Teleservices Ltd. CRISIL - A Jammu & Kashmir Bank Ltd. CRISIL - A Rural Electrification Corporation Ltd. CARE - A Steel Authority Of India Ltd. CARE - A Bajaj Housing Finance Ltd. CRISIL - A1+ / IND - A Adani Ports & Special Economic Zone CARE - A1+ / ICRA - A1+ / IND - A Axis Bank Ltd. CRISIL - A Tata Motors Finance Ltd. CARE - A1+ / CRISIL - A1+ / ICRA - A The South Indian Bank Ltd. CARE - A1+ / CRISIL - A M&M Financial Services Ltd. IND - A IDFC Bank Ltd. CRISIL - A LIC Housing Finance Ltd. ICRA - A Canara Bank CRISIL - A Shriram Transport Finance Company Ltd. IND - A Reliance Retail Ltd. CARE - A Small Industries Development Bank of India ICRA - A Bajaj Finance Ltd. CRISIL - A Indiabulls Housing Finance Ltd. ICRA - A Tata Capital Financial Services Ltd. CRISIL - A1+ / ICRA - A India Infoline Finance Ltd. ICRA - A Hero Fincorp Ltd. CRISIL - A1+ / ICRA - A Vijaya Bank CRISIL - A Bahadur Chand Investments Private Ltd. CARE - A Aditya Birla Capital ltd. CRISIL - A1+ / ICRA - A Tata Realty and Infrastructure Ltd. CRISIL - A1+ / ICRA - A Bamnipal Steel Ltd. ICRA - A L&T Infrastructure Finance Ltd. CRISIL - A Manappuram Finance Ltd. CARE - A1+ / CRISIL - A Tata Teleservices (Maharashtra) Ltd. CRISIL - A The Federal Bank Ltd. CARE - A TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) CARE - A Daimler Fin Ser (I) Pvt Ltd. CRISIL - A TVS Credit Services Ltd. ICRA - A Shriram City Union Finance Ltd. CARE - A1+ / ICRA - A Volkswagen Finance Private Ltd. CRISIL - A1+ / IND - A GIC Housing Finance Ltd. CRISIL - A1+ / ICRA - A Magma Fincorp Ltd. CARE - A1+ / CRISIL - A IIFL Wealth Finance Ltd. ICRA - A United Spirits Ltd. ICRA - A Hinduja Leyland Finance Ltd. CARE - A1+ / CRISIL - A Motilal Oswal Financial Services Ltd. IND - A Tata Projects Ltd. CRISIL - A1+ / IND - A Mahindra Rural Housing Finance Ltd. IND - A Reliance Industries Ltd. CRISIL - A1+ / ICRA - A CanFin Homes Ltd. ICRA - A Aditya Birla Housing Finance Ltd. ICRA - A Axis Finance Ltd. IND - A

49 HDFC Liquid Fund (An open ended liquid scheme)...contd from previous page Portfolio Classification by Asset Class SDL, T-Bills CP CD Credit Exposure 9.65 Cash, Cash Equivalents and Net Current Assets Portfolio Classification by Rating Class Sovereign AAA/AAA(SO)/A1+/A1+(SO) & Equivalent AA AA/AA Cash, Cash Equivalents and Net Current Assets Issuer Rating % to NAV Grasim Industries Ltd. ICRA - A Indian Railways Finance Corporation Ltd. CRISIL - A Julius Baer Capital (India) Private ICRA - A H T Media Ltd. ICRA - A Adani Transmission Ltd. IND - A Tata Housing Development Company Ltd. CARE - A Redington (India) Ltd. ICRA - A Tata Motors Finance Solutions Ltd. ICRA - A Aarti Industries Ltd. IND - A Haldia Energy Ltd. ICRA - A Turquoise Investments & Finance Pvt CARE - A Godrej Properties Ltd. (Secured with shares of Emami Ltd.) ICRA - A TGS Investment & Trade Pvt Ltd. IND - A Fullerton India Credit Company Ltd. ICRA - A Deutsche Investments India Pvt Ltd. CRISIL - A Issuer Rating % to NAV Chambal Fertilizers & Chemicals Ltd. ICRA - A ICICI Bank Ltd. ICRA - A ICICI Home Finance Ltd. CARE - A Magma Housing Finance CRISIL - A Trapti Trading & Investments Pvt. Ltd. IND - A SBI Global Factors Ltd. CRISIL - A Fedbank Financial Services Ltd. CRISIL - A Bajaj Electricals Ltd. ICRA - A Export - Import Bank of India ICRA - A Tata Sons Ltd. CRISIL - A Aditya Birla Money Ltd. IND - A Kotak Mahindra Investments Ltd. CRISIL - A Sub Total Cash, Cash Equivalents and Net Current Assets 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 # ## (`) # Dec 24, 18 Last 7 days ,014 10,015 10,015 Dec 16, 18 Last 15 days ,029 10,030 10,035 Nov 30, 18 Last 1 Month ,062 10,065 10,078 Dec 31, 17 Last 1 Year ,723 10,758 10,687 Dec 31, 15 Last 3 Years ,290 12,334 12,136 Dec 31, 13 Last 5 Years ,529 14,580 14,258 Oct 17, 00 Since Inception 7.28 N.A ,963 N.A. 30,848 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 December 31, 2018 unless otherwise specified. December

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 of the will be realized. CATEGORY OF SCHEME: Overnight Fund Fund Manager Anil Bamboli (since July 25, 12) Total Experience: Over 23 years February 06, 2002 NAV (As on DECEMBER 31, 2018) NAV per Unit (`) 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 December 31, , Average for Month of December, , Average Maturity * 1 day Macaulay Duration * 1 day Modified Duration * 1 day Yield to Maturity * 6.47% * Computed on the invested amount. Regular: 0.25% Direct: 0.15% #BENCHMARK INDEX: CRISIL Overnight Index ##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). Purchase : Under Growth Option : ` 5,000 and any amount thereafter. Under Daily Dividend Option : ` 10,000 and any amount thereafter Purchase : Under Growth Option : ` 1,000 and any amount thereafter. Under Daily Dividend Option : ` 5,000 and any amount thereafter 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 Portfolio Classification by Asset Class Cash, Cash Equivalents and Net Current Assets Performance ^ - Regular plan - Growth Option # Portfolio Classification by Rating Class ## Cash, Cash Equivalents and Net Current Assets (`) # Dec 24, 18 Last 7 days ,012 10,013 10,015 Dec 16, 18 Last 15 days ,026 10,027 10,035 Nov 30, 18 Last 1 Month ,053 10,055 10,078 Dec 31, 17 Last 1 Year ,612 10,614 10,687 Dec 31, 15 Last 3 Years ,959 11,983 12,136 Dec 31, 13 Last 5 Years ,878 13,970 14,258 Feb 06, 02 Since Inception 6.21 N.A ,699 N.A. 26,891 less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 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 December 31, 2018 unless otherwise specified. 50 December 2018

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 : (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;, 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. December

52 SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE) 52 December 2018 Srinivas Rao Ravuri HDFC EOF - II D May 2017 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,674 9,788 10,461 Jun 15, 17 Since Inception ,192 11,129 11,583 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,643 9,788 10,461 Jul 17, 17 Since Inception ,829 10,767 11,152 # NIFTY 500 (Total Index) ## NIFTY 50 (Total Index). The scheme is managed by Mr. Srinivas Rao Ravuri since inception. HDFC HOF - I D November 2017 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,967 9,770 10,461 Dec 06, 17 Since Inception ,119 10,368 10,971 # India Housing & Allied Businesses 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,612 10,718 10,461 Dec 31, 15 Last 3 Years ,792 14,374 14,230 Dec 31, 13 Last 5 Years ,888 18,258 18,342 Jan 02, 01 Since Inception , , ,420 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,643 10,591 10,601 Dec 31, 15 Last 3 Years ,995 12,526 12,184 Mar 26, 14 Since Inception ,698 15,184 14,597 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,724 10,591 10,686 Dec 31, 15 Last 3 Years ,515 12,526 12,136 Dec 30, 15 Since Inception ,529 12,527 12,134 # 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. Shobhit Mehrotra since inception. HDFC FMP 1183D January 2016 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,727 10,591 10,686 Jan 12, 16 Since Inception ,508 12,483 12,109 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,751 10,591 10,686 Jan 19, 16 Since Inception ,489 12,495 12,093 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,750 10,591 10,686 Jan 28, 16 Since Inception ,464 12,474 12,075 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,750 10,591 10,686 Feb 09, 16 Since Inception ,460 12,479 12,053 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,838 10,591 10,686 Feb 03, 16 Since Inception ,131 12,495 12,066 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,717 10,591 10,686 Feb 18, 16 Since Inception ,415 12,491 12,035 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,852 10,591 10,686 Feb 25, 16 Since Inception ,033 12,562 12,020 # 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

53 SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE) SHOBHIT MEHROTRA...CONTINUED HDFC FMP 1148D February 2016 (2) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,930 10,591 10,686 Mar 04, 16 Since Inception ,964 12,420 11,990 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,750 10,591 10,686 Mar 03, 16 Since Inception ,422 12,429 11,992 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,895 10,591 10,686 Mar 17, 16 Since Inception ,913 12,313 11,962 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,743 10,591 10,686 Mar 22, 16 Since Inception ,297 12,271 11,951 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,665 10,591 10,686 Mar 23, 17 Since Inception ,291 11,074 11,145 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,683 10,591 10,686 Mar 30, 17 Since Inception ,321 11,010 11,135 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,632 10,591 10,686 Apr 11, 17 Since Inception ,128 11,023 11,119 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,628 10,591 10,686 Apr 18, 17 Since Inception ,113 10,989 11,122 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,704 10,591 10,686 May 09, 17 Since Inception ,237 10,977 11,097 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,716 10,591 10,686 Jun 08, 17 Since Inception ,128 10,730 11,037 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,629 10,591 10,686 Aug 01, 17 Since Inception ,774 10,591 10,935 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more ANIL BAMBOLI HDFC CHARITY FUND FOR CANCER CURE - DEBT PLAN^ # NAV as on Dec 31, 2018 ` ## (`) # Dec 29, 17 Last 1 Year ,662 10,665 10,686 Mar 27, 17 Since Inception ,261 11,153 11,139 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,595 10,591 10,686 Dec 31, 15 Last 3 Years ,225 12,526 12,136 Dec 31, 13 Last 5 Years ,834 15,554 14,258 Aug 14, 13 Since Inception ,541 16,114 14,756 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. 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 December

54 SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE) ANIL BAMBOLI...CONTINUED HDFC FMP 1175D JANUARY 2014 (1) NAV as on Dec 31, 2018 ` December 2018 # ## (`) # Dec 29, 17 Last 1 Year ,777 10,591 10,686 Dec 31, 15 Last 3 Years ,530 12,526 12,136 Feb 05, 14 Since Inception ,504 15,380 14,168 # 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 370D MARCH 2014 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,668 10,665 10,686 Dec 31, 15 Last 3 Years ,331 12,424 12,136 Mar 05, 14 Since Inception ,478 14,697 14,084 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,670 10,665 10,686 Dec 31, 15 Last 3 Years ,240 12,424 12,136 Feb 26, 14 Since Inception ,847 14,730 14,101 # 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 SEPTEMBER 2016 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,822 10,591 10,686 Sep 15, 16 Since Inception ,074 11,463 11,537 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,670 10,591 10,686 Sep 20, 16 Since Inception ,919 11,455 11,526 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,652 10,591 10,686 Sep 28, 16 Since Inception ,896 11,357 11,505 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,715 10,591 10,686 Jan 12, 17 Since Inception ,457 10,972 11,273 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,677 10,591 10,686 Jan 31, 17 Since Inception ,326 10,959 11,243 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,678 10,591 10,686 Feb 22, 17 Since Inception ,273 11,180 11,209 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,661 10,591 10,686 Feb 16, 17 Since Inception ,256 11,142 11,224 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,657 10,591 10,686 Feb 22, 17 Since Inception ,420 11,180 11,209 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,653 10,591 10,686 Feb 03, 17 Since Inception ,210 10,943 11,233 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,653 10,591 10,686 Mar 01, 17 Since Inception ,397 11,173 11,197 # 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

55 SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE) KRISHAN KUMAR DAGA HDFC GOLD EXCHANGE TRADED FUND* NAV as on Dec 31, 2018 ` # (`) Dec 29, 17 Last 1 Year ,677 10,801 Dec 31, 15 Last 3 Years ,253 12,674 Dec 31, 13 Last 5 Years ,350 11,989 Aug 13, 10 Since Inception ,104 17,167 # 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 Dec 31, 2018 ` # (`) Dec 29, 17 Last 1 Year ,655 10,801 Dec 31, 15 Last 3 Years ,060 12,674 Dec 31, 13 Last 5 Years ,092 11,989 Nov 01, 11 Since Inception ,313 11,698 # 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 Dec 31, 2018 ` ## (`) # Dec 29, 17 Last 1 Year ,616 10,443 10,461 Mar 27, 17 Since Inception ,150 10,820 12,304 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,747 10,591 10,686 Mar 16, 16 Since Inception ,315 12,349 11,964 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,709 10,591 10,686 Mar 29, 16 Since Inception ,275 12,260 11,937 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,895 10,591 10,686 Mar 23, 16 Since Inception ,927 12,270 11,949 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,707 10,591 10,686 Apr 21, 16 Since Inception ,126 12,127 11,865 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,758 10,591 10,686 May 31, 16 Since Inception ,433 12,042 11,789 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,752 10,591 10,686 May 05, 16 Since Inception ,513 12,094 11,839 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,717 10,591 10,686 Jun 08, 16 Since Inception ,079 12,027 11,769 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,723 10,591 10,686 Jun 21, 16 Since Inception ,044 12,000 11,740 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,788 10,591 10,686 Jun 29, 16 Since Inception ,367 11,940 11,720 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,687 10,591 10,686 Jul 07, 16 Since Inception ,968 11,869 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. 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 December

56 SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE) ANUPAM JOSHI...CONTINUED HDFC FMP 1161D July 2016 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,821 10,591 10,686 Jul 27, 16 Since Inception ,216 11,715 11,648 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,774 10,526 10,461 Dec 31, 15 Last 3 Years ,167 13,649 14,230 Dec 31, 13 Last 5 Years ,758 17,369 18,342 Feb 06, 12 Since Inception ,968 20,550 22,107 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,484 10,634 10,686 Feb 04, 16 Since Inception ,122 13,062 12,064 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,457 10,634 10,686 Apr 12, 16 Since Inception ,738 12,719 11,887 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,451 10,634 10,686 May 12, 16 Since Inception ,725 12,585 11,827 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,437 10,609 10,686 Sep 12, 16 Since Inception ,300 12,143 11,540 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,413 10,609 10,686 Oct 25, 16 Since Inception ,121 12,080 11,436 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,410 10,634 10,686 Dec 07, 16 Since Inception ,046 11,937 11,345 # 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 December 2018

57 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) PRASHANT JAIN HDFC EQUITY FUND NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,739 9,788 10,461 Dec 31, 15 Last 3 Years ,539 14,162 14,230 Dec 31, 13 Last 5 Years ,547 19,771 18,342 Jan 01, 13 Since Inception ,258 20,539 19,670 # NIFTY 500 (Total Index) ## NIFTY 50 (Total Index). HDFC TOP 100 FUND NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,091 10,255 10,718 Dec 31, 15 Last 3 Years ,662 14,311 14,374 Dec 31, 13 Last 5 Years ,423 19,061 18,258 Jan 01, 13 Since Inception ,117 20,391 20,053 # NIFTY 100 (Total Index) ## S&P BSE SENSEX (Total Index). HDFC BALANCED ADVANTAGE FUND NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,809 10,526 10,461 Dec 31, 15 Last 3 Years ,016 13,649 14,230 Dec 31, 13 Last 5 Years ,612 17,369 18,342 Jan 01, 13 Since Inception ,971 18,452 19,670 # 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. VINAY KULKARNI HDFC Focused 30 Fund NAV as on Dec 31, 2018 ` # (`) ## # Dec 29, 17 Last 1 Year ,633 9,788 10,718 Dec 31, 15 Last 3 Years ,515 14,162 14,374 Dec 31, 13 Last 5 Years ,141 19,771 18,258 Jan 01, 13 Since Inception ,533 20,539 20,053 # NIFTY 500 (Total Index) ## S&P BSE SENSEX (Total Index). HDFC Growth Opportunities Fund NAV as on Dec 31, 2018 ` # (`) ## # Dec 29, 17 Last 1 Year ,630 9,487 10,718 Dec 31, 15 Last 3 Years ,981 14,484 14,374 Dec 31, 13 Last 5 Years ,798 22,378 18,258 Jan 01, 13 Since Inception ,438 22,905 20,053 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,980 9,788 10,461 Dec 31, 15 Last 3 Years ,567 14,162 14,230 Dec 31, 13 Last 5 Years ,088 19,771 18,342 Jan 01, 13 Since Inception ,039 20,539 19,670 # NIFTY 500 (Total Index) ## NIFTY 50 (Total Index). CHIRAG SETALVAD HDFC MID-CAP OPPORTUNITIES FUND NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,986 8,547 10,461 Dec 31, 15 Last 3 Years ,439 13,808 14,230 Dec 31, 13 Last 5 Years ,432 23,457 18,342 Jan 01, 13 Since Inception ,963 22,330 19,670 # NIFTY Midcap 100 (Total Index) ## NIFTY 50 (Total Index). HDFC SMALL CAP FUND NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,335 7,177 10,461 Dec 31, 15 Last 3 Years ,206 11,741 14,230 Dec 31, 13 Last 5 Years ,658 19,960 18,342 Jan 01, 13 Since Inception ,521 18,312 19,670 # NIFTY Smallcap 100 (Total Index) ## NIFTY 50 (Total Index). HDFC HYBRID EQUITY FUND NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,840 10,526 10,461 Dec 31, 15 Last 3 Years ,070 13,649 14,230 Dec 31, 13 Last 5 Years ,323 17,369 18,342 Jan 01, 13 Since Inception ,222 18,452 19,670 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,974 10,526 10,461 Dec 31, 15 Last 3 Years ,297 13,649 14,230 Dec 31, 13 Last 5 Years ,232 17,369 18,342 Jan 01, 13 Since Inception ,011 18,452 19,670 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,674 10,718 10,461 Dec 31, 15 Last 3 Years ,090 14,374 14,230 Dec 31, 13 Last 5 Years ,526 18,258 18,342 Jan 01, 13 Since Inception ,789 20,053 19,670 # 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 December

58 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) SRINIVAS RAO RAVURI HDFC EOF - II D May 2017 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,811 9,788 10,461 Jun 15, 17 Since Inception ,429 11,129 11,583 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,822 9,788 10,461 Jul 17, 17 Since Inception ,096 10,767 11,152 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,177 9,788 10,461 Dec 31, 15 Last 3 Years ,230 14,162 14,230 Dec 31, 13 Last 5 Years ,688 19,771 18,342 Jan 01, 13 Since Inception ,009 20,539 19,670 # NIFTY 500 (Total Index) ## NIFTY 50 (Total Index). HDFC HOF - I D November 2017 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,130 9,770 10,461 Dec 06, 17 Since Inception ,294 10,368 10,971 # India Housing & Allied Businesses Index ## NIFTY 50 (Total Index). The scheme is managed by Mr. Srinivas Rao Ravuri since inception. SHOBHIT MEHROTRA HDFC INCOME FUND NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,411 10,591 10,601 Dec 31, 15 Last 3 Years ,264 12,526 12,184 Dec 31, 13 Last 5 Years ,227 15,554 14,935 Jan 01, 13 Since Inception ,602 16,111 14,777 # crisil Composite Bond Fund Index ## Crisil 10 year Gilt Index. HDFC Medium Term Debt Fund NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,641 10,665 10,686 Dec 31, 15 Last 3 Years ,670 12,424 12,136 Dec 31, 13 Last 5 Years ,287 14,912 14,258 Jan 01, 13 Since Inception ,415 16,139 15,088 # crisil Short Term Bond Fund Index ## Crisil 1 year T-Bill Index. HDFC Floating Rate Debt Fund NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,733 10,757 10,686 Dec 31, 15 Last 3 Years ,530 12,334 12,136 Dec 31, 13 Last 5 Years ,942 14,580 14,258 Jan 01, 13 Since Inception ,301 15,894 15,088 # crisil Liquid Fund Index ## Crisil 1 year T-Bill Index. HDFC Credit Risk Debt Fund NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,615 10,665 10,601 Dec 31, 15 Last 3 Years ,794 12,424 12,184 Mar 25, 14 Since Inception ,562 14,579 14,605 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,653 10,591 10,601 Dec 31, 15 Last 3 Years ,035 12,526 12,184 Mar 26, 14 Since Inception ,764 15,184 14,597 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,729 10,591 10,686 Dec 31, 15 Last 3 Years ,635 12,526 12,136 Dec 30, 15 Since Inception ,648 12,527 12,134 # 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. Shobhit Mehrotra since inception. HDFC FMP 1183D January 2016 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,732 10,591 10,686 Jan 12, 16 Since Inception ,632 12,483 12,109 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,756 10,591 10,686 Jan 19, 16 Since Inception ,617 12,495 12,093 # 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 58 December 2018

59 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) SHOBHIT MEHROTRA...CONTINUED HDFC FMP 1167D January 2016 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,756 10,591 10,686 Jan 28, 16 Since Inception ,611 12,474 12,075 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,756 10,591 10,686 Feb 09, 16 Since Inception ,586 12,479 12,053 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,843 10,591 10,686 Feb 03, 16 Since Inception ,151 12,495 12,066 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,722 10,591 10,686 Feb 18, 16 Since Inception ,538 12,491 12,035 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,923 10,591 10,686 Feb 25, 16 Since Inception ,270 12,562 12,020 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,963 10,591 10,686 Mar 04, 16 Since Inception ,206 12,420 11,990 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,755 10,591 10,686 Mar 03, 16 Since Inception ,540 12,429 11,992 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,928 10,591 10,686 Mar 17, 16 Since Inception ,153 12,313 11,962 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,748 10,591 10,686 Mar 22, 16 Since Inception ,434 12,271 11,951 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,746 10,591 10,686 Mar 23, 17 Since Inception ,439 11,074 11,145 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,731 10,591 10,686 Mar 30, 17 Since Inception ,409 11,010 11,135 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,664 10,591 10,686 Apr 11, 17 Since Inception ,186 11,023 11,119 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,660 10,591 10,686 Apr 18, 17 Since Inception ,171 10,989 11,122 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,715 10,591 10,686 May 09, 17 Since Inception ,256 10,977 11,097 # 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 December

60 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) KRISHAN KUMAR DAGA...CONTINUED HDFC FMP 1430D JULY 2017 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,640 10,591 10,686 Aug 01, 17 Since Inception ,789 10,591 10,935 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more KRISHAN KUMAR DAGA HDFC ARBITRAGE FUND - WHOLESALE PLAN NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,618 10,443 10,461 Dec 31, 15 Last 3 Years ,056 11,613 14,230 Apr 07, 14 Since Inception ,765 13,315 17,242 # 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. HDFC INDEX FUND - SENSEX PLAN NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,678 10,718 10,461 Dec 31, 15 Last 3 Years ,268 14,374 14,230 Dec 31, 13 Last 5 Years ,972 18,258 18,342 Jan 01, 13 Since Inception ,691 20,053 19,670 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,448 10,461 10,718 Dec 31, 15 Last 3 Years ,089 14,230 14,374 Dec 31, 13 Last 5 Years ,104 18,342 18,258 Jan 01, 13 Since Inception ,345 19,670 20,053 # NIFTY 50 (Total Index) ## S&P BSE SENSEX (Total Index). HDFC GOLD FUND NAV as on Dec 31, 2018 ` # (`) Dec 29, 17 Last 1 Year ,703 10,801 Dec 31, 15 Last 3 Years ,225 12,674 Dec 31, 13 Last 5 Years ,305 11,989 Jan 01, 13 Since Inception ,540 10,396 # 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 Dec 31, 2018 ` ## (`) # Dec 29, 17 Last 1 Year ,616 10,443 10,461 Mar 27, 17 Since Inception ,150 10,820 12,304 # 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). ANUPAM JOSHI HDFC LIQUID FUND NAV as on Dec 31, 2018 ` # ## (`) # Dec 24, 18 Last 7 days ,014 10,015 10,015 Dec 16, 18 Last 15 days ,030 10,030 10,035 Nov 30, 18 Last 1 Month ,063 10,065 10,078 Dec 31, 17 Last 1 Year ,734 10,758 10,687 Dec 31, 15 Last 3 Years ,327 12,334 12,136 Dec 31, 13 Last 5 Years ,587 14,580 14,258 Dec 31, 12 Since Inception ,951 15,897 15,094 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,659 10,591 10,601 Dec 31, 15 Last 3 Years ,588 12,526 12,184 Dec 31, 13 Last 5 Years ,199 15,554 14,935 Jan 01, 13 Since Inception ,334 16,111 14,777 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,718 10,757 10,686 Dec 31, 15 Last 3 Years ,565 12,334 12,136 Dec 31, 13 Last 5 Years ,881 14,580 14,258 Jan 01, 13 Since Inception ,211 15,894 15,088 # Crisil Liquid Fund Index ## Crisil 1 year T-Bill Index. HDFC FMP 1120D MARCH 2016 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,752 10,591 10,686 Mar 16, 16 Since Inception ,432 12,349 11,964 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,715 10,591 10,686 Mar 29, 16 Since Inception ,390 12,260 11,937 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,960 10,591 10,686 Mar 23, 16 Since Inception ,141 12,270 11,949 # 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 December 2018

61 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) ANUPAM JOSHI...CONTINUED HDFC FMP 1104D APRIL 2016 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,712 10,591 10,686 Apr 21, 16 Since Inception ,240 12,127 11,865 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,774 10,591 10,686 May 31, 16 Since Inception ,607 12,042 11,789 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,837 10,591 10,686 Jul 27, 16 Since Inception ,386 11,715 11,648 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,727 10,591 10,686 Jun 08, 17 Since Inception ,145 10,730 11,037 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The is in existence for more HDFC FMP 1153D April 2016 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,768 10,591 10,686 May 05, 16 Since Inception ,690 12,094 11,839 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,722 10,591 10,686 Jun 08, 16 Since Inception ,167 12,027 11,769 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,729 10,591 10,686 Jun 21, 16 Since Inception ,132 12,000 11,740 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,804 10,591 10,686 Jun 29, 16 Since Inception ,538 11,940 11,720 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,693 10,591 10,686 Jul 07, 16 Since Inception ,055 11,869 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. ANIL BAMBOLI HDFC Dynamic Debt Fund NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,473 10,591 10,601 Dec 31, 15 Last 3 Years ,517 12,526 12,184 Dec 31, 13 Last 5 Years ,614 15,554 14,935 Jan 01, 13 Since Inception ,492 16,111 14,777 # crisil Composite Bond Fund Index ## Crisil 10 year Gilt Index. HDFC Short Term Debt Fund NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,713 10,665 10,686 Dec 31, 15 Last 3 Years ,517 12,424 12,136 Dec 31, 13 Last 5 Years ,072 14,912 14,258 Jan 01, 13 Since Inception ,341 16,139 15,088 # Crisil Short Term Bond Fund Index ## Crisil 1 year T-Bill Index. HDFC GILT FUND NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,572 10,683 10,601 Dec 31, 15 Last 3 Years ,658 12,462 12,184 Dec 31, 13 Last 5 Years ,097 15,648 14,935 Jan 01, 13 Since Inception ,271 15,778 14,777 # CRISIL Dynamic Gilt Index ## Crisil 10 year Gilt Index. HDFC BANKING AND PSU DEBT FUND NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,631 10,665 10,686 Dec 31, 15 Last 3 Years ,623 12,424 12,136 Mar 26, 14 Since Inception ,829 14,578 13,998 # Crisil Short Term Bond 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 December

62 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) ANIL BAMBOLI...CONTINUED HDFC MONEY MARKET FUND NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,762 10,757 10,686 Dec 31, 15 Last 3 Years ,363 12,334 12,136 Dec 31, 13 Last 5 Years ,627 14,580 14,258 Dec 31, 12 Since Inception ,983 15,897 15,094 # Crisil Liquid Fund Index ## Crisil 1 year T-Bill Index. HDFC OVERNIGHT FUND NAV as on Dec 31, 2018 ` # ## (`) # Dec 24, 18 Last 7 days ,012 10,013 10,015 Dec 16, 18 Last 15 days ,026 10,027 10,035 Nov 30, 18 Last 1 Month ,053 10,055 10,078 Dec 31, 17 Last 1 Year ,619 10,614 10,687 Dec 31, 15 Last 3 Years ,981 11,983 12,136 Dec 31, 13 Last 5 Years ,920 13,970 14,258 Dec 31, 12 Since Inception ,071 15,136 15,094 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 Dec 31, 2018 ` ## (`) # Dec 29, 17 Last 1 Year ,662 10,665 10,686 Mar 27, 17 Since Inception ,261 11,153 11,139 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,629 10,591 10,686 Dec 31, 15 Last 3 Years ,338 12,526 12,136 Dec 31, 13 Last 5 Years ,061 15,554 14,258 Aug 14, 13 Since Inception ,797 16,114 14,756 # Crisil Composite Bond Fund Index ## Crisil 1 year T-Bill Index. The scheme is managed by Mr. Anil Bamboli since inception. HDFC FMP 1175D JANUARY 2014 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,804 10,591 10,686 Dec 31, 15 Last 3 Years ,616 12,526 12,136 Feb 05, 14 Since Inception ,655 15,380 14,168 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,679 10,665 10,686 Dec 31, 15 Last 3 Years ,369 12,424 12,136 Mar 05, 14 Since Inception ,542 14,697 14,084 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,680 10,665 10,686 Dec 31, 15 Last 3 Years ,286 12,424 12,136 Feb 26, 14 Since Inception ,944 14,730 14,101 # 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 SEPTEMBER 2016 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,827 10,591 10,686 Sep 15, 16 Since Inception ,192 11,463 11,537 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,718 10,591 10,686 Sep 20, 16 Since Inception ,077 11,455 11,526 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,705 10,591 10,686 Sep 28, 16 Since Inception ,031 11,357 11,505 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,724 10,591 10,686 Jan 12, 17 Since Inception ,567 10,972 11,273 # 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 December 2018

63 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE) ANIL BAMBOLI...CONTINUED HDFC FMP 1199D JANUARY 2017 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,694 10,591 10,686 Jan 31, 17 Since Inception ,464 10,959 11,243 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,683 10,591 10,686 Feb 22, 17 Since Inception ,284 11,180 11,209 # 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. CO-MANAGED BY PRASHANT JAIN & SHOBHIT MEHROTRA HDFC Hybrid Debt Fund NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,121 10,571 10,601 Dec 31, 15 Last 3 Years ,820 12,698 12,184 Dec 31, 13 Last 5 Years ,773 15,776 14,935 Jan 01, 13 Since Inception ,367 16,486 14,777 # 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 FMP 1155D FEBRUARY 2017 (1) NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,667 10,591 10,686 Feb 16, 17 Since Inception ,267 11,142 11,224 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,700 10,591 10,686 Feb 22, 17 Since Inception ,514 11,180 11,209 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,663 10,591 10,686 Feb 03, 17 Since Inception ,266 10,943 11,233 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,691 10,591 10,686 Mar 01, 17 Since Inception ,478 11,173 11,197 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,581 9,788 10,461 Dec 31, 15 Last 3 Years ,467 14,162 14,230 Dec 31, 13 Last 5 Years ,272 19,771 18,342 Jan 01, 13 Since Inception ,583 20,539 19,670 # NIFTY 500 (Total Index) ## NIFTY 50 (Total Index). HDFC DYNAMIC PE RATIO FUND OF FUNDS NAV as on Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,865 10,526 10,461 Dec 31, 15 Last 3 Years ,544 13,649 14,230 Dec 31, 13 Last 5 Years ,471 17,369 18,342 Jan 01, 13 Since Inception ,347 18,452 19,670 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,872 10,562 10,461 Dec 31, 15 Last 3 Years ,158 13,590 14,230 Dec 31, 13 Last 5 Years ,506 16,828 18,342 Jan 01, 13 Since Inception ,599 17,573 19,670 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,258 10,533 10,461 Dec 31, 15 Last 3 Years ,008 12,658 14,230 Dec 31, 13 Last 5 Years ,709 15,433 18,342 Jan 01, 13 Since Inception ,849 16,715 19,670 # 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 December

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 Dec 31, 2018 ` December 2018 # ## (`) # Dec 29, 17 Last 1 Year ,626 10,634 10,686 Feb 04, 16 Since Inception ,686 13,062 12,064 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,615 10,634 10,686 Apr 12, 16 Since Inception ,303 12,719 11,887 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,557 10,634 10,686 May 12, 16 Since Inception ,180 12,585 11,827 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,582 10,609 10,686 Sep 12, 16 Since Inception ,734 12,143 11,540 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,576 10,609 10,686 Oct 25, 16 Since Inception ,561 12,080 11,436 # 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 Dec 31, 2018 ` # ## (`) # Dec 29, 17 Last 1 Year ,585 10,634 10,686 Dec 07, 16 Since Inception ,451 11,937 11,345 # 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 Dec 31, 2018 ` ## (`) # Dec 29, 17 Last 1 Year ,551 9,788 10,461 Feb 25, 16 Since Inception ,120 16,358 16,212 # Nifty 500 (Total Index) ## Nifty 50 (Total Index). HDFC Retirement Savings Fund - Hybrid Equity plan # NAV as on Dec 31, 2018 ` ## (`) # Dec 29, 17 Last 1 Year ,107 10,526 10,461 Feb 25, 16 Since Inception ,780 14,871 16,212 # NIFTY 50 Hybrid Composite Debt 65:35 Index ## Nifty 50 (Total Index). HDFC Retirement Savings Fund - Hybrid Debt plan # NAV as on Dec 31, 2018 ` ## (`) # Dec 29, 17 Last 1 Year ,217 10,571 10,601 Feb 26, 16 Since Inception ,357 12,971 12,146 # NIFTY 50 Hybrid Composite Debt 15:85 Index ## Crisil 10 Year Gilt 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 PERFORMANCE OF CATEGORY I - FPI (MANAGED BY PRASHANT JAIN) Managing Portfolio Since (As on December 31, 2018) Last 1 year Last 3 years Last 5 years Category I - FPI Portfolio (managed under a bilateral agreement under March 22, N.A. N.A. Regulation 24(b) and subject to applicable laws) - MSCI India (Total ) 1.17 N.A. N.A. Past performance may or may not be sustained in the future. greater than 1 year period are compounded annualised (CAGR). The above returns are computed using the Time Weighted Rate of Return (TWRR) methodology, to make them more comparable with the mutual fund scheme's returns. Inception date is March 22, The performance is not comparable with the performance of the aforementioned scheme(s) of HDFC Mutual Fund due to differing /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 Portfolio Investor.

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 Oct 19, Nov 22, Dec 20, 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 Oct 19, Nov 22, Dec 20, 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 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 Jun 25, Sep 25, Dec 26, 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 Oct 25, Nov 26, Dec 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 Oct 25, Nov 26, Dec 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 Jun 25, Sep 25, Dec 26, 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 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 Jun 25, Sep 25, Dec 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. December

66 Dividend History ^ 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 Jun 25, Sep 25, Dec 26, 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 Jun 25, Sep 25, Dec 26, 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 Jun 25, Sep 25, Dec 26, 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 Jun 25, Sep 25, Dec 26, HDFC Liquid 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 Oct 29, Nov 26, Dec 31, 18 1, , 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 Oct 29, Nov 26, Dec 31, Record Date Retail Option Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others Oct 29, Nov 26, Dec 31, 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 Oct 29, Nov 26, Dec 31, Record Date Wholesale Option Cum Div Dividend per Unit (`) For NAV (`) Individuals & HUF Others Oct 29, Nov 26, Dec 31, 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, Dec 26, HDFC Ultra Short Term 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 Oct 29, Nov 26, Dec 31, ^ 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 December 2018

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. December

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