december 2018 mf...december 2018 3 equity market update 2 018 turned out to be an eventful year....

December 2018

2 December 2018

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

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

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

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

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

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

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

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

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

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

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

Standard Deviation

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

Sharpe Ratio

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

Beta Ratio (Portfolio Beta)

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

Average portfolio PE (Average P/E)

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

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

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

Average portfolio dividend yield (Average Dividend Yield)

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

Net Equity

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

R Squared

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

AUM

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

Holdings

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

Nature of Scheme

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

Rating Profile

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

HOW TO READ FACTSHEET

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

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

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

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

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

Total Expense RatioTotal expenses charged to scheme for the month expressed as a percentage to average

monthly net assets.

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

Average MaturityWeighted average maturity of the securities in scheme.

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

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

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

GLOSSARY

December 2018 3

Equity 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, re-imposition 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 2018.

% Change in Indices CY 2017 CY 2018S&P BSE India Auto 32.1 (22.1)S&P BSE India Bankex 39.1 5.3S&P BSE India Capital Goods 40.0 (1.6)S&P BSE India FMCG 31.5 10.6S&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 10.8 24.9S&P BSE SENSEX 27.9 5.9NIFTY 50 28.6 3.2NIFTY Midcap 100 47.3 (15.4)NIFTY Smallcap 57.3 (29.1)

% Change in Indices

CY 2017

CY 2018

S&P 500 19.4 (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 2018.

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.

OutlookIn 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).

Debt Market update

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 (%) 7.33 7.37 0.04AAA 10Year Corporate Bond Yields (%) 7.76 8.33 0.57AAA 10Y corporate bond spread against Gsec Yield (bps) 30 82 0.52Average liquidity absorbed / (infused) by RBI* (INR bn) (approx.) 2,600 (200)

Overnight Rate (%) 6.20 6.73 0.53*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 3.3 4.1 0.8Food & beverages 1.8 2.0 0.2Fuel and Light 5.6 7.2 1.7Housing 5.7 7.8 2.1Core CPI 4.5 5.4 0.9

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 104 137 32.0%

Net Oil imports 47 68 46.9%Net Gold imports* 21 19 -11.2%Trade deficit ex oil & gold 36 50 38.1%

Net Invisibles exports 79 89 13.4%Current account deficit (CAD) 25 48 89.6%% 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 9MCY18Real GDP 6.0 7.7Consumption 7.1 8.2

Private 6.0 7.4Government 13.4 12.0

Gross capital formation 4.7 12.1Exports 6.6 9.9Imports 11.7 16.5

OutlookThe 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 2019. 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.

Market Review

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

4 December 2018

CONTENTS

PAGE NO.

WEALTH CREATION

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

TAx SAVINGS

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

CHILDREN'S FUTURE

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

RETIREMENT PLANNING

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

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

HDFc Retirement Savings Fund - Hybrid Debt Plan .............................. 28

PAGE NO.

REGULAR INCOME

HDFc Equity Savings Fund ................................................................. 29-30

HDFc Hybrid Debt Fund ..................................................................... 31-32

HDFc Arbitrage Fund ......................................................................... 33-34

HDFc corporate Bond Fund ............................................................... 35

HDFc credit Risk Debt Fund ............................................................... 36-37

HDFc Banking and PSU Debt Fund ..................................................... 38

HDFc Gilt Fund.................................................................................. 39

HDFc Dynamic Debt Fund .................................................................. 40

HDFc Income Fund ........................................................................... 41

HDFc Medium Term Debt Fund .......................................................... 42

HDFc Short Term Debt Fund .............................................................. 43

HDFc Low Duration Fund ................................................................... 44

HDFc Money Market Fund ................................................................. 45

HDFc Floating Rate Debt Fund ........................................................... 46

HDFc Ultra Short Term Fund .............................................................. 47

HDFc Liquid Fund .............................................................................. 48-49

HDFc Overnight Fund ........................................................................ 50

Performance details of schemes managed by respective fund managers ............................................. 51

Scheme performance summary - Regular Plans ................................. 52-56

Scheme performance summary - Direct Plans .................................... 57-64

Performance of category I - FPI Portfolio ........................................... 64

Dividend History ............................................................................... 65-66

Disclaimer ....................................................................................... 67

GOAL BASED SOLUTIONS

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

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

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

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

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

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

December 2018 5

INVESTMENT OBjECTIVE

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

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

CATEGORY OF SCHEME: Multi-cap Fund

FUND MANAGER § ¥

Prashant jain (since June 20, 03)

Total Experience: Over 27 years

INCEPTION DATE (Date of Allotment)

January 1, 1995

NAV (AS ON DECEMBER 31, 2018) NAV PER UNIT (`)

Regular Plan - Growth Option 629.619Regular Plan - Dividend Option 53.163Direct Plan - Growth Option 660.779Direct Plan - Dividend Option 56.600

ASSETS UNDER MANAGEMENT (`) IN CRORE

As on December 31, 2018 20,837.07Average for Month of December, 2018 20,415.25

qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 25.69%

Risk Ration Standard Deviation 5.291%n Beta 1.129n Sharpe Ratio* 0.087

computed for the 3-yr period ended December 31, 2018. Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on December 31, 2018)Including Additional expenses and Goods and Service Tax on Management Fees

Regular: 2.11% Direct: 1.29%

#BENCHMARK INDEx: NIFTY 500 (Total Returns Index)

##ADDL. BENCHMARK INDEx: NIFTY 50 (Total Returns Index)

ExIT LOAD

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

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

For further details, please refer to para ‘Exit Load’ on Pg 51.

PLANS & OPTIONS

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

MINIMUM APPLICATION AMOUNT

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

REDEMPTION PROCEEDS

Normally despatched within 3-4 Business Days.

§ Date of migration from Zurich India Mutual Fund (close of business hours - June 19, 03). ¥ Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years).

SIP PERFORMANCE ^ - Regular plan - Growth OptionSince Inception

SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,880.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) 68,512.61 6,466.63 2,446.84 786.03 422.27 121.15 Returns (%) 21.73 15.55 13.65 10.74 10.64 1.79 Benchmark Returns (%) # 14.70 12.70 12.38 10.95 10.26 -1.55 Additional Benchmark Returns (%) ## N.A. 12.47 11.71 10.67 11.67 2.97

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

Face Value per Unit: ` 10 unless otherwise specified, + Industry classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified.

PERFORMANCE ^ - Regular plan - Growth OptionDate Period Scheme

Returns (%)

Benchmark Returns

(%)#

Additional Benchmark

Returns (%) ##

Value of ` 10,000 investedScheme (`) Benchmark

(`)#Additional

Benchmark (`)##

Dec 29, 17 Last 1 Year -3.51 -2.12 4.61 9,649 9,788 10,461Dec 31, 15 Last 3 Years 12.28 12.29 12.47 14,161 14,162 14,230Dec 31, 13 Last 5 Years 15.62 14.60 12.89 20,668 19,771 18,342Jan 01, 95 Since Inception 18.83 11.48 N.A. 629,619 135,991 N.A.

Returns 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 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57.

This product is suitable for investors who are seeking ~

l to generate long-term capital appreciation / income

l investment predominantly in equity & equity related instruments

Riskometer

Investors understand that their principal will be at moderately high risk

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

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

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

Company Industry+ % to NAV

EqUITY & EqUITY RELATED

• State Bank of India Banks 9.94

• IcIcI Bank Ltd. Banks 9.64

• 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 0.74Bharat Dynamics Ltd. Aerospace & Defence 0.47


Time Technoplast Ltd. Industrial Products 0.47Simplex Infrastructures Ltd. construction 0.43Oriental Bank of commerce Banks 0.38Balkrishna Industries Ltd. Auto Ancillaries 0.30Hindustan construction company Ltd. construction Project 0.24Ramco Systems Ltd. Software 0.18RP-SG Business Process Services Software 0.18RP-SG Retail Ltd Retailing 0.16Reliance Nippon Life Asset Management Ltd. Finance 0.15Sub Total 99.42Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.02Sub Total 0.02Total 99.44cash, cash Equivalents and Net current Assets 0.56

Grand Total 100.00

• Top Ten Holdings, £ co-sponsor

PORTFOLIO

Industry Allocation of Equity Holding (% of Net Assets)

0.020.160.300.430.470.470.860.951.121.491.691.732.073.173.263.80

6.047.13

9.149.92

13.4331.79

0 5 10 15 20 25 30 35

Media & EntertainmentRetailing

Auto AncillariesConstruction

Aerospace & DefenceIndustrial Products

PesticidesTransportation

Minerals/MiningChemicals

Ferrous MetalsNon - Ferrous Metals

GasPharmaceuticals

Industrial Capital GoodsConsumer Non Durables

FinancePetroleum Products

Construction ProjectPower

SoftwareBanks

KEY FACTS

6 December 2018

This is a simple and performing scheme which is eligible for distribution by new cadre of distributors.

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


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)

INCEPTION DATE (Date of Allotment)February 1, 1994

NAV (AS ON DECEMBER 31, 2018) NAV PER UNIT (`)Regular Plan - Growth Option 286.159Regular Plan - Dividend Option 27.809Direct Plan - Growth Option 301.179Direct Plan - Dividend Option 29.741

ASSETS UNDER MANAGEMENT (`) IN CROREAs on December 31, 2018 4,154.12Average for Month of December, 2018 4,056.91

qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 24.45%

Risk Ration Standard Deviation 4.780%n Beta 1.042n Sharpe Ratio* 0.099

computed for the 3-yr period ended December 31, 2018. Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on December 31, 2018)Including Additional expenses and Goods and Service Tax on Management FeesRegular: 2.31% Direct: 0.96%



ExIT LOADl In respect of each purchase / switch-in of Units, an exit Load

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



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

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

REDEMPTION PROCEEDSNormally despatched within 3-4 Business Days.

¥ Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years).

SIP PERFORMANCE ^ - Regular plan - Growth Option

Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,990.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) 42,661.06 6,485.09 2,650.95 810.94 419.38 117.32 Returns (%) 17.75 15.58 15.14 12.00 10.17 -4.11 Benchmark Returns (%) # N.A. 12.70 12.38 10.95 10.26 -1.55 Additional Benchmark Returns (%) ## N.A. 12.47 11.71 10.67 11.67 2.97

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


Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 invested

Scheme (`) Benchmark (`)#


(`)##Dec 29, 17 Last 1 Year -5.45 -2.12 4.61 9,455 9,788 10,461Dec 31, 15 Last 3 Years 11.77 12.29 12.47 13,967 14,162 14,230Dec 31, 13 Last 5 Years 17.29 14.60 12.89 22,203 19,771 18,342Feb 01, 94 Since Inception 14.40 N.A. N.A. 286,159 N.A. N.A.

Returns 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 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.



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

l investment primarily in undervalued stocks

Riskometer


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

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



• HDFc Bank Ltd. Banks 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 2.88Axis Bank Ltd. Banks 2.86Larsen and Toubro Ltd. construction Project 2.42Ambuja cements Ltd. cement 2.32Glenmark Pharmaceuticals Ltd. Pharmaceuticals 2.03Persistent Systems Ltd. Software 1.99Apollo Tyres Ltd. Auto Ancillaries 1.91NTPc Ltd. Power 1.86YeS Bank Ltd. Banks 1.84Kotak Mahindra Bank Ltd. Banks 1.80cipla Ltd. Pharmaceuticals 1.51Indostar cap Fin Ltd Finance 1.44Aurobindo Pharma Ltd. Pharmaceuticals 1.40coal India Ltd. Minerals/Mining 1.39Bajaj corp Ltd. consumer Non Durables 1.35Oracle Financial Ser Software Ltd. Software 1.29State Bank of India Banks 1.28S H Kelkar and company Ltd. consumer Non Durables 1.27Repco Home Finance Ltd. Finance 1.15Wipro Ltd. Software 1.13VRL Logistics Ltd. Transportation 1.12Max Financial Services Ltd. Finance 1.09Bharti Airtel Ltd. Telecom - Services 1.04Inox Leisure Ltd. Media & entertainment 1.04Trent Ltd. Retailing 1.04Indoco Remedies Ltd. Pharmaceuticals 1.02JK cement Ltd. cement 0.99Mahindra & Mahindra Ltd. Auto 0.97Schaeffler India Ltd. Industrial Products 0.97Bharat Financial Inclusion Ltd. Finance 0.96Newgen Software Technologies Ltd. Software 0.93Zee entertainment enterprises Ltd. Media & entertainment 0.92chambal Fertilizers & chemicals Ltd. Fertilisers 0.91Thyrocare Technologies Ltd. Healthcare Services 0.91Oil & Natural Gas corporation Ltd. Oil 0.90Gujarat Pipavav Port Ltd. Transportation 0.89Solar Industries India Ltd. chemicals 0.84


Tata chemicals Ltd. chemicals 0.84NHPc Ltd. Power 0.83Advanced enzyme Technologies Ltd. consumer Non Durables 0.79Ashoka Buildcon Ltd. construction Project 0.79Siti Networks Ltd. Media & entertainment 0.79Spicejet Ltd. Transportation 0.69Voltas Ltd. construction Project 0.68Dilip Buildcon Ltd. construction 0.56Blue Star Ltd. consumer Durables 0.44entertainment Network (India) Ltd. Media & entertainment 0.44Wonderla Holidays Ltd. Hotels/Resorts & Other

Recreational Activities 0.42Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.39Bharat Dynamics Ltd. Aerospace & Defence 0.37Matrimony.com Ltd. Services 0.22cochin Shipyard Ltd. Industrial capital Goods 0.02Sub Total 97.03cash margin 0.14 cash, cash Equivalents and Net current Assets 2.83

Grand Total 100.00


PORTFOLIO


0.020.220.370.420.440.560.900.910.910.970.971.041.041.391.681.912.692.703.003.063.193.314.28

5.967.527.598.468.60

22.92

0 5 10 15 20 25Industrial Capital Goods

ServicesAerospace & Defence

Hotels, Resorts & Other Recreational ActivitiesConsumer Durables

ConstructionOil

FertilisersHealthcare Services

AutoIndustrial Products

RetailingTelecom - Services

Minerals/MiningChemicals

Auto AncillariesPower

TransportationNon - Ferrous Metals

GasMedia & Entertainment

CementConstruction Project

PharmaceuticalsFinance

Petroleum ProductsSoftware

Consumer Non DurablesBanks

KEY FACTS

December 2018 7


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

CATEGORY OF SCHEME: Large-cap Fund

FUND MANAGER § ¥

Prashant jain (since June 20, 03)


INCEPTION DATE (Date of Allotment)October 11, 1996



qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 24.26%Risk Ration Standard Deviation 4.865%n Beta 1.071n Sharpe Ratio* 0.098computed for the 3-yr period ended December 31, 2018. Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR)



##ADDL. BENCHMARK INDEx: S&P BSe SeNSex (Total Returns Index)








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).



l investment predominantly in Large-cap companies

Riskometer




SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,670.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) $$ 36,228.26 6,185.00 2,340.62 786.44 424.46 122.44 Returns (%) $$ 19.72 15.03 12.82 10.76 10.99 3.79 Benchmark Returns (%) # N.A. 13.04 12.42 11.07 11.40 1.71 Additional Benchmark Returns (%) ## 14.29 12.78 11.99 11.09 12.92 4.75



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Dec 29, 17 Last 1 Year 0.13 2.55 7.18 10,013 10,255 10,718Dec 31, 15 Last 3 Years 12.75 12.68 12.84 14,339 14,311 14,374Dec 31, 13 Last 5 Years 14.55 13.76 12.79 19,730 19,061 18,258Oct 11, 96 Since Inception 19.91 N.A. 13.43 566,305 N.A. 164,625

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Prashant Jain, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57.


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


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 3.39Power Grid corporation of India Ltd Power 2.80Housing Development Finance corporation Ltd. £ Finance 2.64coal India Ltd. Minerals/Mining 2.29Hindustan Petroleum corporation Ltd. Petroleum Products 2.10Power Finance corporation Ltd. Finance 1.83Aurobindo Pharma Ltd. Pharmaceuticals 1.74GAIL (India) Ltd. Gas 1.54Tata Steel Ltd. Ferrous Metals 1.54Tata chemicals Ltd. chemicals 1.50Vedanta Ltd. Non - Ferrous Metals 1.36Bharat Petroleum corporation Ltd. Petroleum Products 1.27cESc Ltd. Power 1.23Rural electrification corporation Ltd. Finance 1.21canara Bank Banks 1.18Bank of Baroda Banks 1.11cipla Ltd. Pharmaceuticals 0.99Oil & Natural Gas corporation Ltd. Oil 0.93UPL Ltd. Pesticides 0.91Bank of India Banks 0.87Bharat electronics Ltd. Industrial capital Goods 0.71ABB India Ltd. Industrial capital Goods 0.70Oracle Financial Services Software Ltd. Software 0.70HcL Technologies Ltd. Software 0.65Ambuja cements Ltd. cement 0.62Tech Mahindra Ltd. Software 0.62Wipro Ltd. Software 0.60Siemens Ltd. Industrial capital Goods 0.55container corporation of India Ltd. Transportation 0.54


Punjab National Bank Banks 0.54Union Bank of India Banks 0.54Indian Oil corporation Ltd. Petroleum Products 0.53Hindalco Industries Ltd. Non - Ferrous Metals 0.51Avenue Supermarts Ltd. Retailing 0.46Steel Authority Of India Ltd. Ferrous Metals 0.43NHPc Ltd. Power 0.31RP-SG Business Process Services Software 0.12RP-SG Retail Ltd. Retailing 0.11LIc Housing Finance Ltd. Finance 0.04Lupin Ltd. Pharmaceuticals 0.04Sub Total 98.99Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.02Sub Total 0.02Total 99.01cash, cash Equivalents and Net current Assets 0.99Grand Total 100.00


PORTFOLIO


0.020.540.570.620.910.931.501.541.871.961.972.292.77

4.665.726.37

8.0811.46

13.4231.81

0 5 10 15 20 25 30 35

Media & EntertainmentTransportation

RetailingCement

PesticidesOil

ChemicalsGas

Non - Ferrous MetalsIndustrial Capital Goods

Ferrous MetalsMinerals/MiningPharmaceuticals

Consumer Non DurablesFinance



Banks

KEY FACTS

8 December 2018

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

CATEGORY OF SCHEME: Mid cap Fund

FUND MANAGER ¥

Chirag Setalvad (since June 25, 07)


INCEPTION DATE (Date of Allotment)June 25, 2007





#BENCHMARK INDEx: NIFTY Midcap 100 (Total Returns Index) ##ADDL. BENCHMARK INDEx: NIFTY 50 (Total Returns Index)








SEGMENT-WISE BREAK-UP OF EqUITY HOLDING (% OF NET ASSETS)Large cap 1.66%Mid cap 64.10%Small cap 28.03%¥ Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience: Over 14 years).


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,390.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) 4,341.60 3,260.93 819.09 400.85 114.37 Returns (%) 18.38 18.99 12.40 7.11 -8.58 Benchmark Returns (%) # 13.63 14.31 11.42 6.47 -9.33 Additional Benchmark Returns (%) ## 11.14 11.71 10.67 11.67 2.97


PERFORMANCE ^ - Regular plan - Growth Option

Date Period Scheme Returns

(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year -11.14 -14.53 4.61 8,886 8,547 10,461Dec 31, 15 Last 3 Years 11.87 11.34 12.47 14,006 13,808 14,230Dec 31, 13 Last 5 Years 21.21 18.58 12.89 26,177 23,457 18,342Jun 25, 07 Since Inception 15.66 11.65 9.75 53,490 35,605 29,214

Returns 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 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57.




l investment predominantly in Mid-cap companies

Riskometer




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

Company Industry+ / Rating % to NAV

EqUITY & EqUITY RELATED• 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 2.52exide Industries Ltd. Auto Ancillaries 2.51Hexaware Technologies Ltd. Software 2.19Trent Ltd. Retailing 2.13Apollo Tyres Ltd. Auto Ancillaries 2.06crompton Greaves consumer elec. Ltd. consumer Durables 2.04AIA engineering Ltd. Industrial Products 1.92Max Financial Services Ltd. Finance 1.88Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.87SKF India Ltd. Industrial Products 1.87TI Financial Holdings Ltd. Finance 1.85The Federal Bank Ltd. Banks 1.77carborundum Universal Ltd. Industrial Products 1.72MRF Ltd. Auto Ancillaries 1.66VST Industries Ltd. consumer Non Durables 1.62Indian Bank Banks 1.52Divis Laboratories Ltd. Pharmaceuticals 1.50Edelweiss Financial Services Ltd. Finance 1.50Supreme Industires Ltd. Industrial Products 1.46Whirlpool of India Ltd. consumer Durables 1.43Ipca Laboratories Ltd. Pharmaceuticals 1.42Atul Ltd. chemicals 1.40KEc International Ltd. construction Project 1.29Larsen & Toubro Infotech Ltd. Software 1.22Tube Investments of India Ltd. Auto Ancillaries 1.15NIIT Technologies Ltd. Software 1.08Solar Industries India Ltd. chemicals 1.02Schaeffler India Ltd. Industrial Products 0.96Karur Vysya Bank Ltd. Banks 0.94Reliance Nippon Life Asset Management Ltd. Finance 0.93Arvind Fashions Ltd. Retailing 0.92Jagran Prakashan Ltd. Media & entertainment 0.92KNR construction Ltd. construction 0.91Power Finance corporation Ltd. Finance 0.91Blue Star Ltd. consumer Durables 0.79Greenlam Industries Ltd. consumer Durables 0.77Dilip Buildcon Ltd. construction 0.76Navneet education Ltd. Media & entertainment 0.76Union Bank of India Banks 0.76Redington (India) Ltd. Transportation 0.75Rural electrification corporation Ltd. Finance 0.75Delta corp Ltd. Hotels/Resorts and Other

Recreational Activities 0.72Punjab National Bank Banks 0.72

Company Industry+ / Rating % to NAVOil India Ltd. Oil 0.66cummins India Ltd. Industrial Products 0.64Symphony Ltd. consumer Durables 0.57Arvind Ltd. Textile Products 0.56Bata India Ltd. consumer Durables 0.54Grindwell Norton Ltd. Industrial Products 0.50Greenply Industries Ltd. consumer Durables 0.49Vesuvius India Ltd. Industrial Products 0.48Thermax Ltd. Industrial capital Goods 0.44Gujarat Fluorochemicals Ltd. Industrial capital Goods 0.42Persistent Systems Ltd. Software 0.38Mahindra Holidays & Resorts Ind Ltd.

Hotels/Resorts & Other Recreational Activities 0.37

Vardhman Textiles Ltd. Textiles - cotton 0.37Strides Pharma Science Ltd. Pharmaceuticals 0.25Dhanuka Agritech Ltd. Pesticides 0.23Anveshan Heavy engineering Ltd. Industrial capital Goods 0.12Aditya Birla Nuvo Ltd. Services @Aurobindo Pharma Ltd. Pharmaceuticals @Sub Total 93.77Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 93.78MONEY MARKET INSTRUMENTSReliance Jio Infocomm Ltd. cRISIL - A1+ 1.14Sub Total 1.14cash, cash Equivalents and Net current Assets 5.08Grand Total 100.00

• Top Ten Holdings, @ Less than 0.01%

PORTFOLIO


0.230.370.560.660.750.981.621.671.69

3.053.784.094.87

6.637.817.94

9.5511.4011.41

14.72

0 2 4 6 810121416

PesticidesTextiles - CottonTextile Products

OilTransportation


ConstructionMedia & Entertainment

RetailingHotels, Resorts & Other Recreational Activities

Construction ProjectSoftware

Consumer DurablesChemicals

PharmaceuticalsIndustrial Products

BanksFinance

Auto Ancillaries

KEY FACTS

December 2018 9

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

CATEGORY OF SCHEME: Small cap Fund

FUND MANAGER § ¥

Chirag Setalvad (since June 28, 14)


INCEPTION DATE (Date of Allotment)April 3, 2008





#BENCHMARK INDEx: NIFTY Smallcap 100 (Total Returns Index)##ADDL. BENCHMARK INDEx: NIFTY 50 (Total Returns Index)








SEGMENT-WISE BREAK-UP OF EqUITY HOLDING (% OF NET ASSETS)Large cap 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).


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,290.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) 3,387.29 2,931.38 895.03 441.80 114.57 Returns (%) 16.98 17.01 16.00 13.76 -8.28 Benchmark Returns (%) # 10.38 10.50 5.54 -0.98 -23.34 Additional Benchmark Returns (%) ## 11.68 11.71 10.67 11.67 2.97




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year -8.04 -28.23 4.61 9,196 7,177 10,461Dec 31, 15 Last 3 Years 15.91 5.49 12.47 15,579 11,741 14,230Dec 31, 13 Last 5 Years 20.21 14.81 12.89 25,116 19,960 18,342Apr 03, 08 Since Inception 14.42 6.67 9.26 42,536 20,020 25,911

Returns 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 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57.




l investment predominantly in Small-cap companies

Riskometer




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


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 2.25SKF India Ltd. Industrial Products 2.24Vijaya Bank Banks 2.20Firstsource Solutions Ltd Software 2.06Vardhman Textiles Ltd. Textiles - cotton 2.04eIH Ltd. Hotels/Resorts & Other

Recreational Activities 2.03Finolex Industries Ltd. Industrial Products 1.99Tata Metaliks Ltd. Ferrous Metals 1.99T. V. Today Network Ltd. Media & entertainment 1.96Inox Leisure Ltd. Media & entertainment 1.90Atul Ltd. chemicals 1.80Gujarat Fluorochemicals Ltd. Industrial capital Goods 1.80carborundum Universal Ltd. Industrial Products 1.61Nilkamal Ltd. Industrial Products 1.54Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 1.53Kalpataru Power Transmission Ltd. Power 1.52Power Mech Projects Ltd. construction Project 1.45KeI Industries Ltd. Industrial Products 1.40Advanced enzyme Technologies Ltd.

consumer Non Durables 1.28

Tube Investments of India Ltd. Auto Ancillaries 1.27The Federal Bank Ltd. Banks 1.19Orient Refractories Ltd. Industrial Products 1.17Shaily engineering Plastics Ltd. Industrial Products 1.05Oriental carbon & chemicals Ltd. chemicals 1.04Mcleod Russel India Ltd. consumer Non Durables 1.00PNc Infratech Ltd. construction 0.98LG Balakrishnan & Bros Ltd. Auto Ancillaries 0.97Repco Home Finance Ltd Finance 0.97Redington (India) Ltd. Transportation 0.96Oriental Bank of commerce Banks 0.91eclerx Services Ltd. Software 0.90IFGL Refractories Ltd.(formarly known as IFGL Exports Ltd.) Industrial Products 0.90Insecticides (India) Ltd. Pesticides 0.86Vesuvius India Ltd. Industrial Products 0.82Apar Industries Ltd. Industrial capital Goods 0.79Lemon Tree Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 0.75Jagran Prakashan Ltd. Media & entertainment 0.66GNA Axles Ltd. Auto Ancillaries 0.63Kirloskar Ferrous Industries Ltd Ferrous Metals 0.63Greenlam Industries Ltd. consumer Durables 0.61


Atul Auto Ltd. Auto 0.59Gabriel India Ltd. Auto Ancillaries 0.49TI Financial Holdings Ltd. Finance 0.49Goodyear India Ltd. Auto Ancillaries 0.48Allahabad Bank Banks 0.47Sadbhav engineering Ltd. construction Project 0.46Swaraj engines Ltd. Industrial Products 0.38Taj GVK Hotels & Resorts Ltd. Hotels/Resorts & Other

Recreational Activities 0.37everest Industries Ltd. cement 0.35D B corp Ltd. Media & entertainment 0.32V.S.T Tillers Tractors Ltd. Auto 0.28Merck Ltd Pharmaceuticals 0.27Banco Products (I) Ltd. Auto Ancillaries 0.24Amber enterprises India Ltd. consumer Durables 0.22cG Power and Industrial Solutions Ltd. Industrial capital Goods 0.21Unichem Laboratories Ltd. Pharmaceuticals 0.21Titagarh Wagons Ltd. Industrial capital Goods 0.20Greenply Industries Ltd. consumer Durables 0.19Sarla Performance Fibers Ltd. Textiles - Synthetic 0.18Time Technoplast Ltd. Industrial Products 0.17corporation Bank Banks 0.12Yes Bank Ltd. Banks @Sub Total 85.99cash margincash, cash Equivalents and Net current Assets 14.01Grand Total 100.00


PORTFOLIO


0.180.350.870.981.021.461.522.042.282.622.843.003.143.213.594.184.344.684.84

6.697.22

9.1415.80

0 2 4 6 8 1012141618

Textiles - SyntheticCement

AutoConstruction

Consumer DurablesFinance

PowerTextiles - Cotton

Consumer Non DurablesFerrous Metals

ChemicalsIndustrial Capital Goods

FertilisersTransportation

PesticidesPharmaceuticals

Construction ProjectHotels, Resorts & Other Recreational Activities

Media & EntertainmentAuto Ancillaries

BanksSoftware

Industrial Products

KEY FACTS

10 December 2018

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

CATEGORY OF SCHEME: Large & Mid cap Fund

FUND MANAGER § ¥

Vinay Kulkarni (since June 28, 14)







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








SEGMENT-WISE BREAK-UP OF EqUITY HOLDING (% OF NET ASSETS)Large cap 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).


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,280.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) $$ 2,110.03 1,904.83 715.27 400.73 118.99 Returns (%) $$ 9.04 8.95 6.98 7.12 -1.58 Benchmark Returns (%) # 14.42 14.41 12.48 10.45 -3.67 Additional Benchmark Returns (%) ## 12.01 12.01 11.14 13.01 4.87




(%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year -3.81 -5.13 7.18 9,619 9,487 10,718Dec 31, 15 Last 3 Years 8.94 13.13 12.84 12,933 14,484 14,374Dec 31, 13 Last 5 Years 9.42 17.47 12.79 15,687 22,378 18,258Feb 18, 94 Since Inception 10.61 N.A. 10.96 122,855 N.A. 132,969

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. The Scheme, formerly a large cap fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a Large and Mid-cap Fund. Accordingly, the Scheme’s benchmark has also changed. Hence, the past performance of the Scheme may not strictly be comparable with that of the new benchmark. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV. For performance of other schemes managed by Vinay Kulkarni, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 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.



l to generate long-term capital appreciation/income

l investment predominantly in Large cap and Mid cap companies

Riskometer



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



• State Bank of India Banks 8.32• 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 2.67Apollo Tyres Ltd. Auto Ancillaries 2.66NHPc Ltd. Power 2.03Max Financial Services Ltd. Finance 2.00Tata chemicals Ltd. chemicals 1.94Prestige estates Projects Ltd. construction 1.79Tata Global Beverages Ltd. consumer Non Durables 1.77Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.73Tata Motors Ltd.DVR Auto 1.73Vedanta Ltd. Non - Ferrous Metals 1.70exide Industries Ltd. Auto Ancillaries 1.51Divis Laboratories Ltd. Pharmaceuticals 1.49castrol India Ltd. Petroleum Products 1.44Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.41Hindustan Petroleum corporation Ltd. Petroleum Products 1.38Trent Ltd. Retailing 1.36Oil India Ltd. Oil 1.33canara Bank Banks 1.27Kajaria ceramics Ltd. construction 1.23Info edge (India) Ltd. Software 1.16engineers India Ltd. construction Project 1.15Indraprastha Gas Ltd. Gas 1.08V-Guard Industries Ltd. Industrial capital Goods 1.03Solar Industries India Ltd. chemicals 1.02Gujarat State Petronet Ltd. Gas 1.00Reliance Power Ltd Power 0.93Mahanagar Gas Ltd. Gas 0.82Power Grid corporation of India Ltd Power 0.80cESc Ltd. Power 0.75Reliance Nippon Life Asset Management Ltd. Finance 0.67


NBcc (India) Ltd. construction 0.60Dilip Buildcon Ltd. construction 0.55The Federal Bank Ltd. Banks 0.53Shriram Transport Finance company Ltd. Finance 0.50Indian Bank Banks 0.45NLc India Ltd. Power 0.42Tata Steel Ltd. Ferrous Metals 0.42GlaxoSmithkline consumer Healthcare consumer Non Durables 0.26Larsen and Toubro Ltd. construction Project 0.17Larsen & Toubro Infotech Ltd. Software 0.13TV18 Broadcast Ltd. Media & entertainment 0.09RP-SG Business Process Services Software 0.07RP-SG Retail Ltd Retailing 0.07Sub Total 96.59cash, cash Equivalents and Net current Assets 3.41

Grand Total 100.00

• Top Ten Holdings

PORTFOLIO


0.090.421.031.321.331.431.701.732.672.963.174.174.174.63

6.787.478.879.33

12.7020.62

0 5 10 15 20 25

Media & EntertainmentFerrous Metals

Industrial Capital GoodsConstruction Project

OilRetailing

Non - Ferrous MetalsAuto

Hotels, Resorts & Other Recreational ActivitiesChemicals

FinanceAuto Ancillaries

ConstructionPharmaceuticals

GasConsumer Non Durables

SoftwarePetroleum Products

PowerBanks

KEY FACTS


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,990.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) $$ 16,715.23 3,715.57 1,906.22 715.79 401.02 119.07 Returns (%) $$ 11.94 9.07 8.95 6.99 7.13 -1.43 Benchmark Returns (%) # N.A. N.A. 14.45 12.57 10.61 -3.05 Additional Benchmark Returns (%) ## 13.48 12.78 11.99 11.09 12.92 4.75


December 2018 11


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


CATEGORY OF SCHEME: Focused Fund

FUND MANAGER ¥

Vinay Kulkarni (since November 21, 06)



September 17, 2004




As on December 31, 2018 458.12Average for Month of December, 2018 450.22

qUANTITATIVE DATA


Risk Ration Standard Deviation 5.109%n Beta 1.049n Sharpe Ratio* 0.011computed for the 3-yr period ended December 31, 2018. Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR)





ExIT LOAD

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



PLANS & OPTIONS




REDEMPTION PROCEEDS




Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,720.00 1,200.00 600.00 360.00 120.00

Mkt Value As on December 31, 2018 (` ‘000) 4,145.00 2,110.79 724.54 384.92 114.31

Returns (%) 11.44 10.88 7.48 4.39 -8.66

Benchmark Returns (%) # 12.22 12.38 10.95 10.26 -1.55

Additional Benchmark Returns (%) ## 12.25 11.99 11.09 12.92 4.75




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year -14.55 -2.12 7.18 8,545 9,788 10,718

Dec 31, 15 Last 3 Years 6.54 12.29 12.84 12,094 14,162 14,374

Dec 31, 13 Last 5 Years 13.96 14.60 12.79 19,231 19,771 18,258

Sep 17, 04 Since Inception 15.11 15.16 15.59 74,767 75,254 79,307

Returns 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 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57.




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

Riskometer




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









• Tata Steel Ltd. Ferrous Metals 5.11

• Vedanta Ltd. Non - Ferrous Metals 4.28

• NHPc Ltd. Power 4.17

• elecon engineering comapny Ltd. Industrial capital Goods 3.59


Hindustan Petroleum corporation Ltd. Petroleum Products 3.32


Titagarh Wagons Ltd. Industrial capital Goods 3.12

KEc International Ltd. construction Project 2.96


Bharat electronics Ltd. Industrial capital Goods 2.57

Gujarat Pipavav Port Ltd. Transportation 2.51

PNc Infratech Ltd. construction 2.20



Tata Motors Ltd.DVR Auto 1.62


Transport corporation of India Ltd. Transportation 1.26

Tata Motors Ltd. Auto 0.75


RP-SG Business Process Services Software 0.19

RP-SG Retail Ltd. Retailing 0.18

Sub Total 95.66

DEBT & DEBT RELATED

CREDIT ExPOSURE

Au Small Finance Bank Ltd. IND - AA- 0.88

Sub Total 0.88

cash, cash Equivalents and Net current Assets 3.46

Grand Total 100.00


PORTFOLIO


0.18

1.52

2.20

2.37

2.96

3.14

3.77

4.28

5.11

5.73

6.84

7.97

9.28

15.92

24.39

0 5 10 15 20 25 30

Retailing

Minerals/Mining

Construction

Auto

Construction Project

Gas

Transportation

Non - Ferrous Metals

Ferrous Metals

Consumer Non Durables

Petroleum Products

Software

Industrial Capital Goods

Power

Banks

KEY FACTS

12 December 2018

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

CATEGORY OF SCHEME: Thematic Fund

FUND MANAGER ¥

Srinivas Rao Ravuri (since March 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)

INCEPTION DATE (Date of Allotment)March 10, 2008


ASSETS UNDER MANAGEMENT (`) IN CROREAs on December 31, 2018 836.29Average for Month of December, 2018 814.55


Risk Ration Standard Deviation 6.994%n Beta 1.422n Sharpe Ratio* -0.054computed for the 3-yr period ended December 31, 2018. Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR)


#BENCHMARK INDEx: NIFTY 500 (Total Returns Index)##ADDL. BENCHMARK INDEx: NIFTY 50 (Total Returns Index)







REDEMPTION PROCEEDSNormally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if applicable).



Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,300.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) 1,822.77 1,615.53 607.54 333.77 106.44 Returns (%) 6.06 5.80 0.49 -4.85 -20.24 Benchmark Returns (%) # 12.29 12.38 10.95 10.26 -1.55 Additional Benchmark Returns (%) ## 11.63 11.71 10.67 11.67 2.97




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year -28.85 -2.12 4.61 7,115 9,788 10,461Dec 31, 15 Last 3 Years -0.06 12.29 12.47 9,982 14,162 14,230Dec 31, 13 Last 5 Years 11.09 14.60 12.89 16,921 19,771 18,342Mar 10, 08 Since Inception 4.40 9.44 9.14 15,933 26,519 25,760

Returns 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 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58.




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

Riskometer

Investors understand that their principal will be at high risk


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






• JMc Projects (India) Ltd. construction 4.76

• cESc Ltd. Power 4.43


• 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


Premier explosives Ltd. chemicals 2.43



Dynamatic Technologies Ltd. Auto Ancillaries 2.16

centum Electronics Ltd. Industrial capital Goods 2.14


Astra Microwave Products Ltd. Telecom - equipment & Accessories 1.95

Power Finance corporation Ltd Finance 1.88



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


Gujarat State Petronet Ltd. Gas 1.05



MeP Infrastructure Developers Ltd. Transportation 0.83

Ambuja cements Ltd. cement 0.76

corporation Bank Banks 0.56


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. cement @

Sub Total 98.04


Grand Total 100.00


PORTFOLIO


0.380.410.761.051.751.861.952.162.432.923.093.774.10

8.4610.3610.60

16.5825.41

0 5 10 15 20 25 30

RetailingSoftware

CementGas


Telecom - Equipment & AccessoriesAuto Ancillaries

ChemicalsMinerals/Mining

TransportationPetroleum Products

FinancePower

Industrial Capital GoodsConstruction

Construction ProjectBanks

KEY FACTS

December 2018 13


To provide long term capital appreciation / income from a dynamic mix of equity and debt investments.


CATEGORY OF SCHEME: Balanced Advantage Fund

FUND MANAGER ¥

Prashant jain (since June 20, 03)§


INCEPTION DATE ¤February 01, 1994





qUANTITATIVE DATAPortfolio Turnover Ratio 17.21%Average Maturity * 3.02 yearsMacaulay Duration * 2.67 yearsModified Duration * 2.44 yearsYield to Maturity * 9.32%

* computed on the invested amount for debt portfolio.



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


ExIT LOAD

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

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

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



PLANS & OPTIONS




REDEMPTION PROCEEDS



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

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

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

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







• Power Grid corporation of India Ltd. Power 3.63



• Power Finance corporation Ltd. Finance 2.52



ITc Ltd. consumer Non Durables 2.27





HDFc Bank Ltd. Banks 1.62







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




NHPc Ltd. Power 0.58

Apollo Tyres Ltd. Auto Ancillaries 0.55


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



Savita Oil Technologies Ltd. Petroleum Products 0.38

Mishra Dhatu Nigam Ltd. Ferrous Metals 0.31


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



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



Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 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



Ramco Systems Ltd. Software 0.06

Syndicate Bank Banks 0.06

centum Electronics Ltd. Industrial capital Goods 0.04


RP-SG Retail Ltd. Retailing 0.03

Allahabad Bank Banks 0.02

Sub Total 82.62

PORTFOLIOKEY FACTS

14 December 2018


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,990.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) $$ 56,421.15 6,308.70 2,446.55 775.28 410.47 121.48 Returns (%) $$ 19.45 15.26 13.65 10.19 8.71 2.30 Benchmark Returns (%) # N.A. 11.18 10.59 9.75 9.97 5.32 Additional Benchmark Returns (%) ## N.A. 12.47 11.71 10.67 11.67 2.97



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##Dec 29, 17 Last 1 Year -3.07 5.26 4.61 9,693 10,526 10,461Dec 31, 15 Last 3 Years 10.68 10.92 12.47 13,563 13,649 14,230Dec 31, 13 Last 5 Years 15.59 11.67 12.89 20,643 17,369 18,342Feb 01, 94 Since Inception 18.57 N.A. N.A. 698,127 N.A. N.A.

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Prashant Jain, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57.





l investments in a mix of equity and debt instruments

Riskometer



Portfolio Classification By Asset Class (%)

n equity 82.62

n credit Exposure 15.71

n Mutual Fund Units 0.03

n cash, cash Equivalents and Net current Assets 1.64

Portfolio Classification By Rating Class (%)

n equity 82.62n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 3.46n AA+ 8.32n AA/AA- 3.55n A+ & Below 0.38n Mutual Fund Units 0.03n cash, cash Equivalents and Net

current Assets 1.64

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


DEBT & DEBT RELATED

CREDIT ExPOSURE

• State Bank of India cARE - AA+ / cRISIL - AA+ 4.69

• Tata Sons Ltd. cRISIL - AAA 3.46

HDFc Bank Ltd. cARE - AA+ 1.81

canara Bank cRISIL - AA 1.69

IcIcI Bank Ltd. IcRA - AA+ 1.22

Punjab National Bank cRISIL - AA- 1.11

Union Bank of India cARE - AA- 0.75

Axis Bank Ltd. cRISIL - AA+ 0.60


Syndicate Bank cARE - A+ 0.33

Andhra Bank cARE - A+ 0.05

Sub Total 15.71

MUTUAL FUND UNITS

HDFc Sensex Exchange Traded Fund 0.03

Sub Total 0.03

cash margin 0.03


Grand Total 100.00


PORTFOLIOIndustry Allocation of Equity Holding (% of Net Assets)

0.100.140.200.230.230.330.400.690.761.051.232.082.192.272.402.502.512.594.14

6.567.928.249.43

24.43

0 5 10 15 20 25 30Aerospace & Defence

Media & EntertainmentConstruction

RetailingServicesCement

Industrial ProductsAuto Ancillaries

FertilisersNon - Ferrous Metals

TransportationChemicals


GasFerrous Metals

Minerals/MiningPharmaceuticals

FinancePetroleum Products


SoftwareBanks

December 2018 15


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





• Housing Development Finance corporation Ltd. £ Finance 4.14




• Aurobindo Pharma Ltd. Pharmaceuticals 2.26


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





Petronet LNG Ltd. Gas 1.06

The Federal Bank Ltd. Banks 1.04


Balkrishna Industries Ltd. Auto Ancillaries 0.99



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


NIIT Technologies Ltd. Software 0.57

Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.57

Mahindra Holidays & Resorts Ind Ltd.


Edelweiss Financial Services Ltd. Finance 0.55

Hexaware Technologies Ltd. Software 0.54


Sadbhav engineering Ltd. construction Project 0.51



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



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


Sub Total 68.63

DEBT & DEBT RELATED

GOVERNMENT SECURITIES (CENTRAL/STATE)

7.16 GOI 2023 Sovereign 1.46


















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

KEY FACTS PORTFOLIO


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


CATEGORY OF SCHEME: Aggressive Hybrid Fund

FUND MANAGER ¥

Chirag Setalvad (since April 2, 07) ¤


INCEPTION DATE ¤September 11, 2000





qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 7.74%Average Maturity * 3.17 yearsMacaulay Duration * 2.66 yearsModified Duration * 2.49 yearsYield to Maturity * 8.13%

* computed on the invested amount for debt portfolio.





ExIT LOAD

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





PLANS & OPTIONS




REDEMPTION PROCEEDS


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).

16 December 2018


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


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+ 0.68

National Highways Authority of India cARE - AAA 0.56


cholamandalam Investment & Finance company Ltd. IcRA - AA+ 0.34

HDFc Bank Ltd. cRISIL - AAA 0.22


State Bank of India cRISIL - AA+ 0.22

M&M Financial Services Ltd. cARE - AAA 0.21

Tata capital Financial Services Ltd. IcRA - AAA 0.16


Oriental Bank of commerce cARE - A+ 0.13

IcIcI Bank Ltd. cARE - AAA 0.11


Hindalco Industries Ltd. cRISIL - AA 0.05

Sub Total 20.95

Total 28.96

MUTUAL FUND UNITS

HDFc Nifty Exchange Traded Fund 0.66

Sub Total 0.66


GRAND TOTAL 100.00

l Top Ten Holdings, £ co-sponsor


Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,200.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) 11,877.57 6,168.75 2,591.31 782.53 406.76 119.60 Returns (%) 16.24 15.00 14.72 10.56 8.09 -0.61 Benchmark Returns (%) # N.A. 11.18 10.59 9.75 9.97 5.32 Additional Benchmark Returns (%) ## 14.55 12.47 11.71 10.67 11.67 2.97




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year -2.78 5.26 4.61 9,722 10,526 10,461Dec 31, 15 Last 3 Years 10.78 10.92 12.47 13,599 13,649 14,230Dec 31, 13 Last 5 Years 16.22 11.67 12.89 21,216 17,369 18,342Sep 11, 00 Since Inception 15.81 N.A. 13.17 147,159 N.A. 96,444

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. For performance of other schemes managed by chirag Setalvad, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57.



PORTFOLIO


l to generate long-term capital appreciation / income.

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

Riskometer



PRODUCT LABELLING

PORTFOLIO CLASSIFICATION BY ASSET CLASS (%)

equity 68.63

G-Sec 8.01

credit Exposure 20.95

Mutual Fund Units 0.66cash, cash Equivalents and Net current Assets 1.75

PORTFOLIO CLASSIFICATION BY RATING CLASS (%)

n equity 68.63n Sovereign 8.01n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent17.33

n AA+ 2.78n AA/AA- 0.48n A+ & Below 0.36n Mutual Fund Units 0.66n cash, cash Equivalents and Net

current Assets1.75

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


0.220.290.330.400.430.480.520.710.971.031.061.191.191.491.661.681.821.882.443.173.653.82

5.926.406.41

19.47

0 5 10 15 20 25Consumer Durables

OilTransportation

Media & EntertainmentTextiles - Cotton

PaperConstruction

Telecom - ServicesNon - Ferrous Metals

Industrial Capital GoodsGas

AutoFerrous Metals

Hotels, Resorts & Other Recreational ActivitiesAuto Ancillaries

PowerPesticides

Industrial ProductsChemicals

PharmaceuticalsPetroleum Products


SoftwareConstruction Project

Banks

December 2018 17

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

CATEGORY OF SCHEME: Multi Asset Allocation Fund

FUND MANAGER ¥

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

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

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


INCEPTION DATE (Date of Allotment)August 17, 2005



qUANTITATIVE DATAPortfolio Turnover Ratio 117.92%


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


ExIT LOADl In respect of each purchase / switch-in of Units, 15% of the

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


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

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







Since Inception SIP

10 year SIP

5 Year SIP

3 Year SIP

1 Year SIP

Total Amount Invested (` ‘000) 1,610.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) 2,957.74 1,833.72 694.74 381.47 118.41 Returns (%) 8.61 8.22 5.80 3.80 -2.45 Benchmark Returns (%) # N.A. N.A. 9.28 9.47 5.61 Additional Benchmark Returns (%) ## 11.30 11.71 10.67 11.67 2.97




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year -1.89 5.62 4.61 9,811 10,562 10,461Dec 31, 15 Last 3 Years 6.11 10.76 12.47 11,948 13,590 14,230Dec 31, 13 Last 5 Years 8.53 10.96 12.89 15,061 16,828 18,342Aug 17, 05 Since Inception 8.74 N.A. 13.32 30,686 N.A. 53,314

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. The Scheme formerly, a debt oriented hybrid fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in equities, debt and gold. Accordingly, the Scheme’s benchmark has also changed. Hence, the performance of the Scheme from inception till May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments and gold. For performance of other schemes managed by chirag Setalvad (Equities), Anil Bamboli (Debt) and Krishan Kumar Daga (Gold), please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.



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

related instruments, debt & money market instruments and Gold

Riskometer





n equity 74.71


n Gold 9.15



n equity 74.71n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 8.05n Gold 9.15n cash, cash Equivalents and Net

current Assets 8.09

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


0.300.360.390.390.430.430.520.831.221.351.691.772.31

3.143.72

4.604.804.864.86

6.7810.91

14.73

0 2 4 6 8 10 12 14 16Gas

Non - Ferrous MetalsFerrous Metals

Telecom - ServicesPaperPower

Media & EntertainmentConsumer Durables

TransportationIndustrial Capital Goods

PesticidesPharmaceuticals

AutoConsumer Non Durables

FinanceConstruction Project

ChemicalsAuto Ancillaries

Industrial ProductsPetroleum Products

SoftwareBanks

KEY FACTS

18 December 2018

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

% exposure of Derivative


• HDFc Bank Ltd. Banks 7.71 0.00

• Reliance Industries Ltd. Petroleum Products 3.69 0.00

• Infosys Ltd. Software 3.48 0.00

• Housing Development Finance corporation Ltd. £ Finance 3.15 0.00

• Oriental carbon & chemicals Ltd. chemicals 2.86 0.00

• Larsen and Toubro Ltd. construction Project 2.78 0.00

• State Bank of India Banks 2.66 0.00

• NIIT Technologies Ltd. Software 2.62 0.00

Ashok Leyland Ltd. Auto 2.50 2.50

ITc Ltd. consumer Non Durables 2.30 0.00

IcIcI Bank Ltd. Banks 2.21 0.00

Shaily engineering Plastics Ltd. Industrial Products 2.06 0.00

Aarti Industries Ltd. chemicals 1.94 0.00

KEc International Ltd. construction Project 1.82 0.00

Reliance Infrastructure Ltd. Power 1.82 1.82

Tata consultancy Services Ltd. Software 1.80 0.00

Sonata Software Ltd. Software 1.75 0.00

Gabriel India Ltd. Auto Ancillaries 1.50 0.00

Sharda cropchem Ltd. Pesticides 1.42 0.00

Bharat Petroleum corporation Ltd. Petroleum Products 1.32 0.00

Firstsource Solutions Ltd. Software 1.26 0.00

Tata Motors Ltd. DVR Auto 1.24 0.00

Redington (India) Ltd. Transportation 1.22 0.00

carborundum Universal Ltd. Industrial Products 1.20 0.00

Sundram Fasteners Ltd. Auto Ancillaries 1.08 0.00

Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.07 0.00

Hindustan Petroleum corporation Ltd. Petroleum Products 1.03 0.00

Axis Bank Ltd. Banks 1.02 0.00

Balkrishna Industries Ltd. Auto Ancillaries 0.99 0.00

Timken India Ltd. Industrial Products 0.86 0.00

VST Industries Ltd. consumer Non Durables 0.84 0.00

Greenply Industries Ltd. consumer Durables 0.83 0.00

Indusind Bank Ltd. Banks 0.78 0.00

Hero Motocorp Ltd. Auto 0.77 0.00

Savita Oil Technologies Ltd. Petroleum Products 0.74 0.00



Vesuvius India Ltd. Industrial Products 0.74 0.00

Gujarat Fluorochemicals Ltd. Industrial capital Goods 0.73 0.00

Ipca Laboratories Ltd. Pharmaceuticals 0.70 0.00

Banco Products (I) Ltd. Auto Ancillaries 0.68 0.00

Apar Industries Ltd. Industrial capital Goods 0.62 0.00

Suprajit engineering Ltd. Auto Ancillaries 0.61 0.00

Rural Electrification corporation Ltd. Finance 0.57 0.00

Jagran Prakashan Ltd. Media & entertainment 0.52 0.00

Power Grid corporation of India Ltd. Power 0.43 0.00

Tamilnadu Newsprint & Papers Ltd. Paper 0.43 0.00

Bharti Airtel Ltd. Telecom - Services 0.39 0.00

Tata Steel Ltd. Ferrous Metals 0.39 0.00

Vedanta Ltd. Non - Ferrous Metals 0.36 0.00

Union Bank of India Banks 0.35 0.00

GAIL (India) Ltd. Gas 0.30 0.00

Tata Motors Ltd. Auto 0.30 0.00

UPL Ltd. Pesticides 0.27 0.00

Sub Total 74.71

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 17.20

MUTUAL FUND UNITS

HDFc Gold Exchange Traded Fund 2.13

Sub Total 2.13


Grand Total 100.00


Outstanding exposure in derivative instruments (` in crore) 6.47

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 4.34


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

PORTFOLIO

December 2018 19

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

CATEGORY OF SCHEME: Exchange Traded Fund

FUND MANAGERKrishan Kumar Daga (since December 09, 15)


INCEPTION DATE (Date of Allotment)December 09, 2015

NAV (AS ON DECEMBER 31, 2018) NAV PER UNIT (`)Growth Option 1,126.04

ASSETS UNDER MANAGEMENT j (`) IN CROREAs on December 31, 2018 250.41Average for Month of December, 2018 241.16


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

TOTAL ExPENSE RATIO (As on December 31, 2018)Including Additional expenses and Goods and Service Tax on Management FeesHDFc NIFTY 50 ETF 0.05%

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

ExIT LOADFor Creation Unit Size:l No exit load will be levied on redemptions made by

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

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

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

the NSe and BSe during the trading hours on all trading days. Refer SID for further details.For further details, please refer to para ‘Exit Load’ on Pg 51.

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

Face Value per Unit: ` 761.25, + Industry classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 4.60 4.61 7.18 10,460 10,461 10,718

Dec 31, 15 Last 3 Years 12.37 12.47 12.84 14,195 14,230 14,374

Dec 09, 15 Since Inception 13.63 13.79 14.14 14,792 14,854 14,995

Returns are compounded annualized (cAGR). * The Scheme does not offer any Plans/Options. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Krishan Kumar Daga, please refer page 51.


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

l investment in equity securities covered by the NIFTY 50

Riskometer



j Includes investments made by the schemes of HDFc Mutual Fund aggregating to Rs. 144.93 crores

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









• Tata consultancy Services Ltd. Software 4.57


• Kotak Mahindra Bank Ltd. Banks 3.86

• Hindustan Unilever Ltd. consumer Non Durables 2.99



Maruti Suzuki India Ltd. Auto 2.28


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



Tech Mahindra Ltd. Software 1.04

UltraTech cement Ltd. cement 0.96




Bajaj Finserv Ltd. Finance 0.90


Titan company Ltd. consumer Durables 0.89


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



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


Adani Ports & Special economic Zone Transportation 0.70


Indiabulls Housing Finance Ltd. Finance 0.65



Zee entertainment enterprises Ltd. Media & entertainment 0.61

Bharti Infratel Ltd. Telecom - equipment & Accessories 0.51


Sub Total 99.92


Grand Total 100.00


PORTFOLIO


0.510.610.640.700.750.890.930.951.061.621.621.712.212.434.08

7.239.9610.4510.70

13.4727.40

0 5 10 15 20 25 30

Telecom - Equipment & AccessoriesMedia & Entertainment


GasConsumer Durables

Minerals/MiningTelecom - Services

OilFerrous Metals

Non - Ferrous MetalsCement

PowerPharmaceuticals

Construction ProjectAuto



Banks

KEY FACTS

20 December 2018


EqUITY & EqUITY RELATED• HDFc Bank Ltd. Banks 10.51• 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 3.00State Bank of India Banks 2.56Axis Bank Ltd. Banks 2.54Maruti Suzuki India Ltd. Auto 2.29Indusind Bank Ltd. Banks 1.89Mahindra & Mahindra Ltd. Auto 1.73Bajaj Finance Ltd. Finance 1.45Asian Paints Ltd. consumer Non Durables 1.43HcL Technologies Ltd. Software 1.24NTPc Ltd. Power 1.16Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.10Oil & Natural Gas corporation Ltd. Oil 1.07Power Grid corporation of India Ltd. Power 1.05Tech Mahindra Ltd. Software 1.05UltraTech cement Ltd. cement 0.96Bharti Airtel Ltd. Telecom - Services 0.95coal India Ltd. Minerals/Mining 0.93Hero Motocorp Ltd. Auto 0.93Tata Steel Ltd. Ferrous Metals 0.91Bajaj Finserv Ltd. Finance 0.90Titan company Ltd. consumer Durables 0.90Vedanta Ltd. Non - Ferrous Metals 0.87Wipro Ltd. Software 0.86Bajaj Auto Ltd. Auto 0.85YeS Bank Ltd. Banks 0.78Indian Oil corporation Ltd. Petroleum Products 0.77Hindalco Industries Ltd. Non - Ferrous Metals 0.76GAIL (India) Ltd. Gas 0.75Grasim Industries Ltd. cement 0.75eicher Motors Ltd. Auto 0.74


Dr Reddys Laboratories Ltd. Pharmaceuticals 0.73JSW Steel Ltd. Ferrous Metals 0.72Tata Motors Ltd. Auto 0.72Adani Ports & Special economic Zone Transportation 0.70Bharat Petroleum corporation Ltd. Petroleum Products 0.67Indiabulls Housing Finance Ltd. Finance 0.66UPL Ltd. Pesticides 0.64cipla Ltd. Pharmaceuticals 0.61Zee entertainment enterprises Ltd. Media & entertainment 0.61Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.51Hindustan Petroleum corporation Ltd. Petroleum Products 0.44Sub Total 100.27cash, cash Equivalents and Net current Assets -0.27Grand Total 100.00• Top Ten Holdings, £ co-sponsor


The investment objective of the Scheme is to generate returns that are commensurate with the performance of the NIFTY 50 Index, subject to tracking errors.


CATEGORY OF SCHEME: Index Fund

FUND MANAGER

Krishan Kumar Daga (since October 19, 15)



July 17, 2002


Regular Plan - Growth Option 98.3848Direct Plan - Growth Option 99.3927



qUANTITATIVE DATA


TRACKING ERROR

Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.11%





ExIT LOAD

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

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


PLANS & OPTIONS

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



REDEMPTION PROCEEDS



Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,980.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) 5,872.82 4,283.30 2,117.12 775.33 425.53 121.67 Returns (%) 12.06 10.76 10.93 10.19 11.17 2.59 Benchmark Returns (%) # 14.10 12.47 11.71 10.67 11.67 2.97 Additional Benchmark Returns (%) ## 14.56 12.78 11.99 11.09 12.92 4.75




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 4.29 4.61 7.18 10,429 10,461 10,718Dec 31, 15 Last 3 Years 11.91 12.47 12.84 14,020 14,230 14,374Dec 31, 13 Last 5 Years 12.42 12.89 12.79 17,960 18,342 18,258Jul 17, 02 Since Inception 14.67 17.01 17.63 95,279 132,896 144,918

Returns greater than 1 year period are compounded annualized (cAGR). Since inception returns are calculated on ` 10.3260 (allotment price). For performance of other schemes managed by Krishan Kumar Daga, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60.



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

l investment in equity securities covered by the NIFTY 50

Riskometer



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

PORTFOLIO


0.510.610.640.700.750.900.930.951.071.631.631.712.212.44

4.097.26

10.0010.4910.73

13.5227.50

0 5 10 15 20 25 30

Telecom - Equipment & AccessoriesMedia & Entertainment


GasConsumer Durables

Minerals/MiningTelecom - Services

OilFerrous Metals

Non - Ferrous MetalsCement

PowerPharmaceuticals

Construction ProjectAuto



Banks

KEY FACTS

December 2018 21

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

CATEGORY OF SCHEME: Exchange Traded Fund

FUND MANAGERKrishan Kumar Daga (since December 09, 15)


INCEPTION DATE (Date of Allotment)December 09, 2015

NAV (AS ON DECEMBER 31, 2018) NAV PER UNIT (`)Growth Option 3,755.48

ASSETS UNDER MANAGEMENT j (`) IN CROREAs on December 31, 2018 75.05Average for Month of December, 2018 74.53


TRACKING ERRORAnnualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.03%

TOTAL ExPENSE RATIO (As on December 31, 2018)Including Additional expenses and Goods and Service Tax on Management FeesHDFc SeNSex ETF 0.05%

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

ExIT LOADFor Creation Unit Size:l No exit load will be levied on redemptions made by

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

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

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

the NSe and BSe during the trading hours on all trading days. Refer SID for further details.For further details, please refer to para ‘Exit Load’ on Pg 51.

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

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

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

Face Value per Unit: ` 2,503.61, + Industry classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 7.13 7.18 4.61 10,713 10,718 10,461

Dec 31, 15 Last 3 Years 12.94 12.84 12.47 14,410 14,374 14,230


Returns are compounded annualized (cAGR). * The Scheme does not offer any Plans/Options. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Krishan Kumar Daga, please refer page 51.


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

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

Riskometer



j Includes investments made by the schemes of HDFc Mutual Fund aggregating to Rs. 28.67 crores

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



































Sub Total 99.99


Grand Total 100.00


PORTFOLIO


0.90

1.03

1.09

1.13

1.16

1.27

2.52

4.78

7.85

9.88

10.94

11.78

13.74

31.92

0 5 10 15 20 25 30 35

Minerals/Mining


Ferrous Metals

Telecom - Services

Oil

Pharmaceuticals

Power


Auto

Petroleum Products

Finance


Software

Banks

KEY FACTS

22 December 2018


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


CATEGORY OF SCHEME: Index Fund

FUND MANAGER

Krishan Kumar Daga (since October 19, 15)



July 17, 2002


Regular Plan - Growth Option 318.5890Direct Plan - Growth Option 322.2127



qUANTITATIVE DATA


TRACKING ERROR

Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.11%



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


ExIT LOAD

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

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


PLANS & OPTIONS

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



REDEMPTION PROCEEDS



Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,980.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) 6,042.72 4,388.64 2,147.76 783.99 433.13 122.68 Returns (%) 12.35 11.04 11.20 10.64 12.39 4.16 Benchmark Returns (%) # 14.56 12.78 11.99 11.09 12.92 4.75 Additional Benchmark Returns (%) ## 14.10 12.47 11.71 10.67 11.67 2.97




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 6.65 7.18 4.61 10,665 10,718 10,461Dec 31, 15 Last 3 Years 12.41 12.84 12.47 14,209 14,374 14,230Dec 31, 13 Last 5 Years 12.25 12.79 12.89 17,829 18,258 18,342Jul 17, 02 Since Inception 14.94 17.63 17.01 99,061 144,918 132,896

Returns greater than 1 year period are compounded annualized (cAGR). Since inception returns are calculated on ` 32.1610 (allotment price). For performance of other schemes managed by Krishan Kumar Daga, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60.



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

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

Riskometer



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

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



































Sub Total 100.04

cash, cash Equivalents and Net current Assets -0.04

Grand Total 100.00


PORTFOLIO


0.90

1.03

1.09

1.13

1.16

1.27

2.52

4.79

7.85

9.89

10.94

11.80

13.74

31.93

0 5 10 15 20 25 30 35

Minerals/Mining


Ferrous Metals

Telecom - Services

Oil

Pharmaceuticals

Power


Auto

Petroleum Products

Finance


Software

Banks

KEY FACTS

December 2018 23


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

CATEGORY OF SCHEME: equity Linked Savings Scheme

FUND MANAGER ¥

Vinay Kulkarni (since November 21, 06)



March 31, 1996





qUANTITATIVE DATA


Risk Ration Standard Deviation 4.832%n Beta 1.016n Sharpe Ratio* 0.053computed for the 3-yr period ended December 31, 2018. Based on month-end NAV. * Risk free rate: 6.73% (Source: FIMMDA MIBOR)





ExIT LOAD

Nil

PLANS & OPTIONS

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


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

REDEMPTION PROCEEDS

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



SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,730.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) $$ 63,322.36 5,729.31 2,282.10 740.56 398.29 116.14 Returns (%) $$ 22.88 14.15 12.34 8.35 6.68 -5.91 Benchmark Returns (%) # 15.07 12.70 12.38 10.95 10.26 -1.55 Additional Benchmark Returns (%) ## 13.81 12.47 11.71 10.67 11.67 2.97



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Dec 29, 17 Last 1 Year -10.88 -2.12 4.61 8,912 9,788 10,461Dec 31, 15 Last 3 Years 9.92 12.29 12.47 13,283 14,162 14,230Dec 31, 13 Last 5 Years 14.25 14.60 12.89 19,474 19,771 18,342Mar 31, 96 Since Inception 23.67 13.81 12.44 1,259,518 190,365 144,386

Returns greater than 1 year period are compounded annualized (cAGR). $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Vinay Kulkarni, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 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.




l investment predominantly of equity & equity related instruments

Riskometer



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










• GAIL (India) Ltd. Gas 5.59


• Vedanta Ltd. Non - Ferrous Metals 3.53






Oracle Financial Ser Software Ltd. Software 2.23



L&T Technology Services Ltd. Software 1.24

Solar Industries India Ltd. chemicals 1.16




IcIcI Prudential Life Insurance company Ltd. Finance 0.94




eclerx Services Ltd. Software 0.70


Max Financial Services Ltd. Finance 0.64


Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.52



Persistent Systems Ltd. Software 0.43



ITD cementation India Ltd. construction 0.32


Sadbhav Infrastructure Project Ltd. (corporate Guarantee of Sadbhav engineering Ltd.) construction Project 0.31


HSIL Ltd. consumer Durables 0.25


IcIcI Securities Ltd. Finance 0.15


Siti Networks Ltd. Media & entertainment 0.07

MPS Ltd. consumer Non Durables 0.06

Indostar cap Fin Ltd. Finance 0.05


Nestle India Ltd. consumer Non Durables @

Sub Total 98.03cash, cash Equivalents and Net current Assets 1.97

Grand Total 100.00


PORTFOLIO


0.020.070.210.250.320.320.681.091.161.781.862.102.973.534.704.755.59

7.198.49

11.9612.57

26.42

0 5 10 15 20 25 30

CementMedia & Entertainment

Auto AncillariesConsumer Durables

ConstructionPesticides

Minerals/MiningTransportation

ChemicalsFinance

AutoIndustrial Capital Goods


Consumer Non DurablesPharmaceuticals

GasConstruction ProjectPetroleum Products

PowerSoftware

Banks

KEY FACTS

24 December 2018


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


CATEGORY OF SCHEME: children’s Fund

FUND MANAGER ¥

Chirag Setalvad (since April 2, 07)

Total Experience - Over 21 years


March 2, 2001


Regular Plan 116.326Direct Plan 122.101



qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 6.88%Average Maturity * 2.74 yearsMacaulay Duration * 2.18 yearsModified Duration * 2.03 yearsYield to Maturity * 8.37%* computed on the invested amount for debt portfolio.





ExIT LOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan.



REDEMPTION PROCEEDS

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

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

(¥) Dedicated Fund Manager for Overseas Investments: Mr 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 Scheme. (π) Personal Accident Insurance cover for Parent / Legal Guardian (upto the age of 80 years) of the Unit holder, equivalent to 10 times the cost value of the outstanding Units held by the Unit holder under all the applications / account statements / folios, subject to a maximum amount of ` 10 lakhs per Unit holder. The insurance premium in respect of the personal accident insurance cover will be borne by the AMc. This accident insurance cover is subject to conditions of the group personal accident insurance policy.


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








• Bajaj Finance Ltd. Finance 2.13

Britannia Industries Ltd. consumer Non Durables 2.01


Housing Development Finance corporation Ltd. £ Finance 1.90

Niit Technologies Ltd. Software 1.77

Motherson Sumi Systems Ltd. Auto Ancillaries 1.41




Schaeffler India Ltd. Industrial Products 1.27


Finolex Industries Ltd. Industrial Products 1.15

cholamandalam Investment & Finance Finance 1.12


AIA engineering Ltd. Industrial Products 1.04



Supreme Industires Ltd. Industrial Products 0.94


Larsen & Toubro Infotech Ltd. Software 0.92



eIH Ltd. Hotels/Resorts & Other Recreational Activities 0.80








century Plyboards (India) Ltd. consumer Durables 0.71

Sonata Software Ltd. Software 0.70

Indian Bank Banks 0.69



Vst Industries Ltd. consumer Non Durables 0.68

Swaraj engines Ltd. Industrial Products 0.66

Bharti Infratel Ltd. Telecom - equipment & Accessories 0.65


Vesuvius India Ltd. Industrial Products 0.60



Blue Star Ltd. consumer Durables 0.49

Navneet education Ltd. Media & entertainment 0.49


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




Bayer cropscience Ltd. Pesticides 0.34

Nilkamal Ltd. Industrial Products 0.34

eclerx Services Ltd. Software 0.33





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 65.75

PORTFOLIOKEY FACTS

December 2018 25


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

Total Amount Invested (` ‘000) 2,140.00 1,800.00 1,200.00 600.00 360.00 120.00

Mkt Value As on December 31, 2018 (` ‘000) $ 10,597.09 6,126.75 2,667.30 790.40 415.32 120.37

Returns (%) $ 15.93 14.92 15.26 10.96 9.51 0.57

Benchmark Returns (%) # N.A. 11.18 10.59 9.75 9.97 5.32

Additional Benchmark Returns (%) ## 14.61 12.47 11.71 10.67 11.67 2.97

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



(%) $

Benchmark Returns

(%)#


Returns(%) ##


Scheme (`) $

Benchmark (`)#

Additional Benchmark(`)##

Dec 29, 17 Last 1 Year -1.31 5.26 4.61 9,869 10,526 10,461

Dec 31, 15 Last 3 Years 11.56 10.92 12.47 13,889 13,649 14,230

Dec 31, 13 Last 5 Years 15.27 11.67 12.89 20,361 17,369 18,342

Mar 02, 01 Since Inception 16.44 N.A. 14.24 151,224 N.A. 107,494

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. $ Adjusted for Bonus units declared under the Scheme. For performance of other schemes managed by chirag Setalvad, please refer page 48. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 57.


equity 65.75

G-Sec 7.71

credit Exposure 21.77cash, cash Equivalents and Net current Assets 4.77



l capital appreciation over long term.

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

Riskometer




equity 65.75Sovereign 7.71

AAA/AAA(SO)/A1+/A1+(SO) & equivalent 16.26AA+ 5.51cash, cash Equivalents and Net current Assets 4.77

[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)] ΩπHDFC Children's Gift Fund .....Contd from previous page


DEBT & DEBT RELATED












Sub Total 7.71

CREDIT ExPOSURE

• Tata capital Financial Services Ltd. IcRA - AAA 4.59



cARE - AAA / cRISIL - AAA 4.02

• L&T Finance Ltd. cARE - AAA 4.00

• Axis Bank Ltd. cRISIL - AA+ 3.88

M&M Financial Services Ltd. IND - AAA 1.60

Tata Sons Ltd. cRISIL - AAA 1.45

Hero Fincorp Ltd. IcRA - AA+ 1.19

HDB Financial Services Ltd. cRISIL - AAA 0.60

State Bank of India cRISIL - AA+ 0.44

Sub Total 21.77

Total 29.48


Grand Total 100.00



0.01

0.38

0.60

0.65

0.75

0.77

0.77

0.79

0.80

1.70

1.88

2.22

3.08

3.32

3.38

3.81

4.24

6.01

7.87

8.22

14.50

0 2 4 6 8 10 12 14 16

Industrial Capital Goods

Telecom - Services

Construction

Telecom - Equipment & Accessories


Ferrous Metals

Power

Auto

Media & Entertainment

Consumer Durables

Pesticides

Hotels, Resorts & Other Recreational Activities


Auto Ancillaries

Pharmaceuticals


Petroleum Products

Finance

Industrial Products

Software

Banks

26 December 2018


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

CATEGORY OF SCHEME: Retirement Fund

FUND MANAGER ¥

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

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



February 25, 2016





qUANTITATIVE DATA

Portfolio Turnover Ratio 2.78%





ExIT LOAD

Upon completion of lock-in period: Nil

PLANS & OPTIONS

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



REDEMPTION PROCEEDS


LOCK-IN PERIOD

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

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

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

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





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year -6.00 -2.12 4.61 9,400 9,788 10,461Feb 25, 16 Since Inception 18.83 18.85 18.48 16,349 16,358 16,212

Returns greater than 1 year period are compounded annualized (cAGR). For performance of other schemes managed by chirag Setalvad (equities) and Shobhit Mehrotra (Debt), please refer page 51. The Scheme 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 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.


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

l investment predominantly in equity and equity related instruments.

Riskometer



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

(A notified Tax Savings Cum Pension Scheme)









• Aarti Industries Ltd. chemicals 2.07






cholamandalam Investment & Finance company Ltd. Finance 1.57






Finolex Industries Ltd. Industrial Products 1.30


Atul Ltd. chemicals 1.29

Niit Technologies Ltd. Software 1.28


Sharda cropchem Ltd. Pesticides 1.18


Tata Metaliks Ltd. Ferrous Metals 1.13

Oriental carbon & chemicals Ltd. chemicals 1.11

T. V. Today Network Ltd. Media & entertainment 1.11


Mcleod Russel India Ltd. consumer Non Durables 1.07

eIH Ltd. Hotels/Resorts & Other Recreational Activities 1.06



city Union Bank Ltd. Banks 0.96




Redington (India) Ltd. Transportation 0.84



GNA Axles Ltd. Auto Ancillaries 0.75

YeS Bank Ltd. Banks 0.71










KeI Industries Ltd. Industrial Products 0.57



Bajaj electricals Ltd. consumer Durables 0.43

Timken India Ltd. Industrial Products 0.42



Divis Laboratories Ltd. Pharmaceuticals 0.35


Greenply Industries Ltd. consumer Durables 0.30

Kirloskar Oil Engines Ltd. Industrial Products 0.23

Sub Total 80.56DEBT & DEBT RELATEDGOVERNMENT SECURITIES (CENTRAL/STATE)• 6.84 GOI 2022 Sovereign 4.23

• 7.59 GOI 2026 Sovereign 2.59

Sub Total 6.82CREDIT ExPOSURE Syndicate Bank cARE - A+ 0.60


Sub Total 1.08Total 7.90cash, cash Equivalents and Net current Assets 11.54

Grand Total 100.00


PORTFOLIO


0.620.640.840.901.071.401.441.451.831.942.252.482.872.953.924.47

5.846.106.206.306.91

18.14

0 2 4 6 8101214161820

PaperAuto

TransportationNon - Ferrous Metals

Consumer Non DurablesIndustrial Capital GoodsMedia & Entertainment

FertilisersFerrous Metals

PowerConsumer Durables

PesticidesAuto AncillariesPharmaceuticals

Hotels, Resorts & Other Recreational ActivitiesChemicals

Petroleum ProductsIndustrial Products

Construction ProjectSoftware

FinanceBanks

KEY FACTS

December 2018 27


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


FUND MANAGER ¥





February 25, 2016





qUANTITATIVE DATA

Portfolio Turnover Ratio 3.95%



#BENCHMARK INDEx: NIFTY 50 Hybrid composite Debt 65:35 Index##ADDL. BENCHMARK INDEx: NIFTY 50 (Total Returns Index)

ExIT LOAD

Upon completion of lock-in period: Nil

PLANS & OPTIONS

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



REDEMPTION PROCEEDS


LOCK-IN PERIOD

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

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

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

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





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year -0.54 5.26 4.61 9,946 10,526 10,461Feb 25, 16 Since Inception 17.96 14.94 18.48 16,010 14,871 16,212

Returns greater than 1 year period are compounded annualized (cAGR). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. The Scheme is in existence for more than 1 year but less than 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 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.



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

Riskometer



Portfolio Classification by Asset Class (%)

n equity 65.46

n G-Sec 9.30



Portfolio Classification by Rating Class (%)

n equity 65.46n Sovereign 9.30n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 5.64n AA+ 3.79n A+ & BELOw 1.59n cash, cash Equivalents and Net

current Assets 14.22

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

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


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 2.29NIIT Technologies Ltd. Software 1.98Aarti Industries Ltd. chemicals 1.93Sundram Fasteners Ltd. Auto Ancillaries 1.62city Union Bank Ltd. Banks 1.39State Bank of India Banks 1.33Aurobindo Pharma Ltd. Pharmaceuticals 1.28chambal Fertilizers & chemicals Ltd. Fertilisers 1.28KEc International Ltd. construction Project 1.23UPL Ltd. Pesticides 1.20Oriental carbon & chemicals Ltd. chemicals 1.17Power Grid corporation of India Ltd. Power 1.17Indian Hotels company Ltd. Hotels/Resorts & Other

Recreational Activities 1.13Sonata Software Ltd. Software 1.10carborundum Universal Ltd. Industrial Products 1.05Shaily engineering Plastics Ltd. Industrial Products 1.05crompton Greaves consumer elec. Ltd. consumer Durables 1.03Axis Bank Ltd. Banks 1.01cholamandalam Investment & Finance company Ltd. Finance 0.99Balkrishna Industries Ltd. Auto Ancillaries 0.93Blue Star Ltd. consumer Durables 0.86NRB Bearing Ltd. Industrial Products 0.85TI Financial Holdings Ltd. Finance 0.79Mahindra Holidays & Resorts Ind Ltd.


Shree Pushkar chemicals & Fertilisers Ltd. chemicals 0.76Tata Steel Ltd. Ferrous Metals 0.72Voltas Ltd. construction Project 0.71Bajaj electricals Ltd. consumer Durables 0.69Hindustan Petroleum corporation Ltd. Petroleum Products 0.69Kalpataru Power Transmission Ltd. Power 0.65SKF India Ltd. Industrial Products 0.65Vedanta Ltd. Non - Ferrous Metals 0.64Zensar Technologies Ltd. Software 0.62MRF Ltd. Auto Ancillaries 0.61Apar Industries Ltd. Industrial capital Goods 0.60Nilkamal Ltd. Industrial Products 0.60Indusind Bank Ltd. Banks 0.58Tube Investments of India Ltd. Auto Ancillaries 0.53Tata Motors Ltd.DVR Auto 0.50Vesuvius India Ltd. Industrial Products 0.47YeS Bank Ltd. Banks 0.46Tamilnadu Newsprint & Papers Ltd. Paper 0.44


Bank of Baroda Banks 0.42Redington (India) Ltd. Transportation 0.34Divis Laboratories Ltd. Pharmaceuticals 0.32BeML Ltd. Industrial capital Goods 0.31Jagran Prakashan Ltd. Media & entertainment 0.29Sadbhav engineering Ltd. construction Project 0.28Greenply Industries Ltd. consumer Durables 0.24Kirloskar Oil Engines Ltd. Industrial Products 0.23Sub Total 65.46DEBT & DEBT RELATEDGOVERNMENT SECURITIES (CENTRAL/STATE)• 6.84 GOI 2022 Sovereign 4.486.35 GOI 2020 Sovereign 2.257.68 GOI 2023 Sovereign 1.387.37 GOI 2023 Sovereign 1.148.27 GOI 2020 Sovereign 0.05Sub Total 9.30CREDIT ExPOSURE • Jamnagar Utilities & Power

Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cARE - AAA 4.50

• State Bank of India cRISIL - AA+ 3.79Syndicate Bank cARE - A+ 1.59Reliance Jio Infocomm Ltd. cRISIL - AAA 1.14Sub Total 11.02Total 20.32cash, cash Equivalents and Net current Assets 14.22Grand Total 100.00• Top Ten Holdings, £ co-sponsor

PORTFOLIO


0.290.340.440.500.640.720.911.201.281.821.902.823.693.864.174.514.904.96

5.976.49

14.05

0 2 4 6 8 10121416

Media & EntertainmentTransportation

PaperAuto

Non - Ferrous MetalsFerrous Metals

Industrial Capital GoodsPesticidesFertilisers

PowerHotels, Resorts & Other Recreational Activities

Consumer DurablesAuto Ancillaries

ChemicalsPharmaceuticals

Construction ProjectIndustrial Products

Petroleum ProductsFinance

SoftwareBanks

KEY FACTS

28 December 2018

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


FUND MANAGER ¥





NAV (AS ON DECEMBER 31, 2018) NAV PER UNIT (`)Regular Plan 12.7658Direct Plan 13.3571


qUANTITATIVE DATAAverage Maturity * 3.02 yearsMacaulay Duration * 2.60 yearsModified Duration * 2.44 yearsYield to Maturity * 8.10%* computed on the invested amount for debt portfolio.


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

ExIT LOADUpon completion of lock-in period: Nil

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

REDEMPTION PROCEEDSNormally despatched within 3-4 Business Days (Redemption is subject to completion of Lock-in Period, if opted).

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

Mr Rakesh Vyas (Total Experience - Over 14 years).




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 0.68 5.71 6.01 10,068 10,571 10,601Feb 26, 16 Since Inception 8.96 9.57 7.07 12,766 12,971 12,146

Returns greater than 1 year period are compounded annualized (cAGR). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. The Scheme is in existence for more than 1 year but less than 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 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 64.



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

Riskometer





n equity 18.75

n G-Sec 33.36




n equity 18.75n Sovereign 33.36n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 7.45n AA+ 7.52n AA/AA- 3.20n A+ & Below 11.47n cash, cash Equivalents and

Net current Assets 18.25

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

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




IcIcI Bank Ltd. Banks 1.14

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




NRB Bearing Ltd. Industrial Products 0.53

Oriental carbon & chemicals Ltd. chemicals 0.51

Avanti Feeds Ltd. consumer Non Durables 0.49


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


Larsen and Toubro Ltd. construction Project 0.40








Timken India Ltd. Industrial Products 0.30









Poddar Pigments Ltd. chemicals 0.21




Sub Total 18.75

DEBT & DEBT RELATED


• 7.37 GOI 2023 Sovereign 12.81

• 7.68 GOI 2023 Sovereign 12.09


Sub Total 33.36

CREDIT ExPOSURE

• Starlite Lighting Ltd. (corporate Guarantee of Bajaj electrical Ltd.) IcRA - A+(SO) 8.06

• State Bank of India cRISIL - AA+ 7.52

• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cARE - AAA 4.21

• Syndicate Bank cARE - A+ 3.41

• Reliance Jio Infocomm Ltd. cRISIL - AAA 3.24

• Union Bank of India cARE - AA- 3.20

Sub Total 29.64

Total 63.00


Grand Total 100.00


PORTFOLIOKEY FACTS

December 2018 29

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

CATEGORY OF SCHEME: Equity Savings Fund

FUND MANAGER ¥

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

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

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


INCEPTION DATE (Date of Allotment)September 17, 2004



qUANTITATIVE DATAPortfolio Turnover Ratio 56.27%Average Maturity * 1.65 yearsMacaulay Duration * 1.49 yearsModified Duration * 1.37 yearsYield to Maturity * 8.53%* computed on the invested amount for debt portfolio.


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


ExIT LOADl In respect of each purchase / switch-in of Units, upto 15%

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









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

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

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

Riskometer



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

Total Amount Invested (` ‘000) 1,720.00 1,200.00 600.00 360.00 120.00 Mkt Value As on December 31, 2018 (` ‘000) 3,496.61 1,941.31 742.85 403.09 121.33 Returns (%) 9.32 9.30 8.47 7.48 2.06 Benchmark Returns (%) # N.A. N.A. 7.79 7.55 5.41 Additional Benchmark Returns (%) ## 12.00 11.71 10.67 11.67 2.97

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

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

Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`) Benchmark

(`)#Additional

Benchmark (`)##

Dec 29, 17 Last 1 Year 0.92 5.33 4.61 10,092 10,533 10,461Dec 31, 15 Last 3 Years 10.29 8.17 12.47 13,418 12,658 14,230Dec 31, 13 Last 5 Years 9.64 9.06 12.89 15,844 15,433 18,342Sep 17, 04 Since Inception 9.27 N.A. 15.14 35,511 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.Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made in debt instruments. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. Load is not taken into consideration for computation of performance. For performance of other schemes managed by Vinay Kulkarni (Equities), Krishan Kumar Daga (Equities) and Anil Bamboli (Debt), please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.^Past performance may or may not be sustained in the future. Load is not taken into consideration for computation of performance.

Face Value per Unit: ` 10 unless otherwise specified, + Industry classification as recommended by AMFI, Data is as of December 31, 2018 unless otherwise specified. ...contd on next page

PORTFOLIO





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



EqUITY & EqUITY RELATED• IcIcI Bank Ltd. Banks 4.02 0.64• Reliance Industries Ltd. Petroleum Products 3.88 0.47• Housing Development Finance

corporation Ltd. £ Finance 3.83 3.83• Infosys Ltd. Software 3.08 0.06• NTPc Ltd. Power 3.04 0.00• HDFc Bank Ltd. Banks 2.90 0.18• Tata Steel Ltd. Ferrous Metals 2.56 0.80Larsen and Toubro Ltd. construction Project 2.44 0.06State Bank of India Banks 2.16 0.20Aurobindo Pharma Ltd. Pharmaceuticals 1.58 1.10ITc Ltd. consumer Non Durables 1.52 0.12



Vedanta Ltd. Non - Ferrous Metals 1.47 0.00GAIL (India) Ltd. Gas 1.41 0.00JSW Steel Ltd. Ferrous Metals 1.26 1.26Yes Bank Ltd. Banks 1.11 1.11Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.04 1.04Maruti Suzuki India Ltd. Auto 0.96 0.96Shriram Transport Finance company Ltd. Finance 0.90 0.90LIc Housing Finance Ltd. Finance 0.87 0.62Dr Reddys Laboratories Ltd. Pharmaceuticals 0.82 0.82Mahindra & Mahindra Ltd. Auto 0.82 0.55Hindalco Industries Ltd. Non - Ferrous Metals 0.78 0.78Tata Motors Ltd. Auto 0.78 0.57Bharti Airtel Ltd. Telecom - Services 0.71 0.71

PORTFOLIO


0.020.020.050.160.230.390.400.480.520.590.600.620.730.77

1.401.411.471.76

2.553.964.004.25

8.46

0 1 2 3 4 5 6 7 8 9

Media & EntertainmentRetailingCement

Auto AncillariesMinerals/Mining

ChemicalsPesticides

ConstructionTransportation

OilIndustrial Capital Goods

AutoPharmaceuticals

FinanceConsumer Non Durables

GasNon - Ferrous Metals

Ferrous MetalsConstruction ProjectPetroleum Products

SoftwarePowerBanks

KEY FACTS

30 December 2018

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.

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



Power Grid corporation of India Ltd. Power 0.66 0.00Axis Bank Ltd. Banks 0.65 0.50DLF Ltd. construction 0.64 0.64Bajaj Finance Ltd. Finance 0.62 0.62Oil & Natural Gas corporation Ltd. Oil 0.59 0.00Titan company Ltd. consumer Durables 0.58 0.58Jubilant Foodworks Ltd. consumer Non Durables 0.55 0.55Tech Mahindra Ltd. Software 0.53 0.53UPL Ltd. Pesticides 0.50 0.09Tata consultancy Services Ltd. Software 0.46 0.46M&M Financial Services Ltd. Finance 0.45 0.45United Spirits Ltd. consumer Non Durables 0.45 0.45Bharat Petroleum corporation Ltd. Petroleum Products 0.41 0.00Gujarat Pipavav Port Ltd. Transportation 0.41 0.00Tata Global Beverages Ltd. consumer Non Durables 0.41 0.41L&T Technology Services Ltd. Software 0.39 0.00Tata chemicals Ltd. chemicals 0.39 0.00escorts Ltd. Auto 0.38 0.38Zee entertainment enterprises Ltd. Media & entertainment 0.37 0.37The Federal Bank Ltd. Banks 0.34 0.34Ashok Leyland Ltd. Auto 0.32 0.32Newgen Software Technologies Ltd. Software 0.30 0.00Adani Power (Mundra) Ltd. (Secured by Shares of Adani Port & SeZ Ltd.) Power 0.29 0.29Multi commodity Exchange of India Ltd. Finance 0.29 0.29Tata Motors Ltd. DVR Auto 0.29 0.16Dabur India Ltd. consumer Non Durables 0.28 0.28eclerx Services Ltd. Software 0.28 0.00JMc Projects (India) Ltd. construction 0.28 0.00Strides Pharma Science Ltd. Pharmaceuticals 0.28 0.28Ambuja cements Ltd. cement 0.27 0.27cipla Ltd. Pharmaceuticals 0.27 0.02Indusind Bank Ltd. Banks 0.27 0.27NHPc Ltd. Power 0.27 0.00Petronet LNG Ltd. Gas 0.27 0.27eicher Motors Ltd. Auto 0.26 0.26Grasim Industries Ltd. cement 0.26 0.26SBI Life Insurance company Ltd. Finance 0.26 0.00Britannia Industries Ltd. consumer Non Durables 0.25 0.25Texmaco Rail & engineering Ltd. Industrial capital Goods 0.25 0.00Hero Motocorp Ltd. Auto 0.24 0.24Raymond Ltd. Textile Products 0.24 0.24cESc Ltd. Power 0.23 0.00coal India Ltd. Minerals/Mining 0.23 0.00Havells India Ltd. consumer Durables 0.23 0.23century Textiles & Industries Ltd. cement 0.21 0.21The Tata Power company Ltd. Power 0.21 0.21Bank of Baroda Banks 0.20 0.00equitas Holdings Ltd. Finance 0.20 0.20Ncc Ltd. construction Project 0.19 0.19Tata communications Ltd. Telecom - Services 0.19 0.19cadila Healthcare Ltd. Pharmaceuticals 0.17 0.17ITD cementation India Ltd. construction 0.17 0.00Apollo Tyres Ltd. Auto Ancillaries 0.15 0.00Godrej consumer Products Ltd. consumer Non Durables 0.15 0.15Hindustan Petroleum corporation Ltd. Petroleum Products 0.15 0.00Power Finance corporation Ltd. Finance 0.15 0.00Titagarh Wagons Ltd. Industrial capital Goods 0.15 0.00Hindustan Unilever Ltd. consumer Non Durables 0.14 0.14IcIcI Prudential Life Insurance company Ltd. Finance 0.14 0.14Reliance capital Ltd. Finance 0.14 0.14Tata elxsi Ltd. Software 0.14 0.14Ashoka Buildcon Ltd. construction Project 0.13 0.00Mahanagar Gas Ltd. Gas 0.13 0.13Asian Paints Ltd. consumer Non Durables 0.12 0.12Wockhardt Ltd. Pharmaceuticals 0.12 0.12container corporation of India Ltd. Transportation 0.11 0.00Guj State Fertilizers & chemicals Fertilisers 0.11 0.11Bharat Financial Inclusion Ltd. Finance 0.10 0.10Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.10 0.10IDFc Ltd. Finance 0.10 0.10Jain Irrigation Systems Ltd. Industrial Products 0.10 0.10Reliance Nippon Life Asset Management Ltd. Finance 0.10 0.00HcL Technologies Ltd. Software 0.09 0.09Vodafone Idea Ltd. Telecom - Services 0.09 0.09Biocon Ltd. Pharmaceuticals 0.08 0.08centum Electronics Ltd. Industrial capital Goods 0.08 0.00Godrej Industries Ltd. consumer Non Durables 0.08 0.08IRB Infrastructure Developers Ltd. construction 0.08 0.08Max Financial Services Ltd. Finance 0.08 0.08BeML Ltd. Industrial capital Goods 0.07 0.00Mindtree consulting Ltd. Software 0.07 0.07



Reliance Power Ltd. Power 0.07 0.07ceat Ltd. Auto Ancillaries 0.06 0.06Sun TV Network Ltd. Media & entertainment 0.06 0.06Bajaj Auto Ltd. Auto 0.05 0.05Balkrishna Industries Ltd. Auto Ancillaries 0.05 0.05Bharat electronics Ltd. Industrial capital Goods 0.05 0.00Kalpataru Power Transmission Ltd. Power 0.05 0.00KEc International Ltd. construction Project 0.05 0.00MRF Ltd. Auto Ancillaries 0.05 0.05Nestle India Ltd. consumer Non Durables 0.05 0.05Punjab National Bank Banks 0.05 0.00PVR Ltd. Media & entertainment 0.05 0.05Adani Ports & Special economic Zone Ltd. Transportation 0.04 0.04Hexaware Technologies Ltd. Software 0.04 0.04IDBI Bank Ltd. Banks 0.04 0.04Orient cement Ltd. cement 0.04 0.00Reliance Infrastructure Ltd. Power 0.04 0.04United Breweries Ltd. consumer Non Durables 0.04 0.04Bosch Ltd. Auto Ancillaries 0.03 0.03NBcc (India) Ltd. construction 0.03 0.00Shree cement Ltd. cement 0.03 0.03Ujjivan Financial Services Ltd. Finance 0.03 0.03Acc Ltd. cement 0.02 0.02Bajaj Finserv Ltd. Finance 0.02 0.02canFin Homes Ltd. Finance 0.02 0.02Dish TV India Ltd. Media & entertainment 0.02 0.02Godfrey Phillips India Ltd. consumer Non Durables 0.02 0.02IFcI Ltd. Finance 0.02 0.02Kotak Mahindra Bank Ltd. Banks 0.02 0.02RP-SG Business Process Services Software 0.02 0.00RP-SG Retail Ltd. Retailing 0.02 0.00S chand and company Ltd. Media & entertainment 0.02 0.00Siemens Ltd. Industrial capital Goods 0.02 0.02cholamandalam Investment & Finance company Ltd. Finance 0.01 0.01Lupin Ltd. Pharmaceuticals 0.01 0.01Piramal enterprises Ltd. Pharmaceuticals 0.01 0.01Syndicate Bank Banks 0.01 0.01The South Indian Bank Ltd. Banks 0.01 0.01Indraprastha Gas Ltd. Gas @ 0.00MPS Ltd. consumer Non Durables @ 0.00Sub Total 66.19Preference SharesZee entertainment enterprises Ltd. Media & entertainment @Sub Total @Total 66.19DEBT & DEBT RELATEDGOVERNMENT SECURITIES (CENTRAL/STATE)7.16 GOI 2023 Sovereign 1.07Sub Total 1.07CREDIT ExPOSURE • Housing Development Finance

corporation Ltd. £ cRISIL - AAA / IcRA - AAA 4.31• Punjab National Bank cARE - A+ / cRISIL - AA- 3.02• Power Finance corporation Ltd. cRISIL - AAA 2.48State Bank of India cARE - AA+ / cRISIL - AA+ 2.43HDFc Bank Ltd. cARE - AA+ 1.56Syndicate Bank cARE - A+ 1.28M&M Financial Services Ltd. cARE - AAA / IND - AAA 1.14Reliance Jio Infocomm Ltd. cRISIL - AAA / IcRA - AAA 1.13Rural Electrification corporation Ltd. cRISIL - AAA 0.92Union Bank of India cARE - AA- / IND - AA 0.81ONGc Petro additions Ltd. (OPAL) (Put on ONGc Ltd.) cRISIL - AAA(SO) 0.39Axis Bank Ltd. cRISIL - AA+ 0.37canara Bank cRISIL - AA 0.37Aarish Solar Power Private Ltd. (Greenko) cARE - AA-(SO) 0.18Bank of Baroda cARE - AA 0.15LIc Housing Finance Ltd. cRISIL - AAA 0.15Power Grid corporation of India Ltd. cRISIL - AAA 0.15JM Financial Asset Reconstruction company Ltd. IcRA - AA- 0.01Sub Total 20.85Total 21.92Short Term Deposits as margin for Futures & Options 9.39 cash, cash Equivalents and Net current Assets 2.50Grand Total 100.00

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

Outstanding exposure in derivative instruments (` in crore) 2,041.29



PORTFOLIO

December 2018 31


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


CATEGORY OF SCHEME: conservative Hybrid Fund

FUND MANAGER ¥

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

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



December 26, 2003


Regular Plan - Growth Option 44.5672Regular Plan - Monthly Dividend Option 13.1615Regular Plan - Quarterly Dividend Option 13.7460Direct Plan - Growth Option 45.9792Direct Plan - Monthly Dividend Option 13.7060Direct Plan - Quarterly Dividend Option 14.3175



qUANTITATIVE DATA

Average Maturity * 4.42 yearsMacaulay Duration * 3.41 yearsModified Duration * 3.20 yearsYield to Maturity * 8.62%* computed on the invested amount for debt portfolio.




##ADDL. BENCHMARK INDEx: cRISIL 10 year Gilt Index

ExIT LOAD

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

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


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


PLANS & OPTIONS

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


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

REDEMPTION PROCEEDS



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.












Power Finance corporation Ltd. Finance 0.70
















Syndicate Bank Banks 0.36



Texmaco Rail & engineering Ltd. Industrial capital Goods 0.26

Union Bank of India Banks 0.26



Mishra Dhatu Nigam Ltd. Ferrous Metals 0.15

elecon engineering comapny Ltd. Industrial capital Goods 0.04



Rallis India Ltd. Pesticides @

Tata Motors Ltd.DVR Auto @

Sub Total 24.90

DEBT & DEBT RELATED












GOI 2023 Sovereign 0.23


8.10% Tamil Nadu SDL - Mat 110325 Sovereign 0.08


Sub Total 16.16

CREDIT ExPOSURE



• Rural electrification corporation Ltd.


• Reliance Jio Infocomm Ltd. cRISIL - AAA / IcRA - AAA 4.24

• Food corporation of India (corporate guarantee from Govt of India) cRISIL - AAA(SO) 3.23


• State Bank of India cRISIL - AA+ / cRISIL - AAA 2.47

Union Bank of India cARE - AA- / IND - AA 2.37




Adani Transmission Ltd. IND - AA+ 2.09

TATA International Ltd. cARE - A+ 1.83

canara Bank IcRA - AA 1.50

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

PORTFOLIOKEY FACTS

32 December 2018



l to generate long-term income / capital appreciation

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

Riskometer




Since Inception SIP

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

Total Amount Invested (` ‘000) 1,810.00 1,800.00 1,200.00 600.00 360.00 120.00

Mkt Value As on December 31, 2018 (` ‘000) 4,003.50 3,958.93 1,920.56 722.89 392.65 123.22

Returns (%) 9.84 9.83 9.09 7.39 5.72 5.01

Benchmark Returns (%) # 8.61 8.62 8.58 8.07 7.23 8.33

Additional Benchmark Returns (%) ## 6.44 6.46 6.64 6.87 5.45 12.11




(%)

Benchmark Returns

(%)#


Returns (%) ##



Additional Benchmark (`)##

Dec 29, 17 Last 1 Year 0.59 5.71 6.01 10,059 10,571 10,601

Dec 31, 15 Last 3 Years 7.98 8.28 6.80 12,592 12,698 12,184

Dec 31, 13 Last 5 Years 10.30 9.54 8.35 16,327 15,776 14,935


Returns greater than 1 year period are compounded annualized (cAGR). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. For performance of other schemes managed by Prashant Jain (Equities) and Shobhit Mehrotra (Debt), please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 63.


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


n equity 24.90

n G-Sec, SDL 16.16


ncash, cash Equivalents and Net current Assets 5.45





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


Tata Realty and Infrastructure Ltd. cRISIL - AA 1.46


Hazaribagh Ranchi expressway Ltd. (NHAI Annuity)

cARE - AAA(SO) / IND - AAA(SO) 1.23

The Tata Power company Ltd. cRISIL - AA- 1.12

Andhra Pradesh expressway Ltd. (NHAI Annuity) IcRA - AAA(SO) 0.97

Power Grid corporation of India Ltd. cRISIL - AAA 0.94


Indian Railways Finance corporation Ltd.


Kotak Mahindra Bank Ltd. cRISIL - AAA 0.79

Bank of Baroda cARE - AA+ 0.76


Hinduja Leyland Finance Ltd. cARE - AA- 0.64


Shriram city Union Finance Ltd. cARE - AA+ 0.37

EcL Finance Ltd. IcRA - A1+ 0.32


export - Import Bank of India cRISIL - AAA 0.32



Tata Steel Ltd. cARE - AA- 0.16

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

Tata Motors Ltd. cARE - AA+ 0.07

Vedanta Ltd. cRISIL - AA 0.06

Bharati Telecom Ltd. cRISIL - AA+ 0.05

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

Sub Total 53.49

Total 69.65

Short Term Deposits as margin for Futures & Options 2.69


Grand Total 100.00

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

PORTFOLIO

December 2018 33


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


CATEGORY OF SCHEME: Arbitrage Fund

FUND MANAGER ¥

Krishan Kumar Daga (since September 10, 15)



October 23, 2007


Retail PlanRegular Plan - Growth Option 21.184Regular Plan - Dividend Option 15.734Regular Plan - Quarterly Dividend Option 15.057Direct Plan - Growth Option 21.818Direct Plan - Quarterly Dividend Option 16.533

Wholesale PlanRegular Plan - Growth Option 21.643Regular Plan - Dividend Option 10.400Regular Plan - Monthly Dividend Option 10.813Direct Plan - Growth Option 13.765Direct Plan - Dividend Option 10.755Direct Plan - Monthly Dividend Option 10.480



qUANTITATIVE DATA




#BENCHMARK INDEx: NIFTY 50 Arbitrage Index


ExIT LOAD

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

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


PLANS & OPTIONS

(Wholesale Plan) - Regular Plan, (Wholesale Plan) - Direct Plan.Under Each Plan : Growth & Dividend. Dividend Option offers Monthly Dividend Option and Normal Dividend Option with Payout and Reinvestment facility.


Purchase/Additional Purchase: ̀ 1 lakh and any amount thereafter.

REDEMPTION PROCEEDS




EqUITY & EqUITY RELATED (quantity fully hedged using Futures/Options)


• Sun Pharmaceutical Industries Ltd.

Pharmaceuticals 4.52


• YeS Bank Ltd. Banks 3.22



• Maruti Suzuki India Ltd. Auto 1.97


Britannia Industries Ltd. consumer Non Durables 1.56

Titan company Ltd. consumer Durables 1.52



Tech Mahindra Ltd. Software 1.38

Shriram Transport Finance company Ltd.

Finance 1.34

Housing Development Finance corporation Ltd. £

Finance 1.26


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


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


EScORTS Ltd. Auto 0.65


JSW Steel Ltd. Ferrous Metals 0.64

Ashok Leyland Ltd. Auto 0.60


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


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





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



Wipro Ltd. Software 0.30

Bajaj Finserv Ltd. Finance 0.29


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


Hindalco Industries Ltd. Non - Ferrous Metals 0.17

Tata elxsi Ltd. Software 0.17

canFin Homes Ltd. Finance 0.15


Reliance Infrastructure Ltd. Power 0.14


Jain Irrigation Systems Ltd. Industrial Products 0.13


MRF Ltd. Auto Ancillaries 0.12

Grasim Industries Ltd. cement 0.11

Indraprastha Gas Ltd. Gas 0.11

Reliance capital Ltd. Finance 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 India Ltd.

Transportation 0.05

IcIcI Prudential Life Insurance company Ltd.

Finance 0.05

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

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

34 December 2018


l income over short term.

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

Riskometer

Investors understand that their principal will be at moderately low risk


PERFORMANCE ^ - Wholesale Plan - Regular plan - Growth Option


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 5.64 4.43 4.61 10,564 10,443 10,461Dec 31, 15 Last 3 Years 5.88 5.11 12.47 11,871 11,613 14,230Dec 31, 13 Last 5 Years 6.63 6.33 12.89 13,787 13,592 18,342Oct 23, 07 Since Inception 7.14 N.A. 7.57 21,643 N.A. 22,649

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Scheme performance is not strictly comparable with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage opportunities, etc. For performance of other schemes managed by Krishan Kumar Daga, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60.

Face Value per Unit: ̀ 10 unless otherwise specified, + Industry classification as recommended by AMFI, cD - certificate of Deposit; cP - commercial Papers, Data is as of December 31, 2018 unless otherwise specified.



n equity 66.08n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 4.33n AA+ 0.05n AA/AA- 2.72n A+ & BELOw 3.38n cash, cash Equivalents and



equity 66.08cP 0.14credit Exposure 10.34cash, cash Equivalents and Net current Assets 23.44

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


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


exide Industries Ltd. Auto Ancillaries 0.03


Shree cement Ltd. cement 0.02


DcB Bank Ltd. Banks 0.01

GMR Infrastructure Ltd. construction Project 0.01

PTc INDIA Ltd. Power 0.01

Acc Ltd. cement @

Sub Total 66.08

DEBT & DEBT RELATED

CREDIT ExPOSURE

• Housing Development Finance corporation Ltd. £ cRISIL - AAA 3.49

• Punjab National Bank cARE - A+ 2.13

• Vedanta Ltd. cRISIL - AA 2.05





Bank of Baroda cARE - AA 0.42

Union Bank of India IND - AA 0.25

IcIcI Bank Ltd. IcRA - AA+ 0.05

Sub Total 10.34

MONEY MARKET INSTRUMENTS

CD/CP

Reliance Jio Infocomm Ltd. cRISIL - A1+ 0.14

Sub Total 0.14

Short Term Deposits as margin for Futures & Options 19.79


Grand Total 100.00

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

Outstanding exposure in derivative instruments (` in crore) 2,380.38




0.070.110.200.320.340.440.490.500.730.770.871.011.061.071.271.691.742.12

4.445.825.99

6.627.878.20

12.34

0 2 4 6 8 10 12 14

FertilisersIndustrial Capital Goods

Industrial ProductsAuto Ancillaries

GasNon - Ferrous Metals

Textile ProductsPesticides

ConstructionTransportation

Media & EntertainmentCement

PowerTrading

Construction ProjectTelecom - Services

Consumer DurablesFerrous Metals


FinanceAuto

BanksConsumer Non Durables

Pharmaceuticals

December 2018 35


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


CATEGORY OF SCHEME: corporate Bond Fund

FUND MANAGER ¥

Anupam joshi (since October 27, 15)



June 29, 2010


Regular Plan - Growth Option 20.2175Regular Plan - Dividend Option 13.7508Regular Plan - Quarterly Dividend Option 10.1745Direct Plan - Growth Option 20.3367Direct Plan - Dividend Option 13.9568Direct Plan - Quarterly Dividend Option 10.0700



qUANTITATIVE DATA

Average Maturity * 2.88 yearsMacaulay Duration * 2.35 yearsModified Duration * 2.18 yearsYield to Maturity * 8.56%* computed on the invested amount.



#BENCHMARK INDEx: cRISIL composite Bond Fund Index


ExIT LOAD

Nil

PLANS & OPTIONS

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


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

REDEMPTION PROCEEDS





(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 6.46 5.91 6.01 10,646 10,591 10,601Dec 31, 15 Last 3 Years 7.86 7.79 6.80 12,549 12,526 12,184Dec 31, 13 Last 5 Years 8.62 9.23 8.35 15,122 15,554 14,935Jun 29, 10 Since Inception 8.62 7.99 6.43 20,218 19,237 17,002

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60.

Face Value per Unit: ` 10 unless otherwise specified, cD - certificate of Deposit; cP - commercial Papers, Data is as of December 31, 2018 unless otherwise specified.


l income over short to medium term

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

Riskometer



Issuer Rating % to NAV

DEBT & DEBT RELATED



8.76% Maharashtra SDL - Mat 220222 Sovereign 1.66

8.94% Gujarat SDL - Mat 070322 Sovereign 1.24




8.64% Tamil Nadu SDL - Mat 060721 Sovereign 0.02


8.39% Rajasthan SDL - Mat 150322 Sovereign 0.01

Sub Total 7.30

CREDIT ExPOSURE




• 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


Food corporation of India (corporate guarantee from Govt of India) cRISIL - AAA(SO) 2.42

State Bank of India cRISIL - AAA 2.36


Reliable Devices Trust IcRA - AAA(SO) 2.15


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


L&T Infrastructure Finance Ltd. cARE - AAA 1.10



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


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 89.45

Total 96.75


Grand Total 100.00


^Past performance may or may not be sustained in the future. Load is not taken into consideration for computation of performance. Note: Effective close of business hours of May 8, 2018, HDFc Medium Term Opportunities Fund (HMTOF) underwent changes in Fundamental Attributes and was renamed as HDFc corporate Bond Fund (HcBF) and HDFc Floating Rate Income Fund – Long Term Plan and HDFc Gilt Fund – Short Term Plan were merged therein. As the portfolio structuring of HcBF closely resembles the erstwhile HMTOF, the past performance of HMTOF is provided, in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.


n G-Sec, SDL 7.30




n Sovereign 7.30n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 89.45n cash, cash Equivalents and


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

PORTFOLIOKEY FACTS

36 December 2018


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


CATEGORY OF SCHEME: credit Risk Fund

FUND MANAGER ¥

Shobhit Mehrotra (since March 25, 14)



March 25, 2014


Regular Plan - Growth Option 14.9314Regular Plan - Dividend Option 13.7486Regular Plan - Quarterly Dividend Option 10.2548Direct Plan - Growth Option 15.5619Direct Plan - Dividend Option 13.6412Direct Plan - Quarterly Dividend Option 10.3736



qUANTITATIVE DATA

Average Maturity * 2.52 yearsMacaulay Duration * 2.15 yearsModified Duration * 1.99 yearsYield to Maturity * 9.71%

* computed on the invested amount.

#BENCHMARK INDEx: cRISIL Short Term Bond Fund Index




ExIT LOAD

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


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

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

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


PLANS & OPTIONS

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



REDEMPTION PROCEEDS



Face Value per Unit: ` 10 unless otherwise specified, Data is as of December 31, 2018 unless otherwise specified. ≈ Based on long term rating.



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 5.33 6.65 6.01 10,533 10,665 10,601Dec 31, 15 Last 3 Years 7.59 7.50 6.80 12,458 12,424 12,184Mar 25, 14 Since Inception 8.76 8.22 8.26 14,931 14,579 14,605

The above returns are for Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (cAGR). The Scheme 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 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58.


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

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

Riskometer

Investors understand that their principal will be at moderate risk


Company Industry+ / Security Rating


DEBT & DEBT RELATED


8.39% Rajasthan SDL - Mat 150322 Sovereign Sovereign 0.30

Sub Total 0.30

CREDIT ExPOSURE

• HPcL-Mittal Energy Ltd. IcRA - AA+ IcRA - AA+ 4.28

• 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- 2.88

• 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



• Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) IND - A+ 2.46

• Punjab National Bank cARE - A+ / cRISIL - AA- IcRA - AA- 2.38

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+ 2.27

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- 2.13

Adani Transmission Ltd. IND - AA+ IND - AA+ 2.10

Muthoot Finance Ltd. IcRA - AA IcRA - AA- 1.86

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

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


n SDL 0.30

n cP 1.72

n cD 0.29



Portfolio Classification By Issuer Rating Class (%) ≈




[An open ended debt scheme predominantly investing in AA andbelow rated corporate bonds (excluding AA+ rated corporate bonds)]HDFC Credit Risk Debt Fund

PORTFOLIO

KEY FACTS

December 2018 37


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.



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- 1.55

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- 1.12

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- 0.92

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+ 0.88

GeRA Development Private Ltd. cARE - A+ cARE - A+ 0.87

Reliable Devices Trust IcRA - AAA(SO) IcRA - AAA(SO) 0.87

Shriram Transport Finance company Ltd. cARE - AA+ / cRISIL - AA+ / IND - AA+ cRISIL - AA+ 0.85

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- 0.72

Tata Housing Development company Ltd. IcRA - AA cARE - AA 0.72

KEc International Ltd. IcRA - AA- cARE - AA- 0.71

Tata Motors Finance Ltd. cARE - AA+ cRISIL - AA 0.66

Union Bank of India IND - AA cARE - AA- 0.66

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- 0.57

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



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- 0.41

Andhra Bank cARE - A+ cRISIL - AA 0.40

Aarti Industries Ltd. cRISIL - AA- cRISIL - AA- 0.36

Au Small Finance Bank Ltd. IND - AA- cARE - A+ 0.36

PNB Housing Finance Ltd. cARE - AAA cRISIL - AA+ 0.36

Inox Air Products Pvt. Ltd. cRISIL - AA cRISIL - AA 0.34

Repco Home Finance Ltd. cARE - AA / cRISIL - AA IcRA - AA- 0.34

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


cARE - AAA(SO) / IND - AAA(SO) Unrated 0.24

Kkr India Financial Services Pvt. Ltd. cRISIL - AA+ cRISIL - AA+ 0.24

Aspire Home Finance corporation Ltd. (Subsidiary of Motilal Oswal Financial Services Ltd.) cRISIL - A+ / IcRA - A+ cRISIL - A+ 0.22

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- 0.19

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+ 0.14

G R Infraprojects Ltd. cARE - AA- cARE - AA- 0.14

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+ 0.12

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+ 0.06

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

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

Sub Total 93.86


CD/CP

Simplex Infrastructures Ltd. cARE - A2+ cARE - A- 1.72

Kotak Mahindra Bank Ltd. cRISIL - A1+ cRISIL - AAA 0.29

Sub Total 2.01


Grand Total 100.00


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

PORTFOLIO

38 December 2018

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


CATEGORY OF SCHEME: Banking and PSU Fund

FUND MANAGER ¥

Anil Bamboli (since March 26, 14)


INCEPTION DATE (Date of Allotment)March 26, 2014



qUANTITATIVE DATAAverage Maturity * 2.78 yearsMacaulay Duration * 2.40 yearsModified Duration * 2.22 yearsYield to Maturity * 8.86%* computed on the invested amount.



##ADDL. BENCHMARK INDEx: cRISIL 1 year T-Bill Index

ExIT LOADNil

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

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



Face Value per Unit: ` 10 unless otherwise specified, Data is as of December 31, 2018 unless otherwise specified.



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##


The above returns are for Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (cAGR). The Scheme 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 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61.


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

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

Riskometer




DEBT & DEBT RELATED

CREDIT ExPOSURE

• National Highways Authority of India cARE - AAA / cRISIL - AAA 10.86



• 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


cRISIL - AAA / IND - AAA 5.46

• TATA International Ltd. cARE - A+ 5.29

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

cARE - AAA(SO) / cRISIL - AAA / cRISIL - AAA(SO) 5.22


Union Bank of India cARE - AA- / IND - AA 4.64








LIc Housing Finance Ltd. cRISIL - AAA 1.61


State Bank of India cRISIL - AA+ / cRISIL - AAA 0.96




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. £

cRISIL - AAA / IcRA - AAA 0.39



Sub Total 95.33


Grand Total 100.00







n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 64.08

n AA+ 1.98n AA/AA- 17.66n A+ & Below 11.61n cash, cash Equivalents and


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

PORTFOLIOKEY FACTS

December 2018 39


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


CATEGORY OF SCHEME: Gilt Fund

FUND MANAGER ¥

Anil Bamboli (since September 1, 07)



July 25, 2001





qUANTITATIVE DATA




#BENCHMARK INDEx: cRISIL Dynamic Gilt Index


ExIT LOAD

Nil

PLANS & OPTIONS

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



REDEMPTION PROCEEDS






(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 5.33 6.83 6.01 10,533 10,683 10,601Dec 31, 15 Last 3 Years 7.72 7.60 6.80 12,502 12,462 12,184Dec 31, 13 Last 5 Years 9.52 9.36 8.35 15,760 15,648 14,935Jul 25, 01 Since Inception 7.71 8.22 N.A. 36,513 39,666 N.A.

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61.


l credit risk free returns over medium to long term

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

Riskometer




n G-Sec, SDL, T-Bills 83.15



n Sovereign 83.15n cash, cash Equivalents and


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


DEBT & DEBT RELATED







• 8.60% Rajasthan SDL - Mat 061128 Sovereign 4.35

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

• 8.61% Uttar Pradesh SDL (UDAY) - Mat 210322 Sovereign 3.29





8.21% Haryana SDL - Mat 310322 Sovereign 2.13


7.86% Rajasthan SDL (UDAY Scheme- Strip II ) - ISD 230616 Mat 230619 Sovereign 2.12








Sub Total 64.41

T-BILLS

• 182 Days TBill - Mat 080319 Sovereign 18.74

Sub Total 18.74

Total 83.15


Grand Total 100.00


PORTFOLIOKEY FACTS

40 December 2018


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


CATEGORY OF SCHEME: Dynamic Bond Fund

FUND MANAGER ¥

Anil Bamboli (since February 16, 04)



April 28, 1997


Regular Plan - Growth Option 60.6485Regular Plan - Quarterly Dividend Option 11.9078Regular Plan - Half-Yearly Dividend Option 11.5482Regular Plan - Yearly Dividend Option 13.0232Regular Plan - Normal Dividend Option 12.9926Direct Plan - Growth Option 63.4491Direct Plan - Quarterly Dividend Option 12.4971Direct Plan - Half-Yearly Dividend Option 12.6056Direct Plan - Yearly Dividend Option 13.6741Direct Plan - Normal Dividend Option 13.3596



qUANTITATIVE DATA






ExIT LOAD

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

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


PLANS & OPTIONS

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



REDEMPTION PROCEEDS






(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 4.09 5.91 6.01 10,409 10,591 10,601Dec 31, 15 Last 3 Years 7.04 7.79 6.80 12,267 12,526 12,184Dec 31, 13 Last 5 Years 8.49 9.23 8.35 15,033 15,554 14,935Apr 28, 97 Since Inception 8.67 N.A. N.A. 60,649 N.A. N.A.

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61.


l income over medium to long term

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

Riskometer





n G-Sec, SDL 26.51





& equivalent 50.63n AA/AA- 14.63n A+ & Below 3.75n cash, cash Equivalents and


(An open ended dynamic debt scheme investing across duration)HDFC Dynamic Debt Fund


DEBT & DEBT RELATED


• 8.21% Rajasthan (UDAY) SDL - Mat 310322 Sovereign 5.54




8.21% Haryana SDL - Mat 310322 Sovereign 2.77





8.68% Gujarat SDL - Mat 060223. Sovereign 0.56

8.51% Punjab SDL - Mat 100423 Sovereign 0.08


8.26% Maharashtra SDL - ISD 120815 Mat 120825 Sovereign 0.07

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

Sub Total 26.51

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


• 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


• 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


Rural Electrification corporation Ltd. IND - AAA 2.67


Housing Development Finance corporation Ltd. £ IcRA - AAA 2.61


Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) cRISIL - AAA 1.56





Sub Total 69.01

Total 95.52


Grand Total 100.00

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

PORTFOLIOKEY FACTS

December 2018 41


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

CATEGORY OF SCHEME: Medium to Long Duration Fund

FUND MANAGER ¥

Shobhit Mehrotra (since September 11, 07)



September 11, 2000


Regular Plan - Growth Option 39.4181Regular Plan - Quarterly Dividend Option 10.8182Regular Plan - Normal Dividend Option 12.4296Direct Plan - Growth Option 41.3011Direct Plan - Quarterly Dividend Option 11.4005Direct Plan - Normal Dividend Option 13.0609



qUANTITATIVE DATA

Average Maturity * 4.27 yearsMacaulay Duration * 3.36 yearsModified Duration * 3.17 yearsYield to Maturity * 8.46%* computed on the invested amount for debt portfolio.





ExIT LOAD

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

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


PLANS & OPTIONS

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



REDEMPTION PROCEEDS





(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 3.57 5.91 6.01 10,357 10,591 10,601Dec 31, 15 Last 3 Years 6.30 7.79 6.80 12,014 12,526 12,184Dec 31, 13 Last 5 Years 7.91 9.23 8.35 14,637 15,554 14,935Sep 11, 00 Since Inception 7.78 N.A. N.A. 39,418 N.A. N.A.

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58.



l income over medium to long term

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

Riskometer





n G-Sec 20.11

n cD 5.79







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


DEBT & DEBT RELATED


• 7.17 GOI 2028 Sovereign 13.36






9.15 GOI 2024 Sovereign @

Sub Total 20.11

CREDIT ExPOSURE

• Rural electrification corporation Ltd. cRISIL - AAA / IND - AAA 8.66

• Punjab National Bank cARE - A+ 8.50

• Power Finance corporation Ltd. cARE - AAA / cRISIL - AAA 7.62

• The Tata Power company Ltd. cRISIL - AA- 6.71


• National Highways Authority of India cRISIL - AAA 5.77


• Reliance Jio Infocomm Ltd. IcRA - AAA 5.68

• State Bank of India cRISIL - AA+ 3.83

LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 3.46

Tata Steel Ltd. cARE - AA- 3.06


Reliance Industries Ltd. cRISIL - AAA 3.00

export - Import Bank of India cRISIL - AA+ 2.89

Indian Railways Finance corporation Ltd. cARE - AAA 2.76


Sub Total 71.34

Total 91.45


CD/CP

• Kotak Mahindra Bank Ltd. cRISIL - A1+ 5.79

Sub Total 5.79


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%

PORTFOLIOKEY FACTS

42 December 2018



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 5.56 6.65 6.86 10,556 10,665 10,686Dec 31, 15 Last 3 Years 7.50 7.50 6.66 12,427 12,424 12,136Dec 31, 13 Last 5 Years 8.21 8.32 7.35 14,839 14,912 14,258Feb 06, 02 Since Inception 7.87 N.A. 6.02 35,987 N.A. 26,891

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58.


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


CATEGORY OF SCHEME: Medium Duration Fund

FUND MANAGER ¥

Shobhit Mehrotra (since September 1, 07)



February 6, 2002


Regular Plan - Growth Option 35.9873Regular Plan - Dividend Option 13.6544Regular Plan - Fortnightly Dividend Option 10.5796Direct Plan - Growth Option 37.2276Direct Plan - Dividend Option 13.9373Direct Plan - Fortnightly Dividend Option 10.6131



qUANTITATIVE DATA






ExIT LOAD

Nil

PLANS & OPTIONS

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



REDEMPTION PROCEEDS





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

investments in Debt and Money Market Instruments

Riskometer





n G-Sec 3.79




n Sovereign 3.79n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 53.92n AA+ 12.15n AA/AA- 18.93n A+ & Below 4.91n cash, cash Equivalents and Net

current Assets 6.30

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


DEBT & DEBT RELATED





Sub Total 3.79

CREDIT ExPOSURE

• Rural electrification corporation Ltd. cRISIL - AAA 10.73

• HPcL-Mittal Energy Ltd. IcRA - AA+ 7.68

• Power Finance corporation Ltd. cRISIL - AAA 7.45


• 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+ 4.47


• Muthoot Finance Ltd. IcRA - AA 3.50



coastal Gujarat Power Ltd. (corporate Guarantee of Tata Power) cARE - AA(SO) 2.28





JM Financial Asset Reconstruction company Ltd. IcRA - AA- 1.83


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


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



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

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

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

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

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

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

SeI enerstar Renewable energy Pvt Ltd. 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 89.91

Total 93.70


Grand Total 100.00


PORTFOLIOKEY FACTS

December 2018 43



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 6.97 6.65 6.86 10,697 10,665 10,686Dec 31, 15 Last 3 Years 7.60 7.50 6.66 12,460 12,424 12,136Dec 31, 13 Last 5 Years 8.38 8.32 7.35 14,954 14,912 14,258Jun 25, 10 Since Inception 8.57 8.09 6.88 20,161 19,412 17,631

Returns greater than 1 year period are compounded annualized (cAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 61.

Face Value per Unit: ` 10 unless otherwise specified, cD - certificate of Deposit; cP - commercial Papers. Data is as of December 31, 2018 unless otherwise specified.


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


CATEGORY OF SCHEME: Short Duration Fund

FUND MANAGER ¥

Anil Bamboli (since June 25, 10)



June 25, 2010


Regular Plan - Growth Option 20.1608Regular Plan - Fortnightly Dividend Option 10.2304Regular Plan - Normal Dividend Option 13.5555Direct Plan - Growth Option 20.3404Direct Plan - Fortnightly Dividend Option 10.2907Direct Plan - Normal Dividend Option 13.5978



qUANTITATIVE DATA






ExIT LOAD

Nil

PLANS & OPTIONS

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



REDEMPTION PROCEEDS





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

Riskometer





n G-Sec, SDL 1.72

n cD 0.71





equivalent 88.12n AA+ 2.20n AA/AA- 4.25n cash, cash Equivalents and Net

current Assets 3.71

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


DEBT & DEBT RELATED





Sub Total 1.72

CREDIT ExPOSURE





• National Bank for Agriculture & Rural Development


• Housing Development Finance corporation Ltd. £

cRISIL - AAA / IcRA - AAA 8.12



• 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



Housing and Urban Development corporation Ltd. IcRA - AAA / IND - AAA 2.77


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


Small Industries Development Bank of cARE - AAA 1.21



Bajaj Finance Ltd. cRISIL - AAA / IND - AAA 1.10

Aditya Birla Finance Ltd. IcRA - AAA / IND - AAA 0.89



Nabha Power Ltd. (corporate Guarantee of L&T Ltd.) IcRA - AAA(SO) 0.56



L&T Finance Ltd. cARE - AAA 0.55


Sundaram BNP Paribas Home Finance Ltd. IcRA - AA+ 0.55

Talwandi Sabo Power Ltd. (corporate Guarantee of Vedanta Ltd.) cRISIL - AA(SO) 0.55

Tata Motors Ltd. cARE - AA+ 0.54


canFin Homes Ltd. cARE - AAA 0.38


Indian Railways Finance corporation Ltd. IcRA - AAA 0.28

Toyota Financial Services India Ltd. cRISIL - AAA 0.27

NHPc Ltd. IcRA - AAA 0.22


Sub Total 93.86

Total 95.58


CD/CP

Kotak Mahindra Bank Ltd. cRISIL - A1+ 0.71

Sub Total 0.71


Grand Total 100.00


PORTFOLIOKEY FACTS

44 December 2018

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

CATEGORY OF SCHEME: Low Duration Fund

FUND MANAGER ¥



INCEPTION DATE (Date of Allotment)November 18, 1999

NAV (AS ON DECEMBER 31, 2018)^̂ NAV PER UNIT (`)Retail OptionRegular Plan - Growth Option 38.3247Regular Plan - Daily Dividend Reinvestment Option 10.1428Regular Plan - weekly Dividend Option 10.1751Regular Plan - Monthly Dividend Option 10.2312Direct Plan - Growth Option 39.9663Direct Plan - Daily Dividend Reinvestment Option 10.0655Direct Plan - weekly Dividend Option 10.2058Direct Plan - Monthly Dividend Option 10.2393Wholesale OptionRegular Plan - Growth Option 40.6464Regular Plan - Daily Dividend Reinvestment Option 10.1574Regular Plan - weekly Dividend Option 10.1777Regular Plan - Monthly Dividend Option 10.2564


qUANTITATIVE DATAAverage Maturity * 281 daysMacaulay Duration * 259 daysModified Duration * 230 daysYield to Maturity * 8.20%* computed on the invested amount.


#BENCHMARK INDEx: cRISIL Liquid Fund Index##ADDL. BENCHMARK INDEx: cRISIL 1 year T-Bill Index

ExIT LOADNil

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

MINIMUM APPLICATION AMOUNTRetail Option : Growth, weekly and Monthly Dividend Option: Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ̀ 1,000 and any amount thereafter. Daily Dividend Option : Purchase : ` 10,000 and any amount thereafter. Additional Purchase : ` 5,000 and any amount thereafter.

REDEMPTION PROCEEDSNormally 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.



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 6.50 7.57 6.86 10,650 10,757 10,686Dec 31, 15 Last 3 Years 7.16 7.24 6.66 12,309 12,334 12,136Dec 31, 13 Last 5 Years 7.51 7.83 7.35 14,367 14,580 14,258Nov 18, 99 Since Inception 7.27 N.A. 6.47 38,325 N.A. 33,198

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60.




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

Riskometer




n G-Sec, SDL 3.35

n cP 11.26

n cD 10.49






current Assets 4.08

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


DEBT & DEBT RELATEDGOVERNMENT SECURITIES (CENTRAL/STATE)8.39% Rajasthan SDL - Mat 150319 Sovereign 1.897.86% Rajasthan SDL (UDAY Scheme- Strip II ) - ISD 230616 Mat 230619 Sovereign 0.817.17 GOI 2028 Sovereign 0.537.65% Karnataka SDL - Mat 061227 Sovereign 0.116.84 GOI 2022 Sovereign 0.016.79 GOI 2027 Sovereign @Sub Total 3.35CREDIT 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


Tata capital Financial Services Ltd. cRISIL - AAA / IcRA - AAA 2.94Indian Railways Finance corporation Ltd.


Union Bank of India cARE - AA- 2.23ONGc Mangalore Petrochemicals Ltd. IND - AAA 2.14Reliable Devices Trust IcRA - AAA(SO) 1.99LIc Housing Finance Ltd. cARE - AAA / cRISIL - AAA 1.94Reliance Jio Infocomm Ltd. cRISIL - AAA 1.93Petronet LNG Ltd. cRISIL - AAA 1.89Syndicate Bank cARE - A+ 1.84Rural Electrification corporation Ltd. cRISIL - AAA 1.82canara Bank cRISIL - AA 1.82M&M Financial Services Ltd. cARE - AAA / IND - AAA 1.70L&T Finance Ltd. cARE - AAA 1.60State Bank of India cRISIL - AA+ 1.60Punjab National Bank cRISIL - AA- 1.54Nuvoco Vistas corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) cRISIL - AA 1.50Housing and Urban Development corporation Ltd. IcRA - AAA 1.07Shriram Transport Finance company Ltd. IND - AA+ 1.06Axis Bank Ltd. cRISIL - AA+ 1.04Raviraj Viniyog Pvt. Ltd. (Secured with shares of emami Ltd.) BRIcKwORKS - AA-(SO) 0.95


KKR India Financial Services Pvt. Ltd.

cRISIL - AA / cRISIL - AA+ 0.88

Vedanta Ltd. cRISIL - AA 0.58emami Infrastructure Ltd.(Secured with shares of emami Ltd.) BRIcKwORKS - AA-(SO) 0.58NRSS xxIx Transmission Ltd. cRISIL - AAA 0.54Sun Pharma Laboratories Ltd. IcRA - AAA 0.44Adani Transmission Ltd. IND - AA+ 0.42Tata Motors Finance Ltd. cRISIL - AAA 0.34Bajaj Finance Ltd. cRISIL - AAA / IND - AAA 0.29Tata Motors Ltd. cARE - AA+ 0.27Tata Steel Ltd. cARE - AA 0.22Larsen and Toubro Ltd. cRISIL - AAA 0.16NTPc Ltd. cRISIL - AAA 0.09Aarish Solar Power Pvt. Ltd. (Greenko) cARE - AA-(SO) 0.05Aashman energy Pvt. Ltd. (Greenko) cARE - AA-(SO) 0.05Divyesh Power Pvt. Ltd. (Greenko) cARE - AA-(SO) 0.05elena Renewable energy Pvt. Ltd. (Greenko) cARE - AA-(SO) 0.05Pratyash Renewable Pvt. Ltd. (Greenko) cARE - AA-(SO) 0.05SeI Baskara Power Pvt. Ltd. (Greenko) cARE - AA-(SO) 0.05SeI enerstar Renewable energy Pvt Ltd. cARE - AA-(SO) 0.05SeI Mihir energy Pvt. Ltd. (Greenko) cARE - AA-(SO) 0.05Shreyas Renewable energy Pvt. Ltd. (Greenko) cARE - AA-(SO) 0.05Zuvan energy Pvt. Ltd. (Greenko) cARE - AA-(SO) 0.05Sub Total 70.82Total 74.17MONEY MARKET INSTRUMENTSCD/CP • Axis Bank Ltd. cRISIL - A1+ 6.36• Indiabulls Housing Finance Ltd. cRISIL - A1+ 5.29• PNB Housing Finance Ltd. cARE - A1+ 4.14• Indusind Bank Ltd. cRISIL - A1+ 3.44Shriram city Union Finance Ltd. cARE - A1+ 0.79L&T Finance Ltd. cARE - A1+ 0.78Kotak Mahindra Bank Ltd. cRISIL - A1+ 0.53Tata capital Financial Services Ltd. IcRA - A1+ 0.26IcIcI Bank Ltd. IcRA - A1+ 0.16Sub Total 21.75cash, cash Equivalents and Net current Assets 4.08Grand Total 100.00• Top Ten Holdings, £ co-sponsor, @ less than 0.01%

Outstanding exposure in derivative instruments Interest Rate Swap (` in crore) 100.00

PORTFOLIOKEY FACTS

December 2018 45


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


CATEGORY OF SCHEME: Money Market Fund

FUND MANAGER ¥

Anil Bamboli (since July 25, 12)



November 18, 1999


Regular Plan - Growth Option 3,802.5560Regular Plan - Daily Dividend Reinvestment Option 1,063.6400Regular Plan - weekly Dividend Option 1,063.2126Direct Plan - Growth Option 3,834.7032Direct Plan - Daily Dividend Reinvestment Option 1,063.6400Direct Plan - weekly Dividend Option 1,063.2297



qUANTITATIVE DATA

Average Maturity * 80 daysMacaulay Duration * 80 daysModified Duration * 73 daysYield to Maturity * 7.43%* computed on the invested amount.



#BENCHMARK INDEx: cRISIL Liquid Fund Index


ExIT LOAD

Nil

PLANS & OPTIONS

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


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

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

REDEMPTION PROCEEDS





(%) $$

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 7.40 7.57 6.86 10,740 10,757 10,686Dec 31, 15 Last 3 Years 7.11 7.24 6.66 12,289 12,334 12,136Dec 31, 13 Last 5 Years 7.73 7.83 7.35 14,513 14,580 14,258Nov 18, 99 Since Inception 7.25 N.A. 6.47 38,156 N.A. 33,198

Returns greater than 1 year period are compounded annualized (cAGR). N.A. Not Available. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 62.

Face Value per Unit: ` 1,000, cD - certificate of Deposit; cP - commercial Papers. Data is as of December 31, 2018 unless otherwise specified.

cP 75.43

cD 23.90



AAA/AAA(SO)/A1+/A1+(SO) & equivalent 99.33cash, cash Equivalents and Net current Assets 0.67



l income over short term

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

Riskometer



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


DEBT & DEBT RELATED


CD/CP

• Rural electrification corporation Ltd. cARE - A1+ 8.78

• NTPc Ltd. cARE - A1+ 8.17

• Axis Bank Ltd. cRISIL - A1+ 7.34

• Kotak Mahindra Prime Ltd. cRISIL - A1+ 6.98

• IcIcI Bank Ltd. cRISIL - A1+ / IcRA - A1+ 6.07

• canFin Homes Ltd. cARE - A1+ / IcRA - A1+ 5.79

• Reliance Industries Ltd. cRISIL - A1+ / IcRA - A1+ 5.53

• Indusind Bank Ltd. cRISIL - A1+ 5.02

• Tata capital Financial Services Ltd. IcRA - A1+ 4.57

• Reliance Jio Infocomm Ltd. cARE - A1+ / cRISIL - A1+ 3.63

Reliance Retail Ltd. cARE - A1+ 3.52

L&T Housing Finance Ltd. cRISIL - A1+ 3.03

L&T Finance Ltd. cARE - A1+ 2.97

IDFc Bank Ltd. cRISIL - A1+ 2.92

LIc Housing Finance Ltd. IcRA - A1+ 2.34

UPL Ltd. cRISIL - A1+ 2.34

L&T Infrastructure Finance Ltd. cRISIL - A1+ 2.33

Shriram Housing Finance Ltd. cARE - A1+ 2.32


TATA Housing Development company Ltd. IND - A1+ 2.32

Hero Fincorp Ltd. IcRA - A1+ 2.29

L&T Finance Holdings Ltd. cARE - A1+ 2.28

ScB Inv & Loan (I) Ltd. cRISIL - A1+ 2.27


JM Financial Products Ltd. IcRA - A1+ 1.16

JM Financial Asset Reconstruction company Ltd. IcRA - A1+ 1.05

Housing and Urban Development corporation Ltd. IND - A1+ 0.59

Small Industries Development Bank of India cARE - A1+ 0.59

PNB Housing Finance Ltd. cRISIL - A1+ 0.58

Hongkong & Shanghai Bank Ltd. IND - A1+ 0.57

Vedanta Ltd. cRISIL - A1+ 0.24

National Bank for Agriculture & Rural Development IcRA - A1+ 0.23

Manappuram Finance Ltd. cRISIL - A1+ 0.12

Tata Power company Ltd. IcRA - A1+ @

Sub Total 99.33


Grand Total 100.00


PORTFOLIOKEY FACTS

46 December 2018


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

CATEGORY OF SCHEME: Floater Fund

FUND MANAGER ¥

Shobhit Mehrotra (since February 16, 04)



October 23, 2007


Retail OptionRegular Plan - Growth Option 30.8002Regular Plan - Daily Dividend Reinvestment Option 10.0809Regular Plan - weekly Dividend Option 10.1525Regular Plan - Monthly Dividend Option 10.2351Wholesale OptionRegular Plan - Growth Option 31.8139Regular Plan - Daily Dividend Reinvestment Option 10.0809Regular Plan - weekly Dividend Option 10.1529Regular Plan - Monthly Dividend Option 10.2371Direct Plan - Growth Option 31.9986Direct Plan - Daily Dividend Reinvestment Option 10.0809Direct Plan - weekly Dividend Option 10.1532Direct Plan - Monthly Dividend Option 10.2385



qUANTITATIVE DATA





ExIT LOAD

Nil

PLANS & OPTIONS

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


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

REDEMPTION PROCEEDS






(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 29, 17 Last 1 Year 7.16 7.57 6.86 10,716 10,757 10,686Dec 31, 15 Last 3 Years 7.66 7.24 6.66 12,482 12,334 12,136Dec 31, 13 Last 5 Years 8.24 7.83 7.35 14,863 14,580 14,258Oct 23, 07 Since Inception 8.19 7.54 6.45 24,134 22,568 20,129

Returns greater than 1 year period are compounded annualized (cAGR). Since Inception returns are calculated on ` 13.1821 (allotment price). Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Shobhit Mehrotra, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 58.


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

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

Riskometer





n G-Sec, SDL 4.59

n cP 8.27

n cD 28.88






current Assets 2.66

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


DEBT & DEBT RELATED




8.21% Rajasthan (UDAY) SDL - Mat 310319 Sovereign 0.41

7.86% Rajasthan SDL (UDAY Scheme- Strip II ) - ISD 230616 Mat 230619 Sovereign 0.30


7.65% Karnataka SDL - Mat 061227 Sovereign 0.23



Sub Total 4.59

CREDIT ExPOSURE


• Shriram city Union Finance Ltd. cARE - AA+ 5.85


• Shriram Transport Finance company Ltd. IND - AA+ 4.68


• Union Bank of India cARE - AA- 3.24



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


State Bank of India cARE - AA+ / cRISIL - AA+ 1.32

Tata Motors Ltd. cARE - AA / cARE - AA+ 1.29





canara Bank cRISIL - AA 1.14

HPcL-Mittal Energy Ltd. IcRA - AA+ 0.95

NRSS xxIx Transmission Ltd. cRISIL - AAA 0.89


Gujarat Road and Infra company Ltd. cARE - AAA(SO) 0.73

The Tata Power company Ltd. IcRA - AA- 0.59

Bharti Airtel Ltd. cRISIL - AA 0.58

Fullerton India credit company Ltd. cARE - AAA 0.42


Tata capital Financial Services Ltd. cRISIL - AAA 0.29



Sub Total 55.60

Total 60.19


CD/CP


• IcIcI Bank Ltd. cRISIL - A1+ / IcRA - A1+ 7.29

• Indiabulls Housing Finance Ltd. cRISIL - A1+ 6.95


Small Industries Development Bank of India cARE - A1+ / IcRA - A1+ 2.91

Au Small Finance Bank Ltd. cRISIL - A1+ 2.61


Rural Electrification corporation Ltd. cARE - A1+ 1.17

National Bank for Agriculture & Rural Development cRISIL - A1+ 0.58

Reliance Industries Ltd. IcRA - A1+ 0.15

Sub Total 37.15


Grand Total 100.00


Outstanding exposure in derivative instruments Interest Rate Swap (` in crore) 5,050.00

PORTFOLIOKEY FACTS

December 2018 47


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


CATEGORY OF SCHEME: Ultra Short Duration Fund

FUND MANAGER ¥

Anil Bamboli (since September 25, 18)



September 25, 2018


Regular Plan - Growth Option 10.2401Regular Plan - Daily Dividend Reinvestment Option 10.0500Regular Plan - weekly Dividend Option 10.0694Regular Plan - Monthly Dividend Option 10.1390Direct Plan - Growth Option 10.2496Direct Plan - Daily Dividend Reinvestment Option 10.0500Direct Plan - weekly Dividend Option 10.0700Direct Plan - Monthly Dividend Option 10.1422



qUANTITATIVE DATA




#BENCHMARK INDEx: cRISIL Ultra Short Term Debt Index


ExIT LOAD

Nil

PLANS & OPTIONS

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


Purchase : ` 5,000 and any amount thereafter.

REDEMPTION PROCEEDS





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

securities and money market instruments

Riskometer




n cP 11.81

n cD 11.66




n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 91.07

n AA+ 4.20

ncash, cash Equivalents and Net current Assets 4.73

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


DEBT & DEBT RELATED

CREDIT ExPOSURE



• 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





Tata capital Financial Services Ltd. cRISIL - AAA 3.48

LIc Housing Finance Ltd. cRISIL - AAA 3.26



Bajaj Finance Ltd. IND - AAA 2.34

Sun Pharma Laboratories Ltd. IcRA - AAA 2.34


National Housing Bank cRISIL - AAA 2.33

Rural Electrification corporation Ltd. cRISIL - AAA 2.33


Volkswagen Finance Private Ltd. IND - AAA 1.16


Housing and UrbanDevelopment corporation Ltd. cARE - AAA 0.70


Sub Total 71.80


CD/CP


• canFin Homes Ltd. cARE - A1+ 4.53


• L&T Finance Ltd. cARE - A1+ 4.29

PNB Housing Finance Ltd. cRISIL - A1+ 2.99

Sub Total 23.47


Grand Total 100.00


PORTFOLIOKEY FACTS

48 December 2018


To generate income through a portfolio comprising money market and debt instruments.


CATEGORY OF SCHEME: Liquid Fund

FUND MANAGER ¥




October 17, 2000

NAV (AS ON DECEMBER 31, 2018)^̂ NAV PER UNIT (`)

HDFC Liquid FundRegular Plan - Growth Option 3,596.3162Regular Plan - Daily Dividend Reinvestment Option 1,019.8200Regular Plan - weekly Dividend Option 1,032.4750Regular Plan - Monthly Dividend Option 1,033.5223Direct Plan - Growth Option 3,613.0950Direct Plan - Daily Dividend Reinvestment Option 1,019.8200Direct Plan - weekly Dividend Option 1,032.4939Direct Plan - Monthly Dividend Option 1,033.6176HDFC Liquid Fund - Premium PlanRegular Plan - Growth Option 3,669.5008Regular Plan - Daily Dividend Reinvestment Option 1,225.9800



qUANTITATIVE DATA






ExIT LOAD

Nil

PLANS & OPTIONS

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


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

REDEMPTION PROCEEDS

Normally despatched within 1 Business Day.

¥ Dedicated Fund Manager for Overseas Investments: Mr Rakesh Vyas (Total Experience - Over 14 years).^̂ calculated on all calendar days.


(An open ended liquid scheme)HDFC Liquid Fund


DEBT & DEBT RELATED


7.76% Karnataka SDL - Mat 020319 Sovereign 0.26

Sub Total 0.26

T-BILLS

• 91 Days TBill - Mat 210219 Sovereign 6.29

• 91 Days Tbill - ISD 201218 Mat 210319 Sovereign 5.62

182 Days TBill - Mat 310119 Sovereign 1.03



91 Days Tbill - Mat 180119 Sovereign 0.69

Sub Total 15.66

CREDIT ExPOSURE





Rural Electrification corporation Ltd. cRISIL - AAA 0.47

PNB Housing Finance Ltd. cARE - AAA 0.28


Power Finance corporation Ltd. cRISIL - AAA 0.27



Sundaram Finance Ltd. cRISIL - AAA 0.14


ONGc Mangalore Petrochemicals Ltd. IND - AAA 0.10


Bajaj Finance Ltd. IND - AAA 0.08

Aditya Birla Finance Ltd. IcRA - AAA 0.07

L&T Infrastructure Finance Ltd. cARE - AAA 0.07


Larsen and Toubro Ltd. cRISIL - AAA 0.03

Shriram Transport Finance company Ltd. cRISIL - AA+ 0.03


Tata Steel Ltd. cARE - AA 0.03


Sub Total 9.65

Total 25.57


CD/CP

• National Bank for Agriculture & Rural Development

cRISIL - A1+ / IcRA - A1+ / IND - A1+ 4.56

• Reliance Jio Infocomm Ltd. cRISIL - A1+ 4.12

• PNB Housing Finance Ltd. cARE - A1+ / cRISIL - A1+ 3.44

• Vedanta Ltd. cRISIL - A1+ / IcRA - A1+ 3.43

• L&T Finance Ltd. cARE - A1+ / IcRA - A1+ 2.80

• Hindustan Zinc Ltd. cRISIL - A1+ 2.73

• NTPc Ltd. cARE - A1+ 2.60

Indusind Bank Ltd. cRISIL - A1+ 2.50


Aditya Birla Finance Ltd. IcRA - A1+ / IND - A1+ 2.41

Tata Teleservices Ltd. cRISIL - A1+ 2.32

Jammu & Kashmir Bank Ltd. cRISIL - A1+ 2.20

Rural Electrification corporation Ltd. cARE - A1+ 2.16

Steel Authority Of India Ltd. cARE - A1+ 2.06

Bajaj Housing Finance Ltd. cRISIL - A1+ / IND - A1+ 1.92

Adani Ports & Special economic Zone

cARE - A1+ / IcRA - A1+ / IND - A1+ 1.91

Axis Bank Ltd. cRISIL - A1+ 1.79

Tata Motors Finance Ltd. cARE - A1+ / cRISIL - A1+ / IcRA - A1+ 1.65

The South Indian Bank Ltd. cARE - A1+ / cRISIL - A1+ 1.65

M&M Financial Services Ltd. IND - A1+ 1.52

IDFc Bank Ltd. cRISIL - A1+ 1.41

LIc Housing Finance Ltd. IcRA - A1+ 1.41

canara Bank cRISIL - A1+ 1.38

Shriram Transport Finance company Ltd. IND - A1+ 1.37

Reliance Retail Ltd. cARE - A1+ 1.31

Small Industries Development Bank of India IcRA - A1+ 1.25

Bajaj Finance Ltd. cRISIL - A1+ 1.24

Indiabulls Housing Finance Ltd. IcRA - A1+ 1.24

Tata capital Financial Services Ltd. cRISIL - A1+ / IcRA - A1+ 1.14

India Infoline Finance Ltd. IcRA - A1+ 1.10

Hero Fincorp Ltd. cRISIL - A1+ / IcRA - A1+ 1.04

Vijaya Bank cRISIL - A1+ 1.03

Bahadur chand Investments Private Ltd. cARE - A1+ 0.97

Aditya Birla capital ltd. cRISIL - A1+ / IcRA - A1+ 0.93

Tata Realty and Infrastructure Ltd. cRISIL - A1+ / IcRA - A1+ 0.76

Bamnipal Steel Ltd. IcRA - A1+ 0.70

L&T Infrastructure Finance Ltd. cRISIL - A1+ 0.69

Manappuram Finance Ltd. cARE - A1+ / cRISIL - A1+ 0.69

Tata Teleservices (Maharashtra) Ltd. cRISIL - A1+ 0.69

The Federal Bank Ltd. cARE - A1+ 0.69

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) cARE - A1+ 0.68

Daimler Fin Ser (I) Pvt Ltd. cRISIL - A1+ 0.68

TVS credit Services Ltd. IcRA - A1+ 0.59

Shriram city Union Finance Ltd. cARE - A1+ / IcRA - A1+ 0.58

Volkswagen Finance Private Ltd. cRISIL - A1+ / IND - A1+ 0.56

GIc Housing Finance Ltd. cRISIL - A1+ / IcRA - A1+ 0.55

Magma Fincorp Ltd. cARE - A1+ / cRISIL - A1+ 0.54

IIFL wealth Finance Ltd. IcRA - A1+ 0.48

United Spirits Ltd. IcRA - A1+ 0.44

Hinduja Leyland Finance Ltd. cARE - A1+ / cRISIL - A1+ 0.42

Motilal Oswal Financial Services Ltd. IND - A1+ 0.41

Tata Projects Ltd. cRISIL - A1+ / IND - A1+ 0.41

Mahindra Rural Housing Finance Ltd. IND - A1+ 0.38

Reliance Industries Ltd. cRISIL - A1+ / IcRA - A1+ 0.38

canFin Homes Ltd. IcRA - A1+ 0.35

Aditya Birla Housing Finance Ltd. IcRA - A1+ 0.34

Axis Finance Ltd. IND - A1+ 0.34

PORTFOLIOKEY FACTS

December 2018 49



l regular income over short term

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

Riskometer

Investors understand that their principal will be at low risk





(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 24, 18 Last 7 days 7.30 7.68 7.93 10,014 10,015 10,015Dec 16, 18 Last 15 days 7.14 7.37 8.53 10,029 10,030 10,035Nov 30, 18 Last 1 Month 7.30 7.64 9.19 10,062 10,065 10,078Dec 31, 17 Last 1 Year 7.23 7.58 6.87 10,723 10,758 10,687Dec 31, 15 Last 3 Years 7.11 7.24 6.66 12,290 12,334 12,136Dec 31, 13 Last 5 Years 7.75 7.83 7.35 14,529 14,580 14,258Oct 17, 00 Since Inception 7.28 N.A. 6.38 35,963 N.A. 30,848

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anupam Joshi, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 60.

SDL, T-Bills 15.92

cP 67.63

cD 14.35

credit Exposure 9.65



Sovereign 15.92AAA/AAA(SO)/A1+/A1+(SO) & equivalent 91.47AA+ 0.13AA/AA- 0.03cash, cash Equivalents and Net current Assets

-7.55


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


Grasim Industries Ltd. IcRA - A1+ 0.34

Indian Railways Finance corporation Ltd. cRISIL - A1+ 0.33

Julius Baer capital (India) Private IcRA - A1+ 0.33

H T Media Ltd. IcRA - A1+ 0.31

Adani Transmission Ltd. IND - A1+ 0.28

Tata Housing Development company Ltd. cARE - A1+ 0.28

Redington (India) Ltd. IcRA - A1+ 0.27

Tata Motors Finance Solutions Ltd. IcRA - A1+ 0.27

Aarti Industries Ltd. IND - A1+ 0.26

Haldia energy Ltd. IcRA - A1+ 0.21

Turquoise Investments & Finance Pvt cARE - A1+ 0.21

Godrej Properties Ltd. (Secured with shares of emami Ltd.) IcRA - A1+ 0.20

TGS Investment & Trade Pvt Ltd. IND - A1+ 0.20

Fullerton India credit company Ltd. IcRA - A1+ 0.18

Deutsche Investments India Pvt Ltd. cRISIL - A1+ 0.17


chambal Fertilizers & chemicals Ltd. IcRA - A1+ 0.14

IcIcI Bank Ltd. IcRA - A1+ 0.14

IcIcI Home Finance Ltd. cARE - A1+ 0.14

Magma Housing Finance cRISIL - A1+ 0.14

Trapti Trading & Investments Pvt. Ltd. IND - A1+ 0.14

SBI Global Factors Ltd. cRISIL - A1+ 0.11

Fedbank Financial Services Ltd. cRISIL - A1+ 0.10

Bajaj electricals Ltd. IcRA - A1+ 0.07

export - Import Bank of India IcRA - A1+ 0.07

Tata Sons Ltd. cRISIL - A1+ 0.07

Aditya Birla Money Ltd. IND - A1+ 0.06

Kotak Mahindra Investments Ltd. cRISIL - A1+ 0.02

Sub Total 81.98


Grand Total 100.00


PORTFOLIO

50 December 2018


To generate returns by investing in debt and money market instruments with overnight maturity.


CATEGORY OF SCHEME: Overnight Fund

FUND MANAGER ¥

Anil Bamboli (since July 25, 12)



February 06, 2002


Regular Plan - Growth Option 2,769.9183Regular Plan - Daily Dividend Reinvestment Option 1,042.6600Direct Plan - Growth Option 2,779.8006Direct Plan - Daily Dividend Reinvestment Option 1,042.6600



qUANTITATIVE DATA

Average Maturity * 1 dayMacaulay Duration * 1 dayModified Duration * 1 dayYield to Maturity * 6.47%* computed on the invested amount.



#BENCHMARK INDEx: cRISIL Overnight Index


ExIT LOAD

Nil

PLANS & OPTIONS

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


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

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

REDEMPTION PROCEEDS





(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Dec 24, 18 Last 7 days 6.32 6.52 7.93 10,012 10,013 10,015Dec 16, 18 Last 15 days 6.27 6.49 8.53 10,026 10,027 10,035Nov 30, 18 Last 1 Month 6.19 6.44 9.19 10,053 10,055 10,078Dec 31, 17 Last 1 Year 6.12 6.14 6.87 10,612 10,614 10,687Dec 31, 15 Last 3 Years 6.14 6.21 6.66 11,959 11,983 12,136Dec 31, 13 Last 5 Years 6.77 6.91 7.35 13,878 13,970 14,258Feb 06, 02 Since Inception 6.21 N.A. 6.02 27,699 N.A. 26,891

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (cAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax as applicable. For performance of other schemes managed by Anil Bamboli, please refer page 51. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 62.

Face Value per Unit: ` 1,000, Data is as of December 31, 2018 unless otherwise specified.






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

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

Riskometer

Investors understand that their principal will be at low risk


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



Grand Total 100.00

PORTFOLIOKEY FACTS

December 2018 51

Performance details of Schemes managed by respective Fund Managers

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

1 Mr. Prashant Jain HDFC Equity Fund 05

HDFC Top 100 Fund 07

HDFC Balanced Advantage Fund 13-14

HDFC Hybrid Debt Fund (Co-managed scheme) 31-32

2 Mr. Vinay Kulkarni HDFC Focused 30 Fund 11

HDFC Growth Opportunities Fund 10

HDFC TaxSaver 23

HDFC Equity Savings Fund (Co-managed scheme) 29-30

3 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 15-16

HDFC Children’s Gift Fund 24-25

HDFC Multi-Asset Fund (Co-managed scheme) 17-18

HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 26

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

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 33-34


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


7 Mr. Shobhit Mehrotra HDFC Income Fund 41

HDFC Medium Term Debt Fund 42

HDFC Floating Rate Debt Fund 46

HDFC Credit Risk Debt Fund 36-37

HDFC Hybrid Debt Fund (Co-managed scheme) 31-32

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 52-53

8 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 Dynamic PE Ratio Fund of Funds (Co-managed scheme) 56


Co-managed schemes 56

9 Mr. Anupam Joshi HDFC Liquid Fund 48-49

HDFC Corporate Bond Fund 35

HDFC Low Duration Fund 44


For performance details of Direct Plan, refer page 57-64

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

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

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

52 December 2018

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

SRINIvAS RAO RAvURI

HDFC EOF - II - 1126D MAy 2017 (1) NAv as on Dec 31, 2018 ` 10.1920


(%)

Benchmark Returns

(%)#


Returns (%) ##

value of ` 10,000 invested

Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year -3.26 -2.12 4.61 9,674 9,788 10,461Jun 15, 17 Since Inception 1.24 7.17 9.98 10,192 11,129 11,583

# nIFTY 500 (Total Returns Index) ## nIFTY 50 (Total Returns Index). The scheme is managed by Mr. Srinivas Rao Ravuri since inception.

HDFC EOF - II - 1100D JUNE 2017 (1) NAv as on Dec 31, 2018 ` 9.8290


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year -3.57 -2.12 4.61 9,643 9,788 10,461Jul 17, 17 Since Inception -1.18 5.20 7.77 9,829 10,767 11,152


HDFC HOF - I - 1140D NOvEMBER 2017 (1) NAv as on Dec 31, 2018 ` 9.1190


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year -10.33 -2.30 4.61 8,967 9,770 10,461Dec 06, 17 Since Inception -8.27 3.44 9.06 9,119 10,368 10,971

# India Housing & Allied Businesses Index ## nIFTY 50 (Total Returns 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 ` 340.233


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year -3.88 7.18 4.61 9,612 10,718 10,461Dec 31, 15 Last 3 Years 13.93 12.84 12.47 14,792 14,374 14,230Dec 31, 13 Last 5 Years 15.86 12.79 12.89 20,888 18,258 18,342Jan 02, 01 Since Inception 21.64 14.81 14.27 340,233 120,134 110,420

# S&P BSE SEnSEx (Total Returns Index) ## nIFTY 50 (Total Returns Index). The scheme is managed by Mr. Chirag Setalvad since April 02, 2007.

SHOBHIT MEHROTRA

HDFC FMP 3360D MARCH 2014 (1) NAv as on Dec 31, 2018 ` 13.6979


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The Scheme is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Shobhit Mehrotra since inception.

HDFC FMP 1105D DECEMBER 2015 (1) NAv as on Dec 31, 2018 ` 12.5287


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 7.24 5.91 6.86 10,724 10,591 10,686Dec 31, 15 Last 3 Years 7.76 7.79 6.66 12,515 12,526 12,136Dec 30, 15 Since Inception 7.79 7.78 6.65 12,529 12,527 12,134

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

HDFC FMP 1183D JANUARy 2016 (1) NAv as on Dec 31, 2018 ` 12.5075


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 7.27 5.91 6.86 10,727 10,591 10,686Jan 12, 16 Since Inception 7.82 7.75 6.66 12,508 12,483 12,109




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1155D FEBRUARy 2016 (1) NAv as on Dec 31, 2018 ` 12.4603


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



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

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

December 2018 53




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 9.30 5.91 6.86 10,930 10,591 10,686Mar 04, 16 Since Inception 9.62 7.97 6.63 12,964 12,420 11,990




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1172D APRIL 2017 (1) NAv as on Dec 31, 2018 ` 11.1281


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 6.32 5.91 6.86 10,632 10,591 10,686Apr 11, 17 Since Inception 6.40 5.82 6.35 11,128 11,023 11,119




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1166D MAy 2017 (1) NAv as on Dec 31, 2018 ` 11.2370


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 7.04 5.91 6.86 10,704 10,591 10,686May 09, 17 Since Inception 7.34 5.83 6.52 11,237 10,977 11,097


HDFC FMP 1136D JUNE 2017 (1) NAv as on Dec 31, 2018 ` 11.1277


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 7.16 5.91 6.86 10,716 10,591 10,686Jun 08, 17 Since Inception 7.07 4.61 6.51 11,128 10,730 11,037


HDFC FMP 1430D JULy 2017 (1) NAv as on Dec 31, 2018 ` 10.7742


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 6.29 5.91 6.86 10,629 10,591 10,686Aug 01, 17 Since Inception 5.41 4.14 6.52 10,774 10,591 10,935


ANIL BAMBOLI

HDFC CHARITy FUND FOR CANCER CURE - DEBT PLAN^

NAv as on Dec 31, 2018 ` 10.2991


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Short Term Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. ^Scheme offers Dividend option only. Returns of HDFC Charity Fund for Cancer Cure - Debt Plan - Regular Plan are computed based on nAV of Dividend Option and all dividends (after statutory levy) are assumed to be reinvested in the units of the scheme at the then prevailing nAV (ex-dividend nAV).

HDFC FMP 1846D AUGUST 2013 (1) NAv as on Dec 31, 2018 ` 15.5409


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 5.95 5.91 6.86 10,595 10,591 10,686Dec 31, 15 Last 3 Years 6.92 7.79 6.66 12,225 12,526 12,136Dec 31, 13 Last 5 Years 8.20 9.23 7.35 14,834 15,554 14,258Aug 14, 13 Since Inception 8.53 9.27 7.49 15,541 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.

SHOBHIT MEHROTRA....CONTINUED



54 December 2018




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 7.77 5.91 6.86 10,777 10,591 10,686Dec 31, 15 Last 3 Years 7.80 7.79 6.66 12,530 12,526 12,136Feb 05, 14 Since Inception 9.35 9.18 7.36 15,504 15,380 14,168

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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1111D SEPTEMBER 2016 (1) NAv as on Dec 31, 2018 ` 12.0740


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 8.22 5.91 6.86 10,822 10,591 10,686Sep 15, 16 Since Inception 8.57 6.14 6.43 12,074 11,463 11,537




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



ANIL BAMBOLI....CONTINUED



December 2018 55


KRISHAN KUMAR DAGA

HDFC GOLD EXCHANGE TRADED FUND* NAv as on Dec 31, 2018 ` 2899.1650

Date Period Scheme Returns (%)

Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Dec 29, 17 Last 1 Year 6.77 8.01 10,677 10,801Dec 31, 15 Last 3 Years 7.00 8.21 12,253 12,674Dec 31, 13 Last 5 Years 2.56 3.69 11,350 11,989Aug 13, 10 Since Inception 5.84 6.65 16,104 17,167

# Domestic Price of Physical Gold. Since inception returns are calculated on ̀ 1800.3288 (allotment price) * The Scheme does not offer any Plans/Options. The scheme is managed by Mr. Krishan Kumar Daga since October 19, 2015.

HDFC GOLD FUND NAv as on Dec 31, 2018 ` 10.3130


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Dec 29, 17 Last 1 Year 6.55 8.01 10,655 10,801Dec 31, 15 Last 3 Years 6.44 8.21 12,060 12,674Dec 31, 13 Last 5 Years 0.18 3.69 10,092 11,989nov 01, 11 Since Inception 0.43 2.21 10,313 11,698

# Domestic Price of Physical Gold. The scheme is managed by Mr. Krishan Kumar Daga since October 19, 2015.

HDFC CHARITy FUND FOR CANCER CURE - ARBITRAGE PLAN^

NAv as on Dec 31, 2018 ` 10.141


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Dec 29, 17 Last 1 Year 6.16 4.43 4.61 10,616 10,443 10,461Mar 27, 17 Since Inception 6.36 4.57 12.47 11,150 10,820 12,304

# nIFTY 50 Arbitrage Index ## nIFTY 50 Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Krishan Kumar Daga since inception. ^ Scheme offers Dividend option only. Returns of HDFC Charity Fund for Cancer Cure - Arbitrage Plan - Regular Plan are computed based on nAV of Dividend Option and all dividends (after statutory levy) are assumed to be reinvested in the units of the scheme at the then prevailing nAV (ex-dividend nAV).

ANUPAM JOSHI



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#



# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

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(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#






(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Dec 29, 17 Last 1 Year 7.07 5.91 6.86 10,707 10,591 10,686Apr 21, 16 Since Inception 7.41 7.41 6.55 12,126 12,127 11,865




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Dec 29, 17 Last 1 Year 7.58 5.91 6.86 10,758 10,591 10,686May 31, 16 Since Inception 8.79 7.45 6.57 12,433 12,042 11,789




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Dec 29, 17 Last 1 Year 7.52 5.91 6.86 10,752 10,591 10,686May 05, 16 Since Inception 8.80 7.42 6.56 12,513 12,094 11,839




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Dec 29, 17 Last 1 Year 7.17 5.91 6.86 10,717 10,591 10,686Jun 08, 16 Since Inception 7.64 7.46 6.56 12,079 12,027 11,769




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#






(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#






(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Dec 29, 17 Last 1 Year 6.87 5.91 6.86 10,687 10,591 10,686Jul 07, 16 Since Inception 7.50 7.14 6.51 11,968 11,869 11,698




56 December 2018




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 8.21 5.91 6.86 10,821 10,591 10,686Jul 27, 16 Since Inception 8.59 6.73 6.48 12,216 11,715 11,648


CO-MANAGED By MITEN LATHIA & ANIL BAMBOLI

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAv as on Dec 31, 2018 ` 17.9684


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year -2.26 5.26 4.61 9,774 10,526 10,461Dec 31, 15 Last 3 Years 9.60 10.92 12.47 13,167 13,649 14,230Dec 31, 13 Last 5 Years 9.52 11.67 12.89 15,758 17,369 18,342Feb 06, 12 Since Inception 8.86 11.00 12.18 17,968 20,550 22,107

# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. The scheme is co-managed by Mr. Miten Lathia & Mr. Anil Bamboli since June 27, 2014.

CO-MANAGED ByKRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC DAF - II - 1160D JANUARy 2016 NAv as on Dec 31, 2018 ` 12.1223


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Short Duration Debt 25:75 Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is co-managed by Mr. Krishan Kumar Daga & Anil Bamboli since inception.

HDFC DAF - II - 1099D MARCH 2016 NAv as on Dec 31, 2018 ` 11.7382


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC DAF - II - 1111D APRIL 2016 NAv as on Dec 31, 2018 ` 11.7250


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC DAF - III - 1304D AUGUST 2016 NAv as on Dec 31, 2018 ` 11.2997


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC DAF - III - 1267D OCTOBER 2016 NAv as on Dec 31, 2018 ` 11.1205


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 4.13 6.09 6.86 10,413 10,609 10,686Oct 25, 16 Since Inception 4.98 9.04 6.34 11,121 12,080 11,436


HDFC DAF - III - 1224D NOvEMBER 2016 NAv as on Dec 31, 2018 ` 11.0464


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 4.10 6.34 6.86 10,410 10,634 10,686Dec 07, 16 Since Inception 4.94 8.95 6.30 11,046 11,937 11,345



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

ANUPAM JOSHI....CONTINUED

December 2018 57

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

PRASHANT JAIN

HDFC EQUITy FUND NAv as on Dec 31, 2018 ` 660.779


(%)

Benchmark Returns

(%)#


Returns (%) ##

value of ` 10,000 invested Scheme

(`)Benchmark

(`)#Additional

Benchmark (`)##

Dec 29, 17 Last 1 Year -2.61 -2.12 4.61 9,739 9,788 10,461Dec 31, 15 Last 3 Years 13.27 12.29 12.47 14,539 14,162 14,230Dec 31, 13 Last 5 Years 16.58 14.60 12.89 21,547 19,771 18,342Jan 01, 13 Since Inception 14.27 12.75 11.94 22,258 20,539 19,670

# nIFTY 500 (Total Returns Index) ## nIFTY 50 (Total Returns Index).

HDFC TOP 100 FUND NAv as on Dec 31, 2018 ` 483.466


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##

Dec 29, 17 Last 1 Year 0.91 2.55 7.18 10,091 10,255 10,718Dec 31, 15 Last 3 Years 13.59 12.68 12.84 14,662 14,311 14,374Dec 31, 13 Last 5 Years 15.34 13.76 12.79 20,423 19,061 18,258Jan 01, 13 Since Inception 13.27 12.61 12.30 21,117 20,391 20,053

# nIFTY 100 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index).

HDFC BALANCED ADvANTAGE FUND NAv as on Dec 31, 2018 ` 195.728


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. Refer to note on performance disclosure on Page no. 13.

vINAy KULKARNI

HDFC FOCUSED 30 FUND NAv as on Dec 31, 2018 ` 78.720


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##



HDFC GROWTH OPPORTUNITIES FUND NAv as on Dec 31, 2018 ` 110.017


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY Large Midcap 250 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme, formerly a large cap fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a Large and Mid-cap Fund. Accordingly, the Scheme’s benchmark has also changed. Hence, the past performance of the Scheme may not strictly be comparable with that of the new benchmark.

HDFC TAXSAvER NAv as on Dec 31, 2018 ` 518.431


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CHIRAG SETALvAD

HDFC MID-CAP OPPORTUNITIES FUND NAv as on Dec 31, 2018 ` 56.328


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC SMALL CAP FUND NAv as on Dec 31, 2018 ` 45.374


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC HyBRID EQUITy FUND NAv as on Dec 31, 2018 ` 53.415


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Refer to note on performance disclosure on Page no. 15.

HDFC CHILDREN’S GIFT FUND NAv as on Dec 31, 2018 ` 122.101


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments.

HDFC LONG TERM ADvANTAGE FUND NAv as on Dec 31, 2018 ` 352.498


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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


DIRECT PLAN - GROWTH OPTION NAv as on Dec 31, 2018 ` 000

58 December 2018


SRINIvAS RAO RAvURI

HDFC EOF - II - 1126D MAy 2017 (1) NAv as on Dec 31, 2018 ` 10.4290


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year -1.89 -2.12 4.61 9,811 9,788 10,461Jun 15, 17 Since Inception 2.76 7.17 9.98 10,429 11,129 11,583


HDFC EOF - II - 1100D JUNE 2017 (1) NAv as on Dec 31, 2018 ` 10.0960


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year -1.78 -2.12 4.61 9,822 9,788 10,461Jul 17, 17 Since Inception 0.66 5.20 7.77 10,096 10,767 11,152


HDFC INFRASTRUCTURE FUND NAv as on Dec 31, 2018 ` 16.738


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC HOF - I - 1140D NOvEMBER 2017 (1) NAv as on Dec 31, 2018 ` 9.2940


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year -8.70 -2.30 4.61 9,130 9,770 10,461Dec 06, 17 Since Inception -6.62 3.44 9.06 9,294 10,368 10,971

# India Housing & Allied Businesses Index ## nIFTY 50 (Total Returns Index). The scheme is managed by Mr. Srinivas Rao Ravuri since inception.

SHOBHIT MEHROTRA

HDFC INCOME FUND NAv as on Dec 31, 2018 ` 41.3011


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index.

HDFC MEDIUM TERM DEBT FUND NAv as on Dec 31, 2018 ` 37.2276


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC FLOATING RATE DEBT FUND NAv as on Dec 31, 2018 ` 31.9986


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC CREDIT RISK DEBT FUND NAv as on Dec 31, 2018 ` 15.5619


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Short Term Bond Fund Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 36.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The Scheme is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Shobhit Mehrotra since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 7.29 5.91 6.86 10,729 10,591 10,686Dec 31, 15 Last 3 Years 8.10 7.79 6.66 12,635 12,526 12,136Dec 30, 15 Since Inception 8.13 7.78 6.65 12,648 12,527 12,134




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





December 2018 59




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

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(%)#


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Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


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Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

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(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


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Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



SHOBHIT MEHROTRA....CONTINUED



60 December 2018




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 6.40 5.91 6.86 10,640 10,591 10,686Aug 01, 17 Since Inception 5.51 4.14 6.52 10,789 10,591 10,935


KRISHAN KUMAR DAGA

HDFC ARBITRAGE FUND - WHOLESALE PLAN NAv as on Dec 31, 2018 ` 13.765


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 6.18 4.43 4.61 10,618 10,443 10,461Dec 31, 15 Last 3 Years 6.42 5.11 12.47 12,056 11,613 14,230Apr 07, 14 Since Inception 6.98 6.23 12.19 13,765 13,315 17,242

# nIFTY 50 Arbitrage Index ## nIFTY 50 (Total Returns Index). Scheme performance is not strictly comparable with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage opportunities, etc.

HDFC INDEX FUND - SENSEX PLAN NAv as on Dec 31, 2018 ` 322.2127


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# S&P BSE SEnSEx (Total Returns Index) ## nIFTY 50 (Total Returns Index). Refer to note on performance disclosure on Page no. 22.

HDFC INDEX FUND - NIFTy 50 PLAN NAv as on Dec 31, 2018 ` 99.3927


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC GOLD FUND NAv as on Dec 31, 2018 ` 10.5501


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Dec 29, 17 Last 1 Year 7.03 8.01 10,703 10,801Dec 31, 15 Last 3 Years 6.92 8.21 12,225 12,674Dec 31, 13 Last 5 Years 0.60 3.69 10,305 11,989Jan 01, 13 Since Inception -0.78 0.65 9,540 10,396

# Domestic Price of Physical Gold. The scheme is managed by Mr. Krishan Kumar Daga since October 19, 2015.

HDFC CHARITy FUND FOR CANCER CURE - ARBITRAGE PLAN^

NAv as on Dec 31, 2018 ` 10.141


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Arbitrage Index ## nIFTY 50 Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Krishan Kumar Daga since inception. ^Scheme offers Dividend option only. Returns of HDFC Charity Fund for Cancer Cure - Arbitrage Plan - Direct Plan are computed based on nAV of Dividend Option and all dividends (after statutory levy) are assumed to be reinvested in the units of the scheme at the then prevailing nAV (ex-dividend nAV).

ANUPAM JOSHI

HDFC LIQUID FUND NAv as on Dec 31, 2018 ` 3613.0950


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 24, 18 Last 7 days 7.40 7.68 7.93 10,014 10,015 10,015Dec 16, 18 Last 15 days 7.24 7.37 8.53 10,030 10,030 10,035nov 30, 18 Last 1 Month 7.40 7.64 9.19 10,063 10,065 10,078Dec 31, 17 Last 1 Year 7.34 7.58 6.87 10,734 10,758 10,687Dec 31, 15 Last 3 Years 7.21 7.24 6.66 12,327 12,334 12,136Dec 31, 13 Last 5 Years 7.84 7.83 7.35 14,587 14,580 14,258Dec 31, 12 Since Inception 8.09 8.03 7.10 15,951 15,897 15,094

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

HDFC CORPORATE BOND FUND NAv as on Dec 31, 2018 ` 20.3367


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# 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 ` 39.9663


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





KRISHAN KUMAR DAGA....CONTINUED

December 2018 61


ANUPAM JOSHI....CONTINUED



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



ANIL BAMBOLI

HDFC DyNAMIC DEBT FUND NAv as on Dec 31, 2018 ` 63.4491


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index.

HDFC SHORT TERM DEBT FUND NAv as on Dec 31, 2018 ` 20.3404


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC GILT FUND NAv as on Dec 31, 2018 ` 37.3879


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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

HDFC BANKING AND PSU DEBT FUND NAv as on Dec 31, 2018 ` 14.8285


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





62 December 2018


HDFC MONEy MARKET FUND NAv as on Dec 31, 2018 ` 3834.7032


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 7.62 7.57 6.86 10,762 10,757 10,686Dec 31, 15 Last 3 Years 7.32 7.24 6.66 12,363 12,334 12,136Dec 31, 13 Last 5 Years 7.90 7.83 7.35 14,627 14,580 14,258Dec 31, 12 Since Inception 8.13 8.03 7.10 15,983 15,897 15,094


HDFC OvERNIGHT FUND NAv as on Dec 31, 2018 ` 2779.8006


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 24, 18 Last 7 days 6.42 6.52 7.93 10,012 10,013 10,015Dec 16, 18 Last 15 days 6.37 6.49 8.53 10,026 10,027 10,035nov 30, 18 Last 1 Month 6.29 6.44 9.19 10,053 10,055 10,078Dec 31, 17 Last 1 Year 6.19 6.14 6.87 10,619 10,614 10,687Dec 31, 15 Last 3 Years 6.20 6.21 6.66 11,981 11,983 12,136Dec 31, 13 Last 5 Years 6.83 6.91 7.35 13,920 13,970 14,258Dec 31, 12 Since Inception 7.07 7.15 7.10 15,071 15,136 15,094

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

HDFC CHARITy FUND FOR CANCER CURE - DEBT PLAN^

NAv as on Dec 31, 2018 ` 10.2991


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Short Term Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception. ^ Scheme offers Dividend option only. Returns of HDFC Charity Fund for Cancer Cure - Debt Plan - Direct Plan are computed based on nAV of Dividend Option and all dividends (after statutory levy) are assumed to be reinvested in the units of the scheme at the then prevailing nAV (ex-dividend nAV).

HDFC FMP 1846D AUGUST 2013 (1) NAv as on Dec 31, 2018 ` 15.7969


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 6.29 5.91 6.86 10,629 10,591 10,686Dec 31, 15 Last 3 Years 7.25 7.79 6.66 12,338 12,526 12,136Dec 31, 13 Last 5 Years 8.53 9.23 7.35 15,061 15,554 14,258Aug 14, 13 Since Inception 8.86 9.27 7.49 15,797 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.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


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



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December 2018 63




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MITEN LATHIA

HDFC CAPITAL BUILDER vALUE FUND NAv as on Dec 31, 2018 ` 301.179


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



CO-MANAGED By PRASHANT JAIN & SHOBHIT MEHROTRA

HDFC HyBRID DEBT FUND NAv as on Dec 31, 2018 ` 45.9792


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 32.

CO-MANAGED By ANIL BAMBOLI & MITEN LATHIA

HDFC DyNAMIC PE RATIO FUND OF FUNDS NAv as on Dec 31, 2018 ` 18.875


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. The scheme is managed by Mr. Anil Bamboli & Miten Lathia since June 27, 2014.

CO-MANAGED By CHIRAG SETALvAD, ANIL BAMBOLI & KRISHAN KUMAR DAGA

HDFC MULTI - ASSET FUND NAv as on Dec 31, 2018 ` 31.7850


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# 90% nIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold ## nIFTY 50 (Total Returns Index). The Scheme formerly, a debt oriented hybrid fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in equities, debt and gold. Accordingly, the Scheme’s benchmark and additional benchmarks have also changed. Hence, the past performance of the Scheme since inception till May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments and gold.

CO-MANAGED By vINAy KULKARNI, KRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC EQUITy SAvINGS FUND NAv as on Dec 31, 2018 ` 37.5760


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# 40% nIFTY 50 Arbitrage Index, 30% CRISIL Short Term Bond Fund Index and 30% nIFTY 50 (Total Returns Index) ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made in equity instruments.




64 December 2018


CO-MANAGED By KRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC DAF - II - 1160D JANUARy 2016 NAv as on Dec 31, 2018 ` 12.6861


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC DAF - II - 1099D MARCH 2016 NAv as on Dec 31, 2018 ` 12.3032


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC DAF - II - 1111D APRIL 2016 NAv as on Dec 31, 2018 ` 12.1795


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC DAF - III - 1304D AUGUST 2016 NAv as on Dec 31, 2018 ` 11.7340


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC DAF - III - 1267D OCTOBER 2016 NAv as on Dec 31, 2018 ` 11.5609


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 5.76 6.09 6.86 10,576 10,609 10,686Oct 25, 16 Since Inception 6.87 9.04 6.34 11,561 12,080 11,436


HDFC DAF - III - 1224D NOvEMBER 2016 NAv as on Dec 31, 2018 ` 11.4505


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year 5.85 6.34 6.86 10,585 10,634 10,686Dec 07, 16 Since Inception 6.78 8.95 6.30 11,451 11,937 11,345


CO-MANAGED By CHIRAG SETALvAD & SHOBHIT MEHROTRA

HDFC RETIREMENT SAvINGS FUND - EQUITy PLAN

NAv as on Dec 31, 2018 ` 17.120


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Dec 29, 17 Last 1 Year -4.49 -2.12 4.61 9,551 9,788 10,461Feb 25, 16 Since Inception 20.77 18.85 18.48 17,120 16,358 16,212


HDFC RETIREMENTSAvINGS FUND - HyBRID EQUITy PLAN

NAv as on Dec 31, 2018 ` 16.780


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index).

HDFC RETIREMENT SAvINGS FUND - HyBRID DEBT PLAN

NAv as on Dec 31, 2018 ` 13.3571


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 Year Gilt Index.



Managing Portfolio Since

Returns (%) (As on December 31, 2018)

Last 1 year (%) Last 3 years (%) Last 5 years (%)

Category I - FPI Portfolio (managed under a bilateral agreement under Regulation 24(b) and subject to applicable laws)

March 22, 2016 1.61 n.A. n.A.

Benchmark- MSCI India (Total Returns) 1.17 n.A. n.A.Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualised (CAGR). The above returns are computed using the Time Weighted Rate of Return (TWRR) methodology, to make them more comparable with the mutual fund scheme's returns. Inception date is March 22, 2016. The performance is not comparable with the performance of the aforementioned scheme(s) of HDFC Mutual Fund due to differing investment objective/s and fundamental differences in asset allocation, investment strategy and the regulatory environment. The said disclosure is pursuant to SEBI Circular no. Cir/IMD/DF/7/2012 dated February 28, 2012 pertaining to Regulation 24(b) of SEBI (Mutual Funds) Regulations, 1996. FPI - Foreign Portfolio Investor.

PERFORMANCE OF CATEGORy I - FPI PORTFOLIO (MANAGED By PRASHANT JAIN)

December 2018 65

DIvIDEND HISTORy ^

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

HDFC Equity Fund (Past 3 years) Dividend Option

Record Date Regular Plan Direct Plan

Cum Div NAv (`)

Dividend per Unit (`) For Cum Div NAv (`)

Dividend per Unit (`) For

Individuals & HUF Others Individuals & HUF Others

Mar 17, 16 45.848 4.50 4.50 47.059 4.50 4.50Mar 23, 17 54.903 5.00 5.00 56.993 5.00 5.00Mar 22, 18 55.480 5.50 5.50 58.320 5.50 5.50

HDFC Top 100 Fund (Past 3 years) Dividend Option


Cum Div NAv (`)




Mar 03, 16 43.228 3.50 3.50 44.146 3.50 3.50Mar 09, 17 52.759 4.50 4.50 54.388 4.50 4.50Mar 06, 18 54.454 6.00 6.00 56.705 6.00 6.00

HDFC Capital Builder value Fund (Past 3 years) Dividend Option


Cum Div NAv (`)




Feb 25, 16 23.429 2.75 2.75 23.920 2.75 2.75Mar 01, 17 28.767 3.00 3.00 29.796 3.00 3.00Feb 22, 18 31.809 3.50 3.50 33.423 3.50 3.50

HDFC Focused 30 Fund (Past 3 years) Dividend Option


Cum Div NAv (`)




Feb 25, 16 16.580 2.00 2.00 16.988 2.00 2.00Mar 01, 17 20.219 2.00 2.00 21.216 2.00 2.00Feb 22, 18 21.508 2.25 2.25 22.914 2.25 2.25

HDFC Arbitrage Fundnormal Dividend Option (Past 3 months)

Record Date Wholesale Plan Direct Plan

Cum Div NAv (`)




Oct 19, 18 10.460 0.050 0.050 10.801 0.050 0.050nov 22, 18 10.468 0.050 0.050 10.816 0.050 0.050Dec 20, 18 10.441 0.050 0.050 10.794 0.050 0.050

Monthly Dividend Option (Past 3 months)

Record Date Wholesale Plan Wholesale Plan - Direct Plan

Cum Div NAv (`)




Oct 19, 18 10.869 0.050 0.050 10.529 0.050 0.050nov 22, 18 10.879 0.050 0.050 10.542 0.050 0.050Dec 20, 18 10.853 0.050 0.050 10.519 0.050 0.050

HDFC Growth Opportunities Fund (Past 3 years) Dividend Option


Cum Div NAv (`)




Feb 18, 16 - - - 19.186 1.75 1.75Feb 23, 17 22.342 2.25 2.25 24.880 2.25 2.25Mar 01, 18 22.901 2.25 2.25 25.854 2.25 2.25

HDFC Mid-Cap Opportunities Fund (Past 3 years) Dividend Option


Cum Div NAv (`)




Mar 23, 16 25.133 1.50 1.50 28.582 1.50 1.50Mar 23, 17 31.806 2.25 2.25 36.789 2.25 2.25Mar 01, 18 34.912 3.00 3.00 41.189 3.00 3.00

HDFC Small Cap Fund (Past 3 years) Dividend Option


Cum Div NAv (`)




Feb 25, 16 17.986 2.00 2.00 18.565 1.99 1.99Mar 01, 17 22.892 2.00 2.00 24.040 2.00 2.00Mar 22, 18 28.810 2.75 2.75 30.776 1.00 1.00

HDFC Hybrid Equity Fund (Past 3 quarters) Dividend Option


Cum Div NAv (`)




Jun 25, 18 12.614 0.320 0.320 13.183 0.320 0.320Sep 25, 18 12.214 0.320 0.320 12.822 0.320 0.320 Dec 26, 18 11.943 0.320 0.320 12.587 0.320 0.320

HDFC Balanced Advantage Fund (Past 3 months) Dividend Option


Cum Div NAv (`)




Oct 25, 18 27.981 0.310 0.310 29.322 0.310 0.310nov 26, 18 28.933 0.310 0.310 30.368 0.310 0.310Dec 26, 18 28.925 0.310 0.310 30.398 0.310 0.310

HDFC TaxSaver (Past 3 years) Dividend Option(An open-ended equity linked savings scheme with a lock-in period of 3 years)


Cum Div NAv (`)




Mar 10, 16 53.821 6.00 6.00 54.911 6.00 6.00Mar 16, 17 66.383 6.50 6.50 68.370 6.50 6.50Mar 15, 18 66.562 7.00 7.00 69.256 7.00 7.00

HDFC Infrastructure Fund (Past 3 years) Dividend Option


Cum Div NAv (`)




Mar 17, 16 12.129 1.000 1.000 - - -Mar 23, 17 14.388 1.500 1.500 17.736 1.500 1.500Mar 15, 18 14.630 1.750 1.750 18.570 1.750 1.750

HDFC Hybrid Debt Fund Monthly Dividend Option (Past 3 months)


Cum Div NAv (`)




Oct 25, 18 12.9461 0.0800 0.0741 13.4557 0.0800 0.0741nov 26, 18 13.1282 0.0800 0.0741 13.6555 0.0800 0.0741Dec 26, 18 - - - 13.7799 0.0800 0.0741

Quarterly Dividend Option (Past 3 quarters)


Cum Div NAv (`)




Jun 25, 18 14.1797 0.2400 0.2222 14.6858 0.2400 0.2222Sep 25, 18 13.9404 0.2400 0.2222 14.4729 0.2400 0.2222 Dec 26, 18 14.0426 0.2400 0.2222 - - -

HDFC Equity Savings Fund (Past 3 quarters) Dividend Option


Cum Div NAv (`)




Jun 25, 18 11.4760 0.2210 0.2210 12.1520 0.2210 0.2210Sep 25, 18 11.4350 0.2210 0.2210 12.1760 0.2210 0.2210 Dec 26, 18 11.1540 0.2210 0.2210 11.9350 0.2210 0.2210

66 December 2018

DIvIDEND HISTORy ^

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

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


Cum Div NAv (`)




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

HDFC Income Fund (Past 3 quarters) Quarterly Dividend Option


Cum Div NAv (`)




Jun 25, 18 10.7511 0.0500 0.0463 11.2820 0.0500 0.0463Sep 25, 18 10.7248 0.0500 0.0463 11.2729 0.0500 0.0463 Dec 26, 18 11.0359 0.1500 0.1389 11.6180 0.1500 0.1389

HDFC Dynamic Debt FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAv (`)




Jun 25, 18 11.7857 0.0500 0.0463 12.3138 0.0500 0.0463Sep 25, 18 11.7741 0.0500 0.0463 12.3239 0.0500 0.0463 Dec 26, 18 12.1230 0.1500 0.1389 12.7115 0.1500 0.1389

Half-yearly (Dividend Option) (Past 2 years)


Cum Div NAv (`)




Sep 25, 17 11.8876 0.3000 0.2779 12.8166 0.3000 0.2779Mar 26, 18 11.3726 0.1000 0.0926 12.3307 0.1000 0.0926Sep 25, 18 11.2951 0.1000 0.0926 - - -

yearly (Dividend Option) (Past 3 years)


Cum Div NAv (`)




Mar 28, 16 13.0240 0.4000 0.3706 13.4221 0.4500 0.4169Mar 27, 17 13.8526 0.8500 0.7875 14.3149 0.8500 0.7875Mar 26, 18 13.0626 0.4000 0.3706 13.6262 0.4000 0.3706

HDFC Medium Term Debt Fundnormal Dividend Option (Past 3 months)


Cum Div NAv (`)




May 11, 17 - - - 10.6307 0.0150 0.0139May 25, 17 - - - 10.6651 0.0398 0.0369Jun 12, 17 - - - 10.6935 0.0603 0.0559Jul 10, 17 - - - 10.6603 0.0363 0.0337

HDFC Corporate Bond FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAv (`)




Jun 25, 18 10.2326 0.0468 0.0433 10.1312 0.0489 0.0453Sep 25, 18 10.2690 0.0731 0.0677 10.1666 0.0745 0.0690 Dec 26, 18 10.5053 0.2431 0.2251 10.3997 0.2423 0.2244

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


Cum Div NAv (`)




Jun 25, 18 10.9117 0.0500 0.0463 11.2117 0.0500 0.0463Sep 25, 18 10.9269 0.0500 0.0463 11.2391 0.0500 0.0463 Dec 26, 18 11.3169 0.1500 0.1389 11.6527 0.1500 0.1389

HDFC Liquid FundMonthly Dividend Option (Past 3 months)


Cum Div NAv (`)




Oct 29, 18 1033.3495 5.0779 4.7022 1033.4496 5.1500 4.7689nov 26, 18 1032.2820 4.3090 3.9901 1032.3610 4.3659 4.0428Dec 31, 18 1,033.5223 5.2024 4.8174 1,033.6176 5.2710 4.8810

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

Record Date Wholesale Option Wholesale Option - Direct Plan

Cum Div NAv (`)




Oct 29, 18 10.2184 0.0535 0.0496 10.2199 0.0546 0.0506nov 26, 18 10.2162 0.0519 0.0481 10.2173 0.0527 0.0488Dec 31, 18 - - - 10.2385 0.0680 0.0630

Record Date Retail Option

Cum Div NAv (`)


Individuals & HUF Others

Oct 29, 18 10.2166 0.0522 0.0484nov 26, 18 10.2145 0.0507 0.0470Dec 31, 18 10.2351 0.0655 0.0607

HDFC Low Duration FundMonthly Dividend Option (Past 3 months)

Record Date Retail Option Retail Option - Direct Plan

Cum Div NAv (`)




Oct 29, 18 10.2371 0.0555 0.0514 10.2198 0.0557 0.0516nov 26, 18 10.2093 0.0499 0.0462 10.2166 0.0534 0.0494Dec 31, 18 10.2312 0.0657 0.0608 10.2393 0.0697 0.0646

Record Date Wholesale Option

Cum Div NAv (`)


Individuals & HUF Others

Oct 29, 18 10.2112 0.0513 0.0475nov 26, 18 10.2339 0.0532 0.0493Dec 31, 18 10.2564 0.0694 0.0643

HDFC Credit Risk Debt FundHalf-yearly Dividend Option (Past 2 years)


Cum Div NAv (`)




Mar 27, 17 10.9005 0.3051 0.2827 10.9506 0.3412 0.3161Sep 25, 17 10.8965 0.3159 0.2927 10.9481 0.1390 0.1288Mar 26, 18 10.6549 0.2889 0.2676 11.0050 0.4355 0.4035Jun 25, 18 10.3049 0.0370 0.0343 10.4776 0.0763 0.0707Sep 25, 18 10.3274 0.0533 0.0493 10.4663 0.0680 0.0630 Dec 26, 18 10.5547 0.2168 0.2007 10.6929 0.2312 0.2141

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


Cum Div NAv (`)




Oct 29, 18 10.0825 0.0234 0.0217 10.0859 0.0259 0.0239nov 26, 18 10.1175 0.0486 0.0450 10.1202 0.0506 0.0468Dec 31, 18 10.1390 0.0641 0.0594 10.1422 0.0664 0.0615

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

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

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

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

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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

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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,

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

december 2018 mf...december 2018 3 equity market update 2 018 turned out to be an eventful year....

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