HDFC MF Factsheet - November 2022

November 30, 2022
SOUND INVESTMENT + TIME + PATIENCE =
WEALTH CREATION
HDFC Balanced Advantage Fund has given
over 14% returns through an SIP in 10 years^
Aim to build wealth

over the long term + save taxes.
Contact your MFD / RIA today,
or give a missed call on 73974 12345
HDFC TaxSaver (An open ended equity linked savings RISKOMETER#
scheme with a statutory lock in of 3 years and tax benefit) is Modera
oderate High tely
suitable for investors who are seeking~: to te M Hi
^ Refer complete performance details on page no. 21. w era
Mo Lo
gh
SIP: Systematic Investment Plan.

d
• To generate long-term capital appreciation / income

Very
High
Low
• Investment predominantly of equity & equity relatedRISKOMETER#

instruments
HDFC Balanced Advantage Fund (An open ended balanced
advantage fund) is suitable for investors who are seeking* RISKOMETER
~Investors should consult their financial advisers, if in doubt about whether Investors understand that their principal will be at
 Tothe product
generate is suitable
long-term for them.
capital appreciation/ income very high risk
 Investment in a mix equity and debt instruments
#For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz.
www.hdfcfund.com
*Investors should consult their financial advisers, if in doubt
An Individual/HUF
about whether the product isisentitled to them.
suitable for deduction from gross total income
INVESTORS for THAT
UNDERSTAND investments
THEIR
PRINCIPAL WILL BE AT VERY HIGH RISK
in Equity-Linked Savings Scheme (ELSS)
upto ` 1.5 Lakh (along with other prescribed investments) under Section 80C of the Income-Tax Act, 1961. In view of the
individual
#For nature
latest riskometer, of may
investors therefer
taxto the
consequences, each on
Monthly Portfolios disclosed investor
the websiteisofadvised
the Fund viz.to consult his/her own professional tax adviser.
www.hdfcfund.com
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
GLOSSARY
Sharpe Ratio Total Expense Ratio
Sharpe Ratio is a risk to reward ratio, it measures portfolio returns generated in excess Total expenses charged to scheme for the month expressed as a percentage to average
to the investment in risk-free asset, for per unit of total risk taken. While, positive Sharpe monthly net assets.
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 Tracking Error
investing in risk-free assets. Tracking error indicates how closely the portfolio return is tracking the benchmark Index
return. It measures the deviation between portfolio return and benchmark index return. A
Beta lower tracking error indicates portfolio closely tracking benchmark index and higher tracking
Beta (ß) of a portfolio is a number indicating the relation between portfolio returns with error indicates portfolio returns with higher deviation from benchmark index returns.
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. Average Maturity
Weighted average maturity of the securities in scheme.
Standard Deviation
A statistical measure that defines expected volatility/risk associated with a portfolio. Portfolio Yield (Yield To Maturity)
This explains the variation/deviation from the average returns delivered by the portfolio. Weighted average yield of the securities in scheme portfolio.
A higher standard deviation means higher volatility (risk) and a lower standard deviation
means lower volatility. Portfolio Turnover Ratio
Portfolio Turnover Ratio is the percentage of a fund’s holdings that have changed in a given
Risk Free Return year. This ratio measures the fund’s trading activity, which is computed by taking the lesser
The theoretical rate of return of an investment with safest (zero risk) investment in a country. of purchases or sales and dividing by average monthly net assets.
4 Indexation Benefit Modified Duration

A formula that expresses the measurable change in the value of a security in response
l Long Term Capital Gains (holding period of over 3 years) from Debt Mutual Funds are
to a change in interest rates. Modified duration of portfolio can be used to anticipate the
taxed at 20% plus applicable surcharge and cess with the benefit of indexation. change in market value of portfolio for every change in portfolio yield.
l Government notifies Cost Inflation Index (CII) for each financial year taking into
consideration the prevailing inflation levels. Macaulay Duration (Duration)
l The cost of acquistion for computation of tax is adjusted for inflation using CII, Macaulay Duration (Duration) measures the price volatility of fixed income securities. It is
thereby reducing the capital gains from tax perspective. often used in the comparison of interest rate risk between securities with different coupons
l An investment made into a debt fund towards the end of a financial year (say, in and different maturities. It is defined as the weighted average time to cash flows of a bond
March 2020) and held for a little over 3 years (say, in April 2023) would be eligible for where the weights are nothing but the present value of the cash flows themselves. It is
application of CII over 5 financial years, resulting in 4 indexation benefit. expressed in years/days. 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.
HOW TO READ FACTSHEET

Fund Manager Standard Deviation
An employee of the asset management company such as a mutual fund or life insurer, Standard deviation is a statistical measure of the range of an investment’s performance.
who manages investments of the scheme. He is usually part of a larger team of fund When a mutual fund has a high standard deviation, its means its range of performance is
managers and research analysts. wide, implying greater volatility.
Application Amount for Fresh Subscription Sharpe Ratio
This is the minimum investment amount for a new investor in a mutual fund scheme. The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a
Minimum Additional Amount measure of risk-adjusted returns. It is calculated using standard deviation and excess
This is the minimum investment amount for an existing investor in a mutual fund scheme. return to determine reward per unit of risk.
Beta Ratio (Portfolio Beta)
Yield to Maturity Beta is a measure of an investment’s volatility vis-a-vis the market. Beta of less than 1
The Yield to Maturity or the YTM is the rate of return anticipated on a bond if held until means that the security will be less volatile than the market. A beta of greater than 1
maturity. YTM is expressed as an annual rate. The YTM factors in the bond’s current market implies that the security’s price will be more volatile than the market.
price, par value, coupon interest rate and time to maturity.
Average portfolio PE (Average P/E)
SIP It is price to earnings ratio of the stocks calculated for the entire portfolio on a weighted
SIP or systematic investment plan works on the principle of making periodic investments average basis.
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 Average portfolio price to book ratio (Average P/BV)
of three years. It is price to book value of the stocks calculated for the entire portfolio on a weighted
average basis.
NAV
The NAV or the net asset value is the total asset value per unit of the mutual fund after Average portfolio dividend yield (Average Dividend Yield)
deducting all related and permissible expenses. The NAV is calculated at the end of every It is dividend yield of the stocks calculated for the entire portfolio on a weighted average
business day. It is the value at which the investor enters or exits the mutual fund. basis.
Benchmark Net Equity
A group of securities, usually a market index, whose performance is used as a standard Net equity level is the net equity exposure percentage adjusted for any derivative positions
or benchmark to measure investment performance of mutual funds, among other in stocks or index for hedging or rebalancing purpose.
investments. Some typical benchmarks include the NIFTY, SENSEX, BSE200, BSE500, R Squared
10-Year Gsec.
It is a statistical measure of how closely the portfolio returns are correlated with its
IDCW Option benchmark.
In line with applicable SEBI guidelines, with effect from April 1, 2021, the name of AUM
"Dividend Option" under the Schemes stand revised as "Income Distribution cum
Capital Withdrawal (IDCW) Option". IDCW Option may offer Payout and Reinvestment AUM or assets under management refers to the recent / updated cumulative market value
Sub-options / facilities. Investors may note that the amounts can be distributed out of investments managed by a mutual fund or any investment firm.
of investor’s capital (Equalization Reserve), which is part of sale price that represents Holdings
realized gains. 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
Dividend / IDCW the rupee value or both. The objective is to give investors an idea of where their money is
"Dividend" / "IDCW" means income distributed on Mutual Fund Units from the being invested by the fund manager.
distributable surplus, which may include a portion of the investor’s capital {i.e. part of Sale
Price (viz. price paid by the investor for purchase of Units) representing retained realized Nature of Scheme
gains (equalisation reserve) in the Scheme books}. 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
Exit Load investing in stock markets is an equity fund or growth fund. Likewise, a mutual fund that
Exit load is charged at the time an investor redeems the units of a mutual fund. The exit aims at capital preservation by investing in debt markets is a debt fund or income fund.
load is reduced from the prevailing NAV at the time of redemption. The investor will receive Each of these categories may have sub-categories.
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. Rating Profile
Mutual funds invest in securities after evaluating their creditworthiness as disclosed by
Modified Duration the ratings. A depiction of the mutual fund in various investments based on their ratings
Modified duration is the price sensitivity and the percentage change in price for a unit becomes the rating profile of the fund. Typically, this is a feature of debt funds.
change in yield.
2 November 2022
Market Review
Macroeconomic Update UPI + IMPS

3yr
CAGR,
G lobal economy continued to slow down with many of the indicators pointing at
slowing or negative growth momentum. While US GDP growth for Q3CY22 came in better
Spending
%
74.1 69.9 66.2 65.9 66.2 64.1 65.7 60.7 61.3
than expected, the high frequency indicators deteriorated with emerging weakness in housing Railway Freight
3.8 6.7 5.2 7.4 7.0 9.4 9.3 8.2 7.0
Tonnage
sector and PMIs index entering the contraction zone (<50). However, US labour market
continued to remain tight with non-farm payrolls, job openings and wage growth continuing to Railway Freight
5.8 4.9 4.0 7.9 9.5 12.0 12.3 11.9 9.9
surprise on the positive side. Europe and China’s growth also continues to remain soft. China Earnings
unveiled steps to ease covid restrictions, support real estates and reduced reserve requirement Manufacturing
for banks by 25 bps to support growth. CPI continued to remain high in AEs but has come Index 53.7 55.5 54.0 53.9 56.4 56.2 55.1 55.3 55.7
PMI^
off their peak.
Services PMI^ Index 55.2 55.5 53.6 59.2 55.5 57.2 54.3 55.1 56.4
India’s GDP growth eases: India’s real GDP grew by 6.3%, in line with expectations, led Unemployment % 6.9 7.9 7.6 7.8 6.8 8.3 6.4 7.8 8.0
by improvement in private consumption and resilient investment activity. Driven by demand
normalisation, private consumption recovered to 110% of pre-pandemic levels. Investment 3 year CAGR has been used for the purpose of our analysis to avoid impact of base effect
activity grew supported by healthy Government capex spending along with some recovery Source: www.gstn.org.in, www.icegate.gov.in, CMIE, PIB, RBI, www.vaahan.parivahan.gov.in, www.posoco.in
in private and housing capex. The export growth decelerated due to softness in global trade ^Number >50 reflects expansions and number <50 reflects contraction compared to previous month. @ -
while imports remained elevated due to steady domestic demand and higher commodity figures are preliminary data and are subject to revision. N.A.: Not Available
prices.
The steady growth momentum led by improvement in consumption and robust industrial
On the GVA side, services sector grew at healthy pace on the back of improvement
activity bodes well for growth outlook. This is likely to be further supported by continued
in growth momentum of trade, hotels, transport services etc. However, this sub-segment
is still only marginally above the pre-pandemic levels. Agriculture sector grew at healthy capex push by the Central Government, although softness in global growth can act as a drag
pace supported by improvement in allied agriculture activities. Industry registered negative on exports and manufacturing sector.
growth as the mining and manufacturing sectors de-grew as cost pressures led to decline in
Central Government fiscal deficit widens, still lower than pre-pandemic trend:
profitability growth of manufacturing sectors.
Centre’s fiscal deficit as % of BE rose to 46% by end-October 2022 from 37% till September
2022 but remained well below pre-pandemic 5-year average of 91%. The low fiscal deficit is
Quarter ended 30- 30- Quarter ended 30- 30-
(YoY,%) 06-22 09-22 (YoY,%) 06-22 09-22 primarily due to buoyant direct taxes and robust growth in GST revenues partly negated by
higher state transfers. On the spending side, October 2022 saw pick up in revenue spending led
GDP 13.5 6.3 GVA 12.7 5.6
by transfer to farmers under PM-KISAN plan and higher fertiliser subsidy. Capital spending
Private Consumption 25.9 9.7 Agriculture, forestry 4.5 4.6 remained robust with higher outgo on roads and railways and disbursement of interest free
& fishing capex loans to states.
Government 1.3 -4.4 Industry 8.6 -0.8
Consumption Change
Gross Capital 19.3 5.9 Manufacturing 4.8 -4.3 FYTD ending Oct-20 Oct-21 Oct-22 Change 2YR 3YR
Formation (YoY) CAGR CAGR
Gross tax revenue 8,756 13,641 16,096 18.0% 35.6% 15.2%
Gross fixed 20.1 10.4 Construction 16.8 6.6
capital formation Total Direct Tax 3,758 6,422 8,082 25.9% 46.6% 16.0%
Services 17.6 9.3 Total Indirect Tax 4,998 7,219 8,014 11.0% 26.6% 14.4%
Exports 14.7 11.5 Trade, hotels, 25.7 14.7 Less: Share of States & others 2,999 3,110 4,385 41.0% 20.9% 6.0%
transport etc.
Net Tax collection 5,757 10,531 11,711 11.2% 42.6% 19.7%
Imports 37.2 25.4 PADO 26.3 6.5
Non- Tax Revenue 1,162 2,068 1,788 -13.6% 24.0% -7.3%
GFCF – Gross fixed capital formation, PADO – Public administration, Defence and other services; GVA-
Gross value added Total Revenue Receipts 6,919 12,600 13,499 7.1% 39.7% 14.1%
The GDP growth was in line with RBI estimates. The recent activity indicators suggest Total Capital Receipts 164 197 357 81.0% 47.5% 10.0%
that the growth is still resilient supported by pent up demand and thus, should result in growth Total Receipts 7,083 12,797 13,856 8.3% 39.9% 14.0%
sustaining over the coming quarters.
Indian economic growth remained resilient: Most economic activity indicators point
at economy continuing to grow at a healthy pace. This is reflected in robust growth in retail Total Revenue Expenditures 14,641 15,735 17,347 10.2% 8.8% 6.1%
auto sales, steady GST collections, elevated retail spending, strong power demand and healthy Total Capital Expenditures 1,974 2,533 4,090 61.5% 44.0% 26.7%
growth in railway tonnage movement, etc. Further, PMIs also remain in expansionary territory.
Total Expenditures 16,615 18,267 21,437 17.4% 13.6% 9.0%
Indicators Units Sep- Dec- Mar- Jun- Jul- Aug- Sep- Oct- Nov-
21 21 22 22 22 22 22 22 22
Gross Fiscal Deficit -9,532 -5,470 -7,581 38.6% -10.8% 1.7%
Retail registration-
Auto@ Fiscal Deficit as % of BE 119.7% 36.3% 45.6%
2W -10.7 -8.4 -4.8 -4.4 -7.7 -4.1 -2.7 6.4 1.0 Source: CMIE; YoY – Year on Year, CAGR – Compounded Annual Growth Rate
PV 7.7 4.5 9.5 11.0 8.0 13.2 17.1 11.0 6.1 Going forward, both revenue and capital spending is likely to sustain on back of additional
MHCV -12.8 -9.6 -1.3 4.5 0.1 5.7 9.6 10.8 11.9 subsidies, higher allocation to MNREGS and disbursement of interest free capex loans to
states. However, tax collections are also likely to remain buoyant. Thus, on overall basis,
LCV -6.6 -11.3 0.5 2.2 -1.0 1.5 3.3 1.0 -1.8 the higher tax collections are likely to offset the impact of additional outgo and thus, fiscal
Tractors 15.9 10.0 12.0 14.3 4.3 -1.0 16.9 22.8 23.9 deficit as % of GDP is likely to be close to budgeted target of 6.4%.
Gross GST col- Retail inflation eases in October 2022, likely to moderate further in near term:
7.4 11.1 10.1 13.1 13.4 13.5 17.1 16.7 12.1
lection India’s CPI softened to 6.8% in October 2022 driven by favourable base effect. The food CPI
3yr decelerated due to favourable base effect in vegetable prices and sequential decline in edible
Average E-Way CAGR, oil (on the back of easing of global prices). While fuel and light CPI remained at elevated
12.2 12.7 12.5 14.4 13.2 15.2 17.0 13.3 14.8
bills levels, transportation and communications CPI declined due to YoY fall in petrol and diesel
%
prices. Core CPI inched up due to pick up in inflation in personal effects, education and health
Power demand 1.3 2.3 5.8 4.1 3.2 4.9 5.5 5.1 5.9 care.
Source for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research, World Bank, Daily valuation provided by ICRA/CRISIL.
Market Review continued on next page
November 2022 3
Market Review Contd...
YoY,% Sep-22 Oct-22 Change in % Equity Market Update

CPI 7.4 6.8 -0.6
Food & beverages 8.4 7.0 -1.4 I ndian equities rose during the month following the global cues and NIFTY 50 /
Fuel and Light 10.4 9.9 -0.5 S&P BSE Sensex ended November 2022 with a month on month gain of ~4%. Largecaps
outperformed the midcaps and smallcaps. Most major sector indices barring Power and Auto
Housing 4.6 4.6 0.0
delivered positive returns with Metals, Oil & gas, IT and Banking being the key performing
Transportation & communication 5.4 4.6 -0.8 sectors. The market movement was driven by hopes that the US Fed could tone down its
Core CPI@ 6.7 6.9 0.3 aggressive pace of interest rate hikes, dovish remarks in the US Federal Reserve meeting
minutes, improvement in FPI flows, expectations of gradual easing of Covid restrictions by
Source: CMIE; @-CPI excluding food, fuel, housing and transportation & communication
China and falling crude oil prices. Further, rate hikes of 75 bps by US Fed, protests in China
The CPI is likely to moderate further due to favourable base effect, arrival of kharif crops over zero covid strategy, etc. were key developments during the month.
and declining input price pressure. However, the resilient core inflation and robust domestic
Most major global equity indices also gained month-on-month with Asian / EM indices
growth poses an upside risk to the CPI.
outperforming strongly led by Hangseng. The tables below provide details of performance
Trade Deficit remains at elevated levels, likely to moderate going forward: Trade of key domestic and global indices.
deficit continued to remain at high levels in October 2022 with rise in net oil imports (because
of fall in oil exports) partly set off by lower gold imports. Further, NONG imports fell due to % Change in Indices Nov-22 FYTD23^ % Change Nov-22 FYTD23^
decline in imports of electronic goods and transport equipments. However, the impact was S&P BSE India Auto (1.1) 26.3 S&P 500 5.4 (9.9)
negated because of lower engineering and chemical exports compared to last month. S&P BSE India Bankex 4.1 18.2 Nasdaq 4.4 (19.4)
Amount in USD billion# Sep-22 Oct-22 Change FTSE 6.7 0.8
S&P BSE India Capital
1.7 23.1 DAX 8.6 (0.1)
Trade Deficit / (Surplus) 26.7 26.9 0.2 Goods
CAC 7.5 1.2
Net Oil imports 9.5 11.1 1.6 S&P BSE India FMCG 2.4 23.9
Nikkei 1.4 0.5
Net Gold imports* 3.6 3.1 -0.5 S&P BSE India Healthcare 0.1 (1.5)
Hang Seng 26.6 (15.5)
NONG deficit 13.6 12.7 -0.9 S&P BSE India Metal 6.5 (9.4) KOSPI 7.8 (10.3)
Source: CMIE, Ministry of Commerce; # preliminary data, *NONG includes net imports of gold, silver and S&P BSE India Power (3.5) 16.2 Shanghai 8.9 (3.1)
precious metals adjusted for gems and jewellery exports. S&P BSE India Oil & Gas 5.8 10.0 MSCI Emerging
The robust domestic demand along with expectations of slowdown in global growth is S&P BSE India IT 5.5 (16.2) Market Index 14.6 (14.8)
likely to keep trade deficit at elevated levels, although lower oil prices, reduction in export
duties on iron ore and petroleum products etc. should moderate the trade deficit in coming
S&P BSE SENSEX 3.9 7.7
months.
NIFTY 50 4.1 7.4
Commodity prices: Brent crude oil prices declined on weak demand outlook and easing
NIFTY Midcap 100 1.9 7.9
of sanctions on Venezuela. Most other industrial metal prices rose on back of announcement
NIFTY Smallcap 100 3.0 (4.4)
of easing of Covid related restrictions and real estate supportive measures in China. Gold
prices also rose as the US yields eased on hope of deceleration in pace of rate hikes by US Source: Bloomberg; ^Returns in FY23
fed. FPIs bought equities worth USD 4.4 billion (October 2022: Nil) but has cumulatively sold
Market price equities worth USD 3.3 billion in FYTD23 (FYTD22: USD -1.4 billion). On the other hand,
% Change Nov-22 FYTD23 DIIs sold net equity worth USD 0.8 billion in November 2022 (October 2022: Net buyer of
(USD)*
Brent Crude (Per barrel) 85.4 (9.9) (20.8) USD 1.1 billion) and have cumulatively bought ~USD 19.1 billion in 8MFY23 (8MFY22:
USD 11.6 billion).
Gold (per ounce) 1,769 8.3 (8.7)
Steel (per tonne) 535 0.0 (35.9) Net inflows to mutual funds in October 2022 moderated to ~INR 14,600 crore (September
Zinc (per tonne) 2,974 7.9 (30.2) 2022: ~ INR 17,800 crore) and ~INR 143,000 crore in 8MFY23 (8MFY22: ~INR 114,000
Copper (per tonne) 8,198 8.9 (20.7) crore).
Aluminium (per tonne) 2,448 10.4 (29.7) Of the Q2FY23 results, earnings of Banks, NBFCs and IT were better than expected while that
Lead (per tonne) 2,164 10.1 (11.1) of Cement, infrastructure, telecom and Utilities were largely in line with expectations. Results
Source: Bloomberg; *Market prices as on November 30, 2022 of metals, Oil & gas, consumer durables, consumer staples, pharma and auto were lower than
expectations.
Summary and Conclusion

Global growth continued to moderate during the month with major economies witness-
ing synchronised slowdown and financial conditions in most Advanced Economies (AEs)
remained tight because of central banks in tightening mode. Indian economic activity indicators
continued to be resilient supported by domestic consumption despite weakness in external
sector.
We remain optimistic on India’s growth prospects in the near term on the back of likely
normalisation of discretionary services spending, easing supply chain, weakening of inter-
national commodity prices and supportive fiscal policies. However, elevated energy prices,
tight monetary conditions and capital outflows could act as headwinds.
Over the medium term, Indian economy should be supported by favourable policy envi-
ronment, impact of PLI schemes, opportunities arising from shift of global supply chain,
Government thrust on infrastructure spending, etc. Further, conditions for private sector capex
remains conducive given the low corporate leverage, rising capacity utilization, broad based
improvement in profitability and robust balance sheet of banking sector.
4 November 2022
Outlook Source: Kotak Institutional Equities. Stocks are part of Kotak Institutional Equities universe. Oil & Gas sector
PE is high mainly due to one company. Excluding that, the multiple is 6x vs 15 year average multiple of 8.9x
As on 30 November 2022, NIFTY 50 was trading ~20x FY24E price to earnings

ratio. While the valuation multiples are high compared to its historical average, it should
LTA – 15 Years average. Cells in green are sectors which are trading at premium while in red are ones
which are trading at discount relative to long term average. All figures are calculated based on 12 months
forward estimates.
be viewed in context of a resilient economic recovery and healthy corporate earnings
# - as on 30 November 2022. *ex tobacco; ^to Long term (LT) average, @-Price to Book value. & - Earnings
outlook. The ratio of India’s market cap to GDP (based on CY23E GDP) is relatively
in cyclical sectors like metals can be volatile and hence, P/E should be viewed in that context.
high at ~95%. The gap between 10Y Gsec and 1Y-Forward NIFTY 50 Earning yield*
is also higher than its long-term average. [*Earning yield = 1/(one year forward P/E)]. In view of the above, while markets hold promise over the medium to long term,
Again, corporate earnings growth is likely to normalise from FY23 onwards and should one should moderate return expectations in the near term. Outlook for the market is
move in line with nominal GDP growth. likely to be driven by expected growth in nominal GDP and corporate earnings growth.
10Y Gsec and NIFTY Earning Yield Optimistic domestic growth outlook, steady corporate profitability, growth
supportive policies, etc. bode well for the economy and equity markets over the medium
to long term. Accelerated monetary policy tightening, sharp increase in US yields,
elevated inflation, slowdown in China, sustained FPIs outflows, etc. are key near-term
risks.
Source: Kotak Institutional Equities
The valuations for major sectors are close to or higher than long-term averages
as shown in the table below:
12 months forward Price To Earnings

Current# LTA Discount / Premium^
Cement 35.2 20.2 73.9
Consumer Discretionary 61.4 40.4 52.1
Consumer staples* 55.3 37.5 47.6
Auto 23.0 16.3 41.0
IT services 24.0 18.3 31.0
Oil and gas$ 14.3 11.5 24.5
Pharma 23.7 21.5 10.3
Private Banks@ 2.6 2.4 6.8
PSU Banks@ 1.3 1.2 6.6
Tobacco 21.3 22.8 -6.2
Metals& 9.0 10.0 -9.7
Electric utilities 11.0 13.0 -15.1
November 2022 5
Debt Market Update On the flip side, elevated inflation especially core CPI, high inflation expectations, resilient
domestic growth and continued global monetary tightening are likely to keep yields at elevated
levels. Further, while input prices have eased, it is yet to reflect in consumer prices and is likely
G sec yields moved within a range during November 2022 in the first half but declined to reflect with a lag. Heightened geopolitical risks and elevated oil prices are also likely to be
important considerations for domestic policy rates and thus, should have a bearing on yields.
in the second half. 10Y Gsec yield ended 17 bps lower at 7.28%. However, the short end yields
rose slightly thus further flattening the curve. The movement in yields was driven by easing Supply of state development loans (SDLs) has increased in recent weeks and is likely to rise
of CPI in India, lower than expected US CPI, fall in oil prices, likelihood of moderation in further as the state spending picks up. This along with high SLR holdings of banks and robust
pace of rate hikes by US Fed, drop in US yields, etc. Corporate bond spreads over Gsec were credit demand could also push or keep yields high.
largely steady vis a vis last month. The table below gives a summary view of movement of On an overall basis, given the counter balancing forces at play, yields are likely to trade
key rates and liquidity: in a narrow range in our view. In view of above, we recommend staggered investments into
short to medium duration debt funds with some allocation to longer duration debt funds in
Oct-22 Nov-22 Change line with individual risk appetite.
(%)
MIBOR Overnight Rate (%) 6.25 5.86 -0.39
3M Gsec yield (%) 6.36 6.45 0.10
1Y G-sec Yield (%) 6.81 6.85 0.05 GLOSSARY
10Yr Benchmark G-Sec Yield^ (%) 7.45 7.28 -0.17 AE Advanced Economies
AAA 10Year Corporate Bond Yields#, & (%) 7.71 7.55 -0.16 BE Budgeted Estimate
AAA 10Y Corporate bond spread against 10Y 26 27 0.01
benchmark@ (bps) CAGR Compound Annual Growth Rate
CPI Consumer Price Index
Average net liquidity absorbed by RBI* (INR 36 473 1,230.5
billion) DIIs Domestic Institutional Investors
EM Emerging Market
^ - bi-annual yield; #-annualised yield; & - Average yield of 6.85% NABARD maturing in April-2032 FDI Foreign Direct Investment
provided by Independent valuation agencies has been taken. @ - Spreads calculated by subtracting non-an- FIIs Foreign Institutional Investors
nualised Gsec yields from annualised corporate bond yields. FPI Foreign Portfolio Investment
*Average net daily liquidity infused / absorbed through Liquidity Adjustment Facility, exports refinance,
GDP Gross Domestic Product
marginal standing facility and term repos/reverse repos. Source: Bloomberg, RBI
IMPS Immediate Payment System
LCV Light Commercial Vehicle
Average net interbank liquidity improved month on month driven by drawdown of
Government cash balances and purchase of US dollars by RBI due to improvement in equity MHCV Medium and Heavy Commercial Vehicle
FPI flows. However, the robust credit growth weighed on the liquidity. M-o-M Month on Month
MPC Monetary Policy Committee
FPIs market activities remained muted and net outflows (including Voluntary retention
NABARD National Bank For Agriculture And Rural Development.
route) from debt was USD 0.3 billion in November 2022 (USD 0.3 billion in October 2022).
Cumulatively, FPIs have sold debt worth USD 0.3 billion in 8MFY23 vis-à-vis being net buyer NBFC Non-banking Financial Company
of USD 4.6 billion during the same period last year. NONG Non-Oil Non-Gold
PLI Production Linked Incentive
On December 7, 2022, RBI’s Monetary Policy Committee (MPC) raised the policy repo PMI Purchasing Managers’ Index
rate by 35 bps to 6.25% with a majority of 5 to 1. The MPC also kept its stance unchanged (with
PSU Public Sector Undertaking
majority of 4-2) and reiterated that it remains “focused on withdrawal of accommodation to
ensure that inflation remains within the target going forward, while supporting growth”. To PV Passenger Vehicle
recap, since the beginning of tightening cycle in May 2022, RBI has raised the repo rate by SLR Statutory Liquidity Ratio
225 bps including the aforesaid hike. UPI Unified Payments Interface
YoY Year on Year
Outlook - Rates not too far from peak?
T he hike in repo rate along with RBI Governor’s statement was largely in line with
market expectations. However, unchanged stance and tone of RBI Governor’s statement was
perceived hawkish and usage of words like “break core inflation persistence”, “battle against
inflation is not over”, etc. indicated that more rate hike(s) may be in offing. Additionally,
the retention of MPC stance and Governor’s statement that market participants must wean
themselves away from the overhang of liquidity surpluses and RBI likely to intervene if it sees
durable signs of turn in liquidity cycle were construed as RBI is likely to allow liquidity to shrink
in the near term. In reaction, yields rose across the curve with yields at short end rising more
than the long end. Governor, however, reiterated that future course of action is likely to be
data dependent, nimble and in the best interest of the economy while keeping growth in mind.
Over the past few months, the Indian 10Y Gsec yield has moved within a narrow range
despite significant movements seen in global bond yields, increase in domestic policy rates
and rise in external sector risk weighing on INR. Majority of these factors have started to
ease and are likely to continue moderating going forward. Expectations of US FOMC likely to
reduce pace of rate hikes, lower than expected US CPI (for October 2022) and easing growth
indicators have resulted in US yields and DXY falling. Broad based correction in international
commodity prices from their peak and easing supply chain should moderate inflationary
pressures. Low risk of fiscal slippages and increasing consensus that repo rate is not far from
the peak in view of growth-inflation dynamic bodes well for the yields, although tight liquidity
and strong credit growth can keep yields at short end elevated.
6 November 2022
CONTENTS
PAGE NO. PAGE NO.
WEALTH CREATION HDFC Gold ETF................................................................................... 56
HDFC Flexi Cap Fund.......................................................................... 8 HDFC Gold Fund................................................................................. 57
HDFC Multi Cap Fund......................................................................... 9-10 HDFC Silver ETF FOF........................................................................... 58
HDFC Top 100 Fund............................................................................ 11 HDFC Developed World Indexes Fund of Funds.................................... 59
HDFC Mid-Cap Opportunities Fund...................................................... 12 TAX SAVINGS
HDFC Small Cap Fund......................................................................... 13 HDFC Taxsaver................................................................................... 60
HDFC Large and Mid Cap Fund ........................................................... 14-15
CHILDREN'S FUTURE
HDFC Capital Builder Value Fund......................................................... 16
HDFC Children’s Gift Fund .................................................................. 61-62
HDFC Dividend Yield Fund.................................................................. 17
HDFC Focused 30 Fund....................................................................... 18 RETIREMENT PLANNING
HDFC Business Cycle Fund................................................................... 19 HDFC Retirement Savings Fund - Equity Plan........................................ 63
HDFC Banking & Financial Services Fund............................................. 20 HDFC Retirement Savings Fund - Hybrid Equity Plan............................. 64-65
HDFC Housing Opportunities Fund...................................................... 21 HDFC Retirement Savings Fund - Hybrid Debt Plan............................... 66
HDFC Infrastructure Fund................................................................... 22 INCOME SOLUTIONS
HDFC Balanced Advantage Fund......................................................... 23-25 HDFC Overnight Fund......................................................................... 67
HDFC Hybrid Equity Fund.................................................................... 26-27 HDFC Liquid Fund............................................................................... 68-69
HDFC Multi-Asset Fund....................................................................... 28-29 HDFC Ultra Short Term Fund............................................................... 70
HDFC Asset Allocator Fund of Funds.................................................... 30 HDFC Low Duration Fund.................................................................... 71
HDFC Equity Savings Fund.................................................................. 31-32 HDFC Money Market Fund.................................................................. 72
HDFC Hybrid Debt Fund...................................................................... 33-34 HDFC Short Term Debt Fund............................................................... 73-74
HDFC Index Fund - NIFTY 50 Plan........................................................ 35 HDFC Medium Term Debt Fund........................................................... 75
HDFC Index Fund - S&P BSE SENSEX Plan............................................ 36 HDFC Income Fund............................................................................ 76
HDFC NIFTY 100 Index Fund................................................................ 37 HDFC Arbitrage Fund.......................................................................... 77-78
HDFC NIFTY50 Equal Weight Index Fund.............................................. 38 HDFC Floating Rate Debt Fund............................................................ 79
HDFC NIFTY 100 Equal Weight Index Fund........................................... 39 HDFC Corporate Bond Fund................................................................ 80
HDFC NIFTY Next 50 Index Fund.......................................................... 40 HDFC Banking and PSU Debt Fund...................................................... 81
HDFC Nifty G-Sec Dec 2026 Index Fund............................................... 41 HDFC Credit Risk Debt Fund................................................................ 82-83
HDFC Nifty G-Sec Jul 2031 Index Fund................................................. 42 HDFC Dynamic Debt Fund................................................................... 84
HDFC NIFTY 50 ETF............................................................................. 43 HDFC Gilt Fund.................................................................................. 85
HDFC S&P BSE SENSEX ETF................................................................. 44
HDFC NIFTY Bank ETF......................................................................... 45 Fund Details Annexure ...................................................................... 86-92
HDFC NIFTY 100 ETF........................................................................... 46 Segment-Wise Break-up Of Equity Holding .......................................... 92
HDFC NIFTY Next 50 ETF..................................................................... 47 Performance details of schemes
managed by respective fund managers .............................................. 93
HDFC Silver ETF.................................................................................. 48
Scheme performance summary - Regular Plans .................................. 94
HDFC NIFTY50 VALUE 20 ETF............................................................... 49
Scheme performance summary - Direct Plans ..................................... 95-99
HDFC NIFTY100 Quality 30 ETF............................................................ 50
IDCW History .................................................................................... 100-
HDFC NIFTY Growth Sectors 15 ETF...................................................... 51 101
HDFC NIFTY100 Low Volatility 30 ETF................................................... 52 Benchmark and Scheme riskometers .................................................. 102-
HDFC NIFTY200 Momentum 30 ETF.................................................... 53 110
HDFC NIFTY IT ETF.............................................................................. 54 Disclaimer ........................................................................................ 111
HDFC NIFTY Private Bank ETF.............................................................. 55
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.
INCOME SOLUTIONS 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.
November 2022 7
HDFC Flexi Cap Fund CATEGORY OF SCHEME
FLEXI CAP FUND
(An open ended dynamic equity scheme investing across large cap,
mid cap & small cap stocks.)
INVESTMENT OBJECTIVE : To generate capital appreciation / income from a portfolio, predominantly invested in equity & equity related instruments.
PORTFOLIO
FUND MANAGER § ¥
Roshi Jain Company Industry+ % to Company Industry+ % to
(since July 29, 2022) NAV NAV
Total Experience: Over 16 years EQUITY & EQUITY RELATED REC Limited. Finance 0.50
• ICICI Bank Ltd. Banks 9.23 Varroc Engineering Limited Auto Components 0.47
• State Bank of India Banks 6.41 Delhivery Limited Transport Services 0.40
DATE OF ALLOTMENT / INCEPTION DATE • Infosys Limited IT - Software 5.96 Zee Entertainment Enterprises
January 1, 1995 • HDFC Bank Ltd. Banks 5.87 Ltd. Entertainment 0.33
• NTPC Limited Power 4.45 Bharat Electronics Ltd. Aerospace & Defense 0.32
• Bharti Airtel Ltd. Telecom - Services 4.22 Life Insurance Corporation
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • HCL Technologies Ltd. IT - Software 4.09 of India Insurance 0.29
• Larsen and Toubro Ltd. Construction 3.78 InterGlobe Aviation Ltd. Transport Services 0.28
Regular Plan - Growth Option 1182.278 • Mahindra & Mahindra Ltd. Automobiles 3.76 Time Technoplast Limited Industrial Products 0.28
Regular Plan - IDCW Option 62.950 Bosch Limited Auto Components 0.24
Direct Plan - Growth Option 1270.375 • Housing Development Fin.
Direct Plan - IDCW Option 71.384 Corp. Ltd.£ Finance 3.49 Hindustan Construction
SBI Life Insurance Company Ltd. Insurance 3.35 Company Ltd. Construction 0.20
Axis Bank Ltd. Banks 2.66 BEML Land Assets Limited Agricultural,
ASSETS UNDER MANAGEMENT J
Hindustan Aeronautics Limited Aerospace & Defense 2.28 Commercial &
As on November 30, 2022 Reliance Industries Ltd. Petroleum Products 2.24 Construction Vehicles 0.15
` 32,893.71 Cr. Coal India Ltd. Consumable Fuels 2.22 Ramco Systems Ltd. IT - Software 0.13
Average for Month of November 2022 Bank of Baroda Banks 1.97 ESCORTS LTD. Agricultural,
Commercial &
` 32,128.24 Cr. Bharat Dynamics Limited Aerospace & Defense 1.83
Construction Vehicles 0.09
Oil & Natural Gas Corporation
Ltd. Oil 1.72 Simplex Infrastructures Limited Construction 0.08
QUANTITATIVE DATA SBI CARDS AND PAYMENT Container Corporation of
Portfolio Turnover Ratio (Last 1 year) 39.27% SERVICES LIMITED Finance 1.68 India Ltd. Transport Services 0.06
Risk Ratio ITC Ltd. Diversified Fmcg 1.55 Sub Total 91.52
n Standard Deviation 7.130% Cipla Ltd. Pharmaceuticals & Cash,Cash Equivalents and Net Current Assets 8.48
n Beta 1.039 Biotechnology 1.50 Grand Total 100.00
n Sharpe Ratio* 0.189 Tech Mahindra Ltd. IT - Software 1.49 • Top Ten Holdings, £ Sponsor
Computed for the 3-yr period ended November Apollo Hospitals Enterprise Ltd. Healthcare Services 1.26
30, 2022. Based on month-end NAV. Bharat Petroleum Corporation Face Value per Unit: ` 10, + Industry Classification as
* Risk free rate: 5.86% (Source: FIMMDA MIBOR) Ltd. Petroleum Products 1.18
Lupin Ltd. Pharmaceuticals & recommended by AMFI, Data is as of November 30, 2022 unless
For schemes which have not completed 3 years, otherwise specified.
data is computed since inception. Biotechnology 1.16
UltraTech Cement Limited Cement & Cement
Products 1.02 § Date of migration from Zurich India Mutual Fund (Close of
TOTAL EXPENSE RATIO (As on November 30, 2022) Indian Railways Finance business hours - June 19, 03).
Including Additional Expenses and Goods and Service Corp. Ltd. Finance 1.00 ¥ Dedicated Fund Manager for Overseas Investments:
Tax on Management Fees GAIL (India) Ltd. Gas 0.98 Mr. Priya Ranjan (since May 01, 2022)
Tata Motors Ltd. Automobiles 0.93 (Total Experience: Over 15 years).
Regular: 1.63% Direct: 1.03% Kalpataru Power Transmission
Ltd. Construction 0.92 J Includes investments made by the schemes of HDFC Mutual
BEML Limited Agricultural, Fund aggregating to ` 400.99 Crores.
#BENCHMARK INDEX: Commercial & Please refer Minimum Application Amount, Plans & Options
NIFTY 500 (Total Returns Index) Construction Vehicles 0.81 and Exit Load, on Page no. 86 to 92.
##ADDL. BENCHMARK INDEX: Hindustan Petroleum Corp. Ltd. Petroleum Products 0.74
NIFTY 50 (Total Returns Index) Tata Communications Limited Telecom - Services 0.72
CESC Ltd. Power 0.71
Dr Reddys Laboratories Ltd. Pharmaceuticals &
Biotechnology 0.52
Industry Allocation of Equity Holding

SIP PERFORMANCE ^ - Regular Plan - Growth Option
(% of Net Assets) Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Banks 26.14 Total Amount Invested (` in Lacs) 33.50 18.00 12.00 6.00 3.60 1.20
IT - Software 11.67 Mkt Value As on November 30, 2022 (` in Lacs) 1,294.11 63.38 27.92 10.07 5.61 1.39
Finance 6.67 Returns (%) 21.00 15.32 16.11 20.82 31.03 30.29
Power 5.16 Benchmark Returns (%) # 15.04 13.82 15.09 17.85 23.40 17.37
Construction 4.98 Additional Benchmark Returns (%) ## 14.03 13.38 14.62 17.54 22.41 19.66
Telecom - Services 4.94 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Automobiles 4.69 accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
Aerospace & Defense 4.43 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Petroleum Products 4.16 PERFORMANCE ^ - Regular Plan - Growth Option
Insurance 3.64 Scheme Benchmark Additional Value of ` 10,000 invested
Pharmaceuticals & Biotechnology 3.18 Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
Consumable Fuels 2.22 (`)# Benchmark
(%) ## (`)##
Oil 1.72
Diversified Fmcg 1.55 Nov 30, 21 Last 1 Year 23.72 10.20 11.93 12,372 11,020 11,193
Healthcare Services 1.26 Nov 29, 19 Last 3 Years 20.64 18.83 17.22 17,574 16,795 16,123
Agricultural, Commercial & Construction Vehicles 1.05 Nov 30, 17 Last 5 Years 13.22 13.03 14.32 18,614 18,456 19,529
Cement & Cement Products 1.02 Nov 30, 12 Last 10 Years 15.30 14.35 13.69 41,573 38,260 36,095
Gas 0.98 Jan 01, 95 Since Inception 18.63 12.17 11.67 1,182,278 247,385 218,095
Transport Services 0.74 Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by
Auto Components 0.71 Roshi Jain, please refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct
Entertainment 0.33 Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. As NIFTY 50 TRI data
is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY 50 PRI values
Industrial Products 0.28 from January 1, 1995 to June 29, 1999 and TRI values since June 30, 1999. For Performance of Direct Plan, refer page 95 to 99.
0 5 10 15 20 25 30
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.
For Product label of the Scheme and riskometer of the Benchmark, refer page 102 to 110.
8 November 2022
HDFC Multi Cap Fund CATEGORY OF SCHEME
MULTI CAP FUND
(An open ended equity scheme investing across large cap, mid cap &
small cap stocks)
INVESTMENT OBJECTIVE : To generate long term capital appreciation by investing in equity and equity related securities of large cap, mid cap and small cap companies.
FUND MANAGER¥
PERFORMANCE ^ - Regular Plan - Growth Option
Scheme Benchmark Additional Value of ` 10,000 invested
Gopal Agrawal Returns Returns Benchmark Scheme (`) Benchmark Additional
(since December 10, 2021) Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
Total Experience: Over 17 years (`)##
May 31, 22 Last 6 Months 36.71 26.91 27.62 11,840 11,349 11,385
DATE OF ALLOTMENT / INCEPTION DATE Simple annualized returns have been provided as per the extant guidelines since the scheme has completed 6 months but not 1 year. However,
such returns may not be represenative. Absolute returns of the Scheme for the 6 month period is 18.40%. For performance of other schemes
December 10, 2021 managed by Gopal Agrawal, please refer page 96. 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 95 to 99.
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Regular Plan - Growth Option 11.285 Load is not taken into consideration for computation of performance.
Regular Plan - IDCW Option 11.285
Direct Plan - Growth Option 11.456 ¥ Dedicated Fund Manager for Overseas Investments:
Direct Plan - IDCW Option 11.456
Mr. Priya Ranjan (since May 01, 2022)
(Total Experience: Over 15 years).
ASSETS UNDER MANAGEMENT Please refer Minimum Application Amount, Plans & Options and Exit Load, on Page no. 86 to 92.
As on November 30, 2022
` 6,017.18 Cr.
Average for Month of November 2022
` 5,867.99 Cr.
TOTAL EXPENSE RATIO (As on November 30, 2022)
Including Additional Expenses and Goods and Service
Tax on Management Fees
Regular: 1.78% Direct: 0.40%
#BENCHMARK INDEX:
NIFTY500 MultiCap 50:25:25 (Total
Returns Index)
##ADDL. BENCHMARK INDEX:
NIFTY 50 (Total Returns Index)

(% of Net Assets)
Banks 14.71
IT - Software 8.98
Industrial Products 6.14
Finance 6.11
Chemicals & Petrochemicals 5.00
Consumer Durables 4.82
Pharmaceuticals & Biotechnology 4.64
Auto Components 4.51
Cement & Cement Products 3.71
Construction 3.70
Leisure Services 3.32
Petroleum Products 3.19
Diversified Fmcg 2.77
Electrical Equipment 2.49
Automobiles 2.25
Aerospace & Defense 1.94
Power 1.87
Telecom - Services 1.84
Healthcare Services 1.59
Personal Products 1.54
Transport Services 1.45
Agricultural, Commercial & Construction Vehicles 1.44
Beverages 1.32
Retailing 1.26
Insurance 1.12
Industrial Manufacturing 1.11
Consumable Fuels 0.99
Ferrous Metals 0.76
Entertainment 0.69
Fertilizers & Agrochemicals 0.63
Capital Markets 0.61
Oil 0.56
Gas 0.50
Financial Technology (Fintech) 0.38
IT - Services 0.32
Food Products 0.31
Non - Ferrous Metals 0.30
Agricultural Food & Other Products 0.21
0 5 10 15
For Product label of the Scheme and riskometer of the Benchmark, refer page 102 to 110. ....Contd on next page
November 2022 9
HDFC Multi Cap Fund CATEGORY OF SCHEME
MULTI CAP FUND
(An open ended equity scheme investing across large cap, mid cap &
small cap stocks)
PORTFOLIO
Company Industry+ % to Company Industry+ % to

NAV NAV
EQUITY & EQUITY RELATED Ipca Laboratories Ltd. Pharmaceuticals &
• ICICI Bank Ltd. Banks 4.28 Biotechnology 0.54
• HDFC Bank Ltd. Banks 3.62 Tech Mahindra Ltd. IT - Software 0.54
• Infosys Limited IT - Software 3.12 Bajaj Electricals Ltd. Consumer Durables 0.53
• Reliance Industries Ltd. Petroleum Products 2.41 Torrent Power Ltd. Power 0.52
• Tata Consultancy Services Ltd. IT - Software 1.96 Bandhan Bank Ltd. Banks 0.51
• State Bank of India Banks 1.90 Bharat Dynamics Limited Aerospace & Defense 0.50
• Apar Industries Limited Electrical Equipment 1.79 Centum Electronics Ltd. Industrial Manufacturing 0.50
• ITC Ltd. Diversified Fmcg 1.70 Mahanagar Gas Ltd. Gas 0.50
• Indian Hotels Company Ltd. Leisure Services 1.66 Restaurant Brands Asia Limited Leisure Services 0.50
• Larsen and Toubro Ltd. Construction 1.64 Alkem Laboratories Ltd. Pharmaceuticals &
Max Healthcare Institute Limited Healthcare Services 1.59 Biotechnology 0.49
Timken India Ltd. Industrial Products 1.49 REC Limited. Finance 0.49
UltraTech Cement Limited Cement & Cement Products 1.47 Trent Ltd. Retailing 0.49
ESCORTS LTD. Agricultural, Commercial & Kajaria Ceramics Ltd. Consumer Durables 0.48
Construction Vehicles 1.44 Muthoot Finance Ltd. Finance 0.48
HCL Technologies Ltd. IT - Software 1.40 Nilkamal Ltd. Consumer Durables 0.48
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & The Ramco Cements Ltd. Cement & Cement Products 0.47
Biotechnology 1.40 Power Finance Corporation Ltd. Finance 0.46
Tata Motors Ltd. Automobiles 1.24 Sundaram Finance Ltd. Finance 0.46
Housing Development Fin. Corp. Ltd.£ Finance 1.23 CESC Ltd. Power 0.45
The Federal Bank Ltd. Banks 1.17 Glenmark Pharmaceuticals Ltd. Pharmaceuticals &
SBI Life Insurance Company Ltd. Insurance 1.12 Biotechnology 0.43
Vesuvius India Ltd. Industrial Products 1.12 MM Forgings Ltd. Industrial Products 0.43
Hindustan Unilever Ltd. Diversified Fmcg 1.07 Bank of Baroda Banks 0.42
Apollo Tyres Ltd. Auto Components 1.06 Eicher Motors Ltd. Automobiles 0.41
IIFL Wealth Management Ltd. Finance 1.06 TCI Express Ltd. Transport Services 0.41
Kalpataru Power Transmission Ltd. Construction 1.06 Aurobindo Pharma Ltd. Pharmaceuticals &
Axis Bank Ltd. Banks 1.03 Biotechnology 0.39
Ambuja Cements Ltd. Cement & Cement Products 0.99 Dilip Buildcon Ltd. Construction 0.39
Coal India Ltd. Consumable Fuels 0.99 AkzoNobel India Ltd. Consumer Durables 0.38
Tata Communications Limited Telecom - Services 0.99 Goodyear India Ltd. Auto Components 0.38
Wheels India Ltd. Auto Components 0.99 PB FINTECH LIMITED (Policy Bazaar) Financial Technology
(Fintech) 0.38
Atul Ltd. Chemicals & Petrochemicals 0.98 Gabriel India Ltd. Auto Components 0.37
Indusind Bank Ltd. Banks 0.97 Graphite India Ltd. Industrial Products 0.37
Archean Chemical Industries Limited Chemicals & Petrochemicals 0.95 Sonata Software Ltd. IT - Software 0.36
Supreme Industries Ltd. Industrial Products 0.92 Bajaj Consumer Care Ltd. Personal Products 0.32
Carborundum Universal Ltd. Industrial Products 0.91 Chambal Fertilizers & Chemicals Ltd. Fertilizers & Agrochemicals 0.32
Bharat Forge Ltd. Industrial Products 0.90 Greenply Industries Ltd. Consumer Durables 0.32
NTPC Limited Power 0.90 L&T Technology Services Ltd. IT - Services 0.32
Shriram Transport Finance Co. Ltd. Finance 0.88 Rallis India Ltd. Fertilizers & Agrochemicals 0.31
Bharti Airtel Ltd. Telecom - Services 0.85 Sagar Cements Ltd. Cement & Cement Products 0.31
Kotak Mahindra Bank Limited Banks 0.81 Hindalco Industries Ltd. Non - Ferrous Metals 0.30
Hindustan Petroleum Corp. Ltd. Petroleum Products 0.78 Samvardhana Motherson International Ltd. Auto Components 0.30
Great Eastern Shipping Company Ltd. Transport Services 0.77 Sona Blw Precision Forgings Auto Components 0.30
Navin Fluorine International Ltd. Chemicals & Petrochemicals 0.77 Gateway Distriparks Limited Transport Services 0.27
Tata Steel Ltd. Ferrous Metals 0.76 SBI CARDS AND PAYMENT SERVICES LIMITED Finance 0.27
United Spirits Limited Beverages 0.76 Varroc Engineering Limited Auto Components 0.25
GUJARAT FLUOROCHEMICALS LIMITED Chemicals & Petrochemicals 0.74 Birla Corporation Ltd. Cement & Cement Products 0.24
Persistent Systems Limited IT - Software 0.74 Data Patterns (India) Limited Aerospace & Defense 0.24
Cipla Ltd. Pharmaceuticals & Motherson Sumi Wiring India Limited Auto Components 0.23
Biotechnology 0.71
CG Power and Industrial Solutions Ltd. Electrical Equipment 0.70 Orient Cement Ltd. Cement & Cement Products 0.23
Zee Entertainment Enterprises Ltd. Entertainment 0.69 Suprajit Engineering Ltd. Auto Components 0.23
METRO BRANDS LIMITED Consumer Durables 0.68 Balkrishna Industries Ltd. Auto Components 0.22
MphasiS Limited. IT - Software 0.67 Chemplast Sanmar Limited Chemicals & Petrochemicals 0.22
Asian Paints Limited Consumer Durables 0.66 Advanced Enzyme Technologies Ltd. Agricultural Food & Other
Products 0.21
MTAR Technologies Limited Aerospace & Defense 0.66 Zensar Technologies Ltd. IT - Software 0.19
Voltas Ltd. Consumer Durables 0.65 Sundram Fasteners Ltd. Auto Components 0.18
Dabur India Ltd. Personal Products 0.64 BIKAJI FOODS INTERNATIONAL LIMITED Food Products 0.17
Dixon Technologies (India) Ltd. Consumer Durables 0.64 CanFin Homes Ltd. Finance 0.17
Aditya Birla Fashion and Retail Ltd. Retailing 0.63 SRF Ltd. Chemicals & Petrochemicals 0.15
Dr Reddys Laboratories Ltd. Pharmaceuticals & Avanti Feeds Ltd. Food Products 0.14
Biotechnology 0.62
Elecon Engineering Comapny Ltd. Industrial Manufacturing 0.61 Indiamart Intermesh Limited Retailing 0.14
Mahindra & Mahindra Financial Services Ltd. Finance 0.61 Aarti Pharmalabs Limited Pharmaceuticals &
Biotechnology 0.04
Pidilite Industries Ltd. Chemicals & Petrochemicals 0.61 Torrent Pharmaceuticals Ltd. Pharmaceuticals &
Prudent Corporate Advisory Services Limited Capital Markets 0.61 Biotechnology 0.02
Techno Electric & Engin. Co. Ltd. Construction 0.61 Sub Total 99.08
Delta Corp Ltd. Leisure Services 0.60 Cash,Cash Equivalents and Net Current Assets 0.92
Maruti Suzuki India Limited Automobiles 0.60 Grand Total 100.00
Aarti Industries Ltd. Chemicals & Petrochemicals 0.58
Godrej Consumer Products Ltd. Personal Products 0.58 • Top Ten Holdings, £ Sponsor
Chalet Hotels Ltd. Leisure Services 0.56
Oil & Natural Gas Corporation Ltd. Oil 0.56 Face Value per Unit: ` 10, + Industry Classification as recommended by AMFI, Data is as of
United Breweries Ltd. Beverages 0.56 November 30, 2022 unless otherwise specified.
Bharat Electronics Ltd. Aerospace & Defense 0.54
10 November 2022
HDFC Top 100 Fund CATEGORY OF SCHEME
LARGE-CAP FUND
(An open ended equity scheme predominantly investing in large cap stocks)
INVESTMENT OBJECTIVE : To provide long-term capital appreciation/income by investing predominantly in Large-Cap companies.
PORTFOLIO
FUND MANAGER § ¥
Rahul Baijal Company Industry+ % to Company Industry+ % to
Total Experience: Over 21 years EQUITY & EQUITY RELATED HDFC Life Insurance Company
• ICICI Bank Ltd. Banks 9.05 Limited Insurance 0.48
• HDFC Bank Ltd. Banks 8.39 Hindalco Industries Ltd. Non - Ferrous Metals 0.48
DATE OF ALLOTMENT / INCEPTION DATE • Reliance Industries Ltd. Ambuja Cements Ltd. Cement & Cement
October 11, 1996 • Infosys Limited IT - Software 6.36
Products 0.46
Siemens Ltd. Electrical Equipment 0.46
• Housing Development Fin. Corp.
Ltd.£ Finance 5.44 Aurobindo Pharma Ltd. Pharmaceuticals &
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • ITC Ltd. Biotechnology 0.45
SRF Ltd. Chemicals &
Regular Plan - Growth Option 774.783 • State Bank of India Banks 4.22 Petrochemicals 0.42
Regular Plan - IDCW Option 52.717 • NTPC Limited Power 4.01
Direct Plan - Growth Option 825.006 Zee Entertainment Enterprises Ltd. Entertainment 0.42
• Larsen and Toubro Ltd. Construction 3.72 Cholamandalam Investment &
• Axis Bank Ltd. Banks 3.63 Finance Co. Ltd. Finance 0.40
Coal India Ltd. Consumable Fuels 3.21 Dabur India Ltd. Personal Products 0.38
ASSETS UNDER MANAGEMENT ϑ Tata Consultancy Services Ltd. IT - Software 3.04 Bank of Baroda Banks 0.37
As on November 30, 2022 Bharti Airtel Ltd. Telecom - Services 2.65 Tata Steel Ltd. Ferrous Metals 0.37
` 23,452.68 Cr. Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Tata Communications Limited Telecom - Services 0.35
Average for Month of November 2022 Biotechnology 2.33 Container Corporation of India Ltd. Transport Services 0.33
` 22,977.97 Cr. SBI Life Insurance Company Ltd. Insurance 1.86 Life Insurance Corporation of India Insurance 0.32
Power Finance Corporation Ltd. Finance 1.80 Bajaj Auto Limited Automobiles 0.31
QUANTITATIVE DATA Mahindra & Mahindra Ltd. Automobiles 1.61 Hero MotoCorp Ltd. Automobiles 0.27
Portfolio Turnover Ratio (Last 1 year) 17.46% Lupin Ltd. Pharmaceuticals & ABB India Ltd. Electrical Equipment 0.14
Biotechnology 1.38
Risk Ratio ICICI Prudential Life Insurance
n Standard Deviation 6.640% HCL Technologies Ltd. IT - Software 1.32 Company Ltd. Insurance @
n Beta 1.011 Tata Motors Ltd. Automobiles 1.07 Sub Total 94.28
n Sharpe Ratio* 0.143 Hindustan Petroleum Corp. Ltd. Petroleum Products 1.02 Cash,Cash Equivalents and Net Current Assets 5.72
Computed for the 3-yr period ended November Indusind Bank Ltd. Banks 1.02 Grand Total 100.00
30, 2022. Based on month-end NAV. UltraTech Cement Limited Cement & Cement
* Risk free rate: 5.86% (Source: FIMMDA MIBOR) Products 0.98 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
For schemes which have not completed 3 years, Tata Consumer Products Limited Agricultural Food &
data is computed since inception. Other Products 0.96 Face Value per Unit: ` 10, + Industry Classification as
REC Limited. Finance 0.83 recommended by AMFI, Data is as of November 30, 2022 unless
Hindustan Unilever Ltd. Diversified Fmcg 0.80 otherwise specified.
TOTAL EXPENSE RATIO (As on November 30, 2022) Cipla Ltd. Pharmaceuticals &
Including Additional Expenses and Goods and Service Biotechnology 0.76 § Date of migration from Zurich India Mutual Fund (Close of
Tax on Management Fees Bharat Petroleum Corporation Ltd. Petroleum Products business hours - June 19, 03).
0.75
Regular: 1.70% Direct: 1.15% Bharat Electronics Ltd. Aerospace & ¥ Dedicated Fund Manager for Overseas Investments:
Defense 0.74 Mr. Priya Ranjan (since May 01, 2022)
Oil & Natural Gas Corporation Ltd. Oil 0.73 (Total Experience: Over 15 years).
#BENCHMARK INDEX: Maruti Suzuki India Limited Automobiles 0.69
NIFTY 100 (Total Returns Index) Hindustan Aeronautics Limited Aerospace & J Includes investments made by the schemes of HDFC Mutual Fund
##ADDL. BENCHMARK INDEX: Defense 0.68 aggregating to ` 406.83 Crores.
S&P BSE SENSEX (Total Returns Index) SBI CARDS AND PAYMENT Please refer Minimum Application Amount, Plans & Options and
SERVICES LIMITED Finance 0.68 Exit Load, on Page no. 86 to 92.
Wipro Ltd. IT - Software 0.56

Industry Allocation of Equity Holding Since Inception 15 year 10 year 5 year 3 year 1 year
(% of Net Assets) SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 31.40 18.00 12.00 6.00 3.60 1.20
Banks 26.68
Mkt Value As on November 30, 2022 (` in Lacs) $$ 611.21 53.87 24.63 9.07 5.09 1.34
IT - Software 11.28
Finance 9.15
Returns (%) $$ 18.62 13.44 13.78 16.55 23.89 22.68
Petroleum Products 8.81 Benchmark Returns (%) # N.A. 13.66 14.63 17.14 22.02 18.26
Diversified Fmcg 5.34 Additional Benchmark Returns (%) ## 14.77 13.64 14.88 17.69 22.06 20.35
Pharmaceuticals & Biotechnology 4.92 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Power 4.01 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.
Automobiles 3.95
Construction 3.72 PERFORMANCE ^ - Regular Plan - Growth Option
Consumable Fuels 3.21 Scheme Benchmark Additional Value of ` 10,000 invested
Telecom - Services 3.00 Returns Returns Benchmark Scheme (`) Benchmark Additional
Insurance 2.66
Date Period (%) $$ (%)# Returns
(%) ## $$ (`)# Benchmark
Cement & Cement Products 1.44 (`)##
Aerospace & Defense 1.42 Nov 30, 21 Last 1 Year 16.23 10.99 12.04 11,623 11,099 11,204
Agricultural Food & Other Products 0.96 Nov 29, 19 Last 3 Years 15.57 17.10 16.98 15,450 16,072 16,020
Oil 0.73 Nov 30, 17 Last 5 Years 11.24 13.55 15.07 17,038 18,880 20,184
Nov 30, 12 Last 10 Years 13.36 14.00 14.04 35,073 37,104 37,224
Entertainment 0.42
Oct 11, 96 Since Inception 18.99 NA 13.91 944,699 NA 301,636
Chemicals & Petrochemicals 0.42 Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. $$ All Distributions declared prior to the splitting of
the Scheme into IDCW & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-distribution
NAV). For performance of other schemes managed by Rahul Baijal, please refer page 96. Different plans viz. Regular Plan and Direct Plan
Ferrous Metals 0.37 have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses
Transport Services 0.33 / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
0 10 20 30
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan. Load
is not taken into consideration for computation of performance.
November 2022 11
HDFC Mid-Cap Opportunities Fund CATEGORY OF SCHEME
MID CAP FUND
(An open ended equity scheme predominantly investing in mid cap stocks)
INVESTMENT OBJECTIVE : To provide long-term capital appreciation/income by investing predominantly in Mid-Cap companies.
PORTFOLIO
FUND MANAGER ¥
Chirag Setalvad Company Industry+ / Rating % to Company Industry+ / Rating % to
(since June 25, 2007) NAV NAV
Total Experience: Over 25 years EQUITY & EQUITY RELATED Karur Vysya Bank Ltd. Banks 0.92
• Indian Hotels Company Ltd. Leisure Services 4.62 Emami Ltd. Personal Products 0.91
• Bharat Electronics Ltd. Aerospace & Defense 3.75 Zee Entertainment Enterprises
DATE OF ALLOTMENT / INCEPTION DATE • Hindustan Aeronautics Limited Aerospace & Defense 3.71 Ltd. Entertainment 0.91
June 25, 2007 • Max Healthcare Institute Limited Healthcare Services 3.65 Greenlam Industries Ltd. Consumer Durables 0.81
• Cholamandalam Investment & Aurobindo Pharma Ltd. Pharmaceuticals &
Finance Co. Ltd. Finance 3.46 Biotechnology 0.80
• Sundram Fasteners Ltd. Auto Components 3.33 Greenpanel Industries Limited Consumer Durables 0.76
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • Tata Communications Limited Telecom - Services 3.20 Vardhman Textiles Ltd. Textiles & Apparels 0.75
Regular Plan - Growth Option 103.762 • Apollo Tyres Ltd. Auto Components 2.99 Delta Corp Ltd. Leisure Services 0.70
Regular Plan - IDCW Option 38.555 • Crompton Greaves Consumer Glenmark Pharmaceuticals Ltd. Pharmaceuticals &
Direct Plan - Growth Option 112.313 Elec. Ltd. Consumer Durables 2.85 Biotechnology 0.68
Direct Plan - IDCW Option 52.277 • Balkrishna Industries Ltd. Auto Components 2.77 Nippon Life India Asset
SKF India Ltd. Industrial Products 2.66 Management Limited Capital Markets 0.63
The Federal Bank Ltd. Banks 2.29 Navneet Education Ltd. Printing & Publication 0.56
ASSETS UNDER MANAGEMENT J Indian Bank Banks 2.28 Symphony Ltd. Consumer Durables 0.54
As on November 30, 2022 Ipca Laboratories Ltd. Pharmaceuticals & Cholamandalam Financial
` 36,158.27 Cr. Biotechnology 2.27 Holdings Ltd. Finance 0.51
Average for Month of November 2022 Max Financial Services Ltd. Insurance 2.24 RBL Bank Ltd. Banks 0.42
` 35,545.53 Cr. Jindal Steel & Power Ltd. Ferrous Metals 2.22 Dilip Buildcon Ltd. Construction 0.40
Shriram Transport Finance Co. Ltd. Finance 2.22 Vesuvius India Ltd. Industrial Products 0.38
Persistent Systems Limited IT - Software 2.10 Greenply Industries Ltd. Consumer Durables 0.34
QUANTITATIVE DATA AIA Engineering Ltd. Industrial Products 2.09 Jagran Prakashan Ltd. Media 0.33
Portfolio Turnover Ratio (Last 1 year) 17.24% GUJARAT FLUOROCHEMICALS Chemicals & Arvind Limited Textiles & Apparels 0.32
LIMITED Petrochemicals 1.93 Mahindra Holidays & Resorts
Risk Ratio Coforge Limited IT - Software 1.88 Ind Ltd. Leisure Services 0.25
n Standard Deviation 7.056%
n Beta
Redington Ltd. Commercial Services & Dhanuka Agritech Ltd. Fertilizers & Agrochemicals 0.21
0.933 Supplies 1.76 Aarti Pharmalabs Limited Pharmaceuticals &
n Sharpe Ratio* 0.232 City Union Bank Ltd. Banks 1.73 Biotechnology 0.12
Computed for the 3-yr period ended November Aarti Industries Ltd. Chemicals & Alembic Pharmaceuticals Pharmaceuticals &
30, 2022. Based on month-end NAV. Petrochemicals 1.65 Limited Biotechnology 0.07
* Risk free rate: 5.86% (Source: FIMMDA MIBOR) Supreme Industries Ltd. Industrial Products 1.65 Sub Total 95.48
For schemes which have not completed 3 years, Union Bank of India Banks 1.48 Cash,Cash Equivalents and Net Current Assets 4.52
data is computed since inception. Solar Industries India Ltd. Chemicals & Grand Total 100.00
Petrochemicals 1.46
Atul Ltd. Chemicals & Petrochemicals 1.39 • Top Ten Holdings
TOTAL EXPENSE RATIO (As on November 30, 2022) REC Limited. Finance 1.37
Including Additional Expenses and Goods and Service KNR Construction limited. Construction 1.32 Face Value per Unit: ` 10, + Industry Classification as recommended
Tax on Management Fees Hindustan Petroleum Corp. Ltd. Petroleum Products 1.23 by AMFI, Data is as of November 30, 2022 unless otherwise specified.
Regular: 1.60% Direct: 0.96% Tata Chemicals Ltd. Chemicals &
Petrochemicals 1.22 ¥ Dedicated Fund Manager for Overseas Investments:
Power Finance Corporation Ltd. Finance 1.18 Mr. Priya Ranjan (since May 01, 2022)
Mahindra & Mahindra Financial (Total Experience: Over 15 years).
#BENCHMARK INDEX: Services Ltd. Finance 1.17
NIFTY Midcap 150 (Total Returns Index) Cummins India Ltd. Industrial Products 1.16 J Includes investments made by the schemes of HDFC Mutual Fund
##ADDL. BENCHMARK INDEX: KEC International Ltd. Electrical Equipment 1.04 aggregating to ` 106.34 Crores.
NIFTY 50 (Total Returns Index) Oracle Financial Ser Software Ltd. IT - Software 1.01 Please refer Minimum Application Amount, Plans & Options and
VST Industries Ltd. Cigarettes & Tobacco Exit Load, on Page no. 86 to 92.
Products 0.96
Schaeffler India Ltd. Auto Components 0.94
Tube Investments of India Ltd. Auto Components 0.93
(% of Net Assets) SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 15 year 10 year 5 year 3 year 1 year
Auto Components 10.96 Total Amount Invested (` in Lacs) 18.60 18.00 12.00 6.00 3.60 1.20
Finance 9.91 Mkt Value As on November 30, 2022 (` in Lacs) 91.88 85.92 31.17 10.06 5.49 1.35
Banks 9.12 Returns (%) 18.51 18.79 18.16 20.79 29.39 24.34
Chemicals & Petrochemicals 7.65 Benchmark Returns (%) # 16.82 17.18 18.48 21.06 28.46 15.77
Aerospace & Defense 7.46 Additional Benchmark Returns (%) ## 13.15 13.38 14.62 17.54 22.41 19.66
Leisure Services 5.57 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Consumer Durables 5.30 accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
IT - Software 4.99 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Telecom - Services 3.20 PERFORMANCE ^ - Regular Plan - Growth Option
Ferrous Metals 2.22 Returns Returns Benchmark Scheme (`) Benchmark Additional
Commercial Services & Supplies 1.76 (%) ## (`)# Benchmark
Construction 1.72 (`)##
Petroleum Products 1.23 Nov 30, 21 Last 1 Year 16.26 8.74 11.93 11,626 10,874 11,193
Textiles & Apparels 1.07
Electrical Equipment 1.04 Nov 29, 19 Last 3 Years 24.70 25.24 17.22 19,416 19,670 16,123
Cigarettes & Tobacco Products 0.96 Nov 30, 17 Last 5 Years 12.50 12.86 14.32 18,030 18,320 19,529
Personal Products 0.91 Nov 30, 12 Last 10 Years 19.06 18.02 13.69 57,305 52,458 36,095
Entertainment 0.91 Jun 25, 07 Since Inception 16.36 13.90 11.40 103,762 74,613 52,950
Printing & Publication 0.56 Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by
Media 0.33 Chirag Setalvad, please refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the
Fertilizers & Agrochemicals 0.21 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 95 to 99.
0 5 10 15
12 November 2022
HDFC Small Cap Fund CATEGORY OF SCHEME
SMALL CAP FUND
(An open ended equity scheme predominantly investing in small cap stocks)
INVESTMENT OBJECTIVE : To provide long-term capital appreciation /income by investing predominantly in Small-Cap companies.
PORTFOLIO
FUND MANAGER § ¥
Chirag Setalvad Company Industry+ % to Company Industry+ % to
Total Experience: Over 25 years EQUITY & EQUITY RELATED Inox Leisure Ltd. Entertainment 0.88
• Bank of Baroda Banks 4.49 NRB Bearing Ltd. Industrial Products 0.88
• Sonata Software Ltd. IT - Software 4.34 Voltamp Transformers Ltd. Electrical Equipment 0.85
DATE OF ALLOTMENT / INCEPTION DATE • Bajaj Electricals Ltd. Consumer Durables 4.18 Advanced Enzyme Technologies Agricultural Food & Other
April 3, 2008 • Firstsource Solutions Ltd. IT - Services 3.52 Ltd. Products 0.82
• Great Eastern Shipping Company Apar Industries Limited Electrical Equipment 0.81
Ltd. Transport Services 3.01 BEML Limited Agricultural, Commercial &
• eClerx Services Limited Commercial Services & Construction Vehicles 0.80
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Supplies 2.87 Shaily Engineering Plastics Ltd. Industrial Products 0.79
Regular Plan - Growth Option 80.137 • IDFC Ltd. Finance 2.82 Bajaj Consumer Care Ltd. Personal Products 0.75
Regular Plan - IDCW Option 34.399 • Aster DM Healthcare Limited Healthcare Services 2.66 Goodyear India Ltd. Auto Components 0.71
Direct Plan - Growth Option 88.987 • PNC Infratech Ltd. Construction 2.21 GNA Axles Ltd. Auto Components 0.70
Direct Plan - IDCW Option 46.998 • KEI Industries Ltd. Industrial Products 2.19 Repco Home Finance Ltd. Finance 0.63
Vardhman Textiles Ltd. Textiles & Apparels 2.18 VRL Logistics Ltd. Transport Services 0.56
GUJARAT FLUOROCHEMICALS IFGL Refractories Limited (Erst
ASSETS UNDER MANAGEMENT J LIMITED Chemicals & Petrochemicals 2.08 IFGL Exports Ltd) Industrial Products 0.49
As on November 30, 2022 SKF India Ltd. Industrial Products 2.05 Vesuvius India Ltd. Industrial Products 0.46
` 14,688.97 Cr. Kirloskar Ferrous Industries Ltd. Ferrous Metals 1.93 Greenlam Industries Ltd. Consumer Durables 0.45
Average for Month of November 2022 Power Mech Projects Ltd. Construction 1.89 D B Corp Limited Media 0.39
` 14,323.02 Cr. Chambal Fertilizers & Chemicals Multi Commodity Exchange of
Ltd. Fertilizers & Agrochemicals 1.85 India Ltd. Capital Markets 0.39
Transport Corporation of India Ltd.
Transport Services 1.83 Oriental Carbon & Chemicals Ltd. Chemicals & Petrochemicals 0.29
QUANTITATIVE DATA Delta Corp Ltd. Leisure Services 1.75 Global Health Limited Healthcare Services 0.25
Portfolio Turnover Ratio (Last 1 year) 9.71% La Opala RG Limited Consumer Durables 1.73 Jagran Prakashan Ltd. Media 0.20
Risk Ratio Indian Bank Banks 1.72 HARSHA ENGINEERS
n Standard Deviation 8.125% Radico Khaitan Limited Beverages 1.72 INTERNATIONAL LIMITED Industrial Products 0.17
n Beta 0.931 Redington Ltd. Commercial Services & Rolex Rings Limited Auto Components 0.16
n Sharpe Ratio* 0.234 Supplies 1.70 BEML Land Assets Limited Agricultural, Commercial &
The Federal Bank Ltd. Banks 1.67 Construction Vehicles 0.10
Computed for the 3-yr period ended November Gabriel India Ltd. Auto Components 1.59 Sadbhav Engineering Ltd. Construction 0.09
30, 2022. Based on month-end NAV. Suprajit Engineering Ltd. Auto Components 1.59 Sub Total 94.51
* Risk free rate: 5.86% (Source: FIMMDA MIBOR) Sharda Cropchem Ltd. Fertilizers & Agrochemicals 1.58 Cash,Cash Equivalents and Net Current Assets 5.49
For schemes which have not completed 3 years, Kalpataru Power Transmission Ltd. Construction 1.46 Grand Total 100.00
data is computed since inception. KEC International Ltd. Electrical Equipment 1.45
Insecticides (India) Ltd. Fertilizers & Agrochemicals 1.32 • Top Ten Holdings
Unichem Laboratories Ltd. Pharmaceuticals &
TOTAL EXPENSE RATIO (As on November 30, 2022) Biotechnology 1.32 Face Value per Unit: ` 10, + Industry Classification as
Including Additional Expenses and Goods and Service Finolex Industries Ltd. Industrial Products 1.31 recommended by AMFI, Data is as of November 30, 2022 unless
Tax on Management Fees Chalet Hotels Ltd. Leisure Services 1.27 otherwise specified.
Regular: 1.73% Direct: 0.82% DCB Bank Limited Banks 1.24
Gateway Distriparks Limited Transport Services 1.20 § Date of migration from Morgan Stanley Mutual Fund(Close
LG Balakrishnan & Bros Ltd. Auto Components 1.19 of business hours - June 27, 14)
#BENCHMARK INDEX: Emami Ltd. Personal Products 1.10
Mirza International Ltd. Consumer Durables 1.07 ¥ Dedicated Fund Manager for Overseas Investments:
S&P BSE 250 SmallCap (Total Returns Equitas Small Finance Bank Ltd Banks 1.03
Index) Mr. Priya Ranjan (since May 01, 2022)
EIH Ltd. Leisure Services 1.02 (Total Experience: Over 15 years)
##ADDL. BENCHMARK INDEX: Tata Metaliks Ltd. Ferrous Metals 1.02
NIFTY 50 (Total Returns Index) Carborundum Universal Ltd. Industrial Products 0.97 J Includes investments made by the schemes of HDFC Mutual Fund
Nilkamal Ltd. Consumer Durables 0.97 aggregating to ` 106.76 Crores.
Procter & Gamble Health Ltd. Pharmaceuticals & Please refer Minimum Application Amount, Plans & Options and
Biotechnology 0.91 Exit Load, on Page no. 86 to 92.
T. V. Today Network Ltd. Entertainment 0.89
Since Inception 10 year 5 year 3 year 1 year
Banks 10.15 SIP SIP SIP SIP SIP
Industrial Products 9.31 Total Amount Invested (` in Lacs) 17.60 12.00 6.00 3.60 1.20
Consumer Durables 8.40 Mkt Value As on November 30, 2022 (` in Lacs) 71.79 31.63 10.32 5.83 1.33
Transport Services 6.60 Returns (%) 17.42 18.43 21.84 33.95 20.36
Auto Components 5.94 Benchmark Returns (%) # 13.02 15.21 20.34 30.92 13.15
Construction 5.65
Fertilizers & Agrochemicals 4.75 Additional Benchmark Returns (%) ## 13.60 14.62 17.54 22.41 19.66
Commercial Services & Supplies 4.57 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
IT - Software 4.34 accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
4.04 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Leisure Services
IT - Services 3.52 PERFORMANCE ^ - Regular Plan - Growth Option
Finance 3.45
Electrical Equipment 3.11 Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
Scheme (`) Benchmark Additional
Ferrous Metals 2.95 Date Period (%) (%)# Returns
Healthcare Services 2.91 (%) ## (`)# Benchmark
(`)##
Pharmaceuticals & Biotechnology 2.23 Nov 30, 21 Last 1 Year 10.44 6.07 11.93 11,044 10,607 11,193
Textiles & Apparels 2.18 Nov 29, 19 Last 3 Years 27.35 27.07 17.22 20,683 20,544 16,123
Personal Products 1.85 Nov 30, 17 Last 5 Years 12.73 8.49 14.32 18,212 15,034 19,529
Entertainment 1.77 Nov 30, 12 Last 10 Years 17.86 12.86 13.69 51,761 33,549 36,095
Beverages 1.72
Agricultural, Commercial & Construction Vehicles 0.90 Apr 03, 08 Since Inception 15.24 9.19 11.12 80,137 36,300 46,963
Agricultural Food & Other Products 0.82 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Chirag Setalvad, please
Media 0.59 refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the
Capital Markets 0.39 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan,
refer page 95 to 99.
0 5 10 15
November 2022 13
HDFC Large and Mid Cap Fund CATEGORY OF SCHEME
LARGE & MID CAP FUND
(An open ended equity scheme investing in both large cap and mid cap
stocks)
KEY FACTS
INVESTMENT OBJECTIVE : To generate long term capital appreciation/income from a portfolio, predominantly invested in equity and equity related instruments. There is no
assurance that the investment objective of the Scheme will be realized.
FUND MANAGER § ¥ SIP PERFORMANCE ^ - Regular Plan - Growth Option

Gopal Agrawal Since Inception 15 year 10 year 5 year 3 year 1 year
(since July 16, 2020) SIP SIP SIP SIP SIP SIP
Total Experience: Over 17 years Total Amount Invested (` in Lacs) 34.60 18.00 12.00 6.00 3.60 1.20
DATE OF ALLOTMENT / INCEPTION DATE Returns (%) $$ 13.69 13.46 14.93 19.97 27.84 20.08
February 18, 1994 Benchmark Returns (%) # N.A. 15.43 16.63 19.15 25.26 17.09
Additional Benchmark Returns (%) ## 14.06 13.64 14.88 17.69 22.06 20.35
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
Regular Plan - Growth Option 205.762 investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Direct Plan - Growth Option 211.735
Direct Plan - IDCW Option 33.681 PERFORMANCE ^ - Regular Plan - Growth Option
J
ASSETS UNDER MANAGEMENT Returns Returns Benchmark Scheme (`) Benchmark Additional
As on November 30, 2022 Date Period (%) $$ (%)# Returns $$ (`)# Benchmark
` 7,916.77 Cr. (%) ## (`)##
Average for Month of November 2022 Nov 30, 21 Last 1 Year 12.06 9.94 12.04 11,206 10,994 11,204
` 7,680.75 Cr. Nov 29, 19 Last 3 Years 20.95 21.24 16.98 17,713 17,838 16,020
QUANTITATIVE DATA Nov 30, 17 Last 5 Years 13.19 13.31 15.07 18,584 18,685 20,184
Portfolio Turnover Ratio (Last 1 year) 11.82% Nov 30, 12 Last 10 Years 12.28 16.13 14.04 31,850 44,659 37,224
Risk Ratio Feb 18, 94 Since Inception 12.11 NA 11.73 269,001 NA 243,635
n Standard Deviation 6.941% Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. The Scheme, formerly a large cap fund, has
n Beta 1.000 undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a Large and Mid-cap Fund. Accordingly, the Scheme’s
n Sharpe Ratio* 0.196 benchmark has also changed. Hence, the past performance of the Scheme may not strictly be comparable with that of the new benchmark.
As S&P BSE SENSEX TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite
Computed for the 3-yr period ended November CAGR of S&P BSE SENSEX PRI values from February 18, 1994 to August 18, 1996 and TRI values since August 19, 1996. $$ All Distributions
30, 2022. Based on month-end NAV. declared prior to the splitting of the Scheme into IDCW & Growth Options are assumed to be reinvested in the units of the Scheme at the
* Risk free rate: 5.86% (Source: FIMMDA MIBOR) then prevailing NAV (ex-distribution NAV). For performance of other schemes managed by Gopal Agrawal, please refer page 96. 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
For schemes which have not completed 3 years, to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark’s, refer
data is computed since inception. page 89 to 94. For Performance of Direct Plan, refer page 95 to 99.
TOTAL EXPENSE RATIO (As on November 30, 2022) ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Including Additional Expenses and Goods and Service Load is not taken into consideration for computation of performance.
Regular: 2.01% Direct: 1.14% § Date of migration from Morgan Stanley Mutual Fund (Close of business hours - June 27, 2014)
¥ Dedicated Fund Manager for Overseas Investments:
#BENCHMARK INDEX: Mr. Priya Ranjan (since May 01, 2022)
NIFTY Large-Midcap 250 (Total Returns Index) (Total Experience: Over 15 years).
##ADDL. BENCHMARK INDEX: J Includes investments made by the schemes of HDFC Mutual Fund aggregating to ` 89.66 Crores.
S&P BSE SENSEX (Total Returns Index) Please refer Minimum Application Amount, Plans & Options and Exit Load, on Page no. 86 to 92.

(% of Net Assets)
Banks 16.87
IT - Software 8.72
Finance 7.69
Automobiles 4.92
Power 3.27
Construction 2.64
Retailing 2.25
Ferrous Metals 2.20
Entertainment 1.92
Gas 1.61
Insurance 1.57
Realty 1.37
Commercial Services & Supplies 1.01
Beverages 0.45
IT - Services 0.17
Oil 0.13
0 5 10 15 20
14 November 2022
HDFC Large and Mid Cap Fund CATEGORY OF SCHEME
LARGE & MID CAP FUND
(An open ended equity scheme investing in both large cap and mid cap
stocks)
PORTFOLIO

NAV NAV
EQUITY & EQUITY RELATED Power Finance Corporation Ltd. Finance 0.32
• HDFC Bank Ltd. Banks 5.48 Chambal Fertilizers & Chemicals Ltd. Fertilizers & Agrochemicals 0.31
• ICICI Bank Ltd. Banks 4.41 COMPUTER AGE MANAGEMENT SERVICES Capital Markets 0.31
• Infosys Limited IT - Software 3.46 Fsn Ecommerce Ventures Limited (Nykaa) Retailing 0.29
• State Bank of India Banks 3.20 Hindalco Industries Ltd.
• Reliance Industries Ltd. Petroleum Products 3.15 Non - Ferrous Metals 0.28
• Tata Consultancy Services Ltd. IT - Software 2.03 Aditya Birla Fashion and Retail Ltd. Retailing 0.27
• Indian Hotels Company Ltd. Leisure Services 2.00 Exide Industries Ltd. Auto Components 0.27
• Larsen and Toubro Ltd. Construction 1.95 Titagarh Wagons Limited Industrial Manufacturing 0.27
• Housing Development Fin. Corp. Ltd.£ Finance 1.79 Oriental Carbon & Chemicals Ltd. Chemicals & Petrochemicals 0.26
• Maruti Suzuki India Limited Automobiles 1.69 SAPPHIRE FOODS INDIA LIMITED Leisure Services 0.25
ITC Ltd. Diversified Fmcg 1.65 United Spirits Limited
Bharti Airtel Ltd. Telecom - Services 1.57 Beverages 0.25
Max Healthcare Institute Limited Healthcare Services 1.54 Aarti Industries Ltd. Chemicals & Petrochemicals 0.23
NTPC Limited Power 1.51 Canara Bank Banks 0.23
Trent Ltd. Retailing 1.47 Cholamandalam Investment & Finance Co. Ltd. Finance 0.23
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Biotechnology 1.44 Cholamandalam Financial Holdings Ltd. Finance 0.22
Jindal Steel & Power Ltd. Ferrous Metals 1.43 Ipca Laboratories Ltd.
Bharat Electronics Ltd. Aerospace & Defense 1.40 Pharmaceuticals & Biotechnology 0.22
PI Industries Ltd. Fertilizers & Agrochemicals 1.32 Life Insurance Corporation of India Insurance 0.21
Mahindra & Mahindra Financial Services Ltd. Finance 1.21 Samvardhana Motherson International Ltd. Auto Components 0.21
Tata Consumer Products Limited Agricultural Food & Other Products 1.21 Sun TV Network Limited Entertainment 0.21
Tata Motors Ltd. Automobiles 1.20 Sundram Fasteners Ltd. Auto Components 0.20
Tata Motors Limited DVR Automobiles 1.14 United Breweries Ltd. Beverages 0.20
Shriram Transport Finance Co. Ltd. Finance 1.10 REC Limited.
Tech Mahindra Ltd. IT - Software 1.10 Finance 0.19
Lupin Ltd. Pharmaceuticals & Biotechnology 1.08 Delta Corp Ltd. Leisure Services 0.18
Sona Blw Precision Forgings Auto Components 1.06 Glenmark Pharmaceuticals Ltd. Pharmaceuticals & Biotechnology 0.17
Bank of Baroda Banks 1.05 L&T Technology Services Ltd. IT - Services 0.17
Timken India Ltd. Industrial Products 1.04 Motherson Sumi Wiring India Limited Auto Components 0.16
Bharat Forge Ltd. Industrial Products 1.03 Hindustan Unilever Ltd. Diversified Fmcg 0.15
Bharat Petroleum Corporation Ltd. Petroleum Products 1.02 Kotak Mahindra Bank Limited
Apollo Tyres Ltd. Auto Components 1.01 Banks 0.15
Delhivery Limited Transport Services 0.98 TVS Motor Company Ltd. Automobiles 0.15
Emami Ltd. Personal Products 0.95 CarTrade Tech Limited Retailing 0.14
LIC Housing Finance Ltd. Finance 0.91 Indian Railway Catering And Tourism Corp Ltd Leisure Services 0.14
Zee Entertainment Enterprises Ltd. Entertainment 0.90 Whirlpool of India Ltd. Consumer Durables 0.14
Redington Ltd. Commercial Services & Supplies 0.89 Oil India Limited Oil 0.13
Hindustan Aeronautics Limited Aerospace & Defense 0.83 ONE 97 COMMUNICATIONS LIMITED (Paytm)
MphasiS Limited. IT - Software 0.83 Financial Technology (Fintech) 0.13
NHPC Ltd. Power 0.80 eClerx Services Limited Commercial Services & Supplies 0.12
Power Grid Corporation of India Ltd. Power 0.80 HCL Technologies Ltd. IT - Software 0.11
The Federal Bank Ltd. Banks 0.80 Chemplast Sanmar Limited Chemicals & Petrochemicals 0.10
DCX Systems Limited Aerospace & Defense 0.78 ICICI Prudential Life Insurance Company Ltd. Insurance 0.10
Larsen & Toubro Infotech Ltd. IT - Software 0.78 Mahindra & Mahindra Ltd. Automobiles 0.10
Max Financial Services Ltd. Insurance 0.78 Clean Science & Technology Ltd
Tata Steel Ltd. Ferrous Metals 0.77 Chemicals & Petrochemicals 0.09
Indraprastha Gas Ltd. Gas 0.75 Indian Bank Banks 0.08
Inox Leisure Ltd. Entertainment 0.74 NLC India Ltd. Power 0.08
Ambuja Cements Ltd. Cement & Cement Products 0.73 Reliance Power Ltd. Power 0.08
Tata Communications Limited Telecom - Services 0.72 Zomato Ltd Retailing 0.08
Torrent Pharmaceuticals Ltd. Pharmaceuticals & Biotechnology 0.71 Cipla Ltd. Pharmaceuticals & Biotechnology 0.07
Prestige Estates Projects Ltd. Realty 0.67 Indigo Paints Limited
Solar Industries India Ltd. Chemicals & Petrochemicals 0.67 Consumer Durables 0.07
GUJARAT FLUOROCHEMICALS LIMITED Chemicals & Petrochemicals 0.66 LG Balakrishnan & Bros Ltd. Auto Components 0.07
Tata Chemicals Ltd. Chemicals & Petrochemicals 0.66 Nazara Technologies Limited Entertainment 0.07
Carborundum Universal Ltd. Industrial Products 0.65 NBCC (INDIA) Ltd. Construction 0.07
Balkrishna Industries Ltd. Auto Components 0.63 Union Bank of India Banks 0.07
Sterling and Wilson Renewable Energy Ltd. Construction 0.62 Central Depository Services (India) Ltd. Capital Markets 0.06
Bata India Ltd. Consumer Durables 0.60 TCI Express Ltd.
Eicher Motors Ltd. Automobiles 0.60 Transport Services 0.06
AIA Engineering Ltd. Industrial Products 0.58 Titan Company Ltd. Consumer Durables 0.06
Hindustan Petroleum Corp. Ltd. Petroleum Products 0.58 Dixon Technologies (India) Ltd. Consumer Durables 0.05
Ashok Leyland Ltd Agricultural, Commercial & Hero MotoCorp Ltd. Automobiles 0.04
Construction Vehicles 0.56 Jubilant Foodworks Limited Leisure Services 0.04
ACC Ltd. Cement & Cement Products 0.53 Godrej Consumer Products Ltd. Personal Products 0.03
SBI CARDS AND PAYMENT SERVICES LIMITED Finance 0.51 ICICI Lombard General Insurance Co
Au Small Finance Bank Ltd. Insurance 0.03
Banks 0.50 Syngene International Limited Healthcare Services 0.03
Aurobindo Pharma Ltd. Pharmaceuticals & Biotechnology 0.50 Aarti Pharmalabs Limited
Kajaria Ceramics Ltd. Pharmaceuticals & Biotechnology 0.02
Consumer Durables 0.49 Ajanta Pharma Limited Pharmaceuticals & Biotechnology 0.02
PB FINTECH LIMITED (Policy Bazaar) Financial Technology (Fintech) 0.48 LATENT VIEW ANALYTICS LIMITED
Axis Bank Ltd. IT - Software 0.02
Banks 0.46 Multi Commodity Exchange of India Ltd. Capital Markets 0.02
Container Corporation of India Ltd. Transport Services 0.45 MTAR Technologies Limited
GAIL (India) Ltd. Aerospace & Defense 0.01
Gas 0.45 Atul Ltd. Chemicals & Petrochemicals @
HDFC Life Insurance Company Limited Insurance 0.45 Sub Total
Indusind Bank Ltd. 97.85
Banks 0.44 MUTUAL FUND UNITS
Supreme Industries Ltd. Industrial Products 0.43 HDFC S&P BSE SENSEX ETF
Gujarat State Petronet Ltd. 0.36
Gas 0.41 Sub Total 0.36
Indian Railways Finance Corp. Ltd. Finance 0.41 Cash,Cash Equivalents and Net Current Assets
Sundaram Finance Ltd. 1.79
Finance 0.41 Grand Total 100.00
Aavas Financiers Ltd. (Formerly known as Au
Housing Finance Ltd.) Finance 0.39 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
Persistent Systems Limited IT - Software 0.39
The Phoenix Mills Limited Realty 0.38 Face Value per Unit: ` 10, + Industry Classification as recommended by AMFI, Data is as of
Voltas Ltd. Consumer Durables 0.37 November 30, 2022 unless otherwise specified.
Bharat Heavy Electricals Ltd. Electrical Equipment 0.32
Macrotech Developers Limited Realty 0.32
November 2022 15
HDFC Capital Builder Value Fund CATEGORY OF SCHEME
VALUE FUND
(An open ended equity scheme following a value investment strategy)
INVESTMENT OBJECTIVE : To achieve capital appreciation/income in the long term by primarily investing in undervalued stocks.
PORTFOLIO
FUND MANAGER ¥
Gopal Agrawal
(since January 13, 2022) Company Industry+ % to Company Industry+ % to
Total Experience: Over 17 years NAV NAV
EQUITY & EQUITY RELATED Emami Ltd. Personal Products 0.69
• ICICI Bank Ltd. Banks 9.80 Multi Commodity Exchange of
• Infosys Limited IT - Software 8.15 India Ltd. Capital Markets 0.64
DATE OF ALLOTMENT / INCEPTION DATE • HDFC Bank Ltd. Banks 7.90 Coal India Ltd. Consumable Fuels 0.61
February 1, 1994 • State Bank of India Banks 5.12 Equitas Small Finance Bank Ltd Banks 0.58
• Axis Bank Ltd. Banks 5.00 Ajanta Pharma Limited Pharmaceuticals &
• Bharti Airtel Ltd. Telecom - Services 4.49 Biotechnology 0.56
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • NTPC Limited Power 2.99 Apollo Tyres Ltd. Auto Components 0.54
• Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Ashoka Buildcon Ltd. Construction 0.51
Regular Plan - Growth Option 468.129 Biotechnology 2.87 Chambal Fertilizers & Chemicals Ltd. Fertilizers & Agrochemicals 0.50
Regular Plan - IDCW Option 28.219 • Larsen and Toubro Ltd. Construction 2.45 METRO BRANDS LIMITED Consumer Durables 0.48
Direct Plan - Growth Option 511.287 • HCL Technologies Ltd. IT - Software 2.16 Indoco Remedies Ltd. Pharmaceuticals &
Direct Plan - IDCW Option 32.809 Max Healthcare Institute Limited Healthcare Services 2.07 Biotechnology 0.46
SBI Life Insurance Company Ltd. Insurance 1.69 Central Depository Services
ASSETS UNDER MANAGEMENT J Bharat Dynamics Limited Aerospace & Defense 1.62 (India) Ltd. Capital Markets 0.44
The Phoenix Mills Limited Realty 1.51 Gujarat Pipavav Port Ltd. Transport Infrastructure 0.43
As on November 30, 2022 Ambuja Cements Ltd. Cement & Cement Life Insurance Corporation of India Insurance 0.41
` 5,741.39 Cr. Products 1.50 Hindustan Petroleum Corp. Ltd. Petroleum Products 0.39
Average for Month of November 2022 Aditya Birla Fashion and Retail Ltd. Retailing 1.45 Zee Entertainment Enterprises Ltd. Entertainment 0.38
` 5,640.40 Cr. Cipla Ltd. Pharmaceuticals & MedPlus Health Services Limited Retailing 0.36
Biotechnology 1.43 Muthoot Finance Ltd. Finance 0.35
Tech Mahindra Ltd. IT - Software 1.41 G R Infraprojects Limited Construction 0.32
QUANTITATIVE DATA ITC Ltd. Diversified Fmcg 1.39 Dilip Buildcon Ltd. Construction 0.25
Portfolio Turnover Ratio (Last 1 year) 4.76% Tata Motors Ltd. Automobiles 1.37 UNIPARTS INDIA LIMITED Agricultural Food & Other
Risk Ratio United Spirits Limited Beverages 1.28 Products 0.22
n Standard Deviation 6.751% Godrej Consumer Products Ltd. Personal Products 1.18 Bajaj Electricals Ltd. Consumer Durables 0.17
n Beta 1.018 Housing Development Fin. Corp. Sadbhav Infrastructure Project Ltd.
n Sharpe Ratio* 0.167 Ltd.£ Finance 1.14 (Corporate Guarantee of Sadbhav
VIP Industries Ltd. Consumer Durables 1.14 Engineering Ltd.) Construction 0.01
Computed for the 3-yr period ended November Bharat Electronics Ltd. Aerospace & Defense 1.08 Sub Total 99.81
30, 2022. Based on month-end NAV. Bharat Petroleum Corporation Ltd. Petroleum Products 1.04 UNITS ISSUED BY REIT & INVIT
* Risk free rate: 5.86% (Source: FIMMDA MIBOR) Prestige Estates Projects Ltd. Realty 1.03 POWERGRID Infrastructure
For schemes which have not completed 3 years, Radico Khaitan Limited Beverages 1.03 Investment Trust Power @
data is computed since inception. MphasiS Limited. IT - Software 0.99 Sub Total @
Bharat Forge Ltd. Industrial Products 0.96 Cash,Cash Equivalents and Net Current Assets 0.19
TCI Express Ltd. Transport Services 0.94 Grand Total 100.00
TOTAL EXPENSE RATIO (As on November 30, 2022) UTI Asset Management Company Ltd Capital Markets 0.94
Including Additional Expenses and Goods and Service SKF India Ltd. Industrial Products 0.92 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
Tax on Management Fees Tata Steel Ltd. Ferrous Metals 0.91
United Breweries Ltd. Beverages 0.89 Face Value per Unit: ` 10, + Industry Classification as
Regular: 1.88% Direct: 1.01% Cholamandalam Investment & recommended by AMFI, Data is as of November 30, 2022 unless
Finance Co. Ltd. Finance 0.88 otherwise specified.
UltraTech Cement Limited Cement & Cement Products 0.87
#BENCHMARK INDEX: Inox Leisure Ltd. Entertainment 0.82
NIFTY 500 (Total Returns Index) ¥ Dedicated Fund Manager for Overseas Investments:
Bosch Limited Auto Components 0.81
Lupin Ltd. Pharmaceuticals & Mr. Priya Ranjan (since May 01, 2022)
NIFTY 50 (Total Returns Index) Biotechnology 0.81 (Total Experience: Over 15 years).
Maruti Suzuki India Limited Automobiles 0.81 J Includes investments made by the schemes of HDFC Mutual
L&T Technology Services Ltd. IT - Services 0.80 Fund aggregating to ` 91.26 Crores.
Mishra Dhatu Nigam Ltd. Aerospace & Defense 0.74
Industry Allocation of Equity Holding Bajaj Auto Limited Automobiles 0.73 Please refer Minimum Application Amount, Plans & Options and
CESC Ltd. Power 0.70 Exit Load, on Page no. 86 to 92.
(% of Net Assets) GAIL (India) Ltd. Gas 0.70
Banks 28.40
IT - Software 12.71
Pharmaceuticals & Biotechnology 6.13 SIP PERFORMANCE ^ - Regular Plan - Growth Option
Telecom - Services 4.49 Since Inception 15 year 10 year 5 year 3 year 1 year
Power 3.69 SIP SIP SIP SIP SIP SIP
Construction 3.54
Aerospace & Defense 3.44 Total Amount Invested (` in Lacs) 34.60 18.00 12.00 6.00 3.60 1.20
Beverages 3.20 Mkt Value As on November 30, 2022 (` in Lacs) 704.81 58.97 25.45 8.99 5.09 1.32
Automobiles 2.91
Realty 2.54 Returns (%) 17.00 14.49 14.39 16.20 23.93 19.16
Finance 2.37 Benchmark Returns (%) # N.A. 13.82 15.09 17.85 23.40 17.37
Cement & Cement Products 2.37 Additional Benchmark Returns (%) ## 13.72 13.38 14.62 17.54 22.41 19.66
Insurance 2.10
Healthcare Services 2.07 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Capital Markets 2.02 accounting for the cash flow by using XIRR method (investment internal rate of return). The above investment simulation is for illustrative
Industrial Products 1.88 purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Retailing 1.81 PERFORMANCE ^ - Regular Plan - Growth Option
Consumer Durables 1.79 Scheme Benchmark Value of ` 10,000 invested
Additional
Petroleum Products 1.43 Returns Returns Benchmark
Diversified Fmcg 1.39 Date Period (%) (%)#Scheme (`)Returns Benchmark Additional
Auto Components 1.35 (%) ## (`)# Benchmark
1.20 (`)##
Entertainment
Transport Services 0.94 Nov 30, 21 Last 1 Year 10.57 10.20 11.93 11,057 11,020 11,193
Ferrous Metals 0.91 Nov 29, 19 Last 3 Years 17.76 18.83 17.22 16,345 16,795 16,123
IT - Services 0.80
Gas 0.70 Nov 30, 17 Last 5 Years 9.81 13.03 14.32 15,973 18,456 19,529
Consumable Fuels 0.61 Nov 30, 12 Last 10 Years 15.05 14.35 13.69 40,670 38,260 36,095
Transport Infrastructure 0.43 Feb 01, 94 Since Inception 14.26 NA 11.12 468,129 NA 209,646
Agricultural Food & Other Products 0.22 Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by
0 10 20 30Gopal Agrawal, please refer page 96. 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. As NIFTY 50
TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY 50
PRI values from February 1, 1994 to June 29, 1999 and TRI values since June 30, 1999. For Performance of Direct Plan, refer page 95 to 99.
For Product label of the Scheme and riskometer of the ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Benchmark, refer page 102 to 110. Load is not taken into consideration for computation of performance.
16 November 2022
HDFC Dividend Yield Fund CATEGORY OF SCHEME
DIVIDEND YIELD FUND
(An open ended equity scheme predominantly investing in dividend
yielding stocks)
INVESTMENT OBJECTIVE : To provide capital appreciation and/or dividend distribution by predominantly investing in a well-diversified portfolio of equity and equity related
instruments of dividend yielding companies.
PORTFOLIO
FUND MANAGER ¥
Gopal Agrawal Company Industry+ % to Company Industry+ % to
(since December 18, 2020) NAV NAV
Total Experience: Over 17 years EQUITY & EQUITY RELATED Chambal Fertilizers & Chemicals
• ITC Ltd. Diversified Fmcg 5.30 Ltd. Fertilizers & Agrochemicals 0.76
• Infosys Limited IT - Software 5.25 GHCL Limited Chemicals &
DATE OF ALLOTMENT / INCEPTION DATE • Hindustan Unilever Ltd. Diversified Fmcg 5.09 Petrochemicals 0.74
December 18, 2020 • ICICI Bank Ltd. Banks 4.29 Bajaj Auto Limited Automobiles 0.71
• Tata Consultancy Services Ltd. IT - Software 4.08 Finolex Cables Ltd. Industrial Products 0.71
• Tech Mahindra Ltd. IT - Software 3.81 Vardhman Textiles Ltd. Textiles & Apparels 0.71
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • Larsen and Toubro Ltd. Construction 3.67 SBI Life Insurance Company Ltd. Insurance 0.66
• HDFC Bank Ltd. Banks 3.10 UTI Asset Management Company
Regular Plan - Growth Option 15.741 Ltd Capital Markets 0.66
Direct Plan - Growth Option 16.256 • Inox Leisure Ltd. Entertainment 2.62 Muthoot Finance Ltd. Finance 0.61
Direct Plan - IDCW Option 15.161 Coal India Ltd. Consumable Fuels 2.40 Hindalco Industries Ltd. Non - Ferrous Metals 0.58
State Bank of India Banks 2.32 Cholamandalam Financial
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Holdings Ltd. Finance 0.57
ASSETS UNDER MANAGEMENT J Biotechnology 2.29 KAYNES TECHNOLOGY INDIA
As on November 30, 2022 NHPC Ltd. Power 1.98 LIMITED 0.56
` 3,111.72 Cr. Indusind Bank Ltd. Banks 1.83 Quess Corp Ltd. Commercial Services &
Average for Month of November 2022 Reliance Industries Ltd. Petroleum Products 1.76 Supplies 0.56
` 3,100.09 Cr. Housing Development Fin. Corp. PNC Infratech Ltd. Construction 0.53
Ltd.£ Finance 1.73 Castrol India Ltd. Petroleum Products 0.51
CESC Ltd. Power 1.72 Dilip Buildcon Ltd. Construction 0.49
QUANTITATIVE DATA Equitas Small Finance Bank Ltd Banks 0.48
Portfolio Turnover Ratio (Last 1 year) 19.54% GO FASHION (INDIA) LIMITED Retailing 1.71
Oil & Natural Gas Corporation Ltd. Oil 1.63 Lupin Ltd. Pharmaceuticals &
Risk Ratio Ambuja Cements Ltd. Cement & Cement Biotechnology 0.46
n Standard Deviation 3.931% Tata Communications Limited Telecom - Services 0.42
n Beta
Products 1.47
0.357 Bharti Airtel Ltd. Telecom - Services 1.41 Indian Railways Finance Corp. Ltd. Finance 0.40
n Sharpe Ratio* 0.393
SKF India Ltd. Industrial Products 1.41 Gujarat Pipavav Port Ltd. Transport Infrastructure 0.33
Computed for the 3-yr period ended November Tata Motors Ltd. Automobiles 1.41 ICICI Securities Ltd Capital Markets 0.33
30, 2022. Based on month-end NAV. Tata Steel Ltd. Ferrous Metals 1.37 RailTel Corporation of India Limited Telecom - Services 0.29
* Risk free rate: 5.86% (Source: FIMMDA MIBOR) UltraTech Cement Limited Cement & Cement
Balrampur Chini Mills Ltd. Agricultural Food & Other
For schemes which have not completed 3 years, Products 1.36 Products 0.27
data is computed since inception. AIA Engineering Ltd. Industrial Products 1.24 Sun TV Network Limited Entertainment 0.12
Wipro Ltd. IT - Software 1.24 Sonata Software Ltd. IT - Software 0.07
Bharat Electronics Ltd. Aerospace & Defense 1.16 LATENT VIEW ANALYTICS LIMITED IT - Software 0.06
TOTAL EXPENSE RATIO (As on November 30, 2022) Sub Total 98.62
Including Additional Expenses and Goods and Service Apollo Hospitals Enterprise Ltd. Healthcare Services 1.14
Nestle India Ltd. Food Products 1.04 Cash,Cash Equivalents and Net Current Assets 1.38
Apollo Tyres Ltd. Auto Components 1.02 Grand Total 100.00
Regular: 1.90% Direct: 0.43% UPL Ltd. Fertilizers & Agrochemicals 1.02 • Top Ten Holdings, £ Sponsor
Indraprastha Gas Ltd. Gas 1.01
Power Finance Corporation Ltd. Finance 1.00 Face Value per Unit: ` 10, + Industry Classification as recommended
#BENCHMARK INDEX:
Cummins India Ltd. Industrial Products 0.91 by AMFI, Data is as of November 30, 2022 unless otherwise specified.
NIFTY 500 (Total Returns Index) Axis Bank Ltd. Banks 0.87
##ADDL. BENCHMARK INDEX: GAIL (India) Ltd. Gas 0.86 ¥ Dedicated Fund Manager for Overseas Investments:
NIFTY 50 (Total Returns Index) Dr Reddys Laboratories Ltd. Pharmaceuticals & Mr. Priya Ranjan (since May 01, 2022)
Biotechnology 0.85 (Total Experience: Over 15 years).
Godrej Consumer Products Ltd. Personal Products 0.85
Industry Allocation of Equity Holding Mahindra Holidays & Resorts J Includes investments made by the schemes of HDFC Mutual Fund
Ind Ltd. Leisure Services 0.85 aggregating to ` 90.70 Crores.
(% of Net Assets) REC Limited. Finance 0.85 Please refer Minimum Application Amount, Plans & Options and
Mahindra & Mahindra Ltd. Automobiles 0.84 Exit Load, on Page no. 86 to 92.
IT - Software 14.51 Hindustan Petroleum Corp. Ltd. Petroleum Products 0.79
Banks 12.89 Emami Ltd. Personal Products 0.77
Power 6.41
Finance 5.16
Construction 4.69 SIP PERFORMANCE ^ - Regular Plan - Growth Option
Pharmaceuticals & Biotechnology 3.60 Since Inception 1 year
Petroleum Products 3.06 SIP SIP
Automobiles 2.96 Total Amount Invested (` in Lacs) 2.40 1.20
Entertainment 2.74
Consumable Fuels 2.40 Mkt Value As on November 30, 2022 (` in Lacs) 2.95 1.33
Telecom - Services 2.12 Returns (%) 21.34 20.36
Gas 1.87
Fertilizers & Agrochemicals 1.78 Benchmark Returns (%) # 16.07 17.37
Cement & Cement Products 1.74 Additional Benchmark Returns (%) ## 16.26 19.66
Retailing 1.71 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Oil 1.63 accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
Personal Products 1.62 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Ferrous Metals 1.37
Agricultural Food & Other Products 1.36 PERFORMANCE ^ - Regular Plan - Growth Option
Healthcare Services 1.14 Scheme Benchmark Additional Value of ` 10,000 invested
Food Products 1.04 Returns Returns Benchmark
Auto Components 1.02 Date Period (%) (%)# Returns
Capital Markets 0.99 (`)##
Chemicals & Petrochemicals 0.74 Nov 30, 21 Last 1 Year 13.12 10.20 11.93 11,312 11,020 11,193
Textiles & Apparels 0.71 Dec 18, 20 Since Inception 26.18 20.40 18.71 15,741 14,364 13,974
Insurance 0.66
Non - Ferrous Metals 0.58 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Gopal Agrawal, please
Industrial Manufacturing 0.56 refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the
Commercial Services & Supplies 0.56 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan,
Transport Infrastructure 0.33 refer page 95 to 99.
0 5 10 15 20^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
November 2022 17
HDFC Focused 30 Fund CATEGORY OF SCHEME
FOCUSED FUND
[An open ended equity scheme investing in maximum 30 stocks
in large-cap, mid-cap and small-cap category (i.e. Multi-Cap)]
INVESTMENT OBJECTIVE : To generate long term capital appreciation/income by investing in equity & equity related instruments of up to 30 companies.
PORTFOLIO
FUND MANAGER ¥
Roshi Jain Company Industry+ / Rating % to Company Industry+ / Rating % to
(since January 13, 2022) NAV NAV
Total Experience: Over 16 years
EQUITY & EQUITY RELATED Bajaj Auto Limited Automobiles 1.38
• ICICI Bank Ltd. Banks 8.97 Delhivery Limited Transport Services 0.81
DATE OF ALLOTMENT / INCEPTION DATE • HDFC Bank Ltd. Banks 8.77 Zydus Wellness Ltd Food Products 0.81
September 17, 2004 • Bharti Airtel Ltd. Telecom - Services 4.57 Kalpataru Power Transmission
Ltd. Construction 0.72
• State Bank of India Banks 4.34
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Bosch Limited Auto Components 0.48
• HCL Technologies Ltd. IT - Software 4.11
Regular Plan - Growth Option 137.326 Sub Total 89.48
Direct Plan - Growth Option 150.856 Cash,Cash Equivalents and Net Current Assets 10.52
• SBI Life Insurance Company Ltd. Insurance 3.96
Direct Plan - IDCW Option 24.348 Grand Total 100.00
• Mahindra & Mahindra Ltd. Automobiles 3.81
• Infosys Limited IT - Software 3.68 • Top Ten Holdings
ASSETS UNDER MANAGEMENT
As on November 30, 2022 • Hindustan Aeronautics Limited Aerospace & Defense 3.67 Face Value per Unit: ` 10, + Industry Classification as
` 2,999.61 Cr.
Average for Month of November 2022 Apollo Hospitals Enterprise Ltd. Healthcare Services 3.31 recommended by AMFI, Data is as of November 30, 2022 unless
` 2,803.39 Cr. Bank of Baroda Banks 3.16 otherwise specified.
Cipla Ltd. Pharmaceuticals & ¥ Dedicated Fund Manager for Overseas Investments:
QUANTITATIVE DATA Biotechnology 3.13 Mr. Priya Ranjan (since May 01, 2022)
Portfolio Turnover Ratio (Last 1 year) 43.50% SBI CARDS AND PAYMENT (Total Experience: Over 15 years).
Risk Ratio SERVICES LIMITED Finance 3.02 Please refer Minimum Application Amount, Plans & Options and
n Beta Prestige Estates Projects Ltd. Realty 3.00 Exit Load, on Page no. 86 to 92.
0.989
n Sharpe Ratio* 0.196 Axis Bank Ltd. Banks 2.70
Computed for the 3-yr period ended November
30, 2022. Based on month-end NAV. Dr Reddys Laboratories Ltd. Pharmaceuticals &
* Risk free rate: 5.86% (Source: FIMMDA MIBOR) Biotechnology 2.62
For schemes which have not completed 3 years, Oil & Natural Gas Corporation
data is computed since inception. Ltd. Oil 2.49
ESCORTS LTD. Agricultural,
TOTAL EXPENSE RATIO (As on November 30, 2022) Commercial &
Including Additional Expenses and Goods and Service Construction Vehicles 2.48
Tax on Management Fees GAIL (India) Ltd. Gas 2.21
Regular: 1.93% Direct: 0.76% Larsen and Toubro Ltd. Construction 1.90
Bharat Dynamics Limited Aerospace & Defense 1.85
#BENCHMARK INDEX: Tech Mahindra Ltd. IT - Software 1.80
Bharat Petroleum Corporation
##ADDL. BENCHMARK INDEX: Ltd. Petroleum Products 1.71
S&P BSE SENSEX (Total Returns Index)

Banks 27.94 Total Amount Invested (` in Lacs) 21.90 18.00 12.00 6.00 3.60 1.20
IT - Software 9.59 Mkt Value As on November 30, 2022 (` in Lacs) 83.82 53.75 26.02 9.96 5.69 1.40
Pharmaceuticals & Biotechnology 5.75 Returns (%) 13.20 13.41 14.80 20.37 32.16 31.89
Aerospace & Defense 5.52 Benchmark Returns (%) # 13.58 13.82 15.09 17.85 23.40 17.37
Automobiles 5.19 Additional Benchmark Returns (%) ## 13.64 13.64 14.88 17.69 22.06 20.35
4.57 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Telecom - Services accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
Power 4.02 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Insurance 3.96
Healthcare Services 3.31 PERFORMANCE ^ - Regular Plan - Growth Option
Finance 3.02 Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Realty 3.00 Date Period (%) (%)# Returns
Construction 2.62 (`)##
Oil 2.49 Nov 30, 21 Last 1 Year 25.45 10.20 12.04 12,545 11,020 11,204
2.21
Nov 30, 17 Last 5 Years 10.26 13.03 15.07 16,301 18,456 20,184
Gas
Nov 30, 12 Last 10 Years 13.54 14.35 14.04 35,627 38,260 37,224
Sep 17, 04 Since Inception 15.47 15.45 15.83 137,326 136,896 145,311
For performance of other schemes managed by Roshi Jain, please refer page 96. Different plans viz. Regular Plan and Direct Plan have a different
Food Products 0.81 expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission
Auto Components 0.48 charged in the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
0 10 20 30 ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
18 November 2022
HDFC Business Cycle Fund CATEGORY OF SCHEME
THEMATIC FUND
(An open ended equity scheme following business cycle based investing
theme)
INVESTMENT OBJECTIVE : To provide long-term capital appreciation by investing predominantly in equity and equity related securities with a focus on riding business cycles
through dynamic allocation between various sectors and stocks at different stages of business cycles.
PORTFOLIO
FUND MANAGER¥
Rahul Baijal Company Industry+ / Rating % to
(since November 30, 2022) NAV
EQUITY & EQUITY RELATED
Cash,Cash Equivalents and Net Current Assets 100.00
DATE OF ALLOTMENT / INCEPTION DATE Grand Total 100.00
November 30, 2022
• Top Ten Holdings
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Face Value per Unit: ` 10, + Industry Classification as
Regular Plan - Growth Option 10.009 recommended by AMFI, Data is as of November 30, 2022 unless
Regular Plan - IDCW Option 10.009 otherwise specified.
Direct Plan - IDCW Option 10.010 ¥ Dedicated Fund Manager for Overseas Investments:
Mr. Priya Ranjan (since November 30, 2022)
ASSETS UNDER MANAGEMENT (Total Experience: Over 15 years).
` 2,261.80 Cr. Please refer Minimum Application Amount, Plans & Options and
Average for Month of November 2022 Exit Load, on Page no. 86 to 92.
` 2,261.80 Cr.

#BENCHMARK INDEX:
NIFTY 500 (TRI)
Nifty 50 (TRI)
Portfolio Portfolio
Classification By Classification By
Asset Class (%) Rating Class (%)
n Cash, Cash Equivalents and Net Current Assets 100.00 n Cash, Cash Equivalents and Net Current Assets 100.00
November 2022 19
HDFC Banking & Financial Services Fund CATEGORY OF SCHEME
(An open ended equity scheme investing in Banking and Financial SECTORAL FUND
Services Sector)
INVESTMENT OBJECTIVE : To provide long-term capital appreciation by investing predominantly in equity and equity related instruments of companies engaged in banking
and financial services. There is no assurance that the investment objective of the Scheme will be realized.
PORTFOLIO
FUND MANAGER ¥
Anand Laddha Company Industry+ % to Company Industry+ % to
EQUITY & EQUITY RELATED Equitas Holdings Ltd. Finance 0.09
• HDFC Bank Ltd. Banks 19.02 Sub Total 99.07
DATE OF ALLOTMENT / INCEPTION DATE
• ICICI Bank Ltd. Banks 18.93 Cash,Cash Equivalents and Net Current Assets 0.93
July 1, 2021
• Housing Development Fin. Grand Total 100.00
Corp. Ltd.£ Finance 11.09
• Top Ten Holdings, £ Sponsor
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • Axis Bank Ltd. Banks 9.53
Regular Plan - Growth Option 11.582 • State Bank of India Banks 8.68 Face Value per Unit: ` 10, + Industry Classification as
Direct Plan - Growth Option 11.875 recommended by AMFI, Data is as of November 30, 2022 unless
• SBI Life Insurance Company Ltd. Insurance 3.89
Direct Plan - IDCW Option 11.875 otherwise specified.
• Indusind Bank Ltd. Banks 2.91
ASSETS UNDER MANAGEMENT • Au Small Finance Bank Ltd. Banks 2.02 Mr. Priya Ranjan (since May 01, 2022)
As on November 30, 2022 • Bank of Baroda Banks 1.87 (Total Experience: Over 15 years).
Average for Month of November 2022 • ICICI Lombard General
Insurance Co Insurance 1.85 Exit Load, on Page no. 86 to 92.
` 2,620.89 Cr.
SBI CARDS AND PAYMENT
QUANTITATIVE DATA SERVICES LIMITED Finance 1.78
Portfolio Turnover Ratio 23.57% Shriram Transport Finance
Co. Ltd. Finance 1.68
Bajaj Finance Ltd. Finance 1.64
Including Additional Expenses and Goods and Service Five-Star Business Finance
Tax on Management Fees Limited Finance 1.61
Regular: 2.10% Direct: 0.49% Power Finance Corporation Ltd. Finance 1.53
LIC Housing Finance Ltd. Finance 1.48
#BENCHMARK INDEX: Union Bank of India Banks 1.36
NIFTY Financial Services (Total Return Index) CanFin Homes Ltd. Finance 1.28
NIFTY 50 (Total Returns Index) Equitas Small Finance Bank Ltd Banks 1.18
Karur Vysya Bank Ltd. Banks 1.09
UTI Asset Management
Company Ltd Capital Markets 0.99
PB FINTECH LIMITED (Policy Financial Technology
Bazaar) (Fintech) 0.93
Sundaram Finance Ltd. Finance 0.92
Bandhan Bank Ltd. Banks 0.71
Cholamandalam Financial
Holdings Ltd. Finance 0.71
REC Limited. Finance 0.30

(% of Net Assets)
Since Inception 1 year
SIP SIP
Banks 67.30 Total Amount Invested (` in Lacs) 1.70 1.20
Mkt Value As on November 30, 2022 (` in Lacs) 1.92 1.37
Returns (%) 17.60 27.02
Benchmark Returns (%) # N.A. N.A.
Finance 24.11 Additional Benchmark Returns (%) ## 15.12 19.66
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
Insurance 5.74
Capital Markets 0.99 (`)##
Nov 30, 21 Last 1 Year 13.50 11.36 11.93 11,350 11,136 11,193
Jul 01, 21 Since Inception 10.93 13.33 14.93 11,582 11,939 12,179
Financial Technology (Fintech) 0.93 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anand Laddha, please
refer page 96. 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,
0 10 20 30 40 50 60 70
20 November 2022
HDFC Housing Opportunities Fund CATEGORY OF SCHEME
THEMATIC FUND
(An open ended equity scheme following housing and allied activities
theme)
INVESTMENT OBJECTIVE : To provide long-term capital appreciation by investing predominantly in equity and equity related instruments of entities engaged in and/or expected
to benefit from the growth in housing and its allied business activities. There is no assurance that the investment objective of the Scheme will be realized.
PORTFOLIO
FUND MANAGER ¥
Rakesh Vyas Company Industry+ % to Company Industry+ % to
EQUITY & EQUITY RELATED Bajaj Electricals Ltd. Consumer Durables 0.68
• HDFC Bank Ltd. Banks 10.36 RBL Bank Ltd. Banks 0.65
DATE OF ALLOTMENT / INCEPTION DATE • Larsen and Toubro Ltd. Construction 9.65 Dilip Buildcon Ltd. Construction 0.57
December 6, 2017 • Housing Development Fin. Repco Home Finance Ltd. Finance 0.50
Corp. Ltd.£ Finance 8.04 SBI CARDS AND PAYMENT
• Ambuja Cements Ltd. Cement & Cement SERVICES LIMITED Finance 0.50
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Products 7.98
Regular Plan - Growth Option 14.174 Aavas Financiers Ltd. (Formerly
Regular Plan - IDCW Option 12.976 • ICICI Bank Ltd. Banks 7.75 known as Au Housing Finance
Direct Plan - Growth Option 14.927 • State Bank of India Banks 7.15 Ltd.) Finance 0.37
Direct Plan - IDCW Option 13.727 CanFin Homes Ltd. Finance 0.35
• NTPC Limited Power 6.77
• Prestige Estates Projects Ltd. Realty 4.50 Bharat Dynamics Limited Aerospace & Defense 0.31
ASSETS UNDER MANAGEMENT Johnson Controls Hitachi Air
As on November 30, 2022 • Ashoka Buildcon Ltd. Construction 3.43 Conditioning India Ltd. Consumer Durables 0.26
` 1,226.33 Cr. • Tata Steel Ltd. Ferrous Metals 3.11
Average for Month of November 2022 Gujarat Gas Ltd. Gas 0.20
JMC Projects (India) Ltd. Construction 2.46
` 1,233.16 Cr. Sub Total 98.70
UltraTech Cement Limited Cement & Cement UNITS ISSUED BY REIT & INVIT
Products 2.37
QUANTITATIVE DATA POWERGRID Infrastructure
Portfolio Turnover Ratio (Last 1 year) 7.71% AkzoNobel India Ltd. Consumer Durables 2.35 Investment Trust Power @
Risk Ratio Axis Bank Ltd. Banks 2.18 Sub Total @
n Beta
Asian Paints Limited Consumer Durables 2.07 Cash,Cash Equivalents and Net Current Assets 1.30
0.958
n Sharpe Ratio* 0.134 Crompton Greaves Consumer Grand Total 100.00
Computed for the 3-yr period ended November Elec. Ltd. Consumer Durables 1.87
30, 2022. Based on month-end NAV. Electronics Mart India Ltd Retailing 1.78 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
* Risk free rate: 5.86% (Source: FIMMDA MIBOR)
Birla Corporation Ltd. Cement & Cement
For schemes which have not completed 3 years, Products 1.40 Face Value per Unit: ` 10, + Industry Classification as
data is computed since inception. recommended by AMFI, Data is as of November 30, 2022 unless
Finolex Cables Ltd. Industrial Products 1.29
otherwise specified.
Symphony Ltd. Consumer Durables 1.19
TOTAL EXPENSE RATIO (As on November 30, 2022) ¥ Dedicated Fund Manager for Overseas Investments:
Including Additional Expenses and Goods and Service Hindalco Industries Ltd. Non - Ferrous Metals 1.18
Tax on Management Fees Mr. Priya Ranjan (since May 01, 2022)
Macrotech Developers Limited Realty 1.16 (Total Experience: Over 15 years).
Regular: 2.23% Direct: 1.22% Orient Cement Ltd. Cement & Cement Please refer Minimum Application Amount, Plans & Options and
Products 0.93 Exit Load, on Page no. 86 to 92.
#BENCHMARK INDEX: Bank of Baroda Banks 0.91
NIFTY Housing (Total Returns Index) PNC Infratech Ltd. Construction 0.91
##ADDL. BENCHMARK INDEX: Shriram Properties Limited Realty 0.82
Petronet LNG Ltd. Gas 0.70
The date of inception/allotment of HDFC Housing opportunities Fund is December 6, 2017. The Scheme was launched as a close
Industry Allocation of Equity Holding ended thematic Equity Scheme. The Scheme has been converted into open-ended scheme on January 19, 2021.
(% of Net Assets)
Since Inception 3 year 1 year
Banks 29.00 SIP SIP SIP
Total Amount Invested (` in Lacs) 6.00 3.60 1.20
Construction 17.02
Mkt Value As on November 30, 2022 (` in Lacs) 8.73 5.09 1.36
Cement & Cement Products 12.68 Returns (%) 14.99 23.89 25.52
Benchmark Returns (%) # 20.22 27.78 21.40
Finance 9.76 Additional Benchmark Returns (%) ## 17.55 22.41 19.66
Power 6.77
Realty 6.48 PERFORMANCE ^ - Regular Plan - Growth Option
Ferrous Metals 3.11 Returns Returns Benchmark
Date Period (%) (%)# Returns Scheme (`) Benchmark Additional
Retailing 1.78 (`)##
Nov 30, 21 Last 1 Year 14.37 14.00 11.93 11,437 11,400 11,193
Nov 29, 19 Last 3 Years 15.29 21.53 17.22 15,335 17,970 16,123
Non - Ferrous Metals 1.18 Dec 06, 17 Since Inception 7.25 14.30 14.78 14,174 19,475 19,884
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by
Gas 0.90 Rakesh Vyas, please refer page 96. 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
Aerospace & Defense 0.31 Direct Plan, refer page 95 to 99.
0 10 20 30 40 ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
November 2022 21
HDFC Infrastructure Fund CATEGORY OF SCHEME
THEMATIC FUND
(An open ended equity scheme following infrastructure theme)
INVESTMENT OBJECTIVE : To seek long-term capital appreciation/income by investing predominantly in equity and equity related securities of companies engaged in or
expected to benefit from the growth and development of infrastructure. There is no assurance that the investment objective of the Scheme will be realized.
PORTFOLIO
FUND MANAGER ¥
Rakesh Vyas Company Industry+ % to Company Industry+ % to
Total Experience: Over 20 years EQUITY & EQUITY RELATED Garden Reach Shipbuilders &
• Larsen and Toubro Ltd. Construction 7.61 Engineers Limited Aerospace & Defense 0.81
• J.Kumar Infraprojects Ltd. Construction 7.18 Texmaco Rail & Engineering Industrial
DATE OF ALLOTMENT / INCEPTION DATE • Coal India Ltd. Ltd. Manufacturing 0.81
March 10, 2008 Oil & Natural Gas Corporation
• ICICI Bank Ltd. Banks 6.90 Ltd. Oil 0.79
• State Bank of India Banks 6.85 Bharat Petroleum
• NTPC Limited Power 5.71 Corporation Ltd. Petroleum Products 0.77
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • JMC Projects (India) Ltd. Construction 5.64 Titagarh Wagons Limited Industrial
Regular Plan - Growth Option 24.234 • Hindustan Construction Manufacturing 0.72
Regular Plan - IDCW Option 13.190 Company Ltd. Construction 4.82 CarTrade Tech Limited Retailing 0.71
Direct Plan - Growth Option 26.185 • Gujarat Pipavav Port Ltd. Transport Dilip Buildcon Ltd.
Direct Plan - IDCW Option 18.805 Construction 0.70
Infrastructure 2.67 Cholamandalam Investment
• Dynamatic Technologies Ltd. Industrial & Finance Co. Ltd. Finance 0.68
ASSETS UNDER MANAGEMENT Manufacturing 2.64 Simplex Infrastructures
As on November 30, 2022 G R Infraprojects Limited Construction 2.47 Limited Construction 0.51
` 628.32 Cr. Premier Explosives Ltd. Chemicals & MEP Infrastructure Transport
Average for Month of November 2022 Petrochemicals 2.45 Developers Ltd. Infrastructure 0.48
AIA Engineering Ltd. Industrial Products 2.28 Data Patterns (India) Limited Aerospace & Defense 0.43
` 621.89 Cr. Paradeep Phosphates Limited Fertilizers & PB FINTECH LIMITED (Policy Financial Technology
Agrochemicals 2.06 Bazaar) (Fintech) 0.32
QUANTITATIVE DATA Bharti Airtel Ltd. Telecom - Services 2.03 HDFC Bank Ltd. Banks 0.26
Portfolio Turnover Ratio (Last 1 year) 14.63% Ambuja Cements Ltd. Cement & Cement Sadbhav Infrastructure
Risk Ratio Products 1.95 Project Ltd. (Corporate
n Standard Deviation 9.166% DCX Systems Limited Aerospace & Defense 1.95 Guarantee of Sadbhav
n Beta 1.016 Centum Electronics Ltd. Industrial Engineering Ltd.) Construction 0.08
n Sharpe Ratio* 0.127 PNC Infratech Ltd.
Manufacturing 1.77 Construction 0.03
Computed for the 3-yr period ended November Ashoka Buildcon Ltd. Construction 1.68 Sub Total 96.95
30, 2022. Based on month-end NAV. Axis Bank Ltd. Banks 1.58 Cash,Cash Equivalents and Net Current Assets 3.05
* Risk free rate: 5.86% (Source: FIMMDA MIBOR) MTAR Technologies Limited Aerospace & Defense 1.48 Grand Total 100.00
For schemes which have not completed 3 years, Power Finance Corporation
data is computed since inception. Ltd. Finance 1.30 • Top Ten Holdings
TEGA INDUSTRIES LIMITED Industrial
Manufacturing 1.22 Face Value per Unit: ` 10, + Industry Classification as
TOTAL EXPENSE RATIO (As on November 30, 2022) SBI CARDS AND PAYMENT recommended by AMFI, Data is as of November 30, 2022 unless
Including Additional Expenses and Goods and Service SERVICES LIMITED Finance 1.05
Regular: 2.49% Direct: 1.80% Products 0.98 ¥ Dedicated Fund Manager for Overseas Investments:
ZF Commercial Vehicle Mr. Priya Ranjan (since May 01, 2022)
Control Systems India Limited Auto Components 0.98 (Total Experience: Over 15 years).
#BENCHMARK INDEX: InterGlobe Aviation Ltd. Transport Services 0.97 Please refer Minimum Application Amount, Plans & Options and
S&P BSE India Infrastructure Index (TRI) Timken India Ltd. Industrial Products 0.92 Exit Load, on Page no. 86 to 92.
##ADDL. BENCHMARK INDEX: Repco Home Finance Ltd. Finance 0.89
NIFTY 50 (Total Returns Index) Inox Leisure Ltd. Entertainment 0.88
Delhivery Limited Transport Services 0.83

(% of Net Assets) Since Inception 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP
Construction 30.72 Total Amount Invested (` in Lacs) 17.70 12.00 6.00 3.60 1.20
Banks 15.59 Mkt Value As on November 30, 2022 (` in Lacs) 35.09 20.09 9.09 5.68 1.40
Industrial Manufacturing 7.16 Returns (%) 8.74 9.95 16.65 31.99 31.58
Consumable Fuels 7.11 Benchmark Returns (%) # 11.00 13.30 20.38 34.77 23.68
Power 5.71 Additional Benchmark Returns (%) ## 13.56 14.62 17.54 22.41 19.66
Aerospace & Defense 4.67 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Finance 3.92 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Transport Infrastructure 3.15
Cement & Cement Products 2.93 Returns Returns Benchmark Scheme (`) Benchmark Additional
Chemicals & Petrochemicals 2.45 (%) ## (`)# Benchmark
(`)##
Nov 30, 21 Last 1 Year 22.51 20.76 11.93 12,251 12,076 11,193
Nov 29, 19 Last 3 Years 15.58 23.65 17.22 15,451 18,929 16,123
Transport Services 1.80 Nov 30, 17 Last 5 Years 1.95 8.02 14.32 11,017 14,709 19,529
Auto Components 0.98 Nov 30, 12 Last 10 Years 8.74 12.26 13.69 23,126 31,812 36,095
Entertainment 0.88 Mar 10, 08 Since Inception 6.19 6.47 11.02 24,234 25,200 46,689
Oil 0.79 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Rakesh Vyas, please
Petroleum Products 0.77 refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the
Retailing 0.71 refer page 95 to 99.
0 10 20 30 40 Load is not taken into consideration for computation of performance.
22 November 2022
HDFC Balanced Advantage Fund BALANCED ADVANTAGE FUND
CATEGORY OF SCHEME
(An open ended balanced advantage fund)
KEY FACTS
INVESTMENT OBJECTIVE : To provide long term capital appreciation / income from a dynamic mix of equity and debt investments.
FUND MANAGER ¥ SIP PERFORMANCE ^ - Regular Plan - Growth Option

Gopal Agrawal Since Inception 15 year 10 year 5 year 3 year 1 year
(Equity Assets) (since July 29, 2022) SIP SIP SIP SIP SIP SIP
Srinivasan Ramamurthy Mkt Value As on November 30, 2022 (` in Lacs)$$ 990.22 59.16 25.66 9.35 5.20 1.36
(Equity Assets) (since July 29, 2022) Returns (%)$$ 18.74 14.52 14.54 17.79 25.44 25.30
Benchmark Returns (%) # N.A. 11.02 11.49 12.53 13.48 12.15
Anil Bamboli Additional Benchmark Returns (%) ## 13.72 13.38 14.62 17.54 22.41 19.66
(Debt Assets) (since July 29, 2022) Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
Total Experience: Over 27 years 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.
Arun Agarwal
(Arbitrage Assets) (since October 6, 2022)
Returns Returns Benchmark Scheme Benchmark Additional
DATE OF ALLOTMENT / INCEPTION DATE Date Period (%) $$ (%)# Returns (`) $$ (`)# Benchmark
February 01, 1994 (%) ## (`)##
Nov 30, 21 Last 1 Year 20.84 7.30 11.93 12,084 10,730 11,193
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Nov 29, 19 Last 3 Years 17.71 12.50 17.22 16,323 14,246 16,123
Regular Plan - Growth Option 328.703 Nov 30, 17 Last 5 Years 11.33 11.20 14.32 17,105 17,009 19,529
Regular Plan - IDCW Option 30.813 Nov 30, 12 Last 10 Years 14.31 11.16 13.69 38,117 28,819 36,095
Direct Plan - Growth Option 349.536 Feb 01, 94 Since Inception 18.11 NA 11.12 1,216,517 NA 209,646
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
ASSETS UNDER MANAGEMENT made in debt instruments. $$ All Distributions declared prior to the splitting of the Scheme into IDCW & Growth Options are assumed to
As on November 30, 2022 be reinvested in the units of the Scheme at the then prevailing NAV (ex-distribution NAV). For performance of other schemes managed by
` 51,249.87 Cr. Gopal Agrawal, Srinivasan Ramamurthy, Anil Bamboli & Arun Agarwal, please refer page 96. 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
Average for Month of November 2022 expenses / commission charged in the Regular Plan. As NIFTY 50 TRI data is not available since inception of the scheme, additional
` 50,387.02 Cr. benchmark performance is calculated using composite CAGR of NIFTY 50 PRI values from February 1, 1994 to June 29, 1999 and TRI values
since June 30, 1999. For Performance of Direct Plan, refer page 95 to 99.
QUANTITATIVE DATA ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Portfolio Turnover Ratio 19.95% Load is not taken into consideration for computation of performance.
Average Maturity * 4.81 years
Macaulay Duration * 2.45 years
Modified Duration * 2.28 years Industry Allocation of Equity Holding net
Yield to Maturity * 7.02% of derivatives (% of Net Assets)
*Calculated on amount invested in debt securities
(including accrued interest), deployment of funds Portfolio 19.69
Banks
in TREPS and Reverse Repo and net receivable Classification By Finance 7.50
/ payable. Asset Class (%) Power 5.35
IT - Software 5.09
TOTAL EXPENSE RATIO (As on November 30, 2022) Consumable Fuels 4.37
Including Additional Expenses and Goods and Service Construction 3.88
Tax on Management Fees Pharmaceuticals & Biotechnology 3.31
n Equity 70.70 Diversified Fmcg 3.20
n Units issued by InvIT 0.60 Aerospace & Defense 2.79
n Units issued by ReIT 1.65 Telecom - Services 1.70
#BENCHMARK INDEX: Realty 1.67
n G-Sec 16.65 Automobiles 1.41
NIFTY 50 Hybrid Composite debt 50:50 Index n CD 0.54 Gas 1.10
##ADDL. BENCHMARK INDEX: n Credit Exposure 4.48 Industrial Manufacturing 1.09
NIFTY 50 (Total Returns Index) n Cash, Cash Equivalents and Net Current Assets 5.38 Insurance 0.97
NET EQUITY EXPOSURE: Transport Infrastructure 0.63
65.88% Electrical Equipment 0.43
Entertainment 0.42
Portfolio Oil 0.27
Classification By Consumer Durables 0.26
Rating Class (%) Capital Markets 0.12
Metals & Minerals Trading 0.09
Food Products 0.08
n Equity 70.70 Healthcare Services 0.07
n Sovereign 16.65 Commercial Services & Supplies 0.07
Ferrous Metals 0.06
n Units issued by InvIT 0.60 Cement & Cement Products 0.06
n Units issued by ReIT 1.65 Personal Products 0.03
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 3.81 Beverages 0.02
¥ Dedicated Fund Manager for Overseas Investments: n AA+ 0.96 Agricultural Food & Other Products 0.01
Mr. Priya Ranjan (since May 01, 2022) n AA/AA- 0.25 0 5 10 15 20
(Total Experience: Over 15 years). n Cash, Cash Equivalents and Net Current Assets 5.38
Date of migration of erstwhile HDFC Prudence Fund
from Zurich India Mutual Fund (Close of business hours -
June 19, 03)
Please refer Minimum Application Amount, Plans & Options
and Exit Load, on Page no. 86 to 92.
November 2022 23
.....Contd from previous page
HDFC Balanced Advantage Fund CATEGORY OF SCHEME

BALANCED ADVANTAGE FUND
PORTFOLIO
t
Company Industry+ / Rating % to NAV % exposure Company Industry+ / Rating % to NAV % exposure
(Hedged & of Derivative (Hedged & of Derivative
Unhedged) Unhedged)
EQUITY & EQUITY RELATED JMC Projects (India) Ltd. Construction 0.20 @
• State Bank of India Banks 5.80 0.13 Time Technoplast Limited Industrial Products 0.20 @
• HDFC Bank Ltd. Banks 5.12 0.57 Cipla Ltd. Pharmaceuticals & Biotechnology 0.19 0.01
• ICICI Bank Ltd. Banks 5.00 0.54 Dynamatic Technologies Ltd. Industrial Manufacturing 0.18 @
• Coal India Ltd. Consumable Fuels 4.37 @ PCBL Ltd. Chemicals & Petrochemicals 0.17 @
• NTPC Limited Power 3.54 0.11 Ajanta Pharma Limited Pharmaceuticals & Biotechnology 0.16 @
• Infosys Limited IT - Software 3.40 0.10 Kotak Mahindra Bank Limited Banks 0.15 0.15
• ITC Ltd. Diversified Fmcg 3.09 0.04 TEGA INDUSTRIES LIMITED Industrial Manufacturing 0.15 @
• Housing Development Fin. Corp. Ltd.£ Finance 2.93 0.24 Texmaco Rail & Engineering Ltd. Industrial Manufacturing 0.14 @
Reliance Industries Ltd. Petroleum Products 2.77 0.12 Asian Paints Limited Consumer Durables 0.13 0.13
Larsen and Toubro Ltd. Construction 2.67 0.04 ADITYA BIRLA SUN LIFE AMC LIMITED Capital Markets 0.12 @
Power Finance Corporation Ltd. Finance 2.08 @ Gujarat Industries Power Co. Ltd. Power 0.12 @
Axis Bank Ltd. Banks 1.95 0.30 Hindustan Unilever Ltd. Diversified Fmcg 0.11 0.11
Bharti Airtel Ltd. Telecom - Services 1.70 @ Adani Ports & Special Economic Zone Transport Infrastructure 0.10 0.10
Tata Consultancy Services Ltd. IT - Software 1.52 0.01 ADANI ENTERPRISES LIMTIED Metals & Minerals Trading 0.09 0.09
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Biotechnology 1.36 0.09 Paradeep Phosphates Limited Fertilizers & Agrochemicals 0.09 @
REC Limited. Finance 1.35 @ Titan Company Ltd. Consumer Durables 0.09 0.09
Bank of Baroda Banks 1.34 @ Wipro Ltd. IT - Software 0.09 0.09
GAIL (India) Ltd. Gas 1.10 @ Power Grid Corporation of India Ltd.Power 0.08 0.08
Lupin Ltd. Pharmaceuticals & Biotechnology 0.86 @ Action Construction Equipments Ltd Agricultural, Commercial & Construction
Mahindra & Mahindra Ltd. Automobiles 0.84 0.07 Vehicles 0.07 @
Bharat Petroleum Corporation Ltd. Petroleum Products 0.79 0.09 AGS Transact Technologies Limited Commercial Services & Supplies 0.07 @
Hindustan Petroleum Corp. Ltd. Petroleum Products 0.77 0.01 Apollo Hospitals Enterprise Ltd. Healthcare Services 0.07 0.07
Bharat Dynamics Limited Aerospace & Defense 0.75 @ Britannia Industries Ltd. Food Products 0.07 0.07
Garden Reach Shipbuilders & IRB Infrastructure Developers Ltd. Construction 0.07 @
Engineers Limited Aerospace & Defense 0.73 @ Maruti Suzuki India Limited Automobiles 0.07 0.07
Apollo Tyres Ltd. Auto Components 0.72 @ BEML Land Assets Limited Agricultural, Commercial & Construction
Mishra Dhatu Nigam Ltd. Aerospace & Defense 0.70 @ Vehicles 0.06 @
NHPC Ltd. Power 0.67 @ Gulf Oil Lubricants India Ltd. Petroleum Products 0.06 @
SBI Life Insurance Company Ltd. Insurance 0.66 0.01 Hindustan Construction Company Ltd. Construction 0.06 @
Hindustan Aeronautics Limited Aerospace & Defense 0.61 @ RITES Limited Construction 0.06 @
Gujarat Pipavav Port Ltd. Transport Infrastructure 0.50 @ Divis Laboratories Ltd. Pharmaceuticals & Biotechnology 0.05 0.05
Tata Motors Ltd. Automobiles 0.49 0.14 Dr Reddys Laboratories Ltd. Pharmaceuticals & Biotechnology 0.05 0.05
Zee Entertainment Enterprises Ltd. Entertainment 0.42 @ Campus Activewear Limited Consumer Durables 0.04 @
Ipca Laboratories Ltd. Pharmaceuticals & Biotechnology 0.41 @ InterGlobe Aviation Ltd. Transport Services 0.04 0.04
Apar Industries Limited Electrical Equipment 0.40 @ Jindal Steel & Power Ltd. Ferrous Metals 0.04 0.04
LAKSHMI MACHINE WORKS LTD. Industrial Manufacturing 0.40 @ Bharat Heavy Electricals Ltd. Electrical Equipment 0.03 0.03
Indian Railways Finance Corp. Ltd. Finance 0.39 @ MEP Infrastructure Developers Ltd. Transport Infrastructure 0.03 @
BEML Limited Agricultural, Commercial & Construction Punjab National Bank Banks 0.03 0.03
Vehicles 0.32 @ Ramco Systems Ltd. IT - Software 0.03 @
CESC Ltd. Power 0.32 @ Tech Mahindra Ltd. IT - Software 0.03 0.03
Savita Oil Technologies Ltd. Petroleum Products 0.32 @ Ambuja Cements Ltd. Cement & Cement Products 0.02 0.02
Bharat Forge Ltd. Industrial Products 0.31 @ Bajaj Finserv Ltd. Finance 0.02 0.02
Techno Electric & Engin. Co. Ltd. Construction 0.31 @ Dabur India Ltd. Personal Products 0.02 0.02
SBI CARDS AND PAYMENT SERVICES DLF LIMITED Realty 0.02 0.02
LIMITED Finance 0.30 @ Grasim Industries Ltd. Cement & Cement Products 0.02 0.02
Indusind Bank Ltd. Banks 0.29 0.29 HDFC Life Insurance Company Limited Insurance 0.02 0.02
J.Kumar Infraprojects Ltd. Construction 0.28 @ ICICI Prudential Life Insurance
Oil & Natural Gas Corporation Ltd. Oil 0.27 0.02 Company Ltd. Insurance 0.02 0.02
Great Eastern Shipping Company Ltd. Transport Services 0.26 @ SRF Ltd. Chemicals & Petrochemicals 0.02 0.02
Life Insurance Corporation of India Insurance 0.26 @ Tata Steel Ltd. Ferrous Metals 0.02 0.02
Ashoka Buildcon Ltd. Construction 0.23 @ The Tata Power Company Ltd. Power 0.02 0.02
Aurobindo Pharma Ltd. Pharmaceuticals & Biotechnology 0.23 @ UltraTech Cement Limited Cement & Cement Products 0.02 0.02
Ashok Leyland Ltd Agricultural, Commercial & Construction United Spirits Limited Beverages 0.02 0.02
Vehicles 0.22 0.01 Bajaj Auto Limited Automobiles 0.01 0.01
Bajaj Finance Ltd. Finance 0.22 0.22 Godrej Consumer Products Ltd. Personal Products 0.01 0.01
Titagarh Wagons Limited Industrial Manufacturing 0.22 @ HCL Technologies Ltd. IT - Software 0.01 0.01
Housing and Urban Development ICICI Lombard General Insurance Co Insurance 0.01 0.01
Corporation Ltd. Finance 0.20 @ MphasiS Limited. IT - Software 0.01 0.01
....Contd on next page
24 November 2022
HDFC Balanced Advantage Fund CATEGORY OF SCHEME

BALANCED ADVANTAGE FUND
PORTFOLIO
t
Unhedged) Unhedged)
Nestle India Ltd. Food Products 0.01 0.01 The Tata Power Company Ltd. IND - AA 0.15 @
Piramal Enterprises Limited Finance 0.01 0.01 Export - Import Bank of India CRISIL - AAA 0.10 @
Tata Chemicals Ltd. Chemicals & Petrochemicals 0.01 0.01 Power Grid Corporation of India Ltd. CRISIL - AAA 0.10 @
Tata Consumer Products Limited Agricultural Food & Other Products 0.01 0.01 Sub Total 3.42 @
Union Bank of India Banks 0.01 @ Credit Exposure (Perpetual Bonds) @
UPL Ltd. Fertilizers & Agrochemicals 0.01 0.01 ICICI Bank Ltd. (AT1, BASEL III,
Astral Limited Industrial Products @ @ Perpetual) CARE - AA+ 0.53 @
Balrampur Chini Mills Ltd. Agricultural Food & Other Products @ @ Bank of Baroda (AT1, BASEL III,
Bharat Electronics Ltd. Aerospace & Defense @ @ Perpetual) CRISIL - AA+ 0.43 @
Biocon Ltd. Pharmaceuticals & Biotechnology @ @ Union Bank of India (AT1, BASEL III,
Birlasoft Limited IT - Software @ @ Perpetual) CARE - AA 0.10 @
Chambal Fertilizers & Chemicals Ltd. Fertilizers & Agrochemicals @ @ Sub Total 1.06 @
Godrej Properties Ltd. Realty @ @ Total 21.13 @
Hindalco Industries Ltd. Non - Ferrous Metals @ @ UNITS ISSUED BY REIT & INVIT
HINDUSTAN COPPER LIMITED Non - Ferrous Metals @ @ Units issued by InvIT
India Cements Ltd. Cement & Cement Products @ @ POWERGRID Infrastructure Investment
Trust Power 0.60 @
Indian Oil Corporation Ltd. Petroleum Products @ @
Sub Total 0.60 @
INFO EDGE (INDIA) LIMITED Retailing @ @
Units issued by ReIT
JSW Steel Ltd. Ferrous Metals @ @
BROOKFIELD INDIA REAL ESTATE TRUST Realty 0.89 @
Laurus Labs Ltd. Pharmaceuticals & Biotechnology @ @
Embassy Office Parks REIT Realty 0.76 @
Max Financial Services Ltd. Insurance @ @
Sub Total 1.65 @
Oberoi Realty Ltd. Realty @ @
Total 2.25 @
Petronet LNG Ltd. Gas @ @
MONEY MARKET INSTRUMENTS
Vedanta Ltd. Diversified Metals @ @
CD
Sub Total 70.70 @
Axis Bank Ltd. CRISIL - A1+ 0.18 @
DEBT & DEBT RELATED
Bank of Baroda IND - A1+ 0.18 @
Government Securities (Central/State)
Export - Import Bank of India CRISIL - AAA 0.18 @
• 7.38 GOI 2027 Sovereign 4.65 @
Sub Total 0.54 @
• GOI 2034 Sovereign 2.87 @
Total 0.54 @
7.1 GOI 2029 Sovereign 2.54 @
Cash Margin 2.13 @
Cash,Cash Equivalents and Net Current Assets 3.25 @
Grand Total 100.00 @
• Top Ten Holdings, £ Sponsor, @ Less than 0.01%
6.18 GOI 2024 Sovereign 0.82 @ Outstanding exposure in derivative instruments (` in Crore) 2,494.02
5.74 GOI 2026 Sovereign 0.38 @ Hedged position in Equity & Equity related instruments
7.37 GOI 2023 Sovereign 0.24 @ Outstanding derivative exposure (% age) 4.87
Face Value per Unit: ` 10, + Industry Classification as recommended by AMFI, Data is as of
6.79 GOI 2027 Sovereign 0.13 @ November 30, 2022 unless otherwise specified.
Sub Total 16.65
Credit Exposure (Non Perpetual)
Housing Development Fin. Corp. Ltd.£ CRISIL - AAA 0.60 @
LIC Housing Finance Ltd. CRISIL - AAA 0.44 @
Toyota Financial Services India Ltd. CRISIL - AAA 0.39 @
State Bank of India CRISIL - AAA 0.38 @
Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.30 @
REC Limited. CRISIL - AAA 0.22 @
Power Finance Corporation Ltd. CRISIL - AAA 0.20 @
Small Industries Development Bank CARE - AAA 0.20 @
Bharat Petroleum Corporation Ltd. CRISIL - AAA 0.19 @
Indian Railways Finance Corp. Ltd. CRISIL - AAA 0.15 @
This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to the interest rate reset period. The interest rate risk in a floating rate
instrument or in a fixed rate instrument hedged with derivatives is likely to be lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances the volatility may be of an order
greater than what may ordinarily be expected considering only its duration. Hence investors are recommended to consider the unadjusted portfolio maturity of the scheme as well and exercise adequate due
diligence when deciding to make their investments.
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.
November 2022 25
HDFC Hybrid Equity Fund CATEGORY OF SCHEME
AGGRESSIVE HYBRID FUND
(An open ended hybrid scheme investing predominantly in equity and
equity related instruments)
KEY FACTS
INVESTMENT OBJECTIVE : The investment objective of the Scheme is to generate capital appreciation / income from a portfolio, predominantly of equity & equity related
instruments. The Scheme will also invest in debt and money market instruments.
FUND MANAGER ¥
Chirag Setalvad PORTFOLIO
(Equity Assets) (since April 2, 2007)
Company Industry+ / Rating % to Company Industry+ / Rating % to
Anupam Joshi NAV NAV
(Debt Assets) (since October 6, 2022) EQUITY & EQUITY RELATED 8.4 GOI 2024 Sovereign 0.26
Total Experience: Over 21 years • ICICI Bank Ltd. Banks 8.17 GOI 2028 Sovereign 0.25
• Reliance Industries Ltd. Petroleum Products 5.12 GOI 2034 Sovereign 0.25
• HDFC Bank Ltd. Banks 4.84 8.6 GOI 2028 Sovereign 0.22
DATE OF ALLOTMENT / INCEPTION DATE@@ • Infosys Limited IT - Software 4.69 8.13 GOI 2045 Sovereign 0.11
September 11, 2000 • ITC Ltd. Diversified Fmcg 4.65 6.79 GOI 2027 Sovereign 0.05
• State Bank of India Banks 4.64 8.83 GOI 2023 Sovereign 0.02
• Housing Development Fin. Sub Total 21.85
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Corp. Ltd.£ Finance 4.12 Credit Exposure (Non Perpetual)
Regular Plan - Growth Option 86.971 • Axis Bank Ltd. Banks 3.34 The Tata Power Company Ltd. IND - AA 0.96
Direct Plan - Growth Option 92.699 • Larsen and Toubro Ltd. Construction 3.28 LIC Housing Finance Ltd. CRISIL - AAA 0.77
Direct Plan - IDCW Option 16.249 Bharti Airtel Ltd. Telecom - Services 2.60 Mahanagar Telephone Nigam
SKF India Ltd. Industrial Products 2.40 Ltd. (Corporate guarantee from
Power Grid Corporation of Govt of India) CARE - AAA(CE) 0.51
As on November 30, 2022 India Ltd. Power 2.37 HDFC Bank Ltd. CRISIL - AAA 0.26
Bharat Electronics Ltd. Aerospace & Defense 2.31 Tata Sons Ltd. CRISIL - AAA 0.26
` 19,587.72 Cr. KEC International Ltd. Electrical Equipment 1.70 Sundaram Finance Ltd. ICRA - AAA 0.23
Bank of Baroda Banks 1.66 Housing and Urban Development
` 19,320.28 Cr. Redington Ltd. Commercial Services & Corporation Ltd. CARE - AAA 0.13
Supplies 1.49 ICICI Bank Ltd. CARE - AAA 0.13
QUANTITATIVE DATA UPL Ltd. Fertilizers & Small Industries Development
Portfolio Turnover Ratio 9.13% Agrochemicals 1.39 Bank CARE - AAA 0.13
Macaulay Duration * 3.27 years Max Healthcare Institute Limited Healthcare Services 1.32 Shriram Transport Finance
Modified Duration * 3.13 years Mahindra Holidays & Resorts Co. Ltd. IND - AA+ 0.08
Yield to Maturity * 7.08% Ind Ltd. Leisure Services 1.31 Power Finance Corporation Ltd. CRISIL - AAA 0.04
*Calculated on amount invested in debt securities Indusind Bank Ltd. Banks 1.21 Sub Total 3.50
(including accrued interest), deployment of funds PNC Infratech Ltd. Construction 1.03 Total 25.35
in TREPS and Reverse Repo and net receivable Persistent Systems Limited IT - Software 0.98 UNITS ISSUED BY REIT & INVIT
/ payable. Aurobindo Pharma Ltd. Pharmaceuticals & Units issued by InvIT
Biotechnology 0.95 POWERGRID Infrastructure
Hindustan Petroleum Corp. Ltd. Petroleum Products 0.92 Investment Trust Power 0.39
TOTAL EXPENSE RATIO (As on November 30, 2022) Vardhman Textiles Ltd. Textiles & Apparels 0.65 Sub Total 0.39
Tamilnadu Newsprint & Papers Paper, Forest & Jute Units issued by ReIT
Ltd. Products 0.61 BROOKFIELD INDIA REAL ESTATE
Regular: 1.74% Direct: 1.12% Sharda Cropchem Ltd. Fertilizers & TRUST Realty 0.38
Agrochemicals 0.53 Sub Total 0.38
Bharat Petroleum Corporation Total 0.77
#BENCHMARK INDEX: Ltd. Petroleum Products 0.45 MONEY MARKET INSTRUMENTS
NIFTY 50 Hybrid Composite Debt 65:35 Index Zensar Technologies Ltd. IT - Software 0.41 CD
##ADDL. BENCHMARK INDEX: Kalpataru Power Transmission Export - Import Bank of India CRISIL - AAA 0.47
NIFTY 50 (Total Returns Index) Ltd. Construction 0.40
Sub Total 0.47
MM Forgings Ltd. Industrial Products 0.27
MUTUAL FUND UNITS
Jagran Prakashan Ltd. Media 0.11
Mutual Fund Units
Navneet Education Ltd. Printing & Publication 0.11
HDFC NIFTY 50 ETF 1.33
INOX Green Energy Services Ltd. Construction 0.05
Sub Total 1.33
Sadbhav Engineering Ltd. Construction 0.04
Industry Allocation of Equity Holding Sub Total 70.12
(% of Net Assets) Grand Total 100.00
DEBT & DEBT RELATED
Government Securities (Central/State) • Top Ten Holdings, £ Sponsor
Banks 23.86 • 7.1 GOI 2029 Sovereign 5.06
Petroleum Products 6.49 4.26 GOI 2023 Sovereign 2.90 Face Value per Unit: ` 10, + Industry Classification as
IT - Software 6.08 6.69 GOI 2024 Sovereign 2.04 recommended by AMFI, Data is as of November 30, 2022 unless
Construction 4.80 7.54 GOI 2036 Sovereign 1.81 otherwise specified.
Diversified Fmcg 4.65 7.38 GOI 2027 Sovereign 1.80
7.16 GOI 2023 Sovereign 1.43 ¥ Dedicated Fund Manager for Overseas Investments:
Finance 4.12
7.26 GOI 2032 Sovereign 1.02 Mr. Priya Ranjan (since May 01, 2022)
Power 2.76 (Total Experience: Over 15 years).
6.54 GOI 2032 Sovereign 0.97
Industrial Products 2.67 6.84 GOI 2022 Sovereign 0.94 Please refer Minimum Application Amount, Plans & Options and
Telecom - Services 2.60 8.2 GOI 2025 Sovereign 0.92 Exit Load, on Page no. 86 to 92.
Aerospace & Defense 2.31 7.35 GOI 2024 Sovereign 0.77
Fertilizers & Agrochemicals 1.92 8.24 GOI 2033 Sovereign 0.52
Electrical Equipment 1.70 Floating Rate GOI 2033 Sovereign 0.51
This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to the
Leisure Services 1.31 interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives is likely to be
Pharmaceuticals & Biotechnology 0.95 lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances the volatility may be of an order greater
Textiles & Apparels 0.65 than what may ordinarily be expected considering only its duration. Hence investors are recommended to consider the unadjusted portfolio
Paper, Forest & Jute Products 0.61 maturity of the scheme as well and exercise adequate due diligence when deciding to make their investments.
Realty 0.38
Printing & Publication 0.11 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
Media 0.11
Fund is similar to that of erstwhile HDFC Balanced Fund, the track record (i.e. since inception date, dividend history, etc) and past performance
0 5 10 15 20 25 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.
26 November 2022
HDFC Hybrid Equity Fund CATEGORY OF SCHEME

AGGRESSIVE HYBRID FUND
(An open ended hybrid scheme investing predominantly in equity and
equity related instruments)
KEY FACTS
Mkt Value As on November 30, 2022 (` in Lacs) 207.70 60.31 25.15 8.87 4.87 1.31
Returns (%) 15.82 14.75 14.16 15.65 20.71 18.17
after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above

(`)##
Nov 30, 21 Last 1 Year 12.34 8.72 11.93 11,234 10,872 11,193
Nov 29, 19 Last 3 Years 16.46 14.10 17.22 15,808 14,864 16,123
Nov 30, 17 Last 5 Years 10.99 12.27 14.32 16,849 17,841 19,529
Nov 30, 12 Last 10 Years 14.84 12.00 13.69 39,917 31,089 36,095
Sep 11, 00 Since Inception 15.56 NA 13.73 249,058 NA 174,803
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. For performance of other schemes managed by Chirag Setalvad and Anupam Joshi, please refer page 96. 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 Riskometer of the Schemes and Benchmark’s, refer page
89 to 94. For Performance of Direct Plan, refer page 95 to 99.
Portfolio Portfolio
n Equity 70.12 n Equity 70.12

n Units issued by InvIT 0.39 n Sovereign 21.85
n Units issued by ReIT 0.38 n Units issued by InvIT 0.39
n G-Sec 21.85 n Units issued by ReIT 0.38
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 2.93
n CD 0.47 n AA+ 0.08
n Credit Exposure 3.50 n AA/AA- 0.96
n Mutual Fund Units 1.33 n Cash, Cash Equivalents and Net Current Assets 3.29
n Cash, Cash Equivalents and Net Current Assets 1.96
November 2022 27
HDFC Multi-Asset Fund MULTI ASSET ALLOCATION FUND
CATEGORY OF SCHEME
(An open ended scheme investing in Equity and Equity related instruments,
Debt & Money Market Instruments and Gold related instruments)
(The Scheme underwent Change in Fundamental Attributes i.e. change in Asset Allocation Pattern w.e.f. March 14, 2019).
KEY FACTS
INVESTMENT OBJECTIVE : To generate long term capital appreciation/income by investing in a diversified portfolio of equity & equity related instruments, debt & money
market instruments and Gold related instruments.

Srinivasan Ramamurthy Since Inception 15 year 10 year 5 year 3 year 1 year
(Equities) (since January 13, 2022) SIP SIP SIP SIP SIP SIP
Anil Bamboli Mkt Value As on November 30, 2022 (` in Lacs) 54.93 41.85 21.14 8.41 4.54 1.27
(Debt) (since August 17, 2005) Returns (%) 10.30 10.49 10.91 13.45 15.71 11.64
Total Experience: Over 27 years Benchmark Returns (%) # N.A. N.A. 12.33 14.01 15.32 14.10
Krishan Kumar Daga Additional Benchmark Returns (%) ## 13.01 13.38 14.62 17.54 22.41 19.66
(Arbitrage) (since May 23, 2018) Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
Bhagyesh Kagalkar
(Dedicated Fund Manager for PERFORMANCE ^ - Regular Plan - Growth Option
commodities related investments viz.
Gold) (since February 02, 2022~~) Scheme Benchmark Additional Value of ` 10,000 invested
Total Experience: Over 28 years Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns (`)# Benchmark
Arun Agarwal (%) ## (`)##
(Arbitrage) (since August 24, 2020)
Total Experience: Over 23 years Nov 30, 21 Last 1 Year 5.98 9.04 11.93 10,598 10,904 11,193
(w.e.f February 23, 2022) Nov 29, 19 Last 3 Years 15.19 14.08 17.22 15,295 14,859 16,123
Nov 30, 17 Last 5 Years 10.28 12.47 14.32 16,314 18,004 19,529
Nov 30, 12 Last 10 Years 10.34 11.49 13.69 26,755 29,691 36,095
DATE OF ALLOTMENT / INCEPTION DATE Aug 17, 05 Since Inception 9.81 NA 14.01 50,460 NA 96,631
August 17, 2005 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
related instruments. 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
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments
Regular Plan - Growth Option 50.460 are made in debt instruments and gold related instruments. For performance of other schemes managed by Srinivasan Ramamurthy, Anil
Regular Plan - IDCW Option 15.413 Bamboli, Krishan Kumar Daga, Bhagyesh Kagalkar and Arun Agarwal please refer page 96. Different plans viz. Regular Plan and Direct
Direct Plan - Growth Option 54.586 Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution
Direct Plan - IDCW Option 17.771 expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
ASSETS UNDER MANAGEMENT ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
As on November 30, 2022 Load is not taken into consideration for computation of performance.
` 1,645.43 Cr.
Average for Month of November 2022 Industry Allocation of Equity Holding net
` 1,629.38 Cr.
of derivatives (% of Net Assets)
Portfolio
QUANTITATIVE DATA Banks 16.64
Portfolio Turnover Ratio 26.78% Classification By IT - Software 6.10
Average Maturity * 3.09 years Asset Class (%) Pharmaceuticals & Biotechnology 3.74
Macaulay Duration * 1.77 years Petroleum Products 3.32
Modified Duration * 1.63 years Power 3.03
Yield to Maturity * 7.11% Telecom - Services 2.97
*Calculated on amount invested in debt securities n Equity 66.87 Diversified Fmcg 2.71
(including accrued interest), deployment of funds n Units issued by InvIT 1.39 Consumer Durables 2.60
in TREPS and Reverse Repo and net receivable n Units issued by ReIT 1.52 Finance 2.29
/ payable. n G-Sec, T-Bills 11.01 Insurance 2.11
n CP 2.08 Transport Infrastructure 2.01
TOTAL EXPENSE RATIO (As on November 30, 2022) n Credit Exposure 2.28 Aerospace & Defense 1.90
Including Additional Expenses and Goods and Service n Industrial Products 1.90
Mutual Fund Units 12.25
Tax on Management Fees Construction 1.89
n Cash, Cash Equivalents and Net Current Assets 2.60 Automobiles 1.70
Regular: 2.21% Direct: 0.87% Cement & Cement Products 1.65
#BENCHMARK INDEX: Non - Ferrous Metals 1.62
90% NIFTY 50 Hybrid Composite Debt 65:35 Ferrous Metals 1.59
Index + 10% Domestic Price of Gold Portfolio Realty 1.52
Classification By Beverages 1.49
##ADDL. BENCHMARK INDEX: Personal Products 1.24
NIFTY 50 (Total Returns Index) Rating Class (%)
NET EQUITY EXPOSURE: n Equity 66.87 Entertainment 0.55
54.79% n Sovereign 11.01 Agricultural Food & Other Products 0.47
n Units issued by InvIT 1.39 Oil 0.40
n Units issued by ReIT 1.52 Chemicals & Petrochemicals 0.28
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 3.94 Capital Markets 0.27
n AA/AA- 0.12 Industrial Manufacturing 0.17
n A+ & Below 0.30
(Total Experience: Over 15 years). 0 5 10 15 20
~~Mr. Bhagyesh Kagalkar was co-fund manager with Mr.
Krishan Kumar Daga for Gold and Arbitrage Assets from
February 2, 2022 to February 22, 2022. Cash and Cash Equivalents include overnight deployment of Cash in Tri-Party Repos
Please refer Minimum Application Amount, Plans & Options This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to
and Exit Load, on Page no. 86 to 92. the interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives
is likely to be lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances the volatility may be
of an order greater than what may ordinarily be expected considering only its duration. Hence investors are recommended to consider
the unadjusted portfolio maturity of the scheme as well and exercise adequate due diligence when deciding to make their investments.
28 November 2022
HDFC Multi-Asset Fund CATEGORY OF SCHEME

MULTI ASSET ALLOCATION FUND
(An open ended scheme investing in equity and equity related instruments,
debt & money market instruments and gold related instruments)
PORTFOLIO
Unhedged) Unhedged)
EQUITY & EQUITY RELATED Sub Total 66.87 @
• HDFC Bank Ltd. Banks 4.79 @ Total 66.87 12.08
• ICICI Bank Ltd. Banks 4.76 @ DEBT & DEBT RELATED
• Axis Bank Ltd. Banks 4.43 2.46 Government Securities (Central/State)
• Infosys Limited IT - Software 3.03 @ • 7.27 GOI 2026 Sovereign 2.44 @
• Bharti Airtel Ltd. Telecom - Services 2.50 @ 7.38 GOI 2027 Sovereign 1.53 @
• Reliance Industries Ltd. Petroleum Products 2.49 @ GOI 2028 Sovereign 1.50 @
• ITC Ltd. Diversified Fmcg 2.30 0.55 7.1 GOI 2029 Sovereign 1.20 @
• Housing Development Fin. Corp. Ltd.£ Finance 2.29 @ 6.84 GOI 2022 Sovereign 0.91 @
• State Bank of India Banks 2.16 0.14 GOI 2034 Sovereign 0.89 @
Adani Ports & Special Economic Zone Transport Infrastructure 2.01 2.02 4.48 GOI 2023 Sovereign 0.60 @
Larsen and Toubro Ltd. Construction 1.89 @ 5.63 GOI 2026 Sovereign 0.44 @
Hindalco Industries Ltd. Non - Ferrous Metals 1.62 1.16 7.37 GOI 2023 Sovereign 0.30 @
United Spirits Limited Beverages 1.49 0.36 6.54 GOI 2032 Sovereign 0.29 @
Godrej Consumer Products Ltd. Personal Products 1.24 0.47 Sub Total 10.10 @
HCL Technologies Ltd. IT - Software 1.20 @ T-Bills
Hindustan Aeronautics Limited Aerospace & Defense 1.10 @ 182 Days Tbill ISD 230622 Mat 221222 Sovereign 0.61 @
Tata Steel Ltd. Ferrous Metals 1.10 0.64 364 Days TBILL Mat 230223 Sovereign 0.30 @
AIA Engineering Ltd. Industrial Products 1.03 @ Sub Total 0.91 @
Tata Consultancy Services Ltd. IT - Software 1.03 0.16 Credit Exposure (Non Perpetual)
Maruti Suzuki India Limited Automobiles 0.98 @ Bajaj Housing Finance Ltd. CRISIL - AAA 0.91 @
NTPC Limited Power 0.97 @ Housing Development Fin. Corp. Ltd.£ CRISIL - AAA 0.64 @
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Power Finance Corporation Ltd. CRISIL - AAA 0.31 @
Biotechnology 0.96 0.07 INOX Green Energy Services Ltd. CRISIL - AA(CE) 0.12 @
SBI Life Insurance Company Ltd. Insurance 0.94 @ Sub Total 1.98 @
Rolex Rings Limited Auto Components 0.93 @ Credit Exposure (Perpetual Bonds)
Dr Reddys Laboratories Ltd. Pharmaceuticals & TATA International Ltd. (Perpetual) CARE - A+ 0.30 @
Biotechnology 0.91 @ Sub Total 0.30 @
Titan Company Ltd. Consumer Durables 0.91 0.91 Total 13.29 @
Bharat Petroleum Corporation Ltd. Petroleum Products 0.83 @ UNITS ISSUED BY REIT & INVIT
ICICI Lombard General Insurance Co Insurance 0.81 @ Units issued by InvIT
Bharat Electronics Ltd. Aerospace & Defense 0.80 @ POWERGRID Infrastructure Investment Trust Power 1.39 @
Asian Paints Limited Consumer Durables 0.73 0.73 Sub Total 1.39 @
Ashok Leyland Ltd Agricultural, Commercial Units issued by ReIT
& Construction Vehicles 0.72 @ BROOKFIELD INDIA REAL ESTATE TRUST Realty 0.89 @
ZF Commercial Vehicle Control Systems Embassy Office Parks REIT Realty 0.63 @
India Limited Auto Components 0.72 @ Sub Total 1.52 @
Hero MotoCorp Ltd. Automobiles 0.69 @ Total 2.91 @
Power Grid Corporation of India Ltd. Power 0.67 @ MONEY MARKET INSTRUMENTS
Great Eastern Shipping Company Ltd. Transport Services 0.65 @ CP
Bharat Forge Ltd. Industrial Products 0.64 @ Vedanta Ltd. CRISIL - A1+ 2.08 @
Ipca Laboratories Ltd. Pharmaceuticals & Sub Total 2.08 @
Biotechnology 0.61 @
Bayer Cropscience Ltd Fertilizers & MUTUAL FUND UNITS
Agrochemicals 0.60 @ Mutual Fund Units
Ambuja Cements Ltd. Cement & Cement HDFC Gold Exchange Traded Fund 12.25 @
Products 0.57 0.57 Sub Total 12.25 @
UltraTech Cement Limited Cement & Cement Cash Margin 4.52 @
Products 0.56 @ Cash,Cash Equivalents and Net Current Assets -1.92 @
Whirlpool of India Ltd. Consumer Durables 0.56 @ Grand Total 100.00 @
Zee Entertainment Enterprises Ltd. Entertainment 0.55 0.55 • Top Ten Holdings, £ Sponsor
Products 0.52 @ Outstanding exposure in derivative instruments (` in Crore) 199.22
Torrent Pharmaceuticals Ltd. Pharmaceuticals &
Biotechnology 0.52 @ Hedged position in Equity & Equity related instruments
Indusind Bank Ltd. Banks 0.50 @ Outstanding derivative exposure (% age) 12.11
JSW Steel Ltd. Ferrous Metals 0.49 0.49
Balrampur Chini Mills Ltd. Agricultural Food & Face Value per Unit: ` 10, + Industry Classification as recommended by AMFI, Data is as of
Other Products 0.47 @
Oracle Financial Ser Software Ltd. IT - Software 0.47 @ November 30, 2022 unless otherwise specified.
Tata Communications Limited Telecom - Services 0.47 @
Sanofi India Limited Pharmaceuticals &
Hindustan Unilever Ltd. Diversified Fmcg 0.41 0.41
Greenply Industries Ltd. Consumer Durables 0.40 @
Oil & Natural Gas Corporation Ltd. Oil 0.40 @
Sonata Software Ltd. IT - Software 0.37 @
HDFC Life Insurance Company Limited Insurance 0.36 0.36
Gland Pharma Ltd. Pharmaceuticals &
Sudarshan Chemical Industries Limited Chemicals &
Petrochemicals 0.28 @
UTI Asset Management Company Ltd Capital Markets 0.27 @
Shaily Engineering Plastics Ltd. Industrial Products 0.23 @
The Anup Engineering Limited Industrial Manufacturing 0.17 @
Tata Motors Ltd. Automobiles 0.03 0.03
November 2022 29
HDFC ASSET ALLOCATOR FUND OF FUNDS CATEGORY OF SCHEME
(An open ended Fund of Funds scheme investing in equity oriented, debt FUND OF FUNDS
oriented and gold ETFs schemes)
INVESTMENT OBJECTIVE : To seek capital appreciation by managing the asset allocation between equity oriented, debt oriented and gold ETF schemes.
FUND MANAGER
Srinivasan Ramamurthy PORTFOLIO
(Equities) (since January 13, 2022)
Total Experience: Over 15 years; Issuer % to
NAV
Bhagyesh Kagalkar MUTUAL FUND UNITS
(Dedicated Fund Manager for commodities related Mutual Fund Units - Equity
investments viz. Gold) (since February 02, 2022~~) • HDFC Top 100 Fund - Direct Plan - Growth Option 17.07
Total Experience: Over 28 years HDFC Flexi Cap Fund - Direct Plan- Growth Option
• 17.06
Anil Bamboli • HDFC Small Cap Fund - Direct Plan- Growth Option 4.30
(Debt) (since May 05, 2021) • HDFC Mid Cap Opportunities Fund - Direct Plan - Growth Option 4.29
Total Experience: Over 27 years • HDFC Capital Builder Value Fund - Direct Plan - Growth Option 3.88
(w.e.f February 23, 2022) • HDFC Dividend Yield Fund - Direct Plan - Growth Option 3.86
• HDFC Large and Mid Cap Fund - Direct Plan- Growth Option 3.81
Sub Total 54.27
DATE OF ALLOTMENT / INCEPTION DATE Mutual Fund Units - Debt
May 05, 2021 • HDFC Short Term Debt Fund - Growth Option - Direct Plan 13.70
• HDFC Low Duration Fund - Direct Plan - Growth Option 12.67
HDFC Floating Rate Debt Fund - Direct Plan - Growth Option 3.78
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Sub Total 30.15
Regular Plan - Growth Option 12.38 Mutual Fund Units - Gold
Regular Plan - IDCW Option 12.38 • HDFC Gold Exchange Traded Fund 12.39
Direct Plan - Growth Option 12.63 Sub Total
Direct Plan - IDCW Option 12.63 12.39
Total 96.81
ASSETS UNDER MANAGEMENT Grand Total 100.00
` 2,350.52 Cr. • Top Ten Holdings
` 2,333.31 Cr. Face Value per Unit: ` 10, Data is as of November 30, 2022 unless otherwise specified.
~~Mr. Bhagyesh Kagalkar was co-fund manager with Mr. Krishan Kumar Daga for Gold Assets from February 2, 2022 to February
TOTAL EXPENSE RATIO (As on November 30, 2022) 22, 2022.
Tax on Management Fees Please refer Minimum Application Amount, Plans & Options and Exit Load, on Page no. 86 to 92.
Investors in the Scheme shall bear the recurring expenses of
the Scheme in addition to the expenses of other schemes in
which this Fund of Funds scheme makes investment (subject to
regulatory limits).
Portfolio Portfolio
#BENCHMARK INDEX: Asset Class (%) Rating Class (%)
90% Nifty 50 Hybrid Composite Debt 65:35
Index (Total Returns Index) and 10% Domestic
Prices of Gold arrived at based on London
Bullion Market Association's (Lbma) Am
Fixing Price.
n Mutual Fund Units 96.81
##ADDL. BENCHMARK INDEX: n Cash, Cash Equivalents and Net Current Assets 100.00
NIFTY 50 (Total Returns Index) n Cash, Cash Equivalents and Net Current Assets 3.19

Since Inception 1 year
SIP SIP
Total Amount Invested (` in Lacs) 1.90 1.20
Mkt Value As on November 30, 2022 (` in Lacs) 2.10 1.30
Returns (%) 12.56 15.10
Benchmark Returns (%) # 11.41 14.10
Additional Benchmark Returns (%) ## 15.48 19.66

(`)##
Nov 30, 21 Last 1 Year 11.03 9.04 11.93 11,103 10,904 11,193
May 05, 21 Since Inception 14.54 13.14 18.84 12,380 12,142 13,118
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Srinivasan Ramamurthy,
Bhagyesh Kagalkar & Anil Bamboli, please refer page 96. 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
30 November 2022
HDFC Equity Savings Fund CATEGORY OF SCHEME
EQUITY SAVINGS FUND
(An open ended scheme investing in equity, arbitrage and debt)
INVESTMENT OBJECTIVE : To provide capital appreciation by investing in Equity & equity related instruments, Arbitrage opportunities, and Debt & money market instruments.
There is no assurance that the investment objective of the Scheme will be realized.

Srinivasan Ramamurthy Since Inception 15 year 10 year 5 year 3 year 1 year
(Equities) (since December 14, 2021) SIP SIP SIP SIP SIP SIP
Krishan Kumar Daga Mkt Value As on November 30, 2022 (` in Lacs) 56.11 38.71 19.70 7.78 4.35 1.27
(Arbitrage) (since January 08, 2016) Returns (%) 9.47 9.56 9.58 10.35 12.76 10.33
Total Experience: Over 32 years Benchmark Returns (%) # N.A. 9.30 9.40 9.82 10.55 9.56
Arun Agarwal Additional Benchmark Returns (%) ## 6.08 6.00 5.68 4.31 1.93 3.42
(Arbitrage) (since August 24, 2020) Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of
Anil Bamboli capital. N.A. Not Available.
(Debt) (since September 17, 2004)
Total Experience: Over 27 years PERFORMANCE ^ - Regular Plan - Growth Option
DATE OF ALLOTMENT / INCEPTION DATE Date Period^^ (%) (%)# Returns
September 17, 2004 (`)##
Nov 30, 21 Last 1 Year 7.47 6.75 -0.21 10,747 10,675 9,979
Nov 29, 19 Last 3 Years 10.77 9.72 3.47 13,600 13,215 11,079
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`)
Nov 30, 17 Last 5 Years 7.96 9.07 5.10 14,667 15,440 12,828
Regular Plan - Growth Option 51.000
Regular Plan - IDCW Option 12.109 Nov 30, 12 Last 10 Years 9.41 9.47 6.31 24,603 24,734 18,448
Direct Plan - Growth Option 55.699 Sep 17, 04 Since Inception 9.36 NA 5.74 51,000 NA 27,629
^^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
ASSETS UNDER MANAGEMENT of these changes, the performance during the period(s) from September 17, 2004 to December 15, 2015 is not comparable.
As on November 30, 2022 Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance may not strictly be
` 2,637.88 Cr. comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made in debt instruments. For performance
of other schemes managed by Srinivasan Ramamurthy, Krishan Kumar Daga, Arun Agarwal and Anil Bamboli, please refer page 96. Different
Average for Month of November 2022 plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower
` 2,635.72 Cr. to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
QUANTITATIVE DATA ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Portfolio Turnover Ratio 31.31%
Modified Duration * 1.58 years Industry Allocation of Equity Holding net
Yield to Maturity * 6.64%
*Calculated on amount invested in debt securities of derivatives (% of Net Assets)
(including accrued interest), deployment of funds Portfolio
in TREPS and Reverse Repo and net receivable Classification By Banks 15.06
/ payable. Rating Class (%) Pharmaceuticals & Biotechnology 5.99
Finance 4.68
Automobiles 4.67
TOTAL EXPENSE RATIO (As on November 30, 2022) Transport Infrastructure 4.32
IT - Software 3.82
Tax on Management Fees n Equity 68.53
Regular: 2.05% Direct: 1.14% n Sovereign 14.60
Ferrous Metals 3.40
n Units issued by InvIT 2.08
n Construction 3.00
#BENCHMARK INDEX: AA/AA- 0.23
n Diversified Fmcg 2.18
NIFTY Equity Savings Index Cash, Cash Equivalents and Net Current Assets 9.08 Power 2.04
##ADDL. BENCHMARK INDEX: Telecom - Services 1.77
CRISIL 10 year Gilt Index Agricultural, Commercial & Construction Vehicles 1.36
Beverages 1.24
NET EQUITY EXPOSURE: Non - Ferrous Metals 1.11
37.65% Entertainment 0.74
¥ Dedicated Fund Manager for Overseas Investments: Industrial Products 0.66
Mr. Priya Ranjan (since May 01, 2022) Cement & Cement Products 0.64
(Total Experience: Over 15 years). Insurance 0.63
Oil 0.16
0 5 10 15 20
This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to
the interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives
November 2022 31
HDFC Equity Savings Fund CATEGORY OF SCHEME

EQUITY SAVINGS FUND
(An open ended scheme investing in equity, arbitrage and debt)
PORTFOLIO
Unhedged) Unhedged)
EQUITY & EQUITY RELATED Hindustan Unilever Ltd. Diversified Fmcg 0.13 0.14
• State Bank of India Banks 5.13 1.83 Apollo Hospitals Enterprise Ltd. Healthcare Services 0.12 0.12
• Adani Ports & Special Economic Zone Transport Infrastructure 3.62 3.62 BEML Land Assets Limited Agricultural, Commercial
• ICICI Bank Ltd. Banks 3.59 0.25 & Construction Vehicles 0.07 @
• Maruti Suzuki India Limited Automobiles 3.18 2.73 Biocon Ltd. Pharmaceuticals &
Biotechnology 0.06 0.06
• Titan Company Ltd. Consumer Durables 3.05 3.05
Ambuja Cements Ltd. Cement & Cement
• Housing Development Fin. Corp. Ltd.£ Finance 3.03 3.03 Products 0.04 0.04
• HDFC Bank Ltd. Banks 3.02 @ Tata Consumer Products Limited Agricultural Food &
• Infosys Limited IT - Software 2.48 @ Other Products 0.04 0.04
• Axis Bank Ltd. Banks 2.21 1.02 Grasim Industries Ltd. Cement & Cement
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Products @ @
Biotechnology 2.15 1.44 Sub Total 68.53 30.88
ITC Ltd. Diversified Fmcg 2.05 0.74 DEBT & DEBT RELATED
Larsen and Toubro Ltd. Construction 2.00 0.66 Government Securities (Central/State)
Reliance Industries Ltd. Petroleum Products 1.97 @ • 7.1 GOI 2029 Sovereign 3.01 @
JSW Steel Ltd. Ferrous Metals 1.91 1.91 7.38 GOI 2027 Sovereign 1.91 @
Bharti Airtel Ltd. Telecom - Services 1.77 @ GOI 2028 Sovereign 1.68 @
Tata Steel Ltd. Ferrous Metals 1.49 1.09 6.84 GOI 2022 Sovereign 1.14 @
Dr Reddys Laboratories Ltd. Pharmaceuticals & 4.48 GOI 2023 Sovereign 0.74 @
Biotechnology 1.24 1.24 7.59 GOI 2026 Sovereign 0.58 @
United Spirits Limited Beverages 1.24 0.44 6.97 GOI 2026 Sovereign 0.38 @
Bajaj Finance Ltd. Finance 1.12 1.12 7.16 GOI 2023 Sovereign 0.38 @
Hindalco Industries Ltd. Non - Ferrous Metals 1.11 0.81 5.63 GOI 2026 Sovereign 0.27 @
NTPC Limited Power 1.02 @ 6.54 GOI 2032 Sovereign 0.18 @
Ashok Leyland Ltd Agricultural, Commercial Sub Total 10.27 @
& Construction Vehicles 0.95 0.95
T-Bills
Cipla Ltd. Pharmaceuticals &
Biotechnology 0.89 @ 182 Days Tbill Mat 151222 Sovereign 1.89 @
HCL Technologies Ltd. IT - Software 0.88 @ 182 Days Tbill ISD 230622 Mat 221222 Sovereign 1.51 @
Tata Motors Ltd. Automobiles 0.86 0.49 364 Days TBILL Mat 230223 Sovereign 0.93 @
Hindustan Aeronautics Limited Aerospace & Defense 0.78 @ Sub Total 4.33 @
Zee Entertainment Enterprises Ltd. Entertainment 0.74 0.74 Credit Exposure (Non Perpetual)
Coal India Ltd. Consumable Fuels 0.73 @ Power Finance Corporation Ltd. CRISIL - AAA 1.90 @
Bharat Petroleum Corporation Ltd. Petroleum Products 0.72 @ Bajaj Housing Finance Ltd. CRISIL - AAA 1.32 @
Dabur India Ltd. Personal Products 0.72 0.72 Bajaj Finance Ltd. CRISIL - AAA 0.95 @
Gujarat Pipavav Port Ltd. Transport Infrastructure 0.70 @ Small Industries Development Bank CARE - AAA 0.57 @
AIA Engineering Ltd. Industrial Products 0.66 @ INOX Green Energy Services Ltd. CRISIL - AA(CE) 0.23 @
Power Grid Corporation of India Ltd. Power 0.65 @ Sub Total 4.97 @
Kotak Mahindra Bank Limited Banks 0.63 0.63 Total 19.57 @
UltraTech Cement Limited Cement & Cement UNITS ISSUED BY REIT & INVIT
Products 0.60 0.11 Units issued by InvIT
JMC Projects (India) Ltd. Construction 0.59 @ POWERGRID Infrastructure Investment Trust Power 2.08 @
Bharat Electronics Ltd. Aerospace & Defense 0.56 @ Sub Total 2.08 @
Divis Laboratories Ltd. Pharmaceuticals & MONEY MARKET INSTRUMENTS
Biotechnology 0.56 0.56 CP
SBI CARDS AND PAYMENT SERVICES LIMITED Finance 0.53 @ Vedanta Ltd. CRISIL - A1+ 0.74 @
Hero MotoCorp Ltd. Automobiles 0.49 @ Sub Total 0.74 @
Lupin Ltd. Pharmaceuticals & Cash Margin 9.01 @
Cash,Cash Equivalents and Net Current Assets 0.07 @
Max Financial Services Ltd. Insurance 0.47 @
Grand Total 100.00 @
Wipro Ltd. IT - Software 0.46 0.46
The Tata Power Company Ltd. Power 0.37 0.37 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%
Goodyear India Ltd. Auto Components 0.36 @
Bayer Cropscience Ltd Fertilizers & Outstanding exposure in derivative instruments (` in Crore) 818.61
Agrochemicals 0.35 @
BEML Limited Agricultural, Commercial Hedged position in Equity & Equity related instruments
& Construction Vehicles 0.34 @ Outstanding derivative exposure (% age) 31.03
Hindustan Petroleum Corp. Ltd. Petroleum Products 0.34 @
Ipca Laboratories Ltd. Pharmaceuticals & Face Value per Unit: ` 10, + Industry Classification as recommended by AMFI, CD - Certificate of
Biotechnology 0.34 @ Deposit; CP - Commercial Papers. Data is as of November 30, 2022 unless otherwise specified.
Symphony Ltd. Consumer Durables 0.34 @
Indusind Bank Ltd. Banks 0.31 @
Texmaco Rail & Engineering Ltd. Industrial Manufacturing 0.29 @
Aurobindo Pharma Ltd. Pharmaceuticals &
Titagarh Wagons Limited Industrial Manufacturing 0.26 @
Greenply Industries Ltd. Consumer Durables 0.25 @
ITD Cementation India Ltd. Construction 0.24 @
Sudarshan Chemical Industries Limited Chemicals &
Petrochemicals 0.18 @
Ashoka Buildcon Ltd. Construction 0.17 @
RBL Bank Ltd. Banks 0.17 0.17
HDFC Life Insurance Company Limited Insurance 0.16 0.16
Oil & Natural Gas Corporation Ltd. Oil 0.16 @
Mahindra & Mahindra Ltd. Automobiles 0.14 0.14
32 November 2022
HDFC Hybrid Debt Fund CATEGORY OF SCHEME
CONSERVATIVE HYBRID FUND
(An open ended hybrid scheme investing predominantly in debt
instruments)
KEY FACTS
INVESTMENT OBJECTIVE : To generate income / capital appreciation by investing primarily in debt securities, money market instruments and moderate exposure to equities.
FUND MANAGER ¥
PORTFOLIO
Srinivasan Ramamurthy
(Equities) (since December 14, 2021)
Total Experience: Over 15 years Company Industry+ / Rating % to Company Industry+ / Rating % to
NAV NAV
Shobhit Mehrotra EQUITY & EQUITY RELATED 8.10% Tamil Nadu SDL - Mat
(Debt) (since September 1, 2007) 110325 Sovereign 0.09
Total Experience: Over 30 years • ICICI Bank Ltd. Banks 2.02
State Bank of India Banks 1.87 8.15 GOI 2026 Sovereign 0.01
HDFC Bank Ltd. Banks 1.45 Sub Total 16.40
DATE OF ALLOTMENT / INCEPTION DATE ITC Ltd. Diversified Fmcg 1.35 Credit Exposure (Non Perpetual)
Infosys Limited • TATA Housing Development
December 26, 2003 IT - Software 1.19 Co Ltd. CARE - AA 5.11
Axis Bank Ltd. Banks 1.06 • Power Finance Corporation Ltd. CRISIL - AAA 4.66
Larsen and Toubro Ltd. Construction 0.90 • National Bank for Agri & CRISIL - AAA / ICRA
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Tata Consultancy Services Ltd. IT - Software 0.82 Rural Dev. - AAA 4.25
Regular Plan - Growth Option 63.1580 Bharti Airtel Ltd. Telecom - Services 0.77 • Indian Railways Finance
Regular Plan - Monthly IDCW Option 13.4165 NTPC Limited Power 0.77 Corp. Ltd. CRISIL - AAA 4.18
Regular Plan - Quarterly IDCW Option 14.4211 NHPC Ltd. Power 0.58 • Bajaj Finance Ltd. CRISIL - AAA 3.66
Direct Plan - Growth Option 66.2674 Coal India Ltd. Consumable Fuels 0.57 • Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 3.66
Direct Plan - Monthly IDCW Option 14.4728 Sun Pharmaceutical Industries Pharmaceuticals & • Tata Motors Ltd. CRISIL - AA- 3.64
Direct Plan - Quarterly IDCW Option 15.5327 Ltd. Biotechnology 0.56 • Sikka Port and Terminal Ltd.
Tata Motors Ltd. Automobiles 0.55 (erstwhile Reliance Ports and
ASSETS UNDER MANAGEMENT Cipla Ltd. Pharmaceuticals & Terminals Ltd.) CRISIL - AAA 3.62
As on November 30, 2022 Biotechnology 0.53 • Small Industries Development
` 2,780.07 Cr. Bharat Dynamics Limited Aerospace & Defense 0.50 Bank CARE - AAA 2.70
Average for Month of November 2022 Hindustan Aeronautics Limited Aerospace & Defense 0.50 Housing and Urban
Power Finance Corporation Ltd. Finance 0.49 Development Corporation Ltd. CARE - AAA 1.89
` 2,760.92 Cr. National Highways Authority
Manufacturing 0.45 of India CRISIL - AAA 1.87
QUANTITATIVE DATA Mishra Dhatu Nigam Ltd. Aerospace & Defense 0.44 Export - Import Bank of India CRISIL - AAA 1.79
Average Maturity * 4.77 years Indian Railways Finance Corp. Cholamandalam Investment &
Macaulay Duration * 3.25 years Ltd. Finance 0.42 Finance Co. Ltd. ICRA - AA+ 1.77
Modified Duration * 3.05 years Housing Development Fin.
Mahindra & Mahindra Ltd. Automobiles 0.42
Yield to Maturity * 7.42% HCL Technologies Ltd. IT - Software 0.40 Corp. Ltd.£ CRISIL - AAA 1.70
*Calculated on amount invested in debt securities REC Limited. Finance 0.40 Andhra Pradesh Expressway
(including accrued interest), deployment of funds Hindustan Petroleum Corp. Ltd. Petroleum Products 0.38 Ltd. (NHAI Annuity) ICRA - AAA 1.59
in TREPS and Reverse Repo and net receivable Lupin Ltd. Pharmaceuticals & REC Limited. CRISIL - AAA 1.29
/ payable. Biotechnology 0.35 Grasim Industries Ltd. CRISIL - AAA 0.90
SBI Life Insurance Company Ltd. Insurance 0.35 Axis Finance Ltd. IND - AAA 0.87
Union Bank of India Banks 0.32 HDFC ERGO General Insurance
Great Eastern Shipping Co. Ltd. CRISIL - AAA 0.87
TOTAL EXPENSE RATIO (As on November 30, 2022) The Tata Power Company Ltd. IND - AA 0.68
Including Additional Expenses and Goods and Service Company Ltd. Transport Services 0.29
Tax on Management Fees Housing and Urban Union Bank of India CARE - AA+ 0.54
Development Corporation Ltd. Finance 0.27 Power Grid Corporation of
Regular: 1.86% Direct: 1.36% Aurobindo Pharma Ltd. Pharmaceuticals & India Ltd. CRISIL - AAA 0.19
Biotechnology 0.26 Sub Total 51.43
Bharat Petroleum Corporation Credit Exposure (Perpetual Bonds)
#BENCHMARK INDEX: Ltd. Petroleum Products 0.26 TMF Holdings Ltd. (Subsidiary
NIFTY 50 Hybrid Composite Debt 15:85 Index Goodyear India Ltd. Auto Components 0.26 of Tata Motors Ltd.) (Perpetual) CARE - AA- 0.52
##ADDL. BENCHMARK INDEX: Power Grid Corporation of Union Bank of India (AT1, BASEL
CRISIL 10 year Gilt Index India Ltd. Power 0.22 III, Perpetual) CRISIL - AA 0.37
Birla Corporation Ltd. Cement & Cement Sub Total 0.89
Products 0.21 Total 68.72
Finolex Cables Ltd. Industrial Products 0.21 Cash,Cash Equivalents and Net Current Assets 8.30
SBI CARDS AND PAYMENT Grand Total 100.00
SERVICES LIMITED Finance 0.21 • Top Ten Holdings, £ Sponsor
Portfolio Jindal Steel & Power Ltd. Ferrous Metals 0.19
Classification By Texmaco Rail & Engineering Industrial
Face Value per Unit: ` 10, + Industry Classification as
Asset Class (%) Ltd. Manufacturing 0.19
Sub Total 22.98 recommended by AMFI, CD - Certificate of Deposit; CP -
DEBT & DEBT RELATED Commercial Papers. Data is as of November 30, 2022 unless
Government Securities (Central/State) otherwise specified.
n Equity 22.98 7.38 GOI 2027 Sovereign 1.82
n G-Sec, SDL 16.40 7.1 GOI 2029 Sovereign 1.78 ¥ Dedicated Fund Manager for Overseas Investments:
n Credit Exposure 52.32 GOI 2034 Sovereign 1.76 Mr. Priya Ranjan (since May 01, 2022)
6.58% Gujarat SDL - Mat (Total Experience: Over 15 years).
n Cash, Cash Equivalents and Net Current Assets 8.30 310327 Sovereign 1.75
7.89% Gujarat SDL - Mat Please refer Minimum Application Amount, Plans & Options and
150525 Sovereign 1.28 Exit Load, on Page no. 86 to 92.
GOI 2028 Sovereign 0.89
Portfolio 5.77 GOI 2030 Sovereign 0.82
Classification By 6.67 GOI 2050 Sovereign 0.66
Rating Class (%) 5.85 GOI 2030 Sovereign 0.49
1.44% GOI Inflation Indexed
n Equity 22.98 2023 Sovereign 0.35
n Sovereign 16.40 6.79 GOI 2029 Sovereign 0.35
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 39.69 6.1 GOI 2031 Sovereign 0.33
n AA+ 2.31 6.97 GOI 2026 Sovereign 0.18
n AA/AA- 10.32 6.45 GOI 2029 Sovereign 0.17
November 2022 33
HDFC Hybrid Debt Fund CATEGORY OF SCHEME

CONSERVATIVE HYBRID FUND
(An open ended hybrid scheme investing predominantly in debt
instruments)
KEY FACTS
Returns (%) 9.69 9.38 9.03 9.72 11.12 10.20
Benchmark Returns (%) # 8.76 8.81 8.72 8.41 7.28 6.84

(`)##
Nov 30, 21 Last 1 Year 6.99 3.90 -0.21 10,699 10,390 9,979
Nov 29, 19 Last 3 Years 9.92 8.25 3.47 13,287 12,691 11,079
Nov 30, 17 Last 5 Years 7.32 8.32 5.10 14,239 14,916 12,828
Nov 30, 12 Last 10 Years 9.35 8.92 6.31 24,461 23,513 18,448
Dec 26, 03 Since Inception 10.22 8.34 5.41 63,158 45,637 27,143
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 Srinivasan Ramamurthy and Shobhit Mehrotra, please refer page 96. 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 95 to 99.
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.
interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives is likely
to be lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances the volatility may be of an order
greater than what may ordinarily be expected considering only its duration. Hence investors are recommended to consider the unadjusted
portfolio maturity of the scheme as well and exercise adequate due diligence when deciding to make their investments.
34 November 2022
HDFC Index Fund - NIFTY 50 Plan CATEGORY OF SCHEME
INDEX FUND
(An open ended scheme replicating / tracking NIFTY 50 index)
INVESTMENT OBJECTIVE : 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. There is no assurance that the investment objective of the Scheme will be realized.
PORTFOLIO
FUND MANAGER
Krishan Kumar Daga Company Industry+ % to Company Industry+ % to
(since October 19, 2015) NAV NAV
Total Experience: Over 32 years EQUITY & EQUITY RELATED HDFC Life Insurance Company
Arun Agarwal • Reliance Industries Ltd. Petroleum Products 11.36 Limited Insurance 0.67
(since August 24, 2020) • HDFC Bank Ltd. Banks 8.53 Dr Reddys Laboratories Ltd. Pharmaceuticals &
Total Experience: Over 23 years • ICICI Bank Ltd. Banks 8.00 Biotechnology 0.66
• Infosys Limited IT - Software 7.21 Oil & Natural Gas Corporation
• Housing Development Fin. Ltd. Oil 0.66
DATE OF ALLOTMENT / INCEPTION DATE Corp. Ltd.£ Finance 5.88 Britannia Industries Ltd. Food Products 0.62
July 17, 2002 • Tata Consultancy Services Ltd. IT - Software 4.19 Eicher Motors Ltd. Automobiles 0.59
• ITC Ltd. Diversified Fmcg 3.61 Tata Consumer Products Agricultural Food &
• Kotak Mahindra Bank Limited Banks 3.45 Limited Other Products 0.59
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • Larsen and Toubro Ltd. Construction 3.02 Apollo Hospitals Enterprise Ltd. Healthcare Services 0.58
• Hindustan Unilever Ltd. Diversified Fmcg 2.89 Bajaj Auto Limited Automobiles 0.58
Direct Plan - Growth Option 177.4469 Axis Bank Ltd. Banks 2.87 Coal India Ltd. Consumable Fuels 0.57
State Bank of India Banks 2.79 Divis Laboratories Ltd. Pharmaceuticals &
Bharti Airtel Ltd. Telecom - Services 2.50 Biotechnology 0.52
ASSETS UNDER MANAGEMENT Bajaj Finance Ltd. Finance 2.16 UPL Ltd. Fertilizers &
As on November 30, 2022 Asian Paints Limited Consumer Durables 1.73 Agrochemicals 0.51
` 7,551.40 Cr. Mahindra & Mahindra Ltd. Automobiles 1.51 Hero MotoCorp Ltd. Automobiles 0.45
Average for Month of November 2022 Maruti Suzuki India Limited Automobiles 1.44 Bharat Petroleum Corporation
` 7,387.02 Cr. Ltd. Petroleum Products 0.39
HCL Technologies Ltd. IT - Software 1.43 Yes Bank Ltd. Banks @
Sun Pharmaceutical Industries Pharmaceuticals & Sub Total 99.99
Ltd. Biotechnology 1.36
QUANTITATIVE DATA Titan Company Ltd. Consumer Durables 1.33 Cash,Cash Equivalents and Net Current Assets @
ADANI ENTERPRISES LIMTIED Metals & Minerals Grand Total 100.00
Portfolio Turnover Ratio (Last 1 year) 9.07%
Trading 1.29 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
Bajaj Finserv Ltd. Finance 1.19
TRACKING ERROR Tata Steel Ltd. Ferrous Metals 1.05 Exposure to top seven groups
NTPC Limited Power 0.99
Annualised tracking error is calculated based UltraTech Cement Limited Cement & Cement Management Group % to NAV
on daily rolling returns for the last 12 months: Products 0.98 HDFC 15.08
0.04%
Tata Motors Ltd. Automobiles 0.95 Mukesh Ambani 11.36
Indusind Bank Ltd. Banks 0.92 Tata 8.11
TOTAL EXPENSE RATIO (As on November 30, 2022) Power Grid Corporation of ICICI 8.00
Including Additional Expenses and Goods and Service India Ltd. Power 0.92
Tax on Management Fees Nestle India Ltd. Food Products 0.87 Indian Private-Infosys Ltd. 7.21
JSW Steel Ltd. Ferrous Metals 0.84 Bajaj 3.93
Tech Mahindra Ltd. IT - Software 0.82 MNC Asc-ITC 3.61
Grasim Industries Ltd. Cement & Cement
#BENCHMARK INDEX: Products 0.80 Face Value per Unit: ` 10.3260, + Industry Classification as
NIFTY 50 (Total Returns Index) Hindalco Industries Ltd. Non - Ferrous Metals 0.79 recommended by AMFI, Data is as of November 30, 2022 unless
##ADDL. BENCHMARK INDEX: Adani Ports & Special otherwise specified.
Economic Zone Transport Infrastructure 0.76
S&P BSE SENSEX (Total Returns Index) Cipla Ltd. Pharmaceuticals & Please refer Minimum Application Amount, Plans & Options and
Biotechnology 0.74 Exit Load, on Page no. 86 to 92.
SBI Life Insurance Company Ltd. Insurance 0.70
Industry Allocation of Equity Holding SIP PERFORMANCE ^ - Regular Plan - Growth Option
26.56
Banks
14.38 Mkt Value As on November 30, 2022 (` in Lacs) 110.86 50.12 24.99 9.15 4.94 1.32
IT - Software
11.75 Returns (%) 13.07 12.60 14.04 16.91 21.76 19.10
Petroleum Products
Finance 9.23 Benchmark Returns (%) # 14.73 13.38 14.62 17.54 22.41 19.66
Diversified Fmcg 6.50 Additional Benchmark Returns (%) ## 15.15 13.64 14.88 17.69 22.06 20.35
5.52 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Automobiles accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
Pharmaceuticals & Biotechnology 3.28 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Construction 3.02 PERFORMANCE ^ - Regular Plan - Growth Option
Telecom - Services 2.50 Scheme Benchmark Additional Value of ` 10,000 invested
Power 1.91 Date Period (%) (%)# Returns
Ferrous Metals 1.89 (`)##
Cement & Cement Products 1.78 Nov 30, 21 Last 1 Year 11.39 11.93 12.04 11,139 11,193 11,204
Food Products 1.49 Nov 29, 19 Last 3 Years 16.51 17.22 16.98 15,827 16,123 16,020
Insurance 1.37 Nov 30, 17 Last 5 Years 13.72 14.32 15.07 19,026 19,529 20,184
Nov 30, 12 Last 10 Years 13.12 13.69 14.04 34,325 36,095 37,224
Jul 17, 02 Since Inception 14.87 16.89 17.45 168,822 240,871 265,529
Transport Infrastructure 0.76
0.66
Returns greater than 1 year period are compounded annualized (CAGR). Since inception returns are calculated on ` 10.3260 (allotment price). For
Oil performance of other schemes managed by Krishan Kumar Daga and Arun Agarwal, please refer page 96. Different plans viz. Regular Plan and
Agricultural Food & Other Products 0.59 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
Healthcare Services 0.58 expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
Fertilizers & Agrochemicals 0.51 ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan. Load
0 5 1015202530
November 2022 35
HDFC Index Fund - S&P BSE SENSEX Plan CATEGORY OF SCHEME
(Name changed from HDFC Index Fund - SENSEX Plan w.e.f. July 1, 2022) INDEX FUND
(An open ended scheme replicating / tracking S&P BSE SENSEX index)
INVESTMENT OBJECTIVE : 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. There is no assurance that the investment objective of the Scheme will be realized.
PORTFOLIO
FUND MANAGER
(since October 19, 2015) NAV NAV
Total Experience: Over 32 years EQUITY & EQUITY RELATED Tech Mahindra Ltd. IT - Software 0.95
Arun Agarwal • Reliance Industries Ltd. Petroleum Products 13.16 Wipro Ltd. IT - Software 0.84
(since August 24, 2020)
Total Experience: Over 23 years • HDFC Bank Ltd. Banks 9.86 Dr Reddys Laboratories Ltd. Pharmaceuticals &
• ICICI Bank Ltd. Banks 9.26 Biotechnology 0.76
• Infosys Limited IT - Software 8.34 Sub Total 99.98
July 17, 2002 • Housing Development Fin. Cash,Cash Equivalents and Net Current Assets 0.02
Corp. Ltd.£ Finance 6.82 Grand Total 100.00
• Tata Consultancy Services Ltd. IT - Software 4.85 • Top Ten Holdings, £ Sponsor
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • ITC Ltd. Diversified Fmcg 4.17
Regular Plan - Growth Option 571.1898 Exposure to top seven groups
Direct Plan - Growth Option 582.5156 • Kotak Mahindra Bank Limited Banks 3.88
• Larsen and Toubro Ltd. Construction 3.50 Management Group % to NAV
HDFC 16.68
ASSETS UNDER MANAGEMENT • Axis Bank Ltd. Banks 3.48
Mukesh Ambani 13.16
As on November 30, 2022 Hindustan Unilever Ltd. Diversified Fmcg 3.34 ICICI 9.26
` 4,214.10 Cr. State Bank of India Banks 3.15 Indian Private-Infosys Ltd. 8.34
Bharti Airtel Ltd. Telecom - Services 2.90 Tata 7.60
` 4,161.07 Cr. MNC Asc-ITC 4.17
Bajaj 3.91
Asian Paints Limited Consumer Durables 2.00
QUANTITATIVE DATA
Mahindra & Mahindra Ltd. Automobiles 1.75 Face Value per Unit: ` 32.1610, + Industry Classification as
Portfolio Turnover Ratio (Last 1 year) 6.97% recommended by AMFI, Data is as of November 30, 2022 unless
Maruti Suzuki India Limited Automobiles 1.67
HCL Technologies Ltd. IT - Software 1.66
TRACKING ERROR Sun Pharmaceutical Industries Pharmaceuticals & Please refer Minimum Application Amount, Plans & Options and
Annualised tracking error is calculated based Ltd. Biotechnology 1.57 Exit Load, on Page no. 86 to 92.
on daily rolling returns for the last 12 months:
0.04% Titan Company Ltd. Consumer Durables 1.54
Bajaj Finserv Ltd. Finance 1.41
TOTAL EXPENSE RATIO (As on November 30, 2022) Tata Steel Ltd. Ferrous Metals 1.21
Including Additional Expenses and Goods and Service NTPC Limited Power 1.14
Regular: 0.40% Direct: 0.20% Products 1.14
Power Grid Corporation of
India Ltd. Power 1.07
#BENCHMARK INDEX:
S&P BSE SENSEX (Total Returns Index) Indusind Bank Ltd. Banks 1.06
##ADDL. BENCHMARK INDEX: Nestle India Ltd. Food Products 1.00

Industry Allocation of Equity Holding SIP SIP SIP SIP SIP SIP
(% of Net Assets) Mkt Value As on November 30, 2022 (` in Lacs) 115.13 51.18 25.36 9.19 4.92 1.32
Returns (%) 13.37 12.84 14.32 17.07 21.44 19.82
Banks 30.69 Benchmark Returns (%) # 15.15 13.64 14.88 17.69 22.06 20.35
IT - Software 16.64
Petroleum Products 13.16 accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
Finance 10.73
Diversified Fmcg 7.51 Scheme Benchmark Additional Value of ` 10,000 invested
Consumer Durables 3.54 Date Period (%) (%)# Returns
(`)##
Construction 3.50
Nov 30, 21 Last 1 Year 11.52 12.04 11.93 11,152 11,204 11,193
Automobiles 3.42 Nov 29, 19 Last 3 Years 16.28 16.98 17.22 15,735 16,020 16,123
Nov 30, 17 Last 5 Years 14.45 15.07 14.32 19,641 20,184 19,529
Nov 30, 12 Last 10 Years 13.44 14.04 13.69 35,330 37,224 36,095
Pharmaceuticals & Biotechnology 2.33 Jul 17, 02 Since Inception 15.16 17.45 16.89 177,603 265,529 240,871
Power 2.21 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 and Arun Agarwal, please refer page 96. 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
Ferrous Metals 1.21 expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
Note: Effective close of business hours of May 25, 2018, HDFC Index Fund - S&P BSE SENSEX Plan (the Scheme) underwent changes
Food Products 1.00 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
0 10 20 30 40 dated April 12, 2018.
36 November 2022
HDFC NIFTY 100 Index Fund CATEGORY OF SCHEME
INDEX FUND
[An open ended scheme replicating / tracking NIFTY 100 index (TRI)]
INVESTMENT OBJECTIVE : The investment objective of the Scheme is to generate returns that are commensurate (before fees and expenses) with the performance of the
NIFTY 100 Index TRI (Underlying Index), subject to tracking error. There is no assurance that the investment objective of the Scheme will be realized.
PORTFOLIO
FUND MANAGER
(since February 11, 2022)
EQUITY & EQUITY RELATED INFO EDGE (INDIA) LIMITED Retailing 0.32
Arun Agarwal • Reliance Industries Ltd. Petroleum Products 9.66 Bajaj Holdings & Investment Ltd Finance 0.31
(since March 4, 2022) • HDFC Bank Ltd. Banks 7.26 Indian Oil Corporation Ltd. Petroleum Products 0.30
Total Experience: Over 23 years • ICICI Bank Ltd. Banks 6.81 Cholamandalam Investment &
• Infosys Limited IT - Software 6.14 Finance Co. Ltd. Finance 0.29
• Housing Development Fin. Corp. PI Industries Ltd. Fertilizers & Agrochemicals 0.29
DATE OF ALLOTMENT / INCEPTION DATE Ltd.£ Finance 5.01 United Spirits Limited Beverages 0.28
• Tata Consultancy Services Ltd. IT - Software 3.56 Marico Ltd. Personal Products 0.27
February 23, 2022 • ITC Ltd. Diversified Fmcg 3.07 DLF LIMITED Realty 0.26
• Kotak Mahindra Bank Limited Banks 2.93 GAIL (India) Ltd. Gas 0.26
• Larsen and Toubro Ltd. Construction 2.57 Siemens Ltd. Electrical Equipment 0.25
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • Hindustan Unilever Ltd. Diversified Fmcg 2.46 Hindustan Aeronautics Limited Aerospace & Defense 0.24
Axis Bank Ltd. Banks 2.44 SBI CARDS AND PAYMENT SERVICES
Regular Plan - Growth Option 10.9542 LIMITED Finance 0.24
Direct Plan - Growth Option 11.0055 State Bank of India Banks 2.37
Bharti Airtel Ltd. Telecom - Services 2.13 Larsen & Toubro Infotech Ltd. IT - Software 0.23
Bajaj Finance Ltd. Finance 1.84 ACC Ltd. Cement & Cement Products 0.22
Asian Paints Limited Consumer Durables 1.47 Colgate-Palmolive ( I ) Ltd. Personal Products 0.22
ASSETS UNDER MANAGEMENT Zomato Ltd Retailing 0.21
As on November 30, 2022 Mahindra & Mahindra Ltd. Automobiles 1.28
HCL Technologies Ltd. IT - Software 1.22 Indian Railway Catering And Tourism
` 94.70 Cr. Maruti Suzuki India Limited Automobiles 1.22 Corp Ltd Leisure Services 0.20
Average for Month of November 2022 Sun Pharmaceutical Industries Ltd. Pharmaceuticals & ICICI Prudential Life Insurance
Company Ltd. Insurance 0.19
` 94.65 Cr. Biotechnology 1.16
InterGlobe Aviation Ltd. Transport Services 0.19
Titan Company Ltd. Consumer Durables 1.13
ADANI ENTERPRISES LIMTIED Metals & Minerals Trading 1.10 Bandhan Bank Ltd. Banks 0.18
TRACKING ERROR ADANI TOTAL GAS LIMITED Gas 1.02 Indus Towers Limited Telecom - Services 0.17
Bajaj Finserv Ltd. Finance 1.01 MphasiS Limited. IT - Software 0.17
Annualised Standard Deviation (tracking error) Torrent Pharmaceuticals Ltd. Pharmaceuticals &
has been calculated based on the available Tata Steel Ltd. Ferrous Metals 0.89
NTPC Limited Power 0.84 Biotechnology 0.17
data, i.e. since inception : 0.32% UltraTech Cement Limited Cement & Cement Products 0.84 Life Insurance Corporation of India Insurance 0.16
Adani Transmission Limited Power 0.83 Berger Paints (I) Ltd Consumer Durables 0.15
Tata Motors Ltd. Automobiles 0.81 Bosch Limited Auto Components 0.15
TOTAL EXPENSE RATIO (As on November 30, 2022) HDFC Asset Management Company
Including Additional Expenses and Goods and Service Adani Green Energy Limited Power 0.79
Indusind Bank Ltd. Banks 0.78 Ltd. Capital Markets 0.15
Tax on Management Fees Samvardhana Motherson
Power Grid Corporation of India Ltd. Power 0.78
Regular: 1.06% Direct: 0.30% Nestle India Ltd. Food Products 0.74 International Ltd. Auto Components 0.15
JSW Steel Ltd. Ferrous Metals 0.72 Procter & Gamble Hygiene &
Tech Mahindra Ltd. IT - Software 0.70 Healthca Personal Products 0.14
Grasim Industries Ltd. Cement & Cement Products 0.68 Biocon Ltd. Pharmaceuticals &
#BENCHMARK INDEX: Biotechnology 0.13
Hindalco Industries Ltd. Non - Ferrous Metals 0.67
NIFTY 100 (Total Returns Index) Adani Ports & Special Economic Zone Transport Infrastructure 0.65 Muthoot Finance Ltd. Finance 0.12
##ADDL. BENCHMARK INDEX: Cipla Ltd. Pharmaceuticals & Gland Pharma Ltd. Pharmaceuticals &
Biotechnology 0.11
NIFTY 50 (Total Returns Index) Biotechnology 0.63
Fsn Ecommerce Ventures Limited
Avenue Supermarts Ltd. (Nykaa) Retailing 0.07
Retailing 0.61 ONE 97 COMMUNICATIONS LIMITED Financial Technology
SBI Life Insurance Company Ltd. Insurance 0.59 (Paytm) (Fintech) 0.04
Industry Allocation of Equity Holding HDFC Life Insurance Company Limited Insurance
0.57 Sub Total 99.46
(% of Net Assets) Biotechnology 0.56 Grand Total 100.00
Oil & Natural Gas Corporation Ltd. Oil 0.56
Britannia Industries Ltd. Food Products 0.53 • Top Ten Holdings, £ Sponsor
Banks 23.09 Eicher Motors Ltd. Automobiles 0.50
IT - Software 12.64 Tata Consumer Products Limited Agricultural Food & Other Exposure to top seven groups
Petroleum Products 10.29 Products 0.50
Finance 8.82 Apollo Hospitals Enterprise Ltd. Healthcare Services 0.49 Management Group % to NAV
Diversified Fmcg 5.53 Bajaj Auto Limited Automobiles 0.49 HDFC 12.99
Automobiles 4.68 Coal India Ltd. Consumable Fuels 0.49
Power 3.63 Divis Laboratories Ltd. Pharmaceuticals &
Mukesh Ambani 9.66
Pharmaceuticals & Biotechnology 3.21 Biotechnology 0.45 ICICI 7.32
Consumer Durables 3.07 Ambuja Cements Ltd. Cement & Cement Products 0.43 Tata 7.28
Construction 2.57 Pidilite Industries Ltd. Chemicals & Petrochemicals 0.43 Indian Private-Infosys Ltd. 6.14
Cement & Cement Products 2.50 UPL Ltd. Fertilizers & Agrochemicals 0.43
2.30 Adani 4.39
Telecom - Services Bharat Electronics Ltd. Aerospace & Defense 0.39
Insurance 1.83 The Tata Power Company Ltd. Power 0.39 Bajaj 3.65
Ferrous Metals 1.61 Hero MotoCorp Ltd. Automobiles 0.38
1.32 Dabur India Ltd. Personal Products 0.35 Face Value per Unit: ` 10, + Industry Classification as
Personal Products
Gas 1.28 SRF Ltd. Chemicals & Petrochemicals 0.35 recommended by AMFI, Data is as of November 30, 2022 unless
Food Products 1.27 Vedanta Ltd. Diversified Metals 0.35 otherwise specified.
Retailing 1.21 Godrej Consumer Products Ltd. Personal Products 0.34
Metals & Minerals Trading 1.10 Bharat Petroleum Corporation Ltd. Petroleum Products 0.33 Please refer Minimum Application Amount, Plans & Options and
Chemicals & Petrochemicals 0.78 Shree Cement Ltd. Cement & Cement Products 0.33 Exit Load, on Page no. 86 to 92.
Fertilizers & Agrochemicals 0.72 Bank of Baroda Banks 0.32
Non - Ferrous Metals 0.67 Havells India Ltd. Consumer Durables 0.32
Transport Infrastructure 0.65 ICICI Lombard General Insurance Co Insurance 0.32
Oil 0.56
Agricultural Food & Other Products 0.50 PERFORMANCE ^ - Regular Plan - Growth Option
Healthcare Services 0.49 Scheme Benchmark Additional Value of ` 10,000 invested
Consumable Fuels 0.49 Returns Returns Benchmark
Diversified Metals 0.35 Date Period (%) (%)# Scheme (`)
Returns Benchmark Additional
0.30 (%) ## (`)# Benchmark
Auto Components (`)##
Beverages 0.28
Realty 0.26 May 31, 22 Last 6 Months 25.61 27.02 27.62 11,284 11,355 11,385
Electrical Equipment 0.25 Simple annualized returns have been provided as per the extant guidelines since the scheme has completed 6 months but not 1 year. However,
Leisure Services 0.20 such returns may not be representative. Absolute returns of the Scheme for the 6 month period is 12.84%. For performance of other schemes
Transport Services 0.19 managed by Krishna Kumar Daga & Arun Agarwal, please refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense
Capital Markets 0.15 structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in
Financial Technology (Fintech) 0.04 the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
0 5 10 15 20 25 30 ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
November 2022 37
HDFC NIFTY50 Equal Weight Index Fund CATEGORY OF SCHEME
INDEX FUND
[An open ended scheme replicating/ tracking NIFTY50 Equal Weight Index
(TRI)]
INVESTMENT OBJECTIVE : To generate returns that are commensurate (before fees and expenses) with the performance of the NIFTY50 Equal Weight Index TRI (Underlying
Index), subject to tracking error. There is no assurance that the investment objective of the Scheme will be realized.
PORTFOLIO
FUND MANAGER
(since August 20, 2021) NAV NAV
Total Experience: Over 32 years EQUITY & EQUITY RELATED Adani Ports & Special
Arun Agarwal • Axis Bank Ltd. Banks 2.25 Economic Zone Transport Infrastructure 1.92
(since February 01, 2022) • HCL Technologies Ltd. IT - Software 2.25 Cipla Ltd. Pharmaceuticals &
Total Experience: Over 23 years Biotechnology 1.91
• Hindalco Industries Ltd. Non - Ferrous Metals 2.22
• Housing Development Fin. SBI Life Insurance Company Ltd. Insurance 1.90
DATE OF ALLOTMENT / INCEPTION DATE Corp. Ltd.£ Finance 2.17 Tata Consumer Products Agricultural Food &
• Infosys Limited IT - Software 2.16 Limited Other Products 1.89
August 20, 2021 Maruti Suzuki India Limited Automobiles 1.88
• JSW Steel Ltd. Ferrous Metals 2.15
• Sun Pharmaceutical Industries Pharmaceuticals & Titan Company Ltd. Consumer Durables 1.88
Ltd. Biotechnology 2.15 Wipro Ltd. IT - Software 1.88
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) ITC Ltd. Diversified Fmcg 1.87
• UPL Ltd. Fertilizers &
Regular Plan - Growth Option 11.7342 Agrochemicals 2.15 Indusind Bank Ltd. Banks 1.85
• Britannia Industries Ltd. Food Products 2.10 Hindustan Unilever Ltd. Diversified Fmcg 1.84
• Reliance Industries Ltd. Petroleum Products 2.10 Eicher Motors Ltd. Automobiles 1.80
ASSETS UNDER MANAGEMENT UltraTech Cement Limited Cement & Cement Bajaj Finserv Ltd. Finance 1.78
As on November 30, 2022 Products 2.10 Bajaj Finance Ltd. Finance 1.71
` 533.99 Cr. HDFC Bank Ltd. Banks 2.09 Divis Laboratories Ltd. Pharmaceuticals &
Average for Month of November 2022 HDFC Life Insurance Company Biotechnology 1.70
` 525.26 Cr. Limited Insurance 2.09 Asian Paints Limited Consumer Durables 1.68
Oil & Natural Gas Corporation Sub Total 99.72
Ltd. Oil 2.09 Cash,Cash Equivalents and Net Current Assets 0.28
QUANTITATIVE DATA Larsen and Toubro Ltd. Construction 2.07 Grand Total 100.00
Portfolio Turnover Ratio (Last 1 year) 43.49% State Bank of India Banks 2.07
Tata Consultancy Services Ltd. IT - Software 2.07 • Top Ten Holdings, £ Sponsor
ICICI Bank Ltd. Banks 2.06
Exposure to top seven groups
TRACKING ERROR Apollo Hospitals Enterprise Ltd. Healthcare Services 2.05
Tracking error is calculated based on daily Bharti Airtel Ltd. Telecom - Services 2.05 Management Group % to NAV
rolling returns for the last 12 months: 0.10% ADANI ENTERPRISES LIMTIED Metals & Minerals Tata 9.90
Trading 2.03 HDFC 6.35
Tata Motors Ltd. Automobiles 2.03 Birla AV 6.25
TOTAL EXPENSE RATIO (As on November 30, 2022) Tata Steel Ltd. Ferrous Metals 2.03 Govt of India 5.96
Including Additional Expenses and Goods and Service Bharat Petroleum Corporation Bajaj 5.44
Tax on Management Fees Ltd. Petroleum Products 2.02
Power Grid Corporation of GoI - SBI 3.97
Regular: 1.11% Direct: 0.40% India Ltd. Power 2.01 Adani 3.95
Hero MotoCorp Ltd. Automobiles 1.99
Face Value per Unit: ` 10, + Industry Classification as
#BENCHMARK INDEX: Kotak Mahindra Bank Limited Banks 1.99
Nestle India Ltd. Food Products 1.99 recommended by AMFI, Data is as of November 30, 2022 unless
NIFTY50 Equal Weight (Total Returns otherwise specified.
Index) NTPC Limited Power 1.99
##ADDL. BENCHMARK INDEX: Biotechnology 1.98 Please refer Minimum Application Amount, Plans & Options and
NIFTY 50 (Total Returns Index) Coal India Ltd. Consumable Fuels 1.96 Exit Load, on Page no. 86 to 92.
Bajaj Auto Limited Automobiles 1.95
Mahindra & Mahindra Ltd. Automobiles 1.95
Tech Mahindra Ltd. IT - Software 1.94
Industry Allocation of Equity Holding Products 1.93
(% of Net Assets)
Banks 12.31
Automobiles 11.60 SIP PERFORMANCE ^ - Regular Plan - Growth Option
IT - Software 10.30 Since Inception 1 year
Pharmaceuticals & Biotechnology 7.74 SIP SIP
Finance 5.66 Total Amount Invested (` in Lacs) 1.60 1.20
Ferrous Metals 4.18 Mkt Value As on November 30, 2022 (` in Lacs) 1.77 1.32
Petroleum Products 4.12 Returns (%) 14.81 19.06
Food Products 4.09 Benchmark Returns (%) # N.A. N.A.
Cement & Cement Products 4.03 Additional Benchmark Returns (%) ## 14.84 19.66
Power 4.00 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Insurance 3.99 accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
Consumer Durables 3.56 PERFORMANCE ^ - Regular Plan - Growth Option
Fertilizers & Agrochemicals 2.15 Returns Returns Benchmark
Oil 2.09 (`)# Benchmark
(%) ## (`)##
Construction 2.07
Telecom - Services 2.05 Nov 30, 21 Last 1 Year 13.25 14.64 11.93 11,325 11,464 11,193
Healthcare Services 2.05 Aug 20, 21 Since Inception 13.31 14.73 12.17 11,734 11,922 11,583
Metals & Minerals Trading 2.03 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Krishna Kumar Daga
Consumable Fuels 1.96 & Arun Agarwal, please refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the
Transport Infrastructure 1.92 Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance
38 November 2022
HDFC NIFTY 100 Equal Weight Index Fund CATEGORY OF SCHEME
(An open ended scheme replicating/tracking NIFTY100 Equal Weight Index INDEX FUND
(TRI))
INVESTMENT OBJECTIVE : The investment objective of the Scheme is to generate returns that are commensurate (before fees and expenses) with the performance of the
NIFTY 100 Equal Weight Index TRI (Underlying Index), subject to tracking error. There is no assurance that the investment objective of the Scheme will be realized.
PORTFOLIO
FUND MANAGER
EQUITY & EQUITY RELATED Siemens Ltd. Electrical Equipment 0.96
Arun Agarwal • Bank of Baroda Banks 1.22 Tata Consumer Products Limited Agricultural Food & Other
(since March 4, 2022) • Axis Bank Ltd. Banks 1.15 Products 0.96
Total Experience: Over 23 years • HCL Technologies Ltd. IT - Software 1.15 Titan Company Ltd. Consumer Durables 0.96
• Hindalco Industries Ltd. Non - Ferrous Metals 1.13 Wipro Ltd. IT - Software 0.96
• Hindustan Aeronautics Limited Aerospace & Defense 1.13 Biocon Ltd. Pharmaceuticals &
DATE OF ALLOTMENT / INCEPTION DATE • HDFC Asset Management Company Biotechnology 0.95
Ltd. Capital Markets 1.10 ITC Ltd. Diversified Fmcg 0.95
February 23, 2022 • Housing Development Fin. Corp. Life Insurance Corporation of India Insurance 0.95
Ltd.£ Finance 1.10 Godrej Consumer Products Ltd. Personal Products 0.94
• Infosys Limited IT - Software 1.10 Hindustan Unilever Ltd. Diversified Fmcg 0.94
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • JSW Steel Ltd. Ferrous Metals 1.10 Indusind Bank Ltd. Banks 0.94
• Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Samvardhana Motherson
Regular Plan - Growth Option 10.7037 International Ltd. Auto Components 0.94
Direct Plan - Growth Option 10.7506 Biotechnology 1.10
UPL Ltd. Fertilizers & Agrochemicals 1.10 Adani Green Energy Limited Power 0.93
PI Industries Ltd. Fertilizers & Agrochemicals 1.09 Berger Paints (I) Ltd Consumer Durables 0.93
Vedanta Ltd. Diversified Metals 1.09 Cholamandalam Investment &
ASSETS UNDER MANAGEMENT DLF LIMITED Realty 1.08 Finance Co. Ltd. Finance 0.93
As on November 30, 2022 Indian Oil Corporation Ltd. Petroleum Products 1.08 Procter & Gamble Hygiene &
` 77.65 Cr. Britannia Industries Ltd. Food Products 1.07 Healthca Personal Products 0.93
Average for Month of November 2022 HDFC Bank Ltd. Banks 1.07 Eicher Motors Ltd. Automobiles 0.92
HDFC Life Insurance Company Limited Insurance 1.07 MphasiS Limited. IT - Software 0.92
` 81.75 Cr. Oil & Natural Gas Corporation Ltd. Oil 1.07 Pidilite Industries Ltd. Chemicals & Petrochemicals 0.92
Reliance Industries Ltd. Petroleum Products 1.07 Bajaj Finserv Ltd. Finance 0.91
TRACKING ERROR UltraTech Cement Limited Cement & Cement Products 1.07 Havells India Ltd. Consumer Durables 0.90
Ambuja Cements Ltd. Cement & Cement Products 1.06 SRF Ltd. Chemicals & Petrochemicals 0.90
Annualised Standard Deviation (tracking error) Larsen and Toubro Ltd. Construction 1.06 Bajaj Holdings & Investment Ltd Finance 0.89
has been calculated based on the available State Bank of India Banks 1.06 Marico Ltd. Personal Products 0.89
data, i.e. since inception : 0.28% Tata Consultancy Services Ltd. IT - Software 1.06 Avenue Supermarts Ltd. Retailing 0.88
Apollo Hospitals Enterprise Ltd. Healthcare Services 1.05 Bajaj Finance Ltd. Finance 0.88
Bharti Airtel Ltd. Telecom - Services 1.05 Divis Laboratories Ltd. Pharmaceuticals &
TOTAL EXPENSE RATIO (As on November 30, 2022) ICICI Bank Ltd. Banks 1.05 Biotechnology 0.87
Including Additional Expenses and Goods and Service Shree Cement Ltd. Cement & Cement Products 1.05 Asian Paints Limited Consumer Durables 0.86
Tax on Management Fees ADANI ENTERPRISES LIMTIED Metals & Minerals Trading 1.04 SBI CARDS AND PAYMENT SERVICES
Tata Motors Ltd. Automobiles 1.04 LIMITED Finance 0.86
Regular: 1.00% Direct: 0.40% Tata Steel Ltd. Ferrous Metals 1.04 Bandhan Bank Ltd. Banks 0.85
Zomato Ltd Retailing 1.04 ICICI Prudential Life Insurance
Bharat Petroleum Corporation Ltd. Petroleum Products 1.03 Company Ltd. Insurance 0.84
#BENCHMARK INDEX: GAIL (India) Ltd. Gas 1.03 Gland Pharma Ltd. Pharmaceuticals &
NIFTY100 Equal Weight (Total Returns Power Grid Corporation of India Ltd. Power 1.03 Biotechnology 0.81
Index) Hero MotoCorp Ltd. Automobiles 1.02 Adani Transmission Limited Power 0.76
Indian Railway Catering And Tourism Fsn Ecommerce Ventures Limited
##ADDL. BENCHMARK INDEX: Corp Ltd Leisure Services 1.02 (Nykaa) Retailing 0.75
NIFTY 50 (Total Returns Index) Kotak Mahindra Bank Limited Banks 1.02 ONE 97 COMMUNICATIONS LIMITED Financial Technology
Nestle India Ltd. Food Products 1.02 (Paytm) (Fintech) 0.69
NTPC Limited Power 1.02 Sub Total 99.20
Torrent Pharmaceuticals Ltd. Pharmaceuticals & Cash,Cash Equivalents and Net Current Assets 0.80
Industry Allocation of Equity Holding Biotechnology 1.02 Grand Total 100.00
United Spirits Limited Beverages 1.02
(% of Net Assets) ACC Ltd. Cement & Cement Products 1.01 • Top Ten Holdings, £ Sponsor
ADANI TOTAL GAS LIMITED Gas 1.01
8.36 Bosch Limited Auto Components 1.01 Exposure to top seven groups
Banks
IT - Software 7.19 Dr Reddys Laboratories Ltd. Pharmaceuticals &
Biotechnology 1.01 Management Group % to NAV
Pharmaceuticals & Biotechnology 6.74 Govt of India 6.20
Finance 6.57 Larsen & Toubro Infotech Ltd. IT - Software 1.01
Automobiles 5.93 Bajaj Auto Limited Automobiles 1.00 Tata 6.03
Cement & Cement Products 5.17 Coal India Ltd. Consumable Fuels 1.00 Adani 4.72
Insurance 4.81 Indus Towers Limited Telecom - Services 1.00
Muthoot Finance Ltd. Finance 1.00 HDFC 4.34
Personal Products 4.72 Bharat Electronics Ltd. Aerospace & Defense 0.99 Bajaj 3.68
Power 4.71 Dabur India Ltd. Personal Products 0.99
Consumer Durables 3.65 Birla AV 3.18
InterGlobe Aviation Ltd. Transport Services 0.99 GoI - SBI 2.89
Retailing 3.64 Mahindra & Mahindra Ltd. Automobiles 0.99
Petroleum Products 3.18 Tech Mahindra Ltd. IT - Software 0.99
Fertilizers & Agrochemicals 2.19 Adani Ports & Special Economic Zone Transport Infrastructure 0.98 Face Value Per Unit: ` 10, + Industry Classification as
Ferrous Metals 2.14 Cipla Ltd. Pharmaceuticals & recommended By AMFI, Data is as of November 30, 2022 unless
Aerospace & Defense 2.12 Biotechnology 0.98 otherwise specified.
Food Products 2.09 Grasim Industries Ltd. Cement & Cement Products 0.98
Telecom - Services 2.05 ICICI Lombard General Insurance Co Insurance 0.98
Gas 2.04 Colgate-Palmolive ( I ) Ltd. Personal Products 0.97 Please refer Minimum Application Amount, Plans & Options and
Auto Components 1.95 INFO EDGE (INDIA) LIMITED Retailing 0.97 Exit Load, on Page no. 86 to 92.
Diversified Fmcg 1.89 SBI Life Insurance Company Ltd. Insurance 0.97
Chemicals & Petrochemicals 1.82 The Tata Power Company Ltd. Power 0.97
Non - Ferrous Metals 1.13 Maruti Suzuki India Limited Automobiles 0.96
Diversified Metals 1.09
Realty 1.08
Oil 1.07 PERFORMANCE ^ - Regular Plan - Growth Option
Construction 1.06 Scheme Benchmark Additional Value of ` 10,000 invested
Healthcare Services 1.05 Returns Returns Benchmark
1.04
Metals & Minerals Trading (%) ## (`)# Benchmark
Leisure Services 1.02 (`)##
Beverages 1.02 May 31, 22 Last 6 Months 20.52 22.04 27.62 11,029 11,105 11,385
Transport Services 0.99 Simple annualized returns have been provided as per the extant guidelines since the scheme has completed 6 months but not 1 year. However,
Transport Infrastructure 0.98 such returns may not be representative. Absolute returns of the Scheme for the 6 month period is 10.29%. For performance of other schemes
Electrical Equipment 0.96 managed by Krishna Kumar Daga & Arun Agarwal, please refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense
Agricultural Food & Other Products 0.96 structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in
Financial Technology (Fintech) 0.69 the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
0 1 2 3 4 5 6 7 8 9 10 ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
November 2022 39
HDFC NIFTY Next 50 Index Fund CATEGORY OF SCHEME
INDEX FUND
(An open ended scheme replicating/tracking NIFTY Next 50 Index (TRI))
INVESTMENT OBJECTIVE : To generate returns that are commensurate (before fees and expenses) with the performance of the NIFTY Next 50 TRI (Underlying Index), subject
to tracking error. There is no assurance that the investment objective of the Scheme will be realized.
PORTFOLIO
FUND MANAGER
(since November 03, 2021)
Arun Agarwal EQUITY & EQUITY RELATED Torrent Pharmaceuticals Ltd. Pharmaceuticals &
(since February 01, 2022) • Ambuja Cements Ltd. Cement & Cement Biotechnology 1.42
Total Experience: Over 23 years Products 3.66 Berger Paints (I) Ltd Consumer Durables 1.32
• Pidilite Industries Ltd. Chemicals & Bosch Limited Auto Components 1.27
DATE OF ALLOTMENT / INCEPTION DATE Petrochemicals 3.66 HDFC Asset Management
November 03, 2021 • The Tata Power Company Ltd. Power 3.32 Company Ltd. Capital Markets 1.26
• Bharat Electronics Ltd. Aerospace & Defense 3.29 Samvardhana Motherson
• ADANI TOTAL GAS LIMITED Gas 3.27 International Ltd. Auto Components 1.24
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Biocon Ltd. Pharmaceuticals &
Regular Plan - Growth Option 10.1791 • Dabur India Ltd. Personal Products 3.00 Biotechnology 1.13
Direct Plan - Growth Option 10.2461 • SRF Ltd. Chemicals & Muthoot Finance Ltd. Finance 1.02
Petrochemicals 3.00
• Vedanta Ltd. Diversified Metals 2.96 Bajaj Holdings & Investment
ASSETS UNDER MANAGEMENT Ltd Finance 1.01
As on November 30, 2022 • Godrej Consumer Products Ltd. Personal Products 2.91 Zomato Ltd Retailing 0.67
` 388.15 Cr. • Shree Cement Ltd. Cement & Cement
Average for Month of November 2022 Products 2.78 Life Insurance Corporation
` 388.75 Cr. of India Insurance 0.53
Havells India Ltd. Consumer Durables 2.74 Procter & Gamble Hygiene &
Bank of Baroda Banks 2.70 Healthca Personal Products 0.44
QUANTITATIVE DATA ICICI Lombard General Gland Pharma Ltd. Pharmaceuticals &
Portfolio Turnover Ratio (Last 1 year) 59.15% Insurance Co Insurance 2.70 Biotechnology 0.35
INFO EDGE (INDIA) LIMITED Retailing 2.70 Fsn Ecommerce Ventures
Limited (Nykaa) Retailing 0.21
TRACKING ERROR Adani Transmission Limited Power 2.65
ONE 97 COMMUNICATIONS Financial Technology
Annualised Standard Deviation (tracking error) Indian Oil Corporation Ltd. Petroleum Products 2.55 LIMITED (Paytm) (Fintech) 0.14
has been calculated based on the available Adani Green Energy Limited Power 2.52
data, i.e. since inception : 0.17% Sub Total 99.77
Cholamandalam Investment & Cash,Cash Equivalents and Net Current Assets 0.23
Finance Co. Ltd. Finance 2.46
TOTAL EXPENSE RATIO (As on November 30, 2022) Grand Total 100.00
Including Additional Expenses and Goods and Service PI Industries Ltd. Fertilizers &
Tax on Management Fees Agrochemicals 2.45 • Top Ten Holdings
Regular: 0.87% Direct: 0.30% United Spirits Limited Beverages 2.42
Marico Ltd. Personal Products 2.29
Management Group % to NAV
GAIL (India) Ltd. Gas 2.23
#BENCHMARK INDEX: Adani 8.44
NIFTY Next 50 (Total Returns Index) DLF LIMITED Realty 2.17 Govt of India 7.53
##ADDL. BENCHMARK INDEX: Siemens Ltd. Electrical Equipment 2.16 Holcim 5.55
NIFTY 50 (Total Returns Index) SBI CARDS AND PAYMENT ICICI 4.31
SERVICES LIMITED Finance 2.04 Parekh BK 3.66
Hindustan Aeronautics Limited Aerospace & Defense 2.01 Tata 3.32
Avenue Supermarts Ltd. Retailing 1.96 Dabur 3.00
Larsen & Toubro Infotech Ltd. IT - Software 1.93 Face Value per Unit: ` 10, + Industry Classification as
Industry Allocation of Equity Holding Colgate-Palmolive ( I ) Ltd. Personal Products 1.90 recommended by AMFI, Data is as of November 30, 2022 unless
(% of Net Assets) ACC Ltd. Cement & Cement otherwise specified.
Products 1.89
Personal Products 10.54 Please refer Minimum Application Amount, Plans & Options and
Power 8.49 Indian Railway Catering And
Tourism Corp Ltd Leisure Services 1.70 Exit Load, on Page no. 86 to 92.
Chemicals & Petrochemicals 6.66 InterGlobe Aviation Ltd. Transport Services 1.63
Finance 6.53
ICICI Prudential Life Insurance
Retailing 5.54 Company Ltd. Insurance 1.61
Gas 5.50
Aerospace & Defense 5.30 Bandhan Bank Ltd. Banks 1.58
Insurance 4.84 Indus Towers Limited Telecom - Services 1.46
Banks 4.28
MphasiS Limited. IT - Software 1.46
IT - Software 3.39
Diversified Metals 2.96
Petroleum Products 2.55 PERFORMANCE ^ - Regular Plan - Growth Option
Auto Components 2.51 Scheme Benchmark Additional Value of ` 10,000 invested
Fertilizers & Agrochemicals 2.45 Returns Returns Benchmark Scheme (`) Benchmark Additional
Beverages 2.42 (%) ## (`)# Benchmark
Realty 2.17 (`)##
Electrical Equipment 2.16 Nov 30, 21 Last 1 Year 4.58 5.86 11.93 10,458 10,586 11,193
Leisure Services 1.70 Nov 03, 21 Since Inception 1.67 3.02 6.20 10,179 10,325 10,667
Transport Services 1.63 For performance of other schemes managed by Krishna Kumar Daga & Arun Agarwal, please refer page 96. Different plans viz. Regular Plan and
Telecom - Services 1.46 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
Capital Markets 1.26 expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
Financial Technology (Fintech) 0.14 ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
0 5 10 15 Load is not taken into consideration for computation of performance.
40 November 2022
HDFC Nifty G-Sec Dec 2026 Index Fund CATEGORY OF SCHEME
INDEX FUND
An open ended target maturity scheme replicating/tracking Nifty G-sec Dec 2026
Index. A Relatively High Interest Rate Risk and Relatively Low Credit Risk.
INVESTMENT OBJECTIVE : To generate returns that are commensurate (before fees and expenses) with the performance of the Nifty G-sec Dec 2026 Index (Underlying Index),
subject to tracking difference. .There is no assurance that the investment objective of the Scheme will be realized.
PORTFOLIO
FUND MANAGER
Vikash Agarwal Company Industry/Rating % to
(since October 11, 2022) NAV
DEBT & DEBT RELATED
DATE OF ALLOTMENT / INCEPTION DATE • 5.74 GOI 2026 Sovereign 57.09
November 10, 2022 • 6.97 GOI 2026 Sovereign 36.90
• 8.15 GOI 2026 Sovereign 6.10
Regular Plan - Growth Option 10.081 Cash,Cash Equivalents and Net Current Assets -0.09
Grand Total 100.00
ASSETS UNDER MANAGEMENT • Top Ten Holdings
` 593.04 Cr. Exposure to top seven groups
Average for Month of November 2022 Management Group % to NAV
` 552.62 Cr. Central Government of India 100.09
Face Value per Unit: ` 10, Data is as of November 30, 2022
QUANTITATIVE DATA
Average Maturity * 3.93 years unless otherwise specified.
Modified Duration * 3.38 years Please refer Minimum Application Amount, Plans & Options and
Yield to Maturity * 7.13% Exit Load, on Page no. 86 to 92.
(including accrued interest), deployment of funds
in TREPS and Reverse Repo and net receivable
/ payable.

#BENCHMARK INDEX:
Nifty G-Sec Dec 2026 Index
CRISIL 10 Year Gilt Index
Portfolio Portfolio
n G-Sec 100.09 n Sovereign 100.09

n Cash, Cash Equivalents and Net Current Assets -0.09 n Cash, Cash Equivalents and Net Current Assets -0.09
November 2022 41
HDFC Nifty G-Sec Jul 2031 Index Fund CATEGORY OF SCHEME
INDEX FUND
An open ended target maturity scheme replicating/tracking Nifty G-Sec July 2031
Index. A Relatively High Interest Rate Risk and Relatively Low Credit Risk.
INVESTMENT OBJECTIVE : To generate returns that are commensurate (before fees and expenses) with the performance of the Nifty G-Sec July 2031 Index (Underlying Index),
subject to tracking difference. There is no assurance that the investment objective of the Scheme will be realized.
PORTFOLIO
FUND MANAGER
Vikash Agarwal Company Industry/Rating % to
(since October 11, 2022)
Total Experience: Over 16 years NAV
DEBT & DEBT RELATED
November 10, 2022 Sub Total 97.59
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Grand Total 100.00
Direct Plan - Growth Option 10.069 • Top Ten Holdings
As on November 30, 2022 Management Group % to NAV
` 81.38 Cr. Central Government of India 97.59
Average for Month of November 2022 Face Value per Unit: ` 10, Data is as of November 30, 2022
` 78.14 Cr. unless otherwise specified.
QUANTITATIVE DATA Please refer Minimum Application Amount, Plans & Options and
Average Maturity * 8.63 years Exit Load, on Page no. 86 to 92.
Modified Duration * 6.35 years
/ payable.

#BENCHMARK INDEX:
Nifty G-Sec July 2031 Index
CRISIL 10 Year Gilt Index
Portfolio Portfolio

42 November 2022
HDFC NIFTY 50 ETF CATEGORY OF SCHEME
EXCHANGE TRADED FUND
(An open ended scheme replicating / tracking NIFTY 50 index)
INVESTMENT OBJECTIVE : The investment objective of HDFC NIFTY 50 ETF is to generate returns that are commensurate with the performance of the NIFTY 50 Index, subject
BSE Scrip Code / NSE Symbol PORTFOLIO

BSE: 539516 / NSE: HDFCNIFETF
FUND MANAGER NAV NAV
Krishan Kumar Daga EQUITY & EQUITY RELATED Oil & Natural Gas Corporation
(since December 09, 2015) • Reliance Industries Ltd. Petroleum Products 11.35 Ltd. Oil 0.66
Total Experience: Over 32 years • HDFC Bank Ltd. Banks 8.52 Britannia Industries Ltd. Food Products 0.62
Arun Agarwal • ICICI Bank Ltd. Banks 8.00 Eicher Motors Ltd. Automobiles 0.59
(since August 24, 2020) Tata Consumer Products Agricultural Food &
Total Experience: Over 23 years • Infosys Limited IT - Software 7.21
Limited Other Products 0.59
• Housing Development Fin.
Corp. Ltd.£ Finance 5.88 Apollo Hospitals Enterprise Ltd. Healthcare Services 0.58
DATE OF ALLOTMENT / INCEPTION DATE • Tata Consultancy Services Ltd. IT - Software 4.18 Bajaj Auto Limited Automobiles 0.58
December 09, 2015 • ITC Ltd. Diversified Fmcg 3.60 Coal India Ltd. Consumable Fuels 0.57
• Kotak Mahindra Bank Limited Banks 3.45 Divis Laboratories Ltd. Pharmaceuticals &
Biotechnology 0.52
• Larsen and Toubro Ltd. Construction 3.02
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) UPL Ltd. Fertilizers &
• Hindustan Unilever Ltd. Diversified Fmcg 2.89 Agrochemicals 0.51
Growth Option 202.96
Axis Bank Ltd. Banks 2.87 Hero MotoCorp Ltd. Automobiles 0.45
State Bank of India Banks 2.78 Bharat Petroleum Corporation
ASSETS UNDER MANAGEMENT J Bharti Airtel Ltd. Telecom - Services 2.50 Ltd. Petroleum Products 0.39
As on November 30, 2022 Bajaj Finance Ltd. Finance 2.16 Yes Bank Ltd. Banks @
` 1,941.11 Cr. Asian Paints Limited Consumer Durables 1.72 Sub Total 99.93
Average for Month of November 2022 Mahindra & Mahindra Ltd. Automobiles 1.51 Cash,Cash Equivalents and Net Current Assets 0.07
` 1,881.62 Cr. Maruti Suzuki India Limited Automobiles 1.44 Grand Total 100.00
HCL Technologies Ltd. IT - Software 1.43 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
QUANTITATIVE DATA Sun Pharmaceutical Industries Pharmaceuticals &
Portfolio Turnover Ratio (Last 1 year) 5.61% Ltd. Biotechnology 1.36 Exposure to top seven groups
Titan Company Ltd. Consumer Durables 1.33 Management Group % to NAV
ADANI ENTERPRISES LIMTIED Metals & Minerals HDFC 15.07
TRACKING ERROR Trading 1.29
Mukesh Ambani 11.35
Annualised tracking error is calculated based Bajaj Finserv Ltd. Finance 1.19 Tata 8.10
on daily rolling returns for the last 12 months: Tata Steel Ltd. Ferrous Metals 1.05
0.05% ICICI 8.00
NTPC Limited Power 0.99 Indian Private-Infosys Ltd. 7.21
UltraTech Cement Limited Cement & Cement Bajaj 3.93
TOTAL EXPENSE RATIO (As on November 30, 2022) Products 0.98
Including Additional Expenses and Goods and Service MNC Asc-ITC 3.60
Tax on Management Fees Tata Motors Ltd. Automobiles 0.95
Indusind Bank Ltd. Banks 0.92 Face Value per Unit: ` 76.125 (w.e.f February 19, 2021), +
HDFC NIFTY 50 ETF 0.05% Industry Classification as recommended by AMFI, Data is as of
India Ltd. Power 0.92 November 30, 2022 unless otherwise specified.
#BENCHMARK INDEX: Nestle India Ltd. Food Products 0.87
NIFTY 50 (Total Returns Index) JSW Steel Ltd. Ferrous Metals 0.84 J Includes investments made by the schemes of HDFC Mutual Fund
##ADDL. BENCHMARK INDEX: Tech Mahindra Ltd. IT - Software 0.82 aggregating to ` 261.36 Crores.
S&P BSE SENSEX (Total Returns Index) Grasim Industries Ltd. Cement & Cement
Products 0.80 Please refer Minimum Application Amount, Plans & Options and
Hindalco Industries Ltd. Non - Ferrous Metals 0.79 Exit Load, on Page no. 86 to 92.
Industry Allocation of Equity Holding Adani Ports & Special
Economic Zone Transport Infrastructure 0.76
(% of Net Assets)
Biotechnology 0.74
Banks 26.54
14.37 Wipro Ltd. IT - Software 0.73
IT - Software
Petroleum Products 11.74 SBI Life Insurance Company Ltd. Insurance 0.70
Finance 9.23 HDFC Life Insurance Company
Diversified Fmcg 6.49 Limited Insurance 0.67
Automobiles 5.52 Dr Reddys Laboratories Ltd. Pharmaceuticals &
Pharmaceuticals & Biotechnology 3.28 Biotechnology 0.66
Construction 3.02
Power 1.91
Ferrous Metals 1.89
PERFORMANCE*^
Food Products 1.49 Scheme Benchmark Additional Value of ` 10,000 invested
Insurance 1.37 Date Period (%) (%)# Returns
Metals & Minerals Trading 1.29 (`)##
Non - Ferrous Metals 0.79 Nov 30, 21 Last 1 Year 11.85 11.93 12.04 11,185 11,193 11,204
Transport Infrastructure 0.76 Nov 29, 19 Last 3 Years 17.02 17.22 16.98 16,040 16,123 16,020
Oil 0.66
Nov 30, 17 Last 5 Years 14.18 14.32 15.07 19,417 19,529 20,184
Consumable Fuels 0.57 Returns greater than 1 year period are compounded annualized (CAGR). * The Scheme does not offer any Plans/Options. For performance of
other schemes managed by Krishan Kumar Daga and Arun Agarwal, please refer page 96.
0 5 10 15 20 25 30
November 2022 43
HDFC S&P BSE SENSEX ETF CATEGORY OF SCHEME
(Name changed from HDFC SENSEX ETF w.e.f. July 1, 2022)
(An open ended scheme replicating / tracking S&P BSE SENSEX index)
INVESTMENT OBJECTIVE : The investment objective of HDFC S&P BSE 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.

BSE: 539517 / NSE: HDFCSENETF
Company Industry+ % to
FUND MANAGER NAV Exposure to top seven groups
Krishan Kumar Daga EQUITY & EQUITY RELATED Management Group % to NAV
(since December 09, 2015) • Reliance Industries Ltd. Petroleum Products 13.15 HDFC 16.66
Total Experience: Over 32 years Mukesh Ambani 13.15
Arun Agarwal • HDFC Bank Ltd. Banks 9.85
ICICI 9.26
(since August 24, 2020) • ICICI Bank Ltd. Banks 9.26
Total Experience: Over 23 years Indian Private-Infosys Ltd. 8.34
• Infosys Limited IT - Software 8.34 Tata 7.60
MNC Asc-ITC 4.17
DATE OF ALLOTMENT / INCEPTION DATE • Housing Development Fin.
Corp. Ltd.£ Finance 6.81 Bajaj 3.91
December 09, 2015 Face Value per Unit: ` 250.361 (w.e.f February 19, 2021), +
• Tata Consultancy Services Ltd. IT - Software 4.85
Industry Classification as recommended by AMFI, Data is as of
• ITC Ltd. Diversified Fmcg 4.17
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) November 30, 2022 unless otherwise specified.
Growth Option 685.63 • Kotak Mahindra Bank Limited Banks 3.88
• Larsen and Toubro Ltd. Construction 3.50 J Includes investments made by the schemes of HDFC Mutual Fund
aggregating to ` 28.74 Crores.
• Axis Bank Ltd. Banks 3.48
J
As on November 30, 2022 Hindustan Unilever Ltd. Diversified Fmcg 3.34 Please refer Minimum Application Amount, Plans & Options and
` 301.58 Cr. State Bank of India Banks 3.15 Exit Load, on Page no. 86 to 92.
` 297.07 Cr. Bharti Airtel Ltd. Telecom - Services 2.90
QUANTITATIVE DATA Asian Paints Limited Consumer Durables 2.00
Portfolio Turnover Ratio (Last 1 year) 38.37% Mahindra & Mahindra Ltd. Automobiles 1.75
Maruti Suzuki India Limited Automobiles 1.66
TRACKING ERROR HCL Technologies Ltd. IT - Software 1.65
Annualised tracking error is calculated based Sun Pharmaceutical Industries Pharmaceuticals &
on daily rolling returns for the last 12 months: Ltd. Biotechnology 1.57
0.06%
Titan Company Ltd. Consumer Durables 1.54
TOTAL EXPENSE RATIO (As on November 30, 2022) Bajaj Finserv Ltd. Finance 1.41
Tax on Management Fees Tata Steel Ltd. Ferrous Metals 1.21
HDFC S&P BSE SENSEX ETF 0.05% NTPC Limited Power 1.14
#BENCHMARK INDEX: Products 1.14
S&P BSE SENSEX (Total Returns Index) Power Grid Corporation of
##ADDL. BENCHMARK INDEX: India Ltd. Power 1.07
NIFTY 50 (Total Returns Index) Indusind Bank Ltd. Banks 1.06
Nestle India Ltd. Food Products 1.00
Industry Allocation of Equity Holding Tech Mahindra Ltd. IT - Software 0.95
(% of Net Assets) Wipro Ltd. IT - Software 0.84
Banks 30.68 Biotechnology 0.76
Sub Total 99.93
IT - Software 16.63
Grand Total 100.00
Finance 10.72
Construction 3.50
Automobiles 3.41 PERFORMANCE *^
Telecom - Services 2.90 Returns Returns Benchmark Scheme (`) Benchmark Additional
Pharmaceuticals & Biotechnology 2.33 (`)##
Nov 30, 21 Last 1 Year 11.98 12.04 11.93 11,198 11,204 11,193
Power 2.21
Nov 29, 19 Last 3 Years 16.85 16.98 17.22 15,969 16,020 16,123
Ferrous Metals 1.21 Nov 30, 17 Last 5 Years 14.97 15.07 14.32 20,099 20,184 19,529
Cement & Cement Products 1.14 Dec 09, 15 Since Inception 15.52 15.58 15.24 27,386 27,475 26,923
Returns greater than 1 year period are compounded annualized (CAGR). * The Scheme does not offer any Plans/Options. For performance of
Food Products 1.00 other schemes managed by Krishan Kumar Daga and Arun Agarwal, please refer page 96.
0 10 20 30 40
44 November 2022
HDFC NIFTY Bank ETF CATEGORY OF SCHEME
(Name changed from HDFC Banking ETF w.e.f. July 1, 2022)
(An open ended scheme replicating / tracking NIFTY Bank Index)
INVESTMENT OBJECTIVE : The investment objective of the Scheme is to provide investment returns that, before expenses, closely correspond to the total returns of the
Securities as represented by the NIFTY Bank Index, subject to tracking errors. There is no assurance that the investment objective of the Scheme will be realized.

BSE : 543224 / NSE: HBANKETF
NAV
FUND MANAGER EQUITY & EQUITY RELATED
Krishan Kumar Daga • HDFC Bank Ltd. Banks 26.30
Total Experience: Over 32 years • ICICI Bank Ltd. Banks 24.66
Arun Agarwal • Axis Bank Ltd. Banks 12.00
Total Experience: Over 23 years • State Bank of India Banks 11.03
• Kotak Mahindra Bank Limited Banks 10.63
DATE OF ALLOTMENT / INCEPTION DATE • Indusind Bank Ltd. Banks 5.43
August 21, 2020 • Bank of Baroda Banks 2.21
• Au Small Finance Bank Ltd. Banks 2.16
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • The Federal Bank Ltd. Banks 1.88
HDFC NIFTY Bank ETF 434.98
• IDFC First Bank Limited Banks 1.30
Bandhan Bank Ltd. Banks 1.29
ASSETS UNDER MANAGEMENT Punjab National Bank Banks 1.09
` 661.81 Cr. Sub Total 99.98
Average for Month of November 2022 Cash,Cash Equivalents and Net Current Assets 0.02
` 232.79 Cr.
Grand Total 100.00
QUANTITATIVE DATA • Top Ten Holdings

Portfolio Turnover Ratio (Last 1 year) 115.70% Exposure to top seven groups
TRACKING ERROR HDFC 26.30
Annualised tracking error is calculated based ICICI 24.66
on daily rolling returns for the last 12 months: Axis Bank 12.00
0.06% GoI - SBI 11.03
Kotak Mahindra 10.63
TOTAL EXPENSE RATIO (As on November 30, 2022) Hinduja 5.43
Tax on Management Fees GoI - PSB 2.21
HDFC NIFTY Bank ETF 0.16% Face Value per Unit: ` 223.31, + Industry Classification as
recommended by AMFI, Data is as of November 30, 2022 unless
otherwise specified. N.A. Not Available
#BENCHMARK INDEX:
NIFTY Bank (Total Returns Index)
Please refer Minimum Application Amount, Plans & Options and
##ADDL. BENCHMARK INDEX: Exit Load, on Page no. 86 to 92.
Portfolio Portfolio
n Banks 99.98 n Banks 99.98

PERFORMANCE*^
(`)##
Nov 30, 21 Last 1 Year 21.77 22.10 11.93 12,177 12,210 11,193
Aug 21, 20 Since Inception 34.02 34.43 26.11 19,479 19,614 16,959
Returns greater than 1 year period are compounded annualized (CAGR). * The Scheme does not offer any Plans/Options. For performance of
other schemes managed by Krishan Kumar Daga and Arun Agarwal, please refer page 96.
November 2022 45
HDFC NIFTY 100 ETF CATEGORY OF SCHEME
(An open ended scheme replicating/tracking NIFTY 100 Index (TRI))
Securities as represented by the NIFTY 100 Index, subject to tracking errors. There is no assurance that the investment objective of the Scheme will be realized.

BSE: 543569 / NSE: HDFCNIF100
Krishan Kumar Daga EQUITY & EQUITY RELATED Hindustan Aeronautics Limited Aerospace & Defense 0.24
(since August 05, 2022) • Reliance Industries Ltd. Petroleum Products 9.70 SBI CARDS AND PAYMENT SERVICES
Total Experience: Over 32 years • HDFC Bank Ltd. Banks 7.28 LIMITED Finance 0.24
• ICICI Bank Ltd. Banks 6.83 Larsen & Toubro Infotech Ltd. IT - Software 0.23
Arun Agarwal • Infosys Limited IT - Software 6.16 ACC Ltd. Cement & Cement Products 0.22
(since August 05, 2022) • Housing Development Fin. Corp. Ltd.£ Finance 5.02 Colgate-Palmolive ( I ) Ltd. Personal Products 0.22
Total Experience: Over 23 years • Tata Consultancy Services Ltd. IT - Software 3.57 Zomato Ltd Retailing 0.21
• ITC Ltd. Diversified Fmcg 3.08 Indian Railway Catering And Tourism
• Kotak Mahindra Bank Limited Banks 2.94 Corp Ltd Leisure Services 0.20
DATE OF ALLOTMENT / INCEPTION DATE • Larsen and Toubro Ltd. Construction 2.58 Bandhan Bank Ltd. Banks 0.19
August 05, 2022 • Hindustan Unilever Ltd. Diversified Fmcg 2.47 ICICI Prudential Life Insurance
Axis Bank Ltd. Banks 2.45 Company Ltd. Insurance 0.19
State Bank of India Banks 2.38 InterGlobe Aviation Ltd. Transport Services 0.19
Bharti Airtel Ltd. Telecom - Services 2.14 Indus Towers Limited Telecom - Services 0.17
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Bajaj Finance Ltd. Finance 1.84 Life Insurance Corporation of India Insurance 0.17
Growth Option 190.17 Asian Paints Limited Consumer Durables 1.47 MphasiS Limited. IT - Software 0.17
Mahindra & Mahindra Ltd. Automobiles 1.29 Torrent Pharmaceuticals Ltd. Pharmaceuticals &
HCL Technologies Ltd. IT - Software 1.22 Biotechnology 0.17
Maruti Suzuki India Limited Automobiles 1.22 Berger Paints (I) Ltd Consumer Durables 0.16
ASSETS UNDER MANAGEMENT Sun Pharmaceutical Industries Ltd. Pharmaceuticals & HDFC Asset Management Company
As on November 30, 2022 Biotechnology 1.16 Ltd. Capital Markets 0.15
` 7.94 Cr. Titan Company Ltd. Consumer Durables 1.14 Samvardhana Motherson
Average for Month of November 2022 ADANI ENTERPRISES LIMTIED Metals & Minerals Trading 1.10 International Ltd. Auto Components 0.15
` 7.77 Cr. ADANI TOTAL GAS LIMITED Gas 1.03 Biocon Ltd. Pharmaceuticals &
Bajaj Finserv Ltd. Finance 1.01 Biotechnology 0.13
Tata Steel Ltd. Ferrous Metals 0.89 Bosch Limited Auto Components 0.13
TRACKING ERROR NTPC Limited Power 0.84 Procter & Gamble Hygiene & Healthca Personal Products 0.13
Annualised Standard Deviation (tracking error) UltraTech Cement Limited Cement & Cement Products 0.84 Muthoot Finance Ltd. Finance 0.12
has been calculated based on the available Adani Transmission Limited Power 0.83 Gland Pharma Ltd. Pharmaceuticals &
data, i.e. since inception : 0.21% Tata Motors Ltd. Automobiles 0.81 Biotechnology 0.11
Adani Green Energy Limited Power 0.79 Fsn Ecommerce Ventures Limited
Power Grid Corporation of India Ltd. Power 0.79 (Nykaa) Retailing 0.07
TOTAL EXPENSE RATIO (As on November 30, 2022) Indusind Bank Ltd. Banks 0.78 ONE 97 COMMUNICATIONS LIMITED Financial Technology
Including Additional Expenses and Goods and Service Nestle India Ltd. Food Products 0.74 (Paytm) (Fintech) 0.04
Tax on Management Fees JSW Steel Ltd. Ferrous Metals 0.72 Sub Total 99.70
HDFC NIFTY 100 ETF 0.30% Tech Mahindra Ltd. IT - Software 0.70 Cash,Cash Equivalents and Net Current Assets 0.30
Grasim Industries Ltd. Cement & Cement Products 0.68 Grand Total 100.00
Hindalco Industries Ltd. Non - Ferrous Metals 0.68 • Top Ten Holdings, £ Sponsor
#BENCHMARK INDEX: Adani Ports & Special Economic Zone Transport Infrastructure 0.65
NIFTY 100 (Total Returns Index) Biotechnology 0.63 Exposure to top seven groups
##ADDL. BENCHMARK INDEX: Wipro Ltd. IT - Software 0.62 Management Group % to NAV
NIFTY 50 (Total Returns Index) Avenue Supermarts Ltd. Retailing 0.61 HDFC 13.02
SBI Life Insurance Company Ltd. Insurance 0.59
HDFC Life Insurance Company Limited Insurance 0.57 Mukesh Ambani 9.70
ICICI 7.34
Industry Allocation of Equity Holding Oil & Natural Gas Corporation Ltd. Oil
0.57
Tata 7.30
(% of Net Assets) Biotechnology 0.56 Indian Private-Infosys Ltd. 6.16
Britannia Industries Ltd. Food Products 0.53
Banks 23.17 Eicher Motors Ltd. Automobiles 0.50 Adani 4.40
IT - Software 12.67 Tata Consumer Products Limited Agricultural Food & Other Bajaj 3.66
Petroleum Products 10.33 Products 0.50
Finance 8.84 Face Value per Unit: ` 177.27 (w.e.f. August 5, 2022), + Industry
Diversified Fmcg 5.55 Apollo Hospitals Enterprise Ltd. Healthcare Services 0.49
Automobiles 4.69 Bajaj Auto Limited Automobiles 0.49 Classification as recommended by AMFI, Data is as of November
Power 3.64 Coal India Ltd. Consumable Fuels 0.49 30, 2022 unless otherwise specified.
Pharmaceuticals & Biotechnology 3.21 Divis Laboratories Ltd. Pharmaceuticals &
Consumer Durables 3.09 Biotechnology 0.45
Construction 2.58 Ambuja Cements Ltd. Cement & Cement Products 0.43 Please refer Minimum Application Amount, Plans & Options and
Cement & Cement Products 2.47 Pidilite Industries Ltd. Chemicals & Petrochemicals 0.43 Exit Load, on Page no. 86 to 92.
Telecom - Services 2.31 UPL Ltd. Fertilizers & Agrochemicals 0.43
Insurance 1.84 Bharat Electronics Ltd. Aerospace & Defense 0.39
Ferrous Metals 1.61 The Tata Power Company Ltd. Power 0.39
Gas 1.29 Hero MotoCorp Ltd. Automobiles 0.38
Food Products 1.27 Dabur India Ltd. Personal Products 0.35
Retailing 1.21 SRF Ltd. Chemicals & Petrochemicals 0.35
Metals & Minerals Trading 1.10 Vedanta Ltd. Diversified Metals 0.35
Chemicals & Petrochemicals 0.78 Godrej Consumer Products Ltd. Personal Products 0.34
Fertilizers & Agrochemicals 0.72 Bharat Petroleum Corporation Ltd. Petroleum Products 0.33
Non - Ferrous Metals 0.68 Bajaj Holdings & Investment Ltd Finance 0.32
Transport Infrastructure 0.65 Bank of Baroda Banks 0.32
Aerospace & Defense 0.63 Havells India Ltd. Consumer Durables 0.32
Oil 0.57 Portfolio
Agricultural Food & Other Products 0.50 ICICI Lombard General Insurance Co Insurance 0.32
Healthcare Services 0.49 INFO EDGE (INDIA) LIMITED Retailing 0.32 Classification By
Consumable Fuels 0.49 Indian Oil Corporation Ltd. Petroleum Products 0.30
Diversified Metals 0.35 Shree Cement Ltd. Cement & Cement Products 0.30 Rating Class (%)
Beverages 0.29 Cholamandalam Investment &
Auto Components 0.28 Finance Co. Ltd. Finance 0.29
Realty 0.26 PI Industries Ltd. Fertilizers & Agrochemicals 0.29
Electrical Equipment 0.25 United Spirits Limited Beverages 0.29
Leisure Services 0.20 Marico Ltd. Personal Products 0.27
Transport Services 0.19 DLF LIMITED Realty 0.26
Capital Markets 0.15 n Equity 99.70
Financial Technology (Fintech) 0.04 GAIL (India) Ltd. Gas 0.26 n Cash, Cash Equivalents and Net Current Assets 0.30
0 5 10 15 20 25
46 November 2022
HDFC NIFTY Next 50 ETF CATEGORY OF SCHEME
(An open ended scheme replicating/tracking NIFTY Next 50 Index (TRI))
Securities as represented by the NIFTY Next 50 Index, subject to tracking errors. There is no assurance that the investment objective of the Scheme will be realized.

BSE: 543570 / NSE: HDFCNEXT50
Krishan Kumar Daga EQUITY & EQUITY RELATED Samvardhana Motherson
(since August 05, 2022) International Ltd. Auto Components 1.24
Total Experience: Over 32 years • Ambuja Cements Ltd. Cement & Cement
Products 3.67 Biocon Ltd. Pharmaceuticals &
Arun Agarwal Biotechnology 1.13
(since August 05, 2022) • Pidilite Industries Ltd. Chemicals &
Total Experience: Over 23 years Petrochemicals 3.67 Muthoot Finance Ltd. Finance 1.02
• The Tata Power Company Ltd. Power 3.34 Bajaj Holdings & Investment
DATE OF ALLOTMENT / INCEPTION DATE Ltd Finance 1.01
• Bharat Electronics Ltd. Aerospace & Defense 3.30
August 05, 2022 • ADANI TOTAL GAS LIMITED Gas 3.28
Zomato Ltd Retailing 0.68
Life Insurance Corporation
• Dabur India Ltd. Personal Products 3.01 of India Insurance 0.53
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • SRF Ltd. Chemicals & Procter & Gamble Hygiene &
Growth Option 437.95 Petrochemicals 3.01 Healthca Personal Products 0.43
• Vedanta Ltd. Diversified Metals 2.97 Gland Pharma Ltd. Pharmaceuticals &
• Godrej Consumer Products Ltd. Personal Products 2.92 Biotechnology 0.35
As on November 30, 2022 • Havells India Ltd. Consumer Durables 2.75 Fsn Ecommerce Ventures
` 7.86 Cr. Limited (Nykaa) Retailing 0.21
Average for Month of November 2022 Bank of Baroda Banks 2.71
ONE 97 COMMUNICATIONS Financial Technology
` 7.86 Cr. ICICI Lombard General LIMITED (Paytm) (Fintech) 0.14
Insurance Co Insurance 2.71
Sub Total 99.57
TRACKING ERROR INFO EDGE (INDIA) LIMITED Retailing 2.70
Annualised Standard Deviation (tracking error) Cash,Cash Equivalents and Net Current Assets 0.43
has been calculated based on the available Adani Transmission Limited Power 2.66
Grand Total 100.00
data, i.e. since inception : 0.14% Indian Oil Corporation Ltd. Petroleum Products 2.56
Adani Green Energy Limited Power 2.53
Including Additional Expenses and Goods and Service Cholamandalam Investment & Exposure to top seven groups
Tax on Management Fees Finance Co. Ltd. Finance 2.47 Management Group % to NAV
HDFC NIFTY Next 50 ETF 0.15% PI Industries Ltd. Fertilizers & Adani 8.47
Agrochemicals 2.46 Govt of India 7.56
#BENCHMARK INDEX: United Spirits Limited Beverages 2.43 Holcim 5.57
NIFTY NEXT 50 (Total Returns Index) ICICI 4.33
Marico Ltd. Personal Products 2.30 Parekh BK 3.67
NIFTY 50 (Total Returns Index) Shree Cement Ltd. Cement & Cement Tata 3.34
Products 2.28 Dabur 3.01
GAIL (India) Ltd. Gas 2.24
Face Value per Unit: ` 418.18 (w.e.f. August 5, 2022), + Industry
DLF LIMITED Realty 2.18 Classification as recommended by AMFI, Data is as of November
Siemens Ltd. Electrical Equipment 2.16 30, 2022 unless otherwise specified.
SBI CARDS AND PAYMENT Please refer Minimum Application Amount, Plans & Options and
SERVICES LIMITED Finance 2.04
Industry Allocation of Equity Holding Exit Load, on Page no. 86 to 92.
Hindustan Aeronautics Limited Aerospace & Defense 2.02
(% of Net Assets)
Avenue Supermarts Ltd. Retailing 1.97
Personal Products 10.56 Larsen & Toubro Infotech Ltd. IT - Software 1.93
Power 8.53
Cement & Cement Products 7.85 ACC Ltd. Cement & Cement
Chemicals & Petrochemicals 6.68 Products 1.90
Finance 6.54 Colgate-Palmolive ( I ) Ltd. Personal Products 1.90
Retailing 5.56
Gas 5.52 Indian Railway Catering And
Aerospace & Defense 5.32 Tourism Corp Ltd Leisure Services 1.70
Insurance 4.86 InterGlobe Aviation Ltd. Transport Services 1.63
Banks 4.29
Consumer Durables 4.07 ICICI Prudential Life Insurance
IT - Software 3.39 Company Ltd. Insurance 1.62
Diversified Metals 2.97 Bandhan Bank Ltd. Banks 1.58
Petroleum Products 2.56 Indus Towers Limited Telecom - Services 1.47
Auto Components 2.52 MphasiS Limited. IT - Software 1.46 Portfolio
Fertilizers & Agrochemicals 2.46 Classification By
Beverages 2.43 Torrent Pharmaceuticals Ltd. Pharmaceuticals &
Biotechnology 1.43 Rating Class (%)
Realty 2.18
Electrical Equipment 2.16 Berger Paints (I) Ltd Consumer Durables 1.32
Transport Services 1.63 Bosch Limited Auto Components 1.28
Telecom - Services 1.47 HDFC Asset Management
Capital Markets 1.27 Company Ltd. Capital Markets 1.27 n Equity 99.57
Financial Technology (Fintech) 0.14 n Cash, Cash Equivalents and Net Current Assets 0.43
0 5 10 15
November 2022 47
HDFC Silver ETF CATEGORY OF SCHEME
(An open ended Exchange Traded Fund (ETF) replicating/tracking EXCHANGE TRADED FUND
performance of Silver)
INVESTMENT OBJECTIVE : The investment objective of the Scheme is to generate returns that are in line with the performance of physical Silver in domestic prices, subject

BSE: 543592 / NSE: HDFCSILVER
FUND MANAGER NAV
Bhagyesh Kagalkar DEBT & DEBT RELATED
(Since September 02, 2022)
Total Experience: Over 28 years Silver
• SILVER #N/A 97.03
Sub Total 97.03
September 02, 2022
Grand Total 100.00
HDFC Silver ETF 63.076 Exposure to top seven groups
Silver 97.03
ASSETS UNDER MANAGEMENT ϑ Face Value per Unit: ` 52.5177, + Industry Classification as
As on November 30, 2022 recommended by AMFI, Data is as of November 30, 2022 unless
` 60.91 Cr. otherwise specified.
J Includes investments made by the schemes of HDFC Mutual Fund
` 58.78 Cr. aggregating to ` 32.82 Crores.
TRACKING ERROR Exit Load, on Page no. 86 to 92.
Annualised Standard Deviation (tracking error)
has been calculated based on the available
data, i.e. since inception : 0.96%

HDFC Silver ETF 0.40%
#BENCHMARK INDEX:
Domestic Prices of physical Silver
(based on LBMA Silver daily spot Portfolio Portfolio
fixing price) Classification By Classification By
n Silver 97.03 n A+ & Below 97.03

48 November 2022
HDFC NIFTY50 VALUE 20 ETF CATEGORY OF SCHEME
An open ended scheme replicating/tracking NIFTY50 Value 20 Index (TRI)
INVESTMENT OBJECTIVE : The investment objective of the Scheme is to provide investment returns that, before expenses, correspond to the total returns of the Securities as
represented by the NIFTY50 Value 20 Index, subject to tracking errors. There is no assurance that the investment objective of the Scheme will be realized.

BSE: 543608 / NSE: HDFCVALUE
FUND MANAGER Company Industry+ % to

NAV Exposure to top seven groups
Krishan Kumar Daga
(Since September 23, 2022) EQUITY & EQUITY RELATED Management Group % to NAV
Total Experience: Over 32 years • Infosys Limited IT - Software 15.93 Indian Private-Infosys Ltd. 15.93
Arun Agarwal Tata 14.11
(Since September 23, 2022) • Tata Consultancy Services Ltd. IT - Software 14.11
MNC Asc-ITC 12.16
Total Experience: Over 23 years • ITC Ltd. Diversified Fmcg 12.16 L&T 10.18
• Larsen and Toubro Ltd. Construction 10.18 MNC Asc-Unilever 9.73
DATE OF ALLOTMENT / INCEPTION DATE Govt of India 8.36
• Hindustan Unilever Ltd. Diversified Fmcg 9.73
September 23, 2022 Birla AV 5.35
• HCL Technologies Ltd. IT - Software 4.82
Face Value per Unit: ` 86.07, + Industry Classification as
• NTPC Limited Power 3.32 recommended by AMFI, Data is as of November 30, 2022 unless
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) otherwise specified.
• Power Grid Corporation of
HDFC NIFTY50 VALUE 20 ETF 94.38 India Ltd. Power 3.11
• JSW Steel Ltd. Ferrous Metals 2.85 Please refer Minimum Application Amount, Plans & Options and
Exit Load, on Page no. 86 to 92.
ASSETS UNDER MANAGEMENT • Tech Mahindra Ltd. IT - Software 2.77
Grasim Industries Ltd. Ce m e nt & Ce m e n t
` 15.25 Cr. Products 2.68
` 14.89 Cr. Hindalco Industries Ltd. Non - Ferrous Metals 2.67
TRACKING ERROR Oil & Natural Gas Corporation
Annualised Standard Deviation (tracking error) Ltd. Oil 2.24
has been calculated based on the available Britannia Industries Ltd. Food Products 2.09
Bajaj Auto Limited Automobiles 1.95
TOTAL EXPENSE RATIO (As on November 30, 2022) Coal India Ltd. Consumable Fuels 1.93
Tax on Management Fees UPL Ltd. Fertilizers &
Agrochemicals 1.71
HDFC NIFTY50 VALUE 20 ETF 0.15%
Bharat Petroleum Corporation
#BENCHMARK INDEX: Ltd. Petroleum Products 1.32
NIFTY50 Value 20 Index (TRI) Sub Total 99.52
Grand Total 100.00

(% of Net Assets)
IT - Software 40.08
Construction 10.18
Power 6.43
Automobiles 3.45
Ferrous Metals 2.85
Oil 2.24
Portfolio
Food Products 2.09 Classification By
Rating Class (%)
0 10 20 30 40 50 n Equity 99.52
November 2022 49
HDFC NIFTY100 Quality 30 ETF CATEGORY OF SCHEME
An open ended scheme replicating/tracking NIFTY100 Quality 30 Index (TRI)
represented by the NIFTY100 Quality 30 Index, subject to tracking errors. There is no assurance that the investment objective of the Scheme will be realized.

BSE: 543605 / NSE: HDFCQUAL
Company Industry+ % to Exposure to top seven groups
FUND MANAGER NAV Management Group % to NAV
Krishan Kumar Daga EQUITY & EQUITY RELATED Tata 7.79
Total Experience: Over 32 years • Infosys Limited IT - Software 5.56 Bajaj 6.51
Arun Agarwal • HDFC Bank Ltd. Banks 5.39 Govt of India 5.75
(Since September 23, 2022) Indian Private-Infosys Ltd. 5.56
Total Experience: Over 23 years • Tata Consultancy Services Ltd. IT - Software 5.33 HDFC 5.39
• HCL Technologies Ltd. IT - Software 5.22 Shiv Nadar 5.22
DATE OF ALLOTMENT / INCEPTION DATE • Nestle India Ltd. Food Products 5.12 MNC Associate-Nestle India Ltd. 5.12
September 23, 2022 • ITC Ltd. Diversified Fmcg 4.81 Face Value per Unit: ` 38.59, + Industry Classification as
• Hindustan Unilever Ltd. Diversified Fmcg 4.75
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • Asian Paints Limited Consumer Durables 4.34
HDFC NIFTY100 Quality 30 ETF 40.23 Please refer Minimum Application Amount, Plans & Options and
• Britannia Industries Ltd. Food Products 3.82
• Maruti Suzuki India Limited Automobiles 3.72
ASSETS UNDER MANAGEMENT Bajaj Finance Ltd. Finance 3.43
` 9.70 Cr. Coal India Ltd. Consumable Fuels 3.38
Average for Month of November 2022 Tech Mahindra Ltd. IT - Software 3.27
` 9.72 Cr. Wipro Ltd. IT - Software 3.22
TRACKING ERROR Bajaj Auto Limited Automobiles 3.08
Annualised Standard Deviation (tracking error) Colgate-Palmolive ( I ) Ltd. Personal Products 3.06
has been calculated based on the available
data, i.e. since inception : 0.21% Hero MotoCorp Ltd. Automobiles 2.75
Pidilite Industries Ltd. Chemicals &
TOTAL EXPENSE RATIO (As on November 30, 2022) Petrochemicals 2.73
Tax on Management Fees Dabur India Ltd. Personal Products 2.72
HDFC NIFTY100 Quality 30 ETF 0.30% Divis Laboratories Ltd. Pharmaceuticals &
Biotechnology 2.66
Marico Ltd. Personal Products 2.52
#BENCHMARK INDEX: Titan Company Ltd. Consumer Durables 2.46
NIFTY100 Quality 30 Index (TRI)
Eicher Motors Ltd. Automobiles 2.38
Hindustan Aeronautics Limited Aerospace & Defense 2.37
Larsen & Toubro Infotech Ltd. IT - Software 2.36
Havells India Ltd. Consumer Durables 2.28
Godrej Consumer Products Ltd. Personal Products 1.99
Berger Paints (I) Ltd Consumer Durables 1.59
Industry Allocation of Equity Holding Muthoot Finance Ltd. Finance 1.56
(% of Net Assets) Bosch Limited Auto Components 1.52
Sub Total 99.39
IT - Software 24.96 Cash,Cash Equivalents and Net Current Assets 0.61
Automobiles 11.93 Grand Total 100.00
Consumer Durables 10.67 • Top Ten Holdings
Food Products 8.94
Banks 5.39
Finance 4.99

Portfolio
Chemicals & Petrochemicals 2.73 Classification By
Pharmaceuticals & Biotechnology 2.66 Rating Class (%)
0 10 20 30 40 n Equity 99.39
50 November 2022
HDFC NIFTY Growth Sectors 15 ETF CATEGORY OF SCHEME
An open ended scheme replicating/tracking NIFTY Growth Sectors 15 EXCHANGE TRADED FUND
Index (TRI)
represented by the NIFTY Growth Sectors 15 Index, subject to tracking errors. There is no assurance that the investment objective of the Scheme will be realized.

BSE: 543607 / NSE: HDFCGROWTH
Company Industry+ % to Exposure to top seven groups
FUND MANAGER NAV Management Group % to NAV
Krishan Kumar Daga EQUITY & EQUITY RELATED MNC Asc-ITC 14.64
Total Experience: Over 32 years • ITC Ltd. Diversified Fmcg 14.64 MNC Asc-Unilever 14.45
Arun Agarwal • Hindustan Unilever Ltd. Diversified Fmcg 14.45 Mahindra 10.59
(Since September 23, 2022) MNC Associate-Maruti Suzuki India Ltd. 10.10
Total Experience: Over 23 years • Mahindra & Mahindra Ltd. Automobiles 10.59 Sun Pharma 9.57
• Maruti Suzuki India Limited Automobiles 10.10 MNC Associate-Nestle India Ltd. 6.09
• Sun Pharmaceutical Industries Pharmaceuticals & Indian Private-Cipla Ltd. 5.22
DATE OF ALLOTMENT / INCEPTION DATE Ltd. Biotechnology 9.57 Face Value per Unit: ` 89.04, + Industry Classification as
September 23, 2022 • Nestle India Ltd. Food Products 6.09 recommended by AMFI, Data is as of November 30, 2022 unless
• Cipla Ltd. Pharmaceuticals & otherwise specified.
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Biotechnology 5.22
HDFC NIFTY Growth Sectors 90.57 Please refer Minimum Application Amount, Plans & Options and
• Dr Reddys Laboratories Ltd. Pharmaceuticals & Exit Load, on Page no. 86 to 92.
15 ETF Biotechnology 4.62
• Tata Consumer Products Agricultural Food &
ASSETS UNDER MANAGEMENT Limited Other Products 4.15
` 8.19 Cr. • Eicher Motors Ltd. Automobiles 4.12
Average for Month of November 2022 Apollo Hospitals Enterprise Ltd. Healthcare Services 4.08
` 8.13 Cr. Bajaj Auto Limited Automobiles 4.07
TRACKING ERROR Divis Laboratories Ltd. Pharmaceuticals &
Biotechnology 3.67
has been calculated based on the available Dabur India Ltd. Personal Products 2.91
Laurus Labs Ltd. Pharmaceuticals &
Biotechnology 1.39
Including Additional Expenses and Goods and Service Sub Total 99.67
HDFC NIFTY Growth Sectors 15 ETF 0.30%
Grand Total 100.00
#BENCHMARK INDEX:
NIFTY Growth Sectors 15 Index (TRI)

(% of Net Assets)
Automobiles 28.88
Food Products 6.09

Portfolio
Healthcare Services 4.08 Classification By
Rating Class (%)
0 10 20 30 40
n Equity 99.67
November 2022 51
HDFC NIFTY100 Low Volatility 30 ETF CATEGORY OF SCHEME
An open ended scheme replicating/tracking NIFTY100 Low Volatility 30
Index
represented by the NIFTY100 Low Volatility 30 Index, subject to tracking errors. There is no assurance that the investment objective of the Scheme will be realized.

BSE: 543627 / NSE: HDFCLOWVOL
Krishan Kumar Daga EQUITY & EQUITY RELATED Sub Total 99.51
(Since October 11, 2022)
Total Experience: Over 32 years • Nestle India Ltd. Food Products 4.60 Cash,Cash Equivalents and Net Current Assets 0.49
Arun Agarwal • Britannia Industries Ltd. Food Products 4.25 Grand Total 100.00
(Since October 11, 2022)
Total Experience: Over 23 years • Tata Consultancy Services Ltd. IT - Software 3.88 • Top Ten Holdings
• HDFC Bank Ltd. Banks 3.73
DATE OF ALLOTMENT / INCEPTION DATE • Dr Reddys Laboratories Ltd. Pharmaceuticals &
Biotechnology 3.72 Management Group % to NAV
October 11, 2022 HDFC 6.99
• HCL Technologies Ltd. IT - Software 3.70 Govt of India 6.47
• Larsen and Toubro Ltd. Construction 3.59 MNC Associate-Nestle India Ltd. 4.60
HDFC NIFTY100 Low Volatility 137.45 • Bajaj Auto Limited Automobiles 3.58 Wadia Nusli N 4.25
30 ETF Tata 3.88
• Infosys Limited IT - Software 3.56 Dr. Reddys 3.72
ASSETS UNDER MANAGEMENT • Cipla Ltd. Pharmaceuticals & Shiv Nadar 3.70
As on November 30, 2022 Biotechnology 3.50
Face Value per Unit: ` 126.18, + Industry Classification as
` 5.26 Cr. Indian Oil Corporation Ltd. Petroleum Products 3.50
Average for Month of November 2022 UltraTech Cement Limited Cement & Cement otherwise specified.
` 5.15 Cr. Products 3.49
TRACKING ERROR Hindustan Unilever Ltd. Diversified Fmcg 3.41 Please refer Minimum Application Amount, Plans & Options and
Annualised Standard Deviation (tracking error) Power Grid Corporation of
has been calculated based on the available India Ltd. Power 3.39
ITC Ltd. Diversified Fmcg 3.29
TOTAL EXPENSE RATIO (As on November 30, 2022) Reliance Industries Ltd. Petroleum Products 3.29
Including Additional Expenses and Goods and Service HDFC Life Insurance Company
Tax on Management Fees Limited Insurance 3.26
HDFC NIFTY100 Low
Volatility 30 ETF 0.30% SBI Life Insurance Company Ltd. Insurance 3.16
Kotak Mahindra Bank Limited Banks 3.13
#BENCHMARK INDEX:
NIFTY100 Low Volatility 30 Index (TRI) NTPC Limited Power 3.08
ACC Ltd. Cement & Cement
Products 3.00
Dabur India Ltd. Personal Products 2.92
Colgate-Palmolive ( I ) Ltd. Personal Products 2.88
Berger Paints (I) Ltd Consumer Durables 2.75
(% of Net Assets) Pidilite Industries Ltd. Chemicals &
Petrochemicals 2.72
IT - Software 16.82 Asian Paints Limited Consumer Durables 2.68
Food Products 8.85 Marico Ltd. Personal Products 2.63
Banks 6.86
Automobiles 6.72
Power 6.47
Insurance 6.42 Portfolio
Consumer Durables 5.43 Classification By
Construction 3.59 Rating Class (%)
0 10 20
n Equity 99.51
52 November 2022
HDFC NIFTY200 Momentum 30 ETF CATEGORY OF SCHEME
An open ended scheme replicating/tracking NIFTY200 Momentum 30
Index
represented by the NIFTY200 Momentum 30 Index, subject to tracking errors. There is no assurance that the investment objective of the Scheme will be realized.

BSE: 543628 / NSE: HDFCMOMENT
Krishan Kumar Daga EQUITY & EQUITY RELATED Aditya Birla Fashion and
(Since October 11, 2022) Retail Ltd. Retailing 0.75
Total Experience: Over 32 years • ADANI ENTERPRISES LIMTIED Metals & Minerals
Trading 7.24 Sub Total 99.21
Arun Agarwal
(Since October 11, 2022) • Titan Company Ltd. Consumer Durables 5.24 Cash,Cash Equivalents and Net Current Assets 0.79
• ITC Ltd. Diversified Fmcg 5.08 Grand Total 100.00
• Sun Pharmaceutical Industries Pharmaceuticals & • Top Ten Holdings
DATE OF ALLOTMENT / INCEPTION DATE Ltd. Biotechnology 5.05
October 11, 2022 • NTPC Limited Power 5.01 Exposure to top seven groups
• Bharti Airtel Ltd. Telecom - Services 5.00 Management Group % to NAV
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Govt of India 20.93
• Mahindra & Mahindra Ltd. Automobiles 4.86 Tata 20.49
HDFC NIFTY200 Momentum 202.45
30 ETF • Reliance Industries Ltd. Petroleum Products 4.42 Adani 7.24
• Power Grid Corporation of MNC Asc-ITC 5.08
ASSETS UNDER MANAGEMENT India Ltd. Power 4.27 Sun Pharma 5.05
As on November 30, 2022 Bharti 5.00
• Tata Motors Ltd. Automobiles 4.27
` 6.37 Cr. Mahindra 4.86
Average for Month of November 2022 Coal India Ltd. Consumable Fuels 4.20
` 6.36 Cr. Face Value per Unit: ` 190.61, + Industry Classification as
The Tata Power Company Ltd. Power 4.20
TRACKING ERROR SRF Ltd. Chemicals & otherwise specified.
Petrochemicals 4.14
has been calculated based on the available Bharat Electronics Ltd. Aerospace & Defense 3.88 Please refer Minimum Application Amount, Plans & Options and
data, i.e. since inception : 0.12% Exit Load, on Page no. 86 to 92.
Oil & Natural Gas Corporation
Ltd. Oil 3.81
Including Additional Expenses and Goods and Service Hindustan Aeronautics Limited Aerospace & Defense 3.57
Tax on Management Fees Indian Hotels Company Ltd. Leisure Services 3.14
HDFC NIFTY200
Momentum 30 ET 0.30% Page Industries Ltd Textiles & Apparels 2.83
Trent Ltd. Retailing 2.48
Bank of Baroda Banks 2.22
#BENCHMARK INDEX:
NIFTY200 Momentum 30 Index (TRI) Cholamandalam Investment &
Finance Co. Ltd. Finance 2.16
Au Small Finance Bank Ltd. Banks 1.95
Cummins India Ltd. Industrial Products 1.71
ABB India Ltd. Electrical Equipment 1.50
Indian Railway Catering And
Industry Allocation of Equity Holding Tourism Corp Ltd Leisure Services 1.35
(% of Net Assets) Tata Chemicals Ltd. Chemicals &
Petrochemicals 1.16
Power 13.48
Coromandel International Fertilizers &
Automobiles 9.13 Limited Agrochemicals 1.01
Polycab India Limited Industrial Products 0.89
Banks 4.17
Oil 3.81
Electrical Equipment 3.32 Portfolio
Retailing 3.23 Classification By
Textiles & Apparels 2.83 Rating Class (%)
Finance 2.16
0 10 20
n Equity 99.21
November 2022 53
HDFC NIFTY IT ETF CATEGORY OF SCHEME
An open ended scheme replicating/tracking NIFTY IT Index (TRI)
represented by the NIFTY IT Index, subject to tracking errors. There is no assurance that the investment objective of the Scheme will be realized.

BSE: 543665 / NSE: HDFCNIFIT
FUND MANAGER NAV
Krishan Kumar Daga EQUITY & EQUITY RELATED
(Since November 16, 2022)
Total Experience: Over 32 years • Infosys Limited IT - Software 27.54
Arun Agarwal • Tata Consultancy Services Ltd. IT - Software 26.37
Total Experience: Over 23 years • HCL Technologies Ltd. IT - Software 9.66
• Tech Mahindra Ltd. IT - Software 8.35
DATE OF ALLOTMENT / INCEPTION DATE • Wipro Ltd. IT - Software 8.09
November 16, 2022 • Larsen & Toubro Infotech Ltd. IT - Software 5.17
• Persistent Systems Limited IT - Software 4.91
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • MphasiS Limited. IT - Software 3.91
HDFC NIFTY IT ETF 304.02
• Coforge Limited IT - Software 3.46
• L&T Technology Services Ltd. IT - Services 2.50
ASSETS UNDER MANAGEMENT Sub Total 99.96
` 27.43 Cr. Cash,Cash Equivalents and Net Current Assets 0.04
Average for Month of November 2022 Grand Total 100.00
` 27.02 Cr.
TRACKING ERROR
has been calculated based on the available Management Group % to NAV
data, i.e. since inception : 0.05% Indian Private-Infosys Ltd. 27.54
Tata 26.37
TOTAL EXPENSE RATIO (As on November 30, 2022) Shiv Nadar 9.66
Including Additional Expenses and Goods and Service Mahindra 8.35
Indian Private-Wipro Ltd. 8.09
HDFC NIFTY IT ETF 0.20% L&T 7.67
Indian Private-Persistent Systems Ltd. 4.91
#BENCHMARK INDEX: Face Value per Unit: ` 299.92, + Industry Classification as
NIFTY IT Index (TRI) recommended by AMFI, Data is as of November 30, 2022 unless
##ADDL. BENCHMARK INDEX: otherwise specified.
Nifty 50 (TRI)
HDFC Nifty IT ETF

HDFC Nifty IT ETF
Portfolio Portfolio
n IT - Software 97.46
n Equity 99.96
n IT - Services 2.50
54 November 2022
HDFC NIFTY Private Bank ETF CATEGORY OF SCHEME
An open ended scheme replicating/tracking NIFTY Private Bank Index (TRI)
represented by the NIFTY Private Bank Index, subject to tracking errors. There is no assurance that the investment objective of the Scheme will be realized.

BSE: 543666 / NSE: HDFCPVTBAN
FUND MANAGER NAV
Krishan Kumar Daga EQUITY & EQUITY RELATED
Total Experience: Over 32 years • HDFC Bank Ltd. Banks 25.77
Arun Agarwal • ICICI Bank Ltd. Banks 25.32
Total Experience: Over 23 years • Axis Bank Ltd. Banks 12.33
• Kotak Mahindra Bank Limited Banks 10.91
DATE OF ALLOTMENT / INCEPTION DATE • Indusind Bank Ltd. Banks 10.11
November 16, 2022 • The Federal Bank Ltd. Banks 4.74
• IDFC First Bank Limited Banks 3.28
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • Bandhan Bank Ltd. Banks 3.25
HDFC NIFTY Private Bank ETF 220.24
• City Union Bank Ltd. Banks 2.44
• RBL Bank Ltd. Banks 1.64
ASSETS UNDER MANAGEMENT Sub Total 99.79
` 12.93 Cr. Cash,Cash Equivalents and Net Current Assets 0.21
Average for Month of November 2022 Grand Total 100.00
` 12.89 Cr.
TRACKING ERROR
has been calculated based on the available Management Group % to NAV
data, i.e. since inception : 0.03% HDFC 25.77
ICICI 25.32
TOTAL EXPENSE RATIO (As on November 30, 2022) Axis Bank 12.33
Including Additional Expenses and Goods and Service Kotak Mahindra 10.91
Hinduja 10.11
HDFC NIFTY Private Bank ETF 0.15% Indian Private-The Federal Bank Limited 4.74
IDFC 3.28
#BENCHMARK INDEX: Face Value per Unit: ` 216.75, + Industry Classification as
NIFTY Private Bank Index (TRI) recommended by AMFI, Data is as of November 30, 2022 unless
##ADDL. BENCHMARK INDEX: otherwise specified.
Nifty 50 (TRI)
Portfolio Portfolio
n Banks 99.79 n Equity 99.79

November 2022 55
HDFC Gold Exchange Traded Fund CATEGORY OF SCHEME
(An open ended scheme replicating / tracking performance of Gold)
INVESTMENT OBJECTIVE : The investment objective of the Scheme is to generate returns that are in line with the performance of gold, subject to tracking errors. There is no
assurance that the investment objective of the Scheme will be realized.

BSE : 533230 /NSE: HDFCMFGETF
Company % to
NAV
FUND MANAGER DEBT & DEBT RELATED
Bhagyesh Kagalkar Gold
(Dedicated Fund Manager for commodities
related investments viz. Gold) (since February • Gold - Gold 97.97
02, 2022)
Total Experience: Over 28 years Sub Total 97.97
(w.e.f February 23, 2022)
Grand Total 100.00
August 13, 2010 Exposure to top seven groups
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Gold 97.97
HDFC Gold ETF 46.8710 Face Value per Unit: ` 223.31, + Industry Classification as
otherwise specified. N.A. Not Available
ASSETS UNDER MANAGEMENT J
As on November 30, 2022 J
Includes investments made by the schemes of HDFC Mutual
` 3,213.56 Cr. Fund aggregating to ` 1,810.20 Crores.
TRACKING ERROR
Annualised tracking error is calculated based
on daily rolling returns for the last 12 months:
0.29%.
Portfolio Portfolio
TOTAL EXPENSE RATIO (As on November 30, 2022) Classification By
Including Additional Expenses and Goods and Service Classification By
Tax on Management Fees Asset Class (%) Rating Class (%)
HDFC GOLD ETF 0.59%
#BENCHMARK INDEX:
Domestic Price of Physical Gold n Gold 97.97 n Gold 97.97
PERFORMANCE* ^
Scheme Returns Benchmark Returns Value of ` 10,000 invested
Date Period (%) (%)# Scheme (`) Benchmark (`)#
Nov 30, 21 Last 1 Year 9.38 10.26 10,938 11,026
Nov 29, 19 Last 3 Years 11.06 11.86 13,705 14,004
Nov 30, 17 Last 5 Years 11.57 12.61 17,290 18,111
Nov 30, 12 Last 10 Years 4.30 5.34 15,237 16,827
Aug 13, 10 Since Inception 8.09 8.95 26,035 28,711
Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). * The Scheme does not offer
any Plans/Options. For performance of other schemes managed by Bhagyesh Kagalkar, please refer page 96.
The Face Value per Unit is revised to ` 1 (earlier ` 100) and Allotment Price per unit is ` 18.0033 (earlier ` 1,800.3288) w.e.f. February 19,
2021. All return computations have been suitably adjusted for this change. Since inception returns are computed on the allotment price.
Data is as of November 30, 2022 unless otherwise specified.
56 November 2022
HDFC Gold Fund CATEGORY OF SCHEME
FUND OF FUND (DOMESTIC)
(An open ended Fund of Fund scheme investing in HDFC Gold
Exchange Traded Fund)
INVESTMENT OBJECTIVE : To seek capital appreciation by investing in units of HDFC Gold Exchange Traded Fund (HGETF). There is no assurance that the investment objective of the
Scheme will be realized.
FUND MANAGER PORTFOLIO

Krishan Kumar Daga
Total Experience: Over 32 years Company % to
NAV
MUTUAL FUND UNITS
DATE OF ALLOTMENT / INCEPTION DATE Mutual Fund Units
November 01, 2011 • HDFC Gold Exchange Traded
Fund 99.98
Grand Total 100.00
` 1,317.77 Cr. Face Value per Unit: ` 10, Data is as of November 30, 2022
Average for Month of November 2022 unless otherwise specified. N.A. Not Available
` 1,309.15 Cr.
Investors in the Scheme shall bear the recurring
expenses of the Scheme in addition to the expenses
of other schemes in which this Fund of Funds scheme
makes investment (subject to regulatory limits).
#BENCHMARK INDEX:
Domestic Price of Physical Gold
Portfolio Portfolio


SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 13.30 12.00 6.00 3.60 1.20
Mkt Value As on November 30, 2022 (` in Lacs) 19.80 17.77 7.67 3.90 1.25
Returns (%) 6.94 7.62 9.78 5.27 7.85
Benchmark Returns (%) # 8.48 9.19 11.33 7.01 10.23
Additional Benchmark Returns (%) ## N.A. N.A. N.A. N.A. N.A.

Scheme Returns Benchmark Returns Value of ` 10,000 invested
Date Period (%) (%)# Scheme (`) Benchmark (`)#
Nov 30, 21 Last 1 Year 8.34 10.26 10,834 11,026
Nov 29, 19 Last 3 Years 10.45 11.86 13,483 14,004
Nov 30, 17 Last 5 Years 11.11 12.61 16,940 18,111
Nov 30, 12 Last 10 Years 3.73 5.34 14,429 16,827
Nov 01, 11 Since Inception 4.57 6.24 16,413 19,564
Returns greater than 1 year are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by Krishan
Kumar Daga, please refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct
Direct Plan, refer page 95 to 99.
November 2022 57
HDFC Silver ETF Fund of Fund CATEGORY OF SCHEME
FUND OF FUNDS
An open ended Fund of Fund scheme investing in HDFC Silver ETF
INVESTMENT OBJECTIVE : To seek capital appreciation by investing in units of HDFC Silver ETF (HSETF). There is no assurance that the investment objective of the Scheme
will be realized.
PORTFOLIO
FUND MANAGER
Krishan Kumar Daga Company % to
(Since October 28, 2022) NAV
Total Experience: Over 32 years MUTUAL FUND UNITS
Mutual Fund Units
• HDFC Silver ETF 99.22
Sub Total 99.22
DATE OF ALLOTMENT / INCEPTION DATE Cash,Cash Equivalents and Net Current Assets 0.78
October 28, 2022 Grand Total 100.00

Regular Plan - Growth Option 10.736 Face Value per Unit: ` 10, Data is as of November 30, 2022
Direct Plan - Growth Option 10.741 unless otherwise specified. N.A. Not Available
ASSETS UNDER MANAGEMENT Please refer Minimum Application Amount, Plans & Options
As on November 30, 2022 and Exit Load, on Page no. 86 to 92.
` 33.08 Cr.
` 31.63 Cr.
expenses of the Scheme in addition to the expenses
of other schemes in which this Fund of Funds scheme
#BENCHMARK INDEX:
Domestic Price of Physical Silver (based
on LBMA Silver daily spot fixing price
Portfolio Portfolio
n Mutual Fund Units 99.22 n Cash, Cash Equivalents and Net Current Assets 100.00
58 November 2022
HDFC Developed World Indexes Fund of Funds CATEGORY OF SCHEME
(An open ended fund of funds scheme investing in units/shares of overseas OVERSEAS FUND OF FUNDS
Index Funds and/or ETFs which will in aggregate track the MSCI World Index)
The Scheme has resumed subscriptions by way of lumpsum, switches and new registrations of Systematic Investment Plan (SIP) / Systematic Transfer Plan (STP) / Transfer
of IDCW Plan (TIP), etc. with effect from June 23, 2022. However, transactions may be processed only subject to available limits
INVESTMENT OBJECTIVE : The investment objective of the Scheme is to provide long term capital appreciation by passively investing in units/ shares of overseas Index
Funds and/or ETFs which will in aggregate closely correspond to the MSCI World Index, subject to tracking errors. There is no assurance that the investment objective of the

Krishan Kumar Daga
Total Experience: Over 32 years Issuer Industry/Rating % to
NAV
Arun Agarwal
(since February 01, 2022) MUTUAL FUND UNITS
Total Experience: Over 23 years Foreign Mutual Fund Units - ETF
• CSIF (IE) MSCI USA Blue UCITS ETF N.A. 68.47
Sub Total 68.47
October 06, 2021
Foreign Mutual Fund Units - Equity
• CSIF (Lux) Equity Europe N.A. 18.14
Regular Plan - Growth Option 9.699 • CSIF (Lux) Equity Japan N.A. 6.19
Direct Plan - Growth Option 9.767 • CSIF (Lux) Equity Canada N.A. 3.57
• CSIF (Lux) Equity Pacific ex Japan N.A. 3.49
As on November 30, 2022 Sub Total 31.39
` 1,030.02 Cr. Total 99.86
` 1,035.79 Cr. Cash,Cash Equivalents and Net Current Assets 0.14
Grand Total 100.00
TOTAL EXPENSE RATIO (As on November 30, 2022) • Top Ten Holdings
Face Value per Unit: ` 10, Data is as of November 30, 2022
Regular: 0.73% Direct: 0.21% unless otherwise specified. N.A. Not Available
expenses of the Scheme in addition to the expenses Please refer Minimum Application Amount, Plans & Options and
of other schemes in which this Fund of Funds scheme Exit Load, on Page no. 86 to 92.
#BENCHMARK INDEX:
MSCI World Index (Net Total Returns Index)
Portfolio Portfolio

PERFORMANCE ^
(`)##
Nov 30, 21 Last 1 Year -7.08 -6.81 11.93 9,292 9,319 11,193
Oct 06, 21 Since Inception -2.62 -1.52 6.85 9,699 9,825 10,792
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Krishna Kumar Daga
& Arun Agarwal, please refer page 96. 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
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme/Plan. Load is not
taken into consideration for computation of performance.
November 2022 59
HDFC TaxSaver CATEGORY OF SCHEME
EQUITY LINKED SAVINGS SCHEME
(An open ended equity linked savings scheme with a statutory lock in of
3 years and tax benefit)
INVESTMENT OBJECTIVE : 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.
FUND MANAGER ¥ PORTFOLIO

Roshi Jain
(since January 13, 2022) Company Industry+ % to Company Industry+ % to
EQUITY & EQUITY RELATED Housing Development Fin.
• ICICI Bank Ltd. Banks 10.12 Corp. Ltd.£ Finance 0.60
DATE OF ALLOTMENT / INCEPTION DATE Multi Commodity Exchange of
March 31, 1996 • HDFC Bank Ltd. Banks 9.32 India Ltd. Capital Markets 0.59
• Bharti Airtel Ltd. Telecom - Services 6.32 MTAR Technologies Limited Aerospace & Defense 0.55
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • State Bank of India Banks 6.28 Life Insurance Corporation
Regular Plan - Growth Option 845.77 • Hindustan Aeronautics Limited Aerospace & Defense 5.32 of India Insurance 0.52
Regular Plan - IDCW Option 61.042 • Infosys Limited IT - Software 4.90 Delhivery Limited Transport Services 0.36
Direct Plan - IDCW Option 75.984 • HCL Technologies Ltd. IT - Software 4.76 Ipca Laboratories Ltd. Pharmaceuticals &
Biotechnology 0.22
• Mahindra & Mahindra Ltd. Automobiles 4.67
ASSETS UNDER MANAGEMENT Apollo Hospitals Enterprise Ltd. Healthcare Services 0.08
• NTPC Limited Power 4.16
As on November 30, 2022 Sub Total 95.56
` 10,353.90 Cr. • Cipla Ltd. Pharmaceuticals &
Average for Month of November 2022 Biotechnology 3.85
` 10,131.10 Cr. Dr Reddys Laboratories Ltd. Pharmaceuticals & Grand Total 100.00
Biotechnology 3.58
QUANTITATIVE DATA SBI Life Insurance Company Ltd. Insurance 3.47
Portfolio Turnover Ratio (Last 1 year) 54.65%
Axis Bank Ltd. Banks 3.13 Face Value per Unit: ` 10, + Industry Classification as
Risk Ratio
n Standard Deviation 6.359% Larsen and Toubro Ltd. Construction 2.81 recommended by AMFI, Data is as of November 30, 2022 unless
n Beta 0.953 GAIL (India) Ltd. Gas 2.54 otherwise specified.
n Sharpe Ratio* 0.172
ESCORTS LTD. Agricultural, ¥ Dedicated Fund Manager for Overseas Investments:
Computed for the 3-yr period ended November Commercial &
30, 2022. Based on month-end NAV. Mr. Priya Ranjan (since May 01, 2022)
* Risk free rate: 5.86% (Source: FIMMDA MIBOR) Construction Vehicles 2.50 Total Experience: Over 15 years).
For schemes which have not completed 3 years, Bharat Petroleum Corporation
data is computed since inception. Ltd. Petroleum Products 2.41 Please refer Minimum Application Amount, Plans & Options and
SBI CARDS AND PAYMENT Exit Load, on Page no. 86 to 92.
TOTAL EXPENSE RATIO (As on November 30, 2022) SERVICES LIMITED Finance 2.15
Including Additional Expenses and Goods and Service Bajaj Auto Limited Automobiles 1.80
Prestige Estates Projects Ltd. Realty 1.57
#BENCHMARK INDEX: Bank of Baroda Banks 1.45
NIFTY 500 (Total Returns Index) Lupin Ltd. Pharmaceuticals &
##ADDL. BENCHMARK INDEX: Biotechnology 1.26
NIFTY 50 (Total Returns Index) ZF Commercial Vehicle Control
Systems India Limited Auto Components 1.05
LOCK-IN PERIOD Reliance Industries Ltd. Petroleum Products 0.99
3 years from the date of allotment Teamlease Services Ltd. Commercial Services &
of the respective Units Supplies 0.72
Industry Allocation of Equity Holding SIP PERFORMANCE ^ - Regular Plan - Growth Option
Banks 30.30 Mkt Value As on November 30, 2022 (` in Lacs) $$ 1,079.77 53.59 24.44 9.26 5.29 1.36
Returns (%) $$ 21.32 13.38 13.63 17.39 26.75 25.94
IT - Software 11.17
Automobiles 6.47 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Telecom - Services 6.32 accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
Aerospace & Defense 5.87 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Power 4.16 PERFORMANCE ^ - Regular Plan - Growth Option
Petroleum Products 3.40 Returns Returns Benchmark Scheme (`) Benchmark Additional
Construction 2.81 (%) ## $$ (`)# Benchmark
(`)##
Finance 2.75 Nov 30, 21 Last 1 Year 16.37 10.20 11.93 11,637 11,020 11,193
Gas 2.54 Nov 29, 19 Last 3 Years 17.71 18.83 17.22 16,324 16,795 16,123
Realty 1.57 Nov 30, 12 Last 10 Years 13.57 14.35 13.69 35,729 38,260 36,095
Auto Components 1.05 Mar 31, 96 Since Inception 22.26 14.20 13.01 2,133,524 346,298 261,697
Commercial Services & Supplies 0.72 Returns greater than 1 year period are compounded annualized (CAGR). $$ All Distributions declared prior to the splitting of the Scheme into IDCW
Capital Markets 0.59 & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-distribution NAV). For performance of
other schemes managed by Roshi Jain, please refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense structure.
Transport Services 0.36 The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular
Healthcare Services 0.08 Plan. 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
0 5 10 15 20 25 30 35 not available for March 31, 96, benchmark performance is calculated from March 29, 96. For Performance of Direct Plan, refer page 95 to 99.
60 November 2022
HDFC Children's Gift Fund CATEGORY OF SCHEME
CHILDREN’S FUND
[An open ended fund for investment for children having a lock-in for atleast
5 years or till the child attains age of majority (whichever is earlier)] Ω
KEY FACTS
INVESTMENT OBJECTIVE : To generate capital appreciation / income from a portfolio of equity & equity related instruments and debt and money market instruments.
FUND MANAGER ¥
PORTFOLIO
Chirag Setalvad
(Equity Assets) (since April 2, 2007)
NAV NAV
Anil Bamboli
(Debt Assets) (since October 6, 2022) EQUITY & EQUITY RELATED DEBT & DEBT RELATED
Total Experience: Over 27 years • Reliance Industries Ltd. Petroleum Products 5.49 Government Securities (Central/State)
• ICICI Bank Ltd. Banks 5.38 • 4.26 GOI 2023 Sovereign 5.68
• HDFC Bank Ltd. Banks 5.15 • 7.1 GOI 2029 Sovereign 5.21
• Infosys Limited IT - Software 4.25
March 2, 2001 • Housing Development Fin. • 6.69 GOI 2024 Sovereign 3.23
Corp. Ltd.£ Finance 3.14 7.17 GOI 2028 Sovereign 2.67
• State Bank of India Banks 2.92 8.28 GOI 2027 Sovereign 0.76
Larsen and Toubro Ltd. Construction 2.69 8.32 GOI 2032 Sovereign 0.52
Regular Plan 201.621
Direct Plan 218.740 Kirloskar Pneumatic Ltd. Industrial Products 2.19 6.79 GOI 2027 Sovereign 0.48
ITC Ltd. Diversified Fmcg 2.15 8.83 GOI 2023 Sovereign 0.44
Bharat Electronics Ltd. Aerospace & Defense 2.04 7.26 GOI 2032 Sovereign 0.40
ASSETS UNDER MANAGEMENT Bank of Baroda Banks 2.02 8.6 GOI 2028 Sovereign 0.09
Finolex Cables Ltd. Industrial Products 1.80 7.26 GOI 2029 Sovereign 0.08
` 6,179.13 Cr.
Average for Month of November 2022 Indian Hotels Company Ltd. Leisure Services 1.77 Sub Total 22.83
` 6,059.01 Cr. eClerx Services Limited Commercial Services & Credit Exposure (Perpetual Bonds)
Supplies 1.58
Bank of Baroda (AT1, BASEL III,
Bajaj Finance Ltd. Finance 1.52 Perpetual) CRISIL - AA+ 1.57
QUANTITATIVE DATA AkzoNobel India Ltd. Consumer Durables 1.51 Sub Total 1.57
Portfolio Turnover Ratio 4.34%
Average Maturity * 4.57 years Rolex Rings Limited Auto Components 1.45 Credit Exposure (Non Perpetual)
Macaulay Duration * 3.05 years Aster DM Healthcare Limited Healthcare Services 1.38 LIC Housing Finance Ltd. CRISIL - AAA 0.82
Modified Duration * 2.91 years Bharti Airtel Ltd. Telecom - Services 1.35 Toyota Financial Services
Yield to Maturity * 7.13% India Ltd. CRISIL - AAA 0.81
Sonata Software Ltd. IT - Software 1.30
*Calculated on amount invested in debt securities Tata Sons Ltd. CRISIL - AAA 0.58
(including accrued interest), deployment of funds Apollo Tyres Ltd. Auto Components 1.22
in TREPS and Reverse Repo and net receivable Voltamp Transformers Ltd. Electrical Equipment 1.22 Power Finance Corporation Ltd. CRISIL - AAA 0.44
/ payable. Transport Corporation of Small Industries Development
India Ltd. Transport Services 1.21 Bank CARE - AAA 0.41
UPL Ltd. Fertilizers & State Bank of India CRISIL - AAA 0.41
TOTAL EXPENSE RATIO (As on November 30, 2022) Agrochemicals 1.15 Sub Total 3.47
Tax on Management Fees Timken India Ltd. Industrial Products 1.06 Total 27.87
Carborundum Universal Ltd. Industrial Products 0.85 MONEY MARKET INSTRUMENTS
Mahindra Holidays & Resorts CD
Ind Ltd. Leisure Services 0.83
Axis Bank Ltd. CRISIL - A1+ 0.75
Newgen Software Technologies
#BENCHMARK INDEX: Ltd. IT - Services 0.81 Bank of Baroda IND - A1+ 0.75
NIFTY 50 Hybrid Composite Debt 65:35 Index Sub Total 1.50
IDFC Ltd. Finance 0.80
##ADDL. BENCHMARK INDEX: Cash,Cash Equivalents and Net Current Assets 3.44
NIFTY 50 (Total Returns Index) Power Grid Corporation of
India Ltd. Power 0.77 Grand Total 100.00
Oracle Financial Ser Software • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
Ltd. IT - Software 0.75
LOCK-IN PERIOD
Ipca Laboratories Ltd. Pharmaceuticals & Face Value per Unit: ` 10, + Industry Classification as
Fresh investments by investors including SIP/ Biotechnology 0.68
STP registrations, etc (effective May 23, 2018): recommended by AMFI, Data is as of November 30, 2022 unless
Axis Bank Ltd. Banks 0.60 otherwise specified.
Lock-in period will be compulsory. Lock-in PNC Infratech Ltd. Construction 0.60
period shall be earlier of
Bharat Petroleum Corporation ¥ Dedicated Fund Manager for Overseas Investments:
• 5 Years from the date of allotment; or Ltd. Petroleum Products 0.55 Mr. Priya Ranjan (since May 01, 2022)
• Until the Unit holder (being the beneficiary Zensar Technologies Ltd. IT - Software 0.47 (Total Experience: Over 15 years).
child) attains the age of majority Equitas Holdings Ltd. Finance 0.40 (Ω) Eligibility (of Unit holder) : Children not attained the age of
Cholamandalam Financial majority as on the date of investment by the Investor / Applicant
Holdings Ltd. Finance 0.32 are eligible as Unit holders in the Scheme.
SKF India Ltd. Industrial Products 0.30
VST Industries Ltd. Cigarettes & Tobacco Exit Load, on Page no. 86 to 92.
Products 0.29
Swaraj Engines Ltd. Industrial Products 0.28
Manufacturing 0.26
Navneet Education Ltd. Printing & Publication 0.24
UNIPARTS INDIA LIMITED Agricultural Food &
Other Products 0.20
BIKAJI FOODS INTERNATIONAL
LIMITED Food Products 0.17
Jagran Prakashan Ltd. Media 0.08
Yes Bank Ltd. Banks @
Sub Total 67.19
November 2022 61
HDFC Children's Gift Fund CATEGORY OF SCHEME

CHILDREN’S FUND
[An open ended fund for investment for children having a lock-in for atleast
5 years or till the child attains age of majority (whichever is earlier)] Ω

(% of Net Assets)
Portfolio Portfolio
Banks 16.07
IT - Software 6.77 Asset Class (%) Rating Class (%)
Finance 6.18
Petroleum Products 6.04 n G-Sec 22.83 n Sovereign 22.83
n CD 1.50 n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 4.97
Construction 3.29 n AA+ 1.57
n Credit Exposure 5.04
Auto Components
2.67 n Cash, Cash Equivalents and Net Current Assets 3.44

Aerospace & Defense 2.04 SIP SIP SIP SIP SIP SIP
Commercial Services & Supplies 1.58 Mkt Value As on November 30, 2022 (` in Lacs) $ 190.39 63.23 25.62 8.98 4.86 1.31
Consumer Durables 1.51 Returns (%) $ 15.74 15.29 14.51 16.15 20.49 17.31
Healthcare Services 1.38 Additional Benchmark Returns (%) ## 15.07 13.38 14.62 17.54 22.41 19.66
Telecom - Services 1.35 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Electrical Equipment 1.22 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.

IT - Services 0.81 Scheme Benchmark Additional Value of ` 10,000 invested
Power 0.77
Date Period (%) $ (%)# Returns
(%) ## $ (`)# Benchmark
(`)##
Nov 30, 21 Last 1 Year 9.93 8.72 11.93 10,993 10,872 11,193
Cigarettes & Tobacco Products 0.29 Nov 29, 19 Last 3 Years 17.43 14.10 17.22 16,209 14,864 16,123
Nov 30, 17 Last 5 Years 11.88 12.27 14.32 17,538 17,841 19,529
Nov 30, 12 Last 10 Years 15.16 12.00 13.69 41,046 31,089 36,095
Printing & Publication 0.24 Mar 02, 01 Since Inception 16.19 NA 14.62 262,107 NA 194,831
Agricultural Food & Other Products 0.20 comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are
Food Products 0.17 made in debt instruments. $ Adjusted for Bonus units declared under the Scheme. For performance of other schemes managed by Chirag
Setalvad & Anil Bamboli, please refer page 48. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The
Media 0.08 expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular
0 5 10 15 20
62 November 2022
HDFC Retirement Savings Fund - Equity Plan
(A notified Tax Savings Cum Pension Scheme)
CATEGORY OF SCHEME
RETIREMENT FUND
[An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement
age (whichever is earlier)]
KEY FACTS
INVESTMENT OBJECTIVE : The investment objective of the Investment Plans under 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.

(Equities) (since December 14, 2021) Company Industry+ / Rating % to Company Industry+ / Rating % to
Shobhit Mehrotra EQUITY & EQUITY RELATED Sanofi India Limited Pharmaceuticals &
(Debt) (since February 25, 2016) • ICICI Bank Ltd. Banks 5.43 Biotechnology 0.74
Total Experience: Over 30 years • HDFC Bank Ltd. Banks 5.19 The Anup Engineering Limited Industrial Manufacturing 0.74
• Infosys Limited IT - Software 4.48 Hindustan Petroleum Corp. Ltd. Petroleum Products 0.73
• Reliance Industries Ltd. Petroleum Products 3.67 KEC International Ltd. Electrical Equipment 0.73
DATE OF ALLOTMENT / INCEPTION DATE • Housing Development Fin. Corp. JB Chemicals & Pharmaceuticals Pharmaceuticals &
February 25, 2016 Ltd.£ Finance 3.00 Ltd. Biotechnology 0.72
• State Bank of India Banks 2.97 GNA Axles Ltd. Auto Components 0.69
• Bharti Airtel Ltd. Telecom - Services 2.82 Greenply Industries Ltd. Consumer Durables 0.62
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • Axis Bank Ltd. Banks 2.76 Apar Industries Limited Electrical Equipment 0.61
Regular Plan 31.896 • Larsen and Toubro Ltd. Construction 2.76 Tata Steel Ltd. Ferrous Metals 0.61
Direct Plan 35.090 • ITC Ltd. Diversified Fmcg 2.58 Cholamandalam Investment &
Bharat Electronics Ltd. Aerospace & Defense 1.86 Finance Co. Ltd. Finance 0.60
ASSETS UNDER MANAGEMENT United Spirits Limited Beverages 1.77 Oracle Financial Ser Software Ltd. IT - Software 0.59
As on November 30, 2022 Great Eastern Shipping Company KEI Industries Ltd. Industrial Products 0.58
Ltd. Transport Services 1.76 Tata Motors Limited DVR Automobiles 0.58
` 2,633.76 Cr. Transport Corporation of India Ltd. Transport Services 1.69 Tamilnadu Newsprint & Papers Ltd. Paper, Forest & Jute
Average for Month of November 2022 Bharat Dynamics Limited Aerospace & Defense 1.59 Products 0.56
` 2,564.53 Cr. Bajaj Electricals Ltd. Consumer Durables 1.56 Equitas Small Finance Bank Ltd Banks 0.55
Finolex Cables Ltd. Industrial Products 1.47 Nilkamal Ltd. Consumer Durables 0.53
QUANTITATIVE DATA Indian Hotels Company Ltd. Leisure Services 1.47 Engineers India Ltd. Construction 0.46
Godrej Consumer Products Ltd. Personal Products 1.34 Aurobindo Pharma Ltd. Pharmaceuticals &
Portfolio Turnover Ratio 14.17% Indusind Bank Ltd. Banks 1.33 Biotechnology 0.45
Torrent Pharmaceuticals Ltd. Pharmaceuticals & Kalpataru Power Transmission Ltd. Construction 0.44
TOTAL EXPENSE RATIO (As on November 30, 2022) Biotechnology 1.26 Mahindra & Mahindra Ltd. Automobiles 0.42
Including Additional Expenses and Goods and Service Jindal Steel & Power Ltd. Ferrous Metals 1.22 Tata Metaliks Ltd. Ferrous Metals 0.38
Tax on Management Fees Max Financial Services Ltd. Insurance 1.21 Jagran Prakashan Ltd. Media 0.21
Voltamp Transformers Ltd. Electrical Equipment 1.21 T. V. Today Network Ltd. Entertainment 0.20
Regular: 1.98% Direct: 0.83% Dr Reddys Laboratories Ltd. Pharmaceuticals & Oriental Carbon & Chemicals Ltd. Chemicals &
Biotechnology 1.19 Petrochemicals 0.17
#BENCHMARK INDEX: Timken India Ltd. Industrial Products 1.17 Sub Total 88.21
ICICI Lombard General Insurance Co Insurance 1.15 DEBT & DEBT RELATED
NIFTY 500 (Total Returns Index) AkzoNobel India Ltd. Consumer Durables 1.08 Government Securities (Central/State)
##ADDL. BENCHMARK INDEX: Mahindra Holidays & Resorts 4.26 GOI 2023 Sovereign 1.31
NIFTY 50 (Total Returns Index) Ind Ltd. Leisure Services 1.07 Sub Total 1.31
PNC Infratech Ltd. Construction 1.06 Cash,Cash Equivalents and Net Current Assets 10.48
LOCK-IN PERIOD Max Healthcare Institute Limited Healthcare Services 1.02 Grand Total 100.00
Existing investments by investors including SIP / STP Carborundum Universal Ltd. Industrial Products 0.97 • Top Ten Holdings, £ Sponsor
registrations, etc (until June 1, 2018): Hero MotoCorp Ltd. Automobiles 0.97
Units purchased cannot be assigned / transferred /
Cyient Ltd. IT - Services 0.95
VRL Logistics Ltd. Transport Services 0.91 Face Value per Unit: ` 10, + Industry Classification as
pledged / redeemed / switched out until completion
of 5 years from the date of allotment of Units under Crisil Limited Finance 0.89 recommended by AMFI, Data is as of November 30, 2022 unless
the Scheme. Bharat Forge Ltd. Industrial Products 0.85 otherwise specified.
Fresh investments by investors including SIP / STP
Power Grid Corporation of India Ltd. Power 0.85
registrations, etc (effective June 2, 2018): Symphony Ltd. Consumer Durables 0.85 ¥ Dedicated Fund Manager for Overseas Investments:
Chambal Fertilizers & Chemicals Ltd. Fertilizers & Agrochemicals 0.82 Mr. Priya Ranjan (since May 01, 2022)
Units purchased cannot be assigned / transferred / Balrampur Chini Mills Ltd. Agricultural Food & Other
pledged / redeemed / switched out until completion Total Experience: Over 15 years).
of 5 years from the date of allotment of Units or Products 0.80
Retirement Age of Unit holder (i.e. completion of 60 Finolex Industries Ltd. Industrial Products 0.79
years), whichever is earlier. Firstsource Solutions Ltd. IT - Services 0.76 Please refer Minimum Application Amount, Plans & Options and
Redington Ltd. Commercial Services & Exit Load, on Page no. 86 to 92.
Supplies 0.75
Since Inception SIP 5 year SIP 3 year SIP 1 year SIP
Banks 18.23 Total Amount Invested (` in Lacs) 8.20 6.00 3.60 1.20
IT - Software 5.07 Mkt Value As on November 30, 2022 (` in Lacs) 15.26 9.93 5.35 1.32
Construction 4.72 Returns (%) 17.90 20.27 27.49 19.64
Finance 4.49 Benchmark Returns (%) # 16.26 17.85 23.40 17.37
Petroleum Products 4.40 Additional Benchmark Returns (%) ## 16.27 17.54 22.41 19.66
Pharmaceuticals & Biotechnology 4.36 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Aerospace & Defense 3.45 accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
Telecom - Services 2.82 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Leisure Services 2.54 PERFORMANCE ^ - Regular Plan - Growth Option
Ferrous Metals 2.21 Returns Returns Benchmark
Automobiles 1.97 Date Period (%) (%)# Scheme (`)
Beverages 1.77 (%) ## (`)# Benchmark
IT - Services 1.71 (`)##
Personal Products 1.34 Nov 30, 21 Last 1 Year 12.11 10.20 11.93 11,211 11,020 11,193
Power 0.85 Nov 29, 19 Last 3 Years 23.00 18.83 17.22 18,629 16,795 16,123
Fertilizers & Agrochemicals 0.82 Nov 30, 17 Last 5 Years 13.55 13.03 14.32 18,881 18,456 19,529
Commercial Services & Supplies 0.75 Feb 25, 16 Since Inception 18.70 17.49 17.27 31,896 29,757 29,385
Industrial Manufacturing 0.74 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Srinivasan Ramamurthy
Auto Components 0.69 and Shobhit Mehrotra, please refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses
Paper, Forest & Jute Products 0.56 of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For
Media 0.21 Performance of Direct Plan, refer page 95 to 99.
Entertainment 0.20
Chemicals & Petrochemicals 0.17 ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
0 5 10 15 20 Load is not taken into consideration for computation of performance.
November 2022 63
HDFC Retirement Savings Fund - Hybrid Equity Plan CATEGORY OF SCHEME
(A notified Tax Savings Cum Pension Scheme) RETIREMENT FUND
KEY FACTS
INVESTMENT OBJECTIVE : The investment objective of the Investment Plans under 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.

(Equities) (since December 14, 2021)
Shobhit Mehrotra NAV NAV
(Debt) (since February 25, 2016) EQUITY & EQUITY RELATED Bayer Cropscience Ltd Fertilizers &
Total Experience: Over 30 years • ICICI Bank Ltd. Banks 4.98 Agrochemicals 0.55
• HDFC Bank Ltd. Banks 4.43 Sanofi India Limited Pharmaceuticals &
Biotechnology 0.54
DATE OF ALLOTMENT / INCEPTION DATE • Reliance Industries Ltd. Petroleum Products 3.97
Alembic Pharmaceuticals Pharmaceuticals &
February 25, 2016 • Infosys Limited IT - Software 3.62 Limited Biotechnology 0.52
• Housing Development Fin. Lumax Industries Ltd Auto Components 0.52
Corp. Ltd.£ Finance 2.94
Tamilnadu Newsprint & Papers Paper, Forest & Jute
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • ITC Ltd. Diversified Fmcg 2.55 Ltd. Products 0.52
Regular Plan 26.663 State Bank of India Banks 2.42 Oriental Carbon & Chemicals Chemicals &
Direct Plan 29.348 Ltd. Petrochemicals 0.50
Larsen and Toubro Ltd. Construction 2.33
Axis Bank Ltd. Banks 2.32 Apar Industries Limited Electrical Equipment 0.47
ASSETS UNDER MANAGEMENT Bharti Airtel Ltd. Telecom - Services 2.27 The Anup Engineering Limited Industrial
As on November 30, 2022 Manufacturing 0.47
Bharat Electronics Ltd. Aerospace & Defense 1.44
` 933.17 Cr. Aurobindo Pharma Ltd. Pharmaceuticals &
Average for Month of November 2022 HCL Technologies Ltd. IT - Software 1.44 Biotechnology 0.46
` 915.02 Cr. Bajaj Electricals Ltd. Consumer Durables 1.40 GNA Axles Ltd. Auto Components 0.44
Mahindra & Mahindra Ltd. Automobiles 1.40 Kalpataru Power Transmission
QUANTITATIVE DATA Balrampur Chini Mills Ltd. Agricultural Food & Ltd. Construction 0.35
Portfolio Turnover Ratio 10.46% Other Products 1.12 NRB Bearing Ltd. Industrial Products 0.32
Average Maturity * 3.23 years Torrent Pharmaceuticals Ltd. Pharmaceuticals &
Macaulay Duration * 2.16 years Jagran Prakashan Ltd. Media 0.13
Biotechnology 1.07
Modified Duration * 2.06 years Yes Bank Ltd. Banks @
Yield to Maturity * 6.62% Godrej Consumer Products Ltd. Personal Products 1.04
Sub Total 70.07
*Calculated on amount invested in debt securities IDFC Ltd. Finance 1.00
DEBT & DEBT RELATED
(including accrued interest), deployment of funds ICICI Lombard General Insurance
in TREPS and Reverse Repo and net receivable Co Insurance 0.97 Government Securities (Central/State)
/ payable. Sonata Software Ltd. IT - Software 0.96 • 4.26 GOI 2023 Sovereign 3.71
Mahindra Holidays & Resorts • 6.1 GOI 2031 Sovereign 2.97
TOTAL EXPENSE RATIO (As on November 30, 2022) Ind Ltd. Leisure Services 0.94 7.57 GOI 2033 Sovereign 1.36
Including Additional Expenses and Goods and Service Voltamp Transformers Ltd. Electrical Equipment 0.92 6.67 GOI 2050 Sovereign 0.98
METRO BRANDS LIMITED Consumer Durables 0.89 Sub Total 9.02
Regular: 2.22% Direct: 1.04% Suprajit Engineering Ltd. Auto Components 0.89 Credit Exposure (Non Perpetual)
AIA Engineering Ltd. Industrial Products 0.87 • Power Finance Corporation Ltd. CRISIL - AAA 2.75
#BENCHMARK INDEX: Ashok Leyland Ltd Agricultural, • Embassy Office Parks REIT CRISIL - AAA 2.64
Commercial &
NIFTY 50 Hybrid Composite Debt 65:35 Index Construction Vehicles 0.83 Jamnagar Utilities & Power Pvt.
##ADDL. BENCHMARK INDEX: Ltd. (erstwhile Reliance Utilities
NIFTY 50 (Total Returns Index) Global Health Limited Healthcare Services 0.83 & Power Pvt. Ltd.) CRISIL - AAA 1.08
Max Financial Services Ltd. Insurance 0.83 Power Grid Corporation of India
Max Healthcare Institute Limited Healthcare Services 0.83 Ltd. CRISIL - AAA 0.55
LOCK-IN PERIOD Reliance Industries Ltd. CRISIL - AAA 0.27
Power Grid Corporation of India
Existing investments by investors including SIP / Ltd. Power 0.80 Sub Total 7.29
STP registrations, etc (until June 1, 2018):
Gujarat State Petronet Ltd. Gas 0.78 Total 16.31
Units purchased cannot be assigned / transferred
/ pledged / redeemed / switched out until UTI Asset Management Cash,Cash Equivalents and Net Current Assets 13.62
completion of 5 years from the date of allotment Company Ltd Capital Markets 0.76
of Units under the Scheme. Grand Total 100.00
Rolex Rings Limited Auto Components 0.72
• Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
Tata Steel Ltd. Ferrous Metals 0.72
Fresh investments by investors including SIP /
STP registrations, etc (effective June 2, 2018): Firstsource Solutions Ltd. IT - Services 0.71 Face Value per Unit: ` 10, + Industry Classification as
Units purchased cannot be assigned / transferred Vesuvius India Ltd. Industrial Products 0.71 recommended by AMFI, Data is as of November 30, 2022 unless
/ pledged / redeemed / switched out until otherwise specified.
completion of 5 years from the date of allotment Goodyear India Ltd. Auto Components 0.69
of Units or Retirement Age of Unit holder (i.e. Finolex Industries Ltd. Industrial Products 0.68
completion of 60 years), whichever is earlier. ¥ Dedicated Fund Manager for Overseas Investments:
Cyient Ltd. IT - Services 0.67
Hindustan Petroleum Corp. Ltd. Petroleum Products 0.67 (Total Experience: Over 15 years).
Crompton Greaves Consumer Please refer Minimum Application Amount, Plans & Options and
Elec. Ltd. Consumer Durables 0.64
Equitas Holdings Ltd. Finance 0.64
Timken India Ltd. Industrial Products 0.64
KEC International Ltd. Electrical Equipment 0.63
Procter & Gamble Health Ltd. Pharmaceuticals &
Biotechnology 0.60
Nilkamal Ltd. Consumer Durables 0.58
Redington Ltd. Commercial Services &
Supplies 0.58
Transport Corporation of India
Ltd. Transport Services 0.56
64 November 2022
HDFC Retirement Savings Fund - Hybrid Equity Plan CATEGORY OF SCHEME

(% of Net Assets)
Portfolio Portfolio
Banks 14.15 Classification By Classification By
IT - Software 6.02 Asset Class (%) Rating Class (%)
Finance 4.58
n Credit Exposure 7.29 n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 7.29
Pharmaceuticals & Biotechnology 3.19 n Cash, Cash Equivalents and Net Current Assets 13.62 n Cash, Cash Equivalents and Net Current Assets 13.62
Construction 2.68
Since Inception SIP 5 year SIP 3 year SIP 1 year SIP
Insurance 1.80 Total Amount Invested (` in Lacs) 8.20 6.00 3.60 1.20
Healthcare Services 1.66 Mkt Value As on November 30, 2022 (` in Lacs) 13.24 8.66 4.70 1.29
Aerospace & Defense 1.44 Returns (%) 13.80 14.68 18.20 14.56
Automobiles 1.40 Benchmark Returns (%) # 13.41 14.14 16.16 14.42
IT - Services 1.38 Additional Benchmark Returns (%) ## 16.27 17.54 22.41 19.66
Personal Products 1.04 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Power 0.80
Gas 0.78 Returns Returns Benchmark
Capital Markets 0.76 (%) ## (`)# Benchmark
(`)##
Ferrous Metals 0.72
Nov 30, 21 Last 1 Year 6.78 8.72 11.93 10,678 10,872 11,193
Nov 29, 19 Last 3 Years 15.99 14.10 17.22 15,617 14,864 16,123
Nov 30, 17 Last 5 Years 11.18 12.27 14.32 16,989 17,841 19,529
Fertilizers & Agrochemicals 0.55 Feb 25, 16 Since Inception 15.59 14.33 17.27 26,663 24,753 29,385
Paper, Forest & Jute Products 0.52 Returns greater than 1 year period are compounded annualized (CAGR). Scheme performance may not strictly be comparable with that of its
Chemicals & Petrochemicals 0.50 Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments. For
performance of other schemes managed by Srinivasan Ramamurthy and Shobhit Mehrotra, please refer page 96. Different plans viz. Regular
Industrial Manufacturing 0.47 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
Media 0.13 distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
November 2022 65
HDFC Retirement Savings Fund - Hybrid Debt Plan CATEGORY OF SCHEME
KEY FACTS
INVESTMENT OBJECTIVE : 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.

(Equities) (since December 14, 2021) Company Industry+ / Rating % to Company Industry+ / Rating % to
Shobhit Mehrotra EQUITY & EQUITY RELATED Redington Ltd. Commercial Services &
(Debt) (since February 26, 2016) ICICI Bank Ltd. Banks 1.76 Supplies 0.17
Total Experience: Over 30 years HDFC Bank Ltd. Banks 1.49 Time Technoplast Limited Industrial Products 0.17
Infosys Limited IT - Software 1.23 NRB Bearing Ltd. Industrial Products 0.15
Reliance Industries Ltd. Petroleum Products 1.12 Oriental Carbon & Chemicals Ltd. Chemicals &
DATE OF ALLOTMENT / INCEPTION DATE Bharti Airtel Ltd. Telecom - Services 0.96 Petrochemicals 0.14
Larsen and Toubro Ltd. Construction 0.96 Alembic Pharmaceuticals Limited Pharmaceuticals &
February 26, 2016 Housing Development Fin. Biotechnology 0.12
Corp. Ltd.£ Finance 0.92 Gujarat Pipavav Port Ltd. Transport Infrastructure 0.12
State Bank of India Banks 0.87 Tamilnadu Newsprint & Papers Paper, Forest & Jute
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) ITC Ltd. Diversified Fmcg 0.82 Ltd. Products 0.08
Axis Bank Ltd. Banks 0.80 Sub Total 22.89
Regular Plan 17.1609 Torrent Pharmaceuticals Ltd. Pharmaceuticals & DEBT & DEBT RELATED
Direct Plan 18.7942 Biotechnology 0.68 Government Securities (Central/State)
United Spirits Limited Beverages 0.61 • 6.67 GOI 2050 Sovereign 9.38
Tata Consultancy Services Ltd. IT - Software 0.58 • 6.1 GOI 2031 Sovereign 6.34
ASSETS UNDER MANAGEMENT UltraTech Cement Limited Cement & Cement • 6.19 GOI 2034 Sovereign 6.23
As on November 30, 2022 Products 0.56 • 7.57 GOI 2033 Sovereign 5.21
` 145.86 Cr. Finolex Cables Ltd. Industrial Products 0.53 • 7.5 GOI 2034 Sovereign 3.46
Average for Month of November 2022 ICICI Lombard General Insurance • 6.79 GOI 2029 Sovereign 3.34
Co Insurance 0.50 • 6.68 GOI 2031 Sovereign 3.29
` 145.82 Cr. Maruti Suzuki India Limited Automobiles 0.49 Sub Total 37.25
Transport Corporation of India Credit Exposure (Perpetual Bonds)
QUANTITATIVE DATA Ltd. Transport Services 0.47 • TMF Holdings Ltd. (Subsidiary of
Average Maturity * 8.23 years Dr Reddys Laboratories Ltd. Pharmaceuticals & Tata Motors Ltd.) (Perpetual) CARE - AA- 6.67
Macaulay Duration * 4.97 years Biotechnology 0.46 Sub Total 6.67
Modified Duration * 4.76 years AIA Engineering Ltd. Industrial Products 0.44 Credit Exposure (Non Perpetual)
City Union Bank Ltd. Banks 0.39 • Indian Railways Finance Corp.
Yield to Maturity * 7.07% Gujarat State Petronet Ltd. Gas 0.37 Ltd. CRISIL - AAA 3.58
*Calculated on amount invested in debt securities Vesuvius India Ltd. Industrial Products 0.36 • Housing Development Fin.
(including accrued interest), deployment of funds Bayer Cropscience Ltd Fertilizers & Corp. Ltd.£ CRISIL - AAA 3.23
in TREPS and Reverse Repo and net receivable Agrochemicals 0.35 Jamnagar Utilities & Power Pvt.
Hindustan Petroleum Corp. Ltd. Petroleum Products 0.33 Ltd. (erstwhile Reliance Utilities
/ payable. Ashok Leyland Ltd Agricultural, Commercial & Power Pvt. Ltd.) CRISIL - AAA 1.72
& Construction Vehicles 0.31 Reliance Industries Ltd. CRISIL - AAA 1.33
TOTAL EXPENSE RATIO (As on November 30, 2022) METRO BRANDS LIMITED Consumer Durables 0.31 Power Finance Corporation Ltd. CRISIL - AAA 0.73
Including Additional Expenses and Goods and Service Symphony Ltd. Consumer Durables 0.31 Sub Total 10.59
Tax on Management Fees Goodyear India Ltd. Auto Components 0.30 Total 54.51
Global Health Limited Healthcare Services 0.28 Cash,Cash Equivalents and Net Current Assets 22.60
Regular: 2.31% Direct: 1.00% Balrampur Chini Mills Ltd. Agricultural Food & Grand Total 100.00
Other Products 0.26 • Top Ten Holdings, £ Sponsor
Voltamp Transformers Ltd. Electrical Equipment 0.26
#BENCHMARK INDEX: IDFC Ltd. Finance 0.25 Face Value per Unit: ` 10, + Industry Classification as
NIFTY 50 Hybrid Composite Debt 15:85 Index The Anup Engineering Limited Industrial Manufacturing 0.25 recommended by AMFI, Data is as of November 30, 2022 unless
Insecticides (India) Ltd. Fertilizers & otherwise specified.
##ADDL. BENCHMARK INDEX: Agrochemicals 0.22
CRISIL 10 Year Gilt Index Apar Industries Limited Electrical Equipment 0.20 ¥ Dedicated Fund Manager for Overseas Investments:
Lumax Industries Ltd Auto Components 0.20 Mr. Priya Ranjan (since May 01, 2022)
LOCK-IN PERIOD Navneet Education Ltd. Printing & Publication 0.20 (Total Experience: Over 15 years).
Sanofi India Limited Pharmaceuticals & Please refer Minimum Application Amount, Plans & Options and
Existing investments by investors including SIP / Biotechnology 0.19
STP registrations, etc (until June 1, 2018): Exit Load, on Page no. 86 to 92.
Units purchased cannot be assigned / transferred India Ltd. Power 0.18
/ pledged / redeemed / switched out until Kalpataru Power Transmission
completion of 5 years from the date of allotment Ltd. Construction 0.17
of Units under the Scheme.
Fresh investments by investors including SIP /
STP registrations, etc (effective June 2, 2018): KEY FACTS
Units purchased cannot be assigned / transferred Since Inception SIP 5 year SIP 3 year SIP 1 year SIP
/ pledged / redeemed / switched out until
completion of 5 years from the date of allotment Total Amount Invested (` in Lacs) 8.20 6.00 3.60 1.20
of Units or Retirement Age of Unit holder (i.e. Mkt Value As on November 30, 2022 (` in Lacs) 10.60 7.26 4.05 1.25
completion of 60 years), whichever is earlier.
Returns (%) 7.41 7.57 7.82 7.95
Benchmark Returns (%) # 8.43 8.41 7.28 6.84
Additional Benchmark Returns (%) ## 4.67 4.31 1.93 3.42
n Equity 22.89 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
n G-Sec 37.25 accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
Portfolio n Credit Exposure 17.26 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Classification By Cash, Cash
Asset Class (%) PERFORMANCE ^ - Regular Plan - Growth Option
Equivalents and
n Scheme Benchmark Additional Value of ` 10,000 invested
Net Current Returns Returns Benchmark
Date Period (%) (%)# Scheme (`)
Assets 22.60 (`)# Benchmark
(%) ## (`)##
Nov 30, 21 Last 1 Year 3.90 3.90 -0.21 10,390 10,390 9,979
n Equity 22.89 Nov 29, 19 Last 3 Years 7.77 8.25 3.47 12,521 12,691 11,079
n Sovereign 37.25 Nov 30, 17 Last 5 Years 6.37 8.32 5.10 13,622 14,916 12,828
n AAA/AAA(SO)/ Feb 26, 16 Since Inception 8.31 9.33 6.05 17,161 18,283 14,880
Portfolio A1+/A1+(SO) & 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
Classification By Equivalent 10.59 performance of other schemes managed by Srinivasan Ramamurthy and Shobhit Mehrotra, please refer page 96. Different plans viz. Regular
Rating Class (%) n AA/AA- 6.67 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
n Cash, Cash distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
Equivalents and
Net Current Load is not taken into consideration for computation of performance.
Assets 22.60
66 November 2022
HDFC Overnight Fund CATEGORY OF SCHEME
OVERNIGHT FUND
(An open ended debt scheme investing in overnight securities. A
Relatively Low Interest Rate Risk and Relatively Low Credit Risk)
INVESTMENT OBJECTIVE : To generate returns by investing in debt and money market instruments with overnight maturity. There is no assurance that the investment
objective of the Scheme will be realized.

Anil Bamboli
(since July 25, 2012) Company Rating % to
Total Experience: Over 27 years NAV
DEBT & DEBT RELATED
DATE OF ALLOTMENT / INCEPTION DATE T-Bills
February 06, 2002 • 364 Days Tbill - Mat 011222 Sovereign 0.71
• 182 Days Tbill Mat 081222 Sovereign 0.57
NAV (AS ON NOVEMBER 30, 2022)^^ NAV PER UNIT (`)
• 182 Days Tbill Mat 291222 Sovereign 0.23
Regular Plan - Daily IDCW Sub Total 1.51
Reinvestment Option 1042.6600
Direct Plan - Daily IDCW Grand Total 100.00
Reinvestment Option 1042.6600
As on November 30, 2022 Face Value per Unit: ` 1,000, Data is as of November 30, 2022
` 17,596.44 Cr. unless otherwise specified. N.A. Not Available
` 19,917.28 Cr. ^^Calculated on all calendar days.
QUANTITATIVE DATA Please refer Minimum Application Amount, Plans & Options and
Average Maturity * 2 days Exit Load, on Page no. 86 to 92.
Macaulay Duration * 2 days
Modified Duration * 2 days
/ payable.

Including Additional Expenses and Goods and Service SIP PERFORMANCE ^ - Regular Plan - Growth Option
Tax on Management Fees Since Inception 15 year 10 year 5 year 3 year 1 year
#BENCHMARK INDEX: Returns (%) 5.82 5.65 5.01 4.02 3.79 4.83
CRISIL Overnight Fund A-I Index Benchmark Returns (%) # N.A. 5.78 5.18 4.22 4.01 5.05
CRISIL 1 year T-Bill Index Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. SIP facility
in the Scheme has been made available from November 12, 2020.

(`)##
Nov 23, 22 Last 7 days 5.78 5.98 5.91 10,011 10,011 10,011
Nov 15, 22 Last 15 days 5.74 5.94 8.24 10,024 10,024 10,034
Portfolio Oct 31, 22 Last 1 Month 5.64 5.84 7.79 10,046 10,048 10,064
Classification By Nov 30, 21 Last 1 Year 4.32 4.54 3.74 10,432 10,454 10,374
Asset Class (%) Nov 29, 19 Last 3 Years 3.58 3.78 4.38 11,115 11,180 11,376
Nov 30, 17 Last 5 Years 4.50 4.66 5.52 12,461 12,560 13,085
Nov 30, 12 Last 10 Years 5.85 6.02 6.36 17,662 17,943 18,539
Feb 06, 02 Since Inception 5.80 NA 5.87 32,365 NA 32,802
Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). N.A. Not Available. For
performance of other schemes managed by Anil Bamboli, please refer page 96. Different plans viz. Regular Plan and Direct Plan have a different
n T-Bills 1.51 expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission
n Cash, Cash Equivalents and Net Current Assets 98.49 charged in the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
Portfolio
Classification By
Rating Class (%)
n Sovereign 1.51
For Product label of the Scheme, riskometer of the scheme & Benchmark and PRC, refer page 102 to 110.
November 2022 67
HDFC Liquid Fund CATEGORY OF SCHEME
LIQUID FUND
(An open ended liquid scheme. A Relatively Low Interest Rate Risk and Moderate Credit Risk)
KEY FACTS
INVESTMENT OBJECTIVE : To generate income through a portfolio comprising money market and debt instruments. There is no assurance that the investment objective of the

Anupam Joshi
(since October 27, 2015) Company Rating % to Company Rating % to
DEBT & DEBT RELATED Bajaj Finance Ltd. CRISIL - A1+ 0.87
Swapnil Jangam Government Securities (Central/State)
(since October 6, 2022) Tata Capital Financial Services Ltd. CRISIL - A1+ 0.86
Total Experience: Over 11 years 6.84 GOI 2022 Sovereign 0.62 Julius Baer Capital (India) Pvt. Ltd. CRISIL - A1+ 0.85
8.88% Haryana SDL - Mat 051222 Sovereign 0.18 Tata Capital Ltd. CRISIL - A1+ 0.69
8.93% Kerala SDL - Mat 191222 Sovereign 0.07
ICICI Home Finance Ltd CARE - A1+ / CRISIL
DATE OF ALLOTMENT / INCEPTION DATE 8.90% Maharashtra SDL - Mat - A1+ 0.68
191222 Sovereign 0.04
October 17, 2000 9.01% Uttarakhand SDL - Mat 191222 Sovereign 0.04
UPL Ltd. CRISIL - A1+ 0.57
GOI STRIPS - Mat 151222 Sovereign 0.04 Kotak Securities Ltd. CRISIL - A1+ 0.52
Sub Total 0.99 SHAREKHAN LIMITED CARE - A1+ 0.52
NAV (AS ON NOVEMBER 30, 2022)^^ NAV PER UNIT (`)
T-Bills Aditya Birla Money Limited CRISIL - A1+ / IND - A1+ 0.44
Regular Plan - Daily IDCW • 91 Days Tbill Mat 050123 Sovereign 7.08 Bharti Hexacom Limited CRISIL - A1+ 0.44
Reinvestment Option 1019.8200 • 91 Days Tbill ISD 011222 Mat 020323 Sovereign 5.19 LIC Housing Finance Ltd. CRISIL - A1+ 0.44
Regular Plan - Weekly IDCW Option 1031.4318 • 91 Days Tbill ISD 171122 Mat 160223 Sovereign 2.82 NTPC Limited CRISIL - A1+ 0.44
Regular Plan - Monthly IDCW Option 1026.7007 91 Days Tbill Mat 151222
Direct Plan - Growth Option 4325.2863 Sovereign 1.58 ICICI SECURITIES LTD. CRISIL - A1+ 0.43
Direct Plan - Daily IDCW 91 DAY TBILL ISD 281022 MAT 270123 Sovereign 1.31 Bajaj Financial Securities Limited CRISIL - A1+ 0.39
Reinvestment Option 1019.8200 91 Days Tbill Mat 291222 Sovereign 0.85 CanFin Homes Ltd. CARE - A1+ 0.35
Direct Plan - Weekly IDCW Option 1031.4377 91 Days Tbill Mat 190123
Direct Plan - Monthly IDCW Option 1026.7059 Sovereign 0.82 Tata Motors Ltd. CRISIL - A1+ 0.35
91Days Tbill Mat 081222 Sovereign 0.44 Godrej Properties Ltd. CRISIL - A1+ 0.26
ASSETS UNDER MANAGEMENT J 182 Days Tbill Mat 260123 Sovereign 0.38 Mahindra & Mahindra Financial
As on November 30, 2022 364 Days Tbill Mat 160223 Sovereign 0.35 Services Ltd. CRISIL - A1+ 0.26
` 56,900.20 Cr. 182 Days Tbill Mat 230223 Sovereign 0.32 HSBC InvestDirect Financial Services
Average for Month of November 2022 (India) Ltd. CRISIL - A1+ 0.25
91Days Tbill Mat 090223 Sovereign 0.23 AXIS Securities Limited CARE - A1+ 0.18
` 55,280.28 Cr. 91 Days Tbill Mat 221222 Sovereign 0.18 GIC Housing Finance Ltd. CRISIL - A1+ 0.17
364 Days Tbill Mat 020223 Sovereign 0.10
QUANTITATIVE DATA Sharekhan BNP Paribas Financial
182 Days Tbill Mat 081222 Sovereign 0.09 Services Ltd CARE - A1+ 0.17
Average Maturity * 48 days
Macaulay Duration * 48 days 182 days Tbill Mat 011222 Sovereign 0.04 Credit Suisse Finance (India) Pvt. Ltd. CRISIL - A1+ 0.04
Modified Duration * 48 days 364 Days TBILL Mat 230223 Sovereign 0.02 Sub Total 45.83
Yield to Maturity * 6.57% 182 Days Tbill Mat 151222 Sovereign 0.01 CD
*Calculated on amount invested in debt securities Sub Total 21.81 • Indian Bank CRISIL - A1+ 4.47
(including accrued interest), deployment of funds Credit Exposure (Non Perpetual) • Canara Bank CRISIL - A1+ 2.96
in TREPS and Reverse Repo and net receivable REC Limited.
/ payable. CRISIL - AAA 0.83 Union Bank of India CARE - A1+ / CRISIL
L&T Finance Limited CRISIL - AAA 0.29 - A1+ 2.61
LIC Housing Finance Ltd. CRISIL - AAA 0.27 Punjab National Bank CARE - A1+ 2.17
ICICI Home Finance Ltd CRISIL - AAA 0.24 Indusind Bank Ltd. CRISIL - A1+ 1.57
Including Additional Expenses and Goods and Service UltraTech Cement Limited CRISIL - AAA 0.22 Axis Bank Ltd. CRISIL - A1+ 0.66
Tax on Management Fees Bank of Baroda CRISIL - A1+ 0.43
TATA Capital Housing Finance Ltd. CRISIL - AAA 0.20
Regular: 0.30% Direct: 0.20% Tata Cleantech Capital Ltd. CRISIL - AAA 0.12 Sub Total 14.87
Tata Capital Financial Services Ltd. CARE - AAA 0.09 Total 60.70
Export - Import Bank of India CRISIL - AAA 0.05 Cash,Cash Equivalents and Net Current Assets 14.11
#BENCHMARK INDEX:
CRISIL Liquid Fund B-I Index Bajaj Housing Finance Ltd. CRISIL - AAA 0.04 Grand Total 100.00
##ADDL. BENCHMARK INDEX: Housing Development Fin. Corp. • Top Ten Holdings, £ Sponsor
CRISIL 1 year T-Bill Index Ltd.£ CRISIL - AAA 0.04
Sub Total 2.39 Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP -
Total 25.19 Commercial Papers. Data is as of November 30, 2022 unless
MONEY MARKET INSTRUMENTS otherwise specified.
CP ¥ Dedicated Fund Manager for Overseas Investments:
• Tata Steel Ltd. ICRA - A1+ 5.76 (Total Experience: Over 15 years).
• Aditya Birla Finance Ltd. ICRA - A1+ 3.99 J Includes investments made by the schemes of HDFC Mutual Fund
• Small Industries Development Bank CARE - A1+ 3.74 aggregating to ` 467.13 Crores.
• Reliance Retail ventures Ltd. CRISIL - A1+ 3.71 ^^Calculated on all calendar days.
• National Bank for Agri & Rural Dev. ICRA - A1+ 3.31 Please refer Minimum Application Amount, Plans & Options and Exit
Cholamandalam Investment & Load, on Page no. 86 to 92.
Finance Co. Ltd. CRISIL - A1+ 2.17
The Tata Power Company Ltd. CRISIL - A1+ 2.00
Reliance Jio Infocomm Ltd. CRISIL - A1+ 1.99
Sikka Port and Terminal Ltd.
(erstwhile Reliance Ports and
Terminals Ltd.) CRISIL - A1+ 1.73
Larsen and Toubro Ltd. CRISIL - A1+ 1.56
UltraTech Cement Limited CRISIL - A1+ 1.30
Hindustan Petroleum Corp. Ltd. CRISIL - A1+ 1.22
Hero Fincorp Ltd. CRISIL - A1+ 1.13
Birla Group Holdings Pvt. Ltd. CRISIL - A1+ 1.04
TATA POWER RENEWABLE ENERGY
LTD. CRISIL - A1+ 1.01
For Product label of the Scheme, riskometer of the scheme & Benchmark and PRC, refer page 102 to 110. ....Contd on next page
68 November 2022
HDFC Liquid Fund CATEGORY OF SCHEME

LIQUID FUND
(An open ended liquid scheme. A Relatively Low Interest Rate Risk and Moderate Credit Risk)
Portfolio Portfolio
n G-Sec, G-Sec STRIPS, SDL, T-Bills 22.80 n Sovereign 22.80

n CP 45.83 n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 63.09
n CD 14.87 n Cash, Cash Equivalents and Net Current Assets 14.11

Returns (%) 6.70 6.49 5.71 4.47 4.02 5.01
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. SIP facility
in the Scheme has been made available from November 12, 2020.

(`)##
Nov 23, 22 Last 7 days 6.78 6.76 5.91 10,013 10,013 10,011
Nov 15, 22 Last 15 days 6.54 6.65 8.24 10,027 10,027 10,034
Oct 31, 22 Last 1 Month 6.49 6.69 7.79 10,053 10,055 10,064
Nov 30, 21 Last 1 Year 4.49 4.84 3.74 10,449 10,484 10,374
Nov 30, 19 Last 3 Years 3.97 4.37 4.38 11,240 11,371 11,375
Nov 30, 17 Last 5 Years 5.15 5.40 5.52 12,854 13,007 13,085
Nov 30, 12 Last 10 Years 6.66 6.76 6.36 19,069 19,234 18,539
Oct 17, 00 Since Inception 6.80 NA 6.17 42,884 NA 37,629
Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). N.A. Not Available. For
performance of other schemes managed by Anupam Joshi and Swapnil Jangam, please refer page 96. Different plans viz. Regular Plan and
expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives is likely to be
lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances the volatility may be of an order greater
than what may ordinarily be expected considering only its duration. Hence investors are recommended to consider the unadjusted portfolio
maturity of the scheme as well and exercise adequate due diligence when deciding to make their investments.
November 2022 69
HDFC Ultra Short Term Fund
[An open ended ultra-short term debt scheme investing in instruments such that the Macaulay
CATEGORY OF SCHEME
ULTRA SHORT DURATION FUND
Duration of the portfolio is between 3 months and 6 months (Refer page 2 for definition of Macaulay
Duration). A Moderate Interest Rate Risk and Moderate Credit Risk]
KEY FACTS
INVESTMENT OBJECTIVE : To generate income / capital appreciation through investment in debt securities and money market instruments. There is no assurance that the
investment objective of the Scheme will be realized.

Anil Bamboli
(since September 25, 2018) Issuer Rating % to Issuer Rating % to
DEBT & DEBT RELATED Tata Teleservices Ltd. CRISIL - A1+ 2.20
Vikash Agarwal Government Securities (Central/State) Bharti Airtel Ltd. CRISIL - A1+ 1.67
(since June 1, 2022) • 6.75 Odisha SDL MAT 240323 Sovereign 3.01 Standard Chartered Capital Limited CRISIL - A1+ 1.61
Total Experience: Over 16 years 7.16 GOI 2023 Sovereign 0.72 L&T Metro Rail (Hyderabad) Ltd CRISIL - A1+ 1.50
GOI STRIPS - Mat 220223 Sovereign 0.56 Export - Import Bank of India CRISIL - A1+ 1.48
8.24% Himachal Pradesh SDL - Mat 250423 Sovereign 0.38 Reliance Retail ventures Ltd. CRISIL - A1+ 1.48
DATE OF ALLOTMENT / INCEPTION DATE 8.25% Andhra Pradesh SDL - Mat 250423 Sovereign 0.38 Barclays Invest & Loans (India) Ltd. CRISIL - A1+ 0.92
8.62% Maharashtra SDL - Mat 200223 Sovereign 0.38 Reliance Jio Infocomm Ltd. CRISIL - A1+ 0.78
September 25, 2018 GOI STRIPS - Mat 190324 Sovereign 0.24 Fedbank Financial Services Ltd. CRISIL - A1+ 0.75
GOI STRIPS - Mat 151222 Sovereign 0.23 Cholamandalam Investment & Finance
8.62% Karnataka SDL - Mat 200223 Sovereign 0.19 Co. Ltd. CRISIL - A1+ 0.74
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) GOI STRIPS - Mat 161222 Sovereign 0.19 Deutsche Investments India Pvt. Ltd. CRISIL - A1+ 0.74
GOI STRIPS - Mat 151223 Sovereign 0.14 LIC Housing Finance Ltd. CRISIL - A1+ 0.74
Regular Plan - Growth Option 12.6389 GOI STRIPS - Mat 171222 Sovereign 0.12 TATA Capital Housing Finance Ltd. CRISIL - A1+ 0.58
Regular Plan - Daily IDCW 6.84 GOI 2022 Sovereign 0.08 ONGC Petro additions Ltd. (OPAL) (Put on
Reinvestment Option 10.1030 Sub Total 6.62 ONGC Ltd.) ICRA - A1+ 0.56
Regular Plan - Weekly IDCW Option 10.0541 T-Bills Tata Teleservices (Maharashtra) Ltd. CRISIL - A1+ 0.55
Regular Plan - Monthly IDCW Option 10.1541 • 182 Days Tbill Mat 230323 Sovereign 3.03 Motilal Oswal Finvest Limited CRISIL - A1+ 0.48
Direct Plan - Growth Option 12.8038 182 Days Tbill Mat 020223 Sovereign 1.45 TATA Housing Development Co Ltd. CARE - A1+ 0.38
Direct Plan - Daily IDCW 182 Days Tbill ISD 230622 Mat 221222 Sovereign 1.24 Bahadur Chand Investments Pvt. Ltd. CARE - A1+ 0.28
Reinvestment Option 10.0920 182 Days Tbill Mat 291222 Sovereign 0.75 Motilal Oswal Financial Services Ltd. ICRA - A1+ 0.25
Direct Plan - Weekly IDCW Option 10.0543 182 Days Tbill Mat 020323 Sovereign 0.74 Hero Housing Finance Limited CRISIL - A1+ 0.18
364 Days TBILL Mat 290623 Sovereign 0.73 Mahindra & Mahindra Financial Services Ltd. CRISIL - A1+ 0.18
Direct Plan - Monthly IDCW Option 10.0543 182 Days Tbill Mat 090223 Sovereign 0.48 Sub Total 33.00
182 Days Tbill Mat 160323 Sovereign 0.37 CD
ASSETS UNDER MANAGEMENT Sub Total 8.79 • Indusind Bank Ltd. CRISIL - A1+ 4.97
Credit Exposure (Non Perpetual) • Canara Bank CRISIL - A1+ 4.11
As on November 30, 2022 • National Bank for Agri & Rural Dev. CRISIL - AAA / ICRA - AAA 6.16 Axis Bank Ltd. CRISIL - A1+ 2.25
` 13,275.80 Cr. • LIC Housing Finance Ltd. CRISIL - AAA 3.72 Indian Bank CRISIL - A1+ 1.87
Average for Month of November 2022 Housing and Urban Development Corporation Bank of Baroda CRISIL - A1+ / IND - A1+ 1.58
Ltd. CARE - AAA 1.50 National Bank for Agri & Rural Dev. IND - A1+ 1.48
` 13,112.28 Cr. Housing Development Fin. Corp. Ltd.£ CRISIL - AAA 1.47 Export - Import Bank of India CRISIL - A1+ / CRISIL - AAA 1.39
Kotak Mahindra Prime Ltd. CRISIL - AAA 1.27 Deutsche Bank CRISIL - A1+ 1.31
QUANTITATIVE DATA TATA Capital Housing Finance Ltd. CRISIL - AAA 1.19 Kotak Mahindra Bank Limited CRISIL - A1+ 1.12
Average Maturity * 128 days Reliance Industries Ltd. CRISIL - AAA 0.96 Punjab National Bank ICRA - A1+ 1.07
Macaulay Duration * 126 days L&T Finance Limited CRISIL - AAA 0.94 Small Industries Development Bank CARE - A1+ 1.07
Modified Duration * 123 days Jamnagar Utilities & Power Pvt. Ltd. (erstwhile IDFC First Bank Limited CRISIL - A1+ 0.36
Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 0.83 State Bank of India CRISIL - A1+ 0.36
Yield to Maturity * 7.01% Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.77 Sub Total 22.94
*Calculated on amount invested in debt securities Tata Capital Financial Services Ltd. ICRA - AAA 0.74 Total 55.94
John Deere Financial India Pvt. Ltd. CRISIL - AAA 0.64 Cash,Cash Equivalents and Net Current Assets 4.69
(including accrued interest), deployment of funds Sikka Port and Terminal Ltd. (erstwhile Grand Total 100.00
in TREPS and Reverse Repo and net receivable Reliance Ports and Terminals Ltd.) CARE - AAA / CRISIL - AAA 0.61
/ payable. Bajaj Housing Finance Ltd. CRISIL - AAA 0.59 • Top Ten Holdings, £ Sponsor
Citicorp Finance (India) Ltd. CRISIL - AAA 0.56
Larsen and Toubro Ltd. CRISIL - AAA 0.56 Outstanding exposure in derivative
REC Limited. CRISIL - AAA 0.49
TOTAL EXPENSE RATIO (As on November 30, 2022) Tata Capital Ltd. CRISIL - AAA 0.44 instruments Interest Rate Swap (` in Crore) 200.00
Including Additional Expenses and Goods and Service Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.37
Tax on Management Fees Brakes India Pvt Ltd. (Earlier Flometallic Face Value per Unit: ` 10, CD - Certificate of Deposit; CP - Commercial
India Pvt Ltd.) CRISIL - AA+ 0.15 Papers. Data is as of November 30, 2022 unless otherwise specified.
Regular: 0.64% Direct: 0.34% Sub Total 23.96 ¥ Dedicated Fund Manager for Overseas Investments:
Total 39.37 Mr. Priya Ranjan (since May 01, 2022)
MONEY MARKET INSTRUMENTS (Total Experience: Over 15 years).
#BENCHMARK INDEX: CP
CRISIL Ultra Short Duration Fund B-I Index • Panatone Finvest Ltd. CRISIL - A1+ 4.98 Please refer Minimum Application Amount, Plans & Options and Exit
• Small Industries Development Bank CARE - A1+ 4.36 Load, on Page no. 86 to 92.
##ADDL. BENCHMARK INDEX: • The Tata Power Company Ltd. CRISIL - A1+ 2.99
CRISIL 1 year T-Bill Index • Larsen and Toubro Ltd. CRISIL - A1+ 2.62

Since Inception SIP 3 year SIP 1 year SIP
Portfolio Total Amount Invested (` in Lacs) 5.10 3.60 1.20
Mkt Value As on November 30, 2022 (` in Lacs) 5.66 3.84 1.23
Classification By
Returns (%) 4.83 4.29 4.66
Asset Class (%)
Benchmark Returns (%) # 5.28 4.88 5.51
Additional Benchmark Returns (%) ## 4.49 3.90 4.21
n G-Sec, G-Sec STRIPS, SDL, T-Bills 15.41
n CP 33.00 PERFORMANCE ^ - Regular Plan - Growth Option
n CD 22.94 Scheme Benchmark Value of ` 10,000 invested
Additional
n Credit Exposure 23.96 Returns Returns Benchmark
n Cash, Cash Equivalents and Net Current Assets 4.69 (%) ## (`)# Benchmark
(`)##
Nov 30, 21 Last 1 Year 4.22 5.06 3.74 10,422 10,506 10,374
Nov 29, 19 Last 3 Years 4.75 5.13 4.38 11,498 11,622 11,376
Sep 25, 18 Since Inception 5.76 6.02 5.53 12,639 12,769 12,525
Portfolio Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anil Bamboli and Vikash
Classification By Agarwal, please refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct
Rating Class (%) Direct Plan, refer page 95 to 99.
n Sovereign 15.41 This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to the
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 79.75 interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives is likely to be
n AA+ 0.15 than what may ordinarily be expected considering only its duration. Hence investors are recommended to consider the unadjusted portfolio
n Cash, Cash Equivalents and Net Current Assets 4.69 maturity of the scheme as well and exercise adequate due diligence when deciding to make their investments.
70 November 2022
HDFC Low Duration Fund
[An open ended low duration debt scheme investing in instruments such that the Macaulay
CATEGORY OF SCHEME
LOW DURATION FUND
Duration of the portfolio is between 6 months and 12 months (Refer page 2 for definition of
Macaulay Duration). A Relatively High Interest Rate Risk and Moderate Credit Risk]
INVESTMENT OBJECTIVEKEY : To generate income / capital appreciation through investment in debt securities and money market instruments. There is no assurance that the
FACTS
FUND MANAGER ¥
Anupam Joshi PORTFOLIO
Total Experience: Over 21 years Issuer Rating % to NAV Issuer Rating % to NAV
Praveen Jain DEBT & DEBT RELATED Britannia Industries Ltd. CRISIL - AAA 0.32
(since October 6, 2022) Government Securities (Central/State) Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.20
Total Experience: Over 17 years • Floating Rate GOI 2033 Sovereign 9.49 Tata Motors Finance Ltd. CRISIL - AA- 0.18
• 6.97 GOI 2026 Sovereign 3.71 Godrej Industries Ltd. CRISIL - AA 0.17
• GOI 2028 Sovereign 3.35 ONGC Petro additions Ltd. (OPAL) (Put
DATE OF ALLOTMENT / INCEPTION DATE GOI 2034 Sovereign 2.00 on ONGC Ltd.) CARE - AAA(CE) 0.17
7.1 GOI 2029 Sovereign 1.68 Power Grid Corporation of India Ltd. CRISIL - AAA 0.07
November 18, 1999 GOI STRIPS - Mat 160624 Sovereign 0.74 Sub Total 46.42
6.82% Bihar SDL - ISD 140721 Mat 140728 Sovereign 0.63 Credit Exposure (Perpetual Bonds)
GOI STRIPS - Mat 170624 Sovereign 0.03 Union Bank of India (AT1, BASEL III,
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) GOI STRIPS - Mat 171226 Sovereign 0.03 Perpetual) BRICKWORKS - AA 0.72
Regular Plan - Growth Option 48.0609 GOI STRIPS - Mat 170627 Sovereign 0.02 Sub Total 0.72
Regular Plan - Daily IDCW GOI STRIPS - Mat 171227 Sovereign 0.02 Total 68.84
Reinvestment Option 10.1428 Sub Total 21.70 MONEY MARKET INSTRUMENTS
Regular Plan - Weekly IDCW Option 10.0641 Credit Exposure (Non Perpetual) CP
Regular Plan - Monthly IDCW Option 10.1441 • National Bank for Agri & Rural Dev. CRISIL - AAA / ICRA - AAA 5.87 Tata Teleservices Ltd. CRISIL - A1+ 2.10
Direct Plan - Growth Option 51.3244 • Power Finance Corporation Ltd. CRISIL - AAA 4.62 Panatone Finvest Ltd. CRISIL - A1+ 1.60
Direct Plan - Daily IDCW • Bharati Telecom Limited CRISIL - AA+ 3.74 L&T Metro Rail (Hyderabad) Ltd CRISIL - A1+ 1.52
Reinvestment Option 10.0655 • Housing Development Fin. Corp. Ltd.£ CRISIL - AAA 3.04 Nirma Ltd. CRISIL - A1+ 1.35
Direct Plan - Weekly IDCW Option 10.0645 • LIC Housing Finance Ltd. CRISIL - AAA 2.98 Small Industries Development Bank CARE - A1+ 1.33
Direct Plan - Monthly IDCW Option 10.1470 • Muthoot Finance Ltd. CRISIL - AA+ 2.53 ONGC Petro additions Ltd. (OPAL) (Put
L&T Finance Limited CRISIL - AAA 1.84 on ONGC Ltd.) ICRA - A1+ 1.01
Tata Capital Ltd. CRISIL - AAA 1.44 Motilal Oswal Financial Services Ltd. ICRA - A1+ 0.83
ASSETS UNDER MANAGEMENT J Reliance Industries Ltd. CRISIL - AAA 1.22 Standard Chartered Capital Limited CRISIL - A1+ 0.63
As on November 30, 2022 Bajaj Housing Finance Ltd. CRISIL - AAA 1.21 Tata Teleservices (Maharashtra) Ltd. CRISIL - A1+ 0.57
` 14,727.28 Cr. GIC Housing Finance Ltd. ICRA - AA 1.19 Barclays Invest & Loans (India) Ltd. CRISIL - A1+ 0.27
Average for Month of November 2022 Small Industries Development Bank CARE - AAA 1.17 Sub Total 11.21
Bharat Petroleum Corporation Ltd. CRISIL - AAA 1.16 CD
` 14,789.18 Cr. TATA Capital Housing Finance Ltd. CRISIL - AAA 1.03 • Export - Import Bank of India CRISIL - A1+ / CRISIL - AAA 4.52
REC Limited. CRISIL - AAA 1.01 Bank of Baroda CRISIL - A1+ / IND - A1+ 2.30
QUANTITATIVE DATA Bharti Hexacom Limited CRISIL - AA+ 1.00 Axis Bank Ltd. CRISIL - A1+ 1.89
Average Maturity * 2.75 years Sikka Port and Terminal Ltd. (erstwhile Punjab National Bank ICRA - A1+ 1.61
Macaulay Duration * 0.97 year Reliance Ports and Terminals Ltd.) CRISIL - AAA 0.88 State Bank of India CRISIL - A1+ 1.61
Modified Duration * 307 days Cholamandalam Investment & Finance Indusind Bank Ltd. CRISIL - A1+ 1.59
Co. Ltd. ICRA - AA+ / IND - AA+ 0.85 The Federal Bank Ltd. CRISIL - A1+ 0.95
Yield to Maturity * 7.41% Housing and Urban Development National Bank for Agri & Rural Dev. IND - A1+ 0.67
*Calculated on amount invested in debt securities Corporation Ltd. CARE - AAA 0.85 Kotak Mahindra Bank Limited CRISIL - A1+ 0.48
(including accrued interest), deployment of funds Food Corporation of India (Corporate Canara Bank CRISIL - A1+ 0.32
guarantee from Govt of India) CRISIL - AAA(CE) 0.82 ICICI Bank Ltd. ICRA - A1+ 0.32
in TREPS and Reverse Repo and net receivable Vedanta Ltd. CRISIL - AA 0.71 Sub Total 16.26
/ payable. Citicorp Finance (India) Ltd. CRISIL - AAA 0.67 Total 27.47
Embassy Office Parks REIT CRISIL - AAA 0.67 Cash,Cash Equivalents and Net Current Assets 3.69
Nuvoco Vistas Corporation Ltd. (100% Grand Total 100.00
subsidiary of Nirma Ltd. & erstwhile
TOTAL EXPENSE RATIO (As on November 30, 2022) Lafarge India Ltd.) CRISIL - AA 0.54 • Top Ten Holdings, £ Sponsor
Including Additional Expenses and Goods and Service Manappuram Finance Ltd. CRISIL - AA 0.53
Tax on Management Fees MANGALORE REFINERY AND Outstanding exposure in derivative
Regular: 1.04% Direct: 0.43% PETROCHEMICA CARE - AAA 0.52 instruments Interest Rate Swap (` in Crore) 2,595.00
Axis Finance Ltd. IND - AAA 0.51
Samvardhana Motherson International Face Value per Unit: ` 10, CD - Certificate of Deposit; CP - Commercial Papers. Data
Ltd. IND - AAA 0.50 is as of November 30, 2022 unless otherwise specified.
#BENCHMARK INDEX: John Deere Financial India Pvt. Ltd. CRISIL - AAA 0.43 ¥ Dedicated Fund Manager for Overseas Investments:
NIFTY Low Duration Debt Index B-I Jamnagar Utilities & Power Pvt. Ltd. Mr. Priya Ranjan (since May 01, 2022) (Total Experience: Over 15 years).
##ADDL. BENCHMARK INDEX: (erstwhile Reliance Utilities & Power
Pvt. Ltd.) CRISIL - AAA 0.42 J Includes investments made by the schemes of HDFC Mutual Fund aggregating
CRISIL 1 year T-Bill Index Motilal Oswal Finvest Limited ICRA - AA 0.34 to ` 299.77 Crores.
Sundaram Home Finance Limited ICRA - AAA 0.34 Please refer Minimum Application Amount, Plans & Options and Exit Load, on
Tata Motors Finance Solutions Ltd. CARE - AA- 0.34 Page no. 86 to 92.
Telesonic Networks Limited CRISIL - AA+ 0.34
Portfolio SIP PERFORMANCE ^ - Regular Plan - Growth Option

Classification By Since Inception 15 year 10 year 5 year 3 year 1 year
Asset Class (%)
Returns (%) 6.93 6.85 6.38 5.44 4.48 4.46
n G-Sec, G-Sec STRIPS, SDL 21.70 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
n CP 11.21 accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
n CD 16.26
n Credit Exposure 47.14 PERFORMANCE ^ - Regular Plan - Growth Option
n Cash, Cash Equivalents and Net Current Assets 3.69 Scheme Benchmark AdditionalValue of ` 10,000 invested
(`)##
Nov 30, 21 Last 1 Year 3.80 4.37 3.74 10,380 10,437 10,374
Nov 29, 19 Last 3 Years 5.23 5.19 4.38 11,657 11,641 11,376
Portfolio Nov 30, 17 Last 5 Years 5.99 6.20 5.52 13,381 13,513 13,085
Nov 30, 12 Last 10 Years 6.97 7.38 6.36 19,624 20,381 18,539
Classification By
Nov 18, 99 Since Inception 7.05 NA 6.26 48,061 NA 40,495
Rating Class (%)
Anupam Joshi and Praveen Jain, please refer page 96. 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
n Sovereign 21.70 Load is not taken into consideration for computation of performance.
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 61.43 This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to the
n AA+ 8.46 interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives is likely to be
n AA/AA- 4.72 lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances the volatility may be of an order greater
n Cash, Cash Equivalents and Net Current Assets 3.69 than what may ordinarily be expected considering only its duration. Hence investors are recommended to consider the unadjusted portfolio
November 2022 71
HDFC Money Market Fund
(An open ended debt scheme investing in money market instruments.
CATEGORY OF SCHEME
MONEY MARKET FUND
A Relatively Low Interest Rate Risk and Moderate Credit Risk)
INVESTMENT OBJECTIVEKEY FACTS

: To generate income / capital appreciation by investing in money market instruments. There is no assurance that the investment objective of the

Vikash Agarwal
(since July 1, 2020) Issuer Rating % to Issuer Rating % to
DEBT & DEBT RELATED Barclays Invest & Loans (India) Ltd. CRISIL - A1+ 1.62
Government Securities (Central/State) L&T Metro Rail (Hyderabad) Ltd CRISIL - A1+ 1.45
DATE OF ALLOTMENT / INCEPTION DATE 8.59% Andhra Pradesh SDL - Mat 230123 Sovereign 0.94 Deutsche Investments India Pvt. Ltd. CRISIL - A1+ 1.43
November 18, 1999 6.75 Odisha SDL MAT 240323 Sovereign 0.73 Motilal Oswal Financial Services Ltd. ICRA - A1+ 1.36
8.25% Kerala SDL - Mat 250423 Sovereign 0.67 Bajaj Housing Finance Ltd. CRISIL - A1+ 1.26
8.62% Maharashtra SDL - Mat 060323 Sovereign 0.62 ONGC Petro additions Ltd. (OPAL) (Put on
7.77% Gujarat SDL - Mat 190623 Sovereign 0.44 ONGC Ltd.) ICRA - A1+ 1.26
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) 7.37 GOI 2023 Sovereign 0.37 Motilal Oswal Finvest Limited CRISIL - A1+ 0.93
Regular Plan - Growth Option 4731.2119 GOI STRIPS - Mat 150623 Sovereign 0.32 TATA Capital Housing Finance Ltd. CRISIL - A1+ 0.84
Regular Plan - Daily IDCW GOI STRIPS - Mat 120323 Sovereign 0.26 Housing Development Fin. Corp. Ltd.£ CRISIL - A1+ 0.72
Reinvestment Option 1063.6400 7.03% Odisha SDL - Mat 110123 Sovereign 0.25 Reliance Jio Infocomm Ltd. CRISIL - A1+ 0.72
Regular Plan - Weekly IDCW Option 1063.5194 GOI STRIPS - Mat 190923 Sovereign 0.25 The Tata Power Company Ltd. CRISIL - A1+ 0.72
Direct Plan - Growth Option 4803.7020 GOI STRIPS - Mat 161222 Sovereign 0.23 CanFin Homes Ltd. CARE - A1+ 0.71
Direct Plan - Daily IDCW 8.99% Bihar SDL - Mat 191222 Sovereign 0.22 Mahindra & Mahindra Financial Services Ltd. CRISIL - A1+ 0.71
Reinvestment Option 1063.6400 8.10% Tamil Nadu SDL - Mat 080523 Sovereign 0.18 John Deere Financial India Pvt. Ltd. CRISIL - A1+ 0.70
Direct Plan - Weekly IDCW Option 1063.5484 7.51% Himachal Pradesh Uday SDL Mat 280223 Sovereign 0.15 Fullerton India Credit Company Ltd. CRISIL - A1+ 0.53
GOI STRIPS - Mat 151222 Sovereign 0.15 Hero Housing Finance Limited CRISIL - A1+ 0.52
8.89% Tamil Nadu SDL Mat 051222 Sovereign 0.12 Tata Steel Ltd. ICRA - A1+ 0.40
ASSETS UNDER MANAGEMENT J 8.65% Kerala SDL - Mat 090123 Sovereign 0.11 Tata Teleservices (Maharashtra) Ltd. CRISIL - A1+ 0.17
As on November 30, 2022 8.64% Jharkhand SDL - Mat 060323 Sovereign 0.10 Sub Total 47.29
8.12% Chhattisgarh SDL - Mat 080523 Sovereign 0.07 CD
` 13,732.66 Cr. 8.60% Madhya Pradesh SDL - Mat 230123 Sovereign 0.07 • Axis Bank Ltd. CRISIL - A1+ 7.14
Average for Month of November 2022 8.25% Tamil Nadu SDL - Mat 250423 Sovereign 0.04 • Canara Bank CRISIL - A1+ 5.17
` 13,538.44 Cr. 8.56% Rajasthan SDL - Mat 230123 Sovereign 0.04 • National Bank for Agri & Rural Dev. IND - A1+ 3.60
8.58% Gujarat SDL - Mat 230123 Sovereign 0.04 • Indusind Bank Ltd. CRISIL - A1+ 3.57
8.64% Haryana SDL - Mat 090123 Sovereign 0.03 Small Industries Development Bank CARE - A1+ 2.07
QUANTITATIVE DATA 7.67% Tamil Nadu SDL UDAY - Mat 220323 Sovereign 0.02 Bank of Baroda CRISIL - A1+ /
Average Maturity * 122 days 8.39% Rajasthan Uday SDL - Mat 150323 Sovereign 0.02 IND - A1+ 1.87
Macaulay Duration * 122 days 8.89% Gujarat SDL - Mat 191222 Sovereign 0.02 Indian Bank CRISIL - A1+ 1.45
Modified Duration * 122 days Sub Total 6.46 The Federal Bank Ltd. CRISIL - A1+ 1.36
Yield to Maturity * 7.08% T-Bills Deutsche Bank CRISIL - A1+ 1.27
*Calculated on amount invested in debt securities • 182 Days Tbill Mat 230323 Sovereign 3.85 Export - Import Bank of India CRISIL - A1+ 1.04
• 182 Days Tbill Mat 060423 Sovereign 2.99 IDFC First Bank Limited CRISIL - A1+ 1.03
(including accrued interest), deployment of funds 182 Days Tbill Mat 020323 Sovereign 1.43 Punjab National Bank ICRA - A1+ 0.76
in TREPS and Reverse Repo and net receivable 182 Days Tbill Mat 291222 Sovereign 0.72 State Bank of India CRISIL - A1+ 0.69
/ payable. 364 Days Tbill Mat 020323 Sovereign 0.72 Kotak Mahindra Bank Limited CRISIL - A1+ 0.45
182 Days Tbill Mat 160323 Sovereign 0.39 ICICI Bank Ltd. ICRA - A1+ 0.34
182 Days Tbill Mat 020223 Sovereign 0.36 Sub Total 31.81
364 Days Tbill Mat 160323 Sovereign 0.36 Total 79.10
TOTAL EXPENSE RATIO (As on November 30, 2022) 364 Days Tbill Mat 220623 Sovereign 0.35 Cash,Cash Equivalents and Net Current Assets 2.95
Including Additional Expenses and Goods and Service 364 Days Tbill Mat 120123 Sovereign 0.18 Grand Total 100.00
Tax on Management Fees 182 Days Tbill Mat 300323 Sovereign 0.14
Sub Total 11.49 • Top Ten Holdings
Regular: 0.41% Direct: 0.21% Total 17.95 Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP -
MONEY MARKET INSTRUMENTS Commercial Papers. Data is as of November 30, 2022 unless
CP otherwise specified.
#BENCHMARK INDEX: • LIC Housing Finance Ltd. CRISIL - A1+ 6.02
NIFTY Money Market Index B-I • Small Industries Development Bank CARE - A1+ 5.97 ¥ Dedicated Fund Manager for Overseas Investments:
##ADDL. BENCHMARK INDEX: • Standard Chartered Capital Limited CRISIL - A1+ 3.65 Mr. Priya Ranjan (since May 01, 2022)
CRISIL 1 year T-Bill Index • Panatone Finvest Ltd. CRISIL - A1+ 3.35 (Total Experience: Over 15 years).
Larsen and Toubro Ltd. CRISIL - A1+ 2.53
Tata Teleservices Ltd. CRISIL - A1+ 2.31 J Includes investments made by the schemes of HDFC Mutual
Bahadur Chand Investments Pvt. Ltd. CARE - A1+ 2.00 Fund aggregating to ` 667.33 Crore.
TATA Housing Development Co Ltd. CARE - A1+ 1.82 Please refer Minimum Application Amount, Plans & Options and
Reliance Retail ventures Ltd. CRISIL - A1+ 1.80 Exit Load, on Page no. 86 to 92.
Bharti Airtel Ltd. CRISIL - A1+ 1.79

Portfolio Since Inception 15 year 10 year 5 year 3 year 1 year
Classification By SIP SIP SIP SIP SIP SIP
Asset Class (%) Total Amount Invested (` in Lacs) 27.70 18.00 12.00 6.00 3.60 1.20
Returns (%) $$ 7.06 6.96 6.35 5.33 4.48 4.87
n G-Sec, G-Sec STRIPS, SDL, T-Bills 17.95 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
n CP 47.29 accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
n CD 31.81 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
n Cash, Cash Equivalents and Net Current Assets 2.95 PERFORMANCE ^ - Regular Plan - Growth Option
(%) ## $$ (`)# Benchmark
(`)##
Nov 30, 21 Last 1 Year 4.45 4.50 3.74 10,445 10,450 10,374
Portfolio
Nov 29, 19 Last 3 Years 4.94 4.38 4.38 11,561 11,374 11,376
Classification By Nov 30, 17 Last 5 Years 6.08 5.52 5.52 13,434 13,084 13,085
Rating Class (%) Nov 30, 12 Last 10 Years 7.10 6.94 6.36 19,860 19,560 18,539
Nov 18, 99 Since Inception 6.99 NA 6.26 47,475 NA 40,495
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. $$ All Distributions declared prior to the splitting of
the Scheme into IDCW & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-distribution
NAV). For performance of other schemes managed by Vikash Agarwal, please refer page 96. Different plans viz. Regular Plan and Direct Plan
n Sovereign 17.95 have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 79.10 commission charged in the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
72 November 2022
HDFC Short Term Debt Fund
[An open ended short term debt scheme investing in instruments such that the Macaulay
CATEGORY OF SCHEME
SHORT DURATION FUND
Duration of the portfolio is between 1 year and 3 years (Refer page 2 for definition of
KEY FACTS
INVESTMENT OBJECTIVE : To generate income / capital appreciation through investments in Debt and Money Market Instruments. There is no assurance that the investment

Anil Bamboli
(since June 25, 2010)
DEBT & DEBT RELATED First Business Receivables Trust
Government Securities (Central/State) (PTC banked by receivables
DATE OF ALLOTMENT / INCEPTION DATE • GOI 2028 Sovereign 4.67 from Reliance Corporate IT Park
Limited) CRISIL - AAA(SO) 1.09
June 25, 2010 • 6.79 GOI 2027 Sovereign 2.98
Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 1.04
Fullerton India Credit Company
6.97 GOI 2026 Sovereign 2.27 Ltd. CRISIL - AAA 1.02
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) 7.59 GOI 2026 Sovereign 1.99 Larsen and Toubro Ltd. CRISIL - AAA 0.82
Regular Plan - Growth Option 26.2688 5.77 GOI 2030 Sovereign 1.64
Regular Plan - Fortnightly IDCW Option 10.2126 Sundaram Home Finance
7.1 GOI 2029 Sovereign 1.58 Limited ICRA - AAA 0.82
Regular Plan - Normal IDCW Option 17.6607 5.63 GOI 2026 Sovereign 1.29
Direct Plan - Growth Option 26.8853 TATA Capital Housing Finance
Direct Plan - Fortnightly IDCW Option 10.3196 5.79 GOI 2030 Sovereign 1.27 Ltd. CRISIL - AAA 0.82
Direct Plan - Normal IDCW Option 17.9803 GOI 2034 Sovereign 1.00 Tata Steel Ltd. CARE - AA+ 0.82
5.74 GOI 2026 Sovereign 0.93 Vedanta Ltd. CRISIL - AA 0.82
ASSETS UNDER MANAGEMENT J Floating Rate GOI 2033 Sovereign 0.82 HDB Financial Services Ltd. CRISIL - AAA 0.72
As on November 30, 2022 7.63% Gujarat SDL - Mat Manappuram Finance Ltd. CRISIL - AA 0.64
` 12,247.94 Cr. 120427 Sovereign 0.80 GIC Housing Finance Ltd. ICRA - AA 0.61
Average for Month of November 2022 5.22 GOI 2025 Sovereign 0.78 Motilal Oswal Finvest Limited ICRA - AA 0.61
` 12,398.30 Cr. 7.89% Gujarat SDL - Mat Citicorp Finance (India) Ltd. CRISIL - AAA 0.60
150525 Sovereign 0.62 Britannia Industries Ltd. CRISIL - AAA 0.58
QUANTITATIVE DATA 7.17 GOI 2028 Sovereign 0.61 Brakes India Pvt Ltd. (Earlier
Average Maturity * 3.13 years GOI STRIPS - Mat 161224 Sovereign 0.60 Flometallic India Pvt Ltd.) CRISIL - AA+ 0.53
Macaulay Duration * 2.01 years 6.45 GOI 2029 Sovereign 0.58 Tata Capital Ltd. CRISIL - AAA 0.48
Modified Duration * 1.87 years 7.27 GOI 2026 Sovereign 0.41 John Deere Financial India
Yield to Maturity * 7.51% 6.18 GOI 2024 Sovereign 0.40 Pvt. Ltd. CRISIL - AAA 0.47
*Calculated on amount invested in debt securities 7.32 GOI 2024 Sovereign 0.37 Bajaj Finance Ltd. CRISIL - AAA 0.41
(including accrued interest), deployment of funds GOI STRIPS - Mat 151225 Sovereign 0.37 Grasim Industries Ltd. CRISIL - AAA 0.41
in TREPS and Reverse Repo and net receivable GOI STRIPS - Mat 171225 Sovereign 0.30 Tata Motors Finance Solutions
/ payable. 7.26 GOI 2029 Sovereign 0.29 Ltd. CARE - AA- 0.41
GOI STRIPS - Mat 161223 Sovereign 0.27 Telesonic Networks Limited CRISIL - AA+ 0.40
GOI STRIPS - Mat 160625 Sovereign 0.24 Sundaram Finance Ltd. ICRA - AAA 0.37
TOTAL EXPENSE RATIO (As on November 30, 2022) GOI STRIPS - Mat 161225 Sovereign 0.23 Inox Air Products Pvt. Ltd. CRISIL - AA+ 0.12
Including Additional Expenses and Goods and Service 7.59% Gujarat SDL - Mat Sub Total 58.79
Tax on Management Fees 150227 Sovereign 0.21 Credit Exposure (Perpetual Bonds)
Regular: 0.74% Direct: 0.29% 8.39% Rajasthan Uday SDL - State Bank of India (AT1, BASEL
Mat 150323 Sovereign 0.21 III, Perpetual) CRISIL - AA+ 1.91
7.15% Maharashtra SDL - Mat Sub Total 1.91
#BENCHMARK INDEX: 131026 Sovereign 0.19 Total 92.20
CRISIL Short Duration Fund B-II Index 8.3 GOI 2023 Sovereign 0.12 MONEY MARKET INSTRUMENTS
##ADDL. BENCHMARK INDEX: 5.85 GOI 2030 Sovereign 0.07 CP
CRISIL 10 year Gilt Index Sub Total 30.50 Tata Teleservices Ltd. CRISIL - A1+ 0.99
T-Bills L&T Metro Rail (Hyderabad) Ltd CRISIL - A1+ 0.69
364 Days Tbill Mat 160323 Sovereign 0.80 Tata Teleservices (Maharashtra)
182 Days Tbill ISD 230622 Mat Ltd. CRISIL - A1+ 0.19
221222 Sovereign 0.20 Sub Total 1.87
Sub Total 1.00 CD
Credit Exposure (Non Perpetual) Small Industries Development
• REC Limited. CRISIL - AAA 5.51 Bank CARE - A1+ 2.35
• LIC Housing Finance Ltd. CRISIL - AAA 4.47 Sub Total 2.35
• Bharati Telecom Limited CRISIL - AA+ 3.64 Total 4.22
• State Bank of India CRISIL - AAA 3.12 Cash,Cash Equivalents and Net Current Assets 3.58
• Housing Development Fin. Grand Total 100.00
Corp. Ltd.£ CRISIL - AAA 3.02
• Mahanagar Telephone Nigam • Top Ten Holdings, £ Sponsor
Ltd. (Corporate guarantee from CARE - AAA(CE) /
Govt of India) CRISIL - AAA(CE) 2.77 Outstanding exposure in derivative
• IndInfravit Trust CRISIL - AAA 2.70 instruments Interest Rate Swap (` in Crore) 770.00
• Cholamandalam Investment &
Finance Co. Ltd. ICRA - AA+ 2.43
Samvardhana Motherson
International Ltd. IND - AAA 2.42
National Bank for Agri & CRISIL - AAA / ICRA
Rural Dev. - AAA 2.35
Bajaj Housing Finance Ltd. CRISIL - AAA 2.30
Face Value per Unit: ` 10, CD - Certificate of Deposit; CP -
L&T Finance Limited CRISIL - AAA 2.04
Commercial Papers. Data is as of November 30, 2022 unless
Sikka Port and Terminal Ltd.
otherwise specified. (erstwhile Reliance Ports and CARE - AAA / CRISIL
Terminals Ltd.) - AAA 1.59
¥ Dedicated Fund Manager for Overseas Investments: The Tata Power Company Ltd. IND - AA 1.21
Mr. Priya Ranjan (since May 01, 2022) Bharti Hexacom Limited CRISIL - AA+ 1.20
(Total Experience: Over 15 years). DLF Cyber City Developers Ltd. CRISIL - AA 1.18
J Includes investments made by the schemes of HDFC Power Finance Corporation Ltd. CRISIL - AAA 1.14
Mutual Fund aggregating to ` 325.18 Crore. Jamnagar Utilities & Power
Pvt. Ltd. (erstwhile Reliance
Utilities & Power Pvt. Ltd.) CRISIL - AAA 1.09
November 2022 73
HDFC Short Term Debt Fund
[An open ended short term debt scheme investing in instruments such that the Macaulay
CATEGORY OF SCHEME
SHORT DURATION FUND
Duration of the portfolio is between 1 year and 3 years (Refer page 2 for definition of
Portfolio Portfolio
n G-Sec, G-Sec STRIPS, SDL, T-Bills 31.50 n Sovereign 31.50

n Securitized Debt Instruments 1.09 n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 48.39
n CP 1.87 n AA+ 11.05
n CD 2.35 n AA/AA- 5.48
n Credit Exposure 59.61 n Cash, Cash Equivalents and Net Current Assets 3.58

SIP SIP SIP SIP SIP
Returns (%) 7.58 7.21 6.18 4.65 4.19
Benchmark Returns (%) # 7.54 7.25 6.31 5.11 4.63
Additional Benchmark Returns (%) ## 5.97 5.68 4.31 1.93 3.42

(`)##
Nov 30, 21 Last 1 Year 3.18 3.85 -0.21 10,318 10,385 9,979
Nov 29, 19 Last 3 Years 5.99 6.35 3.47 11,910 12,032 11,079
Nov 30, 17 Last 5 Years 6.88 6.82 5.10 13,951 13,911 12,828
Nov 30, 12 Last 10 Years 7.84 7.84 6.31 21,273 21,273 18,448
Jun 25, 10 Since Inception 8.07 7.78 6.13 26,269 25,409 20,961
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anil Bamboli, please
74 November 2022
HDFC Medium Term Debt Fund
[An open ended medium term debt scheme investing in instruments such that the Macaulay
CATEGORY OF SCHEME
MEDIUM DURATION FUND
Duration of the portfolio is between 3 years and 4 years (Refer page 2 for definition of
Macaulay Duration). A Relatively High Interest Rate Risk and Relatively High Credit Risk]
INVESTMENT OBJECTIVEKEY : ToFACTS

generate income / capital appreciation through investments in Debt and Money Market Instruments. There is no assurance that the investment

Shobhit Mehrotra
(since September 1, 2007) Issuer Rating % to NAV Issuer Rating % to NAV
Total Experience: Over 30 years DEBT & DEBT RELATED INOX Wind Ltd CRISIL - AA(CE) 0.87
Government Securities (Central/State) Indian Railways Finance Corp. Ltd. CRISIL - AAA 0.71
• 6.97 GOI 2026 Sovereign 5.69 Grasim Industries Ltd. CRISIL - AAA 0.68
DATE OF ALLOTMENT / INCEPTION DATE • 7.1 GOI 2029 Sovereign 4.73 LIC Housing Finance Ltd.
• 6.54 GOI 2032 Sovereign 3.10 CRISIL - AAA 0.68
February 6, 2002 • 7.27 GOI 2026 Sovereign 2.74 Motilal Oswal Finvest Limited ICRA - AA 0.68
6.1 GOI 2031 Sovereign 2.52 REC Limited. CRISIL - AAA 0.68
7.59 GOI 2026 Sovereign 2.35 Tata Projects Ltd. IND - AA 0.68
7.26 GOI 2029 Sovereign 1.36 IndInfravit Trust
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) 7.26 GOI 2032 Sovereign 1.36 CRISIL - AAA 0.66
GOI 2034 Sovereign 1.34 John Deere Financial India Pvt. Ltd. CRISIL - AAA 0.66
Regular Plan - Growth Option 46.5072 MANGALORE REFINERY AND
Regular Plan - Fortnightly IDCW Option 10.1122 Floating Rate GOI 2033 Sovereign 1.22
5.63 GOI 2026 Sovereign 0.78 PETROCHEMICA CARE - AAA 0.66
Regular Plan - Normal IDCW Option 16.7832 7.54 GOI 2036 Sovereign 0.69 National Bank for Agri & Rural Dev. CRISIL - AAA 0.66
Direct Plan - Growth Option 49.5900 7.98% Gujarat SDL - Mat 110526 Sovereign 0.69 LAUREN 03 2022 CRISIL - AA(SO) 0.61
Direct Plan - Fortnightly IDCW Option 10.1132 7.96% Maharashtra SDL Mat 290626 Sovereign 0.56 INOX Green Energy Services Ltd. CRISIL - AA(CE) 0.55
Direct Plan - Normal IDCW Option 17.6999 7.38 GOI 2027 Sovereign 0.55 Manappuram Finance Ltd.
8.05% Gujarat SDL - Mat 150626 Sovereign 0.42 CRISIL - AA 0.54
6.79 GOI 2027 Sovereign 0.27 HDFC Life Insurance Company Limited CRISIL - AAA 0.53
ASSETS UNDER MANAGEMENT J 6.95 GOI 2061 Sovereign 0.26 GERA Development Pvt. Ltd. CARE - AA- 0.40
As on November 30, 2022 5.15 GOI 2025 Sovereign 0.03 Tata Motors Ltd. CRISIL - AA- 0.28
` 3,668.88 Cr. Sub Total 30.66 Brakes India Pvt Ltd. (Earlier Flometallic
Average for Month of November 2022 Credit Exposure (Non Perpetual) India Pvt Ltd.) CRISIL - AA+ 0.27
Jude 08 2021 CRISIL - AA+(SO) 0.23
` 3,658.58 Cr. • Embassy Office Parks REIT CRISIL - AAA 4.05 Sub Total 56.80
• Sikka Port and Terminal Ltd. (erstwhile Credit Exposure (Perpetual Bonds)
Reliance Ports and Terminals Ltd.) CRISIL - AAA 4.03
QUANTITATIVE DATA • Power Finance Corporation Ltd. CRISIL - AAA 3.31 TMF Holdings Ltd. (Subsidiary of Tata
Average Maturity * 4.33 years • Green Infra Wind Energy Ltd Motors Ltd.) (Perpetual) CRISIL - AA- 2.60
CRISIL - AA 2.91 TMF Holdings Ltd. (Subsidiary of Tata
Macaulay Duration * 3.08 years • TVS Credit Services Ltd CRISIL - AA 2.85
Modified Duration * 2.90 years Motors Ltd.) (Perpetual) CARE - AA- 2.25
• Housing Development Fin. Corp. Ltd.£ CRISIL - AAA 2.66 Union Bank of India (AT1, BASEL III,
Yield to Maturity * 7.96% L&T Metro Rail (Hyderabad) Ltd CRISIL - AAA(CE) 2.65 Perpetual) BRICKWORKS - AA 1.98
*Calculated on amount invested in debt securities Jamnagar Utilities & Power Pvt. Ltd. TATA International Ltd. (Perpetual) CARE - A+ 0.68
(including accrued interest), deployment of funds (erstwhile Reliance Utilities & Power Sub Total 7.51
in TREPS and Reverse Repo and net receivable Pvt. Ltd.) CRISIL - AAA 2.61 Total 94.97
Bajaj Housing Finance Ltd. CRISIL - AAA 2.36 Cash,Cash Equivalents and Net Current Assets 5.03
/ payable. DLF Cyber City Developers Ltd. CRISIL - AA 1.98 Grand Total 100.00
Bharati Telecom Limited CRISIL - AA+ 1.91
India Grid Trust CRISIL - AAA / ICRA - AAA / • Top Ten Holdings, £ Sponsor
TOTAL EXPENSE RATIO (As on November 30, 2022) IND - AAA 1.73
Including Additional Expenses and Goods and Service Reliance Industries Ltd. CRISIL - AAA 1.38 Outstanding exposure in derivative
Tax on Management Fees Small Industries Development Bank CARE - AAA 1.37 instruments Interest Rate Swap (` in Crore) 90.00
JMC Projects (India) Ltd. CARE - AA- 1.36
Regular: 1.29% Direct: 0.58% Nuvoco Vistas Corporation Ltd. (100% Face Value per Unit: ` 10 unless otherwise specified. Data is as of
subsidiary of Nirma Ltd. & erstwhile November 30, 2022 unless otherwise specified.
Lafarge India Ltd.) CRISIL - AA 1.35 ¥ Dedicated Fund Manager for Overseas Investments:
#BENCHMARK INDEX: Bharti Hexacom Limited CRISIL - AA+ 1.34 Mr. Priya Ranjan (since May 01, 2022)
NTPC Limited CRISIL - AAA 1.30 (Total Experience: Over 15 years).
NIFTY Medium Duration Debt Index C-III
Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 1.25 J Includes investments made by the schemes of HDFC Mutual Fund
##ADDL. BENCHMARK INDEX: TATA Housing Development Co Ltd. aggregating to ` 4.03 Crore.
CARE - AA 1.18
CRISIL 10 year Gilt Index The Tata Power Company Ltd. IND - AA 1.11 Please refer Minimum Application Amount, Plans & Options and Exit
Tata Motors Finance Solutions Ltd. CARE - AA- 1.08 Load, on Page no. 86 to 92.

Portfolio Since Inception 15 year 10 year 5 year 3 year 1 year
Classification By Total Amount Invested (` in Lacs) 25.00 18.00 12.00 6.00 3.60 1.20
Asset Class (%) Mkt Value As on November 30, 2022 (` in Lacs) 59.78 32.55 17.14 6.98 3.87 1.22
Returns (%) 7.68 7.48 6.94 6.01 4.76 3.85
n G-Sec, SDL 30.66 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
n Securitized Debt Instruments 0.84 accounting for the cash flow bty using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
n Credit Exposure 63.47 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Scheme Benchmark Value of ` 10,000 invested
Additional
(`)##
Nov 30, 21 Last 1 Year 2.60 5.03 -0.21 10,260 10,503 9,979
Nov 29, 19 Last 3 Years 5.85 7.44 3.47 11,862 12,406 11,079
Portfolio Nov 30, 17 Last 5 Years 6.38 7.36 5.10 13,628 14,264 12,828
Nov 30, 12 Last 10 Years 7.53 8.46 6.31 20,682 22,546 18,448
Classification By
Feb 06, 02 Since Inception 7.66 8.44 6.34 46,507 54,103 35,965
Rating Class (%)
Shobhit Mehrotra, please refer page 96. 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 95 to 99.
n Sovereign 30.66 ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 34.62 Load is not taken into consideration for computation of performance.
n AA+ 3.75 This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to the
n AA/AA- 25.26 interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives is likely to be
n A+ & Below 0.68 lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances the volatility may be of an order greater
November 2022 75
HDFC Income Fund
[An open ended medium term debt scheme investing in instruments such that the Macaulay
CATEGORY OF SCHEME
MEDIUM TO LONG DURATION FUND
Duration of the Portfolio is between 4 years and 7 years (Refer page 2 for definition of
KEY FACTS
INVESTMENT OBJECTIVE : To generate income / capital appreciation through investments in debt and money market instruments. There is no assurance that the investment

Shobhit Mehrotra
(since September 11, 2007)
DEBT & DEBT RELATED • LIC Housing Finance Ltd. CRISIL - AAA 3.71
Government Securities (Central/State) IndInfravit Trust CRISIL - AAA 3.64
DATE OF ALLOTMENT / INCEPTION DATE • 6.54 GOI 2032 Sovereign 14.22 Housing Development Fin.
September 11, 2000 • 7.54 GOI 2036 Sovereign 13.29 Corp. Ltd.£ CRISIL - AAA 3.54
• GOI 2034 Sovereign 9.19 Sub Total 28.55
• 7.26 GOI 2032 Sovereign 7.48 Total 91.49
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • GOI 2028 Sovereign 4.62 Cash,Cash Equivalents and Net Current Assets 8.51
Regular Plan - Growth Option 48.1890 7.1 GOI 2029 Sovereign 3.71 Grand Total 100.00
Regular Plan - Quarterly IDCW Option 11.0273 6.1 GOI 2031 Sovereign 3.47 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
Regular Plan - Normal IDCW Option 15.1968 6.68 GOI 2031
Direct Plan - Growth Option 52.2694 Sovereign 2.70
Direct Plan - Quarterly IDCW Option 12.1758 1.44% GOI Inflation Indexed Face Value per Unit: ` 10, Data is as of November 30, 2022
Direct Plan - Normal IDCW Option 16.5296 2023 Sovereign 1.47 unless otherwise specified.
ASSETS UNDER MANAGEMENT 6.57 GOI 2033 Sovereign 0.88 ¥ Dedicated Fund Manager for Overseas Investments:
As on November 30, 2022 8.2 GOI 2025 Sovereign 0.61 Mr. Priya Ranjan (since May 01, 2022)
` 533.59 Cr. 6.72% Gujarat SDL - ISD (Total Experience: Over 15 years).
090621 Mat 090630 Sovereign 0.23
Average for Month of November 2022 7.95 GOI 2032 Please refer Minimum Application Amount, Plans & Options and
Sovereign 0.14
` 531.81 Cr. 6.19 GOI 2034 Sovereign 0.04 Exit Load, on Page no. 86 to 92.
9.15 GOI 2024 Sovereign @
QUANTITATIVE DATA Sub Total 62.94
Average Maturity * 8.10 years Credit Exposure (Non Perpetual)
Modified Duration * 4.54 years • NTPC Limited CRISIL - AAA 4.88
Yield to Maturity * 7.31% • Jamnagar Utilities & Power
Pvt. Ltd. (erstwhile Reliance
*Calculated on amount invested in debt securities Utilities & Power Pvt. Ltd.) CRISIL - AAA 4.49
(including accrued interest), deployment of funds • India Grid Trust CRISIL - AAA 4.28
in TREPS and Reverse Repo and net receivable • Power Finance Corporation
/ payable. Ltd. CRISIL - AAA 4.01

#BENCHMARK INDEX:
NIFTY Medium to Long Duration Debt
Index B-III
CRISIL 10 year Gilt Index SIP PERFORMANCE ^ - Regular Plan - Growth Option
Returns (%) 6.55 6.27 5.49 4.29 2.64 3.00
Additional Benchmark Returns (%) ## N.A. 6.00 5.68 4.31 1.93 3.42
Portfolio Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Classification By simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Rating Class (%)
n Sovereign 62.94 (%) ## (`)# Benchmark
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 28.55 (`)##
n Cash, Cash Equivalents and Net Current Assets 8.51 Nov 30, 21 Last 1 Year 0.52 5.03 -0.21 10,052 10,503 9,979
Nov 29, 19 Last 3 Years 4.04 8.36 3.47 11,265 12,729 11,079
Nov 30, 17 Last 5 Years 4.65 7.02 5.10 12,554 14,039 12,828
Nov 30, 12 Last 10 Years 6.34 8.16 6.31 18,495 21,916 18,448
Sep 11, 00 Since Inception 7.33 NA NA 48,189 NA NA
Portfolio Shobhit Mehrotra, please refer page 96. 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
Classification By Performance of Direct Plan, refer page 95 to 99.
Asset Class (%)
n G-Sec, SDL 62.94 interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives is likely to be
n Credit Exposure 28.55 lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances the volatility may be of an order greater
76 November 2022
HDFC Arbitrage Fund CATEGORY OF SCHEME
ARBITRAGE FUND
(An open ended scheme investing in arbitrage opportunities)
INVESTMENT OBJECTIVE : To generate income through arbitrage opportunities and debt & money market instruments. There is no assurance that the investment objective of the

Krishan Kumar Daga Since Inception 15 year 10 year 5 year 3 year 1 year
(since September 10, 2015) SIP SIP SIP SIP SIP SIP
Arun Agarwal Mkt Value As on November 30, 2022 (` in Lacs) 28.92 28.41 15.53 6.65 3.81 1.23
(since August 24, 2020) Returns (%) 5.83 5.82 5.04 4.08 3.68 3.93
Total Experience: Over 23 years Benchmark Returns (%) # N.A. N.A. 4.83 4.03 3.75 4.01
Anil Bamboli Additional Benchmark Returns (%) ## 6.11 6.11 5.82 4.79 3.90 4.21
(Debt Assets) (since February 01, 2022) Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed

October 23, 2007 PERFORMANCE ^ - Regular Plan - Growth Option
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) Date Period (%) (%)# Returns
Retail Plan (`)##
Regular Plan - Growth Option 24.865 Nov 30, 21 Last 1 Year 3.62 3.97 3.74 10,362 10,397 10,374
Regular Plan - Quarterly IDCW Option 17.665 Nov 29, 19 Last 3 Years 3.69 3.49 4.38 11,151 11,085 11,376
Direct Plan - Growth Option 26.256 Nov 30, 17 Last 5 Years 4.56 4.35 5.52 12,501 12,375 13,085
Direct Plan - Quarterly IDCW Option 19.897 Nov 30, 12 Last 10 Years 5.88 5.72 6.36 17,705 17,443 18,539
Wholesale Plan Oct 23, 07 Since Inception 6.39 NA 6.12 25,504 NA 24,553
Regular Plan - IDCW Option 10.397 Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance is not strictly comparable
Regular Plan - Monthly IDCW Option 10.768 with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage
Direct Plan - Growth Option 16.564 opportunities, etc. For performance of other schemes managed by Krishan Kumar Daga, Arun Agarwal and Anil Bamboli, please refer page
Direct Plan - IDCW Option 10.813 96. Different plans viz. Regular Plan and Direct Plan have a different expense structure. For Performance of Direct Plan, refer page 95 to 99.
Direct Plan - Monthly IDCW Option 10.502
` 5,890.36 Cr.
Average for Month of November 2022 Industry Allocation of Equity Holding
` 5,955.21 Cr.
(% of Net Assets)
QUANTITATIVE DATA Portfolio
Portfolio Turnover Ratio 262.67% Classification By Banks 10.07
Average Maturity * 76 days Finance 8.41
Macaulay Duration * 75 days Rating Class (%) Cement & Cement Products 7.03
Modified Duration * 71 days Transport Infrastructure 6.19
Yield to Maturity * 6.51% Power 4.82
*Calculated on amount invested in debt securities Metals & Minerals Trading 2.95
Realty 2.52
(including accrued interest), deployment of funds Chemicals & Petrochemicals 2.45
in TREPS and Reverse Repo and net receivable n Equity 70.28 Entertainment 2.42
/ payable. n Sovereign 3.57 Pharmaceuticals & Biotechnology 2.15
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 3.35 Petroleum Products 2.13
n Consumer Durables 2.05
TOTAL EXPENSE RATIO (As on November 30, 2022) Cash, Cash Equivalents and Net Current Assets 22.80 Beverages 2.03
Including Additional Expenses and Goods and Service IT - Software 1.95
Tax on Management Fees Automobiles 1.86
Regular: 0.95% Direct: 0.43% Retailing 1.25
#BENCHMARK INDEX: Auto Components 0.86
NIFTY 50 Arbitrage Index Food Products 0.72
Portfolio Ferrous Metals 0.67
##ADDL. BENCHMARK INDEX: Construction 0.55
CRISIL 1 year T-Bill Index Classification By Transport Services 0.51
Asset Class (%) Agricultural, Commercial & Construction Vehicles 0.49
NET EQUITY EXPOSURE: Personal Products 0.39
0.00% Diversified Metals 0.30
n G-Sec 3.57 Gas 0.28
¥ Dedicated Fund Manager for Overseas Investments: Non - Ferrous Metals 0.15
n CP 1.25 Leisure Services 0.13
Mr. Priya Ranjan (since May 01, 2022) n Credit Exposure 2.10 Insurance 0.13
(Total Experience: Over 15 years). n Mutual Fund Units 19.26 Agricultural Food & Other Products 0.08
Please refer Minimum Application Amount, Plans & Options n Cash, Cash Equivalents and Net Current Assets 3.54 Telecom - Services 0.06
n Equity 70.28 Textiles & Apparels 0.05
and Exit Load, on Page no. 86 to 92. Oil 0.05
CD - Certificate of Deposit; CP - Commercial Papers
0 5 10 15 20
This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to
the interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives
November 2022 77
HDFC Arbitrage Fund CATEGORY OF SCHEME

ARBITRAGE FUND
(An open ended scheme investing in arbitrage opportunities)
PORTFOLIO
Unhedged) Unhedged)
EQUITY & EQUITY RELATED Balrampur Chini Mills Ltd. Agricultural Food &
• Adani Ports & Special Economic Zone Transport Infrastructure 6.19 6.19 Other Products 0.08 0.08
• Ambuja Cements Ltd. Cement & Cement India Cements Ltd. Cement & Cement
Products 4.82 4.82 Products 0.08 0.08
• The Tata Power Company Ltd. Power 4.48 4.48 Manappuram Finance Ltd. Finance 0.08 0.08
• Bajaj Finance Ltd. Finance 3.74 3.74 Marico Ltd. Personal Products 0.08 0.08
• ICICI Bank Ltd. Banks 3.52 3.52 Colgate-Palmolive ( I ) Ltd. Personal Products 0.07 0.07
• ADANI ENTERPRISES LIMTIED Metals & Minerals Dr Reddys Laboratories Ltd. Pharmaceuticals &
Trading 2.95 2.95 Biotechnology 0.07 0.07
• HDFC Bank Ltd. Banks 2.56 2.56 Guj. Narmada Valley Fertilisers Ltd Chemicals &
• Zee Entertainment Enterprises Ltd. Entertainment 2.42 2.42 Petrochemicals 0.07 0.07
• United Spirits Limited Beverages 2.03 2.03 Aditya Birla Capital ltd. Insurance 0.06 0.06
Housing Development Fin. Corp. Ltd.£ Finance 1.89 1.89 Aditya Birla Fashion and Retail Ltd. Retailing 0.06 0.06
Indusind Bank Ltd. Banks 1.85 1.85 Tata Communications Limited Telecom - Services 0.06 0.06
Maruti Suzuki India Limited Automobiles 1.68 1.68 Tech Mahindra Ltd. IT - Software 0.06 0.06
Reliance Industries Ltd. Petroleum Products 1.47 1.47 CanFin Homes Ltd. Finance 0.05 0.05
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & HINDUSTAN COPPER LIMITED Non - Ferrous Metals 0.05 0.05
Biotechnology 1.33 1.33 Max Financial Services Ltd. Insurance 0.05 0.05
SRF Ltd. Chemicals & MphasiS Limited. IT - Software 0.05 0.05
Petrochemicals 1.31 1.31 Oil & Natural Gas Corporation Ltd. Oil 0.05 0.05
UltraTech Cement Limited Cement & Cement Oracle Financial Ser Software Ltd. IT - Software 0.05 0.05
Products 1.22 1.22 Page Industries Ltd Textiles & Apparels 0.05 0.05
Asian Paints Limited Consumer Durables 1.21 1.21 GAIL (India) Ltd. Gas 0.04 0.04
Trent Ltd. Retailing 1.19 1.19 Indian Oil Corporation Ltd. Petroleum Products 0.04 0.04
Hindustan Unilever Ltd. Diversified Fmcg 1.08 1.08 L&T Finance Holdings Ltd. Finance 0.04 0.04
Tata Chemicals Ltd. Chemicals & Lupin Ltd. Pharmaceuticals &
Petrochemicals 1.07 1.07 Biotechnology 0.03 0.03
Tata Consultancy Services Ltd. IT - Software 1.04 1.04 Voltas Ltd. Consumer Durables 0.03 0.03
DLF LIMITED Realty 1.03 1.03 Abbott India Ltd. Pharmaceuticals &
IDFC Ltd. Finance 0.95 0.95 Biotechnology 0.02 0.02
Oberoi Realty Ltd. Realty 0.94 0.94 Bank of Baroda Banks 0.02 0.02
Indian Energy Exchange Limited Capital Markets 0.92 0.92 ICICI Prudential Life Insurance Company Ltd. Insurance 0.02 0.02
ACC Ltd. Cement & Cement Power Finance Corporation Ltd. Finance 0.02 0.02
Products 0.74 0.74 Amara Raja Batteries Ltd. Auto Components 0.01 0.01
Britannia Industries Ltd. Food Products 0.72 0.72 Bosch Limited Auto Components 0.01 0.01
Bajaj Finserv Ltd. Finance 0.67 0.67 Godrej Consumer Products Ltd. Personal Products 0.01 0.01
Bharat Heavy Electricals Ltd. Electrical Equipment 0.63 0.63 IDFC First Bank Limited Banks 0.01 0.01
Titan Company Ltd. Consumer Durables 0.62 0.62 PI Industries Ltd. Fertilizers &
RBL Bank Ltd. Banks 0.61 0.61 Agrochemicals 0.01 0.01
Siemens Ltd. Electrical Equipment 0.61 0.61 Polycab India Limited Industrial Products 0.01 0.01
Godrej Properties Ltd. Realty 0.55 0.55 Cholamandalam Investment & Finance
Larsen and Toubro Ltd. Construction 0.55 0.55 Co. Ltd. Finance @ @
REC Limited. Finance 0.52 0.52 NMDC Limited Minerals & Mining @ @
InterGlobe Aviation Ltd. Transport Services 0.51 0.51 SBI Life Insurance Company Ltd. Insurance @ @
Punjab National Bank Banks 0.50 0.50 Tata Motors Ltd. Automobiles @ @
Ashok Leyland Ltd Agricultural, Commercial Sub Total 70.28 @
& Construction Vehicles 0.49 0.49 DEBT & DEBT RELATED
Exide Industries Ltd. Auto Components 0.47 0.47 Government Securities (Central/State)
Canara Bank Banks 0.44 0.44 • 6.84 GOI 2022 Sovereign 2.46 @
HCL Technologies Ltd. IT - Software 0.39 0.39 7.37 GOI 2023 Sovereign 0.94 @
Bandhan Bank Ltd. Banks 0.37 0.37 4.26 GOI 2023 Sovereign 0.17 @
Apollo Hospitals Enterprise Ltd. Healthcare Services 0.32 0.32 Sub Total 3.57 @
Hindustan Petroleum Corp. Ltd. Petroleum Products 0.32 0.32 Credit Exposure (Non Perpetual)
ITC Ltd. Diversified Fmcg 0.31 0.31 Housing Development Fin. Corp. Ltd.£ CRISIL - AAA 1.67 @
Tata Steel Ltd. Ferrous Metals 0.31 0.31 National Bank for Agri & Rural Dev. CRISIL - AAA 0.43 @
Bharat Petroleum Corporation Ltd. Petroleum Products 0.30 0.30 Sub Total 2.10 @
UPL Ltd. Fertilizers & Total 5.67 @
Agrochemicals 0.30 0.30 MONEY MARKET INSTRUMENTS
Vedanta Ltd. Diversified Metals 0.30 0.30 CP
Bharat Electronics Ltd. Aerospace & Defense 0.29 0.29 Vedanta Ltd. CRISIL - A1+ 1.25 @
Samvardhana Motherson International Ltd. Auto Components 0.28 0.28 Sub Total 1.25 @
Intellect Design Arena Limited IT - Software 0.26 0.26 MUTUAL FUND UNITS
Aurobindo Pharma Ltd. Pharmaceuticals & Mutual Fund Units
Biotechnology 0.25 0.25 HDFC Liquid Fund - Direct Plan - Growth
Mahanagar Gas Ltd. Gas 0.24 0.24 Option 7.93 @
Dabur India Ltd. Personal Products 0.23 0.23 HDFC Money Market Fund - Direct Plan -
Piramal Enterprises Limited Finance 0.23 0.23 Growth Option 11.33 @
Power Grid Corporation of India Ltd. Power 0.23 0.23 Sub Total 19.26 @
Steel Authority Of India Ltd. Ferrous Metals 0.23 0.23 Cash Margin 22.92 @
Indiabulls Housing Finance Ltd. Finance 0.22 0.22 Cash,Cash Equivalents and Net Current Assets -19.38 @
Kotak Mahindra Bank Limited Banks 0.19 0.19 Grand Total 100.00 @
Mahindra & Mahindra Ltd. Automobiles 0.18 0.18 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
Products 0.17 0.17
Laurus Labs Ltd. Pharmaceuticals & Outstanding exposure in derivative instruments (` in Crore) 4,167.76
Jindal Steel & Power Ltd. Ferrous Metals 0.13 0.13 Hedged position in Equity & Equity related instruments
Jubilant Foodworks Limited Leisure Services 0.13 0.13
Glenmark Pharmaceuticals Ltd. Pharmaceuticals & Outstanding derivative exposure (% age) 70.76
NTPC Limited Power 0.11 0.11 Face Value per Unit: ` 10, + Industry Classification as recommended by AMFI, CD - Certificate of
Berger Paints (I) Ltd Consumer Durables 0.10 0.10 Deposit; CP - Commercial Papers, Data is as of November 30, 2022 unless otherwise specified.
Birlasoft Limited IT - Software 0.10 0.10
Chambal Fertilizers & Chemicals Ltd. Fertilizers &
Agrochemicals 0.10 0.10
Granules India Ltd. Pharmaceuticals &
National Aluminium Co. Ltd. Non - Ferrous Metals 0.10 0.10
Apollo Tyres Ltd. Auto Components 0.09 0.09
Bata India Ltd. Consumer Durables 0.09 0.09
Biocon Ltd. Pharmaceuticals &
78 November 2022
HDFC Floating Rate Debt Fund
[An open ended debt scheme predominantly investing in floating rate instruments
CATEGORY OF SCHEME
FLOATER FUND
(including fixed rate instruments converted to floating rate exposures using swaps
/ derivatives) A Relatively High Interest Rate Risk and Moderate Credit Risk]

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.

Shobhit Mehrotra
DEBT & DEBT RELATED Cholamandalam Investment & Finance
Vikash Agarwal Government Securities (Central/State) Co. Ltd. ICRA - AA+ 0.48
(since July 1, 2020) • GOI 2034 Sovereign 15.19 IndInfravit Trust CRISIL - AAA 0.41
• Floating Rate GOI 2033 Sovereign 5.87 Tata Capital Ltd. CRISIL - AAA 0.41
Total Experience: Over 16 years • GOI 2028 Sovereign 5.56 Tata Motors Finance Solutions Ltd. CARE - AA- 0.39
7.72 GOI 2025 Sovereign 1.09 Bajaj Finance Ltd. CRISIL - AAA 0.32
6.58% Gujarat SDL - Mat 310327 Sovereign 0.63 Hindustan Petroleum Corp. Ltd. CRISIL - AAA 0.32
DATE OF ALLOTMENT / INCEPTION DATE 7.59 GOI 2026 Sovereign 0.46 JMC Projects (India) Ltd. CARE - AA- 0.32
October 23, 2007 7.32 GOI 2024 Sovereign 0.33 Manappuram Finance Ltd. CARE - AA 0.32
7.89% Gujarat SDL - Mat 150525 Sovereign 0.33 Vedanta Ltd. CRISIL - AA 0.32
6.97 GOI 2026 Sovereign 0.16 Housing and Urban Development
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) 7.38 GOI 2027 Sovereign 0.16 Corporation Ltd. CARE - AAA 0.16
GOI STRIPS - Mat 150624 Sovereign 0.13 John Deere Financial India Pvt. Ltd. CRISIL - AAA 0.16
Regular Plan - Growth Option 40.8602 GOI STRIPS - Mat 160624 Sovereign 0.09 Samvardhana Motherson International Ltd. IND - AAA 0.16
Regular Plan - Daily IDCW 8.63% Kerala SDL - Mat 060323 Sovereign 0.07 Brakes India Pvt Ltd. (Earlier Flometallic
Reinvestment Option 10.0809 GOI STRIPS - Mat 120324 Sovereign 0.07 India Pvt Ltd.) CRISIL - AA+ 0.10
Regular Plan - Weekly IDCW Option 10.0446 GOI STRIPS - Mat 190324 Sovereign 0.06 Sub Total 57.22
Regular Plan - Monthly IDCW Option 10.1488 5.15 GOI 2025 Sovereign 0.03 Credit Exposure (Perpetual Bonds)
8.64% Andhra Pradesh SDL - Mat 060323 Sovereign 0.03 TMF Holdings Ltd. (Subsidiary of Tata
Direct Plan - Growth Option 41.4348 8.65% Karnataka SDL - Mat 200323 Sovereign 0.03
Direct Plan - Daily IDCW Motors Ltd.) (Perpetual) CRISIL - AA- 0.92
Sub Total 30.29 Union Bank of India (AT1, BASEL III,
Reinvestment Option 10.0809 T-Bills Perpetual) BRICKWORKS - AA 0.34
Direct Plan - Weekly IDCW Option 10.0447 182 Days Tbill Mat 230323 Sovereign 0.32 Sub Total 1.26
Direct Plan - Monthly IDCW Option 10.1489 Sub Total 0.32 Total 89.09
Credit Exposure (Non Perpetual) MONEY MARKET INSTRUMENTS
• Housing Development Fin. Corp. Ltd.£ CRISIL - AAA 6.26
ASSETS UNDER MANAGEMENT J • Power Finance Corporation Ltd. CRISIL - AAA 5.70 CP
As on November 30, 2022 • REC Limited. CRISIL - AAA 5.68 Panatone Finvest Ltd. CRISIL - A1+ 2.88
Tata Teleservices Ltd. CRISIL - A1+ 1.11
` 15,427.11 Cr. •
•
Muthoot Finance Ltd.
National Bank for Agri & Rural Dev.
CRISIL - AA+
CRISIL - AAA / ICRA - AAA
4.40
4.20 L&T Metro Rail (Hyderabad) Ltd CRISIL - A1+ 0.97
Average for Month of November 2022 • Embassy Office Parks REIT CRISIL - AAA 3.38 Motilal Oswal Financial Services Ltd. ICRA - A1+ 0.29
` 15,590.62 Cr. • TMF Holdings Ltd. (Subsidiary of Tata Sub Total 5.25
CD
Motors Ltd.) CRISIL - AA- 3.23 State Bank of India CRISIL - A1+ 0.61
QUANTITATIVE DATA National Housing Bank CRISIL - AAA 2.94 Sub Total 0.61
Average Maturity * 3.81 years Reliance Industries Ltd. CRISIL - AAA 1.91 Total 5.86
Macaulay Duration * 0.96 year Sikka Port and Terminal Ltd. (erstwhile Cash,Cash Equivalents and Net Current Assets 5.05
Reliance Ports and Terminals Ltd.) CARE - AAA / CRISIL - AAA 1.87 Grand Total 100.00
Modified Duration * 0.77 year Fullerton India Home Finance Company
Yield to Maturity * 7.53% Ltd. CRISIL - AAA 1.45 • Top Ten Holdings, £ Sponsor
*Calculated on amount invested in debt securities NTPC Limited CRISIL - AAA 1.41
Grasim Industries Ltd. CRISIL - AAA 1.29
(including accrued interest), deployment of funds L&T Finance Limited CRISIL - AAA 1.13 Outstanding exposure in derivative
in TREPS and Reverse Repo and net receivable Sundaram Home Finance Limited ICRA - AAA 1.11 instruments Interest Rate Swap (` in Crore) 2,520.00
/ payable. Bharati Telecom Limited CRISIL - AA+ 1.04
Larsen and Toubro Ltd. CRISIL - AAA 1.03 Face Value per Unit: ` 10, CD - Certificate of Deposit; CP - Commercial
Hinduja Leyland Finance Ltd. CARE - AA- 0.97 Papers. Data is as of November 30, 2022 unless otherwise specified.
TOTAL EXPENSE RATIO (As on November 30, 2022) Tata Motors Finance Ltd. CRISIL - AA- 0.97
Bajaj Housing Finance Ltd. CRISIL - AAA 0.85 ¥ Dedicated Fund Manager for Overseas Investments:
Including Additional Expenses and Goods and Service Mr. Priya Ranjan (since May 01, 2022)
Tax on Management Fees Jamnagar Utilities & Power Pvt. Ltd.
(erstwhile Reliance Utilities & Power (Total Experience: Over 15 years).
Regular: 0.48% Direct: 0.26% Pvt. Ltd.) CRISIL - AAA 0.65 J Includes investments made by the schemes of HDFC Mutual Fund
LIC Housing Finance Ltd. CRISIL - AAA 0.65 aggregating to ` 88.92 Crore.
First Business Receivables Trust (PTC
#BENCHMARK INDEX: banked by receivables from Reliance Please refer Minimum Application Amount, Plans & Options and Exit
NIFTY Low Duration Debt Index Corporate IT Park Limited) CRISIL - AAA(SO) 0.62 Load, on Page no. 86 to 92.
(Total Returns Index) TATA Capital Housing Finance Ltd. CRISIL - AAA 0.61

Portfolio Mkt Value As on November 30, 2022 (` in Lacs) 33.32 32.70 17.24 7.00 3.89 1.23
Classification By Returns (%) 7.54 7.53 7.04 6.08 5.10 5.23
Asset Class (%) Benchmark Returns (%) # N.A. N.A. N.A. N.A. N.A. N.A.
n G-Sec, G-Sec STRIPS, SDL, T-Bills 30.61 PERFORMANCE ^ - Regular Plan - Growth Option
n Securitized Debt Instruments 0.62 Scheme Benchmark Value of ` 10,000 invested
Additional
n CP 5.25 Returns Returns Benchmark
Date Period (%) (%)# Scheme (`)
n CD 0.61 (`)# Benchmark
(%) ## (`)##
Nov 29, 19 Last 3 Years 5.90 4.96 3.47 11,882 11,566 11,079
Nov 30, 17 Last 5 Years 6.65 6.08 5.10 13,799 13,432 12,828
Nov 30, 12 Last 10 Years 7.68 7.25 6.31 20,968 20,148 18,448
Portfolio Oct 23, 07 Since Inception 7.77 7.76 6.26 30,997 30,954 25,028
Classification By Returns greater than 1 year period are compounded annualized (CAGR). Since Inception returns are calculated on ` 13.1821 (allotment price).
Rating Class (%) For performance of other schemes managed by Shobhit Mehrotra & Vikash Agarwal, please refer page 96. Different plans viz. Regular Plan and
expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 95 to 99.
n Sovereign 30.61 Load is not taken into consideration for computation of performance.
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 50.54 This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to the
n AA+ 6.02 interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives is likely to be
n AA/AA- 7.78 lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances the volatility may be of an order greater
n Cash, Cash Equivalents and Net Current Assets 5.05 maturity of the scheme as well and exercise adequate due diligence when deciding to make their investments.
November 2022 79
HDFC Corporate Bond Fund CATEGORY OF SCHEME
CORPORATE BOND FUND
(An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds. A
Relatively High Interest Rate Risk and Moderate Credit Risk)
KEY FACTS
INVESTMENT OBJECTIVE : To generate income/capital appreciation through investments predominantly in AA+ and above rated corporate bonds. There is no assurance that
the investment objective of the Scheme will be realized.
FUND MANAGER ¥
PORTFOLIO
Anupam Joshi Issuer Rating % to NAV Issuer Rating % to NAV
(since October 27, 2015) DEBT & DEBT RELATED Indian Railways Finance Corp. Ltd. CRISIL - AAA 1.74
Total Experience: Over 21 years Government Securities (Central/State) Chennai Petroleum Corp Ltd. CRISIL - AAA 1.65
• 6.97 GOI 2026 Sovereign 5.46 Small Industries Development Bank CARE - AAA 1.50
• Floating Rate GOI 2033 Sovereign 4.62 Jamnagar Utilities & Power Pvt. Ltd.
• GOI 2034 Sovereign 4.33 (erstwhile Reliance Utilities & Power
DATE OF ALLOTMENT / INCEPTION DATE • GOI 2028 Sovereign 4.24 Pvt. Ltd.) CRISIL - AAA 1.42
June 29, 2010 6.79 GOI 2027
7.1 GOI 2029
Sovereign
Sovereign
2.97
2.13
Bank of Baroda
Power Grid Corporation of India Ltd.
CARE - AAA
CRISIL - AAA
1.31
1.13
6.82% Bihar SDL - ISD 140721 Mat 140728 Sovereign 0.38 Bajaj Housing Finance Ltd. CRISIL - AAA 1.07
GOI STRIPS - Mat 150926 Sovereign 0.33 Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.99
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) GOI STRIPS - Mat 260426 Sovereign 0.17 Housing and Urban Development
Regular Plan - Growth Option 26.6504 GOI STRIPS - Mat 260427 Sovereign 0.16 Corporation Ltd. CARE - AAA 0.94
Regular Plan - IDCW Option 17.2648 GOI STRIPS - Mat 261026 Sovereign 0.16 Sikka Port and Terminal Ltd. (erstwhile
Regular Plan - Quarterly IDCW Option 10.4060 GOI STRIPS - Mat 261027 Sovereign 0.15 Reliance Ports and Terminals Ltd.) CARE - AAA / CRISIL - AAA 0.66
Direct Plan - Growth Option 27.0561 GOI STRIPS - Mat 121227 Sovereign 0.11 Hindustan Petroleum Corp. Ltd. CRISIL - AAA 0.65
GOI STRIPS - Mat 120627 Sovereign 0.08 Sundaram Finance Ltd. ICRA - AAA 0.62
Direct Plan - IDCW Option 17.7074 GOI STRIPS - Mat 020126 Sovereign 0.07 HDFC Bank Ltd. CRISIL - AAA 0.61
Direct Plan - Quarterly IDCW Option 10.2481 GOI STRIPS - Mat 020726 Sovereign 0.07 TATA Capital Housing Finance Ltd. CRISIL - AAA 0.60
GOI STRIPS - Mat 020127 Sovereign 0.06 Indian Oil Corporation Ltd. CRISIL - AAA 0.43
GOI STRIPS - Mat 020727 Sovereign 0.06 ICICI Bank Ltd. CARE - AAA 0.25
ASSETS UNDER MANAGEMENT J GOI STRIPS - Mat 160627 Sovereign 0.05 NHPC Ltd. CARE - AAA 0.22
As on November 30, 2022 GOI STRIPS - Mat 161226 Sovereign 0.05 Toyota Financial Services India Ltd. CRISIL - AAA 0.22
` 23,230.26 Cr. GOI STRIPS - Mat 161227 Sovereign 0.05 Food Corporation of India (Corporate
GOI STRIPS - Mat 171227 Sovereign 0.05 guarantee from Govt of India) CRISIL - AAA(CE) 0.17
Average for Month of November 2022 GOI STRIPS - Mat 170628 Sovereign 0.04 First Business Receivables Trust (PTC
` 21,360.15 Cr. GOI STRIPS - Mat 171228 Sovereign 0.04 banked by receivables from Reliance
GOI STRIPS - Mat 220228 Sovereign 0.04 Corporate IT Park Limited) CRISIL - AAA(SO) 0.16
GOI STRIPS - Mat 120328 Sovereign 0.03 Export - Import Bank of India CRISIL - AAA 0.11
QUANTITATIVE DATA GOI STRIPS - Mat 160628 Sovereign 0.03 NTPC Limited CRISIL - AAA 0.11
Average Maturity * 4.24 years GOI STRIPS - Mat 160629 Sovereign 0.03 Sub Total 61.80
Macaulay Duration * 2.34 years GOI STRIPS - Mat 161228 Sovereign 0.03 Total 87.93
Modified Duration * 2.13 years GOI STRIPS - Mat 161229 Sovereign 0.03 Cash,Cash Equivalents and Net Current Assets 12.07
Yield to Maturity * 7.20% GOI STRIPS - Mat 190327 Sovereign 0.03 Grand Total 100.00
GOI STRIPS - Mat 190328 Sovereign 0.03
*Calculated on amount invested in debt securities GOI STRIPS - Mat 190927 Sovereign 0.03 • Top Ten Holdings, £ Sponsor
(including accrued interest), deployment of funds GOI STRIPS - Mat 220229 Sovereign 0.02
in TREPS and Reverse Repo and net receivable Sub Total 26.13 Outstanding exposure in derivative
Credit Exposure (Non Perpetual) instruments Interest Rate Swap (` in Crore) 4,775.00
/ payable. • State Bank of India CRISIL - AAA 7.01
• REC Limited. CRISIL - AAA / IND - AAA 5.74 Face Value per Unit: ` 10, CD - Certificate of Deposit; CP -
• LIC Housing Finance Ltd. CRISIL - AAA 5.71 Commercial Papers, Data is as of November 30, 2022 unless
• National Bank for Agri & Rural Dev. CRISIL - AAA / ICRA - AAA 5.15 otherwise specified.
TOTAL EXPENSE RATIO (As on November 30, 2022) • MANGALORE REFINERY AND
Including Additional Expenses and Goods and Service PETROCHEMICA CARE - AAA / CRISIL - AAA 3.55 ¥ Dedicated Fund Manager for Overseas Investments:
Tax on Management Fees • Bajaj Finance Ltd. CRISIL - AAA 3.50 Mr. Priya Ranjan (since May 01, 2022)
UltraTech Cement Limited CRISIL - AAA 3.13 (Total Experience: Over 15 years).
Regular: 0.61% Direct: 0.32% Reliance Industries Ltd. CRISIL - AAA 2.76 J Includes investments made by the schemes of HDFC Mutual
National Highways Authority of India CRISIL - AAA 2.59 Fund aggregating to ` 2.00 Crore.
Housing Development Fin. Corp. Ltd.£ CRISIL - AAA 2.46
ONGC Petro additions Ltd. (OPAL) (Put Please refer Minimum Application Amount, Plans & Options and
#BENCHMARK INDEX: Exit Load, on Page no. 86 to 92.
on ONGC Ltd.) CARE - AAA(CE) 1.83
NIFTY Corporate Bond Index B-III Power Finance Corporation Ltd. CRISIL - AAA 1.81
SIP SIP SIP SIP SIP
Portfolio Returns (%) 7.77 7.41 6.34 4.67 4.22
Classification By Benchmark Returns (%) # 7.90 7.61 6.89 5.70 4.82
Asset Class (%) Additional Benchmark Returns (%) ## 5.97 5.68 4.31 1.93 3.42

n G-Sec, G-Sec STRIPS, SDL 26.13
Scheme Benchmark Value of ` 10,000 invested
Additional
n Securitized Debt Instruments 0.16 Returns Returns Benchmark
n Credit Exposure 61.64 Date Period (%) (%)# Scheme (`)
n Cash, Cash Equivalents and Net Current Assets 12.07 (`)##
Nov 30, 21 Last 1 Year 2.95 3.82 -0.21 10,295 10,382 9,979
Nov 29, 19 Last 3 Years 6.15 6.93 3.47 11,964 12,232 11,079
Nov 30, 17 Last 5 Years 6.97 7.18 5.10 14,011 14,145 12,828
Nov 30, 12 Last 10 Years 8.01 8.08 6.31 21,620 21,757 18,448
Portfolio Jun 29, 10 Since Inception 8.21 8.13 6.08 26,650 26,422 20,829
Classification By Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anupam Joshi, please
Rating Class (%) Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan,
n Sovereign 26.13 Note: Effective close of business hours of May 8, 2018, HDFC Medium Term Opportunities Fund (HMTOF) underwent changes in Fundamental
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 61.80 Attributes and was renamed as HDFC Corporate Bond Fund (HCBF) and HDFC Floating Rate Income Fund – Long Term Plan and HDFC Gilt Fund
n Cash, Cash Equivalents and Net Current Assets 12.07 – 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.
This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to the interest rate reset period. The interest rate risk in a floating rate instrument
or in a fixed rate instrument hedged with derivatives is likely to be lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances the volatility may be of an order greater than
what may ordinarily be expected considering only its duration. Hence investors are recommended to consider the unadjusted portfolio maturity of the scheme as well and exercise adequate due diligence when
deciding to make their investments.
80 November 2022
HDFC Banking and PSU Debt Fund
(An open ended debt scheme predominantly investing in debt instruments of
CATEGORY OF SCHEME
BANKING AND PSU FUND
banks, public sector undertakings, public financial institutions and municipal
bonds. A Relatively High Interest Rate Risk and Moderate Credit Risk)

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.

Anil Bamboli
(since March 26, 2014) Issuer Rating % to Issuer Rating % to
DEBT & DEBT RELATED Sub Total 59.57
Government Securities (Central/State) Credit Exposure (Perpetual Bonds)
DATE OF ALLOTMENT / INCEPTION DATE • GOI 2028 Sovereign 5.65 TMF Holdings Ltd. (Subsidiary
• 6.79 GOI 2027 Sovereign 2.93 of Tata Motors Ltd.) (Perpetual) CRISIL - AA- 1.01
March 26, 2014 6.97 GOI 2026 Sovereign 2.04 Sub Total 1.01
7.1 GOI 2029 Sovereign 1.93 Total 78.44
GOI 2034 Sovereign 1.61 MONEY MARKET INSTRUMENTS
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) 5.79 GOI 2030 Sovereign 1.03 CP
Regular Plan - Growth Option 19.0192 7.02% Gujarat SDL - Mat Barclays Invest & Loans
Regular Plan - IDCW Option 10.1432 280826 Sovereign 1.01 (India) Ltd. CRISIL - A1+ 0.50
Direct Plan - Growth Option 19.6009 7.38 GOI 2027 Sovereign 0.93 L&T Metro Rail (Hyderabad) Ltd CRISIL - A1+ 0.31
Direct Plan - IDCW Option 10.0333 5.63 GOI 2026 Sovereign 0.64 Sub Total 0.81
5.85 GOI 2030 Sovereign 0.09 CD
Sub Total 17.86 • Small Industries Development
ASSETS UNDER MANAGEMENT Credit Exposure (Non Perpetual) Bank CARE - A1+ 3.96
As on November 30, 2022 • Power Finance Corporation Ltd. CRISIL - AAA 8.36 Indusind Bank Ltd. CRISIL - A1+ 2.42
` 4,885.22 Cr. • National Bank for Agri & CRISIL - AAA / ICRA Bank of Baroda CRISIL - A1+ / IND - A1+ 2.41
Average for Month of November 2022 Rural Dev. - AAA 7.93 Axis Bank Ltd. CRISIL - A1+ 1.90
• REC Limited. CRISIL - AAA 6.56 Export - Import Bank of India CRISIL - AAA 1.86
` 4,896.22 Cr. • Housing and Urban Deutsche Bank CRISIL - A1+ 1.02
Development Corporation Ltd. CARE - AAA 6.25 National Bank for Agri &
QUANTITATIVE DATA • State Bank of India CRISIL - AAA 5.14 Rural Dev. IND - A1+ 1.01
Average Maturity * 2.54 years • Mahanagar Telephone Nigam Sub Total 14.58
Macaulay Duration * 1.62 years Ltd. (Corporate guarantee from CARE - AAA(CE) / CRISIL Total 15.39
Modified Duration * 1.50 years Govt of India) - AAA(CE) 4.50 Cash,Cash Equivalents and Net Current Assets 6.17
Yield to Maturity * 7.27% • Hindustan Petroleum Corp. Ltd. CRISIL - AAA 3.52 Grand Total 100.00
*Calculated on amount invested in debt securities Indian Railways Finance
Corp. Ltd. CRISIL - AAA 2.67 • Top Ten Holdings, £ Sponsor
(including accrued interest), deployment of funds ONGC Petro additions Ltd.
in TREPS and Reverse Repo and net receivable (OPAL) (Put on ONGC Ltd.) CARE - AAA(CE) 2.26 Outstanding exposure in derivative
/ payable. TATA Capital Housing Finance instruments Interest Rate Swap (` in Crore) 525.00
Ltd. CRISIL - AAA 2.13
Housing Development Fin. Face Value per Unit: ` 10, Data is as of November 30, 2022
TOTAL EXPENSE RATIO (As on November 30, 2022) Corp. Ltd.£ CRISIL - AAA 2.04 unless otherwise specified.
Including Additional Expenses and Goods and Service Citicorp Finance (India) Ltd. CRISIL - AAA 1.52
Power Grid Corporation of ¥ Dedicated Fund Manager for Overseas Investments:
India Ltd. CRISIL - AAA 1.46 Mr. Priya Ranjan (since May 01, 2022)
Regular: 0.82% Direct: 0.39% Export - Import Bank of India CRISIL - AAA 1.34 (Total Experience: Over 15 years).
Bharati Telecom Limited CRISIL - AA+ 0.92
HDFC Bank Ltd. CRISIL - AAA 0.52 Please refer Minimum Application Amount, Plans & Options and
Bajaj Finance Ltd. CRISIL - AAA 0.51 Exit Load, on Page no. 86 to 92.
#BENCHMARK INDEX: Bajaj Housing Finance Ltd. CRISIL - AAA 0.51
NIFTY Banking & PSU Debt Index LIC Housing Finance Ltd. CRISIL - AAA 0.51
##ADDL. BENCHMARK INDEX: Small Industries Development
CRISIL 10 year Gilt Index Bank CARE - AAA 0.51
Bank of Baroda CARE - AAA 0.41

Since Inception 5 year 3 year 1 year
SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 10.50 6.00 3.60 1.20
Mkt Value As on November 30, 2022 (` in Lacs) 14.28 6.98 3.85 1.22
Portfolio Returns (%) 6.87 6.00 4.42 3.86
Classification By Benchmark Returns (%) # 6.64 5.93 4.42 3.86
Asset Class (%) Additional Benchmark Returns (%) ## 5.42 4.31 1.93 3.42
n G-Sec, SDL 17.86 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
n CP 0.81
n CD 14.58 PERFORMANCE ^ - Regular Plan - Growth Option
n Credit Exposure 60.58 Scheme Benchmark Additional Value of ` 10,000 invested
n Cash, Cash Equivalents and Net Current Assets 6.17 Date Period (%) (%)# Returns
(`)##
Nov 30, 21 Last 1 Year 3.00 2.84 -0.21 10,300 10,284 9,979
Nov 29, 19 Last 3 Years 5.68 5.74 3.47 11,805 11,827 11,079
Nov 30, 17 Last 5 Years 6.52 6.37 5.10 13,713 13,619 12,828
Portfolio Mar 26, 14 Since Inception 7.68 7.52 6.92 19,019 18,772 17,882
Classification By The above returns are for Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (CAGR). For performance
of other schemes managed by Anil Bamboli, please refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense
Rating Class (%) 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 95 to 99.
n Sovereign 17.86
n AA+ This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to the
0.92
n AA/AA- 1.01
n Cash, Cash Equivalents and Net Current Assets than what may ordinarily be expected considering only its duration. Hence investors are recommended to consider the unadjusted portfolio
6.17
November 2022 81
HDFC Credit Risk Debt Fund
[An open ended debt scheme predominantly investing in AA and below rated corporate
CATEGORY OF SCHEME
CREDIT RISK FUND
bonds (excluding AA+ rated corporate bonds) A Relatively High Interest Rate Risk and
Relatively High Credit Risk]
INVESTMENT OBJECTIVE : To generate income/capital appreciation by investing predominantly in AA and below rated corporate debt. There is no assurance that the

Shobhit Mehrotra Since Inception 5 year 3 year 1 year
(since March 25, 2014) SIP SIP SIP SIP
Total Experience: Over 30 years Total Amount Invested (` in Lacs) 10.50 6.00 3.60 1.20
Mkt Value As on November 30, 2022 (` in Lacs) 14.62 7.15 3.94 1.23
Returns (%) 7.40 6.94 5.94 4.22
DATE OF ALLOTMENT / INCEPTION DATE Benchmark Returns (%) # 8.69 8.40 7.83 7.37
March 25, 2014 Additional Benchmark Returns (%) ## 5.42 4.31 1.93 3.42
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Regular Plan - Quarterly IDCW Option 10.3038 PERFORMANCE ^ - Regular Plan - Growth Option
Direct Plan - IDCW Option 18.5250 Scheme Benchmark Additional Value of ` 10,000 invested
Direct Plan - Quarterly IDCW Option 10.6289 Returns Returns Benchmark Scheme (`) Benchmark Additional
(`)##
ASSETS UNDER MANAGEMENT Nov 30, 21 Last 1 Year 3.50 6.36 -0.21 10,350 10,636 9,979
` 8,552.22 Cr. Nov 29, 19 Last 3 Years 6.98 8.30 3.47 12,249 12,708 11,079
Average for Month of November 2022 Nov 30, 17 Last 5 Years 6.94 8.33 5.10 13,991 14,921 12,828
` 8,530.84 Cr. Mar 25, 14 Since Inception 8.22 9.28 6.92 19,867 21,628 17,892
The above returns are for Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (CAGR). Load is not
QUANTITATIVE DATA taken into consideration for computation of performance. For performance of other schemes managed by Shobhit Mehrotra, please refer page
Average Maturity * 2.59 years 80. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will
Macaulay Duration * 2.12 years be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page
Modified Duration * 1.98 years 95 to 99.
*Calculated on amount invested in debt securities ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
in TREPS and Reverse Repo and net receivable Note: Effective close of business hours of May 8, 2018, HDFC Corporate Debt Opportunities Fund (HCDOF) underwent changes in
/ payable. 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.
Portfolio Portfolio
#BENCHMARK INDEX: Classification By Classification By
NIFTY Credit Risk Bond Index C-III Asset Class (%) Rating Class (%)
CRISIL 10 year Gilt Index
n Sovereign 9.45
n Units issued by InvIT 1.60 n Units issued by InvIT 1.60
n G-Sec, SDL 9.45 n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 23.42
n Securitized Debt Instruments 1.77 n AA+ 6.54
n CP 4.00 n AA/AA- 46.77
n Credit Exposure 76.78 n A+ & Below 5.82
CD - Certificate of Deposit; CP - Commercial Papers

Mr. Priya Ranjan (since May 01, 2022) This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to
(Total Experience: Over 15 years). the interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives
Please refer Minimum Application Amount, Plans & Options of an order greater than what may ordinarily be expected considering only its duration. Hence investors are recommended to consider
and Exit Load, on Page no. 86 to 92. the unadjusted portfolio maturity of the scheme as well and exercise adequate due diligence when deciding to make their investments.
82 November 2022
HDFC Credit Risk Debt Fund
[An open ended debt scheme predominantly investing in AA and below rated corporate
CATEGORY OF SCHEME
CREDIT RISK FUND
bonds (excluding AA+ rated corporate bonds) A Relatively High Interest Rate Risk and
Relatively High Credit Risk]
PORTFOLIO
Issuer Industry+ / Issuer Rating % to NAV Issuer Industry+ / Issuer Rating % to NAV
Security Rating Security Rating
DEBT & DEBT RELATED HDFC Life Insurance Company Limited CRISIL - AAA CRISIL - AAA 0.57
Government Securities (Central/State) L&T Metro Rail (Hyderabad) Ltd ICRA -
CRISIL - AAA(CE) AAA(CE) 0.57
• 7.1 GOI 2029 Sovereign Sovereign 3.48
Aditya Birla Fashion and Retail Ltd. CRISIL - AA CRISIL - AA 0.56
GOI 2034 Sovereign Sovereign 1.15
INOX Green Energy Services Ltd. CRISIL -
6.54 GOI 2032 Sovereign Sovereign 0.89 CRISIL - AA(CE) AA(CE) 0.55
8.53% Tamil Nadu SDL - Mat 090326 Sovereign Sovereign 0.85 Mahindra Rural Housing Finance Ltd CRISIL - AA+ CRISIL - AA+ 0.47
7.89% Gujarat SDL - Mat 150525 Sovereign Sovereign 0.47 REC Limited. CRISIL - AAA CRISIL - AAA 0.36
6.79 GOI 2027 Sovereign Sovereign 0.40 Dilip Buildcon Ltd. CRISIL - A CARE - A- 0.35
7.98% Tamil Nadu SDL - Mat 250526 Sovereign Sovereign 0.36 JM Financial Products Ltd. CRISIL - AA CRISIL - AA 0.30
6.97 GOI 2026 Sovereign Sovereign 0.29 TMF Holdings Ltd. (Subsidiary of Tata
7.02% Gujarat SDL - Mat 280826 Sovereign Sovereign 0.29 Motors Ltd.) CRISIL - AA- CRISIL - AA- 0.29
7.17 GOI 2028 Sovereign Sovereign 0.29 Shriram Transport Finance Co. Ltd. IND - AA+ CRISIL - AA+ 0.18
7.26 GOI 2032 Sovereign Sovereign 0.29 Motilal Oswal Home Fin Ltd. (Erst Aspire
Home Fin) (Subsidiary of Motilal Oswal
6.18% Gujarat SDL - Mat 310326 Sovereign Sovereign 0.28 Financial Services Ltd.) IND - AA ICRA - AA- 0.12
7.27 GOI 2026 Sovereign Sovereign 0.24 Reliance Industries Ltd. CRISIL - AAA CRISIL - AAA 0.01
5.63 GOI 2026 Sovereign Sovereign 0.17 Sub Total 77.09
Sub Total 9.45 Credit Exposure (Perpetual Bonds)
Credit Exposure (Non Perpetual) TMF Holdings Ltd. (Subsidiary of Tata
• Tata Motors Ltd. CRISIL - AA- CRISIL - AA- 4.62 Motors Ltd.) (Perpetual) CRISIL - AA- CRISIL - AA- 1.46
• TVS Credit Services Ltd CRISIL - AA CRISIL - AA 4.41 Sub Total 1.46
• Bharti Hexacom Limited CRISIL - AA+ CRISIL - AA+ 4.13 Total 88.00
• IndInfravit Trust CRISIL - AAA CRISIL - AAA 3.97 UNITS ISSUED BY REIT & INVIT
• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA CRISIL - AAA 3.81 Units issued by InvIT
• Power Finance Corporation Ltd. CRISIL - AAA CRISIL - AAA 3.49 POWERGRID Infrastructure Investment Trust Power Power 1.60
• The Tata Power Company Ltd. IND - AA CRISIL - AA 3.27 Sub Total 1.60
• DLF Cyber City Developers Ltd. CRISIL - AA ICRA - AA- 3.11 MONEY MARKET INSTRUMENTS
• Hinduja Leyland Finance Ltd. CARE - AA- / CRISIL CP
- AA- CARE - AA- 2.58 Tata Teleservices Ltd. CRISIL - A1+ CRISIL - AA- 2.29
Green Infra Wind Energy Ltd CRISIL - AA CRISIL - AA- 2.35 Vedanta Ltd. CRISIL - A1+ CRISIL - AA 1.71
GIC Housing Finance Ltd. ICRA - AA ICRA - AA 2.33 Sub Total 4.00
Ashoka Concession Ltd. CRISIL - AA- Cash,Cash Equivalents and Net Current Assets 6.40
CRISIL - AA-(CE) (CE) 2.30
Grand Total 100.00
Tata Projects Ltd. IND - AA IND - AA 2.04
DLF LIMITED ICRA - AA- CRISIL - A+ 2.03 • Top Ten Holdings, £ Sponsor
Jamnagar Utilities & Power Pvt. Ltd.
(erstwhile Reliance Utilities & Power Pvt. Outstanding exposure in derivative instruments Interest Rate Swap (` in Crore) 225.00
Ltd.) CRISIL - AAA CRISIL - AAA 1.96
Promont Hillside Pvt. Ltd CARE - AA CARE - AA 1.79 Face Value per Unit: ` 10, Data is as of November 30, 2022 unless otherwise specified. ≈ Based
on long term rating.
Hero Housing Finance Limited CRISIL - AA+ CRISIL - AA+ 1.76
Avanse Financial Service Ltd. CARE - A+ CARE - A+ 1.74
Nuvoco Vistas Corporation Ltd. (100%
subsidiary of Nirma Ltd. & erstwhile Lafarge
India Ltd.) CRISIL - AA CRISIL - AA 1.74
Varroc Engineering Limited ICRA - A ICRA - A 1.70
Shriram City Union Finance Ltd. CRISIL - AA CRISIL - AA 1.66
Embassy Office Parks REIT CRISIL - AAA CRISIL - AAA 1.44
LIC Housing Finance Ltd. CRISIL - AAA CRISIL - AAA 1.43
Godrej Industries Ltd. CRISIL - AA ICRA - AA 1.43
Sikka Port and Terminal Ltd. (erstwhile
Reliance Ports and Terminals Ltd.) CRISIL - AAA CRISIL - AAA 1.42
India Grid Trust CRISIL - AAA / ICRA -
AAA / IND - AAA CRISIL - AAA 1.38
Fullerton India Home Finance Company Ltd. CRISIL - AAA CARE - AAA 1.16
Plutus 09 2022 CRISIL -
CRISIL - AA(SO) AA(SO) 1.16
Mindspace Business Parks REIT CRISIL - AAA CRISIL - AAA 1.13
Manappuram Finance Ltd. CRISIL - AA CRISIL - AA 1.09
GERA Development Pvt. Ltd. CARE - AA- CARE - AA- 0.98
INOX Wind Ltd CRISIL -
CRISIL - AA(CE) AA(CE) 0.78
NTPC Limited CRISIL - AAA CRISIL - AAA 0.72
Steel Authority Of India Ltd. IND - AA CARE - AA 0.66
LAUREN 03 2022 CRISIL -
CRISIL - AA(SO) AA(SO) 0.61
Motilal Oswal Finvest Limited ICRA - AA CRISIL - AA 0.58
November 2022 83
HDFC Dynamic Debt Fund CATEGORY OF SCHEME
DYNAMIC BOND FUND
(An open ended dynamic debt scheme investing across duration. A Relatively High Interest Rate
Risk and Moderate Credit Risk)
KEY FACTS
INVESTMENT OBJECTIVE : To generate income / capital appreciation by investing in a range of debt and money market instruments. There is no assurance that the investment

Anil Bamboli
Total Experience: Over 27 years Issuer Rating % to Issuer Rating % to
NAV NAV
DEBT & DEBT RELATED INOX Green Energy Services Ltd. CRISIL - AA(CE) 0.82
DATE OF ALLOTMENT / INCEPTION DATE Government Securities (Central/State) NTPC Limited CRISIL - AAA 0.13
April 28, 1997 • GOI 2034 Sovereign 18.74 Sub Total 12.12
• 7.1 GOI 2029 Sovereign 11.96 Cash,Cash Equivalents and Net Current Assets 3.74
NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`) • GOI 2028 Sovereign 10.91 Grand Total 100.00
Regular Plan - Growth Option 74.2474 • 6.97 GOI 2026 Sovereign 10.00 • Top Ten Holdings, @ less than 0.01%
Regular Plan - Quarterly IDCW Option 12.0936 • 5.63 GOI 2026 Sovereign 7.22
Regular Plan - Half-Yearly IDCW Option 11.4122 • 7.38 GOI 2027 Sovereign 5.07
Regular Plan - Yearly IDCW Option 13.2123 Outstanding exposure in derivative
6.79 GOI 2027 Sovereign 1.98 instruments Interest Rate Swap (` in Crore) 65.00
Regular Plan - Normal IDCW Option 15.9061
Direct Plan - Growth Option 80.1695 6.79 GOI 2029 Sovereign 1.96
Direct Plan - Quarterly IDCW Option 13.2545 6.67 GOI 2035 Sovereign 0.91 Face Value per Unit: ` 10, Data is as of November 30, 2022
Direct Plan - Half-Yearly IDCW Option 13.1460 1.44% GOI Inflation Indexed 2023 Sovereign 0.19 unless otherwise specified.
Direct Plan - Yearly IDCW Option 14.4895 8.26% Maharashtra SDL - ISD
Direct Plan - Normal IDCW Option 16.8801 120815 Mat 120825 Sovereign 0.13 ¥ Dedicated Fund Manager for Overseas Investments:
8.19% Rajasthan SDL (UDAY Mr. Priya Ranjan (since May 01, 2022)
J
ASSETS UNDER MANAGEMENT Scheme- Strip IX ) - ISD 230616
As on November 30, 2022 Mat 230626 Sovereign @ (Total Experience: Over 15 years).
` 497.26 Cr. Sub Total 84.14 J Includes investments made by the schemes of HDFC Mutual
Average for Month of November 2022 Credit Exposure (Non Perpetual) Fund aggregating to ` 1.30 Crore.
` 497.73 Cr. • State Bank of India CRISIL - AAA 5.08
• Mahanagar Telephone Nigam Ltd.
(Corporate guarantee from Govt Please refer Minimum Application Amount, Plans & Options and
QUANTITATIVE DATA Exit Load, on Page no. 86 to 92.
Average Maturity * 6.04 years of India) CARE - AAA(CE) 3.07
Macaulay Duration * 2.46 years • Jamnagar Utilities & Power Pvt.
Modified Duration * 2.22 years Ltd. (erstwhile Reliance Utilities &
Power Pvt. Ltd.) CRISIL - AAA 3.02
/ payable.

#BENCHMARK INDEX: SIP PERFORMANCE ^ - Regular Plan - Growth Option

CRISIL Dynamic Bond Fund B-III Index Since Inception 15 year 10 year 5 year 3 year 1 year
##ADDL. BENCHMARK INDEX: SIP SIP SIP SIP SIP SIP
CRISIL 10 year Gilt Index Total Amount Invested (` in Lacs) 30.80 18.00 12.00 6.00 3.60 1.20
Returns (%) 7.24 6.76 6.03 5.38 4.81 3.25
Portfolio accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
Classification By
Rating Class (%)
n (%) ## (`)# Benchmark
Sovereign 84.14 (`)##
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 11.30 Nov 30, 21 Last 1 Year 1.01 2.85 -0.21 10,101 10,285 9,979
n AA/AA- 0.82 Nov 29, 19 Last 3 Years 5.88 7.81 3.47 11,873 12,537 11,079
n Cash, Cash Equivalents and Net Current Assets 3.74 Nov 30, 17 Last 5 Years 4.82 7.33 5.10 12,655 14,244 12,828
Nov 30, 12 Last 10 Years 6.97 8.64 6.31 19,626 22,905 18,448
Apr 28, 97 Since Inception 8.14 NA NA 74,247 NA NA
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by Anil
Bamboli, please refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct
Portfolio Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of
Classification By Direct Plan, refer page 95 to 99.
Asset Class (%) ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
n G-Sec, SDL This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to the
84.14 interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives is likely to be
n Credit Exposure 12.12 lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances the volatility may be of an order greater
84 November 2022
HDFC Gilt Fund CATEGORY OF SCHEME
GILT FUND
(An open ended debt scheme investing in government securities across maturities.
A Relatively High Interest Rate Risk and Relatively Low Credit Risk)
KEY FACTS
INVESTMENT OBJECTIVE : To generate credit risk-free returns through investments in sovereign securities issued by the Central Government and/ or State Government.

Anil Bamboli
(since September 1, 2007)
Total Experience: Over 27 years Issuer Rating % to Issuer Rating % to
NAV NAV
DEBT & DEBT RELATED 182 Days Tbill ISD 230622 Mat
DATE OF ALLOTMENT / INCEPTION DATE Government Securities (Central/State) 221222 Sovereign 0.29
July 25, 2001 • 6.97 GOI 2026 Sovereign 19.43 Sub Total 0.29
• 6.79 GOI 2027 Sovereign 12.94 Cash,Cash Equivalents and Net Current Assets 7.71
NAV (As on NOVEMBER 30, 2022) NAV PER UNIT (`) Grand Total 100.00
Regular Plan - Growth Option 45.4935 • 7.38 GOI 2027 Sovereign 8.54
Regular Plan - IDCW Option 11.7869 • GOI 2028 Sovereign 8.34 • Top Ten Holdings
Direct Plan - Growth Option 47.3581 • 6.45 GOI 2029 Sovereign 6.40
Direct Plan - IDCW Option 12.4224 Outstanding exposure in derivative
instruments Interest Rate Swap (` in Crore) 85.00
As on November 30, 2022 • 6.79 GOI 2029 Sovereign 3.69
` 1,714.49 Cr. • GOI 2034 Sovereign 3.43 Face Value per Unit: ` 10, Data is as of November 30, 2022
Average for Month of November 2022 8.60% Rajasthan SDL- Mat unless otherwise specified.
` 1,704.92 Cr. 061128 Sovereign 1.53
5.63 GOI 2026 Sovereign 0.84 ¥ Dedicated Fund Manager for Overseas Investments:
QUANTITATIVE DATA 6.99 GOI 2051 Sovereign 0.21 Mr. Priya Ranjan (since May 01, 2022)
Average Maturity * 5.07 years (Total Experience: Over 15 years).
Macaulay Duration * 3.39 years Please refer Minimum Application Amount, Plans & Options and
Modified Duration * 3.22 years 7.37 GOI 2023 Sovereign 0.14
7.95 GOI 2032 Sovereign 0.07 Exit Load, on Page no. 86 to 92.
*Calculated on amount invested in debt securities 8.97 GOI 2030 Sovereign 0.06
(including accrued interest), deployment of funds 6.76 GOI 2061 Sovereign 0.02
in TREPS and Reverse Repo and net receivable Sub Total 92.00
/ payable. T-Bills

#BENCHMARK INDEX:
CRISIL Dynamic Gilt Index
CRISIL 10 year Gilt Index
Returns (%) 6.73 6.90 6.36 4.90 3.19 3.38
Benchmark Returns (%) # N.A. N.A. N.A. N.A. N.A. N.A.
Portfolio
Classification By accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
Rating Class (%) simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

n Sovereign 92.29 (%) ## (`)# Benchmark
(`)##
Nov 29, 19 Last 3 Years 4.66 5.52 3.47 11,465 11,753 11,079
Nov 30, 17 Last 5 Years 5.44 6.52 5.10 13,032 13,713 12,828
Nov 30, 12 Last 10 Years 7.28 7.64 6.31 20,208 20,883 18,448
Jul 25, 01 Since Inception 7.35 7.96 NA 45,494 51,400 NA
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by Anil
Portfolio Bamboli, please refer page 96. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct
Classification By Direct Plan, refer page 95 to 99.
Asset Class (%)
n G-Sec, SDL, T-Bills 92.29 interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives is likely to be
November 2022 85
FUND DETAILS ANNEXURE
SCHEME NAME MINIMUM APPLICATION AMOUNT PLANS & OPTIONS EXIT LOAD*
HDFC Flexi Cap Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is
Fund thereafter. IDCW Option. The IDCW Option offers following Sub- payable if Units are redeemed / switched-out within 1 year from the date
Additional Purchase : ` 100 and Options: Payout of IDCW Option; and Reinvestment of of allotment.
any amount thereafter. IDCW Option. l No Exit Load is payable if Units are redeemed / switched-out after 1 year
from the date of allotment.
HDFC Multi Cap Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is
Fund thereafter.Additional Purchase : ` IDCW Option. The IDCW Option offers following Sub- payable if Units are redeemed / switched-out within 1 year from the date
100 and any amount thereafter Options: Payout of IDCW Option; and Reinvestment of of allotment.
IDCW Option. l No Exit Load is payable if Units are redeemed / switched-out after 1 year
HDFC Top 100 Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is
100 and any amount thereafter. Options: Payout of IDCW Option; and Reinvestment of of allotment.
HDFC Mid-Cap Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is
Opportunities thereafter.Additional Purchase : ` IDCW Option. The IDCW Option offers following Sub- payable if Units are redeemed / switched-out within 1 year from the date
Fund 100 and any amount thereafter. Options: Payout of IDCW Option; and Reinvestment of of allotment.
HDFC Small Cap Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is
HDFC Large and Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is
Mid Cap Fund thereafter.Additional Purchase : ` IDCW Option. The IDCW Option offers following Sub- payable if Units are redeemed / switched-out within 1 year from the date
HDFC Capital Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is
Builder Value thereafter.Additional Purchase : ` IDCW Option. The IDCW Option offers following Sub- payable if Units are redeemed / switched-out within 1 year from the date
Fund 100 and any amount thereafter. Options: Payout of IDCW Option; and Reinvestment of of allotment.
HDFC Dividend Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is
Yield Fund thereafter.Additional Purchase : ` IDCW Option. The IDCW Option offers following Sub- payable if Units are redeemed / switched-out within 1 year from the date
HDFC Focused Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is
30 Fund thereafter.Additional Purchase : ` IDCW Option. The IDCW Option offers following Sub- payable if Units are redeemed / switched-out within 1 year from the date
HDFC Business Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l In respect of each purchase/switch-in of units, an Exit load of 1% is
Cycle Fund thereafter. IDCW Option. The IDCW Option offers following Sub- payable if units are redeemed/switched-out within 1 year from the date
Additional Purchase : ` 100 and Options: Payout of IDCW Option; and Reinvestment of of allotment.
any amount thereafter. IDCW Option. l No Exit Load is payable if units are redeemed / switched-out after 1 year
HDFC Banking Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l an Exit load of 1% is payable if units are redeemed/switchedout within
& Financial thereafter. IDCW Option. The IDCW Option offers following Sub- 30 days from the date of allotment.
Services Fund Additional Purchase : ` 100 and Options: Payout of IDCW Option; and Reinvestment of l No Exit Load is payable if units are redeemed/switched-out after 30 days
any amount thereafter. IDCW Option. from the date of allotment.$
HDFC Housing Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l an Exit load of 1% is payable if units are redeemed/switchedout within
Opportunities thereafter. IDCW Option. The IDCW Option offers following Sub- 30 days from the date of allotment.
Fund Additional Purchase : ` 100 and Options: Payout of IDCW Option; and Reinvestment of l No Exit Load is payable if units are redeemed/switched-out after 30 days
HDFC Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l an Exit load of 1% is payable if units are redeemed/switchedout within
Infrastructure thereafter. IDCW Option. The IDCW Option offers following Sub- 30 days from the date of allotment.
Fund Additional Purchase : ` 100 and Options: Payout of IDCW Option; and Reinvestment of l No Exit Load is payable if units are redeemed/switched-out after 30 days
HDFC Balanced Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l In respect of each purchase / switch-in of Units, upto 15% of the units
Advantage Fund thereafter. IDCW Option. The IDCW Option offers following Sub- may be redeemed without any exit load from the date of allotment.
Additional Purchase : ` 100 and Options: Payout of IDCW Option; and Reinvestment of l Any redemption in excess of the above limit shall be subject to the
any amount thereafter. IDCW Option. following exit load:
 Exit load of 1.00% is payable if Units are redeemed / switched-out within
1 year from the date of allotment of units.
l No Exit Load is payable if Units are redeemed / switched-out after 1 year
$
w.e.f. December 5, 2022
*For further details, please refer to para ‘Exit Load’ on page no. 93.
86 November 2022
HDFC Hybrid Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l In respect of each purchase/switch-in of Units, upto 15% of the units
Equity Fund thereafter. IDCW Option. The IDCW Option offers following Sub- may be redeemed without any exit load from the date of allotment.
Additional Purchase : ` 100 and Options: Payout of IDCW Option; and Reinvestment of l Any redemption in excess of the above limit shall be subject to the
 Exit load of 1.00% is payable if Units are redeemed / switched out within
l No Exit Load is payable if Units are redeemed / switched out after 1 year
HDFC Multi-Asset Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l In respect of each purchase / switch-in of Units, 15% of the units (“the
Fund thereafter. IDCW Option. The IDCW Option offers following Sub- limit”) may be redeemed without any Exit Load from the date of
Additional Purchase : ` 100 and Options: Payout of IDCW Option; and Reinvestment of allotment.
any amount thereafter. IDCW Option. l Any redemption in excess of the above limit shall be subject to the
following exit load:
 Exit Load of 1.00% is payable if units are redeemed / switched out
within 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.
HDFC Asset Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & In respect of each purchase / switch-in of Units, upto 15% of the units may
Allocator Fund thereafter. IDCW Option. The IDCW Option offers following Sub- be redeemed without any exit load from the date of allotment.
Of Funds Additional Purchase : ` 100 and Options: Payout of IDCW Option; and Reinvestment of Any redemption in excess of the above limit shall be subject to the
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
HDFC Equity Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & l In respect of each purchase / switch-in of Units, upto 15% of the units
Savings Fund thereafter. IDCW Option. The IDCW Option offers following Sub- may be redeemed without any exit load from the date of allotment.
Additional Purchase : ` 100 and Options: Payout of IDCW Option; and Reinvestment of However, please note that the Units will be redeemed on First In First
any amount thereafter. IDCW Option. Out (FIFO) basis.
l Any redemption in excess of the above limit shall be subject to the
following exit load:
3 months from the date of allotment of units.
l No Exit Load is payable if Units are redeemed / switched out after 3
months from the date of allotment.
HDFC Hybrid Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth, l In respect of each purchase / switch-in of Units, 15% of the Units
Debt Fund thereafter. (Monthly & Quarterly) IDCW Option. The IDCW Option (“the limit”) may be redeemed without any exit load from the date of
Additional Purchase : ` 100 and offers following Sub-Options: Payout of IDCW Option; allotment.
any amount thereafter. and Re-investment of IDCW Option. 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
HDFC Index Fund Purchase : ` 100 and any amount Regular Plan, Direct Plan. Each Plan offers Growth l In respect of each purchase / switch-in of Units, an Exit Load of 0.25%
- NIFTY 50 Plan thereafter. Option only. is payable if Units are redeemed / switched out within 3 days from the
Additional Purchase : ` 100 and date of allotment.
any amount thereafter. l No Exit load is payable if units are redeemed / switched out after 3 days
HDFC Index Purchase : ` 100 and any amount Regular Plan, Direct Plan. Each Plan offers Growth l In respect of each purchase / switch-in of Units, an Exit Load of 0.25%
Fund - S&P BSE thereafter. Option only. is payable if Units are redeemed / switched out within 3 days from the
SENSEX Plan Additional Purchase : ` 100 and date of allotment.
any amount thereafter. l No Exit load is payable if units are redeemed / switched out after 3 days
HDFC NIFTY 100 Purchase : ` 100 and any amount Regular Plan, Direct Plan. Each Plan offers Growth Nil
Index Fund thereafter. Option only.
Additional Purchase : ` 100 and
any amount thereafter.
HDFC NIFTY50 Purchase : ` 100 and any amount Regular Plan, Direct Plan. Each Plan offers Growth Nil
Equal Weight thereafter. Option only.
Index Fund Additional Purchase : ` 100 and
HDFC NIFTY 100 Purchase : ` 100 and any amount Regular Plan, Direct Plan. Each Plan offers Growth Nil
Equal Weight thereafter. Option only.
Index Fund Additional Purchase : ` 100 and
HDFC NIFTY Next Purchase : ` 100 and any amount Regular Plan, Direct Plan. Each Plan offers Growth Nil
50 Index Fund thereafter. Option only.
Additional Purchase : ` 100 and
HDFC Nifty G-Sec Purchase : ` 100 and any amount Regular Plan, Direct Plan. Each Plan offers Growth Nil
Dec 2026 Index thereafter. Option only.
Fund Additional Purchase : ` 100 and
HDFC Nifty G-Sec Purchase : ` 100 and any amount Regular Plan, Direct Plan. Each Plan offers Growth Nil
Jul 2031 Index thereafter. Option only.
Fund Additional Purchase : ` 100 and
November 2022 87
HDFC NIFTY 50 ETF For Transactions Directly with the Fund: Presently the Scheme does not offer any Not Applicable
For Market Makers: In Creation Unit Size and in multiples thereof. Plans / Options for investment
For Large Investors& :
Application can be made either:
(i) in exchange of Cash or
(ii) in exchange of Portfolio Deposit [i.e. basket of securities constituting Benchmark Index]
along with the cash component and applicable transaction charges.
Refer SID for further details.
Each Creation Unit Size will consist of 40,000 Units of HNETF and 1 Unit of HNETF will be
approximately equal to 1/100th of the value of NIFTY 50 Index.
For Transactions on Stock Exchanges: Units of HNETF can be traded (in lots of 1 Unit) during the
trading hours on all trading days on the NSE and BSE on which the Units are listed.
&
From May 1, 2023 - Min. application amount for Large Investors shall be Rs. 25 Crores and in
multiples of Creation Unit Size.
HDFC S&P BSE For Transactions Directly with the Fund: Presently the Scheme does not offer any Not Applicable
SENSEX ETF For Market Makers: In Creation Unit Size and in multiples thereof. Plans / Options for investment
Each Creation Unit Size will consist of 10,000 Units of HSXETF and 1 Unit of HSXETF will be
approximately equal to 1/100th of the value of S&P BSE SENSEX Index.
For Transactions on Stock Exchanges:Units
Exchanges:Units of HSXETF can be traded (in lots of 1 Unit) during the
trading hours on all trading days on the NSE and BSE on which the Units are listed.
&
HDFC NIFTY Bank For Transactions Directly with the Fund: Currently, there are no investment Not Applicable
ETF For Market Makers: In Creation Unit Size and in multiples thereof. Plans/Options being offered under
For Large Investors& : the Scheme.
Each Creation Unit Size will consist of 12,500 Units of the ETF and 1 Unit of the ETF will be
approximately equal to 1/100th of the value of NIFTY Bank Index.
For Transactions on Stock Exchanges: Units of the ETF can be traded (in lots of 1 Unit) during the
trading hours on all trading days on the NSE and/ or BSE on which the Units are listed.
&
HDFC NIFTY 100 For Transactions Directly with the Fund: Presently the Scheme does not offer any Not Applicable
ETF For Market Makers: In Creation Unit Size and in multiples thereof. Plans / Options for investment
(ii) in exchange of Portfolio Deposit [i.e. basket of securities constituting Benchmark Index] along with
the cash component and applicable transaction charges.
approximately equal to 1/100th of the value of NIFTY 100 Index.
&
HDFC NIFTY Next For Transactions Directly with the Fund: Presently the Scheme does not offer any Not Applicable
50 ETF For Market Makers: In Creation Unit Size and in multiples thereof. Plans / Options for investment
approximately equal to 1/100th of the value of NIFTY Next 50 Index.
&
HDFC Silver ETF For Transactions Directly with the Fund: Presently the Scheme does not offer any Not Applicable
For Market Makers: In Creation Unit Size and in multiples thereof. Plans / Options for investment
For Large Investors&
approximately equal to 1/100th of the value of Domestic Prices of physical Silver.
&
88 November 2022
HDFC For Transactions Directly with the Fund: Presently the Scheme Not Applicable
NIFTY200 For Market Makers: In Creation Unit Size and in multiples thereof. does not offer any
MOMENTUM For Large Investors& : Plans / Options for
30 ETF Application can be made either: investment
(ii) in exchange of Portfolio Deposit [i.e. basket of securities constituting Benchmark Index] along
with the cash component and applicable transaction charges.
approximately equal to 1/100th of the value of NIFTY200 Momentum 30 Index.
&
NIFTY100 Low For Market Makers: In Creation Unit Size and in multiples thereof. does not offer any
Volatility 30 For Large Investors& : Plans / Options for
ETF Application can be made either: investment
Each Creation Unit Size will consist of 30,000** Units of the ETF and 1 Unit of the ETF will be
approximately equal to 1/100th of the value of NIFTY100 Low Volatility 30 Index.
&
HDFC Silver Purchase : ` 100 and any amount thereafter. Regular Plan, Direct In respect of each purchase/switch-in of units
ETF Fund of Additional Purchase : ` 100 and any amount thereafter. Plan. Each Plan offers l an Exit Load of 1% is payable if Units are
Fund Growth Option only. redeemed/switchedout within 15 days from
the date of allotment.
l No Exit Load is payable if Units are redeemed/
switched-out on or after 15 days from the
date of allotment$
HDFC NIFTY50 For Transactions Directly with the Fund: Presently the Scheme Not Applicable
VALUE 20 ETF For Market Makers: In Creation Unit Size and in multiples thereof. does not offer any
For Large Investors& : Plans / Options for
Application can be made either: investment
Each Creation Unit Size will consist of 15,000** Units of the ETF and 1 Unit of the ETF will be
approximately equal to 1/100th of the value of NIFTY50 Value 20 Index.
&
NIFTY100 For Market Makers: In Creation Unit Size and in multiples thereof. does not offer any
Quality 30 ETF For Large Investors& : Plans / Options for
Each Creation Unit Size will consist of 1,50,000 Units of the ETF and 1 Unit of the ETF will be
approximately equal to 1/100th of the value of NIFTY100 Quality 30 Index.
&
HDFC NIFTY For Transactions Directly with the Fund: Presently the Scheme Not Applicable
Growth For Market Makers: In Creation Unit Size and in multiples thereof. does not offer any
Sectors 15 ETF For Large Investors& : Plans / Options for
approximately equal to 1/100th of the value of NIFTY Growth Sectors 15 Index.
&
$
** w.e.f. December 5, 2022
November 2022 89
HDFC NIFTY IT ETF For Transactions Directly with the Fund: Presently the Scheme does not Not Applicable
For Market Makers: In Creation Unit Size and in multiples thereof. offer any Plans / Options for
For Large Investors& : investment
(ii) in exchange of Portfolio Deposit [i.e. basket of securities constituting Benchmark
Index] along with the cash component and applicable transaction charges.
Each Creation Unit Size will consist of 10,000 Units of the ETF and 1 Unit of the ETF
will be approximately equal to 1/100th of the value of HDFC NIFTY IT ETF.
For Transactions on Stock Exchanges: Units of the ETF can be traded (in lots of 1
Unit) during the trading hours on all trading days on the NSE and/ or BSE on which
the Units are listed.
&
From May 1, 2023 - Min. application amount for Large Investors shall be Rs. 25
Crores and in multiples of Creation Unit Size.
HDFC NIFTY For Transactions Directly with the Fund: Presently the Scheme does not Not Applicable
Private Bank ETF For Market Makers: In Creation Unit Size and in multiples thereof. offer any Plans / Options for
For Large Investors& : investment
(ii) in exchange of Portfolio Deposit [i.e. basket of securities constituting Benchmark
Index] along with the cash component and applicable transaction charges.
Each Creation Unit Size will consist of 7,500 Units of the ETF and 1 Unit of the ETF will
be approximately equal to 1/100th of the value of HDFC NIFTY Private Bank Index.
For Transactions on Stock Exchanges: Units of the ETF can be traded (in lots of 1
Unit) during the trading hours on all trading days on the NSE and/ or BSE on which
the Units are listed.
&
HDFC Gold For Transactions Directly with the Fund: Currently, there are no Not Applicable
Exchange Traded For Market Makers: In Creation Unit Size and in multiples thereof. investment Plans / Options
Fund For Large Investors& : being offered under the
Scheme.
For further details, refer SID.
For Transactions on Stock Exchanges: Units of HGETF can be traded (in lots of 1 Unit)
during the trading hours on all trading days on the NSE and BSE on which the Units
are listed.
&
HDFC Gold Fund Purchase: Under Growth Option : ` 100 and any amount thereafter. Regular Plan, Direct Plan. Each In respect of each purchase/switch-in of units
Additional Purchase : Under Growth Option : ` 100 and any amount thereafter. Plan offers Growth Option only. l an Exit Load of 1% is payable if Units are
redeemed/switchedout within 15 days from
l No Exit Load is payable if Units are redeemed/
switched-out on or after 15 days from the date
of allotment$
HDFC Developed Purchase : ` 100 and any amount thereafter. Regular Plan, Direct Plan. Each l 1.00% is payable if Units are redeemed/
World Indexes Additional Purchase : ` 100 and any amount thereafter. Plan offers Growth Option only. switched out within 30 days from the date of
Fund of Funds allotment of units.
l No Exit Load is payable if Units are
redeemed/switched out after 30 days from
HDFC TaxSaver Purchase : ` 500 and in multiples of ` 500 thereafter. Regular Plan, Direct Plan. Under Nil
Additional Purchase : ` 500 and in multiples of ` 500 thereafter. Each Plan: Growth & IDCW
Option. The IDCW Option offers
Payout of IDCW Option.
HDFC Children's Purchase : ` 100 and any amount thereafter. Regular Plan, Direct Plan. Nil
Gift Fund Additional Purchase : ` 100 and any amount thereafter.
HDFC Retirement Purchase : ` 100 and any amount thereafter. Regular Plan, Direct Plan. Under Upon completion of lock-in period: Nil
Savings Fund - Additional Purchase : ` 100 and any amount thereafter. Each Plan offers Growth Option
Equity Plan only.
HDFC Ultra Short Purchase : ` 100 and any amount thereafter. Regular Plan, Direct Plan. Under Nil
Term Fund Additional Purchase : ` 100 and any amount thereafter. both the Plans: Growth & IDCW
Option. The (Daily) IDCW Option
offers only Re-investment of
IDCW Option. The (Weekly
and Monthly) IDCW Option
offers following Sub-Options:
Payout of IDCW Option; and
Re-investment of IDCW Option.
$
90 November 2022
HDFC Retirement Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan offers Growth Option only. Upon completion of lock-in period: Nil
Savings Fund - thereafter.
Hybrid Equity Plan Additional Purchase : ` 100 and
HDFC Retirement Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan offers Growth Option only. Upon completion of lock-in period: Nil
Savings Fund - thereafter.
Hybrid Debt Plan Additional Purchase : ` 100 and
HDFC Overnight Purchase : Under Growth Option Regular Plan, Direct Plan. Under Each Plan: Growth & Daily IDCW Nil
Fund : ` 100ß and any amount Option. The Daily IDCW Option offers only Re-investment of IDCW
thereafter. Under Daily IDCW Option.
Option : ` 10,000 and any
amount thereafter.
Additional Purchase : Under
Growth Option : ` 100ß and
any amount thereafter. Under
Daily IDCW Option : ` 5,000 and
any amount thereafter (ß w.e.f
November 3, 2021)
HDFC Liquid Fund Purchase : Under Growth Regular Plan, Direct Plan. Under both the Plans: Growth & IDCW l On investments made on or before October 19, 2019: NIL
Option Rs. 100 and any amount Option. The Daily IDCW Option offers only Re-investment of IDCW l On investments (including through existing systematic
thereafter. Option. The Weekly and Monthly IDCW Option offers following Sub- plan registrations) made on or after October 20, 2019, as
Weekly IDCW Option and Monthly Options: Payout of IDCW Option; and Re-investment of IDCW Option. follows:
IDCW Option: ` 5,000 and any
amount thereafter. Units redeemed / Exit load as a
switched-out within % of
Under Daily IDCW Option: redemption
` 10,000 and any amount “X” days from the date proceeds
thereafter. of allotment
Additional Purchase : Under Day 1 0.0070%
Growth Option Rs. 100 and any Day 2 0.0065%
amount thereafter.
Day 3 0.0060%
Weekly IDCW Option and Monthly
IDCW Option: ` 1,000 and any Day 4 0.0055%
amount thereafter. Under Daily Day 5 0.0050%
IDCW Option: ` 5,000 and any Day 6 0.0045%
amount thereafter. Day 7 onwards Nil
HDFC Low Purchase : ` 100 and any amount Regular Plan, Direct Plan. Each Plan offers Growth & IDCW Option. Nil
Duration Fund thereafter. The (Daily) IDCW Option offers only Re-investment of IDCW Option.
Additional Purchase : ` 100 and The (Weekly and Monthly) IDCW Option offers following Sub-Options:
any amount thereafter. Payout of IDCW Option; and Re-investment of IDCW Option.
HDFC Money Purchase : ` 100 and any amount Regular Plan, Direct Plan. Each Plan offers Growth & Daily IDCW Nil
Market Fund thereafter. Option. The (Daily) IDCW Option offers only Re-investment of IDCW
Additional Purchase : ` 100 and Option. The (Weekly) IDCW Option offers following Sub-Options:
any amount thereafter. Payout of IDCW Option; and Re-investment of IDCW Option.
HDFC Short Term Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth, (Fortnightly Nil
Debt Fund thereafter. & Normal) IDCW Option. Both (Fortnightly & Normal) IDCW
Additional Purchase : ` 100 and Options offers following Sub-Options: Payout of IDCW Option; and
any amount thereafter. Reinvestment of IDCW Option.
HDFC Medium Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under both the Plans: Growth, (Fortnightly Nil
Term Debt Fund thereafter. & Normal) IDCW Option. Both (Fortnightly & Normal) IDCW
Additional Purchase : ` 100 and Options offers following Sub-Options: Payout of IDCW Option; and
any amount thereafter. Reinvestment of IDCW Option.
HDFC Income Fund Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth, (Quarterly & Nil
thereafter. Normal) IDCW Option. Both (Quarterly & Normal) IDCW Option offers
Additional Purchase : ` 100 and following Sub-Options: Payout of IDCW Option; and Reinvestment
any amount thereafter. of IDCW Option.
HDFC Arbitrage (Wholesale Plan) (Wholesale Plan) - Regular Plan, (Wholesale Plan) - Direct Plan. Under l Inrespect of each purchase / switch-in of Units, an Exit
Fund Purchase : ` 100 and any amount Each Plan: Growth & IDCW Option. The IDCW Option offers (Monthly Load of 0.25% is payable if Units are redeemed / switched-
thereafter. and Normal) following Sub-Options: Payout of IDCW Option; and out within 1 month from the date of allotment.
Additional Purchase : ` 100 and Re-investment of IDCW Option. l No Exit Load is payable if Units are redeemed / switched-
any amount thereafter. out after 1 month from the date of allotment.
HDFC Floating Rate Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under both the Plans: Growth & IDCW Nil
Debt Fund thereafter. Option. The (Daily) IDCW Option offers only Re-investment of IDCW
Additional Purchase : ` 100 and Option. The (Weekly and Monthly) IDCW Option offers following Sub-
any amount thereafter. Options: Payout of IDCW Option; and Re-investment of IDCW Option.
HDFC Corporate Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under both the Plans: Growth, (Quarterly & Nil
Bond Fund thereafter. Normal) IDCW Option. Both (Quarterly & Normal) IDCW Option offers
Additional Purchase : ` 100 and following Sub-Options: Payout of IDCW Option; and Reinvestment
any amount thereafter. of IDCW Option.
HDFC Banking and Purchase : ` 100 and any amount Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option Nil
PSU Debt Fund thereafter. (Weekly frequency). The IDCW Option offers following Sub-Options:
Additional Purchase : ` 100 and Payout of IDCW Option; and Re-investment of IDCW Option.
November 2022 91
`
MINIMUM APPLICATION
SCHEME NAME AMOUNT PLANS & OPTIONS EXIT LOAD*
HDFC Credit Risk Purchase : ` 100 and any Regular Plan, Direct Plan. Under Each Plan: Growth, l In respect of each purchase / switch-in of Units, 15% of the units (“the
Debt Fund amount thereafter. (Quarterly & Normal) IDCW Option. Both (Quarterly limit”) may be redeemed without any exit Load from the date of allotment
Additional Purchase : ` 100 and & Normal) IDCW Option offers following Sub-Options: l Any redemption in excess of the above limit shall be subject to the
any amount thereafter. Payout of IDCW Option; and Reinvestment of IDCW following exit load:
Option.  In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is
payable if Units are redeemed / switched-out within 12 months from the
date of allotment
 In respect of each purchase / switch-in of Units, an Exit Load of 0.50% is
payable if Units are redeemed / switched-out after 12 months but within 18
months from the date of allotment
l No Exit Load is payable if Units are redeemed / switched-out after 18
months from the date of allotment
HDFC Dynamic Purchase : ` 100 and any Regular Plan, Direct Plan. Under Each Plan: Growth, Nil
Debt Fund amount thereafter. (Normal IDCW, Quarterly IDCW, Half Yearly IDCW &
Additional Purchase : ` 100 and Yearly) IDCW Option. All IDCW Options offers following
any amount thereafter. Sub-Options: Payout of IDCW Option; and Reinvestment
of IDCW Option.
HDFC Gilt Fund Purchase : ` 100 and any Regular Plan, Direct Plan. Under Each Plan: Growth & Nil
amount thereafter. IDCW Option. The IDCW Option offers following Sub-
Additional Purchase : ` 100 and Options: Payout of IDCW Option; and Reinvestment of
any amount thereafter. IDCW Option.
SEGMENT-WISE BREAK-UP OF EQUITY HOLDING

SCHEME Large Cap Mid Cap Small Cap
HDFC Flexi Cap Fund 80.72% 5.24% 5.57%
HDFC Multi Cap Fund 47.19% 25.35% 26.52%
HDFC Top 100 Fund 87.56% 6.72% 0.00%
HDFC Mid-Cap Opportunities Fund 10.91% 65.71% 18.86%
HDFC Small Cap Fund 4.49% 10.46% 79.56%
HDFC Large and Mid Cap Fund 52.79% 35.97% 9.05%
HDFC Dividend Yield Fund 69.61% 12.45% 16.54%
HDFC Hybrid Equity Fund 54.85% 6.57% 8.71%
92 November 2022
Performance details of Schemes managed by respective Fund Managers
Sr. Name of the Page Sr. Name of the Page
No. Fund Manager Funds Managed no. No. Fund Manager Funds Managed no.
1 Mr. Chirag Setalvad HDFC Mid-Cap Opportunities Fund 12 7 Mr. Vikash Agarwal HDFC Floating Rate Debt Fund (Co-managed scheme) 79
HDFC Small Cap Fund 13 HDFC Money Market Fund 72
HDFC Hybrid Equity Fund (Co- Managed scheme) 26-27 HDFC Ultra Short Term Fund (Co-managed scheme) 70
HDFC Children’s Gift Fund (Co- Managed scheme) 61-62 HDFC Nifty G-Sec Dec 2026 Index Fund 41
2 Mr. Krishan HDFC Arbitrage Fund (Co-managed scheme) 77-78 HDFC Nifty G-Sec Jul 2031 Index Fund 42
Kumar Daga HDFC Multi-Asset Fund (Co-managed scheme) 28-29 Close ended schemes 94
HDFC Index Fund - S&P BSE SENSEX Plan (Co-managed scheme) 36 8 Mr. Gopal Agrawal HDFC Capital Builder Value Fund 16
HDFC Index Fund - NIFTY 50 Plan (Co-managed scheme) 35 HDFC Large and Mid Cap Fund
HDFC S&P BSE SENSEX ETF (Co-managed scheme) 44 (Erstwhile HDFC Growth Opportunities Fund) 14-15
HDFC NIFTY 50 ETF (Co-managed scheme) 43 HDFC Dividend Yield Fund 17
HDFC Gold Fund 57 HDFC Multi Cap Fund 9-10
HDFC Equity Savings Fund (Co-managed scheme) 31-32 HDFC Balanced Advantage Fund (Co- Managed scheme) 23-25
HDFC NIFTY Bank ETF (Co-managed scheme) 45 9 Mr. Arun Agarwal HDFC Arbitrage Fund (Co-managed scheme) 77-78
HDFC NIFTY50 Equal Weight Index Fund (Co-managed scheme) 38 HDFC Equity Savings Fund (Co-managed scheme) 31-32
HDFC Developed World Indexes Fund of Funds (Co-managed HDFC Index Fund - S&P BSE SENSEX Plan (Co-managed scheme) 36
scheme) 59 HDFC Index Fund - NIFTY 50 Plan (Co-managed scheme) 35
HDFC NIFTY Next 50 Index Fund (Co-managed scheme) 40 HDFC S&P BSE SENSEX ETF (Co-managed scheme) 44
HDFC NIFTY 100 Index Fund (Co-managed scheme) 37 HDFC NIFTY 50 ETF (Co-managed scheme) 43
HDFC NIFTY 100 Equal Weight Index Fund (Co-managed scheme) 39 HDFC Multi-Asset Fund (Co-managed scheme) 28-29
HDFC NIFTY 100 ETF (Co-managed scheme) 46 HDFC NIFTY Bank ETF (Co-managed scheme) 45
HDFC NIFTY Next 50 ETF (Co-managed scheme) 47 HDFC NIFTY 100 Index Fund (Co-managed scheme) 37
HDFC NIFTY50 VALUE 20 ETF (Co-managed scheme) 49 HDFC NIFTY 100 Equal Weight Index Fund (Co-managed
HDFC NIFTY100 Quality 30 ETF (Co-managed scheme) 50 scheme) 39
HDFC NIFTY Growth Sectors 15 ETF (Co-managed scheme) 51 HDFC NIFTY50 Equal Weight Index Fund (Co-managed scheme) 38
HDFC NIFTY100 Low Volatility 30 ETF (Co-managed scheme) 52 HDFC Developed World Indexes Fund of Funds (Co-managed
HDFC NIFTY200 Momentum 30 ETF (Co-managed scheme) 53 scheme) 59
HDFC Silver ETF Fund of Fund 58 HDFC NIFTY 100 ETF (Co-managed scheme) 46
HDFC NIFTY IT ETF (Co-managed scheme) 54 HDFC NIFTY Next 50 ETF (Co-managed scheme) 47
HDFC NIFTY Private Bank ETF (Co-managed scheme) 55 HDFC NIFTY50 VALUE 20 ETF (Co-managed scheme) 49
3 Mr. Shobhit HDFC Income Fund 76 HDFC NIFTY100 Quality 30 ETF (Co-managed scheme) 50
Mehrotra HDFC Medium Term Debt Fund 75 HDFC NIFTY Growth Sectors 15 ETF (Co-managed scheme) 47
HDFC Floating Rate Debt Fund (Co-managed scheme) 79 HDFC NIFTY100 Low Volatility 30 ETF (Co-managed scheme) 52
HDFC Credit Risk Debt Fund 82-83 HDFC NIFTY200 Momentum 30 ETF (Co-managed scheme) 53
HDFC Hybrid Debt Fund (Co-managed scheme) 33-34 HDFC Balanced Advantage Fund (Co- Managed scheme) 23-25
HDFC Retirement Savings Fund - Equity Plan HDFC NIFTY IT ETF (Co-managed scheme) 54
(Co-managed scheme) 63 HDFC NIFTY Private Bank ETF (Co-managed scheme) 55
HDFC Retirement Savings Fund - Hybrid Equity Plan 10 Mr. Anand Laddha HDFC Banking & Financial Services Fund 20
(Co-managed scheme) 64-65 11 Mr. Srinivasan HDFC Equity Savings Fund (Co-managed scheme) 31-32
HDFC Retirement Savings Fund - Hybrid Debt Plan Ramamurthy HDFC Hybrid Debt Fund (Co-managed scheme) 33-34
(Co-managed scheme) 66 HDFC Retirement Savings Fund - Equity Plan
Close ended schemes 94 (Co-managed scheme) 63
4 Mr. Anil Bamboli HDFC Dynamic Debt Fund 84 HDFC Retirement Savings Fund - Hybrid Equity Plan
HDFC Short Term Debt Fund 73-74 (Co-managed scheme) 64-65
HDFC Gilt Fund 85 HDFC Retirement Savings Fund - Hybrid Debt Plan
HDFC Ultra Short Term Fund (Co-managed scheme) 70 (Co-managed scheme) 66
HDFC Overnight Fund 67 HDFC Asset Allocator Fund of Funds (Co-managed scheme) 30
HDFC Banking and PSU Debt Fund 81 HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 94
HDFC Equity Savings Fund (Co-managed scheme) 31-32 HDFC Multi-Asset Fund (Co-managed scheme) 28-29
HDFC Multi-Asset Fund (Co-managed scheme) 28-29 HDFC Balanced Advantage Fund (Co- Managed scheme) 23-25
HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 94 12 Ms. Roshi Jain HDFC Focused 30 Fund 18
HDFC Asset Allocator Fund of Funds (Co-managed scheme) 30 HDFC TaxSaver 60
HDFC Arbitrage Fund (Co-managed scheme) 77-78 HDFC Flexi Cap Fund 8
HDFC Balanced Advantage Fund (Co- Managed scheme) 23-25 13 Mr. Bhagyesh HDFC Multi-Asset Fund (Co-managed scheme) 28-29
HDFC Children’s Gift Fund (Co- Managed scheme) 61-62 Kagalkar HDFC Asset Allocator Fund of Funds (Co-managed scheme) 30
5 Mr. Anupam Joshi HDFC Liquid Fund (Co-managed scheme) 68-69 (Dedicated Fund HDFC Gold Exchange Traded Fund 56
Manager for
HDFC Corporate Bond Fund 80 Commodities related HDFC Silver ETF
HDFC Low Duration Fund (Co- Managed scheme) 71 investments) 48
HDFC Hybrid Equity Fund (Co- Managed scheme) 26-27 14 Mr. Swapnil Jangam HDFC Liquid Fund (Co-managed scheme) 68-69
6 Mr. Rakesh Vyas HDFC Infrastructure Fund 22 15 Mr. Rahul Baijal HDFC Top 100 Fund 11
HDFC Housing Opportunities Fund 21 HDFC Business Cycle Fund 19
16 Mr. Praveen Jain HDFC Low Duration Fund (Co- Managed scheme) 71
For performance details of Direct Plan, refer page 95-99
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 IDCW 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: For detailed information on tax benefits/consequences, refer to the Scheme Information Document available on www.hdfcfund.com
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.
Applicability of Stamp Duty : Effective July 1, 2020, in accordance with the amendment to the Indian Stamp Act, 1899, a stamp duty @ 0.005% of the transaction value would be levied on applicable
mutual fund purchase transactions (including transactions carried through stock exchanges and depositories for units in demat mode). Thus, the number of units allotted on all the applicable
mutual fund transactions would be reduced to the extent of levy of stamp duty.
Kindly refer to FAQs on Stamp Duty, for details on the nature of transactions and the rate of levy of stamp duty available on our website.
November 2022 93
SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE)
NAV as at November 30, 2022 ` 10.1182

SHOBHIT MEHROTRA HDFC FMP 1876D March 2022
HDFC FMP 3360D MARCH 2014 (1) NAV as at November 30, 2022 ` 17.8889 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (%) (%)# Returns (`) (`)# Benchmark
Returns Returns Benchmark Scheme Benchmark Additional (%) ## (`)##
(%) (%)# Returns (`) (`)# Benchmark
(%) ## May 31, 22 Last 6 Months 7.78 8.25 8.43 10,390 10,414 10,422
(`)##
# NIFTY Medium to Long Duration Debt Index ## CRISIL 10 Year Gilt Index. Simple annualized
Nov 30, 21 Last 1 Year 3.38 1.83 -0.21 10,338 10,183 9,979 returns have been provided as per the extant guidelines since the scheme has completed 6 months
Nov 29, 19 Last 3 Years 5.61 5.86 3.47 11,783 11,867 11,079 but not 1 year. However, such returns may not be representative. Absolute returns of the Scheme
for the 6 month period is 3.90%. The scheme is managed by Mr. Vikash Agarwal since inception.
Nov 30, 17 Last 5 Years 6.62 6.70 5.10 13,781 13,836 12,828
Mar 26, 14 Since Inception 6.92 8.26 6.92 17,889 19,926 17,882
# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by CO-MANAGED BY
Mr. Shobhit Mehrotra since inception.
ANIL BAMBOLI & SRINIVASAN RAMAMURTHY
VIKASH AGARWAL HDFC DYNAMIC PE RATIO FUND OF FUNDS NAV as at November 30, 2022 ` 28.5672
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
HDFC FMP 1861D March 2022 NAV as at November 30, 2022 ` 10.1617 Returns Returns Benchmark Scheme Benchmark Additional
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (%) ##
Returns Returns Benchmark Scheme Benchmark Additional (`)##
(%) (%)# Returns (`) (`)# Benchmark Nov 30, 21 Last 1 Year 9.25 8.72 11.93 10,925 10,872 11,193
(%) ## (`)## Nov 29, 19 Last 3 Years 14.43 14.10 17.22 14,995 14,864 16,123
May 31, 22 Last 6 Months 8.14 8.25 8.43 10,408 10,414 10,422 Nov 30, 17 Last 5 Years 9.44 12.27 14.32 15,702 17,841 19,529
# NIFTY Medium to Long Duration Debt Index ## CRISIL 10 Year Gilt Index. Simple annualized Nov 30, 12 Last 10 Years 10.25 12.00 13.69 26,545 31,089 36,095
returns have been provided as per the extant guidelines since the scheme has completed 6 months
but not 1 year. However, such returns may not be representative. Absolute returns of the Scheme Feb 06, 12 Since Inception 10.19 12.03 13.68 28,567 34,206 40,068
for the 6 month period is 4.08%. The scheme is managed by Mr. Vikash Agarwal since inception. # 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
HDFC FMP 1162D March 2022 NAV as at November 30, 2022 ` 10.1370 nature of the scheme where a portion of scheme’s investments are made in equity instruments.
The scheme is co-managed by Mr. Srinivasan Ramamurthy (Equity Assets) from January 13, 2022
Date Period Scheme Benchmark Additional Value of ` 10,000 invested and Mr. Anil Bamboli (Debt Assets) from June 28, 2014.
(%) ## (`)##
May 31, 22 Last 6 Months 6.70 6.85 8.43 10,336 10,344 10,422
returns have been provided as per the extant guidelines since the scheme has completed 6 months
but not 1 year. However, such returns may not be representative. Absolute returns of the Scheme
for the 6 month period is 3.36%. The scheme is managed by Mr. Vikash Agarwal since inception.
Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended
schemes is primarily buy-and-hold whereas open-ended schemes are actively managed. For Riskometer of the Schemes and Benchmark's, refer page 102 to 110.
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. Since Inception Date = Date of First allotment in the Scheme / Plan. N.A.: Not Available
94 November 2022
SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)
RAHUL BAIJAL CO-MANAGED BY CHIRAG SETALVAD & ANIL BAMBOLI

HDFC TOP 100 FUND NAV as at November 30, 2022 ` 825.006 HDFC CHILDREN’S GIFT FUND NAV as at November 30, 2022 ` 218.740
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (%) (%)# Returns (`) (`)# Benchmark
(%) ## (`) (`)# Benchmark (%) ##
(`)## (`)##
Nov 30, 21 Last 1 Year 16.93 10.99 12.04 11,693 11,099 11,204 Nov 30, 21 Last 1 Year 10.87 8.72 11.93 11,087 10,872 11,193
Nov 29, 19 Last 3 Years 18.43 14.10 17.22 16,627 14,864 16,123
Nov 29, 19 Last 3 Years 16.26 17.10 16.98 15,725 16,072 16,020
Nov 30, 17 Last 5 Years 12.88 12.27 14.32 18,335 17,841 19,529
Nov 30, 17 Last 5 Years 11.93 13.55 15.07 17,577 18,880 20,184 Jan 01, 13 Since Inception 15.85 11.98 13.67 43,015 30,714 35,651
Jan 01, 13 Since Inception 13.80 13.91 14.02 36,035 36,394 36,742 # NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Returns Index). Scheme performance
# NIFTY 100 (Total Returns Index) ## S&P BSE SENSEX (Total Returns Index). 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.
CO-MANAGED BY SHOBHIT MEHROTRA

GOPAL AGRAWAL, SRINIVASAN RAMAMURTHY, HDFC INCOME FUND NAV as at November 30, 2022 ` 52.2694
ANIL BAMBOLI & ARUN AGARWAL Date Period Scheme Benchmark Additional Value of ` 10,000 invested
NAV as at November 30, 2022 ` 349.536 (%) (%)# Returns
HDFC BALANCED ADVANTAGE FUND (%) ## (`) (`)# Benchmark
(`)##
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Nov 30, 21 Last 1 Year 2.06 5.03 -0.21 10,206 10,503 9,979
(%) (%)# Returns Nov 29, 19 Last 3 Years 5.10 8.36 3.47 11,612 12,729 11,079
(%) ## (`) (`)# Benchmark Nov 30, 17 Last 5 Years 5.50 7.02 5.10 13,069 14,039 12,828
(`)##
Jan 01, 13 Since Inception 7.10 8.16 6.17 19,745 21,761 18,103
Nov 30, 21 Last 1 Year 21.65 7.30 11.93 12,165 10,730 11,193
# NIFTY Medium to Long Duration Debt Index B-III ## CRISIL 10 year Gilt Index.
Nov 29, 19 Last 3 Years 18.43 12.50 17.22 16,627 14,246 16,123
Nov 30, 17 Last 5 Years 12.16 11.20 14.32 17,755 17,009 19,529 HDFC MEDIUM TERM DEBT FUND NAV as at November 30, 2022 ` 49.5900
# NIFTY 50 Hybrid Composite Debt 50:50 Index ## NIFTY 50 (Total Returns Index). Scheme Returns Returns Benchmark Scheme Benchmark Additional
performance may not strictly be comparable with that of its Additional Benchmark in view of (%) (%)# Returns
balanced nature of the scheme where a portion of scheme’s investments are made in debt (%) ## (`) (`)# Benchmark
instruments. Refer to note on performance disclosure on Page no. 22. (`)##
Nov 30, 21 Last 1 Year 3.31 5.03 -0.21 10,331 10,503 9,979
Nov 29, 19 Last 3 Years 6.66 7.44 3.47 12,139 12,406 11,079
CO-MANAGED BY Nov 30, 17 Last 5 Years 7.22 7.36 5.10 14,170 14,264 12,828
CHIRAG SETALVAD & ANUPAM JOSHI Jan 01, 13 Since Inception 8.21 8.48 6.17 21,866 22,424 18,103
# NIFTY Medium Duration Debt Index C-III ## CRISIL 10 year Gilt Index.
HDFC HYBRID EQUITY FUND NAV as at November 30, 2022 ` 92.699
HDFC CREDIT RISK DEBT FUND NAV as at November 30, 2022 ` 21.1327
Returns Returns Benchmark Scheme Benchmark Additional Date Period Scheme Benchmark Additional Value of ` 10,000 invested
(%) (%)# Returns Returns Returns Benchmark Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark (%) (%)# Returns
(`)## (%) ## (`) (`)# Benchmark
(`)##
Nov 30, 21 Last 1 Year 13.08 8.72 11.93 11,308 10,872 11,193
Nov 30, 21 Last 1 Year 4.17 6.36 -0.21 10,417 10,636 9,979
Nov 29, 19 Last 3 Years 17.20 14.10 17.22 16,114 14,864 16,123
Nov 29, 19 Last 3 Years 7.57 8.30 3.47 12,452 12,708 11,079
Nov 30, 17 Last 5 Years 11.84 12.27 14.32 17,503 17,841 19,529
Nov 30, 17 Last 5 Years 7.56 8.33 5.10 14,401 14,921 12,828
# NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Returns Index). Refer to note
on performance disclosure on Page no. 26. # NIFTY Credit Risk Bond Index C-III ## CRISIL 10 year Gilt Index. Refer to note on performance
disclosure on Page no. 82.
CHIRAG SETALVAD HDFC FMP 3360D MARCH 2014 (1) NAV as at November 30, 2022 ` 18.0757
HDFC MID-CAP OPPORTUNITIES FUND NAV as at November 30, 2022 ` 112.313 Returns Returns Benchmark Scheme Benchmark Additional
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (%) ## (`)##
(%) (%)# Returns Nov 30, 21 Last 1 Year 3.66 1.83 -0.21 10,366 10,183 9,979
(%) ## (`) (`)# Benchmark
(`)## Nov 29, 19 Last 3 Years 5.78 5.86 3.47 11,838 11,867 11,079
Nov 30, 21 Last 1 Year 17.10 8.74 11.93 11,710 10,874 11,193 Nov 30, 17 Last 5 Years 6.76 6.70 5.10 13,874 13,836 12,828
Nov 29, 19 Last 3 Years 25.57 25.24 17.22 19,826 19,670 16,123 Mar 26, 14 Since Inception 7.05 8.26 6.92 18,076 19,926 17,882
Nov 30, 17 Last 5 Years 13.40 12.86 14.32 18,758 18,320 19,529 # CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by
Mr. Shobhit Mehrotra since inception.
# NIFTY Midcap 150 (Total Returns Index) ## NIFTY 50 (Total Returns Index). ANUPAM JOSHI
HDFC SMALL CAP FUND NAV as at November 30, 2022 ` 88.987 NAV as at November 30, 2022 ` 27.0561
HDFC CORPORATE BOND FUND
(%) (%)# Returns (`) (`)# Benchmark (%) (%)# Returns
(%) ## (`)## (%) ## (`) (`)# Benchmark
(`)##
Nov 30, 21 Last 1 Year 11.57 6.07 11.93 11,157 10,607 11,193 Nov 30, 21 Last 1 Year 3.25 3.82 -0.21 10,325 10,382 9,979
Nov 29, 19 Last 3 Years 28.62 27.07 17.22 21,309 20,544 16,123 Nov 29, 19 Last 3 Years 6.44 6.93 3.47 12,063 12,232 11,079
Jan 01, 13 Since Inception 18.96 12.74 13.67 55,935 32,848 35,651 Jan 01, 13 Since Inception 8.14 8.10 6.17 21,731 21,645 18,103
# S&P BSE 250 SmallCap (Total Returns Index) ## NIFTY 50 (Total Returns Index). # NIFTY Corporate Bond Index B-III ## CRISIL 10 year Gilt Index. Refer to note on performance
disclosure on Page no. 80.
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. Since Inception Date = Date of First allotment in the Scheme / Plan. N.A.: Not Available.
For Riskometer of the Schemes and Benchmark's, refer page 102 to 110.
November 2022 95
` 3260.8725
CO-MANAGED BY HDFC OVERNIGHT FUND NAV as at November 30, 2022
ANUPAM JOSHI & PRAVEEN JAIN Returns Returns Benchmark Scheme Benchmark Additional
(%) ## (`)##
HDFC LOW DURATION FUND NAV as at November 30, 2022 ` 51.3244
Nov 23, 22 Last 7 days 5.88 5.98 5.91 10,011 10,011 10,011
Returns Returns Benchmark Scheme Benchmark Additional Nov 15, 22 Last 15 days 5.84 5.94 8.24 10,024 10,024 10,034
(%) (%)# Returns (`) (`)# Benchmark Oct 31, 22 Last 1 Month 5.74 5.84 7.79 10,047 10,048 10,064
(%) ## (`)## Nov 30, 21 Last 1 Year 4.42 4.54 3.74 10,442 10,454 10,374
Nov 30, 17 Last 5 Years 6.65 6.20 5.52 13,798 13,513 13,085 Dec 31, 12 Since Inception 5.91 6.00 6.35 17,679 17,822 18,412
Jan 01, 13 Since Inception 7.67 7.37 6.34 20,818 20,238 18,404 Returns less than 1 year period are simple annualized. # CRISIL Overnight Fund A-I Index ## CRISIL
# NIFTY Low Duration Debt Index B-I ## CRISIL 1 year T-Bill Index. 1 year T-Bill Index.
ANIL BAMBOLI ANIL BAMBOLI & VIKASH AGARWAL

HDFC DYNAMIC DEBT FUND NAV as at November 30, 2022 ` 80.1695 HDFC ULTRA SHORT TERM FUND NAV as at November 30, 2022 ` 12.8038
(%) (%)# Returns (%) (%)# Returns (`) (`)# Benchmark
(%) ## (`) (`)# Benchmark (%) ## (`)##
(`)##
Nov 30, 21 Last 1 Year 2.26 2.85 -0.21 10,226 10,285 9,979 Nov 30, 21 Last 1 Year 4.53 5.06 3.74 10,453 10,506 10,374
Nov 30, 17 Last 5 Years 5.62 7.33 5.10 13,148 14,244 12,828 Sep 25, 18 Since Inception 6.09 6.02 5.53 12,804 12,769 12,525
Jan 01, 13 Since Inception 7.68 8.61 6.17 20,839 22,685 18,103 # CRISIL Ultra Short Duration Fund B-I ## CRISIL 1 year T-Bill Index. The scheme is managed
by Mr. Anil Bamboli from September 25, 2018 & Vikash Agarwal from June 1, 2022.
#CRISIL Dynamic Bond Fund B-III Index ## CRISIL 10 year Gilt Index.
HDFC SHORT TERM DEBT FUND NAV as at November 30, 2022 ` 26.8853 ANUPAM JOSHI & SWAPNIL JANGAM
Returns Returns Benchmark Scheme Benchmark Additional HDFC LIQUID FUND NAV as at November 30, 2022 ` 4325.2863
(%) ## Date Period Scheme Benchmark Additional Value of ` 10,000 invested
(`)## Returns Returns Benchmark Scheme Benchmark Additional
Nov 30, 21 Last 1 Year 3.64 3.85 -0.21 10,364 10,385 9,979 (%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Nov 29, 19 Last 3 Years 6.45 6.35 3.47 12,065 12,032 11,079
Nov 30, 17 Last 5 Years 7.22 6.82 5.10 14,175 13,911 12,828 Nov 23, 22 Last 7 days 6.88 6.76 5.91 10,013 10,013 10,011
Jan 01, 13 Since Inception 8.07 7.83 6.17 21,599 21,125 18,103 Nov 15, 22 Last 15 days 6.64 6.65 8.24 10,027 10,027 10,034
# CRISIL Short Duration Fund B-II Index ## CRISIL 10 year Gilt Index. Oct 31, 22 Last 1 Month 6.59 6.69 7.79 10,054 10,055 10,064
Nov 30, 21 Last 1 Year 4.59 4.84 3.74 10,459 10,484 10,374
HDFC GILT FUND NAV as at November 30, 2022 ` 47.3581 Nov 30, 19 Last 3 Years 4.08 4.37 4.38 11,274 11,371 11,375
Nov 30, 17 Last 5 Years 5.25 5.40 5.52 12,918 13,007 13,085
Returns Returns Benchmark Scheme Benchmark Additional Dec 31, 12 Since Inception 6.74 6.75 6.35 19,095 19,110 18,412
(%) (%)# Returns (`) (`)# Benchmark Returns less than 1 year period are simple annualized. # CRISIL Liquid Fund B-I Index ## CRISIL
(%) ## (`)## 1 year T-Bill Index.
Nov 30, 21 Last 1 Year 1.36 1.26 -0.21 10,136 10,126 9,979
Nov 29, 19 Last 3 Years 5.12 5.52 3.47 11,618 11,753 11,079 RAKESH VYAS
Nov 30, 17 Last 5 Years 5.87 6.52 5.10 13,302 13,713 12,828
Jan 01, 13 Since Inception 7.56 7.48 6.17 20,609 20,446 18,103 HDFC INFRASTRUCTURE FUND NAV as at November 30, 2022 ` 26.185
# CRISIL Dynamic Gilt Index ## CRISIL 10 year Gilt Index.
HDFC BANKING AND PSU DEBT FUND NAV as at November 30, 2022 ` 19.6009 (%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Returns Returns Benchmark Scheme Benchmark Additional Nov 30, 21 Last 1 Year 23.41 20.76 11.93 12,341 12,076 11,193
(%) (%)# Returns (`) (`)# Benchmark Nov 29, 19 Last 3 Years 16.42 23.65 17.22 15,790 18,929 16,123
(%) ## (`)## Nov 30, 17 Last 5 Years 2.72 8.02 14.32 11,437 14,709 19,529
Nov 30, 21 Last 1 Year 3.44 2.84 -0.21 10,344 10,284 9,979 Jan 01, 13 Since Inception 8.99 12.04 13.67 23,480 30,877 35,651
Nov 29, 19 Last 3 Years 6.15 5.74 3.47 11,964 11,827 11,079 # S&P BSE India Infrastructure Index (TRI) ## NIFTY 50 (Total Returns Index).
Nov 30, 17 Last 5 Years 6.99 6.37 5.10 14,023 13,619 12,828
# NIFTY Banking & PSU Debt Index ## CRISIL 10 year Gilt Index.
96 November 2022
` 14.927
HDFC HOUSING OPPORTUNITIES FUND € NAV as at November 30, 2022
ROSHI JAIN
(%) (%)# Returns HDFC FLEXI CAP FUND NAV as at November 30, 2022 ` 1270.375
(%) ## (`) (`)# Benchmark
(`)## Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Nov 30, 21 Last 1 Year 15.54 14.00 11.93 11,554 11,400 11,193 Returns Returns Benchmark Scheme Benchmark Additional
Nov 29, 19 Last 3 Years 16.24 21.53 17.22 15,721 17,970 16,123 (%) ## (`)##
Nov 30, 21 Last 1 Year 24.56 10.20 11.93 12,456 11,020 11,193
# NIFTY Housing (Total Returns Index) ## NIFTY 50 (Total Returns Index) € HDFC Housing
opportunities Fund was launched as a close ended thematic Equity Scheme. The Scheme has Nov 29, 19 Last 3 Years 21.38 18.83 17.22 17,901 16,795 16,123
been converted into open-ended scheme on January 19, 2021. Nov 30, 17 Last 5 Years 13.99 13.03 14.32 19,252 18,456 19,529
GOPAL AGRAWAL # NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index). The scheme is managed
by Ms. Roshi Jain from July 29, 2022.
HDFC LARGE AND MID CAP FUND NAV as at November 30, 2022 ` 211.735
HDFC FOCUSED 30 FUND NAV as at November 30, 2022 ` 150.856
(ERSTWHILE HDFC GROWTH
OPPORTUNITIES FUND) € Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (%) (%)# Returns (`) (`)# Benchmark
Returns Returns Benchmark Scheme Benchmark Additional (%) ## (`)##
(%) (%)# Returns (`) (`)# Benchmark Nov 30, 21 Last 1 Year 27.21 10.20 12.04 12,721 11,020 11,204
(%) ## (`)## Nov 29, 19 Last 3 Years 22.16 18.83 16.98 18,250 16,795 16,020
Nov 30, 17 Last 5 Years 13.64 13.31 15.07 18,956 18,685 20,184 # NIFTY 500 (Total Returns Index) ## S&P BSE SENSEX (Total Returns Index). The scheme is
Jan 01, 13 Since Inception 12.31 15.89 14.02 31,637 43,162 36,742 managed by Ms. Roshi Jain from January 13, 2022.
# 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 HDFC TAXSAVER NAV as at November 30, 2022 ` 898.721
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 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
the new benchmark. € HDFC Growth Opportunities Fund has been renamed as HDFC Large and Returns Returns Benchmark Scheme Benchmark Additional
Mid Cap Fund w.e.f. June 28, 2021. (%) (%)# Returns
(%) ## (`) (`)# Benchmark
(`)##
HDFC CAPITAL BUILDER VALUE FUND NAV as at November 30, 2022 ` 511.287 Nov 30, 21 Last 1 Year 17.08 10.20 11.93 11,708 11,020 11,193
Nov 29, 19 Last 3 Years 18.40 18.83 17.22 16,615 16,795 16,123
Returns Returns Benchmark Scheme Benchmark Additional Nov 30, 17 Last 5 Years 10.01 13.03 14.32 16,114 18,456 19,529
(%) (%)# Returns (`) (`)# Benchmark Jan 01, 13 Since Inception 13.94 14.21 13.67 36,472 37,364 35,651
(%) ## (`)## # NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index). The scheme is managed
Nov 30, 21 Last 1 Year 11.63 10.20 11.93 11,163 11,020 11,193 by Ms. Roshi Jain from January 13, 2022.
Nov 29, 19 Last 3 Years 18.86 18.83 17.22 16,807 16,795 16,123
Nov 30, 17 Last 5 Years 10.94 13.03 14.32 16,812 18,456 19,529 KRISHAN KUMAR DAGA
# NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index). The scheme is managed HDFC GOLD FUND NAV as at November 30, 2022 ` 17.0447
by Mr. Gopal Agrawal from January 13, 2022.
Date Period Scheme Benchmark Value of ` 10,000 invested
Returns Returns Scheme Benchmark
(%) (%)# (`) (`)#
HDFC DIVIDEND YIELD FUND NAV as at November 30, 2022 ` 16.256
Nov 30, 21 Last 1 Year 8.71 10.26 10,871 11,026
Returns Returns Benchmark Scheme Benchmark Additional Nov 29, 19 Last 3 Years 10.88 11.86 13,641 14,004
(%) (%)# Returns (`) (`)# Benchmark Nov 30, 17 Last 5 Years 11.55 12.61 17,280 18,111
(%) ## (`)## Jan 01, 13 Since Inception 4.46 5.74 15,413 17,387
Nov 30, 21 Last 1 Year 14.95 10.20 11.93 11,495 11,020 11,193 # Domestic Price of Physical Gold. The scheme is managed by Mr. Krishan Kumar Daga since
Dec 18, 20 Since Inception 28.28 20.40 18.71 16,256 14,364 13,974 October 19, 2015.
# NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index). The scheme is managed
by Mr. Gopal Agrawal since December 18, 2020.
ANAND LADDHA
HDFC MULTI CAP FUND NAV as at November 30, 2022 ` 11.456 HDFC BANKING & FINANICIAL SERVICES NAV as at November 30, 2022 ` 11.875
Date Period Scheme Benchmark Additional Value of ` 10,000 invested FUND
(%) (%)# Returns Date Period Scheme Benchmark Additional Value of ` 10,000 invested
(%) ## (`) (`)# Benchmark Returns Returns Benchmark Scheme Benchmark Additional
(`)## (%) (%)# Returns
(%) ## (`) (`)# Benchmark
May 31, 22 Last 6 Months 38.54 26.91 27.62 11,932 11,349 11,385 (`)##
#NIFTY500 MULTICAP 50:25:25 (Total Returns Index) ## NIFTY 50 (Total Returns Index). Simple Nov 30, 21 Last 1 Year 15.34 11.36 11.93 11,534 11,136 11,193
annualized returns have been provided as per the extant guidelines since the scheme has completed Jul 01, 21 Since Inception 12.90 13.33 14.93 11,875 11,939 12,179
6 months but not 1 year. However, such returns may not be representative. Absolute returns of the
Scheme for the 6 month period is 19.32%. #NIFTY Financial Services (Total Returns Index) ## NIFTY 50 (Total Returns Index). However, such
returns may not be representative. The scheme is managed by Mr. Anand Laddha from July 1, 2021.
November 2022 97
CO-MANAGED BY CO-MANAGED BY SRINIVASAN RAMAMURTHY, ARUN

SRINIVASAN RAMAMURTHY & SHOBHIT MEHROTRA AGARWAL, KRISHAN KUMAR DAGA & ANIL BAMBOLI
HDFC RETIREMENT NAV as at November 30, 2022 ` 35.090 HDFC EQUITY SAVINGS FUND NAV as at November 30, 2022 ` 55.6990
SAVINGS FUND - EQUITY PLAN Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Returns Returns Benchmark Scheme Benchmark Additional
Returns Returns Benchmark Scheme Benchmark Additional (%) (%)# Returns (`) (`)# Benchmark
(%) (%)# Returns (%) ## (`)##
(%) ## (`) (`)# Benchmark
(`)## Nov 30, 21 Last 1 Year 8.42 6.75 -0.21 10,842 10,675 9,979
Feb 25, 16 Since Inception 20.38 17.49 17.27 35,090 29,757 29,385 # NIFTY Equity Savings Index ## CRISIL 10 year Gilt Index. Scheme performance may not strictly be
# NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index). comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made
in equity instruments.
HDFC RETIREMENT NAV as at November 30, 2022 ` 29.348
SAVINGS FUND - HYBRID EQUITY PLAN CO-MANAGED BY
Date Period Scheme Benchmark Additional Value of ` 10,000 invested ANIL BAMBOLI & SRINIVASAN RAMAMURTHY
(%) ## HDFC DYNAMIC PE RATIO FUND OF FUNDS NAV as at November 30, 2022 ` 30.9109
(`)##
Nov 30, 21 Last 1 Year 8.16 8.72 11.93 10,816 10,872 11,193 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Nov 29, 19 Last 3 Years 17.45 14.10 17.22 16,215 14,864 16,123 (%) (%)# Returns
(%) ## (`) (`)# Benchmark
Nov 30, 17 Last 5 Years 12.66 12.27 14.32 18,156 17,841 19,529 (`)##
Feb 25, 16 Since Inception 17.25 14.33 17.27 29,348 24,753 29,385 Nov 30, 21 Last 1 Year 10.14 8.72 11.93 11,014 10,872 11,193
# NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Returns Index). Nov 29, 19 Last 3 Years 15.30 14.10 17.22 15,341 14,864 16,123
Nov 30, 17 Last 5 Years 10.31 12.27 14.32 16,336 17,841 19,529
HDFC RETIREMENT NAV as at November 30, 2022 ` 18.7942 Jan 01, 13 Since Inception 11.10 11.98 13.67 28,409 30,714 35,651
SAVINGS FUND - HYBRID DEBT PLAN # NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Returns Index). Scheme
Date Period Scheme Benchmark Additional Value of ` 10,000 invested performance may not strictly be comparable with that of its Additional Benchmark in view
Returns Returns Benchmark Scheme Benchmark Additional of hybrid nature of the scheme where a portion of scheme’s investments are made in equity
(%) (%)# Returns instruments. The scheme is co-managed by Mr. Srinivasan Ramamurthy (Equity Assets) and
(%) ## (`) (`)# Benchmark Mr. Anil Bamboli (Debt Assets) from January 13, 2022.
(`)##
Nov 30, 21 Last 1 Year
Nov 29, 19 Last 3 Years
5.22
9.05
3.90
8.25
-0.21 10,522
3.47 12,974
10,390
12,691
9,979
11,079
CO-MANAGED BY
Nov 30, 17 Last 5 Years 7.69 8.32 5.10 14,489 14,916 12,828 SHOBHIT MEHROTRA & VIKASH AGARWAL
Feb 26, 16 Since Inception 9.78 9.33 6.05 18,794 18,283 14,880
# NIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 Year Gilt Index. HDFC FLOATING RATE DEBT FUND NAV as at November 30, 2022 ` 41.4348
HDFC HYBRID DEBT FUND NAV as at November 30, 2022 ` 66.2674 Returns Returns Benchmark Scheme Benchmark Additional
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (%) ## (`)##
(%) (%)# Returns (`) (`)# Benchmark Nov 30, 21 Last 1 Year 4.46 4.29 -0.21 10,446 10,429 9,979
(%) ## (`)## Nov 29, 19 Last 3 Years 6.14 4.96 3.47 11,963 11,566 11,079
Nov 30, 21 Last 1 Year 7.49 3.90 -0.21 10,749 10,390 9,979 Nov 30, 17 Last 5 Years 6.86 6.08 5.10 13,936 13,432 12,828
Nov 30, 17 Last 5 Years 7.83 8.32 5.10 14,578 14,916 12,828 # NIFTY Low Duration Debt Index ## CRISIL 10 year Gilt Index. The Scheme is co-managed by
Jan 01, 13 Since Inception 9.69 8.87 6.17 25,031 23,237 18,103 Shobhit Mehrotra & Vikash Agarwal from July 01, 2020.
# NIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 year Gilt Index. Refer to note on
performance disclosure on Page no. 34. VIKASH AGARWAL
CO-MANAGED BY HDFC MONEY MARKET FUND NAV as at November 30, 2022 ` 4803.7020
SRINIVASAN RAMAMURTHY, ANIL BAMBOLI, KRISHAN Date Period Scheme Benchmark Additional
Returns
Value of ` 10,000 invested
Returns Benchmark Scheme Benchmark Additional
KUMAR DAGA, BHAGYESH KAGALKAR & ARUN AGARWAL (%) (%)# Returns
(%) ## (`) (`)# Benchmark
(`)##
HDFC MULTI - ASSET FUND NAV as at November 30, 2022 ` 54.5860 Nov 30, 21 Last 1 Year 4.64 4.50 3.74 10,464 10,450 10,374
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Nov 29, 19 Last 3 Years 5.12 4.38 4.38 11,618 11,374 11,376
Returns Returns Benchmark Scheme Benchmark Additional Nov 30, 17 Last 5 Years 6.27 5.52 5.52 13,555 13,084 13,085
(%) (%)# Returns (`) (`)# Benchmark Dec 31, 12 Since Inception 7.25 6.92 6.35 20,022 19,425 18,412
(%) ## (`)## # NIFTY Money Market Index B-I ## CRISIL 1 year T-Bill Index. The Scheme is managed by Vikash
Nov 30, 21 Last 1 Year 7.44 9.04 11.93 10,744 10,904 11,193 Agarwal from July 01, 2020.
Nov 29, 19 Last 3 Years 16.65 14.08 17.22 15,885 14,859 16,123
Nov 30, 17 Last 5 Years 11.39 12.47 14.32 17,152 18,004 19,529 HDFC FMP 1861D March 2022 NAV as at November 30, 2022 ` 10.1746
Jan 01, 13 Since Inception 11.14 11.51 13.67 28,506 29,463 35,651 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
# 90% NIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold ## NIFTY Returns Returns Benchmark Scheme Benchmark Additional
50 (Total Returns Index). The Scheme formerly, a debt oriented hybrid fund, has undergone (%) (%)# Returns (`) (`)# Benchmark
change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in (%) ## (`)##
equities, debt and gold related instruments. Accordingly, the Scheme’s benchmark and additional
benchmarks have also changed. Hence, the past performance of the Scheme since inception till May 31, 22 Last 6 Months 8.31 8.25 8.43 10,416 10,414 10,422
May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional # NIFTY Medium to Long Duration Debt Index ## CRISIL 10 Year Gilt Index. Simple annualized
benchmark. Scheme performance may not strictly be comparable with that of its Additional returns have been provided as per the extant guidelines since the scheme has completed 6 months
Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are but not 1 year. However, such returns may not be representative. Absolute returns of the Scheme
made in debt instruments and gold related instruments. The scheme will be co-managed by Mr. for the 6 month period is 4.16%. The scheme is managed by Mr. Vikash Agarwal since inception.
Srinivasan Ramamurthy (Equity Assets); Mr. Anil Bamboli (Debt Assets); Mr. Bhagyesh Kagalkar
(Gold); and Mr. Krishan Daga and Mr. Arun Agarwal (Arbitrage Assets) w.e.f February 23, 2022.
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. Since Inception Date = Date of First allotment in the Scheme / Plan. N.A.: Not Available
98 November 2022
HDFC FMP 1162D March 2022 NAV as at November 30, 2022 ` 10.1480 HDFC INDEX FUND - NIFTY 50 PLAN NAV as at November 30, 2022 ` 177.4469
(%) (%)# Returns (`) (`)# Benchmark (%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)## (%) ## (`)##
May 31, 22 Last 6 Months 6.86 6.85 8.43 10,344 10,344 10,422 Nov 30, 21 Last 1 Year 11.60 11.93 12.04 11,160 11,193 11,204
# NIFTY Medium to Long Duration Debt Index ## CRISIL 10 Year Gilt Index. Simple annualized Nov 29, 19 Last 3 Years 16.73 17.22 16.98 15,919 16,123 16,020
returns have been provided as per the extant guidelines since the scheme has completed 6 months Nov 30, 17 Last 5 Years 13.94 14.32 15.07 19,208 19,529 20,184
for the 6 month period is 3.44%. The scheme is managed by Mr. Vikash Agarwal since inception. Jan 01, 13 Since Inception 13.31 13.67 14.02 34,537 35,651 36,742
# NIFTY 50 (Total Returns Index) ## S&P BSE SENSEX (Total Returns Index).
HDFC FMP 1876D March 2022 NAV as at November 30, 2022 ` 10.1286
HDFC NIFTY50 EQUAL WEIGHT INDEX NAV as at November 30, 2022 ` 11.8292
Returns Returns Benchmark Scheme Benchmark Additional FUND
(%) ## Date Period Scheme Benchmark Additional Value of ` 10,000 invested
(`)## Returns Returns Benchmark Scheme Benchmark Additional
May 31, 22 Last 6 Months 7.93 8.25 8.43 10,398 10,414 10,422 (%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
returns have been provided as per the extant guidelines since the scheme has completed 6 months Nov 30, 21 Last 1 Year 13.97 14.64 11.93 11,397 11,464 11,193
for the 6 month period is 3.98%. The scheme is managed by Mr. Vikash Agarwal since inception. Aug 20, 21 Since Inception 14.03 14.73 12.17 11,829 11,922 11,583
#NIFTY50 Equal Weight (Total Returns Index) ## NIFTY 50 (Total Returns Index). The scheme
is co-managed by Mr. Krishan Kumar Daga from August 20, 2021 and Mr. Anil Bamboli from
CO-MANAGED BY February 01, 2022.
SRINIVASAN RAMAMURTHY,
BHAGYESH KAGALKAR & ANIL BAMBOLI HDFC DEVELOPED WORLD INDEXES FUND NAV as at November 30, 2022 ` 9.767
OF FUNDS
HDFC ASSET ALLOCATOR FUND OF FUNDS NAV as at November 30, 2022 ` 12.630 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (%) (%)# Returns
Returns Returns Benchmark Scheme Benchmark Additional (%) ## (`) (`)# Benchmark
(%) (%)# Returns (`)##
(%) ## (`) (`)# Benchmark
(`)## Nov 30, 21 Last 1 Year -6.53 -6.81 11.93 9,347 9,319 11,193
Nov 30, 21 Last 1 Year 12.37 9.04 11.93 11,237 10,904 11,193 Oct 06, 21 Since Inception -2.03 -1.52 6.85 9,767 9,825 10,792
May 05, 21 Since Inception 16.01 13.14 18.84 12,630 12,142 13,118 #MSCI World Index (Net Total Returns Index) ## NIFTY 50 (Total Returns Index). The scheme
is co-managed by Mr. Krishan Kumar Daga from August 20, 2021 and Mr. Anil Bamboli from
#90% NIFTY 50 Hybrid Composite Debt 65:35 Index (Total Returns Index) And 10% Domestic February 01, 2022.
Prices of Gold arrived at based on London Bullion Market Association's (LBMA) AM Fixing Price
## NIFTY 50 (Total Returns Index). The scheme is co-managed by Mr. Srinivasan Ramamurthy
(Equity Assets), Mr. Anil Bamboli (Debt Assets) and Mr. Bhagyesh Kagalkar (Gold ETF Schemes)
w.e.f February 23, 2022. HDFC NIFTY NEXT 50 INDEX FUND NAV as at November 30, 2022 ` 10.2461
CO-MANAGED BY (%) (%)# Returns
(%) ## (`) (`)# Benchmark
KRISHAN KUMAR DAGA & ARUN AGARWAL (`)##
Nov 30, 21 Last 1 Year 5.16 5.86 11.93 10,516 10,586 11,193
HDFC ARBITRAGE FUND - WHOLESALE NAV as at November 30, 2022 ` 16.564 Nov 03, 21 Since Inception 2.29 3.02 6.20 10,246 10,325 10,667
#NIFTY Next 50 (Total Returns Index) ## NIFTY 50 (Total Returns Index). The scheme is co-managed
PLAN by Mr. Krishan Kumar Daga from November 03, 2021 and Mr. Arun Agarwal from February 01, 2022.
(%) (%)# Returns (`) (`)# Benchmark HDFC NIFTY 100 INDEX FUND NAV as at November 30, 2022 ` 11.0055
(%) ## (`)##
Nov 30, 21 Last 1 Year 4.18 3.97 3.74 10,418 10,397 10,374 Returns Returns Benchmark Scheme Benchmark Additional
Nov 29, 19 Last 3 Years 4.26 3.49 4.38 11,336 11,085 11,376 (%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Nov 30, 17 Last 5 Years 5.12 4.35 5.52 12,837 12,375 13,085
Apr 07, 14 Since Inception 6.00 5.34 6.35 16,564 15,686 17,040 May 31, 22 Last 6 Months 26.20 27.02 27.62 11,313 11,355 11,385
# NIFTY 50 Arbitrage Index ## CRISIL 1 year T-Bill Index. Scheme performance is not strictly #NIFTY 100 (Total Returns Index) ## NIFTY 50 (Total Returns Index). Simple annualized returns
comparable with that of its Additional Benchmark since the scheme does not take directional have been provided as per the extant guidelines since the scheme has completed 6 months but not
call in equity markets but is limited to availing arbitrage opportunities, etc. 1 year. However, such returns may not be representative. Absolute returns of the Scheme for the 6
month period is 13.13%. The scheme is co-managed by Mr. Krishan Kumar Daga from February 11,
2022 and Mr. Arun Agarwal from March 04, 2022.
HDFC Index Fund - S&P BSE SENSEX Plan NAV as at November 30, 2022 ` 582.5156
Date Period Scheme Benchmark Additional Value of ` 10,000 invested HDFC NIFTY 100 EQUAL WEIGHT INDEX NAV as at November 30, 2022 ` 10.7506
Returns Returns Benchmark Scheme Benchmark Additional FUND
(%) ## (`)## Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Nov 30, 21 Last 1 Year 11.75 12.04 11.93 11,175 11,204 11,193 (%) (%)# Returns
(%) ## (`) (`)# Benchmark
Nov 29, 19 Last 3 Years 16.53 16.98 17.22 15,838 16,020 16,123 (`)##
Nov 30, 17 Last 5 Years 14.67 15.07 14.32 19,831 20,184 19,529 May 31, 22 Last 6 Months 21.10 22.04 27.62 11,058 11,105 11,385
Jan 01, 13 Since Inception 13.66 14.02 13.67 35,599 36,742 35,651 #NIFTY100 Equal Weight (Total Returns Index) ## NIFTY 50 (Total Returns Index). Simple
# S&P BSE SENSEX (Total Returns Index) ## NIFTY 50 (Total Returns Index). Refer to note on annualized returns have been provided as per the extant guidelines since the scheme has completed
performance disclosure on Page no. 36. 6 months but not 1 year. However, such returns may not be representative. Absolute returns of the
Scheme for the 6 month period is 10.58%. The scheme is co-managed by Mr. Krishan Kumar Daga
from February 11, 2022 and Mr. Arun Agarwal from March 04, 2022.
November 2022 99
IDCW HISTORY ^
HDFC FLEXI CAP FUND (Past 3 years) IDCW Option HDFC SMALL CAP FUND (Past 3 years) IDCW Option
Record Date Regular Plan Direct Plan Record Date Regular Plan Direct Plan
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Mar 19, 20 33.678 4.250 4.250 36.364 4.250 4.250 Mar 27, 19 25.955 2.50 2.50 30.135 0.99 0.99
Mar 18, 21 52.126 5.000 5.000 57.269 5.000 5.000 Mar 18, 21 27.378 2.500 2.500 35.017 2.500 2.500
Mar 17, 22 59.014 5.750 5.750 65.864 5.750 5.750 Mar 17, 22 34.051 3.500 3.500 44.943 3.500 3.500
HDFC TOP 100 FUND (Past 3 years) IDCW Option HDFC HYBRID EQUITY FUND (Past 3 quarters) IDCW Option
Mar 12, 20 43.674 5.00 5.00 46.622 5.00 5.00 Dec 27, 21 14.1660 0.2500 0.2500 15.4760 0.2500 0.2500
Mar 04, 21 50.790 5.00 5.00 55.066 5.00 5.00 Mar 25, 22 14.0310 0.2500 0.2500 15.3750 0.2500 0.2500
Mar 03, 22 50.209 5.25 5.25 55.214 5.25 5.25 Jun 27, 22 13.1090 0.2500 0.2500 14.4110 0.2500 0.2500
HDFC CAPITAL BUILDER VALUE FUND (Past 3 years) IDCW Option HDFC BALANCED ADVANTAGE FUND (Past 3 months) IDCW Option
Feb 20, 20 24.565 2.75 2.75 26.809 2.75 2.75 Aug 25, 22 29.723 0.260 0.260 33.060 0.260 0.260
Feb 18, 21 26.933 2.75 2.75 30.026 2.75 2.75 Oct 25, 22 30.011 0.260 0.260 33.478 0.260 0.260
Feb 17, 22 28.845 3.00 3.00 32.828 3.00 3.00 Nov 25, 22 30.878 0.260 0.260 34.498 0.260 0.260
HDFC FOCUSED 30 FUND (Past 3 years) IDCW Option HDFC TAXSAVER (Past 3 years) IDCW Option
Record Date Regular Plan Direct Plan (An open-ended equity linked savings scheme with a lock-in period of 3 years)
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For Record Date Regular Plan Direct Plan
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
Feb 20, 20 16.110 1.75 1.75 17.776 1.75 1.75 NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Feb 18, 21 17.040 1.75 1.75 - - - Mar 12, 20 39.950 5.00 5.00 42.588 2.37 2.37
Feb 17, 22 18.943 2.00 2.00 21.927 2.00 2.00 Mar 10, 21 53.273 5.000 5.000 62.058 3.750 3.750
Mar 10, 22 55.928 5.750 5.750 67.943 5.750 5.750
HDFC ARBITRAGE FUND
Normal IDCW Option (Past 3 months) HDFC INFRASTRUCTURE FUND (Past 3 years) IDCW Option
Record Date Wholesale Plan Direct Plan Record Date Regular Plan Direct Plan
Sep 22, 22 10.418 0.040 0.040 10.819 0.040 0.040 Mar 15, 18 14.630 1.750 1.750 18.570 1.750 1.750
Oct 20, 22 10.433 0.040 0.040 10.840 0.040 0.040 Mar 27, 19 11.308 1.000 1.000 14.899 1.000 1.000
Nov 17, 22 10.416 0.040 0.040 10.828 0.040 0.040 Mar 03, 22 11.5210 1.0000 1.0000 15.9090 1.0000 1.0000
Monthly IDCW Option (Past 3 months) HDFC HYBRID DEBT FUND

Record Date Wholesale Plan Wholesale Plan - Direct Plan Monthly IDCW Option (Past 3 months)
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For Record Date Regular Plan Direct Plan
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
Sep 22, 22 10.785 0.040 0.040 10.511 0.040 0.040 NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Oct 20, 22 10.802 0.040 0.040 10.531 0.040 0.040 Sep 26, 22 13.1126 0.0800 0.0800 14.1144 0.0800 0.0800
Nov 17, 22 10.786 0.040 0.040 10.518 0.040 0.040 Oct 25, 22 13.2692 0.0800 0.0800 14.2946 0.0800 0.0800
Nov 25, 22 13.4576 0.0800 0.0800 14.5099 0.0800 0.0800
HDFC LARGE AND MID CAP FUND IDCW Option
(Erstwhile HDFC Growth Opportunities Fund) (Past 3 years) Quarterly IDCW Option (Past 3 months)
Feb 28, 19 19.807 2.00 2.00 22.663 2.00 2.00 Mar 25, 22 14.3405 0.2400 0.2400 15.3399 0.2400 0.2400
Feb 27, 20 18.745 2.00 2.00 21.836 2.00 2.00 Jun 27, 22 13.8318 0.2400 0.2400 14.8317 0.2400 0.2400
Feb 25, 21 22.017 2.00 2.00 26.266 2.00 2.00 Sep 26, 22 14.0812 0.2400 0.2400 15.1352 0.2400 0.2400
HDFC MID-CAP OPPORTUNITIES FUND (Past 3 years) IDCW Option HDFC EQUITY SAVINGS FUND (Past 3 quarters) IDCW Option
Feb 27, 20 28.084 2.50 2.50 34.848 2.50 2.50 Dec 27, 21 12.1330 0.2200 0.2200 13.5250 0.2200 0.2200
Feb 25, 21 33.208 3.00 3.00 42.417 3.00 3.00 Mar 25, 22 12.0570 0.2200 0.2200 13.4940 0.2200 0.2200
Feb 24, 22 34.514 3.50 3.50 45.361 3.50 3.50 Jun 27, 22 11.5730 0.2200 0.2200 13.0060 0.2200 0.2200
^ 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 IDCW distribution nor that the IDCWs will be paid regularly.
After payment of the IDCW, 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 IDCWs declared.
100 November 2022

IDCW HISTORY ^
HDFC MULTI-ASSET FUND (Past 3 years) IDCW Option HDFC LIQUID FUND (Past 3 months) Monthly IDCW Option
Mar 01, 18 12.2077 0.7945 0.7361 13.1690 0.7945 0.7361 Sep 26, 22 1030.1373 3.8373 3.8373 1030.2161 3.9161 3.9161
Mar 04, 21 14.7460 1.0000 1.0000 16.3170 1.0000 1.0000 Oct 31, 22 1032.048 5.7480 5.7480 1032.1471 5.8470 5.8470
Feb 24, 22 15.2190 1.2500 1.2500 17.2000 1.2500 1.2500 Nov 28, 22 1031.3762 5.0762 5.0762 1031.4550 5.1549 5.1549
HDFC INCOME FUND (Past 3 quarters) Quarterly IDCW Option HDFC FLOATING RATE DEBT FUND (Past 3 months) Monthly IDCW Option
Mar 25, 22 11.1736 0.0500 0.0500 12.1830 0.0500 0.0500 Sep 26, 22 10.1826 0.0385 0.0385 10.1844 0.0403 0.0403
Jun 27, 22 10.8721 0.0500 0.0500 11.9053 0.0500 0.0500 Oct 31, 22 10.2117 0.0676 0.0676 10.2136 0.0695 0.0695
Sep 26, 22 11.0016 0.1500 0.1500 12.0988 0.1500 0.1500 Nov 28, 22 10.1946 0.0505 0.0505 10.1964 0.0523 0.0523
HDFC DYNAMIC DEBT FUND HDFC LOW DURATION FUND (Past 3 months) Monthly IDCW Option
Quarterly IDCW Option (Past 3 quarters) Record Date Regular Plan Direct Plan
Record Date Wholesale Plan Direct Plan Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Sep 26, 22 10.1609 0.0209 0.0209 10.1680 0.0255 0.0255
Mar 25, 22 12.0916 0.0500 0.0500 13.1233 0.0500 0.0500 Oct 31, 22 10.1927 0.0527 0.0527 10.2013 0.0588 0.0588
Jun 27, 22 11.9085 0.0500 0.0500 12.9689 0.0500 0.0500 Nov 28, 22 10.1915 0.0515 0.0515 10.1987 0.0562 0.0562
Sep 26, 22 12.0292 0.1000 0.1000 13.1455 0.1000 0.1000
HDFC CREDIT RISK DEBT FUND (Past 3 quarters) Quarterly IDCW Option
Half-yearly (IDCW Option) (Past 2 years)
Record Date Regular Plan Direct Plan
Record Date Wholesale Plan Wholesale Plan - Direct Plan
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Dec 27, 21 10.5313 0.1780 0.1780 10.8342 0.1890 0.1890
Sep 25, 20 11.4630 0.4000 0.4000 - - -
Mar 25, 22 10.4568 0.1600 0.1600 10.7698 0.1660 0.1660
Mar 25, 21 11.2591 0.3000 0.3000 12.6362 0.3000 0.3000
Sep 26, 22 10.3914 0.2180 0.2180 10.7342 0.2515 0.2515
Sep 27, 21 11.8259 0.3000 0.3000 - - -
Mar 25, 22 11.5207 0.1500 0.1500 13.1166 0.1500 0.1500
HDFC ULTRA SHORT TERM FUND (Past 3 months) Monthly IDCW Option
Yearly (IDCW Option) (Past 3 years) Record Date Regular Plan Direct Plan
Record Date Wholesale Plan Wholesale Plan - Direct Plan Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Sep 26, 22 10.1765 0.0265 0.0265 10.0785 0.0285 0.0285
Mar 18, 20 12.9884 0.5500 0.5093 13.7778 0.5500 0.5093 Oct 31, 22 10.2033 0.0533 0.0533 10.1058 0.0558 0.0558
Mar 25, 21 13.1613 0.7000 0.7000 14.1025 0.7000 0.7000 Nov 28, 22 10.2025 0.0525 0.0525 10.1042 0.0542 0.0542
Mar 25, 22 13.4412 0.4500 0.4500 14.5780 0.4500 0.4500
HDFC BANKING AND PSU DEBT FUND (Past 3 quarters) IDCW Option
HDFC CORPORATE BOND FUND (Past 3 quarters) Quarterly IDCW Option Record Date Regular Plan Direct Plan
Record Date Regular Plan Direct Plan Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Jul 18, 22 10.148 0.0081 0.0081 10.041 0.0113 0.0113
Dec 27, 21 10.5247 0.1590 0.1590 10.4297 0.1740 0.1740 Aug 22, 22 10.1442 0.0042 0.0042 10.0349 0.0049 0.0049
Mar 25, 22 10.4398 0.1030 0.1030 10.3365 0.1240 0.1240 Aug 29, 22 10.1563 0.0163 0.0163 10.0468 0.0168 0.0168
Sep 26, 22 10.4153 0.1485 0.1485 - - -
HDFC GILT FUND (Past 3 quarters) IDCW Option

Record Date Regular Plan Direct Plan
Dec 27, 21 11.9219 0.1000 0.1000 12.4995 0.1000 0.1000
Mar 25, 22 11.8191 0.0500 0.0500 12.4101 0.0500 0.0500
Jun 27, 22 11.5937 0.0500 0.0500 12.1889 0.0500 0.0500
^ 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 IDCW distribution nor that the IDCWs will be paid regularly.
After payment of the IDCW, 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 IDCWs declared.
November 2022 101

BENCHMARK AND SCHEME RISKOMETERS
Fund Name & Benchmark Product Labelling Scheme Riskometer Benchmark Riskometer
(This product is suitable for investors
who are seeking ~)
HDFC Flexi Cap Fund • To generate long-term capital Modera Modera

oderate High tely oderate High tely
appreciation / income o M o M
w t erate Hi w t erate Hi
BENCHMARK : NIFTY 500 (Total • Investment predominantly in equity
Mo Lo
Mo Lo
gh
gh
d
d
Returns Index) & equity related instruments
Very
Very
High
High
Low
Low
RISKOMETER RISKOMETER
Investors understand that their principal will be at Investors understand that their principal will be at
very high risk very high risk
HDFC Multi Cap Fund • To generate long-term capital Modera Modera

appreciation/ income o M o M
BENCHMARK : NIFTY500 MultiCap • Investment in equity and equity
Mo Lo
Mo Lo
gh
gh
d
d
50:25:25 (Total Returns Index) related securities of large cap, mid
Very
Very
cap and small cap companies
High
High
Low
Low
HDFC Top 100 Fund • To generate long-term capital Modera Modera

BENCHMARK : NIFTY 100 (Total • Investment predominantly in Large-
Mo Lo
Mo Lo
gh
gh
d
d
Returns Index) Cap companies
Very
Very
High
High
Low
Low
HDFC Mid-Cap Opportunities • To generate long-term capital Modera Modera

Fund appreciation / income o M o M
• Investment predominantly in Mid-
Mo Lo
Mo Lo
gh
gh
d
d
BENCHMARK : NIFTY Midcap 150 Cap companies
Very
Very
High
High
Low
Low
(Total Returns Index)
HDFC Small Cap Fund • To generate long-term capital

rate Moderately rate Moderately
appreciation / income o Mode High o Mode High
BENCHMARK : S&P BSE 250 • Investment predominantly in Small-
Mo Lo
Mo Lo
gh
gh
d
d
SmallCap (Total Returns Index) Cap companies
Very
Very
High
High
Low
RISKOMETER Low RISKOMETER

HDFC Large and Mid Cap Fund • To generate long-term capital

appreciation/income o Mode High o Mode High
BENCHMARK : NIFTY Large-Midcap • Investment predominantly in Large
Mo Lo
Mo Lo
gh
gh
d
250 Cap and Mid Cap companies

Very
Very
High
High
Low
Low

HDFC Capital Builder Value Fund • To generate long-term capital

appreciation / income in the long o Mode High o Mode High
BENCHMARK : NIFTY 500 (Total term
Mo Lo
Mo Lo
gh
gh
d
Returns Index) • Investment primarily in

Very
Very
undervalued stocks
High
High
Low
Low
HDFC Dividend Yield Fund • Capital appreciation over long

term/regular income o Mode High o Mode High
BENCHMARK : NIFTY 500 (Total • Investment predominantly in equity
Mo Lo
Mo Lo
gh
gh
d
Returns Index) and equity related Instruments of

Very
Very
dividend yielding companies

High
High
Low
Low
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
102 November 2022

who are seeking ~)
HDFC Focused 30 Fund • To generate long-term capital Modera Modera

BENCHMARK : NIFTY 500 (Total • Investments in equity & equity
Mo Lo
Mo Lo
gh
gh
d
d
Returns Index) related instruments of up to 30
Very
Very
companies
High
High
Low
Low
HDFC Business Cycle Fund • to generate long-term capital Modera Modera

appreciation/ income o M o M
BENCHMARK : NIFTY 500 (TRI) • investment predominantly in equity
Mo Lo
Mo Lo
gh
gh
d
d
& equity related instruments of
Very
Very
business cycle based theme
High
High
Low
Low
HDFC Banking & Financial • To generate long-term capital Modera Modera

Services Fund appreciation/income o M o M
• Investment predominantly in equity
Mo Lo
Mo Lo
gh
gh
d
d
BENCHMARK : NIFTY Financial & equity related instruments of
Very
Very
banking and financial services
High
High
Low
Low
Services (Total Return Index)
companies
HDFC Housing Opportunities • Capital appreciation over long term Modera Modera
Fund • Investment predominantly in equity o M o M
and equity related instruments
Mo Lo
Mo Lo
gh
gh
d
d
BENCHMARK : NIFTY Housing (Total of entities engaged in and/ or
Very
Very
expected to benefit from the
High
High
Low
Low
Returns Index)
growth in housing and its allied
business activities
HDFC Infrastructure Fund • To generate long-term capital

BENCHMARK : S&P BSE India • Investment predominantly in equity
Mo Lo
Mo Lo
gh
gh
d
d
Infrastructure Index (TRI) and equity related securities of
Very
Very
companies engaged in or expected
High
High
Low
Low
to benefit from the growth and
development of infrastructure
HDFC Balanced Advantage Fund • To generate long-term capital

BENCHMARK : NIFTY 50 Hybrid • Investments in a mix of equity and
Mo Lo
Mo Lo
gh
gh
d
d
Composite Debt 50:50 Index debt instruments
Very
Very
High
High
Low
Low
very high risk high risk
HDFC Hybrid Equity Fund • To generate long-term capital

appreciation / income. o Mode High o Mode High
BENCHMARK : NIFTY 50 Hybrid • Investments predominantly
Mo Lo
Mo Lo
gh
gh
d
d
Composite Debt 65:35 Index in equity & equity related

Very
Very
instruments. The Scheme will also

High
High
Low
Low
invest in debt and money market

instruments.
HDFC Multi-Asset Fund • To generate long-term capital

appreciation/income o Mode High o Mode High
BENCHMARK : 90% NIFTY 50 Hybrid • Investments in a diversified
Mo Lo
Mo Lo
gh
gh
d
d
Composite Debt 65:35 Index + 10% portfolio of equity & equity related
Very
Very
instruments, debt & money market

High
High
Low
Low
Domestic Price of Gold

instruments and Gold related
instruments
November 2022 103

who are seeking ~)
HDFC Asset Allocator Fund Of • Capital appreciation over long term Modera Modera
Funds • Investment predominantly in equity o M o M
oriented, debt oriented and Gold
Mo Lo
Mo Lo
gh
gh
d
d
BENCHMARK : 90% Nifty 50 Hybrid ETF schemes
Very
Very
High
High
Low
Low
Composite Debt 65:35 Index (Total
Returns Index) and 10% Domestic RISKOMETER RISKOMETER
Prices of Gold arrived at based on Investors understand that their principal will be at Investors understand that their principal will be at
London Bullion Market Association's high risk high risk
(Lbma) Am Fixing Price.
HDFC Dynamic PE Ratio Fund • Capital appreciation over long

of Funds term.
o Mode High o Mode High
• Investment in specified equity and w t erate Hi w t erate Hi
Mo Lo
Mo Lo
debt schemes of HDFC Mutual Fund
gh
gh
d
d
BENCHMARK : NIFTY 50 Hybrid based on PE Ratios
Very
Very
High
High
Low
Low
Composite Debt 65:35 Index
high risk high risk
HDFC Equity Savings Fund • Capital appreciation while

generating income over medium to o Mode High o Mode High
BENCHMARK : NIFTY Equity Savings long term.
Mo Lo
Mo Lo
gh
gh
d
d
Index • Provide capital appreciation
Very
Very
and income distribution to the
High
High
Low
Low
investors by using equity and equity
related instruments, arbitrage
opportunities, and investments moderately high risk moderate risk
in debt and money market
instruments.
HDFC Hybrid Debt Fund • To generate long-term income / Modera Modera

capital appreciation o M o M
BENCHMARK : NIFTY 50 Hybrid • Investments primarily in debt
Mo Lo
Mo Lo
gh
gh
d
d
Composite Debt 15:85 Index securities, money market
Very
Very
instruments and moderate
High
High
Low
Low
exposure to equities
moderately high risk moderately high risk
HDFC Index Fund - NIFTY 50 • Returns that are commensurate Modera Modera
Plan with the performance of the NIFTY o M o M
50, subject to tracking errors over
Mo Lo
Mo Lo
gh
gh
d
d
BENCHMARK : NIFTY 50 (Total long term
Very
Very
• Investment in equity securities
High
High
Low
Low
Returns Index)
covered by the NIFTY 50
HDFC Index Fund - S&P BSE • Returns that are commensurate

SENSEX Plan with the performance of the S&P o Mode High o Mode High
BSE SENSEX, subject to tracking
Mo Lo
Mo Lo
gh
gh
d
BENCHMARK : S&P BSE SENSEX errors over long term.

Very
Very

High
High
Low
Low

covered by the S&P BSE SENSEX.
HDFC NIFTY 100 Index Fund • Returns that are commensurate

(before fees and expenses) with o Mode High o Mode High
BENCHMARK : NIFTY 100 (Total the performance of the NIFTY 100
Mo Lo
Mo Lo
gh
gh
d
Returns Index) Index (TRI) over long term, subject

Very
Very
to tracking error
High
High
Low
Low

covered by the NIFTY 100 Index
HDFC NIFTY50 Equal Weight • Returns that are commensurate

Index Fund (before fees and expenses) with o Mode High o Mode High
the performance of the NIFTY50
Mo Lo
Mo Lo
gh
gh
d
BENCHMARK : NIFTY50 Equal Weight Equal Weight Index over long term,
Very
Very
subject to tracking error

High
High
Low
Low

• Investment in securities covered by
the NIFTY50 Equal Weight Index
104 November 2022

who are seeking ~)
HDFC NIFTY 100 Equal Weight • Returns that are commensurate Modera Modera
Index Fund (before fees and expenses) with o M o M
the performance of the NIFTY 100
Mo Lo
Mo Lo
gh
gh
d
d
BENCHMARK : NIFTY100 Equal Equal Weight Index (TRI) over long
Very
Very
term, subject to tracking error
High
High
Low
Low
Weight (Total Returns Index)
covered by the NIFTY 100 Equal
Weight Index very high risk very high risk
HDFC NIFTY Next 50 Index Fund • Returns that are commensurate Modera Modera
(before fees and expenses) with o M o M
BENCHMARK : NIFTY Next 50 (Total the performance of the NIFTY Next
Mo Lo
Mo Lo
gh
gh
d
d
Returns Index) 50 Index over long term, subject to
Very
Very
tracking error
High
High
Low
Low
the NIFTY Next 50 Index
HDFC NIFTY 50 ETF • Returns that are commensurate Modera Modera

with the performance of the NIFTY o M o M
BENCHMARK : NIFTY 50 (Total 50, subject to tracking errors over
Mo Lo
Mo Lo
gh
gh
d
d
Returns Index) long term
Very
Very
High
High
Low
Low
covered by the NIFTY 50
HDFC S&P BSE SENSEX ETF • Returns that are commensurate

with the performance of the S&P o Mode High o Mode High
BENCHMARK : S&P BSE SENSEX BSE SENSEX, subject to tracking
Mo Lo
Mo Lo
gh
gh
d
d
(Total Returns Index) errors over long term
Very
Very
High
High
Low
Low
covered by the S&P BSE SENSEX
HDFC NIFTY Bank ETF • Returns that are commensurate

with the performance of the NIFTY o Mode High o Mode High
BENCHMARK : NIFTY Bank (Total Bank Index (Total Returns Index),
Mo Lo
Mo Lo
gh
gh
d
d
Returns Index) subject to tracking error, over long
Very
Very
term
High
High
Low
• Investment in equity securities Low

covered by the NIFTY Bank Index
HDFC NIFTY 100 ETF • Returns that are commensurate

(before fees and expenses) with o Mode High o Mode High
BENCHMARK : NIFTY 100 (Total the performance of the NIFTY 100
Mo Lo
Mo Lo
gh
gh
d
Returns Index) Index (TRI), over long term, subject

Very
Very
to tracking error.
High
High
Low
Low

the NIFTY 100 Index
HDFC NIFTY Next 50 ETF • Returns that are commensurate

(before fees and expenses) with the o Mode High o Mode High
BENCHMARK : NIFTY NEXT 50 (Total performance of the NIFTY Next 50
Mo Lo
Mo Lo
gh
gh
d
Returns Index) Index (TRI), over long term, subject

Very
Very
to tracking error.
High
High
Low
Low

the NIFTY Next 50 Index
HDFC Silver ETF • Returns that are commensurate Modera Modera

with the performance of Silver, o M o M
BENCHMARK : Domestic Prices of subject to tracking errors, over long
Mo Lo
Mo Lo
gh
gh
d
physical Silver (based on LBMA Silver term.

Very
Very
• Investment in Silver bullion of

High
High
Low
Low
daily spot fixing price)

0.999 fineness.
November 2022 105

who are seeking ~)
HDFC NIFTY50 VALUE 20 ETF • Returns that are commensurate Modera Modera
(before fees and expenses) with the o M o M
BENCHMARK : NIFTY50 Value 20 performance of the NIFTY50 Value
Mo Lo
Mo Lo
gh
gh
d
d
Index (TRI) 20 Index (TRI), over long term,
Very
Very
subject to tracking error.
High
High
Low
Low
the NIFTY50 Value 20 Index
HDFC NIFTY100 Quality 30 ETF • Returns that are commensurate Modera Modera
(before fees and expenses) with o M o M
BENCHMARK : NIFTY100 Quality 30 the performance of the NIFTY100
Mo Lo
Mo Lo
gh
gh
d
d
Index (TRI) Quality 30 Index Index (TRI), over
Very
Very
long term, subject to tracking error.
High
High
Low
Low
• Investment in securities covered
by the NIFTY100 Quality 30 Index
Index very high risk very high risk
HDFC NIFTY Growth Sectors • Returns that are commensurate Modera Modera
15 ETF (before fees and expenses) with the o M o M
performance of the NIFTY Growth
Mo Lo
Mo Lo
gh
gh
d
d
BENCHMARK : NIFTY Growth Sectors Sectors 15 Index (TRI), over long
Very
Very
term, subject to tracking error.
High
High
Low
Low
15 Index (TRI)
the NIFTY Growth Sectors 15 Index
HDFC NIFTY100 Low Volatility • Returns that are commensurate Modera Modera
30 ETF (before fees and expenses) with the o M o M
performance of the NIFTY100 Low
Mo Lo
Mo Lo
gh
gh
d
d
BENCHMARK : NIFTY100 Low Volatility 30 Index (TRI), over long
Very
Very
term, subject to tracking error.
High
High
Low
Low
Volatility 30 Index (TRI)
• Investment in securities covered
by the NIFTY100 Low Volatility 30
Index very high risk very high risk
HDFC NIFTY200 Momentum • Returns that are commensurate

30 ETF (before fees and expenses) with o Mode High o Mode High
the performance of the NIFTY200
Mo Lo
Mo Lo
gh
gh
d
d
BENCHMARK : NIFTY200 Momentum Momentum 30 Index (TRI), over
Very
Very
long term, subject to tracking error.
High
High
Low
Low
30 Index (TRI)
the NIFTY200 Momentum 30 Index
HDFC NIFTY IT ETF • Returns that are commensurate

BENCHMARK : NIFTY IT Index (TRI) performance of the NIFTY IT Index
Mo Lo
Mo Lo
gh
gh
d
(TRI), over long term, subject to

Very
Very
tracking error.
High
High
Low
Low

the NIFTY IT Index.
HDFC NIFTY Private Bank ETF • Returns that are commensurate

BENCHMARK : NIFTY Private Bank performance of the NIFTY Private
Mo Lo
Mo Lo
gh
gh
d
Index (TRI) Bank Index (TRI), over long term,

Very
Very
subject to tracking error.

High
High
Low
Low

the NIFTY Private Bank Index.
HDFC Gold Exchange Traded • Returns that are commensurate

Fund with the performance of gold, o Mode High o Mode High
subject to tracking errors, over long
Mo Lo
Mo Lo
gh
gh
d
BENCHMARK : Domestic Price of term

Very
Very
• Investment predominantly in Gold

High
High
Low
Low
Physical Gold
bullion of 0.995 fineness
high risk high risk
106 November 2022

who are seeking ~)
HDFC Gold Fund • Capital appreciation over long term Modera Modera
• Investment in Units of HDFC Gold o M o M
BENCHMARK : Domestic Price of Exchange Traded Fund (HGETF).
Mo Lo
Mo Lo
gh
gh
d
d
Physical Gold HGETF invests in gold bullion of
Very
Very
0.995 fineness
High
High
Low
Low
high risk high risk
HDFC Silver ETF Fund of Fund • Capital appreciation over long Modera Modera
term. o M o M
BENCHMARK : Domestic Price of • Investment in Units of HDFC Silver
Mo Lo
Mo Lo
gh
gh
d
d
Physical Silver (based on LBMA Silver ETF (HSETF). HSETF invests in Silver
Very
Very
and Silver related instruments.
High
High
Low
Low
daily spot fixing price)
HDFC Developed World Indexes • Returns that closely correspond to Modera Modera
Fund of Funds the performance of the MSCI World o M o M
Index, subject to tracking errors,
Mo Lo
Mo Lo
gh
gh
d
d
BENCHMARK : MSCI World Index (Net over long term
Very
Very
• Investments in units/shares of
High
High
Low
Low
Total Returns Index)
overseas equity Index Funds and/or
ETFs
HDFC TaxSaver • To generate long-term capital Modera Modera

BENCHMARK : NIFTY 500 (Total • Investment predominantly of equity
Mo Lo
Mo Lo
gh
gh
d
d
Returns Index) & equity related instruments
Very
Very
High
High
Low
Low
HDFC Children's Gift Fund • Capital appreciation over long

term. o Mode High o Mode High
BENCHMARK : NIFTY 50 Hybrid • Investment in equity and equity
Mo Lo
Mo Lo
gh
gh
d
d
Composite Debt 65:35 Index related instruments as well as debt
Very
Very
and money market instruments.
High
High
Low
RISKOMETER Low RISKOMETER

HDFC Retirement Savings Fund - • A corpus to provide for pension in

Equity Plan the form of income to the extent o Mode High o Mode High
of the redemption value of their
Mo Lo
Mo Lo
gh
gh
d
BENCHMARK : NIFTY 500 (Total holding after the age of 60 years.

Very
Very
High
High
Low
Low
Returns Index)
and equity related instruments.

Hybrid Equity Plan the form of income to the extent o Mode High o Mode High
Mo Lo
Mo Lo
gh
gh
d
d
BENCHMARK : NIFTY 50 Hybrid holding after the age of 60 years.

Very
Very

High
High
Low
Low

and equity related instruments &
balance in debt and money market
instruments. very high risk high risk

Hybrid Debt Plan the form of income to the extent o Mode High o Mode High
Mo Lo
Mo Lo
gh
gh
d
BENCHMARK : NIFTY 50 Hybrid holding after the age of 60 years.

Very
Very
• Investment predominantly in debt

High
High
Low
Low

and money market instruments &
balance in equity and equity related
instruments. moderately high risk moderately high risk
November 2022 107

who are seeking ~)
HDFC Arbitrage Fund • Income over short term. Modera

oderate High tely
• Income through arbitrage o M rate Moderately
w t erate Hi Mode High
opportunities between cash and o
BENCHMARK : NIFTY 50 Arbitrage w t erate Hi
Mo Lo
gh
d
Index derivative market and arbitrage
Mo Lo
gh
d
Very
opportunities within the derivative
Low
High
Very
Low
High
segment.
RISKOMETER
Investors understand that their principal will be at RISKOMETER
low risk Investors understand that their principal will be at
low risk
Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer Potential Risk Class
Benchmark (This product is suitable for investors (Current risk as per latest month (Maximum risk the Scheme can take)
who are seeking ~) end portfolio)
HDFC FMP • Regular income over 1876 days Credit Risk → Relatively Relatively
(tenure of the Plan) Modera Moderate
1876D March oderate High tely Low High
• Investment in debt and money o M Modera (Class B)
w t erate Hi oderate High tely Interest Rate Risk ↓ (Class A) (Class C)
2022 market instruments and o M
w t erate Hi
Mo Lo
gh
Relatively Low (Class I)
d
government securities.
Mo Lo
gh
d
Very
BENCHMARK : Moderate (Class II)
High
Low
Very
High
Low
NIFTY Medium
RISKOMETER Relatively High (Class III) A-III
To Long
Investors understand that their principal will be at RISKOMETER A-III - A Scheme with Relatively High Interest Rate Risk and
Duration Debt moderate risk Investors understand that their principal will be at Relatively Low Credit Risk.
Index moderate risk
(tenure of the Plan) Moderate
3360D Modera Low High
• Investment in debt and money oderate High tely Interest Rate Risk ↓ (Class B)
o M Modera
oderate High tely
March 2014 market instruments and w t erate Hi (Class A) (Class C)
o M
government securities. w t erate Hi
Mo Lo
(1)
gh

d
Mo Lo
gh
d
Very
Moderate (Class II) A-II

Low
High
BENCHMARK
Very
High
Low
: CRISIL RISKOMETER Relatively High (Class III)

Composite Investors understand that their principal will be at RISKOMETER A-II - A Scheme with Moderate Interest Rate Risk and
Bond Fund low risk Investors understand that their principal will be at
moderate risk Relatively Low Credit Risk
Index
(tenure of the Plan) rate Moderately Moderate
1861D March • Investment in debt and money o Mode High Modera
Low (Class B) High
w t erate Hi
Mo Lo
gh

d
government securities.
Mo Lo
gh
d
Very
BENCHMARK : Moderate (Class II)

High
Low
Very
High
Low
NIFTY Medium
To Long
Investors understand that their principal will be at RISKOMETER A-III - A Scheme with Relatively High Interest Rate Risk and
Duration Debt moderate risk Investors understand that their principal will be at Relatively Low Credit Risk.
Index moderate risk
Modera Moderate
oderate High tely
(tenure of the Plan) Low High
1162D March • Investment in debt and money o M Modera (Class B)
w t erate Hi
Mo Lo
gh
d
government securities. Relatively Low (Class I)

Mo Lo
gh
d
Very
BENCHMARK :
High
Low
Moderate (Class II)

Very
High
Low
NIFTY Medium
Duration Debt RISKOMETER
Investors understand that their principal will be at A-III - A Scheme with Relatively High Interest Rate Risk and
Index low to moderate risk Investors understand that their principal will be at Relatively Low Credit Risk.
moderate risk
HDFC • Regular income over short term Credit Risk → Relatively Relatively
Overnight that may be in line with the Modera Moderate
oderate High tely Low High
overnight call rates o M Modera
oderate High tely
Interest Rate Risk ↓ (Class B)
Fund w t erate Hi (Class A) (Class C)
o M
• To generate returns by investing w t erate Hi
Mo Lo
gh
d
Relatively Low (Class I) A-I

Mo Lo

gh
d
BENCHMARK
Very
Low
High
: CRISIL instruments with overnight Moderate (Class II)

Very
Low
High
Overnight Fund maturity RISKOMETER Relatively High (Class III)

A-I Index Investors understand that their principal will be at RISKOMETER
low risk A-I - A Scheme with Relatively Low Interest Rate Risk and
Investors understand that their principal will be at
low risk Relatively Low Credit Risk.
HDFC Liquid • Regular income over short term Credit Risk → Relatively Relatively
Modera Moderate
Fund • To generate income through oderate High tely Low High
o M Modera
oderate High tely
(Class B)
a portfolio comprising money w t erate Hi Interest Rate Risk ↓ (Class A) (Class C)
o M
w t erate Hi
Mo Lo
gh
market and debt instruments

d
BENCHMARK Relatively Low (Class I) B-I

Mo Lo
gh
d
: CRISIL Liquid
Very
High
Low
Moderate (Class II)

Very
Fund B-I Index

High
Low
RISKOMETER Relatively High (Class III)

B-I - A Scheme with Relatively Low Interest Rate Risk and
low to moderate risk Investors understand that their principal will be at Moderate Credit Risk.
low to moderate risk
108 November 2022

HDFC Ultra • Income over short term Credit Risk → Relatively Relatively
Modera Moderate
Short Term • Income/capital appreciation oderate High tely Low High
o M Modera (Class B)
through investment in debt w t erate Hi oderate High tely Interest Rate Risk ↓ (Class A) (Class C)
Fund o M
w t erate Hi
Mo Lo
gh
securities and money market
d
Mo Lo
gh
d
instruments
Very
BENCHMARK
High
Low
Moderate (Class II) B-II
Very
High
Low
: CRISIL Ultra
RISKOMETER Relatively High (Class III)
Short Duration RISKOMETER
Investors understand that their principal will be at B-II - A Scheme with Moderate Interest Rate Risk and Moder-
Fund B-I Index moderate risk Investors understand that their principal will be at ate Credit Risk.
moderate risk
HDFC Low • Income over short term. Credit Risk → Relatively Relatively
rate Moderately Moderate
Duration • To generate income / capital
o Mode High Modera Low (Class B) High
appreciation through investment w t erate Hi oderate High tely Interest Rate Risk ↓ (Class A) (Class C)
Fund o M
w t erate Hi
Mo Lo
gh
in debt securities and money
d
Mo Lo
gh
d
market instruments
Very
BENCHMARK
High
Low
Moderate (Class II)
Very
High
Low
: NIFTY Low
RISKOMETER Relatively High (Class III) B-III
Duration Debt RISKOMETER
Investors understand that their principal will be at B-III - A Scheme with Relatively High Interest Rate Risk and
Index B-I moderate risk Investors understand that their principal will be at Moderate Credit Risk.
moderate risk
HDFC Money • Income over short term Credit Risk → Relatively Relatively
Modera Moderate
Market Fund • To generate income / capital oderate High tely Low High
appreciation by investing in w t erate Hi oderate High tely Interest Rate Risk ↓ (Class A) (Class C)
o M
w t erate Hi
Mo Lo
gh
money market instruments

d
BENCHMARK Relatively Low (Class I) B-I
Mo Lo
gh
d
: NIFTY Money
Very
High
Low
Moderate (Class II)
Very
Market Index
High
B-I RISKOMETER Low Relatively High (Class III)
B-I - A Scheme with Relatively Low Interest Rate Risk and
moderate risk Investors understand that their principal will be at Moderate Credit Risk.
moderate risk
HDFC Short • Income over short term. Credit Risk → Relatively Relatively
Modera Moderate
Term Debt • To generate income / capital oderate High tely Low High
appreciation through investments w t erate Hi oderate High tely Interest Rate Risk ↓ (Class A) (Class C)
Fund o M
w t erate Hi
Mo Lo
gh
in Debt and Money Market

d

Mo Lo
gh
d
Instruments
Very
BENCHMARK
High
Low
Moderate (Class II)

Very
High
Low
: CRISIL Short
Duration Fund RISKOMETER
B-II Index moderate risk Investors understand that their principal will be at Moderate Credit Risk.
moderate risk
HDFC • Income over medium term Credit Risk → Relatively Relatively

Modera Moderate
Medium • To generate income / capital oderate High tely Low High
o M Modera Interest Rate Risk ↓ (Class B)
appreciation through investments w t erate Hi oderate High tely (Class A) (Class C)
Term Debt o M
w t erate Hi
Mo Lo
gh
in Debt and Money Market Relatively Low (Class I)

d
Fund
Mo Lo
gh
Instruments
d
Very
Moderate (Class II)

High
Low
Very
High
Low
BENCHMARK : Relatively High (Class III) C-III

RISKOMETER
NIFTY Medium RISKOMETER
Investors understand that their principal will be at C-III - A Scheme with Relatively High Interest Rate Risk and
Duration Debt moderately high risk Investors understand that their principal will be at Relatively High Credit Risk.
Index C-III high risk
HDFC Income • Income over medium to long term Credit Risk → Relatively Relatively
Modera Moderate
Fund • To generate income / capital oderate High tely Low High
appreciation through investments w t erate Hi oderate High tely Interest Rate Risk ↓ (Class A) (Class C)
o M
w t erate Hi
Mo Lo
gh

d
BENCHMARK : Relatively Low (Class I)

Mo Lo
gh
d
NIFTY Medium instruments

Very
High
Low
Moderate (Class II)

Very
to Long
High
Low

Duration Debt
Index B-III B-III - A Scheme with Relatively High Interest Rate Risk and
moderate risk Investors understand that their principal will be at Moderate Credit Risk.
moderately high risk
HDFC • Income over short term Credit Risk → Relatively Relatively

• To generate income / capital rate Moderately Moderate
Floating Rate o Mode High Modera
Low (Class B) High
appreciation through investment w t erate Hi oderate High tely Interest Rate Risk ↓ (Class A) (Class C)
Debt Fund o M
w t erate Hi
Mo Lo
gh
in a portfolio comprising Relatively Low (Class I)

d
Mo Lo
gh
d
substantially of floating rate

Very
BENCHMARK Moderate (Class II)

High
Low
debt, fixed rate debt instruments

Very
High
Low
: NIFTY Low
swapped for floating rate returns RISKOMETER Relatively High (Class III) B-III
Duration Debt
and money market instruments Investors understand that their principal will be at RISKOMETER B-III - A Scheme with Relatively High Interest Rate Risk and
Index (Total moderate risk Investors understand that their principal will be at Moderate Credit Risk.
Returns Index) moderate risk
November 2022 109

HDFC • Income over short to medium Credit Risk → Relatively Relatively

Modera Moderate
Corporate term oderate High tely Low High
• To generate income/capital w t erate Hi oderate High tely Interest Rate Risk ↓ (Class A) (Class C)
Bond Fund o M
w t erate Hi
Mo Lo
gh
appreciation through investments
d
Mo Lo
gh
d
predominantly in AA+ and above
Very
BENCHMARK
High
Low
Moderate (Class II)
rated corporate bonds
Very
High
Low
: NIFTY
Corporate Bond RISKOMETER
Index B-III moderate risk Investors understand that their principal will be at Moderate Credit Risk.
moderate risk
HDFC • Income over short to medium Credit Risk → Relatively Relatively

term. Low Moderate High
Banking and Interest Rate Risk ↓ (Class B)
• To generate income / (Class A) (Class C)
PSU Debt rate Moderately
Fund
capital appreciation through
o Mode High Modera Relatively Low (Class I)
w t erate Hi oderate High tely
investments in debt and money o M
Mo Lo w t erate Hi Moderate (Class II)
gh
market instruments consisting d
Mo Lo
gh
BENCHMARK :
d
predominantly of securities issued Relatively High (Class III) B-III
Very
High
Low
NIFTY Banking
Very
by entities such as Scheduled
High
B-III - A Scheme with Relatively High Interest Rate Risk and
Low
& PSU Debt RISKOMETER Moderate Credit Risk.
Commercial Banks (SCBs), Public
Index Investors understand that their principal will be at RISKOMETER
Sector undertakings (PSUs),
low to moderate risk Investors understand that their principal will be at
Public Financial Institutions (PFIs), moderate risk
Municipal Corporations and such
other bodies
HDFC Credit • Income over short to medium Credit Risk → Relatively Relatively
Modera Moderate
Risk Debt term oderate High tely Low High
• To generate income/capital w t erate Hi oderate High tely Interest Rate Risk ↓ (Class A) (Class C)
Fund o M
w t erate Hi
Mo Lo
gh
appreciation by investing
d
Mo Lo Relatively Low (Class I)
gh
d
predominantly in AA and below
Very
BENCHMARK
High
Low
Moderate (Class II)

rated corporate debt (excluding
Very
High
Low
: NIFTY Credit
AA+ rated corporate bonds) RISKOMETER Relatively High (Class III) C-III
Risk Bond RISKOMETER
Investors understand that their principal will be at C-III - A Scheme with Relatively High Interest Rate Risk and
Index C-III moderately high risk Investors understand that their principal will be at Relatively High Credit Risk.
high risk
HDFC • Income over medium to long term Credit Risk → Relatively Relatively
Modera Moderate
Dynamic • To generate income / capital oderate High tely Low High
appreciation by investing in a w t erate Hi oderate High tely Interest Rate Risk ↓ (Class A) (Class C)
Debt Fund o M
w t erate Hi
Mo Lo
gh
range of debt and money market

d

Mo Lo
gh
d
instruments
Very
BENCHMARK :
High
Low
Moderate (Class II)

Very
High
Low
CRISIL Dynamic
Bond Fund B-III RISKOMETER
Index moderate risk Investors understand that their principal will be at Moderate Credit Risk.
moderately high risk
HDFC Gilt • Credit risk free returns over Credit Risk → Relatively Relatively
Modera Moderate
Fund medium to long term oderate High tely Low High
• To generate credit risk-free returns w t erate Hi oderate High tely Interest Rate Risk ↓ (Class A) (Class C)
o M
w t erate Hi
Mo Lo
gh
through investments in sovereign

d
BENCHMARK : Relatively Low (Class I)

Mo Lo
gh
d
CRISIL Dynamic securities issued by the Central

Very
High
Low
Moderate (Class II)

Government and / or State
Very
Gilt Index
High
Low
Government RISKOMETER Relatively High (Class III) A-III

A-III - A Scheme with Relatively High Interest Rate Risk and
moderate risk Investors understand that their principal will be at Relatively Low Credit Risk.
moderate risk
HDFC Nifty • Returns that are commensurate Modera Modera Credit Risk → Relatively Relatively
oderate High tely oderate High tely Moderate
G-Sec Dec (before fees and expenses) with o M o M Low High
w t erate Hi w t erate Hi Interest Rate Risk ↓ (Class A) (Class B) (Class C)
2026 Index the performance of the Nifty
Mo Lo
Mo Lo
gh
gh
d
G-sec Dec 2026 Index, subject to Relatively Low (Class I)

Fund
Very
Very
tracking difference over long term.

High
High
Low
Low
Moderate (Class II)

• Investment in Government
BENCHMARK : RISKOMETER RISKOMETER Relatively High (Class III) A-III
Securities/SDL, TREPS on
Nifty G-Sec Dec Investors understand that their principal will be at Investors understand that their principal will be at
Government Securities/Treasury moderate risk moderate risk A-III - A Scheme with Relatively High Interest Rate Risk and
2026 Index Relatively Low Credit Risk.
bills
HDFC Nifty • Returns that are commensurate Modera Modera Credit Risk → Relatively Relatively
oderate High tely oderate High tely Moderate
G-Sec Jul (before fees and expenses) with o M o M Low High
w t erate Hi w t erate Hi Interest Rate Risk ↓ (Class A) (Class B) (Class C)
2031 Index the performance of the Nifty
Mo Lo
Mo Lo
gh
gh
d
G-Sec July 2031 Index, subject Relatively Low (Class I)

Fund
Very
Very
to tracking difference over long

High
High
Low
Low
Moderate (Class II)

term. Investment in Government
BENCHMARK : RISKOMETER RISKOMETER Relatively High (Class III) A-III
Securities/SDL, TREPS on
Nifty G-Sec July Investors understand that their principal will be at Investors understand that their principal will be at
Government Securities/Treasury moderate risk moderate risk A-III - A Scheme with Relatively High Interest Rate Risk and
2031 Index Relatively Low Credit Risk.
bills
Benchmark and Scheme Riskometer As on November 30, 2022
110 November 2022

UPDATION OF PAN OF ALL UNITHOLDERS IN THE FOLIOS IS MANDATORY FOR PROCESSING OF REDEMPTION AND RELATED TRANSACTIONS
It is Mandatory to complete the KYC requirements for all unit holders, including for all joint holders and the guardian in case of folio of a minor investor.
Accordingly, financial transactions (including redemptions, switches and all types of systematic plans) will not be processed if the unit holders have not
completed KYC requirements
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. For latest riskometers, please refer www.hdfcfund.com
HDFC S&P BSE SENSEX ETF, HDFC Index Fund - S&P BSE 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, HDFC NIFTY Bank ETF, HDFC NIFTY50 Equal Weight Index Fund, HDFC NIFTY Next 50 Index Fund, HDFC NIFTY 100 Index Fund, HDFC NIFTY 100 Equal Weight Index
Fund, HDFC Nifty G-Sec Dec 2026 Index Fund, HDFC Nifty G-Sec Jul 2031 Index Fund, HDFC NIFTY 100 ETF, HDFC NIFTY Next 50 ETF, HDFC NIFTY50 VALUE 20 ETF, HDFC NIFTY100 Quality 30 ETF and HDFC Nifty Growth
Sectors 15 ETF, HDFC NIFTY200 MOMENTUM 30 ETF, HDFC NIFTY100 Low Volatility 30 ETF, HDFC NIFTY IT ETF, HDFC NIFTY Private Bank ETF : The Scheme of HDFC Mutual Fund (the “Product(s)”) are not sponsored,
endorsed, sold or promoted by Nifty Indices Limited [formerly India Index Services & Products Limited] (“NIL”). NIL does not make any representation or warranty, express or implied, to the owners of the Product(s)
or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly or the ability of the NIFTY Indices to track general stock market performance in India. The
relationship of NIL with HDFC Asset Management Company Limited (“the Issuer/Licensee”) is only in respect of the licensing of the Indices and certain trademarks and trade names associated with such Indices which
is determined, composed and calculated by NIL without regard to the Issuer /Licensee or the Product(s). NIL does not have any obligation to take the needs of the Issuer/Licensee or the owners of the Product(s) into
consideration in determining, composing or calculating the NIFTY Indices. NIL is not responsible for or has participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in
the determination or calculation of the equation by which the Product(s) is to be converted into cash. NIL has no obligation or liability in connection with the administration, marketing or trading of the Product(s).
NIL is engaged in the business of developing, constructing, compiling, computing and maintaining various equity indices. The relationship of NIL 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 NIL without regard to HDFC AMC. NIL has
no obligation to take the needs of HDFC AMC into consideration in determining, composing or calculating the NIFTY Indices.
NIL 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. NIL make no warranty,
express or implied, as to results to be obtained by HDFC AMC or any other person or entity from the use of NIFTY Indices or any data included therein. NIL make no express or implied warranties, and expressly disclaim
all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, NIL expressly disclaim any and all liability for
any damages or losses arising out of the use of NIFTY Indices or any data included therein by any third party, including any and all direct, special, punitive, indirect, or consequential damages (including lost profits),
even if notified of the possibility of such damages. An investor, by subscribing or purchasing an interest in the Product(s), will be regarded as having acknowledged, understood and accepted the disclaimer referred
to in Clauses above and will be bound by it.
MSCI Disclaimer: HDFC Developed World Indexes Fund of Funds is not sponsored, endorsed, sold or promoted by MSCI. All MSCI indexes are owned by MSCI and provided as-is without any warranties. MSCI assumes
no liability for or in connection with the MSCI indexes. Please see complete MSCI disclaimer in https://www.hdfcfund.com/our-products/hdfc-developed-world-indexes-fund-funds.
WANT TO HAVE THE LATEST INFORMATION ABOUT US?

Visit us at For any query or suggestions:-
www.hdfcfund.com Investors may contact us at:
hello@hdfcfund.com
Telephone Services Distributors may contact us at:
Toll-free number: 1800 3010 6767 / 1800 419 7676 partners@hdfcfund.com
SMS: HDFCMF to 56767
Registered Office: HDFC House, 2nd Floor, H.T. Parekh Marg, 165-166 Backbay Reclamation, Churchgate, Mumbai - 400 020.
Date of Release: December 15, 2022
November 2022 111

HDFC Flexi Cap Fund RISKOMETER#
(An open ended dynamic equity scheme investing across Modera
large cap, mid cap, small cap stocks) is suitable for investors Moderate High tely
o
who are seeking~: w t erate Hi
Mo Lo
gh
d
• To generate long-term capital appreciation / income

Very
High
Low
• Investment predominantly in equity & equity related instruments

RISKOMETER
~Investors should consult their financial advisers, if in doubt about whether Investors understand that their principal will be at
the product is suitable for them. very high risk
#For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the
website of the Fund viz. www.hdfcfund.com
Contact your Mutual Fund Distributor or Registered Investment

Adviser today, or give a missed call on 73974 12345 .
112 November 2022

HDFC MF Factsheet - November 2022

Uploaded by

Copyright:

Available Formats

You might also like

HDFC MF Factsheet - November 2022

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

HDFC MF Factsheet - November 2022

Uploaded by

Copyright:

Available Formats

November 30, 2022

SOUND INVESTMENT + TIME + PATIENCE =

Aim to build wealth

SIP: Systematic Investment Plan.

• To generate long-term capital appreciation / income

• Investment predominantly of equity & equity relatedRISKOMETER#

4 Indexation Benefit Modified Duration

HOW TO READ FACTSHEET

Macroeconomic Update UPI + IMPS

YoY,% Sep-22 Oct-22 Change in % Equity Market Update

Summary and Conclusion

As on 30 November 2022, NIFTY 50 was trading ~20x FY24E price to earnings

Source: Kotak Institutional Equities

12 months forward Price To Earnings

Outlook - Rates not too far from peak?

GOAL BASED SOLUTIONS

Industry Allocation of Equity Holding

Industry Allocation of Equity Holding

Company Industry+ % to Company Industry+ % to

SIP PERFORMANCE ^ - Regular Plan - Growth Option

FUND MANAGER § ¥ SIP PERFORMANCE ^ - Regular Plan - Growth Option

Industry Allocation of Equity Holding

Company Industry+ % to Company Industry+ % to

Industry Allocation of Equity Holding

TOTAL EXPENSE RATIO (As on November 30, 2022)

Industry Allocation of Equity Holding

Industry Allocation of Equity Holding

(An open ended balanced advantage fund)

FUND MANAGER ¥ SIP PERFORMANCE ^ - Regular Plan - Growth Option

HDFC Balanced Advantage Fund CATEGORY OF SCHEME

....Contd on next page

HDFC Balanced Advantage Fund CATEGORY OF SCHEME

HDFC Hybrid Equity Fund CATEGORY OF SCHEME

PERFORMANCE ^ - Regular Plan - Growth Option

n Equity 70.12 n Equity 70.12

FUND MANAGER ¥ SIP PERFORMANCE ^ - Regular Plan - Growth Option

HDFC Multi-Asset Fund CATEGORY OF SCHEME

SIP PERFORMANCE ^ - Regular Plan - Growth Option

PERFORMANCE ^ - Regular Plan - Growth Option

FUND MANAGER ¥ SIP PERFORMANCE ^ - Regular Plan - Growth Option

HDFC Equity Savings Fund CATEGORY OF SCHEME

HDFC Hybrid Debt Fund CATEGORY OF SCHEME

PERFORMANCE ^ - Regular Plan - Growth Option

SIP PERFORMANCE ^ - Regular Plan - Growth Option

TOTAL EXPENSE RATIO (As on November 30, 2022)

n G-Sec 100.09 n Sovereign 100.09

TOTAL EXPENSE RATIO (As on November 30, 2022)

n G-Sec 97.59 n Sovereign 97.59

BSE Scrip Code / NSE Symbol PORTFOLIO

BSE Scrip Code / NSE Symbol PORTFOLIO

BSE Scrip Code / NSE Symbol PORTFOLIO

QUANTITATIVE DATA • Top Ten Holdings

n Banks 99.98 n Banks 99.98

BSE Scrip Code / NSE Symbol PORTFOLIO

BSE Scrip Code / NSE Symbol PORTFOLIO

BSE Scrip Code / NSE Symbol PORTFOLIO

TOTAL EXPENSE RATIO (As on November 30, 2022)

n Silver 97.03 n A+ & Below 97.03

BSE Scrip Code / NSE Symbol PORTFOLIO

NAV (AS ON NOVEMBER 30, 2022) NAV PER UNIT (`)