November 30, 2024

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Riskometer#
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Investment Plan. investors who are seeking*:

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GLOSSARY
Sharpe Ratio Residual Maturity
Sharpe Ratio is a risk to reward ratio, it measures portfolio returns generated in excess Weighted Residual Maturity of the securities in scheme.
to the investment in risk-free asset, for per unit of total risk taken. While, positive Sharpe
ratio indicates, portfolio compensating investors with excess returns (over risk-free rate) Portfolio Yield (Yield To Maturity)
for the commensurate risk taken; negative Sharpe ratio indicates, investors are better off Weighted average yield of the securities in scheme portfolio.
investing in risk-free assets.
Portfolio Turnover Ratio
Beta Portfolio Turnover Ratio is the percentage of a fund’s holdings that have changed in a given
Beta (ß) of a portfolio is a number indicating the relation between portfolio returns with year. This ratio measures the fund’s trading activity, which is computed by taking the lesser
that of the market index i.e. it measure the volatility, or systematic risk, of a portfolio in of purchases or sales and dividing by average monthly net assets.
comparison to the market as a whole.
Modified Duration
Standard Deviation A formula that expresses the measurable change in the value of a security in response
A statistical measure that defines expected volatility/risk associated with a portfolio. to a change in interest rates. Modified duration of portfolio can be used to anticipate the
This explains the variation/deviation from the average returns delivered by the portfolio. change in market value of portfolio for every change in portfolio yield.
A higher standard deviation means higher volatility (risk) and a lower standard deviation
means lower volatility. Macaulay Duration (Duration)
Macaulay Duration (Duration) measures the price volatility of fixed income securities. It is
Risk Free Return often used in the comparison of interest rate risk between securities with different coupons
The theoretical rate of return of an investment with safest (zero risk) investment in a country. and different maturities. It is defined as the weighted average time to cash flows of a bond
where the weights are nothing but the present value of the cash flows themselves. It is
Total Expense Ratio expressed in years/days. The duration of a fixed income security is always shorter than its
Total expenses charged to scheme for the month expressed as a percentage to average term to maturity, except in the case of zero coupon securities where they are the same.
monthly net assets.
Tracking Error
Tracking error indicates how closely the portfolio return is tracking the benchmark Index
return. It measures the deviation between portfolio return and benchmark index return. A
lower tracking error indicates portfolio closely tracking benchmark index and higher tracking
error indicates portfolio returns with higher deviation from benchmark index returns.

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.
Important Note:
Housing Development Finance Corporation Limited (HDFC Ltd) has merged with HDFC Bank Limited, consequently HDFC Bank Limited is now the Sponsor of HDFC Mutual
Fund.

2 November 2024
Market Review
Macroeconomic Update Indicators Units May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24

Retail registration- Auto @

Divergent growth trends across different regions continued with economic activity
2W 2.8 5.1 17.7 6.8 -8.1 37.4 16.0
in US remain resilient while that in EU and China subdued. US growth momentum
was bolstered by resilient consumption and healthy domestic capex along with buoyant PV 3.1 -3.1 14.3 -0.3 -15.4 41.1 -12.9
services sector. Over last few months, however, rising unemployment rate, weakening MHCV -3.1 -4.3 10.5 -7.7 -11.0 -3.0 -8.9
non-farm payrolls data, easing job openings to unemployed ratio etc. indicates labour LCV 1.8 -8.0 2.2 -6.5 -10.7 11.1 -3.3
market is cooling. Further, activity of select segments of US economy like manufacturing Tractors -1.1 -27.5 -13.6 -12.3 16.6 3.5 33.9
and housing remained lacklustre. Eurozone continues to witness soft growth as reflected Gross GST collection YoY, % 10.0 7.6 10.3 10.0 6.5 8.9 8.5
in consistently weak PMIs. China continues to experience broad based slowdown with Average E-Way bill
17.0 16.3 19.2 12.9 18.5 16.9 NA
persistent weakness in its real estate sector, softness in manufacturing and infrastructure generated
investments along with decline in industrial profit. China’s export growth accelerated Power demand 15.3 8.9 8.5 -4.9 0.6 1.1 4.0
in recent months but outlook is uncertain in view of incoming Republican government Digital Spending (UP-
31.6 32.1 29.9 26.2 26.0 32.2 19.3
in the US which is expected to take charge January 2025. I+IMPS)
Railway Tonnage
Inflation has moved within a narrow range as largely on expected lines across 3.7 10.1 4.6 0.02 -5.8 1.5 1.4
movement
most major economies. Consequently, most major central banks continue to remain in
Manufacturing PMI^ Index 57.5 58.3 58.1 57.5 56.5 57.5 56.5
easing mode.
Services PMI^ Index 60.2 60.5 60.3 60.9 57.7 58.5 58.5
India’s GDP witnesses broad based slowdown in Q2FY25: India’s real GDP Unemployment* % 7.3 9.0 7.7 8.5 7.8 8.7 8.0
growth in Q2FY25 plunged to 5.4%, significantly below consensus estimate of 6.5%.
Source: [Link], [Link], CMIE, PIB, RBI, [Link],
Broad based weakness visible in Q2FY25 relative to last quarter was driven by
[Link]
deceleration in investment spending (5.4% vs 7.5%) and consumption (6% vs 7.4%).
Softness in consumption could partly be attributable to weakness in urban consumption ^Number >50 reflects expansions and number <50 reflects contraction compared to previous month.
as indicated in corporate result commentary for Q2FY25 and high frequency indicators @ - figures are preliminary data and are subject to revision. * based on CMIE survey
while investment was impacted due to low government capex spending. This was
partially offset by pick up in GFCE and export growth outpacing import. India’s economic indicators rebounded in October driven by festive demand,
On the GVA side, growth moderated driven by sharp slowdown in manufacturing after witnessing moderation in Q2FY25. However, data suggests more mixed picture
reflecting weak corporate profitability. While construction services growth eased on in November 2024. Going forward, uncertainty on growth outlook has increased as
back of contraction in government capex spending, mining sector and utilities remained urban demand is likely to remain soft but is likely to be offset by better rural demand
subdued due to average rainfall during the period adversely impacting activities. Services on back of robust growth kharif crop production and elevated food prices.
sector growth was stable relative to last quarter.
Quarter ended Quarter ended Central government finances in a comfortable position: Fiscal deficit widened in
Jun-24 Sep-24 Jun-24 Sep-24 October on back of higher revenue spending, additional transfers to states and subdued
(YoY, %) (YoY, %)
GDP 6.7% 5.4% GVA 6.8% 5.6% tax collections. On a FYTD basis, fiscal deficit remained lower on YoY basis driven
by robust personal tax collections and large dividend paid by RBI. Notably, corporate
Agriculture,
Private tax collections grew at a modest pace of ~1% mirroring subdued growth in corporate
7.4% 6.0% Forestry and 2.0% 3.5%
Consumption profits visible in listed companies results. Indirect tax collections growth was relatively
Fishing
Government better led by GST. On the spending side, while revenue spending has picked up in last
-0.2% 4.4% Industry 8.3% 3.6% couple of months, capex continues to remain weak. Capex is expected to rise over in
Consumption
Gross Capital H2FY25 but can still fall short of FY25BE.
7.1% 5.9% Manufacturing 7.0% 2.2%
formation
INR billion 7MFY24 7MFY25 Change (YoY)
Gross Fixed
7.5% 5.4% Construction 10.5% 7.7% Gross tax revenue 18,345 20,326 10.8%
Capital formation
Services 7.2% 7.1% Total Direct Tax 10,032 11,143 11.1%
Trade, Hotels, Total Indirect Tax 8,313 9,183 10.5%
Exports 8.7% 2.8% 5.7% 6.0% Less: Share of States & others 5,326 7,277 36.6%
Transport, etc.
Imports 4.4% -2.9% PADO 9.5% 9.2% Net Tax collection 13,020 13,050 0.2%
Non- Tax Revenue 2,658 3,993 50.2%
Source: CMIE
Total Revenue Receipts 15,677 17,043 8.7%
Total Capital Receipts 230 188 -18.2%
While Q2 growth has disappointed, slowdown appears to be cyclical in nature Total Receipts 15,907 17,231 8.3%
(and not structural) and growth is expected to improve over the coming quarters aided
by festive demand and sustained recovery in rural sector.
Total Revenue Expenditures 18,475 20,074 8.7%
Indian economic activity mixed: The high frequency indicators point at conflicting
Total Capital Expenditures 5,469 4,665 -14.7%
trends. Rural demand showed resilience as reflected in strong retail registration of 2W,
tractors, easing unemployment rate, etc. Further, manufacturing and services PMIs Total Expenditures 23,944 24,739 3.3%
also remained buoyant, albeit have been easing since last few months. However, urban
demand and industrial activity witnessed deceleration as indicated in moderating growth Gross Fiscal Deficit -8,037 -7,508 -6.6%
in GST collections, subdued power demand and railway tonnage movement, contraction Fiscal Deficit as % of GDP -2.8% -2.4%
in PV and CV registration, etc.
Source: CMIE
While the fiscal deficit has been low, recent month data indicates that government
is stepping up spending and may sustain for rest of the FY25. However, in view of high
ask rate of capex spending for rest of the year and buoyant personal tax collections,
deficit might undershoot the FY25 budgeted estimates (4.9% of GDP).

Market Review continued on next page

November 2024 3
Market Review Contd...

Trade deficit widens, likely to ease from hereon: Trade deficit widened in October India's growth momentum has moderated driven by slowdown in urban consumption.
2024 driven by higher oil and gold imports. NONG deficit narrowed on back of rise in However, this is counterbalanced by early sign of recovery visible in the rural sector.
exports of engineering goods, electronic product, chemicals and rice amongst others. Investments remain supported by real estate sector. Going forward, we expect growth
This was partly set off by rise in imports of vegetable oil and fertilisers. to moderate in FY25 but still remain better than rest of the major economies globally.
Amount in USD billion Sep-24 Oct-24 Change Consumption is likely to be supported by improvement in rural income on back of
Trade Deficit/ (Surplus) 20.8 27.1 30.6% robust improvement in kharif crop production while urban consumption is likely to
Net Oil Imports 7.8 13.7 75.7% stabilise, albeit at a lower level. Further, private corporate sector capital expenditure
Net Gold Imports* 3.5 5.6 59.0% has potential to accelerate in view of low leverage, increasing capacity utilization,
NONG net imports 9.5 7.8 -17.1% consistent corporate profitability, and a robust banking sector balance sheet. India’s
Source: CMIE, Ministry of Commerce; *Net Gold includes gold, silver and pearls precious & external sector also remains robust on the back of comfortable current account deficit
semiprecious stones adjusted for gems and jewellery exports. ^NONG refers to Non-Oil Non-Gold and adequate forex reserves. Rise in geopolitical tensions, rise in crude prices, sharp
(as defined above) imports/exports deceleration in global economic activity, etc. are key near-term risks.
The trade deficit is likely to narrow as next few months are seasonally favourable
for exports. Further, healthy growth in services exports is likely to keep current account Looking ahead, the medium-term outlook for India's economy seems optimistic, in our
within manageable range. view. This optimism is driven by policy continuity, benefits from Production-Linked
Incentive schemes, opportunities arising from shift in the global supply chain, enhanced
Retail inflation rises again, likely to ease going forward: India’s CPI rose in infrastructure investments, the potential of resurgence in private sector capex, and the
October 2024 on back of elevated food inflation especially vegetable prices. Apart from enduring robustness of consumption.
vegetables, edible oil, pulses and cereal inflation also continue to remain high. Core
CPI inched up driven by rise in gold prices while most other sub-components were
largely steady relative to last month.

YoY, % Sep-24 Oct-24 Change in %

Equity Market Update
CPI 5.5 6.2 0.7
November 2024 was a volatile month for Indian equity markets wherein NIFTY
Food & beverages 8.4 9.7 1.3
saw a correction of over 4% (from end-October 2024 closing) but recovered later in
Fuel and Light -1.3 -1.6 -0.3
the month. NIFTY / BSE Sensex ended the month largely unchanged during the month.
Housing 2.7 2.8 0.1
Mid cap and small cap indices were largely flat as well on month-on-month basis. Most
Transportation & communication 2.7 2.7 -
major sector indices ended the month with slight change. Oil & Gas, Capital goods
Core CPI@ 4.0 4.4 0.4
and Power were the key outperforming sectors while Banking, Auto, Metal and IT
Source: CMIE; @-CPI excluding food, fuel, transportation & housing underperformed. Weak 2QFY25 corporate results, ongoing geopolitical tensions and
potential policy shifts under the incoming US administration weighed on markets.
However, post result of the Maharashtra state elections resulted in markets rallying.
While CPI is expected to ease in November 2024 but is likely to stay at a relatively
elevated levels due to high food inflation. However, it is likely to ease thereafter on
back of arrival of new crops resulting in easing of food inflation and benign core CPI Major global equity markets witnessed mixed trend during the month. US and
momentum. most European equity markets ended the month in positive while China, Korea, Japan
etc. declined sequentially. Below are detailed tables outlining the performance of key
Commodity prices: Most major metal prices declined during the month driven by
domestic and global indices:
stronger USD, risk of trade war escalation and possible softening in global growth.
Crude oil prices remained steady while gold prices ended lower month on month.
% Change in Indices Nov-24 FYTD25^ % Change Nov-24 FYTD25^
Market price BSE India Healthcare (1.2) 7.6 S&P 500 5.7 14.8
Oct-24 (%) ^ FYTD25 (%) &
(USD)* BSE India Power 1.1 10.8 Nasdaq 6.2 17.3
Brent Crude (Per barrel) 72.9 (0.3) (16.6) BSE India Capital Goods 2.3 16.0 FTSE 2.2 4.2
Gold (per ounce) 2,643 (3.7) 18.5 BSE India IT (2.1) 9.8 DAX 2.9 6.1
Steel (per tonne) 490 (3.9) (3.9) BSE India FMCG (0.6) 24.6 CAC (1.6) (11.8)
Zinc (per tonne) 3,092 (0.3) 29.3 BSE India Metal (2.4) 8.3 Nikkei (2.2) (5.4)
BSE India Bankex (4.3) 11.8 Hang Seng (4.4) 17.4
Copper (per tonne) 8,879 (5.8) 1.7
BSE India Auto (2.3) (3.0) KOSPI (3.9) (10.6)
Aluminium (per tonne) 2,577 (0.6) 12.3
BSE India Oil & Gas 5.8 20.0 Shanghai 1.4 9.4
Lead (per tonne) 2,043 3.3 4.0 MSCI Emerging
Source: Bloomberg; *Market prices as on November 30, 2024. ^M-o-M change. & - Change in Market Index (3.7) 3.4
BSE SENSEX 0.5 8.4
FYTD25 NIFTY 50 (0.3) 8.1
NIFTY Midcap 100 0.5 17.3

Summary and Conclusion NIFTY Smallcap 0.3 22.1

Source: Bloomberg; ^Returns in FY25

Divergent growth trend across economies persists with US economic activity
holding up while EU and China’s growth weakening. The global growth is expected FPIs sold equities worth USD 2.6 billion in November 2024 (October 2024: net
to remain steady in view of expectations of US growth resilience continuing. However, sell USD 11.2 billion) and have cumulatively sold equity worth USD 3.1 billion in
in view of the incoming Republican government, downside risk to global growth has 8MFY25 (8MFY24: Net buy of USD 14.9 billion).
increased in view of likely increase in trade tensions, policy uncertainty, impact of
DIIs bought net equity worth USD 5.3 billion in November 2024 (October
anti-immigration policy, etc.
2024: USD 12.8 billion) and have cumulatively bought USD 45.8 billion in 8MFY25

Market Review continued on next page

4 November 2024
Market Review Contd...

(8MFY24: USD 10.6 billion). Mutual funds flows were steady at ~INR 59,300 crore Pharma 28.9 24.1 20.0
in October 2024 (September 2024: ~INR 50,000 crores) and cumulatively amounted Metals 11.4 10.1 12.8
to ~INR 340,000 crore in H1FY25 (H1FY24: ~INR 111,000 crore). Consumer Discretionary 60.2 53.9 11.6
Oil and gas 13.7 12.3 11.3
For Q2FY25, the earnings of PSU Banks were better than expected while that of
Consumer staples 39.2 35.6 10.1
Private banks, NBFCs, Metal, Oil& Gas, Telecom, consumer durables, Auto, Healthcare
Auto 19.9 19.8 0.6
and IT were largely in line with expectations. The earnings of Infrastructure, Cement,
Private Banks@ 2.4 2.6 -5.5
Capital goods and Consumer staples were lower than expectations.
Source: Kotak Institutional Equities. Stocks are part of Kotak Institutional Equities universe.
LTA – 10 Years average. Cells in green are sectors which are trading at premium. All figures are
calculated based on 12 months forward estimates.
Outlook ^to Long term (LT) average, @-Price to Book value.

As on November 30, 2024, NIFTY 50 Index was trading at ~20x FY26E price to The recent correction in the equity markets should be viewed in context of broad-based
earnings multiple. Further, Market cap-to-GDP stood ~110% (based on CY25 GDP rally over the past couple of years and equities are still trading at a noteworthy premium to
estimates) and the gap between 10Y G-sec yield and 1Y-Forward NIFTY 50 earnings their long-term average valuation. Moreover, the valuation of small cap and midcap indices
yield* remains at elevated level [*Earnings yield = 1/ (one year forward P/E)]. While are trading at a significant premium to large caps. Given the aggregate valuation being
the valuations have improved post correction in last couple of months, they are still at higher than historical average, the importance of stock selection increases even more.
a premium to their historical averages. This is partially due to structurally attractive Over medium to long term, we remain optimistic on Indian equities considering struc-
nominal GDP growth, a healthy corporate earnings outlook over the medium term and turally robust domestic growth outlook, healthy corporate profitability, and supportive
robust de-levered corporate and banking balance sheets. pro-growth policies. However, near-term risks include escalation in geopolitical and trade
tensions, cyclical moderation in corporate earnings, slowdown in government’s reforms
momentum, weakness in global growth, etc.

Debt Market Update

After rising in October 2024, Gsec yields continued to remain at an elevated level
for most part of November 2024. However, it fell sharply post the release of Q2FY25
GDP growth on last day of the month. The 10Y Gsec yields which touched intra month
high of 6.87%, ended the month 11 bps lower, at 6.74%. Apart from GDP growth print,
key events / news which influenced yields include win of Republican party in the US
and risk of rise in policy uncertainty in the US, dollar strengthening, volatility in the
oil prices, lower buying by FPIs, etc. The 10-year corporate bond spreads over Gsec
widened significantly compared to last month. The table below gives a summary view
of the movement of key rates and liquidity:

Oct-24 Nov- Change (in

24 bps)
MIBOR Overnight Rate (%) 6.61 6.76 0.15
3M Gsec yield (%) 6.51 6.49 -0.02
10Yr Benchmark G-Sec Yield^ (%) 6.85 6.74 -0.11
AAA 10Year Corporate Bond Yields#, & (%) 7.26 7.31 0.05
AAA 10Y Corporate bond spread against 10Y 41 57 16
benchmark@ (bps)
Average net liquidity absorbed/infused by RBI* 1,500 1,386 -7.6%
(INR billion)
^-bi-annual yield; #-annualised yield; & - Average yield of 7.57% NABARD Jan-
2035 provided by independent valuation agencies has been taken. @ - Spreads calculated
by subtracting non-annualised Gsec yields from annualised corporate bond yields.
*Average net daily liquidity infused / absorbed through Liquidity Adjustment
Facility, exports refinance, marginal standing facility and term repos/reverse repos.
Source: Bloomberg, RBI

Source: Kotak Institutional Equities; For 2024 and 2025, the market cap as on November 30 ,2024 is While average interbank liquidity remained high in November 2024 on back of
taken and divided by GDP estimates for CY24 and CY25 continued government spending, it fell in last 2 weeks due to forex sales by RBI. Notably,
RBI forex intervention in spot as well as forward market has increased significantly
Except for private banks, valuations for major sectors are higher than long-term averages during last couple of months which has allowed INR to outperform other EM currencies.
as shown in the table below: Further, RBI’s short position in Forex forwards has also increased significantly during
this period.
12 months forward Price To Earnings
30-Nov-24 LTA Discount / Premium^ FPIs ended the month flat in November 2024 after being net seller (USD 0.4 bil-
Industrials 39.1 26.6 47.0 lion) in October 2024. FPIs have bought net debt worth USD 9.8 billion in 8MFY25
IT services 27.5 20.8 32.5 as against net buying of USD 5.5 billion during the same period last year.
PSU Banks@ 1.3 1.1 21.5

Market Review continued on next page

November 2024 5
Market Review Contd...

RBI in its latest MPC meeting (on 6th December 2024) announced to keep its key GLOSSARY
policy rates and stance unchanged. However, it reduced the Cash Reserve Ratio (CRR) AE Advanced Economies
by 50 bps to 4%. Importantly, RBI revised its growth estimate by 60 bps to 6.6% while BoE Bank of England
increasing the inflation estimate by 30 bps to 4.8% for FY25. BoJ Bank of Japan
BoP Balance of Payment
bps Basis points
CAGR Compound Annual Growth Rate
Outlook CMIE Centre for Monitoring Indian Economy
While the MPC decision was largely in line with consensus expectations, yields sold off CPI Consumer Price Index
sharply post the MPC policy announcement possibly because of select market sections CRR Cash Reserve Ratio
CV Commercial Vehicle
anticipating RBI to cut policy rates in view of large downward surprise in the Q2FY25
DIIs Domestic Institutional Investors
GDP growth. The near-term growth-inflation dynamic has turned adverse and possibly EA Euro Area
resulted in RBI remaining in wait and watch mode. RBI also reiterated its goal of bringing ECB European Central Bank
down inflation close to target (4%) on a durable basis. Hence, if Q4FY25 inflation is in FOMC Federal Open Market Committee
line with RBI’s expectations and USD remains relatively stable, probability of rate cut FPI Foreign Portfolio Investment
may increase and is likely to be positive for fixed income markets. GDP Gross Domestic Product
GFCE Government Final Consumption Expenditure
In our view, medium term outlook on Indian fixed income market remains favourable, GST Goods and Services Tax
considering: GVA Gross Value Added
• Outlook on global growth remains soft in view of incoming Republican government IMD India Meteorological Department
in the US, rise in policy uncertainty and possible escalation of trade tensions. INR Indian Rupee
IMF International Monetary Fund
• AE central banks are likely to continue reducing policy rates as inflation remains IMPS Immediate Payment System
within manageable range and RBI is expected to follow soon. JGB Japanese Government Bonds
• Central government fiscal deficit has risk of undershooting the budget target LCV Light Commercial Vehicle
Mbpd Million Barrels Per Day
(FY25:4.9%) in view of buoyant receipts, subdued spending till October 2024 and
MHCV Medium and Heavy Commercial Vehicle
high ask rate of spending for rest of the year. This is likely to keep market borrow- MIBOR Mumbai Interbank Offered Rate
ings within manageable levels. Expectations that RBI dividend could remain at an M-o-M Month on Month
elevated level in FY26 as well and thus, is likely to keep Gsec supply under check MPC Monetary Policy Committee
going forward. MSP Minimum Support Prices
NABARD National Bank for Agriculture and Rural Development
• While bulk of FPI flows due to inclusion of India's sovereign securities in JP Morgan
NBFC Non-banking Financial Company
global bond indices seems to have been received, draft circular released by RBI on NFP Non-farm Payroll
Liquidity Coverage Ratio (LCR) which, if implemented, could aid demand for SLR NONG Non-Oil Non-Gold
securities by banks. NSO National Statistical Organization
• Core CPI momentum remains subdued on back of moderating urban consumption. OMO Open Market Operation
PIB Press Information Bureau
Further, headline CPI is likely to trend towards RBI's target (4%) as pressure from
PLI Production Linked Incentive
food inflation dissipates in view of expectations of good crop productions. PMI Purchasing Managers’ Index
• External sector remains comfortable in view of steady growth in services exports, PPI Producer Price Index
rangebound oil prices and adequate foreign exchange reserves. PSU Public Sector Undertaking
PV Passenger Vehicle
• Revision of India's sovereign rating outlook to positive (Rating unchanged at 'BBB-') RBI Reserve Bank of India
from stable by S&P enhances prospects of sovereign rating upgrade for India over RE Revised Estimates
the next couple of years. RRR Reserve Ratio Requirement (for banks in China)
SLR Statutory Liquidity Ratio
UPI Unified Payments Interface
Key risks to the favourable outlook US United States of America
• Regular food price shocks keeping headline CPI at an elevated level. USD United States dollar
UST US Treasuries
• If USD strengthens further, RBI can delay the rate cuts to keep pressure off INR. YoY Year on Year
• Delay / deferment of implementation of LCR guidelines by RBI
• Significant rise in commodity prices especially oil driven by escalation of geopolitical
tensions
Overall, in our view, yields are likely to trade with a downward bias and the long end
of the yield curve is likely to outperform over the medium term. We believe that RBI
decision on the policy rate is delayed, not denied and RBI is expected to reduce rate in
H1CY25 when inflation is expected to align durably to the target. Thus, as highlighted in
our recently released note (Fixed Income Market: delayed but not denied), investors with
a relatively longer investment horizon, could continue to increase allocation to longer
duration funds in line with individual risk appetite. Further, in view of convergence of
elevated short-term rates, attractive corporate bonds spreads (over Gsec), expectations
of rate cuts and improved liquidity in near term, one may also consider investment in
medium duration categories especially corporate bonds focussed funds.

Source for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research, World Bank, Daily valuation provided by ICRA/CRISIL.

6 November 2024
CONTENTS
PAGE NO. PAGE NO.
WEALTH CREATION RETIREMENT PLANNING
HDFC Flexi Cap Fund......................................................................... 8-9 HDFC Retirement Savings Fund - Equity Plan....................................... 64-65
HDFC Multi Cap Fund........................................................................ 10-12 HDFC Retirement Savings Fund - Hybrid Equity Plan............................ 66-67
HDFC Top 100 Fund........................................................................... 13-14 HDFC Retirement Savings Fund - Hybrid Debt Plan.............................. 68-69
HDFC Mid-Cap Opportunities Fund..................................................... 15-16 INCOME SOLUTIONS
HDFC Small Cap Fund........................................................................ 17-18 HDFC Overnight Fund........................................................................ 70
HDFC Large and Mid Cap Fund .......................................................... 19-21 HDFC Liquid Fund.............................................................................. 71-72
HDFC Capital Builder Value Fund........................................................ 22-23 HDFC Ultra Short Term Fund.............................................................. 73-74
HDFC Dividend Yield Fund................................................................. 24-25 HDFC Low Duration Fund................................................................... 75-76
HDFC Focused 30 Fund...................................................................... 26-27 HDFC Money Market Fund................................................................. 77-78
HDFC Business Cycle Fund.................................................................. 28-29 HDFC Short Term Debt Fund.............................................................. 79-80
HDFC Transportation and Logistics Fund............................................. 30 HDFC Medium Term Debt Fund.......................................................... 81-82
HDFC Defence Fund.......................................................................... 31 HDFC Income Fund........................................................................... 83-84
HDFC Banking & Financial Services Fund............................................ 32-33 HDFC Long Duration Debt Fund......................................................... 85
HDFC Technology Fund...................................................................... 34 HDFC Arbitrage Fund......................................................................... 86-88
HDFC Pharma and Healthcare Fund................................................... 35-36 HDFC Floating Rate Debt Fund........................................................... 89-90
HDFC Housing Opportunities Fund..................................................... 37-38 HDFC Corporate Bond Fund............................................................... 91-92
HDFC Infrastructure Fund.................................................................. 39-40 HDFC Banking and PSU Debt Fund..................................................... 93-94
HDFC MNC Fund............................................................................... 41 HDFC Credit Risk Debt Fund............................................................... 95-96
HDFC Non-Cyclical Consumer Fund..................................................... 42 HDFC Dynamic Debt Fund.................................................................. 97-98
HDFC Manufacturing Fund................................................................ 43-44 HDFC Gilt Fund................................................................................. 99-100
HDFC Balanced Advantage Fund........................................................ 45-48
HDFC Hybrid Equity Fund................................................................... 49-50 Fund Details Annexure ..................................................................... 101-103
HDFC Multi-Asset Fund...................................................................... 51-52 Segment-Wise Break-up Of Equity Holding ......................................... 103
HDFC Asset Allocator Fund of Funds................................................... 53-54 Performance details of schemes
managed by respective fund managers ............................................. 104
HDFC Dynamic PE Ratio Fund of Funds............................................... 55 Scheme performance summary - Regular Plans ................................. 105-108
HDFC Equity Savings Fund................................................................. 56-57 Scheme performance summary - Direct Plans .................................... 109-115
HDFC Hybrid Debt Fund..................................................................... 58-59 IDCW History ................................................................................... 116-117
TAX SAVINGS Benchmark and Scheme riskometers ................................................. 118-124
HDFC ELSS Tax saver.......................................................................... 60-61 Disclaimer ....................................................................................... 125
CHILDREN'S FUTURE
HDFC Children's Fund ....................................................................... 62-63

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 2024 7
HDFC Flexi Cap Fund CATEGORY OF SCHEME
(An open ended dynamic equity scheme investing across large cap, mid cap & small cap stocks.) FLEXI CAP FUND
(This is a simple and performing scheme which is eligible for distribution by new cadre of distributors)

INVESTMENT OBJECTIVE : To generate capital appreciation / income from a portfolio, predominantly invested in equity & equity related instruments. There is no assurance
that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥
PORTFOLIO
Roshi Jain
(since July 29, 2022) Company Industry+ / % to NAV Derivative Company Industry+ / % to NAV Derivative
Total Experience: Over 19 years Rating (Hedged & Rating (Hedged &
Unhedged) Unhedged)
EQUITY & EQUITY RELATED Restaurant Brands Asia
DATE OF ALLOTMENT / INCEPTION DATE • HDFC Bank Ltd.£ Banks 9.75 0.00 Limited Leisure Services 0.37 0.00
January 1, 1995 • ICICI Bank Ltd. Banks 9.71 0.00 Birlasoft Limited IT - Software 0.36 0.00
• Axis Bank Ltd. Banks 8.23 0.00 Cyient Ltd. IT - Services 0.36 0.00
• Cipla Ltd. Pharmaceuticals ITC LIMITED Diversified Fmcg 0.35 0.00
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) & Biotechnology 4.44 0.00 JK Lakshmi Cement Ltd Cement &
Regular Plan - Growth Option 1883.672 • Kotak Mahindra Bank Cement Products 0.29 0.00
Regular Plan - IDCW Option 82.203 Limited Banks 4.39 0.00 Varroc Engineering Auto
Direct Plan - Growth Option 2051.038 • Maruti Suzuki India Limited Components 0.27 0.00
Direct Plan - IDCW Option 97.010 Limited Automobiles 4.18 0.00 Zee Entertainment
• Bharti Airtel Ltd. Telecom - Enterprises Ltd. Entertainment 0.27 0.00
ASSETS UNDER MANAGEMENT J Services 4.13 0.00 Bank of Baroda Banks 0.26 0.00
As on November 29, 2024 • SBI Life Insurance InterGlobe Aviation Ltd. Transport
` 66,304.16 Cr. Company Ltd. Insurance 4.07 0.00 Services 0.25 0.00
Average for Month of November 2024 • HCL Technologies Ltd. IT - Software 3.90 0.00 Reliance Industries Ltd. Petroleum
` 65,124.92 Cr. • PIRAMAL PHARMA LTD Pharmaceuticals Products 0.19 0.00
& Biotechnology 2.94 0.00 Indigo Paints Limited Consumer
QUANTITATIVE DATA State Bank of India Banks 2.21 0.00 Durables 0.12 0.00
Portfolio Turnover Whirlpool of India Ltd. Consumer
Equity Turnover 37.16% Infosys Limited IT - Software 2.10 0.00
Total Turnover 42.86% Durables 0.12 0.00
Eicher Motors Ltd. Automobiles 1.99 0.00
Devyani International
Total Turnover = Equity + Debt + Derivative Apollo Hospitals Healthcare Ltd Leisure Services 0.10 0.00
Risk Ratio Enterprise Ltd. Services 1.78 0.00
Indraprastha Gas Ltd. Gas 0.10 0.00
n Standard Deviation 12.170% Bosch Limited Auto
n Beta Components 1.58 0.00 Delhivery Limited Transport
0.858 Services 0.09 0.00
n Sharpe Ratio* 1.379 Hyundai Motor India
Computed for the 3-yr period ended November Limited Automobiles 1.47 0.00 Ramco Systems Ltd. IT - Software 0.09 0.00
29, 2024. Based on month-end NAV. Tata Steel Ltd. Ferrous Metals 1.25 0.00 Sub Total 87.39 0.00
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) DEBT & DEBT RELATED
For schemes which have not completed 3 years, Power Grid Corporation
data is computed since inception. of India Ltd. Power 1.24 0.00 Government Securities (Central/State)
Hindustan Aeronautics Aerospace & 7.38 GOI 2027 Sovereign 0.44 0.00
TOTAL EXPENSE RATIO (As on November 29, 2024) Limited Defense 1.22 0.00 7.32 GOI 2030 Sovereign 0.17 0.00
Including Additional Expenses and Goods and Service JSW Steel Ltd. Ferrous Metals 1.22 0.03 7.37 GOI 2028 Sovereign 0.15 0.00
Tax on Management Fees Prestige Estates Sub Total 0.76 0.00
Projects Ltd. Realty 1.14 0.00
Regular: 1.42%Direct: 0.76% UNITS ISSUED BY REIT & INVIT
United Spirits Limited Beverages 1.12 0.00
Nexus Select Trust REIT Realty 2.28 0.00
Tech Mahindra Ltd. IT - Software 1.11 0.08
#BENCHMARK INDEX: Embassy Office Parks
SAPPHIRE FOODS INDIA REIT Realty 0.78 0.00
NIFTY 500 (Total Returns Index) LIMITED Leisure Services 0.96 0.00
##ADDL. BENCHMARK INDEX: Sub Total 3.06 0.00
Crompton Greaves Consumer
NIFTY 50 (Total Returns Index) Consumer Elec. Ltd. Durables 0.87 0.00 Cash,Cash Equivalents and Net Current
Assets 8.79 0.00
EXIT LOAD$$ : Dr. Lal Path Labs Ltd Healthcare
Services 0.84 0.00 Grand Total 100.00 0.11
• In respect of each purchase / switch-in of Units, an
Exit Load of 1.00% is payable if Units are redeemed / The Ramco Cements Cement & • Top Ten Holdings, £ Sponsor
switched-out within 1 year from the date of allotment. Ltd. Cement Products 0.77 0.00
• No Exit Load is payable if Units are redeemed /
switched-out after 1 year from the date of allotment. Dr Reddys Laboratories Pharmaceuticals Outstanding exposure in derivative instruments (` in Crore) 31.20
Ltd. & Biotechnology 0.74 0.00
Larsen and Toubro Ltd. Construction 0.74 0.00 Hedged position in Equity & Equity related instruments
NET EQUITY EXPOSURE: CIE Automotive India Auto Outstanding derivative exposure (% age) 0.05
87.28% Ltd Components 0.68 0.00
Mahindra & Mahindra Face Value per Unit: ` 10, + Industry Classification as
Ltd. Automobiles 0.67 0.00 recommended by AMFI, Data is as of November 29, 2024 unless
Kalpataru Projects otherwise specified.
International Ltd Construction 0.58 0.00
Metropolis Healthcare Healthcare ¥ Dedicated Fund Manager for Overseas Investments:
Ltd. Services 0.52 0.00 Mr. Dhruv Muchhal (since June 22, 2023)
Lupin Ltd. Pharmaceuticals (Total Experience: Over 10 years).
& Biotechnology 0.46 0.00
J Includes investments made by the schemes of HDFC Mutual
ESCORTS LTD. Agricultural, Fund aggregating to ` 611.51 Crores.
Commercial &
Construction Please refer Minimum Application Amount, Plans & Options, on
Vehicles 0.43 0.00 Page no. 101 to 103.
Nuvoco Vistas $$For further details, please refer to para ‘Exit Load’ on page
Corporation Ltd. (100% no. 104.
subsidiary of Nirma Ltd.
& erstwhile Lafarge Cement &
India Ltd.) Cement Products 0.37 0.00

8 November 2024
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.)
(This is a simple and performing scheme which is eligible for distribution by new cadre of distributors)

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 34.55
Pharmaceuticals & Biotechnology 8.58
Total Amount Invested (` in Lacs) 35.90 18.00 12.00 6.00 3.60 1.20
Automobiles 8.31 Mkt Value As on November 29, 2024 (` in Lacs) 2,065.05 73.95 33.19 12.13 5.41 1.34
IT - Software 7.56 Returns (%) 21.41 17.09 19.32 28.64 28.41 22.06
Telecom - Services 4.13 Benchmark Returns (%) # 15.48 15.30 16.83 22.00 21.42 13.28
Insurance 4.07 Additional Benchmark Returns (%) ## 14.09 13.87 15.04 18.08 16.50 9.79
Healthcare Services 3.14 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Auto Components 2.53 accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
Ferrous Metals 2.47 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Leisure Services 1.43
Cement & Cement Products
PERFORMANCE ^ - Regular Plan - Growth Option
1.43
Construction 1.32
Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Power 1.24 Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
Aerospace & Defense 1.22 (`)##
Realty 1.14 Nov 30, 23 Last 1 Year 34.55 27.29 21.27 13,455 12,729 12,127
Beverages 1.12
Consumer Durables 1.11
Nov 30, 21 Last 3 Years 25.38 16.89 13.76 19,712 15,969 14,723
Agricultural, Commercial & Construction Vehicles 0.43 Nov 29, 19 Last 5 Years 22.84 19.44 16.21 28,000 24,337 21,208
IT - Services 0.36 Nov 28, 14 Last 10 Years 14.50 13.85 12.23 38,792 36,639 31,741
Diversified Fmcg 0.35 Jan 01, 95 Since Inception 19.13 12.70 11.87 1,883,672 358,474 286,882
Transport Services 0.34 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Roshi Jain, please
Entertainment 0.27 refer page 104. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the
Petroleum Products 0.19 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
Gas 0.10
since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY 50 PRI values from January 1,
1995 to June 29, 1999 and TRI values since June 30, 1999. For Performance of Direct Plan, refer page 109 to 115.
0 10 20 30 40
^Past performance may or may not be sustained in future and is not a guarantee of any future returns.
Load is not taken into consideration for computation of performance.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for investors (Current risk as per latest month
who are seeking ~) end portfolio)

HDFC Flexi • To generate long-term capital

Cap Fund appreciation / income
• Investment predominantly
BENCHMARK in equity & equity related
: NIFTY 500 instruments
(Total Returns
Index)

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 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)

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

FUND MANAGER¥
PORTFOLIO
Gopal Agrawal
(since December 10, 2021)
Total Experience: Over 21 years
Company Industry+ % to Company Industry+ % to
NAV NAV
DATE OF ALLOTMENT / INCEPTION DATE EQUITY & EQUITY RELATED Hindustan Aeronautics Limited Aerospace & Defense 0.64
December 10, 2021 • HDFC Bank Ltd.£ Banks 3.91 Tata Motors Ltd. Automobiles 0.64
• ICICI Bank Ltd. Banks 3.28 Coal India Ltd. Consumable Fuels 0.63
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`)
Regular Plan - Growth Option 18.678 • Infosys Limited IT - Software 2.27 KEC International Ltd. Construction 0.63
Regular Plan - IDCW Option 17.699 • Axis Bank Ltd. Banks 2.16 Max Financial Services Ltd. Insurance 0.62
Direct Plan - Growth Option 19.414
Direct Plan - IDCW Option 18.512 • Reliance Industries Ltd. Petroleum Products 2.14 REC Limited. Finance 0.62
• HCL Technologies Ltd. IT - Software 1.83 Apollo Tyres Ltd. Auto Components 0.60
ASSETS UNDER MANAGEMENT
As on November 29, 2024 • Coforge Limited IT - Software 1.43 Motilal Oswal Financial
` 17,249.82 Cr. • Bharti Airtel Ltd. Telecom - Services 1.37 Services Ltd. Capital Markets 0.58
Average for Month of November 2024 • Tata Consultancy Services Ltd. IT - Software 1.35 Eris Lifesciences Ltd Pharmaceuticals &
` 16,676.16 Cr. • Kotak Mahindra Bank Limited Banks 1.18
Biotechnology 0.56
QUANTITATIVE DATA PB FINTECH LIMITED (Policy Financial Technology
Max Healthcare Institute Bazaar) (Fintech) 0.55
Portfolio Turnover Limited Healthcare Services 1.13
Equity Turnover 5.42% Carborundum Universal Ltd. Industrial Products 0.54
Total Turnover 5.42% MphasiS Limited. IT - Software 1.10
LTIMindtree Limited IT - Software 0.54
Total Turnover = Equity + Debt + Derivative Hindustan Petroleum Corp. Ltd. Petroleum Products 1.06
Risk Ratio Gland Pharma Ltd. Pharmaceuticals &
n Standard Deviation 13.777% Sun Pharmaceutical Industries Pharmaceuticals & Biotechnology 0.53
n Beta 0.959 Ltd. Biotechnology 1.04
n Sharpe Ratio*
Supreme Industries Ltd. Industrial Products 0.52
1.122 Indian Hotels Company Ltd. Leisure Services 1.01
Computed for the 3-yr period ended November Au Small Finance Bank Ltd. Banks 0.51
29, 2024. Based on month-end NAV. Larsen and Toubro Ltd. Construction 1.01
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Cipla Ltd. Pharmaceuticals &
For schemes which have not completed 3 years, Apar Industries Limited Electrical Equipment 1.00 Biotechnology 0.51
data is computed since inception. Indusind Bank Ltd. Banks 0.99 Ola Electric Mobility Limited Automobiles 0.51
TOTAL EXPENSE RATIO (As on November 29, 2024) Aurobindo Pharma Ltd. Pharmaceuticals & Bank of Baroda Banks 0.50
Including Additional Expenses and Goods and Service Biotechnology 0.96
Bharat Electronics Ltd. Aerospace & Defense 0.50
Tax on Management Fees Prestige Estates Projects Ltd. Realty 0.95
Regular: 1.67%Direct: 0.67% Oil & Natural Gas Corporation
Bajaj Finance Ltd. Finance 0.93 Ltd. Oil 0.50
#BENCHMARK INDEX: JSW Infrastructure Limited Transport Infrastructure 0.92 Aster DM Healthcare Limited Healthcare Services 0.49
NIFTY500 MultiCap [Link] (Total
Returns Index) State Bank of India Banks 0.92 Hindustan Unilever Ltd. Diversified Fmcg 0.49
##ADDL. BENCHMARK INDEX: SBI Life Insurance Company Ltd. Insurance 0.87 Bharat Forge Ltd. Auto Components 0.48
NIFTY 50 (Total Returns Index) Maruti Suzuki India Limited Automobiles 0.86 Apollo Hospitals Enterprise Ltd. Healthcare Services 0.47
EXIT LOAD$$ : Five-Star Business Finance Symphony Ltd. Consumer Durables 0.47
• In respect of each purchase / switch-in of Units, an Limited Finance 0.85
Exit Load of 1.00% is payable if Units are redeemed / Centum Electronics Ltd. Industrial
switched-out within 1 year from the date of allotment. Tata Communications Limited Telecom - Services 0.84 Manufacturing 0.46
• No Exit Load is payable if Units are redeemed /
switched-out after 1 year from the date of allotment. Vesuvius India Ltd. Industrial Products 0.84 Sonata Software Ltd. IT - Software 0.45
ITC LIMITED Diversified Fmcg 0.83 TD Power Systems Ltd. Electrical Equipment 0.45
Industry Allocation of Equity Holding Dixon Technologies (India) Ltd. Consumer Durables 0.82 Archean Chemical Industries
Limited
Chemicals &
Petrochemicals 0.44
(% of Net Assets) ESCORTS LTD. Agricultural,
Commercial & Prudent Corporate Advisory
Banks 15.22 Construction Vehicles 0.80 Services Limited Capital Markets 0.44
IT - Software 10.29
Finance 8.15 Kalpataru Projects International Tata Steel Ltd. Ferrous Metals 0.44
Pharmaceuticals & Biotechnology 5.46 Ltd Construction 0.80
Consumer Durables 4.83 Mahindra & Mahindra
Auto Components 4.56 Trent Ltd. Retailing 0.79 Financial Services Ltd. Finance 0.43
Petroleum Products 3.80
Construction 3.67 Techno Electric & Engin. Ipca Laboratories Ltd. Pharmaceuticals &
Automobiles 3.29
Leisure Services 2.99
Co. Ltd. Construction 0.78 Biotechnology 0.42
Industrial Products 2.53
Telecom - Services 2.40
Chalet Hotels Ltd. Leisure Services 0.77 L&T Finance Ltd. Finance 0.42
Healthcare Services 2.25
Chemicals & Petrochemicals 2.23
Persistent Systems Limited IT - Software 0.77 Wheels India Ltd. Auto Components 0.42
Cement & Cement Products 2.16 CIE Automotive India Ltd Auto Components 0.76
Insurance 2.04
Crompton Greaves Consumer
Electrical Equipment 2.02 Voltas Ltd. Consumer Durables 0.75 Elec. Ltd. Consumer Durables 0.41
Retailing 1.82
Aerospace & Defense 1.53 Ambuja Cements Ltd. Cement & Cement Elecon Engineering Comapny Industrial
Industrial Manufacturing 1.49
Products 0.74 Ltd. Manufacturing 0.41
Power 1.45
Diversified Fmcg 1.32
Power Finance Corporation Ltd. Finance 0.73 Gulf Oil Lubricants India Ltd. Petroleum Products 0.40
Capital Markets 1.25
Beverages 1.10
United Spirits Limited Beverages 0.71 Timken India Ltd. Industrial Products 0.39
Agricultural, Commercial & Construction Vehicles 1.07
Realty 1.07
Mahindra & Mahindra Ltd. Automobiles 0.69 Bajaj Auto Limited Automobiles 0.38
Transport Infrastructure 0.92
Ferrous Metals 0.81
Shriram Finance Ltd. Finance 0.69 KAYNES TECHNOLOGY INDIA Industrial
Transport Services 0.68 LIMITED Manufacturing 0.38
Consumable Fuels 0.63
Personal Products 0.62 PNB Housing Finance Ltd. Finance 0.68 Whirlpool of India Ltd. Consumer Durables 0.38
Financial Technology (Fintech) 0.55
Oil 0.50 Zomato Ltd Retailing 0.67 Wockhardt Ltd. Pharmaceuticals &
Fertilizers & Agrochemicals 0.47
Gas 0.45
NTPC Limited Power 0.66 Biotechnology 0.38
Textiles & Apparels 0.27
Entertainment 0.21
The Federal Bank Ltd. Banks 0.65 CESC Ltd. Power 0.37
Non - Ferrous Metals 0.20
Food Products 0.18
UltraTech Cement Limited Cement & Cement Jindal Steel & Power Ltd. Ferrous Metals 0.37
Media 0.16 Products 0.65
IT - Services 0.15
Agricultural Food & Other Products 0.13
0 5 10 15 20

10 November 2024
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 Company Industry+ % to

NAV NAV NAV
Cholamandalam Investment & Navin Fluorine International Chemicals & Alkem Laboratories Ltd. Pharmaceuticals &
Finance Co. Ltd. Finance 0.36 Ltd. Petrochemicals 0.22 Biotechnology 0.11
Balkrishna Industries Ltd. Auto Components 0.35 Zensar Technologies Ltd. IT - Software 0.22 BIKAJI FOODS INTERNATIONAL
EIH Ltd. Leisure Services 0.35 AkzoNobel India Ltd. Consumer Durables 0.21 LIMITED Food Products 0.11
Bosch Limited Auto Components 0.34 Eicher Motors Ltd. Automobiles 0.21 Devyani International Ltd Leisure Services 0.11
Great Eastern Shipping Indian Bank Banks 0.21 Gateway Distriparks Limited Transport Services 0.11
Company Ltd. Transport Services 0.34 Zee Entertainment Enterprises IIFL Finance Limited Finance 0.11
Torrent Power Ltd. Power 0.33 Ltd. Entertainment 0.21 Sagar Cements Ltd. Cement & Cement
Indian Renewable Energy Dabur India Ltd. Personal Products 0.20 Products 0.11
Development Agency Limited Finance 0.32 Gandhar Oil Refinery (India) Suprajit Engineering Ltd. Auto Components 0.11
Medi Assist Healthcare Services Limited Petroleum Products 0.20 Vardhman Textiles Ltd. Textiles & Apparels 0.11
Limited Insurance 0.32 Hindalco Industries Ltd. Non - Ferrous Metals 0.20 Chemplast Sanmar Limited Chemicals &
UPL Ltd. Fertilizers & Mahanagar Gas Ltd. Gas 0.20 Petrochemicals 0.10
Agrochemicals 0.32 Equitas Small Finance Bank Ltd Banks 0.10
Delta Corp Ltd. Leisure Services 0.31 Shoppers Stop Ltd. Retailing 0.20
VODAFONE IDEA LIMITED Telecom - Services 0.19 CanFin Homes Ltd. Finance 0.09
Le Travenues Technology GO FASHION (INDIA) LIMITED Retailing 0.09
Limited Leisure Services 0.31 Asian Paints Limited Consumer Durables 0.18
Atul Ltd. Chemicals & FUSION FINANCE LIMITED Finance 0.18 JSW Energy Ltd. Power 0.09
Petrochemicals 0.30 Motherson Sumi Wiring India
Kajaria Ceramics Ltd. Consumer Durables 0.18 Limited Auto Components 0.08
Birla Corporation Ltd. Cement & Cement
Products 0.30 Bajaj Electricals Ltd. Consumer Durables 0.17 SBI CARDS AND PAYMENT
Gabriel India Ltd. Auto Components 0.30 Delhivery Limited Transport Services 0.17 SERVICES LIMITED Finance 0.08
Jubilant Ingrevia Limited Chemicals & Graphite India Ltd. Industrial Products 0.17 Sundram Fasteners Ltd. Auto Components 0.08
Petrochemicals 0.30 Hindustan Construction Aditya Birla Fashion and
Muthoot Finance Ltd. Finance 0.30 Company Ltd. Construction 0.17 Retail Ltd. Retailing 0.07
Tech Mahindra Ltd. IT - Software 0.30 MM Forgings Ltd. Auto Components 0.17 Avanti Feeds Ltd. Food Products 0.07
Aadhar Housing Finance Aarti Pharmalabs Limited Pharmaceuticals & KEI Industries Ltd. Industrial Products 0.07
Limited Finance 0.29 Biotechnology 0.16 Alembic Pharmaceuticals Pharmaceuticals &
Aditya Birla Capital ltd. Finance 0.29 Deepak Nitrite Limited Chemicals & Limited Biotechnology 0.06
Petrochemicals 0.16 Cello World Limited Consumer Durables 0.06
Dr Reddys Laboratories Ltd. Pharmaceuticals &
Biotechnology 0.29 Jagran Prakashan Ltd. Media 0.16 TCI Express Ltd. Transport Services 0.06
Godrej Consumer Products Ltd. Personal Products 0.29 Nilkamal Ltd. Consumer Durables 0.16 Zydus Lifesciences Limited Pharmaceuticals &
GUJARAT FLUOROCHEMICALS Chemicals & Page Industries Ltd Textiles & Apparels 0.16 Biotechnology 0.06
LIMITED Petrochemicals 0.29 SULA VINEYARDS LIMITED Beverages 0.16 SRF Ltd. Chemicals &
Dilip Buildcon Ltd. Construction 0.28 Petrochemicals 0.05
Syngene International Limited Healthcare Services 0.16
METRO BRANDS LIMITED Consumer Durables 0.28 Bajel Projects Limited Electrical Equipment 0.04
L&T Technology Services Ltd. IT - Services 0.15
Aavas Financiers Ltd. (Formerly Birlasoft Limited IT - Software 0.03
LIC Housing Finance Ltd. Finance 0.15
known as Au Housing Finance Craftsman Automation Ltd Auto Components 0.03
Ltd.) Finance 0.27 Rallis India Ltd. Fertilizers &
Agrochemicals 0.15 Endurance Technologies Ltd. Auto Components 0.03
Ashok Leyland Ltd Agricultural,
Commercial & Varroc Engineering Limited Auto Components 0.15 VIP Industries Ltd. Consumer Durables 0.03
Construction Vehicles 0.27 Voltamp Transformers Ltd. Electrical Equipment 0.15 Tube Investments of India Ltd. Auto Components 0.02
Bharat Dynamics Limited Aerospace & Defense 0.27 Ajanta Pharma Limited Pharmaceuticals & Rishabh instruments Limited Electrical Equipment 0.01
Havells India Ltd. Consumer Durables 0.27 Biotechnology 0.14 Torrent Pharmaceuticals Ltd. Pharmaceuticals &
CG Power and Industrial SHARDA MOTOR INDUSTRIES Biotechnology 0.01
Solutions Ltd. Electrical Equipment 0.25 LIMITED Auto Components 0.14 Sub Total 96.92
Indraprastha Gas Ltd. Gas 0.25 Sona Blw Precision Forgings Auto Components 0.14 UNITS ISSUED BY REIT & INVIT
CREDITACCESS GRAMEEN Aarti Industries Ltd. Chemicals & Embassy Office Parks REIT Realty 0.48
LIMITED Finance 0.24 Petrochemicals 0.13
Bajaj Consumer Care Ltd. Personal Products 0.13 Sub Total 0.48
Pidilite Industries Ltd. Chemicals &
Petrochemicals 0.24 Balrampur Chini Mills Ltd. Agricultural Food & Cash,Cash Equivalents and Net Current Assets 2.60
RBL Bank Ltd. Banks 0.24 Other Products 0.13 Grand Total 100.00
TEGA INDUSTRIES LIMITED Industrial Goodyear India Ltd. Auto Components 0.13 • Top Ten Holdings, £ Sponsor
Manufacturing 0.24 Restaurant Brands Asia Limited Leisure Services 0.13
The Ramco Cements Ltd. Cement & Cement Face Value per Unit: ` 10, + Industry Classification as
Bank of India Banks 0.12
Products 0.24 recommended by AMFI, Data is as of November 29, 2024 unless
Brigade Enterprises Limited. Realty 0.12 otherwise specified.
360 ONE WAM LIMITED Capital Markets 0.23
Data Patterns (India) Limited Aerospace & Defense 0.12
Bandhan Bank Ltd. Banks 0.23 ¥ Dedicated Fund Manager for Overseas Investments:
Indoco Remedies Ltd. Pharmaceuticals & Mr. Dhruv Muchhal (since June 22, 2023)
Blue Star Ltd. Consumer Durables 0.23 Biotechnology 0.12
(Total Experience: Over 10 years).
Greenply Industries Ltd. Consumer Durables 0.23 Jio Financial Services Limited Finance 0.12
Please refer Minimum Application Amount, Plans & Options,
HDFC Life Insurance Company Orient Cement Ltd. Cement & Cement on Page no. 101 to 103.
Limited Insurance 0.23 Products 0.12
$$For further details, please refer to para ‘Exit Load’ on page
Samvardhana Motherson Waaree Energies Limited Electrical Equipment 0.12
International Ltd. Auto Components 0.23 no. 104.
Advanced Enzyme Technologies Pharmaceuticals &
United Breweries Ltd. Beverages 0.23 Ltd. Biotechnology 0.11
IDFC First Bank Limited Banks 0.22

November 2024 11
HDFC Multi Cap Fund CATEGORY OF SCHEME
MULTI CAP FUND
(An open ended equity scheme investing across large cap, mid cap &
small cap stocks)

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 1 year
SIP SIP
Total Amount Invested (` in Lacs) 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 5.40 1.29
Returns (%) 28.21 14.85
Benchmark Returns (%) # 25.00 15.40
Additional Benchmark Returns (%) ## 16.46 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 28.60 29.27 21.27 12,860 12,927 12,127
Dec 10, 21 Since Inception 23.39 18.10 12.73 18,678 16,398 14,279
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Gopal Agrawal, please
refer page 104. 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 109 to 115.

^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
for computation of performance.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for investors (Current risk as per latest month
who are seeking ~) end portfolio)

HDFC Multi • To generate long-term capital

Cap Fund appreciation/ income
• Investment in equity and equity
BENCHMARK related securities of large cap, mid
: NIFTY500 cap and small cap companies
MultiCap
[Link] (Total
Returns Index)

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

12 November 2024
HDFC Top 100 Fund CATEGORY OF SCHEME
LARGE-CAP FUND
(An open ended equity scheme predominantly investing in large cap stocks)
(This is a simple and performing scheme which is eligible for distribution by new cadre of distributors)

INVESTMENT OBJECTIVE : To provide long-term capital appreciation/income by investing predominantly in Large-Cap companies. There is no assurance that the investment
objective of the Scheme will be achieved.

PORTFOLIO
FUND MANAGER ¥
Rahul Baijal Company Industry+ % to Company Industry+ % to
(since July 29, 2022) NAV NAV
Total Experience: Over 24 years EQUITY & EQUITY RELATED MANKIND PHARMA LIMITED Pharmaceuticals &
• HDFC Bank Ltd.£ Banks 9.88 Biotechnology 0.73
• ICICI Bank Ltd. Banks 9.84 DLF LIMITED Realty 0.67
DATE OF ALLOTMENT / INCEPTION DATE Maruti Suzuki India Limited Automobiles 0.55
• Larsen and Toubro Ltd. Construction 5.93
October 11, 1996 • NTPC Limited Power 5.43 United Spirits Limited Beverages 0.51
• Bharti Airtel Ltd. Telecom - Services 5.30 Ambuja Cements Ltd. Cement & Cement
Products 0.46
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • Infosys Limited IT - Software 4.92
Cipla Ltd. Pharmaceuticals &
Regular Plan - Growth Option 1116.223 • Axis Bank Ltd. Banks 4.63 Biotechnology 0.38
Regular Plan - IDCW Option 62.388 • ITC LIMITED Diversified Fmcg 4.13 SBI Life Insurance Company Ltd. Insurance 0.36
Direct Plan - Growth Option 1202.551 • Kotak Mahindra Bank Limited Banks 3.54
Direct Plan - IDCW Option 72.131 Jio Financial Services Limited Finance 0.26
• Reliance Industries Ltd. Petroleum Products 3.39 Apollo Hospitals Enterprise Ltd. Healthcare Services 0.25
Tata Consultancy Services Ltd. IT - Software 3.28 Cummins India Ltd. Industrial Products 0.22
ASSETS UNDER MANAGEMENT ϑ Coal India Ltd. Consumable Fuels 3.14
As on November 29, 2024 Bajaj Housing Finance Ltd. Finance 0.11
Tata Motors Ltd. Automobiles 3.01
` 36,587.24 Cr. Sun Pharmaceutical Industries Ltd. Pharmaceuticals &
Sub Total 98.12
Average for Month of November 2024 Cash,Cash Equivalents and Net Current Assets 1.88
Biotechnology 2.95
` 36,151.07 Cr. Titan Company Ltd. Consumer Durables 2.11
Grand Total 100.00
QUANTITATIVE DATA Zomato Ltd Retailing 1.95 • Top Ten Holdings, £ Sponsor
Portfolio Turnover Lupin Ltd. Pharmaceuticals &
Equity Turnover 15.06% Biotechnology 1.89 Face Value per Unit: ` 10, + Industry Classification as
Total Turnover 15.06%
Total Turnover = Equity + Debt + Derivative Indusind Bank Ltd. Banks 1.68 recommended by AMFI, Data is as of November 29, 2024 unless
Risk Ratio State Bank of India Banks 1.54 otherwise specified.
n Standard Deviation 12.520%
n Beta
Bajaj Auto Limited Automobiles 1.36
0.919 ¥ Dedicated Fund Manager for Overseas Investments:
n Sharpe Ratio* 0.903 Tata Consumer Products Limited Agricultural Food &
Computed for the 3-yr period ended November Other Products 1.32 Mr. Dhruv Muchhal (since June 22, 2023)
29, 2024. Based on month-end NAV. (Total Experience: Over 10 years).
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Cholamandalam Investment &
For schemes which have not completed 3 years, Finance Co. Ltd. Finance 1.27 J Includes investments made by the schemes of HDFC Mutual Fund
data is computed since inception. Hyundai Motor India Limited Automobiles 1.15 aggregating to ` 588.05 Crores.
Hindalco Industries Ltd. Non - Ferrous Metals 1.03 Please refer Minimum Application Amount, Plans & Options, on
TOTAL EXPENSE RATIO (As on November 29, 2024) Hindustan Unilever Ltd. Diversified Fmcg 1.01 Page no. 101 to 103.
Including Additional Expenses and Goods and Service HCL Technologies Ltd. IT - Software 1.00 $$For further details, please refer to para ‘Exit Load’ on page
Tax on Management Fees
Dabur India Ltd. Personal Products 0.99 no. 104.
Regular: 1.60%Direct: 0.99% UltraTech Cement Limited Cement & Cement
Products 0.99
#BENCHMARK INDEX: Mahindra & Mahindra Ltd. Automobiles 0.88
NIFTY 100 (Total Returns Index) SRF Ltd. Chemicals &
##ADDL. BENCHMARK INDEX: Petrochemicals 0.86
BSE SENSEX (Total Returns Index) Havells India Ltd. Consumer Durables 0.85
Eicher Motors Ltd. Automobiles 0.83
EXIT LOAD$$ : Siemens Ltd. Electrical Equipment 0.80
• In respect of each purchase / switch-in of Units, an Oil & Natural Gas Corporation Ltd. Oil 0.74
Exit Load of 1.00% is payable if Units are redeemed /
switched-out within 1 year from the date of allotment.
• No Exit Load is payable if Units are redeemed /
switched-out after 1 year from the date of allotment.
SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 33.80 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) $$ 883.51 58.74 27.28 10.28 4.88 1.26
Returns (%) $$ 18.75 14.44 15.68 21.73 20.85 9.39
Benchmark Returns (%) # N.A. 14.31 15.37 19.02 18.17 11.31
Additional Benchmark Returns (%) ## 14.69 13.92 15.04 17.45 15.85 10.66
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
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) $$ (%)# Returns
(%) ## $$ (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 23.54 25.34 20.59 12,354 12,534 12,059
Nov 30, 21 Last 3 Years 18.75 14.47 13.28 16,745 15,001 14,535
Nov 29, 19 Last 5 Years 17.33 16.76 15.74 22,258 21,722 20,783
Nov 28, 14 Last 10 Years 12.10 12.70 12.16 31,379 33,098 31,555
Oct 11, 96 Since Inception 19.07 NA 13.91 1,361,019 NA 391,320
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 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns.
Load is not taken into consideration for computation of performance.

November 2024 13
HDFC Top 100 Fund CATEGORY OF SCHEME
LARGE-CAP FUND
(An open ended equity scheme predominantly investing in large cap stocks)
(This is a simple and performing scheme which is eligible for distribution by new cadre of distributors)

Industry Allocation of Equity Holding

(% of Net Assets)
Banks 31.11
IT - Software 9.20
Automobiles 7.78
Pharmaceuticals & Biotechnology 5.95
Construction 5.93
Power 5.43
Telecom - Services 5.30
Diversified Fmcg 5.14
Petroleum Products 3.39
Consumable Fuels 3.14
Consumer Durables 2.96
Retailing 1.95
Finance 1.64
Cement & Cement Products 1.45
Agricultural Food & Other Products 1.32
Non - Ferrous Metals 1.03
Personal Products 0.99
Chemicals & Petrochemicals 0.86
Electrical Equipment 0.80
Oil 0.74
Realty 0.67
Beverages 0.51
Insurance 0.36
Healthcare Services 0.25
Industrial Products 0.22
0 10 20 30 40

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for investors (Current risk as per latest month
who are seeking ~) end portfolio)

HDFC Top • To generate long-term capital

100 Fund appreciation / income
• Investment predominantly in
BENCHMARK Large-Cap companies
: NIFTY 100
(Total Returns
Index)

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

14 November 2024
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. There is no assurance that the investment
objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Chirag Setalvad
(since June 25, 2007)
Total Experience: Over 28 years Company Industry+ / Rating % to Company Industry+ / Rating % to
NAV NAV
EQUITY & EQUITY RELATED Symphony Ltd. Consumer Durables 0.63
DATE OF ALLOTMENT / INCEPTION DATE • Indian Hotels Company Ltd. Leisure Services 4.19 Tata Chemicals Ltd. Chemicals &
June 25, 2007 • Max Financial Services Ltd. Insurance 3.67 Petrochemicals 0.62
• The Federal Bank Ltd. Banks 3.51 City Union Bank Ltd. Banks 0.61
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • Coforge Limited IT - Software 3.43 Greenlam Industries Ltd. Consumer Durables 0.61
Regular Plan - Growth Option 187.338 • Ipca Laboratories Ltd. Pharmaceuticals & Cholamandalam Investment
Regular Plan - IDCW Option 57.150 Biotechnology 3.20 & Finance Co. Ltd. Finance 0.59
Direct Plan - Growth Option 205.507
Direct Plan - IDCW Option 83.089 • Balkrishna Industries Ltd. Auto Components 2.87 Bharat Electronics Ltd. Aerospace & Defense 0.57
• Apollo Tyres Ltd. Auto Components 2.81 Timken India Ltd. Industrial Products 0.57
ASSETS UNDER MANAGEMENT J
As on November 29, 2024 • Persistent Systems Limited IT - Software 2.79 Arvind Limited Textiles & Apparels 0.52
` 76,060.89 Cr. • Indian Bank Banks 2.76 Vesuvius India Ltd. Industrial Products 0.52
Average for Month of November 2024 • Hindustan Petroleum Corp. Cholamandalam Financial
` 74,680.32 Cr. Ltd. Petroleum Products 2.64 Holdings Ltd. Finance 0.49
Tata Communications Limited Telecom - Services 2.37 Aarti Industries Ltd. Chemicals &
QUANTITATIVE DATA Petrochemicals 0.47
Portfolio Turnover Aurobindo Pharma Ltd. Pharmaceuticals &
Equity Turnover 19.61% Biotechnology 2.17 Vardhman Textiles Ltd. Textiles & Apparels 0.47
Total Turnover 24.49% Godrej Consumer Products Ltd. Personal Products 0.45
Fortis Healthcare Limited Healthcare Services 2.09
Total Turnover = Equity + Debt + Derivative Ceat Ltd. Auto Components 0.44
Max Healthcare Institute
Risk Ratio Limited Healthcare Services 1.97
n Standard Deviation 13.688% United Spirits Limited Beverages 0.42
n Beta 0.852 Mahindra & Mahindra Dilip Buildcon Ltd. Construction 0.39
n Sharpe Ratio* 1.396 Financial Services Ltd. Finance 1.90
Computed for the 3-yr period ended November Bosch Limited Auto Components 0.38
29, 2024. Based on month-end NAV. Jindal Steel & Power Ltd. Ferrous Metals 1.79
Five-Star Business Finance
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) PB FINTECH LIMITED (Policy Financial Technology Limited Finance 0.37
For schemes which have not completed 3 years, Bazaar) (Fintech) 1.77
data is computed since inception. Sona Blw Precision Forgings Auto Components 0.36
AIA Engineering Ltd. Industrial Products 1.62
ESCORTS LTD. Agricultural, Commercial
TOTAL EXPENSE RATIO (As on November 29, 2024) Oracle Financial Ser Software & Construction Vehicles 0.35
Including Additional Expenses and Goods and Service Ltd. IT - Software 1.62
Navneet Education Ltd. Printing & Publication 0.29
Tax on Management Fees Crompton Greaves Consumer
Elec. Ltd. Consumer Durables 1.55 Bharti Hexacom Limited Telecom - Services 0.25
Regular: 1.39%Direct: 0.76%
Glenmark Pharmaceuticals Pharmaceuticals & Greenpanel Industries Limited Consumer Durables 0.24
Ltd. Biotechnology 1.55 Greenply Industries Ltd. Consumer Durables 0.24
#BENCHMARK INDEX:
NIFTY Midcap 150 (Total Returns Index) Union Bank of India Banks 1.55 Coromandel International Fertilizers &
SKF India Ltd. Industrial Products 1.54 Limited Agrochemicals 0.23
##ADDL. BENCHMARK INDEX:
NIFTY 50 (Total Returns Index) Power Finance Corporation Dhanuka Agritech Ltd. Fertilizers &
Ltd. Finance 1.48 Agrochemicals 0.21
EXIT LOAD$$ : Marico Ltd. Agricultural Food & Mahindra Holidays & Resorts
• In respect of each purchase / switch-in of Units, an Ind Ltd. Leisure Services 0.15
Exit Load of 1.00% is payable if Units are redeemed / Other Products 1.45
switched-out within 1 year from the date of allotment. Au Small Finance Bank Ltd. Banks 1.40 Delta Corp Ltd. Leisure Services 0.11
• No Exit Load is payable if Units are redeemed /
switched-out after 1 year from the date of allotment. Cummins India Ltd. Industrial Products 1.39 Jagran Prakashan Ltd. Media 0.11
Dixon Technologies (India) Ltd. Consumer Durables 1.39 VST Industries Ltd. Cigarettes & Tobacco
Products 0.07
MphasiS Limited. IT - Software 1.32
Sub Total 91.77
ACC Ltd. Cement & Cement
Industry Allocation of Equity Holding Products 1.31 Cash,Cash Equivalents and Net Current Assets 8.23
Grand Total 100.00
(% of Net Assets) Gland Pharma Ltd. Pharmaceuticals &
Biotechnology 1.27 • Top Ten Holdings
Banks 10.86 KEC International Ltd. Construction 1.25
IT - Software 9.16
Pharmaceuticals & Biotechnology 8.19 Solar Industries India Ltd. Chemicals & Face Value per Unit: ` 10, + Industry Classification as recommended
Auto Components 8.07 Petrochemicals 1.23 by AMFI, Data is as of November 29, 2024 unless otherwise specified.
Industrial Products 6.65
Finance 5.60 Sundram Fasteners Ltd. Auto Components 1.21
Insurance 4.72 ¥ Dedicated Fund Manager for Overseas Investments:
Consumer Durables 4.66 Delhivery Limited Transport Services 1.08 Mr. Dhruv Muchhal (since June 22, 2023)
Leisure Services 4.45 Star Health and Allied
Healthcare Services 4.06 (Total Experience: Over 10 years).
Chemicals & Petrochemicals 3.08 Insurance Company Ltd Insurance 1.05 J Includes investments made by the schemes of HDFC Mutual Fund
Petroleum Products 2.64 Karur Vysya Bank Ltd. Banks 1.03 aggregating to ` 133.17 Crores.
Construction 2.63
Telecom - Services 2.62 Supreme Industries Ltd. Industrial Products 1.01 Please refer Minimum Application Amount, Plans & Options, on
Ferrous Metals 1.79
Financial Technology (Fintech) 1.77 KNR Construction limited. Construction 0.99 Page no. 101 to 103.
Agricultural Food & Other Products 1.45
Cement & Cement Products 1.31 Redington Ltd. Commercial Services & $$For further details, please refer to para ‘Exit Load’ on page
Personal Products 1.12 Supplies 0.92 no. 104.
Transport Services 1.08
Textiles & Apparels 0.99 Nippon Life India Asset
Commercial Services & Supplies 0.92 Management Limited Capital Markets 0.90
Capital Markets 0.90
Gas 0.80 Indraprastha Gas Ltd. Gas 0.80
Aerospace & Defense 0.57
Fertilizers & Agrochemicals 0.44 REC Limited. Finance 0.77
Beverages 0.42 GUJARAT FLUOROCHEMICALS Chemicals &
Agricultural, Commercial & Construction Vehicles 0.35
Printing & Publication 0.29 LIMITED Petrochemicals 0.76
Media 0.11 Emami Ltd. Personal Products 0.67
Cigarettes & Tobacco Products 0.07
0 5 10 15

November 2024 15
HDFC Mid-Cap Opportunities Fund CATEGORY OF SCHEME
MID CAP FUND
(An open ended equity scheme predominantly investing in mid cap stocks)

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 21.00 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 169.22 104.62 37.75 13.24 5.78 1.34
Returns (%) 20.85 21.02 21.71 32.35 33.39 22.12
Benchmark Returns (%) # 19.13 20.01 21.78 30.76 30.36 16.92
Additional Benchmark Returns (%) ## 13.41 13.87 15.04 18.08 16.50 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 34.93 31.68 21.27 13,493 13,168 12,127
Nov 30, 21 Last 3 Years 28.04 23.91 13.76 20,990 19,023 14,723
Nov 29, 19 Last 5 Years 28.48 28.00 16.21 35,054 34,409 21,208
Nov 28, 14 Last 10 Years 18.23 18.81 12.23 53,464 56,151 31,741
Jun 25, 07 Since Inception 18.29 15.87 11.77 187,338 130,520 69,651
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Chirag Setalvad, please
refer page 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
for computation of performance.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Mid-Cap • To generate long-term capital

Opportunities appreciation / income
Fund • Investment predominantly in Mid-
Cap companies
BENCHMARK :
NIFTY Midcap
150 (Total
Returns Index)

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

16 November 2024
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. There is no assurance that the investment
objective of the Scheme will be achieved.

FUND MANAGER¥
PORTFOLIO
Chirag Setalvad
(since June 28, 2014)
Total Experience: Over 28 years Company Industry+ % to Company Industry+ % to
NAV NAV
EQUITY & EQUITY RELATED Indigo Paints Limited Consumer Durables 0.71
DATE OF ALLOTMENT / INCEPTION DATE • Firstsource Solutions Ltd. Commercial Services & Emami Ltd. Personal Products 0.68
April 3, 2008 Supplies 6.36 G R Infraprojects Limited Construction 0.68
• eClerx Services Limited Commercial Services & Tata Steel Ltd. Ferrous Metals 0.66
Supplies 3.83
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) Vesuvius India Ltd. Industrial Products 0.62
• Aster DM Healthcare Limited Healthcare Services 3.54
Regular Plan - Growth Option 139.933 Insecticides (India) Ltd. Fertilizers &
Regular Plan - IDCW Option 49.872 • Bank of Baroda Banks 3.41 Agrochemicals 0.58
Direct Plan - Growth Option 158.276 • Sonata Software Ltd. IT - Software 2.75 Birlasoft Limited IT - Software 0.55
Direct Plan - IDCW Option 73.281 • Eris Lifesciences Ltd Pharmaceuticals & Bajaj Consumer Care Ltd. Personal Products 0.54
Biotechnology 2.48
ASSETS UNDER MANAGEMENT J GMM Pfaudler Limited Industrial Manufacturing 0.54
• Fortis Healthcare Limited Healthcare Services 2.43
As on November 29, 2024 Repco Home Finance Ltd. Finance 0.54
• Krishna Institute Of Medical
` 33,841.89 Cr. Sciences Limited Healthcare Services 2.00 PEARL GLOBAL INDUSTRIES
Average for Month of November 2024 LIMITED Textiles & Apparels 0.53
• Power Mech Projects Ltd. Construction 1.97
` 33,076.40 Cr. • PVR LIMITED Entertainment 1.87
DCB Bank Limited Banks 0.51
Finolex Industries Ltd. Industrial Products 0.48
QUANTITATIVE DATA Great Eastern Shipping
Company Ltd. Transport Services 1.78 Gujarat Pipavav Port Ltd. Transport Infrastructure 0.48
Portfolio Turnover
Equity Turnover 14.20% Sudarshan Chemical Chemicals & IFGL Refractories Limited (Erst
Total Turnover 24.92% Industries Limited Petrochemicals 1.74 IFGL Exports Ltd) Industrial Products 0.48
Total Turnover = Equity + Debt + Derivative D B Corp Limited Media 0.45
Indian Bank Banks 1.64
Risk Ratio Bajel Projects Limited Electrical Equipment 0.41
n Standard Deviation 14.654% SKF India Ltd. Industrial Products 1.64
n Beta 0.791 Gabriel India Ltd. Auto Components 1.58 GNA Axles Ltd. Auto Components 0.39
n Sharpe Ratio* 1.117
Computed for the 3-yr period ended November Suprajit Engineering Ltd. Auto Components 1.52 Carborundum Universal Ltd. Industrial Products 0.37
29, 2024. Based on month-end NAV. Apar Industries Limited Electrical Equipment 1.51 AWFIS SPACE SOLUTIONS Commercial Services &
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) LIMITED Supplies 0.35
For schemes which have not completed 3 years, KEC International Ltd. Construction 1.46
data is computed since inception. Delta Corp Ltd. Leisure Services 0.35
Bajaj Electricals Ltd. Consumer Durables 1.45
Advanced Enzyme Pharmaceuticals &
Kalpataru Projects Technologies Ltd. Biotechnology 0.32
International Ltd Construction 1.42
TOTAL EXPENSE RATIO (As on November 29, 2024) Goodyear India Ltd. Auto Components 0.32
Kirloskar Ferrous Industries
Including Additional Expenses and Goods and Service Ltd. Ferrous Metals 1.40 T. V. Today Network Ltd. Entertainment 0.31
Tax on Management Fees Greenlam Industries Ltd. Consumer Durables 0.30
Blue Dart Express Ltd. Transport Services 1.38
Regular: 1.57%Direct: 0.71% Unichem Laboratories Ltd. Pharmaceuticals & FIEM INDUSTRIES LIMITED Auto Components 0.29
Biotechnology 1.36 BEML Limited Agricultural, Commercial
Redtape Limited Consumer Durables 1.35 & Construction Vehicles 0.28
#BENCHMARK INDEX:
BSE 250 SmallCap Index (TRI) Transport Corporation of TCI Express Ltd. Transport Services 0.28
India Ltd. Transport Services 1.33 Lumax Industries Ltd Auto Components 0.24
##ADDL. BENCHMARK INDEX: Safari Industries (India) Ltd. Consumer Durables 1.32 Aadhar Housing Finance
NIFTY 50 (Total Returns Index) Limited Finance 0.19
Vardhman Textiles Ltd. Textiles & Apparels 1.32
Chambal Fertilizers & Fertilizers & Dodla Dairy Limited Food Products 0.18
EXIT LOAD$$ :
• In respect of each purchase / switch-in of Units, an Chemicals Ltd. Agrochemicals 1.31 Ceigall India Limited Construction 0.10
Exit Load of 1.00% is payable if Units are redeemed / CIE Automotive India Ltd Auto Components 1.29 Jagran Prakashan Ltd. Media 0.08
switched-out within 1 year from the date of allotment.
• No Exit Load is payable if Units are redeemed / Sharda Cropchem Ltd. Fertilizers & OCCL Limited Chemicals &
switched-out after 1 year from the date of allotment. Agrochemicals 1.29 Petrochemicals 0.06
The Federal Bank Ltd. Banks 1.29 TCPL PACKAGING LIMITED Industrial Products 0.05
KEI Industries Ltd. Industrial Products 1.28 Sub Total 93.72
Voltamp Transformers Ltd. Electrical Equipment 1.25 Cash,Cash Equivalents and Net Current Assets 6.28
Chalet Hotels Ltd. Leisure Services 1.22 Grand Total 100.00
Equitas Small Finance • Top Ten Holdings
Bank Ltd Banks 1.16
PNC Infratech Ltd. Construction 1.14 Face Value per Unit: ` 10, + Industry Classification as
Multi Commodity Exchange recommended by AMFI, Data is as of November 29, 2024 unless
of India Ltd Capital Markets 1.13 otherwise specified.
VRL Logistics Ltd. Transport Services 1.12 ¥ Dedicated Fund Manager for Overseas Investments:
LG Balakrishnan & Bros Ltd. Auto Components 1.06 Mr. Dhruv Muchhal (since June 22, 2023)
Aditya Vision Limited Retailing 1.04 (Total Experience: Over 10 years).
Zensar Technologies Ltd. IT - Software 1.04 J Includes investments made by the schemes of HDFC Mutual Fund
Shoppers Stop Ltd. Retailing 0.93 aggregating to ` 136.61 Crores.
The Anup Engineering Limited Industrial Manufacturing 0.93 Please refer Minimum Application Amount, Plans & Options, on
La Opala RG Limited Consumer Durables 0.88 Page no. 101 to 103.
Gateway Distriparks Limited Transport Services 0.82 $$For further details, please refer to para ‘Exit Load’ on page
Redington Ltd. Commercial Services & no. 104.
Supplies 0.79
City Union Bank Ltd. Banks 0.76
SULA VINEYARDS LIMITED Beverages 0.76
NRB Bearing Ltd. Auto Components 0.75
ION EXCHANGE (INDIA)
LIMITED Other Utilities 0.74

November 2024 17
HDFC Small Cap Fund CATEGORY OF SCHEME
SMALL CAP FUND
(An open ended equity scheme predominantly investing in small cap stocks)

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
Commercial Services & Supplies 11.33 Total Amount Invested (` in Lacs) 20.00 18.00 12.00 6.00 3.60 1.20
Banks 8.77 Mkt Value As on November 29, 2024 (` in Lacs) 128.56 94.45 38.69 13.38 5.52 1.32
Healthcare Services 7.97
Auto Components 7.44 Returns (%) 19.75 19.87 22.16 32.78 29.94 18.87
Construction 6.77 Benchmark Returns (%) # 16.51 17.00 20.73 33.21 32.28 20.90
Transport Services 6.71 Additional Benchmark Returns (%) ## 13.81 13.87 15.04 18.08 16.50 9.79
Consumer Durables 6.01
Industrial Products 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
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
Pharmaceuticals & Biotechnology 4.16 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Fertilizers & Agrochemicals 3.18
Electrical Equipment 3.17 PERFORMANCE ^ - Regular Plan - Growth Option
Entertainment 2.18 Scheme Benchmark Additional Value of ` 10,000 invested
Ferrous Metals 2.06 Returns Returns Benchmark
Retailing 1.97 Date Period (%) (%)# Returns Scheme (`) Benchmark Additional
Textiles & Apparels 1.85 (%) ## (`)# Benchmark
(`)##
Chemicals & Petrochemicals 1.80
Leisure Services 1.57 Nov 30, 23 Last 1 Year 26.28 33.63 21.27 12,628 13,363 12,127
Industrial Manufacturing 1.47 Nov 30, 21 Last 3 Years 24.47 24.31 13.76 19,285 19,210 14,723
Personal Products 1.22
Capital Markets 1.13 Nov 29, 19 Last 5 Years 29.25 30.02 16.21 36,115 37,207 21,208
Beverages 0.76 Nov 28, 14 Last 10 Years 18.78 15.75 12.23 55,987 43,238 31,741
Other Utilities 0.74 Apr 03, 08 Since Inception 17.15 11.96 11.54 139,933 65,744 61,775
Finance 0.73
Media 0.53 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Chirag Setalvad, please
Transport Infrastructure 0.48 refer page 104. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the
Agricultural, Commercial & Construction Vehicles 0.28 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan,
Food Products 0.18 refer page 109 to 115.
0 5 10 15 ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
for computation of performance.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Small • To generate long-term capital

Cap Fund appreciation / income
• Investment predominantly in
BENCHMARK Small-Cap companies
: BSE 250
SmallCap Index
(TRI)

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

18 November 2024
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 achieved.
FUND MANAGER ¥
Gopal Agrawal PORTFOLIO
(since July 16, 2020)
Total Experience: Over 21 years Company Company
Industry+ / Rating % to Industry+ / Rating % to
NAV NAV
DATE OF ALLOTMENT / INCEPTION DATE Ambuja Cements Ltd. Cement & Cement
EQUITY & EQUITY RELATED
February 18, 1994 Products 0.68
• HDFC Bank Ltd.£ Banks 5.12
Hindalco Industries Ltd. Non - Ferrous Metals 0.68
• ICICI Bank Ltd. Banks 3.74
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) InterGlobe Aviation Ltd. Transport Services 0.66
• Infosys Limited IT - Software 2.58
Regular Plan - Growth Option 331.12 Bandhan Bank Ltd. Banks 0.65
Regular Plan - IDCW Option 39.32 • Axis Bank Ltd. Banks 2.01
Direct Plan - Growth Option 346.50 Apollo Tyres Ltd. Auto Components 0.60
Direct Plan - IDCW Option 50.25 • MphasiS Limited. IT - Software 1.91
SRF Ltd. Chemicals &
• Indusind Bank Ltd. Banks 1.56 Petrochemicals 0.59
ASSETS UNDER MANAGEMENT J • Tata Consultancy Services Ltd. IT - Software 1.49
As on November 29, 2024 Bharat Forge Ltd. Auto Components 0.58
` 23,988.97 Cr. • Bharti Airtel Ltd. Telecom - Services 1.47 Indraprastha Gas Ltd. Gas 0.58
Average for Month of November 2024 • State Bank of India Banks 1.47 PB FINTECH LIMITED (Policy Financial Technology
` 23,457.29 Cr. • Lupin Ltd. Pharmaceuticals & Bazaar) (Fintech) 0.58
QUANTITATIVE DATA Biotechnology 1.30 Tech Mahindra Ltd. IT - Software 0.58
Portfolio Turnover HCL Technologies Ltd. IT - Software 1.26 SBI Life Insurance Company
Equity Turnover 5.35%
Total Turnover 5.35% Fortis Healthcare Limited Healthcare Services 1.25 Ltd. Insurance 0.57
Total Turnover = Equity + Debt + Derivative Max Financial Services Ltd. Insurance 1.23 Timken India Ltd. Industrial Products 0.57
Risk Ratio
n Standard Deviation 13.810% Trent Ltd. Retailing 1.22 IDFC First Bank Limited Banks 0.56
n Beta 0.973
n Sharpe Ratio*
LIC Housing Finance Ltd. Finance 1.20 Eicher Motors Ltd. Automobiles 0.54
1.012
Computed for the 3-yr period ended November Prestige Estates Projects Ltd. Realty 1.20 Persistent Systems Limited IT - Software 0.54
29, 2024. Based on month-end NAV.
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Bharat Electronics Ltd. Aerospace & Defense 1.16 Crompton Greaves Consumer
For schemes which have not completed 3 years, Elec. Ltd. Consumer Durables 0.52
data is computed since inception. Max Healthcare Institute
Limited Healthcare Services 1.16 Power Grid Corporation of
India Ltd. Power 0.52
Gland Pharma Ltd. Pharmaceuticals &
TOTAL EXPENSE RATIO (As on November 29, 2024) Biotechnology 1.14 Tata Communications Limited Telecom - Services 0.52
Including Additional Expenses and Goods and Service Bank of Baroda Banks 0.51
Tax on Management Fees Kotak Mahindra Bank Limited Banks 1.14
Ajanta Pharma Limited Pharmaceuticals & Solar Industries India Ltd. Chemicals &
Regular: 1.66%Direct: 0.88% Biotechnology 1.13 Petrochemicals 0.50
#BENCHMARK INDEX: Larsen and Toubro Ltd. Construction 1.13 Tata Consumer Products Agricultural Food &
NIFTY Large-Midcap 250 (Total Returns Index) Limited Other Products 0.49
Indian Hotels Company Ltd. Leisure Services 1.10
##ADDL. BENCHMARK INDEX: Ashok Leyland Ltd Agricultural, Commercial
Hindustan Petroleum Corp. & Construction Vehicles 0.48
BSE SENSEX (Total Returns Index) Ltd. Petroleum Products 1.07
Au Small Finance Bank Ltd. Banks 0.48
EXIT LOAD$$ : ESCORTS LTD. Agricultural, Commercial
• In respect of each purchase / switch-in of Units, an & Construction Vehicles 1.06 Cipla Ltd. Pharmaceuticals &
Exit Load of 1.00% is payable if Units are redeemed / Biotechnology 0.48
switched-out within 1 year from the date of allotment. NTPC Limited Power 1.06
• No Exit Load is payable if Units are redeemed / Divis Laboratories Ltd. Pharmaceuticals &
switched-out after 1 year from the date of allotment. Reliance Industries Ltd. Petroleum Products 1.04 Biotechnology 0.48
Power Finance Corporation Aster DM Healthcare Limited Healthcare Services 0.47
Industry Allocation of Equity Holding Ltd. Finance 1.03
Torrent Pharmaceuticals Ltd. Pharmaceuticals &
(% of Net Assets) Aurobindo Pharma Ltd. Pharmaceuticals & Biotechnology 0.47
Biotechnology 0.99
Banks 18.61 Indian Bank Banks 0.46
Mahindra & Mahindra
IT - Software 9.56 Financial Services Ltd. Finance 0.96 PNB Housing Finance Ltd. Finance 0.46
Pharmaceuticals & Biotechnology 9.25
Finance 8.63 Ipca Laboratories Ltd. Pharmaceuticals & Emami Ltd. Personal Products 0.45
Auto Components 3.89
Automobiles 3.22 Biotechnology 0.91 Mahindra & Mahindra Ltd. Automobiles 0.45
Healthcare Services 3.11
Power 2.81 Hindustan Aeronautics Limited Aerospace & Defense 0.89 The Federal Bank Ltd. Banks 0.45
Insurance 2.75
Petroleum Products 2.55 Maruti Suzuki India Limited Automobiles 0.89 Bharat Petroleum Corporation
Consumer Durables 2.49
Retailing 2.47 Tata Motors Ltd. Automobiles 0.88 Ltd. Petroleum Products 0.44
Aerospace & Defense 2.39
Telecom - Services 2.18 Coforge Limited IT - Software 0.86 L&T Finance Ltd. Finance 0.44
Chemicals & Petrochemicals 1.96
Leisure Services 1.92 Shriram Finance Ltd. Finance 0.81 REC Limited. Finance 0.44
Construction 1.59
Agricultural, Commercial & Construction Vehicles 1.54 Sun Pharmaceutical Industries Pharmaceuticals & Whirlpool of India Ltd. Consumer Durables 0.42
Industrial Products 1.50 Ltd. Biotechnology 0.81
Realty 1.48 Eris Lifesciences Ltd Pharmaceuticals &
Transport Services 1.47 ITC LIMITED Diversified Fmcg 0.76 Biotechnology 0.41
Gas 1.14
Cement & Cement Products 1.08 Zomato Ltd Retailing 0.74 Voltas Ltd. Consumer Durables 0.41
Ferrous Metals 1.06
Diversified Fmcg 1.02 Balkrishna Industries Ltd. Auto Components 0.73 GAIL (India) Ltd. Gas 0.38
Fertilizers & Agrochemicals 1.00
Capital Markets 0.98 Jindal Steel & Power Ltd. Ferrous Metals 0.72 Paradeep Phosphates Limited Fertilizers &
Electrical Equipment 0.97 Agrochemicals 0.38
Industrial Manufacturing 0.89 Five-Star Business Finance
Non - Ferrous Metals 0.68 KAYNES TECHNOLOGY INDIA
Oil 0.67 Limited Finance 0.71
Financial Technology (Fintech) 0.66 LIMITED Industrial Manufacturing 0.37
Entertainment 0.64 Motilal Oswal Financial
Beverages 0.56 Services Ltd. Capital Markets 0.71 Oil & Natural Gas Corporation
Agricultural Food & Other Products 0.49 Ltd. Oil 0.37
Personal Products 0.47 Bajaj Finance Ltd. Finance 0.70
Commercial Services & Supplies 0.41 Wockhardt Ltd. Pharmaceuticals &
Textiles & Apparels 0.23 Adani Energy Solutions Biotechnology 0.37
Telecom - Equipment & Accessories 0.17 Limited Power 0.68
IT - Services 0.08 Avalon Technologies Limited Electrical Equipment 0.36
Transport Infrastructure 0.05
0 5 10 15 20

November 2024 19
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

Company Industry+ / Rating % to Company Industry+ / Rating % to Company Industry+ / Rating % to

NAV NAV NAV
Carborundum Universal Ltd. Industrial Products 0.36 Navin Fluorine International Chemicals & Indian Railway Catering And
Cholamandalam Investment Ltd. Petrochemicals 0.20 Tourism Corp Ltd Leisure Services 0.05
& Finance Co. Ltd. Finance 0.36 Bosch Limited Auto Components 0.19 JSW Infrastructure Limited Transport Infrastructure 0.05
Medi Assist Healthcare Deepak Nitrite Limited Chemicals & Motherson Sumi Wiring India
Services Limited Insurance 0.36 Petrochemicals 0.19 Limited Auto Components 0.05
DCX Systems Limited Aerospace & Defense 0.34 VODAFONE IDEA LIMITED Telecom - Services 0.19 OCCL Limited Chemicals &
Endurance Technologies Ltd. Auto Components 0.34 Aavas Financiers Ltd. (Formerly Petrochemicals 0.05
Jubilant Foodworks Limited Leisure Services 0.34 known as Au Housing Finance Cello World Limited Consumer Durables 0.04
Ltd.) Finance 0.18 Chemplast Sanmar Limited Chemicals &
NHPC Ltd. Power 0.34 Gujarat State Petronet Ltd. Gas 0.18 Petrochemicals 0.04
PI Industries Ltd. Fertilizers & Bank of India Banks 0.17 LG Balakrishnan & Bros Ltd. Auto Components 0.04
Agrochemicals 0.34
Tata Steel Ltd. Ferrous Metals 0.34 Kajaria Ceramics Ltd. Consumer Durables 0.17 Nazara Technologies Limited Entertainment 0.04
ACC Ltd. Cement & Cement STERLITE TECHNOLOGIES Telecom - Equipment & Clean Science & Technology Chemicals &
Products 0.33 LIMITED Accessories 0.17 Ltd Petrochemicals 0.03
Delhivery Limited Transport Services 0.33 Union Bank of India Banks 0.17 Craftsman Automation Ltd Auto Components 0.03
LTIMindtree Limited IT - Software 0.33 Container Corporation of Delta Corp Ltd. Leisure Services 0.03
India Ltd. Transport Services 0.16 Oriental Carbon & Chemicals Chemicals &
United Spirits Limited Beverages 0.33 Macrotech Developers Limited Realty 0.16 Ltd. Petrochemicals 0.03
CIE Automotive India Ltd Auto Components 0.32 Sterling and Wilson Aarti Pharmalabs Limited Pharmaceuticals &
Hyundai Motor India Limited Automobiles 0.32 Renewable Energy Ltd. Construction 0.16 Biotechnology 0.02
Redington Ltd. Commercial Services & SULA VINEYARDS LIMITED Beverages 0.16 Godrej Consumer Products Ltd. Personal Products 0.02
Supplies 0.32 Biocon Ltd. Pharmaceuticals & Hero MotoCorp Ltd. Automobiles 0.02
Sona Blw Precision Forgings Auto Components 0.32 Biotechnology 0.15 Indigo Paints Limited Consumer Durables 0.02
Blue Dart Express Ltd. Transport Services 0.31 Samvardhana Motherson Titan Company Ltd. Consumer Durables 0.02
International Ltd. Auto Components 0.15
Devyani International Ltd Leisure Services 0.30 ICICI Lombard General
Zydus Lifesciences Limited Pharmaceuticals & Insurance Co Insurance 0.01
Havells India Ltd. Consumer Durables 0.30 Biotechnology 0.14
HDFC Life Insurance Company Bharat Heavy Electricals Ltd. Electrical Equipment 0.13 LATENT VIEW ANALYTICS
Limited Insurance 0.30 LIMITED IT - Software 0.01
CarTrade Tech Limited Retailing 0.13 TCI Express Ltd. Transport Services 0.01
Oil India Limited Oil 0.30
Brigade Enterprises Limited. Realty 0.12 Atul Ltd. Chemicals &
Suzlon Energy Ltd Electrical Equipment 0.30
Canara Bank Banks 0.12 Petrochemicals @
Titagarh Wagons Limited Industrial Manufacturing 0.29
IIFL Finance Limited Finance 0.12 Sub Total 98.62
Brainbees Solutions Limited
(FirstCry) Retailing 0.28 Jio Financial Services Limited Finance 0.12 UNITS ISSUED BY REIT & INVIT
GUJARAT FLUOROCHEMICALS Chemicals & Star Health and Allied Embassy Office Parks REIT Realty 0.36
LIMITED Petrochemicals 0.28 Insurance Company Ltd Insurance 0.12 Sub Total 0.36
SBI CARDS AND PAYMENT TVS Motor Company Ltd. Automobiles 0.12 MUTUAL FUND UNITS
SERVICES LIMITED Finance 0.28 Waaree Energies Limited Electrical Equipment 0.12
UPL Ltd. Fertilizers & HDFC BSE SENSEX ETF 0.16
Agrochemicals 0.28 Bajaj Housing Finance Ltd. Finance 0.11 Sub Total 0.16
Zee Entertainment Enterprises Life Insurance Corporation Cash,Cash Equivalents and Net Current Assets 0.86
Ltd. Entertainment 0.28 of India Insurance 0.11
Sun TV Network Limited Entertainment 0.11 Grand Total 100.00
CREDITACCESS GRAMEEN
LIMITED Finance 0.27 Fsn Ecommerce Ventures • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
Hindustan Unilever Ltd. Diversified Fmcg 0.26 Limited (Nykaa) Retailing 0.10
SAPPHIRE FOODS INDIA Face Value per Unit: ` 10, + Industry Classification as
Supreme Industries Ltd. Industrial Products 0.26 LIMITED Leisure Services 0.10 recommended by AMFI, Data is as of November 29, 2024
Dr Reddys Laboratories Ltd. Pharmaceuticals & eClerx Services Limited Commercial Services & unless otherwise specified.
Biotechnology 0.25 Supplies 0.09 ¥ Dedicated Fund Manager for Overseas Investments:
Tube Investments of India Ltd. Auto Components 0.25 Mr. Dhruv Muchhal (since June 22, 2023)
Ikio Lighting Limited Consumer Durables 0.08
Aditya Birla Capital ltd. Finance 0.24 (Total Experience: Over 10 years).
L&T Technology Services Ltd. IT - Services 0.08 J Includes investments made by the schemes of HDFC Mutual
AIA Engineering Ltd. Industrial Products 0.24 NBCC (INDIA) Ltd. Construction 0.08 Fund aggregating to ` 32.01 Crores.
Page Industries Ltd Textiles & Apparels 0.23 ONE 97 COMMUNICATIONS Financial Technology Please refer Minimum Application Amount, Plans & Options,
Syngene International Limited Healthcare Services 0.23 LIMITED (Paytm) (Fintech) 0.08 on Page no. 101 to 103.
TEGA INDUSTRIES LIMITED Industrial Manufacturing 0.23 Sundram Fasteners Ltd. Auto Components 0.08 $$For further details, please refer to para ‘Exit Load’ on page
no. 104.
Bata India Ltd. Consumer Durables 0.22 Dixon Technologies (India) Ltd. Consumer Durables 0.07
Blue Star Ltd. Consumer Durables 0.22 JK Cement Limited Cement & Cement
Products 0.07
COMPUTER AGE MANAGEMENT
SERVICES Capital Markets 0.22 KEI Industries Ltd. Industrial Products 0.07
KEC International Ltd. Construction 0.22 United Breweries Ltd. Beverages 0.07
Exide Industries Ltd. Auto Components 0.21 CG Power and Industrial
Solutions Ltd. Electrical Equipment 0.06
NLC India Ltd. Power 0.21
Aarti Industries Ltd. Chemicals &
PVR LIMITED Entertainment 0.21 Petrochemicals 0.05
Cholamandalam Financial Central Depository Services
Holdings Ltd. Finance 0.20 (India) Ltd. Capital Markets 0.05
Glenmark Pharmaceuticals Pharmaceuticals & ICICI Prudential Life Insurance
Ltd. Biotechnology 0.20 Company Ltd. Insurance 0.05

20 November 2024
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)

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 37.00 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) $$ 601.01 68.91 32.17 11.80 5.28 1.29
Returns (%) $$ 14.74 16.28 18.75 27.44 26.63 14.77
Benchmark Returns (%) # N.A. 17.24 18.67 24.88 24.24 14.14
Additional Benchmark Returns (%) ## 14.04 13.92 15.04 17.45 15.85 10.66
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 simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) $$ (%)# Returns
(%) ## $$ (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 29.10 28.54 20.59 12,910 12,854 12,059
Nov 30, 21 Last 3 Years 21.72 19.22 13.28 18,033 16,947 14,535
Nov 29, 19 Last 5 Years 23.28 22.39 15.74 28,504 27,497 20,783
Nov 28, 14 Last 10 Years 13.65 15.85 12.16 36,002 43,603 31,555
Feb 18, 94 Since Inception 13.01 NA 11.87 432,887 NA 316,074
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. The Scheme, formerly a large cap fund, has
undergone change in Fundamental attributes and become a Large and Mid-cap Fund. Accordingly, the Scheme’s benchmark has also
changed. Hence, the past performance of the Scheme may not strictly be comparable with that of the new benchmark.
As BSE SENSEX TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite
CAGR of BSE SENSEX PRI values from February 18, 1994 to August 18, 1996 and TRI values since August 19, 1996. $$ 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 Gopal Agrawal, please refer page 104. 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 109 to 115.

^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Large • To generate long-term capital

and Mid Cap appreciation/income
Fund • Investment predominantly
in Large Cap and Mid Cap
BENCHMARK companies
: NIFTY Large-
Midcap 250
(Total Returns
Index)

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 21
HDFC Capital Builder Value Fund CATEGORY OF SCHEME
VALUE FUND
(An open ended equity scheme following a value investment strategy)
(This is a simple and performing scheme which is eligible for distribution by new cadre of distributors)

INVESTMENT OBJECTIVE : To achieve capital appreciation/income in the long term by primarily investing in undervalued stocks. There is no assurance that the investment
objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Anand Laddha
(since February 1, 2024)
Total Experience: Over 21 years Company Industry+ % to Company Industry+ % to
NAV NAV
EQUITY & EQUITY RELATED PVR LIMITED Entertainment 0.55
• ICICI Bank Ltd. Banks 7.22 Max Healthcare Institute
DATE OF ALLOTMENT / INCEPTION DATE • HDFC Bank Ltd.£ Banks 6.93 Limited Healthcare Services 0.52
February 1, 1994 • Infosys Limited IT - Software 4.72 Baazar Style Retail Limited Retailing 0.50
• Bharti Airtel Ltd. Telecom - Services 4.66 ESCORTS LTD. Agricultural,
• Axis Bank Ltd. Banks 3.92 Commercial &
Construction Vehicles 0.50
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • State Bank of India Banks 3.75
Aavas Financiers Ltd.
Regular Plan - Growth Option 720.675 • NTPC Limited Power 3.05 (Formerly known as Au
Regular Plan - IDCW Option 36.579 • Larsen and Toubro Ltd. Construction 2.77 Housing Finance Ltd.) Finance 0.45
Direct Plan - Growth Option 800.765 • Sun Pharmaceutical Pharmaceuticals & GMM Pfaudler Limited Industrial
Direct Plan - IDCW Option 44.439 Industries Ltd. Biotechnology 2.65 Manufacturing 0.45
• HCL Technologies Ltd. IT - Software 2.38 Zomato Ltd Retailing 0.45
ASSETS UNDER MANAGEMENT J Prestige Estates Projects Ltd. Realty 2.08 Apar Industries Limited Electrical Equipment 0.44
As on November 29, 2024 Tech Mahindra Ltd. IT - Software 1.74 Gujarat Pipavav Port Ltd. Transport
` 7,384.10 Cr. The Phoenix Mills Limited Realty 1.70 Infrastructure 0.44
Average for Month of November 2024 Bharat Electronics Ltd. Aerospace & Defense 1.67 Muthoot Finance Ltd. Finance 0.44
` 7,307.93 Cr. Cipla Ltd. Pharmaceuticals & Tata Consultancy Services
Biotechnology 1.66 Ltd. IT - Software 0.43
QUANTITATIVE DATA Radico Khaitan Limited Beverages 1.53 Apollo Tyres Ltd. Auto Components 0.41
Portfolio Turnover SBI Life Insurance Company Balkrishna Industries Ltd. Auto Components 0.41
Equity Turnover 19.27% Ltd. Insurance 1.47 Dilip Buildcon Ltd. Construction 0.40
Total Turnover 19.27% Bosch Limited Auto Components 1.43 Indoco Remedies Ltd. Pharmaceuticals &
Total Turnover = Equity + Debt + Derivative Multi Commodity Exchange Biotechnology 0.39
Risk Ratio of India Ltd Capital Markets 1.42 Jindal Steel & Power Ltd. Ferrous Metals 0.38
n Standard Deviation 13.383% United Spirits Limited Beverages 1.42 Technocraft Industries
n Beta 0.971
n Sharpe Ratio*
ITC LIMITED Diversified Fmcg 1.39 (India) Ltd Industrial Products 0.35
0.894
Computed for the 3-yr period ended November STERLITE TECHNOLOGIES Telecom - Equipment Dabur India Ltd. Personal Products 0.34
29, 2024. Based on month-end NAV. LIMITED & Accessories 1.34 G R Infraprojects Limited Construction 0.33
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Godrej Consumer Products TCI Express Ltd. Transport Services 0.33
For schemes which have not completed 3 years, Ltd. Personal Products 1.29 MedPlus Health Services
data is computed since inception. Bajaj Auto Limited Automobiles 1.22 Limited Retailing 0.32
Ambuja Cements Ltd. Cement & Cement UNIPARTS INDIA LIMITED Auto Components 0.31
Products 1.18 R R KABEL LIMITED Industrial Products 0.28
TOTAL EXPENSE RATIO (As on November 29, 2024) Lupin Ltd. Pharmaceuticals & Zensar Technologies Ltd. IT - Software 0.25
Including Additional Expenses and Goods and Service Biotechnology 1.18
Tax on Management Fees P N Gadgil Jewellers Limited Consumer Durables 0.21
PNB Housing Finance Ltd. Finance 1.09
Angel One Ltd. Capital Markets 0.20
Regular: 1.84%Direct: 0.98% Cholamandalam Investment
Laurus Labs Ltd. Pharmaceuticals &
& Finance Co. Ltd. Finance 1.07
Biotechnology 0.19
Tata Motors Ltd. Automobiles 1.07
#BENCHMARK INDEX: Jubilant Ingrevia Limited Chemicals &
UltraTech Cement Limited Cement & Cement Petrochemicals 0.18
NIFTY 500 (Total Returns Index) Products 1.07
##ADDL. BENCHMARK INDEX: Wheels India Ltd. Auto Components 0.16
Ajanta Pharma Limited Pharmaceuticals &
NIFTY 50 (Total Returns Index) Biotechnology 1.04 Popular Vehicles and
Services Limited Automobiles 0.15
Karur Vysya Bank Ltd. Banks 0.91
Zee Entertainment
EXIT LOAD$$ : Bharat Petroleum Enterprises Ltd. Entertainment 0.14
• In respect of each purchase / switch-in of Units, an Corporation Ltd. Petroleum Products 0.87
Exit Load of 1.00% is payable if Units are redeemed / Gujarat Industries Power
switched-out within 1 year from the date of allotment. Ashoka Buildcon Ltd. Construction 0.86 Co. Ltd. Power 0.07
• No Exit Load is payable if Units are redeemed / Coal India Ltd. Consumable Fuels 0.82 Sadbhav Infrastructure
switched-out after 1 year from the date of allotment. Bharat Forge Ltd. Auto Components 0.81 Project Ltd. (Corporate
GAIL (India) Ltd. Gas 0.81 Guarantee of Sadbhav
Au Small Finance Bank Ltd. Banks 0.79 Engineering Ltd.) Construction 0.01
United Breweries Ltd. Beverages 0.77 Sub Total 99.31
UTI Asset Management UNITS ISSUED BY REIT & INVIT
Company Ltd Capital Markets 0.77 POWERGRID Infrastructure
Indusind Bank Ltd. Banks 0.76 Investment Trust Power @
SKF India Ltd. Industrial Products 0.76 Sub Total @
Emami Ltd. Personal Products 0.74 Cash,Cash Equivalents and Net Current Assets 0.69
L&T Technology Services Ltd. IT - Services 0.72 Grand Total 100.00
Hindustan Unilever Ltd. Diversified Fmcg 0.68 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
Hindustan Petroleum Corp.
Ltd. Petroleum Products 0.66 Face Value per Unit: ` 10, + Industry Classification as recommended
Adani Energy Solutions by AMFI, Data is as of November 29, 2024 unless otherwise specified.
Limited Power 0.65 ¥ Dedicated Fund Manager for Overseas Investments:
Eicher Motors Ltd. Automobiles 0.65 Mr. Dhruv Muchhal (since June 22, 2023)
ACME Solar Holdings (Total Experience: Over 10 years).
Limited Finance 0.64
VIP Industries Ltd. Consumer Durables 0.63 Please refer Minimum Application Amount, Plans & Options, on
Krishna Institute Of Medical Page no. 101 to 103.
Sciences Limited Healthcare Services 0.60 $$For further details, please refer to para ‘Exit Load’ on page no. 104.
Maruti Suzuki India Limited Automobiles 0.60
Techno Electric & Engin.
Co. Ltd. Construction 0.60
Equitas Small Finance
Bank Ltd Banks 0.56
METRO BRANDS LIMITED Consumer Durables 0.56

22 November 2024
HDFC Capital Builder Value Fund CATEGORY OF SCHEME
VALUE FUND
(An open ended equity scheme following a value investment strategy)
(This is a simple and performing scheme which is eligible for distribution by new cadre of distributors)

Industry Allocation of Equity Holding

(% of Net Assets)
Banks 24.84
IT - Software 9.52
Pharmaceuticals & Biotechnology 7.11
Construction 4.97
Telecom - Services 4.66
Realty 3.78
Power 3.77
Beverages 3.72
Finance 3.69
Automobiles 3.69
Auto Components 3.53
Capital Markets 2.39
Personal Products 2.37
Cement & Cement Products 2.25
Diversified Fmcg 2.07
Aerospace & Defense 1.67
Petroleum Products 1.53
Insurance 1.47
Consumer Durables 1.40
Industrial Products 1.39
Telecom - Equipment & Accessories 1.34
Retailing 1.27
Healthcare Services 1.12
Consumable Fuels 0.82
Gas 0.81
IT - Services 0.72
Entertainment 0.69
Agricultural, Commercial & Construction Vehicles 0.50
Industrial Manufacturing 0.45
Transport Infrastructure 0.44
Electrical Equipment 0.44
Ferrous Metals 0.38
Transport Services 0.33
Chemicals & Petrochemicals 0.18
0 10 20 30

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 37.00 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 1,088.19 67.28 29.02 10.99 5.18 1.31
Returns (%) 17.55 16.00 16.83 24.49 25.20 18.30
Benchmark Returns (%) # N.A. 15.30 16.83 22.00 21.42 13.28
Additional Benchmark Returns (%) ## 13.80 13.87 15.04 18.08 16.50 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return). The above investment simulation is for illustrative
purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 32.09 27.29 21.27 13,209 12,729 12,127
Nov 30, 21 Last 3 Years 19.40 16.89 13.76 17,022 15,969 14,723
Nov 29, 19 Last 5 Years 20.24 19.44 16.21 25,163 24,337 21,208
Nov 28, 14 Last 10 Years 13.67 13.85 12.23 36,073 36,639 31,741
Feb 01, 94 Since Inception 14.87 NA 11.35 720,675 NA 275,768
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by
Anand Laddha, please refer page 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
for computation of performance.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Capital • To generate long-term capital

Builder Value appreciation / income in the long
Fund term
• Investment primarily in
BENCHMARK undervalued stocks
: NIFTY 500
(Total Returns
Index)

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 23
HDFC Dividend Yield Fund
(An open ended equity scheme predominantly investing in dividend yielding stocks)
CATEGORY OF SCHEME
DIVIDEND YIELD FUND
(This is a simple and performing scheme which is eligible for distribution by new cadre of
distributors)

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

PORTFOLIO
FUND MANAGER ¥
Gopal Agrawal
(since December 18, 2020) Company Industry+ % to Company Industry+ % to
Total Experience: Over 21 years NAV NAV
EQUITY & EQUITY RELATED Lupin Ltd. Pharmaceuticals &
DATE OF ALLOTMENT / INCEPTION DATE • HDFC Bank Ltd.£ Banks 5.96 Biotechnology 0.62
December 18, 2020 • ICICI Bank Ltd. Banks 4.23 AIA Engineering Ltd. Industrial Products 0.61
• Infosys Limited IT - Software 3.03 Godrej Consumer Products Ltd. Personal Products 0.61
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) Premier Energies Limited Electrical Equipment 0.59
• Axis Bank Ltd. Banks 2.92
Regular Plan - Growth Option 24.823 UTI Asset Management
Regular Plan - IDCW Option 23.029 • Tech Mahindra Ltd. IT - Software 2.79 Company Ltd Capital Markets 0.59
Direct Plan - Growth Option 26.321 • Tata Consultancy Services Ltd. IT - Software 2.58
Direct Plan - IDCW Option 24.548 VRL Logistics Ltd. Transport Services 0.59
• Larsen and Toubro Ltd. Construction 2.55 Dr Reddys Laboratories Ltd. Pharmaceuticals &
ASSETS UNDER MANAGEMENT J • NTPC Limited Power 2.25 Biotechnology 0.58
As on November 29, 2024
• HCL Technologies Ltd. IT - Software 2.23 Nestle India Ltd. Food Products 0.58
` 6,140.17 Cr.
Average for Month of November 2024 • Kotak Mahindra Bank Limited Banks 2.10 Tata Communications Limited Telecom - Services 0.57
` 6,068.66 Cr. Reliance Industries Ltd. Petroleum Products 2.10 Emami Ltd. Personal Products 0.56
Sun Pharmaceutical Industries Pharmaceuticals & Finolex Cables Ltd. Industrial Products 0.56
QUANTITATIVE DATA Ltd. Biotechnology 1.98
Portfolio Turnover Bharti Hexacom Limited Telecom - Services 0.55
Equity Turnover 15.12% Maruti Suzuki India Limited Automobiles 1.92 Mahindra Holidays & Resorts
Total Turnover 15.12% Ind Ltd. Leisure Services 0.55
Total Turnover = Equity + Debt + Derivative ITC LIMITED Diversified Fmcg 1.79
Risk Ratio Bharti Airtel Ltd. Telecom - Services 1.66 Muthoot Finance Ltd. Finance 0.55
n Standard Deviation 13.334%
n Beta 0.960 Indusind Bank Ltd. Banks 1.65 Cummins India Ltd. Industrial Products 0.54
n Sharpe Ratio* 1.015 State Bank of India Banks 1.64 HDFC Life Insurance Company
Computed for the 3-yr period ended November Limited Insurance 0.54
29, 2024. Based on month-end NAV. Bharat Electronics Ltd. Aerospace & Defense 1.50
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) NHPC Ltd. Power 0.53
For schemes which have not completed 3 years, Hindustan Aeronautics Limited Aerospace & Defense 1.46
data is computed since inception. DCX Systems Limited Aerospace & Defense 0.51
KAYNES TECHNOLOGY INDIA Industrial
LIMITED Manufacturing 1.46 Dilip Buildcon Ltd. Construction 0.51
TOTAL EXPENSE RATIO (As on November 29, 2024) SBI Life Insurance Company Ltd. Insurance 1.45 Canara Bank Banks 0.50
Including Additional Expenses and Goods and Service Coal India Ltd. Consumable Fuels 1.36 Medi Assist Healthcare Services
Tax on Management Fees Limited Insurance 0.49
Ambuja Cements Ltd. Cement & Cement
Regular: 1.80%Direct: 0.65% Products 1.30 Vardhman Textiles Ltd. Textiles & Apparels 0.49
Bajaj Auto Limited Automobiles 1.30 Mahindra & Mahindra Ltd. Automobiles 0.48
#BENCHMARK INDEX: GO FASHION (INDIA) LIMITED Retailing 0.47
Hindustan Unilever Ltd. Diversified Fmcg 1.22
NIFTY 500 (Total Returns Index)
##ADDL. BENCHMARK INDEX: PVR LIMITED Entertainment 1.14 PNB Housing Finance Ltd. Finance 0.47
NIFTY 50 (Total Returns Index) Balrampur Chini Mills Ltd. Agricultural Food & Quess Corp Ltd. Commercial Services &
EXIT LOAD$$ : Other Products 1.05 Supplies 0.46
• In respect of each purchase / switch-in of Units, an TD Power Systems Ltd. Electrical Equipment 1.04 Cyient Ltd. IT - Services 0.45
Exit Load of 1.00% is payable if Units are redeemed /
switched-out within 1 year from the date of allotment. Cipla Ltd. Pharmaceuticals & Biocon Ltd. Pharmaceuticals &
• No Exit Load is payable if Units are redeemed / Biotechnology 0.44
switched-out after 1 year from the date of allotment. Biotechnology 1.00
CESC Ltd. Power 0.99 Hindalco Industries Ltd. Non - Ferrous Metals 0.43
Eicher Motors Ltd. Automobiles 0.98 Indraprastha Gas Ltd. Gas 0.43
Power Finance Corporation Ltd. Finance 0.97 Divis Laboratories Ltd. Pharmaceuticals &
Biotechnology 0.40
STERLITE TECHNOLOGIES Telecom - Equipment &
LIMITED Accessories 0.97 Bajaj Finserv Ltd. Finance 0.39
Tata Steel Ltd. Ferrous Metals 0.88 GHCL Limited Chemicals &
Petrochemicals 0.39
REC Limited. Finance 0.87
Asian Paints Limited Consumer Durables 0.38
Wipro Ltd. IT - Software 0.85
PNC Infratech Ltd. Construction 0.38
Oil & Natural Gas Corporation
Ltd. Oil 0.84 FUSION FINANCE LIMITED Finance 0.34
Apollo Hospitals Enterprise Ltd. Healthcare Services 0.83 Netweb Technologies India
Limited IT - Services 0.32
Cholamandalam Financial
Holdings Ltd. Finance 0.80 Stanley Lifestyles Limited Consumer Durables 0.29
Whirlpool of India Ltd. Consumer Durables 0.80 Bosch Limited Auto Components 0.28
Blue Dart Express Ltd. Transport Services 0.79 Gland Pharma Ltd. Pharmaceuticals &
Biotechnology 0.28
Aster DM Healthcare Limited Healthcare Services 0.78
ICICI Securities Ltd Capital Markets 0.27
SKF India Ltd. Industrial Products 0.76
Electronics Mart India Ltd Retailing 0.25
BEML Land Assets Limited Finance 0.70
RBL Bank Ltd. Banks 0.25
Apollo Tyres Ltd. Auto Components 0.66
EPACK DURABLE LIMITED Consumer Durables 0.23
GAIL (India) Ltd. Gas 0.65
Emcure Pharmaceuticals Pharmaceuticals &
RHI MAGNESITA INDIA Limited Industrial Products 0.64 Limited Biotechnology 0.22
Tata Motors Ltd. Automobiles 0.64 Afcons Infrastructure Limited Construction 0.21
UPL Ltd. Fertilizers & Chambal Fertilizers & Fertilizers &
Agrochemicals 0.63 Chemicals Ltd. Agrochemicals 0.21

24 November 2024
HDFC Dividend Yield Fund
(An open ended equity scheme predominantly investing in dividend yielding stocks)
CATEGORY OF SCHEME
DIVIDEND YIELD FUND
(This is a simple and performing scheme which is eligible for distribution by new cadre of
distributors)

Industry Allocation of Equity Holding PORTFOLIO

(% of Net Assets)
19.25
Company Industry+ % to Company Industry+ % to
Banks
IT - Software 11.60 NAV NAV
Automobiles 5.53 Jio Financial Services Limited Finance 0.21 UNITS ISSUED BY REIT & INVIT
Pharmaceuticals & Biotechnology 5.52
Finance 5.30 Popular Vehicles and Services Units issued by InvIT
Construction 4.01 Limited Automobiles 0.21
Power 3.77 Bharat Highways InvIT Transport Infrastructure 0.20
Industrial Products 3.51 Castrol India Ltd. Petroleum Products 0.20
Aerospace & Defense 3.47 Sub Total 0.20
Diversified Fmcg 3.01 KEC International Ltd. Construction 0.19
Telecom - Services 2.78 Units issued by ReIT
Insurance 2.67 Star Health and Allied
Petroleum Products 2.30 Embassy Office Parks REIT Realty 0.61
Electrical Equipment 1.88 Insurance Company Ltd Insurance 0.19
Consumer Durables 1.70 Sub Total 0.61
Healthcare Services 1.61 Sun TV Network Limited Entertainment 0.19
Industrial Manufacturing 1.46 Total 0.81
Cement & Cement Products 1.41 Diffusion Engineers Limited Industrial Products 0.18
Transport Services 1.38 Cash,Cash Equivalents and Net Current Assets 0.78
Consumable Fuels 1.36 Gujarat Pipavav Port Ltd. Transport Infrastructure 0.18
Entertainment 1.33 Grand Total 100.00
Personal Products 1.17 Endurance Technologies Ltd. Auto Components 0.17
Auto Components 1.11 • Top Ten Holdings, £ Sponsor
Gas 1.08 Techno Electric & Engin.
Agricultural Food & Other Products 1.05 Co. Ltd. Construction 0.17
Telecom - Equipment & Accessories 0.97 Face Value per Unit: ` 10, + Industry Classification as recommended
Ferrous Metals 0.88 Voltamp Transformers Ltd. Electrical Equipment 0.16
Capital Markets 0.86 by AMFI, Data is as of November 29, 2024 unless otherwise specified.
Retailing 0.85 Inox India Limited Industrial Products 0.13
Oil 0.84
Fertilizers & Agrochemicals 0.84 Sai Silks (Kalamandir) Limited Retailing 0.13 ¥ Dedicated Fund Manager for Overseas Investments:
IT - Services 0.77 Mr. Dhruv Muchhal (since June 22, 2023)
Food Products 0.58 UltraTech Cement Limited Cement & Cement
Textiles & Apparels 0.55 Products 0.11 (Total Experience: Over 10 years).
Leisure Services 0.55
Commercial Services & Supplies 0.46 Rishabh instruments Limited Electrical Equipment 0.09 J Includes investments made by the schemes of HDFC Mutual Fund
Non - Ferrous Metals 0.43 aggregating to ` 43.25 Crores.
Chemicals & Petrochemicals 0.39 Timken India Ltd. Industrial Products 0.09
Transport Infrastructure 0.18 Please refer Minimum Application Amount, Plans & Options, on
0 5 10 15 20 Sonata Software Ltd. IT - Software 0.08 Page no. 101 to 103.
GHCL Textiles Limited Textiles & Apparels 0.06 $$For further details, please refer to para ‘Exit Load’ on page
LATENT VIEW ANALYTICS no. 104.
LIMITED IT - Software 0.04
Sub Total 98.41

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 3 year 1 year
SIP SIP SIP
Total Amount Invested (` in Lacs) 4.80 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 7.75 5.19 1.28
Returns (%) 24.52 25.24 11.97
Benchmark Returns (%) # 19.88 21.42 13.28
Additional Benchmark Returns (%) ## 15.73 16.50 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 27.89 27.29 21.27 12,789 12,729 12,127
Nov 30, 21 Last 3 Years 21.28 16.89 13.76 17,839 15,969 14,723
Dec 18, 20 Since Inception 25.88 20.39 16.66 24,823 20,814 18,381
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Gopal Agrawal, please
refer page 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
for computation of performance.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC • Capital appreciation over long

Dividend term/regular income
Yield Fund • Investment predominantly
in equity and equity related
BENCHMARK Instruments of dividend yielding
: NIFTY 500 companies
(Total Returns
Index)

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 25
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. There is no assurance
that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥
Roshi Jain PORTFOLIO
(since January 13, 2022)
Total Experience: Over 19 years Company Industry+ / Rating % to NAV Company Industry+ / Rating % to NAV
(Hedged & (Hedged &
Unhedged) Unhedged)
DATE OF ALLOTMENT / INCEPTION DATE EQUITY & EQUITY RELATED Hyundai Motor India
September 17, 2004 • HDFC Bank Ltd.£ Banks 9.49 Limited Automobiles 0.87
• ICICI Bank Ltd. Banks 9.21 CIE Automotive India Ltd Auto Components 0.31
• Axis Bank Ltd. Banks 8.35 InterGlobe Aviation Ltd. Transport Services 0.10
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) Sub Total 83.32
Regular Plan - Growth Option 218.795 • Maruti Suzuki India
Regular Plan - IDCW Option 26.673 Limited Automobiles 4.46 DEBT & DEBT RELATED
Direct Plan - Growth Option 246.505 • SBI Life Insurance Government Securities (Central/State)
Direct Plan - IDCW Option 33.713 Company Ltd. Insurance 4.17 7.38 GOI 2027 Sovereign 0.33
• Cipla Ltd. Pharmaceuticals & Sub Total 0.33
ASSETS UNDER MANAGEMENT Biotechnology 4.15
UNITS ISSUED BY REIT & INVIT
As on November 29, 2024 • Kotak Mahindra Bank
Limited Banks 3.98 Nexus Select Trust REIT Realty 1.95
` 15,520.74 Cr. Embassy Office Parks
Average for Month of November 2024 • HCL Technologies Ltd. IT - Software 3.81
REIT Realty 0.91
` 15,114.36 Cr. • Bharti Airtel Ltd. Telecom - Services 3.69
Sub Total 2.86
• PIRAMAL PHARMA LTD Pharmaceuticals &
QUANTITATIVE DATA Biotechnology 3.64 Cash,Cash Equivalents and Net Current Assets 13.49
Portfolio Turnover Metropolis Healthcare Grand Total 100.00
Equity Turnover 32.26% Ltd. Healthcare Services 2.35
Total Turnover 36.59% • Top Ten Holdings, £ Sponsor
Total Turnover = Equity + Debt + Derivative Bosch Limited Auto Components 2.19
Risk Ratio State Bank of India Banks 2.16 Face Value per Unit: ` 10, + Industry Classification as
n Standard Deviation 11.098% Avalon Technologies recommended by AMFI, Data is as of November 29, 2024 unless
n Beta 0.786 Limited Electrical Equipment 2.05
n Sharpe Ratio* 1.544 otherwise specified.
Computed for the 3-yr period ended November Tata Steel Ltd. Ferrous Metals 1.96
29, 2024. Based on month-end NAV. Eicher Motors Ltd. Automobiles 1.95 ¥ Dedicated Fund Manager for Overseas Investments:
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) SAPPHIRE FOODS INDIA Mr. Dhruv Muchhal (since June 22, 2023)
For schemes which have not completed 3 years, LIMITED Leisure Services 1.92 (Total Experience: Over 10 years).
data is computed since inception.
Apollo Hospitals Please refer Minimum Application Amount, Plans & Options, on
Enterprise Ltd. Healthcare Services 1.87 Page no. 101 to 103.
TOTAL EXPENSE RATIO (As on November 29, 2024) Crompton Greaves
Consumer Elec. Ltd. Consumer Durables 1.83 $$For further details, please refer to para ‘Exit Load’ on page
Including Additional Expenses and Goods and Service no. 104.
Tax on Management Fees Karur Vysya Bank Ltd. Banks 1.74
Regular: 1.67%Direct: 0.60% United Spirits Limited Beverages 1.48
Bajaj Auto Limited Automobiles 1.46
ESCORTS LTD. Agricultural,
#BENCHMARK INDEX: Commercial &
NIFTY 500 (Total Returns Index) Construction Vehicles 1.22
##ADDL. BENCHMARK INDEX: Prestige Estates Projects
BSE SENSEX (Total Returns Index) Ltd. Realty 1.06
Restaurant Brands Asia
EXIT LOAD$$ : Limited Leisure Services 0.97
• In respect of each purchase / switch-in of Units, an Birlasoft Limited IT - Software 0.88
Exit Load of 1.00% is payable if Units are redeemed /
switched-out within 1 year from the date of allotment.
• No Exit Load is payable if Units are redeemed /
switched-out after 1 year from the date of allotment.

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 24.30 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 136.76 65.80 31.51 12.28 5.44 1.35
Returns (%) 14.94 15.75 18.36 29.13 28.74 23.57
Benchmark Returns (%) # 14.51 15.30 16.83 22.00 21.42 13.28
Additional Benchmark Returns (%) ## 13.69 13.92 15.04 17.45 15.85 10.66
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
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 34.51 27.29 20.59 13,451 12,729 12,059
Nov 30, 21 Last 3 Years 25.97 16.89 13.28 19,987 15,969 14,535
Nov 29, 19 Last 5 Years 22.90 19.44 15.74 28,076 24,337 20,783
Nov 28, 14 Last 10 Years 13.67 13.85 12.16 36,071 36,639 31,555
Sep 17, 04 Since Inception 16.49 15.93 15.64 218,795 198,370 188,516
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Roshi Jain, please
refer page 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
for computation of performance.

26 November 2024
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)]

Industry Allocation of Equity Holding Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer
Benchmark (This product is suitable for (Current risk as per latest month
(% of Net Assets)
investors who are seeking ~) end portfolio)

Banks 34.93 HDFC Focused • To generate long-term capital

30 Fund appreciation / income
Automobiles 8.74
• Investments in equity & equity
Pharmaceuticals & Biotechnology 7.79 related instruments of up to 30
BENCHMARK
IT - Software 4.69 : NIFTY 500 companies
Healthcare Services 4.22 (Total Returns
4.17
Index)
Insurance
Telecom - Services 3.69
Leisure Services 2.89 ~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
2.50
Scheme and Benchmark Riskometer As on November 30, 2024
Auto Components
Electrical Equipment 2.05
Ferrous Metals 1.96
Consumer Durables 1.83
Beverages 1.48
Agricultural, Commercial & Construction Vehicles 1.22
Realty 1.06
Transport Services 0.10
0 10 20 30 40

November 2024 27
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. There is no assurance that the investment objective of the Scheme will
be achieved.

FUND MANAGER¥ PORTFOLIO

Rahul Baijal
(since November 30, 2022) Company Industry+ / Rating % to Company Industry+ / Rating % to
Total Experience: Over 24 years NAV NAV
EQUITY & EQUITY RELATED Crompton Greaves Consumer
• Larsen and Toubro Ltd. Construction 8.75 Elec. Ltd. Consumer Durables 0.51
DATE OF ALLOTMENT / INCEPTION DATE • ICICI Bank Ltd. Banks 8.66 PNC Infratech Ltd. Construction 0.51
• Bharti Airtel Ltd. EPACK DURABLE LIMITED Consumer Durables 0.47
November 30, 2022 Telecom - Services 6.73
Bharti Hexacom Limited Telecom - Services 0.46
• Zomato Ltd Retailing 5.18
• Tata Motors Ltd. Automobiles 4.91 Cummins India Ltd. Industrial Products 0.46
• Axis Bank Ltd. Banks 4.02 Techno Electric & Engin. Co. [Link] 0.44
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) Navin Fluorine International [Link] &
• HDFC Bank Ltd.£ Banks 3.61
Regular Plan - Growth Option 14.464 • Infosys Limited Petrochemicals 0.43
Regular Plan - IDCW Option 14.464 IT - Software 3.27 SAPPHIRE FOODS INDIA LIMITED Leisure Services
• Titan Company Ltd. 0.40
Direct Plan - Growth Option 14.852 Consumer Durables 2.98 KSB Ltd
• Fortis Healthcare Limited Industrial Products 0.37
Direct Plan - IDCW Option 14.852 Healthcare Services 2.88 Delhivery Limited
Kotak Mahindra Bank Limited Transport Services 0.35
Banks 2.37 Blue Dart Express Ltd.
Indusind Bank Ltd. Transport Services 0.30
ASSETS UNDER MANAGEMENT Banks 2.17 Premier Energies Limited
DLF LIMITED Electrical Equipment 0.30
As on November 29, 2024 Realty 1.97 Timken India Ltd.
Dabur India Ltd. Industrial Products 0.30
` 3,011.49 Cr. Personal Products 1.92 CG Power and Industrial
Ola Electric Mobility Limited Automobiles 1.77 Solutions Ltd. Electrical Equipment 0.29
Average for Month of November 2024 MANKIND PHARMA LIMITED Pharmaceuticals &
` 2,956.43 Cr. Teamlease Services Ltd. Commercial Services &
Biotechnology 1.74 Supplies 0.29
Astral Limited Industrial Products 1.68 Brainbees Solutions Limited
QUANTITATIVE DATA JSW Energy Ltd. Power 1.62 (FirstCry) Retailing 0.27
Portfolio Turnover Cholamandalam Investment & Emcure Pharmaceuticals Limited Pharmaceuticals &
Equity Turnover 32.36% Finance Co. Ltd. Finance 1.51 Biotechnology 0.26
Total Turnover 32.36% JNK India Limited ABB India Ltd.
Total Turnover = Equity + Debt + Derivative Industrial Manufacturing 1.39 Electrical Equipment 0.25
MphasiS Limited. IT - Software 1.20 Grindwell Norton Ltd. Industrial Products 0.25
Risk Ratio Afcons Infrastructure Limited Kolte Patil Developers Limited
Construction 1.09 Realty 0.22
n Standard Deviation 11.515% Sun Pharmaceutical Industries Pharmaceuticals & Sub Total 93.37
n Beta 0.756
n Sharpe Ratio*
Ltd. Biotechnology 1.04 UNITS ISSUED BY REIT & INVIT
1.079 Aavas Financiers Ltd. (Formerly
Computed for the 3-yr period ended November Embassy Office Parks REIT Realty 2.06
29, 2024. Based on month-end NAV. known as Au Housing Finance Sub Total
Ltd.) Finance 1.02 2.06
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Vedant Fashions Ltd Cash,Cash Equivalents and Net Current Assets 4.57
For schemes which have not completed 3 years, Retailing 1.02 Grand Total
data is computed since inception. Aditya Birla Real Estate Limited
Paper, Forest & Jute 100.00
Products 0.96 • Top Ten Holdings, £ Sponsor
G R Infraprojects Limited Construction 0.93
TOTAL EXPENSE RATIO (As on November 29, 2024) Siemens Ltd. Electrical Equipment 0.84
Including Additional Expenses and Goods and Service Face Value per Unit: ` 10, + Industry Classification as
Aadhar Housing Finance Limited Finance 0.81
Tax on Management Fees
Aether Industries Ltd Chemicals & recommended by AMFI, Data is as of November 29, 2024 unless
Regular: 1.95%Direct: 0.78% Petrochemicals 0.80 otherwise specified.
Hindalco Industries Ltd. Non - Ferrous Metals 0.74
Whirlpool of India Ltd. Consumer Durables 0.74 ¥ Dedicated Fund Manager for Overseas Investments:
#BENCHMARK INDEX: RHI MAGNESITA INDIA Limited Industrial Products 0.71 Mr. Dhruv Muchhal (since June 22, 2023)
NIFTY 500 (TRI) ACME Solar Holdings Limited Finance 0.63 (Total Experience: Over 10 years).
##ADDL. BENCHMARK INDEX: Blue Jet Healthcare Limited Pharmaceuticals &
NIFTY 50 (TRI) Biotechnology 0.63
Sagility India Limited IT - Services 0.61 Please refer Minimum Application Amount, Plans & Options, on
EXIT LOAD$$ : AWFIS SPACE SOLUTIONS LIMITED Commercial Services & Page no. 101 to 103.
• In respect of each purchase/switch-in of units, an Exit Supplies 0.58
load of 1% is payable if units are redeemed/switched- Ceigall India Limited Construction 0.58 $$For further details, please refer to para ‘Exit Load’ on page
out within 1 year from the date of allotment. SULA VINEYARDS LIMITED Beverages 0.56 no. 104.
• No Exit Load is payable if units are redeemed /
switched-out after 1 year from the date of allotment. Westlife Foodworld Limited Leisure Services 0.56
Indraprastha Gas Ltd. Gas 0.54
ION EXCHANGE (INDIA) LIMITED Other Utilities 0.52

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 1 year
SIP SIP
Total Amount Invested (` in Lacs) 2.50 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 3.10 1.28
Returns (%) 21.26 12.16
Benchmark Returns (%) # 23.71 13.28
Additional Benchmark Returns (%) ## 17.36 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE^
Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 22.51 27.29 21.27 12,251 12,729 12,127
Nov 30, 22 Since Inception 20.27 20.38 14.69 14,464 14,491 13,154
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Rahul Baijal, please
refer page 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
for computation of performance.

28 November 2024
HDFC Business Cycle Fund CATEGORY OF SCHEME
THEMATIC FUND
(An open ended equity scheme following business cycle based investing
theme)

Industry Allocation of Equity Holding

(% of Net Assets)
Banks 20.83
Construction 12.30
Telecom - Services 7.19
Automobiles 6.68
Retailing 6.47
Consumer Durables 4.70
IT - Software 4.47
Finance 3.97
Industrial Products 3.77
Pharmaceuticals & Biotechnology 3.67
Healthcare Services 2.88
Realty 2.19
Personal Products 1.92
Electrical Equipment 1.68
Power 1.62
Industrial Manufacturing 1.39
Chemicals & Petrochemicals 1.23
Leisure Services 0.96
Paper, Forest & Jute Products 0.96
Commercial Services & Supplies 0.87
Non - Ferrous Metals 0.74
Transport Services 0.65
IT - Services 0.61
Beverages 0.56
Gas 0.54
Other Utilities 0.52
0 5 10 15 20 25

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Business • to generate long-term

Cycle Fund capital appreciation/
income
BENCHMARK : NIFTY • investment predominantly
500 (TRI) in equity & equity related
instruments of business
cycle based theme

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 29
HDFC Transportation and Logistics Fund CATEGORY OF SCHEME
(An open-ended equity scheme investing in Transportation and THEMATIC FUND
Logistics themed companies)

INVESTMENT OBJECTIVE : To provide long-term capital appreciation by investing predominantly in equity and equity related securities under Transportation and Logistics
theme. There is no assurance that the investment objective of the Scheme will be achieved.

PORTFOLIO
FUND MANAGER ¥
Priya Ranjan Company Industry+ / Rating % to Company Industry+ / Rating % to
(since August 17, 2023) NAV NAV
Total Experience: Over 16 years EQUITY & EQUITY RELATED FIEM INDUSTRIES LIMITED Auto Components 0.76
• Eicher Motors Ltd. Automobiles 9.84 SHARDA MOTOR INDUSTRIES
• Maruti Suzuki India Limited Automobiles 8.86 LIMITED Auto Components 0.58
DATE OF ALLOTMENT / INCEPTION DATE
• Hyundai Motor India Limited Automobiles 7.23 VRL Logistics Ltd. Transport Services 0.41
August 17, 2023 Popular Vehicles and Services
• Bajaj Auto Limited Automobiles 6.95
Limited Automobiles 0.30
• Zomato Ltd Retailing 6.91
Sub Total 97.59
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • Bosch Limited Auto Components 6.34
Regular Plan - Growth Option 15.217 Cash,Cash Equivalents and Net Current Assets 2.41
• InterGlobe Aviation Ltd. Transport Services 5.78
Regular Plan - IDCW Option 15.217 Grand Total 100.00
Direct Plan - Growth Option 15.457 • Mahindra & Mahindra Ltd. Automobiles 5.59
Direct Plan - IDCW Option 15.457 • Balkrishna Industries Ltd. Auto Components 4.29 • Top Ten Holdings
• SKF India Ltd. Industrial Products 4.28
Face Value per Unit: ` 10, + Industry Classification as
ASSETS UNDER MANAGEMENT Ola Electric Mobility Limited Automobiles 3.89
recommended by AMFI, Data is as of November 29, 2024 unless
As on November 29, 2024 Gabriel India Ltd. Auto Components 3.01 otherwise specified.
` 1,325.43 Cr. CIE Automotive India Ltd Auto Components 2.90
Average for Month of November 2024 ESCORTS LTD. Agricultural, Commercial ¥ Dedicated Fund Manager for Overseas Investments:
` 1,297.37 Cr. & Construction Vehicles 2.68 Mr. Dhruv Muchhal (since August 17, 2023)
Endurance Technologies Ltd. Auto Components 2.31 (Total Experience: Over 10 years).
QUANTITATIVE DATA Schaeffler India Ltd. Auto Components 2.30 Please refer Minimum Application Amount, Plans & Options, on
Portfolio Turnover Page no. 101 to 103.
Equity Turnover 43.51% Suprajit Engineering Ltd. Auto Components 2.08
Total Turnover 43.51% Apollo Tyres Ltd. Auto Components 1.98 $$For further details, please refer to para ‘Exit Load’ on page
Total Turnover = Equity + Debt + Derivative no. 104.
Timken India Ltd. Industrial Products 1.91
Tata Motors Ltd. Automobiles 1.78
TOTAL EXPENSE RATIO (As on November 29, 2024) Varroc Engineering Limited Auto Components 1.76
Including Additional Expenses and Goods and Service
Tax on Management Fees
Sundram Fasteners Ltd. Auto Components 1.02
LG Balakrishnan & Bros Ltd. Auto Components 0.99
Regular: 2.18%Direct: 0.98%
JK Tyre & Industries Limited Auto Components 0.86

#BENCHMARK INDEX:
NIFTY Transportation & Logistics Index (TRI)
##ADDL. BENCHMARK INDEX: SIP PERFORMANCE ^ - Regular Plan - Growth Option
NIFTY 50 (TRI) Since Inception 1 year
SIP SIP
EXIT LOAD$$ : Total Amount Invested (` in Lacs) 1.60 1.20
• In respect of each purchase/switch-in of units, an Exit
load of 1% is payable if units are redeemed/switched- Mkt Value As on November 29, 2024 (` in Lacs) 1.90 1.30
out within 30 days from the date of allotment. Returns (%) 27.05 15.85
• No Exit Load is payable if units are redeemed /
switched-out after 30 days from the date of allotment. Benchmark Returns (%) # 25.86 12.62
Additional Benchmark Returns (%) ## 15.10 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

Industry Allocation of Equity Holding PERFORMANCE^

Scheme Benchmark Additional Value of ` 10,000 invested
(% of Net Assets) Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 36.92 38.09 21.27 13,692 13,809 12,127
Automobiles 44.44 Aug 17, 23 Since Inception 38.55 40.76 19.93 15,217 15,530 12,636
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Priya Ranjan, please
refer page 104. 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,
Auto Components 31.18 refer page 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.
Retailing 6.91
Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer
Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)
Transport Services 6.19
HDFC • To generate long-term
Transportation capital appreciation
and Logistics • Investment predominantly
Industrial Products 6.19
in equity & equity related
Fund instruments of companies
under Transportation and
BENCHMARK : Nifty
Agricultural, Commercial & Construction Vehicles 2.68 Logistics theme
Transportation &
Logistics Index (TRI)
0 15 30 45
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

30 November 2024
HDFC Defence Fund CATEGORY OF SCHEME
SECTORAL FUND
(An open-ended equity scheme investing in Defence & allied sector
companies)

INVESTMENT OBJECTIVE : To provide long-term capital appreciation by investing predominantly in equity and equity related securities of Defence & allied sector companies
There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER¥
Abhishek Poddar PORTFOLIO
(since June 02, 2023)
Total Experience: Over 20 years Company Industry+ / Rating % to Company Industry+ / Rating % to
NAV NAV
EQUITY & EQUITY RELATED Rishabh instruments Limited Electrical Equipment 0.84
DATE OF ALLOTMENT / INCEPTION DATE • Bharat Electronics Ltd. Aerospace & Defense 21.18 Bansal Wire Industries Limited Industrial Products 0.83
June 02, 2023 • Hindustan Aeronautics Limited Aerospace & Defense 20.45 Diffusion Engineers Limited Industrial Products 0.57
• BEML Limited Agricultural, DEE Development Engineers Industrial
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) Commercial & Limited Manufacturing 0.44
Construction Vehicles 8.80
Regular Plan - Growth Option 22.195 IDEAFORGE TECHNOLOGY
Regular Plan - IDCW Option 22.195 • CYIENT DLM LIMITED Industrial LIMITED Aerospace & Defense 0.40
Direct Plan - Growth Option 22.604 Manufacturing 8.51
Direct Plan - IDCW Option 22.604 Sub Total 99.09
• Solar Industries India Ltd. Chemicals &
Petrochemicals 7.90 Cash,Cash Equivalents and Net Current Assets 0.91
ASSETS UNDER MANAGEMENT • Astra Microwave Products Ltd. Aerospace & Defense 5.71 Grand Total 100.00
As on November 29, 2024
` 4,609.59 Cr. • Larsen and Toubro Ltd. Construction 4.13 • Top Ten Holdings
Average for Month of November 2024 • Premier Explosives Ltd. Chemicals &
` 4,238.54 Cr. Petrochemicals 3.63 Face Value per Unit: ` 10, + Industry Classification as
• MTAR Technologies Limited Aerospace & Defense 3.45 recommended by AMFI, Data is as of November 29, 2024 unless
QUANTITATIVE DATA otherwise specified.
Portfolio Turnover • Avalon Technologies Limited Electrical Equipment 2.84
Equity Turnover 22.13% InterGlobe Aviation Ltd. Transport Services 2.52
Total Turnover 22.13% ¥ Dedicated Fund Manager for Overseas Investments:
Total Turnover = Equity + Debt + Derivative The Anup Engineering Limited Industrial Mr. Dhruv Muchhal (since June 22, 2023)
Risk Ratio Manufacturing 2.01 (Total Experience: Over 10 years).
n Standard Deviation 22.750%
n Beta
Power Mech Projects Ltd. Construction 1.53
0.750
n Sharpe Ratio* 2.281 JNK India Limited Industrial Please refer Minimum Application Amount, Plans & Options, on
Computed for the 3-yr period ended November Manufacturing 1.26 Page no. 101 to 103.
29, 2024. Based on month-end NAV. Techno Electric & Engin.
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) $$For further details, please refer to para ‘Exit Load’ on page
For schemes which have not completed 3 years, Co. Ltd. Construction 1.20 no. 104.
data is computed since inception. Adani Energy Solutions Limited Power 0.89

TOTAL EXPENSE RATIO (As on November 29, 2024)

Including Additional Expenses and Goods and Service
Tax on Management Fees SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 1 year
Regular: 1.86%Direct: 0.73% SIP SIP
Total Amount Invested (` in Lacs) 1.80 1.20
#BENCHMARK INDEX: Mkt Value As on November 29, 2024 (` in Lacs) 2.63 1.44
Nifty India Defence Index TRI (Total Returns Index) Returns (%) 58.20 38.59
##ADDL. BENCHMARK INDEX: Benchmark Returns (%) # 74.88 49.32
NIFTY 50 (TRI) Additional Benchmark Returns (%) ## 15.89 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
EXIT LOAD$$ : accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
• In respect of each purchase/switch-in of units, an Exit simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
load of 1% is payable if units are redeemed/switched-
out within 1 year from the date of allotment.
• No Exit Load is payable if units are redeemed / PERFORMANCE^
switched-out after 1 year from the date of allotment. Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
Industry Allocation of Equity Holding (%) ## (`)# Benchmark
(`)##
(% of Net Assets) Nov 30, 23 Last 1 Year 64.95 85.07 21.27 16,495 18,507 12,127
Jun 02, 23 Since Inception 70.40 97.44 20.69 22,195 27,665 13,249
Aerospace & Defense 51.19 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Abhishek Poddar,
please refer page 104. 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
Industrial Manufacturing 12.22 Plan, refer page 109 to 115.

Chemicals & Petrochemicals 11.53 ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.
Agricultural, Commercial & Construction Vehicles 8.80
Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer
Construction 6.86 Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)
Electrical Equipment 3.68
HDFC Defence • To generate long-term
Fund capital appreciation/income
Transport Services 2.52 • Investment predominantly
BENCHMARK : Nifty in equity & equity related
Industrial Products 1.40 instruments of defence and
India Defence Index
TRI (Total Returns allied sector companies.
Power 0.89 Index)

0 20 40 60

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 31
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 achieved.

PORTFOLIO
FUND MANAGER ¥
Anand Laddha Company Industry+ % to Company Industry+ % to
(since July 1, 2021) NAV NAV
Total Experience: Over 21 years
EQUITY & EQUITY RELATED PNB Housing Finance Ltd. Finance 1.18
• HDFC Bank Ltd.£ Banks 21.75 Mahindra & Mahindra
DATE OF ALLOTMENT / INCEPTION DATE Financial Services Ltd. Finance 1.04
• ICICI Bank Ltd. Banks 18.00
July 1, 2021 DCB Bank Limited Banks 0.88
• Axis Bank Ltd. Banks 6.89
Bajaj Housing Finance Ltd. Finance 0.76
• State Bank of India Banks 6.37
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) HDFC Life Insurance Company
Regular Plan - Growth Option 15.655 • Five-Star Business Finance Limited Insurance 0.71
Regular Plan - IDCW Option 14.821 Limited Finance 2.88
Direct Plan - Growth Option 16.505 Indian Bank Banks 0.63
Direct Plan - IDCW Option 15.662 • Power Finance Corporation Ltd. Finance 2.82
Repco Home Finance Ltd. Finance 0.57
• Kotak Mahindra Bank Limited Banks 2.37
ASSETS UNDER MANAGEMENT J FUSION FINANCE LIMITED Finance 0.52
• Karur Vysya Bank Ltd. Banks 2.36
As on November 29, 2024 Central Depository Services
` 3,687.22 Cr. • SBI Life Insurance Company Ltd. Insurance 2.34 (India) Ltd. Capital Markets 0.29
Average for Month of November 2024 • Bajaj Finance Ltd. Finance 2.23 Sub Total 98.69
` 3,620.83 Cr.
CanFin Homes Ltd. Finance 2.23 Cash,Cash Equivalents and Net Current Assets 1.31
QUANTITATIVE DATA
Au Small Finance Bank Ltd. Banks 2.08 Grand Total 100.00
Portfolio Turnover
Equity Turnover 20.07% Indusind Bank Ltd. Banks 2.08 • Top Ten Holdings, £ Sponsor
Total Turnover 20.07%
Total Turnover = Equity + Debt + Derivative SBFC Finance Ltd Finance 2.05
Risk Ratio Face Value per Unit: ` 10, + Industry Classification as
Equitas Small Finance Bank Ltd Banks 1.89
n Standard Deviation 14.207% recommended by AMFI, Data is as of November 29, 2024 unless
n Beta 0.943 PB FINTECH LIMITED (Policy Financial Technology otherwise specified.
n Sharpe Ratio* 0.602 Bazaar) (Fintech) 1.80
Computed for the 3-yr period ended November ¥ Dedicated Fund Manager for Overseas Investments:
29, 2024. Based on month-end NAV. LIC Housing Finance Ltd. Finance 1.67
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Mr. Dhruv Muchhal (since June 22, 2023)
For schemes which have not completed 3 years, Nippon Life India Asset (Total Experience: Over 10 years).
data is computed since inception. Management Limited Capital Markets 1.55
J Includes investments made by the schemes of HDFC Mutual Fund
Aavas Financiers Ltd. (Formerly aggregating to ` 74.63 Crores.
known as Au Housing Finance Please refer Minimum Application Amount, Plans & Options, on
TOTAL EXPENSE RATIO (As on November 29, 2024) Ltd.) Finance 1.53
Including Additional Expenses and Goods and Service Page no. 101 to 103.
Tax on Management Fees ICICI Lombard General
Insurance Co Insurance 1.51 $$For further details, please refer to para ‘Exit Load’ on page
Regular: 1.90%Direct: 0.78% no. 104.
360 ONE WAM LIMITED Capital Markets 1.49
#BENCHMARK INDEX: Shriram Finance Ltd. Finance 1.47
NIFTY Financial Services (Total Return Index) Max Financial Services Ltd. Insurance 1.38
##ADDL. BENCHMARK INDEX:
NIFTY 50 (Total Returns Index) Medi Assist Healthcare Services
Limited Insurance 1.37
EXIT LOAD$$ :
• In respect of each purchase/switch in of units, an Exit
load of 1% is payable if units are redeemed/switched out
within 30 daysfrom the date of allotment.
• No Exit Load is payable if units are redeemed/switched-
out aft er 30 days from the date of allotment.
SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 3 year 1 year
SIP SIP SIP
Total Amount Invested (` in Lacs) 4.10 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 5.45 4.70 1.27
Returns (%) 16.89 18.10 10.68
Benchmark Returns (%) # 14.52 15.66 16.69
Additional Benchmark Returns (%) ## 15.65 16.50 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 17.72 20.92 21.27 11,772 12,092 12,127
Nov 30, 21 Last 3 Years 15.33 12.10 13.76 15,342 14,086 14,723
Jul 01, 21 Since Inception 14.02 12.82 14.79 15,655 15,102 16,020
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anand Laddha, please
refer page 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
for computation of performance.

32 November 2024
HDFC Banking & Financial Services Fund CATEGORY OF SCHEME
(An open ended equity scheme investing in Banking and Financial SECTORAL FUND
Services Sector)

Industry Allocation of Equity Holding

(% of Net Assets)

Banks 65.30

Finance 20.95

Insurance 7.31

Capital Markets 3.33

Financial Technology (Fintech) 1.80

0 20 40 60 80

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for investors (Current risk as per latest month
who are seeking ~) end portfolio)

HDFC • To generate long-term capital

Banking & appreciation/income
Financial • Investment predominantly
in equity & equity related
Services Fund instruments of banking and
financial services companies
BENCHMARK :
NIFTY Financial
Services (Total
Return Index)

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 33
HDFC Technology Fund CATEGORY OF SCHEME
(An open-ended equity scheme investing in Technology & technology SECTORAL FUND
related companies)

INVESTMENT OBJECTIVE : To provide long-term capital appreciation by investing predominantly in equity and equity related securities of Technology & technology related
companies There is no assurance that the investment objective of the Scheme will be achieved.

PORTFOLIO
FUND MANAGER ¥
Balakumar B Company Industry+ % to Company Industry+ % to
(since September 8, 2023) NAV NAV
Total Experience: Over 15 years EQUITY & EQUITY RELATED Indus Towers Limited Telecom - Services 0.86
• Infosys Limited IT - Software 16.65 Tata Communications Limited Telecom - Services 0.71
DATE OF ALLOTMENT / INCEPTION DATE • Tata Consultancy Services Ltd. IT - Software 13.70 Affle (India) Ltd IT - Services 0.50
September 8, 2023 • Bharti Airtel Ltd. Telecom - Services 9.99 PVR LIMITED Entertainment 0.46
• HCL Technologies Ltd. IT - Software 8.11 Zee Entertainment Enterprises
• MphasiS Limited. IT - Software 4.23 Ltd. Entertainment 0.40
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • Firstsource Solutions Ltd. Commercial Services & Cyient Ltd. IT - Services 0.16
Regular Plan - Growth Option 14.521 Supplies 4.08 Sub Total 93.61
Regular Plan - IDCW Option 14.521 • Tech Mahindra Ltd. IT - Software 3.51 Cash,Cash Equivalents and Net Current Assets 6.39
Direct Plan - Growth Option 14.742
Direct Plan - IDCW Option 14.742 • Zomato Ltd Retailing 3.41 Grand Total 100.00
• INFO EDGE (INDIA) LIMITED Retailing 3.18 • Top Ten Holdings
ASSETS UNDER MANAGEMENT • Coforge Limited IT - Software 3.12
As on November 29, 2024 Zensar Technologies Ltd. IT - Software 2.62 Face Value per Unit: ` 10, + Industry Classification as
` 1,427.17 Cr. Bharti Hexacom Limited Telecom - Services 2.45 recommended by AMFI, Data is as of November 29, 2024 unless
Average for Month of November 2024 Sonata Software Ltd. IT - Software 1.89 otherwise specified.
` 1,369.05 Cr. Sagility India Limited IT - Services 1.85
Brainbees Solutions Limited ¥ Dedicated Fund Manager for Overseas Investments:
QUANTITATIVE DATA (FirstCry) Retailing 1.78 Mr. Dhruv Muchhal (since September 8, 2023)
Portfolio Turnover LTIMindtree Limited IT - Software 1.77 (Total Experience: Over 10 years).
Equity Turnover 4.12%
Total Turnover 4.12% Redington Ltd. Commercial Services &
Total Turnover = Equity + Debt + Derivative Supplies 1.77 Please refer Minimum Application Amount, Plans & Options, on
Risk Ratio eClerx Services Limited Commercial Services & Page no. 101 to 103.
Supplies 1.70 $$For further details, please refer to para ‘Exit Load’ on page
n Standard Deviation 17.661%
n Beta 0.884 Birlasoft Limited IT - Software 1.36 no. 104.
n Sharpe Ratio* 1.593 Wipro Ltd. IT - Software 1.24
Computed for the 3-yr period ended November PB FINTECH LIMITED (Policy Financial Technology
29, 2024. Based on month-end NAV. Bazaar) (Fintech) 1.22
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Unicommerce eSolutions
For schemes which have not completed 3 years,
data is computed since inception. Limited IT - Software 0.89

TOTAL EXPENSE RATIO (As on November 29, 2024)

Including Additional Expenses and Goods and Service SIP PERFORMANCE ^ - Regular Plan - Growth Option
Tax on Management Fees Since Inception 1 year
Regular: 2.16%Direct: 0.95% SIP SIP
Total Amount Invested (` in Lacs) 1.50 1.20
#BENCHMARK INDEX: Mkt Value As on November 29, 2024 (` in Lacs) 1.89 1.45
BSE Teck Index (TRI) Returns (%) 40.60 40.78
##ADDL. BENCHMARK INDEX: Benchmark Returns (%) # 31.65 30.47
NIFTY 50 (TRI) Additional Benchmark Returns (%) ## 14.22 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
EXIT LOAD$$ : accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
• In respect of each purchase/switch-in of units, an Exit simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
load of 1% is payable if units are redeemed/switched-out
within 30 days from the date of allotment.
• No Exit Load is payable if units are redeemed / switched- PERFORMANCE^
out after 30 days from the date of allotment. Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Industry Allocation of Equity Holding Nov 30, 23 Last 1 Year 40.90 33.66 21.27 14,090 13,366 12,127
(% of Net Assets) Sep 08, 23 Since Inception 35.51 29.53 18.69 14,521 13,738 12,340
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Balakumar B, please
IT - Software
refer page 104. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the
59.09 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan,
refer page 109 to 115.
Telecom - Services 14.01 ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.
Retailing 8.37
Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer
Benchmark (This product is suitable for (Current risk as per latest month
Commercial Services & Supplies 7.55 investors who are seeking ~) end portfolio)

HDFC Technology • To generate long-term

IT - Services 2.51 Fund capital appreciation
• Investment predominantly
BENCHMARK : BSE in equity & equity related
Financial Technology (Fintech) 1.22
Teck Index (TRI) instruments of Technology
& technology related
Entertainment companies
0.86

0 15 30 45 60
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

34 November 2024
HDFC Pharma and Healthcare Fund CATEGORY OF SCHEME
(An open-ended equity scheme investing in Pharma and healthcare SECTORAL FUND
companies)

INVESTMENT OBJECTIVE : To provide long-term capital appreciation by investing predominantly in equity and equity related securities of Pharma and healthcare
companies. There is no assurance that the investment objective of the Scheme will be achieved.

PORTFOLIO
FUND MANAGER ¥
Nikhil Mathur Company Industry+ % to Company Industry+ % to
(since October 4, 2023) NAV NAV
Total Experience: Over 15 years
EQUITY & EQUITY RELATED AMI Organics Ltd Pharmaceuticals &
Biotechnology 1.97
DATE OF ALLOTMENT / INCEPTION DATE • Sun Pharmaceutical Industries Pharmaceuticals &
Ltd. Biotechnology 13.48 Laurus Labs Ltd. Pharmaceuticals &
October 4, 2023 Biotechnology 1.93
• Divis Laboratories Ltd. Pharmaceuticals &
Biotechnology 7.85 Jubilant Pharmova Limited Pharmaceuticals &
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) Biotechnology 1.91
Regular Plan - Growth Option 16.466 • Cipla Ltd. Pharmaceuticals &
Regular Plan - IDCW Option 16.466 Biotechnology 7.75 Pfizer Ltd. Pharmaceuticals &
Direct Plan - Growth Option 16.703 Biotechnology 1.77
Direct Plan - IDCW Option 16.703 • Lupin Ltd. Pharmaceuticals &
Biotechnology 5.80 Medi Assist Healthcare Services
Limited Insurance 1.52
ASSETS UNDER MANAGEMENT • Gland Pharma Ltd. Pharmaceuticals &
As on November 29, 2024 Biotechnology 3.99 BAJAJ HEALTHCARE LIMITED Pharmaceuticals &
` 1,459.59 Cr. • Ipca Laboratories Ltd. Pharmaceuticals &
Biotechnology 1.14
Average for Month of November 2024 Biotechnology 3.75 Unichem Laboratories Ltd. Pharmaceuticals &
` 1,409.43 Cr. Biotechnology 0.54
• Aster DM Healthcare Limited Healthcare Services 3.57
QUANTITATIVE DATA Alembic Pharmaceuticals Pharmaceuticals &
Portfolio Turnover • VIJAYA DIAGNOSTIC CENTRE LTD. Healthcare Services 3.54 Limited Biotechnology 0.02
Equity Turnover 56.44%
Total Turnover 56.44% • Eris Lifesciences Ltd Pharmaceuticals & Sub Total 98.22
Total Turnover = Equity + Debt + Derivative Biotechnology 3.38
Risk Ratio Cash,Cash Equivalents and Net Current Assets 1.78
• Glenmark Pharmaceuticals Ltd. Pharmaceuticals &
n Standard Deviation 13.476% Biotechnology 3.37 Grand Total 100.00
n Beta 0.681
n Sharpe Ratio* 3.146 Krishna Institute Of Medical • Top Ten Holdings
Computed for the 3-yr period ended November Sciences Limited Healthcare Services 3.33
29, 2024. Based on month-end NAV.
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Wockhardt Ltd. Pharmaceuticals & Face Value per Unit: ` 10, + Industry Classification as
For schemes which have not completed 3 years, Biotechnology 3.30 recommended by AMFI, Data is as of November 29, 2024 unless
data is computed since inception. otherwise specified.
PIRAMAL PHARMA LTD Pharmaceuticals &
Biotechnology 3.23 ¥ Dedicated Fund Manager for Overseas Investments:
Dr Reddys Laboratories Ltd. Pharmaceuticals & Mr. Dhruv Muchhal (since October 4, 2023)
TOTAL EXPENSE RATIO (As on November 29, 2024)
Including Additional Expenses and Goods and Service Biotechnology 2.97 (Total Experience: Over 10 years).
Tax on Management Fees
Aurobindo Pharma Ltd. Pharmaceuticals &
Regular: 2.15%Direct: 0.92% Biotechnology 2.95 Please refer Minimum Application Amount, Plans & Options, on
Page no. 101 to 103.
Metropolis Healthcare Ltd. Healthcare Services 2.95 $$For further details, please refer to para ‘Exit Load’ on page
#BENCHMARK INDEX: no. 104.
BSE Healthcare Index (TRI) Ajanta Pharma Limited Pharmaceuticals &
Biotechnology 2.91
##ADDL. BENCHMARK INDEX:
NIFTY 50 (TRI) Torrent Pharmaceuticals Ltd. Pharmaceuticals &
Biotechnology 2.57
EXIT LOAD$$ : Fortis Healthcare Limited Healthcare Services 2.40
• In respect of each purchase/switch-in of units, an Exit
load of 1% is payable if units are redeemed/switched-out Zydus Lifesciences Limited Pharmaceuticals &
within 30 days from the date of allotment. Biotechnology 2.30
• No Exit Load is payable if units are redeemed / switched-
out after 30 days from the date of allotment. Max Healthcare Institute
Limited Healthcare Services 2.03

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 1 year
SIP SIP
Total Amount Invested (` in Lacs) 1.40 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 1.84 1.51
Returns (%) 52.90 51.17
Benchmark Returns (%) # 42.33 38.79
Additional Benchmark Returns (%) ## 13.62 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE^
Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 51.72 44.55 21.27 15,172 14,455 12,127
Oct 04, 23 Since Inception 53.93 47.55 21.99 16,466 15,679 12,584
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Nikhil Mathur, please
refer page 104. 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 109 to 115.

November 2024 35
HDFC Pharma and Healthcare Fund CATEGORY OF SCHEME
(An open-ended equity scheme investing in Pharma and healthcare SECTORAL FUND
companies)

Industry Allocation of Equity Holding

(% of Net Assets)

Pharmaceuticals & Biotechnology 78.88

Healthcare Services 17.82

Insurance 1.52

0 20 40 60 80

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Pharma • To generate long-term

and Healthcare capital appreciation
Fund • Investment predominantly
in equity & equity related
BENCHMARK : BSE instruments of Pharma and
Healthcare Index healthcare companies.
(TRI)

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

36 November 2024
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 achieved.

FUND MANAGER ¥ PORTFOLIO

Srinivasan Ramamurthy
(since January 12, 2024) Company Industry+ % to Company Industry+ % to
Total Experience: Over 17 years NAV NAV
EQUITY & EQUITY RELATED Bajaj Electricals Ltd. Consumer Durables 0.82
DATE OF ALLOTMENT / INCEPTION DATE • HDFC Bank Ltd.£ Banks 8.99 PNC Infratech Ltd. Construction 0.81
December 6, 2017 • ICICI Bank Ltd. Banks 8.88 Orient Cement Ltd. Cement & Cement
• Larsen and Toubro Ltd. Construction 7.67 Products 0.75
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • Prestige Estates Projects Ltd. Realty 6.68 R R KABEL LIMITED Industrial Products 0.71
Regular Plan - Growth Option 22.562 Indraprastha Gas Ltd. Gas 0.58
Regular Plan - IDCW Option 17.613 • Ambuja Cements Ltd. Cement & Cement
Direct Plan - Growth Option 24.231 Products 6.42 Gujarat Gas Ltd. Gas 0.51
Direct Plan - IDCW Option 19.203 • NTPC Limited Power 6.20 Kajaria Ceramics Ltd. Consumer Durables 0.44
ASSETS UNDER MANAGEMENT • State Bank of India Banks 5.36 Aavas Financiers Ltd. (Formerly
• UltraTech Cement Limited Cement & Cement known as Au Housing Finance
As on November 29, 2024 Ltd.) Finance 0.28
` 1,408.40 Cr. Products 4.06
Average for Month of November 2024 • Kalpataru Projects International Sub Total 99.79
` 1,405.39 Cr. Ltd Construction 4.05 UNITS ISSUED BY REIT & INVIT
• Tata Steel Ltd. Ferrous Metals 3.64 POWERGRID Infrastructure
QUANTITATIVE DATA Investment Trust Power @
Portfolio Turnover Ashoka Buildcon Ltd. Construction 3.54
Equity Turnover 6.30% Axis Bank Ltd. Banks 3.23 Sub Total @
Total Turnover 6.30% Cash,Cash Equivalents and Net Current Assets 0.21
Total Turnover = Equity + Debt + Derivative Electronics Mart India Ltd Retailing 3.09
Risk Ratio AkzoNobel India Ltd. Consumer Durables 2.95 Grand Total 100.00
n Standard Deviation 15.161%
n Beta 0.769 Birla Corporation Ltd. Cement & Cement • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
n Sharpe Ratio* 0.955 Products 1.98
Computed for the 3-yr period ended November Face Value per Unit: ` 10, + Industry Classification as
29, 2024. Based on month-end NAV. Crompton Greaves Consumer
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Elec. Ltd. Consumer Durables 1.93 recommended by AMFI, Data is as of November 29, 2024 unless
For schemes which have not completed 3 years, Repco Home Finance Ltd. Finance 1.89 otherwise specified.
data is computed since inception.
Hindalco Industries Ltd. Non - Ferrous Metals 1.63 ¥ Dedicated Fund Manager for Overseas Investments:
TOTAL EXPENSE RATIO (As on November 29, 2024) Macrotech Developers Limited Realty 1.60 Mr. Dhruv Muchhal (since June 22, 2023)
Including Additional Expenses and Goods and Service (Total Experience: Over 10 years).
Tax on Management Fees Asian Paints Limited Consumer Durables 1.58
Please refer Minimum Application Amount, Plans & Options, on
Symphony Ltd. Consumer Durables 1.53
Regular: 2.19%Direct: 1.20% Page no. 101 to 103.
Whirlpool of India Ltd. Consumer Durables 1.43 $$For further details, please refer to para ‘Exit Load’ on page
#BENCHMARK INDEX: Finolex Cables Ltd. Industrial Products 1.33 no. 104.
NIFTY Housing (Total Returns Index) Kolte Patil Developers Limited Realty 1.31
##ADDL. BENCHMARK INDEX: Bank of Baroda Banks 1.05
NIFTY 50 (Total Returns Index)
Dilip Buildcon Ltd. Construction 1.02
EXIT LOAD$$ : Shriram Properties Limited Realty 0.97
• In respect of each purchase/switch in of units, an Exit
load of 1% is payable if units are redeemed/switched out CanFin Homes Ltd. Finance 0.88
within 30 daysfrom the date of allotment.
• No Exit Load is payable if units are redeemed/switched-
out aft er 30 days from the date of allotment. The date of inception/allotment of HDFC Housing opportunities Fund is December 6, 2017. The Scheme was launched as a close
ended thematic Equity Scheme. The Scheme has been converted into open-ended scheme on January 19, 2021.
SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 5 year 3 year 1 year
SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 8.40 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 16.98 11.19 5.25 1.24
Returns (%) 19.76 25.23 26.13 5.79
Benchmark Returns (%) # 18.87 21.55 18.78 5.88
Additional Benchmark Returns (%) ## 16.43 18.08 16.50 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 26.09 24.47 21.27 12,609 12,447 12,127
Nov 30, 21 Last 3 Years 22.11 15.83 13.76 18,205 15,541 14,723
Nov 29, 19 Last 5 Years 19.52 19.60 16.21 24,410 24,497 21,208
Dec 06, 17 Since Inception 12.35 15.00 14.75 22,562 26,547 26,156
Returns greater than 1 year period are compounded annualized (CAGR).For performance of other schemes managed by Srinivasan Ramamurthy,
please refer page 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
for computation of performance.

November 2024 37
HDFC Housing Opportunities Fund CATEGORY OF SCHEME
THEMATIC FUND
(An open ended equity scheme following housing and allied activities
theme)

Industry Allocation of Equity Holding

(% of Net Assets)

Banks 27.51

Construction 17.09

Cement & Cement Products 13.21

Consumer Durables 10.68

Realty 10.56

Power 6.20

Ferrous Metals 3.64

Retailing 3.09

Finance 3.05

Industrial Products 2.04

Non - Ferrous Metals 1.63

Gas 1.09

0 10 20 30 40

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Housing • Capital appreciation over long

Opportunities term
Fund • Investment predominantly
in equity and equity related
BENCHMARK : instruments of entities engaged
NIFTY Housing in and/ or expected to benefit
(Total Returns from the growth in housing and
Index) its allied business activities

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

38 November 2024
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 achieved.

FUND MANAGER ¥
Srinivasan Ramamurthy PORTFOLIO
(since January 12, 2024)
Total Experience: Over 17 years Company Industry+ % to Company Industry+ % to
NAV NAV
EQUITY & EQUITY RELATED Titagarh Wagons Limited Industrial Manufacturing 0.87
DATE OF ALLOTMENT / INCEPTION DATE • ICICI Bank Ltd. Banks 6.77 Repco Home Finance Ltd. Finance 0.85
March 10, 2008 • HDFC Bank Ltd.£ Banks 5.04 AIA Engineering Ltd. Industrial Products 0.83
• Larsen and Toubro Ltd. Construction 4.92 CanFin Homes Ltd. Finance 0.79
• [Link] Infraprojects Ltd. Construction 4.53 Timken India Ltd. Industrial Products 0.68
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • Kalpataru Projects International Ltd Construction 3.20 Ikio Lighting Limited Consumer Durables 0.67
Regular Plan - Growth Option 47.210 • G R Infraprojects Limited Construction 3.08 Bharat Electronics Ltd. Aerospace & Defense 0.62
Regular Plan - IDCW Option 21.972 • NTPC Limited Power 3.04 Dynamatic Technologies Ltd. Industrial Manufacturing 0.56
Direct Plan - Growth Option 51.858 • Coal India Ltd. Consumable Fuels 2.84 Five-Star Business Finance Limited Finance 0.53
Direct Plan - IDCW Option 33.456 • InterGlobe Aviation Ltd. Transport Services 2.63 Carborundum Universal Ltd. Industrial Products 0.50
• Bharti Airtel Ltd. Telecom - Services 2.61 KAYNES TECHNOLOGY INDIA
ASSETS UNDER MANAGEMENT Reliance Industries Ltd. Petroleum Products 2.59 LIMITED Industrial Manufacturing 0.48
As on November 29, 2024 State Bank of India Banks 2.37 Tamilnadu Newsprint & Papers Paper, Forest & Jute
` 2,496.20 Cr. Axis Bank Ltd. Banks 2.28 Ltd. Products 0.48
Paradeep Phosphates Limited Fertilizers & Voltamp Transformers Ltd. Electrical Equipment 0.41
Average for Month of November 2024 Agrochemicals 2.09 Dilip Buildcon Ltd. Construction 0.36
` 2,457.25 Cr. NCC LTD. Construction 1.99 Centum Electronics Ltd. Industrial Manufacturing 0.33
Ambuja Cements Ltd. Cement & Cement Inox India Limited Industrial Products 0.33
QUANTITATIVE DATA Products 1.92
Portfolio Turnover Cholamandalam Investment &
INOX Wind Ltd Electrical Equipment 1.84 Finance Co. Ltd. Finance 0.32
Equity Turnover 13.52% TD Power Systems Ltd. Electrical Equipment 1.83
Total Turnover 13.52% Rishabh instruments Limited Electrical Equipment 0.21
Total Turnover = Equity + Debt + Derivative Apollo Hospitals Enterprise Ltd. Healthcare Services 1.64 Indian Bank Banks 0.16
Premier Explosives Ltd. Chemicals & Sadbhav Infrastructure Project Ltd.
Risk Ratio Petrochemicals 1.48 (Corporate Guarantee of Sadbhav
n Standard Deviation 15.982%
n Beta
The Anup Engineering Limited Industrial Manufacturing 1.45 Engineering Ltd.) Construction 0.03
0.571 Hindustan Aeronautics Limited Aerospace & Defense 1.43 Sub Total 93.58
n Sharpe Ratio* 1.490
Computed for the 3-yr period ended November Birla Corporation Ltd. Cement & Cement UNITS ISSUED BY REIT & INVIT
29, 2024. Based on month-end NAV. Products 1.40 Embassy Office Parks REIT Realty 1.04
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Power Finance Corporation Ltd. Finance 1.39 Nexus Select Trust REIT Realty 0.87
For schemes which have not completed 3 years, ACC Ltd. Cement & Cement Sub Total 1.91
data is computed since inception. Products 1.34 Cash,Cash Equivalents and Net Current Assets 4.51
Ashoka Buildcon Ltd. Construction 1.33 Grand Total 100.00
Gujarat Pipavav Port Ltd. Transport Infrastructure 1.33
TOTAL EXPENSE RATIO (As on November 29, 2024) TEGA INDUSTRIES LIMITED Industrial Manufacturing 1.18 • Top Ten Holdings, £ Sponsor
Including Additional Expenses and Goods and Service Tata Steel Ltd. Ferrous Metals 1.16
Tax on Management Fees Gujarat State Petronet Ltd. Gas 1.14 Face Value per Unit: ` 10, + Industry Classification as
Regular: 2.06%Direct: 1.09% Delhivery Limited Transport Services 1.08 recommended by AMFI, Data is as of November 29, 2024 unless
Power Grid Corporation of otherwise specified.
India Ltd. Power 1.06
#BENCHMARK INDEX: Indraprastha Gas Ltd. Gas 1.05 ¥ Dedicated Fund Manager for Overseas Investments:
BSE India Infrastructure Index (TRI) Hindustan Construction Company Mr. Dhruv Muchhal (since June 22, 2023)
Ltd. Construction 1.03
##ADDL. BENCHMARK INDEX: ESCORTS LTD. Agricultural, Commercial (Total Experience: Over 10 years).
NIFTY 50 (Total Returns Index) & Construction Vehicles 1.00 Please refer Minimum Application Amount, Plans & Options, on
Gateway Distriparks Limited Transport Services 0.99 Page no. 101 to 103.
EXIT LOAD$$ : Ceigall India Limited Construction 0.96
• In respect of each purchase/switch in of units, an Exit
Bharat Petroleum Corporation Ltd. Petroleum Products 0.94 $$For further details, please refer to para ‘Exit Load’ on page
load of 1% is payable if units are redeemed/switched out no. 104.
within 30 daysfrom the date of allotment. Petronet LNG Ltd. Gas 0.93
• No Exit Load is payable if units are redeemed/switched- Hindalco Industries Ltd. Non - Ferrous Metals 0.92
out aft er 30 days from the date of allotment. Blue Dart Express Ltd. Transport Services 0.90
Afcons Infrastructure Limited Construction 0.87

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 20.10 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 71.79 58.28 31.43 14.50 6.16 1.29
Returns (%) 13.76 14.35 18.31 36.23 38.23 14.64
Benchmark Returns (%) # 16.44 17.75 22.88 41.17 43.61 11.31
Additional Benchmark Returns (%) ## 13.77 13.87 15.04 18.08 16.50 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 38.07 54.83 21.27 13,807 15,483 12,127
Nov 30, 21 Last 3 Years 33.64 36.92 13.76 23,866 25,666 14,723
Nov 29, 19 Last 5 Years 24.63 32.06 16.21 30,101 40,231 21,208
Nov 28, 14 Last 10 Years 10.98 15.70 12.23 28,378 43,058 31,741
Mar 10, 08 Since Inception 9.72 10.55 11.46 47,210 53,558 61,415
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Srinivasan Ramamurthy,
please refer page 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
for computation of performance.

November 2024 39
HDFC Infrastructure Fund CATEGORY OF SCHEME
THEMATIC FUND
(An open ended equity scheme following infrastructure theme)

Industry Allocation of Equity Holding

(% of Net Assets)
Construction 22.30
Banks 16.62
Transport Services 5.60
Industrial Manufacturing 4.87
Cement & Cement Products 4.66
Electrical Equipment 4.29
Power 4.10
Finance 3.88
Petroleum Products 3.53
Gas 3.12
Consumable Fuels 2.84
Telecom - Services 2.61
Industrial Products 2.34
Fertilizers & Agrochemicals 2.09
Aerospace & Defense 2.05
Healthcare Services 1.64
Chemicals & Petrochemicals 1.48
Transport Infrastructure 1.33
Ferrous Metals 1.16
Agricultural, Commercial & Construction Vehicles 1.00
Non - Ferrous Metals 0.92
Consumer Durables 0.67
Paper, Forest & Jute Products 0.48
0 10 20 30

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC • To generate long-term capital

Infrastructure appreciation / income
Fund • Investment predominantly
in equity and equity related
BENCHMARK securities of companies engaged
: BSE India in or expected to benefit from
Infrastructure the growth and development of
Index (TRI) infrastructure

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

40 November 2024
HDFC MNC Fund CATEGORY OF SCHEME
THEMATIC FUND
(An open ended equity scheme following multinational company (MNC)
theme)

INVESTMENT OBJECTIVE : To provide long-term capital appreciation by investing predominantly in equity and equity related instruments of multinational companies
(MNCs). There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Rahul Baijal
(since March 09, 2023)
Total Experience: Over 24 years Company Industry+ % to Company Industry+ % to
NAV NAV
EQUITY & EQUITY RELATED Britannia Industries Ltd. Food Products 1.68
DATE OF ALLOTMENT / INCEPTION DATE • United Spirits Limited Beverages 7.88 Aadhar Housing Finance
March 09, 2023 • Siemens Ltd. Electrical Equipment 7.69 Limited Finance 1.56
• Hindustan Unilever Ltd. Diversified Fmcg 6.98 Timken India Ltd. Industrial Products 1.37
• Fortis Healthcare Limited Healthcare Services 5.98 3M India Ltd. Diversified 1.29
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • Ambuja Cements Ltd. Cement & Cement Colgate-Palmolive ( I ) Ltd. Personal Products 0.97
Regular Plan - Growth Option 13.932 Products 5.95 KSB Ltd Industrial Products 0.96
Regular Plan - IDCW Option 13.932 • Cummins India Ltd. Industrial Products 4.34 Westlife Foodworld Limited Leisure Services 0.86
Direct Plan - Growth Option 14.222 • Maruti Suzuki India Limited Automobiles 3.67 Goodyear India Ltd. Auto Components 0.85
Direct Plan - IDCW Option 14.222 • Nestle India Ltd. Food Products 3.67 JB Chemicals & Pharmaceuticals &
• Bosch Limited Auto Components 3.33 Pharmaceuticals Ltd. Biotechnology 0.52
ASSETS UNDER MANAGEMENT Sub Total 92.90
As on November 29, 2024 • ESCORTS LTD. Agricultural,
Commercial & Cash,Cash Equivalents and Net Current Assets 7.10
` 632.82 Cr. Construction Vehicles 3.23 Grand Total 100.00
Average for Month of November 2024 CIE Automotive India Ltd Auto Components 2.97
` 623.25 Cr. JNK India Limited Industrial • Top Ten Holdings
Manufacturing 2.90
QUANTITATIVE DATA Whirlpool of India Ltd. Consumer Durables 2.87 Face Value per Unit: ` 10, + Industry Classification as
Portfolio Turnover RHI MAGNESITA INDIA Limited Industrial Products 2.60 recommended by AMFI, Data is as of November 29, 2024 unless
Equity Turnover 35.93% MphasiS Limited. IT - Software 2.40 otherwise specified.
Total Turnover 35.93%
Total Turnover = Equity + Debt + Derivative SKF India Ltd. Industrial Products 2.37
ABB India Ltd. ¥ Dedicated Fund Manager for Overseas Investments:
Risk Ratio Electrical Equipment 2.23
n Standard Deviation Pfizer Ltd. Pharmaceuticals & Mr. Dhruv Muchhal (since June 22, 2023)
12.193% (Total Experience: Over 10 years).
n Beta 0.898 Biotechnology 2.20
n Sharpe Ratio* 1.156 Please refer Minimum Application Amount, Plans & Options, on
United Breweries Ltd. Beverages 2.11
Computed for the 3-yr period ended November Blue Dart Express Ltd. Transport Services 2.03 Page no. 101 to 103.
29, 2024. Based on month-end NAV.
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Grindwell Norton Ltd. Industrial Products 1.92 $$For further details, please refer to para ‘Exit Load’ on page
For schemes which have not completed 3 years, Gland Pharma Ltd. Pharmaceuticals & no. 104.
data is computed since inception. Biotechnology 1.80
Abbott India Ltd. Pharmaceuticals &
Biotechnology 1.72
TOTAL EXPENSE RATIO (As on November 29, 2024)
Including Additional Expenses and Goods and Service
Tax on Management Fees
Regular: 2.42%Direct: 1.23% SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 1 year
SIP SIP
#BENCHMARK INDEX:
Total Amount Invested (` in Lacs) 2.50 1.20
NIFTY MNC TRI (Total Returns Index)
Mkt Value As on November 29, 2024 (` in Lacs) 3.10 1.28
##ADDL. BENCHMARK INDEX:
NIFTY 50 (Total Returns Index) Returns (%) 21.26 12.16
Benchmark Returns (%) # 23.71 13.28
EXIT LOAD$$ : Additional Benchmark Returns (%) ## 17.36 9.79
• In respect of each purchase/switch-in of units, an Exit
load of 1% is payable if units are redeemed/switched- Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
out within 1 year from the date of allotment. accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
• No Exit Load is payable if units are redeemed / simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
switched-out after 1 year from the date of allotment.

PERFORMANCE^
Industry Allocation of Equity Holding Scheme Benchmark Additional Value of ` 10,000 invested
(% of Net Assets) Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Industrial Products 13.56 Nov 30, 23 Last 1 Year 17.66 28.47 21.27 11,766 12,847 12,127
Beverages 9.99
Mar 09, 23 Since Inception 21.14 27.82 21.56 13,932 15,287 14,015
Electrical Equipment 9.92
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Rahul Baijal, please
Auto Components 7.15 refer page 104. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the
Diversified Fmcg 6.98 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan,
Pharmaceuticals & Biotechnology 6.24
refer page 109 to 115.
Healthcare Services 5.98
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
Cement & Cement Products 5.95 for computation of performance.
Food Products 5.35
Automobiles 3.67
3.23
Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer
Agricultural, Commercial & Construction Vehicles
Benchmark (This product is suitable for (Current risk as per latest month
Industrial Manufacturing 2.90
2.87
investors who are seeking ~) end portfolio)
Consumer Durables
IT - Software 2.40 HDFC MNC Fund • To generate long-term
Transport Services 2.03 capital appreciation/income
Finance 1.56 BENCHMARK : • Investment predominantly
Diversified 1.29 NIFTY MNC TRI in equity & equity
Personal Products 0.97 related instruments of
Leisure Services 0.86 multinational companies.
0 5 10 15

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 41
HDFC Non-Cyclical Consumer Fund CATEGORY OF SCHEME
THEMATIC FUND
(An open ended equity scheme following non-cyclical consumer theme)

INVESTMENT OBJECTIVE : To generate long-term capital appreciation by investing predominantly in equity and equity related securities of companies with a focus on non-
cyclical consumer theme. There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Amit Sinha
(since July 12, 2023) Company Industry+ % to Company Industry+ % to
Total Experience: Over 21 years NAV NAV
EQUITY & EQUITY RELATED Godfrey Phillips India Ltd. Cigarettes & Tobacco
• Zomato Ltd Retailing 9.52 Products 1.01
DATE OF ALLOTMENT / INCEPTION DATE • Hindustan Unilever Ltd. Diversified Fmcg 8.89 SULA VINEYARDS LIMITED Beverages 1.00
July 12, 2023 • ITC LIMITED Diversified Fmcg 7.08 Pidilite Industries Ltd. Chemicals &
• United Spirits Limited Beverages 4.57 Petrochemicals 0.99
• Titan Company Ltd. Consumer Durables 3.88 Safari Industries (India) Ltd. Consumer Durables 0.86
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • Trent Ltd. Retailing 3.65 Hero MotoCorp Ltd. Automobiles 0.85
• Godrej Consumer Products Ltd. Personal Products 3.28 INFO EDGE (INDIA) LIMITED Retailing 0.83
Regular Plan - Growth Option 14.188 • Bharti Airtel Ltd. Telecom - Services 3.25 Yatharth Hospital & Trauma
Regular Plan - IDCW Option 14.188 • Chalet Hotels Ltd. Leisure Services 2.84 Care Services Limited Healthcare Services 0.76
Direct Plan - Growth Option 14.433 • Brainbees Solutions Limited Emami Ltd. Personal Products 0.66
Direct Plan - IDCW Option 14.433 (FirstCry) Retailing 2.83 DOMS Industries Limited Household Products 0.62
Asian Paints Limited Consumer Durables 2.80 Godavari Biorefineries Limited Diversified Fmcg 0.51
ASSETS UNDER MANAGEMENT Bharti Hexacom Limited Telecom - Services 2.63 Jubilant Foodworks Limited Leisure Services 0.45
As on November 29, 2024 Maruti Suzuki India Limited Automobiles 2.31 Colgate-Palmolive ( I ) Ltd. Personal Products 0.22
` 895.97 Cr. Hyundai Motor India Limited Automobiles 2.13 PEARL GLOBAL INDUSTRIES
Average for Month of November 2024 AkzoNobel India Ltd. Consumer Durables 2.07 LIMITED Textiles & Apparels 0.20
Dabur India Ltd. Personal Products 2.06 METRO BRANDS LIMITED Consumer Durables 0.14
` 876.05 Cr. P N Gadgil Jewellers Limited Consumer Durables 1.98 Vedant Fashions Ltd Retailing @
TVS Motor Company Ltd. Automobiles 1.96 Sub Total 94.60
QUANTITATIVE DATA Jupiter Life Line Hospitals Cash,Cash Equivalents and Net Current Assets 5.40
Portfolio Turnover Limited Healthcare Services 1.95 Grand Total 100.00
Equity Turnover 64.63% VIJAYA DIAGNOSTIC CENTRE LTD. Healthcare Services 1.76
Total Turnover 64.63% Nestle India Ltd. Food Products 1.51 • Top Ten Holdings, @ Less than 0.01%.
Total Turnover = Equity + Debt + Derivative Britannia Industries Ltd. Food Products 1.49 Face Value per Unit: ` 10, + Industry Classification as
Risk Ratio Baazar Style Retail Limited Retailing 1.41
n Standard Deviation Tata Consumer Products Agricultural Food & recommended by AMFI, Data is as of November 29, 2024 unless
14.753%
n Beta 0.883 Limited Other Products 1.40 otherwise specified.
n Sharpe Ratio* 1.419 Bajaj Auto Limited Automobiles 1.29
Computed for the 3-yr period ended November Devyani International Ltd Leisure Services 1.28 ¥ Dedicated Fund Manager for Overseas Investments:
29, 2024. Based on month-end NAV. InterGlobe Aviation Ltd. Transport Services 1.25 Mr. Dhruv Muchhal (since July 12, 2023)
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Unicommerce eSolutions (Total Experience: Over 10 years).
For schemes which have not completed 3 years, Limited IT - Software 1.16 Please refer Minimum Application Amount, Plans & Options, on
data is computed since inception. SAPPHIRE FOODS INDIA
LIMITED Leisure Services 1.15 Page no. 101 to 103.
Shoppers Stop Ltd. Retailing 1.08 $$For further details, please refer to para ‘Exit Load’ on page
TOTAL EXPENSE RATIO (As on November 29, 2024) Voltas Ltd. Consumer Durables 1.04
Including Additional Expenses and Goods and Service no. 104.
Tax on Management Fees
Regular: 2.31%Direct: 1.09% SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 1 year
SIP SIP
#BENCHMARK INDEX: Total Amount Invested (` in Lacs) 1.70 1.20
NIFTY India Consumption Index (TRI)
Mkt Value As on November 29, 2024 (` in Lacs) 2.02 1.33
##ADDL. BENCHMARK INDEX:
NIFTY 50 (TRI) Returns (%) 25.79 20.62
Benchmark Returns (%) # 23.29 16.27
EXIT LOAD$$ : Additional Benchmark Returns (%) ## 15.28 9.79
• In respect of each purchase/switch-in of units, an Exit Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
load of 1% is payable if units are redeemed/switched-out accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
within 30 days from the date of allotment.
• No Exit Load is payable if units are redeemed / switched- simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
out after 30 days from the date of allotment.
PERFORMANCE^
Scheme Benchmark Additional Value of ` 10,000 invested
Industry Allocation of Equity Holding Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(% of Net Assets) (`)##
Nov 30, 23 Last 1 Year 27.68 28.60 21.27 12,768 12,860 12,127
Retailing 19.32 Jul 12, 23 Since Inception 28.70 25.84 18.52 14,188 13,752 12,656
Diversified Fmcg 16.48 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Amit Sinha, please
refer page 104. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the
Consumer Durables 12.77 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan,
refer page 109 to 115.
Automobiles 8.54
Personal Products 6.22
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.
Telecom - Services 5.88
Leisure Services 5.72 Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer
Beverages 5.57
Benchmark (This product is suitable for (Current risk as per latest month
Healthcare Services 4.47
investors who are seeking ~) end portfolio)
Food Products 3.00 HDFC Non-Cyclical • To generate long-term
Agricultural Food & Other Products 1.40 Consumer Fund capital appreciation/income
Transport Services 1.25
• investment in equity and
BENCHMARK : equity related securities
IT - Software 1.16
NIFTY India of companies with a focus
Cigarettes & Tobacco Products 1.01 on non-cyclical consumer
Consumption Index
Chemicals & Petrochemicals 0.99 (TRI) theme.
Household Products 0.62
Textiles & Apparels 0.20
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
0 5 10 15 20 Scheme and Benchmark Riskometer As on November 30, 2024

42 November 2024
HDFC Manufacturing Fund CATEGORY OF SCHEME
THEMATIC FUND
(An open-ended equity scheme following manufacturing theme)

INVESTMENT OBJECTIVE : To provide long-term capital appreciation by investing predominantly in equity and equity related securities of companies engaged in the
manufacturing activity. There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Rakesh Sethia
(since May 16, 2024)
Total Experience: Over 17 years Company Industry+ % to Company Industry+ % to
NAV NAV
EQUITY & EQUITY RELATED Archean Chemical Industries Chemicals &
DATE OF ALLOTMENT / INCEPTION DATE • Sun Pharmaceutical Industries Pharmaceuticals & Limited Petrochemicals 0.45
May 16, 2024 Ltd. Biotechnology 5.31 Wockhardt Ltd. Pharmaceuticals &
• Mahindra & Mahindra Ltd. Automobiles 5.29 Biotechnology 0.43
• Maruti Suzuki India Limited Automobiles 4.08 Torrent Pharmaceuticals Ltd. Pharmaceuticals &
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • Tata Motors Ltd. Biotechnology 0.42
Automobiles 4.07
Regular Plan - Growth Option 10.521 ABB India Ltd. Electrical Equipment 0.41
• Cipla Ltd. Pharmaceuticals &
Regular Plan - IDCW Option 10.521 Biotechnology 3.43 Craftsman Automation Ltd Auto Components 0.40
Direct Plan - Growth Option 10.594 • Larsen and Toubro Ltd. Construction 2.77 Havells India Ltd. Consumer Durables 0.40
Direct Plan - IDCW Option 10.594 • Reliance Industries Ltd. Petroleum Products 2.43 AMI Organics Ltd Pharmaceuticals &
• Divis Laboratories Ltd. Pharmaceuticals & Biotechnology 0.38
ASSETS UNDER MANAGEMENT Biotechnology 2.42 UPL Ltd. Fertilizers &
As on November 29, 2024 • JSW Steel Ltd. Agrochemicals 0.38
Ferrous Metals 2.42
` 12,755.36 Cr. • Aurobindo Pharma Ltd. Pharmaceuticals &
Dixon Technologies (India) Ltd. Consumer Durables 0.37
Average for Month of November 2024 Biotechnology 2.28 Eris Lifesciences Ltd Pharmaceuticals &
` 12,587.49 Cr. Gland Pharma Ltd. Pharmaceuticals & Biotechnology 0.37
Biotechnology 2.25 GMM Pfaudler Limited Industrial Manufacturing 0.36
TOTAL EXPENSE RATIO (As on November 29, 2024) Siemens Ltd. Electrical Equipment 2.16 Godavari Biorefineries Limited Diversified Fmcg 0.35
Including Additional Expenses and Goods and Service Hindustan Aeronautics Limited Aerospace & Defense 2.07 TD Power Systems Ltd. Electrical Equipment 0.35
Tax on Management Fees Bosch Limited Auto Components 2.00 KEI Industries Ltd. Industrial Products 0.33
Hindustan Petroleum Corp. Ltd. Petroleum Products 1.95 Power Mech Projects Ltd. Construction 0.29
Regular: 1.68%Direct: 0.46%
Hindalco Industries Ltd. Non - Ferrous Metals 1.88 Varroc Engineering Limited Auto Components 0.29
Eicher Motors Ltd. Automobiles 1.82 TCI Express Ltd. Transport Services 0.26
#BENCHMARK INDEX: ACC Ltd. Cement & Cement JNK India Limited Industrial Manufacturing 0.25
NIFTY India Manufacturing Index Products 1.74 RHI MAGNESITA INDIA Limited Industrial Products 0.23
##ADDL. BENCHMARK INDEX: Cummins India Ltd. Industrial Products 1.68 Elecon Engineering Comapny Ltd. Industrial Manufacturing 0.21
NIFTY 50 (TRI) Ambuja Cements Ltd. Cement & Cement Ipca Laboratories Ltd. Pharmaceuticals &
Products 1.67 Biotechnology 0.21
EXIT LOAD$$ : Bharat Electronics Ltd. Aerospace & Defense 1.64 Cello World Limited Consumer Durables 0.20
• In respect of each purchase/switch-in of units, an Exit NTPC Limited Power 1.57 Epigral Limited Chemicals &
load of 1% is payable if units are redeemed/switched-out Lupin Ltd. Pharmaceuticals & Petrochemicals 0.19
within 1 month from the date of allotment. Biotechnology 1.45 Samvardhana Motherson
• No Exit Load is payable if units are redeemed / switched-
out after 1 month from the date of allotment. Bajaj Auto Limited Automobiles 1.42 International Ltd. Auto Components 0.19
Tata Steel Ltd. Ferrous Metals 1.36 Syngene International Limited Healthcare Services 0.19
Dabur India Ltd. Personal Products 1.34 Bansal Wire Industries Limited Industrial Products 0.18
Industry Allocation of Equity Holding Glenmark Pharmaceuticals Ltd. Pharmaceuticals & JK Cement Limited Cement & Cement
Biotechnology 1.32 Products 0.18
(% of Net Assets) Jindal Steel & Power Ltd. Ferrous Metals 1.28 Ola Electric Mobility Limited Automobiles 0.18
Godrej Consumer Products Ltd. Personal Products 1.27 Sona Blw Precision Forgings Auto Components 0.18
22.55 CYIENT DLM LIMITED Industrial Manufacturing 1.21 Premier Energies Limited Electrical Equipment 0.17
Pharmaceuticals & Biotechnology
Automobiles 18.92 Ajanta Pharma Limited Pharmaceuticals & Bharat Petroleum Corporation
Auto Components 6.72 Biotechnology 1.19 Ltd. Petroleum Products 0.14
Cement & Cement Products 6.17 Hero MotoCorp Ltd. Automobiles 1.19 G R Infraprojects Limited Construction 0.13
Ferrous Metals 5.06 Pidilite Industries Ltd. Chemicals & Endurance Technologies Ltd. Auto Components 0.09
Petroleum Products 4.52 Petrochemicals 1.13 Waaree Energies Limited Electrical Equipment 0.08
Industrial Products 4.16 PEARL GLOBAL INDUSTRIES Grindwell Norton Ltd. Industrial Products 0.07
Electrical Equipment 3.93 LIMITED Textiles & Apparels 1.04 Jubilant Ingrevia Limited Chemicals &
Construction 3.88 UltraTech Cement Limited Cement & Cement Petrochemicals 0.06
Aerospace & Defense 3.71 Products 0.99 La Opala RG Limited Consumer Durables 0.06
Personal Products 2.61 ESCORTS LTD. Agricultural, Commercial WEST COAST PAPER MILLS Paper, Forest & Jute
Power 2.22 & Construction Vehicles 0.92 LIMITED Products 0.06
Industrial Manufacturing 2.03 CIE Automotive India Ltd Auto Components 0.90 Sub Total 97.20
Non - Ferrous Metals 1.88 Hyundai Motor India Limited Automobiles 0.87 DEBT & DEBT RELATED
Chemicals & Petrochemicals 1.83 Dalmia Bharat Ltd. Cement & Cement
1.75
T-Bills
Agricultural, Commercial & Construction Vehicles Products 0.86
1.73 364 Days Tbill Mat 040925 Sovereign 0.37
Consumer Durables BEML Limited Agricultural, Commercial
Textiles & Apparels 1.04 & Construction Vehicles 0.83 364 Days TBill Mat 080525 Sovereign 0.19
Transport Services 0.79 Balkrishna Industries Ltd. Auto Components 0.76 Sub Total 0.56
Gas 0.72 CG Power and Industrial Cash,Cash Equivalents and Net Current Assets 2.24
Fertilizers & Agrochemicals 0.38 Solutions Ltd. Electrical Equipment 0.76 Grand Total 100.00
Diversified Fmcg 0.35 Birla Corporation Ltd. Cement & Cement
Healthcare Services 0.19 • Top Ten Holdings
Products 0.73
Paper, Forest & Jute Products 0.06 Indraprastha Gas Ltd. Gas 0.72
0 10 20 30 Sundram Fasteners Ltd. Face Value per Unit: ` 10, + Industry Classification as
Auto Components 0.72
Bajaj Electricals Ltd. Consumer Durables 0.70 recommended by AMFI, Data is as of November 29, 2024 unless
Schaeffler India Ltd. Auto Components 0.69 otherwise specified.
Techno Electric & Engin. Co. Ltd. Construction 0.69 ¥ Dedicated Fund Manager for Overseas Investments:
CESC Ltd. Power 0.65 Mr. Dhruv Muchhal (since May 16, 2024)
Time Technoplast Limited Industrial Products 0.64 (Total Experience: Over 10 years).
Laurus Labs Ltd. Pharmaceuticals &
Biotechnology 0.58 Please refer Minimum Application Amount, Plans & Options, on
Timken India Ltd. Industrial Products 0.54 Page no. 101 to 103.
Blue Dart Express Ltd. Transport Services 0.53 $$For further details, please refer to para ‘Exit Load’ on page
PIRAMAL PHARMA LTD Pharmaceuticals & no. 104.
Biotechnology 0.51
SHARDA MOTOR INDUSTRIES
LIMITED Auto Components 0.50
Carborundum Universal Ltd. Industrial Products 0.49

November 2024 43
HDFC Manufacturing Fund CATEGORY OF SCHEME
THEMATIC FUND
(An open-ended equity scheme following manufacturing theme)

PERFORMANCE^
Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
May 31, 24 Last 6 Months 6.39 6.87 15.62 10,319 10,343 10,779
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 representative. Absolute returns of the Scheme for the 6 month period is 3.19%. For performance of other schemes
managed by Amit Sinha, please refer page 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC • To generate long term capital

Manufacturing appreciation
Fund • Investment predominantly in
equity & equity related securities
BENCHMARK : of companies engaged in the
NIFTY India manufacturing theme.
Manufacturing
Index

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

44 November 2024
HDFC Balanced Advantage Fund CATEGORY OF SCHEME
BALANCED ADVANTAGE FUND
(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. There is no assurance that the investment
objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Gopal Agrawal t
(Equity Assets) (since July 29, 2022) Company Industry+ / % to NAV % exposure Company Industry+ / % to NAV % exposure
Total Experience: Over 21 years Rating (Hedged & of Derivative Rating (Hedged & of Derivative
Unhedged) Unhedged)
Srinivasan Ramamurthy EQUITY & EQUITY RELATED Dynamatic Technologies Ltd. Industrial
(Equity Assets) (since July 29, 2022) Manufacturing 0.28 0.00
Total Experience: Over 17 years • HDFC Bank Ltd.£ Banks 6.37 1.92
• ICICI Bank Ltd. Banks 3.92 0.73 Time Technoplast Limited Industrial
Arun Agarwal • State Bank of India Banks 3.46 0.39 Products 0.28 0.00
(Arbitrage Assets) (since October 6, 2022) • Reliance Industries Ltd. Petroleum NHPC Ltd. Power 0.25 0.00
Total Experience: Over 26 years Products 3.24 0.72 Oil & Natural Gas
• Infosys Limited IT - Software 2.93 0.82 Corporation Ltd. Oil 0.25 0.01
Nirman Morakhia • NTPC Limited Power 2.68 0.15 Titan Company Ltd. Consumer
(Arbitrage Assets) (since February 15, 2023) Durables 0.25 0.25
• Larsen and Toubro Ltd. Construction 2.52 0.40
Total Experience: Over 16 years Jindal Steel & Power Ltd. Ferrous Metals 0.23 0.02
• Coal India Ltd. Consumable
Fuels 2.43 0.05 Kalpataru Projects
Anil Bamboli International Ltd Construction 0.23 0.00
(Debt Assets) (since July 29, 2022) Axis Bank Ltd. Banks 2.38 0.57
LMW Limited Industrial
Total Experience: Over 30 years Bharti Airtel Ltd. Telecom - Manufacturing 0.23 0.00
Services 2.22 0.30
Savita Oil Technologies Ltd. Petroleum
ITC LIMITED Diversified Fmcg 2.19 0.12 Products 0.23 0.00
DATE OF ALLOTMENT / INCEPTION DATE Tata Consultancy Services TEGA INDUSTRIES LIMITED Industrial
Ltd. IT - Software 1.39 0.29 Manufacturing 0.23 0.00
February 01, 1994@@ Sun Pharmaceutical Pharmaceuticals Ambuja Cements Ltd. Cement &
Industries Ltd. & Biotechnology 1.34 0.20 Cement Products 0.22 0.07
Lupin Ltd. Pharmaceuticals Apollo Hospitals Enterprise Healthcare
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) & Biotechnology 1.24 0.00 Ltd. Services 0.22 0.22
Regular Plan - Growth Option 502.736 Power Finance Corporation CESC Ltd. Power 0.22 0.00
Regular Plan - IDCW Option 39.777 Ltd. Finance 1.19 0.00
Life Insurance Corporation
Direct Plan - Growth Option 541.356 REC Limited. Finance 1.14 0.09 of India Insurance 0.22 0.00
Direct Plan - IDCW Option 45.970 Mahindra & Mahindra Ltd. Automobiles 1.07 0.26 Garden Reach Shipbuilders Aerospace &
Bank of Baroda Banks 0.82 0.04 & Engineers Limited Defense 0.21 0.00
ASSETS UNDER MANAGEMENT Hyundai Motor India Limited Automobiles 0.76 0.00 Wipro Ltd. IT - Software 0.19 0.19
As on November 29, 2024 GAIL (India) Ltd. Gas 0.71 0.00 Jio Financial Services Limited Finance 0.17 0.00
` 95,569.87 Cr. Maruti Suzuki India Limited Automobiles 0.71 0.27 The Tata Power Company
Bharat Petroleum Petroleum Ltd. Power 0.17 0.17
Average for Month of November 2024 Corporation Ltd. Products 0.67 0.06 Indian Railways Finance
` 94,453.15 Cr. Hindustan Petroleum Petroleum Corp. Ltd. Finance 0.16 0.00
Corp. Ltd. Products 0.66 0.03 Indus Towers Limited Telecom -
QUANTITATIVE DATA Techno Electric & Engin. Services 0.16 0.16
Co. Ltd. Construction 0.66 0.00 Texmaco Rail & Engineering Industrial
Risk Ratio Kotak Mahindra Bank Ltd. Manufacturing 0.16 0.00
n Standard Deviation 9.285% Limited Banks 0.63 0.21 Tata Steel Ltd. Ferrous Metals 0.15 0.15
n Beta 1.129 Apar Industries Limited Electrical
n Sharpe Ratio*
Ashok Leyland Ltd Agricultural,
1.540 Equipment 0.61 0.00 Commercial &
Computed for the 3-yr period ended November Indusind Bank Ltd. Banks 0.60 0.27 Construction
29, 2024. Based on month-end NAV. InterGlobe Aviation Ltd. Transport Vehicles 0.14 0.01
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Services 0.55 0.20 Gujarat Industries Power
For schemes which have not completed 3 years, Titagarh Wagons Limited Industrial Co. Ltd. Power 0.14 0.00
data is computed since inception. Manufacturing 0.53 0.00 SBI CARDS AND PAYMENT
Portfolio Turnover Hindustan Aeronautics Aerospace & SERVICES LIMITED Finance 0.14 0.00
Equity Turnover 21.71% Limited Defense 0.51 0.04 Canara Bank Banks 0.13 0.13
Total Turnover 189.92% SBI Life Insurance Company Divis Laboratories Ltd. Pharmaceuticals
Total Turnover = Equity + Debt + Derivative Ltd. Insurance 0.51 0.11 & Biotechnology 0.13 0.13
Residual Maturity * 7.82 years Hindustan Unilever Ltd. Diversified Fmcg 0.50 0.34 Power Grid Corporation of
Macaulay Duration * 4.41 years Zomato Ltd Retailing 0.50 0.00 India Ltd. Power 0.13 0.13
Modified Duration * 4.21 years Apollo Tyres Ltd. Auto United Spirits Limited Beverages 0.13 0.00
Annualized Portfolio YTM# * 7.27% Components 0.48 0.00 ADITYA BIRLA SUN LIFE AMC
#
semi annual YTM has been annualised. Bajaj Finserv Ltd. Finance 0.48 0.31 LIMITED Capital Markets 0.11 0.00
*Calculated on amount invested in debt securities BEML Limited Agricultural, Indraprastha Gas Ltd. Gas 0.11 0.00
(including accrued interest), deployment of funds Commercial & Shriram Finance Ltd. Finance 0.11 0.11
in TREPS and Reverse Repo and net receivable Construction
/ payable. Zee Entertainment
Vehicles 0.48 0.00 Enterprises Ltd. Entertainment 0.11 0.00
Bharat Dynamics Limited Aerospace & LTIMindtree Limited IT - Software 0.10 0.10
Defense 0.48 0.00 Five-Star Business Finance
TOTAL EXPENSE RATIO (As on November 29, 2024) Gujarat Pipavav Port Ltd. Transport
Including Additional Expenses and Goods and Service Limited Finance 0.09 0.00
Infrastructure 0.45 0.00 Hindalco Industries Ltd. Non - Ferrous
Tax on Management Fees
Bajaj Finance Ltd. Finance 0.44 0.44 Metals 0.09 0.09
Regular: 1.35%Direct: 0.75% Ashoka Buildcon Ltd. Construction 0.39 0.00 ADANI ENTERPRISES LIMTIED Metals &
Ipca Laboratories Ltd. Pharmaceuticals Minerals Trading 0.08 0.08
& Biotechnology 0.39 0.00 Housing and Urban
#BENCHMARK INDEX: [Link] Infraprojects Ltd. Construction 0.39 0.00 Development Corporation
NIFTY 50 Hybrid Composite debt 50:50 Index Aurobindo Pharma Ltd. Pharmaceuticals Ltd. Finance 0.08 0.00
##ADDL. BENCHMARK INDEX: & Biotechnology 0.38 0.05 SRF Ltd. Chemicals &
NIFTY 50 (Total Returns Index) Adani Ports & Special Transport Petrochemicals 0.08 0.08
Economic Zone Infrastructure 0.36 0.34 UPL Ltd. Fertilizers &
Tata Motors Ltd. Automobiles 0.36 0.12 Agrochemicals 0.08 0.08
NET EQUITY EXPOSURE: Bharat Forge Ltd. Auto Hero MotoCorp Ltd. Automobiles 0.07 0.07
53.33% Components 0.34 0.08 Bandhan Bank Ltd. Banks 0.06 0.00
Bajaj Auto Limited Automobiles 0.32 0.04 HDFC Life Insurance
Adani Energy Solutions Company Limited Insurance 0.06 0.06
Limited Power 0.31 0.00 MphasiS Limited. IT - Software 0.06 0.06
Mishra Dhatu Nigam Ltd. Aerospace & Nestle India Ltd. Food Products 0.06 0.06
Defense 0.30 0.00 UltraTech Cement Limited Cement &
Cipla Ltd. Pharmaceuticals Cement Products 0.06 0.06
& Biotechnology 0.29 0.17 Bharti Hexacom Limited Telecom -
PCBL Ltd. Chemicals & Services 0.05 0.00
Petrochemicals 0.29 0.00

....Contd on next page

November 2024 45
.....Contd from previous page

HDFC Balanced Advantage Fund CATEGORY OF SCHEME

BALANCED ADVANTAGE FUND
(An open ended balanced advantage fund)

EXIT LOAD$$ : PORTFOLIO

• In respect of each purchase / switch-in of Units, upto
15% of the units may be redeemed without any exit t
load from the date of allotment.
• Any redemption in excess of the above limit shall be Company Industry+ / % to NAV % exposure Company Industry+ / % to NAV % exposure
subject to the following exit load: Rating (Hedged & of Derivative Rating (Hedged & of Derivative
• Exit load of 1.00% is payable if Units are redeemed / Unhedged) Unhedged)
switched-out within 1 year from the date of allotment
of units. Godrej Properties Ltd. Realty 0.05 0.05 Dabur India Ltd. Personal
• No Exit Load is payable if Units are redeemed / ACC Ltd. Cement & Products @ 0.00
switched-out after 1 year from the date of allotment. Cement Products 0.04 0.04 Havells India Ltd. Consumer
AGS Transact Technologies Financial Durables @ 0.00
Limited Technology Indian Energy Exchange
(Fintech) 0.04 0.00 Limited Capital Markets @ 0.00
Asian Paints Limited Consumer LIC Housing Finance Ltd. Finance @ 0.00
Durables 0.04 0.04 MEP Infrastructure Transport
Bharat Heavy Electricals Ltd. Electrical Developers Ltd. Infrastructure @ 0.00
Portfolio Equipment 0.04 0.04 Navin Fluorine International Chemicals &
Classification By Indian Railway Catering And Ltd. Petrochemicals @ 0.00
Tourism Corp Ltd Leisure Services 0.04 0.04 Persistent Systems Limited IT - Software @ 0.00
Asset Class (%) RHI MAGNESITA INDIA Industrial Petronet LNG Ltd. Gas @ 0.00
Limited Products 0.04 0.00 Steel Authority Of India Ltd. Ferrous Metals @ 0.00
VODAFONE IDEA LIMITED Telecom - Tech Mahindra Ltd. IT - Software @ 0.00
Services 0.04 0.00 Torrent Pharmaceuticals Ltd. Pharmaceuticals
n Equity 66.65 Bajaj Housing Finance Ltd. Finance 0.03 0.00
n Units issued by InvIT 0.21 & Biotechnology @ 0.00
BEML Land Assets Limited Finance 0.03 0.00 Sub Total 66.65 13.32
n Units issued by ReIT 1.23 HCL Technologies Ltd. IT - Software 0.03 0.03 Credit Exposure (Non Perpetual)
n G-Sec, G-Sec STRIPS, SDL 15.06 Indian Hotels Company Ltd. Leisure Services 0.03 0.03 Cholamandalam Investment
n Securitized Debt Instruments 0.68 INFO EDGE (INDIA) LIMITED Retailing 0.03 0.03 & Finance Co. Ltd. Finance 0.40 0.00
n Compulsorily Convertible Debentures 0.40 Piramal Enterprises Limited Finance 0.03 0.03 Sub Total 0.40 0.00
n Tata Consumer Products Agricultural Total 67.05 0.00
Credit Exposure 13.69 Limited Food & Other DEBT & DEBT RELATED
n Cash, Cash Equivalents and Net Current Assets 2.08 Products 0.03 0.03 Government Securities (Central/State)
Britannia Industries Ltd. Food Products 0.02 0.02 • 7.38 GOI 2027 Sovereign 2.90 0.00
DLF LIMITED Realty 0.02 0.02 • 7.18 GOI 2033 Sovereign 2.45 0.00
Great Eastern Shipping Transport 7.1 GOI 2029 Sovereign 1.72 0.00
Company Ltd. Services 0.02 0.00
Indian Oil Corporation Ltd. Petroleum GOI 2034 Sovereign 1.58 0.00
Portfolio Products 0.02 0.02 7.1 GOI 2034 Sovereign 1.19 0.00
Classification By Laurus Labs Ltd. Pharmaceuticals 7.18 GOI 2037 Sovereign 1.05 0.00
Rating Class (%) & Biotechnology 0.02 0.02 7.34 GOI 2064 Sovereign 0.73 0.00
National Aluminium Co. Ltd. Non - Ferrous 7.26 GOI 2032 Sovereign 0.70 0.00
Metals 0.02 0.02 7.26 GOI 2033 Sovereign 0.65 0.00
Ramco Systems Ltd. IT - Software 0.02 0.00 7.06 GOI 2028 Sovereign 0.39 0.00
n Equity 66.65 RITES Limited Construction 0.02 0.00 7.17 GOI 2030 Sovereign 0.38 0.00
n Sovereign 15.06 Siemens Ltd. Electrical 6.79 GOI 2034 Sovereign 0.21 0.00
n Units issued by InvIT 0.21 Equipment 0.02 0.02 7.3 GOI 2053 Sovereign 0.21 0.00
n Units issued by ReIT 1.23 TVS Motor Company Ltd. Automobiles 0.02 0.02 7.09 GOI 2054 Sovereign 0.16 0.00
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 13.69 Vedanta Ltd. Diversified 7.23 GOI 2039 Sovereign 0.13 0.00
n Metals 0.02 0.02 6.79 GOI 2027 Sovereign 0.07 0.00
AA+ 0.68
Aarti Industries Ltd. Chemicals & 7.65% Chhattisgarh SDL Mat
n Compulsorily Convertible Debentures 0.40 Petrochemicals 0.01 0.01 310133 Sovereign 0.07 0.00
n Cash, Cash Equivalents and Net Current Assets 2.08 Campus Activewear Limited Consumer 7.63% Gujarat SDL ISD
Durables 0.01 0.00 240124 Mat 240133 Sovereign 0.05 0.00
Container Corporation of Transport 7.64% Gujarat SDL ISD
India Ltd. Services 0.01 0.01 170124 MAT 170133 Sovereign 0.05 0.00
Cummins India Ltd. Industrial 7.67% Uttarakhand SDL ISD
Products 0.01 0.01 271223 MAT 271233 Sovereign 0.05 0.00
Dr Reddys Laboratories Ltd. Pharmaceuticals 7.32 GOI 2030 Sovereign 0.04 0.00
& Biotechnology 0.01 0.01 7.48% Uttar Pradesh SDL ISD
Eicher Motors Ltd. Automobiles 0.01 0.01 200324 Mat 200336 Sovereign 0.04 0.00
Emcure Pharmaceuticals Pharmaceuticals 7.64% % Gujarat SDL ISD
Limited & Biotechnology 0.01 0.00 170124 Mat 170134 Sovereign 0.04 0.00
ESCORTS LTD. Agricultural, 7.25 GOI 2063 Sovereign 0.03 0.00
Commercial & 7.62% Uttar Pradesh SDL ISD
Construction 201223 MAT 201233 Sovereign 0.03 0.00
Vehicles 0.01 0.01
7.63% Gujarat SDL ISD
Exide Industries Ltd. Auto 240124 Mat 240134 Sovereign 0.03 0.00
Components 0.01 0.01
7.67% Uttar Pradesh SDL ISD
Glenmark Pharmaceuticals Pharmaceuticals 271223 Mat 271233 Sovereign 0.03 0.00
Ltd. & Biotechnology 0.01 0.01
7.45% Maharashtra ISD
Godrej Consumer Products Personal 220324 Mat 220339 Sovereign 0.02 0.00
Ltd. Products 0.01 0.01
GOI STRIPS - Mat 170628 Sovereign 0.02 0.00
Grasim Industries Ltd. Cement &
Cement Products 0.01 0.01 6.67 GOI 2050 Sovereign 0.01 0.00
L&T Finance Ltd. Finance 0.01 0.00 6.99 GOI 2051 Sovereign 0.01 0.00
NMDC Limited Minerals & 7.47% Chhattisgarh SDL ISD
Mining 0.01 0.01 200324 MAT 200333 Sovereign 0.01 0.00
Oracle Financial Ser 7.63% Maharashtra SDL Mat
Software Ltd. IT - Software 0.01 0.01 310135 Sovereign 0.01 0.00
PI Industries Ltd. Fertilizers & 7.47% Chhattisgarh SDL ISD
Agrochemicals 0.01 0.01 200324 MAT 200334 Sovereign @ 0.00
Pidilite Industries Ltd. Chemicals & 8.07% Kerala SDL Mat
Petrochemicals 0.01 0.01 150626 Sovereign @ 0.00
Polycab India Limited Industrial Sub Total 15.06 0.00
Products 0.01 0.01 Credit Exposure (Non Perpetual)
Samvardhana Motherson Auto HDFC Bank Ltd.£ CRISIL - AAA 1.50 0.00
International Ltd. Components 0.01 0.01 State Bank of India CRISIL - AAA /
Tata Communications Telecom - ICRA - AAA 1.49 0.00
Limited Services 0.01 0.01 Small Industries CARE - AAA /
Zydus Lifesciences Limited Pharmaceuticals Development Bank CRISIL - AAA 1.31 0.00
& Biotechnology 0.01 0.01 LIC Housing Finance Ltd. CRISIL - AAA 1.29 0.00
Balkrishna Industries Ltd. Auto National Bank for Agri & CRISIL - AAA /
Components @ 0.00 Rural Dev. ICRA - AAA 1.20 0.00
Cholamandalam Investment REC Limited. CRISIL - AAA /
& Finance Co. Ltd. Finance @ 0.00 ICRA - AAA 1.02 0.00
Crompton Greaves Consumer Indian Railways Finance
Consumer Elec. Ltd. Durables @ 0.00 Corp. Ltd. CRISIL - AAA 1.00 0.00

46 November 2024
HDFC Balanced Advantage Fund CATEGORY OF SCHEME
BALANCED ADVANTAGE FUND
(An open ended balanced advantage fund)

PORTFOLIO
t
Company Industry+ / % to NAV % exposure Company Industry+ / % to NAV % exposure
Rating (Hedged & of Derivative Rating (Hedged & of Derivative
Unhedged) Unhedged)
Pipeline Infrastructure Bank of Baroda (AT1, BASEL
Pvt. Ltd. CRISIL - AAA 0.67 0.00 III, Perpetual) CRISIL - AA+ 0.22 0.00
India Universal Trust AL2 CRISIL - AAA(SO) 0.52 0.00 Union Bank of India (AT1,
National Housing Bank CARE - AAA / BASEL III, Perpetual) CARE - AA+ 0.05 0.00
CRISIL - AAA 0.43 0.00 Sub Total 0.27 0.00
Power Finance Corporation Total 29.43 0.00
Ltd. CRISIL - AAA 0.41 0.00 UNITS ISSUED BY REIT & INVIT
Bajaj Finance Ltd. CRISIL - AAA 0.32 0.00 Units issued by InvIT
Bajaj Housing Finance Ltd. CRISIL - AAA 0.32 0.00 POWERGRID Infrastructure
Toyota Financial Services CRISIL - AAA / Investment Trust Power 0.21 0.00
India Ltd. ICRA - AAA 0.31 0.00 Sub Total 0.21 0.00
Jamnagar Utilities & Power Units issued by ReIT
Pvt. Ltd. (erstwhile Reliance Embassy Office Parks REIT Realty 0.76 0.00
Utilities & Power Pvt. Ltd.) CRISIL - AAA 0.30 0.00 BROOKFIELD INDIA REAL
Bank of Baroda CRISIL - AAA 0.26 0.00 ESTATE TRUST Realty 0.47 0.00
HDB Financial Services Ltd. CRISIL - AAA 0.26 0.00 Sub Total 1.23 0.00
Kotak Mahindra Investments Total 1.44 0.00
Ltd. CRISIL - AAA 0.21 0.00 Cash Margin 3.82 0.00
Cholamandalam Investment Cash,Cash Equivalents and Net Current Assets -1.74 0.00
& Finance Co. Ltd. ICRA - AA+ 0.21 0.00
Mahanagar Telephone Grand Total 100.00 13.32
Nigam Ltd. (Corporate • Top Ten Holdings, £ Sponsor, @ Less than 0.01%
guarantee from Govt of
India) CARE - AA+(CE) 0.20 0.00 Outstanding exposure in derivative
Sansar Trust July 2023 II CRISIL - AAA(SO) 0.16 0.00 instruments (` in Crore) 12,768.73
TATA Capital Housing Hedged position in Equity & Equity related instruments
Finance Ltd. CRISIL - AAA 0.14 0.00
Bharat Petroleum Outstanding derivative exposure (% age) 13.36
Corporation Ltd. CRISIL - AAA 0.10 0.00
Grasim Industries Ltd. CRISIL - AAA 0.10 0.00 Face Value per Unit: ` 10, + Industry Classification as recommended
Housing and Urban by AMFI, Data is as of November 29, 2024 unless otherwise
Development Corporation
Ltd. CARE - AAA 0.10 0.00 specified.
Canara Bank CRISIL - AAA 0.06 0.00
Tata Capital Ltd. CRISIL - AAA 0.06 0.00 ¥ Dedicated Fund Manager for Overseas Investments:
Export - Import Bank of India CRISIL - AAA 0.05 0.00 Mr. Dhruv Muchhal (since June 22, 2023)
Power Grid Corporation of (Total Experience: Over 10 years).
India Ltd. CRISIL - AAA 0.05 0.00
Sundaram Home Finance Please refer Minimum Application Amount, Plans & Options, on
Limited CRISIL - AAA 0.05 0.00 Page no. 101 to 103.
Sub Total 14.10 0.00 $$For further details, please refer to para ‘Exit Load’ on page no.
Credit Exposure (Perpetual Bonds) 104.

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 37.00 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs)$$ 1,517.54 66.18 29.44 10.98 5.11 1.28
Returns (%)$$ 19.12 15.81 17.10 24.46 24.11 12.76
Benchmark Returns (%) # N.A. 11.19 11.55 12.42 12.15 9.34
Additional Benchmark Returns (%) ## 13.80 13.87 15.04 18.08 16.50 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
Date Period (%) $$ (%)# Returns
(%) ## (`) $$ (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 25.35 15.29 21.27 12,535 11,529 12,127
Nov 30, 21 Last 3 Years 22.72 10.03 13.76 18,482 13,320 14,723
Nov 29, 19 Last 5 Years 20.05 12.06 16.21 24,965 17,685 21,208
Nov 28, 14 Last 10 Years 13.55 10.35 12.23 35,697 26,802 31,741
Feb 01, 94 Since Inception 18.46 NA 11.35 1,860,607 NA 275,768
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance may not strictly be
comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are
made in debt instruments. $$ All 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 Gopal Agrawal, Srinivasan Ramamurthy, Arun Agarwal, Nirman Morakhia and Anil Bamboli, please refer page 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns.
Load is not taken into consideration for computation of performance.
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 2024 47
HDFC Balanced Advantage Fund CATEGORY OF SCHEME
BALANCED ADVANTAGE FUND
(An open ended balanced advantage fund)

Industry Allocation of Equity Holding

(% of Net Assets)
Banks 18.37
Petroleum Products 4.82
IT - Software 4.73
Construction 4.21
Power 4.11
Finance 4.10
Pharmaceuticals & Biotechnology 3.83
Automobiles 3.32
Diversified Fmcg 2.69
Telecom - Services 2.48
Consumable Fuels 2.43
Aerospace & Defense 1.50
Industrial Manufacturing 1.43
Realty 1.30
Auto Components 0.84
Gas 0.82
Transport Infrastructure 0.81
Insurance 0.79
Electrical Equipment 0.67
Agricultural, Commercial & Construction Vehicles 0.63
Transport Services 0.58
Retailing 0.53
Chemicals & Petrochemicals 0.39
Ferrous Metals 0.38
Industrial Products 0.34
Cement & Cement Products 0.33
Consumer Durables 0.30
Oil 0.25
Healthcare Services 0.22
Beverages 0.13
Non - Ferrous Metals 0.11
Entertainment 0.11
Capital Markets 0.11
Fertilizers & Agrochemicals 0.09
Metals & Minerals Trading 0.08
Food Products 0.08
Leisure Services 0.07
Financial Technology (Fintech) 0.04
Agricultural Food & Other Products 0.03
Diversified Metals 0.02
Personal Products 0.01
Minerals & Mining 0.01
0 5 10 15 20

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC • To generate long-term capital

Balanced appreciation / income
Advantage • Investments in a mix of equity
and debt instruments
Fund

BENCHMARK :
NIFTY 50 Hybrid
Composite Debt
50:50 Index

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

48 November 2024
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. There is no assurance that the investment objective of the Scheme will be achieved.
FUND MANAGER ¥
Chirag Setalvad
(Equity Assets) (since April 2, 2007) PORTFOLIO
Total Experience: Over 28 years
Anupam Joshi Company Industry+ / Rating % to Company Industry+ / Rating % to
(Debt Assets) (since October 6, 2022) NAV NAV
Total Experience: Over 18 years EQUITY & EQUITY RELATED 7.68% Jharkhand SDL ISD
• ICICI Bank Ltd. Banks 7.85 240124 Mat 240132 Sovereign 0.29
• HDFC Bank Ltd.£ Banks 7.01 7.63% Gujarat SDL ISD
DATE OF ALLOTMENT / INCEPTION DATE@@ • Larsen and Toubro Ltd. Construction 4.83 240124 Mat 240133 Sovereign 0.28
September 11, 2000 • Bharti Airtel Ltd. Telecom - Services 4.04 7.66% RAJASTHAN SDL Mat
• Infosys Limited IT - Software 4.01 310134 Sovereign 0.28
• Reliance Industries Ltd. Petroleum Products 3.93 7.63% Gujarat SDL ISD
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • State Bank of India Banks 3.89 240124 Mat 240134 Sovereign 0.21
Regular Plan - Growth Option 114.908 • ITC LIMITED Diversified Fmcg 3.69 7.67% Chhattisgarh SDL ISD
Regular Plan - IDCW Option 17.048 Axis Bank Ltd. Banks 2.36 240124 Mat 240131 Sovereign 0.21
Direct Plan - Growth Option 124.063 SKF India Ltd. Industrial Products 1.95 7.68% Chattisgarh SDL ISD
Direct Plan - IDCW Option 19.371 Kotak Mahindra Bank 170124 MAT 170132 Sovereign 0.21
Limited Banks 1.87 7.36% Maharashtra SDL ISD
ASSETS UNDER MANAGEMENT Hindustan Petroleum Corp. 120423 Mat 120428 Sovereign 0.17
As on November 29, 2024 Ltd. Petroleum Products 1.78 7.67% Rajasthan ISD
` 24,184.79 Cr. KEC International Ltd. Construction 1.78 24012024 Mat 240134 Sovereign 0.17
Average for Month of November 2024 Zensar Technologies Ltd. IT - Software 1.74 7.67% Uttarakhand SDL ISD
United Spirits Limited Beverages 1.52 271223 MAT 271233 Sovereign 0.15
` 23,890.92 Cr. Power Grid Corporation of 7.47% Uttarakhand SDL ISD
India Ltd. Power 1.36 200324 MAT 200334 Sovereign 0.13
QUANTITATIVE DATA Eris Lifesciences Ltd Pharmaceuticals & 7.42% Tamil Nadu SDL ISD
Risk Ratio 030424 MAT 030434 Sovereign 0.11
n Standard Deviation 8.709% Biotechnology 1.32
n Beta 0.978 Redington Ltd. Commercial Services & 7.67% Chattisgarh SDL ISD
n Sharpe Ratio* 0.786 Supplies 1.32 170124 MAT 170133 Sovereign 0.11
Computed for the 3-yr period ended November Aurobindo Pharma Ltd. Pharmaceuticals & 7.72% Rajasthan SDL - Mat
29, 2024. Based on month-end NAV. Biotechnology 1.25 081133 Sovereign 0.11
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Mahindra Holidays & 6.92 GOI 2039 Sovereign 0.10
For schemes which have not completed 3 years, Resorts Ind Ltd. Leisure Services 1.07 7.66% RAJASTHAN SDL ISD
data is computed since inception. Krishna Institute Of Medical 240124 Mat 240131 Sovereign 0.08
Portfolio Turnover Sciences Limited Healthcare Services 1.06 8.13 GOI 2045 Sovereign 0.07
Equity Turnover 34.81% Godrej Consumer Products 7.1 GOI 2028 Sovereign 0.06
Total Turnover 34.81% Ltd. Personal Products 0.95 7.47% Chhattisgarh SDL ISD
Total Turnover = Equity + Debt + Derivative PNC Infratech Ltd. Construction 0.90 200324 MAT 200333 Sovereign 0.06
Residual Maturity * 10.44 years Dabur India Ltd. Personal Products 0.80 7.09 GOI 2074 Sovereign 0.04
Macaulay Duration * 5.82 years Vardhman Textiles Ltd. Textiles & Apparels 0.71 Sub Total 9.09
Modified Duration * 5.53 years GMM Pfaudler Limited Industrial Credit Exposure (Non
Annualized Portfolio YTM * #
7.48% Manufacturing 0.59 Perpetual)
#
semi annual YTM has been annualised. JK Tyre & Industries Limited Auto Components 0.56 • National Bank for Agri & CRISIL - AAA / ICRA
*Calculated on amount invested in debt securities Rural Dev. - AAA 3.24
(including accrued interest), deployment of funds Metropolis Healthcare Ltd. Healthcare Services 0.54
in TREPS and Reverse Repo and net receivable Gland Pharma Ltd. Pharmaceuticals & • HDFC Bank Ltd.£ CRISIL - AAA 2.53
/ payable. Biotechnology 0.39 LIC Housing Finance Ltd. CRISIL - AAA 1.57
Sharda Cropchem Ltd. Fertilizers & State Bank of India CRISIL - AAA / ICRA
Agrochemicals 0.38 - AAA 1.51
Kalpataru Projects Small Industries CARE - AAA / CRISIL
TOTAL EXPENSE RATIO (As on November 29, 2024) International Ltd Construction 0.36 Development Bank - AAA 1.24
Including Additional Expenses and Goods and Service CIE Automotive India Ltd Auto Components 0.33 National Bank for Financing
Tax on Management Fees Dr. Lal Path Labs Ltd Healthcare Services 0.30 Infrastructure and
Regular: 1.68%Direct: 1.02% Blue Dart Express Ltd. Transport Services 0.27 Development CRISIL - AAA 0.84
MM Forgings Ltd. Auto Components 0.25 Kotak Mahindra Investments
#BENCHMARK INDEX: Hyundai Motor India Limited Automobiles 0.24 Ltd. CRISIL - AAA 0.83
NIFTY 50 Hybrid Composite Debt 65:35 Index Ola Electric Mobility Limited Automobiles 0.20 Power Grid Corporation of
Jagran Prakashan Ltd. Media 0.09 India Ltd. CRISIL - AAA 0.82
##ADDL. BENCHMARK INDEX: AkzoNobel India Ltd. Consumer Durables 0.07 Indian Railways Finance
NIFTY 50 (Total Returns Index) Sadbhav Engineering Ltd. Construction 0.06 Corp. Ltd. CRISIL - AAA 0.78
Sub Total 67.62 Muthoot Finance Ltd. CRISIL - AA+ 0.71
EXIT LOAD$$ : Credit Exposure (Non REC Limited. CRISIL - AAA / ICRA
• In respect of each purchase / switch-in of Units, upto Perpetual) - AAA 0.68
15% of the units may be redeemed without any exit Cholamandalam Investment Power Finance Corporation
load from the date of allotment. & Finance Co. Ltd. Finance 0.53 Ltd. CRISIL - AAA 0.67
• Any redemption in excess of the above limit shall be Sub Total 0.53 The Tata Power Company
subject to the following exit load: Total 68.15 Ltd. CARE - AA+ 0.66
• Exit load of 1.00% is payable if Units are redeemed /
switched-out within 1 year from the date of allotment DEBT & DEBT RELATED DME Development Ltd CRISIL - AAA 0.64
of units. Government Securities (Central/State) HDB Financial Services Ltd. CRISIL - AAA 0.60
• No Exit Load is payable if Units are redeemed / 7.09 GOI 2054 Sovereign 2.29 TMF Holdings Ltd.
switched-out after 1 year from the date of allotment. 7.34 GOI 2064 Sovereign 2.15 (Subsidiary of Tata Motors
7.73% Uttar Pradesh SDL Mat Ltd.) CRISIL - AA+ 0.50
081133 Sovereign 0.43 Cholamandalam Investment
7.66% RAJASTHAN SDL Mat & Finance Co. Ltd. ICRA - AA+ 0.42
310133 Sovereign 0.38 Mahanagar Telephone
7.64% Gujarat SDL ISD Nigam Ltd. (Corporate
170124 MAT 170133 Sovereign 0.36 guarantee from Govt of
7.64% % Gujarat SDL ISD India) CARE - AA+(CE) 0.41
170124 Mat 170134 Sovereign 0.32 Kotak Mahindra Prime Ltd. CRISIL - AAA 0.21
7.72% Uttar Pradesh SDL Mat Housing and Urban
081134 Sovereign 0.32 Development Corporation
Ltd. CARE - AAA 0.20

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 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 Balanced Fund merged with HDFC Premier Multi Cap Fund (HDFC Hybrid Equity Fund after changes in fundamental attributes). As the portfolio
characteristics and the broad investment strategy of HDFC Hybrid Equity Fund is similar to that of erstwhile HDFC Balanced Fund, the track record (i.e. since inception date, dividend history, etc) and past
performance of erstwhile HDFC Balanced Fund has been considered, in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.
....Contd on next page

November 2024 49
.....Contd from previous page

HDFC Hybrid Equity Fund CATEGORY OF SCHEME

AGGRESSIVE HYBRID FUND
(An open ended hybrid scheme investing predominantly in equity and
equity related instruments)
PORTFOLIO

Portfolio Company Industry+ / Rating % to ¥ Dedicated Fund Manager for Overseas Investments:
NAV Mr. Dhruv Muchhal (since June 22, 2023)
Classification By Nuclear Power Corporation (Total Experience: Over 10 years).
Asset Class (%) of India Ltd. ICRA - AAA 0.11
Sub Total 19.17 Please refer Minimum Application Amount, Plans & Options, on
Total 28.26 Page no. 101 to 103.
UNITS ISSUED BY REIT & INVIT
Units issued by InvIT $$For further details, please refer to para ‘Exit Load’ on page
POWERGRID Infrastructure no. 104.
n Equity 67.62 Investment Trust Power 0.21
n Units issued by InvIT 0.21 Sub Total 0.21
n Units issued by ReIT 0.78 Units issued by ReIT
n G-Sec, SDL 9.09 BROOKFIELD INDIA REAL
ESTATE TRUST Realty 0.78
n Compulsorily Convertible Debentures 0.53 Sub Total 0.78
n Credit Exposure 19.17 Total 0.99
n Mutual Fund Units 1.42 MUTUAL FUND UNITS
n Cash, Cash Equivalents and Net Current Assets 1.18 HDFC NIFTY 50 ETF 1.42
Sub Total 1.42
Cash,Cash Equivalents and Net Current Assets 1.18
Grand Total 100.00
• Top Ten Holdings, £ Sponsor
Face Value per Unit: ` 10, + Industry Classification as
recommended by AMFI, Data is as of November 29, 2024 unless
Portfolio otherwise specified.
Classification By
Rating Class (%)

SIP PERFORMANCE ^ - Regular Plan - Growth Option

n Equity 67.62 Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
n Sovereign 9.09
n Units issued by InvIT 0.21 Total Amount Invested (` in Lacs) 29.10 18.00 12.00 6.00 3.60 1.20
n Units issued by ReIT 0.78 Mkt Value As on November 29, 2024 (` in Lacs) 277.24 58.14 24.72 9.26 4.56 1.28
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 16.47 Returns (%) 15.72 14.32 13.85 17.40 15.95 12.07
n AA+ 2.70 Benchmark Returns (%) # N.A. 12.08 12.68 14.13 13.47 9.51
n Compulsorily Convertible Debentures 0.53 Additional Benchmark Returns (%) ## 14.97 13.87 15.04 18.08 16.50 9.79
n Cash, Cash Equivalents and Net Current Assets 2.60 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 20.13 17.11 21.27 12,013 11,711 12,127
Nov 30, 21 Last 3 Years 14.07 11.18 13.76 14,843 13,743 14,723
Nov 29, 19 Last 5 Years 15.85 13.43 16.21 20,886 18,788 21,208
Nov 28, 14 Last 10 Years 12.23 11.00 12.23 31,742 28,433 31,741
Sep 11, 00 Since Inception 15.51 NA 13.81 329,061 NA 229,935
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance may not strictly be
comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made
in debt instruments. For performance of other schemes managed by Chirag Setalvad and Anupam Joshi, please refer page 104. 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 109 to 115.

^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Hybrid • To generate long-term capital

Equity Fund appreciation / income.
• Investments predominantly
BENCHMARK : in equity & equity related
NIFTY 50 Hybrid instruments. The Scheme will also
Composite Debt invest in debt and money market
65:35 Index instruments.

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

50 November 2024
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. There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥
Srinivasan Ramamurthy PORTFOLIO
(Equity Assets) (since January 13, 2022)
Total Experience: Over 17 years Company Industry+ / % to NAV % exposure Company Industry+ / % to NAV % exposure
Rating (Hedged & of Derivative Rating (Hedged & of Derivative
Anil Bamboli EQUITY & EQUITY RELATED
Unhedged)
Sanofi India Limited Pharmaceuticals
Unhedged)
(Debt Assets) (since August 17, 2005) & Biotechnology 0.17 0.00
Total Experience: Over 30 years • HDFC Bank Ltd.£ Banks 6.08 1.62
• ICICI Bank Ltd. Banks 4.96 1.56 HDFC Life Insurance Company
• Axis Bank Ltd. Banks 4.59 2.67 Limited Insurance 0.08 0.08
Bhagyesh Kagalkar • Reliance Industries Ltd. Petroleum Ambuja Cements Ltd. Cement & Cement
(Dedicated Fund Manager for commodities Products 3.78 2.10 Products 0.01 0.01
related investments viz. Gold) (since February • Infosys Limited IT - Software 3.47 1.88 Tech Mahindra Ltd. IT - Software 0.01 0.01
02, 2022) • Mahindra & Mahindra Ltd. Automobiles 3.30 3.03 Biocon Ltd. Pharmaceuticals
• Bharti Airtel Ltd. Telecom - Services 2.89 1.19 & Biotechnology @ 0.00
Total Experience: Over 30 years Sub Total 67.17
• United Spirits Limited Beverages 2.78 2.15
DEBT & DEBT RELATED
Arun Agarwal • Hyundai Motor India Limited Automobiles
State Bank of India Banks
1.78
1.54
0.00
0.00 Government Securities (Central/State)
(Arbitrage Assets) (since August 24, 2020) Maruti Suzuki India Limited Automobiles 1.43 0.56 • 7.18 GOI 2033 Sovereign 1.85 0.00
Total Experience: Over 26 years Tata Consultancy Services Ltd. IT - Software 1.34 0.00 7.1 GOI 2029 Sovereign 0.93 0.00
Hindustan Unilever Ltd. Diversified Fmcg 1.28 1.28 7.27 GOI 2026 Sovereign 0.66 0.00
Nirman Morakhia ITC LIMITED Diversified Fmcg 1.14 0.14 GOI STRIPS - Mat 190328 Sovereign 0.53 0.00
Larsen and Toubro Ltd. Construction 1.14 0.16 GOI STRIPS - Mat 171227 Sovereign 0.43 0.00
(Arbitrage Assets) (since February 15, 2023) 7.23 GOI 2039 Sovereign 0.41 0.00
Total Experience: Over 16 years HCL Technologies Ltd. IT - Software 1.06 0.00
Kotak Mahindra Bank Limited Banks 1.04 0.00 7.1 GOI 2034 Sovereign 0.40 0.00
NTPC Limited Power 0.88 0.02 7.17 GOI 2030 Sovereign 0.40 0.00
Tata Motors Ltd. Automobiles 0.88 0.51 7.38 GOI 2027 Sovereign 0.40 0.00
DATE OF ALLOTMENT / INCEPTION DATE Titan Company Ltd. Consumer 7.65% Chhattisgarh SDL Mat
Durables 0.84 0.84 310133 Sovereign 0.40 0.00
August 17, 2005 Cipla Ltd. Pharmaceuticals GOI 2034 Sovereign 0.40 0.00
& Biotechnology 0.80 0.00 7.06 GOI 2028 Sovereign 0.26 0.00
Sun Pharmaceutical Industries Pharmaceuticals 7.34 GOI 2064 Sovereign 0.14 0.00
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) Ltd. & Biotechnology 0.76 0.02 6.54 GOI 2032 Sovereign 0.13 0.00
SBI Life Insurance Company Ltd. Insurance 0.75 0.00 7.18 GOI 2037 Sovereign 0.05 0.00
Regular Plan - Growth Option 67.314 Bajaj Auto Limited Automobiles 0.71 0.00 Sub Total 7.39 0.00
Regular Plan - IDCW Option 17.470 City Union Bank Ltd. Banks 0.71 0.00 Credit Exposure (Non Perpetual)
Direct Plan - Growth Option 74.589 Eicher Motors Ltd. Automobiles 0.63 0.00 HDB Financial Services Ltd. CRISIL - AAA 1.04 0.00
Direct Plan - IDCW Option 21.144 Wipro Ltd. IT - Software 0.61 0.00 HDFC Bank Ltd.£ CRISIL - AAA 0.91 0.00
Hindustan Aeronautics Limited Aerospace & State Bank of India CRISIL - AAA 0.91 0.00
Defense 0.59 0.00 SMFG India Credit Company Ltd CARE - AAA 0.66 0.00
ASSETS UNDER MANAGEMENT ICICI Lombard General Cholamandalam Investment &
As on November 29, 2024 Insurance Co Insurance 0.59 0.00 Finance Co. Ltd. ICRA - AA+ 0.53 0.00
` 3,817.76 Cr. Hindalco Industries Ltd. Non - Ferrous Bharti Telecom Limited
LIC Housing Finance Ltd.
CRISIL - AA+
CRISIL - AAA
0.40
0.40
0.00
0.00
Average for Month of November 2024 Metals 0.56 0.13
Power Grid Corporation of Small Industries Development
` 3,762.31 Cr. India Ltd. Power 0.56 0.00 Bank CRISIL - AAA 0.40 0.00
Godrej Consumer Products Ltd. Personal Products 0.54 0.05 Bajaj Housing Finance Ltd. CRISIL - AAA 0.39 0.00
QUANTITATIVE DATA Lupin Ltd. Pharmaceuticals National Bank for Agri &
& Biotechnology 0.54 0.00 Rural Dev. ICRA - AAA 0.26 0.00
Risk Ratio Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.16 0.00
Standard Deviation 6.452% Dr Reddys Laboratories Ltd. Pharmaceuticals
n
& Biotechnology 0.53 0.00 Bank of Baroda CRISIL - AAA 0.13 0.00
n Beta 0.734 REC Limited. CRISIL - AAA 0.13 0.00
n Sharpe Ratio*
Indusind Bank Ltd. Banks 0.52 0.00
0.781 Paradeep Phosphates Limited Fertilizers & Sub Total 6.32 0.00
Computed for the 3-yr period ended November Agrochemicals 0.49 0.00 Total 13.71 0.00
29, 2024. Based on month-end NAV. Oil & Natural Gas Corporation UNITS ISSUED BY REIT & INVIT
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Ltd. Oil 0.47 0.00 Units issued by InvIT
InterGlobe Aviation Ltd. Transport Services 0.46 0.00 POWERGRID Infrastructure
For schemes which have not completed 3 years, Investment Trust Power 0.10 0.00
data is computed since inception. Apollo Hospitals Enterprise Ltd. Healthcare
Services 0.45 0.05 Sub Total 0.10 0.00
Portfolio Turnover Torrent Pharmaceuticals Ltd. Pharmaceuticals Units issued by ReIT
Equity Turnover 19.87% & Biotechnology 0.45 0.00 Embassy Office Parks REIT Realty 1.21 0.00
Total Turnover 250.16% Ipca Laboratories Ltd. Pharmaceuticals BROOKFIELD INDIA REAL ESTATE
Total Turnover = Equity + Debt + Derivative & Biotechnology 0.44 0.00 TRUST Realty 0.76 0.00
Whirlpool of India Ltd. Consumer Nexus Select Trust REIT Realty 0.26 0.00
Residual Maturity * 4.24 years Durables 0.44 0.00 Sub Total 2.23 0.00
Macaulay Duration * 2.98 years Tata Steel Ltd. Ferrous Metals 0.43 0.01 MUTUAL FUND UNITS
Modified Duration * 2.84 years Bharat Petroleum Corporation Petroleum HDFC Gold ETF 11.17 0.00
Annualized Portfolio YTM# * 7.15% Ltd. Products 0.42 0.00 Sub Total 11.17 0.00
#
semi annual YTM has been annualised. Greenply Industries Ltd. Consumer Cash Margin 4.15 0.00
*Calculated on amount invested in debt securities Durables 0.42 0.00 Cash,Cash Equivalents and Net Current Assets 1.47 0.00
(including accrued interest), deployment of funds Suprajit Engineering Ltd. Auto Components 0.42 0.00 Grand Total 100.00 20.61
in TREPS and Reverse Repo and net receivable G R Infraprojects Limited Construction 0.39 0.00
Gateway Distriparks Limited Transport Services 0.39 0.00 • Top Ten Holdings, £ Sponsor
/ payable. Balrampur Chini Mills Ltd. Agricultural Food
& Other Products 0.38 0.00 Outstanding exposure in
CIE Automotive India Ltd Auto Components 0.38 0.00 derivative instruments (` in Crore) 787.68
TOTAL EXPENSE RATIO (As on November 29, 2024) Gland Pharma Ltd. Pharmaceuticals
Including Additional Expenses and Goods and Service & Biotechnology 0.36 0.00 Hedged position in Equity & Equity related instruments
Tax on Management Fees Mahindra & Mahindra Financial
Services Ltd. Finance 0.36 0.00 Outstanding derivative exposure (% age) 20.63
Regular: 1.91%Direct: 0.74% Indraprastha Gas Ltd. Gas 0.34 0.00
Transport Corporation of Face Value per Unit: ` 10, + Industry Classification as
India Ltd. Transport Services 0.34 0.00
#BENCHMARK INDEX: Adani Ports & Special Economic Transport recommended by AMFI, Data is as of November 29, 2024
65% Nifty 50 TRI + 25% Nifty Composite Debt Zone Infrastructure 0.32 0.32 unless otherwise specified.
Bayer Cropscience Ltd Fertilizers &
Index + 10% Price of Domestic Gold Agrochemicals 0.32 0.00 ¥ Dedicated Fund Manager for Overseas Investments:
Bharat Electronics Ltd. Aerospace & Mr. Dhruv Muchhal (since June 22, 2023)
##ADDL. BENCHMARK INDEX: Defense 0.32 0.00
Orient Electric Ltd Consumer (Total Experience: Over 10 years).
NIFTY 50 (Total Returns Index) Durables 0.32 0.00
Delhivery Limited Transport Services 0.31 0.00 Please refer Minimum Application Amount, Plans & Options,
Sonata Software Ltd. IT - Software 0.31 0.00 on Page no. 101 to 103.
NET EQUITY EXPOSURE: Star Health and Allied Insurance
Company Ltd Insurance 0.31 0.00 $$For further details, please refer to para ‘Exit Load’ on page
46.56% Great Eastern Shipping no. 104.
Company Ltd. Transport Services 0.29 0.00
Rolex Rings Limited Auto Components 0.29 0.00
Chemplast Sanmar Limited Chemicals &
Petrochemicals 0.26 0.00
Bajaj Finance Ltd. Finance 0.22 0.22
UTI Asset Management
Company Ltd Capital Markets 0.20 0.00

....Contd on next page

November 2024 51
.....Contd from previous page

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)

EXIT LOAD$$ :
• In respect of each purchase / switch-in of Units, 15% of
the units (“the limit”) may be redeemed without any
Exit Load from the date of allotment.
• Any redemption in excess of the above limit shall be
subject to the following exit load: Portfolio Portfolio
• Exit Load of 1.00% is payable if units are redeemed Classification By
/ switched out within 12 months from the date of Classification By
allotment. Asset Class (%) Rating Class (%)
• No Exit Load is payable if units are redeemed /
switched out after 12 months from the date of
allotment.

n Equity 67.17 n Equity 67.17

Industry Allocation of Equity Holding n Units issued by InvIT 0.10 n Sovereign 7.39
(% of Net Assets) n Units issued by ReIT 2.23 n Units issued by InvIT 0.10
n G-Sec, G-Sec STRIPS, SDL 7.39 n Units issued by ReIT 2.23
n Credit Exposure 6.32 n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 5.39
Banks 19.44 n AA+ 0.93
n Mutual Fund Units 11.17
Automobiles 8.73 n Cash, Cash Equivalents and Net Current Assets 16.79
n Cash, Cash Equivalents and Net Current Assets 5.62
IT - Software 6.80
Petroleum Products 4.20 Cash and Cash Equivalents include overnight deployment of Cash in Tri-Party Repos
Pharmaceuticals & Biotechnology 4.05
Telecom - Services 2.89
Beverages 2.78 SIP PERFORMANCE ^ - Regular Plan - Growth Option
Diversified Fmcg 2.42 Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Realty 2.23
Total Amount Invested (` in Lacs) 23.20 18.00 12.00 6.00 3.60 1.20
Consumer Durables 2.02 Mkt Value As on November 29, 2024 (` in Lacs) 76.11 45.73 23.11 8.89 4.53 1.28
Transport Services 1.79 Returns (%) 11.09 11.53 12.59 15.75 15.58 12.17
Insurance 1.73 Benchmark Returns (%) # N.A. N.A. 13.33 15.06 14.75 11.44
Power 1.54 Additional Benchmark Returns (%) ## 13.27 13.87 15.04 18.08 16.50 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
Construction 1.53 after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
Auto Components 1.09 investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Aerospace & Defense 0.91
PERFORMANCE ^ - Regular Plan - Growth Option
Fertilizers & Agrochemicals 0.81 Scheme Benchmark Additional Value of ` 10,000 invested
Finance 0.58 Date Period
Returns Returns Benchmark Scheme (`) Benchmark Additional
(%) (%)# Returns
Non - Ferrous Metals 0.56 (%) ## (`)# Benchmark
(`)##
Personal Products 0.54 Nov 30, 23 Last 1 Year 18.93 18.63 21.27 11,893 11,863 12,127
Oil 0.47 Nov 30, 21 Last 3 Years 12.24 12.39 13.76 14,138 14,198 14,723
Healthcare Services 0.45 Nov 29, 19 Last 5 Years 15.31 14.25 16.21 20,403 19,479 21,208
Ferrous Metals 0.43 Nov 28, 14 Last 10 Years 10.73 11.42 12.23 27,731 29,525 31,741
Agricultural Food & Other Products 0.38 Aug 17, 05 Since Inception 10.38 NA 14.08 67,314 NA 127,109
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. The Scheme formerly, a debt oriented hybrid fund,
Gas 0.34 has undergone change in Fundamental attributes and become a multi asset fund investing in equities, debt and gold related instruments.
Transport Infrastructure 0.32 Accordingly, the Scheme’s benchmark has also changed. Hence, the performance of the Scheme from inception till May 22, 2018 may
0.26 not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme performance may not strictly be
Chemicals & Petrochemicals comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are
Capital Markets 0.20 made in debt instruments and gold related instruments. For performance of other schemes managed by Srinivasan Ramamurthy, Anil
0.01 Bamboli, Bhagyesh Kagalkar, Arun Agarwal and Nirman Morakhia please refer page 104. Different plans viz. Regular Plan and Direct Plan
Cement & Cement Products have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses
0 5 10 15 20 25 / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 109 to 115.

^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Multi- • To generate long-term capital

Asset Fund appreciation/income
• Investments in a diversified
BENCHMARK : portfolio of equity & equity
65% NIFTY 50 related instruments, debt &
TRI + 25% NIFTY money market instruments and
Composite Debt Gold related instruments
Index + 10%
Domestic Prices
of Gold

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

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.

52 November 2024
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. There is no assurance
that the investment objective of the Scheme will be achieved.

FUND MANAGER PORTFOLIO

Srinivasan Ramamurthy
(Equities) (since January 13, 2022) Issuer % to
Total Experience: Over 17 years; NAV
MUTUAL FUND UNITS
Bhagyesh Kagalkar Mutual Fund Units - Equity
(Dedicated Fund Manager for commodities related • HDFC Flexi Cap Fund - Direct Plan- Growth Option 18.00
investments viz. Gold) (since February 02, 2022)
Total Experience: Over 30 years • HDFC Top 100 Fund - Direct Plan - Growth Option 17.04
• HDFC Small Cap Fund - Direct Plan- Growth Option 3.81
Anil Bamboli • HDFC Mid Cap Opportunities Fund - Direct Plan - Growth Option 3.72
(Debt) (since May 05, 2021) HDFC Banking & Financial Services Fund - Direct Plan - Growth Option 2.20
Total Experience: Over 30 years HDFC Dividend Yield Fund - Direct Plan - Growth Option 1.27
HDFC Large and Mid Cap Fund - Direct Plan- Growth Option 0.94
Sub Total 46.98
DATE OF ALLOTMENT / INCEPTION DATE Mutual Fund Units - Debt
May 05, 2021 • HDFC Short Term Debt Fund - Growth Option - Direct Plan 14.07
• HDFC Low Duration Fund - Direct Plan - Growth Option 5.74
• HDFC Medium Term Debt Fund - Growth Option - Direct Plan 5.47
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • HDFC Income Fund - Direct Plan - Growth Option 4.16
Regular Plan - Growth Option 17.05 • HDFC Floating Rate Debt Fund - Direct Plan - Growth Option 3.06
Regular Plan - IDCW Option 17.05 HDFC Gilt Fund - Growth Option - Direct Plan 2.46
Direct Plan - Growth Option 17.79
Direct Plan - IDCW Option 17.79 Sub Total 34.96
Mutual Fund Units - Gold
• HDFC Gold ETF 13.14
ASSETS UNDER MANAGEMENT Sub Total 13.14
As on November 29, 2024 Mutual Fund Units
` 3,397.75 Cr. HDFC Corporate Bond Fund - Growth Option - Direct Plan 1.50
Average for Month of November 2024 HDFC Long Duration Debt Fund - Direct Plan - Growth Option 0.98
` 3,351.48 Cr. Sub Total 2.48
Total 97.56
TOTAL EXPENSE RATIO (As on November 29, 2024) Cash,Cash Equivalents and Net Current Assets 2.44
Including Additional Expenses and Goods and Service Grand Total 100.00
Tax on Management Fees
• Top Ten Holdings
Regular: 1.15%Direct: 0.06%
Investors in the Scheme shall bear the recurring expenses of
Face Value per Unit: ` 10, Data is as of November 29, 2024 unless otherwise specified.
the Scheme in addition to the expenses of other schemes in
which this Fund of Funds scheme makes investment (subject to Please refer Minimum Application Amount, Plans & Options, on Page no. 101 to 103.
regulatory limits). $$For further details, please refer to para ‘Exit Load’ on page no. 104.

#BENCHMARK INDEX:
90% NIFTY 50 Hybrid Composite Debt 65:35
Index (Total Returns Index) and 10% Domestic
Prices of Gold derived as per regulatory SIP PERFORMANCE ^ - Regular Plan - Growth Option
norms Since Inception 3 year 1 year
SIP SIP SIP
##ADDL. BENCHMARK INDEX: Total Amount Invested (` in Lacs) 4.30 3.60 1.20
NIFTY 50 (Total Returns Index) Mkt Value As on November 29, 2024 (` in Lacs) 5.76 4.65 1.28
Returns (%) 16.54 17.44 13.11
EXIT LOAD$$ : Benchmark Returns (%) # 13.34 14.07 10.41
• In respect of each purchase / switch-in of Units, 15% of Additional Benchmark Returns (%) ## 15.65 16.50 9.79
the units (“the limit”) may be redeemed without any Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Exit Load from the date of allotment.
• Any redemption in excess of the above limit shall be accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
subject to the following exit load: simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
• Exit Load of 1.00% is payable if units are redeemed
/ switched out within 12 months from the date of
allotment. PERFORMANCE ^ - Regular Plan - Growth Option
• No Exit Load is payable if units are redeemed /
switched out after 12 months from the date of Scheme Benchmark Additional Value of ` 10,000 invested
allotment. Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 19.46 17.83 21.27 11,946 11,783 12,127
Nov 30, 21 Last 3 Years 15.20 11.85 13.76 15,289 13,992 14,723
May 05, 21 Since Inception 16.10 13.21 16.50 17,047 15,580 17,256
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 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
for computation of performance.

November 2024 53
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)

Portfolio
Classification By
Asset Class (%)

n Mutual Fund Units 97.56

n Cash, Cash Equivalents and Net Current Assets 2.44

Fund Name & Benchmark Product Labelling Scheme Riskometer Benchmark Riskometer
(This product is suitable (Current risk as per latest month
for investors who are end portfolio)
seeking ~)

HDFC Asset Allocator • Capital appreciation

Fund Of Funds over long term
• Investment
BENCHMARK : 90% NIFTY predominantly in
50 Hybrid Composite Debt equity oriented, debt
65:35 Index (Total Returns oriented and Gold ETF
Index) and 10% Domestic schemes
Prices of Gold derived as per
regulatory norms

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

54 November 2024
HDFC Dynamic PE Ratio Fund of Funds CATEGORY OF SCHEME
(An open ended Fund of Fund scheme investing in equity and debt schemes FUND OF FUNDS
of HDFC Mutual Fund)

INVESTMENT OBJECTIVE : To seek capital appreciation by managing the asset allocation between specified equity and debt schemes of HDFC Mutual Fund
There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER
PORTFOLIO
Srinivasan Ramamurthy
(Equities) (since Jan 13, 2022) Issuer % to
Total Experience: Over 17 years; NAV
Anil Bamboli MUTUAL FUND UNITS
(Debt) (since Jun 28, 2014) Mutual Fund Units - Equity
Total Experience: Over 30 years • HDFC Top 100 Fund - Direct Plan - Growth Option 18.21
• HDFC Small Cap Fund - Direct Plan- Growth Option 14.61
• HDFC Mid Cap Opportunities Fund - Direct Plan - Growth Option 14.14
DATE OF ALLOTMENT / INCEPTION DATE Sub Total 46.96
Mutual Fund Units - Debt
Feb 06, 2012 • HDFC Medium Term Debt Fund - Growth Option - Direct Plan 12.01
• HDFC Short Term Debt Fund - Growth Option - Direct Plan 12.00
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • HDFC Corporate Bond Fund - Growth Option - Direct Plan 11.89
Regular Plan - Growth Option 39.4077 • HDFC Dynamic Debt Fund - Growth Option - Direct Plan 7.25
Regular Plan - Quarterly IDCW Option 34.5320 • HDFC Income Fund - Direct Plan - Growth Option 6.92
Direct Plan - Growth Option 43.2984 • HDFC Low Duration Fund - Direct Plan - Growth Option 1.32
Direct Plan - Quarterly IDCW Option 38.0301 Sub Total 51.39
Total 98.35
ASSETS UNDER MANAGEMENT Cash,Cash Equivalents and Net Current Assets 1.65
As on November 29, 2024 Grand Total 100.00
` 48.97 Cr. • Top Ten Holdings
Average for Month of November 2024
` 48.43 Cr. Face Value per Unit: ` 10, Data is as of November 29, 2024 unless otherwise specified.

Please refer Minimum Application Amount, Plans & Options, on Page no. 101 to 103.
TOTAL EXPENSE RATIO (As on November 29, 2024)
Including Additional Expenses and Goods and Service $$For further details, please refer to para ‘Exit Load’ on page no. 104.
Tax on Management Fees
Regular: 1.00%Direct: 0.23%
Investors in the Scheme shall bear the recurring expenses of
the Scheme in addition to the expenses of other schemes in SIP PERFORMANCE ^ - Regular Plan - Growth Option
which this Fund of Funds scheme makes investment (subject to Since Inception 10 year 5 year 3 year 1 year
regulatory limits). SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 15.40 12.00 6.00 3.60 1.20
#BENCHMARK INDEX: Mkt Value As on November 29, 2024 (` in Lacs) 36.11 24.08 9.19 4.62 1.27
NIFTY 50 Hybrid Composite Debt 65:35 Index Returns (%) 12.47 13.35 17.11 16.97 11.44
(Total Returns Index) Benchmark Returns (%) # 12.50 12.68 14.13 13.47 9.51
Additional Benchmark Returns (%) ## 14.59 15.04 18.08 16.50 9.79
##ADDL. BENCHMARK INDEX: Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
NIFTY 50 (Total Returns Index) accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
EXIT LOAD$$ :
• In respect of each purchase / switch-in of units, an PERFORMANCE ^ - Regular Plan - Growth Option
Exit Load of 1.00% is payable if Units are redeemed/
switched-out within 1 year from the date of allotment.
Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
• No Exit Load is payable if Units are redeemed / Date Period (%) (%)# Returns
switched-out after 1 year from the date of allotment. (%) ## (`)# Benchmark
No Entry / Exit Load shall be levied on units allotted on (`)##
reinvestment of IDCW. Nov 30, 23 Last 1 Year 16.90 17.11 21.27 11,690 11,711 12,127
Nov 30, 21 Last 3 Years 14.65 11.18 13.76 15,071 13,743 14,723
Nov 29, 19 Last 5 Years 15.63 13.43 16.21 20,685 18,788 21,208
Nov 28, 14 Last 10 Years 11.11 11.00 12.23 28,702 28,433 31,741
Feb 06, 12 Since Inception 11.29 12.10 13.84 39,408 43,237 52,706
Portfolio Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Srinivasan Ramamurthy,
& Anil Bamboli, please refer page 104. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the
Classification By Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance
Asset Class (%) of Direct Plan, refer page 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
for computation of performance.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

n Mutual Fund Units 98.35 Benchmark (This product is suitable for (Current risk as per latest month
n Cash, Cash Equivalents and Net Current Assets 1.65 investors who are seeking ~) end portfolio)

HDFC Dynamic • Capital appreciation over long

term.
PE Ratio Fund • Investment in specified equity
of Funds and debt schemes of HDFC
Mutual Fund based on PE Ratios
BENCHMARK :
NIFTY 50 Hybrid
Composite Debt
65:35 Index

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 55
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 achieved.

FUND MANAGER ¥
PORTFOLIO
Srinivasan Ramamurthy
(Equity Assets) (since December 14, 2021)
Total Experience: Over 17 years Company Industry+ / % to NAV % exposure Company Industry+ / % to NAV % exposure
Rating (Hedged & of Derivative Rating (Hedged & of Derivative
Anil Bamboli Unhedged) Unhedged)
(Debt Assets) (since September 17, 2004) EQUITY & EQUITY RELATED • 7.1 GOI 2029 Sovereign 2.02 0.00
• HDFC Bank Ltd.£ Banks 8.44 5.38 7.17 GOI 2030 Sovereign 1.11 0.00
Total Experience: Over 30 years 7.38 GOI 2027 Sovereign 0.97 0.00
• ICICI Bank Ltd. Banks 4.72 2.02
7.23 GOI 2039 Sovereign 0.84 0.00
Arun Agarwal •
•
Infosys Limited
United Spirits Limited
IT - Software
Beverages
3.42
3.35
2.08
2.97 GOI STRIPS - Mat 190327 Sovereign 0.81 0.00
(Arbitrage Assets) (since August 24, 2020) • Axis Bank Ltd. Banks 2.79 1.46 7.1 GOI 2034 Sovereign 0.56 0.00
Total Experience: Over 26 years • Reliance Industries Ltd. Petroleum Products 2.70 1.54 7.65% Chhattisgarh SDL Mat
• Titan Company Ltd. Consumer Durables 2.45 2.47 310133 Sovereign 0.37 0.00
Nirman Morakhia • Sun Pharmaceutical Industries Pharmaceuticals & GOI STRIPS - Mat 190928 Sovereign 0.35 0.00
(Arbitrage Assets) (since February 15, 2023) Ltd. Biotechnology 2.31 1.67 GOI STRIPS - Mat 220228 Sovereign 0.25 0.00
Total Experience: Over 16 years Adani Ports & Special Transport 7.34 GOI 2064 Sovereign 0.19 0.00
Economic Zone Infrastructure 1.84 1.85 7.06 GOI 2028 Sovereign 0.18 0.00
State Bank of India Banks 1.77 0.10 7.18 GOI 2037 Sovereign 0.15 0.00
Bharti Airtel Ltd. Telecom - Services 1.69 0.51 6.54 GOI 2032 Sovereign 0.09 0.00
DATE OF ALLOTMENT / INCEPTION DATE Hyundai Motor India Limited Automobiles 1.64 0.00 7.26 GOI 2033 Sovereign 0.09 0.00
September 17, 2004 Maruti Suzuki India Limited Automobiles 1.58 0.78 GOI 2028
Sub Total
Sovereign 0.09
10.50
0.00
0.00
Mahindra & Mahindra Ltd. Automobiles 1.55 1.56
Tata Motors Ltd. Automobiles 1.50 1.26 Credit Exposure (Non Perpetual)
Larsen and Toubro Ltd. Construction 1.33 0.32 State Bank of India CRISIL - AAA 1.45 0.00
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) ITC LIMITED Diversified Fmcg 1.15 0.47 Bharti Telecom Limited CRISIL - AA+ 1.18 0.00
The Tata Power Company Ltd. Power 1.12 1.13 National Bank for Agri & CRISIL - AAA / ICRA
Regular Plan - Growth Option 63.707 Rural Dev. - AAA 1.01 0.00
Regular Plan - IDCW Option 13.125 Tata Steel Ltd. Ferrous Metals 1.05 0.80
NTPC Limited Power 1.01 0.22 Indus Towers Limited CRISIL - AA+ 0.91 0.00
Direct Plan - Growth Option 70.879 HCL Technologies Ltd. IT - Software 0.94 0.00 LIC Housing Finance Ltd. CRISIL - AAA 0.91 0.00
Direct Plan - IDCW Option 15.437 Hindustan Unilever Ltd. Diversified Fmcg 0.86 0.87 Power Finance Corporation Ltd. CRISIL - AAA 0.91 0.00
Tech Mahindra Ltd. IT - Software 0.84 0.84 SMFG India Credit Company Ltd
CARE - AAA 0.91 0.00
ASSETS UNDER MANAGEMENT Bajaj Finance Ltd. Finance 0.83 0.83 HDB Financial Services Ltd.
Tata Consultancy Services Ltd. IT - Software 0.77 0.00 CRISIL - AAA 0.90 0.00
As on November 29, 2024 Kotak Mahindra Bank Limited Banks 0.76 0.04 Small Industries Development CARE - AAA / CRISIL
` 5,516.22 Cr. Cipla Ltd. Pharmaceuticals & Bank - AAA 0.82 0.00
Average for Month of November 2024 Biotechnology 0.64 0.06 Cholamandalam Investment &
Bajaj Auto Limited Automobiles 0.59 0.10 Finance Co. Ltd. ICRA - AA+ 0.64 0.00
` 5,448.19 Cr. Lupin Ltd. Pharmaceuticals & Bajaj Housing Finance Ltd. CRISIL - AAA 0.63 0.00
Biotechnology 0.56 0.00 Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.55 0.00
QUANTITATIVE DATA Power Grid Corporation of Muthoot Finance Ltd. CRISIL - AA+ 0.54 0.00
Risk Ratio India Ltd. Power 0.56 0.00 Bajaj Finance Ltd. CRISIL - AAA 0.45 0.00
n Standard Deviation 4.766% HDFC Life Insurance Company HDFC Bank Ltd.£ CRISIL - AAA 0.45 0.00
n Beta 0.991 Limited Insurance 0.54 0.55 REC Limited. CRISIL - AAA 0.25 0.00
n Sharpe Ratio* 0.673 Apollo Hospitals Enterprise Ltd.
Healthcare Services 0.52 0.24 Bank of Baroda CRISIL - AAA 0.09 0.00
Computed for the 3-yr period ended November Hindalco Industries Ltd. Non - Ferrous Metals 0.50 0.24 Tata Capital Ltd. CRISIL - AAA 0.09 0.00
29, 2024. Based on month-end NAV. Wipro Ltd. IT - Software 0.42 0.00 Sub Total 12.69 0.00
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Gujarat Pipavav Port Ltd. Transport Total 23.19 0.00
For schemes which have not completed 3 years, Infrastructure 0.41 0.00 UNITS ISSUED BY REIT & INVIT
data is computed since inception. Hindustan Aeronautics Limited Aerospace & Defense 0.41 0.00 Units issued by InvIT
Kalpataru Projects POWERGRID Infrastructure
Portfolio Turnover International Ltd Construction 0.41 0.00 Investment Trust Power 0.59 0.00
Equity Turnover 22.56% Max Financial Services Ltd. Insurance 0.41 0.00 Sub Total 0.59 0.00
Total Turnover 441.78% Aurobindo Pharma Ltd. Pharmaceuticals & Units issued by ReIT
Total Turnover = Equity + Debt + Derivative Biotechnology 0.39 0.00 Embassy Office Parks REIT Realty 0.81 0.00
SBI Life Insurance Company BROOKFIELD INDIA REAL ESTATE
Residual Maturity * 4.00 years Ltd. Insurance 0.39 0.00 TRUST Realty 0.68 0.00
Macaulay Duration * 2.96 years Coal India Ltd. Consumable Fuels 0.38 0.00 Sub Total 1.49 0.00
Modified Duration * 2.82 years Indusind Bank Ltd. Banks 0.36 0.00 Total 2.08 0.00
Annualized Portfolio YTM# * 7.19% Eicher Motors Ltd. Automobiles 0.35 0.00 Cash Margin 7.94 0.00
#
semi annual YTM has been annualised. Paradeep Phosphates Limited Fertilizers & Cash,Cash Equivalents and Net Current Assets 0.88 0.00
*Calculated on amount invested in debt securities Agrochemicals 0.34 0.00 Grand Total 100.00 32.87
(including accrued interest), deployment of funds BEML Limited Agricultural,
in TREPS and Reverse Repo and net receivable Commercial & • Top Ten Holdings, £ Sponsor
/ payable. Construction Vehicles 0.31 0.00
Ipca Laboratories Ltd. Pharmaceuticals &
Biotechnology 0.31 0.00
Oil & Natural Gas Corporation Outstanding exposure in derivative
TOTAL EXPENSE RATIO (As on November 29, 2024) Ltd. Oil 0.30 0.00 instruments (` in Crore) 1,812.07
Including Additional Expenses and Goods and Service Ambuja Cements Ltd. Cement & Cement
Tax on Management Fees Products 0.29 0.29 Hedged position in Equity & Equity related instruments
Greenply Industries Ltd. Consumer Durables 0.28 0.00
Regular: 1.89%Direct: 0.91% Hindustan Petroleum Corp. Ltd. Petroleum Products 0.28 0.00 Outstanding derivative exposure (% age) 32.85
CIE Automotive India Ltd Auto Components 0.26 0.00
JK Paper Ltd. Paper, Forest & Jute Face Value per Unit: ` 10, + Industry Classification as
Products 0.25 0.00
#BENCHMARK INDEX: Mahindra & Mahindra recommended by AMFI, CD - Certificate of Deposit; CP -
NIFTY Equity Savings Index Financial Services Ltd. Finance 0.25 0.00 Commercial Papers. Data is as of November 29, 2024 unless
Suprajit Engineering Ltd. Auto Components 0.25 0.00
##ADDL. BENCHMARK INDEX: Bharat Petroleum Corporation otherwise specified.
Ltd. Petroleum Products 0.24 0.00
CRISIL 10 year Gilt Index Symphony Ltd. Consumer Durables 0.24 0.00 ¥ Dedicated Fund Manager for Overseas Investments:
Ashoka Buildcon Ltd. Construction 0.23 0.00 Mr. Dhruv Muchhal (since June 22, 2023)
Biocon Ltd. Pharmaceuticals & (Total Experience: Over 10 years).
NET EQUITY EXPOSURE: Biotechnology 0.22 0.22
Gland Pharma Ltd. Pharmaceuticals & Please refer Minimum Application Amount, Plans & Options, on
33.04% Biotechnology 0.22 0.00
Page no. 101 to 103.
Bayer Cropscience Ltd Fertilizers &
Agrochemicals 0.21 0.00 $$For further details, please refer to para ‘Exit Load’ on page
Star Health and Allied
EXIT LOAD$$ : Insurance Company Ltd Insurance 0.21 0.00 no. 104.
• In respect of each purchase / switch-in of Units, upto PVR LIMITED Entertainment 0.20 0.00
15% of the units may be redeemed without any exit Goodyear India Ltd. Auto Components 0.19 0.00
load from the date of allotment. However, please Chemplast Sanmar Limited Chemicals &
note that the Units will be redeemed on First In First Petrochemicals 0.18 0.00
Out (FIFO) basis. Ola Electric Mobility Limited Automobiles 0.17 0.00
• Any redemption in excess of the above limit shall be Vardhman Textiles Ltd. Textiles & Apparels 0.13 0.00
subject to the following exit load:
• Exit load of 1.00% is payable if Units are redeemed Gujarat Gas Ltd. Gas 0.10 0.00
/ switched out within 1 month from the date of Tata Consumer Products Agricultural Food &
allotment of units. Limited Other Products @ 0.00
• No Exit Load is payable if Units are redeemed Sub Total 65.91 0.00
/ switched out after 1 month from the date of DEBT & DEBT RELATED
allotment. Government Securities (Central/State)
• 7.18 GOI 2033 Sovereign 2.43 0.00
....Contd on next page

56 November 2024
.....Contd from previous page

HDFC Equity Savings Fund CATEGORY OF SCHEME

EQUITY SAVINGS FUND
(An open ended scheme investing in equity, arbitrage and debt)

Industry Allocation of Equity Holding

(% of Net Assets)
18.84 Portfolio Portfolio
Banks
7.38 Classification By Classification By
Automobiles
6.39 Rating Class (%) Asset Class (%)
IT - Software
Pharmaceuticals & Biotechnology 4.65
Beverages 3.35
Petroleum Products 3.22 n Equity 65.91 n Equity 65.91
Consumer Durables 2.97 n Sovereign 10.50 n Units issued by InvIT 0.59
Power 2.69 n Units issued by InvIT 0.59 n Units issued by ReIT 1.49
Transport Infrastructure 2.25 n Units issued by ReIT 1.49 n G-Sec, G-Sec STRIPS, SDL 10.50
2.01 n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 9.42 n Credit Exposure 12.69
Diversified Fmcg
n AA+ 3.27 n Cash, Cash Equivalents and Net Current Assets 8.82
Construction 1.97
n Cash, Cash Equivalents and Net Current Assets 8.82
Telecom - Services 1.69
Insurance 1.55
Finance 1.08
Ferrous Metals 1.05 SIP PERFORMANCE ^ - Regular Plan - Growth Option
Auto Components 0.70 Since Inception 15 year 10 year 5 year 3 year 1 year
Fertilizers & Agrochemicals 0.55 SIP SIP SIP SIP SIP SIP
Healthcare Services 0.52 Total Amount Invested (` in Lacs) 24.30 18.00 12.00 6.00 3.60 1.20
Non - Ferrous Metals 0.50 Mkt Value As on November 29, 2024 (` in Lacs) 72.82 40.00 20.49 8.16 4.30 1.26
Aerospace & Defense 0.41 Returns (%) 9.81 9.95 10.32 12.27 11.95 8.68
Consumable Fuels 0.38 Benchmark Returns (%) # N.A. 9.55 9.66 10.51 10.60 8.55
Agricultural, Commercial & Construction Vehicles 0.31 Additional Benchmark Returns (%) ## 6.48 6.55 6.26 6.09 8.11 9.73
0.30 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
Oil after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
Cement & Cement Products 0.29 investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of
Paper, Forest & Jute Products 0.25 capital. N.A. Not Available.
Entertainment 0.20
0.18 PERFORMANCE ^ - Regular Plan - Growth Option
Chemicals & Petrochemicals
0.13 Scheme Benchmark Additional Value of ` 10,000 invested
Textiles & Apparels Returns Returns Benchmark
Gas 0.10 Date Period^^ (%) (%)# Returns Scheme (`) Benchmark Additional
(%) ## (`)# Benchmark
0 5 10 15 20 (`)##
Nov 30, 23 Last 1 Year 14.12 12.72 10.39 11,412 11,272 11,039
Nov 30, 21 Last 3 Years 10.32 9.09 5.56 13,425 12,983 11,762
Nov 29, 19 Last 5 Years 11.17 9.94 5.48 16,989 16,071 13,059
Nov 28, 14 Last 10 Years 9.35 8.83 6.79 24,460 23,333 19,309
Sep 17, 04 Since Inception 9.59 NA 6.01 63,707 NA 32,565
^^Effective December 16, 2015, certain changes, including changes to fundamental attributes, were effected in the erstwhile HDFC Multiple
Yield Fund, (an open ended income scheme) which was renamed as HDFC Equity Savings Fund, an open ended equity scheme. On account
of these changes, the performance during the period(s) from September 17, 2004 to December 15, 2015 is not comparable.
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance may not strictly be
comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made in debt instruments. For performance
of other schemes managed by Srinivasan Ramamurthy, Anil Bamboli, Arun Agarwal and Nirman Morakhia, please refer page 104. 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 109 to 115.

^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.

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.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Equity • Capital appreciation while

Savings Fund generating income over medium
to long term.
BENCHMARK • Provide capital appreciation
: NIFTY Equity and income distribution to the
Savings Index investors by using equity and
equity related instruments,
arbitrage opportunities, and
investments in debt and money
market instruments.

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 57
HDFC Hybrid Debt Fund CATEGORY OF SCHEME
CONSERVATIVE HYBRID FUND
(An open ended hybrid scheme investing predominantly in debt
instruments)
INVESTMENT OBJECTIVEKEY : ToFACTS
generate income / capital appreciation by investing primarily in debt securities, money market instruments and moderate exposure to equities.
There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Srinivasan Ramamurthy
(Equities) (since December 14, 2021) Company Industry+ / Rating % to Company Industry+ / Rating % to
Total Experience: Over 17 years NAV NAV
EQUITY & EQUITY RELATED 8.10% Tamil Nadu SDL - Mat
Shobhit Mehrotra ICICI Bank Ltd. Banks 2.31 110325 Sovereign 0.08
(Debt) (since September 1, 2007) HDFC Bank Ltd.£ 8.15 GOI 2026 Sovereign 0.01
Total Experience: Over 32 years Banks 1.89
State Bank of India Banks 1.26 Sub Total 26.69
Axis Bank Ltd. Banks 1.12 Credit Exposure (Non Perpetual)
Infosys Limited IT - Software 1.06 • Indian Railways Finance
DATE OF ALLOTMENT / INCEPTION DATE Bharti Airtel Ltd. Corp. Ltd. CRISIL - AAA 5.38
Telecom - Services 0.88 • HDFC Bank Ltd.£
December 26, 2003 Tata Consultancy Services Ltd. IT - Software 0.85
CRISIL - AAA 4.58
• National Bank for Agri & CRISIL - AAA / ICRA
Sun Pharmaceutical Industries Pharmaceuticals & Rural Dev. - AAA 3.18
Ltd. Biotechnology 0.80 • Power Finance Corporation Ltd. CRISIL - AAA 3.18
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) ITC LIMITED Diversified Fmcg 0.79 • Export - Import Bank of India CRISIL - AAA 3.02
Regular Plan - Growth Option 79.2388 Larsen and Toubro Ltd. Construction 0.78 • Tata Motors Ltd. CRISIL - AA+ 3.02
Regular Plan - Monthly IDCW Option 14.5739 Reliance Industries Ltd. Petroleum Products 0.78
Regular Plan - Quarterly IDCW Option 15.4310 • State Bank of India CRISIL - AAA / ICRA
NTPC Limited Power 0.66 - AAA 2.72
Direct Plan - Growth Option 83.9960 Lupin Ltd. Pharmaceuticals & • Muthoot Finance Ltd.
Direct Plan - Monthly IDCW Option 16.0744 CRISIL - AA+ 2.57
Biotechnology 0.62 • REC Limited. CRISIL - AAA 2.55
Direct Plan - Quarterly IDCW Option 17.0136 Cipla Ltd. Pharmaceuticals &
Biotechnology 0.60 Sikka Port and Terminal Ltd.
HCL Technologies Ltd. (erstwhile Reliance Ports and
ASSETS UNDER MANAGEMENT IT - Software 0.56 Terminals Ltd.) CRISIL - AAA 2.27
As on November 29, 2024 Kotak Mahindra Bank Limited Banks 0.53 Housing and Urban
` 3,322.28 Cr. Mahindra & Mahindra Ltd. Automobiles 0.36 Development Corporation Ltd. CARE - AAA 1.56
Power Grid Corporation of National Highways Authority
Average for Month of November 2024 India Ltd. Power 0.36 of India CRISIL - AAA 1.56
` 3,314.10 Cr. TEGA INDUSTRIES LIMITED Industrial Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 1.53
Manufacturing 0.36 Bajaj Housing Finance Ltd. CRISIL - AAA 1.52
QUANTITATIVE DATA Petronet LNG Ltd. Gas 0.35 The Tata Power Company Ltd. CARE - AA+ 0.87
Risk Ratio Hindustan Aeronautics Limited Aerospace & Defense 0.34 Bharti Telecom Limited CRISIL - AA+ 0.76
n Standard Deviation 3.880% Power Finance Corporation Ltd. Finance 0.33 Cholamandalam Investment &
n Beta 1.088 SBI Life Insurance Company Ltd. Insurance 0.32 Finance Co. Ltd. ICRA - AA+ 0.76
n Sharpe Ratio* 0.816 Coal India Ltd. Consumable Fuels 0.31 Grasim Industries Ltd. CRISIL - AAA 0.76
Computed for the 3-yr period ended November Oil & Natural Gas Corporation LIC Housing Finance Ltd. CRISIL - AAA 0.76
29, 2024. Based on month-end NAV. Ltd. Oil 0.31 Small Industries Development
* Risk free rate: 6.61% (Source: FIMMDA MIBOR) Tata Motors Ltd. Automobiles 0.31 Bank CRISIL - AAA 0.76
For schemes which have not completed 3 years, Aurobindo Pharma Ltd. Pharmaceuticals & TVS Credit Services Ltd
data is computed since inception. ICRA - AA 0.76
Biotechnology 0.30 Bajaj Finance Ltd. CRISIL - AAA 0.73
Residual Maturity * 9.10 years NHPC Ltd. Power 0.29 HDFC ERGO General Insurance
Macaulay Duration * 5.34 years Swaraj Engines Ltd. Industrial Products 0.28 Co. Ltd. CRISIL - AAA 0.73
Modified Duration * 5.08 years Finolex Cables Ltd. Industrial Products 0.26 Vajra 006 Trust ICRA - AA(SO) 0.42
Annualized Portfolio YTM# * 7.40% Gateway Distriparks Limited Transport Services 0.25 Mahindra Rural Housing
REC Limited. Finance 0.24 Finance Ltd IND - AA+ 0.31
#
semi annual YTM has been annualised. Hindustan Petroleum Corp. Ltd. Petroleum Products 0.23 Power Grid Corporation of
*Calculated on amount invested in debt securities Bharat Petroleum Corporation India Ltd. CRISIL - AAA 0.15
(including accrued interest), deployment of funds Ltd. Petroleum Products 0.22 Sub Total 46.41
Goodyear India Ltd. Auto Components 0.21 Total 73.10
in TREPS and Reverse Repo and net receivable UNITS ISSUED BY REIT & INVIT
/ payable. Great Eastern Shipping
Company Ltd. Transport Services 0.20 Units issued by InvIT
JK Paper Ltd. Paper, Forest & Jute Bharat Highways InvIT Transport Infrastructure 0.10
TOTAL EXPENSE RATIO (As on November 29, 2024) Products 0.19 Sub Total 0.10
Including Additional Expenses and Goods and Service Union Bank of India Banks 0.18 Units issued by ReIT
Tax on Management Fees CIE Automotive India Ltd Auto Components 0.17 Embassy Office Parks REIT Realty 0.56
Sub Total 21.86 Sub Total 0.56
Regular: 1.76%Direct: 1.20% DEBT & DEBT RELATED Total 0.66
Government Securities (Central/State) Alternative Investment Fund Units
• 7.23 GOI 2039 Sovereign 3.11 Corporate Debt Market Development Fund 0.25
#BENCHMARK INDEX: Sub Total 0.25
NIFTY 50 Hybrid Composite Debt 15:85 Index 7.3 GOI 2053 Sovereign 2.34
6.68 GOI 2031 Sovereign 2.24 Cash,Cash Equivalents and Net Current Assets 4.13
##ADDL. BENCHMARK INDEX: 7.18 GOI 2037 Grand Total 100.00
Sovereign 2.16
CRISIL 10 year Gilt Index 7.34 GOI 2064 Sovereign 2.04 • Top Ten Holdings, £ Sponsor
GOI 2034 Sovereign 1.52
EXIT LOAD$$ : 6.79 GOI 2034 Sovereign 1.51 Face Value per Unit: ` 10, + Industry Classification as
7.36 GOI 2052 Sovereign 1.10 recommended by AMFI, CD - Certificate of Deposit; CP -
• In respect of each purchase/switch-in of Units,
15% of the units (“the limit”) may be redeemed 7.41 GOI 2036 Sovereign 1.10 Commercial Papers. Data is as of November 29, 2024 unless
without any exit load from thedate of allotment. 7.1 GOI 2034 Sovereign 1.08
• Any redempti on in excess of the limit shall be otherwise specified.
6.54 GOI 2032 Sovereign 1.04
subject to the following exit load:
• Exit load of 1.00% is payableif Units are 7.26 GOI 2033 Sovereign 0.77
redeemed/switched-out within 1 year from the 7.64% Andhra Pradesh SDL ISD ¥ Dedicated Fund Manager for Overseas Investments:
date of allotment of units. 170124 MAT 170131 Sovereign 0.77 Mr. Dhruv Muchhal (since June 22, 2023)
• No Exit Load is payable if Units areredeemed/ 7.09 GOI 2054 Sovereign 0.76 (Total Experience: Over 10 years).
switched-out aft er 1 year from the date of
allotment. 7.1 GOI 2029 Sovereign 0.76
GOI 2028 Please refer Minimum Application Amount, Plans & Options, on
Sovereign 0.76 Page no. 101 to 103.
6.95 GOI 2061 Sovereign 0.74
7.09 GOI 2074 Sovereign 0.59 $$For further details, please refer to para ‘Exit Load’ on page
GOI STRIPS - Mat 190327 Sovereign 0.53 no. 104.
6.19 GOI 2034 Sovereign 0.36
7.25 GOI 2063 Sovereign 0.31
6.79 GOI 2029 Sovereign 0.30
6.1 GOI 2031 Sovereign 0.29
6.99 GOI 2051 Sovereign 0.15
7.18 GOI 2033 Sovereign 0.15
7.60% Tamil Nadu SDL Mat
310131 Sovereign 0.12

....Contd on next page

58 November 2024
.....Contd from previous page

HDFC Hybrid Debt Fund CATEGORY OF SCHEME

CONSERVATIVE HYBRID FUND
(An open ended hybrid scheme investing predominantly in debt
instruments)

Portfolio Portfolio
Classification By Classification By
Asset Class (%) Rating Class (%)

n Equity 21.86
n Equity 21.86 n Sovereign 26.69
n Units issued by InvIT 0.10 n Units issued by InvIT 0.10
n Units issued by ReIT 0.56 n Units issued by ReIT 0.56
n G-Sec, G-Sec STRIPS, SDL 26.69 n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 36.94
n Securitized Debt Instruments 0.42 n AA+ 8.29
n Credit Exposure 45.99 n AA/AA- 1.18
n Alternative Investment Fund Units 0.25 n Alternative Investment Fund Units 0.25
n Cash, Cash Equivalents and Net Current Assets 4.13 n Cash, Cash Equivalents and Net Current Assets 4.13

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 25.20 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 81.14 39.18 19.89 8.05 4.30 1.26
Returns (%) 10.02 9.71 9.77 11.71 11.92 9.21
Benchmark Returns (%) # 8.79 8.83 8.63 8.41 8.98 8.79
Additional Benchmark Returns (%) ## 6.41 6.55 6.26 6.09 8.11 9.73
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 13.59 10.98 10.39 11,359 11,098 11,039
Nov 30, 21 Last 3 Years 10.31 7.25 5.56 13,423 12,335 11,762
Nov 29, 19 Last 5 Years 10.75 8.53 5.48 16,671 15,067 13,059
Nov 28, 14 Last 10 Years 8.83 8.55 6.79 23,337 22,742 19,309
Dec 26, 03 Since Inception 10.39 8.40 5.71 79,239 54,180 31,993
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 104. 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 109 to 115.

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,

^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.
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.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Hybrid • To generate long-term income /

Debt Fund capital appreciation
• Investments primarily in debt
BENCHMARK : securities, money market
NIFTY 50 Hybrid instruments and moderate
Composite Debt exposure to equities
15:85 Index

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 59
HDFC ELSS Tax saver
(Name changed from HDFC TaxSaver)
CATEGORY OF SCHEME
(An open ended equity linked savings scheme with a statutory lock in of 3 years and tax benefit)
EQUITY LINKED SAVINGS SCHEME
(This is a simple and performing scheme which is eligible for distribution by new cadre of distributors)

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 achieved.

FUND MANAGER ¥
Roshi Jain
(since January 13, 2022) PORTFOLIO
Total Experience: Over 19 years
Company Industry+ % to Company Industry+ % to
NAV NAV
DATE OF ALLOTMENT / INCEPTION DATE EQUITY & EQUITY RELATED Teamlease Services Ltd. Commercial Services &
March 31, 1996 • HDFC Bank Ltd.£ Banks 9.91 Supplies 0.55
• ICICI Bank Ltd. Banks 9.78 Medi Assist Healthcare Services
Limited Insurance 0.52
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • Axis Bank Ltd. Banks 8.27 Popular Vehicles and Services
• Bharti Airtel Ltd. Telecom - Services 5.40 Limited Automobiles 0.49
Regular Plan - Growth Option 1341.736 • Cipla Ltd. Pharmaceuticals &
Regular Plan - IDCW Option 79.241 Birla Corporation Ltd. Cement & Cement
Biotechnology 5.19 Products 0.47
Direct Plan - Growth Option 1443.271
Direct Plan - IDCW Option 104.290 • HCL Technologies Ltd. IT - Software 4.18 Dalmia Bharat Ltd. Cement & Cement
• SBI Life Insurance Company Ltd. Insurance 4.06 Products 0.46
• Kotak Mahindra Bank Limited Banks 3.87 Oil & Natural Gas Corporation Ltd. Oil 0.40
ASSETS UNDER MANAGEMENT
As on November 29, 2024 • Maruti Suzuki India Limited Automobiles 3.82 Zee Entertainment Enterprises Ltd. Entertainment 0.32
• State Bank of India Banks 2.89 JK Lakshmi Cement Ltd Cement & Cement
` 15,945.04 Cr. Infosys Limited IT - Software 2.33 Products 0.27
Average for Month of November 2024 Apollo Hospitals Enterprise Ltd. Healthcare Services 2.14 Delhivery Limited Transport Services 0.21
` 15,830.35 Cr. Prestige Estates Projects Ltd. Realty 1.45 Sumitomo Chemical India Ltd Fertilizers &
Dr Reddys Laboratories Ltd. Pharmaceuticals & Agrochemicals 0.17
QUANTITATIVE DATA Reliance Industries Ltd. Petroleum Products 0.16
Portfolio Turnover Biotechnology 1.41
Equity Turnover 40.80% Hindustan Aeronautics Limited Aerospace & Defense 1.40 ZF Commercial Vehicle Control
Total Turnover 43.71% Power Grid Corporation of Systems India Ltd Auto Components 0.13
Total Turnover = Equity + Debt + Derivative India Ltd. Power 1.34 Equitas Small Finance Bank Ltd Banks 0.10
Risk Ratio Hyundai Motor India Limited Automobiles 1.32 Sub Total 92.49
n Standard Deviation Bajaj Auto Limited Automobiles 1.30 DEBT & DEBT RELATED
12.000%
n Beta 0.865 Eicher Motors Ltd. Automobiles 1.29 Government Securities (Central/State)
n Sharpe Ratio* 1.212 Tech Mahindra Ltd. IT - Software 1.29 7.38 GOI 2027 Sovereign 0.32
Computed for the 3-yr period ended November Tata Steel Ltd. Ferrous Metals 1.27 Sub Total 0.32
29, 2024. Based on month-end NAV. JSW Steel Ltd. Ferrous Metals 1.22 Cash,Cash Equivalents and Net Current Assets 7.19
* Risk free rate: 6.61% (Source: FIMMDA MIBOR)
For schemes which have not completed 3 years, ESCORTS LTD. Agricultural, Commercial Grand Total 100.00
data is computed since inception. & Construction Vehicles 1.11
Dr. Lal Path Labs Ltd Healthcare Services 1.07
• Top Ten Holdings, £ Sponsor
Metropolis Healthcare Ltd. Healthcare Services 1.07
TOTAL EXPENSE RATIO (As on November 29, 2024) Larsen and Toubro Ltd. Construction 1.05 Face Value per Unit: ` 10, + Industry Classification as
Including Additional Expenses and Goods and Service United Spirits Limited Beverages 1.05 recommended by AMFI, Data is as of November 29, 2024 unless
Tax on Management Fees Mahindra & Mahindra Ltd. Automobiles 0.98 otherwise specified.
Regular: 1.71%Direct: 1.09% Bajaj Electricals Ltd. Consumer Durables 0.96
¥ Dedicated Fund Manager for Overseas Investments:
Crompton Greaves Consumer
Elec. Ltd. Consumer Durables 0.90 Mr. Dhruv Muchhal (since June 22, 2023)
#BENCHMARK INDEX: (Total Experience: Over 10 years).
The Federal Bank Ltd. Banks 0.86
NIFTY 500 (Total Returns Index) Shoppers Stop Ltd. Retailing 0.75
##ADDL. BENCHMARK INDEX: Please refer Minimum Application Amount, Plans & Options, on
Karur Vysya Bank Ltd. Banks 0.74
NIFTY 50 (Total Returns Index) Page no. 101 to 103.
Star Health and Allied Insurance
Company Ltd Insurance 0.74
LOCK-IN PERIOD Lupin Ltd. Pharmaceuticals & $$For further details, please refer to para ‘Exit Load’ on page
Biotechnology 0.64 no. 104.
3 years from the date of allotment
of the respective Units The Ramco Cements Ltd. Cement & Cement
Products 0.64
EXIT LOAD$$ : Cyient Ltd. IT - Services 0.55
Nil

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 34.40 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) $$ 1,716.13 64.02 29.62 11.58 5.34 1.32
Returns (%) $$ 21.71 15.43 17.21 26.67 27.43 18.45
Benchmark Returns (%) # 15.79 15.30 16.83 22.00 21.42 13.28
Additional Benchmark Returns (%) ## 14.35 13.87 15.04 18.08 16.50 9.79
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
PERFORMANCE ^ - Regular Plan - Growth Option
Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) $$ (%)# Returns
(%) ## $$ (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 32.44 27.29 21.27 13,244 12,729 12,127
Nov 30, 21 Last 3 Years 22.67 16.89 13.76 18,461 15,969 14,723
Nov 29, 19 Last 5 Years 20.94 19.44 16.21 25,896 24,337 21,208
Nov 28, 14 Last 10 Years 12.61 13.85 12.23 32,847 36,639 31,741
Mar 31, 96 Since Inception 22.51 14.62 13.13 3,384,639 501,804 344,235
Returns greater than 1 year period are compounded annualized (CAGR). $$ 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 Roshi Jain, please refer page 104. 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 TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY
50 PRI values from Mar 29, 96 (Data for March 31, 96 is not available) to Jun 29, 99 and TRI values since Jun 30, 99. As NIFTY 500 TRI data is
not available for March 31, 96, benchmark performance is calculated from March 29, 96. For Performance of Direct Plan, refer page 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
for computation of performance.

60 November 2024
HDFC ELSS Tax saver
(Name changed from HDFC TaxSaver)
CATEGORY OF SCHEME
(An open ended equity linked savings scheme with a statutory lock in of 3 years and tax benefit)
EQUITY LINKED SAVINGS SCHEME
(This is a simple and performing scheme which is eligible for distribution by new cadre of distributors)

Industry Allocation of Equity Holding Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer
Benchmark (This product is suitable for (Current risk as per latest month
(% of Net Assets)
investors who are seeking ~) end portfolio)
Banks 36.42 HDFC ELSS • To generate long-term capital
Automobiles 9.20 appreciation / income
IT - Software 7.80 Tax saver
Pharmaceuticals & Biotechnology 7.24 • Investment predominantly
Telecom - Services 5.40 BENCHMARK of equity & equity related
Insurance 5.32 : NIFTY 500 instruments
Healthcare Services 4.28
(Total Returns
Ferrous Metals 2.49
Consumer Durables 1.86 Index)
Cement & Cement Products 1.84
Realty 1.45
Aerospace & Defense 1.40 ~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Power 1.34 Scheme and Benchmark Riskometer As on November 30, 2024
Agricultural, Commercial & Construction Vehicles 1.11
Construction 1.05
Beverages 1.05
Retailing 0.75
IT - Services 0.55
Commercial Services & Supplies 0.55
Oil 0.40
Entertainment 0.32
Transport Services 0.21
Fertilizers & Agrochemicals 0.17
Petroleum Products 0.16
Auto Components 0.13
0 10 20 30 40

November 2024 61
HDFC Children's Fund
(Name changed from HDFC Children's Gift Fund) w.e.f 18th Nov 2024
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.
There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥
PORTFOLIO
Chirag Setalvad
(Equity Assets) (since April 2, 2007)
Total Experience: Over 28 years
Company Industry+ / Rating % to Company Industry+ / Rating % to
Anil Bamboli NAV NAV
(Debt Assets) (since October 6, 2022) EQUITY & EQUITY RELATED 7.26 GOI 2033 Sovereign 1.09
Total Experience: Over 30 years • HDFC Bank Ltd.£ Banks 6.54 6.79 GOI 2034 Sovereign 1.01
• ICICI Bank Ltd. Banks 5.87 7.06 GOI 2028 Sovereign 0.71
• Larsen and Toubro Ltd. Construction 3.69 7.17 GOI 2028 Sovereign 0.56
DATE OF ALLOTMENT / INCEPTION DATE • Reliance Industries Ltd. Petroleum Products 3.23 7.64% Gujarat SDL ISD 170124
March 2, 2001 • Infosys Limited IT - Software 3.19 MAT 170133 Sovereign 0.47
• eClerx Services Limited Commercial Services & 7.3 GOI 2053 Sovereign 0.42
Supplies 2.60 8.32 GOI 2032 Sovereign 0.33
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • State Bank of India Banks 2.53 7.23 GOI 2039 Sovereign 0.31
Regular Plan 292.022 Voltamp Transformers Ltd. Electrical Equipment 2.50 7.64% % Gujarat SDL ISD
Direct Plan 322.159 Kotak Mahindra Bank Limited Banks 2.40 170124 Mat 170134 Sovereign 0.31
Kirloskar Pneumatic Ltd. Industrial Products 2.34 6.79 GOI 2027 Sovereign 0.30
Finolex Cables Ltd. Industrial Products 2.24 7.26 GOI 2032 Sovereign 0.26
ASSETS UNDER MANAGEMENT
As on November 29, 2024 Aster DM Healthcare Limited Healthcare Services 1.89 7.63% Gujarat SDL ISD 240124
Mat 240133 Sovereign 0.26
` 9,937.45 Cr. ITC LIMITED Diversified Fmcg 1.87
6.67 GOI 2035 Sovereign 0.25
Average for Month of November 2024 United Spirits Limited Beverages 1.85
7.63% Gujarat SDL ISD 240124
` 9,781.42 Cr. Sonata Software Ltd. IT - Software 1.73 Mat 240134 Sovereign 0.21
AkzoNobel India Ltd. Consumer Durables 1.70 7.65% Chhattisgarh SDL Mat
QUANTITATIVE DATA Bharti Airtel Ltd. Telecom - Services 1.61 310133 Sovereign 0.21
Portfolio Turnover Bank of Baroda Banks 1.36 7.25 GOI 2063 Sovereign 0.05
Equity Turnover 13.27% Apollo Tyres Ltd. Auto Components 1.22
Total Turnover 13.27% 7.26 GOI 2029 Sovereign 0.05
Total Turnover = Equity + Debt + Derivative Ipca Laboratories Ltd. Pharmaceuticals & 7.32 GOI 2030 Sovereign 0.05
Biotechnology 1.16 7.62% Uttar Pradesh SDL ISD
Residual Maturity * 9.60 years
Macaulay Duration * 4.89 years Transport Corporation of 201223 MAT 201233 Sovereign 0.05
Modified Duration * 4.70 years India Ltd. Transport Services 1.14 8.6 GOI 2028 Sovereign 0.05
Annualized Portfolio YTM# * 7.09% Zensar Technologies Ltd. IT - Software 1.01 Sub Total 23.07
#
semi annual YTM has been annualised. Newgen Software Technologies
*Calculated on amount invested in debt securities Credit Exposure (Non Perpetual)
Ltd. IT - Software 0.97
(including accrued interest), deployment of funds State Bank of India CRISIL - AAA 1.51
in TREPS and Reverse Repo and net receivable Rolex Rings Limited Auto Components 0.97
HDFC Bank Ltd.£ CRISIL - AAA 1.38
/ payable. Power Grid Corporation of
India Ltd. Power 0.94 National Bank for Agri &
Rural Dev. CRISIL - AAA / ICRA - AAA 1.31
TOTAL EXPENSE RATIO (As on November 29, 2024) Carborundum Universal Ltd. Industrial Products 0.91
Bajaj Finance Ltd. CRISIL - AAA 1.01
Including Additional Expenses and Goods and Service Sagility India Limited IT - Services 0.87
Tax on Management Fees Small Industries Development CARE - AAA / CRISIL
TEGA INDUSTRIES LIMITED Industrial Bank - AAA 0.90
Regular: 1.73%Direct: 0.89% Manufacturing 0.86
LIC Housing Finance Ltd. CRISIL - AAA 0.51
Hyundai Motor India Limited Automobiles 0.70
Toyota Financial Services
Mahindra Holidays & Resorts India Ltd. CRISIL - AAA 0.50
#BENCHMARK INDEX: Ind Ltd. Leisure Services 0.65
REC Limited. CRISIL - AAA 0.36
NIFTY 50 Hybrid Composite Debt 65:35 Index Bharat Petroleum Corporation
Ltd. Petroleum Products 0.59 Power Finance Corporation Ltd. CRISIL - AAA 0.27
##ADDL. BENCHMARK INDEX: Bank of Baroda CRISIL - AAA 0.15
NIFTY 50 (Total Returns Index) Cholamandalam Financial
Holdings Ltd. Finance 0.54 Indian Railways Finance
Axis Bank Ltd. Banks 0.47 Corp. Ltd. CRISIL - AAA 0.10
LOCK-IN PERIOD Technocraft Industries (India) Sub Total 8.00
Ltd Industrial Products 0.41 Credit Exposure (Perpetual Bonds)
For Fresh investments by investors including
PNC Infratech Ltd. Construction 0.40 Bank of Baroda (AT1, BASEL III,
SIP/STP registrations, etc (effective May 23, Perpetual) CRISIL - AA+ 0.96
RHI MAGNESITA INDIA Limited Industrial Products 0.40
2018): Sub Total 0.96
GMM Pfaudler Limited Industrial
Lock-in period will be compulsory. Lock-in Manufacturing 0.39 Total 32.03
period shall be earlier of Bajaj Finance Ltd. Finance 0.33 Cash,Cash Equivalents and Net Current Assets 2.19
• 5 Years from the date of allotment; or Timken India Ltd. Industrial Products 0.31 Grand Total 100.00
• Until the Unit holder (being the beneficiary Equitas Small Finance Bank Ltd Banks 0.30
child) attains the age of majority • Top Ten Holdings, £ Sponsor
Landmark Cars Limited Automobiles 0.25
UNIPARTS INDIA LIMITED Auto Components 0.23 Face Value per Unit: ` 10, + Industry Classification as
VST Industries Ltd. Cigarettes & Tobacco recommended by AMFI, Data is as of November 29, 2024 unless
Products 0.18 otherwise specified.
Bajaj Housing Finance Ltd. Finance 0.17
Godrej Consumer Products Ltd. Personal Products 0.15 ¥ Dedicated Fund Manager for Overseas Investments:
RADIANT CASH MANAGEMENT Commercial Services & Mr. Dhruv Muchhal (since June 22, 2023)
SERVICES LIMITED Supplies 0.12 (Total Experience: Over 10 years).
Sub Total 65.78
(Ω) Eligibility (of Unit holder) : Children not attained the age of
DEBT & DEBT RELATED
majority as on the date of investment by the Investor / Applicant
Government Securities (Central/State)
are eligible as Unit holders in the Scheme.
• 7.18 GOI 2033 Sovereign 4.74
• 7.1 GOI 2029 Sovereign 3.32 Please refer Minimum Application Amount, Plans & Options, on
• 7.1 GOI 2034 Sovereign 3.19 Page no. 101 to 103.
7.38 GOI 2027 Sovereign 2.35 $$For further details, please refer to para ‘Exit Load’ on page
7.17 GOI 2030 Sovereign 1.33 no. 104.
7.18 GOI 2037 Sovereign 1.19

....Contd on next page

62 November 2024
.....Contd from previous page
HDFC Children's Fund
(Name changed from 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

EXIT LOAD$$ :
(i) For existing investments by investors including SIP /
SWAP registrations, etc. (until May 22, 2018)
In respect of units subject to lock-in period: Nil
In respect of units not subject to lock-in period:-
• In respect of each purchase/ Switch-in of units, an Portfolio Portfolio
exit load of 3% is payable if units are redeemed
/ switched-out within 1 year from the date of Classification By Classification By
allotment.
• In respect of each purchase/ Switch-in of units, an Asset Class (%) Rating Class (%)
exit load of 2% is payable if units are redeemed /
switched-out between 1st and 2nd year of the date
of allotment.
• In respect of each purchase/ Switch-in of units, an
exit load of 1% is payable if units are redeemed /
switched-out between 2nd and 3rd year of the date n Equity 65.78 n Equity 65.78
of allotment. n Sovereign 23.07
• No exit load is payable, if units are redeemed n G-Sec, SDL 23.07
/ switched-out after 3rd year from the date of n Credit Exposure 8.96 n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 8.00
allotment. n AA+ 0.96
n Cash, Cash Equivalents and Net Current Assets 2.19
(ii) Fresh investments by investors including SIP/ SWAP n Cash, Cash Equivalents and Net Current Assets 2.19
registrations, etc (effective May 23, 2018): NIL

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Industry Allocation of Equity Holding Total Amount Invested (` in Lacs) 28.50 18.00 12.00 6.00 3.60 1.20
(% of Net Assets) Mkt Value As on November 29, 2024 (` in Lacs) $ 278.71 65.86 27.66 9.99 4.85 1.30
Returns (%) $ 16.25 15.76 15.94 20.51 20.33 15.16
Benchmark Returns (%) # N.A. 12.08 12.68 14.13 13.47 9.51
Banks 19.47
Additional Benchmark Returns (%) ## 15.03 13.87 15.04 18.08 16.50 9.79
IT - Software 6.90 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
Industrial Products 6.61 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.
Construction 4.09

Petroleum Products 3.82 PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Commercial Services & Supplies 2.72 Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) $ (%)# Returns
(%) ## $ (`)# Benchmark
Electrical Equipment 2.50 (`)##
Nov 30, 23 Last 1 Year 23.14 17.11 21.27 12,314 11,711 12,127
Auto Components 2.42
Nov 30, 21 Last 3 Years 16.77 11.18 13.76 15,922 13,743 14,723
Healthcare Services 1.89
Nov 29, 19 Last 5 Years 18.59 13.43 16.21 23,477 18,788 21,208
Nov 28, 14 Last 10 Years 13.64 11.00 12.23 35,962 28,433 31,741
Diversified Fmcg 1.87 Mar 02, 01 Since Inception 16.54 NA 14.63 379,629 NA 256,281
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance may not strictly be
Beverages 1.85 comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are
made in debt instruments. $ Adjusted for Bonus units declared under the Scheme. For performance of other schemes managed by Chirag
Consumer Durables 1.70 Setalvad & Anil Bamboli, please refer page 104. 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
Telecom - Services 1.61
Plan. For Performance of Direct Plan, refer page 109 to 115.
Industrial Manufacturing 1.25
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
Pharmaceuticals & Biotechnology 1.16
consideration for computation of performance.

Transport Services 1.14

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer
Finance 1.04 Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)
Automobiles 0.95
HDFC • Capital appreciation over long
Power 0.94 term.
Children's
Fund • Investment in equity and equity
IT - Services 0.87
related instruments as well
Leisure Services 0.65 BENCHMARK : as debt and money market
NIFTY 50 Hybrid instruments.
Cigarettes & Tobacco Products 0.18 Composite Debt
65:35 Index
Personal Products 0.15

0 5 10 15 20 ~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 63
HDFC Retirement Savings Fund - Equity Plan
(A notified Tax Savings Cum Pension Scheme)
CATEGORY OF SCHEME
[An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement
RETIREMENT FUND
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 achieved.

FUND MANAGER ¥
Srinivasan Ramamurthy PORTFOLIO
(Equities) (since December 14, 2021)
Total Experience: Over 17 years
Shobhit Mehrotra Company Industry+ / Rating % to Company Industry+ / Rating % to
(Debt) (since February 25, 2016) NAV NAV
Total Experience: Over 32 years EQUITY & EQUITY RELATED Kalpataru Projects International
• HDFC Bank Ltd.£ Banks 8.97 Ltd Construction 0.66
DATE OF ALLOTMENT / INCEPTION DATE • ICICI Bank Ltd. Banks 6.71 Redington Ltd. Commercial Services &
Supplies 0.66
February 25, 2016 • Axis Bank Ltd. Banks 3.78
Mahindra & Mahindra
• Infosys Limited IT - Software 3.40 Financial Services Ltd. Finance 0.64
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • Reliance Industries Ltd. Petroleum Products 3.23 Bharat Electronics Ltd. Aerospace & Defense 0.62
• Bharti Airtel Ltd. Telecom - Services 2.98 Star Health and Allied
Regular Plan 49.614
Direct Plan 55.837 • State Bank of India Banks 2.79 Insurance Company Ltd Insurance 0.59
• HCL Technologies Ltd. IT - Software 2.61 Balrampur Chini Mills Ltd. Agricultural Food &
ASSETS UNDER MANAGEMENT • Kotak Mahindra Bank Limited Banks 2.35 Other Products 0.58
As on November 29, 2024 • Maruti Suzuki India Limited Automobiles 2.21 Finolex Industries Ltd. Industrial Products 0.58
` 6,009.36 Cr. Larsen and Toubro Ltd. Construction 2.13 PVR LIMITED Entertainment 0.58
Average for Month of November 2024 ITC LIMITED Diversified Fmcg 2.06 Cyient Ltd. IT - Services 0.56
` 5,934.05 Cr. Cipla Ltd. Pharmaceuticals & Great Eastern Shipping
Biotechnology 1.79 Company Ltd. Transport Services 0.55
QUANTITATIVE DATA
Portfolio Turnover Tata Consultancy Services Ltd. IT - Software 1.78 Indian Hotels Company Ltd. Leisure Services 0.53
Equity Turnover 14.55% The Anup Engineering Limited Industrial VRL Logistics Ltd. Transport Services 0.51
Total Turnover 14.55% Manufacturing 1.64 PNC Infratech Ltd. Construction 0.50
Total Turnover = Equity + Debt + Derivative Bajaj Auto Limited Automobiles 1.50 GNA Axles Ltd. Auto Components 0.46
Dr Reddys Laboratories Ltd. Pharmaceuticals & Mahindra Holidays & Resorts
TOTAL EXPENSE RATIO (As on November 29, 2024) Biotechnology 1.35 Ind Ltd. Leisure Services 0.46
Including Additional Expenses and Goods and Service United Spirits Limited Beverages 1.27
Tax on Management Fees Tamilnadu Newsprint & Paper, Forest & Jute
ICICI Lombard General Insurance Papers Ltd. Products 0.46
Regular: 1.78%Direct: 0.71% Co Insurance 1.24 KEC International Ltd. Construction 0.44
Transport Corporation of Equitas Small Finance Bank Ltd Banks 0.41
#BENCHMARK INDEX: India Ltd. Transport Services 1.21 Timken India Ltd. Industrial Products 0.39
NIFTY 500 (Total Returns Index) InterGlobe Aviation Ltd. Transport Services 1.17 Max Healthcare Institute
##ADDL. BENCHMARK INDEX: Voltamp Transformers Ltd. Electrical Equipment 1.15 Limited Healthcare Services 0.34
NIFTY 50 (Total Returns Index) Mahindra & Mahindra Ltd. Automobiles 1.14 Sanofi India Limited Pharmaceuticals &
Nippon Life India Asset Biotechnology 0.28
LOCK-IN PERIOD Management Limited Capital Markets 1.14 Nilkamal Ltd. Consumer Durables 0.22
Existing investments by investors including SIP / STP Eicher Motors Ltd. Automobiles 1.13 Sub Total 91.44
registrations, etc (until June 1, 2018):
Indusind Bank Ltd. Banks 1.08 UNITS ISSUED BY REIT & INVIT
Units purchased cannot be assigned / transferred /
pledged / redeemed / switched out until completion Firstsource Solutions Ltd. Commercial Services & Embassy Office Parks REIT Realty 0.80
of 5 years from the date of allotment of Units under Supplies 1.04
the Scheme. (Note: Exit Load may apply. Please refer Sub Total 0.80
Page 104 to 113 for details. Gland Pharma Ltd. Pharmaceuticals & Cash,Cash Equivalents and Net Current Assets 7.76
Biotechnology 1.01
Fresh investments by investors including SIP / STP Grand Total 100.00
registrations, etc (effective June 2, 2018): Torrent Pharmaceuticals Ltd. Pharmaceuticals &
Units purchased cannot be assigned / transferred / Biotechnology 1.00 • Top Ten Holdings, £ Sponsor
pledged / redeemed / switched out until completion Godrej Consumer Products Ltd. Personal Products 0.97
of 5 years from the date of allotment of Units or Face Value per Unit: ` 10, + Industry Classification as
Retirement Age of Unit holder (i.e. completion of Aurobindo Pharma Ltd. Pharmaceuticals &
60 years), whichever is earlier. (Note: No exit load) Biotechnology 0.95 recommended by AMFI, Data is as of November 29, 2024 unless
Max Financial Services Ltd. Insurance 0.94 otherwise specified.
EXIT LOAD$$ : Jindal Steel & Power Ltd. Ferrous Metals 0.91
Existing investments by investors including SIP / STP Bajaj Electricals Ltd. Consumer Durables 0.89 ¥ Dedicated Fund Manager for Overseas Investments:
registrations, etc (until June 1, 2018): Mr. Dhruv Muchhal (since June 22, 2023)
Exit Load (Upon completion of lock-in period of 5
Hindustan Petroleum Corp. Ltd. Petroleum Products 0.89 (Total Experience: Over 10 years).
years) Power Grid Corporation of
India Ltd. Power 0.88 Please refer Minimum Application Amount, Plans & Options, on
In respect of each purchase/switch-in of units offered
under the respective Chambal Fertilizers & Fertilizers & Page no. 101 to 103.
Investment Plan(s):- Chemicals Ltd. Agrochemicals 0.86
• An Exit Load of 1% is payable if Units are redeemed/ Finolex Cables Ltd. Industrial Products 0.86 $$For further details, please refer to para ‘Exit Load’ on page
switched-out before completion of 60 years of age
• No Exit Load is payable if Units are redeemed / Gujarat State Petronet Ltd. Gas 0.83 no. 104.
switched-out on or after attainment of 60 years of Tata Motors Ltd. Automobiles 0.82
age.
AkzoNobel India Ltd. Consumer Durables 0.77
Fresh investments by investors including SIP / STP Gateway Distriparks Limited Transport Services 0.76
registrations, etc (effective June 2, 2018):
Exit Load (Upon completion of lock-in period) Nil Carborundum Universal Ltd. Industrial Products 0.73
Note: No Exit Load shall be imposed for switching Tata Steel Ltd. Ferrous Metals 0.72
between Investment Plan(s) and Plans/Options within Crisil Limited Finance 0.71
the Investment Plan(s), subject to completion of lock-
in period. Investors are requested to note that Switch Delhivery Limited Transport Services 0.70
is treated as redemption and entails tax consequences. Greenply Industries Ltd. Consumer Durables 0.70
Symphony Ltd. Consumer Durables 0.67

64 November 2024
.....Contd from previous page
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)]

Industry Allocation of Equity Holding SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception SIP 5 year SIP 3 year SIP 1 year SIP
(% of Net Assets) Total Amount Invested (` in Lacs) 10.60 6.00 3.60 1.20
Banks 26.09 Mkt Value As on November 29, 2024 (` in Lacs) 26.78 11.36 5.10 1.29
IT - Software 7.79 Returns (%) 20.19 25.87 24.07 14.41
Automobiles 6.80 Benchmark Returns (%) # 17.76 22.00 21.42 13.28
Pharmaceuticals & Biotechnology 6.38
Transport Services 4.90
Additional Benchmark Returns (%) ## 15.79 18.08 16.50 9.79
Petroleum Products 4.12 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Construction 3.73
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.
Consumer Durables 3.25
Telecom - Services 2.98
Insurance 2.77 PERFORMANCE ^ - Regular Plan - Growth Option
Industrial Products 2.56
2.06
Scheme Benchmark Additional Value of ` 10,000 invested
Diversified Fmcg Returns Returns Benchmark
Commercial Services & Supplies 1.70 Date Period (%) (%)# Returns Scheme (`) Benchmark Additional
Industrial Manufacturing 1.64 (%) ## (`)# Benchmark
(`)##
Ferrous Metals 1.63
Finance 1.35
Nov 30, 23 Last 1 Year 26.82 27.29 21.27 12,682 12,729 12,127
Beverages 1.27 Nov 30, 21 Last 3 Years 20.37 16.89 13.76 17,439 15,969 14,723
Electrical Equipment 1.15 Nov 29, 19 Last 5 Years 23.68 19.44 16.21 28,977 24,337 21,208
Capital Markets 1.14
Feb 25, 16 Since Inception 20.04 18.14 16.67 49,614 43,119 38,653
Leisure Services 0.99
Personal Products 0.97 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Srinivasan Ramamurthy
Power 0.88
and Shobhit Mehrotra, please refer page 104. 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
Fertilizers & Agrochemicals 0.86 Performance of Direct Plan, refer page 109 to 115.
Gas 0.83
Aerospace & Defense 0.62 ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
Entertainment 0.58 consideration for computation of performance.
Agricultural Food & Other Products 0.58
IT - Services 0.56
Paper, Forest & Jute Products 0.46
Auto Components 0.46 Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer
Healthcare Services 0.34 Benchmark (This product is suitable for (Current risk as per latest month
0 10 20 30 investors who are seeking ~) end portfolio)

HDFC • A corpus to provide for pension in

Retirement the form of income to the extent
Savings Fund of the redemption value of their
holding after the age of 60 years.
- Equity Plan • Investment predominantly
in equity and equity related
BENCHMARK
instruments.
: NIFTY 500
(Total Returns
Index)

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 65
HDFC Retirement Savings Fund - Hybrid Equity Plan CATEGORY OF SCHEME
(A notified Tax Savings Cum Pension 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 achieved.

FUND MANAGER ¥ PORTFOLIO

Srinivasan Ramamurthy
(Equities) (since December 14, 2021)
Total Experience: Over 17 years Company Industry+ / Rating % to Company Industry+ / Rating % to
Shobhit Mehrotra NAV NAV
(Debt) (since February 25, 2016) EQUITY & EQUITY RELATED UTI Asset Management
Total Experience: Over 32 years Company Ltd Capital Markets 0.45
• HDFC Bank Ltd.£ Banks 6.81
• ICICI Bank Ltd. Banks 5.75 GNA Axles Ltd. Auto Components 0.42
• Axis Bank Ltd. Banks 2.87 Sanofi India Limited Pharmaceuticals &
DATE OF ALLOTMENT / INCEPTION DATE Biotechnology 0.40
• State Bank of India Banks 2.65
February 25, 2016 Procter & Gamble Health Ltd. Pharmaceuticals &
• Bharti Airtel Ltd. Telecom - Services 2.57 Biotechnology 0.39
• Reliance Industries Ltd. Petroleum Products 2.45 Rolex Rings Limited Auto Components 0.38
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • Infosys Limited IT - Software 2.43 Tamilnadu Newsprint & Paper, Forest & Jute
Regular Plan 37.942 • Larsen and Toubro Ltd. Construction 2.12 Papers Ltd. Products 0.38
Direct Plan 42.761 • HCL Technologies Ltd. IT - Software 2.04 KEC International Ltd. Construction 0.33
Kotak Mahindra Bank Limited Banks 1.90 Mahindra Holidays & Resorts
ITC LIMITED Diversified Fmcg 1.81 Ind Ltd. Leisure Services 0.33
ASSETS UNDER MANAGEMENT Maruti Suzuki India Limited Automobiles 1.75 Timken India Ltd. Industrial Products 0.32
As on November 29, 2024 Max Healthcare Institute
Cipla Ltd. Pharmaceuticals &
` 1,582.92 Cr. Biotechnology 1.45 Limited Healthcare Services 0.25
Average for Month of November 2024 ICICI Lombard General Popular Vehicles and Services
` 1,566.91 Cr. Insurance Co Insurance 1.18 Limited Automobiles 0.24
The Anup Engineering Limited Industrial Nilkamal Ltd. Consumer Durables 0.18
QUANTITATIVE DATA Manufacturing 1.15 Global Health Limited Healthcare Services 0.17
Portfolio Turnover Bajaj Auto Limited Automobiles 1.14 OCCL Limited Chemicals &
Equity Turnover 12.51% Power Grid Corporation of Petrochemicals 0.16
Total Turnover 12.51% India Ltd. Power 1.11 Oriental Carbon & Chemicals Chemicals &
Total Turnover = Equity + Debt + Derivative Ltd. Petrochemicals 0.09
Residual Maturity * 4.74 years Firstsource Solutions Ltd. Commercial Services &
Macaulay Duration * 3.33 years Supplies 1.04 Sub Total 70.75
Modified Duration * 3.18 years Vesuvius India Ltd. Industrial Products 1.02 DEBT & DEBT RELATED
Annualized Portfolio YTM# * 7.01% Hindustan Aeronautics Limited Aerospace & Defense 0.99 Government Securities (Central/State)
#
semi annual YTM has been annualised. United Spirits Limited Beverages 0.97 • 7.26 GOI 2032 Sovereign 1.95
*Calculated on amount invested in debt securities
(including accrued interest), deployment of funds Mahindra & Mahindra Ltd. Automobiles 0.94 6.1 GOI 2031 Sovereign 1.88
in TREPS and Reverse Repo and net receivable Crompton Greaves Consumer 7.18 GOI 2033 Sovereign 1.62
/ payable. Elec. Ltd. Consumer Durables 0.91 7.18 GOI 2037 Sovereign 1.62
Suprajit Engineering Ltd. Auto Components 0.87 7.26 GOI 2033 Sovereign 1.30
TOTAL EXPENSE RATIO (As on November 29, 2024) Alembic Pharmaceuticals Pharmaceuticals & 7.57 GOI 2033 Sovereign 0.83
Including Additional Expenses and Goods and Service Limited Biotechnology 0.86
6.67 GOI 2050 Sovereign 0.61
Tax on Management Fees Torrent Pharmaceuticals Ltd. Pharmaceuticals &
Biotechnology 0.84 Sub Total 9.81
Regular: 2.08%Direct: 0.92% Credit Exposure (Non Perpetual)
Max Financial Services Ltd. Insurance 0.82
Aurobindo Pharma Ltd. Pharmaceuticals & Power Finance Corporation Ltd. CRISIL - AAA 1.60
Biotechnology 0.80 Muthoot Finance Ltd. ICRA - AA+ 1.58
#BENCHMARK INDEX: State Bank of India CRISIL - AAA 1.26
City Union Bank Ltd. Banks 0.79
NIFTY 50 Hybrid Composite Debt 65:35 Index
Godrej Consumer Products Ltd. Personal Products 0.79 Mahindra Rural Housing Finance
##ADDL. BENCHMARK INDEX: Ltd IND - AA+ 0.96
NIFTY 50 (Total Returns Index) Voltamp Transformers Ltd. Electrical Equipment 0.75
Transport Corporation of Power Grid Corporation of India
India Ltd. Transport Services 0.74 Ltd. CRISIL - AAA 0.32
Hindustan Petroleum Corp. Ltd. Petroleum Products 0.73 Sub Total 5.72
LOCK-IN PERIOD
Wipro Ltd. IT - Software 0.73 Total 15.53
Existing investments by investors including SIP /
STP registrations, etc (until June 1, 2018): SKF India Ltd. Industrial Products 0.70 UNITS ISSUED BY REIT & INVIT
Units purchased cannot be assigned / transferred Gujarat State Petronet Ltd. Gas 0.67 Embassy Office Parks REIT Realty 0.82
/ pledged / redeemed / switched out until Sub Total 0.82
completion of 5 years from the date of allotment Tata Steel Ltd. Ferrous Metals 0.64
of Units under the Scheme. (Note: Exit Load may Bajaj Electricals Ltd. Consumer Durables 0.63 Cash,Cash Equivalents and Net Current Assets 12.90
apply. Please refer Page 104 to 113 for details. Grand Total
Gland Pharma Ltd. Pharmaceuticals & 100.00
Fresh investments by investors including SIP / STP
registrations, etc (effective June 2, 2018): Biotechnology 0.63 • Top Ten Holdings, £ Sponsor
Units purchased cannot be assigned / transferred CIE Automotive India Ltd Auto Components 0.61
/ pledged / redeemed / switched out until Sonata Software Ltd. IT - Software 0.55 Face Value per Unit: ` 10, + Industry Classification as
completion of 5 years from the date of allotment
of Units or Retirement Age of Unit holder (i.e. Bayer Cropscience Ltd Fertilizers & recommended by AMFI, Data is as of November 29, 2024 unless
completion of 60 years), whichever is earlier. Agrochemicals 0.54 otherwise specified.
(Note: No exit load) Kalpataru Projects International
Ltd Construction 0.54 ¥ Dedicated Fund Manager for Overseas Investments:
Bharat Electronics Ltd. Aerospace & Defense 0.53 Mr. Dhruv Muchhal (since June 22, 2023)
Balrampur Chini Mills Ltd. Agricultural Food & (Total Experience: Over 10 years).
Other Products 0.52
Goodyear India Ltd. Auto Components 0.52 Please refer Minimum Application Amount, Plans & Options, on
Mahindra & Mahindra Page no. 101 to 103.
Financial Services Ltd. Finance 0.52
Finolex Industries Ltd. Industrial Products 0.51 $$For further details, please refer to para ‘Exit Load’ on page
Redington Ltd. Commercial Services & no. 104.
Supplies 0.50
PVR LIMITED Entertainment 0.49
Cyient Ltd. IT - Services 0.47
Lumax Industries Ltd Auto Components 0.47
Equitas Small Finance Bank Ltd Banks 0.45

....Contd on next page

66 November 2024
.....Contd from previous page
HDFC Retirement Savings Fund - Hybrid Equity Plan CATEGORY OF SCHEME
(A notified Tax Savings Cum Pension Scheme) RETIREMENT FUND
[An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement
age (whichever is earlier)]

EXIT LOAD$$ :
Existing investments by investors including SIP / STP
registrations, etc (until June 1, 2018):
Exit Load (Upon completion of lock-in period of 5
years) Portfolio Portfolio
In respect of each purchase/switch-in of units offered Classification By Classification By
under the respective
Investment Plan(s):- Asset Class (%) Rating Class (%)
• An Exit Load of 1% is payable if Units are redeemed/
switched-out before completion of 60 years of age
• No Exit Load is payable if Units are redeemed /
switched-out on or after attainment of 60 years of
age. n Equity 70.75 n Equity 70.75
n Sovereign 9.81
Fresh investments by investors including SIP / STP n Units issued by ReIT 0.82 n
registrations, etc (effective June 2, 2018): Units issued by ReIT 0.82
Exit Load (Upon completion of lock-in period) Nil
n G-Sec 9.81 n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 3.18
n Credit Exposure 5.72 n AA+ 2.54
Note: No Exit Load shall be imposed for switching n Cash, Cash Equivalents and Net Current Assets 12.90
between Investment Plan(s) and Plans/Options within n Cash, Cash Equivalents and Net Current Assets 12.90
the Investment Plan(s), subject to completion of lock-
in period. Investors are requested to note that Switch
is treated as redemption and entails tax consequences.

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception SIP 5 year SIP 3 year SIP 1 year SIP
Industry Allocation of Equity Holding Total Amount Invested (` in Lacs) 10.60 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 21.74 9.60 4.74 1.28
(% of Net Assets)
Returns (%) 15.71 18.89 18.81 12.72
Benchmark Returns (%) # 13.12 14.13 13.47 9.51
Banks 21.22
Additional Benchmark Returns (%) ## 15.79 18.08 16.50 9.79
IT - Software 5.75 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Pharmaceuticals & Biotechnology 5.37 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 4.07
Auto Components 3.27
Petroleum Products 3.18
Construction 2.99 PERFORMANCE ^ - Regular Plan - Growth Option
Telecom - Services 2.57
Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Industrial Products 2.55 Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
Insurance 2.00 (`)##
Diversified Fmcg 1.81 Nov 30, 23 Last 1 Year 20.83 17.11 21.27 12,083 11,711 12,127
Consumer Durables 1.72
Nov 30, 21 Last 3 Years 14.97 11.18 13.76 15,196 13,743 14,723
Nov 29, 19 Last 5 Years 17.30 13.43 16.21 22,223 18,788 21,208
Commercial Services & Supplies 1.54
Feb 25, 16 Since Inception 16.43 13.90 16.67 37,942 31,289 38,653
Aerospace & Defense 1.52
Returns greater than 1 year period are compounded annualized (CAGR). Scheme performance may not strictly be comparable with that of its
Industrial Manufacturing 1.15 Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments. For
Power 1.11 performance of other schemes managed by Srinivasan Ramamurthy and Shobhit Mehrotra, please refer page 104. 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
Beverages 0.97 distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 109 to 115.
Realty 0.82
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
Personal Products 0.79 consideration for computation of performance.
Electrical Equipment 0.75
Transport Services 0.74
Gas 0.67
Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer
Ferrous Metals 0.64 Benchmark (This product is suitable for (Current risk as per latest month
Fertilizers & Agrochemicals 0.54 investors who are seeking ~) end portfolio)
Finance 0.52
Agricultural Food & Other Products 0.52 HDFC • A corpus to provide for pension in
Entertainment 0.49 Retirement the form of income to the extent
Savings of the redemption value of their
IT - Services 0.47
holding after the age of 60 years.
Capital Markets 0.45 Fund - Hybrid • Investment predominantly
Healthcare Services 0.42 Equity Plan in equity and equity related
Paper, Forest & Jute Products 0.38 instruments & balance in debt
Leisure Services 0.33 BENCHMARK : and money market instruments.
Chemicals & Petrochemicals 0.25 NIFTY 50 Hybrid
Composite Debt
0 10 20 30 40 65:35 Index

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 67
HDFC Retirement Savings Fund - Hybrid Debt Plan CATEGORY OF SCHEME
(A notified Tax Savings Cum Pension 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 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 achieved.

FUND MANAGER ¥ PORTFOLIO

Srinivasan Ramamurthy
(Equities) (since December 14, 2021) Company Industry+ / % to NAV % exposure Company Industry+ / % to NAV % exposure
Total Experience: Over 17 years Rating (Hedged & of Derivative Rating (Hedged & of Derivative
Shobhit Mehrotra Unhedged) Unhedged)
(Debt) (since February 26, 2016) EQUITY & EQUITY RELATED Insecticides (India) Ltd. Fertilizers &
Total Experience: Over 32 years Agrochemicals 0.20 0.00
• Tata Consultancy Services
Ltd. IT - Software 8.72 8.18 PVR LIMITED Entertainment 0.19 0.00
DATE OF ALLOTMENT / INCEPTION DATE • Larsen and Toubro Ltd. Construction 4.55 3.76 Popular Vehicles and
February 26, 2016 • Reliance Industries Ltd. Petroleum Services Limited Automobiles 0.10 0.00
Products 3.96 3.02 OCCL Limited Chemicals &
HDFC Bank Ltd.£ Banks 2.44 0.00 Petrochemicals 0.07 0.00
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) Oriental Carbon & Chemicals &
ICICI Bank Ltd. Banks 2.42 0.00 Chemicals Ltd. Petrochemicals 0.04 0.00
Regular Plan 20.8878
Direct Plan 23.3994 Infosys Limited IT - Software 1.15 0.00 Sub Total 38.74 0.00
Bharti Airtel Ltd. Telecom - Services 1.01 0.00 DEBT & DEBT RELATED
ASSETS UNDER MANAGEMENT State Bank of India Banks 1.01 0.00 Government Securities (Central/State)
As on November 29, 2024 Axis Bank Ltd. Banks 0.92 0.00
` 161.42 Cr. • 6.67 GOI 2050 Sovereign 8.94 0.00
ITC LIMITED Diversified Fmcg 0.89 0.00 • 6.19 GOI 2034 Sovereign 5.91 0.00
Average for Month of November 2024
` 161.71 Cr. ICICI Lombard General • 7.57 GOI 2033 Sovereign 4.87 0.00
Insurance Co Insurance 0.69 0.00
Transport Corporation of • 8.97 GOI 2030 Sovereign 3.76 0.00
QUANTITATIVE DATA
Residual Maturity * 8.02 years India Ltd. Transport Services 0.66 0.00 • 7.5 GOI 2034 Sovereign 3.25 0.00
Macaulay Duration * 4.94 years Dr Reddys Laboratories Pharmaceuticals 7.54 GOI 2036 Sovereign 0.10 0.00
Modified Duration * 4.73 years Ltd. & Biotechnology 0.56 0.00 Sub Total 26.83 0.00
Annualized Portfolio YTM# * 7.23% Maruti Suzuki India
#
semi annual YTM has been annualised. Limited Automobiles 0.55 0.00 Credit Exposure (Non Perpetual)
*Calculated on amount invested in debt securities • Mahindra Rural Housing
(including accrued interest), deployment of funds Vesuvius India Ltd. Industrial Products 0.50 0.00 Finance Ltd IND - AA+ 6.29 0.00
in TREPS and Reverse Repo and net receivable SBI Life Insurance
/ payable. Company Ltd. Insurance 0.45 0.00 Indian Railways Finance
Corp. Ltd. CRISIL - AAA 3.22 0.00
The Anup Engineering Industrial HDFC Bank Ltd.£ CRISIL - AAA 2.99 0.00
TOTAL EXPENSE RATIO (As on November 29, 2024) Limited Manufacturing 0.45 0.00
Including Additional Expenses and Goods and Service
Gujarat State Petronet Power Finance
Tax on Management Fees Ltd. Gas 0.44 0.00 Corporation Ltd. CRISIL - AAA 0.66 0.00
Regular: 2.14%Direct: 1.02% Voltamp Transformers Electrical Sub Total 13.16 0.00
Ltd. Equipment 0.44 0.00 Credit Exposure (Perpetual Bonds)
#BENCHMARK INDEX: Hindustan Aeronautics Aerospace & • TMF Holdings Ltd.
NIFTY 50 Hybrid Composite Debt 15:85 Index Limited Defense 0.42 0.00 (Subsidiary of Tata
Symphony Ltd. Consumer Motors Ltd.) (Perpetual) CRISIL - NA 6.16 0.00
##ADDL. BENCHMARK INDEX:
CRISIL 10 Year Gilt Index Durables 0.41 0.00 Sub Total 6.16 0.00
Torrent Pharmaceuticals Pharmaceuticals Total 46.15 0.00
LOCK-IN PERIOD Ltd. & Biotechnology 0.41 0.00
Cash,Cash Equivalents and Net Current Assets 15.11 0.00
Existing investments by investors including SIP / Bayer Cropscience Ltd Fertilizers &
STP registrations, etc (until June 1, 2018): Agrochemicals 0.39 0.00 Grand Total 100.00 14.96
Units purchased cannot be assigned / transferred
/ pledged / redeemed / switched out until United Spirits Limited Beverages 0.38 0.00 • Top Ten Holdings, £ Sponsor
completion of 5 years from the date of allotment
of Units under the Scheme. (Note: Exit Load may Balrampur Chini Mills Agricultural Food Outstanding exposure in derivative instruments (` in Crore) 24.15
apply. Please refer Page 104 to 113 for details. Ltd. & Other Products 0.36 0.00
Fresh investments by investors including SIP / STP Finolex Cables Ltd. Industrial Products 0.36 0.00 Hedged position in Equity & Equity related instruments
registrations, etc (effective June 2, 2018):
Units purchased cannot be assigned / transferred Hindustan Petroleum Petroleum Outstanding derivative exposure (% age) 14.96
/ pledged / redeemed / switched out until Corp. Ltd. Products 0.36 0.00
completion of 5 years from the date of allotment Face Value per Unit: ` 10, + Industry Classification as
of Units or Retirement Age of Unit holder (i.e. Gujarat Pipavav Port Ltd. Transport recommended by AMFI, Data is as of November 29, 2024 unless
completion of 60 years), whichever is earlier. Infrastructure 0.35 0.00 otherwise specified.
(Note: No exit load)
Kalpataru Projects ¥ Dedicated Fund Manager for Overseas Investments:
International Ltd Construction 0.35 0.00 Mr. Dhruv Muchhal (since June 22, 2023)
EXIT LOAD$$ : Alembic Pharmaceuticals Pharmaceuticals (Total Experience: Over 10 years).
Existing investments by investors including SIP / STP
registrations, etc (until June 1, 2018): Limited & Biotechnology 0.34 0.00
Exit Load (Upon completion of lock-in period of 5 Please refer Minimum Application Amount, Plans & Options, on
City Union Bank Ltd. Banks 0.33 0.00 Page no. 101 to 103.
years)
Power Grid Corporation
In respect of each purchase/switch-in of units offered of India Ltd. Power 0.33 0.00 $$For further details, please refer to para ‘Exit Load’ on page
under the respective no. 104.
Investment Plan(s):- Gateway Distriparks
• An Exit Load of 1% is payable if Units are redeemed/ Limited Transport Services 0.31 0.00
switched-out before completion of 60 years of age
• No Exit Load is payable if Units are redeemed / Global Health Limited Healthcare
switched-out on or after attainment of 60 years of Services 0.27 0.00
age.
Goodyear India Ltd. Auto Components 0.26 0.00
Fresh investments by investors including SIP / STP Vardhman Textiles Ltd. Textiles &
registrations, etc (effective June 2, 2018):
Exit Load (Upon completion of lock-in period) Nil Apparels 0.25 0.00
Note: No Exit Load shall be imposed for switching
Redington Ltd. Commercial
between Investment Plan(s) and Plans/Options within Services &
the Investment Plan(s), subject to completion of lock- Supplies 0.24 0.00
in period. Investors are requested to note that Switch Lumax Industries Ltd Auto Components 0.21 0.00
is treated as redemption and entails tax consequences.

NET EQUITY EXPOSURE:

23.78%

68 November 2024
.....Contd from previous page
HDFC Retirement Savings Fund - Hybrid Debt Plan CATEGORY OF SCHEME
(A notified Tax Savings Cum Pension Scheme) RETIREMENT FUND
[An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement
age (whichever is earlier)]

n Equity 38.74
n Equity 38.74 n Sovereign 26.83
n G-Sec 26.83 n AAA/AAA(SO)/A1+/
Portfolio n Credit Exposure 19.32 Portfolio
Classification By A1+(SO) & Equivalent 6.87
Classification By Cash, Cash n AA+ 6.29
Asset Class (%) Equivalents and Rating Class (%) n A+ & Below 6.16
n
Net Current n Cash, Cash Equivalents
Assets 15.11 and Net Current Assets 15.11

KEY FACTS
SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception SIP 5 year SIP 3 year SIP 1 year SIP
Total Amount Invested (` in Lacs) 10.60 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 15.58 7.60 4.20 1.26
Returns (%) 8.50 9.42 10.23 8.97
Benchmark Returns (%) # 8.65 8.41 8.98 8.79
Additional Benchmark Returns (%) ## 6.15 6.09 8.11 9.73
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 11.99 10.98 10.39 11,199 11,098 11,039
Nov 30, 21 Last 3 Years 8.14 7.25 5.56 12,646 12,335 11,762
Nov 29, 19 Last 5 Years 8.78 8.53 5.48 15,241 15,067 13,059
Feb 26, 16 Since Inception 8.77 9.24 6.62 20,888 21,705 17,539
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 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC • A corpus to provide for pension in

Retirement the form of income to the extent
Savings Fund of the redemption value of their
holding after the age of 60 years.
- Hybrid Debt • Investment predominantly in debt
Plan and money market instruments
& balance in equity and equity
BENCHMARK : related instruments.
NIFTY 50 Hybrid
Composite Debt
15:85 Index

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

November 2024 69
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 achieved.

FUND MANAGER PORTFOLIO

Anil Bamboli
(since July 30, 2012) Company Rating % to
Total Experience: Over 30 years NAV Face Value per Unit: ` 1,000, Data is as of November 29, 2024
DEBT & DEBT RELATED unless otherwise specified. N.A. Not Available
T-Bills ^^Calculated on all calendar days.
DATE OF ALLOTMENT / INCEPTION DATE Please refer Minimum Application Amount, Plans & Options, on
• 182 Days Tbill MAT 121224 Sovereign 1.97
February 06, 2002 • 182 Days TBill Mat 051224 Sovereign 1.15 Page no. 101 to 103.
$$For further details, please refer to para ‘Exit Load’ on page
• 364 Days TBill Mat 191224 Sovereign 0.41
NAV (AS ON NOVEMBER 30, 2024)^^ NAV PER UNIT (`) no. 104.
• 91 Days TBILL ISD 050924
Regular Plan - Growth Option 3674.0892 MAT 051224 Sovereign 0.41
Regular Plan - Daily IDCW Sub Total 3.94
Reinvestment Option 1042.8407
Direct Plan - Growth Option 3708.0259 Cash,Cash Equivalents and Net Current Assets 96.06
Direct Plan - Daily IDCW Grand Total 100.00
Reinvestment Option 1042.8433
• Top Ten Holdings
ASSETS UNDER MANAGEMENT
As on November 29, 2024
` 12,133.19 Cr.
Average for Month of November 2024 SIP PERFORMANCE ^ - Regular Plan - Growth Option
` 12,578.33 Cr. Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
QUANTITATIVE DATA Total Amount Invested (` in Lacs) 27.40 18.00 12.00 6.00 3.60 1.20
Residual Maturity * 2 days Mkt Value As on November 29, 2024 (` in Lacs) 56.89 28.26 15.70 6.89 3.96 1.24
Macaulay Duration * 2 days
Modified Duration * 2 days Returns (%) 5.92 5.75 5.25 5.50 6.34 6.51
Annualized Portfolio YTM# * 6.65% Benchmark Returns (%) # N.A. 5.92 5.42 5.70 6.52 6.67
#
semi annual YTM has been annualised. Additional Benchmark Returns (%) ## 6.19 6.36 6.06 6.01 6.96 7.62
*Calculated on amount invested in debt securities Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
(including accrued interest), deployment of funds accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
in TREPS and Reverse Repo and net receivable simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. SIP facility
/ payable. in the Scheme has been made available from November 12, 2020.

TOTAL EXPENSE RATIO (As on November 29, 2024) PERFORMANCE ^ - Regular Plan - Growth Option
Including Additional Expenses and Goods and Service
Tax on Management Fees Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Regular: 0.19%Direct: 0.10% Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
#BENCHMARK INDEX: Nov 23, 24 Last 7 days 6.46 6.69 8.48 10,012 10,013 10,016
CRISIL Liquid Overnight Index Nov 15, 24 Last 15 days 6.35 6.58 7.69 10,026 10,027 10,032
##ADDL. BENCHMARK INDEX: Oct 31, 24 Last 1 Month 6.22 6.44 7.50 10,051 10,053 10,062
CRISIL 1 year T-Bill Index Nov 30, 23 Last 1 Year 6.58 6.74 7.56 10,660 10,676 10,758
Nov 30, 21 Last 3 Years 5.79 5.99 6.08 11,842 11,909 11,938
Nov 29, 19 Last 5 Years 4.75 4.95 5.53 12,617 12,736 13,091
EXIT LOAD$$ :
Nov 30, 14 Last 10 Years 5.53 5.69 6.38 17,135 17,401 18,567
Nil Feb 06, 02 Since Inception 5.87 NA 5.99 36,741 NA 37,746
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 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.

Portfolio Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer
Benchmark (This product is suitable for (Current risk as per latest month
Classification By
Asset Class (%) investors who are seeking ~) end portfolio)

HDFC • Regular income over short term

Overnight that may be in line with the
Fund overnight call rates
• To generate returns by investing
n T-Bills 3.94 in debt and money market
BENCHMARK
n Cash, Cash Equivalents and Net Current Assets 96.06 instruments with overnight
: CRISIL Liquid
Overnight Index maturity

Potential Risk Class (Maximum risk the Scheme can take)

Portfolio
Classification By Credit Risk → Relatively Low Moderate Relatively High
Rating Class (%) Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Relatively Low (Class I) A-I
Moderate (Class II)
n Sovereign 3.94 Relatively High (Class III)
n Cash, Cash Equivalents and Net Current Assets 96.06 A-I - A Scheme with Relatively Low Interest Rate Risk and Relatively Low Credit Risk.
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

70 November 2024
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
Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Anupam Joshi
(since October 27, 2015) Company Rating % to Company Rating % to
Total Experience: Over 18 years NAV NAV
DEBT & DEBT RELATED Godrej Consumer Products Ltd. CRISIL - A1+ 1.10
Swapnil Jangam SBICap Securities Limited CRISIL - A1+ 1.09
(since October 6, 2022) Government Securities (Central/State)
Total Experience: Over 14 years • 6.89 GOI 2025 Sovereign 4.49 Cholamandalam Investment &
5.77% Gujarat SDL - Mat 120125 Sovereign 0.14 Finance Co. Ltd. CRISIL - A1+ 0.98
7.26% Karnataka SDL Mat 040125 Sovereign 0.07 Tata Communications Limited CRISIL - A1+ 0.97
8.08% Bihar SDL - Mat 280125 Sovereign 0.07 Mahindra & Mahindra Financial
DATE OF ALLOTMENT / INCEPTION DATE 8.08% Telangana SDL - Mat Services Ltd. CRISIL - A1+ 0.69
October 17, 2000 250225 Sovereign 0.07 Bajaj Finance Ltd. CRISIL - A1+ 0.68
GOI STRIPS - Mat 121224 Sovereign 0.04 CanFin Homes Ltd. CARE - A1+ 0.68
GOI STRIPS - Mat 171224 Sovereign 0.01 Kotak Securities Ltd. CRISIL - A1+ 0.68
NAV (AS ON NOVEMBER 30, 2024)^^ NAV PER UNIT (`) GOI STRIPS - Mat 191224 Sovereign 0.01 Tata Consumer Products Limited CARE - A1+ 0.68
Regular Plan - Growth Option 4921.8625 Sub Total 4.90 TATA Housing Development Co Ltd. CARE - A1+ 0.68
Regular Plan - Daily IDCW T-Bills UltraTech Cement Limited CRISIL - A1+ 0.68
Reinvestment Option 1020.0067 • 91 Days TBill ISD 041024 Mat Tata Teleservices Ltd. CRISIL - A1+ 0.64
Regular Plan - Weekly IDCW Option 1031.9533 030125 Sovereign 3.08 SMFG India Credit Company Ltd CARE - A1+ 0.61
Regular Plan - Monthly IDCW Option 1027.2195 91 Days Tbill MAT 210225 Sovereign 1.65 Mirae Asset Capital Markets (India)
Direct Plan - Growth Option 4972.4768 91 Days Tbill MAT 270225 Sovereign 1.36 Pvt Ltd. CRISIL - A1+ 0.61
Direct Plan - Daily IDCW 1020.0092 Sikka Port and Terminal Ltd.
Reinvestment Option 364 Days Tbill MAT 230125 Sovereign 0.68
91 Days TBILL ISD 050924 MAT (erstwhile Reliance Ports and
Direct Plan - Weekly IDCW Option 1031.9663 Terminals Ltd.) CRISIL - A1+ 0.54
Direct Plan - Monthly IDCW Option 1027.2325 051224 Sovereign 0.67
91 Days Tbill Mat ISD 101024 Mat Barclays Invest & Loans (India) Ltd. CRISIL - A1+ 0.47
090125 Sovereign 0.66 Infina Finance Pvt. Ltd. CRISIL - A1+ 0.41
ASSETS UNDER MANAGEMENT J 182 Days Tbill MAT 020125 Sovereign 0.53 Reliance Industries Ltd. CRISIL - A1+ 0.41
As on November 29, 2024 91 Days Tbill MAT 230125 Sovereign 0.48 Reliance Jio Infocomm Ltd. CRISIL - A1+ 0.41
` 72,653.30 Cr. 182 Day Tbill Mat 191224 Sovereign 0.45 Bharti Telecom Limited CRISIL - A1+ 0.38
Average for Month of November 2024 182 Days Tbill MAT 261224 Sovereign 0.44 Aditya Birla Money Limited CRISIL - A1+ 0.28
` 72,003.59 Cr. 364 Days TBill Mat 090125 Sovereign 0.41 ONGC Petro additions Ltd. (OPAL)
182 Days Tbill MAT 121224 Sovereign 0.31 (Put on ONGC Ltd.) CRISIL - A1+ 0.27
364 Days TBill Mat 130225 Sovereign 0.29 Toyota Financial Services India Ltd. CRISIL - A1+ 0.27
QUANTITATIVE DATA
Residual Maturity * 42 days 364 Days TBill Mat 270225 Sovereign 0.24 Standard Chartered Capital Limited CRISIL - A1+ 0.20
Macaulay Duration * 41 days 364 Days TBill Mat 191224 Sovereign 0.21 Aditya Birla Finance Ltd. ICRA - A1+ 0.14
Modified Duration * 38 days 364 Days Tbill Mat 020125 Sovereign 0.12 CNH Industrial Capital (India)
Annualized Portfolio YTM# * 7.06% Private Limited CRISIL - A1+ 0.14
364 Days TBill Mat 200225 Sovereign 0.07
#
semi annual YTM has been annualised. LIC Housing Finance Ltd. CRISIL - A1+ 0.14
91 Day Tbill Mat 121224 Sovereign 0.04
*Calculated on amount invested in debt securities Tata Teleservices (Maharashtra)
182 Days TBill Mat 051224 Sovereign 0.03 Ltd. CRISIL - A1+ 0.03
(including accrued interest), deployment of funds 182 Days Tbill MAT 230125 Sovereign 0.01 Sub Total 37.00
in TREPS and Reverse Repo and net receivable 182 Days Tbill MAT 300125 Sovereign 0.01 CD
/ payable. Sub Total 11.74 • Punjab National Bank ICRA - A1+ / IND
Credit Exposure (Non Perpetual) - A1+ 9.66
National Bank for Agri & Rural Dev. CRISIL - AAA / ICRA • State Bank of India CRISIL - A1+ / IND
TOTAL EXPENSE RATIO (As on November 29, 2024) - AAA 1.83
Including Additional Expenses and Goods and Service - A1+ 6.86
Tax on Management Fees
Cholamandalam Investment & • Bank of Baroda IND - A1+ 6.78
Finance Co. Ltd. ICRA - AA+ 0.61 • Canara Bank CRISIL - A1+ / ICRA
Regular: 0.29%Direct: 0.20% HDFC Bank Ltd.£ CRISIL - AAA 0.59 - A1+ 4.09
Aditya Birla Finance Ltd. ICRA - AAA 0.55 • Axis Bank Ltd. CRISIL - A1+ 3.40
National Housing Bank CRISIL - AAA 0.41 Small Industries Development
#BENCHMARK INDEX: Axis Bank Ltd. CRISIL - AAA 0.41 Bank CARE - A1+ 2.73
CRISIL Liquid Debt A-I Index John Deere Financial India Pvt. Ltd. CRISIL - AAA 0.38 Indian Bank CRISIL - A1+ 2.03
##ADDL. BENCHMARK INDEX: Small Industries Development IDBI Bank Limited CRISIL - A1+ 1.09
CRISIL 1 year T-Bill Index Bank CARE - AAA 0.38 Punjab & Sind Bank ICRA - A1+ 0.34
Bharti Telecom Limited CRISIL - AA+ 0.34 National Bank for Agri & Rural Dev. CRISIL - A1+ 0.14
Larsen and Toubro Ltd. CRISIL - AAA 0.29 Kotak Mahindra Bank Limited CRISIL - A1+ 0.03
EXIT LOAD$$ : LIC Housing Finance Ltd. CRISIL - AAA 0.25
• On investments made on or before October 19, 2019: Sub Total 37.15
NIL REC Limited. CRISIL - AAA 0.22 Total 74.15
• On investments (including through existing systematic L&T Finance Ltd. CRISIL - AAA 0.14 Alternative Investment Fund Units
plan registrations) made on or after October 20, SBI CARDS AND PAYMENT SERVICES
2019, as follows: Corporate Debt Market Development Fund 0.21
LIMITED CRISIL - AAA 0.14 Sub Total 0.21
Units redeemed / Exit load as a Kotak Mahindra Prime Ltd. CRISIL - AAA 0.13 Cash,Cash Equivalents and Net Current Assets 2.05
switched-out within “X” % of UltraTech Cement Limited CRISIL - AAA 0.10 Grand Total 100.00
days from the date of redemption Sundaram Finance Ltd. ICRA - AAA 0.08
allotment proceeds Power Finance Corporation Ltd. CRISIL - AAA 0.07 • Top Ten Holdings
Export - Import Bank of India CRISIL - AAA 0.03
Day 1 0.0070% Sub Total 6.95 Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP -
Total 23.59 Commercial Papers. Data is as of November 29, 2024 unless
Day 2 0.0065%
MONEY MARKET INSTRUMENTS otherwise specified.
Day 3 0.0060%
Day 4 0.0055% CP ¥ Dedicated Fund Manager for Overseas Investments:
Day 5 0.0050% • Reliance Retail ventures Ltd. CRISIL - A1+ 3.69 Mr. Dhruv Muchhal (since June 22, 2023)
Day 6 0.0045%
• Small Industries Development (Total Experience: Over 10 years).
Bank CARE - A1+ 3.43 J Includes investments made by the schemes of HDFC Mutual Fund
Day 7 onwards Nil
• National Bank for Agri & Rural Dev. CRISIL - A1+ 3.38 aggregating to ` 793.29 Crores.
Panatone Finvest Ltd. CRISIL - A1+ 2.62
Tata Motors Finance Ltd. CARE - A1+ 1.90 ^^Calculated on all calendar days.
Tata Steel Ltd. ICRA - A1+ 1.51 Please refer Minimum Application Amount, Plans & Options, on
ICICI Securities Ltd CRISIL - A1+ 1.50 Page no. 101 to 103.
Bajaj Financial Securities Limited CRISIL - A1+ 1.37
Export - Import Bank of India CRISIL - A1+ 1.37 $$For further details, please refer to para ‘Exit Load’ on page
Titan Company Ltd. ICRA - A1+ 1.37 no. 104.

....Contd on next page

November 2024 71
.....Contd from previous page

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
Classification By Classification By
Asset Class (%) Rating Class (%)

n Sovereign 16.64
n G-Sec, G-Sec STRIPS, SDL, T-Bills 16.64 n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 80.15
n CP 37.00 n AA+ 0.95
n CD 37.15 n Alternative Investment Fund Units 0.21
n Credit Exposure 6.95 n Cash, Cash Equivalents and Net Current Assets 2.05
n Alternative Investment Fund Units 0.21
n Cash, Cash Equivalents and Net Current Assets 2.05

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 29.00 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 70.95 30.02 16.20 6.97 4.00 1.25
Returns (%) 6.75 6.50 5.85 5.96 6.90 7.24
Benchmark Returns (%) # N.A. 6.51 5.95 6.09 6.97 7.24
Additional Benchmark Returns (%) ## 6.18 6.36 6.06 6.01 6.96 7.62
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. SIP facility
in the Scheme has been made available from November 12, 2020.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns BenchmarkScheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 23, 24 Last 7 days 6.60 6.88 8.48 10,013 10,013 10,016
Nov 15, 24 Last 15 days 6.59 6.71 7.69 10,027 10,028 10,032
Oct 31, 24 Last 1 Month 6.78 6.85 7.50 10,056 10,056 10,062
Nov 30, 23 Last 1 Year 7.34 7.32 7.56 10,736 10,734 10,758
Nov 30, 21 Last 3 Years 6.24 6.36 6.08 11,992 12,035 11,938
Nov 30, 19 Last 5 Years 5.22 5.38 5.53 12,901 12,999 13,089
Nov 30, 14 Last 10 Years 6.26 6.30 6.38 18,356 18,432 18,567
Oct 17, 00 Since Inception 6.83 NA 6.26 49,219 NA 43,301
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 104. 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 109 to 115.

^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.

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.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Liquid • Regular income over short term

Fund • To generate income through
a portfolio comprising money
BENCHMARK market and debt instruments
: CRISIL Liquid
Debt A-I Index

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Relatively Low (Class I) B-I
Moderate (Class II)
Relatively High (Class III)
B-I - A Scheme with Relatively Low Interest Rate Risk and Moderate Credit Risk.
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

72 November 2024
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 achieved.

FUND MANAGER ¥ PORTFOLIO

Anil Bamboli
(since September 25, 2018) Issuer Rating % to NAV Issuer Rating % to NAV
Total Experience: Over 30 years DEBT & DEBT RELATED Small Industries Development Bank CARE - A1+ 2.64
Praveen Jain Government Securities (Central/State) Birla Group Holdings Pvt. Ltd. CRISIL - A1+ 2.15
(since August 31, 2024) 7.52% Gujarat SDL - Mat 080325 Sovereign 1.01 ICICI Securities Ltd CRISIL - A1+ 1.97
Total Experience: Over 19 years GOI STRIPS - Mat 161224 Sovereign 0.61 Julius Baer Capital (India) Pvt. Ltd. CRISIL - A1+ 1.31
GOI STRIPS - Mat 151224 Sovereign 0.37 SHAREKHAN LIMITED CARE - A1+ / CRISIL - A1+ 1.26
DATE OF ALLOTMENT / INCEPTION DATE 8.06% Andhra Pradesh SDL - Mat 250225 Sovereign 0.34 Export - Import Bank of India CRISIL - A1+ 1.25
8.06% Rajasthan SDL Mat 110225 Sovereign 0.34 Cholamandalam Investment & Finance
September 25, 2018 GOI STRIPS - Mat 191224 Sovereign 0.27 Co. Ltd. CRISIL - A1+ 1.16
8.39% Rajasthan SDL UDAY - Mat 150325 Sovereign 0.25 Larsen and Toubro Ltd. CRISIL - A1+ 1.00
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) 8.02% Tamil Nadu SDL UDAY - Mat Panatone Finvest Ltd. CRISIL - A1+ 1.00
Regular Plan - Growth Option 14.5138 220325 Sovereign 0.20 BROOKFIELD INDIA REAL ESTATE TRUST CRISIL - A1+ 0.70
Regular Plan - Daily IDCW GOI STRIPS - Mat 120325 Sovereign 0.20 HSBC InvestDirect Financial Services
Reinvestment Option 10.1030 7.89% Gujarat SDL - Mat 150525 Sovereign 0.17 (India) Ltd. CRISIL - A1+ 0.69
Regular Plan - Weekly IDCW Option 10.0563 8.21% Rajasthan SDL UDAY - Mat 310325 Sovereign 0.13 Infina Finance Pvt. Ltd. CRISIL - A1+ 0.50
Regular Plan - Monthly IDCW Option 10.1564 8.10% Tamil Nadu SDL - Mat 110325 Sovereign 0.07 Bahadur Chand Investments Pvt. Ltd. CARE - A1+ 0.33
Direct Plan - Growth Option 14.7987 Motilal Oswal Finvest Limited CRISIL - A1+ 0.33
Direct Plan - Daily IDCW 10.0920 8.21% Haryana SDL Uday - Mat 310325 Sovereign 0.01
Sub Total 3.97 Tata Projects Ltd. CRISIL - A1+ 0.33
Reinvestment Option Sub Total 16.62
Direct Plan - Weekly IDCW Option 10.0566 T-Bills
Direct Plan - Monthly IDCW Option 10.0567 182 Day Tbill ISD 290824 Mat 270225 Sovereign 1.98 CD
182 Days Tbill MAT 300125 Sovereign 1.33 • Punjab National Bank CARE - A1+ / ICRA - A1+ /
ASSETS UNDER MANAGEMENT IND - A1+ 4.62
182 Days Tbill MAT 090125 Sovereign 1.00
As on November 29, 2024 • Canara Bank CRISIL - A1+ 4.29
182 Days Tbill ISD 050924 Mat 060325 Sovereign 0.99
` 14,890.27 Cr. 182 Days TBill Mat 051224 Sovereign 0.34
• Union Bank of India CRISIL - A1+ / IND - A1+ 4.11
Average for Month of November 2024 • IDFC First Bank Limited CRISIL - A1+ 4.09
364 Days TBill Mat 060225 Sovereign 0.33
` 14,844.77 Cr. 364 DAYS T-BILL MAT 051224 Sovereign 0.17
• Bank of Baroda CRISIL - A1+ / IND - A1+ 3.96
• Axis Bank Ltd. CRISIL - A1+ 3.37
QUANTITATIVE DATA Sub Total 6.14 Au Small Finance Bank Ltd. CRISIL - A1+ / IND - A1+ 2.57
Residual Maturity * 192 days Credit Exposure (Non Perpetual) The Federal Bank Ltd. CRISIL - A1+ 1.42
Macaulay Duration * 182 days • Small Industries Development Bank CARE - AAA / CRISIL - AAA 5.09
Modified Duration * 170 days Bank of India CRISIL - A1+ 0.66
Annualized Portfolio YTM# * 7.52% • National Bank for Agri & Rural Dev. CRISIL - AAA / ICRA - AAA 4.57 Indian Bank CRISIL - A1+ 0.66
#
semi annual YTM has been annualised. • Power Finance Corporation Ltd. CRISIL - AAA 3.80 Indusind Bank Ltd. CRISIL - A1+ 0.62
*Calculated on amount invested in debt securities • REC Limited. CRISIL - AAA / ICRA - AAA 3.32
(including accrued interest), deployment of funds in ICICI Bank Ltd. ICRA - A1+ 0.48
India Universal Trust AL2 CRISIL - AAA(SO) 2.35 Sub Total 30.85
TREPS and Reverse Repo and net receivable / payable.
LIC Housing Finance Ltd. CRISIL - AAA 1.77 Total 47.47
TOTAL EXPENSE RATIO (As on November 29, 2024) Bharti Telecom Limited CRISIL - AA+ 1.55 Alternative Investment Fund Units
Including Additional Expenses and Goods and Service Housing and Urban Development
Tax on Management Fees Corporation Ltd. CARE - AAA 1.34 Corporate Debt Market Development Fund 0.24
Embassy Office Parks REIT CRISIL - AAA 1.31 Sub Total 0.24
Regular: 0.69%Direct: 0.37% Cash,Cash Equivalents and Net Current Assets 4.26
Muthoot Finance Ltd. CRISIL - AA+ / ICRA - AA+ 1.25
CanFin Homes Ltd. CARE - AAA / ICRA - AA+ 1.20 Grand Total 100.00
SMFG India Credit Company Ltd ICRA - AAA 1.14 • Top Ten Holdings
#BENCHMARK INDEX:
CRISIL Ultra Short Duration Debt A-I Index Godrej Industries Ltd. CRISIL - AA+ 1.07
Bajaj Housing Finance Ltd. CRISIL - AAA 1.01 Outstanding exposure in derivative
##ADDL. BENCHMARK INDEX: instruments Interest Rate Swap (` in Crore) 175.00
VAJRA 009 TRUST ICRA - AAA(SO) 1.01
CRISIL 1 year T-Bill Index
Sikka Port and Terminal Ltd. (erstwhile Face Value per Unit: ` 10, CD - Certificate of Deposit; CP - Commercial
Reliance Ports and Terminals Ltd.) CRISIL - AAA 0.90 Papers. Data is as of November 29, 2024 unless otherwise specified.
EXIT LOAD$$ :
SMFG India Home Finance Company Ltd CARE - AAA 0.84
Nil Export - Import Bank of India CRISIL - AAA 0.67
¥ Dedicated Fund Manager for Overseas Investments:
Mr. Dhruv Muchhal (since June 22, 2023)
TATA Capital Housing Finance Ltd. CRISIL - AAA 0.51 (Total Experience: Over 10 years).
TATA Housing Development Co Ltd. CARE - AA 0.50 Please refer Minimum Application Amount, Plans & Options, on
MANKIND PHARMA LIMITED CRISIL - AA+ 0.37 Page no. 101 to 103.
HDB Financial Services Ltd. CRISIL - AAA 0.34 $$For further details, please refer to para ‘Exit Load’ on page
Portfolio Titan Company Ltd. CRISIL - AAA 0.34
Classification By no. 104.
L&T Metro Rail (Hyderabad) Ltd CRISIL - AAA(CE) 0.33
Asset Class (%) Mahindra Rural Housing Finance Ltd IND - AA+ 0.33
Vajra 004 Trust CRISIL - AAA(SO) 0.27
Vajra 006 Trust ICRA - AAA(SO) 0.26
Jamnagar Utilities & Power Pvt. Ltd.
n G-Sec STRIPS, SDL, T-Bills 10.11 (erstwhile Reliance Utilities & Power
Pvt. Ltd.) CRISIL - AAA 0.21
n Securitized Debt Instruments 3.89 HDFC Bank Ltd.£ CRISIL - AAA 0.17
n CP 16.62 Power Grid Corporation of India Ltd. CRISIL - AAA 0.07
n CD 30.85 National Housing Bank CRISIL - AAA 0.03
n Credit Exposure 34.03 Sub Total 37.92
n Alternative Investment Fund Units 0.24 Total 48.03
n Cash, Cash Equivalents and Net Current Assets 4.26 MONEY MARKET INSTRUMENTS
CP

Portfolio
Classification By SIP PERFORMANCE ^ - Regular Plan - Growth Option
Rating Class (%) Since Inception SIP 5 year SIP 3 year SIP 1 year SIP
Total Amount Invested (` in Lacs) 7.50 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 9.08 6.99 3.99 1.25
Returns (%) 6.03 6.08 6.88 7.31
n Sovereign 10.11 Benchmark Returns (%) # 6.30 6.40 7.25 7.56
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 79.82
n AA+ 5.07 Additional Benchmark Returns (%) ## 5.94 6.01 6.96 7.62
n AA/AA- 0.50 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
n Alternative Investment Fund Units 0.24 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 4.26

November 2024 73
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]

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 7.39 7.64 7.56 10,739 10,764 10,756
Nov 30, 21 Last 3 Years 6.17 6.58 6.08 11,968 12,106 11,936
Nov 29, 19 Last 5 Years 5.71 5.88 5.52 13,203 13,308 13,089
Sep 25, 18 Since Inception 6.21 6.36 6.09 14,514 14,643 14,411
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anil Bamboli and
Praveen Jain, please refer page 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns.
Load is not taken into consideration for computation of performance.
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.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Ultra • Income over short term

Short Term • Income/capital appreciation
Fund through investment in debt
securities and money market
BENCHMARK instruments
: CRISIL Ultra
Short Duration
Debt A-I Index

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Relatively Low (Class I)
Moderate (Class II) B-II
Relatively High (Class III)
B-II - A Scheme with Moderate Interest Rate Risk and Moderate Credit Risk.

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

74 November 2024
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
investment objective of the Scheme will be achieved.
FUND MANAGER ¥
Anupam Joshi PORTFOLIO
(since October 27, 2015)
Total Experience: Over 18 years
Issuer Rating % to NAV Issuer Rating % to NAV
Praveen Jain DEBT & DEBT RELATED Kotak Mahindra Investments
(since October 6, 2022)
Total Experience: Over 19 years Government Securities (Central/State) Ltd. CRISIL - AAA 0.38
• Floating Rate GOI 2033 Sovereign 6.95 Tata Capital Ltd. CRISIL - AAA 0.32
• GOI 2031 Sovereign 2.75 Kotak Mahindra Prime Ltd. CRISIL - AAA 0.30
DATE OF ALLOTMENT / INCEPTION DATE • GOI 2028 Sovereign 2.72 Housing and Urban
November 18, 1999 6.82% Bihar SDL - ISD 140721 Development Corporation Ltd. CARE - AAA 0.28
Mat 140728 Sovereign 0.51 Export - Import Bank of India CRISIL - AAA 0.27
8.21% Haryana UDAY SDL - Mat JM FINANCIAL HOME LOANS
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) LIMITED CRISIL - AA 0.27
310326 Sovereign 0.14
Regular Plan - Growth Option 55.2229 7.90% Tamil Nadu SDL UDAY - Jamnagar Utilities & Power
Regular Plan - Daily IDCW Mat 220327 Sovereign 0.02 Pvt. Ltd. (erstwhile Reliance
Reinvestment Option 10.1428 Utilities & Power Pvt. Ltd.) CRISIL - AAA 0.26
Regular Plan - Weekly IDCW Option 10.0781 GOI STRIPS - Mat 170627 Sovereign 0.02
Regular Plan - Monthly IDCW Option 10.1436 GOI STRIPS - Mat 171226 Sovereign 0.02 TVS Credit Services Ltd ICRA - AA 0.25
Direct Plan - Growth Option 59.6867 GOI STRIPS - Mat 171227 Sovereign 0.02 JM Financial Asset
Direct Plan - Daily IDCW 10.0655 7.84% Maharashtra SDL MAT Reconstruction Co. Ltd. ICRA - AA- 0.24
Reinvestment Option 130726 Sovereign 0.01 Nuvoco Vistas Corporation Ltd.
Direct Plan - Weekly IDCW Option 10.0643 Sub Total 13.16 (100% subsidiary of Nirma Ltd.
Direct Plan - Monthly IDCW Option 10.1468 Credit Exposure (Non & erstwhile Lafarge India Ltd.) CRISIL - AA 0.24
Perpetual) Nomura Capital India Pvt. Ltd. IND - AAA 0.14
ASSETS UNDER MANAGEMENT J
• Small Industries Development CARE - AAA / Godrej Industries Ltd. CRISIL - AA+ 0.13
As on November 29, 2024 Bank CRISIL - AAA 8.82 Indian Railways Finance Corp.
` 18,496.96 Cr. • REC Limited. CARE - AAA / Ltd. CRISIL - AAA 0.13
Average for Month of November 2024 CRISIL - AAA / ICRA HDFC Bank Ltd.£ CRISIL - AAA 0.03
` 17,846.64 Cr. - AAA 8.64 Sub Total 73.93
• National Bank for Agri & CRISIL - AAA / ICRA Total 87.09
QUANTITATIVE DATA Rural Dev. - AAA 8.52 MONEY MARKET
Residual Maturity * 1.95 years • Power Finance Corporation Ltd. CRISIL - AAA 8.44 INSTRUMENTS
Macaulay Duration * 0.96 year • HDB Financial Services Ltd. CRISIL - AAA 5.07 CP
Modified Duration * 0.90 year • LIC Housing Finance Ltd. CRISIL - AAA 3.90 Tata Teleservices
Annualized Portfolio YTM# * 7.80% Titan Company Ltd. CRISIL - AAA 2.70 (Maharashtra) Ltd. CRISIL - A1+ 1.76
#
semi annual YTM has been annualised. ADITYA BIRLA RENEWABLES Sub Total 1.76
*Calculated on amount invested in debt securities LIMITED CRISIL - AA 2.04 CD
(including accrued interest), deployment of funds in Bajaj Housing Finance Ltd. CRISIL - AAA 1.75 • Indusind Bank Ltd. CRISIL - A1+ 2.84
TREPS and Reverse Repo and net receivable / payable. National Housing Bank CRISIL - AAA 1.72 Bank of India CRISIL - A1+ 1.52
India Universal Trust AL2 CRISIL - AAA(SO) 1.50 IDFC First Bank Limited CRISIL - A1+ 1.39
TOTAL EXPENSE RATIO (As on November 29, 2024) Sansar Trust July 2023 II CRISIL - AAA(SO) 1.45 The Federal Bank Ltd. CRISIL - A1+ 1.25
Including Additional Expenses and Goods and Service Indus Towers Limited CRISIL - AA+ 1.35 Union Bank of India IND - A1+ 0.27
Tax on Management Fees SMFG India Credit Company Ltd ICRA - AAA 1.35 Sub Total 7.27
Regular: 1.04%Direct: 0.45% Mahindra Rural Housing Total 9.03
Finance Ltd CRISIL - AAA 1.27 Alternative Investment Fund Units
Dhruva XXIV ICRA - AAA(SO) 1.06 Corporate Debt Market Development Fund 0.26
#BENCHMARK INDEX: Bharti Telecom Limited CRISIL - AA+ 1.03 Sub Total 0.26
Nifty Low Duration Debt Index A-I Sundaram Home Finance CRISIL - AAA / ICRA Cash,Cash Equivalents and Net Current Assets 3.62
##ADDL. BENCHMARK INDEX: Limited - AAA 0.94 Grand Total 100.00
CRISIL 1 year T-Bill Index ONGC Petro additions Ltd. CARE - AAA(CE) /
(OPAL) (Put on ONGC Ltd.) CRISIL - AA 0.82 • Top Ten Holdings, £ Sponsor
EXIT LOAD$$ : Arka Fincap Limited CRISIL - AA 0.81
Embassy Office Parks REIT CRISIL - AAA 0.81 Outstanding exposure in derivative
Nil instruments Interest Rate Swap (` in Crore) 800.00
TATA Capital Housing Finance
Ltd. CRISIL - AAA 0.80 Face Value per Unit: ` 10, CD - Certificate of Deposit; CP - Commercial Papers. Data
Mahindra & Mahindra is as of November 29, 2024 unless otherwise specified.
Financial Services Ltd. CRISIL - AAA 0.70 ¥ Dedicated Fund Manager for Overseas Investments:
TMF Holdings Ltd. (Subsidiary Mr. Dhruv Muchhal (since June 22, 2023) (Total Experience: Over 10 years).
Portfolio of Tata Motors Ltd.) CRISIL - AA+ 0.66 J Includes investments made by the schemes of HDFC Mutual Fund aggregating
Classification By JM Financial Credit Solutions to ` 195.81 Crores.
Asset Class (%) Ltd. ICRA - AA 0.55 Please refer Minimum Application Amount, Plans & Options, on Page no. 101 to 103.
Motilal Oswal Finvest Limited CRISIL - AA 0.54
SMFG India Home Finance $$For further details, please refer to para ‘Exit Load’ on page no. 104.
Company Ltd CARE - AAA 0.54
Tata Projects Ltd. IND - AA 0.46
MANGALORE REFINERY AND
n G-Sec, G-Sec STRIPS, SDL 13.16 PETROCHEMICA CARE - AAA 0.45
n Securitized Debt Instruments 4.01 JM Financial Products Ltd. ICRA - AA 0.41
n CP 1.76 Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.41
n CD 7.27 Axis Finance Ltd. IND - AAA 0.40
n Credit Exposure 69.92 Kalpataru Projects
n Alternative Investment Fund Units 0.26 International Ltd CRISIL - AA 0.40
n Cash, Cash Equivalents and Net Current Assets 3.62 Cholamandalam Investment &
Finance Co. Ltd. ICRA - AA+ 0.38

Portfolio
SIP PERFORMANCE ^ - Regular Plan - Growth Option
Classification By
Since Inception 15 year 10 year 5 year 3 year 1 year
Rating Class (%) SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 30.10 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 78.91 30.92 16.69 7.01 4.00 1.25
Returns (%) 6.96 6.86 6.43 6.18 6.89 7.41
n Sovereign 13.16 Benchmark Returns (%) # N.A. 6.97 6.36 6.17 7.10 7.60
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 72.52 Additional Benchmark Returns (%) ## 6.19 6.36 6.06 6.01 6.96 7.62
n AA+ 3.55 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
n AA/AA- 6.89 accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
n Alternative Investment Fund Units 0.26 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 3.62
November 2024 75
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]

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 7.42 7.57 7.56 10,742 10,757 10,756
Nov 30, 21 Last 3 Years 6.05 6.25 6.08 11,927 11,994 11,936
Nov 29, 19 Last 5 Years 6.01 5.69 5.52 13,394 13,193 13,089
Nov 28, 14 Last 10 Years 6.74 6.78 6.38 19,213 19,293 18,572
Nov 18, 99 Since Inception 7.06 NA 6.34 55,223 NA 46,592
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by
Anupam Joshi and Praveen Jain, please refer page 104. 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 109 to 115.

^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.

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.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Low • Income over short term.

Duration • To generate income / capital
Fund appreciation through investment
in debt securities and money
BENCHMARK market instruments
: Nifty Low
Duration Debt
Index A-I

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) B-III
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

76 November 2024
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
Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Praveen Jain
(since August 31, 2024)
Total Experience: Over 19 years Issuer Rating % to Issuer Rating % to
NAV NAV
DEBT & DEBT RELATED Infina Finance Pvt. Ltd. CRISIL - A1+ 0.65
DATE OF ALLOTMENT / INCEPTION DATE Government Securities (Central/State) Aditya Birla Finance Ltd. ICRA - A1+ 0.55
November 18, 1999 8.10% Uttar Pradesh SDL Mat Aarti Industries Ltd. CRISIL - A1+ 0.37
280125 Sovereign 0.90 AXIS Securities Limited CRISIL - A1+ 0.37
8.09% Andhra Pradesh SDL MAT Bahadur Chand Investments Pvt.
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) 280125 Sovereign 0.80 Ltd. CARE - A1+ 0.37
Regular Plan - Growth Option 5464.0490 7.38% Madhya Pradesh SDL Mat Barclays Invest & Loans (India) Ltd. CRISIL - A1+ 0.37
Regular Plan - Daily IDCW 150325 Sovereign 0.75 Muthoot Finance Ltd. CRISIL - A1+ 0.36
Reinvestment Option 1063.6400 8.06% Andhra Pradesh SDL - Mat Motilal Oswal Finvest Limited CRISIL - A1+ 0.28
Regular Plan - Weekly IDCW Option 1063.2575 250225 Sovereign 0.56
Direct Plan - Growth Option 5566.4874 Reliance Industries Ltd. CRISIL - A1+ 0.28
5.80% Maharashtra SDL MAT 020225 Sovereign 0.48
Direct Plan - Daily IDCW Arka Fincap Limited CRISIL - A1+ 0.18
Reinvestment Option 1063.6400 5.95% Tamil Nadu SDL - Mat 130525 Sovereign 0.43
Bajaj Housing Finance Ltd. CRISIL - A1+ 0.18
Direct Plan - Weekly IDCW Option 1063.2785 8.14% Gujarat SDL MAT 140125 Sovereign 0.30
Cholamandalam Investment &
7.26% Karnataka SDL Mat 040125 Sovereign 0.22 Finance Co. Ltd. CRISIL - A1+ 0.18
ASSETS UNDER MANAGEMENT J 5.22 GOI 2025 Sovereign 0.19 Hero Housing Finance Limited ICRA - A1+ 0.18
As on November 29, 2024 8.05% Karnataka SDL Mat 250225 Sovereign 0.13 HSBC InvestDirect Financial
` 26,787.61 Cr. 6.69% Madhya Pradesh MAT 170325 Sovereign 0.11 Services (India) Ltd. CRISIL - A1+ 0.18
Average for Month of November 2024 8.05% Haryana SDL Mat 250225 Sovereign 0.09 MANKIND PHARMA LIMITED CRISIL - A1+ 0.09
` 27,301.58 Cr. 8.22% Tamil Nadu SDL MAT 130525 Sovereign 0.09 Sub Total 31.19
6.89 GOI 2025 Sovereign 0.04 CD
QUANTITATIVE DATA 8.05% Gujarat SDL - Mat 250225 Sovereign 0.04 • Punjab National Bank CARE - A1+ /
Residual Maturity * 119 days 8.07% Tamil Nadu SDL MAT 280125 Sovereign 0.04 ICRA - A1+ /
Macaulay Duration * 118 days 8.24% Kerala SDL Mat 130525 Sovereign 0.04 IND - A1+ 7.05
Modified Duration * 110 days • Bank of Baroda CRISIL - A1+ /
Annualized Portfolio YTM# * 7.33% 8.24% Maharashtra SDL Mat 241224 Sovereign 0.04
8.07% Tamil Nadu SDL MAT 110225 Sovereign 0.02 IND - A1+ 5.78
#
semi annual YTM has been annualised. • The Federal Bank Ltd. CRISIL - A1+ 5.29
*Calculated on amount invested in debt securities 8.08% Haryana SDL - Mat 280125 Sovereign 0.02
8.13% Maharashtra SDL MAT 140125 Sovereign 0.02 • National Bank for Agri & Rural Dev. CRISIL - A1+ /
(including accrued interest), deployment of funds ICRA - A1+ /
in TREPS and Reverse Repo and net receivable Sub Total 5.31 IND - A1+ 5.04
/ payable. T-Bills • Indusind Bank Ltd. CRISIL - A1+ 4.85
364 Days TBill ISD 140324 Mat • Canara Bank CRISIL - A1+ 4.76
130325 Sovereign 2.02
TOTAL EXPENSE RATIO (As on November 29, 2024) • Axis Bank Ltd. CRISIL - A1+ 4.74
182 Days Tbill MAT 261224 Sovereign 0.74
Including Additional Expenses and Goods and Service • Small Industries Development Bank CARE - A1+ 4.18
Tax on Management Fees 91 Days TBill ISD 041024 Mat
030125 Sovereign 0.74 • Union Bank of India CRISIL - A1+ /
Regular: 0.41%Direct: 0.23% IND - A1+ 4.16
91 Days Tbill Mat ISD 101024 Mat
090125 Sovereign 0.74 Bank of India CRISIL - A1+ 1.28
#BENCHMARK INDEX: 182 Day Tbill ISD 290824 Mat Indian Bank CRISIL - A1+ 1.28
CRISIL Money Market A-I Index 270225 Sovereign 0.55 Punjab & Sind Bank ICRA - A1+ 1.28
182 Days TBill Mat 051224 Sovereign 0.37 Kotak Mahindra Bank Limited CRISIL - A1+ 1.18
##ADDL. BENCHMARK INDEX:
CRISIL 1 year T-Bill Index 182 Days Tbill MAT 200225 Sovereign 0.37 Au Small Finance Bank Ltd. CRISIL - A1+ /
364 Days Tbill MAT 060325 Sovereign 0.37 IND - A1+ 1.10
364 Days TBILL Mat 160125 Sovereign 0.19 IDFC First Bank Limited CRISIL - A1+ 0.91
EXIT LOAD$$ :
Nil 182 Days Tbill MAT 140225 Sovereign 0.18 ICICI Bank Ltd. ICRA - A1+ 0.90
364 DAYS T-BILL MAT 051224 Sovereign 0.13 DBS Bank Ltd - Debt CRISIL - A1+ 0.46
Sub Total 6.40 Sub Total 54.24
Total 11.71 Total 85.43
MONEY MARKET INSTRUMENTS Alternative Investment Fund Units
CP Corporate Debt Market Development Fund 0.23
Portfolio • LIC Housing Finance Ltd. CRISIL - A1+ 2.56 Sub Total 0.23
Classification By Small Industries Development Bank CARE - A1+ 2.20 Cash,Cash Equivalents and Net Current Assets 2.63
Asset Class (%) Panatone Finvest Ltd. CRISIL - A1+ 1.94 Grand Total 100.00
Standard Chartered Capital • Top Ten Holdings
Limited CRISIL - A1+ 1.84
Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP -
Embassy Office Parks REIT CRISIL - A1+ 1.67 Commercial Papers. Data is as of November 29, 2024 unless
Julius Baer Capital (India) Pvt. Ltd. CRISIL - A1+ 1.63 otherwise specified.
n G-Sec, SDL, T-Bills 11.71 Hero Fincorp Ltd. CRISIL - A1+ 1.46
n CP 31.19 ¥ Dedicated Fund Manager for Overseas Investments:
Tata Teleservices (Maharashtra) Mr. Dhruv Muchhal (since June 22, 2023)
n CD 54.24 Ltd. CRISIL - A1+ 1.39 (Total Experience: Over 10 years).
n Alternative Investment Fund Units 0.23 ICICI Securities Ltd CRISIL - A1+ 1.33
n Cash, Cash Equivalents and Net Current Assets 2.63 Birla Group Holdings Pvt. Ltd. CRISIL - A1+ 1.28 J Includes investments made by the schemes of HDFC Mutual
Fund aggregating to ` 2,244.48 Crore.
Sundaram Home Finance Limited CRISIL - A1+ 1.08
Motilal Oswal Financial Services Please refer Minimum Application Amount, Plans & Options, on
Ltd. ICRA - A1+ 0.92 Page no. 101 to 103.
TATA Capital Housing Finance Ltd. CRISIL - A1+ 0.90 $$For further details, please refer to para ‘Exit Load’ on page
Portfolio SHAREKHAN LIMITED CARE - A1+ 0.89 no. 104.
Classification By Bharti Telecom Limited CRISIL - A1+ 0.88
Rating Class (%) Export - Import Bank of India CRISIL - A1+ 0.83
Hinduja Leyland Finance Ltd. CRISIL - A1+ 0.83
MUTHOOT FINCORP LTD CRISIL - A1+ 0.78
Kotak Securities Ltd. CRISIL - A1+ 0.73
L&T Finance Ltd. CRISIL - A1+ 0.73
n Sovereign 11.71 ONGC Petro additions Ltd. (OPAL)
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 85.43 (Put on ONGC Ltd.) CRISIL - A1+ 0.73
n Alternative Investment Fund Units 0.23
n Cash, Cash Equivalents and Net Current Assets 2.63
CD - Certificate of Deposit; CP - Commercial Papers
November 2024 77
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)

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 30.10 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) $$ 80.64 31.23 16.73 7.04 4.01 1.25
Returns (%) $$ 7.11 6.98 6.47 6.34 7.17 7.58
Benchmark Returns (%) # 6.97 6.85 6.30 6.29 7.14 7.37
Additional Benchmark Returns (%) ## 6.19 6.36 6.06 6.01 6.96 7.62
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
PERFORMANCE ^ - Regular Plan - Growth Option
Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) $$ (%)# Returns
(%) ## $$ (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 7.64 7.48 7.56 10,764 10,748 10,756
Nov 30, 21 Last 3 Years 6.45 6.52 6.08 12,062 12,086 11,936
Nov 29, 19 Last 5 Years 5.94 5.70 5.52 13,351 13,199 13,089
Nov 28, 14 Last 10 Years 6.77 6.65 6.38 19,265 19,048 18,572
Nov 18, 99 Since Inception 7.03 7.11 6.34 54,828 55,871 46,592
Returns greater than 1 year period are compounded annualized (CAGR). $$ 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 Praveen Jain, please refer page 104. 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 109 to 115.

^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Money • Income over short term

Market Fund • To generate income / capital
appreciation by investing in
BENCHMARK : money market instruments
CRISIL Money
Market A-I
Index

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Relatively Low (Class I) B-I
Moderate (Class II)
Relatively High (Class III)
B-I - A Scheme with Relatively Low Interest Rate Risk and Moderate Credit Risk.

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024v

78 November 2024
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
Macaulay Duration). A Relatively High Interest Rate Risk and Moderate Credit Risk]

KEY FACTS
INVESTMENT OBJECTIVE : To generate income / capital appreciation through investments in Debt and Money Market Instruments. There is no assurance that the investment
objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Anil Bamboli
(since June 25, 2010)
Total Experience: Over 30 years Issuer Rating % to NAV Issuer Rating % to NAV
DEBT & DEBT RELATED Tata Projects Ltd. IND - AA 0.67
Government Securities (Central/State) Tata Steel Ltd. CARE - AA+ 0.67
DATE OF ALLOTMENT / INCEPTION DATE • 7.18 GOI 2033 Sovereign 7.35 JM Financial Asset
June 25, 2010 • GOI 2028 Sovereign 3.46 Reconstruction Co. Ltd. ICRA - AA- 0.50
7.26 GOI 2032 Sovereign 2.37 Tata Capital Ltd. CRISIL - AAA 0.43
7.1 GOI 2034 Sovereign 1.88 Sansar Trust July 2023 II CRISIL - AAA(SO) 0.42
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) 7.17 GOI 2030 Sovereign 1.29 Nomura Capital India Pvt. Ltd. IND - AAA 0.37
Regular Plan - Growth Option 30.4540 5.77 GOI 2030 Sovereign 1.24 Reliance Industries Ltd. CRISIL - AAA 0.35
Regular Plan - Fortnightly IDCW Option 10.2135 7.1 GOI 2029 Sovereign 1.22 Housing and Urban
Regular Plan - Normal IDCW Option 18.0970 5.79 GOI 2030 Sovereign 1.09 Development Corporation Ltd. CARE - AAA 0.33
Direct Plan - Growth Option 31.3669 Mahanagar Telephone Nigam
Direct Plan - Fortnightly IDCW Option 10.3203 GOI 2031 Sovereign 1.02
Ltd. (Corporate guarantee from
Direct Plan - Normal IDCW Option 18.5847 GOI 2034 Sovereign 0.84 Govt of India) CARE - AA+(CE) 0.32
Floating Rate GOI 2033 Sovereign 0.69 Arka Fincap Limited CRISIL - AA 0.23
ASSETS UNDER MANAGEMENT J 6.79 GOI 2034 Sovereign 0.67 First Business Receivables Trust
As on November 29, 2024 7.64% Gujarat SDL ISD 170124 (PTC banked by receivables
` 14,975.79 Cr. MAT 170133 Sovereign 0.55 from Reliance Corporate IT Park
Average for Month of November 2024 7.65% Chhattisgarh SDL Mat Limited) CRISIL - AAA(SO) 0.17
` 14,977.26 Cr. 310133 Sovereign 0.51 The Tata Power Company Ltd. CARE - AA+ 0.14
7.64% % Gujarat SDL ISD 170124 Sub Total 67.36
Mat 170134 Sovereign 0.38 Total 92.82
QUANTITATIVE DATA 7.63% Gujarat SDL ISD 240124
Residual Maturity * 4.08 years MONEY MARKET INSTRUMENTS
Mat 240133 Sovereign 0.31
Macaulay Duration * 2.98 years CP
Modified Duration * 2.83 years 7.63% Gujarat SDL ISD 240124
Mat 240134 Sovereign 0.24 Mahindra & Mahindra
Annualized Portfolio YTM *#
7.57% Financial Services Ltd. CRISIL - A1+ 0.17
#
semi annual YTM has been annualised. 7.18 GOI 2037 Sovereign 0.14
7.67% Uttar Pradesh SDL ISD Sub Total 0.17
*Calculated on amount invested in debt securities CD
271223 Mat 271233 Sovereign 0.07
(including accrued interest), deployment of funds Axis Bank Ltd. CRISIL - A1+ 1.47
5.85 GOI 2030 Sovereign 0.06
in TREPS and Reverse Repo and net receivable Indian Bank CRISIL - A1+ 0.49
7.15% Maharashtra SDL - Mat
/ payable. 131026 Sovereign 0.06 Sub Total 1.96
GOI STRIPS - Mat 060325 Sovereign 0.02 Total 2.13
TOTAL EXPENSE RATIO (As on November 29, 2024) Sub Total 25.46 Alternative Investment Fund
Including Additional Expenses and Goods and Service Credit Exposure (Non Perpetual) Units
Tax on Management Fees
• National Bank for Agri & CRISIL - AAA / ICRA Corporate Debt Market Development Fund 0.25
Regular: 0.71%Direct: 0.40% Rural Dev. - AAA 7.87 Sub Total 0.25
• Small Industries Development CARE - AAA / CRISIL Cash,Cash Equivalents and Net Current Assets 4.80
Bank - AAA 7.51
#BENCHMARK INDEX: Grand Total 100.00
• REC Limited. CARE - AAA / CRISIL
CRISIL Short Duration Debt A-II Index - AAA 5.57 • Top Ten Holdings, £ Sponsor
##ADDL. BENCHMARK INDEX: • Bajaj Housing Finance Ltd. CRISIL - AAA 3.53
CRISIL 10 year Gilt Index • HDFC Bank Ltd.£ CRISIL - AAA 3.04 Outstanding exposure in derivative
• LIC Housing Finance Ltd. CRISIL - AAA 3.04 instruments Interest Rate Swap (` in Crore) 450.00
EXIT LOAD$$ : • Power Finance Corporation Ltd. CRISIL - AAA 2.77
Nil • Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 2.55 $$For further details, please refer to para ‘Exit Load’ on page
ADITYA BIRLA RENEWABLES no. 104.
LIMITED CRISIL - AA 2.52
Indian Railways Finance Face Value per Unit: ` 10, CD - Certificate of Deposit; CP -
Corp. Ltd. CRISIL - AAA 2.29 Commercial Papers. Data is as of November 29, 2024 unless
State Bank of India CRISIL - AAA 2.22 otherwise specified.
Cholamandalam Investment &
Finance Co. Ltd. ICRA - AA+ 2.02 ¥ Dedicated Fund Manager for Overseas Investments:
India Universal Trust AL2 CRISIL - AAA(SO) 2.01 Mr. Dhruv Muchhal (since June 22, 2023)
HDB Financial Services Ltd. CRISIL - AAA 1.50 (Total Experience: Over 10 years).
Bharti Telecom Limited CRISIL - AA+ 1.38
J Includes investments made by the schemes of HDFC Mutual
Kotak Mahindra Investments
Ltd. CRISIL - AAA 1.35 Fund aggregating to ` 483.91 Crore.
TVS Credit Services Ltd ICRA - AA 1.35
Indus Towers Limited CRISIL - AA+ 1.34 Please refer Minimum Application Amount, Plans & Options, on
TATA Capital Housing Finance Page no. 101 to 103.
Ltd. CRISIL - AAA 1.27
Mahindra Rural Housing
Finance Ltd CRISIL - AAA 1.24
Muthoot Finance Ltd. CRISIL - AA+ 1.07
Jamnagar Utilities & Power
Pvt. Ltd. (erstwhile Reliance
Utilities & Power Pvt. Ltd.) CRISIL - AAA 1.01
SMFG India Credit Company Ltd CARE - AAA / CRISIL
- AAA 1.01
Sundaram Home Finance
Limited ICRA - AAA 0.97
Sikka Port and Terminal Ltd.
(erstwhile Reliance Ports and
Terminals Ltd.) CRISIL - AAA 0.83
TMF Holdings Ltd. (Subsidiary
of Tata Motors Ltd.) CRISIL - AA+ 0.81
India Universal Trust AL1 IND - AAA(SO) 0.69

....Contd on next page

November 2024 79
.....Contd from previous page
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
Macaulay Duration). A Relatively High Interest Rate Risk and Moderate Credit Risk]

Portfolio Portfolio
Classification By Classification By
Asset Class (%) Rating Class (%)

n G-Sec, G-Sec STRIPS, SDL 25.46 n Sovereign 25.46

n Securitized Debt Instruments 3.29 n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 56.47
n CP 0.17 n AA+ 7.75
n CD 1.96 n AA/AA- 5.27
n Credit Exposure 64.07 n Alternative Investment Fund Units 0.25
n Alternative Investment Fund Units 0.25 n Cash, Cash Equivalents and Net Current Assets 4.80
n Cash, Cash Equivalents and Net Current Assets 4.80
CD - Certificate of Deposit; CP - Commercial Papers

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 17.40 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 31.11 17.30 7.08 4.02 1.25
Returns (%) 7.60 7.11 6.56 7.37 8.36
Benchmark Returns (%) # 7.35 6.84 6.32 7.15 7.98
Additional Benchmark Returns (%) ## 6.57 6.26 6.09 8.11 9.73
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 8.51 8.04 10.39 10,851 10,804 11,039
Nov 30, 21 Last 3 Years 6.15 5.98 5.56 11,962 11,903 11,762
Nov 29, 19 Last 5 Years 6.66 6.25 5.48 13,807 13,548 13,059
Nov 28, 14 Last 10 Years 7.48 7.29 6.79 20,582 20,235 19,309
Jun 25, 10 Since Inception 8.02 7.62 6.46 30,454 28,862 24,705
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anil Bamboli, please
refer page 104. 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 109 to 115.

^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.

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.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Short • Income over short term.

Term Debt • To generate income / capital
Fund appreciation through investments
in Debt and Money Market
BENCHMARK Instruments
: CRISIL Short
Duration Debt
A-II Index

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) B-III
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

80 November 2024
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
objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Shobhit Mehrotra
(since September 1, 2007)
Total Experience: Over 32 years Issuer Rating % to NAV Issuer Rating % to NAV
DEBT & DEBT RELATED Nuvoco Vistas Corporation
Government Securities (Central/State) Ltd. (100% subsidiary of CRISIL - AA 1.25
DATE OF ALLOTMENT / INCEPTION DATE Nirma Ltd. & erstwhile
• 7.18 GOI 2037 Sovereign 7.73
February 6, 2002 • 7.23 GOI 2039 Sovereign 4.79
Lafarge India Ltd.)
TMF Holdings Ltd. (Subsidiary CRISIL - AA+ 1.25
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • 6.54 GOI 2032 Sovereign 3.70 of Tata Motors Ltd.)
• 7.26 GOI 2033 Sovereign 3.22 NTPC Limited CRISIL - AAA 1.23
Regular Plan - Growth Option 53.6175
Regular Plan - Fortnightly IDCW Option 10.1187 6.1 GOI 2031 Sovereign 2.41 Sikka Port and Terminal Ltd.
Regular Plan - Normal IDCW Option 18.0937 7.18 GOI 2033 Sovereign 1.93 (erstwhile Reliance Ports and CRISIL - AAA 1.13
Direct Plan - Growth Option 57.9675 6.79 GOI 2034 Sovereign 1.89 Terminals Ltd.)
Direct Plan - Fortnightly IDCW Option 10.1194 VAJRA 009 TRUST ICRA - AA(SO) 1.01
Direct Plan - Normal IDCW Option 19.3692 7.3 GOI 2053 Sovereign 1.56
7.26 GOI 2032 Sovereign 1.55 LIC Housing Finance Ltd. CRISIL - AAA 0.78
ASSETS UNDER MANAGEMENT J GOI 2034 Sovereign 1.27 Grasim Industries Ltd. CRISIL - AAA 0.63
As on November 29, 2024 7.54 GOI 2036 Sovereign 0.66 JM Financial Asset ICRA - AA- 0.63
` 3,987.62 Cr. 7.41 GOI 2036 Sovereign 0.65
Reconstruction Co. Ltd.
Average for Month of November 2024 Muthoot Finance Ltd. ICRA - AA+ 0.63
Floating Rate GOI 2033 Sovereign 0.65
` 3,995.94 Cr. 7.67% Chhattisgarh SDL ISD
National Bank for Agri & ICRA - AAA 0.63
Sovereign 0.64 Rural Dev.
QUANTITATIVE DATA 240124 Mat 240131
Small Industries Development CRISIL - AAA 0.63
Residual Maturity * 5.82 years 6.68 GOI 2031 Sovereign 0.62 Bank
Macaulay Duration * 4.00 years 7.25 GOI 2063 Sovereign 0.39 SMFG India Home Finance
Modified Duration * 3.82 years 7.17 GOI 2030 Sovereign 0.38 CARE - AAA 0.63
Annualized Portfolio YTM# * 7.72% Company Ltd
#
semi annual YTM has been annualised. 7.1 GOI 2034 Sovereign 0.26 Arka Fincap Limited CRISIL - AA 0.44
*Calculated on amount invested in debt securities 7.66% RAJASTHAN SDL ISD Sovereign Bharti Telecom Limited CRISIL - AA+ 0.25
(including accrued interest), deployment of funds in 240124 Mat 240131 0.26
TREPS and Reverse Repo and net receivable / payable. State Bank of India CRISIL - AAA 0.25
6.92 GOI 2039 Sovereign 0.25 Tata Motors Ltd. CRISIL - AA+ 0.25
TOTAL EXPENSE RATIO (As on November 29, 2024) 6.95 GOI 2061 Sovereign 0.25 Queen 03 2023 CRISIL - AA+(SO) 0.09
Including Additional Expenses and Goods and Service 7.60% Tamil Nadu SDL Mat
Tax on Management Fees Sovereign 0.13 Sub Total 55.02
310131
Total 93.92
Regular: 1.33%Direct: 0.65% Sub Total 35.19
UNITS ISSUED BY REIT & INVIT
Credit Exposure (Perpetual Bonds)
Units issued by InvIT
TMF Holdings Ltd. (Subsidiary
#BENCHMARK INDEX: of Tata Motors Ltd.) CRISIL - NA 1.24 Bharat Highways InvIT Transport 0.68
Nifty Medium Duration Debt Index A-III (Perpetual) Infrastructure
TMF Holdings Ltd. (Subsidiary Sub Total 0.68
##ADDL. BENCHMARK INDEX: • of Tata Motors Ltd.) CRISIL - AA+ 2.47 Units issued by ReIT
CRISIL 10 year Gilt Index (Perpetual) Embassy Office Parks REIT Realty 0.94
Sub Total 3.71 Sub Total 0.94
EXIT LOAD$$ :
Nil Credit Exposure (Non Total 1.62
Perpetual) Alternative Investment Fund Units
• Tata Steel Ltd. CARE - AA+ 3.67 Corporate Debt Market Development Fund 0.27
• Kalpataru Projects
International Ltd
CRISIL - AA / IND
- AA 3.61 Sub Total 0.27
Cash,Cash Equivalents and Net Current Assets 4.19
• Pipeline
Ltd.
Infrastructure Pvt. CRISIL - AAA 3.30 Grand Total 100.00
Portfolio
Classification By • Indian Railways Finance CRISIL - AAA 2.85 • Top Ten Holdings, £ Sponsor
Corp. Ltd.
Asset Class (%) Face Value per Unit: ` 10 unless otherwise specified. Data is as of
• SBFC Finance Ltd IND - AA- 2.50 November 29, 2024 unless otherwise specified.
Power Finance Corporation CRISIL - AAA 2.45 ¥ Dedicated Fund Manager for Overseas Investments:
Ltd. Mr. Dhruv Muchhal (since June 22, 2023)
TVS Credit Services Ltd CRISIL - AA 2.14 (Total Experience: Over 10 years).
n Units issued by InvIT 0.68 CRISIL - AAA / ICRA
India Grid Trust 1.98 J Includes investments made by the schemes of HDFC Mutual Fund
n Units issued by ReIT 0.94 - AAA aggregating to ` 191.67 Crore.
n G-Sec, SDL 35.19 The Tata Power Company Ltd. CARE - AA+ 1.92 Please refer Minimum Application Amount, Plans & Options, on
n Securitized Debt Instruments 1.10 Bajaj Housing Finance Ltd. CRISIL - AAA 1.90 Page no. 101 to 103.
n Credit Exposure 57.63
n Alternative Investment Fund Units 0.27 Avanse Financial Service Ltd. CARE - AA- 1.88 $$For further details, please refer to para ‘Exit Load’ on page
n Cash, Cash Equivalents and Net Current Assets 4.19 Mahindra Rural Housing CRISIL - AAA 1.88 no. 104.
Finance Ltd
JM FINANCIAL HOME LOANS CRISIL - AA 1.87
LIMITED
HDFC Bank Ltd.£ CRISIL - AAA 1.28
Cholamandalam Investment ICRA - AA+ 1.27
Portfolio & Finance Co. Ltd.
Classification By Godrej Industries Ltd. CRISIL - AA+ 1.26
Rating Class (%) Indian Oil Corporation Ltd. CRISIL - AAA 1.26
Infopark Properties Limited CARE - AA- 1.26
ONGC Petro additions Ltd. CRISIL - AA 1.26
(OPAL) (Put on ONGC Ltd.)
n Sovereign 35.19 TATA POWER RENEWABLE CARE - AA+ 1.26
n Units issued by InvIT 0.68 ENERGY LTD.
n Units issued by ReIT 0.94 Tata Projects Ltd. IND - AA 1.26
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 22.81 JM Financial Products Ltd. ICRA - AA 1.25
n AA+ 14.32
n AA/AA- 20.36
n Alternative Investment Fund Units 0.27
n A+ & Below 1.24
n Cash, Cash Equivalents and Net Current Assets 4.19

November 2024 81
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]

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 27.40 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 71.52 32.14 17.04 7.06 4.01 1.25
Returns (%) 7.64 7.33 6.82 6.43 7.09 8.19
Benchmark Returns (%) # 7.65 7.56 7.02 6.25 7.06 8.36
Additional Benchmark Returns (%) ## 6.36 6.55 6.26 6.09 8.11 9.73
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 bty using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
PERFORMANCE ^ - Regular Plan - Growth Option
Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 8.39 8.51 10.39 10,839 10,851 11,039
Nov 30, 21 Last 3 Years 5.76 5.46 5.56 11,828 11,728 11,762
Nov 29, 19 Last 5 Years 6.45 6.64 5.48 13,676 13,797 13,059
Nov 28, 14 Last 10 Years 7.20 7.53 6.79 20,055 20,677 19,309
Feb 06, 02 Since Inception 7.63 7.76 6.53 53,618 55,092 42,390
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Shobhit Mehrotra,
please refer page 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.

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.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC • Income over medium term

Medium Term • To generate income / capital
Debt Fund appreciation through investments
in Debt and Money Market
BENCHMARK : Instruments
Nifty Medium
Duration Debt
Index A-III

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) C-III
C-III - A Scheme with Relatively High Interest Rate Risk and Relatively High Credit Risk.

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

82 November 2024
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
Macaulay Duration). A Relatively High Interest Rate Risk and Moderate Credit Risk]

KEY FACTS
INVESTMENT OBJECTIVE : To generate income / capital appreciation through investments in debt and money market instruments. There is no assurance that the investment
objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Shobhit Mehrotra
(since September 11, 2007)
Total Experience: Over 32 years Issuer Rating % to NAV Issuer Rating % to NAV
DEBT & DEBT RELATED UNITS ISSUED BY REIT & INVIT
DATE OF ALLOTMENT / INCEPTION DATE Government Securities (Central/State) Embassy Office Parks REIT Realty 0.45
• 7.18 GOI 2037 Sovereign 20.25 Sub Total 0.45
September 11, 2000 • 7.41 GOI 2036 Alternative Investment Fund Units
Sovereign 12.11
• 7.54 GOI 2036 Sovereign 11.61 Corporate Debt Market Development Fund 0.24
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • 7.23 GOI 2039 Sovereign 9.00 Sub Total 0.24
Regular Plan - Growth Option 55.5452 • 7.18 GOI 2033 Sovereign 7.13 Cash,Cash Equivalents and Net Current Assets 3.59
Regular Plan - Quarterly IDCW Option 11.3607 • 7.1 GOI 2034 Sovereign 3.42 Grand Total 100.00
Regular Plan - Normal IDCW Option 17.5168 • GOI 2031 Sovereign 2.96
Direct Plan - Growth Option 61.2297 • Top Ten Holdings, @ Less than 0.01%.
Direct Plan - Quarterly IDCW Option 12.6947 • GOI 2034 Sovereign 2.93
Direct Plan - Normal IDCW Option 19.3635 6.79 GOI 2034 Sovereign 2.91 Face Value per Unit: ` 10, Data is as of November 29, 2024
6.68 GOI 2031 Sovereign 2.88 unless otherwise specified.
ASSETS UNDER MANAGEMENT J 7.25 GOI 2063 Sovereign 2.38 ¥ Dedicated Fund Manager for Overseas Investments:
As on November 29, 2024 7.3 GOI 2053 Sovereign 1.20 Mr. Dhruv Muchhal (since June 22, 2023)
` 860.83 Cr. 6.57 GOI 2033 Sovereign 0.57 (Total Experience: Over 10 years).
Average for Month of November 2024 6.95 GOI 2061 Sovereign 0.57 J Includes investments made by the schemes of HDFC Mutual Fund
` 862.12 Cr. 6.62 GOI 2051 Sovereign 0.55 aggregating to ` 144.78 Crore.
8.2 GOI 2025 Sovereign 0.37 Please refer Minimum Application Amount, Plans & Options,
QUANTITATIVE DATA 6.72% Gujarat SDL - ISD on Page no. 101 to 103.
Residual Maturity * 11.35 years 090621 Mat 090630 Sovereign 0.15
Macaulay Duration * 6.95 years 7.95 GOI 2032 Sovereign 0.09 $$For further details, please refer to para ‘Exit Load’ on page
Modified Duration * 6.70 years 6.19 GOI 2034 Sovereign 0.03 no. 104.
Annualized Portfolio YTM *
#
7.09%
#
semi annual YTM has been annualised. Sub Total 81.11
*Calculated on amount invested in debt securities Credit Exposure (Non Perpetual)
(including accrued interest), deployment of funds in • NTPC Limited CRISIL - AAA 3.01
TREPS and Reverse Repo and net receivable / payable.
• National Bank for Agri &
Rural Dev. CRISIL - AAA 2.92
TOTAL EXPENSE RATIO (As on November 29, 2024) India Grid Trust CRISIL - AAA 2.66
Including Additional Expenses and Goods and Service
Tax on Management Fees Power Finance Corporation
Ltd. CRISIL - AAA 2.46
Regular: 1.39%Direct: 0.80% State Bank of India ICRA - AAA 1.81
LIC Housing Finance Ltd. CRISIL - AAA 1.75
Sub Total 14.61
#BENCHMARK INDEX: Total
CRISIL Medium To Long Duration 95.72
Debt A-III Index
##ADDL. BENCHMARK INDEX:
CRISIL 10 year Gilt Index
SIP PERFORMANCE ^ - Regular Plan - Growth Option
EXIT LOAD$$ : Since Inception 15 year 10 year 5 year 3 year 1 year
Nil SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 29.10 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 70.42 29.62 16.08 6.92 4.01 1.25
Returns (%) 6.65 6.33 5.71 5.67 7.12 8.61
Benchmark Returns (%) # 7.90 7.81 7.30 6.54 7.63 8.96
Portfolio Additional Benchmark Returns (%) ## N.A. 6.55 6.26 6.09 8.11 9.73
Classification By Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Asset Class (%) accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

n Units issued by ReIT 0.45 Scheme Benchmark Additional Value of ` 10,000 invested
n G-Sec, SDL 81.11 Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
n Credit Exposure 14.61 (%) ## (`)# Benchmark
(`)##
n Alternative Investment Fund Units 0.24 Nov 30, 23 Last 1 Year 9.75 9.33 10.39 10,975 10,933 11,039
Cash, Cash Equivalents and Net Current Nov 30, 21 Last 3 Years 5.03 5.68 5.56 11,586 11,803 11,762
n
Assets 3.59 Nov 29, 19 Last 5 Years 5.36 6.73 5.48 12,985 13,857 13,059
Nov 28, 14 Last 10 Years 6.13 7.85 6.79 18,141 21,299 19,309
Sep 11, 00 Since Inception 7.33 8.76 NA 55,545 76435.51 NA
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by
Shobhit Mehrotra, please refer page 104. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses
Portfolio 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 109 to 115.
Classification By
Rating Class (%)
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.
n Sovereign 81.11
This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to the
n Units issued by ReIT 0.45 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 AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 14.61 lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances the volatility may be of an order greater
n Alternative Investment Fund Units 0.24 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.
n Cash, Cash Equivalents and Net Current Assets 3.59
....Contd on next page

November 2024 83
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
Macaulay Duration). A Relatively High Interest Rate Risk and Moderate Credit Risk]

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Income • Income over medium to long

Fund term
• To generate income / capital
BENCHMARK : appreciation through investments
CRISIL Medium in debt and money market
To Long instruments
Duration Debt
A-III Index

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) B-III
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

84 November 2024
HDFC Long Duration Debt Fund
[An open ended debt scheme investing in instruments such that the Macaulay Duration of the
CATEGORY OF SCHEME
LONG DURATION FUND
portfolio is greater than 7 years, A Relatively High Interest Rate Risk and Relatively Low Credit Risk]

INVESTMENT OBJECTIVEKEY : ToFACTS

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

FUND MANAGER ¥ PORTFOLIO

Shobhit Mehrotra Issuer Rating % to NAV
DEBT & DEBT RELATED Face Value per Unit: ` 10, CD - Certificate of Deposit; CP - Commercial Papers. Data
(since January 20, 2023) is as of November 29, 2024 unless otherwise specified.
Total Experience: Over 32 years Government Securities (Central/State)
• 7.3 GOI 2053 Sovereign 34.10 ¥ Dedicated Fund Manager for Overseas Investments:
• 7.09 GOI 2054 Sovereign 19.83 Mr. Dhruv Muchhal (since June 22, 2023)
• 7.36 GOI 2052 Sovereign 15.44 (Total Experience: Over 10 years).
DATE OF ALLOTMENT / INCEPTION DATE • 7.25 GOI 2063 Sovereign 11.11 J Includes investments made by the schemes of HDFC Mutual Fund
• 7.34 GOI 2064 Sovereign 5.85 aggregating to ` 33.35 Crore.
January 20, 2023 • 6.99 GOI 2051 Sovereign 4.09 Please refer Minimum Application Amount, Plans & Options, on Page no. 101 to 103.
• 7.23 GOI 2039 Sovereign 2.07
• 6.67 GOI 2050 Sovereign 1.41 $$For further details, please refer to para ‘Exit Load’ on page
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • 7.16 GOI 2050 Sovereign 1.40 no. 104.
Regular Plan - Growth Option 11.7924 • 6.62 GOI 2051 Sovereign 0.96
Regular Plan - IDCW Option 10.7421 6.79 GOI 2034 Sovereign 0.64
Direct Plan - Growth Option 11.8710 Sub Total 96.90
Direct Plan - IDCW Option 10.4489 Alternative Investment Fund Units
Corporate Debt Market Development Fund 0.15
Sub Total 0.15
ASSETS UNDER MANAGEMENT J Cash,Cash Equivalents and Net Current Assets 2.95
As on November 29, 2024 Grand Total 100.00
` 5,483.07 Cr. • Top Ten Holdings
Average for Month of November 2024
` 5,491.87 Cr.
QUANTITATIVE DATA SIP PERFORMANCE ^ - Regular Plan - Growth Option
Residual Maturity * 29.73 years Since Inception 1 year
Macaulay Duration * 12.32 years SIP SIP
Modified Duration * 11.90 years Total Amount Invested (` in Lacs) 2.30 1.20
Annualized Portfolio YTM# * 7.13%
#
semi annual YTM has been annualised. Mkt Value As on November 29, 2024 (` in Lacs) 2.52 1.26
*Calculated on amount invested in debt securities Returns (%) 9.60 9.59
(including accrued interest), deployment of funds Benchmark Returns (%) # 9.63 10.04
in TREPS and Reverse Repo and net receivable Additional Benchmark Returns (%) ## 9.06 9.73
/ payable. Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
TOTAL EXPENSE RATIO (As on November 29, 2024)
Including Additional Expenses and Goods and Service
Tax on Management Fees PERFORMANCE*^
Regular: 0.65%Direct: 0.30% Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
#BENCHMARK INDEX:
Nifty Long Duration Debt Index - A-III Nov 30, 23 Last 1 Year 12.69 11.65 10.39 11,269 11,165 11,039
##ADDL. BENCHMARK INDEX: Jan 20, 23 Since Inception 9.27 9.30 8.91 11,792 11,799 11,722
CRISIL 10 year Gilt Index Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Shobhit Mehrotra,
please refer page 104. 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 109 to 115.
EXIT LOAD$$ :
Nil ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into consideration
for computation of performance.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
Portfolio investors who are seeking ~) end portfolio)
Classification By
Asset Class (%) HDFC Long • Income over the long term
Duration Debt • To generate income / capital
Fund appreciation through investments
in debt and money market
BENCHMARK: instruments
Nifty Long
n G-Sec 96.90
n Alternative Investment Fund Units 0.15 Duration Debt
n Cash, Cash Equivalents and Net Current Assets 2.95 Index - A-III

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Portfolio Relatively Low (Class I)
Classification By Moderate (Class II)
Rating Class (%)
Relatively High (Class III) A-III
A-III - A Scheme with Relatively High Interest Rate Risk and Relatively Low Credit Risk.

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
n Sovereign 96.90 Scheme and Benchmark Riskometer As on November 30, 2024
n Alternative Investment Fund Units 0.15
n Cash, Cash Equivalents and Net Current Assets 2.95

November 2024 85
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
Scheme will be achieved.

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

Arun Agarwal Since Inception 15 year 10 year 5 year 3 year 1 year
(Arbitrage Assets) (since August 24, 2020) SIP SIP SIP SIP SIP SIP
Total Experience: Over 26 years Total Amount Invested (` in Lacs) 20.60 18.00 12.00 6.00 3.60 1.20
Nirman Morakhia Mkt Value As on November 29, 2024 (` in Lacs) 35.98 28.88 15.97 6.98 4.00 1.25
(Arbitrage Assets) (since February 15, 2023) Returns (%) 6.14 6.02 5.58 6.02 7.02 7.33
Total Experience: Over 16 years Benchmark Returns (%) # N.A. N.A. 5.50 6.16 7.16 7.12
Anil Bamboli Additional Benchmark Returns (%) ## 6.33 6.36 6.06 6.01 6.96 7.62
(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
Total Experience: Over 30 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.

DATE OF ALLOTMENT / INCEPTION DATE PERFORMANCE ^ - Regular Plan - Growth Option

October 23, 2007 Scheme Benchmark Value of ` 10,000 invested
Additional
Returns Returns Benchmark
Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) (`)##
Retail Plan Nov 30, 23 Last 1 Year 7.65 7.49 7.56 10,765 10,749 10,756
Regular Plan - Growth Option 28.551
Regular Plan - IDCW Option 21.278 Nov 30, 21 Last 3 Years 6.16 6.43 6.08 11,964 12,055 11,936
Regular Plan - Quarterly IDCW Option 20.353 Nov 29, 19 Last 5 Years 5.18 5.14 5.52 12,876 12,853 13,089
Direct Plan - Growth Option 30.629 Nov 28, 14 Last 10 Years 5.75 5.59 6.38 17,503 17,244 18,572
Direct Plan - Quarterly IDCW Option 23.211
Oct 23, 07 Since Inception 6.51 NA 6.26 29,448 NA 28,250
Wholesale Plan
Regular Plan - Growth Option 29.448 Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance is not strictly comparable
Regular Plan - IDCW Option 10.829 with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage
Regular Plan - Monthly IDCW Option 11.257 opportunities, etc. For performance of other schemes managed by Arun Agarwal, Nirman Morakhia and Anil Bamboli, please refer page 104.
Different plans viz. Regular Plan and Direct Plan have a different expense structure. For Performance of Direct Plan, refer page 109 to 115.
Direct Plan - Growth Option 19.323
Direct Plan - IDCW Option 11.431 ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
Direct Plan - Monthly IDCW Option 11.069 consideration for computation of performance.

ASSETS UNDER MANAGEMENT

As on November 29, 2024
` 16,790.62 Cr. Industry Allocation of Equity Holding
Average for Month of November 2024 (% of Net Assets)
` 16,586.58 Cr.
Banks 10.72
QUANTITATIVE DATA Petroleum Products 8.82
Portfolio Turnover IT - Software 7.33 Portfolio
Equity Turnover 304.88% Automobiles 6.10
Total Turnover 1341.48% Finance 5.80 Classification By
Total Turnover = Equity + Debt + Derivative Power 3.83 Rating Class (%)
Residual Maturity * 180 days Pharmaceuticals & Biotechnology 3.72
Macaulay Duration * 174 days Telecom - Services 2.56
Modified Duration * 162 days Diversified Metals 2.56
Annualized Portfolio YTM# * 7.43% Aerospace & Defense 2.50
Cement & Cement Products 2.26
#
semi annual YTM has been annualised. Realty 1.92 n Equity 77.26
*Calculated on amount invested in debt securities Ferrous Metals 1.61 n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 3.03
(including accrued interest), deployment of funds Construction 1.56 n AA+ 0.30
in TREPS and Reverse Repo and net receivable Consumer Durables 1.42
Diversified Fmcg 1.33 n Cash, Cash Equivalents and Net Current Assets 19.41
/ payable.
Agricultural Food & Other Products 1.20
Auto Components 1.11
TOTAL EXPENSE RATIO (As on November 29, 2024) Electrical Equipment 1.09
Including Additional Expenses and Goods and Service Chemicals & Petrochemicals 1.01
Tax on Management Fees Retailing 0.99
Transport Services 0.81
Regular: 0.93%Direct: 0.41% Metals & Minerals Trading 0.74
Non - Ferrous Metals 0.73
Healthcare Services 0.57 Portfolio
#BENCHMARK INDEX: Fertilizers & Agrochemicals 0.56 Classification By
NIFTY 50 Arbitrage Index Leisure Services 0.55 Asset Class (%)
Transport Infrastructure 0.52
##ADDL. BENCHMARK INDEX: Gas 0.40
CRISIL 1 year T-Bill Index Industrial Products 0.37
Capital Markets 0.35
Insurance 0.34
EXIT LOAD$$ : Entertainment 0.32
• In respect of each purchase / switch-in of Units, an Minerals & Mining 0.28 n Equity 77.26
Exit Load of 0.25% is payable if Units are redeemed Beverages 0.28 n Credit Exposure 3.33
/ switched-out within 1 month from the date of Food Products 0.27 n Mutual Fund Units 18.09
allotment. Personal Products 0.24
• No Exit Load is payable if Units are redeemed n Cash, Cash Equivalents and Net Current Assets 1.32
/ switched-out after 1 month from the date of Oil 0.23
allotment. Textiles & Apparels 0.19
Consumable Fuels 0.07
¥ Dedicated Fund Manager for Overseas Investments: 0 5 10 15 20
Mr. Dhruv Muchhal (since June 22, 2023)
(Total Experience: Over 10 years).
Please refer Minimum Application Amount, Plans &
Options, on Page no. 101 to 103. This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to the
interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives is likely
$$For further details, please refer to para ‘Exit Load’ on to be lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances the volatility may be of an order
page no. 104. 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.
....Contd on next page

86 November 2024
.....Contd from previous page

HDFC Arbitrage Fund CATEGORY OF SCHEME

ARBITRAGE FUND
(An open ended scheme investing in arbitrage opportunities)

PORTFOLIO

Company Industry+ / Rating % to NAV % exposure Company Industry+ / Rating % to NAV % exposure
(Hedged & of Derivative (Hedged & of Derivative
Unhedged) Unhedged)
EQUITY & EQUITY RELATED HCL Technologies Ltd. IT - Software 0.24 0.24
• Reliance Industries Ltd. Petroleum Products 7.96 8.02 VODAFONE IDEA LIMITED Telecom - Services 0.24 0.24
• Infosys Limited IT - Software 4.45 4.48 Oil & Natural Gas Corporation Ltd. Oil 0.23 0.23
• Vedanta Ltd. Diversified Metals 2.56 2.57 SBI Life Insurance Company Ltd. Insurance 0.23 0.23
• NTPC Limited Power 2.49 2.51 Tata Communications Limited Telecom - Services 0.23 0.23
• Hindustan Aeronautics Limited Aerospace & Defense 2.16 2.17 Torrent Pharmaceuticals Ltd. Pharmaceuticals &
• Tata Motors Ltd. Automobiles 2.07 2.08 Biotechnology 0.23 0.23
• Mahindra & Mahindra Ltd. Automobiles 2.03 2.05 Maruti Suzuki India Limited Automobiles 0.22 0.22
• DLF LIMITED Realty 1.87 1.88 Tata Steel Ltd. Ferrous Metals 0.22 0.22
• Bank of Baroda Banks 1.86 1.87 Bharat Forge Ltd. Auto Components 0.21 0.21
• Bajaj Finance Ltd. Finance 1.66 1.67 Cipla Ltd. Pharmaceuticals &
Larsen and Toubro Ltd. Construction 1.56 1.56 Biotechnology 0.21 0.21
Canara Bank Banks 1.41 1.42 MRF Ltd. Auto Components 0.21 0.21
ICICI Bank Ltd. Banks 1.30 1.31 Bandhan Bank Ltd. Banks 0.19 0.19
Axis Bank Ltd. Banks 1.28 1.28 Page Industries Ltd Textiles & Apparels 0.19 0.19
The Tata Power Company Ltd. Power 1.26 1.27 Granules India Ltd. Pharmaceuticals &
Biotechnology 0.18 0.18
Indus Towers Limited Telecom - Services 1.18 1.19 The Ramco Cements Ltd. Cement & Cement Products 0.18 0.19
Jindal Steel & Power Ltd. Ferrous Metals 1.18 1.19 Astral Limited Industrial Products 0.16 0.16
State Bank of India Banks 1.09 1.10 Britannia Industries Ltd. Food Products 0.16 0.16
Marico Ltd. Agricultural Food & Other Indian Oil Corporation Ltd. Petroleum Products 0.16 0.16
Products 1.07 1.08
Punjab National Bank Banks 1.06 1.07 Steel Authority Of India Ltd. Ferrous Metals 0.16 0.16
HDFC Bank Ltd.£ Banks 1.05 1.06 Cummins India Ltd. Industrial Products 0.14 0.14
Indusind Bank Ltd. Banks 0.97 0.97 Sun Pharmaceutical Industries Ltd. Pharmaceuticals &
Biotechnology 0.14 0.15
ITC LIMITED Diversified Fmcg 0.93 0.93 Mahanagar Gas Ltd. Gas 0.13 0.14
Bharti Airtel Ltd. Telecom - Services 0.91 0.92 Tata Consumer Products Limited Agricultural Food & Other
Tata Consultancy Services Ltd. IT - Software 0.87 0.87 Products 0.13 0.13
LIC Housing Finance Ltd. Finance 0.82 0.82 Birlasoft Limited IT - Software 0.12 0.12
UltraTech Cement Limited Cement & Cement Products 0.80 0.81 GAIL (India) Ltd. Gas 0.12 0.12
TVS Motor Company Ltd. Automobiles 0.76 0.77 Indian Railway Catering And Tourism Corp Ltd Leisure Services 0.12 0.12
ADANI ENTERPRISES LIMTIED Metals & Minerals Trading 0.74 0.75 Manappuram Finance Ltd. Finance 0.12 0.13
Grasim Industries Ltd. Cement & Cement Products 0.73 0.74 Pidilite Industries Ltd. Chemicals & Petrochemicals 0.12 0.12
Shriram Finance Ltd. Finance 0.72 0.72 SRF Ltd. Chemicals & Petrochemicals 0.12 0.12
Lupin Ltd. Pharmaceuticals & Dabur India Ltd. Personal Products 0.11 0.11
Biotechnology 0.71 0.72 Dalmia Bharat Ltd. Cement & Cement Products 0.11 0.12
Bajaj Finserv Ltd. Finance 0.65 0.66 Nestle India Ltd. Food Products 0.11 0.11
Aditya Birla Fashion and Retail Ltd. Retailing 0.60 0.60 Petronet LNG Ltd. Gas 0.11 0.11
Coforge Limited IT - Software 0.59 0.59 Chambal Fertilizers & Chemicals Ltd. Fertilizers & Agrochemicals 0.09 0.09
Exide Industries Ltd. Auto Components 0.59 0.59 Colgate-Palmolive ( I ) Ltd. Personal Products 0.09 0.09
Havells India Ltd. Consumer Durables 0.57 0.57 Glenmark Pharmaceuticals Ltd. Pharmaceuticals &
Bajaj Auto Limited Automobiles 0.56 0.57 Biotechnology 0.09 0.09
Laurus Labs Ltd. Pharmaceuticals & Persistent Systems Limited IT - Software 0.09 0.09
Biotechnology 0.56 0.56 Power Grid Corporation of India Ltd. Power 0.08 0.09
InterGlobe Aviation Ltd. Transport Services 0.54 0.54 Zydus Lifesciences Limited Pharmaceuticals &
Wipro Ltd. IT - Software 0.53 0.53 Biotechnology 0.08 0.08
Apollo Hospitals Enterprise Ltd. Healthcare Services 0.51 0.51 Aarti Industries Ltd. Chemicals & Petrochemicals 0.07 0.07
Titan Company Ltd. Consumer Durables 0.50 0.50 Coal India Ltd. Consumable Fuels 0.07 0.07
Kotak Mahindra Bank Limited Banks 0.49 0.49 Polycab India Limited Industrial Products 0.07 0.07
Adani Ports & Special Economic Zone Transport Infrastructure 0.47 0.47 L&T Finance Ltd. Finance 0.06 0.06
Divis Laboratories Ltd. Pharmaceuticals & National Aluminium Co. Ltd. Non - Ferrous Metals 0.06 0.06
Biotechnology 0.47 0.47 PI Industries Ltd. Fertilizers & Agrochemicals 0.06 0.06
Cholamandalam Investment & Finance Co. Ltd. Finance 0.44 0.44 Syngene International Limited Healthcare Services 0.06 0.06
Siemens Ltd. Electrical Equipment 0.43 0.43 Alkem Laboratories Ltd. Pharmaceuticals &
Bharat Heavy Electricals Ltd. Electrical Equipment 0.42 0.42 Biotechnology 0.05 0.05
Eicher Motors Ltd. Automobiles 0.42 0.42 Coromandel International Limited Fertilizers & Agrochemicals 0.05 0.05
Indian Hotels Company Ltd. Leisure Services 0.41 0.42 GMR INFRASTRUCTURE LIMITED Transport Infrastructure 0.05 0.05
Tech Mahindra Ltd. IT - Software 0.41 0.41 Godrej Properties Ltd. Realty 0.05 0.05
Hindustan Unilever Ltd. Diversified Fmcg 0.40 0.40 JSW Steel Ltd. Ferrous Metals 0.05 0.05
Muthoot Finance Ltd. Finance 0.40 0.40 Piramal Enterprises Limited Finance 0.05 0.05
Atul Ltd. Chemicals & Petrochemicals 0.39 0.40 Asian Paints Limited Consumer Durables 0.04 0.04
Ambuja Cements Ltd. Cement & Cement Products 0.38 0.39 Balkrishna Industries Ltd. Auto Components 0.04 0.04
Aurobindo Pharma Ltd. Pharmaceuticals & Godrej Consumer Products Ltd. Personal Products 0.04 0.04
Biotechnology 0.38 0.38 HDFC Life Insurance Company Limited Insurance 0.04 0.04
Hindalco Industries Ltd. Non - Ferrous Metals 0.37 0.37 Hero MotoCorp Ltd. Automobiles 0.04 0.04
Hindustan Petroleum Corp. Ltd. Petroleum Products 0.36 0.36 ICICI Lombard General Insurance Co Insurance 0.04 0.04
Trent Ltd. Retailing 0.36 0.36 Indraprastha Gas Ltd. Gas 0.04 0.04
UPL Ltd. Fertilizers & Agrochemicals 0.36 0.36 ACC Ltd. Cement & Cement Products 0.03 0.03
Indian Energy Exchange Limited Capital Markets 0.35 0.35 Bosch Limited Auto Components 0.03 0.03
Bharat Electronics Ltd. Aerospace & Defense 0.34 0.34 Guj. Narmada Valley Fertilisers Ltd Chemicals & Petrochemicals 0.03 0.03
Bharat Petroleum Corporation Ltd. Petroleum Products 0.34 0.34 ICICI Prudential Life Insurance Company Ltd. Insurance 0.03 0.03
Biocon Ltd. Pharmaceuticals & JK Cement Limited Cement & Cement Products 0.03 0.03
Biotechnology 0.33 0.33
Aditya Birla Capital ltd. Finance 0.32 0.32 Samvardhana Motherson International Ltd. Auto Components 0.03 0.03
PVR LIMITED Entertainment 0.32 0.32 Tata Chemicals Ltd. Chemicals & Petrochemicals 0.03 0.03
HINDUSTAN COPPER LIMITED Non - Ferrous Metals 0.30 0.31 INFO EDGE (INDIA) LIMITED Retailing 0.02 0.02
Dixon Technologies (India) Ltd. Consumer Durables 0.29 0.29 Jubilant Foodworks Limited Leisure Services 0.02 0.02
REC Limited. Finance 0.29 0.29 LTIMindtree Limited IT - Software 0.02 0.02
Dr Reddys Laboratories Ltd. Pharmaceuticals & RBL Bank Ltd. Banks 0.02 0.02
Biotechnology 0.28 0.28 Voltas Ltd. Consumer Durables 0.02 0.02
NMDC Limited Minerals & Mining 0.28 0.29 Abbott India Ltd. Pharmaceuticals &
United Spirits Limited Beverages 0.28 0.28 Biotechnology 0.01 0.01
Container Corporation of India Ltd. Transport Services 0.27 0.27 Indiamart Intermesh Limited Retailing 0.01 0.01
Power Finance Corporation Ltd. Finance 0.27 0.27 MphasiS Limited. IT - Software 0.01 0.01
Navin Fluorine International Ltd. Chemicals & Petrochemicals 0.25 0.25 Dr. Lal Path Labs Ltd Healthcare Services @ 0.00
ABB India Ltd. Electrical Equipment 0.24 0.24

November 2024 87
HDFC Arbitrage Fund CATEGORY OF SCHEME
ARBITRAGE FUND
(An open ended scheme investing in arbitrage opportunities)
PORTFOLIO

Company Industry+ / Rating % to NAV % exposure

(Hedged & of Derivative
Unhedged) Outstanding exposure in derivative instruments (` in Crore) 13,045.32
ESCORTS LTD. Agricultural, Commercial & Hedged position in Equity & Equity related instruments
Construction Vehicles @ 0.00
Life Insurance Corporation of India Insurance @ 0.00 Outstanding derivative exposure (% age) 77.69
Max Financial Services Ltd. Insurance @ 0.00
Union Bank of India Banks @ 0.00 Face Value per Unit: ` 10, + Industry Classification as recommended by AMFI, CD - Certificate of
Total 77.26 77.73 Deposit; CP - Commercial Papers, Data is as of November 29, 2024 unless otherwise specified.
DEBT & DEBT RELATED
Credit Exposure (Non Perpetual)
Axis Finance Ltd. CRISIL - AAA 0.74 0.00
HDFC Bank Ltd.£ CRISIL - AAA 0.74 0.00
National Bank for Agri & Rural Dev. CRISIL - AAA 0.65 0.00
Bajaj Finance Ltd. CRISIL - AAA 0.45 0.00
Bharti Telecom Limited CRISIL - AA+ 0.30 0.00
Power Finance Corporation Ltd. CRISIL - AAA 0.30 0.00
REC Limited. CRISIL - AAA 0.15 0.00
Sub Total 3.33 0.00
MUTUAL FUND UNITS
HDFC Liquid Fund - Direct Plan - Growth Option 4.72 0.00
HDFC Money Market Fund - Direct Plan - Growth
Option 13.37 0.00
Sub Total 18.09 0.00
Cash,Cash Equivalents and Net Current Assets 1.32 0.00
Grand Total 100.00 77.23
• Top Ten Holdings, £ Sponsor, @ Less than 0.01%.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC • Income over short term.

Arbitrage • Income through arbitrage
Fund opportunities between cash and
derivative market and arbitrage
BENCHMARK opportunities within the
: NIFTY 50 derivative segment.
Arbitrage Index

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

88 November 2024
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]

INVESTMENT OBJECTIVEKEY : ToFACTS

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 achieved.

FUND MANAGER ¥ PORTFOLIO

Shobhit Mehrotra
(since October 23, 2007) Issuer Rating % to NAV Issuer Rating % to NAV
Total Experience: Over 32 years DEBT & DEBT RELATED TATA Capital Housing Finance Ltd. CRISIL - AAA 0.49
Government Securities (Central/State) Mahindra Rural Housing Finance
• GOI 2034 Sovereign 15.91 Ltd CRISIL - AAA 0.40
• Floating Rate GOI 2033 Sovereign 8.46 Grasim Industries Ltd. CRISIL - AAA 0.33
DATE OF ALLOTMENT / INCEPTION DATE • GOI 2031 Sovereign 4.38 India Grid Trust CRISIL - AAA 0.33
• GOI 2028 Sovereign 3.83 Kalpataru Projects International Ltd CARE - AA 0.33
October 23, 2007 Kotak Mahindra Prime Ltd. CRISIL - AAA 0.33
7.26 GOI 2033 Sovereign 0.99
7.64% Andhra Pradesh SDL ISD National Housing Bank CRISIL - AAA 0.33
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) 170124 MAT 170131 Sovereign 0.71 JM Financial Asset Reconstruction
Regular Plan - Growth Option 47.5877 7.23 GOI 2039 Sovereign 0.62 Co. Ltd. ICRA - AA- 0.30
Regular Plan - Daily IDCW Reinvestment Cholamandalam Investment &
Option 10.0809 7.18 GOI 2033 Sovereign 0.34
Regular Plan - Weekly IDCW Option 10.0436 7.41 GOI 2036 Sovereign 0.34 Finance Co. Ltd. ICRA - AA+ 0.27
Regular Plan - Monthly IDCW Option 10.1477 7.64% Gujarat SDL ISD 170124 MAT First Business Receivables Trust
Direct Plan - Growth Option 48.4769 170133 Sovereign 0.34 (PTC banked by receivables from
Direct Plan - Daily IDCW Reinvestment 10.0809 Reliance Corporate IT Park Limited) CRISIL - AAA(SO) 0.24
Option 7.18 GOI 2037 Sovereign 0.20
Direct Plan - Weekly IDCW Option 10.0438 Hindustan Petroleum Corp. Ltd. CRISIL - AAA 0.17
7.38 GOI 2027 Sovereign 0.10
Direct Plan - Monthly IDCW Option 10.1480 JM FINANCIAL HOME LOANS
7.27% Tamil Nadu SDL Mat 120727 Sovereign 0.03 LIMITED CRISIL - AA 0.16
5.77 GOI 2030 Sovereign 0.01 Nirma Ltd. CRISIL - AA 0.07
ASSETS UNDER MANAGEMENT J
As on November 29, 2024 7.23% Tamil Nadu SDL MAT 140627 Sovereign 0.01 HDFC Bank Ltd.£ CRISIL - AAA 0.03
` 15,103.89 Cr. Sub Total 36.27 Sub Total 56.45
Average for Month of November 2024 Credit Exposure (Non Perpetual) Credit Exposure (Perpetual Bonds)
` 14,996.41 Cr. • National Bank for Agri & Rural Dev. CRISIL - AAA 6.78 TMF Holdings Ltd. (Subsidiary of
• Small Industries Development Bank CARE - AAA / CRISIL Tata Motors Ltd.) (Perpetual) CRISIL - AA+ 0.98
QUANTITATIVE DATA - AAA 5.31 Sub Total 0.98
Residual Maturity * 4.33 years • Power Finance Corporation Ltd. CRISIL - AAA 4.52 Total 93.70
Macaulay Duration * 1.43 year • LIC Housing Finance Ltd. CRISIL - AAA 3.83 MONEY MARKET INSTRUMENTS
Modified Duration * 1.36 year • TMF Holdings Ltd. (Subsidiary of
Annualized Portfolio YTM# * 7.71% CP
Tata Motors Ltd.) CRISIL - AA+ 2.49
#
semi annual YTM has been annualised. Sundaram Finance Ltd. CRISIL - A1+ 0.62
*Calculated on amount invested in debt securities • Aadhar Housing Finance Limited ICRA - AA 2.33
Sub Total 0.62
(including accrued interest), deployment of funds in Bharti Telecom Limited CRISIL - AA+ 2.13
TREPS and Reverse Repo and net receivable / payable. CD
SMFG India Credit Company Ltd ICRA - AAA 1.99
Kotak Mahindra Bank Limited CRISIL - A1+ 0.97
Indian Railways Finance Corp. Ltd. CRISIL - AAA 1.95
Axis Bank Ltd. CRISIL - A1+ 0.63
TOTAL EXPENSE RATIO (As on November 29, 2024) REC Limited. CARE - AAA / CRISIL
Including Additional Expenses and Goods and Service - AAA 1.66 ICICI Bank Ltd. ICRA - A1+ 0.16
Tax on Management Fees
Sikka Port and Terminal Ltd. Sub Total 1.76
Regular: 0.49%Direct: 0.26% (erstwhile Reliance Ports and Total 2.38
Terminals Ltd.) CRISIL - AAA 1.61 Alternative Investment Fund Units
Godrej Industries Ltd. CRISIL - AA+ 1.59 Corporate Debt Market
#BENCHMARK INDEX: Bajaj Housing Finance Ltd. CRISIL - AAA 1.33 Development Fund 0.27
CRISIL Short Duration Debt A-II Index Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 1.31 Sub Total 0.27
##ADDL. BENCHMARK INDEX: SMFG India Home Finance CARE - AAA / CRISIL Cash,Cash Equivalents and Net Current Assets 3.65
CRISIL 10 year Gilt Index Company Ltd - AAA 1.31 Grand Total 100.00
Jamnagar Utilities & Power Pvt. • Top Ten Holdings, £ Sponsor
EXIT LOAD$$ : Ltd. (erstwhile Reliance Utilities &
Power Pvt. Ltd.) CRISIL - AAA 1.30
Nil Outstanding exposure in derivative
TVS Credit Services Ltd ICRA - AA 1.17
instruments Interest Rate Swap (` in Crore) 2,845.00
Bajaj Finance Ltd. CRISIL - AAA 1.00
HDB Financial Services Ltd. CRISIL - AAA 0.99 Face Value per Unit: ` 10, CD - Certificate of Deposit; CP - Commercial
Papers. Data is as of November 29, 2024 unless otherwise specified.
India Universal Trust AL2 CRISIL - AAA(SO) 0.99
¥ Dedicated Fund Manager for Overseas Investments:
Dhruva XXIV ICRA - AAA(SO) 0.97 Mr. Dhruv Muchhal (since June 22, 2023)
India Universal Trust AL1 IND - AAA(SO) 0.90 (Total Experience: Over 10 years).
Larsen and Toubro Ltd. CRISIL - AAA 0.73 J Includes investments made by the schemes of HDFC Mutual Fund
ADITYA BIRLA RENEWABLES LIMITED CRISIL - AA 0.67 aggregating to ` 104.05 Crore.
TATA POWER RENEWABLE ENERGY Please refer Minimum Application Amount, Plans & Options, on
LTD. CARE - AA+ 0.67 Page no. 101 to 103.
Embassy Office Parks REIT CRISIL - AAA 0.66 $$For further details, please refer to para ‘Exit Load’ on page
NTPC Limited CRISIL - AAA 0.66 no. 104.
SBFC Finance Ltd IND - AA- 0.66
Sundaram Home Finance Limited ICRA - AAA 0.66
Muthoot Finance Ltd. ICRA - AA+ 0.50

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 20.60 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 41.41 32.76 17.28 7.14 4.04 1.25
Returns (%) 7.61 7.56 7.09 6.88 7.70 8.44
Benchmark Returns (%) # 7.43 7.37 6.84 6.32 7.15 7.98
Additional Benchmark Returns (%) ## 6.49 6.55 6.26 6.09 8.11 9.73
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

November 2024 89
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]

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
Portfolio (%) ## (`)# Benchmark
(`)##
Classification By Nov 30, 23 Last 1 Year 8.37 8.04 10.39 10,837 10,804 11,039
Asset Class (%) Nov 30, 21 Last 3 Years 6.67 5.98 5.56 12,137 11,903 11,762
Nov 29, 19 Last 5 Years 6.70 6.25 5.48 13,838 13,548 13,059
Nov 28, 14 Last 10 Years 7.42 7.29 6.79 20,469 20,235 19,309
n G-Sec, SDL 36.27 Oct 23, 07 Since Inception 7.79 7.59 6.52 36,100 34,959 29,499
n Securitized Debt Instruments 3.10 Returns greater than 1 year period are compounded annualized (CAGR). Since Inception returns are calculated on ` 13.1821 (allotment price).
n CP 0.62 For performance of other schemes managed by Shobhit Mehrotra, please refer page 104. 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 /
n CD 1.76 commission charged in the Regular Plan. For Performance of Direct Plan, refer page 109 to 115.
n Credit Exposure 54.33
n Alternative Investment Fund Units 0.27
n Cash, Cash Equivalents and Net Current Assets 3.65 ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.
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
Portfolio maturity of the scheme as well and exercise adequate due diligence when deciding to make their investments.
Classification By
Rating Class (%)
Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer
Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)
n Sovereign 36.27 HDFC Floating • Income over short term
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 45.49 Rate Debt • To generate income / capital
n AA+ 8.63 appreciation through investment
n AA/AA- 5.69 Fund
in a portfolio comprising
n Alternative Investment Fund Units 0.27
BENCHMARK substantially of floating rate
n Cash, Cash Equivalents and Net Current Assets 3.65
: CRISIL Short debt, fixed rate debt instruments
Duration Debt swapped for floating rate returns
CD - Certificate of Deposit; CP - Commercial Papers
A-II Index and money market instruments

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) B-III
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

90 November 2024
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 achieved.

FUND MANAGER ¥
PORTFOLIO
Anupam Joshi
(since October 27, 2015) Issuer Rating % to Issuer Rating % to
Total Experience: Over 18 years NAV NAV
DEBT & DEBT RELATED 7.48% Karnataka SDL ISD 210224 Sovereign 0.03
Government Securities (Central/State) Mat 210233
DATE OF ALLOTMENT / INCEPTION DATE • 7.23 GOI 2039 Sovereign 10.33 GOI STRIPS - Mat 161228 Sovereign 0.03
June 29, 2010 • Floating Rate GOI 2033 Sovereign 3.92 GOI STRIPS - Mat 120928 Sovereign 0.02
GOI 2034 Sovereign 2.31 6.67 GOI 2035 Sovereign 0.01
6.79 GOI 2034 Sovereign 1.76 7.47% Chhattisgarh SDL ISD Sovereign 0.01
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) 200324 MAT 200334
Regular Plan - Growth Option 30.9827 GOI 2031 Sovereign 0.62
Regular Plan - IDCW Option 18.7560 GOI STRIPS - Mat 010628 Sovereign @
Regular Plan - Quarterly IDCW Option 10.4982 6.92 GOI 2039 Sovereign 0.37
GOI STRIPS - Mat 011228 Sovereign @
Direct Plan - Growth Option 31.6148 7.41 GOI 2036 Sovereign 0.32
Direct Plan - IDCW Option 19.3713 GOI STRIPS - Mat 190928 Sovereign @
7.54 GOI 2036 Sovereign 0.32
Direct Plan - Quarterly IDCW Option 10.3450 Sub Total 24.56
7.73% Uttar Pradesh SDL Mat Sovereign 0.31
081133 Credit Exposure (Non Perpetual)
ASSETS UNDER MANAGEMENT J 7.66% RAJASTHAN SDL Mat 310133 Sovereign 0.30 • State Bank of India CARE - AAA / CRISIL - 6.07
As on November 29, 2024 AAA / ICRA - AAA
7.64% Gujarat SDL ISD 170124
` 32,841.09 Cr. MAT 170133 Sovereign 0.27
• National Bank for Agri & Rural CRISIL - AAA / ICRA - AAA 5.83
Average for Month of November 2024 Dev.
` 32,462.03 Cr. 7.47% Uttarakhand SDL ISD Sovereign 0.25
200324 MAT 200334 • REC Limited. CRISIL - AAA / IND - AAA 5.82
7.72% Uttar Pradesh SDL Mat • LIC Housing Finance Ltd. CRISIL - AAA 5.21
QUANTITATIVE DATA Sovereign 0.25
Residual Maturity * 6.12 years 081134 • Small Industries Development CARE - AAA / CRISIL 4.91
Macaulay Duration * 4.17 years 7.64% % Gujarat SDL ISD 170124 Sovereign Bank - AAA
Mat 170134 0.24 • HDFC Bank Ltd.£ CRISIL - AAA 4.01
Modified Duration * 3.95 years
Annualized Portfolio YTM# * 7.44% 7.68% Jharkhand SDL ISD 240124 Sovereign • Power Finance Corporation Ltd. CRISIL - AAA 3.89
#
semi annual YTM has been annualised. Mat 240132 0.23
• HDB Financial Services Ltd. CRISIL - AAA 3.77
*Calculated on amount invested in debt securities 7.66% RAJASTHAN SDL Mat 310134 Sovereign 0.22
(including accrued interest), deployment of funds Bajaj Housing Finance Ltd. CRISIL - AAA 3.29
in TREPS and Reverse Repo and net receivable 7.63% Gujarat SDL ISD 240124 Sovereign 0.20 MANGALORE REFINERY AND CARE - AAA / CRISIL
Mat 240133 PETROCHEMICA - AAA 2.46
/ payable.
7.63% Gujarat SDL ISD 240124 Sovereign 0.16 TATA Capital Housing Finance Ltd. CRISIL - AAA 2.04
Mat 240134
TOTAL EXPENSE RATIO (As on November 29, 2024) Indian Railways Finance Corp. Ltd. CRISIL - AAA 2.00
Including Additional Expenses and Goods and Service 7.67% Chhattisgarh SDL ISD Sovereign 0.16
Tax on Management Fees 240124 Mat 240131 Power Grid Corporation of CRISIL - AAA 1.97
India Ltd.
7.68% Chattisgarh SDL ISD 170124 Sovereign
Regular: 0.61%Direct: 0.36% MAT 170132 0.16 Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 1.89
6.82% Bihar SDL - ISD 140721 National Highways Authority CRISIL - AAA 1.85
Mat 140728 Sovereign 0.15 of India
#BENCHMARK INDEX: 7.39% Andhra Pradesh SDL ISD Sovereign Toyota Financial Services India Ltd. CRISIL - AAA / ICRA - AAA 1.70
Nifty Corporate Bond Index A- II 030424 MAT 030430 0.15
Reliance Industries Ltd. CRISIL - AAA 1.61
7.36% Maharashtra SDL ISD Sovereign 0.14 SMFG India Credit Company Ltd CARE - AAA / ICRA - AAA 1.45
##ADDL. BENCHMARK INDEX: 120423 Mat 120428
CRISIL 10 year Gilt Index Kotak Mahindra Investments Ltd. CRISIL - AAA 1.38
7.42% Tamil Nadu SDL ISD 030424 Sovereign 0.14
MAT 030434 India Universal Trust AL2 CRISIL - AAA(SO) 1.29
EXIT LOAD$$ : 7.67% Rajasthan ISD 24012024 Nomura Capital India Pvt. Ltd. IND - AAA 1.26
Mat 240134 Sovereign 0.13
Nil Housing and Urban Development CARE - AAA 1.15
7.47% Goa SDL ISD 200324 MAT Sovereign Corporation Ltd.
200334 0.11
Hindustan Petroleum Corp. Ltd. CRISIL - AAA 1.00
7.67% Uttarakhand SDL ISD Sovereign 0.11 Jamnagar Utilities & Power Pvt.
271223 MAT 271233 Ltd. (erstwhile Reliance Utilities & CRISIL - AAA 0.94
7.24 GOI 2033 Sovereign 0.09 Power Pvt. Ltd.)
7.67% Chattisgarh SDL ISD 170124 Sovereign National Bank for Financing CRISIL - AAA 0.77
MAT 170133 0.09 Infrastructure and Development
GOI STRIPS - Mat 190328 Sovereign 0.09 Kotak Mahindra Prime Ltd. CRISIL - AAA 0.61
7.47% Chhattisgarh SDL ISD L&T Finance Ltd. CRISIL - AAA / ICRA - AAA 0.60
200324 MAT 200333 Sovereign 0.08
National Housing Bank CRISIL - AAA 0.56
7.66% RAJASTHAN SDL ISD 240124 Sovereign 0.08 DME Development Ltd CRISIL - AAA 0.47
Mat 240131
Sikka Port and Terminal Ltd.
7.72% Rajasthan SDL - Mat 081133 Sovereign 0.08 (erstwhile Reliance Ports and CRISIL - AAA 0.45
7.48% Uttar Pradesh ISD 210224 Sovereign Terminals Ltd.)
Mat 210234 0.06
Nuclear Power Corporation of ICRA - AAA 0.38
GOI STRIPS - Mat 120328 Sovereign 0.05 India Ltd.
GOI STRIPS - Mat 170628 Sovereign 0.05 Indian Oil Corporation Ltd. CRISIL - AAA 0.31
GOI STRIPS - Mat 171228 Sovereign 0.05 NHPC Ltd. CARE - AAA 0.29
GOI STRIPS - Mat 160628 Sovereign 0.04 ONGC Petro additions Ltd. (OPAL) CARE - AAA(CE) 0.26
(Put on ONGC Ltd.)
GOI STRIPS - Mat 220228 Sovereign 0.04
Bajaj Finance Ltd. CRISIL - AAA 0.18
7.1 GOI 2028 Sovereign 0.03

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.
....Contd on next page

November 2024 91
.....Contd from previous page

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)

PORTFOLIO

Issuer Rating % to
Portfolio NAV Outstanding exposure in derivative
NTPC Limited CRISIL - AAA 0.16 instruments Interest Rate Swap (` in Crore) 3,225.00
Classification By
ICICI Bank Ltd. CARE - AAA 0.15 Face Value per Unit: ` 10, CD - Certificate of Deposit; CP - Commercial
Asset Class (%) Papers, Data is as of November 29, 2024 unless otherwise specified.
Nomura Fixed Income Securities IND - AAA 0.15
Pvt. ¥ Dedicated Fund Manager for Overseas Investments:
Mr. Dhruv Muchhal (since June 22, 2023)
Export - Import Bank of India CRISIL - AAA 0.08 (Total Experience: Over 10 years).
First Business Receivables Trust J Includes investments made by the schemes of HDFC Mutual Fund
n G-Sec, G-Sec STRIPS, SDL 24.56 (PTC banked by receivables aggregating to ` 56.84 Crore.
n Securitized Debt Instruments 1.32 from Reliance Corporate IT Park CRISIL - AAA(SO) 0.03
Please refer Minimum Application Amount, Plans & Options, on Page
n Credit Exposure 70.92 Limited) no. 101 to 103.
n Alternative Investment Fund Units 0.23 Sub Total 72.24 $$For further details, please refer to para ‘Exit Load’ on page no. 104.
n Cash, Cash Equivalents and Net Current Assets 2.97 Total 96.80
Alternative Investment Fund Units
Corporate Debt Market Development Fund 0.23
Sub Total 0.23
Cash,Cash Equivalents and Net Current Assets 2.97
Portfolio
Grand Total 100.00
Classification By
Rating Class (%) • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP
n Sovereign 24.56 Total Amount Invested (` in Lacs) 17.40 12.00 6.00 3.60 1.20
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 72.24 Mkt Value As on November 29, 2024 (` in Lacs) 31.56 17.46 7.10 4.03 1.26
n Alternative Investment Fund Units 0.23 Returns (%) 7.78 7.29 6.68 7.54 8.68
n Cash, Cash Equivalents and Net Current Assets 2.97 Benchmark Returns (%) # 7.36 6.81 6.16 6.88 7.59
Additional Benchmark Returns (%) ## 6.57 6.26 6.09 8.11 9.73
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns BenchmarkScheme (`) Benchmark Additional
Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 8.70 7.72 10.39 10,870 10,772 11,039
Nov 30, 21 Last 3 Years 6.17 5.79 5.56 11,969 11,840 11,762
Nov 29, 19 Last 5 Years 6.81 6.28 5.48 13,909 13,563 13,059
Nov 28, 14 Last 10 Years 7.70 7.24 6.79 21,018 20,141 19,309
Jun 29, 10 Since Inception 8.15 7.70 6.42 30,983 29,174 24,550
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anupam Joshi, please
refer page 104. 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 109 to 115.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.
Note: Effective close of business hours of May 8, 2018, HDFC Medium Term Opportunities Fund (HMTOF) underwent changes in Fundamental
Attributes and was renamed as HDFC Corporate Bond Fund (HCBF) and HDFC Floating Rate Income Fund – Long Term Plan and HDFC Gilt Fund
– Short Term Plan were merged therein. As the portfolio structuring of HCBF closely resembles the erstwhile HMTOF, the past performance
of HMTOF is provided, in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC • Income over short to medium

Corporate term
Bond Fund • To generate income/capital
appreciation through investments
BENCHMARK : predominantly in AA+ and above
Nifty Corporate rated corporate bonds
Bond Index A-II

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) B-III
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

92 November 2024
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)

INVESTMENT OBJECTIVEKEY : ToFACTS

generate income / capital appreciation through investments in debt and money market instruments consisting predominantly of securities issued
by entities such as Scheduled Commercial Banks (SCBs), Public Sector undertakings (PSUs), Public Financial Institutions (PFIs), Municipal Corporations and such other bodies.
There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Anil Bamboli
(since March 26, 2014) Issuer Rating % to Issuer Rating % to
Total Experience: Over 30 years NAV NAV
DEBT & DEBT RELATED Mahanagar Telephone Nigam
Government Securities (Central/State) Ltd. (Corporate guarantee from
DATE OF ALLOTMENT / INCEPTION DATE • 7.18 GOI 2033 Sovereign 5.13 Govt of India) CARE - AA+(CE) 1.87
• 7.26 GOI 2033 Sovereign 3.75 Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 1.30
March 26, 2014 7.26 GOI 2032 Sovereign 1.53 SMFG India Credit Company Ltd CARE - AAA 1.28
7.1 GOI 2034 Sovereign 1.13 Export - Import Bank of India CRISIL - AAA 0.86
GOI 2034 Sovereign 1.12 TATA Capital Housing Finance
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) 7.34 GOI 2064 Sovereign 0.88 Ltd. CRISIL - AAA 0.86
Regular Plan - Growth Option 21.8951 7.64% Gujarat SDL ISD 170124 ONGC Petro additions Ltd.
Regular Plan - IDCW Option 10.1550 MAT 170133 Sovereign 0.87 (OPAL) (Put on ONGC Ltd.) CARE - AAA(CE) 0.60
Direct Plan - Growth Option 22.7474 7.64% % Gujarat SDL ISD Bank of Baroda CRISIL - AAA 0.51
Direct Plan - IDCW Option 10.0453 170124 Mat 170134 Sovereign 0.53 Indian Bank CRISIL - AAA 0.42
6.79 GOI 2034 Sovereign 0.51 Sub Total 79.89
7.63% Gujarat SDL ISD 240124 Total 96.57
ASSETS UNDER MANAGEMENT Mat 240133 Sovereign 0.44 Alternative Investment Fund Units
As on November 29, 2024 7.63% Gujarat SDL ISD 240124 Corporate Debt Market
` 5,881.46 Cr. Mat 240134 Sovereign 0.35 Development Fund 0.27
Average for Month of November 2024 7.23 GOI 2039 Sovereign 0.18 Sub Total 0.27
7.18 GOI 2037 Sovereign 0.09 Cash,Cash Equivalents and Net Current Assets 3.16
` 5,882.49 Cr. 7.63% Maharashtra SDL Mat Grand Total 100.00
310135 Sovereign 0.09
QUANTITATIVE DATA 5.79 GOI 2030 Sovereign 0.08 • Top Ten Holdings, £ Sponsor
Residual Maturity * 5.27 years Sub Total 16.68
Macaulay Duration * 3.91 years Credit Exposure (Non Perpetual) Outstanding exposure in derivative
Modified Duration * 3.69 years • Indian Railways Finance instruments Interest Rate Swap (` in Crore) 275.00
Annualized Portfolio YTM *#
7.42% Corp. Ltd. CRISIL - AAA 10.83
#
semi annual YTM has been annualised. • HDFC Bank Ltd.£ CRISIL - AAA 10.31 Face Value per Unit: ` 10, Data is as of November 29, 2024
*Calculated on amount invested in debt securities • Small Industries Development unless otherwise specified.
Bank CARE - AAA / CRISIL - AAA 10.12
(including accrued interest), deployment of funds • National Bank for Agri & CRISIL - AAA / ICRA ¥ Dedicated Fund Manager for Overseas Investments:
in TREPS and Reverse Repo and net receivable Rural Dev. - AAA 9.14 Mr. Dhruv Muchhal (since June 22, 2023)
/ payable. • REC Limited. CRISIL - AAA / ICRA (Total Experience: Over 10 years).
- AAA 9.01
• State Bank of India CRISIL - AAA 4.72 Please refer Minimum Application Amount, Plans & Options, on
TOTAL EXPENSE RATIO (As on November 29, 2024) • Bajaj Housing Finance Ltd. CRISIL - AAA 4.29 Page no. 101 to 103.
Including Additional Expenses and Goods and Service
Tax on Management Fees • Power Finance Corporation Ltd. CRISIL - AAA 3.40 $$For further details, please refer to para ‘Exit Load’ on page
National Housing Bank CARE - AAA / CRISIL no. 104.
Regular: 0.79%Direct: 0.39% - AAA 2.99
Housing and Urban
Development Corporation Ltd. CARE - AAA 2.82
#BENCHMARK INDEX: Power Grid Corporation of
Nifty Banking & PSU Debt Index A-II India Ltd. CRISIL - AAA 2.42
LIC Housing Finance Ltd. CRISIL - AAA 2.14
##ADDL. BENCHMARK INDEX:
CRISIL 10 year Gilt Index

EXIT LOAD$$ : SIP PERFORMANCE ^ - Regular Plan - Growth Option

Nil Since Inception 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP
Total Amount Invested (` in Lacs) 12.90 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 19.04 17.11 7.02 4.00 1.25
Returns (%) 7.01 6.91 6.25 7.00 7.96
Portfolio Benchmark Returns (%) # 6.76 6.65 5.99 6.80 7.66
Classification By Additional Benchmark Returns (%) ## 6.41 6.26 6.09 8.11 9.73
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Asset Class (%) accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

n G-Sec, SDL 16.68 Scheme Benchmark Additional Value of ` 10,000 invested
n Credit Exposure 79.89 Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
n Alternative Investment Fund Units 0.27 (%) ## (`)# Benchmark
n Cash, Cash Equivalents and Net Current Assets 3.16 (`)##
Nov 30, 23 Last 1 Year 8.05 7.81 10.39 10,805 10,781 11,039
Nov 30, 21 Last 3 Years 5.84 5.56 5.56 11,858 11,761 11,762
Nov 29, 19 Last 5 Years 6.32 6.06 5.48 13,590 13,427 13,059
Nov 28, 14 Last 10 Years 7.49 7.10 6.79 20,614 19,880 19,309
Mar 26, 14 Since Inception 7.61 7.38 7.23 21,895 21,400 21,077
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anil Bamboli, please
Portfolio refer page 104. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the
Classification By Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan,
refer page 109 to 115.
Rating Class (%)

^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.

n Sovereign 16.68 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 78.02 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
lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances the volatility may be of an order greater
n AA+ 1.87 than what may ordinarily be expected considering only its duration. Hence investors are recommended to consider the unadjusted portfolio
n Alternative Investment Fund Units 0.27 maturity of the scheme as well and exercise adequate due diligence when deciding to make their investments.
n Cash, Cash Equivalents and Net Current Assets 3.16

November 2024 93
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)

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Banking • Income over short to medium

and PSU Debt term.
Fund • To generate income /
capital appreciation through
BENCHMARK : investments in debt and money
Nifty Banking & market instruments consisting
PSU Debt predominantly of securities issued
Index A-II by entities such as Scheduled
Commercial Banks (SCBs), Public
Sector undertakings (PSUs),
Public Financial Institutions
(PFIs), Municipal Corporations
and such other bodies

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) B-III
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Stcheme and Benchmark Riskometer As on November 30, 2024

94 November 2024
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
investment objective of the Scheme will be achieved.

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

Shobhit Mehrotra Since Inception 10 year 5 year 3 year 1 year
(since March 25, 2014) SIP SIP SIP SIP SIP
Total Experience: Over 32 years Total Amount Invested (` in Lacs) 12.90 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 19.48 17.48 7.14 4.01 1.25
Returns (%) 7.42 7.31 6.92 7.19 8.23
DATE OF ALLOTMENT / INCEPTION DATE Benchmark Returns (%) # 8.16 8.09 7.80 7.98 7.70
March 25, 2014 Additional Benchmark Returns (%) ## 6.41 6.26 6.09 8.11 9.73
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
NAV (AS ON NOVEMBER 29, 2024) 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 - Growth Option 22.9322
Regular Plan - IDCW Option 21.1167 PERFORMANCE ^ - Regular Plan - Growth Option
Regular Plan - Quarterly IDCW Option 10.4231
Direct Plan - Growth Option 24.6932 Scheme Benchmark Additional Value of ` 10,000 invested
Direct Plan - IDCW Option 21.6462 Returns Returns Benchmark Scheme (`) Benchmark Additional
Direct Plan - Quarterly IDCW Option 10.7573 Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
(`)##
ASSETS UNDER MANAGEMENT Nov 30, 23 Last 1 Year 8.45 7.96 10.39 10,845 10,796 11,039
As on November 29, 2024 Nov 30, 21 Last 3 Years 6.11 7.49 5.56 11,947 12,419 11,762
` 7,404.25 Cr. Nov 29, 19 Last 5 Years 7.17 7.94 5.48 14,139 14,661 13,059
Average for Month of November 2024 Nov 28, 14 Last 10 Years 7.72 8.34 6.79 21,050 22,288 19,309
` 7,430.82 Cr. Mar 25, 14 Since Inception 8.07 8.53 7.23 22,932 23,995 21,088
Returns greater than 1 year period are compounded annualized (CAGR). Load is not taken into consideration for computation of performance.
QUANTITATIVE DATA For performance of other schemes managed by Shobhit Mehrotra, please refer page 104. Different plans viz. Regular Plan and Direct Plan
Residual Maturity * 3.09 years have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses
Macaulay Duration * 2.24 years / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 109 to 115.
Modified Duration * 2.11 years
Annualized Portfolio YTM# * 8.46% ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.
#
semi annual YTM has been annualised.
*Calculated on amount invested in debt securities Note: Effective close of business hours of May 8, 2018, HDFC Corporate Debt Opportunities Fund (HCDOF) underwent changes in
(including accrued interest), deployment of funds 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 TREPS and Reverse Repo and net receivable in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.
/ payable.

TOTAL EXPENSE RATIO (As on November 29, 2024)

Including Additional Expenses and Goods and Service
Tax on Management Fees Portfolio Portfolio
Regular: 1.58%Direct: 0.99% Classification By Classification By
Asset Class (%) Rating Class (%)

#BENCHMARK INDEX:
Nifty Credit Risk Bond Index B-II
##ADDL. BENCHMARK INDEX: n Units issued by InvIT 2.22 n Sovereign 10.25
CRISIL 10 year Gilt Index n Units issued by ReIT 2.51 n Units issued by InvIT 2.22
n G-Sec, SDL 10.25 n Units issued by ReIT 2.51
n Securitized Debt Instruments 1.71 n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 11.00
EXIT LOAD$$ :
• In respect of each purchase / switch-in of Units, 15% of n CD 3.37 n AA+ 18.10
the units (“the limit”) may be redeemed without any n Credit Exposure 74.93 n AA/AA- 37.44
exit Load from the date of allotment n Alternative Investment Fund Units 0.30
• Any redemption in excess of the above limit shall be n Alternative Investment Fund Units 0.30
subject to the following exit load: n Cash, Cash Equivalents and Net Current Assets 4.71 n A+ & Below 13.47
• In respect of each purchase / switch-in of Units, an n Cash, Cash Equivalents and Net Current Assets 4.71
Exit Load of 1.00% is payable if Units are redeemed CD - Certificate of Deposit; CP - Commercial Papers
/ switched-out within 12 months from the date of
allotment
• In respect of each purchase / switch-in of Units, an Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer
Exit Load of 0.50% is payable if Units are redeemed Benchmark
/ switched-out after 12 months but within 18 months (This product is suitable for (Current risk as per latest month
from the date of allotment investors who are seeking ~) end portfolio)
• No Exit Load is payable if Units are redeemed /
switched-out after 18 months from the date of
allotment HDFC Credit • Income over short to medium
Risk Debt term
Fund • To generate income/capital
appreciation by investing
BENCHMARK : predominantly in AA and below
Nifty Credit Risk rated corporate debt (excluding
Bond Index B-II AA+ rated corporate bonds)

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) C-III
C-III - A Scheme with Relatively High Interest Rate Risk and Relatively High Credit Risk.
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024 ....Contd on next page

November 2024 95
.....Contd from previous page
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 India Grid Trust CRISIL - AAA / ICRA
- AAA CRISIL - AAA 0.94
Government Securities (Central/State)
NTPC Limited CRISIL - AAA CRISIL - AAA 0.82
6.54 GOI 2032 Sovereign Sovereign 1.60
JM Financial Asset Reconstruction Co. Ltd. ICRA - AA- CRISIL - AA- 0.81
GOI 2034 Sovereign Sovereign 1.36
VAJRA 009 TRUST ICRA - AA(SO) ICRA - AA(SO) 0.81
7.3 GOI 2053 Sovereign Sovereign 1.12
Vajra 004 Trust CRISIL -
7.1 GOI 2034 Sovereign Sovereign 1.07 CRISIL - AA(SO) AAA(SO) 0.70
7.23 GOI 2039 Sovereign Sovereign 0.84 TATA Capital Housing Finance Ltd. CRISIL - AAA CRISIL - AAA 0.66
7.1 GOI 2029 Sovereign Sovereign 0.82 JM Financial Products Ltd. CRISIL - AA CRISIL - AA 0.34
7.18 GOI 2037 Sovereign Sovereign 0.69 REC Limited. CRISIL - AAA CRISIL - AAA 0.28
7.26 GOI 2033 Sovereign Sovereign 0.62 Arka Fincap Limited CRISIL - AA CRISIL - AA 0.24
7.25 GOI 2063 Sovereign Sovereign 0.55 Vajra 006 Trust ICRA - AA(SO) ICRA - AA(SO) 0.20
7.64% Andhra Pradesh SDL ISD 170124 MAT Sub Total 76.25
170131 Sovereign Sovereign 0.51
Credit Exposure (Perpetual Bonds)
7.67% Chhattisgarh SDL ISD 240124 Mat
240131 Sovereign Sovereign 0.35 TMF Holdings Ltd. (Subsidiary of Tata
Motors Ltd.) (Perpetual) CRISIL - AA+ CRISIL - AA+ 0.39
Floating Rate GOI 2033 Sovereign Sovereign 0.35
Sub Total 0.39
7.66% RAJASTHAN SDL ISD 240124 Mat
240131 Sovereign Sovereign 0.19 Total 86.89
7.26 GOI 2032 Sovereign Sovereign 0.07 UNITS ISSUED BY REIT & INVIT
7.60% Tamil Nadu SDL Mat 310131 Sovereign Sovereign 0.07 Units issued by InvIT
7.17 GOI 2030 Sovereign Sovereign 0.04 Bharat Highways InvIT Transport Transport
Infrastructure Infrastructure 1.97
Sub Total 10.25
POWERGRID Infrastructure Investment Trust Power Power 0.25
Credit Exposure (Non Perpetual)
Sub Total 2.22
• Kalpataru Projects International Ltd CRISIL - AA / IND - AA CRISIL - AA 7.10
Units issued by ReIT
• Tata Motors Ltd. CRISIL - AA+ CRISIL - AA+ 5.30
Embassy Office Parks REIT Realty Realty 2.51
• Tata Projects Ltd. IND - AA IND - AA 4.82
Sub Total 2.51
• Indostar Capital Finance Ltd. CRISIL - AA- CARE - A+ 4.74
Total 4.73
• Power Finance Corporation Ltd. CRISIL - AAA CRISIL - AAA 4.07
MONEY MARKET INSTRUMENTS
• SANDUR MANGANESE AND IRON ORES
LIMITED ICRA - A+ CRISIL - A 4.01 CD
• The Tata Power Company Ltd. CARE - AA+ CRISIL - AA+ 3.12 • Punjab & Sind Bank ICRA - A1+ CARE - AA- 2.70
• Mahindra Rural Housing Finance Ltd CRISIL - AAA / IND Au Small Finance Bank Ltd. IND - A1+ CRISIL - AA 0.67
- AA+ ICRA - AA+ 2.87
Sub Total 3.37
• TVS Credit Services Ltd CRISIL - AA CRISIL - AA 2.78
Alternative Investment Fund Units
GERA Development Pvt. Ltd. CARE - AA- CARE - AA- 2.68
Corporate Debt Market Development Fund 0.30
Nirma Ltd. CRISIL - AA CRISIL - AA 2.59
Sub Total 0.30
Godrej Industries Ltd. CRISIL - AA+ CRISIL - AA+ 2.37
Cash,Cash Equivalents and Net Current Assets 4.71
ADITYA BIRLA RENEWABLES LIMITED CRISIL - AA CRISIL - AA 2.04
Grand Total 100.00
DLF Home Developers Ltd ICRA - AA ICRA - AA 2.03
Resco Global Wind Services Pvt. Ltd. CRISIL - • Top Ten Holdings
CRISIL - AA+(CE) AA+(CE) 2.03
Vastu Finserve India Pvt. Ltd. CARE - AA- CRISIL - A+ 2.03 Outstanding exposure in derivative instruments Interest Rate Swap (` in Crore) 125.00
Hero Housing Finance Limited CRISIL - AA+ CRISIL - AA+ 2.02 Face Value per Unit: ` 10, Data is as of November 29, 2024 unless otherwise specified. ≈ Based
JM FINANCIAL HOME LOANS LIMITED CRISIL - AA CRISIL - AA 2.02 on long term rating.
ONGC Petro additions Ltd. (OPAL) (Put on
ONGC Ltd.) CRISIL - AA CRISIL - AA 1.90
¥ Dedicated Fund Manager for Overseas Investments:
Kogta Financial India Limited ICRA - A+ CARE - A+ 1.68 Mr. Dhruv Muchhal (since June 22, 2023)
Infopark Properties Limited CARE - AA- CARE - AA- 1.35 (Total Experience: Over 10 years).
SK FINANCE LIMITED CRISIL - AA- CRISIL - AA- 1.35 Please refer Minimum Application Amount, Plans & Options, on Page no. 101 to 103.
SMFG India Home Finance Company Ltd CRISIL - AAA CARE - AAA 1.34 $$For further details, please refer to para ‘Exit Load’ on page no. 104.
LIC Housing Finance Ltd. CRISIL - AAA CRISIL - AAA 1.17
Indian Railways Finance Corp. Ltd. CRISIL - AAA CRISIL - AAA 1.02
Avanse Financial Service Ltd. BRICKWORKS
CARE - AA- - A+ 1.01
Nuvoco Vistas Corporation Ltd. (100%
subsidiary of Nirma Ltd. & erstwhile Lafarge
India Ltd.) CRISIL - AA CRISIL - AA 1.01

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.

96 November 2024
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
objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Anil Bamboli
(since February 16, 2004)
Total Experience: Over 30 years Issuer Rating % to Issuer Rating % to
NAV NAV
DEBT & DEBT RELATED Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 1.93
DATE OF ALLOTMENT / INCEPTION DATE Government Securities (Central/State) Sub Total 11.64
April 28, 1997 • 7.3 GOI 2053 Sovereign 15.06 Total 94.97
• 7.18 GOI 2033 Sovereign 12.94 UNITS ISSUED BY REIT & INVIT
• 7.1 GOI 2034 Sovereign 9.04 Units issued by InvIT
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`) • 7.26 GOI 2032 Sovereign 8.77 Bharat Highways InvIT Transport Infrastructure 1.53
Regular Plan - Growth Option 85.9360 • 7.25 GOI 2063 Sovereign 7.13 Sub Total 1.53
Regular Plan - Quarterly IDCW Option 12.5348 • 7.26 GOI 2033 Sovereign 6.49 Units issued by ReIT
Regular Plan - Half-Yearly IDCW Option 11.6528
Regular Plan - Yearly IDCW Option 13.7152 • GOI 2034 Sovereign 5.75 Embassy Office Parks REIT Realty 0.12
Regular Plan - Normal IDCW Option 18.4107 • 7.34 GOI 2064 Sovereign 4.60 Sub Total 0.12
Direct Plan - Growth Option 94.4284 • 6.79 GOI 2034 Sovereign 3.80 Total 1.65
Direct Plan - Quarterly IDCW Option 13.9260 7.18 GOI 2037 Sovereign 2.59 Alternative Investment Fund Units
Direct Plan - Half-Yearly IDCW Option 13.5447 7.64% Gujarat SDL ISD 170124 Corporate Debt Market Development Fund
Direct Plan - Yearly IDCW Option 15.2632 0.23
Direct Plan - Normal IDCW Option 19.8825 MAT 170133 Sovereign 1.30 Sub Total 0.23
7.65% Chhattisgarh SDL Mat Cash,Cash Equivalents and Net Current Assets 3.15
310133 Sovereign 1.30 Grand Total
ASSETS UNDER MANAGEMENT J 100.00
7.09 GOI 2054 Sovereign 1.28
As on November 29, 2024 7.48% Uttar Pradesh SDL ISD • Top Ten Holdings, £ Sponsor, @ less than 0.01%
` 790.76 Cr. 200324 Mat 200336 Sovereign 0.65
Average for Month of November 2024 7.63% Gujarat SDL ISD 240124 Face Value per Unit: ` 10, Data is as of November 29, 2024
` 787.48 Cr. Mat 240133 Sovereign 0.65 unless otherwise specified.
7.63% Gujarat SDL ISD 240124
QUANTITATIVE DATA Mat 240134 Sovereign 0.65
Residual Maturity * 15.84 years ¥ Dedicated Fund Manager for Overseas Investments:
7.64% % Gujarat SDL ISD
Macaulay Duration * 7.87 years 170124 Mat 170134 Sovereign 0.65 Mr. Dhruv Muchhal (since June 22, 2023)
Modified Duration * 7.59 years (Total Experience: Over 10 years).
6.67 GOI 2035 Sovereign 0.60
Annualized Portfolio YTM# * 7.10% 8.26% Maharashtra SDL - ISD
#
semi annual YTM has been annualised.
120815 Mat 120825 Sovereign 0.08 J Includes investments made by the schemes of HDFC Mutual
*Calculated on amount invested in debt securities
(including accrued interest), deployment of funds in 8.19% Rajasthan SDL (UDAY Fund aggregating to ` 3.55 Crore.
TREPS and Reverse Repo and net receivable / payable. Scheme- Strip IX ) - ISD 230616
Mat 230626 Sovereign @ Please refer Minimum Application Amount, Plans & Options, on
TOTAL EXPENSE RATIO (As on November 29, 2024) Sub Total 83.33 Page no. 101 to 103.
Including Additional Expenses and Goods and Service Credit Exposure (Non Perpetual)
Tax on Management Fees REC Limited.
• CRISIL - AAA 3.33 $$For further details, please refer to para ‘Exit Load’ on page
Regular: 1.52%Direct: 0.75% HDFC Bank Ltd.£ CRISIL - AAA 3.23 no. 104.
State Bank of India CRISIL - AAA 3.15

#BENCHMARK INDEX:
Nifty Composite Debt Index A- III
##ADDL. BENCHMARK INDEX: SIP PERFORMANCE ^ - Regular Plan - Growth Option
CRISIL 10 year Gilt Index Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
EXIT LOAD$$ : Total Amount Invested (` in Lacs) 33.20 18.00 12.00 6.00 3.60 1.20
Nil Mkt Value As on November 29, 2024 (` in Lacs) 102.51 30.78 16.47 7.09 4.02 1.25
Returns (%) 7.28 6.80 6.17 6.61 7.28 8.51
Benchmark Returns (%) # N.A. 7.56 7.10 6.46 7.46 8.52
Additional Benchmark Returns (%) ## N.A. 6.55 6.26 6.09 8.11 9.73
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 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.
Asset Class (%)

PERFORMANCE ^ - Regular Plan - Growth Option

n Units issued by InvIT 1.53 Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
n Units issued by ReIT 0.12 Date Period (%) (%)# Returns
(%) ## (`)# Benchmark
n G-Sec, SDL 83.33 (`)##
n Credit Exposure 11.64 Nov 30, 23 Last 1 Year 9.31 9.04 10.39 10,931 10,904 11,039
n Alternative Investment Fund Units 0.23 Nov 30, 21 Last 3 Years 5.35 5.79 5.56 11,692 11,838 11,762
n Cash, Cash Equivalents and Net Current Assets 3.15 Nov 29, 19 Last 5 Years 6.56 6.62 5.48 13,742 13,782 13,059
Nov 28, 14 Last 10 Years 6.45 7.53 6.79 18,703 20,678 19,309
Apr 28, 97 Since Inception 8.10 NA NA 85,936 NA 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 104. 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
Classification By Direct Plan, refer page 109 to 115.
Rating Class (%)
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.
n Sovereign 83.33
n Units issued by InvIT 1.53 This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to the
n Units issued by ReIT 0.12 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
n AAA/AAA(SO)/A1+/A1+(SO) & Equivalent 11.64 than what may ordinarily be expected considering only its duration. Hence investors are recommended to consider the unadjusted portfolio
n Alternative Investment Fund Units 0.23 maturity of the scheme as well and exercise adequate due diligence when deciding to make their investments.
n Cash, Cash Equivalents and Net Current Assets 3.15

November 2024 97
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)

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC • Income over medium to long term

Dynamic Debt • To generate income / capital
Fund appreciation by investing in a
range of debt and money market
BENCHMARK : instruments
Nifty Composite
Debt Index A-III

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) B-III
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

98 November 2024
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.
There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Anil Bamboli
(since September 1, 2007)
Total Experience: Over 30 years Issuer Rating % to Issuer Rating % to
NAV NAV
DEBT & DEBT RELATED 7.67% Uttar Pradesh SDL ISD
DATE OF ALLOTMENT / INCEPTION DATE Government Securities (Central/State) 271223 Mat 271233 Sovereign 0.11
July 25, 2001 • 7.18 GOI 2033 Sovereign 26.15 7.95 GOI 2032 Sovereign 0.04
• 7.3 GOI 2053 Sovereign 16.86 8.97 GOI 2030 Sovereign 0.04
• 7.26 GOI 2033 Sovereign 8.63 6.76 GOI 2061 Sovereign 0.01
NAV (AS ON NOVEMBER 29, 2024) NAV PER UNIT (`)
• 6.79 GOI 2034 Sovereign 7.05 Sub Total 97.41
Regular Plan - Growth Option 52.9021
Regular Plan - IDCW Option 12.0762 • 7.26 GOI 2032 Sovereign 6.11 Cash,Cash Equivalents and Net Current Assets 2.59
Direct Plan - Growth Option 55.5436 • 7.1 GOI 2034 Sovereign 5.90 Grand Total 100.00
Direct Plan - IDCW Option 12.8819
• 7.34 GOI 2064 Sovereign 5.83 • Top Ten Holdings
J • 7.17 GOI 2030 Sovereign 4.81
ASSETS UNDER MANAGEMENT Outstanding exposure in derivative
As on November 29, 2024 • 7.18 GOI 2037 Sovereign 4.31
instruments Interest Rate Swap (` in Crore) 25.00
` 2,857.21 Cr. • 7.25 GOI 2063 Sovereign 3.05
Average for Month of November 2024 7.64% Gujarat SDL ISD 170124 Face Value per Unit: ` 10, Data is as of November 29, 2024
` 2,793.59 Cr. MAT 170133 Sovereign 1.77 unless otherwise specified.
7.23 GOI 2039 Sovereign 1.08
QUANTITATIVE DATA 7.64% % Gujarat SDL ISD ¥ Dedicated Fund Manager for Overseas Investments:
Residual Maturity * 15.22 years 170124 Mat 170134 Sovereign 1.08 Mr. Dhruv Muchhal (since June 22, 2023)
Macaulay Duration * 8.17 years 7.65% Chhattisgarh SDL Mat (Total Experience: Over 10 years).
Modified Duration * 7.89 years 310133 Sovereign 0.90
Annualized Portfolio YTM# * 7.01% J Includes investments made by the schemes of HDFC Mutual
#
semi annual YTM has been annualised. 6.92 GOI 2039 Sovereign 0.88
Fund aggregating to ` 83.63 Crore.
*Calculated on amount invested in debt securities 7.09 GOI 2054 Sovereign 0.88
(including accrued interest), deployment of funds 7.63% Gujarat SDL ISD 240124 Please refer Minimum Application Amount, Plans & Options, on
in TREPS and Reverse Repo and net receivable Mat 240133 Sovereign 0.54 Page no. 101 to 103.
/ payable. GOI 2034 Sovereign 0.53
7.48% Uttar Pradesh SDL ISD $$For further details, please refer to para ‘Exit Load’ on page
TOTAL EXPENSE RATIO (As on November 29, 2024) 200324 Mat 200336 Sovereign 0.36 no. 104.
Including Additional Expenses and Goods and Service 7.63% Gujarat SDL ISD 240124
Tax on Management Fees Mat 240134 Sovereign 0.36
Regular: 0.89%Direct: 0.46% 6.99 GOI 2051 Sovereign 0.13

#BENCHMARK INDEX:
Nifty All Duration G-Sec Index
##ADDL. BENCHMARK INDEX:
CRISIL 10 year Gilt Index
SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 15 year 10 year 5 year 3 year 1 year
EXIT LOAD$$ : SIP SIP SIP SIP SIP SIP
Nil Total Amount Invested (` in Lacs) 28.10 18.00 12.00 6.00 3.60 1.20
Mkt Value As on November 29, 2024 (` in Lacs) 67.82 31.50 16.63 7.00 4.03 1.26
Returns (%) 6.88 7.08 6.35 6.14 7.49 8.81
Benchmark Returns (%) # N.A. 7.56 7.39 7.07 8.63 9.87
Additional Benchmark Returns (%) ## N.A. 6.55 6.26 6.09 8.11 9.73
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Portfolio 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.
Classification By
Asset Class (%)
PERFORMANCE ^ - Regular Plan - Growth Option
Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
Date Period (%) (%)# Returns
n G-Sec, SDL 97.41 (%) ## (`)# Benchmark
(`)##
n Cash, Cash Equivalents and Net Current Assets 2.59 Nov 30, 23 Last 1 Year 9.42 11.02 10.39 10,942 11,102 11,039
Nov 30, 21 Last 3 Years 5.48 6.42 5.56 11,736 12,051 11,762
Nov 29, 19 Last 5 Years 5.91 6.80 5.48 13,333 13,902 13,059
Nov 28, 14 Last 10 Years 7.01 7.67 6.79 19,713 20,961 19,309
Jul 25, 01 Since Inception 7.39 NA NA 52,902 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 104. 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 109 to 115.
Rating Class (%)
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken into
consideration for computation of performance.

This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to the
n Sovereign 97.41 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
n Cash, Cash Equivalents and Net Current Assets 2.59 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.

....Contd on next page

November 2024 99
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)

Fund Name & Product Labelling Scheme Riskometer Benchmark Riskometer

Benchmark (This product is suitable for (Current risk as per latest month
investors who are seeking ~) end portfolio)

HDFC Gilt • Credit risk free returns over

Fund medium to long term
• To generate credit risk-free returns
BENCHMARK : through investments in sovereign
Nifty All Duration securities issued by the Central
G-Sec Index Government and / or State
Government

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk ↓ (Class A) (Class B) (Class C)
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) A-III
A-III - A Scheme with Relatively High Interest Rate Risk and Relatively Low Credit Risk.

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Scheme and Benchmark Riskometer As on November 30, 2024

100 November 2024

FUND DETAILS ANNEXURE

SCHEME NAME MINIMUM APPLICATION AMOUNT PLANS & OPTIONS

HDFC Flexi Cap Fund Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Multi Cap Fund Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Top 100 Fund Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Mid-Cap Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Opportunities Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Small Cap Fund Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Large and Mid Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Cap Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Capital Builder Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Value Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Dividend Yield Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Focused 30 Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Business Cycle Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Manufacturing Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Transportation Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
and Logistics Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Defence Fund Purchase/ Switch-ins and Additional Purchase: Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Not Applicable Currently, the Scheme does not accept fresh lumpsum investments offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.
(including Switch-ins). Further, 1. Fresh SIP registrations (including SIP Top Up) only
under Monthly frequency shall be registered for upto Rs. 10,000/- per investor
(Aggregated at First holder PAN Level). 2. No new Systematic Transfers (STPs) into
the Scheme shall be registered

Please note, vide addendum dated July 08 2024, the scheme shall not accept
Fresh Systematic Investment Plan (SIP) registrations from July 22, 2024. Systematic
transactions already registered will continue to be processed

HDFC Banking & Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Financial Services offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.
Fund

HDFC Technology Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Pharma and Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Healthcare Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Housing Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Opportunities Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Infrastructure Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC MNC Fund Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Non-Cyclical Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Consumer Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Balanced Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Advantage Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Hybrid Equity Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Multi-Asset Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Fund offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

November 2024 101

FUND DETAILS ANNEXURE

SCHEME NAME MINIMUM APPLICATION AMOUNT PLANS & OPTIONS

HDFC Equity Savings Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW
Fund Option offers following Sub-Options: Payout of IDCW Option; and Reinvestment
of IDCW Option.

HDFC Asset Allocator Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW
Fund Of Funds Option offers following Sub-Options: Payout of IDCW Option; and Reinvestment
of IDCW Option.

HDFC Hybrid Debt Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth, (Monthly & Quarterly) IDCW
Fund Option. The IDCW Option offers following Sub-Options: Payout of IDCW Option; and
Re-investment of IDCW Option.

HDFC ELSS Tax saver Purchase/Additional Purchase:- Rs 500 and any amount in the multiple of 500 Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
thereafter offers Payout of IDCW Option.

HDFC Children's Fund Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan.

HDFC Retirement Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan offers Growth Option only.
Savings Fund - Equity
Plan
HDFC Retirement Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan offers Growth Option only.
Savings Fund - Hybrid
Equity Plan
HDFC Retirement Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan offers Growth Option only.
Savings Fund - Hybrid
Debt Plan
HDFC Overnight Fund Purchase : Under Growth Option : ` 100 and any amount thereafter. Under Regular Plan, Direct Plan. Under Each Plan: Growth & Daily IDCW Option. The Daily
Daily IDCW Option : ` 10,000 and any amount thereafter. IDCW Option offers only Re-investment of IDCW Option.
Additional Purchase : Under Growth Option : ` 100 and any amount thereafter.
Under Daily IDCW Option : ` 5,000 and any amount thereafter

HDFC Liquid Fund Purchase : Under Growth Option Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under both the Plans: Growth & IDCW Option. The Daily
Weekly IDCW Option and Monthly IDCW Option: ` 5,000 and any amount IDCW Option offers only Re-investment of IDCW Option. The Weekly and Monthly
thereafter. IDCW Option offers following Sub-Options: Payout of IDCW Option; and Re-investment
Under Daily IDCW Option: ` 10,000 and any amount thereafter. of IDCW Option.
Additional Purchase : Under Growth Option Rs. 100 and any amount thereafter.
Weekly IDCW Option and Monthly IDCW Option: ` 1,000 and any amount
thereafter. Under Daily IDCW Option: ` 5,000 and any amount thereafter.

HDFC Ultra Short Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under both the Plans: Growth & IDCW Option. The
Term Fund (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.

HDFC Low Duration Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Each Plan offers Growth & IDCW Option. The (Daily) IDCW
Fund 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.

HDFC Money Market Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Each Plan offers Growth & Daily IDCW Option. The (Daily)
Fund IDCW Option offers only Re-investment of IDCW Option. The (Weekly) IDCW Option
offers following Sub-Options: Payout of IDCW Option; and Re-investment of IDCW
Option.

HDFC Short Term Debt Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth, (Fortnightly & Normal) IDCW
Fund Option. Both (Fortnightly & Normal) IDCW Options offers following Sub-Options:
Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Medium Term Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under both the Plans: Growth, (Fortnightly & Normal) IDCW
Debt Fund Option. Both (Fortnightly & Normal) IDCW Options offers following Sub-Options:
Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Income Fund Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth, (Quarterly & Normal) IDCW
Option. Both (Quarterly & Normal) IDCW Option offers following Sub-Options: Payout
of IDCW Option; and Reinvestment of IDCW Option.

HDFC Long Duration Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Each Plan offers Growth & IDCW Option. The (Daily) IDCW
Debt Fund 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.

HDFC Arbitrage Fund (Wholesale Plan) (Wholesale Plan) - Regular Plan, (Wholesale Plan) - Direct Plan. Under Each Plan:
Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Growth & IDCW Option. The IDCW Option offers (Monthly and Normal) following
Sub-Options: Payout of IDCW Option; and Re-investment of IDCW Option.

102 November 2024

FUND DETAILS ANNEXURE

SCHEME NAME MINIMUM APPLICATION AMOUNT PLANS & OPTIONS

HDFC Floating Rate Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under both the Plans: Growth & IDCW Option. The
Debt Fund (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.

HDFC Corporate Bond Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under both the Plans: Growth, (Quarterly & Normal) IDCW
Fund Option. Both (Quarterly & Normal) IDCW Option offers following Sub-Options: Payout
of IDCW Option; and Reinvestment of IDCW Option.

HDFC Banking and Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option (Weekly
PSU Debt Fund frequency). The IDCW Option offers following Sub-Options: Payout of IDCW Option;
and Re-investment of IDCW Option.

HDFC Credit Risk Debt Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth, (Quarterly & Normal) IDCW
Fund Option. Both (Quarterly & Normal) IDCW Option offers following Sub-Options: Payout
of IDCW Option; and Reinvestment of IDCW Option.

HDFC Dynamic Debt Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth, (Normal IDCW, Quarterly IDCW,
Fund Half Yearly IDCW & Yearly) IDCW Option. All IDCW Options offers following Sub-
Options: Payout of IDCW Option; and Reinvestment of IDCW Option.

HDFC Gilt Fund Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW
Option offers following Sub-Options: Payout of IDCW Option; and Reinvestment
of IDCW Option.

HDFC Dynamic PE Ratio Purchase/Additional Purchase:- Rs. 100 and any amount thereafter. Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW
Fund of Funds Option offers following Sub-Options: Payout of IDCW Option; and Reinvestment
of IDCW Option.

SEGMENT-WISE BREAK-UP OF EQUITY & HYBRID HOLDING

SCHEME Large Cap Mid Cap Small Cap
HDFC Mid-Cap Opportunities Fund 8.00% 66.48% 17.27%
HDFC Hybrid Equity Fund 48.35% 3.62% 15.67%
HDFC Small Cap Fund 4.07% 8.16% 81.49%
HDFC Large and Mid Cap Fund 49.82% 36.25% 12.53%
HDFC Top 100 Fund 95.16% 2.97% 0.00%
HDFC Flexi Cap Fund 74.30% 2.22% 10.87%
HDFC Dividend Yield Fund 67.50% 6.82% 24.09%
HDFC Multi Cap Fund 44.11% 27.13% 25.69%
HDFC Balanced Advantage Fund 42.15% 5.05% 6.22%
HDFC Equity Savings Fund 26.47% 2.89% 3.88%
HDFC Multi-Asset Fund 36.89% 3.25% 6.52%
HDFC Hybrid Debt Fund 18.45% 1.50% 1.92%

This breakup pertains only to equity exposure.

November 2024 103

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 15-16 HDFC BSE Sensex Index Fund (Co-managed scheme) 106
HDFC Small Cap Fund 17-18 HDFC Nifty 100 Index Fund (Co-managed scheme) 106
HDFC Hybrid Equity Fund (Co- Managed scheme) 49-50 HDFC NIFTY50 Equal Weight Index Fund (Co-managed scheme) 106
HDFC Children's Fund (Co- Managed scheme) 62-63 HDFC NIFTY 100 Equal Weight Index Fund (Co-managed scheme) 106
2 Mr. Nirman HDFC Balanced Advantage Fund (Co- Managed scheme) 45-48 HDFC NIFTY Next 50 Index Fund (Co-managed scheme) 106
Morakhia HDFC Multi-Asset Fund (Co-managed scheme) 51-52 HDFC NIFTY Midcap 150 Index Fund (Co-managed scheme) 106
HDFC Equity Savings Fund (Co-managed scheme) 56-57 HDFC NIFTY Smallcap 250 Index Fund (Co-managed scheme) 106
HDFC Arbitrage Fund (Co-managed scheme) 86-88 HDFC BSE 500 Index Fund (Co-managed scheme) 106
HDFC Gold ETF Fund of Fund (Co-managed scheme) 106 HDFC Developed World Indexes Fund of Funds (Co-managed scheme) 106
HDFC Developed World Indexes Fund of Funds (Co-managed HDFC Arbitrage Fund (Co-managed scheme) 86-88
scheme) 106 HDFC NIFTY 50 ETF (Co-managed scheme) 107
HDFC Silver ETF Fund of Fund 107 HDFC BSE SENSEX ETF (Co-managed scheme) 107
HDFC Nifty 50 Index Fund (Co-managed scheme) 107 HDFC NIFTY Bank ETF (Co-managed scheme) 107
HDFC BSE Sensex Index FUnd (Co-managed scheme) 107 HDFC NIFTY 100 ETF (Co-managed scheme) 107
HDFC NIFTY 100 Index Fund (Co-managed scheme) 107 HDFC NIFTY Next 50 ETF (Co-managed scheme) 107
HDFC NIFTY50 Equal Weight Index Fund (Co-managed scheme) 107 HDFC NIFTY50 VALUE 20 ETF (Co-managed scheme) 107
HDFC NIFTY 100 Equal Weight Index Fund (Co-managed scheme) 107 HDFC NIFTY100 Quality 30 ETF (Co-managed scheme) 107
HDFC NIFTY Next 50 Index Fund (Co-managed scheme) 107 HDFC NIFTY Growth Sectors 15 ETF (Co-managed scheme) 107
HDFC NIFTY Midcap 150 Index Fund (Co-managed scheme) 107 HDFC NIFTY100 Low Volatility 30 ETF (Co-managed scheme) 107
HDFC NIFTY Smallcap 250 Index Fund (Co-managed scheme) 107 HDFC NIFTY IT ETF (Co-managed scheme) 108
HDFC BSE 500 Index Fund (Co-managed scheme) 107 HDFC NIFTY Private Bank ETF (Co-managed scheme) 108
HDFC NIFTY Midcap 150 ETF 108 HDFC NIFTY Midcap 150 ETF 108
HDFC NIFTY Smallcap 250 ETF 108 HDFC NIFTY Smallcap 250 ETF 108
HDFC BSE 500 ETF 108 HDFC BSE 500 ETF 108
3 Mr. Shobhit HDFC Hybrid Debt Fund (Co-managed scheme) 58-59 HDFC NIFTY200 Momentum 30 ETF 108
Mehrotra HDFC Retirement Savings Fund - Equity Plan 8 Mr. Srinivasan HDFC Housing Opportunities Fund 37-38
(Co-managed scheme) 64-65 Ramamurthy HDFC Infrastructure Fund 39-40
HDFC Retirement Savings Fund - Hybrid Equity Plan HDFC Balanced Advantage Fund (Co- Managed scheme) 45-48
(Co-managed scheme) 66-67 HDFC Multi-Asset Fund (Co-managed scheme) 51-52
HDFC Retirement Savings Fund - Hybrid Debt Plan HDFC Asset Allocator Fund of Funds (Co-managed scheme) 53-54
(Co-managed scheme) 68-69 HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 55
HDFC Medium Term Debt Fund 81-82 HDFC Equity Savings Fund (Co-managed scheme) 56-57
HDFC Income Fund 83-84 HDFC Hybrid Debt Fund (Co-managed scheme) 58-59
HDFC Long Duration Debt Fund 85 HDFC Retirement Savings Fund - Equity Plan
HDFC Floating Rate Debt Fund 89-90 (Co-managed scheme) 64-65
HDFC Credit Risk Debt Fund 95-96 HDFC Retirement Savings Fund - Hybrid Equity Plan
4 Mr. Anil Bamboli HDFC Balanced Advantage Fund (Co- Managed scheme) 45-48 (Co-managed scheme) 66-67
HDFC Multi-Asset Fund (Co-managed scheme) 51-52 HDFC Retirement Savings Fund - Hybrid Debt Plan
HDFC Asset Allocator Fund of Funds (Co-managed scheme) 53-54 (Co-managed scheme) 68-69
HDFC Equity Savings Fund (Co-managed scheme) 56-57 9 Ms. Roshi Jain HDFC Flexi Cap Fund 8-9
HDFC Children's Fund (Co- Managed scheme) 62-63 HDFC Focused 30 Fund 26-27
HDFC Overnight Fund 70 HDFC ELSS Tax saver 60-61
HDFC Ultra Short Term Fund (Co-managed scheme) 73-74 10 Mr. Bhagyesh HDFC Multi-Asset Fund (Co-managed scheme) 51-52
HDFC Short Term Debt Fund 79-80 Kagalkar HDFC Asset Allocator Fund of Funds (Co-managed scheme) 53-54
HDFC Arbitrage Fund (Co-managed scheme) 86-88 (Dedicated Fund HDFC Gold ETF 108
HDFC Banking and PSU Debt Fund 93-94 Manager for HDFC Silver ETF
HDFC Dynamic Debt Fund 97-98 Commodities related 108
HDFC Gilt Fund 99-100 investments)
HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 55 11 Mr. Rahul Baijal HDFC Top 100 Fund 13-14
HDFC Charity Fund for Cancer Cure 107 HDFC Business Cycle Fund 27-28
5 Mr. Anupam Joshi HDFC Hybrid Equity Fund (Co- Managed scheme) 49-50 HDFC MNC Fund 41
HDFC Liquid Fund (Co-managed scheme) 71-72 12 Mr. Praveen Jain HDFC Low Duration Fund (Co- Managed scheme) 75-76
HDFC Low Duration Fund (Co- Managed scheme) 75-76 HDFC Money Market Fund 77-78
HDFC Corporate Bond Fund 91-92 HDFC Ultra Short Term Fund (Co-managed scheme) 73-74
HDFC Nifty G-Sec Dec 2026 Index Fund 105 13 Mr. Swapnil Jangam HDFC Liquid Fund (Co-managed scheme) 71-72
HDFC Nifty G-Sec Jul 2031 Index Fund 105 HDFC NIFTY 1D Rate Liquid ETF 106
HDFC Nifty G- Sec Jun 2027 Index Fund 105 14 Mr. Anand Laddha HDFC Capital Builder Value Fund 22-23
HDFC Nifty G-Sec Sep 2032 Index Fund 105 HDFC Banking & Financial Services Fund 32-33
HDFC NIFTY G- Sec Apr 2029 Index Fund 105 15 Mr. Abhishek Poddar HDFC Defence Fund 31
HDFC NIFTY G-Sec Jun 2036 Index Fund 105 16 Mr. Amit Sinha HDFC Non-Cyclical Consumer Fund 42
HDFC NIFTY SDL Plus G-Sec Jun 2027 40:60 Index Fund 105 17 Ms. Priya Ranjan HDFC Transportation and Logistics Fund 29-30
HDFC Nifty SDL Oct 2026 Index Fund 105 18 Mr. Balakumar B HDFC Technology Fund 34
6 Mr. Gopal Agrawal HDFC Multi Cap Fund 10-12 19 Mr. Nikhil Mathur HDFC Pharma and Healthcare Fund 35-36
HDFC Large and Mid Cap Fund 20 Mr. Rakesh Sethia HDFC Manufacturing Fund 43-44
(Erstwhile HDFC Growth Opportunities Fund) 19-21
HDFC Dividend Yield Fund 21-22 For performance details of Direct Plan, refer page 109 to 115
HDFC Balanced Advantage Fund (Co- Managed scheme) 45-48
7 Mr. Arun Agarwal HDFC Balanced Advantage Fund (Co- Managed scheme) 45-48
HDFC Multi-Asset Fund (Co-managed scheme) 51-52
HDFC Equity Savings Fund (Co-managed scheme) 56-57
HDFC Nifty 50 Index Fund (Co-managed scheme) 106
HDFC Gold ETF Fund of Fund (Co-managed scheme) 106

$$ 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) The exit load levied on redemption/switch-out will be the load
prevailing 1. In case of lumpsum transactions, on the date of allotment of units 2. In case of Systematic Transactions such as SIP, STP etc., on the date of registration / enrolment.
Tax Benefits/Consequences: For detailed information on tax benefits/consequences, refer to the Scheme Information Document available on [Link]
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.

104 November 2024

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

ANUPAM JOSHI HDFC NIfty SDL Plus G-Sec Jun 2027

40:60 Index Fund NAV as at November 29, 2024 ` 11.3342

NAV as at November 29, 2024 ` 11.5966 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
HDFC Nifty G-Sec Dec 2026 Index Fund Returns Returns Benchmark Scheme Benchmark Additional
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (%) (%)# Returns (`) (`)# Benchmark
Returns Returns Benchmark Scheme Benchmark Additional (%) ## (`)##
(%) (%)# Returns (`) (`)# Benchmark Nov 30, 23 Last 1 Year 8.46 8.86 10.39 10,846 10,886 11,039
(%) ## (`)## Mar 23, 23 Since Inception 7.69 8.10 9.00 11,334 11,407 11,568
Nov 30, 23 Last 1 Year 8.00 8.40 10.39 10,800 10,840 11,039 # Nifty SDL Plus G-Sec Jun 2027 40:60 Index ## CRISIL 10 year Gilt Index.
Nov 10, 22 Since Inception 7.48 7.82 8.74 11,597 11,674 11,880
# Nifty G-Sec Dec 2026 Index ## CRISIL 10 year Gilt Index.
HDFC FMP 1861D March 2022 (46) NAV as at November 29, 2024 ` 11.7771

NAV as at November 29, 2024 ` 11.8143 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
HDFC Nifty G-Sec July 2031 Index Fund Returns Returns Benchmark Scheme Benchmark Additional
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (%) (%)# Returns (`) (`)# Benchmark
Returns Returns Benchmark Scheme Benchmark Additional (%) ## (`)##
(%) (%)# Returns (`) (`)# Benchmark Nov 30, 23 Last 1 Year 8.70 9.16 10.39 10,870 10,916 11,039
(%) ## (`)## Mar 09, 22 Since Inception 6.18 6.56 6.94 11,777 11,894 12,008
Nov 30, 23 Last 1 Year 9.80 10.25 10.39 10,980 11,025 11,039 # NIFTY Medium to Long Duration Debt Index ## CRISIL 10 Year Gilt Index.
Nov 10, 22 Since Inception 8.45 8.88 8.74 11,814 11,910 11,880
# Nifty G-Sec July 2031 Index ## CRISIL 10 year Gilt Index.
HDFC FMP 1162D March 2022 (46) NAV as at November 29, 2024 ` 11.6392
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
HDFC Nifty G-Sec June 2027 Index Fund NAV as at November 29, 2024 ` 11.5405 Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (%) ##
Returns Returns Benchmark Scheme Benchmark Additional (`)##
(%) (%)# Returns (`) (`)# Benchmark Nov 30, 23 Last 1 Year 7.50 8.08 10.39 10,750 10,808 11,039
(%) ## (`)## Mar 15, 22 Since Inception 5.76 5.93 6.81 11,639 11,692 11,957
Nov 30, 23 Last 1 Year 8.35 8.52 10.39 10,835 10,852 11,039 # NIFTY Medium Duration Debt Index ## CRISIL 10 Year Gilt Index.
Dec 09, 22 Since Inception 7.52 7.77 8.63 11,541 11,593 11,777
# Nifty G-Sec Jun 2027 Index ## CRISIL 10 year Gilt Index. HDFC FMP 1876D March 2022 (46) NAV as at November 29, 2024 ` 11.7469
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
HDFC Nifty G-Sec Sep 2032 Index Fund NAV as at November 29, 2024 ` 11.7661 (%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Nov 30, 23 Last 1 Year 8.62 9.16 10.39 10,862 10,916 11,039
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns Mar 29, 22 Since Inception 6.21 6.44 6.82 11,747 11,816 11,930
(%) ## (`) (`)# Benchmark
(`)## # NIFTY Medium to Long Duration Debt Index ## CRISIL 10 Year Gilt Index.
Nov 30, 23 Last 1 Year 10.23 10.49 10.39 11,023 11,049 11,039
Dec 09, 22 Since Inception 8.58 8.92 8.63 11,766 11,839 11,777 HDFC FMP 1158D July 2022 (46) NAV as at November 29, 2024 ` 11.7129
# Nifty G-Sec Sep 2032 Index ## CRISIL 10 year Gilt Index.
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
HDFC Nifty SDL Oct 2026 Index Fund NAV as at November 29, 2024 ` 11.4287 (%) ## (`)##
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Nov 30, 23 Last 1 Year 7.56 8.08 10.39 10,756 10,808 11,039
Returns Returns Benchmark Scheme Benchmark Additional Jul 26, 22 Since Inception 6.97 7.26 8.48 11,713 11,788 12,106
(%) (%)# Returns (`) (`)# Benchmark # NIFTY Medium Duration Debt Index ## CRISIL 10 Year Gilt Index.
(%) ## (`)##
Nov 30, 23 Last 1 Year 8.23 8.68 10.39 10,823 10,868 11,039
HDFC FMP 1406D August 2022 (46) NAV as at November 29, 2024 ` 11.6494
Feb 24, 23 Since Inception 7.86 8.25 9.28 11,429 11,501 11,694
# Nifty SDL Oct 2026 Index ## CRISIL 10 year Gilt Index. Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
HDFC Nifty G-Sec Apr 2029 Index Fund NAV as at November 29, 2024 ` 11.5374
Nov 30, 23 Last 1 Year 8.14 8.08 10.39 10,814 10,808 11,039
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Aug 25, 22 Since Inception 6.97 7.09 8.28 11,649 11,678 11,974
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns # NIFTY Medium Duration Debt Index ## CRISIL 10 Year Gilt Index.
(%) ## (`) (`)# Benchmark
(`)##
Nov 30, 23 Last 1 Year 9.15 9.58 10.39 10,915 10,958 11,039 HDFC FMP 1359D September 2022 (46) NAV as at November 29, 2024 ` 11.6838
Mar 10, 23 Since Inception 8.64 9.03 9.33 11,537 11,610 11,664
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
# Nifty G-Sec Apr 2029 Index ## CRISIL 10 year Gilt Index. Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
HDFC Nifty G-Sec Jun 2036 Index Fund NAV as at November 29, 2024 ` 11.7690 Nov 30, 23 Last 1 Year 7.92 8.08 10.39 10,792 10,808 11,039
Oct 11, 22 Since Inception 7.55 7.84 9.04 11,684 11,751 12,031
Date Period Scheme Benchmark Additional Value of ` 10,000 invested # NIFTY Medium Duration Debt Index ## CRISIL 10 Year Gilt Index.
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Nov 30, 23 Last 1 Year 11.16 11.39 10.39 11,116 11,139 11,039
Mar 15, 23 Since Inception 9.98 9.93 9.06 11,769 11,760 11,600
# Nifty G-Sec Jun 2036 Index ## CRISIL 10 year Gilt Index.

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended
schemes is primarily buy-and-hold whereas open-ended schemes are actively managed.
Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR).
Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution
expenses / commission charged in the Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available
For Riskometer of the Schemes and Benchmark's, refer page 118 to 124.

November 2024 105

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

HDFC FMP 1204D December 2022 (47) NAV as at November 29, 2024 ` 11.4229 HDFC Nifty 50 Index Fund NAV as at November 29, 2024 ` 227.3372
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, 23 Last 1 Year 7.67 8.08 10.39 10,767 10,808 11,039 Nov 30, 23 Last 1 Year 20.73 21.27 20.59 12,073 12,127 12,059
Dec 27, 22 Since Inception 7.15 7.46 8.70 11,423 11,485 11,744 Nov 30, 21 Last 3 Years 13.25 13.76 13.28 14,526 14,723 14,535
# NIFTY Medium Duration Debt Index ## CRISIL 10 Year Gilt Index. Nov 29, 19 Last 5 Years 15.58 16.21 15.74 20,641 21,208 20,783
Nov 28, 14 Last 10 Years 11.70 12.23 12.16 30,279 31,741 31,555
HDFC FMP 1269D March 2023 (47) NAV as at November 29, 2024 ` 11.2722
Jul 17, 02 Since Inception 14.81 16.69 17.13 220,160 316,842 344,477
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional # NIFTY 50 (Total Returns Index) ## BSE SENSEX (Total Returns Index).
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)## HDFC NIFTY50 EQUAL WEIGHT INDEX NAV as at November 29, 2024 ` 16.5079
Nov 30, 23 Last 1 Year 7.98 8.08 10.39 10,798 10,808 11,039 FUND
Mar 21, 23 Since Inception 7.32 7.83 9.03 11,272 11,364 11,579
# NIFTY Medium Duration Debt Index ## CRISIL 10 year Gilt Index. Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
HDFC FMP 2638D February 2023 (47) NAV as at November 29, 2024 ` 11.6987
Nov 30, 23 Last 1 Year 20.99 22.05 21.27 12,099 12,205 12,127
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Nov 30, 21 Last 3 Years 16.80 18.04 13.76 15,933 16,446 14,723
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark Aug 20, 21 Since Inception 16.51 17.78 13.70 16,508 17,103 15,236
(%) ## (`)## #NIFTY50 Equal Weight (Total Returns Index) ## NIFTY 50 (Total Returns Index).
Nov 30, 23 Last 1 Year 9.94 11.04 10.39 10,994 11,104 11,039
Feb 23, 23 Since Inception 9.28 9.29 9.15 11,699 11,700 11,674 HDFC DEVELOPED WORLD INDEXES FUND
# NIFTY Long Duration Debt Index ## CRISIL 10 Year Gilt Index. OF FUNDS NAV as at November 29, 2024 ` 14.451
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
SWAPNIL JANGAM (%) (%)# Returns
(%) ## (`) (`)# Benchmark
(`)##
HDFC NIFTY 1D RATE LIQUID ETF NAV as at November 30, 2024 ` 1000.0000 Nov 30, 23 Last 1 Year 27.99 29.59 21.27 12,799 12,959 12,127
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Nov 30, 21 Last 3 Years 11.45 12.51 13.76 13,845 14,241 14,723
Returns Returns Benchmark Scheme Benchmark Additional Oct 06, 21 Since Inception 12.40 13.77 11.76 14,451 15,016 14,196
(%) (%)# Returns (`) (`)# Benchmark #MSCI World Index (Net Total Returns Index) ## NIFTY 50 (Total Returns Index).
(%) ## (`)##
Nov 30, 23 Last 1 Year 5.73 6.74 10.39 10,573 10,674 11,039 ` 16.3754
HDFC NIFTY NEXT 50 INDEX FUND NAV as at November 29, 2024
Aug 24, 23 Since Inception 5.84 6.79 8.83 10,747 10,869 11,134
# NIFTY 1D Rate Index ## CRISIL 10 year Gilt Index. Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ##
CO-MANAGED BY (`)##
Nov 30, 23 Last 1 Year 46.83 48.24 21.27 14,683 14,824 12,127
NIRMAN MORAKHIA & ARUN AGARWAL Nov 30, 21 Last 3 Years 18.93 20.18 13.76 16,824 17,357 14,723
Nov 03, 21 Since Inception 17.40 18.68 11.65 16,375 16,928 14,032
HDFC Gold ETF Fund of Fund NAV as at November 29, 2024 ` 23.2398 #NIFTY Next 50 (Total Returns Index) ## NIFTY 50 (Total Returns Index).
Date Period Scheme Benchmark Value of ` 10,000 invested
Returns Returns HDFC NIFTY 100 INDEX FUND NAV as at November 29, 2024 ` 14.5382
(%) (%)# Scheme Benchmark
(`) (`)# Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Nov 30, 23 Last 1 Year 20.82 22.96 12,082 12,296 Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
Nov 30, 21 Last 3 Years 15.33 16.68 15,340 15,884 (%) ## (`)##
Nov 29, 19 Last 5 Years 13.79 15.05 19,091 20,174
Nov 30, 23 Last 1 Year 24.25 25.34 21.27 12,425 12,534 12,127
Nov 28, 14 Last 10 Years 9.83 11.37 25,569 29,384
Feb 23, 22 Since Inception 14.48 15.67 14.71 14,538 14,962 14,620
Nov 01, 11 Since Inception 6.66 8.24 23,240 28,184
#NIFTY 100 (Total Returns Index) ## NIFTY 50 (Total Returns Index).
# Domestic Price of Physical Gold.
HDFC NIFTY 100 EQUAL WEIGHT INDEX
HDFC BSE Sensex Index Fund NAV as at November 29, 2024 ` 734.6936
FUND NAV as at November 29, 2024 ` 15.9607
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, 23 Last 1 Year 20.08 20.59 21.27 12,008 12,059 12,127 Nov 30, 23 Last 1 Year 30.70 32.04 21.27 13,070 13,204 12,127
Nov 30, 21 Last 3 Years 12.78 13.28 13.76 14,345 14,535 14,723 Feb 23, 22 Since Inception 18.41 19.81 14.71 15,961 16,491 14,620
Nov 29, 19 Last 5 Years 15.13 15.74 16.21 20,240 20,783 21,208 #NIFTY100 Equal Weight (Total Returns Index) ## NIFTY 50 (Total Returns Index).
Nov 28, 14 Last 10 Years 11.67 12.16 12.23 30,183 31,555 31,741
Jul 17, 02 Since Inception 15.00 17.13 16.69 228,442 344,477 316,842
# BSE SENSEX (Total Returns Index) ## NIFTY 50 (Total Returns Index).

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended
schemes is primarily buy-and-hold whereas open-ended schemes are actively managed.
Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR).
Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution
expenses / commission charged in the Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available
For Riskometer of the Schemes and Benchmark's, refer page 118 to 124.

106 November 2024

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

` 15.0873
HDFC Silver ETF Fund of Fund NAV as at November 29, 2024
ARUN AGARWAL & ABHISHEK MOR
Date Period Scheme Benchmark Value of ` 10,000 invested
Returns Returns Scheme Benchmark
(%) (%)# (`) (`)# HDFC NIFTY 50 ETF NAV as at November 29, 2024 ` 266.6339
Nov 30, 23 Last 1 Year 16.78 14.61 11,678 11,461 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Oct 28, 22 Since Inception 21.74 23.72 15,087 15,603 Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
# Domestic Prices of physical Silver (derived as per regulatory norms). (%) ## (`)##
` 17.6289 Nov 30, 23 Last 1 Year 21.16 21.27 20.59 12,116 12,127 12,059
HDFC Nifty Midcap 150 Index Fund NAV as at November 29, 2024
Nov 30, 21 Last 3 Years 13.69 13.76 13.28 14,695 14,723 14,535
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Nov 29, 19 Last 5 Years 16.06 16.21 15.74 21,072 21,208 20,783
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark Dec 09, 15 Since Inception 14.98 15.12 15.20 35,026 35,414 35,644
(%) ## (`)## # Nifty 50 TRI ## BSE Sensex TRI.
Nov 30, 23 Last 1 Year 30.18 31.68 21.27 13,018 13,168 12,127
Apr 21, 23 Since Inception 42.18 44.26 23.15 17,629 18,046 13,985 HDFC BSE SENSEX ETF NAV as at November 29, 2024 ` 88.8479
# Nifty Midcap 150 Index TRI ## Nifty 50 TRI. Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
` 19.0974 (%) (%)# Returns
HDFC Nifty Smallcap 250 Index Fund NAV as at November 29, 2024 (%) ## (`) (`)# Benchmark
(`)##
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Nov 30, 23 Last 1 Year 20.47 20.59 21.27 12,047 12,059 12,127
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark Nov 30, 21 Last 3 Years 13.21 13.28 13.76 14,511 14,535 14,723
(%) ## (`)## Nov 29, 19 Last 5 Years 15.64 15.74 16.21 20,694 20,783 21,208
Nov 30, 23 Last 1 Year 32.67 34.52 21.27 13,267 13,452 12,127 Dec 09, 15 Since Inception 15.15 15.20 15.12 35,488 35,644 35,414
Apr 21, 23 Since Inception 49.42 51.97 23.15 19,097 19,626 13,985 # BSE Sensex TRI ## Nifty 50 TRI.
# Nifty Smallcap 250 TRI ## Nifty 50 TRI.
HDFC NIFTY Bank ETF NAV as at November 29, 2024 ` 53.0847
HDFC BSE 500 Index Fund NAV as at November 29, 2024 ` 15.1065 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
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, 23 Last 1 Year 17.84 18.07 21.27 11,784 11,807 12,127
Nov 30, 23 Last 1 Year 25.22 27.01 21.27 12,522 12,701 12,127 Nov 30, 21 Last 3 Years 14.12 14.36 13.76 14,861 14,958 14,723
Apr 21, 23 Since Inception 29.19 31.07 23.15 15,107 15,463 13,985 Aug 21, 20 Since Inception 22.47 22.75 20.64 23,794 24,029 22,307
# BSE 500 Total Returns Index (TRI) ## Nifty 50 TRI. # Nifty Bank TRI ## Nifty 50 TRI.

HDFC NIFTY 100 ETF NAV as at November 29, 2024 ` 25.5358

ANIL BAMBOLI Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
HDFC Charity Fund for Cancer Cure - 50% (%) ## (`)##
IDCW Donation^ NAV as at November 29, 2024 ` 10.0938 Nov 30, 23 Last 1 Year 24.89 25.34 21.27 12,489 12,534 12,127
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Aug 05, 22 Since Inception 17.03 17.46 16.41 14,405 14,527 14,229
Returns Returns Benchmark Scheme Benchmark Additional # Nifty 100 TRI ## Nifty 50 TRI.
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)## NAV as at November 29, 2024 ` 71.4036
HDFC NIFTY Next 50 ETF
Nov 30, 23 Last 1 Year 8.38 8.08 10.39 10,838 10,808 11,039 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Aug 14, 23 Since Inception 7.99 7.62 8.89 11,047 10,999 11,167 Returns Returns Benchmark Scheme Benchmark Additional
# NIFTY Medium Duration Debt Index ## CRISIL 10 year Gilt Index. ^Scheme offers IDCW option (%) (%)# Returns (`) (`)# Benchmark
only. Returns of HDFC Charity Fund for Cancer Cure - 50% IDCW Donation - Regular Plan are (%) ## (`)##
computed based on NAV of IDCW Option and all IDCWs (after statutory levy) are assumed to be Nov 30, 23 Last 1 Year 47.85 48.24 21.27 14,785 14,824 12,127
reinvested in the units of the scheme at the then prevailing NAV (ex-distribution NAV).
Aug 05, 22 Since Inception 25.93 26.38 16.41 17,075 17,215 14,229
HDFC Charity Fund for Cancer Cure - 75% # Nifty Next 50 TRI ## Nifty 50 TRI.
IDCW Donation^ NAV as at November 29, 2024 ` 10.0938
` 141.5185
HDFC NIFTY50 VALUE 20 ETF NAV as at November 29, 2024
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
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, 23 Last 1 Year 8.38 8.08 10.39 10,838 10,808 11,039
Nov 30, 23 Last 1 Year 29.67 30.05 21.27 12,967 13,005 12,127
Aug 14, 23 Since Inception 7.99 7.62 8.89 11,047 10,999 11,167
Sep 23, 22 Since Inception 25.54 25.93 17.63 16,442 16,555 14,261
# NIFTY Medium Duration Debt Index ## CRISIL 10 year Gilt Index. ^Scheme offers IDCW option
only. Returns of HDFC Charity Fund for Cancer Cure - 75% IDCW Donation - Regular Plan are # Nifty50 Value 20 TRI ## Nifty 50 TRI.
computed based on NAV of IDCW Option and all IDCWs (after statutory levy) are assumed to be
reinvested in the units of the scheme at the then prevailing NAV (ex-distribution NAV).

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended
schemes is primarily buy-and-hold whereas open-ended schemes are actively managed.
Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR).
Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution
expenses / commission charged in the Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available
For Riskometer of the Schemes and Benchmark's, refer page 118 to 124.
November 2024 107
SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE)

HDFC NIFTY100 Quality 30 ETF NAV as at November 29, 2024 ` 58.2504 HDFC NIFTY Smallcap 250 ETF NAV as at November 29, 2024 ` 177.8698
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, 23 Last 1 Year 23.69 23.94 21.27 12,369 12,394 12,127 Nov 30, 23 Last 1 Year 33.83 34.52 21.27 13,383 13,452 12,127
Sep 23, 22 Since Inception 20.72 21.04 17.63 15,095 15,182 14,261 Feb 15, 23 Since Inception 45.17 45.91 19.16 19,480 19,658 13,684
# Nifty100 Quality 30 TRI ## Nifty 50 TRI. # Nifty Smallcap 250 TRI ## Nifty 50 TRI.

HDFC NIFTY Growth Sectors 15 ETF NAV as at November 29, 2024 ` 122.1616 NAV as at November 29, 2024 ` 36.2281
HDFC BSE 500 ETF
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, 23 Last 1 Year 18.80 19.30 21.27 11,880 11,930 12,127 Nov 30, 23 Last 1 Year 26.52 27.01 21.27 12,652 12,701 12,127
Sep 23, 22 Since Inception 15.56 16.11 17.63 13,720 13,861 14,261 Feb 15, 23 Since Inception 26.32 26.76 19.16 15,190 15,283 13,684
# Nifty Growth Sectors 15 TRI ## Nifty 50 TRI. # BSE 500 TRI ## Nifty 50 TRI.
HDFC NIFTY100 Low Volatility 30 ETF NAV as at November 29, 2024 ` 19.5778
Date Period Scheme Benchmark Additional Value of ` 10,000 invested BHAGYESH KAGALKAR
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)## HDFC Gold ETF NAV as at November 29, 2024 ` 66.2990
Nov 30, 23 Last 1 Year 22.49 22.97 21.27 12,249 12,297 12,127 Date Period Scheme Benchmark Value of ` 10,000 invested
Oct 11, 22 Since Inception 22.82 23.42 19.18 15,516 15,678 14,549 Returns Returns Scheme Benchmark
(%) (%)# (`) (`)#
# Nifty100 Low Volatility 30 TRI ## Nifty 50 TRI.
Nov 30, 23 Last 1 Year 21.80 22.96 12,180 12,296
HDFC NIFTY IT ETF NAV as at November 29, 2024 ` 44.5485 Nov 30, 21 Last 3 Years 15.66 16.68 15,472 15,884
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Nov 29, 19 Last 5 Years 14.14 15.05 19,386 20,174
Returns Returns Benchmark Scheme Benchmark Additional Nov 28, 14 Last 10 Years 10.29 11.37 26,656 29,384
(%) (%)# Returns (`) (`)# Benchmark Aug 13, 10 Since Inception 9.54 10.43 36,826 41,360
(%) ## (`)## # Domestic Price of Physical Gold.
Nov 30, 23 Last 1 Year 34.68 35.02 21.27 13,468 13,502 12,127
Nov 16, 22 Since Inception 21.42 21.81 15.45 14,853 14,950 13,403 HDFC Silver ETF NAV as at November 29, 2024 ` 87.2445
# Nifty IT TRI ## Nifty 50 TRI. Date Period Scheme Benchmark Value of ` 10,000 invested
Returns Returns Scheme Benchmark
HDFC NIFTY Private Bank ETF NAV as at November 29, 2024 ` 25.6237 (%) (%)# (`) (`)#
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Nov 30, 23 Last 1 Year 13.68 14.61 11,368 11,461
Returns Returns Benchmark Scheme Benchmark Additional Sep 02, 22 Since Inception 25.38 27.44 16,612 17,230
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)## # Domestic Prices of physical Silver (derived as per regulatory norms).
Nov 30, 23 Last 1 Year 10.07 10.34 21.27 11,007 11,034 12,127
Nov 16, 22 Since Inception 8.56 8.83 15.45 11,822 11,882 13,403
# Nifty Private Bank TRI ## Nifty 50 TRI.

HDFC NIFTY200 Momentum 30 ETF NAV as at November 29, 2024 ` 34.4630

Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Nov 30, 23 Last 1 Year 37.22 38.08 21.27 13,722 13,808 12,127
Oct 11, 22 Since Inception 31.93 32.74 19.18 18,080 18,317 14,549
# Nifty200 Momentum 30 TRI ## Nifty 50 TRI.

ARUN AGARWAL, ABHISHEK MOR &

NIRMAN MORAKHIA
HDFC NIFTY Midcap 150 ETF NAV as at November 29, 2024 ` 21.0328
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Nov 30, 23 Last 1 Year 31.38 31.68 21.27 13,138 13,168 12,127
Feb 15, 23 Since Inception 39.52 39.93 19.16 18,146 18,240 13,684
# Nifty Midcap 150 Index TRI ## Nifty 50 TRI.

Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR).
Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution
expenses / commission charged in the Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available
For Riskometer of the Schemes and Benchmark's, refer page 118 to 124.

108 November 2024

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

RAHUL BAIJAL CHIRAG SETALVAD

HDFC TOP 100 FUND NAV as at November 29, 2024 ` 1202.551 HDFC MID-CAP OPPORTUNITIES FUND NAV as at November 29, 2024 ` 205.507
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, 23 Last 1 Year 24.26 25.34 20.59 12,426 12,534 12,059 Nov 30, 23 Last 1 Year 35.83 31.68 21.27 13,583 13,168 12,127
Nov 30, 21 Last 3 Years 19.45 14.47 13.28 17,044 15,001 14,535 Nov 30, 21 Last 3 Years 28.92 23.91 13.76 21,427 19,023 14,723
Nov 29, 19 Last 5 Years 18.02 16.76 15.74 22,921 21,722 20,783 Nov 29, 19 Last 5 Years 29.36 28.00 16.21 36,277 34,409 21,208
Nov 28, 14 Last 10 Years 12.82 12.70 12.16 33,442 33,098 31,555 Nov 28, 14 Last 10 Years 19.20 18.81 12.23 58,010 56,151 31,741
Jan 01, 13 Since Inception 14.93 14.30 14.00 52,526 49,188 47,666 Jan 01, 13 Since Inception 22.22 19.95 13.84 109,318 87,377 46,895
# NIFTY 100 (Total Returns Index) ## BSE SENSEX (Total Returns Index). # NIFTY Midcap 150 (Total Returns Index) ## NIFTY 50 (Total Returns Index).

` 14.852 HDFC SMALL CAP FUND NAV as at November 29, 2024 ` 158.276
HDFC Business Cycle Fund NAV as at November 29, 2024
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, 23 Last 1 Year 23.99 27.29 21.27 12,399 12,729 12,127 Nov 30, 23 Last 1 Year 27.46 33.63 21.27 12,746 13,363 12,127
Nov 30, 22 Since Inception 21.87 20.38 14.69 14,852 14,491 13,154 Nov 30, 21 Last 3 Years 25.66 24.31 13.76 19,844 19,210 14,723
# Nifty 500 TRI ## Nifty 50 TRI. Nov 29, 19 Last 5 Years 30.50 30.02 16.21 37,900 37,207 21,208
Nov 28, 14 Last 10 Years 20.11 15.75 12.23 62,619 43,238 31,741
Jan 01, 13 Since Inception 21.26 16.14 13.84 99,488 59,492 46,895
HDFC MNC Fund NAV as at November 29, 2024 ` 14.222
# BSE 250 SmallCap Index (TRI) ## NIFTY 50 (Total Returns Index).
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns
(%) ## (`) (`)# Benchmark CO-MANAGED BY CHIRAG SETALVAD & ANIL BAMBOLI
(`)##
Nov 30, 23 Last 1 Year 19.07 28.47 21.27 11,907 12,847 12,127 HDFC Children's Fund NAV as at November 29, 2024 ` 322.159
Mar 09, 23 Since Inception 22.60 27.82 21.56 14,222 15,287 14,015
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
# Nifty MNC TRI ## Nifty 50 TRI. Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
CO-MANAGED BY GOPAL AGRAWAL, Nov 30, 23 Last 1 Year 24.16 17.11 21.27 12,416 11,711 12,127
SRINIVASAN RAMAMURTHY, ARUN AGARWAL, Nov 30, 21
Nov 29, 19
Last 3 Years
Last 5 Years
17.76
19.59
11.18
13.43
13.76
16.21
16,329
24,488
13,743
18,788
14,723
21,208
NIRMAN MORAKHIA & ANIL BAMBOLI Nov 28, 14 Last 10 Years 14.62 11.00 12.23 39,194 28,433 31,741
Jan 01, 13 Since Inception 16.75 12.05 13.84 63,352 38,823 46,895
NAV as at November 29, 2024 ` 541.356 # NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Returns Index). Scheme performance
HDFC BALANCED ADVANTAGE FUND may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the
Date Period Scheme Benchmark Additional Value of ` 10,000 invested scheme where a portion of scheme’s investments are made in debt instruments.
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns
(%) ## (`) (`)# Benchmark SHOBHIT MEHROTRA
(`)##
Nov 30, 23 Last 1 Year 26.13 15.29 21.27 12,613 11,529 12,127 HDFC INCOME FUND NAV as at November 29, 2024 ` 61.2297
Nov 30, 21 Last 3 Years 23.51 10.03 13.76 18,840 13,320 14,723 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Nov 29, 19 Last 5 Years 20.80 12.06 16.21 25,751 17,685 21,208 Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
Nov 28, 14 Last 10 Years 14.44 10.35 12.23 38,583 26,802 31,741 (%) ## (`)##
Jan 01, 13 Since Inception 16.35 11.18 13.84 60,768 35,345 46,895
Nov 30, 23 Last 1 Year 10.09 9.33 10.39 11,009 10,933 11,039
# NIFTY 50 Hybrid Composite Debt 50:50 Index ## NIFTY 50 (Total Returns Index). Scheme Nov 30, 21 Last 3 Years 6.13 5.68 5.56 11,956 11,803 11,762
performance may not strictly be comparable with that of its Additional Benchmark in view of
balanced nature of the scheme where a portion of scheme’s investments are made in debt Nov 29, 19 Last 5 Years 6.34 6.73 5.48 13,602 13,857 13,059
instruments. Refer to note on performance disclosure on Page no. 45-48. Nov 28, 14 Last 10 Years 7.01 7.85 6.79 19,702 21,299 19,309
Jan 01, 13 Since Inception 7.29 7.92 6.57 23,130 24,814 21,338
# CRISIL Medium To Long Duration Debt A-III Index ## CRISIL 10 year Gilt Index.
CO-MANAGED BY
CHIRAG SETALVAD & ANUPAM JOSHI HDFC MEDIUM TERM DEBT FUND NAV as at November 29, 2024 ` 57.9675
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
NAV as at November 29, 2024 ` 124.063 Returns Returns Benchmark Scheme Benchmark Additional
HDFC HYBRID EQUITY FUND (%) (%)# Returns
(%) ## (`) (`)# Benchmark
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (`)##
Returns Returns Benchmark Scheme Benchmark Additional Nov 30, 23 Last 1 Year 9.13 8.51 10.39 10,913 10,851 11,039
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)## Nov 30, 21 Last 3 Years 6.49 5.46 5.56 12,077 11,728 11,762
Nov 30, 23 Last 1 Year 20.91 17.11 21.27 12,091 11,711 12,127 Nov 29, 19 Last 5 Years 7.24 6.64 5.48 14,189 13,797 13,059
Nov 30, 21 Last 3 Years 14.81 11.18 13.76 15,133 13,743 14,723 Nov 28, 14 Last 10 Years 7.94 7.53 6.79 21,498 20,677 19,309
Nov 29, 19 Last 5 Years 16.59 13.43 16.21 21,566 18,788 21,208 Jan 01, 13 Since Inception 8.19 7.76 6.57 25,560 24,355 21,338
Nov 28, 14 Last 10 Years 13.16 11.00 12.23 34,475 28,433 31,741 # Nifty Medium Duration Debt Index A-III ## CRISIL 10 year Gilt Index.
Jan 01, 13 Since Inception 15.60 12.05 13.84 56,259 38,823 46,895
# NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Returns Index). Scheme
performance may not strictly be comparable with that of its Additional Benchmark in view of
balanced nature of the scheme where a portion of scheme’s investments are made in debt
instruments. Refer to note on performance disclosure on Page no. 49-50.

Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR).
Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution
expenses / commission charged in the Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available.
For Riskometer of the Schemes and Benchmark's, refer page 118 to 124.
November 2024 109
SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)
HDFC CREDIT RISK DEBT FUND NAV as at November 29, 2024 ` 24.6932 HDFC GILT FUND NAV as at November 29, 2024 ` 55.5436
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, 23 Last 1 Year 9.12 7.96 10.39 10,912 10,796 11,039 Nov 30, 23 Last 1 Year 9.89 11.02 10.39 10,989 11,102 11,039
Nov 30, 21 Last 3 Years 6.77 7.49 5.56 12,172 12,419 11,762 Nov 30, 21 Last 3 Years 5.93 6.42 5.56 11,888 12,051 11,762
Nov 29, 19 Last 5 Years 7.78 7.94 5.48 14,550 14,661 13,059
Nov 29, 19 Last 5 Years 6.38 6.80 5.48 13,626 13,902 13,059
Nov 28, 14 Last 10 Years 8.48 8.34 6.79 22,582 22,288 19,309
Nov 28, 14 Last 10 Years 7.48 7.67 6.79 20,582 20,961 19,309
Mar 25, 14 Since Inception 8.82 8.53 7.23 24,693 23,995 21,088
# Nifty Credit Risk Bond Index B-II ## CRISIL 10 year Gilt Index. Refer to note on performance Jan 01, 13 Since Inception 7.69 7.48 6.57 24,172 23,621 21,338
disclosure on Page no. 95-96. # Nifty All Duration G-Sec Index ## CRISIL 10 year Gilt Index.

HDFC Long Duration Debt Fund NAV as at November 29, 2024 ` 11.8710 HDFC BANKING AND PSU DEBT FUND NAV as at November 29, 2024 ` 22.7474
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, 23 Last 1 Year 13.09 11.65 10.39 11,309 11,165 11,039
Nov 30, 23 Last 1 Year 8.47 7.81 10.39 10,847 10,781 11,039
Jan 20, 23 Since Inception 9.66 9.30 8.91 11,871 11,799 11,722
# Nifty Long Duration Debt Index - A-III ## CRISIL 10 year Gilt Index. Nov 30, 21 Last 3 Years 6.28 5.56 5.56 12,005 11,761 11,762
Nov 29, 19 Last 5 Years 6.78 6.06 5.48 13,885 13,427 13,059
Nov 28, 14 Last 10 Years 7.90 7.10 6.79 21,409 19,880 19,309
ANUPAM JOSHI Mar 26, 14 Since Inception 7.99 7.38 7.23 22,747 21,400 21,077
# Nifty Banking & PSU Debt Index A-II ## CRISIL 10 year Gilt Index.
HDFC CORPORATE BOND FUND NAV as at November 29, 2024 ` 31.6148
Date Period Scheme Benchmark Additional Value of ` 10,000 invested HDFC OVERNIGHT FUND NAV as at November 30, 2024 ` 3708.0259
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark Date Period Scheme Benchmark Additional Value of ` 10,000 invested
(%) ## (`)## Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
Nov 30, 23 Last 1 Year 8.96 7.72 10.39 10,896 10,772 11,039 (%) ## (`)##
Nov 30, 21 Last 3 Years 6.46 5.79 5.56 12,064 11,840 11,762
Nov 29, 19 Last 5 Years 7.10 6.28 5.48 14,096 13,563 13,059 Nov 23, 24 Last 7 days 6.55 6.69 8.48 10,013 10,013 10,016
Nov 28, 14 Last 10 Years 7.90 7.24 6.79 21,411 20,141 19,309 Nov 15, 24 Last 15 days 6.44 6.58 7.69 10,026 10,027 10,032
Jan 01, 13 Since Inception 8.13 7.55 6.57 25,393 23,821 21,338 Oct 31, 24 Last 1 Month 6.31 6.44 7.50 10,052 10,053 10,062
# Nifty Corporate Bond Index A-II ## CRISIL 10 year Gilt Index. Nov 30, 23 Last 1 Year 6.66 6.74 7.56 10,668 10,676 10,758
Nov 30, 21 Last 3 Years 5.89 5.99 6.08 11,874 11,909 11,938
CO-MANAGED BY ANUPAM JOSHI & PRAVEEN JAIN Nov 29, 19 Last 5 Years 4.85 4.95 5.53 12,677 12,736 13,091
Nov 30, 14 Last 10 Years 5.62 5.69 6.38 17,276 17,401 18,567
HDFC LOW DURATION FUND NAV as at November 29, 2024 ` 59.6867 Dec 31, 12 Since Inception 6.03 6.12 6.50 20,104 20,302 21,188
Returns less than 1 year period are simple annualized. # CRISIL Liquid Overnight Index ## CRISIL
Date Period Scheme Benchmark Additional Value of ` 10,000 invested 1 year T-Bill Index.
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)## HDFC Charity Fund for Cancer Cure - 50% NAV as at November 29, 2024 ` 10.0939
Nov 30, 23 Last 1 Year 8.07 7.57 7.56 10,807 10,757 10,756 IDCW Donation^
Nov 30, 21 Last 3 Years 6.70 6.25 6.08 12,147 11,994 11,936 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Nov 29, 19 Last 5 Years 6.66 5.69 5.52 13,806 13,193 13,089 Returns Returns Benchmark Scheme Benchmark Additional
Nov 28, 14 Last 10 Years 7.43 6.78 6.38 20,495 19,293 18,572 (%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Jan 01, 13 Since Inception 7.70 7.15 6.50 24,210 22,779 21,175
# Nifty Low Duration Debt Index A-I ## CRISIL 1 year T-Bill Index. Nov 30, 23 Last 1 Year 8.38 8.08 10.39 10,838 10,808 11,039
Aug 14, 23 Since Inception 7.99 7.62 8.89 11,048 10,999 11,167
# NIFTY Medium Duration Debt Index ## CRISIL 10 year Gilt Index. ^Scheme offers IDCW option
ANIL BAMBOLI only. Returns of HDFC Charity Fund for Cancer Cure - 50% IDCW Donation - Direct Plan are computed
based on NAV of IDCW Option and all IDCWs (after statutory levy) are assumed to be reinvested in
the units of the scheme at the then prevailing NAV (ex-distribution NAV).
HDFC DYNAMIC DEBT FUND NAV as at November 29, 2024 ` 94.4284
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional HDFC Charity Fund for Cancer Cure - 75%
(%) (%)# Returns (`) (`)# Benchmark IDCW Donation^ NAV as at November 29, 2024 ` 10.0939
(%) ## (`)##
Nov 30, 23 Last 1 Year 10.01 9.04 10.39 11,001 10,904 11,039 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
Nov 30, 21 Last 3 Years 6.40 5.79 5.56 12,045 11,838 11,762 (%) (%)# Returns
(%) ## (`) (`)# Benchmark
Nov 29, 19 Last 5 Years 7.49 6.62 5.48 14,356 13,782 13,059 (`)##
Nov 28, 14 Last 10 Years 7.29 7.53 6.79 20,233 20,678 19,309 Nov 30, 23 Last 1 Year 8.38 8.08 10.39 10,838 10,808 11,039
Jan 01, 13 Since Inception 7.83 7.66 6.57 24,545 24,099 21,338 Aug 14, 23 Since Inception 7.99 7.62 8.89 11,048 10,999 11,167
#Nifty Composite Debt Index A-III ## CRISIL 10 year Gilt Index. # NIFTY Medium Duration Debt Index ## CRISIL 10 year Gilt Index. ^Scheme offers IDCW option
only. Returns of HDFC Charity Fund for Cancer Cure - 75% IDCW Donation - Direct Plan are computed
HDFC SHORT TERM DEBT FUND NAV as at November 29, 2024 ` 31.3669 based on NAV of IDCW Option and all IDCWs (after statutory levy) are assumed to be reinvested in
the units of the scheme at the then prevailing NAV (ex-distribution NAV).
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Nov 30, 23 Last 1 Year 8.74 8.04 10.39 10,874 10,804 11,039
Nov 30, 21 Last 3 Years 6.53 5.98 5.56 12,091 11,903 11,762
Nov 29, 19 Last 5 Years 7.07 6.25 5.48 14,076 13,548 13,059
Nov 28, 14 Last 10 Years 7.77 7.29 6.79 21,151 20,235 19,309
Jan 01, 13 Since Inception 8.06 7.62 6.57 25,199 23,996 21,338
# CRISIL Short Duration Debt A-II Index ## CRISIL 10 year Gilt Index.

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended
schemes is primarily buy-and-hold whereas open-ended schemes are actively managed.
Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR).
Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution
expenses / commission charged in the Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available
For Riskometer of the Schemes and Benchmark's, refer page 118 to 124.
110 November 2024
SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)
` 26.321
ANIL BAMBOLI & PRAVEEN JAIN HDFC DIVIDEND YIELD FUND NAV as at November 29, 2024
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
NAV as at November 29, 2024 ` 14.7987 Returns Returns Benchmark Scheme Benchmark Additional
HDFC ULTRA SHORT TERM FUND (%) (%)# Returns
(%) ## (`) (`)# Benchmark
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (`)##
Returns Returns Benchmark Scheme Benchmark Additional Nov 30, 23 Last 1 Year 29.51 27.29 21.27 12,951 12,729 12,127
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)## Nov 30, 21 Last 3 Years 23.01 16.89 13.76 18,612 15,969 14,723
Nov 30, 23 Last 1 Year 7.72 7.64 7.56 10,772 10,764 10,756 Dec 18, 20 Since Inception 27.76 20.39 16.66 26,321 20,814 18,381
Nov 30, 21 Last 3 Years 6.51 6.58 6.08 12,082 12,106 11,936 # NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index).
Nov 29, 19 Last 5 Years 6.04 5.88 5.52 13,413 13,308 13,089
Sep 25, 18 Since Inception 6.54 6.36 6.09 14,799 14,643 14,411 HDFC MULTI CAP FUND NAV as at November 29, 2024 ` 19.414
# CRISIL Ultra Short Duration Debt A-I Index ## CRISIL 1 year T-Bill Index.
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
ANUPAM JOSHI & SWAPNIL JANGAM (%) (%)# Returns
(%) ## (`) (`)# Benchmark
(`)##
HDFC LIQUID FUND NAV as at November 30, 2024 ` 4972.4768 Nov 30, 23 Last 1 Year 30.03 29.27 21.27 13,003 12,927 12,127
Dec 10, 21 Since Inception 25.00 18.10 12.73 19,414 16,398 14,279
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional #NIFTY500 MULTICAP [Link] (Total Returns Index) ## NIFTY 50 (Total Returns Index).
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Nov 23, 24 Last 7 days 6.69 6.88 8.48 10,013 10,013 10,016
ROSHI JAIN
Nov 15, 24 Last 15 days 6.67 6.71 7.69 10,027 10,028 10,032
Oct 31, 24 Last 1 Month 6.86 6.85 7.50 10,056 10,056 10,062 HDFC FLEXI CAP FUND NAV as at November 29, 2024 ` 2051.038
Nov 30, 23 Last 1 Year 7.41 7.32 7.56 10,743 10,734 10,758 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Nov 30, 21 Last 3 Years 6.33 6.36 6.08 12,024 12,035 11,938 Returns Returns Benchmark Scheme Benchmark Additional
Nov 30, 19 Last 5 Years 5.32 5.38 5.53 12,961 12,999 13,089 (%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Nov 30, 14 Last 10 Years 6.35 6.30 6.38 18,523 18,432 18,567
Dec 31, 12 Since Inception 6.82 6.75 6.50 21,953 21,796 21,188 Nov 30, 23 Last 1 Year 35.47 27.29 21.27 13,547 12,729 12,127
Returns less than 1 year period are simple annualized. # CRISIL Liquid Debt A-I Index ## CRISIL Nov 30, 21 Last 3 Years 26.22 16.89 13.76 20,110 15,969 14,723
1 year T-Bill Index. Nov 29, 19 Last 5 Years 23.62 19.44 16.21 28,901 24,337 21,208
Nov 28, 14 Last 10 Years 15.33 13.85 12.23 41,693 36,639 31,741
SRINIVASAN RAMAMURTHY Jan 01, 13 Since Inception 17.61 15.23 13.84 69,087 54,142 46,895
# NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index).
HDFC INFRASTRUCTURE FUND NAV as at November 29, 2024 ` 51.858
HDFC FOCUSED 30 FUND NAV as at November 29, 2024 ` 246.505
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional Date Period Scheme Benchmark Additional Value of ` 10,000 invested
(%) (%)# Returns (`) (`)# Benchmark Returns Returns Benchmark Scheme Benchmark Additional
(%) ## (`)## (%) (%)# Returns
(%) ## (`) (`)# Benchmark
Nov 30, 23 Last 1 Year 39.35 54.83 21.27 13,935 15,483 12,127 (`)##
Nov 30, 21 Last 3 Years 34.70 36.92 13.76 24,441 25,666 14,723 Nov 30, 23 Last 1 Year 36.11 27.29 20.59 13,611 12,729 12,059
Nov 29, 19 Last 5 Years 25.58 32.06 16.21 31,272 40,231 21,208
Nov 30, 21 Last 3 Years 27.62 16.89 13.28 20,786 15,969 14,535
Nov 28, 14 Last 10 Years 11.89 15.70 12.23 30,787 43,058 31,741
Jan 01, 13 Since Inception 13.76 17.10 13.84 46,501 65,624 46,895 Nov 29, 19 Last 5 Years 24.40 19.44 15.74 29,822 24,337 20,783
# BSE India Infrastructure Index (TRI) ## NIFTY 50 (Total Returns Index). Nov 28, 14 Last 10 Years 14.92 13.85 12.16 40,233 36,639 31,555
Jan 01, 13 Since Inception 16.41 15.23 14.00 61,164 54,142 47,666
HDFC HOUSING OPPORTUNITIES FUND € NAV as at November 29, 2024 ` 24.231 # NIFTY 500 (Total Returns Index) ## BSE SENSEX (Total Returns Index).
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional HDFC ELSS Tax saver NAV as at November 29, 2024 ` 1443.271
(%) (%)# Returns (`) (`)# Benchmark
(%) ## Date Period Scheme Benchmark Additional Value of ` 10,000 invested
(`)## Returns Returns Benchmark Scheme Benchmark Additional
Nov 30, 23 Last 1 Year 27.32 24.47 21.27 12,732 12,447 12,127 (%) (%)# Returns (`) (`)# Benchmark
Nov 30, 21 Last 3 Years 23.32 15.83 13.76 18,756 15,541 14,723 (%) ## (`)##
Nov 29, 19 Last 5 Years 20.58 19.60 16.21 25,520 24,497 21,208 Nov 30, 23 Last 1 Year 33.25 27.29 21.27 13,325 12,729 12,127
Dec 06, 17 Since Inception 13.51 15.00 14.75 24,231 26,547 26,156 Nov 30, 21 Last 3 Years 23.43 16.89 13.76 18,802 15,969 14,723
# NIFTY Housing (Total Returns Index) ## NIFTY 50 (Total Returns Index) € HDFC Housing Nov 29, 19 Last 5 Years 21.66 19.44 16.21 26,683 24,337 21,208
opportunities Fund was launched as a close ended thematic Equity Scheme. The Scheme has
been converted into open-ended scheme on January 19, 2021. Nov 28, 14 Last 10 Years 13.31 13.85 12.23 34,932 36,639 31,741
Jan 01, 13 Since Inception 15.99 15.23 13.84 58,571 54,142 46,895
GOPAL AGRAWAL # NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index).

HDFC LARGE AND MID CAP FUND

(ERSTWHILE HDFC GROWTH RAKESH SETHIA
OPPORTUNITIES FUND) NAV as at November 29, 2024 ` 346.500
HDFC Manufacturing Fund NAV as at November 29, 2024 ` 10.594
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional Date Period Scheme Benchmark Additional Value of ` 10,000 invested
(%) (%)# Returns (`) (`)# Benchmark Returns Returns Benchmark Scheme Benchmark Additional
(%) ## (`)## (%) (%)# Returns
(%) ## (`) (`)# Benchmark
Nov 30, 23 Last 1 Year 30.20 28.54 20.59 13,020 12,854 12,059 (`)##
Nov 30, 21 Last 3 Years 22.74 19.22 13.28 18,490 16,947 14,535 May 31, 24 Last 6 Months 7.71 6.87 15.62 10,384 10,343 10,779
Nov 29, 19 Last 5 Years 24.11 22.39 15.74 29,485 27,497 20,783
# Nifty India Manufacturing TRI ## Nifty 50 TRI. Simple annualized returns have been provided as
Nov 28, 14 Last 10 Years 14.11 15.85 12.16 37,471 43,603 31,555 per the extant guidelines since the scheme has completed 6 months but not 1 year. However, such
Jan 01, 13 Since Inception 14.79 17.24 14.00 51,773 66,534 47,666 returns may not be representative. Absolute returns of the Scheme for the 6 month period is 3.84%.
# NIFTY Large Midcap 250 (Total Returns Index) ## BSE SENSEX (Total Returns Index). The Scheme,
formerly a large cap fund, has undergone change in Fundamental attributes and become a Large and
Mid-cap Fund. Accordingly, the Scheme’s benchmark has also changed. Hence, the past performance
of the Scheme may not strictly be comparable with that of the new benchmark.

Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR).
Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution
expenses / commission charged in the Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available
For Riskometer of the Schemes and Benchmark's, refer page 118 to 124.
November 2024 111
SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)

CO-MANAGED BY ARUN AGARWAL, HDFC RETIREMENT

SAVINGS FUND - HYBRID DEBT PLAN NAV as at November 29, 2024 ` 23.3994
NIRMAN MORAKHIA & ANIL BAMBOLI Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
HDFC ARBITRAGE FUND - WHOLESALE (%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
PLAN NAV as at November 29, 2024 ` 19.323
Nov 30, 23 Last 1 Year 13.26 10.98 10.39 11,326 11,098 11,039
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional Nov 30, 21 Last 3 Years 9.42 7.25 5.56 13,100 12,335 11,762
(%) (%)# Returns (`) (`)# Benchmark Nov 29, 19 Last 5 Years 10.05 8.53 5.48 16,153 15,067 13,059
(%) ## (`)## Feb 26, 16 Since Inception 10.19 9.24 6.62 23,399 21,705 17,539
Nov 30, 23 Last 1 Year 8.20 7.49 7.56 10,820 10,749 10,756 # NIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 Year Gilt Index.
Nov 30, 21 Last 3 Years 6.72 6.43 6.08 12,154 12,055 11,936
Nov 29, 19 Last 5 Years 5.74 5.14 5.52 13,224 12,853 13,089 HDFC HYBRID DEBT FUND NAV as at November 29, 2024 ` 83.9960
Nov 28, 14 Last 10 Years 6.28 5.59 6.38 18,398 17,244 18,572 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Apr 07, 14 Since Inception 6.38 5.77 6.52 19,323 18,188 19,605 Returns Returns Benchmark Scheme Benchmark Additional
# NIFTY 50 Arbitrage Index ## CRISIL 1 year T-Bill Index. Scheme performance is not strictly (%) (%)# Returns (`) (`)# Benchmark
comparable with that of its Additional Benchmark since the scheme does not take directional (%) ## (`)##
call in equity markets but is limited to availing arbitrage opportunities, etc. Nov 30, 23 Last 1 Year 14.20 10.98 10.39 11,420 11,098 11,039
Nov 30, 21 Last 3 Years 10.86 7.25 5.56 13,625 12,335 11,762
Nov 29, 19 Last 5 Years 11.26 8.53 5.48 17,062 15,067 13,059
ANAND LADDHA Nov 28, 14 Last 10 Years 9.38 8.55 6.79 24,540 22,742 19,309
Jan 01, 13 Since Inception 10.17 8.89 6.57 31,727 27,587 21,338
HDFC BANKING & FINANICIAL SERVICES # NIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 year Gilt Index. Refer to note on
FUND NAV as at November 29, 2024 ` 16.505 performance disclosure on Page no. 58-59.
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns
(%)
Returns Benchmark Scheme Benchmark Additional
(%)# Returns (`) (`)# Benchmark
CO-MANAGED BY SRINIVASAN RAMAMURTHY,
(%) ## (`)## ANIL BAMBOLI, BHAGYESH KAGALKAR, ARUN AGARWAL
Nov 30, 23 Last 1 Year 19.25 20.92 21.27 11,925 12,092 12,127 & NIRMAN MORAKHIA
Nov 30, 21 Last 3 Years 17.03 12.10 13.76 16,030 14,086 14,723
Jul 01, 21 Since Inception 15.80 12.82 14.79 16,505 15,102 16,020 HDFC MULTI-ASSET FUND NAV as at November 29, 2024 ` 74.5890
#NIFTY Financial Services (Total Returns Index) ## NIFTY 50 (Total Returns Index). However, such
returns may not be representative. Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
HDFC CAPITAL BUILDER VALUE FUND NAV as at November 29, 2024 ` 800.765 (%) ## (`)##
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Nov 30, 23 Last 1 Year 20.31 18.63 21.27 12,031 11,863 12,127
Returns Returns Benchmark Scheme Benchmark Additional Nov 30, 21 Last 3 Years 13.66 12.39 13.76 14,682 14,198 14,723
(%) (%)# Returns (`) (`)# Benchmark
(%) ## Nov 29, 19 Last 5 Years 16.75 14.25 16.21 21,706 19,479 21,208
(`)##
Nov 28, 14 Last 10 Years 11.74 11.42 12.23 30,378 29,525 31,741
Nov 30, 23 Last 1 Year 33.20 27.29 21.27 13,320 12,729 12,127
Jan 01, 13 Since Inception 12.09 12.16 13.84 38,951 39,261 46,895
Nov 30, 21 Last 3 Years 20.47 16.89 13.76 17,483 15,969 14,723
# 65% NIFTY 50 TRI + 25% NIFTY Composite Debt Index + 10% Domestic Prices of Gold. ## NIFTY
Nov 29, 19 Last 5 Years 21.33 19.44 16.21 26,322 24,337 21,208 50 (Total Returns Index). The Scheme formerly, a debt oriented hybrid fund, has undergone
Nov 28, 14 Last 10 Years 14.79 13.85 12.23 39,772 36,639 31,741 change in Fundamental attributes and become a multi asset fund investing in equities, debt
and gold related instruments. Accordingly, the Scheme’s benchmark and additional benchmarks
Jan 01, 13 Since Inception 17.45 15.23 13.84 68,021 54,142 46,895 have also changed. Hence, the past performance of the Scheme since inception till May 22, 2018
# NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index). may not strictly be comparable with those of the new benchmark and the additional benchmark.
Scheme performance may not strictly be comparable with that of its Additional Benchmark in
view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt
CO-MANAGED BY instruments and gold related instruments.

SRINIVASAN RAMAMURTHY & SHOBHIT MEHROTRA

CO-MANAGED BY SRINIVASAN RAMAMURTHY, ANIL
HDFC RETIREMENT BAMBOLI, ARUN AGARWAL & NIRMAN MORAKHIA
SAVINGS FUND - EQUITY PLAN NAV as at November 29, 2024 ` 55.837
Date Period Scheme Benchmark Additional Value of ` 10,000 invested HDFC EQUITY SAVINGS FUND NAV as at November 29, 2024 ` 70.8790
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns Date Period Scheme Benchmark Additional Value of ` 10,000 invested
(%) ## (`) (`)# Benchmark Returns Returns Benchmark Scheme Benchmark Additional
(`)## (%) (%)# Returns
(%) ## (`) (`)# Benchmark
Nov 30, 23 Last 1 Year 28.25 27.29 21.27 12,825 12,729 12,127 (`)##
Nov 30, 21 Last 3 Years 21.79 16.89 13.76 18,067 15,969 14,723 Nov 30, 23 Last 1 Year 15.19 12.72 10.39 11,519 11,272 11,039
Nov 29, 19 Last 5 Years 25.18 19.44 16.21 30,776 24,337 21,208 Nov 30, 21 Last 3 Years 11.33 9.09 5.56 13,797 12,983 11,762
Feb 25, 16 Since Inception 21.67 18.14 16.67 55,837 43,119 38,653 Nov 29, 19 Last 5 Years 12.12 9.94 5.48 17,731 16,071 13,059
# NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index). Nov 28, 14 Last 10 Years 10.44 8.83 6.79 27,016 23,333 19,309
Jan 01, 13 Since Inception 10.72 9.61 6.57 33,669 29,839 21,338
HDFC RETIREMENT # NIFTY Equity Savings Index ## CRISIL 10 year Gilt Index. Scheme performance may not strictly be
SAVINGS FUND - HYBRID EQUITY PLAN NAV as at November 29, 2024 ` 42.761 comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made
in equity instruments.
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Nov 30, 23 Last 1 Year 22.25 17.11 21.27 12,225 11,711 12,127
Nov 30, 21 Last 3 Years 16.37 11.18 13.76 15,759 13,743 14,723
Nov 29, 19 Last 5 Years 18.74 13.43 16.21 23,626 18,788 21,208
Feb 25, 16 Since Inception 18.03 13.90 16.67 42,761 31,289 38,653
# NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Returns Index).

Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized
(CAGR). Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of
the distribution expenses / commission charged in the Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available
For Riskometer of the Schemes and Benchmark's, refer page 118 to 124.

112 November 2024

SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)
NAV as at November 29, 2024 ` 11.5753
CO-MANAGED BY HDFC Nifty G-Sec June 2027 Index Fund
ANIL BAMBOLI & SRINIVASAN RAMAMURTHY Date Period Scheme Benchmark Additional
Returns
Value of ` 10,000 invested
Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
NAV as at November 29, 2024 ` 43.2984 (%) ## (`)##
HDFC Dynamic PE Ratio Fund of Funds
Nov 30, 23 Last 1 Year 8.50 8.52 10.39 10,850 10,852 11,039
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional Dec 09, 22 Since Inception 7.69 7.77 8.63 11,575 11,593 11,777
(%) (%)# Returns (`) (`)# Benchmark # Nifty G-Sec Jun 2027 Index ## CRISIL 10 year Gilt Index.
(%) ## (`)##
Nov 30, 23 Last 1 Year 17.79 17.11 21.27 11,779 11,711 12,127
Nov 30, 21 Last 3 Years 15.55 11.18 13.76 15,428 13,743 14,723 HDFC Nifty G-Sec Sep 2032 Index Fund NAV as at November 29, 2024 ` 11.8063
Nov 29, 19 Last 5 Years 16.51 13.43 16.21 21,489 18,788 21,208 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Nov 28, 14 Last 10 Years 12.04 11.00 12.23 31,197 28,433 31,741 Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
Jan 01, 13 Since Inception 12.29 12.05 13.84 39,794 38,823 46,895 (%) ## (`)##
# 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 Nov 30, 23 Last 1 Year 10.42 10.49 10.39 11,042 11,049 11,039
nature of the scheme where a portion of scheme’s investments are made in equity instruments. Dec 09, 22 Since Inception 8.77 8.92 8.63 11,806 11,839 11,777
# Nifty G-Sec Sep 2032 Index ## CRISIL 10 year Gilt Index.
CO-MANAGED BY
SHOBHIT MEHROTRA HDFC Nifty SDL Oct 2026 Index Fund NAV as at November 29, 2024 ` 11.4613
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
HDFC FLOATING RATE DEBT FUND NAV as at November 29, 2024 ` 48.4769 Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (%) ##
Returns Returns Benchmark Scheme Benchmark Additional (`)##
(%) (%)# Returns (`) (`)# Benchmark Nov 30, 23 Last 1 Year 8.38 8.68 10.39 10,838 10,868 11,039
(%) ## (`)## Feb 24, 23 Since Inception 8.04 8.25 9.28 11,461 11,501 11,694
Nov 30, 23 Last 1 Year 8.62 8.04 10.39 10,862 10,804 11,039 # Nifty SDL Oct 2026 Index ## CRISIL 10 year Gilt Index.
Nov 30, 21 Last 3 Years 6.91 5.98 5.56 12,221 11,903 11,762
Nov 29, 19 Last 5 Years 6.95 6.25 5.48 13,996 13,548 13,059
Nov 28, 14 Last 10 Years 7.61 7.29 6.79 20,831 20,235 19,309 HDFC Nifty G-Sec Apr 2029 Index Fund NAV as at November 29, 2024 ` 11.5704
Jan 01, 13 Since Inception 7.88 7.62 6.57 24,695 23,996 21,338 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
# CRISIL Short Duration Debt A-II Index ## CRISIL 10 year Gilt Index. Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
PRAVEEN JAIN Nov 30, 23 Last 1 Year 9.32 9.58 10.39 10,932 10,958 11,039
Mar 10, 23 Since Inception 8.82 9.03 9.33 11,570 11,610 11,664
HDFC MONEY MARKET FUND NAV as at November 29, 2024 ` 5566.4874 # Nifty G-Sec Apr 2029 Index ## CRISIL 10 year Gilt Index.
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## HDFC Nifty G-Sec Jun 2036 Index Fund NAV as at November 29, 2024 ` 11.8082
(`)##
Nov 30, 23 Last 1 Year 7.79 7.48 7.56 10,779 10,748 10,756 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
Nov 30, 21 Last 3 Years 6.63 6.52 6.08 12,125 12,086 11,936 (%) (%)# Returns
(%) ## (`) (`)# Benchmark
Nov 29, 19 Last 5 Years 6.12 5.70 5.52 13,463 13,199 13,089 (`)##
Nov 28, 14 Last 10 Years 6.96 6.65 6.38 19,605 19,048 18,572 Nov 30, 23 Last 1 Year 11.36 11.39 10.39 11,136 11,139 11,039
Dec 31, 12 Since Inception 7.32 7.04 6.50 23,201 22,501 21,184 Mar 15, 23 Since Inception 10.19 9.93 9.06 11,808 11,760 11,600
# CRISIL Money Market A-I Index ## CRISIL 1 year T-Bill Index. # Nifty G-Sec Jun 2036 Index ## CRISIL 10 year Gilt Index.

ANUPAM JOSHI
HDFC NIfty SDL Plus G-Sec Jun 2027 NAV as at November 29, 2024 ` 11.3631
HDFC Nifty G-Sec Dec 2026 Index Fund NAV as at November 29, 2024 ` 11.6335 40:60 Index Fund
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, 23 Last 1 Year 8.17 8.40 10.39 10,817 10,840 11,039 Nov 30, 23 Last 1 Year 8.62 8.86 10.39 10,862 10,886 11,039
Nov 10, 22 Since Inception 7.64 7.82 8.74 11,634 11,674 11,880 Mar 23, 23 Since Inception 7.85 8.10 9.00 11,363 11,407 11,568
# Nifty G-Sec Dec 2026 Index ## CRISIL 10 year Gilt Index. # Nifty SDL Plus G-Sec Jun 2027 40:60 Index ## CRISIL 10 year Gilt Index.

HDFC Nifty G-Sec July 2031 Index Fund NAV as at November 29, 2024 ` 11.8559
HDFC FMP 1861D March 2022 (46) NAV as at November 29, 2024 ` 11.8311
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
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, 23 Last 1 Year 9.98 10.25 10.39 10,998 11,025 11,039
Nov 30, 23 Last 1 Year 8.87 9.16 10.39 10,887 10,916 11,039
Nov 10, 22 Since Inception 8.64 8.88 8.74 11,856 11,910 11,880
Mar 09, 22 Since Inception 6.36 6.56 6.94 11,831 11,894 12,008
# Nifty G-Sec July 2031 Index ## CRISIL 10 year Gilt Index.
# NIFTY Medium to Long Duration Debt Index ## CRISIL 10 Year Gilt Index.

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended
schemes is primarily buy-and-hold whereas open-ended schemes are actively managed.
Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR).
Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution
expenses / commission charged in the Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available
For Riskometer of the Schemes and Benchmark's, refer page 118 to 124.
November 2024 113
SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)
NAV as at November 29, 2024 ` 11.6868
HDFC FMP 1162D March 2022 (46) CO-MANAGED BY
Date Period Scheme Benchmark Additional
Returns
Value of ` 10,000 invested
Returns Benchmark Scheme Benchmark Additional SRINIVASAN RAMAMURTHY,
(%) (%)# Returns
(%) ## (`) (`)# Benchmark
(`)##
BHAGYESH KAGALKAR & ANIL BAMBOLI
Nov 30, 23 Last 1 Year 7.66 8.08 10.39 10,766 10,808 11,039 ` 17.790
HDFC ASSET ALLOCATOR FUND OF FUNDS NAV as at November 29, 2024
Mar 15, 22 Since Inception 5.92 5.93 6.81 11,687 11,692 11,957
# NIFTY Medium Duration Debt Index ## CRISIL 10 Year Gilt Index. Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
HDFC FMP 1876D March 2022 (46) NAV as at November 29, 2024 ` 11.7943 (%) ## (`)##
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Nov 30, 23 Last 1 Year 20.77 17.83 21.27 12,077 11,783 12,127
Returns Returns Benchmark Scheme Benchmark Additional Nov 30, 21 Last 3 Years 16.54 11.85 13.76 15,827 13,992 14,723
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)## May 05, 21 Since Inception 17.50 13.21 16.50 17,790 15,580 17,256
Nov 30, 23 Last 1 Year 8.78 9.16 10.39 10,878 10,916 11,039 #90% NIFTY 50 Hybrid Composite Debt 65:35 Index (Total Returns Index) and 10% Domestic
Prices of Gold derived as per regulatory norms.
Mar 29, 22 Since Inception 6.37 6.44 6.82 11,794 11,816 11,930
# NIFTY Medium to Long Duration Debt Index ## CRISIL 10 Year Gilt Index.
CO-MANAGED BY
HDFC FMP 1158D July 2022 (46) NAV as at November 29, 2024 ` 11.7878
NIRMAN MORAKHIA & ARUN AGARWAL
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark HDFC Gold ETF Fund of Fund NAV as at November 29, 2024 ` 24.2853
(%) ## (`)## Date Period Scheme Benchmark Value of ` 10,000 invested
Nov 30, 23 Last 1 Year 7.83 8.08 10.39 10,783 10,808 11,039 Returns Returns Scheme Benchmark
Jul 26, 22 Since Inception 7.26 7.26 8.48 11,788 11,788 12,106 (%) (%)# (`) (`)#
# NIFTY Medium Duration Debt Index ## CRISIL 10 Year Gilt Index. Nov 30, 23 Last 1 Year 21.19 22.96 12,119 12,296
Nov 30, 21 Last 3 Years 15.70 16.68 15,489 15,884
HDFC FMP 1406D August 2022 (46) NAV as at November 29, 2024 ` 11.7175
Nov 29, 19 Last 5 Years 14.20 15.05 19,435 20,174
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Nov 28, 14 Last 10 Years 10.27 11.37 26,608 29,384
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns Jan 01, 13 Since Inception 6.82 8.01 21,961 25,047
(`) (`)# Benchmark
(%) ## (`)## # Domestic Price of Physical Gold.
Nov 30, 23 Last 1 Year 8.40 8.08 10.39 10,840 10,808 11,039
Aug 25, 22 Since Inception 7.25 7.09 8.28 11,718 11,678 11,974 HDFC BSE Sensex Index Fund NAV as at November 29, 2024 ` 751.7617
# NIFTY Medium Duration Debt Index ## CRISIL 10 Year Gilt Index. Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
HDFC FMP 1359D September 2022 (46) NAV as at November 29, 2024 ` 11.7475 (%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional Nov 30, 23 Last 1 Year 20.24 20.59 21.27 12,024 12,059 12,127
(%) (%)# Returns (`) (`)# Benchmark Nov 30, 21 Last 3 Years 12.98 13.28 13.76 14,421 14,535 14,723
(%) ## (`)## Nov 29, 19 Last 5 Years 15.35 15.74 16.21 20,440 20,783 21,208
Nov 30, 23 Last 1 Year 8.19 8.08 10.39 10,819 10,808 11,039 Nov 28, 14 Last 10 Years 11.86 12.16 12.23 30,713 31,555 31,741
Oct 11, 22 Since Inception 7.83 7.84 9.04 11,748 11,751 12,031 Jan 01, 13 Since Inception 13.65 14.00 13.84 45,942 47,666 46,895
# NIFTY Medium Duration Debt Index ## CRISIL 10 Year Gilt Index.
# BSE SENSEX (Total Returns Index) ## NIFTY 50 (Total Returns Index).

HDFC FMP 1204D December 2022 (47) NAV as at November 29, 2024 ` 11.4780 HDFC Nifty 50 Index Fund NAV as at November 29, 2024 ` 232.1903
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, 23 Last 1 Year 7.94 8.08 10.39 10,794 10,808 11,039 Nov 30, 23 Last 1 Year 20.90 21.27 20.59 12,090 12,127 12,059
Dec 27, 22 Since Inception 7.42 7.46 8.70 11,478 11,485 11,744 Nov 30, 21 Last 3 Years 13.45 13.76 13.28 14,603 14,723 14,535
# NIFTY Medium Duration Debt Index ## CRISIL 10 Year Gilt Index.
Nov 29, 19 Last 5 Years 15.79 16.21 15.74 20,831 21,208 20,783
NAV as at November 29, 2024 ` 11.3201 Nov 28, 14 Last 10 Years 11.90 12.23 12.16 30,813 31,741 31,555
HDFC FMP 1269D March 2023 (47)
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Jan 01, 13 Since Inception 13.49 13.84 14.00 45,191 46,895 47,666
Returns Returns Benchmark Scheme Benchmark Additional # NIFTY 50 (Total Returns Index) ## BSE SENSEX (Total Returns Index).
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)## HDFC NIFTY50 EQUAL WEIGHT INDEX
Nov 30, 23 Last 1 Year 8.27 8.08 10.39 10,827 10,808 11,039
FUND NAV as at November 29, 2024 ` 16.8001
Mar 21, 23 Since Inception 7.59 7.83 9.03 11,320 11,364 11,579
# NIFTY Medium Duration Debt Index ## CRISIL 10 year Gilt Index. Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
HDFC FMP 2638D February 2023 (47) NAV as at November 29, 2024 ` 11.7515 (%) ## (`)##
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Nov 30, 23 Last 1 Year 21.43 22.05 21.27 12,143 12,205 12,127
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark Nov 30, 21 Last 3 Years 17.41 18.04 13.76 16,186 16,446 14,723
(%) ## (`)## Aug 20, 21 Since Inception 17.14 17.78 13.70 16,800 17,103 15,236
Nov 30, 23 Last 1 Year 10.22 11.04 10.39 11,022 11,104 11,039 #NIFTY50 Equal Weight (Total Returns Index) ## NIFTY 50 (Total Returns Index).
Feb 23, 23 Since Inception 9.56 9.29 9.15 11,752 11,700 11,674
# NIFTY Long Duration Debt Index ## CRISIL 10 Year Gilt Index.

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended
schemes is primarily buy-and-hold whereas open-ended schemes are actively managed.
Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR). Different
plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
commission charged in the Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available
For Riskometer of the Schemes and Benchmark's, refer page 118 to 124.
114 November 2024
SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)
HDFC DEVELOPED WORLD INDEXES FUND HDFC BSE 500 Index Fund NAV as at November 29, 2024 ` 15.2644
OF FUNDS NAV as at November 29, 2024 ` 14.678 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, 23 Last 1 Year 25.98 27.01 21.27 12,598 12,701 12,127
Nov 30, 23 Last 1 Year 28.52 29.59 21.27 12,852 12,959 12,127 Apr 21, 23 Since Inception 30.02 31.07 23.15 15,264 15,463 13,985
Nov 30, 21 Last 3 Years 11.99 12.51 13.76 14,047 14,241 14,723 # BSE 500 Total Returns Index (TRI) ## Nifty 50 TRI.
Oct 06, 21 Since Inception 12.95 13.77 11.76 14,678 15,016 14,196
#MSCI World Index (Net Total Returns Index) ## NIFTY 50 (Total Returns Index).
MANAGED BY ABHISHEK PODDAR
HDFC NIFTY NEXT 50 INDEX FUND NAV as at November 29, 2024 ` 16.6103
HDFC Defence Fund NAV as at November 29, 2024 ` 22.604
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional Date Period Scheme Benchmark Additional Value of ` 10,000 invested
(%) (%)# Returns (`) (`)# Benchmark Returns Returns Benchmark Scheme Benchmark Additional
(%) ## (`)## (%) (%)# Returns
(%) ## (`) (`)# Benchmark
Nov 30, 23 Last 1 Year 47.26 48.24 21.27 14,726 14,824 12,127 (`)##
Nov 30, 21 Last 3 Years 19.46 20.18 13.76 17,048 17,357 14,723 Nov 30, 23 Last 1 Year 66.94 85.07 21.27 16,694 18,507 12,127
Nov 03, 21 Since Inception 17.95 18.68 11.65 16,610 16,928 14,032 Jun 02, 23 Since Inception 72.49 97.44 20.69 22,604 27,665 13,249
#NIFTY Next 50 (Total Returns Index) ## NIFTY 50 (Total Returns Index). # Nifty India Defence Index TRI ## Nifty 50 TRI.

HDFC NIFTY 100 INDEX FUND NAV as at November 29, 2024 ` 14.7491
Date Period Scheme Benchmark Additional Value of ` 10,000 invested MANAGED BY AMIT SINHA
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## HDFC Non-Cyclical Consumer Fund NAV as at November 29, 2024 ` 14.433
(`)##
Nov 30, 23 Last 1 Year 24.70 25.34 21.27 12,470 12,534 12,127 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
Feb 23, 22 Since Inception 15.08 15.67 14.71 14,749 14,962 14,620 (%) (%)# Returns
(%) ## (`) (`)# Benchmark
#NIFTY 100 (Total Returns Index) ## NIFTY 50 (Total Returns Index). (`)##
Nov 30, 23 Last 1 Year 29.26 28.60 21.27 12,926 12,860 12,127
HDFC NIFTY 100 EQUAL WEIGHT INDEX Jul 12, 23 Since Inception 30.30 25.84 18.52 14,433 13,752 12,656
FUND NAV as at November 29, 2024 ` 16.1777 # Nifty India Consumption Index TRI ## Nifty 50 TRI.
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns
(%) ## (`) (`)# Benchmark MANAGED BY PRIYA RANJAN
(`)##
Nov 30, 23 Last 1 Year 24.70 25.34 21.27 12,470 12,534 12,127 HDFC Transportation and Logistics Fund NAV as at November 29, 2024 ` 15.457
Feb 23, 22 Since Inception 15.08 15.67 14.71 14,749 14,962 14,620
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
#NIFTY100 Equal Weight (Total Returns Index) ## NIFTY 50 (Total Returns Index). Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
NAV as at November 29, 2024 ` 15.2068 (%) ##
HDFC Silver ETF Fund of Fund (`)##
Date Period Scheme Benchmark Value of ` 10,000 invested Nov 30, 23 Last 1 Year 38.60 38.09 21.27 13,860 13,809 12,127
Returns Returns Scheme Benchmark Aug 17, 23 Since Inception 40.24 40.76 19.93 15,457 15,530 12,636
(%) (%)# (`) (`)# # Nifty Transportation & Logistics Index TRI ## Nifty 50 TRI.
Nov 30, 23 Last 1 Year 17.16 14.61 11,716 11,461
Oct 28, 22 Since Inception 22.20 23.72 15,207 15,603
# Domestic Prices of physical Silver (derived as per regulatory norms). MANAGED BY BALAKUMAR B
HDFC Nifty Midcap 150 Index Fund NAV as at November 29, 2024 ` 17.8085 HDFC Technology Fund NAV as at November 29, 2024 ` 14.742
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
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, 23 Last 1 Year 30.95 31.68 21.27 13,095 13,168 12,127
Nov 30, 23 Last 1 Year 42.64 33.66 21.27 14,264 13,366 12,127
Apr 21, 23 Since Inception 43.08 44.26 23.15 17,809 18,046 13,985
Sep 08, 23 Since Inception 37.19 29.53 18.69 14,742 13,738 12,340
# Nifty Midcap 150 Index TRI ## Nifty 50 TRI.
# BSE Teck Index (TRI) ## Nifty 50 TRI.
HDFC Nifty Smallcap 250 Index Fund NAV as at November 29, 2024 ` 19.2916
Date Period Scheme Benchmark Additional
Returns
Value of ` 10,000 invested
Returns Benchmark Scheme Benchmark Additional
MANAGED BY NIKHIL MATHUR
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)## HDFC Pharma and Healthcare Fund NAV as at November 29, 2024 ` 16.703
Nov 30, 23 Last 1 Year 33.45 34.52 21.27 13,345 13,452 12,127 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Apr 21, 23 Since Inception 50.36 51.97 23.15 19,292 19,626 13,985 Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
# Nifty Smallcap 250 TRI ## Nifty 50 TRI. (%) ## (`)##
HDFC NIFTY200 Momentum 30 Index Fund NAV as at November 29, 2024 ` 11.5032 Nov 30, 23 Last 1 Year 53.62 44.55 21.27 15,362 14,455 12,127
Oct 04, 23 Since Inception 55.85 47.55 21.99 16,703 15,679 12,584
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional # BSE Healthcare Index (TRI) ## Nifty 50 TRI.
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
May 31, 24 Last 6 Months 1.14 1.85 15.62 10,057 10,092 10,779
# Nifty 200 Momentum 30 TRI ## Nifty 50 TRI. 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 representative. Absolute returns of the Scheme for the 6 month period is 0.57%.

Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR).
Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution
expenses / commission charged in the Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available
For Riskometer of the Schemes and Benchmark's, refer page 118 to 124.

November 2024 115

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 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
Mar 16, 23 58.764 5.750 5.750 66.769 5.750 5.750 Mar 16, 23 33.860 3.000 3.000 46.395 3.000 3.000
Mar 14, 24 76.341 7.000 7.000 88.436 7.000 7.000 Mar 14, 24 44.657 4.000 4.000 63.353 4.000 4.000

HDFC TOP 100 FUND (Past 3 years) IDCW Option HDFC HYBRID EQUITY FUND (Past 3 quarters) 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 03, 22 50.209 5.25 5.25 55.214 5.25 5.25 Mar 26, 24 15.9840 0.2500 0.2500 17.9880 0.2500 0.2500
Mar 02, 23 49.950 5.00 5.00 55.846 5.00 5.00 Jun 25, 24 17.1310 0.2500 0.2500 19.3460 0.2500 0.2500
Feb 29, 24 61.896 5.50 5.50 70.417 5.50 5.50 Sep 25, 24 17.8320 0.2500 0.2500 20.2050 0.2500 0.2500

HDFC CAPITAL BUILDER VALUE FUND (Past 3 years) IDCW Option HDFC BALANCED ADVANTAGE FUND (Past 3 months) 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
Feb 18, 21 26.933 2.75 2.75 30.026 2.75 2.75 Sep 25, 24 41.560 0.250 0.250 47.859 0.250 0.250
Feb 17, 22 28.845 3.00 3.00 32.828 3.00 3.00 Oct 25, 24 39.911 0.250 0.250 46.020 0.250 0.250
Feb 15, 24 33.727 2.75 2.75 40.139 2.75 2.75 Nov 25, 24 39.815 0.250 0.250 45.972 0.250 0.250

HDFC FOCUSED 30 FUND (Past 3 years) IDCW Option HDFC INFRASTRUCTURE 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
Feb 18, 21 17.040 1.75 1.75 - - - Mar 03, 22 11.5210 1.0000 1.0000 15.9090 1.0000 1.0000
Feb 17, 22 18.943 2.00 2.00 21.927 2.00 2.00 Mar 02, 23 12.5560 1.0000 1.0000 17.9340 1.0000 1.0000
Feb 15, 24 24.298 2.25 2.25 29.862 2.25 2.25 Feb 29, 24 20.6410 1.5000 1.5000 30.4540 1.5000 1.5000

HDFC ARBITRAGE FUND HDFC ELSS TAX SAVER (Past 3 years) IDCW Option
Normal IDCW Option (Past 3 months) (An open-ended equity linked savings scheme with a lock-in period of 3 years)
Record Date Wholesale 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
Sep 19, 24 10.838 0.050 0.050 11.421 0.050 0.050 Mar 10, 22 55.928 5.750 5.750 67.943 5.750 5.750
Oct 24, 24 10.860 0.050 0.050 11.453 0.050 0.050 Mar 09, 23 58.383 5.750 5.750 72.808 5.750 5.750
Nov 21, 24 10.880 0.050 0.050 11.481 0.050 0.050 Mar 07, 24 76.458 7.000 7.000 98.005 7.000 7.000

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 19, 24 11.261 0.050 0.050 11.064 0.050 0.050 NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Oct 24, 24 11.286 0.050 0.050 11.093 0.050 0.050 Sep 25, 24 14.9993 0.1000 0.1000 16.4966 0.1000 0.1000
Nov 21, 24 11.308 0.050 0.050 11.119 0.050 0.050 Oct 25, 24 14.7148 0.1000 0.1000 16.2007 0.1000 0.1000
Nov 25, 24 14.6644 0.1000 0.1000 16.1629 0.1000 0.1000
HDFC LARGE AND MID CAP FUND IDCW Option
(Erstwhile HDFC Growth Opportunities Fund) (Past 3 years) Quarterly IDCW Option (Past 3 months)
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
Feb 25, 21 22.017 2.00 2.00 26.266 2.00 2.00 Mar 26, 24 15.2666 0.3200 0.3200 16.6806 0.3200 0.3200
Mar 02, 23 25.838 1.50 1.50 31.808 1.50 1.50 Jun 25, 24 15.5513 0.3000 0.3000 17.0474 0.3000 0.3000
Feb 29, 24 36.035 2.00 2.00 45.231 2.00 2.00 Sep 25, 24 15.8612 0.3000 0.3000 17.4404 0.3000 0.3000

HDFC MID-CAP OPPORTUNITIES FUND (Past 3 years) IDCW Option HDFC EQUITY SAVINGS FUND (Past 3 quarters) 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
Feb 25, 21 33.208 3.00 3.00 42.417 3.00 3.00 Mar 26, 24 12.8870 0.2200 0.2200 14.9500 0.2200 0.2200
Feb 24, 22 34.514 3.50 3.50 45.361 3.50 3.50 Jun 25, 24 13.2260 0.2200 0.2200 15.4170 0.2200 0.2200
Feb 22, 24 53.167 5.00 5.00 74.680 5.00 5.00 Sep 25, 24 13.5700 0.2200 0.2200 15.8950 0.2200 0.2200

^ Past performance may or may not be sustained in future and is not a guarantee of any future returns. 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 [Link] for Record Date-
wise listing of IDCWs declared.
116 November 2024
IDCW HISTORY ^
HDFC MULTI-ASSET FUND (Past 3 years) IDCW Option HDFC FLOATING RATE DEBT FUND (Past 3 months) Monthly 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 04, 21 14.7460 1.0000 1.0000 16.3170 1.0000 1.0000 Sep 30, 24 10.2117 0.0676 0.0676 10.2137 0.0696 0.0696
Feb 24, 22 15.2190 1.2500 1.2500 17.2000 1.2500 1.2500 Oct 28, 24 10.2090 0.0649 0.0649 10.2108 0.0667 0.0667
Feb 22, 24 16.9970 1.2500 1.2500 20.1410 1.2500 1.2500 Nov 25, 24 10.2033 0.0592 0.0592 10.2052 0.0611 0.0611

HDFC INCOME FUND (Past 3 quarters) Quarterly IDCW Option HDFC LOW DURATION FUND (Past 3 months) Monthly 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 26, 24 11.3291 0.2500 0.2500 12.6922 0.3000 0.3000 Sep 30, 24 10.2051 0.0651 0.0651 10.2134 0.0709 0.0709
Jun 25, 24 11.3157 0.1500 0.1500 12.6710 0.2000 0.2000 Oct 28, 24 10.2021 0.0621 0.0621 10.2092 0.0667 0.0667
Sep 25, 24 11.5060 0.2000 0.2000 12.8702 0.2500 0.2500 Nov 25, 24 10.1921 0.0521 0.0521 10.1992 0.0567 0.0567

HDFC DYNAMIC DEBT FUND HDFC CREDIT RISK DEBT FUND (Past 3 quarters) Quarterly 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 Mar 26, 24 10.4219 0.1969 0.1969 10.7573 0.2192 0.2192
Mar 26, 24 12.4423 0.2500 0.2500 13.8336 0.3000 0.3000 Jun 25, 24 10.3933 0.1718 0.1718 10.7278 0.1938 0.1938
Jun 25, 24 12.4542 0.1500 0.1500 13.8502 0.2000 0.2000 Sep 25, 24 10.4819 0.1744 0.1744 10.8190 0.1923 0.1923
Sep 25, 24 12.6944 0.2000 0.2000 14.1118 0.2500 0.2500
HDFC ULTRA SHORT TERM FUND (Past 3 months) Monthly 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
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 30, 24 10.2192 0.0692 0.0692 10.1217 0.0717 0.0717
Sep 25, 23 11.6644 0.3500 0.3500 13.6246 0.5000 0.5000
Oct 28, 24 10.2057 0.0557 0.0557 10.1077 0.0577 0.0577
Mar 26, 24 11.7533 0.4000 0.4000 13.6676 0.5000 0.5000
Nov 25, 24 10.2030 0.0530 0.0530 10.1049 0.0549 0.0549
Sep 25, 24 11.9650 0.3500 0.3500

Yearly (IDCW Option) (Past 3 years) HDFC BANKING AND PSU DEBT FUND (Past 3 quarters) IDCW Option
Record Date Wholesale Plan Wholesale 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 25, 22 13.4412 0.4500 0.4500 14.5780 0.4500 0.4500 Mar 27, 23 10.1586 0.0186 0.0186 10.0491 0.0191 0.0191
Mar 27, 23 13.4372 0.5500 0.5500 14.7957 0.5500 0.5500 Mar 26, 24 10.1470 0.0070 0.0070 10.0374 0.0074 0.0124
Mar 26, 24 13.8723 0.9000 0.9000 15.4600 1.1000 1.1000 Aug 19, 24 10.1504 0.0104 0.0104 10.0410 0.0110 0.0110

HDFC CORPORATE BOND FUND (Past 3 quarters) Quarterly IDCW Option HDFC LONG DURATION DEBT 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 26, 24 10.4990 0.2176 0.2176 10.3374 0.2199 0.2199 Mar 26, 24 10.5632 0.2057 0.2057 10.5780 0.1360 0.1360
Jun 25, 24 10.4891 0.1759 0.1759 10.3284 0.1795 0.1795 Jun 25, 24 10.6682 0.1977 0.1977 10.7646 0.2168 0.2168
Sep 25, 24 10.5771 0.2012 0.2012 10.4150 0.1952 0.1952 Sep 25, 24 10.8470 0.0620 0.0620 10.9367 0.4536 0.4536

HDFC GILT FUND (Past 3 quarters) IDCW Option HDFC DIVIDEND YIELD 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 26, 24 12.0053 0.2500 0.2500 12.7750 0.2500 0.2500 Mar 10, 22 13.76 1.00 1.00 14.051 0.95 0.95
Jun 25, 24 12.0388 0.2000 0.2000 12.8408 0.2000 0.2000
Sep 25, 24 12.2293 0.2000 0.2000 13.0719 0.2500 0.2500 HDFC BANKING AND FINANCIAL SERVICES FUND (Past 3 years) IDCW Option
Record Date Regular Plan Direct Plan
HDFC LIQUID FUND (Past 3 months) Monthly IDCW Option 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 Mar 07, 24 14.0610 0.7500 0.7500 14.6870 0.7500 0.7500
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Sep 30, 24 1033.2003 6.9003 6.9003 1033.2791 6.9791 6.9791 HDFC HOUSING OPPORTUNITIES FUND (Past 3 years) IDCW Option
Oct 28, 24 1031.6777 5.3777 5.3777 1031.7515 5.4514 5.4514
Record Date Regular Plan Direct Plan
Nov 25, 24 1031.6917 5.3917 5.3917 1031.7566 5.4565 5.4565
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
HDFC MULTI CAP FUND (Past 3 years) IDCW Option
Mar 09, 23 12.407 1.000 1.000 13.161 1.000 1.000
Record Date Regular Plan Direct Plan
Mar 07, 24 17.437 1.250 1.250 18.773 1.250 1.250
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Mar 14, 24 15.6340 0.7500 0.7500 16.1950 0.7500 0.7500

^ Past performance may or may not be sustained in future and is not a guarantee of any future returns. 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 [Link] for Record Date-
wise listing of IDCWs declared.
November 2024 117
BENCHMARK AND SCHEME RISKOMETERS
Fund Name & Benchmark Product Labelling Scheme Riskometer Benchmark Riskometer
(This product is suitable for investors
who are seeking ~)

HDFC Nifty 50 Index Fund • Returns that are commensurate

with the performance of the NIFTY
BENCHMARK : NIFTY 50 (Total 50, subject to tracking errors over
Returns Index) long term
• Investment in equity securities
covered by the NIFTY 50

HDFC BSE Sensex Index Fund • Returns that are commensurate

with the performance of the BSE
BENCHMARK : BSE SENSEX (Total SENSEX, subject to tracking errors
Returns Index) over long term.
• Investment in equity securities
covered by the BSE SENSEX.

HDFC NIFTY 100 Index Fund • Returns that are commensurate

(before fees and expenses) with
BENCHMARK : NIFTY 100 (Total the performance of the NIFTY 100
Returns Index) Index (TRI) over long term, subject
to tracking error
• Investment in equity securities
covered by the NIFTY 100 Index

HDFC NIFTY50 Equal Weight • Returns that are commensurate

Index Fund (before fees and expenses) with
the performance of the NIFTY50
BENCHMARK : NIFTY50 Equal Weight Equal Weight Index over long term,
(Total Returns Index) subject to tracking error
• Investment in securities covered by
the NIFTY50 Equal Weight Index

HDFC NIFTY 100 Equal Weight • Returns that are commensurate

Index Fund (before fees and expenses) with
the performance of the NIFTY 100
BENCHMARK : NIFTY100 Equal Equal Weight Index (TRI) over long
Weight (Total Returns Index) term, subject to tracking error
• Investment in equity securities
covered by the NIFTY 100 Equal
Weight Index

HDFC NIFTY Next 50 Index Fund • Returns that are commensurate

(before fees and expenses) with
BENCHMARK : NIFTY Next 50 (Total the performance of the NIFTY Next
Returns Index) 50 Index over long term, subject to
tracking error
• Investment in securities covered by
the NIFTY Next 50 Index

HDFC NIFTY Midcap 150 Index • Returns that are commensurate

Fund (before fees and expenses) with the
performance of the NIFTY Midcap
BENCHMARK : NIFTY Midcap 150 150 Index (TRI) over long term,
Total Returns Index (TRI) subject to tracking error.
• Investment in equity securities
covered by the NIFTY Midcap 150
Index

HDFC NIFTY Smallcap 250 Index • Returns that are commensurate

Fund (before fees and expenses) with the
performance of the NIFTY Smallcap
BENCHMARK : NIFTY Smallcap 250 250 Index (TRI) over long term,
Total Returns Index (TRI) subject to tracking error.
• Investment in equity securities
covered by the NIFTY Smallcap 250
Index

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

118 November 2024

BENCHMARK AND SCHEME RISKOMETERS
Fund Name & Benchmark Product Labelling Scheme Riskometer Benchmark Riskometer
(This product is suitable for investors
who are seeking ~)

HDFC BSE 500 Index Fund • Returns that are commensurate

(before fees and expenses) with the
BENCHMARK : BSE 500 Total Returns performance of the BSE 500 Index
Index (TRI) (TRI) over long term, subject to
tracking error.
• Investment in equity securities
covered by the BSE 500 Index

HDFC NIFTY 50 ETF • Returns that are commensurate

with the performance of the NIFTY
BENCHMARK : NIFTY 50 (Total 50, subject to tracking errors over
Returns Index) long term
• Investment in equity securities
covered by the NIFTY 50

HDFC BSE SENSEX ETF • Returns that are commensurate

with the performance of the BSE
BENCHMARK : BSE SENSEX (Total SENSEX, subject to tracking errors
Returns Index) over long term
• Investment in equity securities
covered by the BSE SENSEX

HDFC NIFTY Bank ETF • Returns that are commensurate

with the performance of the NIFTY
BENCHMARK : NIFTY Bank (Total Bank Index (Total Returns Index),
Returns Index) subject to tracking error, over long
term
• Investment in equity securities
covered by the NIFTY Bank Index

HDFC NIFTY 100 ETF • Returns that are commensurate

(before fees and expenses) with
BENCHMARK : NIFTY 100 (Total the performance of the NIFTY 100
Returns Index) Index (TRI), over long term, subject
to tracking error.
• Investment in securities covered by
the NIFTY 100 Index

HDFC NIFTY Next 50 ETF • Returns that are commensurate

(before fees and expenses) with the
BENCHMARK : NIFTY NEXT 50 (Total performance of the NIFTY Next 50
Returns Index) Index (TRI), over long term, subject
to tracking error.
• Investment in securities covered by
the NIFTY Next 50 Index

HDFC Silver ETF • Returns that are commensurate

with the performance of Silver,
BENCHMARK : Domestic Prices subject to tracking errors, over long
of physical Silver (derived as per term.
regulatory norms) • Investment in Silver bullion of
0.999 fineness.

HDFC NIFTY50 VALUE 20 ETF • Returns that are commensurate

(before fees and expenses) with the
BENCHMARK : NIFTY50 Value 20 performance of the NIFTY50 Value
Index (TRI) 20 Index (TRI), over long term,
subject to tracking error.
• Investment in securities covered by
the NIFTY50 Value 20 Index

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

November 2024 119

BENCHMARK AND SCHEME RISKOMETERS
Fund Name & Benchmark Product Labelling Scheme Riskometer Benchmark Riskometer
(This product is suitable for investors
who are seeking ~)

HDFC NIFTY100 Quality 30 ETF • Returns that are commensurate

(before fees and expenses) with
BENCHMARK : NIFTY100 Quality 30 the performance of the NIFTY100
Index (TRI) Quality 30 Index Index (TRI), over
long term, subject to tracking error.
• Investment in securities covered
by the NIFTY100 Quality 30 Index
Index

HDFC NIFTY Growth Sectors • Returns that are commensurate

15 ETF (before fees and expenses) with the
performance of the NIFTY Growth
BENCHMARK : NIFTY Growth Sectors Sectors 15 Index (TRI), over long
15 Index (TRI) term, subject to tracking error.
• Investment in securities covered by
the NIFTY Growth Sectors 15 Index

HDFC NIFTY100 Low Volatility • Returns that are commensurate

30 ETF (before fees and expenses) with the
performance of the NIFTY100 Low
BENCHMARK : NIFTY100 Low Volatility 30 Index (TRI), over long
Volatility 30 Index (TRI) term, subject to tracking error.
• Investment in securities covered
by the NIFTY100 Low Volatility 30
Index

HDFC NIFTY200 Momentum • Returns that are commensurate

30 ETF (before fees and expenses) with
the performance of the NIFTY200
BENCHMARK : NIFTY200 Momentum Momentum 30 Index (TRI), over
30 Index (TRI) long term, subject to tracking error.
• Investment in securities covered by
the NIFTY200 Momentum 30 Index

HDFC NIFTY Midcap 150 ETF • Returns that are commensurate

(before fees and expenses) with the
BENCHMARK : NIFTY Midcap 150 performance of the NIFTY Midcap
Index (TRI) 150 Index (TRI), over long term,
subject to tracking error.
• Investment in securities covered by
the NIFTY Midcap 150 Index

HDFC NIFTY Smallcap 250 ETF • Returns that are commensurate

(before fees and expenses) with the
BENCHMARK : NIFTY Smallcap 250 performance of the NIFTY Smallcap
Index (TRI) 250 Index (TRI), over long term,
subject to tracking error.
• Investment in securities covered by
the NIFTY Smallcap 250 Index

HDFC BSE 500 ETF • Returns that are commensurate

(before fees and expenses) with the
BENCHMARK : BSE 500 Index (TRI) performance of the BSE 500 Index
(TRI), over long term, subject to
tracking error.
• Investment in securities covered by
the BSE 500 Index

HDFC NIFTY IT ETF • Returns that are commensurate

(before fees and expenses) with the
BENCHMARK : NIFTY IT Index (TRI) performance of the NIFTY IT Index
(TRI), over long term, subject to
tracking error.
• Investment in securities covered by
the NIFTY IT Index.

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

120 November 2024

BENCHMARK AND SCHEME RISKOMETERS
Fund Name & Benchmark Product Labelling Scheme Riskometer Benchmark Riskometer
(This product is suitable for investors
who are seeking ~)

HDFC NIFTY Private Bank ETF • Returns that are commensurate

(before fees and expenses) with the
BENCHMARK : NIFTY Private Bank performance of the NIFTY Private
Index (TRI) Bank Index (TRI), over long term,
subject to tracking error.
• Investment in securities covered by
the NIFTY Private Bank Index.

HDFC Gold ETF • Returns that are commensurate

with the performance of gold,
BENCHMARK : Domestic Price of subject to tracking errors, over long
Physical Gold term
• Investment predominantly in Gold
bullion of 0.995 fineness

HDFC Gold ETF Fund of Fund • Capital appreciation over long term
• Investment in Units of HDFC Gold
BENCHMARK : Domestic Price of ETF (HGETF). HGETF invests in gold
Physical Gold bullion of 0.995 fineness

HDFC Silver ETF Fund of Fund • Capital appreciation over long

term.
BENCHMARK : Domestic Prices • Investment in Units of HDFC Silver
of physical Silver (derived as per ETF (HSETF). HSETF invests in Silver
regulatory norms) and Silver related instruments.

HDFC Developed World Indexes • Returns that closely correspond to

Fund of Funds the performance of the MSCI World
Index, subject to tracking errors,
BENCHMARK : MSCI World Index (Net over long term
Total Returns Index) • Investments in units/shares of
overseas equity Index Funds and/or
ETFs

HDFC NIFTY G-Sec Dec 2026 • Returns that are commensurate

Index Fund (before fees and expenses) with
the performance of the Nifty G-sec
BENCHMARK : Nifty G-Sec Dec 2026 Dec 2026 Index, subject to tracking
Index difference over long term.
• Investment in Government
Securities/SDL, TREPS on
Government Securities/Treasury
bills

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

November 2024 121

BENCHMARK AND SCHEME RISKOMETERS

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 Nifty • Returns that are commensurate Credit Risk → Relatively Relatively
(before fees and expenses) with Low Moderate High
SDL Oct 2026 Interest Rate Risk ↓ (Class B)
the performance of the Nifty (Class A) (Class C)
Index Fund
G-sec Dec 2026 Index, subject to Relatively Low (Class I)
BENCHMARK : tracking difference over long term.
Moderate (Class II)
Nifty G-Sec Dec • Investment in Government
Securities/SDL, TREPS on Relatively High (Class III) A-III
2026 Index
Government Securities/Treasury A-III - A Scheme with Relatively High Interest Rate Risk and
bills Relatively Low Credit Risk.

HDFC NIFTY • Returns that are commensurate Credit Risk → Relatively Relatively
(before fees and expenses) with Low Moderate High
G-Sec Jul Interest Rate Risk ↓ (Class B)
the performance of the Nifty (Class A) (Class C)
2031 Index
G-Sec July 2031 Index, subject to Relatively Low (Class I)
Fund tracking difference over long term.
Moderate (Class II)
• Investment in Government
BENCHMARK : Relatively High (Class III) A-III
Securities/SDL, TREPS on
Nifty G-Sec July
Government Securities/Treasury A-III - A Scheme with Relatively High Interest Rate Risk and
2031 Index Relatively Low Credit Risk.
bills

HDFC NIFTY • Returns that are commensurate Credit Risk → Relatively Relatively
(before fees and expenses) with Low Moderate High
G- Sec Jun Interest Rate Risk ↓ (Class B)
the performance of the Nifty (Class A) (Class C)
2027 Index
G- Sec Jun 2027 Index, subject to Relatively Low (Class I)
Fund tracking difference over long term.
Moderate (Class II)
• Investment in Government
BENCHMARK : Relatively High (Class III) A-III
Securities/SDL, TREPS on
Nifty G- Sec Jun
Government Securities/Treasury A-III - A Scheme with Relatively High Interest Rate Risk and
2027 Index Relatively Low Credit Risk.
bills

HDFC NIFTY • Returns that are commensurate Credit Risk → Relatively Relatively
(before fees and expenses) with Low Moderate High
G-Sec Sep Interest Rate Risk ↓ (Class B)
the performance of the Nifty (Class A) (Class C)
2032 Index
G-Sec Sep 2032 Index, subject to Relatively Low (Class I)
Fund tracking difference over long term.
Moderate (Class II)
• Investment in Government
BENCHMARK : Relatively High (Class III) A-III
Securities/SDL, TREPS on
Nifty G-Sec Sep
Government Securities/Treasury A-III - A Scheme with Relatively High Interest Rate Risk and
2032 Index Relatively Low Credit Risk.
bills

HDFC NIFTY • Returns that are commensurate Credit Risk → Relatively Relatively
(before fees and expenses) with Low Moderate High
SDL Oct 2026 Interest Rate Risk ↓ (Class B)
the performance of the Nifty (Class A) (Class C)
Index Fund
SDL Oct 2026 Index, subject to Relatively Low (Class I)
BENCHMARK : tracking difference over long term.
Moderate (Class II)
Nifty SDL Oct • Investment in Government
Securities/SDL, TREPS on Relatively High (Class III) A-III
2026 Index
Government Securities/Treasury A-III - A Scheme with Relatively High Interest Rate Risk and
bills Relatively Low Credit Risk.

HDFC NIFTY • Returns that are commensurate Credit Risk → Relatively Relatively
(before fees and expenses) with Low Moderate High
G- Sec Apr Interest Rate Risk ↓ (Class B)
the performance of the NIFTY (Class A) (Class C)
2029 Index
G- Sec Apr 2029 Index, subject to Relatively Low (Class I)
Fund tracking difference over long term.
Moderate (Class II)
• Investment in Government
BENCHMARK : Relatively High (Class III) A-III
Securities/SDL, TREPS on
NIFTY G- Sec
Government Securities/Treasury A-III - A Scheme with Relatively High Interest Rate Risk and
Apr 2029 Index Relatively Low Credit Risk.
bills

HDFC NIFTY • Returns that are commensurate Credit Risk → Relatively Relatively
(before fees and expenses) with Low Moderate High
G-Sec Jun Interest Rate Risk ↓ (Class B)
the performance of the NIFTY (Class A) (Class C)
2036 Index
G-sec Jun 2036 Index, subject to Relatively Low (Class I)
Fund tracking difference over long term.
Moderate (Class II)
• Investment in Government
BENCHMARK : Relatively High (Class III) A-III
Securities/SDL, TREPS on
NIFTY G-sec Jun
Government Securities/Treasury A-III - A Scheme with Relatively High Interest Rate Risk and
2036 Index Relatively Low Credit Risk.
bills

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

122 November 2024

BENCHMARK AND SCHEME RISKOMETERS
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 NIFTY • Returns that are commensurate Credit Risk → Relatively Relatively
(before fees and expenses) with Low Moderate High
SDL Plus Interest Rate Risk ↓ (Class B)
the performance of the NIFTY SDL (Class A) (Class C)
G-Sec Jun
Plus G-Sec Jun 2027 40:60 Index, Relatively Low (Class I)
2027 40:60
subject to tracking difference over
Index Fund Moderate (Class II)
long term.
• Investment in Government Relatively High (Class III) A-III
BENCHMARK : Securities/SDL, TREPS on A-III - A Scheme with Relatively High Interest Rate Risk and
NIFTY SDL Plus Government Securities/Treasury Relatively Low Credit Risk.
G-Sec Jun 2027 bills
40:60 Index

HDFC FMP • Regular income over 1876 days Credit Risk → Relatively Relatively
(tenure of the Plan) Low Moderate High
1876D March • Investment in debt and money Interest Rate Risk ↓ (Class B)
(Class A) (Class C)
2022 market instruments and
government securities. Relatively Low (Class I)
BENCHMARK : Moderate (Class II)
NIFTY Medium
Relatively High (Class III) A-III
To Long
Duration Debt A-III - A Scheme with Relatively High Interest Rate Risk and
Relatively Low Credit Risk.
Index

HDFC FMP • Regular income over 1861 days Credit Risk → Relatively Relatively
(tenure of the Plan) Low Moderate High
1861D March • Investment in debt and money Interest Rate Risk ↓ (Class B)
(Class A) (Class C)
2022 market instruments and
government securities. Relatively Low (Class I)
BENCHMARK : Moderate (Class II)
NIFTY Medium
Relatively High (Class III) A-III
To Long
Duration Debt A-III - A Scheme with Relatively High Interest Rate Risk and
Relatively Low Credit Risk.
Index

HDFC FMP • Regular income over 1162 days Credit Risk → Relatively Relatively
(tenure of the Plan) Low Moderate High
1162D March • Investment in debt and money Interest Rate Risk ↓ (Class B)
(Class A) (Class C)
2022 (46) market instruments and
government securities. Relatively Low (Class I)
BENCHMARK : Moderate (Class II)
NIFTY Medium
Relatively High (Class III) A-III
Duration Debt
Index A-III - A Scheme with Relatively High Interest Rate Risk and
Relatively Low Credit Risk.

HDFC FMP • Regular income over 1158 days Credit Risk → Relatively Relatively
(tenure of the plan) Low Moderate High
1158D July • Investment in debt and money Interest Rate Risk ↓ (Class B)
(Class A) (Class C)
2022 (46) market instruments and
overnment securities. Relatively Low (Class I)
BENCHMARK : Moderate (Class II)
NIFTY Medium
Relatively High (Class III) A-III
Duration Debt
Index A-III - A Scheme with Relatively High Interest Rate Risk and
Relatively Low Credit Risk.

HDFC FMP • Regular income over 1406 days Credit Risk → Relatively Relatively
(tenure of the plan) Low Moderate High
1406D • Investment in debt and money Interest Rate Risk ↓ (Class B)
(Class A) (Class C)
August 2022 market instruments and
(46) government securities. Relatively Low (Class I)
Moderate (Class II)
BENCHMARK : Relatively High (Class III) A-III
NIFTY Medium
Duration Debt A-III - A Scheme with Relatively High Interest Rate Risk and
Relatively Low Credit Risk.
Index

HDFC FMP • Regular income over 1359 days Credit Risk → Relatively Relatively
(tenure of the plan) Low Moderate High
1359D • Investment in debt and money Interest Rate Risk ↓ (Class B)
(Class A) (Class C)
September market instruments and
2022 (46) government securities. Relatively Low (Class I)
Moderate (Class II)
BENCHMARK : Relatively High (Class III) A-III
NIFTY Medium
Duration Debt A-III - A Scheme with Relatively High Interest Rate Risk and
Relatively Low Credit Risk.
Index

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

November 2024 123

BENCHMARK AND SCHEME RISKOMETERS
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 1204 days Credit Risk → Relatively Relatively
(tenure of the plan) Low Moderate High
1204D • Investment in debt and money Interest Rate Risk ↓ (Class B)
(Class A) (Class C)
December market instruments and
2022 (47) government securities. Relatively Low (Class I)
Moderate (Class II)
BENCHMARK : Relatively High (Class III) A-III
NIFTY Medium
Duration Debt A-III - A Scheme with Relatively High Interest Rate Risk and
Relatively Low Credit Risk.
Index

HDFC FMP • Regular income over 2638 days Credit Risk → Relatively Relatively
(tenure of the plan) Low Moderate High
2638D • Investment in debt and money Interest Rate Risk ↓ (Class B)
(Class A) (Class C)
February market instruments and
2023 government securities. Relatively Low (Class I)
Moderate (Class II)
BENCHMARK Relatively High (Class III) A-III
: NIFTY Long
Duration Debt A-III - A Scheme with Relatively High Interest Rate Risk and
Relatively Low Credit Risk.
Index

HDFC FMP • Regular income over 1269 Days Credit Risk → Relatively Relatively
(tenure of the plan) Low Moderate High
1269D March • Investment in debt and money Interest Rate Risk ↓ (Class B)
(Class A) (Class C)
2023 (47) market instruments and
government securities. Relatively Low (Class I)
BENCHMARK : Moderate (Class II)
NIFTY Medium
Relatively High (Class III) A-III
Duration Debt
Index A-III - A Scheme with Relatively High Interest Rate Risk and
Relatively Low Credit Risk.

HDFC NIFTY • Current Income with high degree Credit Risk → Relatively Relatively
of liquidity Low Moderate High
1D RATE Interest Rate Risk ↓ (Class B)
• Investment in TREPS covered by (Class A) (Class C)
LIQUID ETF
the NIFTY 1D Rate Index Relatively Low (Class I) A-I
BENCHMARK : Moderate (Class II)
NIFTY 1D Rate
Relatively High (Class III)
Index (TRI)
A-I - A Scheme with Relatively Low Interest Rate Risk and
Relatively Low Credit Risk.

HDFC Charity • Regular income over 1196 days Credit Risk → Relatively Relatively
(tenure of the Scheme) Low Moderate High
Fund for Interest Rate Risk ↓ (Class B)
• Investment in debt and money (Class A) (Class C)
Cancer Cure
market instruments and Relatively Low (Class I)
BENCHMARK : government securities.
Moderate (Class II)
NIFTY Medium
Relatively High (Class III) A-III
Duration Debt
Index A-III - A Scheme with Relatively High Interest Rate Risk and
Relatively Low Credit Risk.

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Benchmark and Scheme Riskometer As on November 30, 2024

124 November 2024

One fund. UPDATION OF PAN OF ALL UNITHOLDERS IN THE FOLIOS IS MANDATORY FOR PROCESSING OF REDEMPTION AND RELATED TRANSACTIONS

With the
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

strength
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 [Link]

HDFC BSE SENSEX ETF, HDFC BSE Sensex Index Fund (“Schemes”) is based on the BSE SENSEX Index. The Schemes is not sponsored, endorsed marketed or promoted by BSE or their respective affiliates. Please refer

of three.
to the Scheme Information Document for disclaimers w.r.t. BSE SENSEX Index.

For HDFC NIFTY 50 ETF, HDFC Nifty 50 Index Fund, HDFC NIFTY Bank ETF, HDFC NIFTY50 Equal Weight Index Fund, HDFC NIFTY Next 50 Index Fund, HDFC NIFTY Midcap 150 Index Fund, HDFC NIFTY Smallcap 250
Index Fund, HDFC BSE 500 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 G- Sec Jun
2027 Index Fund, HDFC Nifty G-Sec Sep 2032 Index Fund, HDFC Nifty SDL Oct 2026 Index Fund, HDFC NIFTY G- Sec Apr 2029 Index Fund, HDFC NIFTY G-Sec Jun 2036 Index Fund, HDFC NIFTY SDL Plus G-Sec Jun
2027 40:60 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, HDFC NIFTY Midcap 150 ETF, HDFC NIFTY Smallcap 250 ETF, HDFC BSE 500 ETF, HDFC NIFTY 1D RATE LIQUID 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

HDFC Equity Savings Fund

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

Contact your MFD / RIA or give a missed call on 73974 12345

to in Clauses above and will be bound by it.
The Schemes HDFC Banking & Financial Services Fund, HDFC Infrastructure Fund, HDFC Housing Opportunities Fund, HDFC Manufacturing Fund, HDFC Transportation and Logistics Fund, HDFC Non-Cyclical Consumer
Fund, HDFC Pharma and Healthcare Fund, HDFC Technology Fund, HDFC Defence Fund, HDFC Business Cycle Fund & HDFC MNC Fund being thematic/Sectoral in nature carries higher risks versus diversified equity
mutual funds on account of concentration and theme/sector specific risks.

^ ReferMSCI Disclaimer: HDFC details

Developed World
[Link] 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
Riskometer#
complete performance on page 21.
This
SIP: product
no liability
Systematic is suitable
for or in Plan.
Investment connection forindexes.
with the MSCI investors
Please seewho are
complete seeking*:
MSCI disclaimer in [Link]

Capital appreciation while generating income over medium to long term



WANT TO HAVE THE LATEST INFORMATION ABOUT US?

 Provide capital appreciation and income distribution to the investors by
Visit us at For any query or suggestions:-
using equity and equity related instruments, arbitrage opportunities, and
[Link] Investors may contact us at:
investments in debt and money market instruments
hello@[Link]
Telephone Services Distributors may contact us at:
Toll-free number: 1800 3010 6767 / 1800 419 7676 partners@[Link]
*Investors should consult their financial advisers, if in doubt about whetherthe product is suitable for them. SMS: HDFCMF to 56767
# For latest Riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. [Link]
Registered Office: HDFC House, 2nd Floor, H.T. Parekh Marg, 165-166 Backbay Reclamation, Churchgate, Mumbai - 400 020.

MUTUAL FUNDMUTUAL
INVESTMENTS ARE SUBJECT
FUND INVESTMENTS TO MARKET
ARE SUBJECT TO MARKETRISKS, READ
RISKS, READ ALLALL SCHEME
SCHEME RELATEDRELATED DOCUMENTS
DOCUMENTS CAREFULLY. CAREFULLY.
Mission: To be the wealth creator for every Indian
Vision: To be the most respected asset manager in the world

Date of Release: December 13, 2024

November 2024 125

Aiming To Hit The Right Notes With
Equity, Debt and Gold Investments
Presenting

HDFC ASSET ALLOCATOR FUND OF FUNDS

Contact your MFD / RIA or give a missed call on 73974 12345

Riskometer#
^ Refer complete performance details on page no. 21.
This
SIP: product
Systematic is suitable for
Investment Plan. investors who are seeking*:

Capital appreciation over long term



 Investment predominantly in equity oriented, debt oriented and Gold

ETF schemes

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

#For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. [Link]
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).

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
₹1 Lakh invested since inception* in
HDFC Top 100 Fund
has grown over 100x into ₹ 1.36 Cr.$$

SOUND INVESTMENT + TIME + PATIENCE

= WEALTH CREATION

*Inception Date: October 11, 1996. $$ 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). Data as
on November 29, 2024. Refer complete performance details on page no. 13.

Contact your MFD / RIA or give a missed call on 73974 12345

Riskometer#
^ Refer complete performance details on page no. 21.
This
SIP: product
Systematic is suitable for
Investment Plan. investors who are seeking*:

To generate long-term capital appreciation / income



 Investment predominantly in Large-Cap companies

*Investors should consult their financial advisers, if in doubt about

whether the product is suitable for them.

#For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. [Link]

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
A monthly SIP of ` 10,000@ in
HDFC Flexi Cap Fund
since its inception has bloomed
into~ ` 20.65 Crore^.

SIP - Systematic Investment Plan. @Assuming ` 10,000 invested systematically on

the first Business Day of every month since January 01, 1995 (Scheme Inception Date).
^As on November 29, 2024. Refer complete performance details on page no. 9.

Contact your MFD / RIA or give a missed call on 73974 12345

Riskometer#
^ Refer complete performance details on page no. 21.
This
SIP: product
Systematic is suitable for
Investment Plan. investors who are seeking*:

To generate long-term capital appreciation / income



 Investment predominantly in equity & equity related instruments

*Investors should consult their financial advisers, if in doubt about

whether the product is suitable for them.

#For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. [Link]

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.