April 30, 2022

Ride market
volatility with
Balanced Advantage Funds.
Give your portfolio a dynamic mix of
equity and debt. Funds in the Balanced
Advantage category aim to offer
optimum market linked returns while
helping you manage market volatility.

Diversify your investments with

Balanced Advantage Funds

Contact your Visit https://www.hdfcfund.com/information/key-know-how

to know more about the process to complete a one-time
MFD/RIA. Know Your Customer (KYC) requirement to invest in Mutual An Investor Education Initiative by
Funds. Investors should only deal with registered Mutual
Funds, details of which can be verified on the SEBI website
(www.sebi.gov.in/intermediaries.html). For any queries,
complaints & grievance redressal, investors may reach out to
the AMCs and/or Investor Relations Officers. Additionally,
investors may also lodge complaints on https://scores.gov.in
if they are unsatisfied with the resolutions given by AMCs.
SCORES portal facilitates investors to lodge complaint online
with SEBI and subsequently view its status.
 GLOSSARY
Sharpe Ratio
Sharpe Ratio is a risk to reward ratio, it measures portfolio returns generated in excess
to the investment in risk-free asset, for per unit of total risk taken. While, positive Sharpe
ratio indicates, portfolio compensating investors with excess returns (over risk-free rate)
for the commensurate risk taken; negative Sharpe ratio indicates, investors are better off
investing in risk-free assets.
Beta
Beta (ß) of a portfolio is a number indicating the relation between portfolio returns with
that of the market index i.e. it measure the volatility, or systematic risk, of a portfolio in
comparison to the market as a whole.
Standard Deviation
A statistical measure that defines expected volatility/risk associated with a portfolio.
This explains the variation/deviation from the average returns delivered by the portfolio.
A higher standard deviation means higher volatility (risk) and a lower standard deviation
means lower volatility.
Risk Free Return
The theoretical rate of return of an investment with safest (zero risk) investment in a country.
4 Indexation Benefit
l Long Term Capital Gains (holding period of over 3 years) from Debt Mutual Funds are
taxed at 20% plus applicable surcharge and cess with the benefit of indexation.
l Government notifies Cost Inflation Index (CII) for each financial year taking into
consideration the prevailing inflation levels.
l The cost of acquistion for computation of tax is adjusted for inflation using CII, thereby
reducing the capital gains from tax perspective.
l An investment made into a debt fund towards the end of a financial year (say, in
March 2020) and held for a little over 3 years (say, in April 2023) would be eligible
for application of CII over 5 financial years, resulting in 4 indexation benefit.
HOW TO READ FACTSHEET
Fund Manager
An employee of the asset management company such as a mutual fund or life insurer,
who manages investments of the scheme. He is usually part of a larger team of fund
managers and research analysts.
Application Amount for Fresh Subscription
This is the minimum investment amount for a new investor in a mutual fund scheme.
Minimum Additional Amount
This is the minimum investment amount for an existing investor in a mutual fund scheme.
Yield to Maturity
The Yield to Maturity or the YTM is the rate of return anticipated on a bond if held until
maturity. YTM is expressed as an annual rate. The YTM factors in the bond’s current market
price, par value, coupon interest rate and time to maturity.
SIP
SIP or systematic investment plan works on the principle of making periodic investments
of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may
opt for an SIP that invests Rs 500 every 15th of the month in an equity fund for a period
of three years.
NAV
The NAV or the net asset value is the total asset value per unit of the mutual fund after
deducting all related and permissible expenses. The NAV is calculated at the end of every
business day. It is the value at which the investor enters or exits the mutual fund.
Benchmark
A group of securities, usually a market index, whose performance is used as a standard
or benchmark to measure investment performance of mutual funds, among other
investments. Some typical benchmarks include the NIFTY, SENSEX, BSE200, BSE500,
10-Year Gsec.
IDCW Option
In line with applicable SEBI guidelines, with effect from April 1, 2021, the name of
"Dividend Option" under the Schemes stand revised as "Income Distribution cum
Capital Withdrawal (IDCW) Option". IDCW Option may offer Payout and Reinvestment
Sub-options / facilities. Investors may note that the amounts can be distributed out
of investor’s capital (Equalization Reserve), which is part of sale price that represents
realized gains.
Dividend / IDCW
"Dividend" / "IDCW" means income distributed on Mutual Fund Units from the
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
gains (equalisation reserve) in the Scheme books}.
Exit Load
Exit load is charged at the time an investor redeems the units of a mutual fund. The exit
load is reduced from the prevailing NAV at the time of redemption. The investor will receive
redemption proceed at net value of NAV less Exit Load. For instance if the NAV is Rs. 100
and the exit load is 1%, the investor will receive Rs. 99.
Modified Duration
Modified duration is the price sensitivity and the percentage change in price for a unit
change in yield.
2 April 2022
Total Expense Ratio
Total expenses charged to scheme for the month expressed as a percentage to average
monthly net assets.
Tracking Error
Tracking error indicates how closely the portfolio return is tracking the benchmark Index
return. It measures the deviation between portfolio return and benchmark index return. A
lower tracking error indicates portfolio closely tracking benchmark index and higher tracking
error indicates portfolio returns with higher deviation from benchmark index returns.
Average Maturity
Weighted average maturity of the securities in scheme.
Portfolio Yield (Yield To Maturity)
Weighted average yield of the securities in scheme portfolio.
Portfolio Turnover Ratio
Portfolio Turnover Ratio is the percentage of a fund’s holdings that have changed in a given
year. This ratio measures the fund’s trading activity, which is computed by taking the lesser
of purchases or sales and dividing by average monthly net assets.
Modified Duration
A formula that expresses the measurable change in the value of a security in response
to a change in interest rates. Modified duration of portfolio can be used to anticipate the
change in market value of portfolio for every change in portfolio yield.
Macaulay Duration (Duration)
Macaulay Duration (Duration) measures the price volatility of fixed income securities. It is
often used in the comparison of interest rate risk between securities with different coupons
and different maturities. It is defined as the weighted average time to cash flows of a bond
where the weights are nothing but the present value of the cash flows themselves. It is
expressed in years/days. The duration of a fixed income security is always shorter than its
term to maturity, except in the case of zero coupon securities where they are the same.
Standard Deviation
Standard deviation is a statistical measure of the range of an investment’s performance.
When a mutual fund has a high standard deviation, its means its range of performance is
wide, implying greater volatility.
Sharpe Ratio
The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a
measure of risk-adjusted returns. It is calculated using standard deviation and excess
return to determine reward per unit of risk.
Beta Ratio (Portfolio Beta)
Beta is a measure of an investment’s volatility vis-a-vis the market. Beta of less than 1
means that the security will be less volatile than the market. A beta of greater than 1
implies that the security’s price will be more volatile than the market.
Average portfolio PE (Average P/E)
It is price to earnings ratio of the stocks calculated for the entire portfolio on a weighted
average basis.
Average portfolio price to book ratio (Average P/BV)
It is price to book value of the stocks calculated for the entire portfolio on a weighted
average basis.
Average portfolio dividend yield (Average Dividend Yield)
It is dividend yield of the stocks calculated for the entire portfolio on a weighted average
basis.
Net Equity
Net equity level is the net equity exposure percentage adjusted for any derivative positions
in stocks or index for hedging or rebalancing purpose.
R Squared
It is a statistical measure of how closely the portfolio returns are correlated with its
benchmark.
AUM
AUM or assets under management refers to the recent / updated cumulative market value
of investments managed by a mutual fund or any investment firm.
Holdings
The holdings or the portfolio is a mutual fund’s latest or updated reported statement of
investments/securities. These are usually displayed in terms of percentage to net assets or
the rupee value or both. The objective is to give investors an idea of where their money is
being invested by the fund manager.
Nature of Scheme
The investment objective and underlying investments determine the nature of the mutual
fund scheme. For instance, a mutual fund that aims at generating capital appreciation by
investing in stock markets is an equity fund or growth fund. Likewise, a mutual fund that
aims at capital preservation by investing in debt markets is a debt fund or income fund.
Each of these categories may have sub-categories.
Rating Profile
Mutual funds invest in securities after evaluating their creditworthiness as disclosed by
the ratings. A depiction of the mutual fund in various investments based on their ratings
becomes the rating profile of the fund. Typically, this is a feature of debt funds.
 Market Review

Macroeconomic Update Total Indirect Tax 8,709 9,427 11,671 23.8% 15.8%

T he global economy witnessed signs of slowdown with incremental data showing Less: Share of States & others 5,632 4,492 7,939 76.7% 18.7%
mixed picture on the back of Ukraine-Russia war. While the consumer spending, PMIs and Net Tax collection 11,146 12,161 14,809 21.8% 15.3%
employment in the US and Euro area remained steady, the China economic activity weakened
a bit with industrial production decelerating and PMI in contractionary zone. This has resulted Non- Tax Revenue 2,631 1,542 3,101 101.1% 8.6%
in Chinese regulatory authorities indicating possible rollout of growth boosting measures.
Further, inflation in advanced economies continue to persist at elevated levels and thus, raising Total Revenue Receipts 13,778 13,703 17,910 30.7% 14.0%
fear of accelerated tightening by central banks. Indian economy showed signs of resilience Total Capital Receipts 511 428 363 -15.3% -15.8%
with most economic activity indicators growing at healthy pace.
Total Receipts 14,289 14,131 18,273 29.3% 13.1%
Update on Covid-19: The Covid-19 cases trended lower across major countries with
daily global cases (7 days moving average) falling from over 1.4 million per day as of 31
March 2022 to less than 0.6 per day as of 30 April 2022. The total reported active cases have Total Revenue Expenditures 21,607 24,134 26,587 10.2% 10.9%
fallen to ~40 million, ~40% lower than the peak seen in February 2022. The key countries
accounting for majority of cases include US, Germany, France, Italy, Australia, etc. While Total Capital Expenditures 3,047 4,053 4,852 19.7% 26.2%
the number of cases remained low in China, the authorities in China have imposed strict
restrictions on the movement in major cities. In India, the daily new cases continued to remain Total Expenditures 24,654 28,186 31,439 11.5% 12.9%
low although some cities saw marginal rise in number of cases.
Steady improvement in economic recovery: The YoY change in the economic activity Gross Fiscal Deficit -10,365 -14,055 -13,166 -6.3% 12.7%
indicators witnessed strengthening in April 2022. The healthy YoY growth was partly a result Fiscal Deficit as % of RE 135.2% 76.0% 82.7%
of slowdown in activity because second wave of Covid-19 during the last year. The industrial
Source: CMIE; YoY – Year on Year
and services activity indicators like power demand, PMIs, railway tonnage movement, GST
collections, Non-Oil Non-Gold (NONG) exports, etc. grew at healthy pace. Consumption The buoyant revenue collections are likely to keep the fiscal deficit closer to RE of
indicators also strengthened further with robust online transactions (aggregate value of 6.9%. For FY23, while government has been conservative in estimating its revenues, higher
IMPS and UPI transactions), stable employment, pickup in number of airlines and railway fertiliser subsidy and continuation of free food grain distribution program is likely to offset
passengers, etc. the impact. Hence, the fiscal deficit is likely to be closer to its budget estimate.

Sep- Dec- Mar- Jun- Sep- Dec- Mar- Apr- Retail Inflation surges, likely to remain at elevated levels: CPI spiked to 7% YoY in
Indicators Units 20 20 21 21 21 21 22 22 March 2022 vs. 6.1% in the previous month. The majority of increase was driven by higher
Retail registration- Auto@ food inflation led by oil & fats along with continued elevated levels for meats & fish. Fuel
inflation remained lower than last month but is likely to inch up as the impact of increase in
2W -11.0 13.5 -35.5 17.0 -11.4 -19.8 -2.8 37.9
LPG prices and auto fuel duties trickle in. Further, core inflation remained at elevated level led
PV 31.9 35.0 36.4 39.0 8.8 -9.6 -3.5 24.8 by higher clothing and food and household goods & services inflation. The average inflation
MHCV -61.5 -15.6 -27.4 1557.1 163.7 33.0 18.0 55.6 in Q4FY22 stood at 6.4%, thus crossing the RBI’s upper bound of target range (6%).
LCV -1.2 -4.7 -37.7 46.3 -3.7 -6.5 8.1 40.9 YoY,% Feb-22 Mar-22 Change in %
Tractors 88.1 42.3 39.6 25.0 -19.0 -5.3 -5.3 30.9 CPI 6.1 7.0 0.9
Gross GST collections 3.9 11.6 27.0 2.1 22.5 12.7 14.7 18.5 Food & beverages 5.9 7.5 1.5
YoY, %
Average E-Way bills Fuel and Light 8.7 7.5 -1.2
generated 9.6 15.9 75.2 25.9 18.3 11.6 9.7 28.0
Housing 3.6 3.4 -0.2
Power demand 4.6 5.0 22.8 8.4 0.8 2.8 5.9 11.5
Transportation & communication 8.1 8.0 -0.1
UPI+IMPS Transactions 67.3 71.4 103.7 77.4 69.4 72.7 71.0 80.1
Core CPI@ 6.0 7.0 1.0
Railway Tonnage 15.5 8.7 26.6 20.5 3.6 7.2 6.7 9.5
Source: CMIE; @-CPI excluding food, fuel, housing and transportation & communication
Railway Freight Earnings 13.6 7.0 26.2 26.8 9.2 9.4 10.7 16.4
Manufacturing PMI^ Index 56.8 56.4 55.4 48.1 53.7 55.5 54.0 54.7
Services PMI^ Index 49.8 52.3 54.6 41.2 55.2 55.5 53.6 57.9 The rise in global food prices especially wheat and edible oil, elevated energy and
commodity prices and continued supply chain disruption (due to Ukraine-Russia war and
Unemployment % 6.7 9.1 6.5 9.2 6.9 7.9 7.6 7.8
Covid related lockdown in China) are likely to keep inflation at the elevated levels over the
Source: Raildrishti.com, MOFSL, gstn.org.in, www.icegate.gov.in, CMIE, PIB, RBI, vaahan.parivahan.gov.in, next couple of quarters.
^Number >50 reflects expansions and number <50 reflects contraction compared to previous month. @ -
Trade Deficit widens, likely to remain at elevated levels: Trade deficit increased to
figures are preliminary data and are subject to revision.
over USD 20 billion in April 2022 driven by higher net imports of oil and gold. NONG*
Fiscal deficit widens, low risk of slippage: The tax collections continued to remain deficit narrowed due to robust exports offsetting the steady NONG imports. Exports of key
robust led by improvement in direct taxes. Cumulatively till February 2022, the gross tax items like engineering goods, chemicals, electronics goods, etc. remained steady vis-à-vis
collections stood at ~89% of the revised estimates (RE) as compared to average of ~72% in the last month. On the other hand, NONG imports also remained at elevated levels supported
the past 5 years before the pandemic. Media reports indicates, central government gross tax by imports of electronics goods, machinery, coal, etc.
collections are likely to exceed RE target of INR 25 trillion by ~INR 2 trillion. However, the Amount in USD billion# Mar-22 Apr-22 Change
capital receipts likely to fall short as volatile market conditions resulted in postponement Trade Deficit / (Surplus) 18.7 20.1 1.4
of divestment plans. The transfer to states were significantly higher, possibly because of Net Oil imports 11.0 11.8 0.8
government clearing their share of transfer in view of the higher than expected revenues.
Net Gold imports* -0.1 1.0 1.2
Expenditure has picked up too with higher outgo on food and fertiliser subsidy, clearing of
NONG deficit 7.8 7.3 -0.5
export incentives dues, etc.
Source: CMIE, Ministry of Commerce; # - preliminary data, *NONG includes net imports of gold, silver
Feb-20 Feb-21 Feb-22 and precious metals adjusted for gems and jewellery exports.
FYTD ending (INR in (INR in (INR in Change (YoY) 2YR CAGR
billion) billion) billion)
The elevated crude and gold prices are likely to keep the trade deficit at elevated levels
Gross tax revenue 16,778 16,653 22,748 36.6% 16.4% going forward. Thus, FY23 trade deficit could be substantially higher than FY22 and result
in CAD and BoP turning negative. However, comfortable foreign exchange reserves should
Total Direct Tax 8,069 7,226 11,077 53.3% 17.2% shield against any major external shock and reduce volatility in INR.

Source for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research, Worldometers.info, World Bank, Daily valuation provided by ICRA/CRISIL.
Market Review continued on next page

April 2022 3
 Market Review Contd...

Commodity prices: The commodity prices corrected during the month, partly driven
by the demand concerns arising out of the lockdowns imposed by China. Brent crude prices Equity Market Update
remained at elevated levels driven by continued geopolitical tension due to Ukraine-Russia
war. I ndian equity markets corrected in April 2022 driven by persistent high domestic and
global inflation, rise in bond yields, correction in global equity markets, expectations of
aggressive tightening by US Fed, uncertainty over Ukraine-Russia war, lockdown in China,
% Change etc. NIFTY 50 / S&P BSE Sensex ended 2.6%/2.1% lower compared to a month ago, better
Market price (USD)* FY22 Apr-22 than other major global indices and MSCI EM. Mid caps and Small caps outperformed large
caps during the month. Sectoral performance was mixed with Power, Consumer staples, Auto
Brent Crude (Per barrel) 109.3 69.8 1.3
and Oil & gas delivered positive returns while IT and metal underperformed.
Gold (per ounce) 1,897 13.5 (2.1)
Most major global equity indices also ended lower this month than the last month. The tables
Steel (per tonne) 820 9.9 (1.8)
below provides details of performance of key domestic and global indices.
Zinc (per tonne) 4,212 52.4 (1.1)
Copper (per tonne) 9,821 16.8 (5.0) % Change in Indices FY22^ Apr-22 % Change FY22 Apr-22
S&P BSE India Auto 8.1 4.8 S&P 500 14.0 (8.8)
Aluminium (per tonne) 3,033 59.1 (12.9)
S&P BSE India Bankex 11.2 (0.5) Nasdaq 7.4 (13.3)
Lead (per tonne) 2,279 24.4 (6.3) FTSE 11.9 0.4
S&P BSE India Capital
Source: Bloomberg; *Market prices as on April 30, 2022 30.4 (0.5) DAX (4.0) (2.2)
Goods
CAC 9.8 (1.9)
S&P BSE India FMCG 3.6 5.6
Nikkei (4.7) (3.5)
S&P BSE India Healthcare 14.0 0.2
Hang Seng (22.5) (4.1)
Summary and Conclusion S&P BSE India Metal 55.9 (3.2) KOSPI (9.9) (2.3)
S&P BSE India Power 63.4 18.1 Shanghai (5.5) (6.3)
The economic activities have been robust in India as the covid-19 related restrictions S&P BSE India Oil & Gas 26.5 4.0 MSCI Emerging
are eased and the discretionary services consumption picked up. Further, the export growth S&P BSE India IT 37.1 (12.1) Market Index (13.3) (5.7)
has been healthy over the past few months reflecting that the global trade continues to remain
S&P BSE SENSEX 18.3 (2.6)
strong despite geopolitical challenges. Going forward, the growth is likely to sustain led by
improvement in services consumption, robust kharif production, ample surplus liquidity, NIFTY 50 18.9 (2.1)
pro-capex budget and robust global economy. Over the medium term, we remain optimistic NIFTY Midcap 100 25.3 0.6
on India’s growth prospects on back of supportive fiscal policies, PLI schemes, opportunities NIFTY Smallcap 28.6 (1.7)
arising from shift of global supply chain, etc. The outlook for the private capex appear Source: Bloomberg; ^Returns in FY22
favourable too given the deleveraging of corporate balance sheets over the past couple of years
and improving core sectors profitability which can support capex spending over medium to FPIs remained net sellers, seven months in a row, and sold equities worth USD 2.2 billion,
long term.Key risks include oil prices remaining at elevated levels, accelerated normalisation following net selling of USD 5.4 billion in March 2022 respectively. On a cumulative basis,
of monetary policy, elevated global inflation, slowdown in China, etc. FPIs have sold equity worth USD 16.8 billion in 4MCY22 compared to net buying of USD 6.3
billion in the same period last year. On the other hand, mutual funds in India received net
inflows of INR 43,600 crores (~USD 5.7 billion) in March 2022 and ~INR 97,000 crores (~USD
12.7 billion) in Q1CY22.

Of the Q4FY22 results declared, Private Banks and NBFCs were better than expected
while that of Pharma, Auto, Cement, Consumer staples and Metals were largely in line with
expectations. Results of IT and infrastructure were lower than expectations.

Narrowing pockets of undervaluation: Despite recent corrections, valuations of majority

of sectors, on aggregate basis, is close to or higher than long term averages as reflected in the
table below:

12 months forward Price To Earnings

Current# LTA Discount / Premium^
Consumer Discretionary 66.6 39.1 70.4
Cement 29.3 19.4 51.5
Consumer staples* 52.0 36.3 43.3
Auto 22.6 15.9 42.1
IT services 25.5 18.2 40.0
Oil and gas$ 14.2 11.5 23.1
Pharma 23.8 21.3 11.6
Private Banks@ 2.4 2.5 -3.9
Electric utilities 11.4 13.3 -14.1
PSU Banks@ 1.0 1.2 -14.6
Tobacco 18.4 22.7 -19.0
Metals& 7.5 10.0 -24.8
Source: Kotak Institutional Equities. Stocks are part of Kotak Institutional Equities universe. LTA – 15 Year
average.
Cells in green are sectors which are trading at premium while in red are ones which are trading at discount
relative to long term average. All figures are calculated based on 12 months forward estimates.
# - as on 30 April 2022. *ex tobacco; ^to Long term (LT) average, @-Price to Book value. & - P/E is a misleading
indicator as earnings reflect cyclical peak and hence the sector appears at a discount to LTA.
$ Oil & Gas sector PE is high mainly due to one company. Excluding that, the multiple is 5.6x vs 15 years
average multiple of 9.1x

Source for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research, Worldometers.info, World Bank, Daily valuation provided by ICRA/CRISIL.
Market Review continued on next page

4 April 2022
 Market Review Contd...

Outlook Debt Market Update

A s on 30 April 2022, NIFTY 50 was trading ~18x FY24E price to earnings ratio. T he 10Y benchmark Gsec surged during the month and ended at 7.14%, 30 bps
While the price to earnings multiple is high compared to historical average, it could higher than the last month. The rise in yield was primarily driven by shift in pivot of MPC
be considered reasonable in view of steady economic recovery and healthy corporate in April 2022 meeting to inflation from growth. RBI revised its forecast of average inflation
earnings outlook. Again, the ratio of India’s market cap to GDP (based on CY23E GDP) for FY23 to 5.7% from 4.5%. Further, it stated that the in the sequence of priority, inflation
is 94% i.e. in the range of 60-100% in which equity markets have been during most is likely to assume more importance than growth. Gsec yield movement was also impacted
of the past 10 years. However, the gap between 10Y Gsec and 1Y-Forward NIFTY by persistent high inflation, rise in commodities, expectations of accelerated tightening by
50 Earning yield* is higher than its long-term average. [*Earning yield = 1/(one year US Fed and consequent rise in US yields, etc. Corporate bond spreads over Gsec narrowed
forward P/E)]. Further, corporate earnings growth is likely to normalise from FY23 on back of relatively weak supply. The table below gives a summary view of movement of
onwards after seeing a robust improvement in FY22. On an overall basis, in our view, key rates and liquidity:
most indicators are hinting that on overall basis markets are no longer cheap.
Mar-22 Apr-22 Change 05- Change
10Y Gsec and NIFTY Earning Yield (%) May- over
22 30-
Apr-
2022
(%)
3M Gsec yield (%) 3.84 3.98 0.14 4.58 0.60
1Y G-sec Yield (%) 4.67 5.11 0.44 5.65 0.54
10Yr Benchmark G-Sec Yield^ 6.84 7.14 0.30 7.40 0.26
(%)
AAA 10Year Corporate Bond 7.08 7.33 0.25 7.76 0.43
Yields#, & (%)
AAA 10Y Corporate bond spread 24 19 -0.05 36 0.17
against 10Y benchmark@ (bps)
Average net liquidity absorbed 6,335 6,556 3.5
by RBI* (INR billion)
MIBOR Overnight Rate (%) 3.90 3.93 0.03 4.27 0.34
^ - bi-annual yield; #-annualised yield; & - Average yield of 6.85% NABARD maturing in April-2032 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.

Average net interbank liquidity increased month on month and remained in ample surplus
during the month (~4% of NDTL) on the back of Government spending and robust growth
in bank deposits vis-à-vis credit growth.

FPIs sold net debt worth USD 0.7 billion in April 2022 as against net outflow of USD 1.2
billion in March 2022. Cumulatively, FPIs have sold debt worth USD 1.8 billion in 4MCY22
[4MCY21: negligible].

Source: Kotak Institutional Equities
In view of the above, while markets hold promise over the medium to long term,
one should moderate return expectations in line with the expected growth in nominal
GDP and corporate earnings growth.
Thus, we remain optimistic on the economy and equity markets over the medium
to long term on the back of reopening and normalisation of global economy, robust
domestic growth outlook, steady corporate profitability, growth-oriented budget, etc.
Accelerated monetary tightening and rise in cost of capital, sharp increase in US yields,
persistence of high inflation, sustained impact of Russia-Ukraine war on growth and
commodity prices, slowdown in China, etc. are likely to be key near-term headwinds.
In a more recent development, in an out of turn meeting concluded on 4th May 2022,
the Monetary Policy Committee (MPC) hiked the policy repo rate by 40 bps to 4.4%. It also
decided to retain the accommodative stance with focus “on withdrawal of accommodation
to ensure that inflation remains within the target going forward, while supporting growth”.
Further, it also raised the CRR by 50 bps to 4.5% which is likely to reduce banking system
liquidity by ~INR 87,000 crores. The urgency of the move surprised the market participants
and the bond yields surged between ~25 bps to 45 bps with higher rise at the short end (refer
table above).
Outlook
W hile the action on policy rates was largely expected in the scheduled June 2022
MPC meeting, the urgency of policy action especially on the eve of US FOMC meeting
along with hike in CRR stumped the market participants. In its statement, RBI governor also
highlighted that it is only part reversal of the total repo rate cut of 115 bps which MPC did,
post the outbreak of pandemic. RBI appeared increasingly concerned on inflationary pressure
intensifying but is relatively comfortable with the growth trajectory.

Going forward, the volatility in the fixed income market is likely to remain at heightened
levels in the near term as the market adjusts to the surprising shift and urgency in RBI’s
policy. This is likely to lift yields higher. In addition, elevated commodity and energy prices,
large Government borrowing program, resilient CPI and WPI, high SLR holding of banks,
accelerated tightening by major global central banks etc. are also likely to put further upward
pressure on yields. The chances of lower fiscal deficit appear dim too as the Government outgo
on food and fertilizers subsidy might exceed the gain expected due to higher tax collections.

Thus, in the short term, most factors appear stacked up against yields. However, these
factors have been prevailing for some time now and the impact has been priced in, to a
certain extent, in the current yield levels considering 10Y yields have increased by ~90

Source for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research, Worldometers.info, World Bank, Daily valuation provided by ICRA/CRISIL.
Market Review continued on next page

April 2022 5
 Market Review Contd...

bps in the current calendar year. Further, hike in CRR and expected widening of CAD and GLOSSARY
consequently negative Balance of payment in FY23 is likely to lower aggregate system
BE Budgeted Estimate
liquidity over time and thus could open up space for conducting OMO purchases by RBI in
the second half of the year. CPI Consumer Price Index
CRR Cash Reserve Ratio
On an overall basis, in our view, yields are likely to trade with an upward bias in the near EU European Union
term. Further, policy normalization is also likely to put upward pressure on yields, especially
FPI Foreign Portfolio Investment
at the short end. In view of the heightened near-term volatility and expectations of continued
flattening in the yield curve, we recommend investments into short duration debt funds. GDP Gross Domestic Product
IMPS Immediate Payment System
LCV Light Commercial Vehicle
MHCV Medium and Heavy Commercial Vehicle
M-o-M Month on Month
NABARD National Bank for Agriculture and Rural Development
NBFC Non-Banking Financial Company
NONG Non-Oil Non-Gold
NDTL Net Demand and Term Liabilities
OMO Open Market Operation
PLI Production Linked Incentive
PMI Purchasing Managers’ Index
PSU Public Sector Undertaking
PV Passenger Vehicle
RE Revised Estimate
SLR Statutory Liquidity Ratio
WPI Wholesale Price Index

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

6 April 2022
 CONTENTS
PAGE NO. PAGE NO.
WEALTH CREATION TAX SAVINGS

HDFC Flexi Cap Fund.......................................................................... 8 HDFC Taxsaver................................................................................... 44

HDFC Multi Cap Fund......................................................................... 9 CHILDREN'S FUTURE
HDFC Top 100 Fund............................................................................ 10 HDFC Children’s Gift Fund .................................................................. 45-46
HDFC Mid-Cap Opportunities Fund...................................................... 11
RETIREMENT PLANNING
HDFC Small Cap Fund......................................................................... 12
HDFC Retirement Savings Fund - Equity Plan........................................ 47
HDFC Large and Mid Cap Fund ........................................................... 13-14
HDFC Retirement Savings Fund - Hybrid Equity Plan............................. 48-49
HDFC Capital Builder Value Fund......................................................... 15
HDFC Retirement Savings Fund - Hybrid Debt Plan............................... 50
HDFC Dividend Yield Fund.................................................................. 16
INCOME SOLUTIONS
HDFC Focused 30 Fund....................................................................... 17
HDFC Overnight Fund......................................................................... 51
HDFC Banking & Financial Services Fund............................................. 18
HDFC Liquid Fund............................................................................... 52-53
HDFC Housing Opportunities Fund...................................................... 19
HDFC Ultra Short Term Fund............................................................... 54-55
HDFC Infrastructure Fund................................................................... 20
HDFC Low Duration Fund.................................................................... 56-57
HDFC Balanced Advantage Fund......................................................... 21-22
HDFC Money Market Fund.................................................................. 58-59
HDFC Hybrid Equity Fund.................................................................... 23-24
HDFC Short Term Debt Fund............................................................... 60-61
HDFC Multi-Asset Fund....................................................................... 25-26
HDFC Medium Term Debt Fund........................................................... 62-63
HDFC Asset Allocator Fund of Funds.................................................... 27
HDFC Income Fund............................................................................ 64
HDFC Equity Savings Fund.................................................................. 28-29
HDFC Arbitrage Fund.......................................................................... 65-66
HDFC Hybrid Debt Fund...................................................................... 30-31
HDFC Floating Rate Debt Fund............................................................ 67-68
HDFC Index Fund - NIFTY 50 Plan........................................................ 32
HDFC Corporate Bond Fund................................................................ 69-70
HDFC Index Fund - SENSEX Plan.......................................................... 33
HDFC Banking and PSU Debt Fund...................................................... 71-72
HDFC NIFTY 100 Index Fund................................................................ 34
HDFC Credit Risk Debt Fund................................................................ 73-74
HDFC NIFTY50 Equal Weight Index Fund.............................................. 35
HDFC Dynamic Debt Fund................................................................... 75
HDFC NIFTY 100 Equal Weight Index Fund........................................... 36
HDFC Gilt Fund.................................................................................. 76
HDFC NIFTY Next 50 Index Fund.......................................................... 37
Performance details of schemes
HDFC NIFTY 50 ETF............................................................................. 38 managed by respective fund managers .............................................. 77

HDFC SENSEX ETF............................................................................... 39 Scheme performance summary - Regular Plans .................................. 78

Scheme performance summary - Direct Plans ..................................... 79-83
HDFC Banking ETF.............................................................................. 40
Performance of Permitted Category FPI Portfolio ................................ 83
HDFC Gold ETF................................................................................... 41
IDCW History .................................................................................... 84-85
HDFC Gold Fund................................................................................. 42 Benchmark and Scheme riskometers .................................................. 86-91
HDFC Developed World Indexes Fund of Funds.................................... 43 Disclaimer ........................................................................................ 92

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.

April 2022 7
 (An open ended dynamic equity scheme investing
HDFC Flexi Cap Fund across large cap, mid cap, small cap stocks)

CATEGORY OF SCHEME: FLEXI CAP FUND PORTFOLIO

Company Industry+ % to NAV Company Industry+ % to NAV
EQUITY & EQUITY RELATED Oil & Natural Gas Corporation
KEY FACTS • State Bank of India Banks 8.11 Ltd. Oil 0.69
INVESTMENT OBJECTIVE • ICICI Bank Ltd. Banks 6.96 Cummins India Ltd. Industrial Products 0.66
To generate capital appreciation / income from a portfolio, • Reliance Industries Ltd. Petroleum Products 6.04 ABB India Ltd. Electrical Equipment 0.50
predominantly invested in equity & equity related instruments. • HDFC Bank Ltd. Banks 5.64 Container Corporation of
There is no assurance that the investment objective of the • NTPC Limited Power 5.07 India Ltd. Transport Services 0.39
Scheme will be realized. ZF Commercial Vehicle Control
• Coal India Ltd. Consumable Fuels 4.82
FUND MANAGER § ¥ • Larsen and Toubro Ltd. Construction 4.81 Systems India Limited Auto Components 0.39
Prashant Jain (since June 20, 2003) • Infosys Limited IT - Software 4.40 Time Technoplast Limited Industrial Products 0.33
Total Experience: Over 31 years • ITC Ltd. Diversified Fmcg 4.15 InterGlobe Aviation Ltd. Transport Services 0.32
INCEPTION DATE (Date of Allotment) • Power Finance Corporation Ltd. Finance 2.67 Maruti Suzuki India Limited Automobiles 0.32
Axis Bank Ltd. Banks 2.64 Praj Industries Limited Industrial Manufacturing 0.28
January 1, 1995 Bajaj Auto Limited Automobiles 0.27
Housing Development Fin.
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Corp. Ltd.£ Finance 2.38 SKF India Ltd. Industrial Products 0.26
Regular Plan - Growth Option 1,019.285 Sun Pharmaceutical Industries Pharmaceuticals & Hindustan Construction
Regular Plan - IDCW Option 54.272 Ltd. Biotechnology 2.30 Company Ltd. Construction 0.21
Direct Plan - Growth Option 1,090.949 REC Limited. Finance 2.27 Ramco Systems Ltd. IT - Software 0.18
Direct Plan - IDCW Option 61.302
Bharti Airtel Ltd. Telecom - Services 2.23 Simplex Infrastructures Limited Construction 0.14
ASSETS UNDER MANAGEMENT J (`) IN CRORE Bharat Dynamics Limited Aerospace & Defense 1.92 NHPC Ltd. Power 0.07
As on April 30, 2022 27,770.41 Lupin Ltd. Pharmaceuticals & Sub Total 95.82
Average for Month of April 2022 28,284.79 Biotechnology 1.51 Cash,Cash Equivalents and Net Current Assets 4.18
QUANTITATIVE DATA Bank of Baroda Banks 1.50 Grand Total 100.00
Portfolio Turnover Ratio (Last 1 year) 20.58% Tata Motors Ltd. Automobiles 1.50 • Top Ten Holdings, £ Sponsor
Risk Ratio Bharat Petroleum Corporation
n Standard Deviation 7.062% Ltd. Petroleum Products 1.49
n Beta
n Sharpe Ratio*
1.063 Hindustan Aeronautics Limited Aerospace & Defense 1.43 Industry Allocation of Equity Holding (% of Net Assets)
0.153 Bharat Electronics Ltd. Aerospace & Defense 1.30
Computed for the 3-yr period ended April 29, 2022. Based on SBI Life Insurance Company Ltd. Insurance 1.20 Banks 24.85
month-end NAV. * Risk free rate: 3.93%(Source: FIMMDA MIBOR) Finance
CESC Ltd. Power 1.14 9.21
For schemes which have not completed 3 years, data is computed BEML Limited Agricultural / Petroleum Products
since inception. 8.52
Commercial & Power 7.26
TOTAL EXPENSE RATIO (As on April 30, 2022) Construction Vehicles 1.10 Construction 6.02
Including Additional Expenses and Goods and Service Tax on Hindustan Petroleum Corp. Ltd. Petroleum Products 0.99
Management Fees Pharmaceuticals & Biotechnology 5.63
Regular: 1.71% Direct: 0.96% Power Grid Corporation of IT - Software 5.36
India Ltd. Power 0.98 Consumable Fuels 4.82
#BENCHMARK INDEX: NIFTY 500 (Total Returns Index) Zee Entertainment Enterprises Aerospace & Defense 4.65
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index) Ltd. Entertainment 0.98 Diversified Fmcg
Indian Railways Finance 4.15
EXIT LOAD Automobiles 3.00
Corp. Ltd. Finance 0.97
l In respect of each purchase / switch-in of Units, an Exit Load Telecom - Services 2.95
Aurobindo Pharma Ltd. Pharmaceuticals &
of 1.00% is payable if Units are redeemed / switched-out Biotechnology 0.94 Industrial Products 1.25
within 1 year from the date of allotment. Auto Components
SBI Cards And Payment 1.22
l No Exit Load is payable if Units are redeemed / switched-out Insurance
after 1 year from the date of allotment. Services Limited Finance 0.92 1.20
Mahindra & Mahindra Ltd. Automobiles 0.91 Agricultural, Commercial & Construction Vehicles 1.10
For further details, please refer to para ‘Exit Load’ on Pg 77.
Cipla Ltd. Pharmaceuticals & Entertainment 0.98
PLANS & OPTIONS Biotechnology 0.88 Gas 0.75
Regular Plan, Direct Plan. Under Each Plan: Growth & Income Kalpataru Power Transmission Cement & Cement Products 0.72
Distribution cum Capital Withdrawal (IDCW) Option. The Ltd. Construction 0.86 Transport Services
IDCW Option offers following Sub-Options: Payout of Income 0.71
Distribution cum Capital Withdrawal (IDCW) Option; and Re- Varroc Engineering Limited Auto Components 0.83 Oil 0.69
investment of Income Distribution cum Capital Withdrawal HCL Technologies Ltd. IT - Software 0.78 Electrical Equipment 0.50
(IDCW) Option. GAIL (India) Ltd. Gas 0.75 Industrial Manufacturing 0.28
MINIMUM APPLICATION AMOUNT Tata Communications Limited Telecom - Services 0.72
0 5 10 15 20 25 30
Purchase : ` 5,000 and any amount thereafter. UltraTech Cement Limited Cement & Cement
Additional Purchase : ` 1,000 and any amount thereafter. Products 0.72
SEGMENT-WISE BREAK-UP
OF EQUITY HOLDING (% OF NET ASSETS) SIP PERFORMANCE ^ - Regular Plan - Growth Option
Large Cap 72.57% Since Inception 15 year 10 year 5 year 3 year 1 year
Mid Cap 15.59% SIP SIP SIP SIP SIP SIP
Small Cap 7.66%
¥ Dedicated Fund Manager for Overseas Investments: Total Amount Invested (` ‘000) 3,280.00 1,800.00 1,200.00 600.00 360.00 120.00
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Mkt Value As on April 29, 2022 (` ‘000) 111,501.54 5,812.03 2,615.13 920.55 523.42 129.95
Mr. Priya Ranjan (since May 01, 2022) Returns (%) 20.80 14.33 14.91 17.19 26.00 15.95
(Total Experience: Over 15 years).
§ Date of migration from Zurich India Mutual Fund (Close of Benchmark Returns (%) # 15.02 13.40 15.03 16.99 23.71 7.65
business hours - June 19, 03). Additional Benchmark Returns (%) ## 13.89 12.76 14.13 16.14 20.77 5.70
J Includes investments made by the schemes of HDFC Mutual Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
Fund aggregating to ` 354.02 Crores. 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
This product is suitable for investors who are seeking ~
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
l to generate long-term capital appreciation / income Returns Returns Benchmark Scheme (`) Benchmark Additional
(%) (%)# Returns (`)# Benchmark
l investment predominantly in equity & equity related (%) ## (`)##
instruments
Apr 30, 21 Last 1 Year 27.99 20.87 18.24 12,791 12,081 11,818
Modera Apr 30, 19 Last 3 Years 14.77 16.52 14.67 15,118 15,819 15,079
oderate High tely
o M Apr 28, 17 Last 5 Years 12.60 13.76 14.34 18,113 19,062 19,556
w t erate Hi
Apr 30, 12 Last 10 Years 14.66 14.79 13.94 39,278 39,734 36,901
Mo Lo

gh
d

Jan 01, 95 Since Inception 18.43 12.10 11.51 1,019,285 227,260 196,752
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by
Very
High
Low

Prashant Jain, please refer page 77. 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
RISKOMETER TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY 50
Investors understand that their principal will be at PRI values from January 1, 1995 to June 29, 1999 and TRI values since June 30, 1999. For Riskometer of the Schemes and Benchmark’s, refer
very high risk page 86 to 91. For Performance of Direct Plan, refer page no. 79. For FPI Portfolio, refer page no. 83.
~ Investors should consult their financial advisers, if in doubt ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
about whether the product is suitable for them. Load is not taken into consideration for computation of performance.
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

8 April 2022
 (An open ended equity scheme investing
HDFC Multi Cap Fund across large cap, mid cap & small cap stocks)

CATEGORY OF SCHEME: MULTI CAP FUND PORTFOLIO

Company Industry+ % to NAV Company Industry+ % to NAV
EQUITY & EQUITY RELATED Centum Electronics Ltd. Industrial Manufacturing 0.53
KEY FACTS • ICICI Bank Ltd. Banks 4.14 Burger King India Ltd Leisure Services 0.52
• HDFC Bank Ltd. Banks 3.87 Greenply Industries Ltd. Consumer Durables 0.52
INVESTMENT OBJECTIVE • Infosys Limited IT - Software 3.40 REC Limited. Finance 0.52
To generate long term capital appreciation by investing in • Tata Consultancy Services Ltd. IT - Software 2.55 Sona Blw Precision Forgings Auto Components 0.52
equity and equity related securities of large cap, mid cap and • Reliance Industries Ltd. Petroleum Products 2.05 Sundaram Finance Ltd. Finance 0.52
small cap companies. • Timken India Ltd. Industrial Products 2.00 Kajaria Ceramics Ltd. Consumer Durables 0.51
There is no assurance that the investment objective of the • State Bank of India Banks 1.95 Zee Entertainment Enterprises
Scheme will be realized. • Indian Hotels Company Ltd. Leisure Services 1.85 Ltd. Entertainment 0.51
• Max Healthcare Institute Power Finance Corporation Ltd. Finance 0.49
Limited Healthcare Services 1.82 Mahanagar Gas Ltd. Gas 0.48
FUND MANAGER ¥ • UltraTech Cement Limited Cement & Cement Motherson Sumi Systems Ltd. Auto Components 0.46
Gopal Agrawal (since December 10, 2021) Products 1.71 Varroc Engineering Limited Auto Components 0.46
Total Experience: Over 17 years HCL Technologies Ltd. IT - Software 1.67 Chemplast Sanmar Limited Chemicals &
Sun Pharmaceutical Industries Pharmaceuticals & Petrochemicals 0.43
Ltd. Biotechnology 1.64 L&T Technology Services Ltd. IT - Services 0.42
INCEPTION DATE (Date of Allotment) Maruti Suzuki India Limited Automobiles 1.43 Sagar Cements Ltd. Cement & Cement
December 10, 2021 Tata Motors Ltd. Automobiles 1.36 Products 0.42
ITC Ltd. Diversified Fmcg 1.35 Bajaj Consumer Care Ltd. Personal Products 0.40
Atul Ltd. Chemicals & Hindalco Industries Ltd. Non - Ferrous Metals 0.40
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Petrochemicals 1.31 AkzoNobel India Ltd. Consumer Durables 0.39
Regular Plan - Growth Option 9.895 Wheels India Ltd. Auto Components 1.28 Goodyear India Ltd. Auto Components 0.39
Regular Plan - IDCW Option 9.895 Housing Development Fin. TCI Express Ltd. Transport Services 0.39
Direct Plan - Growth Option 9.954 Corp. Ltd.£ Finance 1.27 Gateway Distriparks Limited Transport Services 0.37
Direct Plan - IDCW Option 9.954 Trent Ltd. Retailing 1.27 Rallis India Ltd. Fertilizers &
IIFL Wealth Management Ltd. Finance 1.24 Agrochemicals 0.37
SBI Life Insurance Company Ltd. Insurance 1.20 Persistent Systems Limited IT - Software 0.36
ASSETS UNDER MANAGEMENT (`) IN CRORE Indusind Bank Ltd. Banks 1.17 Birla Corporation Ltd. Cement & Cement
As on April 30, 2022 4,843.12 Hindustan Unilever Ltd. Diversified Fmcg 1.11 Products 0.34
Average for Month of April 2022 4,889.99 The Federal Bank Ltd. Banks 1.06 Orient Cement Ltd. Cement & Cement
Larsen and Toubro Ltd. Construction 1.05 Products 0.32
Apar Industries Limited Electrical Equipment 1.01 Suprajit Engineering Ltd. Auto Components 0.29
TOTAL EXPENSE RATIO (As on April 30, 2022) Escorts Ltd. Agricultural / Advanced Enzyme Agricultural Food &
Including Additional Expenses and Goods and Service Tax on Commercial & Technologies Ltd. Other Products 0.28
Management Fees Construction Vehicles 1.01 Gabriel India Ltd. Auto Components 0.28
Regular: 1.95% Direct: 0.38% NTPC Limited Power 1.01 Sonata Software Ltd. IT - Software 0.27
Coal India Ltd. Consumable Fuels 0.99 CanFin Homes Ltd. Finance 0.23
Carborundum Universal Ltd. Industrial Products 0.97 Motherson Sumi Wiring India
#BENCHMARK INDEX: NIFTY500 MultiCap 50:25:25 (Total Aarti Industries Ltd. Chemicals & Limited Auto Components 0.23
Returns Index) Petrochemicals 0.94 Balkrishna Industries Ltd. Auto Components 0.22
Kalpataru Power Transmission Avanti Feeds Ltd. Food Products 0.20
EXIT LOAD Ltd. Construction 0.94 Indiamart Intermesh Limited Retailing 0.20
Bharti Airtel Ltd. Telecom - Services 0.92 Mahindra & Mahindra
l In respect of each purchase / switch-in of Units, an Exit Load Kotak Mahindra Bank Limited Banks 0.92 Financial Services Ltd. Finance 0.20
of 1.00% is payable if Units are redeemed / switched-out Bandhan Bank Ltd. Banks 0.88 SRF Ltd. Chemicals &
within 1 year from the date of allotment. Hindustan Petroleum Corp. Ltd. Petroleum Products 0.87 Petrochemicals 0.20
l No Exit Load is payable if Units are redeemed / switched-out Shriram Transport Finance Sundram Fasteners Ltd. Auto Components 0.19
after 1 year from the date of allotment. Co. Ltd. Finance 0.87 Data Patterns (India) Limited Aerospace & Defense 0.18
Gujarat Fluorochemicals Limited Chemicals & Axis Bank Ltd. Banks 0.13
For further details, please refer to para ‘Exit Load’ on Pg 77. Petrochemicals 0.86 Torrent Pharmaceuticals Ltd. Pharmaceuticals &
Navin Fluorine International Ltd. Chemicals & Biotechnology 0.02
PLANS & OPTIONS Petrochemicals 0.86 Sub Total 98.42
Apollo Tyres Ltd. Auto Components 0.85 Cash,Cash Equivalents and Net Current Assets 1.58
Regular Plan, Direct Plan. Under Each Plan: Growth & Income Asian Paints Limited Consumer Durables 0.84 Grand Total 100.00
Distribution cum Capital Withdrawal (IDCW) Option. The Dixon Technologies (India) Ltd. Consumer Durables 0.82 • Top Ten Holdings, £ Sponsor
IDCW Option offers following Sub-Options: Payout of Income Supreme Industries Ltd. Industrial Products 0.81
Distribution cum Capital Withdrawal (IDCW) Option; and Re- Vesuvius India Ltd. Industrial Products 0.81 Industry Allocation of Equity Holding (% of Net Assets)
investment of Income Distribution cum Capital Withdrawal Ambuja Cements Ltd. Cement & Cement
(IDCW) Option. Products 0.80
United Spirits Limited Beverages 0.80 Banks 14.12
MINIMUM APPLICATION AMOUNT Bharat Forge Ltd. Industrial Products 0.79 IT - Software 8.25
Elecon Engineering Comapny Industrial Products 6.53
Purchase : ` 5,000 and any amount thereafter. Ltd. Industrial Manufacturing 0.79 Finance 6.04
Additional Purchase : ` 1,000 and any amount thereafter. Oil & Natural Gas Corporation Chemicals & Petrochemicals 5.27
Ltd. Oil 0.79 Auto Components 5.17
SEGMENT-WISE BREAK-UP
Tata Communications Limited Telecom - Services 0.79 Consumer Durables 4.89
OF EQUITY HOLDING (% OF NET ASSETS)
Delta Corp Ltd.
Cipla Ltd.
Leisure Services
Pharmaceuticals &
0.77 Pharmaceuticals & Biotechnology 4.50
Large Cap 47.42% Biotechnology 0.76 Leisure Services 3.70
Mid Cap 25.46% Dabur India Ltd. Personal Products 0.75 Cement & Cement Products 3.59
Small Cap 25.52% Ipca Laboratories Ltd. Pharmaceuticals & Construction 3.23
Biotechnology 0.74 Petroleum Products 2.92
¥ Dedicated Fund Manager for Overseas Investments: Aditya Birla Fashion and Automobiles 2.79
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Retail Ltd. Retailing 0.71 Diversified Fmcg 2.46
Mr. Priya Ranjan (since May 01, 2022) Dr Reddys Laboratories Ltd. Pharmaceuticals & Power 2.30
(Total Experience: Over 15 years).
Biotechnology 0.71 Retailing 2.18
Bharat Electronics Ltd.
Muthoot Finance Ltd.
Aerospace & Defense
Finance
0.70
0.70
Healthcare Services 1.82
PB FINTECH LIMITED (Policy Financial Technology
Personal Products 1.79
This product is suitable for investors who are seeking ~ Bazaar) (Fintech) 0.70 Telecom - Services 1.71
Techno Electric & Engin. Co. Ltd. Construction 0.70 Electrical Equipment 1.62
l to generate long-term capital appreciation/ income Pidilite Industries Ltd. Chemicals & Aerospace & Defense 1.51
Petrochemicals 0.67 Beverages 1.45
l investmentin equity and equity related securities of large CESC Ltd. Power 0.65 Transport Services 1.32
cap, mid cap and small cap companies United Breweries Ltd. Beverages 0.65 Industrial Manufacturing 1.32
Godrej Consumer Products Ltd. Personal Products 0.64 Insurance 1.20
Modera
oderate High tely
Torrent Power Ltd. Power 0.64 Agricultural, Commercial & Construction Vehicles 1.01
o M Alkem Laboratories Ltd. Pharmaceuticals & Consumable Fuels 0.99
w t erate Hi Biotechnology 0.63 Oil 0.79
Financial Technology (Fintech) 0.70
Mo Lo

Bharat Dynamics Limited Aerospace & Defense 0.63

gh
d

Nilkamal Ltd.
CG Power and Industrial
Consumer Durables 0.63 Ferrous Metals 0.59
Entertainment 0.51
Very
High
Low

Solutions Ltd. Electrical Equipment 0.61

Graphite India Ltd. Industrial Products 0.61 Gas 0.48
RISKOMETER Bajaj Electricals Ltd. Consumer Durables 0.60 IT - Services 0.42
Investors understand that their principal will be at Tata Steel Ltd. Ferrous Metals 0.59 Non - Ferrous Metals 0.40
very high risk METRO BRANDS LIMITED Consumer Durables 0.58 Fertilizers & Agrochemicals 0.37
Chalet Hotels Ltd. Leisure Services 0.56 Agricultural Food & Other Products 0.28
~ Investors should consult their financial advisers, if in doubt Great Eastern Shipping Food Products 0.20
Company Ltd. Transport Services 0.56
about whether the product is suitable for them.
Dilip Buildcon Ltd. Construction 0.54 0 5 10 15
MM Forgings Ltd. Industrial Products 0.54
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 9
 (An open ended equity scheme predominantly
HDFC Top 100 Fund investing in large cap stocks)

CATEGORY OF SCHEME: LARGE-CAP FUND PORTFOLIO

Company Industry+ % to NAV Company Industry+ % to NAV
EQUITY & EQUITY RELATED HDFC Life Insurance Company
KEY FACTS Limited Insurance 0.48
• Reliance Industries Ltd. Petroleum Products 9.69
INVESTMENT OBJECTIVE • ICICI Bank Ltd. Banks 8.10 Tech Mahindra Ltd. IT - Software 0.46
To provide long-term capital appreciation/income by investing • HDFC Bank Ltd. Banks 7.20 Dabur India Ltd. Personal Products 0.41
predominantly in Large-Cap companies. • Infosys Limited IT - Software 5.88 Bank of India Banks 0.38
There is no assurance that the investment objective of the • State Bank of India Banks 4.83 Divis Laboratories Ltd. Pharmaceuticals &
Scheme will be realized. Biotechnology 0.36
• Housing Development Fin.
FUND MANAGER § ¥ Corp. Ltd.£ Finance 4.60 Bajaj Auto Limited Automobiles 0.35
Prashant Jain (since June 20, 2003) • NTPC Limited Power 4.37 SBI Cards And Payment
Total Experience: Over 31 years • Coal India Ltd. Consumable Fuels 4.10 Services Limited Finance 0.35
INCEPTION DATE (Date of Allotment) • ITC Ltd. Diversified Fmcg 4.06 Wipro Ltd. IT - Software 0.35
• Larsen and Toubro Ltd. Construction 3.64 Bank of Baroda Banks 0.34
October 11, 1996
Tata Consultancy Services Ltd. IT - Software 3.31 Tata Communications Limited Telecom - Services 0.33
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Axis Bank Ltd. Banks 3.28 ABB India Ltd. Electrical Equipment 0.31
Regular Plan - Growth Option 688.772 Bharti Airtel Ltd. Telecom - Services 2.56 Container Corporation of
Regular Plan - IDCW Option 46.865 India Ltd. Transport Services 0.31
Direct Plan - Growth Option 730.820 Sun Pharmaceutical Industries Pharmaceuticals &
Direct Plan - IDCW Option 52.128 Ltd. Biotechnology 2.45 NHPC Ltd. Power 0.28
Power Finance Corporation Ltd. Finance 1.75 Hindalco Industries Ltd. Non - Ferrous Metals 0.23
ASSETS UNDER MANAGEMENT J (`) IN CRORE
SBI Life Insurance Company Ltd. Insurance 1.51 Hero MotoCorp Ltd. Automobiles 0.11
As on April 30, 2022 21,023.24
Average for Month of April 2022 21,491.86 REC Limited. Finance 1.50 ICICI Lombard General
Lupin Ltd. Pharmaceuticals & Insurance Co Insurance 0.06
QUANTITATIVE DATA Sub Total 97.12
Biotechnology 1.49
Portfolio Turnover Ratio (Last 1 year) 13.41% Tata Motors Ltd. Automobiles 1.40 Cash,Cash Equivalents and Net Current Assets 2.88
Risk Ratio Bharat Petroleum Corporation Grand Total 100.00
n Standard Deviation 6.542%
n Beta 1.036 Ltd. Petroleum Products 1.38 • Top Ten Holdings, £ Sponsor
n Sharpe Ratio* 0.117 Hindustan Petroleum Corp. Ltd. Petroleum Products 1.29
Computed for the 3-yr period ended April 29, 2022. Based on HCL Technologies Ltd. IT - Software 1.10 Industry Allocation of Equity Holding (% of Net Assets)
month-end NAV. * Risk free rate: 3.93%(Source: FIMMDA MIBOR)
Mahindra & Mahindra Ltd. Automobiles 1.05
For schemes which have not completed 3 years, data is Oil & Natural Gas Corporation Banks 24.13
computed since inception.
Ltd. Oil 0.86 Petroleum Products 12.94
TOTAL EXPENSE RATIO (As on April 30, 2022) GAIL (India) Ltd. Gas 0.83 IT - Software
Including Additional Expenses and Goods and Service Tax on 11.10
Management Fees Dr Reddys Laboratories Ltd. Pharmaceuticals & Finance 8.20
Regular: 1.78% Direct: 1.19% Biotechnology 0.81 Pharmaceuticals & Biotechnology
Ambuja Cements Ltd. Cement & Cement 6.52
#BENCHMARK INDEX: NIFTY 100 (Total Returns Index) Power 6.06
Products 0.78
Bharat Electronics Ltd. Aerospace & Defense 0.75 Diversified Fmcg 4.75
##ADDL. BENCHMARK INDEX: S&P BSE SENSEX (Total
Returns Index) Cipla Ltd. Pharmaceuticals & Consumable Fuels 4.10
Biotechnology 0.73 Construction 3.64
EXIT LOAD
Power Grid Corporation of Automobiles 3.58
l In respect of each purchase / switch-in of Units, an Exit Load
of 1.00% is payable if Units are redeemed / switched-out India Ltd. Power 0.72 Telecom - Services 2.89
within 1 year from the date of allotment. CESC Ltd. Power 0.69 Insurance 2.57
l No Exit Load is payable if Units are redeemed / switched- Hindustan Unilever Ltd. Diversified Fmcg 0.69
out after 1 year from the date of allotment. Cement & Cement Products 1.32
Aurobindo Pharma Ltd. Pharmaceuticals &
For further details, please refer to para ‘Exit Load’ on Pg 77. Biotechnology 0.68 Aerospace & Defense 1.30
PLANS & OPTIONS Maruti Suzuki India Limited Automobiles 0.67 Electrical Equipment 0.89
Regular Plan, Direct Plan. Under Each Plan: Growth & Income Indian Oil Corporation Ltd. Petroleum Products 0.58 Oil 0.86
Distribution cum Capital Withdrawal (IDCW) Option. The Siemens Ltd. Electrical Equipment 0.58 Gas 0.83
IDCW Option offers following Sub-Options: Payout of Income
Distribution cum Capital Withdrawal (IDCW) Option; and Re- Hindustan Aeronautics Limited Aerospace & Defense 0.55 Ferrous Metals 0.49
investment of Income Distribution cum Capital Withdrawal UltraTech Cement Limited Cement & Cement Personal Products 0.41
(IDCW) Option. Products 0.54 Transport Services 0.31
MINIMUM APPLICATION AMOUNT ICICI Prudential Life Insurance Non - Ferrous Metals 0.23
Purchase : ` 5,000 and any amount thereafter. Company Ltd. Insurance 0.52
Additional Purchase : ` 1,000 and any amount thereafter. Tata Steel Ltd. Ferrous Metals 0.49 0 5 10 15 20 25 30
SEGMENT-WISE BREAK-UP
OF EQUITY HOLDING (% OF NET ASSETS) SIP PERFORMANCE ^ - Regular Plan - Growth Option
Large Cap 87.18% Since Inception 15 year 10 year 5 year 3 year 1 year
Mid Cap 9.20%
Small Cap 0.69% SIP SIP SIP SIP SIP SIP
§ Date of migration from Zurich India Mutual Fund (Close Total Amount Invested (` ‘000) 3,070.00 1,800.00 1,200.00 600.00 360.00 120.00
of business hours - June 19, 03). Mkt Value As on April 29, 2022 (` ‘000) $$ 54,266.41 5,096.81 2,362.35 849.02 482.10 125.46
¥ Dedicated Fund Manager for Overseas Investments: Returns (%) $$ 18.52 12.80 13.01 13.89 20.01 8.65
Sankalp Baid (since January 22, 2021 upto April 30, 2022)
Mr. Priya Ranjan (since May 01, 2022) Benchmark Returns (%) # N.A. 13.20 14.44 16.14 21.37 7.03
(Total Experience: Over 15 years). Additional Benchmark Returns (%) ## 14.59 12.91 14.27 16.17 19.82 5.00
J Includes investments made by the schemes of HDFC Mutual Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
Fund aggregating to ` 354.09 Crores. 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.

This product is suitable for investors who are seeking ~ PERFORMANCE ^ - Regular Plan - Growth Option
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
l to generate long-term capital appreciation / income Returns Returns Benchmark Scheme (`) Benchmark Additional
(%) $$ (%)# Returns $$ (`)# Benchmark
l investment predominantly in Large-Cap companies (%) ## (`)##
rate Moderate Apr 30, 21 Last 1 Year 20.65 19.37 18.19 12,059 11,932 11,813
ode High ly
to te M H Apr 30, 19 Last 3 Years 11.04 15.02 14.77 13,689 15,218 15,118
w era i
Apr 28, 17 Last 5 Years 10.73 13.94 15.10 16,653 19,215 20,221
Mo Lo

gh
d

Apr 30, 12 Last 10 Years 13.20 14.46 14.20 34,578 38,601 37,751
Very

Oct 11, 96 Since Inception 18.92 NA 13.76 839,825 NA 269,845

High
Low

RISKOMETER
Investors understand that their principal will be at
very high risk
~ Investors should consult their financial advisers, if in doubt
about whether the product is suitable for them.
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.
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 Prashant Jain, please refer page 77. Different plans viz. Regular Plan
and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the
distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark’s, refer page 86 to 91. For
Performance of Direct Plan, refer page no. 79. For FPI Portfolio, refer page no. 83.
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.

10 April 2022
 (An open ended equity scheme
HDFC Mid-Cap Opportunities Fund predominantly investing in mid cap stocks)

CATEGORY OF SCHEME: MID CAP FUND PORTFOLIO

Company Industry+ / Rating % to NAV Company Industry+ / Rating % to NAV
EQUITY & EQUITY RELATED Glenmark Pharmaceuticals Ltd. Pharmaceuticals &
KEY FACTS • Cholamandalam Investment Biotechnology 0.78
& Finance Finance 5.66 Delta Corp Ltd. Leisure Services 0.77
INVESTMENT OBJECTIVE • Bharat Electronics Ltd. Aerospace & Defense 4.94 Symphony Ltd. Consumer Durables 0.76
To provide long-term capital appreciation/income by investing • Indian Hotels Company Ltd. Leisure Services 4.38 Cummins India Ltd. Industrial Products 0.64
predominantly in Mid-Cap companies. • Max Healthcare Institute Blue Star Ltd. Consumer Durables 0.63
There is no assurance that the investment objective of the Limited Healthcare Services 4.30 Navneet Education Ltd. Printing & Publication 0.52
Scheme will be realized. • Hindustan Aeronautics Dilip Buildcon Ltd. Construction 0.51
Limited Aerospace & Defense 3.58 Karur Vysya Bank Ltd. Banks 0.51
FUND MANAGER ¥ • Balkrishna Industries Ltd. Auto Components 3.57 Greenply Industries Ltd. Consumer Durables 0.50
Chirag Setalvad (since June 25, 2007) • Sundram Fasteners Ltd. Auto Components 3.29 Carborundum Universal Ltd. Industrial Products 0.49
Total Experience: Over 25 years • Ipca Laboratories Ltd. Pharmaceuticals & Union Bank of India Banks 0.49
Biotechnology 2.70 Alembic Pharmaceuticals Pharmaceuticals &
INCEPTION DATE (Date of Allotment) • Crompton Greaves Limited Biotechnology 0.47
June 25, 2007 Consumer Elec. Ltd. Consumer Durables 2.62 Arvind Limited Textiles & Apparels 0.47
• Persistent Systems Limited IT - Software 2.48 RITES Limited Construction 0.46
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Aarti Industries Ltd. Chemicals & Mahindra Holidays & Resorts
Regular Plan - Growth Option 92.217 Petrochemicals 2.47 Ind Ltd. Leisure Services 0.44
Regular Plan - IDCW Option 34.266 Max Financial Services Ltd. Insurance 2.34 ZF Commercial Vehicle Control
Direct Plan - Growth Option 99.393 Apollo Tyres Ltd. Auto Components 2.14 Systems India Limited Auto Components 0.42
Direct Plan - IDCW Option 46.264 Jindal Steel & Power Ltd. Ferrous Metals 2.05 RBL Bank Ltd. Banks 0.38
SKF India Ltd. Industrial Products 1.97 Jagran Prakashan Ltd. Media 0.35
ASSETS UNDER MANAGEMENT J (`) IN CRORE The Federal Bank Ltd. Banks 1.85 Vesuvius India Ltd. Industrial Products 0.27
As on April 30, 2022 31,837.02 Gujarat Fluorochemicals Limited Chemicals & Dhanuka Agritech Ltd. Fertilizers &
Average for Month of April 2022 32,067.55 Petrochemicals 1.83 Agrochemicals 0.24
Redington (India) Ltd. Commercial Services & Exide Industries Ltd. Auto Components 0.21
QUANTITATIVE DATA Supplies 1.71 Sub Total 95.90
Portfolio Turnover Ratio (Last 1 year) 16.97% Tata Communications Limited Telecom - Services 1.71 Cash,Cash Equivalents and Net Current Assets 4.10
AIA Engineering Ltd. Industrial Products 1.69 Grand Total 100.00
Risk Ratio Atul Ltd. Chemicals &
n Standard Deviation 6.912% • Top Ten Holdings
n Beta 0.887 Petrochemicals 1.69
n Sharpe Ratio* 0.202 Shriram Transport Finance Industry Allocation of Equity Holding (% of Net Assets)
Computed for the 3-yr period ended April 29, 2022. Based on Co. Ltd. Finance 1.62
month-end NAV. * Risk free rate: 3.93%(Source: FIMMDA MIBOR) KNR Construction limited. Construction 1.53 Auto Components 11.75
For schemes which have not completed 3 years, data is Supreme Industries Ltd. Industrial Products 1.50 Finance 11.01
computed since inception. City Union Bank Ltd. Banks 1.42 Aerospace & Defense 8.52
Greenpanel Industries Limited Consumer Durables 1.35 Chemicals & Petrochemicals 8.45
TOTAL EXPENSE RATIO (As on April 30, 2022) Vardhman Textiles Ltd. Textiles & Apparels 1.33 Consumer Durables 6.83
Including Additional Expenses and Goods and Service Tax on Cholamandalam Financial Industrial Products 6.56
Management Fees Holdings Ltd. Finance 1.30 Banks
Tata Chemicals Ltd. Chemicals & 5.79
Regular: 1.70% Direct: 0.99% Leisure Services 5.59
Petrochemicals 1.26
Aurobindo Pharma Ltd. Pharmaceuticals & Pharmaceuticals & Biotechnology 5.17
#BENCHMARK INDEX: NIFTY Midcap 150 (Total Returns Index) Healthcare Services
Biotechnology 1.22 4.30
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index) Solar Industries India Ltd. Chemicals & IT - Software 3.63
Petrochemicals 1.20 Construction 2.50
EXIT LOAD Oracle Financial Ser Software Insurance 2.34
l In respect of each purchase / switch-in of Units, an Exit Load Ltd. IT - Software 1.15 Ferrous Metals
of 1.00% is payable if Units are redeemed / switched-out 2.05
Indian Bank Banks 1.14 Textiles & Apparels
within 1 year from the date of allotment. KEC International Ltd. Electrical Equipment 1.13 1.80
l No Exit Load is payable if Units are redeemed / switched- Telecom - Services 1.71
Schaeffler India Ltd. Auto Components 1.09
out after 1 year from the date of allotment. VST Industries Ltd. Cigarettes & Tobacco Commercial Services & Supplies 1.71
For further details, please refer to para ‘Exit Load’ on Pg 77. Products 1.07 Electrical Equipment 1.13
Emami Ltd. Personal Products 1.06 Cigarettes & Tobacco Products 1.07
PLANS & OPTIONS Tube Investments of India Ltd. Auto Components 1.03 Personal Products 1.06
Regular Plan, Direct Plan. Under Each Plan: Growth & Income Hindustan Petroleum Corp. Ltd. Petroleum Products 0.98 Petroleum Products 0.98
Distribution cum Capital Withdrawal (IDCW) Option. The Greenlam Industries Ltd. Consumer Durables 0.97 Capital Markets 0.84
IDCW Option offers following Sub-Options: Payout of Income Nippon Life India Asset Printing & Publication
Distribution cum Capital Withdrawal (IDCW) Option; and Re- 0.52
investment of Income Distribution cum Capital Withdrawal Management Limited Capital Markets 0.84 Media 0.35
(IDCW) Option. Mahindra & Mahindra Fertilizers & Agrochemicals 0.24
Financial Services Ltd. Finance 0.83
MINIMUM APPLICATION AMOUNT Power Finance Corporation Ltd. Finance 0.81 0 5 10 15
Purchase : ` 5,000 and any amount thereafter. REC Limited. Finance 0.79
Additional Purchase : ` 1,000 and any amount thereafter. SIP PERFORMANCE ^ - Regular Plan - Growth Option
SEGMENT-WISE BREAK-UP Since Inception 10 year 5 year 3 year 1 year
OF EQUITY HOLDING (% OF NET ASSETS) SIP SIP SIP SIP SIP
Large Cap 4.94% Total Amount Invested (` ‘000) 1,790.00 1,200.00 600.00 360.00 120.00
Mid Cap 65.88%
Small Cap 25.08% Mkt Value As on April 29, 2022 (` ‘000) 8,096.19 3,090.59 945.68 541.87 127.11
¥ Dedicated Fund Manager for Overseas Investments: Returns (%) 18.30 18.02 18.29 28.58 11.32
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Benchmark Returns (%) # 16.91 18.87 20.35 31.27 8.82
Mr. Priya Ranjan (since May 01, 2022)
(Total Experience: Over 15 years). Additional Benchmark Returns (%) ## 12.78 14.13 16.14 20.77 5.70
J Includes investments made by the schemes of HDFC Mutual Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
Fund aggregating to ` 93.89 Crores. 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.
This product is suitable for investors who are seeking ~ PERFORMANCE ^ - Regular Plan - Growth Option
l to generate long-term capital appreciation / income Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
l investment predominantly in Mid-Cap companies (%) (%)# Returns Scheme (`) Benchmark Additional
(%) ## (`)# Benchmark
Modera
(`)##
oderate High tely
to te M Hi
Apr 30, 21 Last 1 Year 22.93 23.86 18.24 12,286 12,379 11,818
w era Apr 30, 19 Last 3 Years 19.16 22.38 14.67 16,919 18,327 15,079
Mo Lo

gh
d

Apr 28, 17 Last 5 Years 12.18 14.39 14.34 17,776 19,602 19,556
Apr 30, 12 Last 10 Years 18.81 18.64 13.94 56,062 55,263 36,901
Very
High
Low

Jun 25, 07 Since Inception 16.13 13.85 11.10 92,217 68,677 47,768
RISKOMETER Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Chirag Setalvad, please
Investors understand that their principal will be at refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the
very high risk Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and
Benchmark’s, refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.
~ Investors should consult their financial advisers, if in doubt ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
about whether the product is suitable for them. Load is not taken into consideration for computation of performance.
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 11
 (An open ended equity scheme predominantly
HDFC Small Cap Fund investing in small cap stocks)

CATEGORY OF SCHEME: SMALL CAP FUND PORTFOLIO

Company Industry+ % to NAV Company Industry+ % to NAV
EQUITY & EQUITY RELATED NRB Bearing Ltd. Industrial Products 0.82
KEY FACTS • Bajaj Electricals Ltd. Consumer Durables 4.76 Gateway Distriparks Limited Transport Services 0.78
INVESTMENT OBJECTIVE • Firstsource Solutions Ltd. IT - Services 4.62 Goodyear India Ltd. Auto Components 0.61
• Sonata Software Ltd. IT - Software 4.59 IFGL Refractories Limited (Erst
To provide long-term capital appreciation /income by • Chambal Fertilizers & Fertilizers & IFGL Exports Ltd) Industrial Products 0.59
investing predominantly in Small-Cap companies. Chemicals Ltd. Agrochemicals 4.39 Engineers India Ltd. Construction 0.55
There is no assurance that the investment objective of the • eClerx Services Limited Commercial Services & Greenlam Industries Ltd. Consumer Durables 0.55
Scheme will be realized.
Supplies 3.39 Repco Home Finance Ltd. Finance 0.53
FUND MANAGER § ¥ • Vardhman Textiles Ltd. Textiles & Apparels 3.10 GNA Axles Ltd. Auto Components 0.50
Chirag Setalvad (since June 28, 2014) • Sharda Cropchem Ltd. Fertilizers & Aurobindo Pharma Ltd. Pharmaceuticals &
Total Experience: Over 25 years Agrochemicals 2.72 Biotechnology 0.46
• Radico Khaitan Limited Beverages 2.48 Apar Industries Limited Electrical Equipment 0.42
INCEPTION DATE (Date of Allotment) • Bank of Baroda Banks 2.44 Multi Commodity Exchange of
April 3, 2008 • Aster DM Healthcare Limited Healthcare Services 2.43 India Ltd. Capital Markets 0.40
Gujarat Fluorochemicals Chemicals & Oriental Carbon & Chemicals Chemicals &
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Limited Petrochemicals 2.36 Ltd. Petrochemicals 0.37
Regular Plan - Growth Option 72.344 PNC Infratech Ltd. Construction 2.33 D B Corp Limited Media 0.35
Regular Plan - IDCW Option 31.055 KEI Industries Ltd. Industrial Products 2.24 Vesuvius India Ltd. Industrial Products 0.31
Direct Plan - Growth Option 79.856
Direct Plan - IDCW Option 42.176 Transport Corporation of Sadbhav Engineering Ltd. Construction 0.24
India Ltd. Transport Services 2.24 Jagran Prakashan Ltd. Media 0.21
ASSETS UNDER MANAGEMENT J (`) IN CRORE Great Eastern Shipping Mirza International Ltd. Consumer Durables 0.21
As on April 30, 2022 12,955.51 Company Ltd. Transport Services 1.90 VRL Logistics Ltd. Transport Services 0.09
Average for Month of April 2022 13,203.93 Suprajit Engineering Ltd. Auto Components 1.84 Voltamp Transformers Ltd. Electrical Equipment 0.07
Kirloskar Ferrous Industries Ltd. Ferrous Metals 1.71 Rolex Rings Limited Auto Components 0.01
QUANTITATIVE DATA Delta Corp Ltd. Leisure Services 1.68 Sub Total 93.83
Portfolio Turnover Ratio (Last 1 year) 7.93% Finolex Industries Ltd. Industrial Products 1.68 Cash,Cash Equivalents and Net Current Assets 6.17
Risk Ratio SKF India Ltd. Industrial Products 1.66 Grand Total 100.00
n Standard Deviation 8.158% T. V. Today Network Ltd. Entertainment 1.65 • Top Ten Holdings
n Beta 0.868
n Sharpe Ratio* 0.181 Redington (India) Ltd. Commercial Services &
Supplies 1.61 Industry Allocation of Equity Holding (% of Net Assets)
Computed for the 3-yr period ended April 29, 2022. Based on KEC International Ltd. Electrical Equipment 1.53
month-end NAV. * Risk free rate: 3.93%(Source: FIMMDA MIBOR)
IDFC Ltd. Finance 1.50 Industrial Products
For schemes which have not completed 3 years, data is La Opala RG Limited Consumer Durables 1.50 9.37
computed since inception. Emami Ltd. Personal Products 1.28 Consumer Durables 8.18
TOTAL EXPENSE RATIO (As on April 30, 2022) LG Balakrishnan & Bros Ltd. Auto Components 1.26 Fertilizers & Agrochemicals 8.07
Including Additional Expenses and Goods and Service Tax on The Federal Bank Ltd. Banks 1.26 Banks 6.70
Management Fees Tata Metaliks Ltd. Ferrous Metals 1.19 IT - Software 5.55
Regular: 1.80% Direct: 0.78% Kalpataru Power Transmission Auto Components 5.33
Ltd. Construction 1.17 Construction 5.17
#BENCHMARK INDEX: S&P BSE 250 SmallCap (Total Returns Nilkamal Ltd. Consumer Durables 1.16
Index) Transport Services 5.01
Chalet Hotels Ltd. Leisure Services 1.15 Commercial Services & Supplies 5.00
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index) Equitas Small Finance Bank Ltd Banks 1.11 IT - Services 4.62
EXIT LOAD Gabriel India Ltd. Auto Components 1.11 Leisure Services
Shaily Engineering Plastics Ltd. Industrial Products 1.08 3.87
l In respect of each purchase / switch-in of Units, an Exit Load
Unichem Laboratories Ltd. Pharmaceuticals & Textiles & Apparels 3.10
of 1.00% is payable if Units are redeemed / switched-out Ferrous Metals 2.90
within 1 year from the date of allotment. Biotechnology 1.07
l No Exit Load is payable if Units are redeemed / switched- Procter & Gamble Health Ltd. Pharmaceuticals & Chemicals & Petrochemicals 2.73
out after 1 year from the date of allotment. Biotechnology 1.06 Pharmaceuticals & Biotechnology 2.59
For further details, please refer to para ‘Exit Load’ on Pg 77. EIH Ltd. Leisure Services 1.04 Entertainment 2.58
PLANS & OPTIONS Indian Bank Banks 1.04 Beverages 2.48
Advanced Enzyme Agricultural Food & Healthcare Services 2.43
Regular Plan, Direct Plan. Under Each Plan: Growth & Income Technologies Ltd. Other Products 0.99
Distribution cum Capital Withdrawal (IDCW) Option. The Personal Products 2.15
IDCW Option offers following Sub-Options: Payout of Income Carborundum Universal Ltd. Industrial Products 0.99 Finance
Insecticides (India) Ltd. Fertilizers & 2.03
Distribution cum Capital Withdrawal (IDCW) Option; and Re- Electrical Equipment
investment of Income Distribution cum Capital Withdrawal Agrochemicals 0.96 2.02
(IDCW) Option. Persistent Systems Limited IT - Software 0.96 Agricultural Food & Other Products 0.99
Inox Leisure Ltd. Entertainment 0.93 Media 0.56
MINIMUM APPLICATION AMOUNT Power Mech Projects Ltd. Construction 0.88 Capital Markets 0.40
Purchase : ` 5,000 and any amount thereafter. Bajaj Consumer Care Ltd. Personal Products 0.87 0 5 10 15
Additional Purchase : ` 1,000 and any amount thereafter. DCB Bank Limited Banks 0.85
SEGMENT-WISE BREAK-UP
OF EQUITY HOLDING (% OF NET ASSETS) SIP PERFORMANCE ^ - Regular Plan - Growth Option
Large Cap 0.00%
Mid Cap 9.80% Since Inception 10 year 5 year 3 year 1 year
Small Cap 84.01% SIP SIP SIP SIP SIP
§ Date of migration from Morgan Stanley Mutual Fund Total Amount Invested (` ‘000) 1,690.00 1,200.00 600.00 360.00 120.00
(Close of business hours - June 27, 14)
Mkt Value As on April 29, 2022 (` ‘000) 6,410.38 3,153.47 994.71 581.46 125.23
¥ Dedicated Fund Manager for Overseas Investments:
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Returns (%) 17.32 18.39 20.38 33.91 8.29
Mr. Priya Ranjan (since May 01, 2022) Benchmark Returns (%) # 13.33 15.59 20.15 36.01 10.15
(Total Experience: Over 15 years)
J Includes investments made by the schemes of HDFC Mutual Additional Benchmark Returns (%) ## 13.24 14.13 16.14 20.77 5.70
Fund aggregating to ` 92.36 Crores. 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.
This product is suitable for investors who are seeking ~ PERFORMANCE ^ - Regular Plan - Growth Option
l to generate long-term capital appreciation / income Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
l investment predominantly in Small-Cap companies (%) (%)# Returns Scheme (`) Benchmark
Additional
(%) ## (`)#
Benchmark
Modera (`)##
oderate High tely
o M Apr 30, 21 Last 1 Year 31.68 29.56 18.24 13,158 12,946 11,818
w t erate Hi
Apr 30, 19 Last 3 Years 18.87 21.21 14.67 16,795 17,809 15,079
Mo Lo

gh
d

Apr 28, 17 Last 5 Years 15.00 10.60 14.34 20,128 16,562 19,556
Very
High
Low

Apr 30, 12 Last 10 Years 18.28 13.25 13.94 53,628 34,704 36,901
Apr 03, 08 Since Inception 15.09 9.23 10.80 72,344 34,646 42,367
RISKOMETER
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Chirag Setalvad,
Investors understand that their principal will be at please refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan
very high risk under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the
Schemes and Benchmark’s, refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.
~ Investors should consult their financial advisers, if in doubt ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
about whether the product is suitable for them. Load is not taken into consideration for computation of performance.
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

12 April 2022
 (An open ended equity scheme investing
HDFC Large and Mid Cap Fund in both large cap and mid cap stocks)

CATEGORY OF SCHEME: LARGE & MID CAP FUND PORTFOLIO

Company Industry+ % to NAV Company Industry+ % to NAV
EQUITY & EQUITY RELATED Voltas Ltd. Consumer Durables 0.43
KEY FACTS • Reliance Industries Ltd. Petroleum Products 4.99 Oriental Carbon & Chemicals Chemicals &
• ICICI Bank Ltd. Banks 4.58 Ltd. Petrochemicals 0.39
INVESTMENT OBJECTIVE • HDFC Bank Ltd. Banks 4.23 Indian Railways Finance
To generate long term capital appreciation/income from • Infosys Limited IT - Software 4.02 Corp. Ltd. Finance 0.38
a portfolio, predominantly invested in equity and equity • State Bank of India Banks 3.51 The Phoenix Mills Limited Realty 0.38
related instruments.
There is no assurance that the investment objective of the • ITC Ltd. Diversified Fmcg 2.19 Power Finance Corporation Ltd. Finance 0.37
Scheme will be realized. • Indian Hotels Company Ltd. Leisure Services 2.12 Ipca Laboratories Ltd. Pharmaceuticals &
• Larsen and Toubro Ltd. Construction 2.12 Biotechnology 0.34
FUND MANAGER § ¥ • Housing Development Fin. Motherson Sumi Systems Ltd. Auto Components 0.34
Gopal Agrawal (since July 16, 2020) Corp. Ltd.£ Finance 1.97 Sundaram Finance Ltd. Finance 0.34
Total Experience: Over 17 years • Bharat Electronics Ltd. Aerospace & Defense 1.94 Aarti Industries Ltd. Chemicals &
INCEPTION DATE (Date of Allotment) Maruti Suzuki India Limited Automobiles 1.93 Petrochemicals 0.33
February 18, 1994 NTPC Limited Power 1.83 Cholamandalam Financial
Sun Pharmaceutical Industries Pharmaceuticals & Holdings Ltd. Finance 0.32
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Ltd. Biotechnology 1.71 Sapphire Foods India Limited Leisure Services 0.32
Regular Plan - Growth Option 186.146 Trent Ltd. Retailing 1.63 Bank of Baroda Banks 0.31
Regular Plan - IDCW Option 24.811 Tata Consumer Products Limited Agricultural Food & Cholamandalam Investment
Direct Plan - Growth Option 190.599 Other Products 1.62 & Finance Finance 0.31
Direct Plan - IDCW Option 30.316 Tata Motors Ltd. Automobiles 1.59 United Spirits Limited Beverages 0.31
ASSETS UNDER MANAGEMENT J (`) IN CRORE Jindal Steel & Power Ltd. Ferrous Metals 1.47 Exide Industries Ltd. Auto Components 0.29
As on April 30, 2022 5,944.58 Bharat Petroleum Corporation Sun TV Network Limited Entertainment 0.28
Average for Month of April 2022 5,962.38 Ltd. Petroleum Products 1.44 Bharat Heavy Electricals Ltd. Electrical Equipment 0.27
QUANTITATIVE DATA PI Industries Ltd. Fertilizers & CarTrade Tech Limited Retailing 0.25
Agrochemicals 1.44 United Breweries Ltd. Beverages 0.25
Portfolio Turnover Ratio (Last 1 year) 20.57% Lupin Ltd. Pharmaceuticals & L&T Technology Services Ltd. IT - Services 0.24
Risk Ratio Biotechnology 1.40 Sundram Fasteners Ltd. Auto Components 0.24
n Standard Deviation 6.810%
n Beta 1.010 Tata Motors Limited DVR Automobiles 1.40 Aditya Birla Fashion and Retail
n Sharpe Ratio* 0.188 Max Healthcare Institute Limited Healthcare Services 1.38 Ltd. Retailing 0.23
Sona Blw Precision Forgings Auto Components 1.37 Glenmark Pharmaceuticals Ltd. Pharmaceuticals &
Computed for the 3-yr period ended April 29, 2022. Based on Emami Ltd. Personal Products 1.23
month-end NAV. * Risk free rate: 3.93%(Source: FIMMDA MIBOR) Biotechnology 0.23
Tata Steel Ltd. Ferrous Metals 1.21 Canara Bank Banks 0.22
For schemes which have not completed 3 years, data is Max Financial Services Ltd. Insurance 1.11 One 97 Communications Financial Technology
computed since inception.
Power Grid Corporation of Limited (Paytm) (Fintech) 0.22
TOTAL EXPENSE RATIO (As on April 30, 2022) India Ltd. Power 1.09 REC Limited. Finance 0.21
Including Additional Expenses and Goods and Service Tax on Sterling and Wilson Renewable Titagarh Wagons Limited Industrial
Management Fees
Energy Ltd. Construction 1.08 Manufacturing 0.21
Regular: 2.02% Direct: 1.22% Bharat Forge Ltd. Industrial Products 1.06 MphasiS Limited. IT - Software 0.20
#BENCHMARK INDEX: NIFTY Large Midcap 250 Mindtree Consulting Ltd. IT - Software 1.05 Indian Railway Catering And
(Total Returns Index) Zee Entertainment Enterprises Tourism Corp Ltd Leisure Services 0.19
##ADDL. BENCHMARK INDEX: S&P BSE SENSEX (Total Ltd. Entertainment 1.02 Whirlpool of India Ltd. Consumer Durables 0.19
Returns Index) Redington (India) Ltd. Commercial Services & Kotak Mahindra Bank Limited Banks 0.18
EXIT LOAD Supplies 1.01 eClerx Services Limited Commercial Services &
Inox Leisure Ltd. Entertainment 0.91 Supplies 0.17
l In respect of each purchase / switch-in of Units, an Exit Load
of 1.00% is payable if Units are redeemed / switched-out Mahindra & Mahindra Hindustan Unilever Ltd. Diversified Fmcg 0.17
within 1 year from the date of allotment. Financial Services Ltd. Finance 0.91 Motherson Sumi Wiring India
l No Exit Load is payable if Units are redeemed / switched- Prestige Estates Projects Ltd. Realty 0.90 Limited Auto Components 0.17
out after 1 year from the date of allotment. Apollo Tyres Ltd. Auto Components 0.88 Clean Science & Technology Chemicals &
For further details, please refer to para ‘Exit Load’ on Pg 77. Balkrishna Industries Ltd. Auto Components 0.88 Ltd Petrochemicals 0.15
PLANS & OPTIONS NHPC Ltd. Power 0.84 HCL Technologies Ltd. IT - Software 0.14
Regular Plan, Direct Plan. Under Each Plan: Growth & Income Timken India Ltd. Industrial Products 0.84 ICICI Prudential Life Insurance
Distribution cum Capital Withdrawal (IDCW) Option. The Bharti Airtel Ltd. Telecom - Services 0.83 Company Ltd. Insurance 0.14
IDCW Option offers following Sub-Options: Payout of Income Tata Communications Limited Telecom - Services 0.81 TVS Motor Company Ltd. Automobiles 0.13
Distribution cum Capital Withdrawal (IDCW) Option; and Re- The Federal Bank Ltd. Banks 0.78 Nazara Technologies Limited Entertainment 0.12
investment of Income Distribution cum Capital Withdrawal Carborundum Universal Ltd. Industrial Products 0.77 Zomato Ltd Retailing 0.12
(IDCW) Option. Torrent Pharmaceuticals Ltd. Pharmaceuticals & Indigo Paints Limited Consumer Durables 0.10
MINIMUM APPLICATION AMOUNT Biotechnology 0.73 NLC India Ltd. Power 0.10
Purchase : ` 5,000 and any amount thereafter. Gujarat Fluorochemicals Chemicals & Reliance Power Ltd. Power 0.10
Additional Purchase : ` 1,000 and any amount thereafter. Limited Petrochemicals 0.71 Central Depository Services
SEGMENT-WISE BREAK-UP Aurobindo Pharma Ltd. Pharmaceuticals & (India) Ltd. Capital Markets 0.09
OF EQUITY HOLDING (% OF NET ASSETS) Biotechnology 0.70 LG Balakrishnan & Bros Ltd. Auto Components 0.09
Large Cap 50.83% GAIL (India) Ltd. Gas 0.68 Mahindra & Mahindra Ltd. Automobiles 0.09
Mid Cap 36.61% Indraprastha Gas Ltd. Gas 0.67 Oil India Limited Oil 0.09
Small Cap 9.48% ACC Ltd. Cement & Cement Cipla Ltd. Pharmaceuticals &
§ Date of migration from Morgan Stanley Mutual Fund (Close Products 0.65 Biotechnology 0.08
of business hours - June 27, 2014) LIC Housing Finance Ltd. Finance 0.65 NBCC (INDIA) Ltd. Construction 0.08
¥ Dedicated Fund Manager for Overseas Investments: Ashok Leyland Ltd Agricultural / Dixon Technologies (India) Ltd. Consumer Durables 0.07
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Commercial & TCI Express Ltd. Transport Services 0.07
Mr. Priya Ranjan (since May 01, 2022) Construction Vehicles 0.64 Titan Company Ltd. Consumer Durables 0.07
(Total Experience: Over 15 years). Fsn Ecommerce Ventures Indian Bank Banks 0.06
J Includes investments made by the schemes of HDFC Mutual Limited (Nykaa) Retailing 0.64 Hero MotoCorp Ltd. Automobiles 0.05
Fund aggregating to ` 93.51 Crores. Hindustan Aeronautics Limited Aerospace & Defense 0.64 Jubilant Foodworks Limited Leisure Services 0.05
Ambuja Cements Ltd. Cement & Cement Union Bank of India Banks 0.05
Products 0.63 Godrej Consumer Products Ltd. Personal Products 0.04
This product is suitable for investors who are seeking ~ Solar Industries India Ltd. Chemicals & ICICI Lombard General Insurance
l to generate long-term capital appreciation/income
Petrochemicals 0.63 Co Insurance 0.04
Aavas Financiers Ltd. (Formerly Latent View Analytics Limited IT - Software 0.04
l investment predominantly in Large Cap and Mid Cap known as Au Housing Finance Syngene International Limited Healthcare Services 0.04
companies Ltd.) Finance 0.62 SBI Cards And Payment
Shriram Transport Finance Services Limited Finance 0.03
Moderate Co. Ltd. Finance 0.61 Multi Commodity Exchange of
oderate ly
o M High Hindustan Petroleum Corp. Ltd. Petroleum Products 0.58 India Ltd. Capital Markets 0.02
w t erate Hi Tata Chemicals Ltd. Chemicals & MTAR Technologies Limited Aerospace & Defense 0.01
Mo Lo

Atul Ltd. Chemicals &

gh

Petrochemicals 0.56
d

AIA Engineering Ltd. Industrial Products 0.55 Petrochemicals @

Tata Consultancy Services Ltd. IT - Software @
Very

Persistent Systems Limited IT - Software 0.55

High
Low

Gujarat State Petronet Ltd. Gas 0.54 Sub Total 96.94

RISKOMETER Kajaria Ceramics Ltd. Consumer Durables 0.52 MUTUAL FUND UNITS
Container Corporation of India HDFC Sensex Exchange Traded Fund 0.43
Investors understand that their principal will be at Ltd. Transport Services 0.50 Sub Total 0.43
very high risk
Computer Age Management Cash,Cash Equivalents and Net Current Assets 2.63
~ Investors should consult their financial advisers, if in doubt Services Capital Markets 0.44 Grand Total 100.00
about whether the product is suitable for them. Macrotech Developers Limited Realty 0.44 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
Supreme Industries Ltd. Industrial Products 0.43
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 13
HDFC Large and Mid Cap Fund (An open ended equity scheme investing in both large
(Name changed from HDFC Growth Opportunities Fund w.e.f. June 28, 2021) cap and mid cap stocks) .....Contd from previous page

Industry Allocation of Equity Holding (% of Net Assets)

Banks 13.92
Petroleum Products 7.01
Finance 6.72
IT - Software 6.00
Pharmaceuticals & Biotechnology 5.19
Automobiles 5.19
Auto Components 4.26
Power 3.96
Industrial Products 3.65
Construction 3.28
Retailing 2.87
Chemicals & Petrochemicals 2.77
Leisure Services 2.68
Ferrous Metals 2.68
Aerospace & Defense 2.59
Diversified Fmcg 2.36
Entertainment 2.33
Gas 1.89
Realty 1.72
Telecom - Services 1.64
Agricultural Food & Other Products 1.62
Fertilizers & Agrochemicals 1.44
Healthcare Services 1.42
Consumer Durables 1.38
Insurance 1.29
Cement & Cement Products 1.28
Personal Products 1.27
Commercial Services & Supplies 1.18
Agricultural, Commercial & Construction Vehicles 0.64
Transport Services 0.57
Beverages 0.56
Capital Markets 0.55
Mutual Fund Units 0.43
Electrical Equipment 0.27
IT - Services 0.24
Financial Technology (Fintech) 0.22
Industrial Manufacturing 0.21
Oil 0.09
0 5 10 15 20

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 (` ‘000) 3,390.00 1,800.00 1,200.00 600.00 360.00 120.00
Mkt Value As on April 29, 2022 (` ‘000) $$ 33,540.42 5,076.48 2,566.76 946.12 533.79 127.31
Returns (%) $$ 13.56 12.76 14.56 18.31 27.46 11.65
Benchmark Returns (%) # N.A. 15.04 16.74 18.31 26.32 7.99
Additional Benchmark Returns (%) ## 13.88 12.91 14.27 16.17 19.82 5.00
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

Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
(%) $$ (%)# Returns $$ (`)# Benchmark
(%) ## (`)##
Apr 30, 21 Last 1 Year 26.21 21.68 18.19 12,613 12,162 11,813
Apr 30, 19 Last 3 Years 17.75 18.75 14.77 16,327 16,744 15,118
Apr 28, 17 Last 5 Years 13.05 14.27 15.10 18,475 19,499 20,221
Apr 30, 12 Last 10 Years 12.79 16.66 14.20 33,345 46,716 37,751
Feb 18, 94 Since Inception 11.98 NA 11.54 243,356 NA 217,956
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. The Scheme, formerly a large cap fund, has
undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a Large and Mid-cap Fund. Accordingly, the Scheme’s
benchmark has also changed. Hence, the past performance of the Scheme may not strictly be comparable with that of the new benchmark.
As S&P BSE SENSEX TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite
CAGR of S&P BSE SENSEX PRI values from 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 77. Different
plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower
to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark’s, refer
page 86 to 91. For Performance of Direct Plan, refer page no. 79.
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.

14 April 2022
HDFC Capital Builder Value Fund
(An open ended equity scheme following a
value investment strategy)

CATEGORY OF SCHEME: VALUE FUND PORTFOLIO

Company Industry+ % to NAV Company Industry+ % to NAV
EQUITY & EQUITY RELATED MedPlus Health Services Limited Retailing 0.58
KEY FACTS • ICICI Bank Ltd. Banks 9.31 Ajanta Pharma Limited Pharmaceuticals &
• Infosys Limited IT - Software 8.30 Biotechnology 0.57
INVESTMENT OBJECTIVE • HDFC Bank Ltd. Banks 7.49 Central Depository Services
To achieve capital appreciation/income in the long term by • Axis Bank Ltd. Banks 4.45 (India) Ltd. Capital Markets 0.54
primarily investing in undervalued stocks. • Bharti Airtel Ltd. Telecom - Services 4.28 Coal India Ltd. Consumable Fuels 0.54
• State Bank of India Banks 4.16 Hindustan Petroleum Corp. Ltd. Petroleum Products 0.49
There is no assurance that the investment objective of the • NTPC Limited Power 2.98 Indoco Remedies Ltd. Pharmaceuticals &
Scheme will be realized. • Sun Pharmaceutical Pharmaceuticals & Biotechnology 0.49
Industries Ltd. Biotechnology 2.80 G R Infraprojects Limited Construction 0.45
FUND MANAGER ¥ • Larsen and Toubro Ltd. Construction 2.20 Gujarat Pipavav Port Ltd. Transport Infrastructure 0.45
Gopal Agrawal (since January 13, 2022) • Max Healthcare Institute Muthoot Finance Ltd. Finance 0.45
Total Experience: Over 17 years Limited Healthcare Services 2.10 Apollo Tyres Ltd. Auto Components 0.39
HCL Technologies Ltd. IT - Software 1.88 Zee Entertainment Enterprises
INCEPTION DATE (Date of Allotment) SBI Life Insurance Company Ltd. Insurance 1.60 Ltd. Entertainment 0.39
MphasiS Limited. IT - Software 1.54 Metro Brands Limited Consumer Durables 0.36
February 1, 1994 Tata Motors Ltd. Automobiles 1.51 Dilip Buildcon Ltd. Construction 0.31
Aditya Birla Fashion and Bajaj Electricals Ltd. Consumer Durables 0.19
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Retail Ltd. Retailing 1.45 Escorts Ltd. Agricultural /
Regular Plan - Growth Option 422.685 Tech Mahindra Ltd. IT - Software 1.42 Commercial &
Regular Plan - IDCW Option 25.480 Bharat Dynamics Limited Aerospace & Defense 1.37 Construction Vehicles 0.13
Direct Plan - Growth Option 459.060 Cipla Ltd. Pharmaceuticals & Sadbhav Infrastructure Project
Direct Plan - IDCW Option 29.456 Biotechnology 1.35 Ltd. (Corporate Guarantee of
United Spirits Limited Beverages 1.30 Sadbhav Engineering Ltd.) Construction 0.03
ASSETS UNDER MANAGEMENT J
(`) IN CRORE Bharat Electronics Ltd. Aerospace & Defense 1.28 Sub Total 98.46
The Phoenix Mills Limited Realty 1.24 UNITS ISSUED BY REIT & INVIT
As on April 30, 2022 5,215.58 Bharat Petroleum Corporation POWERGRID Infrastructure
Average for Month of April 2022 5,363.08 Ltd. Petroleum Products 1.22 Investment Trust Power @
Tata Steel Ltd. Ferrous Metals 1.18 Sub Total @
QUANTITATIVE DATA VIP Industries Ltd. Consumer Durables 1.16 Total @
Portfolio Turnover Ratio (Last 1 year) 17.33% Godrej Consumer Products Ltd. Personal Products 1.15 Cash,Cash Equivalents and Net Current Assets 1.54
Voltas Ltd. Consumer Durables 1.15 Grand Total 100.00
Risk Ratio Prestige Estates Projects Ltd. Realty 1.14 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
n Standard Deviation 6.650%
n Beta 1.038 Ambuja Cements Ltd. Cement & Cement
n Sharpe Ratio* 0.135
Products 1.08 Industry Allocation of Equity Holding (% of Net Assets)
Housing Development Fin.
Computed for the 3-yr period ended April 29, 2022. Based on Corp. Ltd.£ Finance 1.04 Banks 26.02
month-end NAV. * Risk free rate: 3.93%(Source: FIMMDA MIBOR) UTI Asset Management IT - Software 13.14
For schemes which have not completed 3 years, data is computed Company Ltd Capital Markets 1.04 Pharmaceuticals & Biotechnology 6.07
since inception. TCI Express Ltd. Transport Services 1.03 Telecom - Services 4.28
Cholamandalam Investment Power 3.87
TOTAL EXPENSE RATIO (As on April 30, 2022) & Finance Finance 1.00 Construction 3.61
Including Additional Expenses and Goods and Service Tax on Aerospace & Defense 3.28
Radico Khaitan Limited Beverages 0.96 Beverages 3.18
Management Fees L&T Technology Services Ltd. IT - Services 0.95 Automobiles 3.08
Regular: 1.98% Direct: 1.06% United Breweries Ltd. Beverages 0.92 Consumer Durables 2.86
UltraTech Cement Limited Cement & Cement Finance 2.49
#BENCHMARK INDEX: NIFTY 500 (Total Returns Index) Products 0.90 Realty 2.38
CESC Ltd. Power 0.89 Capital Markets 2.23
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index) GAIL (India) Ltd. Gas 0.88 Healthcare Services 2.10
Bharat Forge Ltd. Industrial Products 0.87 Retailing 2.03
EXIT LOAD Cement & Cement Products 1.98
Lupin Ltd. Pharmaceuticals & Personal Products 1.93
l In respect of each purchase / switch-in of Units, an Exit Load Biotechnology 0.86 Petroleum Products 1.71
of 1.00% is payable if Units are redeemed / switched-out Inox Leisure Ltd. Entertainment 0.84 Insurance 1.60
within 1 year from the date of allotment. Chambal Fertilizers & Fertilizers & Industrial Products 1.59
Chemicals Ltd. Agrochemicals 0.82 Entertainment 1.23
l No Exit Load is payable if Units are redeemed / switched- Bajaj Auto Limited Automobiles 0.80 Ferrous Metals 1.18
out after 1 year from the date of allotment. Emami Ltd. Personal Products 0.78 Auto Components 1.15
For further details, please refer to para ‘Exit Load’ on Pg 77. Maruti Suzuki India Limited Automobiles 0.77 Transport Services 1.03
Bosch Limited Auto Components 0.76 IT - Services 0.95
PLANS & OPTIONS Gas 0.88
SKF India Ltd. Industrial Products 0.72 Fertilizers & Agrochemicals 0.82
Regular Plan, Direct Plan. Under Each Plan: Growth & Income ITC Ltd. Diversified Fmcg 0.67 Diversified Fmcg 0.67
Distribution cum Capital Withdrawal (IDCW) Option. The Multi Commodity Exchange of Consumable Fuels 0.54
IDCW Option offers following Sub-Options: Payout of Income India Ltd. Capital Markets 0.65 Transport Infrastructure 0.45
Distribution cum Capital Withdrawal (IDCW) Option; and Re- Mishra Dhatu Nigam Ltd. Aerospace & Defense 0.63 Agricultural, Commercial & Construction Vehicles 0.13
investment of Income Distribution cum Capital Withdrawal Ashoka Buildcon Ltd. Construction 0.62 0 5 10 15 20 25 30
(IDCW) Option. Equitas Small Finance Bank Ltd Banks 0.61

MINIMUM APPLICATION AMOUNT SIP PERFORMANCE ^ - Regular Plan - Growth Option

Purchase : ` 5,000 and any amount thereafter. Since Inception 15 year 10 year 5 year 3 year 1 year
Additional Purchase : ` 1,000 and any amount thereafter. SIP SIP SIP SIP SIP SIP
¥ Dedicated Fund Manager for Overseas Investments: Total Amount Invested (` ‘000) 3,390.00 1,800.00 1,200.00 600.00 360.00 120.00
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Mkt Value As on April 29, 2022 (` ‘000) 63,568.45 5,640.67 2,506.69 853.70 494.88 123.37
Mr. Priya Ranjan (since May 01, 2022) Returns (%) 16.95 13.98 14.12 14.11 21.90 5.31
(Total Experience: Over 15 years).
J Includes investments made by the schemes of HDFC Benchmark Returns (%) # N.A. 13.40 15.03 16.99 23.71 7.65
Mutual Fund aggregating to ` 90.43 Crores. Additional Benchmark Returns (%) ## 13.57 12.76 14.13 16.14 20.77 5.70
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.
This product is suitable for investors who are seeking ~
PERFORMANCE ^ - Regular Plan - Growth Option
l to generate long-term capital appreciation / income in the Date Period Scheme Benchmark Additional Value of ` 10,000 invested
long term Returns Returns Benchmark
(%) (%)# Returns Scheme (`) Benchmark Additional
l investment primarily in undervalued stocks (`)# Benchmark
(%) ##
(`)##
oderate Moderately Apr 30, 21 Last 1 Year 21.66 20.87 18.24 12,160 12,081 11,818
o M High
w t erate Hi Apr 30, 19 Last 3 Years 12.56 16.52 14.67 14,263 15,819 15,079
Mo Lo

gh

Apr 28, 17 Last 5 Years 10.75 13.76 14.34 16,667 19,062 19,556
d

Apr 30, 12 Last 10 Years 14.96 14.79 13.94 40,323 39,734 36,901
Very
High
Low

Feb 01, 94 Since Inception 14.17 NA 10.96 422,685 NA 189,130

RISKOMETER Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by
Gopal Agrawal, please refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the
Investors understand that their principal will be at Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. As NIFTY 50
very high risk 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 Riskometer of the Schemes and Benchmark’s, refer
~ Investors should consult their financial advisers, if in doubt page 86 to 91. For Performance of Direct Plan, refer page no. 79.
about whether the product is suitable for them. ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 15
HDFC Dividend Yield Fund (An open ended equity scheme predominantly investing in
dividend yielding stocks)

CATEGORY OF SCHEME: DIVIDEND YIELD FUND PORTFOLIO

Company Industry+ % to NAV Company Industry+ % to NAV
KEY FACTS EQUITY & EQUITY RELATED SBI Life Insurance Company Ltd. Insurance 0.61
• Hindustan Unilever Ltd. Diversified Fmcg 5.34 Dilip Buildcon Ltd. Construction 0.60
INVESTMENT OBJECTIVE • Infosys Limited IT - Software 5.15 Finolex Cables Ltd. Industrial Products 0.56
To provide capital appreciation and/or dividend distribution • Tech Mahindra Ltd. IT - Software 4.79 PNC Infratech Ltd. Construction 0.53
by predominantly investing in a well-diversified portfolio of • ITC Ltd. Diversified Fmcg 4.36 Equitas Small Finance Bank Ltd Banks 0.50
equity and equity related instruments of dividend yielding • Tata Consultancy Services Ltd. IT - Software 4.16 Lupin Ltd. Pharmaceuticals &
companies. • ICICI Bank Ltd. Banks 3.60 Biotechnology 0.48
There is no assurance that the investment objective of the • Larsen and Toubro Ltd. Construction 3.23 Castrol India Ltd. Petroleum Products 0.45
Scheme will be realized. • HDFC Bank Ltd. Banks 2.88 ICICI Securities Ltd Capital Markets 0.37
• Coal India Ltd. Consumable Fuels 2.72 Gujarat Pipavav Port Ltd. Transport Infrastructure 0.34
FUND MANAGER § ¥ • NTPC Limited Power 2.65 Indian Railways Finance Corp. Ltd. Finance 0.29
Gopal Agrawal (since December 18, 2020) Inox Leisure Ltd. Entertainment 2.62 RailTel Corporation of India
Total Experience: Over 17 years Indusind Bank Ltd. Banks 2.20 Limited Telecom - Services 0.25
Sun Pharmaceutical Industries Pharmaceuticals & Sun TV Network Limited Entertainment 0.13
INCEPTION DATE (Date of Allotment) Ltd. Biotechnology 2.19 Hindustan Aeronautics Limited Aerospace & Defense 0.11
December 18, 2020 CESC Ltd. Power 2.13 Latent View Analytics Limited IT - Software 0.08
State Bank of India Banks 2.06 MTAR Technologies Limited Aerospace & Defense 0.02
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Oil & Natural Gas Corporation Sub Total 97.69
Regular Plan - Growth Option 14.186 Ltd. Oil 2.00 Cash,Cash Equivalents and Net Current Assets 2.31
Regular Plan - IDCW Option 13.160 Reliance Industries Ltd. Petroleum Products 1.93 Grand Total 100.00
Direct Plan - Growth Option 14.516 NHPC Ltd. Power 1.69 • Top Ten Holdings, £ Sponsor
Direct Plan - IDCW Option 13.538 Wipro Ltd. IT - Software 1.67
ASSETS UNDER MANAGEMENT J (`) IN CRORE
Tube Investments of India Ltd. Auto Components 1.61 Industry Allocation of Equity Holding (% of Net Assets)
Housing Development Fin.
As on April 30, 2022 2,889.23 Corp. Ltd.£ Finance 1.54 IT - Software 15.85
Average for Month of April 2022 2,923.77 Go Fashion (India) Limited Retailing 1.51 Banks 12.00
Tata Motors Ltd. Automobiles 1.51 Diversified Fmcg
QUANTITATIVE DATA Bharti Airtel Ltd. Telecom - Services 1.32 9.70
Portfolio Turnover Ratio (Last 1 year) 21.05% Bharat Electronics Ltd. Aerospace & Defense 1.27 Power 6.47
Risk Ratio Chambal Fertilizers & Chemicals Fertilizers & Finance 4.99
n Standard Deviation 3.454% Ltd. Agrochemicals 1.24 Construction 4.36
n Beta 0.275 Balrampur Chini Mills Ltd. Agricultural Food & Pharmaceuticals & Biotechnology
n Sharpe Ratio* 0.589 Other Products 1.23 3.52
Ambuja Cements Ltd. Cement & Cement Petroleum Products 3.34
Computed for the 3-yr period ended April 29, 2022. Based on
month-end NAV. * Risk free rate: 3.93%(Source: FIMMDA MIBOR) Products 1.16 Industrial Products 3.29
Apollo Hospitals Enterprise Ltd. Healthcare Services 1.16 Automobiles 2.91
For schemes which have not completed 3 years, data is computed UPL Ltd. Fertilizers &
since inception. Agrochemicals 1.14 Entertainment 2.75
SKF India Ltd. Industrial Products 1.08 Consumable Fuels 2.72
TOTAL EXPENSE RATIO (As on April 30, 2022)
Including Additional Expenses and Goods and Service Tax on GAIL (India) Ltd. Gas 1.05 Fertilizers & Agrochemicals 2.38
Management Fees GHCL Limited Chemicals & Auto Components 2.32
Regular: 2.02% Direct: 0.36% Petrochemicals 1.02
Nestle India Ltd. Food Products 1.02 Oil 2.00
#BENCHMARK INDEX: NIFTY 500 (Total Returns Index) Quess Corp Ltd. Commercial Services & Personal Products 1.66
Supplies 0.98 Telecom - Services 1.57
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Hindustan Petroleum Corp. Ltd. Petroleum Products 0.96 Retailing
Index) Vardhman Textiles Ltd. Textiles & Apparels 0.96 1.51
AIA Engineering Ltd. Industrial Products 0.94 Aerospace & Defense 1.40
EXIT LOAD Power Finance Corporation Ltd. Finance 0.94 Agricultural Food & Other Products 1.23
l In respect of each purchase / switch-in of Units, an Exit Load Tata Steel Ltd. Ferrous Metals 0.86 Healthcare Services 1.16
of 1.00% is payable if Units are redeemed / switched-out Dr Reddys Laboratories Ltd. Pharmaceuticals & Cement & Cement Products
within 1 year from the date of allotment. Biotechnology 0.85 1.16
l No Exit Load is payable if Units are redeemed / switched-out Emami Ltd. Personal Products 0.85 Capital Markets 1.09
after 1 year from the date of allotment. Godrej Consumer Products Ltd. Personal Products 0.81 Gas 1.05
For further details, please refer to para ‘Exit Load’ on Pg 77. Mahindra Holidays & Resorts Food Products 1.02
Ind Ltd. Leisure Services 0.80 Chemicals & Petrochemicals
REC Limited. Finance 0.79 1.02
PLANS & OPTIONS
Axis Bank Ltd. Banks 0.76 Commercial Services & Supplies 0.98
Regular Plan, Direct Plan. Under Each Plan: Growth & Income Bajaj Auto Limited Automobiles 0.76 Textiles & Apparels
Distribution cum Capital Withdrawal (IDCW) Option. The 0.96
IDCW Option offers following Sub-Options: Payout of Income Muthoot Finance Ltd. Finance 0.76 Ferrous Metals 0.86
Distribution cum Capital Withdrawal (IDCW) Option; and Re- UTI Asset Management Leisure Services
investment of Income Distribution cum Capital Withdrawal Company Ltd Capital Markets 0.72 0.80
(IDCW) Option. Apollo Tyres Ltd. Auto Components 0.71 Non - Ferrous Metals 0.67
Cummins India Ltd. Industrial Products 0.71 Insurance 0.61
MINIMUM APPLICATION AMOUNT Cholamandalam Financial Transport Infrastructure 0.34
Purchase : ` 5,000 and any amount thereafter. Holdings Ltd. Finance 0.67
Additional Purchase : ` 1,000 and any amount thereafter. Hindalco Industries Ltd. Non - Ferrous Metals 0.67 0 5 10 15 20
Mahindra & Mahindra Ltd. Automobiles 0.64
SEGMENT-WISE BREAK-UP
OF EQUITY HOLDING (% OF NET ASSETS)
SIP PERFORMANCE ^ - Regular Plan - Growth Option
Large Cap 68.81%
Mid Cap 9.88% Since Inception 1 year
Small Cap 18.98% SIP SIP
¥ Dedicated Fund Manager for Overseas Investments: Total Amount Invested (` ‘000) 170.00 120.00
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Mkt Value As on April 29, 2022 (` ‘000) 196.29 128.30
Mr. Priya Ranjan (since May 01, 2022)
(Total Experience: Over 15 years). Returns (%) 21.01 13.24
J Includes investments made by the schemes of HDFC Mutual Benchmark Returns (%) # 14.20 7.65
Fund aggregating to ` 90.90 Crores.
Additional Benchmark Returns (%) ## 11.26 5.70
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
This product is suitable for investors who are seeking ~ 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.
l capital appreciation over long term/regular income
l investment predominantly in equity and equity related PERFORMANCE ^
Instruments of dividend yielding companies
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Modera Returns Returns Benchmark
oderate High tely (%) (%)# Returns Scheme (`) Benchmark Additional
o M (`)# Benchmark
w t erate Hi (%) ##
(`)##
Mo Lo

gh
d

Apr 30, 21 Last 1 Year 30.45 20.87 18.24 13,035 12,081 11,818
Very
High
Low

Dec 18, 20 Since Inception 29.28 22.58 18.54 14,186 13,195 12,606
RISKOMETER Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Gopal Agrawal,
Investors understand that their principal will be at
please refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan
under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the
very high risk Schemes and Benchmark’s, refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.
~ Investors should consult their financial advisers, if in doubt ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme/Plan.
about whether the product is suitable for them. Load is not taken into consideration for computation of performance.
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

16 April 2022
 [An open ended equity scheme investing in maximum 30 stocks
HDFC Focused 30 Fund in large-cap, mid-cap and small-cap category (i.e. Multi-Cap)]

CATEGORY OF SCHEME: FOCUSED FUND PORTFOLIO

Company Industry+ / Rating % to NAV Company Industry+ / Rating % to NAV
KEY FACTS
EQUITY & EQUITY RELATED Garden Reach Shipbuilders &
INVESTMENT OBJECTIVE Engineers Limited Aerospace & Defense 1.52
• HDFC Bank Ltd. Banks 8.73
To generate long term capital appreciation/income by GAIL (India) Ltd. Gas 1.32
investing in equity & equity related instruments of up to • ICICI Bank Ltd. Banks 8.56
30 companies. Kalpataru Power Transmission
• State Bank of India Banks 6.75 Ltd. Construction 0.87
There is no assurance that the investment objective of the
Scheme will be realized. • Bharti Airtel Ltd. Telecom - Services 4.96 Equitas Small Finance Bank Ltd Banks 0.83
FUND MANAGER ¥ • NTPC Limited Power 4.25 MTAR Technologies Limited Aerospace & Defense 0.63
Roshi Jain (since January 13, 2022) • Dr Reddys Laboratories Ltd. Pharmaceuticals & Sub Total 93.99
Total Experience: Over 16 years Biotechnology 4.21
Cash,Cash Equivalents and Net Current Assets 6.01
INCEPTION DATE (Date of Allotment) • Infosys Limited IT - Software 3.55
Grand Total 100.00
September 17, 2004 • ACC Ltd. Cement & Cement
Products 3.52 • Top Ten Holdings
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`)
Regular Plan - Growth Option 117.194 • Larsen and Toubro Ltd. Construction 3.52
Regular Plan - IDCW Option 17.479 • Mahindra & Mahindra Ltd. Automobiles 3.48 Industry Allocation of Equity Holding (% of Net Assets)
Direct Plan - Growth Option 127.740
Direct Plan - IDCW Option 20.617 SBI Life Insurance Company
Ltd. Insurance 3.34 Banks 27.90
ASSETS UNDER MANAGEMENT (`) IN CRORE Pharmaceuticals & Biotechnology
Hindustan Aeronautics Limited Aerospace & Defense 3.31 9.09
As on April 30, 2022 1,323.59
Average for Month of April 2022 1,289.57 Cipla Ltd. Pharmaceuticals & Aerospace & Defense 8.29
Biotechnology 3.19
QUANTITATIVE DATA IT - Software 6.40
Portfolio Turnover Ratio (Last 1 year) 54.03% Axis Bank Ltd. Banks 3.03
Automobiles 6.30
Risk Ratio Sbi Cards And Payment
n Standard Deviation 6.922% Services Limited Finance 2.98 Cement & Cement Products 5.42
n Beta 1.034
n Sharpe Ratio* 0.154 HCL Technologies Ltd. IT - Software 2.85 Telecom - Services 4.96
Computed for the 3-yr period ended April 29, 2022. Based on Bharat Dynamics Limited Aerospace & Defense 2.83 Construction 4.39
month-end NAV. * Risk free rate: 3.93%(Source: FIMMDA MIBOR) Bajaj Auto Limited Automobiles 2.82 Power 4.25
For schemes which have not completed 3 years, data is computed
since inception. Bharat Petroleum Corporation
Ltd. Petroleum Products 2.74 Insurance 3.34
TOTAL EXPENSE RATIO (As on April 30, 2022) Finance 2.98
Including Additional Expenses and Goods and Service Tax on Prestige Estates Projects Ltd. Realty 2.51
Management Fees Escorts Ltd. Agricultural / Petroleum Products 2.74
Regular: 2.36% Direct: 0.93% Commercial & Realty
Construction Vehicles 2.16 2.51
#BENCHMARK INDEX: NIFTY 500 (Total Returns Index) Agricultural, Commercial & Construction Vehicles 2.16
Zydus Wellness Ltd Food Products 1.94
##ADDL. BENCHMARK INDEX: S&P BSE SENSEX (Total Returns Food Products 1.94
Index) UltraTech Cement Limited Cement & Cement
Products 1.90 Gas
EXIT LOAD 1.32
Lupin Ltd. Pharmaceuticals &
l In respect of each purchase / switch-in of Units, an Exit Load Biotechnology 1.69 0 5 10 15 20 25 30
of 1.00% is payable if Units are redeemed / switched-out
within 1 year from the date of allotment.
l No Exit Load is payable if Units are redeemed / switched-
out after 1 year from the date of allotment.
For further details, please refer to para ‘Exit Load’ on Pg 77.
SIP PERFORMANCE ^ - Regular Plan - Growth Option
PLANS & OPTIONS
Since Inception 15 year 10 year 5 year 3 year 1 year
Regular Plan, Direct Plan. Under Each Plan: Growth & Income SIP SIP SIP SIP SIP SIP
Distribution cum Capital Withdrawal (IDCW) Option. The
IDCW Option offers following Sub-Options: Payout of Income Total Amount Invested (` ‘000) 2,120.00 1,800.00 1,200.00 600.00 360.00 120.00
Distribution cum Capital Withdrawal (IDCW) Option; and Re-
investment of Income Distribution cum Capital Withdrawal Mkt Value As on April 29, 2022 (` ‘000) 7,085.69 4,808.27 2,383.24 888.47 525.68 132.75
(IDCW) Option.
Returns (%) 12.38 12.12 13.17 15.74 26.32 20.56
MINIMUM APPLICATION AMOUNT Benchmark Returns (%) # 13.48 13.40 15.03 16.99 23.71 7.65
Purchase : ` 5,000 and any amount thereafter.
Additional Purchase : ` 1,000 and any amount thereafter. Additional Benchmark Returns (%) ## 13.30 12.91 14.27 16.17 19.82 5.00
¥ Dedicated Fund Manager for Overseas Investments: Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
Sankalp Baid (since January 22, 2021 upto April 30, 2022) after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The
Mr. Priya Ranjan (since May 01, 2022) above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and
(Total Experience: Over 15 years). safeguard of capital.
PERFORMANCE ^ - Regular Plan - Growth Option
This product is suitable for investors who are seeking ~ Date Period Scheme Benchmark Additional Value of ` 10,000 invested
l to generate long-term capital appreciation / income Returns Returns Benchmark
(%) (%)# Returns Scheme (`) Benchmark Additional
l investments in equity & equity related instruments of up to (%) ## (`)# Benchmark
30 companies (`)##
Modera Apr 30, 21 Last 1 Year 32.45 20.87 18.19 13,234 12,081 11,813
oderate High tely
o M Apr 30, 19 Last 3 Years 14.67 16.52 14.77 15,080 15,819 15,118
w t erate Hi
Mo Lo

gh

Apr 28, 17 Last 5 Years 9.56 13.76 15.10 15,796 19,062 20,221
d

Apr 30, 12 Last 10 Years 12.42 14.79 14.20 32,247 39,734 37,751
Very
High
Low

Sep 17, 04 Since Inception 14.99 15.45 15.67 117,194 125,760 129,996
RISKOMETER
For performance of other schemes managed by Roshi Jain, please refer page 77. Different plans viz. Regular Plan and Direct Plan
Investors understand that their principal will be at have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution
very high risk expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark’s, refer page 86 to 91. For Performance
of Direct Plan, refer page no. 79.
~ Investors should consult their financial advisers, if in doubt
about whether the product is suitable for them. ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 17
HDFC Banking & Financial Services Fund (An open ended equity scheme investing
in Banking and Financial Services Sector)

CATEGORY OF SCHEME: SECTORAL FUND PORTFOLIO Industry Allocation of Equity Holding (% of Net Assets)
Company Industry+ % to NAV
KEY FACTS EQUITY & EQUITY RELATED
Banks 65.92
INVESTMENT OBJECTIVE • HDFC Bank Ltd. Banks 19.26
To provide long-term capital appreciation by investing • ICICI Bank Ltd. Banks 17.75
predominantly in equity and equity related instruments of • State Bank of India Banks 9.40
companies engaged in banking and financial services. Finance 22.85
• Housing Development Fin.
There is no assurance that the investment objective of the Corp. Ltd.£ Finance 8.86
Scheme will be realized.
• Axis Bank Ltd. Banks 7.79
FUND MANAGER ¥ • SBI Life Insurance Company
Ltd. Insurance 3.53 Insurance 5.83
Anand Laddha (since July 1, 2021)
Total Experience: Over 18 years • Indusind Bank Ltd. Banks 3.09
INCEPTION DATE (Date of Allotment) • ICICI Lombard General
Insurance Co Insurance 2.30 Capital Markets
July 1, 2021 2.65
• SBI Cards And Payment
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Services Limited Finance 2.12
Regular Plan - Growth Option 9.871 • Kotak Mahindra Bank
Limited Banks 2.08 Financial Technology (Fintech)
Regular Plan - IDCW Option 9.871 1.63
Direct Plan - Growth Option 10.029 Bank of Baroda Banks 1.99
Direct Plan - IDCW Option 10.029 Bajaj Finance Ltd. Finance 1.97
0 10 20 30 40 50 60 70
ASSETS UNDER MANAGEMENT (`) IN CRORE PB Fintech Limited (Policy Financial Technology
Bazaar) (Fintech) 1.63
As on April 30, 2022 2,264.77
Average for Month of April 2022 2,331.10 Shriram Transport Finance
Co. Ltd. Finance 1.63
TOTAL EXPENSE RATIO (As on April 30, 2022) Au Small Finance Bank Ltd. Banks 1.55
Including Additional Expenses and Goods and Service Tax on
The Federal Bank Ltd. Banks 1.54
Management Fees
IIFL Wealth Management Ltd. Finance 1.47
Regular: 2.12% Direct: 0.42%
CanFin Homes Ltd. Finance 1.36
#BENCHMARK INDEX: NIFTY Financial Services (Total Return
UTI Asset Management
Index) Company Ltd Capital Markets 1.08
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Return Index)
Angel One Ltd. Capital Markets 1.03
EXIT LOAD Cholamandalam Financial
l In respect of each purchase / switch-in of Units, an Exit Load Holdings Ltd. Finance 1.00
of 1.00% is payable if Units are redeemed / switched-out Power Finance Corporation Ltd. Finance 0.94
within 1 year from the date of allotment. Muthoot Finance Ltd. Finance 0.89
l No Exit Load is payable if Units are redeemed / switched-out Sundaram Finance Ltd. Finance 0.89
after 1 year from the date of allotment.
REC Limited. Finance 0.85
For further details, please refer to para ‘Exit Load’ on Pg 77.
Equitas Small Finance Bank Ltd Banks 0.84
PLANS & OPTIONS LIC Housing Finance Ltd. Finance 0.77
Regular Plan, Direct Plan. Under Each Plan: Growth & Income Karur Vysya Bank Ltd. Banks 0.63
Distribution cum Capital Withdrawal (IDCW) Option. The
IDCW Option offers following Sub-Options: Payout of Income Aditya Birla Sun Life AMC
Limited Capital Markets 0.54
Distribution cum Capital Withdrawal (IDCW) Option; and
Reinvestment of Income Distribution cum Capital Withdrawal Equitas Holdings Ltd. Finance 0.10
(IDCW) Option. Sub Total 98.88
MINIMUM APPLICATION AMOUNT Cash,Cash Equivalents and Net Current Assets 1.12
Purchase : ` 5,000 and any amount thereafter. Grand Total 100.00
Additional Purchase : ` 1,000 and any amount thereafter. • Top Ten Holdings
¥ Dedicated Fund Manager for Overseas Investments:
Sankalp Baid (since January 22, 2021 upto April 30, 2022)
Mr. Priya Ranjan (since May 01, 2022)
(Total Experience: Over 15 years).

This product is suitable for investors who are seeking ~

l to generate long-term capital appreciation/income
l investment predominantly in equity & equity related
instruments of banking and financial services companies PERFORMANCE ^
Modera Date Period Scheme Benchmark Additional Value of ` 10,000 invested
oderate High tely Returns Returns Benchmark
o M Scheme (`) Benchmark Additional
w t erate Hi (%) (%)# Returns
(`)# Benchmark
(%) ##
Mo Lo

gh

(`)##
d

Oct 29, 21 Last 6 months -20.55 -22.85 -5.81 8,975 8,860 9,710
Very
High
Low

RISKOMETER
Investors understand that their principal will be at
very high risk
~ Investors should consult their financial advisers, if in doubt
about whether the product is suitable for them.
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 -10.25%. For performance of
other schemes managed by Anand Laddha, please refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense
structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged
in the Regular Plan. For Riskometer of the Schemes and Benchmark’s, refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme/Plan.
Load is not taken into consideration for computation of performance.

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

18 April 2022
HDFC Housing Opportunities Fund (An open ended equity scheme following
housing and allied activities theme)

CATEGORY OF SCHEME: THEMATIC FUND PORTFOLIO

Company Industry+ % to NAV Industry Allocation of Equity Holding (% of Net Assets)
KEY FACTS EQUITY & EQUITY RELATED
INVESTMENT OBJECTIVE
• Larsen and Toubro Ltd. Construction 9.55 Banks 30.70
• NTPC Limited Power 9.25
To provide long-term capital appreciation by investing • HDFC Bank Ltd. Banks 9.21 16.31
predominantly in equity and equity related instruments of Construction
• State Bank of India Banks 9.10
entities engaged in and/or expected to benefit from the
growth in housing and its allied business activities. • ICICI Bank Ltd. Banks 8.74 Finance 9.88
There is no assurance that the investment objective of the • Housing Development Fin.
Scheme will be realized. Corp. Ltd.£ Finance 7.35 Power 9.62
• Ambuja Cements Ltd. Cement & Cement
FUND MANAGER § ¥ Products 6.08 Cement & Cement Products 8.97
Rakesh Vyas (since June 01, 2019) • Prestige Estates Projects Ltd. Realty 4.42
Total Experience: Over 20 years • Ashoka Buildcon Ltd. Construction 3.67 Consumer Durables 7.85
• Tata Steel Ltd. Ferrous Metals 3.61
INCEPTION DATE (Date of Allotment) Axis Bank Ltd. Banks 2.14 6.36
Realty
December 6, 2017 Asian Paints Limited Consumer Durables 2.08
AkzoNobel India Ltd. Consumer Durables 1.90 Ferrous Metals 3.61
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Crompton Greaves Consumer
Regular Plan - Growth Option 12.352 Elec. Ltd. Consumer Durables 1.80 Gas 2.38
Regular Plan - IDCW Option 11.307 JMC Projects (India) Ltd. Construction 1.63
Direct Plan - Growth Option 12.931 GAIL (India) Ltd. Gas 1.53 1.24
Direct Plan - IDCW Option 11.891 Non - Ferrous Metals
Birla Corporation Ltd. Cement & Cement
ASSETS UNDER MANAGEMENT (`) IN CRORE Products 1.35 Industrial Products 0.92
Hindalco Industries Ltd. Non - Ferrous Metals 1.24
As on April 30, 2022 1,247.80
Average for Month of April 2022 1,289.70 Macrotech Developers Limited Realty 1.17 Aerospace & Defense 0.83
Bank of Baroda Banks 1.01
QUANTITATIVE DATA Orient Cement Ltd. Cement & Cement Electrical Equipment 0.48
Portfolio Turnover Ratio (Last 1 year) 4.21% Products 1.01
Risk Ratio
Symphony Ltd. Consumer Durables 0.98 0 10 20 30 40
n Standard Deviation 7.249% Finolex Cables Ltd. Industrial Products 0.92
n Beta 1.045 Indian Railways Finance
n Sharpe Ratio* 0.103 Corp. Ltd. Finance 0.87
This product is suitable for investors who are seeking ~
Bharat Dynamics Limited Aerospace & Defense 0.83
Computed for the 3-yr period ended April 29, 2022. Based on
PNC Infratech Ltd. Construction 0.83 l capital appreciation over long term
month-end NAV. * Risk free rate: 3.93%(Source: FIMMDA MIBOR)
Shriram Properties Limited Realty 0.77 l investment predominantly in equity and equity related
For schemes which have not completed 3 years, data is computed instruments of entities engaged in and/ or expected to benefit
since inception. Bajaj Electricals Ltd. Consumer Durables 0.66
from the growth in housing and its allied business activities
Petronet LNG Ltd. Gas 0.66
TOTAL EXPENSE RATIO (As on April 30, 2022) Dilip Buildcon Ltd. Construction 0.63 Modera
Including Additional Expenses and Goods and Service Tax on oderate High tely
UltraTech Cement Limited Cement & Cement o M
Management Fees Products 0.53 w t erate Hi

Mo Lo

gh
RBL Bank Ltd. Banks 0.50

d
Regular: 2.23% Direct: 1.23%
SBI Cards And Payment

Very
High
Low
#BENCHMARK INDEX: NIFTY Housing (Total Returns Index) ∞ Services Limited Finance 0.49
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index) GE Power India Ltd. Electrical Equipment 0.48
RISKOMETER
Aavas Financiers Ltd. (Formerly
EXIT LOAD known as Au Housing Finance Investors understand that their principal will be at
Ltd.) Finance 0.43 very high risk
Applicable only for units allotted after conversion of scheme
into open-ended scheme i.e. on or after January 19, 2021: Johnson Controls Hitachi Air ~ Investors should consult their financial advisers, if in doubt
In respect of each purchase / switch-in of Units, upto 15% of Conditioning India Ltd. Consumer Durables 0.43 about whether the product is suitable for them.
the units may be redeemed without any exit load from the CanFin Homes Ltd. Finance 0.37
date of allotment. Power Grid Corporation of Power 0.37
l Any redemption in excess of the above limit shall be subject
India Ltd.
to the following exit load: - Exit load of 1.00% is payable if Repco Home Finance Ltd. Finance 0.37
Units are redeemed / switched-out within 1 year from the Gujarat Gas Ltd. Gas 0.19
date of allotment of units. Sub Total 99.15
l No Exit Load is payable if Units are redeemed / switched- UNITS ISSUED BY REIT & INVIT
out after 1 year from the date of allotment. No Entry / Exit POWERGRID Infrastructure Power @
Load shall be levied on bonus units and units allotted on Investment Trust
IDCW reinvestment. Sub Total @
Note: To clarify, Unitholders who acquired units on or before Total @
January 18, 2021, will not be charged exit load in respect Cash,Cash Equivalents and Net Current Assets 0.85
of those units. Grand Total 100.00
For further details, please refer to para ‘Exit Load’ on Pg 77. • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.

PLANS & OPTIONS The date of inception/allotment of HDFC Housing opportunities Fund is December 6, 2017. The Scheme was launched as a close
Regular Plan, Direct Plan. Under Each Plan: Growth & Income ended thematic Equity Scheme. The Scheme has been converted into open-ended scheme on January 19, 2021.
Distribution cum Capital Withdrawal (IDCW) Option. The
IDCW Option offers following Sub-Options: Payout of Income PERFORMANCE ^ - Regular Plan - Growth Option
Distribution cum Capital Withdrawal (IDCW) Option; and Re- Date Period Scheme Benchmark Additional Value of ` 10,000 invested
investment of Income Distribution cum Capital Withdrawal Returns Returns Benchmark Scheme (`) Benchmark Additional
(IDCW) Option. (%) (%)# Returns (`)# Benchmark
(%) ## (`)##
MINIMUM APPLICATION AMOUNT Apr 30, 21 Last 1 Year 18.59 23.27 18.24 11,853 12,320 11,818
Purchase : ` 5,000 and any amount thereafter. Apr 30, 19 Last 3 Years 9.28 18.93 14.67 13,049 16,820 15,079
Additional Purchase : ` 1,000 and any amount thereafter.
Dec 06, 17 Since Inception 4.92 14.28 14.21 12,352 17,983 17,938
¥ Dedicated Fund Manager for Overseas Investments: Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Rakesh Vyas, please refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the
Mr. Priya Ranjan (since May 01, 2022) Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer
(Total Experience: Over 15 years).
of the Schemes and Benchmark’s, refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.
∞ NIFTY Housing Index (Total Returns Index) ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
(w.e.f March 7, 2022) Load is not taken into consideration for computation of performance.

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 19
HDFC Infrastructure Fund (An open ended equity scheme following
infrastructure theme)

CATEGORY OF SCHEME: THEMATIC FUND PORTFOLIO

Company Industry+ % to NAV Company Industry+ % to NAV
KEY FACTS EQUITY & EQUITY RELATED Cholamandalam Investment
• ICICI Bank Ltd. Banks 8.03 & Finance Finance 0.78
INVESTMENT OBJECTIVE
• State Bank of India Banks 7.71 Repco Home Finance Ltd. Finance 0.73
To seek long-term capital appreciation/income by investing
predominantly in equity and equity related securities of • NTPC Limited Power 7.30 PB Fintech Limited (Policy Financial Technology
companies engaged in or expected to benefit from the growth Bazaar) (Fintech) 0.53
and development of infrastructure. • Larsen and Toubro Ltd. Construction 7.16
H.G. Infra Engineering Ltd. Construction 0.48
There is no assurance that the investment objective of the • Coal India Ltd. Consumable Fuels 6.64
Scheme will be realized. Titagarh Wagons Limited Industrial Manufacturing 0.46
• J.Kumar Infraprojects Ltd. Construction 6.09
Prestige Estates Projects Ltd. Realty 0.42
FUND MANAGER ¥ • Hindustan Construction
Company Ltd. Construction 4.84 Escorts Ltd. Agricultural /
Rakesh Vyas (since June 01, 2019) Commercial &
Total Experience: Over 20 years • JMC Projects (India) Ltd. Construction 4.19 Construction Vehicles 0.32
• G R Infraprojects Limited Construction 3.39 Sadbhav Infrastructure Project
INCEPTION DATE (Date of Allotment)
• Dynamatic Technologies Ltd. Industrial Manufacturing 3.28 Ltd. (Corporate Guarantee of
March 10, 2008
Bharti Airtel Ltd. Telecom - Services 3.22 Sadbhav Engineering Ltd.) Construction 0.19
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Gujarat Pipavav Port Ltd. Transport Infrastructure 2.82 PNC Infratech Ltd. Construction 0.03
Regular Plan - Growth Option 20.791 Premier Explosives Ltd. Chemicals & Sub Total 98.97
Regular Plan - IDCW Option 11.316 Petrochemicals 2.63 Cash,Cash Equivalents and Net Current Assets 1.03
Direct Plan - Growth Option 22.367
Direct Plan - IDCW Option 16.063 Centum Electronics Ltd. Industrial Grand Total 100.00
Manufacturing 2.06 • Top Ten Holdings
ASSETS UNDER MANAGEMENT (`) IN CRORE Ashoka Buildcon Ltd. Construction 2.03
As on April 30, 2022 568.94 Axis Bank Ltd. Banks 1.86
Average for Month of April 2022 588.11 Industry Allocation of Equity Holding (% of Net Assets)
AIA Engineering Ltd. Industrial Products 1.81
QUANTITATIVE DATA Inox Leisure Ltd. Entertainment 1.79 Construction 30.09
Portfolio Turnover Ratio (Last 1 year) 18.81% MTAR Technologies Limited Aerospace & Defense 1.73 Banks 17.60
Risk Ratio Oil & Natural Gas Corporation Industrial Manufacturing 7.68
n Standard Deviation 9.266%
n Beta
Ltd. Oil 1.69 Power 7.30
1.298
n Sharpe Ratio* 0.081 Ambuja Cements Ltd. Cement & Cement Consumable Fuels 6.64
Computed for the 3-yr period ended April 29, 2022. Based on Products 1.54 Finance 3.91
month-end NAV. * Risk free rate: 3.93%(Source: FIMMDA MIBOR) Data Patterns (India) Limited Aerospace & Defense 1.37 Transport Infrastructure 3.61
For schemes which have not completed 3 years, data is computed Birla Corporation Ltd. Cement & Cement Telecom - Services 3.22
since inception. Products 1.24 Aerospace & Defense 3.10
TOTAL EXPENSE RATIO (As on April 30, 2022) Power Finance Corporation Ltd. Finance 1.24 Cement & Cement Products 2.78
Including Additional Expenses and Goods and Service Tax on SBI Cards And Payment Chemicals & Petrochemicals 2.63
Management Fees Services Limited Finance 1.16 Industrial Products 1.81
Regular: 2.59% Direct: 1.85% CarTrade Tech Limited Retailing 1.06 Entertainment 1.79
#BENCHMARK INDEX: NIFTY 500 (Total Returns Index) InterGlobe Aviation Ltd. Transport Services 1.03 Oil 1.69
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index) Tega Industries Limited Industrial Manufacturing 1.02 Retailing 1.06
EXIT LOAD Bharat Petroleum Corporation Transport Services 1.03
Ltd. Petroleum Products 0.90 Petroleum Products 0.90
l In respect of each purchase / switch-in of Units, an Exit Load
of 1.00% is payable if Units are redeemed / switched-out Dilip Buildcon Ltd. Construction 0.87 Auto Components 0.86
within 1 year from the date of allotment. Texmaco Rail & Engineering Ltd. Industrial Manufacturing 0.86 Financial Technology (Fintech) 0.53
l No Exit Load is payable if Units are redeemed / switched-
out after 1 year from the date of allotment. ZF Commercial Vehicle Control Realty 0.42
For further details, please refer to para ‘Exit Load’ on Pg 77. Systems India Limited Auto Components 0.86
Agricultural, Commercial & Construction Vehicles 0.32
Simplex Infrastructures Limited Construction 0.82
PLANS & OPTIONS 0 10 20 30 40
MEP Infrastructure Developers
Regular Plan, Direct Plan. Under Each Plan: Growth & Income Ltd. Transport Infrastructure 0.79
Distribution cum Capital Withdrawal (IDCW) Option. The
IDCW Option offers following Sub-Options: Payout of Income
Distribution cum Capital Withdrawal (IDCW) Option; and Re-
investment of Income Distribution cum Capital Withdrawal SIP PERFORMANCE ^ - Regular Plan - Growth Option
(IDCW) Option. Since Inception 10 year 5 year 3 year 1 year
MINIMUM APPLICATION AMOUNT SIP SIP SIP SIP SIP
Purchase : ` 5,000 and any amount thereafter. Total Amount Invested (` ‘000) 1,700.00 1,200.00 600.00 360.00 120.00
Additional Purchase : ` 1,000 and any amount thereafter. Mkt Value As on April 29, 2022 (` ‘000) 2,941.59 1,803.86 785.56 510.99 129.44
¥ Dedicated Fund Manager for Overseas Investments: Returns (%) 7.37 7.91 10.75 24.23 15.10
Sankalp Baid (since January 22, 2021 upto April 30, 2022)
Mr. Priya Ranjan (since May 01, 2022) Benchmark Returns (%) # 13.92 15.03 16.99 23.71 7.65
(Total Experience: Over 15 years). Additional Benchmark Returns (%) ## 13.20 14.13 16.14 20.77 5.70
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
This product is suitable for investors who are seeking ~ investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

l to generate long-term capital appreciation / income PERFORMANCE ^ - Regular Plan - Growth Option
l investment predominantly in equity and equity related Date Period Scheme Benchmark Additional Value of ` 10,000 invested
securities of companies engaged in or expected to benefit Returns Returns Benchmark
(%) (%)# Returns Scheme (`) Benchmark
Additional
from the growth and development of infrastructure (%) ## (`)#
Benchmark
(`)##
Modera
oderate High tely Apr 30, 21 Last 1 Year 31.93 20.87 18.24 13,183 12,081 11,818
to te M Hi
w era Apr 30, 19 Last 3 Years 7.90 16.52 14.67 12,561 15,819 15,079
Mo Lo

gh
d

Apr 28, 17 Last 5 Years 1.66 13.76 14.34 10,859 19,062 19,556
Apr 30, 12 Last 10 Years 7.48 14.79 13.94 20,581 39,734 36,901
Very
High
Low

Mar 10, 08 Since Inception 5.31 11.10 10.70 20,791 44,318 42,120
RISKOMETER Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Rakesh Vyas,
Investors understand that their principal will be at please refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan
very high risk under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the
Schemes and Benchmark’s, refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.
~ Investors should consult their financial advisers, if in doubt ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
about whether the product is suitable for them. Load is not taken into consideration for computation of performance.
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

20 April 2022
HDFC Balanced Advantage Fund (An open ended balanced advantage fund)

CATEGORY OF SCHEME: BALANCED ADVANTAGE FUND SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
KEY FACTS
Total Amount Invested (` ‘000) 3,390.00 1,800.00 1,200.00 600.00 360.00 120.00
INVESTMENT OBJECTIVE Mkt Value As on April 29, 2022 (` ‘000) $$ 87,381.82 5,579.96 2,451.48 870.05 494.37 129.32
To provide long term capital appreciation / income from a Returns (%) $$ 18.62 13.86 13.70 14.89 21.82 14.91
dynamic mix of equity and debt investments. Benchmark Returns (%) # N.A. 10.86 11.44 12.16 13.44 3.82
There is no assurance that the investment objective of the Additional Benchmark Returns (%) ## 13.57 12.76 14.13 16.14 20.77 5.70
Scheme will be realized. 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
FUND MANAGER ¥ investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Prashant Jain (since February 01, 1994)
Total Experience: Over 31 years
PERFORMANCE ^ - Regular Plan - Growth Option
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
INCEPTION DATE Returns Returns Benchmark Scheme (`) Benchmark Additional
(%) $$ (%)# Returns $$ (`)# Benchmark
February 01, 1994 (%) ## (`)##
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Apr 30, 21 Last 1 Year 23.84 10.72 18.24 12,376 11,069 11,818
Regular Plan - Growth Option 290.289 Apr 30, 19 Last 3 Years 13.38 12.30 14.67 14,576 14,162 15,079
Regular Plan - IDCW Option 28.975 Apr 28, 17 Last 5 Years 10.72 11.35 14.34 16,650 17,127 19,556
Direct Plan - Growth Option 307.437 Apr 30, 12 Last 10 Years 13.71 11.50 13.94 36,159 29,700 36,901
Direct Plan - IDCW Option 32.067
Feb 01, 94 Since Inception 18.00 NA 10.96 1,074,349 NA 189,130
ASSETS UNDER MANAGEMENT (`) IN CRORE 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.
As on April 30, 2022 43,950.49 $$ All Distributions declared prior to the splitting of the Scheme into IDCW & Growth Options are assumed to be reinvested in the units of
Average for Month of April 2022 44,411.55 the Scheme at the then prevailing NAV (ex-distribution NAV). For performance of other schemes managed by Prashant Jain, please refer
page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the
QUANTITATIVE DATA 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
Portfolio Turnover Ratio 31.40% from February 1, 1994 to June 29, 1999 and TRI values since June 30, 1999. For Riskometer of the Schemes and Benchmark’s, refer page 86
Average Maturity * 4.13 years to 91. For Performance of Direct Plan, refer page no. 79. For FPI Portfolio, refer page no. 83.
Macaulay Duration * 1.80 year ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Modified Duration * 1.64 year Load is not taken into consideration for computation of performance.
Yield to Maturity * 5.21%
*Calculated on amount invested in debt securities (including
accrued interest), deployment of funds in TREPS and Reverse Portfolio Classification By Asset Class (%) Portfolio Classification By Rating Class (%)
Repo and net receivable / payable.
n Equity 65.30
TOTAL EXPENSE RATIO (As on April 30, 2022) n Equity 62.45 n Sovereign 19.97
Including Additional Expenses and Goods and Service Tax on n Total Hedged Exposure 2.85 n Units issued by InvIT 0.75
Management Fees n Units issued by InvIT 0.75 n Units issued by ReIT 2.18
Regular: 1.60% Direct: 0.96% n Units issued by ReIT 2.18 n AAA/AAA(SO)/A1+/A1+(SO) &
n G-Sec, T-Bills 19.97 Equivalent 3.01
NET EQUITY EXPOSURE: 62.45% n Credit Exposure 6.52 n AA+ 2.16
n Cash, Cash Equivalents and n AA/AA- 1.35
#BENCHMARK INDEX: NIFTY 50 Hybrid Composite debt n Cash, Cash Equivalents and
50:50 Index Net Current Assets 5.28
Net Current Assets 5.28
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)
EXIT LOAD This product is suitable for investors who are seeking ~ Industry Allocation of Equity Holding net of derivatives
l In respect of each purchase / switch-in of Units, upto 15%
l to generate long-term capital appreciation / income
(% of Net Assets)
of the units may be redeemed without any exit load from
the date of allotment. l investments in a mix of equity and debt instruments
Banks 17.14
l Any redemption in excess of the above limit shall be subject
Modera Power 7.32
to the following exit load: oderate High tely
o M Finance 6.35
n Exit load of 1.00% is payable if Units are redeemed / w t erate Hi
Consumable Fuels 4.89
Mo Lo

gh

switched-out within 1 year from the date of allotment Petroleum Products

d

4.05
of units. Construction 3.83
Very
High
Low

l No Exit Load is payable if Units are redeemed / switched- Diversified Fmcg 3.45
out after 1 year from the date of allotment. RISKOMETER Pharmaceuticals & Biotechnology 3.19
For further details, please refer to para ‘Exit Load’ on Pg 77. Aerospace & Defense 2.75
Investors understand that their principal will be at Realty
very high risk 2.18
PLANS & OPTIONS IT - Software 1.39
Regular Plan, Direct Plan. Under Each Plan: Growth & Income ~ Investors should consult their financial advisers, if in doubt Telecom - Services 1.38
Distribution cum Capital Withdrawal (IDCW) Option. The about whether the product is suitable for them. Gas 1.33
IDCW Option offers following Sub-Options: Payout of Income Industrial Manufacturing 0.92
Distribution cum Capital Withdrawal (IDCW) Option; and Re- Industrial Products 0.79
investment of Income Distribution cum Capital Withdrawal Agricultural, Commercial & Construction Vehicles 0.67
(IDCW) Option. Insurance 0.65
Transport Infrastructure 0.60
MINIMUM APPLICATION AMOUNT Auto Components 0.54
Purchase : ` 5,000 and any amount thereafter. Automobiles 0.51
Additional Purchase : ` 1,000 and any amount thereafter. Entertainment 0.46
¥ Dedicated Fund Manager for Overseas Investments: Transport Services 0.29
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Electrical Equipment 0.24
Mr. Priya Ranjan (since May 01, 2022) Capital Markets 0.17
(Total Experience: Over 15 years). Commercial Services & Supplies 0.13
Date of migration of erstwhile HDFC Prudence Fund from
Chemicals & Petrochemicals 0.10
Zurich India Mutual Fund (Close of business hours - June Consumer Durables 0.06
19, 03) 0 5 10 15 20 25 30

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified. ....Contd on next page

April 2022 21
 .....Contd from previous page
HDFC Balanced Advantage Fund (An open ended balanced advantage fund)

PORTFOLIO
Company Industry+ / Rating % to NAV % exposure Company Industry+ / Rating % to NAV % exposure
(Hedged & of Derivative (Hedged & of Derivative
Unhedged) Unhedged)
EQUITY & EQUITY RELATED MEP Infrastructure Developers Ltd. Transport Infrastructure 0.05 0.00
• State Bank of India Banks 8.36 0.99 Action Construction Equipments Ltd Agricultural / Commercial &
• Coal India Ltd. Consumable Fuels 5.19 0.30 Construction Vehicles 0.04 0.00
• NTPC Limited Power 5.16 0.00 Ramco Systems Ltd. IT - Software 0.04 0.00
• ICICI Bank Ltd. Banks 4.63 0.00 SJVN Limited Power 0.04 0.00
• ITC Ltd. Diversified Fmcg 3.45 0.00 Union Bank of India Banks 0.03 0.00
• Larsen and Toubro Ltd. Construction 3.08 0.49 Sub Total 65.30
• Power Finance Corporation Ltd. Finance 2.45 0.00 DEBT & DEBT RELATED
HDFC Bank Ltd. Banks 2.19 0.00 GOVERNMENT SECURITIES (CENTRAL/STATE)
Bharti Airtel Ltd. Telecom - Services 1.91 0.53 • 5.38 GOI 2034 Sovereign 3.32
Reliance Industries Ltd. Petroleum Products 1.89 0.00 7.32 GOI 2024 Sovereign 1.87
Infosys Limited IT - Software 1.69 0.34 5.22 GOI 2025 Sovereign 1.36
Housing Development Fin. Corp. Ltd.£ Finance 1.65 0.00 7.16 GOI 2023 Sovereign 1.27
Axis Bank Ltd. Banks 1.62 0.00 4.48 GOI 2023 Sovereign 0.98
GAIL (India) Ltd. Gas 1.45 0.12 6.18 GOI 2024 Sovereign 0.98
REC Limited. Finance 1.45 0.00 8.13 GOI 2022 Sovereign 0.75
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & 8.15 GOI 2022 Sovereign 0.46
Biotechnology 1.35 0.00 7.37 GOI 2023 Sovereign 0.29
Bank of Baroda Banks 1.30 0.00 8.08 GOI 2022 Sovereign 0.24
Hindustan Petroleum Corp. Ltd. Petroleum Products 1.01 0.00 6.17 GOI 2023 Sovereign 0.23
Lupin Ltd. Pharmaceuticals & 7.35 GOI 2024 Sovereign 0.07
Biotechnology 0.98 0.00 6.84 GOI 2022 Sovereign 0.06
Hindustan Aeronautics Limited Aerospace & Defense 0.93 0.08 Sub Total 11.88
Bharat Petroleum Corporation Ltd. Petroleum Products 0.88 0.00 T-BILLS
NHPC Ltd. Power 0.79 0.00 • 182 days Tbill ISD 130422 Mat 121022 Sovereign 4.46
Bharat Dynamics Limited Aerospace & Defense 0.68 0.00 • 91 Days Tbill ISD 130422 Mat 130722 Sovereign 3.63
SBI Life Insurance Company Ltd. Insurance 0.65 0.00 Sub Total 8.09
Mishra Dhatu Nigam Ltd. Aerospace & Defense 0.64 0.00 CREDIT EXPOSURE (PERPETUAL BONDS)
Garden Reach Shipbuilders & Engineers Limited Aerospace & Defense 0.58 0.00 Punjab National Bank (AT1, BASEL III, Perpetual) CRISIL - AA 1.03
Gujarat Pipavav Port Ltd. Transport Infrastructure 0.55 0.00 ICICI BANK LTD. (AT1, BASEL III, PERPETUAL) CARE - AA+ 0.63
Apollo Tyres Ltd. Auto Components 0.54 0.00 HDFC Bank Ltd. (AT1, BASEL III, Perpetual) CRISIL - AA+ 0.59
Tata Motors Ltd. Automobiles 0.51 0.00 Bank of Baroda (AT1, BASEL III, Perpetual) CRISIL - AA+ 0.51
Zee Entertainment Enterprises Ltd. Entertainment 0.46 0.00 State Bank of India (AT1, BASEL III, Perpetual) CRISIL - AA+ 0.43
CESC Ltd. Power 0.43 0.00 Union Bank of India (AT1, BASEL III, Perpetual) CARE - AA 0.12
BEML Limited Agricultural / Commercial & Union Bank of India (AT1, BASEL III, Perpetual) CRISIL - AA 0.02
Construction Vehicles 0.42 0.00
Sub Total 3.33
Aurobindo Pharma Ltd. Pharmaceuticals &
Biotechnology 0.36 0.00 CREDIT EXPOSURE (NON PERPETUAL)
Indian Railways Finance Corp. Ltd. Finance 0.36 0.00 Housing Development Fin. Corp. Ltd.£ CRISIL - AAA 0.72
Lakshmi Machine Works Ltd. Industrial Manufacturing 0.33 0.00 LIC Housing Finance Ltd. CRISIL - AAA 0.53
Techno Electric & Engin. Co. Ltd. Construction 0.33 0.00 State Bank of India CRISIL - AAA 0.44
Ipca Laboratories Ltd. Pharmaceuticals & Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.36
Biotechnology 0.32 0.00 REC Limited. CRISIL - AAA 0.26
Bharat Forge Ltd. Industrial Products 0.30 0.00 Bharat Petroleum Corporation Ltd. CRISIL - AAA 0.22
Ashoka Buildcon Ltd. Construction 0.29 0.00 Coastal Gujarat Power Ltd. (Corporate
Great Eastern Shipping Company Ltd. Transport Services 0.29 0.00 Guarantee of Tata Power) CARE - AA(CE) 0.18
SBI Cards And Payment Services Limited Finance 0.28 0.00 Indian Railways Finance Corp. Ltd. CRISIL - AAA 0.18
Savita Oil Technologies Ltd. Petroleum Products 0.27 0.00 EXPORT - IMPORT BANK OF INDIA CRISIL - AAA 0.12
Timken India Ltd. Industrial Products 0.26 0.00 Power Grid Corporation of India Ltd. CRISIL - AAA 0.12
J.Kumar Infraprojects Ltd. Construction 0.25 0.00 National Bank for Agri & Rural Dev. ICRA - AAA 0.06
Apar Industries Limited Electrical Equipment 0.24 0.00 SUB TOTAL 3.19
Time Technoplast Limited Industrial Products 0.23 0.00 Total 26.49
Ashok Leyland Ltd Agricultural / Commercial & UNITS ISSUED BY REIT & INVIT
Construction Vehicles 0.21 0.00 UNITS ISSUED BY INVIT
Cipla Ltd. Pharmaceuticals & POWERGRID Infrastructure Investment Trust Power 0.75
Biotechnology 0.18 0.00 Sub Total 0.75
Dynamatic Technologies Ltd. Industrial Manufacturing 0.18 0.00 UNITS ISSUED BY REIT
Aditya Birla Sun Life AMC Limited Capital Markets 0.17 0.00 BROOKFIELD INDIA REAL ESTATE TRUST Realty 1.18
Housing and Urban Development Corporation Embassy Office Parks REIT Realty 1.00
Ltd. Finance 0.16 0.00
Sub Total 2.18
Gujarat Industries Power Co. Ltd. Power 0.15 0.00
Total 2.93
JMC Projects (India) Ltd. Construction 0.15 0.00
Cash Margin 2.53
Titagarh Wagons Limited Industrial Manufacturing 0.15 0.00
Cash,Cash Equivalents and Net Current Assets 2.75
Texmaco Rail & Engineering Ltd. Industrial Manufacturing 0.14 0.00
Grand Total 100.00
AGS Transact Technologies Limited Commercial Services &
Supplies 0.13 0.00 • Top Ten Holdings, £ Sponsor
Tega Industries Limited Industrial Manufacturing 0.12 0.00 Outstanding exposure in derivative instruments (` in Crore) 1,250.46
PCBL Ltd. Chemicals & Petrochemicals 0.10 0.00
Hedged position in Equity & Equity related instruments
RITES Limited Construction 0.08 0.00
Hindustan Construction Company Ltd. Construction 0.07 0.00 Outstanding derivative exposure (% age) 2.85
IRB Infrastructure Developers Ltd. Construction 0.07 0.00
Campus Activewear Limited Consumer Durables 0.06 0.00

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.

22 April 2022
 (An open ended hybrid scheme investing predominantly in
HDFC Hybrid Equity Fund equity and equity related instruments)

CATEGORY OF SCHEME: AGGRESSIVE HYBRID FUND PORTFOLIO

Company Industry+ / Rating % to Company Industry+ / Rating % to
NAV NAV
KEY FACTS
EQUITY & EQUITY RELATED 7.16 GOI 2023 Sovereign 1.57
INVESTMENT OBJECTIVE
• ICICI Bank Ltd. Banks 7.66 6.84 GOI 2022 Sovereign 1.03
The investment objective of the Scheme is to generate capital
appreciation / income from a portfolio, predominantly of • Reliance Industries Ltd. Petroleum Products 5.62 8.2 GOI 2025 Sovereign 1.01
equity & equity related instruments. The Scheme will also
invest in debt and money market instruments. • Infosys Limited IT - Software 4.83 7.35 GOI 2024 Sovereign 0.85
There is no assurance that the investment objective of the • HDFC Bank Ltd. Banks 4.48 8.24 GOI 2033 Sovereign 0.56
Scheme will be realized.
• State Bank of India Banks 4.24 8.4 GOI 2024 Sovereign 0.29
FUND MANAGER ¥

Chirag Setalvad (since April 2, 2007)@@ • Larsen and Toubro Ltd. Construction 4.18 8.6 GOI 2028 Sovereign 0.24
Total Experience: Over 25 years • ITC Ltd. Diversified Fmcg 3.81 8.13 GOI 2045 Sovereign 0.12
INCEPTION DATE@@ • Housing Development Fin. 8.83 GOI 2023 Sovereign 0.02
September 11, 2000 Corp. Ltd.£ Finance 3.67
Sub Total 8.82
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Axis Bank Ltd. Banks 2.90
CREDIT EXPOSURE (NON PERPETUAL)
Regular Plan - Growth Option 78.887 Bharat Electronics Ltd. Aerospace & Defense 2.62
Regular Plan - IDCW Option 13.831 • Tata Sons Ltd. CRISIL - AAA 3.05
Direct Plan - Growth Option 83.757 Power Grid Corporation of
Direct Plan - IDCW Option 15.189 India Ltd. Power 2.59 LIC Housing Finance Ltd. CRISIL - AAA 1.46
ASSETS UNDER MANAGEMENT (`) IN CRORE Bharti Airtel Ltd. Telecom - Services 2.51 Coastal Gujarat Power Ltd.
(Corporate Guarantee of Tata
As on April 30, 2022 18,241.94 SKF India Ltd. Industrial Products 1.84 Power) CARE - AA(CE) 1.38
Average for Month of April 2022 18,579.19
KEC International Ltd. Electrical Equipment 1.73 REC Limited. CARE - AAA / CRISIL -
QUANTITATIVE DATA AAA / IND - AAA 0.75
Portfolio Turnover Ratio (Last 1 year) 5.07% UPL Ltd. Fertilizers &
Average Maturity * 3.20 years Agrochemicals 1.56 Power Finance Corporation CRISIL - AAA / ICRA
Macaulay Duration * 1.92 year Ltd. - AAA 0.60
Modified Duration * 1.80 year Aurobindo Pharma Ltd. Pharmaceuticals &
Yield to Maturity * 5.34% Biotechnology 1.38 HDFC Bank Ltd. CRISIL - AAA 0.28
*Calculated on amount invested in debt securities (including Redington (India) Ltd. Commercial Services ICICI Bank Ltd. CARE - AAA 0.14
accrued interest), deployment of funds in TREPS and Reverse & Supplies 1.36
Repo and net receivable / payable. Shriram Transport Finance
Max Healthcare Institute Co. Ltd. IND - AA+ 0.08
TOTAL EXPENSE RATIO (As on April 30, 2022) Limited Healthcare Services 1.30
Including Additional Expenses and Goods and Service Tax on Sub Total 7.74
Management Fees Mahindra Holidays & Resorts
Ind Ltd. Leisure Services 1.24 CREDIT EXPOSURE (PERPETUAL BONDS)
Regular: 1.75% Direct: 1.12%
Bank of Baroda Banks 1.14 Axis Bank Ltd. (AT1, BASEL III,
#BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt Perpetual) CRISIL - AA+ 1.93
65:35 Index Hindustan Petroleum Corp.
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index) Ltd. Petroleum Products 1.11 Punjab National Bank (AT1,
BASEL III, Perpetual) CRISIL - AA 0.55
EXIT LOAD Indusind Bank Ltd. Banks 1.09
Sub Total 2.48
l In respect of each purchase/switch-in of Units, upto 15% Persistent Systems Limited IT - Software 1.09
of the units may be redeemed without any exit load from Total 19.04
the date of allotment. PNC Infratech Ltd. Construction 1.03
UNITS ISSUED BY REIT & INVIT
l Any redemption in excess of the above limit shall be subject Vardhman Textiles Ltd. Textiles & Apparels 0.89
to the following exit load: UNITS ISSUED BY INVIT
n Exit load of 1.00% is payable if Units are redeemed / Sharda Cropchem Ltd. Fertilizers &
Agrochemicals 0.79 POWERGRID Infrastructure
switched-out within 1 year from the date of allotment Investment Trust Power 0.49
of units. Zensar Technologies Ltd. IT - Software 0.61
l No Exit Load is payable if Units are redeemed / switched- Sub Total 0.49
out after 1 year from the date of allotment. Carborundum Universal Ltd. Industrial Products 0.59
UNITS ISSUED BY REIT
For further details, please refer to para ‘Exit Load’ on Pg 77. Tamilnadu Newsprint & Paper / Forest & Jute
Papers Ltd. Products 0.57 Brookfield India Real Estate
PLANS & OPTIONS Trust Realty 0.46
Regular Plan, Direct Plan. Under Each Plan: Growth & Income Atul Ltd. Chemicals &
Petrochemicals 0.53 Sub Total 0.46
Distribution cum Capital Withdrawal (IDCW) Option. The
IDCW Option offers following Sub-Options: Payout of Income Bharat Petroleum Total 0.95
Distribution cum Capital Withdrawal (IDCW) Option; and Re-
investment of Income Distribution cum Capital Withdrawal Corporation Ltd. Petroleum Products 0.52 MUTUAL FUND UNITS
(IDCW) Option. Kalpataru Power HDFC Nifty Exchange Traded
MINIMUM APPLICATION AMOUNT Transmission Ltd. Construction 0.31 Fund 1.30
Purchase : ` 5,000 and any amount thereafter. MM Forgings Ltd. Industrial Products 0.30 Sub Total 1.30
Additional Purchase : ` 1,000 and any amount thereafter.
Navneet Education Ltd. Printing & Publication 0.17 Cash,Cash Equivalents and Net Current Assets 8.24
SEGMENT-WISE BREAK-UP Jagran Prakashan Ltd. Media 0.11
OF EQUITY HOLDINGS (% OF NET ASSETS) Grand Total 100.00
Large Cap 52.26% Sadbhav Engineering Ltd. Construction 0.10 • Top Ten Holdings, £ Sponsor
Mid Cap 6.56% Sub Total 70.47
Small Cap 11.63%
¥ Dedicated Fund Manager for Overseas Investments: DEBT & DEBT RELATED
Sankalp Baid (since January 22, 2021 upto April 30, 2022) GOVERNMENT SECURITIES (CENTRAL/STATE)
Mr. Priya Ranjan (since May 01, 2022)
(Total Experience: Over 15 years). • 4.26 GOI 2023 Sovereign 3.13

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.
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 23
 (An open ended hybrid scheme investing predominantly in equity and equity
HDFC Hybrid Equity Fund related instruments) .....Contd from previous page

Industry Allocation of Equity Holding (% of Net Assets) PORTFOLIO CLASSIFICATION BY ASSET CLASS (%) PORTFOLIO CLASSIFICATION BY RATING CLASS (%)
n Equity 70.47
Banks 21.51 n Equity 70.47 n Sovereign 8.82
Petroleum Products 7.25 n Units issued by InvIT 0.49 n Units issued by InvIT 0.49
IT - Software 6.53 n Units issued by ReIT 0.46 n Units issued by ReIT 0.46
n AAA/AAA(SO)/A1+/A1+(SO) &
Construction 5.62 n G-Sec 8.82
Equivalent 6.28
Diversified Fmcg 3.81 n Credit Exposure 10.22 n AA+ 2.01
Finance 3.67 n Mutual Fund Units 1.30 n AA/AA- 1.93
Cash, Cash Equivalents and n Cash, Cash Equivalents and
Power 3.08 n
Net Current Assets 8.24 Net Current Assets 9.54
Industrial Products 2.73
Aerospace & Defense 2.62
Telecom - Services 2.51
Fertilizers & Agrochemicals 2.35
Electrical Equipment 1.73 SIP PERFORMANCE ^ - Regular Plan - Growth Option
Pharmaceuticals & Biotechnology 1.38 Since Inception 15 year 10 year 5 year 3 year 1 year
Commercial Services & Supplies 1.36 SIP SIP SIP SIP SIP SIP
Healthcare Services 1.30 Total Amount Invested (` ‘000) 2,600.00 1,800.00 1,200.00 600.00 360.00 120.00
Leisure Services 1.24 Mkt Value As on April 29, 2022 (` ‘000) 18,769.98 5,876.79 2,480.35 847.84 475.78 124.05
Textiles & Apparels 0.89 Returns (%) 15.73 14.46 13.92 13.83 19.06 6.40
Paper, Forest & Jute Products 0.57 Benchmark Returns (%) # N.A. 11.53 12.35 13.49 15.72 4.41
Chemicals & Petrochemicals 0.53 Additional Benchmark Returns (%) ## 14.85 12.76 14.13 16.14 20.77 5.70
Realty Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
0.46 after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
Printing & Publication 0.17 investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Media 0.11
0 5 101520 25 30 PERFORMANCE ^ - Regular Plan - Growth Option
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
(%) (%)# Returns Scheme (`) Benchmark Additional
(%) ## (`)# Benchmark
(`)##
Apr 30, 21 Last 1 Year 16.77 12.98 18.24 11,672 11,294 11,818
Apr 30, 19 Last 3 Years 13.59 13.20 14.67 14,656 14,506 15,079
This product is suitable for investors who are seeking ~ Apr 28, 17 Last 5 Years 10.97 12.37 14.34 16,837 17,932 19,556
l to generate long-term capital appreciation / income. Apr 30, 12 Last 10 Years 14.41 12.32 13.94 38,457 31,966 36,901
l investments predominantly in equity & equity related Sep 11, 00 Since Inception 15.49 NA 13.59 225,908 NA 157,696
instruments. The Scheme will also invest in debt and money Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance may not strictly be
market instruments. 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, please refer page 77. Different plans viz. Regular
rate Moderately
o Mode High 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
w t erate Hi the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark’s, refer page 86 to 91.
Mo Lo

For Performance of Direct Plan, refer page no. 79.

gh
d

^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Very

Load is not taken into consideration for computation of performance.

High
Low

RISKOMETER
Investors understand that their principal will be at
very high risk
~ Investors should consult their financial advisers, if in doubt
about whether the product is suitable for them.

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

24 April 2022
HDFC Multi-Asset Fund (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 SIP PERFORMANCE ^ - Regular Plan - Growth Option
i.e. change in Asset Allocation Pattern w.e.f. March 14, 2019).
Since Inception 15 year 10 year 5 Year 3 Year 1 Year
CATEGORY OF SCHEME: MULTI ASSET ALLOCATION FUND SIP SIP SIP SIP SIP SIP
Total Amount Invested (` ‘000) 2,010.00 1,800.00 1,200.00 600.00 360.00 120.00
KEY FACTS Mkt Value As on April 29, 2022 (` ‘000) 5,060.45 4,125.66 2,085.38 826.05 458.01 123.00
Returns (%) 10.18 10.32 10.66 12.78 16.35 4.73
INVESTMENT OBJECTIVE Benchmark Returns (%) # N.A. N.A. 12.18 13.64 15.39 5.68
The objective of the Scheme is to generate long term capital Additional Benchmark Returns (%) ## 12.69 12.76 14.13 16.14 20.77 5.70
appreciation/income by investing in a diversified portfolio of Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
equity & equity related instruments, debt & money market after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
instruments and Gold related instruments. investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
There is no assurance that the investment objective of the
Scheme will be realized.
PERFORMANCE ^ - Regular Plan - Growth Option
FUND MANAGER ¥ Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Srinivasan Ramamurthy (Equities) (since January 13, 2022) Returns Returns Benchmark
Total Experience - Over 15 years; (%) (%)# Returns Scheme (`) Benchmark
Additional
(%) ## (`)#
Benchmark
Anil Bamboli (Debt) (since August 17, 2005) (`)##
Total Experience: Over 27 years &
Apr 30, 21 Last 1 Year 13.33 13.04 18.24 11,329 11,301 11,818
Krishan Kumar Daga (Arbitrage) (since May 23, 2018)
Total Experience: Over 32 years Apr 30, 19 Last 3 Years 13.61 13.89 14.67 14,664 14,773 15,079
Bhagyesh Kagalkar Apr 28, 17 Last 5 Years 9.99 12.56 14.34 16,104 18,080 19,556
(Dedicated Fund Manager for commodities related Apr 30, 12 Last 10 Years 10.13 11.84 13.94 26,242 30,633 36,901
investments viz. Gold) (since February 02, 2022~~) Aug 17, 05 Since Inception 9.72 NA 13.84 47,122 NA 87,175
Total Experience: Over 28 years Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. The Scheme formerly, a debt oriented hybrid fund,
Arun Agarwal (Arbitrage) (since August 24, 2020) has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in equities, debt and gold
Total Experience: Over 23 years related instruments. Accordingly, the Scheme’s benchmark has also changed. Hence, the performance of the Scheme from inception till May
22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme performance may not
(w.e.f February 23, 2022) strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are
made in debt instruments and gold related instruments. For performance of other schemes managed by Srinivasan Ramamurthy (Equities),
INCEPTION DATE (Date of Allotment) Anil Bamboli (Debt), Krishan Kumar Daga (Arbitrage), Bhagyesh Kagalkar (Gold) and Arun Agarwal (Arbitrage) please refer page 77. 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
August 17, 2005 to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark’s, refer
page 86 to 91. For Performance of Direct Plan, refer page no. 79.
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`)
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Regular Plan - Growth Option 47.122 Load is not taken into consideration for computation of performance.
Regular Plan - IDCW Option 14.393
Direct Plan - Growth Option 50.585
Direct Plan - IDCW Option 16.469 Portfolio Classification By Asset Class (%) Portfolio Classification By Rating Class (%)
ASSETS UNDER MANAGEMENT (`) IN CRORE n Equity 51.61
n Equity 66.31
As on April 30, 2022 1,517.39 n Total Hedged Exposure 14.70 n Sovereign 8.27
Average for Month of April 2022 1,521.56 n Units issued by InvIT 1.62 n Units issued by InvIT 1.62
QUANTITATIVE DATA n Units issued by ReIT 1.09 n Units issued by ReIT 1.09
n G-Sec, T-Bills 8.27 n AAA/AAA(SO)/A1+/A1+(SO) &
Portfolio Turnover Ratio 26.36%
n CP 0.62 Equivalent 1.69
TOTAL EXPENSE RATIO (As on April 30, 2022) n Credit Exposure 2.26 n AA/AA- 0.86
Including Additional Expenses and Goods and Service Tax on n A+ & Below 0.33
n Mutual Fund Units 11.83 n Cash, Cash Equivalents and
Management Fees
n Cash, Cash Equivalents and Net Current Assets 19.83
Regular: 2.32% Direct: 0.84% Net Current Assets 8.00
NET EQUITY EXPOSURE: 51.61% Cash and Cash Equivalents include overnight deployment of Cash in Tri-Party Repos
#BENCHMARK INDEX: 90% NIFTY 50 Hybrid Composite Debt
65:35 Index + 10% Domestic Price of Gold This product is suitable for investors who are seeking ~ Industry Allocation of Equity Holding net of derivatives
l to generate long-term capital appreciation/income (% of Net Assets)
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)
l investments in a diversified portfolio of equity &equity
related instruments, debt & money market instruments and Banks 11.57
EXIT LOAD IT - Software 6.23
Gold related instruments Pharmaceuticals & Biotechnology 3.58
l In respect of each purchase / switch-in of Units, 15% of the
Petroleum Products 3.53
units (“the limit”) may be redeemed without any Exit Load Modera Power 3.11
from the date of allotment. oderate High tely
o M Finance 2.57
l Any redemption in excess of the above limit shall be w t erate Hi Diversified Fmcg 2.38
Telecom - Services 2.32
Mo Lo

subject to the following exit load:

gh
d

t Exit Load of 1.00% is payable if units are redeemed  / Credit Exposure 2.26
Insurance 1.88
switched out within 12 months from the date of allotment.
Very

Auto Components 1.64

High
Low

l No Exit Load is payable if units are redeemed / switched Construction 1.56

out after 12 months from the date of allotment. Aerospace & Defense 1.55
RISKOMETER Industrial Products 1.42
For further details, please refer to para ‘Exit Load’ on Pg 77. Investors understand that their principal will be at Cement & Cement Products 1.37
very high risk Consumer Durables 1.13
Realty 1.09
PLANS & OPTIONS ~ Investors should consult their financial advisers, if in doubt Automobiles 0.98
Regular Plan, Direct Plan. Under Each Plan: Growth & Income about whether the product is suitable for them. Beverages 0.94
Ferrous Metals 0.81
Distribution cum Capital Withdrawal (IDCW) Option. The Personal Products 0.75
IDCW Option offers following Sub-Options: Payout of Income This scheme has exposure to floating rate instruments and / Agricultural, Commercial & Construction Vehicles 0.75
Distribution cum Capital Withdrawal (IDCW) Option; and Re- Fertilizers & Agrochemicals 0.66
investment of Income Distribution cum Capital Withdrawal or interest rate derivatives. The duration of these instruments Oil 0.57
is linked to the interest rate reset period. The interest rate Transport Services 0.41
(IDCW) Option. Chemicals & Petrochemicals 0.41
risk in a floating rate instrument or in a fixed rate instrument Capital Markets 0.30
MINIMUM APPLICATION AMOUNT Retailing 0.26
hedged with derivatives is likely to be lesser than that in an Agricultural Food & Other Products 0.22
Purchase : ` 5,000 and any amount thereafter. equivalent maturity fixed rate instrument. Under some market Industrial Manufacturing 0.18
Additional Purchase : ` 1,000 and any amount thereafter. Healthcare Services 0.15
circumstances the volatility may be of an order greater than Transport Infrastructure 0.00
¥ Dedicated Fund Manager for Overseas Investments: what may ordinarily be expected considering only its duration. Non - Ferrous Metals 0.00
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Entertainment 0.00
Mr. Priya Ranjan (since May 01, 2022) Hence investors are recommended to consider the unadjusted
(Total Experience: Over 15 years). portfolio maturity of the scheme as well and exercise adequate 0 5 10 15
~~Mr. Bhagyesh Kagalkar was co-fund manager with due diligence when deciding to make their investments.
Mr. Krishan Kumar Daga for Gold and Arbitrage Assets from
February 2, 2022 to February 22, 2022.

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 25
HDFC Multi-Asset Fund (An open ended scheme investing in equity and equity related instruments, debt &
money market instruments and gold related instruments)...Contd from previous page

PORTFOLIO
Company Industry+ / Rating % to NAV % exposure Company Industry+ / Rating % to NAV % exposure
(Hedged & of Derivative (Hedged & of Derivative
Unhedged) Unhedged)
EQUITY & EQUITY RELATED Zee Entertainment Enterprises Ltd. Entertainment 0.31 0.31
• Infosys Limited IT - Software 4.79 1.64 UTI Asset Management Company Ltd Capital Markets 0.30 0.00
• HDFC Bank Ltd. Banks 4.47 0.00 Zomato Ltd Retailing 0.26 0.00
• ICICI Bank Ltd. Banks 4.27 0.00 ICICI Prudential Life Insurance Company Ltd. Insurance 0.25 0.25
• Axis Bank Ltd. Banks 3.67 2.15 ACC Ltd. Cement & Cement Products 0.23 0.23
• Reliance Industries Ltd. Petroleum Products 3.21 0.64 Tata Consumer Products Limited Agricultural Food & Other
• Housing Development Fin. Corp. Ltd.£ Finance 2.23 0.00 Products 0.22 0.00
• Adani Ports & Special Economic Zone Transport Infrastructure 2.12 2.12 The Anup Engineering Limited Industrial Manufacturing 0.18 0.00
• Bharti Airtel Ltd. Telecom - Services 1.89 0.00 Apollo Hospitals Enterprise Ltd. Healthcare Services 0.15 0.00
• ITC Ltd. Diversified Fmcg 1.77 0.45 Ambuja Cements Ltd. Cement & Cement Products 0.07 0.07
Tata Steel Ltd. Ferrous Metals 1.62 0.81 UPL Ltd. Fertilizers & Agrochemicals 0.05 0.05
Larsen and Toubro Ltd. Construction 1.56 0.00 Sub Total 66.31
State Bank of India Banks 1.45 0.14 DEBT & DEBT RELATED
Hindustan Unilever Ltd. Diversified Fmcg 1.43 0.37 GOVERNMENT SECURITIES (CENTRAL/STATE)
Godrej Consumer Products Ltd. Personal Products 1.19 0.44 • 7.27 GOI 2026 Sovereign 2.70
HCL Technologies Ltd. IT - Software 1.11 0.00 6.84 GOI 2022 Sovereign 1.00
Maruti Suzuki India Limited Automobiles 0.98 0.00 5.38 GOI 2034 Sovereign 0.96
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & 8.15 GOI 2022 Sovereign 0.66
Biotechnology 0.98 0.06 4.48 GOI 2023 Sovereign 0.65
Bharat Petroleum Corporation Ltd. Petroleum Products 0.96 0.00 7.37 GOI 2023 Sovereign 0.34
SBI Life Insurance Company Ltd. Insurance 0.95 0.00 8.35 GOI 2022 Sovereign 0.33
United Spirits Limited Beverages 0.95 0.01 Sub Total 6.64
ICICI Lombard General Insurance Co Insurance 0.93 0.00 T-BILLS
Titan Company Ltd. Consumer Durables 0.91 0.91 182 days Tbill ISD 170222 Mat 180822 Sovereign 0.33
Hindalco Industries Ltd. Non - Ferrous Metals 0.88 0.88 182 days Tbill Mat 210722 Sovereign 0.33
Tata Consultancy Services Ltd. IT - Software 0.86 0.36 364 Days Tbill Mat 090622 Sovereign 0.33
AIA Engineering Ltd. Industrial Products 0.83 0.00 182 days Tbill Mat 080922 Sovereign 0.32
Dr Reddys Laboratories Ltd. Pharmaceuticals & 364 Days Tbill - Mat 150922 Sovereign 0.32
Biotechnology 0.82 0.00 SUB TOTAL 1.63
Asian Paints Limited Consumer Durables 0.81 0.81 CREDIT EXPOSURE (NON PERPETUAL)
Bharat Electronics Ltd. Aerospace & Defense 0.79 0.00 Housing Development Fin. Corp. Ltd.£ CRISIL - AAA 0.72
Ipca Laboratories Ltd. Pharmaceuticals & Vedanta Ltd. CRISIL - AA 0.66
Biotechnology 0.77 0.00
Hindustan Aeronautics Limited Aerospace & Defense 0.76 0.00 Power Finance Corporation Ltd. CRISIL - AAA 0.35
Ashok Leyland Ltd Agricultural / Commercial & INOX Green Energy Services Ltd. CRISIL - AA(CE) 0.20
Construction Vehicles 0.75 0.00 Sub Total 1.93
NTPC Limited Power 0.75 0.00 CREDIT EXPOSURE (PERPETUAL BONDS)
Power Grid Corporation of India Ltd. Power 0.74 0.00 TATA International Ltd. (Perpetual) CARE - A+ 0.33
UltraTech Cement Limited Cement & Cement Products 0.72 0.00 Sub Total 0.33
Gland Pharma Ltd. Pharmaceuticals & Total 10.53
Biotechnology 0.70 0.00
UNITS ISSUED BY REIT & INVIT
Bayer Cropscience Ltd Fertilizers & Agrochemicals 0.66 0.00
UNITS ISSUED BY INVIT
Rolex Rings Limited Auto Components 0.66 0.00
POWERGRID Infrastructure Investment Trust Power 1.62
Birla Corporation Ltd. Cement & Cement Products 0.65 0.00
Sub Total 1.62
Whirlpool of India Ltd. Consumer Durables 0.64 0.00
UNITS ISSUED BY REIT
ZF Commercial Vehicle Control Systems India
Limited Auto Components 0.63 0.00 BROOKFIELD INDIA REAL ESTATE TRUST Realty 1.09
Indusind Bank Ltd. Banks 0.61 0.61 Sub Total 1.09
Oracle Financial Ser Software Ltd. IT - Software 0.59 0.00 Total 2.71
Oil & Natural Gas Corporation Ltd. Oil 0.57 0.00 MONEY MARKET INSTRUMENTS
JSW Steel Ltd. Ferrous Metals 0.52 0.52 CP
Coforge Limited IT - Software 0.50 0.00 Vedanta Ltd. CRISIL - A1+ 0.62
Greenply Industries Ltd. Consumer Durables 0.49 0.00 Sub Total 0.62
Tech Mahindra Ltd. IT - Software 0.46 0.46 MUTUAL FUND UNITS
Tata Communications Limited Telecom - Services 0.43 0.00 HDFC Gold Exchange Traded Fund 11.83
Great Eastern Shipping Company Ltd. Transport Services 0.41 0.00 Sub Total 11.83
Sudarshan Chemical Industries Limited Chemicals & Petrochemicals 0.41 0.00 Cash Margin 5.53
Sonata Software Ltd. IT - Software 0.38 0.00 Cash,Cash Equivalents and Net Current Assets 2.47
Torrent Pharmaceuticals Ltd. Pharmaceuticals & Grand Total 100.00
Biotechnology 0.37 0.00 • Top Ten Holdings, £ Sponsor
Bharat Forge Ltd. Industrial Products 0.36 0.08 Outstanding exposure in derivative instruments (` in Crore) 223.50
Balkrishna Industries Ltd. Auto Components 0.35 0.00
Hedged position in Equity & Equity related instruments
IIFL Wealth Management Ltd. Finance 0.34 0.00
Outstanding derivative exposure (% age) 14.73
HDFC Life Insurance Company Limited Insurance 0.33 0.33
Shaily Engineering Plastics Ltd. Industrial Products 0.31 0.00

FACE VALUE PER UNIT: ` 10 UNLESS OTHERWISE SPECIFIED, + INDUSTRY CLASSIFICATION AS RECOMMENDED BY AMFI, DATA IS AS OF APRIL 30, 2022 UNLESS OTHERWISE SPECIFIED.

26 April 2022
 (An open ended Fund of Funds scheme investing in
HDFC ASSET ALLOCATOR FUND OF FUNDS equity oriented, debt oriented and gold ETFs schemes)

CATEGORY OF SCHEME: FUND OF FUNDS PORTFOLIO

Issuer % to NAV
KEY FACTS MUTUAL FUND UNITS
INVESTMENT OBJECTIVE MUTUAL FUND UNITS - EQUITY
To seek capital appreciation by managing the asset allocation • HDFC Flexi Cap Fund - Direct Plan- Growth Option 16.10
between equity oriented, debt oriented and gold ETF schemes. • HDFC Top 100 Fund - Direct Plan - Growth Option 15.85
There is no assurance that the investment objective of the
Scheme will be realized. • HDFC Large and Mid Cap Fund - Direct Plan- Growth Option 4.25
• HDFC Dividend Yield Fund - Direct Plan - Growth Option 4.13
FUND MANAGER
Srinivasan Ramamurthy (Equities) (since January 13, 2022) • HDFC Capital Builder Value Fund - Direct Plan - Growth Option 4.11
Total Experience: Over 15 years; • HDFC Mid Cap Opportunities Fund - Direct Plan - Growth Option 4.00
Bhagyesh Kagalkar • HDFC Small Cap Fund - Direct Plan- Growth Option 3.94
(Dedicated Fund Manager for commodities related
Sub Total 52.38
investments viz. Gold) (since February 02, 2022~~)
Total Experience: Over 28 years MUTUAL FUND UNITS - DEBT
Anil Bamboli (Debt) (since May 05, 2021) • HDFC Short Term Debt Fund - Growth Option - Direct Plan 14.26
Total Experience: Over 27 years • HDFC Low Duration Fund - Direct Plan - Growth Option 13.17
(w.e.f February 23, 2022). HDFC Floating Rate Debt Fund - Direct Plan - Growth Option 3.93
INCEPTION DATE (DATE OF ALLOTMENT) Sub Total 31.36
May 05, 2021 MUTUAL FUND UNITS - GOLD
NAV (AS ON APRIL 29, 2022) NAV per Unit (`) • HDFC Gold Exchange Traded Fund 11.94
Regular Plan - Growth Option 11.48 Sub Total 11.94
Regular Plan - IDCW Option 11.48 Total 95.68
Direct Plan - Growth Option 11.64
Direct Plan - IDCW Option 11.64 Cash,Cash Equivalents and Net Current Assets 4.32
Grand Total 100.00
ASSETS UNDER MANAGEMENT (`) IN CRORE
• Top Ten Holdings
As on April 30, 2022 2,198.59
Average for Month of April 2022 2,197.13
TOTAL EXPENSE RATIO (As on April 30, 2022) Asset Allocator Fund of Funds
Portfolio Classification By Asset Class (%) Asset Allocator Fund Portfolio
of Funds Classification By Rating Class (%)
Including Additional Expenses and Goods and Service Tax on
Management Fees
Regular: 1.39% Direct: 0.05%
n Mutual Fund Units 95.68
Investors in the Scheme shall bear the recurring expenses of
the Scheme in addition to the expenses of other schemes in n Cash, Cash Equivalents and n Cash, Cash Equivalents and
which this Fund of Funds scheme makes investment (subject Net Current Assets 4.32 Net Current Assets 100.00
to regulatory limits).
#BENCHMARK INDEX: 90% Nifty 50 Hybrid Composite Debt
65:35 Index (Total Returns Index) and 10% Domestic Prices of
Gold arrived at based on London Bullion Market Association's
(Lbma) Am Fixing Price.
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index) This product is suitable for investors who are seeking ~
l capital appreciation over long term
EXIT LOAD
l investment predominantly in equity oriented, debt oriented
In respect of each purchase / switch-in of Units, upto 15% of
the units may be redeemed without any exit load from the and Gold ETF schemes
date of allotment. Modera
oderate High tely
Any redemption in excess of the above limit shall be subject o M
w t erate Hi
to the following exit load:
Mo Lo

gh
d

l In respect of each purchase / switch-in of Units, an Exit Load

Very
High
Low

of 1.00% is payable if Units are redeemed / switched-out

within 1 year from the date of allotment.
RISKOMETER
l No Exit Load is payable if Units are redeemed / switched-out
Investors understand that their principal will be at
after 1 year from the date of allotment. high risk
For further details, please refer to para ‘Exit Load’ on Pg 77. ~ Investors should consult their financial advisers, if in doubt
about whether the product is suitable for them.
PLANS & OPTIONS
Regular Plan, Direct Plan. Under Each Plan: Growth & Income PERFORMANCE ^
Distribution cum Capital Withdrawal (IDCW) Option. The Date Period Scheme Benchmark Additional Value of ` 10,000 invested
IDCW Option offers following Sub-Options: Payout of Income Returns Returns Benchmark
Distribution cum Capital Withdrawal (IDCW) Option; and Re- (%) (%)# Returns Scheme (`) Benchmark Additional
investment of Income Distribution cum Capital Withdrawal (%) ## (`)# Benchmark
(`)##
(IDCW) Option.
Oct 29, 21 Last 6 Months 3.01 -0.96 -5.81 10,150 9,952 9,710
MINIMUM APPLICATION AMOUNT Simple annualized returns have been provided as per the extant guidelines since the scheme has completed 6 months but not 1 year.
Purchase : ` 5,000 and any amount thereafter. However, such returns may not be representative. Absolute returns of the Scheme for the 6 month period is 1.50%. For performance of
Additional Purchase : ` 1,000 and any amount thereafter. other schemes managed by Srinivasan Ramamurthy, Bhagyesh Kagalkar & Anil Bamboli, please refer page 77. 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
~~Mr. Bhagyesh Kagalkar was co-fund manager with the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91.
Mr. Krishan Kumar Daga for Gold Assets from February 2, For Performance of Direct Plan, refer page no. 79.
2022 to February 22, 2022. ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme/Plan.
Load is not taken into consideration for computation of performance.
FACE VALUE PER UNIT: ` 10 UNLESS OTHERWISE SPECIFIED, DATA IS AS OF APRIL 30, 2022 UNLESS OTHERWISE SPECIFIED.

April 2022 27
HDFC Equity Savings Fund (An open ended scheme investing in equity, arbitrage and debt)

CATEGORY OF SCHEME: EQUITY SAVINGS FUND SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 15 year 10 year 5 Year 3 Year 1 Year
KEY FACTS SIP SIP SIP SIP SIP SIP
Total Amount Invested (` ‘000) 2,120.00 1,800.00 1,200.00 600.00 360.00 120.00
INVESTMENT OBJECTIVE Mkt Value As on April 29, 2022 (` ‘000) 5,238.53 3,856.84 1,962.12 766.86 434.13 123.59
To provide capital appreciation by investing in Equity & equity Returns (%) 9.45 9.52 9.51 9.78 12.60 5.67
related instruments, Arbitrage opportunities, and Debt & Benchmark Returns (%) # N.A. 9.21 9.45 9.66 10.54 4.44
money market instruments.
Additional Benchmark Returns (%) ## 6.15 6.11 5.86 4.23 1.55 -3.97
There is no assurance that the investment objective of the
Scheme will be realized. 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
FUND MANAGER ¥ investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of
capital. N.A. Not Available.
Srinivasan Ramamurthy (Equities) (since December 14, 2021)
Total Experience: Over 15 years
PERFORMANCE ^ - Regular Plan - Growth Option
Krishan Kumar Daga (Arbitrage) (since January 08, 2016)
Total Experience: Over 32 years Date Period^^ Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns
Benchmark Scheme (`) Benchmark Additional
Arun Agarwal (Arbitrage) (since August 24, 2020) (%) (%)# Returns (`)# Benchmark
Total Experience: Over 23 years & (%) ## (`)##
Anil Bamboli (Debt) (since September 17, 2004) Apr 30, 21 Last 1 Year 12.47 9.04 -1.95 11,243 10,901 9,806
Total Experience: Over 27 years Apr 30, 19 Last 3 Years 9.40 9.42 5.65 13,095 13,100 11,792
INCEPTION DATE (Date of Allotment) Apr 28, 17 Last 5 Years 7.90 9.22 4.94 14,630 15,551 12,730
September 17, 2004 Apr 30, 12 Last 10 Years 9.28 9.76 6.71 24,305 25,379 19,143
Sep 17, 04 Since Inception 9.34 NA 5.77 48,246 NA 26,861
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) ^^Effective December 16, 2015, certain changes, including changes to fundamental attributes, were effected in the erstwhile HDFC Multiple Yield
Regular Plan - Growth Option 48.246 Fund, (an open ended income scheme) which was renamed as HDFC Equity Savings Fund, an open ended equity scheme. On account of these
Regular Plan - IDCW Option 11.898 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
Direct Plan - Growth Option 52.412 with that of its Additional Benchmark, since a portion of scheme’s investments are made in debt instruments. For performance of other schemes
Direct Plan - IDCW Option 13.353 managed by Srinivasan Ramamurthy (Equities), Krishan Kumar Daga (Arbitrage), Arun Agarwal (Arbitrage) and Anil Bamboli (Debt), please refer
page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will
ASSETS UNDER MANAGEMENT (`) IN CRORE be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark’s,
As on April 30, 2022 2,579.47 refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.
Average for Month of April 2022 2,592.55
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
QUANTITATIVE DATA Load is not taken into consideration for computation of performance.
Portfolio Turnover Ratio 29.64%
Average Maturity * 3.19 years
Macaulay Duration * 1.85 years Portfolio Classification By Rating Class (%) Industry Allocation of Equity Holding net of derivatives
Modified Duration * 1.72 years (% of Net Assets)
Yield to Maturity * 5.23% n Equity 66.24
*Calculated on amount invested in debt securities (including n Sovereign 9.88
Banks 9.71
accrued interest), deployment of funds in TREPS and Reverse n Units issued by InvIT 2.29
Credit Exposure 9.34
Repo and net receivable / payable.
n AAA/AAA(SO)/A1+/A1+(SO)
Petroleum Products 3.22
TOTAL EXPENSE RATIO (As on April 30, 2022) & Equivalent 3.67
IT - Software 3.10
Including Additional Expenses and Goods and Service Tax on n AA/AA- 6.40
Construction 2.65
Management Fees n Cash, Cash Equivalents and
Pharmaceuticals & Biotechnology 2.53
Regular: 2.11% Direct: 1.23% Net Current Assets 11.52
Power 1.68
Telecom - Services 1.22
NET EQUITY EXPOSURE: 36.64% Aerospace & Defense 1.20
Diversified Fmcg 0.90
#BENCHMARK INDEX: NIFTY Equity Savings Index Finance 0.89
##ADDL. BENCHMARK INDEX: CRISIL 10 year Gilt Index Industrial Manufacturing 0.80
Transport Infrastructure 0.75
EXIT LOAD Beverages 0.75
l In respect of each purchase / switch-in of Units, upto 15% This product is suitable for investors who are seeking ~ Gas 0.74
of the units may be redeemed without any exit load from CP
the date of allotment. l capital appreciation while generating income over medium to 0.73
l Any redemption in excess of the above limit shall be subject
long term.
l provide capital appreciation and income distribution to the
Automobiles 0.67
to the following exit load: investors by using equity and equity related instruments, Consumable Fuels 0.65
n Exit load of 1.00% is payable if Units are redeemed / switched- arbitrage opportunities, and investments in debt and money Cement & Cement Products 0.65
out within 1 year** from the date of allotment of units. market instruments. Ferrous Metals
l No Exit Load is payable if Units are redeemed / switched-
0.62
Modera Industrial Products 0.56
out after 1 year** from the date of allotment. oderate High tely
o M Insurance 0.51
**Effective May 16, 2022, the period of 1 year mentioned w t erate Hi
Agricultural, Commercial & Construction Vehicles 0.45
Mo Lo

gh

above will change to 3 months

d

Consumer Durables 0.44

For further details, please refer to para ‘Exit Load’ on Pg 77.
IT - Services 0.42
Very
High
Low

PLANS & OPTIONS Fertilizers & Agrochemicals 0.36

Regular Plan, Direct Plan. Under Each Plan: Growth & Income RISKOMETER Oil 0.32
Distribution cum Capital Withdrawal (IDCW) Option. The Investors understand that their principal will be at Agricultural Food & Other Products 0.31
moderately high risk Auto Components
IDCW Option offers following Sub-Options: Payout of Income 0.30
Distribution cum Capital Withdrawal (IDCW) Option; and Re- ~ Investors should consult their financial advisers, if in doubt Chemicals & Petrochemicals 0.24
investment of Income Distribution cum Capital Withdrawal about whether the product is suitable for them.
(IDCW) Option. 0 5 10 15
MINIMUM APPLICATION AMOUNT
Purchase : ` 5,000 and any amount thereafter.
Additional Purchase : ` 1,000 and any amount thereafter.
¥ Dedicated Fund Manager for Overseas Investments:
Sankalp Baid (since January 22, 2021 upto April 30, 2022)
Mr. Priya Ranjan (since May 01, 2022)
(Total Experience: Over 15 years).

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified. ...Contd on next page

28 April 2022
HDFC Equity Savings Fund (An open ended scheme investing in equity, arbitrage
and debt) .....Contd from previous page

PORTFOLIO
Company Industry+ / Rating % to NAV % exposure Company Industry+ / Rating % to NAV % exposure
(Hedged & of Derivative (Hedged & of Derivative
Unhedged) Unhedged)
EQUITY & EQUITY RELATED Sudarshan Chemical Industries Limited Chemicals & Petrochemicals 0.24 0.00
• State Bank of India Banks 4.03 0.99 Ashoka Buildcon Ltd. Construction 0.23 0.00
• Reliance Industries Ltd. Petroleum Products 3.81 1.77 ITD Cementation India Ltd. Construction 0.23 0.00
• Adani Ports & Special Economic Zone Transport Infrastructure 3.60 3.60 Pidilite Industries Ltd. Chemicals & Petrochemicals 0.21 0.21
• ICICI Bank Ltd. Banks 3.17 0.00 Orient Cement Ltd. Cement & Cement Products 0.19 0.00
• Titan Company Ltd. Consumer Durables 2.89 2.89 Zydus Lifesciences Limited Pharmaceuticals &
• HDFC Bank Ltd. Banks 2.66 0.00 Biotechnology 0.15 0.15
• Maruti Suzuki India Limited Automobiles 2.58 2.29 HDFC Life Insurance Company Limited Insurance 0.14 0.14
• Infosys Limited IT - Software 2.43 0.00 NMDC Limited Minerals & Mining 0.14 0.14
• Larsen and Toubro Ltd. Construction 2.29 0.58 Larsen & Toubro Infotech Ltd. IT - Software 0.13 0.13
Dr Reddys Laboratories Ltd. Pharmaceuticals & Apollo Hospitals Enterprise Ltd. Healthcare Services 0.11 0.11
Biotechnology 2.21 2.21 Indusind Bank Ltd. Banks 0.10 0.10
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Mahindra & Mahindra Ltd. Automobiles 0.10 0.10
Biotechnology 1.95 1.31
Biocon Ltd. Pharmaceuticals &
JSW Steel Ltd. Ferrous Metals 1.91 1.91 Biotechnology 0.08 0.08
Tata Steel Ltd. Ferrous Metals 1.72 1.10 Eicher Motors Ltd. Automobiles 0.07 0.07
Tata Motors Ltd. Automobiles 1.60 1.22 LIC Housing Finance Ltd. Finance 0.06 0.06
Housing Development Fin. Corp. Ltd.£ Finance 1.48 1.48 Wipro Ltd. IT - Software 0.06 0.06
Axis Bank Ltd. Banks 1.40 0.56 Apollo Tyres Ltd. Auto Components 0.02 0.02
ITC Ltd. Diversified Fmcg 1.35 0.45 Hindustan Unilever Ltd. Diversified Fmcg 0.01 0.01
Bharti Airtel Ltd. Telecom - Services 1.22 0.00 ACC Ltd. Cement & Cement Products @
United Spirits Limited Beverages 1.06 0.31 SUB TOTAL 66.24
NTPC Limited Power 0.95 0.00 DEBT & DEBT RELATED
Cipla Ltd. Pharmaceuticals & GOVERNMENT SECURITIES (CENTRAL/STATE)
Biotechnology 0.79 0.00
6.84 GOI 2022 Sovereign 1.18
Bharat Petroleum Corporation Ltd. Petroleum Products 0.78 0.00
4.48 GOI 2023 Sovereign 0.77
Divis Laboratories Ltd. Pharmaceuticals &
Biotechnology 0.75 0.75 7.59 GOI 2026 Sovereign 0.60
Gujarat Pipavav Port Ltd. Transport Infrastructure 0.75 0.00 8.15 GOI 2022 Sovereign 0.58
Bharat Electronics Ltd. Aerospace & Defense 0.74 0.00 7.16 GOI 2023 Sovereign 0.40
GAIL (India) Ltd. Gas 0.74 0.00 6.97 GOI 2026 Sovereign 0.39
Power Grid Corporation of India Ltd. Power 0.73 0.00 Sub Total 3.92
Dabur India Ltd. Personal Products 0.70 0.70 T-BILLS
HCL Technologies Ltd. IT - Software 0.67 0.00 364 Days Tbill - Mat 160622 Sovereign 1.93
Coal India Ltd. Consumable Fuels 0.65 0.00 182 days Tbill Mat 080922 Sovereign 1.34
Sbi Cards And Payment Services Limited Finance 0.64 0.00 182 DAYS TBILL ISD 170222 MAT 180822 Sovereign 0.96
Ashok Leyland Ltd Agricultural / Commercial & 182 days Tbill Mat 210722 Sovereign 0.96
Construction Vehicles 0.61 0.61 364 Days Tbill Mat 020622 Sovereign 0.77
UltraTech Cement Limited Cement & Cement Products 0.57 0.11 Sub Total 5.96
AIA Engineering Ltd. Industrial Products 0.56 0.00 CREDIT EXPOSURE (PERPETUAL BONDS)
The Federal Bank Ltd. Banks 0.54 0.54 • Punjab National Bank (AT1, BASEL III, CRISIL - AA 3.12
Tech Mahindra Ltd. IT - Software 0.52 0.52 Perpetual)
Hindalco Industries Ltd. Non - Ferrous Metals 0.51 0.51 Union Bank of India (AT1, BASEL III, Perpetual) IND - AA 0.97
Max Financial Services Ltd. Insurance 0.51 0.00 Sub Total 4.09
JMC Projects (India) Ltd. Construction 0.48 0.00 CREDIT EXPOSURE (NON PERPETUAL)
Lupin Ltd. Pharmaceuticals & Power Finance Corporation Ltd. CRISIL - AAA 1.96
Biotechnology 0.48 0.00 Vedanta Ltd. CRISIL - AA 1.95
Hindustan Aeronautics Limited Aerospace & Defense 0.46 0.00 Indian Railways Finance Corp. Ltd. CRISIL - AAA 0.98
BEML Limited Agricultural / Commercial & INOX Green Energy Services Ltd. CRISIL - AA(CE) 0.36
Construction Vehicles 0.45 0.00 Sub Total 5.25
Symphony Ltd. Consumer Durables 0.44 0.00 Total 19.22
Nestle India Ltd. Food Products 0.42 0.42 UNITS ISSUED BY REIT & INVIT
Newgen Software Technologies Ltd. IT - Services 0.42 0.00 UNITS ISSUED BY INVIT
The Tata Power Company Ltd. Power 0.41 0.41 POWERGRID Infrastructure Investment Trust Power 2.29
Hindustan Petroleum Corp. Ltd. Petroleum Products 0.40 0.00 Sub Total 2.29
Texmaco Rail & Engineering Ltd. Industrial Manufacturing 0.40 0.00 MONEY MARKET INSTRUMENTS
Titagarh Wagons Limited Industrial Manufacturing 0.40 0.00 CP
Zee Entertainment Enterprises Ltd. Entertainment 0.38 0.38 Vedanta Ltd. CRISIL - A1+ 0.73
Aurobindo Pharma Ltd. Pharmaceuticals & Sub Total 0.73
Biotechnology 0.37 0.00
Cash Margin 9.67
Bayer Cropscience Ltd Fertilizers & Agrochemicals 0.36 0.00
Cash,Cash Equivalents and Net Current Assets 1.85
Tata Consumer Products Limited Agricultural Food & Other
Products 0.36 0.05 Grand Total 100.00
Oil & Natural Gas Corporation Ltd. Oil 0.32 0.00 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%
Goodyear India Ltd. Auto Components 0.30 0.00 Outstanding exposure in derivative instruments (` in Crore) 764.87
UPL Ltd. Fertilizers & Agrochemicals 0.28 0.28 Hedged position in Equity & Equity related instruments
Siemens Ltd. Electrical Equipment 0.27 0.27 Outstanding derivative exposure (% age) 29.65
Ipca Laboratories Ltd. Pharmaceuticals &
Biotechnology 0.25 0.00
Mahindra & Mahindra Financial Services Ltd. Finance 0.25 0.00

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of April 30, 2022 unless otherwise specified.

April 2022 29
HDFC Hybrid Debt Fund (An open ended hybrid scheme investing predominantly
in debt instruments)

CATEGORY OF SCHEME: CONSERVATIVE HYBRID FUND PORTFOLIO

Company Industry+ / Rating % to NAV Company Industry+ / Rating % to NAV
KEY FACTS EQUITY & EQUITY RELATED 6.97 GOI 2026 Sovereign 0.37
INVESTMENT OBJECTIVE ICICI Bank Ltd. Banks 1.92 7.17 GOI 2028 Sovereign 0.37
To generate income / capital appreciation by investing State Bank of India Banks 1.76 6.79 GOI 2029 Sovereign 0.36
primarily in debt securities, money market instruments and ITC Ltd. Diversified Fmcg 1.26 6.54 GOI 2032 Sovereign 0.35
moderate exposure to equities. Larsen and Toubro Ltd. Construction 1.21 1.44% GOI Inflation Indexed
There is no assurance that the investment objective of the Infosys Limited IT - Software 1.17 2023 Sovereign 0.34
Scheme will be realized.
HDFC Bank Ltd. Banks 0.96 6.45 GOI 2029 Sovereign 0.18
FUND MANAGER ¥ Axis Bank Ltd. Banks 0.88 8.10% Tamil Nadu SDL - Mat
Srinivasan Ramamurthy (Equities) (since December 14, 2021) 110325 Sovereign 0.10
Tata Consultancy Services Ltd. IT - Software 0.88
Total Experience: Over 15 years & 8.15 GOI 2026 Sovereign 0.01
NTPC Limited Power 0.86
Shobhit Mehrotra (Debt) (since September 1, 2007) Sub Total 11.93
Total Experience: Over 30 years Tata Motors Ltd. Automobiles 0.65
CREDIT EXPOSURE (NON PERPETUAL)
Bharti Airtel Ltd. Telecom - Services 0.64
INCEPTION DATE (Date of Allotment) • TATA Housing Development
Sun Pharmaceutical Industries Pharmaceuticals & Co Ltd. CARE - AA 5.08
December 26, 2003 Ltd. Biotechnology 0.63
• Power Finance Corporation
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Coal India Ltd. Consumable Fuels 0.61 Ltd. CRISIL - AAA 4.87
Regular Plan - Growth Option 59.7365 NHPC Ltd. Power 0.59 • Vedanta Ltd. CRISIL - AA 4.82
Regular Plan - Monthly IDCW Option 13.2437 Power Finance Corporation Ltd. Finance 0.56 • National Bank for Agri & CRISIL - AAA / ICRA
Regular Plan - Quarterly IDCW Option 14.1217 Rural Dev.
Bharat Dynamics Limited Aerospace & Defense 0.55 - AAA 4.42
Direct Plan - Growth Option 62.5192
Direct Plan - Monthly IDCW Option 14.2030 Housing and Urban • Indian Railways Finance
Direct Plan - Quarterly IDCW Option 15.1306 Development Corporation Ltd. Finance 0.54 Corp. Ltd. CRISIL - AAA 4.34
REC Limited. Finance 0.49 • Pipeline Infrastructure Pvt.
ASSETS UNDER MANAGEMENT (`) IN CRORE Ltd. CRISIL - AAA 3.87
As on April 30, 2022 2,710.51 Cipla Ltd. Pharmaceuticals &
• Tata Motors Ltd. CRISIL - AA- 3.85
Average for Month of April 2022 2,712.40 Biotechnology 0.47
• Bajaj Finance Ltd. CRISIL - AAA 3.82
Mishra Dhatu Nigam Ltd. Aerospace & Defense 0.45
QUANTITATIVE DATA • Sikka Port and Terminal
Hindustan Petroleum Corp. Ltd. Petroleum Products 0.44 Ltd. (erstwhile Reliance
Average Maturity * 4.44 years
HCL Technologies Ltd. IT - Software 0.40 Ports and Terminals Ltd.) CRISIL - AAA 3.80
Macaulay Duration * 3.07 years
Modified Duration * 2.90 years Hindustan Aeronautics Limited Aerospace & Defense 0.38 • Housing and Urban
Yield to Maturity * 6.24% Development Corporation
Indian Railways Finance Ltd. CARE - AAA 1.97
*Calculated on amount invested in debt securities (including Corp. Ltd. Finance 0.37
accrued interest), deployment of funds in TREPS and Reverse National Highways Authority
Aurobindo Pharma Ltd. Pharmaceuticals & of India CRISIL - AAA 1.95
Repo and net receivable / payable. Biotechnology 0.36
Housing Development Fin.
TOTAL EXPENSE RATIO (As on April 30, 2022) Lupin Ltd. Pharmaceuticals & Corp. Ltd.£ CRISIL - AAA 1.78
Including Additional Expenses and Goods and Service Tax on Biotechnology 0.35
Management Fees Andhra Pradesh Expressway
Tega Industries Limited Industrial Ltd. (NHAI Annuity) ICRA - AAA 1.59
Regular: 1.82% Direct: 1.21% Manufacturing 0.35
REC Limited. CRISIL - AAA 1.35
#BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt Texmaco Rail & Engineering Ltd. Industrial
Manufacturing 0.32 Axis Finance Ltd. IND - AAA 0.91
15:85 Index
SBI Life Insurance Company Ltd. Insurance 0.31 HDFC ERGO General Insurance
##ADDL. BENCHMARK INDEX: CRISIL 10 year Gilt Index Co. Ltd. CRISIL - AAA 0.90
Bharat Petroleum Corporation
EXIT LOAD Ltd. Petroleum Products 0.29 Coastal Gujarat Power Ltd.
l In respect of each purchase / switch-in of Units, 15% of the (Corporate Guarantee of Tata
Mahindra & Mahindra Ltd. Automobiles 0.27 Power) CARE - AA(CE) 0.71
Units (“the limit”) may be redeemed without any exit load
from the date of allotment. Power Grid Corporation of First Business Receivables Trust
l Any redemption in excess of the limit shall be subject to India Ltd. Power 0.23 (PTC banked by receivables
the following exit load: Birla Corporation Ltd. Cement & Cement from Reliance Corporate IT
n Exit load of 1.00% is payable if Units are redeemed / switched- Products 0.22 Park Limited) CRISIL - AAA(SO) 0.66
out within 1 year from the date of allotment of units.
l No Exit load is payable if Units are redeemed / switched-
Goodyear India Ltd. Auto Components 0.22 Shriram City Union Finance Ltd. CARE - AA 0.63
out after 1 year from the date of allotment. SBI Cards And Payment JM Financial Products Ltd. ICRA - AA 0.26
For further details, please refer to para ‘Exit Load’ on Pg 77. Services Limited Finance 0.22 Power Grid Corporation of CRISIL - AAA 0.20
PB Fintech Limited (Policy Financial Technology India Ltd.
PLANS & OPTIONS Bazaar) (Fintech) 0.21 L&T Finance Limited CRISIL - AAA 0.06
Regular Plan, Direct Plan. Under Each Plan: Growth, Union Bank of India Banks 0.15
(Monthly & Quarterly) Income Distribution cum Capital Sub Total 51.84
Withdrawal (IDCW) Option. The IDCW Option offers following Sub Total 22.17 CREDIT EXPOSURE (PERPETUAL BONDS)
Sub-Options: Payout of Income Distribution cum Capital DEBT & DEBT RELATED TMF Holdings Ltd. (Subsidiary
Withdrawal (IDCW) Option; and Re-investment of Income GOVERNMENT SECURITIES (CENTRAL/STATE) of Tata Motors Ltd.)
Distribution cum Capital Withdrawal (IDCW) Option.
6.58% Gujarat SDL - Mat 310327 Sovereign 1.82 (Perpetual) CARE - AA- 0.54
MINIMUM APPLICATION AMOUNT 5.38 GOI 2034 Sovereign 1.79 Sub Total 0.54
Purchase: (Growth & Quarterly IDCW Option) - ` 5,000 7.89% Gujarat SDL - Mat 150525 Sovereign 1.34 Total 64.31
and any amount thereafter. (Monthly IDCW Option) -
6.68 GOI 2031 Sovereign 0.89 Cash,Cash Equivalents and Net Current Assets 13.52
` 25,000 and any amount thereafter.
Additional Purchase : ` 1,000 and any amount thereafter. 6.95 GOI 2061 Sovereign 0.87 Grand Total 100.00
¥ Dedicated Fund Manager for Overseas Investments: 5.77 GOI 2030 Sovereign 0.85 • Top Ten Holdings, £ Sponsor
Sankalp Baid (since January 22, 2021 upto April 30, 2022) 6.1 GOI 2031 Sovereign 0.69
Mr. Priya Ranjan (since May 01, 2022) 6.67 GOI 2050 Sovereign 0.67
(Total Experience: Over 15 years).
5.85 GOI 2030 Sovereign 0.51
6.19 GOI 2034 Sovereign 0.42

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of April 30, 2022 unless otherwise specified.

30 April 2022
HDFC Hybrid Debt Fund (An open ended hybrid scheme investing predominantly
in debt instruments) .....Contd from previous page

Portfolio Classification By Asset Class (%) SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP
n Equity 22.17 SIP
n G-Sec, SDL 11.93 Total Amount Invested (` ‘000) 2,210.00 1,800.00 1,200.00 600.00 360.00 120.00
n Securitized Debt Mkt Value As on April 29, 2022 (` ‘000) 5,842.81 3,802.24 1,909.59 752.07 423.24 123.21
Instruments 0.66 Returns (%) 9.68 9.35 9.00 8.99 10.85 5.07
n Credit Exposure 51.72 Benchmark Returns (%) # 8.86 8.93 8.97 8.66 7.93 2.39
n Cash, Cash Equivalents and Additional Benchmark Returns (%) ## 6.09 6.11 5.86 4.23 1.55 -3.97
Net Current Assets 13.52 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.

Portfolio Classification By Rating Class (%) PERFORMANCE ^ - Regular Plan - Growth Option
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
n Equity 22.17 (%) (%)# Returns (%) ## Scheme (`) Benchmark Additional
n Sovereign 11.93 (`)# Benchmark (`)##
n AAA/AAA(SO)/A1+/A1+(SO) Apr 30, 21 Last 1 Year 10.04 5.49 -1.95 11,002 10,547 9,806
& Equivalent 36.49 Apr 30, 19 Last 3 Years 9.53 9.62 5.65 13,142 13,174 11,792
n AA/AA- 15.89
n Cash, Cash Equivalents and Apr 28, 17 Last 5 Years 7.31 8.57 4.94 14,232 15,092 12,730
Net Current Assets 13.52 Apr 30, 12 Last 10 Years 9.39 9.31 6.71 24,538 24,358 19,143
Dec 26, 03 Since Inception 10.23 8.39 5.43 59,737 43,905 26,389
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
This product is suitable for investors who are seeking ~ instruments. For performance of other schemes managed by Srinivasan Ramamurthy (Equities) and Shobhit Mehrotra (Debt), please
refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan
l to generate long-term income / capital appreciation under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer
of the Schemes and Benchmark’s, refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.
l investments primarily in debt securities, money market
instruments and moderate exposure to equities 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
Modera
oderate High tely Term Plan was merged therein. As the portfolio structuring of HHDF closely resembles the erstwhile MIP-LTP, the past performance of
to te M Hi MIP-LTP is provided, in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.
w era
Mo Lo

gh
d

^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.
Very
High
Low

RISKOMETER
Investors understand that their principal will be at
moderately high risk
~ Investors should consult their financial advisers, if in doubt
about whether the product is suitable for them.
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.

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 31
HDFC Index Fund - NIFTY 50 Plan (An open ended scheme replicating /
tracking NIFTY 50 index)

CATEGORY OF SCHEME: INDEX FUND PORTFOLIO

Company Industry+ % to Company Industry+ % to
NAV NAV
KEY FACTS
EQUITY & EQUITY RELATED Dr Reddys Laboratories Ltd. Pharmaceuticals &
INVESTMENT OBJECTIVE • Reliance Industries Ltd. Petroleum Products 12.85 Biotechnology 0.67
• HDFC Bank Ltd. Banks 8.10 Tata Consumer Products Limited Agricultural Food &
The investment objective of the Scheme is to generate returns Other Products 0.66
that are commensurate with the performance of the NIFTY • Infosys Limited IT - Software 7.66
50 Index, subject to tracking errors. • ICICI Bank Ltd. Banks 6.89 Bajaj Auto Limited Automobiles 0.65
• Housing Development Fin. SBI Life Insurance Company Ltd. Insurance 0.65
There is no assurance that the investment objective of the
Scheme will be realized. Corp. Ltd.£ Finance 5.39 Apollo Hospitals Enterprise Ltd. Healthcare Services 0.61
• Tata Consultancy Services Ltd. IT - Software 4.90 UPL Ltd. Fertilizers &
• Kotak Mahindra Bank Limited Banks 3.51 Agrochemicals 0.60
FUND MANAGER Britannia Industries Ltd. Food Products 0.52
• ITC Ltd. Diversified Fmcg 3.03
Krishan Kumar Daga (since October 19, 2015) • Larsen and Toubro Ltd. Construction 2.73 Coal India Ltd. Consumable Fuels 0.51
Total Experience: Over 32 years Eicher Motors Ltd. Automobiles 0.49
• Hindustan Unilever Ltd. Diversified Fmcg 2.66
Arun Agarwal (since August 24, 2020) Axis Bank Ltd. Banks 2.57 Bharat Petroleum Corporation 0.46
Total Experience: Over 23 years State Bank of India Banks 2.54 Ltd. Petroleum Products
Bajaj Finance Ltd. Finance 2.37 Shree Cement Ltd. Cement & Cement
INCEPTION DATE (Date of Allotment) Bharti Airtel Ltd. Telecom - Services 2.33 Products 0.46
July 17, 2002 Asian Paints Limited Consumer Durables 1.95 Hero MotoCorp Ltd. Automobiles 0.43
HCL Technologies Ltd. IT - Software 1.53 Yes Bank Ltd. Banks @
Maruti Suzuki India Limited Automobiles 1.37 Sub Total 99.92
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`)
Tata Steel Ltd. Ferrous Metals 1.37 Cash,Cash Equivalents and Net Current Assets 0.08
Regular Plan - Growth Option 157.7188 Grand Total 100.00
Direct Plan - Growth Option 160.3545 Titan Company Ltd. Consumer Durables 1.37
Sun Pharmaceutical Industries Pharmaceuticals & • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
ASSETS UNDER MANAGEMENT (`) IN CRORE Ltd. Biotechnology 1.34
Bajaj Finserv Ltd. Finance 1.20
Industry Allocation of Equity Holding (% of Net Assets)
As on April 30, 2022 5,721.09
Average for Month of April 2022 5,733.34 Mahindra & Mahindra Ltd. Automobiles 1.18
Banks 24.46
Tata Motors Ltd. Automobiles 1.05
IT - Software 16.14
QUANTITATIVE DATA Power Grid Corporation of
Petroleum Products 13.31
India Ltd. Power 1.04
Portfolio Turnover Ratio (Last 1 year) 9.52% Finance 8.96
Tech Mahindra Ltd. IT - Software 1.04
Diversified Fmcg 5.69
TRACKING ERROR UltraTech Cement Limited Cement & Cement
Products 1.02 Automobiles 5.17
Annualised tracking error is calculated based on daily rolling
Wipro Ltd. IT - Software 1.01 Pharmaceuticals & Biotechnology 3.46
returns for the last 12 months: 0.04% Consumer Durables 3.32
NTPC Limited Power 0.99
Hindalco Industries Ltd. Non - Ferrous Metals 0.94 Construction 2.73
TOTAL EXPENSE RATIO (As on April 30, 2022) Telecom - Services 2.33
Including Additional Expenses and Goods and Service Tax on JSW Steel Ltd. Ferrous Metals 0.94
Nestle India Ltd. Food Products 0.87 Cement & Cement Products 2.33
Management Fees
Grasim Industries Ltd. Cement & Cement Ferrous Metals 2.31
Regular: 0.40% Direct: 0.20% Power 2.03
Products 0.85
#BENCHMARK INDEX: NIFTY 50 (Total Returns Index) Indusind Bank Ltd. Banks 0.85 Food Products 1.39
Adani Ports & Special Insurance 1.37
##ADDL. BENCHMARK INDEX: S&P BSE SENSEX (Total Returns Economic Zone Transport Infrastructure 0.82 Non - Ferrous Metals 0.94
Index) Transport Infrastructure 0.82
Oil & Natural Gas Corporation
Ltd. Oil 0.78 Oil 0.78
EXIT LOAD Divis Laboratories Ltd. Pharmaceuticals & Agricultural Food & Other Products 0.66
l In respect of each purchase / switch-in of Units, an Exit Load Biotechnology 0.77 Healthcare Services 0.61
of 0.25% is payable if Units are redeemed / switched-out HDFC Life Insurance Company Fertilizers & Agrochemicals 0.60
within 3 days from the date of allotment. Limited Insurance 0.72 Consumable Fuels 0.51
l No Exit load is payable if units are redeemed / switched Cipla Ltd. Pharmaceuticals &
0 10 20 30
out after 3 days from the date of allotment. Biotechnology 0.68
For further details, please refer to para ‘Exit Load’ on Pg 77.
SIP PERFORMANCE ^ - Regular Plan - Growth Option
PLANS & OPTIONS Since Inception 15 year 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP SIP
Regular Plan, Direct Plan. Each Plan offers Growth Option only.
Total Amount Invested (` ‘000) 2,380.00 1,800.00 1,200.00 600.00 360.00 120.00
MINIMUM APPLICATION AMOUNT Mkt Value As on April 29, 2022 (` ‘000) 9,960.06 4,714.12 2,431.87 883.53 482.61 123.27
Purchase : ` 5,000 and any amount thereafter. Returns (%) 12.84 11.89 13.55 15.51 20.08 5.16
Additional Purchase : ` 1,000 and any amount thereafter. Benchmark Returns (%) # 14.55 12.76 14.13 16.14 20.77 5.70
Additional Benchmark Returns (%) ## 14.91 12.91 14.27 16.17 19.82 5.00
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.
This product is suitable for investors who are seeking ~ PERFORMANCE ^ - Regular Plan - Growth Option
l returns that are commensurate with the performance of the Date Period Scheme Benchmark Additional Value of ` 10,000 invested
NIFTY 50, subject to tracking errors over long term Returns Returns Benchmark
(%) (%)# Returns Scheme (`) Benchmark Additional
l investment in equity securities covered by the NIFTY 50 (`)#Benchmark
(%) ##
(`)##
Modera
oderate High tely Apr 30, 21 Last 1 Year 17.64 18.24 18.19 11,759 11,818 11,813
ot te M Hi
w era Apr 30, 19 Last 3 Years 13.97 14.67 14.77 14,805 15,079 15,118
Mo Lo

gh
d

Apr 28, 17 Last 5 Years 13.74 14.34 15.10 19,048 19,556 20,221
Apr 30, 12 Last 10 Years 13.35 13.94 14.20 35,021 36,901 37,751
Very
High
Low

Jul 17, 02 Since Inception 14.76 16.83 17.35 152,739 217,300 237,543
RISKOMETER Returns greater than 1 year period are compounded annualized (CAGR). Since inception returns are calculated on ` 10.3260 (allotment
Investors understand that their principal will be at price). For performance of other schemes managed by Krishan Kumar Daga and Arun Agarwal, please refer page 77. Different plans viz.
very high risk Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the
extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark's, refer page
~ Investors should consult their financial advisers, if in doubt 86 to 91. For Performance of Direct Plan, refer page no. 79.
about whether the product is suitable for them. ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.
Face Value per Unit: ` 10.3260, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

32 April 2022
HDFC Index Fund - SENSEX Plan (An open ended scheme replicating /
tracking S&P BSE SENSEX index)

CATEGORY OF SCHEME: INDEX FUND PORTFOLIO

Company Industry+ % to Company Industry+ % to
KEY FACTS NAV NAV

INVESTMENT OBJECTIVE EQUITY & EQUITY RELATED NTPC Limited Power 1.13
The investment objective of the Scheme is to generate returns • Reliance Industries Ltd. Petroleum Products 14.92 Nestle India Ltd. Food Products 1.01
that are commensurate with the performance of the S&P BSE • HDFC Bank Ltd. Banks 9.40 Indusind Bank Ltd. Banks 0.92
SENSEX Index, subject to tracking errors.
• Infosys Limited IT - Software 8.89 Dr Reddys Laboratories Ltd. Pharmaceuticals &
There is no assurance that the investment objective of the
• ICICI Bank Ltd. Banks 8.01 Biotechnology 0.78
Scheme will be realized.
• Housing Development Fin. Sub Total 99.92
FUND MANAGER Corp. Ltd.£ Finance 6.26 Cash,Cash Equivalents and Net Current Assets 0.08
Krishan Kumar Daga (since October 19, 2015) • Tata Consultancy Services Grand Total 100.00
Total Experience: Over 32 years Ltd. IT - Software 5.70 • Top Ten Holdings, £ Sponsor
Arun Agarwal (since August 24, 2020) • Kotak Mahindra Bank Limited Banks 3.63
Total Experience: Over 23 years • ITC Ltd. Diversified Fmcg 3.52 Industry Allocation of Equity Holding (% of Net Assets)
• Larsen and Toubro Ltd. Construction 3.18 Banks 27.99
INCEPTION DATE (Date of Allotment)
• Hindustan Unilever Ltd. Diversified Fmcg 3.10
July 17, 2002 IT - Software 18.79
Axis Bank Ltd. Banks 3.08
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) State Bank of India Banks 2.95 Petroleum Products 14.92
Regular Plan - Growth Option 512.3626 Bharti Airtel Ltd. Telecom - Services 2.77 Finance 10.41
Direct Plan - Growth Option 521.9074 Bajaj Finance Ltd. Finance 2.75
Diversified Fmcg 6.62
ASSETS UNDER MANAGEMENT (`) IN CRORE Asian Paints Limited Consumer Durables 2.26
As on April 30, 2022 3,306.74 HCL Technologies Ltd. IT - Software 1.82 Consumer Durables 3.85
Average for Month of April 2022 3,328.92 Maruti Suzuki India Limited Automobiles 1.59
Construction 3.18
Titan Company Ltd. Consumer Durables 1.59
QUANTITATIVE DATA Automobiles 2.96
Tata Steel Ltd. Ferrous Metals 1.56
Portfolio Turnover Ratio (Last 1 year) 13.62%
Sun Pharmaceutical Industries Pharmaceuticals & Telecom - Services 2.77
TRACKING ERROR Ltd. Biotechnology 1.55
Power 2.34
Annualised tracking error is calculated based on daily rolling Bajaj Finserv Ltd. Finance 1.40
returns for the last 12 months: 0.03% Mahindra & Mahindra Ltd. Automobiles 1.37 Pharmaceuticals & Biotechnology 2.33
Power Grid Corporation of 1.56
TOTAL EXPENSE RATIO (As on April 30, 2022) Ferrous Metals
India Ltd. Power 1.21
Including Additional Expenses and Goods and Service Tax on
Management Fees Tech Mahindra Ltd. IT - Software 1.21 Cement & Cement Products 1.19
Regular: 0.40% Direct: 0.20% UltraTech Cement Limited Cement & Cement Food Products 1.01
Products 1.19
#BENCHMARK INDEX: S&P BSE SENSEX (Total Returns Index) 0 5 1015202530
Wipro Ltd. IT - Software 1.17
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)

EXIT LOAD
l In respect of each purchase / switch-in of Units, an Exit Load
SIP PERFORMANCE ^ - Regular Plan - Growth Option
of 0.25% is payable if Units are redeemed / switched-out Since Inception 15 year 10 year 5 year 3 year 1 year
within 3 days from the date of allotment. SIP SIP SIP SIP SIP SIP
l No Exit load is payable if units are redeemed / switched Total Amount Invested (` ‘000) 2,380.00 1,800.00 1,200.00 600.00 360.00 120.00
out after 3 days from the date of allotment. Mkt Value As on April 29, 2022 (` ‘000) 10,257.39 4,772.45 2,450.63 883.98 476.45 122.86
For further details, please refer to para ‘Exit Load’ on Pg 77. Returns (%) 13.08 12.04 13.69 15.53 19.16 4.51
Benchmark Returns (%) # 14.91 12.91 14.27 16.17 19.82 5.00
PLANS & OPTIONS Additional Benchmark Returns (%) ## 14.55 12.76 14.13 16.14 20.77 5.70
Regular Plan, Direct Plan. Each Plan offers Growth Option only. 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.
MINIMUM APPLICATION AMOUNT
Purchase : ` 5,000 and any amount thereafter. PERFORMANCE ^ - Regular Plan - Growth Option
Additional Purchase : ` 1,000 and any amount thereafter. Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
This product is suitable for investors who are seeking ~ (%) (%)# Returns Scheme (`) Benchmark Additional
(%) ## (`)# Benchmark
l returns that are commensurate with the performance of the (`)##
S&P BSE SENSEX, subject to tracking errors over long term. Apr 30, 21 Last 1 Year 17.62 18.19 18.24 11,757 11,813 11,818
l investment in equity securities covered by the S&P BSE Apr 30, 19 Last 3 Years 14.10 14.77 14.67 14,853 15,118 15,079
SENSEX. Apr 28, 17 Last 5 Years 14.48 15.10 14.34 19,675 20,221 19,556
Apr 30, 12 Last 10 Years 13.56 14.20 13.94 35,670 37,751 36,901
rate Moderately
o Mode High Jul 17, 02 Since Inception 15.01 17.35 16.83 159,312 237,543 217,300
w t erate Hi
Returns greater than 1 year period are compounded annualized (CAGR). Since inception returns are calculated on ` 32.1610 (allotment
Mo Lo

gh

price). For performance of other schemes managed by Krishan Kumar Daga and Arun Agarwal, please refer page 77. Different plans viz.
d

Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the
extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark's, refer page
Very
High
Low

86 to 91. For Performance of Direct Plan, refer page no. 79.

RISKOMETER
Investors understand that their principal will be at
very high risk
~ Investors should consult their financial advisers, if in doubt
about whether the product is suitable for them.
Note: Effective close of business hours of May 25, 2018, HDFC Index Fund - SENSEX Plan (the Scheme) underwent changes in
Fundamental Attributes and HDFC Index Fund - SENSEX Plus Plan was merged therein. As the portfolio structuring of the Scheme
is continued, its past performance is provided, in line with SEBI circular on Performance disclosure post consolidation/ merger of
scheme dated April 12, 2018.
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.

Face Value per Unit: ` 32.1610, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 33
HDFC NIFTY 100 Index Fund [An open ended scheme replicating /
tracking NIFTY 100 index (TRI)]

CATEGORY OF SCHEME: INDEX FUND PORTFOLIO

Company Industry+ % to NAV Company Industry+ % to NAV
EQUITY & EQUITY RELATED Piramal Enterprises Limited Finance 0.32
KEY FACTS • Reliance Industries Ltd. Petroleum Products 10.74 Ambuja Cements Ltd. Cement & Cement
• HDFC Bank Ltd. Banks 6.77 Products 0.30
INVESTMENT OBJECTIVE
• Infosys Limited IT - Software 6.40 Marico Ltd. Personal Products 0.30
The investment objective of the Scheme is to generate returns • ICICI Bank Ltd. Banks 5.76 Bajaj Holdings & Investment
that are commensurate (before fees and expenses) with the • Housing Development Fin. Ltd Finance 0.29
performance of the NIFTY 100 Index TRI (Underlying Index), Corp. Ltd.£ Finance 4.50 United Spirits Limited Beverages 0.29
subject to tracking error. • Tata Consultancy Services Ltd. IT - Software 4.10 DLF Limited Realty 0.26
• Kotak Mahindra Bank Limited Banks 2.93 Mindtree Consulting Ltd. IT - Software 0.26
There is no assurance that the investment objective of the • ITC Ltd. Diversified Fmcg 2.53 Bandhan Bank Ltd. Banks 0.25
Scheme will be realized. • Larsen and Toubro Ltd. Construction 2.28 Colgate-Palmolive ( I ) Ltd. Personal Products 0.25
• Hindustan Unilever Ltd. Diversified Fmcg 2.23 Larsen & Toubro Infotech Ltd. IT - Software 0.25
FUND MANAGER Axis Bank Ltd. Banks 2.15 PI Industries Ltd. Fertilizers &
Krishan Kumar Daga (since February 11, 2022) State Bank of India Banks 2.12 Agrochemicals 0.25
Total Experience: Over 32 years Bajaj Finance Ltd. Finance 1.98 SBI Cards And Payment
Bharti Airtel Ltd. Telecom - Services 1.95 Services Limited Finance 0.24
Mr. Arun Agarwal (since March 4, 2022) Asian Paints Limited Consumer Durables 1.63 Bank of Baroda Banks 0.23
Total Experience: Over 23 years HCL Technologies Ltd. IT - Software 1.27 ICICI Prudential Life Insurance
Maruti Suzuki India Limited Automobiles 1.14 Company Ltd. Insurance 0.23
INCEPTION DATE (Date of Allotment) Tata Steel Ltd. Ferrous Metals 1.14 Jubilant Foodworks Limited Leisure Services 0.23
Titan Company Ltd. Consumer Durables 1.14 Siemens Ltd. Electrical Equipment 0.23
February 23, 2022 Sun Pharmaceutical Industries Pharmaceuticals & ACC Ltd. Cement & Cement
Ltd. Biotechnology 1.12 Products 0.22
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Adani Green Energy Limited Power 1.11 InterGlobe Aviation Ltd. Transport Services 0.20
Bajaj Finserv Ltd. Finance 1.01 Lupin Ltd. Pharmaceuticals &
Regular Plan - Growth Option 10.0761
Mahindra & Mahindra Ltd. Automobiles 0.98 Biotechnology 0.20
Direct Plan - Growth Option 10.0917 Tata Motors Ltd. Automobiles 0.88 NMDC Limited Minerals & Mining 0.20
Power Grid Corporation of Berger Paints (I) Ltd Consumer Durables 0.19
ASSETS UNDER MANAGEMENT (`) IN CRORE India Ltd. Power 0.87 Biocon Ltd. Pharmaceuticals &
As on April 30, 2022 67.92 Tech Mahindra Ltd. IT - Software 0.87 Biotechnology 0.19
Average for Month of April 2022 68.57 Adani Transmission Limited Power 0.86 Gland Pharma Ltd. Pharmaceuticals &
UltraTech Cement Limited Cement & Cement Biotechnology 0.19
Products 0.85 Indus Towers Limited Telecom - Services 0.19
TOTAL EXPENSE RATIO (As on April 30, 2022)
Wipro Ltd. IT - Software 0.84 Steel Authority Of India Ltd. Ferrous Metals 0.16
Including Additional Expenses and Goods and Service Tax on NTPC Limited Power 0.83 HDFC Asset Management
Management Fees Hindalco Industries Ltd. Non - Ferrous Metals 0.79 Company Ltd. Capital Markets 0.15
Regular: 1.08% Direct: 0.30% JSW Steel Ltd. Ferrous Metals 0.78 Muthoot Finance Ltd. Finance 0.15
Nestle India Ltd. Food Products 0.73 Torrent Pharmaceuticals Ltd. Pharmaceuticals &
#BENCHMARK INDEX: NIFTY 100 (Total Returns Index) Adani Enterprises Limtied Metals & Minerals Biotechnology 0.15
Trading 0.72 Procter & Gamble Hygiene &
EXIT LOAD Grasim Industries Ltd. Cement & Cement Healthca Personal Products 0.14
Nil Products 0.71 Bosch Limited Auto Components 0.13
Indusind Bank Ltd. Banks 0.71 Punjab National Bank Banks 0.12
Adani Ports & Special Zomato Ltd Retailing 0.12
PLANS & OPTIONS Economic Zone Transport Infrastructure 0.69 Fsn Ecommerce Ventures
Regular Plan, Direct Plan. Each Plan offers Growth Option only. Avenue Supermarts Ltd. Retailing 0.66 Limited (Nykaa) Retailing 0.11
Oil & Natural Gas Corporation Zydus Lifesciences Limited Pharmaceuticals &
MINIMUM APPLICATION AMOUNT Ltd. Oil 0.65 Biotechnology 0.10
Purchase : ` 5,000 and any amount thereafter. Divis Laboratories Ltd. Pharmaceuticals & One 97 Communications Financial Technology
Biotechnology 0.64 Limited (Paytm) (Fintech) 0.06
Additional Purchase : ` 1,000 and any amount thereafter.
HDFC Life Insurance Company Sub Total 98.14
Limited Insurance 0.60 Cash,Cash Equivalents and Net Current Assets 1.86
Cipla Ltd. Pharmaceuticals & Grand Total 100.00
Biotechnology 0.57 • Top Ten Holdings, £ Sponsor
Dr Reddys Laboratories Ltd. Pharmaceuticals &
Biotechnology 0.56
Tata Consumer Products Agricultural Food & Industry Allocation of Equity Holding (% of Net Assets)
Limited Other Products 0.55
Bajaj Auto Limited Automobiles 0.54 Banks 21.04
SBI Life Insurance Company Ltd. Insurance 0.54 IT - Software 13.99
Petroleum Products 11.49
Apollo Hospitals Enterprise Ltd. Healthcare Services 0.51 Finance 8.81
Vedanta Ltd. Diversified Metals 0.51 Diversified Fmcg 4.76
Automobiles 4.31
UPL Ltd. Fertilizers & 0.50 Pharmaceuticals & Biotechnology 3.72
Agrochemicals Power 3.67
Britannia Industries Ltd. Food Products 0.43 Consumer Durables 3.33
Cement & Cement Products 2.46
Coal India Ltd. Consumable Fuels 0.43 Construction 2.28
SRF Ltd. Chemicals & Telecom - Services 2.14
Ferrous Metals 2.08
This product is suitable for investors who are seeking ~ Petrochemicals 0.42 Insurance 1.73
Eicher Motors Ltd. Automobiles 0.41 Personal Products 1.38
l returns that are commensurate (before fees and expenses) Pidilite Industries Ltd. Chemicals & Retailing 1.29
Food Products 1.16
with the performance of the NIFTY 100 Index (TRI) over long Petrochemicals 0.41 Chemicals & Petrochemicals 0.83
term, subject to tracking error Info Edge (India) Limited Retailing 0.40 Non - Ferrous Metals 0.79
Fertilizers & Agrochemicals 0.75
l investment in equity securities covered by the NIFTY 100 Index
Bharat Petroleum Corporation Metals & Minerals Trading 0.72
Ltd. Petroleum Products 0.39 Transport Infrastructure 0.69
Shree Cement Ltd. Cement & Cement Oil 0.65
Modera Agricultural Food & Other Products 0.55
oderate High tely Healthcare Services 0.51
o M
Products 0.38
w t erate Hi Havells India Ltd. Consumer Durables 0.37 Diversified Metals
Consumable Fuels
0.51
0.43
Mo Lo

gh

Dabur India Ltd. Personal Products 0.36 Gas 0.32

d

Hero MotoCorp Ltd. Automobiles 0.36 Beverages 0.29

Realty 0.26
Very
High
Low

ICICI Lombard General Leisure Services 0.23

Insurance Co Insurance 0.36 Electrical Equipment 0.23
RISKOMETER Indian Oil Corporation Ltd. Petroleum Products 0.36 Transport Services 0.20
Minerals & Mining 0.20
Investors understand that their principal will be at Godrej Consumer Products Ltd. Personal Products 0.33 Capital Markets 0.15
very high risk Cholamandalam Investment Auto Components 0.13
Financial Technology (Fintech) 0.06
& Finance Finance 0.32
~ Investors should consult their financial advisers, if in doubt GAIL (India) Ltd. Gas 0.32 0 5 10 15 20 25 30
about whether the product is suitable for them.
Face Value per Unit: ` 10, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

34 April 2022
HDFC NIFTY50 Equal Weight Index Fund (An open ended scheme replicating/
tracking NIFTY50 Equal Weight Index (TRI))

CATEGORY OF SCHEME: INDEX FUND PORTFOLIO

Company Industry+ % to NAV Company Industry+ % to NAV
KEY FACTS EQUITY & EQUITY RELATED Titan Company Ltd. Consumer Durables 1.91
INVESTMENT OBJECTIVE • Mahindra & Mahindra Ltd. Automobiles 2.36 Apollo Hospitals Enterprise Ltd.
Healthcare Services 1.90
To generate returns that are commensurate (before fees • Adani Ports & Special Cipla Ltd. Pharmaceuticals &
and expenses) with the performance of the NIFTY50 Equal Economic Zone Transport Infrastructure 2.29 Biotechnology 1.90
Weight Index TRI (Underlying Index), subject to tracking error. • NTPC Limited Power 2.29 Dr Reddys Laboratories Ltd. Pharmaceuticals &
There is no assurance that the investment objective of the • HDFC Life Insurance Biotechnology 1.90
Scheme will be realized. Company Limited Insurance 2.24 Coal India Ltd. Consumable Fuels 1.89
FUND MANAGER • Hindustan Unilever Ltd. Diversified Fmcg 2.23 Tata Consultancy Services Ltd. IT - Software 1.89
Krishan Kumar Daga (since August 20, 2021) • Shree Cement Ltd. Cement & Cement Bajaj Finance Ltd. Finance 1.88
Total Experience: Over 32 years Products 2.21 Tata Steel Ltd. Ferrous Metals 1.87
• Tata Consumer Products Agricultural Food & HCL Technologies Ltd. IT - Software 1.83
Arun Agarwal (since February 01, 2022) Limited Other Products 2.19
Total Experience: Over 23 years Oil & Natural Gas Corporation
• Eicher Motors Ltd. Automobiles 2.18 Ltd. Oil 1.79
INCEPTION DATE (Date of Allotment) • Nestle India Ltd. Food Products 2.14 Bajaj Finserv Ltd. Finance 1.78
August 20, 2021 • Power Grid Corporation of Wipro Ltd. IT - Software 1.67
India Ltd. Power 2.12
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Infosys Limited IT - Software 1.65
Asian Paints Limited Consumer Durables 2.11
Regular Plan - Growth Option 10.7056 Tech Mahindra Ltd. IT - Software 1.63
Direct Plan - Growth Option 10.7531 Reliance Industries Ltd. Petroleum Products 2.10
Hindalco Industries Ltd. Non - Ferrous Metals 1.51
Britannia Industries Ltd. Food Products 2.09
ASSETS UNDER MANAGEMENT (`) IN CRORE Sub Total 99.73
Hero MotoCorp Ltd. Automobiles 2.08
As on April 30, 2022 475.13 Cash,Cash Equivalents and Net Current Assets 0.27
UPL Ltd. Fertilizers &
Average for Month of April 2022 474.00 Agrochemicals 2.08 Grand Total 100.00
Grasim Industries Ltd. Cement & Cement • Top Ten Holdings, £ Sponsor
TOTAL EXPENSE RATIO (As on April 30, 2022)
Including Additional Expenses and Goods and Service Tax on Products 2.07
Management Fees ICICI Bank Ltd. Banks 2.06 Industry Allocation of Equity Holding (% of Net Assets)
Regular: 1.11% Direct: 0.40% Indusind Bank Ltd. Banks 2.06
Automobiles 12.66
#BENCHMARK INDEX: NIFTY50 Equal Weight (Total Returns UltraTech Cement Limited Cement & Cement
Products 2.06 Banks 12.00
Index) IT - Software 8.67
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index) Kotak Mahindra Bank Limited Banks 2.05
Pharmaceuticals & Biotechnology 7.83
Maruti Suzuki India Limited Automobiles 2.04
EXIT LOAD Cement & Cement Products 6.34
SBI Life Insurance Company Ltd. Insurance 2.03
Nil Finance 5.60
Sun Pharmaceutical Industries Pharmaceuticals & Power 4.41
PLANS & OPTIONS Ltd. Biotechnology 2.02
Insurance 4.27
Regular Plan, Direct Plan. Each Plan offers Growth Option only. Divis Laboratories Ltd. Pharmaceuticals &
Biotechnology 2.01 Food Products 4.23
MINIMUM APPLICATION AMOUNT Bajaj Auto Limited Automobiles 2.00 Diversified Fmcg 4.22
Purchase : ` 5,000 and any amount thereafter. Petroleum Products 4.09
Tata Motors Ltd. Automobiles 2.00
Additional Purchase : ` 1,000 and any amount thereafter. Consumer Durables 4.02
Bharat Petroleum Corporation
Ltd. Petroleum Products 1.99 Ferrous Metals 3.83
Bharti Airtel Ltd. Telecom - Services 1.99 Transport Infrastructure 2.29
This product is suitable for investors who are seeking ~
Agricultural Food & Other Products 2.19
ITC Ltd. Diversified Fmcg 1.99
l returns that are commensurate (before fees and expenses) Fertilizers & Agrochemicals 2.08
with the performance of the NIFTY50 Equal Weight Index State Bank of India Banks 1.97
over long term, subject to tracking error Telecom - Services 1.99
JSW Steel Ltd. Ferrous Metals 1.96
l investment in securities covered by the NIFTY50 Equal Weight
Construction 1.92
Axis Bank Ltd. Banks 1.95 Healthcare Services 1.90
Index
Housing Development Fin. Consumable Fuels 1.89
Modera Corp. Ltd.£ Finance 1.94
oderate High tely Oil 1.79
o M Larsen and Toubro Ltd. Construction 1.92
w t erate Hi Non - Ferrous Metals 1.51
HDFC Bank Ltd. Banks 1.91
Mo Lo

0 5 10 15
gh
d

Very
High
Low

RISKOMETER
PERFORMANCE ^
Investors understand that their principal will be at
very high risk Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
~ Investors should consult their financial advisers, if in doubt (%) (%)# Returns Scheme (`) Benchmark Additional
about whether the product is suitable for them. (%) ## (`)# Benchmark
(`)##
Oct 29, 21 Last 6 Months -1.80 -0.62 -5.81 9,910 9,969 9,710
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 -0.90%. For performance
of other schemes managed by Krishna Kumar Daga & Arun Agarwal, please refer page 77. Different plans viz. Regular Plan and Direct
Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution
expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91. For Performance
of Direct Plan, refer page no. 79.
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme/Plan.
Load is not taken into consideration for computation of performance.

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 35
HDFC NIFTY 100 Equal Weight Index Fund (An open ended scheme replicating/
tracking NIFTY100 Equal Weight Index (TRI))

CATEGORY OF SCHEME: INDEX FUND PORTFOLIO

Company Industry+ % to NAV Company Industry+ % to NAV
KEY FACTS EQUITY & EQUITY RELATED Zydus Lifesciences Limited Pharmaceuticals &
• Adani Green Energy Limited Power 1.43 Biotechnology 0.95
• Ambuja Cements Ltd. Cement & Cement Avenue Supermarts Ltd. Retailing 0.94
INVESTMENT OBJECTIVE Products 1.22 Gland Pharma Ltd. Pharmaceuticals &
The investment objective of the Scheme is to generate returns • Adani Enterprises Limtied Metals & Minerals Biotechnology 0.94
that are commensurate (before fees and expenses) with Trading 1.17 Housing Development Fin.
the performance of the NIFTY 100 Equal Weight Index TRI • Mahindra & Mahindra Ltd. Automobiles 1.15 Corp. Ltd.£ Finance 0.94
• Adani Ports & Special Piramal Enterprises Limited Finance 0.94
(Underlying Index), subject to tracking error. Economic Zone Transport Infrastructure 1.11 Punjab National Bank Banks 0.94
There is no assurance that the investment objective of the • Havells India Ltd. Consumer Durables 1.11 SBI Cards And Payment
Scheme will be realized. • NTPC Limited Power 1.11 Services Limited Finance 0.94
• Adani Transmission Limited Power 1.09 Vedanta Ltd. Diversified Metals 0.94
• Godrej Consumer Products HDFC Asset Management
FUND MANAGER Ltd. Personal Products 1.09 Company Ltd. Capital Markets 0.93
• HDFC Life Insurance Larsen and Toubro Ltd. Construction 0.93
Krishan Kumar Daga (since February 11, 2022) Company Limited Insurance 1.09 Muthoot Finance Ltd. Finance 0.93
Total Experience: Over 32 years ACC Ltd. Cement & Cement Procter & Gamble Hygiene &
Mr. Arun Agarwal (since March 4, 2022) Products 1.08 Healthca Personal Products 0.93
Total Experience: Over 23 years Bandhan Bank Ltd. Banks 1.08 Steel Authority Of India Ltd. Ferrous Metals 0.93
Hindustan Unilever Ltd. Diversified Fmcg 1.08 Titan Company Ltd. Consumer Durables 0.93
One 97 Communications Financial Technology Cipla Ltd. Pharmaceuticals &
INCEPTION DATE (Date of Allotment) Limited (Paytm) (Fintech) 1.07 Biotechnology 0.92
Shree Cement Ltd. Cement & Cement Dr Reddys Laboratories Ltd. Pharmaceuticals &
February 23, 2022
Products 1.07 Biotechnology 0.92
Eicher Motors Ltd. Automobiles 1.06 HDFC Bank Ltd. Banks 0.92
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Tata Consumer Products Agricultural Food & Apollo Hospitals Enterprise Ltd. Healthcare Services 0.91
Limited Other Products 1.06 Bajaj Finance Ltd. Finance 0.91
Regular Plan - Growth Option 10.2207 ICICI Prudential Life Insurance Coal India Ltd. Consumable Fuels 0.91
Direct Plan - Growth Option 10.2330 Company Ltd. Insurance 1.05 Tata Consultancy Services Ltd. IT - Software 0.91
Marico Ltd. Personal Products 1.05 Tata Steel Ltd. Ferrous Metals 0.91
ASSETS UNDER MANAGEMENT (`) IN CRORE Colgate-Palmolive ( I ) Ltd. Personal Products 1.04 InterGlobe Aviation Ltd. Transport Services 0.90
Fsn Ecommerce Ventures HCL Technologies Ltd. IT - Software 0.89
As on April 30, 2022 78.06 Limited (Nykaa) Retailing 1.04 Zomato Ltd Retailing 0.89
Average for Month of April 2022 76.00 Nestle India Ltd. Food Products 1.04 Oil & Natural Gas Corporation
Dabur India Ltd. Personal Products 1.03 Ltd. Oil 0.87
Power Grid Corporation of Bajaj Finserv Ltd. Finance 0.86
TOTAL EXPENSE RATIO (As on April 30, 2022) Mindtree Consulting Ltd. IT - Software 0.83
Including Additional Expenses and Goods and Service Tax on India Ltd. Power 1.03
Asian Paints Limited Consumer Durables 1.02 Wipro Ltd. IT - Software 0.81
Management Fees Biocon Ltd. Pharmaceuticals & Infosys Limited IT - Software 0.80
Biotechnology 1.02 Tech Mahindra Ltd. IT - Software 0.79
Regular: 1.16% Direct: 0.40% Larsen & Toubro Infotech Ltd. IT - Software 0.76
Reliance Industries Ltd. Petroleum Products 1.02 Hindalco Industries Ltd. Non - Ferrous Metals 0.73
#BENCHMARK INDEX: NIFTY100 Equal Weight (Total Returns Berger Paints (I) Ltd Consumer Durables 1.01 Sub Total 98.11
Index) Britannia Industries Ltd. Food Products 1.01 Cash, Cash Equivalents and Net Current Assets 1.89
Hero MotoCorp Ltd. Automobiles 1.01 Grand Total 100.00
Info Edge (India) Limited Retailing 1.01 • Top Ten Holdings, £ Sponsor
EXIT LOAD UPL Ltd. Fertilizers &
Nil Agrochemicals 1.01
GAIL (India) Ltd. Gas 1.00
Grasim Industries Ltd. Cement & Cement
PLANS & OPTIONS Products 1.00
Regular Plan, Direct Plan. Each Plan offers Growth Option only. ICICI Bank Ltd. Banks 1.00
Indian Oil Corporation Ltd. Petroleum Products 1.00
Indusind Bank Ltd. Banks 1.00
MINIMUM APPLICATION AMOUNT UltraTech Cement Limited Cement & Cement
Purchase : ` 5,000 and any amount thereafter. Products 1.00 Industry Allocation of Equity Holding (% of Net Assets)
Additional Purchase : ` 1,000 and any amount thereafter. Bosch Limited Auto Components 0.99
Jubilant Foodworks Limited Leisure Services 0.99 Banks 8.79
Kotak Mahindra Bank Limited Banks 0.99 Pharmaceuticals & Biotechnology 8.65
Maruti Suzuki India Limited Automobiles 0.99 Finance 7.47
PI Industries Ltd. Fertilizers & Automobiles 6.15
Agrochemicals 0.99 IT - Software 5.79
Torrent Pharmaceuticals Ltd. Pharmaceuticals & Cement & Cement Products 5.37
Biotechnology 0.99 Personal Products 5.14
Bajaj Holdings & Investment Power 4.66
Ltd Finance 0.98 Insurance 4.09
Divis Laboratories Ltd. Pharmaceuticals & Consumer Durables 4.07
Biotechnology 0.98 Retailing 3.88
DLF Limited Realty 0.98 Petroleum Products 2.98
SBI Life Insurance Company Ltd. Insurance 0.98 Ferrous Metals 2.79
Sun Pharmaceutical Industries Pharmaceuticals & Food Products 2.05
Ltd. Biotechnology 0.98 Diversified Fmcg 2.05
Bajaj Auto Limited Automobiles 0.97 Fertilizers & Agrochemicals 2.00
This product is suitable for investors who are seeking ~ Cholamandalam Investment Chemicals & Petrochemicals 1.92
& Finance Finance 0.97 Telecom - Services 1.91
l returns that are commensurate (before fees and expenses)
ICICI Lombard General Metals & Minerals Trading 1.17
with the performance of the NIFTY 100 Equal Weight Index
Insurance Co Insurance 0.97
Transport Infrastructure 1.11
(TRI) over long term, subject to tracking error
ITC Ltd. Diversified Fmcg 0.97
Financial Technology (Fintech) 1.07
l investment in equity securities covered by the NIFTY 100 Equal Pidilite Industries Ltd. Chemicals &
Agricultural Food & Other Products 1.06
Weight Index Gas 1.00
Petrochemicals 0.97 Leisure Services 0.99
Modera
Tata Motors Ltd. Automobiles 0.97 Auto Components 0.99
oderate High tely Bank of Baroda Banks 0.96 Realty 0.98
o M
w t erate Hi Bharat Petroleum Corporation Electrical Equipment 0.96
Ltd. Petroleum Products 0.96 Minerals & Mining 0.95
Mo Lo

gh
d

Bharti Airtel Ltd. Telecom - Services 0.96 Beverages 0.95

Siemens Ltd. Electrical Equipment 0.96 Diversified Metals 0.94
Very
High
Low

Axis Bank Ltd. Banks 0.95 Construction 0.93

Indus Towers Limited Telecom - Services 0.95 Capital Markets 0.93
RISKOMETER JSW Steel Ltd. Ferrous Metals 0.95 Healthcare Services 0.91
Investors understand that their principal will be at Lupin Ltd. Pharmaceuticals & Consumable Fuels 0.91
very high risk Biotechnology 0.95 Transport Services 0.90
NMDC Limited Minerals & Mining 0.95 Oil 0.87
~ Investors should consult their financial advisers, if in doubt SRF Ltd. Chemicals & Non - Ferrous Metals 0.73
about whether the product is suitable for them. Petrochemicals 0.95
State Bank of India Banks 0.95 0 5 10
United Spirits Limited Beverages 0.95
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

36 April 2022
HDFC NIFTY Next 50 Index Fund (An open ended scheme replicating/
tracking NIFTY Next 50 Index (TRI))

CATEGORY OF SCHEME: INDEX FUND PORTFOLIO Industry Allocation of Equity Holding (% of Net Assets)
Company Industry+ % to NAV
Power 9.10
KEY FACTS EQUITY & EQUITY RELATED
Finance 9.09
• Adani Enterprises Limtied Metals & Minerals Retailing
INVESTMENT OBJECTIVE Trading 5.36 7.07
Chemicals & Petrochemicals 6.17
To generate returns that are commensurate (before fees and • Adani Green Energy Limited Power 5.13
Pharmaceuticals & Biotechnology 5.67
expenses) with the performance of the NIFTY Next 50 TRI • Adani Transmission Limited Power 3.97 Metals & Minerals Trading 5.36
(Underlying Index), subject to tracking error. • Vedanta Ltd. Diversified Metals 3.80 Banks 4.52
There is no assurance that the investment objective of the • Pidilite Industries Ltd. Chemicals & Insurance 4.43
Scheme will be realized. Petrochemicals 3.09 Consumer Durables 4.21
• SRF Ltd. Chemicals & Cement & Cement Products 3.92
FUND MANAGER Petrochemicals 3.08 Diversified Metals 3.80
Krishan Kumar Daga (since November 03, 2021) • Avenue Supermarts Ltd. Retailing 3.04 IT - Software 3.77
Total Experience: Over 32 years • Info Edge (India) Limited Retailing 3.00 Petroleum Products 2.70
• Havells India Ltd. Consumer Durables 2.75 Gas 2.42
Arun Agarwal (since February 01, 2022)
Total Experience: Over 23 years
• ICICI Lombard General Beverages 2.15
Insurance Co Insurance 2.73 Realty 1.92
INCEPTION DATE (Date of Allotment) Dabur India Ltd. Personal Products 2.71 Fertilizers & Agrochemicals 1.91
November 03, 2021
Indian Oil Corporation Ltd. Petroleum Products 2.70 Leisure Services 1.75
Godrej Consumer Products Ltd. Personal Products 2.47 Electrical Equipment 1.69
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Cholamandalam Investment Minerals & Mining 1.53
& Finance Finance 2.43 Transport Services 1.49
Regular Plan - Growth Option 9.9149 Telecom - Services
GAIL (India) Ltd. Gas 2.42 1.41
Direct Plan - Growth Option 9.9518 Piramal Enterprises Limited Finance 2.41 Ferrous Metals 1.17
ASSETS UNDER MANAGEMENT (`) IN CRORE Ambuja Cements Ltd. Cement & Cement Capital Markets 1.13
Products 2.28 Auto Components 1.04
As on April 30, 2022 335.29 Marico Ltd. Personal Products 2.25 Financial Technology (Fintech) 0.28
Average for Month of April 2022 337.80 United Spirits Limited Beverages 2.15 Personal Products 9.95
TOTAL EXPENSE RATIO (As on April 30, 2022) Mindtree Consulting Ltd. IT - Software 1.93 0 5 10 15
Including Additional Expenses and Goods and Service Tax on DLF LIMITED Realty 1.92
Management Fees PI Industries Ltd. Fertilizers &
Agrochemicals 1.91
Regular: 0.97% Direct: 0.30% Bandhan Bank Ltd. Banks 1.89
Colgate-Palmolive ( I ) Ltd. Personal Products 1.84
Larsen & Toubro Infotech Ltd. IT - Software 1.84
#BENCHMARK INDEX: NIFTY Next 50 (Total Returns Index)
SBI Cards And Payment
Services Limited Finance 1.77
EXIT LOAD Bank of Baroda Banks 1.76
Nil Jubilant Foodworks Limited Leisure Services 1.75
ICICI Prudential Life Insurance
PLANS & OPTIONS Company Ltd. Insurance 1.70
Regular Plan, Direct Plan. Each Plan offers Growth Option only. Siemens Ltd. Electrical Equipment 1.69
ACC Ltd. Cement & Cement
MINIMUM APPLICATION AMOUNT Products 1.64
Purchase : ` 5,000 and any amount thereafter. NMDC Limited Minerals & Mining 1.53
Additional Purchase : ` 1,000 and any amount thereafter. Lupin Ltd. Pharmaceuticals &
Biotechnology 1.50
InterGlobe Aviation Ltd. Transport Services 1.49
This product is suitable for investors who are seeking ~ Berger Paints (I) Ltd Consumer Durables 1.46
l returns that are commensurate (before fees and expenses) Indus Towers Limited Telecom - Services 1.41
with the performance of the NIFTY Next 50 Index over long Biocon Ltd. Pharmaceuticals &
term, subject to tracking error Biotechnology 1.40
l investment in securities covered by the NIFTY Next 50 Index Bajaj Holdings & Investment
Ltd Finance 1.34
Modera
oderate High tely Steel Authority Of India Ltd. Ferrous Metals 1.17
o M
w t erate Hi Torrent Pharmaceuticals Ltd. Pharmaceuticals &
Biotechnology 1.15
Mo Lo

gh
d

Muthoot Finance Ltd. Finance 1.14

Very
High
Low

HDFC Asset Management

Company Ltd. Capital Markets 1.13
RISKOMETER Bosch Limited Auto Components 1.04
Investors understand that their principal will be at Gland Pharma Ltd. Pharmaceuticals &
very high risk Biotechnology 0.87
~ Investors should consult their financial advisers, if in doubt Punjab National Bank Banks 0.87
about whether the product is suitable for them. Zydus Lifesciences Limited Pharmaceuticals &
Biotechnology 0.75
Procter & Gamble Hygiene &
Healthca Personal Products 0.68
Zomato Ltd Retailing 0.53
Fsn Ecommerce Ventures
Limited (Nykaa) Retailing 0.50
ONE 97 COMMUNICATIONS Financial Technology
LIMITED (Paytm) (Fintech) 0.28
Sub Total 99.65
Cash,Cash Equivalents and Net Current Assets 0.35
Grand Total 100.00
• Top Ten Holdings

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 37
HDFC NIFTY 50 ETF (An open ended scheme replicating / tracking NIFTY 50 index)

CATEGORY OF SCHEME: EXCHANGE TRADED FUND PORTFOLIO

Company Industry+ % to Company Industry+ % to
KEY FACTS NAV NAV
INVESTMENT OBJECTIVE
The investment objective of HDFC NIFTY 50 ETF is to generate EQUITY & EQUITY RELATED Dr Reddys Laboratories Ltd. Pharmaceuticals &
returns that are commensurate with the performance of the Biotechnology 0.67
NIFTY 50 Index, subject to tracking error. • Reliance Industries Ltd. Petroleum Products 12.86
Tata Consumer Products Limited Agricultural Food &
There is no assurance that the investment objective of the • HDFC Bank Ltd. Banks 8.10
Scheme will be realized. Other Products 0.66
• Infosys Limited IT - Software 7.66
Bajaj Auto Limited Automobiles 0.65
FUND MANAGER • ICICI Bank Ltd. Banks 6.90
SBI Life Insurance Company Ltd. Insurance 0.65
Krishan Kumar Daga (since December 09, 2015) • Housing Development Fin. Finance 5.39
Total Experience: Over 32 years Apollo Hospitals Enterprise Ltd. Healthcare Services 0.61
Corp. Ltd.£
Arun Agarwal (since August 24, 2020) UPL Ltd. Fertilizers &
Total Experience: Over 23 years • Tata Consultancy Services Ltd. IT - Software 4.91
Agrochemicals 0.60
• Kotak Mahindra Bank Limited Banks 3.51
INCEPTION DATE (Date of Allotment) Britannia Industries Ltd. Food Products 0.52
• ITC Ltd. Diversified Fmcg 3.03
December 09, 2015 Coal India Ltd. Consumable Fuels 0.51
• Larsen and Toubro Ltd. Construction 2.73
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Eicher Motors Ltd. Automobiles 0.49
• Hindustan Unilever Ltd. Diversified Fmcg 2.66
Growth Option 183.19 Bharat Petroleum Corporation
Axis Bank Ltd. Banks 2.57 Ltd. Petroleum Products 0.46
ASSETS UNDER MANAGEMENT J (`) IN CRORE State Bank of India Banks 2.54 Shree Cement Ltd. Cement & Cement
As on April 30, 2022 1,356.31 Bajaj Finance Ltd. Finance 2.37 Products 0.46
Average for Month of April 2022 1,373.31
Bharti Airtel Ltd. Telecom - Services 2.33 Hero MotoCorp Ltd. Automobiles 0.43
QUANTITATIVE DATA Asian Paints Limited Consumer Durables 1.95 Yes Bank Ltd. Banks @
Portfolio Turnover Ratio (Last 1 year) 6.29% HCL Technologies Ltd. IT - Software 1.53 Sub Total 99.96
TRACKING ERROR Maruti Suzuki India Limited Automobiles 1.37 Cash,Cash Equivalents and Net Current Assets 0.04
Annualised tracking error is calculated based on daily rolling Tata Steel Ltd. Ferrous Metals 1.37 Grand Total 100.00
returns for the last 12 months: 0.04%
Titan Company Ltd. Consumer Durables 1.37 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
TOTAL EXPENSE RATIO (As on April 30, 2022) Sun Pharmaceutical Industries Pharmaceuticals &
Including Additional Expenses and Goods and Service Tax on
Management Fees Ltd. Biotechnology 1.34
HDFC NIFTY 50 ETF 0.05% Bajaj Finserv Ltd. Finance 1.20 Industry Allocation of Equity Holding (% of Net Assets)
#BENCHMARK INDEX: NIFTY 50 (Total Returns Index) Mahindra & Mahindra Ltd. Automobiles 1.18
Tata Motors Ltd. Automobiles 1.05 Banks 24.47
##ADDL. BENCHMARK INDEX: S&P BSE SENSEX (Total
Returns Index) Tech Mahindra Ltd. IT - Software 1.05 IT - Software 16.16
Power Grid Corporation of Petroleum Products 13.32
EXIT LOAD
India Ltd. Power 1.04 Finance 8.96
For Creation Unit Size:
l No Exit load will be levied on redemptions made by UltraTech Cement Limited Cement & Cement Diversified Fmcg 5.69
Authorised Participants / Large Investors directly with the Automobiles 5.17
Fund in Creation Unit Size. Products 1.02
For other than Creation Unit Size: Wipro Ltd. IT - Software 1.01 Pharmaceuticals & Biotechnology 3.46
l N.A. NTPC Limited Power 0.99 Consumer Durables 3.32
The Units of HNETF in other than Creation Unit Size cannot Construction 2.73
be directly redeemed with the Fund. Hindalco Industries Ltd. Non - Ferrous Metals 0.94
These Units can be redeemed (sold) on a continuous basis on JSW Steel Ltd. Ferrous Metals 0.94 Telecom - Services 2.33
the NSE and BSE during the trading hours on all trading days.
Nestle India Ltd. Food Products 0.87 Cement & Cement Products 2.33
Refer SID for further details. Ferrous Metals 2.31
For further details, please refer to para ‘Exit Load’ on Pg 77. Grasim Industries Ltd. Ce m e nt & Ce m e nt
Products 0.85 Power 2.03
PLANS & OPTIONS Indusind Bank Ltd. Banks 0.85 Food Products 1.39
HDFC NIFTY 50 ETF. Presently the Scheme does not offer any Adani Ports & Special Insurance 1.37
Plans / Options for investment 0.94
Economic Zone Transport Infrastructure 0.82 Non - Ferrous Metals
MINIMUM APPLICATION AMOUNT (Under each Plan / Option) Oil & Natural Gas Corporation Transport Infrastructure 0.82
Authorised Participants / Large Investors: Application for Ltd. Oil 0.78 Oil 0.78
subscription of HNETF Units in Creation Unit Size can be
made either: Divis Laboratories Ltd. Pharmaceuticals & Agricultural Food & Other Products 0.66
(i) in exchange of the Portfolio Deposit; or Biotechnology 0.77 Healthcare Services 0.61
(ii) by depositing basket of securities comprising NIFTY 50 Index HDFC Life Insurance Company Fertilizers & Agrochemicals 0.60
Each Creation Unit Size will consist of 40,000 Units of HNETF Limited Insurance 0.72 Consumable Fuels 0.51
and 1 Unit of HNETF will be approximately equal to 1/100th of
the value of NIFTY 50 Index. (w.e.f February 19, 2021) Cipla Ltd. Pharmaceuticals & 0 5 1015202530
Other investors (including Authorised Participants and Large Biotechnology 0.68
Investors): Units of HNETF can be subscribed (in lots of 1 Unit)
during the trading hours on all trading days on the NSE and
BSE on which the Units will be listed.
J Includes investments made by the schemes of HDFC
Mutual Fund aggregating to ` 236.68 Crores.

This product is suitable for investors who are seeking ~

l returns that are commensurate with the performance of the PERFORMANCE *^
NIFTY 50, subject to tracking errors over long term Date Period Scheme Benchmark Additional Value of ` 10,000 invested
l investment in equity securities covered by the NIFTY 50 Returns Returns Benchmark
(%) (%)# Returns Scheme (`) Benchmark Additional
(%) ## (`)# Benchmark
Modera
oderate High tely (`)##
o M
w t erate Hi Apr 30, 21 Last 1 Year 18.15 18.24 18.19 11,810 11,818 11,813
Mo Lo

gh
d

Apr 30, 19 Last 3 Years 14.48 14.67 14.77 15,003 15,079 15,118
Very
High
Low

Apr 28, 17 Last 5 Years 14.19 14.34 15.10 19,430 19,556 20,221
RISKOMETER Dec 09, 15 Since Inception 14.73 14.89 15.11 24,064 24,288 24,580
Investors understand that their principal will be at Returns greater than 1 year period are compounded annualized (CAGR). * The Scheme does not offer any Plans/Options. For Riskometer
very high risk of the Schemes and Benchmark's, refer page 86 to 91. For performance of other schemes managed by Krishan Kumar Daga and Arun
Agarwal, please refer page 77.
~ Investors should consult their financial advisers, if in doubt
about whether the product is suitable for them. ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.
Face Value per Unit: ` 76.125 (w.e.f February 19, 2021), + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

38 April 2022
HDFC SENSEX ETF (An open ended scheme replicating / tracking S&P BSE SENSEX index)

CATEGORY OF SCHEME: EXCHANGE TRADED FUND PORTFOLIO

Company Industry+ % to Company Industry+ % to
KEY FACTS NAV NAV
INVESTMENT OBJECTIVE
EQUITY & EQUITY RELATED NTPC Limited Power 1.13
The investment objective of HDFC SENSEX ETF is to generate
returns that are commensurate with the performance of the Nestle India Ltd. Food Products 1.01
S&P BSE SENSEX Index, subject to tracking errors. • Reliance Industries Ltd. Petroleum Products 14.89
There is no assurance that the investment objective of the • HDFC Bank Ltd. Banks 9.38 Indusind Bank Ltd. Banks 0.91
Scheme will be realized.
• Infosys Limited IT - Software 8.87 Dr Reddys Laboratories Ltd. Pharmaceuticals &
FUND MANAGER Biotechnology 0.78
Krishan Kumar Daga (since December 09, 2015) • ICICI Bank Ltd. Banks 7.99
Total Experience: Over 32 years Sub Total 99.70
Arun Agarwal (since August 24, 2020) • Housing Development Fin.
Total Experience: Over 23 years Corp. Ltd.£ Finance 6.24 Cash,Cash Equivalents and Net Current Assets 0.30
INCEPTION DATE (Date of Allotment) • Tata Consultancy Services Ltd. IT - Software 5.69 Grand Total 100.00
December 09, 2015 • Top Ten Holdings, £ Sponsor
• Kotak Mahindra Bank Limited Banks 3.62
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) • ITC Ltd. Diversified Fmcg 3.51
Growth Option 613.58
• Larsen and Toubro Ltd. Construction 3.17
ASSETS UNDER MANAGEMENT J (`) IN CRORE
As on April 30, 2022 153.92 • Hindustan Unilever Ltd. Diversified Fmcg 3.09
Average for Month of April 2022 157.23
Axis Bank Ltd. Banks 3.08 Industry Allocation of Equity Holding (% of Net Assets)
QUANTITATIVE DATA
State Bank of India Banks 2.95
Portfolio Turnover Ratio (Last 1 year) 64.49% Banks 27.93
Bharti Airtel Ltd. Telecom - Services 2.77
TRACKING ERROR IT - Software 18.75
Annualised tracking error is calculated based on daily rolling Bajaj Finance Ltd. Finance 2.74
returns for the last 12 months: 0.05% Petroleum Products 14.89
Asian Paints Limited Consumer Durables 2.26
TOTAL EXPENSE RATIO (As on April 30, 2022)
Including Additional Expenses and Goods and Service Tax on HCL Technologies Ltd. IT - Software 1.81 Finance 10.37
Management Fees
Maruti Suzuki India Limited Automobiles 1.59 Diversified Fmcg 6.60
HDFC SENSEX ETF 0.05%
#BENCHMARK INDEX: S&P BSE SENSEX (Total Returns Index) Titan Company Ltd. Consumer Durables 1.59 Consumer Durables 3.85
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index) Tata Steel Ltd. Ferrous Metals 1.56 Construction 3.17
EXIT LOAD Sun Pharmaceutical Industries Pharmaceuticals & Automobiles 2.96
For Creation Unit Size: Ltd. Biotechnology 1.55
l No Exit load will be levied on redemptions made by
Authorised Participants / Large Investors directly with the Telecom - Services 2.77
Bajaj Finserv Ltd. Finance 1.39
Fund in Creation Unit Size.
For other than Creation Unit Size: Mahindra & Mahindra Ltd. Automobiles 1.37 Power 2.33
l N.A.
The Units of HSXETF in other than Creation Unit Size cannot Tech Mahindra Ltd. IT - Software 1.21 Pharmaceuticals & Biotechnology 2.33
be directly redeemed with the Fund.
These Units can be redeemed (sold) on a continuous basis on Power Grid Corporation of Ferrous Metals 1.56
the NSE and BSE during the trading hours on all trading days. India Ltd. Power 1.20
Refer SID for further details. Cement & Cement Products 1.18
UltraTech Cement Limited Cement & Cement
For further details, please refer to para ‘Exit Load’ on Pg 77. Products 1.18 Food Products 1.01
PLANS & OPTIONS Wipro Ltd. IT - Software 1.17 0 5 10 15 20 25 30
HDFC SENSEX ETF. Presently the Scheme does not offer any
Plans / Options for investment
MINIMUM APPLICATION AMOUNT (Under each Plan / Option)
Authorised Participants / Large Investors: Application for
subscription of HSXETF Units in Creation Unit Size can be
made either:
(i) in exchange of the Portfolio Deposit; or
(ii) by depositing basket of securities comprising S&P BSE
SENSEX Index
Each Creation Unit Size will consist of 10,000 Units of HSXETF
and 1 Unit of HSXETF will be approximately equal to 1/100th of
the value of S&P BSE SENSEX Index. (w.e.f February 19, 2021)
Other investors (including Authorised Participants and Large
Investors): Units of HSXETF can be subscribed (in lots of
1 Unit) during the trading hours on all trading days on the
NSE and BSE on which the Units will be listed.
J Includes investments made by the schemes of HDFC
Mutual Fund aggregating to ` 25.84 Crores.
This product is suitable for investors who are seeking ~
l returns that are commensurate with the performance of the
S&P BSE SENSEX, subject to tracking errors over long term
PERFORMANCE *^
l investment in equity securities covered by the S&P BSE Date Period Scheme Benchmark Additional Value of ` 10,000 invested
SENSEX Returns Returns Benchmark
(%) (%)# Returns Scheme (`) Benchmark Additional
(%) ## (`)# Benchmark
Modera
oderate High tely (`)##
o M
w t erate Hi Apr 30, 21 Last 1 Year 18.08 18.19 18.24 11,802 11,813 11,818
Mo Lo

gh
d

Apr 30, 19 Last 3 Years 14.65 14.77 14.67 15,069 15,118 15,079
Very
High
Low

Apr 28, 17 Last 5 Years 15.01 15.10 14.34 20,141 20,221 19,556
RISKOMETER Dec 09, 15 Since Inception 15.06 15.11 14.89 24,508 24,580 24,288
Investors understand that their principal will be at Returns greater than 1 year period are compounded annualized (CAGR). * The Scheme does not offer any Plans/Options. For Riskometer
very high risk of the Schemes and Benchmark's, refer page 86 to 91. For performance of other schemes managed by Krishan Kumar Daga and Arun
Agarwal, please refer page 77.
~ Investors should consult their financial advisers, if in doubt
about whether the product is suitable for them. ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.
Face Value per Unit: ` 250.361 (w.e.f February 19, 2021), + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 39
HDFC Banking ETF (An open ended scheme replicating / tracking NIFTY Bank Index)

CATEGORY OF SCHEME: EXCHANGE TRADED FUND PORTFOLIO

Issuer Industry+ % to NAV
KEY FACTS
EQUITY & EQUITY RELATED
INVESTMENT OBJECTIVE EXIT LOAD
• HDFC Bank Ltd. Banks 27.04
The investment objective of the Scheme is to provide For Creation Unit Size:
investment returns that, before expenses, closely correspond l No Exit load will be levied on redemptions made by • ICICI Bank Ltd. Banks 23.02
to the total returns of the Securities as represented by the Authorised Participants / Large Investors directly with the • Kotak Mahindra Bank
NIFTY Bank Index, subject to tracking errors. Fund in Creation Unit Size. Limited Banks 11.72
There is no assurance that the investment objective of the For other than Creation Unit Size: • State Bank of India Banks 11.27
Scheme will be realized. l N.A.
The Units of the ETF in other than Creation Unit Size cannot • Axis Bank Ltd. Banks 11.18
Exchange Listed ordinarily be directly redeemed with the Fund. • Indusind Bank Ltd. Banks 5.58
BSE/NSE These Units can be redeemed (sold) on a continuous basis
on the Exchange(s) where it is listed during the trading • Au Small Finance Bank Ltd. Banks 2.68
Exchange Symbol/Scrip Code
hours on all trading days. • Bandhan Bank Ltd. Banks 1.98
BSE/NSE: HBANKETF | 543224 Refer SID for further details. • Bank of Baroda Banks 1.84
ISIN For further details, please refer to para ‘Exit Load’ on Pg 77.
• The Federal Bank Ltd. Banks 1.68
INF179KC1AN8 PLANS & OPTIONS IDFC First Bank Limited Banks 1.08
Creation Unit Size Currently, there are no investment Plans/Options being offered Punjab National Bank Banks 0.91
under the Scheme.
12,500 units of HDFC Banking ETF Sub Total 99.98
MINIMUM APPLICATION AMOUNT
FUND MANAGER Cash,Cash Equivalents and Net Current Assets 0.02
Authorised Participants / Large Investors: Application for
Krishan Kumar Daga (since August 21, 2020) Grand Total 100.00
subscription of the ETF Units in Creation Unit Size can be
Total Experience: Over 32 years
made either: • Top Ten Holdings
Arun Agarwal (since August 24, 2020)
l in exchange of Cash* [as determined by the AMC equivalent
Total Experience: Over 23 years
to the cost incurred towards the purchase of predefined
INCEPTION DATE (Date of Allotment) basket of securities that represent the underlying index (i.e.
Portfolio Deposit)], Cash Component and other applicable
August 21, 2020 transaction charges; or
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) l in exchange of Portfolio Deposit [i.e. by depositing basket
of securities constituting NIFTY Bank Index] along with the
HDFC Banking ETF 360.83
cash component and applicable transaction charges.
ASSETS UNDER MANAGEMENT (`) IN CRORE Each Creation Unit Size will consist of 12,500 Units of the ETF
As on April 30, 2022 124.12 and 1 Unit of the ETF will be approximately equal to 1/100th
Average for Month of April 2022 126.95 of the value of NIFTY Bank Index.
QUANTITATIVE DATA *Cash means payments shall be made only by means of
payment instruction of Real Time Gross Settlement (RTGS) /
Portfolio Turnover Ratio (Last 1 year) 36.93% National Electronic Funds Transfer (NEFT) or Funds Transfer
Letter / Transfer Cheque of a bank where the Scheme has a
TRACKING ERROR collection account.
Annualised tracking error is calculated based on daily rolling Redemption of Units of the ETF in Creation Unit Size will be
returns for the last 12 months: 0.03% allowed by means of exchange of Portfolio Deposit or in Cash.
TOTAL EXPENSE RATIO (As on April 30, 2022) Other investors (including Authorised Participants and Large
Including Additional Expenses and Goods and Service Tax on Investors): Units of the ETF can be subscribed (in lots of 1 Unit)
Management Fees during the trading hours on all trading days on the NSE and/
HDFC BANKING ETF 0.16% or BSE on which the Units will be listed.
#BENCHMARK INDEX: NIFTY Bank (Total Returns Index)
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)

This product is suitable for investors who are seeking ~ PortfolioHDFC

Classification
Banking ETFby Asset Class (%) Portfolio
HDFC Banking ETF Classification by Rating Class (%)
l returns that are commensurate with the performance of the
NIFTY Bank Index (Total Returns Index), subject to tracking
error, over long term
l investment in equity securities covered by the NIFTY Bank
Index n Equity 99.98
n Banks 99.98
Modera n Cash, Cash Equivalents and Net n Cash, Cash Equivalents and Net
oderate High tely
o M
w t erate Hi Current Assets 0.02 Current Assets 0.02
Mo Lo

gh
d

Very
High
Low

PERFORMANCE *^
RISKOMETER Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Investors understand that their principal will be at Returns Returns Benchmark
very high risk (%) (%)# Returns Scheme (`) Benchmark Additional
(%) ## (`)# Benchmark
~ Investors should consult their financial advisers, if in doubt (`)##
about whether the product is suitable for them.
Apr 30, 21 Last 1 Year 10.24 10.48 18.24 11,021 11,045 11,818
Aug 21, 20 Since Inception 32.89 33.29 28.65 16,158 16,241 15,299
Returns greater than 1 year period are compounded annualized (CAGR). * The Scheme does not offer any Plans/Options. For Riskometer
of the Schemes and Benchmark's, refer page 86 to 91. For performance of other schemes managed by Krishan Kumar Daga and Arun
Agarwal, please refer page 77.
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme/Plan.
Load is not taken into consideration for computation of performance.

Face Value per Unit: ` 223.31, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified. N.A. Not Available

40 April 2022
HDFC Gold Exchange Traded Fund (An open ended scheme replicating /
tracking performance of Gold)

CATEGORY OF SCHEME: EXCHANGE TRADED FUND PORTFOLIO

KEY FACTS Issuer Rating % to NAV

INVESTMENT OBJECTIVE #BENCHMARK INDEX: Domestic Price of Physical Gold Gold

The investment objective of the Scheme is to generate returns Gold - Gold 97.94
EXIT LOAD
that are in line with the performance of gold, subject to
tracking errors. For Creation Unit Size:
l No Exit load will be levied on redemptions made by
Sub Total 97.94
There is no assurance that the investment objective of the Authorised Participants / Large Investors directly with the
Scheme will be realized. Fund in Creation Unit Size. Cash,Cash Equivalents and Net Current Assets 2.06
Exchange Listed For other than Creation Unit Size:
l N.A. Grand Total 100.00
BSE/NSE The Units of HGETF in other than Creation Unit Size cannot
Exchange Symbol/Scrip Code be directly redeemed with the Fund.
These Units can be redeemed (sold) on a continuous basis on
BSE/NSE: HDFCMFGETF | 533230 the NSE and BSE during the trading hours on all trading days.
ISIN Refer SID for further details.
INF179K01CN1 For further details, please refer to para ‘Exit Load’ on Pg 77.

Creation Unit Size PLANS & OPTIONS

1,20,000 units of HDFC Gold ETF
FUND MANAGER
Bhagyesh Kagalkar
(Dedicated Fund Manager for commodities related
investments viz. Gold) (since February 02, 2022~~)
Total Experience: Over 28 years
(w.e.f February 23, 2022)
INCEPTION DATE (Date of Allotment)
August 13, 2010
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`)
HDFC Gold ETF 46.2665
ASSETS UNDER MANAGEMENT J (`) IN CRORE
As on April 30, 2022 3,135.42
Average for Month of April 2022 3,131.66
TRACKING ERROR
Annualised tracking error is calculated based on daily rolling
returns for the last 12 months: 0.27%
TOTAL EXPENSE RATIO (As on April 30, 2022)
Including Additional Expenses and Goods and Service Tax on
Management Fees
HDFC GOLD ETF 0.59%
Currently, there are no investment Plans/Options being offered
under the Scheme.
MINIMUM APPLICATION AMOUNT
Authorised Participants: Application for subscription of HGETF
Units directly with the Fund in Creation Unit Size at NAV based
prices in exchange of Portfolio Deposit and Cash Component.
Large Investors: Application for subscription of HGETF Units
directly with the Fund in Creation Unit Size at NAV based prices
by payment of requisite Cash as determined by the AMC only by
means of payment instruction of Real Time Gross Settlement
(RTGS) / National Electronic Funds Transfer (NEFT) or Funds
Transfer Letter / Transfer Cheque of a bank where the Scheme
has a collection account.
Other investors (including Authorised Participants and Large
Investors): Units of HGETF can be subscribed (in lots of 1 Unit)
during the trading hours on all trading days on the NSE and
BSE on which the Units are listed.
J Includes investments made by the schemes of HDFC Mutual
Fund aggregating to ` 1807.16 Crores.
~~Mr. Bhagyesh Kagalkar was co-fund manager with
Mr. Krishan Kumar Daga for Gold Assets from February 2,
2022 to February 22, 2022.

Portfolio Classification
HDFC Gold ETFby Asset Class (%) Portfolio
HDFC Gold ETF Classification by Rating Class (%)

n Gold 97.94 n Gold 97.94

n Cash, Cash Equivalents and Net n Cash, Cash Equivalents and Net
Current Assets 2.06 Current Assets 2.06

PERFORMANCE * ^
This product is suitable for investors who are seeking ~ Date Period Scheme Returns Benchmark Returns Value of ` 10,000 invested
l returns that are commensurate with the performance of gold, (%) (%)#
Scheme (`) Benchmark (`)#
subject to tracking errors, over long term
l investment predominantly in Gold bullion of 0.995 fineness Apr 30, 21 Last 1 Year 11.11 12.05 11,108 11,201
Apr 30, 19 Last 3 Years 16.87 17.93 15,964 16,400
Modera
oderate High tely Apr 28, 17 Last 5 Years 11.45 12.55 17,207 18,075
o M
w t erate Hi Apr 30, 12 Last 10 Years 4.91 5.98 16,150 17,875
Mo Lo

gh
d

Aug 13, 10 Since Inception 8.39 9.26 25,699 28,233

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). * The Scheme
Very
High
Low

RISKOMETER
Investors understand that their principal will be at
high risk
~ Investors should consult their financial advisers, if in doubt
about whether the product is suitable for them.
does not offer any Plans/Options. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91. For performance of other schemes
managed by Bhagyesh Kagalkar, please refer page 77.
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.
The Face Value per Unit is revised to ` 1 (earlier ` 100) and Allotment Price per unit is ` 18.0033 (earlier ` 1,800.3288) w.e.f. February 19,
2021. All return computations have been suitably adjusted for this change. Since inception returns are computed on the allotment price.
Data is as of April 30, 2022 unless otherwise specified.

April 2022 41
HDFC Gold Fund (An open ended Fund of Fund scheme investing in HDFC Gold Exchange Traded Fund)

CATEGORY OF SCHEME: FUND OF FUND (DOMESTIC) PORTFOLIO

Issuer Rating % to NAV
KEY FACTS MUTUAL FUND UNITS
INVESTMENT OBJECTIVE
MUTUAL FUND UNITS
To seek capital appreciation by investing in units of HDFC Gold
Exchange Traded Fund (HGETF). HDFC Gold Exchange Traded Fund 99.89
There is no assurance that the investment objective of the
Scheme will be realized. Cash,Cash Equivalents and Net Current Assets 0.11

FUND MANAGER Grand Total 100.00

Krishan Kumar Daga (since October 19, 2015)
Total Experience: Over 32 years
INCEPTION DATE (Date of Allotment)
November 01, 2011
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`)
Regular Plan - Growth Option 16.3353
Direct Plan - Growth Option 16.9263
ASSETS UNDER MANAGEMENT (`) IN CRORE
As on April 30, 2022 1,366.66
Average for Month of April 2022 1,366.41
TOTAL EXPENSE RATIO (As on April 30, 2022)
No Investment Management and Advisory Fees will be
charged to the Scheme
Regular: 0.56% Direct: 0.15%
Investors in the Scheme shall bear the recurring expenses of
the Scheme in addition to the expenses of other schemes in
which this Fund of Funds scheme makes investment (subject
to regulatory limits).
#BENCHMARK INDEX: Domestic Price of Physical Gold
EXIT LOAD
In respect of each purchase/switch-in of units-
l An Exit Load of 2% is payable if Units are redeemed/
switched-out within 6 months from the date of allotment. PortfolioHDFC Gold Fund
Classification by Asset Class (%) HDFC Gold FundPortfolio Classification by Rating Class (%)
l An Exit Load of 1% is payable if Units are redeemed/
switched-out after 6 months but within 1 year from the
date of allotment.
l No Exit Load is payable if Units are redeemed/switched-out
after 1 year from the date of allotment.
For further details, please refer to para ‘Exit Load’ on Pg 77. n Mutual Fund Units 99.89
PLANS & OPTIONS n Cash, Cash Equivalents and Net
Current Assets 0.11
Regular Plan, Direct Plan. Each Plan offers Growth Option only. Cash, Cash Equivalents and
MINIMUM APPLICATION AMOUNT Net Current Assets 100.00
Purchase: Under Growth Option : ` 5,000 and any amount
thereafter.
SIP PERFORMANCE ^ - Regular Plan - Growth Option
Additional Purchase : Under Growth Option : ` 1,000 and
any amount thereafter. Since Inception 10 Year 5 Year 3 Year 1 Year
SIP SIP SIP SIP SIP
Total Amount Invested (` ‘000) 1,260.00 1,200.00 600.00 360.00 120.00
Mkt Value As on April 29, 2022 (` ‘000) 1,898.49 1,801.82 810.31 417.23 128.66
Returns (%) 7.57 7.89 12.00 9.86 13.83
Benchmark Returns (%) # 9.03 9.37 13.37 11.16 15.76
Additional Benchmark Returns (%) ## N.A. N.A. N.A. N.A. N.A.
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

This product is suitable for investors who are seeking ~
Date Period Scheme Returns Benchmark Returns Value of ` 10,000 invested
l capital appreciation over long term (%) (%)#
Scheme (`) Benchmark (`)#
l investmentin Units of HDFC Gold Exchange Traded Fund
(HGETF). HGETF invests in gold bullion of 0.995 fineness
Apr 30, 21 Last 1 Year 10.09 12.05 11,006 11,201
Modera Apr 30, 19 Last 3 Years 16.56 17.93 15,836 16,400
oderate High tely
o M Apr 28, 17 Last 5 Years 10.92 12.55 16,796 18,075
w t erate Hi
Apr 30, 12 Last 10 Years 4.53 5.98 15,570 17,875
Mo Lo

gh
d

Nov 01, 11 Since Inception 4.79 6.43 16,335 19,239

Very
High
Low

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 Krishan Kumar Daga, please refer page 77. Different plans viz. Regular Plan and Direct
RISKOMETER Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution
Investors understand that their principal will be at expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark’s, refer page 86 to 91. For Performance
high risk of Direct Plan, refer page no. 79.

~ Investors should consult their financial advisers, if in doubt ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
about whether the product is suitable for them. Load is not taken into consideration for computation of performance.
Face Value per Unit: ` 10, Data is as of April 30, 2022 unless otherwise specified. N.A. Not Available

42 April 2022
 (An open ended fund of funds scheme investing in
HDFC Developed World Indexes Fund of Funds units/shares of overseas Index Funds and/or ETFs
which will in aggregate track the MSCI World Index)

The Scheme has stopped accepting fresh subscriptions with

effect from February 1, 2022 after cut-off timing i.e. 3.00 p.m PORTFOLIO
until further notice. Issuer Industry+ % to NAV
MUTUAL FUND UNITS
CATEGORY OF SCHEME: OVERSEAS FUND OF FUNDS Foreign Mutual Fund Units - ETF
• CSIF (IE) MSCI USA Blue UCITS ETF Finance 69.43
KEY FACTS Sub Total 69.43
INVESTMENT OBJECTIVE Foreign Mutual Fund Units - Equity
The investment objective of the Scheme is to provide long- • CSIF (Lux) Equity Europe Finance 17.45
term capital appreciation by passively investing in units/
shares of overseas Index Funds and/or ETFs which will in • CSIF (Lux) Equity Japan Finance 5.67
aggregate closely correspond to the MSCI World Index, subject • CSIF (Lux) Equity Canada Finance 3.59
to tracking errors.
• CSIF (Lux) Equity Pacific ex Japan Finance 3.41
There is no assurance that the investment objective of the
Scheme will be realized. Sub Total 30.12

FUND MANAGER Total 99.55

Krishan Kumar Daga (since October 06, 2021) Cash,Cash Equivalents and Net Current Assets 0.45
Total Experience: Over 32 years Grand Total 100.00
Arun Agarwal (since February 01, 2022) • Top Ten Holdings
Total Experience: Over 23 years
INCEPTION DATE (Date of Allotment)
October 06, 2021
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`)
Regular Plan - Growth Option 9.714
Direct Plan - Growth Option 9.753
ASSETS UNDER MANAGEMENT (`) IN CRORE
Portfolio Classification
Developed World Indexes byFund
AssetOfClass (%)
Funds
Developed Portfolio
World Indexes Fund Classification by Rating Class (%)
Of Funds
As on April 30, 2022 1,072.83
Average for Month of April 2022 1,115.94
TOTAL EXPENSE RATIO (As on April 30, 2022)
Including Additional Expenses and Goods and Service Tax on
Management Fees
Regular: 0.86% Direct: 0.21% n Cash, Cash Equivalents and Net
n Mutual Fund Units 99.55
Current Assets 100.00
Investors in the Scheme shall bear the recurring expenses of n Cash, Cash Equivalents and Net
the Scheme in addition to the expenses of other schemes in Current Assets 0.45
which this Fund of Funds scheme makes investment (subject
to regulatory limits).
#BENCHMARK INDEX: MSCI World Index (Net Total Returns
Index)
EXIT LOAD
PERFORMANCE ^
l 1.00% is payable if Units are redeemed/switched-out within
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
30 days from the date of allotment of units. Returns Returns Benchmark
l No Exit Load is payable if Units are redeemed/switched-out (%) (%)# Returns Scheme (`) Benchmark Additional
(%) ## (`)# Benchmark
after 30 days from the date of allotment. (`)##
For further details, please refer to para ‘Exit Load’ on Pg 77. Oct 29, 21 Last 6 Months -15.82 -14.76 -5.81 9,211 9,264 9,710
PLANS & OPTIONS 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 -7.89%. For performance
Regular Plan, Direct Plan. Each Plan offers Growth Option only. of other schemes managed by Krishna Kumar Daga & Arun Agarwal, please refer page 77. 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
MINIMUM APPLICATION AMOUNT expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91. For Performance
of Direct Plan, refer page no. 79.
Purchase : ` 5,000 and any amount thereafter.
Additional Purchase : ` 1,000 and any amount thereafter. ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme/Plan.
Load is not taken into consideration for computation of performance.

This product is suitable for investors who are seeking ~

l returns
that closely correspond to the performance of the
MSCI World Index, subject to tracking errors, over long term
l investments in units/shares of overseas equity Index Funds
and/or ETFs
Modera
oderate High tely
o M
w t erate Hi
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
very high risk
~ Investors should consult their financial advisers, if in doubt
about whether the product is suitable for them.

Face Value per Unit: ` 10, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified. N.A. Not Available

April 2022 43
HDFC TaxSaver (An open ended equity linked savings scheme with a
statutory lock in of 3 years and tax benefit)

CATEGORY OF SCHEME: EQUITY LINKED SAVINGS SCHEME PORTFOLIO

Company Industry+ % to NAV Company Industry+ % to NAV
KEY FACTS EQUITY & EQUITY RELATED Multi Commodity Exchange of
• ICICI Bank Ltd. Banks 9.47 India Ltd. Capital Markets 0.61
INVESTMENT OBJECTIVE MTAR Technologies Limited Aerospace & Defense 0.60
To generate capital appreciation / income from a portfolio, • HDFC Bank Ltd. Banks 9.04
comprising predominantly of equity & equity related • Bharti Airtel Ltd. Telecom - Services 6.17 ITC Ltd. Diversified Fmcg 0.57
instruments. • State Bank of India Banks 5.94 Housing Development Fin.
There is no assurance that the investment objective of the Corp. Ltd.£ Finance 0.56
Scheme will be realized. • NTPC Limited Power 4.25
UltraTech Cement Limited Cement & Cement
• Cipla Ltd. Pharmaceuticals & Products 0.36
FUND MANAGER ¥ Biotechnology 3.95
Roshi Jain (since January 13, 2022) Ipca Laboratories Ltd. Pharmaceuticals &
Total Experience: Over 16 years • Infosys Limited IT - Software 3.75 Biotechnology 0.30
• Mahindra & Mahindra Ltd. Automobiles 3.71 TCI Express Ltd. Transport Services 0.08
INCEPTION DATE (Date of Allotment)
• GAIL (India) Ltd. Gas 3.63 Sadbhav Infrastructure Project
March 31, 1996 Ltd. (Corporate Guarantee of
• Dr Reddys Laboratories Ltd. Pharmaceuticals &
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Biotechnology 3.49 Sadbhav Engineering Ltd.) Construction 0.01
Regular Plan - Growth Option 735.717 Hindustan Aeronautics Limited Aerospace & Defense 3.47 Sub Total 95.19
Regular Plan - IDCW Option 53.099 Cash,Cash Equivalents and Net
Direct Plan - Growth Option 778.929 ACC Ltd. Cement & Cement
Products 3.30 Current Assets 4.81
Direct Plan - IDCW Option 65.856
Axis Bank Ltd. Banks 3.04 Grand Total 100.00
ASSETS UNDER MANAGEMENT (`) IN CRORE • Top Ten Holdings, £ Sponsor
SBI Life Insurance Company Ltd. Insurance 3.01
As on April 30, 2022 9,184.77
Average for Month of April 2022 9,346.52 Bharat Petroleum Corporation
Ltd. Petroleum Products 2.88 Industry Allocation of Equity Holding (% of Net Assets)
QUANTITATIVE DATA Larsen and Toubro Ltd. Construction 2.77
Banks 27.49
Portfolio Turnover Ratio (Last 1 year) 51.21%
Bajaj Auto Limited Automobiles 2.54 Pharmaceuticals & Biotechnology 10.65
Risk Ratio
n Standard Deviation 6.368% HCL Technologies Ltd. IT - Software 2.52 IT - Software 7.56
n Beta 0.991 SBI CARDS AND PAYMENT Automobiles 6.25
n Sharpe Ratio* 0.127 SERVICES LIMITED Finance 2.34 Telecom - Services 6.17
Computed for the 3-yr period ended April 29, 2022. Based on Reliance Industries Ltd. Petroleum Products 2.13 Cement & Cement Products 5.48
month-end NAV. * Risk free rate: 3.93%(Source: FIMMDA MIBOR)
Ambuja Cements Ltd. Cement & Cement Petroleum Products 5.01
For schemes which have not completed 3 years, data is Products 1.82 4.25
Power
computed since inception.
Torrent Pharmaceuticals Ltd. Pharmaceuticals & Aerospace & Defense 4.07
TOTAL EXPENSE RATIO (As on April 30, 2022) Biotechnology 1.53 Insurance 3.77
Including Additional Expenses and Goods and Service Tax on Lupin Ltd. Pharmaceuticals & 3.63
Management Fees Gas
Biotechnology 1.38 Finance 2.90
Regular: 1.82% Direct: 1.18%
Persistent Systems Limited IT - Software 1.29 Construction 2.78
#BENCHMARK INDEX: NIFTY 500 (Total Returns Index) The Phoenix Mills Limited Realty 1.10 Realty 2.02
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index) Teamlease Services Ltd. Commercial Services & Commercial Services & Supplies 0.95
EXIT LOAD Supplies 0.95 Auto Components 0.95
Nil ZF Commercial Vehicle Control Capital Markets 0.61
Systems India Limited Auto Components 0.95 Diversified Fmcg 0.57
PLANS & OPTIONS Prestige Estates Projects Ltd. Realty 0.92 Transport Services 0.08
Regular Plan, Direct Plan. Under Each Plan: Growth & Income HDFC Life Insurance Company 0 5 10 15 20 25 30
Distribution cum Capital Withdrawal (IDCW) Option. The IDCW Limited Insurance 0.76
Option offers Payout of Income Distribution cum Capital
Withdrawal (IDCW) Option.
SIP PERFORMANCE ^ - Regular Plan - Growth Option
MINIMUM APPLICATION AMOUNT Since Inception 15 year 10 year 5 year 3 year 1 year
Purchase : ` 500 and in multiples of ` 500 thereafter. SIP SIP SIP SIP SIP SIP
Additional Purchase : ` 500 and in multiples of ` 500 thereafter. Total Amount Invested (` ‘000) 3,130.00 1,800.00 1,200.00 600.00 360.00 120.00
Mkt Value As on April 29, 2022 (` ‘000) $$ 93,858.19 4,908.98 2,294.26 839.78 493.85 127.39
LOCK-IN PERIOD Returns (%) $$ 21.18 12.37 12.46 13.45 21.75 11.76
3 years from the date of allotment of the respective Units Benchmark Returns (%) # 15.34 13.40 15.03 16.99 23.71 7.65
¥ Dedicated Fund Manager for Overseas Investments: Additional Benchmark Returns (%) ## 14.17 12.76 14.13 16.14 20.77 5.70
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
Mr. Priya Ranjan (since May 01, 2022) after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
(Total Experience: Over 15 years). 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
This product is suitable for investors who are seeking ~ Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
l to generate long-term capital appreciation / income (%) $$ (%)# Returns $$ (`)# Benchmark
(%) ## (`)##
l investment predominantly of equity & equity related
instruments Apr 30, 21 Last 1 Year 26.00 20.87 18.24 12,592 12,081 11,818
Apr 30, 19 Last 3 Years 11.68 16.52 14.67 13,929 15,819 15,079
Modera
oderate High tely Apr 28, 17 Last 5 Years 8.75 13.76 14.34 15,214 19,062 19,556
to te M Hi Apr 30, 12 Last 10 Years 12.83 14.79 13.94 33,447 39,734 36,901
w era
Mo Lo

gh

Mar 31, 96 Since Inception 22.16 14.17 12.88 1,855,907 318,127 236,087
d

Returns greater than 1 year period are compounded annualized (CAGR). $$ All Distributions declared prior to the splitting of the Scheme
Very

into IDCW & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-distribution NAV).
High
Low

RISKOMETER
Investors understand that their principal will be at
very high risk
~ Investors should consult their financial advisers, if in doubt
about whether the product is suitable for them.
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.
For performance of other schemes managed by Roshi Jain, please refer page 77. 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 Riskometer of the Schemes and Benchmark’s, refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.

44 April 2022
HDFC Children's Gift 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)] Ωπ

CATEGORY OF SCHEME: CHILDREN’S FUND PORTFOLIO

Company Industry+ / Rating % to NAV Company Industry+ / Rating % to NAV
KEY FACTS
EQUITY & EQUITY RELATED Equitas Holdings Ltd. Finance 0.43
INVESTMENT OBJECTIVE
• Reliance Industries Ltd. Petroleum Products 6.46 Cholamandalam Financial
To generate capital appreciation / income from a portfolio Holdings Ltd. Finance 0.40
of equity & equity related instruments and debt and money • HDFC Bank Ltd. Banks 5.10
market instruments. Swaraj Engines Ltd. Industrial Products 0.31
• ICICI Bank Ltd. Banks 4.83
There is no assurance that the investment objective of the
VST Industries Ltd. Cigarettes & Tobacco
Scheme will be realized. • Infosys Limited IT - Software 4.69 Products 0.31
FUND MANAGER ¥ • Housing Development Fin. Vesuvius India Ltd. Industrial Products 0.24
Corp. Ltd.£ Finance 2.99
Chirag Setalvad (since April 2, 2007)
• State Bank of India Banks 2.77 Navneet Education Ltd. Printing & Publication 0.22
Total Experience - Over 25 years
• Larsen and Toubro Ltd. Construction 2.52 Jagran Prakashan Ltd. Media 0.08
INCEPTION DATE (Date of Allotment)
March 2, 2001 Bajaj Finance Ltd. Finance 2.11 Sadbhav Engineering Ltd. Construction 0.03

ITC Ltd. Diversified Fmcg 1.88 Yes Bank Ltd. Banks 0.01
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`)
Bharat Electronics Ltd. Aerospace & Defense 1.78 Sub Total 65.39
Regular Plan 181.868
Direct Plan 196.271 DEBT & DEBT RELATED
Kirloskar Pneumatic Ltd. Industrial Products 1.77
ASSETS UNDER MANAGEMENT (`) IN CRORE eClerx Services Limited Commercial Services & GOVERNMENT SECURITIES (CENTRAL/STATE)
As on April 30, 2022 5,370.53 Supplies 1.75 • 4.26 GOI 2023 Sovereign 6.57
Average for Month of April 2022 5,425.25
Indian Hotels Company Ltd. Leisure Services 1.58 • 7.17 GOI 2028 Sovereign 3.11
QUANTITATIVE DATA
Transport Corporation of 8.28 GOI 2027 Sovereign 0.89
Portfolio Turnover Ratio (Last 1 year) 10.58% India Ltd. Transport Services 1.44
Average Maturity * 3.71 years 8.32 GOI 2032 Sovereign 0.60
Macaulay Duration * 2.29 years Bharti Airtel Ltd. Telecom - Services 1.39
Modified Duration * 2.16 years 6.79 GOI 2027 Sovereign 0.56
Yield to Maturity * 5.37% UPL Ltd. Fertilizers &
*Calculated on amount invested in debt securities (including Agrochemicals 1.38 8.83 GOI 2023 Sovereign 0.52
accrued interest), deployment of funds in TREPS and Reverse 8.15 GOI 2022 Sovereign 0.28
Repo and net receivable / payable. Newgen Software Technologies
Ltd. IT - Services 1.22 8.08 GOI 2022 Sovereign 0.19
TOTAL EXPENSE RATIO (As on April 30, 2022) Aster DM Healthcare Limited Healthcare Services 1.20
Including Additional Expenses and Goods and Service Tax on 8.6 GOI 2028 Sovereign 0.10
Management Fees Rolex Rings Limited Auto Components 1.10 7.26 GOI 2029 Sovereign 0.09
Regular: 1.91% Direct: 1.11%
Sonata Software Ltd. IT - Software 1.07 Sub Total 12.91
#BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 65:35
Index Oracle Financial Ser Software CREDIT EXPOSURE (NON PERPETUAL)
Ltd. IT - Software 0.99
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index) • Housing Development Fin.
Voltamp Transformers Ltd. Electrical Equipment 0.98 Corp. Ltd.£ CRISIL - AAA 2.34
EXIT LOAD
Timken India Ltd. Industrial Products 0.96 LIC Housing Finance Ltd. CRISIL - AAA 0.97
Nil
Finolex Cables Ltd. Industrial Products 0.93 L&T Finance Limited CRISIL - AAA 0.75
PLANS & OPTIONS
Apollo Tyres Ltd. Auto Components 0.91 Tata Sons Ltd. CRISIL - AAA 0.69
Regular Plan, Direct Plan.
Power Grid Corporation of State Bank of India CRISIL - AAA 0.48
MINIMUM APPLICATION AMOUNT India Ltd. Power 0.90
Purchase : ` 5,000 and any amount thereafter. Power Finance Corporation Ltd. CRISIL - AAA 0.04
Carborundum Universal Ltd. Industrial Products 0.88
Additional Purchase : ` 1,000 and any amount thereafter. Britannia Industries Ltd. CRISIL - AAA 0.01
Ipca Laboratories Ltd. Pharmaceuticals &
LOCK-IN PERIOD Biotechnology 0.85 Sub Total 5.28
Fresh investments by investors including SIP/ STP Mahindra Holidays & Resorts CREDIT EXPOSURE (PERPETUAL BONDS)
registrations, etc (effective May 23, 2018): Ind Ltd. Leisure Services 0.84
Lock-in period will be compulsory. Lock-in period shall be Axis Bank Ltd. (AT1, BASEL III,
earlier of Finolex Industries Ltd. Industrial Products 0.83 Perpetual) CRISIL - AA+ 1.87
l 5 Years from the date of allotment; or
l Until the Unit holder (being the beneficiary child) attains AkzoNobel India Ltd. Consumer Durables 0.82 Bank of Baroda (AT1, BASEL III,
the age of majority (i.e. completion of 18 years) Perpetual) CRISIL - AA+ 1.84
Bank of Baroda Banks 0.79
¥ Dedicated Fund Manager for Overseas Investments:
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Sub Total 3.71
Zensar Technologies Ltd. IT - Software 0.72
Mr. Priya Ranjan (since May 01, 2022) Total 21.90
(Total Experience: Over 15 years). Bharat Petroleum Corporation
Ltd. Petroleum Products 0.68 Cash,Cash Equivalents and Net Current Assets 12.71
(Ω) Eligibility (of Unit holder) : Children less than 18 years of age as
on the date of investment by the Investor / Applicant are eligible as IDFC Ltd. Finance 0.64 Grand Total 100.00
Unit holders in the Scheme.
(π) Personal Accident Insurance Cover for Parent / Legal Guardian Axis Bank Ltd. Banks 0.56 • Top Ten Holdings, £ Sponsor
(upto the age of 80 years) of the Unit holder, equivalent to 10 times
PNC Infratech Ltd. Construction 0.56
the cost value of the outstanding Units held by the Unit holder
under all the applications / account statements / folios, subject to SKF India Ltd. Industrial Products 0.49
a maximum amount of ` 10 lakhs per Unit holder. The insurance
premium in respect of the personal accident insurance cover will
be borne by the AMC. This accident insurance cover is subject to
conditions of the group personal accident insurance policy.

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 45
 [An open ended fund for investment for children having a lock-in for atleast
HDFC Children's Gift Fund 5 years or till the child attains age of majority (whichever is earlier)] Ωπ
.....Contd from previous page

Industry Allocation of Equity Holding (% of Net Assets) Portfolio Classification By Asset Class (%) Portfolio Classification By Rating Class (%)
Banks 14.06 Equity 65.39
IT - Software Equity 65.39 Sovereign 12.91
7.47
G-Sec 12.91 AAA/AAA(SO)/A1+/A1+(SO)
Petroleum Products 7.14 Credit Exposure 8.99 & Equivalent 5.28
Finance Cash, Cash Equivalents and AA+ 3.71
6.57
Net Current Assets 12.71 Cash, Cash Equivalents and
Industrial Products 6.41 Net Current Assets 12.71
Construction 3.11
Leisure Services 2.42 SIP PERFORMANCE ^ - Regular Plan - Growth Option
Auto Components 2.01 Since Inception SIP 15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP
Total Amount Invested (` ‘000) 2,540.00 1,800.00 1,200.00 600.00 360.00 120.00
Diversified Fmcg 1.88
Mkt Value As on April 29, 2022 (` ‘000) $ 17,105.31 6,100.87 2,519.63 859.73 475.66 122.59
Aerospace & Defense 1.78 Returns (%) $ 15.61 14.89 14.21 14.40 19.04 4.08
Commercial Services & Supplies 1.75 Benchmark Returns (%) # N.A. 11.53 12.35 13.49 15.72 4.41
Additional Benchmark Returns (%) ## 14.91 12.76 14.13 16.14 20.77 5.70
Transport Services 1.44 Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after
Telecom - Services 1.39
accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment
simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. N.A. Not Available.
Fertilizers & Agrochemicals 1.38
IT - Services PERFORMANCE ^ - Regular Plan - Growth Option
1.22
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Healthcare Services Returns Returns Benchmark
1.20 (%) $ (%)# Returns(%) ## Scheme (`) Benchmark Additional
$ (`)# Benchmark(`)##
Electrical Equipment 0.98 Apr 30, 21 Last 1 Year 16.43 12.98 18.24 11,638 11,294 11,818
Power 0.90 Apr 30, 19 Last 3 Years 14.64 13.20 14.67 15,068 14,506 15,079
Pharmaceuticals & Biotechnology Apr 28, 17 Last 5 Years 12.08 12.37 14.34 17,698 17,932 19,556
0.85
Apr 30, 12 Last 10 Years 14.77 12.32 13.94 39,654 31,966 36,901
Consumer Durables 0.82 Mar 02, 01 Since Inception 16.11 NA 14.50 236,428 NA 175,765
Cigarettes & Tobacco Products 0.31 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
Printing & Publication 0.22
instruments. $ Adjusted for Bonus units declared under the Scheme. For performance of other schemes managed by Chirag Setalvad, please refer
page 48. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the
Media Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes
0.08 and Benchmark’s, refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
0 5 10 15 Load is not taken into consideration for computation of performance.

This product is suitable for investors who are seeking ~

l capital appreciation over long term.
l investment in equity and equity related instruments as well
as debt and money market instruments.
Modera
oderate High tely
to te M Hi
w era
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
very high risk
~ Investors should consult their financial advisers, if in doubt
about whether the product is suitable for them.

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

46 April 2022
HDFC Retirement Savings Fund - Equity Plan [An open ended retirement solution oriented scheme having a
lock-in of 5 years or till retirement age (whichever is earlier)]
(A notified Tax Savings Cum Pension Scheme)

CATEGORY OF SCHEME: RETIREMENT FUND PORTFOLIO

Company Industry+ / Rating % to NAV Company Industry+ / Rating % to NAV
EQUITY & EQUITY RELATED Nilkamal Ltd. Consumer Durables 0.69
KEY FACTS • Reliance Industries Ltd. Petroleum Products 4.57 Tata Motors Limited DVR Automobiles 0.65
• HDFC Bank Ltd. Banks 4.21 Equitas Small Finance Bank Ltd Banks 0.64
INVESTMENT OBJECTIVE • ICICI Bank Ltd. Banks 3.99 Tamilnadu Newsprint & Papers Ltd. Paper / Forest & Jute
• Infosys Limited IT - Software 3.53 Products 0.58
The investment objective of the Scheme is to provide long- • State Bank of India Banks 2.75 Engineers India Ltd. Construction 0.48
term capital appreciation/income by investing in a mix of • Larsen and Toubro Ltd. Construction 2.74 Tata Metaliks Ltd. Ferrous Metals 0.47
equity and debt instruments to help investors meet their • Housing Development Fin. GNA Axles Ltd. Auto Components 0.43
retirement goals. There is no assurance that the investment Corp. Ltd.£ Finance 2.53 T. V. Today Network Ltd. Entertainment 0.41
objective of the Scheme will be realized. • ITC Ltd. Diversified Fmcg 2.28 Apar Industries Limited Electrical Equipment 0.40
• Transport Corporation of Kalpataru Power Transmission Ltd. Construction 0.38
FUND MANAGER ¥ India Ltd. Transport Services 2.08 Sharda Cropchem Ltd. Fertilizers &
Srinivasan Ramamurthy (Equities) (since December 14, 2021) • Bharat Electronics Ltd. Aerospace & Defense 1.97 Agrochemicals 0.36
Bajaj Electricals Ltd. Consumer Durables 1.88 Atul Ltd. Chemicals &
Total Experience - Over 15 years & Indian Hotels Company Ltd. Leisure Services 1.66 Petrochemicals 0.24
Shobhit Mehrotra (Debt) (since February 25, 2016) Jindal Steel & Power Ltd. Ferrous Metals 1.62 Jagran Prakashan Ltd. Media 0.24
Total Experience: Over 30 years Timken India Ltd. Industrial Products 1.62 Oriental Carbon & Chemicals Ltd. Chemicals &
Bharat Dynamics Limited Aerospace & Defense 1.56 Petrochemicals 0.23
INCEPTION DATE (Date of Allotment) VRL Logistics Ltd. Transport Services 1.56 Zensar Technologies Ltd. IT - Software 0.23
Crisil Limited Finance 1.53 Sub Total 87.37
February 25, 2016 Chambal Fertilizers & Chemicals Fertilizers & DEBT & DEBT RELATED
Ltd. Agrochemicals 1.50 GOVERNMENT SECURITIES (CENTRAL/STATE)
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Max Healthcare Institute Limited Healthcare Services 1.50 4.26 GOI 2023 Sovereign 1.61
Regular Plan 28.893 Great Eastern Shipping Company Ltd.Transport Services 1.43 Sub Total 1.61
Direct Plan 31.546 Redington (India) Ltd. Commercial Services & CREDIT EXPOSURE (NON PERPETUAL)
Supplies 1.42 Vedanta Ltd. CRISIL - AA 0.79
ASSETS UNDER MANAGEMENT (`) IN CRORE Computer Age Management Services Capital Markets 1.40 Sub Total 0.79
Tata Steel Ltd. Ferrous Metals 1.40 Total 2.40
As on April 30, 2022 2,163.44 United Spirits Limited Beverages 1.40 Cash,Cash Equivalents and Net Current Assets 10.23
Average for Month of April 2022 2,168.35 Bharti Airtel Ltd. Telecom - Services 1.37 Grand Total 100.00
Axis Bank Ltd. Banks 1.35 • Top Ten Holdings, £ Sponsor
QUANTITATIVE DATA Radico Khaitan Limited Beverages 1.33
Portfolio Turnover Ratio 8.84% Finolex Cables Ltd. Industrial Products 1.30 Industry Allocation of Equity Holding (% of Net Assets)
Cyient Ltd. IT - Services 1.26
TOTAL EXPENSE RATIO (As on April 30, 2022) Cholamandalam Investment Banks 14.03
& Finance Finance 1.20 Industrial Products 5.68
Including Additional Expenses and Goods and Service Tax on Petroleum Products 5.57
Management Fees PNC Infratech Ltd. Construction 1.20
JB Chemicals & Pharmaceuticals Pharmaceuticals & Finance 5.26
Transport Services 5.07
Regular: 2.10% Direct: 0.79% Ltd. Biotechnology 1.18 Construction 4.80
Voltamp Transformers Ltd. Electrical Equipment 1.16 IT - Software 4.50
#BENCHMARK INDEX: NIFTY 500 (Total Returns Index) Mahindra Holidays & Resorts Consumer Durables 4.40
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index) Ind Ltd. Leisure Services 1.15 Aerospace & Defense 3.53
AkzoNobel India Ltd. Consumer Durables 1.09 Ferrous Metals 3.49
Indusind Bank Ltd. Banks 1.09 IT - Services 3.22
EXIT LOAD Carborundum Universal Ltd. Industrial Products 1.06 Pharmaceuticals & Biotechnology 2.83
Upon completion of lock-in period: Nil Firstsource Solutions Ltd. IT - Services 1.05 Leisure Services 2.81
Godrej Consumer Products Ltd. Personal Products 1.01 Beverages 2.73
PLANS & OPTIONS Fertilizers & Agrochemicals 2.62
Hindustan Petroleum Corp. Ltd. Petroleum Products 1.00 Electrical Equipment 2.41
Regular Plan, Direct Plan. Under Each Plan offers Growth KEI Industries Ltd. Industrial Products 0.97 Diversified Fmcg 2.28
Option only. ICICI Lombard General Insurance G-Sec 1.61
Co Insurance 0.95 Healthcare Services 1.50
MINIMUM APPLICATION AMOUNT Newgen Software Technologies Commercial Services & Supplies 1.42
Ltd. IT - Services 0.91 Capital Markets 1.40
Purchase : ` 5,000 and any amount thereafter. Torrent Pharmaceuticals Ltd. Pharmaceuticals & Telecom - Services 1.37
Additional Purchase : ` 1,000 and any amount thereafter. Biotechnology 0.91 Personal Products 1.01
The Anup Engineering Limited Industrial Manufacturing 0.87 Insurance 0.95
LOCK-IN PERIOD KEC International Ltd. Electrical Equipment 0.85 Industrial Manufacturing 0.87
Power 0.84
Existing investments by investors including SIP / STP Power Grid Corporation of Credit Exposure 0.79
registrations, etc (until June 1, 2018): India Ltd. Power 0.84 Automobiles 0.65
UPL Ltd. Fertilizers & Paper, Forest & Jute Products 0.58
Units purchased cannot be assigned / transferred / pledged Agrochemicals 0.76 Chemicals & Petrochemicals 0.47
/ redeemed / switched out until completion of 5 years from Aurobindo Pharma Ltd. Pharmaceuticals & Auto Components 0.43
the date of allotment of Units under the Scheme. Biotechnology 0.74 Entertainment 0.41
Oracle Financial Ser Software Ltd. IT - Software 0.74 Media 0.24
Fresh investments by investors including SIP / STP Symphony Ltd. Consumer Durables 0.74
registrations, etc (effective June 2, 2018): 0 5 10 15
Finolex Industries Ltd. Industrial Products 0.73
Units purchased cannot be assigned / transferred / pledged /
redeemed / switched out until completion of 5 years from the SIP PERFORMANCE ^ - Regular Plan - Growth Option
date of allotment of Units or Retirement Age of Unit holder
(i.e. completion of 60 years), whichever is earlier. Since Inception SIP 5 Year SIP 3 Year SIP 1 Year SIP
¥ Dedicated Fund Manager for Overseas Investments: Total Amount Invested (` ‘000) 750.00 600.00 360.00 120.00
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Mkt Value As on April 29, 2022 (` ‘000) 1,312.96 960.32 536.04 126.43
Mr. Priya Ranjan (since May 01, 2022) Returns (%) 17.78 18.93 27.77 10.21
(Total Experience: Over 15 years).
Benchmark Returns (%) # 16.31 16.99 23.71 7.65
This product is suitable for investors who are seeking ~ Additional Benchmark Returns (%) ## 15.72 16.14 20.77 5.70
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
l a corpus to provide for pension in the form of income to the after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
extent of the redemption value of their holding after the age investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
of 60 years.
l investment predominantly in equity and equity related PERFORMANCE ^ - Regular Plan - Growth Option
instruments. Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
Modera (%) (%)# Returns Scheme Benchmark Additional
oderate High tely (`) (`)# Benchmark
o M (%) ##
w t erate Hi (`)##
Mo Lo

gh

Apr 30, 21 Last 1 Year 26.41 20.87 18.24 12,633 12,081 11,818
d

Apr 30, 19 Last 3 Years 19.44 16.52 14.67 17,040 15,819 15,079
Very
High
Low

Apr 28, 17 Last 5 Years 14.34 13.76 14.34 19,554 19,062 19,556
RISKOMETER Feb 25, 16 Since Inception 18.74 17.68 17.09 28,893 27,336 26,509
Investors understand that their principal will be at Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Srinivasan
very high risk Ramamurthy (Equities) and Shobhit Mehrotra (Debt), please refer page 77. 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 /
~ Investors should consult their financial advisers, if in doubt commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark’s, refer page 86 to 91. For Performance of Direct
about whether the product is suitable for them. Plan, refer page no. 79.
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

April 2022 47
HDFC Retirement Savings Fund - Hybrid Equity Plan [An open ended retirement solution oriented
scheme having a lock-in of 5 years or till
(A notified Tax Savings Cum Pension Scheme) retirement age (whichever is earlier)]

CATEGORY OF SCHEME: RETIREMENT FUND PORTFOLIO

Company Industry+ / Rating % to NAV Company Industry+ / Rating % to NAV
KEY FACTS EQUITY & EQUITY RELATED UPL Ltd. Fertilizers &
INVESTMENT OBJECTIVE Agrochemicals 0.68
• Reliance Industries Ltd. Petroleum Products 4.69
The investment objective of the Scheme is to provide long- • ICICI Bank Ltd. Banks 4.50 Oriental Carbon & Chemicals Chemicals &
Ltd. Petrochemicals 0.65
term capital appreciation/income by investing in a mix of • HDFC Bank Ltd. Banks 4.41
equity and debt instruments to help investors meet their • Infosys Limited IT - Software 3.86 Bayer Cropscience Ltd Fertilizers &
retirement goals. There is no assurance that the investment Agrochemicals 0.63
• Housing Development Fin.
objective of the Scheme will be realized. Corp. Ltd.£ Finance 2.82 Crompton Greaves Consumer
• ITC Ltd. Diversified Fmcg 2.41 Elec. Ltd. Consumer Durables 0.62
FUND MANAGER ¥
Larsen and Toubro Ltd. Construction 2.21 PB Fintech Limited (Policy Financial Technology
Srinivasan Ramamurthy (Equities) (since December 14, 2021) State Bank of India Banks 2.06 Bazaar) (Fintech) 0.61
Total Experience - Over 15 years & Bajaj Electricals Ltd. Consumer Durables 1.61 Goodyear India Ltd. Auto Components 0.56
Shobhit Mehrotra (Debt) (since February 25, 2016) Bharti Airtel Ltd. Telecom - Services 1.56 Rolex Rings Limited Auto Components 0.54
Total Experience: Over 30 years Balrampur Chini Mills Ltd. Agricultural Food & The Anup Engineering Limited Industrial
Other Products 1.54 Manufacturing 0.52
INCEPTION DATE (Date of Allotment) METRO BRANDS LIMITED Consumer Durables 1.41 Tamilnadu Newsprint & Paper / Forest & Jute
Redington (India) Ltd. Commercial Services & Papers Ltd. Products 0.51
February 25, 2016
Supplies 1.37 Vesuvius India Ltd. Industrial Products 0.48
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Suprajit Engineering Ltd. Auto Components 1.36 Zensar Technologies Ltd. IT - Software 0.40
Regular Plan 24.328 Bharat Electronics Ltd. Aerospace & Defense 1.33 Lumax Industries Ltd Auto Components 0.36
Direct Plan 26.577 Voltamp Transformers Ltd. Electrical Equipment 1.26 Apar Industries Limited Electrical Equipment 0.33
Sonata Software Ltd. IT - Software 1.21 NRB Bearing Ltd. Industrial Products 0.30
ASSETS UNDER MANAGEMENT (`) IN CRORE Torrent Pharmaceuticals Ltd. Pharmaceuticals & Kalpataru Power Transmission
As on April 30, 2022 806.06 Biotechnology 1.05 Ltd. Construction 0.29
Average for Month of April 2022 815.11 Max Healthcare Institute Jagran Prakashan Ltd. Media 0.14
Limited Healthcare Services 1.03 Yes Bank Ltd. Banks @
QUANTITATIVE DATA Procter & Gamble Health Ltd. Pharmaceuticals & Sub Total 67.43
Portfolio Turnover Ratio 11.39% Biotechnology 1.01
DEBT & DEBT RELATED
Average Maturity * 3.76 years Axis Bank Ltd. Banks 0.99
Macaulay Duration * 2.55 years GOVERNMENT SECURITIES (CENTRAL/STATE)
Cyient Ltd. IT - Services 0.99
Modified Duration * 2.44 years • 4.26 GOI 2023 Sovereign 4.32
UTI Asset Management
Yield to Maturity * 5.54% Company Ltd Capital Markets 0.99 • 6.1 GOI 2031 Sovereign 3.46
*Calculated on amount invested in debt securities (including Tata Steel Ltd. Ferrous Metals 0.98 7.57 GOI 2033 Sovereign 1.58
accrued interest), deployment of funds in TREPS and Reverse Timken India Ltd. Industrial Products 0.98 6.67 GOI 2050 Sovereign 1.13
Repo and net receivable / payable. Sub Total 10.49
Mahindra Holidays & Resorts
TOTAL EXPENSE RATIO (As on April 30, 2022) Ind Ltd. Leisure Services 0.96 CREDIT EXPOSURE (NON PERPETUAL)
Including Additional Expenses and Goods and Service Tax on Power Grid Corporation of • Power Finance Corporation
Management Fees India Ltd. Power 0.94 Ltd. CRISIL - AAA 3.24
Regular: 2.41% Direct: 1.05% Firstsource Solutions Ltd. IT - Services 0.93 • Embassy Office Parks REIT CRISIL - AAA 3.10
Gujarat State Petronet Ltd. Gas 0.88 Vedanta Ltd. CRISIL - AA 1.87
#BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 65:35
Index Ashok Leyland Ltd "Agricultural Jamnagar Utilities & Power
/ Commercial & Pvt. Ltd. (erstwhile Reliance
Construction Vehicles" 0.87 Utilities & Power Pvt. Ltd.) CRISIL - AAA 1.28
##ADDL. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)
Hindustan Petroleum Corp. Power Grid Corporation of
Ltd. Petroleum Products 0.87 India Ltd. CRISIL - AAA 0.65
EXIT LOAD
ICICI Lombard General Reliance Industries Ltd. CRISIL - AAA 0.33
Upon completion of lock-in period: Nil Insurance Co Insurance 0.87
Sub Total 10.47
IDFC Ltd. Finance 0.80
PLANS & OPTIONS Total 20.96
Alembic Pharmaceuticals Pharmaceuticals &
Regular Plan, Direct Plan. Under Each Plan offers Growth Limited Biotechnology 0.79 Cash,Cash Equivalents and Net Current Assets 11.61
Option only. Max Financial Services Ltd. Insurance 0.75 Grand Total 100.00
AIA Engineering Ltd. Industrial Products 0.72 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
MINIMUM APPLICATION AMOUNT
Aurobindo Pharma Ltd. Pharmaceuticals &
Purchase : ` 5,000 and any amount thereafter. Biotechnology 0.71
Additional Purchase : ` 1,000 and any amount thereafter.
Nilkamal Ltd. Consumer Durables 0.71
LOCK-IN PERIOD Equitas Holdings Ltd. Finance 0.69
Existing investments by investors including SIP / STP KEC International Ltd. Electrical Equipment 0.69
registrations, etc (until June 1, 2018):
Units purchased cannot be assigned / transferred / pledged
/ redeemed / switched out until completion of 5 years from
the date of allotment of Units under the Scheme.
Fresh investments by investors including SIP / STP
registrations, etc (effective June 2, 2018): Portfolio Classification By Asset Class (%) Portfolio Classification By Rating Class (%)
Units purchased cannot be assigned / transferred / pledged /
redeemed / switched out until completion of 5 years from the n Equity 67.43
date of allotment of Units or Retirement Age of Unit holder n Equity 67.43
n Sovereign 10.49
(i.e. completion of 60 years), whichever is earlier. n G-Sec 10.49 n AAA/AAA(SO)/A1+/A1+(SO) &
¥ Dedicated Fund  Manager for Overseas Investments: n Credit Exposure 10.47 Equivalent 8.60
Sankalp Baid (since January 22, 2021 upto April 30, 2022) n AA/AA- 1.87
n Cash, Cash Equivalents and
Mr. Priya Ranjan (since May 01, 2022) n Cash, Cash Equivalents and
(Total Experience: Over 15 years). Net Current Assets 11.61
Net Current Assets 11.61

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

48 April 2022
HDFC Retirement Savings Fund - Hybrid Equity Plan [An open ended retirement solution oriented scheme
having a lock-in of 5 years or till retirement age(whichever
(A notified Tax Savings Cum Pension Scheme) is earlier)] .....Contd from previous page

This product is suitable for investors who are seeking ~ Industry Allocation of Equity Holding (% of Net Assets)
l a corpus to provide for pension in the form of income to the Banks 11.96
extent of the redemption value of their holding after the age Petroleum Products 5.56
IT - Software 5.47
of 60 years. Consumer Durables 4.35
l investment predominantly in equity and equity related Finance 4.31
Pharmaceuticals & Biotechnology 3.56
instruments & balance in debt and money market Auto Components 2.82
instruments. Construction 2.50
Industrial Products 2.48
Diversified Fmcg 2.41
Modera
oderate High tely
Electrical Equipment 2.28
o M IT - Services 1.92
w t erate Hi Insurance 1.62
1.56
Mo Lo

Telecom - Services
gh
d

Agricultural Food & Other Products 1.54

Commercial Services & Supplies 1.37
Very
High
Low

Aerospace & Defense 1.33

Fertilizers & Agrochemicals 1.31
Healthcare Services 1.03
RISKOMETER Capital Markets 0.99
Investors understand that their principal will be at Ferrous Metals 0.98
very high risk Leisure Services 0.96
Power 0.94
~ Investors should consult their financial advisers, if in doubt Gas 0.88
Agricultural, Commercial & Construction Vehicles 0.87
about whether the product is suitable for them. Chemicals & Petrochemicals 0.65
Financial Technology (Fintech) 0.61
Industrial Manufacturing 0.52
Paper, Forest & Jute Products 0.51
Media 0.14
0 5 10 15

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception SIP 5 Year SIP 3 Year SIP 1 Year SIP
Total Amount Invested (` ‘000) 750.00 600.00 360.00 120.00
Mkt Value As on April 29, 2022 (` ‘000) 1,138.99 836.05 462.85 120.54
Returns (%) 13.24 13.27 17.10 0.85
Benchmark Returns (%) # 13.24 13.49 15.72 4.41
Additional Benchmark Returns (%) ## 15.72 16.14 20.77 5.70
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

Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Apr 30, 21 Last 1 Year 12.60 12.98 18.24 11,256 11,294 11,818
Apr 30, 19 Last 3 Years 13.26 13.20 14.67 14,530 14,506 15,079
Apr 28, 17 Last 5 Years 11.20 12.37 14.34 17,014 17,932 19,556
Feb 25, 16 Since Inception 15.48 14.36 17.09 24,328 22,904 26,509
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 debt
instruments. For performance of other schemes managed by Srinivasan Ramamurthy (Equities) and Shobhit Mehrotra (Debt), please
refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan
under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer
of the Schemes and Benchmark’s, refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.

^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.

April 2022 49
HDFC Retirement Savings Fund - Hybrid Debt Plan [An open ended retirement solution oriented
scheme having a lock-in of 5 years or till
(A notified Tax Savings Cum Pension Scheme) retirement age (whichever is earlier)]

CATEGORY OF SCHEME: RETIREMENT FUND PORTFOLIO

Company Industry+ / Rating % to NAV Company Industry+ / Rating % to NAV
EQUITY & EQUITY RELATED Alembic Pharmaceuticals Pharmaceuticals &
KEY FACTS Equity Limited Biotechnology 0.16
ICICI Bank Ltd. Banks 1.26 Insecticides (India) Ltd. Fertilizers &
INVESTMENT OBJECTIVE Reliance Industries Ltd. Petroleum Products 1.15 Agrochemicals 0.16
The investment objective of the Scheme is to provide long- HDFC Bank Ltd. Banks 1.05 Navneet Education Ltd. Printing & Publication 0.16
term capital appreciation/income by investing in a mix of Infosys Limited IT - Software 0.86 Oriental Carbon & Chemicals Chemicals &
equity and debt instruments to help investors meet their Larsen and Toubro Ltd. Construction 0.79 Ltd. Petrochemicals 0.16
retirement goals. There is no assurance that the investment Bharti Airtel Ltd. Telecom - Services 0.76 Apar Industries Limited Electrical Equipment 0.14
objective of the Scheme will be realized. State Bank of India Banks 0.72 Lumax Industries Ltd Auto Components 0.13
Housing Development Fin. NRB Bearing Ltd. Industrial Products 0.13
FUND MANAGER ¥ Corp. Ltd.£ Finance 0.69 Gujarat Pipavav Port Ltd. Transport Infrastructure 0.12
Srinivasan Ramamurthy (Equities) (since December 14, 2021) Redington (India) Ltd. Commercial Services & Kalpataru Power Transmission
Total Experience - Over 15 years & Supplies 0.63 Ltd. Construction 0.12
Shobhit Mehrotra (Debt) (since February 26, 2016) ITC Ltd. Diversified Fmcg 0.62 Bank of Baroda Banks 0.10
Total Experience: Over 30 years AIA Engineering Ltd. Industrial Products 0.60 Tamilnadu Newsprint & Paper / Forest & Jute
Torrent Pharmaceuticals Ltd. Pharmaceuticals & Papers Ltd. Products 0.07
INCEPTION DATE (Date of Allotment) Biotechnology 0.58 Sub Total 18.64
February 26, 2016 United Spirits Limited Beverages 0.56 DEBT & DEBT RELATED
ICICI Lombard General GOVERNMENT SECURITIES (CENTRAL/STATE)
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Insurance Co Insurance 0.53 • 6.67 GOI 2050 Sovereign 9.39
UltraTech Cement Limited Cement & Cement • 6.1 GOI 2031 Sovereign 6.38
Regular Plan 16.3163 Products 0.52 • 6.19 GOI 2034 Sovereign 6.27
Direct Plan 17.7370 Axis Bank Ltd. Banks 0.50 • 7.57 GOI 2033 Sovereign 5.26
ASSETS UNDER MANAGEMENT (`) IN CRORE Transport Corporation of • 7.5 GOI 2034 Sovereign 3.49
India Ltd. Transport Services 0.48 • 6.79 GOI 2029 Sovereign 3.37
As on April 30, 2022 145.60 Dr Reddys Laboratories Ltd. Pharmaceuticals & 6.68 GOI 2031 Sovereign 3.31
Average for Month of April 2022 146.15 Biotechnology 0.43 Sub Total 37.47
City Union Bank Ltd. Banks 0.42 CREDIT EXPOSURE (PERPETUAL BONDS)
QUANTITATIVE DATA Maruti Suzuki India Limited Automobiles 0.42 • TMF Holdings Ltd. (Subsidiary
Average Maturity * 8.20 years Finolex Cables Ltd. Industrial Products 0.39 of Tata Motors Ltd.) (Perpetual) CARE - AA- 6.75
Macaulay Duration * 4.96 years Voltamp Transformers Ltd. Electrical Equipment 0.39 Sub Total 6.75
Modified Duration * 4.76 years Hindustan Petroleum Corp. CREDIT EXPOSURE (NON PERPETUAL)
Yield to Maturity * 6.38% Ltd. Petroleum Products 0.37 • Vedanta Ltd. CRISIL - AA 4.83
*Calculated on amount invested in debt securities (including Gujarat State Petronet Ltd. Gas 0.36 • Indian Railways Finance Corp.
accrued interest), deployment of funds in TREPS and Reverse Bayer Cropscience Ltd Fertilizers & Ltd. CRISIL - AAA 3.63
Repo and net receivable / payable. Agrochemicals 0.35 • Housing Development Fin.
Ashok Leyland Ltd Agricultural / Corp. Ltd.£ CRISIL - AAA 3.32
TOTAL EXPENSE RATIO (As on April 30, 2022) Commercial & Jamnagar Utilities & Power
Including Additional Expenses and Goods and Service Tax on Construction Vehicles 0.26 Pvt. Ltd. (erstwhile Reliance
Management Fees METRO BRANDS LIMITED Consumer Durables 0.26 Utilities & Power Pvt. Ltd.) CRISIL - AAA 1.77
Regular: 2.23% Direct: 0.82% Goodyear India Ltd. Auto Components 0.25 Reliance Industries Ltd. CRISIL - AAA 1.39
The Anup Engineering Limited Industrial Manufacturing 0.24 Power Finance Corporation Ltd. CRISIL - AAA 0.75
#BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt Vesuvius India Ltd. Industrial Products 0.21 Sub Total 15.69
15:85 Index Power Grid Corporation of Total 59.91
India Ltd. Power 0.19 Cash,Cash Equivalents and Net Current Assets 21.45
##ADDL. BENCHMARK INDEX: CRISIL 10 Year Gilt Index IDFC Ltd. Finance 0.18 Grand Total 100.00
EXIT LOAD Time Technoplast Limited Industrial Products 0.17 • Top Ten Holdings, £ Sponsor
Upon completion of lock-in period: Nil Portfolio Classification By Asset Class (%) Portfolio Classification By Rating Class (%)
PLANS & OPTIONS
Regular Plan, Direct Plan. Under Each Plan offers Growth
Option only. n Equity 18.64
n Equity 18.64
MINIMUM APPLICATION AMOUNT n Sovereign 37.47
Purchase : ` 5,000 and any amount thereafter. n G-Sec 37.47 n AAA/AAA(SO)/A1+/A1+(SO)
Additional Purchase : ` 1,000 and any amount thereafter. n Credit Exposure 22.44 & Equivalent 10.86
LOCK-IN PERIOD n AA/AA- 11.58
n Cash, Cash Equivalents and
Existing investments by investors including SIP / STP n Cash, Cash Equivalents and
Net Current Assets 21.45
registrations, etc (until June 1, 2018): Net Current Assets 21.45
Units purchased cannot be assigned / transferred / pledged
/ redeemed / switched out until completion of 5 years from
the date of allotment of Units under the Scheme. SIP PERFORMANCE ^ - Regular Plan - Growth Option
Fresh investments by investors including SIP / STP Since Inception SIP 5 Year SIP 3 Year SIP 1 Year SIP
registrations, etc (effective June 2, 2018):
Total Amount Invested (` ‘000) 750.00 600.00 360.00 120.00
Units purchased cannot be assigned / transferred / pledged /
redeemed / switched out until completion of 5 years from the Mkt Value As on April 29, 2022 (` ‘000) 938.84 714.65 401.65 120.97
date of allotment of Units or Retirement Age of Unit holder Returns (%) 7.11 6.95 7.27 1.53
(i.e. completion of 60 years), whichever is earlier.
Benchmark Returns (%) # 8.70 8.66 7.93 2.39
¥ Dedicated Fund Manager for Overseas Investments:
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Additional Benchmark Returns (%) ## 4.61 4.23 1.55 -3.97
Mr. Priya Ranjan (since May 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 15 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.
This product is suitable for investors who are seeking ~
PERFORMANCE ^ - Regular Plan - Growth Option
l a corpus to provide for pension in the form of income to the
extent of the redemption value of their holding after the age Date Period Scheme Benchmark Additional Value of ` 10,000 invested
of 60 years. Returns Returns Benchmark Scheme Benchmark Additional
l investment predominantly in debt and money market (%) (%)# Returns (`) (`)# Benchmark
instruments & balance in equity and equity related (%) ## (`)##
instruments.
Apr 30, 21 Last 1 Year 5.34 5.49 -1.95 10,532 10,547 9,806
Modera
oderate High tely Apr 30, 19 Last 3 Years 7.78 9.62 5.65 12,519 13,174 11,792
o M
w t erate Hi Apr 28, 17 Last 5 Years 6.63 8.57 4.94 13,788 15,092 12,730
Mo Lo

gh

Feb 26, 16 Since Inception 8.25 9.58 6.16 16,316 17,589 14,466
d

Returns greater than 1 year period are compounded annualized (CAGR). Scheme performance may not strictly be comparable with that of
Very
High
Low

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 (Equities) and Shobhit Mehrotra (Debt), please refer page 77.
RISKOMETER Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme
will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and
Investors understand that their principal will be at Benchmark’s, refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.
moderately high risk
~ Investors should consult their financial advisers, if in doubt ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme /
about whether the product is suitable for them. Plan. Load is not taken into consideration for computation of performance.
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified.

50 April 2022
HDFC Overnight Fund (An open ended debt scheme investing in overnight securities. A
Relatively Low Interest Rate Risk and Relatively Low Credit Risk)

CATEGORY OF SCHEME: OVERNIGHT FUND PORTFOLIO

Issuer Rating % to NAV
KEY FACTS DEBT & DEBT RELATED
INVESTMENT OBJECTIVE T-BILLS
To generate returns by investing in debt and money market • 91 Days Tbill Mat 190522 Sovereign 1.15
instruments with overnight maturity. • 91 Days Tbill Mat 120522 Sovereign 1.15
There is no assurance that the investment objective of the • 364 Days Tbill - Mat 260522 Sovereign 1.14
Scheme will be realized.
• 364 Days Tbill - Mat 050522 Sovereign 0.76
FUND MANAGER • 182 days Tbill Mat 040522 Sovereign 0.38
Anil Bamboli (since July 25, 2012) Sub Total 4.58
Total Experience: Over 27 years
Total 4.58
INCEPTION DATE (Date of Allotment) Cash,Cash Equivalents and Net Current Assets 95.42
February 06, 2002
Grand Total 100.00
NAV (AS ON APRIL 30, 2022)^^ NAV PER UNIT (`) • Top Ten Holdings
Regular Plan - Growth Option 3,144.7453
Regular Plan - SIP PERFORMANCE ^ - Regular Plan - Growth Option
Daily IDCW Reinvestment Option 1,042.7650
Direct Plan - Growth Option 3,166.5330 Since Inception 15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP
Direct Plan - Daily IDCW Reinvestment Option 1,042.7679 SIP
ASSETS UNDER MANAGEMENT (`) IN CRORE Total Amount Invested (` ‘000) 2,430.00 1,800.00 1,200.00 600.00 360.00 120.00
As on April 30, 2022 13,070.60 Mkt Value As on April 29, 2022 (` ‘000) 4,581.22 2,820.01 1,560.61 662.48 378.21 122.06
Average for Month of April 2022 13,790.59 Returns (%) 5.86 5.73 5.14 3.92 3.25 3.24
QUANTITATIVE DATA Benchmark Returns (%) # N.A. 5.84 5.30 4.11 3.45 3.45
Average Maturity * 3 days Additional Benchmark Returns (%) ## 6.13 6.28 6.14 5.26 4.33 3.75
Macaulay Duration * 3 days Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
Modified Duration * 2 days after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The
Yield to Maturity * 3.90% above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and
*Calculated on amount invested in debt securities (including safeguard of capital. SIP facility in the Scheme has been made available from November 12, 2020.
accrued interest), deployment of funds in TREPS and Reverse
Repo and net receivable / payable. PERFORMANCE ^ - Regular Plan - Growth Option
TOTAL EXPENSE RATIO (As on April 30, 2022) Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Including Additional Expenses and Goods and Service Tax on Returns Returns Benchmark
(%) (%)# Returns Scheme (`) Benchmark
Additional
Management Fees (%) ## (`)#
Benchmark
Regular: 0.20% Direct: 0.10% (`)##
Apr 22, 22 Last 7 days 3.53 3.79 5.73 10,007 10,007 10,011
#BENCHMARK INDEX: CRISIL Overnight Fund A-I Index
##ADDL. BENCHMARK INDEX: CRISIL 1 year T-Bill Index Apr 14, 22 Last 15 days NA 3.72 5.71 NA 10,015 10,023
Mar 31, 22 Last 1 Month 3.39 3.60 2.83 10,027 10,029 10,022
EXIT LOAD Apr 30, 21 Last 1 Year 3.17 3.38 3.63 10,316 10,337 10,362
Nil Apr 30, 20 Last 2 Year 3.05 3.26 3.69 10,619 10,661 10,750
PLANS & OPTIONS Apr 30, 19 Last 3 Years 3.63 3.83 5.23 11,131 11,193 11,653
Regular Plan, Direct Plan. Under Each Plan: Growth & Daily Apr 28, 17 Last 5 Years 4.60 4.75 5.83 12,525 12,615 13,278
Income Distribution cum Capital Withdrawal (IDCW) Option. Apr 30, 12 Last 10 Years 6.02 6.19 6.61 17,948 18,228 18,977
The Daily IDCW Option offers only Re-investment of Income
Distribution cum Capital Withdrawal (IDCW) Option. Feb 06, 02 Since Inception 5.82 NA 5.94 31,444 NA 32,126
Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). N.A. Not
MINIMUM APPLICATION AMOUNT Available. For performance of other schemes managed by Anil Bamboli, please refer page 77. Different plans viz. Regular Plan and
Purchase : Under Growth Option : ` 100ß and any amount Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the
thereafter. Under Daily IDCW Option : ` 10,000 and any distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91.
For Performance of Direct Plan, refer page no. 83.
amount thereafter.
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Additional Purchase : Under Growth Option : ` 100ß and any Load is not taken into consideration for computation of performance.
amount thereafter. Under Daily IDCW Option : ` 5,000 and
any amount thereafter This product is suitable for investors who are seeking ~
(ß w.e.f November 3, 2021)
l regular income over short term that may be in line with the overnight call rates
^^Calculated on all calendar days.
l to generate returns by investing in debt and money market instruments with overnight maturity

Riskometer As on April 30, 2022 (current risk as per latest month end portfolio)
Modera
oderate High tely
Portfolio Classification By Asset Class (%) o M
w t erate Hi
Mo Lo

gh
d

Very
High
Low

n G-Sec, T-Bills 4.58

n Cash, Cash Equivalents and
Net Current Assets
Portfolio Classification By Rating Class (%)
n Sovereign
n Cash, Cash Equivalents and
Net Current Assets
RISKOMETER
95.42 Investors understand that their principal will be at
low risk
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Potential Risk Class (Maximum risk the Scheme can take)
Credit Risk → Relatively High
Relatively Low (Class A) Moderate (Class B)
Interest Rate Risk ↓ (Class C)
4.58 Relatively Low (Class I) A-I
Moderate (Class II)
95.42
Relatively High (Class III)
A-I - A Scheme with Relatively Low Interest Rate Risk and Relatively Low Credit Risk.

Face Value per Unit: ` 1,000, Data is as of April 30, 2022 unless otherwise specified. N.A. Not Available

April 2022 51
HDFC Liquid Fund (An open ended liquid scheme. A Relatively Low Interest Rate
Risk and Moderate Credit Risk)

CATEGORY OF SCHEME: LIQUID FUND SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP
KEY FACTS SIP
INVESTMENT OBJECTIVE Total Amount Invested (` ‘000) 2,590.00 1,800.00 1,200.00 600.00 360.00 120.00
To generate income through a portfolio comprising money Mkt Value As on April 29, 2022 (` ‘000) 5,714.68 3,034.71 1,625.28 672.13 380.22 122.20
market and debt instruments. Returns (%) 6.77 6.63 5.92 4.50 3.60 3.46
There is no assurance that the investment objective of the Benchmark Returns (%) # N.A. 6.69 6.18 4.91 4.03 3.79
Scheme will be realized.
Additional Benchmark Returns (%) ## 6.12 6.28 6.14 5.26 4.33 3.75
FUND MANAGER ¥ Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
Anupam Joshi (since October 27, 2015) after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The
Total Experience: Over 21 years above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and
INCEPTION DATE (Date of Allotment) safeguard of capital. SIP facility in the Scheme has been made available from November 12, 2020.
October 17, 2000
PERFORMANCE ^ - Regular Plan - Growth Option
NAV (AS ON APRIL 30, 2022)^^ NAV PER UNIT (`)
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Regular Plan - Growth Option 4,163.6278 Returns Returns Benchmark
Regular Plan - Daily IDCW Reinvestment Option 1,019.9234 Scheme (`) Benchmark Additional
Regular Plan - Weekly IDCW Option 1,031.4258 (%) (%)# Returns (`)# Benchmark
Regular Plan - Monthly IDCW Option 1,026.6941 (%) ## (`)##
Direct Plan - Growth Option 4,197.0115
Direct Plan - Daily IDCW Reinvestment Option 1,019.9262 Apr 23, 22 Last 7 days 2.95 3.45 5.73 10,006 10,007 10,011
Direct Plan - Weekly IDCW Option 1,031.4399 Apr 15, 22 Last 15 days 3.43 3.92 5.71 10,014 10,016 10,023
Direct Plan - Monthly IDCW Option 1,026.7081 Mar 31, 22 Last 1 Month 3.47 3.97 2.88 10,028 10,033 10,024
ASSETS UNDER MANAGEMENT J (`) IN CRORE Apr 30, 21 Last 1 Year 3.38 3.75 3.65 10,338 10,375 10,365
As on April 30, 2022 46,613.89 Apr 30, 19 Last 3 Years 4.19 4.58 5.23 11,310 11,439 11,654
Average for Month of April 2022 49,979.48 Apr 28, 17 Last 5 Years 5.30 5.52 5.83 12,949 13,090 13,279
QUANTITATIVE DATA Apr 30, 12 Last 10 Years 6.90 6.91 6.61 19,493 19,512 18,980
Average Maturity * 42 days Oct 17, 00 Since Inception 6.84 NA 6.24 41,636 NA 36,858
Macaulay Duration * 42 days Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). N.A. Not
Modified Duration * 41 days Available. For performance of other schemes managed by Anupam Joshi, please refer page 77. Different plans viz. Regular Plan and
Yield to Maturity * 4.06%
Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the
*Calculated on amount invested in debt securities (including distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91.
accrued interest), deployment of funds in TREPS and Reverse
Repo and net receivable / payable. For Performance of Direct Plan, refer page no. 82.

TOTAL EXPENSE RATIO (As on April 30, 2022) ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Including Additional Expenses and Goods and Service Tax on Load is not taken into consideration for computation of performance.
Management Fees
Regular: 0.30% Direct: 0.20%
#BENCHMARK INDEX: CRISIL Liquid Fund B-I Index Portfolio Classification by Asset Class (%) Portfolio Classification by Rating Class (%)
##ADDL. BENCHMARK INDEX: CRISIL 1 year T-Bill Index
EXIT LOAD
l On investments made on or before October 19, 2019: NIL
n G-Sec, SDL, T-Bills 30.70
n CP 41.99 n Sovereign 30.70
l On investments (including through existing systematic
plan registrations) made on or after October 20, 2019, as n AAA/AAA(SO)/A1+/A1+(SO)
n CD 17.65
follows: & Equivalent 66.01
n Credit Exposure 6.37 n Cash, Cash Equivalents and
Units redeemed / switched-out Exit load as a % of n Cash, Cash Equivalents and
within “X” days from the date redemption proceeds Net Current Assets 3.29
of allotment Net Current Assets 3.29
Day 1 0.0070%
Day 2 0.0065%
Day 3 0.0060%
Day 4 0.0055% This product is suitable for investors who are seeking ~
Day 5 0.0050%
l regular income over short term
Day 6 0.0045%
Day 7 onwards Nil l to generate income through a portfolio comprising money market and debt instruments

Riskometer As on April 30, 2022 (current risk as per latest month end portfolio)
PLANS & OPTIONS
Regular Plan, Direct Plan. Under both the Plans: Growth
& Income Distribution cum Capital Withdrawal (IDCW)
Option. The Daily IDCW Option offers only Re-investment of
Income Distribution cum Capital Withdrawal (IDCW) Option.
The Weekly and Monthly IDCW Option offers following
Sub-Options: Payout of Income Distribution cum Capital
Withdrawal (IDCW) Option; and Re-investment of Income
Distribution cum Capital Withdrawal (IDCW) Option.
MINIMUM APPLICATION AMOUNT
Purchase : Under Growth Option, Weekly IDCW Option and
Monthly IDCW Option: ` 5,000 and any amount thereafter.
Under Daily IDCW Option: ` 10,000 and any amount thereafter. ~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Additional Purchase : Under Growth Option, Weekly IDCW
Option and Monthly IDCW Option: ` 1,000 and any amount Potential Risk Class (Maximum risk the Scheme can take)
thereafter. Under Daily IDCW Option: ` 5,000 and any Credit Risk →
amount thereafter. Relatively High
Relatively Low (Class A) Moderate (Class B)
Interest Rate Risk ↓ (Class C)
¥ Dedicated Fund Manager for Overseas Investments:
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Relatively Low (Class I) B-I
Mr. Priya Ranjan (since May 01, 2022)
(Total Experience: Over 15 years). Moderate (Class II)
J Includes investments made by the schemes of HDFC Relatively High (Class III)
Mutual Fund aggregating to ` 403.47 Crores.
^^Calculated on all calendar days. B-I - A Scheme with Relatively Low Interest Rate Risk and Moderate Credit Risk.

Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of April 30, 2022 unless otherwise specified.

52 April 2022
HDFC Liquid Fund (An open ended liquid scheme. A Relatively Low Interest Rate
Risk and Moderate Credit Risk)

.....Contd from previous page

PORTFOLIO
Company Rating % to Company Rating % to
NAV NAV
DEBT & DEBT RELATED Tata Steel Ltd. ICRA - A1+ 2.45
GOVERNMENT SECURITIES (CENTRAL/STATE) Adani Ports & Special Economic Zone ICRA - A1+ 2.14
8.35 GOI 2022 Sovereign 2.11 Small Industries Development Bank CARE - A1+ 2.14
4.54% Maharashtra SDL Mat 030622 Sovereign 1.82 Aditya Birla Finance Ltd. ICRA - A1+ 2.13
4.52% Tamil Nadu SDL - Mat 030622 Sovereign 1.61 UPL Ltd. CARE - A1+ /
CRISIL - A1+ 1.17
8.15 GOI 2022 Sovereign 1.08
Bharat Oman Refineries Ltd CRISIL - A1+ 1.07
9.17% Uttar Pradesh SDL - Mat 230522 Sovereign 0.16
ONGC Petro additions Ltd. (OPAL) (Put
4.45% Maharashtra SDL Mat 100622 Sovereign 0.11 on ONGC Ltd.) ICRA - A1+ 1.07
9.15% Kerala SDL - Mat 23052022 Sovereign 0.06 Birla Group Holdings Pvt. Ltd. CRISIL - A1+ 0.86
8.88% Gujarat SDL - Mat 060622 Sovereign 0.02 Aditya Birla Money Limited CRISIL - A1+ /
Sub Total 6.97 IND - A1+ 0.84
T-BILLS Bharat Petroleum Corporation Ltd. CRISIL - A1+ 0.75
• 91 Days Tbill ISD 070422 Mat 070722 Sovereign 8.10 L&T Metro Rail (Hyderabad) Ltd CRISIL - A1+ 0.74
• 91 Days Tbill ISD 030222 Mat 050522 Sovereign 4.44 TVS Credit Services Ltd CRISIL - A1+ 0.64
• 91 Days Tbill ISD 030322 Mat 020622 Sovereign 3.21 Cholamandalam Investment & Finance CRISIL - A1+ 0.53
364 Days Tbill - Mat 260522 Sovereign 2.97 ICICI Securities Ltd. CRISIL - A1+ 0.53
91 Days Tbill ISD 240322 Mat 230622 Sovereign 2.27 Kotak Securities Ltd. CRISIL - A1+ 0.53
91 Days Tbill ISD 130422 Mat 130722 Sovereign 1.41 ICICI Home Finance Ltd CARE - A1+ 0.43
91 Days Tbill Mat 210722 Sovereign 0.58 Axis Finance Ltd. CRISIL - A1+ 0.42
91 Days Tbill Mat 120522 Sovereign 0.40 Aditya Birla Housing Finance Ltd ICRA - A1+ 0.32
182 days Tbill Mat 210722 Sovereign 0.19 Motilal Oswal Financial Services Ltd. CRISIL - A1+ 0.32
182 days Tbill ISD 060122 Mat 070722 Sovereign 0.11 Tata Cleantech Capital Ltd. CRISIL - A1+ 0.32
364 Days TBILL Mat 070722 Sovereign 0.05 Julius Baer Capital (India) Pvt. Ltd. CRISIL - A1+ 0.27
Sub Total 23.73 Motilal Oswal Finvest Limited CRISIL - A1+ 0.27
CREDIT EXPOSURE (NON PERPETUAL) SBI Global Factors Ltd. CRISIL - A1+ 0.25
Housing Development Fin. Corp. Ltd.£ CRISIL - AAA 1.37 Hero Fincorp Ltd. CRISIL - A1+ 0.22
NTPC Limited CRISIL - AAA 1.17 AXIS Securities Limited CARE - A1+ 0.21
India Grid Trust CRISIL - AAA 0.95 Tata Projects Ltd. CRISIL - A1+ 0.21
Daimler Fin Ser (I) Pvt Ltd. CRISIL - AAA 0.65 Godrej Industries Ltd. CRISIL - A1+ 0.16
Larsen and Toubro Ltd. CRISIL - AAA 0.55 HSBC InvestDirect Financial Services
(India) Ltd. CRISIL - A1+ 0.11
Toyota Financial Services India Ltd. ICRA - AAA 0.38
LIC Housing Finance Ltd. CRISIL - A1+ 0.11
Power Finance Corporation Ltd. CARE - AAA /
CRISIL - AAA 0.35 Network 18 Media & Investments Ltd CARE - A1+ 0.05
Housing and Urban Development Tata Motors Finance Ltd. CARE - A1+ 0.05
Corporation Ltd. CARE - AAA 0.29 Sub Total 41.99
Bajaj Finance Ltd. CRISIL - AAA 0.21 CD
LIC Housing Finance Ltd. CRISIL - AAA 0.21 • State Bank of India CRISIL - A1+ 8.56
Export - Import Bank of India CRISIL - AAA 0.14 • IDFC First Bank Limited CRISIL - A1+ 3.31
Aditya Birla Housing Finance Ltd ICRA - AAA 0.08 Canara Bank CRISIL - A1+ 2.14
National Highways Authority of India CRISIL - AAA 0.02 Axis Bank Ltd. CRISIL - A1+ 1.34
Sub Total 6.37 Bank of Baroda CRISIL - A1+ 1.07
Total 37.07 Indusind Bank Ltd. CRISIL - A1+ 1.07
MONEY MARKET INSTRUMENTS Indian Bank CRISIL - A1+ 0.16
CP Sub Total 17.65
• Bajaj Finance Ltd. CRISIL - A1+ 6.38 Total 59.64
• Reliance Jio Infocomm Ltd. CRISIL - A1+ 3.95 Cash,Cash Equivalents and Net Current Assets 3.29
• Reliance Retail ventures Ltd. CRISIL - A1+ 3.64 Grand Total 100.00
• National Bank for Agri & Rural Dev. CRISIL - A1+ / • Top Ten Holdings, £ Sponsor
ICRA - A1+ 3.51
• NTPC Limited CARE - A1+ /
CRISIL - A1+ 3.20

April 2022 53
 [An open ended ultra-short term debt scheme investing in instruments such that the
HDFC Ultra Short Term Fund Macaulay 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]

CATEGORY OF SCHEME: ULTRA SHORT DURATION FUND SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception SIP 3 Year SIP 1 Year SIP
KEY FACTS Total Amount Invested (` ‘000) 440.00 360.00 120.00
INVESTMENT OBJECTIVE Mkt Value As on April 29, 2022 (` ‘000) 481.73 385.23 122.30
Returns (%) 4.91 4.47 3.62
To generate income / capital appreciation through investment
Benchmark Returns (%) # 5.22 4.84 4.26
in debt securities and money market instruments.
Additional Benchmark Returns (%) ## 4.75 4.33 3.75
There is no assurance that the investment objective of the
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
Scheme will be realized. 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.
FUND MANAGER ¥
Anil Bamboli (since September 25, 2018) PERFORMANCE ^ - Regular Plan - Growth Option
Total Experience: Over 27 years Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
INCEPTION DATE (Date of Allotment) (%) (%)# Returns (`) (`)# Benchmark
September 25, 2018 (%) ## (`)##
Apr 30, 21 Last 1 Year 3.56 4.23 3.63 10,355 10,422 10,362
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Apr 30, 19 Last 3 Years 5.40 5.63 5.23 11,709 11,787 11,653
Regular Plan - Growth Option 12.3107 Sep 25, 18 Since Inception 5.95 6.11 5.85 12,311 12,374 12,267
Regular Plan - Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anil Bamboli,
Daily IDCW Reinvestment Option 10.1030 please refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct
Regular Plan - Weekly IDCW Option 10.0533 Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For
Regular Plan - Monthly IDCW Option 10.1533 Riskometer of the Schemes and Benchmark's, refer page 86 to 91. For Performance of Direct Plan, refer page no. 83.
Direct Plan - Growth Option 12.4493 ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Direct Plan - Daily IDCW Reinvestment Option 10.0920 Load is not taken into consideration for computation of performance.
Direct Plan - Weekly IDCW Option 10.0537
Direct Plan - Monthly IDCW Option 10.0536
Portfolio Classification by Asset Class (%) Portfolio Classification by Rating Class (%)
ASSETS UNDER MANAGEMENT (`) IN CRORE
As on April 30, 2022 14,075.53 n G-Sec, G-Sec STRIPS, T-Bills 16.01
n Sovereign 16.01
Average for Month of April 2022 13,610.60 n Securitized Debt Instruments 0.29 n AAA/AAA(SO)/A1+/A1+(SO) &
n CP 33.95 Equivalent 73.51
QUANTITATIVE DATA n CD 13.56 n AA+ 0.14
Average Maturity * 156 days n Credit Exposure 25.85 n Cash, Cash Equivalents and
Macaulay Duration * 141 days n Cash, Cash Equivalents and Net Current Assets 10.34
Modified Duration * 138 days Net Current Assets 10.34
Yield to Maturity * 4.61%
*Calculated on amount invested in debt securities (including
accrued interest), deployment of funds in TREPS and Reverse
This product is suitable for investors who are seeking ~
Repo and net receivable / payable.
l income over short term
TOTAL EXPENSE RATIO (As on April 30, 2022) l income/capital appreciation through investment in debt securities and money market instruments
Including Additional Expenses and Goods and Service Tax on
Riskometer As on April 30, 2022 (current risk as per latest month end portfolio)
Management Fees
Regular: 0.64% Direct: 0.34% rate Moderately
o Mode High
w t erate Hi
Mo Lo

#BENCHMARK INDEX: CRISIL Ultra Short Duration Fund

gh
d

B-I Index
Very
High
Low

##ADDL. BENCHMARK INDEX: CRISIL 1 year T-Bill Index

RISKOMETER
EXIT LOAD Investors understand that their principal will be at
moderate risk
Nil
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
PLANS & OPTIONS
Potential Risk Class (Maximum risk the Scheme can take)
Regular Plan, Direct Plan. Under both the Plans: Growth
& Income Distribution cum Capital Withdrawal (IDCW) Credit Risk → Relatively High
Relatively Low (Class A) Moderate (Class B)
Option. The (Daily) IDCW Option offers only Re-investment of Interest Rate Risk ↓ (Class C)
Income Distribution cum Capital Withdrawal (IDCW) Option.
Relatively Low (Class I)
The (Weekly and Monthly) IDCW Option offers following
Sub-Options: Payout of Income Distribution cum Capital Moderate (Class II) B-II
Withdrawal (IDCW) Option; and Re-investment of Income Relatively High (Class III)
Distribution cum Capital Withdrawal (IDCW) Option.
B-II - A Scheme with Moderate Interest Rate Risk and Moderate Credit Risk.
MINIMUM APPLICATION AMOUNT
Purchase : ` 5,000 and any amount thereafter.
Additional Purchase : ` 1,000 and any amount thereafter.
¥ Dedicated Fund Manager for Overseas Investments:
Sankalp Baid (since January 22, 2021 upto April 30, 2022)
Mr. Priya Ranjan (since May 01, 2022) This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is linked to
the interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged with derivatives
(Total Experience: Over 15 years). 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.

Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of April 30, 2022 unless otherwise specified.

54 April 2022
 [An open ended ultra-short term debt scheme investing in instruments such that the
HDFC Ultra Short Term Fund Macaulay 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]

PORTFOLIO .....Contd from previous page

Issuer Rating % to NAV Issuer Rating % to NAV
DEBT & DEBT RELATED • Reliance Retail ventures Ltd. CRISIL - A1+ 2.67
GOVERNMENT SECURITIES (CENTRAL/STATE) • L&T Metro Rail (Hyderabad) Ltd CRISIL - A1+ 2.60
• 8.35 GOI 2022 Sovereign 4.02 • Tata Teleservices Ltd. CRISIL - A1+ 2.39
8.15 GOI 2022 Sovereign 1.61 Motilal Oswal Financial Services Ltd. CRISIL - A1+ 1.75
GOI STRIPS - Mat 220223 Sovereign 0.52 National Bank for Agri & Rural Dev. ICRA - A1+ 1.75
Sub Total 6.15 Sikka Port and Terminal Ltd.
T-BILLS (erstwhile Reliance Ports and
Terminals Ltd.) CRISIL - A1+ 1.41
• 182 days Tbill ISD 301221 Mat 300622 Sovereign 2.82
Tata Teleservices (Maharashtra) Ltd. CRISIL - A1+ 1.41
182 days Tbill ISD 060122 Mat 070722 Sovereign 2.12
CanFin Homes Ltd. CARE - A1+ 1.40
182 days Tbill ISD 130122 Mat 140722 Sovereign 2.11
Cholamandalam Investment &
182 days Tbill Mat 280722 Sovereign 2.11 Finance CRISIL - A1+ 1.06
182 days Tbill ISD 170222 Mat 180822 Sovereign 0.70 Jamnagar Utilities & Power Pvt. Ltd.
Sub Total 9.86 (erstwhile Reliance Utilities & Power
Pvt. Ltd.) CRISIL - A1+ 1.06
CREDIT EXPOSURE (NON PERPETUAL)
Mahindra & Mahindra Financial
• National Bank for Agri & Rural Dev. CRISIL - AAA / Services Ltd. CRISIL - A1+ 1.06
ICRA - AAA 5.18
TATA Capital Housing Finance Ltd. CRISIL - A1+ 1.06
• LIC Housing Finance Ltd. CRISIL - AAA 3.33
Tata Steel Ltd. ICRA - A1+ 1.05
L&T Finance Limited CARE - AAA /
CRISIL - AAA 2.17 Tata Motors Finance Ltd. CARE - A1+ 0.71
Bajaj Housing Finance Ltd. CRISIL - AAA 1.99 Kotak Securities Ltd. CRISIL - A1+ 0.70
Power Finance Corporation Ltd. CRISIL - AAA 1.80 TATA Housing Development Co Ltd. CARE - A1+ 0.69
Small Industries Development Bank CARE - AAA 1.43 Deutsche Investments India Pvt. Ltd. CRISIL - A1+ 0.68
Bajaj Finance Ltd. CRISIL - AAA 1.36 Fedbank Financial Services Ltd. CRISIL - A1+ 0.68
Housing and Urban Development GIC Housing Finance Ltd. CRISIL - A1+ 0.52
Corporation Ltd. CARE - AAA 1.26 Barclays Invest & Loans (India) Ltd. CRISIL - A1+ 0.35
REC Limited. CRISIL - AAA 1.18 Standard Chartered Capital Limited CRISIL - A1+ 0.35
Reliance Industries Ltd. CRISIL - AAA 1.14 HSBC InvestDirect Financial Services
TATA Capital Housing Finance Ltd. CRISIL - AAA 1.14 (India) Ltd. CRISIL - A1+ 0.28
Kotak Mahindra Prime Ltd. CRISIL - AAA 1.06 Sub Total 33.95
John Deere Financial India Pvt. Ltd. CRISIL - AAA 0.60 CD
Citicorp Finance (India) Ltd. CRISIL - AAA 0.53 • Axis Bank Ltd. CRISIL - A1+ 7.18
Tata Capital Ltd. CRISIL - AAA 0.42 Indusind Bank Ltd. CRISIL - A1+ 1.71
Housing Development Fin. Corp. IDFC First Bank Limited CRISIL - A1+ 1.41
Ltd.£ CRISIL - AAA 0.40 National Bank for Agri & Rural Dev. IND - A1+ 1.36
Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.37 Deutsche Bank CRISIL - A1+ 1.20
Mahindra & Mahindra Financial Canara Bank CRISIL - A1+ 0.70
Services Ltd. IND - AAA 0.35
Sub Total 13.56
Liquid Gold Series 6 ICRA - AAA(SO) 0.17
Total 47.51
Flometallic India Pvt Ltd. CRISIL - AA+ 0.14
Cash,Cash Equivalents and Net Current Assets 10.34
Jude 08 2021 CRISIL -
AAA(SO) 0.12 Grand Total 100.00

Sub Total 26.14 • Top Ten Holdings, £ Sponsor

Outstanding exposure in derivative
Total 42.15 instruments Interest Rate Swap (` in Crore) 1400.00
MONEY MARKET INSTRUMENTS
CP
• Reliance Jio Infocomm Ltd. CRISIL - A1+ 4.57
• Panatone Finvest Ltd. CRISIL - A1+ 3.75

April 2022 55
HDFC Low Duration Fund
[An open ended low duration debt scheme investing in instruments such that the Macaulay
Duration of the portfolio is between 6 months and 12 months (Refer page 2 for definition of
Macaulay Duration). A Relatively High Interest Rate Risk and Moderate Credit Risk]

CATEGORY OF SCHEME: LOW DURATION FUND SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP
KEY FACTS SIP
INVESTMENT OBJECTIVE Total Amount Invested (` ‘000) 2,700.00 1,800.00 1,200.00 600.00 360.00 120.00
Mkt Value As on April 29, 2022 (` ‘000) 6,410.66 3,143.04 1,692.50 695.32 388.20 122.15
To generate income / capital appreciation through investment
in debt securities and money market instruments. Returns (%) 7.05 7.06 6.70 5.85 4.98 3.38
There is no assurance that the investment objective of the Benchmark Returns (%) # N.A. 7.48 6.85 5.78 4.83 3.93
Scheme will be realized. Additional Benchmark Returns (%) ## 6.14 6.28 6.14 5.26 4.33 3.75
FUND MANAGER ¥ 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
Anupam Joshi (since October 27, 2015) investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Total Experience: Over 21 years
INCEPTION DATE (Date of Allotment)
November 18, 1999 PERFORMANCE ^ - Regular Plan - Growth Option
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Returns Returns Benchmark
(%) (%)# Returns Scheme (`) Benchmark Additional
Regular Plan - Growth Option 46.8848 (%) ## (`)# Benchmark
Regular Plan - Daily IDCW Reinvestment Option 10.1428 (`)##
Regular Plan - Weekly IDCW Option 10.0640 Apr 30, 21 Last 1 Year 3.77 4.18 3.63 10,376 10,417 10,362
Regular Plan - Monthly IDCW Option 10.1440
Apr 30, 19 Last 3 Years 6.08 6.03 5.23 11,937 11,921 11,653
Direct Plan - Growth Option 49.8886
Direct Plan - Daily IDCW Reinvestment Option 10.0655 Apr 28, 17 Last 5 Years 6.30 6.49 5.83 13,575 13,701 13,278
Direct Plan - Weekly IDCW Option 10.0646 Apr 30, 12 Last 10 Years 7.22 7.71 6.61 20,080 21,029 18,977
Direct Plan - Monthly IDCW Option 10.1472 Nov 18, 99 Since Inception 7.12 NA 6.33 46,885 NA 39,661
ASSETS UNDER MANAGEMENT J (`) IN CRORE Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes
managed by Anupam Joshi, please refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure.
As on April 30, 2022 17,920.36
The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in
Average for Month of April 2022 18,095.50
the Regular Plan. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91. For Performance of Direct Plan, refer page no. 82.
QUANTITATIVE DATA ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Average Maturity * 2.59 years Load is not taken into consideration for computation of performance.
Macaulay Duration * 0.99 year
Modified Duration * 324.76 days Portfolio Classification by Asset Class (%) Portfolio Classification by Rating Class (%)
Yield to Maturity * 5.14%
n G-Sec, G-Sec STRIPS, SDL 16.43
*Calculated on amount invested in debt securities (including n Sovereign 16.43
accrued interest), deployment of funds in TREPS and Reverse n Securitized Debt Instruments 0.48
n AAA/AAA(SO)/A1+/A1+(SO) &
Repo and net receivable / payable. n CP 23.88 Equivalent 70.22
TOTAL EXPENSE RATIO (As on April 30, 2022) n CD 9.68 n AA+ 3.23
Including Additional Expenses and Goods and Service Tax on n AA/AA- 6.07
Management Fees n Credit Exposure 45.48
n Cash, Cash Equivalents and
Regular: 1.04% Direct: 0.39% n Cash, Cash Equivalents and Net Current Assets 4.05
Net Current Assets 4.05
#BENCHMARK INDEX: NIFTY Low Duration Debt Index B-I
##ADDL. BENCHMARK INDEX: CRISIL 1 year T-Bill Index
EXIT LOAD This product is suitable for investors who are seeking ~
Nil l income over short term.
PLANS & OPTIONS l to generate income / capital appreciation through investment in debt securities and money market
Regular Plan, Direct Plan. Each Plan offers Growth & Income instruments
Distribution cum Capital Withdrawal (IDCW) Option. The Riskometer As on April 30, 2022 (current risk as per latest month end portfolio)
(Daily) IDCW Option offers only Re-investment of Income
Modera
oderate High tely
Distribution cum Capital Withdrawal (IDCW) Option.
o M
w t erate
The (Weekly and Monthly) IDCW Option offers following Hi
Sub-Options: Payout of Income Distribution cum Capital
Mo Lo

gh
d

Withdrawal (IDCW) Option; and Re-investment of Income

Distribution cum Capital Withdrawal (IDCW) Option.
Very
High
Low

MINIMUM APPLICATION AMOUNT RISKOMETER

For all Options (except Daily IDCW Option) Growth, Investors understand that their principal will be at
We e k l y a n d M o n t h l y I D C W O p t i o n : P u rc h a s e : moderate risk
` 5,000 and any amount thereafter. Additional Purchase
: ` 1,000 and any amount thereafter. Daily IDCW Option : ~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Purchase : ` 10,000 and any amount thereafter. Additional Potential Risk Class (Maximum risk the Scheme can take)
Purchase : ` 5,000 and any amount thereafter.
Credit Risk → Relatively High
¥ Dedicated Fund Manager for Overseas Investments: Relatively Low (Class A) Moderate (Class B)
Interest Rate Risk ↓ (Class C)
Sankalp Baid (since January 22, 2021 upto April 30, 2022)
Mr. Priya Ranjan (since May 01, 2022) Relatively Low (Class I)
(Total Experience: Over 15 years).
Moderate (Class II)
J Includes investments made by the schemes of HDFC
Mutual Fund aggregating to ` 293.55 Crores. Relatively High (Class III) B-III
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.

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.
Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of April 30, 2022 unless otherwise specified.

56 April 2022
HDFC Low Duration Fund
[An open ended low duration debt scheme investing in instruments such that the Macaulay
Duration of the portfolio is between 6 months and 12 months (Refer page 2 for definition of
Macaulay Duration). A Relatively High Interest Rate Risk and Moderate Credit Risk]

.....Contd from previous page

PORTFOLIO
Issuer Rating % to NAV Issuer Rating % to NAV
DEBT & DEBT RELATED Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.17
GOVERNMENT SECURITIES (CENTRAL/STATE) Tata Motors Finance Ltd. CRISIL - AA- 0.15
• Floating Rate GOI 2033 Sovereign 7.97 Motherson Sumi Systems Ltd. IND - AAA 0.14
• 6.97 GOI 2026 Sovereign 3.52 First Business Receivables Trust
(PTC banked by receivables
5.74 GOI 2026 Sovereign 1.35 from Reliance Corporate IT
6.79 GOI 2027 Sovereign 1.11 Park Limited) CRISIL - AAA(SO) 0.08
5.38 GOI 2034 Sovereign 1.08 Shriram City Union Finance Ltd. CARE - AA 0.08
4.04 GOI 2028 Sovereign 0.82 Sub Total 43.10
6.82% Bihar SDL - ISD 140721 CREDIT EXPOSURE (PERPETUAL BONDS)
Mat 140728 Sovereign 0.52 Union Bank of India (AT1,
GOI STRIPS - Mat 170627 Sovereign 0.02 BASEL III, Perpetual) BRICKWORKS - AA 1.93
GOI STRIPS - Mat 171226 Sovereign 0.02 Punjab National Bank (AT1,
BASEL III, Perpetual) CRISIL - AA 0.51
GOI STRIPS - Mat 171227 Sovereign 0.02
Indian Bank (AT1, BASEL III,
Sub Total 16.43 Perpetual) CRISIL - AA+ 0.28
CREDIT EXPOSURE (NON PERPETUAL) Union Bank of India (AT1,
BASEL III, Perpetual) IND - AA 0.14
• Power Finance Corporation CARE - AAA / CRISIL -
Ltd. AAA / ICRA - AAA 7.09 Sub Total 2.86
• National Bank for Agri & CRISIL - AAA / ICRA Total 62.39
Rural Dev. - AAA 5.40
MONEY MARKET INSTRUMENTS
• REC Limited. CARE - AAA / CRISIL
- AAA 4.34 CP
• LIC Housing Finance Ltd. CRISIL - AAA 3.28 • Reliance Jio Infocomm Ltd. CRISIL - A1+ 5.55
L&T Finance Limited CARE - AAA / CRISIL • L&T Metro Rail (Hyderabad)
- AAA 2.90 Ltd CRISIL - A1+ 3.27
Muthoot Finance Ltd. CRISIL - AA+ 2.12 • Tata Teleservices Ltd. CRISIL - A1+ 3.13
Reliance Industries Ltd. CRISIL - AAA / ICRA Reliance Industries Ltd. CRISIL - A1+ 2.77
- AAA 1.72 Jamnagar Utilities & Power
Vedanta Ltd. CRISIL - AA 1.55 Pvt. Ltd. (erstwhile Reliance
Utilities & Power Pvt. Ltd.) CRISIL - A1+ 1.39
Housing Development Fin.
Corp. Ltd.£ CRISIL - AAA 1.54 Mahindra & Mahindra
Financial Services Ltd. CRISIL - A1+ 1.39
Housing and Urban
Development Corporation Ltd. CARE - AAA 1.47 Sikka Port and Terminal Ltd.
(erstwhile Reliance Ports and
Tata Capital Ltd. CRISIL - AAA 1.20 Terminals Ltd.) CRISIL - A1+ 1.39
GIC Housing Finance Ltd. ICRA - AA 0.98 Panatone Finvest Ltd. CRISIL - A1+ 1.34
Larsen and Toubro Ltd. CRISIL - AAA 0.98 Tata Teleservices
Bharat Petroleum Corporation (Maharashtra) Ltd. CRISIL - A1+ 0.99
Ltd. CRISIL - AAA 0.97 Cholamandalam Investment
TATA Capital Housing Finance & Finance CRISIL - A1+ 0.83
Ltd. CRISIL - AAA 0.90 Vedanta Ltd. CRISIL - A1+ 0.83
Bharti Hexacom Limited CRISIL - AA+ 0.83 Infina Finance Pvt. Ltd. CRISIL - A1+ 0.58
Food Corporation of India Tata Motors Finance Ltd. CARE - A1+ 0.28
(Corporate guarantee from
Govt of India) CRISIL - AAA(CE) 0.57 Credit Suisse Finance (India)
Pvt. Ltd. CRISIL - A1+ 0.14
Citicorp Finance (India) Ltd. CRISIL - AAA 0.56
Sub Total 23.88
Embassy Office Parks REIT CRISIL - AAA 0.56
CD
Small Industries Development
Bank CARE - AAA 0.55 • Axis Bank Ltd. CRISIL - A1+ 3.00
Manappuram Finance Ltd. CRISIL - AA 0.45 Export - Import Bank of India CRISIL - AAA 2.64
Bajaj Housing Finance Ltd. CRISIL - AAA 0.44 Bank of Baroda CRISIL - A1+ 1.35
Mangalore Refinery And Kotak Mahindra Bank Limited CRISIL - A1+ 1.35
Petrochemica CARE - AAA 0.44 National Bank for Agri &
Liquid Gold Series 6 ICRA - AAA(SO) 0.40 Rural Dev. IND - A1+ 1.34
John Deere Financial India Sub Total 9.68
Pvt. Ltd. CRISIL - AAA 0.36 Total 33.56
Jamnagar Utilities & Power Cash,Cash Equivalents and Net Current Assets 4.05
Pvt. Ltd. (erstwhile Reliance
Utilities & Power Pvt. Ltd.) CRISIL - AAA 0.34 Grand Total 100.00
Tata Motors Finance Solutions • Top Ten Holdings, £ Sponsor
Ltd. CARE - AA- 0.28
Outstanding exposure in derivative
Britannia Industries Ltd. CRISIL - AAA 0.26 instruments Interest Rate Swap (` in Crore) 4,245.00

April 2022 57
HDFC Money Market Fund
(An open ended debt scheme investing in money market instruments.
A Relatively Low Interest Rate Risk and Moderate Credit Risk)

CATEGORY OF SCHEME: MONEY MARKET FUND SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 15 year 10 year 5 Year 3 Year 1 Year
KEY FACTS SIP SIP SIP SIP SIP SIP
INVESTMENT OBJECTIVE Total Amount Invested (` ‘000) 2,700.00 1,800.00 1,200.00 600.00 360.00 120.00
To generate income / capital appreciation by investing in Mkt Value As on April 29, 2022 (` ‘000) $$ 6,506.38 3,166.70 1,688.01 691.99 386.38 122.47
money market instruments. Returns (%) $$ 7.16 7.15 6.65 5.66 4.67 3.90
There is no assurance that the investment objective of the Benchmark Returns (%) # N.A. 7.05 6.35 5.09 4.19 3.82
Scheme will be realized.
Additional Benchmark Returns (%) ## 6.14 6.28 6.14 5.26 4.33 3.75
FUND MANAGER ¥ Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
Anil Bamboli (since July 25, 2012) after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
Total Experience: Over 27 years investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Vikash Agarwal (since July 1, 2020)
Total Experience: Over 16 years PERFORMANCE ^ - Regular Plan - Growth Option
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
INCEPTION DATE (Date of Allotment)
Returns Returns Benchmark Scheme Benchmark Additional
November 18, 1999 (%) $$ (%)# Returns (`) $$ (`)# Benchmark
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) (%) ## (`)##
Regular Plan - Growth Option 4,603.5291 Apr 30, 21 Last 1 Year 3.81 3.64 3.63 10,380 10,363 10,362
Regular Plan -
Apr 30, 19 Last 3 Years 5.69 4.80 5.23 11,805 11,512 11,653
Daily IDCW Reinvestment Option 1,063.6400
Regular Plan - Weekly IDCW Option 1,063.1414 Apr 28, 17 Last 5 Years 6.27 5.73 5.83 13,557 13,215 13,278
Direct Plan - Growth Option 4,668.6368 Apr 30, 12 Last 10 Years 7.37 7.22 6.61 20,367 20,085 18,977
Direct Plan - Daily IDCW Reinvestment Option 1,063.6400
Direct Plan - Weekly IDCW Option 1,063.1822 Nov 18, 99 Since Inception 7.05 NA 6.33 46,194 NA 39,661

ASSETS UNDER MANAGEMENT J (`) IN CRORE 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
As on April 30, 2022 14,051.87 (ex-distribution NAV). For performance of other schemes managed by Anil Bamboli & Vikas Agarwal, please refer page 77. Different plans
Average for Month of April 2022 13,605.08 viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the
extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark’s, refer page
QUANTITATIVE DATA 86 to 91. For Performance of Direct Plan, refer page no. 79.
Average Maturity * 146 days
Macaulay Duration * 146 days ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Modified Duration * 146 days Load is not taken into consideration for computation of performance.
Yield to Maturity * 4.61%
*Calculated on amount invested in debt securities (including
accrued interest), deployment of funds in TREPS and Reverse Portfolio Classification by Asset Class (%) Portfolio Classification by Rating Class (%)
Repo and net receivable / payable.
TOTAL EXPENSE RATIO (As on April 30, 2022) n G-Sec, G-Sec STRIPS, SDL, T-Bills 19.22
Including Additional Expenses and Goods and Service Tax on n CP 55.96
Management Fees n Sovereign 19.22
n CD 20.52 n AAA/AAA(SO)/A1+/A1+(SO) &
Regular: 0.41% Direct: 0.21% Equivalent 76.48
n Cash, Cash Equivalents and
#BENCHMARK INDEX: NIFTY Money Market Index B-I Net Current Assets 4.30 n Cash, Cash Equivalents and
Net Current Assets 4.30
##ADDL. BENCHMARK INDEX: CRISIL 1 year T-Bill Index
EXIT LOAD
Nil
PLANS & OPTIONS
Regular Plan, Direct Plan. Each Plan offers Growth & Daily
Income Distribution cum Capital Withdrawal (IDCW) Option. This product is suitable for investors who are seeking ~
The (Daily) IDCW Option offers only Re-investment of Income Potential Risk Class (Maximum risk the Scheme can take)
Distribution cum Capital Withdrawal (IDCW) Option. The l income over short term
Credit Risk →
(Weekly) IDCW Option offers following Sub-Options: Payout l to generate income / capital appreciation by investing Relatively Low Moderate Relatively
of Income Distribution cum Capital Withdrawal (IDCW) in money market instruments Interest Rate (Class A) (Class B) High (Class C)
Option; and Re-investment of Income Distribution cum Capital Risk ↓
Riskometer As on April 30, 2022 (current risk as per latest
Withdrawal (IDCW) Option. month end portfolio) Relatively Low B-I
(Class I)
MINIMUM APPLICATION AMOUNT Modera
oderate High tely Moderate
Purchase : Under Growth Option and Weekly IDCW Option : o M
w t erate Hi (Class II)
` 5,000 and any amount thereafter. Under Daily IDCW Option
Mo Lo

gh
d

: ` 10,000 and any amount thereafter Relatively High

Very

(Class III)
High
Low

Additional Purchase : Under Growth Option and Weekly IDCW

Option : ` 1,000 and any amount thereafter. Under Daily
IDCW Option : ` 5,000 and any amount thereafter
¥ Dedicated Fund Manager for Overseas Investments:
Sankalp Baid (since January 22, 2021 upto April 30, 2022)
Mr. Priya Ranjan (since May 01, 2022)
(Total Experience: Over 15 years).
J Includes investments made by the schemes of HDFC
Mutual Fund aggregating to ` 251.44 Crore.
B-I - A Scheme with Relatively Low Interest Rate Risk and
RISKOMETER
Moderate Credit Risk.
Investors understand that their principal will be at
moderate risk
~ Investors should consult their financial advisers, if
in doubt about whether the product is suitable for them.

Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of April 30, 2022 unless otherwise specified.

58 April 2022
HDFC Money Market Fund
(An open ended debt scheme investing in money market instruments.
A Relatively Low Interest Rate Risk and Moderate Credit Risk)

PORTFOLIO
Issuer Rating % to Issuer Rating % to
NAV NAV
DEBT & DEBT RELATED MONEY MARKET INSTRUMENTS
GOVERNMENT SECURITIES (CENTRAL/STATE) CP
8.92% Kerala SDL - Mat 080822 Sovereign 1.58 • Standard Chartered Capital Limited CRISIL - A1+ 4.28
8.59% Andhra Pradesh SDL - Mat 230123 Sovereign 0.94 • Tata Realty and Infrastructure Ltd. CRISIL - A1+ 3.30
8.92% Tamil Nadu SDL - Mat 080822 Sovereign 0.90 • National Bank for Agri & Rural Dev. ICRA - A1+ 3.16
8.90% Andhra Pradesh SDL - Mat • Reliance Retail ventures Ltd. CRISIL - A1+ 3.13
080822 Sovereign 0.65 • Reliance Jio Infocomm Ltd. CRISIL - A1+ 2.97
8.91% Andhra Pradesh SDL - Mat 050922 Sovereign 0.51 • TATA Capital Housing Finance Ltd. CRISIL - A1+ 2.83
8.37% Odisha SDL - Mat 290822 Sovereign 0.43 • TATA Housing Development Co Ltd. CARE - A1+ 2.77
8.90% Andhra Pradesh SDL - Mat 220822 Sovereign 0.40 L&T Metro Rail (Hyderabad) Ltd CRISIL - A1+ 2.60
8.93% Kerala SDL - Mat 211122 Sovereign 0.40 Tata Teleservices Ltd. CRISIL - A1+ 2.56
8.85% Kerala SDL - Mat 180722 Sovereign 0.38 Kotak Securities Ltd. CRISIL - A1+ 2.45
8.86% Andhra Pradesh SDL - Mat 060622 Sovereign 0.36 Barclays Invest & Loans (India) Ltd. CRISIL - A1+ 2.13
8.87% Himachal Pradesh SDL - Mat 060622 Sovereign 0.36 LIC Housing Finance Ltd. CRISIL - A1+ 2.09
8.89% Andhra Pradesh SDL - Mat 200622 Sovereign 0.36 Network 18 Media & Investments Ltd CARE - A1+ 1.77
8.90% Tamil Nadu SDL - Mat 200922 Sovereign 0.33 Panatone Finvest Ltd. CRISIL - A1+ 1.71
8.94% Haryana SDL - Mat 211122 Sovereign 0.33 Export - Import Bank of India CRISIL - A1+ 1.57
8.84% Tamil Nadu SDL - Mat 180722 Sovereign 0.32 Jamnagar Utilities & Power Pvt. Ltd.
8.86% Uttar Pradesh SDL - Mat 171022 Sovereign 0.29 (erstwhile Reliance Utilities & Power
7.03% Odisha SDL - Mat 110123 Sovereign 0.25 Pvt. Ltd.) CRISIL - A1+ 1.42
8.99% Bihar SDL - Mat 191222 Sovereign 0.22 Sikka Port and Terminal Ltd. (erstwhile
GOI STRIPS - Mat 160622 Sovereign 0.21 Reliance Ports and Terminals Ltd.) CRISIL - A1+ 1.42
8.86% Tamil Nadu SDL - Mat 031022 Sovereign 0.17 Tata Teleservices (Maharashtra) Ltd. CRISIL - A1+ 1.41
8.84% Maharashtra SDL - Mat 171022 Sovereign 0.15 Deutsche Investments India Pvt. Ltd. CRISIL - A1+ 1.36
6.64% Rajasthan SDL- Mat 250922 Sovereign 0.14 TV18 Broadcast Limited CARE - A1+ 1.24
7.51% Himachal Pradesh Uday SDL Mat Bajaj Housing Finance Ltd. CRISIL - A1+ 1.20
280223 Sovereign 0.14 Axis Finance Ltd. CRISIL - A1+ 1.06
8.89% Tamil Nadu SDL Mat 051222 Sovereign 0.12 ICICI Securities Ltd. CRISIL - A1+ 1.05
8.65% Kerala SDL - Mat 090123 Sovereign 0.11 Tata Capital Financial Services Ltd. CRISIL - A1+ 1.05
8.83% Gujarat SDL - Mat 180722 Sovereign 0.11 CanFin Homes Ltd. CARE - A1+ 1.05
8.64% Jharkhand SDL - Mat 060323 Sovereign 0.10 AXIS Securities Limited CARE - A1+ 0.70
6.94% Maharashtra SDL Mat 230822 Sovereign 0.09 Credit Suisse Finance (India) Pvt. Ltd. CRISIL - A1+ 0.57
8.15 GOI 2022 Sovereign 0.07 Infina Finance Pvt. Ltd. CRISIL - A1+ 0.57
8.27% Rajasthan SDL (UDAY Scheme- Tata Motors Finance Ltd. CARE - A1+ 0.53
Strip V ) - ISD 230616 Mat 230622 Sovereign 0.07 GIC Housing Finance Ltd. CRISIL - A1+ 0.52
8.60% Madhya Pradesh SDL - Mat Fullerton India Credit Company Ltd. CRISIL - A1+ 0.51
230123 Sovereign 0.07 HSBC InvestDirect Financial Services
8.89% Andhra Pradesh SDL - Mat 200922 Sovereign 0.07 (India) Ltd. CRISIL - A1+ 0.35
GOI STRIPS - Mat 161222 Sovereign 0.07 SBI Global Factors Ltd. CRISIL - A1+ 0.35
6.93% Maharashtra SDL - Mat 090822 Sovereign 0.05 Kotak Mahindra Investments Ltd. CRISIL - A1+ 0.28
8.08 GOI 2022 Sovereign 0.04 Sub Total 55.96
8.13 GOI 2022 Sovereign 0.04 CD
8.56% Rajasthan SDL - Mat 230123 Sovereign 0.04 • Axis Bank Ltd. CRISIL - A1+ 7.12
8.58% Gujarat SDL - Mat 230123 Sovereign 0.04 • Indusind Bank Ltd. CRISIL - A1+ 4.28
8.85% Maharashtra SDL - Mat 180722 Sovereign 0.04 National Bank for Agri & Rural Dev. IND - A1+ 2.73
GOI STRIPS - Mat 220822 Sovereign 0.04 Export - Import Bank of India CRISIL - A1+ 2.04
8.64% Haryana SDL - Mat 090123 Sovereign 0.03 Deutsche Bank CRISIL - A1+ 1.21
7.67% Tamil Nadu SDL UDAY - Mat IDFC First Bank Limited CRISIL - A1+ 1.06
220323 Sovereign 0.02 Bank of Baroda CRISIL - A1+ 0.70
8.39% Rajasthan Uday SDL - Mat 150323 Sovereign 0.02 Canara Bank CRISIL - A1+ 0.70
8.89% Gujarat SDL - Mat 191222 Sovereign 0.02 Small Industries Development Bank CARE - A1+ 0.68
Sub Total 11.08 Sub Total 20.52
T-BILLS Total 76.48
• 182 days Tbill Mat 280722 Sovereign 3.00 Cash,Cash Equivalents and Net Current Assets 4.30
182 days Tbill ISD 060122 Mat 070722 Sovereign 2.12 Grand Total 100.00
182 days Tbill ISD 130122 Mat 140722 Sovereign 2.12 • Top Ten Holdings
182 Days Tbill Mat 040822 Sovereign 0.88
182 days Tbill Mat 090622 Sovereign 0.02
Sub Total 8.14
Total 19.22

April 2022 59
 [An open ended short term debt scheme investing in instruments such that the Macaulay
HDFC Short Term Debt 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]

CATEGORY OF SCHEME: SHORT DURATION FUND SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP
KEY FACTS
Total Amount Inve1`sted (` ‘000) 1,430.00 1,200.00 600.00 360.00 120.00
INVESTMENT OBJECTIVE
Mkt Value As on April 29, 2022 (` ‘000) 2,331.81 1,778.77 712.65 392.16 121.81
To generate income / capital appreciation through
investments in Debt and Money Market Instruments. Returns (%) 7.89 7.65 6.83 5.66 2.84
There is no assurance that the investment objective of the Benchmark Returns (%) # 7.78 7.60 6.81 5.71 3.19
Scheme will be realized. Additional Benchmark Returns (%) ## 6.07 5.86 4.23 1.55 -3.97
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
FUND MANAGER ¥ after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
Anil Bamboli (since June 25, 2010) investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Total Experience: Over 27 years
PERFORMANCE ^ - Regular Plan - Growth Option
INCEPTION DATE (Date of Allotment) Date Period Scheme Benchmark Additional Value of ` 10,000 invested
June 25, 2010 Returns Returns Benchmark Scheme (`) Benchmark Additional
(%) (%)# Returns (`)# Benchmark
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) (%) ## (`)##
Regular Plan - Growth Option 25.6531
Regular Plan - Fortnightly IDCW Option 10.1962 Apr 30, 21 Last 1 Year 3.63 4.47 -1.95 10,362 10,446 9,806
Regular Plan - Normal IDCW Option 17.2468 Apr 30, 19 Last 3 Years 7.45 7.31 5.65 12,406 12,357 11,792
Direct Plan - Growth Option 26.1848
Direct Plan - Fortnightly IDCW Option 10.3050 Apr 28, 17 Last 5 Years 7.25 7.23 4.94 14,195 14,180 12,730
Direct Plan - Normal IDCW Option 17.5118 Apr 30, 12 Last 10 Years 8.17 8.13 6.71 21,946 21,865 19,143
Jun 25, 10 Since Inception 8.27 7.96 6.19 25,653 24,792 20,378
ASSETS UNDER MANAGEMENT J (`) IN CRORE
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anil Bamboli,
As on April 30, 2022 14,549.41 please refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan
Average for Month of April 2022 14,613.39
under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the
QUANTITATIVE DATA Schemes and Benchmark's, refer page 86 to 91. For Performance of Direct Plan, refer page no. 82.
Average Maturity * 2.84 years ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Macaulay Duration * 1.87 years Load is not taken into consideration for computation of performance.
Modified Duration * 1.75 years
Yield to Maturity * 5.69%
*Calculated on amount invested in debt securities (including
accrued interest), deployment of funds in TREPS and Reverse Portfolio Classification By Asset Class (%) Portfolio Classification By Rating Class (%)
Repo and net receivable / payable. n G-Sec, SDL, T-Bills 21.57
TOTAL EXPENSE RATIO (As on April 30, 2022) n Securitized Debt n Sovereign 21.57
Including Additional Expenses and Goods and Service Tax on Instruments 1.08 n AAA/AAA(SO)/A1+/A1+
Management Fees (SO) & Equivalent 52.95
n CP 2.24
Regular: 0.75% Direct: 0.29% n AA+ 7.92
n CD 3.00 n AA/AA- 7.03
#BENCHMARK INDEX: CRISIL Short Duration Fund B-II Index n Credit Exposure 61.58 n Cash, Cash Equivalents
##ADDL. BENCHMARK INDEX: CRISIL 10 year Gilt Index n Cash, Cash Equivalents and Net Current Assets 10.53
and Net Current Assets 10.53
EXIT LOAD
Nil This product is suitable for investors who are seeking ~
PLANS & OPTIONS l income over short term.
Regular Plan, Direct Plan. Under Each Plan: Growth, l to generate income / capital appreciation through investments in Debt and Money Market Instruments
(Fortnightly & Normal) Income Distribution cum Capital
Withdrawal (IDCW) Option. Both (Fortnightly & Normal) Riskometer As on April 30, 2022 (current risk as per latest month end portfolio)
IDCW Options offers following Sub-Options: Payout of Income
rate Moderately
Distribution cum Capital Withdrawal (IDCW) Option; and Re-
investment of Income Distribution cum Capital Withdrawal o Mode High
(IDCW) Option. w t erate Hi
Mo Lo

gh
d

MINIMUM APPLICATION AMOUNT

Very
High
Low

Purchase : ` 5,000 and any amount thereafter.

Additional Purchase : ` 1,000 and any amount thereafter.
RISKOMETER
¥ Dedicated Fund Manager for Overseas Investments: Investors understand that their principal will be at
Sankalp Baid (since January 22, 2021 upto April 30, 2022) moderate risk
Mr. Priya Ranjan (since May 01, 2022)
(Total Experience: Over 15 years). ~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
J Includes investments made by the schemes of HDFC
Potential Risk Class (Maximum risk the Scheme can take)
Mutual Fund aggregating to ` 316.46 Crores.
Credit Risk →
Relatively Low (Class A) Moderate (Class B) Relatively High (Class C)
Interest Rate Risk ↓
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.

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.
Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of April 30, 2022 unless otherwise specified.

60 April 2022
 [An open ended short term debt scheme investing in instruments such that the Macaulay
HDFC Short Term Debt 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 .....Contd from previous page

Issuer Rating % to NAV Issuer Rating % to NAV Issuer Rating % to NAV
DEBT & DEBT RELATED • Mahanagar Telephone Nigam Grasim Industries Ltd. CRISIL - AAA 0.35
Ltd. (Corporate guarantee from CARE - AAA(CE) /
GOVERNMENT SECURITIES (CENTRAL/STATE) Govt of India) CRISIL - AAA(CE) 2.39 Indian Oil Corporation Ltd. CRISIL - AAA 0.34
• 4.04 GOI 2028 Sovereign 3.05 • IndInfravit Trust CRISIL - AAA 2.33 Tata Motors Finance Solutions Ltd. CARE - AA- 0.34
• 6.79 GOI 2027 Sovereign 2.40 • Larsen and Toubro Ltd. CRISIL - AAA 2.02 Telesonic Networks Limited CRISIL - AA+ 0.34
6.97 GOI 2026 Sovereign 1.98 L&T Finance Limited CRISIL - AAA 1.90 NHPC Ltd. CARE - AAA 0.33
5.63 GOI 2026 Sovereign 1.63 Coastal Gujarat Power Ltd. The Tata Power Company Ltd. CRISIL - AA 0.28
5.77 GOI 2030 Sovereign 1.42 (Corporate Guarantee of Tata Housing and Urban Development
Power) CARE - AA(CE) 1.74 Corporation Ltd. CARE - AAA 0.17
5.79 GOI 2030 Sovereign 1.08
Motherson Sumi Systems Ltd. IND - AAA 1.73 Inox Air Products Pvt. Ltd. CRISIL - AA+ 0.11
8.48% Karnataka SDL - Mat
171022 Sovereign 0.91 Cholamandalam Investment & Sub Total 60.25
Finance ICRA - AA+ 1.72
7.59 GOI 2026 Sovereign 0.85 CREDIT EXPOSURE (PERPETUAL BONDS)
National Bank for Agri & Rural CRISIL - AAA /
5.38 GOI 2034 Sovereign 0.84 Dev. ICRA - AAA 1.68 State Bank of India (AT1, BASEL III,
Perpetual) CRISIL - AA+ 1.72
7.63% Gujarat SDL - Mat 120427 Sovereign 0.68 Jamnagar Utilities & Power Pvt.
Ltd. (erstwhile Reliance Utilities & ICICI Bank Ltd. (AT1, BASEL III,
Floating Rate GOI 2033 Sovereign 0.68 Power Pvt. Ltd.) CRISIL - AAA 1.62 Perpetual) CARE - AA+ 0.38
5.22 GOI 2025 Sovereign 0.67 Vedanta Ltd. CRISIL - AA 1.60 Punjab National Bank (AT1, BASEL
7.89% Gujarat SDL - Mat 150525 Sovereign 0.54 III, Perpetual) CRISIL - AA 0.31
HDB Financial Services Ltd. CRISIL - AAA 1.37
7.17 GOI 2028 Sovereign 0.52 Sub Total 2.41
Sikka Port and Terminal Ltd.
6.1 GOI 2031 Sovereign 0.51 (erstwhile Reliance Ports and CARE - AAA / Total 84.23
Terminals Ltd.) CRISIL - AAA 1.36
6.45 GOI 2029 Sovereign 0.50 MONEY MARKET INSTRUMENTS
Britannia Industries Ltd. CRISIL - AAA 1.19
6.18 GOI 2024 Sovereign 0.35 CP
First Business Receivables Trust
7.27 GOI 2026 Sovereign 0.35 (PTC banked by receivables L&T Metro Rail (Hyderabad) Ltd CRISIL - A1+ 0.90
from Reliance Corporate IT Park Vedanta Ltd. CRISIL - A1+ 0.68
8.38% Karnataka SDL - Mat 311022 Sovereign 0.35 Limited) CRISIL - AAA(SO) 1.08
6.54 GOI 2032 Sovereign 0.33 Tata Teleservices Ltd. CRISIL - A1+ 0.66
Fullerton India Credit Company
Ltd. CRISIL - AAA 1.05 Sub Total 2.24
7.32 GOI 2024 Sovereign 0.32
Bharti Hexacom Limited CRISIL - AA+ 1.03 CD
7.26 GOI 2029 Sovereign 0.24
Bharati Telecom Limited CRISIL - AA+ 1.02 Axis Bank Ltd. CRISIL - A1+ 1.35
7.59% Gujarat SDL - Mat 150227 Sovereign 0.18
John Deere Financial India Pvt. National Bank for Agri & Rural
8.39% Rajasthan Uday SDL - Mat
Ltd. CRISIL - AAA 1.02 Dev. IND - A1+ 0.99
150323 Sovereign 0.18
DLF Cyber City Developers Ltd. CRISIL - AA 1.01 Small Industries Development
7.15% Maharashtra SDL - Mat
131026 Sovereign 0.17 Bank CARE - A1+ 0.66
Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.90
5.85 GOI 2030 Sovereign 0.16 Sub Total 3.00
Bajaj Housing Finance Ltd. CRISIL - AAA 0.82
Sub Total 20.89 Total 5.24
Indian Railways Finance Corp. Ltd. CRISIL - AAA 0.72
T-BILLS Cash,Cash Equivalents and Net Current Assets 10.53
TATA Capital Housing Finance Ltd. CRISIL - AAA 0.72
182 days Tbill ISD 170222 Mat Grand Total 100.00
Tata Steel Ltd. CARE - AA+ 0.70
180822 Sovereign 0.68 • Top Ten Holdings, £ Sponsor
Tata Motors Finance Ltd. CRISIL - AA- 0.69
Sub Total 0.68 Outstanding exposure in derivative
Manappuram Finance Ltd. CRISIL - AA 0.55 instruments Interest Rate Swap (` in Crore) 1,820.00
CREDIT EXPOSURE (NON PERPETUAL)
Bajaj Finance Ltd. CRISIL - AAA 0.52
• Housing Development Fin.
Corp. Ltd.£ CRISIL - AAA 6.39 Citicorp Finance (India) Ltd. CRISIL - AAA 0.52
• REC Limited. CRISIL - AAA 4.89 GIC Housing Finance Ltd. ICRA - AA 0.51
• LIC Housing Finance Ltd. CRISIL - AAA 3.68 Flometallic India Pvt Ltd. CRISIL - AA+ 0.45
• State Bank of India CRISIL - AAA 3.07 Hindalco Industries Ltd. CRISIL - AA+ 0.45
• Power Finance Corporation Ltd. CARE - AAA / Power Grid Corporation of India
CRISIL - AAA / Ltd. CRISIL - AAA 0.44
ICRA - AAA 2.70
Tata Capital Ltd. CRISIL - AAA 0.41

April 2022 61
 [An open ended medium term debt scheme investing in instruments such that the Macaulay
HDFC Medium Term Debt 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]

CATEGORY OF SCHEME: MEDIUM DURATION FUND SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP
KEY FACTS SIP
INVESTMENT OBJECTIVE Total Amount Invested (` ‘000) 2,430.00 1,800.00 1,200.00 600.00 360.00 120.00
To generate income / capital appreciation through Mkt Value As on April 29, 2022 (` ‘000) 5,778.89 3,340.40 1,753.73 708.37 392.77 121.61
investments in Debt and Money Market Instruments. Returns (%) 7.87 7.80 7.38 6.59 5.77 2.52
There is no assurance that the investment objective of the Benchmark Returns (%) # 7.89 8.12 7.93 7.27 6.10 2.26
Scheme will be realized.
Additional Benchmark Returns (%) ## 6.06 6.11 5.86 4.23 1.55 -3.97
FUND MANAGER ¥ Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
Shobhit Mehrotra (since September 1, 2007) after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
Total Experience: Over 30 years 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
INCEPTION DATE (Date of Allotment)
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
February 6, 2002
Returns Returns Benchmark Scheme (`) Benchmark Additional
(%) (%)# Returns (`)# Benchmark
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`)
(%) ## (`)##
Regular Plan - Growth Option 45.4979
Regular Plan - IDCW Option 17.2627 Apr 30, 21 Last 1 Year 4.12 6.60 -1.95 10,411 10,659 9,806
Regular Plan - Fortnightly IDCW Option 10.0558 Apr 30, 19 Last 3 Years 7.24 8.79 5.65 12,331 12,875 11,792
Direct Plan - Growth Option 48.3084
Direct Plan - IDCW Option 18.0836 Apr 28, 17 Last 5 Years 6.75 7.66 4.94 13,870 14,470 12,730
Direct Plan - Fortnightly IDCW Option 10.0611 Apr 30, 12 Last 10 Years 7.91 8.73 6.71 21,423 23,098 19,143
Feb 06, 02 Since Inception 7.77 8.51 6.38 45,498 52,241 34,965
ASSETS UNDER MANAGEMENT J (`) IN CRORE
As on April 30, 2022 4,078.87 Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by
Average for Month of April 2022 4,089.82 Shobhit Mehrotra, please refer page 77. 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
QUANTITATIVE DATA Riskometer of the Schemes and Benchmark’s, refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.
Average Maturity * 4.05 years ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Macaulay Duration * 3.00 years Load is not taken into consideration for computation of performance.
Modified Duration * 2.83 years
Yield to Maturity * 6.96%
Portfolio Classification By Asset Class (%) Portfolio Classification By Rating Class (%)
*Calculated on amount invested in debt securities (including
accrued interest), deployment of funds in TREPS and Reverse n Sovereign 28.16
Repo and net receivable / payable. n G-Sec, SDL 28.16
n AAA/AAA(SO)/A1+/A1+(SO) &
Securitized Debt Equivalent 36.62
TOTAL EXPENSE RATIO (As on April 30, 2022)
Including Additional Expenses and Goods and Service Tax on n Instruments 1.94 n AA+ 4.60
Management Fees n Credit Exposure 64.12 n AA/AA- 24.23
Regular: 1.30% Direct: 0.59% n A+ & Below 0.61
n Cash, Cash Equivalents
n Cash, Cash Equivalents and
#BENCHMARK INDEX: NIFTY Medium Duration Debt Index and Net Current Assets 5.78
Net Current Assets 5.78
C-III
##ADDL. BENCHMARK INDEX: CRISIL 10 year Gilt Index
This product is suitable for investors who are seeking ~
EXIT LOAD
l income over medium term
Nil
l to generate income / capital appreciation through investments in Debt and Money Market Instruments
PLANS & OPTIONS
Regular Plan, Direct Plan. Under both the Plans: Growth, Riskometer As on April 30, 2022 (current risk as per latest month end portfolio)
(Fortnightly & Normal) Income Distribution cum Capital
Modera
Withdrawal (IDCW) Option. Both (Fortnightly & Normal) oderate High tely
o M
IDCW Options offers following Sub-Options: Payout of Income w t erate Hi
Distribution cum Capital Withdrawal (IDCW) Option; and Re-
Mo Lo

gh
d

investment of Income Distribution cum Capital Withdrawal

(IDCW) Option.
Very
High
Low

MINIMUM APPLICATION AMOUNT

RISKOMETER
Purchase : ` 5,000 and any amount thereafter. Investors understand that their principal will be at
Additional Purchase : ` 1,000 and any amount thereafter. moderate risk
¥ Dedicated Fund Manager for Overseas Investments: ~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Sankalp Baid (since January 22, 2021 upto April 30, 2022)
Mr. Priya Ranjan (since May 01, 2022) Potential Risk Class (Maximum risk the Scheme can take)
(Total Experience: Over 15 years).
J Includes investments made by the schemes of HDFC Credit Risk →
Relatively Low (Class A) Moderate (Class B) Relatively High (Class C)
Mutual Fund aggregating to ` 3.64 Crores. Interest Rate Risk ↓
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.

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.

Face Value per Unit: ` 10 unless otherwise specified, Data is as of April 30, 2022 unless otherwise specified.

62 April 2022
 [An open ended medium term debt scheme investing in instruments such that the Macaulay
HDFC Medium Term Debt 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]

.....Contd from previous page

PORTFOLIO
Issuer Rating % to NAV Issuer Rating % to NAV
DEBT & DEBT RELATED Muthoot Finance Ltd. CRISIL - AA+ 1.49
GOVERNMENT SECURITIES (CENTRAL/STATE) Tata Projects Ltd. IND - AA 1.36
• 6.97 GOI 2026 Sovereign 5.57 Reliance Industries Ltd. CRISIL - AAA 1.28
• 7.59 GOI 2026 Sovereign 5.20 Bharti Hexacom Limited CRISIL - AA+ 1.22
• 7.27 GOI 2026 Sovereign 3.38 L&T Metro Rail (Hyderabad) Ltd CRISIL - AAA(CE) 1.21
• 6.1 GOI 2031 Sovereign 2.85 LAUREN 03 2022 CRISIL - AA(SO) 1.16
7.26 GOI 2029 Sovereign 2.11 Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 1.16
5.63 GOI 2026 Sovereign 1.43 TATA Housing Development Co Ltd. CARE - AA 1.03
5.38 GOI 2034 Sovereign 1.19 Coastal Gujarat Power Ltd.
(Corporate Guarantee of Tata Power) CARE - AA(CE) 1.02
Floating Rate GOI 2033 Sovereign 1.10
Tata Motors Finance Solutions Ltd. CARE - AA- 0.98
6.88% Gujarat SDL ISD 300621 Mat
300631 Sovereign 0.72 Vedanta Ltd. CRISIL - AA 0.91
7.98% Gujarat SDL - Mat 110526 Sovereign 0.64 Jude 08 2021 CRISIL - AA+(SO) 0.78
7.59% Karnataka SDL - Mat 290327 Sovereign 0.63 INOX Green Energy Services Ltd. CRISIL - AA(CE) 0.75
6.58% Gujarat SDL - Mat 310327 Sovereign 0.60 Indian Railways Finance Corp. Ltd. CRISIL - AAA 0.65
6.95% Gujarat SDL ISD 140721 Mat LIC Housing Finance Ltd. CRISIL - AAA 0.63
140731 Sovereign 0.60
IndInfravit Trust CRISIL - AAA 0.61
7.96% Maharashtra SDL Mat 290626 Sovereign 0.51
Motilal Oswal Finvest Limited CRISIL - AA 0.61
7.62% Gujarat SDL - Mat 011127 Sovereign 0.50
National Housing Bank CRISIL - AAA 0.61
8.05% Gujarat SDL - Mat 150626 Sovereign 0.38
John Deere Financial India Pvt. Ltd. CRISIL - AAA 0.60
7.17 GOI 2028 Sovereign 0.25
Mangalore Refinery And
6.79 GOI 2027 Sovereign 0.24 Petrochemica CARE - AAA 0.60
6.95 GOI 2061 Sovereign 0.23 Manappuram Finance Ltd. CRISIL - AA 0.49
5.15 GOI 2025 Sovereign 0.03 HDFC Life Insurance Company
Limited CRISIL - AAA 0.48
Sub Total 28.16
GERA Development Pvt. Ltd. CARE - AA- 0.37
CREDIT EXPOSURE (NON PERPETUAL)
The Tata Power Company Ltd. CRISIL - AA 0.37
• National Bank for Agri & Rural Dev. CRISIL - AAA /
ICRA - AAA 4.61 Tata Motors Ltd. CRISIL - AA- 0.26
• Sikka Port and Terminal Ltd. Flometallic India Pvt Ltd. CRISIL - AA+ 0.24
(erstwhile Reliance Ports and
SUB TOTAL 58.35
Terminals Ltd.) CRISIL - AAA 3.70
CREDIT EXPOSURE (PERPETUAL BONDS)
• Embassy Office Parks REIT CRISIL - AAA 3.70
TMF Holdings Ltd. (Subsidiary of Tata
• Housing Development Fin. Corp.
Motors Ltd.) (Perpetual) CRISIL - AA- 2.34
Ltd.£ CRISIL - AAA 3.67
TMF Holdings Ltd. (Subsidiary of Tata
• Power Finance Corporation Ltd. CRISIL - AAA 3.66
Motors Ltd.) (Perpetual) CARE - AA- 2.05
• Green Infra Wind Energy Ltd CRISIL - AA 2.76
Union Bank of India (AT1, BASEL III,
TVS Credit Services Ltd CRISIL - AA- 2.55 Perpetual) BRICKWORKS - AA 1.84
Jamnagar Utilities & Power Pvt. Ltd. Indian Bank (AT1, BASEL III,
(erstwhile Reliance Utilities & Power Perpetual) CRISIL - AA+ 0.87
Pvt. Ltd.) CRISIL - AAA 2.38
TATA International Ltd. (Perpetual) CARE - A+ 0.61
Bajaj Housing Finance Ltd. CRISIL - AAA 2.17
Sub Total 7.71
DLF Cyber City Developers Ltd. CRISIL - AA 1.81
Total 94.22
NTPC Limited CRISIL - AAA 1.81
Cash,Cash Equivalents and Net Current Assets 5.78
India Grid Trust CRISIL - AAA / ICRA
Grand Total 100.00
- AAA / IND - AAA 1.59
• Top Ten Holdings, £ Sponsor
INOX Wind Ltd CRISIL - AA(CE) 1.57
REC Limited. CRISIL - AAA 1.50

April 2022 63
HDFC Income Fund
[An open ended medium term debt scheme investing in instruments such that the Macaulay
Duration of the Portfolio is between 4 years and 7 years (Refer page 2 for definition of
Macaulay Duration). A Relatively High Interest Rate Risk and Moderate Credit Risk]

CATEGORY OF SCHEME: MEDIUM TO LONG DURATION FUND PORTFOLIO

Issuer Rating % to NAV Issuer Rating % to NAV
DEBT & DEBT RELATED CREDIT EXPOSURE (NON PERPETUAL)
KEY FACTS
GOVERNMENT SECURITIES (CENTRAL/STATE) • Power Finance Corporation Ltd. CRISIL - AAA 8.80
INVESTMENT OBJECTIVE • 5.38 GOI 2034 Sovereign 9.05 • REC Limited. CRISIL - AAA 6.85
To generate income / capital appreciation through • 6.1 GOI 2031 Sovereign 6.91 • Housing Development Fin. Corp. Ltd.£ CRISIL - AAA 6.30
investments in debt and money market instruments. • 6.97 GOI 2026 Sovereign 4.70 • Sikka Port and Terminal Ltd. (erstwhile
There is no assurance that the investment objective of the • 7.26 GOI 2029 Sovereign 4.70 Reliance Ports and Terminals Ltd.) CRISIL - AAA 5.54
Scheme will be realized.
6.54 GOI 2032 Sovereign 4.46 • NTPC Limited CRISIL - AAA 4.92
FUND MANAGER ¥ 6.72% Gujarat SDL - ISD 090621 Mat • Jamnagar Utilities & Power Pvt. Ltd.
090630 Sovereign 2.94 (erstwhile Reliance Utilities & Power
Shobhit Mehrotra (since September 11, 2007) Pvt. Ltd.) CRISIL - AAA 4.52
Total Experience: Over 30 years 6.68 GOI 2031 Sovereign 2.69
1.44% GOI Inflation Indexed 2023 Sovereign 1.37 India Grid Trust CRISIL - AAA 4.34
INCEPTION DATE (Date of Allotment) 6.57 GOI 2033 Sovereign 0.88 LIC Housing Finance Ltd. CRISIL - AAA 3.97
September 11, 2000 6.95 GOI 2061 Sovereign 0.87 IndInfravit Trust CRISIL - AAA 3.71
8.2 GOI 2025 Sovereign 0.62 Sub Total 48.95
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`)
7.95 GOI 2032 Sovereign 0.14 Total 88.32
Regular Plan - Growth Option 47.2849 Cash,Cash Equivalents and Net Current Assets 11.68
Regular Plan - Quarterly IDCW Option 11.0205 6.19 GOI 2034 Sovereign 0.04
Regular Plan - Normal IDCW Option 14.9117 9.15 GOI 2024 Sovereign @ Grand Total 100.00
Direct Plan - Growth Option 50.8221 Sub Total 39.37 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%.
Direct Plan - Quarterly IDCW Option 12.0376
Direct Plan - Normal IDCW Option 16.0719
ASSETS UNDER MANAGEMENT (`) IN CRORE SIP PERFORMANCE ^ - Regular Plan - Growth Option
As on April 30, 2022 537.26 Since Inception SIP 15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP
Average for Month of April 2022 542.90 Total Amount Invested (` ‘000) 2,600.00 1,800.00 1,200.00 600.00 360.00 120.00
QUANTITATIVE DATA Mkt Value As on April 29, 2022 (` ‘000) 5,702.83 3,015.43 1,620.82 672.62 377.36 119.63
Average Maturity * 6.62 years Returns (%) 6.69 6.55 5.87 4.53 3.10 -0.58
Macaulay Duration * 4.19 years
Modified Duration * 3.93 years Benchmark Returns (%) # N.A. 7.86 7.70 6.94 5.45 1.26
Yield to Maturity * 6.51% Additional Benchmark Returns (%) ## N.A. 6.11 5.86 4.23 1.55 -3.97
*Calculated on amount invested in debt securities (including Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
accrued interest), deployment of funds in TREPS and Reverse
Repo and net receivable / payable. 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 April 30, 2022)
Including Additional Expenses and Goods and Service Tax on PERFORMANCE ^ - Regular Plan - Growth Option
Management Fees
Regular: 2.05% Direct: 0.51% Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
#BENCHMARK INDEX: NIFTY Medium to Long Duration Debt Index (%) (%)# Returns Scheme (`) Benchmark
Additional
B-III (%) ## (`)#
Benchmark
(`)##
##ADDL. BENCHMARK INDEX: CRISIL 10 year Gilt Index
Apr 30, 21 Last 1 Year 1.10 5.54 -1.95 10,110 10,552 9,806
EXIT LOAD Apr 30, 19 Last 3 Years 5.62 9.47 5.65 11,781 13,117 11,792
Nil (w.e.f October 18, 2021) Apr 28, 17 Last 5 Years 4.90 7.16 4.94 12,704 14,136 12,730
PLANS & OPTIONS Apr 30, 12 Last 10 Years 6.82 8.28 6.71 19,340 22,150 19,143
Regular Plan, Direct Plan. Under Each Plan: Growth, Sep 11, 00 Since Inception 7.44 NA NA 47,285 NA NA
(Quarterly & Normal) Income Distribution cum Capital Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed by
Withdrawal (IDCW) Option. Both (Quarterly & Normal) Shobhit Mehrotra, please refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses
IDCW Option offers following Sub-Options: Payout of Income of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For
Distribution cum Capital Withdrawal (IDCW) Option; and Re- Riskometer of the Schemes and Benchmark’s, refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.
investment of Income Distribution cum Capital Withdrawal ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
(IDCW) Option. Load is not taken into consideration for computation of performance.

MINIMUM APPLICATION AMOUNT This product is suitable for investors who are seeking ~
Purchase : ` 5,000 and any amount thereafter. l income over medium to long term
Additional Purchase : ` 1,000 and any amount thereafter. l to generate income / capital appreciation through investments in debt and money market instruments
¥ Dedicated Fund Manager for Overseas Investments: Riskometer As on April 30, 2022 (current risk as per latest month end portfolio)
Sankalp Baid (since January 22, 2021 upto April 30, 2022)
Mr. Priya Ranjan (since May 01, 2022) rate Moderately
(Total Experience: Over 15 years). o Mode High
w t erate Hi
Mo Lo

gh
d

Portfolio Classification By Asset Class (%)

Very
High
Low

n G-Sec, SDL
n Credit Exposure
n Cash, Cash Equivalents and
Net Current Assets
Portfolio Classification By Rating Class (%)
n Sovereign
n AAA/AAA(SO)/A1+/A1+(SO)
& Equivalent
n Cash, Cash Equivalents and
Net Current Assets
Face Value per Unit: ` 10 unless otherwise specified, Data is as of April 30, 2022 unless otherwise specified.
RISKOMETER
39.37 Investors understand that their principal will be at
moderate risk
48.95
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
11.68 Potential Risk Class (Maximum risk the Scheme can take)
Credit Risk →
Relatively Low (Class A) Moderate (Class B) Relatively High (Class C)
Interest Rate Risk ↓
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) B-III
39.37
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.
48.95
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
11.68 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.

64 April 2022
HDFC Arbitrage Fund (An open ended scheme investing in arbitrage opportunities)

CATEGORY OF SCHEME: ARBITRAGE FUND SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP
KEY FACTS
Total Amount Invested (` ‘000) 1,750.00 1,200.00 600.00 360.00 120.00
INVESTMENT OBJECTIVE Mkt Value As on April 29, 2022 (` ‘000) 2,757.83 1,573.66 668.13 380.70 122.18
To generate income through arbitrage opportunities and debt Returns (%) 5.97 5.30 4.26 3.68 3.43
& money market instruments. Benchmark Returns (%) # N.A. 5.06 4.12 3.63 3.68
There is no assurance that the investment objective of the Additional Benchmark Returns (%) ## 6.29 6.14 5.26 4.33 3.75
Scheme will be realized. 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
FUND MANAGER ¥ investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Krishan Kumar Daga (since September 10, 2015)
Total Experience: Over 32 years PERFORMANCE ^ - Wholesale Plan - Regular Plan - Growth Option
Arun Agarwal (since August 24, 2020) Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Total Experience: Over 23 years Returns Returns Benchmark Scheme (`) Benchmark
Additional
Anil Bamboli (Debt Assets) (since February 01, 2022) (%) (%)# Returns (`)#
Benchmark
Total Experience: Over 27 years (%) ## (`)##
INCEPTION DATE (Date of Allotment)
Apr 30, 21 Last 1 Year 3.55 3.89 3.63 10,354 10,388 10,362
October 23, 2007 Apr 30, 19 Last 3 Years 4.13 3.93 5.23 11,290 11,227 11,653
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Apr 28, 17 Last 5 Years 4.77 4.41 5.83 12,627 12,412 13,278
Retail Plan Apr 30, 12 Last 10 Years 6.16 5.95 6.61 18,184 17,832 18,977
Regular Plan - Growth Option 24.326 Oct 23, 07 Since Inception 6.49 NA 6.23 24,936 NA 24,048
Regular Plan - IDCW Option 18.067 Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance is not strictly comparable
Regular Plan - Quarterly IDCW Option 17.282 with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage
Direct Plan - Growth Option 25.590 opportunities, etc. For performance of other schemes managed by Krishan Kumar Daga and Arun Agarwal, please refer page 77. Different
Direct Plan - Quarterly IDCW Option 19.392 plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower
Wholesale Plan to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark's, refer
Regular Plan - Growth Option 24.936 page 86 to 91. For Performance of Direct Plan, refer page no. 79.
Regular Plan - IDCW Option 10.442 ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Regular Plan - Monthly IDCW Option 10.805 Load is not taken into consideration for computation of performance.
Direct Plan - Growth Option 16.144
Direct Plan - IDCW Option 10.815 Industry Allocation of Equity Holding (% of Net Assets)
Direct Plan - Monthly IDCW Option 10.512 Portfolio Classification By Asset Class (%)

ASSETS UNDER MANAGEMENT (`) IN CRORE n G-Sec, T-Bills 13.41

Banks 11.10
As on April 30, 2022 6,722.43 Mutual Fund Units 9.74 n CP 0.74
Average for Month of April 2022 6,722.13 Transport Infrastructure 7.26 n Credit Exposure 2.99
Finance 6.37 n Mutual Fund Units 9.74
QUANTITATIVE DATA Metals & Minerals Trading 5.76 n Cash, Cash Equivalents and
Portfolio Turnover Ratio 258.64% Petroleum Products 4.36 Net Current Assets 6.24
Average Maturity * 106 days Pharmaceuticals & Biotechnology 3.41
Macaulay Duration * 103 days Cement & Cement Products 3.39
Modified Duration * 100 days Credit Exposure 2.99
Yield to Maturity * 4.24% Power 2.90
*Calculated on amount invested in debt securities (including Ferrous Metals 2.25 Portfolio Classification By Rating Class (%)
accrued interest), deployment of funds in TREPS and Reverse Entertainment 2.18
Repo and net receivable / payable. IT - Software 1.84
Automobiles 1.71 n Equity 66.88
TOTAL EXPENSE RATIO (As on April 30, 2022) Insurance 1.60
Including Additional Expenses and Goods and Service Tax on Realty 1.55 n Sovereign 13.41
Management Fees Diversified Fmcg 1.19 n AAA/AAA(SO)/A1+/A1+(SO)
Regular: 1.05% Direct: 0.40% Personal Products 1.07 & Equivalent 3.73
Chemicals & Petrochemicals 1.06
NET EQUITY EXPOSURE: 66.83% Consumer Durables 0.88 n Cash, Cash Equivalents and
Non - Ferrous Metals 0.77 Net Current Assets 15.98
#BENCHMARK INDEX: NIFTY 50 Arbitrage Index CP 0.74
Construction 0.65
##ADDL. BENCHMARK INDEX: CRISIL 1 year T-Bill Index Capital Markets 0.64
Electrical Equipment 0.60 This product is suitable for investors who are seeking ~
EXIT LOAD Fertilizers & Agrochemicals 0.58 l income over short term.
l In respect of each purchase / switch-in of Units, an Exit Load Beverages 0.49
of 0.25% is payable if Units are redeemed / switched-out Retailing 0.48 l income through arbitrage opportunities between cash and
within 1 month from the date of allotment. Leisure Services 0.40 derivative market and arbitrage opportunities within the
l No Exit Load is payable if Units are redeemed / switched- Gas 0.40 derivative segment.
out after 1 month from the date of allotment. Auto Components 0.40 Modera
Telecom - Services 0.34 oderate High tely
For further details, please refer to para ‘Exit Load’ on Pg 77. o M
Transport Services 0.21 w t erate Hi
IT - Services 0.20
Mo Lo

gh

PLANS & OPTIONS

d

Aerospace & Defense 0.18

(Wholesale Plan) - Regular Plan, (Wholesale Plan) - Direct Oil 0.17
Very
High
Low

Plan. Under Each Plan: Growth & Income Distribution cum Agricultural Food & Other Products 0.12
Capital Withdrawal (IDCW) Option. The IDCW Option offers Food Products 0.09
(Monthly and Normal) following Sub-Options: Payout of RISKOMETER
Income Distribution cum Capital Withdrawal (IDCW) Option; Agricultural, Commercial & Construction Vehicles 0.09 Investors understand that their principal will be at
and Re-investment of Income Distribution cum Capital Textiles & Apparels 0.04 low risk
Withdrawal (IDCW) Option. Diversified Metals 0.04
Industrial Products 0.02 ~ Investors should consult their financial advisers, if in doubt
MINIMUM APPLICATION AMOUNT Healthcare Services 0.02 about whether the product is suitable for them.
(Wholesale Plan) Consumable Fuels 0.01
Purchase : ` 5,000 and any amount thereafter. 0 5 10 15 20 25 30
Additional Purchase : ` 1,000 and any amount thereafter.
(w.e.f December 02, 2021)
¥ Dedicated Fund Manager for Overseas Investments:
Sankalp Baid (since January 22, 2021 upto April 30, 2022)
Mr. Priya Ranjan (since May 01, 2022)
(Total Experience: Over 15 years).

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of April 30, 2022 unless otherwise specified. ....Contd on next page

April 2022 65
HDFC Arbitrage Fund (An open ended scheme investing in arbitrage
opportunities) .....Contd from previous page

PORTFOLIO
Company Industry+ / Rating % to NAV % exposure Company Industry+ / Rating % to NAV % exposure
(Hedged & of (Hedged & of
Unhedged) Derivative Unhedged) Derivative
EQUITY & EQUITY RELATED Escorts Ltd. Agricultural / Commercial &
• Adani Ports & Special Economic Zone Transport Infrastructure 7.26 7.26 Construction Vehicles 0.07 0.07
• HDFC Bank Ltd. Banks 6.17 6.12 Hindustan Copper Limited Non - Ferrous Metals 0.07 0.07
• Adani Enterprises Limtied Metals & Minerals Trading 5.76 5.76 MphasiS Limited. IT - Software 0.07 0.07
• Reliance Industries Ltd. Petroleum Products 4.07 4.07 RBL Bank Ltd. Banks 0.07 0.07
• The Tata Power Company Ltd. Power 2.30 2.30 Sun TV Network Limited Entertainment 0.07 0.07
• Zee Entertainment Enterprises Ltd. Entertainment 1.87 1.87 Container Corporation of India Ltd. Transport Services 0.06 0.06
• Bandhan Bank Ltd. Banks 1.62 1.62 Dr Reddys Laboratories Ltd. Pharmaceuticals &
• Bajaj Finance Ltd. Finance 1.61 1.61 Biotechnology 0.06 0.06
• Housing Development Fin. Corp. Ltd.£ Finance 1.56 1.56 Glenmark Pharmaceuticals Ltd. Pharmaceuticals &
HDFC Life Insurance Company Limited Insurance 1.35 1.35 Biotechnology 0.06 0.06
Ambuja Cements Ltd. Cement & Cement Products 1.26 1.26 Shriram Transport Finance Co. Ltd. Finance 0.06 0.06
Axis Bank Ltd. Banks 1.22 1.22 Birlasoft Limited IT - Software 0.05 0.05
Hindustan Unilever Ltd. Diversified Fmcg 1.19 1.19 Canara Bank Banks 0.05 0.05
DLF Limited Realty 1.00 1.00 IDFC First Bank Limited Banks 0.05 0.05
Indusind Bank Ltd. Banks 0.97 0.97 PI Industries Ltd. Fertilizers & Agrochemicals 0.05 0.05
Zydus Lifesciences Limited Pharmaceuticals & Hindustan Aeronautics Limited Aerospace & Defense 0.04 0.04
Biotechnology 0.93 0.93 Intellect Design Arena Limited IT - Software 0.04 0.04
UltraTech Cement Limited Cement & Cement Products 0.92 0.92 Muthoot Finance Ltd. Finance 0.04 0.04
Godrej Consumer Products Ltd. Personal Products 0.90 0.90 Page Industries Ltd Textiles & Apparels 0.04 0.04
Jindal Steel & Power Ltd. Ferrous Metals 0.90 0.90 SBI Life Insurance Company Ltd. Insurance 0.04 0.04
Tata Steel Ltd. Ferrous Metals 0.89 0.88 Vedanta Ltd. Diversified Metals 0.04 0.04
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Vodafone Idea Limited Telecom - Services 0.04 0.04
Biotechnology 0.86 0.86 Whirlpool of India Ltd. Consumer Durables 0.04 0.04
Eicher Motors Ltd. Automobiles 0.82 0.82 Bata India Ltd. Consumer Durables 0.03 0.03
ACC Ltd. Cement & Cement Products 0.76 0.76 Mahindra & Mahindra Financial Services Ltd. Finance 0.03 0.03
LIC Housing Finance Ltd. Finance 0.74 0.74 Power Grid Corporation of India Ltd. Power 0.03 0.03
IDFC Ltd. Finance 0.68 0.68 Rain Industries Ltd. Chemicals & Petrochemicals 0.03 0.03
Tech Mahindra Ltd. IT - Software 0.67 0.67 Trent Ltd. Retailing 0.03 0.03
Larsen and Toubro Ltd. Construction 0.65 0.65 Apollo Hospitals Enterprise Ltd. Healthcare Services 0.02 0.02
Indian Energy Exchange Limited Capital Markets 0.63 0.63 Ashok Leyland Ltd Agricultural / Commercial &
Bajaj Finserv Ltd. Finance 0.62 0.62 Construction Vehicles 0.02 0.02
Aurobindo Pharma Ltd. Pharmaceuticals & Bharat Forge Ltd. Industrial Products 0.02 0.02
Biotechnology 0.60 0.60 Exide Industries Ltd. Auto Components 0.02 0.02
NTPC Limited Power 0.57 0.57 ICICI Lombard General Insurance Co Insurance 0.02 0.02
UPL Ltd. Fertilizers & Agrochemicals 0.53 0.53 JSW Steel Ltd. Ferrous Metals 0.02 0.02
National Aluminium Co. Ltd. Non - Ferrous Metals 0.50 0.50 L&T Technology Services Ltd. IT - Services 0.02 0.02
United Spirits Limited Beverages 0.49 0.49 ABB India Ltd. Electrical Equipment 0.01 0.01
Steel Authority Of India Ltd. Ferrous Metals 0.45 0.45 Apollo Tyres Ltd. Auto Components 0.01 0.01
Piramal Enterprises Limited Finance 0.42 0.42 Berger Paints (I) Ltd Consumer Durables 0.01 0.01
Godrej Properties Ltd. Realty 0.41 0.41 Coal India Ltd. Consumable Fuels 0.01 0.01
Kotak Mahindra Bank Limited Banks 0.41 0.41 Crompton Greaves Consumer Elec. Ltd. Consumer Durables 0.01 0.01
Siemens Ltd. Electrical Equipment 0.40 0.40 Hindustan Petroleum Corp. Ltd. Petroleum Products 0.01 0.01
Asian Paints Limited Consumer Durables 0.38 0.38 Laurus Labs Ltd. Pharmaceuticals &
Grasim Industries Ltd. Cement & Cement Products 0.36 0.36 Biotechnology 0.01 0.01
ICICI Bank Ltd. Banks 0.36 0.36 Nippon Life India Asset Management Limited Capital Markets 0.01 0.01
Tata Chemicals Ltd. Chemicals & Petrochemicals 0.36 0.36 Persistent Systems Limited IT - Software 0.01 0.01
SRF Ltd. Chemicals & Petrochemicals 0.35 0.35 Petronet LNG Ltd. Gas 0.01 0.01
Granules India Ltd. Pharmaceuticals & Shree Cement Ltd. Cement & Cement Products 0.01 0.01
Biotechnology 0.33 0.33 Torrent Pharmaceuticals Ltd. Pharmaceuticals &
Maruti Suzuki India Limited Automobiles 0.33 0.33 Biotechnology 0.01 0.01
Mindtree Consulting Ltd. IT - Software 0.32 0.32 Balkrishna Industries Ltd. Auto Components @
Tata Communications Limited Telecom - Services 0.30 0.30 Bank of Baroda Banks @
Mahindra & Mahindra Ltd. Automobiles 0.29 0.29 Dalmia Bharat Ltd. Cement & Cement Products @
Indian Oil Corporation Ltd. Petroleum Products 0.28 0.28 Gujarat State Petronet Ltd. Gas @
Titan Company Ltd. Consumer Durables 0.28 0.28 Jubilant Foodworks Limited Leisure Services @
HCL Technologies Ltd. IT - Software 0.27 0.27 Lupin Ltd. Pharmaceuticals &
Aditya Birla Fashion and Retail Ltd. Retailing 0.24 0.24 Biotechnology @
Pvr Limited Entertainment 0.24 0.24 NBCC (INDIA) Ltd. Construction @
Punjab National Bank Banks 0.23 0.23 Syngene International Limited Healthcare Services @
Biocon Ltd. Pharmaceuticals & Tata Consultancy Services Ltd. IT - Software @
Biotechnology 0.22 0.22 Sub Total 66.88
Larsen & Toubro Infotech Ltd. IT - Software 0.22 0.22 DEBT & DEBT RELATED
Delta Corp Ltd. Leisure Services 0.21 0.21 GOVERNMENT SECURITIES (CENTRAL/STATE)
Info Edge (India) Limited Retailing 0.21 0.21 • 6.84 GOI 2022 Sovereign 2.19
Pidilite Industries Ltd. Chemicals & Petrochemicals 0.21 0.21 8.13 GOI 2022 Sovereign 1.51
GAIL (India) Ltd. Gas 0.20 0.20 8.35 GOI 2022 Sovereign 1.49
Hindalco Industries Ltd. Non - Ferrous Metals 0.20 0.20 8.15 GOI 2022 Sovereign 1.20
Manappuram Finance Ltd. Finance 0.20 0.20 8.08 GOI 2022 Sovereign 1.13
Aditya Birla Capital ltd. Insurance 0.19 0.19 7.37 GOI 2023 Sovereign 0.84
Bharat Heavy Electricals Ltd. Electrical Equipment 0.19 0.19 4.26 GOI 2023 Sovereign 0.15
Bosch Limited Auto Components 0.19 0.19 Sub Total 8.51
Indian Hotels Company Ltd. Leisure Services 0.19 0.19 T-BILLS
Infosys Limited IT - Software 0.19 0.19 364 Days Tbill - Mat 050522 Sovereign 1.49
Mahanagar Gas Ltd. Gas 0.19 0.19 364 Days Tbill - Mat 190522 Sovereign 1.48
Firstsource Solutions Ltd. IT - Services 0.18 0.18 364 Days Tbill - Mat 160622 Sovereign 1.11
Hero MotoCorp Ltd. Automobiles 0.17 0.17 364 Days Tbill Mat 020622 Sovereign 0.82
Oil & Natural Gas Corporation Ltd. Oil 0.17 0.17 Sub Total 4.90
InterGlobe Aviation Ltd. Transport Services 0.15 0.15 CREDIT EXPOSURE (NON PERPETUAL)
Bharat Electronics Ltd. Aerospace & Defense 0.14 0.14 Housing Development Fin. Corp. Ltd.£ CRISIL - AAA 1.48
Oberoi Realty Ltd. Realty 0.14 0.14 Reliance Industries Ltd. CRISIL - AAA 0.75
CanFin Homes Ltd. Finance 0.13 0.13 National Bank for Agri & Rural Dev. CRISIL - AAA 0.38
Havells India Ltd. Consumer Durables 0.13 0.13 Power Finance Corporation Ltd. CRISIL - AAA 0.38
Balrampur Chini Mills Ltd. Agricultural Food & Other Sub Total 2.99
Products 0.12 0.12 Total 16.40
Strides Pharma Science Limited Pharmaceuticals & MONEY MARKET INSTRUMENTS
Biotechnology 0.12 0.12 CP
Cipla Ltd. Pharmaceuticals & Vedanta Ltd. CRISIL - A1+ 0.74
Biotechnology 0.11 0.11 Sub Total 0.74
Deepak Nitrite Limited Chemicals & Petrochemicals 0.11 0.11 MUTUAL FUND UNITS
Motherson Sumi Systems Ltd. Auto Components 0.11 0.11 HDFC Liquid Fund - Direct Plan - Growth Option 6.00
Divis Laboratories Ltd. Pharmaceuticals & HDFC Money Market Fund - Direct Plan - Growth Option 3.74
Biotechnology 0.10 0.10 Sub Total 9.74
Power Finance Corporation Ltd. Finance 0.10 0.10 Cash Margin 24.62
SBI Cards And Payment Services Limited Finance 0.10 0.10 Cash,Cash Equivalents and Net Current Assets -18.38
Tata Motors Ltd. Automobiles 0.10 0.10 Grand Total 100.00
Dabur India Ltd. Personal Products 0.09 0.09 • Top Ten Holdings, £ Sponsor, @ Less than 0.01%
Nestle India Ltd. Food Products 0.09 0.09
India Cements Ltd. Cement & Cement Products 0.08 0.08 Outstanding exposure in derivative instruments (` in Crore) 4,505.76
Marico Ltd. Personal Products 0.08 0.08 Hedged position in Equity & Equity related instruments
REC Limited. Finance 0.08 0.08
Amara Raja Batteries Ltd. Auto Components 0.07 0.07 Outstanding derivative exposure (% age) 67.03
Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of April 30, 2022 unless otherwise specified.

66 April 2022
 [An open ended debt scheme predominantly investing in floating rate instruments

HDFC Floating Rate Debt Fund (including fixed rate instruments converted to floating rate exposures using swaps
/ derivatives) A Relatively High Interest Rate Risk and Moderate Credit Risk]

CATEGORY OF SCHEME: FLOATER FUND SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP
KEY FACTS
Total Amount Invested (` ‘000) 1,750.00 1,200.00 600.00 360.00 120.00
INVESTMENT OBJECTIVE
Mkt Value As on April 29, 2022 (` ‘000) 3,168.41 1,752.79 706.42 391.76 122.35
To generate income/capital appreciation through investment
in a portfolio comprising substantially of floating rate debt, Returns (%) 7.72 7.37 6.48 5.59 3.69
fixed rate debt instruments swapped for floating rate returns Benchmark Returns (%) # 7.44 6.85 5.78 4.83 3.93
and money market instruments.
Additional Benchmark Returns (%) ## 6.08 5.86 4.23 1.55 -3.97
There is no assurance that the investment objective of the
Scheme will be realized. 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
FUND MANAGER ¥ investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Shobhit Mehrotra (since October 23, 2007)
Total Experience: Over 30 years PERFORMANCE ^ - Regular Plan - Growth Option
Vikash Agarwal (since July 1, 2020) Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Total Experience: Over 16 years Returns Returns Benchmark Scheme (`) Benchmark Additional
INCEPTION DATE (Date of Allotment) (%) (%)# Returns (`)# Benchmark
(%) ## (`)##
October 23, 2007
Apr 30, 21 Last 1 Year 4.25 3.92 -1.95 10,423 10,390 9,806
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`)
Regular Plan - Growth Option 39.7090 Apr 30, 19 Last 3 Years 6.74 5.80 5.65 12,161 11,841 11,792
Regular Plan - Daily IDCW Reinvestment Option 10.0809 Apr 28, 17 Last 5 Years 6.92 6.37 4.94 13,976 13,624 12,730
Regular Plan - Weekly IDCW Option 10.0490
Apr 30, 12 Last 10 Years 7.95 7.58 6.71 21,489 20,772 19,143
Regular Plan - Monthly IDCW Option 10.1532
Direct Plan - Growth Option 40.2144 Oct 23, 07 Since Inception 7.89 7.90 6.31 30,123 30,161 24,331
Direct Plan - Daily IDCW Reinvestment Option 10.0809 Returns greater than 1 year period are compounded annualized (CAGR). Since Inception returns are calculated on ` 13.1821 (allotment
Direct Plan - Weekly IDCW Option 10.0493 price). For performance of other schemes managed by Shobhit Mehrotra & Vikas Agarwal, please refer page 77. Different plans viz. Regular
Direct Plan - Monthly IDCW Option 10.1535 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
ASSETS UNDER MANAGEMENT J (`) IN CRORE the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91.
For Performance of Direct Plan, refer page no. 79.
As on April 30, 2022 18,660.80
Average for Month of April 2022 18,326.28 ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.
QUANTITATIVE DATA
Average Maturity * 3.58 years Portfolio Classification by Asset Class (%) Portfolio Classification by Rating Class (%)
Macaulay Duration * 1.09 year
Modified Duration * 0.92 year n G-Sec, SDL 24.66 n Sovereign 24.66
Yield to Maturity * 5.51% n Securitized Debt Instruments n AAA/AAA(SO)/A1+/A1+(SO) &
0.51
*Calculated on amount invested in debt securities (including Equivalent 48.42
accrued interest), deployment of funds in TREPS and Reverse n CP 5.83
n AA+ 5.11
Repo and net receivable / payable. n Credit Exposure 55.22 n AA/AA- 8.03
TOTAL EXPENSE RATIO (As on April 30, 2022) n Cash, Cash Equivalents and n Cash, Cash Equivalents and
Including Additional Expenses and Goods and Service Tax on Net Current Assets 13.78 Net Current Assets 13.78
Management Fees
Regular: 0.48% Direct: 0.23% This product is suitable for investors who are seeking ~
#BENCHMARK INDEX: NIFTY Low Duration Debt Index (Total l income over short term
Returns Index) l to generate income / capital appreciation through investment in a portfolio comprising substantially
##ADDL. BENCHMARK INDEX: CRISIL 10 year Gilt Index of floating rate debt, fixed rate debt instruments swapped for floating rate returns and money market
instruments
EXIT LOAD
Riskometer As on April 30, 2022 (current risk as per latest month end portfolio)
Nil
Modera
PLANS & OPTIONS oderate High tely
o M
Regular Plan, Direct Plan. Under both the Plans: Growth w t erate Hi
Mo Lo

gh
d

& Income Distribution cum Capital Withdrawal (IDCW)

Option. The (Daily) IDCW Option offers only Re-investment of
Very
High
Low

Income Distribution cum Capital Withdrawal (IDCW) Option.

The (Weekly and Monthly) IDCW Option offers following RISKOMETER
Sub-Options: Payout of Income Distribution cum Capital
Withdrawal (IDCW) Option; and Re-investment of Income Investors understand that their principal will be at
moderate risk
Distribution cum Capital Withdrawal (IDCW) Option.
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
MINIMUM APPLICATION AMOUNT
Purchase : ` 5,000 and any amount thereafter. Potential Risk Class (Maximum risk the Scheme can take)
Additional Purchase : ` 1 and any amount thereafter. Credit Risk →
Relatively Low (Class A) Moderate (Class B) Relatively High (Class C)
¥ Dedicated Fund Manager for Overseas Investments: Interest Rate Risk ↓
Sankalp Baid (since January 22, 2021 upto April 30, 2022)
Mr. Priya Ranjan (since May 01, 2022) Relatively Low (Class I)
(Total Experience: Over 15 years). Moderate (Class II)
J Includes investments made by the schemes of HDFC Relatively High (Class III) B-III
Mutual Fund aggregating to ` 86.31 Crores.
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.

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.
Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of April 30, 2022 unless otherwise specified.

April 2022 67
 [An open ended debt scheme predominantly investing in floating rate instruments

HDFC Floating Rate Debt Fund (including fixed rate instruments converted to floating rate exposures using swaps
/ derivatives) A Relatively High Interest Rate Risk and Moderate Credit Risk]

.....Contd from previous page

PORTFOLIO
Issuer Rating % to NAV Issuer Rating % to NAV
DEBT & DEBT RELATED Motilal Oswal Finvest Limited CRISIL - AA 0.67
GOVERNMENT SECURITIES (CENTRAL/STATE) Jamnagar Utilities & Power Pvt.
Ltd. (erstwhile Reliance Utilities &
• 5.38 GOI 2034 Sovereign 11.90 Power Pvt. Ltd.) CRISIL - AAA 0.55
• 4.04 GOI 2028 Sovereign 4.99 First Business Receivables Trust (PTC
banked by receivables from Reliance
• Floating Rate GOI 2033 Sovereign 4.65 Corporate IT Park Limited) CRISIL - AAA(SO) 0.51
7.72 GOI 2025 Sovereign 0.92 India Grid Trust CRISIL - AAA 0.40
Floating Rate GOI 2024 Sovereign 0.72 IndInfravit Trust CRISIL - AAA 0.35
6.58% Gujarat SDL - Mat 310327 Sovereign 0.53 Tata Capital Ltd. CRISIL - AAA 0.35
7.59 GOI 2026 Sovereign 0.39 Tata Motors Finance Solutions Ltd. CARE - AA- 0.32
7.89% Gujarat SDL - Mat 150525 Sovereign 0.28 Bajaj Finance Ltd. CRISIL - AAA 0.27
6.97 GOI 2026 Sovereign 0.14 Cholamandalam Investment &
Finance ICRA - AA+ 0.27
7.32 GOI 2024 Sovereign 0.11
Hindustan Petroleum Corp. Ltd. CRISIL - AAA 0.27
5.15 GOI 2025 Sovereign 0.03
Housing and Urban Development
Sub Total 24.66 Corporation Ltd. CARE - AAA 0.27
CREDIT EXPOSURE (NON PERPETUAL) Manappuram Finance Ltd. CARE - AA 0.27
• Power Finance Corporation Ltd. CRISIL - AAA 6.91 John Deere Financial India Pvt. Ltd. CRISIL - AAA 0.13
• REC Limited. CARE - AAA / Flometallic India Pvt Ltd. CRISIL - AA+ 0.08
CRISIL - AAA 5.67
Sub Total 54.60
• Housing Development Fin. Corp.
Ltd.£ CRISIL - AAA 5.23 CREDIT EXPOSURE (PERPETUAL BONDS)
• National Bank for Agri & Rural CRISIL - AAA / ICRA TMF Holdings Ltd. (Subsidiary of
Dev. - AAA 3.93 Tata Motors Ltd.) (Perpetual) CRISIL - AA- 0.76
• Muthoot Finance Ltd. CRISIL - AA+ 3.83 Union Bank of India (AT1, BASEL III,
Perpetual) BRICKWORKS - AA 0.37
• Embassy Office Parks REIT CRISIL - AAA 2.84
Sub Total 1.13
TMF Holdings Ltd. (Subsidiary of
Tata Motors Ltd.) CRISIL - AA- 2.67 Total 80.39
National Housing Bank CRISIL - AAA 2.48 MONEY MARKET INSTRUMENTS
Reliance Industries Ltd. CRISIL - AAA 1.88 CP
Sikka Port and Terminal Ltd. • Panatone Finvest Ltd. CRISIL - A1+ 2.83
(erstwhile Reliance Ports and CARE - AAA /
Terminals Ltd.) CRISIL - AAA 1.59 L&T Metro Rail (Hyderabad) Ltd CRISIL - A1+ 1.30
Vedanta Ltd. CRISIL - AA 1.35 Tata Teleservices Ltd. CRISIL - A1+ 0.90
Fullerton India Home Finance Vedanta Ltd. CRISIL - A1+ 0.80
Company Ltd. CRISIL - AAA 1.20
Sub Total 5.83
NTPC Limited CRISIL - AAA 1.18
Cash,Cash Equivalents and Net Current Assets 13.78
Bajaj Housing Finance Ltd. CRISIL - AAA 1.11
Grand Total 100.00
TATA Capital Housing Finance Ltd. CRISIL - AAA 1.06
• Top Ten Holdings, £ Sponsor
L&T Finance Limited CRISIL - AAA 0.96 Outstanding exposure in derivative
instruments Interest Rate Swap (` in Crore) 4,370.00
Indian Railways Finance Corp. Ltd. CRISIL - AAA 0.94
Sundaram Home Finance Limited ICRA - AA+ 0.93
Larsen and Toubro Ltd. CRISIL - AAA 0.88
LIC Housing Finance Ltd. CRISIL - AAA 0.82
Grasim Industries Ltd. CRISIL - AAA 0.81
Hinduja Leyland Finance Ltd. CARE - AA- 0.81
Tata Motors Finance Ltd. CRISIL - AA- 0.81

68 April 2022
HDFC 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)

CATEGORY OF SCHEME: CORPORATE BOND FUND SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 10 year 5 year 3 year 1 year
SIP SIP SIP SIP SIP
KEY FACTS
Total Amount Invested (` ‘000) 1,430.00 1,200.00 600.00 360.00 120.00
INVESTMENT OBJECTIVE
Mkt Value As on April 29, 2022 (` ‘000) 2,363.15 1,800.81 715.94 392.53 121.70
To generate income/capital appreciation through investments Returns (%) 8.10 7.88 7.02 5.73 2.67
predominantly in AA+ and above rated corporate bonds.
Benchmark Returns (%) # 8.20 7.99 7.36 6.44 3.35
There is no assurance that the investment objective of the Additional Benchmark Returns (%) ## 6.07 5.86 4.23 1.55 -3.97
Scheme will be realized. 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
FUND MANAGER ¥ investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
Anupam Joshi (since October 27, 2015)
Total Experience: Over 21 years PERFORMANCE ^ - Regular Plan - Growth Option
INCEPTION DATE (Date of Allotment) Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
June 29, 2010 (%) (%)# Returns Scheme (`) Benchmark Additional
(%) ## (`)# Benchmark
(`)##
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`)
Apr 30, 21 Last 1 Year 3.65 4.90 -1.95 10,364 10,489 9,806
Regular Plan - Growth Option 26.0361 Apr 30, 19 Last 3 Years 7.72 8.18 5.65 12,500 12,660 11,792
Regular Plan - IDCW Option 17.7086
Regular Plan - Quarterly IDCW Option 10.3132 Apr 28, 17 Last 5 Years 7.44 7.60 4.94 14,320 14,430 12,730
Direct Plan - Growth Option 26.3883 Apr 30, 12 Last 10 Years 8.44 8.46 6.71 22,497 22,534 19,143
Direct Plan - IDCW Option 18.1112 Jun 29, 10 Since Inception 8.42 8.32 6.14 26,036 25,762 20,250
Direct Plan - Quarterly IDCW Option 10.1915 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anupam
Joshi, please refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the
J
ASSETS UNDER MANAGEMENT (`) IN CRORE Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For
As on April 30, 2022 22,737.04 Riskometer of the Schemes and Benchmark's, refer page 86 to 91. For Performance of Direct Plan, refer page no. 82.
Average for Month of April 2022 23,353.56 ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.
QUANTITATIVE DATA
Average Maturity * 4.67 years
Macaulay Duration * 2.78 years
Modified Duration * 2.58 years This product is suitable for investors who are seeking ~
Yield to Maturity * 6.07% l income over short to medium term
*Calculated on amount invested in debt securities (including l to generate income/capital appreciation through investments predominantly in AA+ and above rated
accrued interest), deployment of funds in TREPS and Reverse corporate bonds
Repo and net receivable / payable.
Riskometer As on April 30, 2022 (current risk as per latest month end portfolio)
TOTAL EXPENSE RATIO (As on April 30, 2022) Modera
oderate High tely
Including Additional Expenses and Goods and Service Tax on o M
Management Fees w t erate Hi
Mo Lo

gh
d

Regular: 0.60% Direct: 0.30%

Very
High
Low

#BENCHMARK INDEX: NIFTY Corporate Bond Index B-III

RISKOMETER
##ADDL. BENCHMARK INDEX: CRISIL 10 year Gilt Index
Investors understand that their principal will be at
moderate risk
EXIT LOAD
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Nil
Potential Risk Class (Maximum risk the Scheme can take)
PLANS & OPTIONS
Credit Risk →
Regular Plan, Direct Plan. Under both the Plans: Growth, Relatively Low (Class A) Moderate (Class B) Relatively High (Class C)
(Quarterly & Normal) Income Distribution cum Capital Interest Rate Risk ↓
Withdrawal (IDCW) Option. Both (Quarterly & Normal) Relatively Low (Class I)
IDCW Option offers following Sub-Options: Payout of Income
Distribution cum Capital Withdrawal (IDCW) Option; and Re- Moderate (Class II)
investment of Income Distribution cum Capital Withdrawal Relatively High (Class III) B-III
(IDCW) Option.
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.
MINIMUM APPLICATION AMOUNT
Purchase : ` 5,000 and any amount thereafter. Note: Effective close of business hours of May 8, 2018, HDFC Medium Term Opportunities Fund (HMTOF) underwent changes in Fundamental
Additional Purchase : ` 1,000 and any amount thereafter. 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
¥ Dedicated Fund Manager for Overseas Investments: of HMTOF is provided, in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.
Sankalp Baid (since January 22, 2021 upto April 30, 2022)
Mr. Priya Ranjan (since May 01, 2022)
(Total Experience: Over 15 years).
J Includes investments made by the schemes of HDFC

Mutual Fund aggregating to ` 1.95 Crores.

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.
Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of April 30, 2022 unless otherwise specified.

April 2022 69
HDFC 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)
.....Contd from previous page
PORTFOLIO
Issuer Rating % to NAV Issuer Rating % to NAV
DEBT & DEBT RELATED Housing Development Fin.
GOVERNMENT SECURITIES (CENTRAL/STATE) Corp. Ltd.£ CRISIL - AAA 2.68
• 6.97 GOI 2026 Sovereign 6.66 National Highways Authority
• 6.79 GOI 2027 Sovereign 5.49 of India CRISIL - AAA 2.46
• Floating Rate GOI 2033 Sovereign 4.75 Jamnagar Utilities & Power
Pvt. Ltd. (erstwhile Reliance
5.38 GOI 2034 Sovereign 3.53
Utilities & Power Pvt. Ltd.) CRISIL - AAA 2.01
4.04 GOI 2028 Sovereign 2.60
Indian Railways Finance
GOI STRIPS - Mat 170626 Sovereign 0.52 Corp. Ltd. CRISIL - AAA 1.91
7.17 GOI 2028 Sovereign 0.44 ONGC Petro additions Ltd.
6.82% Bihar SDL - ISD 140721 (OPAL) (Put on ONGC Ltd.) CARE - AAA(CE) 1.90
Mat 140728 Sovereign 0.39 Chennai Petroleum Corp Ltd. CRISIL - AAA 1.72
GOI STRIPS - Mat 150326 Sovereign 0.34 Bank of Baroda CARE - AAA 1.36
7.26 GOI 2029 Sovereign 0.33 Sikka Port and Terminal Ltd.
GOI STRIPS - Mat 150926 Sovereign 0.33 (erstwhile Reliance Ports and CARE - AAA / CRISIL
7.1 GOI 2029 Sovereign 0.22 Terminals Ltd.) - AAA 1.30
6.54 GOI 2032 Sovereign 0.21 Power Grid Corporation of
6.1 GOI 2031 Sovereign 0.20 India Ltd. CRISIL - AAA 1.17
GOI STRIPS - Mat 260426 Sovereign 0.17 Pipeline Infrastructure Pvt.
GOI STRIPS - Mat 260427 Sovereign 0.16 Ltd. CRISIL - AAA 1.04
GOI STRIPS - Mat 261026 Sovereign 0.16 Housing and Urban
Development Corporation
GOI STRIPS - Mat 261027 Sovereign 0.15
Ltd. CARE - AAA 0.97
8.21% Haryana SDL (UDAY) -
Britannia Industries Ltd. CRISIL - AAA 0.64
Mat 310323 Sovereign 0.14
HDFC Bank Ltd. CRISIL - AAA 0.63
GOI STRIPS - Mat 121227 Sovereign 0.10
Sundaram Finance Ltd. ICRA - AAA 0.44
GOI STRIPS - Mat 120627 Sovereign 0.08
TATA Capital Housing Finance
GOI STRIPS - Mat 020126 Sovereign 0.07
Ltd. CRISIL - AAA 0.39
GOI STRIPS - Mat 020726 Sovereign 0.07
Mahanagar Telephone
GOI STRIPS - Mat 020127 Sovereign 0.06 Nigam Ltd. (Corporate
GOI STRIPS - Mat 020727 Sovereign 0.06 guarantee from Govt of CARE - AAA(CE) / CRISIL
GOI STRIPS - Mat 160627 Sovereign 0.05 India) - AAA(CE) 0.37
GOI STRIPS - Mat 161226 Sovereign 0.05 National Housing Bank CRISIL - AAA 0.33
GOI STRIPS - Mat 161227 Sovereign 0.05 ICICI Bank Ltd. CARE - AAA 0.26
GOI STRIPS - Mat 170628 Sovereign 0.04 NHPC Ltd. CARE - AAA 0.23
GOI STRIPS - Mat 171227 Sovereign 0.04 Indian Oil Corporation Ltd. CRISIL - AAA 0.22
GOI STRIPS - Mat 171228 Sovereign 0.04 Larsen and Toubro Ltd. CRISIL - AAA 0.22
GOI STRIPS - Mat 220228 Sovereign 0.04 Food Corporation of India
GOI STRIPS - Mat 160628 Sovereign 0.03 (Corporate guarantee from
GOI STRIPS - Mat 160629 Sovereign 0.03 Govt of India) CRISIL - AAA(CE) 0.18
GOI STRIPS - Mat 161228 Sovereign 0.03 First Business Receivables
Trust (PTC banked by
GOI STRIPS - Mat 161229 Sovereign 0.03
receivables from Reliance
GOI STRIPS - Mat 220229 Sovereign 0.02 Corporate IT Park Limited) CRISIL - AAA(SO) 0.16
Sub Total 27.68 Export - Import Bank of India CRISIL - AAA 0.12
CREDIT EXPOSURE (NON PERPETUAL) Nuclear Power Corporation CRISIL - AAA 0.11
• REC Limited. CARE - AAA / CRISIL - Andhra Pradesh Expressway
AAA / IND - AAA 8.26 Ltd. (NHAI Annuity) ICRA - AAA 0.04
• National Bank for Agri & CRISIL - AAA / ICRA NTPC Limited CRISIL - AAA 0.01
Rural Dev. - AAA 7.33
Sub Total 71.06
• State Bank of India CRISIL - AAA 7.33
Total 98.74
• LIC Housing Finance Ltd. CRISIL - AAA 6.34
Cash,Cash Equivalents and Net Current Assets 1.26
• Bajaj Finance Ltd. CRISIL - AAA 4.18
Grand Total 100.00
• Power Finance Corporation CARE - AAA / CRISIL -
• Top Ten Holdings, £ Sponsor
Ltd. AAA / ICRA - AAA 4.00
• Reliance Industries Ltd. CRISIL - AAA / ICRA Outstanding exposure in derivative
instruments Interest Rate Swap (` in Crore) 4,350.00
- AAA 3.81
Mangalore Refinery And CARE - AAA / CRISIL
Petrochemica - AAA 3.69
UltraTech Cement Limited CRISIL - AAA 3.25

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

n G-Sec, G-Sec STRIPS, SDL 27.68

n Sovereign 27.68
n Securitized Debt Instruments 0.16 n AAA/AAA(SO)/A1+/A1+(SO)
n Credit Exposure 70.90 & Equivalent 71.06
n Cash, Cash Equivalents and
n Cash, Cash Equivalents and
Net Current Assets 1.26
Net Current Assets 1.26

70 April 2022
 (An open ended debt scheme predominantly investing in debt instruments of
HDFC Banking and PSU Debt Fund banks, public sector undertakings, public financial institutions and municipal
bonds. A Relatively High Interest Rate Risk and Moderate Credit Risk)

CATEGORY OF SCHEME: BANKING AND PSU FUND SIP PERFORMANCE ^ - Regular Plan - Growth Option
Since Inception 5 year 3 year 1 year
SIP SIP SIP SIP
KEY FACTS
Total Amount Invested (` ‘000) 980.00 600.00 360.00 120.00
INVESTMENT OBJECTIVE Mkt Value As on April 29, 2022 (` ‘000) 1,328.42 709.97 391.32 121.86
To generate income / capital appreciation through Returns (%) 7.31 6.68 5.52 2.92
investments in debt and money market instruments Benchmark Returns (%) # 7.05 6.55 5.50 2.75
consisting predominantly of securities issued by entities Additional Benchmark Returns (%) ## 5.48 4.23 1.55 -3.97
such as Scheduled Commercial Banks (SCBs), Public Sector Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
undertakings (PSUs), Public Financial Institutions (PFIs), after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
Municipal Corporations and such other bodies. investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.
There is no assurance that the investment objective of the
Scheme will be realized. PERFORMANCE ^ - Regular Plan - Growth Option
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
FUND MANAGER ¥ Returns Returns Benchmark
(%) (%)# Returns Scheme (`) Benchmark Additional
Anil Bamboli (since March 26, 2014) (%) ## (`)# Benchmark
Total Experience: Over 27 years (`)##
Apr 30, 21 Last 1 Year 3.73 3.80 -1.95 10,372 10,379 9,806
INCEPTION DATE (Date of Allotment) Apr 30, 20 Last 2 Year 6.49 5.87 1.17 11,339 11,206 10,234
March 26, 2014 Apr 30, 19 Last 3 Years 7.38 7.30 5.65 12,382 12,355 11,792
Apr 28, 17 Last 5 Years 7.02 6.81 4.94 14,047 13,906 12,730
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) Mar 26, 14 Since Inception 7.98 7.80 7.07 18,619 18,378 17,385
Regular Plan - Growth Option 18.6194 The above returns are for Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (CAGR).
Regular Plan - IDCW Option 10.1260 For performance of other schemes managed by Anil Bamboli, please refer page 77. Different plans viz. Regular Plan and Direct Plan
Direct Plan - Growth Option 19.1411 have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution
expenses / commission charged in the Regular Plan. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91. For Performance
Direct Plan - IDCW Option 10.0183 of Direct Plan, refer page no. 83.
^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
ASSETS UNDER MANAGEMENT (`) IN CRORE Load is not taken into consideration for computation of performance.
As on April 30, 2022 6,563.98
Average for Month of April 2022 6,701.49 Portfolio Classification By Asset Class (%) Portfolio Classification By Rating Class (%)
QUANTITATIVE DATA
n G-Sec, SDL 11.82 n Sovereign 11.82
Average Maturity * 3.38 years
n CP 1.72 n AAA/AAA(SO)/A1+/A1+(SO)
Macaulay Duration * 2.07 years
& Equivalent 72.80
Modified Duration * 1.93 years n CD 11.59
n AA+ 2.33
Yield to Maturity * 5.62%
n Credit Exposure 66.22 n AA/AA- 4.40
*Calculated on amount invested in debt securities (including n Cash, Cash Equivalents and n Cash, Cash Equivalents and
accrued interest), deployment of funds in TREPS and Reverse Net Current Assets 8.65 Net Current Assets 8.65
Repo and net receivable / payable.

TOTAL EXPENSE RATIO (As on April 30, 2022) This product is suitable for investors who are seeking ~
Including Additional Expenses and Goods and Service Tax on
Management Fees l income over short to medium term.
l to generate income / capital appreciation through investments in debt and money market instruments
Regular: 0.81% Direct: 0.36%
consisting predominantly of securities issued by entities such as Scheduled Commercial Banks (SCBs), Public
#BENCHMARK INDEX: NIFTY Banking & PSU Debt Index Sector undertakings (PSUs), Public Financial Institutions (PFIs), Municipal Corporations and such other bodies
##ADDL. BENCHMARK INDEX: CRISIL 10 year Gilt Index Riskometer As on April 30, 2022 (current risk as per latest month end portfolio)
Modera
EXIT LOAD oderate High tely
o M
Nil w t erate Hi
Mo Lo

gh
d

PLANS & OPTIONS

Very
High
Low

Regular Plan, Direct Plan. Under Each Plan: Growth & Income
Distribution cum Capital Withdrawal (IDCW) Option (Weekly RISKOMETER
frequency). The IDCW Option offers following Sub-Options: Investors understand that their principal will be at
Payout of Income Distribution cum Capital Withdrawal (IDCW) moderate risk
Option; and Re-investment of Income Distribution cum Capital
Withdrawal (IDCW) Option. ~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.

MINIMUM APPLICATION AMOUNT Potential Risk Class (Maximum risk the Scheme can take)
Purchase : ` 5,000 and any amount thereafter. Credit Risk → Relatively High
Additional Purchase : ` 1,000 and any amount thereafter. Relatively Low (Class A) Moderate (Class B)
Interest Rate Risk ↓ (Class C)
¥ Dedicated Fund Manager for Overseas Investments: Relatively Low (Class I)
Sankalp Baid (since January 22, 2021 upto April 30, 2022)
Mr. Priya Ranjan (since May 01, 2022) Moderate (Class II)
(Total Experience: Over 15 years). Relatively High (Class III) B-III
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.

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.
Face Value per Unit: ` 10 unless otherwise specified, Data is as of April 30, 2022 unless otherwise specified.

April 2022 71
 (An open ended debt scheme predominantly investing in debt instruments of
HDFC Banking and PSU Debt Fund banks, public sector undertakings, public financial institutions and municipal
bonds. A Relatively High Interest Rate Risk and Moderate Credit Risk)

.....Contd from previous page

PORTFOLIO
Issuer Rating % to NAV Issuer Rating % to NAV
DEBT & DEBT RELATED Shriram Transport Finance Co. Ltd. IND - AA+ 0.39
GOVERNMENT SECURITIES (CENTRAL/STATE) Bank of Baroda CARE - AAA 0.32
• 4.04 GOI 2028 Sovereign 3.90 Sub Total 62.58
6.79 GOI 2027 Sovereign 2.74 CREDIT EXPOSURE (PERPETUAL BONDS)
6.97 GOI 2026 Sovereign 1.54 Punjab National Bank (AT1, BASEL
III, Perpetual) CRISIL - AA 1.52
5.38 GOI 2034 Sovereign 1.18
Canara Bank (AT1, BASEL III,
5.79 GOI 2030 Sovereign 1.05
Perpetual) CARE - AA+ 0.77
7.02% Gujarat SDL - Mat 280826 Sovereign 0.76
Bank of Baroda (AT1, BASEL III,
6.54 GOI 2032 Sovereign 0.37 Perpetual) CRISIL - AA+ 0.54
5.85 GOI 2030 Sovereign 0.21 State Bank of India (AT1, BASEL III, CRISIL - AA+ 0.32
6.1 GOI 2031 Sovereign 0.07 Perpetual)

Sub Total 11.82 ICICI Bank Ltd. (AT1, BASEL III,

Perpetual) CARE - AA+ 0.31
CREDIT EXPOSURE (NON PERPETUAL)
Union Bank of India (AT1, BASEL III,
• REC Limited. CRISIL - AAA 8.21 Perpetual) CRISIL - AA 0.18
• Housing and Urban Sub Total 3.64
Development Corporation Ltd. CARE - AAA 7.04
Total 78.04
• Power Finance Corporation Ltd. CARE - AAA /
CRISIL - AAA / MONEY MARKET INSTRUMENTS
ICRA - AAA 6.58 CP
• National Bank for Agri & Rural CRISIL - AAA / L&T Metro Rail (Hyderabad) Ltd CRISIL - A1+ 0.96
Dev. ICRA - AAA 6.01
Vedanta Ltd. CRISIL - A1+ 0.76
• Indian Railways Finance Corp.
Sub Total 1.72
Ltd. CRISIL - AAA 4.91
CD
• Hindustan Petroleum Corp. Ltd. CRISIL - AAA 4.22
• Axis Bank Ltd. CRISIL - A1+ 8.66
• State Bank of India CRISIL - AAA 4.08
Small Industries Development
• NHPC Ltd. CARE - AAA / Bank CARE - A1+ 1.46
ICRA - AAA 3.35
Deutsche Bank CRISIL - A1+ 0.74
Mahanagar Telephone Nigam Ltd.
(Corporate guarantee from Govt National Bank for Agri & Rural
of India) CRISIL - AAA(CE) 3.04 Dev. IND - A1+ 0.73
ONGC Petro additions Ltd. (OPAL) Sub Total 11.59
(Put on ONGC Ltd.) CARE - AAA(CE) 1.71 Total 13.31
TATA Capital Housing Finance Ltd. CRISIL - AAA 1.61 Cash,Cash Equivalents and Net Current Assets 8.65
Vedanta Ltd. CRISIL - AA 1.54 Grand Total 100.00
Indian Oil Corporation Ltd. CRISIL - AAA 1.53 • Top Ten Holdings
LIC Housing Finance Ltd. CRISIL - AAA 1.18 Outstanding exposure in derivative
instruments Interest Rate Swap (` in Crore) 825.00
L&T Finance Limited CRISIL - AAA 1.17
The Tata Power Company Ltd. CRISIL - AA 1.16
Citicorp Finance (India) Ltd. CRISIL - AAA 1.14
Power Grid Corporation of India
Ltd. CRISIL - AAA 1.12
Export - Import Bank of India CRISIL - AAA 1.02
Sikka Port and Terminal Ltd.
(erstwhile Reliance Ports and
Terminals Ltd.) CRISIL - AAA 0.85
HDFC Bank Ltd. CRISIL - AAA 0.40

72 April 2022
HDFC Credit Risk Debt Fund
[An open ended debt scheme predominantly investing in AA and
below rated corporate bonds (excluding AA+ rated corporate bonds)
A Relatively High Interest Rate Risk and Relatively High Credit Risk]

CATEGORY OF SCHEME: CREDIT RISK FUND SIP PERFORMANCE ^ - Regular Plan - Growth Option
KEY FACTS Since Inception SIP 5 year SIP 3 year SIP 1 year SIP
Total Amount Invested (` ‘000) 980.00 600.00 360.00 120.00
INVESTMENT OBJECTIVE
Mkt Value As on April 29, 2022 (` ‘000) 1,360.15 726.74 402.32 122.60
To generate income/capital appreciation by investing
predominantly in AA and below rated corporate debt. Returns (%) 7.87 7.62 7.39 4.09
Benchmark Returns (%) # 8.66 8.52 8.30 5.94
There is no assurance that the investment objective of the
Scheme will be realized. Additional Benchmark Returns (%) ## 5.48 4.23 1.55 -3.97
Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
FUND MANAGER ¥ 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.
Shobhit Mehrotra (since March 25, 2014)
Total Experience: Over 30 years PERFORMANCE ^ - Regular Plan - Growth Option
INCEPTION DATE (Date of Allotment) Date Period Scheme Benchmark Additional Value of ` 10,000 invested
March 25, 2014 Returns Returns Benchmark
(%) (%)# Returns Scheme (`) Benchmark Additional
(%) ## (`)# Benchmark
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) (`)##
Regular Plan - Growth Option 19.4245 Apr 30, 21 Last 1 Year 5.70 7.42 -1.95 10,568 10,740 9,806
Regular Plan - IDCW Option 17.8860 Apr 30, 20 Last 2 Year 9.21 9.23 1.17 11,924 11,928 10,234
Regular Plan - Quarterly IDCW Option 10.2904
Direct Plan - Growth Option 20.5866 Apr 30, 19 Last 3 Years 8.36 9.23 5.65 12,722 13,032 11,792
Direct Plan - IDCW Option 18.0463 Apr 28, 17 Last 5 Years 7.36 8.56 4.94 14,268 15,084 12,730
Direct Plan - Quarterly IDCW Option 10.6027 Mar 25, 14 Since Inception 8.54 9.45 7.07 19,425 20,782 17,394
The above returns are for Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (CAGR). Load is
ASSETS UNDER MANAGEMENT (`) IN CRORE not taken into consideration for computation of performance. For performance of other schemes managed by Shobhit Mehrotra, please
refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the
As on April 30, 2022 8,925.40 Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Riskometer of the Schemes
Average for Month of April 2022 8,941.57 and Benchmark’s, refer page 86 to 91. For Performance of Direct Plan, refer page no. 79.
QUANTITATIVE DATA ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.
Average Maturity * 2.92 years
Macaulay Duration * 2.38 years Note: Effective close of business hours of May 8, 2018, HDFC Corporate Debt Opportunities Fund (HCDOF) underwent changes in
Fundamental Attributes and was renamed as HDFC Credit Risk Debt Fund (HCRDF) and HDFC Regular Savings Fund was merged
Modified Duration * 2.24 years therein. As the portfolio structuring of HCRDF closely resembles the erstwhile HCDOF, the past performance of HCDOF is provided,
Yield to Maturity * 7.20% in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.
*Calculated on amount invested in debt securities (including
accrued interest), deployment of funds in TREPS and Reverse
Repo and net receivable / payable. Portfolio Classification By Asset Class (%) Portfolio Classification By Issuer Rating Class (%) ≈
#BENCHMARK INDEX: NIFTY Credit Risk Bond Index C-III n Units issued by InvIT 1.66 n Sovereign 8.41
n Units issued by InvIT 1.66
##ADDL. BENCHMARK INDEX: CRISIL 10 year Gilt Index n G-Sec, SDL 8.41
n AAA/AAA(SO)/A1+/A1+(SO)
TOTAL EXPENSE RATIO (As on April 30, 2022) n Securitized Debt Instruments 1.24 & Equivalent 26.07
Including Additional Expenses and Goods and Service Tax on n CP 6.55 n AA+ 6.82
Management Fees n Credit Exposure 75.52 n AA/AA- 43.19
Regular: 1.57% Direct: 0.85% n Cash, Cash Equivalents and n A+ & Below 7.23
Net Current Assets 6.62 n Cash, Cash Equivalents and
EXIT LOAD
Net Current Assets 6.62
l In respect of each purchase / switch-in of Units, 15% of the
units (“the limit”) may be redeemed without any exit Load
from the date of allotment
l Any redemption in excess of the above limit shall be subject This product is suitable for investors who are seeking ~
to the following exit load:
l income over short to medium term
n In respect of each purchase / switch-in of Units, an
Exit Load of 1.00% is payable if Units are redeemed  / l to generate income/capital appreciation by investing predominantly in AA and below rated corporate debt
switched-out within 12 months from the date of allotment (excluding AA+ rated corporate bonds)
n In respect of each purchase / switch-in of Units, an
Riskometer As on April 30, 2022 (current risk as per latest month end portfolio)
Exit Load of 0.50% is payable if Units are redeemed
/ switched-out after 12 months but within 18 months Modera
from the date of allotment oderate High tely
o M
l No Exit Load is payable if Units are redeemed / switched- w t erate Hi
Mo Lo

gh

out after 18 months from the date of allotment

d

For further details, please refer to para ‘Exit Load’ on Pg 77.

Very
High
Low

PLANS & OPTIONS

RISKOMETER
Regular Plan, Direct Plan. Under Each Plan: Growth,
(Quarterly & Normal) Income Distribution cum Capital Investors understand that their principal will be at
moderately high risk
Withdrawal (IDCW) Option. Both (Quarterly & Normal)
IDCW Option offers following Sub-Options: Payout of Income ~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Distribution cum Capital Withdrawal (IDCW) Option; and Re-
investment of Income Distribution cum Capital Withdrawal Potential Risk Class (Maximum risk the Scheme can take)
(IDCW) Option.
Credit Risk → Relatively High
MINIMUM APPLICATION AMOUNT Relatively Low (Class A) Moderate (Class B)
Interest Rate Risk ↓ (Class C)
Purchase : ` 5,000 and any amount thereafter.
Additional Purchase : ` 1,000 and any amount thereafter. Relatively Low (Class I)

¥ Dedicated Fund Manager for Overseas Investments: Moderate (Class II)

Sankalp Baid (since January 22, 2021 upto April 30, 2022) Relatively High (Class III) C-III
Mr. Priya Ranjan (since May 01, 2022)
(Total Experience: Over 15 years). C-III - A Scheme with Relatively High Interest Rate Risk and Relatively High Credit Risk.

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.
Face Value per Unit: ` 10 unless otherwise specified, Data is as of April 30, 2022 unless otherwise specified. ≈ Based on long term rating.

April 2022 73
HDFC Credit Risk Debt Fund
[An open ended debt scheme predominantly investing in AA and
below rated corporate bonds (excluding AA+ rated corporate bonds)
A Relatively High Interest Rate Risk and Relatively High Credit Risk]
.....Contd from previous page

PORTFOLIO
Company Industry+ / Issuer Rating % to NAV Company Industry+ / Issuer Rating % to NAV
Security Rating Security Rating
DEBT & DEBT RELATED Fullerton India Home Finance
Company Ltd. CRISIL - AAA CARE - AAA 1.11
GOVERNMENT SECURITIES (CENTRAL/STATE)
Housing Development Fin. Corp. Ltd.£ CRISIL - AAA CRISIL - AAA 1.11
7.17 GOI 2028 Sovereign Sovereign 1.42
Mindspace Business Parks REIT CRISIL - AAA CRISIL - AAA 1.10
8.14% Gujarat SDL - Mat 200329 Sovereign Sovereign 1.18
Manappuram Finance Ltd. CRISIL - AA CRISIL - AA 1.07
8.53% Tamil Nadu SDL - Mat 090326 Sovereign Sovereign 0.83
GERA Development Pvt. Ltd. CARE - AA- CARE - AA- 0.95
6.79 GOI 2027 Sovereign Sovereign 0.73
Nuvoco Vistas Corporation Ltd. (100%
6.97 GOI 2026 Sovereign Sovereign 0.57 subsidiary of Nirma Ltd. & erstwhile
7.27 GOI 2026 Sovereign Sovereign 0.57 Lafarge India Ltd.) CRISIL - AA CRISIL - AA 0.85

7.89% Gujarat SDL - Mat 150525 Sovereign Sovereign 0.47 INOX Green Energy Services Ltd. CRISIL - AA(CE) CRISIL - AA(CE) 0.79

7.62% Gujarat SDL - Mat 011127 Sovereign Sovereign 0.40 NTPC Limited CRISIL - AAA CRISIL - AAA 0.72

7.98% Tamil Nadu SDL - Mat 250526 Sovereign Sovereign 0.35 Steel Authority Of India Ltd. IND - AA CARE - AA 0.65

7.32 GOI 2024 Sovereign Sovereign 0.29 Motilal Oswal Finvest Limited CRISIL - AA CRISIL - AA 0.56

7.59 GOI 2026 Sovereign Sovereign 0.29 Aditya Birla Fashion and Retail Ltd. CRISIL - AA CRISIL - AA 0.55

7.02% Gujarat SDL - Mat 280826 Sovereign Sovereign 0.28 HDFC Life Insurance Company Limited CRISIL - AAA CRISIL - AAA 0.55

5.63 GOI 2026 Sovereign Sovereign 0.27 L&T Metro Rail (Hyderabad) Ltd CRISIL - AAA(CE) ICRA - AAA(CE) 0.55

6.18% Gujarat SDL - Mat 310326 Sovereign Sovereign 0.27 The Tata Power Company Ltd. CRISIL - AA CRISIL - AA 0.55

6.95 GOI 2061 Sovereign Sovereign 0.26 Mahindra Rural Housing Finance Ltd CRISIL - AA+ CRISIL - AA+ 0.50

7.72 GOI 2025 Sovereign Sovereign 0.23 Bajaj Finance Ltd. CRISIL - AAA CRISIL - AAA 0.38

Sub Total 8.41 Shriram Transport Finance Co. Ltd. IND - AA+ CRISIL - AA+ 0.34

CREDIT EXPOSURE (NON PERPETUAL) Vedanta Ltd. CRISIL - AA CRISIL - AA 0.31

• Tata Motors Ltd. CRISIL - AA- CRISIL - AA- 4.56 Indian Railways Finance Corp. Ltd. CRISIL - AAA CRISIL - AAA 0.30

• TVS Credit Services Ltd CRISIL - AA- CRISIL - AA- 4.23 JM Financial Products Ltd. CRISIL - AA CRISIL - AA 0.28

• Bharti Hexacom Limited CRISIL - AA+ CRISIL - AA+ 4.02 National Bank for Agri & Rural Dev. CRISIL - AAA CRISIL - AAA 0.28

• IndInfravit Trust CRISIL - AAA CRISIL - AAA 3.91 TMF Holdings Ltd. (Subsidiary of Tata
Motors Ltd.) CRISIL - AA- CRISIL - AA- 0.28
• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA CRISIL - AAA 3.76
Motilal Oswal Home Fin Ltd. (Erst
• Power Finance Corporation Ltd. CRISIL - AAA CRISIL - AAA 3.40 Aspire Home Fin) (Subsidiary of
Motilal Oswal Financial Services Ltd.) IND - AA ICRA - AA- 0.11
• DLF Cyber City Developers Ltd. CRISIL - AA ICRA - AA- 3.03
Reliance Industries Ltd. CRISIL - AAA CRISIL - AAA 0.01
• Coastal Gujarat Power Ltd. (Corporate
Guarantee of Tata Power) CARE - AA(CE) CRISIL - A 2.52 Sub Total 75.08
• Green Infra Wind Energy Ltd CRISIL - AA CRISIL - AA- 2.37 CREDIT EXPOSURE (PERPETUAL BONDS)
GIC Housing Finance Ltd. ICRA - AA ICRA - AA 2.24 TMF Holdings Ltd. (Subsidiary of Tata
Motors Ltd.) (Perpetual) CRISIL - AA- CRISIL - AA- 1.40
Ashoka Concession Ltd. CRISIL - AA-(CE) CRISIL - AA-(CE) 2.22
Indian Bank (AT1, BASEL III, Perpetual) CRISIL - AA+ ICRA - AA+ 0.28
Hinduja Leyland Finance Ltd. CRISIL - AA- CARE - AA- 2.22
Sub Total 1.68
DLF Limited ICRA - AA- CRISIL - A+ 1.96
Total 85.17
Jamnagar Utilities & Power Pvt. Ltd.
(erstwhile Reliance Utilities & Power UNITS ISSUED BY REIT & INVIT
Pvt. Ltd.) CRISIL - AAA CRISIL - AAA 1.90
UNITS ISSUED BY INVIT
Hero Housing Finance Limited CRISIL - AA+ CRISIL - AA+ 1.68
POWERGRID Infrastructure Investment
Promont Hillside Pvt. Ltd CARE - AA CARE - AA 1.68 Trust Power Power 1.66
Varroc Engineering Limited ICRA - A ICRA - A 1.64 Sub Total 1.66
Shriram City Union Finance Ltd. CRISIL - AA CRISIL - AA 1.57 MONEY MARKET INSTRUMENTS
INOX Wind Ltd CRISIL - AA(CE) CRISIL - AA(CE) 1.51 CP
REC Limited. CRISIL - AAA CRISIL - AAA 1.46 • Steel Authority Of India Ltd. CARE - A1+ CARE - AA 3.35
Tata Projects Ltd. IND - AA IND - AA 1.42 Tata Teleservices Ltd. CRISIL - A1+ CRISIL - AA- 2.14
Embassy Office Parks REIT CRISIL - AAA CRISIL - AAA 1.40 Vedanta Ltd. CRISIL - A1+ CRISIL - AA 1.06
LIC Housing Finance Ltd. CRISIL - AAA CRISIL - AAA 1.40 Sub Total 6.55
Sikka Port and Terminal Ltd. (erstwhile Cash,Cash Equivalents and Net Current Assets 6.62
Reliance Ports and Terminals Ltd.) CRISIL - AAA CRISIL - AAA 1.39
Grand Total 100.00
India Grid Trust CRISIL - AAA / ICRA -
AAA / IND - AAA CRISIL - AAA 1.34 • Top Ten Holdings, £ Sponsor

LAUREN 03 2022 CRISIL - AA(SO) CRISIL - AA(SO) 1.24 Outstanding exposure in derivative instruments Interest Rate Swap (` in Crore) 225.00

Dilip Buildcon Ltd. CRISIL - A CARE - A- 1.11

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of April 30, 2022 unless otherwise specified.

74 April 2022
HDFC Dynamic Debt Fund (An open ended dynamic debt scheme investing across duration.
A Relatively High Interest Rate Risk and Moderate Credit Risk)

CATEGORY OF SCHEME: DYNAMIC BOND FUND PORTFOLIO

Issuer Rating % to NAV Issuer Rating % to NAV
KEY FACTS DEBT & DEBT RELATED Sub Total 71.80
GOVERNMENT SECURITIES (CENTRAL/STATE) CREDIT EXPOSURE (NON PERPETUAL)
INVESTMENT OBJECTIVE • 5.38 GOI 2034 Sovereign 17.85 • State Bank Of India CRISIL - AAA 5.03
To generate income / capital appreciation by investing in a • 7.17 GOI 2028 Sovereign 14.65 • Mahanagar Telephone Nigam Ltd.
range of debt and money market instruments. • 4.04 GOI 2028 Sovereign 10.47 (Corporate guarantee from Govt of CARE -
There is no assurance that the investment objective of the • 6.97 GOI 2026 Sovereign 9.75 India) AAA(CE) 3.04
Scheme will be realized.
• 5.63 GOI 2026 Sovereign 5.63 • Jamnagar Utilities & Power Pvt. Ltd.
FUND MANAGER ¥ • 6.79 GOI 2029 Sovereign 3.80 (erstwhile Reliance Utilities & Power
Anil Bamboli (since February 16, 2004) • 6.79 GOI 2027 Sovereign 1.93 Pvt. Ltd.) CRISIL - AAA 2.96
Total Experience: Over 27 years 7.42% Maharashtra SDL - Mat 110522 Sovereign 1.93 INOX Green Energy Services Ltd. CRISIL - AA(CE) 1.19
INCEPTION DATE (Date of Allotment) 6.54 GOI 2032 Sovereign 1.85 NTPC Limited CRISIL - AAA 0.13
April 28, 1997 6.1 GOI 2031 Sovereign 1.79 Sub Total 12.35
8.68% Gujarat SDL - Mat 060223. Sovereign 0.99 Total 84.15
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) 6.67 GOI 2035 Sovereign 0.87 Cash,Cash Equivalents and Net Current Assets 15.85
Regular Plan - Growth Option 72.6165 1.44% GOI Inflation Indexed 2023 Sovereign 0.17 Grand Total 100.00
Regular Plan - Quarterly IDCW Option 11.9773
Regular Plan - Half-Yearly IDCW Option 11.3101 8.26% Maharashtra SDL - ISD 120815 • Top Ten Holdings, @ less than 0.01%
Regular Plan - Yearly IDCW Option 12.9220 Mat 120825 Sovereign 0.12
Regular Plan - Normal IDCW Option 15.5567 Outstanding exposure in derivative
Direct Plan - Growth Option 77.8361 8.19% Rajasthan SDL (UDAY Scheme- Strip instruments Interest Rate Swap (` in Crore) 40.00
Direct Plan - Quarterly IDCW Option 13.0175 IX ) - ISD 230616 Mat 230626 Sovereign @
Direct Plan - Half-Yearly IDCW Option 12.9112
Direct Plan - Yearly IDCW Option 14.0678
Direct Plan - Normal IDCW Option 16.3888 SIP PERFORMANCE ^ - Regular Plan - Growth Option
ASSETS UNDER MANAGEMENT J (`) IN CRORE Since Inception SIP 15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP
As on April 30, 2022 517.46 Total Amount Invested (` ‘000) 3,010.00 1,800.00 1,200.00 600.00 360.00 120.00
Average for Month of April 2022 519.88
Mkt Value As on April 29, 2022 (` ‘000) 8,372.34 3,135.18 1,667.92 689.85 392.94 120.94
QUANTITATIVE DATA Returns (%) 7.36 7.03 6.42 5.54 5.80 1.47
Average Maturity * 5.74 years
Macaulay Duration * 2.32 years Benchmark Returns (%) # N.A. 7.81 7.74 6.65 4.95 1.13
Modified Duration * 2.09 years Additional Benchmark Returns (%) ## N.A. 6.11 5.86 4.23 1.55 -3.97
Yield to Maturity * 5.71%
*Calculated on amount invested in debt securities (including Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed
accrued interest), deployment of funds in TREPS and Reverse after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
Repo and net receivable / payable. 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 April 30, 2022) PERFORMANCE ^ - Regular Plan - Growth Option
Including Additional Expenses and Goods and Service Tax on
Management Fees Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Regular: 1.73% Direct: 0.49% Returns Returns Benchmark
(%) (%)# Returns Scheme (`) BenchmarkAdditional
#BENCHMARK INDEX: CRISIL Dynamic Bond Fund B-III (%) ## (`)#
Benchmark
Index (`)##
Apr 30, 21 Last 1 Year 6.70 5.54 -1.95 10,668 10,553 9,806
##ADDL. BENCHMARK INDEX: CRISIL 10 year Gilt Index
Apr 30, 19 Last 3 Years 7.13 9.44 5.65 12,296 13,107 11,792
EXIT LOAD Apr 28, 17 Last 5 Years 5.11 7.90 4.94 12,835 14,630 12,730
Nil(w.e.f October 18, 2021)
Apr 30, 12 Last 10 Years 7.40 9.15 6.71 20,431 24,003 19,143
PLANS & OPTIONS
Apr 28, 97 Since Inception 8.25 NA NA 72,616 NA NA
Regular Plan, Direct Plan. Under Each Plan: Growth, (Normal
IDCW, Quarterly IDCW, Half Yearly IDCW & Yearly) Income Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed
Distribution cum Capital Withdrawal (IDCW) Option. All by Anil Bamboli, please refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of
IDCW Options offers following Sub-Options: Payout of Income the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For
Distribution cum Capital Withdrawal (IDCW) Option; and Re- Riskometer of the Schemes and Benchmark's, refer page 86 to 91. For Performance of Direct Plan, refer page no. 82.
investment of Income Distribution cum Capital Withdrawal
(IDCW) Option. ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.
MINIMUM APPLICATION AMOUNT
Purchase : ` 5,000 and any amount thereafter. This product is suitable for investors who are seeking ~
Additional Purchase : ` 1,000 and any amount thereafter.
l income over medium to long term
¥ Dedicated Fund Manager for Overseas Investments:
Sankalp Baid (since January 22, 2021 upto April 30, 2022) l to generate income / capital appreciation by investing in a range of debt and money market instruments
Mr. Priya Ranjan (since May 01, 2022)
(Total Experience: Over 15 years). Riskometer As on April 30, 2022 (current risk as per latest month end portfolio)
J Includes investments made by the schemes of HDFC
Mutual Fund aggregating to ` 0.97 Crore. Modera
oderate High tely
o M
w t erate Hi
Mo Lo

gh

Portfolio Classification By Asset Class (%)

d

Very
High
Low

n G-Sec, SDL 71.80 RISKOMETER

n Credit Exposure
n Cash, Cash Equivalents and
Net Current Assets
Portfolio Classification By Rating Class (%)
n Sovereign
n AAA/AAA(SO)/A1+/A1+(SO)
& Equivalent
n AA/AA-
n Cash, Cash Equivalents and
Net Current Assets
Face Value per Unit: ` 10 unless otherwise specified, Data is as of April 30, 2022 unless otherwise specified.
12.35 Investors understand that their principal will be at
moderate risk
15.85 ~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Potential Risk Class (Maximum risk the Scheme can take)
Credit Risk → Relatively High
Relatively Low (Class A) Moderate (Class B)
Interest Rate Risk ↓ (Class C)
Relatively Low (Class I)
Moderate (Class II)
71.80 Relatively High (Class III) B-III
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.
11.16
1.19 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
15.85 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.

April 2022 75
HDFC Gilt Fund (An open ended debt scheme investing in government securities across maturities.
A Relatively High Interest Rate Risk and Relatively Low Credit Risk)

CATEGORY OF SCHEME: GILT FUND PORTFOLIO

Issuer Rating % to NAV Issuer Rating % to NAV
KEY FACTS DEBT & DEBT RELATED 6.1 GOI 2031 Sovereign 0.60
INVESTMENT OBJECTIVE GOVERNMENT SECURITIES (CENTRAL/STATE) 6.99 GOI 2051 Sovereign 0.23
To generate credit risk-free returns through investments in • 6.97 GOI 2026 Sovereign 21.69 8.24 GOI 2033 Sovereign 0.19
sovereign securities issued by the Central Government and/
or State Government. • 7.17 GOI 2028 Sovereign 15.88 7.37 GOI 2023 Sovereign 0.16
There is no assurance that the investment objective of the • 6.79 GOI 2027 Sovereign 14.09 7.95 GOI 2032 Sovereign 0.08
Scheme will be realized.
• 6.45 GOI 2029 Sovereign 7.10 8.97 GOI 2030 Sovereign 0.07
FUND MANAGER ¥
• 6.79 GOI 2029 Sovereign 6.61 6.76 GOI 2061 Sovereign 0.02
Anil Bamboli (since September 1, 2007)
Total Experience: Over 27 years • 4.04 GOI 2028 Sovereign 6.32 Sub Total 85.58
INCEPTION DATE (Date of Allotment) • 7.26 GOI 2029 Sovereign 6.16 Cash,Cash Equivalents and Net Current Assets 14.42
July 25, 2001 • 5.38 GOI 2034 Sovereign 3.74 Grand Total 100.00
NAV (AS ON APRIL 29, 2022) NAV PER UNIT (`) • 8.60% Rajasthan SDL- Mat • Top Ten Holdings
Regular Plan - Growth Option 44.3910 061128 Sovereign 1.72 Outstanding exposure in derivative
Regular Plan - IDCW Option 11.6507 • 6.54 GOI 2032 Sovereign 0.92 instruments Interest Rate Swap (` in Crore) 60.00
Direct Plan - Growth Option 46.0953
Direct Plan - IDCW Option 12.2405
ASSETS UNDER MANAGEMENT (`) IN CRORE SIP PERFORMANCE ^ - Regular Plan - Growth Option
As on April 30, 2022 1,559.23 Since Inception SIP 15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP
Average for Month of April 2022 1,531.37
Total Amount Invested (` ‘000) 2,500.00 1,800.00 1,200.00 600.00 360.00 120.00
QUANTITATIVE DATA Mkt Value As on April 29, 2022 (` ‘000) 5,402.03 3,153.01 1,696.64 682.20 379.62 119.91
Average Maturity * 5.34 years Returns (%) 6.85 7.10 6.74 5.09 3.49 -0.15
Macaulay Duration * 3.59 years
Modified Duration * 3.42 years Benchmark Returns (%) # 7.44 7.58 7.32 6.07 4.00 -0.38
Yield to Maturity * 6.25% Additional Benchmark Returns (%) ## N.A. 6.11 5.86 4.23 1.55 -3.97
*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
(including accrued interest), deployment of funds in TREPS after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above
and Reverse Repo and net receivable / payable.
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 April 30, 2022) PERFORMANCE ^ - Regular Plan - Growth Option
Including Additional Expenses and Goods and Service Tax on
Management Fees Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Regular: 0.89% Direct: 0.44% Returns Returns Benchmark
(%) (%)# Returns Scheme (`) Benchmark Additional
#BENCHMARK INDEX: CRISIL Dynamic Gilt Index (%) ## (`)# Benchmark
(`)##
##ADDL. BENCHMARK INDEX: CRISIL 10 year Gilt Index Apr 30, 21 Last 1 Year 1.68 1.57 -1.95 10,168 10,157 9,806
EXIT LOAD Apr 30, 19 Last 3 Years 6.03 7.26 5.65 11,921 12,341 11,792
Nil Apr 28, 17 Last 5 Years 5.67 6.58 4.94 13,178 13,756 12,730
Apr 30, 12 Last 10 Years 7.79 8.14 6.71 21,181 21,881 19,143
PLANS & OPTIONS
Jul 25, 01 Since Inception 7.44 8.03 NA 44,391 49,806 NA
Regular Plan, Direct Plan. Under Each Plan: Growth & Income
Distribution cum Capital Withdrawal (IDCW) Option. The Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes managed
IDCW Option offers following Sub-Options: Payout of Income by Anil Bamboli, please refer page 77. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of
Distribution cum Capital Withdrawal (IDCW) Option; and Re- the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For
investment of Income Distribution cum Capital Withdrawal Riskometer of the Schemes and Benchmark's, refer page 86 to 91. For Performance of Direct Plan, refer page no. 83.
(IDCW) Option. ^Past performance may or may not be sustained in the future. Since Inception Date = Date of First allotment in the Scheme / Plan.
Load is not taken into consideration for computation of performance.
MINIMUM APPLICATION AMOUNT
Purchase : ` 5,000 and any amount thereafter. This product is suitable for investors who are seeking ~
Additional Purchase : ` 1,000 and any amount thereafter. l credit risk free returns over medium to long term

¥ Dedicated Fund Manager for Overseas Investments: l to generate credit risk-free returns through investments in sovereign securities issued by the Central
Sankalp Baid (since January 22, 2021 upto April 30, 2022) Government and  / or State Government
Mr. Priya Ranjan (since May 01, 2022) Riskometer As on April 30, 2022 (current risk as per latest month end portfolio)
(Total Experience: Over 15 years).
Modera
Portfolio Classification By Asset Class (%) oderate High tely
o M
w t erate Hi
Mo Lo

gh
d

Very
High
Low

n G-Sec, SDL 85.58

n Cash, Cash Equivalents and
Net Current Assets
Portfolio Classification By Rating Class (%)
n Sovereign
n Cash, Cash Equivalents and
Net Current Assets
RISKOMETER
Investors understand that their principal will be at
14.42 moderate risk
~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
Potential Risk Class (Maximum risk the Scheme can take)
Credit Risk → Relatively High
Relatively Low (Class A) Moderate (Class B)
Interest Rate Risk ↓ (Class C)
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) A-III
85.58 A-III - A Scheme with Relatively High Interest Rate Risk and Relatively Low Credit Risk.
14.42 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.

Face Value per Unit: ` 10 unless otherwise specified, Data is as of April 30, 2022 unless otherwise specified.

76 April 2022
 Performance details of Schemes managed by respective Fund Managers
Sr. Name of the Page Sr. Name of the Page
No. Fund Manager Funds Managed no. No. Fund Manager Funds Managed no.
1 Mr. Prashant Jain HDFC Flexi Cap Fund 8 6 Mr. Anupam Joshi HDFC Liquid Fund 52-53
HDFC Top 100 Fund 10 HDFC Corporate Bond Fund 69-70
HDFC Balanced Advantage Fund 21-22 HDFC Low Duration Fund 56-57
Permitted Category FPI Portfolio 83 Close ended schemes 78
2 Mr. Chirag Setalvad HDFC Mid-Cap Opportunities Fund 11 7 Mr. Rakesh Vyas HDFC Infrastructure Fund 20
HDFC Small Cap Fund 12 HDFC Housing Opportunities Fund 19
HDFC Hybrid Equity Fund 23-24 8 Mr. Vikash Agarwal HDFC Floating Rate Debt Fund (Co-managed scheme) 67-68
HDFC Children’s Gift Fund 45-46 HDFC Money Market Fund (Co-managed scheme) 58-59
3 Mr. Krishan HDFC Arbitrage Fund (Co-managed scheme) 65-66 9 Mr. Gopal Agrawal HDFC Capital Builder Value Fund 15
Kumar Daga HDFC Multi-Asset Fund (Co-managed scheme) 25-26 HDFC Large and Mid Cap Fund
HDFC Index Fund - SENSEX Plan (Co-managed scheme) 33 (Erstwhile HDFC Growth Opportunities Fund) 13-14

HDFC Index Fund - NIFTY 50 Plan (Co-managed scheme) 32 HDFC Dividend Yield Fund 16

HDFC SENSEX ETF (Co-managed scheme) 39 10 Mr. Arun Agarwal HDFC Arbitrage Fund (Co-managed scheme) 65-66

HDFC NIFTY 50 ETF (Co-managed scheme) 38 HDFC Equity Savings Fund (Co-managed scheme) 28-29

HDFC Gold Fund 42 HDFC Index Fund - SENSEX Plan (Co-managed scheme) 33

HDFC Equity Savings Fund (Co-managed scheme) 28-29 HDFC Index Fund - NIFTY 50 Plan (Co-managed scheme) 32

HDFC Banking ETF (Co-managed scheme) 40 HDFC SENSEX ETF (Co-managed scheme) 39

HDFC NIFTY50 Equal Weight Index Fund (Co-managed scheme) 35 HDFC NIFTY 50 ETF (Co-managed scheme) 38

HDFC Developed World Indexes Fund of Funds (Co-managed HDFC Multi-Asset Fund (Co-managed scheme) 25-26
scheme) 43 HDFC Banking ETF (Co-managed scheme) 40
HDFC NIFTY Next 50 Index Fund (Co-managed scheme) 37 HDFC NIFTY 100 Index Fund (Co-managed scheme) 34
HDFC NIFTY 100 Index Fund (Co-managed scheme) 34 HDFC NIFTY 100 Equal Weight Index Fund (Co-managed
HDFC NIFTY 100 Equal Weight Index Fund (Co-managed scheme) 36
scheme) 36 HDFC NIFTY50 Equal Weight Index Fund (Co-managed scheme) 35
4 Mr. Shobhit HDFC Income Fund 64 HDFC Developed World Indexes Fund of Funds (Co-managed
Mehrotra HDFC Medium Term Debt Fund 62-63 scheme) 43

HDFC Floating Rate Debt Fund (Co-managed scheme) 67-68 11 Mr. Anand Laddha HDFC Banking & Financial Services Fund 18

HDFC Credit Risk Debt Fund 73-74 12 Mr. Srinivasan Rama- HDFC Equity Savings Fund (Co-managed scheme) 28-29
murthy HDFC Hybrid Debt Fund (Co-managed scheme) 30-31
HDFC Hybrid Debt Fund (Co-managed scheme) 30-31
HDFC Retirement Savings Fund - Equity Plan HDFC Retirement Savings Fund - Equity Plan
(Co-managed scheme) 47 (Co-managed scheme) 47

HDFC Retirement Savings Fund - Hybrid Equity Plan HDFC Retirement Savings Fund - Hybrid Equity Plan
(Co-managed scheme) 48-49 (Co-managed scheme) 48-49

HDFC Retirement Savings Fund - Hybrid Debt Plan HDFC Retirement Savings Fund - Hybrid Debt Plan
(Co-managed scheme) 50 (Co-managed scheme) 50

Close ended schemes 78 HDFC Asset Allocator Fund of Funds (Co-managed scheme) 27

5 Mr. Anil Bamboli HDFC Dynamic Debt Fund 75 HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 78

HDFC Short Term Debt Fund 60-61 HDFC Multi-Asset Fund (Co-managed scheme) 25-26

HDFC Gilt Fund 76 13 Ms. Roshi Jain HDFC Focused 30 Fund 17

HDFC Money Market Fund (Co-managed scheme) 58-59 HDFC TaxSaver 44

HDFC Ultra Short Term Fund 54-55 14 Mr. Bhagyesh

HDFC Multi-Asset Fund (Co-managed scheme) 25-26
Kagalkar
HDFC Overnight Fund 51 (Dedicated Fund
HDFC Banking and PSU Debt Fund 71-72 Manager for HDFC Asset Allocator Fund of Funds (Co-managed scheme) 27
HDFC Equity Savings Fund (Co-managed scheme) 28-29 Commodities related
investments) HDFC Gold Exchange Traded Fund 41
HDFC Multi-Asset Fund (Co-managed scheme) 25-26
HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 78 For performance details of Direct Plan, refer page 79-83
HDFC Asset Allocator Fund of Funds (Co-managed scheme) 27
HDFC Arbitrage Fund (Co-managed scheme) 65-66
Close ended schemes 78

Exit Load : (i) No exit load shall be levied for switching between Options under the same Plan within a Scheme. (ii) Switch of investments to Direct Plan within the same Scheme shall be subject to
applicable exit load, unless the investments were made without any distributor code. However, any subsequent switch-out or redemption of such investments from the Direct Plan will not be subject
to any exit load. (iii) No exit load shall be levied for switch-out from Direct Plan to other Plan within the same Scheme. However, any subsequent switch-out or redemption of such investment from
the other Plan shall be subject to exit load based on the original date of investment in the Direct Plan. (iv) Switch of investments between Plans under a Scheme having separate portfolios, will be
subject to applicable exit load. (v) No exit load will be levied on Bonus Units and Units allotted on IDCW Re-investment. (vi) In case of Systematic Transactions such as SIP, GSIP, Flex SIP, STP, Flex STP,
Swing STP, Flexindex; Exit Load, if any, prevailing on the date of registration / enrolment shall be levied.
Tax Benefits/Consequences: For detailed information on tax benefits/consequences, refer to the Scheme Information Document available on www.hdfcfund.com
Investors should be aware that the fiscal rules / tax laws may change and there can be no guarantee that the current tax position may continue indefinitely. In view of individual nature of tax
consequences, each investor is advised to consult his / her own professional tax advisor.
Applicability of Stamp Duty : Effective July 1, 2020, in accordance with the amendment to the Indian Stamp Act, 1899, a stamp duty @ 0.005% of the transaction value would be levied on applicable
mutual fund purchase transactions (including transactions carried through stock exchanges and depositories for units in demat mode). Thus, the number of units allotted on all the applicable
mutual fund transactions would be reduced to the extent of levy of stamp duty.
Kindly refer to FAQs on Stamp Duty, for details on the nature of transactions and the rate of levy of stamp duty available on our website.

April 2022 77
 SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE)

SHOBHIT MEHROTRA HDFC FMP 1381D SEPTEMBER 2018 (1) NAV as on Apr 29, 2022 ` 13.4102
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
HDFC FMP 3360D MARCH 2014 (1) NAV as on Apr 29, 2022 ` 17.5164 Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (`)##
Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional Apr 30, 21 Last 1 Year 4.67 2.61 -1.95 10,466 10,260 9,806
(%) ## (`) (`)# Benchmark Apr 30, 19 Last 3 Years 7.85 7.87 5.65 12,546 12,553 11,792
(`)##
Sep 19, 18 Since Inception 8.47 8.48 6.91 13,410 13,418 12,728
Apr 30, 21 Last 1 Year 3.65 2.61 -1.95 10,364 10,260 9,806
# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by
Apr 30, 19 Last 3 Years 7.49 7.87 5.65 12,418 12,553 11,792 Mr. Anupam Joshi since inception.
Apr 28, 17 Last 5 Years 7.23 7.07 4.94 14,182 14,074 12,730
Mar 26, 14 Since Inception 7.17 8.55 7.07 17,516 19,429 17,385 HDFC FMP 1372D SEPTEMBER 2018 (1) NAV as on Apr 29, 2022 ` 13.2601
# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by
Mr. Shobhit Mehrotra since inception. Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional
HDFC FMP 1100D APRIL 2019 (1) NAV as on Apr 29, 2022 ` 12.3846 (%) ## (`) (`)# Benchmark
(`)##
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Apr 30, 21 Last 1 Year 3.96 2.61 -1.95 10,395 10,260 9,806
Returns Returns Benchmark Apr 30, 19 Last 3 Years 7.52 7.87 5.65 12,430 12,553 11,792
(%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark Sep 28, 18 Since Inception 8.19 8.53 6.80 13,260 13,412 12,662
(`)## # CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by
Apr 30, 21 Last 1 Year 3.86 2.61 -1.95 10,385 10,260 9,806 Mr. Anupam Joshi since inception.
May 08, 19 Since Inception 7.45 7.81 5.54 12,385 12,510 11,742
# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by CO-MANAGED BY
Mr. Shobhit Mehrotra since inception.
ANIL BAMBOLI & SRINIVASAN RAMAMURTHY
ANIL BAMBOLI HDFC DYNAMIC PE RATIO FUND OF FUNDS NAV as on Apr 29, 2022 ` 26.5247

HDFC FMP 1846D AUGUST 2013 (1) NAV as on Apr 29, 2022 ` 20.9010 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (%) (%)# Returns Scheme Benchmark Additional
Returns Returns Benchmark (%) ## (`) (`)# Benchmark
Scheme Benchmark Additional (`)##
(%) (%)# Returns
(%) ## (`) (`)# Benchmark Apr 30, 21 Last 1 Year 14.15 12.98 18.24 11,411 11,294 11,818
(`)##
Apr 30, 19 Last 3 Years 12.33 13.20 14.67 14,174 14,506 15,079
Apr 30, 21 Last 1 Year 6.76 2.61 -1.95 10,674 10,260 9,806 Apr 28, 17 Last 5 Years 9.37 12.37 14.34 15,656 17,932 19,556
Apr 30, 19 Last 3 Years 9.45 7.87 5.65 13,111 12,553 11,792 Apr 30, 12 Last 10 Years 10.09 12.32 13.94 26,162 31,966 36,901
Apr 28, 17 Last 5 Years 8.20 7.07 4.94 14,835 14,074 12,730 Feb 06, 12 Since Inception 10.00 11.92 13.38 26,525 31,650 36,147
Aug 14, 13 Since Inception 8.83 8.66 6.70 20,901 20,618 17,600 # NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Returns Index). Scheme
# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by performance may not strictly be comparable with that of its Additional Benchmark in view
Mr. Anil Bamboli since inception. of hybrid nature of the scheme where a portion of scheme’s investments are made in equity
instruments. The scheme is co-managed by Mr. Srinivasan Ramamurthy (Equity Assets) and
NAV as on Apr 29, 2022 ` 13.2771 Mr. Anil Bamboli (Debt Assets) from January 13, 2022.
HDFC FMP 1344D OCTOBER 2018 (1)
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark
(`)##
Apr 30, 21 Last 1 Year 4.35 2.61 -1.95 10,434 10,260 9,806
Apr 30, 19 Last 3 Years 8.10 7.87 5.65 12,632 12,553 11,792
Oct 24, 18 Since Inception 8.40 8.37 6.47 13,277 13,267 12,467
# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by
Mr. Anil Bamboli since inception.

ANUPAM JOSHI
HDFC FMP 1487D AUGUST 2018 (1) NAV as on Apr 29, 2022 ` 13.6601
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark
(`)##
Apr 30, 21 Last 1 Year 6.88 2.61 -1.95 10,686 10,260 9,806
Apr 30, 19 Last 3 Years 9.47 7.87 5.65 13,120 12,553 11,792
Sep 04, 18 Since Inception 8.92 8.39 6.90 13,660 13,422 12,760
# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by
Mr. Anupam Joshi since inception.

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended
schemes is primarily buy-and-hold whereas open-ended schemes are actively managed. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91.
Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz. Regular Plan and
Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged
in the Regular Plan. Load is not taken into consideration for computation of performance. Since Inception Date = Date of First allotment in the Scheme / Plan. N.A.: Not Available

78 April 2022
 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)

PRASHANT JAIN HDFC CHILDREN’S GIFT FUND NAV as on Apr 29, 2022 ` 196.271
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
HDFC FLEXI CAP FUND NAV as on Apr 29, 2022 ` 1090.949 (%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (`)##
Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional Apr 30, 21 Last 1 Year 17.40 12.98 18.24 11,735 11,294 11,818
(%) ## (`) (`)# Benchmark
(`)## Apr 30, 19 Last 3 Years 15.61 13.20 14.67 15,453 14,506 15,079
Apr 30, 21 Last 1 Year 28.81 20.87 18.24 12,872 12,081 11,818 Apr 28, 17 Last 5 Years 13.09 12.37 14.34 18,509 17,932 19,556
Apr 30, 19 Last 3 Years 15.45 16.52 14.67 15,387 15,819 15,079 Jan 01, 13 Since Inception 15.58 11.85 13.34 38,597 28,419 32,162
Apr 28, 17 Last 5 Years 13.39 13.76 14.34 18,758 19,062 19,556 # NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Returns Index). Scheme
Jan 01, 13 Since Inception 14.97 14.13 13.34 36,748 34,324 32,162 performance may not strictly be comparable with that of its Additional Benchmark in view of balanced
# NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index). nature of the scheme where a portion of scheme’s investments are made in debt instruments.

HDFC TOP 100 FUND NAV as on Apr 29, 2022 ` 730.820 SHOBHIT MEHROTRA
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark HDFC INCOME FUND NAV as on Apr 29, 2022 ` 50.8221
(%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark
(`)## Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Apr 30, 21 Last 1 Year 21.36 19.37 18.19 12,130 11,932 11,813 Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional
Apr 30, 19 Last 3 Years 11.67 15.02 14.77 13,927 15,218 15,118 (%) ## (`) (`)# Benchmark
(`)##
Apr 28, 17 Last 5 Years 11.44 13.94 15.10 17,194 19,215 20,221
Jan 01, 13 Since Inception 13.25 13.75 13.61 31,921 33,253 32,869 Apr 30, 21 Last 1 Year 2.34 5.54 -1.95 10,233 10,552 9,806
# NIFTY 100 (Total Returns Index) ## S&P BSE SENSEX (Total Returns Index). Apr 30, 19 Last 3 Years 6.47 9.47 5.65 12,068 13,117 11,792
Apr 28, 17 Last 5 Years 5.62 7.16 4.94 13,148 14,136 12,730
HDFC BALANCED ADVANTAGE FUND NAV as on Apr 29, 2022 ` 307.437 Jan 01, 13 Since Inception 7.24 8.20 6.25 19,199 20,859 17,600
Date Period Scheme Benchmark Additional Value of ` 10,000 invested # NIFTY Medium to Long Duration Debt Index B-III ## CRISIL 10 year Gilt Index.
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns
(%) ## (`) (`)# Benchmark HDFC MEDIUM TERM DEBT FUND NAV as on Apr 29, 2022 ` 48.3084
(`)##
Apr 30, 21 Last 1 Year 24.59 10.72 18.24 12,451 11,069 11,818 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Apr 30, 19 Last 3 Years 14.06 12.30 14.67 14,838 14,162 15,079 Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional
Apr 28, 17 Last 5 Years 11.62 11.35 14.34 17,336 17,127 19,556 (%) ## (`) (`)# Benchmark
Jan 01, 13 Since Inception 14.20 11.08 13.34 34,511 26,646 32,162 (`)##
# NIFTY 50 Hybrid Composite Debt 50:50 Index ## NIFTY 50 (Total Returns Index). Scheme Apr 30, 21 Last 1 Year 4.87 6.60 -1.95 10,486 10,659 9,806
performance may not strictly be comparable with that of its Additional Benchmark in view of balanced Apr 30, 19 Last 3 Years 8.08 8.79 5.65 12,624 12,875 11,792
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. 21. Apr 28, 17 Last 5 Years 7.60 7.66 4.94 14,427 14,470 12,730
Jan 01, 13 Since Inception 8.44 8.63 6.25 21,301 21,652 17,600
CHIRAG SETALVAD # NIFTY Medium Duration Debt Index C-III ## CRISIL 10 year Gilt Index.
HDFC MID-CAP OPPORTUNITIES FUND NAV as on Apr 29, 2022 ` 99.393 HDFC CREDIT RISK DEBT FUND NAV as on Apr 29, 2022 ` 20.5866
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional (%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark (%) ## (`) (`)# Benchmark
(`)## (`)##
Apr 30, 21 Last 1 Year 23.79 23.86 18.24 12,372 12,379 11,818
Apr 30, 21 Last 1 Year 6.34 7.42 -1.95 10,632 10,740 9,806
Apr 30, 19 Last 3 Years 19.97 22.38 14.67 17,265 18,327 15,079
Apr 30, 19 Last 3 Years 8.91 9.23 5.65 12,917 13,032 11,792
Apr 28, 17 Last 5 Years 13.11 14.39 14.34 18,525 19,602 19,556
Apr 28, 17 Last 5 Years 8.02 8.56 4.94 14,713 15,084 12,730
Jan 01, 13 Since Inception 19.54 17.77 13.34 52,871 45,976 32,162
Mar 25, 14 Since Inception 9.32 9.45 7.07 20,587 20,782 17,394
# NIFTY Midcap 150 (Total Returns Index) ## NIFTY 50 (Total Returns Index).
# NIFTY Credit Risk Bond Index C-III ## CRISIL 10 year Gilt Index. Refer to note on performance
disclosure on Page no. 73.
HDFC SMALL CAP FUND NAV as on Apr 29, 2022 ` 79.856
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
HDFC FMP 3360D MARCH 2014 (1) NAV as on Apr 29, 2022 ` 17.6589
Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional Date Period Scheme Benchmark Additional Value of ` 10,000 invested
(%) ## (`) (`)# Benchmark Returns Returns Benchmark
(`)## (%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark
Apr 30, 21 Last 1 Year 32.98 29.56 18.24 13,288 12,946 11,818 (`)##
Apr 30, 19 Last 3 Years 20.06 21.21 14.67 17,308 17,809 15,079 Apr 30, 21 Last 1 Year 3.75 2.61 -1.95 10,374 10,260 9,806
Apr 28, 17 Last 5 Years 16.32 10.60 14.34 21,315 16,562 19,556 Apr 30, 19 Last 3 Years 7.59 7.87 5.65 12,456 12,553 11,792
Jan 01, 13 Since Inception 18.88 13.03 13.34 50,195 31,351 32,162 Apr 28, 17 Last 5 Years 7.34 7.07 4.94 14,253 14,074 12,730
# S&P BSE 250 SmallCap (Total Returns Index) ## NIFTY 50 (Total Returns Index). Mar 26, 14 Since Inception 7.27 8.55 7.07 17,659 19,429 17,385
# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by
HDFC HYBRID EQUITY FUND NAV as on Apr 29, 2022 ` 83.757 Mr. Shobhit Mehrotra since inception.
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark HDFC FMP 1100D APRIL 2019 (1) NAV as on Apr 29, 2022 ` 12.3846
(%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark Date Period Scheme Benchmark Additional Value of ` 10,000 invested
(`)## Returns Returns Benchmark
Apr 30, 21 Last 1 Year 17.51 12.98 18.24 11,746 11,294 11,818 (%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark
Apr 30, 19 Last 3 Years 14.30 13.20 14.67 14,933 14,506 15,079 (`)##
Apr 28, 17 Last 5 Years 11.88 12.37 14.34 17,540 17,932 19,556 Apr 30, 21 Last 1 Year 3.86 2.61 -1.95 10,385 10,260 9,806
Jan 01, 13 Since Inception 15.38 11.85 13.34 37,982 28,419 32,162 May 08, 19 Since Inception 7.45 7.81 5.54 12,385 12,510 11,742
# NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Returns Index). Refer to note # CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by
on performance disclosure on Page no. 24. Mr. Shobhit Mehrotra since inception.

Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz. Regular Plan and
Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged
in the Regular Plan. Load is not taken into consideration for computation of performance. Since Inception Date = Date of First allotment in the Scheme / Plan. N.A.: Not
Available. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91.
April 2022 79
 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)
SHOBHIT MEHROTRA....CONTINUED

ANUPAM JOSHI ANIL BAMBOLI

HDFC CORPORATE BOND FUND NAV as on Apr 29, 2022 ` 26.3883 HDFC DYNAMIC DEBT FUND NAV as on Apr 29, 2022 ` 77.8361
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional (%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark (%) ## (`) (`)# Benchmark
(`)## (`)##
Apr 30, 21 Last 1 Year 3.96 4.90 -1.95 10,395 10,489 9,806 Apr 30, 21 Last 1 Year 7.70 5.54 -1.95 10,768 10,553 9,806
Apr 30, 19 Last 3 Years 7.99 8.18 5.65 12,593 12,660 11,792 Apr 30, 19 Last 3 Years 7.94 9.44 5.65 12,575 13,107 11,792
Apr 28, 17 Last 5 Years 7.64 7.60 4.94 14,458 14,430 12,730 Apr 28, 17 Last 5 Years 5.85 7.90 4.94 13,290 14,630 12,730
Jan 01, 13 Since Inception 8.39 8.34 6.25 21,195 21,104 17,600 Jan 01, 13 Since Inception 7.85 8.92 6.25 20,232 22,188 17,600
# NIFTY Corporate Bond Index B-III ## CRISIL 10 year Gilt Index. Refer to note on performance #CRISIL Dynamic Bond Fund B-III Index ## CRISIL 10 year Gilt Index.
disclosure on Page no. 69.
HDFC SHORT TERM DEBT FUND NAV as on Apr 29, 2022 ` 26.1848
HDFC LOW DURATION FUND NAV as on Apr 29, 2022 ` 49.8886
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Returns Returns Benchmark
Returns Returns Benchmark (%) (%)# Returns Scheme Benchmark Additional
(%) (%)# Returns Scheme Benchmark Additional (%) ## (`) (`)# Benchmark
(%) ## (`) (`)# Benchmark (`)##
(`)##
Apr 30, 21 Last 1 Year 4.42 4.18 3.63 10,440 10,417 10,362 Apr 30, 21 Last 1 Year 4.13 4.47 -1.95 10,412 10,446 9,806
Apr 30, 19 Last 3 Years 6.72 6.03 5.23 12,156 11,921 11,653 Apr 30, 19 Last 3 Years 7.85 7.31 5.65 12,546 12,357 11,792
Apr 28, 17 Last 5 Years 6.96 6.49 5.83 14,002 13,701 13,278 Apr 28, 17 Last 5 Years 7.55 7.23 4.94 14,397 14,180 12,730
Jan 01, 13 Since Inception 7.85 7.55 6.52 20,236 19,718 18,025 Jan 01, 13 Since Inception 8.30 8.06 6.25 21,036 20,612 17,600
# CRISIL Short Duration Fund B-II Index ## CRISIL 10 year Gilt Index.
# NIFTY Low Duration Debt Index B-I ## CRISIL 1 year T-Bill Index.

HDFC LIQUID FUND NAV as on Apr 29, 2022 ` 4197.0115

HDFC ULTRA SHORT TERM FUND NAV as on Apr 29, 2022 ` 12.4493

Date Period Scheme Benchmark Additional Value of ` 10,000 invested Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional (%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark (%) ## (`) (`)# Benchmark
(`)## (`)##
Apr 23, 22 Last 7 days 3.05 3.45 5.73 10,006 10,007 10,011 Apr 30, 21 Last 1 Year 3.87 4.23 3.63 10,386 10,422 10,362
Apr 15, 22 Last 15 days 3.53 3.92 5.71 10,014 10,016 10,023 Apr 30, 19 Last 3 Years 5.73 5.63 5.23 11,818 11,787 11,653
Mar 31, 22 Last 1 Month 3.57 3.97 2.88 10,029 10,033 10,024 Sep 25, 18 Since Inception 6.28 6.11 5.85 12,449 12,374 12,267
Apr 30, 21 Last 1 Year 3.48 3.75 3.65 10,348 10,375 10,365 # CRISIL Ultra Short Duration Fund B-I ## CRISIL 1 year T-Bill Index. The scheme is managed by
Apr 30, 19 Last 3 Years 4.29 4.58 5.23 11,344 11,439 11,654 Mr. Anil Bamboli since inception.
Apr 28, 17 Last 5 Years 5.40 5.52 5.83 13,014 13,090 13,279
Dec 31, 12 Since Inception 6.83 6.82 6.52 18,529 18,519 18,035
HDFC GILT FUND NAV as on Apr 29, 2022 ` 46.0953
Returns less than 1 year period are simple annualized. # CRISIL Liquid Fund B-I Index ## CRISIL Date Period Scheme Benchmark Additional Value of ` 10,000 invested
1 year T-Bill Index. Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional
HDFC FMP 1487D AUGUST 2018 (1) NAV as on Apr 29, 2022 ` 13.8514 (%) ## (`) (`)# Benchmark
(`)##
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Apr 30, 21 Last 1 Year 2.14 1.57 -1.95 10,213 10,157 9,806
Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional Apr 30, 19 Last 3 Years 6.49 7.26 5.65 12,076 12,341 11,792
(%) ## (`) (`)# Benchmark Apr 28, 17 Last 5 Years 6.10 6.58 4.94 13,449 13,756 12,730
(`)##
Jan 01, 13 Since Inception 7.75 7.60 6.25 20,060 19,812 17,600
Apr 30, 21 Last 1 Year 6.90 2.61 -1.95 10,688 10,260 9,806 # CRISIL Dynamic Gilt Index ## CRISIL 10 year Gilt Index.
Apr 30, 19 Last 3 Years 9.71 7.87 5.65 13,206 12,553 11,792
Sep 04, 18 Since Inception 9.33 8.39 6.90 13,851 13,422 12,760 HDFC BANKING AND PSU DEBT FUND NAV as on Apr 29, 2022 ` 19.1411
# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by
Mr. Anupam Joshi since inception. Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
HDFC FMP 1381D SEPTEMBER 2018 (1) NAV as on Apr 29, 2022 ` 13.4443 (%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark
(`)##
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Apr 30, 21 Last 1 Year 4.19 3.80 -1.95 10,418 10,379 9,806
(%) (%)# Returns Scheme Benchmark Additional Apr 30, 19 Last 3 Years 7.87 7.30 5.65 12,551 12,355 11,792
(%) ## (`) (`)# Benchmark
(`)## Apr 28, 17 Last 5 Years 7.51 6.81 4.94 14,367 13,906 12,730
Mar 26, 14 Since Inception 8.35 7.80 7.07 19,141 18,378 17,385
Apr 30, 21 Last 1 Year 3.97 2.61 -1.95 10,396 10,260 9,806 # NIFTY Banking & PSU Debt Index ## CRISIL 10 year Gilt Index.
Apr 30, 19 Last 3 Years 7.75 7.87 5.65 12,509 12,553 11,792
Sep 19, 18 Since Inception 8.54 8.48 6.91 13,444 13,418 12,728 HDFC OVERNIGHT FUND
# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by NAV as on Apr 29, 2022 ` 3166.2056
Mr. Anupam Joshi since inception.
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
HDFC FMP 1372D SEPTEMBER 2018 (1) NAV as on Apr 29, 2022 ` 13.3668 (%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark
Date Period Scheme Benchmark Additional Value of ` 10,000 invested (`)##
Returns Returns Benchmark Apr 22, 22 Last 7 days 3.63 3.79 5.73 10,007 10,007 10,011
(%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark Apr 14, 22 Last 15 days NA 3.72 5.71 NA 10,015 10,023
(`)## Mar 31, 22 Last 1 Month 3.49 3.60 2.83 10,028 10,029 10,022
Apr 30, 21 Last 1 Year 3.98 2.61 -1.95 10,397 10,260 9,806 Apr 30, 21 Last 1 Year 3.27 3.38 3.63 10,326 10,337 10,362
Apr 30, 19 Last 3 Years 7.65 7.87 5.65 12,475 12,553 11,792 Apr 30, 19 Last 3 Years 3.74 3.83 5.23 11,164 11,193 11,653
Sep 28, 18 Since Inception 8.43 8.53 6.80 13,367 13,412 12,662 Apr 28, 17 Last 5 Years 4.69 4.75 5.83 12,579 12,615 13,278
# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by Dec 31, 12 Since Inception 5.96 6.05 6.52 17,166 17,293 18,033
Mr. Anupam Joshi since inception. Returns less than 1 year period are simple annualized. # CRISIL Overnight Fund A-I Index ## CRISIL
1 year T-Bill Index.

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended
schemes is primarily buy-and-hold whereas open-ended schemes are actively managed. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91.
Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz. Regular Plan and
Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged
in the Regular Plan. Load is not taken into consideration for computation of performance. Since Inception Date = Date of First allotment in the Scheme / Plan. N.A.: Not Available
80 April 2022
 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)
ANIL BAMBOLI....CONTINUED

HDFC CAPITAL BUILDER VALUE FUND NAV as on Apr 29, 2022 ` 459.060
HDFC FMP 1846D AUGUST 2013 (1) NAV as on Apr 29, 2022 ` 21.4584
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Returns Returns Benchmark
Returns Returns Benchmark (%) (%)# Returns Scheme Benchmark Additional
(%) (%)# Returns Scheme Benchmark Additional (%) ## (`) (`)# Benchmark
(%) ## (`) (`)# Benchmark (`)##
(`)##
Apr 30, 21 Last 1 Year 22.80 20.87 18.24 12,273 12,081 11,818
Apr 30, 21 Last 1 Year 7.08 2.61 -1.95 10,706 10,260 9,806
Apr 30, 19 Last 3 Years 13.60 16.52 14.67 14,659 15,819 15,079
Apr 30, 19 Last 3 Years 9.78 7.87 5.65 13,230 12,553 11,792
Apr 28, 17 Last 5 Years 11.89 13.76 14.34 17,552 19,062 19,556
Apr 28, 17 Last 5 Years 8.53 7.07 4.94 15,062 14,074 12,730
Jan 01, 13 Since Inception 15.71 14.13 13.34 38,995 34,324 32,162
Aug 14, 13 Since Inception 9.16 8.66 6.70 21,458 20,618 17,600 # NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index). The scheme is managed by
# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by Mr. Gopal Agrawal from January 13, 2022.
Mr. Anil Bamboli since inception.
HDFC DIVIDEND YIELD FUND NAV as on Apr 29, 2022 ` 14.516
HDFC FMP 1344D OCTOBER 2018 (1) NAV as on Apr 29, 2022 ` 13.4179
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Returns Returns Benchmark
Returns Returns Benchmark (%) (%)# Returns Scheme Benchmark Additional
(%) (%)# Returns Scheme Benchmark Additional (%) ## (`) (`)# Benchmark
(%) ## (`) (`)# Benchmark (`)##
(`)##
Apr 30, 21 Last 1 Year 32.65 20.87 18.24 13,255 12,081 11,818
Apr 30, 21 Last 1 Year 4.67 2.61 -1.95 10,465 10,260 9,806 Dec 18, 20 Since Inception 31.48 22.58 18.54 14,516 13,195 12,606
Apr 30, 19 Last 3 Years 8.42 7.87 5.65 12,746 12,553 11,792 # NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index). The scheme is managed
Oct 24, 18 Since Inception 8.72 8.37 6.47 13,418 13,267 12,467 by Mr. Gopal Agrawal since December 18, 2020.
# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by
Mr. Anil Bamboli since inception.
ROSHI JAIN
RAKESH VYAS
HDFC FOCUSED 30 FUND NAV as on Apr 29, 2022 ` 127.740
HDFC INFRASTRUCTURE FUND NAV as on Apr 29, 2022 ` 22.367 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 (%) ## (`)##
(%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark
(`)## Apr 30, 21 Last 1 Year 34.15 20.87 18.19 13,404 12,081 11,813
Apr 30, 21 Last 1 Year 32.86 20.87 18.24 13,276 12,081 11,818 Apr 30, 19 Last 3 Years 15.92 16.52 14.77 15,575 15,819 15,118
Apr 30, 19 Last 3 Years 8.68 16.52 14.67 12,836 15,819 15,079 Apr 28, 17 Last 5 Years 10.72 13.76 15.10 16,645 19,062 20,221
Apr 28, 17 Last 5 Years 2.43 13.76 14.34 11,278 19,062 19,556 Jan 01, 13 Since Inception 13.16 14.13 13.61 31,696 34,324 32,869
Jan 01, 13 Since Inception 7.75 14.13 13.34 20,056 34,324 32,162 # NIFTY 500 (Total Returns Index) ## S&P BSE SENSEX (Total Returns Index). The scheme is
# NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index). managed by Ms. Roshi Jain from January 13, 2022.

HDFC HOUSING OPPORTUNITIES FUND € NAV as on Apr 29, 2022 ` 12.9310 HDFC TAXSAVER NAV as on Apr 29, 2022 ` 778.929
Date Period Scheme Benchmark Additional Value of ` 10,000 invested Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Returns Returns Benchmark
(%) (%)# Returns Scheme Benchmark Additional (%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark (`) (`)# Benchmark
(`)## (%) ##
(`)##
Apr 30, 21 Last 1 Year 19.79 23.27 18.24 11,973 12,320 11,818
Apr 30, 21 Last 1 Year 26.76 20.87 18.24 12,667 12,081 11,818
Apr 30, 19 Last 3 Years 10.08 18.93 14.67 13,339 16,820 15,079
Apr 30, 19 Last 3 Years 12.33 16.52 14.67 14,174 15,819 15,079
Dec 06, 17 Since Inception 6.02 14.28 14.21 12,931 17,983 17,938
# NIFTY Housing (Total Returns Index) ## NIFTY 50 (Total Returns Index) € HDFC Housing Apr 28, 17 Last 5 Years 9.44 13.76 14.34 15,704 19,062 19,556
opportunities Fund was launched as a close ended thematic Equity Scheme. The Scheme has been Jan 01, 13 Since Inception 13.13 14.13 13.34 31,611 34,324 32,162
converted into open-ended scheme on January 19, 2021.
# NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index). The scheme is managed by
Ms. Roshi Jain from January 13, 2022.
GOPAL AGRAWAL
KRISHAN KUMAR DAGA
HDFC LARGE AND MID CAP FUND NAV as on Apr 29, 2022 ` 190.599
(ERSTWHILE HDFC GROWTH HDFC GOLD FUND NAV as on Apr 29, 2022 ` 16.9263
OPPORTUNITIES FUND) €
Date Period Scheme Returns Benchmark Value of ` 10,000 invested
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional (%) Returns Scheme Benchmark
(%) (%)# Returns (`) (`)# Benchmark (%)#
(%) ## (`) (`)#
(`)##
Apr 30, 21 Last 1 Year 10.50 12.05 11,047 11,201
Apr 30, 21 Last 1 Year 27.04 21.68 18.19 12,696 12,162 11,813
Apr 30, 19 Last 3 Years 17.01 17.93 16,018 16,400
Apr 30, 19 Last 3 Years 18.27 18.75 14.77 16,544 16,744 15,118
Apr 28, 17 Last 5 Years 13.40 14.27 15.10 18,762 19,499 20,221 Apr 28, 17 Last 5 Years 11.37 12.55 17,141 18,075
Jan 01, 13 Since Inception 11.87 15.89 13.61 28,479 39,566 32,869 Jan 01, 13 Since Inception 4.67 5.92 15,306 17,097
# NIFTY Large Midcap 250 (Total Returns Index) ## S&P BSE SENSEX (Total Returns Index). The # Domestic Price of Physical Gold. The scheme is managed by Mr. Krishan Kumar Daga since
Scheme, formerly a large cap fund, has undergone change in Fundamental attributes w.e.f. May 23, October 19, 2015.
2018 and become a Large and Mid-cap Fund. Accordingly, the Scheme’s benchmark has also changed.
Hence, the past performance of the Scheme may not strictly be comparable with that of the new
benchmark. € HDFC Growth Opportunities Fund has been renamed as HDFC Large and Mid Cap
Fund w.e.f. June 28, 2021.

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended
schemes is primarily buy-and-hold whereas open-ended schemes are actively managed. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91.
Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz. Regular Plan and
Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged
in the Regular Plan. Load is not taken into consideration for computation of performance. Since Inception Date = Date of First allotment in the Scheme / Plan. N.A.: Not Available

April 2022 81
 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)
ANIL BAMBOLI....CONTINUED

ANAND LADDHA CO-MANAGED BY

SRINIVASAN RAMAMURTHY,
HDFC BANKING & FINANICIAL SERVICES FUND NAV as on Apr 29, 2022 ` 10.029
ANIL BAMBOLI, KRISHAN KUMAR DAGA,
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns
(%)
Returns Benchmark
(%)# Returns Scheme Benchmark Additional
BHAGYESH KAGALKAR & ARUN AGARWAL
(%) ## (`) (`)# Benchmark
(`)##
HDFC MULTI - ASSET FUND NAV as on Apr 29, 2022 ` 50.5850
Oct 29, 21 Last 6 Months -19.02 -22.85 -5.81 9,051 8,860 9,710
#NIFTY Financial Services (Total Returns Index) ## NIFTY (Total Returns Index). Simple annualized Date Period Scheme Benchmark Additional Value of ` 10,000 invested
returns have been provided as per the extant guidelines since the scheme has completed 6 months Returns Returns Benchmark Scheme Benchmark Additional
but not 1 year. However, such returns may not be representative. Absolute returns of the Scheme for (%) (%)# Returns (`) (`)# Benchmark
the 6 month period is -9.49%. The scheme is managed by Mr. Anand Laddha from July 1, 2021. (%) ## (`)##
Apr 30, 21 Last 1 Year 15.01 13.04 18.24 11,496 11,301 11,818
CO-MANAGED BY Apr 30, 19
Apr 28, 17
Last 3 Years
Last 5 Years
14.91
11.00
13.89
12.56
14.67 15,175
14.34 16,857
14,773
18,080
15,079
19,556
SRINIVASAN RAMAMURTHY & SHOBHIT MEHROTRA Jan 01, 13 Since Inception 10.97 11.42 13.34 26,416 27,413 32,162
# 90% NIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold ## NIFTY 50
HDFC RETIREMENT NAV as on Apr 29, 2022 ` 31.546(Total Returns Index). The Scheme formerly, a debt oriented hybrid fund, has undergone change in
Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in equities,
SAVINGS FUND - EQUITY PLAN debt and gold related instruments. Accordingly, the Scheme’s benchmark and additional benchmarks
have also changed. Hence, the past performance of the Scheme since inception till May 22, 2018 may
Date Period Scheme Benchmark Additional Value of ` 10,000 invested not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme
Returns Returns Benchmark Scheme Benchmark Additional performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid
(%) (%)# Returns nature of the scheme where a portion of scheme’s investments are made in debt instruments and
(`) (`)# Benchmark gold related instruments. The scheme will be co-managed by Mr. Srinivasan Ramamurthy (Equity
(%) ## (`)## Assets); Mr. Anil Bamboli (Debt Assets); Mr. Bhagyesh Kagalkar (Gold); and Mr. Krishan Daga and
Apr 30, 21 Last 1 Year 27.99 20.87 18.24 12,790 12,081 11,818 Mr. Arun Agarwal (Arbitrage Assets) w.e.f February 23, 2022.
Apr 30, 19 Last 3 Years 20.95 16.52 14.67 17,694 15,819 15,079
Apr 28, 17 Last 5 Years 15.90 13.76 14.34 20,933 19,062 19,556
Feb 25, 16 Since Inception 20.44 17.68 17.09 31,546 27,336 26,509 CO-MANAGED BY
# NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total Returns Index). SRINIVASAN RAMAMURTHY, ARUN AGARWAL,
NAV as on Apr 29, 2022 ` 26.577 KRISHAN KUMAR DAGA & ANIL BAMBOLI
HDFC RETIREMENT
SAVINGS FUND - HYBRID EQUITY PLAN HDFC EQUITY SAVINGS FUND NAV as on Apr 29, 2022 ` 52.4120
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
(%) ## (`)## (%) ## (`)##
Apr 30, 21 Last 1 Year 14.06 12.98 18.24 11,402 11,294 11,818 Apr 30, 21 Last 1 Year 13.42 9.04 -1.95 11,338 10,901 9,806
Apr 30, 19 Last 3 Years 14.69 13.20 14.67 15,086 14,506 15,079 Apr 30, 19 Last 3 Years 10.25 9.42 5.65 13,403 13,100 11,792
Apr 28, 17 Last 5 Years 12.72 12.37 14.34 18,208 17,932 19,556 Apr 28, 17 Last 5 Years 9.05 9.22 4.94 15,428 15,551 12,730
Feb 25, 16 Since Inception 17.14 14.36 17.09 26,577 22,904 26,509 Jan 01, 13 Since Inception 10.27 9.48 6.25 24,897 23,281 17,600
# NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Returns Index). # NIFTY Equity Savings Index ## CRISIL 10 year Gilt Index. Scheme performance may not strictly be
comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made in
equity instruments.
HDFC RETIREMENT NAV as on Apr 29, 2022 ` 17.7370
SAVINGS FUND - HYBRID DEBT PLAN CO-MANAGED BY
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional ANIL BAMBOLI & SRINIVASAN RAMAMURTHY
(%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)## HDFC DYNAMIC PE RATIO FUND OF FUNDS NAV as on Apr 29, 2022 ` 28.569
Apr 30, 21 Last 1 Year 6.66 5.49 -1.95 10,664 10,547 9,806 Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Apr 30, 19 Last 3 Years 9.02 9.62 5.65 12,957 13,174 11,792 Returns Returns Benchmark Scheme Benchmark Additional
Apr 28, 17 Last 5 Years 7.99 8.57 4.94 14,690 15,092 12,730 (%) (%)# Returns (`) (`)# Benchmark
(%) ## (`)##
Feb 26, 16 Since Inception 9.72 9.58 6.16 17,737 17,589 14,466
Apr 30, 21 Last 1 Year 15.05 12.98 18.24 11,501 11,294 11,818
# NIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 Year Gilt Index.
Apr 30, 19 Last 3 Years 13.18 13.20 14.67 14,497 14,506 15,079
Apr 28, 17 Last 5 Years 10.26 12.37 14.34 16,306 17,932 19,556
HDFC HYBRID DEBT FUND NAV as on Apr 29, 2022 ` 62.5192 Jan 01, 13 Since Inception 10.90 11.85 13.34 26,257 28,419 32,162
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
# NIFTY 50 Hybrid Composite Debt 65:35 Index ## NIFTY 50 (Total Returns Index). Scheme
Returns Returns Benchmark Scheme Benchmark Additional performance may not strictly be comparable with that of its Additional Benchmark in view
(%) (%)# Returns (`) (`)# Benchmark of hybrid nature of the scheme where a portion of scheme’s investments are made in equity
(%) ## (`)## instruments. The scheme is co-managed by Mr. Srinivasan Ramamurthy (Equity Assets) and
Mr. Anil Bamboli (Debt Assets) from January 13, 2022.
Apr 30, 21 Last 1 Year 10.56 5.49 -1.95 11,053 10,547 9,806
Apr 30, 19 Last 3 Years 10.01 9.62 5.65 13,312 13,174 11,792
Apr 28, 17 Last 5 Years 7.84 8.57 4.94 14,588 15,092 12,730
Jan 01, 13 Since Inception 9.65 9.01 6.25 23,615 22,355 17,600
# NIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 year Gilt Index. Refer to note on
performance disclosure on Page no. 31.

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended
schemes is primarily buy-and-hold whereas open-ended schemes are actively managed. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91.
Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz. Regular Plan and
Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged
in the Regular Plan. Load is not taken into consideration for computation of performance. Since Inception Date = Date of First allotment in the Scheme / Plan. N.A.: Not Available

82 April 2022
 SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)
ANIL BAMBOLI....CONTINUED

CO-MANAGED BY CO-MANAGED BY
SHOBHIT MEHROTRA & VIKASH AGARWAL KRISHAN KUMAR DAGA & ARUN AGARWAL
HDFC ARBITRAGE FUND - WHOLESALE PLAN NAV as on Apr 29, 2022 ` 16.144
HDFC FLOATING RATE DEBT FUND NAV as on Apr 29, 2022 ` 40.2144
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 (`) (`)# Benchmark
Returns Returns Benchmark Scheme Benchmark Additional (%) ## (`)##
(%) (%)# Returns (`) (`)# Benchmark Apr 30, 21 Last 1 Year 4.12 3.89 3.63 10,411 10,388 10,362
(%) ## (`)## Apr 30, 19 Last 3 Years 4.69 3.93 5.23 11,474 11,227 11,653
Apr 28, 17 Last 5 Years 5.33 4.41 5.83 12,966 12,412 13,278
Apr 30, 21 Last 1 Year 4.51 3.92 -1.95 10,449 10,390 9,806
Apr 07, 14 Since Inception 6.12 5.44 6.56 16,144 15,328 16,689
Apr 30, 19 Last 3 Years 6.96 5.80 5.65 12,238 11,841 11,792 # NIFTY 50 Arbitrage Index ## CRISIL 1 year T-Bill Index. Scheme performance is not strictly
Apr 28, 17 Last 5 Years 7.12 6.37 4.94 14,108 13,624 12,730 comparable with that of its Additional Benchmark since the scheme does not take directional call
Jan 01, 13 Since Inception 7.99 7.42 6.25 20,486 19,497 17,600 in equity markets but is limited to availing arbitrage opportunities, etc.
# NIFTY Low Duration Debt Index ## CRISIL 10 year Gilt Index. The Scheme is co-managed by HDFC INDEX FUND - SENSEX PLAN NAV as on Apr 29, 2022 ` 521.9074
Shobhit Mehrotra & Vikash Agarwal from July 01, 2020.
Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
CO-MANAGED BY (%) ## (`)##
Apr 30, 21 Last 1 Year 17.86 18.19 18.24 11,781 11,813 11,818
ANIL BAMBOLI & VIKASH AGARWAL Apr 30, 19 Last 3 Years 14.34 14.77 14.67 14,950 15,118 15,079
Apr 28, 17 Last 5 Years 14.69 15.10 14.34 19,860 20,221 19,556
HDFC MONEY MARKET FUND NAV as on Apr 29, 2022 ` 4668.6368 Jan 01, 13 Since Inception 13.24 13.61 13.34 31,895 32,869 32,162
# S&P BSE SENSEX (Total Returns Index) ## NIFTY 50 (Total Returns Index). Refer to note on
Date Period Scheme Benchmark Additional Value of ` 10,000 invested performance disclosure on Page no. 33.
Returns Returns Benchmark Scheme Benchmark Additional
(%) (%)# Returns (`) (`)# Benchmark
HDFC INDEX FUND - NIFTY 50 PLAN NAV as on Apr 29, 2022 ` 160.3545
(%) ## (`)## Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme Benchmark Additional
Apr 30, 21 Last 1 Year 3.97 3.64 3.63 10,396 10,363 10,362 (%) (%)# Returns (`) (`)# Benchmark
Apr 30, 19 Last 3 Years 5.86 4.80 5.23 11,864 11,512 11,653 (%) ## (`)##
Apr 28, 17 Last 5 Years 6.46 5.73 5.83 13,679 13,215 13,278
Apr 30, 21 Last 1 Year 17.87 18.24 18.19 11,782 11,818 11,813
Dec 31, 12 Since Inception 7.39 7.05 6.52 19,459 18,880 18,033
Apr 30, 19 Last 3 Years 14.19 14.67 14.77 14,890 15,079 15,118
# NIFTY Money Market Index B-I ## CRISIL 1 year T-Bill Index. The Scheme is co-managed by Anil Apr 28, 17 Last 5 Years 13.95 14.34 15.10 19,225 19,556 20,221
Bamboli & Vikash Agarwal from July 01, 2020. Jan 01, 13 Since Inception 12.98 13.34 13.61 31,210 32,162 32,869
# NIFTY 50 (Total Returns Index) ## S&P BSE SENSEX (Total Returns Index).

CO-MANAGED BY HDFC NIFTY50 EQUAL WEIGHT INDEX FUND NAV as on Apr 29, 2022 ` 10.734
SRINIVASAN RAMAMURTHY, Date Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark
BHAGYESH KAGALKAR & ANIL BAMBOLI (%) (%)# Returns Scheme Benchmark Additional
(%) ## (`) (`)# Benchmark
(`)##
HDFC ASSET ALLOCATOR FUND OF FUNDS NAV as on Apr 29, 2022 ` 11.640 Oct 29, 21 Last 6 Months -1.15 -0.62 -5.81 9,943 9,969 9,710
Date Period Scheme Benchmark Additional Value of ` 10,000 invested #NIFTY50 Equal Weight (Total Returns Index) ## NIFTY 50 (Total Returns Index). Simple annualized
Returns Returns Benchmark returns have been provided as per the extant guidelines since the scheme has completed 6 months
(%) (%)# Returns Scheme Benchmark Additional but not 1 year. However, such returns may not be representative. Absolute returns of the Scheme for
(%) ## (`) (`)# Benchmark the 6 month period is -0.57%. The scheme is co-managed by Mr. Krishan Kumar Daga from August
(`)## 20, 2021 and Mr. Anil Bamboli from February 01, 2022.
Oct 29, 21 Last 6 Months 4.40 -0.96 -5.81 10,219 9,952 9,710
#90% NIFTY 50 Hybrid Composite Debt 65:35 Index (Total Returns Index) And 10% Domestic Prices of
HDFC DEVELOPED WORLD INDEXES FUND OF FUNDS NAV as on Apr 29, 2022 ` 9.753
Gold arrived at based on London Bullion Market Association's (LBMA) AM Fixing Price ## NIFTY Date Period Scheme Benchmark Additional Value of ` 10,000 invested
(Total Returns Index). Simple annualized returns have been provided as per the extant guidelines since Returns Returns Benchmark
the scheme has completed 6 months but not 1 year. However, such returns may not be representative. (%) (%)# Returns Scheme Benchmark Additional
Absolute returns of the Scheme for the 6 month period is 2.19%. The scheme is co-managed by (%) ## (`) (`)# Benchmark
Mr. Srinivasan Ramamurthy (Equity Assets), Mr. Anil Bamboli (Debt Assets) and Mr. Bhagyesh (`)##
Kagalkar (Gold ETF Schemes) w.e.f February 23, 2022. Oct 29, 21 Last 6 Months -15.17 -14.76 -5.81 9,244 9,264 9,710
#MSCI World Index (Net Total Returns Index) ## NIFTY 50 (Total Returns Index). 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 -7.56%. The scheme is co-managed by Mr. Krishan Kumar Daga from August
20, 2021 and Mr. Anil Bamboli from February 01, 2022.

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended
schemes is primarily buy-and-hold whereas open-ended schemes are actively managed. For Riskometer of the Schemes and Benchmark's, refer page 86 to 91.
Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz. Regular Plan and
Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged
in the Regular Plan. Load is not taken into consideration for computation of performance. Since Inception Date = Date of First allotment in the Scheme / Plan. N.A.: Not Available
PERFORMANCE OF PERMITTED CATEGORY FPI PORTFOLIO (MANAGED BY PRASHANT JAIN)
Returns (%)
Managing (As on April 30, 2022)
Portfolio Since
Last 1 year (%) Last 3 years (%) Last 5 years (%)
Permitted Category FPI Portfolio
(managed under a bilateral agreement under Regulation March 22, 2016 27.67 15.30 14.46
24(b) and subject to applicable laws)
Benchmark- MSCI India (Total Returns) 21.40 15.89 14.37
Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualised (CAGR). The above returns are computed using the
Time Weighted Rate of Return (TWRR) methodology, to make them more comparable with the mutual fund scheme's returns. Inception date is March 22, 2016. The performance is
not comparable with the performance of the aforementioned scheme(s) of HDFC Mutual Fund due to differing investment objective/s and fundamental differences in asset allocation,
investment strategy and the regulatory environment. The said disclosure is pursuant to SEBI Circular no. Cir/IMD/DF/7/2012 dated February 28, 2012 pertaining to Regulation 24(b) of
SEBI (Mutual Funds) Regulations, 1996. FPI - Foreign Portfolio Investor.

April 2022 83
 IDCW HISTORY ^

HDFC Flexi Cap Fund (Past 3 years) IDCW Option HDFC Small Cap Fund (Past 3 years) IDCW Option
Record Date Regular Plan Direct Plan Record Date Regular Plan Direct Plan
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Mar 19, 20 33.678 4.250 4.250 36.364 4.250 4.250 Mar 27, 19 25.955 2.50 2.50 30.135 0.99 0.99
Mar 18, 21 52.126 5.000 5.000 57.269 5.000 5.000 Mar 18, 21 27.378 2.500 2.500 35.017 2.500 2.500
Mar 17, 22 59.014 5.750 5.750 65.864 5.750 5.750 Mar 17, 22 34.051 3.500 3.500 44.943 3.500 3.500

HDFC Top 100 Fund (Past 3 years) IDCW Option HDFC Hybrid Equity Fund (Past 3 quarters) IDCW Option
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 12, 20 43.674 5.00 5.00 46.622 5.00 5.00 Sep 27, 21 14.6140 0.2500 0.2500 15.9170 0.2500 0.2500
Mar 04, 21 50.790 5.00 5.00 55.066 5.00 5.00 Dec 27, 21 14.1660 0.2500 0.2500 15.4760 0.2500 0.2500
Mar 03, 22 50.209 5.25 5.25 55.214 5.25 5.25 Mar 25, 22 14.0310 0.2500 0.2500 15.3750 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 20, 20 24.565 2.75 2.75 26.809 2.75 2.75 Jan 25, 22 29.225 0.260 0.260 32.183 0.260 0.260
Feb 18, 21 26.933 2.75 2.75 30.026 2.75 2.75 Feb 25, 22 28.209 0.260 0.260 31.105 0.260 0.260
Feb 17, 22 28.845 3.00 3.00 32.828 3.00 3.00 Mar 25, 22 28.816 0.260 0.260 31.819 0.260 0.260

HDFC Focused 30 Fund (Past 3 years) IDCW Option HDFC TaxSaver (Past 3 years) IDCW Option
(An open-ended equity linked savings scheme with a lock-in period of 3 years)
Record Date Regular Plan Direct Plan
Record Date Regular Plan Direct Plan
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Feb 20, 20 16.110 1.75 1.75 17.776 1.75 1.75
Mar 12, 20 39.950 5.00 5.00 42.588 2.37 2.37
Feb 18, 21 17.040 1.75 1.75 - - -
Mar 10, 21 53.273 5.000 5.000 62.058 3.750 3.750
Feb 17, 22 18.943 2.00 2.00 21.927 2.00 2.00
Mar 10, 22 55.928 5.750 5.750 67.943 5.750 5.750
HDFC Arbitrage Fund
Normal IDCW Option (Past 3 months) HDFC Infrastructure Fund (Past 3 years) IDCW Option
Record Date Wholesale Plan Direct Plan Record Date Regular Plan Direct Plan
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
Jan 20, 22 10.494 0.040 0.040 10.847 0.040 0.040 Mar 15, 18 14.630 1.750 1.750 18.570 1.750 1.750
Feb 17, 22 10.505 0.040 0.040 10.865 0.040 0.040 Mar 27, 19 11.308 1.000 1.000 14.899 1.000 1.000
Mar 24, 22 10.477 0.040 0.040 10.844 0.040 0.040 Mar 03, 22 11.5210 1.0000 1.0000 15.9090 1.0000 1.0000
Monthly IDCW Option (Past 3 months)
HDFC Hybrid Debt Fund
Record Date Wholesale Plan Wholesale Plan - Direct Plan
Monthly IDCW Option (Past 3 months)
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For Record Date Regular Plan Direct Plan
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
Feb 17, 22 10.867 0.040 0.040 10.564 0.040 0.040 NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Mar 24, 22 10.840 0.040 0.040 10.542 0.040 0.040 Feb 25, 22 13.3273 0.0800 0.0800 14.2616 0.0800 0.0800
Apr 21, 22 10.831 0.040 0.040 10.537 0.040 0.040 Mar 25, 22 13.3835 0.0800 0.0800 14.3337 0.0800 0.0800
Apr 25, 22 13.3390 0.0800 0.0800 14.2985 0.0800 0.0800
HDFC Large and Mid Cap Fund
Quarterly IDCW Option (Past 3 quarters)
(Erstwhile HDFC Growth Opportunities 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 Sep 27, 21 14.6280 0.2400 0.2400 15.5773 0.2400 0.2400
Feb 28, 19 19.807 2.00 2.00 22.663 2.00 2.00 Dec 27, 21 14.4487 0.2400 0.2400 15.4202 0.2400 0.2400
Feb 27, 20 18.745 2.00 2.00 21.836 2.00 2.00 Mar 25, 22 14.3405 0.2400 0.2400 15.3399 0.2400 0.2400
Feb 25, 21 22.017 2.00 2.00 26.266 2.00 2.00
HDFC Equity Savings Fund (Past 3 quarters) IDCW Option
HDFC Mid-Cap Opportunities 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
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others Sep 27, 21 12.3790 0.2200 0.2200 13.7460 0.2200 0.2200
Dec 27, 21 12.1330 0.2200 0.2200 13.5250 0.2200 0.2200
Feb 27, 20 28.084 2.50 2.50 34.848 2.50 2.50
Mar 25, 22 12.0570 0.2200 0.2200 13.4940 0.2200 0.2200
Feb 25, 21 33.208 3.00 3.00 42.417 3.00 3.00
Feb 24, 22 34.514 3.50 3.50 45.361 3.50 3.50
^ Past performance may or may not be sustained in the future. There is no assurance or guarantee to Unit holders as to rate/quantum of IDCW distribution nor that the IDCWs will be paid regularly.
After payment of the IDCW, the per Unit NAV falls to the extent of the payout and statutory levy, if any. Please log on to www.hdfcfund.com for Record Date-wise listing of IDCWs declared.

84 April 2022
 IDCW HISTORY ^

HDFC Multi-Asset Fund (Past 3 years) IDCW Option HDFC Liquid Fund
Record Date Regular 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
Mar 01, 18 12.2077 0.7945 0.7361 13.1690 0.7945 0.7361 NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Mar 04, 21 14.7460 1.0000 1.0000 16.3170 1.0000 1.0000 Feb 28, 22 1029.1236 2.8236 2.8236 1029.2026 2.9026 2.9026
Feb 24, 22 15.2190 1.2500 1.2500 17.2000 1.2500 1.2500 Mar 28, 22 1029.0998 2.7998 2.7998 1029.1786 2.8786 2.8786
Apr 25, 22 1029.2670 2.9670 2.9670 1029.346 3.0460 3.0460
HDFC Income Fund (Past 3 quarters) Quarterly IDCW Option
Record Date Regular Plan Direct Plan
HDFC Floating Rate Debt Fund
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
NAV (`) NAV (`) Individuals & HUF Others Monthly IDCW Option (Past 3 months)
Individuals & HUF Others
Sep 27, 21 11.3815 0.1000 0.1000 12.3059 0.1000 0.1000 Record Date Regular Plan Direct Plan
Dec 27, 21 11.2970 0.1000 0.1000 12.2646 0.1000 0.1000 Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
Mar 25, 22 11.1736 0.0500 0.0500 12.1830 0.0500 0.0500 NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Feb 28, 22 10.1510 0.0069 0.0069 10.1530 0.0089 0.0089
HDFC Dynamic Debt Fund Mar 28, 22 10.1846 0.0405 0.0405 10.1863 0.0422 0.0422
Quarterly IDCW Option (Past 3 quarters) Apr 25, 22 10.1694 0.0253 0.0253 10.1715 0.0274 0.0274
Record Date Regular Plan Direct Plan
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
HDFC Low Duration Fund
Sep 27, 21 12.3969 0.2000 0.2000 13.3529 0.2000 0.2000
Dec 27, 21 12.2264 0.1000 0.1000 13.2223 0.1000 0.1000 Monthly IDCW Option (Past 3 months)
Mar 25, 22 12.0916 0.0500 0.0500 13.1233 0.0500 0.0500 Record Date Regular Plan Direct Plan
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
Half-yearly (IDCW Option) (Past 2 years) NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Record Date Regular Plan Direct Plan
Feb 28, 22 10.1602 0.0202 0.0202 10.1678 0.0253 0.0253
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
Mar 28, 22 10.1729 0.0329 0.0329 10.1804 0.0379 0.0379
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Apr 25, 22 10.1598 0.0198 0.0198 10.1673 0.0248 0.0248
Sep 25, 20 11.4630 0.4000 0.4000 - - -
Mar 25, 21 11.2591 0.3000 0.3000 12.6362 0.3000 0.3000
Sep 27, 21 11.8259 0.3000 0.3000 - - -
Mar 25, 22 11.5207 0.1500 0.1500 13.1166 0.1500 0.1500 HDFC Credit Risk Debt Fund
Quarterly IDCW Option (Past 3 quarters)
Yearly (IDCW Option) (Past 3 years)
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 18, 20 12.9884 0.5500 0.5093 13.7778 0.5500 0.5093 Sep 27, 21 10.6122 0.1810 0.1810 10.8796 0.1650 0.1650
Mar 25, 21 13.1613 0.7000 0.7000 14.1025 0.7000 0.7000 Dec 27, 21 10.5313 0.1780 0.1780 10.8342 0.1890 0.1890
Mar 25, 22 13.4412 0.4500 0.4500 14.5780 0.4500 0.4500 Mar 25, 22 10.4568 0.1600 0.1600 10.7698 0.1660 0.1660

HDFC Corporate Bond Fund HDFC Ultra Short Term Fund

Quarterly IDCW Option (Past 3 quarters) Monthly 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
Sep 27, 21 10.6123 0.1550 0.1550 10.5410 0.1860 0.1860
Feb 28, 22 10.1791 0.0291 0.0291 10.0812 0.0312 0.0312
Dec 27, 21 10.5247 0.1590 0.1590 10.4297 0.1740 0.1740
Mar 28, 22 10.1821 0.0321 0.0321 10.0841 0.0341 0.0341
Mar 25, 22 10.4398 0.1030 0.1030 10.3365 0.1240 0.1240
Apr 25, 22 10.1795 0.0295 0.0295 10.0815 0.0315 0.0315
HDFC Gilt Fund
(IDCW Option) (Past 3 quarters)
Record Date Regular Plan Direct Plan
Cum IDCW IDCW per Unit (`) For Cum IDCW IDCW per Unit (`) For
NAV (`) Individuals & HUF Others NAV (`) Individuals & HUF Others
Sep 27, 21 11.9803 0.1000 0.1000 12.5418 0.1000 0.1000
Dec 27, 21 11.9219 0.1000 0.1000 12.4995 0.1000 0.1000
Mar 25, 22 11.8191 0.0500 0.0500 12.4101 0.0500 0.0500

^ Past performance may or may not be sustained in the future. There is no assurance or guarantee to Unit holders as to rate/quantum of IDCW distribution nor that the IDCWs will be paid regularly.
After payment of the IDCW, the per Unit NAV falls to the extent of the payout and statutory levy, if any. Please log on to www.hdfcfund.com for Record Date-wise listing of IDCWs declared.

April 2022 85
 BENCHMARK AND SCHEME RISKOMETERS
NAME AND RISKOMETER OF BENCHMARK NAME OF SCHEME(S) RISKOMETER OF THE SCHEME(S)

NIFTY 50 Arbitrage Index

Modera
oderate High tely
o M
w t erate Hi
l HDFC Arbitrage Fund
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
low risk
NIFTY Financial Services (Total Return Index)

Modera
oderate High tely
o M
w t erate Hi
l HDFC Banking & Financial Services Fund
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
very high risk l HDFC Capital Builder Value Fund
NIFTY 500 (Total Returns Index)
l HDFC Flexi Cap Fund
Modera
oderate High tely HDFC Focused 30 Fund
o M
l
w t erate Hi
l HDFC Infrastructure Fund
Mo Lo

gh
d

l HDFC Retirement Savings Fund - Equity Plan

Very
High
Low

l HDFC Taxsaver
RISKOMETER
Investors understand that their principal will be at l HDFC Dividend Yield Fund
very high risk
NIFTY Housing
(Total Returns Index)

Modera
oderate High tely
to te M Hi
w era l HDFC Housing Opportunities Fund
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
very high risk Debt 15:85 Index
NIFTY 50 Hybrid Composite

Modera
oderate High tely
to te M Hi l HDFC Retirement Savings Fund - Hybrid Debt Plan
w era
Mo Lo

gh
d

l HDFC Hybrid Debt Fund

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
NIFTYmoderately high risk Index
Equity Savings
M odera
oderate High tely
to te M Hi
w era
Mo Lo

gh

l HDFC Equity Savings Fund

d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
moderate risk

86 April 2022
 BENCHMARK AND SCHEME RISKOMETERS
NAME AND RISKOMETER OF BENCHMARK NAME OF SCHEME(S) RISKOMETER OF THE SCHEME(S)

S&P BSE SENSEX (Total Returns Index)

Modera
oderate High tely
to te M Hi
w era l HDFC Index Fund - Sensex Plan
Mo Lo

gh
d

l HDFC Sensex ETF

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
very highReturns
NIFTY 50 (Total risk Index)
Modera
oderate High tely
o M
w t erate Hi l HDFC Index Fund - NIFTY 50 Plan
Mo Lo

gh
d

l HDFC NIFTY 50 ETF

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
NIFTY Large Midcap very250
high risk
(Total Returns Index)
Modera
oderate High tely
o M
w t erate Hi
Mo Lo

l HDFC Large and Mid Cap Fund

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
NIFTY Midcap 150 very high risk Returns Index)
(Total
Modera
oderate High tely
to te M Hi
w era
Mo Lo

l HDFC Mid-Cap Opportunities Fund

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
NIFTY50 Equal Weightvery high(Total
risk Returns Index)
Modera
oderate High tely
o M
w t erate Hi
Mo Lo

l HDFC NIFTY50 Equal Weight Index Fund

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
NIFTY 100 very highReturns
(Total risk Index)
Modera
oderate High tely
o M
w t erate Hi l HDFC Top 100 Fund
Mo Lo

gh
d

l HDFC NIFTY 100 Index Fund

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
very high risk
NIFTY 100 Equal Weight (Total Returns Index)
Modera
oderate High tely
to te M Hi
w era
Mo Lo

l HDFC NIFTY 100 Equal Weight Index Fund

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
NIFTY Next 50 very(Total
high risk
Returns Index)
Modera
oderate High tely
o M
w t erate Hi
Mo Lo

l HDFC NIFTY Next 50 Index Fund

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
very high risk

April 2022 87
 BENCHMARK AND SCHEME RISKOMETERS
NAME AND RISKOMETER OF BENCHMARK NAME OF SCHEME(S) RISKOMETER OF THE SCHEME(S)
NIFTY500 MultiCap 50:25:25 (Total Returns Index)
Modera
oderate High tely
o M
w t erate Hi
Mo Lo

l HDFC Multi Cap Fund

gh
d

Very
High
Low

RISKOMETER
Investors
S&P BSE understand that
250 SmallCap their (Total
Index principalReturns
will be at Index)
very high risk
Modera
oderate High tely
o M
w t erate Hi
Mo Lo

l HDFC Small Cap Fund

gh
d

Very
High
Low

RISKOMETER
Investors
NIFTYunderstand that their
Bank (Total principalIndex)
Returns will be at
very high risk
M odera
oderate High tely
o M
w t erate Hi
Mo Lo

l HDFC Banking ETF

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
very high
Domestic Price of risk
Physical Gold
Modera
oderate High tely
o M
w t erate Hi l HDFC Gold Fund
Mo Lo

gh
d

l HDFC Gold ETF

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
high risk Debt 65:35 Index + 10%
90% NIFTY 50 Hybrid Composite
Domestic Price of Gold
Modera
oderate High tely
to te M Hi
w era l HDFC Multi-Asset Fund
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
high risk

l HDFC Hybrid Equity Fund

l HDFC Retirement Savings Fund - Hybrid Equity Plan
NIFTY 50 Hybrid Composite Debt 65:35 Index l HDFC Children’s Gift Fund
Modera
oderate High tely
to te M Hi
w era
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at l HDFC Dynamic PE Ratio Fund of Funds
high risk

90% NIFTY 50 Hybrid Composite Debt 65:35 Index (Total

Returns Index) and 10% Domestic Prices of Gold arrived at based
on London Bullion Market Association's (Lbma) Am Fixing Price
Modera
oderate High tely
o M
w t erate Hi l HDFC Asset Allocator Fund of Funds
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
88 April 2022 high risk
 BENCHMARK AND SCHEME RISKOMETERS
NAME AND RISKOMETER OF BENCHMARK NAME OF SCHEME(S) RISKOMETER OF THE SCHEME(S)

NIFTY 50 Hybrid Composite Debt 50:50 Index

Modera
oderate High tely
to te M Hi
w era
HDFC Balanced Advantage Fund
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
MSCI high
World
risk Index
Modera
oderate High tely
to te M Hi
w era
Mo Lo

l HDFC Developed World Indexes Fund of Funds

gh
d

Very
High
Low

` RISKOMETER
Investors understand that their principal will be at
very high
CRISIL Liquid Fund riskB-I Index

Modera
oderate High tely
o M
w t erate Hi
Mo Lo

l HDFC Liquid Fund

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
moderate risk
CRISIL Ultra Short Duration Fund B-I Index

rate Moderately
o Mode High
w t erate Hi
HDFC Ultra Short Term Fund
Mo Lo

l
gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
NIFTY Lowmoderate
Duration risk Debt Index

Modera
oderate High tely
to te M Hi
w era
Mo Lo

l HDFC Floating Rate Debt Fund

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
NIFTY Low Duration Debt Index B-I
moderate risk
Modera
oderate High tely
to te M Hi
w era
Mo Lo

l HDFC Low Duration Fund

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
moderate risk

April 2022 89
 BENCHMARK AND SCHEME RISKOMETERS
NAME AND RISKOMETER OF BENCHMARK NAME OF SCHEME(S) RISKOMETER OF THE SCHEME(S)

NIFTY Medium to Long Duration Debt Index B-III

rate Moderately
o Mode High
w t erate Hi
HDFC Income Fund
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
NIFTY Money Market
moderately high riskIndex B-I
Modera
oderate High tely
to te M Hi
w era
Mo Lo

l HDFC Money Market Fund

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
moderate risk
NIFTY Corporate Bond Index B-III

Modera
oderate High tely
to te M Hi
w era
l HDFC Corporate Bond Fund
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
moderate risk
NIFTY Banking & PSU Debt Index

Modera
oderate High tely
to te M Hi
w era
l HDFC Banking and PSU Debt Fund
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
moderate risk
CRISIL Short Duration Fund B-II Index

Modera
oderate High tely
o M
w t erate Hi
l HDFC Short Term Debt Fund
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
moderate risk
CRISIL Dynamic Gilt Index

Modera
oderate High tely
o M
w t erate Hi
l HDFC Gilt Fund
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
moderate risk
NIFTY Credit Risk Bond Index C-III

Modera
oderate High tely
to te M Hi
w era
HDFC Credit Risk Debt Fund
Mo Lo

l
gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
high risk

90 April 2022
 BENCHMARK AND SCHEME RISKOMETERS
NAME AND RISKOMETER OF BENCHMARK NAME OF SCHEME(S) RISKOMETER OF THE SCHEME(S)

NIFTY Medium Duration Debt Index C-III

Modera
oderate High tely
o M
w t erate Hi
l HDFC Medium Term Debt Fund
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
high risk
CRISIL Overnight Fund A-I Index
Modera
oderate High tely
o M
w t erate Hi
l HDFC Overnight Fund
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
low risk

l HDFC FMP 3360D March 2014 (1)

l HDFC FMP 1381D September 2018 (1)
l HDFC FMP 1344D October 2018 (1)

CRISIL Composite Bond Fund Index

rate Moderately
Modera o Mode High
oderate High tely w t erate Hi
to te M Hi

Mo Lo

gh
w era HDFC FMP 1846D August 2013 (1)

d
l
Mo Lo

gh
d

Very
High
Low
l HDFC FMP 1487D August 2018 (1)
Very
High
Low

RISKOMETER
RISKOMETER Investors understand that their principal will be at
Investors understand that their principal will be at moderately high risk
moderate risk

l HDFC FMP 1372D September 2018 (1)

l HDFC FMP 1100D April 2019 (1)

CRISIL Dynamic Bond Fund B-III Index

Modera
oderate High tely
to te M Hi
w era
l HDFC Dynamic Debt Fund
Mo Lo

gh
d

Very
High
Low

RISKOMETER
Investors understand that their principal will be at
Benchmark and Scheme moderately high riskAs on April 30, 2022
Riskometer

April 2022 91
 UPDATION OF PAN OF ALL UNITHOLDERS IN THE FOLIOS IS MANDATORY FOR PROCESSING OF REDEMPTION AND RELATED TRANSACTIONS

It is Mandatory to complete the KYC requirements for all unit holders, including for all joint holders and the guardian in case of folio of a minor investor.
Accordingly, financial transactions (including redemptions, switches and all types of systematic plans) will not be processed if the unit holders have not
completed KYC requirements

Disclaimer: The views expressed herein are based on internal data, publicly available information and other sources believed to be reliable, but involve uncertainties that could cause actual events to differ materially from
those expressed or implied in such statements. The document is given for general and information purpose and is neither an investment advice nor an offer to sell nor a solicitation. While due care has been exercised
while preparing this document, HDFC Asset Management Company Limited (“HDFC AMC”) does not warrant the completeness or accuracy of the information. Neither HDFC AMC, nor any person connected with it,
accepts any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice. For latest riskometers, please refer www.hdfcfund.com

HDFC SENSEX ETF, HDFC Index Fund - SENSEX Plan (“Schemes”) is based on the S&P BSE SENSEX Index. S&P® is a registered trademark of S&P Financial Services Limited (S&P). BSE® and SENSEX® are registered trademarks
of BSE Limited. The Schemes is not sponsored, endorsed marketed or promoted by S&P, BSE or their respective affiliates. Please refer to the Scheme Information Document for disclaimers w.r.t. S&P BSE SENSEX Index.

For HDFC NIFTY 50 ETF, HDFC Index Fund - NIFTY 50 Plan, HDFC Banking ETF, HDFC NIFTY50 Equal Weight Index Fund, HDFC NIFTY Next 50 Index Fund, HDFC NIFTY 100 Index Fund and HDFC NIFTY 100 Equal Weight
Index Fund: The Scheme of HDFC Mutual Fund (the “Product(s)”) are not sponsored, endorsed, sold or promoted by Nifty Indices Limited [formerly India Index Services & Products Limited] (“NIL”). NIL does not
make any representation or warranty, express or implied, to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly or
the ability of the NIFTY Indices to track general stock market performance in India. The relationship of NIL with HDFC Asset Management Company Limited (“the Issuer/Licensee”) is only in respect of the licensing of
the Indices and certain trademarks and trade names associated with such Indices which is determined, composed and calculated by NIL without regard to the Issuer /Licensee or the Product(s). NIL does not have any
obligation to take the needs of the Issuer/Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the NIFTY Indices. NIL is not responsible for or has participated in the
determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. NIL has no obligation
or liability in connection with the administration, marketing or trading of the Product(s).

NIL is engaged in the business of developing, constructing, compiling, computing and maintaining various equity indices. The relationship of NIL to HDFC AMC is only in respect of the rights granted to use certain
trademarks and trade names of the Index in connection with the utilisation of the Index data relating to such Index. The Index is determined, composed and calculated by NIL without regard to HDFC AMC. NIL has
no obligation to take the needs of HDFC AMC into consideration in determining, composing or calculating the NIFTY Indices.

NIL do not guarantee the accuracy and/or the completeness of NIFTY Indices or any data included therein and they shall have no liability for any errors, omissions, or interruptions therein. NIL make no warranty,
express or implied, as to results to be obtained by HDFC AMC or any other person or entity from the use of NIFTY Indices or any data included therein. NIL make no express or implied warranties, and expressly disclaim
all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, NIL expressly disclaim any and all liability for
any damages or losses arising out of the use of NIFTY Indices or any data included therein by any third party, including any and all direct, special, punitive, indirect, or consequential damages (including lost profits),
even if notified of the possibility of such damages. An investor, by subscribing or purchasing an interest in the Product(s), will be regarded as having acknowledged, understood and accepted the disclaimer referred
to in Clauses above and will be bound by it.
MSCI Disclaimer: HDFC Developed World Indexes Fund of Funds is not sponsored, endorsed, sold or promoted by MSCI. All MSCI indexes are owned by MSCI and provided as-is without any warranties. MSCI assumes
no liability for or in connection with the MSCI indexes. Please see complete MSCI disclaimer in https://www.hdfcfund.com/our-products/hdfc-developed-world-indexes-fund-funds.

WANT TO HAVE THE LATEST INFORMATION ABOUT US?

Visit us at For any query or suggestions:-
www.hdfcfund.com Investors may contact us at:
hello@hdfcfund.com
Telephone Services Distributors may contact us at:
Toll-free number: 1800 3010 6767 / 1800 419 7676 partners@hdfcfund.com
SMS: HDFCMF to 56767

Registered Office: HDFC House, 2nd Floor, H.T. Parekh Marg, 165-166 Backbay Reclamation, Churchgate, Mumbai - 400 020.

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
Date of Release: May 13, 2022

92 April 2022