July 31, 2025

HDFC Balanced Advantage Fund

Striking the right balance
of Debt and Equity can take
you a long way.

^Source: AMFI, Closing AUM as on June 30th 2025 is ₹1,02,789.76 crores.

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

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

To generate long-term capital appreciation / income


Riskometer#
 Investments in a mix of equity and debt instruments

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

whether the product is suitable for them.
#For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. www.hdfcfund.com

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

Sharpe Ratio Residual Maturity

Sharpe Ratio is a risk to reward ratio, it measures portfolio returns generated in excess to the Weighted Residual Maturity of the securities in scheme.
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 Portfolio Yield (Yield To Maturity)
risk taken; negative Sharpe ratio indicates, investors are better off investing in risk-free assets. Weighted average yield of the securities in scheme portfolio.

Beta Portfolio Turnover Ratio

Beta (ß) of a portfolio is a number indicating the relation between portfolio returns with that of Portfolio Turnover Ratio is the percentage of a fund’s holdings that have changed in a given
the market index i.e. it measure the volatility, or systematic risk, of a portfolio in comparison to year. This ratio measures the fund’s trading activity, which is computed by taking the lesser of
the market as a whole. purchases or sales and dividing by average monthly net assets.

Standard Deviation Modified Duration

A statistical measure that defines expected volatility/risk associated with a portfolio. This A formula that expresses the measurable change in the value of a security in response to a
explains the variation/deviation from the average returns delivered by the portfolio. A higher change in interest rates. Modified duration of portfolio can be used to anticipate the change in
standard deviation means higher volatility (risk) and a lower standard deviation means lower market value of portfolio for every change in portfolio yield.
volatility.
Macaulay Duration (Duration)
Risk Free Return Macaulay Duration (Duration) measures the price volatility of fixed income securities. It is often used in the
The theoretical rate of return of an investment with safest (zero risk) investment in a country 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
Total Expense Ratio cash flows themselves. It is expressed in years/days. The duration of a fixed income security is always shorter
Total expenses charged to scheme for the month expressed as a percentage to average monthly than its term to maturity, except in the case of zero-coupon securities where they are the same.
net assets.

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

HOW TO READ FACTSHEET

Fund Manager Standard Deviation
An employee of the asset management company such as a mutual fund or life insurer, who Standard deviation is a statistical measure of the range of an investment’s performance. When
manages investments of the scheme. He is usually part of a larger team of fund managers and a mutual fund has a high standard deviation, its means its range of performance is wide,
research analysts. implying greater volatility.

Application Amount for Fresh Subscription Sharpe Ratio

This is the minimum investment amount for a new investor in a mutual fund scheme. The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of
risk-adjusted returns. It is calculated using standard deviation and excess return to determine
Minimum Additional Amount reward per unit of risk.
This is the minimum investment amount for an existing investor in a mutual fund scheme .
Beta Ratio (Portfolio Beta)
Yield to Maturity Beta is a measure of an investment’s volatility vis-a-vis the market. Beta of less than 1 means
The Yield to Maturity or the YTM is the rate of return anticipated on a bond if held until maturity. that the security will be less volatile than the market. A beta of greater than 1 implies that the
YTM is expressed as an annual rate. The YTM factors in the bond’s current market price, par value, security’s price will be more volatile than the market.
coupon interest rate and time to maturity.
Average portfolio PE (Average P/E)
SIP It is price to earnings ratio of the stocks calculated for the entire portfolio on a weighted
SIP or systematic investment plan works on the principle of making periodic investments of a average basis.
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. 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
NAV basis.
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 Average portfolio dividend yield (Average Dividend Yield)
the value at which the investor enters or exits the mutual fund. It is dividend yield of the stocks calculated for the entire portfolio on a weighted average basis.

Benchmark Net Equity

A group of securities, usually a market index, whose performance is used as a standard or Net equity level is the net equity exposure percentage adjusted for any derivative positions in
benchmark to measure investment performance of mutual funds, among other investments. Some stocks or index for hedging or rebalancing purpose.
typical benchmarks include the NIFTY, SENSEX, BSE200, BSE500, 10-Year Gsec.
R Squared
IDCW Option It is a statistical measure of how closely the portfolio returns are correlated with its
In line with applicable SEBI guidelines, with effect from April 1, 2021, the name of "Dividend benchmark.
Option" under the Schemes stand revised as "Income Distribution cum Capital Withdrawal
(IDCW) Option". IDCW Option may offer Payout and Reinvestment Sub-options / facilities. AUM
Investors may note that the amounts can be distributed out of investor’s capital AUM or assets under management refers to the recent / updated cumulative market value of
(Equalization Reserve), which is part of sale price that represents realized gains. investments managed by a mutual fund or any investment firm.
Dividend / IDCW Holdings
"Dividend" / "IDCW" means income distributed on Mutual Fund Units from the distributable surplus, The holdings or the portfolio is a mutual fund’s latest or updated reported statement of
which may include a portion of the investor’s capital {i.e. part of Sale Price (viz. price paid by the investor for purchase investments/securities. These are usually displayed in terms of percentage to net assets or the
of Units) representing retained realized gains (equalisation reserve) in the Scheme books}.
rupee value or both. The objective is to give investors an idea of where their money is being
invested by the fund manager.
Exit Load
Exit load is charged at the time an investor redeems the units of a mutual fund. The exit load is Nature of Scheme
reduced from the prevailing NAV at the time of redemption. The investor will receive redemption The investment objective and underlying investments determine the nature of the mutual fund
proceed at net value of NAV less Exit Load. For instance if the NAV is Rs. 100 and the exit load is scheme. For instance, a mutual fund that aims at generating capital appreciation by investing
1%, the investor will receive Rs. 99. 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. Eachof these
Modified Duration categories may have sub-categories.
Modified duration is the price sensitivity and the percentage change in price for a unit change in
yield. 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.

Important Note:
Housing Development Finance Corporation Limited (HDFC Ltd) has merged with HDFC Bank Limited w.e.f. July 1, 2023, consequently HDFC Bank Limited is now the Sponsor of HDFC Mutual Fund

2 | July 2025
 Market Review

Macroeconomic Update Trade deficit narrowed in June: Merchandise trade deficit fell in Jun’25 compared
to the previous month led by decline in non-oil, non-gold (NONG) imports.
Amount in USD billion May-25 Jun-25 Change
The month of July saw heightened activity related to trade negotiations with US. While
Trade Deficit/ (Surplus) 21.9 18.8 -3.1
the US signed trade deals with EU, Japan and Indonesia, it slapped reciprocal tariff on
several other countries including India. While headline Q2 GDP growth in US was Net Oil Imports 9.1 9.2 0.1
strong, growth was driven by import normalisation while domestic demand growth Net Gold Imports* 2.3 1.8 -0.5
was muted. Moreover, latest labour data suggests that non-farm job creation was NONG net imports^ 10.5 7.8 -2.7
much below expectations with previous two months’ data also revised downwards, Source: CMIE, Ministry of Commerce; *Net Gold includes gold, silver and pearls precious & semiprecious
suggesting weakness in the economy. While Q2 GDP in China was better than stones adjusted for gems and jewellery exports. ^NONG refers to Non-Oil Non-Gold (as defined above)
expected, the economy continued to face trade related headwinds reflected in weak imports/exports
manufacturing PMI numbers which remained in contraction mode in July. Eurozone
showed signs of improvement as new orders stopped falling for the first time in 3 The trade deficit is likely to remain range-bound going forward. Further, healthy
years and business confidence reached its highest level since June 2022. growth in services exports is likely to keep current account within manageable range.
Manufacturing PMI for the region was recorded at 3 years high, though still in However, trade disruptions due to tariff related issues can have adverse effect on
contraction zone. India’s trade dynamics going forward.
Inflation moved within a narrow range and largely on expected lines across most Retail inflation in Jun at 6 years low: India’s CPI inflation in June was recorded at
major economies. Recent inflation prints in the US showed signs of tariff impact as its lowest level since Jan’19 driven by further moderation in food prices and
imported goods inflation edged higher. Fed kept rates unchanged in its July meet and
favourable base. Core-Core (which excludes food, fuel, petrol, diesel, gold, silver and
has signalled that it will be data dependent. ECB also kept rates unchanged and has
signalled a pause hereafter. housing) however inched up by 30bps driven higher services prices.

High frequency indicators point towards moderating demand: Pace of vehicle YoY, % May-25 Jun-25 Change in %
registrations except of tractors moderated in July suggesting weak demand CPI 2.8 2.1 -0.7
momentum. GST collections growth too appears to be in slow lane growing by an Food & beverages 1.5 -0.2 -1.7
average of ~7% in the past two months. However, power demand was back in positive Fuel and Light 2.8 2.6 -0.2
territory after contracting for two consecutive months and both manufacturing and
services PMI readings were healthy. Housing 3.2 3.2 -
Transportation & communication 3.8 3.9 0.1
Indicators Units Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Core-Core CPI@ 3.6 3.9 0.3
Retail registration- Auto@ Source: CMIE; @-CPI excluding food, fuel, petrol, diesel, gold, silver and housing
2W 4.7 -5.8 -1.1 2.8 7.8 5.1 -6.6
CPI inflation is likely to remain below 4% in the coming months due to favourable
PV 18.6 -7.7 9.1 5.2 0.0 5.3 -1.4
outlook on food inflation and favourable base effect.
MHCV 4.6 -8.7 -0.7 1.3 -3.2 4.4 0.5
LCV 12.2 -7.2 1.6 2.3 -3.5 6.8 2.3 Commodity prices: Oil prices increased during the month following US-EU trade deal
and concerns around Russian supply. Steel prices rallied in response to Chinese
Tractors 3.9 -16.1 -6.9 7.0 2.1 8.3 10.6
YoY, % leadership decision to deal with oversupply and deflation.
Gross GST collection 12.3 9.1 9.9 12.6 16.4 6.2 7.5
Average E-Way bill generated 23.1 14.7 20.2 23.4 18.9 19.3 25.8 Market price (USD)* Jul’25 (%) ^ FY26TD (%) &
Railway Freight 4.4% -0.4% 3.2% 4.5% 2.8% 1.4% 1.8% Brent Crude (Per barrel) 72.5 7.3 -3.0
Power demand 2.7 -0.8 6.7 2.2 -4.9 -1.5 2.1 Gold (per ounce) 3,290 -0.4 5.3
Digital Spending (UPI+IMPS) 22.7 15.2 20.4 18.0 19.0 16.5 18.2 Steel (per tonne) 485 8.5 4.3
Zinc (per tonne) 2,754 0.5 -2.9
Manufacturing PMI^ 57.7 56.3 58.1 58.2 57.6 58.4 59.1
Index Copper (per tonne) 9,606 -4.3 -0.7
Services PMI^ 56.5 59 58.5 58.7 58.8 60.4 61.1
Aluminium (per tonne) 2,562 -1.3 1.8
Unemployment* % 7.9 8.4 7.7 7.7 6.7 7.5 6.8
Lead (per tonne) 1,940 -4.2 -3.1
Source: www.gstn.org.in, www.icegate.gov.in, CMIE, PIB, RBI, www.vaahan.parivahan.gov.in, www.posoco.in
Source: Bloomberg; *Market prices as on July 31, 2025. ^Y-o-Y change. & - Change in FY26YTD
^Number >50 reflects expansions and number <50 reflects contraction compared to previous month. @ -
figures are preliminary data and are subject to revision. * based on CMIE survey
Summary and Conclusion
Going forward, urban demand is likely to get a boost from income tax relief and easing
monetary conditions while rural demand too is likely to remain steady on back of Global growth prospects today face unprecedented uncertainty due to US’ tariff policy
strong rabi output and prospects of above normal monsoon. However, global trade and risk of geopolitical flare up. US growth is exhibiting early signs of slowdown with
uncertainties may dampen sentiment and could weigh on India’s growth prospects. softness in labour market now visible in data. This is likely to deteriorate going
forward as effects of tariffs and uncertainty weigh on prospects. Domestic demand in
Government spending picks up while tax growth moderates: Gross tax revenue
growth in the first three months of this fiscal has been sluggish driven by contraction China remains subdued and deflationary forces have gathered steam. The global
in direct tax collections even though indirect tax growth has been decent. Non-tax growth prospects hinges on the outcome of US trade policy and in this regard outcome
revenue growth remained buoyant on the back of higher than budgeted RBI dividend on trade negotiations with different countries remain a key monitorable going
transfer. Total expenditure growth in first three months was up 26% driven by forward.
healthy growth in both capex and revex. As a result, fiscal deficit at the end of June was
18% of budget estimates compared to 8% during the same period last year. India’s growth momentum too is showing signs of a slowdown. Merchandise exports
likely to be hit in the wake of higher tariff imposition than other countries. However,
INR bn 3MFY25 3MFY26 YoY growth(%) going forward urban consumption is likely to get a boost due to income tax relief
Gross tax revenue 8,308 8,690 4.6 announced by the Government and monetary easing by the RBI. Rural consumption
Direct Tax Collections 4,621 4,586 -0.8 too is likely to remain steady on the back of prospects of above normal monsoon,
Indirect Tax collections 3,552 3,962 11.5
falling inflation and higher real rural wage growth. India’s external sector also remains
Less: Share of states & others 2,812 3,287 16.9
comfortable on the back of low current account deficit and adequate forex reserves.
Net Tax collections 5,496 5,403 -1.7
Non- tax revenues 2,800 3,731 33.2
Rise in geopolitical tensions and a tariff related uncertainty are key near-term risks.
Total revenue receipts 8,297 9,134 10.1
Total Capital receipts 45 280 519.9 Looking ahead, the medium-term outlook for India's economy seems optimistic, in our
Total Receipts 8,342 9,414 12.9 view. This optimism is driven by bi-lateral trade deal with various countries, enhanced
Total Revenue Expenditure 7,889 9,470 20.0 infrastructure investments, the potential of pick-up in private sector capex, and the
Total Capital Expenditure 1,811 2,751 52.0 likely boost to private consumption.
Total Expenditure 9,699 12,221 26.0

.
Fiscal Deficit 1,357 2,807 106.9 Equity Market Update
Fiscal deficit (as % of BE) 8.1% 17.9% The month of July 2025 saw broad based decline for Indian equity markets. While
Fiscal deficit (% of GDP) 0.4% 0.8% NIFTY 50 / BSE Sensex Index ended the month with 2.9% decline, small and mid-cap
indices witnessed a sharper fall. All sectors ended the month with decline except
Source: CMIE healthcare. India failing to secure a trade deal with US and slowing domestic growth
weighed on sentiments.

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

3 | July 2025
 Market Review

On the contrary, all major global equity markets witnessed rally in July. Below are As of July 31st, 2025, the valuations of all sectors except private banks and automobiles
detailed tables outlining the performance of key domestic and global indices: are trading at a premium to historical average (refer to the table below for details):

% Change in Indices Jul-25 FY26TD^ % Change Jul-25 FY26TD^ CY25TD^ 12 months forward Price to Earnings
KOSPI 5.7 30.8 35.3 31-Jul-25 LTA Discount / Premium^
BSE Healthcare 2.5 9.5
Nikkei 225 1.4 15.3 2.9
BSE Information Cement 44.5 30.1 47.6
NASDAQ
Technology -8.7 -3.6
Composite 3.7 22.1 9.4 Utilities 15.4 11.3 36.3
BSE Oil & Gas -3.8 6.6 MSCI Emerging Industrials 33.6 26.9 24.9
BSE Metal -2.6 0.2 Markets 1.7 12.9 15.6
S&P 500 2.2 13.0 7.8 Pharma 29.3 24.3 20.6
BSE Auto -1.1 10.9
Hang Seng 2.9 7.2 23.5 Energy 14.8 12.6 17.6
BSE Power -3.5 1.7 Shanghai Metals 11.1 10.1 9.9
BSE Capital Goods -5.7 8.8 Composite 3.7 7.1 6.6
FTSE 100 4.2 6.4 11.7 PSU banks@ 1.2 1.1 6.8
BSE Bankex -3.2 4.3
DAX 0.7 8.6 20.9 FMCG 38.1 36.0 5.8
BSE Fast Moving Consumer
Goods 1.6 5.8 CAC 40 1.4 -0.2 5.3 Consumer
56.5 54.8 3.2
Discretionary
NIFTY Smallcap 100 -5.8 11.6
Tech 21.1 21.0 0.2
NIFTY Midcap 100 -3.9 11.1
Automobiles 20.1 20.1 -0.1
NSE Nifty 50 Index -2.9 5.3 Pvt banks@
2.4 2.5 -3.8
BSE Sensex -2.9 4.9
Source: Bloomberg; ^Returns in FY26TD and CY25TD Source: Kotak Institutional Equities. Stocks are part of Kotak Institutional Equities universe.
LTA – 10 Years average. Cells in green are sectors which are trading at premium. All figures are calculated
FIIs sold net equities worth USD 2.9 billion in July 2025 (June 2025: Net bought USD based on 12 months forward estimates.
2.4 billion) and have cumulatively bought equity worth USD 2.5 billion in 4MFY26 ^to Long term (LT) average, @-Price to Book value.
(4MFY25 net bought: USD 2.3 billion).
Given the global uncertainties and aggregate valuation being higher than historical
DIIs bought net equity worth USD 7.1 billion in July 2025 (June 2025: USD 8.5 billion) average, the importance of stock selection increases even more.
and have cumulatively bought USD 26.8 billion in 4MFY26 (4MFY25: USD 18.2 billion).
Net flows into Mutual funds were ~INR 28,170 crore in June 2025 (May 2025: ~INR Over medium to long term, we remain optimistic on Indian equities considering strong
22,051 crore & June 2024: ~INR 43,619 crore) cumulatively amounted to ~INR macroeconomic fundamentals, attractive domestic growth outlook, healthy corporate
75,964 crore in 3MFY26 (3MFY25: ~INR 103,950 crore). profitability, and supportive pro-growth policies. However, near-term risks include
global trade tariff uncertainties, cyclical moderation in corporate earnings, and
Outlook slowdown in growth momentum etc.
As on July 31, 2025, NIFTY 50 Index was trading at ~20x price to earnings multiple.
Further, Market cap-to-GDP stood ~117% (based on CY25 GDP estimates) and the gap
between 10Y G-sec yield and 1Y-Forward NIFTY 50 Index earnings yield* has
Debt Market Update
narrowed recently [*Earnings yield = 1/ (one year forward P/E)].
10-year benchmark Gsec yield after touching intra month low of 6.29% ended the
month ~5bps higher in July at 6.37%. On the other hand, yield on 10 year AAA
corporate bonds fell by ~3bps thereby leading to compression of spread between 10Y
AAA bonds and 10Y G-sec yield by ~8bps. Key events / news which influenced yields
during the month are RBI’s decision to conduct Variable Rate Reverse Repo (VRRR)
operations and US announcing that India will face a higher tariff rate of 25%. The table
below gives a summary view of the movement of key rates and liquidity:

Jun-25 Jul-25 Change (in bps)

MIBOR Overnight Rate (%) 5.52 5.54 0.02
3M Gsec yield (%) 5.41 5.40 -0.01
10Yr Benchmark G-Sec Yield^ (%) 0.05
6.32 6.37
AAA 10Year Corporate Bond Yields#, & (%) 7.00 -0.03
7.03
AAA 10Y Corporate bond spread against 10Y
71 63 -8
benchmark (bps)
@

Average net liquidity absorbed/infused by RBI* (INR

2,738 3,043
billion)
Source: Bloomberg, ^-bi-annual yield; #-annualised yield; & - Average yield of NABARD paper provided by
independent valuation agencies has been taken. @ - Spreads calculated by subtracting non-annualised Gsec
yields from annualised corporate bond yields.
*Average net daily liquidity infused / absorbed through Liquidity Adjustment Facility, exports refinance,
marginal standing facility and term repos/reverse repos. Source: Bloomberg, RBI

Average net liquidity surplus increased to INR ~3trn at the end of July compared to a
surplus of INR ~2.7trn in May as measures taken by the RBI continued to show effect.
RBI also had to conduct 7-day VRRR auctions to mop up extra liquidity.

In the debt market, FPIs ended the month with net buying of USD 120 million in July
2025 (June 2025 net buy: USD 60 million).
RBI in its latest policy review kept the policy rate and stance unchanged. While it
lowered average CPI inflation forecast for FY26 by 60bps to 3.1%, it has forecasted
4.4% and 4.9% CPI inflation for Q4FY26 and Q1FY27 which is above RBI’s target of
4%.
The RBI has also come out with its internal working group report to review the
Source: Kotak Institutional Equities; For 2025 and 2026, the market cap as on July 31, liquidity management framework and has invited comments on the same by
2025 is taken and divided by GDP estimates for CY25/CY26 stakeholders and public by August 29, 2025. The report largely tries to maintain the
status quo with very few changes suggested. Key recommendations from the report
include:
- RBI should continue with overnight Weighted Average Call Money Rate
(WACR) as operating target. The RBI should also track collateralised rates
(like TREPs etc.) too for better alignment.

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

4 | July 2025
 Market Review

- RBI should retain symmetric corridor (repo in middle with SDF 25bps
below and MSF 25bps above repo rate). Width of the corridor should also
Glossary
be retained. AE Advanced Economies
BoE Bank of England
- RBI should replace 14-day VRR/VRRR with 7-day operations for transient BoJ Bank of Japan
liquidity
BoP Balance of Payment
- At least one day advance notice for planned operations bps Basis points
CAGR Compound Annual Growth Rate
- RBI to continue with variable rate auctions for better price discovery
CMIE Centre for Monitoring Indian Economy
- No changes for durable liquidity tools CPI Consumer Price Index
CRR Cash Reserve Ratio
- No MSF access to standalone primary dealers should continue
CV Commercial Vehicle
- RBI should continue with 90% daily CRR requirement DIIs Domestic Institutional Investors
EA Euro Area
Outlook ECB European Central Bank
FOMC Federal Open Market Committee
RBI action to ease liquidity conditions through a host of measures (OMO purchases,
currency swaps, VRRs, CRR cut) since December 2024 and higher than expected FPI Foreign Portfolio Investment
dividend transfer to Government is likely to keep liquidity in ample surplus in the GDP Gross Domestic Product
coming months. The Government too stuck to its fiscal consolidation path which is GFCE Government Final Consumption Expenditure
also positive from the debt market perspective. GST Goods and Services Tax
GVA Gross Value Added
As highlighted by RBI, CPI inflation is likely to remain below RBI’s mid-point target of IMD India Meteorological Department
4% in FY26 but rise to 4.9% by Q1FY27. In our view, in case the incoming data INR Indian Rupee
surprises on the downside due to global trade uncertainties, RBI could lower policy IMF International Monetary Fund
rate further as the neutral stance provides RBI with flexibility to move in either IMPS Immediate Payment System
direction.
JGB Japanese Government Bonds
In our view, medium term outlook on Indian fixed income market remains favourable,
LCV Light Commercial Vehicle
considering:
• Headline CPI inflation is likely to undershoot RBI target of 4% in FY26. Mbpd Million Barrels Per Day
Thereafter too the rise due to unfavourable base is likely to be contained. MHCV Medium and Heavy Commercial Vehicle
• Liquidity is likely to be in ample surplus given RBI’s past actions and CRR cut MIBOR Mumbai Interbank Offered Rate
effective later during the year M-o-M Month on Month
• External sector could remain comfortable in view of steady growth in services MPC Monetary Policy Committee
exports, decline in oil prices and adequate foreign exchange reserves. MSF Marginal Standing Facility
• Government sticking to path of fiscal consolidation and reiterating to bring MSP Minimum Support Prices
down its debt to GDP bodes well for supply of Gsec over the medium term NABARD National Bank for Agriculture and Rural Development
• Higher tariff on India likely to dampen growth to the extent of 20-40bps based NBFC Non-banking Financial Company
on most estimates NFP Non-farm Payroll
Key risk to the favourable outlook NONG Non-Oil Non-Gold
• Below normal monsoon posing risk to food prices
NSO National Statistical Organization
OMO Open Market Operation
Overall, in our view, yields are likely to remain rangebound with a downward bias.
Falling inflation and front loading of policy rate cuts is positive from yields PIB Press Information Bureau
perspective. Thus, in view of significant liquidity provision, convergence of short- PLI Production Linked Incentive
term rates and attractive corporate bonds spreads (over Gsec), one may consider PMI Purchasing Managers’ Index
investment in medium duration (schemes with duration of upto 5 years) categories PPI Producer Price Index
especially corporate bonds focussed funds in line with individual risk appetite. PSU Public Sector Undertaking
Further, as long bond spreads have widened over 10 year G-secs, investors with a PV Passenger Vehicle
relatively longer investment horizon could continue with their allocation to longer RBI Reserve Bank of India
duration funds in line with individual risk appetite. RE Revised Estimates
Source for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research, World Bank, Daily
RRR Reserve Ratio Requirement (for banks in China)
valuation provided by ICRA/CRISIL SDF Standing Deposit Facility
SLR Statutory Liquidity Ratio
UPI Unified Payments Interface
US United States of America
USD United States dollar
UST US Treasuries
YoY Year on Year

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

5 | July 2025
 CONTENTS

PAGE NO. PAGE NO.

WEALTH CREATION RETIREMENT PLANNING
HDFC Flexi Cap Fund.......................................................................... 7-8 HDFC Retirement Savings Fund - Equity Plan........................... 61-62
HDFC Multi Cap Fund......................................................................... 9-11 HDFC Retirement Savings Fund - Hybrid Equity Plan…….... 63-64
HDFC Large Cap Fund........................................................................ 12-13 HDFC Retirement Savings Fund - Hybrid Debt Plan............... 65-66
HDFC Mid Cap Fund............................................................................ 14-15 INCOME SOLUTIONS
HDFC Small Cap Fund......................................................................... 16-17 HDFC Overnight Fund........................................................................... 67
HDFC Large and Mid Cap Fund...................................................... 18-20 HDFC Liquid Fund.................................................................................. 68-69
HDFC Value Fund................................................................................. 21-22 HDFC Ultra Short Term Fund............................................................ 70-71
HDFC Dividend Yield Fund.............................................................. 23-25 HDFC Low Duration Fund................................................................... 72-73
HDFC Focused Fund............................................................................ 26 HDFC Money Market Fund................................................................. 74-75
HDFC Business Cycle Fund.............................................................. 27-28 HDFC Short Term Debt Fund............................................................. 76-77
HDFC Transportation and Logistics Fund................................. 29 HDFC Medium Term Debt Fund....................................................... 78-79
HDFC Defence Fund............................................................................ 30 HDFC Income Fund................................................................................ 80
HDFC Banking & Financial Services Fund................................. 31 HDFC Long Duration Debt Fund....................................................... 81
HDFC Technology Fund..................................................................... 32 HDFC Arbitrage Fund............................................................................ 82-84
HDFC Pharma and Healthcare Fund............................................ 33 HDFC Floating Rate Debt Fund......................................................... 85-86
HDFC Housing Opportunities Fund.............................................. 34 HDFC Corporate Bond Fund.............................................................. 87-88
HDFC Infrastructure Fund............................................................... 35-36 HDFC Banking and PSU Debt Fund................................................. 89-90
HDFC MNC Fund................................................................................... 37 HDFC Credit Risk Debt Fund.............................................................. 91-92
HDFC Non-Cyclical Consumer Fund............................................. 38 HDFC Dynamic Debt Fund.................................................................. 93-94
HDFC Manufacturing Fund.............................................................. 39-40 HDFC Gilt Fund........................................................................................ 95
HDFC Innovation Fund...................................................................... 41
HDFC Balanced Advantage Fund................................................... 42-45
Fund Details Annexure ........................................................................ 96-98
HDFC Hybrid Equity Fund................................................................ 46-47
Segment-Wise Break-up Of Equity Holding................................ 98
HDFC Multi-Asset Fund..................................................................... 48-50
Performance details of schemes managed by
HDFC Multi-Asset Active FOF......................................................... 51
respective fund managers…............................................................... 99
HDFC Income Plus Arbitrage Active FOF................................... 52
Scheme performance summary - Regular Plans ...................... 100-103
HDFC Equity Savings Fund.............................................................. 53-54
Scheme performance summary - Direct Plans .......................... 104-110
HDFC Hybrid Debt Fund................................................................... 55-56
IDCW History............................................................................................ 111-112
TAX SAVINGS
Benchmark and Scheme riskometers ........................................... 113-126
HDFC ELSS Tax saver......................................................................... 57-58
Disclaimer................................................................................................... 127
CHILDREN'S FUTURE
HDFC Children's Fund........................................................................ 59-60

GOAL BASED SOLUTIONS

These schemes aim to increase wealth over the long term by investing predominantly in equity instruments and are
WEALTH CREATION
suitable for investors with high risk appetite and relatively higher investment horizon.
This scheme is eligible to provide tax deduction under Section 80C and also aims to increase wealth over the long
TAX SAVINGS
term. This is an ideal solution for investors who would like to create wealth and save tax.
This scheme aims to help you achieve your specific financial goal of planning for child’s future expenses like higher
CHILDREN'S FUTURE
education, etc.
RETIREMENT PLANNING These schemes aim to help you achieve your specific financial goal of retirement planning.
These schemes aim to provide stable income and are ideal for investors with low to medium risk appetite who wish to
INCOME SOLUTIONS
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.

6 | July 2025
HDFC Flexi Cap Fund CATEGORY OF SCHEME
An open ended dynamic equity scheme investing across large cap, mid cap & small cap stocks.(This is a
simple and performing scheme which is eligible for distribution by new cadre of distributors) FLEXI CAP FUND

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

FUND MANAGER ¥
PORTFOLIO
Name Since Total Exp
Roshi Jain July 29, 2022 Over 19 years Industry+ % to % to
Company/Issuer Company/Issuer Industry+ /Rating
/Rating NAV NAV
DATE OF ALLOTMENT/INCEPTION DATE EQUITY & EQUITY RELATED JK Lakshmi Cement Ltd Cement & Cement
January 01, 1995 • ICICI Bank Ltd. Banks 9.74 Products 0.52
• HDFC Bank Ltd.£ Banks 9.01 The Ramco Cements Ltd. Cement & Cement
Products 0.51
NAV NAV PER • Axis Bank Ltd. Banks 6.89
(As On JULY 31, 2025) UNIT(₹) CIE Automotive India Ltd Auto Components 0.50
• SBI Life Insurance Company
Regular Plan - Growth Option 1,969.163 Ltd. Insurance 4.57 Kalpataru Projects
International Ltd Construction 0.47
Regular Plan - IDCW Option 78.057 • State Bank of India Banks 4.25
Metropolis Healthcare Healthcare
Direct Plan - Growth Option 2,153.317 • Kotak Mahindra Bank Limited Banks 4.17
Ltd. Services 0.40
Direct Plan - IDCW Option 93.951 • Cipla Ltd. Pharmaceuticals
Mahindra & Mahindra Ltd. Automobiles 0.36
& Biotechnology 4.05
Ashok Leyland Ltd Agricultural,
• Maruti Suzuki India Limited Automobiles 3.91
ASSETS UNDER MANAGEMENT € Commercial &
• HCL Technologies Ltd. IT - Software 2.77 Construction
As on July 31, 2025 ₹80,642.30Cr. • Bharti Airtel Ltd. Telecom - Vehicles 0.33
Average for Month of July, 2025 ₹80,200.00Cr. Services 2.73 Sundram Fasteners Ltd. Auto Components 0.33
Hyundai Motor India Limited Automobiles 2.40 Restaurant Brands Asia
QUANTITATIVE DATA Piramal Pharma Limited Pharmaceuticals Limited Leisure Services 0.31
& Biotechnology 2.17 Birlasoft Limited IT - Software 0.21
Portfolio Turnover
Power Grid Corporation of Zee Entertainment
Equity Turnover 17.57% India Ltd. Power 2.09
Total Turnover 22.78% Enterprises Ltd. Entertainment 0.20
Eicher Motors Ltd. Automobiles 2.03 Ramco Systems Ltd. IT - Software 0.07
Total Turnover = Equity + Debt + Derivative
Bajaj Auto Limited Automobiles 1.99 Sub Total 88.31
Risk Ratio
JSW Steel Ltd. Ferrous Metals 1.85
Standard Deviation 11.302% Total 88.31
Bosch Limited Auto
Beta 0.811 Components 1.63 DEBT & DEBT RELATED
Sharpe Ratio* 1.442 Government Securities (Central/State)
Tata Steel Ltd. Ferrous Metals 1.57
Computed for the 3-yr period ended July 31, 7.38 GOI 2027 Sovereign 0.37
InterGlobe Aviation Ltd. Transport
2025 Based on month-end NAV.* Risk free rate: Services 1.47 7.32 GOI 2030 Sovereign 0.14
5.54% (Source: FIMMDA MIBOR) For schemes 7.37 GOI 2028 Sovereign 0.13
Bank of Baroda Banks 1.45
which have not completed 3 years, data is Sub Total 0.64
Infosys Limited IT - Software 1.24
computed since inception. UNITS ISSUED BY REIT & INVIT
Fsn Ecommerce Ventures
Limited (Nykaa) Retailing 0.94 Units issued by ReIT
TOTAL EXPENSE RATIO Oil & Natural Gas Corporation Nexus Select Trust REIT Realty 2.01
(As On July 31, 2025) Ltd. Oil 0.93
Including Additional Expenses and Goods and Embassy Office Parks
Lupin Ltd. Pharmaceuticals REIT Realty 0.69
Service Tax on Management Fees & Biotechnology 0.84 Sub Total 2.70
Regular: 1.38% Direct: 0.72% Dr. Lal Path Labs Ltd Healthcare
Total 2.70
Services 0.82
Cash,Cash Equivalents and Net Current Assets 8.35
#BENCHMARK INDEX Nuvoco Vistas Corporation Cement &
Ltd. Cement Grand Total 100.00
Nifty 500 (Total Returns Index) Products 0.80 • Top Ten Holdings, £ Sponsor
##ADDL. BENCHMARK INDEX SAPPHIRE FOODS INDIA
NIFTY 50 (Total Returns Index) LIMITED Leisure Services 0.79
Face Value / Allotment NAV per Unit: ₹ 10, + Industry
Apollo Hospitals Enterprise Healthcare Classification as recommended by AMFI, Data is as of
Ltd. Services 0.77
EXIT LOAD$$ July 31, 2025 unless otherwise specified.
Havells India Ltd. Consumer
• In respect of each purchase / switch-in of Durables 0.74
Units, an Exit Load of 1.00% is payable if Units ¥ Dedicated Fund Manager for Overseas Investments:
United Spirits Limited Beverages 0.71 Mr. Dhruv Muchhal (since June 22, 2023) (Total
are redeemed / switched-out within 1 year Hindalco Industries Ltd. Non - Ferrous Experience: Over 10 years).
from the date of allotment. Metals 0.69
• No Exit Load is payable if Units are redeemed Larsen and Toubro Ltd. Construction 0.69 € Includes investments made by the schemes of HDFC
/ switched-out after 1 year from the date of Cyient Ltd. IT - Services 0.64 Mutual Fund aggregating to ₹ 748.67 Crores.
allotment. Crompton Greaves Consumer Consumer
Elec. Ltd. Durables 0.58 Please refer Minimum Application Amount, Plans &
Tata Consultancy Services Options, on Page no. 96 to 98.
Ltd. IT - Software 0.56
Swiggy Limited Retailing 0.55 $$For further details, please refer to para ‘Exit Load’ on
ESCORTS KUBOTA LIMITED Agricultural, page no. 99.
Commercial &
Construction
Vehicles 0.54
Varroc Engineering Limited Auto
Components 0.53

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

7 | July 2025
HDFC Flexi Cap Fund ....Contd from previous page
An open ended dynamic equity scheme investing across large cap, mid cap & small cap stocks.(This is a CATEGORY OF SCHEME
simple and performing scheme which is eligible for distribution by new cadre of distributors)
FLEXI CAP FUND

Industry llocation of E uity Holding

of Net ssets

an s .1
utomobiles 10.6
harmaceuticals iotechnology 7.06
IT Software 4.8
Insurance 4. 7
Ferrous Metals .4
uto Components .
Telecom Services .7
ower .0
Healthcare Services 1.
Cement Cement roducts 1.8
etailing 1.4
Transport Services 1.47
Consumer Durables 1.
Construction 1.16
Leisure Services 1.10
il 0.
gricultural, Commercial Construction ehicles 0.87
everages 0.71
Non Ferrous Metals 0.6
IT Services 0.64
Entertainment 0. 0
0 10 0 0 40 0

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 mount Invested ₹. in Lacs 36.70 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 2,159.61 71.45 32.23 10.71 4.91 1.26
Returns (%) 21.00 16.69 18.77 23.39 21.31 8.95
Benchmark Returns (%)# 15.10 14.71 15.76 16.67 15.65 4.92
Additional Benchmark Returns (%)# # 13.83 13.48 14.42 14.19 13.08 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark Benchmark Additional
Date Period Benchmark
Returns (%) Returns (%)# Returns (%) Scheme (₹) Benchmark
(₹)#
## (₹)##
Jul 31, 24 Last 1 Year 5.70 -1.63 0.54 10,570 9,837 10,054
Jul 29, 22 Last 3 Years 23.34 17.10 14.29 18,797 16,078 14,946
Jul 31, 20 Last 5 Years 28.64 21.69 18.88 35,252 26,703 23,751
Jul 31, 15 Last 10 Years 15.15 13.66 12.60 41,043 36,026 32,801
Jan 01, 95 Since Inception 18.84 12.47 11.72 1,969,163 364,617 297,117
Returns greater than 1 year period are compounded annualized (CAGR) For performance of other schemes managed by Roshi
Jain, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of
the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular
Plan. For Performance of Direct Plan, refer page 104 to 110. As NIFTY 50 TRI data is not available since inception of the scheme,
additional benchmark performance is calculated using composite CAGR of NIFTY 50 PRI values from January 1, 1995 to June 29,
1999 and TRI values since June 30, 1999.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

8 | July 2025
HDFC Multi Cap Fund CATEGORY OF SCHEME
An open ended equity scheme investing across large cap, mid cap & small cap stocks
MULTI CAP FUND

INVESTMENT OBJECTIVE: To generate long term capital appreciation by investing in equity and equity related securities of large cap, mid cap and small cap companies. There
is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥
PORTFOLIO
Name Since Total Exp
December 10, Over 21 % to % to
Gopal Agrawal Company Industry+ Company Industry+
2021 years NAV NAV
EQUITY & EQUITY RELATED Lupin Ltd. Pharmaceuticals &
DATE OF ALLOTMENT/INCEPTION DATE • HDFC Bank Ltd.£ Biotechnology 0.62
Banks 3.91
Au Small Finance Bank
December 10, 2021 • ICICI Bank Ltd. Banks 3.35 Ltd. Banks 0.61
• Axis Bank Ltd. Banks 2.26 Centum Electronics Ltd. Industrial
NAV NAV PER
(As On JULY 31, 2025) UNIT(₹) • Bharti Airtel Ltd. Telecom - Services 2.18 Manufacturing 0.61
Regular Plan - Growth Option 18.787 • Reliance Industries Ltd. Petroleum Products 2.09 Cipla Ltd. Pharmaceuticals &
Biotechnology 0.61
Regular Plan - IDCW Option 17.803 • Infosys Limited IT - Software 1.83 Hindustan Aeronautics
Direct Plan - Growth Option 19.645 • Kotak Mahindra Bank Limited Aerospace & Defense 0.61
Direct Plan - IDCW Option 18.732 Limited Banks 1.46 CIE Automotive India Ltd Auto Components 0.60
• HCL Technologies Ltd. IT - Software 1.29 Gland Pharma Ltd. Pharmaceuticals &
ASSETS UNDER MANAGEMENT • Coforge Limited IT - Software 1.27 Biotechnology 0.60
As on July 31, 2025 ₹18,335.56Cr. • Bajaj Finance Ltd. Finance 1.18 Mahindra & Mahindra Ltd. Automobiles 0.60
Average for Month of July, 2025 ₹18,571.14Cr. Tata Steel Ltd. The Federal Bank Ltd. Banks 0.59
Ferrous Metals 1.14
United Spirits Limited Beverages 0.59
Larsen and Toubro Ltd. Construction 1.12
QUANTITATIVE DATA L&T Finance Ltd. Finance 0.57
SBI Life Insurance Company
NTPC Limited Power 0.57
Portfolio Turnover Ltd. Insurance 1.04
Equity Turnover 5.86% Oil & Natural Gas
Hindustan Petroleum Corp.
Corporation Ltd. Oil 0.57
Total Turnover 5.86% Ltd. Petroleum Products 1.00
Aster DM Healthcare
Total Turnover = Equity + Debt + Derivative Maruti Suzuki India Limited Automobiles 0.97 Limited Healthcare Services 0.56
Risk Ratio MphasiS Limited. IT - Software 0.91 Voltas Ltd. Consumer Durables 0.56
Standard Deviation 14.116% Prestige Estates Projects Ltd. Realty 0.88 Trent Ltd. Retailing 0.55
Beta 0.969
Tata Communications Motilal Oswal Financial
Sharpe Ratio* 1.140 Limited Telecom - Services 0.87 Services Ltd. Capital Markets 0.54
Computed for the 3-yr period ended July 31,
Kalpataru Projects Power Finance
2025 Based on month-end NAV.* Risk free rate: International Ltd Construction 0.85 Corporation Ltd. Finance 0.54
5.54% (Source: FIMMDA MIBOR) For schemes Balkrishna Industries Ltd. Wockhardt Ltd. Pharmaceuticals &
Auto Components 0.84
which have not completed 3 years, data is Biotechnology 0.54
computed since inception. JSW Infrastructure Limited Transport
Infrastructure 0.84 Coal India Ltd. Consumable Fuels 0.51
Tata Consultancy Services Tata Motors Ltd. Automobiles 0.51
TOTAL EXPENSE RATIO
(As On July 31, 2025) Ltd. IT - Software 0.84 Bharat Electronics Ltd. Aerospace & Defense 0.50
Including Additional Expenses and Goods and Five-Star Business Finance Cholamandalam
Service Tax on Management Fees Limited Finance 0.81 Investment & Finance Co.
Techno Electric & Engin. Co. Ltd. Finance 0.49
Regular: 1.68% Direct: 0.73% Ltd. Construction 0.81 HDFC Life Insurance
Indian Hotels Company Ltd. Leisure Services 0.80 Company Limited Insurance 0.49
#BENCHMARK INDEX PB Fintech Limited Financial Technology
Dixon Technologies (India)
NIFTY500 Multicap 50:25:25 Ltd. Consumer Durables 0.79 (Fintech) 0.49
(Total Returns Index) Sun Pharmaceutical Pharmaceuticals & TD Power Systems Ltd. Electrical Equipment 0.49
Industries Ltd. Biotechnology 0.79 Apollo Hospitals
##ADDL. BENCHMARK INDEX
Ambuja Cements Ltd. Cement & Cement Enterprise Ltd. Healthcare Services 0.48
NIFTY 50 (Total Returns Index)
Products 0.77 Bosch Limited Auto Components 0.48
Max Financial Services Ltd.Insurance 0.77 Ipca Laboratories Ltd. Pharmaceuticals &
EXIT LOAD$$ Biotechnology 0.48
Aurobindo Pharma Ltd. Pharmaceuticals &
• In respect of each purchase / switch-in of Biotechnology 0.75 Apollo Tyres Ltd. Auto Components 0.47
Units, an Exit Load of 1.00% is payable if Units Chalet Hotels Ltd. Bank of Baroda Banks 0.46
Leisure Services 0.74
are redeemed / switched-out within 1 year Le Travenues Technology
Apar Industries Limited Electrical Equipment 0.73
from the date of allotment. Limited Leisure Services 0.46
• No Exit Load is payable if Units are redeemed ESCORTS KUBOTA LIMITED Agricultural, Creditaccess Grameen
/ switched-out after 1 year from the date of Commercial & Limited Finance 0.45
Construction Vehicles 0.71
allotment. KEC International Ltd. Construction 0.45
Indusind Bank Ltd. Banks 0.71 Supreme Industries Ltd. Industrial Products 0.45
PNB Housing Finance Ltd. Finance 0.71 Hindustan Unilever Ltd. Diversified Fmcg 0.44
Shriram Finance Ltd. Finance 0.70 Mahindra & Mahindra
Max Healthcare Institute Financial Services Ltd. Finance 0.43
Limited Healthcare Services 0.68 LTIMindtree Limited IT - Software 0.42
Vesuvius India Ltd. Industrial Products 0.68 Oberoi Realty Ltd. Realty 0.42
Vishal Mega Mart Limited Retailing 0.68 RBL Bank Ltd. Banks 0.42
UltraTech Cement Limited Cement & Cement Wheels India Ltd. Auto Components 0.42
Products 0.67 UPL Ltd. Fertilizers &
Eris Lifesciences Ltd Pharmaceuticals & Agrochemicals 0.41
Biotechnology 0.66 Gulf Oil Lubricants India
Eternal Limited Ltd. Petroleum Products 0.41
Retailing 0.66
REC Limited. Finance 0.41
Gabriel India Ltd. Auto Components 0.65 Bharat Forge Ltd. Auto Components 0.40
State Bank of India Banks 0.65 Prudent Corporate
ITC LIMITED Diversified Fmcg 0.63 Advisory Services Limited Capital Markets 0.40
Persistent Systems Limited IT - Software 0.63 Archean Chemical Chemicals &
Industries Limited Petrochemicals 0.38

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

9 | July 2025
HDFC Multi Cap Fund ....Contd from previous page
CATEGORY OF SCHEME
An open ended equity scheme investing across large cap, mid cap & small cap stocks
MULTI CAP FUND

PORTFOLIO

% to % to
Company Industry+ Company Industry+
NAV NAV
Havells India Ltd. Consumer Durables 0.38 United Breweries Ltd. Beverages 0.20
Muthoot Finance Ltd. Finance 0.38 Hexaware Technologies Ltd. IT - Software 0.19
Elecon Engineering Comapny Ltd. Electrical Equipment 0.37 InterGlobe Aviation Ltd. Transport Services 0.19
Jindal Steel & Power Ltd. Ferrous Metals 0.37 Inventurus Knowledge Solutions
Limited IT - Services 0.19
Sonata Software Ltd. IT - Software 0.37
Samvardhana Motherson
Aditya Birla Capital ltd. Finance 0.36 International Ltd. Auto Components 0.19
KAYNES TECHNOLOGY INDIA LIMITED Industrial Manufacturing 0.36 ICICI Lombard General Insurance Co Insurance 0.18
Symphony Ltd. Consumer Durables 0.36 Oil India Limited Oil 0.18
Timken India Ltd. Industrial Products 0.36 Zee Entertainment Enterprises Ltd. Entertainment 0.18
CESC Ltd. Power 0.34 Graphite India Ltd. Industrial Products 0.17
Alkem Laboratories Ltd. Pharmaceuticals & Biotechnology 0.33 Page Industries Ltd Textiles & Apparels 0.17
Carborundum Universal Ltd. Industrial Products 0.33 Aarti Industries Ltd. Chemicals & Petrochemicals 0.16
360 ONE WAM LIMITED Capital Markets 0.32 Dabur India Ltd. Personal Products 0.16
Aadhar Housing Finance Limited Finance 0.32 Shoppers Stop Ltd. Retailing 0.16
Bajaj Auto Limited Varroc Engineering Limited Auto Components 0.15
Automobiles 0.32
EIH Ltd. VODAFONE IDEA LIMITED Telecom - Services 0.15
Leisure Services 0.32
Asian Paints Limited Consumer Durables 0.14
GUJARAT FLUOROCHEMICALS LIMITED Chemicals & Petrochemicals 0.32
Gandhar Oil Refinery (India) Limited Petroleum Products 0.14
Birla Corporation Ltd. Cement & Cement Products 0.31
Nilkamal Ltd. Consumer Durables 0.14
Crompton Greaves Consumer Elec. Ltd. Consumer Durables 0.30
Bajaj Consumer Care Ltd. Personal Products 0.13
Indraprastha Gas Ltd. Gas 0.30
Bajaj Electricals Ltd. Consumer Durables 0.13
Glenmark Pharmaceuticals Ltd. Pharmaceuticals & Biotechnology 0.29 Bharat Dynamics Limited Aerospace & Defense 0.13
Jubilant Ingrevia Limited Chemicals & Petrochemicals 0.29 Jagran Prakashan Ltd. Media 0.13
Sagility India Limited IT - Services 0.29 LIC Housing Finance Ltd. Finance 0.13
Kajaria Ceramics Ltd. Consumer Durables 0.28 SHARDA MOTOR INDUSTRIES
Schloss Bangalore Limited Leisure Services 0.28 LIMITED Auto Components 0.13
Birlasoft Limited IT - Software 0.27 Waaree Energies Limited Electrical Equipment 0.13
Delhivery Limited Transport Services 0.27 Ajanta Pharma Limited Pharmaceuticals & Biotechnology 0.12
Dr Reddys Laboratories Ltd. Pharmaceuticals & Biotechnology 0.27 Balrampur Chini Mills Ltd. Agricultural Food & Other Products 0.12
Godrej Consumer Products Ltd. Colgate-Palmolive ( I ) Ltd. Personal Products 0.12
Personal Products 0.27
Medi Assist Healthcare Services Limited Data Patterns (India) Limited Aerospace & Defense 0.12
Insurance 0.27
METRO BRANDS LIMITED IIFL Finance Limited Finance 0.12
Consumer Durables 0.27
L&T Technology Services Ltd. IT - Services 0.12
Navin Fluorine International Ltd. Chemicals & Petrochemicals 0.27
Rallis India Ltd. Fertilizers & Agrochemicals 0.12
The Ramco Cements Ltd. Cement & Cement Products 0.27
Syngene International Limited Healthcare Services 0.12
Torrent Power Ltd. Power 0.27
Voltamp Transformers Ltd. Electrical Equipment 0.12
Atul Ltd. Chemicals & Petrochemicals 0.26 Bank of India Banks 0.11
Dilip Buildcon Ltd. Construction 0.26 Goodyear India Ltd. Auto Components 0.11
Whirlpool of India Ltd. Consumer Durables 0.26 Indoco Remedies Ltd. Pharmaceuticals & Biotechnology 0.11
Sagar Cements Ltd. Cement & Cement Products 0.25 Jio Financial Services Limited Finance 0.11
Sai Life Sciences Limited Pharmaceuticals & Biotechnology 0.25 MM Forgings Ltd. Auto Components 0.11
TEGA INDUSTRIES LIMITED Industrial Manufacturing 0.25 Restaurant Brands Asia Limited Leisure Services 0.11
Ashok Leyland Ltd Agricultural, Commercial & Advanced Enzyme Technologies Ltd. Pharmaceuticals & Biotechnology 0.10
Construction Vehicles 0.24
BIKAJI FOODS INTERNATIONAL
Tech Mahindra Ltd. IT - Software 0.24 LIMITED Food Products 0.10
Zensar Technologies Ltd. IT - Software 0.24 Bombay Stock Exchange Limited (BSE) Capital Markets 0.10
Fusion Finance Limited Finance 0.23 Deepak Nitrite Limited Chemicals & Petrochemicals 0.10
Great Eastern Shipping Company Ltd. Transport Services 0.23 Devyani International Ltd Leisure Services 0.10
Hero MotoCorp Ltd. Automobiles 0.23 Godrej Properties Ltd. Realty 0.10
IDFC First Bank Limited Banks 0.23 Hindustan Construction Company Ltd. Construction 0.10
Ola Electric Mobility Limited Automobiles 0.23 SULA VINEYARDS LIMITED Beverages 0.10
Bajaj Finserv Ltd. Finance 0.22 Suprajit Engineering Ltd. Auto Components 0.10
CG Power and Industrial Solutions Ltd. Vardhman Textiles Ltd. Textiles & Apparels 0.10
Electrical Equipment 0.22
Eicher Motors Ltd. Brigade Enterprises Limited. Realty 0.09
Automobiles 0.22
Indian Bank Equitas Small Finance Bank Ltd Banks 0.09
Banks 0.22
Gateway Distriparks Limited Transport Services 0.09
Indian Renewable Energy Development
Agency Limited Finance 0.22 JK Tyre & Industries Limited Auto Components 0.09
Aarti Pharmalabs Limited Pharmaceuticals & Biotechnology 0.21 SBI CARDS AND PAYMENT SERVICES
LIMITED Finance 0.09
AkzoNobel India Ltd. Consumer Durables 0.21
Sona Blw Precision Forgings Auto Components 0.09
Delta Corp Ltd. Leisure Services 0.21
Avanti Feeds Ltd. Food Products 0.08
Greenply Industries Ltd. Consumer Durables 0.21
CanFin Homes Ltd. Finance 0.08
Mahanagar Gas Ltd. Gas 0.21 Chemplast Sanmar Limited Chemicals & Petrochemicals 0.08
Pidilite Industries Ltd. Chemicals & Petrochemicals 0.21 Ellenbarrie Industrial Gases Limited Chemicals & Petrochemicals 0.08
Bandhan Bank Ltd. Banks 0.20 JSW Energy Ltd. Power 0.07
Blue Star Ltd. Consumer Durables 0.20 Motherson Sumi Wiring India Limited Auto Components 0.07
Hindalco Industries Ltd. Non - Ferrous Metals 0.20 SRF Ltd. Chemicals & Petrochemicals 0.07
ICICI Prudential Life Insurance Company Sundram Fasteners Ltd. Auto Components 0.07
Ltd. Insurance 0.20

....Contd on next page

10 | July 2025
HDFC Multi Cap Fund ....Contd from previous page
CATEGORY OF SCHEME
An open ended equity scheme investing across large cap, mid cap & small cap stocks
MULTI CAP FUND

PORTFOLIO
Industry llocation of E uity Holding
of Net ssets Company Industry+ % to NAV
GO FASHION (INDIA) LIMITED Retailing 0.06
an s 1 . 7 KEI Industries Ltd. Industrial Products 0.06
Finance 8. One MobiKwik Systems Limited Financial Technology (Fintech) 0.06
IT Software 8. 0 Alembic Pharmaceuticals Limited Pharmaceuticals & Biotechnology 0.05
harmaceuticals iotechnology 6.84
TCI Express Ltd. Transport Services 0.05
uto Components .0
Consumer Durables 4. 0 Zydus Lifesciences Limited Pharmaceuticals & Biotechnology 0.05
etroleum roducts .64 Bajel Projects Limited Electrical Equipment 0.04
Construction . Cello World Limited Consumer Durables 0.04
Telecom Services . 0
Craftsman Automation Ltd Auto Components 0.04
utomobiles .08
Leisure Services .06 ITC Hotels Limited Leisure Services 0.04
Insurance . ADITYA BIRLA LIFESTYLE
Cement Cement roducts . BRANDS LIMITED Retailing 0.03
Chemicals etrochemicals . Endurance Technologies Ltd. Auto Components 0.03
etailing .16
Electrical E uipment .11
VIP Industries Ltd. Consumer Durables 0.03
Industrial roducts .0 Aditya Birla Fashion and Retail
Healthcare Services 1.84 Ltd. Retailing 0.02
Ferrous Metals 1. 1 Orient Cement Ltd. Cement & Cement Products 0.02
ealty 1.4
Rishabh instruments Limited Electrical Equipment 0.01
Capital Mar ets 1. 6
erospace Defense 1. 6
Torrent Pharmaceuticals Ltd. Pharmaceuticals & Biotechnology 0.01
ower 1. Tube Investments of India Ltd. Auto Components 0.01
Industrial Manufacturing 1. Divis Laboratories Ltd. Pharmaceuticals & Biotechnology @
Diversi ied Fmcg 1.07
Sub Total 98.68
gricultural, Commercial Construction ehicles 0.
everages 0.8 Total 98.68
Transport Infrastructure 0.84 UNITS ISSUED BY REIT & INVIT
Transport Services 0.8
Units issued by ReIT
il 0.7
ersonal roducts 0.68 Embassy Office Parks REIT Realty 0.48
IT Services 0.60 Sub Total 0.48
Financial Technology Fintech 0. Cash,Cash Equivalents and Net Current Assets 0.84
Fertili ers grochemicals 0.
Gas 0. 1
Grand Total 100.00
Consumable Fuels 0. 1 • Top Ten Holdings, £ Sponsor, @ Less than 0.01
Textiles pparels 0. 7
Non Ferrous Metals 0. 0
Food roducts 0.18 Face alue / llotment N per Unit: ₹ 10, + Industry Classification as recommended
Entertainment 0.18 by AMFI, Data is as of July 31, 2025 unless otherwise specified.
Media 0.1
gricultural Food ther roducts 0.1 ¥ Dedicated Fund Manager for Overseas Investments: Mr. Dhruv Muchhal (since June
0 4 8 1 16 0
22, 2023)(Total Experience: Over 10 years).

Please refer Minimum Application Amount, Plans & Options, on Page no. 96 to 98.

$$For further details, please refer to para ‘Exit Load’ on page no. .

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception SIP 3 year SIP 1 year SIP

Total mount Invested ₹. in Lacs 4.40 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 6.27 4.74 1.23
Returns (%) 19.66 18.67 4.17
Benchmark Returns (%)# 17.80 17.89 5.43
Additional Benchmark Returns (%)# # 13.11 13.08 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Value of ₹ 10,000 invested
Scheme Benchmark Additional
Additional
Date Period Returns Returns Benchmark Benchmark
Scheme (₹) Benchmark
(%) (%)# Returns (%) ## (₹)#
(₹)##
Jul 31, 24 Last 1 Year -3.83 -1.86 0.54 9,617 9,814 10,054
Jul 29, 22 Last 3 Years 22.67 20.00 14.29 18,491 17,305 14,946
Dec 10, 21 Since Inception 18.91 14.91 11.35 18,787 16,588 14,789
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Gopal
Agrawal, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses
of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

11 | July 2025
HDFC Large Cap Fund
An open ended equity scheme predominantly investing in large cap stocks(This is a simple and CATEGORY OF SCHEME
performing scheme which is eligible for distribution by new cadre of distributors) LARGE-CAP FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Rahul Baijal July 29, 2022 Over 24 years
% to % to
Company Industry+ Company Industry+
DATE OF ALLOTMENT/INCEPTION DATE NAV NAV
October 11, 1996 EQUITY & EQUITY RELATED Tata Consultancy Services
• HDFC Bank Ltd.£ Banks 10.13 Ltd. IT - Software 0.92
NAV NAV PER • ICICI Bank Ltd. Banks 10.11 Eicher Motors Ltd. Automobiles 0.90
(As On JULY 31, 2025) UNIT(₹) Mahindra & Mahindra Ltd. Automobiles 0.83
• Bharti Airtel Ltd. Telecom - Services 5.99
Regular Plan - Growth Option 1,130.325 Bajaj Finserv Ltd. Finance 0.81
• Reliance Industries Ltd. Petroleum Products 4.91
Regular Plan - IDCW Option 57.060 Coal India Ltd. Consumable Fuels 0.58
• Kotak Mahindra Bank Limited Banks 3.81
Direct Plan - Growth Option 1,222.703
• NTPC Limited Power 3.73 Maruti Suzuki India
Direct Plan - IDCW Option 67.209
• Infosys Limited IT - Software 3.41 Limited Automobiles 0.47
• Ambuja Cements Ltd. Cement & Cement DLF LIMITED Realty 0.44
ASSETS UNDER MANAGEMENT €
Products 3.08 HCL Technologies Ltd. IT - Software 0.41
As on July 31, 2025 ₹38,116.69Cr.
• Axis Bank Ltd. Banks 3.00 Siemens Energy India
Average for Month of July, 2025 ₹38,533.97Cr.
• Tata Motors Ltd. Automobiles 3.00 Limited Electrical Equipment 0.33
Sun Pharmaceutical Pharmaceuticals & CG Power and Industrial
QUANTITATIVE DATA Solutions Ltd. Electrical Equipment 0.31
Industries Ltd. Biotechnology 2.71
Portfolio Turnover Siemens Ltd. Electrical Equipment 0.31
Equity Turnover 25.96% Titan Company Ltd. Consumer Durables 2.70
Total Turnover 25.22% ITC LIMITED Diversified Fmcg 2.59 Cummins India Ltd. Industrial Products 0.21
Total Turnover = Equity + Debt + Derivative Torrent Pharmaceuticals Ltd. Pharmaceuticals & ITC Hotels Limited Leisure Services 0.19
Risk Ratio Biotechnology 2.57 SBI Life Insurance
Standard Deviation 12.248% Company Ltd. Insurance 0.19
Beta 0.927 Eternal Limited Retailing 2.43
Lupin Ltd. Pharmaceuticals & Bajaj Housing Finance Ltd. Finance 0.09
Sharpe Ratio* 0.913
Computed for the 3-yr period ended July 31, 2025 Biotechnology 2.26 Sub Total 95.96
Based on month-end NAV.* Risk free rate: 5.54% Cholamandalam Investment & Total 95.96
(Source: FIMMDA MIBOR) For schemes which have Finance Co. Ltd. Finance 1.98 Cash, Cash Equivalents and Net Current Assets 4.04
not completed 3 years, data is computed since
inception. Bajaj Auto Limited Automobiles 1.95 Grand Total 100.00
Larsen and Toubro Ltd. Construction 1.63 • Top Ten Holdings, £ Sponsor
TOTAL EXPENSE RATIO InterGlobe Aviation Ltd. Transport Services 1.60
(As On July 31, 2025)
Tata Consumer Products Agricultural Food & Face Value / Allotment NAV per Unit: ₹ 10, + Industry
Including Additional Expenses and Goods and Limited Other Products 1.42 Classification as recommended by AMFI, Data is as of July
Service Tax on Management Fees 31, 2025 unless otherwise specified.
Vishal Mega Mart Limited Retailing 1.39
Regular: 1.60% Direct: 1.00%
Adani Ports & Special Transport
Economic Zone Infrastructure 1.38 ¥ Dedicated Fund Manager for Overseas Investments:
#BENCHMARK INDEX Mr. Dhruv Muchhal (since June 22, 2023) (Total
State Bank of India Banks 1.33
NIFTY 100 (Total Returns Index) Experience: Over 10 years).
Indusind Bank Ltd. Banks 1.29
##ADDL. BENCHMARK INDEX Hyundai Motor India Limited Automobiles 1.24 € Includes investments made by the schemes of HDFC
BSE SENSEX (Total Returns Index) MANKIND PHARMA LIMITED Pharmaceuticals & Mutual Fund aggregating to ₹ 704. Crores.
Biotechnology 1.24
EXIT LOAD$$ SRF Ltd. Chemicals & Please refer Minimum Application Amount, Plans &
• In respect of each purchase / switch-in of Petrochemicals 1.11 Options, on Page no. 96 to 98.
Units, an Exit Load of 1.00% is payable if Units UltraTech Cement Limited Cement & Cement
are redeemed / switched-out within 1 year from Products 1.04 $$For further details, please refer to para ‘Exit Load’ on
the date of allotment. page no. 99.
Hindalco Industries Ltd. Non - Ferrous Metals 1.03
• No Exit Load is payable if Units are redeemed Havells India Ltd. Consumer Durables 0.99
/ switched-out after 1 year from the date of
Dabur India Ltd. Personal Products 0.96
allotment.
United Spirits Limited Beverages 0.96

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

12 | July 2025
HDFC Large Cap Fund ....Contd from previous page
An open ended equity scheme predominantly investing in large cap stocks(This is a simple and CATEGORY OF SCHEME
performing scheme which is eligible for distribution by new cadre of distributors)
LARGE-CAP FUND

Industry llocation of E uity Holding

of Net ssets

an s .67
harmaceuticals iotechnology 8.78
utomobiles 8.
Telecom Services .
etroleum roducts 4. 1
IT Software 4.74
Cement Cement roducts 4.1
etailing .8
ower .7
Consumer Durables .6
Finance .88
Diversi ied Fmcg .
Construction 1.6
Transport Services 1.60
gricultural Food ther roducts 1.4
Transport Infrastructure 1. 8
Chemicals etrochemicals 1.11
Non Ferrous Metals 1.0
ersonal roducts 0. 6
everages 0. 6
Electrical E uipment 0.
Consumable Fuels 0. 8
ealty 0.44
Industrial roducts 0. 1
Leisure Services 0.1
Insurance 0.1
0 10 0 0 40 0

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 mount Invested ₹. in Lacs 34.60 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs $$ 895.50 55.34 25.86 9.08 4.44 1.22
Returns (%) $$ 18.22 13.75 14.68 16.60 14.15 2.69
Benchmark Returns (%)# N.A. 13.74 14.46 14.55 13.66 4.33
Additional Benchmark Returns (%)# # 14.35 13.42 14.24 13.36 11.99 4.86
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested

Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Scheme (₹) Benchmark
Returns (%) Benchmark
(%) $$ (%)# $$ (₹)#
## (₹)##
Jul 31, 24 Last 1 Year -2.44 -1.32 0.54 9,756 9,868 10,054
Jul 29, 22 Last 3 Years 17.17 14.59 13.52 16,108 15,062 14,643
Jul 31, 20 Last 5 Years 21.58 19.05 18.05 26,577 23,927 22,934
Jul 31, 15 Last 10 Years 12.45 12.71 12.56 32,358 33,103 32,670
Oct 11, 96 Since Inception 18.64 NA 13.67 1,378,214 NA 401,546
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. $$ All Distributions declared prior to
the splitting of the Scheme into IDCW & Growth Options are assumed to be reinvested in the units of the Scheme at the then
prevailing NAV (ex-distribution NAV). For performance of other schemes managed by Rahul Baijal, please refer page 99. Different
plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will
be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan,
refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

13 | July 2025
HDFC Mid Cap Fund CATEGORY OF SCHEME
(Name changed from HDFC Mid-Cap Opportunities Fund w.e.f. June 27, 2025) MID CAP FUND
An open ended equity scheme predominantly investing in mid cap stocks

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Over 28 % to % to
Chirag Setalvad June 25, 2007 Company Industry+ Company Industry+
years NAV NAV
EQUITY & EQUITY RELATED Sundram Fasteners Ltd. Auto Components 0.85
DATE OF ALLOTMENT/INCEPTION DATE Supreme Industries Ltd. Industrial Products 0.85
• Max Financial Services Ltd. Insurance 4.59
June 25, 2007 ESCORTS KUBOTA Agricultural,
• Balkrishna Industries Ltd. Auto Components 3.84 LIMITED Commercial &
NAV NAV PER • Coforge Limited IT - Software 3.17 Construction Vehicles 0.80
(As On JULY 31, 2025) UNIT(₹) Timken India Ltd. Industrial Products 0.80
• The Federal Bank Ltd. Banks 3.09
Regular Plan - Growth Option 193.872 Godrej Consumer
Regular Plan - IDCW Option 53.425 • Glenmark Pharmaceuticals Ltd. Pharmaceuticals & Products Ltd. Personal Products 0.72
Biotechnology 3.07 City Union Bank Ltd. Banks 0.67
Direct Plan - Growth Option 213.543
• Ipca Laboratories Ltd. Pharmaceuticals & GUJARAT
Direct Plan - IDCW Option 80.597 Biotechnology 3.07 FLUOROCHEMICALS Chemicals &
• Au Small Finance Bank Ltd. Banks 3.05 LIMITED Petrochemicals 0.59
ASSETS UNDER MANAGEMENT €
• Hindustan Petroleum Corp. Ltd. Petroleum KNR Construction
As on July 31, 2025 ₹83,847.39Cr. Products 2.77 limited. Construction 0.59
Average for Month of July, 2025 ₹84,608.27Cr. • Indian Bank Emami Ltd. Personal Products 0.53
Banks 2.73
• Fortis Healthcare Limited Healthcare Cholamandalam
QUANTITATIVE DATA Services 2.65 Financial Holdings Ltd. Finance 0.51
Portfolio Turnover Vishal Mega Mart Limited Symphony Ltd. Consumer Durables 0.49
Retailing 2.45
Equity Turnover 16.43% United Spirits Limited Beverages 0.45
Tata Communications Limited Telecom - Services 2.28
Total Turnover 16.43% Vesuvius India Ltd. Industrial Products 0.45
Apollo Tyres Ltd. Auto Components 2.25 Greenlam Industries Ltd. Consumer Durables 0.43
Total Turnover = Equity + Debt + Derivative
Risk Ratio Persistent Systems Limited IT - Software 2.05 Sona Blw Precision
Standard Deviation 13.795% Forgings Auto Components 0.42
Mahindra & Mahindra
Beta 0.853 Financial Services Ltd. Finance 1.90 Aarti Industries Ltd. Chemicals &
Petrochemicals 0.40
Sharpe Ratio* 1.458 Marico Ltd. Agricultural Food
Computed for the 3-yr period ended July 31, & Other Products 1.89 Colgate-Palmolive ( I )
Ltd. Personal Products 0.38
2025 Based on month-end NAV.* Risk free rate: Aurobindo Pharma Ltd. Pharmaceuticals &
Biotechnology 1.81 Vardhman Textiles Ltd. Textiles & Apparels 0.38
5.54% (Source: FIMMDA MIBOR) For schemes
which have not completed 3 years, data is Cummins India Ltd. Ceat Ltd. Auto Components 0.36
Industrial Products 1.79
computed since inception. Oracle Financial Ser
Jindal Steel & Power Ltd. Ferrous Metals 1.76 Software Ltd. IT - Software 0.34
TOTAL EXPENSE RATIO Bosch Limited Auto Components 1.74 Arvind Limited Textiles & Apparels 0.31
(As On July 31, 2025) PB Fintech Limited Financial Bharti Hexacom Limited Telecom - Services 0.30
Including Additional Expenses and Goods and Technology ICICI Lombard General
(Fintech) 1.54 Insurance Co Insurance 0.30
Service Tax on Management Fees
Union Bank of India Banks 1.51 Navneet Education Ltd. Printing & Publication 0.28
Regular: 1.37% Direct: 0.74%
Indian Hotels Company Ltd. Five-Star Business
Leisure Services 1.49 Finance Limited Finance 0.27
#BENCHMARK INDEX Delhivery Limited Transport Services 1.41 Dhanuka Agritech Ltd. Fertilizers &
NIFTY Midcap 150 Index (Total Returns Index) Gland Pharma Ltd. Pharmaceuticals & Agrochemicals 0.24
##ADDL. BENCHMARK INDEX Biotechnology 1.39 Greenply Industries Ltd. Consumer Durables 0.21
NIFTY 50 (Total Returns Index) SKF India Ltd. Industrial Products 1.38 Greenpanel Industries
MphasiS Limited. Limited Consumer Durables 0.18
IT - Software 1.33
Solar Industries India Chemicals &
EXIT LOAD$$ AIA Engineering Ltd. Industrial Products 1.32 Ltd. Petrochemicals 0.12
• In respect of each purchase / switch-in of Eternal Limited Retailing 1.32 Jagran Prakashan Ltd. Media 0.07
Units, an Exit Load of 1.00% is payable if Units Sub Total 92.76
Indraprastha Gas Ltd. Gas 1.24
are redeemed / switched-out within 1 year from Cash,Cash Equivalents and Net Current Assets 7.24
the date of allotment. Coromandel International Fertilizers &
Limited Agrochemicals 1.23 Grand Total 100.00
• No Exit Load is payable if Units are redeemed
/ switched-out after 1 year from the date of Hexaware Technologies Ltd. IT - Software 1.21 • Top Ten Holdings
allotment Dabur India Ltd. Personal Products 1.14
Crompton Greaves Consumer Consumer Face alue / llotment N per Unit: ₹ 10, + Industry
Elec. Ltd. Durables 1.11 Classification as recommended by AMFI, Data is as of
Star Health and Allied July 31, 2025 unless otherwise specified.
Insurance Company Ltd Insurance 1.09
¥ Dedicated Fund Manager for Overseas Investments:
Redington Ltd. Commercial
Services & Mr. Dhruv Muchhal (since June 22, 2023) (Total
Supplies 1.06 Experience: Over 10 years).
Karur Vysya Bank Ltd. Banks 1.04 € Includes investments made by the schemes of HDFC
Dixon Technologies (India) Ltd. Consumer Mutual Fund aggregating to ₹ 1 .40 Crores.
Durables 1.03
ACC Ltd. Cement & Cement Please refer Minimum Application Amount, Plans &
Products 1.01 Options, on Page no. 96 to 98.
Nippon Life India Asset
Management Limited Capital Markets 0.96 $$For further details, please refer to para ‘Exit Load’ on
KEC International Ltd. page no. 99.
Construction 0.93
Bharat Forge Ltd. Auto Components 0.90
Indusind Bank Ltd. Banks 0.88

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

14 | July 2025
HDFC Mid Cap Fund ....Contd from previous page
(Name changed from HDFC Mid-Cap Opportunities Fund w.e.f. June 27, 2025) An open ended CATEGORY OF SCHEME
equity scheme predominantly investing in mid cap stocks MID CAP FUND

Industry llocation of E uity Holding

of Net ssets

an s 1.7
uto Components 10. 6
harmaceuticals iotechnology .4
IT Software 8.10
Industrial roducts 6.
Insurance .8
etailing .77
Consumer Durables .4
etroleum roducts .77
ersonal roducts .77
Finance .68
Healthcare Services .6
Telecom Services . 8
gricultural Food ther roducts 1.8
Ferrous Metals 1.76
Financial Technology Fintech 1. 4
Construction 1.
Leisure Services 1.4
Fertili ers grochemicals 1.47
Transport Services 1.41
Gas 1. 4
Chemicals etrochemicals 1.11
Commercial Services Supplies 1.06
Cement Cement roducts 1.01
Capital Mar ets 0. 6
gricultural, Commercial Construction ehicles 0.80
Textiles pparels 0.6
everages 0.4
rinting ublication 0. 8
Media 0.07
0 4 8 1 16 0

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 mount Invested ₹. in Lacs 21.80 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 175.98 97.09 35.72 11.32 5.11 1.27
Returns (%) 20.02 20.18 20.68 25.69 24.13 10.34
Benchmark Returns (%)# 18.31 19.36 20.49 23.58 21.99 7.38
Additional Benchmark Returns (%)# # 12.97 13.48 14.42 14.19 13.08 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 1.66 -1.74 0.54 10,166 9,826 10,054
Jul 29, 22 Last 3 Years 27.64 24.71 14.29 20,838 19,431 14,946
Jul 31, 20 Last 5 Years 31.34 30.42 18.88 39,107 37,767 23,751
Jul 31, 15 Last 10 Years 17.36 17.78 12.60 49,647 51,440 32,801
Jun 25, 07 Since Inception 17.78 15.40 11.53 193,872 133,845 72,136
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Chirag
Setalvad, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses
of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular
Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

15 | July 2025
HDFC Small Cap Fund CATEGORY OF SCHEME
An open ended equity scheme predominantly investing in small cap stocks SMALL CAP FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
June 28, % to % to
Chirag Setalvad Over 28 years Company Industry+ Company Industry+
2014 NAV NAV
EQUITY & EQUITY RELATED FIEM INDUSTRIES
DATE OF ALLOTMENT/INCEPTION DATE • Firstsource Solutions Ltd. Commercial Services LIMITED Auto Components 0.75
April 03, 2008 & Supplies 5.12 GMM Pfaudler Limited Industrial
• Aster DM Healthcare Manufacturing 0.74
NAV NAV PER Limited Healthcare Services 4.01 Vishal Mega Mart Limited Retailing 0.73
(As On JULY 31, 2025) UNIT(₹) • eClerx Services Limited Commercial Services La Opala RG Limited Consumer Durables 0.71
Regular Plan - Growth Option 141.315 & Supplies 3.91 NRB Bearing Ltd. Auto Components 0.70
Regular Plan - IDCW Option 45.390 • Gabriel India Ltd. Auto Components 3.28 Dodla Dairy Limited Food Products 0.67
Direct Plan - Growth Option 160.713 • Bank of Baroda Banks 3.06 Tata Steel Ltd. Ferrous Metals 0.67
Direct Plan - IDCW Option 69.419 • Eris Lifesciences Ltd Pharmaceuticals & Aadhar Housing Finance
Biotechnology 2.99 Limited Finance 0.66
ASSETS UNDER MANAGEMENT € • Fortis Healthcare Limited Healthcare Services 2.38 Gateway Distriparks
As on July 31, 2025 • Krishna Institute Of Limited Transport Services 0.66
₹36,353.10Cr.
Medical Sciences Limited Healthcare Services 2.30 Indigo Paints Limited Consumer Durables 0.65
Average for Month of July, 2025 ₹36,425.51Cr. • Sudarshan Chemical Chemicals & AWFIS SPACE Commercial Services
Industries Limited Petrochemicals 2.26 SOLUTIONS LIMITED & Supplies 0.64
QUANTITATIVE DATA • Power Mech Projects Ltd. Construction 2.06 UTI Asset Management
Portfolio Turnover Sonata Software Ltd. IT - Software 2.01 Company Ltd Capital Markets 0.58
Equity Turnover 10.59% Sharda Cropchem Ltd. Fertilizers & Emami Ltd. Personal Products 0.56
Total Turnover 10.59% Agrochemicals 1.69 Vesuvius India Ltd. Industrial Products 0.56
Total Turnover = Equity + Debt + Derivative Indian Bank Banks 1.66 Bajaj Consumer Care Ltd. Personal Products 0.54
Risk Ratio Home First Finance G R Infraprojects Limited Construction 0.50
Standard Deviation 15.407% Company India Ltd Finance 1.58 ION EXCHANGE (INDIA)
Beta 0.793 SKF India Ltd. Industrial Products 1.49 LIMITED Other Utilities 0.49
Sharpe Ratio* 1.220 Transport Corporation of SULA VINEYARDS
Computed for the 3-yr period ended July 31, India Ltd. Transport Services 1.48 LIMITED Beverages 0.47
2025 Based on month-end NAV.* Risk free rate: Kalpataru Projects Ifgl Refractories Limited
5.54% (Source: FIMMDA MIBOR) For schemes International Ltd Construction 1.46 (Erst Ifgl Exports
which have not completed 3 years, data is Suprajit Engineering Ltd. Auto Components 1.44 Limited) Industrial Products 0.44
computed since inception. Chalet Hotels Ltd. Leisure Services 1.39 Lumax Industries Ltd Auto Components 0.44
Great Eastern Shipping Gujarat Pipavav Port Ltd. Transport
TOTAL EXPENSE RATIO Company Ltd. Transport Services 1.35 Infrastructure 0.38
(As On July 31, 2025) Kirloskar Ferrous Repco Home Finance Ltd. Finance 0.38
Including Additional Expenses and Goods and Industries Ltd. Ferrous Metals 1.32 D B Corp Limited Media 0.37
Service Tax on Management Fees Apar Industries Limited Electrical Equipment 1.24 Bajel Projects Limited Electrical Equipment 0.36
Regular: 1.57% Direct: 0.71% VRL Logistics Ltd. Transport Services 1.22 GNA Axles Ltd. Auto Components 0.28
Chambal Fertilizers & Fertilizers & Goodyear India Ltd. Auto Components 0.28
Chemicals Ltd. Agrochemicals 1.21 Greenlam Industries Ltd. Consumer Durables
#BENCHMARK INDEX 0.23
KEC International Ltd. Construction 1.18
BSE 250 Smallcap Index (Total Returns Index) BEML Limited Agricultural,
City Union Bank Ltd. Banks 1.16 Commercial &
##ADDL. BENCHMARK INDEX The Federal Bank Ltd. Banks 1.16 Construction Vehicles 0.22
NIFTY 50 (Total Returns Index) PNC Infratech Ltd. Construction 1.13 Carborundum Universal
PVR LIMITED Entertainment 1.13 Ltd. Industrial Products 0.22
EXIT LOAD$$ Vardhman Textiles Ltd. Textiles & Apparels 1.13 TCI Express Ltd. Transport Services 0.22
• In respect of each purchase / switch-in of Bajaj Electricals Ltd. Consumer Durables 1.11 AkzoNobel India Ltd. Consumer Durables 0.21
Units, an Exit Load of 1.00% is payable if Units Zensar Technologies Ltd. IT - Software 1.11 T. V. Today Network Ltd. Entertainment 0.21
are redeemed / switched-out within 1 year from Blue Dart Express Ltd. Transport Services 1.08 Delta Corp Ltd. Leisure Services 0.20
the date of allotment. Equitas Small Finance Jagran Prakashan Ltd. Media 0.05
• No Exit Load is payable if Units are redeemed Bank Ltd Banks 1.08 TCPL PACKAGING
/ switched-out after 1 year from the date of Timken India Ltd. Industrial Products 1.08 LIMITED Industrial Products 0.05
allotment KEI Industries Ltd. Industrial Products 1.07 Sub Total 91.09
CIE Automotive India Ltd Auto Components 1.06 Total 91.09
LG Balakrishnan & Bros Cash,Cash Equivalents and Net Current Assets 8.91
Ltd. Auto Components 0.98 Grand Total 100.00
Aditya Vision Limited Retailing 0.97 • Top Ten Holdings
Unichem Laboratories Pharmaceuticals &
Ltd. Biotechnology 0.94 Face alue / llotment N per Unit: ₹ 10, + Industry
Voltamp Transformers Classification as recommended by AMFI, Data is as of
Ltd. Electrical Equipment 0.94 July 31, 2025 unless otherwise specified.
Redington Ltd. Commercial Services
& Supplies 0.93 ¥ Dedicated Fund Manager for Overseas Investments:
PEARL GLOBAL Mr. Dhruv Muchhal (since June 22, 2023)
INDUSTRIES LIMITED Textiles & Apparels 0.91 (Total Experience: Over 10 years).
The Anup Engineering Industrial
Limited Manufacturing 0.87 € Includes investments made by the schemes of HDFC
Redtape Limited Mutual Fund aggregating to ₹ 1 1.4 Crores.
Consumer Durables 0.79
Insecticides (India) Ltd. Fertilizers & Please refer Minimum Application Amount, Plans &
Agrochemicals 0.78 Options, on Page no. 96 to 98.
Shoppers Stop Ltd. Retailing 0.77
$$For further details, please refer to para ‘Exit Load’ on
page no. 99.

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

16 | July 2025
HDFC Small Cap Fund ....Contd from previous page
An open ended equity scheme predominantly investing in small cap stocks CATEGORY OF SCHEME
SMALL CAP FUND

Industry llocation of E uity Holding

of Net ssets

Commercial Services Supplies 10.60

uto Components .1
Healthcare Services 8.6
an s 8.1
Construction 6.
Transport Services 6.01
Industrial roducts 4. 1
harmaceuticals iotechnology .
Consumer Durables .70
Fertili ers grochemicals .68
IT Software .1
Finance .6
Electrical E uipment .4
etailing .47
Chemicals etrochemicals .6
Textiles pparels .04
Ferrous Metals 1.
Industrial Manufacturing 1.61
Leisure Services 1.
Entertainment 1. 4
ersonal roducts 1.10
Food roducts 0.67
Capital Mar ets 0. 8
ther Utilities 0.4
everages 0.47
Media 0.4
Transport Infrastructure 0. 8
gricultural, Commercial Construction ehicles 0.
0 4 8 1 16 0

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 mount Invested ₹. in Lacs 20.80 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 130.71 87.82 35.54 10.93 4.87 1.28
Returns (%) 18.70 19.04 20.59 24.25 20.61 11.91
Benchmark Returns (%)# 15.25 16.05 18.78 22.92 20.59 4.74
Additional Benchmark Returns (%)# # 13.31 13.48 14.42 14.19 13.08 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 1.40 -4.54 0.54 10,140 9,546 10,054
Jul 29, 22 Last 3 Years 25.73 24.95 14.29 19,914 19,542 14,946
Jul 31, 20 Last 5 Years 33.12 32.09 18.88 41,834 40,237 23,751
Jul 31, 15 Last 10 Years 17.98 15.15 12.60 52,323 41,038 32,801
Apr 03, 08 Since Inception 16.50 11.28 11.30 141,315 63,771 63,979
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Chirag
Setalvad, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses
of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular
Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

17 | July 2025
HDFC Large and Mid Cap Fund CATEGORY OF SCHEME
An open ended equity scheme investing in both large cap and mid cap stocks
LARGE & MID CAP FUND

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

FUND MANAGER ¥
PORTFOLIO
Name Since Total Exp
Over 21 % to % to
Gopal Agrawal July 16, 2020 Company Industry+ Company Industry+
years NAV NAV
EQUITY & EQUITY RELATED Glenmark Pharmaceuticals Pharmaceuticals &
DATE OF ALLOTMENT/INCEPTION DATE • HDFC Bank Ltd.£ Ltd. Biotechnology 0.66
Banks 5.22
Indraprastha Gas Ltd. Gas 0.66
February 18, 1994 • ICICI Bank Ltd. Banks 3.87 SBI Life Insurance
• Bharti Airtel Ltd. Telecom - Services 2.10 Company Ltd. Insurance 0.66
NAV NAV PER
(As On JULY 31, 2025) UNIT(₹) • Infosys Limited IT - Software 1.90 Tata Motors Ltd. Automobiles 0.66
Regular Plan - Growth Option 337.132 • Axis Bank Ltd. Banks 1.72 Motilal Oswal Financial
Regular Plan - IDCW Option 37.105 • MphasiS Limited. Services Ltd. Capital Markets 0.64
IT - Software 1.63
Direct Plan - Growth Option 354.585 Persistent Systems
• Fortis Healthcare Limited Healthcare Services 1.54 Limited IT - Software 0.63
Direct Plan - IDCW Option 48.487
• Max Financial Services Divis Laboratories Ltd. Pharmaceuticals &
Ltd. Insurance 1.48 Biotechnology 0.61
ASSETS UNDER MANAGEMENT €
• State Bank of India Banks 1.27 Bharat Forge Ltd. Auto Components 0.60
As on July 31, 2025 ₹26,406.25Cr. • Kotak Mahindra Bank ITC LIMITED Diversified Fmcg 0.60
Average for Month of July, 2025 ₹26,778.23Cr. Limited Banks 1.26 Solar Industries India Ltd. Chemicals &
Maruti Suzuki India Petrochemicals 0.60
QUANTITATIVE DATA Limited Automobiles 1.16 Adani Energy Solutions
Indusind Bank Ltd. Banks 1.14 Limited Power 0.59
Portfolio Turnover
Prestige Estates Projects Bandhan Bank Ltd. Banks 0.59
Equity Turnover 4.28%
Ltd. Realty 1.13 Five-Star Business Finance
Total Turnover 4.28% Limited Finance 0.58
Hindustan Petroleum
Total Turnover = Equity + Debt + Derivative Corp. Ltd. Petroleum Products 1.10 L&T Finance Ltd. Finance 0.57
Risk Ratio Balkrishna Industries Ltd. Auto Components 1.09 Cipla Ltd. Pharmaceuticals &
Standard Deviation 13.967% Biotechnology 0.56
Beta 1.001 Gland Pharma Ltd. Pharmaceuticals &
Biotechnology 1.09 Au Small Finance Bank
Sharpe Ratio* 1.072 Ltd. Banks 0.55
InterGlobe Aviation Ltd. Transport Services 1.09
Computed for the 3-yr period ended July 31, IDFC First Bank Limited Banks 0.55
2025 Based on month-end NAV.* Risk free rate: HCL Technologies Ltd. IT - Software 1.08
Power Finance
5.54% (Source: FIMMDA MIBOR) For schemes ESCORTS KUBOTA Agricultural, Corporation Ltd. Finance 0.54
which have not completed 3 years, data is LIMITED Commercial &
Voltas Ltd. Consumer
computed since inception. Construction Vehicles 1.05
Durables 0.54
Lupin Ltd. Pharmaceuticals &
Aster DM Healthcare Healthcare
TOTAL EXPENSE RATIO Biotechnology 1.02
Limited Services 0.52
(As On July 31, 2025) Larsen and Toubro Ltd. Construction 1.01 Dilip Buildcon Ltd. Construction 0.52
Including Additional Expenses and Goods and Reliance Industries Ltd. Petroleum Products 1.01 Tata Steel Ltd. Ferrous Metals 0.52
Service Tax on Management Fees LIC Housing Finance Ltd. Finance 1.00 Timken India Ltd. Industrial Products 0.51
Regular: 1.64% Direct: 0.82% PB Fintech Limited Financial
Mahindra & Mahindra
Financial Services Ltd. Finance 0.96 Technology
#BENCHMARK INDEX Tata Consultancy Services (Fintech) 0.50
NIFTY Large Midcap 250 (Total Return Index) Ltd. IT - Software 0.96 Tata Consumer Products Agricultural Food
Aurobindo Pharma Ltd. Pharmaceuticals & Limited & Other Products 0.50
##ADDL. BENCHMARK INDEX
Biotechnology 0.94 Vishal Mega Mart Limited Retailing 0.50
BSE SENSEX (Total Returns Index)
Ajanta Pharma Limited Pharmaceuticals & Blue Star Ltd. Consumer
Biotechnology 0.93 Durables 0.49
EXIT LOAD$$ Indian Hotels Company Apollo Tyres Ltd. Auto Components 0.48
• In respect of each purchase / switch-in of Ltd. Leisure Services 0.93 Torrent Pharmaceuticals Pharmaceuticals &
Units, an Exit Load of 1.00% is payable if Units NTPC Limited Power 0.88 Ltd. Biotechnology 0.48
are redeemed / switched-out within 1 year Bajaj Finance Ltd. Finance 0.85 PNB Housing Finance Ltd. Finance 0.47
from the date of allotment. Coforge Limited Ashok Leyland Ltd Agricultural,
IT - Software 0.85 Commercial &
• No Exit Load is payable if Units are redeemed
Trent Ltd. Retailing 0.81 Construction
/ switched-out after 1 year from the date of
allotment. Ipca Laboratories Ltd. Pharmaceuticals & Vehicles 0.46
Biotechnology 0.79 Bosch Limited Auto Components 0.46
Shriram Finance Ltd. Finance 0.77 Eris Lifesciences Ltd Pharmaceuticals &
Eternal Limited Biotechnology 0.46
Retailing 0.74
Indian Bank Banks 0.46
Bharat Electronics Ltd. Aerospace & Defense 0.73
Tata Communications
Hindalco Industries Ltd. Non - Ferrous Metals 0.73 Limited Telecom - Services 0.46
Eicher Motors Ltd. Automobiles 0.72 Bank of Baroda Banks 0.45
Sun Pharmaceutical Pharmaceuticals & Bharat Petroleum Petroleum
Industries Ltd. Biotechnology 0.72 Corporation Ltd. Products 0.45
Max Healthcare Institute Tech Mahindra Ltd. IT - Software 0.45
Limited Healthcare Services 0.71 Mahindra & Mahindra Ltd. Automobiles 0.44
SRF Ltd. Chemicals & Hyundai Motor India
Petrochemicals 0.71 Limited Automobiles 0.43
Hindustan Aeronautics Fsn Ecommerce Ventures
Limited Aerospace & Defense 0.69 Limited (Nykaa) Retailing 0.42
Jindal Steel & Power Ltd. Ferrous Metals 0.69 Power Grid Corporation of
Ambuja Cements Ltd. Cement & Cement India Ltd. Power 0.42
Products 0.68 Steel Authority Of India
Paradeep Phosphates Fertilizers & Ltd. Ferrous Metals 0.41
Limited Agrochemicals 0.67

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

18 | July 2025
HDFC Large and Mid Cap Fund ....Contd from previous page
CATEGORY OF SCHEME
An open ended equity scheme investing in both large cap and mid cap stocks
LARGE & MID CAP FUND

PORTFOLIO

% to % to
Company Industry+ Company Industry+
NAV NAV
Alkem Laboratories Ltd. Pharmaceuticals & Biotechnology 0.40 Union Bank of India Banks 0.17
The Federal Bank Ltd. Banks 0.40 Bank of India Banks 0.16
Endurance Technologies Ltd. Auto Components 0.39 Exide Industries Ltd. Auto Components 0.16
Wockhardt Ltd. Pharmaceuticals & Biotechnology 0.39 KEC International Ltd. Construction 0.16
Cholamandalam Investment & Finance Syngene International Limited Healthcare Services 0.16
Co. Ltd. Finance 0.38 360 ONE WAM LIMITED Capital Markets 0.15
Crompton Greaves Consumer Elec. Ltd. Consumer Durables 0.38 Biocon Ltd. Pharmaceuticals & Biotechnology 0.15
Delhivery Limited Transport Services 0.37 Computer Age Management Services Capital Markets 0.15
Redington Ltd. Commercial Services & Supplies 0.37 Gujarat State Petronet Ltd. Gas 0.15
Aditya Birla Capital ltd. Finance 0.36 Kajaria Ceramics Ltd. Consumer Durables 0.15
Emami Ltd. Personal Products 0.36 PVR LIMITED Entertainment 0.15
UPL Ltd. Fertilizers & Agrochemicals 0.35 STERLITE TECHNOLOGIES LIMITED Telecom - Equipment &
Accessories 0.15
Creditaccess Grameen Limited Finance 0.34 Brainbees Solutions Limited (FirstCry) Retailing 0.14
HDFC Life Insurance Company Limited Insurance 0.34 Lodha Developers Limited Realty 0.14
KAYNES TECHNOLOGY INDIA LIMITED Industrial Manufacturing 0.34 VODAFONE IDEA LIMITED Telecom - Services 0.14
Hindustan Unilever Ltd. Diversified Fmcg 0.33 Container Corporation of India Ltd. Transport Services 0.13
ICICI Lombard General Insurance Co Insurance 0.33 IIFL Finance Limited Finance 0.13
UltraTech Cement Limited Cement & Cement Products 0.33 Nippon Life India Asset Management
Avenue Supermarts Ltd. Retailing 0.32 Limited Capital Markets 0.13
NHPC Ltd. Power 0.32 Sai Life Sciences Limited Pharmaceuticals & Biotechnology 0.13
Oil & Natural Gas Corporation Ltd. Oil 0.32 Swiggy Limited Retailing 0.13
PI Industries Ltd. Zydus Lifesciences Limited Pharmaceuticals & Biotechnology 0.13
Fertilizers & Agrochemicals 0.32
GAIL (India) Ltd. Canara Bank Banks 0.12
Gas 0.31
Deepak Nitrite Limited Chemicals & Petrochemicals 0.12
Jubilant Foodworks Limited Leisure Services 0.31
Samvardhana Motherson
Oracle Financial Ser Software Ltd. IT - Software 0.31 International Ltd. Auto Components 0.12
Avalon Technologies Limited Electrical Equipment 0.29 TVS Motor Company Ltd. Automobiles 0.12
Medi Assist Healthcare Services Waaree Energies Limited Electrical Equipment 0.12
Limited Insurance 0.29
Archean Chemical Industries Limited Chemicals & Petrochemicals 0.11
SBI CARDS AND PAYMENT SERVICES
LIMITED Finance 0.29 Bharat Heavy Electricals Ltd. Electrical Equipment 0.11
The Phoenix Mills Limited Realty 0.28 JK Cement Limited Cement & Cement Products 0.10
Devyani International Ltd Star Health and Allied Insurance
Leisure Services 0.27
Company Ltd Insurance 0.10
ICICI Prudential Life Insurance
Brigade Enterprises Limited. Realty 0.09
Company Ltd. Insurance 0.27
Whirlpool of India Ltd. eClerx Services Limited Commercial Services & Supplies 0.09
Consumer Durables 0.27
Life Insurance Corporation of India Insurance 0.09
Navin Fluorine International Ltd. Chemicals & Petrochemicals 0.26
One 97 Communications Limited Financial Technology (Fintech) 0.09
Supreme Industries Ltd. Industrial Products 0.26
SAPPHIRE FOODS INDIA LIMITED Leisure Services 0.09
Suzlon Energy Ltd Electrical Equipment 0.26
Sterling and Wilson Renewable
United Spirits Limited Beverages 0.26 Energy Ltd. Construction 0.09
LTIMindtree Limited IT - Software 0.25 SULA VINEYARDS LIMITED Beverages 0.09
Oil India Limited Oil 0.25 Bajaj Housing Finance Ltd. Finance 0.08
ACC Ltd. Cement & Cement Products 0.24 NBCC (India) Limited Construction 0.08
CIE Automotive India Ltd Auto Components 0.24 OCCL Limited Chemicals & Petrochemicals 0.08
DCX Systems Limited Aerospace & Defense 0.24 Sun TV Network Limited Entertainment 0.07
Dr Reddys Laboratories Ltd. Pharmaceuticals & Biotechnology 0.24 Sundram Fasteners Ltd. Auto Components 0.07
Havells India Ltd. Consumer Durables 0.24 United Breweries Ltd. Beverages 0.07
Blue Dart Express Ltd. Transport Services 0.23 Dabur India Ltd. Personal Products 0.06
GUJARAT FLUOROCHEMICALS Dixon Technologies (India) Ltd. Consumer Durables 0.06
LIMITED Chemicals & Petrochemicals 0.23 L&T Technology Services Ltd. IT - Services 0.06
Oberoi Realty Ltd. Realty 0.23 CG Power and Industrial Solutions Ltd. Electrical Equipment 0.05
Page Industries Ltd Textiles & Apparels 0.23 IKIO Technologies Limited Consumer Durables 0.05
Zee Entertainment Enterprises Ltd. Entertainment 0.23 JSW Infrastructure Limited Transport Infrastructure 0.05
Carborundum Universal Ltd. Industrial Products 0.21 KEI Industries Ltd. Industrial Products 0.05
Cholamandalam Financial Holdings Ltd. Finance 0.21 Nazara Technologies Limited Entertainment 0.05
AIA Engineering Ltd. Aarti Industries Ltd. Chemicals & Petrochemicals 0.04
Industrial Products 0.20
JSW Energy Ltd. Central Depository Services (India)
Power 0.20
Ltd. Capital Markets 0.04
REC Limited. Finance 0.20 Coromandel International Limited Fertilizers & Agrochemicals 0.04
CarTrade Tech Limited Retailing 0.19 Craftsman Automation Ltd Auto Components 0.04
Sona Blw Precision Forgings Auto Components 0.19 Hexaware Technologies Ltd. IT - Software 0.04
Titagarh Wagons Limited Industrial Manufacturing 0.19 Indian Railway Catering And Tourism
Bombay Stock Exchange Limited (BSE) Capital Markets 0.18 Corp Ltd Leisure Services 0.04
Godrej Properties Ltd. Realty 0.18 LG Balakrishnan & Bros Ltd. Auto Components 0.04
NLC India Ltd. Power 0.18 Motherson Sumi Wiring India Limited Auto Components 0.04
Tube Investments of India Ltd. UTI Asset Management Company Ltd Capital Markets 0.04
Auto Components 0.18
Bata India Ltd. Cello World Limited Consumer Durables 0.03
Consumer Durables 0.17

....Contd on next page

19 | July 2025
HDFC Large and Mid Cap Fund ....Contd from previous page
CATEGORY OF SCHEME
An open ended equity scheme investing in both large cap and mid cap stocks
LARGE & MID CAP FUND

Industry llocation of E uity Holding PORTFOLIO

of Net ssets

an s 17. % to Face Value / Allotment NAV per

Company Industry+
harmaceuticals iotechnology .7 NAV Unit: ₹ 10, + Industry Classification
IT Software 8.11
as recommended by AMFI, Data is as
Finance 7.7
Chemplast Sanmar Chemicals &
uto Components 4.10 Limited Petrochemicals 0.03 of July 31, 2025 unless otherwise
Insurance . 6 ITC Hotels Limited Leisure Services 0.03 specified.
utomobiles .
STL NETWORKS LIMITED Telecom - Services 0.03 ¥ Dedicated Fund Manager for
etailing .
Healthcare Services . Aarti Pharmalabs Limited Pharmaceuticals & Overseas Investments:
Telecom Services .7 Biotechnology 0.02 Mr. Dhruv Muchhal (since June 22,
ower .
AG Ventures Limited Chemicals &
etroleum roducts . 6
2023) (Total Experience: Over 10
Consumer Durables .4
Petrochemicals 0.02 years).
Chemicals etrochemicals . Clean Science & Chemicals &
ealty .0 Technology Ltd Petrochemicals 0.02 € Includes investments made by the
Construction 1.86
Delta Corp Ltd. Leisure Services 0.02 schemes of HDFC Mutual Fund
Transport Services 1.8
aggregating to ₹ 1. 7 Crores.
Leisure Services 1.6 Hero MotoCorp Ltd. Automobiles 0.02
erospace Defense 1.66 Indigo Paints Limited Consumer Durables 0.02 Please refer Minimum Application
Ferrous Metals 1.6
gricultural, Commercial Construction ehicles 1. 1
Titan Company Ltd. Consumer Durables 0.02 Amount, Plans & Options, on Page
Fertili ers grochemicals 1. 8 Godrej Consumer Products no. 96 to 98.
Cement Cement roducts 1. Ltd. Personal Products 0.01
Capital Mar ets 1.
LATENT VIEW ANALYTICS
Industrial roducts 1.
LIMITED IT - Software 0.01 $$For further details, please refer to
Gas 1.1
para ‘Exit Load’ on page no. 99
Diversi ied Fmcg 0. TCI Express Ltd. Transport Services 0.01
Electrical E uipment 0.8
Atul Ltd. Chemicals &
Non Ferrous Metals 0.7
Financial Technology Fintech 0.
Petrochemicals @
il 0. 7 Sub Total 99.01
Industrial Manufacturing 0.
Entertainment 0. 0
Total 99.01
gricultural Food ther roducts 0. 0 UNITS ISSUED BY REIT & INVIT
Commercial Services Supplies 0.46
Units issued by ReIT
ersonal roducts 0.4
everages 0.4 Embassy Office Parks REIT Realty 0.35
Textiles pparels 0.
Sub Total 0.35
Telecom E uipment ccessories 0.1
IT Services 0.06 MUTUAL FUND UNITS
Transport Infrastructure 0.0 Mutual Fund Units
0 4 8 1 16 0
HDFC BSE SENSEX ETF 0.15
Sub Total 0.15
Cash,Cash Equivalents and Net Current Assets 0.49
Grand Total 100.00
• Top Ten Holdings, £ Sponsor, @ Less than 0.01

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 mount Invested ₹. in Lacs 37.80 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs $$ 612.76 65.58 30.58 10.12 4.74 1.24
Returns (%) $$ 14.40 15.71 17.80 21.06 18.80 5.60
Benchmark Returns (%)# N.A. 16.65 17.58 19.10 17.87 5.96
Additional Benchmark Returns (%)# # 13.76 13.42 14.24 13.36 11.99 4.86
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Value of ₹ 10,000 invested
Scheme Benchmark Additional
Additional
Date Period Returns (%) Returns Benchmark
Benchmark Scheme (₹)
Benchmark
$$ (%)# Returns (%) ##
(₹)# $$
(₹)##
Jul 31, 24 Last 1 Year -2.04 -1.40 0.54 9,796 9,860 10,054
Jul 29, 22 Last 3 Years 21.36 19.70 13.52 17,904 17,178 14,643
Jul 31, 20 Last 5 Years 27.20 24.76 18.05 33,318 30,245 22,934
Jul 31, 15 Last 10 Years 13.79 15.35 12.56 36,449 41,768 32,670
Feb 18, 94 Since Inception 12.78 NA 11.69 440,746 NA 324,333
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 benchmar has also changed. HDFC Growth pportunities Fund has been renamed as HDFC Large and Mid Cap
Fund w.e.f. June 28, 2021. Hence, the past performance of the Scheme may not strictly be comparable with that of the new
benchmark. As BSE SENSEX TRI data is not available since inception of the scheme, additional benchmark performance is
calculated using composite CAGR of BSE SENSEX PRI values from February 18, 1994 to August 18, 1996 and TRI values since
August 19, 1996. $$ All Distributions declared prior to the splitting of the Scheme into IDCW & Growth Options are assumed to
be reinvested in the units of the Scheme at the then prevailing NAV (ex-distribution NAV). For performance of other schemes
managed by Gopal Agrawal, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense
structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

20 | July 2025
HDFC Value Fund CATEGORY OF SCHEME
(Name changed from HDFC Capital Builder Value Fund w.e.f. March 15, 2025) An open ended equity scheme VALUE FUND
following a value investment strategy (This is a simple and performing scheme which is eligible for distribution
by new cadre of distributors)

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
February 01, % to % to
Anand Laddha Over 21 years Company Industry+ Company Industry+
2024 NAV NAV
EQUITY & EQUITY RELATED Zensar Technologies Ltd. IT - Software 0.81
DATE OF ALLOTMENT/INCEPTION DATE ACME Solar Holdings
• ICICI Bank Ltd. Banks 7.96
February 01, 1994 Limited Power 0.80
• HDFC Bank Ltd.£ Banks 7.55 UTI Asset Management
NAV NAV PER • Bharti Airtel Ltd. Telecom - Services 4.17 Company Ltd Capital Markets 0.80
(As On JULY 31, 2025) UNIT(₹) SKF India Ltd. Industrial Products 0.75
• Axis Bank Ltd. Banks 3.71
Regular Plan - Growth Option 738.338 CESC Ltd. Power 0.74
Regular Plan - IDCW Option 34.382 • Infosys Limited IT - Software 3.70 Coal India Ltd. Consumable Fuels 0.74
Direct Plan - Growth Option 824.876 • State Bank of India Banks 3.47 GAIL (India) Ltd. Gas 0.73
Direct Plan - IDCW Option 42.671 • Larsen and Toubro Ltd. Construction 2.60 Krishna Institute Of
Medical Sciences Limited Healthcare Services 0.72
• Sun Pharmaceutical Industries Pharmaceuticals &
ASSETS UNDER MANAGEMENT Ltd. Biotechnology 2.55 Jindal Steel & Power Ltd. Ferrous Metals 0.69
As on July 31, 2025 Emami Ltd. Personal Products 0.65
₹7,348.29Cr. • Au Small Finance Bank Ltd. Banks 2.41
Average for Month of July, 2025 Adani Energy Solutions
₹7,432.26Cr. • NTPC Limited Power 2.27 Limited Power 0.63
SBI Life Insurance Company Home First Finance
QUANTITATIVE DATA Ltd. Insurance 2.13 Company India Ltd Finance 0.62
Portfolio Turnover Bharat Electronics Ltd. Aerospace & Electronics Mart India Ltd Retailing 0.58
Equity Turnover 21.64% Defense 2.09 Vishal Mega Mart Limited Retailing 0.58
Total Turnover 19.03% Prestige Estates Projects Ltd. Realty 2.06 ESCORTS KUBOTA Agricultural,
Total Turnover = Equity + Debt + Derivative HCL Technologies Ltd. LIMITED Commercial &
IT - Software 1.87 Construction
Risk Ratio
Cipla Ltd. Pharmaceuticals & Vehicles 0.57
Standard Deviation 13.115% Biotechnology 1.69
Beta 0.957 METRO BRANDS LIMITED Consumer Durables 0.56
Tech Mahindra Ltd. IT - Software 1.69 GMM Pfaudler Limited Industrial
Sharpe Ratio* 1.087
Computed for the 3-yr period ended July 31, Bosch Limited Auto Components 1.66 Manufacturing 0.51
2025 Based on month-end NAV.* Risk free rate: Godrej Consumer Products Ltd. Personal Products Technocraft Industries
1.49 (India) Ltd Industrial Products 0.49
5.54% (Source: FIMMDA MIBOR) For schemes The Phoenix Mills Limited Realty 1.35 Baazar Style Retail Limited Retailing 0.40
which have not completed 3 years, data is
computed since inception. Ambuja Cements Ltd. Cement & Cement Indoco Remedies Ltd. Pharmaceuticals &
Products 1.32 Biotechnology 0.38
TOTAL EXPENSE RATIO Cholamandalam Investment & Gujarat Pipavav Port Ltd. Transport
(As On July 31, 2025) Finance Co. Ltd. Finance 1.25 Infrastructure 0.37
Including Additional Expenses and Goods and Radico Khaitan Limited Beverages 1.25 National Securities
Depository Limited Capital Markets 0.36
Service Tax on Management Fees United Spirits Limited Beverages 1.25
UNIPARTS INDIA LIMITED Auto Components 0.27
Regular: 1.84% Direct: 1.01% PNB Housing Finance Ltd. Finance 1.21 G R Infraprojects Limited Construction 0.25
ITC LIMITED Diversified Fmcg 1.20 STL NETWORKS LIMITED Telecom - Services 0.24
#BENCHMARK INDEX UltraTech Cement Limited Cement & Cement Wheels India Ltd. Auto Components 0.17
NIFTY 500 (Total Returns Index) Products 1.18 Varun Beverages Ltd Beverages 0.15
##ADDL. BENCHMARK INDEX Divis Laboratories Ltd. Pharmaceuticals & Popular Vehicles and
NIFTY 50 (Total Returns Index) Biotechnology 1.17 Services Limited Automobiles 0.11
Max Financial Services Ltd. Insurance 1.14 Sadbhav Infrastructure
Lupin Ltd. Pharmaceuticals & Project Ltd. Construction 0.01
EXIT LOAD$$
Biotechnology 1.11 Sub Total 98.56
• In respect of each purchase / switch-in of
Bajaj Auto Limited Automobiles 1.09 UNITS ISSUED BY REIT & INVIT
Units, an Exit Load of 1.00% is payable if Units
Multi Commodity Exchange of Units issued by InvIT
are redeemed / switched-out within 1 year from
India L Capital Markets 1.05 POWERGRID
the date of allotment. Infrastructure Investment
• No Exit Load is payable if Units are redeemed Eicher Motors Ltd. Automobiles 1.04 Trust Power @
/ switched-out after 1 year from the date of Karur Vysya Bank Ltd. Banks 1.02 Sub Total @
allotment.
Eternal Limited Retailing 1.01 Cash,Cash Equivalents and Net Current Assets 1.44
Hindustan Unilever Ltd. Diversified Fmcg 1.01 Grand Total 100.00
STERLITE TECHNOLOGIES Telecom - • Top Ten Holdings, £ Sponsor, @ Less than 0.01
LIMITED Equipment &
Accessories 1.00 Face alue / llotment N per Unit: ₹ 10, + Industry
Tata Motors Ltd. Automobiles 1.00 Classification as recommended by AMFI, Data is as of
Bharat Petroleum Corporation Petroleum July 31, 2025 unless otherwise specified.
Ltd. Products 0.99
Bajaj Finserv Ltd. Finance 0.96 ¥ Dedicated Fund Manager for Overseas Investments:
Mr. Dhruv Muchhal (since June 22, 2023) (Total
Jubilant Ingrevia Limited Chemicals & Experience: Over 10 years).
Petrochemicals 0.93
Balkrishna Industries Ltd. Auto Components 0.89 Please refer Minimum Application Amount, Plans &
Maruti Suzuki India Limited Automobiles 0.86 Options, on Page no. 96 to 98.
Equitas Small Finance Bank
Ltd Banks 0.85 $$For further details, please refer to para ‘Exit Load’ on
Hindustan Petroleum Corp. Petroleum page no. 99.
Ltd. Products 0.84
Techno Electric & Engin. Co.
Ltd. Construction 0.84

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

21 | July 2025
HDFC Value Fund ....Contd from previous page
(Name changed from HDFC Capital Builder Value Fund w.e.f. March 15, 2025) An open ended equity scheme CATEGORY OF SCHEME
following a value investment strategy (This is a simple and performing scheme which is eligible for distribution
VALUE FUND
by new cadre of distributors)

Industry llocation of E uity Holding

of Net ssets

an s 6. 7
IT Software 8.07
harmaceuticals iotechnology 6. 0
ower 4.44
Telecom Services 4.41
utomobiles 4.10
Finance 4.04
Construction .70
ealty .41
Insurance . 7
uto Components .
everages .6
etailing . 7
Cement Cement roducts . 0
Diversi ied Fmcg . 1
Capital Mar ets . 1
ersonal roducts .14
erospace Defense .0
etroleum roducts 1.8
Industrial roducts 1. 4
Telecom E uipment ccessories 1.00
Chemicals etrochemicals 0.
Consumable Fuels 0.74
Gas 0.7
Healthcare Services 0.7
Ferrous Metals 0.6
gricultural, Commercial Construction ehicles 0. 7
Consumer Durables 0. 6
Industrial Manufacturing 0. 1
Transport Infrastructure 0. 7
0 10 0 0 40 0

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 mount Invested ₹. in Lacs 37.80 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 1,115.71 63.58 27.65 9.68 4.75 1.25
Returns (%) 17.17 15.35 15.93 19.20 18.92 7.19
Benchmark Returns (%)# N.A. 14.71 15.76 16.67 15.65 4.92
Additional Benchmark Returns (%)# # 13.56 13.48 14.42 14.19 13.08 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 0.52 -1.63 0.54 10,052 9,837 10,054
Jul 29, 22 Last 3 Years 20.64 17.10 14.29 17,585 16,078 14,946
Jul 31, 20 Last 5 Years 23.50 21.69 18.88 28,745 26,703 23,751
Jul 31, 15 Last 10 Years 13.52 13.66 12.60 35,581 36,026 32,801
Feb 01, 94 Since Inception 14.63 NA 11.22 738,338 NA 285,606
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes
managed by Anand Laddha, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense
structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110. As NIFTY 50 TRI data is not
available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY 50 PRI
values from February 1, 1994 to June 29, 1999 and TRI values since June 30, 1999.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

22 | July 2025
HDFC Dividend Yield Fund CATEGORY OF SCHEME
An open ended equity scheme predominantly investing in dividend yielding stocks (This is a simple and DIVIDEND YIELD FUND
performing scheme which is eligible for distribution by new cadre of distributors)

INVESTMENT OBJECTIVE: To provide capital appreciation and/or dividend distribution by predominantly investing in a well-diversified portfolio of equity and equity related
instruments of dividend yielding companies. There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
December
Gopal Agrawal Over 21 years % to % to
18, 2020 Company Industry+ Company Industry+
NAV NAV
EQUITY & EQUITY RELATED Hindustan Aeronautics
DATE OF ALLOTMENT/INCEPTION DATE Limited Aerospace & Defense 0.70
• HDFC Bank Ltd.£ Banks 6.37
December 18, 2020 Wipro Ltd. IT - Software 0.70
• ICICI Bank Ltd. Banks 4.89 VRL Logistics Ltd. Transport Services 0.65
NAV NAV PER • Axis Bank Ltd. HDFC Life Insurance
(As On JULY 31, 2025) UNIT(₹) Banks 2.95
Company Limited Insurance 0.64
Regular Plan - Growth Option 24.649 • Bharti Airtel Ltd. Telecom - Services 2.46 REC Limited. Finance 0.61
Regular Plan - IDCW Option 21.143 • Larsen and Toubro Ltd. Construction 2.37 Blue Dart Express Ltd. Transport Services 0.60
Direct Plan - Growth Option 26.322 • Infosys Limited Godrej Consumer
IT - Software 2.34
Direct Plan - IDCW Option 22.818 Products Ltd. Personal Products 0.59
• Tech Mahindra Ltd. IT - Software 2.27
BEML Land Assets Limited Finance 0.58
ASSETS UNDER MANAGEMENT € • Kotak Mahindra Bank Limited Banks 2.24 Bharat Electronics Ltd. Aerospace & Defense 0.58
As on July 31, 2025 ₹6,445.63Cr. • Reliance Industries Ltd. Petroleum Bharti Hexacom Limited Telecom - Services 0.57
Average for Month of July, 2025 Products 2.16
₹6,561.07Cr. UTI Asset Management
• Maruti Suzuki India Limited Automobiles 2.08 Company Ltd Capital Markets 0.57
QUANTITATIVE DATA NTPC Limited Power 1.97 Apollo Tyres Ltd. Auto Components 0.56
Sun Pharmaceutical Industries Pharmaceuticals & Nestle India Ltd. Food Products 0.56
Portfolio Turnover
Ltd. Biotechnology 1.81 GAIL (India) Ltd. Gas 0.55
Equity Turnover 5.45%
SBI Life Insurance Company Lupin Ltd. Pharmaceuticals &
Total Turnover 5.45% Biotechnology 0.55
Ltd. Insurance 1.77
Total Turnover = Equity + Debt + Derivative
Tata Consultancy Services Ltd. IT - Software 1.75 Whirlpool of India Ltd. Consumer Durables 0.55
Risk Ratio
HCL Technologies Ltd. Tata Communications
Standard Deviation 13.488% IT - Software 1.69 Limited Telecom - Services 0.54
Beta 0.973 State Bank of India Banks 1.48 AIA Engineering Ltd. Industrial Products 0.52
Sharpe Ratio* 1.002
Bajaj Auto Limited Automobiles 1.47 Cummins India Ltd. Industrial Products 0.52
Computed for the 3-yr period ended July 31,
ITC LIMITED Glenmark Pharmaceuticals &
2025 Based on month-end NAV.* Risk free rate: Diversified Fmcg 1.47 Pharmaceuticals Ltd. Biotechnology 0.52
5.54% (Source: FIMMDA MIBOR) For schemes Ambuja Cements Ltd. Cement & Cement NHPC Ltd. Power 0.52
which have not completed 3 years, data is Products 1.38
Indraprastha Gas Ltd. Gas 0.51
computed since inception. Indusind Bank Ltd. Banks 1.26 Bosch Limited Auto Components 0.50
INFO EDGE (INDIA) LIMITED Retailing 1.24 Canara Bank Banks 0.50
TOTAL EXPENSE RATIO
(As On July 31, 2025) Oil & Natural Gas Corporation Mahindra & Mahindra Ltd. Automobiles 0.50
Including Additional Expenses and Goods and Ltd. Oil 1.21 Mahindra Holidays &
Coal India Ltd. Consumable Fuels 1.17 Resorts Ind Ltd. Leisure Services 0.50
Service Tax on Management Fees
Hindustan Unilever Ltd. Siemens Energy India
Regular: 1.82% Direct: 0.69% Diversified Fmcg 1.17 Limited Electrical Equipment 0.50
Tata Steel Ltd. Ferrous Metals 1.16 Dilip Buildcon Ltd. Construction 0.49
#BENCHMARK INDEX Eicher Motors Ltd. Automobiles 1.06 PNB Housing Finance Ltd. Finance 0.49
NIFTY 500 (Total Returns Index) Cipla Ltd. Pharmaceuticals & Premier Energies Limited Electrical Equipment 0.48
##ADDL. BENCHMARK INDEX Biotechnology 1.05 Cyient Ltd. IT - Services 0.47
NIFTY 50 (Total Returns Index) Balrampur Chini Mills Ltd. Agricultural Food Emami Ltd. Personal Products 0.47
& Other Products 1.00 Sagility India Limited IT - Services 0.47
EXIT LOAD$$ TD Power Systems Ltd. Electrical Siemens Ltd. Electrical Equipment 0.47
Equipment 0.99 Bajaj Finserv Ltd. Finance 0.45
• In respect of each purchase / switch-in of Hindustan Petroleum Corp. Petroleum
Units, an Exit Load of 1.00% is payable if Units Biocon Ltd. Pharmaceuticals &
Ltd. Products 0.97 Biotechnology 0.45
are redeemed / switched-out within 1 year from KAYNES TECHNOLOGY INDIA Industrial
the date of allotment. InterGlobe Aviation Ltd. Transport Services 0.44
LIMITED Manufacturing 0.96
• No Exit Load is payable if Units are redeemed Vardhman Textiles Ltd. Textiles & Apparels 0.43
STERLITE TECHNOLOGIES Telecom -
/ switched-out after 1 year from the date of LIMITED Equipment & Fusion Finance Limited Finance 0.42
allotment. Accessories 0.94 Hindalco Industries Ltd. Non - Ferrous Metals 0.42
Aster DM Healthcare Limited Healthcare Medi Assist Healthcare
Services 0.89 Services Limited Insurance 0.42
Cholamandalam Financial Divis Laboratories Ltd. Pharmaceuticals &
Holdings Ltd. Finance 0.88 Biotechnology 0.41
Apollo Hospitals Enterprise Healthcare Finolex Cables Ltd. Industrial Products 0.41
Ltd. Services 0.87 RBL Bank Ltd. Banks 0.41
PVR LIMITED Entertainment 0.86 PNC Infratech Ltd. Construction 0.39
CESC Ltd. GHCL Limited Chemicals &
Power 0.82
Petrochemicals 0.37
Vishal Mega Mart Limited Retailing 0.82 Asian Paints Limited Consumer Durables 0.35
UPL Ltd. Fertilizers & GO FASHION (INDIA)
Agrochemicals 0.80 LIMITED Retailing 0.33
Power Finance Corporation Gland Pharma Ltd. Pharmaceuticals &
Ltd. Finance 0.76 Biotechnology 0.32
RHI MAGNESITA INDIA Emcure Pharmaceuticals Pharmaceuticals &
Limited Industrial Products 0.74 Limited Biotechnology 0.22
Tata Motors Ltd. Automobiles 0.72 Netweb Technologies
Muthoot Finance Ltd. India Limited IT - Services 0.22
Finance 0.71
Anthem Biosciences Pharmaceuticals &
SKF India Ltd. Industrial Products 0.71 Limited Biotechnology 0.21
.
...Contd on next page

For Product label and Riskometers, refer page no: 113-126

23 | July 2025
HDFC Dividend Yield Fund ....Contd from previous page
An open ended equity scheme predominantly investing in dividend yielding stocks (This is a simple and CATEGORY OF SCHEME
performing scheme which is eligible for distribution by new cadre of distributors) DIVIDEND YIELD FUND

PORTFOLIO

% to Face Value / Allotment NAV per Unit: ₹ 10, + Industry Classification as recommended by
Company Industry+
NAV AMFI, Data is as of July 31, 2025 unless otherwise specified.
EPACK DURABLE LIMITED Consumer Durables 0.21
Stanley Lifestyles Limited ¥ Dedicated Fund Manager for Overseas Investments:
Consumer Durables 0.21
Castrol India Ltd. Petroleum Products 0.20 Mr. Dhruv Muchhal (since June 22, 2023) (Total Experience: Over 10 years).
Jio Financial Services Limited Finance 0.20
Star Health and Allied Insurance € Includes investments made by the schemes of HDFC Mutual Fund aggregating to ₹
Company Ltd Insurance 0.20 43.26 Crores.
Diffusion Engineers Limited Industrial Products 0.18
Endurance Technologies Ltd. Please refer Minimum Application Amount, Plans & Options, on Page no. 96 to 98.
Auto Components 0.18
Quess Corp Ltd. Commercial Services & Supplies 0.18 $$For further details, please refer to para ‘Exit Load’ on page no. .
DCX Systems Limited Aerospace & Defense 0.17
Electronics Mart India Ltd Retailing 0.17
Afcons Infrastructure Limited Construction 0.16 Industry llocation of E uity Holding
DAM Capital Advisors Limited Capital Markets 0.16 of Net ssets
STL NETWORKS LIMITED Telecom - Services 0.16
Techno Electric & Engin. Co. Ltd. Construction 0.16 an s 0.10
Birlasoft Limited IT - Software 0.15 IT Software 8. 8
Gujarat Pipavav Port Ltd. Transport Infrastructure 0.15 utomobiles . 8
Popular Vehicles and Services Limited Automobiles 0.15 harmaceuticals iotechnology . 4
Chambal Fertilizers & Chemicals Ltd. Fertilizers & Agrochemicals 0.14 Finance .10
Digitide Solutions Limited IT - Services 0.14 Telecom Services .7
KEC International Ltd. Construction .71
Construction 0.14
Inox India Limited
ower .
Industrial Products 0.13
etroleum roducts .
Sun TV Network Limited Entertainment 0.13 Industrial roducts . 0
Voltamp Transformers Ltd. Electrical Equipment 0.13 Insurance .0
BEML Limited Agricultural, Commercial & etailing .68
Construction Vehicles 0.12
Diversi ied Fmcg .64
Sai Silks (Kalamandir) Limited Retailing 0.12
Electrical E uipment .6
UltraTech Cement Limited Cement & Cement Products 0.11 Healthcare Services 1.76
Timken India Ltd. Industrial Products 0.09 Transport Services 1.6
ITC Hotels Limited Leisure Services 0.08 Cement Cement roducts 1.4
Rishabh instruments Limited Electrical Equipment 0.06 erospace Defense 1.4
Bluspring Enterprises limited Commercial Services & Supplies 0.05 Consumer Durables 1.
GHCL Textiles Limited Textiles & Apparels 0.05 IT Services 1. 0
Sonata Software Ltd. IT - Software 0.05
uto Components 1. 4

NLC India Ltd. il 1. 1

Power 0.04
Consumable Fuels 1.17
Archean Chemical Industries Limited Chemicals & Petrochemicals 0.03
Ferrous Metals 1.16
LATENT VIEW ANALYTICS LIMITED IT - Software 0.03 ersonal roducts 1.06
Sub Total 98.51 Gas 1.06
Total 98.51 gricultural Food ther roducts 1.00
UNITS ISSUED BY REIT & INVIT Entertainment 0.
Units issued by InvIT Industrial Manufacturing 0. 6
Indus Infra Trust Transport Infrastructure 0.19 Telecom E uipment ccessories 0. 4
Sub Total 0.19 Fertili ers grochemicals 0. 4

Units issued by ReIT Capital Mar ets 0.7

Leisure Services 0. 8
Embassy Office Parks REIT Realty 0.62
Food roducts 0. 6
Sub Total 0.62
Textiles pparels 0.48
Total 0.81 Non Ferrous Metals 0.4
Cash,Cash Equivalents and Net Current Assets 0.68 Chemicals etrochemicals 0.40
Grand Total 100.00 Commercial Services Supplies 0.
• Top Ten Holdings, £ Sponsor Transport Infrastructure 0.1
gricultural, Commercial Construction ehicles 0.1
0 10 0 0 40 0

....Contd on next page

24 | July 2025
HDFC Dividend Yield Fund ....Contd from previous page
An open ended equity scheme predominantly investing in dividend yielding stocks (This is a simple and CATEGORY OF SCHEME
performing scheme which is eligible for distribution by new cadre of distributors) DIVIDEND YIELD FUND

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception SIP 3 year SIP 1 year SIP

Total mount Invested ₹. in Lacs 5.60 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 8.52 4.57 1.21
Returns (%) 18.13 16.16 1.88
Benchmark Returns (%)# 15.64 15.65 4.92
Additional Benchmark Returns (%)# # 13.23 13.08 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year -5.28 -1.63 0.54 9,472 9,837 10,054
Jul 29, 22 Last 3 Years 19.71 17.10 14.29 17,179 16,078 14,946
Dec 18, 20 Since Inception 21.57 17.63 14.96 24,649 21,170 19,037
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Gopal
Agrawal, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses
of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular
Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

25 | July 2025
HDFC Focused Fund
(Name changed from HDFC Focused 30 Fund w.e.f. June 27, 2025) An open ended equity scheme CATEGORY OF SCHEME
investing in maximum 30 stocks in large-cap, mid-cap and small-cap category (i.e. Multi-Cap) FOCUSED FUND

INVESTMENT OBJECTIVE: To generate long term capital appreciation/income by investing in equity & equity related instruments of up to 30 companies. There is no
assurance that the investment objective of the Scheme will be realized

FUND MANAGER ¥
PORTFOLIO
Name Since Total Exp
Roshi Jain January 13, 2022 Over 19 years
% to % to
Company/Issuer Industry+ /Rating Company/Issuer Industry+ /Rating
DATE OF ALLOTMENT/INCEPTION DATE NAV NAV
EQUITY & EQUITY RELATED ESCORTS KUBOTA Agricultural,
September 17, 2004
• ICICI Bank Ltd. Banks 9.67 LIMITED Commercial &
NAV NAV PER • HDFC Bank Ltd.£ Banks 8.47 Construction
(As On JULY 31, 2025) UNIT(₹) Vehicles 1.29
• Axis Bank Ltd. Banks 7.07
Regular Plan - Growth Option 227.819 Havells India Ltd. Consumer Durables 1.29
• State Bank of India Banks 4.64
Regular Plan - IDCW Option 25.294 Restaurant Brands Asia
• Kotak Mahindra Bank Limited Banks 4.24
Direct Plan - Growth Option 258.400 Limited Leisure Services 0.85
Direct Plan - IDCW Option 32.851 • Cipla Ltd. Pharmaceuticals &
Power Grid Corporation of
Biotechnology 4.13
India Ltd. Power 0.58
ASSETS UNDER MANAGEMENT • HCL Technologies Ltd. IT - Software 4.10
Sub Total 85.32
As on July 31, 2025 • SBI Life Insurance Company
₹21,456.24Cr. Total 85.32
Average for Month of July, 2025 Ltd. Insurance 3.86
₹21,223.22Cr. DEBT & DEBT RELATED
• Maruti Suzuki India Limited Automobiles 3.82
Government Securities (Central/State)
QUANTITATIVE DATA • Tata Steel Ltd. Ferrous Metals 2.80
7.38 GOI 2027 Sovereign 0.24
Bharti Airtel Ltd. Telecom - Services 2.68
Portfolio Turnover Sub Total 0.24
Equity Turnover 20.53% Eicher Motors Ltd. Automobiles 2.37
UNITS ISSUED BY REIT & INVIT
Total Turnover 19.19% Bosch Limited Auto Components 2.35
Total Turnover = Equity + Debt + Derivative Units issued by ReIT
Piramal Pharma Limited Pharmaceuticals &
Risk Ratio Biotechnology 2.30 Nexus Select Trust REIT Realty 2.06
Standard Deviation 10.155% Embassy Office Parks REIT Realty 0.70
Beta 0.730 Bajaj Auto Limited Automobiles 2.15
Sharpe Ratio* 1.607 Hyundai Motor India Limited Automobiles 2.11 Sub Total 2.76
Computed for the 3-yr period ended July 31, 2025 Fsn Ecommerce Ventures Cash,Cash Equivalents and Net Current Assets 11.68
Based on month-end NAV.* Risk free rate: 5.54% Limited (Nykaa) Retailing 1.95 Grand Total 100.00
(Source: FIMMDA MIBOR) For schemes which have
not completed 3 years, data is computed since InterGlobe Aviation Ltd. Transport Services 1.93 • Top Ten Holdings, £ Sponsor
inception. Chalet Hotels Ltd. Leisure Services 1.87
Metropolis Healthcare Ltd. Healthcare Services 1.58 Face Value / Allotment NAV per Unit: ₹ 10, + Industry
TOTAL EXPENSE RATIO Classification as recommended by AMFI, Data is as of July
(As On July 31, 2025) Karur Vysya Bank Ltd. Banks 1.57
31, 2025 unless otherwise specified.
Including Additional Expenses and Goods and Sundram Fasteners Ltd. Auto Components 1.51
Service Tax on Management Fees Crompton Greaves Consumer ¥ Dedicated Fund Manager for Overseas Investments:
Regular: 1.64% Direct: 0.59% Elec. Ltd. Consumer Durables 1.42 Mr. Dhruv Muchhal (since June 22, 2023)
SAPPHIRE FOODS INDIA (Total Experience: Over 10 years).
#BENCHMARK INDEX LIMITED Leisure Services 1.39
Please refer Minimum Application Amount, Plans &
NIFTY 500 (Total Returns Index) CIE Automotive India Ltd Auto Components 1.33
Options, on Page no. 96 to 98.
##ADDL. BENCHMARK INDEX
$$For further details, please refer to para ‘Exit Load’ on
BSE SENSEX (Total Returns Index)
page no. 99.
EXIT LOAD$$
• In respect of each purchase / switch-in of
Units, an Exit Load of 1.00% is payable if Units
are redeemed / switched-out within 1 year from SIP PERFORMANCE ^ - Regular Plan - Growth Option
the date of allotment.
• No Exit Load is payable if Units are redeemed Since Inception 15 year 10 year 5 year 3 year 1 year
/ switched-out after 1 year from the date of al- SIP SIP SIP SIP SIP SIP
allotment. Total mount Invested ₹. in Lacs 25.10 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 143.24 64.16 30.58 10.81 4.90 1.26
Returns (%) 14.54 15.46 17.80 23.78 21.14 8.96
Industry llocation of E uity Holding Benchmark Returns (%)# 13.94 14.71 15.76 16.67 15.65 4.92
of Net ssets Additional Benchmark Returns (%)# # 13.22 13.42 14.24 13.36 11.99 4.86
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G returns are
an s .66 computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan -
utomobiles 10.4 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.
harmaceuticals iotechnology 6.4

uto Components .1
PERFORMANCE ^ - Regular Plan - Growth Option
Leisure Services 4.11

IT Software 4.10 Additional Value of ₹ 10,000 invested

Scheme Benchmark
Benchmark Additional
Insurance .86 Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
Ferrous Metals .80 ## (₹)##
Consumer Durables .71 Jul 31, 24 Last 1 Year 6.12 -1.63 0.54 10,612 9,837 10,054
Telecom Services .68 Jul 29, 22 Last 3 Years 23.52 17.10 13.52 18,878 16,078 14,643
etailing 1.
Jul 31, 20 Last 5 Years 28.16 21.69 18.05 34,593 26,703 22,934
Jul 31, 15 Last 10 Years 13.83 13.66 12.56 36,546 36,026 32,670
Transport Services 1.
Sep 17, 04 Since Inception 16.15 15.47 15.24 227,819 201,769 193,442
Healthcare Services 1. 8
Returns greater than 1 year period are compounded annualized (CAGR) For performance of other schemes managed by Roshi
gricultural, Commercial Construction ehicles 1.
Jain, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of
ower 0. 8 the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular
0 10 0 0 40 0
Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not
taken into consideration for computation of performance.

For Product label and Riskometers, refer page no: 113-126

26 | July 2025
HDFC Business Cycle Fund
An open ended equity scheme following business cycle based investing theme CATEGORY OF SCHEME
THEMATIC FUND

INVESTMENT OBJECTIVE: To provide long-term capital appreciation by investing predominantly in equity and equity related securities with a focus on riding business cycles
through dynamic allocation between various sectors and stocks at different stages of business cycles. There is no assurance that the investment objective of the Scheme
will be achieved.

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
November 30, % to % to
Rahul Baijal Over 24 years Company Industry+ Company Industry+
2022 NAV NAV
EQUITY & EQUITY RELATED CG Power and Industrial
DATE OF ALLOTMENT/INCEPTION DATE • ICICI Bank Ltd. Banks 7.94 Solutions Ltd. Electrical Equipment 0.58
November 30, 2022 • Eternal Limited Retailing 6.71 JNK India Limited Industrial
• Bharti Airtel Ltd. Telecom - Services 6.00 Manufacturing 0.57
NAV NAV PER PNC Infratech Ltd. Construction 0.55
(As On JULY 31, 2025) UNIT (₹) • HDFC Bank Ltd.£ Banks 4.17
• Vishal Mega Mart Limited Retailing 3.59 Astral Limited Industrial Products 0.52
Regular Plan - Growth Option 14.659 Cummins India Ltd. Industrial Products 0.49
Regular Plan - IDCW Option 14.659 • Anthem Biosciences Limited Pharmaceuticals &
Biotechnology 3.08 Inventurus Knowledge
Direct Plan - Growth Option 15.164 Solutions Limited IT - Services 0.49
Direct Plan - IDCW Option 15.164 • Fortis Healthcare Limited Healthcare Services 3.07
• Aptus Value Housing Belrise Industries
Finance India Ltd Finance 3.01 Limited Auto Components 0.44
ASSETS UNDER MANAGEMENT Ceigall India Limited Construction 0.44
• Titan Company Ltd. Consumer Durables 2.60
As on July 31, 2025 ₹2,924.62Cr. Westlife Foodworld
• Kotak Mahindra Bank
Average for Month of July, 2025 ₹2,944.30Cr. Limited Leisure Services 0.41
Limited Banks 2.47
JSW Energy Ltd. Power 2.45 Ola Electric Mobility
QUANTITATIVE DATA Limited Automobiles 0.38
Adani Ports & Special Transport
SULA VINEYARDS
Portfolio Turnover Economic Zone Infrastructure 2.36
LIMITED Beverages 0.38
Equity Turnover 66.35% Ambuja Cements Ltd. Cement & Cement
Total Turnover 57.71% Products 2.30 Siemens Energy India
Total Turnover = Equity + Debt + Derivative Limited Electrical Equipment 0.37
Cholamandalam Investment
Risk Ratio & Finance Co. Ltd. Finance 2.26 Siemens Ltd. Electrical Equipment 0.35
Standard Deviation 12.289% The Phoenix Mills Limited Realty 2.11 Techno Electric & Engin.
Beta 0.893 Co. Ltd. Construction 0.33
Aether Industries Ltd Chemicals &
Sharpe Ratio* 0.780 Crompton Greaves
Petrochemicals 2.08
Computed for the 3-yr period ended July 31, Consumer Elec. Ltd. Consumer Durables 0.30
InterGlobe Aviation Ltd. Transport Services 2.04
2025 Based on month-end NAV.* Risk free rate: Ellenbarrie Industrial Chemicals &
Eris Lifesciences Ltd Pharmaceuticals &
5.54% (Source: FIMMDA MIBOR) For schemes Gases Limited Petrochemicals 0.28
Biotechnology 1.98
which have not completed 3 years, data is Chalet Hotels Ltd. Leisure Services 0.27
computed since inception. Indusind Bank Ltd. Banks 1.79
Home First Finance
Lupin Ltd. Pharmaceuticals & Company India Ltd Finance 0.26
TOTAL EXPENSE RATIO Biotechnology 1.53
Aditya Infotech Limited Industrial
(As On July 31, 2025) Piramal Pharma Limited Pharmaceuticals & Manufacturing 0.24
Including Additional Expenses and Goods and Biotechnology 1.37
M&B Engineering
Service Tax on Management Fees Balkrishna Industries Ltd. Auto Components 1.32 Limited Industrial Products 0.21
Regular: 1.98% Direct: 0.84% MANKIND PHARMA Pharmaceuticals & SAPPHIRE FOODS
LIMITED Biotechnology 1.27 INDIA LIMITED Leisure Services 0.21
Swiggy Limited Retailing 1.26 ABB India Ltd. Electrical Equipment 0.19
#BENCHMARK INDEX
ESCORTS KUBOTA LIMITED Agricultural, Grindwell Norton Ltd. Industrial Products 0.19
NIFTY 500 (Total Returns Index) Commercial &
##ADDL. BENCHMARK INDEX Construction Vehicles 1.25 Hexaware Technologies
NIFTY 50 (Total Returns Index) Ltd. IT - Software 0.19
Schloss Bangalore Limited Leisure Services 1.19
Sai Life Sciences Limited Pharmaceuticals &
Godrej Properties Ltd. Realty 1.02 Biotechnology 0.11
EXIT LOAD$$ Shriram Finance Ltd. Finance 1.02 Sub Total 92.95
• In respect of each purchase/switch-in of units, Au Small Finance Bank Ltd. Banks 1.01 Total 92.95
an Exit load of 1% is payable if units are Brainbees Solutions Limited UNITS ISSUED BY REIT & INVIT
redeemed/switched-out within 1 year from the (FirstCry) Retailing 1.01
date of allotment. Units issued by ReIT
Tata Motors Ltd. Automobiles 1.01
• No Exit Load is payable if units are redeemed Embassy Office Parks
Aditya Birla Real Estate Paper, Forest & Jute REIT Realty 1.99
/ switched-out after 1 year from the date of Limited Products 0.82
allotment. Sub Total 1.99
Afcons Infrastructure
Limited Construction 0.80 Cash,Cash Equivalents and Net Current Assets 5.06
Timken India Ltd. Industrial Products 0.80 Grand Total 100.00
Aadhar Housing Finance • Top Ten Holdings, £ Sponsor
Limited Finance 0.75
Sagility India Limited IT - Services 0.72 Face Value / Allotment NAV per Unit: ₹ 10, + Industry
G R Infraprojects Limited Construction 0.71 Classification as recommended by AMFI, Data is as of July
31, 2025 unless otherwise specified.
RHI MAGNESITA INDIA
Limited Industrial Products 0.71
¥ Dedicated Fund Manager for Overseas Investments:
Indraprastha Gas Ltd. Gas 0.70 Mr. Dhruv Muchhal (since June 22, 2023) (Total
ACME Solar Holdings Experience: Over 10 years).
Limited Power 0.66
AWFIS SPACE SOLUTIONS Commercial Services Please refer Minimum Application Amount, Plans &
LIMITED & Supplies 0.66 Options, on Page no. 96 to 98.
Laurus Labs Ltd. Pharmaceuticals &
Biotechnology 0.60 $$For further details, please refer to para ‘Exit Load’ on
page no. 99.

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

27 | July 2025
HDFC Business Cycle Fund ....Contd from previous page
An open ended equity scheme following business cycle based investing theme CATEGORY OF SCHEME
THEMATIC FUND

Industry llocation of E uity Holding

of Net ssets

an s 17. 8
etailing 1.7
harmaceuticals iotechnology .4
Finance 7. 0
Telecom Services 6.00
ealty .1
ower .11
Healthcare Services .07
Industrial roducts .
Consumer Durables . 0
Construction .8
Transport Infrastructure . 6
Chemicals etrochemicals . 6
Cement Cement roducts . 0
Leisure Services .08
Transport Services .04
uto Components 1.76
Electrical E uipment 1.4
utomobiles 1.
gricultural, Commercial Construction ehicles 1.
IT Services 1. 1
aper, Forest Jute roducts 0.8
Industrial Manufacturing 0.81
Gas 0.70
Commercial Services Supplies 0.66
everages 0. 8
IT Software 0.1
0 4 8 1 16 0

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception SIP 1 year SIP

Total mount Invested ₹. in Lacs 3.30 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 3.98 1.24
Returns (%) 13.84 6.31
Benchmark Returns (%)# 15.31 4.92
Additional Benchmark Returns (%)# # 12.71 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested

Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year -0.50 -1.63 0.54 9,950 9,837 10,054
Nov 30, 22 Since Inception 15.41 15.65 12.28 14,659 14,739 13,623
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Rahul
Baijal, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of
the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular
Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not
taken into consideration for computation of performance.

28 | July 2025
HDFC Transportation and Logistics Fund
An open-ended equity scheme investing in Transportation and Logistics themed companies CATEGORY OF SCHEME
THEMATIC FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
August 17,
Priya Ranjan Over 17 years % to % to
2023 Company Industry+ Company Industry+
NAV NAV
EQUITY & EQUITY RELATED SHARDA MOTOR
DATE OF ALLOTMENT/INCEPTION DATE
• Maruti Suzuki India Limited Automobiles 8.95 INDUSTRIES LIMITED Auto Components 0.54
August 17, 2023 VRL Logistics Ltd. Transport Services 0.43
• Eicher Motors Ltd. Automobiles 8.64
NAV NAV PER • Bosch Limited Auto Components 8.16 Schaeffler India Ltd. Auto Components 0.30
(As On JULY 31, 2025) UNIT(₹) • Hyundai Motor India Limited Automobiles 7.42 Popular Vehicles and Services
Regular Plan - Growth Option 16.425 • InterGlobe Aviation Ltd. Transport Services 5.91 Limited Automobiles 0.21
Regular Plan - IDCW Option 16.425 • Bajaj Auto Limited Automobiles 5.63 Sub Total 98.96
Direct Plan - Growth Option 16.816 • SKF India Ltd. Industrial Products 5.08 Cash,Cash Equivalents and Net Current Assets 1.04
Direct Plan - IDCW Option 16.816 Grand Total 100.00
• Gabriel India Ltd. Auto Components 5.04
• Mahindra & Mahindra Ltd. Automobiles 4.42 • Top Ten Holdings
ASSETS UNDER MANAGEMENT
• Delhivery Limited Transport Services 4.11
As on July 31, 2025 ₹1,450.98Cr. Face Value / Allotment NAV per Unit: ₹ 10, + Industry
Balkrishna Industries Ltd. Auto Components 3.77
Average for Month of July, 2025 ₹1,435.68Cr. Classification as recommended by AMFI, Data is as of July
MRF Ltd. Auto Components 3.19
31, 2025 unless otherwise specified.
Eternal Limited Retailing 3.18
QUANTITATIVE DATA
Apollo Tyres Ltd. Auto Components 2.48 ¥ Dedicated Fund Manager for Overseas Investments:
Portfolio Turnover ESCORTS KUBOTA LIMITED Agricultural, Mr. Dhruv Muchhal (since August 17, 2023) (Total
Equity Turnover 30.96%
Commercial & Experience: Over 10 years).
Total Turnover 30.96%
Total Turnover = Equity + Debt + Derivative Construction
Vehicles 2.32 Please refer Minimum Application Amount, Plans &
TOTAL EXPENSE RATIO CIE Automotive India Ltd Auto Components 2.30 Options, on Page no. 96 to 98.
(As On July 31, 2025) Endurance Technologies Ltd. Auto Components 2.30
Including Additional Expenses and Goods and $$For further details, please refer to para ‘Exit Load’ on
Timken India Ltd. Industrial Products 1.95
Service Tax on Management Fees page no. 99.
Varroc Engineering Limited Auto Components 1.93
Regular: 2.15% Direct: 0.96%
Suprajit Engineering Ltd. Auto Components 1.92
Ola Electric Mobility Limited Automobiles 1.68
#BENCHMARK INDEX
Hero MotoCorp Ltd. Automobiles 1.47
NIFTY Transportation & Logistics Index FIEM INDUSTRIES LIMITED Auto Components 1.31
(Total Returns Index) Bharat Forge Ltd. Auto Components 1.21
##ADDL. BENCHMARK INDEX JK Tyre & Industries Limited Auto Components 0.92
NIFTY 50 (Total Returns Index)
LG Balakrishnan & Bros Ltd. Auto Components 0.91
Aegis Vopak Terminals Limited Oil 0.71
EXIT LOAD$$
Belrise Industries Limited Auto Components 0.57
• In respect of each purchase/switch-in of units,
an Exit load of 1% is payable if units are
redeemed/switched-out within 30 days from
the date of allotment.
SIP PERFORMANCE ^ - Regular Plan - Growth Option
• No Exit Load is payable if units are redeemed
/ switched-out after 30 days from the date of
Since Inception SIP 1 year SIP
allotment.
Total mount Invested ₹. in Lacs 2.40 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 2.95 1.30
Industry llocation of E uity Holding Returns (%) 21.25 16.20
of Net ssets Benchmark Returns (%)# 16.52 7.74
Additional Benchmark Returns (%)# # 10.51 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G returns are
computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan -
utomobiles 8.4
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.

uto Components 6.8

PERFORMANCE ^ - Regular Plan - Growth Option

Additional Value of ₹ 10,000 invested

Transport Services 10.4 Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Industrial roducts 7.0
Jul 31, 24 Last 1 Year -1.07 -6.90 0.54 9,893 9,310 10,054
Aug 17, 23 Since Inception 28.87 27.57 14.74 16,425 16,101 13,087
etailing .18 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Priya
Ranjan, please refer page 99. 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
gricultural, Commercial Construction ehicles .
Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

il 0.71

0 10 0 0 40 0

For Product label and Riskometers, refer page no: 113-126

29 | July 2025
HDFC Defence Fund
An open-ended equity scheme investing in Defence & allied sector companies CATEGORY OF SCHEME
SECTORAL FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Rahul Baijal April 18, 2025 Over 24 years % to Face Value / Allotment NAV per Unit: ₹ 10, + Industry
Priya Ranjan April 18, 2025 Over 17 years Company Industry+ Classification as recommended by AMFI, Data is as of July
NAV
31, 2025 unless otherwise specified.
EQUITY & EQUITY RELATED
DATE OF ALLOTMENT/INCEPTION DATE • Bharat Electronics Ltd. Aerospace & Defense 19.36 ¥ Dedicated Fund Manager for Overseas Investments:
June 02, 2023 • Hindustan Aeronautics Mr. Dhruv Muchhal (since June 22, 2023) (Total
Limited Aerospace & Defense 15.70 Experience: Over 10 years).
NAV NAV PER • Solar Industries India Ltd. Chemicals & Petrochemicals 14.20
(As On JULY 31, 2025) UNIT(₹) • BEML Limited Agricultural, Commercial & Please refer Minimum Application Amount, Plans &
Construction Vehicles 9.51 Options, on Page no. 96 to 98.
Regular Plan - Growth Option 23.042
Regular Plan - IDCW Option 23.042 • Astra Microwave $$For further details, please refer to para ‘Exit Load’ on
Direct Plan - Growth Option 23.629 Products Ltd. Aerospace & Defense 5.97 page no. 99.
Direct Plan - IDCW Option 23.629 • Bharat Dynamics Limited Aerospace & Defense 4.26
• Cyient DLM Limited Aerospace & Defense 3.89
• Bharat Forge Ltd. Auto Components 3.06 Industry llocation of E uity Holding
ASSETS UNDER MANAGEMENT
• Premier Explosives Ltd. Chemicals & Petrochemicals 2.46 of Net ssets
As on July 31, 2025 ₹6,497.99Cr. • InterGlobe Aviation Ltd. Transport Services 2.41
Average for Month of July, 2025 ₹6,841.62Cr. MTAR Technologies
Limited Aerospace & Defense 2.40 erospace Defense .80
QUANTITATIVE DATA Data Patterns (India)
Limited Aerospace & Defense 2.00
Portfolio Turnover Chemicals etrochemicals 16.66
Avalon Technologies
Equity Turnover 10.79%
Limited Electrical Equipment 1.77
Total Turnover 10.79%
Techno Electric & Engin. gricultural, Commercial Construction ehicles
Total Turnover = Equity + Debt + Derivative Co. Ltd. Construction 1.54
. 1
Risk Ratio Power Mech Projects Ltd. Construction 1.46
Standard Deviation 32.652% Construction . 4
The Anup Engineering
Beta 0.837 Limited Industrial Manufacturing 1.03
Sharpe Ratio* 1.206 Centum Electronics Ltd. Industrial Manufacturing 0.89
Computed for the 3-yr period ended July 31, uto Components .06
Cummins India Ltd. Industrial Products 0.76
2025 Based on month-end NAV.* Risk free rate:
Rishabh instruments
5.54% (Source: FIMMDA MIBOR) For schemes Limited Electrical Equipment 0.43 Industrial Manufacturing .
which have not completed 3 years, data is JNK India Limited Industrial Manufacturing 0.36
computed since inception.
Larsen and Toubro Ltd. Construction 0.34 Transport Services .41
DEE Development
TOTAL EXPENSE RATIO
Engineers Limited Industrial Manufacturing 0.31
(As On July 31, 2025)
Diffusion Engineers Electrical E uipment . 0
Including Additional Expenses and Goods and Limited Industrial Products 0.29
Service Tax on Management Fees IDEAFORGE
TECHNOLOGY LIMITED Aerospace & Defense 0.22 Industrial roducts 1.0
Regular: 1.81% Direct: 0.75%
Sub Total 94.62
Total 94.62 0 10 0 0 40 0 60 70
#BENCHMARK INDEX
Cash, Cash Equivalents and Net Current Assets 5.38
NIFTY India Defence Index TRI
Grand Total 100.00
(Total Returns Index)
##ADDL. BENCHMARK INDEX • Top Ten Holdings
NIFTY 50 (Total Returns Index)

EXIT LOAD$$
• In respect of each purchase/switch-in of units, SIP PERFORMANCE ^ - Regular Plan - Growth Option
an Exit load of 1% is payable if units are
Since Inception SIP 1 year SIP
redeemed/switched-out within 1 year from the
date of allotment. Total mount Invested ₹. in Lacs 2.60 1.20
• No Exit Load is payable if units are redeemed Mar et alue as on July 1, 0 ₹. in Lacs 3.62 1.31
Returns (%) 32.46 17.00
/ switched-out after 1 year from the date of
Benchmark Returns (%)# 51.27 30.39
allotment
Additional Benchmark Returns (%)# # 11.12 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested

Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year -1.67 2.47 0.54 9,833 10,247 10,054
Jun 02, 23 Since Inception 47.06 71.64 15.74 23,042 32,196 13,721
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Priya
Ranjan and Rahul Baijal, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense
structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not
taken into consideration for computation of performance.

For Product label and Riskometers, refer page no: 113-126

30 | July 2025
HDFC Banking & Financial Services Fund
An open ended equity scheme investing in Banking and Financial Services Sector CATEGORY OF SCHEME
SECTORAL FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Anand Laddha July 1, 2021 Over 21 years % to % to
Company Industry+ Company Industry+
NAV NAV
DATE OF ALLOTMENT/INCEPTION DATE EQUITY & EQUITY RELATED 360 ONE WAM LIMITED Capital Markets 1.24
July 01, 2021 • HDFC Bank Ltd.£ Banks 22.01 Medi Assist Healthcare
• ICICI Bank Ltd. Banks 18.06 Services Limited Insurance 1.08
NAV NAV PER
(As On JULY 31, 2025) UNIT(₹) • Axis Bank Ltd. Banks 6.98 Mahindra & Mahindra
• State Bank of India Banks 5.33 Financial Services Ltd. Finance 0.97
Regular Plan - Growth Option 16.870
• Au Small Finance Bank Ltd. Banks 3.98 One MobiKwik Systems Financial Technology
Regular Plan - IDCW Option 14.809
• Kotak Mahindra Bank Limited Banks 3.05 Limited (Fintech) 0.68
Direct Plan - Growth Option 17.910
• SBI Life Insurance Company Fusion Finance Limited Finance 0.59
Direct Plan - IDCW Option 15.829
Ltd. Insurance 2.81 Canara Bank Banks 0.51
ASSETS UNDER MANAGEMENT € • Bajaj Finance Ltd. Finance 2.53 National Securities
• Shriram Finance Ltd. Finance 2.39 Depository Limited Capital Markets 0.49
As on July 31, 2025 ₹4,186.79Cr.
• Karur Vysya Bank Ltd. Banks 2.31 DCB Bank Limited Banks 0.34
Average for Month of July, 2025 ₹4,270.95Cr.
Five-Star Business Finance Sub Total 97.64
Limited Finance 2.29 Cash,Cash Equivalents and Net Current Assets 2.36
QUANTITATIVE DATA
CanFin Homes Ltd. Finance 2.08 Grand Total 100.00
Portfolio Turnover
Equity Turnover 17.81% Home First Finance Company • Top Ten Holdings, £ Sponsor
Total Turnover 17.81% India Ltd Finance 2.05
Total Turnover = Equity + Debt + Derivative Nippon Life India Asset Face Value / Allotment NAV per Unit: ₹ 10, + Industry
Risk Ratio Management Limited Capital Markets 1.97 Classification as recommended by AMFI, Data is as of July
Standard Deviation 12.644% 31, 2025 unless otherwise specified.
HDFC Life Insurance
Beta 0.928
Sharpe Ratio* 0.937 Company Limited Insurance 1.91
SBFC Finance Limited Finance 1.81 ¥ Dedicated Fund Manager for Overseas Investments:
Computed for the 3-yr period ended July 31, 2025
Based on month-end NAV.* Risk free rate: 5.54% Mr. Dhruv Muchhal (since June 22, 2023) (Total
Max Financial Services Ltd. Insurance 1.61
(Source: FIMMDA MIBOR) For schemes which have Experience: Over 10 years).
Aptus Value Housing Finance
not completed 3 years, data is computed since
India Ltd Finance 1.54 € Includes investments made by the schemes of HDFC
inception.
Equitas Small Finance Bank Mutual Fund aggregating to ₹ 1 .60 Crores.
TOTAL EXPENSE RATIO Ltd Banks 1.52
(As On July 31, 2025) Indusind Bank Ltd. Banks 1.47 Please refer Minimum Application Amount, Plans &
Including Additional Expenses and Goods and ICICI Lombard General Options, on Page no. 96 to 98.
Service Tax on Management Fees Insurance Co Insurance 1.40
Regular: 1.91% Direct: 0.77% Power Finance Corporation $$For further details, please refer to para ‘Exit Load’ on
Ltd. Finance 1.37 page no. 99.
#BENCHMARK INDEX PNB Housing Finance Ltd. Finance 1.27
NIFTY Financial Services (Total Returns Index)
##ADDL. BENCHMARK INDEX
NIFTY 50 (Total Returns Index)
SIP PERFORMANCE ^ - Regular Plan - Growth Option
EXIT LOAD$$
Since Inception SIP 3 year SIP 1 year SIP
• In respect of each purchase/switch-in of units,
an Exit load of 1% is payable if units are Total mount Invested ₹. in Lacs 4.90 3.60 1.20
redeemed/switched-out within 30 days from Mar et alue as on July 1, 0 ₹. in Lacs 6.72 4.56 1.28
the date of allotment. Returns (%) 15.62 16.03 13.09
• No Exit Load is payable if units are redeemed Benchmark Returns (%)# 15.65 17.31 19.17
Additional Benchmark Returns (%)# # 12.85 13.08 5.54
/ switched-out after 30 days from the date of
allotment. ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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
Industry llocation of E uity Holding minimum returns and safeguard of capital.
of Net ssets

PERFORMANCE ^ - Regular Plan - Growth Option

an s 6 . 6 Additional Value of ₹ 10,000 invested

Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Finance 18.8
Jul 31, 24 Last 1 Year 8.14 14.95 0.54 10,814 11,495 10,054
Jul 29, 22 Last 3 Years 17.90 16.23 14.29 16,409 15,721 14,946
Jul 01, 21 Since Inception 13.66 13.68 13.20 16,870 16,884 16,591
Insurance 8.81
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anand
Laddha, please refer page 99. 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
Capital Mar ets .70 Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

Financial Technology Fintech 0.68

0 10 0 0 40 0 60 70

For Product label and Riskometers, refer page no: 113-126

31 | July 2025
HDFC Technology Fund
An open-ended equity scheme investing in Technology & technology related CATEGORY OF SCHEME
companies SECTORAL FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
September 8, Over 15
Balakumar B % to % to
2023 years Company Industry+ Company Industry+
NAV NAV
DATE OF ALLOTMENT/INCEPTION DATE EQUITY & EQUITY RELATED Unicommerce eSolutions
• Infosys Limited IT - Software 14.49 Limited IT - Software 0.62
September 8, 2023
• Bharti Airtel Ltd. Telecom - Services 13.19 Zee Entertainment
NAV NAV PER • Tata Consultancy Services Enterprises Ltd. Entertainment 0.38
(As On JULY 31, 2025) UNIT(₹) Ltd. IT - Software 10.80 PVR LIMITED Entertainment 0.31
Regular Plan - Growth Option 13.255 • HCL Technologies Ltd. IT - Software 7.65 Cyient Ltd. IT - Services 0.11
Regular Plan - IDCW Option 13.255 • MphasiS Limited. IT - Software 4.47 Sub Total 97.13
Direct Plan - Growth Option 13.563 Total 97.13
• Tech Mahindra Ltd. IT - Software 4.17
Direct Plan - IDCW Option 13.563 Cash,Cash Equivalents and Net Current Assets 2.87
• Eternal Limited Retailing 3.89
• Firstsource Solutions Ltd. Commercial Services & Grand Total 100.00
ASSETS UNDER MANAGEMENT
Supplies 3.88 • Top Ten Holdings
As on July 31, 2025 ₹1,375.20Cr. • Zensar Technologies Ltd. IT - Software 3.71
Average for Month of July, 2025 ₹1,426.67Cr. • Sonata Software Ltd. IT - Software 3.49 Face Value / Allotment NAV per Unit: ₹ 10, + Industry
Coforge Limited IT - Software 3.19 Classification as recommended by AMFI, Data is as of July
QUANTITATIVE DATA 31, 2025 unless otherwise specified.
INFO EDGE (INDIA) LIMITED Retailing 3.17
Portfolio Turnover Bharti Hexacom Limited Telecom - Services 3.04
Equity Turnover 4.84% ¥ Dedicated Fund Manager for Overseas Investments:
Total Turnover 4.84% Birlasoft Limited IT - Software 2.49 Mr. Dhruv Muchhal (since September 8, 2023) (Total
Total Turnover = Equity + Debt + Derivative eClerx Services Limited Commercial Services & Experience: Over 10 years).
Risk Ratio Supplies 2.35
Standard Deviation 18.573% LTIMindtree Limited IT - Software 1.52 Please refer Minimum Application Amount, Plans &
Beta 1.208
Tata Communications Options, on Page no. 96 to 98.
Sharpe Ratio* 0.659
Computed for the 3-yr period ended July 31, 2025 Limited Telecom - Services 1.45
Based on month-end NAV.* Risk free rate: 5.54% Brainbees Solutions Limited $$For further details, please refer to para ‘Exit Load’ on
(Source: FIMMDA MIBOR) For schemes which have (FirstCry) Retailing 1.40 page no. 99.
not completed 3 years, data is computed since Redington Ltd. Commercial Services &
inception.
Supplies 1.24
TOTAL EXPENSE RATIO PB Fintech Limited Financial Technology
(As On July 31, 2025) (Fintech) 1.21
Including Additional Expenses and Goods and Hexaware Technologies Ltd. IT - Software 1.19
Service Tax on Management Fees Indus Towers Limited Telecom - Services 1.14
Regular: 2.15% Direct: 0.98% Sagility India Limited IT - Services 1.00
Wipro Ltd. IT - Software 0.85
#BENCHMARK INDEX AFFLE 3I LIMITED IT - Services 0.73
BSE Teck Index (Total Returns Index)
##ADDL. BENCHMARK INDEX
NIFTY 50 (Total Returns Index)

EXIT LOAD$$
• In respect of each purchase/switch-in of units,
an Exit load of 1% is payable if units are SIP PERFORMANCE ^ - Regular Plan - Growth Option
redeemed/switched-out within 30 days from
the date of allotment. Since Inception SIP 1 year SIP
• No Exit Load is payable if units are redeemed
Total mount Invested ₹. in Lacs 2.30 1.20
/ switched-out after 30 days from the date of
Mar et alue as on July 1, 0 ₹. in Lacs 2.51 1.16
allotment.
Returns (%) 8.92 -6.47
Benchmark Returns (%)# 3.10 -11.88
Additional Benchmark Returns (%)# # 10.02 5.54
Industry llocation of E uity Holding
of Net ssets ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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
IT Software 8.64
minimum returns and safeguard of capital.

Telecom Services 18.8

PERFORMANCE ^ - Regular Plan - Growth Option

Additional Value of ₹ 10,000 invested

etailing 8.46
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
Commercial Services Supplies 7.47
## (₹)##
Jul 31, 24 Last 1 Year -1.81 -8.13 0.54 9,819 9,187 10,054
IT Services 1.84 Sep 08, 23 Since Inception 16.02 11.28 13.82 13,255 12,247 12,781
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by
Financial Technology Fintech 1. 1 Balakumar B, please refer page 99. 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
Entertainment 0.6 the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.
0 10 0 0 40 0 60 70

For Product label and Riskometers, refer page no: 113-126

32 | July 2025
HDFC Pharma and Healthcare Fund
An open-ended equity scheme investing in Pharma and healthcare companies CATEGORY OF SCHEME
SECTORAL FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
October 4, Over 15
Nikhil Mathur % to % to
2023 years Company Industry+ Company Industry+
NAV NAV
EQUITY & EQUITY RELATED Dr. Lal Path Labs Ltd Healthcare Services 1.92
DATE OF ALLOTMENT/INCEPTION DATE
• Sun Pharmaceutical Pharmaceuticals & Piramal Pharma Pharmaceuticals &
October 4, 2023 Industries Ltd. Biotechnology 10.97 Limited Biotechnology 1.79
NAV PER • Divis Laboratories Ltd. Pharmaceuticals & Fortis Healthcare
NAV
(As On JULY 31, 2025) UNIT(₹) Biotechnology 8.81 Limited Healthcare Services 1.73
Regular Plan - Growth Option 17.703 • Glenmark Pharmaceuticals Pharmaceuticals & Jubilant Pharmova Pharmaceuticals &
Regular Plan - IDCW Option 17.703 Ltd. Biotechnology 7.42 Limited Biotechnology 1.73
Direct Plan - Growth Option 18.099 • Cipla Ltd. Pharmaceuticals & Sai Life Sciences Pharmaceuticals &
Direct Plan - IDCW Option 18.099 Biotechnology 6.33 Limited Biotechnology 1.54
• Lupin Ltd. Pharmaceuticals & Laxmi Dental Limited Healthcare Equipment &
ASSETS UNDER MANAGEMENT Biotechnology 5.98 Supplies 1.40
• Ipca Laboratories Ltd. Pharmaceuticals & BAJAJ HEALTHCARE Pharmaceuticals &
As on July 31, 2025 ₹1,936.05Cr. Biotechnology 4.37 LIMITED Biotechnology 1.32
Average for Month of July, 2025 ₹1,868.36Cr. • Torrent Pharmaceuticals Ltd. Pharmaceuticals & Pfizer Ltd. Pharmaceuticals &
Biotechnology 3.88 Biotechnology 1.30
QUANTITATIVE DATA • Krishna Institute Of Medical Medi Assist
Portfolio Turnover Sciences Limited Healthcare Services 3.82
Equity Turnover 34.14% Healthcare Services
• Laurus Labs Ltd. Pharmaceuticals & Limited Insurance 1.02
Total Turnover 34.14%
Biotechnology 3.64 Sub Total 98.20
Total Turnover = Equity + Debt + Derivative
Risk Ratio • Eris Lifesciences Ltd Pharmaceuticals & Total 98.20
Standard Deviation 16.821% Biotechnology 3.55
Cash,Cash Equivalents and Net Current Assets 1.80
Beta 1.104 Aster DM Healthcare Limited Healthcare Services 3.36
Sharpe Ratio* 1.769 Grand Total 100.00
Alkem Laboratories Ltd. Pharmaceuticals &
Computed for the 3-yr period ended July 31, 2025 • Top Ten Holdings
Biotechnology 2.99
Based on month-end NAV.* Risk free rate: 5.54%
(Source: FIMMDA MIBOR) For schemes which have Anthem Biosciences Limited Pharmaceuticals &
not completed 3 years, data is computed since Biotechnology 2.96
inception. Face Value / Allotment NAV per Unit: ₹ 10, + Industry
Vijaya Diagnostic Centre
Classification as recommended by AMFI, Data is as of July
Limited Healthcare Services 2.58
TOTAL EXPENSE RATIO 31, 2025 unless otherwise specified.
Metropolis Healthcare Ltd. Healthcare Services 2.53
(As On July 31, 2025)
Including Additional Expenses and Goods and Gland Pharma Ltd. Pharmaceuticals & ¥ Dedicated Fund Manager for Overseas Investments:
Service Tax on Management Fees Biotechnology 2.49 Mr. Dhruv Muchhal (since October 4, 2023) (Total
Acutaas Chemicals Limited Pharmaceuticals & Experience: Over 10 years).
Regular: 2.07% Direct: 0.87%
Biotechnology 2.27
Wockhardt Ltd. Pharmaceuticals & Please refer Minimum Application Amount, Plans &
#BENCHMARK INDEX Biotechnology 2.22 Options, on Page no. 96 to 98.
BSE Healthcare Index (Total Returns Index) Cohance Lifesciences Limited Pharmaceuticals &
##ADDL. BENCHMARK INDEX Biotechnology 2.21 $$For further details, please refer to para ‘Exit Load’ on
NIFTY 50 (Total Returns Index) page no. 99.
Max Healthcare Institute
Limited Healthcare Services 2.07
EXIT LOAD$$
• In respect of each purchase/switch-in of units,
an Exit load of 1% is payable if units are
redeemed/switched-out within 30 days from
the date of allotment. SIP PERFORMANCE ^ - Regular Plan - Growth Option
• No Exit Load is payable if units are redeemed
/ switched-out after 30 days from the date of Since Inception SIP 1 year SIP
allotment. Total mount Invested ₹. in Lacs 2.20 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 2.86 1.33
Returns (%) 30.20 21.13
Industry llocation of E uity Holding Benchmark Returns (%)# 22.74 13.45
of Net ssets Additional Benchmark Returns (%)# # 9.68 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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
harmaceuticals iotechnology 77.77 minimum returns and safeguard of capital.

PERFORMANCE ^ - Regular Plan - Growth Option

Healthcare Services 18.01

Additional Value of ₹ 10,000 invested

Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
Healthcare E uipment Supplies 1.40 ## (₹)##
Jul 31, 24 Last 1 Year 20.74 12.71 0.54 12,074 11,271 10,054
Oct 04, 23 Since Inception 36.75 31.00 15.63 17,703 16,367 13,033

Insurance 1.0 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Nikhil
Mathur, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses
of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
0 10 0 0 40 0 60 70
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.
For Product label and Riskometers, refer page no: 113-126

33 | July 2025
HDFC Housing Opportunities Fund
An open ended equity scheme following housing and allied activities theme CATEGORY OF SCHEME
THEMATIC FUND

INVESTMENT OBJECTIVE: To provide long-term capital appreciation by investing predominantly in equity and equity related instruments of entities engaged in and/or
expected to benefit from the growth in housing and its allied business activities. There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥
PORTFOLIO
Name Since Total Exp
Srinivasan January 12, Over 18 % to % to
Ramamurthy 2024 years Company Industry+ Company Industry+
NAV NAV
EQUITY & EQUITY RELATED PNC Infratech Ltd. Construction 0.91
DATE OF ALLOTMENT/INCEPTION DATE
• HDFC Bank Ltd.£ Banks 10.04 Shriram Properties Limited Realty 0.87
December 6, 2017 • ICICI Bank Ltd. Banks 8.94 Bajaj Electricals Ltd. Consumer Durables 0.86
NAV NAV PER • Larsen and Toubro Ltd. Construction 7.95 CanFin Homes Ltd. Finance 0.85
(As On JULY 31, 2025) UNIT(₹) • Ambuja Cements Ltd. Cement & Cement National Aluminium Co.
Regular Plan - Growth Option 22.391 Products 7.15 Ltd. Non - Ferrous Metals 0.84
Regular Plan - IDCW Option 16.051 • NTPC Limited Power 6.05 Gujarat Gas Ltd. Gas 0.83
Direct Plan - Growth Option 24.208 • State Bank of India Banks 5.41 Indraprastha Gas Ltd. Gas 0.77
Direct Plan - IDCW Option 17.750 • Prestige Estates Projects Ltd. Realty 4.66 Kajaria Ceramics Ltd. Consumer Durables 0.46
• Kalpataru Projects Sub Total 96.92
ASSETS UNDER MANAGEMENT
International Ltd Construction 4.33 Total 96.92
As on July 31, 2025 ₹1,326.14Cr. • Tata Steel Ltd. Ferrous Metals 4.22 UNITS ISSUED BY REIT & INVIT
Average for Month of July, 2025 ₹1,351.96Cr. • UltraTech Cement Limited Cement & Cement Units issued by InvIT
Products 4.16
POWERGRID
QUANTITATIVE DATA Axis Bank Ltd. Banks 3.22 Infrastructure Investment
Portfolio Turnover AkzoNobel India Ltd. Consumer Durables 2.56 Trust Power @
Equity Turnover 3.16%
Total Turnover 3.16% Birla Corporation Ltd. Cement & Cement Sub Total @
Total Turnover = Equity + Debt + Derivative Products 2.28 Cash,Cash Equivalents and Net Current Assets 3.08
Risk Ratio Hindalco Industries Ltd. Non - Ferrous Metals 2.06 Grand Total 100.00
Standard Deviation 15.632% Electronics Mart India Ltd Retailing 1.99
Beta 0.908 • Top Ten Holdings, £ Sponsor, @ Less than 0.01
Havells India Ltd. Consumer Durables 1.70
Sharpe Ratio* 0.981
Computed for the 3-yr period ended July 31, 2025 Repco Home Finance Ltd. Finance 1.66 Face Value / Allotment NAV per Unit: ₹ 10, + Industry
Based on month-end NAV.* Risk free rate: 5.54% Asian Paints Limited Consumer Durables 1.63 Classification as recommended by AMFI, Data is as of July
(Source: FIMMDA MIBOR) For schemes which have not Crompton Greaves Consumer 31, 2025 unless otherwise specified.
completed 3 years, data is computed since inception. Elec. Ltd. Consumer Durables 1.61
Kolte Patil Developers Limited Realty 1.56 ¥ Dedicated Fund Manager for Overseas Investments:
TOTAL EXPENSE RATIO
(As On July 31, 2025) Mr. Dhruv Muchhal (since June 22, 2023) (Total
Ashoka Buildcon Ltd. Construction 1.53
Experience: Over 10 years).
Including Additional Expenses and Goods and Symphony Ltd. Consumer Durables 1.35
Service Tax on Management Fees Lodha Developers Limited Realty 1.21 Please refer Minimum Application Amount, Plans &
Regular: 2.21% Direct: 1.22% Finolex Cables Ltd. Industrial Products 1.09 Options, on Page no. 96 to 98.
Whirlpool of India Ltd. Consumer Durables 1.09
#BENCHMARK INDEX $$For further details, please refer to para ‘Exit Load’ on
Bank of Baroda Banks 1.08 page no. 99.
NIFTY Housing (Total Returns Index)
##ADDL. BENCHMARK INDEX
NIFTY 50 (Total Returns Index)

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

• In respect of each purchase/switch-in of units,
Since Inception SIP 5 year SIP 3 year SIP 1 year SIP
an Exit load of 1% is payable if units are
redeemed/switched-out within 30 days from Total mount Invested ₹. in Lacs 9.20 6.00 3.60 1.20
the date of allotment. Mar et alue as on July 1, 0 ₹. in Lacs 17.69 9.62 4.59 1.22
• No Exit Load is payable if units are redeemed Returns (%) 16.65 18.97 16.49 2.37
/ switched-out after 30 days from the date of Benchmark Returns (%)# 16.41 15.86 13.41 4.33
allotment. Additional Benchmark Returns (%)# # 14.81 14.19 13.08 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G returns are
Industry llocation of E uity Holding 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
of Net ssets
returns and safeguard of capital.

an s 8.6
PERFORMANCE ^ - Regular Plan - Growth Option
Construction 14.7
Additional Value of ₹ 10,000 invested
Cement Cement roducts 1 . Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
Consumer Durables 11. 6 (%) (%)# (₹)#
## (₹)##
ealty 8. 0 Jul 31, 24 Last 1 Year -8.34 -4.46 0.54 9,167 9,554 10,054
ower 6.0
Jul 29, 22 Last 3 Years 21.50 14.92 14.29 17,966 15,196 14,946
Jul 31, 20 Last 5 Years 24.94 24.31 18.88 30,460 29,706 23,751
Ferrous Metals 4. Dec 06, 17 Since Inception 11.10 13.82 13.90 22,391 26,938 27,089
Non Ferrous Metals . 0 Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by
Srinivasan Ramamurthy, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure.
Finance . 1
The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged
in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
etailing 1.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
Gas 1.60 into consideration for computation of performance.

Industrial roducts 1.0

0 10 0 0 40 0

For Product label and Riskometers, refer page no: 113-126

34 | July 2025
HDFC Infrastructure Fund
An open ended equity scheme following infrastructure theme CATEGORY OF SCHEME
THEMATIC FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Srinivasan January 12, % to % to
Over 18 years Company Industry+ Company Industry+
Ramamurthy 2024 NAV NAV
EQUITY & EQUITY RELATED Blue Dart Express Ltd. Transport Services 0.83
DATE OF ALLOTMENT/INCEPTION DATE • ICICI Bank Ltd. Banks 7.58 Bharat Electronics Ltd. Aerospace & Defense 0.75
March 10, 2008 • HDFC Bank Ltd.£ Banks 5.56 Titagarh Wagons Industrial
• Larsen and Toubro Ltd. Construction 5.44 Limited Manufacturing 0.75
NAV NAV PER • J.Kumar Infraprojects Ltd. Construction 3.88 AIA Engineering Ltd. Industrial Products 0.73
(As On JULY 31, 2025) UNIT(₹) The Anup Engineering Industrial
• InterGlobe Aviation Ltd. Transport Services 3.49
Regular Plan - Growth Option 47.474 Limited Manufacturing 0.73
• Kalpataru Projects
Regular Plan - IDCW Option 20.360 CanFin Homes Ltd. Finance 0.71
International Ltd Construction 3.43
Direct Plan - Growth Option 52.490 Ceigall India Limited Construction 0.69
• NTPC Limited Power 2.90
Direct Plan - IDCW Option 32.121 Repco Home Finance
• Reliance Industries Ltd. Petroleum Products 2.74
Ltd. Finance 0.69
• Bharti Airtel Ltd. Telecom - Services 2.64
ASSETS UNDER MANAGEMENT € Timken India Ltd. Industrial Products 0.65
• G R Infraprojects Limited Construction 2.25
As on July 31, 2025 ₹2,539.90Cr. Afcons Infrastructure
State Bank of India Banks 2.21
Average for Month of July, 2025 ₹2,574.54Cr. Limited Construction 0.63
Ambuja Cements Ltd. Cement & Cement
Premier Explosives Chemicals &
Products 2.10
Ltd. Petrochemicals 0.62
QUANTITATIVE DATA Axis Bank Ltd. Banks 2.10
TEGA INDUSTRIES Industrial
Portfolio Turnover Coal India Ltd. Consumable Fuels 2.07 LIMITED Manufacturing 0.53
Equity Turnover 14.25% Paradeep Phosphates Fertilizers & IKIO Technologies
Total Turnover 14.25% Limited Agrochemicals 2.04 Limited Consumer Durables 0.49
Total Turnover = Equity + Debt + Derivative Apollo Hospitals Enterprise Dynamatic Industrial
Risk Ratio Ltd. Healthcare Services 1.77 Technologies Ltd. Manufacturing 0.47
Standard Deviation 16.254% Power Grid Corporation of
Beta 0.580 Ahluwalia Contracts
India Ltd. Power 1.72 (India) Limited Construction 0.46
Sharpe Ratio* 1.407 TD Power Systems Ltd. Electrical Equipment 1.66
Computed for the 3-yr period ended July 31, Tamilnadu Newsprint Paper, Forest & Jute
Adani Ports & Special Transport & Papers Ltd. Products 0.44
2025 Based on month-end NAV.* Risk free rate:
Economic Zone Infrastructure 1.62 Indian Energy
5.54% (Source: FIMMDA MIBOR) For schemes
which have not completed 3 years, data is Bharat Petroleum Exchange Limited Capital Markets 0.43
Corporation Ltd. Petroleum Products 1.56 Indian Bank Banks 0.17
computed since inception.
Tata Steel Ltd. Ferrous Metals 1.55 Sub Total 90.54
TOTAL EXPENSE RATIO NCC LTD. Construction 1.54 UNITS ISSUED BY REIT & INVIT
(As On July 31, 2025) Birla Corporation Ltd. Cement & Cement Units issued by ReIT
Including Additional Expenses and Goods and Products 1.50
Nexus Select Trust
Service Tax on Management Fees Hindustan Aeronautics REIT Realty 1.16
Regular: 2.04% Direct: 1.08% Limited Aerospace & Defense 1.43
Embassy Office Parks
ESCORTS KUBOTA LIMITED Agricultural, REIT Realty 1.09
Commercial &
#BENCHMARK INDEX Sub Total 2.25
Construction Vehicles 1.39
BSE India Infrastructure Index (Total Returns Cash,Cash Equivalents and Net Current Assets 7.21
Delhivery Limited Transport Services 1.34
Index) Grand Total 100.00
Indraprastha Gas Ltd. Gas 1.29
##ADDL. BENCHMARK INDEX Hindalco Industries Ltd. Non - Ferrous Metals 1.15 • Top Ten Holdings, £ Sponsor
NIFTY 50 (Total Returns Index)
Power Finance Corporation
Ltd. Finance 1.13 Face Value / Allotment NAV per Unit: ₹ 10, + Industry
EXIT LOAD$$ Classification as recommended by AMFI, Data is as of
Gujarat Pipavav Port Ltd. Transport
July 31, 2025 unless otherwise specified.
• In respect of each purchase/switch-in of units, Infrastructure 1.10
an Exit load of 1% is payable if units are Indus Towers Limited Telecom - Services 1.07 ¥ Dedicated Fund Manager for Overseas Investments:
redeemed/switched-out within 30 days from ACC Ltd. Cement & Cement Mr. Dhruv Muchhal (since June 22, 2023) (Total
the date of allotment. Products 1.06 Experience: Over 10 years).
• No Exit Load is payable if units are redeemed Ashoka Buildcon Ltd. Construction 1.06
/ switched-out after 30 days from the date of Gujarat State Petronet Ltd. Gas 0.99 € Includes investments made by the schemes of HDFC
allotment. Mutual Fund aggregating to ₹ .08 Crores.
Centum Electronics Ltd. Industrial
Manufacturing 0.87
Please refer Minimum Application Amount, Plans &
Voltamp Transformers Ltd. Electrical Equipment 0.86
Options, on Page no. 96 to 98.
Gateway Distriparks Limited Transport Services 0.84
INOX Wind Limited Electrical Equipment 0.84 $$For further details, please refer to para ‘Exit Load’ on
page no. 99.

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

35 | July 2025
HDFC Infrastructure Fund ....Contd from previous page
An open ended equity scheme following infrastructure theme CATEGORY OF SCHEME
THEMATIC FUND

Industry llocation of E uity Holding

of Net ssets

Construction 1.8
an s 17.6
Transport Services 6. 0
Cement Cement roducts 4.66
ower 4.6
etroleum roducts 4. 0
Telecom Services .71
Electrical E uipment .6
Industrial Manufacturing .
Transport Infrastructure .7
Finance .
Gas .8
erospace Defense .18
Consumable Fuels .07
Fertili ers grochemicals .04
Healthcare Services 1.77
Ferrous Metals 1.
gricultural, Commercial Construction ehicles 1.
Industrial roducts 1. 8
Non Ferrous Metals 1.1
Chemicals etrochemicals 0.6
Consumer Durables 0.4
aper, Forest Jute roducts 0.44
Capital Mar ets 0.4
0 4 8 1 16 0

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 mount Invested ₹. in Lacs 20.90 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 73.03 56.06 30.17 12.17 5.15 1.23
Returns (%) 12.99 13.90 17.55 28.76 24.78 5.33
Benchmark Returns (%)# 14.96 16.55 20.66 29.77 25.75 -5.73
Additional Benchmark Returns (%)# # 13.28 13.48 14.42 14.19 13.08 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested

Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year -5.07 -19.48 0.54 9,493 8,052 10,054
Jul 29, 22 Last 3 Years 30.69 31.45 14.29 22,369 22,765 14,946
Jul 31, 20 Last 5 Years 35.52 37.70 18.88 45,754 49,546 23,751
Jul 31, 15 Last 10 Years 10.91 15.46 12.60 28,180 42,163 32,801
Mar 10, 08 Since Inception 9.36 9.78 11.22 47,474 50,745 63,606
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by
Srinivasan Ramamurthy, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense
structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not
taken into consideration for computation of performance.

36 | July 2025
HDFC MNC Fund
An open ended equity scheme following multinational company (MNC) theme CATEGORY OF SCHEME
THEMATIC FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Rahul Baijal March 09, 2023 Over 24 years
% to % to
Company Industry+ Company Industry+
NAV NAV
DATE OF ALLOTMENT/INCEPTION DATE
EQUITY & EQUITY RELATED Aadhar Housing Finance
March 09, 2023 • Ambuja Cements Ltd. Cement & Cement Limited Finance 1.20
Products 9.18 Infosys Limited IT - Software 1.05
NAV NAV PER
(As On JULY 31, 2025) UNIT(₹) • Fortis Healthcare Limited Healthcare Services 7.50 JNK India Limited Industrial
Regular Plan - Growth Option 13.331 • United Spirits Limited Beverages 7.39 Manufacturing 0.97
Regular Plan - IDCW Option 13.331 • Lupin Ltd. Pharmaceuticals & Cohance Lifesciences Limited Pharmaceuticals &
Direct Plan - Growth Option 13.717 Biotechnology 6.75 Biotechnology 0.93
Direct Plan - IDCW Option 13.717 • ESCORTS KUBOTA Agricultural, Commercial Goodyear India Ltd. Auto Components 0.86
LIMITED & Construction Vehicles 5.12 ABB India Ltd. Electrical
ASSETS UNDER MANAGEMENT • Cummins India Ltd. Industrial Products 4.73 Equipment 0.84
As on July 31, 2025 • Hindustan Unilever Ltd. Diversified Fmcg 4.22 Westlife Foodworld Limited Leisure Services 0.76
₹591.53Cr.
Average for Month of July, 2025 • Timken India Ltd. Industrial Products 3.51 Siemens Energy India Limited Electrical
₹594.31Cr.
• Anthem Biosciences Pharmaceuticals & Equipment 0.62
Limited Biotechnology 3.24 Siemens Ltd. Electrical
QUANTITATIVE DATA
• Nestle India Ltd. Food Products 3.19 Equipment 0.58
Portfolio Turnover JB Chemicals & Pharmaceuticals &
Equity Turnover 50.75% Maruti Suzuki India Limited Automobiles 2.96
Total Turnover 50.75% Pharmaceuticals Ltd. Biotechnology 0.57
RHI MAGNESITA INDIA
Total Turnover = Equity + Debt + Derivative Limited Industrial Products 2.67 Laurus Labs Ltd. Pharmaceuticals &
Risk Ratio Biotechnology 0.52
SKF India Ltd. Industrial Products 2.48
Standard Deviation 14.304% Schaeffler India Ltd. Auto Components 0.35
Beta 1.053 Pfizer Ltd. Pharmaceuticals &
Biotechnology 2.30 Whirlpool of India Ltd. Consumer
Sharpe Ratio* 0.553
Computed for the 3-yr period ended July 31, 2025 Durables 0.28
Balkrishna Industries Ltd. Auto Components 2.26
Based on month-end NAV.* Risk free rate: 5.54% Sub Total 95.88
Divis Laboratories Ltd. Pharmaceuticals &
(Source: FIMMDA MIBOR) For schemes which have Total 95.88
Biotechnology 2.23
not completed 3 years, data is computed since Cash,Cash Equivalents and Net Current Assets 4.12
inception. Piramal Pharma Limited Pharmaceuticals &
Biotechnology 2.20 Grand Total 100.00
TOTAL EXPENSE RATIO Bosch Limited Auto Components 2.14 • Top Ten Holdings
(As On July 31, 2025) Hyundai Motor India Face Value / Allotment NAV per Unit: ₹ 10, + Industry
Including Additional Expenses and Goods and Limited Automobiles 2.11 Classification as recommended by AMFI, Data is as of July
Service Tax on Management Fees
Tata Motors Ltd. Automobiles 2.06 31, 2025 unless otherwise specified.
Regular: 2.43% Direct: 1.24% Ashok Leyland Ltd Agricultural, Commercial ¥ Dedicated Fund Manager for Overseas Investments:
& Construction Vehicles 1.84 Mr. Dhruv Muchhal (since June 22, 2023)
#BENCHMARK INDEX Abbott India Ltd. Pharmaceuticals & (Total Experience: Over 10 years).
NIFTY MNC TRI (Total Returns Index) Biotechnology 1.76
Please refer Minimum Application Amount, Plans &
##ADDL. BENCHMARK INDEX Gland Pharma Ltd. Pharmaceuticals &
Options, on Page no. 96 to 98.
NIFTY 50 (Total Returns Index) Biotechnology 1.59
Grindwell Norton Ltd. Industrial Products 1.51 $$For further details, please refer to para ‘Exit Load’ on
page no. 99.
EXIT LOAD$$ Britannia Industries Ltd. Food Products 1.41
• In respect of each purchase/switch-in of units,
an Exit load of 1% is payable if units are
redeemed/switched-out within 1 year from the
SIP PERFORMANCE ^ - Regular Plan - Growth Option
date of allotment.
• No Exit Load is payable if units are redeemed
Since Inception SIP 1 year SIP
/ switched-out after 1 year from the date of
allotment. Total mount Invested ₹. in Lacs 2.90 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 3.13 1.19
Returns (%) 6.20 -0.90
Industry llocation of E uity Holding Benchmark Returns (%)# 12.97 3.49
of Net ssets Additional Benchmark Returns (%)# # 12.40 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G returns are
harmaceuticals iotechnology .0
computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan -
Industrial roducts 14. 0 Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise
Cement Cement roducts .18 on minimum returns and safeguard of capital.
Healthcare Services 7. 0

everages 7.
PERFORMANCE ^ - Regular Plan - Growth Option
utomobiles 7.1

gricultural, Commercial Construction ehicles 6. 6 Additional Value of ₹ 10,000 invested

Scheme Benchmark
uto Components .61 Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
Food roducts 4.60 (%) (%)# (₹)#
## (₹)##
Diversi ied Fmcg 4.
Jul 31, 24 Last 1 Year -10.99 -6.93 0.54 8,901 9,307 10,054
Electrical E uipment .04
Mar 09, 23 Since Inception 12.74 19.62 16.82 13,331 15,366 14,515
Finance 1. 0
IT Software 1.0
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by
Rahul Baijal, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The
Industrial Manufacturing 0. 7
expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in
Leisure Services 0.76 the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
Consumer Durables 0. 8 ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not
0 10 0 0 40 0
taken into consideration for computation of performance.

For Product label and Riskometers, refer page no: 113-126

37 | July 2025
HDFC Non-Cyclical Consumer Fund
An open ended equity scheme following non-cyclical consumer theme CATEGORY OF SCHEME
THEMATIC FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Amit Sinha July 12, 2023 Over 21 years
% to % to
Company Industry+ Company Industry+
NAV NAV
DATE OF ALLOTMENT/INCEPTION DATE EQUITY & EQUITY RELATED Maruti Suzuki India Limited Automobiles 0.72
July 12, 2023 • Eternal Limited Retailing 10.12 INFO EDGE (INDIA) LIMITED Retailing 0.62
• Hindustan Unilever Ltd. Diversified Fmcg 7.97 Safari Industries (India) Ltd. Consumer Durables 0.62
NAV NAV PER
(As On JULY 31, 2025) UNIT(₹) • Vishal Mega Mart Limited Retailing 7.24
SULA VINEYARDS LIMITED Beverages 0.59
Regular Plan - Growth Option 14.285 • United Spirits Limited Beverages 5.50
Emami Ltd. Personal Products 0.52
Regular Plan - IDCW Option 14.285 • Godrej Consumer Products Ltd. Personal Products 5.18
Laxmi Dental Limited Healthcare Equipment
Direct Plan - Growth Option 14.648 • Chalet Hotels Ltd. Leisure Services 5.10
& Supplies 0.46
Direct Plan - IDCW Option 14.648 • Varun Beverages Ltd Beverages 4.32
Godavari Biorefineries
• ITC LIMITED Diversified Fmcg 3.59
Limited Diversified Fmcg 0.40
ASSETS UNDER MANAGEMENT € • Titan Company Ltd. Consumer Durables 3.55
Tata Consumer Products Agricultural Food &
• Bharti Airtel Ltd. Telecom - Services 3.39
As on July 31, 2025 ₹1,009.55Cr. Limited Other Products 0.38
Trent Ltd. Retailing 3.29
Average for Month of July, 2025 ₹1,001.19Cr. Colgate-Palmolive ( I ) Ltd. Personal Products 0.15
InterGlobe Aviation Ltd. Transport Services 2.96
METRO BRANDS LIMITED Consumer Durables 0.13
PB Fintech Limited Financial Technology
QUANTITATIVE DATA (Fintech) 2.88 DOMS Industries Limited Household Products 0.09
Portfolio Turnover Schloss Bangalore Limited Leisure Services 2.82 Vedant Fashions Ltd Retailing @
Equity Turnover 35.07% Hyundai Motor India Limited Automobiles 2.73 Sub Total 99.79
Total Turnover 35.07%
Total Turnover = Equity + Debt + Derivative Voltas Ltd. Consumer Durables 2.05 Cash,Cash Equivalents and Net Current Assets 0.21
Risk Ratio TVS Motor Company Ltd. Automobiles 2.00 Grand Total 100.00
Standard Deviation 15.301% AkzoNobel India Ltd. Consumer Durables 1.87 • Top Ten Holdings, @ Less than 0.01
Beta 1.000 Dabur India Ltd. Personal Products 1.83
Sharpe Ratio* 0.892 Asian Paints Limited Consumer Durables 1.80
Computed for the 3-yr period ended July 31, 2025 Face Value / Allotment NAV per Unit: ₹ 10, + Industry
Jupiter Life Line Hospitals Limited Healthcare Services 1.64 Classification as recommended by AMFI, Data is as of July
Based on month-end NAV.* Risk free rate: 5.54%
(Source: FIMMDA MIBOR) For schemes which have Britannia Industries Ltd. Food Products 1.54 31, 2025 unless otherwise specified.
not completed 3 years, data is computed since Vijaya Diagnostic Centre Limited Healthcare Services 1.44
inception. Brainbees Solutions Limited ¥ Dedicated Fund Manager for Overseas Investments:
(FirstCry) Retailing 1.43 Mr. Dhruv Muchhal (since July 12, 2023) (Total
TOTAL EXPENSE RATIO Nestle India Ltd. Food Products 1.34 Experience: Over 10 years).
(As On July 31, 2025)
Devyani International Ltd Leisure Services 1.12 € Includes investments made by the schemes of HDFC
Including Additional Expenses and Goods and
Eicher Motors Ltd. Automobiles 1.08 Mutual Fund aggregating to ₹ 40.11 Crores.
Service Tax on Management Fees
Baazar Style Retail Limited Retailing 1.00
Regular: 2.25% Direct: 1.05% Please refer Minimum Application Amount, Plans &
SAPPHIRE FOODS INDIA LIMITED Leisure Services 0.99 Options, on Page no. 96 to 98
Sona Blw Precision Forgings Auto Components 0.89
#BENCHMARK INDEX Shoppers Stop Ltd. Retailing 0.84 $$For further details, please refer to para ‘Exit Load’ on
NIFTY India Consumption Index Pidilite Industries Ltd. Chemicals & page no. 99.
(Total Returns Index) Petrochemicals 0.82
##ADDL. BENCHMARK INDEX Marico Ltd. Agricultural Food &
NIFTY 50 (Total Returns Index) Other Products 0.79

EXIT LOAD$$
• In respect of each purchase/switch-in of units, SIP PERFORMANCE ^ - Regular Plan - Growth Option
an Exit load of 1% is payable if units are
redeemed/switched-out within 30 days from
Since Inception SIP 1 year SIP
the date of allotment.
• No Exit Load is payable if units are redeemed Total mount Invested ₹. in Lacs 2.50 1.20
/ switched-out after 30 days year from the date Mar et alue as on July 1, 0 ₹. in Lacs 2.88 1.23
of allotment. Returns (%) 13.56 4.45
Benchmark Returns (%)# 14.42 5.47
Industry llocation of E uity Holding Additional Benchmark Returns (%)# # 10.70 5.54
of Net ssets ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G returns are
computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth
etailing 4. 4 Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum
Diversi ied Fmcg 11. 6 returns and safeguard of capital.
everages 10.41

Leisure Services 10.0 PERFORMANCE ^ - Regular Plan - Growth Option

Consumer Durables 10.0
Additional Value of ₹ 10,000 invested
ersonal roducts 7.68 Scheme Benchmark
Benchmark Additional
utomobiles Date Period Returns Returns Benchmark
6. Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
Telecom Services . ## (₹)##
Healthcare Services .08 Jul 31, 24 Last 1 Year 2.09 0.47 0.54 10,209 10,047 10,054
Transport Services . 6 Jul 12, 23 Since Inception 18.95 18.64 14.08 14,285 14,209 13,108
Food roducts .88
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Amit
Financial Technology Fintech .88
Sinha, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of
gricultural Food ther roducts 1.17 the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular
uto Components 0.8 Plan. For Performance of Direct Plan, refer page 104 to 110.
Chemicals etrochemicals 0.8 ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.
Healthcare E uipment Supplies 0.46
Household roducts 0.0
0 10 0 0 40 0

For Product label and Riskometers, refer page no: 113-126

38 | July 2025
HDFC Manufacturing Fund CATEGORY OF SCHEME
An open-ended equity scheme following manufacturing theme THEMATIC FUND

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

FUND MANAGER PORTFOLIO

Name Since Total Exp
May 16,
Rakesh Sethia Over 17 years % to Company Industry+
% to
2024 Company Industry+ NAV
NAV
EQUITY & EQUITY RELATED Anthem Biosciences Pharmaceuticals &
DATE OF ALLOTMENT/INCEPTION DATE Limited Biotechnology 0.81
• Maruti Suzuki India
May 16, 2024 Limited Automobiles 5.07 BEML Limited Agricultural, Commercial
& Construction Vehicles 0.79
• Tata Motors Ltd. Automobiles 4.51
NAV NAV PER Aurobindo Pharma Ltd. Pharmaceuticals &
(As On JULY 31, 2025) UNIT(₹) • Mahindra & Mahindra Ltd. Automobiles 3.79 Biotechnology 0.77
Regular Plan - Growth Option 10.774 • Divis Laboratories Ltd. Pharmaceuticals & Cohance Lifesciences Pharmaceuticals &
Regular Plan - IDCW Option 10.774 Biotechnology 3.46 Limited Biotechnology 0.74
Direct Plan - Growth Option 10.932 • Sun Pharmaceutical Pharmaceuticals & Craftsman Automation
Direct Plan - IDCW Option 10.932 Industries Ltd. Biotechnology 3.32 Ltd Auto Components 0.74
• Ambuja Cements Ltd. Jubilant Ingrevia Limited Chemicals &
Cement & Cement Products 2.96
Petrochemicals 0.72
ASSETS UNDER MANAGEMENT • JSW Steel Ltd. Ferrous Metals 2.84 Schaeffler India Ltd. Auto Components 0.70
As on July 31, 2025 ₹11,818.50Cr. • Glenmark Pharmaceuticals Pharmaceuticals & Siemens Energy India
Average for Month of July, 2025 ₹12,088.66Cr. Ltd. Biotechnology 2.53 Limited Electrical Equipment 0.68
• Cipla Ltd. Pharmaceuticals & Sundram Fasteners Ltd. Auto Components 0.67
QUANTITATIVE DATA Biotechnology 2.50 Centum Electronics Ltd. Industrial Manufacturing 0.64
• Bosch Limited Auto Components 2.49 Bajaj Electricals Ltd. Consumer Durables 0.61
Portfolio Turnover
Equity Turnover 31.29% Gland Pharma Ltd. Pharmaceuticals & Eris Lifesciences Ltd Pharmaceuticals &
Total Turnover 31.29% Biotechnology 2.36 Biotechnology 0.61
Total Turnover = Equity + Debt + Derivative Hindustan Aeronautics Time Technoplast
Limited Aerospace & Defense 2.30 Limited Industrial Products 0.59
TOTAL EXPENSE RATIO Bajaj Auto Limited Automobiles 2.11 Archean Chemical Chemicals &
(As On July 31, 2025) Bharat Electronics Ltd. Industries Limited Petrochemicals 0.54
Aerospace & Defense 2.11
Including Additional Expenses and Goods and SHARDA MOTOR
Hindalco Industries Ltd. Non - Ferrous Metals 2.11 INDUSTRIES LIMITED Auto Components 0.54
Service Tax on Management Fees
Hindustan Petroleum Corp. Pidilite Industries Ltd. Chemicals &
Regular: 1.74% Direct: 0.73% Ltd. Petroleum Products 2.05 Petrochemicals 0.53
Godrej Consumer Products Godavari Biorefineries
#BENCHMARK INDEX Ltd. Personal Products 1.92 Limited Diversified Fmcg 0.52
NIFTY India Manufacturing Index Cummins India Ltd. Industrial Products 1.85 Jubilant Pharmova Pharmaceuticals &
Bharat Petroleum Limited Biotechnology 0.51
##ADDL. BENCHMARK INDEX
NIFTY 50 (Total Returns Index) Corporation Ltd. Petroleum Products 1.78 Torrent Pharmaceuticals Pharmaceuticals &
Reliance Industries Ltd. Ltd. Biotechnology 0.51
Petroleum Products 1.65
Blue Dart Express Ltd. Transport Services 0.49
EXIT LOAD$$ Jindal Steel & Power Ltd. Ferrous Metals 1.60 Techno Electric & Engin.
In respect of each purchase/switch-in of units, Tata Steel Ltd. Ferrous Metals 1.60 Co. Ltd. Construction 0.46
an Exit load of 1% is payable if units are Larsen and Toubro Ltd. GMM Pfaudler Limited Industrial Manufacturing 0.45
Construction 1.54
redeemed/switched-out within 1 month from Carborundum Universal
Bharat Forge Ltd. Auto Components 1.50 Ltd. Industrial Products 0.42
the date of allotment.
No Exit Load is payable if units are redeemed / ACC Ltd. Cement & Cement Products 1.36 Wockhardt Ltd. Pharmaceuticals &
switched-out after 1 month from the date of CG Power and Industrial Biotechnology 0.42
allotment. Solutions Ltd. Electrical Equipment 1.34 KEI Industries Ltd. Industrial Products 0.41
Dabur India Ltd. Piramal Pharma Limited Pharmaceuticals &
Personal Products 1.23
Biotechnology 0.40
Balkrishna Industries Ltd. Auto Components 1.19 Havells India Ltd. Consumer Durables 0.38
Hero MotoCorp Ltd. Automobiles 1.15 WEST COAST PAPER Paper, Forest & Jute
Lupin Ltd. Pharmaceuticals & MILLS LIMITED Products 0.36
Biotechnology 1.15 Power Mech Projects Ltd. Construction 0.35
ESCORTS KUBOTA Agricultural, Commercial & ABB India Ltd. Electrical Equipment 0.33
LIMITED Construction Vehicles 1.14 Sona Blw Precision
Hyundai Motor India Forgings Auto Components 0.28
Limited Automobiles 1.13 Aegis Vopak Terminals
PEARL GLOBAL Limited Oil 0.27
INDUSTRIES LIMITED Textiles & Apparels 1.01 M&B Engineering Limited Industrial Products 0.26
NTPC Limited Power 0.99 RHI MAGNESITA INDIA
Timken India Ltd. Limited Industrial Products 0.25
Industrial Products 0.97
TCI Express Ltd. Transport Services 0.23
Dalmia Bharat Ltd. Cement & Cement Products 0.95 Sai Life Sciences Limited Pharmaceuticals &
KAYNES TECHNOLOGY Biotechnology 0.19
INDIA LIMITED Industrial Manufacturing 0.94 Samvardhana Motherson
Siemens Ltd. Electrical Equipment 0.94 International Ltd. Auto Components 0.19
Indraprastha Gas Ltd. Aditya Infotech Limited Industrial Manufacturing 0.18
Gas 0.90
Sanathan Textiles Limited Textiles & Apparels 0.18
Birla Corporation Ltd. Cement & Cement Products 0.89 Cello World Limited Consumer Durables 0.17
Cyient DLM Limited Aerospace & Defense 0.84 JNK India Limited Industrial Manufacturing 0.14
Bansal Wire Industries
Limited Industrial Products 0.83
CIE Automotive India Ltd Auto Components 0.82

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

39 | July 2025
HDFC Manufacturing Fund ....Contd from previous page
An open-ended equity scheme following manufacturing theme CATEGORY OF SCHEME
THEMATIC FUND

PORTFOLIO
Industry llocation of E uity Holding
of Net ssets Company Industry+ % to NAV
Ellenbarrie Industrial Gases Limited Chemicals & 0.12
Petrochemicals
harmaceuticals iotechnology 0. 8 Grindwell Norton Ltd. Industrial Products 0.05
utomobiles 17.76
Sub Total 98.92
uto Components .1
Total 98.92
Cement Cement roducts 6.16
Ferrous Metals 6.04 Cash,Cash Equivalents and Net Current Assets 1.08
Industrial roducts .6 Grand Total 100.00
etroleum roducts .48 • Top Ten Holdings
erospace Defense .
Electrical E uipment . Face Value / Allotment NAV per Unit: ₹ 10, + Industry Classification as recommended
by AMFI, Data is as of July 31, 2025 unless otherwise specified.
ersonal roducts .1
Industrial Manufacturing . ¥ Dedicated Fund Manager for Overseas Investments:
Construction . Mr. Dhruv Muchhal (since May 16, 2024) (Total Experience: Over 10 years).
Non Ferrous Metals .11
Please refer Minimum Application Amount, Plans & Options, on Page no. 96 to 98.
gricultural, Commercial Construction ehicles 1.
Chemicals etrochemicals 1. 1 $$For further details, please refer to para ‘Exit Load’ on page no. .
Textiles pparels 1.1
Consumer Durables 1.16
ower 0.
Gas 0. 0
Transport Services 0.7
Diversi ied Fmcg 0.
aper, Forest Jute roducts 0. 6
il 0. 7
0 10 0 0 40 0

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception SIP 1 year SIP

Total mount Invested ₹. in Lacs 1.50 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 1.56 1.25
Returns (%) 6.08 7.80
Benchmark Returns (%)# 3.27 3.99
Additional Benchmark Returns (%)# # 6.09 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year -4.02 -5.66 0.54 9,598 9,434 10,054
May 16, 24 Since Inception 6.36 6.00 10.20 10,774 10,730 11,245
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Rakesh
Sethia, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of
the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular
Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

40 | July 2025
HDFC Innovation Fund CATEGORY OF SCHEME
An open-ended equity-oriented scheme following the innovation theme THEMATIC FUND

INVESTMENT OBJECTIVE: To generate long-term capital appreciation / income by investing in companies that are adopting innovative themes and strategies. There is no
assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER PORTFOLIO

Name Since Total Exp
Amit Sinha July 17, 2025 Over 21 years % to % to
Company Industry+ Company Industry+
NAV NAV
DATE OF ALLOTMENT/INCEPTION DATE EQUITY & EQUITY RELATED Cipla Ltd. Pharmaceuticals
July 17, 2025 • Eternal Limited Retailing 9.07 & Biotechnology 0.64
• PB Fintech Limited Financial Technology Torrent Power Ltd. Power 0.64
NAV NAV PER (Fintech) 5.03 3M India Ltd. Diversified 0.63
(As On JULY 31, 2025) UNIT(₹)
• Bajaj Finance Ltd. Finance 4.73 Maruti Suzuki India Limited Automobiles 0.61
Regular Plan - Growth Option 9.990
• Mahindra & Mahindra Ltd. Automobiles 4.51 PI Industries Ltd. Fertilizers &
Regular Plan - IDCW Option 9.990 Agrochemicals 0.56
• Bharat Electronics Ltd. Aerospace & Defense 3.39
Direct Plan - Growth Option 9.996
• Divis Laboratories Ltd. Pharmaceuticals & TBO TEK LIMITED Leisure Services 0.46
Direct Plan - IDCW Option 9.996
Biotechnology 3.29 Brainbees Solutions Limited
• INFO EDGE (INDIA) LIMITED Retailing 2.99 (FirstCry) Retailing 0.35
ASSETS UNDER MANAGEMENT Jubilant Ingrevia Limited Chemicals &
• Hindustan Aeronautics
As on July 31, 2025 ₹2,439.44Cr. Limited Aerospace & Defense 2.97 Petrochemicals 0.28
Average for Month of July, 2025 ₹2,396.85Cr. • The Tata Power Company Dhanuka Agritech Ltd. Fertilizers &
Ltd. Power 2.60 Agrochemicals 0.20
TOTAL EXPENSE RATIO • Navin Fluorine International Chemicals & Alkyl Amines Chemicals Chemicals &
(As On July 31, 2025) Ltd. Petrochemicals 2.59 Limited Petrochemicals 0.06
Including Additional Expenses and Goods and Reliance Industries Ltd. Petroleum Products 2.56 Fine Organic Industries Chemicals &
Service Tax on Management Fees Torrent Pharmaceuticals Ltd. Pharmaceuticals & Limited Petrochemicals 0.04
Regular: 1.99% Direct: 0.69% Biotechnology 2.42 Aether Industries Ltd Chemicals &
Coforge Limited IT - Software 2.29 Petrochemicals 0.01
#BENCHMARK INDEX Hyundai Motor India Limited Automobiles 2.26 Sub Total 84.78
SRF Ltd. Chemicals & Total 84.78
Nifty 500 (TRI)
Petrochemicals 2.17 Cash,Cash Equivalents and Net Current Assets 15.22
##ADDL. BENCHMARK INDEX
NIFTY 50 (Total Returns Index) Laurus Labs Ltd. Pharmaceuticals & Grand Total 100.00
Biotechnology 2.14 • Top Ten Holdings
Sun Pharmaceutical Pharmaceuticals &
EXIT LOAD$$
Industries Ltd. Biotechnology 1.93 Face Value / Allotment NAV per Unit: ₹ 10, + Industry
• In respect of each purchase / switch-in of Glenmark Pharmaceuticals Pharmaceuticals & Classification as recommended by AMFI, Data is as of July
Units, an Exit Load of 1.00% is payable if Units Ltd. Biotechnology 1.92 31, 2025 unless otherwise specified.
are redeemed/ switched-out within 1month
ABB India Ltd. Electrical Equipment 1.63
from the date of allotment. Please refer Minimum Application Amount, Plans &
Sai Life Sciences Limited Pharmaceuticals &
• No Exit Load is payable if Units are redeemed Options, on Page no. 96 to 98.
Biotechnology 1.63
/ switched-out after 1 month from the date of
allotment. Siemens Ltd. Electrical Equipment 1.38
$$For further details, please refer to para ‘Exit Load’ on
Anthem Biosciences Limited Pharmaceuticals & page no. 99.
Biotechnology 1.25
Industry llocation of E uity Holding Bosch Limited Auto Components 1.22
Lupin Ltd. Pharmaceuticals &
of Net ssets Biotechnology 1.19
Cohance Lifesciences Pharmaceuticals &
Limited Biotechnology 1.14
harmaceuticals iotechnology 18. 1
Godrej Consumer Products
etailing 1 .41 Ltd. Personal Products 1.10
utomobiles 7. 8 Endurance Technologies Ltd. Auto Components 1.09
Samvardhana Motherson
erospace Defense 6. 6 International Ltd. Auto Components 1.08
Chemicals etrochemicals .1 Le Travenues Technology
Limited Leisure Services 1.05
uto Components .07
Sona Blw Precision Forgings Auto Components 1.01
Financial Technology Fintech .0 Ipca Laboratories Ltd. Pharmaceuticals &
Finance 4.7 Biotechnology 0.96
KAYNES TECHNOLOGY Industrial
IT Software 4.64 INDIA LIMITED Manufacturing 0.91
ower .4 Hexaware Technologies Ltd. IT - Software 0.90
Cummins India Ltd. Industrial Products 0.89
Electrical E uipment .01
InterGlobe Aviation Ltd. Transport Services 0.89
etroleum roducts .6 Sonata Software Ltd. IT - Software 0.78
Leisure Services 1. 1 Bharat Forge Ltd. Auto Components 0.67
Persistent Systems Limited IT - Software 0.67
ersonal roducts 1.10
Industrial Manufacturing 0. 1
Transport Services 0.8
Industrial roducts 0.8
Fertili ers grochemicals 0.76
Diversi ied 0.6
0 4 8 1 16 0

For Product label and Riskometers, refer page no: 113-126

41 | July 2025
HDFC Balanced Advantage Fund CATEGORY OF SCHEME
An open ended balanced advantage fund
BALANCED ADVANTAGE FUND

INVESTMENT OBJECTIVE: To provide long term capital appreciation / income from a dynamic mix of equity and debt investments. There is no assurance that the investment
objective of the Scheme will be achieved.

FUND MANAGER ¥
PORTFOLIO
Name Since Total Exp
Gopal Agrawal July 29, Over 21 % %
% to NAV % to NAV
(Equity Portfolio) 2022 years Industry+ exposure exposure
Company/Issuer (Hedged & Company/Issuer Industry+ /Rating (Hedged &
/Rating of of
Anil Bamboli July 29, Over 30 Unhedged) Derivative Unhedged)
Derivative
(Debt Portfolio) 2022 years
EQUITY & EQUITY RELATED BEML Limited Agricultural,
Arun Agarwal October 6, Over 26 Commercial &
(Arbitrage Assets) 2022 years • HDFC Bank Ltd.£ Banks 5.53 -0.83 Construction
Srinivasan • ICICI Bank Ltd. Banks 4.03 -0.61 Vehicles 0.42 0.00
July 29, Over 18
Ramamurthy • Bharti Airtel Ltd. Telecom - Jindal Steel & Power
2022 years
(Equity Portfolio) Services 3.28 -0.37 Ltd. Ferrous Metals 0.41 -0.01
Nandita Menezes March 29, Over 2 • Reliance Industries Petroleum Apollo Tyres Ltd. Auto
(Arbitrage Assets) 2025 years Ltd. Products 3.22 -0.67 Components 0.40 0.00
• State Bank of India Gujarat Pipavav Port Transport
Banks 2.74 0.00 Ltd. Infrastructure 0.36 0.00
DATE OF ALLOTMENT/INCEPTION DATE • Infosys Limited IT - Software 2.73 -0.25 Ipca Laboratories Pharmaceuticals
February 01, 1994@@ • Larsen and Toubro Ltd. & Biotechnology 0.36 0.00
Ltd. Construction 2.35 0.00 Titagarh Wagons Industrial
NAV NAV PER • NTPC Limited Limited Manufacturing 0.35 0.00
(As On JULY 31, 2025) UNIT(₹) Power 2.25 -0.10
J.Kumar Infraprojects
• Axis Bank Ltd. Banks 2.08 0.00
Regular Plan - Growth Option 514.957 Ltd. Construction 0.34 0.00
Regular Plan - IDCW Option 38.679 Coal India Ltd. Consumable Bharat Dynamics Aerospace &
Direct Plan - Growth Option 556.665 Fuels 1.94 0.00 Limited Defense 0.33 0.00
Direct Plan - IDCW Option 45.202 ITC LIMITED Diversified Fmcg 1.68 0.00 Bajaj Auto Limited Automobiles 0.31 0.00
HCL Technologies Ltd. IT - Software 1.42 0.00 Hexaware
ASSETS UNDER MANAGEMENT Tata Consultancy Technologies Ltd. IT - Software 0.31 0.00
Services Ltd. IT - Software 1.35 -0.10 Oil & Natural Gas
As on July 31, 2025 ₹101,772.60Cr. Corporation Ltd. Oil 0.31 0.00
Sun Pharmaceutical Pharmaceuticals
Average for Month of July, ₹102,544.85Cr. Aurobindo Pharma Pharmaceuticals
Industries Ltd. & Biotechnology 1.14 -0.10
2025 Ltd. & Biotechnology 0.30 0.00
Lupin Ltd. Pharmaceuticals
& Biotechnology 1.07 0.00 Hindustan Unilever
QUANTITATIVE DATA Maruti Suzuki India Ltd. Diversified Fmcg 0.30 -0.02
Portfolio Turnover Limited Automobiles 1.02 0.00 Ashoka Buildcon Ltd. Construction 0.29 0.00
Equity Turnover 22.11% Mahindra & Mahindra Adani Energy
Total Turnover 149.59% Ltd. Automobiles 0.92 -0.02 Solutions Limited Power 0.28 0.00
Total Turnover = Equity + Debt + Derivative SBI Life Insurance Britannia Industries
Risk Ratio Company Ltd. Insurance 0.89 -0.13 Ltd. Food Products 0.28 0.00
Standard Deviation 9.156% Kotak Mahindra Bank Time Technoplast Industrial
Limited Banks 0.86 -0.17 Limited Products 0.28 0.00
Beta 1.224
Hyundai Motor India United Spirits
Sharpe Ratio* 1.443
Limited Automobiles 0.84 0.00 Limited Beverages 0.28 0.00
Computed for the 3-yr period ended July 31, 2025
InterGlobe Aviation Transport Godrej Properties
Based on month-end NAV.* Risk free rate: 5.54% Ltd. Services 0.80 -0.25 Ltd. Realty 0.26 0.00
(Source: FIMMDA MIBOR) For schemes which have
Power Finance Tata Motors Ltd.
not completed 3 years, data is computed since Automobiles 0.26 0.00
Corporation Ltd. Finance 0.75 0.00
inception. Trent Ltd. Retailing 0.26 0.00
Eternal Limited Retailing 0.71 0.00
Residual Maturity * 7.31 Years Mishra Dhatu Nigam Aerospace &
Bank of Baroda Banks 0.70 0.00
Macaulay Duration * 4.29 Years Ltd. Defense 0.25 0.00
Modified Duration * 4.09 Years Bharat Petroleum Petroleum NHPC Ltd. Power 0.24 0.00
Corporation Ltd. Products 0.68 0.00
Annualized Portfolio YTM#* 6.67% Hindustan Petroleum Petroleum
PCBL Chemical Chemicals &
#semi annual YTM has been annualised. Limited Petrochemicals 0.24 0.00
Corp. Ltd. Products 0.67 -0.04
*Calculated on the amount invested in debt TEGA INDUSTRIES Industrial
REC Limited. Finance 0.66 0.00
securities (including accrued interest), deployment LIMITED Manufacturing 0.24 0.00
of funds in TREPS and Reverse Repo and net Techno Electric & Dynamatic Industrial
Engin. Co. Ltd. Construction 0.62 0.00 Technologies Ltd. Manufacturing 0.23 0.00
receivable/ payable
GAIL (India) Ltd. Gas 0.59 0.00 Bosch Limited Auto
Tata Steel Ltd. Components 0.22 0.00
TOTAL EXPENSE RATIO Ferrous Metals 0.59 0.00
Cipla Ltd. Pharmaceuticals
(As On July 31, 2025) Divis Laboratories Pharmaceuticals & Biotechnology 0.22 -0.06
Including Additional Expenses and Goods and Ltd. & Biotechnology 0.58 0.00
Kalpataru Projects
Service Tax on Management Fees Bajaj Finserv Ltd. Finance 0.55 -0.36 International Ltd Construction 0.22 0.00
Regular: 1.34% Direct: 0.74% Vishal Mega Mart Bharat Forge Ltd. Auto
Limited Retailing 0.54 0.00 Components 0.21 0.00
#BENCHMARK INDEX Indusind Bank Ltd. Banks 0.53 0.00 CESC Ltd. Power 0.21 0.00
NIFTY 50 Hybrid Composite Debt 50:50 Index Au Small Finance HDFC Life Insurance
(Total Returns Index) Bank Ltd. Banks 0.51 0.00 Company Limited Insurance 0.21 -0.07
Bajaj Finance Ltd. Finance 0.51 -0.51 LMW Limited Industrial
##ADDL. BENCHMARK INDEX
Manufacturing 0.20 0.00
NIFTY 50 (Total Returns Index) Apar Industries Electrical
Limited Equipment 0.46 0.00 Glenmark Pharmaceuticals
Hindustan Aerospace & Pharmaceuticals Ltd. & Biotechnology 0.19 0.00
NET EQUITY EXPOSURE Aeronautics Limited Defense 0.44 0.00 Life Insurance
59.54% Corporation of India Insurance 0.19 0.00

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

42 | July 2025
HDFC Balanced Advantage Fund ....Contd from previous page
CATEGORY OF SCHEME
An open ended balanced advantage fund
BALANCED ADVANTAGE FUND

EXIT LOAD$$ PORTFOLIO

• In respect of each purchase / switch-in of
Units, upto 15% of the units may be redeemed % to NAV
%
% to NAV
%
without any exit load from the date of exposure exposure
Company/Issuer Industry+/Rating (Hedged & Company/Issuer Industry+ /Rating (Hedged &
allotment. of of
Unhedged) Unhedged)
Derivative Derivative
• ny redemption in excess of the above limit
shall be subject to the following exit load: Savita Oil Petroleum Great Eastern
Technologies Ltd. Products 0.18 0.00 Shipping Company Transport
• Exit load of 1.00 is payable if Units are
Ambuja Cements Ltd. Cement & Ltd. Services 0.02 0.00
redeemed / switched-out within 1 year from
Cement Products 0.16 0.00 Indian Hotels
the date of allotment of units. Company Ltd. Leisure Services 0.02 -0.02
Garden Reach
• No Exit Load is payable if Units are redeemed Shipbuilders & Aerospace & Ramco Systems Ltd.
/ switched-out after 1 year from the date of IT - Software 0.02 0.00
Engineers Limited Defense 0.16 0.00
allotment RITES Limited Construction 0.02 0.00
Jio Financial Services
Limited Finance 0.16 0.00 Campus Activewear Consumer
Adani Ports & Special Transport Limited Durables 0.01 0.00
Economic Zone Infrastructure 0.15 -0.12 Cummins India Ltd. Industrial
SBI CARDS AND Products 0.01 -0.01
PAYMENT SERVICES Emcure
LIMITED Finance 0.15 0.00 Pharmaceuticals Pharmaceuticals
Industry llocation of E uity Holding Ashok Leyland Ltd Agricultural, Limited & Biotechnology 0.01 0.00
of Net ssets Commercial & Exide Industries Ltd. Auto
Construction Components 0.01 -0.01
an s 17.0
Vehicles 0.13 0.00 L&T Finance Ltd. Finance 0.01 0.00
IT Software .8 Indraprastha Gas Ltd. Gas 0.13 0.00 Star Health and Allied
etroleum roducts 4.7 Insurance Company
Apollo Hospitals Healthcare
harmaceuticals iotechnology 4.0 Ltd Insurance 0.01 0.00
Enterprise Ltd. Services 0.12 -0.12
Construction .84
Avenue Supermarts Union Bank of India Banks 0.01 0.00
ower .47
Telecom Services . 7 Ltd. Retailing 0.12 0.00 AGS Transact Financial
utomobiles . Dr Reddys Pharmaceuticals Technologies Limited Technology
Finance .14 Laboratories Ltd. & Biotechnology 0.12 0.00 (Fintech) @ 0.00
Diversi ied Fmcg 1. 8 Gujarat Industries Asian Paints Limited Consumer
Consumable Fuels 1. 4 Power Co. Ltd. Power 0.12 0.00 Durables @ 0.00
etailing 1.6
Texmaco Rail & Industrial Canara Bank
ealty 1. 0 Banks @ 0.00
Engineering Ltd. Manufacturing 0.11 0.00
Insurance 1. 0 Crompton Greaves Consumer
erospace Defense 1.18 Aditya Birla Sun Life Consumer Elec. Ltd. Durables @ 0.00
Industrial Manufacturing 1.1 AMC Limited Capital Markets 0.10 0.00
Dabur India Ltd. Personal
Ferrous Metals 1.0 JSW Energy Ltd. Power 0.10 0.00 Products @ 0.00
uto Components 0.84
ITC Hotels Limited Leisure Services 0.09 0.00 Grasim Industries Cement &
Transport Services 0.8
Gas 0.7 Shriram Finance Ltd. Finance Ltd. Cement Products @ 0.00
0.09 0.00
gricultural, Commercial Construction ehicles 0. Indian Energy
Transport Infrastructure 0. 1
UPL Ltd. Fertilizers & Exchange Limited Capital Markets @ 0.00
Agrochemicals 0.09 -0.08
Electrical E uipment 0.46 Indian Railway
il 0. 8 Zee Entertainment Catering And
Industrial roducts 0. 4 Enterprises Ltd. Entertainment 0.09 0.00 Tourism Corp Ltd Leisure Services @ 0.00
Food roducts 0. 8 Five-Star Business Indus Towers Telecom -
everages 0. 8 Finance Limited Finance 0.08 0.00 Limited Services @ 0.00
Chemicals etrochemicals 0. 4
Aegis Vopak
Healthcare Services 0.16
Laurus Labs Ltd. Pharmaceuticals
Terminals Limited Oil 0.07 0.00 & Biotechnology @ 0.00
Cement Cement roducts 0.16
Leisure Services 0.11
Hindalco Industries Non - Ferrous LIC Housing Finance
Capital Mar ets 0.10
Ltd. Metals 0.07 -0.07 Ltd. Finance @ 0.00
Fertili ers grochemicals 0.0 Home First Finance MEP Infrastructure Transport
Entertainment 0.0 Company India Ltd Finance 0.07 0.00 Developers Ltd. Infrastructure @ 0.00
Non Ferrous Metals 0.07 Housing and Urban National Aluminium Non - Ferrous
ersonal roducts 0.04 Development Co. Ltd. Metals @ 0.00
Consumer Durables 0.04 Corporation Ltd. Finance 0.07 0.00
Metals Minerals Trading 0.0 Persistent Systems
Bandhan Bank Ltd. Banks 0.06 0.00 Limited IT - Software @ 0.00
0 4 8 1 16 0
Bharti Hexacom Telecom - Petronet LNG Ltd. Gas @ 0.00
Limited Services 0.06 0.00
Tata Consumer Agricultural Food
INFO EDGE (INDIA) Products Limited & Other Products @ 0.00
LIMITED Retailing 0.06 0.00
Tech Mahindra Ltd. IT - Software @ 0.00
Torrent Power Ltd. Power 0.06 0.00
Torrent Pharmaceuticals
JSW Steel Ltd. Ferrous Metals 0.05 -0.05 Pharmaceuticals Ltd. & Biotechnology @ 0.00
RHI MAGNESITA Industrial Varun Beverages Ltd Beverages @ 0.00
INDIA Limited Products 0.05 0.00
Sub Total 65.45 -5.20
Alkem Laboratories Pharmaceuticals
Ltd. & Biotechnology 0.04 0.00 Credit Exposure (Non Perpetual)
Colgate-Palmolive ( I )
Personal Cholamandalam
Ltd. Products 0.04 0.00 Investment &
Fortis Healthcare Healthcare Finance Co. Ltd. Finance 0.42 0.00
Limited Services 0.04 0.00 Sub Total 0.42 0.00
Titan Company Ltd. Consumer
Durables 0.03 -0.03 Total 64.74 -5.20
VODAFONE IDEA Telecom - DEBT & DEBT RELATED
LIMITED Services 0.03 0.00 Government Securities (Central/State)
ADANI ENTERPRISES Metals &
LIMTIED Minerals Trading 0.02 -0.02 • 7.18 GOI 2033 Sovereign 2.35 0.00
Bajaj Housing Finance
Ltd. Finance 0.02 0.00
BEML Land Assets
Limited Finance 0.02 0.00

....Contd on next page

43 | July 2025
HDFC Balanced Advantage Fund ....Contd from previous page
CATEGORY OF SCHEME
An open ended balanced advantage fund
BALANCED ADVANTAGE FUND

PORTFOLIO

% to NAV % exposure % to NAV % exposure

Company/Issuer Industry+ /Rating (Hedged & of Company/Issuer Industry+ /Rating (Hedged & of
Unhedged) Derivative Unhedged) Derivative
GOI 2034 Sovereign 1.51 0.00 Cholamandalam Investment &
Finance Co. Ltd. ICRA - AA+ 0.20 0.00
7.1 GOI 2034 Sovereign 1.14 0.00
Kotak Mahindra Investments Ltd. CRISIL - AAA 0.20 0.00
7.18 GOI 2037 Sovereign 1.00 0.00
Mahanagar Telephone Nigam Ltd. CARE - AAA(CE) 0.20 0.00
7.34 GOI 2064 Sovereign 0.80 0.00
Power Grid Corporation of India
6.9 GOI 2065 Sovereign 0.53 0.00 Ltd. CRISIL - AAA 0.20 0.00
7.26 GOI 2032 Sovereign 0.41 0.00 TATA Capital Housing Finance Ltd. CRISIL - AAA 0.13 0.00
7.26 GOI 2033 Sovereign 0.37 0.00 Grasim Industries Ltd. CRISIL - AAA 0.10 0.00
6.79 GOI 2034 Sovereign 0.25 0.00 Sansar Trust July 2023 II CRISIL - AAA(SO) 0.09 0.00
7.09 GOI 2054 Sovereign 0.25 0.00 L&T Metro Rail (Hyderabad) Ltd CRISIL - AAA(CE) 0.07 0.00
7.3 GOI 2053 Sovereign 0.19 0.00 Tata Capital Ltd. CRISIL - AAA 0.06 0.00
7.23 GOI 2039 Sovereign 0.13 0.00 Canara Bank CRISIL - AAA 0.05 0.00
7.1 GOI 2029 Sovereign 0.11 0.00 Indian Oil Corporation Ltd. CRISIL - AAA 0.05 0.00
7.64% Gujarat SDL ISD 170124 Sundaram Home Finance Limited CRISIL - AAA 0.05 0.00
MAT 170133 Sovereign 0.05 0.00
Sub Total 17.86 0.00
7.48% Uttar Pradesh SDL ISD
200324 Mat 200336 Sovereign 0.04 0.00 Credit Exposure (Perpetual Bonds)
7.63% Gujarat SDL ISD 240124 Mat Union Bank of India (AT1, BASEL
240133 Sovereign 0.04 0.00 III, Perpetual) CARE - AA+ 0.05 0.00
7.64% % Gujarat SDL ISD 170124 Sub Total 0.05 0.00
Mat 170134 Sovereign 0.04 0.00
Total 27.23 0.00
7.25 GOI 2063 Sovereign 0.03 0.00
UNITS ISSUED BY REIT & INVIT
7.63% Gujarat SDL ISD 240124 Mat
240134 Sovereign 0.03 0.00 Units issued by InvIT
7.45% Maharashtra ISD 220324 POWERGRID Infrastructure
Mat 220339 Sovereign 0.02 0.00 Investment Trust Power 0.21 0.00
GOI STRIPS - Mat 170628 Sovereign 0.02 0.00 Sub Total 0.21 0.00
7.63% Maharashtra SDL Mat Units issued by ReIT
310135 Sovereign 0.01 0.00
Embassy Office Parks REIT Realty 0.76 0.00
6.67 GOI 2050 Sovereign @ 0.00
BROOKFIELD INDIA REAL ESTATE
6.99 GOI 2051 Sovereign @ 0.00 TRUST Realty 0.48 0.00
7.17 GOI 2030 Sovereign @ 0.00 Sub Total 1.24 0.00
7.47% Chhattisgarh SDL ISD Total 1.45 0.00
200324 MAT 200334 Sovereign @ 0.00
Cash,Cash Equivalents and Net Current Assets 5.45 0.00
8.07% Kerala SDL Mat 150626 Sovereign @ 0.00
Grand Total 100.00 -5.20
Sub Total 9.32 0.00
Credit Exposure (Non Perpetual) • Top Ten Holdings, £ Sponsor, @ Less than 0.01
LIC Housing Finance Ltd. CRISIL - AAA 2.04 0.00
National Bank for Agri & Rural Dev. CRISIL - AAA / ICRA - Outstanding exposure in derivative ₹ in Crore 5,312.41
AAA 1.75 0.00 instruments
Small Industries Development CARE - AAA / CRISIL - Hedged position in Equity & Equity related instruments
Bank AAA 1.70 0.00
State Bank of India CRISIL - AAA / ICRA - (% age) 5.22
AAA 1.36 0.00
Indian Railways Finance Corp. Ltd. CRISIL - AAA 1.26 0.00 Face Value / Allotment NAV per Unit: ₹ 10, + Industry Classification as recommended
HDFC Bank Ltd.£ by AMFI, Data is as of July 31, 2025 unless otherwise specified.
CRISIL - AAA 1.18 0.00
Bajaj Finance Ltd. CRISIL - AAA 1.00 0.00 ¥ Dedicated Fund Manager for Overseas Investments:
REC Limited. CRISIL - AAA / ICRA - Mr. Dhruv Muchhal (since June 22, 2023) (Total Experience: Over 10 years).
AAA 0.99 0.00
Housing and Urban Development Please refer Minimum Application Amount, Plans & Options, on Page no. 96 to 98.
Corporation Ltd. CARE - AAA / ICRA - AAA 0.73 0.00
Bajaj Housing Finance Ltd. CRISIL - AAA 0.67 0.00 $$For further details, please refer to para ‘Exit Load’ on page no. .
Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.65 0.00
Power Finance Corporation Ltd. CRISIL - AAA 0.61 0.00
National Housing Bank CARE - AAA / CRISIL -
AAA 0.58 0.00
India Universal Trust AL2 CRISIL - AAA(SO) 0.45 0.00
Jamnagar Utilities & Power Pvt.
Limited CRISIL - AAA 0.44 0.00
Toyota Financial Services India Ltd. CRISIL - AAA / ICRA -
AAA 0.30 0.00
Bank of Baroda CRISIL - AAA 0.25 0.00
HDB Financial Services Ltd. CRISIL - AAA 0.25 0.00
Punjab National Bank CRISIL - AAA 0.25 0.00

....Contd on next page

44 | July 2025
HDFC Balanced Advantage Fund ....Contd from previous page
CATEGORY OF SCHEME
An open ended balanced advantage fund
BALANCED ADVANTAGE FUND

( ) ( )

E uity 6 .4 E uity 6 .4
Credit Exposure 17. 7 / S / 1+/ 1+ S E uivalent 17.66
G Sec, G Sec ST I S, SDL . Sovereign .
Cash, Cash E uivalents and Net Current ssets .4 Cash, Cash E uivalents and Net Current ssets .4
Units issued by eIT 1. 4 Units issued by eIT 1. 4
Securiti ed Debt Instruments 0. 4 Compulsorily Convertible Debentures 0.4
Compulsorily Convertible Debentures 0.4 + 0.
Units issued by InvIT 0. 1 Units issued by InvIT 0. 1

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 mount Invested ₹. in Lacs 37.80 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs $$ 1,555.26 62.49 28.05 9.73 4.60 1.23
Returns (%) $$ 18.69 15.15 16.20 19.43 16.61 5.00
Benchmark Returns (%)# N.A. 11.00 11.25 10.75 10.82 6.93
Additional Benchmark Returns (%)# # 13.56 13.48 14.42 14.19 13.08 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme
Benchmark Benchmark Additional
Date Period Returns (%) Scheme (₹) Benchmark
Returns (%)# Returns (%) Benchmark
$$ $$ (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 0.70 4.68 0.54 10,070 10,468 10,054
Jul 29, 22 Last 3 Years 19.91 11.31 14.29 17,269 13,804 14,946
Jul 31, 20 Last 5 Years 23.90 12.61 18.88 29,213 18,115 23,751
Jul 31, 15 Last 10 Years 13.67 10.53 12.60 36,058 27,236 32,801
Feb 01, 94 Since Inception 18.13 NA 11.22 1,905,836 NA 285,606
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. $$ ll 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). As NIFTY 50 TRI data is not available since inception of the scheme, additional benchmark performance is calculated
using composite CAGR of NIFTY 50 PRI values from February 1, 1994 to June 29, 1999 and TRI values since June 30, 1999. For
performance of other schemes managed by Gopal Agrawal, Srinivasan Ramamurthy, Arun Agarwal, Nandita Menezes & Anil
Bamboli, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses
of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.
Note: @@Effective close of business hours of 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.

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

45 | July 2025
HDFC Hybrid Equity Fund CATEGORY OF SCHEME
An open ended hybrid scheme investing predominantly in equity and equity related instruments AGGRESSIVE HYBRID FUND

INVESTMENT OBJECTIVE: The investment objective of the Scheme is to generate capital appreciation / income from a portfolio, predominantly of equity & equity related
instruments. The Scheme will also invest in debt and money market instruments. There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Anupam Joshi October 6, Industry+ % to Industry+ % to
Over 19 years Company/Issuer Company/Issuer
(Debt Portfolio) 2022 /Rating NAV /Rating NAV
Srinivasan EQUITY & EQUITY RELATED DEBT & DEBT RELATED
Ramamurthy July 1, 2025 Over 18 years Government Securities (Central/State)
• ICICI Bank Ltd. Banks 8.34
(Equity Portfolio) • 7.34 GOI 2064 Sovereign 2.52
• HDFC Bank Ltd.£ Banks 7.77 • 7.09 GOI 2054 Sovereign 2.47
DATE OF ALLOTMENT/INCEPTION DATE • Reliance Industries Ltd. Petroleum Products 4.17 6.9 GOI 2065 Sovereign 0.80
September 11, 2000 @@ • Bharti Airtel Ltd. Telecom - Services 3.90 6.98 GOI 2054 Sovereign 0.41
• State Bank of India 7.64% Gujarat SDL ISD 170124
NAV NAV PER Banks 3.64
MAT 170133 Sovereign 0.36
(As On JULY 31, 2025) UNIT(₹) • Infosys Limited IT - Software 3.29 7.64% % Gujarat SDL ISD
Regular Plan - Growth Option 118.785 • ITC LIMITED 170124 Mat 170134 Sovereign 0.30
Diversified Fmcg 3.15
Regular Plan - IDCW Option 16.847 7.68% Jharkhand SDL ISD
• Larsen and Toubro Ltd. Construction 2.97
Direct Plan - Growth Option 128.796 240124 Mat 240132 Sovereign 0.30
Direct Plan - IDCW Option 19.333 Axis Bank Ltd. Banks 2.19 7.63% Gujarat SDL ISD 240124
Kotak Mahindra Bank Mat 240134 Sovereign 0.21
ASSETS UNDER MANAGEMENT Limited Banks 2.06 7.67% Chhattisgarh SDL ISD
SKF India Ltd. Industrial Products 1.89 240124 Mat 240131 Sovereign 0.21
As on July 31, 2025 ₹24,510.90Cr.
Average for Month of July, 2025 Zensar Technologies Ltd. 7.68% Chattisgarh SDL ISD
₹24,742.47Cr. IT - Software 1.83 170124 MAT 170132 Sovereign 0.21
Eris Lifesciences Ltd Pharmaceuticals & 6.88% Andhra Pradesh SDL ISD
QUANTITATIVE DATA Biotechnology 1.81 040425 MAT 040440 Sovereign 0.10
Hindustan Petroleum Corp. 7.08% Maharashtra SDL ISD
Portfolio Turnover
Ltd. Petroleum Products 1.71 250625 MAT 250639 Sovereign 0.10
Equity Turnover 24.36%
Redington Ltd. Commercial Services 7.09% Andhra Pradesh SDL ISD
Total Turnover 20.26% & Supplies 1.45
Total Turnover = Equity + Debt + Derivative 260325 MAT 260335 Sovereign 0.10
United Spirits Limited Beverages 1.32 7.66% RAJASTHAN SDL ISD
Risk Ratio
KEC International Ltd. 240124 Mat 240131 Sovereign 0.09
Standard Deviation 8.666% Construction 1.28
8.13 GOI 2045 Sovereign 0.07
Beta 1.009 Krishna Institute Of Medical
Sharpe Ratio* 0.946 Sciences Limited Healthcare Services 1.28 7.1 GOI 2028 Sovereign 0.06
Computed for the 3-yr period ended July 31, Tata Consultancy Services Floating Rate GOI 2033 Sovereign 0.06
2025 Based on month-end NAV.* Risk free rate: Ltd. IT - Software 1.24 7.63% Gujarat SDL ISD 240124
Maruti Suzuki India Limited Automobiles Mat 240133 Sovereign 0.04
5.54% (Source: FIMMDA MIBOR) For schemes 1.03
which have not completed 3 years, data is Sub Total 8.41
Godrej Consumer Products
computed since inception. Ltd. Personal Products 0.96 Credit Exposure (Non Perpetual)
Residual Maturity * 12.09 Years PNC Infratech Ltd. HDFC Bank Ltd.£ CRISIL - AAA 2.32
Construction 0.94
Bajaj Finance Ltd. CRISIL - AAA 2.16
Macaulay Duration * 6.28 Years Mahindra Holidays &
Resorts Ind Ltd. Leisure Services 0.90 LIC Housing Finance Ltd. CRISIL - AAA 1.62
Modified Duration * 5.98 Years
Dabur India Ltd. State Bank of India CRISIL - AAA
Annualized Portfolio YTM#* 7.03% Personal Products 0.79 / ICRA - AAA 1.50
#semi annual YTM has been annualised. GMM Pfaudler Limited Industrial Indian Railways Finance Corp.
*Calculated on the amount invested in debt Manufacturing 0.70 Ltd. CRISIL - AAA 1.40
securities (including accrued interest), Havells India Ltd. Consumer Durables 0.67 National Bank for Agri & Rural CRISIL - AAA
deployment of funds in TREPS and Reverse Vardhman Textiles Ltd. Dev. / ICRA - AAA 1.35
Textiles & Apparels 0.64
Repo and net receivable/ payable National Bank for Financing
Eternal Limited Retailing 0.63 Infrastructure and Development CRISIL - AAA 0.93
TOTAL EXPENSE RATIO JK Tyre & Industries Limited Auto Components 0.58 Power Grid Corporation of India
(As On July 31, 2025) Ltd. CRISIL - AAA 0.79
Kalpataru Projects
Including Additional Expenses and Goods and International Ltd Construction 0.50 Small Industries Development
Service Tax on Management Fees Metropolis Healthcare Ltd. Bank CRISIL - AAA 0.73
Healthcare Services 0.50
Regular: 1.68% Direct: 1.03% Kotak Mahindra Investments Ltd. CRISIL - AAA 0.72
Blue Dart Express Ltd. Transport Services 0.43 Muthoot Finance Ltd. CRISIL - AA+ 0.71
HDFC Life Insurance Power Finance Corporation Ltd. CRISIL - AAA 0.68
#BENCHMARK INDEX Company Limited Insurance 0.43
The Tata Power Company Ltd. CARE - AA+ 0.65
NIFTY 50 Hybrid Composite Debt 65:35 Index Gland Pharma Ltd. Pharmaceuticals &
(Total Returns Index) Biotechnology 0.41 DME Development Limited CRISIL - AAA 0.63
Sharda Cropchem Ltd. Fertilizers & L&T Finance Ltd. CRISIL - AAA 0.61
##ADDL. BENCHMARK INDEX
Agrochemicals 0.39 HDB Financial Services Ltd. CRISIL - AAA 0.60
NIFTY 50 (Total Returns Index)
CIE Automotive India Ltd Cholamandalam Investment &
Auto Components 0.30
Finance Co. Ltd. ICRA - AA+ 0.42
EXIT LOAD$$ AkzoNobel India Ltd. Consumer Durables 0.27 Mahanagar Telephone Nigam CARE -
• In respect of each purchase / switch-in of Finolex Cables Ltd. Industrial Products 0.27 Ltd. AAA(CE) 0.41
Units, upto 15% of the units may be redeemed Hyundai Motor India Limited Automobiles REC Limited. CRISIL - AAA 0.37
0.27
without any exit load from the date of allotment. Kotak Mahindra Prime Ltd. CRISIL - AAA 0.20
MM Forgings Ltd. Auto Components 0.17
• ny redemption in excess of the above limit Nuclear Power Corporation of
shall be subject to the following exit load: Jagran Prakashan Ltd. Media 0.07 India Ltd. ICRA - AAA 0.11
• Exit load of 1.00 is payable if Units are Sub Total 67.14 Housing and Urban Development
redeemed / switched-out within 1 year from the Corporation Ltd. CARE - AAA 0.10
Credit Exposure (Non Perpetual)
date of allotment of units. Indian Oil Corporation Ltd. CRISIL - AAA 0.10
• No Exit Load is payable if Units are redeemed Cholamandalam Investment Jio Credit Ltd CRISIL - AAA 0.10
/ switched-out after 1 year from the date of & Finance Co. Ltd. Finance 0.59 Sub Total 19.21
allotment. Sub Total 0.59 Total 27.62
Total 67.73

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

46 | July 2025
HDFC Hybrid Equity Fund ....Contd from previous page
An open ended hybrid scheme investing predominantly in equity and equity related instruments CATEGORY OF SCHEME
AGGRESSIVE HYBRID FUND

PORTFOLIO

Company/Issuer Industry+ /Rating % to NAV Company/Issuer Industry+ /Rating % to NAV

UNITS ISSUED BY REIT & INVIT MUTUAL FUND UNITS
Units issued by InvIT Mutual Fund Units
POWERGRID Infrastructure Investment Trust Power 0.22 HDFC NIFTY 50 ETF 1.45
Sub Total 1.45
Sub Total 0.22
Cash,Cash Equivalents and Net Current Assets 2.12
Units issued by ReIT
Grand Total 100.00
BROOKFIELD INDIA REAL ESTATE TRUST Realty 0.84
• Top Ten Holdings, £ Sponsor
Sub Total 0.84
Total 1.06 Face Value / Allotment NAV per Unit: ₹ 10, + Industry Classification as recommended
by AMFI, Data is as of July 31, 2025 unless otherwise specified.
MONEY MARKET INSTRUMENTS
CD ¥ Dedicated Fund Manager for Overseas Investments:
Mr. Dhruv Muchhal (since June 22, 2023) (Total Experience: Over 10 years).
Axis Bank Ltd. CRISIL - A1+ 0.02
Sub Total 0.02 Please refer Minimum Application Amount, Plans & Options, on Page no. 96 to 98.
$$For further details, please refer to para ‘Exit Load’ on page no. .

( )
( )

E uity 67.14
Credit Exposure 1 . 1 E uity 67.14
G Sec, SDL 8.41 / S / 1+/ 1+ S E uivalent 17.4
Cash, Cash E uivalents and Net Current ssets .1 Sovereign 8.41
Mutual Fund Units 1.4 Cash, Cash E uivalents and Net Current ssets . 7
Units issued by eIT 0.84 + 1.78
Compulsorily Convertible Debentures 0. Units issued by eIT 0.84
Units issued by InvIT 0. Compulsorily Convertible Debentures 0.
CD 0.0 Units issued by InvIT 0.

CD - Certificate of Deposit;

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Industry llocation of E uity Holding Since Inception 15 year 10 year 5 year 3 year 1 year
of Net ssets SIP SIP SIP SIP SIP SIP
Total mount Invested ₹. in Lacs 29.90 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 287.44 55.10 23.85 8.49 4.33 1.25
an s 4.00 Returns (%) 15.33 13.70 13.18 13.84 12.41 7.36
IT Software 6. 6 Benchmark Returns (%)# N.A. 11.83 12.28 11.80 11.52 6.53
Additional Benchmark Returns (%)# # 14.61 13.48 14.42 14.19 13.08 5.54
etroleum roducts .88
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G returns are
Construction .6 computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan -
Telecom Services . 0 Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on
Diversi ied Fmcg .1 minimum returns and safeguard of capital.
harmaceuticals iotechnology .
Industrial roducts .16 PERFORMANCE ^ - Regular Plan - Growth Option
Healthcare Services 1.78
Additional Value of ₹ 10,000 invested
ersonal roducts 1.7 Scheme Benchmark
Benchmark Additional
Commercial Services Supplies 1.4 Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
everages 1. ## (₹)##
Jul 31, 24 Last 1 Year 2.77 3.46 0.54 10,277 10,346 10,054
utomobiles 1. 0 Jul 29, 22 Last 3 Years 14.19 12.23 14.29 14,905 14,151 14,946
uto Components 1.0 Jul 31, 20 Last 5 Years 18.35 14.51 18.88 23,233 19,693 23,751
Consumer Durables 0. 4 Jul 31, 15 Last 10 Years 11.95 11.24 12.60 30,946 29,038 32,801
Sep 11, 00 Since Inception 15.22 NA 13.58 340,163 NA 238,138
Leisure Services 0. 0
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance may not
ealty 0.84
strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s
Industrial Manufacturing 0.70 investments are made in debt instruments. For performance of other schemes managed by Srinivasan Ramamurthy & Anupam
Textiles pparels 0.64 Joshi, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of
etailing 0.6 the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular
Plan. For Performance of Direct Plan, refer page 104 to 110.
Transport Services 0.4 ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
Insurance 0.4 into consideration for computation of performance.
Fertili ers grochemicals 0. 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
ower 0. strategy of HDFC Hybrid Equity Fund is similar to that of erstwhile HDFC Balanced Fund, the track record (i.e. since inception
Media 0.07 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.
0 10 0 0 40 0
This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments i s
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

47 | July 2025
HDFC Multi-Asset Fund CATEGORY OF SCHEME
An open ended scheme investing in Equity and Equity related instruments, Debt & Money Market
Instruments and Gold related instruments MULTI ASSET ALLOCATION FUND

(The Scheme underwent Change in Fundamental Attributes i.e. change in Asset Allocation Pattern w.e.f. March 14, 2019).
INVESTMENT OBJECTIVE: To generate long term capital appreciation/income by investing in a diversified portfolio of equity & equity related instruments, debt & money
market instruments and Gold related instruments. There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥
PORTFOLIO
Name Since Total Exp
Anil Bamboli August 17, Over 30 % to NAV % exposure % to NAV % exposure
(Debt Portfolio) 2005 years Company/Issuer Industry+ /Rating (Hedged & of Company/Issuer Industry+ /Rating (Hedged & of
Arun Agarwal August 24, Over 26 Unhedged) Derivative Unhedged) Derivative
(Arbitrage Assets) 2020 years EQUITY & EQUITY RELATED Bayer Cropscience Fertilizers &
Srinivasan • ICICI Bank Ltd. Banks 7.11 -3.51 Ltd Agrochemicals 0.41 0.00
January 13, Over 18
Ramamurthy • Reliance Industries Petroleum Indus Towers
2022 years
(Equity Portfolio) Ltd. Products 6.05 -3.81 Limited Telecom - Services 0.39 0.00
Bhagyesh Kagalkar • HDFC Bank Ltd.£ Banks 5.62 -1.18 Gland Pharma Ltd. Pharmaceuticals &
(Dedicated Fund • Bharti Airtel Ltd. Biotechnology 0.36 0.00
February Over 30 Telecom - Services 2.63 -1.15
Manager for Indraprastha Gas
02, 2022 years • Infosys Limited IT - Software 2.50 -1.43
commodities related Ltd. Gas 0.35 0.00
• United Spirits Limited Beverages 1.84 -1.26 Suprajit
investments viz. Gold)
• Hindustan Unilever Engineering Ltd. Auto Components 0.35 0.00
Nandita Menezes March 29, Over 2 Ltd. Diversified Fmcg 1.82 -1.12
(Arbitrage Assets) 2025 years Transport
• Tata Consultancy Corporation of India
Services Ltd. IT - Software 1.78 -0.34 Ltd. Transport Services 0.35 0.00
DATE OF ALLOTMENT/INCEPTION DATE • Axis Bank Ltd. Banks 1.61 0.00 Greenply Industries Consumer
August 17, 2005 Bajaj Finserv Ltd. Finance 1.47 -1.48 Ltd. Durables 0.33 0.00
Hyundai Motor India Ipca Laboratories Pharmaceuticals &
NAV NAV PER Limited Automobiles 1.39 0.00 Ltd. Biotechnology 0.32 0.00
(As On JULY 31, 2025) UNIT(₹) Maruti Suzuki India Orient Electric Ltd Consumer
Regular Plan - Growth Option 71.336 Limited Automobiles 1.33 -0.10 Durables 0.32 0.00
Regular Plan - IDCW Option 17.165 Larsen and Toubro Jindal Steel & Power
Ltd. Construction 1.31 -0.13 Ltd. Ferrous Metals 0.31 0.00
Direct Plan - Growth Option 79.626
State Bank of India Banks 1.29 0.00 Adani Ports &
Direct Plan - IDCW Option 21.217
Special Economic Transport
Mahindra & Mahindra
Zone Infrastructure 0.30 0.00
Ltd. Automobiles 1.25 -0.99
ASSETS UNDER MANAGEMENT Prestige Estates
Cipla Ltd. Pharmaceuticals &
Projects Ltd. Realty 0.30 0.00
As on July 31, 2025 ₹4,634.55Cr. Biotechnology 1.09 0.00
Average for Month of July, 2025 UTI Asset
₹4,599.64Cr. ITC LIMITED Diversified Fmcg 1.07 0.00
Management
Kotak Mahindra Bank Company Ltd Capital Markets 0.29 0.00
Limited Banks 1.07 0.00 Gateway
QUANTITATIVE DATA
Titan Company Ltd. Consumer Distriparks Limited Transport Services 0.28 0.00
Portfolio Turnover Durables 0.96 -0.96 Sonata Software
Equity Turnover 19.14% Hindalco Industries Non - Ferrous Ltd. IT - Software 0.28 0.00
Total Turnover 277.04% Ltd. Metals 0.93 -0.48
Creditaccess
Total Turnover = Equity + Debt + Derivative Dr. Lal Path Labs Ltd Healthcare Grameen Limited Finance 0.27 0.00
Risk Ratio Services 0.85 0.00 CIE Automotive
Standard Deviation 6.202% SBI Life Insurance India Ltd Auto Components 0.26 0.00
Beta 0.744 Company Ltd. Insurance 0.79 0.00
Whirlpool of India Consumer
Sharpe Ratio* 1.309 InterGlobe Aviation Ltd. Durables 0.26 0.00
Computed for the 3-yr period ended July 31, 2025 Ltd. Transport Services 0.77 0.00
G R Infraprojects
Based on month-end NAV.* Risk free rate: 5.54% Tata Steel Ltd. Ferrous Metals 0.77 -0.18 Limited Construction 0.24 0.00
(Source: FIMMDA MIBOR) For schemes which have Power Grid Star Health and
not completed 3 years, data is computed since Corporation of India Allied Insurance
inception. Ltd. Power 0.75 0.00 Company Ltd Insurance 0.24 0.00
Residual Maturity * 3.18 Years HDFC Life Insurance Great Eastern
Company Limited Insurance 0.73 0.00 Shipping Company
Macaulay Duration * 2.23 Years
Bajaj Finance Ltd. Finance 0.71 -0.72 Ltd. Transport Services 0.20 0.00
Modified Duration * 2.13 Years Torrent
Havells India Ltd. Consumer
Annualized Portfolio YTM#* 6.19% Durables 0.71 0.00 Pharmaceuticals Pharmaceuticals &
#semi annual YTM has been annualised. HCL Technologies Ltd. IT - Software 0.70 0.00 Ltd. Biotechnology 0.20 0.00
*Calculated on the amount invested in debt City Union Bank Ltd. Banks Dr Reddys Pharmaceuticals &
0.69 0.00
securities (including accrued interest), deployment Laboratories Ltd. Biotechnology 0.19 0.00
Apollo Hospitals Healthcare
of funds in TREPS and Reverse Repo and net Enterprise Ltd. Services 0.68 -0.11 Chemplast Sanmar Chemicals &
receivable/ payable Limited Petrochemicals 0.18 0.00
NTPC Limited Power 0.67 -0.02
Wipro Ltd. IT - Software 0.16 0.00
Tata Motors Ltd. Automobiles 0.65 -0.51
TOTAL EXPENSE RATIO Biocon Ltd. Pharmaceuticals &
(As On July 31, 2025) Eicher Motors Ltd. Automobiles 0.62 0.00 Biotechnology 0.15 -0.15
Including Additional Expenses and Goods and ICICI Lombard General Rolex Rings Limited Auto Components 0.15 0.00
Insurance Co Insurance 0.62 0.00 Mahindra &
Service Tax on Management Fees
Lupin Ltd. Pharmaceuticals & Mahindra Financial
Regular: 1.88% Direct: 0.77% Biotechnology 0.62 0.00 Services Ltd. Finance 0.08 0.00
Oil & Natural Gas The Tata Power
#BENCHMARK INDEX Corporation Ltd. Oil 0.62 0.00 Company Ltd. Power 0.07 -0.07
65% NIFTY 50 (Total Returns Index) + 25% Sun Pharmaceutical Pharmaceuticals & ITC Hotels Limited Leisure Services 0.04 0.00
NIFTY Composite Debt Index + 10% Price of Industries Ltd. Biotechnology 0.61 -0.02 UltraTech Cement Cement & Cement
Domestic Gold Bajaj Auto Limited Automobiles 0.52 0.00 Limited Products 0.03 -0.03
##ADDL. BENCHMARK INDEX Delhivery Limited Transport Services 0.46 0.00 Ambuja Cements Cement & Cement
Paradeep Phosphates Fertilizers & Ltd. Products 0.01 -0.01
NIFTY 50 (Total Returns Index)
Limited Agrochemicals 0.46 0.00 Sub Total 66.65 -19.78
Bharat Petroleum Petroleum Total 66.65 -19.78
NET EQUITY EXPOSURE Corporation Ltd. Products 0.43 0.00 DEBT & DEBT RELATED
46.87% Godrej Consumer Government Securities (Central/State)
Products Ltd. Personal Products 0.43 -0.02

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

48 | July 2025
HDFC Multi-Asset Fund ....Contd from previous page
CATEGORY OF SCHEME
An open ended scheme investing in Equity and Equity related instruments, Debt & Money Market
Instruments and Gold related instruments MULTI ASSET ALLOCATION FUND

EXIT LOAD$$ PORTFOLIO

• In respect of each purchase / switch-in of
Units, 1 of the units “the limit” may be
% %
redeemed without any Exit Load from the date % to NAV % to NAV
Industry+ exposure Industry+ exposure
of allotment. Company/Issuer (Hedged & Company/Issuer (Hedged &
/Rating of /Rating of
• ny redemption in excess of the above limit Unhedged) Unhedged)
Derivative Derivative
shall be subject to the following exit load: • 7.18 GOI 2033 Sovereign 1.56 0.00 POWERGRID
• Exit Load of 1.00 is payable if units are 7.1 GOI 2029 Sovereign 0.78 0.00 Infrastructure
redeemed / switched-out within 12 months Investment Trust Power 0.09 0.00
7.27 GOI 2026 Sovereign 0.55 0.00
from the date of allotment.
GOI STRIPS - Mat Sub Total 0.09 0.00
• No Exit Load is payable if units are redeemed
190328 Sovereign 0.46 0.00 Total 2.24 0.00
/ switched-out after 12 months from the date of
allotment. 7.1 GOI 2034 Sovereign 0.34 0.00
Units issued by ReIT
7.17 GOI 2030 Sovereign 0.34 0.00
7.23 GOI 2039 Sovereign 0.34 0.00 Embassy Office
Parks REIT Realty 1.06 0.00
7.38 GOI 2027 Sovereign 0.33 0.00
GOI 2034 Sovereign 0.33 0.00 BROOKFIELD
Industry llocation of E uity Holding INDIA REAL
7.06 GOI 2028 Sovereign 0.22 0.00
of Net ssets ESTATE TRUST Realty 0.68 0.00
6.54 GOI 2032 Sovereign 0.11 0.00
Nexus Select Trust
7.34 GOI 2064 Sovereign 0.11 0.00
an s 17. REIT Realty 0.41 0.00
7.18 GOI 2037 Sovereign 0.05 0.00
etroleum roducts 6.48 Sub Total 2.15 0.00
utomobiles .76 Sub Total 5.52 0.00
IT Software .4 Credit Exposure (Non Perpetual) Total 2.24 0.00
harmaceuticals iotechnology .4 TMF Holdings Ltd. CRISIL - MONEY MARKET INSTRUMENTS
Telecom Services .0 AA+ 1.08 0.00
CD
Diversi ied Fmcg .8 LIC Housing CRISIL -
Consumer Durables .8 Finance Ltd. AAA 0.88 0.00 Punjab National CRISIL -
Finance . State Bank of India CRISIL - Bank A1+ 0.53 0.00
ealty .4 AAA 0.76 0.00 Sub Total 0.53 0.00
Insurance .8
National Bank for CRISIL -
Transport Services .06 MUTUAL FUND UNITS
Agri & Rural Dev. AAA / ICRA
everages 1.84 - AAA 0.55 0.00 Mutual Fund Units
ower 1. 8
Small Industries CRISIL - HDFC Gold ETF 10.60 0.00
Construction 1.
Development Bank AAA 0.55 0.00
Healthcare Services 1. Sub Total 10.60 0.00
Ferrous Metals 1.08 SMFG India Credit CARE -
Company Ltd AAA 0.55 0.00 Cash,Cash Equivalents and Net
Non Ferrous Metals 0.
Current Assets 8.52 0.00
Fertili ers grochemicals 0.87 Cholamandalam
uto Components 0.76 Investment & Grand Total 100.00 -19.78
il 0.6 Finance Co. Ltd. ICRA - AA+ 0.44 0.00
• Top Ten Holdings, £ Sponsor
ersonal roducts 0.4 Bharti Telecom CRISIL -
Gas 0. Limited AAA 0.33 0.00
Transport Infrastructure 0. 0 HDFC Bank Ltd.£ CRISIL - Outstanding exposure in ₹ in 916.26
Capital Mar ets 0. AAA 0.23 0.00 derivative instruments Crore)
Chemicals etrochemicals 0.18 Power Finance CRISIL - Hedged position in Equity & Equity related instruments
Leisure Services 0.04 Corporation Ltd. AAA 0.22 0.00 (% age) 19.77
Cement Cement roducts 0.04 Pipeline
0 4 8 1 16 0 Infrastructure Pvt. CRISIL - Face alue / llotment N per Unit: ₹ 10, + Industry
Ltd. AAA 0.13 0.00 Classification as recommended by AMFI, Data is as of
Bank of Baroda CRISIL - July 31, 2025 unless otherwise specified.
AAA 0.11 0.00
REC Limited. CRISIL - ¥ Dedicated Fund Manager for Overseas Investments:
AAA 0.11 0.00 Mr. Dhruv Muchhal (since June 22, 2023) (Total
Sub Total 5.94 0.00 Experience: Over 10 years).
Total 11.46 0.00 Please refer Minimum Application Amount, Plans &
UNITS ISSUED BY REIT & INVIT Options, on Page no. 96 to 98.
Units issued by InvIT
$$For further details, please refer to para ‘Exit Load’ on
page no. 99.

( )
( )

E uity 66.6
Mutual Fund Units 10.60 E uity 66.6
Cash, Cash E uivalents and Net Current ssets 8. Cash, Cash E uivalents and Net Current ssets 1 .1
Credit Exposure . 4 Sovereign .
G Sec, G Sec ST I S . / S / 1+/ 1+ S E uivalent 4.
Units issued by eIT .1 Units issued by eIT .1
CD 0. + 1.
Units issued by InvIT 0.0 Units issued by InvIT 0.0

Cash and Cash Equivalents include overnight deployment of Cash in Tri-Party Repos

....Contd on next page

49 | July 2025
HDFC Multi-Asset Fund ....Contd from previous page
CATEGORY OF SCHEME
An open ended scheme investing in Equity and Equity related instruments, Debt & Money Market
Instruments and Gold related instruments MULTI ASSET ALLOCATION 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
Total mount Invested ₹. in Lacs 24.00 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 81.50 45.50 23.02 8.45 4.43 1.26
Returns (%) 10.99 11.47 12.51 13.66 13.98 9.27
Benchmark Returns (%)# N.A. N.A. 13.28 13.38 13.69 9.47
Additional Benchmark Returns (%)# # 12.87 13.48 14.42 14.19 13.08 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark Benchmark Additional
Date Period Benchmark
Returns (%) Returns (%)# Returns (%) Scheme (₹) Benchmark
(₹)#
## (₹)##
Jul 31, 24 Last 1 Year 6.36 6.42 0.54 10,636 10,642 10,054
Jul 29, 22 Last 3 Years 14.29 13.90 14.29 14,947 14,792 14,946
Jul 31, 20 Last 5 Years 15.43 15.34 18.88 20,498 20,419 23,751
Jul 31, 15 Last 10 Years 10.94 12.00 12.60 28,261 31,096 32,801
Aug 17, 05 Since Inception 10.34 NA 13.78 71,336 NA 131,644
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. The Scheme formerly, a debt
oriented hybrid fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund
investing in e uities, debt and gold related instruments. ccordingly, the Scheme’s benchmar has also changed. Hence, the
performance of the Scheme from inception till May 22, 2018 may not strictly be comparable with those of the new benchmark
and the additional benchmark. Scheme performance may not strictly be comparable with that of its Additional Benchmark in
view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments and gold related
instruments. For performance of other schemes managed by Srinivasan Ramamurthy, Anil Bamboli, Bhagyesh Kagalkar, Arun
Agarwal & Nandita Menezes, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense
structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is
linked to the interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged
with derivatives is likely to be lesser than that in an equivalent maturity fixed rate instrument. Under some market
circumstances the volatility may be of an order greater than what may ordinarily be expected considering only its duration.
Hence investors are recommended to consider the unadjusted portfolio maturity of the scheme as well and exercise adequate
due diligence when deciding to make their investments

50 | July 2025
HDFC Multi-Asset Active FOF
(Name changed from HDFC Asset Allocator Fund of Funds w.e.f. May 02, 2025) An open ended Fund of CATEGORY OF SCHEME
Funds scheme investing in equity oriented, debt oriented and gold ETFs schemes FUND OF FUNDS

INVESTMENT OBJECTIVE: To seek capital appreciation by managing the asset allocation between equity oriented, debt oriented and gold ETF schemes. There is no
assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER PORTFOLIO

Name Since Total Exp
Anil Bamboli May 05, Over 30 % to % to
(Debt Portfolio) 2021 years Issuer Issuer
NAV NAV
Srinivasan MUTUAL FUND UNITS • HDFC Medium Term Debt Fund - Growth Option
January 13, Over 18
Ramamurthy - Direct Plan 4.05
2022 years Mutual Fund Units - Equity
(Equity Portfolio)
• HDFC Flexi Cap Fund - Direct Plan- Growth Option 17.15 • HDFC Income Fund - Direct Plan - Growth Option 3.42
Bhagyesh Kagalkar
(Dedicated Fund • HDFC Large Cap Fund - Direct Plan - Growth Option 16.15 HDFC Floating Rate Debt Fund - Direct Plan -
February 02, Over 30 • HDFC Small Cap Fund - Direct Plan- Growth Option 3.01 Growth Option 2.17
Manager for
2022 years HDFC Gilt Fund - Growth Option - Direct Plan 2.02
commodities related • HDFC Mid Cap Fund - Direct Plan - Growth Option 2.87
investments viz. Gold) HDFC Banking & Financial Services Fund - Direct Plan HDFC Long Duration Debt Fund - Direct Plan -
- Growth Option 2.83 Growth Option 0.80
DATE OF ALLOTMENT/INCEPTION DATE HDFC Infrastructure Fund - Direct Plan- Growth Sub Total 38.82
May 05, 2021 Option 1.22 Mutual Fund Units - Gold
HDFC Dividend Yield Fund - Direct Plan - Growth • HDFC Gold ETF 10.39
NAV NAV PER Option 0.99
(As On JULY 31, 2025) UNIT(₹) Sub Total 10.39
HDFC Non-Cyclical Consumer Fund - Direct Plan -
Regular Plan - Growth Option 18.211 Growth Option 0.92 Total 94.84
Regular Plan - IDCW Option 18.211 HDFC Large and Mid Cap Fund - Direct Plan- Growth Cash,Cash Equivalents and Net Current Assets 5.16
Direct Plan - Growth Option 19.139 Option 0.49 Grand Total 100.00
Direct Plan - IDCW Option 19.139 Sub Total 45.63 • Top Ten Holdings
Mutual Fund Units - Debt
ASSETS UNDER MANAGEMENT Face Value / Allotment NAV per Unit: ₹ 10, Data is as of
• HDFC Short Term Debt Fund - Growth Option - Direct
As on July 31, 2025 ₹4,365.88Cr. Plan 11.65 July 31, 2025 unless otherwise specified.
Average for Month of July, 2025 ₹4,304.38Cr. • HDFC Corporate Bond Fund - Growth Option - Direct
Plan 10.46 Please refer Minimum Application Amount, Plans &
TOTAL EXPENSE RATIO Options, on Page no. 96 to 98.
• HDFC Low Duration Fund - Direct Plan - Growth
(As On July 31, 2025) Option 4.25
Including Additional Expenses and Goods and $$For further details, please refer to para ‘Exit Load’ on
page no. 99.
Service Tax on Management Fees
Regular: 1.15% Direct: 0.10%
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 ( )

50% NIFTY 50 TRI + 40% NIFTY Composite

Debt Index + 10% Gold derived as per
regulatory norms Mutual Fund Units 4.84
##ADDL. BENCHMARK INDEX Cash, Cash E uivalents and Net Current ssets .16
NIFTY 50 (Total Returns Index)

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

• In respect of each purchase / switch-in of
Units, 1 of the units “the limit” may be Since Inception SIP 3 year SIP 1 year SIP
redeemed without any Exit Load from the date Total mount Invested ₹. in Lacs 5.10 3.60 1.20
of allotment. Mar et alue as on July 1, 0 ₹. in Lacs 6.99 4.52 1.27
• ny redemption in excess of the above limit Returns (%) 14.93 15.41 10.59
shall be subject to the following exit load: Benchmark Returns (%)# 12.15 12.93 9.89
• Exit Load of 1.00 is payable if units are Additional Benchmark Returns (%)# # 12.94 13.08 5.54
redeemed / switched-out within 12 months ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G returns are
from the date of allotment. computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan -
• No Exit Load is payable if units are redeemed Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on
/ switched-out after 12 months from the date of minimum returns and safeguard of capital.
allotment.

PERFORMANCE ^ - Regular Plan - Growth Option

Additional Value of ₹ 10,000 invested

Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 8.33 7.68 0.54 10,833 10,768 10,054
Jul 29, 22 Last 3 Years 16.24 12.97 14.29 15,726 14,430 14,946
May 05, 21 Since Inception 15.18 12.07 14.67 18,211 16,211 17,872
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by
Srinivasan Ramamurthy, Anil Bamboli & Bhagyesh Kagalkar, please refer page 99. Different plans viz. Regular Plan and Direct
Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the
distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

For Product label and Riskometers, refer page no: 113-126

51 | July 2025
HDFC Income Plus Arbitrage Active FOF
(Name changed from HDFC Dynamic PE Ratio Fund of Funds w.e.f. March 19, 2025) An open ended Fund
of Fund scheme investing in Arbitrage and Debt Mutual Fund Schemes CATEGORY OF SCHEME
FUND OF FUNDS

INVESTMENT OBJECTIVE: To generate income / long-term capital appreciation by investing in units of Arbitrage and Debt schemes. There is no assurance that the
investment objective of the Scheme will be achieved.

FUND MANAGER PORTFOLIO

Name Since Total Exp
Anil Bamboli June 28, 2014 Over 30 years Face alue / llotment N per Unit: ₹ 10, Data is as of
Issuer % to NAV
July 31, 2025 unless otherwise specified.
MUTUAL FUND UNITS
DATE OF ALLOTMENT/INCEPTION DATE
Mutual Fund Units - Debt Please refer Minimum Application Amount, Plans &
February 06, 2012 • HDFC Corporate Bond Fund - Growth Option - Options, on Page no. 96 to 98.
Direct Plan 61.05
NAV NAV PER Sub Total 61.05 $$For further details, please refer to para ‘Exit Load’ on
(As On JULY 31, 2025) UNIT(₹) page no. 99.
Mutual Fund Units
Regular Plan - Growth Option 39.1476 • HDFC ARBITRAGE FUND - Direct Plan -
Regular Plan - IDCW Option 34.3042 Wholesale Growth Option 38.89
Direct Plan - Growth Option 43.1659 Sub Total 38.89
Direct Plan - IDCW Option 37.9163 Total 99.94
Cash,Cash Equivalents and Net Current Assets 0.06
ASSETS UNDER MANAGEMENT Grand Total 100.00
As on July 31, 2025 ₹1,384.27Cr. • Top Ten Holdings
Average for Month of July, 2025 ₹1,211.18Cr.

TOTAL EXPENSE RATIO

(As On July 31, 2025)
Including Additional Expenses and Goods and
Service Tax on Management Fees
SIP PERFORMANCE ^ - Regular Plan - Growth Option
Regular: 0.42% Direct: 0.07% Since Inception SIP 10 year SIP 5 year SIP 3 year SIP 1 year SIP
Investors in the Scheme shall bear the recurring
Total mount Invested ₹. in Lacs 16.20 12.00 6.00 3.60 1.20
expenses of the Scheme in addition to the Mar et alue as on July 1, 0 ₹. in Lacs 36.68 22.48 8.18 4.21 1.21
expenses of other schemes in which this Fund of Returns (%) 11.36 12.06 12.35 10.39 1.02
Funds scheme makes investment (subject to Benchmark Returns (%)# 6.90 6.67 6.97 8.08 8.21
regulatory limits). Additional Benchmark Returns (%)# # 6.82 6.63 7.26 9.23 9.14
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G returns are
#BENCHMARK INDEX computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan -
35% NIFTY 50 Arbitrage Index + 60% NIFTY Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on
Composite minimum returns and safeguard of capital.
Debt Index A-III + 5% NIFTY 1D Rate Index
(w.e.f. March 19, 2025)
PERFORMANCE ^ - Regular Plan - Growth Option
##ADDL. BENCHMARK INDEX
Crisil 10 Year Gilt Index Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
EXIT LOAD$$ (%) (%)# (₹)#
## (₹)##
Nil Jul 31, 24 Last 1 Year -0.25 8.32 9.88 9,975 10,832 10,988
Jul 29, 22 Last 3 Years 13.65 7.72 8.69 14,695 12,508 12,850
Jul 31, 20 Last 5 Years 15.82 5.94 5.33 20,852 13,345 12,966
Jul 31, 15 Last 10 Years 10.67 6.75 6.85 27,584 19,235 19,416
Feb 06, 12 Since Inception 10.65 7.28 6.85 39,148 25,793 24,459
Returns greater than 1 year period are compounded annualized (CAGR) For performance of other schemes managed by
Srinivasan Ramamurthy & Anil Bamboli, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different
( ) expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110. 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
Mutual Fund Units . 4 scheme’s investments are made in e uity instruments
Cash, Cash E uivalents and Net Current ssets 0.06 ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

For Product label and Riskometers, refer page no: 113-126

52 | July 2025
HDFC Equity Savings Fund CATEGORY OF SCHEME
An open ended scheme investing in equity, arbitrage and debt
EQUITY SAVINGS FUND

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

FUND MANAGER ¥
PORTFOLIO
Name Since Total Exp
Anil Bamboli September Over 30 % %
% to NAV % to NAV
(Debt Portfolio) 17, 2004 years Industry+ exposure exposure
Company/Issuer (Hedged & Company/Issuer Industry+ /Rating (Hedged &
Arun Agarwal August 24, Over 26 /Rating of of
Unhedged) Unhedged)
(Arbitrage Assets) 2020 years Derivative Derivative
Srinivasan EQUITY & EQUITY RELATED Bharat Petroleum Petroleum
December Over 18 Corporation Ltd. Products 0.29 0.00
Ramamurthy • HDFC Bank Ltd.£ Banks 9.22 -5.88
14, 2021 years
(Equity Portfolio) • ICICI Bank Ltd. Banks 7.24 -4.09 Hindustan
Nandita Menezes March 29, Over 2 • Reliance Industries Petroleum Petroleum Corp. Petroleum
(Arbitrage Assets) 2025 years Ltd. Products 5.85 -4.03 Ltd. Products 0.29 0.00
• Sun Pharmaceutical Pharmaceuticals Bayer Cropscience Fertilizers &
DATE OF ALLOTMENT/INCEPTION DATE Industries Ltd. & Biotechnology 3.21 -2.62 Ltd Agrochemicals 0.28 0.00
• Infosys Limited IT - Software 3.00 -1.95 BEML Limited Agricultural,
September 17, 2004@@ Commercial &
• Titan Company Ltd. Consumer
Durables 2.83 -2.84 Construction
NAV NAV PER Vehicles 0.28 0.00
(As On JULY 31, 2025) UNIT(₹) • Adani Ports & Special Transport
Economic Zone Infrastructure 2.38 -2.15 Greenply Industries Consumer
Regular Plan - Growth Option 65.701 • Larsen and Toubro
Ltd. Durables 0.26 0.00
Regular Plan - IDCW Option 12.861 Ltd. Construction 2.31 -1.19 Ipca Laboratories Pharmaceuticals
Direct Plan - Growth Option 73.574 Ltd. & Biotechnology 0.26 0.00
Bharti Airtel Ltd. Telecom -
Direct Plan - IDCW Option 15.347 Services 1.93 -0.71 Gland Pharma Ltd. Pharmaceuticals
Bajaj Finance Ltd. & Biotechnology 0.25 0.00
Finance 1.58 -1.58
JK Paper Ltd. Paper, Forest &
ASSETS UNDER MANAGEMENT State Bank of India Banks 1.54 0.00 Jute Products 0.24 0.00
As on July 31, 2025 Maruti Suzuki India Suprajit
₹5,673.93Cr.
Average for Month of July, 2025 Limited Automobiles 1.44 -0.43 Engineering Ltd. Auto Components 0.24 0.00
₹5,677.94Cr. Axis Bank Ltd. Banks 1.32 0.00 Biocon Ltd. Pharmaceuticals
Hindustan Unilever & Biotechnology 0.23 -0.23
QUANTITATIVE DATA Ltd. Diversified Fmcg 1.17 -0.63 Finolex Industries Industrial
Portfolio Turnover Hyundai Motor India Ltd. Products 0.22 0.00
Equity Turnover 26.56% Limited Automobiles 1.14 0.00 CIE Automotive
Total Turnover 453.49% Tata Consultancy India Ltd Auto Components 0.21 0.00
Total Turnover = Equity + Debt + Derivative Services Ltd. IT - Software 1.14 -0.07 G R Infraprojects
Risk Ratio United Spirits Limited Beverages 1.07 -0.70 Limited Construction 0.20 0.00
Standard Deviation 4.614% Kotak Mahindra Bank Star Health and
Beta 1.001 Limited Banks 0.91 -0.04 Allied Insurance
Sharpe Ratio* 1.026 NTPC Limited Power 0.91 -0.21 Company Ltd Insurance 0.20 0.00
Computed for the 3-yr period ended July 31, 2025 Hindalco Industries Non - Ferrous Symphony Ltd. Consumer
Ltd. Metals 0.87 -0.51 Durables 0.20 0.00
Based on month-end NAV.* Risk free rate: 5.54%
(Source: FIMMDA MIBOR) For schemes which have Cipla Ltd. Pharmaceuticals Gujarat Gas Ltd. Gas 0.19 0.00
not completed 3 years, data is computed since & Biotechnology 0.84 -0.01 Goodyear India Ltd. Auto Components 0.17 0.00
inception. ITC LIMITED Diversified Fmcg 0.73 0.00 Vardhman Textiles Textiles &
HCL Technologies Ltd. IT - Software 0.72 0.00 Ltd. Apparels 0.17 0.00
Residual Maturity * 3.94 Years
Mahindra & Mahindra Chemplast Sanmar Chemicals &
Macaulay Duration * 2.94 Years Limited Petrochemicals 0.15 0.00
Ltd. Automobiles 0.66 -0.66
Modified Duration * 2.80 Years PVR LIMITED Entertainment 0.12 0.00
HDFC Life Insurance
Annualized Portfolio YTM#* 6.40% Company Limited Insurance 0.64 -0.11 Wipro Ltd. IT - Software 0.09 0.00
#semi annual YTM has been annualised. Power Grid Coforge Limited IT - Software 0.05 -0.05
*Calculated on the amount invested in debt Corporation of India ITC Hotels Limited Leisure Services 0.03 0.00
securities (including accrued interest), deployment Ltd. Power 0.62 0.00 UltraTech Cement Cement & Cement
of funds in TREPS and Reverse Repo and net SBI Life Insurance Limited Products 0.02 -0.02
receivable/ payable Company Ltd. Insurance 0.58 0.00 Sub Total 66.46 -31.38
Max Financial Total 66.46 -31.38
TOTAL EXPENSE RATIO Services Ltd. Insurance 0.53 0.00
DEBT & DEBT RELATED
(As On July 31, 2025) Eicher Motors Ltd. Automobiles 0.51 0.00
Government Securities (Central/State)
Including Additional Expenses and Goods and Oil & Natural Gas
0.00 • 7.18 GOI 2033
Sovereign 2.42 0.00
Service Tax on Management Fees Corporation Ltd. Oil 0.51
Apollo Hospitals Healthcare 7.1 GOI 2029 Sovereign 2.01 0.00
Regular: 1.88% Direct: 0.92%
Enterprise Ltd. Services 0.47 0.00 7.17 GOI 2030 Sovereign 1.10 0.00
Lupin Ltd. Pharmaceuticals 7.38 GOI 2027 Sovereign 0.95 0.00
#BENCHMARK INDEX & Biotechnology 0.45 0.00 7.23 GOI 2039 Sovereign 0.83 0.00
NIFTY Equity Savings Index Tata Motors Ltd. Automobiles 0.45 -0.33 7.1 GOI 2034 Sovereign 0.55 0.00
(Total Returns Index) Tata Steel Ltd. Ferrous Metals 0.45 0.00 7.06 GOI 2028 Sovereign 0.18 0.00
##ADDL. BENCHMARK INDEX Bajaj Auto Limited Automobiles 0.42 0.00 7.34 GOI 2064 Sovereign 0.18 0.00
CRISIL 10 Year Gilt Index Coal India Ltd. Consumable 7.18 GOI 2037 Sovereign 0.15 0.00
Fuels 0.40 0.00 6.54 GOI 2032 Sovereign 0.09 0.00
Kalpataru Projects 7.26 GOI 2033 Sovereign 0.09 0.00
NET EQUITY EXPOSURE
International Ltd Construction 0.40 0.00 GOI 2028 Sovereign 0.09 0.00
35.08% Paradeep Phosphates Fertilizers & Sub Total 8.64 0.00
Limited Agrochemicals 0.38 0.00 Credit Exposure (Non Perpetual)
Ambuja Cements Ltd. Cement & • National Bank for CRISIL - AAA /
Cement Products 0.34 -0.34 Agri & Rural Dev. ICRA - AAA 2.08 0.00
Gujarat Pipavav Port Transport LIC Housing
Ltd. Infrastructure 0.33 0.00 Finance Ltd. CRISIL - AAA 1.81 0.00
National Aluminium Non - Ferrous Power Finance
Co. Ltd. Metals 0.33 0.00 Corporation Ltd. CRISIL - AAA 1.54 0.00

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

53 | July 2025
HDFC Equity Savings Fund ....Contd from previous page
CATEGORY OF SCHEME
An open ended scheme investing in equity, arbitrage and debt
EQUITY SAVINGS FUND

EXIT LOAD$$ PORTFOLIO

• In respect of each purchase / switch-in of
Units, upto 15% of the units may be redeemed % %
% to NAV % to NAV
without any exit load from the date of Industry+ exposure Industry+ exposure
Company/Issuer (Hedged & Company/Issuer (Hedged &
allotment. However, please note that the Units /Rating of /Rating of
Unhedged) Unhedged)
will be redeemed on First In First Out (FIFO) Derivative Derivative
basis. Small Industries CARE - AAA / Units issued by ReIT
• ny redemption in excess of the above limit Development Bank CRISIL - AAA 1.26 0.00 Embassy Office Parks
shall be subject to the following exit load: State Bank of India CRISIL - AAA 1.24 0.00 REIT Realty 0.84 0.00
• Exit load of 1.00 is payable if Units are SMFG India Credit BROOKFIELD INDIA
redeemed / switched-out within 1 month from Company Ltd CARE - AAA 0.90 0.00 REAL ESTATE TRUST Realty 0.78 0.00
the date of allotment of units. Cholamandalam Sub Total 1.62 0.00
Investment & Finance
• No Exit Load is payable if Units are redeemed Co. Ltd. ICRA - AA+ 0.64 0.00
Total 2.22 0.00
/ switched-out after 1 month from the date of MONEY MARKET INSTRUMENTS
Bharti Telecom
allotment Limited CRISIL - AAA 0.54 0.00 CD
Muthoot Finance Ltd. CRISIL - AA+ 0.54 0.00 Punjab National Bank CRISIL - A1+ 1.72 0.00
Pipeline Sub Total 1.72 0.00
Infrastructure Pvt. Cash,Cash Equivalents and Net
Industry llocation of E uity Holding Ltd. CRISIL - AAA 0.54 0.00 Current Assets 7.59 0.00
of Net ssets Bajaj Finance Ltd. CRISIL - AAA 0.44 0.00 Grand Total 100.00 -31.38
HDFC ERGO General • Top Ten Holdings, £ Sponsor
an s 0. Insurance Co. Ltd. CRISIL - AAA 0.44 0.00
etroleum roducts 6.4 REC Limited. CRISIL - AAA 0.25 0.00
harmaceuticals iotechnology . 4 Outstanding exposure in ₹ in 1,779.59
Bank of Baroda CRISIL - AAA 0.09 0.00
IT Software .00 derivative instruments Crore)
utomobiles 4.6 Indian Railways
Finance Corp. Ltd. CRISIL - AAA 0.09 0.00 Hedged position in Equity & Equity related instruments
Consumer Durables . (% age) 31.36
Construction . 1 Tata Capital Ltd. CRISIL - AAA 0.09 0.00
Transport Infrastructure .71 Sub Total 12.49 0.00
Insurance 1. Face alue / llotment N per Unit: ₹ 10, + Industry
Credit Exposure (Perpetual Bonds) Classification as recommended by AMFI, CD - Certificate of
Telecom Services 1.
Diversi ied Fmcg 1. 0 TMF Holdings Ltd. Deposit; CP - Commercial Papers. Data is as of July 31, 2025
Finance 1. 8 (Perpetual) CRISIL - AA+ 0.88 0.00 unless otherwise specified.
ower 1. Sub Total 0.88 0.00
Non Ferrous Metals 1. 0 Total 22.01 0.00 ¥ Dedicated Fund Manager for Overseas Investments:
everages 1.07 Mr. Dhruv Muchhal (since June 22, 2023) (Total Experience:
Fertili ers grochemicals 0.66 UNITS ISSUED BY REIT & INVIT
Over 10 years).
uto Components 0.6 Units issued by InvIT
il 0. 1 POWERGRID Please refer Minimum Application Amount, Plans & Options,
Healthcare Services 0.47 Infrastructure on Page no. 96 to 98.
Ferrous Metals 0.4 Investment Trust Power 0.60 0.00
Consumable Fuels 0.40 $$For further details, please refer to para ‘Exit Load’ on
Cement Cement roducts 0. 6 Sub Total 0.60 0.00
page no. 99.
gricultural, Commercial Construction ehicles 0. 8
aper, Forest Jute roducts 0. 4
Industrial roducts 0.
Gas 0.1 SIP PERFORMANCE ^ - Regular Plan - Growth Option
Textiles pparels 0.17
Chemicals etrochemicals 0.1 Since Inception 15 year 10 year 5 year 3 year 1 year
Entertainment 0.1 SIP SIP SIP SIP SIP SIP
Leisure Services 0.0
Total mount Invested ₹. in Lacs 25.10 18.00 12.00 6.00 3.60 1.20
0 10 0 0 40 0 Mar et alue as on July 1, 0 ₹. in Lacs 75.91 38.87 19.93 7.76 4.16 1.23
Returns (%) 9.56 9.61 9.80 10.24 9.65 5.23
Benchmark Returns (%)# N.A. 9.46 9.55 9.62 9.88 7.37
Additional Benchmark Returns (%)# # 6.66 6.83 6.63 7.26 9.23 9.14
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

E uity 66.46
Credit Exposure 1 . 7 Benchmark Additional Value of ₹ 10,000 invested
Scheme
G Sec 8.64 Date Period Returns Benchmark Additional
Cash, Cash E uivalents and Net Current ssets 7. Returns (%) Scheme (₹) Benchmark (₹)#
(%)# Returns (%) ## Benchmark (₹)##
CD 1.7
Units issued by eIT 1.6
Jul 31, 24 Last 1 Year 3.51 5.53 9.88 10,351 10,553 10,988
Units issued by InvIT 0.60 Jul 29, 22 Last 3 Years 10.63 10.07 8.69 13,550 13,345 12,850
Jul 31, 20 Last 5 Years 12.65 10.70 5.33 18,149 16,632 12,966
Jul 31, 15 Last 10 Years 9.56 8.95 6.85 24,938 23,579 19,416
Sep 17, 04 Since Inception 9.43 NA 6.14 65,701 NA 34,709
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 dditional enchmar , since a portion of scheme’s investments are made in debt
instruments. For performance of other schemes managed by Srinivasan Ramamurthy, Anil Bamboli, Arun Agarwal & Nandita
Menezes, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The
expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in
( ) the Regular Plan. For Performance of Direct Plan, refer page 104 to 110. @@Effective December 16, 2015, certain changes,
including changes to fundamental attributes, were effected in the erstwhile HDFC Multiple Yield Fund, (an open ended income
scheme) which was renamed as HDFC Equity Savings Fund, an open ended equity scheme. On account of these changes, the
performance during the period(s) from September 17, 2004 to December 15, 2015 is not comparable.
E uity 66.46 ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
/ S / 1+/ 1+ S E uivalent 1 .0 into consideration for computation of performance.
Sovereign 8.64
Cash, Cash E uivalents and Net Current ssets 7.
+ .06 This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is
Units issued by eIT 1.6 linked to the interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged
Units issued by InvIT 0.60 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.
CD - Certificate of Deposit; 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

54 | July 2025
HDFC Hybrid Debt Fund CATEGORY OF SCHEME
An open ended hybrid scheme investing predominantly in debt instruments CONSERVATIVE HYBRID FUND

INVESTMENT OBJECTIVE: To generate income / capital appreciation by investing primarily in debt securities, money market instruments and moderate exposure to equities.
There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Shobhit Mehrotra September 1, Over 32 Industry+ % to Industry+ % to
(Debt Portfolio) 2007 years Company/Issuer Company/Issuer
/Rating NAV /Rating NAV
Srinivasan EQUITY & EQUITY RELATED 6.33 GOI 2035 Sovereign 2.28
December 14, Over 18
Ramamurthy 7.18 GOI 2037 Sovereign 2.16
2021 years ICICI Bank Ltd. Banks 2.19
(Equity Portfolio ) 6.79 GOI 2034 Sovereign 2.12
HDFC Bank Ltd.£ Banks 2.09
6.68 GOI 2031 Sovereign 1.96
DATE OF ALLOTMENT/INCEPTION DATE State Bank of India Banks 1.18 GOI 2034 Sovereign 1.51
December 26, 2003 Axis Bank Ltd. Banks 1.03 6.9 GOI 2065 Sovereign 1.30
Reliance Industries Ltd. Petroleum 7.09 GOI 2074 Sovereign 1.17
NAV NAV PER Products 1.03 7.41 GOI 2036 Sovereign 1.10
(As On JULY 31, 2025) UNIT(₹)
Bharti Airtel Ltd. Telecom - Services 0.79 7.1 GOI 2034 Sovereign 1.08
Regular Plan - Growth Option 82.1588 Infosys Limited IT - Software 0.76 7.36 GOI 2052 Sovereign 1.07
Regular Plan - Monthly IDCW Option 14.2946 Sun Pharmaceutical Industries Pharmaceuticals & 6.54 GOI 2032 Sovereign 1.05
Regular Plan - Quarterly IDCW Ltd. Biotechnology 0.76
15.0799 7.26 GOI 2033 Sovereign 0.77
Option Larsen and Toubro Ltd. Construction 0.75 6.92 GOI 2039 Sovereign 0.75
Direct Plan - Growth Option 87.4306
ITC LIMITED Diversified Fmcg 0.73 6.95 GOI 2061 Sovereign 0.72
Direct Plan - Monthly IDCW Option 15.9139
Direct Plan - Quarterly IDCW Option 16.7877 Cipla Ltd. Pharmaceuticals & 6.67 GOI 2050 Sovereign 0.71
Biotechnology 0.59 GOI STRIPS - Mat 190327 Sovereign 0.56
NTPC Limited Power 0.59 6.67 GOI 2035 Sovereign 0.37
ASSETS UNDER MANAGEMENT
6.19 GOI 2034 Sovereign 0.36
As on July 31, 2025 ₹3,387.60Cr. Tata Consultancy Services Ltd. IT - Software 0.59
7.25 GOI 2063 Sovereign 0.30
Average for Month of July, 2025 ₹3,401.61Cr. Kotak Mahindra Bank Limited Banks 0.58 6.99 GOI 2051 Sovereign 0.15
HCL Technologies Ltd. IT - Software 0.43 7.18 GOI 2033 Sovereign 0.15
QUANTITATIVE DATA Lupin Ltd. Pharmaceuticals & 7.60% Tamil Nadu SDL Mat
Risk Ratio Biotechnology 0.41 310131 Sovereign 0.12
Standard Deviation 3.914% SBI Life Insurance Company 7.64% Andhra Pradesh SDL ISD
Beta 1.253 Ltd. Insurance 0.41 170124 MAT 170131 Sovereign 0.02
Sharpe Ratio* 1.270 Oil & Natural Gas Corporation 8.15 GOI 2026 Sovereign 0.01
Computed for the 3-yr period ended July 31, Ltd. Oil 0.36 Sub Total 34.40
2025 Based on month-end NAV.* Risk free rate: Power Grid Corporation of Credit Exposure (Non Perpetual)
5.54% (Source: FIMMDA MIBOR) For schemes India Ltd. Power 0.31
• Indian Railways Finance Corp.
which have not completed 3 years, data is Mahindra & Mahindra Ltd. Automobiles 0.29 Ltd. CRISIL - AAA 6.28
computed since inception. NHPC Ltd. Power 0.29 • Housing and Urban
Residual Maturity * 11.56 Years Development Corporation Ltd. CARE - AAA 3.81
Coal India Ltd. Consumable Fuels 0.28
• National Bank for Agri & Rural CRISIL - AAA
Macaulay Duration * 6.18 Years Power Finance Corporation Dev. / ICRA - AAA 3.16
Modified Duration * 5.92 Years Ltd. Finance 0.27 • Tata Motors Ltd. CRISIL - AA+ 2.98
Annualized Portfolio YTM#* 6.91% Hero MotoCorp Ltd. Automobiles 0.25 • Muthoot Finance Ltd. CRISIL - AA+ 2.56
#semi annual YTM has been annualised. Hindustan Petroleum Corp. Petroleum • REC Limited. CRISIL - AAA 2.56
*Calculated on the amount invested in debt Ltd. Products 0.25 Power Finance Corporation
securities (including accrued interest), Bajaj Auto Limited Automobiles 0.24 Ltd. CRISIL - AAA 2.43
deployment of funds in TREPS and Reverse Altius Telecom Infrastructure
Bharat Petroleum Corporation Petroleum
Repo and net receivable/ payable Ltd. Products 0.24 Trust CRISIL - AAA 1.64
Gateway Distriparks Limited Transport National Highways Authority of
TOTAL EXPENSE RATIO India CRISIL - AAA 1.55
Services 0.21
(As On July 31, 2025)
Indus Towers Limited Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 1.54
Including Additional Expenses and Goods and Telecom - Services 0.21
Bajaj Housing Finance Ltd. CRISIL - AAA 1.52
Service Tax on Management Fees ESCORTS KUBOTA LIMITED Agricultural,
Commercial & Export - Import Bank of India CRISIL - AAA 1.51
Regular: 1.74% Direct: 1.16% Construction NTPC Limited CRISIL - AAA 1.50
Vehicles 0.20 The Tata Power Company Ltd. CARE - AA+ 0.86
#BENCHMARK INDEX Finolex Cables Ltd. Industrial TVS Credit Services Ltd ICRA - AA+ 0.77
NIFTY 50 Hybrid Composite Debt 15:85 Index Products 0.20 LIC Housing Finance Ltd. CRISIL - AAA 0.76
(Total Returns Index) Tata Motors Ltd. Automobiles 0.20 State Bank of India CRISIL - AAA 0.76
##ADDL. BENCHMARK INDEX Goodyear India Ltd. Auto Components 0.19 Bharti Telecom Limited CRISIL - AAA 0.75
CRISIL 10 Year Gilt Index Union Bank of India Banks 0.19 Cholamandalam Investment &
Great Eastern Shipping Transport Finance Co. Ltd. ICRA - AA+ 0.75
Company Ltd. Services 0.17 Grasim Industries Ltd. CRISIL - AAA 0.75
EXIT LOAD$$ JK Paper Ltd. Paper, Forest & HDFC ERGO General Insurance
In respect of each purchase / switch-in of Units, Jute Products 0.17 Co. Ltd. CRISIL - AAA 0.74
up to 1 of the units “the limit” may be REC Limited. Finance 0.17 Bajaj Finance Ltd. CRISIL - AAA 0.73
redeemed without any exit load from the date of HDFC Bank Ltd.£ CRISIL - AAA 0.73
CIE Automotive India Ltd Auto Components 0.14
allotment. However, please note that the Units
Vajra 006 Trust ICRA -
will be redeemed on First In First Out (FIFO) Sub Total 19.74
AA+(SO) 0.42
basis Any redemption in excess of the above Total 19.74 Mahindra Rural Housing
limit shall be subject to the following exit load: Finance Ltd IND - AA+ 0.30
DEBT & DEBT RELATED
• Exit load of 1.00% is payable if Units are Sub Total 41.36
redeemed / switched out within 1 year from the Government Securities (Central/State)
Total 75.76
date of allotment of units. • 7.34 GOI 2064 Sovereign 3.50
UNITS ISSUED BY REIT & INVIT
•No Exit Load is payable if Units are redeemed • 7.09 GOI 2054 Sovereign 3.42
Units issued by InvIT
/ switched-out after 1 year from the date of • 7.23 GOI 2039 Sovereign 3.10 Indus Infra Trust Transport
allotment. In respect of Systematic Transactions • 7.3 GOI 2053 Infrastructure 0.09
Sovereign 2.59
such as SIP, STPs etc., Exit Load, if any, Sub Total 0.09
prevailing on the date of registration /
enrolment shall be levied.
....Contd on next page
For Product label and Riskometers, refer page no: 113-126

55 | July 2025
HDFC Hybrid Debt Fund ....Contd from previous page
An open ended hybrid scheme investing predominantly in debt instruments CATEGORY OF SCHEME
CONSERVATIVE HYBRID FUND

PORTFOLIO

Company/Issuer Industry+ /Rating % to NAV Face Value / Allotment NAV per Unit: ₹ 10, + Industry Classification as
Units issued by ReIT recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers. Data is
Embassy Office Parks REIT Realty 0.58 as of July 31, 2025 unless otherwise specified.
Sub Total 0.58
¥ Dedicated Fund Manager for Overseas Investments:
Total 0.67 Mr. Dhruv Muchhal (since June 22, 2023) (Total Experience: Over 10 years).
Alternative Investment Fund Units
Corporate Debt Market Development Fund 0.28 Please refer Minimum Application Amount, Plans & Options, on Page no. 96 to 98.
Sub Total 0.28 $$For further details, please refer to para ‘Exit Load’ on page no. .
Cash,Cash Equivalents and Net Current Assets 3.55
Grand Total 100.00
• Top Ten Holdings, £ Sponsor

( ) ( )

Credit Exposure 40. 4 Sovereign 4.40

G Sec, G Sec ST I S, SDL 4.40 / S / 1+/ 1+ S E uivalent .7
E uity 1 .74 E uity 1 .74
Cash, Cash E uivalents and Net Current ssets . + 8.64
Units issued by eIT 0. 8 Cash, Cash E uivalents and Net Current ssets .
Securiti ed Debt Instruments 0.4 Units issued by eIT 0. 8
lternative Investment Fund Units 0. 8 lternative Investment Fund Units 0. 8
Units issued by InvIT 0.0 Units issued by InvIT 0.0

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Industry llocation of E uity Holding
Since Inception 15 year 10 year 5 year 3 year 1 year
of Net ssets SIP SIP SIP SIP SIP SIP
Total mount Invested ₹. in Lacs 26.00 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 84.95 38.33 19.55 7.74 4.17 1.23
an s 7. 6 Returns (%) 9.81 9.44 9.43 10.14 9.81 5.35
It Software 1.78 Benchmark Returns (%)# 8.77 8.82 8.62 8.27 9.11 7.81
Additional Benchmark Returns (%)# # 6.59 6.83 6.63 7.26 9.23 9.14
harmaceuticals iotechnology 1.76
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G
etroleum roducts 1. 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
ower 1.1 construed as a promise on minimum returns and safeguard of capital.

Telecom Services 1.00

PERFORMANCE ^ - Regular Plan - Growth Option
utomobiles 0. 8
Construction 0.7 Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Diversi ied Fmcg 0.7 Date Period Returns Returns Scheme Benchmark
Returns (%) Benchmark
(%) (%)# (₹) (₹)#
## (₹)##
Finance 0.44
Jul 31, 24 Last 1 Year 4.59 7.48 9.88 10,459 10,748 10,988
Insurance 0.41 Jul 29, 22 Last 3 Years 10.92 9.07 8.69 13,657 12,983 12,850
Jul 31, 20 Last 5 Years 11.51 8.14 5.33 17,245 14,794 12,966
Transport Services 0. 8 Jul 31, 15 Last 10 Years 8.80 8.60 6.85 23,252 22,844 19,416
Dec 26, 03 Since Inception 10.24 8.40 5.84 82,159 57,174 34,099
il 0. 6
Returns greater than 1 year period are compounded annualized (CAGR). Scheme performance may not strictly be
uto Components 0. comparable with that of its dditional enchmar 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 &
Consumable Fuels 0. 8 Shobhit Mehrotra, please refer page 99. 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 /
Industrial roducts 0. 0 commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
Note: Effective close of business hours of May 25, 2018, HDFC MF Monthly Income Plan – Long Term Plan (MIP-LTP)
gricultural, Commercial Construction ehicles 0. 0 underwent changes in Fundamental Attributes and was renamed as HDFC Hybrid Debt Fund (HHDF) and HDFC MF
Monthly Income Plan – Short Term Plan was merged therein. As the portfolio structuring of HHDF closely resembles the
aper, Forest Jute roducts 0.17 erstwhile MIP-LTP, the past performance of MIP-LTP is provided, in line with SEBI circular on Performance disclosure
post consolidation/ merger of scheme dated April 12, 2018.
0 4 6 8 10 ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is
not taken into consideration for computation of performance.

This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these
instruments is linked to the interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed
rate instrument hedged with derivatives is likely to be lesser than that in an equivalent maturity fixed rate instrument.
Under some market circumstances the volatility may be of an order greater than what may ordinarily be expected
considering only its duration. Hence investors are recommended to consider the unadjusted portfolio maturity of the
scheme as well and exercise adequate due diligence when deciding to make their investments

56 | July 2025
HDFC ELSS Tax saver
Name changed from HDFC TaxSaver An open ended equity linked savings scheme with a statutory lock in of 3 CATEGORY OF SCHEME
years and tax benefit (This is a simple and performing scheme which is eligible for distribution by new cadre of EQUITY LINKED SAVINGS SCHEME
distributors)

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Roshi Jain January 13, 2022 Over 19 years Industry+ % to % to
Company/Issuer Company/Issuer Industry+ /Rating
/Rating NAV NAV
DATE OF ALLOTMENT/INCEPTION DATE EQUITY & EQUITY RELATED The Ramco Cements Cement & Cement
March 31,1996 • HDFC Bank Ltd.£ Banks 10.10 Ltd. Products 0.57
• ICICI Bank Ltd. Banks 9.83 Teamlease Services Commercial Services
NAV NAV PER • Axis Bank Ltd. Banks 7.73 Ltd. & Supplies 0.50
(As On JULY 31, 2025) UNIT(₹) Cyient Ltd. IT - Services 0.49
• Cipla Ltd. Pharmaceuticals &
Regular Plan - Growth Option 1,401.044 Prestige Estates
Biotechnology 5.06
Regular Plan - IDCW Option 74.880 Projects Ltd. Realty 0.49
• SBI Life Insurance Company
Direct Plan - Growth Option 1,513.038 Medi Assist Healthcare
Ltd. Insurance 5.00
Direct Plan - IDCW Option 101.448 Services Limited Insurance 0.45
• Bharti Airtel Ltd. Telecom - Services 4.27
• Kotak Mahindra Bank Hindalco Industries
ASSETS UNDER MANAGEMENT Limited Banks 4.18 Ltd. Non - Ferrous Metals 0.41
As on July 31, 2025 ₹16,579.03Cr. JK Lakshmi Cement Cement & Cement
• Maruti Suzuki India Limited Automobiles 4.18
Average for Month of July, 2025 ₹16,743.20Cr. Ltd Products 0.41
• State Bank of India Banks 3.36
Popular Vehicles and
• HCL Technologies Ltd. IT - Software 2.97 Services Limited Automobiles 0.37
QUANTITATIVE DATA Hyundai Motor India Limited Automobiles 2.60 Sumitomo Chemical Fertilizers &
Portfolio Turnover Bajaj Auto Limited Automobiles 2.29 India Ltd Agrochemicals 0.35
Equity Turnover 21.02% JSW Steel Ltd. Ferrous Metals 1.90 Zee Entertainment
Total Turnover 22.04% Power Grid Corporation of Enterprises Ltd. Entertainment 0.29
Total Turnover = Equity + Debt + Derivative India Ltd. Power 1.76 Delhivery Limited Transport Services 0.26
Risk Ratio InterGlobe Aviation Ltd. Transport Services 1.43 Anthem Biosciences Pharmaceuticals &
Standard Deviation 11.553%
Tata Steel Ltd. Ferrous Metals 1.43 Limited Biotechnology 0.23
Beta 0.837
Sharpe Ratio* 1.376 Eicher Motors Ltd. Automobiles 1.40 Ashok Leyland Ltd Agricultural,
Infosys Limited IT - Software 1.37 Commercial &
Computed for the 3-yr period ended July 31,
Apollo Hospitals Enterprise Healthcare Construction Vehicles 0.20
2025 Based on month-end NAV.* Risk free rate:
5.54% (Source: FIMMDA MIBOR) For schemes Ltd. Services 1.24 Reliance Industries
Bosch Limited Auto Components 1.22 Ltd. Petroleum Products 0.17
which have not completed 3 years, data is
computed since inception. Dr. Lal Path Labs Ltd Healthcare ZF Commercial Vehicle
Services 1.08 Control Systems India
TOTAL EXPENSE RATIO Ltd Auto Components 0.14
Oil & Natural Gas
(As On July 31, 2025) Corporation Ltd. Oil 1.02 Greenpanel Industries
Including Additional Expenses and Goods and Limited Consumer Durables 0.11
ESCORTS KUBOTA LIMITED Agricultural,
Service Tax on Management Fees Commercial & Sub Total 93.94
Regular: 1.70% Direct: 1.09% Construction Total 93.94
Vehicles 1.01 DEBT & DEBT RELATED
Mahindra & Mahindra Ltd. Automobiles 1.01 Government Securities (Central/State)
#BENCHMARK INDEX
Larsen and Toubro Ltd. Construction 0.99 7.38 GOI 2027 Sovereign 0.31
NIFTY 500 (Total Returns Index)
Metropolis Healthcare Ltd. Healthcare Sub Total 0.31
##ADDL. BENCHMARK INDEX Services 0.96
NIFTY 50 (Total Returns Index) Cash,Cash Equivalents and Net Current Assets 5.75
Tech Mahindra Ltd. IT - Software 0.88 Grand Total 100.00
Birla Corporation Ltd. Cement & Cement • Top Ten Holdings, £ Sponsor
LOCK-IN PERIOD Products 0.82
3 years from the date of allotment of the Havells India Ltd. Consumer
Face Value / Allotment NAV per Unit: ₹ 10, + Industry
respective Units Durables 0.81
Classification as recommended by AMFI, Data is as of
United Spirits Limited Beverages 0.81 July 31, 2025 unless otherwise specified.
EXIT LOAD$$ Karur Vysya Bank Ltd. Banks 0.79
Nil The Federal Bank Ltd. Banks 0.79 ¥ Dedicated Fund Manager for Overseas Investments:
Shoppers Stop Ltd. Retailing 0.78 Mr. Dhruv Muchhal (since June 22, 2023) (Total
Experience: Over 10 years).
Bajaj Electricals Ltd. Consumer
Durables 0.75
Please refer Minimum Application Amount, Plans &
Lupin Ltd. Pharmaceuticals & Options, on Page no. 96 to 98.
Biotechnology 0.70
Crompton Greaves Consumer $$For further details, please refer to para ‘Exit Load’ on
Consumer Elec. Ltd. Durables 0.68 page no. 99.
Star Health and Allied
Insurance Company Ltd Insurance 0.67
Westlife Foodworld Limited Leisure Services 0.63

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

57 | July 2025
HDFC ELSS Tax saver ....Contd from previous page
Name changed from HDFC TaxSaver An open ended equity linked savings scheme with a statutory lock in of 3 CATEGORY OF SCHEME
years and tax benefit (This is a simple and performing scheme which is eligible for distribution by new cadre of
distributors) EQUITY LINKED SAVINGS SCHEME

Industry llocation of E uity Holding

of Net ssets

an s 6.78
utomobiles 11.8
Insurance 6.1
harmaceuticals iotechnology .
IT Software .
Telecom Services 4. 7
Ferrous Metals .
Healthcare Services .8
Consumer Durables .
Cement Cement roducts 1.80
ower 1.76
Transport Services 1.6
uto Components 1. 6
gricultural, Commercial Construction ehicles 1. 1
il 1.0
Construction 0.
everages 0.81
etailing 0.78
Leisure Services 0.6
Commercial Services Supplies 0. 0
ealty 0.4
IT Services 0.4
Non Ferrous Metals 0.41
Fertili ers grochemicals 0.
Entertainment 0.
etroleum roducts 0.17
0 10 0 0 40 0

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 mount Invested ₹. in Lacs 35.20 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs $$ 1,792.82 62.16 28.99 10.36 4.88 1.25
Returns (%) $$ 21.27 15.09 16.81 22.03 20.80 8.15
Benchmark Returns (%)# 15.38 14.71 15.76 16.67 15.65 4.92
Additional Benchmark Returns (%)# # 14.07 13.48 14.42 14.19 13.08 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested

Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Scheme (₹) Benchmark
Returns (%) Benchmark
(%) $$ (%)# $$ (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 3.52 -1.63 0.54 10,352 9,837 10,054
Jul 29, 22 Last 3 Years 22.84 17.10 14.29 18,565 16,078 14,946
Jul 31, 20 Last 5 Years 25.59 21.69 18.88 31,268 26,703 23,751
Jul 31, 15 Last 10 Years 13.28 13.66 12.60 34,824 36,026 32,801
Mar 31, 96 Since Inception 22.13 14.33 12.94 3,534,249 510,404 356,517
Returns greater than 1 year period are compounded annualized (CAGR) $$ All Distributions declared prior to the splitting of
the Scheme into IDCW & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV
(ex-distribution NAV). For performance of other schemes managed by Roshi Jain, please refer page 99. Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower
to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page
104 to 110. 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.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not
taken into consideration for computation of performance.

58 | July 2025
HDFC Children's Fund CATEGORY OF SCHEME
An open ended fund for investment for children having a lock-in for atleast 5 years or till the child CHILD EN’S FUND
m j (wh h v )Ω

INVESTMENT OBJECTIVE: To generate capital appreciation / income from a portfolio of equity & equity related instruments and debt and money market instruments. There is
no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Chirag Setalvad % to % to
April 2, 2007 Over 28 years Company/Issuer Industry+ /Rating Company/Issuer Industry+ /Rating
(Equity Portfolio) NAV NAV
Anil Bamboli October 6, EQUITY & EQUITY RELATED DEBT & DEBT RELATED
Over 30 years
(Debt Portfolio) 2022 Government Securities (Central/State)
• HDFC Bank Ltd.£ Banks 8.85
• 7.18 GOI 2033 Sovereign 4.67
DATE OF ALLOTMENT/INCEPTION DATE • ICICI Bank Ltd. Banks 7.45 • 7.1 GOI 2034 Sovereign 3.13
March 02, 2001 • Larsen and Toubro Ltd. Construction 3.47 7.1 GOI 2029 Sovereign 2.26
• Reliance Industries Ltd. Petroleum Products 3.35 7.18 GOI 2037 Sovereign 1.16
NAV NAV PER 7.26 GOI 2033 Sovereign 1.07
(As On JULY 31, 2025) UNIT(₹) • Infosys Limited IT - Software 2.79
6.9 GOI 2065 Sovereign 0.95
Regular Plan - Growth Option 294.042 • eClerx Services Limited Commercial Services
& Supplies 2.73 6.79 GOI 2034 Sovereign 0.94
Direct Plan - Growth Option 326.176
• Kotak Mahindra Bank Limited 7.17 GOI 2030 Sovereign 0.56
Banks 2.59
7.64% Gujarat SDL ISD 170124
ASSETS UNDER MANAGEMENT • State Bank of India Banks 2.32 MAT 170133 Sovereign 0.46
As on July 31, 2025 ₹10,306.93Cr. Aster DM Healthcare Limited Healthcare Services 2.21 7.3 GOI 2053 Sovereign 0.40
Average for Month of July, 2025 ₹10,370.64Cr. Tata Consultancy Services Ltd. 8.32 GOI 2032 Sovereign 0.32
IT - Software 2.08
7.23 GOI 2039 Sovereign 0.31
Bharti Airtel Ltd. Telecom - Services 1.83
QUANTITATIVE DATA 7.64% % Gujarat SDL ISD
AkzoNobel India Ltd. Consumer Durables 1.70 170124 Mat 170134 Sovereign 0.31
Portfolio Turnover
Equity Turnover 16.41% ITC LIMITED 7.26 GOI 2032 Sovereign 0.26
Diversified Fmcg 1.56
Total Turnover 15.42% 6.67 GOI 2035 Sovereign 0.25
United Spirits Limited Beverages 1.56
Total Turnover = Equity + Debt + Derivative 7.63% Gujarat SDL ISD 240124
Residual Maturity * 7.93 Years Voltamp Transformers Ltd. Electrical Equipment 1.50 Mat 240133 Sovereign 0.25
Macaulay Duration * 5.34 Years Kirloskar Pneumatic Ltd. Industrial Products 1.48 7.63% Gujarat SDL ISD 240124
Modified Duration * 5.11 Years Mat 240134 Sovereign 0.20
Finolex Cables Ltd. Industrial Products 1.40
Annualized Portfolio YTM#* 6.64% 7.25 GOI 2063 Sovereign 0.05
#semi annual YTM has been annualised. Transport Corporation of India 7.32 GOI 2030 Sovereign 0.05
*Calculated on the amount invested in debt Ltd. Transport Services 1.21
7.34 GOI 2064 Sovereign 0.05
securities (including accrued interest), Zensar Technologies Ltd. IT - Software 1.19 8.6 GOI 2028 Sovereign 0.05
deployment of funds in TREPS and Reverse Axis Bank Ltd.
Repo and net receivable/ payable Banks 1.17 Sub Total 17.70
Sonata Software Ltd. IT - Software 1.14 Credit Exposure (Non Perpetual)
TOTAL EXPENSE RATIO Ipca Laboratories Ltd. Pharmaceuticals & National Bank for Agri & Rural CRISIL - AAA /
(As On July 31, 2025) Biotechnology 1.06 Dev. ICRA - AAA 2.03
Including Additional Expenses and Goods and TEGA INDUSTRIES LIMITED Industrial Bajaj Finance Ltd. CRISIL - AAA 1.72
Service Tax on Management Fees Manufacturing 0.95 Small Industries Development CARE - AAA /
Sagility India Limited Bank CRISIL - AAA 1.62
Regular: 1.73% Direct: 0.90% IT - Services 0.87
State Bank of India CRISIL - AAA 1.46
Bajaj Finance Ltd. Finance 0.85 HDFC Bank Ltd.£ CRISIL - AAA 1.36
#BENCHMARK INDEX Hyundai Motor India Limited Automobiles 0.76 Power Finance Corporation Ltd. CRISIL - AAA 1.01
NIFTY 50 Hybrid Composite Debt 65:35 Index Lupin Ltd. Pharmaceuticals & Punjab National Bank CRISIL - AAA 0.98
(Total Returns Index) Biotechnology 0.71 Housing and Urban Development CARE - AAA / ICRA
##ADDL. BENCHMARK INDEX Rolex Rings Limited Auto Components 0.66 Corporation Ltd. - AAA 0.74
NIFTY 50 (Total Returns Index) Bharat Petroleum Corporation L&T Metro Rail (Hyderabad) Ltd CRISIL - AAA(CE) 0.73
Ltd. Petroleum Products 0.64 LIC Housing Finance Ltd. CRISIL - AAA 0.55
LOCK-IN PERIOD Cholamandalam Financial Toyota Financial Services India
Holdings Ltd. Finance 0.61 Ltd. CRISIL - AAA 0.49
For Fresh investments by investors
including SIP/STP registrations, etc Carborundum Universal Ltd. Industrial Products 0.56 REC Limited. CRISIL - AAA 0.35
(effective May 23, 2018): Lock-in period will Technocraft Industries (India) National Housing Bank CARE - AAA 0.25
be compulsory. Lock-in period shall be earlier of Ltd Industrial Products 0.53 Bank of Baroda CRISIL - AAA 0.15
• Years from the date of allotment; or Timken India Ltd. Indian Railways Finance Corp.
• Until the Unit holder being the beneficiary Industrial Products 0.49
Ltd. CRISIL - AAA 0.10
child) attains the age of majority GMM Pfaudler Limited Industrial
Manufacturing 0.48 Sub Total 13.54
Mahindra Holidays & Resorts Ind Total 31.24
EXIT LOAD$$
Ltd. Leisure Services 0.45 Cash,Cash Equivalents and Net Current Assets 3.24
(i) For existing investments by investors Belrise Industries Limited Auto Components 0.43 Grand Total 100.00
including SIP / SWAP registrations, etc. (until
May 22, 2018) In respect of units subject to PNC Infratech Ltd. Construction 0.41 • Top Ten Holdings, £ Sponsor
lock-in period: Nil In respect of units not subject Equitas Small Finance Bank Ltd
to lock-in period:- Banks 0.31 Face alue / llotment N per Unit: ₹ 10, + Industry
• In respect of each purchase/ Switch-in of Godrej Consumer Products Ltd. Personal Products 0.29 Classification as recommended by AMFI, Data is as of
units, an exit load of 3% is payable if units are Schloss Bangalore Limited July 31, 2025 unless otherwise specified.
redeemed / switched-out within 1 year from the Leisure Services 0.27
date of allotment. Landmark Cars Limited Automobiles 0.18 ¥ Dedicated Fund Manager for Overseas Investments:
• In respect of each purchase/ Switch-in of VST Industries Ltd. Cigarettes & Tobacco Mr. Dhruv Muchhal (since June 22, 2023) (Total
units, an exit load of 2% is payable if units are Products 0.16 Experience: ver 10 years . Ω Eligibility of Unit
redeemed / switched-out between 1st and 2nd holder) : Children not attained the age of majority as
year of the date of allotment. National Securities Depository
on the date of investment by the Investor / Applicant
• In respect of each purchase/ Switch-in of Limited Capital Markets 0.14
are eligible as Unit holders in the Scheme.
units, an exit load of 1% is payable if units are UNIPARTS INDIA LIMITED Auto Components 0.11
redeemed / switched-out between 2nd and 3rd Ador Welding Ltd. Industrial Please refer Minimum Application Amount, Plans &
year of the date of allotment. Products 0.02 Options, on Page no. 96 to 98.
• No exit load is payable, if units are redeemed
/ switched-out after 3rd year from the date of Sub Total 65.52 $$For further details, please refer to para ‘Exit Load’ on
allotment. Total 65.52 page no. 99.
(ii) Fresh investments by investors including
SIP/ SWAP registrations, etc (effective May 23,
2018): NIL
....Contd on next page
For Product label and Riskometers, refer page no: 113-126

59 | July 2025
HDFC Children's Fund ....Contd from previous page
An open ended fund for investment for children having a lock-in for atleast 5 years or till the child CATEGORY OF SCHEME
m j (wh h v )Ω CHILD EN’S FUND

Industry llocation of E uity Holding

of Net ssets

an s .6
( )
IT Software 7. 0
Industrial roducts 4.48
etroleum roducts . E uity 6 .
Construction .88 G Sec, SDL 17.70
Credit Exposure 1 . 4
Commercial Services Supplies .7 Cash, Cash E uivalents and Net Current ssets . 4
Healthcare Services .1
Telecom Services 1.8
harmaceuticals iotechnology 1.77
Consumer Durables 1.70
Diversi ied Fmcg 1. 6
everages 1. 6
Electrical E uipment 1. 0
Finance 1.46
Industrial Manufacturing 1.4
Transport Services 1. 1 ( )
uto Components 1. 0
utomobiles 0. 4
IT Services 0.87 E uity 6 .
Sovereign 17.70
Leisure Services 0.7 / S / 1+/ 1+ S E uivalent 1 . 4
ersonal roducts 0. Cash, Cash E uivalents and Net Current ssets . 4

Cigarettes Tobacco roducts 0.16

Capital Mar ets 0.14
0 10 0 0 40 0

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 mount Invested ₹. in Lacs 29.30 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs $ 281.46 60.23 25.86 8.82 4.41 1.23
Returns (%) $ 15.66 14.73 14.68 15.39 13.72 4.80
Benchmark Returns (%)# N.A. 11.83 12.28 11.80 11.52 6.53
Additional Benchmark Returns (%)# # 14.65 13.48 14.42 14.19 13.08 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) $ Benchmark
(%) $ (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 0.97 3.46 0.54 10,097 10,346 10,054
Jul 29, 22 Last 3 Years 16.25 12.23 14.29 15,729 14,151 14,946
Jul 31, 20 Last 5 Years 19.46 14.51 18.88 24,344 19,693 23,751
Jul 31, 15 Last 10 Years 13.09 11.24 12.60 34,249 29,038 32,801
Mar 02, 01 Since Inception 16.08 NA 14.36 382,255 NA 265,424
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. $ djusted for onus units declared under the Scheme. For performance of
other schemes managed by Chirag Setalvad & Anil Bamboli, please refer page 99. Different plans viz. Regular Plan and Direct
Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the
distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

60 | July 2025
HDFC Retirement Savings Fund - Equity Plan
A notified Tax Savings Cum Pension Scheme An open ended retirement solution oriented scheme CATEGORY OF SCHEME
having a lock-in of 5 years or till retirement age (whichever is earlier) RETIREMENT FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Shobhit Mehrotra February 25, Over 32 % to % to
(Debt Portfolio) 2016 years Company Industry+ Company Industry+
NAV NAV
Arun Agarwal Over 26 EQUITY & EQUITY RELATED Bajaj Electricals Ltd. Consumer
April 1, 2025
(Arbitrage Assets) years • HDFC Bank Ltd.£ Durables 0.65
Srinivasan Banks 9.16
December 14, Over 18 • ICICI Bank Ltd. Crisil Limited Finance 0.64
Ramamurthy Banks 7.17
2021 years Greenply Industries Ltd. Consumer
(Equity Portfolio) • Reliance Industries Ltd. Petroleum Durables 0.61
Nandita Menezes Over 2 Products 4.21
April 1, 2025 Finolex Cables Ltd. Industrial Products 0.60
(Arbitrage Assets) years • Axis Bank Ltd. Banks 3.88 Gateway Distriparks
• Bharti Airtel Ltd. Telecom - Services 3.18 Limited Transport Services 0.59
DATE OF ALLOTMENT/INCEPTION DATE • Tata Consultancy Services VRL Logistics Ltd. Transport Services 0.53
February 25, 2016 Ltd. IT - Software 2.76 Finolex Industries Ltd. Industrial Products 0.51
• Maruti Suzuki India Limited Automobiles 2.57 Ceat Ltd. Auto Components 0.50
NAV NAV PER Star Health and Allied
(As On JULY 31, 2025) UNIT(₹) • State Bank of India Banks 2.41 Insurance Company Ltd Insurance 0.50
Regular Plan 50.244 • Kotak Mahindra Bank Symphony Ltd. Consumer
Direct Plan 56.920 Limited Banks 2.39 Durables 0.50
• Cipla Ltd. Pharmaceuticals & PNC Infratech Ltd. Construction 0.48
Biotechnology 2.35
ASSETS UNDER MANAGEMENT Torrent Pharmaceuticals Pharmaceuticals &
Infosys Limited IT - Software 2.28 Ltd. Biotechnology 0.45
As on July 31, 2025 ₹6,611.80Cr.
Average for Month of July, 2025 ITC LIMITED Diversified Fmcg 2.06 Great Eastern Shipping
₹6,679.32Cr. Company Ltd. Transport Services 0.43
Larsen and Toubro Ltd. Construction 2.06 Nippon Life India Asset
QUANTITATIVE DATA InterGlobe Aviation Ltd. Transport Services 1.97 Management Limited Capital Markets 0.43
Portfolio Turnover HCL Technologies Ltd. IT - Software 1.89 PVR LIMITED Entertainment 0.42
Equity Turnover 18.57% Power Grid Corporation of Mahindra Holidays &
Total Turnover 19.73% India Ltd. Power 1.54 Resorts Ind Ltd. Leisure Services 0.40
Total Turnover = Equity + Debt + Derivative ICICI Lombard General Chambal Fertilizers & Fertilizers &
Insurance Co Insurance 1.46 Chemicals Ltd. Agrochemicals 0.39
TOTAL EXPENSE RATIO Bajaj Auto Limited Tamilnadu Newsprint & Paper, Forest &
(As On July 31, 2025) Automobiles 1.45 Papers Ltd. Jute Products 0.39
Dr. Lal Path Labs Ltd Healthcare Prestige Estates Projects
Including Additional Expenses and Goods and
Services 1.42 Ltd. Realty 0.37
Service Tax on Management Fees Havells India Ltd. Consumer Equitas Small Finance
Regular: 1.77% Direct: 0.74% Durables 1.36 Bank Ltd Banks 0.36
HDFC Life Insurance Timken India Ltd. Industrial Products 0.35
#BENCHMARK INDEX Company Limited Insurance 1.26
GNA Axles Ltd. Auto Components 0.31
NIFTY 500 (Total Returns Index) Eicher Motors Ltd. Automobiles 1.24 Cyient Ltd. IT - Services 0.29
##ADDL. BENCHMARK INDEX Transport Corporation of KEC International Ltd. Construction 0.26
NIFTY 50 (Total Returns Index) India Ltd. Transport Services 1.21
Redington Ltd. Commercial
Hindustan Petroleum Corp. Petroleum Services &
Ltd. Products 1.14 Supplies 0.19
LOCK-IN PERIOD Max Financial Services Ltd. Insurance 1.14 Nilkamal Ltd. Consumer
Existing investments by investors including Gland Pharma Ltd. Pharmaceuticals & Durables 0.18
SIP / STP registrations, etc (until June 1, Biotechnology 1.09 Mahindra & Mahindra
2018): Units purchased cannot be assigned / Delhivery Limited Financial Services Ltd. Finance 0.12
Transport Services 1.03
transferred / pledged / redeemed / switched ITC Hotels Limited Leisure Services 0.09
Jindal Steel & Power Ltd. Ferrous Metals 1.02
out until completion of 5 years from the date of Sub Total 88.61
allotment of Units under the Scheme. (Note: Exit Tata Steel Ltd. Ferrous Metals 0.96 Total 88.61
Load may apply. Please refer Page 104 to 113 Godrej Consumer Products UNITS ISSUED BY REIT & INVIT
for details. Ltd. Personal Products 0.89
Units issued by ReIT
Fresh investments by investors including SIP Voltamp Transformers Ltd. Electrical
Embassy Office Parks REIT Realty 0.78
/ STP registrations, etc (effective June 2, Equipment 0.87
2018): Units purchased cannot be assigned / Apollo Hospitals Enterprise Healthcare Sub Total 0.78
transferred / pledged / redeemed / switched Ltd. Services 0.85 Cash,Cash Equivalents and Net Current Assets 10.61
out until completion of 5 years from the date of Creditaccess Grameen Grand Total 100.00
allotment of Units or Retirement Age of Unit Limited Finance 0.85 • Top Ten Holdings, £ Sponsor
holder (i.e. completion of 60 years), whichever The Anup Engineering Industrial
is earlier. (Note: No exit load) Limited Manufacturing 0.80
Face alue / llotment N per Unit: ₹ 10, + Industry
National Aluminium Co. Ltd. Non - Ferrous
Classification as recommended by AMFI, Data is as of
Metals 0.78
July 31, 2025 unless otherwise specified.
United Spirits Limited Beverages 0.77
Kalpataru Projects ¥ Dedicated Fund Manager for Overseas Investments:
International Ltd Construction 0.76 Mr. Dhruv Muchhal (since June 22, 2023) (Total
Lupin Ltd. Pharmaceuticals & Experience: Over 10 years).
Biotechnology 0.73 Please refer Minimum Application Amount, Plans &
Gujarat State Petronet Ltd. Gas 0.72 Options, on Page no. 96 to 98.
AkzoNobel India Ltd. Consumer
$$For further details, please refer to para ‘Exit Load’ on
Durables 0.71
page no. 99.
Mahindra & Mahindra Ltd. Automobiles 0.68

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

61 | July 2025
HDFC Retirement Savings Fund - Equity Plan ....Contd from previous page
A notified Tax Savings Cum Pension Scheme An open ended retirement solution oriented scheme
having a lock-in of 5 years or till retirement age (whichever is earlier) CATEGORY OF SCHEME
RETIREMENT FUND

EXIT LOAD$$
Industry llocation of E uity Holding
Existing investments by investors including
SIP / STP registrations, etc (until June 1, of Net ssets
2018): Exit Load (Upon completion of lock-in
period of 5 years)
an s .7
In respect of each purchase/switch-in of units
IT Software 6.
offered under the respective Investment
utomobiles .4
Plan(s):-
Transport Services .76
• n Exit Load of 1 is payable if Units are
etroleum roducts .
redeemed/ switched-out before completion of harmaceuticals iotechnology 4.6
60 years of age Insurance 4. 6
• No Exit Load is payable if Units are redeemed Consumer Durables 4.01
/ switched-out on or after attainment of 60 Construction .6
years of age. Telecom Services .18
Fresh investments by investors including SIP / Healthcare Services .7
STP registrations, etc (effective June 2, 2018): Diversi ied Fmcg .06
Exit Load (Upon completion of lock-in period) Ferrous Metals 1. 8
Nil Finance 1.61
Note: No Exit Load shall be imposed for ower 1. 4
switching between Investment Plan(s) and Industrial roducts 1.46
Plans/Options within the Investment Plan(s), ersonal roducts 0.8
subject to completion of lock-in period. Electrical E uipment 0.87
Investors are requested to note that Switch is uto Components 0.81
treated as redemption and entails tax Industrial Manufacturing 0.80
consequences. Non Ferrous Metals 0.78
everages 0.77
Gas 0.7
Leisure Services 0.4
Capital Mar ets 0.4
Entertainment 0.4
aper, Forest Jute roducts 0.
Fertili ers grochemicals 0.
ealty 0. 7
IT Services 0.
Commercial Services Supplies 0.1
0 10 0 0 40 0

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception SIP 5 year SIP 3 year SIP 1 year SIP

Total mount Invested ₹. in Lacs 11.40 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 27.95 9.70 4.58 1.22
Returns (%) 18.06 19.32 16.32 3.78
Benchmark Returns (%)# 15.99 16.67 15.65 4.92
Additional Benchmark Returns (%)# # 14.58 14.19 13.08 5.54
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year -0.73 -1.63 0.54 9,927 9,837 10,054
Jul 29, 22 Last 3 Years 19.80 17.10 14.29 17,220 16,078 14,946
Jul 31, 20 Last 5 Years 25.60 21.69 18.88 31,281 26,703 23,751
Feb 25, 16 Since Inception 18.66 16.96 15.84 50,244 43,858 40,032
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by
Srinivasan Ramamurthy, Shobhit Mehrotra, Nandita Menezes and Arun Agarwal, please refer page 99. Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower
to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page
104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

62 | July 2025
HDFC Retirement Savings Fund - Hybrid Equity Plan
A notified Tax Savings Cum Pension Scheme An open ended retirement solution oriented scheme having CATEGORY OF SCHEME
a lock-in of 5 years or till retirement age (whichever is earlier) RETIREMENT FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Shobhit Mehrotra February 25, Over 32
% to % to
(Debt Portfolio) 2016 years Company/Issuer Industry+ /Rating Company/Issuer Industry+ /Rating
NAV NAV
Arun Agarwal Over 26
April 1, 2025 EQUITY & EQUITY RELATED CIE Automotive India Ltd Auto Components 0.48
(Arbitrage Assets) years
• HDFC Bank Ltd.£ Banks 7.24 Mahindra & Mahindra
Srinivasan
December Over 18 • ICICI Bank Ltd. Banks 6.20
Ltd. Automobiles 0.48
Ramamurthy
14, 2021 years • Reliance Industries Ltd. Petroleum
United Spirits Limited Beverages 0.48
(Equity Portfolio)
Products 3.32 Goodyear India Ltd. Auto Components 0.47
Nandita Menezes Over 2
April 1, 2025 • Axis Bank Ltd. Banks 2.55 Procter & Gamble Health Pharmaceuticals &
(Arbitrage Assets) years
Ltd. Biotechnology 0.42
• State Bank of India Banks 2.38
Equitas Small Finance
DATE OF ALLOTMENT/INCEPTION DATE • Bharti Airtel Ltd. Telecom - Services 2.29 Bank Ltd Banks 0.41
February 25, 2016 • Maruti Suzuki India Finolex Industries Ltd. Industrial Products 0.37
Limited Automobiles 2.26
Tamilnadu Newsprint & Paper, Forest & Jute
NAV NAV PER • Kotak Mahindra Bank Papers Ltd. Products 0.34
(As On JULY 31, 2025) UNIT(₹) Limited Banks 2.25
Sonata Software Ltd. IT - Software 0.33
Regular Plan 38.483 • Tata Consultancy Services
Mahindra & Mahindra
Direct Plan 43.695 Ltd. IT - Software 2.09
Financial Services Ltd. Finance 0.31
• Larsen and Toubro Ltd. Construction 1.96 Mahindra Holidays &
ASSETS UNDER MANAGEMENT Infosys Limited IT - Software 1.87 Resorts Ind Ltd. Leisure Services 0.30
As on July 31, 2025 Cipla Ltd. Pharmaceuticals & PVR LIMITED Entertainment 0.30
₹1,672.73Cr.
Biotechnology 1.86 Timken India Ltd. Industrial Products 0.30
Average for Month of July, 2025 ₹1,689.19Cr. ITC LIMITED Diversified Fmcg 1.72 Wipro Ltd. IT - Software 0.30
HCL Technologies Ltd. IT - Software 1.54 GNA Axles Ltd. Auto Components 0.29
QUANTITATIVE DATA
Power Grid Corporation Cyient Ltd. IT - Services 0.25
Portfolio Turnover of India Ltd. Power 1.22 Torrent Pharmaceuticals Pharmaceuticals &
Equity Turnover 13.67% Bajaj Auto Limited Automobiles 1.20 Ltd. Biotechnology 0.22
Total Turnover 13.67% ICICI Lombard General KEC International Ltd. Construction 0.21
Total Turnover = Equity + Debt + Derivative Insurance Co Insurance 1.15 Popular Vehicles and
Residual Maturity * 3.96 Years Dr. Lal Path Labs Ltd Healthcare Services 1.12 Services Limited Automobiles 0.18
Macaulay Duration * 2.89 Years Havells India Ltd. Consumer Durables 1.03 Rolex Rings Limited Auto Components 0.17
Modified Duration * 2.77 Years Max Financial Services Nilkamal Ltd. Consumer Durables 0.15
Annualized Portfolio YTM#* 6.12% Ltd. Insurance 1.03 Redington Ltd. Commercial Services
#semi annual YTM has been annualised. Vesuvius India Ltd. Industrial Products 0.92 & Supplies 0.15
*Calculated on the amount invested in debt City Union Bank Ltd. Banks 0.90 Sub Total 69.76
securities (including accrued interest), HDFC Life Insurance Total 69.76
deployment of funds in TREPS and Reverse Company Limited Insurance 0.90 DEBT & DEBT RELATED
Repo and net receivable/ payable Lumax Industries Ltd Auto Components 0.81 Government Securities (Central/State)
Suprajit Engineering Ltd. Auto Components 0.81 7.26 GOI 2032 Sovereign 1.89
TOTAL EXPENSE RATIO
(As On July 31, 2025) Transport Corporation of 6.1 GOI 2031 Sovereign 1.84
India Ltd. Transport Services 0.77 7.18 GOI 2033 Sovereign 1.56
Including Additional Expenses and Goods and
Tata Steel Ltd. Ferrous Metals 0.76 7.18 GOI 2037 Sovereign 1.56
Service Tax on Management Fees
Creditaccess Grameen 7.26 GOI 2033 Sovereign 1.25
Regular: 2.06% Direct: 0.93% Limited Finance 0.75 7.57 GOI 2033 Sovereign 0.80
Godrej Consumer 6.67 GOI 2050 Sovereign 0.58
#BENCHMARK INDEX Products Ltd. Personal Products 0.75
Sub Total 9.48
NIFTY 50 Hybrid Composite Debt 65:35 Index Alembic Pharmaceuticals Pharmaceuticals &
Limited Biotechnology 0.73 Credit Exposure (Non Perpetual)
(Total Returns Index) Power Finance
Gland Pharma Ltd. Pharmaceuticals &
##ADDL. BENCHMARK INDEX Biotechnology 0.71 Corporation Ltd. CRISIL - AAA 1.54
NIFTY 50 (Total Returns Index) Crompton Greaves Bajaj Housing Finance
Consumer Elec. Ltd. Consumer Durables 0.68 Ltd. CRISIL - AAA 1.51
LOCK-IN PERIOD SBI Life Insurance Muthoot Finance Ltd. ICRA - AA+ 1.50
Company Ltd. Insurance 0.66 Mahindra Rural Housing
Existing investments by investors including Finance Ltd IND - AA+ 0.93
SIP / STP registrations, etc (until June 1, SKF India Ltd. Industrial Products 0.64
UTI Asset Management Power Grid Corporation
2018): Units purchased cannot be assigned / of India Ltd. CRISIL - AAA 0.31
transferred / pledged / redeemed / switched Company Ltd Capital Markets 0.64
Hindustan Petroleum Petroleum Sub Total 5.79
out until completion of 5 years from the date of
Corp. Ltd. Products 0.63 Total 15.27
allotment of Units under the Scheme. (Note: Exit
The Anup Engineering Industrial UNITS ISSUED BY REIT & INVIT
Load may apply. Please refer Page 104 to 113
Limited Manufacturing 0.63 Units issued by ReIT
for details.
Kalpataru Projects Embassy Office Parks
Fresh investments by investors including International Ltd Construction 0.62
SIP / STP registrations, etc (effective June 2, REIT Realty 0.83
Voltamp Transformers Electrical
2018): Units purchased cannot be assigned / Ltd. Equipment 0.58 Sub Total 0.83
transferred / pledged / redeemed / switched Bayer Cropscience Ltd Fertilizers & Cash,Cash Equivalents and Net Current Assets 14.14
out until completion of 5 years from the date of Agrochemicals 0.57 Grand Total 100.00
allotment of Units or Retirement Age of Unit Gujarat State Petronet • Top Ten Holdings, £ Sponsor
holder (i.e. completion of 60 years), whichever Ltd. Gas 0.57
is earlier. (Note: No exit load) National Aluminium Co. Non - Ferrous
Ltd. Metals 0.55
Delhivery Limited Transport Services 0.51
Bajaj Electricals Ltd. Consumer Durables 0.48

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

63 | July 2025
HDFC Retirement Savings Fund - Hybrid Equity Plan ....Contd from previous page
A notified Tax Savings Cum Pension Scheme An open ended retirement solution oriented scheme having
a lock-in of 5 years or till retirement age (whichever is earlier) CATEGORY OF SCHEME
RETIREMENT FUND

PORTFOLIO
EXIT LOAD$$
Existing investments by investors including SIP /
STP registrations, etc (until June 1, 2018): Exit Load Face alue / llotment N per Unit: ₹ 10, + Industry Classification as
(Upon completion of lock-in period of 5 years) recommended by AMFI, Data is as of July 31, 2025 unless otherwise specified.
In respect of each purchase/switch-in of units offered
under the respective Investment Plan(s):- ¥ Dedicated Fund Manager for Overseas Investments:
• n Exit Load of 1 is payable if Units are redeemed/
Mr. Dhruv Muchhal (since June 22, 2023) (Total Experience: Over 10 years).
switched-out before completion of 60 years of age
• No Exit Load is payable if Units are redeemed /
switched-out on or after attainment of 60 years of age. Please refer Minimum Application Amount, Plans & Options, on Page no. 96 to 98.
Fresh investments by investors including SIP / STP
registrations, etc (effective June 2, 2018): Exit Load $$For further details, please refer to para ‘Exit Load’ on page no.
(Upon completion of lock-in period) Nil
Note: No Exit Load shall be imposed for switching
between Investment Plan(s) and Plans/Options within
the Investment Plan(s), subject to completion of lock-in
period. Investors are requested to note that Switch is
treated as redemption and entails tax consequences.

( ) ( )

E uity 6 .76 E uity 6 .76

Cash, Cash E uivalents and Net Current ssets 14.14 Cash, Cash E uivalents and Net Current ssets 14.14
G Sec .48 Sovereign .48
Credit Exposure .7 / S / 1+/ 1+ S E uivalent . 6
Units issued by eIT 0.8 + .4
Units issued by eIT 0.8

Industry llocation of E uity Holding SIP PERFORMANCE ^ - Regular Plan - Growth Option
of Net ssets Since Inception SIP 5 year SIP 3 year SIP 1 year SIP
Total mount Invested ₹. in Lacs 11.40 6.00 3.60 1.20
an s 1. Mar et alue as on July 1, 0 ₹. in Lacs 22.88 8.61 4.38 1.23
IT Software 6.1 Returns (%) 14.10 14.45 13.19 4.25
utomobiles 4.1 Benchmark Returns (%)# 12.36 11.80 11.52 6.53
etroleum roducts . Additional Benchmark Returns (%)# # 14.58 14.19 13.08 5.54
harmaceuticals iotechnology .4 ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G returns are
Insurance .74 computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan -
uto Components .0 Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise
Construction .7 on minimum returns and safeguard of capital.
Consumer Durables .4
Telecom Services .
Industrial roducts . PERFORMANCE ^ - Regular Plan - Growth Option
Diversi ied Fmcg 1.7 Additional Value of ₹ 10,000 invested
Transport Services 1. 8 Scheme Benchmark
Benchmark Additional
ower 1. Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
Healthcare Services 1.1 (%) (%)# (₹)#
## (₹)##
Finance 1.06 Jul 31, 24 Last 1 Year 0.86 3.46 0.54 10,086 10,346 10,054
ealty 0.8 Jul 29, 22 Last 3 Years 15.58 12.23 14.29 15,459 14,151 14,946
Ferrous Metals 0.76 Jul 31, 20 Last 5 Years 18.54 14.51 18.88 23,421 19,693 23,751
ersonal roducts 0.7 Feb 25, 16 Since Inception 15.35 13.37 15.84 38,483 32,674 40,032
Capital Mar ets 0.64 Returns greater than 1 year period are compounded annualized (CAGR). Scheme performance may not strictly be comparable
Industrial Manufacturing 0.6 with that of its dditional enchmar in view of hybrid nature of the scheme where a portion of scheme’s investments are
Electrical E uipment 0. 8 made in debt instruments. For performance of other schemes managed by Srinivasan Ramamurthy, Shobhit Mehrotra,
Gas 0. 7 Nandita Menezes and Arun Agarwal, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different
Fertili ers grochemicals 0. 7 expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
Non Ferrous Metals 0. commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
everages 0.48 ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not
aper, Forest Jute roducts 0. 4 taken into consideration for computation of performance.
Leisure Services 0. 0
Entertainment 0. 0
IT Services 0.
Commercial Services Supplies 0.1
0 10 0 0 40 0

64 | July 2025
HDFC Retirement Savings Fund - Hybrid Debt Plan
A notified Tax Savings Cum Pension Scheme [An open ended retirement solution oriented scheme CATEGORY OF SCHEME
having a lock-in of 5 years or till retirement age (whichever is earlier)
RETIREMENT FUND

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

FUND MANAGER ¥
PORTFOLIO
Name Since Total Exp
Shobhit Mehrotra February Over 32 % %
% to NAV % to NAV
(Debt Portfolio) 26, 2016 years Company/Issuer
Industry+
(Hedged &
exposure
Company/Issuer
Industry+
(Hedged &
exposure
Arun Agarwal April 1, Over 26 /Rating of /Rating of
Unhedged) Unhedged)
Derivative Derivative
(Arbitrage Assets) 2025 years
Srinivasan EQUITY & EQUITY RELATED Popular Vehicles
December Over 18 • Larsen and Toubro and Services
Ramamurthy
14, 2021 years Ltd. Construction 6.43 -5.67 Limited Automobiles 0.08 0.00
(Equity Portfolio)
Nandita Menezes April 1, Over 2 • Tata Consultancy Sub Total 37.29 -16.14
Services Ltd. IT - Software 6.32 -5.79 DEBT & DEBT RELATED
(Arbitrage Assets) 2025 years
• Reliance Industries Petroleum
Government Securities (Central/State)
Ltd. Products 5.70 -4.68
DATE OF ALLOTMENT/INCEPTION DATE • 6.67 GOI 2050 Sovereign 8.91 0.00
ICICI Bank Ltd. Banks 2.74 0.00
• 6.19 GOI 2034 Sovereign 6.06 0.00
February 26, 2016 HDFC Bank Ltd.£ Banks 2.72 0.00
• 7.57 GOI 2033 Sovereign 4.94 0.00
State Bank of India Banks 0.96 0.00
• 8.97 GOI 2030 Sovereign 3.81 0.00
NAV NAV PER Bharti Airtel Ltd. Telecom -
(As On JULY 31, 2025) UNIT(₹) Services 0.94 0.00 • 7.5 GOI 2034 Sovereign 3.30 0.00
Regular Plan 21.6425 Axis Bank Ltd. Banks 0.86 0.00 7.54 GOI 2036 Sovereign 0.10 0.00
Direct Plan 24.4247 Infosys Limited IT - Software 0.84 0.00 Sub Total 27.12 0.00
Maruti Suzuki India Credit Exposure (Non Perpetual)
Limited Automobiles 0.78 0.00 • Mahindra Rural
ASSETS UNDER MANAGEMENT Housing Finance
ITC LIMITED Diversified
As on July 31, 2025 ₹162.33Cr. Fmcg 0.76 0.00 Ltd IND - AA+ 6.36 0.00
Average for Month of July, 2025 ₹162.56Cr. Transport Indian Railways
Corporation of Transport Finance Corp. Ltd. CRISIL - AAA 3.24 0.00
India Ltd. Services 0.72 0.00 HDFC Bank Ltd.£ CRISIL - AAA 3.04 0.00
QUANTITATIVE DATA
ICICI Lombard Power Finance
Residual Maturity * 7.32 Years General Insurance Corporation Ltd. CRISIL - AAA 0.66 0.00
Macaulay Duration * 4.60 Years Co Insurance 0.71 0.00 Sub Total 13.30 0.00
Modified Duration * 4.41 Years SBI Life Insurance Credit Exposure (Perpetual Bonds)
Company Ltd. Insurance 0.57 0.00 • TMF Holdings Ltd.
Annualized Portfolio YTM#* 6.60%
Vesuvius India Ltd. Industrial (Perpetual) CRISIL - AA+ 6.16 0.00
#semi annual YTM has been annualised. Products 0.48 0.00
*Calculated on the amount invested in debt Sub Total 6.16 0.00
Power Grid
securities (including accrued interest), Corporation of Total 46.58 0.00
deployment of funds in TREPS and Reverse India Ltd. Power 0.45 0.00 Cash,Cash Equivalents and Net
Repo and net receivable/ payable Bayer Cropscience Fertilizers & Current Assets 16.13 0.00
Ltd Agrochemicals 0.43 0.00 Grand Total 100.00 -16.14
TOTAL EXPENSE RATIO City Union Bank • Top Ten Holdings, £ Sponsor
(As On July 31, 2025) Ltd. Banks 0.40 0.00
Including Additional Expenses and Goods and Dr. Lal Path Labs Healthcare
Service Tax on Management Fees Ltd Services 0.39 0.00 Outstanding exposure in ₹ in 26.20
Regular: 2.14% Direct: 1.02% Gujarat State derivative instruments Crore)
Petronet Ltd. Gas 0.39 0.00
Hedged position in Equity & Equity related instruments
Lumax Industries Auto
#BENCHMARK INDEX Ltd Components 0.36 0.00 (% age) 16.14
NIFTY 50 Hybrid Composite Debt 15:85 Index Kalpataru Projects
(Total Returns Index) International Ltd Construction 0.35 0.00
Face alue / llotment N per Unit: ₹ 10, + Industry
##ADDL. BENCHMARK INDEX Symphony Ltd. Consumer
Classification as recommended by AMFI, Data is as of July
CRISIL 10 Year Gilt Index Durables 0.34 0.00
31, 2025 unless otherwise specified.
Alembic Pharmaceutical
Pharmaceuticals s&
LOCK-IN PERIOD ¥ Dedicated Fund Manager for Overseas Investments:
Limited Biotechnology 0.30 0.00
Mr. Dhruv Muchhal (since June 22, 2023)
Existing investments by investors including Gujarat Pipavav Transport (Total Experience: Over 10 years).
SIP / STP registrations, etc (until June 1, Port Ltd. Infrastructure 0.29 0.00
2018): Units purchased cannot be assigned / Finolex Cables Ltd. Industrial Please refer Minimum Application Amount, Plans &
transferred / pledged / redeemed / switched Products 0.27 0.00 Options, on Page no. 96 to 98.
out until completion of 5 years from the date of Gateway Transport
Distriparks Limited Services 0.26 0.00 $$For further details, please refer to para ‘Exit Load’ on
allotment of Units under the Scheme. (Note:
Hindustan page no. 99.
Exit Load may apply. Please refer Page 104 to
Petroleum Corp. Petroleum
113 for details. Ltd. Products 0.26 0.00
Fresh investments by investors including Goodyear India Ltd. Auto
SIP / STP registrations, etc (effective June 2, Components 0.24 0.00
2018): Units purchased cannot be assigned / Vardhman Textiles Textiles &
transferred / pledged / redeemed / switched Ltd. Apparels 0.23 0.00
out until completion of 5 years from the date of Voltamp Electrical
allotment of Units or Retirement Age of Unit Transformers Ltd. Equipment 0.22 0.00
holder (i.e. completion of 60 years), whichever The Anup
is earlier. (Note: No exit load) Engineering Industrial
Limited Manufacturing 0.21 0.00
United Spirits
NET EQUITY EXPOSURE Limited Beverages 0.17 0.00
21.15% PVR LIMITED Entertainment 0.12 0.00

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

65 | July 2025
HDFC Retirement Savings Fund - Hybrid Debt Plan ....Contd from previous page
A notified Tax Savings Cum Pension Scheme [An open ended retirement solution oriented scheme
having a lock-in of 5 years or till retirement age (whichever is earlier) CATEGORY OF SCHEME
RETIREMENT FUND

EXIT LOAD$$
Existing investments by investors including
SIP / STP registrations, etc (until June 1,
2018): Exit Load (Upon completion of lock-in
period of 5 years) In respect of each
purchase/switch-in of units offered under the ( )
respective Investment Plan(s):-
• n Exit Load of 1 is payable if Units are
redeemed/ switched-out before completion of
E uity 7.
60 years of age G Sec 7.1
• No Exit Load is payable if Units are redeemed Credit Exposure 1 .46
/ switched-out on or after attainment of 60 Cash, Cash E uivalents and Net Current ssets 16.1
years of age.
Fresh investments by investors including SIP /
STP registrations, etc (effective June 2, 2018):
Exit Load (Upon completion of lock-in period)
Nil
Note: No Exit Load shall be imposed for
switching between Investment Plan(s) and
Plans/Options within the Investment Plan(s),
subject to completion of lock-in period.
Investors are requested to note that Switch is ( )
treated as redemption and entails tax
consequences.
E uity 7.
Sovereign 7.1
Cash, Cash E uivalents and Net Current ssets 16.1
+ 1 .
/ S / 1+/ 1+ S E uivalent 6. 4

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception SIP 5 year SIP 3 year SIP 1 year SIP

Total mount Invested ₹. in Lacs 11.40 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 16.96 7.43 4.11 1.24
Returns (%) 8.13 8.51 8.80 5.72
Benchmark Returns (%)# 8.62 8.27 9.11 7.81
Additional Benchmark Returns (%)# # 6.62 7.26 9.23 9.14
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark Benchmark Additional
Date Period Benchmark
Returns (%) Returns (%)# Returns (%) Scheme (₹) Benchmar
(₹)#
## k (₹)##
Jul 31, 24 Last 1 Year 4.73 7.48 9.88 10,473 10,748 10,988
Jul 29, 22 Last 3 Years 9.45 9.07 8.69 13,120 12,983 12,850
Jul 31, 20 Last 5 Years 9.02 8.14 5.33 15,402 14,794 12,966
Feb 26, 16 Since Inception 8.53 9.18 6.86 21,643 22,905 18,693
Returns greater than 1 year period are compounded annualized (CAGR). Scheme performance may not strictly be comparable
with that of its dditional enchmar 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, Shobhit Mehrotra,
Nandita Menezes and Arun Agarwal, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different
expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not
taken into consideration for computation of performance.

66 | July 2025
HDFC Overnight Fund
An open ended debt scheme investing in overnight securities. A Relatively Low Interest Rate Risk CATEGORY OF SCHEME
and Relatively Low Credit Risk OVERNIGHT FUND

INVESTMENT OBJECTIVE: To generate returns by investing in debt and money market instruments with overnight maturity. There is no assurance that the investment
objective of the Scheme will be achieved.

FUND MANAGER PORTFOLIO

Name Since Total Exp
March 01, % to Face alue / llotment N per Unit: ₹ 1,000, Data is as
Swapnil Jangam Over 14 years Issuer Rating
2025 NAV of July 31, 2025 unless otherwise specified. N.A. Not
DEBT & DEBT RELATED Available
^^Calculated on all calendar days.
DATE OF ALLOTMENT/INCEPTION DATE T-Bills
February 06, 2002 • 182 Days Tbill MAT 070825 Sovereign 2.46 Please refer Minimum Application Amount, Plans &
• 91 Days Tbill ISD 220525 Mat Options, on Page no. 96 to 98.
NAV^^ NAV PER 210825 Sovereign 1.83
(As On JULY 31, 2025) UNIT(₹) • 364 Days Tbill MAT 280825 $$For further details, please refer to para ‘Exit Load’ on
Sovereign 0.36
Regular Plan - Growth Option 3,819.9098 page no. 99.
• 364 Days Tbill MAT 070825 Sovereign 0.27
Regular Plan - Daily IDCW
1,042.6600 • 91 Days Tbill Mat 010825 Sovereign 0.22
Reinvestment Option
Direct Plan - Growth Option 3,857.0804 • 364 Days Tbill Mat 210825 Sovereign 0.18
Direct Plan - Daily IDCW Sub Total 5.32
1,042.6600
Reinvestment Option Total 5.32
Cash, Cash Equivalents and Net Current Assets 94.68
ASSETS UNDER MANAGEMENT Grand Total 100.00
As on July 31, 2025 ₹11,146.87Cr. • Top Ten Holdings
Average for Month of July, 2025 ₹11,156.61Cr.

QUANTITATIVE DATA
Residual Maturity * 2 Days
Macaulay Duration * 2 Days
Modified Duration * 2 Days
Annualized Portfolio YTM#* 5.46%
#semi annual YTM has been annualised.
*Calculated on the amount invested in debt ( ) ( )
securities (including accrued interest),
deployment of funds in TREPS and Reverse
Repo and net receivable/ payable
Cash, Cash E uivalents and Net Current ssets 4.68 Cash, Cash E uivalents and Net Current ssets 4.68
T ills . Sovereign .
TOTAL EXPENSE RATIO
(As On July 31, 2025)
Including Additional Expenses and Goods and
Service Tax on Management Fees
SIP PERFORMANCE ^ - Regular Plan - Growth Option
Regular: 0.17% Direct: 0.10%
Since 15 year 10 year 5 year 3 year 1 year
Inception SIP SIP SIP SIP SIP SIP
#BENCHMARK INDEX Total mount Invested ₹. in Lacs 28.20 18.00 12.00 6.00 3.60 1.20
CRISIL Liquid Overnight Index Mar et alue as on July 1, 0 ₹. in Lacs 59.98 28.20 15.75 6.95 3.96 1.24
##ADDL. BENCHMARK INDEX Returns (%) 5.93 5.72 5.31 5.82 6.33 5.96
CRISIL 1 Year T-Bill Index Benchmark Returns (%)# N.A. 5.89 5.48 6.00 6.49 6.10
Additional Benchmark Returns (%)# # 6.24 6.44 6.18 6.50 7.36 7.33
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G returns are
EXIT LOAD$$ computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan -
Nil Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on
minimum returns and safeguard of capital. SIP facility in the Scheme has been made available from November 12, 2020.

PERFORMANCE ^ - Regular Plan - Growth Option

Additional Value of ₹ 10,000 invested

Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 24, 25 Last 7 days 5.17 5.33 5.35 10,010 10,010 10,010
Jul 16, 25 Last 15 days 5.22 5.39 5.16 10,021 10,022 10,021
Jun 30, 25 Last 1 Month 5.19 5.31 4.06 10,044 10,045 10,035
Jul 31, 24 Last 1 Year 6.15 6.30 7.41 10,615 10,630 10,741
Jul 31, 22 Last 3 Years 6.31 6.49 7.06 12,017 12,078 12,273
Jul 31, 20 Last 5 Years 5.07 5.26 5.58 12,808 12,926 13,124
Jul 31, 15 Last 10 Years 5.42 5.58 6.31 16,959 17,216 18,445
Feb 06, 02 Since Inception 5.87 NA 6.03 38,199 NA 39,589
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 Swapnil Jangam, please refer page 99. Different plans viz. Regular Plan
and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent
of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

For Product label and Riskometers, refer page no: 113-126

67 | July 2025
HDFC Liquid Fund CATEGORY OF SCHEME
An open ended liquid scheme. A Relatively Low Interest Rate Risk and Moderate Credit Risk LIQUID FUND

INVESTMENT OBJECTIVE: To generate income through a portfolio comprising money market and debt instruments. There is no assurance that the investment objective of the
Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
October 27, Company/Issuer Rating % to NAV
Anupam Joshi Over 19 years Company/Issuer Rating % to NAV
2015
DEBT & DEBT RELATED Bharti Telecom Limited CRISIL - A1+ 2.37
October 6,
Swapnil Jangam Over 14 years Government Securities (Central/State) LIC Housing Finance Ltd. CRISIL - A1+ 1.88
2022
Titan Company Ltd. ICRA - A1+ 1.81
5.97 GOI 2025 Sovereign 0.30 Tata Communications Limited CRISIL - A1+ 1.77
DATE OF ALLOTMENT/INCEPTION DATE GOI STRIPS - Mat 190925 Sovereign 0.30 Reliance Retail ventures Ltd. CRISIL - A1+ 1.48
October 17, 2000 GOI STRIPS - Mat 120925 Bajaj Finance Ltd. CRISIL - A1+ 1.47
Sovereign 0.18
GOI STRIPS - Mat 220825 Kotak Securities Ltd. CRISIL - A1+ 1.47
NAV NAV PER Sovereign 0.14
(As On JULY 31, 2025) UNIT(₹) IIFL Finance Limited CRISIL - A1+ 1.03
7.98% Andhra Pradesh SDL MAT
Regular Plan - Growth Option 5,148.1261 141025 Sovereign 0.04 Larsen and Toubro Ltd. CRISIL - A1+ 1.03
Regular Plan - Daily IDCW 8.23% Haryana SDL - Mat 090925 Nuvoco Vistas Corporation Ltd. CRISIL - A1+ 0.89
1,019.8200 Sovereign 0.01
Reinvestment Option ONGC Petro Additions Limited (Letter
Sub Total 0.97 Of Comfort By ONGC Limited) CRISIL - A1+ 0.89
Regular Plan - Weekly IDCW Option 1,031.4539
Regular Plan - Monthly IDCW T-Bills CanFin Homes Ltd. CARE - A1+ 0.74
1,026.7224 • 91 Days Tbill ISD 260625 MAT Export - Import Bank of India CRISIL - A1+ 0.74
Option
Direct Plan - Growth Option 5,204.4021 250925 Sovereign 4.12 Jio Credit Ltd CRISIL - A1+ 0.74
Direct Plan - Daily IDCW • 91 Days Tbill ISD 030725 MAT L&T Finance Ltd. CRISIL - A1+ 0.74
1,019.8200 021025 Sovereign 3.87 Grasim Industries Ltd. CRISIL - A1+ 0.73
Reinvestment Option
Direct Plan - Weekly IDCW Option 1,031.4616 • 91 Days Tbill MAT 180925 Sovereign 2.95 UltraTech Cement Limited CRISIL - A1+ 0.66
Direct Plan - Monthly IDCW Option 1,026.7301 91 Days Tbill ISD 170725 Mat 161025 Sovereign 2.42 Aditya Birla Money Limited CRISIL - A1+ 0.60
91 Days Tbill Mat 091025 Tata Teleservices Ltd. CRISIL - A1+ 0.52
Sovereign 1.70
ASSETS UNDER MANAGEMENT € L&T Metro Rail (Hyderabad) Ltd CRISIL - A1+ 0.51
91 Days Tbill Mat 040925 Sovereign 1.48
As on July 31, 2025 IIFL CAPITAL SERVICES LIMITED CRISIL - A1+ 0.44
₹67,353.95Cr. 91 Days Tbill MAT 110925
Average for Month of July, 2025 Sovereign 0.74 Bharti Airtel Ltd. CRISIL - A1+ 0.37
₹70,385.30Cr.
91 Days Tbill ISD 220525 Mat 210825 Sovereign 0.25 Godrej Consumer Products Ltd. CRISIL - A1+ 0.37
182 Days Tbill Mat 040925 Poonawalla Fincorp Ltd CRISIL - A1+ 0.37
QUANTITATIVE DATA Sovereign 0.22
Reliance Industries Ltd. CRISIL - A1+ 0.37
Residual Maturity * 49 Days 182 Days TBILL MAT 180925 Sovereign 0.01 Sikka Port and Terminal Ltd. CRISIL - A1+ 0.37
Macaulay Duration * 48 Days 182 Days Tbill MAT 250925 Sovereign 0.01 Godrej Industries Ltd. CRISIL - A1+ 0.33
Modified Duration * 45 Days 364 Days Tbill MAT 301025 Sovereign @ Barclays Invest & Loans (India) Ltd. CRISIL - A1+ 0.29
Annualized Portfolio YTM#* 5.83% 91 Days Tbill MAT 301025 Axis Finance Ltd. CRISIL - A1+ 0.29
Sovereign @
#semi annual YTM has been annualised. Toyota Financial Services India Ltd. CRISIL - A1+ 0.26
*Calculated on the amount invested in debt Sub Total 17.77 Godrej Properties Ltd. ICRA - A1+ 0.22
securities (including accrued interest), Credit Exposure (Non Perpetual) CNH Industrial Capital (India) Private
deployment of funds in TREPS and Reverse National Bank for Agri & Rural Dev. CRISIL - AAA / Limited CRISIL - A1+ 0.15
Repo and net receivable/ payable ICRA - AAA 1.83 HSBC InvestDirect Financial Services
Sundaram Finance Ltd. CRISIL - AAA / (India) Ltd. CRISIL - A1+ 0.15
TOTAL EXPENSE RATIO ICRA - AAA 0.90 Infina Finance Pvt. Ltd. CRISIL - A1+ 0.15
(As On July 31, 2025) Bajaj Housing Finance Ltd. CRISIL - AAA 0.71 Mahindra & Mahindra Financial
Including Additional Expenses and Goods and Services Ltd. CRISIL - A1+ 0.15
Small Industries Development Bank CARE - AAA 0.69 SBICap Securities Limited CRISIL - A1+ 0.15
Service Tax on Management Fees Embassy Office Parks REIT CRISIL - AAA 0.67 Tata Consumer Products Limited CARE - A1+ 0.15
Regular: 0.29% Direct: 0.20% HDB Financial Services Ltd. CRISIL - AAA 0.57 Deutsche Investments India Pvt. Ltd. CRISIL - A1+ 0.11
LIC Housing Finance Ltd. SBI Factors Ltd. CRISIL - A1+ 0.08
#BENCHMARK INDEX CRISIL - AAA 0.35
Standard Chartered Capital Limited CRISIL - A1+ 0.07
Power Finance Corporation Ltd. CRISIL - AAA 0.32
CRISIL Liquid Debt A-I Index Sub Total 51.57
##ADDL. BENCHMARK INDEX HDFC Bank Ltd.£ CRISIL - AAA 0.30 CD
CRISIL 1 Year T-Bill Index National Housing Bank CRISIL - AAA 0.13 • Indian Bank CRISIL - A1+ 2.95
TATA Capital Housing Finance Ltd. CRISIL - AAA 0.11 Punjab National Bank CARE - A1+ 2.69
EXIT LOAD$$ Union Bank of India ICRA - A1+ 2.22
Bajaj Finance Ltd. CRISIL - AAA 0.10
• n investments made on or before ctober 1 , Bank of Baroda IND - A1+ 2.21
Export - Import Bank of India CRISIL - AAA 0.06
2019: NIL Canara Bank CRISIL - A1+ 2.21
• n investments including through existing Kotak Mahindra Prime Ltd. CRISIL - AAA 0.04 Axis Bank Ltd. CRISIL - A1+ 1.77
systematic plan registrations) made on or after Mahindra & Mahindra Financial IDBI Bank Limited CRISIL - A1+ 1.47
October 20, 2019, as follows: Services Ltd. CRISIL - AAA 0.04 IDFC First Bank Limited CRISIL - A1+ 1.47
Units redeemed / Exit load as a % of Power Grid Corporation of India Ltd. CRISIL - AAA 0.01 Bank of India CRISIL - A1+ 0.74
switched-out redemption Sub Total 6.83 UCO Bank CRISIL - A1+ 0.74
within “X” days proceeds Sub Total 18.47
Total 25.57
from the date of Total 70.04
allotment MONEY MARKET INSTRUMENTS Alternative Investment Fund Units
Day 1 0.0070% CP Corporate Debt Market Development Fund 0.28
Day 2 0.0065% • ICICI Securities Ltd Sub Total 0.28
CRISIL - A1+ 4.58
Day 3 0.0060% Cash,Cash Equivalents and Net Current Assets 4.11
• Tata Motors Ltd. CRISIL - A1+ 4.41
Day 4 0.0055% Grand Total 100.00
• Reliance Jio Infocomm Ltd. CARE - A1+ / • Top Ten Holdings, £ Sponsor, @ Less than 0.01
Day 5 0.0050% CRISIL - A1+ 3.68
Day 6 0.0045% • Small Industries Development Bank CARE - A1+ 3.51
Day 7 onwards Nil
• National Bank for Agri & Rural Dev. ICRA - A1+ 3.12
• Aditya Birla Capital ltd. ICRA - A1+ 2.93
Tata Steel Ltd. ICRA - A1+ 2.43

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

68 | July 2025
HDFC Liquid Fund ....Contd from previous page
An open ended liquid scheme. A Relatively Low Interest Rate Risk and Moderate Credit Risk CATEGORY OF SCHEME
LIQUID FUND

PORTFOLIO

Face Value / Allotment NAV per Unit: ₹ 1,000, CD - Certificate of Deposit; CP -

Commercial Papers. Data is as of July 31, 2025 unless otherwise specified.

¥ Dedicated Fund Manager for Overseas Investments:

Mr. Dhruv Muchhal (since June 22, 2023) (Total Experience: Over 10 years).
( )

€ Includes investments made by the schemes of HDFC Mutual Fund aggregating

to ₹ 1 8. 8 Crores. ^^Calculated on all calendar days.
C 1. 7
G Sec, G Sec ST I S, SDL, T ills 18.74 Please refer Minimum Application Amount, Plans & Options, on Page no. 96 to
CD 18.47 98.
Credit Exposure 6.8
Cash, Cash E uivalents and Net Current ssets 4.11 $$For further details, please refer to para ‘Exit Load’ on page no. .
lternative Investment Fund Units 0. 8

( )

/ S / 1+/ 1+ S E uivalent 76.87

Sovereign 18.74
Cash, Cash E uivalents and Net Current ssets 4.11
lternative Investment Fund Units 0. 8

CP - Commercial Papers; CD - Certificate of Deposit;

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 mount Invested ₹. in Lacs 29.80 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 75.04 29.96 16.27 7.05 4.01 1.24
Returns (%) 6.76 6.47 5.93 6.40 7.08 6.89
Benchmark Returns (%)# N.A. 6.48 6.01 6.46 7.06 6.79
Additional Benchmark Returns (%)# # 6.23 6.44 6.18 6.50 7.36 7.33
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G returns are
computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan -
Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on
minimum returns and safeguard of capital. SIP facility in the Scheme has been made available from November 12, 2020.

PERFORMANCE ^ - Regular Plan - Growth Option

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 24, 25 Last 7 days 5.18 5.30 5.35 10,010 10,010 10,010
Jul 16, 25 Last 15 days 5.22 5.41 5.16 10,021 10,022 10,021
Jun 30, 25 Last 1 Month 5.68 5.68 4.06 10,048 10,048 10,035
Jul 31, 24 Last 1 Year 7.02 6.95 7.41 10,702 10,695 10,741
Jul 31, 22 Last 3 Years 6.95 6.99 7.06 12,235 12,248 12,273
Jul 31, 20 Last 5 Years 5.51 5.64 5.58 13,075 13,158 13,124
Jul 31, 15 Last 10 Years 6.14 6.18 6.31 18,161 18,232 18,445
Oct 17, 00 Since Inception 6.83 NA 6.29 51,481 NA 45,415
Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). N.A. Not
Available. For performance of other schemes managed by Anupam Joshi & Swapnil Jangam, please refer page 99. Different plans
viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be
lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer
page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

69 | July 2025
HDFC Ultra Short Term Fund CATEGORY OF SCHEME
An open ended ultra-short term debt scheme investing in instruments such that the Macaulay Duration of the ULTRA SHORT DURATION FUND
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

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
September % to % to
Anil Bamboli Over 30 years Company/Issuer Rating Company/Issuer Rating
25, 2018 NAV NAV
August 31, DEBT & DEBT RELATED CanFin Homes Ltd. ICRA - AA+ 0.43
Praveen Jain Over 20 years
2024 Government Securities (Central/State) VAJRA 009 TRUST ICRA - AAA(SO) 0.43
Universe Trust Dec 2024 CARE - AAA(SO) 0.40
DATE OF ALLOTMENT/INCEPTION DATE 8.15% Tamil Nadu SDL MAT 131125 Sovereign 0.53 Godrej Industries Ltd. CRISIL - AA+ 0.38
September 25, 2018 8.15% Haryana SDL Mat 131125 Sovereign 0.38 Housing and Urban
7.59 GOI 2026 Sovereign 0.29 Development Corporation
NAV NAV PER Ltd. CARE - AAA 0.35
(As On JULY 31, 2025) UNIT(₹) 8.15% West Bengal SDL - Mat
131125 Sovereign 0.29 Jubilant Beverages Limited CRISIL - AA 0.33
Regular Plan - Growth Option 15.2478 8.12% Gujarat SDL Mat 131125 MANKIND PHARMA LIMITED CRISIL - AA+ 0.33
Regular Plan - Daily IDCW Sovereign 0.26
Titan Company Ltd. CRISIL - AAA 0.29
10.1030 GOI STRIPS - Mat 171225
Reinvestment Option Sovereign 0.26 Jubilant Bevco Limited CRISIL - AA 0.27
Regular Plan - Weekly IDCW Option 10.0537 7.47% Gujarat SDL - Mat 271025 Sovereign 0.17 INDIGO 041 CRISIL - AAA(SO) 0.26
Regular Plan - Monthly IDCW Option 10.1536 8.17% Tamil Nadu SDL MAT 261125 Sovereign Truhome Finance Limited CRISIL - AA 0.23
0.17
Direct Plan - Growth Option 15.5819 Aavas Financiers Ltd. CARE - AA 0.17
8.15% Gujarat SDL - Mat 261125 Sovereign 0.12
Direct Plan - Daily IDCW Vajra 014 Trust CRISIL - AAA(SO) 0.17
10.0920 GOI STRIPS - Mat 151025
Reinvestment Option Sovereign 0.11 Citicorp Finance (India) Ltd. ICRA - AAA 0.14
Direct Plan - Weekly IDCW Option 10.0539 8.21% Maharashtra SDL MAT Nuclear Power Corporation of
Direct Plan - Monthly IDCW Option 10.0539 091225 Sovereign 0.09 India Ltd. CRISIL - AAA 0.12
8.27% Karnataka SDL - Mat 231225 Sovereign 0.09 Vajra 006 Trust ICRA - AAA(SO) 0.06
ASSETS UNDER MANAGEMENT € 8.12% Maharashtra SDL MAT Sub Total 43.99
As on July 31, 2025 ₹17,328.43Cr. 131125 Sovereign 0.06 Total 57.66
Average for Month of July, 2025 ₹17,939.64Cr. Sub Total 2.82 MONEY MARKET INSTRUMENTS
T-Bills CP
QUANTITATIVE DATA • 91 Days Tbill ISD 030725 MAT TATA Capital Housing
021025 Sovereign 4.86 Finance Ltd. CRISIL - A1+ 1.92
Residual Maturity * 229 Days L&T Finance Ltd. CRISIL - A1+ 1.64
182 Days TBILL MAT 181225 Sovereign 1.70
Macaulay Duration * 177 Days IIFL Finance Limited CRISIL - A1+ 1.37
Modified Duration * 165 Days 91 Days Tbill ISD 170725 Mat
Tata Capital Ltd. CRISIL - A1+ 1.37
161025 Sovereign 1.14
Annualized Portfolio YTM#* 6.38% ICICI Securities Ltd CRISIL - A1+ 0.83
364 Days Tbill Mat 080126 Sovereign 1.13
#semi annual YTM has been annualised. Sharekhan Limited CARE - A1+ /
*Calculated on the amount invested in debt 182 Days Tbill Mat 161025 Sovereign 0.88 CRISIL - A1+ 0.58
securities (including accrued interest), 182 Days Tbill MAT 070825 Sovereign 0.58 Hero Fincorp Ltd. CRISIL - A1+ 0.57
deployment of funds in TREPS and Reverse 364 Days Tbill Mat 261225 Toyota Financial Services
Repo and net receivable/ payable Sovereign 0.56 India Ltd. CRISIL - A1+ 0.57
Sub Total 10.85 HSBC InvestDirect Financial
TOTAL EXPENSE RATIO Credit Exposure (Non Perpetual) Services (India) Ltd. CRISIL - A1+ 0.42
(As On July 31, 2025) REC Limited. CARE - A1+ 0.41
• Power Finance Corporation Ltd. CRISIL - AAA 6.54
Including Additional Expenses and Goods and Export - Import Bank of India CRISIL - A1+ 0.28
• Small Industries Development Bank CARE - AAA Julius Baer Capital (India) Pvt.
Service Tax on Management Fees / CRISIL - Ltd. CRISIL - A1+ 0.28
Regular: 0.70% Direct: 0.37% AAA 4.66
Sundaram Home Finance
• Bharti Telecom Limited CRISIL - AAA 4.35 Limited CRISIL - A1+ 0.28
#BENCHMARK INDEX • REC Limited. CARE - AAA Sub Total 10.52
CRISIL Ultra Short Duration Debt A-I Index / CRISIL - CD
AAA / ICRA -
##ADDL. BENCHMARK INDEX • Bank of Baroda IND - A1+ 6.92
AAA 3.70
CRISIL 1 Year T-Bill Index • Canara Bank CRISIL - A1+ 4.48
• National Bank for Agri & Rural Dev. CRISIL - AAA
/ ICRA - AAA 3.09 • Small Industries
Development Bank CARE - A1+ 3.21
EXIT LOAD$$ LIC Housing Finance Ltd. CRISIL - AAA 2.45 • Punjab National Bank CARE - A1+ /
Nil ONGC Petro Additions Limited CRISIL - A1+ 3.20
(Letter Of Comfort By ONGC IDFC First Bank Limited CRISIL - A1+ 2.98
Limited) CRISIL - AA 2.19
The Federal Bank Ltd. CRISIL - A1+ 2.25
IIFL Finance Limited CRISIL - AA 1.45 National Bank for Agri &
Bajaj Housing Finance Ltd. CRISIL - AAA 1.45 Rural Dev. ICRA - A1+ 1.82
ICICI Home Finance Ltd CARE - AAA 1.31 Au Small Finance Bank Ltd. IND - A1+ 1.43
India Universal Trust AL2 CRISIL - Indian Bank CRISIL - A1+ 1.39
AAA(SO) 1.23 Indusind Bank Ltd. CRISIL - A1+ 1.29
Sikka Port and Terminal Ltd. Axis Bank Ltd. CRISIL - A1+ 1.24
CRISIL - AAA 1.21
Union Bank of India IND - A1+ 0.84
Muthoot Finance Ltd. CRISIL - AA+
/ ICRA - AA+ 1.07 IDBI Bank Limited CRISIL - A1+ 0.56
Poonawalla Fincorp Ltd Kotak Mahindra Bank Limited CRISIL - A1+ 0.56
CRISIL - AAA 0.87
Sub Total 32.17
Mahindra Rural Housing Finance Ltd CRISIL - AAA 0.85 Total 42.69
HDB Financial Services Ltd. CRISIL - AAA 0.84 Alternative Investment Fund Units
National Housing Bank CRISIL - AAA 0.73 Corporate Debt Market Development Fund 0.28
TATA Capital Housing Finance Ltd. Sub Total 0.28
CRISIL - AAA 0.72
Cash,Cash Equivalents and Net Current Assets -0.63
Jamnagar Utilities & Power Pvt.
Limited CRISIL - AAA 0.48 Grnd Total 100.00
TATA Housing Development Co Ltd. CARE - AA 0.44 • Top Ten Holdings

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

70 | July 2025
HDFC Ultra Short Term Fund ....Contd from previous page
An open ended ultra-short term debt scheme investing in instruments such that the Macaulay Duration of the CATEGORY OF SCHEME
portfolio is between 3 months and 6 months (Refer page 2 for definition of Macaulay Duration). A Moderate
ULTRA SHORT DURATION FUND
Interest Rate Risk and Moderate Credit Risk

PORTFOLIO

Outstanding exposure in derivative ₹ in Crore 2,575.00

instruments Interest Rate Swap.
( )
Face Value / Allotment NAV per Unit: ₹ 10, CD - Certificate of Deposit; CP - Commercial
Papers. Data is as of July 31, 2025 unless otherwise specified.
Credit Exposure 41.44
CD .17 ¥ Dedicated Fund Manager for Overseas Investments:
G Sec, G Sec ST I S, SDL, T ills 1 .67 Mr. Dhruv Muchhal (since June 22, 2023) (Total Experience: Over 10 years).
C 10.
Securiti ed Debt Instruments .
lternative Investment Fund Units 0. 8 € Includes investments made by the schemes of HDFC Mutual Fund aggregating to ₹
Cash, Cash E uivalents and Net Current ssets 0.6 50.38 Crores.

Please refer Minimum Application Amount, Plans & Options, on Page no. 96 to 98.

$$For further details, please refer to para ‘Exit Load’ on page no. .

( )

/ S / 1+/ 1+ S E uivalent 7 .
Sovereign 1 .67
/ .08
+ . 1
lternative Investment Fund Units 0. 8
Cash, Cash E uivalents and Net Current ssets 0.6

CP - Commercial Papers; CD - Certificate of Deposit;

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception SIP 5 year SIP 3 year SIP 1 year SIP

Total mount Invested ₹. in Lacs 8.30 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 10.36 7.08 4.02 1.25
Returns (%) 6.32 6.58 7.38 7.62
Benchmark Returns (%)# 6.51 6.81 7.51 7.45
Additional Benchmark Returns (%)# # 6.19 6.50 7.36 7.33
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 7.49 7.47 7.41 10,749 10,747 10,741
Jul 29, 22 Last 3 Years 7.08 7.35 7.06 12,285 12,380 12,277
Jul 31, 20 Last 5 Years 5.75 5.99 5.58 13,226 13,376 13,124
Sep 25, 18 Since Inception 6.35 6.47 6.22 15,248 15,370 15,117
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anil
Bamboli & Praveen Jain, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense
structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments i s
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

71 | July 2025
HDFC Low Duration Fund CATEGORY OF SCHEME
An open ended low duration debt scheme investing in instruments such that the Macaulay Duration of the LOW DURATION FUND
portfolio is between 6 months and 12 months (Refer page 2 for definition of Macaulay Duration). A Relatively
High Interest Rate Risk and Moderate Credit Risk

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
October 27, % to % to
Anupam Joshi Over 19 years Company/Issuer Rating Company/Issuer Rating
2015 NAV NAV
Praveen Jain October 6, 2022 Over 20 years DEBT & DEBT RELATED National Highways Authority of
Government Securities (Central/State) India CRISIL - AAA 0.53
DATE OF ALLOTMENT/INCEPTION DATE • Floating Rate GOI 2033 Sovereign 4.22 ONGC Petro Additions Limited
November 18, 1999 • GOI 2031 Sovereign 4.15 (Letter Of Comfort By ONGC
Limited) CRISIL - AA 0.52
GOI 2028 Sovereign 2.05
NAV NAV PER Bharti Telecom Limited CRISIL - AAA 0.51
(As On JULY 31, 2025) UNIT(₹) 6.82% Bihar SDL - ISD 140721
Mat 140728 Sovereign 0.39 Sundaram Home Finance Limited CRISIL - AAA
Regular Plan - Growth Option 58.1836 / ICRA - AAA 0.51
GOI STRIPS - Mat 221025 Sovereign 0.30
Regular Plan - Daily IDCW Bajaj Finance Ltd. CRISIL - AAA 0.41
10.1428 8.21% Haryana UDAY SDL - Mat
Reinvestment Option John Deere Financial India Pvt. Ltd. CRISIL - AAA 0.41
310326 Sovereign 0.10
Regular Plan - Weekly IDCW Option 10.1107 7.20% Karnataka SDL Mat NTPC Limited CRISIL - AAA 0.41
Regular Plan - Monthly IDCW Option 10.1422 231029 Sovereign 0.02 Vajra 014 Trust CRISIL -
Direct Plan - Growth Option 63.1325 GOI STRIPS - Mat 170627 Sovereign 0.02 AAA(SO) 0.37
Direct Plan - Daily IDCW GOI STRIPS - Mat 171226 Kalpataru Projects International
10.0655 Sovereign 0.02
Reinvestment Option Ltd CRISIL - AA 0.31
GOI STRIPS - Mat 171227 Sovereign 0.02
Direct Plan - Weekly IDCW Option 10.0712 Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.31
7.84% Maharashtra SDL MAT
Direct Plan - Monthly IDCW Option 10.1452 Kotak Mahindra Prime Ltd. CRISIL - AAA 0.22
130726 Sovereign 0.01
7.90% Tamil Nadu SDL UDAY - Cholamandalam Investment &
ASSETS UNDER MANAGEMENT € Mat 220327 Sovereign 0.01 Finance Co. Ltd. ICRA - AA+ 0.21
ICICI Home Finance Ltd CRISIL - AAA 0.21
As on July 31, 2025 ₹24,641.27Cr. Sub Total 11.31
DLF Cyber City Developers Ltd. CRISIL - AAA 0.20
Average for Month of July, 2025 ₹24,239.24Cr. T-Bills
JM FINANCIAL HOME LOANS
91 Days Tbill ISD 030725 MAT LIMITED CRISIL - AA 0.20
021025 Sovereign 0.40
QUANTITATIVE DATA TVS Credit Services Ltd ICRA - AA+ 0.15
Sub Total 0.40
Residual Maturity * 1.83 Years Arka Fincap Limited CRISIL - AA 0.14
Credit Exposure (Non Perpetual)
Macaulay Duration * 354 Days HDFC Bank Ltd.£ CRISIL - AAA 0.12
• National Bank for Agri & Rural CRISIL - AAA /
Modified Duration * 330 Days Dev. ICRA - AAA 8.73 Citicorp Finance (India) Ltd. ICRA - AAA 0.10
Indian Oil Corporation Ltd. CRISIL - AAA 0.10
Annualized Portfolio YTM#* 6.79% • REC Limited. CARE - AAA /
#semi annual YTM has been annualised. CRISIL - AAA / Mahindra & Mahindra Financial
ICRA - AAA 8.73 Services Ltd. CRISIL - AAA 0.10
*Calculated on the amount invested in debt
• Small Industries Development CARE - AAA / Nomura Capital India Pvt. Ltd. IND - AAA 0.10
securities (including accrued interest),
deployment of funds in TREPS and Reverse Bank CRISIL - AAA 8.60 Titan Company Ltd. CRISIL - AAA 0.10
Repo and net receivable/ payable • Power Finance Corporation Ltd. CRISIL - AAA 8.39 UltraTech Cement Limited CRISIL - AAA 0.10
• HDB Financial Services Ltd. CRISIL - AAA 4.10 Nuclear Power Corporation of
TOTAL EXPENSE RATIO • Sikka Port and Terminal Ltd. CRISIL - AAA 3.28 India Ltd. CRISIL - AAA 0.06
(As On July 31, 2025) • LIC Housing Finance Ltd. CRISIL - AAA 3.09 JM Financial Asset Reconstruction
Including Additional Expenses and Goods and • MANGALORE REFINERY AND Co. Limited ICRA - AA- 0.04
Service Tax on Management Fees PETROCHEMICA CARE - AAA 2.61 Sub Total 81.80
Regular: 1.04% Direct: 0.45% Bajaj Housing Finance Ltd. CRISIL - AAA 2.57 Total 93.51
Jubilant Beverages Limited CRISIL - AA 2.50 MONEY MARKET INSTRUMENTS
National Housing Bank CRISIL - AAA 2.44 CP
#BENCHMARK INDEX
Jamnagar Utilities & Power Pvt. Tata Teleservices (Maharashtra)
NIFTY Low Duration Debt Index A-I Limited CRISIL - AAA 1.94 Ltd. CRISIL - A1+ 1.39
##ADDL. BENCHMARK INDEX ADITYA BIRLA RENEWABLES IIFL CAPITAL SERVICES LIMITED CRISIL - A1+ 0.58
CRISIL 1 Year T-Bill Index LIMITED CRISIL - AA 1.66 IIFL Finance Limited CRISIL - A1+ 0.39
TATA Capital Housing Finance Sub Total 2.36
EXIT LOAD$$ Ltd. CRISIL - AAA 1.39
Alternative Investment Fund Units
Housing and Urban Development
Nil Corporate Debt Market Development Fund 0.26
Corporation Ltd. CARE - AAA 1.32
JM Financial Credit Solutions Ltd. ICRA - AA 1.22 Sub Total 0.26
Jubilant Bevco Limited CRISIL - AA 1.20 Cash,Cash Equivalents and Net Current Assets 3.87
Indian Railways Finance Corp. Grand Total 100.00
Ltd. CRISIL - AAA 1.19 • Top Ten Holdings, £ Sponsor
Poonawalla Fincorp Ltd CRISIL - AAA 1.12
Tata Capital Ltd. CRISIL - AAA / Outstanding exposure in ₹ in
ICRA - AAA 1.07 derivative instruments Interest Crore) 2,600.00
CanFin Homes Ltd. ICRA - AAA 1.03 Rate Swap.
Export - Import Bank of India CRISIL - AAA 0.93 Face alue / llotment N per Unit: ₹ 10, CD -
Kotak Mahindra Investments Ltd. CRISIL - AAA 0.89 Certificate of Deposit; CP - Commercial Papers. Data is
Muthoot Finance Ltd. CRISIL - AA+ 0.81 as of July 31, 2025 unless otherwise specified.
Mahindra Rural Housing Finance
Ltd CRISIL - AAA 0.70 ¥ Dedicated Fund Manager for Overseas Investments:
Mr. Dhruv Muchhal (since June 22, 2023)
Sansar Trust July 2023 II CRISIL -
AAA(SO) 0.70 (Total Experience: Over 10 years).
India Universal Trust AL2 CRISIL - € Includes investments made by the schemes of HDFC
AAA(SO) 0.68 Mutual Fund aggregating to ₹ 6.66 Crores.
Dhruva XXIV ICRA - AAA(SO) 0.63
Please refer Minimum Application Amount, Plans &
SMFG India Credit Company Ltd ICRA - AAA 0.62
Options, on Page no. 96 to 98.
IIFL Finance Limited CRISIL - AA 0.61
Truhome Finance Limited IND - AA 0.61 $$For further details, please refer to para ‘Exit Load’ on
page no. 99.

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

72 | July 2025
HDFC Low Duration Fund ....Contd from previous page
An open ended low duration debt scheme investing in instruments such that the Macaulay Duration of the CATEGORY OF SCHEME
portfolio is between 6 months and 12 months (Refer page 2 for definition of Macaulay Duration). A Relatively
LOW DURATION FUND
High Interest Rate Risk and Moderate Credit Risk

( )
( )

Credit Exposure 7 .4
G Sec, G Sec ST I S, SDL, T ills 11.71 / S / 1+/ 1+ S E uivalent 7 . 8
Cash, Cash E uivalents and Net Current ssets .87 Sovereign 11.71
Securiti ed Debt Instruments . 8 / .01
C . 6 Cash, Cash E uivalents and Net Current ssets .87
lternative Investment Fund Units 0. 6 + 1.17
lternative Investment Fund Units 0. 6

CP - Commercial Papers;

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 mount Invested ₹. in Lacs 30.90 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 83.96 31.07 16.83 7.10 4.04 1.25
Returns (%) 7.01 6.91 6.58 6.69 7.57 8.04
Benchmark Returns (%)# N.A. 6.99 6.49 6.73 7.64 7.91
Additional Benchmark Returns (%)# # 6.24 6.44 6.18 6.50 7.36 7.33
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 7.79 7.79 7.41 10,779 10,779 10,741
Jul 29, 22 Last 3 Years 7.25 7.33 7.06 12,345 12,370 12,277
Jul 31, 20 Last 5 Years 5.98 5.76 5.58 13,372 13,235 13,124
Jul 31, 15 Last 10 Years 6.75 6.72 6.31 19,219 19,178 18,445
Nov 18, 99 Since Inception 7.09 NA 6.36 58,184 NA 48,875
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes
managed by Anupam Joshi & Praveen Jain, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different
expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments i s
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

73 | July 2025
HDFC Money Market Fund CATEGORY OF SCHEME
An open ended debt scheme investing in money market instruments. A Relatively Low Interest MONEY MARKET FUND
Rate Risk and Moderate Credit Risk

INVESTMENT OBJECTIVE: To generate income / capital appreciation by investing in money market instruments. There is no assurance that the investment objective of the
Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Praveen Jain August 31, 2024 Over 20 years % to % to
Issuer Rating Issuer Rating
NAV NAV
DATE OF ALLOTMENT/INCEPTION DATE DEBT & DEBT RELATED MONEY MARKET INSTRUMENTS
November 18, 1999 Government Securities (Central/State) CP
7.35% Gujarat SDL - Mat 230326 Sovereign 1.32 • LIC Housing Finance Ltd. CRISIL - A1+ 3.28
NAV NAV PER REC Limited. CARE - A1+ 2.00
(As On JULY 31, 2025) UNIT(₹) 6.99 GOI 2026 Sovereign 0.55
Muthoot Fincorp Limited CRISIL - A1+ 1.89
Regular Plan - Growth Option 5,762.3767 8.36% Maharashtra SDL - Mat 270126 Sovereign 0.55
Export - Import Bank of India CRISIL - A1+ 1.58
Regular Plan - Daily IDCW 8.20% Gujarat SDL Mat 091225 Sovereign 0.32 Hero Fincorp Ltd. CRISIL - A1+ 1.58
1,063.6400
Reinvestment Option 8.52% Telangana - SDL - Mat 100226 Sovereign 0.30 SMFG India Credit Company Ltd CARE - A1+ 1.42
Regular Plan - Weekly IDCW Option 1,062.8898 L&T Finance Ltd. CRISIL - A1+ 1.31
8.53% Tamil Nadu SDL - Mat 090326 Sovereign 0.30
Direct Plan - Growth Option 5,877.5109 Standard Chartered Capital
Direct Plan - Daily IDCW 7.36% Uttarakhand SDL - Mat 270326 Sovereign 0.27
1,063.6400 Limited CRISIL - A1+ 1.18
Reinvestment Option GOI STRIPS - Mat 161225 Sovereign 0.27 Credila Financial Services
Direct Plan - Weekly IDCW Option 1,062.9056 8.76% Madhya Pradesh SDL Mat Limited CRISIL - A1+ 1.13
240226 Sovereign 0.26 Birla Group Holdings Pvt. Ltd. CRISIL - A1+ 1.11
ASSETS UNDER MANAGEMENT € GOI STRIPS - Mat 190925 Sovereign 0.24 Tata Teleservices
As on July 31, 2025 ₹36,814.36Cr. 8.14% Karnataka SDL - Mat 131125 Sovereign 0.22 (Maharashtra) Ltd. CRISIL - A1+ 1.07
Average for Month of July, 2025 Muthoot Finance Ltd. CRISIL - A1+ 1.05
₹35,897.44Cr. 7.99% Kerala SDL Mat 281025 Sovereign 0.20
Motilal Oswal Financial Services
6.1% Rajasthan SDL- Mat 250526 Sovereign 0.18 Ltd. ICRA - A1+ 0.97
QUANTITATIVE DATA Bharti Telecom Limited CRISIL - A1+ 0.92
8.15% Maharashtra SDL MAT 261125 Sovereign 0.18
Residual Maturity * 202 Days Infina Finance Pvt. Ltd. CRISIL - A1+ 0.85
8.22% Karnataka SDL Mat 091225 Sovereign 0.18
Macaulay Duration * 201 Days Bahadur Chand Investments
8.23% Chattisgarh SDL - Mat 091225 Sovereign 0.17 Pvt. Ltd. CARE - A1+ 0.80
Modified Duration * 190 Days
Annualized Portfolio YTM#* 6.19% GOI STRIPS - Mat 120925 Sovereign 0.17 ICICI Securities Ltd CRISIL - A1+ 0.78
#semi annual YTM has been annualised. 8.53% Telangana SDL Mat 090326 Sovereign 0.16 Julius Baer Capital (India) Pvt.
Ltd. CRISIL - A1+ 0.66
*Calculated on the amount invested in debt GOI STRIPS - Mat 121225 Sovereign 0.16
securities (including accrued interest), Small Industries Development
GOI STRIPS - Mat 151025 Sovereign 0.16 Bank CARE - A1+ 0.66
deployment of funds in TREPS and Reverse
GOI STRIPS - Mat 151225 Sovereign 0.16 Tata Capital Ltd. CRISIL - A1+ 0.53
Repo and net receivable/ payable
Motilal Oswal Finvest Limited CRISIL - A1+ 0.51
8.38% Tamil Nadu SDL Mat 270126 Sovereign 0.15
TOTAL EXPENSE RATIO Barclays Invest & Loans (India)
(As On July 31, 2025) 8.12% Maharashtra SDL MAT 131125 Sovereign 0.14 Ltd. CRISIL - A1+ 0.40
Including Additional Expenses and Goods and 8.21% Maharashtra SDL MAT 091225 Sovereign 0.14 GIC Housing Finance Ltd. CRISIL - A1+ 0.32
Service Tax on Management Fees IGH Holdings Private Limited CRISIL - A1+ 0.27
8.27% Telangana SDL Mat 231225 Sovereign 0.14
Sharekhan Limited CARE - A1+ 0.27
Regular: 0.41% Direct: 0.23% 8.28% Karnataka SDL - Mat 060326 Sovereign 0.14 Deutsche Investments India Pvt.
8.02% Uttar Pradesh SDL - Mat Ltd. CRISIL - A1+ 0.20
#BENCHMARK INDEX 200426 Sovereign 0.13 Kotak Mahindra Prime Ltd. CRISIL - A1+ 0.19
CRISIL Money Market A-I Index GOI STRIPS - Mat 061125 Sovereign 0.13 Hero Housing Finance Limited ICRA - A1+ 0.13
##ADDL. BENCHMARK INDEX 8.51% Maharashtra SDL - Mat 090326 Sovereign 0.12 MANKIND PHARMA LIMITED CRISIL - A1+ 0.07
CRISIL 1 Year T-Bill Index 8.67 Maharashtra SDL Mat 240226 Sovereign 0.12 SBI Factors Ltd. CRISIL - A1+ 0.06
Sub Total 27.19
GOI STRIPS - Mat 221025 Sovereign 0.12
EXIT LOAD$$ CD
GOI STRIPS - Mat 191225 Sovereign 0.09
Nil • National Bank for Agri & Rural CRISIL - A1+ /
6.18% Gujarat SDL - Mat 310326 Sovereign 0.07 Dev. ICRA - A1+ /
8.27% Tamilnadu SDL MAT 130126 Sovereign 0.07 IND - A1+ 6.91
• Small Industries Development
8.67% Karnataka SDL - Mat 240226 Sovereign 0.07
Bank CARE - A1+ 6.88
8.27% Karnataka SDL - Mat 130126 Sovereign 0.05 • Union Bank of India ICRA - A1+ /
GOI STRIPS - Mat 171225 Sovereign 0.05 IND - A1+ 6.32
6.18% Gujarat SDL Mat 250126 Sovereign 0.04 • Indian Bank CRISIL - A1+ 5.21
• Punjab National Bank CARE - A1+ /
8.49% Tamil Nadu SDL - Mat 100226 Sovereign 0.04
CRISIL - A1+ /
8.12% Gujarat SDL Mat 131125 Sovereign 0.03 IND - A1+ 5.19
8.16% Karnataka SDL Mat 261125 Sovereign 0.01 • Axis Bank Ltd. CRISIL - A1+ 5.15
8.27% Gujarat SDL - Mat 130126 Sovereign 0.01 • Bank of Baroda IND - A1+ 4.08
• Canara Bank CRISIL - A1+ 3.82
Sub Total 8.18
• Indusind Bank Ltd. CRISIL - A1+ 2.72
T-Bills
IDFC First Bank Limited CRISIL - A1+ 2.68
364 Days TBill ISD 060325 Mat
050326 Sovereign 1.32 Kotak Mahindra Bank Limited CRISIL - A1+ 2.49
364 Days Tbill ISD 130325 Mat Bank of India CRISIL - A1+ 1.72
120326 Sovereign 0.92 IDBI Bank Limited CRISIL - A1+ 1.71
364 Days Tbill ISD 130225 MAT Au Small Finance Bank Ltd. CARE - A1+ /
120226 Sovereign 0.79 CRISIL - A1+ /
364 Days Tbill Mat 200226 IND - A1+ 1.70
Sovereign 0.79
Export - Import Bank of India CRISIL - A1+ 1.64
364 Days Tbill Mat 050226 Sovereign 0.66 The Federal Bank Ltd. CRISIL - A1+ 0.80
364 Days TBill ISD 200325 Mat Punjab & Sind Bank ICRA - A1+ 0.26
190326 Sovereign 0.53
ICICI Bank Ltd. ICRA - A1+ 0.01
Sub Total 5.01 Sub Total 59.29
Total 13.19 Total 86.48

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

74 | July 2025
HDFC Money Market Fund ....Contd from previous page
An open ended debt scheme investing in money market instruments. A Relatively Low Interest CATEGORY OF SCHEME
Rate Risk and Moderate Credit Risk MONEY MARKET FUND

PORTFOLIO

Issuer Rating % to NAV Face Value / Allotment NAV per Unit: ₹ 1,000, CD - Certificate of Deposit; CP -
Commercial Papers. Data is as of July 31, 2025 unless otherwise specified.
Alternative Investment Fund Units

Corporate Debt Market Development Fund 0.24 ¥ Dedicated Fund Manager for Overseas Investments:
Mr. Dhruv Muchhal (since June 22, 2023) (Total Experience: Over 10 years).
Sub Total 0.24
€ Includes investments made by the schemes of HDFC Mutual Fund aggregating to ₹
Cash,Cash Equivalents and Net Current Assets 0.09 2,369.44 Crore.

Grand Total 100.00 Please refer Minimum Application Amount, Plans & Options, on Page no. 96 to 98.
• Top Ten Holdings
$$For further details, please refer to para ‘Exit Load’ on page no. .

( ) ( )

CD . / S / 1+/ 1+ S E uivalent 86.48

C 7.1 Sovereign 1 .1
G Sec, G Sec ST I S, SDL, T ills 1 .1 lternative Investment Fund Units 0. 4
lternative Investment Fund Units 0. 4 Cash, Cash E uivalents and Net Current ssets 0.0
Cash, Cash E uivalents and Net Current ssets 0.0

CP - Commercial Papers; CD - Certificate of Deposit;

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 mount Invested ₹. in Lacs 30.90 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs $$ 85.86 31.36 16.88 7.14 4.05 1.25
Returns (%) $$ 7.16 7.03 6.64 6.92 7.77 8.17
Benchmark Returns (%)# 6.99 6.84 6.38 6.72 7.39 7.37
Additional Benchmark Returns (%)# # 6.24 6.44 6.18 6.50 7.36 7.33
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) $$ Benchmark
(%) $$ (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 7.98 7.35 7.41 10,798 10,735 10,741
Jul 29, 22 Last 3 Years 7.44 7.25 7.06 12,410 12,345 12,277
Jul 31, 20 Last 5 Years 6.00 5.89 5.58 13,384 13,313 13,124
Jul 31, 15 Last 10 Years 6.74 6.56 6.31 19,211 18,881 18,445
Nov 18, 99 Since Inception 7.06 7.12 6.36 57,822 58,608 48,875
Returns greater than 1 year period are compounded annualized (CAGR). $$ All Distributions declared prior to the splitting of
the Scheme into IDCW & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-
distribution NAV). For performance of other schemes managed by Praveen Jain, please refer page 99. Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower
to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page
104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

75 | July 2025
HDFC Short Term Debt Fund CATEGORY OF SCHEME
An open ended short term debt scheme investing in instruments such that the Macaulay Duration of the SHORT DURATION FUND
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

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Anil Bamboli June 25, 2010 Over 30 years % to % to
Company/Issuer Rating Company/Issuer Rating
NAV NAV
DATE OF ALLOTMENT/INCEPTION DATE DEBT & DEBT RELATED Sikka Port and Terminal Ltd. CRISIL - AAA 0.70
June 25, 2010 Government Securities (Central/State) Toyota Financial Services
India Ltd. ICRA - AAA 0.57
NAV PER • 7.18 GOI 2033 Sovereign 4.76 Punjab National Bank CRISIL - AAA 0.56
NAV
(As On JULY 31, 2025) UNIT(₹) GOI 2028 Sovereign 2.31 India Universal Trust AL1 IND - AAA(SO) 0.55
Regular Plan - Growth Option 32.3232 7.26 GOI 2032 Sovereign 2.00 Mahindra Rural Housing
Regular Plan - Fortnightly IDCW Finance Ltd CRISIL - AAA 0.55
10.2039 7.1 GOI 2034 Sovereign 1.15
Option Bajaj Finance Ltd. CRISIL - AAA 0.53
Regular Plan - Normal IDCW Option 19.2077 GOI 2031 Sovereign 0.85 Nomura Capital India Pvt.
Direct Plan - Growth Option 33.3683 5.79 GOI 2030 Sovereign 0.82 Ltd. IND - AAA 0.30
Direct Plan - Fortnightly IDCW Reliance Industries Ltd. CRISIL - AAA 0.29
10.3109 GOI 2034 Sovereign 0.70
Option JM Financial Asset
Direct Plan - Normal IDCW Option 19.7705 Floating Rate GOI 2033 Sovereign 0.57 Reconstruction Co. Limited ICRA - AA- 0.28
7.64% Gujarat SDL ISD 170124 UltraTech Cement Limited CRISIL - AAA 0.28
ASSETS UNDER MANAGEMENT € MAT 170133 Sovereign 0.46 Mahanagar Telephone Nigam BRICKWORKS -
7.64% % Gujarat SDL ISD 170124 Ltd. AA+(CE) 0.24
As on July 31, 2025 ₹18,143.46Cr. Mat 170134 Sovereign 0.32 Sansar Trust July 2023 II CRISIL -
Average for Month of July, 2025 ₹17,830.22Cr. AAA(SO) 0.22
5.77 GOI 2030 Sovereign 0.30
6.79 GOI 2034 Sovereign 0.28 Jubilant Bevco Limited CRISIL - AA 0.20
QUANTITATIVE DATA Citicorp Finance (India) Ltd. ICRA - AAA 0.14
7.63% Gujarat SDL ISD 240124
Residual Maturity * 3.57 Years Mat 240133 Sovereign 0.26 The Tata Power Company
Ltd. CARE - AA+ 0.12
Macaulay Duration * 2.50 Years 7.63% Gujarat SDL ISD 240124
Mat 240134 Sovereign 0.20 Tata Capital Ltd. CRISIL - AAA 0.03
Modified Duration * 2.36 Years
Sub Total 74.26
Annualized Portfolio YTM#* 6.80% 7.18 GOI 2037 Sovereign 0.12
Total 89.41
#semi annual YTM has been annualised. 5.85 GOI 2030 Sovereign 0.05
*Calculated on the amount invested in debt MONEY MARKET INSTRUMENTS
Sub Total 15.15 CP
securities (including accrued interest),
Credit Exposure (Non Perpetual) Export - Import Bank of India CRISIL - A1+ 0.54
deployment of funds in TREPS and Reverse
Repo and net receivable/ payable • REC Limited. CARE - AAA / Sub Total 0.54
CRISIL - AAA / CD
TOTAL EXPENSE RATIO ICRA - AAA 8.55
Canara Bank CRISIL - A1+ 2.00
(As On July 31, 2025) • National Bank for Agri & Rural CRISIL - AAA /
Punjab National Bank CRISIL - A1+ /
Including Additional Expenses and Goods and Dev. ICRA - AAA 8.42
IND - A1+ 1.62
Service Tax on Management Fees • Small Industries Development CARE - AAA /
Union Bank of India ICRA - A1+ 0.94
Bank CRISIL - AAA 7.25
Regular: 0.73% Direct: 0.40% •
Axis Bank Ltd. CRISIL - A1+ 0.54
Power Finance Corporation Ltd. CRISIL - AAA 7.02
ICICI Bank Ltd. ICRA - A1+ 0.27
• Housing and Urban Development CARE - AAA / Indian Bank CRISIL - A1+ 0.27
#BENCHMARK INDEX Corporation Ltd. ICRA - AAA 3.59
CRISIL Short Duration Debt A-II Index Sub Total 5.64
• Indian Railways Finance Corp.
##ADDL. BENCHMARK INDEX Ltd. CRISIL - AAA 3.17 Total 6.18
CRISIL 10 Year Gilt Index • LIC Housing Finance Ltd. CRISIL - AAA 2.56 Alternative Investment Fund Units
Corporate Debt Market
• ADITYA BIRLA RENEWABLES
Development Fund 0.26
EXIT LOAD$$ LIMITED CRISIL - AA 2.44
• Bajaj Housing Finance Ltd. Sub Total 0.26
Nil CRISIL - AAA 2.40
Cash,Cash Equivalents and Net Current Assets 4.15
Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 2.28 Grand Total 100.00
Jubilant Beverages Limited CRISIL - AA 2.19 • Top Ten Holdings, £ Sponsor
Jamnagar Utilities & Power Pvt.
Limited CRISIL - AAA 2.12
Outstanding exposure in ₹ in
HDFC Bank Ltd.£ CRISIL - AAA 1.72 derivative instruments Crore) 1,850.00
State Bank of India CRISIL - AAA 1.71 Interest Rate Swap.
Cholamandalam Investment &
Finance Co. Ltd. ICRA - AA+ 1.70 Face alue / llotment N per Unit: ₹ 10, CD -
Certificate of Deposit; CP -Commercial Papers. Data is
Muthoot Finance Ltd. CRISIL - AA+ 1.60
as of July 31, 2025 unless otherwise specified.
India Universal Trust AL2 CRISIL -
AAA(SO) 1.35 ¥ Dedicated Fund Manager for Overseas Investments:
TVS Credit Services Ltd ICRA - AA+ 1.15 Mr. Dhruv Muchhal (since June 22, 2023) (Total
Bharti Telecom Limited CRISIL - AAA 1.14 Experience: Over 10 years).

Kotak Mahindra Investments Ltd. CRISIL - AAA 1.13 € Includes investments made by the schemes of HDFC
Poonawalla Fincorp Ltd CRISIL - AAA 1.11 Mutual Fund aggregating to ₹ 08.44 Crore.
TATA Capital Housing Finance Please refer Minimum Application Amount, Plans &
Ltd. CRISIL - AAA 0.91
Options, on Page no. 96 to 98.
SMFG India Credit Company Ltd CARE - AAA /
CRISIL - AAA 0.84 $$For further details, please refer to para ‘Exit Load’ on
HDB Financial Services Ltd. CRISIL - AAA 0.83 page no. 99.
Sundaram Home Finance Limited ICRA - AAA 0.81
TMF Holdings Ltd. CRISIL - AA+ 0.71

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

76 | July 2025
HDFC Short Term Debt Fund ....Contd from previous page
An open ended short term debt scheme investing in instruments such that the Macaulay Duration of the CATEGORY OF SCHEME
portfolio is between 1 year and 3 years (Refer page 2 for definition of Macaulay Duration). A Relatively High
SHORT DURATION FUND
Interest Rate Risk and Moderate Credit Risk

( ) ( )

Credit Exposure 7 .14 / S / 1+/ 1+ S E uivalent 6 .81

G Sec, SDL 1 .1 Sovereign 1 .1
CD .64 + .
Cash, Cash E uivalents and Net Current ssets 4.1 / .11
Securiti ed Debt Instruments .1 Cash, Cash E uivalents and Net Current ssets 4.1
C 0. 4
lternative Investment Fund Units 0. 6
lternative Investment Fund Units 0. 6

CP - Commercial Papers; CD - Certificate of Deposit;

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 mount Invested ₹. in Lacs 18.20 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 33.84 33.20 17.48 7.20 4.09 1.26
Returns (%) 7.73 7.72 7.31 7.22 8.41 9.07
Benchmark Returns (%)# 7.49 7.48 7.05 7.05 8.22 9.04
Additional Benchmark Returns (%)# # 6.82 6.83 6.63 7.26 9.23 9.14
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 8.96 8.76 9.88 10,896 10,876 10,988
Jul 29, 22 Last 3 Years 7.81 7.65 8.69 12,540 12,483 12,850
Jul 31, 20 Last 5 Years 6.30 6.06 5.33 13,573 13,425 12,966
Jul 31, 15 Last 10 Years 7.50 7.31 6.85 20,625 20,257 19,416
Jun 25, 10 Since Inception 8.07 7.69 6.62 32,323 30,613 26,332
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anil
Bamboli, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses
of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular
Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments i s
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

77 | July 2025
HDFC Medium Term Debt Fund CATEGORY OF SCHEME
An open ended medium term debt scheme investing in instruments such that the Macaulay Duration of the MEDIUM DURATION FUND
portfolio is between 3 years and 4 years (Refer page 2 for definition of Macaulay Duration). A Relatively High
Interest Rate Risk and Relatively High Credit Risk

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
September 1, Over 32 % to % to
Shobhit Mehrotra Company/Issuer Rating Company/Issuer Rating
2007 years NAV NAV
March 01, Over 15 DEBT & DEBT RELATED ONGC Petro Additions Limited
Bhavyesh Divecha
2025 years (Letter Of Comfort By ONGC
Government Securities (Central/State)
Limited) CRISIL - AA 1.33
DATE OF ALLOTMENT/INCEPTION DATE • 7.18 GOI 2037 Sovereign 8.25 VAJRA 009 TRUST ICRA -
• 7.23 GOI 2039 AA+(SO) 1.06
February 6, 2002 Sovereign 5.11
Universe Trust Dec 2024 CARE -
• 6.79 GOI 2034 Sovereign 3.24 AAA(SO) 0.98
NAV NAV PER
(As On JULY 31, 2025) UNIT(₹) 7.3 GOI 2053 Sovereign 1.63 LIC Housing Finance Ltd. CRISIL - AAA 0.69
Regular Plan - Growth Option 56.7701 GOI 2034 Grasim Industries Ltd. CRISIL - AAA 0.67
Sovereign 1.34
Regular Plan - IDCW Option 19.1576 7.09 GOI 2054 Mahindra Rural Housing Finance
Sovereign 1.06 Ltd CRISIL - AAA 0.67
Regular Plan - Fortnightly IDCW
10.1015 6.67 GOI 2035 Sovereign 0.93 Muthoot Finance Ltd. ICRA - AA+ 0.66
Option
Direct Plan - Growth Option 61.6417 7.54 GOI 2036 Sovereign 0.71 Jubilant Bevco Limited CRISIL - AA 0.55
Direct Plan - IDCW Option 20.5969 7.41 GOI 2036 JM Financial Asset
Sovereign 0.70 Reconstruction Co. Limited ICRA - AA- 0.26
Direct Plan - Fortnightly IDCW Floating Rate GOI 2033
10.1026 Sovereign 0.68 Sub Total 66.04
Option
7.34 GOI 2064 Sovereign 0.41 Credit Exposure (Perpetual Bonds)
ASSETS UNDER MANAGEMENT € 7.25 GOI 2063 Sovereign 0.40 TMF Holdings Ltd. (Perpetual) CRISIL - AA+ 2.62
6.92 GOI 2039 Sub Total 2.62
As on July 31, 2025 ₹3,803.62Cr. Sovereign 0.27
Average for Month of July, 2025 Total 93.65
₹3,821.66Cr. 6.95 GOI 2061 Sovereign 0.26
UNITS ISSUED BY REIT & INVIT
Sub Total 24.99 Units issued by InvIT
QUANTITATIVE DATA Credit Exposure (Non Perpetual) Indus Infra Trust Transport
Residual Maturity * 5.94 Years • Power Finance Corporation Infrastructure 0.75
Macaulay Duration * 3.82 Years Ltd. CRISIL - AAA 4.23 Capital Infra Trust Construction 0.54
Modified Duration * 3.63 Years • Tata Steel Ltd. CARE - AA+ 3.90 Sub Total 1.29
Annualized Portfolio YTM#* 7.36% • Kalpataru Projects CRISIL - AA / Units issued by ReIT
#semi annual YTM has been annualised. International Ltd IND - AA 3.85 Embassy Office Parks REIT Realty 0.84
*Calculated on the amount invested in debt • Pipeline Infrastructure Pvt. Sub Total 0.84
securities (including accrued interest), Ltd. CRISIL - AAA 3.49 Total 2.13
deployment of funds in TREPS and Reverse • Indian Railways Finance Alternative Investment Fund Units
Repo and net receivable/ payable Corp. Ltd. CRISIL - AAA 3.03
Corporate Debt Market Development Fund 0.31
• Jubilant Beverages Limited CRISIL - AA 2.91 Sub Total 0.31
TOTAL EXPENSE RATIO • Bajaj Housing Finance Ltd.
(As On July 31, 2025) CRISIL - AAA 2.72 Cash,Cash Equivalents and Net Current Assets 3.91
SBFC Finance Limited IND - AA- 2.63 Grand Total 100.00
Including Additional Expenses and Goods and
Service Tax on Management Fees SK FINANCE LIMITED ICRA - AA- 2.62 • Top Ten Holdings
Regular: 1.32% Direct: 0.66% MAS Financial Services Ltd. CARE - AA- 2.49
India Grid Trust CRISIL - AAA / Outstanding exposure in ₹ in 150.00
#BENCHMARK INDEX ICRA - AAA 2.10 derivative instruments Crore)
The Tata Power Company Interest Rate Swap.
NIFTY Medium Duration Debt Index A-III
Ltd. CARE - AA+ 2.03
##ADDL. BENCHMARK INDEX Face alue / llotment N per Unit: ₹ 10 unless
National Bank for Agri & CRISIL - AAA /
CRISIL 10 Year Gilt Index Rural Dev. ICRA - AAA 2.01 otherwise specified. Data is as of July 31, 2025 unless
Housing and Urban otherwise specified.
EXIT LOAD$$ Development Corporation CARE - AAA /
Ltd. ICRA - AAA 2.00 ¥ Dedicated Fund Manager for Overseas Investments:
Nil Mr. Dhruv Muchhal (since June 22, 2023)
JM FINANCIAL HOME LOANS
LIMITED CRISIL - AA 2.00 (Total Experience: Over 10 years).
Motilal Oswal Home Fin Ltd.
€ Includes investments made by the schemes of HDFC
(Erst Aspire Home Fin) ICRA - AA 2.00
Mutual Fund aggregating to ₹ 176.67 Crore.
Truhome Finance Limited IND - AA 1.99
IIFL Finance Limited CRISIL - AA 1.98 Please refer Minimum Application Amount, Plans &
Aadhar Housing Finance Options, on Page no. 96 to 98.
Limited CARE - AA+ 1.59
$$For further details, please refer to para ‘Exit Load’ on
NTPC Limited CRISIL - AAA 1.57 page no. 99.
Cholamandalam Investment
& Finance Co. Ltd. ICRA - AA+ 1.34
Godrej Industries Ltd. CRISIL - AA+ 1.34
Indian Oil Corporation Ltd. CRISIL - AAA 1.34
Small Industries
Development Bank CRISIL - AAA 1.34
Tata Power Renewable
Energy Limited CARE - AA+ 1.34
Infopark Properties Limited CARE - AA- 1.33

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

78 | July 2025
HDFC Medium Term Debt Fund ....Contd from previous page
An open ended medium term debt scheme investing in instruments such that the Macaulay Duration of the CATEGORY OF SCHEME
portfolio is between 3 years and 4 years (Refer page 2 for definition of Macaulay Duration). A Relatively High
MEDIUM DURATION FUND
Interest Rate Risk and Relatively High Credit Risk

( ) ( )

Credit Exposure 66.6 / S / 1+/ 1+ S E uivalent 6.84

G Sec 4. / . 4
Cash, Cash E uivalents and Net Current ssets . 1 Sovereign 4.
Securiti ed Debt Instruments .04 + 1 .88
Units issued by InvIT 1. Cash, Cash E uivalents and Net Current ssets . 1
Units issued by eIT 0.84 Units issued by InvIT 1.
lternative Investment Fund Units 0. 1 Units issued by eIT 0.84
lternative Investment Fund Units 0. 1

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 mount Invested ₹. in Lacs 28.20 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 76.55 32.38 17.21 7.16 4.07 1.25
Returns (%) 7.70 7.42 7.01 7.01 8.09 8.60
Benchmark Returns (%)# 7.75 7.71 7.29 7.06 8.53 9.36
Additional Benchmark Returns (%)# # 6.53 6.83 6.63 7.26 9.23 9.14
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 8.72 9.21 9.88 10,872 10,921 10,988
Jul 29, 22 Last 3 Years 7.55 7.79 8.69 12,446 12,530 12,850
Jul 31, 20 Last 5 Years 6.48 6.02 5.33 13,688 13,397 12,966
Jul 31, 15 Last 10 Years 7.26 7.58 6.85 20,170 20,770 19,416
Feb 06, 02 Since Inception 7.67 7.82 6.63 56,770 58,687 45,181
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by
Bhavyesh Divecha & Shobhit Mehrotra, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different
expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments i s
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

79 | July 2025
HDFC Income Fund
An open ended medium term debt scheme investing in instruments such that the Macaulay Duration of the CATEGORY OF SCHEME
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
MEDIUM TO LONG DURATION FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
September 11, Over 32
Shobhit Mehrotra % to % to
2007 years Company/Issuer Rating Company/Issuer Rating
NAV NAV
DEBT & DEBT RELATED LIC Housing Finance Ltd. CRISIL - AAA 1.61
DATE OF ALLOTMENT/INCEPTION DATE
Government Securities (Central/State) Altius Telecom
September 11, 2000 Infrastructure Trust CRISIL - AAA 1.06
• 7.18 GOI 2037 Sovereign 18.60
NAV NAV PER • 7.41 GOI 2036 Sovereign 11.14 Sub Total 16.92
(As On JULY 31, 2025) UNIT(₹) • 7.23 GOI 2039 Sovereign 7.15 Total 91.68
Regular Plan - Growth Option 58.5141 • 6.68 GOI 2040 Sovereign 6.81 UNITS ISSUED BY REIT & INVIT
Regular Plan - Quarterly IDCW • 7.54 GOI 2036 Sovereign 5.62 Units issued by ReIT
11.4791
Option • 6.79 GOI 2034 Sovereign 4.30 Embassy Office Parks REIT Realty 0.44
Regular Plan - Normal IDCW Option 18.4531 Sub Total 0.44
• GOI 2031 Sovereign 2.68
Direct Plan - Growth Option 64.7574 Alternative Investment Fund Units
• GOI 2034 Sovereign 2.68
Direct Plan - Quarterly IDCW Option 12.8345
• 6.92 GOI 2039 Sovereign 2.67 Corporate Debt Market Development Fund 0.27
Direct Plan - Normal IDCW Option 20.4791
7.25 GOI 2063 Sovereign 2.13 Sub Total 0.27
ASSETS UNDER MANAGEMENT € 6.33 GOI 2035 Sovereign 1.89 Cash,Cash Equivalents and Net Current Assets 7.61
7.09 GOI 2054 Sovereign 1.58 Grand Total 100.00
As on July 31, 2025 ₹954.30Cr.
Average for Month of July, 2025 7.1 GOI 2034 Sovereign 1.51 • Top Ten Holdings
₹950.03Cr.
7.3 GOI 2053 Sovereign 1.08
QUANTITATIVE DATA 7.34 GOI 2064 Sovereign 1.08 Outstanding exposure in ₹ in 25.00
6.68 GOI 2031 Sovereign 1.07 derivative instruments Crore)
Residual Maturity * 12.02 Years Interest Rate Swap.
Macaulay Duration * 6.92 Years 7.09 GOI 2074 Sovereign 1.04
Modified Duration * 6.67 Years 6.9 GOI 2065 Sovereign 1.02 Face Value / Allotment NAV per Unit: ₹ 10, Data is as of
Annualized Portfolio YTM#* 6.67% 6.62 GOI 2051 Sovereign 0.50 July 31, 2025 unless otherwise specified.
#semi annual YTM has been annualised. 6.72% Gujarat SDL - ISD 090621 Mat
*Calculated on the amount invested in debt ¥ Dedicated Fund Manager for Overseas Investments:
090630 Sovereign 0.14
securities (including accrued interest), deployment Mr. Dhruv Muchhal (since June 22, 2023) (Total
of funds in TREPS and Reverse Repo and net 7.95 GOI 2032 Sovereign 0.04 Experience: Over 10 years).
receivable/ payable 6.19 GOI 2034 Sovereign 0.03
Sub Total 74.76 € Includes investments made by the schemes of HDFC
TOTAL EXPENSE RATIO Mutual Fund aggregating to ₹ 14 . Crore.
Credit Exposure (Non Perpetual)
(As On July 31, 2025)
• NTPC Limited CRISIL - AAA 5.40 Please refer Minimum Application Amount, Plans &
Including Additional Expenses and Goods and Options, on Page no. 96 to 98.
Service Tax on Management Fees Bajaj Housing Finance Ltd. CRISIL - AAA 2.64
Regular: 1.39% Direct: 0.80% India Grid Trust CRISIL - AAA 2.42
$$For further details, please refer to para ‘Exit Load’ on
National Bank for Agri & Rural Dev. CRISIL - AAA 2.14 page no. 99.
#BENCHMARK INDEX State Bank of India ICRA - AAA 1.65
CRISIL Medium To Long Duration Debt A-III
Index
##ADDL. BENCHMARK INDEX
SIP PERFORMANCE ^ - Regular Plan - Growth Option
CRISIL 10 Year Gilt Index
Since Inception 15 year 10 year 5 year 3 year 1 year
EXIT LOAD$$ SIP SIP SIP SIP SIP SIP
Total mount Invested ₹. in Lacs 29.90 18.00 12.00 6.00 3.60 1.20
Nil Mar et alue as on July 1, 0 ₹. in Lacs 74.99 29.84 16.28 7.05 4.05 1.25
Returns (%) 6.71 6.42 5.94 6.37 7.87 7.23
Benchmark Returns (%)# 7.96 7.92 7.48 7.26 8.69 9.01
Additional Benchmark Returns (%)# # N.A. 6.83 6.63 7.26 9.23 9.14
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

G Sec, SDL 74.76
Credit Exposure 16. Additional Value of ₹ 10,000 invested
Cash, Cash E uivalents and Net Current ssets 7.61 Scheme Benchmark
Benchmark Additional
Units issued by eIT 0.44 Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
lternative Investment Fund Units 0. 7 (%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 8.11 9.27 9.88 10,811 10,927 10,988
Jul 29, 22 Last 3 Years 7.47 8.22 8.69 12,419 12,681 12,850
Jul 31, 20 Last 5 Years 5.03 5.97 5.33 12,782 13,366 12,966
Jul 31, 15 Last 10 Years 6.19 7.87 6.85 18,242 21,348 19,416
Sep 11, 00 Since Inception 7.35 8.77 NA 58,514 81,199 NA
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes
managed by Shobhit Mehrotra, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense
structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission
( ) charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.
This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is
Sovereign 74.76 linked to the interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged
/ S / 1+/ 1+ S E uivalent 16. with derivatives is likely to be lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances
Cash, Cash E uivalents and Net Current ssets 7.61
Units issued by eIT 0.44 the volatility may be of an order greater than what may ordinarily be expected considering only its duration. Hence investors are
lternative Investment Fund Units 0. 7 recommended to consider the unadjusted portfolio maturity of the scheme as well and exercise adequate due diligence when
deciding to make their investments
For Product label and Riskometers, refer page no: 113-126

80 | July 2025
HDFC Long Duration Debt Fund
An open ended debt scheme investing in instruments such that the Macaulay Duration of the portfolio is CATEGORY OF SCHEME
greater than 7 years, A Relatively High Interest Rate Risk and Relatively Low Credit Risk LONG DURATION FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
January 20, Over 32 % to Outstanding exposure in ₹ in 75.00
Shobhit Mehrotra Issuer Rating
2023 years NAV derivative instruments Crore)
DEBT & DEBT RELATED Interest Rate Swap.
DATE OF ALLOTMENT/INCEPTION DATE Government Securities (Central/State)
• Face alue / llotment N per Unit: ₹ 10, CD - Certificate
7.3 GOI 2053 Sovereign 32.58
January 20, 2023 of Deposit; CP - Commercial Papers. Data is as of July 31,
• 7.09 GOI 2054 Sovereign 24.71 2025 unless otherwise specified.
NAV NAV PER • 7.34 GOI 2064 Sovereign 14.27
(As On JULY 31, 2025)^^ UNIT(₹) • 7.36 GOI 2052 Sovereign 12.57 ¥ Dedicated Fund Manager for Overseas Investments:
Regular Plan - Growth Option 12.2596 • 6.99 GOI 2051 Sovereign 3.58 Mr. Dhruv Muchhal (since June 22, 2023) (Total
Regular Plan - IDCW Option 10.6732 • 7.25 GOI 2063 Sovereign 2.70 Experience: Over 10 years).
Direct Plan - Growth Option 12.3695 • 6.67 GOI 2050 Sovereign 1.24
Direct Plan - IDCW Option 10.4153 € Includes investments made by the schemes of HDFC
• 7.16 GOI 2050 Sovereign 1.22 Mutual Fund aggregating to ₹ 4.74 Crore.
• 6.9 GOI 2065 Sovereign 1.12
ASSETS UNDER MANAGEMENT € • 7.09 GOI 2074 Sovereign 1.01 Please refer Minimum Application Amount, Plans &
As on July 31, 2025 ₹5,443.87Cr. 6.62 GOI 2051 Sovereign 0.97 Options, on Page no. 96 to 98.
Average for Month of July, 2025 ₹5,460.25Cr. 6.33 GOI 2035 Sovereign 0.64
$$For further details, please refer to para ‘Exit Load’ on
Sub Total 96.61
page no. 99.
QUANTITATIVE DATA Alternative Investment Fund Units
Corporate Debt Market Development Fund 0.28
Residual Maturity * 29.71 Years
Sub Total 0.28
Macaulay Duration * 12.25 Years
Cash, Cash Equivalents and Net Current Assets 3.11
Modified Duration * 11.83 Years
Grand Total 100.00
Annualized Portfolio YTM#* 7.14%
#semi annual YTM has been annualised. • Top Ten Holdings
*Calculated on the amount invested in debt
securities (including accrued interest),
deployment of funds in TREPS and Reverse
Repo and net receivable/ payable

TOTAL EXPENSE RATIO

(As On July 31, 2025)
Including Additional Expenses and Goods and ( ) ( )
Service Tax on Management Fees
Regular: 0.65% Direct: 0.30%
G Sec 6.61 Sovereign 6.61
#BENCHMARK INDEX Cash, Cash E uivalents and Net Current ssets .11 Cash, Cash E uivalents and Net Current ssets .11
lternative Investment Fund Units 0. 8 lternative Investment Fund Units 0. 8
NIFTY Long Duration Debt Index - A-III
##ADDL. BENCHMARK INDEX
CRISIL 10 Year Gilt Index
SIP PERFORMANCE ^ - Regular Plan - Growth Option
EXIT LOAD$$
Since Inception SIP 1 year SIP
Nil
Total mount Invested ₹. in Lacs 3.10 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 3.43 1.23
Returns (%) 7.87 4.66
Benchmark Returns (%)# 7.71 4.76
Additional Benchmark Returns (%)# # 9.38 9.14
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested

Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 6.67 6.94 9.88 10,667 10,694 10,988
Jan 20, 23 Since Inception 8.39 8.31 9.20 12,260 12,237 12,493
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by
Shobhit Mehrotra, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The
expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in
the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not
taken into consideration for computation of performance.
This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is
linked to the interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged
with derivatives is likely to be lesser than that in an equivalent maturity fixed rate instrument. Under some market
circumstances the volatility may be of an order greater than what may ordinarily be expected considering only its duration.
Hence investors are recommended to consider the unadjusted portfolio maturity of the scheme as well and exercise adequate
due diligence when deciding to make their investments
For Product label and Riskometers, refer page no: 113-126

81 | July 2025
HDFC Arbitrage Fund CATEGORY OF SCHEME
An open ended scheme investing in arbitrage opportunities
ARBITRAGE FUND

INVESTMENT OBJECTIVE: To generate income through arbitrage opportunities and debt & money market instruments. There is no assurance that the investment objective of
the Scheme will be achieved.

FUND MANAGER ¥
PORTFOLIO
Name Since Total Exp
Anil Bamboli February Over 30 % %
(Debt Assets) 01, 2022 years % to NAV % to NAV
exposure exposure
Company Industry+ /Rating (Hedged & Company Industry+ /Rating (Hedged &
Arun Agarwal August 24, Over 26 of of
Unhedged) Unhedged)
(Arbitrage Assets) 2020 years Derivative Derivative
Nandita Menezes March 29, Over 2 EQUITY & EQUITY RELATED Hindalco Industries Non - Ferrous
(Arbitrage Assets) 2025 years • HDFC Bank Ltd.£ Banks 5.42 -5.45 Ltd. Metals 0.52 -0.51
• ICICI Bank Ltd. Banks 5.00 -4.99 Adani Ports & Special Transport
• Reliance Petroleum Economic Zone Infrastructure 0.50 -0.50
DATE OF ALLOTMENT/INCEPTION DATE
Industries Ltd. Products 3.43 -3.45 Bharat Electronics Aerospace &
October 23, 2007 • Bharti Airtel Ltd. Telecom - Services 3.41 -3.43 Ltd. Defense 0.49 -0.49
• Axis Bank Ltd. Banks 2.98 -2.99 Hindustan Petroleum
NAV NAV PER Petroleum Corp. Ltd. Products 0.49 -0.49
(As On JULY 31, 2025) UNIT(₹) • Grasim Industries Cement & Cement
Ltd. Products 2.55 -2.56 DLF LIMITED Realty 0.48 -0.48
Retail Plan • Mahindra & Adani Energy
Regular Plan - Growth Option 29.835 Mahindra Ltd. Automobiles 2.22 -2.23 Solutions Limited Power 0.47 -0.48
Regular Plan - IDCW Option 22.235 • Larsen and NTPC Limited Power 0.44 -0.45
Regular Plan - Quarterly IDCW Toubro Ltd. Construction 1.98 -1.98 RBL Bank Ltd. Banks 0.44 -0.44
21.268
Option • State Bank of India Banks 1.91 -1.92 Aurobindo Pharma Pharmaceuticals
Direct Plan - Growth Option 32.143 • Hindustan Ltd. & Biotechnology 0.41 -0.41
Direct Plan - Quarterly IDCW Option 24.358 Unilever Ltd. Diversified Fmcg 1.87 -1.87 Godrej Properties
Wholesale Plan Tata Consultancy Ltd. Realty 0.39 -0.40
Regular Plan - Growth Option 30.787 Services Ltd. IT - Software 1.79 -1.80 Varun Beverages Ltd Beverages 0.39 -0.39
Regular Plan - IDCW Option 10.914 Kotak Mahindra VODAFONE IDEA Telecom -
Regular Plan - Monthly IDCW Option 11.361 Bank Limited Banks 1.39 -1.40 LIMITED Services 0.39 -0.40
Direct Plan - Growth Option 20.278 Eternal Limited Retailing 1.24 -1.25 SBI Life Insurance
JSW Steel Ltd. Ferrous Metals 1.23 -1.24 Company Ltd. Insurance 0.37 -0.37
Direct Plan - IDCW Option 11.589
The Tata Power IDFC First Bank
Direct Plan - Monthly IDCW Option 11.207
Company Ltd. Power 1.18 -1.19 Limited Banks 0.36 -0.36
Dixon HCL Technologies
ASSETS UNDER MANAGEMENT €
Technologies Consumer Ltd. IT - Software 0.34 -0.34
As on July 31, 2025 ₹21,352.26Cr. (India) Ltd. Durables 1.16 -1.17 Canara Bank Banks 0.31 -0.32
Average for Month of July, 2025 ₹21,190.44Cr. UltraTech Cement Cement & Cement Nestle India Ltd. Food Products 0.29 -0.29
Limited Products 1.11 -1.11 Glenmark Pharmaceuticals
Tata Motors Ltd. Automobiles 1.08 -1.08 Pharmaceuticals Ltd. & Biotechnology 0.27 -0.27
QUANTITATIVE DATA Titan Company Consumer Asian Paints Limited Consumer
Portfolio Turnover Ltd. Durables 1.00 -1.01 Durables 0.26 -0.26
Equity Turnover 295.61% Divis Laboratories Pharmaceuticals & Oil & Natural Gas
Total Turnover 1280.13% Ltd. Biotechnology 0.97 -0.98 Corporation Ltd. Oil 0.26 -0.26
Total Turnover = Equity + Debt + Derivative Shriram Finance Biocon Ltd. Pharmaceuticals
Residual Maturity * 36 Days Ltd. Finance 0.92 -0.93 & Biotechnology 0.25 -0.25
Hindustan Coal India Ltd. Consumable Fuels 0.23 -0.22
Macaulay Duration * 36 Days Aeronautics Aerospace & ICICI Prudential Life
Modified Duration * 34 Days Limited Defense 0.91 -0.91 Insurance Company
Annualized Portfolio YTM#* 5.62% Sun Ltd. Insurance 0.23 -0.23
#semi annual YTM has been annualised. Pharmaceutical Pharmaceuticals & IIFL Finance Limited Finance 0.23 -0.23
*Calculated on the amount invested in debt Industries Ltd. Biotechnology 0.90 -0.90 Adani Green Energy
securities (including accrued interest), Apollo Hospitals Healthcare Limited Power 0.22 -0.22
deployment of funds in TREPS and Reverse Enterprise Ltd. Services 0.87 -0.87 Infosys Limited IT - Software 0.22 -0.23
Repo and net receivable/ payable Indian Hotels Lupin Ltd. Pharmaceuticals
Company Ltd. Leisure Services 0.87 -0.87 & Biotechnology 0.22 -0.22
TOTAL EXPENSE RATIO JSW Energy Ltd. Power 0.77 -0.77 Bosch Limited Auto Components 0.21 -0.21
(As On July 31, 2025) Cipla Ltd. Pharmaceuticals & Britannia Industries
Including Additional Expenses and Goods and Biotechnology 0.75 -0.75 Ltd. Food Products 0.21 -0.21
Service Tax on Management Fees Power Grid INFO EDGE (INDIA)
Corporation of LIMITED Retailing 0.21 -0.21
Regular: 0.94% Direct: 0.41% India Ltd. Power 0.73 -0.74
Syngene Healthcare
One 97 Financial International Limited Services 0.20 -0.20
#BENCHMARK INDEX Communications Technology
Limited (Fintech) 0.72 -0.72 Pidilite Industries Chemicals &
NIFTY 50 Arbitrage Index (Total Returns Index) Ltd. Petrochemicals 0.19 -0.20
Max Healthcare Healthcare
##ADDL. BENCHMARK INDEX Institute Limited Services 0.69 -0.69 Jio Financial Services
CRISIL 1 Year T-Bill Index Limited Finance 0.18 -0.18
Marico Ltd. Agricultural Food
& Other Products 0.68 -0.68 Bank of Baroda Banks 0.17 -0.17
ITC LIMITED Diversified Fmcg 0.67 -0.68 Cholamandalam
EXIT LOAD$$ Investment &
• In respect of each purchase / switch-in of Bajaj Finance Ltd. Finance 0.64 -0.64 Finance Co. Ltd. Finance 0.17 -0.17
Units, an Exit Load of 0.25% is payable if Units Eicher Motors Ltd. Automobiles 0.63 -0.63 Hindustan Zinc Ltd. Non - Ferrous
are redeemed / switched-out within 1 month United Spirits Metals 0.17 -0.17
from the date of allotment. Limited Beverages 0.63 -0.63 Tata Consumer Agricultural Food
• No Exit Load is payable if Units are redeemed Bajaj Finserv Ltd. Finance 0.59 -0.59 Products Limited & Other Products 0.17 -0.17
/ switched-out after 1 month from the date of ADANI SRF Ltd. Chemicals &
allotment. ENTERPRISES Metals & Minerals Petrochemicals 0.16 -0.16
LIMTIED Trading 0.57 -0.57 Steel Authority Of
Tata Steel Ltd. Ferrous Metals 0.57 -0.57 India Ltd. Ferrous Metals 0.16 -0.16
Vedanta Ltd. Diversified Metals 0.57 -0.57 Lodha Developers
Limited Realty 0.15 -0.16

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

82 | July 2025
HDFC Arbitrage Fund ....Contd from previous page
An open ended scheme investing in arbitrage opportunities CATEGORY OF SCHEME
ARBITRAGE FUND

PORTFOLIO

% %
% to NAV % to NAV
exposure exposure
Company Industry+ /Rating (Hedged & Company Industry+ /Rating (Hedged &
of of
Unhedged) Unhedged)
Derivative Derivative
PB Fintech Limited Financial Technology (Fintech) 0.15 -0.15 NCC LTD. Construction 0.01 -0.01
Aditya Birla Capital ltd. Finance 0.14 -0.14 NHPC Ltd. Power 0.01 -0.01
GMR Airports Limited Transport Infrastructure 0.14 -0.14 NMDC Limited Minerals & Mining 0.01 -0.01
Jindal Steel & Power Ltd. Ferrous Metals 0.14 -0.14 Oberoi Realty Ltd. Realty 0.01 -0.01
Torrent Pharmaceuticals Ltd. Pharmaceuticals & Biotechnology 0.13 -0.13 PI Industries Ltd. Fertilizers & Agrochemicals 0.01 -0.01
Trent Ltd. Retailing 0.13 -0.13 Punjab National Bank Banks 0.01 -0.01
UPL Ltd. Fertilizers & Agrochemicals 0.13 -0.17
REC Limited. Finance 0.01 -0.01
Yes Bank Ltd. Banks 0.13 -0.14
Torrent Power Ltd. Power 0.01 -0.01
ABB India Ltd. Electrical Equipment 0.12 -0.13
UNO Minda Limited Auto Components 0.01 -0.01
CG Power and Industrial Solutions Ltd. Electrical Equipment 0.12 -0.12
360 ONE WAM LIMITED Capital Markets @ 0.00
PG Electroplast Limited Consumer Durables 0.12 -0.12
Bharat Forge Ltd. Auto Components @ 0.00
Tata Chemicals Ltd. Chemicals & Petrochemicals 0.12 -0.13
Colgate-Palmolive ( I ) Ltd. Personal Products @ 0.00
Tech Mahindra Ltd. IT - Software 0.12 -0.12
Dabur India Ltd. Personal Products @ 0.00
APL Apollo Tubes Ltd. Industrial Products 0.11 -0.11
Dalmia Bharat Ltd. Cement & Cement Products @ 0.00
Exide Industries Ltd. Auto Components 0.10 -0.10
Housing and Urban Development
KFin Technologies Ltd Capital Markets 0.10 -0.10 Corporation Ltd. Finance @ 0.00
Mazagon Dock Shipbuilders Ltd Industrial Manufacturing 0.10 -0.10 Indian Bank Banks @ 0.00
Multi Commodity Exchange of India L Capital Markets 0.10 -0.10 Indus Towers Limited Telecom - Services @ 0.00
Union Bank of India Banks 0.10 -0.10 InterGlobe Aviation Ltd. Transport Services @ 0.00
Au Small Finance Bank Ltd. Banks 0.09 -0.09 L&T Finance Ltd. Finance @ 0.00
LIC Housing Finance Ltd. Finance 0.09 -0.09 NBCC (India) Limited Construction @ 0.00
National Aluminium Co. Ltd. Non - Ferrous Metals 0.09 -0.09 Oracle Financial Ser Software Ltd. IT - Software @ 0.00
Polycab India Limited Industrial Products 0.09 -0.09 Persistent Systems Limited IT - Software @ 0.00
Bharat Heavy Electricals Ltd. Electrical Equipment 0.08 -0.08 Supreme Industries Ltd. Industrial Products @ 0.00
HFCL Ltd Telecom - Services 0.08 -0.08 Tube Investments of India Ltd. Auto Components @ 0.00
Amber Enterprises India Ltd. Consumer Durables 0.07 -0.07 Sub Total 72.62 -72.62
Max Financial Services Ltd. Insurance 0.07 -0.07
Total 72.62 -72.62
Solar Industries India Ltd. Chemicals & Petrochemicals 0.07 -0.07
DEBT & DEBT RELATED
Bank of India Banks 0.06 -0.06
Credit Exposure (Non Perpetual)
Coforge Limited IT - Software 0.06 -0.06
National Bank for Agri & Rural Dev. CRISIL - AAA 0.52 0.00
Maruti Suzuki India Limited Automobiles 0.06 -0.06
Bharti Telecom Limited CRISIL - AAA 0.36 0.00
Prestige Estates Projects Ltd. Realty 0.06 -0.06
Bajaj Finance Ltd. CRISIL - AAA 0.35 0.00
GAIL (India) Ltd. Gas 0.05 -0.05
HDFC Bank Ltd.£ CRISIL - AAA 0.35 0.00
HDFC Life Insurance Company Limited Insurance 0.05 -0.05
Power Finance Corporation Ltd. CRISIL - AAA 0.23 0.00
Indian Energy Exchange Limited Capital Markets 0.05 -0.05
REC Limited. CRISIL - AAA 0.12 0.00
Life Insurance Corporation of India Insurance 0.05 -0.05
Sub Total 1.93 0.00
Patanjali Foods Limited Agricultural Food & Other Products 0.05 -0.05
Granules India Ltd. Pharmaceuticals & Biotechnology 0.04 -0.04 Total 1.93 0.00
Indian Railway Catering And Tourism MONEY MARKET INSTRUMENTS
Corp Ltd Leisure Services 0.04 -0.04 CD
Jubilant Foodworks Limited Leisure Services 0.04 -0.04 Canara Bank CRISIL - A1+ 0.57 0.00
Petronet LNG Ltd. Gas 0.04 -0.04 Sub Total 0.57 0.00
PNB Housing Finance Ltd. Finance 0.04 -0.04 Total 0.57 0.00
Alkem Laboratories Ltd. Pharmaceuticals & Biotechnology 0.03 -0.03 MUTUAL FUND UNITS
Bharat Dynamics Limited Aerospace & Defense 0.03 -0.03 Mutual Fund Units
Dr Reddys Laboratories Ltd. Pharmaceuticals & Biotechnology 0.03 -0.03 HDFC Liquid Fund - Direct Plan - Growth Option 5.80 0.00
KAYNES TECHNOLOGY INDIA HDFC Low Duration Fund - Direct Plan - Growth Option 0.71 0.00
LIMITED Industrial Manufacturing 0.03 -0.03
HDFC Money Market Fund - Direct Plan - Growth Option 11.10 0.00
Piramal Pharma Limited Pharmaceuticals & Biotechnology 0.03 -0.03
HDFC Ultra Short Term Fund - Direct Plan - Growth Option 0.24 0.00
Cyient Ltd. IT - Services 0.02 -0.02
Sub Total 17.85 0.00
Indian Oil Corporation Ltd. Petroleum Products 0.02 -0.02
Total 17.85 0.00
Samvardhana Motherson International
Ltd. Auto Components 0.02 -0.02 Cash,Cash Equivalents and Net Current Assets 7.03 0.00
Siemens Ltd. Electrical Equipment 0.02 -0.02 Grand Total 100.00 -72.62
Zydus Lifesciences Limited Pharmaceuticals & Biotechnology 0.02 -0.02 • Top Ten Holdings, £ Sponsor, @ Less than 0.01
Ambuja Cements Ltd. Cement & Cement Products 0.01 -0.01
Ashok Leyland Ltd Agricultural, Commercial & Outstanding exposure in derivative instruments ₹ in Crore 15,576.32
Construction Vehicles 0.01 -0.01 Hedged position in Equity & Equity related instruments
Bajaj Auto Limited Automobiles 0.01 -0.01
(% age) 72.95
Bandhan Bank Ltd. Banks 0.01 -0.01
Computer Age Management Services Capital Markets 0.01 -0.01 Face Value / Allotment NAV per Unit: ₹ 10, + Industry Classification as recommended
Cummins India Ltd. Industrial Products 0.01 -0.01 by AMFI, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of July 31, 2025
Fortis Healthcare Limited Healthcare Services 0.01 -0.01 unless otherwise specified.
ICICI Lombard General Insurance Co Insurance 0.01 -0.01 ¥ Dedicated Fund Manager for Overseas Investments:
Indusind Bank Ltd. Banks 0.01 -0.01 Mr. Dhruv Muchhal (since June 22, 2023) (Total Experience: Over 10 years).
IRB Infrastructure Developers Ltd. Construction 0.01 -0.01
Kalyan Jewellers India Ltd Consumer Durables 0.01 -0.01 € Includes investments made by the schemes of HDFC Mutual Fund aggregating to
₹538.37 Crore.
KEI Industries Ltd. Industrial Products 0.01 -0.01
Laurus Labs Ltd. Pharmaceuticals & Biotechnology 0.01 -0.01 Please refer Minimum Application Amount, Plans & Options, on Page no. 96 to 98.
MphasiS Limited. IT - Software 0.01 -0.01
$$For further details, please refer to para ‘Exit Load’ on page no. .

....Contd on next page

83 | July 2025
HDFC Arbitrage Fund ....Contd from previous page
An open ended scheme investing in arbitrage opportunities CATEGORY OF SCHEME
ARBITRAGE FUND

Industry llocation of E uity Holding

of Net ssets

an s 18.
harmaceuticals iotechnology 4.06
( )
utomobiles 4.00
etroleum roducts . 4
Telecom Services .88
ower .8
Cement Cement roducts .67
E uity 7 .6
Finance .01
Mutual Fund Units 17.8
Cash, Cash E uivalents and Net Current ssets 7.0
Consumer Durables .6
Credit Exposure 1.
IT Software . 4
CD 0. 7
Diversi ied Fmcg . 4
Ferrous Metals .10
Construction .00
Healthcare Services 1.77
etailing 1. 8
erospace Defense 1.4
ealty 1.0
everages 1.0
Leisure Services 0.
gricultural Food ther roducts 0. 0
Financial Technology Fintech 0.87
Non Ferrous Metals 0.78
Insurance 0.78
Transport Infrastructure 0.64
Metals Minerals Trading 0. 7
Diversi ied Metals 0. 7 ( )
Chemicals etrochemicals 0. 4
Food roducts 0. 0
Electrical E uipment 0. 4
uto Components 0. 4 E uity 7 .6
il 0. 6 Cash, Cash E uivalents and Net Current ssets 4.88
Capital Mar ets 0. 6 / S / 1+/ 1+ S E uivalent . 0
Consumable Fuels 0.
Industrial roducts 0.
Fertili ers grochemicals 0.14
Industrial Manufacturing 0.1
Gas 0.0
IT Services 0.0
CD - Certificate of Deposit;
Minerals Mining 0.01
gricultural, Commercial Construction ehicles 0.01
0 4 8 1 16 0

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 mount Invested ₹. in Lacs 21.40 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 37.25 28.01 15.59 6.84 3.89 1.21
Returns (%) 5.87 5.64 5.12 5.21 5.12 1.18
Benchmark Returns (%)# N.A. 5.99 5.77 6.79 7.58 7.50
Additional Benchmark Returns (%)# # 6.40 6.44 6.18 6.50 7.36 7.33
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark Benchmark Additional
Date Period Benchmark
Returns (%) Returns (%)# Returns (%) Scheme (₹) Benchmark
(₹)#
## (₹)##
Jul 31, 24 Last 1 Year 6.90 7.48 7.41 10,690 10,748 10,741
Jul 29, 22 Last 3 Years 7.04 7.37 7.06 12,270 12,386 12,277
Jul 31, 20 Last 5 Years 5.61 5.92 5.58 13,137 13,331 13,124
Jul 31, 15 Last 10 Years 5.67 5.52 6.31 17,365 17,118 18,445
Oct 23, 07 Since Inception 6.53 NA 6.30 30,787 NA 29,634
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance is not strictly
comparable with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is
limited to availing arbitrage opportunities, etc. For performance of other schemes managed by Arun Agarwal, Nandita Menezes
& Anil Bamboli, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The
expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in
the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

84 | July 2025
HDFC Floating Rate Debt Fund CATEGORY OF SCHEME
An open ended debt scheme predominantly investing in floating rate instruments (including fixed rate FLOATER FUND
instruments converted to floating rate exposures using swaps / derivatives) A Relatively High Interest Rate
Risk and Moderate Credit Risk

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
October 23, % to % to
Shobhit Mehrotra Over 32 years Company/Issuer Rating Company/Issuer Rating
2007 NAV NAV
DEBT & DEBT RELATED Aavas Financiers Ltd. CARE - AA 0.65
DATE OF ALLOTMENT/INCEPTION DATE SBFC Finance Limited IND - AA- 0.65
Government Securities (Central/State)
October 23, 2007 Sundaram Home Finance
• GOI 2034 Sovereign 15.74 Limited ICRA - AAA 0.65
NAV NAV PER • Floating Rate GOI 2033 Sovereign 8.16 India Universal Trust AL1 IND - AAA(SO) 0.61
(As On JULY 31, 2025) UNIT(₹) Godrej Industries Ltd. CRISIL - AA+ 0.49
• GOI 2031 Sovereign 6.11
Regular Plan - Growth Option 50.4211 Muthoot Finance Ltd. ICRA - AA+ 0.49
Regular Plan - Daily IDCW GOI 2028 Sovereign 0.98
10.0809 Truhome Finance Limited IND - AA 0.49
Reinvestment Option 6.67 GOI 2035 Sovereign 0.49 Power Grid Corporation of
Regular Plan - Weekly IDCW Option 10.0452 7.23 GOI 2039 India Ltd. CRISIL - AAA 0.42
Sovereign 0.44
Regular Plan - Monthly IDCW Option 10.1568 Toyota Financial Services
7.18 GOI 2033 Sovereign 0.27
Direct Plan - Growth Option 51.4430 India Ltd. ICRA - AAA 0.36
Direct Plan - Daily IDCW 6.92 GOI 2039 Sovereign 0.26 Export - Import Bank of
10.0809 India CRISIL - AAA 0.33
Reinvestment Option 6.33 GOI 2035 Sovereign 0.23
Direct Plan - Weekly IDCW Option 10.0454 Grasim Industries Ltd. CRISIL - AAA 0.33
7.41 GOI 2036 Sovereign 0.21
Direct Plan - Monthly IDCW Option 10.1496 Kotak Mahindra Prime Ltd. CRISIL - AAA 0.33
7.26 GOI 2033 Sovereign 0.14 Tata Capital Ltd. CRISIL - AAA 0.33
ASSETS UNDER MANAGEMENT € 6.79 GOI 2034 Sovereign 0.07 India Grid Trust CRISIL - AAA 0.32
As on July 31, 2025 7.27% Tamil Nadu SDL Mat Cholamandalam
₹15,496.95Cr.
120727 Sovereign 0.03 Investment & Finance Co.
Average for Month of July, 2025 ₹15,513.88Cr.
5.77 GOI 2030 Ltd. ICRA - AA+ 0.26
Sovereign 0.01
Hindustan Petroleum Corp.
QUANTITATIVE DATA 7.23% Tamil Nadu SDL MAT Ltd. CRISIL - AAA 0.17
140627 Sovereign 0.01
Residual Maturity * 4.67 Years Citicorp Finance (India)
7.64% Andhra Pradesh SDL ISD Ltd. ICRA - AAA 0.16
Macaulay Duration * 1.73 Years 170124 MAT 170131 Sovereign @
JM FINANCIAL HOME
Modified Duration * 1.63 Years Sub Total 33.15 LOANS LIMITED CRISIL - AA 0.16
Annualized Portfolio YTM#* 6.98% Credit Exposure (Non Perpetual) Jubilant Bevco Limited CRISIL - AA 0.13
#semi annual YTM has been annualised. • National Bank for Agri & Rural CRISIL - AAA Nirma Ltd. CRISIL - AA 0.07
*Calculated on the amount invested in debt Dev. / ICRA - AAA 7.39 JM Financial Asset
securities (including accrued interest), • Power Finance Corporation Ltd. Reconstruction Co. Limited ICRA - AA- 0.06
deployment of funds in TREPS and Reverse CRISIL - AAA 5.98
HDFC Bank Ltd.£ CRISIL - AAA 0.03
Repo and net receivable/ payable • Housing and Urban Development CARE - AAA /
Corporation Ltd. ICRA - AAA 3.40 Sub Total 59.74
• LIC Housing Finance Ltd. Credit Exposure (Perpetual Bonds)
TOTAL EXPENSE RATIO CRISIL - AAA 3.33
TMF Holdings Ltd.
(As On July 31, 2025) • Bajaj Housing Finance Ltd. CRISIL - AAA (Perpetual) CRISIL - AA+ 0.96
Including Additional Expenses and Goods and / IND - AAA 3.09
Sub Total 0.96
Service Tax on Management Fees • Jubilant Beverages Limited CRISIL - AA 2.91
Total 93.85
Regular: 0.49% Direct: 0.26% • Indian Railways Finance Corp.
MONEY MARKET INSTRUMENTS
Ltd. CRISIL - AAA 2.57
Aadhar Housing Finance Limited ICRA - AA CD
#BENCHMARK INDEX 2.30
Punjab National Bank IND - A1+ 0.62
CRISIL Short Duration Debt A-II Index REC Limited. CARE - AAA /
CRISIL - AAA 1.96 Sub Total 0.62
##ADDL. BENCHMARK INDEX National Housing Bank CARE - AAA / Alternative Investment Fund Units
CRISIL 10 Year Gilt Index CRISIL - AAA 1.64 Corporate Debt Market Development Fund 0.28
TATA Capital Housing Finance Sub Total 0.28
EXIT LOAD$$ Ltd. CRISIL - AAA 1.47 Cash,Cash Equivalents and Net Current Assets 5.25
Nil Bharti Telecom Limited CRISIL - AAA 1.45 Grand Total 100.00
Jamnagar Utilities & Power Pvt. • Top Ten Holdings, £ Sponsor, @ Less than 0.01
Limited CRISIL - AAA 1.29
Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 1.29 Outstanding exposure in
Poonawalla Fincorp Ltd CRISIL - AAA 1.29 derivative instruments ₹ in Crore 4,800.00
JM Financial Credit Solutions Ltd. ICRA - AA Interest Rate Swap.
1.12
TVS Credit Services Ltd ICRA - AA+ 1.01 Face alue / llotment N per Unit: ₹ 10, CD -
Small Industries Development Certificate of Deposit; CP - Commercial Papers. Data is
Bank CRISIL - AAA 0.99 as of July 31, 2025 unless otherwise specified.
Bajaj Finance Ltd. CRISIL - AAA 0.98
¥ Dedicated Fund Manager for Overseas Investments:
HDB Financial Services Ltd. CRISIL - AAA 0.98 Mr. Dhruv Muchhal (since June 22, 2023) (Total
IIFL Finance Limited CRISIL - AA 0.97 Experience: Over 10 years).
Sikka Port and Terminal Ltd. CRISIL - AAA 0.97 € Includes investments made by the schemes of HDFC
NTPC Limited CRISIL - AAA 0.91 Mutual Fund aggregating to ₹ 4.81 Crore.
India Universal Trust AL2 CRISIL -
AAA(SO) 0.82 Please refer Minimum Application Amount, Plans &
Dhruva XXIV ICRA - Options, on Page no. 96 to 98.
AAA(SO) 0.75
$$For further details, please refer to para ‘Exit Load’ on
Liquid Gold Series 8 Dec 2024 CRISIL -
AAA(SO) 0.73 page no. 99
Tata Power Renewable Energy
Limited CARE - AA+ 0.66

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

85 | July 2025
HDFC Floating Rate Debt Fund ....Contd from previous page
An open ended debt scheme predominantly investing in floating rate instruments (including fixed rate CATEGORY OF SCHEME
instruments converted to floating rate exposures using swaps / derivatives) A Relatively High Interest Rate
FLOATER FUND
Risk and Moderate Credit Risk

( ) ( )

Credit Exposure 7.7 / S / 1+/ 1+ S E uivalent 47. 4

G Sec, SDL .1 Sovereign .1
Cash, Cash E uivalents and Net Current ssets . / . 1
Securiti ed Debt Instruments . 1 Cash, Cash E uivalents and Net Current ssets .
CD 0.6 + .87
lternative Investment Fund Units 0. 8 lternative Investment Fund Units 0. 8

CD - Certificate of Deposit;

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 mount Invested ₹. in Lacs 21.40 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 44.70 32.95 17.45 7.24 4.09 1.26
Returns (%) 7.70 7.63 7.27 7.45 8.44 8.94
Benchmark Returns (%)# 7.54 7.48 7.05 7.05 8.22 9.04
Additional Benchmark Returns (%)# # 6.71 6.83 6.63 7.26 9.23 9.14
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 8.68 8.76 9.88 10,868 10,876 10,988
Jul 29, 22 Last 3 Years 8.11 7.65 8.69 12,643 12,483 12,850
Jul 31, 20 Last 5 Years 6.67 6.06 5.33 13,812 13,425 12,966
Jul 31, 15 Last 10 Years 7.40 7.31 6.85 20,441 20,257 19,416
Oct 23, 07 Since Inception 7.84 7.65 6.65 38,250 37,080 31,441
eturns greater than 1 year period are compounded annuali ed C G . Since inception returns are calculated on ₹ 1 .18 1
allotment price) For performance of other schemes managed by Shobhit Mehrotra, please refer page 99. Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower
to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page
104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments i s
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

86 | July 2025
HDFC Corporate Bond Fund CATEGORY OF SCHEME
An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds. A CORPORATE BOND FUND
Relatively High Interest Rate Risk and Moderate Credit Risk

INVESTMENT OBJECTIVE: To generate income/capital appreciation through investments predominantly in AA+ and above rated corporate bonds. There is no assurance that
the investment objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
October 27, % to % to
Anupam Joshi Over 19 years Company/Issuer Rating Company/Issuer Rating
2015 NAV NAV
DEBT & DEBT RELATED • LIC Housing Finance Ltd. CRISIL - AAA 4.87
DATE OF ALLOTMENT/INCEPTION DATE Government Securities (Central/State) • Small Industries Development
June 29, 2010 • 6.92 GOI 2039 Sovereign 6.66 Bank CRISIL - AAA 4.86
Floating Rate GOI 2033 Sovereign 2.57 • Bajaj Finance Ltd. CRISIL - AAA 4.37
NAV NAV PER 6.68 GOI 2040 Sovereign 2.16 • HDFC Bank Ltd.£ CRISIL - AAA 3.65
(As On JULY 31, 2025) UNIT(₹) • Indian Railways Finance Corp.
GOI 2034 Sovereign 1.35
Regular Plan - Growth Option 32.8571 Ltd. CRISIL - AAA 3.58
7.23 GOI 2039 Sovereign 1.14
Regular Plan - IDCW Option 19.8907 Bajaj Housing Finance Ltd. CRISIL - AAA 2.90
GOI 2031 Sovereign 1.00
Regular Plan - Quarterly IDCW Housing and Urban CARE - AAA /
10.5111 6.9 GOI 2065 Sovereign 0.81
Option Development Corporation Ltd. ICRA - AAA 2.53
Direct Plan - Growth Option 33.5813 7.09 GOI 2054 Sovereign 0.49 HDB Financial Services Ltd. CRISIL - AAA 2.31
Direct Plan - IDCW Option 20.5762 7.18 GOI 2037 Sovereign 0.45 National Housing Bank CARE - AAA /
Direct Plan - Quarterly IDCW Option 10.4091 7.54 GOI 2036 Sovereign 0.45 CRISIL - AAA 2.18
7.41 GOI 2036 Sovereign 0.30 Pipeline Infrastructure Pvt.
ASSETS UNDER MANAGEMENT € 6.67 GOI 2035 Sovereign 0.28 Ltd. CRISIL - AAA 1.97
7.08% Maharashtra SDL ISD National Highways Authority
As on July 31, 2025 ₹35,968.16Cr. 250625 MAT 250639 Sovereign 0.28 of India CRISIL - AAA 1.95
Average for Month of July, 2025 ₹35,847.04Cr. 7.64% Gujarat SDL ISD 170124 Indian Oil Corporation Ltd. CRISIL - AAA 1.71
MAT 170133 Sovereign 0.25 Power Grid Corporation of
QUANTITATIVE DATA 7.68% Jharkhand SDL ISD India Ltd. CRISIL - AAA 1.70
240124 Mat 240132 Sovereign 0.22 Toyota Financial Services India CRISIL - AAA
Residual Maturity * 6.78 Years
7.34 GOI 2064 Sovereign 0.21 Ltd. / ICRA - AAA 1.57
Macaulay Duration * 4.44 Years SMFG India Credit Company CARE - AAA /
7.64% % Gujarat SDL ISD
Modified Duration * 4.20 Years 170124 Mat 170134 Sovereign 0.20 Ltd ICRA - AAA 1.34
Annualized Portfolio YTM#* 6.88% 7.63% Gujarat SDL ISD 240124 National Bank for Financing
#semi annual YTM has been annualised. Mat 240134 Sovereign 0.15 Infrastructure and
*Calculated on the amount invested in debt Development CRISIL - AAA 1.27
7.67% Chhattisgarh SDL ISD
securities (including accrued interest), 240124 Mat 240131 Sovereign 0.15 India Universal Trust AL2 CRISIL -
deployment of funds in TREPS and Reverse AAA(SO) 1.17
7.68% Chattisgarh SDL ISD
Repo and net receivable/ payable 170124 MAT 170132 Sovereign 0.15 Nomura Capital India Pvt. Ltd. IND - AAA 1.15
6.88% Andhra Pradesh SDL Reliance Industries Ltd. CRISIL - AAA 1.11
TOTAL EXPENSE RATIO ISD 040425 MAT 040440 Sovereign 0.14 Hindustan Petroleum Corp.
(As On July 31, 2025) 7.09% Andhra Pradesh SDL Ltd. CRISIL - AAA 1.08
Including Additional Expenses and Goods and ISD 260325 MAT 260335 Sovereign 0.14 Kotak Mahindra Investments
7.11% Maharashtra SDL ISD Ltd. CRISIL - AAA 0.99
Service Tax on Management Fees
080125 MAT 080138 Sovereign 0.14 TATA Capital Housing Finance
Regular: 0.61% Direct: 0.36% Ltd. CRISIL - AAA 0.93
7.39% Andhra Pradesh SDL
ISD 030424 MAT 030430 Sovereign 0.14 MANGALORE REFINERY AND
#BENCHMARK INDEX 6.82% Bihar SDL - ISD 140721 PETROCHEMICA CRISIL - AAA 0.70
NIFTY Corporate Bond Index A- II Mat 140728 Sovereign 0.11 John Deere Financial India Pvt.
GOI STRIPS - Mat 250535 Sovereign 0.11 Ltd. CRISIL - AAA 0.68
##ADDL. BENCHMARK INDEX
CRISIL 10 Year Gilt Index GOI STRIPS - Mat 251135 Sovereign 0.11 L&T Finance Ltd. CRISIL - AAA
/ ICRA - AAA 0.56
7.03% Maharashtra SDL ISD
250625 MAT 250638 Sovereign 0.10 DME Development Limited CRISIL - AAA 0.50
EXIT LOAD$$ Nuclear Power Corporation of
7.24 GOI 2033 Sovereign 0.09
Nil India Ltd. ICRA - AAA 0.36
7.66% RAJASTHAN SDL ISD
240124 Mat 240131 Sovereign 0.07 Kotak Mahindra Prime Ltd. CRISIL - AAA 0.28
7.05% Haryana SDL ISD NHPC Ltd. CARE - AAA 0.26
250625 Mat 250638 Sovereign 0.04 ICICI Bank Ltd. CARE - AAA 0.14
GOI STRIPS - Mat 120635 Sovereign 0.04 Nomura Fixed Income
GOI STRIPS - Mat 121235 Sovereign 0.04 Securities Pvt. IND - AAA 0.14
7.1 GOI 2028 Sovereign 0.03 NTPC Limited CRISIL - AAA 0.14
7.63% Gujarat SDL ISD 240124 Export - Import Bank of India CRISIL - AAA 0.07
Mat 240133 Sovereign 0.03 Jamnagar Utilities & Power Pvt.
GOI STRIPS - Mat 221035 Sovereign 0.03 Limited CRISIL - AAA 0.07
GOI STRIPS - Mat 220435 Sovereign 0.02 SMFG India Home Finance
Company Ltd CARE - AAA 0.07
7.64% Tamil Nadu SDL MAT
Sikka Port and Terminal Ltd. CRISIL - AAA 0.04
270729 Sovereign 0.01
7.36% Maharashtra SDL ISD Sub Total 75.95
120423 Mat 120428 Sovereign @ Total 96.61
Sub Total 20.66 Alternative Investment Fund Units
Credit Exposure (Non Perpetual) Corporate Debt Market
Development Fund 0.27
• National Bank for Agri & Rural CRISIL - AAA / Sub Total 0.27
Dev. ICRA - AAA 6.43
Cash,Cash Equivalents and Net Current Assets 3.12
• REC Limited. CARE - AAA /
CRISIL - AAA / Grand Total 100.00
IND - AAA 5.78 • Top Ten Holdings, £ Sponsor, @ Less than 0.01
• State Bank of India CARE - AAA /
CRISIL - AAA / Outstanding exposure in
₹ in
ICRA - AAA 5.49 derivative instruments 2,575.00
Crore)
• Power Finance Corporation Interest Rate Swap.
Ltd. CRISIL - AAA 5.05

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

87 | July 2025
HDFC Corporate Bond Fund ....Contd from previous page
An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds. A CATEGORY OF SCHEME
Relatively High Interest Rate Risk and Moderate Credit Risk CORPORATE BOND FUND

PORTFOLIO

Face Value / Allotment NAV per Unit: ₹ 10, CD - Certificate of Deposit;

CP - Commercial Papers, Data is as of July 31, 2025 unless otherwise
specified.
( )
¥ Dedicated Fund Manager for Overseas Investments:
Mr. Dhruv Muchhal (since June 22, 2023) (Total Experience: Over 10
years).
Credit Exposure 74.78
G Sec, G Sec ST I S, SDL 0.66 € Includes investments made by the schemes of HDFC Mutual Fund
Cash, Cash E uivalents and Net Current ssets .1 aggregating to ₹ 1 01. 8 Crore.
Securiti ed Debt Instruments 1.17
lternative Investment Fund Units 0. 7
Please refer Minimum Application Amount, Plans & Options, on Page no.
96 to 98.

$$For further details, please refer to para ‘Exit Load’ on page no. .

( )

/ S / 1+/ 1+ S E uivalent 7 .
Sovereign 0.66
Cash, Cash E uivalents and Net Current ssets .1
lternative Investment Fund Units 0. 7

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 mount Invested ₹. in Lacs 18.20 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 34.30 33.64 17.61 7.21 4.09 1.26
Returns (%) 7.89 7.88 7.45 7.28 8.49 8.94
Benchmark Returns (%)# 7.46 7.45 6.97 6.77 7.87 8.49
Additional Benchmark Returns (%)# # 6.82 6.83 6.63 7.26 9.23 9.14
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 9.03 8.29 9.88 10,903 10,829 10,988
Jul 29, 22 Last 3 Years 7.98 7.31 8.69 12,599 12,366 12,850
Jul 31, 20 Last 5 Years 6.28 5.94 5.33 13,564 13,347 12,966
Jul 31, 15 Last 10 Years 7.72 7.25 6.85 21,042 20,149 19,416
Jun 29, 10 Since Inception 8.20 7.75 6.58 32,857 30,860 26,167
Returns greater than 1 year period are compounded annualized (CAGR) For performance of other schemes managed by Anupam
Joshi, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of
the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular
Plan. For Performance of Direct Plan, refer page 104 to 110.
Note: Effective close of business hours of May 8, 2018, HDFC Medium Term Opportunities Fund (HMTOF) underwent changes in
Fundamental Attributes and was renamed as HDFC Corporate Bond Fund (HCBF) and HDFC Floating Rate Income Fund – Long
Term Plan and HDFC Gilt Fund – Short Term Plan were merged therein. As the portfolio structuring of HCBF closely resembles
the erstwhile HMTOF, the past performance of HMTOF is provided, in line with SEBI circular on Performance disclosure post
consolidation/ merger of scheme dated April 12, 2018.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments i s
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

88 | July 2025
HDFC Banking and PSU Debt Fund
[An open ended debt scheme predominantly investing in debt instruments of banks, public sector undertakings, CATEGORY OF SCHEME
public financial institutions and municipal bonds. A Relatively High Interest Rate Risk and Moderate Credit Risk] BANKING AND PSU FUND

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

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
Anil Bamboli March 26, 2014 Over 30 years % to % to
Company/Issuer Rating Company/Issuer Rating
NAV NAV
DATE OF ALLOTMENT/INCEPTION DATE DEBT & DEBT RELATED Mahanagar Telephone BRICKWORKS -
March 26, 2014 Government Securities (Central/State) Nigam Ltd. AA+(CE) / CARE
7.18 GOI 2033 Sovereign 3.35 - AAA(CE) 1.90
NAV NAV PER 7.26 GOI 2033 Sovereign 2.56 Pipeline Infrastructure Pvt.
(As On JULY 31, 2025) UNIT(₹) Ltd. CRISIL - AAA 1.31
6.67 GOI 2035 Sovereign 1.36
Regular Plan - Growth Option 23.2173 SMFG India Credit Company
Regular Plan - IDCW Option 10.2458 GOI 2034 Sovereign 1.12 Ltd CARE - AAA 1.29
Direct Plan - Growth Option 24.1822 7.64% Gujarat SDL ISD Export - Import Bank of
Direct Plan - IDCW Option 10.0309 170124 MAT 170133 Sovereign 0.88 India CRISIL - AAA 0.86
7.34 GOI 2064 Sovereign 0.87 TATA Capital Housing
7.64% % Gujarat SDL ISD Finance Ltd. CRISIL - AAA 0.86
ASSETS UNDER MANAGEMENT
170124 Mat 170134 Sovereign 0.53 Bank of Baroda CRISIL - AAA 0.51
As on July 31, 2025 ₹5,935.12Cr. 7.63% Gujarat SDL ISD Toyota Financial Services
Average for Month of July, 2025 ₹5,956.45Cr. 240124 Mat 240133 Sovereign 0.44 India Ltd. ICRA - AAA 0.47
7.63% Gujarat SDL ISD Indian Oil Corporation Ltd. CRISIL - AAA 0.43
QUANTITATIVE DATA 240124 Mat 240134 Sovereign 0.35
Altius Telecom
Residual Maturity * 5.13 Years 7.23 GOI 2039 Sovereign 0.18 Infrastructure Trust CRISIL - AAA 0.42
Macaulay Duration * 3.73 Years 7.18 GOI 2037 Sovereign 0.09 Indian Bank CRISIL - AAA 0.42
Modified Duration * 3.52 Years 7.63% Maharashtra SDL Mat Poonawalla Fincorp Ltd CRISIL - AAA 0.42
310135 Sovereign 0.09
Annualized Portfolio YTM#* 6.78% Bajaj Finance Ltd. CRISIL - AAA 0.34
#semi annual YTM has been annualised. 7.03% Haryana SDL ISD
110625 MAT 110639 Sovereign 0.01 Sub Total 83.69
*Calculated on the amount invested in debt Total 95.52
securities (including accrued interest), Sub Total 11.83
Credit Exposure (Non Perpetual) Alternative Investment Fund Units
deployment of funds in TREPS and Reverse
Repo and net receivable/ payable • Indian Railways Finance Corporate Debt Market Development Fund 0.29
Corp. Ltd. CRISIL - AAA 10.06 Sub Total 0.29
TOTAL EXPENSE RATIO • Small Industries CARE - AAA / Cash,Cash Equivalents and Net Current Assets 4.19
(As On July 31, 2025) Development Bank CRISIL - AAA 9.41 Grand Total 100.00
Including Additional Expenses and Goods and • National Bank for Agri & CRISIL - AAA / • Top Ten Holdings, £ Sponsor
Service Tax on Management Fees Rural Dev. ICRA - AAA 8.80
Regular: 0.78% Direct: 0.39% • REC Limited. CRISIL - AAA / Outstanding exposure in ₹ in
ICRA - AAA 8.14 derivative instruments Crore) 450.00
• HDFC Bank Ltd.£ CRISIL - AAA 7.74 Interest Rate Swap.
#BENCHMARK INDEX
• Housing and Urban
NIFTY Banking & PSU Debt Index A-II Development Corporation CARE - AAA / ICRA Face Value / Allotment NAV per Unit: ₹ 10, Data is as of
##ADDL. BENCHMARK INDEX Ltd. - AAA 6.08 July 31, 2025 unless otherwise specified.
CRISIL 10 Year Gilt Index • Power Finance Corporation
Ltd. CRISIL - AAA 5.60 ¥ Dedicated Fund Manager for Overseas Investments:
Mr. Dhruv Muchhal (since June 22, 2023) (Total
EXIT LOAD$$ • Bajaj Housing Finance Ltd. CRISIL - AAA 4.32
Experience: Over 10 years).
Nil • State Bank of India CRISIL - AAA 4.22
• National Housing Bank CARE - AAA / Please refer Minimum Application Amount, Plans &
CRISIL - AAA 3.45 Options, on Page no. 96 to 98.
Power Grid Corporation of
India Ltd. CRISIL - AAA 2.34 $$For further details, please refer to para ‘Exit Load’ on
LIC Housing Finance Ltd. CRISIL - AAA 2.16 page no. 99.
Punjab National Bank CRISIL - AAA 2.14

( ) ( )

Credit Exposure 8 .6 / S / 1+/ 1+ S E uivalent 8 .

G Sec, SDL 11.8 Sovereign 11.8
Cash, Cash E uivalents and Net Current ssets 4.1 Cash, Cash E uivalents and Net Current ssets 4.1
lternative Investment Fund Units 0. + 1.47
lternative Investment Fund Units 0.

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

89 | July 2025
HDFC Banking and PSU Debt Fund ....Contd from previous page
[An open ended debt scheme predominantly investing in debt instruments of banks, public sector undertakings, CATEGORY OF SCHEME
public financial institutions and municipal bonds. A Relatively High Interest Rate Risk and Moderate Credit Risk]
BANKING AND PSU FUND

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception SIP 10 year SIP 5 year SIP 3 year SIP 1 year SIP
Total mount Invested ₹. in Lacs 13.70 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 21.01 17.27 7.15 4.07 1.26
Returns (%) 7.23 7.08 6.94 8.10 8.84
Benchmark Returns (%)# 6.96 6.83 6.68 7.86 8.52
Additional Benchmark Returns (%)# # 6.76 6.63 7.26 9.23 9.14
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested

Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 8.72 8.33 9.88 10,872 10,833 10,988
Jul 29, 22 Last 3 Years 7.51 7.28 8.69 12,434 12,352 12,850
Jul 31, 20 Last 5 Years 6.05 5.74 5.33 13,416 13,224 12,966
Jul 31, 15 Last 10 Years 7.43 7.11 6.85 20,489 19,892 19,416
Mar 26, 14 Since Inception 7.70 7.46 7.39 23,217 22,640 22,465
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Anil
Bamboli, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses
of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not
taken into consideration for computation of performance.

This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is
linked to the interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged
with derivatives is likely to be lesser than that in an equivalent maturity fixed rate instrument. Under some market
circumstances the volatility may be of an order greater than what may ordinarily be expected considering only its duration.
Hence investors are recommended to consider the unadjusted portfolio maturity of the scheme as well and exercise adequate
due diligence when deciding to make their investments

90 | July 2025
HDFC Credit Risk Debt Fund CATEGORY OF SCHEME
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 CREDIT RISK FUND

INVESTMENT OBJECTIVE: To generate income/capital appreciation by investing predominantly in AA and below rated corporate debt. There is no assurance that the
investment objective of the Scheme will be achieved.

FUND MANAGER ¥
PORTFOLIO
Name Since Total Exp
March 25, Industry+ / Industry+ /
Shobhit Mehrotra Over 32 years Issuer % to Issuer % to
2014 Issuer Security Issuer Security
Rating NAV Rating NAV
Rating Rating
DATE OF ALLOTMENT/INCEPTION DATE DEBT & DEBT RELATED NTPC Limited CRISIL - AAA CRISIL - AAA 0.86
March 25, 2014 Government Securities (Central/State) MAS Financial
7.09 GOI 2054 Sovereign Sovereign 1.51 Services Ltd. CARE - AA- CARE - AA- 0.78
NAV PER 7.3 GOI 2053 Sovereign Sovereign 1.25 National Bank for
NAV
(As On JULY 31, 2025) UNIT(₹) Agri & Rural Dev. CRISIL - AAA CRISIL - AAA 0.73
7.34 GOI 2064 Sovereign Sovereign 1.17
Regular Plan - Growth Option 24.2568 TATA Capital
7.1 GOI 2034 Sovereign Sovereign 1.15
Housing Finance Ltd. CRISIL - AAA CRISIL - AAA 0.71
Regular Plan - IDCW Option 22.3365 6.33 GOI 2035 Sovereign Sovereign 1.14
Vajra 004 Trust CRISIL -
Regular Plan - Quarterly IDCW 6.67 GOI 2035 Sovereign Sovereign 1.12 CRISIL - AA(SO) AA(SO) 0.70
10.4058
Option 7.23 GOI 2039 Sovereign Sovereign 0.90 INDIGO 041 CRISIL - AA(SO) CRISIL - A+ 0.41
Direct Plan - Growth Option 26.2207 7.18 GOI 2037 Sovereign Sovereign 0.74 Indian Railways
Direct Plan - IDCW Option 22.9852 7.25 GOI 2063 Sovereign Sovereign 0.58 Finance Corp. Ltd. CRISIL - AAA CRISIL - AAA 0.37
Direct Plan - Quarterly IDCW Option 10.7380 6.92 GOI 2039 Sovereign Sovereign 0.36 Motilal Oswal Home
6.64 GOI 2035 Sovereign Sovereign 0.14 Fin Ltd. (Erst Aspire
ASSETS UNDER MANAGEMENT 7.64% Andhra Pradesh SDL Home Fin) ICRA - AA ICRA - AA- 0.36
ISD 170124 MAT 170131 Sovereign Sovereign 0.02 REC Limited. CRISIL - AAA CRISIL - AAA 0.30
As on July 31, 2025 ₹7,014.55Cr.
Sub Total 10.08 JM Financial Asset
Average for Month of July, ₹7,050.75Cr. Reconstruction Co.
2025 Credit Exposure (Non Perpetual)
Limited ICRA - AA- CRISIL - AA- 0.29
• Kalpataru Projects CRISIL - AA
International Ltd / IND - AA CRISIL - AA 7.63 Vajra 006 Trust ICRA -
QUANTITATIVE DATA ICRA - AA+(SO) AA+(SO) 0.22
• Tata Projects Ltd. IND - AA IND - AA 4.69
Residual Maturity * 3.86 Years Sub Total 80.91
• Tata Motors Ltd. CRISIL -
CRISIL - AA+ AA+ 4.33 Credit Exposure (Perpetual Bonds)
Macaulay Duration * 2.63 Years
• SANDUR MANGANESE AND TMF Holdings Ltd.
Modified Duration * 2.49 Years (Perpetual) CRISIL - AA+ CRISIL - AA+ 0.42
IRON ORES LIMITED ICRA - A+ CRISIL - A 4.17
Annualized Portfolio YTM#* 7.93% Sub Total 0.42
• Nirma Ltd. CRISIL - AA CRISIL - AA 3.75
#semi annual YTM has been annualised.
• Power Finance Corporation CRISIL - CRISIL - Total 91.41
*Calculated on the amount invested in debt
Ltd. AAA AAA 3.75 UNITS ISSUED BY REIT & INVIT
securities (including accrued interest),
• The Tata Power Company CRISIL - Units issued by InvIT
deployment of funds in TREPS and Reverse Ltd. CARE - AA+ AA+ 3.33
Repo and net receivable/ payable Indus Infra Trust Transport Transport
• Kogta Financial India Limited CARE - A+ / Infrastructure Infrastructure 2.06
ICRA - A+ CARE - A+ 3.02 Capital Infra Trust Construction Construction 0.57
TOTAL EXPENSE RATIO • Bamboo Hotel and Global POWERGRID
(As On July 31, 2025) Centre (Delhi) Private ICRA - ICRA - Infrastructure
Including Additional Expenses and Goods and Limited A+(CE) A+(CE) 2.88 Investment Trust Power Power 0.28
Service Tax on Management Fees • SK FINANCE LIMITED CRISIL - Sub Total 2.91
Regular: 1.60% Direct: 1.01% ICRA - AA- AA- 2.84
Units issued by ReIT
Jubilant Beverages Limited CRISIL - AA CRISIL - AA 2.83
Embassy Office
Jubilant Bevco Limited CRISIL - AA CRISIL - AA 2.63 Parks REIT Realty Realty 0.96
#BENCHMARK INDEX
ADITYA BIRLA
NIFTY Credit Risk Bond Index B-II Sub Total 0.96
RENEWABLES LIMITED CRISIL - AA CRISIL - AA 2.18
##ADDL. BENCHMARK INDEX JM FINANCIAL HOME LOANS Total 3.87
CRISIL 10 Year Gilt Index LIMITED CRISIL - AA CRISIL - AA 2.16 Alternative Investment Fund Units
DLF Home Developers Ltd ICRA - AA ICRA - AA 2.14 Corporate Debt Market Development Fund 0.34
Vastu Finserve India Pvt. Ltd. CARE - AA- CRISIL - A+ 2.14 Sub Total 0.34
EXIT LOAD$$
Mahindra Rural Housing CRISIL - Total 0.34
• In respect of each purchase / switch-in of Finance Ltd AAA / IND - Cash,Cash Equivalents and Net Current Assets 4.38
Units, 1 of the units “the limit” may be AA+ ICRA - AA+ 2.05 Grand Total 100.00
redeemed without any exit Load from the date GERA Development Pvt. Ltd. CARE - AA- CARE - AA- 1.80 • Top Ten Holdings
of allotment Godrej Industries Ltd. CRISIL -
• ny redemption in excess of the above limit CRISIL - AA+ AA+ 1.80 Outstanding exposure in ₹ in
shall be subject to the following exit load: TVS Credit Services Ltd CRISIL - derivative instruments Interest Crore) 50.00
• In respect of each purchase / switch-in of CRISIL - AA+ AA+ 1.74 Rate Swap.
Units, an Exit Load of 1.00% is payable if Units ONGC Petro Additions
are redeemed / switched-out within 12 months Limited (Letter Of Comfort By Face alue / llotment N per Unit: ₹ 10, Data is as of
from the date of allotment ONGC Limited) CRISIL - AA CRISIL - AA 1.45 July 1, 0 unless otherwise specified. ≈ ased on long
• In respect of each purchase / switch-in of Infopark Properties Limited CARE - AA- CARE - AA- 1.44 term rating.
Units, an Exit Load of 0.50% is payable if Units Ramco Industries Ltd. ICRA - AA- ICRA - AA- 1.43
are redeemed / switched-out after 12 months Resco Global Wind Services CRISIL - CRISIL - ¥ Dedicated Fund Manager for Overseas Investments:
but within 18 months from the date of Pvt. Ltd. AA+(CE) AA+(CE) 1.43 Mr. Dhruv Muchhal (since June 22, 2023)(Total
allotment LIC Housing Finance Ltd. CRISIL - CRISIL - Experience: Over 10 years).
• No Exit Load is payable if Units are redeemed AAA AAA 1.27
/ switched-out after 18 months from the date of Muthoot Capital Services Ltd CRISIL - A+ CRISIL - A+ 1.15 Please refer Minimum Application Amount, Plans &
allotment IKF FINANCE LIMITED CARE - A+ CARE - A+ 1.13 Options, on Page no. 96 to 98.
JSW Energy Ltd. ICRA - AA ICRA - AA 1.08
$$For further details, please refer to para ‘Exit Load’ on
IIFL Finance Limited CRISIL - AA ICRA - AA 1.07 page no. 99.
India Grid Trust CRISIL -
AAA / ICRA CRISIL -
- AAA AAA 1.00
VAJRA 009 TRUST ICRA - ICRA -
AA+(SO) AA+(SO) 0.87

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

91 | July 2025
HDFC Credit Risk Debt Fund ....Contd from previous page
An open ended debt scheme predominantly investing in AA and below rated corporate bonds (excluding CATEGORY OF SCHEME
AA+ rated corporate bonds) A Relatively High Interest Rate Risk and Relatively High Credit Risk
CREDIT RISK FUND

( )
( )

/ 41.
Credit Exposure 7 .1
+ 16.1
G Sec, SDL 10.08 + elow 14. 0
Cash, Cash E uivalents and Net Current ssets 4. 8 Sovereign 10.08
Units issued by InvIT . 1 / S / 1+/ 1+ S E uivalent 8.
Securiti ed Debt Instruments . 0 Cash, Cash E uivalents and Net Current ssets 4. 8
Units issued by eIT 0. 6 Units issued by InvIT . 1
lternative Investment Fund Units 0. 4 Units issued by eIT 0. 6
lternative Investment Fund Units 0. 4

SIP PERFORMANCE ^ - Regular Plan - Growth Option

Since Inception SIP 10 year SIP 5 year SIP 3 year SIP 1 year SIP
Total mount Invested ₹. in Lacs 13.70 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 21.43 17.59 7.21 4.07 1.26
Returns (%) 7.56 7.42 7.26 8.10 8.70
Benchmark Returns (%)# 8.21 8.13 7.96 8.31 8.32
Additional Benchmark Returns (%)# # 6.76 6.63 7.26 9.23 9.14
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested
Scheme Benchmark Benchmark Additional
Date Period Benchmark
Returns (%) Returns (%)# Returns (%) Scheme (₹) Benchmark
(₹)#
## (₹)##
Jul 31, 24 Last 1 Year 8.76 8.26 9.88 10,876 10,826 10,988
Jul 29, 22 Last 3 Years 7.55 8.30 8.69 12,448 12,711 12,850
Jul 31, 20 Last 5 Years 7.15 7.90 5.33 14,126 14,628 12,966
Jul 31, 15 Last 10 Years 7.69 8.29 6.85 20,983 22,190 19,416
Mar 25, 14 Since Inception 8.11 8.54 7.39 24,257 25,372 22,477
Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by
Shobhit Mehrotra, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The
expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in
the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.
Note: Effective close of business hours of May 8, 2018, HDFC Corporate Debt Opportunities Fund (HCDOF) underwent changes
in Fundamental Attributes and was renamed as HDFC Credit Risk Debt Fund (HCRDF) and HDFC Regular Savings Fund was
merged therein. As the portfolio structuring of HCRDF closely resembles the erstwhile HCDOF, the past performance of HCDOF
is provided,in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.

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

92 | July 2025
HDFC Dynamic Debt Fund
An open ended dynamic debt scheme investing across duration. A Relatively High Interest Rate CATEGORY OF SCHEME
Risk and Moderate Credit Risk DYNAMIC BOND FUND

INVESTMENT OBJECTIVE: To generate income / capital appreciation by investing in a range of debt and money market instruments. There is no assurance that the investment
objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
February 16, Over 30
Anil Bamboli % to % to
2004 years Company/Issuer Rating Company/Issuer Rating
NAV NAV
DATE OF ALLOTMENT/INCEPTION DATE DEBT & DEBT RELATED UNITS ISSUED BY REIT & INVIT
April 28, 1997 Government Securities (Central/State) Units issued by InvIT
• 7.3 GOI 2053 Sovereign 14.43 Indus Infra Trust Transport
NAV NAV PER • 7.34 GOI 2064 Sovereign 11.49 Infrastructure 1.52
(As On JULY 31, 2025) UNIT(₹)
• 7.18 GOI 2033 Sovereign 9.55 Sub Total 1.52
Regular Plan - Growth Option 89.9293
• 6.9 GOI 2065 Sovereign 7.40 Alternative Investment Fund Units
Regular Plan - Quarterly IDCW
12.6795 • 7.25 GOI 2063 Sovereign 6.81 Corporate Debt Market Development Fund 0.28
Option
Regular Plan - Half-Yearly IDCW • 7.26 GOI 2032 Sovereign 6.41 Sub Total 0.28
11.9594 Cash,Cash Equivalents and Net Current Assets 6.21
Option • GOI 2034 Sovereign 5.60
Regular Plan - Yearly IDCW Option 13.7399 • 7.09 GOI 2054 Sovereign 5.52 Grand Total 100.00
Regular Plan - Normal IDCW Option 19.2662 • 7.26 GOI 2033 Sovereign 3.19 • Top Ten Holdings, £ Sponsor, @ Less than 0.01
Direct Plan - Growth Option 99.3239 7.18 GOI 2037 Sovereign 2.54
Direct Plan - Quarterly IDCW Option 14.1273 6.92 GOI 2039 Sovereign 1.86
Direct Plan - Half-Yearly IDCW 7.64% Gujarat SDL ISD 170124 MAT Outstanding exposure in ₹ in 105.00
13.9598
Option 170133 Sovereign 1.28 derivative instruments Crore)
Direct Plan - Yearly IDCW Option 15.2867 Interest Rate Swap.
7.63% Gujarat SDL ISD 240124 Mat
Direct Plan - Normal IDCW Option 20.9133 240133 Sovereign 0.64
Face Value / Allotment NAV per Unit: ₹ 10, Data is as of
7.63% Gujarat SDL ISD 240124 Mat July 31, 2025 unless otherwise specified.
ASSETS UNDER MANAGEMENT
240134 Sovereign 0.64
As on July 31, 2025 ₹821.61Cr. 7.64% % Gujarat SDL ISD 170124 Mat ¥ Dedicated Fund Manager for Overseas Investments:
Average for Month of July, 2025 ₹837.80Cr. 170134 Sovereign 0.64 Mr. Dhruv Muchhal (since June 22, 2023) (Total
7.48% Uttar Pradesh SDL ISD 200324 Experience: Over 10 years).
QUANTITATIVE DATA Mat 200336 Sovereign 0.63
Residual Maturity * 20.24 Years 6.79 GOI 2034 Sovereign 0.62 Please refer Minimum Application Amount, Plans &
Macaulay Duration * 8.17 Years Options, on Page no. 96 to 98.
6.67 GOI 2035 Sovereign 0.59
Modified Duration * 7.88 Years 8.26% Maharashtra SDL - ISD 120815
$$For further details, please refer to para ‘Exit Load’ on
Annualized Portfolio YTM#* 6.86% Mat 120825 Sovereign 0.07
#semi annual YTM has been annualised. page no. 99.
7.03% Haryana SDL ISD 110625 MAT
*Calculated on the amount invested in debt
110639 Sovereign 0.03
securities (including accrued interest), deployment
of funds in TREPS and Reverse Repo and net 8.19% Rajasthan SDL (UDAY Scheme-
receivable/ payable Strip IX ) - ISD 230616 Mat 230626 Sovereign @
Sub Total 79.94
TOTAL EXPENSE RATIO Credit Exposure (Non Perpetual)
(As On July 31, 2025)
• REC Limited. CRISIL - AAA 3.25
Including Additional Expenses and Goods and
HDFC Bank Ltd.£ CRISIL - AAA 3.15
Service Tax on Management Fees
State Bank of India CRISIL - AAA 3.06
Regular: 1.52% Direct: 0.75%
Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 1.90
#BENCHMARK INDEX Housing and Urban Development
Corporation Ltd. CARE - AAA 0.62
NIFTY Composite Debt Index A- III
LIC Housing Finance Ltd. CRISIL - AAA 0.07
##ADDL. BENCHMARK INDEX
Sub Total 12.05
CRISIL 10 Year Gilt Index
Total 91.99

EXIT LOAD$$
Nil

( ) ( )

G Sec, SDL 7 . 4 Sovereign 7 . 4

Credit Exposure 1 .0 / S / 1+/ 1+ S E uivalent 1 .0
Cash, Cash E uivalents and Net Current ssets 6. 1 Cash, Cash E uivalents and Net Current ssets 6. 1
Units issued by InvIT 1. Units issued by InvIT 1.
lternative Investment Fund Units 0. 8 lternative Investment Fund Units 0. 8

....Contd on next page

For Product label and Riskometers, refer page no: 113-126

93 | July 2025
HDFC Dynamic Debt Fund ....Contd from previous page
An open ended dynamic debt scheme investing across duration. A Relatively High Interest Rate CATEGORY OF SCHEME
Risk and Moderate Credit Risk DYNAMIC BOND 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
Total mount Invested ₹. in Lacs 34.00 18.00 12.00 6.00 3.60 1.20
Mar et alue as on July 1, 0 ₹. in Lacs 108.09 30.72 16.54 7.11 4.03 1.24
Returns (%) 7.27 6.78 6.25 6.70 7.52 6.28
Benchmark Returns (%)# N.A. 7.68 7.30 7.15 8.50 8.80
Additional Benchmark Returns (%)# # N.A. 6.83 6.63 7.26 9.23 9.14
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested

Scheme Benchmark
Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 7.43 8.98 9.88 10,743 10,898 10,988
Jul 29, 22 Last 3 Years 7.30 8.02 8.69 12,362 12,613 12,850
Jul 31, 20 Last 5 Years 6.26 6.00 5.33 13,551 13,382 12,966
Jul 31, 15 Last 10 Years 6.41 7.57 6.85 18,623 20,751 19,416
Apr 28, 97 Since Inception 8.08 NA NA 89,929 NA NA
Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes
managed by Anil Bamboli, please refer page 99. Different plans viz. Regular Plan and Direct Plan have a different expense
structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission
charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is
linked to the interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged
with derivatives is likely to be lesser than that in an equivalent maturity fixed rate instrument. Under some market circumstances
the volatility may be of an order greater than what may ordinarily be expected considering only its duration. Hence investors are
recommended to consider the unadjusted portfolio maturity of the scheme as well and exercise adequate due diligence when
deciding to make their investments

94 | July 2025
HDFC Gilt Fund
An open ended debt scheme investing in government securities across maturities. A Relatively CATEGORY OF SCHEME
High Interest Rate Risk and Relatively Low Credit Risk GILT FUND

INVESTMENT OBJECTIVE: To generate credit risk-free returns through investments in sovereign securities issued by the Central Government and/ or State Government.
There is no assurance that the investment objective of the Scheme will be achieved.

FUND MANAGER ¥ PORTFOLIO

Name Since Total Exp
September 1, Over 30
Anil Bamboli % to % to
2007 years Issuer Rating Issuer Rating
NAV NAV
DATE OF ALLOTMENT/INCEPTION DATE DEBT & DEBT RELATED 8.97 GOI 2030 Sovereign 0.04
July 25, 2001 Government Securities (Central/State) 7.03% Haryana SDL ISD 110625
• 7.3 GOI 2053 Sovereign 15.88 MAT 110639 Sovereign 0.02
NAV NAV PER • 7.18 GOI 2033 Sovereign 13.86 6.76 GOI 2061 Sovereign 0.01
(As On JULY 31, 2025) UNIT(₹) Sub Total 92.40
• 7.34 GOI 2064 Sovereign 10.81
Regular Plan - Growth Option 55.6630 Cash,Cash Equivalents and Net Current Assets 7.60
• 6.9 GOI 2065 Sovereign 7.44
Regular Plan - IDCW Option 12.2275 Grand Total 100.00
• 7.09 GOI 2054 Sovereign 7.40
Direct Plan - Growth Option 58.6145
• 6.79 GOI 2034 Sovereign 7.33 • Top Ten Holdings
Direct Plan - IDCW Option 13.0427
• 7.26 GOI 2033 Sovereign 7.30
• 7.26 GOI 2032 Sovereign 5.93 Outstanding exposure in
ASSETS UNDER MANAGEMENT € ₹ in
derivative instruments 375.00
• 7.18 GOI 2037 Sovereign 4.15 Crore)
As on July 31, 2025 ₹3,019.71Cr. Interest Rate Swap.
Average for Month of July, 2025 • 7.25 GOI 2063 Sovereign 2.86
₹3,022.30Cr.
6.92 GOI 2039 Sovereign 2.53 Face Value / Allotment NAV per Unit: ₹ 10, Data is as of July
7.64% Gujarat SDL ISD 170124 31, 2025 unless otherwise specified.
QUANTITATIVE DATA
MAT 170133 Sovereign 1.71
Residual Maturity * 19.39 Years ¥ Dedicated Fund Manager for Overseas Investments: Mr.
7.17 GOI 2030 Sovereign 1.21
Macaulay Duration * 8.44 Years Dhruv Muchhal (since June 22, 2023) (Total Experience:
7.23 GOI 2039 Sovereign 1.04
Modified Duration * 8.16 Years Over 10 years).
Annualized Portfolio YTM#* 6.77% 7.64% % Gujarat SDL ISD 170124
#semi annual YTM has been annualised. Mat 170134 Sovereign 1.04 € Includes investments made by the schemes of HDFC
*Calculated on the amount invested in debt 7.63% Gujarat SDL ISD 240124 Mat Mutual Fund aggregating to ₹ 88. 4 Crore.
securities (including accrued interest), deployment 240133 Sovereign 0.52
of funds in TREPS and Reverse Repo and net GOI 2034 Sovereign 0.51 Please refer Minimum Application Amount, Plans &
receivable/ payable
7.63% Gujarat SDL ISD 240124 Mat Options, on Page no. 96 to 98.
240134 Sovereign 0.35
TOTAL EXPENSE RATIO
7.48% Uttar Pradesh SDL ISD $$For further details, please refer to para ‘Exit Load’ on
(As On July 31, 2025)
200324 Mat 200336 Sovereign 0.34 page no. 99.
Including Additional Expenses and Goods and
Service Tax on Management Fees 6.99 GOI 2051 Sovereign 0.12
Regular: 0.89% Direct: 0.46%

#BENCHMARK INDEX
NIFTY All Duration G-Sec Index SIP PERFORMANCE ^ - Regular Plan - Growth Option
##ADDL. BENCHMARK INDEX Since Inception 15 year 10 year 5 year 3 year 1 year
CRISIL 10 Year Gilt Index SIP SIP SIP SIP SIP SIP
Total mount Invested ₹. in Lacs 28.90 18.00 12.00 6.00 3.60 1.20
EXIT LOAD$$ Mar et alue as on July 1, 0 ₹. in Lacs 72.17 31.58 16.73 7.10 4.06 1.24
Returns (%) 6.92 7.11 6.47 6.67 7.97 6.93
Nil
Benchmark Returns (%)# N.A. 7.65 7.50 7.57 8.92 7.65
Additional Benchmark Returns (%)# # N.A. 6.83 6.63 7.26 9.23 9.14
ssuming ₹ 10,000 invested systematically on the first usiness Day of every month over a period of time. C G 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

Additional Value of ₹ 10,000 invested

G Sec, SDL .40 Scheme Benchmark
Cash, Cash E uivalents and Net Current ssets 7.60 Benchmark Additional
Date Period Returns Returns Benchmark
Returns (%) Scheme (₹) Benchmark
(%) (%)# (₹)#
## (₹)##
Jul 31, 24 Last 1 Year 8.13 8.83 9.88 10,813 10,883 10,988
Jul 29, 22 Last 3 Years 7.65 8.83 8.69 12,481 12,897 12,850
Jul 31, 20 Last 5 Years 5.35 6.10 5.33 12,980 13,447 12,966
Jul 31, 15 Last 10 Years 6.92 7.70 6.85 19,541 21,015 19,416
Jul 25, 01 Since Inception 7.40 NA NA 55,663 NA NA
( ) Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. For performance of other schemes
managed by Anil Bamboli, please refer page 99. 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 /
Sovereign .40 commission charged in the Regular Plan. For Performance of Direct Plan, refer page 104 to 110.
Cash, Cash E uivalents and Net Current ssets 7.60 ^Past performance may or may not be sustained in future and is not a guarantee of any future returns. Load is not taken
into consideration for computation of performance.

This scheme has exposure to floating rate instruments and / or interest rate derivatives. The duration of these instruments is
linked to the interest rate reset period. The interest rate risk in a floating rate instrument or in a fixed rate instrument hedged
with derivatives is likely to be lesser than that in an equivalent maturity fixed rate instrument. Under some market
circumstances the volatility may be of an order greater than what may ordinarily be expected considering only its duration.
Hence investors are recommended to consider the unadjusted portfolio maturity of the scheme as well and exercise adequate
due diligence when deciding to make their investments

For Product label and Riskometers, refer page no: 113-126

95 | July 2025
 FUND DETAILS ANNEXURE

SCHEME NAME MINIMUM APPLICATION AMOUNT PLANS & OPTIONS

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

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

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

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

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

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

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

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

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

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

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

HDFC Innovation Purchase/Additional Purchase:- Rs. 100 and any • egular and Direct. Each lan offers the following sub-options: a)Growth Option.
Fund amount thereafter. b)Income Distribution cum Capital Withdrawal (IDCW) Option. This Option offers
following Sub-Options / facilities:
• ayout of Income Distribution cum Capital Withdrawal IDCW ption / facility and
• e-investment of Income Distribution cum Capital Withdrawal (IDCW) Option / facility.

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

HDFC Defence Fund Purchase/ Switch-ins and Additional Purchase: Regular Plan, Direct Plan. Under Each Plan: Growth & IDCW Option. The IDCW Option
Not Applicable Currently, the Scheme does not offers following Sub-Options: Payout of IDCW Option; and Reinvestment of IDCW Option.
accept fresh lumpsum investments (including
Switch-ins). Further, 1. Fresh SIP registrations
(including SIP Top Up) only under Monthly
frequency shall be registered for upto Rs.
10,000/- per investor (Aggregated at First holder
PAN Level). 2. No new Systematic Transfers
(STPs) into the Scheme shall be registered Please
note, vide addendum dated July 08 2024, the
scheme shall not accept Fresh Systematic
Investment Plan (SIP) registrations from July 22,
2024. Systematic transactions already registered
will continue to be processed

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

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

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

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

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

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

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

96 | July 2025
 FUND DETAILS ANNEXURE

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

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

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

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

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

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

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

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

HDFC Retirement Purchase/Additional Purchase:- Rs. 100 and any Regular Plan, Direct Plan. Under Each Plan offers Growth Option only.
Savings Fund - Equity amount thereafter.
Plan

HDFC Retirement Purchase/Additional Purchase:- Rs. 100 and any Regular Plan, Direct Plan. Under Each Plan offers Growth Option only.
Savings Fund - Hybrid amount thereafter.
Equity Plan

HDFC Retirement Purchase/Additional Purchase:- Rs. 100 and any Regular Plan, Direct Plan. Under Each Plan offers Growth Option only.
Savings Fund - Hybrid amount thereafter.
Debt Plan

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

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

HDFC Ultra Short Purchase/Additional Purchase:- Rs. 100 and any Regular Plan, Direct Plan. Under both the Plans: Growth & IDCW Option. The (Daily) IDCW
Term Fund amount thereafter. Option offers only Re-investment of IDCW Option. The (Weekly and Monthly) IDCW
Option offers following Sub-Options: Payout of IDCW Option; and Re-investment of IDCW
Option.

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

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

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

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

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

97 | July 2025
 FUND DETAILS ANNEXURE

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

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

HDFC Floating Rate Purchase/Additional Purchase:- Rs. 100 and any Regular Plan, Direct Plan. Under both the Plans: Growth & IDCW Option. The (Daily) IDCW
Debt Fund amount thereafter. Option offers only Re-investment of IDCW Option. The (Weekly and Monthly) IDCW
Option offers following Sub-Options: Payout of IDCW Option; and Re-investment of IDCW
Option.

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

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

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

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

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

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

SEGMENT-WISE BREAK-UP OF EQUITY & HYBRID HOLDING

`

SCHEME Large Cap MidCap SmallCap

HDFC Balanced Advantage Fund 48.36% 5.50% 6.44%
HDFC Flexi Cap Fund 74.43% 3.99% 9.86%
HDFC Multi Cap Fund 44.62% 25.21% 28.81%
HDFC Large Cap Fund 90.81% 5.15% 0.00%
HDFC Mid Cap Fund 7.37% 65.03% 20.38%
HDFC Small Cap Fund 3.74% 6.99% 80.34%
HDFC Large and Mid Cap Fund 48.76% 34.97% 15.33%
HDFC Dividend Yield Fund 64.69% 11.63% 22.28%
HDFC Hybrid Equity Fund 48.04% 2.50% 16.61%
HDFC Multi-Asset Fund 37.98% 1.36% 7.58%
HDFC Equity Savings Fund 29.22% 1.64% 4.32%
HDFC Hybrid Debt Fund 17.66% 0.99% 1.07%
This breakup pertains only to equity exposure.

98 | July 2025
 Performance details of Schemes managed by respective Fund Managers
Sr. Name of the Fund Funds Managed Page Sr. Name of the Fund Funds Managed Page
No. Manager no. No. Manager no.
HDFC Mid Cap Fund 14-15
1 Mr. Chirag Setalvad HDFC Small Cap Fund 16-17 HDFC NIFTY100 Low Volatility 30 Index Fund (Co-managed scheme) 102
HDFC Children's Fund (Co-managed scheme) 59-60
Mr. Arun Agarwal HDFC NIFTY500 MULTICAP 50:25:25 INDEX FUND (Co-managed
HDFC Hybrid Debt Fund (Co-managed scheme) 55-56 103
scheme)
HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 61-62 HDFC Nifty LargeMidcap 250 Index Fund (Co-managed scheme) 102
HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 63-64 HDFC Nifty India Digital Index Fund (Co-managed scheme) 103
HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 65-66 HDFC Housing Opportunities Fund 34
2 Mr. Shobhit Mehrotra HDFC Medium Term Debt Fund (Co-managed scheme) 78-79 HDFC Infrastructure Fund 35-36
HDFC Income Fund 80 HDFC Balanced Advantage Fund (Co-managed scheme) 42-45
HDFC Long Duration Debt Fund 81 HDFC Hybrid Equity Fund (Co-managed scheme) 46-47
HDFC Floating Rate Debt Fund 85-86 HDFC Multi-Asset Fund (Co-managed scheme) 48-50
HDFC Credit Risk Debt Fund 91-92 HDFC Multi-Asset Active FOF (Co-managed scheme) 51
HDFC Balanced Advantage Fund (Co-managed scheme) 42-45 7 Mr. Srinivasan Ramamurthy HDFC Equity Savings Fund (Co-managed scheme) 53-54
HDFC Multi-Asset Fund (Co-managed scheme) 48-50 HDFC Hybrid Debt Fund (Co-managed scheme) 55-56
HDFC Multi-Asset Active FOF (Co-managed scheme) 51 HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 61-62
HDFC Income Plus Arbitrage Active FOF 52 HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed
HDFC Equity Savings Fund (Co-managed scheme) 53-54 63-64
scheme)
HDFC Children's Fund (Co-managed scheme) 59-60 HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed
3 Mr. Anil Bamboli HDFC Ultra Short Term Fund (Co-managed scheme) 70-71 65-66
scheme)
HDFC Short Term Debt Fund 76-77 HDFC Flexi Cap Fund 7-8
HDFC Arbitrage Fund (Co-managed scheme) 82-84 8 Ms. Roshi Jain HDFC Focused Fund 26
HDFC Banking and PSU Debt Fund 89-90 HDFC ELSS Tax saver 57-58
HDFC Dynamic Debt Fund 93-94 Mr. Bhagyesh Kagalkar HDFC Multi-Asset Fund (Co-managed scheme) 48-50
HDFC Gilt Fund 95 (Dedicated Fund Manager for HDFC Multi-Asset Active FOF (Co-managed scheme) 51
HDFC Charity Fund for Cancer Cure 100 9
Commodities related HDFC Gold ETF 100
HDFC Hybrid Equity Fund (Co-managed scheme) 46-47 investments) HDFC Silver ETF 100
HDFC Liquid Fund (Co-managed scheme) 68-69 HDFC Large Cap Fund 12-13
HDFC Low Duration Fund (Co-managed scheme) 72-73 HDFC Business Cycle Fund 27-28
HDFC Corporate Bond Fund 87-88 10 Mr. Rahul Baijal
HDFC Defence Fund (Co-managed scheme) 30
Close ended schemes 100 HDFC MNC Fund 37
HDFC Nifty G-Sec Dec 2026 Index Fund (Co-managed scheme) 102 HDFC Ultra Short Term Fund (Co-managed scheme) 70-71
4 Mr. Anupam Joshi HDFC Nifty G-Sec Jul 2031 Index Fund (Co-managed scheme) 102 11 Mr. Praveen Jain HDFC Low Duration Fund (Co-managed scheme) 72-73
HDFC Nifty G-Sec Jun 2027 Index Fund (Co-managed scheme) 102 HDFC Money Market Fund 74-75
HDFC Nifty G-Sec Sep 2032 Index Fund (Co-managed scheme) 102 HDFC Overnight Fund 67
HDFC Nifty SDL Oct 2026 Index Fund (Co-managed scheme) 102 12 Mr. Swapnil Jangam HDFC Liquid Fund (Co-managed scheme) 68-69
HDFC NIFTY G-Sec Apr 2029 Index Fund (Co-managed scheme) 102 HDFC NIFTY 1D RATE LIQUID ETF - Growth 100
HDFC NIFTY G-sec Jun 2036 Index Fund (Co-managed scheme) 102 HDFC Value Fund 21-22
HDFC NIFTY SDL Plus G-Sec Jun 2027 40:60 Index Fund (Co-managed scheme) 102 12 Mr. Anand Laddha
HDFC Banking & Financial Services Fund 31
HDFC Multi Cap Fund 9-11 HDFC Non-Cyclical Consumer Fund 38
HDFC Large and Mid Cap Fund 18-20 13 Mr. Amit Sinha
5 Mr. Gopal Agrawal HDFC Innovation Fund 41
HDFC Dividend Yield Fund 23-25 HDFC Transportation and Logistics Fund 29
HDFC Balanced Advantage Fund (Co-managed scheme) 42-45 14 Ms. Priya Ranjan
HDFC Defence Fund (Co-managed scheme) 30
HDFC Balanced Advantage Fund (Co-managed scheme) 42-45 15 Mr. Balakumar B HDFC Technology Fund 32
HDFC Multi-Asset Fund (Co-managed scheme) 48-50 16 Mr. Nikhil Mathur HDFC Pharma and Healthcare Fund 33
HDFC Equity Savings Fund (Co-managed scheme) 53-54 17 Mr. Rakesh Sethia HDFC Manufacturing Fund 39-40
HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 61-62 18 Mr. Bhavyesh Divecha HDFC Medium Term Debt Fund (Co-managed scheme) 78-79
HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 63-64 HDFC Balanced Advantage Fund (Co-managed scheme) 42-45
HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 65-66 HDFC Multi-Asset Fund (Co-managed scheme) 48-50
HDFC Arbitrage Fund (Co-managed scheme) 82-84 HDFC Equity Savings Fund (Co-managed scheme) 53-54
HDFC NIFTY Bank ETF (Co-managed scheme) 100 HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 61-62
HDFC NIFTY Growth Sectors 15 ETF (Co-managed scheme) 101 HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed
HDFC NIFTY 50 ETF (Co-managed scheme) 101 63-64
scheme)
HDFC BSE SENSEX ETF (Co-managed scheme) 101 HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed
HDFC NIFTY 100 ETF (Co-managed scheme) 101 65-66
scheme)
HDFC NIFTY Next 50 ETF (Co-managed scheme) 101 HDFC Arbitrage Fund (Co-managed scheme) 82-84
HDFC NIFTY50 VALUE 20 ETF (Co-managed scheme) 101 HDFC BSE 500 ETF (Co-managed scheme) 101
HDFC NIFTY100 Quality 30 ETF (Co-managed scheme) 101 HDFC NIFTY Midcap 150 ETF (Co-managed scheme) 101
HDFC NIFTY200 Momentum 30 ETF (Co-managed scheme) 101 HDFC Developed World Equity Passive FOF (Co-managed scheme) 102
HDFC NIFTY100 Low Volatility 30 ETF (Co-managed scheme) 101 HDFC BSE 500 Index Fund (Co-managed scheme) 102
HDFC NIFTY IT ETF (Co-managed scheme) 101 HDFC NIFTY Smallcap 250 ETF (Co-managed scheme) 101
6 Mr. Arun Agarwal HDFC NIFTY Private Bank ETF (Co-managed scheme) 101 HDFC Gold ETF Fund of Fund (Co-managed scheme) 102
HDFC NIFTY PSU BANK ETF (Co-managed scheme) 101 19 Ms. Nandita Menezes HDFC Nifty 50 Index Fund (Co-managed scheme) 103
HDFC BSE 500 ETF (Co-managed scheme) 101 HDFC BSE Sensex Index Fund (Co-managed scheme) 103
HDFC NIFTY Midcap 150 ETF (Co-managed scheme) 101 HDFC NIFTY50 Equal Weight Index Fund (Co-managed scheme) 103
HDFC Gold ETF Fund of Fund (Co-managed scheme) 102 HDFC NIFTY Next 50 Index Fund (Co-managed scheme) 103
HDFC Developed World Equity Passive FOF (Co-managed scheme) 102 HDFC NIFTY 100 Equal Weight Index Fund (Co-managed scheme) 103
HDFC BSE 500 Index Fund (Co-managed scheme) 102 HDFC NIFTY 100 Index Fund (Co-managed scheme) 103
HDFC NIFTY Smallcap 250 ETF (Co-managed scheme) 101 HDFC Silver ETF Fund of Fund (Co-managed scheme) 103
HDFC Nifty 50 Index Fund (Co-managed scheme) 103 HDFC NIFTY Midcap 150 Index Fund (Co-managed scheme) 102
HDFC BSE Sensex Index Fund (Co-managed scheme) 103 HDFC NIFTY Smallcap 250 Index Fund (Co-managed scheme) 103
HDFC NIFTY50 Equal Weight Index Fund (Co-managed scheme) 103 HDFC NIFTY200 Momentum 30 Index Fund (Co-managed scheme) 102
HDFC NIFTY Next 50 Index Fund (Co-managed scheme) 103 HDFC NIFTY Realty Index Fund (Co-managed scheme) 103
HDFC NIFTY 100 Equal Weight Index Fund (Co-managed scheme) 103 HDFC NIFTY100 Low Volatility 30 Index Fund (Co-managed scheme) 102
HDFC NIFTY 100 Index Fund (Co-managed scheme) 103 HDFC NIFTY500 MULTICAP 50:25:25 INDEX FUND (Co-managed
HDFC Silver ETF Fund of Fund (Co-managed scheme) 103 103
scheme)
HDFC NIFTY Midcap 150 Index Fund (Co-managed scheme) 102 HDFC Nifty LargeMidcap 250 Index Fund (Co-managed scheme) 102
HDFC NIFTY Smallcap 250 Index Fund (Co-managed scheme) 103 HDFC Nifty India Digital Index Fund (Co-managed scheme) 103
HDFC NIFTY200 Momentum 30 Index Fund (Co-managed scheme) 102
HDFC NIFTY Realty Index Fund (Co-managed scheme) 103 For performance details of Direct Plan, refer page 104 to 110.

$$ EXIT LOAD : (i) No Exit Load shall be levied for switching between Plans / Options within the Scheme. However, exit load will be applicable if the units are switched-out / redeemed from the Scheme
within the exit load period from the initial date of purchase. (ii) Switch of investments between Plans under a Scheme having separate portfolios, will be subject to applicable exit load. (iii) No exit load will
be levied on Bonus Units and Units allotted on IDCW Re-investment. (iv) The exit load levied on redemption/switch-out will be the load prevailing 1. In case of lumpsum transactions, on the date of
allotment of units 2. In case of Systematic Transactions such as SIP, STP etc., on the date of registration / enrolment
Tax Benefits/Consequences: For detailed information on tax benefits/consequences, refer to the Scheme Information Document available on 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.

99 | July 2025
 HDFC FMP 1269D MARCH 2023 (47) NAV as at July 31, 2025 ₹11.8886
ANUPAM JOSHI
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark
HDFC FMP 1861D MARCH 2022 (46) NAV as at July 31, 2025 ₹12.4753
(%)## (₹)##
Date Period SchemeBenchmark Additional Value of ₹10,000 invested Jul 31, 24 Last 1 Year 7.95 8.88 9.88 10,795 10,888 10,988
Returns Returns Benchmark SchemeBenchmark Additional Mar 21, 23 Since Inception 7.59 8.32 9.31 11,889 12,081 12,342
(%) (%)# Returns (₹) (₹)#Benchmark #NIFTY Medium Duration Debt Index ##CRISIL 10 Year Gilt Index.
(%)## (₹)##
Jul 31, 24 Last 1 Year 8.55 8.99 9.88 10,855 10,899 10,988 SWAPNIL JANGAM
Jul 29, 22 Last 3 Years 7.81 8.16 8.69 12,540 12,662 12,850
Mar 09, 22 Since Inception 6.73 7.08 7.53 12,475 12,615 12,799
#NIFTY Medium To Long Duration Debt Index ##CRISIL 10 Year Gilt Index. HDFC NIFTY 1D RATE LIQUID ETF - GROWTH NAV as at July 31, 2025 ₹1113.088
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
NAV as at July 31, 2025 ₹12.4433 Returns Returns Benchmark SchemeBenchmark Additional
HDFC FMP 1876D MARCH 2022 (46) (%) (%)# Returns (₹) (₹)# Benchmark
Date Period SchemeBenchmark Additional Value of ₹10,000 invested (%)## (₹)##
Returns Returns Benchmark SchemeBenchmark Additional Jul 31, 24 Last 1 Year 5.30 6.30 9.88 10,530 10,630 10,988
(%) (%)# Returns (₹) (₹)#Benchmark Aug 24, 23 Since Inception 5.69 6.57 9.24 11,131 11,312 11,867
(%)## (₹)##
#NIFTY 1D Rate Index ##CRISIL 10 Year Gilt Index.
Jul 31, 24 Last 1 Year 8.59 8.99 9.88 10,859 10,899 10,988
Jul 29, 22 Last 3 Years 7.83 8.16 8.69 12,547 12,662 12,850
Mar 29, 22 Since Inception 6.76 6.99 7.45 12,443 12,533 12,716
#NIFTY Medium To Long Duration Debt Index ##CRISIL 10 Year Gilt Index. ANIL BAMBOLI

HDFC FMP 1158D JULY 2022 (46) NAV as at July 31, 2025 ₹12.2147 HDFC CHARITY FUND FOR CANCER CURE - 50% NAV as at July 31, 2025 ₹10.3022
Date Period SchemeBenchmark Additional Value of ₹10,000 invested IDCW DONATION^
Returns Returns Benchmark SchemeBenchmark Additional Date Period SchemeBenchmark Additional Value of ₹10,000 invested
(%) (%)# Returns (₹) (₹)#Benchmark Returns Returns Benchmark SchemeBenchmark Additional
(%)## (₹)## (%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)##
Jul 31, 24 Last 1 Year 6.64 8.88 9.88 10,664 10,888 10,988
Jul 29, 22 Last 3 Years 6.74 7.72 8.69 12,167 12,507 12,850 Jul 31, 24 Last 1 Year 8.11 8.88 9.88 10,811 10,888 10,988
Jul 26, 22 Since Inception 6.86 7.77 8.82 12,215 12,531 12,904 Aug 14, 23 Since Inception 8.16 8.28 9.27 11,665 11,692 11,902
#NIFTY Medium Duration Debt Index ##CRISIL 10 Year Gilt Index. #NIFTY Medium Duration Debt Index ##CRISIL 10 year Gilt Index. ^Scheme offers IDCW option
only. Returns of HDFC Charity Fund for Cancer Cure - 50% IDCW Donation - Regular Plan are
computed based on NAV of IDCW Option and all IDCWs (after statutory levy) are assumed to be
NAV as at July 31, 2025 ₹12.255 reinvested in the units of the scheme at the then prevailing NAV (ex-distribution NAV).
HDFC FMP 1406D AUGUST 2022(46)
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional HDFC CHARITY FUND FOR CANCER CURE - 75% NAV as at July 31, 2025 ₹10.3022
(%) (%)# Returns (₹) (₹)#Benchmark
(%)##
IDCW DONATION^
(₹)##
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Jul 31, 24 Last 1 Year 7.76 8.88 9.88 10,776 10,888 10,988 Returns Returns Benchmark SchemeBenchmark Additional
Aug 25, 22 Since Inception 7.18 7.65 8.67 12,255 12,414 12,762 (%) (%)# Returns (₹) (₹)#Benchmark
#NIFTY Medium Duration Debt Index ##CRISIL 10 Year Gilt Index. (%)## (₹)##
Jul 31, 24 Last 1 Year 8.11 8.88 9.88 10,811 10,888 10,988
Aug 14, 23 Since Inception 8.16 8.28 9.27 11,665 11,692 11,902
HDFC FMP 1359D SEPTEMBER2022 (46) NAV as at July 31, 2025 ₹12.2866 #NIFTY Medium Duration Debt Index ##CRISIL 10 year Gilt Index. ^Scheme offers IDCW option
Date Period SchemeBenchmark Additional Value of ₹10,000 invested only. Returns of HDFC Charity Fund for Cancer Cure - 75% IDCW Donation - Regular Plan are
Returns Returns Benchmark SchemeBenchmark Additional computed based on NAV of IDCW Option and all IDCWs (after statutory levy) are assumed to be
(%) (%)# Returns (₹) (₹)#Benchmark reinvested in the units of the scheme at the then prevailing NAV (ex-distribution NAV).
(%)## (₹)##
Jul 31, 24 Last 1 Year 7.60 8.88 9.88 10,760 10,888 10,988
Oct 11, 22 Since Inception 7.62 8.26 9.27 12,287 12,493 12,823 BHAGYESH KAGALKAR
#NIFTY Medium Duration Debt Index ##CRISIL 10 Year Gilt Index.

HDFC GOLD ETF NAV as at July ₹84.4303

HDFC FMP 1204D DECEMBER2022 (47) NAV as at July 31, 2025 ₹11.9928
31, 2025
Date Period SchemeBenchmark Additional Value of ₹10,000 invested Date Period Scheme Benchmark Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional Returns Returns Scheme Benchmark
(%) (%)# Returns (₹) (₹)#Benchmark (%) (%)# (₹) (₹)#
(%)## (₹)## Jul 31, 24 Last 1 Year 40.35 42.02 14,035 14,202
Jul 31, 24 Last 1 Year 7.32 8.88 9.88 10,732 10,888 10,988 Jul 29, 22 Last 3 Years 22.79 23.98 18,544 19,090
Dec 27, 22 Since Inception 7.26 8.00 9.04 11,993 12,210 12,517 Jul 31, 20 Last 5 Years 11.97 12.96 17,606 18,395
#NIFTY Medium Duration Debt Index ##CRISIL 10 Year Gilt Index. Jul 31, 15 Last 10 Years 13.73 14.85 36,229 39,985
Aug 13, 10 Since Inception 10.87 11.79 46,897 53,099
#Domestic Price of Physical Gold.
HDFC FMP 2638D FEBRUARY 2023 (47) NAV as at July 31, 2025 ₹12.5042
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional HDFC SILVER ETF NAV as at July 31, ₹106.5241
(%) (%)# Returns (₹) (₹)#Benchmark
2025
(%)## (₹)## Date Period Scheme Benchmark Value of ₹10,000 invested
Returns Returns Scheme Benchmark
Jul 31, 24 Last 1 Year 10.05 7.66 9.88 11,005 10,766 10,988
(%) (%)# (₹) (₹)#
Feb 23, 23 Since Inception 9.61 8.63 9.39 12,504 12,235 12,442
Jul 31, 24 Last 1 Year 31.25 32.81 13,125 13,281
#NIFTY Long Duration Debt Index ##CRISIL 10 Year Gilt Index.
Sep 02, 22 Since Inception 27.49 29.46 20,283 21,210
#Domestic Prices of physical Silver (derived as per regulatory norms).

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended schemes is primarily buy and
hold whereas open-ended schemes are actively managed.
Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available For Riskometer of the Schemes and Benchmark's, refer page 113 to 126.

100 | July 2025

 CO-MANAGED BY HDFC NIFTY NEXT 50 ETF NAV as at July 31, 2025 ₹68.066

ABHISHEK MOR & ARUN AGARWAL Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)##
HDFC NIFTY BANK ETF NAV as at July 31, 2025 ₹57.3255
Jul 31, 24 Last 1 Year -9.74 -9.53 0.54 9,026 9,047 10,054
Date Period SchemeBenchmark Additional Value of ₹10,000 invested Aug 05, 22 Since Inception 17.70 18.07 13.85 16,277 16,430 14,736
Returns Returns Benchmark SchemeBenchmark Additional #NIFTY Next 50 Total Returns Index (TRI) ##Nifty 50 Index (TRI).
(%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)##
Jul 31, 24 Last 1 Year 9.24 9.42 0.54 10,924 10,942 10,054
HDFC NIFTY 50 ETF NAV as at July 31, 2025 ₹276.0665
Jul 29, 22 Last 3 Years 14.97 15.19 14.29 15,214 15,303 14,946
Aug 21, 20 Since Inception 21.03 21.30 18.45 25,695 25,980 23,103 Date Period SchemeBenchmark Additional Value of ₹10,000 invested
#NIFTY Bank Index (TRI) ##Nifty 50 Index (TRI). Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
NAV as at July 31, 2025 ₹118.9124 Jul 31, 24 Last 1 Year 0.49 0.54 0.54 10,049 10,054 10,054
Jul 29, 22 Last 3 Years 14.22 14.29 13.52 14,918 14,946 14,643
HDFC NIFTY GROWTH SECTORS 15 ETF
Jul 31, 20 Last 5 Years 18.79 18.88 18.05 23,669 23,751 22,934
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark Dec 09, 15 Since Inception 14.28 14.42 14.38 36,265 36,677 36,576
Scheme Benchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark #Nifty 50 Index (TRI) ##BSE SENSEX Index (TRI).
(%)## (₹)##
Jul 31, 24 Last 1 Year -5.90 -5.42 0.54 9,410 9,458 10,054
Sep 23, 22 Since Inception 10.67 11.20 14.64 13,355 13,541 14,769 HDFC NIFTY100 QUALITY 30 ETF NAV as at July 31, 2025 ₹56.5933
#NIFTY Growth Sectors 15 Index (TRI) ##Nifty 50 Index (TRI). Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark
HDFC NIFTY100 LOW VOLATILITY 30 ETF NAV as at July 31, 2025 ₹20.3819 (%)## (₹)##
Jul 31, 24 Last 1 Year -7.06 -6.90 0.54 9,294 9,310 10,054
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark Sep 23, 22 Since Inception 14.35 14.63 14.64 14,665 14,765 14,769
SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark #NIFTY100 Quality 30 Index (TRI) ##Nifty 50 Index (TRI).
(%)## (₹)##
Jul 31, 24 Last 1 Year -0.21 0.15 0.54 9,979 10,015 10,054
Oct 11, 22 Since Inception 18.64 19.17 15.74 16,153 16,358 15,068 HDFC BSE SENSEX ETF NAV as at July 31, 2025 ₹91.1387
#NIFTY100 Low Volatility 30 Index (TRI) ##Nifty 50 Index (TRI). Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark
HDFC NIFTY200 MOMENTUM 30 ETF NAV as at July 31, 2025 ₹30.4624 (%)## (₹)##
Jul 31, 24 Last 1 Year 0.49 0.54 0.54 10,049 10,054 10,054
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark Jul 29, 22 Last 3 Years 13.45 13.52 14.29 14,618 14,643 14,946
SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark Jul 31, 20 Last 5 Years 17.96 18.05 18.88 22,850 22,934 23,751
(%)## (₹)## Dec 09, 15 Since Inception 14.33 14.38 14.42 36,403 36,576 36,677
Jul 31, 24 Last 1 Year -18.00 -17.62 0.54 8,200 8,238 10,054 #BSE SENSEX Index (TRI) ##Nifty 50 Index (TRI).
Oct 11, 22 Since Inception 18.19 18.89 15.74 15,982 16,248 15,068
#NIFTY 200 Momentum 30 Index (TRI) ##Nifty 50 Index (TRI).
HDFC NIFTY50 VALUE 20 ETF NAV as at July 31, 2025 ₹131.1286
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
HDFC NIFTY 100 ETF NAV as at July 31, 2025 ₹26.0388 Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
(%)## (₹)##
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark Jul 31, 24 Last 1 Year -9.84 -9.67 0.54 9,016 9,033 10,054
(%)## (₹)## Sep 23, 22 Since Inception 15.89 16.22 14.64 15,235 15,360 14,769
Jul 31, 24 Last 1 Year -1.62 -1.32 0.54 9,838 9,868 10,054 #NIFTY50 Value 20 Index ##Nifty 50 Index (TRI).
Aug 05, 22 Since Inception 13.73 14.12 13.85 14,689 14,841 14,736
#NIFTY 100 Total Returns Index (TRI) ##Nifty 50 Index (TRI).
CO-MANAGED BY
HDFC NIFTY IT ETF NAV as at July 31, 2025 ₹36.9964
ABHISHEK MOR, ARUN AGARWAL & NANDITA MENEZES
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional HDFC BSE 500 ETF NAV as at July 31, 2025 ₹36.6948
(%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)## Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
Jul 31, 24 Last 1 Year -11.83 -11.63 0.54 8,817 8,837 10,054 (%) (%)# Returns (₹) (₹)#Benchmark
Nov 16, 22 Since Inception 8.06 8.39 12.88 12,335 12,437 13,881 (%)## (₹)##
#NIFTY IT Index (TRI) ##Nifty 50 Index (TRI). Jul 31, 24 Last 1 Year -2.45 -2.08 0.54 9,755 9,792 10,054
Feb 15, 23 Since Inception 19.16 19.56 15.24 15,386 15,511 14,172
#BSE 500 Index (TRI) ##Nifty 50 Index (TRI).
HDFC NIFTY PRIVATE BANK ETF NAV as at July 31, 2025 ₹27.4701
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional HDFC NIFTY MIDCAP 150 ETF NAV as at July 31, 2025 ₹21.5448
(%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)## Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
Jul 31, 24 Last 1 Year 5.80 6.00 0.54 10,580 10,600 10,054 (%) (%)# Returns (₹) (₹)#Benchmark
Nov 16, 22 Since Inception 9.15 9.39 12.88 12,674 12,750 13,881 (%)## (₹)##
#NIFTY Private Bank Index (TRI) ##Nifty 50 Index (TRI). Jul 31, 24 Last 1 Year -1.94 -1.74 0.54 9,806 9,826 10,054
Feb 15, 23 Since Inception 28.69 29.02 15.24 18,588 18,705 14,172
#NIFTY Midcap 150 Index (TRI) ##Nifty 50 Index (TRI).
HDFC NIFTY PSU BANK ETF NAV as at July 31, 2025 ₹69.106
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional HDFC NIFTY SMALLCAP 250 ETF NAV as at July 31, 2025 ₹172.3142
(%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)## Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
Jul 31, 24 Last 1 Year -7.13 -6.77 0.54 9,287 9,323 10,054 (%) (%)# Returns (₹) (₹)# Benchmark
Jan 31, 24 Since Inception 6.64 7.05 10.63 11,012 11,075 11,634 (%)## (₹)##
#NIFTY PSU Bank Index (TRI) ##Nifty 50 Index (TRI). Jul 31, 24 Last 1 Year -4.38 -3.93 0.54 9,562 9,607 10,054
Feb 15, 23 Since Inception 29.49 30.06 15.24 18,871 19,078 14,172
#NIFTY Smallcap 250 Index (TRI) ##Nifty 50 Index (TRI).
Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available For Riskometer of the Schemes and Benchmark's, refer page 113 to 126.

101 | July 2025

 CO-MANAGED BY CO-MANAGED BY
ANUPAM JOSHI & SANKALP BAID ARUN AGARWAL & NANDITA MENEZES

HDFC NIFTY G-SEC APR 2029 INDEX FUND NAV as at July 31, 2025 ₹12.3024 HDFC BSE 500 INDEX FUND NAV as at July 31, 2025 ₹15.2333
Date Period SchemeBenchmark Additional Value of ₹10,000 invested Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark (%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)## (%)## (₹)##
Jul 31, 24 Last 1 Year 9.42 9.79 9.88 10,942 10,979 10,988 Jul 31, 24 Last 1 Year -3.00 -2.08 0.54 9,700 9,792 10,054
Mar 10, 23 Since Inception 9.04 9.42 9.52 12,302 12,407 12,432 Apr 21, 23 Since Inception 20.28 21.86 17.65 15,233 15,694 14,484
#NIFTY G- Sec Apr 2029 Index ##CRISIL 10 Year Gilt Index. #BSE 500 Index (TRI) ##Nifty 50 Index (TRI).

HDFC NIFTY G-SEC DEC 2026 INDEX FUND NAV as at July 31, 2025 ₹12.2374 HDFC DEVELOPED WORLD EQUITY PASSIVE FOF NAV as at July 31, 2025 ₹16.282
Date Period SchemeBenchmark Additional Value of ₹10,000 invested Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark (%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)## (%)## (₹)##
Jul 31, 24 Last 1 Year 8.00 8.42 9.88 10,800 10,842 10,988 Jul 31, 24 Last 1 Year 20.91 20.98 0.54 12,091 12,098 10,054
Nov 10, 22 Since Inception 7.70 8.06 9.05 12,237 12,352 12,662 Jul 29, 22 Last 3 Years 19.82 20.13 14.29 17,226 17,364 14,946
#NIFTY G-Sec Dec 2026 Index ##CRISIL 10 Year Gilt Index. Oct 06, 21 Since Inception 13.61 14.55 10.62 16,282 16,803 14,702
#MSCI World Index (Net Total Return Index) (Due to time zone difference, benchmark
performance will be calculated with a day’s lag). ##Nifty 50 Index (TRI).
HDFC NIFTY G-SEC JUL 2031 INDEX FUND NAV as at July 31, 2025 ₹12.6704
Date Period SchemeBenchmark Additional Value of ₹10,000 invested NAV as at July ₹29.6173
Returns Returns Benchmark SchemeBenchmark Additional
HDFC GOLD ETF FUND OF FUND
31, 2025
(%) (%)# Returns (₹) (₹)#Benchmark
(%)## Date Period Scheme Benchmark Value of ₹10,000 invested
(₹)##
Returns Returns Scheme Benchmark
Jul 31, 24 Last 1 Year 10.14 10.54 9.88 11,014 11,054 10,988 (%) (%)# (₹) (₹)#
Nov 10, 22 Since Inception 9.08 9.47 9.05 12,670 12,795 12,662 Jul 31, 24 Last 1 Year 38.67 42.02 13,867 14,202
#NIFTY G-Sec July 2031 Index ##CRISIL 10 Year Gilt Index. Jul 29, 22 Last 3 Years 22.72 23.98 18,512 19,090
Jul 31, 20 Last 5 Years 11.39 12.96 17,156 18,395
Jul 31, 15 Last 10 Years 13.17 14.85 34,484 39,985
HDFC NIFTY G-SEC JUN 2027 INDEX FUND NAV as at July 31, 2025 ₹12.2254
Nov 01, 11 Since Inception 8.21 9.80 29,617 36,183
Date Period SchemeBenchmark Additional Value of ₹10,000 invested #Domestic Price of Physical Gold.
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)## HDFC NIFTY100 LOW VOLATILITY 30 INDEX NAV as at July 31, 2025 ₹10.2622
Jul 31, 24 Last 1 Year 8.56 8.56 9.88 10,856 10,856 10,988
FUND
Dec 09, 22 Since Inception 7.90 8.07 8.98 12,225 12,277 12,552 Date Period SchemeBenchmark Additional Value of ₹10,000 invested
#NIFTY G-Sec Jun 2027 Index ##CRISIL 10 Year Gilt Index. Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)##
HDFC NIFTY G-SEC JUN 2036 INDEX FUND NAV as at July 31, 2025 ₹12.5324 Jul 31, 24 Last 1 Year -0.87 0.15 0.54 9,913 10,015 10,054
Date Period SchemeBenchmark Additional Value of ₹10,000 invested Jul 10, 24 Since Inception 2.48 3.42 3.01 10,262 10,362 10,318
Returns Returns Benchmark SchemeBenchmark Additional #NIFTY100 Low Volatility 30 Index (TRI) ##Nifty 50 Index (TRI).
(%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)##
Jul 31, 24 Last 1 Year 9.74 10.15 9.88 10,974 11,015 10,988 HDFC NIFTY LARGEMIDCAP 250 INDEX FUND NAV as at July 31, 2025 ₹9.754
Mar 15, 23 Since Inception 9.95 10.00 9.32 12,532 12,546 12,364 Date Period SchemeBenchmark Additional Value of ₹10,000 invested
#NIFTY G-Sec Jun 2036 Index ##CRISIL 10 Year Gilt Index. Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)##
HDFC NIFTY G-SEC SEP 2032 INDEX FUND NAV as at July 31, 2025 ₹12.5972 Jan 31, 24 Last 6 Months 13.70 14.55 12.45 10,679 10,721 10,617
Date Period SchemeBenchmark Additional Value of ₹10,000 invested #Nifty LargeMidcap 250 Index (TRI) ##Nifty 50 Index (TRI). Simple annualized returns have been
Returns Returns Benchmark SchemeBenchmark Additional provided as per the extant guidelines since the scheme has completed 6 months but not 1 year.
(%) (%)# Returns (₹) (₹)#Benchmark However, such returns may not be representative. Absolute returns of the Scheme for the 6 month
(%)## (₹)## period is 6.79%.
Jul 31, 24 Last 1 Year 10.28 10.77 9.88 11,028 11,077 10,988
Dec 09, 22 Since Inception 9.13 9.56 8.98 12,597 12,731 12,552
HDFC NIFTY200 MOMENTUM 30 INDEX FUND NAV as at July 31, 2025 ₹10.072
#NIFTY G-Sec Sep 2032 Index ##CRISIL 10 Year Gilt Index.
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
HDFC NIFTY SDL PLUS G-SEC JUN 2027 40:60 NAV as at July 31, 2025 ₹12.0045 (%) (%)# Returns (₹) (₹)#Benchmark
INDEX FUND (%)## (₹)##
Date Period SchemeBenchmark Additional Value of ₹10,000 invested Jul 31, 24 Last 1 Year -18.62 -17.62 0.54 8,138 8,238 10,054
Returns Returns Benchmark SchemeBenchmark Additional Feb 28, 24 Since Inception 0.51 1.83 10.32 10,072 10,261 11,499
(%) (%)# Returns (₹) (₹)#Benchmark #NIFTY200 Momentum 30 Total Returns Index (TRI) ##Nifty 50 Index (TRI).
(%)## (₹)##
Jul 31, 24 Last 1 Year 8.52 8.93 9.88 10,852 10,893 10,988
Mar 23, 23 Since Inception 8.05 8.47 9.29 12,005 12,114 12,330 HDFC NIFTY MIDCAP 150 INDEX FUND NAV as at July 31, 2025 ₹17.9662
#NIFTY SDL Plus G-Sec Jun 2027 40:60 Index ##CRISIL 10 Year Gilt Index. Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark
HDFC NIFTY SDL OCT 2026 INDEX FUND NAV as at July 31, 2025 ₹12.0614 (%)## (₹)##
Date Period SchemeBenchmark Additional Value of ₹10,000 invested Jul 31, 24 Last 1 Year -2.67 -1.74 0.54 9,733 9,826 10,054
Returns Returns Benchmark SchemeBenchmark Additional Apr 21, 23 Since Inception 29.31 31.00 17.65 17,966 18,506 14,484
(%) (%)# Returns (₹) (₹)#Benchmark #NIFTY Midcap 150 Index (TRI) ##Nifty 50 Index (TRI).
(%)## (₹)##
Jul 31, 24 Last 1 Year 8.12 8.55 9.88 10,812 10,855 10,988
Feb 24, 23 Since Inception 8.01 8.37 9.48 12,061 12,159 12,464
#NIFTY SDL Oct 2026 Index ##CRISIL 10 Year Gilt Index.

Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available For Riskometer of the Schemes and Benchmark's, refer page 113 to 126.

102 | July 2025

HDFC NIFTY 100 EQUAL WEIGHT INDEX FUND NAV as at July 31, 2025 ₹16.0785 HDFC NIFTY NEXT 50 INDEX FUND NAV as at July 31, 2025 ₹15.5194
Date Period SchemeBenchmark Additional Value of ₹10,000 invested Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark (%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)## (%)## (₹)##
Jul 31, 24 Last 1 Year -5.95 -5.10 0.54 9,405 9,490 10,054 Jul 31, 24 Last 1 Year -10.41 -9.53 0.54 8,959 9,047 10,054
Jul 29, 22 Last 3 Years 16.84 18.04 14.29 15,970 16,471 14,946 Jul 29, 22 Last 3 Years 17.52 18.70 14.29 16,252 16,748 14,946
Feb 23, 22 Since Inception 14.82 16.12 12.84 16,079 16,710 15,142 Nov 03, 21 Since Inception 12.46 13.68 10.50 15,519 16,156 14,532
#NIFTY 100 Equal Weight Total Returns Index (TRI) ##Nifty 50 Index (TRI). #NIFTY Next 50 Total Returns Index (TRI) ##Nifty 50 Index (TRI).

HDFC NIFTY 50 INDEX FUND NAV as at July 31, 2025 ₹234.835 HDFC NIFTY REALTY INDEX FUND NAV as at July 31, 2025 ₹10.1858
Date Period SchemeBenchmark Additional Value of ₹10,000 invested Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark (%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)## (%)## (₹)##
Jul 31, 24 Last 1 Year 0.14 0.54 0.54 10,014 10,054 10,054 Jul 31, 24 Last 1 Year -17.02 -16.34 0.54 8,298 8,366 10,054
Jul 29, 22 Last 3 Years 13.81 14.29 13.52 14,756 14,946 14,643 Mar 26, 24 Since Inception 1.38 2.37 10.72 10,186 10,320 11,471
Jul 31, 20 Last 5 Years 18.35 18.88 18.05 23,226 23,751 22,934 #NIFTY Realty Index (TRI) ##Nifty 50 Index (TRI).
Jul 31, 15 Last 10 Years 12.05 12.60 12.56 31,213 32,801 32,670
Jul 17, 02 Since Inception 14.51 16.35 16.72 227,421 328,146 353,479
#Nifty 50 Index (TRI) ##BSE SENSEX Index (TRI). HDFC NIFTY SMALLCAP 250 INDEX FUND NAV as at July 31, 2025 ₹18.4157
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
HDFC NIFTY 100 INDEX FUND NAV as at July 31, 2025 ₹14.7794 (%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)##
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional Jul 31, 24 Last 1 Year -5.00 -3.93 0.54 9,500 9,607 10,054
(%) (%)# Returns (₹) (₹)#Benchmark Apr 21, 23 Since Inception 30.72 32.66 17.65 18,416 19,046 14,484
(%)## (₹)## #NIFTY Smallcap 250 Index (TRI) ##Nifty 50 Index (TRI).
Jul 31, 24 Last 1 Year -2.09 -1.32 0.54 9,791 9,868 10,054
Jul 29, 22 Last 3 Years 13.55 14.59 14.29 14,657 15,062 14,946
Feb 23, 22 Since Inception 12.04 13.15 12.84 14,779 15,285 15,142 HDFC BSE SENSEX INDEX FUND NAV as at July 31, 2025 ₹751.904
#NIFTY 100 Total Returns Index (TRI) ##Nifty 50 Index (TRI). Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns ReturnsBenchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark
HDFC NIFTY500 MULTICAP 50:25:25 INDEX NAV as at July 31, 2025 ₹9.7487 (%)## (₹)##
FUND Jul 31, 24 Last 1 Year 0.14 0.54 0.54 10,014 10,054 10,054
Date Period SchemeBenchmark Additional Value of ₹10,000 invested Jul 29, 22 Last 3 Years 13.04 13.52 14.29 14,458 14,643 14,946
Returns Returns Benchmark SchemeBenchmark Additional Jul 31, 20 Last 5 Years 17.52 18.05 18.88 22,430 22,934 23,751
(%) (%)# Returns (₹) (₹)#Benchmark Jul 31, 15 Last 10 Years 12.06 12.56 12.60 31,256 32,670 32,801
(%)## (₹)## Jul 17, 02 Since Inception 14.65 16.72 16.35 233,794 353,479 328,146
Jan 31, 24 Last 6 Months 13.97 14.90 12.45 10,693 10,739 10,617 #BSE SENSEX Index (TRI) ##Nifty 50 Index (TRI).
#Nifty500 Multicap 50:25:25 Index (TRI) ##Nifty 50 Index (TRI). Simple annualized returns have
been provided as per the extant guidelines since the scheme has completed 6 months but not 1
year. However, such returns may not be representative. Absolute returns of the Scheme for the 6 HDFC SILVER ETF FUND OF FUND NAV as at July 31, ₹18.437
month period is 6.93%. 2025
Date Period Scheme Benchmark Value of ₹10,000 invested
Returns Returns Scheme Benchmark
HDFC NIFTY50 EQUAL WEIGHT INDEX FUND NAV as at July 31, 2025 ₹17.1298 (%) (%)# (₹) (₹)#
Date Period SchemeBenchmark Additional Value of ₹10,000 invested Jul 31, 24 Last 1 Year 30.01 32.81 13,001 13,281
Returns Returns Benchmark SchemeBenchmark Additional Oct 28, 22 Since Inception 24.83 26.69 18,437 19,208
(%) (%)# Returns (₹) (₹)#Benchmark #Domestic Prices of physical Silver (derived as per regulatory norms).
(%)## (₹)##
Jul 31, 24 Last 1 Year -2.77 -1.84 0.54 9,723 9,816 10,054
Jul 29, 22 Last 3 Years 16.56 17.72 14.29 15,855 16,335 14,946
Aug 20, 21 Since Inception 14.61 15.82 12.25 17,130 17,860 15,779
#NIFTY50 Equal Weight Total Returns Index (TRI) ##Nifty 50 Index (TRI).

HDFC NIFTY INDIA DIGITAL INDEX FUND NAV as at July 31, 2025 ₹8.8993
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)#Benchmark
(%)## (₹)##
Jan 31, 24 Last 6 Months -4.24 -3.23 12.45 9,790 9,840 10,617
#Nifty India Digital Index (TRI) ##Nifty 50 Index (TRI). Simple annualized returns have been
provided as per the extant guidelines since the scheme has completed 6 months but not 1 year.
However, such returns may not be representative. Absolute returns of the Scheme for the 6 month
period is -2.10%.

Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available For Riskometer of the Schemes and Benchmark's, refer page 113 to 126.

103 | July 2025

 RAHUL BAIJAL CHIRAG SETALVAD

HDFC LARGE CAP FUND NAV as at July 31, 2025 ₹1222.703 HDFC MID CAP FUND NAV as at July 31, 2025 ₹213.543
Date Period SchemeBenchmark Additional Value of ₹10,000 invested Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional Returns ReturnsBenchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark (%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)## (%)## (₹)##
Jul 31, 24 Last 1 Year -1.84 -1.32 0.54 9,816 9,868 10,054 Jul 31, 24 Last 1 Year 2.29 -1.74 0.54 10,229 9,826 10,054
Jul 29, 22 Last 3 Years 17.87 14.59 13.52 16,396 15,062 14,643 Jul 29, 22 Last 3 Years 28.49 24.71 14.29 21,256 19,431 14,946
Jul 31, 20 Last 5 Years 22.30 19.05 18.05 27,371 23,927 22,934 Jul 31, 20 Last 5 Years 32.22 30.42 18.88 40,446 37,767 23,751
Jul 31, 15 Last 10 Years 13.17 12.71 12.56 34,480 33,103 32,670 Jul 31, 15 Last 10 Years 18.30 17.78 12.60 53,746 51,440 32,801
Jan 01, 13 Since Inception 14.24 13.69 13.44 53,406 50,252 48,912 Jan 01, 13 Since Inception 21.30 19.03 13.38 113,593 89,603 48,568
#NIFTY 100 Total Returns Index (TRI) ##BSE SENSEX Index (TRI). #NIFTY Midcap 150 Index (TRI) ##Nifty 50 Index (TRI).

HDFC BUSINESS CYCLE FUND NAV as at July 31, 2025 ₹15.164 HDFC SMALL CAP FUND NAV as at July 31, 2025 ₹160.713
Date Period Scheme Benchmark Additional Value of ₹10,000 invested Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional Returns ReturnsBenchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark (%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)## (%)## (₹)##
Jul 31, 24 Last 1 Year 0.62 -1.63 0.54 10,062 9,837 10,054 Jul 31, 24 Last 1 Year 2.26 -4.54 0.54 10,226 9,546 10,054
Nov 30, 22 Since Inception 16.88 15.65 12.28 15,164 14,739 13,623 Jul 29, 22 Last 3 Years 26.88 24.95 14.29 20,465 19,542 14,946
#NIFTY 500 (Total Returns Index) ##Nifty 50 Index (TRI). Jul 31, 20 Last 5 Years 34.37 32.09 18.88 43,842 40,237 23,751
Jul 31, 15 Last 10 Years 19.27 15.15 12.60 58,333 41,038 32,801
Jan 01, 13 Since Inception 20.17 14.94 13.38 101,020 57,706 48,568
HDFC MNC FUND NAV as at July 31, 2025 ₹13.717 #BSE 250 Smallcap Index (Total Returns Index) ##Nifty 50 Index (TRI).
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns
(%)##
(₹) (₹)# Benchmark
(₹)##
ANUPAM JOSHI
Jul 31, 24 Last 1 Year -9.93 -6.93 0.54 9,007 9,307 10,054
Mar 09, 23 Since Inception 14.09 19.62 16.82 13,717 15,366 14,515
HDFC FMP 1861D MARCH 2022 (46) NAV as at July 31, 2025 ₹12.5456
#NIFTY MNC TRI (Total Returns Index) ##Nifty 50 Index (TRI).
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
GOPAL AGRAWAL (%)## (₹)##
Jul 31, 24 Last 1 Year 8.72 8.99 9.88 10,872 10,899 10,988
Jul 29, 22 Last 3 Years 7.99 8.16 8.69 12,601 12,662 12,850
HDFC LARGE AND MID CAP FUND NAV as at July 31, 2025 ₹354.585 Mar 09, 22 Since Inception 6.90 7.08 7.53 12,546 12,615 12,799
Date Period Scheme Benchmark Additional Value of ₹10,000 invested #NIFTY Medium To Long Duration Debt Index ##CRISIL 10 Year Gilt Index.
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)## HDFC FMP 1876D MARCH 2022 (46) NAV as at July 31, 2025 ₹12.5054
Jul 31, 24 Last 1 Year -1.28 -1.40 0.54 9,872 9,860 10,054 Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Jul 29, 22 Last 3 Years 22.37 19.70 13.52 18,354 17,178 14,643 Returns Returns Benchmark SchemeBenchmark Additional
Jul 31, 20 Last 5 Years 28.14 24.76 18.05 34,571 30,245 22,934 (%) (%)# Returns (₹) (₹)# Benchmark
Jul 31, 15 Last 10 Years 14.30 15.35 12.56 38,108 41,768 32,670 (%)## (₹)##
Jan 01, 13 Since Inception 14.16 16.48 13.44 52,981 68,185 48,912 Jul 31, 24 Last 1 Year 8.75 8.99 9.88 10,875 10,899 10,988
#NIFTY Large Midcap 250 (Total Return Index) ##BSE SENSEX Index (TRI). The Scheme, formerly Jul 29, 22 Last 3 Years 7.99 8.16 8.69 12,603 12,662 12,850
a large cap fund, has undergone change in Fundamental attributes and become a Large and Mid- Mar 29, 22 Since Inception 6.92 6.99 7.45 12,505 12,533 12,716
cap Fund. Accordingly, the Scheme’s benchmark has also changed. Hence, the past performance of #NIFTY Medium To Long Duration Debt Index ##CRISIL 10 Year Gilt Index.
the Scheme may not strictly be comparable with that of the new benchmark.

HDFC FMP 1158D JULY 2022 (46) NAV as at July 31, 2025 ₹12.3152
HDFC DIVIDEND YIELD FUND NAV as at July 31, 2025 ₹26.322
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Date Period Scheme Benchmark Additional Value of ₹10,000 invested Returns Returns Benchmark SchemeBenchmark Additional
Returns Returns Benchmark SchemeBenchmark Additional (%) (%)# Returns (₹) (₹)# Benchmark
(%) (%)# Returns (₹) (₹)# Benchmark (%)## (₹)##
(%)## (₹)## Jul 31, 24 Last 1 Year 6.93 8.88 9.88 10,693 10,888 10,988
Jul 31, 24 Last 1 Year -4.23 -1.63 0.54 9,577 9,837 10,054 Jul 29, 22 Last 3 Years 7.04 7.72 8.69 12,270 12,507 12,850
Jul 29, 22 Last 3 Years 21.26 17.10 14.29 17,858 16,078 14,946 Jul 26, 22 Since Inception 7.15 7.77 8.82 12,315 12,531 12,904
Dec 18, 20 Since Inception 23.31 17.63 14.96 26,322 21,170 19,037 #NIFTY Medium Duration Debt Index ##CRISIL 10 Year Gilt Index.
#NIFTY 500 (Total Returns Index) ##Nifty 50 Index (TRI).

HDFC FMP 1406D AUGUST 2022(46) NAV as at July 31, 2025 ₹12.3487
HDFC MULTI CAP FUND NAV as at July 31, 2025 ₹19.645
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Date Period Scheme Benchmark Additional Value of ₹10,000 invested Returns Returns Benchmark SchemeBenchmark Additional
Returns Returns Benchmark SchemeBenchmark Additional (%) (%)# Returns (₹) (₹)# Benchmark
(%) (%)# Returns (₹) (₹)# Benchmark (%)## (₹)##
(%)## (₹)## Jul 31, 24 Last 1 Year 8.05 8.88 9.88 10,805 10,888 10,988
Jul 31, 24 Last 1 Year -2.91 -1.86 0.54 9,709 9,814 10,054 Aug 25, 22 Since Inception 7.45 7.65 8.67 12,349 12,414 12,762
Jul 29, 22 Last 3 Years 24.10 20.00 14.29 19,145 17,305 14,946 #NIFTY Medium Duration Debt Index ##CRISIL 10 Year Gilt Index.
Dec 10, 21 Since Inception 20.38 14.91 11.35 19,645 16,588 14,789
#NIFTY500 Multicap 50:25:25 (Total Returns Index) ##Nifty 50 Index (TRI).
HDFC FMP 1359D SEPTEMBER2022 (46) NAV as at July 31, 2025 ₹12.3734
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
Jul 31, 24 Last 1 Year 7.87 8.88 9.88 10,787 10,888 10,988
Oct 11, 22 Since Inception 7.89 8.26 9.27 12,373 12,493 12,823
#NIFTY Medium Duration Debt Index ##CRISIL 10 Year Gilt Index.

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended schemes is primarily buy and
hold whereas open-ended schemes are actively managed.
Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available For Riskometer of the Schemes and Benchmark's, refer page 113 to 126.

104 | July 2025

HDFC FMP 1204D DECEMBER2022 (47) NAV as at July 31, 2025 ₹12.0706 HDFC BANKING AND PSU DEBT FUND NAV as at July 31, 2025 ₹24.1822
Date Period Scheme Benchmark Additional Value of ₹10,000 invested Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark (%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)## (%)## (₹)##
Jul 31, 24 Last 1 Year 7.58 8.88 9.88 10,758 10,888 10,988 Jul 31, 24 Last 1 Year 9.14 8.33 9.88 10,914 10,833 10,988
Dec 27, 22 Since Inception 7.52 8.00 9.04 12,071 12,210 12,517 Jul 29, 22 Last 3 Years 7.94 7.28 8.69 12,585 12,352 12,850
#NIFTY Medium Duration Debt Index ##CRISIL 10 Year Gilt Index. Jul 31, 20 Last 5 Years 6.50 5.74 5.33 13,700 13,224 12,966
Jul 31, 15 Last 10 Years 7.86 7.11 6.85 21,327 19,892 19,416
Mar 26, 14 Since Inception 8.09 7.46 7.39 24,182 22,640 22,465
HDFC FMP 2638D FEBRUARY 2023 (47) NAV as at July 31, 2025 ₹12.5816 #NIFTY Banking & PSU Debt Index A-II ##CRISIL 10 Year Gilt Index.
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark HDFC CHARITY FUND FOR CANCER CURE - 50% NAV as at July 31, 2025 ₹10.3022
(%)## (₹)## IDCW DONATION^
Jul 31, 24 Last 1 Year 10.32 7.66 9.88 11,032 10,766 10,988 Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Feb 23, 23 Since Inception 9.89 8.63 9.39 12,582 12,235 12,442 Returns Returns Benchmark SchemeBenchmark Additional
#NIFTY Long Duration Debt Index ##CRISIL 10 Year Gilt Index. (%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
Jul 31, 24 Last 1 Year 8.11 8.88 9.88 10,811 10,888 10,988
HDFC FMP 1269D MARCH 2023 (47) NAV as at July 31, 2025 ₹11.9592 Aug 14, 23 Since Inception 8.16 8.28 9.27 11,665 11,692 11,902
#NIFTY Medium Duration Debt Index ##CRISIL 10 year Gilt Index. ^Scheme offers IDCW option
Date Period Scheme Benchmark Additional Value of ₹10,000 invested only. Returns of HDFC Charity Fund for Cancer Cure - 50% IDCW Donation - Direct Plan are
Returns Returns Benchmark SchemeBenchmark Additional computed based on NAV of IDCW Option and all IDCWs (after statutory levy) are assumed to be
(%) (%)# Returns (₹) (₹)# Benchmark
reinvested in the units of the scheme at the then prevailing NAV (ex-distribution NAV).
(%)## (₹)##
Jul 31, 24 Last 1 Year 8.22 8.88 9.88 10,822 10,888 10,988
Mar 21, 23 Since Inception 7.86 8.32 9.31 11,959 12,081 12,342
HDFC CHARITY FUND FOR CANCER CURE - 75% NAV as at July 31, 2025 ₹10.3022
#NIFTY Medium Duration Debt Index ##CRISIL 10 Year Gilt Index.
IDCW DONATION^
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
HDFC CORPORATE BOND FUND NAV as at July 31, 2025 ₹33.5813 (%) (%)# Returns (₹) (₹)# Benchmark
Date Period Scheme Benchmark Additional Value of ₹10,000 invested (%)## (₹)##
Returns Returns Benchmark SchemeBenchmark Additional Jul 31, 24 Last 1 Year 8.11 8.88 9.88 10,811 10,888 10,988
(%) (%)# Returns (₹) (₹)# Benchmark Aug 14, 23 Since Inception 8.16 8.28 9.27 11,665 11,692 11,902
(%)## (₹)## #NIFTY Medium Duration Debt Index ##CRISIL 10 year Gilt Index. ^Scheme offers IDCW option
Jul 31, 24 Last 1 Year 9.29 8.29 9.88 10,929 10,829 10,988 only. Returns of HDFC Charity Fund for Cancer Cure - 75% IDCW Donation - Direct Plan are
Jul 29, 22 Last 3 Years 8.26 7.31 8.69 12,696 12,366 12,850 computed based on NAV of IDCW Option and all IDCWs (after statutory levy) are assumed to be
Jul 31, 20 Last 5 Years 6.57 5.94 5.33 13,750 13,347 12,966 reinvested in the units of the scheme at the then prevailing NAV (ex-distribution NAV).
Jul 31, 15 Last 10 Years 7.93 7.25 6.85 21,456 20,149 19,416
Jan 01, 13 Since Inception 8.20 7.62 6.75 26,972 25,198 22,742
#NIFTY Corporate Bond Index A- II ##CRISIL 10 Year Gilt Index. HDFC INCOME PLUS ARBITRAGE ACTIVE FOF NAV as at July 31, 2025 ₹43.1659
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns
ANIL BAMBOLI (%)##
(₹) (₹)# Benchmark
(₹)##
Jul 31, 24 Last 1 Year 0.37 8.32 9.88 10,037 10,832 10,988
Jul 29, 22 Last 3 Years 14.47 7.72 8.69 15,015 12,508 12,850
HDFC DYNAMIC DEBT FUND NAV as at July 31, 2025 ₹99.3239 Jul 31, 20 Last 5 Years 16.66 5.94 5.33 21,619 13,345 12,966
Date Period Scheme Benchmark Additional Value of ₹10,000 invested Jul 31, 15 Last 10 Years 11.56 6.75 6.85 29,897 19,235 19,416
Returns Returns Benchmark SchemeBenchmark Additional Jan 01, 13 Since Inception 11.57 7.11 6.75 39,672 23,726 22,742
(%) (%)# Returns (₹) (₹)# Benchmark #35% NIFTY 50 Arbitrage Index + 60% NIFTY Composite Debt Index A-III + 5% NIFTY 1D Rate
(%)## (₹)## Index (w.e.f. March 19, 2025) ##Crisil 10 Year Gilt Index. Scheme performance may not strictly be
Jul 31, 24 Last 1 Year 8.27 8.98 9.88 10,827 10,898 10,988 comparable with that of its Additional Benchmark in view of the hybrid nature of the scheme
Jul 29, 22 Last 3 Years 8.27 8.02 8.69 12,699 12,613 12,850 where a portion of scheme’s investments are made in equity instruments.
Jul 31, 20 Last 5 Years 7.19 6.00 5.33 14,150 13,382 12,966
Jul 31, 15 Last 10 Years 7.24 7.57 6.85 20,135 20,751 19,416
Jan 01, 13 Since Inception 7.83 7.75 6.75 25,818 25,577 22,742
SHOBHIT MEHROTRA
#NIFTY Composite Debt Index A- III ##CRISIL 10 Year Gilt Index.

HDFC FLOATING RATE DEBT FUND NAV as at July 31, 2025 ₹51.443
HDFC SHORT TERM DEBT FUND NAV as at July 31, 2025 ₹33.3683
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
(%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
(%)## (₹)##
Jul 31, 24 Last 1 Year 8.93 8.76 9.88 10,893 10,876 10,988
Jul 31, 24 Last 1 Year 9.32 8.76 9.88 10,932 10,876 10,988
Jul 29, 22 Last 3 Years 8.18 7.65 8.69 12,668 12,483 12,850 Jul 29, 22 Last 3 Years 8.36 7.65 8.69 12,730 12,483 12,850
Jul 31, 20 Last 5 Years 6.92 6.06 5.33 13,976 13,425 12,966
Jul 31, 20 Last 5 Years 6.72 6.06 5.33 13,846 13,425 12,966
Jul 31, 15 Last 10 Years 7.60 7.31 6.85 20,824 20,257 19,416
Jul 31, 15 Last 10 Years 7.81 7.31 6.85 21,218 20,257 19,416
Jan 01, 13 Since Inception 7.96 7.70 6.75 26,206 25,452 22,742
Jan 01, 13 Since Inception 8.15 7.70 6.75 26,807 25,452 22,742
#CRISIL Short Duration Debt A-II Index ##CRISIL 10 Year Gilt Index.
#CRISIL Short Duration Debt A-II Index ##CRISIL 10 Year Gilt Index.

HDFC INCOME FUND NAV as at July 31, 2025 ₹64.7574

HDFC GILT FUND NAV as at July 31, 2025 ₹58.6145
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
Returns Returns Benchmark SchemeBenchmark Additional (%) (%)# Returns (₹) (₹)# Benchmark
(%) (%)# Returns (₹) (₹)# Benchmark (%)## (₹)##
(%)## (₹)##
Jul 31, 24 Last 1 Year 8.75 9.27 9.88 10,875 10,927 10,988
Jul 31, 24 Last 1 Year 8.60 8.83 9.88 10,860 10,883 10,988
Jul 29, 22 Last 3 Years 8.38 8.22 8.69 12,738 12,681 12,850
Jul 29, 22 Last 3 Years 8.11 8.83 8.69 12,644 12,897 12,850
Jul 31, 20 Last 5 Years 6.02 5.97 5.33 13,399 13,366 12,966
Jul 31, 20 Last 5 Years 5.81 6.10 5.33 13,267 13,447 12,966
Jul 31, 15 Last 10 Years 7.38 7.70 6.85 20,394 21,015 19,416 Jul 31, 15 Last 10 Years 7.04 7.87 6.85 19,762 21,348 19,416
Jan 01, 13 Since Inception 7.37 8.01 6.75 24,463 26,360 22,742
Jan 01, 13 Since Inception 7.72 7.54 6.75 25,508 24,952 22,742
#NIFTY All Duration G-Sec Index ##CRISIL 10 Year Gilt Index. #CRISIL Medium To Long Duration Debt A-III Index ##CRISIL 10 Year Gilt Index.

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended schemes is primarily buy and
hold whereas open-ended schemes are actively managed.
Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available For Riskometer of the Schemes and Benchmark's, refer page 113 to 126.

105 | July 2025

HDFC CREDIT RISK DEBT FUND NAV as at July 31, 2025 ₹26.2207 HDFC FLEXI CAP FUND NAV as at July 31, 2025 ₹2153.317
Date Period Scheme Benchmark Additional Value of ₹10,000 invested Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark (%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)## (%)## (₹)##
Jul 31, 24 Last 1 Year 9.40 8.26 9.88 10,940 10,826 10,988 Jul 31, 24 Last 1 Year 6.39 -1.63 0.54 10,639 9,837 10,054
Jul 29, 22 Last 3 Years 8.20 8.30 8.69 12,677 12,711 12,850 Jul 29, 22 Last 3 Years 24.16 17.10 14.29 19,172 16,078 14,946
Jul 31, 20 Last 5 Years 7.78 7.90 5.33 14,550 14,628 12,966 Jul 31, 20 Last 5 Years 29.47 21.69 18.88 36,402 26,703 23,751
Jul 31, 15 Last 10 Years 8.42 8.29 6.85 22,453 22,190 19,416 Jul 31, 15 Last 10 Years 15.97 13.66 12.60 44,064 36,026 32,801
Mar 25, 14 Since Inception 8.86 8.54 7.39 26,221 25,372 22,477 Jan 01, 13 Since Inception 17.05 14.52 13.38 72,533 55,070 48,568
#NIFTY Credit Risk Bond Index B-II ##CRISIL 10 Year Gilt Index. #Nifty 500 (Total Returns Index) ##Nifty 50 Index (TRI).

HDFC LONG DURATION DEBT FUND NAV as at July 31, 2025 ₹12.3695
SWAPNIL JANGAM
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
HDFC OVERNIGHT FUND NAV as at July 31, 2025 ₹3857.0804
(%)## (₹)##
Jul 31, 24 Last 1 Year 7.04 6.94 9.88 10,704 10,694 10,988 Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Jan 20, 23 Since Inception 8.77 8.31 9.20 12,370 12,237 12,493 Returns Returns Benchmark SchemeBenchmark Additional
#NIFTY Long Duration Debt Index - A-III ##CRISIL 10 Year Gilt Index. (%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
Jul 24, 25 Last 7 days 5.24 5.33 5.35 10,010 10,010 10,010
Jul 16, 25 Last 15 days 5.29 5.39 5.16 10,022 10,022 10,021
SRINIVASAN RAMAMURTHY Jun 30, 25 Last 1 Month 5.26 5.31 4.06 10,045 10,045 10,035
Jul 31, 24 Last 1 Year 6.24 6.30 7.41 10,624 10,630 10,741
Jul 31, 22 Last 3 Years 6.40 6.49 7.06 12,047 12,078 12,273
HDFC INFRASTRUCTURE FUND NAV as at July 31, 2025 ₹52.49 Jul 31, 20 Last 5 Years 5.17 5.26 5.58 12,866 12,926 13,124
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Jul 31, 15 Last 10 Years 5.51 5.58 6.31 17,102 17,216 18,445
Returns Returns Benchmark SchemeBenchmark Additional Dec 31, 12 Since Inception 6.04 6.12 6.55 20,912 21,126 22,222
(%) (%)# Returns (₹) (₹)# Benchmark #CRISIL Liquid Overnight Index ##CRISIL 1 Year T-Bill Index. Returns less than 1 year period are
(%)## (₹)## simple annualized.
Jul 31, 24 Last 1 Year -4.14 -19.48 0.54 9,586 8,052 10,054
Jul 29, 22 Last 3 Years 31.80 31.45 14.29 22,946 22,765 14,946
Jul 31, 20 Last 5 Years 36.59 37.70 18.88 47,588 49,546 23,751 PRAVEEN JAIN
Jul 31, 15 Last 10 Years 11.79 15.46 12.60 30,519 42,163 32,801
Jan 01, 13 Since Inception 13.10 15.63 13.38 47,068 62,178 48,568
#BSE India Infrastructure Index (Total Returns Index) ##Nifty 50 Index (TRI). NAV as at July 31, 2025 ₹5877.5109
HDFC MONEY MARKET FUND
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
HDFC HOUSING OPPORTUNITIES FUND NAV as at July 31, 2025 ₹24.208 Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
Date Period Scheme Benchmark Additional Value of ₹10,000 invested (%)## (₹)##
Returns Returns Benchmark SchemeBenchmark Additional Jul 31, 24 Last 1 Year 8.17 7.35 7.41 10,817 10,735 10,741
(%) (%)# Returns (₹) (₹)# Benchmark Jul 29, 22 Last 3 Years 7.63 7.25 7.06 12,475 12,345 12,277
(%)## (₹)##
Jul 31, 20 Last 5 Years 6.18 5.89 5.58 13,495 13,313 13,124
Jul 31, 24 Last 1 Year -7.42 -4.46 0.54 9,258 9,554 10,054
Jul 31, 15 Last 10 Years 6.94 6.56 6.31 19,564 18,881 18,445
Jul 29, 22 Last 3 Years 22.71 14.92 14.29 18,506 15,196 14,946
Dec 31, 12 Since Inception 7.38 7.06 6.55 24,498 23,603 22,222
Jul 31, 20 Last 5 Years 26.13 24.31 18.88 31,941 29,706 23,751
#CRISIL Money Market A-I Index ##CRISIL 1 Year T-Bill Index.
Dec 06, 17 Since Inception 12.24 13.82 13.90 24,208 26,938 27,089
#NIFTY Housing (Total Returns Index) ##Nifty 50 Index (TRI). € HDFC Housing opportunities
Fund was launched as a close ended thematic Equity Scheme. The Scheme has been converted into
open-ended scheme on January 19, 2021. ANAND LADDHA

ROSHI JAIN HDFC VALUE FUND NAV as at July 31, 2025 ₹824.876
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
HDFC ELSS TAX SAVER NAV as at July 31, 2025 ₹1513.038 (%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
Date Period SchemeBenchmark Additional Value of ₹10,000 invested Jul 31, 24 Last 1 Year 1.36 -1.63 0.54 10,136 9,837 10,054
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns
Jul 29, 22 Last 3 Years 21.68 17.10 14.29 18,045 16,078 14,946
(₹) (₹)# Benchmark
(%)## (₹)## Jul 31, 20 Last 5 Years 24.60 21.69 18.88 30,050 26,703 23,751
Jul 31, 24 Last 1 Year 4.14 -1.63 0.54 10,414 9,837 10,054 Jul 31, 15 Last 10 Years 14.64 13.66 12.60 39,260 36,026 32,801
Jul 29, 22 Last 3 Years 23.58 17.10 14.29 18,907 16,078 14,946 Jan 01, 13 Since Inception 16.73 14.52 13.38 70,069 55,070 48,568
Jul 31, 20 Last 5 Years 26.35 21.69 18.88 32,224 26,703 23,751 #NIFTY 500 (Total Returns Index) ##Nifty 50 Index (TRI).
Jul 31, 15 Last 10 Years 13.99 13.66 12.60 37,073 36,026 32,801
Jan 01, 13 Since Inception 15.51 14.52 13.38 61,403 55,070 48,568
HDFC BANKING & FINANCIAL SERVICES FUND NAV as at July 31, 2025 ₹17.91
#NIFTY 500 (Total Returns Index) ##Nifty 50 Index (TRI).
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
HDFC FOCUSED FUND NAV as at July 31, 2025 ₹258.4 (%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
Date Period Scheme Benchmark Additional Value of ₹10,000 invested Jul 31, 24 Last 1 Year 9.34 14.95 0.54 10,934 11,495 10,054
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns
Jul 29, 22 Last 3 Years 19.48 16.23 14.29 17,080 15,721 14,946
(₹) (₹)# Benchmark
(%)## (₹)## Jul 01, 21 Since Inception 15.33 13.68 13.20 17,910 16,884 16,591
Jul 31, 24 Last 1 Year 7.24 -1.63 0.54 10,724 9,837 10,054 #NIFTY Financial Services (Total Returns Index) ##Nifty 50 Index (TRI). However, such returns
Jul 29, 22 Last 3 Years 25.02 17.10 13.52 19,579 16,078 14,643 may not be representative.
Jul 31, 20 Last 5 Years 29.72 21.69 18.05 36,757 26,703 22,934
Jul 31, 15 Last 10 Years 15.10 13.66 12.56 40,872 36,026 32,670
Jan 01, 13 Since Inception 15.91 14.52 13.44 64,116 55,070 48,912
#NIFTY 500 (Total Returns Index) ##BSE SENSEX Index (TRI).

Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available For Riskometer of the Schemes and Benchmark's, refer page 113 to 126.

106 | July 2025

 AMIT SINHA CO-MANAGED BY
ANIL BAMBOLI, ARUN AGARWAL, BHAGYESH KAGALKAR,
NAV as at July 31, 2025 ₹14.648
NANDITA MENEZES & SRINIVASAN RAMAMURTHY
HDFC NON-CYCLICAL CONSUMER FUND
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
HDFC MULTI-ASSET FUND NAV as at July 31, 2025 ₹79.626
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark Date Period SchemeBenchmark Additional Value of ₹10,000 invested
(%)## (₹)## Returns Returns Benchmark SchemeBenchmark Additional
Jul 31, 24 Last 1 Year 3.31 0.47 0.54 10,332 10,047 10,054 (%) (%)# Returns (₹) (₹)# Benchmark
Jul 12, 23 Since Inception 20.41 18.64 14.08 14,648 14,209 13,108 (%)## (₹)##
#NIFTY India Consumption Index (Total Returns Index) ##Nifty 50 Index (TRI). Jul 31, 24 Last 1 Year 7.56 6.42 0.54 10,756 10,642 10,054
Jul 29, 22 Last 3 Years 15.66 13.90 14.29 15,491 14,792 14,946
Jul 31, 20 Last 5 Years 16.89 15.34 18.88 21,831 20,419 23,751
Jul 31, 15 Last 10 Years 11.99 12.00 12.60 31,068 31,096 32,801
PRIYA RANJAN Jan 01, 13 Since Inception 11.99 12.05 13.38 41,582 41,854 48,568
#65% Nifty 50 Index (TRI) + 25% NIFTY Composite Debt Index + 10% Price of Domestic Gold
##Nifty 50 Index (TRI). The Scheme formerly, a debt oriented hybrid fund, has undergone change
HDFC TRANSPORTATION AND LOGISTICS FUND NAV as at July 31, 2025 ₹16.816 in Fundamental attributes and become a multi asset fund investing in equities, debt and gold
Date Period Scheme Benchmark Additional Value of ₹10,000 invested related instruments. Accordingly, the Scheme’s benchmark and additional benchmarks have also
Returns Returns Benchmark SchemeBenchmark Additional changed. Hence, the past performance of the Scheme since inception till May 22, 2018 may not
(%) (%)# Returns (₹) (₹)# Benchmark strictly be comparable with those of the new benchmark and the additional benchmark. Scheme
(%)## (₹)## performance may not strictly be comparable with that of its Additional Benchmark in view of
Jul 31, 24 Last 1 Year 0.12 -6.90 0.54 10,012 9,310 10,054 hybrid nature of the scheme where a portion of scheme’s investments are made in debt
Aug 17, 23 Since Inception 30.43 27.57 14.74 16,816 16,101 13,087 instruments and gold related instruments.
#NIFTY Transportation & Logistics Index (Total Returns Index) ##Nifty 50 Index (TRI).
CO-MANAGED BY
BALAKUMAR B ANIL BAMBOLI, ARUN AGARWAL, GOPAL AGRAWAL,
NANDITA MENEZES & SRINIVASAN RAMAMURTHY
HDFC TECHNOLOGY FUND NAV as at July 31, 2025 ₹13.563 NAV as at July 31, 2025 ₹556.665
HDFC BALANCED ADVANTAGE FUND
Date Period Scheme Benchmark Additional Value of ₹10,000 invested Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark (%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)## (%)## (₹)##
Jul 31, 24 Last 1 Year -0.64 -8.13 0.54 9,936 9,187 10,054 Jul 31, 24 Last 1 Year 1.30 4.68 0.54 10,130 10,468 10,054
Sep 08, 23 Since Inception 17.44 11.28 13.82 13,563 12,247 12,781 Jul 29, 22 Last 3 Years 20.66 11.31 14.29 17,595 13,804 14,946
#BSE Teck Index (Total Returns Index) ##Nifty 50 Index (TRI). Jul 31, 20 Last 5 Years 24.66 12.61 18.88 30,129 18,115 23,751
Jul 31, 15 Last 10 Years 14.55 10.53 12.60 38,941 27,236 32,801
Jan 01, 13 Since Inception 15.67 10.96 13.38 62,487 37,032 48,568
NIKHIL MATHUR #NIFTY 50 Hybrid Composite Debt 50:50 Index (Total Returns Index) ##Nifty 50 Index (TRI).
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
NAV as at July 31, 2025 ₹18.099 instruments.
HDFC PHARMA AND HEALTHCARE FUND
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional CO-MANAGED BY
(%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
ANIL BAMBOLI, ARUN AGARWAL & NANDITA MENEZES
Jul 31, 24 Last 1 Year 22.19 12.71 0.54 12,219 11,271 10,054
Oct 04, 23 Since Inception 38.42 31.00 15.63 18,099 16,367 13,033 HDFC ARBITRAGE FUND NAV as at July 31, 2025 ₹20.278
#BSE Healthcare Index (Total Returns Index) ##Nifty 50 Index (TRI).
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
RAKESH SETHIA (%)## (₹)##
Jul 31, 24 Last 1 Year 7.49 7.48 7.41 10,749 10,748 10,741
Jul 29, 22 Last 3 Years 7.60 7.37 7.06 12,466 12,386 12,277
NAV as at July 31, 2025 ₹10.932 Jul 31, 20 Last 5 Years 6.17 5.92 5.58 13,494 13,331 13,124
HDFC MANUFACTURING FUND
Jul 31, 15 Last 10 Years 6.22 5.52 6.31 18,300 17,118 18,445
Date Period Scheme Benchmark Additional Value of ₹10,000 invested Apr 07, 14 Since Inception 6.44 5.89 6.57 20,278 19,123 20,566
Returns Returns Benchmark SchemeBenchmark Additional #NIFTY 50 Arbitrage Index (Total Returns Index) ##CRISIL 1 Year T-Bill Index. Scheme
(%) (%)# Returns (₹) (₹)# Benchmark performance is not strictly comparable with that of its Additional Benchmark since the scheme
(%)## (₹)##
does not take directional call in equity markets but is limited to availing arbitrage opportunities,
Jul 31, 24 Last 1 Year -2.88 -5.66 0.54 9,712 9,434 10,054
etc.
May 16, 24 Since Inception 7.65 6.00 10.20 10,932 10,730 11,245
#NIFTY India Manufacturing Index ##Nifty 50 Index (TRI).
CO-MANAGED BY
ANIL BAMBOLI, ARUN AGARWAL, NANDITA MENEZES &
SRINIVASAN RAMAMURTHY

HDFC EQUITY SAVINGS FUND NAV as at July 31, 2025 ₹73.574

Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
Jul 31, 24 Last 1 Year 4.52 5.53 9.88 10,452 10,553 10,988
Jul 29, 22 Last 3 Years 11.67 10.07 8.69 13,937 13,345 12,850
Jul 31, 20 Last 5 Years 13.66 10.70 5.33 18,976 16,632 12,966
Jul 31, 15 Last 10 Years 10.68 8.95 6.85 27,619 23,579 19,416
Jan 01, 13 Since Inception 10.45 9.50 6.75 34,949 31,332 22,742
#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.

Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available For Riskometer of the Schemes and Benchmark's, refer page 113 to 126.

107 | July 2025

 CO-MANAGED BY CO-MANAGED BY
ANIL BAMBOLI, BHAGYESH KAGALKAR & SRINIVASAN ANUPAM JOSHI & SRINIVASAN RAMAMURTHY
RAMAMURTHY
HDFC HYBRID EQUITY FUND NAV as at July 31, 2025 ₹128.796
HDFC MULTI-ASSET ACTIVE FOF NAV as at July 31, 2025 ₹19.139 Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
Date Period Scheme Benchmark Additional Value of ₹10,000 invested (%) (%)# Returns (₹) (₹)# Benchmark
Returns Returns Benchmark SchemeBenchmark Additional (%)## (₹)##
(%) (%)# Returns (₹) (₹)# Benchmark
(%)## Jul 31, 24 Last 1 Year 3.43 3.46 0.54 10,343 10,346 10,054
(₹)##
Jul 31, 24 Last 1 Year 9.49 7.68 0.54 10,949 10,768 10,054 Jul 29, 22 Last 3 Years 14.92 12.23 14.29 15,196 14,151 14,946
Jul 31, 20 Last 5 Years 19.11 14.51 18.88 23,987 19,693 23,751
Jul 29, 22 Last 3 Years 17.54 12.97 14.29 16,261 14,430 14,946
Jul 31, 15 Last 10 Years 12.85 11.24 12.60 33,537 29,038 32,801
May 05, 21 Since Inception 16.54 12.07 14.67 19,139 16,211 17,872
Jan 01, 13 Since Inception 15.05 11.76 13.38 58,406 40,541 48,568
#50% NIFTY 50 TRI + 40% NIFTY Composite Debt Index + 10% Gold derived as per regulatory
norms ##Nifty 50 Index (TRI). #NIFTY 50 Hybrid Composite Debt 65:35 Index (Total Returns Index) ##Nifty 50 Index (TRI).
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.
CO-MANAGED BY
ANIL BAMBOLI & CHIRAG SETALVAD
CO-MANAGED BY
HDFC CHILDREN'S FUND NAV as at July 31, 2025 ₹326.176 ANUPAM JOSHI & SWAPNIL JANGAM
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional HDFC LIQUID FUND NAV as at July 31, 2025 ₹5204.4021
(%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)## Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Jul 31, 24 Last 1 Year 1.81 3.46 0.54 10,181 10,346 10,054 Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
Jul 29, 22 Last 3 Years 17.23 12.23 14.29 16,132 14,151 14,946 (%)## (₹)##
Jul 31, 20 Last 5 Years 20.47 14.51 18.88 25,389 19,693 23,751
Jul 24, 25 Last 7 days 5.26 5.30 5.35 10,010 10,010 10,010
Jul 31, 15 Last 10 Years 14.08 11.24 12.60 37,372 29,038 32,801
Jul 16, 25 Last 15 days 5.31 5.41 5.16 10,022 10,022 10,021
Jan 01, 13 Since Inception 15.91 11.76 13.38 64,142 40,541 48,568
Jun 30, 25 Last 1 Month 5.77 5.68 4.06 10,049 10,048 10,035
#NIFTY 50 Hybrid Composite Debt 65:35 Index (Total Returns Index) ##Nifty 50 Index (TRI).
Jul 31, 24 Last 1 Year 7.11 6.95 7.41 10,711 10,695 10,741
Scheme performance may not strictly be comparable with that of its Additional Benchmark in view
Jul 31, 22 Last 3 Years 7.04 6.99 7.06 12,267 12,248 12,273
of balanced nature of the scheme where a portion of scheme’s investments are made in debt
instruments. Jul 31, 20 Last 5 Years 5.60 5.64 5.58 13,136 13,158 13,124
Jul 31, 15 Last 10 Years 6.24 6.18 6.31 18,332 18,232 18,445
Dec 31, 12 Since Inception 6.83 6.76 6.55 22,976 22,781 22,222
#CRISIL Liquid Debt A-I Index ##CRISIL 1 Year T-Bill Index. Returns less than 1 year period are
CO-MANAGED BY simple annualized.
ANIL BAMBOLI & PRAVEEN JAIN

NAV as at July 31, 2025 ₹15.5819

CO-MANAGED BY
HDFC ULTRA SHORT TERM FUND
ARUN AGARWAL & NANDITA MENEZES
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
HDFC BSE 500 INDEX FUND NAV as at July 31, 2025 ₹15.4431
(%)## (₹)##
Jul 31, 24 Last 1 Year 7.85 7.47 7.41 10,785 10,747 10,741 Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Jul 29, 22 Last 3 Years 7.43 7.35 7.06 12,405 12,380 12,277 Returns Returns Benchmark SchemeBenchmark Additional
Jul 31, 20 Last 5 Years 6.09 5.99 5.58 13,438 13,376 13,124 (%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
Sep 25, 18 Since Inception 6.69 6.47 6.22 15,582 15,370 15,117
Jul 31, 24 Last 1 Year -2.50 -2.08 0.54 9,750 9,792 10,054
#CRISIL Ultra Short Duration Debt A-I Index ##CRISIL 1 Year T-Bill Index.
Apr 21, 23 Since Inception 21.00 21.86 17.65 15,443 15,694 14,484
#BSE 500 Index (TRI) ##Nifty 50 Index (TRI).
CO-MANAGED BY
ANUPAM JOSHI & PRAVEEN JAIN HDFC DEVELOPED WORLD EQUITY PASSIVE FOF NAV as at July 31, 2025 ₹16.586
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
HDFC LOW DURATION FUND NAV as at July 31, 2025 ₹63.1325 (%) (%)# Returns (₹) (₹)# Benchmark
Date Period Scheme Benchmark Additional Value of ₹10,000 invested (%)## (₹)##
Returns Returns Benchmark SchemeBenchmark Additional Jul 31, 24 Last 1 Year 21.43 20.98 0.54 12,143 12,098 10,054
(%) (%)# Returns (₹) (₹)# Benchmark Jul 29, 22 Last 3 Years 20.35 20.13 14.29 17,459 17,364 14,946
(%)## (₹)## Oct 06, 21 Since Inception 14.17 14.55 10.62 16,586 16,803 14,702
Jul 31, 24 Last 1 Year 8.42 7.79 7.41 10,842 10,779 10,741 #MSCI World Index (Net Total Return Index) (Due to time zone difference, benchmark
Jul 29, 22 Last 3 Years 7.90 7.33 7.06 12,570 12,370 12,277 performance will be calculated with a day’s lag). ##Nifty 50 Index (TRI).
Jul 31, 20 Last 5 Years 6.62 5.76 5.58 13,782 13,235 13,124
Jul 31, 15 Last 10 Years 7.42 6.72 6.31 20,477 19,178 18,445
Jan 01, 13 Since Inception 7.76 7.20 6.55 25,608 23,980 22,212 HDFC GOLD ETF FUND OF FUND NAV as at July ₹31.0128
#NIFTY Low Duration Debt Index A-I ##CRISIL 1 Year T-Bill Index. 31, 2025
Date Period Scheme Benchmark Value of ₹10,000 invested
Returns Returns Scheme Benchmark
(%) (%)# (₹) (₹)#
Jul 31, 24 Last 1 Year 39.09 42.02 13,909 14,202
Jul 29, 22 Last 3 Years 23.11 23.98 18,689 19,090
Jul 31, 20 Last 5 Years 11.78 12.96 17,455 18,395
Jul 31, 15 Last 10 Years 13.61 14.85 35,855 39,985
Jan 01, 13 Since Inception 8.54 9.72 28,044 32,155
#Domestic Price of Physical Gold.

Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available For Riskometer of the Schemes and Benchmark's, refer page 113 to 126.

108 | July 2025

HDFC NIFTY100 LOW VOLATILITY 30 INDEX NAV as at July 31, 2025 ₹10.3176 HDFC NIFTY500 MULTICAP 50:25:25 INDEX NAV as at July 31, 2025 ₹9.7938
FUND FUND
Date Period Scheme Benchmark Additional Value of ₹10,000 invested Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark (%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)## (%)## (₹)##
Jul 31, 24 Last 1 Year -0.37 0.15 0.54 9,963 10,015 10,054 Jan 31, 24 Last 6 Months 14.48 14.90 12.45 10,718 10,739 10,617
Jul 10, 24 Since Inception 3.00 3.42 3.01 10,318 10,362 10,318 #Nifty500 Multicap 50:25:25 Index (TRI) ##Nifty 50 Index (TRI). Simple annualized returns have
#NIFTY100 Low Volatility 30 Index (TRI) ##Nifty 50 Index (TRI). 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 7.18%.
HDFC NIFTY LARGEMIDCAP 250 INDEX FUND NAV as at July 31, 2025 ₹9.793
Date Period Scheme Benchmark Additional Value of ₹10,000 invested HDFC NIFTY50 EQUAL WEIGHT INDEX FUND NAV as at July 31, 2025 ₹17.4881
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark Date Period SchemeBenchmark Additional Value of ₹10,000 invested
(%)## (₹)## Returns Returns Benchmark SchemeBenchmark Additional
Jan 31, 24 Last 6 Months 14.19 14.55 12.45 10,704 10,721 10,617 (%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
#NIFTY LargeMidcap 250 Index (TRI) ##Nifty 50 Index (TRI). Simple annualized returns have
been provided as per the extant guidelines since the scheme has completed 6 months but not 1 Jul 31, 24 Last 1 Year -2.31 -1.84 0.54 9,769 9,816 10,054
year. However, such returns may not be representative. Absolute returns of the Scheme for the 6 Jul 29, 22 Last 3 Years 17.13 17.72 14.29 16,092 16,335 14,946
month period is 7.04%. Aug 20, 21 Since Inception 15.21 15.82 12.25 17,488 17,860 15,779
#NIFTY50 Equal Weight Total Returns Index (TRI) ##Nifty 50 Index (TRI).

HDFC NIFTY200 MOMENTUM 30 INDEX FUND NAV as at July 31, 2025 ₹10.1427
HDFC NIFTY INDIA DIGITAL INDEX FUND NAV as at July 31, 2025 ₹8.9274
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional Date Period SchemeBenchmark Additional Value of ₹10,000 invested
(%) (%)# Returns (₹) (₹)# Benchmark Returns Returns Benchmark SchemeBenchmark Additional
(%)## (₹)## (%) (%)# Returns (₹) (₹)# Benchmark
Jul 31, 24 Last 1 Year -18.23 -17.62 0.54 8,177 8,238 10,054 (%)## (₹)##
Feb 28, 24 Since Inception 1.00 1.83 10.32 10,143 10,261 11,499 Jan 31, 24 Last 6 Months -3.77 -3.23 12.45 9,813 9,840 10,617
#NIFTY200 Momentum 30 Total Returns Index (TRI) #Nifty 50 Index (TRI). #Nifty India Digital Index (TRI) ##Nifty 50 Index (TRI). Simple annualized returns have been
provided as per the extant guidelines since the scheme has completed 6 months but not 1 year.
However, such returns may not be representative. Absolute returns of the Scheme for the 6 month
HDFC NIFTY MIDCAP 150 INDEX FUND NAV as at July 31, 2025 ₹18.2106 period is -1.87%.
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
HDFC NIFTY NEXT 50 INDEX FUND NAV as at July 31, 2025 ₹15.7795
(%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)## Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Jul 31, 24 Last 1 Year -2.15 -1.74 0.54 9,785 9,826 10,054 Returns Returns Benchmark SchemeBenchmark Additional
Apr 21, 23 Since Inception 30.08 31.00 17.65 18,211 18,506 14,484 (%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
#NIFTY Midcap 150 Index (TRI) ##Nifty 50 Index (TRI).
Jul 31, 24 Last 1 Year -10.09 -9.53 0.54 8,991 9,047 10,054
Jul 29, 22 Last 3 Years 17.98 18.70 14.29 16,445 16,748 14,946
HDFC NIFTY 100 EQUAL WEIGHT INDEX FUND NAV as at July 31, 2025 ₹16.3451 Nov 03, 21 Since Inception 12.96 13.68 10.50 15,780 16,156 14,532
#NIFTY Next 50 Total Returns Index (TRI) ##Nifty 50 Index (TRI).
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
HDFC NIFTY REALTY INDEX FUND NAV as at July 31, 2025 ₹10.2533
(%)## (₹)##
Jul 31, 24 Last 1 Year -5.54 -5.10 0.54 9,446 9,490 10,054 Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Jul 29, 22 Last 3 Years 17.39 18.04 14.29 16,197 16,471 14,946 Returns Returns Benchmark SchemeBenchmark Additional
Feb 23, 22 Since Inception 15.37 16.12 12.84 16,345 16,710 15,142 (%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
#NIFTY100 Equal Weight Total Returns Index (TRI) ##Nifty 50 Index (TRI).
Jul 31, 24 Last 1 Year -16.62 -16.34 0.54 8,338 8,366 10,054
Mar 26, 24 Since Inception 1.87 2.37 10.72 10,253 10,320 11,471
HDFC NIFTY 50 INDEX FUND NAV as at July 31, 2025 ₹240.0786 #NIFTY Realty Index (TRI ##Nifty 50 Index (TRI).

Date Period SchemeBenchmark Additional Value of ₹10,000 invested

Returns Returns Benchmark SchemeBenchmark Additional HDFC NIFTY SMALLCAP 250 INDEX FUND NAV as at July 31, 2025 ₹18.6631
(%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)## Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Jul 31, 24 Last 1 Year 0.29 0.54 0.54 10,029 10,054 10,054 Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
Jul 29, 22 Last 3 Years 14.00 14.29 13.52 14,830 14,946 14,643 (%)## (₹)##
Jul 31, 20 Last 5 Years 18.56 18.88 18.05 23,435 23,751 22,934
Jul 31, 24 Last 1 Year -4.52 -3.93 0.54 9,548 9,607 10,054
Jul 31, 15 Last 10 Years 12.24 12.60 12.56 31,760 32,801 32,670
Apr 21, 23 Since Inception 31.49 32.66 17.65 18,663 19,046 14,484
Jan 01, 13 Since Inception 13.03 13.38 13.44 46,727 48,568 48,912
#NIFTY Smallcap 250 Index (TRI) ##Nifty 50 Index (TRI).
#Nifty 50 Index (TRI) ##BSE SENSEX Index (TRI).

HDFC BSE SENSEX INDEX FUND NAV as at July 31, 2025 ₹770.157
HDFC NIFTY 100 INDEX FUND NAV as at July 31, 2025 ₹15.0367
Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Date Period Scheme Benchmark Additional Value of ₹10,000 invested Returns Returns Benchmark SchemeBenchmark Additional
Returns Returns Benchmark SchemeBenchmark Additional (%) (%)# Returns (₹) (₹)# Benchmark
(%) (%)# Returns (₹) (₹)# Benchmark (%)## (₹)##
(%)## (₹)##
Jul 31, 24 Last 1 Year 0.30 0.54 0.54 10,030 10,054 10,054
Jul 31, 24 Last 1 Year -1.67 -1.32 0.54 9,833 9,868 10,054
Jul 29, 22 Last 3 Years 13.23 13.52 14.29 14,531 14,643 14,946
Jul 29, 22 Last 3 Years 14.10 14.59 14.29 14,870 15,062 14,946
Jul 31, 20 Last 5 Years 17.73 18.05 18.88 22,632 22,934 23,751
Feb 23, 22 Since Inception 12.61 13.15 12.84 15,037 15,285 15,142
Jul 31, 15 Last 10 Years 12.26 12.56 12.60 31,804 32,670 32,801
#NIFTY 100 Total Returns Index (TRI) ##Nifty 50 Index (TRI). Jan 01, 13 Since Inception 13.10 13.44 13.38 47,066 48,912 48,568
#BSE SENSEX Index (TRI) ##Nifty 50 Index (TRI).

HDFC SILVER ETF FUND OF FUND NAV as at July 31, ₹18.6235

2025
Date Period Scheme Benchmark Value of ₹10,000 invested
Returns Returns Scheme Benchmark
(%) (%)# (₹) (₹)#
Jul 31, 24 Last 1 Year 30.43 32.81 13,043 13,281
Oct 28, 22 Since Inception 25.28 26.69 18,624 19,208
#Domestic Prices of physical Silver (derived as per regulatory norms).
Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available For Riskometer of the Schemes and Benchmark's, refer page 113 to 126.

109 | July 2025

 CO-MANAGED BY CO-MANAGED BY
ARUN AGARWAL, NANDITA MENEZES, SHOBHIT MEHROTRA PRIYA RANJAN & RAHUL BAIJAL
& SRINIVASAN RAMAMURTHY
HDFC DEFENCE FUND NAV as at July 31, 2025 ₹23.629
HDFC RETIREMENT SAVINGS FUND - EQUITY NAV as at July 31, 2025 ₹56.92 Date Period SchemeBenchmark Additional Value of ₹10,000 invested
PLAN Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
(%)## (₹)##
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark Jul 31, 24 Last 1 Year -0.61 2.47 0.54 9,939 10,247 10,054
(%)## (₹)## Jun 02, 23 Since Inception 48.78 71.64 15.74 23,629 32,196 13,721
Jul 31, 24 Last 1 Year 0.29 -1.63 0.54 10,029 9,837 10,054 #NIFTY India Defence Index TRI (Total Returns Index) ##Nifty 50 Index (TRI).
Jul 29, 22 Last 3 Years 21.15 17.10 14.29 17,809 16,078 14,946
Jul 31, 20 Last 5 Years 27.08 21.69 18.88 33,164 26,703 23,751
Feb 25, 16 Since Inception 20.24 16.96 15.84 56,920 43,858 40,032 CO-MANAGED BY
#NIFTY 500 (Total Returns Index) ##Nifty 50 Index (TRI).
SHOBHIT MEHROTRA & SRINIVASAN RAMAMURTHY

HDFC RETIREMENT SAVINGS FUND - HYBRID NAV as at July 31, 2025 ₹24.4247 NAV as at July 31, 2025 ₹87.4306
HDFC HYBRID DEBT FUND
DEBT PLAN
Date Period Scheme Benchmark Additional Value of ₹10,000 invested Date Period SchemeBenchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark Returns Returns Benchmark SchemeBenchmark Additional
SchemeBenchmark Additional
(%) (%)# Returns (%) (%)# Returns (₹) (₹)# Benchmark
(₹) (₹)# Benchmark
(%)## (%)## (₹)##
(₹)##
Jul 31, 24 Last 1 Year 5.90 7.48 9.88 10,590 10,748 10,988 Jul 31, 24 Last 1 Year 5.18 7.48 9.88 10,518 10,748 10,988
Jul 29, 22 Last 3 Years 10.70 9.07 8.69 13,579 12,983 12,850 Jul 29, 22 Last 3 Years 11.50 9.07 8.69 13,875 12,983 12,850
Jul 31, 20 Last 5 Years 10.30 8.14 5.33 16,328 14,794 12,966 Jul 31, 20 Last 5 Years 12.05 8.14 5.33 17,670 14,794 12,966
Feb 26, 16 Since Inception 9.93 9.18 6.86 24,425 22,905 18,693 Jul 31, 15 Last 10 Years 9.35 8.60 6.85 24,469 22,844 19,416
#NIFTY 50 Hybrid Composite Debt 15:85 Index (Total Returns Index) ##CRISIL 10 Year Gilt Index. Jan 01, 13 Since Inception 9.96 8.86 6.75 33,024 29,111 22,742
#NIFTY 50 Hybrid Composite Debt 15:85 Index (Total Returns Index) ##CRISIL 10 Year Gilt Index.

HDFC RETIREMENT SAVINGS FUND - HYBRID NAV as at July 31, 2025 ₹43.695
EQUITY PLAN
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
Jul 31, 24 Last 1 Year 2.01 3.46 0.54 10,201 10,346 10,054
Jul 29, 22 Last 3 Years 16.95 12.23 14.29 16,016 14,151 14,946
Jul 31, 20 Last 5 Years 19.99 14.51 18.88 24,888 19,693 23,751
Feb 25, 16 Since Inception 16.92 13.37 15.84 43,695 32,674 40,032
#NIFTY 50 Hybrid Composite Debt 65:35 Index (Total Returns Index) ##Nifty 50 Index (TRI).

CO-MANAGED BY
BHAVYESH DIVECHA & SHOBHIT MEHROTRA

HDFC MEDIUM TERM DEBT FUND NAV as at July 31, 2025 ₹61.6417
Date Period Scheme Benchmark Additional Value of ₹10,000 invested
Returns Returns Benchmark SchemeBenchmark Additional
(%) (%)# Returns (₹) (₹)# Benchmark
(%)## (₹)##
Jul 31, 24 Last 1 Year 9.43 9.21 9.88 10,943 10,921 10,988
Jul 29, 22 Last 3 Years 8.28 7.79 8.69 12,705 12,530 12,850
Jul 31, 20 Last 5 Years 7.24 6.02 5.33 14,187 13,397 12,966
Jul 31, 15 Last 10 Years 8.02 7.58 6.85 21,637 20,770 19,416
Jan 01, 13 Since Inception 8.27 7.87 6.75 27,180 25,945 22,742
#NIFTY Medium Duration Debt Index A-III ##CRISIL 10 Year Gilt Index.

Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the
Regular Plan. Load is not taken into consideration for computation of performance. N.A.: Not Available For Riskometer of the Schemes and Benchmark's, refer page 113 to 126.

110 | July 2025

 IDCW HISTORY^

HDFC FLEXI CAP 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(₹) Individual Others NAV(₹) Individual Others NAV(₹) Individual Others NAV(₹) Individual Others
& HUF & HUF & HUF & HUF
Mar 16, 23 58.764 5.750 5.750 66.769 5.750 5.750 Dec 26, 24 16.9310 0.2500 0.2500 19.2470 0.2500 0.2500
Mar 14, 24 76.341 7.000 7.000 88.436 7.000 7.000 Mar 25, 25 16.3530 0.2500 0.2500 18.6520 0.2500 0.2500
Mar 13, 25 76.3730 7.0000 7.0000 90.2910 7.0000 7.0000 Jun 25, 25 17.1430 0.2500 0.2500 19.6230 0.2500 0.2500

HDFC LARGE CAP FUND (Past 3 years) IDCW Option HDFC BALANCED ADVANTAGE FUND IDCW Option
Record Date Regular Plan Direct Plan (Past 3 months)
Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For Record Date Regular Plan Direct Plan
NAV(₹) Individual Others NAV(₹) Individual Others Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
& HUF & HUF NAV(₹) Individual Others NAV(₹) Individual Others
Mar 02, 23 49.950 5.00 5.00 55.846 5.00 5.00 & HUF & HUF
Feb 29, 24 61.896 5.50 5.50 70.417 5.50 5.50 May 26, 25 39.4760 0.2500 0.2500 45.9570 0.2500 0.2500
Feb 28, 25 56.8150 5.5000 5.5000 65.7880 5.5000 5.5000 Jun 25, 25 39.5480 0.2500 0.2500 46.1060 0.2500 0.2500
Jul 25, 25 39.0400 0.2500 0.2500 45.5760 0.2500 0.2500

HDFC VALUE FUND (Past 3 years) IDCW Option

Record Date Regular Plan Direct Plan HDFC ELSS TAX SAVER (Past 3 years) IDCW Option

Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For Record Date Regular Plan Direct Plan
NAV(₹) Individual Others NAV(₹) Individual Others Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
& HUF & HUF NAV(₹) Individual Others NAV(₹) Individual Others
Feb 17, 22 28.845 3.00 3.00 32.828 3.00 3.00 & HUF & HUF
Feb 15, 24 33.727 2.75 2.75 40.139 2.75 2.75 Mar 09, 23 58.383 5.750 5.750 72.808 5.750 5.750
Feb 13, 25 33.5830 2.7500 2.7500 40.8690 2.7500 2.7500 Mar 07, 24 76.458 7.000 7.000 98.005 7.000 7.000
Mar 06, 25 73.7700 7.0000 7.0000 97.2420 7.0000 7.0000

HDFC FOCUSED FUND (Past 3 years) IDCW Option

Record Date Regular Plan Direct Plan HDFC INFRASTRUCTURE FUND (Past 3 years) IDCW Option

Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For Record Date Regular Plan Direct Plan
NAV(₹) Individual Others NAV(₹) Individual Others Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
& HUF & HUF NAV(₹) Individual Others NAV(₹) Individual Others
Feb 17, 22 18.943 2.00 2.00 21.927 2.00 2.00 & HUF & HUF
Feb 15, 24 24.298 2.25 2.25 29.862 2.25 2.25 Mar 02, 23 12.5560 1.0000 1.0000 17.9340 1.0000 1.0000
Feb 13, 25 25.3540 2.2500 2.2500 32.1150 2.2500 2.2500 Feb 29, 24 20.6410 1.5000 1.5000 30.4540 1.5000 1.5000
Feb 20, 25 19.1230 1.5000 1.5000 29.1820 1.5000 1.5000

HDFC ARBITRAGE FUND (Past 3 months) Normal IDCW Option

HDFC HYBRID DEBT FUND (Past 3 months) Monthly IDCW Option
Record Date Regular Plan Direct Plan
Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For Record Date Regular Plan Direct Plan
NAV(₹) Individual Others NAV(₹) Individual Others Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
& HUF & HUF NAV(₹) Individual Others NAV(₹) Individual Others
May 22, 25 10.9310 0.0500 0.0500 11.5860 0.0500 0.0500 & HUF & HUF
Jun 19, 25 10.9400 0.0500 0.0500 11.6040 0.0500 0.0500 May 26, 25 14.6828 0.1000 0.1000 16.2950 0.1000 0.1000
Jul 24, 25 10.9480 0.0500 0.0500 11.6200 0.0500 0.0500 Jun 25, 25 14.4941 0.1000 0.1000 16.1042 0.1000 0.1000
Jul 25, 25 14.4195 0.1000 0.1000 16.0400 0.1000 0.1000

HDFC ARBITRAGE FUND (Past 3 months) Monthly IDCW Option

Record Date Regular Plan Direct Plan HDFC HYBRID DEBT FUND (Past 3 quarters) Quarterly IDCW Option
Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For Record Date Regular Plan Direct Plan
NAV(₹) Individual Others NAV(₹) Individual Others Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
& HUF & HUF NAV(₹) Individual Others NAV(₹) Individual Others
May 22, 25 11.3740 0.0500 0.0500 11.2100 0.0500 0.0500 & HUF & HUF
Jun 19, 25 11.3850 0.0500 0.0500 11.2250 0.0500 0.0500 Dec 26, 24 15.4087 0.3000 0.3000 16.9961 0.3000 0.3000
Jul 24, 25 11.3950 0.0500 0.0500 11.2400 0.0500 0.0500 Mar 25, 25 15.2499 0.3000 0.3000 16.8765 0.3000 0.3000
Jun 25, 25 15.3791 0.3000 0.3000 17.0774 0.3000 0.3000

HDFC LARGE AND MID CAP FUND (Past 3 years) IDCW Option
Record Date Regular Plan Direct Plan HDFC EQUITY SAVINGS FUND (Past 3 quarters) IDCW Option
Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For Record Date Regular Plan Direct Plan
NAV(₹) Individual Others NAV(₹) Individual Others Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
& HUF & HUF NAV(₹) Individual Others NAV(₹) Individual Others
Mar 02, 23 25.838 1.50 1.50 31.808 1.50 1.50 & HUF & HUF
Feb 29, 24 36.035 2.00 2.00 45.231 2.00 2.00 Dec 26, 24 13.0920 0.2200 0.2200 15.4090 0.2200 0.2200
Feb 28, 25 34.2270 2.5000 2.5000 43.8280 2.5000 2.5000 Mar 25, 25 12.8410 0.2200 0.2200 15.1890 0.2200 0.2200
Jun 25, 25 13.1060 0.2200 0.2200 15.5830 0.2200 0.2200

HDFC MID CAP FUND (Past 3 years) IDCW Option

Record Date Regular Plan Direct Plan HDFC MULTI-ASSET FUND (Past 3 years) IDCW Option
Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For Record Date Regular Plan Direct Plan
NAV(₹) Individual Others NAV(₹) Individual Others Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
& HUF & HUF NAV(₹) Individual Others NAV(₹) Individual Others
Feb 24, 22 34.514 3.50 3.50 45.361 3.50 3.50 & HUF & HUF
Feb 22, 24 53.167 5.00 5.00 74.680 5.00 5.00 Feb 24, 22 15.2190 1.2500 1.2500 17.2000 1.2500 1.2500
Feb 20, 25 52.1450 5.0000 5.0000 75.9200 5.0000 5.0000 Feb 22, 24 16.9970 1.2500 1.2500 20.1410 1.2500 1.2500
Feb 20, 25 17.1990 1.2500 1.2500 20.8690 1.2500 1.2500

HDFC SMALL CAP FUND (Past 3 years) IDCW Option

Record Date Regular Plan Direct Plan
Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
NAV(₹) Individual Others NAV(₹) Individual Others
& HUF & HUF
Mar 16, 23 33.860 3.000 3.000 46.395 3.000 3.000
Mar 14, 24 44.657 4.000 4.000 63.353 4.000 4.000
Mar 13, 25 40.4930 4.0000 4.0000 59.6390 4.0000 4.0000

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

111 | July 2025

 IDCW HISTORY^

HDFC INCOME FUND (Past 3 quarters) Quarterly IDCW Option HDFC FLOATING RATE DEBT FUND Monthly IDCW Option
Record Date Regular Plan Direct Plan (Past 3 months)
Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For Record Date Regular Plan Direct Plan
NAV(₹) Individual Others NAV(₹) Individual Others Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
& HUF & HUF NAV(₹) Individual Others NAV(₹) Individual Others
Dec 26, 24 11.3891 0.0800 0.0800 12.7320 0.1000 0.1000 & HUF & HUF
Mar 25, 25 11.5603 0.1500 0.1500 12.9312 0.1800 0.1800 May 26, 25 10.2388 0.0873 0.0873 10.2406 0.0965 0.0965
Jun 25, 25 11.6946 0.2500 0.2500 13.0884 0.3000 0.3000 Jun 30, 25 10.2000 0.0485 0.0485 10.1949 0.0508 0.0508
Jul 28, 25 10.2102 0.0587 0.0587 10.2046 0.0605 0.0605

HDFC DYNAMIC DEBT FUND (Past 3 quarters) Quarterly IDCW Option

Record Date Regular Plan Direct Plan HDFC LOW DURATION FUND (Past 3 months) Monthly IDCW Option

Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For Record Date Regular Plan Direct Plan
NAV(₹) Individual Others NAV(₹) Individual Others Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
& HUF & HUF NAV(₹) Individual Others NAV(₹) Individual Others
Dec 26, 24 12.5628 0.0800 0.0800 13.9650 0.1000 0.1000 & HUF & HUF
Mar 25, 25 12.7420 0.1500 0.1500 14.1795 0.1800 0.1800 May 26, 25 10.2123 0.0723 0.0723 10.2194 0.0769 0.0769
Jun 25, 25 12.8092 0.2000 0.2000 14.2684 0.2300 0.2300 Jun 30, 25 10.2044 0.0644 0.0644 10.2127 0.0702 0.0702
Jul 28, 25 10.1932 0.0532 0.0532 10.2003 0.0578 0.0578

HDFC DYNAMIC DEBT FUND (Past 2 years) Half-yearly (IDCW Option)

Record Date Regular Plan Direct Plan
HDFC CREDIT RISK DEBT FUND (Past 3 quarters) Quarterly IDCW Option

Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For Record Date Regular Plan Direct Plan
NAV(₹) Individual Others NAV(₹) Individual Others Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
& HUF & HUF NAV(₹) Individual Others NAV(₹) Individual Others
Sep 25, 23 11.6644 0.3500 0.3500 13.6246 0.5000 0.5000 & HUF & HUF
Mar 26, 24 11.7533 0.4000 0.4000 13.6676 0.5000 0.5000 Dec 26, 24 10.4659 0.1858 0.1858 10.8062 0.2055 0.2055
Sep 25, 24 11.965 0.3500 0.3500 13.932 0.4500 0.4500 Mar 25, 25 10.4717 0.2028 0.2028 10.8135 0.2217 0.2217
Mar 25, 25 11.9214 0.2300 0.2300 13.8907 0.2800 0.2800 Jun 25, 25 10.5399 0.2124 0.2124 10.8870 0.2361 0.2361

HDFC DYNAMIC DEBT FUND (Past 3 years) Yearly (IDCW Option) HDFC ULTRA SHORT TERM FUND 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(₹) Individual Others NAV(₹) Individual Others NAV(₹) NAV(₹)
Individual Others Individual Others
& HUF & HUF & HUF & HUF
Mar 27, 23 13.4372 0.5500 0.5500 14.7957 0.5500 0.5500 May 26, 25 10.2070 0.0570 0.0570 10.1090 0.0590 0.0590
Mar 26, 24 13.8723 0.9000 0.9000 15.4600 1.1000 1.1000 Jun 30, 25 10.2173 0.0673 0.0673 10.1200 0.0700 0.0700
Mar 25, 25 14.0313 0.6000 0.6000 15.6531 0.7500 0.7500
Jul 28, 25 10.2024 0.0524 0.0524 10.1043 0.0543 0.0543

HDFC CORPORATE BOND FUND (Past 3 quarters) Quarterly IDCW Option

HDFC BANKING AND PSU DEBT FUND IDCW Option
Record Date Regular Plan Direct Plan (Past 3 quarters)
Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For Record Date Regular Plan Direct Plan
NAV(₹) Individual Others NAV(₹) Individual Others Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
& HUF & HUF NAV(₹) Individual Others NAV(₹) Individual Others
Dec 26, 24 10.5397 0.2035 0.2035 10.3877 0.1879 0.1879 & HUF & HUF
Mar 25, 25 10.5332 0.1782 0.1782 10.4003 0.1624 0.1624 Apr 28, 25 10.2421 0.0121 0.0121 10.0727 0.0127 0.0127
Jun 25, 25 10.6659 0.2213 0.2213 10.5516 0.2108 0.2108 Jun 30, 25 10.2403 0.0133 0.0133 10.0474 0.0174 0.0174
Jul 21, 25 10.2521 0.0086 0.0086 10.0324 0.0024 0.0024

HDFC GILT FUND (Past 3 quarters) IDCW Option

Record Date Regular Plan Direct Plan HDFC HOUSING OPPORTUNITIES FUND IDCW Option
Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For (Past 3 years)
NAV(₹) Individual Others NAV(₹) Individual Others Record Date Regular Plan Direct Plan
& HUF & HUF Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
Dec 26, 24 12.1028 0.0800 0.0800 12.9143 0.1000 0.1000 NAV(₹) Individual Others NAV(₹) Individual Others
Mar 25, 25 12.3201 0.1800 0.1800 13.1453 0.2000 0.2000 & HUF & HUF
Jun 25, 25 12.3760 0.2100 0.2100 13.2117 0.2400 0.2400 Mar 09, 23 12.407 1.000 1.000 13.161 1.000 1.000
Mar 07, 24 17.437 1.250 1.250 18.773 1.250 1.250
Mar 06, 25 15.2960 1.2500 1.2500 16.7200 1.2500 1.2500
HDFC LIQUID FUND (Past 3 months) Monthly IDCW Option
Record Date Regular Plan Direct Plan
Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
HDFC LONG DURATION DEBT FUND IDCW Option

NAV(₹) NAV(₹) (Past 3 years)

Individual Others Individual Others
Record Date Regular Plan Direct Plan
& HUF & HUF
Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
May 26, 25 1031.3413 5.0413 5.0413 1031.4113 5.1112 5.1112
NAV(₹) Individual Others NAV(₹) Individual Others
Jun 30, 25 1032.3499 6.0499 6.0499 1032.4392 6.1392 6.1392
& HUF & HUF
Jul 28, 25 1030.8258 4.5258 4.5258 1030.8974 4.5974 4.5974
Dec 26, 24 10.7572 0.1263 0.1263 10.4663 0.1866 0.1866
Mar 25, 25 10.8901 0.1713 0.1713 10.5390 0.0835 0.0835
HDFC MULTI CAP FUND (Past 3 years) IDCW Option Jun 25, 25 10.7788 0.1886 0.1886 10.5231 0.1923 0.1923
Record Date Regular Plan Direct Plan
Cum IDCW IDCW per Unit(₹) For
NAV(₹)
Cum IDCW
NAV(₹)
IDCW per Unit(₹) For HDFC BANKING & FINANCIAL SERVICES IDCW Option
Individual Others Individual Others
& HUF & HUF FUND (Past 3 years)
Mar 14, 24 15.6340 0.7500 0.7500 16.1950 0.7500 0.7500 Record Date Regular Plan Direct Plan
Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For
NAV(₹) Individual Others NAV(₹) Individual Others
HDFC DIVIDEND YIELD FUND (Past 3 years) IDCW Option & HUF & HUF
Record Date Regular Plan Direct Plan Mar 07, 24 14.0610 0.7500 0.7500 14.6870 0.7500 0.7500
Cum IDCW IDCW per Unit(₹) For Cum IDCW IDCW per Unit(₹) For Mar 06, 25 13.7600 1.0000 1.0000 14.5820 1.0000 1.0000
NAV(₹) Individual Others NAV(₹) Individual Others
& HUF & HUF
Mar 10, 22 13.76 1.00 1.00 14.051 0.95 0.95

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

112 | July 2025

BENCHMARK AND SCHEME RISKOMETERS

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

HDFC Flexi Cap Fund • To generate long-term capital

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

HDFC Multi Cap Fund • To generate long-term capital

appreciation/ income
• Investment in equity and equity
BENCHMARK: NIFTY500 related securities of large cap, mid
Multicap 50:25:25 (Total cap and small cap companies
Returns Index)

HDFC Large Cap Fund •To generate long-term capital

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

HDFC Mid Cap Fund • To generate long-term capital

appreciation / income
• Investment predominantly in
BENCHMARK: NIFTY Midcap Mid-cap companies
150 Index (TRI)

HDFC Small Cap Fund • To generate long-term capital

appreciation / income
• Investment predominantly in
BENCHMARK: BSE 250 Small-cap companies
Smallcap Index (Total Returns
Index)

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

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

HDFC Value Fund • To generate long-term capital

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

HDFC Dividend Yield • Capital appreciation over long

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

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

113 | July 2025

BENCHMARK AND SCHEME RISKOMETERS

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

HDFC Focused Fund • To generate long-term capital

appreciation / income
• Investments in equity & equity
BENCHMARK: NIFTY 500 related instruments of up to 30
(Total Returns Index) companies

HDFC Business Cycle • to generate long-term capital

Fund appreciation/ income
• investment predominantly in
equity & equity related
BENCHMARK: NIFTY 500 instruments of business cycle
(Total Returns Index) based theme

HDFC Transportation and • To generate long-term capital

Logistics Fund appreciation
• Investment predominantly in
equity & equity related
BENCHMARK: NIFTY instruments of companies under
Transportation & Logistics Transportation and Logistics
Index (Total Returns Index) theme

HDFC Defence Fund • To generate long-term capital

appreciation/income
• Investment predominantly in
BENCHMARK: NIFTY India equity & equity related
Defence Index TRI (Total instruments of defence and allied
Returns Index) sector companies.

HDFC Banking & Financial • To generate long-term capital

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

HDFC Technology Fund •To generate long-term capital

appreciation
• Investment predominantly in
BENCHMARK: BSE Teck Index equity & equity related
(Total Returns Index) instruments of Technology &
technology related companies

HDFC Pharma and • To generate long-term capital

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

HDFC Housing • Capital appreciation over long

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

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

114 | July 2025

BENCHMARK AND SCHEME RISKOMETERS

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

HDFC Infrastructure Fund • To generate long-term capital

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

HDFC MNC Fund • To generate long-term capital

appreciation/income
• Investment predominantly in
BENCHMARK: NIFTY MNC TRI equity & equity related
(Total Returns Index) instruments of multinational
companies.

HDFC Non-Cyclical • To generate long-term capital

Consumer Fund appreciation/income
• investment in equity and equity
related securities of companies
BENCHMARK: NIFTY India with a focus on non-cyclical
Consumption Index (Total consumer theme.
Returns Index)

HDFC Manufacturing • To generate long term capital

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

HDFC Innovation Fund • Capital appreciation over long

term
• To invest in equity and equity
BENCHMARK: related instruments of companies
Nifty 500 (Total Returns Index) that are adopting innovative
themes and strategies

HDFC Balanced • To generate long-term capital

Advantage Fund appreciation / income
• Investments in a mix of equity
and debt instruments
BENCHMARK: NIFTY 50
Hybrid Composite Debt 50:50
Index (Total Returns Index)

HDFC Hybrid Equity Fund • To generate long-term capital

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

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

appreciation/income
• Investments in a diversified
BENCHMARK: 65% NIFTY 50 portfolio of equity & equity related
(Total Returns Index) + 25% instruments, debt & money
NIFTY Composite Debt Index + market instruments and Gold
10% Price of Domestic Gold
related instruments

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

115 | July 2025

BENCHMARK AND SCHEME RISKOMETERS

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

HDFC Multi-Asset Active • Capital appreciation over long

FOF term
• Investment predominantly in
equity oriented, debt oriented and
BENCHMARK: 50% NIFTY 50 Gold ETF schemes
TRI + 40% NIFTY Composite
Debt Index + 10% Gold derived
as per regulatory norms

HDFC Income Plus • Capital appreciation over long

Arbitrage Active FOF term
• Investment in specified equity
and debt schemes of HDFC Mutual
BENCHMARK: 35% NIFTY 50 Fund based on PE Ratios
Arbitrage Index + 60% NIFTY
Composite
Debt Index A-III + 5% NIFTY 1D
Rate Index (w.e.f. March 19,
2025)

HDFC Equity Savings Fund • Capital appreciation while

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

HDFC Hybrid Debt Fund • To generate long-term income /

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

HDFC ELSS Tax saver • To generate long-term capital

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

HDFC Children's Fund • Capital appreciation over long

term
• Investment in equity and equity
BENCHMARK: NIFTY 50 related instruments as well as debt
Hybrid Composite Debt 65:35 and money market instruments.
Index (Total Returns Index)

HDFC Retirement Savings • A corpus to provide for pension

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

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

116 | July 2025

BENCHMARK AND SCHEME RISKOMETERS

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

HDFC Retirement Savings • A corpus to provide for pension

Fund - Hybrid Equity Plan in the form of income to the extent
of the redemption value of their
holding after the age of 60 years
BENCHMARK: NIFTY 50 • Investment predominantly in
Hybrid Composite Debt 65:35 equity and equity related
Index (Total Returns Index) instruments & balance in debt and
money market instruments.

HDFC Retirement Savings • A corpus to provide for pension

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

HDFC Arbitrage Fund • Income over short term.

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

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

HDFC • Regular income over

Overnight short term that may be in
Fund line with the overnight call
rates
BENCHMARK:
• To generate returns by
CRISIL Liquid
investing in debt and
Overnight Index
money market
instruments with
overnight maturity

HDFC Liquid • Regular income over

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

HDFC Ultra • Income over short term

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

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

117 | July 2025

BENCHMARK AND SCHEME RISKOMETERS

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

HDFC Low • Income over short term.

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

HDFC Money • Income over short term

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

HDFC Short • Income over short term.

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

HDFC Medium • Income over medium

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

HDFC Income • Income over medium to

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

HDFC Long • Income over the long

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

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

118 | July 2025

BENCHMARK AND SCHEME RISKOMETERS

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

HDFC Floating • Income over short term

Rate Debt • To generate income /
Fund capital appreciation
through investment in a
BENCHMARK:
portfolio comprising
CRISIL Short
substantially of floating
Duration Debt
rate debt, fixed rate debt
A-II Index
instruments swapped for
floating rate returns and
money market
instruments.

HDFC • Income over short to

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

HDFC Banking • Income over short to

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

HDFC Credit • Income over short to

Risk Debt medium term
Fund • To generate
income/capital
BENCHMARK:
appreciation by investing
NIFTY Credit
predominantly in AA and
Risk Bond Index
below rated corporate
B-II
debt (excluding AA+ rated
corporate bonds)

HDFC Dynamic • Income over medium to

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

HDFC Gilt Fund • Credit risk free returns

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

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

119 | July 2025

BENCHMARK AND SCHEME RISKOMETERS

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

HDFC BSE Sensex Index • Returns that are commensurate

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

HDFC Nifty 50 Index Fund • Returns that are commensurate

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

HDFC NIFTY Next 50 • Returns that are commensurate

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

HDFC NIFTY Midcap 150 • Returns that are commensurate

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

HDFC NIFTY Smallcap 250 • Returns that are commensurate

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

HDFC BSE 500 Index Fund • Returns that are commensurate

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

HDFC NIFTY200 • Returns that are commensurate

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

HDFC NIFTY Realty Index • Returns that are commensurate

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

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

120 | July 2025

BENCHMARK AND SCHEME RISKOMETERS

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

HDFC NIFTY 100 Index • Returns that are commensurate

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

HDFC NIFTY50 Equal • Returns that are commensurate

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

HDFC NIFTY 100 Equal • Returns that are commensurate

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

HDFC NIFTY100 Low • Returns that are commensurate

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

HDFC NIFTY500 • Returns that are commensurate

MULTICAP 50:25:25 (before fees and expenses) with
INDEX FUND the performance of the Nifty500
Multicap 50:25:25 Index, over long
term, subject to tracking error.
BENCHMARK: Nifty500 • Investment in securities covered
Multicap 50:25:25 Index (TRI) by the Nifty500 Multicap 50:25:25
Index

HDFC Nifty LargeMidcap • Returns that are commensurate

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

HDFC Nifty India Digital • Returns that are commensurate

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

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

121 | July 2025

BENCHMARK AND SCHEME RISKOMETERS

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

HDFC BSE SENSEX ETF • Returns that are commensurate

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

HDFC NIFTY 50 ETF • Returns that are commensurate

with the performance of the NIFTY
50 Index (TRI), over long term,
BENCHMARK: Nifty 50 Index subject to tracking error.
(TRI) • Investment in equity securities
covered by the NIFTY 50 Index
(TRI).

HDFC NIFTY Next 50 ETF • Returns that are commensurate

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

HDFC NIFTY 100 ETF • Returns that are commensurate

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

HDFC NIFTY Bank ETF • Returns that are commensurate

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

HDFC NIFTY IT ETF • Returns that are commensurate

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

HDFC NIFTY Private Bank • Returns that are commensurate

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

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

122 | July 2025

BENCHMARK AND SCHEME RISKOMETERS

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

HDFC NIFTY Midcap 150 • Returns that are commensurate

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

HDFC NIFTY Smallcap 250 • Returns that are commensurate

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

HDFC NIFTY PSU BANK • Returns that are commensurate

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

HDFC BSE 500 ETF • Returns that are commensurate

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

HDFC NIFTY100 Quality • Returns that are commensurate

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

HDFC NIFTY50 VALUE 20 • Returns that are commensurate

ETF (before fees and expenses) with
the performance of the NIFTY
Growth Sectors 15 Index (TRI),
BENCHMARK: NIFTY50 Value over long term, subject to tracking
20 Index error.
• Investment in securities covered
by the NIFTY Growth Sectors 15
Index (TRI).

HDFC NIFTY Growth • Returns that are commensurate

Sectors 15 ETF (before fees and expenses) with
the performance of the NIFTY100
Low Volatility 30 Index (TRI), over
BENCHMARK: NIFTY Growth long term, subject to tracking
Sectors 15 Index (TRI) error.
• Investment in securities covered
by the NIFTY100 Low Volatility 30
Index (TRI).

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

123 | July 2025

BENCHMARK AND SCHEME RISKOMETERS

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

HDFC NIFTY100 Low • Returns that are commensurate

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

HDFC NIFTY200 • Returns that are commensurate

Momentum 30 ETF (before fees and expenses) with
the performance of the NIFTY200
Momentum 30 Index (TRI), over
BENCHMARK: NIFTY 200 long term, subject to tracking
Momentum 30 Index (TRI) error.
• Investment in securities covered
by the NIFTY200 Momentum 30
Index (TRI).

HDFC Gold ETF • Returns that are commensurate

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

HDFC Silver ETF • Returns that are commensurate

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

HDFC Gold ETF Fund of • Capital appreciation over long

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

HDFC Silver ETF Fund of • Capital appreciation over long

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

HDFC Developed World • Returns that closely correspond

Equity Passive FOF to the performance of the MSCI
World Index, subject to tracking
errors, over long term
BENCHMARK: MSCI World • Investments in units/shares of
Index (Net Total Return Index) overseas equity Index Funds
(Due to time zone difference, and/or ETFs
benchmark performance will be
calculated with a day’s lag).

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

124 | July 2025

BENCHMARK AND SCHEME RISKOMETERS

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

HDFC Nifty G- • Returns that are

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

HDFC Nifty G- • Returns that are

Sec Jul 2031 commensurate (before
Index Fund fees and expenses) with
the performance of the
BENCHMARK:
NIFTY G-Sec Nifty G-Sec July 2031
July 2031 Index Index, subject to tracking
difference over long term.
• Investment in
Government
Securities/SDL, TREPS on
Government
Securities/Treasury bills.

HDFC Nifty G- • Returns that are

Sec Jun 2027 commensurate (before
Index Fund fees and expenses) with
the performance of the
BENCHMARK:
NIFTY G-Sec Jun Nifty G- Sec Jun 2027
2027 Index Index, subject to tracking
difference over long term.
• Investment in
Government
Securities/SDL, TREPS on
Government
Securities/Treasury bills.

HDFC Nifty G- • Returns that are

Sec Sep 2032 commensurate (before
Index Fund fees and expenses) with
the performance of the
BENCHMARK:
Nifty G-Sec Sep 2032
NIFTY G-Sec
Index, subject to tracking
Sep 2032 Index
difference over long term
• Investment in
Government
Securities/SDL, TREPS on
Government
Securities/Treasury bills.

HDFC NIFTY G- • Returns that are

Sec Apr 2029 commensurate (before
Index Fund fees and expenses) with
the performance of the
BENCHMARK:
NIFTY G- Sec Apr 2029
NIFTY G- Sec
Index, subject to tracking
Apr 2029 Index
difference over long term.
• Investment in
Government
Securities/SDL, TREPS on
Government
Securities/Treasury bills.

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

125 | July 2025

BENCHMARK AND SCHEME RISKOMETERS

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

HDFC NIFTY G- • Returns that are

sec Jun 2036 commensurate (before
Index Fund fees and expenses) with
the performance of the
BENCHMARK:
NIFTY G-sec Jun 2036
NIFTY G-Sec Jun
Index, subject to tracking
2036 Index
difference over long term
• Investment in
Government
Securities/SDL, TREPS on
Government
Securities/Treasury bills.

HDFC NIFTY • Returns that are

SDL Plus G-Sec commensurate (before
Jun 2027 40:60 fees and expenses) with
Index Fund the performance of the
NIFTY SDL Plus G-Sec Jun
BENCHMARK:
2027 40:60 Index, subject
NIFTY SDL Plus
to tracking difference over
G-Sec Jun 2027
long term.
40:60 Index
• Investment in
Government
Securities/SDL, TREPS on
Government
Securities/Treasury bills.

HDFC Nifty SDL • Returns that are

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

HDFC NIFTY • Investment over short

1D RATE term with returns that,
LIQUID ETF - before expenses,
Growth correspond to the returns
of the NIFTY 1D Rate
BENCHMARK:
Index, subject to tracking
NIFTY 1D Rate
errors, along with high
Index
degree of liquidity
• Investment in TREPS
covered by the NIFTY 1D
Rate Index

HDFC Charity • Regular income over

Fund for 1196 days (tenure of the
Cancer Cure Scheme)
• Investments in
BENCHMARK:
Debt/Money Market
NIFTY Medium
Instruments and
Duration Debt
Government Securities
Index

Benchmark and Scheme Riskometer As on July 31, 2025

For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the fund viz. www.hdfcfund.com

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

126 | July 2025

 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 reliab le, but involve uncertainties that
could cause actual events to differ materially from those expressed or implied in such statemen ts. 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 th eir own professional advice. For latest riskometers, please
refer www.hdfcfund.com

HDFC BSE 500 ETF, HDFC BSE 500 Index Fund, HDFC BSE SENSEX ETF, HDFC BSE Sensex Index Fund (“Schemes”) is based on the BSE SENSEX Index. The Schemes is not
sponsored, endorsed marketed or promoted by BSE or their respective affiliates. Please refer to the Scheme Information Docume nt for disclaimers w.r.t. BSE SENSEX
Index.

For HDFC NIFTY 50 ETF, HDFC Nifty 50 Index Fund, HDFC NIFTY Bank ETF, HDFC NIFTY50 Equal Weight Index Fund, HDFC NIFTY Next 5 0 Index Fund, HDFC NIFTY
Midcap 150 Index Fund, HDFC NIFTY Smallcap 250 Index Fund, HDFC BSE 500 Index Fund, HDFC NIFTY 100 Index Fund, HDFC NIFTY 100 Equal Weight Index Fund, HDFC
NIFTY100 Low Volatility 30 Index Fund, HDFC NIFTY500 MULTICAP 50:25:25 INDEX FUND, HDFC Nifty LargeMidcap 250 Index Fund, HDFC Nifty India Digital Index Fund,
HDFC Nifty G-Sec Dec 2026 Index Fund, HDFC Nifty G-Sec Jul 2031 Index Fund, HDFC Nifty G- Sec Jun 2027 Index Fund, HDFC Nifty G-Sec Sep 2032 Index Fund, HDFC Nifty
SDL Oct 2026 Index Fund, HDFC NIFTY G- Sec Apr 2029 Index Fund, HDFC NIFTY G-Sec Jun 2036 Index Fund, HDFC NIFTY SDL Plus G-Sec Jun 2027 40:60 Index Fund,
HDFC NIFTY 100 ETF, HDFC NIFTY Next 50 ETF, HDFC NIFTY50 VALUE 20 ETF, HDFC NIFTY100 Quality 30 ETF and HDFC Nifty Growth Sec tors 15 ETF, HDFC NIFTY200
MOMENTUM 30 ETF, HDFC NIFTY100 Low Volatility 30 ETF, HDFC NIFTY IT ETF, HDFC NIFTY Private Bank ETF, HDFC NIFTY Midcap 150 ETF, HDFC NIFTY Smallcap
250 ETF, HDFC BSE 500 ETF, HDFC NIFTY 1D Rate Liquid ETF - Growth : 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 represent ation 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 Comp any 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 d etermined, 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 n o 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 merchantabilit y 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.

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

MSCI Disclaimer: HDFC Developed World Equity Passive FOF 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.

Mission: To be the wealth creator for every Indian

Vision: To be the most respected asset manager in the world

Date of Release: August 13, 2025

127 | July 2025

 DEFENCE
PHARMACEUTICAL
BUSINESS MODEL STARTUP
INNOVATION TOKENISATION
TRANSFORMATION

EV

RADICAL
DIGITAL PLATFORMS QUICK COMMERCE
DISRUPTIVE DISCOVERY

INVENTION TECHNOLOGY
DESIGN
GREEN INNOVATION
ENERGY

SOLAR FINTECH

UPI
BREAKTHROUGH

ARTIFICIAL INTELLIGENCE
COST
INNOVATION HEALTH TECH

STARTUP
PHARMACEUTICAL
BUSINESS MODEL DEFENCE
INNOVATION TOKENISATION
TRANSFORMATION

EV

RADICAL
DIGITAL PLATFORMS QUICK COMMERCE
DISRUPTIVE DISCOVERY

INDIA INVENTION TECHNOLOGY

DESIGN
GREEN INNOVATION
ENERGY

SOLAR FINTECH

UPI
BREAKTHROUGH

ARTIFICIAL INTELLIGENCE

POWERED BY
COST
INNOVATION HEALTH TECH

INNOVATION
HDFC INNOVATION FUND
Investing in the future today

Inception date - January 01, 1995. Refer complete performance details on page no 09. SIP - Systematic Investment Plan.

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

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

Capital appreciation over long term



Riskometer#
 To invest in equity and equity related instruments of companies
that are adopting innovative themes and strategies

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

the product is suitable for them.

#For latest Riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. www.hdfcfund.com
The Scheme being thematic in nature carries higher risks versus diversified equity mutual funds on account of concentration and theme specific risks.

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