• High quality instruments
• Tactical allocation to mark to market
• Focusing on liquidity of the portfolio

• We continue to maintain a healthy mix of certificate of deposits and commercial papers
• We will attempt to ensure adequate liquidity, safety and accrual

Under normal circumstances the asset allocation pattern will be:

Asset Class	Proportion	Risk Profile
		Low/Moderate/High
Money Market instruments (including cash, repo, CPs, CDs, Treasury Bills and Government securities) with maturity / residual maturity up to 91 days	50-100%	Low
Debt instruments (including floating rate debt instruments and securitized debt)* with maturity/ residual maturity up to 91 days	0-50%	Low to Moderate

*securitized debt cumulative allocation not to exceed 30% of the net assets of the Scheme For complete details on asset allocation please refer SID available on www.mahindramanulife.com or visit your nearest Investor Service Centre

Benchmark: CRISIL Liquid Fund BI Index
Entry Load: N.A.
Exit Load:

Investor Exit upon subscription	Exit Load as % of redemption proceed
Day 1	0.0070%
Day 2	0.0065%
Day 3	0.0060%
Day 4	0.0055%
Day 5	0.0050%
Day 6	0.0045%
Day 7 onwards	0.0000%

Redemption /Switch-Out of Units would be done on First in First out Basis (FIFO).
The above mentioned exit load shall not apply to the Unclaimed Plan offered under this scheme.

FUND MANAGER : MR. RAHUL PAL
Total Experience : 21 years
Experience in managing this fund: 6 years and 4 months (managing since July 4, 2016)

FUND MANAGER : MR. AMIT GARG
Total Experience : 17 years
Experience in managing this fund: 2 Years and 5 months (Managing since June 8, 2020)

The domestic debt market continued to witness a schism in the yield curve. The money market yields moved up by close to 40-50 basis points (bps) while the benchmark 10 years Gilt rates remained largely stable and moved up by around 5 bps. A tight systemic liquidity coupled with supply from the banking segment in issuing Certificate of Deposits (CDs) to fund the strong credit growth led to a sharp rise in the short-term rates. The credit yields curve for AAA rated issuers has largely become flat now with the 1, 3 and 10 years, rates largely the same now.

As minutes of the MPC meeting held on September 30th were put out for in the public domain, we saw two external members opining for a wait and watch policy to see the lag effects on the economy of the monetary policy measures.

The US rates continued its upward trend and the yield curve from the 3 months treasury to the 10 years treasury flattened marking potential recessionary economic growth in the near future. The home prices in the US have started stagnating / marginally falling and this trend would be actively monitored. The US Fed meets in the first week of November and would be an interesting watch.

Data as on 31 October, 2022 | Data source: Bloomberg

Note: The data/statistics given above are to explain general market trends in the securities market, it should not be construed as any research report/research recommendation.

CURRENT MONTH October 31, 2022
AUM (Rs. In Crore)	587.45
Monthly AAUM (Rs. In Crore)	512.84
Avg. Maturity (Days)	25.59
Macaulay Duration (Days)	25.55
Modified Duration	0.07
YTM (%)	6.58

PREVIOUS MONTH September 30, 2022
AUM (Rs. In Crore)	471.06
Monthly AAUM (Rs. In Crore)	625.97
Avg. Maturity (Days)	44.65
Macaulay Duration (Days)	44.54
Modified Duration	0.12
YTM (%)	6.40

YTM : Yield to maturity should not be construed as minimum return offered by the Scheme.

CURRENT MONTH October 31, 2022
Security	% to N.A.
91 Days Tbill (MD 15/12/2022) (SOV)	8.39%
Small Industries Dev Bank of India (CRISIL A1+ / CARE A1+ rated CP)	8.38%
IIFL Wealth Prime Limited ICRA A1+ rated CP)	5.06%
National Bank For Agriculture and Rural Development CRISIL AAA rated CB)	4.22%
Axis Bank Limited (CRISIL A1+ rated CD)	4.22%
HDFC Securities Limited CRISIL A1+ rated CP)	4.22%
Motilal Oswal Financial Services Limited (ICRA A1+ rated CP)	4.21%
Piramal Enterprises Limited CARE A1+ rated CP)	4.21%
Indian Oil Corporation Limited ICRA A1+ rated CP)	4.21%
Reliance Retail Ventures Limited (CRISIL A1+ rated CP)	4.21%
TOTAL	51%

PREVIOUS MONTH September 30, 2022
Security	% to N.A.
Axis Bank Limited (CRISIL A1+ rated CD)	10.39%
Punjab National Bank (ICRA A1+ rated CD)	10.36%
91 Days Tbill (MD 15/12/2022) SOV)	10.34%
IIFL Wealth Prime Limited ICRA A1+ rated CP)	6.23%
Housing & Urban Development Corporation Limited (ICRA AAA rated CB)	5.23%
National Bank For Agriculture and Rural Development CRISIL AAA rated CB)	5.23%
HDFC Securities Limited CRISIL A1+ rated CP)	5.19%
Indian Oil Corporation Limited ICRA A1+ rated CP)	5.18%
Motilal Oswal Financial Services Limited (ICRA A1+ rated CP)	5.18%
Reliance Retail Ventures Limited (CRISIL A1+ rated CP)	5.18%
TOTAL	69%

CP - Commercial Paper, CD - Certificate of Deposit, CB - Corporate Bond, SOV- Sovereign

SYSTEMATIC TRANSFER PLAN

WITH THIS YOU CAN • Take measured exposure into a new asset class • Rebalance your portfolio

CHOICE OF FREQUENCIES • Daily • Weekly • Monthly • Quarterly

CHOICE OF DATES Any date^ of your choice

MINIMUM AMOUNTS / INSTALMENTS • 6 instalments of ₹500 each under daily, weekly and monthly frequency • 4 instalments of ₹1500 each under quarterly frequency

SYSTEMATIC WITHDRAWAL PLAN

WITH THIS YOU CAN • Meet regular expenses

CHOICE OF FREQUENCIES • Monthly • Quarterly

CHOICE OF DATES Any date of your choice

MINIMUM AMOUNTS / INSTALMENTS • 2 instalments of ₹ 500 each under monthly/ quarterly frequency

^STP can be registered for any date under the monthly and quarterly frequencies and for any business day under the weekly frequency.

Mahindra Manulife Liquid Fund

^Benchmark ^^Additional Benchmark. CAGR – Compounded Annual Growth Rate. Inception/Allotment date: 04-Jul-16.
Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments. Since inception returns of the scheme is calculated on face value of Rs. 1,000 invested at inception. The performance details provided above are of Growth Option under Regular Plan. Different Plans i.e Regular Plan and Direct Plan under the scheme has different expense structure. *Based on standard investment of Rs. 10,000 made at the beginning of the relevant period. Mr Amit Garg is managing the scheme since June 8, 2020.

^Benchmark CAGR - Compounded Annual Growth Rate.
#pursuant to change in Fund Management Responsibilities, the scheme shall be managed by Ms. Alpha Negi and Mr. Amit Garg effective November 1, 2022.
^Dedicated Fund Manager for Overseas Investments
Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments. The performance details provided above are of Growth Option under Regular Plan Different Plans i.e Regular Plan and Direct Plan under the scheme has different expense structure. Mr. Rahul Pal manages 10 schemes of Mahindra Manulife Mutual Fund and Mr. Amit Garg is managing 4 schemes of Mahindra Manulife Mutual Fund. The performance data for the schemes which have not completed one year has not been provided.

Pursuant to SEBI circular no. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/573 dated June 07, 2021 Potential Risk Class ('PRC')
Matrix for debt schemes based on Interest Rate Risk and Credit Risk is as follows: