^ Refer SID for details

Quality
• Look to deploy dominant part of the portfolio in AAA rated assets

Duration
• Target a portfolio duration of 3 -6 months

Diversification
• Aim to minimize concentration risk by controlling sector and group exposures

Liquidity
• Hold sizeable part of the portfolio in short tenor securities and other liquid   instruments
• Laddered approach to liquidity

• The average maturity of the portfolio is around 139.41 days
• We will remain in this maturity segment as we move ahead through the next month
• The YTM of the portfolio is around 7.14%

Under normal circumstances the asset allocation pattern will be:

Asset Class	Proportion	Risk Profile
		Low/Moderate/High
Debt* & Money Market instruments	0-100%	Low to Moderate
Units issued by REITs & InvITs	0-10%	Moderately High

* Includes securitized debt up to 30% of the net assets of the Scheme and structured obligations (such as corporate / promoter guarantee, conditional and contingent liabilities, covenants, pledge and / or Non Disposal Undertaking of shares etc) upto 25% of the net assets of the Scheme.
Note: For detailed asset allocation pattern, please refer SID/KIM of the Scheme available on our website www.mahindramanulife.com or visit the nearest ISC.

Benchmark: CRISIL Ultra Short Duration Fund BI Index
Entry Load: N.A.
Exit Load: Nil

KEY MARKET INDICATORS

Parameters	31-Oct-2022	30-Sep-2022	31-Oct-21
RBI Repo Rate %	5.90	5.90	4.00
5Y AAA PSU %	7.40	7.34	5.99
1 year CD %	7.50	7.05	4.31
10Y Gsec %	7.45	7.40	6.39
CPI (%)	7.41	7.00	4.48
IIP (YoY) %	-10.83	2.36	4.17
US 10Y %	4.05	3.83	1.55
Dollar Rupee	82.79	81.35	74.88

Source: Bloomberg; as on date October 31st, 2022

FUND MANAGER : MR. RAHUL PAL
Total Experience : 21 years
Experience in managing this fund:3 years (Managing since October 17, 2019)

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)	176.71
Monthly AAUM (Rs. In Crore)	176.35
Avg. Maturity (Days)	139.41
Modified Duration	0.36
Macaulay Duration (Days)	137.28
YTM (%)	7.14

PREVIOUS MONTH SEPTEMBER 30, 2022
AUM (Rs. In Crore)	166.15
Monthly AAUM (Rs. In Crore)	187.44
Avg. Maturity (Days)	119.49
Modified Duration	0.31
Macaulay Duration (Days)	117.33
YTM (%)	6.73

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

*Cash & Cash Equivalents includes Fixed Deposits, Cash & Current Assets and TREPS

*Cash & Cash Equivalents includes Fixed Deposits, Cash & Current Assets and TREPS

CURRENT MONTH OCTOBER 31, 2022
Security	% to N.A.
Bajaj Housing Finance Limited (CRISIL AAA rated CB)	5.66%
Indian Railway Finance Corporation Limited (CRISIL AAA rated CB)	5.64%
TATA Realty & Infrastructure Limited (ICRA AA+ rated CB)	5.63%
Godrej Properties Limited (ICRA A1+ rated CP)	5.63%
Government of India (SOV)	5.62%
Reliance Jio Infocomm Limited (CRISIL A1+ rated CP)	5.62%
JM Financial Services Limited (CRISIL A1+ rated CP)	5.61%
Canara Bank (CRISIL A1+ rated CD)	5.59%
Housing & Urban Development Corporation Limited (ICRA AAA rated CB)	5.59%
National Bank For Agriculture and Rural Development (CRISIL AAA / ICRA AAA rated CB)	5.57%
TOTAL	56%

PREVIOUS MONTH SEPTEMBER 30, 2022
Security	% to N.A.
REC Limited (CRISIL AAA rated CB)	6.03%
Bajaj Housing Finance Limited (CRISIL AAA rated CB)	6.01%
TATA Realty & Infrastructure Limited (ICRA AA+ rated CB)	6.01%
Axis Bank Limited (CRISIL A1+ rated CD)	5.98%
Godrej Properties Limited (ICRA A1+ rated CP)	5.96%
Government of India (SOV)	5.95%
Reliance Jio Infocomm Limited (CRISIL A1+ rated CP)	5.95%
JM Financial Services Limited (CRISIL A1+ rated CP)	5.94%
National Bank For Agriculture and Rural Development (CRISIL AAA / ICRA AAA rated CB)	5.93%
Canara Bank (CRISIL A1+ rated CD)	5.92%
TOTAL	60%

FRESH ADDITIONS	COMPLETE EXITS
Security	Security
Export Import Bank of India (CD)	Axis Bank Limited (CD)
Housing & Urban Development Corporation Limited (CB)	JM Financial Capital Limited (CP)
Indian Railway Finance Corporation Limited (CB)	LIC Housing Finance Limited (CB)
Muthoot Finance Limited (CB)	LIC Housing Finance Limited (CP)
Piramal Enterprises Limited (CP)

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

Note: The companies/stock(s) referred above are only for the purpose of disclosure of significant portfolio changes during the month and should not be construed as recommendation to buy/ sell/ hold. The fund manager may or may not choose to hold these companies/stocks, from time to time. Investors are requested to consult their financial, tax and other advisors before taking any investment decision(s).

SYSTEMATIC INVESTMENT PLAN

WITH THIS YOU CAN • Build corpus in the long term • Take advantage of rupee cost averaging • Experience the power of compounding even on small investments

CHOICE OF FREQUENCIES • Weekly • Monthly • Quarterly

CHOICE OF DATES Any date of your choice

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

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 Ultra Short Term Fund

^Benchmark ^^Additional Benchmark. CAGR – Compounded Annual Growth Rate. Inception/Allotment date: 17-Oct-19.
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 this scheme since June 8, 2020. Performance details of other schemes managed by the Fund Manager(s) is available at the end of the document.

^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 manages 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: