Scheme Financials-Unabridged Report SD

Scheme Annual Report
Scheme Annual Report (Un-Abridged): Financial Year 2019-2020

Financial Year 2019-2020
WE RELY ON THE
TIMELESS
PRINCIPLES OF
VALUE INVESTING
TO CREATE WEALTH
FOR YOU.
Scheme Annual Report : Financial Year 2019-2020 1

Sponsor: Parag Parikh Financial Advisory Services Private Limited.

PPFAS Mutual Fund

Annual Report for the Financial Year 2019-2020
Sponsor of PPFAS Mutual Fund Trustee to PPFAS Mutual Fund
Parag Parikh Financial Advisory Services Private Limited PPFAS Trustee Company Private Limited.
Registered office: 81/82, 8th Floor, Sakhar Bhavan, Ramnath Registered office: 81/82, 8th Floor, Sakhar Bhavan, Ramnath
Goenka Marg, 230, Nariman Point, Mumbai - 400021. Goenka Marg, 230, Nariman Point, Mumbai - 400021.
Asset Management Company (Investment Manager to Custodian to schemes of PPFAS Mutual Fund:
PPFAS Mutual Fund)
PPFAS Asset Management Private Limited DBS Bank (India) Limited
Registered office: 81/82, 8th Floor, Sakhar Bhavan, Ramnath Express Towers, Ground Floor, Nariman Point, Mumbai- 400021
Goenka Marg, Nariman Point, Mumbai - 400021.
Statutory Auditors Internal Auditors
Sudit K. Parekh & Co. LLP S. Panse and Co. LLP
Chartered Accountants Chartered Accountants

6th Floor, Urmi Axis, Famous Studio Lane, Dr. E. Moses Road, 9, Three View Society Veer Savarkar Marg,
Mahalaxmi, Mumbai- 400 011. Prabhadevi, Mumbai - 400 025.
Registrar and Transfer Agent Fund Accountant for schemes of PPFAS Mutual Fund.
Computer Age Management Services Limited (CAMS) SBI - SG Global Securities Services Private Limited
New No.10 / Old No.178 M G R Salai Kodambakkam High Road, B Wing, “Jeevan Seva” Annexe Bldg., Ground Floor, S.V. Road,
Opp Palm Grove Hotel, Chennai - 600034. Tamil Nadu. Santacruz (W), Mumbai - 400054.
Board of Directors Board of Directors
PPFAS Trustee Company Private Limited PPFAS Asset Management Private Limited
P A Balasubramanian Neil Parag Parikh

Rajan Mehta Rajeev Thakkar
Dhaval Desai Rajesh Bhojani
Suneel Gautam Arindam Ghosh
Kamlesh Somani
Shashi Kataria

Index
Contents Page No.

1 Chairman’s Letter to Unit-holders 5
2 Trustees’ Report to Unit-holders 6-9
3 Note on Investors’ Services 9-10
4 Statutory Details 10 - 13
5 Auditors’ Report- Parag Parikh Long Term Equity Fund 14- 16
6 Equity Scheme Financials 17-42
7 Key Statistics and HPU Table 43-44
8 Auditors’ Report- Parag Parikh Tax Saver Fund 45-47
9 ELSS Scheme Financials 48-68
11 Auditors’ Report- Parag Parikh Liquid Fund 71-73
12 Liquid Scheme Financials 74-94
14 Details on re-dressal of Investors’ Complaints 98
15 Proxy Voting Policy of PPFAS Mutual Fund 99-100
16 Auditor’s Certificate for Exercise of Proxy Voting 101
17 Proxy Votes Exercised During FY 2019-2020 102-115
4 Scheme Annual Report : Financial Year 2019-2020

Chairman’s Letter
Dear Investors,
Greetings!
As I write this letter, we are in the middle of a global pandemic and the most important thing is the health of our loved ones and
us. I truly do hope this letter finds you well.
Let me begin by thanking you for your continued faith and support in the three schemes of PPFAS Mutual Fund.
Our Equity Fund aims to provide positive inflation-adjusted returns and at the same time protect the capital from loss by ensuring
adequate margin of safety while constructing our portfolio. Our goal is to optimize returns for the long term, rather than maximize
returns for the short term. We have and will continue to maintain our investment discipline and philosophy and avoid chasing
market fancies. We will continue to stay away from businesses we do not understand and promoters we do not have confidence in.
The financial year (1st April 2019- 31st March 2020) was not a very good year for an equity investor as we saw a sharp correction
in February and March that seriously dented investment returns. We were able to protect the downside well and as I write this,
our flagship scheme PPLTEF has hit an all time high. Kudos to our entire Fund Management team for a remarkable performance!
I believe people have really started noticing our fund in the last two years. They are recognizing our differentiated product and fund
management style, as well as appreciating our transparency and honesty in communication. The fact that we ‘walk the talk’ and
are not swayed by the ‘noise’ of the market will help us continue to grow and be recognized as a leading Fund House in the coming
years. This is visible in the numbers. In the year gone by, we more than doubled our unit-holders as well as saw good growth in
our Assets Under Management (AUM). From 80,289 unit-holders at the start of the year, we ended with 1,84,789 investors who
now believe in us. The AUM rose Rs.1,961.51 crores to Rs. 2,871.87 crores in the financial year.
We have always maintained that we will be motivated to launch a new scheme only if we think we can add value, have some
differentiation and if we are excited to invest our own money in the scheme. In this regard we have started some initial work on a
Debt Fund. We will communicate details once we finalize a structure for the fund.
Currently, we have physical presence in 4 locations- Mumbai, Bangalore, Delhi and Pune. The plan for the year was to have
presence in other key cities like Chennai, Hyderabad, Ahmedabad and Kolkata. Due to COVID and the current environment these
plans are on hold.
The lockdown has made it abundantly clear that digital is the way forward. Having a superior online experience was always a high
priority for us. This has only reinforced that we have to continuously keep improving and enhancing the digital experience.
I really do believe we are on the right path and the journey of the last 7 years has been quite satisfactory so far. We need to continue
to keep doing the things we are doing and not waver from our core values and philosophy. I hope you will continue on this journey
with us.
I once again wholeheartedly thank you for your support and investments in the schemes of PPFAS Mutual Fund.
Sd/-
Neil Parag Parikh
Chairman & CEO

Trustee Report
Dear Unitholder,
We the Trustee to PPFAS Mutual Fund, proudly present our 7th annual report along with the audited financial statements of the
Schemes of PPFAS Mutual Fund (the ‘Fund’), for the year ended March 31, 2020.
Performance of the Fund post seven years of operation:
To provide investors a holistic picture of the growth we are stating here data on number of fellow investors in the scheme, retail
participation, AUM participation through SIP route, participation from B 30 and T 30 cities and towns. Data related to aging analysis
will help to understand how long investors stayed invested in the scheme.
Particulars As on 31st March 2020 As on 31st March 2019 % Change (+/-)

Total Number of investors 1,84,789 80,289 130.15
Number of Retail investors 1,72,083 76,624 124.58
Geographical Coverage* 2,564 2,540 -
% of AUM from SIP investment 21.44% 16.71% 28.31
Number of SIP registered from B30 cities 67,150 15,667 328.61
Number of SIP registered from T30 cities 42,881 27,839 54.03
*Investors are spread across the cities and towns of the country and overseas. The Fund has received investments from 2,564 cities
and towns in India and from 194 Overseas destinations. Out of total investor base, retail investors count for 92.14%.
If you glance through table provided above, you can notice that change is positive for all the parameters. Participation from T30/
B30 towns and through SIP route has shown healthy growth. We feel that AUM contribution from SIP needs to grow more in order
to have a steady flow of income. Being one of the young fund house, there has been a remarkable growth during the fiscal year
2019-20. As we continue our journey, the fund aims to have a higher contribution to AUM through SIP route. It is also worthwhile to
take a note of the table provided below. You can notice that retail participation of the scheme is much higher. This indicates wider
acceptance of the scheme by retail investors.
Number of investors as on Number of investors as on

Investor Classification
31st March 2020 31st March 2019
Non-Individual 2,362 288
HNI (High Net Worth Individuals) 12,144 3,377
Retail 1,70,283 76,624
Aging analysis data:

(Rupees in crores)
Period As on 31st March 2020 As on 31st March 2019
0-1 month 361.42 100.36
1-3 months 312.26 186.65
3-6 months 287.84 260.53
6-12 months 493.84 391.35
12-24 months 610.48 232.28
24-36 months 177.76 308.58
36-48 months 242.86 122.31
48-60 months 89.83 101.31
60-72 months 85.79 258.12
>72 months 209.79 0.00
Total AUM 2,871.87 1,961.51

Above table reveals that more than 21.88% of investment has stayed invested for more than 36 months. This is a good sign and
investment which is made for long term provide greater stability.
Assets Under Management (AUM)
As on March 31, 2020, the total assets of the Scheme stood at INR 2,871.87 Crores vis-à-vis INR 1,961.51 Crores as on March 31,
2019. Increase in AUM is due to incremental inflows into the schemes and capital appreciation of the existing portfolio.
Now, we will proceed with providing you details which are required to be provided to investors in accordance with applicable SEBI
(Mutual Fund) Regulations, 1996.
Launch of New Scheme
During the FY 2019-20, the Fund launched its third scheme after completion of 6 years of its operations in the Mutual Fund Industry.
The new scheme launched in July 2019 was Parag Parikh Tax Saver Fund (An open ended equity linked savings scheme with a
statutory lock in of 3 years and tax benefit) to enable investors to save on tax while earning equity linked returns. The scheme
mobilized assets of Rs. 12.46 crores in the New Fund Offer.
Scheme performance, Future Outlook and Operations of the Scheme
The Fund continues its focus on delivering long-term returns. Scheme specific comments on performance are provided hereinafter.
A. Scheme Performance and Operations:
Parag Parikh Long Term Equity Fund - An Open-ended Equity Scheme investing across large cap, mid cap, small cap stocks
Parag Parikh Long Term Equity Fund (PPLTEF) is an open-ended equity oriented scheme with flexibility to invest a minimum of 65%
in Indian equities and up to 35% in overseas equity securities and domestic debt / money market securities. The core portfolio
of PPLTEF consists of equity investments made with a long-term outlook and the factors considered while investing are quality
of management, quality of the sector and the business (return on capital, entry barriers, capital intensity, use of debt, growth
prospects etc.) and the valuation of the companies.
The performance of Parag Parikh Long Term Equity Fund - Direct & Regular Plan - Growth Option as at March 31, 2020 is presented
below:
Direct Plan- Regular Plan- Benchmark

Period
Returns (%) ^ Returns (%) ^ Returns (%) #
Last 1 Year -14.94% -15.61% -26.44%
Last 3 Years 3.11% 2.42% -3.14%
Last 5 Years 5.82% 5.16% 1.29%
Since Inception (CAGR Returns) as on March 31, 2020. Allotment Date:
12.08% 11.43% 7.32%
24th May, 2013@
^ Past performance may or may not be sustained in the future.

# Benchmark Index: NIFTY 500 (TRI)
Returns greater than one year are compounded annualized (CAGR)
@Since Inception returns are calculated on Rs.10 (allotment price per Unit)
Parag Parikh Liquid Fund - An Open-ended Liquid Scheme
Parag Parikh Liquid Fund focuses on managing liquid investments only, like cash equivalents. The idea is to create a mechanism
for investors to implement the systematic transfer of their lump sum liquid funds into our Equity Scheme. The liquid fund primarily
invests in overnight Tri-Party REPO (TREPs) market, Sovereign Securities with short term maturity and occasionally in CP/CD. The idea
is to provide a place to park liquid funds by taking as little risk as possible.

The performance of Parag Parikh Liquid Fund - Direct & Regular Plan - Growth Option as at March 31, 2020 is presented below:
Direct Plan- RegularPlan- Benchmark

Period
March 24, 2020 to March 31, 2020 (Last 7 Days) 7.54% 7.45% 18.70%
March 16, 2020 to March 31, 2020 (Last 15 days) 5.26% 5.16% 6.08%
February 28, 2020 to March 31, 2020 (Last 1 Month) 5.22% 5.13% 5.83%
December 31, 2019 to March 31, 2020 (Last 3 Months) 4.99% 4.89% 5.62%
September 30, 2019 to March 31, 2020 (Last 6 Months) 5.02% 4.92% 5.74%
March 31, 2019 to March 31, 2020 (Last 1 year) 5.59% 5.48% 6.37%
Since Inception (CAGR Returns) as on March 31, 2020. Allotment
6.03% 5.92% 7.02%
Date: 11th May, 2018@

# Benchmark Index: CRISIL Liquid Fund Index
Less than 1-year returns are annualised returns
Greater than 1 year returns are CAGR returns
Parag Parikh Tax Saver Fund- An open ended equity linked savings scheme with a statutory lock in of 3 years and tax benefit
The Scheme is an open-ended Equity Linked Savings Scheme, offering income tax benefits up to Rs 1.50 lakh under section 80C
with a mandatory lock-in period of 3 years. The scheme enables investors to save on tax while earning equity linked returns. The
core portfolio of PPTSF consists of equity investments made with a long term outlook and the factors considered while investing are
quality of management, quality of the sector and the business (return on capital, entry barriers, capital intensity, use of debt, growth
prospects etc.) and the valuation of the companies.
The performance of Parag Parikh Tax Saver Fund - Direct & Regular Plan - Growth Option as at March 31, 2020 is presented below:
Direct Plan- Regular Plan- Benchmark

Period
Since Inception Returns as on March 31, 2020. Allotment
-22.98% -24.07% -33.54%
Date: 24th July, 2019 @

# Benchmark Index: NIFTY 500 (TRI)
Less than 1-year returns are annualised returns
The Investment Objective of the Scheme-
Parag Parikh Long Term Equity Fund
The investment objective of the Scheme is to seek to generate long-term capital growth from an actively managed portfolio primarily
of equity and Equity Related Securities.
Scheme shall be investing in Indian equities, foreign equities and related instruments and debt securities. Buying securities at a
discount to intrinsic value will help to create value for investors. Our investment philosophy is to invest in such value stocks.
Long Term refers to an investment horizon of 5 years and more. In the Scheme Information Document (SID) it is mentioned that the
Scheme is not suitable for investment horizon of less than 5 years. The Scheme will evaluate different companies based on their
long-term prospects (5 years and more) rather than just looking at next quarter or a few quarters’ earnings. Since the objective
of the Scheme is to hold the investments in the companies where the Scheme has invested for the long term, it is essential
that the investors in the Scheme have a similar outlook. It is expected that the core equity portfolio of the Scheme will have low
churn (portfolio turnover). However, the actual churn (portfolio turnover) could be higher depending on circumstances prevailing at
respective times.
Parag Parikh Liquid Fund
The primary investment objective of the Scheme is to deliver reasonable market related returns with lower risk and high liquidity
through judicious investments in money market and debt instruments. However, there is no assurance that the investment objective
of the scheme will be realized and the scheme does not assure or guarantee any returns.
Parag Parikh Tax Saver Fund
The investment objective of the Scheme is to seek to generate long-term capital growth from an actively managed portfolio primarily
of equity and Equity Related Securities. The Scheme is an open-ended Equity Linked Savings Scheme, offering income tax benefits
up to Rs 1.50 lakh under section 80C with a mandatory lock-in period of 3 years. The scheme enables investors to save on tax while
earning equity linked returns.
Scheme shall be investing in Indian equities and equity related instruments and debt securities. Buying securities at a discount to
intrinsic value will help to create value for investors. Our investment philosophy is to invest in such value stocks.
Commentary from the Trustee on Scheme Performance.
The financial year 2019-20 ended on a subdued note given the fears around COVID - 19 in India as well as globally. At PPFAS,
for equity investments, we continued to invest in companies which are robust in terms of not having too much leverage (financial
stocks like banks being the exception). Our investment is driven by valuations and the merits of individual companies and we do
not try to predict events. In the Parag Parikh Long-Term Equity Fund, we try to reduce the portfolio volatility and at the same time try
to widen the opportunity set by investing in Indian as well as global companies.
Proxy exercise
At PPFAS Mutual Fund, our research and investment team’s views were largely in concurrence with the company management on
most issues, however wherever there was disagreement, we have voted against the management. This has been in cases where
we disagreed on the remuneration or the appointment of a particular class of director or the manner of fundraising. The details of
voting rights exercised during FY 2019-2020, is displayed on the website- https://amc.ppfas.com/exercise-of-voting-rights/.
B. Future Outlook
There are positive as well negative factors in the environment currently. There is ample uncertainty due to the COVID-19 disease
and its impact on the economy and corporate performance. The performance in the April - June quarter of 2020 is going to be bad
for most companies in India and overseas. July - September of 2020 may also be a bit subdued. The extent of recovery post that
is uncertain. However factors helping the equities markets are low interest rates, high liquidity, fiscal measures by governments
the world over to help demand and direct help to some affected businesses. Our investment approach is bottom up and we invest
based on the merits of individual companies and we are keeping the uncertain environment in mind while investing.
Details of Investor Services:
When we launched our Fund, we knew that we were entering a competitive space. As building a performance track record would
take its own time, the only way we could differentiate ourselves from the others initially, was by offering customer service of the
highest degree. Now, seven years have elapsed and we have the requisite track record in place. Our schemes has performed well
on various metrics over this period. However, this does not mean that we can afford to drop the ball when it comes to serving our
investors.
It is our understanding and belief that as a mutual fund it is our duty to talk to our investors. We love to talk to you, understand your
needs and solve your queries. This practice has helped us to improve our services and investor experience.
However, given the steadily increasing number of Folios, it is imperative that we too up the ante, with regard to Customer Service.
This is being done in the following manner:

1. Increased touch-points:
In addition to maintaining an in-house team, a dedicated contact center at CAMS has been effective in providing investor support
and redressing their grievances.
Our ‘Online Chat’ feature is greatly helping us in swift redressal of grievances and in addressing routine queries without any
material delay. Pursuant to SEBI and AMFI Circulars regarding the security of Electronic Transaction - We have activated the End
level Security i.e. 2FA (Two Factor Authentication) for login and redemption.
With PPFAS SelfInvest Mobile and Web apps investors can:
• Create a new Folio (Currently it is available for only for investors who are KRA/KYC compliant before February 1, 2017)
• Aadhaar Based eKYC - A fresh investor can do his/her KYC using our eKYC platform and simultaneously start investing w.e.f.
June, 2020
• View your investments
• Add other schemes of PPFAS to the existing folio
• Make additional purchases, redeem, switch, register for SIP, STP, and SWP
• Cancel or Pause running SIPs
• Fetch your Account Statement
• View Transaction History
Initiatives planned over the next few months include:
In the Web and Mobile App. version of PPFAS SelfInvest, the following will be added in the coming months:
• Nominee Registration (Only for the investors with Single mode of holding)
• Online OTM
• Adding UPI as a payment gateway
• Any Day SIP and STP
• Existing SIP Modification
• A lot of improvements to our Account statement generation system.
CAMS, our Registrar and Transfer Agent continues to assist us in our customer service efforts.
As has happened since inception, last year too we conducted meetings of investors, where we offered a platform to our investors
to interact with representatives of the Fund (who are also co-investors along with you) These meetings were held at Mumbai, Delhi,
Chennai and Bengaluru.
Brief Background of Sponsor, Trust, Trustee Company and Asset Management Company
(a) Parag Parikh Financial Advisory Services Private Limited (Sponsor)
PPFAS Mutual Fund is sponsored by Parag Parikh Financial Advisory Services Private Limited. The Sponsor is the Settlor of the Mutual
Fund Trust. The Sponsor has entrusted a sum of Rs. 1 lakh to the Trustee as the initial contribution towards the corpus of the Mutual
Fund.
The Sponsor is engaged in providing Portfolio Management Services and Distribution of third-party mutual fund products. For the
Sponsor, substantial part of the revenue comes from providing PMS services to its clients.
(b) PPFAS Mutual Fund (the Fund)
PPFAS Mutual Fund (the “Fund”) has been constituted as a trust on April 13, 2012 in accordance with the provisions of the Indian
Trusts Act, 1882, as per the terms of trust deed, dated April 13, 2012, with Parag Parikh Financial Advisory Services Private Limited
(PPFAS) as the Sponsor / Settlor and PPFAS Trustee Company Private Limited, as the Trustee. The Trust Deed has been registered
under the Indian Registration Act, 1908. The Trustee has entered into an Investment Management Agreement dated May 22, 2012
with PPFAS Asset Management Private Limited to function as the Investment Manager for all the Schemes of the Fund. The Fund is
registered with SEBI on October 17, 2012 under the Registration Code MF/069/12.
(c) PPFAS Trustee Company Private Limited (Trustee Company)
PPFAS Trustee Company Private Limited (the “Trustee”) is the exclusive owner of the Trust Fund and holds the same in trust for
the benefit of the Unit-holders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in
the SEBI (Mutual Funds) Regulations, 1996 (the “Regulations”) and the Trust Deed. The Trustee seeks to ensure that the Fund and
the Scheme/s floated thereunder are managed by PPFAS Asset Management Private Limited in accordance with the Scheme
Information Document (SID), the Trust Deed, the applicable Regulations, directions and guidelines issued by the SEBI, the Association
of Mutual Funds in India (AMFI), Stock Exchanges and other regulatory agencies. As at March 31, 2020 Parag Parikh Financial
Advisory Services Private Limited holds 100% of the paid-up equity share capital of PPFAS Trustee Company Private Limited.
Change in the composition of the Board of Directors of the Trustee Company are provided below;
There is no change in the composition of the Board of Directors of PPFAS Trustee Company Private Limited during the financial year
2019-20.
(d) PPFAS Asset Management Private Limited (Asset Management Company/ Investment Manager)
PPFAS Asset Management Private Limited (“PPFAS AMC”) is a private limited company incorporated under the provisions of the
Companies Act, 1956 on August 8, 2011. PPFAS AMC has been appointed as an Asset Management Company of PPFAS Mutual
Fund by the Trustee vide Investment Management Agreement (IMA) dated May 22, 2012 and executed between PPFAS Trustee
Company Private Limited and PPFAS AMC. PPFAS AMC is approved to act as an Asset Management Company for PPFAS Mutual
Fund by the SEBI vide its letter dated October 17, 2012. Parag Parikh Financial Advisory Services Private Limited (PPFAS) holds 100%
of the paid-up equity share capital of PPFAS Asset Management Private Limited.
Change in the composition of the Board of Directors of the PPFAS Asset Management Private Limited are provided below;
There is no change in the composition of the Board of Directors of PPFAS Asset Management Private Limited during the financial
year 2019-20.
Shareholding Pattern
PPFAS Asset Management Private Limited:
Number of Equity shares of Rs. Percentage

Name of Shareholder(s)
10 each fully paid Holding (%)
Parag Parikh Financial Advisory Services Private Limited 3,57,30,003 99.99%
1 share each is held by Rajeev Thakkar, Geeta Parikh, Neil Parikh, Sahil
Parikh, Sitanshi Parikh and Khushboo Parikh as nominee for Parag 6 0.01%
Parikh Financial Advisory Services Private Limited
Total 3,57,30,009 100.00%
PPFAS Trustee Company Private Limited:
Number of Equity shares of Rs. Percentage

Name of Shareholder(s)
10 each fully paid Holding (%)
Parag Parikh Financial Advisory Services Private Limited 49,994 99.99%
(1 share each is held by Rajeev Thakkar, Geeta Parikh, Neil Parikh, Sahil
Parikh, Sitanshi Parikh and Khushboo Parikh as nominee for Parag 6 0.01%
Parikh Financial Advisory Services Private Limited)
Total 50,000 100.00%

Details of Unclaimed Dividend and Redemption
There has been no instance of unclaimed redemption for the year ended March 31, 2020.
Scheme Name Unclaimed Redemption Proceeds Unclaimed Dividend

Parag Parikh Long Term
Number of Investors Amount (INR) Number of Investors Amount (INR)
Equity Fund
Direct Plan Nil Nil
Not Applicable#
Regular Plan Nil Nil
Direct Plan Nil Nil Nil Nil
Regular Plan Nil Nil Nil Nil
Parag Parikh Tax Saver Fund Not applicable as there is statutory lock in of 3 years. Not applicable #
# The scheme does not offer Dividend Option.
Significant Accounting Policies
The Significant Accounting Policies form part of the Notes to the Accounts annexed to the Balance Sheet of the Schemes. The
Accounting Policies are in accordance with Securities Exchange Board of India (Mutual Funds) Regulations, 1996.
Liability and Responsibility of Trustee and Sponsors
The main responsibility of the Trustee is to safeguard the interest of the Unit holders and inter-alia ensure that PPFAS Asset
Management Private Limited (PPFAS AMC) functions in the interest of investors and in accordance with the Securities and Exchange
Board of India (Mutual Funds) Regulations, 1996, the provisions of the Trust Deed and the Statement of Additional Information,
Scheme Information Document/Offer Document of the Scheme(s). From the information provided to the Trustee and the reviews the
Trustee has undertaken, the Trustee believes PPFAS AMC has operated in the interests of the Unit holders.
The Sponsor is not responsible or liable for any loss or shortfall resulting from the operations of the Scheme beyond the initial
contribution of Rs.1 lakh made by them towards setting up of PPFAS Mutual Fund.
Other Statutory Information
1. Parag Parikh Financial Advisory Services Private Limited (the “Sponsor”) is not responsible or liable from any loss resulting from
the operations of the scheme/s of the Fund beyond its initial contribution of INR 1 Lakhs for setting up the Fund, and such other
accretions/ additions to the same.
2. The price and redemption value of the units and income from them can go up as well as down with fluctuations in the market
value of its underlying investments.
3. Annual Report shall be disclosed on the website (www.amc.ppfas.com) and shall be available for inspection at the Head/
Corporate Office of the PPFAS Mutual Fund. Present and prospective unit holders can obtain copy of the trust deed, the Annual
Report of the Fund by giving a specific request in this regard.
Voting Policy and Details of Proxy Voting exercised during the year
Pursuant to SEBI circular no. SEBI/IMD/CIR no. 18/198647/2010 dated March 15, 2010 and subsequent clarifications issued by SEBI
from time to time, the Fund has formulated a policy for exercise of voting rights by the PPFAS AMC in investee companies (i.e.
companies in whose securities schemes of the Fund has invested). The said policy and details of proxy voting exercised during FY
2019-2020, is displayed on the website-www.amc.ppfas.com and disclosed in the Scheme Annual Report.
Report on Proxy voting exercised has been reviewed by the Internal Auditor of the Mutual Fund. A certificate issued in this regard,
is hosted on the website-www.amc.ppfas.com and disclosed in the Annual Report of the Schemes.

Acknowledgments
The Trustees wish to place on record their gratitude to the investors of the Fund for their continued support and trust in the Fund,
Securities Exchange Board of India (SEBI), Association of Mutual Funds in India (AMFI) and the Reserve Bank of India (RBI), the
Registrar & Transfer Agent, Bankers, the Custodians, PPFAS Private Limited (Sponsor), service providers, Auditors, business partners
and the employees of the AMC for the support provided by them during the year.
For and on behalf of the Board of Directors

PPFAS Trustee Company Private Limited.
(Trustee to PPFAS Mutual Fund)
Sd/- Sd/-
Rajan Mehta Suneel Gautam
Director Director
Place: Mumbai
Date: July 30, 2020

Independent Auditor’s Report
To the Board of Directors of

PPFAS Trustee Company Private Limited
PPFAS Mutual Fund - Parag Parikh Long Term Equity Fund
(Formerly known as Parag Parikh Long Term Value Fund)
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of Scheme Parag Parikh Long Term Equity Fund (Formerly known as Parag
Parikh Long Term Value Fund) (the “Scheme”) which comprise the balance sheet as at March 31, 2020, the Revenue Account and
the cash flow statement, where applicable, for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements
of the Scheme give a true and fair view in conformity with the accounting principles generally accepted in India, including the
accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual funds )
Regulations, 1996, as amended (“the SEBI Regulation”):
(a) In the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2020;
(b) In the case of the Revenue Account, of the net surplus for the year ended on that date; and
(c) In the case of Cash Flow Statement, of the cash flows for the year ended that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) issued by Institute of Chartered
Accountants of India (‘ICAI’). Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for
the Audit of the Financial Statements’ section of our report. We are independent of the Scheme in accordance with the ‘Code of
Ethics‘ issued by the ICAI together with the ethical requirements that are relevant to our audit of the financial statements, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Responsibilities of Management for the Financial Statements
The Management of PPFAS Asset Management Private Limited (‘the Management”) ( herein after referred to as ‘the AMC’ ), the
Schemes’ asset manager, is responsible for the preparation of these financial statements that give a true and fair view of the financial
position, financial performance, and cash flows of the Scheme in accordance with the accounting principles generally accepted
in India, including the accounting policies and standards specified in the Ninth Schedule to the SEBI Regulations. This responsibility
also includes maintenance of adequate accounting records in accordance with the SEBI Regulations for safeguarding of assets of
the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgements and estimates that are reasonable and prudent, the design, implementation and maintenance of
adequate internal controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,

relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the management is responsible for assessing the Schemes’ ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
management either intends to liquidate the Scheme or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are also responsible for overseeing the Scheme’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Schemes’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Schemes to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with management of AMC, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide to the management of AMC with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements
1) As required by the Regulation 55(4) and clause 5(ii)(2) of the Eleventh Schedule of the SEBI Regulations, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit;
b) In our opinion, the balance sheet and revenue accounts dealt with by this report have been prepared in conformity with
the accounting policies and standards specified in the Ninth Schedule to the SEBI Regulations.; and
c) The Balance Sheet, the Revenue Account and the Cash Flow Statement dealt with by this Report are in agreement with the
books of account of the Scheme.
2) As required by the Eight Schedule of the SEBI Regulations, we report that :
a) In our opinion, and on the basis of information and explanations given to us, the method used to value non-traded
securities as at March 31, 2020, where applicable, are in accordance with the SEBI Regulations and other guidelines
approved by the Board of Directors of PPFAS Trustee Company Private Limited and are fair and reasonable.
For Sudit K. Parekh & Co. LLP

Chartered Accountants
ICAI Firm Registration No. 110512W/W100378
Sd/-
(Durgaprasad .S Khatri)
Partner
Membership No.: 016316
Place: Mumbai
Date: July 30, 2020
ICAI UDIN No: 20016316AAAAVY2344

PPFAS MUTUAL FUND

Cash Flow Statement for the year ended 31 March, 2020
Parag Parikh Long Term Equity Fund (formerly known as Parag Parikh Apr 01, 2019 to Mar 31, 2020 Apr 01, 2018 to Mar 31, 2019
Long Term Value Fund) Amount in Rs Amount in Rs
A. Cashflow from operating activities
Net Surplus for the year (4,64,09,31,171) 1,41,28,72,865
Adjustments for:-
(Increase)/Decrease in investments (7,27,54,02,169) (7,30,53,09,208)
(Increase)/Decrease in other current assets (12,09,06,886) 13,68,36,715
Increase/(Decrease) in current liabilities 34,12,53,576 13,10,58,460
(Increase)/Decrease in deposits -
Net cash used in operations (A) (11,69,59,86,650) (5,62,45,41,168)
B Cashflow from financing activities

Increase/(Decrease) in unit capital 4,53,95,38,169 2,47,23,37,039
Increase/(Decrease) in unit premium reserve 6,50,04,64,646 3,26,85,98,426
Transfer (to)/from Equalisation reserve 73,31,16,511 32,79,79,656
Increase/(Decrease) in redemption payable for units redeemed by investors 2,16,61,850 (43,99,332)
(Increase)/Decrease in subscription receivable for units issued to investors - -
Dividend paid (including tax thereon) - -
Net cash generated from financing activities (B) 11,79,47,81,177 6,06,45,15,789
Net Increase/(Decrease) in cash and cash equivalents (A+B) 9,87,94,527 43,99,74,621
Cash and Cash Equivalents as at the beginning of the year 95,93,41,242 51,93,66,621
Cash and Cash Equivalents as at the close of the year 1,05,81,35,769 95,93,41,242
Component of cash and cash equivalents
Balances with Banks in Current Account 24,55,45,309 15,49,22,214

Deposit with scheduled banks 5,91,00,000 38,99,99,000
Collateralised lending 75,34,90,460 41,44,20,028
Total 1,05,81,35,769 95,93,41,242
The above cash flow statement has been prepared in accordance with the indirect method set out in Accounting Standard (AS-3) issued by the Institute of
Chartered Accountants of India.

As per our Report of even date
For Sudit K Parekh & Co.LLP For and on behalf of PPFAS Trustee Company Private Limited
Firm Registration Number. 110512W / W100378

Sd/- Sd/-
Sd/- Rajan Mehta Suneel Gautam
(D. S. Khatri) (Director) (Director)
Partner
Membership Number 16316

For and on behalf of PPFAS Asset Management Private Limited

Sd/- Sd/-
Neil Parag Parikh Rajeev Thakkar
(CEO and Director) (CIO and Director)

Sd/- Sd/-
Raunak Onkar Raj Mehta
(Fund Manager) (Fund Manager)

Date: July 30, 2020
Place : Mumbai

PPFAS MUTUAL FUND

BALANCE SHEET AS AT 31 March, 2020
Scheme Name: Parag Parikh Long Term Equity Fund (Formerly known as Parag Parikh Long Term Value Fund)
31 Mar 2020 31 Mar 2019

Schedule
Amount (Rs) Amount (Rs)
LIABILITIES
Unit Capital 'A' 11,34,92,15,868 6,80,96,77,699
Reserves and Surplus 'B' 13,16,23,28,850 10,56,96,78,863
Current Liabilities 'C' 56,82,76,221 20,53,60,795
Total 25,07,98,20,939 17,58,47,17,357
ASSETS
Investments 'D' 24,52,43,16,701 16,90,98,44,100
Deposits 'E' 5,91,00,000 38,99,99,000
Other Current Assets 'F' 49,64,04,238 28,48,74,257
Total 25,07,98,20,939 17,58,47,17,357
Notes forming part of Accounts 'G'

Sd/- Sd/- Sd/-

(D. S. Khatri) Rajan Mehta Suneel Gautam
Partner (Director) (Director)
Sd/- Sd/-
Sd/- Sd/-
Date: July 30, 2020

Place : Mumbai

PPFAS MUTUAL FUND

REVENUE ACCOUNT FOR THE YEAR ENDED 31 March, 2020
Apr 01, 2019 to Apr 01, 2018 to

Parag Parikh Long Term Equity Fund (formerly known as Parag Parikh Long Term Value
Mar 31, 2020 Mar 31, 2019
Fund)
Amount (Rs.) Amount (Rs.)
INCOME
Dividend 26,70,95,608 11,44,81,375
"Net of tax deducted on foreign securities: Rs.95,12,280/- ( March 31,2019 Rs.1,10,35,218/-)"
Interest 7,07,01,320 5,67,37,940
Profit on sale / redemption of investments (other than inter Scheme transfer) 1,09,81,64,680 60,29,21,860
Realised Gain on Foreign Exchange 5,52,73,388 (46,37,321)
Miscellaneous Income 1,87,20,787 50,07,018
Total (A) 1,50,99,55,783 77,45,10,872
EXPENSES AND LOSSES

Loss on sale / redemption of investments (other than inter Scheme transfer) 63,17,47,021 29,88,44,337
Commission to Agent 5,01,96,905 1,89,97,108
Investor education and awareness expenses 45,13,071 26,37,077
Management fees 18,17,15,363 15,34,39,598
Goods and Service Tax on Management Fees 3,27,08,765 2,76,19,128
Trustee Fees 8,67,176 8,92,315
Custody Fees 32,00,106 9,38,594
RTA Fees 2,52,10,622 75,92,020
Audit Fees 3,54,000 3,54,000
Other Operating expenses 3,19,04,721 1,13,10,016
Unrealised depreciation in the value of investments 5,18,84,69,203 21,14,29,686
Total (B) 6,15,08,86,953 73,40,53,879
Surplus (A-B) (4,64,09,31,170) 4,04,56,993

Add/Less: Income Equalisation Account 73,31,16,511 32,79,79,656
(3,90,78,14,659) 36,84,36,649
Unrealised appreciation in value of investments - 1,37,24,15,872
Net surplus transferred to Revenue Reserve (3,90,78,14,659) 1,74,08,52,521
Sd/- Sd/- Sd/-

Sd/- Sd/-

Sd/-
Raunak Onkar Sd/-
(Fund Manager) Raj Mehta
(Fund Manager)
Date: July 30, 2020
Place : Mumbai

SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31 MARCH, 2020
Parag Parikh Long Term Equity Fund (formerly known

31 March 2020 31 March 2019
as Parag Parikh Long Term Value Fund)
Units Amount (Rs) Units Amount (Rs)
SCHEDULE 'A'
UNIT CAPITAL
(Face Value of Rs. 10 Each)
Unit Capital (Opening Balance) 68,09,67,769.946 6,80,96,77,699 43,37,34,066.046 4,33,73,40,660
Add : Subscription during Initial Offer period - - - -
Add : Subscription during the year / period 52,80,48,544.875 5,28,04,85,449 28,76,71,914.528 2,87,67,19,145
Less : Redemption during the year / period 7,40,94,728.011 74,09,47,280 4,04,38,210.628 40,43,82,106
Unit Capital (Closing Balance) 1,13,49,21,586.81 11,34,92,15,868 68,09,67,769.946 6,80,96,77,699
31 Mar 2020 31 Mar 2019

Parag Parikh Long Term Equity Fund (formerly known as Parag Parikh Long Term Value Fund)
Amount (Rs.) Amount (Rs)
SCHEDULE 'B'
Reserves & Surplus
Unit Premium Reserve
Opening Balance 4,64,34,88,845 1,37,48,90,419
Add / (Less) : Discount / Premium on units repurchased/sold during the year / period 6,50,04,64,646 3,26,85,98,426
Add / (Less): Transferred to / (from) Equalisation Account
Closing Balance 11,14,39,53,491 4,64,34,88,845
Revenue Reserve
Opening Balance 5,92,61,90,018 4,18,53,37,497
Transfer to Revenue Account - -
Transfer to Unit Premium Reserve - -
Net Surplus / (deficit) transferred from Revenue Account (3,90,78,14,659) 1,74,08,52,521
Closing Balance 2,01,83,75,359 5,92,61,90,018
Total Reserves & Surplus 13,16,23,28,850 10,56,96,78,863

31 Mar 2020 31 Mar 2019

Parag Parikh Long Term Equity Fund (formerly known as Parag Parikh Long Term Value Fund)
SCHEDULE 'C'
CURRENT LIABILITIES & PROVISIONS
Current Liabilities:
Statutory Dues Payables 24,62,008 13,86,639
Investor Education Fees - Payable 2,30,516 1,57,643
Contracts for Purchase of Investments 48,39,71,255 8,95,13,050
Units Redemption Payable 2,81,43,402 64,81,552
Payable to PPFAS Asset Management Private Limited (Net of receivable) 1,70,24,639 1,35,86,451
Pending Unit Allotment - 35,50,184
Other Payables 1,73,82,847 1,15,45,018
Inter Fund Dues Payable 1,90,61,554 4,96,31,898
Futures Variable Margin Payable - 2,95,08,360
Total 56,82,76,221 20,53,60,795
SCHEDULE 'D'
INVESTMENTS
Equity Shares 16,13,85,82,920 11,63,45,00,695
Tri Party Repo (TREPS) 75,34,90,461 41,44,20,028
International Equity Shares 6,10,43,28,493 3,48,65,54,363
International Equity American Depository Receipts (ADR) 1,52,79,14,827 1,37,43,69,014
Total 24,52,43,16,701 16,90,98,44,100
SCHEDULE 'E'
DEPOSITS
Deposit with Scheduled banks 5,91,00,000 38,99,99,000
Total 5,91,00,000 38,99,99,000
SCHEDULE 'F'
OTHER CURRENT ASSETS
Balances with Banks in Current Account 24,55,45,309 15,49,22,214
Contracts for sale of Investments - 1,11,57,013
Accrued Interest on Deposits 1,58,747 17,16,844
Units Subscription Receivable 2,33,95,650 -
Early Pay in of Funds - 2,02,59,680
Future Margin Receivable 7,88,15,032 -
Inter Fund Dues Receivable 1,04,14,999 32,09,584
Margin for Futures and Options Transactions 12,70,74,501 9,00,08,922
Margin deposit with Clearing Corporation of India Ltd. 1,10,00,000 36,00,000
Total 49,64,04,238 28,48,74,257

Schedule - G:

Significant Accounting Policies and Notes to Accounts (Annexed to and forming part of Balance Sheet as at March 31, 2020
and Revenue Account for the Year ended March 31, 2020).
1)
Background:
PPFAS Mutual Fund has been constituted as a Trust on 13th April 2012 in accordance with the provisions of the Indian Trust
Act, 1882 (2of 1882) with Parag Parikh Financial Advisory Services Private Limited (PPFAS) as the Sponsor and PPFAS Trustee
Company Private Limited as the Trustee. The Trust Deed has been registered under the Indian registration Act, 1908. The Mutual
Fund is registered with the SEBI on 17th October 2012 under the Registration code MF/069/12/01.
Scheme Name Nature of Scheme Allotment Date Options Investment Objective

Parag Parikh An open ended Equity May 24, 2013 Regular Plan, To generate long term capital
Long Term Scheme investing Direct Plan (only appreciation by primarily investment in
Equity Fund across large cap, mid Growth option equities and equity related instruments.
cap, small cap stocks. is provided for Scheme shall invest in Indian equities,
both the plans) foreign equities and related instruments
and debt securities.

2) Significant Accounting Policies :
a) Basis of Accounting
The Scheme maintains its books of account on an accrual basis. The financial statements of the scheme are prepared in
accordance with the accounting policies, contained in the schedule IX and Annual Report format as provided in Schedule XI
of the Securities & Exchange Board of India, Mutual Fund Regulations, 1996 (`SEBI MF Regulations) and as amended from time
to time.

b) Portfolio Valuation
SEBI has outlined investment valuation norms for the mutual funds to compute and carry out valuation of its investments in its
portfolio under Regulation 47 and Eighth Schedule of SEBI (Mutual Funds) Regulations, 1996 as amended from time to time.
SEBI has mandated the mutual funds to value its investments on Principal of ‘Fair Valuation’ to ensure fair treatment to all
investors including existing investors as well as investors seeking to purchase or redeem units of mutual funds in all Schemes
at all points of time. The Board of Directors of AMC and of the Trustee Company has approved the Investment Valuation Policy
and the framework for valuation of investments of Scheme(s) of PPFAS Mutual Fund in accordance with SEBI Notification dated
February 21, 2012 based on principles of fair valuation which is reflective of realizable value of securities/assets.

I. Equity and Equity Related Instruments:
Listed Shares/Preference Shares/ Warrants/Rights:
Valuation will be at the closing price at the Principal stock exchange* (NSE).
If security is not traded on principal stock exchange on a particular valuation day, the closing price at which it is traded on any
other stock exchange will be used.
If security is not traded on any stock exchange on a particular valuation day, then price at which it is traded on the principal
stock exchange or any other stock exchange, as the case may be, on the earliest previous day will be used provided such date
is not more than 30 days prior to valuation date.
Thinly traded equity shares:

Thinly traded securities will be valued at fair value as per procedures determined by the Valuation Committee.
Unlisted Shares/ Preference Shares/ Warrants/Rights:

Unlisted securities will be valued at fair value as per procedures determined by the Valuation Committee.
Options:
In case of Options, premium received/ paid is marked to market based on settlement price on the relevant exchange.
Futures:
Outstanding contracts in Futures is valued based on the settlement price on the relevant exchange.

Application Money for Primary Market Issue:

Application money should be valued at cost up to 30 days from the closure of the issue or traded price whichever is earlier.
If the security is not allotted / traded within 30 days from the closure of the issue, application money is to be valued as per
the directives of valuation committee, which shall be ratified in the next board meeting. Rationale of valuing such application
money should also be recorded.
Equity shares invested as an Anchor Investor:

At the discretion of the AMC and with the approval of the valuation committee, post listing, equity shares invested on Anchor
basis may be valued at a price lower than the listed market price available on NSE/BSE by applying a suitable illiquidity
discount (If such shares are in lock-in period).
Convertible Debentures:
The non-convertible and convertible components of convertible debentures and bonds shall be valued separately. The
nonconvertible component would be valued on the same basis as would be applicable to a debt instrument. The convertible
component shall be valued on the same basis as would be applicable to an equity instrument. If, after conversion
the resultant equity instrument would be traded pari passu with an existing instrument, which is traded, the value of
later instrument can be adopted after an appropriate discount for the non-tradability of the instrument during the period
preceding conversion. While valuing such instruments, the fact whether the conversion is optional will also be factored in.
Suspended Security:
In case trading in an equity security is suspended up to 30 days, then the last traded price would be considered for valuation
of that security. If an equity security remains suspended for trading on the stock exchange for more than 30 days, then it
would be valued as non-traded security.
Security Lending & Borrowing (SLB):

Security Lending & Borrowing (SLB) will be valued on the basis of amortization.
*In case of non-availability of price from the Principal stock exchange for i.e. National Stock Exchange (NSE) on time, prices as
quoted on Bombay Stock Exchange (BSE) will be used for valuation purpose.

i) Procedure & Methodology for valuation of unlisted or thinly traded equity/equity related securities

Any security which does not have trading volume of 50,000 scrips and trading amount of Rs. 5,00,000/- during a period of
thirty days shall be categorized as thinly traded. Thinly traded / unlisted securities shall be valued in good faith on the basis of
fair valuation principles as follows:

Net Worth Value per share of the company will be derived based on the latest available audited balance sheet, not more than
9 months from close of financial year, net worth per share shall be calculated as [share capital plus free reserves (excluding
revaluation reserves) minus Miscellaneous expenditure not written off or deferred revenue expenditure, intangible assets and
accumulated losses] divided by Number of Paid up Shares.

Capital Earning Value per share of the company will be derived by capitalization of Earnings per Share based on the latest
available balance sheet, with 25% of Average capitalization rate (P/E ratio) for the industry.

Average of Net Worth Value per share and Capital Earning Value per share thus derived, shall be further discounted to derive
fair value of Unlisted securities and by thinly traded securities.

Shares on De-merger and Other Corporate Action Events
a. Both the shares are traded immediately on de-merger: In this case both the shares to be valued at respective traded
prices.
b. Shares of only one company continued to be traded on de-merger: In such a scenario, the shares of Non Traded/
Unlistedwould be fairly valued in good faith by AMC on case to case basis. Traded share to be valued at traded price.
c. Both the shares are not traded on de-merger: In such a scenario, the shares of both the companies would be fairly
valued in good faith by AMC on case to case basis.


In case of any other type of capital corporate action event, the same to be valued at fair price on case to case basis.

ii) Preference Shares
Preference share can be convertible or non- convertible. If the non-convertible preference shares are traded then the closing
price of the day will be considered for valuation. If the same is non-traded it will be valued at the present value of all the future
expected dividend payments and the maturity value, discounted at the bond yield of the issuer.

The value of convertible preference share can be expressed as follows:
Convertible preference shares shall be valued based on the underlying equity. This value shall be further discounted for
illiquidity to arrive at fair valuation. Traded convertible preference shares shall be valued based on the closing price.

iii) Warrants
Warrants will be valued at the value of the share which would be obtained on exercise of the warrant as reduced by the
amount which would be payable on exercise of the warrant. The value arrived will be reduced by appropriate discount. Traded
Warrants shall be valued based on the closing price.

iv) Right entitlements
Right entitlements will be valued as difference between the value of closing price of the underlying equity share and the rights
offer price. Right entitlements if traded will be valued at the closing price on Principal stock exchange (NSE). If the entitlements
are not traded on NSE but are traded on any other stock exchange the closing price of the exchange where it traded will be
considered for valuation.

Non traded rights entitlement will be valued as difference between the value of the underlying equity share (determined as per
valuation policy) and the rights offer price.
II. Money Market, Debt & Debt Related Instruments
Security Type Existing Valuation Policy Until September 24, Revised Valuation Policy
2019 Effective September 25, 2019
Government securities (Including Valuation will be done at the average prices No change
Central government securities, provided by AMFI approved agencies (CRISIL & ICRA)
State Development Loans, Treasury With effect from April 01, 2020
Bills and Cash Management Bills) In case any new securities are purchased and In case security level prices
with residual maturity more than 30 the price of such security is not provided by AMFI given by valuation agencies
days. approved agencies, then such security will be are not available for a new
valued at weighted average price / yield of the security (which is currently not
trades of that security on that day. held by any Mutual Fund), then
such security may be valued at
purchase yield on the date of
allotment / purchase.
Debt Securities/ Instruments with Valuation will be done at the average prices No change.
Residual maturity more than provided by AMFI approved agencies (CRISIL & ICRA)
30 days (Commercial Paper/ With effect from April 01, 2020
Certificate of Deposit /Bonds/ Zero In case any new securities are purchased and In case security level prices
Coupon Bonds / Bills Rediscounting the price of such security is not provided by AMFI given by valuation agencies
/Floating rate securities /PTC approved agencies, then such security will be are not available for a new
valued at weighted average price / yield of the security (which is currently not
trades of that security on that day. held by any Mutual Fund), then
such security may be valued at
purchase yield on the date of
allotment / purchase.

Government securities (Including Instruments will be valued by amortization on a Government Securities

Central government securities, State straight-line basis to maturity from cost or last (including Treasury Bills) will be
Development Loans, Treasury Bills valuation price whichever is more recent. The valued at average of the prices
and Cash Management Bills) with amortized price shall be compared with the provided by AMFI approved
residual maturity less than or equal reference price which shall be the average of the agencies (currently CRISIL and
to 30 days. security level price of such security as provided by ICRA).
the agencies appointed by AMFI for said purpose,
currently CRISIL and ICRA (hereinafter referred to as In case security level prices
“valuation agencies”). The amortized price shall be given by valuation agencies
used for valuation only if it is within a threshold of are not available for a new
±0.025% of the reference price. In case of deviation security (which is currently not
beyond this threshold, the price shall be adjusted held by any Mutual Fund), then
to bring it within the threshold of ±0.025% of the such security may be valued
reference price as suggested below. In case on amortization basis on the
variance exceeds ±0.025%, the valuation shall then date of allotment / purchase.
be adjusted to bring it within ±0.025% such that:
With effect from April 01, 2020
• If the amortized price is greater than the
reference price +0.025%, the valuation shall be 1. Amortization based valuation
done at reference price +0.025% shall be dispensed with and
• If the amortized price is less than the reference irrespective of residual maturity,
price - 0.025%, the valuation shall be done at all money market and debt
reference price - 0.025% securities shall be valued at
average of security level prices
In case of subsequent trades in the same security provided by AMFI appointed
by the fund (i.e. AMC’s own trades), the valuation agencies (currently CRISIL and
must reflect price considering the trade price as ICRA).
long as the trades are of market lot. Market lot is
defined as a single deal of face value of Rs.5 crores and
or more. The principle of T+1 valuation is followed
to value such securities. The security will then start 2. In case security level prices
getting amortized from the new valuation price. In given by valuation agencies
case the subsequent trades in the same security by are not available for a new
the fund are not meeting the own trades criteria (i.e. security (which is currently not
none of the deals are of face value of Rs. 5 crores or held by any Mutual Fund) then
more) then the amortization price will be computed such security may be valued at
without considering such additional purchase. (weighted average) purchase
yield basis on the date of
allotment / purchase

Debt Securities/ Instruments with Instruments will be valued by amortization on a In case security level prices
Residual maturity less than or equal straight-line basis to maturity from cost or last given by valuation agencies
to 30 days (Commercial Paper/ valuation price whichever is more recent. The are not available for a new
Certificate of Deposit /Bonds/ Zero amortized price shall be compared with the security (which is currently not
Coupon Bonds /Bills Rediscounting reference price which shall be the average of the held by any Mutual Fund), then
/Floating rate securities /PTC) security level price of such security as provided by such security may be valued
the agencies appointed by AMFI for said purpose, on amortization basis on the
currently CRISIL and ICRA (hereinafter referred to as date of allotment / purchase.
“valuation agencies”). The amortized price shall be
used for valuation only if it is within a threshold of With effect from April 01, 2020
±0.025% of the reference price. In case of deviation
beyond this threshold, the price shall be adjusted 1. Amortization based valuation
to bring it within the threshold of ±0.025% of the shall be dispensed with and
reference price as suggested below. irrespective of residual maturity,
all money market and debt
In case variance exceeds ±0.025%, the valuation securities shall be valued at
shall then be adjusted to bring it within ±0.025% average of security level prices
such that: provided by AMFI appointed
agencies (currently CRISIL and
• If the amortized price is greater than the ICRA).
reference price +0.025%, the valuation shall be
done at reference price +0.025% and
• If the amortized price is less than the reference
price - 0.025%, the valuation shall be done at 2. In case security level prices
reference price - 0.025% given by valuation agencies
are not available for a new
In case of subsequent trades in the same security security (which is currently not
by the fund (i.e. AMC’s own trades), the valuation held by any Mutual Fund) then
must reflect price considering the trade price as such security may be valued at
long as the trades are of market lot. Market lot is (weighted average) purchase
defined as a single deal of face value of Rs.5 crores yield basis on the date of
or more. The principle of T+1 valuation is followed allotment / purchase.
to value such securities. The security will then start
getting amortized from the new valuation price. In
case the subsequent trades in the same security by
the fund are not meeting the own trades criteria (i.e.
none of the deals are of face value of Rs. 5 crores or
more) then the amortization price will be computed
without considering such additional purchase.
Interest Rate Swaps (IRS)/ Forward Until December 22, 2019 Effective December 23, 2019.
Rate Agreements (FRA) All IRS/ FRA’s will be valued at net present value All OTC derivatives viz. IRS/ FRA’s
after discounting the future cash flows. Future cash will be valued at the average
flows for IRS/ FRA contract will be computed daily prices provided by AMFI
as per terms of contract and discounted by suitable approved agencies (currently
OIS (Overnight Interest SWAP) rates available CRISIL and ICRA).
on Reuters/ Bloomberg/ any other provider as
approved by Valuation Committee.
Overnight Money (TREPS/Reverse Overnight money deployed will be valued at cost No change
Repo/ CROMS) plus the accrual/ amortisation.
Investments in short-term deposits Investments in short-term
with banks deposits with banks will be
valued at cost plus the accrual
basis.
III. Valuation of Money market and Debt securities which are rated below investment grade:


A money market or debt security shall be classified as “below investment grade” if the long term rating of the security assigned
by a SEBI registered Credit Rating Agency (CRA) is below BBB- or if the short term rating of the security is below A3.

A money market or debt security shall be classified as “Default” if the interest and / or principal amount has not been received,
on the day such amount was due or when such security has been downgraded to “Default” grade by a CRA. In this respect,
PPFAS Mutual Fund shall promptly inform the Valuation Agencies and the CRAs, any instance of non-receipt of payment of
interest and / or principal amount (part or full) in any security.

In case of instruments with dual rating the same would be considered below investment grade if any of the rating agencies
rating that instrument downgrades it to sub investment grade

All money market and debt securities which are rated below investment grade shall be valued at the price provided by AMFI
appointed valuation agencies (CRISIL/ICRA). Till such time the valuation agencies compute the valuation of money market and
debt securities classified as below investment grade, such securities shall be valued on the basis of indicative haircut provided
by these agencies. These indicative haircuts shall be applied on the date of credit event i.e. migration of the security to sub-
investment grade and shall continue till the valuation agencies compute the valuation price of such securities. Further these
haircuts shall be updated and refined, as and when there is availability of material information which impact the haircuts.

Consideration of traded price for valuation:
In case of trades during the interim period between date of credit event and receipt of valuation price from valuation agencies,
AMC shall consider such traded price for valuation if it is lower than the price post standard haircut. The said traded price shall
be considered for valuation till the valuation price is determined by the valuation agencies.
In case of trades after the valuation price is computed by the valuation agencies as referred above and where the trade price
is lower than such computed price, such traded price shall be considered for the purpose of valuation and the valuation price
may be revised accordingly.
The trades referred above shall be of a minimum size as determined by valuation agencies.
AMC may deviate from the indicative haircuts and/or the valuation price for money market and debt securities rated below
investment grade provided by valuation agencies subject to the following:
• The detailed rationale for deviation from the price post haircut or price provided by the valuation agencies shall be recorded
by the AMC.
• The rationale for deviation along with details such as information about the security (ISIN, issuer name, rating etc.), price
at which security was valued vis-a vis the price provided by the valuation agencies (as applicable) and the impact of such
deviation on scheme NAV (in amount and percentage terms) shall be reported to the Board of AMC and Trustees.
• The rationale for deviation along with details as mentioned above shall also be disclosed to the investors .
In abnormal situations, market disruptions etc. where current market information may not be obtainable and in case CRISIL
and ICRA are unable to provide a security level price for any security on particular day(s), the fund manager(s) will, with the prior
approval of Valuation Committee, value the securities appropriately to ensure true and fair valuation.
In case price is not provided by designated agencies, on the date of allotment of security, then:
a. In case of discounted securities, valuation shall be done at price derived by adding one-day amortisation to the allotment
price;
b. In case of coupon bearing securities, valuation shall be done at allotment price
Beyond 3 business days from the date of allotment of the security, the valuation price would be determined by the Valuation
Committee using principle of fair valuation. Necessary documentation shall be maintained in this regard, including method
adopted along with the detailed computation of the fair price.
Brokerage shall be added to the Deal price to compute amortisation.

Treatment of accrued interest, future interest accrual and future recovery:
(i) The treatment of accrued interest and future accrual of interest, in case of money market and debt securities classified as
below investment grade or default, is detailed below:
a. The indicative haircut that has been applied to the principal should be applied to any accrued interest.
b. In case of securities classified as below investment grade but not default, interest accrual may continue with the same
haircut applied to the principal. In case of securities classified as default, no further interest accrual shall be made.

Treatment of any future recovery in terms of principal or interest:
a. Any recovery shall first be adjusted against the outstanding interest recognized in the NAV and any balance shall be
adjusted against the value of principal recognized in the NAV.
b. Any recovery in excess of the carried value (i.e. the value recognized in NAV) should then be applied first towards amount
of interest written off and then towards amount of principal written off.
III. Other Securities:

Listed Mutual Funds Units:
Valuation will be at the closing price at the principal stock exchange (NSE).
If units are not traded on principal stock exchange on a particular valuation day, the closing price on any other stock exchange
where units are traded will be used.
If units are not traded on any stock exchange on a particular valuation day, then NAV per unit will be used for valuation.

Unlisted Mutual Fund Units:
Valuation will be based on Net Asset Value (NAV) of Mutual Fund units.

Listed Units of InvITs / REITs :
The units of InvIT and REIT will be valued at the closing price at the principal stock exchange. If units are not traded on principal
stock exchange on a particular valuation day, the closing price on any other stock exchange where units are traded will be
used.
If units are not traded on any stock exchange on a particular valuation day, then closing price at which it traded on the principal
Unlisted / Non- Traded Units of InvITs /REITs:

Where units of InvIT and REIT are not traded on any stock exchange for a continuous period of 30 days then the valuation for
such units of InvIT and REIT will be determined based on the procedure determined by Valuation Committee.

Common note(s) for Valuation of Debt & Debt Related Instruments (as applicable)
A. Definition of non-traded, thinly traded and traded money market / debt security (Effective from February 16, 2020):

(i) Traded and non-traded money market and debt securities shall be defined as follows: A money market or debt
security shall be considered as traded when, on the date of valuation, there are trades (in marketable lots) in that security
on any recognized Stock Exchange or there are trades reported (in marketable lots) on the trade reporting platform of
recognized stock exchanges or The Clearing Corporation of India Ltd. (CCIL).
Marketable lot defined by AMFI in consultation with SEBI is as under: - The following volume criteria shall be used for
recognition of trades by valuation agencies:
Parameter Minimum Volume of Criteria for marketable lot

Primary INR 25 cr for both/ NCD/ CP/ CD and any other money market instruments
Secondary INR 25 cr for CP/CD, T-Bills and any other money market instruments
Secondary INR 5 cr for Bonds/ NCD/ G-Secs
(ii) A money market or debt security shall be considered as non-traded when, on the date of valuation, there are no trades (in
marketable lots) in such security on any recognized Stock Exchange or no trades (in marketable lots) have been reported
on any of the aforementioned trade reporting platforms.
B. Valuation of securities with Put/Call Options
The option embedded securities would be valued as follows:
i) Securities with Call Option:

The securities with call option shall be valued at the lower of the value as obtained by valuing the security to final maturity
and valuing the security to call option. In case there are multiple call options, the lowest value obtained by valuing to the
various call dates and valuing to the maturity date is to be taken as the value of the instrument.
ii) Securities with Put Option:

The securities with put option shall be valued at the higher of the value as obtained by valuing the security to final maturity
and valuing the security to put option. In case there are multiple put options, the highest value obtained by valuing to the
various put dates and valuing to the maturity date is to be taken as the value of the instruments.
iii) Securities with both Put and Call Option:

Only securities with put / call options on the same day and having the same put and call option price, shall be deemed to
mature on such put / call date and shall be valued accordingly. In all other cases, the cash flow of each put / call option
shall be evaluated and the security shall be valued on the following basis:
a) Identify a ‘Put Trigger Date’, a date on which ‘price to put option’ is the highest when compared with price to other put
options and maturity price.
b) Identify a ‘Call Trigger Date’, a date on which ‘price to call option’ is the lowest when compared with price to other call
c) In case no Put Trigger Date or Call Trigger Date (‘Trigger Date”) is available, then the valuation would be done to
maturity price. In case one Trigger Date is available, then valuation would be done as to the said Trigger Date. In case
both Trigger Dates are available, then valuation would be done to the earliest date.
If a put option is not exercised by a Mutual Fund when exercising such put option would have been in favour of the
scheme, in such cases the justification for not exercising the put option shall be provided to the Board of AMC and
Trustees.
iv) Any put option inserted subsequent to the issuance of the security shall not be considered for the purpose of valuation and
original terms of the issue will be considered for valuation.

C. Treatment of Upfront Fees on Trades:
i) Upfront fees on all trades (including primary market trades), by whatever name and manner called, would be
considered by the valuation agencies for the purpose of valuation of security.
ii) Details of such upfront fees should be shared by the AMC on the trade date to the valuation agencies as part of the
trade reporting to enable them to arrive at the fair valuation for that date.
iii) For the purpose of accounting, such upfront fees should be reduced from the cost of the investment in the scheme that
made the investment.
iv) In case upfront fees are received across multiple schemes, then such upfront fees should be shared on a pro-rata
basis across such schemes.
D. Segregate Portfolio valuation:

Notwithstanding the decision to segregate the debt and money market instrument in accordance with the SEBI Circular
dated December 28, 2018, the valuation should consider the credit event and value the portfolio based on the principles of
fair valuation. (i.e. realizable value of the assets) in terms of relevant provisions of SEBI (Mutual Funds) Regulation, 1996 and
Circular(s) issued thereunder. Irrespective of the above policy, the valuation committee might adopt valuation principles to
align with fair valuation norms.
E. The Fund shall not use their own trades for valuation of debt and money market securities.


F. Impact of any Changes to terms of an investment:

(i) While making any change to terms of an investment, AMC shall adhere to the following conditions:
(a) Any changes to the terms of investment, which may have an impact on valuation, shall be reported to the valuation
agencies immediately.
(b) Any extension in the maturity of a money market or debt security shall result in the security being treated as “Default”,
for the purpose of valuation.
(c) If the maturity date of a money market or debt security is shortened and then subsequently extended, the security shall
be treated as “Default” for the purpose of valuation.
(d) Any put option inserted subsequent to the issuance of the security shall not be considered for the purpose of valuation
and original terms of the issue will be considered for valuation.
G. Waterfall mechanism for valuation of money market and debt securities to the used by the valuation agencies (Effective
from February 16, 2020):
For arriving at security level pricing, a waterfall mechanism to be used by valuation agencies as provided by AMFI in
consultation with SEBI.

H. (i) In case the valuation committee is of the opinion that the price feeds provided by AMFI appointed agencies are not
provided or prices are not reflective of fair value/ realizable value of the security, the same shall be valued on the basis
of guidelines provided by the valuation committee. In approving such valuations, the valuation committee shall follow the
principles of fair valuation and provide suitable justification for the same.
(ii) The rationale for deviation along-with details such as information about the security (ISIN, issuer name, rating etc.), price
at which the security was valued vis-a-vis the price as per the valuation agencies and the impact of such deviation on
scheme NAV (in amount and percentage terms) shall be reported to the Board of AMC and Trustees. The rationale shall
also be disclosed immediately and prominently, under a separate head on the website of AMC.

IV. Valuation of Foreign Securities:
The security issued outside India and listed on the stock exchanges outside India shall be valued as follows:

The security issued outside India and listed on the stock exchanges outside India shall be valued at the closing price on
the stock exchange at which it is listed. However, in case a security is listed on more than one stock exchange, the AMC
reserves the right to determine the stock exchange, the price of which would be used for the purpose of valuation of that
security. Any subsequent change in the reference stock exchange used for valuation will be backed by reasons for such
change being recorded in writing by the AMC. Further in case of extreme volatility in the overseas markets, the securities
listed in those markets may be valued on a fair value basis.

For valuation of securities registered in USA, NYSE has been selected as principal stock exchange. If any security is not
listed on NYSE, security prices as quoted on NASDAQ will be considered. For securities registered in UK, LSE (London Stock
Exchange) has been selected as principal stock exchange. Securities prices as quoted on LSE will be used for valuation
purposes.

If a significant event has occurred after security prices were established for the computation of NAV of the Scheme, the
AMC reserves the right to value the said securities on fair value basis. When on a particular valuation day, a security has
not been traded on the selected stock exchange; the security will be valued in accordance with SEBI guidelines applicable
for security listed in India.

“If the security is listed in a time zone ahead of India, then the same day’s closing price would be used for valuation. If the
security is listed in a time zone behind India, then the previous day’s price would be used for valuation.”

On the Valuation Day, all assets and liabilities denominated in foreign currency will be valued in Indian Rupees at the
exchange rate available on Reuters / RBI (Financial Benchmarks India Ltd- FBIL) / Bloomberg. The Trustees reserve the right
to change the source for determining the exchange rate.

Valuation of IDR/ADR/ GDR:
IDR/ADR/GDRs are exchange traded securities and hence closing price of the IDR/ADR/ GDR on the exchange where it is
listed will be taken for valuation purpose.

If any American Depository Receipt (ADR)/ Global Depository Receipt (GDR) is traded in OTC (Over the Counter) market, in
such cases closing price in OTC market will be considered for valuation of ADR/GDR.
If the security is listed/ traded in a time zone ahead of India, then the same day’s closing price would be used for valuation.
If the security is listed/traded in a time zone behind India, then the previous day’s price would be used for valuation.
c) Investment Transactions
I. Transactions for purchase or sale of investments are recognised on the date of the trade date. Transactions for purchase
or sale of investments for Overseas Securities are recognised on the next working day of the trade date due to timing
difference.
II. Bonus shares, rights and dividend entitlements to which the scheme becomes entitled are recognised only when the
original shares on which the bonus entitlement accrues are traded on the stock exchange on an ex-bonus, ex - right and
ex dividend date basis respectively.
III. Investment transactions in equity and equity related securities, derivatives and debt securities are accounted on trade date
(Transactions for purchase or sale of investments for Overseas Securities are recognised on the next working day of the
trade date due to timing difference). The cost of acquisition includes the cost of purchase, stamp duty, securities transaction
tax and charges customarily included in the broker’s bought note.

d) Recognition of Revenue and Treatment of Expenses
I. For quoted investments, Dividend income earned by a scheme are recognised, on the date the share is quoted on an ex-
dividend basis. Dividend on unquoted investments is recognised on date of declaration.
II. In respect of all interest-bearing investments, income is accrued on a day to day basis as it is earned ,except for Interest on
CCIL Margin Money placed for TREPS trades is accounted on receipt basis.
III. Income on Treasury Bills and Government Securities are amortised on a straight-line basis over the period up to redemption.
IV. The net unrealised gain / loss in the value of investments is determined separately for each class of investment.
V. In determining the holding cost of investments and the gains or loss on sale of investments, the “average cost” method is
followed by the scheme.
VI. All expenses are accounted on accrual basis.

e) The fund does not isolate that portion of the change in investment valuation resulting from changes in the foreign exchange
rates from the fluctuations arising from changes in the local market prices of securities held. Such fluctuations are included in
unrealised appreciation or depreciation on investments.

f) Unit Premium Reserve (“UPR”) and Income Equalisation
In case of an open ended scheme on issue / repurchase of units, the portion of the premium which is attributable to realised
gains is credited / debited to the Revenue account for the period as Income Equalisation at the year end. It is reflected in the
revenue account after the net realised gain/ (loss) of the scheme is determined. The balance portion of the premium that is not
attributable to realised gains is credited/ debited to the UPR.

If units are sold at a price lower than the face value the difference is debited to the Revenue Account as Income Equalisation
and vice versa.

g) Determination of net asset values
I. The net asset value of the units of the scheme is determined separately for units issued under the different plans / options.
II. For calculating the net asset values under different plans / options, the amount of sale/repurchase of units under each plan
/ option are separately accounted for. Further, net income arising from such deployment are allocated daily to the plans /
options in proportion to their Net Asset Values. Parag Parikh Long Term Equity Fund offers Direct Plan and Regular Plan. For
both these plans scheme offers only Growth Option.

h) PPFAS AMC and PPFAS Mutual Fund has complied with the SEBI circular no. CIR/IMD/DF/21/2012 dated 13.09.2012. PPFAS
Mutual Fund launched its first Scheme on May 28, 2013. Accordingly since inception of the scheme, it is providing two plans in
the scheme, namely Direct Plan and Regular Plan.

I) Load Charges
In accordance with SEBI circular No. SEBI/IMD/CIR No. 4/168230/09 dated June 13, 2009, the scheme has not charged any
Entry Load on investments made into it.


Based on SEBI notification No. LAD-NRO/GN/2012-13/17/21502 dated September 26, 2012 Exit Load collected is credited to
the Scheme, net of Good & Service tax and is considered as income of the Scheme in determining the NAV (Net Asset Value).
Current Load Structure (w.e.f. July 7, 2014): Entry Load: Nil ; Exit Load: 2% if redeemed/Switched-out* on or before 365 days
from the date of allotment, 1% if redeemed/Switched-out after 365 days but on or before 730 days from the date of allotment
and thereafter there is no exit load. The Exit load for investment will be as applicable as on the date of allotment / date of
registration in case of SIP and STP. * (With effect from 5th April, 2016 no exit load is charged on Switch transactions)

J) Note on Cash Flow:
I. Cash and cash equivalents (for the purpose of cash flow statement)
Cash and cash equivalents includes balances in banks current account, deposits placed with schedule banks (with original
maturity up to three months) and TREP.

II. Cash Flow Statement:
The cash flow statement has been prepared under the indirect method set out in accounting standard (“AS”) - 3 on Cash
Flow Statement issued by the Institute of Chartered Accountants of India (“ICAI”).
3) Net Asset Value (NAV) per unit as at the year end is as follows :

Parag Parikh Long Term Equity Fund( Formerly Known as Parag Parikh Long Term Value Fund)
SCHEME NAME 31-Mar-20
NAV Repurchase NAV SALE
Regular Growth Plan 21.0050 20.5849 21.0050
Direct Growth Plan 21.8587 21.4215 21.8587

SCHEME NAME Parag Parikh Long Term Equity Fund( Formerly Known as Parag Parikh Long Term Value Fund)
31-Mar-19
Regular Growth Plan 24.9254 24.4269 24.9254
Direct Growth Plan 25.7309 25.2163 25.7309

4) As at the year end, the details of investments are as under:

SCHEME NAME March 31, 2020 March 31, 2019
Parag Parikh Long Term Equity Fund(Formerly Known as
Market / Fair Value (Rs.) Market / Fair Value (Rs.)
Parag Parikh Long Term Value Fund)
Equity Shares 16,13,85,82,920 11,63,45,00,695
Tri-Party Repo 75,34,90,461 41,44,20,028
International Equity Shares 6,10,43,28,493 3,48,65,54,363
International Equity - ADR / GDR 1,52,79,14,827 1,37,43,69,014
5) Total value of investments falling under each major industry group and exceeding 5% of the total investments in each major
classification is as under :
a) As on March 31, 2020

SCHEME NAME
Market /Fair Value as on % of Classification as on
Parag Parikh Long Term Equity Fund (Formerly Known as
March 31, 2020 March 31, 2020
Foreign Equities
Internet and Technology 3,83,56,94,932 50.26
Consumer Services 2,26,86,33,561 29.72
Auto 94,01,61,632 12.32
Packaged Foods 58,77,53,195 7.70
Total 7,63,22,43,320 100.00

SCHEME NAME
Market /Fair Value as on % of Classification as on
March 31, 2020 March 31, 2020
Indian Equities / Equity related instruments
Banks 4,58,18,47,738 28.39
Software 2,55,02,68,858 15.80
Finance 2,46,76,52,728 15.29
Consumer Non Durables 2,10,72,46,800 13.06
Pharmaceuticals 1,93,32,71,141 11.98
Auto 1,21,68,25,365 7.54
Auto Ancillaries 84,16,07,865 5.21
Hotels,Resorts & Other Recreational Activities 43,98,62,426 2.73
Total 16,13,85,82,921 100.00

b) As on March 29, 2019
SCHEME NAME Market /Fair Value as on % of Classification as on
Parag Parikh Long Term Equity Fund March 29, 2019 March 29, 2019
Foreign Equities
Internet and Technology 24,71,22,495 50.55
Auto 88,06,90,045 18.12
Packaged Foods 49,36,78,969 10.16
IT Consulting & Other Services 47,59,91,865 9.79
Industrial Conglomerates 43,21,53,849 8.89
Consumer Services 12,12,86,154 2.49
Total 4,86,09,23,377 100.00
Indian Equities / Equity related instruments

Auto 1,21,79,03,484 10.47
Auto Ancillaries 1,06,18,57,042 9.13
Banks 3,04,95,69,368 26.20
Cement 31,85,60,340 2.74
Consumer Non Durables 50,37,98,918 4.33
Ferrous Metal 48,70,00,061 4.19
Finance 2,15,06,28,391 18.48
Gas 20,76,65,681 1.78
Hotels,Resorts & Other Recreational Activities 28,82,17,345 2.48
Software 1,32,36,51,824 11.38
Total 11,63,45,00,696 100.00

6) The details of the unrealised appreciation, included in Revenue Reserve, are as under:

March 31, 2020 March 31, 2019
Scheme Name
Rs. Rs.
2,35,77,96,684 4,05,50,24,270.65

7) The scheme has exposure in Stock / Index Future Derivative as on :

a) March 31, 2020
Name of Equity / Index Stock Future Contract Price (Rs.) No. of Contracts No. of Units outstanding
FUTCUR_USDINR 28-APRIL-2020 74.63 -88900 (8,89,00,000)

During the year, the scheme took positions in derivatives contracts and resultant Profit of Rs 21,26,55,005.58 is included in
Profit on sale / redemption of investments.

b) March 31, 2019
Name of Equity / Index Stock Future Contract Price (Rs.) No. of Contracts No. of Units outstanding -(Short)
Yes Bank 25-April-2019 FUTURE 274.89 -463 (8,10,250)
SBI 25-April-2019 FUTURE 309.47 -262 (7,86,000)
Century Textile 25-April-2019 FUTURE 912.68 -569 (3,41,400)
Maruti 25-April-2019 FUTURE 6,601.05 -851 (63,825)
Tata Steel 25-April-2019 FUTURE 516.21 -881 (9,34,741)
HDFC 25-April-2019 FUTURE 1,934.87 -823 (4,11,500)
FUTCUR_USDINR 25-APRIL-2019 69.31 -53900 (5,39,00,000)

During the year, the scheme took positions in derivatives contracts and resultant Profit of Rs.50,75,98,061.99 is included in
Profit on sale / redemption of investments.

8) The details of the management fees (exclusive of Good & Service Tax) paid by the scheme to PPFAS Mutual Fund, are as
under:

Scheme Name March 31, 2020 March 31, 2019
Parag Parikh Long Term Equity Fund Rs. % of Avg. AUM Rs. % of Avg. AUM
Management Fees 18,17,15,363 0.81 15,34,39,598 1.16

Note: No management fee has been charged on the investments made by the Asset Management Company in the units of
the scheme.

9) The aggregate value of purchases and sales of investments and income and expenditure during the year expressed as a %
of average daily net assets is as under :
Parag Parikh Long Term Equity Fund March 31, 2020 March 31, 2019
Rs. % as above Rs. % as above
Purchases 16,27,16,76,646 72.11 7,75,40,62,046 58.81
Sales 4,13,51,19,921 18.33 13,60,76,744 1.03
Income 41,17,91,102 1.82 17,62,26,333 1.34
Expenditure 33,06,70,728 1.47 22,37,79,856 1.70

Note:
1) Income excludes net change in unrealized gain/loss in value of investments, profit on sale thereof and provisions written
back. Expenditure excludes net change in unrealized gain/loss in value of investments and loss on sale thereof.
2) Purchase excludes FD, Future &Options (Excluding Open position as on 31st March 2020) and TREPS. Sales excludes Future
& Options and Maturity.

10) Note on margin deposit money:
Name of the Scheme:Parag Parikh Long Term Deposits made towards Tri Party Margin Deposits with Axis bank
Equity Fund Repo (TREPS)
Financial Year 2019-2020 1,10,00,000 12,70,74,500
Financial Year 2018-2019 36,00,000 9,00,08,922

11) Principal Bank: The AMC has engaged services of DBS Bank India Limited.
12) Registrar and Transfer Agent (R & T): The AMC has appointed Computer Age Management Services Limited (CAMS) to provide
services as RTA to the schemes of PPFAS Mutual Fund. These services includes back office data processing, unit holders’
account maintenance and front office maintenance.
13) Custodian: The Trustee to PPFAS Mutual Fund has appointed DBS Bank as Custodian to scheme(s) PPFAS Mutual
Fund.
14) Trusteeship fee of INR 8.67 Lakhs is paid by the Scheme which is 0.01% per annum of the average daily/weekly net assets of
the Fund subject to a maximum of Rs. 10 lakhs across all Schemes of PPFAS Mutual Fund.
15) The income of the Mutual Fund is exempt from income tax, as per Section 10(23D) of the Income Tax Act, 1961. Accordingly, no
provision for income tax has been made in the Revenue Account.
16) Details of transactions with the associates, in terms of regulation 25(7) and 25(8) of SEBI (Mutual Fund) Regulations, 1996 is
provided in the Annexure 1.
17) As on March 31, 2020, there are no underwriting commitments.
18) The scheme has exposure in Foreign Securities/ADRs/GDRs as on March 31, 2020.
19) Segment Reporting: The Scheme is primarily engaged in the business of investing the funds received from investors as unit
capital, in accordance with its investment objectives, as stated in the Scheme Information Document (SID) to generate returns.
Since there is only one business segment and no geographical segments, the segmental reporting disclosures as required by
Accounting Standard (AS) - 17, issued by the Institute of Chartered Accountants of India have not been made.
20) There are no Unit Holders holding over 25% of the Net Asset Value of the Scheme as at March 31, 2020 and March 31,
2019.
21) The details of unclaimed redemption is Nil as on March 31, 2020 and March 31, 2019.
22) The scheme has not made any investment in repo transactions in corporate debt securities.
23) The Scheme hold Investments in the name of the Schemes / Trustees for the benefits of the Scheme’s Unitholders
24) Contingent liabilities as on 31st March 2020 is Nil. (For FY 2018-2019, contingent liability was Nil).
25) Disclosure under Regulation 25(11) of SEBI (Mutual Fund) Regulation 1996, in respect of investments made by the scheme in
companies or their subsidiaries, that have invested more than 5% of net assets of the scheme for period ended March 31,
2020: NIL.
26) Disclosure of transactions in accordance with Accounting Standard 18 “Related party Transactions” and as per Regulation
25(8) of SEBI (Mutual Fund) Regulations 1996, is provided in Annexure 1.
27) Portfolio disclosure for derivative positions pursuant to SEBI Circular no. CIR/IMD/DF/11/2010 dated August 18, 2010, is as per
Annexure 2.
28) Complete portfolio of the Scheme is provided in Annexure 3.
29) Prior period figures have been reclassified and regrouped, wherever applicable to conform to current year presentation.
30) Perspective historical per unit statistics: Refer Annexure 5.
31) Pursuant to SEBI Circular dated 22nd October, 2018 it was mandatory to charge scheme expenses to respective Scheme and
not to be routed through AMC. Therefore this change in the system of charging expenses was carried out.

Sd/- Sd/- Sd/-

For and on behalf of PPFAS Asset Management Private

Limited
Sd/- Sd/-
Sd/- Sd/-
Date: July 30, 2020

Place : Mumbai

Annexure 1
Details of payments to associate/group companies
Brokerage paid to associates/related parties/group companies of Sponsor/AMC is as under:
Value of transaction (in

Name of associate/related Brokerage (Rs. & % of total
Nature of Association/ Rs & % of total value of
parties/group companies of Period covered brokerage paid by the fund)
Nature of relation transaction of the fund)
Sponsor/AMC
Rs. % Rs. %
Parag Parikh Financial Advisory April 01, 2019 -to- March
Parent Company (Sponsor) Nil Nil Nil Nil
Services Private Limited 31, 2020
Commission paid to associates/related parties/group companies of sponsor/AMC is as under :
Business Given (Rs. & % of Commission paid (Rs & %

Name of associate/related
Nature of Association/ total value of transaction of of total commission paid by
parties/group companies of Period covered
Nature of relation the fund) the fund)
Sponsor/AMC
Rs. Cr. % Rs. Cr. %
Parent Company (Sponsor) Nil Nil 0.00 0.00
Name of associate/related parties/group Transaction Value

Nature of Transactions Period covered
companies of Sponsor/AMC Rs.
PPFAS Asset Management Private Limited Management Fees Paid 1.4.2019 to 31.3.2020 18,17,15,362.63
PPFAS Asset Management Private Limited Management Fees Paid 1.4.2018 to 31.3.2019 15,34,39,598.00
PPFAS Asset Management Private Limited Amount invested in the Scheme (Net of Redemption) 1.4.2019 to 31.3.2020 1,29,90,388.75
*Amount is less than Rs.1 lakh hence, appearing as zero.

Annexure 2
Portfolio disclosure for derivative positions
A (1) Hedging Positions through Futures as on March 31, 2020

Futures Price when Current price of the Margin maintained in
Scheme Name Underlying Long / Short
purchased contract Rs. Lakhs
Parag Parikh Long Term Equity FUTCUR_USDINR
(8,89,00,000) 74.63 75.82 2003.33
Fund 28-APRIL-2020

Total %age of assets hedged through futures: 27.53%
Note: In addition to this, 31.18% of our Portfolio is in Foreign Securities (USD) and 0.97% is in Foreign Currency (USD). 85.65% of
total Foreign Portfolio (USD) is hedged through Currency Derivatives to avoid currency risk.

For the period ended March 31, 2020 details of hedging transactions through futures which have been squared off/expired
are as under.
For the period ended March 31, 2020 details of hedging transactions through futures which have been squared off/expired
are as under.

Gross Notional Value of Net Profit/(Loss)
Total Number of Total Number of Gross Notional Value of
contracts where futures value on all
Scheme Name contracts where contracts where futures contracts where futures
were bought (Rs. In contracts combined
futures were bought were sold were sold (Rs. In Lakhs)
Lakhs) (Rs. In Lakhs)
Parag Parikh Long Term
46,09,84,168 46,09,25,596 7,96,488.44 7,35,956.81 1,584.94
Equity Fund
Note: Derivatives positions are taken to hedge against currency fluctuation.
A (2) Hedging Positions through Futures as on March 31 , 2019
Futures Price Current price of Margin maintained

Scheme Name Underlying Long / Short
when purchased the contract in Rs. Lakhs
Parag Parikh Long Term Equity Fund Yes Bank 25-April-2019 FUTURE (8,10,250) 274.89 276.95
Parag Parikh Long Term Equity Fund SBI 25-April-2019 FUTURE (7,86,000) 309.47 322.05
Century Textile 25-April-2019
Parag Parikh Long Term Equity Fund (3,41,400) 912.68 940.30
FUTURE
900.10
Parag Parikh Long Term Equity Fund Maruti 25-April-2019 FUTURE (63,825) 6,601.05 6,719.40
Parag Parikh Long Term Equity Fund Tata Steel 25-April-2019 FUTURE (9,34,741) 516.21 524.95
Parag Parikh Long Term Equity Fund HDFC 25-April-2019 FUTURE (4,11,500) 1,934.87 1,976.60
Parag Parikh Long Term Equity Fund FUTCUR_USDINR 25-APRIL-2019 (5,39,00,000) 69.31 69.51

Total %age of assets hedged through futures: 14.48%
Note: In addition to this, 27.97% of our Portfolio is in Foreign Securities (USD) and 0.799% is in Foreign Currency (USD). 74.94%
of total Foreign Portfolio (USD) is hedged through Currency Derivatives to avoid currency risk.

For the period ended March 31 , 2019 details of hedging transactions through futures which have been squared off/expired
are as under.

Gross Notional
Total Number of contracts Total Number of Gross Notional Value of Net Profit/(Loss)
Value of contracts
Scheme Name where futures were contracts where contracts where futures value on all contracts
where futures were
bought futures were sold were bought (Rs. In Lakhs) combined (Rs. In Lakhs)
sold (Rs. In Lakhs)
Parag Parikh Long
5,35,272 5,35,272.00 6,19,423.28 6,24,499.27 5,075.99
Term Equity Fund

Note: Derivatives positions are taken to hedge against currency fluctuation.

B Other than Hedging Positions through Futures as on :

Scheme Name Futures Price when Current price of the Margin maintained
Underlying Long / Short
purchased (Rs) contract (Rs) (Rs. Lakhs)
Parag Parikh Long Term Equity Fund -
NIL
March 31 , 2020
NIL
March 31 , 2019

Details of non-hedging transactions through futures which have been squared off/expired are as under.
Gross Notional
Total Number of Total Number of Value of contracts Gross Notional Value of Net Profit/(Loss)
Scheme Name contracts where futures contracts where where futures contracts where futures value on all contracts
were bought futures were sold were bought (Rs. In were sold (Rs. In Lakhs) combined (Rs. In Lakhs)
Lakhs)
Parag Parikh Long Term Equity
NIL
Fund - March 31 , 2020
Parag Parikh Long Term Equity
NIL
Fund - March 31 , 2019

C Hedging Positions through Put Options as on :

Number of Option Price when
Scheme Name Underlying Current Option Price
Contracts purchased
Parag Parikh Long Term Equity Fund - March 31 , 2020 NIL
Parag Parikh Long Term Equity Fund - March 31 , 2019 NIL

Details of hedging transactions through options which have already been exercised/expired are as under:

Scheme Name Total Number of contracts Gross Notional Value of contracts Net Profit/(Loss) value on all contracts
entered into (Rs. In Lakhs) (Rs. In Lakhs)
NIL
- March 31 , 2020
NIL
- March 31 , 2019

D Other than Hedging Positions through Options as on :

Scheme Name Option Price when
Underlying Call / put Number of contracts Current Price
purchased
NIL
March 31 , 2020
NIL
March 31 , 2019

Total Exposure through options as a %age of net assets : NIL

Details of non-hedging transactions through options which have already been exercised/expired are as under:

Scheme Name Total Number of contracts Gross Notional Value of Net Profit/(Loss) value on all
entered into contracts (Rs. In Lakhs) contracts (Rs. In Lakhs)
Parag Parikh Long Term Equity Fund - March
NIL
31 , 2020
Parag Parikh Long Term Equity Fund - March
NIL
31 , 2019

E. Hedging Positions through swaps as on March 31 , 2020 & March 31, 2019 - NIL


Annexure 3
Portfolio Statement as on March 31, 2019

Market/Fair Value Percentage to Investment
Name of the Instrument ISIN Industry Quantity % to Net Assets
in Rs category
Equity & Equity related
(a) Listed / awaiting listing on Stock Exchanges
Hero Motocorp Limited INE158A01026 Auto 7,62,207 1,21,68,25,365 4.96% 5.12%
Balkrishna Industries Limited INE787D01026 Auto Ancillaries 10,63,106 84,16,07,865 3.43% 3.54%
HDFC Bank Limited INE040A01034 Banks 26,29,609 2,26,64,59,997 9.25% 9.53%
ICICI Bank Limited INE090A01021 Banks 36,75,988 1,19,01,01,115 4.86% 5.01%
Axis Bank Limited INE238A01034 Banks 29,69,094 1,12,52,86,626 4.59% 4.73%
ITC Limited INE154A01025 Consumer Non Durables 70,00,000 1,20,19,00,000 4.90% 5.06%
Zydus Wellness Limited INE768C01010 Consumer Non Durables 6,96,769 90,53,46,800 3.69% 3.81%
Bajaj Holdings & Investment Limited INE118A01012 Finance 8,60,095 1,54,69,23,862 6.31% 6.51%
Central Depository Services (I) Limited INE736A01011 Finance 20,62,980 44,23,02,912 1.80% 1.86%
ICRA Limited INE725G01011 Finance 1,56,667 33,60,03,715 1.37% 1.41%
Multi Commodity Exchange of India Limited INE745G01035 Finance 1,26,682 14,24,22,239 0.58% 0.60%
Mahindra Holidays & Resorts India Limited INE998I01010 Hotels,Resorts&Other Recreational Activities 31,47,495 43,98,62,426 1.79% 1.85%
Lupin Limited INE326A01037 Pharmaceuticals 8,64,964 51,00,26,023 2.08% 2.15%
Dr.Reddy's Laboratories Limited INE089A01023 Pharmaceuticals 1,60,325 50,03,34,244 2.04% 2.10%
Cadila Healthcare Limited INE010B01027 Pharmaceuticals 17,90,050 47,83,90,863 1.95% 2.01%
IPCA Laboratories Limited INE571A01020 Pharmaceuticals 2,36,663 32,94,94,062 1.34% 1.39%
Sun Pharmaceuticals Industries Limited INE044A01036 Pharmaceuticals 3,26,500 11,50,25,950 0.47% 0.48%
MphasiS Limited INE356A01018 Software 18,88,719 1,25,49,59,340 5.12% 5.28%
Persistent Systems Limited INE262H01013 Software 20,66,976 1,13,88,00,427 4.65% 4.79%
Oracle Financial Services Software Limited INE881D01027 Software 77,340 15,65,09,091 0.64% 0.66%
Suzuki Motor Corp (ADR) US86959X1072 Auto 1,21,169 94,01,61,632 3.84% 3.96%
Nestle SA-ADR US6410694060 Packaged Foods 74,580 58,77,53,195 2.40% 2.47%
Alphabet Cl C Ord (Goog.Oq) Prev (Google Cl C Ord) US02079K1079 Internet and Technology 26,373 2,28,00,52,867 9.30% 9.59%
Facebook Inc US30303M1027 Internet and Technology 1,24,349 1,55,56,42,064 6.35% 6.54%
AMAZON.COM INC US0231351067 Consumer Services 15,323 2,26,86,33,561 9.26% 9.54%
Sub Total 23,77,08,26,241 96.98% 100.00%

(b) Unlisted NIL NIL NIL
Sub Total NIL NIL NIL
Total 23,77,08,26,241 96.98% 100.00%

Derivatives
Index / Stock Futures
CURUSDINRNSEAPR2020FUTURE (8,89,00,000) -10,50,48,972 -0.43% 100.00%
Sub Total -10,50,48,972 -0.43% 100.00%

Total -10,50,48,972 -0.43% 100.00%

Market/Fair Value Percentage to Investment

in Rs category
Others
Fixed Deposit Duration (in Days)
5.40% FD HDFC (MD 06-04-20) 91 1,00,00,000 0.04% 16.92%
4.75% FD AXIS (MD 08-10-20) 195 4,91,00,000 0.20% 83.08%
Sub Total 5,91,00,000 0.24% 100.00%
Total 5,91,00,000 0.24% 100.00%
Tri-Party Repo
Clearing Corporation of India Limited 75,34,90,461 3.07% 100.00%
Sub Total 75,34,90,461 3.07% 100.00%
Total 24,47,83,67,729 99.86%
Net Receivables / (Payables) 3,31,76,989 0.14%
Grand Total 24,51,15,44,718 100.00%
Parag Parikh Long Term Equity Fund( Formerly Known as Parag

Parikh Long Term Value Fund)
SCHEME NAME
Market /Fair Value as % of Classification as
on March 31,2020 on March 31,2020
Equities / Equity related instruments
Auto 94,01,61,632 4.21%
Auto Ancillaries 84,16,07,865 3.77%
Banks 4,58,18,47,738 20.54%
Consumer Non Durables 2,10,72,46,800 9.45%
Finance 2,32,52,30,489 10.42%
Hotels,Resorts&Other Recreational Activities 43,98,62,426 1.97%
Pharmaceuticals 1,93,32,71,141 8.67%
Software 2,55,02,68,858 11.43%
Internet and Technology 3,83,56,94,932 17.20%
Packaged Foods 58,77,53,195 2.63%
Consumer Services 2,26,86,33,561 10.17%
Derivatives -10,50,48,972 -0.47%
Total 22,30,65,29,665 100.00%


Market/Fair Value Percentage to
in Rs Investment category
Hero Motocorp Limited INE158A01026 Auto 3,10,216 79,20,27,980 4.56% 4.80%
Maruti Suzuki India Limited INE585B01010 Auto 63,825 42,58,75,504 2.45% 2.58%
Balkrishna Industries Limited INE787D01026 Auto Ancillaries 6,84,476 68,13,95,858 3.92% 4.13%
Maharashtra Scooters Limited INE288A01013 Auto Ancillaries 1,07,222 38,04,61,184 2.19% 2.31%
HDFC Bank Limited INE040A01026 Banks 6,15,253 1,42,67,10,182 8.21% 8.65%
Axis Bank Limited INE238A01034 Banks 7,55,179 58,69,62,878 3.38% 3.56%
ICICI Bank Limited INE090A01021 Banks 14,00,467 56,08,87,033 3.23% 3.40%
State Bank Of India Limited INE062A01020 Banks 7,86,000 25,21,09,500 1.45% 1.53%
Yes Bank Limited INE528G01027 Banks 8,10,250 22,28,99,775 1.28% 1.35%
Century Textiles Industries Limited. INE055A01016 Cement 3,41,400 31,85,60,340 1.83% 1.93%
Zydus Wellness Limited INE768C01010 Consumer Non Durables 3,86,260 50,37,98,918 2.90% 3.05%
Tata Steel Limited INE081A01012 Ferrous Metal 9,34,741 48,70,00,061 2.80% 2.95%
Bajaj Holdings & Investment Limited INE118A01012 Finance 3,36,933 1,15,11,48,441 6.62% 6.98%
ICRA Limited INE725G01011 Finance 65,649 18,95,45,075 1.09% 1.15%
Indraprastha Gas Limited INE203G01027 Gas 6,79,868 20,76,65,681 1.19% 1.26%
Mahindra Holidays & Resorts India Limited INE998I01010 Hotels, Resorts & Other Recreational Activities 12,03,664 28,82,17,345 1.66% 1.75%
Housing Development Fin Corp Limited INE001A01036 Housing Finance 4,11,500 80,99,34,875 4.66% 4.91%
Lupin Limited INE326A01037 Pharmaceuticals 4,74,000 35,05,70,400 2.02% 2.12%
Dr.Reddy's Laboratories Limited INE089A01023 Pharmaceuticals 1,03,000 28,63,65,750 1.65% 1.74%
IPCA Laboratories Limited INE571A01020 Pharmaceuticals 2,36,663 23,23,67,566 1.34% 1.41%
Sun Pharmaceuticals Industries Limited INE044A01036 Pharmaceuticals 3,26,500 15,63,44,525 0.90% 0.95%
Persistent Systems Limited INE262H01013 Software 14,12,592 88,92,97,294 5.12% 5.39%
Mphasis Limited (prev) Mphasis BFL Limited INE356A01018 Software 4,38,255 43,43,54,530 2.50% 2.63%
ALPHABET CL C ORD (GOOG.OQ) Prev (GOOGLE CL C ORD) US02079K1079 Internet and Technology 20,537 1,66,28,17,066 9.57% 10.08%
Suzuki Motor Corp (ADR) US86959X1072 Auto 70,884 88,06,90,045 5.07% 5.34%
FACEBOOK INC US30303M1027 Internet and Technology 69,243 79,43,05,429 4.57% 4.81%
Nestle SA-ADR US6410694060 Packaged Foods 74,580 49,36,78,969 2.84% 2.99%
International Business Machines Corp US4592001014 IT Consulting & Other Services 49,095 47,59,91,865 2.74% 2.89%
3M CO US88579Y1010 Industrial Conglomerates 29,908 43,21,53,849 2.49% 2.62%
AMAZON.COM INC US0231351067 Consumer Services 987 12,12,86,154 0.70% 0.74%
Sub Total 16,49,54,24,072 94.92% 100.00%

Total 16,49,54,24,072 94.92% 100.00%
Derivatives
Index / Stock Futures
Yes Bank 25-April-2019 FUTURE (8,10,250) -22,43,98,738 (1.29)% 3.57%
SBI 25-April-2019 FUTURE (7,86,000) -25,31,31,300 (1.46)% 4.03%
Century Textile 25-April-2019 FUTURE (3,41,400) -32,10,18,420 (1.85)% 5.11%
Maruti 25-April-2019 FUTURE (63,825) -42,88,65,705 (2.47)% 6.83%

Market/Fair Value Percentage to

in Rs Investment category
Tata Steel 25-April-2019 FUTURE (9,34,741) -49,06,92,288 (2.82)% 7.82%
HDFC 25-April-2019 FUTURE (4,11,500) -81,33,70,900 (4.68)% 12.96%
CURUSDINRNSEAPR2019FUTURE (5,39,00,000) -3,74,67,23,750 (21.56)% 59.68%
Sub Total -6,27,82,01,101 (36.13)% 100.00%

Total -6,27,82,01,101 (36.13)% 100.00%
Others
Fixed Deposit Duration (in Days)
6.25% FD HDFC (MD 28-06-19) 91 16,47,00,000 0.95% 42.23%
6.75% FD HDFC (MD 28-06-19) 91 8,52,99,000 0.49% 21.87%
6.75% FD HDFC (MD 16-05-19) 91 8,00,00,000 0.46% 20.51%
6.75% FD HDFC (MD 11-04-19) 91 5,00,00,000 0.29% 12.82%
6.75% FD HDFC (MD 08-04-19) 91 1,00,00,000 0.06% 2.57%
Sub Total 38,99,99,000 2.25% 100.00%
Total 38,99,99,000 2.25% 100.00%
CBLO / Reverse Repo
Sub Total 41,44,20,028 2.38% 100.00%
Total 11,02,16,41,999 63.42%
Net Receivables / (Payables) 6,35,77,14,563 36.58%
Grand Total 17,37,93,56,562 100.00%
Parag Parikh Long Term Equity Fund( Formerly Known as

SCHEME NAME
Market /Fair Value as % of Classification as
on March 31,2019 on March 31,2019
Auto 2,09,85,93,529 20.54
Auto Ancillaries 1,06,18,57,042 10.39
Banks 3,04,95,69,368 29.85
Cement 31,85,60,340 3.12
Consumer Non Durables 50,37,98,918 4.93
Ferrous Metal 48,70,00,061 4.77
Finance 1,34,06,93,516 13.12
Gas 20,76,65,681 2.03
Hotels,Resorts&Other Recreational Activities 28,82,17,345 2.82
Housing Finance 80,99,34,875 7.93
Software 1,32,36,51,824 12.95
Internet and Technology 2,45,71,22,495 24.05
Packaged Foods 49,36,78,969 4.83
IT Consulting & Other Services 47,59,91,865 4.66
Industrial Conglomerates 43,21,53,849 4.23
Consumer Services 12,12,86,154 1.19
Derivatives -6,27,82,01,101 (61.45)
Total 10,21,72,22,971 100.00

Annexure 4
Key Statistics
Rupees in Lakhs Rupees in Lakhs

Parag Parikh Long Term Equity Fund (Formerly Known as Parag Parikh Long Term Value Fund) Period ended March Period ended March
31, 2020 31, 2019
1. NAV per unit (Rs.):

Open (NAV as on 01st April 2019)
- Regular Plan 24.9254 22.3516
- Direct Plan 25.7309 22.9248
High
- Regular Plan 28.1812 25.7925
- Direct Plan 29.2967 26.5161
Low
- Regular Plan 19.3715 22.4662
- Direct Plan 20.1555 23.0448
End
- Regular Plan 21.0050 24.9254
- Direct Plan 21.8587 25.7309
2. Closing Assets Under Management (Rs. in Lakhs)

End 2,45,115.45 1,73,793.57
Average (AAuM)1 2,25,651.27 1,31,847.69
3. Gross income as % of AAuM2 3.89 3.61
4. Expense Ratio:
a. Total Expense as % of AAuM (plan wise)
- Regular Plan 2.06 2.20
- Direct Plan 1.27 1.55
b. Management Fee as % of AAuM (plan wise)

5. Net Income as a percentage of AAuM3 2.43 1.91
6. Portfolio turnover ratio4 0.18 0.01
7. Total Dividend per unit distributed during the year / period (plan wise)
- Regular Plan - -
- Direct Plan - -
8. Returns:
a. Last One Year (%)
Scheme
- Regular Plan (15.61) 11.48
- Direct Plan (14.94) 12.21
Benchmark (26.44) 9.70
b. Since Inception (%)
Scheme
Benchmark - NIFTY 500 (TRI) 7.32 14.53
1. AAuM=Average daily net assets

2. Gross income = amount against (A) in the Revenue account i.e. Income.
3. Net Income = Amount Against (C) In The Revenue Account i.e. Net Realised Gains / (Losses) for the year / period.
4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.

Annexure 5
Historical Per Unit as on 31st March, 2020
Parag Parikh Long Term Equity Fund Parag Parikh Long Term Value Fund
Per Unit Particulars (Rupees) As on As on
31st March, 2020 31st March, 2019
Face Value RS.10/- RS.10/-

Unit Capital 1,13,49,21,587 68,09,67,770
Avg Net asset 22,56,51,26,784 13,18,47,69,236
APP - -
Net Asset Value

Regular Growth 21.0050 24.9254
Direct Growth 21.8587 25.7309
Income
Other than profit on sale of investment 0.36 0.26
From profit on inter-scheme sales/transfer of investments (net) - -
From profit on sale of investment to third party (net) 0.41 0.44
Gross Income 0.77 0.70
Expenses & Losses

Aggregate of expenses, write-off, amortization and charges 0.29 0.33
Net change in Unrealised depreciation in value of investments 4.57 0.31
Gross Expenditure 4.86 0.64
Net Income (4.09) 0.06
Unrealised appreciation / depreciation in value of investments (1.47) 5.17
Ratio of expenses to average net assets 1.47% 1.70%

Ratio of gross income to average net assets 3.89% 3.62%
NAV
Highest
Lowest
Resale Price
Highest
Lowest
Trading Price
Highest NA NA
Lowest NA NA
Price Earning Ratio

Highest NA NA
Lowest NA NA


PPFAS Mutual Fund - Parag Parikh Tax Saver Fund
Opinion
We have audited the accompanying financial statements of - Parag Parikh Tax Saver Fund (the “Scheme”) which comprise the
Balance Sheet as at March 31, 2020, the Revenue Account and the Cash Flow statement, for the period July 24, 2019 to March
31, 2020 (“the period”), and a notes to the financial statement, including a summary of significant accounting policies and other
explanatory information.
of the Schemes give a true and fair view in conformity with the accounting principles generally accepted in India, including the
accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual funds )
Regulations, 1996 as amended (“the SEBI Regulation”):
(a) In the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2020;
(b) In the case of the Revenue Account, of the net deficit for the period July 24, 2019 to March 31, 2020; and
(c) In the case of Cash Flow Statement, of the cash flows for the period July 24, 2019 to March 31, 2020.
Basis for Opinion
Accountants of India (‘ICAI’). Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for the
Audit of the Financial Statements’ section of our report. We are independent of the Scheme in accordance with the ‘Code of Ethics‘
issued by the ICAI together with the ethical requirements that are relevant to our audit of the financial statements, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statement.
Schemes asset manager, is responsible for the preparation of these financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Scheme in accordance with the accounting principles generally accepted in
India, including the accounting policies and standards specified in the Ninth Schedule to the SEBI Regulations. This responsibility
also includes maintenance of adequate accounting records in accordance with the SEBI Regulations, for safeguarding of assets of
the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgements and estimates that are reasonable and prudent, the design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the financial statements, the management is responsible for assessing the Schemes ability to continue as a going
Those charged with governance is also responsible for overseeing the Schemes’ financial reporting process.
statements.
the audit. We also:
the circumstances, but not for the purpose of expressing an opinion on effectiveness of internal controls.
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Schemes’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
future events or conditions may cause the Scheme to cease to continue as a going concern.
We communicate with management of AMC , among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.

the accounting policies and standards specified in the Ninth Schedule to the SEBI Regulations.
c) The Balance Sheet, the revenue account and the Cash Flow Statement dealt with by this Report are in agreement with the
books of account of the Scheme.
securities as at March 31, 2020 are in accordance with the SEBI Regulations and other guidelines approved by the Board
of Directors of PPFAS Trustee Company Private Limited and are fair and reasonable.

Firm Registration No. 110512W/W100378
Sd/-
Partner
Place: Mumbai
Date: July 30, 2020
ICAI UDIN No: 20016316AAAAVZ5881

PPFAS MUTUAL FUND

Cash Flow Statement for the year ended 31 March 2020
Jul 24, 2019 to Mar 31, 2020

Amount (in Rs.)

Net Surplus for the year (6,40,08,306)
Adjustments for:-
(Increase)/Decrease in investments (27,20,43,426)
(Increase)/Decrease in other current assets (41,10,733)
Increase/(Decrease) in current liabilities 33,59,336
Net cash used in operations (A) (33,68,03,129)

Increase/(Decrease) in unit capital 36,68,21,148
Increase/(Decrease) in unit premium reserve 1,24,72,359
Transfer (to)/from Equalisation reserve (71,42,144)
Increase/(Decrease) in redemption payable for units redeemed by investors -
(Increase)/Decrease in subscription receivable for units issued to investors -
Dividend paid (including tax thereon) -
Net cash generated from financing activities (B) 37,21,51,363
Net Increase/(Decrease) in cash and cash equivalents (A+B) 3,53,48,234
Cash and Cash Equivalents as at the beginning of the year -

Cash and Cash Equivalents as at the close of the year 3,53,48,234
Balances with Banks in Current Account 18,48,700

Deposit with scheduled banks -
Collateralised lending 3,34,99,534
Total 3,53,48,234
For Sudit K Parekh & Co.LLP

For and on behalf of PPFAS Trustee Company Private Limited

Sd/- Sd/-
Sd/-
(D. S. Khatri) Suneel Gautam
Rajan Mehta
Partner (Director)
(Director)

Sd/- Sd/-
(CEO and Director) (CIO & Director)

Sd/- Sd/-

Date: July 30, 2020
Place : Mumbai

PPFAS MUTUAL FUND

BALANCE SHEET AS AT 31 MARCH 2020
Scheme Name: Parag Parikh Tax Saver Fund
31 Mar 2020
Parag Parikh Tax Saver Fund Schedule
Amount (Rs. )
LIABILITIES
Unit Capital 'A' 36,68,21,148
Reserves and Surplus 'B' (5,86,78,091)
Current Liabilities 'C' 33,59,336
Total 31,15,02,393
ASSETS
Investments 'D' 30,55,42,960
Deposits 'E' -
Other Current Assets 'F' 59,59,433
Total 31,15,02,393
Sd/- Sd/-
(Director) (Director)
(D. S. Khatri)
Partner
Sd/- Sd/-
Sd/- Sd/-
Date: July 30,2020

Place : Mumbai

PPFAS MUTUAL FUND

REVENUE ACCOUNT FOR THE YEAR ENDED 31 MARCH, 2020
Jul 24, 2019 to Mar 31, 2020

Parag Parikh Tax Saver Fund Schedule
Amount (Rs.)
INCOME
Dividend 19,60,328
Interest 18,62,795
Profit on sale / redemption of investments (other than inter Scheme transfer) 9,27,610
Miscellaneous Income 12
Total (A) 47,50,745
EXPENSES AND LOSSES

Commission to Agent 5,59,836
Investor education and awareness expenses 31,096
Management fees 6,27,516
Goods and Service Tax on Management Fees 1,12,953
Trustee Fees 8,679
Custody Fees 13,974
RTA Fees 1,67,104
Audit Fees 82,600
Other Operating expenses 6,96,195
Unrealised depreciation in the value of investments 7,09,97,344
Total (B) 7,32,97,297
Surplus (A-B) (6,85,46,552)

Add/Less: Income Equalisation Account (71,42,144)
(7,56,88,696)
Unrealised appreciation in value of investments 45,38,246
Net surplus transferred to Revenue Reserve (7,11,50,450)
Sd/- Sd/-
Partner
Sd/- Sd/-
Sd/- Sd/-
Date: July 30,2020

Place : Mumbai

31 Mar 2020
Units Amount (Rs)
SCHEDULE 'A'
UNIT CAPITAL
Unit Capital (Opening Balance) - -
Add : Subscription during Initial Offer period 1,24,56,357.500 12,45,63,575
Add : Subscription during the year / period 2,42,25,757.306 24,22,57,573
Less : Redemption during the year / period - -
Unit Capital (Closing Balance) 3,66,82,114.806 36,68,21,148
Parag Parikh Tax Saver Fund 31 Mar 2020

Amount (Rs.)
SCHEDULE 'B'
Reserves & Surplus
Opening Balance -
Add / (Less) : Discount / Premium on units repurchased/sold during the year / period 1,24,72,359
Closing Balance 1,24,72,359
Revenue Reserve
Opening Balance -
Transfer to Revenue Account -
Transfer to Unit Premium Reserve -
Net Surplus / (deficit) transferred from Revenue Account (7,11,50,450)
Closing Balance (7,11,50,450)
Total Reserves & Surplus (5,86,78,091)

Parag Parikh Tax Saver Fund 31 Mar 2020

Amount (Rs)
SCHEDULE 'C'
Statutory Dues Payables 25,636
Investor Education Fees - Payable 2,751
Contracts for Purchase of Investments 29,80,806
Payable to PPFAS Asset Management Private Limited (Net of receivable) 2,76,865
Other Payables 73,278
Total 33,59,336
SCHEDULE 'D'
INVESTMENTS
Equity Shares 27,20,43,426
Tri Party Repo (TREPS) 3,34,99,534
Total 30,55,42,960
SCHEDULE 'E'
DEPOSITS
Deposit with Scheduled banks -
Total -
SCHEDULE 'F'
Balances with Banks in Current Account 18,48,700
Units Subscription Receivable 34,86,733
Inter Fund Dues Receivable 24,000
Margin deposit with Clearing Corporation of India Ltd. 6,00,000
Total 59,59,433

Schedule - G:

and Revenue Account for the Year ended March 31, 2020).

1) Background:
Company Private Limited as the Trustee. The Trust Deed has been registered under the Indian registration Act, 1908. The
Mutual Fund is registered with the SEBI on 17th October 2012 under the Registration code MF/069/12/01.
Scheme Name Nature of Scheme Allotment Date Options Investment Objective

Parag Parikh Tax An open-ended July 24, 2019 Growth - Direct The investment objective of the
Saver Fund equity linked saving Plan and Growth Scheme is to generate long-term
scheme with a -Regular Plan capital appreciation through a
statutory lock in of 3 diversified portfolio of equity and
years and tax benefit equity related instruments. (80% of
total assets in accordance with Equity
Linked Saving Scheme, 2005 notified
by Ministry of Finance)
However, there can be no assurance
or guarantee that the investment
objective of the Scheme would be
achieved.

accordance with the accounting policies, contained in the schedule IX and Annual Report format as provided in Schedule
XI of the Securities & Exchange Board of India, Mutual Fund Regulations, 1996 (`SEBI MF Regulations) and as amended from
time to time.

SEBI has outlined investment valuation norms for the mutual funds to compute and carry out valuation of its investments
in its portfolio under Regulation 47 and Eighth Schedule of SEBI (Mutual Funds) Regulations, 1996 as amended from time to
time. SEBI has mandated the mutual funds to value its investments on Principal of ‘Fair Valuation’ to ensure fair treatment
to all investors including existing investors as well as investors seeking to purchase or redeem units of mutual funds in all
Schemes at all points of time. The Board of Directors of AMC and of the Trustee Company has approved the Investment
Valuation Policy and the framework for valuation of investments of Scheme(s) of PPFAS Mutual Fund in accordance with SEBI
Notification dated February 21, 2012 based on principles of fair valuation which is reflective of realizable value of securities/
assets.

If security is not traded on principal stock exchange on a particular valuation day, the closing price at which it is traded on
any other stock exchange will be used.
stock exchange or any other stock exchange, as the case may be, on the earliest previous day will be used provided such
date is not more than 30 days prior to valuation date.



Options:
Futures:

If the security is not allotted / traded within 30 days from the closure of the issue, application money is to be valued as per

component shall be valued on the same basis as would be applicable to an equity instrument. If, after conversion the resultant
equity instrument would be traded pari passu with an existing instrument, which is traded, the value of later instrument can be
adopted after an appropriate discount for the non-tradability of the instrument during the period preceding conversion. While
valuing such instruments, the fact whether the conversion is optional will also be factored in.
Suspended Security:
of that security. If an equity security remains suspended for trading on the stock exchange for more than 30 days, then it would
be valued as non-traded security.



thirty days shall be categorized as thinly traded. Thinly traded / unlisted securities shall be valued in good faith on the basis
of fair valuation principles as follows:

Net Worth Value per share of the company will be derived based on the latest available audited balance sheet, not more
than 9 months from close of financial year, net worth per share shall be calculated as [share capital plus free reserves
(excluding revaluation reserves) minus Miscellaneous expenditure not written off or deferred revenue expenditure,
intangible assets and accumulated losses] divided by Number of Paid up Shares.


Average of Net Worth Value per share and Capital Earning Value per share thus derived, shall be further discounted to
derive fair value of Unlisted securities and by thinly traded securities.


Shares on De-merger and Other Corporate Action Events –

prices.
b. Shares of only one company continued to be traded on de-merger: In such a scenario, the shares of Non Traded/
Unlisted would be fairly valued in good faith by AMC on case to case basis. Traded share to be valued at traded price


Preference share can be convertible or non- convertible. If the non-convertible preference shares are traded then the
closing price of the day will be considered for valuation. If the same is non-traded it will be valued at the present value of
all the future expected dividend payments and the maturity value, discounted at the bond yield of the issuer.


iii) Warrants
amount which would be payable on exercise of the warrant. The value arrived will be reduced by appropriate discount.
Traded Warrants shall be valued based on the closing price.

Right entitlements will be valued as difference between the value of closing price of the underlying equity share and the
rights offer price. Right entitlements if traded will be valued at the closing price on Principal stock exchange (NSE). If the
entitlements are not traded on NSE but are traded on any other stock exchange the closing price of the exchange where it
traded will be considered for valuation.

Security Type Existing Valuation Policy Until September 24, Revised Valuation Policy Effective
2019 September 25, 2019
Government securities Valuation will be done at the average prices No change.
(Including Central government provided by AMFI approved agencies (CRISIL &
securities, State Development ICRA) With effect from April 01, 2020
Loans, Treasury Bills and Cash In case security level prices given by
Management Bills) with residual In case any new securities are purchased and valuation agencies are not available for
maturity more than 30 days. the price of such security is not provided by AMFI a new security (which is currently not held
approved agencies, then such security will be by any Mutual Fund), then such security
valued at weighted average price / yield of the may be valued at purchase yield on the
trades of that security on that day. date of allotment / purchase.

2019 September 25, 2019
Debt Securities/ Instruments Valuation will be done at the average prices No change.
with Residual maturity more provided by AMFI approved agencies (CRISIL &
than 30 days (Commercial ICRA) With effect from April 01, 2020
Paper/ Certificate of Deposit / In case security level prices given by
Bonds/ Zero Coupon Bonds / In case any new securities are purchased and valuation agencies are not available for
Bills Rediscounting /Floating rate the price of such security is not provided by AMFI a new security (which is currently not held
securities /PTC approved agencies, then such security will be by any Mutual Fund), then such security
valued at weighted average price / yield of the may be valued at purchase yield on the
trades of that security on that day. date of allotment / purchase.
Government securities Instruments will be valued by amortization on Government Securities (including
(Including Central government a straight-line basis to maturity from cost or Treasury Bills) will be valued at average
securities, State Development last valuation price whichever is more recent. of the prices provided by AMFI approved
Loans, Treasury Bills and Cash The amortized price shall be compared with agencies (currently CRISIL and ICRA).
Management Bills) with residual the reference price which shall be the average In case security level prices given by
maturity less than or equal to 30 of the security level price of such security as valuation agencies are not available for
days. provided by the agencies appointed by AMFI a new security (which is currently not held
for said purpose, currently CRISIL and ICRA by any Mutual Fund), then such security
(hereinafter referred to as “valuation agencies”). may be valued on amortization basis
The amortized price shall be used for valuation on the date of allotment / purchase.
only if it is within a threshold of ±0.025% of the
reference price. In case of deviation beyond this With effect from April 01, 2020
threshold, the price shall be adjusted to bring it 1. Amortization based valuation shall
within the threshold of ±0.025% of the reference be dispensed with and irrespective of
price as suggested below. In case variance residual maturity, all money market
exceeds ±0.025%, the valuation shall then be and debt securities shall be valued at
adjusted to bring it within ±0.025% such that: average of security level prices provided
by AMFI appointed agencies (currently
• If the amortized price is greater than the CRISIL and ICRA).
reference price +0.025%, the valuation shall
be done at reference price +0.025% and
• If the amortized price is less than the
reference price - 0.025%, the valuation shall 2. In case security level prices given by
be done at reference price - 0.025% valuation agencies are not available for
a new security (which is currently not held
In case of subsequent trades in the same by any Mutual Fund) then such security
security by the fund (i.e. AMC’s own trades), may be valued at (weighted average)
the valuation must reflect price considering the purchase yield basis on the date of
trade price as long as the trades are of market allotment / purchase
lot. Market lot is defined as a single deal of face
value of Rs.5 crores or more. The principle of T+1
valuation is followed to value such securities. The
security will then start getting amortized from
the new valuation price. In case the subsequent
trades in the same security by the fund are not
meeting the own trades criteria (i.e. none of the
deals are of face value of Rs. 5 crores or more)
then the amortization price will be computed

2019 September 25, 2019
Debt Securities/ Instruments with Instruments will be valued by amortization on In case security level prices given by
Residual maturity less than or a straight-line basis to maturity from cost or valuation agencies are not available for
equal to 30 days (Commercial last valuation price whichever is more recent. a new security (which is currently not held
Paper/Certificate of Deposit / The amortized price shall be compared with by any Mutual Fund), then such security
Bonds/ Zero Coupon Bonds / the reference price which shall be the average may be valued on amortization basis
Bills Rediscounting /Floating rate of the security level price of such security as on the date of allotment / purchase.
securities /PTC) provided by the agencies appointed by AMFI
for said purpose, currently CRISIL and ICRA With effect from April 01, 2020
(hereinafter referred to as “valuation agencies”).
The amortized price shall be used for valuation 1) Amortization based valuation shall
only if it is within a threshold of ±0.025% of the be dispensed with and irrespective of
reference price. In case of deviation beyond this residual maturity, all money market
threshold, the price shall be adjusted to bring it and debt securities shall be valued at
within the threshold of ±0.025% of the reference average of security level prices provided
price as suggested below. by AMFI appointed agencies (currently
CRISIL and ICRA).
In case variance exceeds ±0.025%, the valuation
shall then be adjusted to bring it within ±0.025% and
such that:
2) In case security level prices given by
• If the amortized price is greater than the valuation agencies are not available for
reference price +0.025%, the valuation shall a new security (which is currently not held
be done at reference price +0.025% by any Mutual Fund) then such security
• If the amortized price is less than the may be valued at (weighted average)
reference price - 0.025%, the valuation shall purchase yield basis on the date of
be done at reference price - 0.025% allotment / purchase.
In case of subsequent trades in the same

security by the fund (i.e. AMC’s own trades),
the valuation must reflect price considering the
trade price as long as the trades are of market
lot. Market lot is defined as a single deal of face
value of Rs.5 crores or more. The principle of T+1
valuation is followed to value such securities. The
security will then start getting amortized from
the new valuation price. In case the subsequent
trades in the same security by the fund are not
meeting the own trades criteria (i.e. none of the
deals are of face value of Rs. 5 crores or more)
then the amortization price will be computed

2019 September 25, 2019
Interest Rate Swaps (IRS)/ Forward Until December 22, 2019 Effective December 23, 2019
Rate Agreements (FRA) All OTC derivatives viz. IRS/ FRA’s will be
All IRS/ FRA’s will be valued at net present valued at the average prices provided by
value after discounting the future cash flows. AMFI approved agencies (currently CRISIL
Future cash flows for IRS/ FRA contract will be and ICRA).
computed daily as per terms of contract and
discounted by suitable OIS (Overnight Interest
SWAP) rates available on Reuters/ Bloomberg/
any other provider as approved by Valuation
Committee.
Overnight Money (TREPS/Reverse Overnight money deployed will be valued at No change
Repo/ CROMS cost plus the accrual/ amortisation.
Investments in short-term Investments in short-term deposits with
deposits with banks banks will be valued at cost plus the
accrual basis.

Government securities (Including Central government securities, State Development Loans, Treasury Bills and Cash
Management Bills) with residual maturity more than 30 days:

Valuation will be done at the average prices provided by AMFI approved agencies (CRISIL & ICRA)

In case any new securities are purchased and the price of such security is not provided by AMFI approved agencies, then
such security will be valued at weighted average price / yield of the trades of that security on that day.

Debt Securities/ Instruments with Residual maturity more than 30 days (Commercial Paper/ Certificate of Deposit /Bonds/ Zero
Coupon Bonds / Bills Rediscounting /Floating rate securities /PTC)
Valuation will be done at the average prices provided by AMFI approved agencies (CRISIL & ICRA)

In case any new securities are purchased and the price of such security is not provided by AMFI approved agencies, then such
security will be valued at weighted average price / yield of the trades of that security on that day.

Government securities (Including Central government securities, State Development Loans, Treasury Bills and Cash
Management Bills) with residual maturity less than or equal to 30 days.

Instruments will be valued by amortization on a straight-line basis to maturity from cost or last valuation price whichever is
more recent. The amortized price shall be compared with the reference price which shall be the average of the security level
price of such security as provided by the agencies appointed by AMFI for said purpose, currently CRISIL and ICRA (hereinafter
referred to as “valuation agencies”). The amortized price shall be used for valuation only if it is within a threshold of ±0.025%
of the reference price. In case of deviation beyond this threshold, the price shall be adjusted to bring it within the threshold of
±0.025% of the reference price as suggested below.

At the time of first purchase the spread between the purchase yield and the benchmark yield will be fixed. This spread will
remain fixed through the life of the instrument & will be changed only if there is a trade in the security. The spread shall be
readjusted on the basis of the last trade in the security. If at the time of initial purchase, the residual maturity is more than 60
days and the security comes into the less than 61 days bucket then the price as on 61st day would be used for amortisation
from 60th day and the amortised yield as on 60th day would be used for comparing with reference yields as of 60th day
and the spread would be fixed based on the difference between amortised yield and reference yield.

Debt Securities/ Instruments with Residual maturity less than or equal to 60 days (Commercial Paper/Certificate of Deposit /
Bonds/ Zero Coupon Bonds /Bills Rediscounting /Floating rate securities /PTC):
Valuation will be done by amortisation on a straight line basis to maturity from cost or the last valuation price, whichever is
more recent.

The resultant price will be compared with the price using the benchmark yields +/- a spread. In case the amortised price is
within +/-0.10% of the price derived using the benchmark yield, the same shall be used; else the price of the security shall be
adjusted to bring it within this range.
At the time of first purchase the spread between the purchase yield and the benchmark yield should be fixed. This spread
should remain fixed through the life of the instrument & should be changed only if there is justification for the change, i.e. in
case of subsequent trade by the fund house in the same security, such spread shall be adopted as long as the trade is of
market lot (face value of Rs. 5 crores or more). Such security should be amortized to maturity using the weighted average
traded price, provided, such amortized price is in line with +/- 0.10% of the reference price as defined above. If at the time of
initial purchase, the residual maturity is more than 60 days and the security comes into the less than 61 days bucket then the
price as on 61st day would be used for amortisation from 60th day and the amortised yield as on 60th day would be used for
comparing with reference yield as of 60th day and the spread would be fixed based on the difference between amortised
yield and reference yield.
However, the spread can be changed in case of a change in credit rating or credit profile of the issuer.

Interest Rate Swaps (IRS)/ Forward Rate Agreements (FRA):

All IRS/ FRA’s will be valued at net present value after discounting the future cash flows.
Future cash flows for IRS/ FRA contract will be computed daily as per terms of contract and discounted by suitable OIS (Overnight
Interest SWAP) rates available on Reuters/ Bloomberg/ any other provider as approved by Valuation Committee.
Overnight Money (CBLO/Reverse Repo/ CROMS):
Overnight money deployed will be valued at cost plus the accrual/ amortisation.




rating that instrument downgrades it to sub investment grade.


by the AMC.
price;
Brokerage shall be added to the Deal price to compute amortisation.

b. Any recovery in excess of the carried value (i.e. the value recognized in NAV) should then be applied first towards amount of
interest written off and then towards amount of principal written off.

III. Other Securities:
Valuation will be at the closing price at the principal stock exchange(NSE).


used.




(i) Traded and non-traded money market and debt securities shall be defined as follows: A money market or debt security
shall be considered as traded when, on the date of valuation, there are trades (in marketable lots) in that security on any
recognized Stock Exchange or there are trades reported (in marketable lots) on the trade reporting platform of recognized
stock exchanges or The Clearing Corporation of India Ltd. (CCIL).
Marketable lot defined by AMFI in consultation with SEBI is as under: - The following volume criteria shall be used for recognition
of trades by valuation agencies:



If a put option is not exercised by a Mutual Fund when exercising such put option would have been in favour of the scheme,
in such cases the justification for not exercising the put option shall be provided to the Board of AMC and Trustees.


Circular(s) issued thereunder.

Irrespective of the above policy, the valuation committee might adopt valuation principles to align with fair valuation norms.


G. Waterfall mechanism for valuation of money market and debt securities to the used by the valuation agencies
(Effective from February 16, 2020):
For arriving at security level pricing, a waterfall mechanism to be used by valuation agencies as provided by AMFI in consultation
with SEBI.


(ii) The rationale for deviation along-with details such as information about the security (ISIN, issuer name, rating etc.), price at
which the security was valued vis-a-vis the price as per the valuation agencies and the impact of such deviation on scheme
NAV (in amount and percentage terms) shall be reported to the Board of AMC and Trustees. The rationale shall also be
disclosed immediately and prominently, under a separate head on the website of AMC.

The security issued outside India and listed on the stock exchanges outside India shall be valued as follows: The security
issued outside India and listed on the stock exchanges outside India shall be valued at the closing price on the stock exchange
at which it is listed. However, in case a security is listed on more than one stock exchange, the AMC reserves the right to
determine the stock exchange, the price of which would be used for the purpose of valuation of that security. Any subsequent
change in the reference stock exchange used for valuation will be backed by reasons for such change being recorded in
writing by the AMC. Further in case of extreme volatility in the overseas markets, the securities listed in those markets may be
valued on a fair value basis.


For valuation of securities registered in USA, NYSE has been selected as principal stock exchange. If any security is not listed on
NYSE, security prices as quoted on NASDAQ will be considered. For securities registered in UK, LSE (London Stock Exchange) has
been selected as principal stock exchange. Securities prices as quoted on LSE will be used for valuation purposes.
If a significant event has occurred after security prices were established for the computation of NAV of the Scheme, the AMC
reserves the right to value the said securities on fair value basis. When on a particular valuation day, a security has not been
traded on the selected stock exchange; the security will be valued in accordance with SEBI guidelines applicable for security
listed in India.

“If the security is listed in a time zone ahead of India, then the same day’s closing price would be used for valuation. If the
security is listed in a time zone behind India, then the previous day’s price would be used for valuation”

On the Valuation Day, all assets and liabilities denominated in foreign currency will be valued in Indian Rupees at the exchange
rate available on Reuters / RBI (Financial Benchmarks India Ltd- FBIL) / Bloomberg. The Trustees reserve the right to change the
source for determining the exchange rate.

IDR/ADR/GDRs are exchange traded securities and hence closing price of the IDR/ADR/ GDR on the exchange where it is listed
will be taken for valuation purpose.

If any American Depository Receipt (ADR)/ Global Depository Receipt (GDR) is traded in OTC (Over the Counter) market, in such
cases closing price in OTC market will be considered for valuation of ADR/GDR.

If the security is listed/ traded in a time zone ahead of India, then the same day’s closing price would be used for valuation. If
the security is listed/traded in a time zone behind India, then the previous day’s price would be used for valuation.

I. Transactions for purchase or sale of investments are recognised on the date of the trade date. Transactions for purchase
or sale of investments for Overseas Securities are recognised on the next working day of the trade date due to timing
difference.
II. Bonus shares, rights and dividend entitlements to which the scheme becomes entitled are recognised only when the
original shares on which the bonus entitlement accrues are traded on the stock exchange on an ex-bonus, ex - right and
ex dividend date basis respectively.
III. Investment transactions in equity and equity related securities, derivatives and debt securities are accounted on trade date
(Transactions for purchase or sale of investments for Overseas Securities are recognised on the next working day of the
trade date due to timing difference). The cost of acquisition includes the cost of purchase, stamp duty, securities transaction
tax and charges customarily included in the broker’s bought note.

I. For quoted investments, Dividend income earned by a scheme are recognised, on the date the share is quoted on an ex-
dividend basis. Dividend on unquoted investments is recognised on date of declaration.
II. In respect of all interest-bearing investments, income is accrued on a day to day basis as it is earned ,except for Interest on
III. Income on Treasury Bills and Government Securities are amortised on a straight-line basis over the period upto redemption.
IV. The net unrealised gain / loss in the value of investments is determined separately for each class of investment.
V. In determining the holding cost of investments and the gains or loss on sale of investments, the “average cost” method is
VI. All expenses are accounted on accrual basis

e) The fund does not isolate that portion of the change in investment valuation resulting from changes in the foreign exchange
rates from the fluctuations arising from changes in the local market prices of securities held. Such fluctuations are included in
unrealised appreciation or depreciation on investments.

f) Unit Premium Reserve (“UPR”) and Income Equalisation

and vice versa.

g) Determination of net asset values
I. The net asset value of the units of the scheme is determined separately for units issued under the different plans / options.
/ option are separately accounted for. Further, net income arising from such deployment are allocated daily to the plans /
options in proportion to their Net Asset Values. Parag Parikh Tax Saver Fund (PPTSF) offers Direct Plan and Regular Plan. For
both these plans scheme offers only Growth Option.

h) Load Charges
In accordance with SEBI circular No. SEBI/IMD/CIR No. 4/168230/09 dated June 13, 2009 , the scheme has not charged any

i) Note on Cash Flow:
I. Cash and cash equivalents (for the purpose of cash flow statement) Cash
and cash equivalents includes balances in banks current account, deposits placed with schedule banks (with original
maturity upto three months) and TREP.

The cash flow statement has been prepared under the indirect method set out in accounting standard (“AS”) - 3 on Cash
Flow Statement issued by the Institute of Chartered Accountants of India (“ICAI”).


SCHEME NAME
31-Mar-20
Regular Growth Plan 8.3491
Not applicable as there is a three years lock-in period
Direct Growth Plan 8.4243


SCHEME NAME March 31, 2020
Parag Parikh Tax Saver Fund Market / Fair Value (Rs.)
Equity Shares 27,20,43,426
Tri-Party Repo 3,34,99,534

5) Total value of investments falling under each major industry group and exceeding 5% of the total investments in each major
classification is as under :
a) As on March 31, 2020

SCHEME NAME Market /Fair Value as % of Classification as
Parag Parikh Tax Saver Fund on March 31,2020 on March 31,2020
Software 6,82,69,781 25%
Banks 5,74,63,683 21%
Finance 4,05,50,595 15%
Consumer Non Durables 3,13,17,504 12%
Auto 3,11,46,029 11%
Pharmaceuticals 2,38,88,994 9%
Auto Ancillaries 98,46,543 4%
Hotels,Resorts&Other Recreational Activities 95,60,297 4%
Total 27,20,43,426 100.00%


6) The details of the unrealised appreciation, included in Revenue Reserve, are as under:

Scheme Name March 31, 2020
Rs.
Parag Parikh Tax Saver Fund 45,38,246

7) The scheme has NIL exposure in Stock / Index Future Derivative as on March 31, 2020

8) The details of the management fees (exclusive of goods & service tax) paid by the scheme to PPFAS Mutual Fund, are as
under:

Scheme Name March 31, 2020
Parag Parikh Tax Saver Fund Rs. % of Avg. AUM
Management Fees 6,27,515.61 0.28

Note : No management fee has been charged on the investments made by the Asset Management Company in the units of
the scheme.

9) The aggregate value of purchases and sales of investments and income and expenditure during the year expressed as a %
of average daily net assets is as under :

Parag Parikh Tax Saver Fund March 31, 2020
Rs. % as above
Purchases 34,17,17,460 151.32
Sales 41,42,545 1.83
Income 38,23,136 1.69
Expenditure 22,99,953 1.02

Note:
1) Income excludes net change in unrealized gain/loss in value of investments, profit on sale thereof and provisions written
back. Expenditure excludes net change in unrealized gain/loss in value of investments and loss on sale thereof.
2) Purchase excludes FD, Repo and TREPS. Sales excludes Maturity.

Name of the Scheme:Parag Parikh Tax Saver Fund Deposits made towards Tri Party Repo (TREPS)
Financial Year 2019-2020 6,00,000

11) Principal Bank: The AMC has engaged services of DBS Bank India Limited.

12) Registrar and Transfer Agent (R & T): The AMC has appointed Computer Age Management Services Limited (CAMS) to
provide services as RTA to the scheme(s) of PPFAS Mutual Fund. These services includes back office data processing, unit
holders’ account maintenance and front office maintenance.

13) Custodian: The Trustee to PPFAS Mutual Fund has appointed DBS Bank as Custodian to scheme(s) PPFAS Mutual Fund.



provided in the Annexure 1

17) As on March 31, 2020, there are no underwriting commitments

19) There are no Unit Holders holding over 25% of the Net Asset Value of the Scheme as at March 31, 2020.
20) The details of unclaimed redemption is Nil as on March 31, 2020.


23) Contingent liabilities as on 31st March 2020 is Nil.

2020: NIL.



27) The Scheme has been launched in July 2019 thus, prior period figures are not applicable to conform to current year
presentation.

For Sudit K Parekh & Co.LLP For and on behalf of PPFAS Trustee Company
Chartered Accountants Private Limited
Sd/- Sd/- Sd/-

Sd/- Sd/-
Sd/- Sd/-
Date: July 30, 2020

Place : Mumbai

Annexure 1
Name of associate/related Nature of Value of transaction (in Rs & % of total Brokerage (Rs. & % of total brokerage
parties/group companies of Association/ Period covered value of transaction of the fund) paid by the fund)
Sponsor/AMC Nature of relation Rs. % Rs. %
Parag Parikh Financial Advisory Parent Company April 01, 2019 -to-
Nil Nil Nil Nil
Services Private Limited (Sponsor) March 31, 2020
Name of associate/related Nature of Business Given (Rs. & % of total value Commission paid( Rs & % of total
parties/group companies of Association/ Period covered of transaction of the fund) commission paid by the fund)
Sponsor/AMC Nature of relation Rs. Cr. % Rs. Cr. %
Parag Parikh Financial Advisory Parent Company April 01, 2019 -to-
Nil Nil Nil Nil
Services Private Limited (Sponsor) March 31, 2020
Name of associate/related parties/group Transaction Value

companies of Sponsor/AMC Rs.
PPFAS Asset Management Private Limited Management Fees Paid 1.4.2019 to 31.3.2020 6,27,515.61

Annexure 2
Portfolio Statement as on March 31,2020
Percentage
Market/Fair Value
Name of the Instrument ISIN Industry Quantity % to Net Assets to Investment
in Rs
category
Maruti Suzuki India Limited INE585B01010 Auto 3,656 1,56,78,025 5.09% 5.76%
Hero MotoCorp Limited INE158A01026 Auto 9,689 1,54,68,004 5.02% 5.69%
Balkrishna Industries Limited INE787D01026 Auto Ancillaries 12,438 98,46,543 3.20% 3.62%
HDFC Bank Limited INE040A01034 Banks 31,179 2,68,73,180 8.72% 9.88%
Axis Bank Limited INE238A01034 Banks 41,868 1,58,67,972 5.15% 5.83%
ICICI Bank Limited INE090A01021 Banks 45,475 1,47,22,531 4.78% 5.41%
Zydus Wellness Limited INE768C01010 Consumer Non Durables 14,456 1,87,83,404 6.10% 6.90%
ITC Limited INE154A01025 Consumer Non Durables 73,000 1,25,34,100 4.07% 4.61%
Bajaj Holdings & Investment Limited INE118A01012 Finance 11,667 2,09,83,683 6.81% 7.71%
Central Depository Services (I) Limited INE736A01011 Finance 66,364 1,42,28,442 4.62% 5.23%
Multi Commodity Exchange of India
INE745G01035 Finance 2,940 33,05,295 1.07% 1.21%
Limited
ICRA Limited INE725G01011 Finance 948 20,33,176 0.66% 0.75%
Mahindra Holidays & Resorts India Hotels,Resorts&Other
INE998I01010 68,410 95,60,298 3.10% 3.51%
Limited Recreational Activities
IPCA Laboratories Limited INE571A01020 Pharmaceuticals 4,000 55,69,000 1.81% 2.05%
Cadila Healthcare Limited INE010B01027 Pharmaceuticals 20,390 54,49,228 1.77% 2.00%
Dr. Reddy's Laboratories Limited INE089A01023 Pharmaceuticals 1,726 53,86,415 1.75% 1.98%
Lupin Limited INE326A01037 Pharmaceuticals 8,170 48,17,441 1.56% 1.77%
Sun Pharmaceutical Industries
INE044A01036 Pharmaceuticals 7,570 26,66,911 0.87% 0.98%
Limited
Tata Consultancy Services Limited INE467B01029 Software 9,535 1,74,11,864 5.65% 6.40%
Persistent Systems Limited INE262H01013 Software 29,610 1,63,13,630 5.29% 6.00%
Mphasis Limited INE356A01018 Software 23,875 1,58,63,744 5.15% 5.83%
Wipro Limited INE075A01022 Software 78,869 1,55,13,532 5.03% 5.70%
Oracle Financial Services Software
INE881D01027 Software 1,565 31,67,012 1.03% 1.16%
Limited
Sub Total 27,20,43,426 88.28% 100.00%


Total 27,20,43,426 88.28% 100.00%
Tri-Party Repo
Sub Total 3,34,99,534 10.87% 100.00%

Total 30,55,42,960 99.16%
Net Receivables / (Payables) 26,00,098 0.84%
GRAND TOTAL 30,81,43,057 100.00%
SCHEME NAME Market /Fair Value as % of Classification as

Parag Parikh Tax Saver Fund on March 31,2020 on March 31,2020
Auto 3,11,46,029 11%
Auto Ancillaries 98,46,543 4%
Banks 5,74,63,683 21%
Consumer Non Durables 3,13,17,504 12%
Finance 4,05,50,595 15%
Hotels,Resorts&Other Recreational Activities 95,60,298 4%
Pharmaceuticals 2,38,88,994 9%
Software 6,82,69,781 25%
Total 27,20,43,426 100.00%

Annexure 3
Key Statistics
"Rupees in Lakhs"
Period ended March 31, 2020
Open (NAV as on 24 July 2019)
- Regular Plan 10.0000
- Direct Plan 10.0000
High
Low
End

End 3,081.43
Average (AAuM)1 2,258.19
3.Gross income as % of AAuM2 2.10
4. Expense Ratio:
- Regular Plan 1.64
- Direct Plan 0.77

- Regular Plan 0.22
- Direct Plan 0.22
5. Net Income as a percentage of AAuM3 1.09
6. Portfolio turnover ratio4 0.02
- Regular Plan -
- Direct Plan -
8. Returns:
Scheme
- Regular Plan NA
- Direct Plan NA
Benchmark NA
Scheme
- Regular Plan (24.07)
- Direct Plan (22.98)
Benchmark - NIFTY 500 (TRI) (33.54)


Annexure 4
Historical Per Unit as on 31st March, 2020

Per Unit Particulars (Rupees)
As on 31st March, 2020
Face Value RS.10/-
Unit Capital 3,66,82,115
Avg Net asset 22,58,18,939
APP -
Net Asset Value

Regular Growth 8.3491
Direct Growth 8.4243
Income
Other than profit on sale of investment 0.10
From profit on inter-scheme sales/transfer of investments (net) -
From profit on sale of investment to third party (net) 0.03
Gross Income 0.13
Expenses & Losses

Aggregate of expenses, write-off, amortization and charges 0.06
Net change in Unrealised depreciation in value of investments 1.94
Gross Expenditure 2.00
Net Income (1.87)
Unrealised appreciation / depreciation in value of investments (1.81)
Ratio of expenses to average net assets 1.02%

Ratio of gross income to average net assets 2.10%
NAV
Highest
Lowest
Resale Price (Not applicable as there is a three years lock-in period)

Highest
Regular Growth NA
Direct Growth NA
Lowest
Regular Growth NA
Direct Growth NA
Trading Price
Highest NA
Lowest NA
Price Earning Ratio

Highest NA
Lowest NA


PPFAS Mutual Fund - Parag Parikh Liquid Fund
Opinion
We have audited the accompanying financial statements of Scheme of PPFAS Mutual Fund - Parag Parikh Liquid Fund (the “Scheme”)
which comprise the Balance Sheet as at March 31, 2020, the Revenue Account and the cash flow statement, for the year then ended
, and a notes to the financial statements, including a summary of significant accounting policies and other explanatory information.
of the Scheme give a true and fair view in conformity with the accounting principles generally accepted in India, including the
accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual funds)
Regulations, 1996 as amended (“the SEBI Regulation”):
(a) In the case of the Balance Sheet, of the state of affairs of the Schemes as at March 31, 2020;
(b) In the case of the Revenue Account, of the net surplus for the year ended on that date; and
(c) in the case of Cash flow statement, of the cash flows for the year ended on that date.
Basis for Opinion
Accountants of India (‘ICAI’). Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for
the Audit of the Financial Statements’ section of our report. We are independent of the Schemes in accordance with the ‘Code of
Ethics‘ issued by the ICAI together with the ethical requirements that are relevant to our audit of the financial statements, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Schemes’ asset manager, is responsible for the preparation of these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Scheme in accordance with the accounting principles generally
accepted in India, including the accounting policies and standards specified in the Ninth Schedule to the SEBI Regulations. This
responsibility includes maintenance of adequate accounting records in accordance with the SEBI Regulations, for safeguarding of
assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgements and estimates that are reasonable and prudent, the design, implementation and
maintenance of adequate internal controls, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are
free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the management is responsible for assessing the Schemes’ ability to continue as a going
Those charged with governance is also responsible for overseeing the Schemes’ financial reporting process.
statements.
the audit. We also:
the circumstances, but not for the purpose of expressing an opinion on effectiveness of such controls.
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Schemes’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
future events or conditions may cause the Schemes to cease to continue as a going concern.
We communicate with management of AMC, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit.

the accounting policies and standards specified in the Ninth Schedule to the SEBI Regulations; and
c) The Balance Sheet, the Revenue Account and the Cash Flow Statement dealt with by this Report are in agreement with the
books of account of the Scheme .
securities as at March 31, 2020, where applicable, are in accordance with the SEBI Regulations and other guidelines
approved by the Board of Directors of PPFAS Trustee Company Private Limited and are fair and reasonable.

Firm Registration No. 110512W/W100378
Sd/-
Partner
Place: Mumbai
Date: July 30, 2020
ICAI UDIN No: 20016316AAAAVX2319

PPFAS MUTUAL FUND

Cash Flow Statement for the year ended 31 March, 2020
Apr 01, 2019 to May 11, 2018 to

Parag Parikh Liquid Fund March 31, 2020 March 31, 2019
Amount in Rs Amount in Rs

Net Surplus for the year 17,28,79,929 8,95,96,716
Adjustments for:-
(Increase)/Decrease in investments (1,05,46,35,022) (1,69,03,44,178)
(Increase)/Decrease in other current assets 1,81,71,284 (5,88,06,102)
Increase/(Decrease) in current liabilities 67,04,984 28,94,463
Net cash used in operations (A) (85,68,78,825) (1,65,66,59,101)

Increase/(Decrease) in unit capital 1,38,97,59,151 2,14,23,09,295
Increase/(Decrease) in unit premium reserve 53,201 35,512
Transfer (to)/from Equalisation reserve 13,32,53,587 2,54,59,698
Increase/(Decrease) in redemption payable for units redeemed by investors - -
(Increase)/Decrease in subscription receivable for units issued to investors - 67,95,938
Dividend paid (including tax thereon) (3,26,73,795) (2,16,98,482)
Net cash generated from financing activities (B) 1,49,03,92,144 2,15,29,01,961
Net Increase/(Decrease) in cash and cash equivalents (A+B) 63,35,13,319 49,62,42,860
Cash and Cash Equivalents as at the beginning of the year 49,62,42,860 -

Cash and Cash Equivalents as at the close of the year 1,12,97,56,179 49,62,42,860
Balances with Banks in Current Account 87,70,447 1,18,32,077

Deposit with scheduled banks 2,00,00,000 2,00,00,000
Collateralised lending 1,10,09,85,732 46,44,10,783
Total 1,12,97,56,179 49,62,42,860

Sd/- Sd/- Sd/-


For and on behalf of PPFAS Asset Management Private
Limited

Sd/- Sd/-

Sd/-
Raj Mehta
(Fund Manager)

Date: July 30, 2020
Place : Mumbai

PPFAS MUTUAL FUND

BALANCE SHEET AS AT 31 March, 2020
Scheme Name: Parag Parikh Liquid Fund
31 Mar 2020 31 Mar 2019

Parag Parikh Liquid Fund Schedule
LIABILITIES
Unit Capital 'A' 3,53,20,68,446 2,14,23,09,295
Reserves and Surplus 'B' 36,69,06,365 9,33,93,444
Current Liabilities 'C' 1,63,95,386 96,90,401
Total 3,91,53,70,197 2,24,53,93,140
ASSETS
Investments 'D' 3,84,59,64,931 2,15,47,54,961
Deposits 'E' 2,00,00,000 2,00,00,000
Other Current Assets 'F' 4,94,05,265 7,06,38,179
Total 3,91,53,70,197 2,24,53,93,140


Sd/- Sd/-
Sd/- Rajan Mehta Suneel Gautam
Partner
Sd/- Sd/-

Sd/-
Raj Mehta
(Fund Manager)
Date: July 30,2020

Place : Mumbai

PPFAS MUTUAL FUND

REVENUE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2020
Apr 01, 2019 to May 11, 2018 to

Parag Parikh Liquid Fund Mar 31, 2020 Mar 31, 2019
INCOME
Interest 18,46,24,136 9,19,50,515
Profit on sale / redemption of investments (other than inter Scheme transfer) - 41,588
Miscellaneous Income 22,60,072 99
Total (A) 18,68,84,208 9,19,92,202
EXPENSES AND LOSSES

Loss on sale / redemption of investments (other than inter Scheme transfer) 68,93,781 2,82,810
Commission to Agent 9,03,988 3,79,848
Investor education and awareness expenses 6,46,093 2,83,605
Management fees 8,69,554 3,91,229
Goods and Service Tax on Management Fees 1,56,521 70,422
Trustee Fees 1,24,146 1,07,685
Custody Fees 20,613 11,358
RTA Fees 9,54,425 2,75,859
Audit Fees 82,600 82,600
Other Operating expenses 21,21,180 6,33,075
Unrealised depreciation in the value of investments 26,72,148 90,852
Total (B) 1,54,45,049 26,09,343
Surplus (A-B) 17,14,39,159 8,93,82,859

Add/Less: Income Equalisation Account 13,32,53,587 2,54,59,698
30,46,92,746 11,48,42,557
Unrealised appreciation in value of investments 14,40,769 2,13,857
Dividend Distribution (2,29,07,576) (1,50,80,694)
Dividend Distribution Tax (97,66,219) (66,17,788)
Net surplus transferred to Revenue Reserve 27,34,59,720 9,33,57,932

Sd/- Sd/- Sd/-

Sd/- Sd/-

Sd/-
Raj Mehta
(Fund Manager)
Date: July 30,2020

Place : Mumbai

SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31 MARCH 2020
31 Mar 2020 31 Mar 2019

Units Amount (Rs) Units Amount (Rs)
SCHEDULE 'A'
UNIT CAPITAL
Unit Capital (Opening Balance) 21,42,309.295 2,14,23,09,295 - -
Add : Subscription during Initial Offer period - - 4,71,042.981 47,10,42,981
Add : Subscription during the year / period 74,24,554.546 7,42,45,54,546 46,69,383.794 4,66,93,83,794
Less : Redemption during the year / period 60,34,795.395 6,03,47,95,395 29,98,117.480 2,99,81,17,480
Unit Capital (Closing Balance) 35,32,068.446 3,53,20,68,446 21,42,309.295 2,14,23,09,295

31 Mar 2020 31 Mar 2019

SCHEDULE 'B'
Reserves & Surplus
Opening Balance 35,512 -
Add / (Less) : Discount / Premium on units repurchased/sold during the year / period 53,201 35,512
Closing Balance 88,713 35,512

Revenue Reserve
Opening Balance 9,33,57,932 -
Transfer to Revenue Account - -
Transfer to Unit Premium Reserve - -
Net Surplus / (deficit) transferred from Revenue Account 27,34,59,720 9,33,57,932
Closing Balance 36,68,17,652 9,33,57,932
Total Reserves & Surplus 36,69,06,365 9,33,93,444


SCHEDULES FORMING PART OF THE BALANCE SHEET AS 31 MARCH, 2020
31 Mar 2020 31 Mar 2019

SCHEDULE 'C'
Statutory Dues Payables 6,70,871 1,73,294
Investor Education Fees - Payable 34,158 20,977
Payable to PPFAS Asset Management Private Limited (Net of receivable) 1,20,759 30,855
Pending Unit Allotment 63,93,975 67,95,938
Inter Fund Dues Payable 87,53,510 -
Other Payables 4,22,113 26,69,337
Total 1,63,95,386 96,90,401
SCHEDULE 'D'
INVESTMENTS
Commercial Paper 14,93,50,300 19,94,67,643
Government Securities 1,00,27,08,400 20,01,71,874
Certificate of Deposit 4,98,49,200 4,97,64,380
Tri-Party Repo 1,10,09,85,731 46,44,10,783
Treasury Bill 1,54,30,71,300 1,24,09,40,281
Total 3,84,59,64,931 2,15,47,54,961
SCHEDULE 'E'
DEPOSITS
Deposit with Scheduled banks 2,00,00,000 2,00,00,000
Total 2,00,00,000 2,00,00,000
SCHEDULE 'F'
Balances with Banks in Current Account 87,70,447 1,18,32,077
Accrued Interest on Deposits 3,50,318 3,91,247
Outstanding and Accrued Income 3,14,84,500 60,98,556
Inter Fund Dues Receivable - 4,83,16,299
Margin deposit with Clearing Corporation of India Ltd. 88,00,000 40,00,000
Total 4,94,05,265 7,06,38,179


Schedule - G:

and Revenue Account for the Year ended March 31, 2020)

1) Background:
Company Private Limited as the Trustee. The Trust Deed has been registered under the Indian registration Act, 1908. The
Mutual Fund is registered with the SEBI on 17th October 2012 under the Registration code MF/069/12/01.
Scheme Name Nature of Allotment Options Investment Objective

Scheme Date
Parag Parikh An open May 11, 2018 Regular Plan - Growth To deliver reasonable market
Liquid Fund ended Liquid Regular Plan - Daily Dividend related returns with lower risk and
Scheme Regular Plan - Weekly Dividend higher liquidity through judicious
Regular Plan - Monthly Dividend investments in money market and
Direct Plan - Growth debt instruments. However, there
Direct Plan - Daily Dividend is no assurance that the investment
Direct Plan - Weekly Dividend objective of the scheme will be
Direct Plan - Monthly Dividend realized and the scheme does not
assure or guarantee any returns.

accordance with the accounting policies, contained in the schedule IX and Annual Report format as provided in Schedule
XI of the Securities & Exchange Board of India, Mutual Fund Regulations, 1996 (`SEBI MF Regulations) and as amended from
time to time.

SEBI has outlined investment valuation norms for the mutual funds to compute and carry out valuation of its investments
in its portfolio under Regulation 47 and Eighth Schedule of SEBI (Mutual Funds) Regulations, 1996 as amended from time to
time. SEBI has mandated the mutual funds to value its investments on Principal of ‘Fair Valuation’ to ensure fair treatment
to all investors including existing investors as well as investors seeking to purchase or redeem units of mutual funds in all
Schemes at all points of time. The Board of Directors of AMC and of the Trustee Company has approved the Investment
Valuation Policy and the framework for valuation of investments of Scheme(s) of PPFAS Mutual Fund in accordance with SEBI
Notification dated February 21, 2012 based on principles of fair valuation which is reflective of realizable value of securities/
assets.

If security is not traded on principal stock exchange on a particular valuation day, the closing price at which it is traded on
any other stock exchange will be used.
stock exchange or any other stock exchange, as the case may be, on the earliest previous day will be used provided such
date is not more than 30 days prior to valuation date.



Options:
Futures:

If the security is not allotted / traded within 30 days from the cl sure of the issue, application money is to be valued as per

component shall be valued on the same basis as would be applicable to an equity instrument. If, after conversion the resultant
equity instrument would be traded pari passu with an existing instrument, which is traded, the value of later instrument can be
adopted after an appropriate discount for the non-tradability of the instrument during the period preceding conversion While
valuing such instruments, the fact whether the conversion is optional will also be factored in.
Suspended Security:
of that security. If an equity security remains suspended for trading on the stock exchange for more than 30 days, then it would
be valued as non-traded security.



thirty days shall be categorized as thinly traded. Thinly traded / unlisted securities shall be valued in good faith on the basis of
fair valuation principles as follows:

Net Worth Value per share of the company will be derived based on the latest available audited balance sheet, not more than
9 months from close of financial year, net worth per share shall be calculated as [share capital plus free reserves (excluding
revaluation reserves) minus Miscellaneous expenditure not written off or deferred revenue expenditure, intangible assets and
accumulated losses] divided by Number of Paid up Shares.


Average of Net Worth Value per share and Capital Earning Value per share thus derived, shall be further discounted to derive
fair value of Unlisted securities and by thinly traded securities

Shares on De-merger and Other Corporate Action Events
prices.

b. Shares of only one company continued to be traded on de-merger: In such a scenario, the shares of Non Traded/Unlisted
would be fairly valued in good faith by AMC on case to case basis. Traded share to be valued at traded price.


Preference share can be convertible or non- convertible. If the non-convertible preference shares are traded then the
closing price of the day will be considered for valuation. If the same is non-traded it will be valued at the present value of
all the future expected dividend payments and the maturity value, discounted at the bond yield of the issuer.


iii) Warrants
amount which would be payable on exercise of the warrant. The value arrived will be reduced by appropriate discount.
Traded Warrants shall be valued based on the closing price.

Right entitlements will be valued as difference between the value of closing price of the underlying equity share and the
rights offer price. Right entitlements if traded will be valued at the closing price on Principal stock exchange (NSE). If the
entitlements are not traded on NSE but are traded on any other stock exchange the closing price of the exchange where it
traded will be considered for valuation.


Security Type Existing Valuation Policy Until September Revised Valuation Policy Effective
24, 2019 September 25, 2019
Government securities Valuation will be done at the average prices No change.
(Including Central government provided by AMFI approved agencies (CRISIL
securities, State Development & ICRA) With effect from April 01, 2020
Loans, Treasury Bills and Cash In case security level prices given by
Management Bills) with residual In case any new securities are purchased valuation agencies are not available for
maturity more than 30 days. and the price of such security is not provided a new security (which is currently not held
by AMFI approved agencies, then such by any Mutual Fund), then such security
security will be valued at weighted average may be valued at purchase yield on the
price / yield of the trades of that security on date of allotment / purchase.
that day.
Debt Securities/ Instruments Valuation will be done at the average prices No change.
with Residual maturity more provided by AMFI approved agencies (CRISIL
than 30 days (Commercial & ICRA) With effect from April 01, 2020
Paper/ Certificate of Deposit / In case security level prices given by
Bonds/ Zero Coupon Bonds / In case any new securities are purchased valuation agencies are not available for
Bills Rediscounting /Floating rate and the price of such security is not provided a new security (which is currently not held
securities /PTC by AMFI approved agencies, then such by any Mutual Fund), then such security
security will be valued at weighted average may be valued at purchase yield on the
price / yield of the trades of that security on date of allotment / purchase.
that day.

24, 2019 September 25, 2019
Government securities Instruments will be valued by amortization on Government Securities (including
(Including Central government a straight-line basis to maturity from cost or Treasury Bills) will be valued at average
securities, State Development last valuation price whichever is more recent. of the prices provided by AMFI approved
Loans, Treasury Bills and Cash The amortized price shall be compared with agencies (currently CRISIL and ICRA).
Management Bills) with residual the reference price which shall be the average In case security level prices given by
maturity less than or equal to 30 of the security level price of such security valuation agencies are not available for
days. as provided by the agencies appointed by a new security (which is currently not held
AMFI for said purpose, currently CRISIL and by any Mutual Fund), then such security
ICRA (hereinafter referred to as “valuation may be valued on amortization basis
agencies”). The amortized price shall be used on the date of allotment / purchase.
for valuation only if it is within a threshold of
±0.025% of the reference price. In case of With effect from April 01, 2020
deviation beyond this threshold, the price shall
be adjusted to bring it within the threshold of 1. Amortization based valuation shall
±0.025% of the reference price as suggested be dispensed with and irrespective of
below. In case variance exceeds ±0.025%, residual maturity, all money market and
the valuation shall then be adjusted to bring itdebt securities shall be valued at average
within ±0.025% such that: of security level prices provided by AMFI
appointed agencies (currently CRISIL and
• If the amortized price is greater than the ICRA).
reference price +0.025%, the valuation
shall be done at reference price +0.025% and
• If the amortized price is less than the
reference price - 0.025%, the valuation 2. In case security level prices given by
shall be done at reference price - 0.025% valuation agencies are not available for
a new security (which is currently not held
In case of subsequent trades in the same by any Mutual Fund) then such security
security by the fund (i.e. AMC’s own trades), may be valued at (weighted average)
the valuation must reflect price considering purchase yield basis on the date of
the trade price as long as the trades are of allotment / purchase”
market lot. Market lot is defined as a single
deal of face value of Rs.5 crores or more. The
principle of T+1 valuation is followed to value
such securities. The security will then start
getting amortized from the new valuation
price. In case the subsequent trades in the
same security by the fund are not meeting the
own trades criteria (i.e. none of the deals are
of face value of Rs. 5 crores or more) then the
amortization price will be computed without
considering such additional purchase.

24, 2019 September 25, 2019
Debt Securities/ Instruments with Instruments will be valued by amortization on In case security level prices given by
Residual maturity less than or a straight-line basis to maturity from cost or valuation agencies are not available for
equal to 30 days (Commercial last valuation price whichever is more recent. a new security (which is currently not held
Paper/Certificate of Deposit / The amortized price shall be compared with by any Mutual Fund), then such security
Bonds/ Zero Coupon Bonds / the reference price which shall be the average may be valued on amortization basis
Bills Rediscounting /Floating rate of the security level price of such security on the date of allotment / purchase.
securities /PTC) as provided by the agencies appointed by
AMFI for said purpose, currently CRISIL and With effect from April 01, 2020
ICRA (hereinafter referred to as “valuation
agencies”). The amortized price shall be used 1)Amortization based valuation shall
for valuation only if it is within a threshold of be dispensed with and irrespective of
±0.025% of the reference price. In case of residual maturity, all money market and
deviation beyond this threshold, the price shall debt securities shall be valued at average
be adjusted to bring it within the threshold of of security level prices provided by AMFI
±0.025% of the reference price as suggested appointed agencies (currently CRISIL and
below. ICRA).
In case variance exceeds ±0.025%, the and

valuation shall then be adjusted to bring it
within ±0.025% such that: 2) In case security level prices given by
valuation agencies are not available for a
• If the amortized price is greater than the new security (which is currently not held by
reference price +0.025%, the valuation any Mutual Fund) then such security may
shall be done at reference price +0.025% be valued at (weighted average) purchase
• If the amortized price is less than the yield basis on the date of allotment /
reference price - 0.025%, the valuation purchase.
shall be done at reference price - 0.025%
In case of subsequent trades in the same

security by the fund (i.e. AMC’s own trades),
the valuation must reflect price considering
the trade price as long as the trades are of
market lot. Market lot is defined as a single
deal of face value of Rs.5 crores or more. The
principle of T+1 valuation is followed to value
such securities. The security will then start
getting amortized from the new valuation
price. In case the subsequent trades in the
same security by the fund are not meeting the
own trades criteria (i.e. none of the deals are
of face value of Rs. 5 crores or more) then the
amortization price will be computed without
considering such additional purchase.

24, 2019 September 25, 2019
Interest Rate Swaps (IRS)/ Forward Until December 22, 2019 Effective December 23, 2019
Rate Agreements (FRA)
All IRS/ FRA’s will be valued at net present All OTC derivatives viz. IRS/ FRA’s will be
value after discounting the future cash flows. valued at the average prices provided by
Future cash flows for IRS/ FRA contract will be AMFI approved agencies (currently CRISIL
computed daily as per terms of contract and and ICRA).
discounted by suitable OIS (Overnight Interest
SWAP) rates available on Reuters/ Bloomberg/
any other provider as approved by Valuation
Committee.
Overnight Money (TREPS/Reverse Overnight money deployed will be valued at No change
Repo/ CROMS) cost plus the accrual/ amortisation.
Investments in short-term Investments in short-term deposits with
deposits with banks banks will be valued at cost plus the
accrual basis.



rating that instrument downgrades it to sub investment grade.


by the AMC.
price;
Brokerage shall be added to the Deal price to compute amortisation


b. Any recovery in excess of the carried value (i.e. the value recognized in NAV) should then be applied first towards amount
of interest written off and then towards amount of principal written off.
III.
Other Securities:
Valuation will be at the closing price at the principal stock exchange(NSE).


used.




(i) Traded and non-traded money market and debt securities shall be defined as follows: A money market or debt security
shall be considered as traded when, on the date of valuation, there are trades (in marketable lots) in that security on any
recognized Stock Exchange or there are trades reported (in marketable lots) on the trade reporting platform of recognized
stock exchanges or The Clearing Corporation of India Ltd. (CCIL).
Marketable lot defined by AMFI in consultation with SEBI is as under: - The following volume criteria shall be used for
recognition of trades by valuation agencies:





If a put option is not exercised by a Mutual Fund when exercising such put option would have been in favour of the scheme,
in such cases the justification for not exercising the put option shall be provided to the Board of AMC and Trustees.



Circular(s) issued thereunder.
Irrespective of the above policy, the valuation committee might adopt valuation principles to align with fair valuation norms.


G. Waterfall mechanism for valuation of money market and debt securities to the used by the valuation agencies
(Effective from February 16, 2020):

For arriving at security level pricing, a waterfall mechanism to be used by valuation agencies as provided by AMFI in consultation
with SEBI.
(ii) The rationale for deviation along-with details such as information about the security (ISIN, issuer name, rating etc.), price
at which the security was valued vis-a-vis the price as per the valuation agencies and the impact of such deviation on
scheme NAV (in amount and percentage terms) shall be reported to the Board of AMC and Trustees. The rationale shall
also be disclosed immediately and prominently, under a separate head on the website of AMC.


The security issued outside India and listed on the stock exchanges outside India shall be valued as follows:
The security issued outside India and listed on the stock exchanges outside India shall be valued at the closing price on the
stock exchange at which it is listed. However, in case a security is listed on more than one stock exchange, the AMC reserves
the right to determine the stock exchange, the price of which would be used for the purpose of valuation of that security. Any
subsequent change in the reference stock exchange used for valuation will be backed by reasons for such change being
recorded in writing by the AMC. Further in case of extreme volatility in the overseas markets, the securities listed in those
markets may be valued on a fair value basis.

For valuation of securities registered in USA, NYSE has been selected as principal stock exchange. If any security is not listed
on NYSE, security prices as quoted on NASDAQ will be considered. For securities registered in UK, LSE (London Stock Exchange)
has been selected as principal stock exchange. Securities prices as quoted on LSE will be used for valuation purposes.


If a significant event has occurred after security prices were established for the computation of NAV of the Scheme, the AMC
reserves the right to value the said securities on fair value basis. When on a particular valuation day, a security has not been
traded on the selected stock exchange; the security will be valued in accordance with SEBI guidelines applicable for security
listed in India.
If the security is listed in a time zone ahead of India, then the same day’s closing price would be used for valuation. If the
security is listed in a time zone behind India, then the previous day’s price would be used for valuation.”

On the Valuation Day, all assets and liabilities denominated in foreign currency will be valued in Indian Rupees at the exchange
rate available on Reuters / RBI (Financial Benchmarks India Ltd- FBIL) / Bloomberg. The Trustees reserve the right to change the
source for determining the exchange rate.

IDR/ADR/GDRs are exchange traded securities and hence closing price of the IDR/ADR/ GDR on the exchange where it is listed
will be taken for valuation purpose.

If any American Depository Receipt (ADR)/ Global Depository Receipt (GDR) is traded in OTC (Over the Counter) market, in such
cases closing price in OTC market will be considered for valuation of ADR/GDR.
If the security is listed/ traded in a time zone ahead of India, then the same day’s closing price would be used for valuation. If
the security is listed/traded in a time zone behind India, then the previous day’s price would be used for valuation.

Investment transactions in debt securities are accounted on trade date. The cost of acquisition includes the cost of purchase,
Bank Charges, CCIL Charges/Brokerage.

I. In respect of all interest-bearing investments, income is accrued on a day to day basis as it is earned ,except for Interest on
II. Income on Treasury Bills and Government Securities are amortised on a straight-line basis over the period up to
redemption.
III. The net unrealised gain / loss in the value of investments is determined separately for each class of investment.
IV. In determining the holding cost of investments and the gains or loss on sale of investments, the “average cost” method is
V. All expenses are accounted on accrual basis

e) Unit Premium Reserve (“UPR”) and Income Equalisation


and vice versa.

f) Determination of net asset values

I. The net asset value of the units of the scheme is determined separately for units issued under the different plans /
options.
/ option are separately accounted for. Further, net income arising from such deployment are allocated daily to the plans
/ options in proportion to their Net Asset Values. Parag Parikh Liquid Fund (PPLF) offers Direct Plan and Regular Plan. For
both these plans scheme offers Growth, Daily Dividend, Weekly Dividend & Monthly Dividend Options.

g) PPFAS AMC and PPFAS Mutual Fund has complied with the SEBI circular no. CIR/IMD/DF/21/2012 dated 13.09.2012.

h)
Load Charges
In accordance with SEBI circular No. SEBI/IMD/CIR No. 4/168230/09 dated June 13, 2009 , the scheme has not charged any

Based on SEBI notification No. LAD-NRO/GN/2012-13/17/21502 dated September 26, 2012, Current Load Structure: Entry Load:
Nil.
In accordance with SEBI circular No.SEBI/HO/IMD/DF2/CIR/P/2019/101 dated September 20, 2019, the Scheme has charged
Exit Load w.e.f. October 20, 2019 as follows: 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 Nil.

I)
Note on Cash Flow:
I. Cash and cash equivalents (for the purpose of cash flow statement)
Cash and cash equivalents includes balances in banks current account, deposits placed with schedule banks (with original
maturity up to three months) and TREPS.

The cash flow statement has been prepared under the indirect method set out in accounting standard (“AS”) - 3 on Cash Flow
Statement issued by the Institute of Chartered Accountants of India (“ICAI”).
SCHEME NAME Parag Parikh Liquid Fund Parag Parikh Liquid Fund
March 31, 2020 March 29, 2019
NAV Repurchase NAV SALE NAV Repurchase NAV SALE
Regular Plan Growth 1,114.7756 1,114.6976 1,114.7756 1,056.3747 1,056.3747 1,056.3747
Regular Plan Daily Dividend 1,000.2078 1,000.1378 1,000.2078 1,000.2000 1,000.2000 1,000.2000
Regular Plan Weekly Dividend 1,001.1682 1,001.0981 1,001.1682 1,001.7179 1,001.7179 1,001.7179
Regular Plan Monthly
1,003.1684 1,003.0981 1,003.1684 1,003.7194 1,003.7194 1,003.7194
Dividend
Direct Plan Growth 1,117.0102 1,116.9320 1,117.0102 1,057.4263 1,057.4263 1,057.4263
Direct Plan Daily Dividend 1,000.2078 1,000.1378 1,000.2078 1,000.2000 1,000.2000 1,000.2000
Direct Plan Weekly Dividend 1,001.1705 1,001.1004 1,001.1705 1,001.7288 1,001.7288 1,001.7288
Direct Plan Monthly Dividend 1,003.1710 1,003.1008 1,003.1710 1,003.7303 1,003.7303 1,003.7303


SCHEME NAME March 31, 2020 March 31, 2019
Parag Parikh Liquid Fund Market / Fair Value (Rs.) Market / Fair Value (Rs.)
Certificate of Deposits 4,98,49,200 4,97,64,380
Commercial Paper 14,93,50,300 19,94,67,643
Government Securities 1,00,27,08,400 20,01,71,874
Treasury Bills 1,54,30,71,300 1,24,09,40,281
Tri-Party Repo (TREPS) 1,10,09,85,731 46,44,10,783
5) The details of the unrealised appreciation, included in Revenue Reserve, is as under:

Rs. Rs.
Parag Parikh Liquid Fund 14,40,769 2,13,857
6) Open position of derivatives as at March 31, 2020 is Nil (as at March 31, 2019 - Nil)


7) The details of the management fees (exclusive of Good & Service Tax) paid by the scheme to PPFAS Mutual Fund, are as
under:

Parag Parikh Liquid Fund Rs. % of Avg. AUM Rs. % of Avg. AUM
Management Fees 8,69,554.25 0.03 3,91,229.00 0.02

Note: No management fee has been charged on the investments made by the Asset Management Company in the units of
the scheme.
8) The aggregate value of investments purchased and sold (including Matured) during the financial year and as a % of average
daily net assets is as under :

Parag Parikh Liquid Fund March 31, 2020 March 31, 2019
Rs. % as above Rs. % as above
Purchases 11,65,24,59,485 360.71 6,57,84,45,041 413.44
Sales 10,70,00,00,000 331.22 4,92,83,10,900 309.73

Note: Purchase/Sales excludes TREPS/FD/MFD


Parag Parikh Liquid Fund Deposits made towards Tri Party Repo (TREPS)
Financial Year 2019-2020 88,00,000
Financial Year 2018-2019 40,00,000

10) Principal Bank: The AMC has engaged services of DBS Bank India Ltd.

11) Registrar and Transfer Agent (R & T): The AMC has appointed Computer Age Management Services Limited (CAMS) to
provide services as RTA to the schemes of PPFAS Mutual Fund. These services includes back office data processing, unit
holders’ account maintenance and front office maintenance.

12) Custodian: The Trustee to PPFAS Mutual Fund has appointed DBS Bank as Custodian to scheme(s) PPFAS Mutual Fund.



provided in the Annexure 1.

16) As on March 31, 2020, there are no underwriting commitments.


18) There are no Unit Holders holding over 25% of the Net Asset Value of the Scheme as at March 31, 2020 and March 31, 2019.

19) The details of unclaimed redemption and Dividend are Nil as on March 31, 2020.



22) Contingent liabilities as on 31st March 2020 is Nil (31st March 2019 is Nil)

2020: NIL.



26) Prior period figures have been reclassified and regrouped, wherever applicable to conform to current year presentation.


28) Pursuant to SEBI Circular dated 22nd October, 2018 it was mandatory to charge scheme expenses to respective Scheme and
not to be routed through AMC. Therefore this change in the system of charging expenses was carried out.

Firm Registration Number 110512W / W100378
Sd/- Sd/- Sd/-

Sd/- Sd/-
Sd/-
Raj Mehta
(Fund Manager)
Date: July 30, 2020

Place : Mumbai

Annexure I
Value of transaction (in Rs & % of

Nature of Brokerage (Rs. & % of total
Name of associate/related parties/ total value of transaction of the
Association/Nature Period covered brokerage paid by the fund)
group companies of Sponsor/AMC fund)
of relation
Rs. % Rs. %
Parag Parikh Financial Advisory Services Parent Company April 01, 2019 -to-
Nil Nil Nil Nil
Private Limited (Sponsor) March 31, 2020
Nil Nil Nil Nil

Nature of Business Given (Rs. & % of total Commission paid( Rs & % of total
Name of associate/related parties/
Association/Nature Period covered value of transaction of the fund) commission paid by the fund)
group companies of Sponsor/AMC
of relation Rs. Cr. % Rs. Cr. %
0.00 0.00 0.00 0.01
Nil Nil Nil Nil

Name of associate/related parties/group companies Transaction Value

of Sponsor/AMC Rs.
PPFAS Asset Management Private Limited Amount invested in the Scheme (Net of Redemption) 1.4.2019 to 31.3.2020 (19,30,215.77)
Parag Parikh Financial Advisory Services Private Limited Amount invested in the Scheme (Net of Redemption) 1.4.2019 to 31.3.2020 2,03,079.71
Parag Parikh Financial Advisory Services Private Limited Amount invested in the Scheme (Net of Redemption) 1.4.2018 to 31.3.2019 1,10,47,515.00
PPFAS Trustee Company Private Ltd. Amount invested in the Scheme (Net of Redemption) 1.4.2019 to 31.3.2020 5,93,577.76
PPFAS Trustee Company Private Ltd. Amount invested in the Scheme (Net of Redemption) 1.4.2018 to 31.3.2019 13,75,734.84
* Amount is less than Rs.1 lakh hence, appearing as zero.

Annexure 2
Percentage
Market/Fair Value % to Net
Sr. No. Name of the Instrument ISIN Industry Quantity to Investment
in Rs Assets
category
A DEBT INSTRUMENTS
(i) Listed / awaiting listing on Stock Exchanges Nil Nil
(ii) Privately Placed / Unlisted Nil Nil
(iii) Securitized Debt Instruments Nil Nil
Total (A) - -
B MONEY MARKET INSTRUMENTS

(i) Government Securities
08.27% GOVT STOCK - 09 06 2020 IN0020140029 Sovereign 20,00,000 20,14,14,600.00 5.17% 20.09%
8.49% AP SDL 2020 28/04/2020 IN1020100021 Sovereign 20,00,000 20,05,32,800.00 5.14% 20.00%
Total of Gsec 1,00,27,08,400.00 25.72% 100.00%
(ii) Commercial Papers (CP) / Certificate Of Deposit (CD)

NTPC Ltd. CP - 24 Apr 2020 INE733E14682 ICRA A1+ 5,00,000 4,98,43,850.00 1.28% 25.02%
EXIM CP - 11Jun-2020 INE514E14OL5 CRISIL A1+ 5,00,000 4,95,51,800.00 1.27% 24.88%
IOCL CP - 07 Apr 2020 INE242A14PE3 IND A1+ 5,00,000 4,99,54,650.00 1.28% 25.08%
NABARD CD 13 Apr 2020 INE261F16397 CRISIL A1+ 5,00,000 4,98,49,200.00 1.28% 25.02%
Total of CP & CD 19,91,99,500.00 5.11% 100.00%
(iii) Treasury bills

91 DAY T-BILL 09.04.20 IN002019X425 Sovereign 20,00,000 19,98,16,400.00 5.12% 12.95%
Total of T-Bills 1,54,30,71,300.00 39.57% 100.00%
(iv) Tri-Party Repo 1,10,09,85,731.04 28.24% 100.00%

Total (B) 3,84,59,64,931.04 98.63%
C TERM DEPOSITS PLACED AS MARGIN

5.40% FD HDFC (MD 16-06-20) 1,00,00,000.00 0.26% 50.00%
6.60% FD HDFC (MD 07 10 2020) 1,00,00,000.00 0.26% 50.00%
Total (C) 2,00,00,000.00 0.51% 100.00%
D OTHERS
Net Current Assets 3,30,09,880.15 0.86% 100.00%
Total (D) 3,30,09,880.15 0.86% 100.00%
Grand Total (A+B+C+D) 3,89,89,74,811.19 100.00%


Portfolio Statement as on March 31,2019

Percentage
Sr. Market/Fair Value % to Net
Name of the Instrument ISIN Industry Quantity to Investment
No. in Rs Assets
category
A DEBT INSTRUMENTS
(i) Listed / awaiting listing on Stock Exchanges Nil Nil
(ii) Privately Placed / Unlisted Nil Nil
(iii) Securitized Debt Instruments Nil Nil
Total (A) - -
B MONEY MARKET INSTRUMENTS

(i) Government Securities
7.77% PUNJAB SDL 2019 09/04/2019 IN2820090016 Sovereign 10,00,000 10,00,18,974.36 4.47% 49.97%
Total of Gsec 20,01,71,874.36 8.95% 100.00%
(ii) Commercial Papers (CP) / Certificate Of Deposit (CD)

IOCL 70D CP - 04 Apr 2019 INE242A14KL9 ICRA A1+ 5,00,000 4,99,70,617.50 2.24% 20.05%
HDFC Ltd CP - 04 Apr 2019 INE001A14UN4 ICRA A1+ 5,00,000 4,99,70,000.00 2.24% 20.05%
NTPC LTD CP - 12 Apr 2019 INE733E14286 ICRA A1+ 5,00,000 4,98,94,620.00 2.23% 20.02%
NABARD CP 08 May 2019 INE261F14FA1 ICRA A1+ 5,00,000 4,96,32,405.00 2.22% 19.91%
AXIS BANK LTD CD - 25 Apr 2019 INE238A167J4 CRISIL A1+ 5,00,000 4,97,64,380.00 2.23% 19.97%
Total of CP & CD 24,92,32,022.50 11.16% 100.00%
(iii) Treasury bills

91 Days T Bill - 02 05 2019 IN002018X476 Sovereign 15,00,000 14,91,98,107.50 6.67% 12.02%
182 Days T Bill - 06 06 2019 IN002018Y367 Sovereign 15,00,000 14,83,50,300.00 6.63% 11.95%
364 Days T Bill - 23 05 2019 IN002018Z083 Sovereign 10,00,000 9,91,22,846.67 4.43% 7.99%
Total of T-Bills 1,24,09,40,280.84 55.50% 99.98%
(iv) Tri-Party Repo 46,44,10,783.07 20.77% 100.00%

Total (B) 2,15,47,54,960.77 96.38%
C TERM DEPOSITS PLACED AS MARGIN

6.25% FD HDFC (MD 18-06-19) 1,00,00,000.00 0.45% 50.00%
7.40% FD HDFC (MD 04 10 2019) 1,00,00,000.00 0.45% 50.00%
Total (C) 2,00,00,000.00 0.90% 100.00%
D OTHERS
Net Current Assets 6,09,47,778.02 2.72% 100.00%
Total (D) 6,09,47,778.02 2.72% 100.00%
Grand Total (A+B+C+D) 2,23,57,02,738.79 100.00%


Annexure 3
Historical Per Unit as on March 31, 2020
Parag Parikh Liquid Fund Parag Parikh Liquid Fund

Per Unit Particulars (Rupees)
As on March 31, 2020 As on March 31, 2019
Face Value RS.1000/- RS.1000/-
Unit Capital 35,32,068 21,42,309
Avg Net asset 3,23,04,61,259 1,59,11,38,830
APP -
Net Asset Value

Regular Plan Growth 1,114.7756 1,056.3747
Regular Plan Daily Dividend 1,000.2078 1,000.2000
Regular Plan Weekly Dividend 1,001.1682 1,001.7179
Regular Plan Monthly Dividend 1,003.1684 1,003.7194
Direct Plan Growth 1,117.0102 1,057.4263
Direct Plan Daily Dividend 1,000.2078 1,000.2000
Direct Plan Weekly Dividend 1,001.1705 1,001.7288
Direct Plan Monthly Dividend 1,003.1710 1,003.7303
Income
Other than profit on sale of investment 52.91 42.92
From profit on inter-scheme sales/transfer of investments (net) - -
From profit on sale of investment to third party (net) (1.95) (0.11)
Gross Income 50.96 42.81
Expenses & Losses

Aggregate of expenses, write-off, amortization and charges 1.66 1.04
Net change in Unrealised depreciation in value of investments 0.76 0.04
Gross Expenditure 2.42 1.08
Net Income 48.54 41.73
Unrealised appreciation / depreciation in value of investments (0.31) 0.06
Ratio of expenses to average net assets 0.18% 0.14%

Ratio of gross income to average net assets 5.57% 5.76%
NAV
Highest
Lowest
Resale Price
Highest NA NA
Lowest NA NA
Trading Price
Highest NA NA
Lowest NA NA
Price Earning Ratio

Highest NA NA
Lowest NA NA


Annexure 4
Key Statistics
Parag Parikh Liquid Fund Period ended March 31, 2020 Period ended March 31, 2019

Open (NAV as on 01 April 2019)
High
Low
End

End 38,989.75 22,357.03
Average (AAuM)1 32,304.61 15,911.39
3.Gross income as % of AAuM2 5.57 5.76
4. Expense Ratio:

5. Net Income as a percentage of AAuM3 5.39 5.62

Parag Parikh Liquid Fund Period ended March 31, 2020 Period ended March 31, 2019
6. Portfolio turnover ratio4 3.31 3.10
Regular Daily Dividend -Individual/HUF 38.774589 39.367646
Regular Daily Dividend -Others 35.749613 36.454645
Regular Weekly Dividend -Individual/HUF 39.205251 38.276777
Regular Weekly Dividend -Others 36.304249 35.444495
Regular Monthly Dividend -Individual/HUF 39.324959 36.489935
Regular Monthly Dividend -Others 36.415097 33.789870
Direct Daily Dividend - Individual/HUF 39.493052 40.016634
Direct Daily Dividend - Others 36.565312 37.055611
Direct Weekly Dividend - Individual/HUF 39.950132 39.000727
Direct Weekly Dividend - Others 36.994012 36.114876
Direct Monthly Dividend - Individual/HUF 40.101698 37.689275
Direct Monthly Dividend - Others 37.134362 34.900465
8. Returns:
Scheme
- Regular Plan 5.48 NA
- Direct Plan 5.59 NA
Benchmark 6.37 NA
Scheme
Benchmark - CRISIL Liquid Fund Index 7.02 7.73


Redressal of Complaints received during - 2019-2020

Name of the Mutual Fund: PPFAS Mutual Fund
Total Number of Folios: 1,84,789
Action on (a) and (b)

(a) No. of complaints (b) No of Resolved Pending
Complaint
Type of complaint# pending at the complaints Non
code Within 30-60 60-180 Beyond 180 0-3 3-6 6-9 9-12
beginning of the year received during Actionable*
30 days days days days months months months months
the year
IA Non receipt of Dividend on Units 0 0 0 0 0 0 0 0 0 0 0
IB Interest on delayed payment of Dividend 0 0 0 0 0 0 0 0 0 0 0
IC Non receipt of Redemption Proceeds 0 0 0 0 0 0 0 0 0 0 0
Interest on delayed payment of
ID 0 0 0 0 0 0 0 0 0 0 0
Redemption
Non receipt of Statement of Account/Unit
II A 0 1 1 0 0 0 0 0 0 0 0
Certificate
II B Discrepancy in Statement of Account 0 2 2 0 0 0 0 0 0 0 0
II C Data corrections in Investor details 0 0 0 0 0 0 0 0 0 0 0
Non receipt of Annual Report/Abridged
II D 0 0 0 0 0 0 0 0 0 0 0
Summary
III A Wrong switch between Schemes 0 0 0 0 0 0 0 0 0 0 0
III B Unauthorized switch between Schemes 0 0 0 0 0 0 0 0 0 0 0
III C Deviation from Scheme attributes 0 0 0 0 0 0 0 0 0 0 0
III D Wrong or excess charges/load 0 0 0 0 0 0 0 0 0 0 0
Non updation of changes viz. address,
III E 0 2 2 0 0 0 0 0 0 0 0
PAN, bank details, nomination, etc
IV Others ** 0 19 19 0 0 0 0 0 0 0 0
# including against its authorized persons/ distributors/ employees. etc.

*Non actionable means the complaint that are incomplete / outside the scope of the mutual fund
** If others include a type of complaint which is more than 10% of overall complaint, provide that reason separately

Voting Policy - PPFAS Mutual Fund

Proxy Voting Policy:
PPFAS Asset Management Private Limited (“Asset Management Company /AMC”) is the Investment Manager to the Scheme(s) of
PPFAS Mutual Fund (the Fund). The AMC has a fiduciary duty to act in the best interest of the scheme(s) / unit holders of the Fund.
This responsibility includes exercising voting rights attached to the securities of the companies in which the schemes of the Fund
invest (“Investee Company”) at the general meetings of the Investee Companies in the best interest of the scheme(s) / unit holders.
This Voting Policy shall be applicable to all securities including equity holding across all schemes of the Fund.
SEBI vide its circular No. SEBI / IMD / CIR No.18/198647/2010 dated March 15, 2010 has advised all the Asset Management
Companies to disclose general policies and procedure for exercising the voting rights in respect of shares held by the Mutual
Funds in the Investee Company and play an active role in ensuring better corporate governance.
In terms of the SEBI Circular, the AMC shall disclose the following on its website and in the Annual Report of the Fund from the
financial year 2010-11 onwards:
• the general policies and procedure for exercising voting rights in respect securities held by the Fund in the Investee Company.
• the actual exercise of votes in the AGMs / EGMs of the investee companies in the following matters in the format prescribed by
SEBI:
a. Corporate governance matters, including changes in the state of incorporation, merger and other corporate restructuring,
and anti-takeover provisions.;
b. Changes to capital structure, including increases and decreases of capital and preferred stock issuances;
c. Stock option plans and other management compensation issues;
d. Social and corporate responsibility issues;
e. Appointment and Removal of Directors;
f. Any other issue that may affect the interest of minority shareholders in general and interest of the unit-holders in particular.
Voting Guidelines / Philosophy of Voting:
The Investment Policy for the schemes of the Fund is to invest in companies which have good business with good management
and follows corporate governance norms.
The AMC’s policy is to vote for all the “scheme/s” of the Fund with regard to an “investee company” in the same manner. The AMC
will always vote in the best interest of the schemes/unit holders.
All voting decisions are taken by us on a case to case basis. The concerned Research Analyst / Fund Manager at the AMC
reviews carefully the different proposals put before the Shareholders / Management and arrives at a final decision of how to vote,
keeping in mind the long-term interest of the scheme(s) / unit holders and investment philosophy of the Fund. This decision shall be
communicated by the research team to the AMC’s back office team who shall then forward this information to the “representative/s”
appointed by the Trustee to attend and vote at the ‘investee company’ meeting.
At present, AMC is not casting vote on the following matters:
For proxy voting in arbitrage companies, it is not part of our core portfolio holding. Since, we may not have in-depth coverage of
the company in question and if we are not able to decide on a resolution we will not cast our vote. On matters, which are obvious
in nature and we have our view, we will cast our vote accordingly. Considering, it is an arbitrage position hedged by offsetting
derivative contract, we are not affected by price movement in the stock.
The AMC will also exercise the facilities of E-voting where it has to cast vote through postal ballot as per the Companies (Management
and Administration) Rules, 2014. If there is some serious corporate governance issue in the Investee Company then the AMC will
vote against the proposal and in such cases, may exit from the investment. If the AMC decides to abstain from voting on a proposal
which falls under the aforesaid six matters the Research Analyst / Fund Manager shall document the reasons for that decision.

Conflicts of Interest:
While voting, the AMC will identify any conflicts that exist between the interests of the AMC and the scheme / unit holders. It shall
do so by reviewing the relationship of the AMC with the Investee Companies to determine;
• If the AMC or any of its employees or schemes has any financial, business or personal relationship with the Investee Company
or
• Whether the Investee Company is a group company of the AMC or
• Whether the Investee Company has investments in the Schemes of the Fund.
Voting Procedure:
As per the Companies Act, 2013, a proxy is not entitled to vote except on a poll. At the general meetings, generally a resolution is
to be put to vote in the meeting by show of hands at the first instance unless a poll is demanded.
Generally, as a practice in the general meetings of the listed companies, a resolution is carried out by show of hands and therefore
in such case proxy is not entitled to vote.
The Fund is incorporated / registered as a Trust under the Indian Trust Act and, the Trustee of the Fund is a company formed under
the Companies Act, 1956. The Trustee being a company can appoint representative to attend the general meetings and vote on the
Resolution by show of hands and e-voting in the general meetings of the Investee Company as per Section 113 of the Companies
Act, 2013. The representative appointed by the Trustee endeavours to attend the general meetings of the Investee Company and
exercise the voting right of the AMC/Trustees. In case the resolution is carried out through Postal Ballot the AMC exercise vote on
the resolution through the Postal Ballot or through E-Voting.
The AMC officials/the Custodian (DBS Bank Limited) appointed by the AMC (as representative of the Fund) then picks up the voting
instructions given by the back-office team and accordingly votes at the general meetings of the Investee Companies.
Where Investee company has provided e-voting facility, PPFAS Mutual Fund will exercise voting rights through this platform.
Record keeping:
The Compliance Team along with the Research Team of the AMC shall maintain records of the voting and any document the AMC
created that was material to making a decision of how to vote on proposals, or that memorializes that decision.
Internal Mechanism to Monitor Policy Implementation:
The Compliance Officer of the AMC has the responsibility for monitoring the implementation of the Company’s proxy voting policy,
practices, and disclosures and reviewing the proxy procedure.

S Panse & Co LLP

“formerly S. Panse & Co.”
9, Three View Society, Veer Savarkar Marg, Mumbai - 400 025. India. Tel / Fax : 2437 0483 / 84, Email: admin@panse.in
CERTIFICATE
In the matter of:
PPFAS MUTUAL FUND

81/82, 8th Floor, Sakhar Bhavan, Ramnath Goenka Marg, 230, Nariman Point, Mumbai - 400 021.
In order to improve transparency as well as encourage Mutual Funds/AMCs to diligently exercise their voting rights in best interest of
the unit-holders, SEBI Circular CIR/IMD/DF/05/2014 dated March 24, 2014 read with SEBI circular SEBI/HO/IMD/DF2/CIR/P/2016/68
dated August 10, 2016 requires the AMCs to make disclosure of votes cast on their website on a quarterly basis and on annual
basis in the prescribed format and also to obtain certification on an annual basis from a “scrutinizer”, in terms of Rule 20 (3) (ix) of
Companies (Management and Administration) Rules, 2014, on the voting reports being disclosed by them. Such certification from
Scrutinizer shall be submitted to the Trustees of Mutual Fund and also be disclosed in the relevant portion of the Mutual Funds’
annual report and on website.
In this context, we have been requested by PPFAS Mutual Fund (“the Mutual Fund”), to certify the voting reports disclosed by PPFAS
Asset Management Private Limited. (“the AMC”) on their website.
The compliance with the requirements of the above mentioned Circular and preparation of voting reports is the responsibility of the
management of the Mutual Fund. Our responsibility is to examine the records maintained by the AMC and to report whether the
voting reports disclosed by the AMC are in accordance with them.
The following records were furnished to us by the AMC:
1) Quarterly voting reports disclosed on its website for all the 4 quarters of financial year 2019-20.
2) Annual voting report disclosed on its website for financial year 2019-20.
3) Summary of votes cast during financial year 2019-20 disclosed on its website.
4) Approval mails from Fund Manager recording the voting decisions in respect of disclosed voting reports.
Based on our examination and according to the information and explanations given to us, we state that the contents of the Voting
reports disclosed by the AMC as on the date of this certification are in agreement with the records of the AMC recording the voting
decisions.
This Certificate is issued solely for the purpose of onward submission to the Trustees of the Mutual Fund and to disclose in the
relevant portion of the Mutual Funds’ annual report and website and should not be used for any other purpose without prior
permission. Further this Certificate, in no manner, is intended to report on the quality of voting decisions taken by the AMC.
Mumbai
Dated: May 17, 2020
For S Panse & Co LLP

Sd/-
Pradnya Shende
Partner
M.No: 172845
FRN: 113470W/W100591 UDIN: 20172845AAAABM1873

Disclosure of votes cast by PPFAS Mutual Fund during the financial year 2019-20
Type of Meeting Proposal by
Name of the Management Vote (For/ Reason for the
Quarter Date (AGM/EGM/Postal Management/ Proposal
company recommendation Against) vote decision
Ballot) Shareholder
Q1 03-06-2019 Sun Pharmaceutical Court convened Management To approve the composite scheme of arrangement In favour of the For General business transaction,
Industries Ltd meeting among Sun Pharmaceutical Industries Limited and Sun proposal didn't find any objection.
Pharma (Netherlands) B.V.(“transferee company-1”)
and Sun Pharmaceutical Holdings USA INC.(“transferee
company-2”), and their respective members and
creditors for transfer of the specified investment
undertaking-1 (as defined in scheme of arrangement)
and specified investment undertaking-2 (as defined in
scheme of arrangement) of the company into transferee
company -1 and transferee company-2 respectively
Q2 11-07-2019 HDFC Bank Ltd AGM Management Appointment of Mr. Sanjiv Sachar (DIN 02013812) as In favour of the For The candidate proposed for
Independent Director of the Bank proposal the post of Director possessed
requisite qualification and
experience and is thought to
be competent to discharge his
duties as Director.
Q2 11-07-2019 HDFC Bank Ltd AGM Management Appointment of Mr. Sandeep Parekh (DIN 03268043) as In favour of the For The candidate proposed for
duties as Director.
Q2 11-07-2019 HDFC Bank Ltd AGM Management Appointment of Mr. M. D. Ranganath (DIN 07565125) as In favour of the For The candidate proposed for
duties as Director.
Q2 11-07-2019 HDFC Bank Ltd AGM Management Approval of related party transactions with Housing In favour of the For In line with industry standards,
Development Finance Corporation Limited pursuant to proposal Didn’t find any objection
applicable provisions
Q2 11-07-2019 HDFC Bank Ltd AGM Management Approval of related party transactions with HDB Financial In favour of the For In line with industry standards,
Services Limited pursuant to applicable provisions proposal Didn’t find any objection
Q2 11-07-2019 HDFC Bank Ltd AGM Management Raising of additional capital by issue of debt instruments In favour of the For Business decision, didn't find any
proposal objection
Q2 11-07-2019 HDFC Bank Ltd AGM Management Sub-division of equity shares from face value of Rs. 2/- In favour of the For Business decision, didn't find any
each to face value of Rs. 1/- each proposal objection
Q2 11-07-2019 HDFC Bank Ltd AGM Management Alteration of Clause V of the Memorandum of In favour of the For In line with industry standards,
Association proposal Didn’t find any objection
Q2 11-07-2019 Balkrishna Industries AGM Management To appoint Mrs. Shruti Shah (DIN: 08337714), as a In favour of the For The candidate proposed for
Ltd Woman Independent Director for a period of five proposal the post of Director possessed
consecutive years w.e.f. 8th February, 2019 to 7th requisite qualification and
February, 2024. experience and is thought to
duties as Director.

Ballot) Shareholder
Q2 11-07-2019 Balkrishna Industries AGM Management To appoint Mr. Rajendra Hingwala (DIN: 00160602), as In favour of the For The candidate proposed for
Ltd an Independent Director for a period of five consecutive proposal the post of Director possessed
years w.e.f. 28th March, 2019 to 27th March, 2024. requisite qualification and
duties as Director.
Q2 11-07-2019 Balkrishna Industries AGM Management To appoint Mr. Sandeep Junnarkar (DIN: 00003534), as In favour of the For The candidate proposed for
Ltd an Independent Director for a period of five consecutive proposal the post of Director possessed
years w.e.f. 28th March, 2019 to 27th March, 2024. requisite qualification and
duties as Director.
Q2 18-07-2019 Axis Bank Ltd AGM Management Revision in the remuneration payable to Shri Amitabh In favour of the For The candidate proposed for the
Chaudhry (DIN 00531120) as the Managing Director proposal post of MD & CEO possessed
& CEO of the Bank, w.e.f. 1st April 2019, subject to the requisite qualification and
approval of the RBI. experience and is thought to
duties as Director.
Q2 18-07-2019 Axis Bank Ltd AGM Shareholder Revision in the remuneration payable to Shri Rajiv Anand In favour of the For In line with industry standards,
(DIN 02541753) as the Executive Director (Wholesale proposal Didn’t find any objection
Banking) of the Bank, w.e.f. 1st April 2019 upto 3rd
August 2019 (both days inclusive), subject to the approval
of the RBI.
Q2 18-07-2019 Axis Bank Ltd AGM Management Re-appointment of Shri Rajiv Anand (DIN 02541753) as In favour of the For The candidate proposed for
the Whole Time Director designated as the ‘Executive proposal the post of Director possessed
Director (Wholesale Banking)’ of the Bank, for a period requisite qualification and
of 3 (three) years, with effect from 4th August 2019 up to experience and is thought to
3rd August 2022 (both days inclusive), and the terms and be competent to discharge his
conditions relating to the said re-appointment, including duties as Director.
remuneration, subject to the approval of the RBI.
Q2 18-07-2019 Axis Bank Ltd AGM Management Revision in the remuneration payable to Shri Rajesh In favour of the For In line with industry standards,
Dahiya (DIN 07508488) as the Executive Director proposal Didn’t find any objection
(Corporate Centre) of the Bank, w.e.f. 1st April 2019 upto
3rd August 2019 (both days inclusive), subject to the
approval of the RBI.
Q2 18-07-2019 Axis Bank Ltd AGM Management Re-appointment of Shri Rajesh Dahiya (DIN 07508488) In favour of the For The candidate proposed for
as the Whole Time Director designated as the ‘Executive proposal the post of Director possessed
Director (Corporate Centre)’ of the Bank, for a period of 3 requisite qualification and
(three) years, with effect from 4th August 2019 up to 3rd experience and is thought to
August 2022 (both days inclusive), and the terms and be competent to discharge his
conditions relating to the said re-appointment, including duties as Director.
remuneration, subject to the approval of the RBI.

Ballot) Shareholder
Q2 18-07-2019 Axis Bank Ltd AGM Management To approve the appointment of Shri Pralay Mondal (DIN In favour of the For The candidate proposed for
00117994) as a Director of the Bank, w.e.f. 1st August proposal the post of Director possessed
2019. requisite qualification and
duties as Director.
Q2 18-07-2019 Axis Bank Ltd AGM Management Appointment of Shri Pralay Mondal (DIN 00117994) as In favour of the For The candidate proposed for
the Executive Director (Retail Banking) of the Bank for proposal the post of Director possessed
a period of 3 years, w.e.f. 1st August 2019, and the requisite qualification and
terms and conditions relating to the said appointment, experience and is thought to
including remuneration, subject to the approval of the be competent to discharge his
RBI. duties as Director.
Q2 18-07-2019 Axis Bank Ltd AGM Management Borrowing/Raising funds in Indian Currency/Foreign In favour of the For Business decision, didn't find any
Currency by issue of Debt Securities including but not proposal objection
limited to long term bonds, green bonds, non-convertible
debentures, perpetual debt instruments and Tier II
Capital bonds or such other debt securities as may be
permitted under the RBI guidelines, from time to time,
on a private placement basis, for an amount of up to `
35,000 crore during a period of one year from the date
of passing of this Special Resolution.
Q2 18-07-2019 Axis Bank Ltd AGM Management Payment of Profit Related Commission to the Non- In favour of the For In line with industry standards,
Executive Directors (excluding the Non-Executive (Part- proposal Didn’t find any objection
Time) Chairman) of the Bank, for a period of five (5) years,
with effect from 1st April 2020
Q2 23-07-2019 Maharashtra Scooters AGM Management Appointment of Abhinandan More (DIN 07417210) as a Not in favour of the Against There is no requirement of
Ltd Director, liable to retire by rotation: proposal having a WMDC representative
on the board anymore since it
is no longer a shareholder. The
Company can appoint better
qualified people in his place.
Q2 23-07-2019 Persistent Systems Ltd AGM Management To reappoint Ms. Roshini Bakshi (DIN: 01832163) for the In favour of the For The candidate proposed for
second term of 5 (Five) years as an Independent Director proposal the post of Director possessed
of the Company, not liable to retire by rotation, to hold requisite qualification and
office for 5 (Five) consecutive years for a term up to experience and is thought to
conclusion of the 34th Annual General Meeting be competent to discharge his
duties as Director.
Q2 23-07-2019 Persistent Systems Ltd AGM Management To reappoint Mr. Pradeep Kumar Bhargava (DIN: In favour of the For The candidate proposed for
00525234) for the second term of 3 (Three) years as an proposal the post of Director possessed
Independent Director of the Company, not liable to retire requisite qualification and
by rotation, to hold office for 3 (Three) consecutive years experience and is thought to
for a term up to conclusion of the 32nd Annual General be competent to discharge his
Meeting duties as Director.

Ballot) Shareholder
Q2 23-07-2019 Persistent Systems Ltd AGM Management To reappoint Mr. Prakash Telang (DIN: 00012562) for the In favour of the For The candidate proposed for
second term of 1 (One) year as an Independent Director proposal the post of Director possessed
of the Company, not liable to retire by rotation, to hold requisite qualification and
office for 1 (One) year for a term up to conclusion of the experience and is thought to
30th Annual General Meeting be competent to discharge his
duties as Director.
Q2 23-07-2019 Persistent Systems Ltd AGM Management To reappoint Mr. Kiran Umrootkar (DIN: 00326672) for In favour of the For The candidate proposed for
the second term of 1 (One) year as an Independent proposal the post of Director possessed
Director of the Company, not liable to retire by rotation, to requisite qualification and
hold office for 1 (One) year for a term up to conclusion of experience and is thought to
the 30th Annual General Meeting be competent to discharge his
duties as Director.
Q2 23-07-2019 Persistent Systems Ltd AGM Management To appoint Mr. Christopher O’Connor (DIN: 08420958) as In favour of the For The candidate proposed for
an Executive Director and Chief Executive Officer of the proposal the post of Director possessed
Company liable to retire by rotation, to hold office for a requisite qualification and
period of 3 (Three) years with effect from April 27, 2019 experience and is thought to
till April 26, 2022, subject to the approval of the Central be competent to discharge his
Government duties as Director.
Q2 23-07-2019 Persistent Systems Ltd AGM Management To appoint Mr. Sandeep Kumar Kalra (DIN: 02506494) as In favour of the For The candidate proposed for
an Executive Director of the Company liable to retire by proposal the post of Director possessed
rotation, to hold office for a period of 3 (Three) years with requisite qualification and
effect from June 11, 2019 till June 10, 2022, subject to the experience and is thought to
approval of the Central Government be competent to discharge his
duties as Director.
Q2 23-07-2019 Mphasis Ltd AGM Management Appointment of Mr. Marshall Jan Lux as a Director In favour of the For The candidate proposed for
proposal the post of Director possessed
duties as Director.
Q2 23-07-2019 Mphasis Ltd AGM Management Re-appointment of Mr. Davinder Singh Brar as an In favour of the For The candidate proposed for
Independent Director proposal the post of Director possessed
duties as Director.
Q2 23-07-2019 Bajaj Holdings & AGM Management Appointment of Anami N Roy (DIN 01361110) as an In favour of the For The candidate proposed for
Investment Ltd Independent Director proposal the post of Director possessed
duties as Director.
Q2 23-07-2019 Bajaj Holdings & AGM Management Appointment of Niraj Bajaj (DIN 00028261) as a In favour of the For The candidate proposed for
Investment Ltd NonExecutive and Non-Independent Director of the proposal the post of Director possessed
Company requisite qualification and
duties as Director.

Ballot) Shareholder
Q2 23-07-2019 Bajaj Holdings & AGM Management Re-appointment of Nanoo Pamnani (DIN 00053673) as In favour of the For The candidate proposed for
Investment Ltd an Independent Director of the Company for a second proposal the post of Director possessed
term of five consecutive years with effect from 1 April 2019 requisite qualification and
duties as Director.
Q2 23-07-2019 Bajaj Holdings & AGM Management Re-appointment of D J Balaji Rao (DIN 00025254) as an In favour of the For The candidate proposed for
Investment Ltd Independent Director of the Company for a second term proposal the post of Director possessed
with effect from 1 April 2019 requisite qualification and
duties as Director.
Q2 23-07-2019 Bajaj Holdings & AGM Management Re-appointment of Dr. Gita Piramal (DIN 01080602) as an In favour of the For The candidate proposed for
Investment Ltd Independent Director of the Company for a second term proposal the post of Director possessed
with effect from 17 July 2019 requisite qualification and
duties as Director.
Q2 23-07-2019 Bajaj Holdings & AGM Management Approval for continuation of Rahul Bajaj (DIN 00014529) In favour of the For The candidate proposed for
Investment Ltd as a Non-Executive and Non-Independent Director of the proposal the post of Director possessed
Company from 1 April to 17 May 2019 requisite qualification and
duties as Director.
Q2 26-07-2019 Hero MotoCorp Ltd AGM Management Ratification of remuneration of Cost Auditors for financial In favour of the For In line with industry standards,
year 2019-20 proposal Didn’t find any objection
Q2 26-07-2019 Hero MotoCorp Ltd AGM Management Appointment of Prof. Jagmohan Singh Raju (DIN: In favour of the For The candidate proposed for
08273039) as an Independent Director ofthe Company proposal the post of Director possessed
duties as Director.
Q2 26-07-2019 Hero MotoCorp Ltd AGM Management Re-appointment of Mr. Meleveetil Damodaran (DIN: In favour of the For The candidate proposed for
02106990) as an Independent Director of the Company. proposal the post of Director possessed
duties as Director.
Q2 26-07-2019 Hero MotoCorp Ltd AGM Management Re-appointment of Mr. Pradeep Dinodia (DIN: 00027995) In favour of the For The candidate proposed for
as Non-Executive Director of the Company proposal the post of Director possessed
duties as Director.

Ballot) Shareholder
Q2 26-07-2019 Hero MotoCorp Ltd AGM Management Re-appointment of Mr. Vikram Sitaram Kasbekar, In favour of the For The candidate proposed for
Executive Director - Operations (Plants) (DIN: 00985182) proposal the post of Director possessed
as a whole-time Director of the Company and approval requisite qualification and
of remuneration and other terms and conditions of his experience and is thought to
appointment. be competent to discharge his
duties as Director.
Q2 26-07-2019 Dr. Reddy's AGM Management Reappointment of Mr. Sridar Iyengar (DIN: 00278512) as In favour of the For The candidate proposed for
Laboratories Ltd an independent director for a second term of four years proposal the post of Director possessed
in terms of section 149 of the Companies Act, 2013 and requisite qualification and
Listing Regulations. experience and is thought to
duties as Director.
Q2 26-07-2019 Dr. Reddy's AGM Management Reappointment of Ms. Kalpana Morparia (DIN: In favour of the For The candidate proposed for
Laboratories Ltd 00046081) as an independent director for a second term proposal the post of Director possessed
of five years in terms of section 149 of the Companies requisite qualification and
Act, 2013 and Listing Regulations experience and is thought to
duties as Director.
Q2 26-07-2019 Dr. Reddy's AGM Management Appointment of Mr. Leo Puri (DIN: 01764813) as an In favour of the For The candidate proposed for
Laboratories Ltd independent director in terms of section 149 of the proposal the post of Director possessed
Companies Act, 2013 for a term of fi ve years. requisite qualification and
duties as Director.
Q2 26-07-2019 Dr. Reddy's AGM Management Appointment of Ms. Shikha Sharma (DIN: 00043265) as In favour of the For The candidate proposed for
Laboratories Ltd an independent director in terms of section 149 of the proposal the post of Director possessed
duties as Director.
Q2 26-07-2019 Dr. Reddy's AGM Management Appointment of Mr. Allan Oberman (DIN: 08393837) as In favour of the For The candidate proposed for
Laboratories Ltd an independent director in terms of section 149 of the proposal the post of Director possessed
duties as Director.
Q2 26-07-2019 Dr. Reddy's AGM Management To ratify the remuneration payable to cost auditors, M/s. In favour of the For In line with industry standards,
Laboratories Ltd Sagar & Associates, cost accountants for the financial proposal Didn’t find any objection
year ending 31 March 2020.
Q2 29-07-2019 Zydus Wellness Ltd AGM Management To appoint Mr. Savyasachi S. Sengupta (DIN - 05158870) In favour of the For The candidate proposed for
as an Independent Director of the Company proposal the post of Director possessed
duties as Director.

Ballot) Shareholder
Q2 29-07-2019 Zydus Wellness Ltd AGM Management To appoint Ms. Dharmishta N. Raval (DIN: 02792246) as In favour of the For The candidate proposed for
an Independent Director of the Company proposal the post of Director possessed
duties as Director.
Q2 29-07-2019 Zydus Wellness Ltd AGM Management To appoint Mr. Srivishnu Raju Nandyala (DIN: 00025063) In favour of the For The candidate proposed for
as an Independent Director of the Company proposal the post of Director possessed
duties as Director.
Q2 29-07-2019 Zydus Wellness Ltd AGM Management To approve Commission to Non-Executive Directors In favour of the For Business decision, didn't find any
proposal objection
Q2 29-07-2019 Zydus Wellness Ltd AGM Management To ratify remuneration to Cost Auditors. In favour of the For In line with industry standards,
proposal Didn’t find any objection
Q2 29-07-2019 Zydus Wellness Ltd AGM Management Change of Registered Office of the Company In favour of the For Business decision, didn't find any
proposal objection
Q2 29-07-2019 Mahindra Holidays & AGM Management Re-appointment of Mr. Rohit Khattar (DIN: 00244040) as In favour of the For The candidate proposed for
Resorts India Ltd an Independent Director of the Company for a second proposal the post of Director possessed
term of 5 years commencing from August 27, 2019 to requisite qualification and
August 26, 2024 experience and is thought to
duties as Director.
Q2 29-07-2019 Mahindra Holidays & AGM Management Re-appointment of Mr. Sanjeev Aga (DIN: 00022065) as In favour of the For The candidate proposed for
term of 5 years commencing from August 27, 2019 to requisite qualification and
August 26, 2024 experience and is thought to
duties as Director.
Q2 29-07-2019 Mahindra Holidays & AGM Management Re-appointment of Mr. Sridar Iyengar (DIN: 00278512) as In favour of the For The candidate proposed for
term commencing from August 27, 2019 upto July 31, requisite qualification and
2022 experience and is thought to
duties as Director.
Q2 29-07-2019 Mahindra Holidays & AGM Management Re-appointment of Mr. Cyrus Guzder (DIN: 00080358) as In favour of the For The candidate proposed for
term commencing from August 27, 2019 to July 31, 2020 requisite qualification and
duties as Director.

Ballot) Shareholder
Q2 29-07-2019 Mahindra Holidays & AGM Management Re-appointment of Mr. Kavinder Singh (DIN: 06994031) In favour of the For The candidate proposed for the
Resorts India Ltd as the Managing Director & Chief Executive Officer of proposal post of MD & CEO possessed
the Company for the period of 5 years commencing requisite qualification and
from November 3, 2019 to November 2, 2024 and experience and is thought to
remuneration payable to him be competent to discharge his
duties as Director.
Q2 06-08-2019 Lupin Ltd AGM Management Appoint Ms. Christine Mundkur (DIN: 08408494) as an In favour of the For The candidate proposed for
Independent Director from 1 April 2019 till the conclusion proposal the post of Director possessed
of the 2021 AGM requisite qualification and
duties as Director.
Q2 06-08-2019 Lupin Ltd AGM Management Approve remuneration of Rs. 700,000 payable to S. D. In favour of the For In line with industry standards,
Shenoy, cost auditors for FY2019-20 proposal Didn’t find any objection
Q2 06-08-2019 Lupin Ltd AGM Management Increase number of stock options by 400,000 to In favour of the For Business decision, didn't find any
1,525,000 shares under the Lupin Subsidiary Companies proposal objection
Employees Stock Option Plan 2014
Q2 06-08-2019 Lupin Ltd AGM Management Decrease the number of stock options by 400,000 to In favour of the For Business decision, didn't find any
2,975,000 shares under the Lupin Employees Stock proposal objection
Option Plan 2014
Q2 07-08-2019 Cadila Healthcare Ltd AGM Management To appoint Mr. Bhadresh K. Shah (DIN: 00058177) as an In favour of the For The candidate proposed for
Independent Director of the Company: proposal the post of Director possessed
duties as Director.
Q2 07-08-2019 Cadila Healthcare Ltd AGM Management To re-appoint Ms. Dharmishtaben N. Raval (DIN: In favour of the For The candidate proposed for
02792246) as an Independent Director of the Company proposal the post of Director possessed
for the second term of 5 (five) consecutive years requisite qualification and
duties as Director.
Q2 07-08-2019 Cadila Healthcare Ltd AGM Management To ratify remuneration of the Cost Auditors In favour of the For In line with industry standards,
Q2 07-08-2019 Cadila Healthcare Ltd AGM Management To shift the Registered Office of the Company In favour of the For Business decision, didn't find any
proposal objection
Q2 08-08-2019 ICICI Bank Ltd AGM Management Appointment of Mr. Hari L. Mundra (DIN:00287029) as an In favour of the For The candidate proposed for
duties as Director.
Q2 08-08-2019 ICICI Bank Ltd AGM Management Appointment of Ms. Rama Bijapurkar (DIN:00001835) as In favour of the For The candidate proposed for
an Independent Director proposal the post of Director possessed
duties as Director.
Ballot) Shareholder
Q2 08-08-2019 ICICI Bank Ltd AGM Management Appointment of Mr. B. Sriram (DIN:02993708) as an In favour of the For The candidate proposed for
duties as Director.
Q2 08-08-2019 ICICI Bank Ltd AGM Management Appointment of Mr. Subramanian Madhavan In favour of the For The candidate proposed for
(DIN:06451889) as an Independent Director proposal the post of Director possessed
duties as Director.
Q2 08-08-2019 ICICI Bank Ltd AGM Management Appointment of Mr. Sandeep Bakhshi (DIN: 00109206) as In favour of the For The candidate proposed for the
Managing Director and Chief Executive Officer proposal post of MD & CEO possessed
duties as Director.
Q2 08-08-2019 ICICI Bank Ltd AGM Management Appointment of Mr. Sandeep Batra (DIN:03620913) as In favour of the For The candidate proposed for
Director proposal the post of Director possessed
duties as Director.
Q2 08-08-2019 ICICI Bank Ltd AGM Management Appointment of Mr. Sandeep Batra (DIN : 03620913) as In favour of the For The candidate proposed for
Wholetime Director (designated as Executive Director) proposal the post of Director possessed
duties as Director.
Q2 08-08-2019 ICICI Bank Ltd AGM Management Revision in remuneration of Mr. N. S. Kannan (DIN: In favour of the For In line with industry standards,
00066009) proposal Didn’t find any objection
Q2 08-08-2019 ICICI Bank Ltd AGM Management Revision in remuneration of Ms. Vishakha Mulye (DIN: In favour of the For In line with industry standards,
Q2 08-08-2019 ICICI Bank Ltd AGM Management Revision in remuneration of Mr. Vijay Chandok (DIN: In favour of the For In line with industry standards,
Q2 08-08-2019 ICICI Bank Ltd AGM Management Revision in remuneration of Mr. Anup Bagchi (DIN: In favour of the For In line with industry standards,
Q2 08-08-2019 ICICI Bank Ltd AGM Management Alterations to Memorandum of Association In favour of the For Business decision, didn't find any
proposal objection
Q2 08-08-2019 ICICI Bank Ltd AGM Management Adoption of revised Articles of Association In favour of the For Business decision, didn't find any
proposal objection

Ballot) Shareholder
Q2 10-08-2019 Ipca Laboratories Ltd AGM Management Re-appointment of Mr. Pranay Godha (DIN 00016525) as In favour of the For The candidate proposed for
the Executive Director of the Company for a further period proposal the post of Director possessed
of 5 years and remuneration payable to him. requisite qualification and
duties as Director.
Q2 10-08-2019 Ipca Laboratories Ltd AGM Management Re-appointment of Mr. Ajit Kumar Jain (DIN 00012657) as In favour of the For The candidate proposed for
the Joint Managing Director of the Company for a further proposal the post of Director possessed
period of 5 years and remuneration payable to him. requisite qualification and
duties as Director.
Q2 10-08-2019 Ipca Laboratories Ltd AGM Management Special Resolution for appointment of Mr. Kamal Kishore In favour of the For The candidate proposed for
Seth (DIN 00194986) as a Director / Independent Director proposal the post of Director possessed
duties as Director.
Q2 10-08-2019 Ipca Laboratories Ltd AGM Management Remuneration payable to Cost Auditors In favour of the For In line with industry standards,
Q2 19-08-2019 Maharashtra Scooters Postal Ballot Management Appointment of Mrs.Lila Poonawalla (DIN 00074392) as In favour of the For The candidate proposed for
Ltd an Independent Director of the Company for a term of proposal the post of Director possessed
five years with effect from 25 July 2019 requisite qualification and
duties as Director.
Q2 19-08-2019 Axis Bank Ltd Postal Ballot Management Raising of funds through issue of equity shares/ In favour of the For Business decision, didn't find any
depository receipts and/or any other instruments or proposal objection
securities representing either equity shares and/or
convertible securities linked to equity shares including
through Qualified Institutions Placement / American
Depository Receipts /Global Depository Receipts/
preferential allotment or such other permissible mode or
combinations thereof.
Q2 26-08-2019 Maruti Suzuki India Ltd AGM Management To re-appoint Mr. Kenichi Ayukawa as Managing In favour of the For The candidate proposed for the
Director and Chief Executive Officer proposal post of MD & CEO possessed
duties as Director.
Q2 26-08-2019 Maruti Suzuki India Ltd AGM Management To appoint Mr. Takahiko Hashimoto as a Director and In favour of the For The candidate proposed for
Whole-time Director designated as Director (Marketing proposal the post of Director possessed
& Sales) requisite qualification and
duties as Director.

Ballot) Shareholder
Q2 26-08-2019 Maruti Suzuki India Ltd AGM Management To re-appoint Mr. D.S. Brar as an Independent Director In favour of the For The candidate proposed for
duties as Director.
Q2 26-08-2019 Maruti Suzuki India Ltd AGM Management To re-appoint Mr. R.P. Singh as an Independent Director In favour of the For The candidate proposed for
duties as Director.
Q2 26-08-2019 Maruti Suzuki India Ltd AGM Management To appoint Ms. Lira Goswami as an Independent Director In favour of the For The candidate proposed for
duties as Director.
Q2 26-08-2019 Maruti Suzuki India Ltd AGM Management To approve the appointment of Mr. Hiroshi Sakamoto as In favour of the For The candidate proposed for
a Director proposal the post of Director possessed
duties as Director.
Q2 26-08-2019 Maruti Suzuki India Ltd AGM Management To approve the appointment of Mr. Hisashi Takeuchi as In favour of the For The candidate proposed for
a Director proposal the post of Director possessed
duties as Director.
Q2 26-08-2019 Maruti Suzuki India Ltd AGM Management Enhancement of ceiling of payment of commission to In favour of the For Business decision, didn't find any
Non-executive directors proposal objection
Q2 26-08-2019 Maruti Suzuki India Ltd AGM Management To ratify the remuneration of the Cost Auditor, M/s In favour of the For In line with industry standards,
R.J.Goel & Co., cost accountants proposal Didn’t find any objection
Q2 26-08-2019 Sun Pharmaceutical AGM Management Ratification of remuneration of M/s B M Sharma & In favour of the For In line with industry standards,
Industries Ltd Associates, cost auditors proposal Didn’t find any objection
Q2 26-08-2019 Sun Pharmaceutical AGM Management Ratification of excess commission paid to non-executive In favour of the For In line with industry standards,
Industries Ltd directors for the year 2013-14 pursuant to the letter proposal Didn’t find any objection
received from MCA in respect of abetment of the
pending applications for approval of remuneration
Q2 26-08-2019 Sun Pharmaceutical AGM Management Approval of remuneration to be paid to In favour of the For In line with industry standards,
Industries Ltd Kalyanasundaram Subramanian,Whole Time Director proposal Didn’t find any objection
w.e.f. 4 July 2019 to 13 February 2021
Q2 03-09-2019 Persistent Systems Ltd EGM Management To appoint Statutory Auditors and fix their remuneration: In favour of the For In line with industry standards,

Ballot) Shareholder
Q2 23-09-2019 Indraprastha Gas Ltd AGM Management Appointment of Shri Gajendra Singh as a Director of the In favour of the For The candidate proposed for
Company proposal the post of Director possessed
duties as Director.
Q2 23-09-2019 Indraprastha Gas Ltd AGM Management Re-appointment of Shri E. S. Ranganathan as Managing In favour of the For The candidate proposed for the
Director and approval of his remuneration proposal post of MD possessed requisite
qualification and experience and
is thought to be competent to
discharge his duties as Director.
Q2 23-09-2019 Indraprastha Gas Ltd AGM Management Appointment of Shri Amit Garg as a Director of the In favour of the For The candidate proposed for
Company, not liable to retire by rotation proposal the post of Director possessed
duties as Director.
Q2 23-09-2019 Indraprastha Gas Ltd AGM Management Appointment of Shri Amit Garg as Director (Commercial) In favour of the For The candidate proposed for
and approval of his remuneration proposal the post of Director possessed
duties as Director.
Q2 23-09-2019 Indraprastha Gas Ltd AGM Management Appointment of Shri R. P. Natekar as a Director of the In favour of the For The candidate proposed for
Company proposal the post of Director possessed
duties as Director.
Q2 23-09-2019 Indraprastha Gas Ltd AGM Management Appointment of Shri Rajeev Verma as a Director of the In favour of the For The candidate proposed for
Company. proposal the post of Director possessed
duties as Director.
Q2 23-09-2019 Indraprastha Gas Ltd AGM Management Appointment of Smt. Saroj Bala as an Independent In favour of the For The candidate proposed for
Director of the Company proposal the post of Director possessed
duties as Director.
Q2 23-09-2019 Indraprastha Gas Ltd AGM Management Appointment of Dr. Akhilesh Kumar Ambasht as an In favour of the For The candidate proposed for
Independent Director of the Company proposal the post of Director possessed
duties as Director.

Ballot) Shareholder
Q2 23-09-2019 Indraprastha Gas Ltd AGM Management Appointment of Shri Rajib Sekhar Sahoo as an In favour of the For The candidate proposed for
duties as Director.
Q2 23-09-2019 Indraprastha Gas Ltd AGM Management Appointment of Shri Ramesh Narain Misra as an In favour of the For The candidate proposed for
duties as Director.
Q2 23-09-2019 Indraprastha Gas Ltd AGM Management Appointment of Shri Deepak Mishra as an Independent In favour of the For The candidate proposed for
duties as Director.
Q2 23-09-2019 Indraprastha Gas Ltd AGM Management Ratification of the remuneration payable to Cost Auditor In favour of the For In line with industry standards,
of the Company for the Financial Year ending March 31, proposal Didn’t find any objection
2020
Q2 23-09-2019 Indraprastha Gas Ltd AGM Management Approval of material Related Party Transactions under a In favour of the For In line with industry standards,
contract entered with GAIL (India) Limited. proposal Didn’t find any objection
Q2 25-09-2019 ICRA Ltd AGM Management To appoint Mr. David Brent Platt as a Non-Executive and In favour of the For The candidate proposed for
Non-Independent Director of the Company proposal the post of Director possessed
duties as Director.
Q2 25-09-2019 ICRA Ltd AGM Management To re-appoint Mr. Arun Duggal as an Independent In favour of the For The candidate proposed for
duties as Director.
Q2 25-09-2019 ICRA Ltd AGM Management To re-appoint Ms. Ranjana Agarwal as an Independent In favour of the For The candidate proposed for
duties as Director.
Q2 25-09-2019 ICRA Ltd AGM Management To re-appoint Ms. Radhika Vijay Haribhakti as an In favour of the For The candidate proposed for
duties as Director.

Ballot) Shareholder
Q3 22-10-2019 Ipca Laboratories Ltd EGM Management Issue of Convertible Warrants to Promoters / Members Not in favour of the Against The Company could have gone
of the Promoter Group of the Company on Preferential proposal with Rights issue instead of
Basis issue of warrants for the amount
in question. Also the small
amount does not justifty the
reason specified for the issue of
warrants ie. Long term funding
requirements.
Q3 05-12-2019 Lupin Ltd EGM Management To approve divestment of its entire interest in Kyowa In favour of the For Business decision, didn't find any
Pharmaceutical Industry Co. Limited, Japan, a step-down proposal objection
material subsidiary of the Company, by Nanomi B.V.,
Netherlands, a wholly owned material subsidiary of the
Company
Q3 23-12-2019 Dr. Reddy's Postal Ballot Management Approval of the Scheme of Amalgamation and In favour of the For Business decision, didn't find any
Laboratories Ltd Arrangement between Dr. Reddy's Holdings Limited proposal objection
(Amalgamating Company) and Dr. Reddy's Laboratories
Limited (Amalgamated Company) and their respective
shareholders pursuant to the provisions of Sections 230-
232 read with Section 66 and other relevant provisions of
the Companies Act, 2013 and rules thereunder
Q3 30-12-2019 Axis Bank Ltd Postal Ballot Management Re-appointment of Shri S. Vishvanathan (DIN: 02255828) In favour of the For The candidate proposed for
as an Independent Director of the Bank, with effect from proposal the post of Director possessed
11th February 2020 upto 10th February 2023. requisite qualification and
duties as Director.
Q4 06-03-2020 Bajaj Holdings & Postal Ballot Management Approval for alteration in Objects Clause of the In favour of the For Business decision, didn't find any
Investment Ltd Memorandum of Association of the Company proposal objection
Q4 06-03-2020 Bajaj Holdings & Postal Ballot Management Approval for adoption of new set of Articles of In favour of the For Business decision, didn't find any
Investment Ltd Association of the Company proposal objection
Q4 06-03-2020 Bajaj Holdings & Postal Ballot Management Approval to fix the Foreign Portfolio Investors’ investment In favour of the For Business decision, didn't find any
Investment Ltd limit proposal objection
Q4 06-03-2020 Bajaj Holdings & Postal Ballot Management Approval for payment of remuneration to Managing Not in favour of the Against Operating companies owned
Investment Ltd Director & CEO of the Company proposal by the holding company have
well compensated professional
management. The holding
company doesn't need to make
any day to day operational
decisions & therefore doesn't
justify such a high compensation.

Riskometer
This product is suitable for investors who are seeking* long term capital growth. Moderate
ely
at
er w Hi
gh
The investment objective of the Scheme is to seek to generate long-term capital growth from an actively managed portfolio Lo
od
M
primarily of Equity and Equity Related Securities. Scheme shall invest in Indian equities, foreign equities and related
Hig
instruments and debt securities.
Low
h
*Investors should consult their financial advisers if in doubt about whether this scheme is suitable for them. LOW HIGH
Investors understand that their principal
will be at moderately high risk.
Parag Parikh Liquid Fund Riskometer
This product is suitable for investors who are seeking* Moderate

ely
(I) Income over the short term at
er w Hi
gh
Lo
od
(II) Investment in debt / money market instruments.
Hig
Low
*Investors should consult their financial advisers if in doubt about whether this scheme is suitable for them.
h
LOW HIGH
will be at Low risk.
Riskometer
Moderate
ely
at
This product is suitable for investors who are seeking* er w Hi
gh
Lo
od
(I) Long term capital appreciation
M
(II) Investment predominantly in equity and equity related securities.
Hig
Low
h
*Investors should consult their financial advisers if in doubt about whether this scheme is suitable for them.
LOW HIGH
will be at moderately high risk.
Investor Helpline Distributor Helpline

1800-266-7790 1800-266-8909
mf@ppfas.com www.amc.ppfas.com
8th Floor, 81/82, Sakhar Bhavan, Ramnath Goenka Marg, 230, Nariman Point, Mumbai - 400 021.
Disclaimer: In the preparation of the material contained in this document, the Asset Management Company (AMC) has used information that is publicly available, including information developed in-house.
Some of the material used in the document may have been obtained from members/persons other than the AMC and/or its affiliates and which may have been made available to the AMC and/or to its
affiliates. Information gathered and material used in this document is believed to be from reliable sources. The AMC however does not warrant the accuracy, reasonableness and / or completeness of any
information. We have included statements / opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations
of such expressions that are “forward looking statements”. Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with our
expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and / or
investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc. The AMC (including
its affiliates), the Mutual Fund, the trust and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive,
special, exemplary, consequential,
Scheme Annual Reportas also any loss
: Financial Yearof 2019-2020
profit in any way arising from the use of this material in any manner. The recipient alone shall be fully responsible/are liable for any decision
116 taken on
this material.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Scheme Financials-Unabridged Report SD

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Scheme Annual Report

Scheme Annual Report (Un-Abridged): Financial Year 2019-2020

Scheme Annual Report : Financial Year 2019-2020 1

Scheme Annual Report : Financial Year 2019-2020 2

PPFAS Mutual Fund

Chartered Accountants Chartered Accountants

P A Balasubramanian Neil Parag Parikh

Scheme Annual Report : Financial Year 2019-2020 3

Contents Page No.

4 Scheme Annual Report : Financial Year 2019-2020

Scheme Annual Report : Financial Year 2019-2020 5

Performance of the Fund post seven years of operation:

Particulars As on 31st March 2020 As on 31st March 2019 % Change (+/-)

Number of investors as on Number of investors as on

Aging analysis data:

6 Scheme Annual Report : Financial Year 2019-2020

Assets Under Management (AUM)

Launch of New Scheme

Scheme performance, Future Outlook and Operations of the Scheme

A. Scheme Performance and Operations:

Direct Plan- Regular Plan- Benchmark

^ Past performance may or may not be sustained in the future.

Parag Parikh Liquid Fund - An Open-ended Liquid Scheme

Scheme Annual Report : Financial Year 2019-2020 7

Direct Plan- RegularPlan- Benchmark

^ Past performance may or may not be sustained in the future.

Direct Plan- Regular Plan- Benchmark

^ Past performance may or may not be sustained in the future.

The Investment Objective of the Scheme-

Parag Parikh Long Term Equity Fund

Parag Parikh Liquid Fund

Parag Parikh Tax Saver Fund

Commentary from the Trustee on Scheme Performance.

Details of Investor Services:

Scheme Annual Report : Financial Year 2019-2020 9

With PPFAS SelfInvest Mobile and Web apps investors can:

Initiatives planned over the next few months include:

(a) Parag Parikh Financial Advisory Services Private Limited (Sponsor)

(b) PPFAS Mutual Fund (the Fund)

(c) PPFAS Trustee Company Private Limited (Trustee Company)

PPFAS Asset Management Private Limited:

Number of Equity shares of Rs. Percentage

PPFAS Trustee Company Private Limited:

Number of Equity shares of Rs. Percentage

Scheme Annual Report : Financial Year 2019-2020 11

Details of Unclaimed Dividend and Redemption

Scheme Name Unclaimed Redemption Proceeds Unclaimed Dividend

# The scheme does not offer Dividend Option.

Significant Accounting Policies

Liability and Responsibility of Trustee and Sponsors

Other Statutory Information

12 Scheme Annual Report : Financial Year 2019-2020

For and on behalf of the Board of Directors

Scheme Annual Report : Financial Year 2019-2020 13

Independent Auditor’s Report

To the Board of Directors of

Report on the Audit of the Financial Statements

Basis for Opinion

Responsibilities of Management for the Financial Statements

14 Scheme Annual Report : Financial Year 2019-2020

Auditor’s Responsibilities for the Audit of the Financial Statements

Scheme Annual Report : Financial Year 2019-2020 15