SBI Retirement Benefit Fund - Conservative Hybrid Plan - Direct Plan - Growth

Regular

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.
Direct

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.

Equity Holding : 39.19% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 39.19%

No of Stocks : 52 (Category Avg - 53.69) | Large Cap Investments : 19.02%| Mid Cap Investments : 7.06% | Small Cap Investments : 4.54% | Other : 8.57%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	52	57.67
Top 5 Stock Weight	11.67%	18.04%
Top 10 Stock Weight	18.13%	28.06%
Top 3 Sector Weight	12.53%	20.5%

Category - Retirement Fund

Particulars	This Scheme	Category
Average mcap (Cr)	52174.96	80291.47
Holdings in large cap stocks	19.02%	31.02%
Holdings in mid cap stocks	7.06%	8.93%
Holdings in small cap stocks	4.54%	9.43%

Category - Retirement Fund

Top 10 Stocks holding in Portfolio (as on 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# HDFC Bank Ltd.	Private sector bank	100.6	3.50%	0.00%	3.73% (Jul 2025)	3.19% (Jan 2025)	1.02 L	-3.00 k
# Reliance Industries Ltd.	Refineries & marketing	69.9	2.43%	0.00%	2.46% (Jun 2025)	2.1% (Dec 2024)	47.00 k	0.00
# ICICI Bank Ltd.	Private sector bank	66.6	2.31%	0.00%	2.69% (Jul 2025)	2.36% (Jan 2025)	49.50 k	-2.10 k
# Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	51.5	1.79%	0.00%	1.8% (Sep 2025)	1.35% (Dec 2024)	3.18 k	0.00
# Larsen & Toubro Ltd.	Civil construction	47.3	1.64%	0.00%	1.64% (Dec 2024)	1.5% (Apr 2025)	11.75 k	-0.80 k
# Infosys Ltd.	Computers - software & consulting	46.3	1.61%	0.00%	2.25% (Jan 2025)	1.59% (Sep 2025)	31.25 k	0.00
# State Bank Of India	Public sector bank	41.2	1.43%	0.00%	1.36% (Sep 2025)	1.15% (Feb 2025)	44.00 k	0.00
# Urban Company Ltd.	E-retail/ e-commerce	34.2	1.19%	0.00%	1.28% (Sep 2025)	0% (Oct 2024)	2.23 L	0.00
# Ultratech Cement Ltd.	Cement & cement products	34.1	1.18%	0.00%	1.28% (Aug 2025)	1.03% (Jan 2025)	2.85 k	0.00
# Axis Bank Ltd.	Private sector bank	30.3	1.05%	0.00%	1.17% (Apr 2025)	0.96% (Sep 2025)	24.60 k	0.00

- indicates change in weight in the portfolio. # indicates a new entry.

View complete holding

Complete equity Portfolio (as on 31st Oct,2025)

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Sector
M-Cap

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Stock Invested in	Sector	Sector Total	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty	M-Cap	GroupName
# HDFC Bank Ltd.	Private sector bank	7.88	100.6	3.50%	0.00%	3.73% (Jul 2025)	3.19% (Jan 2025)	1.02 L	-3.00 k	Other	8.57
# Reliance Industries Ltd.	Refineries & marketing	2.43	69.9	2.43%	0.00%	2.46% (Jun 2025)	2.1% (Dec 2024)	47.00 k	0.00	Large Cap	19.02
# ICICI Bank Ltd.	Private sector bank	7.88	66.6	2.31%	0.00%	2.69% (Jul 2025)	2.36% (Jan 2025)	49.50 k	-2.10 k	Large Cap	19.02
# Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	1.79	51.5	1.79%	0.00%	1.8% (Sep 2025)	1.35% (Dec 2024)	3.18 k	0.00	Large Cap	19.02
# Larsen & Toubro Ltd.	Civil construction	1.64	47.3	1.64%	0.00%	1.64% (Dec 2024)	1.5% (Apr 2025)	11.75 k	-0.80 k	Large Cap	19.02
# Infosys Ltd.	Computers - software & consulting	2.1	46.3	1.61%	0.00%	2.25% (Jan 2025)	1.59% (Sep 2025)	31.25 k	0.00	Large Cap	19.02
# State Bank Of India	Public sector bank	1.43	41.2	1.43%	0.00%	1.36% (Sep 2025)	1.15% (Feb 2025)	44.00 k	0.00	Large Cap	19.02
# Urban Company Ltd.	E-retail/ e-commerce	1.56	34.2	1.19%	0.00%	1.28% (Sep 2025)	0% (Oct 2024)	2.23 L	0.00	Other	8.57
# Ultratech Cement Ltd.	Cement & cement products	1.36	34.1	1.18%	0.00%	1.28% (Aug 2025)	1.03% (Jan 2025)	2.85 k	0.00	Large Cap	19.02
# Axis Bank Ltd.	Private sector bank	7.88	30.3	1.05%	0.00%	1.17% (Apr 2025)	0.96% (Sep 2025)	24.60 k	0.00	Large Cap	19.02
# Hindalco Industries Ltd.	Aluminium	1.03	29.5	1.03%	0.00%	0.94% (Sep 2025)	0.76% (Jan 2025)	34.80 k	0.00	Large Cap	19.02
# Kotak Mahindra Bank Ltd.	Private sector bank	7.88	29.4	1.02%	0.00%	1.11% (Apr 2025)	0.88% (Nov 2024)	14.00 k	0.00	Large Cap	19.02
# Timken India Ltd.	Abrasives & bearings	1.65	23.4	0.81%	0.00%	0.92% (Oct 2024)	0.66% (Apr 2025)	7.43 k	0.00	Small Cap	4.54
# Schaeffler India Ltd.	Auto components & equipments	2.22	22.5	0.78%	0.00%	0.93% (May 2025)	0.69% (Feb 2025)	5.60 k	0.00	Other	8.57
# Jubilant Foodworks Ltd.	Restaurants	0.76	22	0.76%	0.00%	0.97% (Dec 2024)	0.77% (Oct 2024)	36.80 k	0.00	Other	8.57
# Abbott India Ltd.	Pharmaceuticals	1.25	20.2	0.70%	0.00%	0.99% (Jun 2025)	0.67% (Jan 2025)	695.00	-0.10 k	Mid Cap	7.06
# Asian Paints (india) Ltd.	Paints	1.13	18.3	0.64%	0.00%	0.65% (Sep 2025)	0% (Oct 2024)	7.30 k	0.00	Large Cap	19.02
# TVS Motor Company Ltd.	2/3 wheelers	0.63	17.9	0.62%	0.00%	0.71% (Aug 2025)	0.52% (Feb 2025)	5.10 k	0.00	Mid Cap	7.06
# Power Grid Corporation of India Ltd.	Power - transmission	0.59	17	0.59%	0.00%	0.82% (Dec 2024)	0.66% (Feb 2025)	59.00 k	-0.10 L	Large Cap	19.02
# Cholamandalam Investment & Finance Co. Ltd.	Non banking financial company (nbfc)	0.96	16.8	0.58%	0.00%	0.57% (Apr 2025)	0.34% (Dec 2024)	9.90 k	0.00	Other	8.57
# WABCO India Ltd.	Auto components & equipments	2.22	16.8	0.58%	0.00%	0.72% (Nov 2024)	0.54% (Feb 2025)	1.35 k	0.00	Mid Cap	7.06
# L&T Technology Services Ltd.	It enabled services	0.58	16.7	0.58%	0.00%	0.81% (Jan 2025)	0.59% (Sep 2025)	4.05 k	0.00	Mid Cap	7.06
# Navin Flourine International Ltd.	Commodity chemicals	0.57	16.5	0.57%	0.00%	0.52% (Jul 2025)	0% (Oct 2024)	2.90 k	0.00	Small Cap	4.54
# Divis Laboratories Ltd.	Pharmaceuticals	1.25	15.8	0.55%	0.00%	0.99% (Jun 2025)	0.64% (Sep 2025)	2.35 k	-0.85 k	Large Cap	19.02
# Grindwell Norton Ltd.	Abrasives & bearings	1.65	15.7	0.55%	0.00%	0.75% (Oct 2024)	0.48% (Aug 2025)	9.31 k	0.00	Small Cap	4.54
# Honeywell Automation India Ltd.	Industrial products	0.78	14.6	0.51%	0.00%	0.62% (Dec 2024)	0.49% (Mar 2025)	400.00	0.00	Mid Cap	7.06
# LTIMindtree Ltd.	Computers - software & consulting	2.1	14.2	0.49%	0.00%	0.6% (Dec 2024)	0.4% (Apr 2025)	2.50 k	0.00	Mid Cap	7.06
# HDFC Life Insurance Company Ltd.	Life insurance	0.49	14.2	0.49%	0.00%	0.77% (Jun 2025)	0.59% (Jan 2025)	19.40 k	-7.60 k	Large Cap	19.02
# Kajaria Ceramics Ltd.	Ceramics	0.49	14.1	0.49%	0.00%	0.96% (Nov 2024)	0.58% (Sep 2025)	11.70 k	-2.30 k	Small Cap	4.54
# Berger Paints India Ltd.	Paints	1.13	14.1	0.49%	0.00%	0.47% (Sep 2025)	0% (Oct 2024)	26.00 k	0.00	Large Cap	19.02
# Godrej Properties Ltd.	Residential, commercial projects	1.4	14	0.48%	0.00%	0% (Nov 2025)	0% (Nov 2025)	6.10 k	6.10 k	Mid Cap	7.06
# Voltas Limited	Household appliances	0.83	13.8	0.48%	0.48%	0% (Nov 2025)	0% (Nov 2025)	10.00 k	10.00 k	Mid Cap	7.06
# DR. LAL PATHLABS Ltd.	Healthcare service provider	0.48	13.8	0.48%	0.00%	0.52% (Aug 2025)	0.4% (Mar 2025)	4.40 k	0.00	Small Cap	4.54
# Oberoi Realty Ltd.	Residential, commercial projects	1.4	13.3	0.46%	0.46%	0% (Nov 2025)	0% (Nov 2025)	7.50 k	7.50 k	Mid Cap	7.06
# DLF Ltd.	Residential, commercial projects	1.4	13.2	0.46%	0.00%	0.55% (Dec 2024)	0.42% (Feb 2025)	17.50 k	0.00	Large Cap	19.02
# Page Industries Ltd.	Garments & apparels	0.46	13.2	0.46%	0.00%	0.56% (Dec 2024)	0.46% (Sep 2025)	320.00	0.00	Mid Cap	7.06
# Torrent Power Ltd.	Integrated power utilities	0.44	12.6	0.44%	0.00%	0.49% (Jun 2025)	0% (Oct 2024)	9.60 k	0.00	Mid Cap	7.06
# Endurance Technologies Ltd.	Auto components & equipments	2.22	12.6	0.44%	0.00%	0.88% (Nov 2024)	0.66% (Jul 2025)	4.45 k	-2.95 k	Mid Cap	7.06
# Thermax Ltd.	Heavy electrical equipment	0.75	12.6	0.44%	0.00%	0.49% (Nov 2024)	0.3% (Sep 2025)	3.90 k	1.20 k	Mid Cap	7.06
# Sona BLW Precision Forgings Ltd.	Auto components & equipments	2.22	12.1	0.42%	0.00%	0.64% (Oct 2024)	0.37% (Sep 2025)	25.50 k	0.00	Other	8.57
# Brigade Hotel Ventures Ltd.	Hotels & resorts	0.4	11.5	0.40%	0.00%	0.43% (Aug 2025)	0% (Oct 2024)	1.38 L	0.00	Other	8.57
# Balrampur Chini Mills Ltd.	Sugar	0.4	11.5	0.40%	0.00%	0.57% (Oct 2024)	0.4% (Feb 2025)	25.00 k	0.00	Small Cap	4.54
# AIA Engineering Ltd.	Castings & forgings	0.38	11.1	0.38%	0.00%	0.47% (Oct 2024)	0.37% (Aug 2025)	3.40 k	0.00	Mid Cap	7.06
# HDB Financial Services Ltd.	Non banking financial company (nbfc)	0.96	11	0.38%	0.00%	0.44% (Jul 2025)	0% (Oct 2024)	15.00 k	0.00	Other	8.57
# FSN E-Commerce Ventures Ltd.	E-retail/ e-commerce	1.56	10.8	0.37%	0.00%	0.45% (Aug 2025)	0.33% (Feb 2025)	43.39 k	0.00	Other	8.57
# Hawkins Cookers Ltd.	Household appliances	0.83	10.1	0.35%	0.00%	0.51% (Jul 2025)	0.4% (Mar 2025)	1.15 k	-0.35 k	Small Cap	4.54
# Esab India Ltd.	Other industrial products	0.33	9.6	0.33%	0.00%	0.46% (Oct 2024)	0.32% (Mar 2025)	1.95 k	0.00	Small Cap	4.54
# ABB India Ltd.	Heavy electrical equipment	0.75	9	0.31%	0.00%	0.48% (Dec 2024)	0.31% (Aug 2025)	1.73 k	0.00	Large Cap	19.02
# Carborundum Universal Ltd.	Abrasives & bearings	1.65	8.4	0.29%	0.00%	0.5% (Nov 2024)	0.28% (Aug 2025)	9.30 k	0.00	Small Cap	4.54
# Pitti Engineering Ltd.	Industrial products	0.78	7.9	0.27%	0.00%	0.44% (Nov 2024)	0.28% (Feb 2025)	8.34 k	0.00	Small Cap	4.54
# Nuvoco Vistas Corporation Ltd.	Cement & cement products	1.36	5.1	0.18%	0.00%	0.3% (Aug 2025)	0.18% (Sep 2025)	12.30 k	0.00	Other	8.57
# TVS Motor Company Ltd. - Preference Shares	2/3 wheelers	0.63	0.3	0.01%	0.00%	0% (Nov 2025)	0% (Nov 2025)	24.40 k	0.00	Other	8.57
Teamlease Services Ltd.	Diversified commercial services		2.9	0.00%	-0.10%	-	-	-	-	Small Cap	4.54
Tata Consultancy Services Ltd.	Computers - software & consulting	2.1	14.9	0.00%	-0.53%	-	-	-	-	Large Cap	19.02

- indicates change in weight in the portfolio. # indicates a new entry.

New Stocks added in Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Voltas Limited	Household appliances	13.8	0.48%	0.48%	0% (Nov 2025)	0% (Nov 2025)	10.00 k	10000
# Oberoi Realty Ltd.	Residential, commercial projects	13.3	0.46%	0.46%	0% (Nov 2025)	0% (Nov 2025)	7.50 k	7500

Stocks removed from Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
Teamlease Services Ltd.	Diversified commercial services	2.9	0.00%	-0.10%	0.33% (Nov 2024)	0.1% (Sep 2025)	0.00	-1600
Tata Consultancy Services Ltd.	Computers - software & consulting	14.9	0.00%	-0.53%	1.47% (Dec 2024)	0.53% (Sep 2025)	0.00	-5150

Trend in stock holdings (Top 15 Holding)

Stock	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024
HDFC Bank Ltd.	3.50%	3.52%	3.55%	3.73%	3.67%	3.59%	3.64%	3.52%	3.45%	3.28%	3.42%	3.42%	3.31%
ICICI Bank Ltd.	2.31%	2.46%	2.57%	2.69%	2.61%	2.62%	2.65%	2.55%	2.36%	2.38%	2.43%	2.43%	2.43%
Reliance Industries Ltd.	2.43%	2.26%	2.27%	2.30%	2.46%	2.35%	2.38%	2.20%	2.14%	2.19%	2.10%	2.20%	2.28%
Infosys Ltd.	1.61%	1.59%	1.63%	1.66%	1.75%	1.72%	1.69%	1.80%	2.00%	2.16%	2.16%	2.11%	2.00%
Larsen & Toubro Ltd.	1.64%	1.62%	1.61%	1.61%	1.61%	1.62%	1.51%	1.61%	1.51%	1.55%	1.56%	1.59%	1.55%
Maruti Suzuki India Ltd.	1.79%	1.80%	1.78%	1.50%	1.46%	1.47%	1.49%	1.43%	1.53%	1.53%	1.35%	1.36%	1.36%
State Bank Of India	1.43%	1.36%	1.26%	1.23%	1.26%	1.26%	1.25%	1.24%	1.15%	1.25%	1.28%	1.34%	1.31%
Urban Company Ltd.	1.19%	1.28%	-	-	-	-	-	-	-	-	-	-	-
Ultratech Cement Ltd.	1.18%	1.23%	1.28%	1.23%	1.20%	1.12%	1.20%	1.20%	1.10%	1.12%	1.11%	1.08%	1.07%
Tata Consultancy Services Ltd.	-	0.53%	1.00%	0.98%	1.11%	1.12%	1.14%	1.21%	1.21%	1.38%	1.38%	1.42%	1.32%
Axis Bank Ltd.	1.05%	0.98%	1.02%	1.03%	1.14%	1.15%	1.17%	1.10%	1.05%	0.99%	1.07%	1.12%	1.15%
Kotak Mahindra Bank Ltd.	1.02%	0.98%	0.98%	0.97%	1.06%	1.02%	1.11%	1.11%	1.01%	0.98%	0.92%	0.90%	0.88%
Jubilant Foodworks Ltd.	0.76%	0.80%	0.82%	0.85%	0.90%	0.85%	0.95%	0.90%	0.87%	0.95%	0.97%	0.86%	0.77%
Hindalco Industries Ltd.	1.03%	0.94%	0.87%	0.84%	0.84%	0.78%	0.78%	0.87%	0.84%	0.76%	0.77%	0.83%	0.87%
Abbott India Ltd.	0.70%	0.82%	0.89%	0.96%	0.99%	0.85%	0.86%	0.90%	0.92%	0.67%	0.76%	0.70%	0.73%

No of Debt Holding 13 (Category Avg - 8.41) | Modified Duration 6.56 Years (Category Avg - 5.49)| Yield to Maturity 7.12% (Category Avg - 6.70%)

Portfolio Summary (as on 31st Oct,2025)

Security Type	% Weight	Category Average
GOI	34.94%	23.12%
T-Bills	0.00%	0.00%
NCD & Bonds	17.67%	8.74%
PTC	0.00%	0.33%

Category - Retirement Fund

Security Type	% Weight	Category Average
Government Backed	34.94%	23.12%
Low Risk	17.67%	9.07%
Moderate Risk	0.00%	0.00%
High Risk	0.00%	0.00%
Very High Risk	0.00%	0.00%
Others	0.00%	0.00%

Category - Retirement Fund

Debt holding in Portfolio (as on 31st Oct,2025)

Instrument	Type	Sector	Rating	Rating Agency	Value (Mn)	% of Total Holding	Quantity
Bond - Govt of India	GOI	Other			392.78	13.65%	40.00 L
Bond - Govt of India	GOI	Other			284.82	9.90%	30.00 L
Bond - Govt of India	GOI	Other			253.98	8.82%	25.00 L
Bond - Bharat Sanchar Nigam Limited	NCD & Bonds	Telecom - cellular & fixed line services	AAA	CRISIL	103.40	3.59%	100.00
Bond - Summit Digitel Infrastructure Pvt Ltd.	NCD & Bonds	Telecom - infrastructure	AAA	CRISIL	76.23	2.65%	750.00
Bond - Govt of India	GOI	Other			73.93	2.57%	7.50 L
Bond - Torrent Power Ltd.	NCD & Bonds	Integrated power utilities	AA+	CRISIL	52.48	1.82%	500.00
Bond - Rural Electrification Corporation Limited	NCD & Bonds	Financial institution	AAA	CRISIL	51.73	1.80%	500.00
Bond - Sundaram Finance Limited	NCD & Bonds	Non banking financial company (nbfc)	AAA	CRISIL	51.67	1.80%	500.00
Bond - Tata Power Renewable Energy Ltd.	NCD & Bonds	Power generation	LAA+	ICRA	51.25	1.78%	500.00
Bond - Power Finance Corporation Ltd.	NCD & Bonds	Financial institution	AAA	CRISIL	51.19	1.78%	500.00
Bond - Godrej Properties Ltd.	NCD & Bonds	Residential, commercial projects	LAA+	ICRA	50.27	1.75%	500.00
Bond - Union Bank Of India	NCD & Bonds	Public sector bank	AA+	CRISIL	20.19	0.70%	2.00