Tata Arbitrage Fund (An open ended scheme investing in arbitrage opportunities.)

As on 31st July 2019 PORTFOLIO % to % to NAV % to % to NAV Company name Company name INVESTMENT STYLE NAV Derivative NAV Derivative The scheme invests in equity and equity related instruments that tries Hedge Positions 67.92 -68.02 Equitas Holdings Ltd. 0.39 -0.39 to take advantage of the difference in prices of a security in the cash segment and derivatives segment by turning market volatility to its Ltd. 4.69 -4.69 National Aluminium Co. Ltd. 0.34 -0.34 Housing Development Finance Corporation Ltd. 4.60 -4.61 Bharti Infratel Ltd. 0.28 -0.29 advantage. State Bank Of 3.29 -3.30 ITC Ltd. 0.27 -0.27 INVESTMENT OBJECTIVE HDFC Bank Ltd. 3.27 -3.28 Ltd. 0.26 -0.26 The investment objective of the Scheme is to seek to generate Ltd. 2.75 -2.76 Ltd. 0.23 -0.23 reasonable returns by investing predominantly in arbitrage Ltd. 2.48 -2.49 Escorts Ltd. 0.21 -0.21 opportunities in the cash and derivatives segments of the equity markets and by investing balance in debt and money market Vedanta Ltd. 2.19 -2.20 Ltd. 0.20 -0.20 instruments. There is no assurance that the objective of the Scheme Jindal Steel & Power Ltd. 2.14 -2.15 Ltd. 0.20 -0.20 will be realised and the Scheme does not assure or guarantee any Tata Elxsi Ltd. 2.11 -2.12 Manappuram Finance Ltd. 0.17 -0.17 returns. Ltd. 1.97 -1.98 Ltd. 0.12 -0.12 DATE OF ALLOTMENT Mahindra & Mahindra Ltd. 1.95 -1.96 Ltd. 0.11 -0.11 Adani Power Ltd. 1.86 -1.87 Raymond Ltd. 0.09 -0.09 December 18,2018 Ltd. 1.81 -1.82 Ltd. 0.08 -0.08 FUND MANAGER Ltd. 1.72 -1.72 Ltd. 0.07 -0.07 Sailesh Jain (Managing Since 10-Dec-18 and overall experience of 15 Petronet Lng Ltd. 1.70 -1.67 India Ltd. 0.02 -0.02 years) Arvind Ltd. 1.67 -1.68 % to Dlf Ltd. 1.61 -1.61 Name of the Instrument Ratings BENCHMARK NAV Corporation Ltd. 1.57 -1.53 Debt Instruments Nifty 50 Arbitrage Index Ltd. 1.30 -1.31 Money Market Instruments 6.06 Ltd. 1.22 -1.22 NAV Indian Oil Corp Ltd. - Cp CRISIL- A1+ 4.11 Tata Consultancy Services Ltd. 1.14 -1.14 Kotak Mahindra Investments Ltd. - Cp CRISIL- A1+ 1.95 Direct - Growth : 10.4746 Bata India Ltd. 1.10 -1.10 Direct - Monthly Dividend : 10.4139 Margin Deposits 17.74 Larsen & Toubro Ltd. 0.99 -0.99 Regular - Growth : 10.4303 HDFC Bank Ltd 4.54 Regular - Monthly Dividend : 10.3699 Indusind Bank Ltd. 0.98 -0.98 Rbl Bank Ltd 1.24 Gail ( India ) Ltd. 0.96 -0.96 IDFC First Bank Limited 9.90 FUND SIZE Ltd. 0.87 -0.88 Ltd 2.06 Rs. 242.36 (Rs. in Cr.) Ltd. 0.84 -0.84 Ltd. 0.83 -0.84 MONTHLY AVERAGE AUM Ltd. 0.78 -0.78 Repo 17.09 Rs. 215.76 (Rs. in Cr.) Max Financial Services Ltd. 0.76 -0.77 Portfolio Total 108.81 TURN OVER Jsw Steel Ltd. 0.74 -0.75 Cash / Net Current Asset -8.81 Net Assets 100.00 Portfolio Turnover (Total) 1062.74% Upl Ltd. 0.73 -0.73 Portfolio Turnover (Equity component only) 293.45% Ltd. 0.71 -0.71 Ltd. 0.70 -0.69 EXPENSE RATIO** Srf Ltd. 0.67 -0.67 Direct 0.34 - Dvr 0.66 -0.67 Regular 1.13 India Ltd. 0.64 -0.64 **Note: The rates specified are actual month end expenses charged as on Jul 31, 2019. The above ratio includes the Service tax on Tata Global Beverages Ltd. 0.59 -0.59 Investment Management Fees. The above ratio excludes, Adani Ports And Special Economic Zone Ltd. 0.55 -0.55 proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever Ltd. 0.53 -0.53 applicable. Sun Tv Network Ltd. 0.51 -0.51 NTPC Ltd. 0.50 -0.49 VOLATILITY MEASURES^ FUND BENCHMARK Ultratech Cement Ltd. 0.47 -0.47 Std. Dev (Annualised) 0.67 0.71 ICICI Bank Ltd. 0.46 -0.46 Sharpe Ratio 0.63 0.75 Portfolio Beta 0.62 1.00 Power Finance Corporation Ltd. 0.45 -0.45 R Squared 0.43 1.00 Ltd. 0.42 -0.42 Treynor 0.19 0.15 Company Ltd. 0.40 -0.41 Jenson 0.03 NA Total stock in Portfolio 23 ^Risk-free rate based on the FBIL Overnight MIBOR rate of 5.75% as SIP - If you had invested INR 10000 every month on Jul 31, 2019 For calculation methodology please refer to Pg 56 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception Total Amount Invested (Rs.) NA NA NA NA NA 70,000 MINIMUM INVESTMENT/ Total Value as on Jul 31, 2019 (Rs.) NA NA NA NA NA 71,720 MULTIPLES FOR NEW INVESTMENT Returns NA NA NA NA NA 7.62% Total Value of B: Nifty 50 Arbitrage Index NA NA NA NA NA 71,832 Rs. 5,000/- and in multiples of Re. 1/- thereafter. B: Nifty 50 Arbitrage Index NA NA NA NA NA 8.13% ADDITIONAL INVESTMENT/ (Inception date :18-Dec-2018) (First Installment date : 01-Jan-2019) MULTIPLES FOR EXISTING INVESTORS Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. Rs. 1,000/- and in multiples of Re. 1/- thereafter. For scheme performance refer pages 45-56. *B: Benchmark LOAD STRUCTURE Source: MFI Explorer Entry Load : Not Applicable Exit Load : 0.25 % of the applicable NAV, if Top 10 Holdings Equity Sector Allocation redeemed/switched out/withdrawn on or before expiry of 30 Days from the date of allotment. Issuer Name % to NAV Financial Services 17.05% Reliance Industries Ltd. 4.69 Energy 13.61% Housing Development Finance Corporation Ltd. 4.60 Metals 7.63% Please refer to our Tata Mutual Fund website for State 3.29 Consumer Goods 6.65% fundamental changes, wherever applicable HDFC Bank Ltd. 3.27 IT 6.55% Infosys Ltd. 2.75 Automobile 5.55% United Spirits Ltd. 2.48 Construction 2.59% V Vedanta Ltd. 2.19 Textiles 2.43% Jindal Steel & Power Ltd. 2.14 Cement & Cement Products 2.08% Tata Elxsi Ltd. 2.11 Telecom 1.12% Axis Bank Ltd. 1.97 Chemicals 0.87% Total 29.50 0.00% 5.00% 10.00% 15.00% 20.00%

Market Capitalisation wise Exposure NAV Movement Large Cap 72.62% Tata Arbitrage Fund - Reg - Growth 110 Nifty 50 Arbitrage Index Mid Cap 20.79% 108 106 Small Cap 6.59% 104 102 100 Market Capitalisation is as per list provided by AMFI. Dec-18 Mar-19 May-19 Jul-19 www.tatamutualfund.com Mutual Fund investments are subject to market risks, read all scheme related documents carefully TATA MUTUAL FUND 29