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Moderately Moderate High High Low to

Moderate V ery High

Low RISKOMETER Investors understand that their principal will be at very high risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. INDEX

Page No.

MUTUAL FUND RELATED TERMS ...... 3

MEDIA PRESENCE...... 4

MARKET REVIEW...... 6

EQUITY SCHEMES

Union Flexi Cap Fund ...... 7 Union Focused Fund ...... 8 Union Midcap Fund ...... 9 Union Large & Midcap Fund ...... 10 Union Small Cap Fund...... 11 Union Long Term Equity Fund...... 12 Union Value Discovery Fund ...... 13 Union Largecap Fund ...... 14

HYBRID SCHEMES

Union Hybrid Equity Fund ...... 15 Union Balanced Advantage Fund ...... 16 Union Equity Savings Fund ...... 17 Union Arbitrage Fund ...... 18

DEBT & INCOME SCHEMES

Union Medium Duration Fund ...... 19 Union Corporate Bond Fund ...... 20 Union Dynamic Bond Fund ...... 21 Union Liquid Fund ...... 22 Union Overnight Fund ...... 23

NET ASSET VALUE (NAV) OF SCHEMES...... 24

FUNDS AT A GLANCE ...... 25

PERFORMANCE...... 27

SIP PERFORMANCE ...... 31

DIVIDEND HISTORY & RISK FACTORS, STATUTORY DETAILS AND DISCLAIMERS ...... 32

OUR PRESENCE ...... 33

Page 2 Mutual Fund related terms

Fund Manager Modified Duration An employee of the asset management company such as a Modified duration is the price sensitivity and the percentage mutual fund or life insurer, who manages investments of the change in price for a unit change in yield. scheme. He is usually part of a larger team of fund managers Macaulay Duration and research analysts. The Macaulay duration is the weighted average term to Application Amount for Fresh Subscription maturity of the cash flows from a bond. The weight of each This is the minimum investment amount for a new investor in a cash flow is determined by dividing the present value of the mutual fund scheme. cash flow by the price. Minimum Additional Amount Standard Deviation This is the minimum investment amount for an existing Standard deviation is a statistical measure of the range of an investor in a mutual fund scheme. investment’s performance. When a mutual fund has a high Yield to Maturity standard deviation, its means its range of performance is wide, implying greater volatility. The Yield to Maturity or the YTM is the rate of return anticipated on a bond if held until maturity. YTM is expressed Sharpe Ratio as an annual rate. The YTM factors in the bond's current The Sharpe Ratio, named after its founder, the Nobel market price, par value, coupon interest rate and time to Laureate William Sharpe, is a measure of risk-adjusted maturity. returns. It is calculated using standard deviation and excess SIP return to determine reward per unit of risk. SIP or Systematic Investment Plan works on the principle of Beta making periodic investments of a fixed sum. It works similar to Beta is a measure of an investment’s volatility vis-à-vis the a Recurring Bank Deposit. For instance, an investor may opt market. Beta of less than 1 means that the security will be less for an SIP that invests ` 500 every 15th of the month in an volatile than the market. A beta of greater than 1 implies that equity fund for a period of three years. the security's price will be more volatile than the market. NAV AUM The NAV or the net asset value is the total asset value per unit AUM or Assets Under Management refers to the recent / of the mutual fund after deducting all related and permissible updated cumulative market value of investments managed expenses. The NAV is calculated at the end of every business by a mutual fund or any investment firm. day. It is the value at which the investor enters or exits the Holdings mutual fund. The holdings or the portfolio is a mutual fund’s latest or Benchmark updated reported statement of investments/securities. These A group of securities, usually a market index, whose are usually displayed in terms of percentage to net assets or performance is used as a standard or benchmark to measure the rupee value or both. The objective is to give investors an investment performance of mutual funds, among other idea of where their money is being invested by the fund investments. Some typical benchmarks include the Nifty, manager. Sensex, BSE200, BSE500, 10-Year Gsec. Nature of Scheme Entry Load The investment objective and underlying investments A mutual fund may have a sales charge or load at the time of determine the nature of the mutual fund scheme. For entry and/or exit to compensate the distributor/agent. Entry instance, a mutual fund that aims at generating capital load is charged at the time an investor purchases the units of appreciation by investing in stock markets is an equity fund or a mutual fund. The entry load is added to the prevailing NAV growth fund. Likewise, a mutual fund that aims at capital at the time of investment. preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have sub- For instance, if the NAV is ` 100 and the entry load is 1%, the categories. investor will enter the fund at ` 101. Exit Load Rating Profile Exit load is charged at the time an investor redeems the units Mutual funds invest in securities after evaluating their of a mutual fund. The exit load is reduced from the prevailing creditworthiness as disclosed by the ratings. A depiction of NAV at the time of redemption. The investor will receive the mutual fund in various investments based on their ratings redemption proceeds at net value of NAV less Exit Load. becomes the rating profile of the fund. Typically, this is a feature of debt funds. For instance, if the NAV is ` 100 and the exit load is 1%, the investor will receive ` 99.

1800 2002 268/1800 5722 268 / 022-67483333 [email protected] www.unionmf.com

Page 3 Media Presence

Published in “Dalal Street Investment Journal” magazine - (1 - 14 February 2021)

2. Liquidity has pumped the market quite a bit now. So, do you believe that markets are overheated? How do you look at current rally in the stock markets?

We evaluate stocks and market based on their intrinsic fair value and in our view the markets are above their fair value at present. The availability of cheap money across the world has played a significant role in this rally. Market being overvalued means that we have borrowed some returns from future and hence we should expect moderate returns from here on. However, the medium to long term prospect of markets remains robust and equities should be able to outperform other asset classes

3. Though your small-cap fund was launched in the year 2014, what made you step into the mid-cap space in the year 2020? And how you look at mid-caps in the year 2021?

As a full service fund house it is our endeavor to offer products from different categories to our investors. In the year 2014 we had launched Union Small and Midcap Fund, but post SEBI circular on Categorization and Rationalization of Mutual Fund Mr. G Pradeepkumar - Chief Executive Officer, Union Asset Management Company Private Limited Schemes this fund was categorized by us as a small cap fund. So we had a vacuum in midcap category which we filled up with Union Midcap Fund. Midcap Funds would form an integral part of the portfolio for most investors. It is like spice in food. 1. The year 2021 has begun on a buoyant note. How do you You need to have the right allocation. While Midcap stocks in look at mutual fund business industry for 2021 in terms of our investment universe are trading above their fair value, they performance and flows? have the potential to offer relatively better returns over the next The economic recovery is now clearly visible, the third quarter three to five years’ period. Of course, they would be results were better than expected and we expect this trend to intrinsically more volatile than large caps. continue. We believe corporate performance will show further 4. You have been consistently launching new funds since the improvement in the coming months. This is also likely to have a year 2017. What are the categories you want to mark your rub off effect on markets. presence in the year 2021? With the rally in market, there has been certain level of profit Our goal is to offer a complete bouquet of products to our booking in mutual funds which is not necessarily a bad thing. investors. Hence, we have launched funds which we believed Those going out with a positive experience are also likely to would offer differentiated value proposition. However, we do come back when valuations are more reasonable. At the same not intend to be present in every category that SEBI has time, the number of folios has been constantly increasing with allowed. For example, while the Regulator has allowed fund a rise of about 8% over the last 12 months. We expect more houses to launch funds in around 36 categories, we are money to come into mutual funds whenever there is a present in only half of them. From now on our products correction in the market. We expect SIP flows to pick up further. launches are going to be fewer. For example, in this quarter we Also, we expect that significant amount of money may come are not looking to launching any fund. However, there are into asset allocation products such as Balanced Advantage certain differentiated categories including retirement funds Funds (BAF).

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.

Page 4 Media Presence

and funds investing in international markets that we intend to 8. For debt market, it is believed that the year 2021 would be a launch in the near future. modest year in terms of returns? How do you look at debt market in 2021 and what debt asset allocation should 5. You had recently launched your Union Hybrid Equity Fund investors prefer? which is an aggressive hybrid fund. You were successful to get AUM of ` 454 crores. What strategy you adopted to get In the current year, given the large borrowing programme of such type of AUM? the Government, RBI is expected to lean towards a softer interest rate regime. We also believe that in the year 2021, with Over the last three years or so we have been working very inflation expected to be in the target range of the RBI between actively to expand our distribution beyond our parent bank 4% to 6%, any upward pressure on interest rates is unlikely. But network and increasingly we are getting good traction with the scope for further fall in interest rates across the board is Mutual Fund Distributors (MFDs). Also, Union Bank of India also limited compared to what we saw in the last two years or (UBI) itself has an expanded network post amalgamation with so. We believe that the spread between short and medium Corporation Bank and Andhra Bank where the number of duration instruments are well above their long term averages customers and branches have nearly doubled. Both these and this spread could come down. As the spread compression factors helped us a lot in generating higher sales. In the recent starts, there could be room to make gains. We recommend NFO of Union Hybrid Fund around 43% of the applications Corporate Bond Funds and Medium Duration funds. It is came from outside Union Bank network. Since the beginning advisable to be in this space with great emphasis on credit of this financial year we have put in place a dedicated sales quality of the portfolios. Investors should be mindful that the force to service the MFDs. The results have been remarkably kind of returns witnessed in the past couple of years may not good. Contributions through Non-Associate Distributors has sustain. doubled between March 2020 and December 2020. 9. What will be your advice to retail investors at current 6. ESG is something that was the theme for the year 2020 with juncture? quite a bit of fund launches. What is your take on the overall ESG theme and are you looking to launch fund in this Equity markets are currently trading at a premium to their fair category? value. Investors making lump sum investment into pure equity funds should have a minimum investment horizon of five years. We have a robust investment process and the ESG factors People who like to take lower risk are better off with asset would indirectly be factored in the process anyway. At this allocation products such as Balanced Advantage Funds (BAF) stage, we believe there could be significant overlap between a and Hybrid Equity Funds. BAF in particular, with their dynamic dedicated ESG fund and some of our other equity funds. allocation to equity depending on market valuation, offers the However, this is a theme that seems to be gaining popularity in potential to generate reasonable returns with lower volatility. developed markets and we may consider it sometime in future. They also help investors to avoid the trouble of trying to time 7. Factor based investing kind of eliminates any human the market. Of course, SIPs remain as attractive as ever for intervention in decision-making. So, what are your regular investment. thoughts on smart beta investing?

We think investing is a blend of art and science. As a fund house we have a certain investment process which has worked very well for us. We would continue to religiously follow it in managing our funds.

Disclaimer: The views expressed or statements made in this document are purely the views of the author and do not necessarily represent the views of either Union Asset Management Company Private Limited or its affiliates. The views, facts and figures in this document are as of 23rd January 2021, unless stated otherwise.

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.

Page 5 Market Review

Nifty fell 2.5% in January 2021 as investors became wary of risks from the upcoming union budget, new lockdowns being enforced in some countries and concerns over new strains of the Covid-19 virus. However, Mid-caps (Nifty Midcap100 Index up 0.3%) and small- caps (Nifty Smallcap 100 Index up 1.3%) outperformed the large-caps (BSE100 Index down 2.1%). The best performing sectors were Auto (Nifty Auto Index up 6.7%), IT (Nifty IT Index up 1.6%) and PSU Banks (Nifty PSU Bank Index up 3.5%). On the other hand, Pharma (Nifty Pharma Index down 5,8%), Metal (Nifty Metal Index down 5.4%) and Energy (Nifty Energy Index down 4.5%) were underperformers for the month.

Performance of various indices as of 31st January 2021 On the global front, US equity market (S&P 500 Index) was down 1.1% and US 10 year yields rose to 1.066% from Index 1 Month 3 Month 6 Month 1 Year 0.913%. Crude oil continued its rise in January and rose Nifty 50 TRI -2.46% 17.22% 23.65% 15.22% 7.9% for the month to close at USD 55.88/bbl. Nifty 500 TRI -1.85% 18.08% 25.58% 15.82% Nifty Midcap 100 TRI 0.33% 22.66% 35.54% 17.21% Nifty Next 50 TRI -2.34% 16.24% 18.52% 13.25% The Government announced a growth-focused Union Nifty Smallcap 100 TRI 1.32% 23.57% 43.93% 16.54% Budget for FY22. In doing so, they have relaxed their medium term fiscal consolidation targets; fiscal deficit for FY22 is estimated at 6.8% against previous target of 3.3%. Current Statistics and Fixed Income Market Indicators The larger focus remains on supply-side reforms, with the Indicator Latest Previous Last Year intent of spurring the investment cycle. Call (Wtd Avg Rate) 3.23 3.22 4.94 USD/INR 72.95 73.07 71.35 December CPI inflation moderated to 4.59% (6.93% in GBP/INR 99.72 99.81 93.58 EUR/INR 88.40 89.76 78.74 November), led by moderation in food inflation to 3.4% JPY/INR 0.70 0.71 0.66 (9.5% in November) and favourable base. Core inflation Brent Crude $/barrel 55.88 51.80 58.16 was at 5.2% (5.5% in November). India’s industrial activity 10 Year Benchmark Indian G-sec 5.91 5.87 6.60 showed some moderation, reflected by 1.9% fall in the Foreign Exchange Reserves ($ Billion) 590.19 585.32 471.30 CPI 4.59 6.93 7.35 Index of Industrial production (IIP) for November compared WPI 1.22 1.55 2.76 to 4.2% growth in October. Trade deficit in December Monthly FPI/FII Net Equity Investments 19,473 62,016 12,123 widened to USD15.7bn against a deficit of USD9.9bn in (` Crs) November. India’s 10-year G-Sec yield rose marginally to IIP (1.9) 4.2 2.1 GDP (7.5) (23.9) 4.4 5.91% from 5.87%, while the Indian Rupee appreciated GDP data is quarterly available and data for other indicators are on monthly basis. 0.2% against the US Dollar to close at 72.95. Above Data is as available on 5th February 2021

Nifty touched a new peak in January 2021 before declining 2.5% for the month. However, the index was up 14.0% over the last year and is trading at a significant premium to its current fair value, based on our internal research. While the fair value growth in the near term is expected to be sharp as we emerge from the recession caused by the pandemic, we seem to have borrowed some returns from the future. According to us, the catalyst of fair value growth going forward would be a) Government’s stimulus measures to boost investment and consumption demand which has slowed due to the lockdowns, b) cyclical uptick in economy along with release of pent up demand, which can lead to improved capacity utilization and c) consequent earnings growth from increased asset utilization, getting a boost from operating leverage. However, the key risks to fair value growth are a) longer-than-expected economic slowdown due to knock-on effects of the ongoing second wave of Covid-19 infections in developed nations and b) increase in medium term interest rates due to increased government borrowing.

(Source: Bloomberg, RBI, MOSPI*) *Ministry of Statistics and Programme Implementations Disclaimer: Any information contained herein does not constitute an advice or an offer to sell or a solicitation to buy any mutual fund units/securities. The above information alone is not sufficient and should not be used for the development or implementation of an investment strategy. The recipients of this material should rely on their investigations and take their own professional advice. The Sponsors/ the AMC/ the Trustee Company/ their associates/ any person connected with it, do not accept any liability arising from the use of this information and disclaim all liabilities, losses and damages arising out of the use of this information.

Page 6 This product is suitable for investors who are seeking*: Riskometer Union Moderately • Long Term Capital Appreciation Moderate High • Investment predominantly in Equity and Equity High related portfolio Low to Moderate FLEXI CAP FUND** V ery High (formerly Union Multi Cap Fund) Low (An open-ended dynamic equity scheme investing RISKOMETER across large cap, mid cap, small cap stocks) Investors understand that their principal will be at Factsheet as on January 31, 2021 very high risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio Portfolio

Investment Objective Industry/Company/Issuer % to Net Industry/Company/Issuer % to Net Assets Assets The investment objective of the Scheme is to achieve long-term capital appreciation Equity Shares 96.02% HEALTHCARE SERVICES 0.72% by investing substantially in a portfolio BANKS 20.32% Gland Pharma Ltd. 0.72% consisting of equity and equity related ü HDFC Bank Ltd. 8.17% TRANSPORTATION 0.66% ü ICICI Bank Ltd. 5.01% securities across market capitalisation. TCI Express Ltd. 0.66% ü Axis Bank Ltd. 3.53% TREASURY BILLS 0.23% However, there can be no assurance that ü Kotak Mahindra Bank Ltd. 1.87% State Bank of India 1.74% SOVEREIGN 0.23% the investment objective of the scheme will 364 DAY T-BILL 0.23% be achieved. SOFTWARE 15.59% ü Infosys Ltd. 6.22% Triparty Repo, Cash, Cash Equivalents & 3.75% ü Tata Consultancy Services Ltd. 3.08% Net Current Assets Co-Fund Managers Larsen & Toubro Infotech Ltd. 1.50% Grand Total 100.00% Coforge Ltd. 1.49% Vinay Paharia Indiamart Intermesh Ltd. 1.42% ü Indicates Top 10 Holdings Mphasis Ltd. 1.27% Over 18 years of experience in Fund Happiest Minds Technologies Ltd. 0.61% Management & Equities. Managing this FINANCE 8.73% Industry Classification Scheme from 2nd April 2018. ü Housing Development Finance Corp Ltd. 4.89% Bajaj Finance Ltd. 1.84% Banks 20.32% Hardick Bora Muthoot Finance Ltd. 1.05% SBI Life Insurance Company Ltd. 0.96% Software 15.59% Over 12 years of experience in the financial CONSUMER NON DURABLES 8.32% Finance 8.73% services sector. Managing this Scheme Varun Beverages Ltd. 1.54% Consumer Non Durables 8.32% Asian Paints Ltd. 1.46% Pharmaceuticals 6.63% since January 5, 2021. Hindustan Unilever Ltd. 1.10% United Spirits Ltd. 0.92% Petroleum Products 6.24% Indicative Investment Horizon Tasty Bite Eatables Ltd. 0.86% Telecom - Services 4.09% Tata Consumer Products Ltd. 0.70% Auto Ancillaries 4.05% Long Term United Breweries Ltd. 0.70% Heritage Foods Ltd. 0.55% Chemicals 4.04% Date of allotment Godrej Agrovet Ltd. 0.49% Construction Project 2.14% PHARMACEUTICALS 6.63% Retailing 2.10% 10 June 2011 Sequent Scientific Ltd. 1.26% Auto 1.96% Laurus Labs Ltd. 1.21% Assets Under Management Syngene International Ltd. 0.95% Commercial Services 1.19% Dr. Reddy's Laboratories Ltd. 0.84% Cement 1.18% As on 31st Jan., 2021 : ` 436.51 crore Cipla Ltd. 0.83% Industrial Capital Goods 1.14% Sun Pharmaceutical Industries Ltd. 0.80% Construction 1.02% Average for Jan. 2021 : ` 455.20 crore Abbott India Ltd. 0.75% PETROLEUM PRODUCTS 6.24% Pesticides 1.01% Benchmark Index^^ ü Reliance Industries Ltd. 5.51% Power 0.89% Bharat Petroleum Corporation Ltd. 0.73% Consumer Durables 0.85% S&P BSE 500 Index (TRI) TELECOM - SERVICES 4.09% Ferrous Metals 0.80% ü Bharti Airtel Ltd. 3.37% ^^(For disclaimers refer page no. 32) Tata Communications Ltd. 0.72% Industrial Products 0.79% AUTO ANCILLARIES 4.05% Non - Ferrous Metals 0.78% Expense Ratio as on Jan. 31, 2021 Tube Investments of India Ltd. 1.62% Engineering Services 0.77% Endurance Technologies Ltd. 1.46% Healthcare Services 0.72% Direct Plan : 2.05% Minda Industries Ltd. 0.98% Transportation 0.66% Other than Direct Plan : 2.65% CHEMICALS 4.04% Fine Organic Industries Ltd. 0.81% The AMC reserves the right to change the Galaxy Surfactants Ltd. 0.80% Navin Fluorine Int. Ltd. 0.73% Market Cap as % of net assets expense ratio within the limits prescribed in Solar Industries India Ltd. 0.60% the SID. Includes additional expenses if, Rossari Biotech Ltd. 0.58% Market Cap Union Flexi Cap S&P BSE 500 any and GST. Neogen Chemicals Ltd. 0.52% CONSTRUCTION PROJECT 2.14% Category Fund Index (TRI)^^ ü Larsen & Toubro Ltd. 2.14% Load Structure Large Cap 68.74% 80.28% RETAILING 2.10% Entry Load: Nil Avenue Supermarts Ltd. 1.54% Mid Cap 17.66% 13.67% Aditya Birla Fashion and Retail Ltd. 0.57% Exit Load: AUTO 1.96% Small Cap 9.62% 6.05% Maruti Suzuki India Ltd. 1.20% 1% if units are redeemed or switched out on Mahindra & Mahindra Ltd. 0.76% Top 10 Holdings 43.78% 42.33% or before completion of 15 days from the COMMERCIAL SERVICES 1.19% No. of Stocks 64 501 date of allotment. Nil thereafter (w.e.f. June TeamLease Services Ltd. 1.19% 01, 2020). CEMENT 1.18% Wtd Avg Market ` 3,05,522 ` 3,36,532 Ultratech Cement Ltd. 1.18% Cap of stocks in Active Stock Position in Scheme INDUSTRIAL CAPITAL GOODS 1.14% portfolio (Crs) Portfolio vis-à-vis fund benchmark Honeywell Automation India Ltd. 1.14% CONSTRUCTION 1.02% Top 5 Overweight Top 5 Underweight KNR Constructions Ltd. 1.02% Quantitative Indicators - Growth Option PESTICIDES 1.01% Bharti Airtel Ltd ITC Ltd PI Industries Ltd. 1.01% Std. Sharpe Portfolio Portfolio POWER 0.89% Tube Investments of Reliance Industries Deviation Ratio Beta Turnover Ratio$$ India Ltd NTPC Ltd. 0.89% CONSUMER DURABLES 0.85% 21.23% 0.22 0.92 0.44 times Titan Company Ltd. 0.85% Varun Beverages Ltd Hindustan Unilever Risk Free Rate based on the overnight Mumbai Inter-Bank Ltd FERROUS METALS 0.80% Tata Steel Ltd. 0.80% Offer Rate (MIBOR) as on January 29, 2021: 3.47%. $$$ Coforge Ltd HCL Technologies INDUSTRIAL PRODUCTS 0.79% Lower of sales or purchases divided by average AUM for last Ltd Polycab India Ltd. 0.79% rolling 12 months. NON - FERROUS METALS 0.78% Axis Bank Ltd Tata Consultancy Hindalco Industries Ltd. 0.78% ** Pursuant to Notice Cum Addendum dated December 18, Services Ltd ENGINEERING SERVICES 0.77% 2020 Union Multi Cap Fund has been converted in to Union Rites Ltd. 0.77% Flexi Cap Fund with effect from January 28, 2021.

For risk factors, statutory details and disclaimers please refer page no. 32 Page 7 This product is suitable for investors who are seeking*: Riskometer

Moderately Union • Long term capital appreciation Moderate High • Investment in equity & equity related securities High including equity derivatives upto a maximum of 30 Low to Moderate V FOCUSED FUND stocks across market capitalization. ery High

(An open ended equity scheme investing in maximum Low 30 stocks across market caps (i.e. Multi Cap)) RISKOMETER Investors understand that their principal will be at Factsheet as on January 31, 2021 very high risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio Industry Classification

Investment Objective Industry/Company/Issuer % to Net Assets Banks 18.56% The investment objective of the scheme is Software 15.40% to seek to generate capital appreciation by Equity Shares 94.20% Finance 8.73% investing in a portfolio of select equity and BANKS 18.56% equity linked securities across market caps. Petroleum Products 8.64% However, there can be no assurance that ü HDFC Bank Ltd. 9.30% Telecom - Services 7.73% ü ICICI Bank Ltd. 5.59% the Investment Objective of the scheme will Construction Project 6.25% be achieved. Axis Bank Ltd. 3.67% SOFTWARE 15.40% Pharmaceuticals 5.93% Co-Fund Managers Retailing 4.73% ü Infosys Ltd. 7.79% Vinay Paharia ü Larsen & Toubro Infotech Ltd. 5.32% Auto 4.24% Over 18 years of experience in Fund Happiest Minds Technologies Ltd. 2.29% Pesticides 3.48% Management & Equities. Managing this FINANCE 8.73% Cement 3.06% scheme since inception. ü Housing Development Finance Corp Ltd. 7.21% Industrial Capital Goods 2.33% Hardick Bora SBI Life Insurance Company Ltd. 1.52% Auto Ancillaries 1.95% Over 12 years of experience in the financial PETROLEUM PRODUCTS 8.64% Industrial Products 1.60% services sector. Managing this Scheme ü Reliance Industries Ltd. 8.64% Chemicals 1.55% since January 5, 2021. TELECOM - SERVICES 7.73% Consumer Non Durables 0.02% Indicative Investment Horizon ü Bharti Airtel Ltd. 5.45% Long Term Tata Communications Ltd. 2.27% Date of allotment CONSTRUCTION PROJECT 6.25% Market Cap as % of net assets 5 August 2019 ü Larsen & Toubro Ltd. 6.25% Market Cap Union Focused S&P BSE 500 PHARMACEUTICALS 5.93% Assets Under Management Category Fund Index (TRI)^^ Sequent Scientific Ltd. 3.21% As on 31st Jan., 2021 : 177.36 crore ` Abbott India Ltd. 2.72% Large Cap 78.99% 80.28% Average for Jan. 2021 : ` 185.95 crore RETAILING 4.73% Mid Cap 9.71% 13.67% ^^ Benchmark Index ü Avenue Supermarts Ltd. 4.73% Small Cap 5.50% 6.05% S&P BSE 500 Index TRI. AUTO 4.24% Top 10 Holdings 64.54% 42.33% ^^(For disclaimers refer page no. 32) ü Maruti Suzuki India Ltd. 4.24% No. of Stocks 24 501

Expense Ratio as on Jan. 31, 2021 PESTICIDES 3.48% Wtd Avg Market ` 3,35,545 ` 3,36,532 Direct Plan : 1.76% PI Industries Ltd. 3.48% Cap of stocks in portfolio (Crs) Regular Plan : 2.52% CEMENT 3.06% Ultratech Cement Ltd. 3.06% The AMC reserves the right to change the $$$ expense ratio within the limits prescribed in INDUSTRIAL CAPITAL GOODS 2.33% Portfolio Turnover Ratio : 0.83 times the SID. Includes additional expenses if, Honeywell Automation India Ltd. 2.33% $$$Lower of sales or purchases divided by average AUM for last any and GST. AUTO ANCILLARIES 1.95% rolling 12 months. Load Structure Tube Investments of India Ltd. 1.95% Entry Load: Nil INDUSTRIAL PRODUCTS 1.60% Exit Load: Polycab India Ltd. 1.60% 1% if units are redeemed or switched out on CHEMICALS 1.55% or before completion of 15 days from the date of allotment. Nil thereafter (w.e.f. June Navin Fluorine Int. Ltd. 1.55% 01, 2020). CONSUMER NON DURABLES 0.02% Active Stock Position in Scheme Indigo Paints Ltd. 0.02% Portfolio vis-à-vis fund benchmark TREASURY BILLS 0.45% Top 5 Overweight Top 5 Underweight SOVEREIGN 0.45% Larsen & Toubro Tata Consultancy 364 DAY T-BILL 0.45% Infotech Ltd Services Ltd Triparty Repo, Cash, Cash Equivalents & 5.35% Larsen & Toubro Ltd Kotak Mahindra Net Current Assets Bank Ltd Grand Total 100.00% Avenue Supermarts Hindustan Unilever ü Indicates Top 10 Holdings Ltd Ltd Bharti Airtel Ltd ITC Ltd PI Industries Ltd Bajaj Finance Ltd

For risk factors, statutory details and disclaimers please refer page no. 32 Page 8 This product is suitable for investors who are seeking*: Riskometer

Moderately Union • Capital appreciation over long term Moderate High • Investing predominantly in equity & equity related High securities of midcap companies Low to Moderate V MIDCAP FUND ery High

(Mid Cap Fund - An open-ended equity scheme Low predominantly investing in mid cap stocks) RISKOMETER Investors understand that their principal will be at Factsheet as on January 31, 2021 very high risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio Industry Classification

Investment Objective Industry/Company/Issuer % to Net Assets Software 14.95% The investment objective of the Scheme is Auto Ancillaries 11.04% to achieve long term capital appreciation Equity Shares 96.43% and generate income by investing SOFTWARE 14.95% Chemicals 10.81% predominantly in equity and equity related ü MindTree Ltd. 3.50% Pharmaceuticals 8.60% securities of mid cap companies. However, ü Coforge Ltd. 3.45% there is no assurance that the Investment Mphasis Ltd. 3.11% Consumer Non Durables 7.31% Indiamart Intermesh Ltd. 2.18% Objective of the Scheme will be achieved. Info Edge (India) Ltd. 1.88% Consumer Durables 6.88% Happiest Minds Technologies Ltd. 0.83% Co-Fund Managers Finance 6.51% AUTO ANCILLARIES 11.04% Vinay Paharia ü Endurance Technologies Ltd. 4.90% Construction 4.67% ü Tube Investments of India Ltd. 3.80% Over 18 years of experience in Fund Minda Industries Ltd. 2.34% Industrial Products 3.94% Management & Equities. Managing this CHEMICALS 10.81% Scheme since inception. Telecom - Services 3.72% Tata Chemicals Ltd. 2.63% Hardick Bora Atul Ltd. 2.36% Banks 3.51% Navin Fluorine Int. Ltd. 1.92% Pesticides 3.19% Over 12 years of experience in the financial Solar Industries India Ltd. 1.10% services sector. Managing this Scheme Aarti Industries Ltd. 1.02% Commercial Services 2.81% Galaxy Surfactants Ltd. 1.00% since inception. Fine Organic Industries Ltd. 0.79% Cement 2.34% Indicative Investment Horizon PHARMACEUTICALS 8.60% Retailing 2.31% ü Syngene International Ltd. 3.83% Long Term IPCA Laboratories Ltd. 2.48% Industrial Capital Goods 1.70% Date of allotment Laurus Labs Ltd. 1.51% Abbott India Ltd. 0.79% Healthcare Services 1.41% 23 March 2020 CONSUMER NON DURABLES 7.31% Transportation 0.74% Assets Under Management ü Varun Beverages Ltd. 3.98% Godrej Agrovet Ltd. 1.94% As on 31st Jan., 2021 : 169.68 crore Tata Consumer Products Ltd. 1.38% ` Indigo Paints Ltd. 0.01% Average for Jan. 2021 : ` 178.43 crore CONSUMER DURABLES 6.88% Benchmark Index@@@ ü Crompton Greaves Consumer Electrical Ltd 3.66% Market Cap as % of net assets ü Dixon Technologies (India) Ltd. 3.22% Nifty Midcap 100 Index TRI. FINANCE 6.51% Market Cap Union Midcap Nifty Midcap @@@ (For disclaimers refer page no. 32) Aavas Financiers Ltd. 2.27% Category Fund 100 Index Muthoot Finance Ltd. 2.13% Expense Ratio as on Jan. 31, 2021 Can Fin Homes Ltd. 1.06% (TRI)@@@ Nippon Life India Asset Management Ltd. 1.05% Direct Plan : 1.73% Large Cap 10.68% 7.68% CONSTRUCTION 4.67% Regular Plan : 2.64% KNR Constructions Ltd. 2.85% Mid Cap 74.87% 88.89% The Phoenix Mills Ltd. 1.05% The AMC reserves the right to change the Prestige Estates Projects Ltd. 0.78% Small Cap 10.89% 3.43% expense ratio within the limits prescribed in INDUSTRIAL PRODUCTS 3.94% Top 10 Holdings 37.25% 22.10% the SID. Includes additional expenses if, Astral Poly Technik Ltd. 2.72% any and GST. Polycab India Ltd. 1.22% No. of Stocks 46 100 Load Structure TELECOM - SERVICES 3.72% Wtd Avg Market ` 19,963 ` 24,136 ü Tata Communications Ltd. 3.72% Entry Load: Nil Cap of stocks in BANKS 3.51% portfolio (Crs) Exit Load: City Union Bank Ltd. 1.95% 1% if units are redeemed or switched out on CSB Bank Ltd. 1.56% or before completion of 15 days from the PESTICIDES 3.19% date of allotment. Nil thereafter (w.e.f. June ü PI Industries Ltd. 3.19% 01, 2020). COMMERCIAL SERVICES 2.81% Active Stock Position in Scheme TeamLease Services Ltd. 2.81% Portfolio vis-à-vis fund benchmark CEMENT 2.34% The Ramco Cements Ltd. 2.34% Top 5 Overweight Top 5 Underweight RETAILING 2.31% Endurance Apollo Hospitals Aditya Birla Fashion and Retail Ltd. 2.31% Technologies Ltd Enterprise Ltd INDUSTRIAL CAPITAL GOODS 1.70% Tube Investments of Shriram Transport Honeywell Automation India Ltd. 1.70% India Finance Co Ltd HEALTHCARE SERVICES 1.41% Tata Voltas Ltd Metropolis Healthcare Ltd. 0.83% Communications Ltd Gland Pharma Ltd. 0.58% TRANSPORTATION 0.74% Dixon Technologies Zee Entertainment (India) Ltd Enterprises Ltd Interglobe Aviation Ltd. 0.74% TREASURY BILLS 0.29% Syngene Yes Bank Ltd. SOVEREIGN 0.29% International Ltd 364 DAY T-BILL 0.29% Triparty Repo, Cash, Cash Equivalents & 3.27% Net Current Assets Grand Total 100.00%

ü Indicates Top 10 Holdings

For risk factors, statutory details and disclaimers please refer page no. 32 Page 9 This product is suitable for investors who are seeking*: Riskometer

Moderately Union • Capital appreciation over long term. Moderate High • Investing predominantly in equities and equity related High instruments of large cap and mid cap companies Low to Moderate V LARGE & MIDCAP FUND ery High

(Large & Mid Cap Fund - An open ended equity scheme Low investing in both large cap and mid cap stocks) RISKOMETER Factsheet as on January 31, 2021 Investors understand that their principal will be at very high risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio Industry Classification

Investment Objective Industry/Company/Issuer % to Net Software 14.40% Assets The investment objective of the scheme is Banks 12.63% to seek to generate capital appreciation by Equity Shares 97.67% Finance 12.61% investing predominantly in a portfolio of SOFTWARE 14.40% Consumer Non Durables 7.12% equity and equity linked securities of large ü Mphasis Ltd. 2.77% ü Larsen & Toubro Infotech Ltd. 2.76% Auto Ancillaries 6.57% cap and mid cap companies. However, Coforge Ltd. 2.60% there can be no assurance that the MindTree Ltd. 2.42% Pharmaceuticals 6.26% Investment Objective of the scheme will be Tata Consultancy Services Ltd. 1.98% Info Edge (India) Ltd. 1.87% Petroleum Products 6.24% achieved. BANKS 12.63% Telecom - Services 4.57% Co-Fund Managers ü HDFC Bank Ltd. 8.11% ü Axis Bank Ltd. 3.02% Pesticides 3.40% Vinay Paharia City Union Bank Ltd. 1.50% Retailing 3.36% FINANCE 12.61% Over 18 years of experience in Fund Chemicals 3.18% ü Housing Development Finance Corp Ltd. 5.26% Management & Equities. Managing this Bajaj Finance Ltd. 2.24% Auto 2.76% Scheme since inception. Muthoot Finance Ltd. 1.77% SBI Life Insurance Company Ltd. 1.59% Consumer Durables 2.66% Hardick Bora SBI Cards & Payment Services Ltd. 0.89% Aavas Financiers Ltd. 0.87% Healthcare Services 2.04% Over 12 years of experience in the financial CONSUMER NON DURABLES 7.12% Cement 2.01% services sector. Managing this Scheme ü Varun Beverages Ltd. 3.81% Construction Project 1.93% since December 17, 2019 Asian Paints Ltd. 0.98% United Spirits Ltd. 0.91% Industrial Products 1.85% Tata Consumer Products Ltd. 0.88% Indicative Investment Horizon Godrej Agrovet Ltd. 0.54% Industrial Capital Goods 1.71% Long Term AUTO ANCILLARIES 6.57% Construction 1.60% ü Endurance Technologies Ltd. 3.31% Date of allotment Tube Investments of India Ltd. 1.66% Transportation 0.74% Minda Industries Ltd. 1.59% 6 December 2019 PHARMACEUTICALS 6.26% Assets Under Management Syngene International Ltd. 2.09% Abbott India Ltd. 1.28% IPCA Laboratories Ltd. 1.23% Market Cap as % of net assets As on 31st Jan., 2021 : ` 186.69 crore Torrent Pharmaceuticals Ltd. 0.89% Laurus Labs Ltd. 0.78% Average for Jan. 2021 : 197.57 crore Market Cap Union Large & S&P BSE 250 ` PETROLEUM PRODUCTS 6.24% Category Midcap Fund LargeMidCap Benchmark Index^^ ü Reliance Industries Ltd. 6.24% Index (TRI)^^ S&P BSE 250 LargeMidCap Index (TRI) TELECOM - SERVICES 4.57% ü Bharti Airtel Ltd. 2.62% Large Cap 58.36% 85.29% ^^(For disclaimers refer page no. 32) Tata Communications Ltd. 1.96% PESTICIDES 3.40% Mid Cap 39.30% 14.13% Expense Ratio as on Jan. 31, 2021 ü PI Industries Ltd. 3.40% Small Cap 0.00% 0.58% Direct Plan : 1.69% RETAILING 3.36% Avenue Supermarts Ltd. 2.37% Top 10 Holdings 41.29% 44.97% Regular Plan : 2.60% Aditya Birla Fashion and Retail Ltd. 1.00% No. of Stocks 51 251 The AMC reserves the right to change the CHEMICALS 3.18% Wtd Avg Market 2,39,192 3,57,145 expense ratio within the limits prescribed in Solar Industries India Ltd. 1.92% ` ` Atul Ltd. 1.26% Cap of stocks in the SID. Includes additional expenses if, AUTO 2.76% portfolio (Crs) any and GST. Maruti Suzuki India Ltd. 1.53% Load Structure Bajaj Auto Ltd. 1.23% CONSUMER DURABLES 2.66% Entry Load: Nil Titan Company Ltd. 1.45% Portfolio Turnover Ratio$$$ : 0.66 times Crompton Greaves Consumer Electrical Ltd 1.21% Exit Load: HEALTHCARE SERVICES 2.04% $$$Lower of sales or purchases divided by average AUM for last 1% if units are redeemed or switched out on Gland Pharma Ltd. 1.44% rolling 12 months. or before completion of 15 days from the Metropolis Healthcare Ltd. 0.61% date of allotment. Nil thereafter (w.e.f. June CEMENT 2.01% The Ramco Cements Ltd. 1.01% 01, 2020). Ultratech Cement Ltd. 1.01% Active Stock Position in Scheme CONSTRUCTION PROJECT 1.93% Portfolio vis-à-vis fund benchmark Larsen & Toubro Ltd. 1.93% INDUSTRIAL PRODUCTS 1.85% Top 5 Overweight Top 5 Underweight Polycab India Ltd. 1.85% Varun Beverages Ltd Infosys Ltd INDUSTRIAL CAPITAL GOODS 1.71% Honeywell Automation India Ltd. 1.71% Endurance ICICI Bank Ltd CONSTRUCTION 1.60% Technologies Ltd The Phoenix Mills Ltd. 1.07% PI Industries Ltd Kotak Mahindra Prestige Estates Projects Ltd. 0.53% Bank Ltd TRANSPORTATION 0.74% Interglobe Aviation Ltd. 0.74% Mphasis Ltd Hindustan Unilever TREASURY BILLS 0.32% Ltd SOVEREIGN 0.32% Larsen & Toubro ITC Ltd 364 DAY T-BILL 0.32% Infotech Ltd Triparty Repo, Cash, Cash Equivalents & 2.01% Net Current Assets Grand Total 100.00%

ü Indicates Top 10 Holdings

For risk factors, statutory details and disclaimers please refer page no. 32 Page 10 This product is suitable for investors who are seeking*: Riskometer

Moderately Union • Long Term Capital Appreciation Moderate High • Investment predominantly in Equity and Equity High related portfolio of small cap companies Low to Moderate V SMALL CAP FUND ery High

(Small Cap Fund - An Open Ended Equity Scheme Low predominantly investing in Small Cap stocks) RISKOMETER Factsheet as on January 31, 2021 Investors understand that their principal will be at very high risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio Industry Classification

Investment Objective Industry/Company/Issuer % to Net Assets Chemicals 15.32% The investment objective of the scheme is to achieve long term capital appreciation by Equity Shares 94.88% Software 12.34% investing in a portfolio consisting of equity CHEMICALS 15.32% Pharmaceuticals 10.39% a n d e q u i t y r e l a t e d s e c u r i t i e s , ü Neogen Chemicals Ltd. 3.42% predominantly of small cap companies. ü Galaxy Surfactants Ltd. 3.22% Auto Ancillaries 9.21% Rossari Biotech Ltd. 2.63% However, there is no assurance that the Construction 6.91% Investment Objective of the scheme will be Fine Organic Industries Ltd. 2.01% Navin Fluorine Int. Ltd. 1.89% Consumer Non Durables 6.77% achieved. Privi Speciality Chem Ltd. 1.17% Co-Fund Managers Alkyl Amines Chemicals Ltd. 0.98% Banks 5.68% SOFTWARE 12.34% Consumer Durables 5.31% Vinay Paharia ü Happiest Minds Technologies Ltd. 3.18% Over 18 years of experience in Fund Indiamart Intermesh Ltd. 2.54% Finance 5.26% Coforge Ltd. 1.91% Management & Equities. Managing this Tata Elxsi Ltd. 1.90% Commercial Services 4.46% Scheme from 2nd April 2018. Birlasoft Ltd. 1.69% Engineering Services 2.64% Hardick Bora MindTree Ltd. 1.11% PHARMACEUTICALS 10.39% Pesticides 2.50% Over 12 years of experience in the financial ü Laurus Labs Ltd. 3.41% services sector. Managing this Scheme ü Sequent Scientific Ltd. 3.30% Retailing 2.27% since October 25, 2016. Syngene International Ltd. 1.69% JB Chemicals & Pharmaceuticals Ltd. 1.06% Transportation 2.02% Indicative Investment Horizon IPCA Laboratories Ltd. 0.93% Hotels/ Resorts And Other Recreational Activities 1.90% Long Term AUTO ANCILLARIES 9.21% Lumax Industries Ltd. 2.38% Industrial Capital Goods 0.96% Date of allotment Endurance Technologies Ltd. 2.12% Tube Investments of India Ltd. 1.90% Gas 0.92% 10 June 2014 Minda Industries Ltd. 1.69% Assets Under Management Harita Seating Systems Ltd. 1.12% CONSTRUCTION 6.91% As on 31st Jan., 2021 : ` 393.78 crore ü KNR Constructions Ltd. 3.83% Average for Jan. 2021 : 408.03 crore Cera Sanitaryware Ltd. 1.73% Market Cap as % of net assets ` PNC Infratech Ltd. 1.35% Benchmark Index@@@ CONSUMER NON DURABLES 6.77% Market Cap Union Small Cap Nifty Smallcap Nifty Smallcap 100 Index (TRI) (formerly Varun Beverages Ltd. 2.06% Category Fund 100 Index Tasty Bite Eatables Ltd. 2.01% Nifty Free Float Smallcap 100 Index) @@@ Heritage Foods Ltd. 1.48% (TRI) @@@(For disclaimers refer page no. 32) Hindustan Foods Ltd. 1.22% Large Cap 2.50% 0.20% Indigo Paints Ltd. 0.01% Expense Ratio as on Jan. 31, 2021 BANKS 5.68% Mid Cap 24.47% 21.20% Direct Plan : 2.11% ü CSB Bank Ltd. 3.17% Small Cap 67.91% 78.60% DCB Bank Ltd. 2.51% Regular Plan : 2.67% CONSUMER DURABLES 5.31% Top 10 Holdings 32.38% 28.76% The AMC reserves the right to change the ü Orient Electric Ltd. 3.11% No. of Stocks 47 100 expense ratio within the limits prescribed in Dixon Technologies (India) Ltd. 2.20% Wtd Avg Market 8,727 8,650 the SID. Includes additional expenses if, FINANCE 5.26% ` ` Cap of stocks in any and GST. ü Can Fin Homes Ltd. 2.76% Multi Commodity Exchange of India Ltd. 1.49% portfolio (Crs) Load Structure Aavas Financiers Ltd. 1.01% COMMERCIAL SERVICES 4.46% Entry Load: Nil ü TeamLease Services Ltd. 2.98% Exit Load: Nesco Ltd. 1.48% ENGINEERING SERVICES 2.64% Quantitative Indicators - Growth Option 1% if units are redeemed or switched out on Rites Ltd. 2.64% or before completion of 15 days from the Std. PESTICIDES 2.50% Sharpe Portfolio Portfolio date of allotment. Nil thereafter (w.e.f. June Deviation Ratio Beta Turnover Ratio$$$ 01, 2020). PI Industries Ltd. 2.50% RETAILING 2.27% 26.30% -0.01 0.75 0.67 times Active Stock Position in Scheme V-Mart Retail Ltd. 2.27% Portfolio vis-à-vis fund benchmark TRANSPORTATION 2.02% Risk Free Rate based on the overnight Mumbai Inter-Bank TCI Express Ltd. 2.02% Offer Rate (MIBOR) as on January 29, 2021: 3.47%. Top 5 Overweight Top 5 Underweight $$$ HOTELS/ RESORTS AND OTHER 1.90% Lower of sales or purchases divided by average AUM for last KNR Constructions Persistent Systems RECREATIONAL ACTIVITIES rolling 12 months. Ltd Ltd Wonderla Holidays Ltd. 1.90% Neogen Chemicals Indian Energy INDUSTRIAL CAPITAL GOODS 0.96% Ltd Exchange Ltd ABB Power Products & Systems India Ltd. 0.96% GAS 0.92% Sequent Scientific Deepak Nitrite Aegis Logistics Ltd. 0.92% Ltd Limited TREASURY BILLS 0.35% Galaxy Surfactants Kajaria Ceramics SOVEREIGN 0.35% Ltd Ltd. 364 DAY T-BILL 0.35% Happiest Minds IDFC Limited Triparty Repo, Cash, Cash Equivalents & 4.77% Net Current Assets Technologies Ltd. Grand Total 100.00%

ü Indicates Top 10 Holdings

For risk factors, statutory details and disclaimers please refer page no. 32 Page 11 This product is suitable for investors who are seeking*: Riskometer

Moderately Union • Long Term Capital Appreciation along with Tax Moderate High savings u/s 80C of Income Tax Act. High • Investment predominantly in Equity and Equity Low to Moderate V LONG TERM EQUITY FUND related portfolio ery High

(An open ended equity linked saving scheme Low with a statutory lock in of 3 years and tax benefit.) RISKOMETER Factsheet as on January 31, 2021 Investors understand that their principal will be at very high risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio Portfolio

Investment Objective Industry/Company/Issuer % to Net Industry/Company/Issuer % to Net Assets Assets To generate income and long-term capital appreciation by investing substantially in a Equity Shares 96.90% FERROUS METALS 0.62% portfolio consisting of equity and equity BANKS 20.64% Tata Steel Ltd. 0.62% ü HDFC Bank Ltd. 8.75% GAS 0.54% related securities. However, there can be ü ICICI Bank Ltd. 5.42% Petronet LNG Ltd. 0.54% no assurance that the investment objective ü Axis Bank Ltd. 3.33% State Bank of India 1.76% INDUSTRIAL PRODUCTS 0.53% of the scheme will be achieved. Kotak Mahindra Bank Ltd. 1.37% Polycab India Ltd. 0.53% SOFTWARE 14.65% ENGINEERING SERVICES 0.45% Co-Fund Managers ü Infosys Ltd. 6.43% Rites Ltd. 0.45% ü Tata Consultancy Services Ltd. 2.23% TREASURY BILLS 0.16% Vinay Paharia Larsen & Toubro Infotech Ltd. 1.36% Coforge Ltd. 1.31% Sovereign 0.16% Mphasis Ltd. 1.01% 364 DAY T-BILL 0.16% Over 18 years of experience in Fund Indiamart Intermesh Ltd. 1.00% Triparty Repo, Cash, Cash Equivalents & 2.94% Management & Equities. Managing this MindTree Ltd. 0.85% Net Current Assets Scheme from June 28, 2019. Happiest Minds Technologies Ltd. 0.47% Grand Total 100.00% FINANCE 9.82% ü Housing Development Finance Corp Ltd. 4.90% ü Indicates Top 10 Holdings Hardick Bora ü Bajaj Finance Ltd. 2.22% SBI Life Insurance Company Ltd. 0.96% Over 12 years of experience in the financial HDFC Asset Management Company Ltd. 0.65% Industry Classification Muthoot Finance Ltd. 0.63% services sector. Managing this Scheme Multi Commodity Exchange of India Ltd. 0.45% since January 5, 2021. CONSUMER NON DURABLES 8.38% Banks 20.64% Hindustan Unilever Ltd. 1.48% Software 14.65% Indicative Investment Horizon Asian Paints Ltd. 1.32% Finance 9.82% Varun Beverages Ltd. 1.09% Consumer Non Durables 8.38% Long Term Tata Consumer Products Ltd. 0.76% United Breweries Ltd. 0.75% Petroleum Products 6.35% ITC Ltd. 0.74% Date of allotment United Spirits Ltd. 0.73% Pharmaceuticals 5.39% Heritage Foods Ltd. 0.59% Chemicals 4.59% 23 December 2011 Godrej Agrovet Ltd. 0.49% Telecom - Services 3.91% Tasty Bite Eatables Ltd. 0.42% Auto 3.84% PETROLEUM PRODUCTS 6.35% Retailing 3.10% Assets Under Management ü Reliance Industries Ltd. 5.53% Bharat Petroleum Corporation Ltd. 0.82% Auto Ancillaries 2.42% As on 31st Jan., 2021 : ` 308.78 crore PHARMACEUTICALS 5.39% Construction Project 2.26% Syngene International Ltd. 1.06% Power 1.78% Average for Jan. 2021 : ` 322.62 crore Sequent Scientific Ltd. 0.92% Cement 1.18% Laurus Labs Ltd. 0.91% Consumer Durables 1.13% ^^ Cipla Ltd. 0.78% Benchmark Index Torrent Pharmaceuticals Ltd. 0.69% Pesticides 1.01% IPCA Laboratories Ltd. 0.57% Industrial Capital Goods 1.00% Abbott India Ltd. 0.47% S&P BSE 500 Index (TRI) Construction 1.00% CHEMICALS 4.59% Commercial Services 0.90% ^^(For disclaimers refer page no. 32) Galaxy Surfactants Ltd. 0.80% Fine Organic Industries Ltd. 0.78% Healthcare Services 0.72% Tata Chemicals Ltd. 0.61% Non - Ferrous Metals 0.70% Expense Ratio as on Jan. 31 , 2021 Pidilite Industries Ltd. 0.53% Navin Fluorine Int. Ltd. 0.48% Ferrous Metals 0.62% Direct Plan : 2.25% Solar Industries India Ltd. 0.48% Gas 0.54% Rossari Biotech Ltd. 0.47% Industrial Products 0.53% Neogen Chemicals Ltd. 0.44% Engineering Services 0.45% Other than Direct Plan : 2.61% TELECOM - SERVICES 3.91% ü Bharti Airtel Ltd. 3.19% The AMC reserves the right to change the Tata Communications Ltd. 0.72% expense ratio within the limits prescribed in AUTO 3.84% Market Cap as % of net assets the SID. Includes additional expenses if, Maruti Suzuki India Ltd. 1.90% Bajaj Auto Ltd. 1.18% Market Cap Union Long Term S&P BSE 500 any and GST. Mahindra & Mahindra Ltd. 0.76% RETAILING 3.10% Category Equity Fund Index (TRI)^^ Load Structure Avenue Supermarts Ltd. 1.57% Large Cap 72.40% 80.28% V-Mart Retail Ltd. 0.91% Entry Load: Nil Aditya Birla Fashion and Retail Ltd. 0.62% Mid Cap 15.92% 13.67% AUTO ANCILLARIES 2.42% Exit Load: Nil Minda Industries Ltd. 1.08% Small Cap 8.59% 6.05% Endurance Technologies Ltd. 0.79% Active Stock Position in Scheme Tube Investments of India Ltd. 0.56% Top 10 Holdings 44.26% 42.33% Portfolio vis-à-vis fund benchmark CONSTRUCTION PROJECT 2.26% ü Larsen & Toubro Ltd. 2.26% No. of Stocks 73 501 Top 5 Overweight Top 5 Underweight POWER 1.78% NTPC Ltd. 1.01% Wtd Avg Market ` 3,08,046 ` 3,36,532 Power Grid Corporation of India Ltd. 0.77% Cap of stocks in HDFC Bank Ltd Tata Consultancy CEMENT 1.18% portfolio (Crs) Services Ltd Ultratech Cement Ltd. 1.18% CONSUMER DURABLES 1.13% Bharti Airtel Ltd Reliance Industries Titan Company Ltd. 1.13% Quantitative Indicators - Growth Option Ltd PESTICIDES 1.01% PI Industries Ltd. 1.01% Std. Sharpe Portfolio Portfolio Coforge Ltd ITC Ltd INDUSTRIAL CAPITAL GOODS 1.00% Deviation Ratio Beta Turnover Ratio$$ Honeywell Automation India Ltd. 1.00% Axis Bank Ltd Kotak Mahindra CONSTRUCTION 1.00% 21.69% 0.17 0.94 0.43 times Bank Ltd KNR Constructions Ltd. 1.00% Risk Free Rate based on the overnight Mumbai Inter-Bank COMMERCIAL SERVICES 0.90% Offer Rate (MIBOR) as on January 29, 2021: 3.47%. Larsen & Toubro HCL Technologies TeamLease Services Ltd. 0.90% $$$Lower of sales or purchases divided by average AUM for last Infotech Ltd Ltd HEALTHCARE SERVICES 0.72% Gland Pharma Ltd. 0.72% rolling 12 months. NON - FERROUS METALS 0.70% Hindalco Industries Ltd. 0.70%

For risk factors, statutory details and disclaimers please refer page no. 32 Page 12 This product is suitable for investors who are seeking*: Riskometer

Moderately Union • Long Term Capital Appreciation Moderate High • Investment predominantly in a portfolio of equity and High equity related securities of value companies. Low to Moderate V VALUE DISCOVERY FUND ery High

(An Open-ended equity scheme following Low a value investment strategy) RISKOMETER Factsheet as on January 31, 2021 Investors understand that their principal will be at very high risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio Portfolio

Investment Objective Industry/Company/Issuer % to Net Industry/Company/Issuer % to Net Assets Assets The investment objective of the scheme is to seek to generate long term capital Equity Shares 97.49% INDUSTRIAL CAPITAL GOODS 0.03% appreciation by investing substantially in a BANKS 22.71% Mazagon Dock Shipbuilders Ltd. 0.03% portfolio of equity and equity related securities of companies which are ü HDFC Bank Ltd. 7.80% TREASURY BILLS 0.22% undervalued (or are trading below their ü ICICI Bank Ltd. 6.02% SOVEREIGN 0.22% intrinsic value). ü Axis Bank Ltd. 4.37% 364 DAY T-BILL 0.22% ü State Bank of India 3.87% However, there can be no assurance that Bandhan Bank Ltd. 0.66% Triparty Repo, Cash, Cash Equivalents 2.29% the Investment Objective of the scheme will & Net Current Assets be achieved. SOFTWARE 15.58% Grand Total 100.00% Co-Fund Managers ü Infosys Ltd. 8.15% HCL Technologies Ltd. 1.73% ü Indicates Top 10 Holdings Vinay Paharia Mphasis Ltd. 1.55% Industry Classification Over 18 years of experience in Fund Wipro Ltd. 1.53% Management & Equities. Managing this Tech Mahindra Ltd. 1.46% scheme since inception. Coforge Ltd. 1.15% Banks 22.71% Hardick Bora PETROLEUM PRODUCTS 9.07% Software 15.58% ü Reliance Industries Ltd. 5.83% Over 12 years of experience in the financial services sector. Managing this Scheme Bharat Petroleum Corporation Ltd. 3.25% Petroleum Products 9.07% since January 5, 2021. AUTO 8.06% Auto 8.06% Indicative Investment Horizon Maruti Suzuki India Ltd. 3.80% Mahindra & Mahindra Ltd. 3.06% Finance 7.45% Long Term Tata Motors DVR Ltd. 1.21% Telecom - Services 5.96% Date of allotment FINANCE 7.45% Consumer Non Durables 5.27% 5 December 2018 ü Housing Development Finance Corp Ltd. 4.91% Construction Project Assets Under Management Muthoot Finance Ltd. 1.42% 4.99% Nippon Life India Asset Management Ltd. 1.12% As on 31st Jan., 2021 : 111.29 crore Pharmaceuticals 4.57% ` TELECOM - SERVICES 5.96% Average for Jan. 2021 : 116.90 crore Power 4.37% ` ü Bharti Airtel Ltd. 5.96% ^^ Benchmark Index CONSUMER NON DURABLES 5.27% Non - Ferrous Metals 1.84% S&P BSE 500 Index (TRI) (w.e.f. February ü ITC Ltd. 4.25% Auto Ancillaries 1.65% 25, 2019) Avanti Feeds Ltd. 1.03% Chemicals 1.55% ^^(For disclaimers refer page no. 32) CONSTRUCTION PROJECT 4.99% Expense Ratio as on Jan. 31, 2021 ü Larsen & Toubro Ltd. 4.99% Minerals/Mining 0.99% Direct Plan : 2.01% PHARMACEUTICALS 4.57% Transportation 0.93% Cipla Ltd. 1.77% Regular Plan : 2.56% Construction 0.87% Sun Pharmaceutical Industries Ltd. 1.69% The AMC reserves the right to change the IPCA Laboratories Ltd. 1.11% Engineering Services 0.79% expense ratio within the limits prescribed in POWER 4.37% the SID. Includes additional expenses if, Hotels/ Resorts And Other 0.78% Recreational Activities any and GST. NTPC Ltd. 2.67% Industrial Capital Goods 0.03% Load Structure Power Grid Corporation of India Ltd. 1.71% NON - FERROUS METALS 1.84% Entry Load: Nil Hindalco Industries Ltd. 1.84% Market Cap as % of net assets Exit Load: AUTO ANCILLARIES 1.65% 1% if units are redeemed or switched out on Market Cap Union Value S&P BSE 500 or before completion of 15 days from the Exide Industries Ltd. 1.14% Category Discovery Fund Index (TRI)^^ date of allotment. Nil thereafter (w.e.f. June Lumax Industries Ltd. 0.51% Large Cap 83.93% 80.28% 01, 2020). CHEMICALS 1.55% Mid Cap 9.54% 13.67% Active Stock Position in Scheme Tata Chemicals Ltd. 1.55% Portfolio vis-à-vis fund benchmark MINERALS/MINING 0.99% Small Cap 4.02% 6.05% Top 5 Overweight Top 5 Underweight NMDC Ltd. 0.99% Top 10 Holdings 56.15% 42.33% Bharti Airtel Ltd Tata Consultancy TRANSPORTATION 0.93% No. of Stocks 39 501 Services Ltd Container Corporation of India Ltd. 0.93% Wtd Avg Market ` 3,07,948 ` 3,36,532 Larsen & Toubro Ltd Kotak Mahindra CONSTRUCTION 0.87% Cap of stocks in Bank Ltd portfolio (Crs) KNR Constructions Ltd. 0.87% Bharat Petroleum Hindustan Unilever $$$ ENGINEERING SERVICES 0.79% Portfolio Turnover Ratio : 0.44 times Corp Ltd Ltd $$$Lower of sales or purchases divided by average AUM for last Rites Ltd. 0.79% Infosys Ltd Bajaj Finance Ltd rolling 12 months. HOTELS/ RESORTS AND OTHER 0.78% Maruti Suzuki India Reliance Industries RECREATIONAL ACTIVITIES Ltd Ltd Wonderla Holidays Ltd. 0.78%

For risk factors, statutory details and disclaimers please refer page no. 32 Page 13 This product is suitable for investors who are seeking*: Riskometer

Moderately Union • Long Term Capital Appreciation Moderate High • Investment predominantly in a portfolio of select High equity and equity linked securities of large cap Low to Moderate V LARGECAP FUND companies. ery High

(Large Cap Fund - An open ended equity scheme Low predominantly investing in large cap stocks) RISKOMETER Factsheet as on January 31, 2021 Investors understand that their principal will be at very high risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio Portfolio

Investment Objective Industry/Company/Issuer % to Net Industry/Company/Issuer % to Net Assets Assets The investment objective of the Scheme is to seek to generate capital appreciation by Equity Shares 96.62% INDUSTRIAL CAPITAL GOODS 0.56% investing in a portfolio of select equity and BANKS 22.87% Honeywell Automation India Ltd. 0.56% equity linked securities of large cap ü HDFC Bank Ltd. 8.64% CHEMICALS 0.55% companies. However, there can be no ü ICICI Bank Ltd. 5.59% Pidilite Industries Ltd. 0.55% ü Kotak Mahindra Bank Ltd. 3.37% assurance that the Investment Objective of TREASURY BILLS 0.27% the scheme will be achieved. ü Axis Bank Ltd. 3.12% State Bank of India 2.15% SOVEREIGN 0.27% Co-Fund Managers SOFTWARE 14.75% 364 DAY T-BILL 0.27% ü Infosys Ltd. 7.13% Triparty Repo, Cash, Cash Equivalents 3.11% Vinay Paharia ü Tata Consultancy Services Ltd. 5.14% & Net Current Assets Over 18 years of experience in Fund HCL Technologies Ltd. 1.37% Grand Total 100.00% Larsen & Toubro Infotech Ltd. 1.10% Management & Equities. Managing this FINANCE 10.86% ü Indicates Top 10 Holdings Scheme from June 28, 2019. ü Housing Development Finance Corp Ltd. 6.38% Hardick Bora Bajaj Finance Ltd. 2.00% SBI Life Insurance Company Ltd. 1.20% Over 12 years of experience in the financial Muthoot Finance Ltd. 0.68% Industry Classification services sector. Managing this Scheme SBI Cards & Payment Services Ltd. 0.60% since January 20, 2020. CONSUMER NON DURABLES 9.73% Banks 22.87% ITC Ltd. 1.98% Software 14.75% Indicative Investment Horizon Asian Paints Ltd. 1.78% Finance 10.86% Hindustan Unilever Ltd. 1.76% Long Term Nestle India Ltd. 0.90% Consumer Non Durables 9.73% Petroleum Products 8.01% Date of allotment United Spirits Ltd. 0.79% Britannia Industries Ltd. 0.78% Auto 6.40% 11 May 2017 Varun Beverages Ltd. 0.61% Pharmaceuticals 4.67% United Breweries Ltd. 0.56% Construction Project 3.68% Assets Under Management Tata Consumer Products Ltd. 0.56% PETROLEUM PRODUCTS 8.01% Telecom - Services 3.64% As on 31st Jan., 2021 : 186.35 crore ` ü Reliance Industries Ltd. 6.31% Cement 2.07% Bharat Petroleum Corporation Ltd. 1.70% Consumer Durables 1.67% Average for Jan. 2021 : ` 198.24 crore AUTO 6.40% Power 1.46% ^^ Benchmark Index Maruti Suzuki India Ltd. 2.39% Retailing 1.26% Bajaj Auto Ltd. 1.78% Non - Ferrous Metals 1.03% S&P BSE 100 Index (TRI) Mahindra & Mahindra Ltd. 1.49% Gas 0.84% ^^(For disclaimers refer page no. 32) Tata Motors DVR Ltd. 0.73% Transportation 0.76% PHARMACEUTICALS 4.67% Pesticides 0.64% Expense Ratio as on Jan. 31, 2021 Cipla Ltd. 1.05% Minerals/Mining 0.58% Sun Pharmaceutical Industries Ltd. 0.96% Direct Plan : 2.10% Divi's Laboratories Ltd. 0.94% Ferrous Metals 0.57% Industrial Capital Goods 0.56% Regular Plan : 2.59% Dr. Reddy's Laboratories Ltd. 0.59% Abbott India Ltd. 0.58% Chemicals 0.55% The AMC reserves the right to change the Torrent Pharmaceuticals Ltd. 0.54% expense ratio within the limits prescribed in CONSTRUCTION PROJECT 3.68% the SID. Includes additional expenses if, ü Larsen & Toubro Ltd. 3.68% Market Cap as % of net assets any and GST. TELECOM - SERVICES 3.64% ü Bharti Airtel Ltd. 3.64% Load Structure Market Cap Union Largecap S&P BSE 100 CEMENT 2.07% Category Fund Index (TRI)^^ Entry Load: Nil Ultratech Cement Ltd. 1.35% Grasim Industries Ltd. 0.72% Large Cap 94.35% 95.97% Exit Load: CONSUMER DURABLES 1.67% Mid Cap 2.27% 4.03% 1% if units are redeemed or switched out on Titan Company Ltd. 1.67% Top 10 Holdings 53.00% 51.74% or before completion of 15 days from the POWER 1.46% date of allotment. Nil thereafter (w.e.f. June Power Grid Corporation of India Ltd. 0.81% No. of Stocks 55 101 01, 2020). NTPC Ltd. 0.66% Wtd Avg Market ` 3,87,455 ` 4,07,080 RETAILING 1.26% Active Stock Position in Scheme Cap of stocks in Portfolio vis-à-vis fund benchmark Avenue Supermarts Ltd. 1.26% portfolio (Crs) NON - FERROUS METALS 1.03% Top 5 Overweight Top 5 Underweight Hindalco Industries Ltd. 1.03% Quantitative Indicators - Growth Option Bharti Airtel Ltd Reliance Industries GAS 0.84% Ltd GAIL (India) Ltd. 0.43% Petronet LNG Ltd. 0.41% Std. Sharpe Portfolio Portfolio $$$ Larsen & Toubro Ltd Hindustan Unilever TRANSPORTATION 0.76% Deviation Ratio Beta Turnover Ratio Ltd Interglobe Aviation Ltd. 0.50% 22.05% 0.10 0.95 0.30 times Container Corporation of India Ltd. 0.26% Bharat Petroleum Wipro Ltd Risk Free Rate based on the overnight Mumbai Inter-Bank Corp Ltd PESTICIDES 0.64% PI Industries Ltd. 0.64% Offer Rate (MIBOR) as on January 29, 2021: 3.47%. $$$ Larsen & Toubro Tech Mahindra Ltd MINERALS/MINING 0.58% Lower of sales or purchases divided by average AUM for last Infotech Ltd Coal India Ltd. 0.31% rolling 12 months. NMDC Ltd. 0.27% Bajaj Auto Ltd HDFC Life Insurance Co. Ltd FERROUS METALS 0.57% Tata Steel Ltd. 0.57%

For risk factors, statutory details and disclaimers please refer page no. 32 Page 14 This product is suitable for investors who are seeking*: Riskometer

Moderately Union • Long Term Capital Growth and Income Moderate High • Investments predominantly in equity and equity High related instruments. The scheme will also invest in Low to Moderate V HYBRID EQUITY FUND debt & money market instruments. ery High

(An open-ended hybrid scheme investing predominantly Low in equity and equity related instruments) RISKOMETER Factsheet as on January 31, 2021 Investors understand that their principal will be at very high risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio Portfolio

Investment Objective Industry/Company/Issuer % to Net Industry/Company/Issuer % to Net Assets Assets The investment objective of the Scheme is to achieve long term capital growth and BANKS 15.68% Non Convertible Debentures 23.38% generate income from a portfolio, ü HDFC Bank Ltd. 7.05% AAA 23.38% predominantly of equity and equity related ü ICICI Bank Ltd. 3.15% National Bank for Agri & Rural Development 5.97% ü Axis Bank Ltd. 2.16% REC Ltd. 5.85% securities. The scheme will also invest in State Bank of India 1.57% National Housing Bank 5.83% debt & money market instruments. Kotak Mahindra Bank Ltd. 1.16% SIDBI 5.73% CSB Bank Ltd. 0.58% Triparty Repo, Cash, Cash Equivalents 8.19% However, there is no assurance that the SOFTWARE 9.12% & Net Current Assets Investment Objective of the Scheme will be ü Infosys Ltd. 3.96% achieved. ü Larsen & Toubro Infotech Ltd. 1.87% Grand Total 100.00% Mphasis Ltd. 0.81% Co-fund Managers Coforge Ltd. 0.71% ü Indicates Top 10 Holdings Indiamart Intermesh Ltd. 0.63% Vinay Paharia Happiest Minds Technologies Ltd. 0.62% MindTree Ltd. 0.52% Industry Classification Over 18 years of experience in Fund FINANCE 7.74% Management & Equities. Managing this ü Housing Development Finance Corp Ltd. 3.65% Banks 15.68% Scheme since inception. SBI Life Insurance Company Ltd. 1.21% Software 9.12% Bajaj Finance Ltd. 0.87% Parijat Agrawal SBI Cards & Payment Services Ltd. 0.77% Finance 7.74% Muthoot Finance Ltd. 0.71% Petroleum Products 6.82% Over 24 years of experience in Fund Aavas Financiers Ltd. 0.54% Consumer Non Durables 5.23% Management. Managing this scheme since PETROLEUM PRODUCTS 6.82% Pharmaceuticals 3.14% inception. ü Reliance Industries Ltd. 5.60% Retailing 2.33% Bharat Petroleum Corporation Ltd. 1.21% Auto 2.29% Hardick Bora CONSUMER NON DURABLES 5.23% Telecom - Services 2.00% Over 12 years of experience in the financial Varun Beverages Ltd. 1.20% Power 1.69% ITC Ltd. 1.14% Construction Project services sector. Managing this Scheme Asian Paints Ltd. 1.05% 1.66% Auto Ancillaries 1.63% since inception. United Spirits Ltd. 0.80% Godrej Agrovet Ltd. 0.52% Consumer Durables 1.41% Indicative Investment Horizon Tasty Bite Eatables Ltd. 0.51% Cement 1.22% PHARMACEUTICALS 3.14% Construction 1.02% Long Term Sequent Scientific Ltd. 0.65% Pesticides 0.90% Cipla Ltd. 0.53% Industrial Capital Goods 0.85% Date of allotment Laurus Labs Ltd. 0.52% Torrent Pharmaceuticals Ltd. 0.49% Ferrous Metals 0.76% 18 December 2020 Abbott India Ltd. 0.48% Chemicals 0.71% Assets Under Management Syngene International Ltd. 0.47% Industrial Products 0.63% RETAILING 2.33% Non - Ferrous Metals 0.58% As on 31st Jan., 2021 : ` 433.05 crore ü Avenue Supermarts Ltd. 1.99% Engineering Services 0.56% V-Mart Retail Ltd. 0.34% Average for Jan. 2021 : 451.86 crore Healthcare Services 0.47% ` AUTO 2.29% Benchmark Index# ü Maruti Suzuki India Ltd. 1.68% Mahindra & Mahindra Ltd. 0.61% Market Capitalisation CRISIL Hybrid 35+65 Aggressive Index TELECOM - SERVICES 2.00% (TRI) Bharti Airtel Ltd. 1.54% Tata Communications Ltd. 0.46% #(For disclaimers refer page no. 32) POWER 1.69% Large Cap 53.26% Expense Ratio as on Jan 31, 2021 NTPC Ltd. 0.90% Power Grid Corporation of India Ltd. 0.79% Direct Plan : 1.28% CONSTRUCTION PROJECT 1.66% Mid Cap 10.97% Regular Plan : 2.55% ü Larsen & Toubro Ltd. 1.66% AUTO ANCILLARIES 1.63% The AMC reserves the right to change the Endurance Technologies Ltd. 0.61% expense ratio within the limits prescribed in Minda Industries Ltd. 0.58% Tube Investments of India Ltd. 0.44% Small Cap 4.20% the SID. Includes additional expenses if, CONSUMER DURABLES 1.41% any and GST. Titan Company Ltd. 0.73% Load Structure Crompton Greaves Consumer Electrical Ltd 0.68% CEMENT 1.22% Portfolio Classification by Asset & Entry Load: Nil Ultratech Cement Ltd. 1.22% Rating Class as a % of net assets Exit Load: CONSTRUCTION 1.02% (Fixed Income Portion of Portfolio) KNR Constructions Ltd. 0.59% 1% if units are redeemed/switched out on The Phoenix Mills Ltd. 0.43% or before completion of 1 year from the date PESTICIDES 0.90% of allotment. Nil thereafter. PI Industries Ltd. 0.90% Equity Shares 68.44% INDUSTRIAL CAPITAL GOODS 0.85% Honeywell Automation India Ltd. 0.85% FERROUS METALS 0.76% Non Convertible AAA Tata Steel Ltd. 0.76% Debentures 23.38% CHEMICALS 0.71% Solar Industries India Ltd. 0.38% Neogen Chemicals Ltd. 0.34% Triparty Repo, Cash, INDUSTRIAL PRODUCTS 0.63% Cash Equivalents & Net 8.19% Polycab India Ltd. 0.63% Current Assets NON - FERROUS METALS 0.58% Hindalco Industries Ltd. 0.58% Quantitative Indicators ENGINEERING SERVICES 0.56% (Fixed Income Portion of Portfolio) Rites Ltd. 0.56% HEALTHCARE SERVICES 0.47% Average Modified Macaulay Portfolio Gland Pharma Ltd. 0.47% Maturity Duration Duration Yield Equity & Equity Related 68.44% 1.99 Years 1.77 Years 1.86 Years 4.52%

For risk factors, statutory details and disclaimers please refer page no. 32 Page 15 This product is suitable for investors who are seeking*: Riskometer

Moderately • Long Term Capital Appreciation Moderate High Union • Investment predominantly in a portfolio of equity and High equity linked securities and the rest in debt and Low to Moderate V BALANCED ADVANTAGE FUND money market instruments. ery High

Low (An Open-ended Dynamic Asset Allocation Fund) RISKOMETER Factsheet as on January 31, 2021 Investors understand that their principal will be at moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio Portfolio

Industry/Company/ Equity Stock Grand Industry/Company/ Equity Stock Grand Investment Objective Issuer Shares Futures Total Issuer Shares Futures Total The investment objective of the Scheme is BANKS 12.71% -5.17% 7.53% TREASURY BILLS 2.26% to achieve long term capital appreciation ü HDFC Bank Ltd. 5.02% -1.40% 3.62% SOVEREIGN 2.26% ü ICICI Bank Ltd. 3.00% -1.20% 1.80% 364 DAY T-BILL 1.47% ü Axis Bank Ltd. 1.47% -0.58% 0.89% 182 DAY T-BILL 0.79% and generate income through an equity Kotak Mahindra Bank Ltd. 1.49% -0.71% 0.78% portfolio by using long equities, equity State Bank of India 1.08% -0.63% 0.45% Triparty Repo, Cash, Cash Equivalents & 15.81% Bandhan Bank Ltd. 0.26% -0.26% 0.00% Net Current Assets derivatives and arbitrage opportunities IndusInd Bank Ltd. 0.19% -0.19% 0.00% Grand Total 100.00% available. However, there is no assurance The Federal Bank Ltd. 0.19% -0.20% 0.00% SOFTWARE 10.02% -3.97% 6.05% ü Indicates Top 10 Holdings that the Investment Objective of the ü Infosys Ltd. 4.17% -1.09% 3.08% ü Tata Consultancy Services Ltd. 2.54% -0.98% 1.56% scheme will be achieved. ü Larsen & Toubro Infotech Ltd. 1.42% 0.00% 1.42% Coforge Ltd. 0.41% -0.41% 0.00% Co-fund Managers MindTree Ltd. 0.25% -0.25% 0.00% Tech Mahindra Ltd. 0.24% -0.24% 0.00% Wipro Ltd. 0.49% -0.49% 0.00% Industry Classification Vinay Paharia HCL Technologies Ltd. 0.51% -0.52% 0.00% FINANCE 8.03% -4.78% 3.25% Over 18 years of experience in Fund ü Housing Development Finance Corp Ltd. 3.32% -1.13% 2.19% Banks 24.74% Management & Equities. Managing this Bajaj Finance Ltd. 1.13% -0.71% 0.41% Muthoot Finance Ltd. 0.61% -0.26% 0.34% Software 19.86% Scheme since June 28, 2018. SBI Life Insurance Company Ltd. 0.32% 0.00% 0.32% Finance 10.67% Max Financial Services Ltd. 0.27% -0.27% 0.00% HDFC Life Insurance Co. Ltd 0.26% -0.26% 0.00% Petroleum Products 10.37% Parijat Agrawal HDFC Asset Management Company Ltd. 0.30% -0.30% 0.00% ICICI Lombard General Insurance Co. Ltd. 0.27% -0.28% 0.00% Consumer Non Durables 9.99% Over 24 years of experience in Fund Mahindra & Mahindra Financial Serv Ltd. 0.38% -0.38% 0.00% Shriram Transport Finance Company Ltd. 0.60% -0.61% 0.00% Auto 7.49% Management. Managing this scheme since LIC Housing Finance Ltd. 0.57% -0.58% 0.00% Telecom - Services 3.09% inception. PETROLEUM PRODUCTS 4.48% -1.32% 3.16% ü Reliance Industries Ltd. 4.22% -1.32% 2.90% Pharmaceuticals 3.07% Hardick Bora Bharat Petroleum Corporation Ltd. 0.26% 0.00% 0.26% Construction Project 2.88% CONSUMER NON DURABLES 6.62% -3.57% 3.04% Power 2.26% Over 12 years of experience in the financial Hindustan Unilever Ltd. 1.64% -0.79% 0.86% ITC Ltd. 1.17% -0.46% 0.71% Consumer Durables 1.44% services sector. Managing this Scheme Asian Paints Ltd. 1.25% -0.65% 0.59% Britannia Industries Ltd. 0.78% -0.46% 0.33% Non - Ferrous Metals 1.24% since June 28, 2018. Nestle India Ltd. 0.61% -0.30% 0.31% United Spirits Ltd. 0.45% -0.30% 0.15% Ferrous Metals 1.04% Indicative Investment Horizon Tata Consumer Products Ltd. 0.33% -0.24% 0.09% Retailing 0.93% Dabur India Ltd. 0.15% -0.15% 0.00% Long Term Jubilant Foodworks Ltd. 0.22% -0.23% 0.00% Cement 0.68% AUTO 4.20% -1.92% 2.28% Gas 0.26% ü Maruti Suzuki India Ltd. 1.47% -0.51% 0.96% Date of allotment Bajaj Auto Ltd. 0.67% 0.00% 0.67% Industrial Products 0.00% Mahindra & Mahindra Ltd. 0.80% -0.33% 0.47% 29 December 2017 Tata Motors DVR Ltd. 0.19% 0.00% 0.19% Ashok Leyland Ltd. 0.52% -0.52% 0.00% Escorts Ltd. 0.16% -0.16% 0.00% Assets Under Management Eicher Motors Ltd. 0.39% -0.40% 0.00% Market Capitalisation TELECOM - SERVICES 2.00% -1.06% 0.94% As on 31st Jan., 2021 : ` 633.61 crore ü Bharti Airtel Ltd. 2.00% -1.06% 0.94% Average for Jan. 2021 : 627.49 crore PHARMACEUTICALS 2.84% -1.91% 0.93% ` Sun Pharmaceutical Industries Ltd. 0.62% -0.24% 0.38% # Torrent Pharmaceuticals Ltd. 0.51% -0.23% 0.28% Benchmark Index Cipla Ltd. 0.77% -0.49% 0.28% Large Cap 99.37% Glenmark Pharmaceuticals Ltd. 0.15% -0.15% 0.00% 65% S&P BSE 50 Index (+) 35% CRISIL Biocon Ltd. 0.22% -0.22% 0.00% Dr. Reddy's Laboratories Ltd. 0.27% -0.27% 0.00% Composite Bond Fund Index (TRI) Aurobindo Pharma Ltd. 0.30% -0.30% 0.00% CONSTRUCTION PROJECT 1.74% -0.86% 0.88% # (For disclaimers refer page no. 32) Larsen & Toubro Ltd. 1.74% -0.86% 0.88% POWER 1.90% -1.21% 0.69% Mid Cap 0.63% Expense Ratio as on Jan. 31, 2021 Power Grid Corporation of India Ltd. 0.72% -0.29% 0.43% NTPC Ltd. 0.26% 0.00% 0.26% Direct Plan : 1.97% Tata Power Company Ltd. 0.92% -0.92% 0.00% CONSUMER DURABLES 1.78% -1.35% 0.44% Regular Plan : 2.50% Titan Company Ltd. 0.91% -0.47% 0.44% Voltas Ltd. 0.32% -0.31% 0.00% Bata India Ltd. 0.08% -0.08% 0.00% The AMC reserves the right to change the Havells India Ltd. 0.48% -0.48% 0.00% Portfolio Classification by Asset & expense ratio within the limits prescribed in NON - FERROUS METALS 0.97% -0.60% 0.38% Rating Class as a % of net assets the SID. Includes additional expenses if, Hindalco Industries Ltd. 0.53% -0.15% 0.38% Vedanta Ltd. 0.44% -0.44% 0.00% (Fixed Income Portion of Portfolio) any and GST. FERROUS METALS 1.69% -1.38% 0.32% Tata Steel Ltd. 1.15% -0.83% 0.32% Load Structure Jindal Steel & Power Ltd. 0.12% -0.12% 0.00% JSW Steel Ltd. 0.42% -0.42% 0.00% Hedged Equity 35.83% Entry Load: Nil RETAILING 0.28% 0.00% 0.28% Avenue Supermarts Ltd. 0.28% 0.00% 0.28% Exit Load: CEMENT 1.82% -1.61% 0.21% The Ramco Cements Ltd. 0.35% -0.14% 0.22% 1% if units are redeemed or switched out on Grasim Industries Ltd. 0.21% -0.21% 0.00% Unhedged Equity 30.43% Ambuja Cements Ltd. 0.41% -0.42% 0.00% or before completion of 15 days from the ACC Ltd. 0.85% -0.85% 0.00% date of allotment. Nil thereafter (w.e.f. June GAS 1.02% -0.94% 0.08% GAIL (India) Ltd. 0.43% -0.35% 0.08% 01, 2020). Mahanagar Gas Ltd. 0.30% -0.30% 0.00% Non Convertible AAA Indraprastha Gas Ltd. 0.28% -0.28% 0.00% Debentures 15.67% INDUSTRIAL PRODUCTS 0.44% -0.44% 0.00% SRF Ltd. 0.44% -0.44% 0.00% CHEMICALS 0.36% -0.36% 0.00% Tata Chemicals Ltd. 0.36% -0.36% 0.00% Treasury Bills Sovereign HEALTHCARE SERVICES 0.36% -0.37% 0.00% 2.26% Apollo Hospitals Enterprise Ltd. 0.36% -0.37% 0.00% TRANSPORTATION 0.66% -0.67% 0.00% Adani Ports & Special Economic Zone Ltd. 0.66% -0.67% 0.00% Triparty Repo, Cash, CONSTRUCTION 0.89% -0.90% -0.01% Cash Equivalents & 15.81% DLF Ltd. 0.89% -0.90% -0.01% Net Current Assets AUTO ANCILLARIES 1.44% -1.45% -0.01% Apollo Tyres Ltd. 0.40% -0.40% 0.00% Balkrishna Industries Ltd. 0.41% -0.41% 0.00% Motherson Sumi Systems Ltd. 0.62% -0.63% 0.00% Equity & Equity Related 66.26% -35.83% 30.43% Quantitative Indicators NON CONVERTIBLE DEBENTURES 15.67% (Fixed Income Portion of Portfolio) AAA 15.67% NTPC Ltd. 4.76% Average Modified Macaulay Portfolio State Bank of India 3.93% National Bank for Agri & Rural Development 2.93% Maturity Duration Duration Yield Indian Railway Finance Corporation Ltd. 2.46% Export-Import Bank of India 1.60% 2.54 Years 2.17 Years 2.29 Years 4.67%

For risk factors, statutory details and disclaimers please refer page no. 32 Page 16 This product is suitable for investors who are seeking*: Riskometer

Moderately Union • Long Term Capital Appreciation Moderate High • Investment predominantly in a portfolio of equity and High equity related securities Low to Moderate V EQUITY SAVINGS FUND ery High

(An Open Ended Scheme investing in Equity, Low Arbitrage and Debt) RISKOMETER Factsheet as on January 31, 2021 Investors understand that their principal will be at moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Industry Classification Fund Details Portfolio (as % of unhedged equities) Industry/Company/ % to % Derivatives % to Net Investment Objective Issuer/Rating Net (Futures) Assets Banks 24.76% Assets to Net (unhedged) 19.74% Assets Software To seek capital appreciation and/or to (hedged) Finance 11.02% generate consistent returns by actively BANKS 12.74% -5.58% 7.16% Petroleum Products 10.12% ü HDFC Bank Ltd. 4.06% -0.59% 3.47% investing in a combination of diversified ü ICICI Bank Ltd. 2.72% -1.05% 1.67% Consumer Non Durables 9.71% ü Axis Bank Ltd. 0.83% 0.00% 0.83% equity and equity related instruments, Kotak Mahindra Bank Ltd. 0.78% 0.00% 0.78% Auto 7.78% arbitrage and derivative strategies and State Bank of India 1.33% -0.90% 0.43% Bandhan Bank Ltd. 0.59% -0.59% 0.00% Telecom - Services 2.99% exposure in debt and money market IndusInd Bank Ltd. 0.31% -0.32% 0.00% The Federal Bank Ltd. 2.13% -2.14% -0.01% Pharmaceuticals 2.93% instruments. However, there is no SOFTWARE 7.52% -1.81% 5.71% Construction Project 2.87% ü Infosys Ltd. 2.87% 0.00% 2.87% assurance that the Investment Objective of ü Tata Consultancy Services Ltd. 1.81% -0.33% 1.48% Power 2.24% ü Larsen & Toubro Infotech Ltd. 1.37% 0.00% 1.37% the scheme will be achieved. Coforge Ltd. 0.63% -0.63% 0.00% Consumer Durables 1.42% Info Edge (India) Ltd. 0.39% -0.39% 0.00% Non - Ferrous Metals 1.22% Co-Fund Managers HCL Technologies Ltd. 0.45% -0.45% 0.00% FINANCE 8.34% -5.16% 3.18% Retailing ü Housing Development Finance Corp Ltd. 3.52% -1.35% 2.16% 1.03% Bajaj Finance Ltd. 0.42% 0.00% 0.42% Ferrous Metals 0.98% Vinay Paharia SBI Life Insurance Company Ltd. 1.00% -0.69% 0.31% Muthoot Finance Ltd. 0.30% 0.00% 0.30% Cement 0.86% Max Financial Services Ltd. 0.52% -0.52% 0.00% Over 18 years of experience in Fund HDFC Asset Management Company Ltd. 0.14% -0.14% 0.00% Gas 0.30% ICICI Prudential Life Insrnce Co. Ltd. 0.17% -0.17% 0.00% Management & Equities. Managing this Shriram Transport Finance Company Ltd. 0.30% -0.31% 0.00% Industrial Products 0.03% ICICI Lombard General Insurance Co. Ltd. 0.30% -0.30% 0.00% scheme since inception. LIC Housing Finance Ltd. 0.37% -0.37% 0.00% HDFC Life Insurance Co. Ltd 0.79% -0.79% 0.00% Mahindra & Mahindra Financial Serv Ltd. 0.51% -0.51% 0.00% Parijat Agrawal PETROLEUM PRODUCTS 4.32% -1.39% 2.93% ü Reliance Industries Ltd. 3.68% -0.98% 2.70% Market Capitalisation of unhedged Bharat Petroleum Corporation Ltd. 0.64% -0.41% 0.23% Over 24 years of experience in Fund CONSUMER NON DURABLES 6.02% -3.22% 2.81% Hindustan Unilever Ltd. 1.61% -0.84% 0.77% equities portion Management. Managing this scheme since ITC Ltd. 0.68% 0.00% 0.68% Asian Paints Ltd. 0.81% -0.30% 0.51% inception. Britannia Industries Ltd. 0.33% 0.00% 0.33% Nestle India Ltd. 0.30% 0.00% 0.30% United Spirits Ltd. 0.15% 0.00% 0.15% Hardick Bora Tata Consumer Products Ltd. 0.71% -0.62% 0.08% Jubilant Foodworks Ltd. 0.27% -0.27% 0.00% Large Cap 99.16% Dabur India Ltd. 1.17% -1.18% -0.01% Over 12 years of experience in the financial AUTO 4.66% -2.41% 2.25% ü Maruti Suzuki India Ltd. 0.92% 0.00% 0.92% services sector. Managing this scheme Bajaj Auto Ltd. 0.63% 0.00% 0.63% Mahindra & Mahindra Ltd. 1.57% -1.06% 0.52% since inception. Tata Motors DVR Ltd. 0.20% 0.00% 0.20% Ashok Leyland Ltd. 0.53% -0.53% 0.00% Escorts Ltd. 0.31% -0.31% 0.00% Indicative Investment Horizon Eicher Motors Ltd. 0.51% -0.51% 0.00% TELECOM - SERVICES 1.59% -0.73% 0.86% Mid Cap 0.84% ü Bharti Airtel Ltd. 1.59% -0.73% 0.86% Long Term PHARMACEUTICALS 4.19% -3.35% 0.85% Sun Pharmaceutical Industries Ltd. 0.36% 0.00% 0.36% Cipla Ltd. 0.25% 0.00% 0.25% Date of allotment Torrent Pharmaceuticals Ltd. 1.08% -0.84% 0.25% Glenmark Pharmaceuticals Ltd. 0.32% -0.32% 0.00% Lupin Ltd. 1.21% -1.21% 0.00% 9 August 2018 Aurobindo Pharma Ltd. 0.42% -0.42% 0.00% Biocon Ltd. 0.55% -0.56% 0.00% CONSTRUCTION PROJECT 2.10% -1.27% 0.83% Assets Under Management Larsen & Toubro Ltd. 2.10% -1.27% 0.83% Portfolio Classification by Asset & POWER 0.65% 0.00% 0.65% Power Grid Corporation of India Ltd. 0.45% 0.00% 0.45% Rating Class as a % of net assets As on 31st Jan., 2021 : ` 169.91 crore NTPC Ltd. 0.20% 0.00% 0.20% CONSUMER DURABLES 2.11% -1.70% 0.41% (Fixed Income Portion of Portfolio) Titan Company Ltd. 0.86% -0.44% 0.42% Average for Jan. 2021 : ` 171.50 crore Bata India Ltd. 0.39% -0.39% 0.00% Havells India Ltd. 0.86% -0.87% 0.00% # NON - FERROUS METALS 1.11% -0.76% 0.35% Benchmark Index Hindalco Industries Ltd. 0.53% -0.17% 0.35% Hedged Equity 37.79% Vedanta Ltd. 0.59% -0.59% 0.00% RETAILING 0.30% 0.00% 0.30% CRISIL Short Term Debt Hybrid 75+25 Avenue Supermarts Ltd. 0.30% 0.00% 0.30% Fund Index (TRI) FERROUS METALS 1.80% -1.52% 0.28% Tata Steel Ltd. 0.89% -0.60% 0.29% Unhedged Equity 28.89% Jindal Steel & Power Ltd. 0.39% -0.39% 0.00% # JSW Steel Ltd. 0.52% -0.53% 0.00% (For disclaimers refer page no. 32) CEMENT 1.61% -1.36% 0.25% The Ramco Cements Ltd. 0.26% 0.00% 0.26% Expense Ratio as on Jan. 31, 2021 Grasim Industries Ltd. 1.36% -1.36% -0.01% Non Convertible AAA GAS 0.74% -0.66% 0.09% Debentures GAIL (India) Ltd. 0.08% 0.00% 0.08% 13.42% Mahanagar Gas Ltd. 0.66% -0.66% 0.00% Direct Plan : 1.65% INDUSTRIAL PRODUCTS 2.31% -2.30% 0.01% Cummins India Ltd. 0.66% -0.65% 0.01% AAA mfs Regular Plan : 2.07% SRF Ltd. 1.34% -1.34% 0.00% Mutual Fund Units Bharat Forge Ltd. 0.31% -0.31% 0.00% 3.57% CHEMICALS 0.03% -0.03% 0.00% The AMC reserves the right to change the Aarti Industries Ltd. 0.03% -0.03% 0.00% AUTO ANCILLARIES 0.24% -0.24% 0.00% expense ratio within the limits prescribed in Motherson Sumi Systems Ltd. 0.24% -0.24% 0.00% Sovereign TRADING 0.60% -0.60% 0.00% Government Securities the SID. Includes additional expenses if, Adani Enterprises Ltd. 0.60% -0.60% 0.00% 1.47% any and GST. PESTICIDES 0.30% -0.30% 0.00% UPL Ltd. 0.30% -0.30% 0.00% MEDIA & ENTERTAINMENT 0.35% -0.35% 0.00% Sovereign Load Structure Zee Entertainment Enterprises Ltd. 0.35% -0.35% 0.00% Treasury Bills CONSTRUCTION 0.99% -1.00% -0.01% 1.35% DLF Ltd. 0.99% -1.00% -0.01% Entry Load: Nil TRANSPORTATION 2.06% -2.07% -0.01% Interglobe Aviation Ltd. 0.18% -0.18% 0.00% Triparty Repo, Cash, Adani Ports & Special Economic Zone Ltd. 1.87% -1.89% -0.01% Exit Load: Equity & Equity Related 66.68% -37.79% 28.89% Cash Equivalents & 13.51% NON CONVERTIBLE DEBENTURES 13.42% Net Current Assets AAA 13.42% 1% if units are redeemed or switched out on National Bank for Agri & Rural Development 7.29% Reliance Industries Ltd. 6.13% or before completion of 15 days from the MUTUAL FUND UNITS 3.57% date of allotment. Nil thereafter (w.e.f. June AAA mfs 3.57% Union Liquid Fund 3.57% 01, 2020). GOVERNMENT SECURITIES 1.47% Sovereign 1.47% Quantitative Indicators GOI 5.22% 15.06.2025 1.47% (Fixed Income Portion of Portfolio) TREASURY BILLS 1.35% Sovereign 1.35% Average Modified Macaulay Portfolio 364 DAY T-BILL 1.35% Triparty Repo, Cash, Cash Equivalents & 13.51% Maturity Duration Duration Yield Net Current Assets Grand Total 100.00% 1.50 Years 1.32 Years 1.38 Years 4.29% ü Indicates Top 10 Holdings

For risk factors, statutory details and disclaimers please refer page no. 32 Page 17 This product is suitable for investors who are seeking*: Riskometer

Moderately Union • Income over short term from arbitrage opportunities Moderate High in equity market. High • Investment in arbitrage opportunities in the cash & Low to Moderate V ARBITRAGE FUND derivatives segment of the equity market ery High

(An Open Ended Scheme investing in Low Arbitrage Opportunities) RISKOMETER Factsheet as on January 31, 2021 Investors understand that their principal will be at low risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio Portfolio

Industry/Company/ % to Net % Derivative Industry/Company/ % to Net % Derivative Investment Objective Issuer/Rating Assets (Futures) Issuer/Rating Assets (Futures) to Net to Net Assets Assets The investment objective of the scheme is (Hedged) (Hedged) to generate capital appreciation and income by predominantly investing in AUTO 3.25% -3.26% POWER 3.50% -3.52% arbitrage opportunities in the cash and Ashok Leyland Ltd. 1.40% -1.40% Tata Power Company Ltd. 3.50% -3.52% derivatives segment of the equity market, Eicher Motors Ltd. 1.05% -1.06% SOFTWARE 8.14% -8.18% and by investing the balance in debt and Maruti Suzuki India Ltd. 0.79% -0.79% Auto Ancillaries 2.65% -2.66% Coforge Ltd. 1.12% -1.12% money market instruments. However, there Apollo Tyres Ltd. 1.38% -1.39% HCL Technologies Ltd. 0.60% -0.60% is no assurance that the investment Motherson Sumi Systems Ltd. 1.27% -1.28% Info Edge (India) Ltd. 1.37% -1.37% objective of the Scheme will be achieved. Infosys Ltd. 0.70% -0.70% BANKS 3.53% -3.55% MindTree Ltd. 1.44% -1.45% Co-fund Managers HDFC Bank Ltd. 0.72% -0.72% Tata Consultancy Services Ltd. 1.17% -1.18% ICICI Bank Ltd. 0.58% -0.58% Tech Mahindra Ltd. 0.90% -0.91% Vishal Thakker Kotak Mahindra Bank Ltd. 0.43% -0.43% Wipro Ltd. 0.84% -0.84% The Federal Bank Ltd. 1.81% -1.82% TELECOM - SERVICES 2.73% -2.74% Over 10 years of experience in equity & CEMENT 2.73% -2.74% Bharti Airtel Ltd. 2.73% -2.74% derivative dealing functions. Managing this ACC Ltd. 0.75% -0.76% TRANSPORTATION 1.40% -1.40% scheme since inception. Ambuja Cements Ltd. 0.57% -0.57% Grasim Industries Ltd. 0.78% -0.79% Adani Ports & Special Economic Zone Ltd. 1.40% -1.40% Devesh Thacker The Ramco Cements Ltd. 0.62% -0.62% Equity & Equity Related 66.90% -67.20% CHEMICALS 1.59% -1.60% MUTUAL FUND UNITS 9.59% Over 20 years of experience in Fund Management & Banking Industry. Aarti Industries Ltd. 0.85% -0.85% AAA mfs 9.59% Managing this scheme since inception. Tata Chemicals Ltd. 0.74% -0.75% Union Liquid Fund 9.59% CONSTRUCTION 1.83% -1.83% GOVERNMENT SECURITIES 3.91% Indicative Investment Horizon DLF Ltd. 1.19% -1.19% Sovereign 3.91% Godrej Properties Ltd. 0.64% -0.64% Short Term GOI 5.22% 15.06.2025 3.91% CONSTRUCTION PROJECT 0.84% -0.84% TREASURY BILLS 1.71% Larsen & Toubro Ltd. 0.84% -0.84% Date of allotment Sovereign 1.71% CONSUMER DURABLES 2.47% -2.48% 364 DAY T-BILL 1.71% 20 February 2019 Havells India Ltd. 1.63% -1.64% Triparty Repo, Cash, Cash Equivalents & 17.89% Titan Company Ltd. 0.83% -0.84% Assets Under Management Net Current Assets CONSUMER NON DURABLES 3.25% -3.26% Grand Total 100.00% As on 31st Jan., 2021 : ` 63.92 crore Asian Paints Ltd. 0.56% -0.57% Britannia Industries Ltd. 0.66% -0.66% Average for Jan. 2021 : ` 65.81 crore Hindustan Unilever Ltd. 1.06% -1.07% Jubilant Foodworks Ltd. 0.61% -0.61% Portfolio Classification by Asset & Benchmark Index@@@ Tata Consumer Products Ltd. 0.35% -0.36% Rating Class as a % of net assets FERROUS METALS 3.54% -3.55% (Fixed Income Portion of Portfolio) NIFTY 50 Arbitrage Index Jindal Steel & Power Ltd. 1.02% -1.03% JSW Steel Ltd. 1.39% -1.40% @@@(For disclaimers refer page no. 32) Tata Steel Ltd. 1.12% -1.13% Hedged Equity 66.90% FINANCE 15.42% -15.49% Expense Ratio as on Jan. 31, 2021 Bajaj Finance Ltd. 0.93% -0.93% AAA mfs HDFC Asset Management Company Ltd. 1.62% -1.63% Mutual Fund Units 9.59% Direct Plan : 0.58% HDFC Life Insurance Co. Ltd 1.52% -1.52% Housing Development Finance Corp Ltd. 0.78% -0.79% Regular Plan : 0.97% ICICI Lombard General Insurance Co. Ltd. 1.75% -1.76% Sovereign Government Securities ICICI Prudential Life Insrnce Co. Ltd. 0.23% -0.23% 3.91% The AMC reserves the right to change the LIC Housing Finance Ltd. 2.35% -2.37% expense ratio within the limits prescribed in Mahindra & Mahindra Financial Serv Ltd. 1.45% -1.46% the SID. Includes additional expenses if, Max Financial Services Ltd. 2.50% -2.50% Treasury Bills Sovereign any and GST. Muthoot Finance Ltd. 0.52% -0.52% 1.71% Shriram Transport Finance Company Ltd. 1.78% -1.79% Load Structure GAS 1.22% -1.22% Triparty Repo, Cash, 17.89% Indraprastha Gas Ltd. 0.44% -0.45% Cash Equivalents & Entry Load: Nil Net Current Assets Mahanagar Gas Ltd. 0.78% -0.77% Exit Load: INDUSTRIAL PRODUCTS 0.74% -0.73% SRF Ltd. 0.74% -0.73% • 0.25% if units are redeemed or switched NON - FERROUS METALS 2.33% -2.33% Quantitative Indicators out on or before completion of 1 month (Fixed Income Portion of Portfolio) from the date of allotment of units. Hindalco Industries Ltd. 0.76% -0.76% Vedanta Ltd. 1.56% -1.57% Average Modified Macaulay Portfolio • Nil if units are redeemed or switched out PESTICIDES 1.14% -1.15% Maturity Duration Duration Yield after completion of 1 month from the UPL Ltd. 1.14% -1.15% 0.84 Years 0.74 Years 0.76 Years 3.66% date of allotment of units. PETROLEUM PRODUCTS 0.79% -0.80% Reliance Industries Ltd. 0.79% -0.80% PHARMACEUTICALS 3.83% -3.85% Aurobindo Pharma Ltd. 0.74% -0.74% Cipla Ltd. 0.67% -0.68% Glenmark Pharmaceuticals Ltd. 1.78% -1.79% Sun Pharmaceutical Industries Ltd. 0.64% -0.64%

For risk factors, statutory details and disclaimers please refer page no. 32 Page 18 This product is suitable for investors who are seeking*: Riskometer

Moderately Union • Income/Capital Appreciation over medium term Moderate High • Investment predominantly in debt and money market High instruments with portfolio Macaulay Duration of 3 - 4 Low to Moderate MEDIUM DURATION FUND V years ery High (An open ended medium term debt scheme investing in Low $ instruments such that the Macaulay duration of the portfolio is RISKOMETER between 3 to 4 years.) Investors understand that their principal will be at Factsheet as on January 31, 2021 moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio

Investment Objective Instrument/Rating/Issuer % to Net Assets (Period to Maturity) Upto >30 days >1 year >3 years >5 years Grand The investment objective of the Scheme is 30 days upto 3 upto 3 upto 5 upto 7 Total to generate income and capital months years years years appreciation by investing in Fixed Income Securities and Money Market Instruments. NON CONVERTIBLE DEBENTURES - - 6.35% 56.53% 13.35% 76.24% However, there is no assurance that the Investment Objective of the scheme will be AAA - - 6.35% 56.53% 13.35% 76.24% achieved. Housing Development Finance Corp Ltd. - - - 9.13% - 9.13% Co-fund Managers State Bank of India - - - 9.08% - 9.08% Power Finance Corporation Ltd. - - - 7.85% - 7.85% Parijat Agrawal Indian Railway Finance Corporation Ltd. - - - - 6.98% 6.98% NHPC Ltd. - - - 6.97% - 6.97% Over 24 years of experience in Fund Power Grid Corporation of India Ltd. - - - 6.74% - 6.74% Management. Managing this scheme since Export-Import Bank of India - - - 6.51% - 6.51% inception. National Bank for Agri & Rural Development - - - 6.42% - 6.42% REC Ltd. - - - - 6.38% 6.38% Anindya Sarkar Ultratech Cement Ltd. - - 6.35% - - 6.35% Over 17 years of experience in Financial NTPC Ltd. - - - 3.84% - 3.84% services sector. Managing this scheme GOVERNMENT SECURITIES - - - 10.23% 5.54% 15.77% since inception. Sovereign - - - 10.23% 5.54% 15.77% Indicative Investment Horizon GOI 5.15% 09.11.2025 - - - 6.38% - 6.38% Medium Term GOI 7.27% 08.04.2026 - - - - 5.54% 5.54% GOI 5.22% 15.06.2025 - - - 3.85% - 3.85% Date of allotment TREASURY BILLS - 0.17% - - - 0.17% 14 September 2020 Sovereign - 0.17% - - - 0.17% Assets Under Management 364 DAY T-BILL - 0.17% - - - 0.17%

As on 31st Jan., 2021 : ` 389.54 crore Triparty Repo, Cash, Cash Equivalents & 7.82% - - - - 7.82% Net Current Assets Average for Jan. 2021 : 392.55 crore ` Grand Total 7.82% 0.17% 6.35% 66.77% 18.89% 100.00% Benchmark Index#

CRISIL Medium Term Debt Index Portfolio Classification by Asset & Quantitative Indicators #(For disclaimers refer page no. 32) Rating Class as a % of net assets Average Modified Macaulay Portfolio Expense Ratio as on Jan. 31, 2021 Maturity Duration Duration Yield 4.27 Years 3.55 Years 3.74 Years 5.40% Direct Plan : 0.56% Non Convertible AAA Debentures 76.24% Other than Direct Plan : 1.03% Sovereign The AMC reserves the right to change the Government Securities 15.77% expense ratio within the limits prescribed in the SID. Includes additional expenses if, any and GST. Sovereign Treasury Bills 0.17% Load Structure

Entry Load: Nil Triparty Repo, Cash, Cash Equivalents & Net 7.82% Exit Load: Current Assets

1% if units are redeemed or switched out on or before completion of 15 days from the $ date of allotment. Nil thereafter (w.e.f. Please refer to the page no. 36 of the SID on which the concept of Macaulay Duration has been November 04, 2020). explained

For risk factors, statutory details and disclaimers please refer page no. 32 Page 19 This product is suitable for investors who are seeking*: Riskometer

Moderately Union • Regular income over Medium to Long term Moderate High • Income by investing in fixed income securities of High varying maturities and credit Low to Moderate V CORPORATE BOND FUND ery High

(An open ended debt scheme predominantly Low investing in AA+ and above rated corporate bonds) RISKOMETER Factsheet as on January 31, 2021 Investors understand that their principal will be at moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio

Investment Objective Instrument/Rating/Issuer % to Net Assets (Period to Maturity) Upto >30 days >1 year >3 years >5 years Grand To achieve long term capital appreciation 30 days upto 3 upto 3 upto 5 upto 7 Total by investing substantially in a portfolio of months years years years corporate debt securities.

However, there is no assurance that the NON CONVERTIBLE DEBENTURES - - 44.19% 32.46% 7.24% 83.89% Investment Objective of the scheme will be AAA - - 44.19% 32.46% 7.24% 83.89% achieved. Power Finance Corporation Ltd. - - - 7.71% - 7.71% Co-fund Managers Reliance Industries Ltd. - - 7.64% - - 7.64% Indian Railway Finance Corporation Ltd. - - 7.50% - - 7.50% Parijat Agrawal National Housing Bank - - 7.43% - - 7.43% Export-Import Bank of India - - - 7.39% - 7.39% Over 24 years of experience in Fund National Bank for Agri & Rural Development - - 7.31% - - 7.31% Management. Managing this scheme since State Bank of India - - - 7.25% - 7.25% inception. REC Ltd. - - - - 7.24% 7.24% Anindya Sarkar Housing Development Finance Corp Ltd. - - - 7.22% - 7.22% Ultratech Cement Ltd. - - 7.21% - - 7.21% Over 17 years of experience in Financial Britannia Industries Ltd. - - 7.10% - - 7.10% services sector. Managing this scheme NTPC Ltd. - - - 2.90% - 2.90% since November 1, 2018. GOVERNMENT SECURITIES - - 4.65% 3.03% - 7.68% Indicative Investment Horizon Sovereign - - 4.65% 3.03% - 7.68% Medium to Long Term GOI 7.32% 28.01.2024 - - 3.12% - - 3.12% GOI 6.18% 04.11.2024 - - - 3.03% - 3.03% Date of allotment GOI 6.84% 19.12.2022 - - 1.53% - - 1.53% 25 May 2018 TREASURY BILLS - 0.25% - - - 0.25%

Assets Under Management Sovereign - 0.25% - - - 0.25% 364 DAY T-BILL - 0.25% - - - 0.25% As on 31st Jan., 2021 : ` 343.24 crore Triparty Repo, Cash, Cash Equivalents & 8.18% - - - - 8.18% Average for Jan. 2021 : ` 343.01 crore Net Current Assets Benchmark Index# Grand Total 8.18% 0.25% 48.84% 35.49% 7.24% 100.00%

CRISIL Corporate Bond Composite Index (w.e.f December 16, 2019)

#(For disclaimers refer page no. 32) Portfolio Classification by Asset & Quantitative Indicators Rating Class as a % of net assets Expense Ratio as on Jan. 31, 2021 Average Modified Macaulay Portfolio Maturity Duration Duration Yield Direct Plan : 1.00% Non Convertible AAA 3.14 Years 2.71 Years 2.85 Years 5.01% Debentures 83.89% Regular Plan : 1.04%

The AMC reserves the right to change the Sovereign Government Securities expense ratio within the limits prescribed in 7.68% the SID. Includes additional expenses if, any and GST. Sovereign Treasury Bills Load Structure 0.25%

Entry Load: Nil Triparty Repo, Cash, Cash Equivalents & Net 8.18% Exit Load: Current Assets 1% if units are redeemed or switched out on or before completion of 15 days from the date of allotment. Nil thereafter (w.e.f. June 01, 2020).

For risk factors, statutory details and disclaimers please refer page no. 32 Page 20 This product is suitable for investors who are seeking*: Riskometer

Moderately Union • Regular Income over Medium to Long Term Moderate High • Investment in Debt and Money Market Securities with High flexible maturity profile of securities depending on the Low to Moderate V DYNAMIC BOND FUND prevailing market condition. ery High

(An open ended dynamic debt scheme investing Low across duration) RISKOMETER Factsheet as on January 31, 2021 Investors understand that their principal will be at moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio

Investment Objective Instrument/Rating/Issuer % to Net Assets (Period to Maturity) Upto >30 days >3 years >5 years Above Grand The investment objective of the Scheme is 30 upto 3 upto 5 upto 7 7 years Total to actively manage a portfolio of good days months years years quality debt as well as money market instruments so as to provide reasonable GOVERNMENT SECURITIES - - - 15.99% 46.10% 62.09% returns and liquidity to the investors. However, there can be no assurance that Sovereign - - - 15.99% 46.10% 62.09% the investment objective of the scheme will GOI 7.26% 14.01.2029 - - - - 16.13% 16.13% be achieved. GOI 6.19% 16.09.2034 - - - - 14.79% 14.79% Co-fund Managers GOI 7.27% 08.04.2026 - - - 8.08% - 8.08% Parijat Agrawal GOI 6.79% 15.05.2027 - - - 7.90% - 7.90% Over 24 years of experience in Fund GOI 6.45% 07.10.2029 - - - - 7.68% 7.68% Management. Managing this scheme since GOI 6.22% 16.03.2035 - - - - 7.39% 7.39% inception. GOI 7.59% 20.03.2029 - - - - 0.12% 0.12% Devesh Thacker NON CONVERTIBLE DEBENTURES - - 4.06% - 19.75% 23.80% Over 20 years of experience in Fund AAA - - 4.06% - 19.75% 23.80% Management & Banking Industry. Managing this scheme since June 28, REC Ltd. - - 4.06% - 3.71% 7.76% 2018. Power Finance Corporation Ltd. - - - - 7.73% 7.73% Indicative Investment Horizon NTPC Ltd. - - - - 4.16% 4.16% Indian Railway Finance Corporation Ltd. - - - - 4.15% 4.15% Medium to Long Term TREASURY BILLS - 0.11% - - - 0.11% Date of allotment Sovereign - 0.11% - - - 0.11% 13 February 2012 364 DAY T-BILL - 0.11% - - - 0.11% Assets Under Management Triparty Repo, Cash, Cash Equivalents & 14.00% - - - - 14.00% Net Current Assets As on 31st Jan., 2021 : ` 133.46 crore Grand Total 14.00% 0.11% 4.06% 15.99% 65.85% 100.00% Average for Jan. 2021 : ` 133.75 crore

# Benchmark Index Portfolio Classification by Asset & Quantitative Indicators CRISIL Composite Bond Fund Index Rating Class as a % of net assets Average Modified Macaulay Portfolio Maturity #(For disclaimers refer page no. 32) Duration Duration Yield Sovereign 7.87 Years 5.57 Years 5.79 Years 5.71% Government Securities Expense Ratio as on Jan. 31, 2021 62.09%

Direct Plan : 1.46% Non Convertible AAA Other than Direct Plan : 1.49% Debentures 23.80%

The AMC reserves the right to change the Sovereign Treasury Bills expense ratio within the limits prescribed in 0.11% the SID. Includes additional expenses if, any and GST. Triparty Repo, Cash, 14.00% Load Structure Cash Equivalents & Net Current Assets Entry Load: Nil

Exit Load:

1% if units are redeemed or switched out on or before completion of 15 days from the date of allotment. Nil thereafter (w.e.f. June 01, 2020).

For risk factors, statutory details and disclaimers please refer page no. 32 Page 21 This product is suitable for investors who are seeking*: Riskometer

Moderately • Reasonable returns over Short Term commensurate Moderate High Union with low risk and high level of liquidity. High • Investment in Money market and Debt securities with Low to Moderate V LIQUID FUND maturity of upto 91 days. ery High

Low (An Open-Ended Liquid Scheme) RISKOMETER Factsheet as on January 31, 2021 Investors understand that their principal will be at low to moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio

Investment Objective Instrument/Rating/Issuer % to Net Assets (Period to Maturity) Upto 30 days >30 days upto 3 Months Grand Total To p r o v i d e r e a s o n a b l e r e t u r n s commensurate with lower risk and high COMMERCIAL PAPERS 20.10% 11.79% 31.89% level of liquidity through a portfolio of A1+ 20.10% 11.79% 31.89% money market and debt securities. However, there can be no assurance that Housing Development Finance Corp Ltd. 8.87% - 8.87% the investment objective of the scheme will Muthoot Finance Ltd. 5.91% - 5.91% be achieved. Reliance Industries Ltd. - 5.90% 5.90% Fund Manager Bajaj Finance Ltd. - 5.89% 5.89% Devesh Thacker SBI Cards & Payment Services Ltd. 5.32% - 5.32% Over 20 years of experience in Fund CERTIFICATE OF DEPOSITS 14.78% 8.84% 23.62% Management & Banking Industry. Managing this scheme since inception. A1+ 14.78% 8.84% 23.62% National Bank for Agri & Rural Development 8.87% - 8.87% Indicative Investment Horizon Axis Bank Ltd. 5.91% - 5.91% Short Term Bank of Baroda - 5.90% 5.90% Date of allotment Bandhan Bank Ltd. - 2.94% 2.94% 15 June 2011 TREASURY BILLS 5.91% 16.51% 22.41% Assets Under Management Sovereign 5.91% 16.51% 22.41%

As on 31st Jan., 2021 : ` 845.17 crore 182 DAY T-BILL 2.95% 7.08% 10.03% 364 DAY T-BILL 2.95% 6.48% 9.43% Average for Jan. 2021 : ` 778.32 crore 91 DAY T-BILL - 2.95% 2.95% Benchmark Index# Triparty Repo, Cash, Cash Equivalents & 22.08% - 22.08% CRISIL Liquid Fund Index Net Current Assets

#(For disclaimers refer page no. 32) Grand Total 62.86% 37.14% 100.00%

Expense Ratio as on Jan. 31, 2021^^

Direct Plan : 0.10% Portfolio Classification by Asset & Quantitative Indicators Other than Direct Plan : 0.19% Rating Class as a % of net assets Average Modified Macaulay Portfolio The AMC reserves the right to change the Maturity Duration Duration Yield expense ratio within the limits prescribed in A1+ 19 Days 19 Days 19 Days 3.36% Commercial Papers the SID. Includes additional expenses if, 31.89% any and GST.

A1+ Load Structure Certificate of Deposits 23.62% Entry Load: Nil

Exit Load: (w.e.f. October 19, 2019) Treasury Bills Sovereign 22.41% Investor Exit Exit load as a upon % of redemption Triparty Repo, Cash, subscription proceeds Cash Equivalents & Net 22.08% Current Assets Day 1 0.0070%

Day 2 0.0065% ^^There is a separate plan viz. 'Unclaimed Amounts Plan' which has been launched in terms of SEBI/HO/IMD/ DF2/ CIR/ P/ Day 3 0.0060% 2016/37 dated February 25, 2016 for the limited purpose of deployment of unclaimed redemption and unclaimed dividend Day 4 0.0055% amount only. Hence, units under the said plan shall not be available for subscription by investors. Please refer addendum dated January 17, 2018, available on our website for more details. The expense ratio for Unclaimed Amounts Plan is 0.49%. Day 5 0.0050%

Day 6 0.0045%

Day 7 onwards 0.0000%

For risk factors, statutory details and disclaimers please refer page no. 32 Page 22 This product is suitable for investors who are seeking*: Riskometer

Moderately • Income over short term Moderate High Union • Investment in Debt and Money Market instruments High with overnight maturity. Low to Moderate V OVERNIGHT FUND ery High

Low (An open ended debt scheme investing in overnight securities) RISKOMETER Factsheet as on January 31, 2021 Investors understand that their principal will be at low risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Fund Details Portfolio Portfolio Classification by Asset Class

Investment Objective Instrument/Rating/Issuer % to Net Assets The investment objective of the Scheme is Triparty Repo, Cash, Cash Equivalents & 100.00% to generate returns by investing in Debt and Net Current Assets Money Market Instruments with overnight Triparty Repo, Cash, Cash maturity. However, there is no assurance Grand Total 100.00% Equivalents & Net Current that the Investment Objective of the Assets : 100.00% scheme will be achieved. Quantitative Indicators Co-fund Managers Average Modified Macaulay Portfolio Tarun Singh Maturity Duration Duration Yield 1 Day 1 Day 1 Day 3.34% Over 25 years of work experience including more than 11 years of experience in the fixed income dealing function. Managing this scheme since inception. Portfolio Classification by Rating Class

Devesh Thacker

Over 20 years of experience in Fund Management & Banking Industry. Managing this scheme since inception. Triparty Repo, Cash, Cash Indicative Investment Horizon Equivalents & Net Current Assets : 100.00% Short Term

Date of allotment

27 March 2019

Assets Under Management

As on 31st Jan., 2021 : ` 40.68 crore

Average for Jan. 2021 : ` 59.46 crore

Benchmark Index#

CRISIL Overnight Index

#(For disclaimers refer page no. 32)

Expense Ratio as on Jan. 31, 2021

Direct Plan : 0.07%

Regular Plan : 0.16%

The AMC reserves the right to change the expense ratio within the limits prescribed in the SID. Includes additional expenses if, any and GST.

Load Structure

Entry Load: Nil

Exit Load: Nil

For risk factors, statutory details and disclaimers please refer page no. 32 Page 23 Net Asset Value (NAV) of Schemes (as on 31st January 2021)

Equity Schemes

Union Flexi Cap Fund Union Focused Fund Union Large & Midcap Fund (as on January 29, 2021) (as on January 29, 2021) (as on January 29, 2021)

Plan/ Option NAV (`) Plan/ Option NAV (`) Plan/ Option NAV (`) Growth Option 24.55 Regular Plan - Growth Option 13.41 Regular Plan - Growth Option 12.11 Dividend Option 15.50 Regular Plan - Dividend Option 13.41 Regular Plan - Dividend Option 12.11 Direct Plan - Growth Option 26.03 Direct Plan - Growth Option 13.60 Direct Plan - Growth Option 12.25 Direct Plan - Dividend Option 22.74 Direct Plan - Dividend Option 13.60 Direct Plan - Dividend Option 12.25 Union Small Cap Fund Union Long Term Equity Fund Union Value Discovery Fund (as on January 29, 2021) (as on January 29, 2021) (as on January 29, 2021)

Plan/ Option NAV (`) Plan/ Option NAV (`) Plan/ Option NAV (`) Growth Option 18.49 Growth Option 30.54 Regular Plan - Growth Option 12.46 Dividend Option 16.06 Dividend Option 17.07 Regular Plan - Dividend Option 12.46 Direct Plan - Growth Option 19.48 Direct Plan - Growth Option 31.95 Direct Plan - Growth Option 12.68 Direct Plan - Dividend Option 14.58 Direct Plan - Dividend Option 31.95 Direct Plan - Dividend Option 12.68 Union Largecap Fund Union Midcap Fund (as on January 29, 2021) (as on January 29, 2021)

Plan/ Option NAV (`) Plan/ Option NAV (`) Regular Plan - Growth Option 12.77 Regular Plan - Growth Option 18.56 Regular Plan - Dividend Option 12.77 Regular Plan - Dividend Option 18.56 Direct Plan - Growth Option 13.11 Direct Plan - Growth Option 18.72 Direct Plan - Dividend Option 13.11 Direct Plan - Dividend Option 18.72

Hybrid Schemes

Union Balanced Advantage Fund Union Equity Savings Fund Union Arbitrage Fund (as on January 29, 2021) (as on January 29, 2021) (as on January 29, 2021)

Plan/ Option NAV (`) Plan/ Option NAV (`) Plan/ Option NAV (`) Regular Plan - Growth Option 13.64 Regular Plan - Growth Option 12.14 Regular Plan - Growth Option 10.9998 Regular Plan - Dividend Option 13.64 Regular Plan - Dividend Option 12.14 Regular Plan - Dividend Option 10.7405 Direct Plan - Growth Option 13.92 Direct Plan - Growth Option 12.32 Direct Plan - Growth Option 11.1118 Direct Plan - Dividend Option 13.92 Direct Plan - Dividend Option 12.32 Direct Plan - Dividend Option 10.8511 Union Hybrid Equity Fund (as on January 29, 2021)

Plan/ Option NAV (`) Regular Plan - Growth Option 9.94 Regular Plan - Dividend Option 9.94 Direct Plan - Growth Option 9.96 Direct Plan - Dividend Option 9.96

Debt & Income Schemes Union Dynamic Bond Fund Union Corporate Bond Fund Union Liquid Fund (as on January 29, 2021) (as on January 29, 2021) (as on January 31, 2021)

Plan/ Option NAV (`) Plan/ Option NAV (`) Plan/ Option NAV (`) Growth Option 18.9153 Regular Plan - Growth Option 12.0054 Growth Option 1955.5973 Dividend Option 12.6104 Regular Plan - Dividend Option 12.0054 Daily Dividend 1000.7927 Direct Plan - Growth Option 19.7609 Direct Plan - Growth Option 12.1129 Weekly Dividend 1001.4156 Direct Plan - Dividend Option 13.2366 Direct Plan - Dividend Option 12.1129 Fortnightly Dividend 1001.1315 Monthly Dividend 1001.1247 Union Overnight Fund Union Medium Duration Fund Growth - Direct Plan 1971.1678 (as on January 31, 2021) (as on January 29, 2021) Daily Dividend - Direct Plan 1000.7927 Weekly Dividend - Direct Plan 1001.1990 Plan/ Option NAV (`) Plan/ Option NAV (`) Regular Plan - Growth Option 1076.5030 Regular Plan - Growth Option 10.2402 Fortnightly Dividend - Direct Plan 1001.1342 Regular Plan - Daily Dividend Option 1000.7574 Regular Plan - Dividend Option 10.2402 Monthly Dividend - Direct Plan 1001.1334 Direct Plan - Growth Option 1078.4889 Direct Plan - Growth Option 10.2618 Unclaimed Amounts Plan - 1139.1530 Redemption Upto 3 years Direct Plan - Daily Dividend Option 1000.7630 Direct Plan - Dividend Option 10.2618 Unclaimed Amounts Plan - 1000.0000 Direct Plan - Monthly Dividend Option 1001.1968 Redemption Beyond 3 years Unclaimed Amounts Plan - 1139.4517 Dividend Upto 3 years Unclaimed Amounts Plan - 1000.0000 Dividend Beyond 3 years

For risk factors, statutory details and disclaimers please refer page no. 32 Page 24 Funds at a Glance

EQUITY SCHEMES

Union Flexi Union Focused Union Midcap Union Large & Union Small Union Long Term Union Value Union Largecap Scheme Name Cap Fund Fund Fund Midcap Fund Cap Fund Equity Fund Discovery Fund Fund Scheme Category Flexi Cap Focused Midcap Large & Small cap ELSS Value Large Cap Fund Fund Fund Midcap Fund Fund Fund Fund Fund

Date of Inception 10-Jun-11 05-Aug-19 23-Mar-20 06-Dec-19 10-Jun-14 23-Dec-11 05-Dec-18 11-May-17

AUM (` Crs) as on January 31, 2021 436.51 177.36 169.68 186.69 393.78 308.78 111.29 186.35 Benchmark S&P BSE S&P BSE Nifty Midcap S&P BSE 250 Nifty Smallcap S&P BSE S&P BSE S&P BSE 500 Index 500 Index 100 Index LargeMidCap 100 Index 500 Index 500 Index 100 Index (TRI)^^ (TRI)^^ (TRI)@@@ Index (TRI)@@@ (TRI)^^ (TRI)^^ (TRI)^^ (TRI)^^ (formerly Nifty Free Float Smallcap 100 Index)

Top 5 Holdings - Total 29.79% 39.20% 20.24% 26.81% 17.18% 31.03% 33.76% 34.04%

Top 10 Holdings - Total 43.78% 64.54% 37.25% 41.29% 32.38% 44.26% 56.15% 53.00%

No. of Stocks 64 24 46 51 47 73 39 55

Market Capitalisaton

Large Cap 68.74% 78.99% 10.68% 58.36% 2.50% 72.40% 83.93% 94.35%

Mid Cap 17.66% 9.71% 74.87% 39.30% 24.47% 15.92% 9.54% 2.27%

Small Cap 9.62% 5.50% 10.89% NIL 67.91% 8.59% 4.02% NIL 1% if units are redeemed or switched out on or before completion of 15 days 1% if units are redeemed or switched Exit Load Nil from the date of allotment. Nil thereafter. out on or before completion of 15 days from the date of allotment. Nil thereafter.

DEBT SCHEMES Union Medium Union Corporate Union Dynamic Union Liquid Fund Union Overnight Fund Scheme Name Duration Fund Bond Fund Bond Fund

Scheme Category Medium Duration Corporate Bond Fund Dynamic Fund Liquid Fund Overnight Fund

Date of Inception 14-Sep-20 25-May-18 13-Feb-12 15-Jun-11 27-Mar-19

AUM (` Crs) as on January 31, 2021 389.54 343.24 133.46 845.17 40.68 Benchmark CRISIL Medium Term CRISIL Corporate Bond CRISIL Composite Bond CRISIL Liquid Fund Index# CRISIL Overnight Index# Debt Index# Composite Index# Fund Index#

Quantitative Indicators

Portfolio Yield 5.40% 5.01% 5.71% 3.36% 3.34%

Average Maturity 4.27 Years 3.14 Years 7.87 Years 19 Days 1 Day

Macaulay Duration 3.74 Years 2.85 Years 5.79 Years 19 Days 1 Day

Modified Duration 3.55 Years 2.71 Years 5.57 Years 19 Days 1 Day

Asset Class Composition (%)

Non Convertible Debentures 76.24% 83.89% 23.80% NIL NIL

Commercial Papers NIL NIL NIL 31.89% NIL

Government Securities 15.77% 7.68% 62.09% NIL NIL

Certificate of Deposits NIL NIL NIL 23.62% NIL

Treasury Bills 0.17% 0.25% 0.11% 22.41% NIL

Triparty Repo, Cash, Cash Equivalents & 7.82% 8.18% 14.00% 22.08% 100.00% Net Current Assets

Rating Class Composition (%)

Sovereign 15.94% 7.93% 62.20% 22.41% NIL

AAA 76.24% 83.89% 23.80% NIL NIL

AA+ NIL NIL NIL NIL NIL

A1+ NIL NIL NIL 55.51% NIL

Triparty Repo, Cash, Cash Equivalents & 7.82% 8.18% 14.00% 22.08% 100.00% Net Current Assets

For risk factors, statutory details and disclaimers please refer page no. 32 Page 25 Funds at a Glance

HYBRID SCHEMES Scheme Name Union Hybrid Equity Fund Union Balanced Advantage Fund Union Equity Savings Fund Union Arbitrage Fund Scheme Category Aggressive Hybrid Fund Dynamic Asset Allocation or Equity Savings Arbitrage Fund Balanced Advantage Date of Inception 18-Dec-20 29-Dec-17 09-Aug-18 20-Feb-19 AUM (` Crs) as on January 31, 2021 433.05 633.61 169.91 63.92 Benchmark CRISIL Hybrid 35+65 Aggressive 65% S&P BSE 50 Index (+) CRISIL Short Term Debt Hybrid 75+ NIFTY 50 Arbitrage Index@@@ Index (TRI)# 35% CRISIL Composite Bond Fund 25 Fund Index (TRI)# Index (TRI)# Quantitative Indicators (Fixed Income Portion of Portfolio) Portfolio Yield 4.52% 4.67% 4.29% 3.66% Average Maturity (Years) 1.99 2.54 1.50 0.84 Modified Duration (Years) 1.77 2.17 1.32 0.74 Asset Class Composition (%) Non Convertible Debentures 23.38% 15.67% 13.42% NIL Government Securities NIL NIL 1.47% 3.91% Mutual Fund Units NIL NIL 3.57% 9.59% Treasury Bills NIL 2.26% 1.35% 1.71% Unhedged Equity 68.44% 30.43% 28.89% NIL Hedged Equity (Arbitrage) NIL 35.83% 37.79% 66.90% Triparty Repo, Cash, Cash Equivalents & 8.19% 15.81% 13.51% 17.89% Net Current Assets Rating Class Composition - (Fixed Income Portion of Portfolio) (%) Sovereign NIL 2.26% 2.82% 5.62% AAA 23.38% 15.67% 13.42% NIL AAA mfs NIL NIL 3.57% 9.59% Triparty Repo, Cash, Cash Equivalents & 8.19% 15.81% 13.51% 17.89% Net Current Assets

PLANS (ACROSS A COMMON PORTFOLIO): Union Flexi Cap Fund/ Union Long Term Equity Fund/ Union Dynamic Bond Fund/ Union Liquid Fund&: • Direct Plan for investors who purchase units directly with Union Mutual Fund. • Investors who purchase units through a Distributor will be allotted units under the Scheme but not under the Direct Plan. All Other Schemes: • Direct Plan for investors who purchase units directly with Union Mutual Fund. • Regular Plan for investors who purchase units through a Distributor. OPTIONS (UNDER EACH OF THE PLANS): Union Long Term Equity Fund: • Growth • Dividend with Payout Facility All Other Schemes&: • Growth • Dividend with Reinvestment, Payout and Sweep Facility. DEFAULT OPTION/ FACILITY: Union Long Term Equity Fund: Option: Growth Union Liquid Fund/ Union Overnight Fund: Option: Growth, Facility under Dividend Option: Dividend Reinvestment with monthly Frequency All Other Schemes: Option: Growth, Facility under Dividend Option: Dividend Reinvestment APPLICATION AMOUNT: Union Long Term Equity Fund: Minimum Application Amount: ` 500 and in multiples of ` 500 thereafter, Minimum Additional Investment: ` 500 and in multiples of ` 500 thereafter, Minimum Redemption Amount: ` 500 All Other Schemes: Minimum Application Amount: ` 5,000 and in multiples of ` 1 thereafter, Minimum Additional Investment: ` 1,000 and in multiples of ` 1 thereafter, Minimum Redemption Amount: ` 1,000 and in multiples of ` 1 thereafter SYSTEMATIC INVESTMENT PLAN (SIP): Union Long Term Equity Fund: Monthly Frequency - Minimum installment size ` 500 and in multiples of ` 500 thereafter; Minimum period: 6 months, Quarterly Frequency - Minimum installment size ` 1,500 and in multiples of ` 500 thereafter; Minimum period: 2 quarters All Other Schemes: Monthly Frequency - Minimum installment size ` 2,000 and in multiples of ` 1 thereafter; Minimum period: 6 months, Quarterly Frequency - Minimum installment size ` 5,000 and in multiples of ` 1 thereafter; Minimum period: 2 quarters SIP DATES: The investors can choose any date as the SIP date. However, in case any of these days falls on a non-business day or on a day which is not available in a particular month, the transaction will be effected on the next business day of the Scheme. The default SIP date will be 8th of every month. SYSTEMATIC TRANSFER PLAN (STP): Applicable to All Schemes, except Union Long Term Equity Fund: Minimum installment size ` 100 and in multiples of ` 1 thereafter; Minimum 6 installments Frequency: Daily^, Weekly, Fortnightly, Monthly, Quarterly, Half Yearly ^Under the Daily frequency for STP, the investors can transfer a fixed specified amount from Union Liquid Fund and/or Union Overnight Fund to any other open-ended scheme of Union Mutual Fund in existence at the time of availing the facility of STP. SYSTEMATIC WITHDRAWAL PLAN (SWP): Applicable to All Schemes: Minimum installment size ` 1,000 and in multiples of ` 1 thereafter; Minimum 6 installments Frequency: Monthly, Quarterly, Half Yearly &There is a separate plan viz. 'Unclaimed Amounts Plan' which has been launched in terms of SEBI/HO/IMD/ DF2/ CIR/ P/ 2016/37 dated February 25, 2016 under Union Liquid Fund for the limited purpose of deployment of unclaimed redemption and unclaimed dividend amount only. Hence, units under the said plan shall not be available for subscription by investors. Please refer addendum dated January 17, 2018, available on our website for more details. The options available under this Plan are Redemption: Upto 3 years, Redemption: Beyond 3 years, Dividend: Upto 3 years and Dividend: Beyond 3 years.

For risk factors, statutory details and disclaimers please refer page no. 32 Page 26 Lumpsum Performance Fund Manager/Schemes Wise (as on 31st January 31, 2021)

Name of the Scheme Scheme Benchmark Additional Benchmark$ Plan/ Date of Union Flexi Cap Fund S&P BSE 500 Index (TRI)^^ S&P BSE Sensex Index (TRI) Fund Manager Period@ Option Inception Returns Value^ Returns Value^ Returns Value^ Mr. Vinay Paharia (since April 02, 1 Year 17.58% 11,758 16.46% 11,646 15.05% 11,505 2018) & Mr. Hardick Bora from 3 Years 8.10% 12,632 6.75% 12,165 10.06% 13,333 (January 5, 2021). Growth 10-Jun-11 5 Years 12.03% 17,651 13.83% 19,110 14.65% 19,811 7 Years 11.90% 21,965 14.75% 26,198 13.80% 24,719 Since Inception 9.75% 24,550 11.53% 28,674 11.64% 28,935

Plan/ Date of Union Focused Fund S&P BSE 500 Index (TRI)^^ S&P BSE Sensex Index (TRI) Fund Manager Period@ Option Inception Returns Value^ Returns Value^ Returns Value^ Mr. Vinay Paharia - managing Regular- 1 Year 18.78% 11,878 16.46% 11,646 15.05% 11,505 this scheme since inception & 05-Aug-19 Mr. Hardick Bora from (January Growth 5, 2021). Since Inception 21.71% 13,410 19.59% 13,062 17.94% 12,794 The scheme has been in existence for more than 1 year but less than 3 years S&P BSE 250 LargeMidCap Index Plan/ Date of Union Large and Midcap Fund ^^ S&P BSE Sensex Index (TRI) Fund Manager @ (TRI) Option Inception Period Returns Value^ Returns Value^ Returns Value^ Co Managed by Mr. Vinay Paharia Regular- 1 Year 17.69% 11,769 16.26% 11,626 15.05% 11,505 & Mr. Hardick Bora since 06-Dec-19 Growth inception of the fund. Since Inception 18.01% 12,110 15.50% 11,813 13.58% 11,586 The scheme has been in existence for more than 1 year but less than 3 years

Plan/ Date of Union Small Cap Fund Nifty Smallcap 100 Index (TRI)@@@ S&P BSE Sensex Index (TRI) Fund Manager Period@ Option Inception Returns Value^ Returns Value^ Returns Value^ Co Managed by Mr. Vinay Paharia 1 Year 20.77% 12,077 16.54% 11,654 15.05% 11,505 Regular- 3 Years 3.22% 10,998 -5.62% 8,407 10.06% 13,333 (April 02, 2018) & Mr. Hardick Bora 10-Jun-14 from (October 25, 2016). Growth 5 Years 10.11% 16,182 8.45% 15,003 14.65% 19,811 Since Inception 9.68% 18,490 5.34% 14,132 10.74% 19,700

Plan/ Date of Union Long Term Equity Fund S&P BSE 500 Index (TRI)^^ S&P BSE Sensex Index (TRI) Fund Manager Period@ Option Inception Returns Value^ Returns Value^ Returns Value^ Managed by Mr. Vinay Paharia 1 Year 17.87% 11,787 16.46% 11,646 15.05% 11,505 (June 28, 2019) & Mr. Hardick 3 Years 7.14% 12,297 6.75% 12,165 10.06% 13,333 Growth 23-Dec-11 Bora from (January 5, 2021). 5 Years 10.47% 16,455 13.83% 19,110 14.65% 19,811 7 Years 12.11% 22,262 14.75% 26,198 13.80% 24,719 Since Inception 13.03% 30,540 14.59% 34,597 14.14% 33,373

Plan/ Date of Union Value Discovery Fund S&P BSE 500 Index (TRI)^^ S&P BSE Sensex Index (TRI) Fund Manager Period@ Option Inception Returns Value^ Returns Value^ Returns Value^

Mr. Vinay Paharia - managing 1 Year 16.34% 11,634 16.46% 11,646 15.05% 11,505 this scheme since inception & Regular- 05-Dec-18 Mr. Hardick Bora from (January Growth Since Inception 10.72% 12,460 12.45% 12,883 13.76% 13,208 5, 2021). The scheme has been in existence for more than 1 year but less than 3 years

Plan/ Date of Union Largecap Fund S&P BSE 100 Index (TRI)^^ S&P BSE Sensex Index (TRI) Fund Manager Period@ Option Inception Returns Value^ Returns Value^ Returns Value^ Co Managed by Mr. Vinay Paharia 1 Year 14.12% 11,412 15.80% 11,580 15.05% 11,505 Regular- (June 28, 2019) & Mr. Hardick 11-May-17 3 Years 5.61% 11,779 7.92% 12,568 10.06% 13,333 Growth Bora (January 20, 2020). Since Inception 6.78% 12,770 11.04% 14,775 13.49% 16,028 The scheme has been in existence for more than 3 years but less than 5 years

Union Balanced Advantage Fund 65% S&P BSE 50 Index (+) 35% Plan/ Date of CRISIL Composite Bond Fund Index S&P BSE 50 Index (TRI) Fund Manager Period@ (TRI)# Option Inception Returns Value^ Returns Value^ Returns Value^ Co Managed by Mr. Vinay Paharia 1 Year 22.22% 12,222 16.15% 11,615 15.59% 11,559 and Mr. Hardick Bora since 28th Regular- 29-Dec-17 3 Years 11.04% 13,691 9.95% 13,293 8.90% 12,915 June 2018, and by Mr. Parijat Growth Agrawal (since inception). Since Inception 10.56% 13,640 10.71% 13,699 10.30% 13,542 The scheme has been in existence for more than 3 year but less than 5 years

Union Equity Savings Fund CRISIL Short Term Debt Hybrid CRISIL 10 Year Gilt Index Plan/ Date of # Fund Manager @ 75+25 Fund Index (TRI) Option Inception Period Returns Value^ Returns Value^ Returns Value^ Co Managed by Mr. Vinay 1 Year 10.67% 11,067 12.55% 11,255 9.28% 10,928 Paharia, Mr. Hardick Bora and by Regular- 09-Aug-18 Mr. Parijat Agrawal since Growth inception of the fund. Since Inception 8.13% 12,140 9.68% 12,579 10.33% 12,763 The scheme has been in existence for more than 1 year but less than 3 years

For risk factors, statutory details and disclaimers please refer page no. 32 Page 27 Lumpsum Performance Fund Manager/Schemes Wise (as on 31st January 31, 2021)

Name of the Scheme Scheme Benchmark Additional Benchmark$ CRISIL Corporate Bond Plan/ Date of Union Corporate Bond Fund # CRISIL 1 Year T-Bill Index Fund Manager @ Composite Index (TRI) Option Inception Period Returns Value^ Returns Value^ Returns Value^

Co Managed by Mr. Parijat 1 Year 9.52% 10,952 11.27% 11,127 5.55% 10,555 Agrawal (since inception) and Regular- 25-May-18 Mr. Anindya Sarkar since 1st Growth November 2018. Since Inception 7.03% 12,005 10.02% 12,930 6.74% 11,918

The scheme has been in existence for more than 1 year but less than 3 years

Plan/ Date of Union Dynamic Bond Fund CRISIL Composite Bond Fund Index# CRISIL 10 Year Gilt Index Fund Manager Period@ Option Inception Returns Value^ Returns Value^ Returns Value^ Mr. Parijat Agrawal (since 1 Year 9.93% 10,993 11.31% 11,131 9.28% 10,928 inception) & Mr. Devesh Thacker 3 Year 8.25% 12,684 9.65% 13,183 9.07% 12,976 (since June 28, 2018). Growth 13-Feb-12 5 Year 7.41% 14,296 9.11% 15,464 7.96% 14,663 7 Year 7.86% 16,984 9.73% 19,150 8.65% 17,875 Since Inception 7.36% 18,915 8.96% 21,597 7.56% 19,231

Plan/ Date of Union Liquid Fund CRISIL Liquid Fund Index# CRISIL 1 Year T-Bill Index Fund Manager Period@ Option Inception Returns Value^ Returns Value^ Returns Value^ Last 7 Days~ 3.21% 10,006 3.52% 10,007 -0.70% 9,999 Mr. Devesh Thacker (since Last 15 Days~ 3.12% 10,013 3.41% 10,014 3.40% 10,014 inception) Last 30 Days~ 2.82% 10,023 3.21% 10,026 1.58% 10,013 1 Year 4.12% 10,412 4.41% 10,441 5.55% 10,555 Growth 15-Jun-11 3 Year 4.65% 11,462 6.24% 11,992 6.66% 12,135 5 Year 5.55% 13,098 6.57% 13,747 6.59% 13,762 7 Year 6.40% 15,434 7.16% 16,224 7.10% 16,161 Since Inception 7.21% 19,556 7.56% 20,194 7.09% 19,345

Plan/ Date of Union Arbitrage Fund Nifty 50 Arbitrage Index@@@ CRISIL 1 Year T-Bill Index Fund Manager Period@ Option Inception Returns Value^ Returns Value^ Returns Value^

Co Managed by Mr. Vishal Thakker 1 Year 3.90% 10,390 1.84% 10,184 5.55% 10,555 Regular- & Mr. Devesh Thacker (since 20-Feb-19 Growth inception). Since Inception 5.01% 11,000 4.20% 10,835 6.26% 11,256

The scheme has been in existence for more than 1 year but less than 3 years

Plan/ Date of Union Overnight Fund CRISIL Overnight Index# CRISIL 1 Year T-Bill Index Fund Manager Period@ Option Inception Returns Value^ Returns Value^ Returns Value^ Co Managed by Mr. Devesh Last 7 Days~ 3.23% 10,006 3.23% 10,006 -0.70% 9,999 Thacker & Mr. Tarun Singh since Last 15 Days~ 3.14% 10,013 3.23% 10,013 3.40% 10,014 inception of the fund Growth 27-Mar-19 Last 30 Days~ 3.00% 10,024 3.14% 10,025 1.58% 10,013 1 Year 3.09% 10,309 3.28% 10,328 5.55% 10,555 Since Inception 4.06% 10,765 4.27% 10,805 6.18% 11,175 The scheme has been in existence for more than 1 year but less than 3 years

Performance of Permitted Category FPI Portfolio (managed by Mr. Vinay Paharia & Mr. Hardick Bora) Performance of Permitted Nifty Midsmallcap 400 (TRI)@@@ S&P BSE Sensex Index (TRI) Date of Fund Manager @ Category FPI Portfolio Inception Period Returns Value^ Returns Value^ Returns Value^ Co Managed by Mr. Vinay Paharia & 1 Year 20.62% 12,062 19.45% 11,945 15.05% 11,505 Mr. Hardick Bora - managing this Portfolio 02-Oct-19 since inception. Since Inception 24.97% 13,463 26.20% 13,641 16.40% 12,247 Past performance may or may not be sustained in the future. Inception date is October 2, 2019. The performance is not comparable with the performance of the scheme(s) of Union Mutual Fund due to differing investment objective/s and fundamental differences in asset allocation, investment strategy and the regulatory environment. The said disclosure is pursuant to SEBI Circular No. Cir/IMD/DF/F/2012 dated February, 2012 pertaining to Regulation 24(b) of SEBI (Mutual Funds) Regulations, 1996. FPI - Foreign Portfolio Investor. For calculation of Permitted Category FPI Portfolio performance, NAV is converted into INR using currency conversion rate i.e. USDINR rate. (Source: Bloomberg, closing prices). The performance of Permitted Category FPI Portfolio is benchmarked to theTotal Return variant of the index. Benchmark return is based on INR value (Source: NSE).

For risk factors and statutory details please see overleaf. Mr. Vinay Paharia co-manages 11 schemes for Union Mutual Fund. • Mr. Parijat Agrawal co-manages 6 schemes for Union Mutual Fund. • Mr. Devesh Thacker manages 1 scheme and co-manages 3 schemes for Union Mutual Fund. • Mr. Hardick Bora co-manages 11 schemes for Union Mutual Fund. • Mr. Anindya Sarkar co-manages 2 scheme for Union Mutual Fund. • Mr. Vishal Thakker co-manages 1 scheme for Union Mutual Fund. • Mr. Tarun Singh co-manages 1 scheme for Union Mutual Fund. Note: The AMC has commenced the activity of providing Management and Advisory Services to such categories of Foreign Portfolio Investors as specified by SEBI through Fund Managers managing the schemes of Union Mutual Fund (Currently Mr. Vinay Paharia & Mr. Hardick Bora). Refer notice cum addendum dated October 4, 2019 available on the AMC’s website. The performance disclosure for this activity is subject to the requirements as prescribed in SEBI (Mutual Funds) Regulations, 1996 and circulars thereunder, and has been provided herein above.

For further notes, refer page 31.

For risk factors, statutory details and disclaimers please refer page no. 32 Page 28 18002002268/18005722268

For risk factors, statutory details and disclaimers please refer page no. 32 Page 29 SIP Performance (SIP Returns as on January 31, 2021 if you had invested ` 10,000 every month)$$$$

Union Flexi Cap Fund Periods@ Date of Inception: 10th June 2011 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested (`) 1,20,000 3,60,000 6,00,000 8,40,000 11,60,000 Total Value as on 31st January 2021 1,47,447 4,53,866 8,13,873 12,10,150 19,96,003 Scheme Returns (%) - Growth Option 53.59% 16.45% 12.51% 10.47% 11.00% S&P BSE 500 (TRI) (`) 1,50,175 4,47,605 8,19,770 12,77,666 22,01,905 S&P BSE 500 (TRI) (%) 59.33% 15.43% 12.81% 12.02% 12.94% S&P BSE Sensex (TRI) (`)$ 1,48,113 4,53,051 8,55,271 13,13,526 22,17,425 S&P BSE Sensex (TRI) (%)$ 54.98% 16.32% 14.57% 12.81% 13.07%

Union Long Term Equity Fund Periods@ Date of Inception: 23rd December 2011 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested (`) 1,20,000 3,60,000 6,00,000 8,40,000 11,00,000 Total Value as on 31st January 2021 1,47,564 4,52,710 8,02,114 11,91,308 18,40,640 Scheme Returns (%) - Growth Option 53.83% 16.27% 11.90% 10.02% 11.05% S&P BSE 500 (TRI) (`) 1,50,175 4,47,605 8,19,770 12,77,666 20,18,386 S&P BSE 500 (TRI) (%) 59.33% 15.43% 12.81% 12.02% 12.98% S&P BSE Sensex (TRI) (`)$ 1,48,113 4,53,051 8,55,271 13,13,526 20,34,718 S&P BSE Sensex (TRI) (%)$ 54.98% 16.32% 14.57% 12.81% 13.15%

Union Small Cap Fund Periods@ Date of Inception: 10th June 2014 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested (`) 1,20,000 3,60,000 6,00,000 NA 8,00,000 Total Value as on 31st January 2021 1,55,751 4,71,070 8,01,090 NA 11,15,573 Scheme Returns (%) Regular Plan - Growth Option 71.28% 19.22% 11.85% NA 10.04% Nifty Smallcap 100 (TRI) (`) 1,67,249 4,39,266 7,14,593 NA 10,00,053 Nifty Smallcap 100 (TRI) (%) 96.81% 14.05% 7.13% NA 6.75% S&P BSE Sensex (TRI) (`)$ 1,48,113 4,53,051 8,55,271 NA 12,23,351 S&P BSE Sensex (TRI) (%)$ 54.98% 16.32% 14.57% NA 12.82%

Union Focused Fund Periods@ Date of Inception: 5th August 2019 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested (`) 1,20,000 NA NA NA 1,80,000 Total Value as on 31st January 2021 1,47,399 NA NA NA 2,21,261 Scheme Returns (%) - Growth Option 53.49% NA NA NA 32.23% S&P BSE 500 TRI (`) 1,50,175 NA NA NA 2,22,158 S&P BSE 500 TRI (%) 59.33% NA NA NA 32.93% S&P BSE Sensex TRI (`)$ 1,48,113 NA NA NA 2,18,838 S&P BSE Sensex TRI (%)$ 54.98% NA NA NA 30.34%

Union Large and Midcap Fund Periods@ Date of Inception: 6th December 2019 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested (`) 1,20,000 NA NA NA 1,40,000 Total Value as on 31st January 2021 1,46,383 NA NA NA 1,70,201 Scheme Returns (%) - Growth Option 51.36% NA NA NA 41.30% S&P BSE 250 LargeMidCap TRI (`) 1,49,391 NA NA NA 1,72,580 S&P BSE 250 LargeMidCap TRI (%) 57.67% NA NA NA 44.69% S&P BSE Sensex TRI (`) 1,48,113 NA NA NA 1,70,976 S&P BSE Sensex TRI (%) 54.98% NA NA NA 42.40%

Union Value Discovery Fund Periods@ Date of Inception: 5th December 2018 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested (`) 1,20,000 NA NA NA 2,60,000 Total Value as on 31st January 2021 1,47,534 NA NA NA 3,15,362 Scheme Returns (%) - Growth Option 53.77% NA NA NA 19.54% S&P BSE 500 TRI (`) 1,50,175 NA NA NA 3,21,349 S&P BSE 500 TRI (%) 59.33% NA NA NA 21.56% S&P BSE Sensex TRI (`)$ 1,48,113 NA NA NA 3,18,974 S&P BSE Sensex TRI (%)$ 54.98% NA NA NA 20.76%

Union Largecap Fund Periods@ Date of Inception: 11th May 2017 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested (`) 1,20,000 3,60,000 NA NA 4,50,000 Total Value as on 31st January 2021 1,46,068 4,34,920 NA NA 5,46,237 Scheme Returns (%) Regular Plan - Growth Option 50.71% 13.33% NA NA 10.75% S&P BSE 100 (TRI) (`) 1,48,918 4,46,437 NA NA 5,69,896 S&P BSE 100 (TRI) (%) 56.67% 15.24% NA NA 13.15% S&P BSE Sensex (TRI) (`)$ 1,48,113 4,53,051 NA NA 5,85,870 S&P BSE Sensex (TRI) (%)$ 54.98% 16.32% NA NA 14.74%

For risk factors, statutory details and disclaimers please refer page no. 32 Page 30 SIP Performance (SIP Returns as on January 31, 2021 if you had invested ` 10,000 every month)$$$$

Union Balanced Advantage Fund Periods@ Date of Inception: 29th Dec 2017 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested (`) 1,20,000 3,60,000 NA NA 3,80,000 Total Value as on 31st January 2021 1,40,398 4,53,679 NA NA 4,81,014 Scheme Returns (%) - Growth Option 39.08% 16.42% NA NA 15.78% 65% S&P BSE 50 and 35% CRISIL Combex (TRI) (`) 1,39,900 4,44,111 NA NA 4,71,106 65% S&P BSE 50 and 35% CRISIL Combex (TRI) (%) 38.07% 14.86% NA NA 14.35% S&P BSE 50 Index (TRI) (`)$ 1,48,610 4,49,060 NA NA 4,75,520 S&P BSE 50 Index (TRI) (%)$ 56.02% 15.67% NA NA 14.99%

Union Equity Savings Fund Periods@ Date of Inception: 9th August 2018 1 Year 3 Years 5 Years 7 Years Since Inception Total Amount Invested (`) 1,20,000 NA NA NA 3,00,000 Total Value as on 31st January 2021 1,30,651 NA NA NA 3,39,521 Scheme Returns (%) - Growth Option 19.85% NA NA NA 10.50% CRISIL Short Term Debt Hybrid 75+25 Fund Index (`) 1,30,085 NA NA NA 3,46,293 CRISIL Short Term Debt Hybrid 75+25 Fund Index (%) 18.76% NA NA NA 12.23% CRISIL 10 Year Gilt Index (`) 1,23,163 NA NA NA 3,34,226 CRISIL 10 Year Gilt Index (%) 5.76% NA NA NA 9.13%

@In case, the start date or the end date of the concerned period is a non-business day, the NAV of the previous business day is considered for computation of returns.

$$$$Monthly SIP amount is assumed to be ` 10,000. SIP date is assumed as the last working day of the month. Past performance may or may not be sustained in future.

Returns shown above are for Growth Options / Regular Plan - Growth Options.

Returns for more than 1 year period are Compounded Annual Growth Rate (CAGR).

Performance of the Dividend Option for the investor would be net of the dividend distribution tax, as applicable.

The Direct Plan has a lower expense ratio as compared to the Regular/ Other than Direct Plan to the extent of distribution expenses, commission, etc and no commission or distribution expenses for distribution of Units or distribution expenses are paid / charged under the Direct Plan.

$ Standard Benchmark prescribed by SEBI vide circular dated August 22, 2011.

~ Annualised Returns

The performance of the Schemes have been benchmarked to the Total Return variant of the Index (TRI).

For the schemes in existence for less than 1 year, the past performance details have not been provided.

^Based on standard investment of ` 10,000 made in the beginning of the relevant period.

For risk factors, statutory details and disclaimers please refer page no. 32 Page 31 Dividend History

Union Flexi Cap Fund Union Dynamic Bond Fund Dividend History^^^ - Dividend Option Dividend History^^^ - Dividend Option Record Date Face Value (`) / unit NAV (`) / unit Dividend (`) / unit Record Date Face Value (`) / unit NAV (`) / unit Dividend (`) / unit 28 September 2017 10.00 14.10 1.00 18 January 2017 10.00 13.1717 2.00 22 March 2018 10.00 13.46 1.00 28 September 2017 10.00 11.2903 0.50 5 February 2019 10.00 12.63 1.00 5 February 2019 10.00 11.1286 0.80 Dividend History^^^ - Direct Plan - Dividend Option Dividend History^^^ - Direct Plan - Dividend Option Record Date Face Value (`) / unit NAV (`) / unit Dividend (`) / unit Record Date Face Value (`) / unit NAV (`) / unit Dividend (`) / unit 22 March 2018 10.00 18.89 1.50 18 January 2017 10.00 13.6002 2.00 5 February 2019 10.00 17.72 0.90 28 September 2017 10.00 11.7854 0.50 5 February 2019 10.00 11.6859 0.90 Union Small Cap Fund Union Liquid Fund Dividend History^^^ - Regular Plan - Dividend Option Dividend History^^^ - Monthly Dividend Option Record Date Face Value (`) / unit NAV (`) / unit Dividend (`) / unit 28 September 2017 10.00 14.65 1.00 Record Date Face Value (`) / unit NAV (`) / unit Dividend (`) / unit 22 March 2018 10.00 14.78 1.00 25 November 2020 1000 1,000.6754 2.585373 28 December 2020 1000 1,000.6754 2.551745 Dividend History^^^ - Direct Plan - Dividend Option 25 January 2021 1000 1,000.6754 2.182860 Record Date Face Value (`) / unit NAV (`) / unit Dividend (`) / unit 28 September 2017 10.00 15.09 1.00 Dividend History^^^ - Direct Plan - Monthly Dividend Option 22 March 2018 10.00 15.31 3.00 Record Date Face Value (`) / unit NAV (`) / unit Dividend (`) / unit 25 November 2020 1000 1,000.6755 2.666899 Union Long Term Equity Fund 28 December 2020 1000 1,000.6755 2.643520 Dividend History^^^ - Dividend Option 25 January 2021 1000 1,000.6755 2.251235 Record Date Face Value ( ) / unit NAV ( ) / unit Dividend ( ) / unit ` ` ` Union Overnight Fund 28 September 2017 10.00 15.06 1.00 22 March 2018 10.00 14.51 1.00 Dividend History^^^ - Direct Plan - Monthly Dividend Option 5 February 2019 10.00 13.64 0.70 Record Date Face Value (`) / unit NAV (`) / unit Dividend (`) / unit 25 November 2020 1000 1,000.7589 2.290427 Union Arbitrage Fund 28 December 2020 1000 1,000.7597 2.708424 Dividend History^^^ - Regular Plan - Dividend Option 25 January 2021 1000 1,000.7603 2.323620 Record Date Face Value (`) / unit NAV (`) / unit Dividend (`) / unit 11 November 2019 10.00 10.4581 0.100 17 March 2020 10.00 10.6671 0.15 Dividend History^^^ - Direct Plan - Dividend Option Record Date Face Value (`) / unit NAV (`) / unit Dividend (`) / unit 11 November 2019 10.00 10.4991 0.100 17 March 2020 10.00 10.6075 0.150

^^^Past Performance may or may not be sustained in future. Dividend is declared on the face value per unit. Dividend figure provided in the table above is before considering dividend distribution tax, if applicable. After payment of dividend the per unit NAV of the Dividend Option of the scheme falls to the extent of the dividend pay out and statutory levy if any.

Risk Factors, Statutory Details and Disclaimers

@@@Benchmark Nifty Smallcap 100 Index/ Nifty Midcap 100 Index/ Nifty Midsmallcap 400/ Nifty 50 Arbitrage Index disclaimer: The “Product” offered by “the issuer” is not sponsored, endorsed, sold or promoted by NSE Indices Limited (formerly known as India Index Services & Products Limited). NSE Indices Limited does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of “the Product” or any member of the public regarding the advisability of investing in securities generally or in the “the Product” linked to Nifty Smallcap 100 Index/ Nifty Midcap 100 Index/ Nifty Midsmallcap 400/ Nifty 50 Arbitrage Index or particularly in the ability of the Nifty Smallcap 100 Index/ Nifty Midcap 100 Index/ Nifty Midsmallcap 400/ Nifty 50 Arbitrage Index, to track general stock market performance in India. Please read the full Disclaimers in relation to the Nifty Smallcap 100 Index/ Nifty Midcap 100 Index/ Nifty Midsmallcap 400/ Nifty 50 Arbitrage Index in the Scheme Information Document. #CRISIL Disclaimer: CRISIL Indices are the sole property of CRISIL Limited (CRISIL). CRISIL Indices shall not be copied, transmitted or distributed in any manner for any commercial use. CRISIL has taken due care and caution in computation of the Indices, based on the data obtained from sources, which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Indices and is not responsible for any errors or for the results obtained from the use of the Indices. CRISIL especially states that it has no financial liability whatsoever to the users of CRISIL Indices. ^^Benchmark S&P BSE 100 Index / S&P BSE 500 Index/ S&P BSE 250 LargeMidCap Index disclaimer: The "Index" viz. “S&P BSE 100”/ “S&P BSE 500/ S&P BSE 250 LargeMidCap Index”, is a product of Asia Index Private Limited (AIPL), which is a joint venture of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and BSE Limited, and has been licensed for use by Union Asset Management Company Private Limited. For the detailed disclaimer in this regard please refer to the Scheme Information Document (SID) of the Scheme. MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.

Statutory Details: Constitution: Union Mutual Fund has been set up as a Trust under the Indian Trusts Act, 1882; Sponsors: Union Bank of India and Dai-ichi Life Holdings, Inc.; Trustee: Union Trustee Company Private Limited, [Corporate Identity Number (CIN): U65923MH2009PTC198198], a company incorporated under the Companies Act, 1956 with a limited liability; Investment Manager: Union Asset Management Company Private Limited, [Corporate Identity Number (CIN): U65923MH2009PTC198201], a company incorporated under the Companies Act, 1956 with a limited liability. Registered Office: Unit 503, 5th Floor, Leela Business Park, Andheri Kurla Road, Andheri (East), Mumbai - 400059. Toll Free No. 1800 2002 268/1800 5722 268 • Non Toll Free. 022-67483333 • Fax No: 022-67483401 • Website: www.unionmf.com • Email: [email protected]

For risk factors, statutory details and disclaimers please refer page no. 32 Page 32 Our Presence%%

Ahmedabad : Union Asset Management Company Pvt. Ltd., 907, Shitiratna Building, 9th Floor, Panchvati Circle, C. G. Road, Ahmedabad - 380 006. Office: 079-40041474 Bangalore : Union Asset Management Company Pvt. Ltd., No. W-303, 3rd Floor, Sunrise Chambers, 22 Ulsoor Road, Bangalore - 560 042. Office: 080 2559 1144 Bhubaneswar : Union Asset Management Company Pvt. Ltd., C/O Union Bank of India, Service Branch, 1st Floor, Plot No-38, Ashok Nagar, Bhubaneswar - 751 009. Office: 0674 2598055 Chandigarh : Union Asset Management Company Pvt. Ltd., Deepak Towers, SCO 154 - 155, Cabin No- 202, Second Floor, Sector 17- C, Chandigarh - 160 017. Office: 0172 2710096 Chennai : Union Asset Management Company Pvt. Ltd., 206, 2nd floor, Challa mall, 11 & 11A, Sir Theagaraya Road, T. Nagar, Chennai - 600017. Office: 044 28520103 ; Fax: 044 28520104 New Delhi : Union Asset Management Company Pvt. Ltd., Ground Floor A, B, 16, 24 and 24 A, Antriksh Bhawan, 22, Kasturba Gandhi Marg, New Delhi - 110001. Office: 011 43612652/54 Hyderabad : Union Asset Management Company Pvt. Ltd., Unit No. 2C, 2nd Floor, Lumbini Arcade, Begumpet Main Road, Hyderabad - 500016. Office No. 040 27767002 Indore : Union Asset Management Company Pvt. Ltd., 320, 3rd Floor, Starlite Tower, 29 Y. N. Road, Indore - 452001. Jaipur : Union Asset Management Company Pvt. Ltd., 403, 4th Floor, Ambition Tower, Subhash Marg, Agrasen Circle, C-Scheme, Jaipur - 302 001. Office: + 91 141 2368303; F:+ 91 141 2368303 Cochin : Union Asset Management Company Pvt. Ltd., M/S. Mayur Business Centre, Pulleppady Jn., Chittoor Road, Ernakulam, Ernakulam Village, Cochin - 682 035. Office: 0484 2367112 Kolkata : Union Asset Management Company Pvt. Ltd., 32, Chowringhee Road, OM Tower, 10th Floor, Room No. 1008, Kolkata - 700 071. Office: 033 40605673 Lucknow : Union Asset Management Company Pvt. Ltd., 208, 2nd Floor, Saran Chambers II, 5 Park Road, Lucknow - 226 001. Office: 0522-4102643 / 0522-4106406 Mumbai : Union Asset Management Company Pvt. Ltd., Unit 503, 5th Floor, Leela Business Park, Andheri Kurla Road, Andheri (East), Mumbai - 400 059. Office: 022 67483300; Fax: 022 2483 3401 Nagpur : Union Asset Management Company Pvt. Ltd., Fortune Business Centre, 6, Vasant-Vihar, 1st Floor, W.H.C Road, Shankar Nagar, Nagpur - 440 010. Office: 0712 6627899 Pune : Union Asset Management Company Pvt. Ltd., Chanakyapuri Building, Office No. 4, 2nd Floor, Tukaram Paduka Chowk, F C Road, Pune - 411 004. Office: 020-25511629 Raipur : Union Asset Management Company Pvt. Ltd., 36/127 T. D., 3rd Floor, D.M. Plaza, Chota Para (Pt Bagwati Charan Shukla Ward No. 36), Raipur, Chhattisgarh – 492001 Ranchi : Union Asset Management Co Pvt ltd, 108, 1st Floor, Satya Ganga Arcade, Lalji Hirji Road, Ranchi - 834001. Jharkhand State Varanasi : Union Asset Management Company Pvt. Ltd., Shop No. 9,10,11, 1st Floor, Kuber Complex, Rathyatra Crossing, Varanasi - 221 010. Office: 0542-2221783

%%Note: On account of the Coronavirus Disease 2019 (“COVID-19”) outbreak and the precautionary measures taken for containment and prevention of the outbreak, the Customer Service Centers and Official Points of Acceptance of Union Mutual Fund, may be temporarily closed. Investors/Unit holders are requested to check the website for the updated list of Customer Service Centers (CSC) and Official Points of Acceptance (OPA). Investors/Unit holders are encouraged to make use of the digital services made available by Union Mutual Fund. For assistance, investors can call on toll free number 18002002268 or 18005722268, or email to [email protected], or visit www.unionmf.com. You can also connect with us at:

18002002268/18005722268

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.

Page 33 Union Balanced Advantage Fund (An Open-ended Dynamic Asset Allocation Fund)

18002002268/18005722268

This product is suitable for investors who are seeking*: Riskometer

• Long Term Capital Appreciation Moderately Moderate High • Investment predominantly in a portfolio of equity and equity linked securities and High Low to the rest in debt and money market instruments. Moderate

V

ery High

Low

RISKOMETER Investors understand that their principal will be at moderate risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.

Page 34