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

As on 31st October 2019 PORTFOLIO % to % to NAV % to % to NAV Company name Company name INVESTMENT STYLE NAV Derivative NAV Derivative The scheme invests in equity and equity related instruments that tries Hedge Positions 67.66 -67.91 Ltd. 0.47 -0.47 to take advantage of the difference in prices of a security in the cash segment and derivatives segment by turning market volatility to its Interglobe Aviation Ltd. 2.87 -2.88 Tata Global Beverages Ltd. 0.46 -0.46 Larsen & Toubro Ltd. 2.76 -2.78 ACC Ltd. 0.46 -0.46 advantage. Ltd. 2.74 -2.76 Sun Pharmaceutical Industries Ltd. 0.45 -0.45 INVESTMENT OBJECTIVE Ltd. 2.65 -2.66 Ltd. 0.43 -0.43 The investment objective of the Scheme is to seek to generate Ltd. 2.47 -2.48 Divi Laboratories Ltd. 0.42 -0.42 reasonable returns by investing predominantly in arbitrage Axis Ltd. 2.23 -2.24 Dlf Ltd. 0.41 -0.42 opportunities in the cash and derivatives segments of the equity markets and by investing balance in debt and money market Power Grid Corporation Of Ltd. 2.20 -2.21 Upl Ltd. 0.40 -0.41 instruments. There is no assurance that the objective of the Scheme Ltd. 2.16 -2.17 Indusind Bank Ltd. 0.40 -0.40 will be realised and the Scheme does not assure or guarantee any Company Ltd. 2.15 -2.17 Gail ( India ) Ltd. 0.39 -0.39 returns. Ltd. 1.85 -1.86 Gmr Infrastucture Ltd. 0.35 -0.35 DATE OF ALLOTMENT Corporation Ltd. 1.84 -1.84 - Dvr 0.34 -0.34 Hero Motocorp Ltd. 1.83 -1.84 Mahindra & Mahindra Ltd. 0.29 -0.30 December 18,2018 ITC Ltd. 1.76 -1.77 Pvr Ltd. 0.29 -0.29 FUND MANAGER Container Corporation Of India Ltd. 1.53 -1.54 Lupin Ltd. 0.25 -0.25 Sailesh Jain (Managing Since 10-Dec-18 and overall experience of 15 Vedanta Ltd. 1.52 -1.53 Ltd. 0.25 -0.25 years) Ltd. 1.52 -1.53 Ltd. 0.23 -0.23 United Breweries Ltd. 1.49 -1.50 Ltd. 0.21 -0.22 BENCHMARK Ujjivan Ltd. 1.27 -1.27 Ltd. 0.21 -0.21 Nifty 50 Arbitrage Index Hexaware Technologies Ltd. 1.25 -1.25 Ltd. 0.16 -0.16 HCL Technologies Ltd. 1.20 -1.21 Cesc Ltd. 0.10 -0.10 NAV Escorts Ltd. 1.15 -1.16 Mahindra And Mahindra Financial Services Ltd. 0.10 -0.10 Direct - Growth : 10.6455 Ltd. 1.13 -1.13 Ltd. 0.09 -0.09 Direct - Monthly Dividend : 10.4634 Regular - Growth : 10.5792 Power Finance Corporation Ltd. 1.11 -1.11 Nestle India Ltd. 0.08 -0.08 Regular - Monthly Dividend : 10.3972 Ltd. 1.09 -1.09 Ltd. 0.07 -0.07 Just Dial Ltd. 1.09 -1.09 Ultratech Cement Ltd. 0.07 -0.07 FUND SIZE Colgate-palmolive India Ltd. 1.05 -1.05 Ltd. 0.06 -0.06 Rs. 371.70 (Rs. in Cr.) Jindal Steel & Power Ltd. 1.03 -1.03 Ltd. 0.05 -0.05 Ltd. 1.02 -1.03 Century Textiles & Industries Ltd. 0.03 -0.03 MONTHLY AVERAGE AUM Ltd. 1.00 -1.01 Jsw Steel Ltd. 0.02 -0.02 Rs. 346.82 (Rs. in Cr.) Ltd. 0.95 -0.95 LIC Housing Finance Ltd. 0.02 -0.02 TURN OVER Max Financial Services Ltd. 0.84 -0.84 % to Name of the Instrument Ratings Portfolio Turnover (Total) 1777.89% Housing Development Finance Corporation Ltd. 0.75 -0.75 NAV Adani Ports And Special Economic Zone Ltd. 0.67 -0.67 Portfolio Turnover (Equity component only) 590.93% Debt Instruments Enterprise Ltd. 0.66 -0.66 Money Market Instruments 5.17 EXPENSE RATIO** Nbcc India Ltd. 0.65 -0.66 ICICI Bank Ltd. - Cd ICRA- A1+ 2.56 Direct 0.32 India Ltd. 0.65 -0.66 Regular 1.12 Kotak Mahindra Investments Ltd. - Cp CRISIL- A1+ 1.30 Ltd. 0.61 -0.61 NABARD - Cd CRISIL- A1+ 1.30 **Note: The rates specified are actual month end expenses charged Ltd. 0.61 -0.61 as on Oct 31, 2019. The above ratio includes the Service tax on Margin Deposits 19.36 Investment Management Fees. The above ratio excludes, Ltd. 0.57 -0.58 HDFC Bank Ltd 2.96 proportionate charge (out of maximum 30 bps on daily average net Corporation Ltd. 0.57 -0.57 assets allowed) in respect sales beyond T-30 cities assets, wherever Rbl Bank Ltd 0.81 applicable. 0.55 -0.56 IDFC First Bank Limited 7.78 L&t Finance Holdings Ltd. 0.54 -0.55 VOLATILITY MEASURES^ FUND BENCHMARK Federal Bank Ltd 7.82 0.52 -0.52 Std. Dev (Annualised) 0.64 0.67 Ltd. 0.51 -0.51 Sharpe Ratio 0.57 0.68 Ltd. 0.50 -0.50 Repo 6.88 Portfolio Beta 0.71 1.00 Portfolio Total 99.07 R Squared 0.53 1.00 Ltd. 0.49 -0.50 Treynor 0.15 0.13 0.47 -0.47 Cash / Net Current Asset 0.93 Jenson 0.01 NA Net Assets 100.00 Total stock in Portfolio 78 ^Risk-free rate based on the FBIL Overnight MIBOR rate of 5.25% as SIP - If you had invested INR 10000 every month on Oct 31, 2019 For calculation methodology please refer to Pg 58 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception Total Amount Invested (Rs.) NA NA NA NA NA 100,000 MINIMUM INVESTMENT/ Total Value as on Oct 31, 2019 (Rs.) NA NA NA NA NA 103,049 MULTIPLES FOR NEW INVESTMENT Returns NA NA NA NA NA 6.78% Total Value of B: Nifty 50 Arbitrage Index NA NA NA NA NA 103,187 Rs. 5,000/- and in multiples of Re. 1/- thereafter. B: Nifty 50 Arbitrage Index NA NA NA NA NA 7.09% ADDITIONAL INVESTMENT/ (Inception date :18-Dec-2018) (First Installment date : 01-Jan-2019) MULTIPLES FOR EXISTING INVESTORS Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. Rs. 1,000/- and in multiples of Re. 1/- thereafter. For scheme performance refer pages 47-58. *B: Benchmark LOAD STRUCTURE Source: MFI Explorer Entry Load : Not Applicable Exit Load : 0.25 % of the applicable NAV, if Top 10 Holdings Equity Sector Allocation redeemed/switched out/withdrawn on or before expiry of 30 Days from the date of allotment. Issuer Name % to NAV Energy 15.16% Reliance Industries Ltd. 6.15 Financial Services 13.74% Industrial Manufacturing 8.31% Suzlon Energy Ltd. 5.95 IT 8.08% Please refer to our Tata Mutual Fund website for Infosys Ltd. 4.19 Automobile 7.78% fundamental changes, wherever applicable HDFC Bank Ltd. 4.15 Telecom 2.76% Petronet Lng Ltd. 3.23 Services 2.65% Metals 2.10% V India Ltd. 3.02 Pharma 1.93% Tata Communications Ltd. 2.76 Media & Entertainment 1.55% Exide Industries Ltd. 2.71 Consumer Goods 1.42% Adani Ports & Special Economic Zone Ltd. 2.65 Fertilisers & Pesticides 0.43% Max Financial Services Ltd. 2.65 Cement & Cement Products 0.31% Total 37.46 0.00% 5.00% 10.00% 15.00% 20.00%

Market Capitalisation wise Exposure NAV Movement Large Cap 71.49% Tata Arbitrage Fund - Reg - Growth 110 Nifty 50 Arbitrage Index Mid Cap 22.91% 108 106 Small Cap 5.61% 104 102 100 Market Capitalisation is as per list provided by AMFI. Dec-18 Apr-19 Jul-19 Oct-19 www.tatamutualfund.com Mutual Fund investments are subject to market risks, read all scheme related documents carefully TATA MUTUAL FUND 30