Modera erate tely Mod High to e H w at ig o er h L d o M V e r y w H Tata Arbitrage Fund o i L g (An open ended scheme investing in arbitrage opportunities.) h Riskometer Investors understand that their principal As on 31st March 2021 PORTFOLIO will be at Low Risk % of % to % to NAV Company name Company name INVESTMENT STYLE Assets NAV Derivative The scheme invests in equity and equity related instruments that tries Equity & Equity Related Total 67.53 Ltd. 0.11 -0.12 to take advantage of the difference in prices of a security in the cash segment and derivatives segment by turning market volatility to its Hedge Positions 67.53 -67.93 Gail ( ) Ltd. 0.11 -0.11 advantage. Ltd. 1.94 -1.95 HDFC Bank Ltd. 0.11 -0.11 State 1.93 -1.94 Ltd. 0.09 -0.09 INVESTMENT OBJECTIVE Ltd. 1.91 -1.92 Ltd. 0.09 -0.09 The investment objective of the Scheme is to seek to generate Adani Ports And Special Economic Zone Ltd. 1.90 -1.92 Ltd. 0.09 -0.09 reasonable returns by investing predominantly in arbitrage Tata Consultancy Services Ltd. 1.86 -1.87 Ltd. 0.07 -0.07 opportunities in the cash and derivatives segments of the equity Housing Development Finance Corporation Ltd. 1.75 -1.76 Max Financial Services Ltd. 0.05 -0.05 markets and by investing balance in debt and money market ICICI Bank Ltd. 1.74 -1.75 ICICI Lombard General Co. Ltd. 0.05 -0.05 instruments. There is no assurance that the objective of the Scheme Larsen & Toubro Ltd. -1.70 Bata India Ltd. 0.05 -0.05 will be realised and the Scheme does not assure or guarantee any 1.69 returns. Sun Pharmaceutical Industries Ltd. 1.69 -1.70 Aarti Industries Ltd. 0.04 -0.04 Ltd. 1.64 -1.65 Ltd. 0.04 -0.04 DATE OF ALLOTMENT Ltd. 1.63 -1.64 Ltd. 0.03 -0.03 December 18,2018 Ltd. 1.58 -1.59 Ltd. 0.03 -0.03 Dr Reddys Laboratories Ltd. 1.53 -1.54 Ltd. 0.01 -0.01 FUND MANAGER Ltd. 1.50 -1.51 Manappuram Finance Ltd. 0.01 -0.01 Sailesh Jain (Managing Since 10-Dec-18 and overall experience of 17 ACC Ltd. 1.33 -1.33 Bosch Ltd. 0.01 -0.01 years) Ltd. 1.25 -1.26 Gas Ltd. 0.00 0.00 Ltd. 1.24 -1.24 % to BENCHMARK Name of the Instrument Ratings Upl Ltd. 1.20 -1.21 NAV Nifty 50 Arbitrage Index Ltd. 1.13 -1.13 Debt Instruments Ltd. 1.09 -1.10 Government Securities 9.15 NAV Jsw Steel Ltd. 1.08 -1.08 GOI 8.20% (15/02/2022) SOV 0.97 Ltd. 1.02 -1.03 Direct - Growth : 11.4700 GOI - 8.79% (08/11/2021) SOV 0.97 Direct - Monthly IDCW : 10.9969 Company Ltd. 0.98 -0.98 GOI - 6.17% (15/07/2021) SOV 0.94 Regular - Growth : 11.2747 Ltd. 0.97 -0.98 GOI - 7.16% (20/05/2023) SOV 0.86 Regular - Monthly IDCW : 10.7802 Dlf Ltd. 0.93 -0.93 GOI - 4.48% (02/11/2023) SOV 0.82 Ltd. 0.91 -0.92 GOI - 8.08% (02/08/2022) SOV 0.61 FUND SIZE Ltd. 0.91 -0.91 GOI - 6.84% (19/12/2022) SOV 0.61 Rs. 4270.08 (Rs. in Cr.) Ltd. 0.84 -0.85 GOI - 7.32% (28/01/2024) SOV 0.57 ITC Ltd. 0.82 -0.82 MONTHLY AVERAGE AUM GOI - 7.37% (16/04/2023) SOV 0.54 India Ltd. 0.81 -0.82 GOI - 5.09% (13/04/2022) SOV 0.52 Rs. 4212.87 (Rs. in Cr.) Indian Railway Catering And Tourism Corporation Ltd. 0.78 -0.79 GOI - 8.83% (25/11/2023) SOV 0.51 (India) Ltd. 0.76 -0.76 TURN OVER GOI - 8.15% (11/06/2022) SOV 0.49 Ltd. 0.74 -0.75 GOI 8.35% 14/5/2022 SOV 0.37 Portfolio Turnover (Total) 1699.86% Zee Entertainment Enterprises Ltd. 0.74 -0.75 Portfolio Turnover (Equity component only) 478.20% GOI - 7.94% (24-05-2021) SOV 0.24 NMDC Ltd. 0.73 -0.74 GOI - 6.30% (09-04-2023) SOV 0.12 EXPENSE RATIO** Petronet Lng Ltd. 0.72 -0.73 Non-Convertible Debentures/Bonds 6.70 HCL Technologies Ltd. 0.71 -0.71 Direct 0.38 04.95 % HDFC Ltd. CRISIL- AAA 1.18 Ltd. 0.70 -0.70 Regular 1.13 08.60 % Nabard CRISIL- AAA 0.61 Ultratech Cement Ltd. 0.66 -0.67 **Note: The rates specified are actual month end expenses charged 07.18 % Nabard CRISIL- AAA 0.61 as on Mar 31, 2021. The above ratio includes the Service tax on Steel Authority India Ltd. 0.66 -0.66 07.67 % L&T Infrastucture Finance Co Ltd. CRISIL- AAA 0.60 Investment Management Fees. The above ratio excludes, Power Grid Corporation Of India Ltd. 0.65 -0.66 proportionate charge (out of maximum 30 bps on daily average net 04.50 % HDFC Ltd. CRISIL- AAA 0.58 0.65 -0.65 assets allowed) in respect sales beyond T-30 cities assets, wherever 07.00 % HDFC Ltd. CRISIL- AAA 0.48 applicable. Vedanta Ltd. 0.64 -0.64 07.61 % Housing & Urban Development ICRA- AAA 0.36 Sbi Life Insurance Company Ltd. 0.61 -0.61 Corporation Ltd. VOLATILITY MEASURES^ FUND BENCHMARK Ltd. 0.59 -0.60 07.39 % LIC Housing Finance Ltd. CRISIL- AAA 0.36 Std. Dev (Annualised) 0.92 0.96 Shriram Transport Finance Co Ltd. 0.57 -0.57 08.60 % LIC Housing Finance Ltd. CRISIL- AAA 0.36 Sharpe Ratio 0.59 0.30 Enterprise Ltd. 0.55 -0.55 Portfolio Beta 0.59 1.00 08.20 % HDFC Ltd. CRISIL- AAA 0.36 Container Corporation Of India Ltd. 0.54 -0.54 R Squared 0.45 1.00 07.62 % Housing & Urban Development ICRA- AAA 0.24 Divi Laboratories Ltd. 0.53 -0.54 Treynor 0.26 0.08 Corporation Ltd. Ltd. 0.53 -0.54 Jenson 0.11 NA 07.40 % Power Finance Corporation CRISIL- AAA 0.24 Ltd. 0.53 -0.53 Portfolio Macauley Duration : 0.80 Years 06.32 % Rec Ltd. CRISIL- AAA 0.24 Ltd. 0.47 -0.48 Modified Duration : 0.78 Years 08.45 % Sikka Ports And Terminals Ltd. CRISIL- AAA 0.12 Average Maturity : 0.83 Years 0.47 -0.48 (Mukesh Ambani Group) Ltd. 0.47 -0.47 Gross Yield to Maturity (For Debt Component)* 08.50 % Rec Ltd. CRISIL- AAA 0.12 - Including Net Current Assets : 4.71% India Ltd. 0.46 -0.47 07.90 % India Infradebt Ltd. CRISIL- AAA 0.12 * Computed on the invested amount for debt portfolio. Srf Ltd. 0.44 -0.44 07.24 % LIC Housing Finance Ltd. CRISIL- AAA 0.12 Colgate-Palmolive India Ltd. 0.43 -0.44 Total stock in Portfolio 110 Money Market Instruments 2.55 Ltd. 0.40 -0.40 ^Risk-free rate based on the FBIL Overnight MIBOR rate of 3.5% as Treasury Bill 364 Days (09/09/2021) SOVRN SOV 0.58 MRF Ltd. 0.39 -0.39 on Mar 31, 2021 Treasury Bill 364 Days (12/08/2021) SOVRN SOV 0.46 Larsen & Toubro Infotech Ltd. 0.38 -0.38 For calculation methodology please refer to Pg 66 Treasury Bill 91 Days (01/04/2021) SOVRN SOV 0.35 HDFC Life Insurance Co. Ltd. 0.37 -0.37 Treasury Bill 364 Days (22/07/2021) SOVRN SOV 0.35 Ltd. 0.37 -0.37 MINIMUM INVESTMENT/ Treasury Bill 364 Days (19/08/2021) SOVRN SOV 0.35 Corporation Ltd. 0.35 -0.36 MULTIPLES FOR NEW INVESTMENT Treasury Bill 364 Days (24/06/2021) SOVRN SOV 0.23 (India) Ltd. 0.35 -0.36 Treasury Bill 364 Days (26/08/2021) SOVRN SOV 0.23 Rs. 5,000/- and in multiples of Re. 1/- thereafter. Ltd. 0.33 -0.33 Margin Money Deposit 20.09 Mahindra & Mahindra Ltd. 0.33 -0.33 Corporation Bank 0.55 ADDITIONAL INVESTMENT/ Bharat Heavy Electricals Ltd. 0.31 -0.31 Axis Bank 0.07 MULTIPLES FOR EXISTING INVESTORS ICICI Prudential Life Insurance Company Ltd. 0.31 -0.31 HDFC Bank Ltd. 2.89 Rs. 1,000/- and in multiples of Re. 1/- thereafter. Ltd. 0.30 -0.30 0.64 Ltd. 0.29 -0.29 Bank Of Baroda 0.00 LOAD STRUCTURE Ltd. 0.28 -0.28 Au Small Finance Bank Ltd. 1.24 Ltd. 0.28 -0.28 Entry Load : Not Applicable Federal Bank Ltd. 3.83 Jindal Steel & Power Ltd. 0.28 -0.28 1.00 Exit Load : 0.25 % of the applicable NAV, if India Ltd. 0.27 -0.28 Variable Margin 9.86 redeemed/switched out/withdrawn on or before Power Finance Corporation Ltd. 0.27 -0.27 expiry of 30 Days from the date of allotment. Ltd. 0.26 -0.27 Treps 0.47 National Aluminium Co. Ltd. 0.26 -0.26 Repo 1.87 Please refer to our Tata Mutual Fund website for Granules India Ltd. 0.26 -0.26 Portfolio Total 108.35 fundamental changes, wherever applicable Nestle India Ltd. 0.26 -0.26 Sun Tv Network Ltd. 0.24 -0.24 Net Current Liabilities -8.35 Ltd. 0.23 -0.23 Net Assets 100.00 Lupin Ltd. 0.23 -0.23 Ltd. 0.22 -0.22 HDFC Asset Management Company Ltd. 0.22 -0.22 Corporation Ltd. 0.20 -0.20 Ltd. 0.19 -0.19 Ltd. 0.17 -0.18 Ltd. 0.17 -0.17 Ltd. 0.17 -0.17 NTPC Ltd. 0.16 -0.16 India Ltd. 0.16 -0.16 The Ltd. 0.13 -0.13 www.tatamutualfund.com Mutual Fund investments are subject to market risks, read all scheme related documents carefully TATA MUTUAL FUND 32 Modera erate tely Mod High to e H w at ig o er h L d o M V e r y w H Tata Arbitrage Fund o i L g (An open ended scheme investing in arbitrage opportunities.) h Riskometer Investors understand that their principal will be at Low Risk

SIP - If you had invested INR 10000 every month 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception Total Amount Invested (Rs.) 120,000 NA NA NA NA 270,000 Total Value as on Mar 31, 2021 (Rs.) 122,401 NA NA NA NA 285,047 Returns 3.75% NA NA NA NA 4.74% Total Value of B: Nifty 50 Arbitrage Index 122,196 NA NA NA NA 281,509 B: Nifty 50 Arbitrage Index 3.43% NA NA NA NA 3.63% Total Value of AB: CRISIL 1 Year T-Bill Index 122,456 NA NA NA NA 287,379 AB: CRISIL 1 Year T-Bill Index 3.84% NA NA NA NA 5.46% (Inception date :18-Dec-2018) (First Installment date : 01-Jan-2019) Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Income Distribution cum capital withdrawals 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. For scheme performance refer pages 50 - 65. *B: Benchmark Source: MFI Explorer

Top 10 Holdings Equity Sector Allocation Financial Services 11.14% Issuer Name % to NAV IT 8.39% Infosys Ltd. 1.94 Pharma 7.33% Consumer Goods 7.04% 1.93 Metals 6.80% Automobile 5.89% Bharti Airtel Ltd. 1.91 Services 3.23% Construction 2.62% Adani Ports And Special Economic Zone Ltd. 1.90 Oil & Gas 2.60% Cement & Cement Products 2.24% Tata Consultancy Services Ltd. 1.86 Telecom 1.91% Housing Development Finance Corporation Ltd. 1.75 Chemicals 1.79% Power 1.79% ICICI Bank Ltd. 1.74 Fertilisers & Pesticides 1.20% Industrial 1.09% Larsen & Toubro Ltd. 1.69 Media, Entertainment & Publication 0.98% Consumer Services 0.76% Sun Pharmaceutical Industries Ltd. 1.69 Healthcare Services 0.55% Tata Steel Ltd. 1.64 Textiles 0.17% Total 18.05 0.00% 4.00% 8.00% 12.00%

Market Capitalisation wise Exposure NAV Movement

Tata Arbitrage Fund - Reg - Growth Large Cap 76.74% 120 Nifty 50 Arbitrage Index 116 Mid Cap 22.74% 112 108 Small Cap 0.52% 104 100 Market Capitalisation is as per list provided by AMFI. Dec-18 Sep-19 Jun-20 Mar-21

www.tatamutualfund.com Mutual Fund investments are subject to market risks, read all scheme related documents carefully TATA MUTUAL FUND 33