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 Ethical Fund o i L g (An open ended equity scheme following Shariah principles) h Riskometer Investors understand that their principal As on 31st December 2020 PORTFOLIO will be at Very High Risk

No. of Market Value % of No. of Market Value % of INVESTMENT STYLE Company name Company name An equity scheme which invests primarily in equities of Shares Rs. Lakhs Assets Shares Rs. Lakhs Assets

Shariah compliant companies and other instrument if Equity & Equity Related Total 71619.66 99.34 Pesticides allowed under Shariah principles. Auto Rallis Ltd. 502000 1411.88 1.96 INVESTMENT OBJECTIVE Hero Motocorp Ltd. 31300 973.43 1.35 Pharmaceuticals To provide medium to long- term capital gains by investing Auto Ancillaries Ltd. 83000 2428.75 3.37 in Shariah compliant equity and equity related instruments Sundram Fasteners Ltd. 267000 1388.93 1.93 Ltd. 93750 2052.00 2.85 of well-researched value and growth - oriented companies. Amara Raja Batteries Ltd. 116849 1079.63 1.50 Lupin Ltd. 145000 1416.43 1.96

Tata Ethical Fund aims to generate medium to long term Cement Ltd. 160000 1311.92 1.82 capital growth by investing in equity and equity related ACC Ltd. 115000 1860.30 2.58 Retailing instruments of shariah compliant companies. Ltd. 410000 1020.29 1.42 Avenue Supermarts Ltd. 42000 1160.71 1.61 DATE OF ALLOTMENT Commercial Services Software May 24,1996 3M India Ltd. 4500 937.37 1.30 Ltd. 667000 8376.19 11.62 FUND MANAGER Consumer Durables Tata Consultancy Services Ltd. 265000 7586.29 10.52 Ltd. 113000 1770.88 2.46 HCL Technologies Ltd. 465000 4399.60 6.10 Ennette Fernandes (Managing Since 20-Apr-20 and overall Century Plyboards (India) Ltd. 380000 885.59 1.23 Ltd. 235000 2287.02 3.17 experience of 11 years) & Rupesh Patel (Managing Since 20-Apr-20 and overall experience of 20 years) Amber Enterprises India Ltd. 35000 823.48 1.14 Tata Elxsi Ltd. 77000 1413.18 1.96 Orient Electric Ltd. 326600 733.87 1.02 Ltd. 70000 1077.97 1.50 BENCHMARK Consumer Non Durables Textile Products Nifty 500 Shariah TRI Hindustan Ltd. 158000 3784.73 5.25 K.P.R. Mill Ltd. 98800 864.45 1.20 Ltd. 420000 2477.58 3.44 NAV (India) Ltd. 64000 1769.28 2.45 Other Equities^ 3666.67 5.09 Direct - Growth : 219.2818 Kansai Nerolac Paints Ltd. 270000 1640.93 2.28 Direct - Dividend : 120.4068 Portfolio Total 71619.66 99.34 Akzo Nobel India Ltd. 65000 1559.68 2.16 Reg - Growth : 202.9413 Cash / Net Current Asset /Liablities 474.07 0.66 S H Kelkar And Company Ltd. 743000 895.32 1.24 Reg - Dividend : 82.8209 Industrial Capital Goods Net Assets 72093.73 100.00 FUND SIZE Ltd. 93000 1465.26 2.03 ^ Exposure less than 1% has been clubbed under Other Equities Rs. 720.94 (Rs. in Cr.) Thermax Ltd. 81696 741.76 1.03 Industrial Products MONTHLY AVERAGE AUM Carborundum Universal Ltd. 370000 1500.35 2.08 Rs. 702.56 (Rs. in Cr.) Astral Poly Technik Ltd. 76000 1354.97 1.88 Supreme Industries Ltd. 55000 896.45 1.24 TURN OVER India Ltd. 150000 861.83 1.20

Portfolio Turnover (Total) 34.31% Oil Portfolio Turnover (Equity component only) 34.31% Oil & Natural Gas Co. 1875000 1744.69 2.42 EXPENSE RATIO** SIP - If you had invested INR 10000 every month Direct 1.31 Regular 2.48 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception **Note: The rates specified are actual month end expenses charged Total Amount Invested (Rs.) 120,000 360,000 600,000 840,000 1,200,000 2,920,000 as on Dec 31, 2020. The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net Total Value as on Dec 31, 2020 (Rs.) 152,539 462,446 824,224 1,259,939 2,337,924 37,059,376 assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. Returns 53.81% 16.94% 12.65% 11.38% 12.79% 17.47% VOLATILITY MEASURES^ FUND BENCHMARK Total Value of B: Nifty 500 Shariah TRI 160,662 492,554 911,785 1,447,311 2,689,609 4,796,580 Std. Dev (Annualised) 17.39 18.22 B: Nifty 500 Shariah TRI 68.23% 21.44% 16.75% 15.26% 15.41% 13.87% Sharpe Ratio 0.08 0.11 Total Value of AB: Nifty 50 TRI 156,424 466,820 871,088 1,340,160 2,353,095 21,498,876 Portfolio Beta 0.94 1.00 R Squared 0.97 1.00 AB: Nifty 50 TRI 60.66% 17.61% 14.89% 13.11% 12.91% 14.02% Treynor 0.42 0.56 (Inception date :24-May-1996) (First Installment date : 01-Sep-1996) Jenson -0.13 NA 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 ^Risk-free rate based on the FBIL Overnight MIBOR rate 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 of 3.51% as on Dec 31, 2020 month has been considered. For calculation methodology please refer to Pg 64 For scheme performance refer pages 49 - 64. MINIMUM INVESTMENT/ *B: Benchmark, AB: Additional Benchmark MULTIPLES FOR NEW INVESTMENT Source: MFI Explorer Rs. 5,000/- and in multiples of Re. 1/- thereafter. ADDITIONAL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS Top 10 Holdings Equity Sector Allocation

Rs. 1,000/- and multiples of Re. 1/- thereafter. Issuer Name % to NAV IT 34.87% LOAD STRUCTURE Infosys Ltd. 11.62 Consumer Goods 26.04% Tata Consultancy Services Ltd. 10.52 Industrial Manufacturing 10.91% Entry Load : Not Applicable HCL Technologies Ltd. 6.10 Pharma 10.00% Exit Load : • Exit Load is Nil, if the withdrawal amount or switched out amount is not more than 12% of the Hindustan Unilever Ltd. 5.25 Automobile 4.77% original cost of investment on or before expiry of Tata Consumer Products Ltd. 3.44 365 days from the date of allotment. Cement & Cement Products 4.00% • Exit load is 1% of the applicable NAV if the Alkem Laboratories Ltd. 3.37 Oil & Gas 3.38% withdrawal amount or switched out amount is more than 12% of the original cost of investment Tech Mahindra Ltd. 3.17 Fertilisers & Pesticides 2.87% on or before expiry of 365 days from the date of Ipca Labs 2.85 allotment. Services 1.30% • No Exit load will be charged for redemption or ACC Ltd. 2.58 Textiles 1.20% switch out after expiry of 365 days from the date Titan Company Ltd. 2.46 of allotment. Total 51.36 0.00% 8.00% 16.00% 24.00% 32.00% 40.00% Please refer to our Tata Mutual Fund website for fundamental changes, wherever applicable Market Capitalisation wise Exposure NAV Movement

Large Cap 63.27% Tata Ethical Fund - Reg - Growth 140 Nifty 500 Shariah TRI Mid Cap 23.96% 126 112 Small Cap 12.77% 98 84 70 Market Capitalisation is as per list provided by AMFI. Jan-18 Jan-19 Jan-20 Dec-20 www.tatamutualfund.com Mutual Fund investments are subject to market risks, read all scheme related documents carefully TATA MUTUAL FUND 20