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 January 2021 PORTFOLIO will be at Low Risk % 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 67.44 -67.74 Ltd. 0.25 -0.25 to take advantage of the difference in prices of a security in the cash ICICI Bank Ltd. 1.90 -1.91 The Ltd. 0.24 -0.24 segment and derivatives segment by turning market volatility to its Housing Development Finance Corporation Ltd. 1.90 -1.91 Ltd. 0.23 -0.23 Ltd. 1.73 -1.74 Ltd. 0.22 -0.22 advantage. Ltd. 1.73 -1.74 Zee Entertainment Enterprises Ltd. 0.21 -0.21 Ltd. 1.71 -1.72 Ltd. 0.20 -0.20 INVESTMENT OBJECTIVE ITC Ltd. 1.66 -1.67 Petronet Lng Ltd. 0.19 -0.19 State 1.63 -1.64 Shriram Transport Finance Co Ltd. 0.18 -0.18 The investment objective of the Scheme is to seek to generate Sun Pharmaceutical Industries Ltd. 1.57 -1.56 Ltd. 0.17 -0.17 reasonable returns by investing predominantly in arbitrage (India) Ltd. 1.57 -1.58 Aarti Industries Ltd. 0.17 -0.17 opportunities in the cash and derivatives segments of the equity Adani Ports And Special Economic Zone Ltd. 1.49 -1.50 Power Finance Corporation Ltd. 0.14 -0.15 Ltd. 1.40 -1.41 Upl Ltd. 0.14 -0.14 markets and by investing balance in debt and money market HCL Technologies Ltd. 1.40 -1.40 Dr. Lal Path Labs Ltd. 0.13 -0.13 instruments. There is no assurance that the objective of the Scheme Ltd. 1.34 -1.35 Container Corporation Of India Ltd. 0.12 -0.12 will be realised and the Scheme does not assure or guarantee any Lupin Ltd. 1.33 -1.34 Ltd. 0.11 -0.11 Divi Laboratories Ltd. 1.30 -1.31 Steel Authority India Ltd. 0.11 -0.11 returns. India Ltd. 1.29 -1.30 Ltd. 0.10 -0.10 Larsen & Toubro Ltd. 1.24 -1.25 Gail ( India ) Ltd. 0.09 -0.09 DATE OF ALLOTMENT Ltd. 1.23 -1.24 Gmr Infrastucture Ltd. 0.08 -0.08 India Ltd. 1.20 -1.20 Manappuram Finance Ltd. 0.07 -0.07 December 18,2018 Ltd. 1.12 -1.12 Ltd. 0.07 -0.07 Dlf Ltd. 1.00 -1.00 Piramal Enterprises Ltd. 0.06 -0.06 FUND MANAGER Ltd. 1.00 -1.00 ICICI Prudential Life Insurance Company Ltd. 0.06 -0.06 Dr Reddys Laboratories Ltd. 0.98 -0.98 Ltd. 0.05 -0.05 Sailesh Jain (Managing Since 10-Dec-18 and overall experience of 17 Tata Consultancy Services Ltd. 0.94 -0.95 Godrej Properties Ltd. 0.04 -0.04 years) Nestle India Ltd. 0.92 -0.93 India Ltd. 0.03 -0.03 Ltd. 0.92 -0.92 Ltd. 0.03 -0.03 Sbi Life Insurance Company Ltd. 0.90 -0.91 Ltd. 0.02 -0.02 BENCHMARK Ltd. 0.88 -0.88 Enterprise Ltd. 0.02 -0.02 Ltd. 0.86 -0.86 Ltd. 0.00 0.00 Nifty 50 Arbitrage Index Vedanta Ltd. 0.84 -0.85 Bosch Ltd. 0.00 0.00 Company Ltd. 0.80 -0.81 HDFC Asset Management Company Ltd. 0.00 0.00 NAV Ltd. 0.79 -0.79 % to (India) Ltd. 0.79 -0.79 Name of the Instrument Ratings Direct - Growth : 11.3708 Ltd. 0.78 -0.79 NAV NTPC Ltd. 0.78 -0.77 Direct - Monthly Dividend : 10.9025 Ltd. 0.78 -0.78 Debt Instruments Regular - Growth : 11.1917 Ltd. 0.77 -0.77 Government Securities 7.41 Regular - Monthly Dividend : 10.7013 Ltd. 0.75 -0.76 GOI - 6.17% (15/07/2021) SOV 1.21 Mahindra & Mahindra Ltd. 0.75 -0.75 GOI - 7.16% (20/05/2023) SOV 1.11 Ltd. 0.67 -0.67 GOI - 4.48% (02/11/2023) SOV 1.05 FUND SIZE Ltd. 0.67 -0.67 GOI - 6.84% (19/12/2022) SOV 0.79 Ltd. 0.65 -0.65 GOI - 7.32% (28/01/2024) SOV 0.74 Rs. 3334.81 (Rs. in Cr.) NMDC Ltd. 0.65 -0.65 GOI - 7.37% (16/04/2023) SOV 0.70 Ltd. 0.63 -0.63 GOI - 8.83% (25/11/2023) SOV 0.66 MONTHLY AVERAGE AUM ICICI Lombard General Insurance Co. Ltd. 0.61 -0.61 GOI - 8.08% (02/08/2022) SOV 0.48 Power Grid Corporation Of India Ltd. 0.59 -0.59 GOI - 7.94% (24-05-2021) SOV 0.30 Rs. 3042.60 (Rs. in Cr.) Corporation Ltd. 0.57 -0.58 GOI - 5.09% (13/04/2022) SOV 0.21 Ltd. 0.56 -0.56 GOI 6.30% 9/4/2023 SOV 0.16 Ltd. 0.53 -0.53 Non-Convertible Debentures/Bonds 7.05 TURN OVER Max Financial Services Ltd. 0.50 -0.50 04.95 % HDFC Ltd. CRISIL- AAA 1.50 07.18 % Nabard Portfolio Turnover (Total) 1660.52% Ltd. 0.49 -0.49 CRISIL- AAA 0.78 Ltd. 0.49 -0.49 04.50 % HDFC Ltd. CRISIL- AAA 0.74 Portfolio Turnover (Equity component only) 463.67% Ltd. 0.49 -0.49 07.00 % HDFC Ltd. CRISIL- AAA 0.62 Ltd. 0.47 -0.48 07.61 % Housing & Urban Development Corporation Ltd. ICRA- AAA 0.47 EXPENSE RATIO** MRF Ltd. 0.47 -0.48 08.60 % LIC Housing Finance Ltd. CRISIL- AAA 0.47 Jsw Steel Ltd. 0.47 -0.47 07.39 % LIC Housing Finance Ltd. CRISIL- AAA 0.47 Direct 0.38 ACC Ltd. 0.47 -0.47 08.20 % HDFC Ltd. CRISIL- AAA 0.46 Regular 1.13 HDFC Life Insurance Co. Ltd. 0.47 -0.47 07.62 % Housing & Urban Development Corporation Ltd. ICRA- AAA 0.31 0.45 -0.45 07.40 % Power Finance Corporation CRISIL- AAA 0.31 **Note: The rates specified are actual month end expenses charged HDFC Bank Ltd. 0.44 -0.45 06.32 % Rec Ltd. CRISIL- AAA 0.31 as on Jan 31, 2021. The above ratio includes the Service tax on Ultratech Cement Ltd. 0.44 -0.45 08.45 % Sikka Ports And Terminals Ltd. (Mukesh Ambani Group) CRISIL- AAA 0.16 Investment Management Fees. The above ratio excludes, Ltd. 0.43 -0.43 08.50 % Rec Ltd. CRISIL- AAA 0.16 proportionate charge (out of maximum 30 bps on daily average net Ltd. 0.42 -0.43 07.90 % India Infradebt Ltd. CRISIL- AAA 0.15 assets allowed) in respect sales beyond T-30 cities assets, wherever Colgate-Palmolive India Ltd. 0.42 -0.42 07.24 % LIC Housing Finance Ltd. CRISIL- AAA 0.15 applicable. Ltd. 0.41 -0.42 Margin Deposits 20.48 Ltd. 0.41 -0.42 Corporation Bank 0.70 0.40 -0.40 Axis Bank 0.09 VOLATILITY MEASURES^ FUND BENCHMARK LIC Housing Finance Ltd. 0.40 -0.40 HDFC Bank Ltd. 4.09 Std. Dev (Annualised) 0.95 0.94 Ltd. 0.40 -0.40 Punjab National Bank 0.82 Ltd. 0.36 -0.36 0.00 Sharpe Ratio 0.60 0.25 Bata India Ltd. 0.33 -0.34 Au Small Finance Bank Ltd. 1.59 Portfolio Beta 0.64 1.00 Ltd. 0.33 -0.33 Federal Bank Ltd. 4.90 R Squared 0.51 1.00 Ltd. 0.32 -0.32 1.29 Variable Margin 7.00 Treynor 0.25 0.07 Corporation Ltd. 0.32 -0.32 Ltd. 0.31 -0.31 Jenson 0.12 NA Ltd. 0.30 -0.30 Repo 5.88 Portfolio Total 108.26 Portfolio Macauley Duration : 0.95 Years Escorts Ltd. 0.30 -0.30 Sun Tv Network Ltd. 0.30 -0.30 Cash / Net Current Assets/ (Liabilities) -8.26 Modified Duration : 0.93 Years Net Assets 100.00 Average Maturity : 0.99 Years SIP - If you had invested INR 10000 every month Gross Yield to Maturity (For Debt Component)* - Excluding Net Current Assets : 4.93% 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception * Computed on the invested amount for debt portfolio. Total Amount Invested (Rs.) 120,000 NA NA NA NA 250,000 Total stock in Portfolio 110 Total Value as on Jan 31, 2021 (Rs.) 122,334 NA NA NA NA 262,968 Returns 3.65% NA NA NA NA 4.76% ^Risk-free rate based on the FBIL Overnight MIBOR rate of 3.47% as Total Value of B: Nifty 50 Arbitrage Index 121,112 NA NA NA NA 258,208 on Jan 29, 2021 B: Nifty 50 Arbitrage Index 1.74% NA NA NA NA 3.02% For calculation methodology please refer to Pg 64 Total Value of AB: Nifty 50 TRI 150,996 NA NA NA NA 308,358 AB: Nifty 50 TRI 51.56% NA NA NA NA 20.75% MINIMUM INVESTMENT/ (Inception date :18-Dec-2018) (First Installment date : 01-Jan-2019) MULTIPLES FOR NEW INVESTMENT 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 Rs. 5,000/- and in multiples of Re. 1/- thereafter. 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 49-64. *B: Benchmark ADDITIONAL INVESTMENT/ Source: MFI Explorer MULTIPLES FOR EXISTING INVESTORS Rs. 1,000/- and in multiples of Re. 1/- thereafter. Top 10 Holdings Equity Sector Allocation Financial Services 14.15% Issuer Name % to NAV Consumer Goods 11.18% LOAD STRUCTURE ICICI Bank Ltd. 1.90 Pharma 8.04% Automobile 6.76% Entry Load : Not Applicable Housing Development Finance Corporation Ltd. 1.90 IT 5.46% Tata Steel Ltd. 1.73 Metals 4.69% Exit Load : 0.25 % of the applicable NAV, if Oil & Gas 3.49% Bharti Airtel Ltd. 1.73 Cement & Cement Products 2.68% redeemed/switched out/withdrawn on or before Construction 2.36% expiry of 30 Days from the date of allotment. Axis Bank Ltd. 1.71 Power 2.34% Telecom 1.79% ITC Ltd. 1.66 Services 1.61% 1.63 Chemicals 1.36% Industrial Manufacturing 0.73% Please refer to our Tata Mutual Fund website for Sun Pharmaceutical Industries Ltd. 1.57 Media & Entertainment 0.51% Healthcare Services 0.15% fundamental changes, wherever applicable Asian Paints (India) Ltd. 1.57 Fertilisers & Pesticides 0.14% Adani Ports And Special Economic Zone Ltd. 1.49 Textiles 0.00% Total 16.89 0.00% 4.00% 8.00% 12.00% 16.00%

Market Capitalisation wise Exposure NAV Movement Large Cap 86.37% Tata Arbitrage Fund - Reg - Growth 120 Nifty 50 Arbitrage Index Mid Cap 116 13.03% 112 Small Cap 0.59% 108 104 100 Market Capitalisation is as per list provided by AMFI. Dec-18 Sep-19 May-20 Jan-21 www.tatamutualfund.com Mutual Fund investments are subject to market risks, read all scheme related documents carefully TATA MUTUAL FUND 32