Modera erate tely Mod High to H w te ig o ra h L de o M V e r y w H Tata Equity P/E Fund o i L g (An open ended equity scheme following a value investment strategy) h Riskometer Investors understand that their principal As on 31st December 2020 PORTFOLIO will be at Very High Risk

INVESTMENT STYLE Company name No. of Market Value % of Company name No. of Market Value % of Primarily invests at least 70% of the net assets in equity Shares Rs. Lakhs Assets Shares Rs. Lakhs Assets shares whose rolling P/E ratio on past four quarter earnings Equity & Equity Related Total 448180.08 97.00 Pesticides for individual companies is less than rolling P/E of the S&P Auto Rallis Ltd. 2750000 7734.38 1.67 BSE SENSEX stocks. Escorts Ltd. 833000 10499.13 2.27 Petroleum Products INVESTMENT OBJECTIVE Ltd. 281000 9677.78 2.09 Ltd. 1820000 36132.46 7.82 The investment objective of the Scheme is to provide Auto Ancillaries Pharmaceuticals reasonable and regular income and/or possible capital appreciation to its Unitholder. However, there is no MRF Ltd. 14500 10983.82 2.38 Ltd. 1350000 13955.63 3.02 assurance or guarantee that the investment objective of the Ceat Ltd. 586700 6341.93 1.37 Dr Reddys Laboratories Ltd. 262000 13637.36 2.95 Scheme will be achieved. The scheme does not assure or Ltd. 3300000 6311.25 1.37 Ltd. 1300000 10659.35 2.31 guarantee any returns. Banks Services DATE OF ALLOTMENT ICICI Bank Ltd. 6995000 37426.75 8.10 Indian Railway Catering And 340000 4888.52 1.06 June 29, 2004 HDFC Bank Ltd. 2350000 33753.05 7.31 Tourism Corporation Ltd. FUND MANAGER Ltd. 800000 4963.60 1.07 Software Sonam Udasi (Managing Since 1-Apr-16 and overall State 1800000 4949.10 1.07 Ltd. 2890000 36292.62 7.86 experience of 23 years) Cement HCL Technologies Ltd. 2965000 28053.35 6.07 ASSISTANT FUND MANAGER ACC Ltd. 1050000 16985.33 3.68 Oracle Financials Services Soft Ltd. 304000 9766.00 2.11 Amey Sathe (Managing Since 18-Jun-18 and overall Commercial Services Ltd. 2110000 8149.88 1.76 experience of 13 years) 3M India Ltd. 26000 5415.94 1.17 Ltd. 313000 5196.90 1.12 BENCHMARK Consumer Durables Telecom - Services S&P BSE Sensex TRI Ltd. 600000 4953.90 1.07 Indus Towers Ltd. 2100000 4827.90 1.04 NAV Consumer Non Durables ITC Ltd. 25707.00 5.56 Direct - Growth : 166.9143 12300000 Other Equities^ 3665.79 0.79 Radico Khaitan Ltd. 1679287 7679.38 1.66 Direct - Dividend (Trigger Option A 5%) : 71.0228 Treps 10478.15 2.27 Direct - Dividend (Trigger Option B 10%) : 69.3970 Ltd. 810000 4778.19 1.03 Portfolio Total 458658.23 99.27 Reg - Growth : 155.2146 Jubilant Foodworks Ltd. 167000 4661.22 1.01 Reg - Dividend (Trigger Option A 5%) : 67.1830 Finance Cash / Net Current Asset /Liablities 3369.85 0.73 Reg - Dividend (Trigger Option B 10%) : 63.7056 Housing Development Finance 1110000 28401.02 6.15 Net Assets 462028.08 100.00 FUND SIZE Corporation Ltd. ^ Exposure less than 1% has been clubbed under Other Equities Rs. 4620.28 (Rs. in Cr.) Ltd. 767000 9284.92 2.01 MONTHLY AVERAGE AUM HDFC Life Insurance Co. Ltd. 800000 5412.00 1.17 Rs. 4622.64 (Rs. in Cr.) ICICI Lombard General Insurance Co. Ltd. 319000 4851.51 1.05 TURN OVER Gas Petronet Lng Ltd. 6313.80 1.37 Portfolio Turnover (Total) 61.41% 2550000 Portfolio Turnover (Equity component only) 61.41% Ltd. 535000 5677.42 1.23 Media & Entertainment EXPENSE RATIO** Sun Tv Network Ltd. 2120000 10191.90 2.21 Direct 0.79 Regular 1.96 **Note: The rates specified are actual month end expenses charged 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 SIP - If you had invested INR 10000 every month assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception VOLATILITY MEASURES^ FUND BENCHMARK Total Amount Invested (Rs.) 120,000 360,000 600,000 840,000 1,200,000 1,980,000 Std. Dev (Annualised) 22.00 22.44 Total Value as on Dec 31, 2020 (Rs.) 149,525 426,909 783,220 1,285,077 2,509,771 7,710,702 Sharpe Ratio 0.03 0.15 Returns 48.55% 11.38% 10.59% 11.93% 14.12% 14.87% Portfolio Beta 0.93 1.00 R Squared 0.91 1.00 Total Value of B: S&P BSE Sensex TRI 157,121 476,534 901,288 1,384,312 2,438,778 6,554,213 Treynor 0.20 0.97 B: S&P BSE Sensex TRI 61.90% 19.07% 16.27% 14.01% 13.58% 13.20% Jenson -0.72 NA (Inception date :29-Jun-2004) (First Installment date : 01-Jul-2004) PE 32.26 33.50 ^Risk-free rate based on the FBIL Overnight MIBOR rate of 3.51% as 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. on Dec 31, 2020 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 calculation methodology please refer to Pg 64 For scheme performance refer pages 49-64. *B: Benchmark MINIMUM INVESTMENT/ Source: MFI Explorer MULTIPLES FOR NEW INVESTMENT Rs. 5,000/- and in multiples of Re. 1/- thereafter. ADDITIONAL INVESTMENT/ Top 10 Holdings Equity Sector Allocation MULTIPLES FOR EXISTING INVESTORS Issuer Name % to NAV Financial Services 28.57% Rs. 1,000/- and multiples of Re. 1/- thereafter. ICICI Bank Ltd. 8.10 IT 18.93% LOAD STRUCTURE Infosys Ltd. 7.86 Oil & Gas 10.42% Reliance Industries Ltd. 7.82 Consumer Goods 10.34% Entry Load : Not Applicable HDFC Bank Ltd. 7.31 Automobile 9.48% Exit Load : 1) On or before expiry of 12 months from the date Pharma 8.28% of allotment: If the withdrawal amount or switched HDFC Ltd. 6.15 Cement & Cement Products 3.68% out amount is not more than 12% of the original HCL Technologies Ltd. 6.07 Services 2.23% cost of investment: NIL 2) On or before expiry of 12 months from the date ITC Ltd. 5.56 Media & Entertainment 2.21% of allotment: If the withdrawal amount or switched ACC Ltd. 3.68 Fertilisers & Pesticides 1.67% out amount is more than 12% of the original cost Alembic Pharmaceuticals Ltd. 3.02 Telecom 1.04% of investment: 1% Industrial Manufacturing 0.16% 3) Redemption after expiry of 12 months from the Dr. Reddys Labaratories Ltd. 2.95 date of allotment: NIL (w.e.f. 3rd May, 2019) Total 58.52 0.00% 6.00% 12.00% 18.00% 24.00% 30.00% Please refer to our Tata Mutual Fund website for fundamental changes, wherever applicable Market Capitalisation wise Exposure NAV Movement

Large Cap 70.94% Tata Equity P/E Fund - Reg - Growth 150 S&P BSE Sensex TRI Mid Cap 23.39% 132 114 Small Cap 5.67% 96 78 60 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 11