Modera erate tely Mod High to H w te ig o ra h L de 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 December 2020 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 66.45 -66.68 Bosch Ltd. 0.25 -0.26 to take advantage of the difference in prices of a security in the cash Housing Development Finance Corporation Ltd. 2.08 -2.09 Shriram Transport Finance Co Ltd. 0.24 -0.25 segment and derivatives segment by turning market volatility to its Tata Steel Ltd. 1.91 -1.91 Rec Ltd. 0.24 -0.24 Maruti Suzuki India Ltd. 1.89 -1.90 ICICI Lombard General Insurance Co. Ltd. 0.21 -0.21 advantage. Bharti Airtel Ltd. 1.83 -1.84 Container Corporation Of India Ltd. 0.19 -0.19 Sun Pharmaceutical Industries Ltd. 1.83 -1.83 Colgate-Palmolive India Ltd. 0.19 -0.19 INVESTMENT OBJECTIVE HCL Technologies Ltd. 1.78 -1.78 Ultratech Cement Ltd. 0.19 -0.19 Axis Bank Ltd. 1.76 -1.77 Canara Bank 0.18 -0.19 The investment objective of the Scheme is to seek to generate Adani Ports And Special Economic Zone Ltd. 1.68 -1.68 Muthoot Finance Ltd. 0.15 -0.16 reasonable returns by investing predominantly in arbitrage Dabur India Ltd. 1.58 -1.58 Biocon Ltd. 0.15 -0.15 opportunities in the cash and derivatives segments of the equity ITC Ltd. 1.55 -1.55 Power Finance Corporation Ltd. 0.15 -0.15 Lupin Ltd. 1.46 -1.47 Indraprastha Gas Ltd. 0.14 -0.14 markets and by investing balance in debt and money market Tech Mahindra Ltd. 1.41 -1.41 Exide Industries Ltd. 0.13 -0.14 instruments. There is no assurance that the objective of the Scheme Reliance Industries Ltd. 1.37 -1.38 Mahanagar Gas Ltd. 0.13 -0.13 will be realised and the Scheme does not assure or guarantee any Bajaj Auto Ltd. 1.24 -1.24 Gmr Infrastucture Ltd. 0.11 -0.11 Tata Motors Ltd. 1.23 -1.24 NTPC Ltd. 0.10 -0.10 returns. Max Financial Services Ltd. 1.20 -1.20 Mindtree Ltd. 0.10 -0.10 Pidilite Industries Ltd. 1.11 -1.12 Apollo Tyres Ltd. 0.09 -0.09 DATE OF ALLOTMENT Aurobindo Pharma Ltd. 1.11 -1.11 Vodafone Idea Ltd. 0.08 -0.08 Bajaj Finserv Ltd. 1.06 -1.07 Indian Oil Corporation Ltd. 0.07 -0.07 December 18,2018 Divi Laboratories Ltd. 1.05 -1.05 Glenmark Pharmaceuticals Ltd. 0.05 -0.05 Sbi Life Insurance Company Ltd. 0.98 -0.99 Havells India Ltd. 0.05 -0.05 FUND MANAGER HDFC Life Insurance Co. Ltd. 0.98 -0.98 Motherson Sumi Systems Ltd. 0.05 -0.05 Tata Consultancy Services Ltd. 0.93 -0.94 Info Edge (India) Ltd. 0.02 -0.02 Sailesh Jain (Managing Since 10-Dec-18 and overall experience of 17 United Spirits Ltd. 0.93 -0.93 Cummins India Ltd. 0.01 -0.01 years) Larsen & Toubro Ltd. 0.93 -0.93 Bharat Electronics Ltd. 0.01 -0.01 Godrej Consumer Products Ltd. 0.89 -0.89 Voltas Ltd. 0.01 -0.01 State Bank Of India 0.88 -0.88 Bharat Heavy Electricals Ltd. 0.01 -0.01 BENCHMARK Infosys Ltd. 0.86 -0.86 % to Eicher Motors Ltd. 0.86 -0.86 Name of the Instrument Ratings Nifty 50 Arbitrage Index ACC Ltd. 0.84 -0.85 NAV Mahindra & Mahindra Ltd. 0.84 -0.84 Cipla Ltd. 0.83 -0.83 Debt Instruments NAV Tata Power Company Ltd. 0.81 -0.82 Government Securities 4.45 GOI - 7.16% (20/05/2023) SOV 1.33 Direct - Growth : 11.3528 Hindalco Industries Ltd. 0.80 -0.80 HDFC Bank Ltd. 0.80 -0.80 GOI - 6.84% (19/12/2022) SOV 0.94 Direct - Monthly Dividend : 10.8853 Torrent Pharmaceuticals Ltd. 0.72 -0.72 GOI - 4.48% (02/11/2023) SOV 0.72 Regular - Growth : 11.1806 Tata Consumer Products Ltd. 0.70 -0.71 GOI - 8.08% (02/08/2022) SOV 0.57 Regular - Monthly Dividend : 10.6907 Vedanta Ltd. 0.70 -0.70 GOI - 7.37% (16/04/2023) SOV 0.46 Upl Ltd. 0.69 -0.69 GOI - 5.09% (13/04/2022) SOV 0.25 Wipro Ltd. 0.66 -0.66 GOI 6.30% 9/4/2023 SOV 0.19 FUND SIZE Escorts Ltd. 0.64 -0.64 Non-Convertible Debentures/Bonds 7.52 Marico Ltd. 0.64 -0.64 04.95 % HDFC Ltd. CRISIL- AAA 1.79 Rs. 2813.81 (Rs. in Cr.) ICICI Bank Ltd. 0.62 -0.62 07.18 % Nabard CRISIL- AAA 0.93 Grasim Industries Ltd. 0.59 -0.59 07.00 % HDFC Ltd. CRISIL- AAA 0.74 MONTHLY AVERAGE AUM Asian Paints (India) Ltd. 0.56 -0.56 07.61 % Housing & Urban Development Corporation Ltd. ICRA- AAA 0.56 Bharat Petroleum Corporation Ltd. 0.53 -0.53 07.39 % LIC Housing Finance Ltd. CRISIL- AAA 0.56 Rs. 2560.38 (Rs. in Cr.) Hindustan Petroleum Corporation Ltd. 0.51 -0.52 08.60 % LIC Housing Finance Ltd. CRISIL- AAA 0.56 Shree Cement Ltd. 0.51 -0.51 08.20 % HDFC Ltd. CRISIL- AAA 0.55 Power Grid Corporation Of India Ltd. 0.50 -0.50 07.62 % Housing & Urban Development Corporation Ltd. ICRA- AAA 0.37 TURN OVER Siemens Ltd. 0.50 -0.50 07.40 % Power Finance Corporation CRISIL- AAA 0.37 Portfolio Turnover (Total) 1674.40% Tata Chemicals Ltd. 0.50 -0.50 06.32 % Rec Ltd. CRISIL- AAA 0.36 Federal Bank Ltd. 0.48 -0.48 08.45 % Sikka Ports And Terminals Ltd. CRISIL- AAA 0.19 Portfolio Turnover (Equity component only) 482.77% Dlf Ltd. 0.48 -0.48 08.50 % Rec Ltd. CRISIL- AAA 0.19 NMDC Ltd. 0.48 -0.48 07.90 % India Infradebt Ltd. CRISIL- AAA 0.18 EXPENSE RATIO** Dr Reddys Laboratories Ltd. 0.47 -0.47 07.24 % LIC Housing Finance Ltd. CRISIL- AAA 0.18 Ashok Leyland Ltd. 0.47 -0.47 Margin Deposits 20.27 Direct 0.38 Bharat Forge Ltd. 0.45 -0.45 Corporation Bank 0.83 Regular 1.13 Mahindra And Mahindra Financial Services Ltd. 0.44 -0.44 Axis Bank 0.11 Ambuja Cements Ltd. 0.44 -0.44 HDFC Bank Ltd. 4.91 **Note: The rates specified are actual month end expenses charged Petronet Lng Ltd. 0.44 -0.44 Punjab National Bank 0.97 as on Dec 31, 2020. The above ratio includes the Service tax on Jsw Steel Ltd. 0.43 -0.43 Rbl Bank Ltd. 0.11 Investment Management Fees. The above ratio excludes, Sun Tv Network Ltd. 0.42 -0.42 Bank Of Baroda 0.00 proportionate charge (out of maximum 30 bps on daily average net Srf Ltd. 0.40 -0.40 Au Small Finance Bank Ltd. 1.88 assets allowed) in respect sales beyond T-30 cities assets, wherever Hindustan Unilever Ltd. 0.40 -0.40 Federal Bank Ltd. 5.81 applicable. Coal India Ltd. 0.39 -0.40 Union Bank Of India 1.52 Cadila Healthcare Ltd. 0.37 -0.37 Variable Margin 4.13 Balkrishna Industries Ltd. 0.37 -0.37 VOLATILITY MEASURES^ FUND BENCHMARK Nestle India Ltd. 0.37 -0.37 Treps 8.61 Std. Dev (Annualised) 0.94 0.92 The Ramco Cements Ltd. 0.34 -0.35 Portfolio Total 107.29 MRF Ltd. 0.33 -0.34 Sharpe Ratio 0.65 0.29 Berger Paints India Ltd. 0.33 -0.33 Cash / Net Current Asset /Liablities -7.29 Portfolio Beta 0.62 1.00 Bata India Ltd. 0.31 -0.32 Net Assets 100.00 R Squared 0.48 1.00 Manappuram Finance Ltd. 0.31 -0.31 Treynor 0.28 0.08 Zee Entertainment Enterprises Ltd. 0.31 -0.31 Britannia Industries Ltd. 0.29 -0.29 Jenson 0.13 NA Torrent Power Ltd. 0.26 -0.26 Portfolio Macauley Duration : 0.31 Years ICICI Prudential Life Insurance Company Ltd. 0.26 -0.26 National Aluminium Co. Ltd. 0.26 -0.26 Modified Duration : 0.30 Years Average Maturity : 0.32 Years SIP - If you had invested INR 10000 every month Gross Yield to Maturity (For Debt Component)* - Excluding Net Current Assets : 4.80% 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 240,000 Total stock in Portfolio 106 Total Value as on Dec 31, 2020 (Rs.) 122,698 NA NA NA NA 252,702 Returns 4.19% NA NA NA NA 5.04% ^Risk-free rate based on the FBIL Overnight MIBOR rate of 3.51% as Total Value of B: Nifty 50 Arbitrage Index 121,333 NA NA NA NA 248,198 on Dec 31, 2020 B: Nifty 50 Arbitrage Index 2.06% NA NA NA NA 3.26% For calculation methodology please refer to Pg 64 Total Value of AB: Nifty 50 TRI 156,424 NA NA NA NA 306,149 AB: Nifty 50 TRI 60.66% NA NA NA NA 25.32% 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 Issuer Name % to NAV Financial Services 13.03% LOAD STRUCTURE Consumer Goods 8.78% Housing Development Finance Corporation Ltd. 2.08 Automobile 8.39% Tata Steel Ltd. 1.91 Pharma 8.04% Entry Load : Not Applicable IT 5.76% Maruti Suzuki India Ltd. 1.89 Exit Load : 0.25 % of the applicable NAV, if Metals 4.96% Bharti Airtel Ltd. 1.83 Oil & Gas 3.19% redeemed/switched out/withdrawn on or before Cement & Cement Products 2.91% expiry of 30 Days from the date of allotment. Sun Pharmaceutical Industries Ltd. 1.83 Telecom 1.91% HCL Technologies Ltd. 1.78 Services 1.87% Power 1.68% Axis Bank Ltd. 1.76 Chemicals 1.61% Please refer to our Tata Mutual Fund website for Adani Ports And Special Economic Zone Ltd. 1.68 Construction 1.52% Industrial Manufacturing 1.37% fundamental changes, wherever applicable Dabur India Ltd. 1.58 Media & Entertainment 0.72% ITC Ltd. 1.55 Fertilisers & Pesticides 0.69% Total 17.88 0.00% 4.00% 8.00% 12.00% 16.00%

Market Capitalisation wise Exposure NAV Movement Large Cap Tata Arbitrage Fund - Reg - Growth Nifty 50 Arbitrage Index 82.92% 120 Mid Cap 16.55% 116 112 Small Cap 0.53% 108 104 100 Market Capitalisation is as per list provided by AMFI. Dec-18 Aug-19 Apr-20 Dec-20 www.tatamutualfund.com Mutual Fund investments are subject to market risks, read all scheme related documents carefully TATA MUTUAL FUND 32