Aim to benefit from long-term investing.

Transcription

1 As on 31st March, 211. For Private Circulation Only Aim to benefit from long-term investing. Mutual Funds investments are subject to market risks, read the scheme information documents carefully before investing.

2 FUND MANAGER SPEAKS Equity market The markets rallied in the second half of March 11 to close approximately 9% higher with the Sensex at 19,44 and the Nifty at,834. March 11 was similar to September 1 with the market moving up sharply driven largely by strong FII flows and sharply outperforming the global peers. This performance was despite the civil strife in Middle East and North Africa. There was also the tragic earthquake in Japan followed by tsunami and a resultant nuclear meltdown scare. The out performance could be attributed to the improved political climate with the budget session of parliament going smoothly and the positive surprises from the budget. Also India had under-performed its global peers for some time now for it to play catch up so much so that it was one of the best performing markets in the World during March 11. FIIs were net buyers in March, for the first time in 211, to the tune of about USD1.Bn as compared to an outflow of USD1Bn during the last month. Domestic mutual funds (DMFs) were also net buyers to the tune of USD86Mn but lower than the last month s USD314Mn. DMFs have been net buyers for the fourth consecutive month. In FY11 (Apr 1-Mar 11), FII s were net buyers of USD24Billion (net buyers of USD23Billion in FY-1), while domestic mutual funds were net sellers of USD4.billion (net sellers of USD2.2billion in FY-1). BSE mid and small cap indices underperformed the large cap indices, with 7.8% and 4.6% return respectively in March 11. The mid and small cap segments have now under performed the large cap segment for the fifth consecutive month in a row. During FY11, the BSE mid cap index was up only 1% while the BSE small cap index was down 3.8% while the Sensex and Nifty posted gains of about 11% each. In FY11, Automobiles, Banks, Consumer Durables, FMCG, Health Care and Software indices outperformed, while the indices for Capital Goods, Metal, Oil & Gas and Realty underperformed the Sensex. Balance of Payment (BoP) data reported for quarter ended December 1 reflected overall BoP at USD4billion (USD3.3billion previous quarter) and a narrowing of current account deficit from USD16.8billion to USD9.7billion due to recovery in merchandise exports (growth of 4%YoY) and recovery in invisibles (software services, remittances etc), while imports grew at a moderate 2%YoY. The Index of Industrial Production (IIP) reported for the month of Jan 211 showed a growth of 3.7% YoY (2.%YoY in Dec 21 as per revised data). For the financial year to date -April 21 to January 211 IIP grew at 8. % YoY (compared to 9.4% same period last year). On a sectoral basis in April 21-January 211, Manufacturing grew by 8.6% YoY, Mining by 7.2%YoY and Electricity by.3% YoY. On a use basis in April-January 211 Capital Goods grew by 12.3%, Growth in Consumer Goods of 7.1% was driven by growth of 21.6% YoY in Consumer Durables. The Manufacturing Purchasing Managers Index for March 211 which is a leading indicator of economy came in at 7.9 (7.9 in February 211). The strong growth in PMI and higher capacity utilization reflects a strong domestic demand environment, means that producers are likely to pass on higher raw material prices. On the employment front, the data suggests that industry is having difficulties in hiring appropriate talent. The growth of advance tax paid by corporates by over 22% in FY11 bolstered the finding of the PMI survey by indicating economic buoyancy in the Indian Industry. On 17th of March 211, in its mid-quarter review of monetary policy the Reserve Bank of India (RBI) hiked the lending (repo) and borrowing (reverse repo) rate by 2 basis points each to 6.7% and.7% respectively with immediate effect. RBI also revised its March inflation forecast to 8% from the revised 7% in the January review. It expressed concern at the sharp increase in non food manufactured products, the index of which was up 6.1% in February 11 from 4.8% in January 11. RBI seems to be indicating the need for expanding productive capacity through investments to improve supply of goods and services in the economy to meet demand in the medium to long term, while it tries to cool off demand pressures through policy action in the short term. In its review RBI stresses the need to keep the fiscal deficit for FY12 within budgeted levels by keeping aggregate expenditure within control without compromising on quality of expenditure. It also states with respect to financing of the current account deficit that it is necessary to focus on attracting long term components of capital inflows. The mid-term policy aims to manage inflationary expectations and rein in demand pressures while minimizing risk to growth. On the reforms front, there were a slew of positive announcements with the cabinet clearing the Banking Regulation (amendment) Bill 211 which seeks to give shareholders of banks voting rights in proportion to their holding. Currently the voting rights are limited to 1% for state run banks and 1% for private banks. The bill will now be placed for parliamentary approval. The pension bill Pension Fund Regulatory and Development Authority (PFRDA) bill, which would allow part investment of pension corpus in the stock market was introduced in parliament along with the amendment to the constitution for introduction of Goods and Services Tax (GST) which seeks to replace multiple taxes like central excise duty, service tax and state taxes like value added tax, entry tax and purchase tax with a single levy. During the month, government also eased the rules for foreign investment by permitting FDI in development and production of seeds and planting materials, without the clause of doing so under controlled conditions. In addition foreign companies operating in India would not henceforth need prior approval of their joint venture partners to operate in the country in the same business segments. The government also liberalized FDI rules for conversion of non-cash items like capital goods, pre-operative or pre-incorporation expenses into equity with approval of the government. The high volatility of the equity markets in the last one year may have discouraged some investors from investing. However, volatility helps long term investors to systematically invest in the markets at lower levels to generate greater wealth than by simply buying in lump sum. As long as the investors seek to invest in reasonably valued assets, systematic investment will help them best utilize attractive investment opportunities offered by the segment in volatile times. In April 11, the markets will look to corporate Results for quarter and fiscal year ended March 11 to get direction. Mid-east unrest and political change with its impact on oil will be also be watched by investors as India imports 8% of its oil requirement of 3.1 million barrels per day. With the unrest in Libya, oil prices moved up % in the month of March 11. Though India is vulnerable to high oil prices, one could argue that it is less vulnerable than before. Events in the European Union with major countries needing to roll over significant chunks of debt in the next one month will hold global investor attention. Even as an expected robust Rabi harvest augurs well for rural demand, markets will now look out for the monsoon forecasts from the meteorological department. Preliminary indications are of a favorable monsoon this year as well. Five states are going in for polls in April 11 and hence there will be excitement on the political front as well. Debt market The G-sec market remained boxed in a narrow range of %, despite adverse factors like high crude oil prices, the increasing pressure of inflation and the rate hike by RBI. The market was mainly supported by the absence of fresh issuances. The announcement of the borrowing calendar for the first half of FY12, also helped to keep the market sentiment positive, as the extent of front loading of borrowing turned out be lower than expected. The Government is planning to borrow ` 2. Trn in H1 of FY or 6% of the gross requirement for FY 11-12, compared to ` 2.8 Trn in the corresponding period last year. The maturity pattern is similar to the last year, with 8% of the borrowing is in the short and medium dated securities leaving lower borrowing on the longer end of the curve. In the last monetary policy review for the current fiscal year, the RBI rate action was along the expected lines. The policy rates reverse repo and repo - were raised by 2 bps each to.7% and 6.7% respectively. The RBI stance on the monetary policy has become clearly more hawkish since the last policy. This is visible from the fact that the RBI has raised its March inflation forecast to around 8% from 7% earlier. Considering that headline inflation, though expected to ease from April, 211, could remain well above the RBI comfort level at least until October, 211, it is clear that the RBI will continue to raise policy rates in a calibrated manner. Liquidity remained tight during this month as well. The average borrowing by banks under LAF window during the month was to the tune of ` 82 Bn, compared to ` 8 Bn in the previous month, though it spiked up during the second half the month, to touch a high of ` 143 Bn on account of tax outflows. The bank credit continues to outpace the deposit growth, though the growing wedge has been some what arrested in the past few months, as the banks have been aggressively mobilizing deposits offering higher deposit rates. As per the latest available data, the y-o-y growth in bank credit is at 23.2% compared to a growth of 16.6% in deposits. While the overall credit deposit ratio stands at 7%, the incremental credit/deposit ratio on y-o-y basis is still close to 1%. The money market rates, which remained at high during most part of the month, eased significantly towards the end of the month, as the banks were seen reaching close to their deposit raising targets through CD route. The 3 months and 1 Year CD rates which were hovering around 1.1%-2% in the first half of the month, eased by 4- basis points, towards the end of the month. The activity in the corporate bonds remained subdued during the month, as most of the trades continued to be at the shorter end of the curve. The AAA 1 year bond closed the month at 9.1% compared to 9.17% in the previous month, the year AAA bond closed the month at 9.22% compared to 9.2% in the previous month. On the macro economic data released during the month, the WPI inflation for the month of February 211 remained elevated at 8.31% vis-à-vis 8.23% for January 211. Dissection of WPI numbers clearly indicate that inflationary pressures are becoming wide spread, with non-food manufactured products inflation a gauge of core inflation rising to 6.1% from 4.8% in the previous month. Even food inflation remains at 9.2%, despite easing, keeping up the pressure from the supply side. The inflation rate for the month of December 21 was revised upwards to 9.41% from the provisional 8.43%. The Index of Industrial Production for the month of January 211 came in higher at 3.7% (YoY) vis-à-vis 2.% (revised from 1.6%) for the month of December. The cumulative growth for the period April- January, now stands at 8.3% over the corresponding period of the previous year. Mining, Manufacturing and Electricity sectors grew at 1.6%, 3.3% and 1.% respectively. As per Use-based classification sectoral growth rates are 7.6% in Basic goods, (-) 18.6% in Capital goods, 7.9% in Intermediate goods and 11.3% in Consumer goods (durables: 23.3% & non-durables: 6.9%). Going forward, we expect bond market to remain largely supported by the fact that the borrowing is comparatively lower in the first half and the market is eagerly awaiting the issuance of a new 1 year bench mark security. However, the budgeted net borrowing for the next financial year is a quite an optimistic number and the market is circumspect of the same. Moreover, the rising crude oil and the likelihood of upward revision in the fuel prices in the coming months will continue to exert pressure on inflation. Given these negatives we expect the yields to move up gradually in the next financial year. 1

3 TATA EQUITY P/E FUND Fund positioning: Invests atleast 7% of its net assets in stocks with rolling P/E ratios less than that of the BSE Sensex. Average Net as on 31/3/211 (` Lacs) : 72,188.28* Portfolio as on 31/3/211 Scrip Name Fund Manager : Bhupinder Sethi (Equity) Indicative investment horizon: 3 years and above Inception Date : June 29, 24 Average AUM (` lacs) : 72,188.28* NAV (as on 31/3/211) Growth : ` Dividend Opt. A (%) : ` 3.93 Dividend Opt. B(1%) : ` week High (G) : ` 3.9 (1-Nov-21) 2 week Low (G) : ` (2-May-21) Expense Ratio: : 2.% (Please refer to page no. 12/13 for Additional Information & page no. 14 for dividend history) ` 1 invested at inception: Tata Equity P/E Fund Vs BSE Sensex Tata Equity P/E Fund BSE Sensex ` ` Jun-4 Sep-4 Dec-4 Mar- Jun- Sep- Dec- Mar-6 Jun-6 Sep-6 Dec-6 Mar-7 Jun-7 Sep-7 Dec-7 Mar-8 Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar Tata Equity P/E Fund BSE Sensex Returns > 1 yr CAGR. Quantitative Indicators: Scheme BSE Sensex Average P/E : 16. Std. Dev (Annualised) : Average P/BV : 4.1 Sharpe Ratio :..2 Annual Portfolio Turnover Ratio: Portfolio Beta : R Squared : Portfolio turnover has been computed as the ratio of the lower value of average purchase and average sales to the average net assets in the past one year (since inception for schemes that have not completed a year) ^Risk-free rate based on the last 3 months T-Bill cut-off of 7.2%. Past Performance may or may not be sustained in future Year 3 Years Years Since Inception % To Net Banks Axis Bank Limited 2.83 Bank Of Baroda 2.4 Federal Bank Ltd State Bank Of India 1.3 Punjab National Bank 1.23 Kotak Mahindra Bank 1.8 Oriental Bank Of Commerce 1.4 United Bank Of India.96 Karur Vysya Bank Ltd.36 Software 12.2 Polaris Software Labs Ltd..8 Patni Computer Systems Ltd Firstsource Solutions Limited 1.4 Infosys Technologies Ltd. 1.9 Mphasis Ltd. 1.1 Eclerx Services Limited.86 NIIT Technologies Ltd.. Persistent Systems Limited.4 Consumer Non Durable 1.71 Balrampur Chini Mills Ltd. 3.2 ITC Ltd 2.68 Glaxo Smithkline Beechem Con Health 1.81 Hindustan Unilever Ltd 1.76 Asian Paints (India) Ltd Auto 1.3 Mahindra & Mahindra Ltd..4 Maruti Suzuki India Ltd Tata Motors Limited 2.18 Petroleum Products 6.19 Reliance Industries Ltd. 2.4 BPCL 2.6 H.P.C.L Cement 6.18 Grasim Industries Ltd Rain Commodities Ltd 1.39 Shree Cement Limited.84 Birla Corporation Limited.64 Non - Ferrous Metals 6.1 Hindalco Industries Ltd 4.49 Hindustan Zinc Limited 1.66 Pharmaceuticals.8 Cadilla Healthcare Limited 3. Lupin Ltd 1.4 Unichem Laboratories Ltd..4 Oil 4.4 Oil & Natu. Gas Co. 3.2 Oil India Ltd 1.34 Power 3.69 Tata Power Company Limited 1.61 Power Grid Corporation Of India Ltd 1.4 SVJN Limited 1.4 Fertilizers 2.7 Tata Chemicals Ltd 2.7 Telecom - Services 2.7 Bharti Airtel Ltd. 2.7 Auto Ancillaries 2.43 Exide Industries Ltd 1.4 Amara Raja Batteries Ltd.89 Gas 2.31 Gail (India) Ltd. 1.2 Gujarat Gas Company Ltd 1.6 Minerals/ Mining 2.7 Gujarat Mineral Dev Corp Ltd Nava Bharat Ventures Ltd.96 Finance 1.8 Motilal Oswal Financial Serv. Ltd.9 India Infoline Ltd.9 Construction Project 1.7 Voltas Limited 1.7 Transportation 1.29 Gujarat Pipavav Port Ltd 1.29 Ferrous Metals.76 Ratnamani Metals & Tubes Ltd.76 Construction.9 Consolidated Const. Consortium Ltd.9 Media & Entertainment.49 TV Today Network Limited.49 Telecom - Equipment & Accessories.49 HCL Infosystems Ltd..49 Industrial Capital Goods.43 Sterlite Technologies Ltd..43 Textile Products.12 Lovable Lingerie Ltd.12 Cash, Others 2.7 SIP Returns Investment Total Value of Compounded Period Investment Investment as on Annualised March 1, 211 Return on Investment (%) Last 1 year Last 3 years Last years Since Disclosure of 1st NAV (3th June 24) Past performance may or may not sustained in future. Dividend assumed to be reinvested. Benchmark Returns through SIP route: BSE Sensex Last 1 year -2.37%, last 3 years 16.3%, last years 1.33% and Since Inception 14.13%. Investment of ` 1, p.m. is assumed to be made on 1th of every month, if not then the next business day

4 TATA DIVIDEND YIELD FUND Fund positioning: An open ended equity fund that aims to invest at least 7% of its assets in shares with high dividend yields. Average Net as on 31/3/211 (` Lacs) : 17,88.64* Portfolio as on 31/3/211 Scrip Name Fund Manager : Bhupinder Sethi (Equity) Indicative investment horizon: 3 years and above Inception Date : November 22, 24 Average AUM (` lacs) : 17,88.64* NAV (as on 31/3/211) Dividend : ` Growth : ` week High (G) : ` (9-Nov-21) 2 week Low (G) : ` 28.1 (2-May-21) Expense Ratio: : 2.% (Please refer to page no. 12/13 for Additional Information & page no. 14 for dividend history) ` 1 invested at inception: Tata Dividend Yield Fund Vs BSE Sensex Nov-4 Tata Dividend Yield Fund BSE Sensex ` ` 3264 Mar Jul- Nov Dividends assumed to be reinvested. While calculating returns dividend distribution tax is excluded. Returns > 1 yr CAGR. Quantitative Indicators: Mar-6 Jul-6 Nov-6 Mar-7 Dividends assumed to be reinvested. While calculating returns dividend distribution tax is excluded Jul-7 Scheme BSE Sensex Average P/E : Dividend Yield (%) : Average P/BV : 7.77 Std. Dev (Annualised) : Annual Portfolio Turnover Ratio: 24.1 Sharpe Ratio :.7.2 Portfolio Beta : R Squared : Nov-7 Portfolio turnover has been computed as the ratio of the lower value of average purchase and average sales to the average net assets in the past one year (since inception for schemes that have not completed a year) ^Risk-free rate based on the last 3 months T-Bill cut-off of 7.2%. Past Performance may or may not be sustained in future Year 3 Years Years Since Inception Tata Dividend Yield Fund BSE Sensex Mar-8 Jul-8 Nov-8 Mar-9 Jul-9 Nov-9 Mar-1 Jul-1 Nov-1 Mar-11 % To Net Consumer Non Durable Glaxo Smithkline Beechem Con Health 6.6 Navneet Publications India Limited 4.33 Nestle India Ltd Hindustan Unilever Ltd 3.86 Balrampur Chini Mills Ltd McLeod Russel Ltd ITC Ltd 1.23 Software Infosys Technologies Ltd Patni Computer Systems Ltd Polaris Software Labs Ltd. 2.2 NIIT Technologies Ltd. 1.4 Tata Elxsi India Ltd 1.38 Firstsource Solutions Limited 1.37 Mphasis Ltd..9 Banks Bank Of Baroda 2.3 Federal Bank Ltd ICICI Bank Ltd 2.11 Central Bank Of India 1.91 State Bank Of India 1. Kotak Mahindra Bank 1.4 Finance 1.63 CRISIL 6.6 HDFC Limited 3.3 India Infoline Ltd 1.4 Fertilizers 6.6 Deepak Fert.& Petrochem. Corp Ltd 3.38 Tata Chemicals Ltd 1.94 Chambal Fertilizer & Chemicals Ltd Petroleum Products 6.33 Castrol India Ltd 3.68 BPCL 2.6 Oil 3.9 Oil & Natu. Gas Co. 2.2 Oil India Ltd 1.7 Minerals/ Mining 2.92 Coal India Ltd 2.92 Non - Ferrous Metals 2.83 Hindalco Industries Ltd 2.83 Paper 2. Tamilnadu Newsprint And Papers Ltd 2. Gas 2.27 Gail (India) Ltd Trading M India Ltd 1.94 Telecom - Equipment & Accessories 1.83 HCL Infosystems Ltd Chemicals 1.7 Clariant Chemical 1.7 Pharmaceuticals 1.7 Glaxo Smithkline Pharma 1.7 Media & Entertainment 1.68 Sun TV Network Ltd Industrial Products 1.66 Greaves Limited.98 Kirloskar Pneumatic Company Ltd.68 Auto 1.39 Ashok Leyland 1.39 Industrial Capital Goods 1.37 Thermax Limited 1.37 Power 1.37 Tata Power Company Limited 1.37 Cement.94 Rain Commodities Ltd.94 Cash, Others 1. SIP Returns Investment Total Value of Compounded Period Investment Investment as on Annualised March 1, 211 Return on Investment (%) Last 1 year Last 3 years Last years Since Disclosure of 1st NAV (22nd Nov. 24) Past performance may or may not sustained in future. Dividend assumed to be reinvested. Benchmark Returns through SIP route: BSE Sensex Last 1 year -2.37%, last 3 years 16.3% and last years 1.33%, Since Inception 13.73%. Investment of ` 1, p.m. is assumed to be made on 1th of every month, if not then the next business day

5 TATA PURE EQUITY FUND Fund positioning: Focus on long term investment in fundamentally undervalued large cap companies through a process of rigorous research. Average Net as on 31/3/211 (` Lacs) : 6,641.9* Portfolio as on 31/3/211 Scrip Name Fund Manager : M Venugopal (Equity) Indicative investment horizon: 3 years and above Inception Date : May 7, 1998 Average AUM (` lacs) : 6,641.9* NAV (as on 31/3/211) Dividend : ` 36.1 Growth : ` week High (G) : ` (9-Nov-21) 2 week Low (G) : ` 8.79 (2-May-21) Expense Ratio: : 2.% Quantitative Indicators: Scheme BSE Sensex Average P/E : Std. Dev (Annualised) : Average P/BV : 6.82 Sharpe Ratio :.2.2 Annual Portfolio Turnover Ratio : Portfolio Beta : R Squared : Portfolio turnover has been computed as the ratio of the lower value of average purchase and average sales to the average net assets in the past one year (since inception for schemes that have not completed a year) ^Risk-free rate based on the last 3 months T-Bill cut-off of 7.2%. Past Performance may or may not be sustained in future. (Please refer to page no. 12/13 for Additional Information & page no. 14 for dividend history) ` 1 invested at inception: Tata Pure Equity Fund Vs BSE Sensex Tata Pure Equity Fund BSE Sensex ` ` May-98 Dec-98 Jul-99 Feb- Sep- Apr-1 Nov-1 Jun-2 Jan-3 Aug-3 Mar-4 Oct-4 May- Dec- Jul-6 Feb-7 Sep-7 Apr-8 Nov-8 Jun-9 Jan-1 Aug-1 Mar-11 Dividends assumed to be reinvested. While calculating returns dividend distribution tax is excluded Year 3 Years Years Since Inception Tata Pure Equity Fund BSE Sensex Dividends assumed to be reinvested. While calculating returns dividend distribution tax is excluded. Returns > 1 yr CAGR. 4 % To Net Banks 2.88 HDFC Bank Ltd.2 State Bank Of India.1 ICICI Bank Ltd 4.7 Bank Of Baroda 2.79 Allahabad Bank 1.31 Central Bank Of India 1.27 ING Vysya Bank.2 Punjab National Bank.2 Consumer Non Durable ITC Ltd 4.4 Hindustan Unilever Ltd 3.6 Nestle India Ltd P & G Hygiene & Health Care Ltd. 1. Asian Paints (India) Ltd. 1.3 Titan Industries Limited.93 Pharmaceuticals 8.47 Lupin Ltd 2.9 Cadilla Healthcare Limited 2.7 Cipla Ltd 1.7 Sun Pharmaceuticals Limited.72 Dr. Reddys Labaratories Ltd.8 Software 8.16 Infosys Technologies Ltd Wipro Ltd 1.94 Oracle Financials Services Software 1.28 Mphasis Ltd..68 Petroleum Products 7.6 Reliance Industries Ltd..66 BPCL 1.99 Auto 6.1 Mahindra & Mahindra Ltd Tata Motors Limited 1.63 Maruti Suzuki India Ltd.. Finance.49 HDFC Limited 3.4 Rural Electrification Corp. Ltd. 1.9 Oil. Oil & Natu. Gas Co.. Telecom - Services 3.28 Bharti Airtel Ltd Construction Project 3.1 Larsen & Toubro Ltd NCC Limited.71 Auto Ancillaries 2. Bosch Ltd 1.1 Wabco-TVS (India) Ltd.99 Industrial Capital Goods 2.33 Crompton Greaves Ltd 1.33 Bharat Heavy Electricals Ltd. 1. Industrial Products 2.33 SKF Bearings India Limited 2.33 Cement 2.2 Grasim Industries Ltd. 2.2 Power 1.97 KEC International Ltd 1.7 Jyoti Structures Ltd..4 Minerals/ Mining 1.4 Coal India Ltd 1.4 Gas 1.32 Gujarat Gas Company Ltd 1.32 Ferrous Metals 1.16 Tata Steel Ltd Consumer Durables.86 Whirlpool Of India Ltd.86 Non - Ferrous Metals.69 Sterlite Industries (I) Ltd.69 Cash, Others 1.7 SIP Returns Investment Total Value of Compounded Period Investment Investment as on Annualised March 1, 211 Return on Investment (%) Last 1 year Last 3 years Last years Since Disclosure of 1st NAV May 7, Past performance may or may not sustained in future. Dividend assumed to be reinvested. Benchmark Returns through SIP route: BSE Sensex Last 1 year -2.37%, last 3 years 16.3% and last years 1.33%, Since Inception 16.78%. Investment of ` 1, p.m. is assumed to be made on 1th of every month, if not then the next business day

6 TATA INFRASTRUCTURE FUND Fund positioning: Invests predominantly in companies with potential of creating long term value from expected investments in infrastructure oriented sectors. Average Net as on 31/3/211 (` Lacs) : 164,16.14* Portfolio as on 31/3/211 Scrip Name Fund Manager : M Venugopal (Equity) Indicative investment horizon: years and above Inception Date : December 31, 24 Average AUM (` lacs) : 164,16.14* NAV (as on 31/3/211) Dividend : ` 21.8 Growth : ` week High (G) : ` 39.8 (6-Oct-21) 2 week Low (G) : ` 3.16 (1-Feb-211) Expense Ratio: : 2.% (Please refer to page no. 12/13 for Additional Information & page no. 14 for dividend history) ` 1 invested at inception: Tata Infrastructure Fund Vs BSE Sensex Tata Infrastructure Fund BSE Sensex ` ` 294 Jan- May- Jul- Oct- Jan-6 Apr-6 Jul-6 Oct-6 Jan-7 Apr-7 Jul-7 Oct-7 Jan-8 Apr-8 Jul-8 Oct-8 Jan-9 Apr-9 Jul-9 Oct-9 Jan-1 Apr-1 Jul-1 Oct-1 Dec-1 Mar Returns > 1 yr CAGR. Quantitative Indicators: Scheme BSE Sensex Average P/E : 21.7 Std. Dev (Annualised) : Average P/BV : 4.2 Sharpe Ratio : Annual Portfolio Turnover Ratio: Portfolio Beta :.9 1. R Squared :.9 1. Portfolio turnover has been computed as the ratio of the lower value of average purchase and average sales to the average net assets in the past one year (since inception for schemes that have not completed a year) ^Risk-free rate based on the last 3 months T-Bill cut-off of 7.2%. Past Performance may or may not be sustained in future Year 3 Years Years Since Inception Tata Infrastructure Fund - Growth BSE Sensex % To Net Banks 2.9 HDFC Bank Ltd.43 State Bank Of India.1 Bank Of Baroda 4.19 ICICI Bank Ltd 4.7 Axis Bank Limited 1.97 Kotak Mahindra Bank.28 Industrial Capital Goods Siemens India Ltd 4. Crompton Greaves Ltd 3.7 Bharat Heavy Electricals Ltd Thermax Limited 2.9 AIA Engineering Ltd 1.19 Sterlite Technologies Ltd..99 Texmaco Rail & Engineering Ltd.69 Bharat Bijlee Limited.4 Texmaco Ltd..31 McNally Bharat Engineering Co Ltd.2 Power 1.63 NTPC Ltd CESC Limited 2.42 KEC International Ltd 1.87 Tata Power Company Limited 1.7 Power Grid Corporation Of India Ltd 1.34 Jyoti Structures Ltd..6 Petroleum Products 7.17 Reliance Industries Ltd..3 H.P.C.L BPCL.6 Construction Project 6.34 Larsen & Toubro Ltd. 3. Voltas Limited 1.77 NCC Limited.8 GMR Infrastructure Ltd.22 Ferrous Metals 6.19 Tata Steel Ltd. 2. Jindal Steel & Power Ltd. 2.7 Maharashtra Seamless Ltd..83 Usha Martin Ltd.79 Finance.92 HDFC Limited 3.9 Rural Electrification Corp. Ltd Oil.21 Oil & Natu. Gas Co. 4.6 Cairn India Ltd..61 Telecom - Services 4.7 Bharti Airtel Ltd. 4.7 Industrial Products 4. Cummins India Ltd 2.22 Bharat Forge Ltd 1.83 SKF Bearings India Limited.24 Greaves Limited.21 Non - Ferrous Metals 2.4 Sterlite Industries (I) Ltd 1.69 Hindalco Industries Ltd.76 Gas 2.2 Gail (India) Ltd. 1.7 Gujarat State Petronet Ltd..32 Construction 1.86 Simplex Infrastructures Ltd Sadbhav Engineering Limited.7 Consolidated Const. Consortium Ltd.4 Cement 1.47 Rain Commodities Ltd 1.17 Grasim Industries Ltd..3 Transportation.72 Gujarat Pipavav Port Ltd.39 Mundra Port & Special Economic Zone.33 Minerals/ Mining. Coal India Ltd. Cash, Others 1.6 SIP Returns Investment Total Value of Compounded Period Investment Investment as on Annualised March 1, 211 Return on Investment (%) Last 1 year Last 3 years Last years Since Disclosure of 1st NAV (2th Jan 2) Past performance may or may not sustained in future. Dividend assumed to be reinvested. Benchmark Returns through SIP route: BSE Sensex Last 1 year -2.37%, last 3 years 16.3%, last years 1.33%, Since Inception 13.8%. Investment of ` 1, p.m. is assumed to be made on 1th of every month, if not then the next business day.

7 TATA EQUITY OPPORTUNITIES FUND Fund positioning: Focus on capitalising on opportunities offered by equity markets from time to time with a proactive fund management strategy. Average Net as on 31/3/211 (` Lacs) : 34,67.4* Fund Manager : M Venugopal (Equity) Indicative investment horizon: 3 years and above Inception Date : February 2, 1993 Average AUM (` lacs) : 34,67.4* NAV (as on 31/3/211) Dividend : ` 2.3 Growth : ` week High (G) : ` 91.8 (1-Nov-21) 2 week Low (G) : ` (1-Feb-211) Expense Ratio: : 2.% ` 1 invested at inception: Tata Equity Opportunities Fund Vs BSE Sensex Data provided after takeover by Tata Asset Management Limited from Indian Bank Mutual Fund in the year Returns > 1 yr CAGR. Quantitative Indicators: Scheme BSE Sensex Average P/E : Std. Dev (Annualised) : Average P/BV : 6.4 Sharpe Ratio : Annual Portfolio Turnover Ratio: Portfolio Beta : R Squared :.9 1. Portfolio turnover has been computed as the ratio of the lower value of average purchase and average sales to the average net assets in the past one year (since inception for schemes that have not completed a year) ^Risk-free rate based on the last 3 months T-Bill cut-off of 7.2%. Past Performance may or may not be sustained in future. Tata Equity Opportunities Fund BSE Sensex ` ` Mar-3 Jul-3 Nov-3 Mar-4 Jul-4 Nov-4 Mar- Jul- Nov- Mar-6 Jul-6 Nov-6 Mar-7 Jul-7 Nov-7 Mar-8 Jul-8 Nov-8 Mar-9 Jul-9 Nov-9 Mar-1 Jul-1 Nov-1 Mar Tata Equity Opportunities Fund - Growth (Please refer to page no. 12/13 for Additional Information & page no. 14 for dividend history) Year 3 Years Years Since Inception BSE Sensex 6 Portfolio as on 31/3/211 Scrip Name % To Net Banks 17.8 HDFC Bank Ltd 6.2 State Bank Of India 4.8 ICICI Bank Ltd 3.96 Allahabad Bank 2.84 Software Wipro Ltd 4.7 Infosys Technologies Ltd Polaris Software Labs Ltd Hinduja Global Solutions Limited.72 Consumer Non Durable 11. Hindustan Unilever Ltd 4.61 ITC Ltd 2.49 Nestle India Ltd Balrampur Chini Mills Ltd. 2.3 Pharmaceuticals Cadilla Healthcare Limited 3.9 Lupin Ltd 2.93 Cipla Ltd 2.27 Divi Laboratories Ltd. 2.3 Pfizer Ltd.9 Auto 7.42 Mahindra & Mahindra Ltd Tata Motors Limited 1.79 TVS Motor Company Ltd Finance 7.24 LIC Housing Finance Ltd 2.76 HDFC Limited 1.72 Shriram Trans. Fin. Corp. Ltd 1.66 Rural Electrification Corp. Ltd. 1.1 Construction.29 Sadbhav Engineering Limited 3.48 Consolidated Const. Consortium Ltd 1.81 Petroleum Products. Reliance Industries Ltd.. Auto Ancillaries 3.82 Exide Industries Ltd 2.27 Motherson Sumi Systems Ltd 1. Pesticides 3.28 Rallis India Limited 3.28 Oil 3.2 Oil & Natu. Gas Co. 3.2 Telecom - Services 2.72 Bharti Airtel Ltd Ferrous Metals 1.79 Tata Steel Ltd Industrial Capital Goods 1.62 Sterlite Technologies Ltd..8 Bharat Bijlee Limited.77 Power 1.49 KEC International Ltd 1.49 Consumer Durables 1.37 Whirlpool Of India Ltd 1.37 Paper 1.28 Tamilnadu Newsprint And Papers Ltd 1.28 Fertilizers 1.3 Deepak Fert.& Petrochem. Corp Ltd 1.3 Non - Ferrous Metals.8 Sterlite Industries (I) Ltd.8 Industrial Products.8 Kirloskar Pneumatic Company Ltd.8 Cash, Others.72 SIP Returns Investment Total Value of Compounded Period Investment Investment as on Annualised March 1, 211 Return on Investment (%) Last 1 year Last 3 years Last years Since Disclosure of 1st NAV 2th Feb Past performance may or may not sustained in future. Dividend assumed to be reinvested. Benchmark Returns through SIP route: BSE Sensex Last 1 year -2.37%, last 3 years 16.3% and last years 1.33%, Since Inception 14.81%. Investment of ` 1, p.m. is assumed to be made on 1th of every month, if not then the next business day

8 TATA BALANCED FUND Fund positioning: With 6-7% investment in equities and the rest in debt, the fund is ideal for investors who have some appetite for equity but are hesitant to invest 1% in equities. Average Net as on 31/3/211 (` Lacs) : 27,747.6* Fund Manager : M Venugopal (Equity) Indicative investment horizon: 3 years and above Equity Debt Inception Date : October 8, 199 Average AUM (` lacs) : 27,747.6* NAV (as on 31/3/211) Dividend : ` 2.3 Monthly Dividend : ` 48.3 Growth : ` week High (G) : ` (1-Nov-21) 2 week Low (G) : ` (2-May-21) Expense Ratio: : 2.% (Please refer to page no. 12/13 for Additional Information & page no. 14 for dividend history) ` 1 invested on 1st April 22: Tata Balanced Fund Vs Crisil Balanced Fund Index Mar-2 Sep-2 Tata Balanced Fund Crisil Balanced Fund Index ` 6831 ` 3939 Mar-3 Sep-3 Mar-4 Sep-4 Dividends assumed to be reinvested. While calculating returns dividend distribution tax is excluded. Starting date taken as 1st April 22 as benchmark data is unavailable before this period Dividends assumed to be reinvested. While calculating returns dividend distribution tax is excluded. Returns > 1 yr CAGR. N.A.: No figures are available for other periods. Quantitative Indicators: Scheme Crisil BFI Average P/E : Std. Dev (Annualised) : Average P/BV : 7.28 Sharpe Ratio :.4.1 Annual Portfolio Turnover Ratio: Portfolio Beta :.7 1. R Squared : Portfolio turnover has been computed as the ratio of the lower value of average purchase and average sales to the average net assets in the past one year (since inception for schemes that have not completed a year) ^Risk-free rate based on the last 3 months T-Bill cut-off of 7.2%. Past Performance may or may not be sustained in future Year 3 Years Years Since Inception Tata Balanced Fund Mar- Sep- Mar-6 Sep-6 Mar-7 Sep-7 Mar-8 CRISIL Balanced Fund Index Sep-8 Mar-9 Sep-9 Mar-1 Sep-1 N.A. Mar-11 Equity Portfolio as on 31/3/211 Scrip Name % To Net Banks HDFC Bank Ltd 4.47 State Bank Of India 3.9 ICICI Bank Ltd 3.68 Bank Of Baroda 2.36 Consumer Non Durable 1.99 Hindustan Unilever Ltd 3.6 ITC Ltd 3.16 TTK Prestige Ltd 1.72 Nestle India Ltd. 1.4 Titan Industries Limited 1.6 Software 8.98 Infosys Technologies Ltd. 4.4 Wipro Ltd 3.49 Polaris Software Labs Ltd Infotech Enterprises Limited.14 Pharmaceuticals 7.64 Cadilla Healthcare Limited 2.7 Lupin Ltd 2.67 Sun Pharmaceuticals Limited 1.38 Cipla Ltd.84 Petroleum Products 4.3 Reliance Industries Ltd. 4.3 Auto 4.19 Mahindra & Mahindra Ltd Escorts Ltd.9 Tata Motors Limited.44 Power 3.2 KEC International Ltd 1.1 Power Grid Corporation Of India Ltd 1.7 CESC Limited.98 Oil 3.7 Oil & Natu. Gas Co. 3.7 Finance 2.88 LIC Housing Finance Ltd 2.3 Rural Electrification Corp. Ltd..3 Industrial Products 2.49 Fag Bearings (I) Ltd. 1.3 SKF Bearings India Limited.96 Industrial Capital Goods 2.24 Crompton Greaves Ltd.97 Bharat Bijlee Limited.72 Sterlite Technologies Ltd.. Minerals/ Mining 2.2 Coal India Ltd 2.2 Telecom - Services 1.99 Bharti Airtel Ltd Ferrous Metals 1.73 Tata Steel Ltd Construction Project 1.7 Larsen & Toubro Ltd. 1.7 Pesticides 1.31 Rallis India Limited 1.31 Cement 1.24 Grasim Industries Ltd Chemicals 1.4 Clariant Chemical 1.4 Auto Ancillaries.6 Motherson Sumi Systems Ltd.6 Total Equity 7.9 Debt Portfolio as on 31/3/211 Scrip Name Rating % To Net IDBI Bank Ltd. A1+.17 Indian Bank F ICICI Bank Ltd A Axis Bank Limited P1+.48 IDBI Bank Ltd. P1+.18 Kotak Mahindra Investments Ltd A1+.28 Union Bank Of India AAA 4.83 Sundaram Fin Ltd LAA Bajaj Finance Ltd LAA State Bank Of India AAA.27 T Bill SOV 2.44 Total Debt Cash, Others 2.8 SIP Returns Investment Total Value of Compounded Period Investment Investment as on Annualised March 1, 211 Return on Investment (%) Last 1 year Last 3 years Last years Since Disclosure of 1st NAV January, Past performance may or may not sustained in future. Dividend assumed to be reinvested. Benchmark Returns through SIP route: Crisil Balanced Fund Index Last 1 year -4.81%, last 3 years 12.89% and last years 9.92%, Since Inception N.A. Investment of ` 1, p.m. is assumed to be made on 1th of every month, if not then the next business day 7

9 TATA MIP PLUS FUND Fund positioning: An open ended Income fund which seeks to generate returns through investments in high quality debt and equity (up to 2%) (Monthly Income is not assured and is subject to availability of distributable surplus.) Quantitative Indicators: Scheme Benchmark Scheme Benchmark Std. Dev (Annualised): Sharpe Ratio : Portfolio Beta : R Squared : ^Risk-free rate based on the last 3 months T-Bill cut-off of 7.2%. Past Performance may or may not be sustained in future. Maturity Profile: Average Net as on 31/3/211 (` Lacs) : 17,337.74* Fund Manager : Raju Sharma (Debt) & Atul Bhole (Equity) Indicative investment horizon: years and above Equity Inception Date : March 19, 24 Average AUM (` lacs) : 17,337.74* NAV (as on 31/3/211) Growth : ` Monthly Dividend : ` Quarterly Dividend: ` week High (G) : ` (9-Nov-21) 2 week Low (G) : ` (8-Apr-21) Expense Ratio : 2.% Maturity Profile Above 3 Year Between 1 To 3 Years Between 6 To 12 Months Below 6 Months 4.4% (Please refer to page no. 12/13 for Additional Information & page no. 14 for dividend history) Average Maturity : 2.24 Years Gross Yield to Maturity (For Debt Component) : 9.1% Debt 2.14% % % 1% 1% 2% 2% 3% % 24.41% Year 3 Years Years Since Inception Tata Mip Plus Fund CRISIL MIP Blended Index Dividends assumed to be reinvested. While calculating returns dividend distribution tax is excluded. Returns > 1 yr CAGR. N.A.: No figures are available for other periods. Equity Portfolio as on 31/3/211 Scrip Name % To Net Banks 4.81 HDFC Bank Ltd 2.9 State Bank Of India 1.6 Central Bank Of India.97 ING Vysya Bank.19 Petroleum Products 3.7 Reliance Industries Ltd H.P.C.L..89 Software 3.2 Infotech Enterprises Limited 1.1 Infosys Technologies Ltd. 1.6 NIIT Technologies Ltd..47 Wipro Ltd.34 Pharmaceuticals 2.18 Cadilla Healthcare Limited 1.32 Cipla Ltd.86 Finance 2.12 HDFC Limited 2.12 Consumer Non Durable 1.81 Hindustan Unilever Ltd 1.27 Balrampur Chini Mills Ltd..4 Oil 1.8 Oil & Natu. Gas Co. 1.8 Chemicals.81 Clariant Chemical.81 Consumer Durables.71 Whirlpool Of India Ltd.71 Industrial Capital Goods.49 McNally Bharat Engineering Co Ltd.49 Textile Products.47 Lovable Lingerie Ltd.47 Total Equity 21.7 Debt Portfolio as on 31/3/211 Scrip Name Rating % To Net CD & CP 4.4 ICICI Bank Ltd A NCD & FRN Sundaram Fin Ltd LAA Union Bank Of India AAA 13.4 HDFC Limited AAA 8.87 LIC Housing Finance Ltd AAA 9.8 Reliance Industries Ltd. AAA.2 Steel Authority Of India Ltd. AAA 4.9 Power Finance Corporation AAA 3.9 Indian Railway Finance Corp AAA 2.89 ZCB 6.6 HDFC Limited AAA 6.6 Total Debt Cash, Others

10 TATA LIQUID FUND Fund positioning: To generate steady income through investments in short dated papers and maintain high liquidity of the portfolio. Average Net as on 31/3/211 (` Lacs) :,9,29.38* Debt Portfolio as on 31/3/211 Fund Manager : Raju Sharma (Debt) Indicative investment horizon: Upto 1 month Inception Date : RIP - August 3, 1998, HIP - February 26, 23, SHIP - May 22, 23 Average AUM (` lacs) :,9,29.38* NAV (as on 31/3/211) RIP - Growth : ` RIP - Dividend (Fortnightly) : ` HIP - Growth : ` SHIP - Growth : ` week High(RIP-G) : ` (31-Mar-211) 2 week Low(RIP-G) : ` (1-Apr-21) Expense Ratio (HIP) :.% (Please refer to page no. 12/13 for Additional Information) Scrip Name Rating % to NAV Asset CD & CP Vijaya Bank PR Oriental Bank Of Commerce P Bank Of India PR Punjab National Bank PR Central Bank Of India PR Corporation Bank P Maturity Profile UCO Bank P Allahabad Bank P Above 1 Year.% State Bank Of India A Between 6 To 12 Months Between 3 To 6 Months.%.% Syndicate Bank PR1+.66 Canara Bank A1+.1 Below 3 Months % % 2% 4% 6% 8% 1% 12% 14% Indian Overseas Bank A IDBI Bank Ltd. PR Union Bank Of India P Tamilnad Merchantile Bank Ltd P Canara Bank P Months 3 Months 6 Months 1 Year 3 Years Years Since Inception Bank Of Maharashtra P Andhra Bank PR IDBI Bank Ltd. A ING Vysya Bank P Punjab & Sind Bank A1+.9 Tata Liquid Fund (HIP) CRISIL Liquid Fund Index Past Performance may or may not be sustained in future. Returns < 1 yr absolute. Returns > 1 yr CAGR. Karur Vysya Bank Ltd A1+.9 Karnataka Bank Ltd A1+.36 Quantitative Indicators: (HIP - Growth) Scheme Benchmark Scheme Benchmark Std. Dev (Annualised): R Squared :.7 1. Portfolio Beta : ^Risk-free rate based on the last 3 months T-Bill cut-off of 7.2%. Past Performance may or may not be sustained in future. Investsmart Financial Services Ltd F Century Textiles & Industries Ltd. PR HCL Infosystems Ltd. A Ericsson India Pvt Ltd A Maturity Profile: Average Maturity : 2.9 Months Gross Yield to Maturity (For Debt Component) : 9.81% Net Liabilities

11 TATA FLOATER FUND Fund positioning: An open ended debt scheme investing in good quality floating rate debt instruments, money market instruments and in fixed rate debt instruments, which can also be swapped for floating Rate Returns. Maturity Profile Quantitative Indicators: Scheme Benchmark Scheme Benchmark Std. Dev (Annualised):.4.74 R Squared : Portfolio Beta : ^Risk-free rate based on the last 3 months T-Bill cut-off of 7.2%. Past Performance may or may not be sustained in future. Maturity Profile: Average Net as on 31/3/211 (` Lacs) :,89,874.14* Fund Manager : Raju Sharma (Debt) Indicative investment horizon: 3 months and above Inception Date : September 6, 2 Average AUM (` lacs) :,89,874.14* NAV (as on 31/3/211) Dividend Daily : ` 1.36 Dividend Weekly : ` Growth : ` week High (G) : ` (31-Mar-211) 2 week Low (G) : ` (-Apr-21) Expense Ratio: :.2% (Please refer to page no. 12/13 for Additional Information) Between 1 To 3 Years Between 6 To 12 Months.77 Above 3 Year Below 6 Months.71.%.16% % Months 3 Months 6 Months 1 Year 3 Years Years Since Inception Tata Floater Fund CRISIL Liquid Fund Index 134.8% % 2% 4% 6% 8% 1% 12% 14% 16% Past Performance may or may not be sustained in future. Returns < 1 yr absolute. Returns > 1 yr CAGR. Average Maturity : 3.37 Months Gross Yield to Maturity (For Debt Component) : 9.1% Debt Portfolio as on 31/3/211 Scrip Name Rating % to NAV CD & CP Indian Overseas Bank A Corporation Bank P Axis Bank Limited P ICICI Bank Ltd A Punjab National Bank PR Indusind Bank Ltd A Central Bank Of India PR UCO Bank P Allahabad Bank P IDBI Bank Ltd. A1+.69 Punjab & Sind Bank A1+.14 Canara Bank A Canara Bank P State Bank Of Hyderabad A HDFC Bank Ltd P Federal Bank Ltd. P United Bank Of India PR Allahabad Bank A Bank Of India P Yes Bank Ltd. A Andhra Bank PR Oriental Bank Of Commerce P HDFC Bank Ltd PR ING Vysya Bank P Vijaya Bank PR State Bank Of India A1+.94 Bank Of India PR1+.78 South Indian Bank Ltd PR1+.63 Bank Of Maharashtra P1+.48 Dena Bank PR1+.44 IDBI Bank Ltd. P1+.2 Ericsson India Pvt Ltd A J.M. Financial Products Pvt.Ltd P JM Financial Services Pvt Ltd P NCD & FRN 3.61 Sundaram Fin Ltd LAA Union Bank Of India AAA.16 National Housing Bank AAA 1.9 Rural Electrification Corp. Ltd. AAA.1 ICICI Bank Ltd AAA. Securitised Debt.1 Indian Retail Abs Trust 83 LAAA.1 Government Securities 2.37 T Bill SOV 2.37 Total Debt Net Liabilities

12 TATA SHORT TERM BOND FUND Average Net as on 31/3/211 (` Lacs) : 2,183.19* Inception Date : August 8, 22 Asset Allocation: Performance Record:- Growth Option Since Inception Last 1 year Last 3 year Last years TSTBF 7.12%.8% 7.34% 7.9% Crisil Short Term Bond Fund Index 6.2%.12% 6.91% 7.4% Past Performance may or may not be sustained in future. Returns > 1 yr CAGR. % Net DEBT Cash, Others 2.18 Maturity Profile: Average Maturity :.88 Years Debt Portfolio as on 31/3/211 Scrip Name Rating % to NAV ICICI Bank Ltd A Tamilnad Merchantile Bank Ltd P Punjab & Sind Bank A ONGC Videsh Ltd AAA 4.72 Power Grid Corporation Of India Ltd AAA 7.14 Tata Communications Ltd CAA Cash, Others 2.18 TOTAL 1. Rating Profile: % Net AA+ / AA / AA AAA/AAA SO/A1+/P1+/F1+/SOV 83.8 Cash, Others 2.18 TOTAL 1. TATA GILT SHORT MATURITY FUND Average Net as on 31/3/211 (` Lacs) : 1,9.94* Inception Date : April 3, 23 Performance Record:- Growth Option Since Inception Last 1 year Last 3 year Last years Tata Gilt Short Maturity.7%.7% 6.13% 6.3% I Sec Composite 6.6% 6.41% 7.83% 7.6% Past Performance may or may not be sustained in future. Returns > 1 yr CAGR. Asset Allocation: % Net DEBT 38.9 GOI Net Liabilities Maturity Profile: Average Maturity : 3.92 Years Rating Profile: Debt Portfolio as on 31/3/211 Scrip Name Rating % to NAV Punjab & Sind Bank A ICICI Bank Ltd A GOI % (14/6/21) SOV 1.7 GOI - 8.8% (2/8/222) SOV GOI % (3-9-21) SOV.71 GOI 6.8% SOV 2.31 GOI 7.4% SOV 1.16 GOI % ( ) SOV 1.16 GOI 6.9% (13/7/219) SOV.3 T Bill SOV 11.6 Net Liabilities Total 1. % Net Net Liabilities A1+ / PR SOV TOTAL 1. TATA GILT SECURITIES FUND Average Net as on 31/3/211 (` Lacs) : 16,477.88* Inception Date : September 6, 1999 Performance Record:- (RIP) Growth Option Since Inception Last 1 year Last 3 year Last years Tata Gilt Securities Fund 9.4%.33% 4.12%.8% I Sec Composite N/A 6.41% 7.83% 7.6% Past Performance may or may not be sustained in future. Returns > 1 yr CAGR. Asset Allocation: % Net DEBT 3.24 GOI 9.2 Cash, Others 1.24 Maturity Profile: Average Maturity :.24 Years Rating Profile: Debt Portfolio as on 31/3/211 Scrip Name Rating % to NAV IDBI Bank Ltd. A Central Bank Of India PR GOI - 8.8% (2/8/222) SOV 27.7 GOI % (14/6/21) SOV 12. GOI 7.6% (3/11/214) SOV 9.36 GOI % (21/9/222) SOV 6.18 GOI 8.2% (1/2/222) SOV 3.9 GOI 7.3% (22/6/224) SOV 1.12 GOI 1.7% (22/4/22) SOV.7 Cash, Others 1.24 Total 1. % Net Cash, Others 1.24 A1+ / PR SOV 9.2 TOTAL 1. 11

13 SCHEMES AT A GLANCE Particulars Tata Equity Opportunities Fund (TEOF) Tata Pure Equity Fund (TPEF) Tata Dividend Yield Fund (TDYF) Tata Equity P/E Fund (TEPEF) Tata Infrastructure Fund (TISF) Date of Initial Allotment February 2, 1993 May 7, 1998 November 22, 24 June 29, 24 December 31, 24 Nature & Structure of Scheme An open ended equity fund focused on capitalising on opportunities offered by the equity markets from time to time with a proactive fund management strategy and an aim to book profits once the target appreciation in prices has been obtained. An open ended equity fund with a medium term investment philosophy and is focused on buying into fundamentally undervalued companies through a process of rigorous research Tata Dividend Yield Fund (TDYF) is an open ended equity fund that aims to invest at least 7% of its assets in shares with high dividend yields. An open ended equity scheme. The fund aims to identify undervalued companies whose rolling P/E ratio are less than that of the BSE sensex An open ended equity fund that invests atleast 7% of its assets in equity / equity related instrument of companies in infrastructure sector. Investment Objective To provide income distribution and / or medium to long term capital gains while at all times emphasising the importance of capital appreciation. To provide income distribution and / or medium to long term capital gains while at all times emphasising the importance of capital appreciation. The investment objective of the scheme is to provide income distribution and / or medium to long term capital gains by investing predominantly in high dividend yield stocks. The investment objective of the scheme will be to provide reasonable and regular income along with possible capital appreciation to its Unitholder. To provide income distribution and / or medium to long term capital gains by investing predominantly in equity/equity related instruments of the companies in the infrastructure sector. Entry Load (including SIP) Nil Nil Nil Nil Nil Exit Load (including SIP) 1%. of the applicable NAV if redeemed on or before expiry of 36 days from the date of allotment. 1%. of the applicable NAV if redeemed on or before expiry of 36 days from the date of allotment. 1% of the applicable NAV, if redeemed on or before expiry of 36 days from the date of allotment. 1%. of the applicable NAV if redeemed on or before expiry of 36 days from the date of allotment. 1%. of the applicable NAV if redeemed on or before expiry of 36 days from the date of allotment. Investment Plans / Options Dividend Option and Growth Option Dividend Option and Growth Option Dividend & Growth Dividend Option and Growth Option Dividend Option and Growth Option Minimum Investment For fresh investment: ` /- and in multiples of For fresh investment: ` /- and in multiples of For fresh investment: ` /- and in multiples of For fresh investment: ` /- and in multiples of Under each option minimum investment `,/- and in multiples of `1/- thereafter. Minimum Additional Investment ` 1/- and in multiples of ` 1/- and in multiples of ` 1/- and in multiples of ` 1/- and in multiples of ` 1/- and in multiples of ` 1/- thereafter NAV Determination All Business Days All Business Days All Business Days All Business Days All Business Days *Average under management as on 31st Mar., 211 (` in lacs) 34,67.4 6, , , ,