M O N T H L Y F A C T S H E E T D E C E M B E R Schemes - Product Labeling

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1 TIMES M O N T H L Y F A C T S H E E T D E C E M B E R Schemes - Product Labeling Name of the Scheme This product is suitable for Investors who are seeking* Riskometer Taurus Starshare (Multi Cap) Fund Multi Cap Fund - An open ended equity scheme investing across large cap, mid cap, small cap stocks. Taurus Largecap Equity Fund Large Cap Fund - An open ended equity scheme predominately investing in large cap stocks. Taurus Discovery (Midcap) Fund Midcap Fund - An Open ended equity scheme predominantly investing in mid cap stocks. Taurus Nifty Index Fund An open ended scheme replicating / tracking Nifty 50 index. Taurus Tax Shield An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit Taurus Ethical Fund An open ended equity scheme with investment in stocks from S&P BSE 500 Shariah Index universe. Taurus Infrastructure Fund An Open ended equity scheme investing in Infrastructure sector. Taurus Banking & Financial Services Fund An open ended equity scheme investing in stocks belonging to Banking & Financial Services (BFSI) sector. Taurus Liquid Fund An open - ended liquid scheme Long term capital appreciation Investment in equity & equity related instruments - multi-cap in nature Long term capital appreciation Investment in equity & equity related instruments - focus on large cap stocks Long term capital appreciation Investment in equity & equity related instruments predominantly in mid-cap stocks Long term capital appreciation Investment in equity securities by replicating Nifty 50 Long term capital appreciation Investment in equity & equity related instruments Long term capital appreciation Investment in equity & equity related instruments based on the principles of Shariah Long term capital appreciation Investment in equity & equity related instruments of companies from Infrastructure Sector Long term capital appreciation Investment in equity & equity related instruments of companies from Banking & Financial sector Short term capital appreciation & current income with low risk & high liquidity Investment in Money Market Instruments /Short Term Debt Instruments upto a maturity of 91 days. Low LOW Low Moderately Moderate Moderately High High HIGH Investors understand that their principal will be at moderately high risk Low LOW Low Moderately Moderate Moderately High High HIGH Investors understand that their principal will be at high risk Low Moderately Moderate Moderately High Low High LOW HIGH Investors understand that their principal will be at low risk *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Mutual Fund investments are subject to market risks, read all scheme related documents carefully

2 FROM THE INVESTMENT DESK Dear Investors, In the year 2018, the stock market rediscovered 'volatility'. It was a year of tumultuous whirlwind, marked by swift gyrations. There was no dearth of action with the introduction of Long Term Capital Gains (LTCG) tax, MF reclassification of schemes, ASM list introduction by SEBI, Nirav Modi banking scam, US Fed rate hikes, trade War between US-China, high oil prices and rupee touching the roof and coming back, IL&FS crisis, resignation of RBI governor and BJP losing in 3 state elections. Staying put with the stocks of companies with high ROE, growth visibility and strong cash-flows was a good strategy in We can say this now in hindsight though it did not look like this at the start of the year. Nifty50 started 2018 on a strong note touching new high of 11,170 in January, but later corrected towards 9950 levels in March. It managed to reach fresh highs of 11,760 again in August before falling towards 10,000 on renewed selling. Though the Nifty and Sensex closed the year with low single digit returns, there was stark underperformance in the broader markets with the midcap and small cap indices falling between 10-25%. The year was a reminder of how unpredictable and volatile stock markets can be. The silver-lining, however is that, historically, after such a tough year the market has obliged with handsome returns for investors. The last two months has seen sharp fall (~ 40%) in crude prices which is a big boost for crude-import-dependent economy like India. This coupled with persistent low inflation and changes at RBI have raised hopes for rate cuts in India. Also the earnings trajectory seems to be gathering pace in the last 2-3 quarters. So, not-withstanding the political uncertainty, a good combination of macro-tailwind, earnings growth, reasonable valuations and return of FII inflows augurs well for the domestic markets. Having said that, 2019 is expected to be an action packed year, with H1CY19 likely to keep markets volatile. Events like US Fed meet and its action on interest rates amid fears of expected slowdown in US economy, future course of action by OPEC members after the recent sharp correction in crude prices, outcome/escalation of US-China trade war and Brexit approaching in March will keep market participants on tenterhooks. On the domestic fund-flow side, we had two back-to-back years of net annual investment of USD bn by local mutual funds into Indian equities. Average monthly SIP flows which was ~Rs.50 bn in CY17 has moved up to ~Rs.73 bn in CY18. After 2011, FIIs were net sellers for the first time in CY18 (~USD 4.6 bn), but they have turned buyers in the last two months. Going forward if we see Fed pausing sometime in the first half of CY19 then we can expect FII inflows to resume in emerging markets and India. Flows in CY19 could also be a function of the election outcome. On the investment front at Taurus, we had a reasonably satisfactory year with majority of our funds featuring in the top-ranked funds in terms of 1 year returns in the respective categories. Taurus Infrastructure Fund (ranked 1st in the Infrastructure category), Taurus Banking & Financial Services Fund (ranked 2nd in the Banking category- actively managed funds), Taurus Ethical Fund (ranked 3rd in the thematic category), Taurus Discovery Fund (ranked 5th in the midcap category), Taurus Tax Shield (ranked 6th in the ELSS category) have done well (source: Valueresearch). As always, we value your investments and look forward to your continued patronage. Wishing you all a very happy and prosperous Prasanna Pathak Fund Manager - Equity

3 TAURUS STARSHARE (MULTI CAP) FUND- (earlier known as Taurus Starshare Fund) (An open ended equity scheme investing across large cap, mid cap, small cap stocks) SCHEME FEATURES Investment Objective The basic objective of the Scheme is to provide long-term capital appreciation. Emphasis will be on sharing growth through appreciation as well as on distribution of income by way of dividend. Fund Manager Mr. Prasanna Pathak (w.e.f. June 30, 2017) Total work experience: 15 yrs Date of Allotment January 29, 1994 Benchmark S&P BSE 500 TRI Benchmark Index changed w.e.f. 23/03/2018 Monthly AUM Monthly Average AUM: ` Cr. Month End AUM: ` Cr. Load Structure Entry Load - NIL Exit Load - Upto any amount (Including SIP): 0.50% if exited on or before 180 days Nil if exited after 180 days Switch: Equity to Equity/Equity to ELSS/Debt exit load applicable as mentioned above. Minimum Application Amount: ` 5000/- & multiples of ` 1/- thereafter. Liquidity Sale & repurchase on all business days. Net Asset Value (NAV) Face Value `10/- Regular Plan: `60.87 (D), (G) per unit. Direct Plan: ` (D), (G) per unit. NAV Calculation: All Business days. Month End TER: *Please refer Annexure 1 Quantitative Data Regular Plan : Sharpe Ratio: 0.10 Standard Deviation: Beta: 1.05 (Based on monthly returns over the past 3 years Mibor has been assumed as the risk-free rate of return) Portfolio Turnover: 3.51 Fund Manager's Comment: We continue to scout opportunities in a range-bound but a volatile market in terms of stock price movements. We maintain a positive stance on unique opportunities even as we maintain bias towards high quality large cap stocks widely distributed across sectors maintaining a judicious blend of large cap and mid-cap stocks. During month we reduced exposure to automobile and pharmaceutical industry while increased allocation to capital goods. PORTFOLIO Name of the scrip Top 10 Holdings EQUITY SECTOR ALLOCATION % to Net Assets HDFC Bank Ltd. 8.46% Reliance Industries Ltd. 6.10% Housing Development Finance Corporation Ltd. 5.69% ICICI Bank Ltd. 5.68% Larsen & Toubro Ltd. 5.39% Infosys Ltd. 4.28% Axis Bank Ltd. 4.12% Tata Consultancy Services Ltd. 3.43% ITC Ltd. 3.43% State Bank of India 2.31% Total Top 10 Holdings 48.90% Total Equity 98.13% Cash & Cash Receivables 1.87% Total % Banks Software Consumer Non Durables Finance Industrial Capital Goods Petroleum Products Construction Project Auto Industrial Products Pharmaceuticals Consumer Durables Cement Services Media & Entertainment Pesticides Ferrous Metals Gas Auto Ancillaries DIVIDEND HISTORY Month & Year Regular Plan Direct Plan Net Dividend per unit(`) Net Dividend Per unit(`) *December *October * September *The above rate is net off Dividend Distribution Tax Pursuant to payment of dividend, the NAV of the Scheme fall to the extent of the dividend and statutory levy, if any. Past performance may or may not be sustained in the future. All dividends are on face value of `10 per unit. For complete details of the dividend declared please log on to ww.taurusmutualfund.com 1 As on 31st December 2018

4 TAURUS ETHICAL FUND - (An open ended equity scheme with investment in stocks from S&P BSE 500 Shariah Index universe.) SCHEME FEATURES Investment Objective To provide capital appreciation and income distribution to unitholders through investment in a diversified portfolio of equities, which are based on the principles of Shariah. Fund Manager Mr. Prasanna Pathak (w.e.f. June 30, 2017) Total work experience: 15 yrs Date of Allotment April 6, 2009 Benchmark S&P BSE 500 Shariah TRI Benchmark Index renamed w.e.f. 01/02/2018 Monthly AUM Monthly Average AUM: ` Cr. Month End AUM: ` Cr. Load Structure Entry Load - NIL Exit Load - Upto any amount (Including SIP): 0.50% if exited on or before 180 days Nil if exited after 180 days Switch: Equity to Equity/Equity to ELSS/Debt exit load applicable as mentioned above. Minimum Application Amount: ` 5000/- & multiples of ` 1/- thereafter. Liquidity Sale & repurchase on all business days. Net Asset Value (NAV) Face Value `10/- Regular Plan: ` (D), (G) (B) per unit. Direct Plan: ` (D), (G) (B) per unit. Note : Bonus option discontinued for fresh / additional subscription w.e.f. 15/06/2015 NAV Calculation: All Business days. Month End TER: *Please refer Annexure 1 Quantitative Data Regular Plan : Sharpe Ratio: 0.19 Standard Deviation: Beta: 0.90 Fund Manager's Comment: Here, investment strategy is stock specific through bottom up approach. Considering the volatility in the market we have chosen to remain well diversified across sectors. Portfolio is underweight in Auto and IT sector while being overweight in Consumption, IT'es, pharmaceuticals and Capital Goods sector. PORTFOLIO Name of the scrip Top 10 Holdings EQUITY SECTOR ALLOCATION % to Net Assets Infosys Ltd. 5.96% Tata Consultancy Services Ltd. 5.46% Berger Paints India Ltd. 2.38% Torrent Pharmaceuticals Ltd. 2.36% NIIT Technologies Ltd. 2.30% ABB India Ltd. 2.27% Relaxo Footwears Ltd. 2.20% Trent Ltd. 2.06% GAIL (India) Ltd. 2.05% Petronet LNG Ltd. 2.03% Total Top 10 Holdings 29.06% Total Equity 97.60% Cash & Cash Receivables 2.40% Total % Software Consumer Non Durables Pharmaceuticals Consumer Durables Gas Industrial Capital Goods Cement Auto Ancillaries Industrial Products Retailing Fertilisers Auto Commercial Services Healthcare Services Textile Products Non - Ferrous Metals Transportation (Based on monthly returns over the past 3 years Mibor has been assumed as the risk-free rate of return) Portfolio Turnover: 2.32 DIVIDEND HISTORY The scheme has not declared any dividend As on 31st December

5 TAURUS INFRASTRUCTURE FUND - (An Open ended equity scheme investing in Infrastructure sector) SCHEME FEATURES Investment Objective To provide capital appreciation and income distribution to unitholders by investing predominantly in equity and equity related securities of the companies belonging to infrastructure sector and it's related industries. Fund Manager Mr. Prasanna Pathak (w.e.f. June 30, 2017) Total work experience: 15 yrs Date of Allotment March 5, 2007 Benchmark Nifty Infrastructure Index TRI Benchmark Index changed w.e.f. 23/03/2018 Monthly AUM Monthly Average AUM: ` 4.22 Cr. Month End AUM: ` 4.27 Cr. Load Structure Entry Load - NIL Exit Load % if exited on or before 7 days. Nil, if exited after 7 days Switch: Equity to Equity/Equity to ELSS/Debt exit load applicable as mentioned above. Minimum Application Amount: ` 5000/- & multiples of ` 1/- thereafter. Liquidity Sale & repurchase on all business days. Net Asset Value (NAV) Face Value `10/- Regular Plan: `22.86 (D), (G) per unit. Direct Plan: ` (D), (G) per unit. NAV Calculation: All Business days. Month End TER: *Please refer Annexure 1 Quantitative Data Regular Plan : Sharpe Ratio: 0.38 Standard Deviation: Beta: 0.87 (Based on monthly returns over the past 3 years Mibor has been assumed as the risk-free rate of return) Fund Manager's Comment: True to its mandate, the portfolio maintained its character for infrastructure themes. Infrastructure remains an important pillar of India growth story. Sector has been under pressure since last few years due to multiple factors. We expect the sector to outperform in the coming times. With all eyes on growth in this space, companies with good financial health and strong ratios now have improved outlook and we continue to expect these stocks to move up as Government thrust increases. During month we reduced exposure to automobile industry while increased allocation to capital goods. PORTFOLIO Name of the scrip Top 10 Holdings EQUITY SECTOR ALLOCATION % to Net Assets Larsen & Toubro Ltd. 9.92% Reliance Industries Ltd. 7.29% Engineers India Ltd. 3.91% Power Grid Corporation of India Ltd. 3.20% Container Corporation of India Ltd. 3.08% AIA Engineering Ltd. 2.92% MRF Ltd. 2.83% Indraprastha Gas Ltd. 2.65% Havells India Ltd. 2.43% Mahindra & Mahindra Ltd. 2.41% Total Top 10 Holdings 40.64% Total Equity 97.98% Cash & Cash Receivables 2.02% Total % Construction Project Industrial Products Consumer Durables Auto Ancillaries Petroleum Products Industrial Capital Goods Construction Cement Gas Power Auto Transportation Ferrous Metals Hotels, Resorts And Other Recreational Activities Consumer Non Durables Commercial Services Portfolio Turnover: 2.11 DIVIDEND HISTORY The scheme has not declared any dividend Note: With reference to our Notice cum Addendum dated March 26, 2018, there is change in the Fundamental Attributes of the Scheme effective from May 03, 2018 whereby scheme classified as sectoral fund inplace of thematic fund. 3 As on 31st December 2018

6 TAURUS TAX SHIELD - ( An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit) SCHEME FEATURES Investment Objective To provide long term capital appreciation over the life of the scheme through investment predominantly in equity shares, besides tax benefits. Fund Manager Mr. Prasanna Pathak (w.e.f. June 30, 2017) Total work experience: 15 yrs Date of Allotment March 31, 1996 Benchmark S&P BSE 200 TRI Benchmark Index renamed w.e.f. 01/02/2018 Monthly AUM Monthly Average AUM: ` Cr. Month End AUM: ` Cr. Load Structure Entry Load - NIL Exit Load - Up to any amount (Including SIP) : NA (lock - in period of 3 years) Switch to any (Debt/Equity) schemes after 3 years; Exit Load : Nil. Minimum Application Amount: ` 500/- & multiples of ` 500/- thereafter. Liquidity Sale on all business days. As per Income Tax Laws, the redemption facility is available after a lock-in period of 3 years from the date of investment. Net Asset Value (NAV) Face Value `10/- Regular Plan: ` (D), (G) per unit. Direct Plan: ` (D), (G) per unit. NAV Calculation: All Business days. Month End TER: *Please refer Annexure 1 Quantitative Data Regular Plan : Sharpe Ratio: 0.46 Standard Deviation: Beta: 1.00 (Based on monthly returns over the past 3 years Mibor has been assumed as the risk-free rate of return) Portfolio Turnover: 3.74 Fund Manager's Comment: The scheme will try to invest in themes which get boost from the intention and efforts of the Government to move increasingly towards recovery mode and play it through a blend of mid-cap and large cap stocks. It maintains a judicious mix of high beta and defensive at top, stock specific ideas in middle and opportunistic bets in the bottom. Fund exposure is skewed towards BFSI, consumer non-durables and IT industry. PORTFOLIO Name of the scrip Top 10 Holdings EQUITY SECTOR ALLOCATION DIVIDEND HISTORY The scheme has not declared any dividend % to Net Assets HDFC Bank Ltd. 7.58% Reliance Industries Ltd. 6.01% Housing Development Finance Corporation Ltd. 4.66% ICICI Bank Ltd. 4.61% Infosys Ltd. 4.42% Tata Consultancy Services Ltd. 3.76% Axis Bank Ltd. 3.75% Larsen & Toubro Ltd. 3.64% ITC Ltd. 3.57% Kotak Mahindra Bank Ltd. 2.77% Total Top 10 Holdings 44.77% Total Equity 97.60% Cash & Cash Receivables 2.40% Total % Banks Software Consumer Non Durables Finance Petroleum Products Cement Consumer Durables Pharmaceuticals Construction Project Auto Auto Ancillaries Industrial Capital Goods Ferrous Metals Retailing Fertilisers Commercial Services Gas Media & Entertainment Construction Non - Ferrous Metals As on 31st December

7 TAURUS NIFTY INDEX FUND - (An open ended scheme replicating / tracking Nifty 50 index) SCHEME FEATURES Investment Objective The investment objective of the scheme is to replicate the Nifty 50 by investing in securities of the Nifty 50 Index in the same proportion/ weightage. Fund Manager Mr. Prasanna Pathak (w.e.f. June 30, 2017) Total work experience: 15 yrs Date of Allotment June 19, 2010 Benchmark Nifty 50 TRI Benchmark Index renamed w.e.f. 01/02/2018 Monthly AUM Monthly Average AUM: ` 8.09 Cr. Month End AUM: ` 7.07 Cr. Load Structure Entry Load - NIL Exit Load - Up to any amount (Including SIP ) 0.50% if exited on or before 180 days. Nil if exited after 180 days Switch: Equity to Equity/Equity to ELSS/Debt exit load applicable as mentioned above. Minimum Application Amount: ` 5000/- & multiples of ` 1/- thereafter. Liquidity Sale & repurchase on all business days. Net Asset Value (NAV) Face Value `10/- Regular Plan: ` (D), (G) per unit. Direct Plan: ` (D), (G) per unit. NAV Calculation: All Business days. Month End TER: *Please refer Annexure 1 Quantitative Data Regular Plan : Sharpe Ratio: 0.38 Standard Deviation: Beta: 0.97 (Based on monthly returns over the past 3 years Mibor has been assumed as the risk-free rate of return) Portfolio Turnover: 2.05 Tracking Error : 1.61 Fund Manager's Comment: The index fund continues to track the performance of its benchmark indices Nifty. The fund portfolio consists of the stocks in the same weight as they are in the Nifty Index. The strategy of the investment is to mirror the index return by minimizing the tracking error with its benchmark. PORTFOLIO Name of the scrip Top 10 Holdings EQUITY SECTOR ALLOCATION % to Net Assets Reliance Industries Ltd. 9.44% HDFC Bank Ltd. 9.24% Housing Development Finance Corporation Ltd. 7.72% Infosys Ltd. 6.98% ITC Ltd. 5.95% ICICI Bank Ltd. 5.41% Larsen & Toubro Ltd. 4.46% Tata Consultancy Services Ltd. 3.91% Kotak Mahindra Bank Ltd. 3.89% Hindustan Unilever Ltd. 3.22% Total Top 10 Holdings 60.21% Total Equity 99.81% Cash & Cash Receivables 0.19% Total % DIVIDEND HISTORY Banks Software Petroleum Products Consumer Non Durables Finance Auto Construction Project Pharmaceuticals Power Ferrous Metals Non - Ferrous Metals Cement Oil Telecom - Services Transportation Minerals/Mining Pesticides Gas Media & Entertainment Telecom - Equipment & Accessories Consumer Durables Month & Year Regular Plan Direct Plan Dividend per unit(`) Dividend Per unit(`) March Pursuant to payment of dividend, the NAV of the Scheme fall to the extent of the dividend and statutory levy, if any. Past performance may or may not be sustained in the future. All dividends are on face value of `10 per unit. For complete details of the dividend declared please log on to 5 As on 31st December 2018

8 TAURUS LARGECAP EQUITY FUND - (An open ended equity scheme predominately investing in large cap stocks) (earlier known as Taurus Bonanza Fund) SCHEME FEATURES Investment Objective The investment objective is to provide investors long-term capital appreciation. Investments shall be primarily in Equity and Equity related instruments of large cap companies. Fund Manager Mr. Prasanna Pathak (w.e.f. June 30, 2017) Total work experience: 15 yrs Date of Allotment February 28, 1995 Benchmark S&P BSE 100 TRI Benchmark Index renamed w.e.f. 01/02/2018 Monthly AUM Monthly Average AUM: ` Cr. Month End AUM: ` Cr. Load Structure Entry Load - NIL Exit Load % if exited on or before 7 days. Nil, if exited after 7 days Switch: Equity to Equity/Equity to ELSS/Debt exit load applicable as mentioned above. Minimum Application Amount: ` 5000/- & multiples of ` 1/- thereafter. Liquidity Sale & repurchase on all business days. Net Asset Value (NAV) Face Value `10/- Regular Plan:` (D), (G) per unit. Direct Plan: ` (D), (G) per unit. NAV Calculation: All Business days. Month End TER: *Please refer Annexure 1 Fund Manager's Comment: Scheme has bias towards high quality large cap stocks with overweight position in Banks and consumption plays however reduced exposure to automobile sector. The recent NBFC crisis indirectly helps core banking sector. Consumption trends show sustained growth. Increase/decrease in weight in the cyclical commodity sector is tactical in nature. PORTFOLIO Name of the scrip EQUITY SECTOR ALLOCATION % to Net Assets Top 10 Holdings Reliance Industries Ltd. 8.72% HDFC Bank Ltd. 8.65% ICICI Bank Ltd. 6.06% Infosys Ltd. 5.50% Housing Development Finance Corporation Ltd. 5.03% Tata Consultancy Services Ltd. 4.92% Larsen & Toubro Ltd. 4.61% Axis Bank Ltd. 4.34% ITC Ltd. 3.84% Asian Paints Ltd. 2.44% Total Top 10 Holdings 54.10% Total Equity 96.93% Cash & Cash Receivables 3.07% Total % Banks Software Consumer Non Durables Finance Petroleum Products Auto Construction Project Cement Pharmaceuticals Consumer Durables Ferrous Metals Quantitative Data Industrial Capital Goods 1.23 Regular Plan : Sharpe Ratio: 0.01 Standard Deviation: Beta: 0.99 (Based on monthly returns over the past 3 years Mibor has been assumed as the risk-free rate of return) Portfolio Turnover: 4.78 Gas Non - Ferrous Metals DIVIDEND HISTORY Month & Year Regular Plan Direct Plan Dividend per unit(`) Dividend Per unit(`) January November July Pursuant to payment of dividend, the NAV of the Scheme fall to the extent of the dividend and statutory levy, if any. Past performance may or may not be sustained in the future. All dividends are on face value of `10 per unit. For complete details of the dividend declared please log on to Note: With reference to our Notice cum Addendum dated March 26, 2018, there is change in the Fundamental Attributes of the Scheme effective from May 03, 2018 whereby minimum 80% of AUM is invested in large cap stocks as defined by SEBI. As on 31st December

9 TAURUS DISCOVERY (MIDCAP) FUND - (An Open ended equity scheme predominantly investing in mid cap stocks) (earlier known as Taurus Discovery Fund) SCHEME FEATURES Investment Objective The prime objective of the Scheme is to achieve long term capital appreciation by investing in a portfolio consisting of equity and equity related securities predominantly of mid cap companies. Fund Manager Mr. Prasanna Pathak (w.e.f. June 30, 2017) Total work experience: 15 yrs Date of Allotment September 5, 1994 Benchmark Nifty Midcap 100 TRI Benchmark Index renamed w.e.f. 02/04/2018 Monthly AUM Monthly Average AUM: ` Cr. Month End AUM: ` Cr. Load Structure Entry Load - NIL Exit Load - Upto any amount (Including SIP): 0.50% if exited on or before 180 days Nil if exited after 180 days Switch: Equity to Equity/Equity to ELSS/Debt exit load applicable as mentioned above. Minimum Application Amount: ` 5000/- & multiples of ` 1/- thereafter. Liquidity Sale & repurchase on all business days. Net Asset Value (NAV) Face Value `10/- Regular Plan: ` (D), (G) per unit. Direct Plan: ` (D), (G) per unit. NAV Calculation: All Business days. Month End TER: *Please refer Annexure 1 Quantitative Data Regular Plan : Sharpe Ratio: 0.33 Standard Deviation: Beta: 0.88 (Based on monthly returns over the past 3 years Mibor has been assumed as the risk-free rate of return) Portfolio Turnover: 4.44 Fund Manager's Comment: Considering the volatility in the market we have chosen to remain well diversified across emerging sectors. Companies with better visibility for growth have been preferred. We see larger upside to these ideas than some of the large well run efficient companies. As the fund remains sector-agnostic, we reiterate our call to look at stock opportunities over sector movements. During month we reduced exposure to pharmaceutical industry while increased allocation to IT sector. PORTFOLIO Name of the scrip Top 10 Holdings EQUITY SECTOR ALLOCATION DIVIDEND HISTORY Month & Year Regular Plan Direct Plan Dividend per unit(`) Dividend Per unit(`) December % to Net Assets The Federal Bank Ltd. 3.49% NIIT Technologies Ltd. 2.91% DCB Bank Ltd. 2.68% Gruh Finance Ltd. 2.58% Coromandel International Ltd. 2.56% Supreme Industries Ltd. 2.45% Exide Industries Ltd. 2.11% Torrent Pharmaceuticals Ltd. 2.07% The Indian Hotels Company Ltd. 2.06% Relaxo Footwears Ltd. 1.99% Total Top 10 Holdings 24.89% Total Equity 98.10% Cash & Cash Receivables 1.90% Total % Banks Industrial Products Consumer Non Durables Software Auto Ancillaries Pharmaceuticals Consumer Durables Finance Industrial Capital Goods Hotels, Resorts And Other Recreational Activities Cement Fertilisers Chemicals Retailing Gas Healthcare Services Commercial Services Telecom - Equipment & Accessories Media & Entertainment Textile Products Construction Construction Project Ferrous Metals Pursuant to payment of dividend, the NAV of the Scheme fall to the extent of the dividend and statutory levy, if any. Past performance may or may not be sustained in the future. All dividends are on face value of `10 per unit. For complete details of the dividend declared please log on to Note: With reference to our Notice cum Addendum dated March 26, 2018, there is change in the Fundamental Attributes of the Scheme effective from May 03, 2018 whereby minimum 65% of AUM of scheme is invested in Midcap stock as defined by SEBI As on 31st December 2018

10 TAURUS BANKING & FINANCIAL SERVICES FUND (An open ended equity scheme investing in stocks belonging to Banking & Financial Services (BFSI) sector.) SCHEME FEATURES Investment Objective The primary objective of the Scheme is to generate capital appreciation through a portfolio that invests predominantly in equity and equity related instruments of Banking, Financial and Non Banking Financial Companies that form a part of the BFSI Sector. Fund Manager Mr. Prasanna Pathak (w.e.f. June 30, 2017) Total work experience: 15 yrs Date of Allotment May 22, 2012 Benchmark S&P BSE Bankex TRI Benchmark Index renamed w.e.f. 01/02/2018 Monthly AUM Monthly Average AUM: ` 5.90 Cr. Month End AUM: ` 6.00 Cr. Load Structure Entry Load - NIL Exit Load % if exited on or before 7 days. Nil, if exited after 7 days Switch: Equity to Equity/Equity to ELSS/Debt exit load applicable as mentioned above. Minimum Application Amount: ` 5000/- & multiples of ` 1/- thereafter. Fund Manager's Comment: We have maintained a positive bias on Private Banks as the recent NBFC crisis coupled with increase in credit demand, helps them. In NBFC the exposure has been restricted to players which have clear resilience to liquidity shortage and a strong growth prospect. PORTFOLIO Name of the scrip Top 10 Holdings EQUITY SECTOR ALLOCATION % to Net Assets HDFC Bank Ltd % ICICI Bank Ltd % Kotak Mahindra Bank Ltd % Axis Bank Ltd % State Bank of India 5.14% IndusInd Bank Ltd. 4.79% Bajaj Finance Ltd. 4.09% The Federal Bank Ltd. 3.30% ICICI Prudential Life Insurance Company Ltd. 2.30% Bank of Baroda 1.89% Total Top 10 Holdings 86.42% Total Equity 97.79% Cash & Cash Receivables 2.21% Total % Liquidity Sale & repurchase on all business days. Net Asset Value (NAV) Face Value `10/- Regular Plan: ` (D), 23.59(G) per unit. Direct Plan: ` (D), (G) per unit. NAV Calculation: All Business days. Month End TER: Banks *Please refer Annexure 1 Finance Quantitative Data Regular Plan : Sharpe Ratio: 0.41 Standard Deviation: Beta: (Based on monthly returns over the past 3 years Mibor has been assumed as the risk-free rate of return) Portfolio Turnover: 1.22 DIVIDEND HISTORY The scheme has not declared any dividend As on 31st December

11 TAURUS LIQUID FUND - (AN OPEN-ENDED LIQUID SCHEME) SCHEME FEATURES Investment Objective To generate steady and reasonable income, with low risk and high level of liquidity from a portfolio of money market securities and high quality debt. Fund Manager Mr. Dheeraj Singh - (w.e.f. June 30, 2017) Total work exp. 25 yrs PORTFOLIO Name of the scrip Industry / Rating % to Net Assets Triparty Repo The Clearing Corporation of India Ltd TOTAL - TRIPARTY REPO CASH & CASH RECEIVABLES 1.43 Total Date of Allotment August 31, 2006 Benchmark Crisil Liquid Fund Index Monthly AUM Monthly Average AUM: ` Cr. Month End AUM: ` Cr. Load Structure Entry Load - NIL Exit Load - NIL Switch to any (Debt/Equity) schemes; exit load applicable as mentioned above. Minimum Application Amount: ` 5000/- & multiples of ` 1/- thereafter. Growth & Weekly plan Rs & multiple of Rs.1 thereafter Daily divided Rs. 1,00,000 & multiple of Rs.1 thereafter Liquidity Sale & repurchase on all business days. Net Asset Value (NAV) Face Value `1000/- Face Value changed from `10 to `1000 w.e.f. 20/02/2010. Historical NAV adjusted as per new Face value of `1000 Regular Plan: Super Institutional ` (D), (G), (W) per unit. Direct Plan: Super Institutional ` (D), (G), (W) per unit. NAV Calculation: All Calender days Asset Allocation Triparty Repo Cash & Cash Receivables Rating Profile Triparty Repo Cash & Cash Receivables Month End TER: *Please refer Annexure 1 Quantitative Data Portfolio Yield : 6.39% Average Maturity Period: years Modified Duration : years DIVIDEND HISTORY The scheme has not declared any dividend. Note: W.e.f. May 03, 2018, three Income Schemes viz ; Taurus Ultra Short Term Bond Fund, Taurus Short Term Income Fund and Taurus Dynamic Income Fund stand merged with Taurus Liquid Fund. 9 As on 31st December 2018

12 Annexure - 1* Total Expense Ratio (TER) for Taurus Mutual Fund Schemes Scheme No. Scheme Name Date (DD/MM/YYYY) Base TER (%) 1 Additional expense as per Regulation 52(6A)(b) (%) 2 Regular Plan Direct Plan Additional expense as per Regulation 52(6A)(c) (%) 3 GST (%) 4 Total TER (%) Base TER (%) 1 Additional expense as per Regulation 52(6A)(b) (%) 2 Additional expense as per Regulation 52(6A)(c) (%) 3 GST (%) 4 Total TER (%) TBF Taurus Largecap Equity Fund TBFS Taurus Banking & Financial Services TDF Taurus Discovery (Midcap) Fund TEF Taurus Ethical Fund TISF Taurus Infrastructure Fund TLF Taurus Liquid Fund TLF-RP Taurus Liquid Fund - Retail* TNI Taurus Nifty Index Fund TSS Taurus Starshare (Multi Cap) Fund TTS Taurus Tax Shield # - Existing old plans closed for further subscription ## - Taurus Ultra Short Term Bond Fund, Taurus Short Term Income Fund and Taurus Dynamic Income Fund schemes are merged with Taurus Liquid Fund wef Base TER excludes additional expenses provided in Regulation 52(6A)(b) and 52(6A)(c) of SEBI (Mutual Funds) Regulations, 1996 and Goods and Services Tax (GST) on investment and advisory fees as per applicable rate. 2. Additional Expenses not exceeding 0.30% in terms of Regulation 52(6A)(b) of SEBI (Mutual Funds) Regulations, Additional Expenses not exceeding 0.05% (0.20% till 4th June 2018 ) in terms of Regulation 52(6A)(c) of SEBI (Mutual Funds) Regulations, Present GST rate is 18 %. 5. Percentages mentioned above are annualized. 6. Base TER of direct plan shall have a lower expense ratio excluding distribution expenses, commission, etc., and no commission shall be paid from such plans.

13 Fund Manager's Comment (Equity Schemes): Election results for five State assemblies were contrary to market expectations. On positive side, the fiscal deficit narrowed in November mainly benefitting from a sharp fall in crude oil price. However, any significant farm loan waiver, direct benefit transfer scheme for farmers will amplify fiscal pressures going ahead. Indian markets faced a volatile December 2018 as political uncertainty and global risk-off were key worries. All three major US indices were down at least 8% in December Upcoming 3QFY2019 earnings commentary along with Interim Union Budget to be presented on 1 February 2019 will be key monitorable in near term. We continue to remain optimistic on India's structural story in light of favorable demographics which is turning India into a consumer-driven economy. SCHEME PERFORMANCE FUND MANAGER WISE (As on 31st December 2018) Mr. Prasanna Pathak Designation: Fund Manager - Equity Mr. Prasanna Pathak is PGDBM (Finance) from S.P. Jain, Mumbai with 15 years of experience. Prior to joining Taurus Asset Management Co. Ltd, Prasanna Pathak was associated with organizations like Hindustan Unilever as research analyst for 2 years, UTI Mutual Fund as Asst. Fund Manager & research analyst for 4.5 years, Taurus Mutual Fund as Fund Manager-Equity for 1.5 years & IndiaFirst Life as Fund Manager-Equity for 5.5 years Responsibilities: At Taurus Mutual Fund, he has been managing all the Equity Schemes Taurus Starshare (Multi Cap) Fund - Regular Plan Growth Option Scheme (8.30) 9, , , , S&P BSE 500 TRI (Benchmark) (1.80) 9, , , NA* NA* Nifty 50 TRI (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : ) Taurus Starshare (Multi Cap) Fund - Direct Plan Growth Option Scheme (8.17) 9, , , , S&P BSE 500 TRI (Benchmark) (1.80) 9, , , , Nifty 50 TRI (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : ) Taurus Ethical Fund - Regular Plan Growth Option Scheme (1.04) 9, , , , S&P BSE 500 Shariah TRI (Benchmark) , , , , Nifty 50 TRI (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : 50.08) Taurus Ethical Fund - Direct Plan Growth Option Scheme (0.28) 9, , , , S&P BSE 500 Shariah TRI (Benchmark) , , , , Nifty 50 TRI (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : 52.39) * Benchmark value for inception date is not available 10

14 Taurus Infrastructure Fund - Regular Plan Growth Option Scheme (8.52) 9, , , , Nifty Infrastructure Index TRI (Benchmark) (10.94) 8, , , , Nifty 50 TRI (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : 24.34) Taurus Infrastructure Fund - Direct Plan Growth Option Scheme (7.99) 9, , , , Nifty Infrastructure Index TRI (Benchmark) (10.94) 8, , , , Nifty 50 TRI (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : 25.41) Taurus Tax Shield - Regular Plan Growth Option Scheme - 10, , , , S&P BSE 200 TRI (Benchmark) , , , , Nifty 50 TRI (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : 75.47) Taurus Tax Shield - Direct Plan Scheme , , , , S&P BSE 200 TRI (Benchmark) , , , , Nifty 50 TRI (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : 78.67) Taurus Nifty Index Fund - Regular Plan Growth Option Scheme , , , , Nifty 50 TRI (Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : ) Taurus Nifty Index Fund - Direct Plan Growth Option Scheme , , , , Nifty 50 TRI (Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : )

15 Taurus Largecap Equity Fund - Regular Plan Growth Option Scheme (6.18) 9, , , , S&P BSE 100 TRI (Benchmark) , , , , Nifty 50 TRI (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : 71.35) Taurus Largecap Equity Fund - Direct Plan Growth Option Scheme (5.50) 9, , , , S&P BSE 100 TRI (Benchmark) , , , , Nifty 50 TRI (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : 74.84) Taurus Discovery (Midcap) Fund - Regular Plan Growth Option Scheme (6.97) 9, , , , Nifty Midcap 100 TRI (Benchmark) (14.53) 8, , , , Nifty 50 TRI (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : 42.86) Taurus Discovery (Midcap) Fund-Direct Plan-Growth Option Scheme (6.53) 9, , , , Nifty Midcap 100 TRI (Benchmark) (14.53) 8, , , , Nifty 50 TRI (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : 44.10) Taurus Banking & Financial Services Fund - Regular Plan Growth Option Scheme , , , , S&P BSE Bankex Index TRI (Benchmark) , , , , Nifty 50 TRI (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : 23.59) Taurus Banking & Financial Services Fund - Direct Plan Growth Option Scheme , , , , S&P BSE Bankex Index TRI (Benchmark) , , , , Nifty 50 TRI (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : 25.07) Past performance may or may not be sustained in the future. Returns are calculated on compounded annualised basis (CAGR). Based on the applicable NAV as on the last business day of the month/period. Returns are given separately for Regular & Direct Plan - Growth option. Different Plans have different expense structure. Mr. Prasanna Pathak is the Fund Manager - All the Equity Schemes w.e.f. June 30,

16 Fund Manager's Comment (Fixed Income Schemes): Significant developments/data releases in December 2018 were as under: The monetary policy committee (MPC) of RBI met th to decide on policy interest rates. With a 5-1 vote, the committee decided to keep policy interest rates on hold. They also decided to keep the policy stance at "calibrated tightening". While no change has been made to the policy stance, the committee however lowered their inflation forecast for the remainder of the financial year and the first half of the next financial year to 2.8% - 3.2% and 3.8% - 4.2% respectively. The minutes of the MPC meeting were released later in the month. The minutes showed that committee members were unsure of the likelihood of a change in stance, or a reduction in interest rates in the near future. Members seemed to be surprised at the surprisingly low prints on food inflation Inflation based on consumer price index (CPI) came in at a low 2.31% against a generally expected print of 2.6%. This low inflation has been driven primarily by low food inflation. WPI inflation also eased to 4.6% in Nov'18 from 5.3% in Oct'18. Growth in industrial production for October as measured by the IIP, came in at a high of 8.1%. India's trade deficit narrowed to USD 16.7 bn in Nov 2018 compared to USD 17.1 bn in Oct Exports were USD bn while imports were USD bn. The US Federal Reserve hiked policy interest rates by 0.25%. The rate setting Federal Open Market Committee also indicated that it would continue its removal of accommodation and further rate hikes could be expected. US President Trump and the Congress failed to reach an agreement over funding of the proposed border wall on the southern border with Mexico, leading to a funding freeze which has partially shutdown the US Government. International Crude Oil prices continued to fall. Benchmark ICE Brent futures contract now traded below USD 50 per barrel at one stage. The NYMEX WTI contract traded below USD 43 per barrel. Both have recovered slightly to USD 54 per barrel and USD 45 per barrel respectively. RBI has also increased the liquidity infusion through open market purchases in the month of December to INR 50,000 crores up from the earlier scheduled INR 40,000 crores. The benchmark 10 year government bond closed the month trading at a yield of 7.39%, down by 22 basis points from the closing levels of the previous month. Yield on 10 year AAA PSU bond traded at approx. 8.55%, down by 10 basis points from the previous month. One year CDs yielded about 8.15%, down by 15 basis points from the previous month. Mr. Dheeraj Singh Designation: Head of Investments and Fund Manager - Fixed Income Mr. Dheeraj Singh is B.E (Hons), PGD in Management from IIM Bangalore with over 25 years of experience. Prior to that, he served as Head Fixed Income with Sundaram Asset Management Company. He has extensive experience of consultancy in Banking & Financial Service industry. Responsibilities: He is the Head - Investments for the all the Schemes of Taurus Mutual Fund. He monitors the Equity & Debt segment investments. Taurus Liquid Fund - Regular Plan Super Institutional Growth Option Scheme , , , , Crisil liquid fund Index (Benchmark) , , , , CRISIL 1 Year T-Bill Index (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : 1, ) 1, , , , Taurus Liquid Fund - Direct Plan Super Institutional Growth Option Scheme , , , , Crisil liquid fund Index (Benchmark) , , , , CRISIL 1 Year T-Bill Index (Additional Benchmark) , , , , NAV [Rs.] Per Unit (as on December 31, 2018 : 1, ) 1, , , , Past performance may or may not be sustained in the future. Returns are calculated on compounded annualised basis (CAGR). Based on the applicable NAV as on the last Calendar day of the month/period. Returns are given separately for Regular & Direct Plan - Growth option. Different Plans have different expense structure. Mr. Dheeraj Singh is the Fund Manager - Fixed Income w.e.f. June 30,

17 SIP Returns in Equity Schemes (As on 31st December 2018) Taurus Starshare (Multi Cap) Fund - Regular Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Benchmark Returns (S&P BSE 500 TRI) (% CAGR) Taurus Starshare (Multi Cap) Fund - Direct Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Benchmark Returns (S&P BSE 500 TRI) (% CAGR) Taurus Ethical Fund - Regular Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Benchmark Returns (S&P BSE 500 Shariah TRI) (% CAGR) Taurus Ethical Fund - Direct Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Benchmark Returns (S&P BSE 500 Shariah TRI) (% CAGR) Taurus Infrastructure Fund - Regular Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Benchmark Returns (Nifty Infrastructure Index TRI) (% CAGR) Taurus Infrastructure Fund - Direct Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Benchmark Returns (Nifty Infrastructure Index TRI) (% CAGR) Taurus Tax Shield - Regular Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Benchmark Returns (S&P BSE 200 TRI) (% CAGR) Taurus Tax Shield - Direct Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Benchmark Returns (S&P BSE 200 TRI) (% CAGR)

18 Taurus Nifty Index Fund - Regular Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Taurus Nifty Index Fund - Direct Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Taurus Largecap Equity Fund - Regular Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Benchmark Returns (S&P BSE 100 TRI) (% CAGR) Taurus Largecap Equity Fund - Direct Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Benchmark Returns (S&P BSE 100 TRI) (% CAGR) Taurus Discovery (Midcap) Fund - Regular Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Benchmark (Nifty Midcap 100 TRI) Returns (% CAGR) Taurus Discovery (Midcap) Fund - Direct Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Benchmark (Nifty Midcap 100 TRI) Returns (% CAGR) Taurus Banking & Financial Services Fund - Regular Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Benchmark (S&P BSE Bankex TRI) Returns (% CAGR) Taurus Banking & Financial Services Fund - Direct Plan Total Amount Invested (Rs '000) Market Value as on Month End (Rs '000) Scheme Returns(% CAGR) Benchmark (S&P BSE Bankex TRI) Returns (% CAGR) Past performance may or may not be sustained in the future. Returns are calculated on compounded annualised basis (CAGR). Based on the applicable NAV as on the last business day of the month/period. Returns are given separately for Regular & Direct Plan - Growth option. Different Plans have different expense structure. 15