annual report - tata mutual fund

Equity SchEmES

annual rEport2019 - 2020

Annual Report2019-2020

Statutory DEtailS:

SponSorS tata Sons limited Bombay House, 24, Homi Modi Street, Mumbai - 400 001.

tata investment corporation limited Elphinstone Building, 10, Veer Nariman Road, Mumbai – 400 001.

truStEE tata trustee company limited 1903, B-Wing, Parinee Crescenzo, G-Block, Bandra Kurla Complex, Bandra East, Mumbai - 400 051.

amc tata asset management ltd. 1903, B-Wing, Parinee Crescenzo, G-Block, Bandra Kurla Complex, Bandra East, Mumbai - 400 051.

rEGiStrar computer age management Services (pvt.) limited No. 178/10, Kodambakkam High Road, Opp. Hotel Palmgrove, Nungambakkam, Chennai 600 034.

rEport oF thE truStEE to thE unitholDErSFor thE yEar EnDED march 31, 2020

Dear Unitholder,

It gives us great pleasure to communicate with you and present to you the scheme-wise audited accounts as on March 31, 2020.

Trustees have reviewed the report of the investment manager on performance of the schemes. future outlook and operations of the schemes and the same is annexed.

We once again thank you for your patronage and look forward to your having an endearing investment experience as a valued investor of the Tata Mutual Fund family.

For tata trustee company limitedDirector

August 28, 2020

Mumbai.

pErFormancE oF thE SchEmES. FuturE outlooK anD opErationS oF thE SchEmES

The year that was:

Equity:

Equity markets corrected sharply during the Financial Year 2019-20 (FY20), with BSE Sensex and CNX Nifty correcting by -23% and -26% respectively. S&P BSE midcap index declined -31.7% and BSE Small Cap declined -36.1% during the year indicating risk aversion and underperformance of small and mid-cap segment of the market. Slow economic growth at the start of the year coupled with the spread of Covid-19 in the end impacted market sentiment. The year also continued to show high skewness in performance with limited number of stocks doing well while the broader market remained week. Consumer, Healthcare and IT were the three sectors which outperformed the markets, however even these sectors delivered a negative performance for the year. FY19-20 continued to put pressure on NBFC/HFC/MFI segment of the economy which contribute approximately 23% of the total credit in the country. Fixed income investors have chosen to invest only in higher credit rating papers (> A rated papers) thereby impacting overall liquidity for the sector. Liquidity tightness has impacted the flow of credit to the real economy during the year.

Debt:

Started last financial year with expectation of Indian economy growing in the range of 7 % - 7.5 % and ended the year with GDP growth of 4.2 %. Even this growth may be revised downwards as the nominal growth will be lower and the final GDP deflator will have to be subtracted from the nominal GDP is expected to be higher. The fiscal deficit for the last financial year touched 4.69 % of GDP. Rates cut by RBI did little to boost economy growth due to corporate sector leverage and low profitability. We also had a spate of downgrades and defaults in the corporate sector which made lenders risk averse. Rates cuts of RBI could not influence the government security yield, due to which RBI conducted operation twist and Open Market Operations to bring down the yield curve. The short end of the yield curve due to abundant liquidity fell by 166 basis points and the medium end and the long end of the yield curve fell by 110 to 120 basis points.

Tata Short Term Bond Fund, Tata Money Market Fund outperformed the benchmark and Tata liquid Fund was marginally lower than the benchmarks over a one-year time frame. Tata Treasury Advantage Fund, Tata Medium Term Fund underperformed the benchmark due to these funds’ exposure in Dewan holding which defaulted on June 5, 2019. Tata Dynamic Bond Fund and Tata Gilt Securities Fund were underweight compared to the benchmark on the expectation of steepening of the yield curve, which led to its underperformance.

Future Outlook

Equity

Recovery of economic growth is dependent on the cure/vaccine for Covid-19 and hence at this moment difficult to predict the direction of the markets in the short term. Long-term structural drivers like demographic advantage, low household debt, limited penetration across different consumer categories, increased potential for financial savings and urbanization makes India a compelling equity story. The investment manager believes investors would be well advised to invest with medium to long term perspective and systematically increase exposure to Indian equity markets.

Debt

For the current financial year, the central government intend to borrow Rs 12 lakh crores and the states are expected to borrow another 10 Lakh crores. This borrowing programme cannot be taken by the market even with weak credit growth in the banking system. RBI is expected to do open market operations / private placement to facilitate the smooth borrowing programme. We expect RBI with do more unconventional measures like Targeted long-term repo auctions to bring down the long end of the yield curve.


RBI is being proactive in providing liquidity into the system. There are several headwinds to growth emanating from escalation of trade tensions between US and China. The Trustees have advised the fund managers to invested only in good quality papers and to manage the scheme on a conservative basis.

FunDS unDEr manaGEmEnt – opErationS

Tata Mutual Fund as on March 31, 2020, has sixteen open ended Equity Oriented Schemes, five open ended Hybrid Schemes, twelve open ended Debt Schemes, four open ended Solution Oriented Schemes & four open ended Other Schemes (Two Index Scheme & two Exchange Traded Fund), Seventeen close ended schemes of which fifteen are debt schemes & two are Equity Schemes. The Audited Average Assets under Management for the year 2019-2020 clocked in at Rs.53839.64 Crore as on March 31, 2020.

1. investment objective, policy and performance of the schemes of tata mutual Fund:

Please refer Annexure I for a detailed write up in this regard as provided by the Investment Manager (TAML).

2. Brief Background of Sponsors, trust, trustee company and asset management company (amc).

tata mutual Fund (tmF)

Tata Mutual Fund was set up as a Trust by the Sponsors and the Settlers, Tata Sons Pvt. Ltd. (TSL) and Tata Investment Corporation Limited (TICL) on May 09, 1995 with Tata Trustee Company Limited as a Trustee in accordance with the provisions of the Indian Trusts Act, 1882 and is duly registered under the Indian Registration Act, 1908. The Trustee has entered into an Investment Management Agreement dated May 09, 1995 with Tata Asset Management Limited to function as the Investment Manager for all the Schemes of Tata Mutual Fund (TMF). TMF obtained SEBI registration on June 30, 1995.

tata trustee company limited (ttcl)

The Trustee is the exclusive holder of the Trust Funds and holds the same in trust for the benefit of the unitholders who are the ultimate owners / beneficiaries of the respective schemes. The Trustee has been discharging its duties and carrying out the responsibilities as provided in the Regulations and the Trust Deed. The Trustee seeks to ensure that the Fund and the Schemes floated there under are managed by the AMC in accordance with the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies.

tata asset management limited (taml)

The Asset Management is a company incorporated under the Companies Act, 1956 on March 15, 1994. TAML has been appointed as the Asset Management Company for Tata Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated May 09, 1995, executed between TTCL and TAML.

3. SignificantAccountingPolicies:

Accounting policies are in accordance with the requirements of the Securities Exchange Board of India (Mutual Fund) Regulations 1996.

4. General policies and procedures for exercising the voting rights

In view of SEBI guidelines related to “Role of Mutual Funds in Corporate Governance of Public Listed Companies”, Tata Asset Management Ltd. has formulated its “Policy for Proxy Voting in Public Listed Companies”. The said policy and summary as well as details of actual exercise of proxy votes during the Financial Year 2019–2020 are enclosed as Annexure II & Annexure III to this report and is also available on the website www.tatamutualfund.com

5. unclaimed Dividend & redemption:

Details of unclaimed dividend and redemption amount are given in annexure iV.

6. redressal of complaints received against tmF during 2019-2020:

Details of complaints received and redressed during financial year 2019-2020 are given in annexure V.

7. Statutory information:

a. The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial contribution (to the extent contributed) of Rs. 1 lakh for setting up the Fund and extant SEBI (Mutual Funds) Regulation, 1996.

b. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments in securities.

c. Full Annual Report is uploaded on the website (www.tatamutualfund.com). On written request, present and prospective unit holder / investors can obtain copy of the trust deed, the annual report at a price and the text of the relevant scheme.

annexure i

investment objective, policy and performance of the schemes:

tata arbitrage Fund

An open ended scheme investing in arbitrage opportunities. The investment objective of the Scheme is to seek to generate reasonable returns by investing predominantly in arbitrage opportunities in the cash and derivatives segments of the equity markets and by investing balance in debt and money market instruments.

The fund has been in existence for more than a year now. The Fund Performance is in line with the performance of its benchmark index.

performance at a glance (% as on march 31, 2020) Scheme name last 1 year last 3 year last 5 years Since inceptionTata Arbitrage Fund - Dir – Growth 7.66 N/A N/A 7.42(18/11/18)Tata Arbitrage Fund - Reg – Growth 6.82 N/A N/A 6.62(18/11/18)Benchmark (Nifty 50 Arbitrage Index) 6.04 N/A N/A 6.25

past performance may or may not sustain in future.tata Balanced advantage Fund

An Open Ended Balanced Advantage Scheme. The investment objective is to provide capital appreciation and income distribution to the investors by using equity derivatives strategies, arbitrage opportunities and pure equity investments. Primarily investing in a diversified portfolio consisting of equity and equity related instruments across market capitalization (65% to 100%) and in debt instruments (0- 30%).

Tata Balanced Advantage Fund works on arriving at equity allocation based on combination of Price Earnings Ratio, future earnings outlook and other momentum-based indicators. The equity allocation through most of the year FY2019-20 was in the 40-50% range due to the expensive valuations and weakening earnings outlook. Towards the end of the year with the steep correction in March, the equity allocation as recommended by the inhouse model went up towards 60%. This along with stock selection has resulted in outperforming the benchmarks since inception.

performance at a glance (% as on march 31, 2020)Scheme name last 1 year last 3 year last 5 years Since inception

Tata Balanced Advantage Fund - Dir – Growth -5.52 N/A N/A -3.47(25/01/19)Tata Balanced Advantage Fund - Reg – Growth -7.24 N/A N/A -5.31(25/01/19)Benchmark (CRISIL Hybrid 35+65 - Aggressive Index) -12.91 N/A N/A -6.32

past performance may or may not sustain in future.tata Equity Savings Fund

An open ended Equity Scheme investing in equity, arbitrage and debt. The investment objective of the scheme is to provide long term capital appreciation and income distribution to the investors by predominantly investing in equity and equity related instruments, equity arbitrage opportunities and investments in debt and money market instruments.

Tata Equity Savings Fund - Direct – Growth- Fund performance has improved considerably during the year, though it is still underperforming the benchmark. Active management with respect to Arbitrage & non-arbitrage activities led to the improved performance.

performance at a glance (% as on march 31, 2020)Scheme name last 1 year last 3 years last 5 years Since inceptionRegular Plan- Monthly Dividend -5.87 0.95 2.44 6.44 (27/04/2000)Direct Plan- Monthly Dividend -4.83 1.77 3.35 4.18 (01/01/2013)Direct Plan – Growth -4.20 2.22 3.75 6.13 (7/01/2013)Regular Plan – Growth -5.21 1.17 2.69 7.99 (23/07/1997)Benchmark: Nifty Equity Savings Index -4.47 4.27 5.28 Regular Plan: NA

Direct Plan: 7.47

past performance may or may not sustain in future.tata Ethical Fund:

An open-ended thematic equity scheme following Shariah principles. The investment objective of the Scheme is to provide medium to long- term capital gains by investing in Sharia compliant equity and equity related instruments of well-researched value and growth - oriented companies.

Tata Ethical Fund has outperformed the benchmark during the year. Overweight position in Pharmaceuticals and consumer sector and stock selection were key contributors to the performance.


performance at a glance (% as on march 31, 2020)Scheme name last 1 year last 3 years last 5 years Since inceptionTata Ethical Fund-Regular Plan -Growth -15.00 -0.62 0.52 14.23 (24/05/96)NIFTY 500 Sharia -16.31 0.23 4.19 NATata Ethical Fund-Direct Plan-Growth -14.06 0.52 1.52 9.76 (01/01/13)NIFTY 500 Sharia -16.31 0.23 4.19 10.20

past performance may or may not sustain in future.tata Focused Equity Fund

An Open Ended Equity Scheme investing in maximum 30 stocks across market capitalisation. The investment objective of the scheme is to generate long term capital appreciation by investing in equity & equity related instruments of maximum 30 stocks across market caps. Tata Focused Equity Fund is a fund which aims to generate long term capital appreciation by predominantly investing in a concentrated portfolio of equity & equity related instruments of maximum 30 stocks across market capitalisation.

Tata Focused Equity Fund is a new fund and is in the process of being deployed.

performance at a glance (% as on march 31, 2020) Scheme name last 1 year last 3 year last 5 years Since inceptionTata Focused Equity Fund - Dir – Growth N/A N/A N/A -27.62(05/12/19)Tata Focused Equity Fund - Reg – Growth N/A N/A N/A -28.30Benchmark (S&P BSE 200 ) N/A N/A N/A -27.73

past performance may or may not sustain in future. tata index Fund:

An open-ended index linked equity scheme. The investment objective is to reflect/mirror the market returns with a minimum tracking error. The scheme is a passively managed scheme investing mainly in equity shares of only those companies comprised in the CNX Nifty Index/S&P BSE Sensex as may be defined from time to time.These schemes are passively managed fund. During the year performance of the schemes are in line with the performance of the index.performance at a glance (% as on march 31, 2020)Scheme name last 1 year last 3 years last 5 years Since inceptionNIFTY Regular Plan-Growth -24.67 -1.22 0.87 13.36 (25/02/03)Nifty 50 -24.85 -0.81 1.56 14.64NIFTY Direct -Growth -24.46 -0.90 1.32 6.38 (01/01/13)Nifty 50 -24.85 -0.81 1.56 6.53SENSEX Regular Plan-Growth -22.37 0.72 1.73 13.40 (25/02/03)S&P BSE SENSEX -22.69 1.07 2.41 15.42SENSEX Direct -Growth -22.13 1.05 2.17 6.62 (01/01/13)S&P BSE SENSEX -22.69 1.07 2.41 7.26

past performance may or may not sustain in future.Dislosure for composite caGr calculationTata Index Fund - Sensex Plan S&P BSE Sensex TRI As TRI data is not available since inception of the scheme, benchmark performance

is calculated using composite CAGR of S&P BSE Sensex PRI values from date 25-Feb-2003 to date 31-May-2007 and TRI values since date 31-May-2007

tata mid cap Growth Fund:

An open-ended equity scheme predominantly investing in mid cap stocks. The investment objective is to provide income distribution and/or medium to long term capital gains while at all times emphasizing the importance of capital appreciation. Primary investment focus on equity and equity related securities of well researched growth oriented mid cap stocks. Mid Cap companies are those companies which are classified as Mid Cap companies by Securities and Exchange Board of India (SEBI) SEBI or Association of Mutual Funds in India (AMFI).

Tata Mid cap Growth Fund has significantly outperformed its benchmark during the year. The performance was a result of multiple portfolio stocks performing well during the period.

performance at a glance (% as on march 31, 2020)Scheme name last 1 year last 3 years last 5 years Since inceptionTata Mid Cap Growth Fund-Regular Plan -Dividend -23.30 -3.69 0.94 10.48 (01/07/94)Tata Mid Cap Growth Fund-Regular Plan -Growth -23.26 -3.66 0.95 9.67(01/07/94)Nifty Midcap 100 -34.83 -11.09 -0.95 N.A.Tata Mid Cap Growth Fund-Direct Plan-Growth -22.08 -2.62 1.90 12.38 (01/01/13)Tata Mid Cap Growth Fund-Direct Plan-Dividend -22.19 -1.05 2.88 13.12(01/01/13)Nifty Midcap 100 -34.83 -11.09 -0.95 5.59

past performance may or may not sustain in future. tata multi asset opportunities Fund

An Open Ended Scheme hybrid scheme investing in equity, debt and exchange traded commodity derivatives. The investment objective of the scheme is to generate long term capital appreciation. Tata Multi Asset Opportunities Fund is a fund which aims to generate long term capital appreciation by investing in equity & equity related instruments, debt & money market instruments and in exchange traded commodity derivatives.

The scheme has commenced fund deployment during the month of March which witnessed a steep correction in the indices. This allowed the scheme to invest at lower equity valuations to reach the investment objectives leading to outperformance in the short period of its existence. The target equity allocation will be 65% with 25% in commodity & commodity arbitrage and 10% in debt.

performance at a glance (% as on march 31, 2020) Scheme name last 1 year last 3 year last 5 years Since inceptionTata Multi Asset Opportunities Fund - Dir – Growth N/A N/A N/A -5.62(12/03/20)Tata Multi Asset Opportunities Fund - Reg – Growth N/A N/A N/A -5.80Benchmark (65% S&P BSE 200 + 15% CRISIL Short Term Bond Fund Index + 20% iCOMDEX Composite Index)

N/A N/A N/A -8.20

past performance may or may not sustain in future.tata multicap Fund

An open-ended equity scheme investing across large cap, mid cap, small cap stocks. The investment objective of the Scheme is to generate capital appreciation over medium to long term by investing 65% to 100% in Equity and equity related instruments and up to 35% in debt and money market instruments.

Tata Multicap Fund outperformed its benchmark in FY20. Since its inception in September 2018, this relatively young fund has outperformed its benchmark. Tata Multicap is a flexible ‘go anywhere’ fund, meaning it has the flexibility to choose large cap, mid cap or small cap exposure, based on the potential of the company rather than the size of the company. It is a market cap agnostic fund. The choice of sectors/companies is based only on the potential of compounding that we see in these sectors/companies. The Fund follows blend of both ‘value’ and ‘growth’ style of investing depending upon market environment & opportunities.

performance at a glance (% as on march 31, 2020) Scheme name last 1 year last 3 year last 5 years Since inceptionTata Multicap Fund - Dir - Growth -15.95 N/A N/A -7.27(06/09/18)Tata Multicap Fund - Reg - Growth -17.47 N/A N/A -9.07(06/09/18)Benchmark (S&P BSE 500 TRI) -26.27 N/A N/A -18.42

past performance may or may not sustain in future.tata nifty Exchange traded Fund

An Open Ended Exchange Traded Fund tracking Nifty 50 Index. The investment objective of the scheme is to provide returns that is closely correspond to the total returns of the securities as represented by the Nifty 50 index, subject to tracking error.

Tata Nifty Exchange Traded Fund- Being an ETF it mirrors the performance of the NIFTY.

performance at a glance (% as on march 31, 2020) Scheme name last 1 year last 3 year last 5 years Since inceptionTata Nifty Exchange Traded Fund -24.87 N/A N/A -16.39 (03/01/19)Benchmark (Nifty 50) -24.85 N/A N/A -16.31


tata nifty private Bank Exchange traded Fund

An Open-Ended Exchange Traded Fund replicating / tracking Nifty Private Bank Index. The investment objective of the scheme is to provide returns that is closely correspond to the total returns of the securities as represented by the Nifty Private Bank index, subject to tracking error.

The scheme is a passively managed exchange traded fund- Being an ETF it mirrors the performance of the Nifty private bank. The difference in return was due to the time lag in executing & replicating the portfolio.

performance at a glance (% as on march 31, 2020) Scheme name last 1 year last 3 year last 5 years Since inceptionTata Nifty Private Bank Exchange Traded Fund N/A N/A N/A -32.56(30/08/19)Benchmark (Nifty Private Bank TRI) N/A N/A N/A -33.52

past performance may or may not sustain in future.tata quant Fund

An open ended equity scheme following quant based investing theme. The investment objective of the scheme is to generate medium to long-term capital appreciation by investing in equity and equity related instruments selected based on a quantitative model (Quant Model).

The fund was recently launched and hence considering the time to build the portfolio, the returns has been slightly below the benchmark.

performance at a glance (% as on march 31, 2020) Scheme name last 1 year last 3 year last 5 years Since inceptionTata Quant Fund - Dir – Growth N/A N/A N/A -30.71(22/01/20)Tata Quant Fund - Reg – Growth N/A N/A N/A -31.06Benchmark (S&P BSE 200 TRI) N/A N/A N/A -28.79

past performance may or may not sustain in future.

tata Smallcap Fund

An Open-Ended Equity Scheme predominantly investing in small cap stocks. The investment objective of the scheme is to generate long term capital appreciation by predominantly investing in 65%-100% in Equity & Equity related instrument of small cap companies. The scheme may also invest in equity & equity related instrument of other than small cap companies (0-35%) or debt or money market instrument or Units of REITS and InvITs.

Covid -19 has led to negative returns for the year though better than the benchmark index.

performance at a glance (% as on march 31, 2020) Scheme name last 1 year last 3 year last 5 years Since inceptionTata SmallCap Fund - Dir - Growth -25.40 N/A N/A -15.08(12/11/18)Tata SmallCap Fund - Reg - Growth -26.81 N/A N/A -16.81(12/11/18)Benchmark (Nifty Smallcap 100) -45.03 N/A N/A -32.18

past performance may or may not sustain in future.tata Value Fund Series 1 & 2 (close Ended Equity Schemes)

A close-ended equity scheme/s following value investment strategy. The investment objective of the Schemes is to provide capital appreciation over the tenure of the fund through a diversified equity portfolio following value investment strategy.

Both these Funds are 3-year close-ended which were launched in mid-2018. The Tata Value Fund Series 1 & Series 2 outperformed its benchmark respectively in FY20. Both funds are also marginally outperforming their benchmark since inception as well.

performance at a glance (% as on march 31, 2020) Scheme name last 1 year last 3 year last 5 years Since inceptionTata Value Fund Series - 1 - Dir – Growth -19.78 N/A N/A -12.51(16/07/18)Tata Value Fund Series - 1 - Reg – Growth -20.79 N/A N/A -13.95(16/07/18)Benchmark (S&P BSE 200 TRI) -25.24 N/A N/A -12.76Tata Value Fund Series - 2 - Dir – Growth -18.44 N/A N/A -13.61(03/08/18)Tata Value Fund Series - 2 - Reg – Growth -19.51 N/A N/A -15.14(03/08/18)Benchmark (S&P BSE 200 TRI) -25.24 N/A N/A -15.57


tata Banking and Financial Services FundAn open-ended Banking & Financial Services Sector Fund. The investment objective of the scheme is to seek long term capital appreciation by investing at least 80% of its net assets in equity/equity related instruments of the companies in the Banking and Financial Services sector in IndiaThe fund outperformed its benchmark in FY 2020. The Fund remain structurally long on private sector banks as compared to PSU Banks. Overweight position on life insurance and the bottom up approach in picking small and mid-sized banks have helped in producing better returns beating the benchmark.performance at a glance (% as on march 31, 2020)Scheme name last 1 year last 3 years last 5 years Since inceptionRegular Plan-Growth 23.09 0.58 N/A 8.74 (28/12/2015)Direct-Growth 21.87 1.04 N/A 10.55 (28/12/2015)Nifty Financial Services 25.13 2.85 N/A 7.72

past performance may or may not sustain in future.tata Digital india FundAn open ended information technology sector scheme. The investment objective of the scheme is to seek long term capital appreciation by investing at least 80% of its net assets in equity/equity related instruments of the companies in Information Technology Sector in India.The scheme has outperformed the benchmark over the 3 years period led by our large cap focused approach with very select midcaps. In fiscal 2020 though the scheme underperformed due to the overweight stance on select mid-caps. performance at a glance (% as on march 31, 2020)Scheme name last 1 year last 3 years last 5 years Since inceptionRegular Plan-Growth -16.46 9.97 N/A 5.39(28/12/2015)Direct-Growth -14.98 11.88 N/A 7.23 (28/12/2015)S&P BSE IT -13.96 9.63 N/A 5.57

past performance may or may not sustain in future.tata india consumer FundAn open ended consumption oriented sector scheme. The investment objective of the scheme is to seek long term capital appreciation by investing at least 80% of its net assets in equity/equity related instruments of the companies in the Consumption Oriented sectors in India.The Funds direct plan outperformed the benchmark although regular plan slightly underperformed during the year. More importantly, the Fund outperformed the benchmark since its inception in December 2015 led by focus on sector leaders in FMCG, Retailing, Media and Auto space. Last 1 year has been challenging for this theme as consumption showed signs of sluggishness and auto sector faced headwinds.

performance at a glance (% as on march 31, 2020)Scheme name last 1 year last 3 years last 5 years Since inceptionRegular Plan-Growth -15.23 4.25 N/A 9.29(28/12/2015)Direct-Growth -13.92 5.94 N/A 11.12(28/12/2015)Nifty India Consumption -14.77 1.89 N/A 4.35

past performance may or may not sustain in future. tata india pharma & healthcare Fund An Open-Ended Pharma and Healthcare Services Sector Scheme The investment objective of the scheme is to seek long term capital appreciation by investing at least 80% of its net assets in equity/equity related instruments of the companies in the pharma & healthcare sectors in India.

Overweight stance on the MNC companies, select large and mid-cap companies drove outperformance over the benchmark in the fiscal 2020. The approach is to evaluate and try to invest in the companies which give both growth and value comfort and it has helped the fund to consistently outperformed the benchmark.

performance at a glance (% as on march 31, 2020)

Scheme name last 1 year last 3 years last 5 years Since inception

Regular Plan-Growth -1.71 -0.66 N/A -2.62 (28/12/2015)

Direct-Growth -0.20 1.00 N/A -0.96 (28/12/2015)

Nifty Pharma -22.13 -10.95 N/A -10.79


past performance may or may not sustain in future.tata resources & Energy Fund An Open Ended Resources and Energy Sectors Scheme. The investment objective of the scheme is to seek long term capital appreciation by investing at least 80% of its net assets in equity/equity related instruments of the companies in the Resources & Energy sectors in India.

The Fund has outperformed the benchmark in the last 1-year and as well benchmark since its inception. Overweight stance on agriculture, chemicals and natural gas sectors have helped the performance. Underweight position in metals has also helped the fund.



Direct Plan-Growth -17.90 -4.11 N/A 5.30(28/12/2015)

Regular Plan-Growth -19.31 -5.77 N/A 3.47(28/12/2015)

Nifty Commodities -35.23 -10.75 N/A 1.29


tata india tax Savings Fund:An open-ended equity linked saving scheme. The investment objective is to provide medium to long term capital gains along with income tax relief to its unitholders while at all times emphasizing the importance of capital appreciation. It is an open-ended equity linked saving scheme with a compulsory lock in period of three years from the date of allotment.Tata India Tax Savings Fund has underperformed the benchmark during the year. Significant exposure in Banking and Financial Services sector towards the end of the financial year was one of the prime reasons for the underperformance. The sector corrected significantly during March 2020 on account of concerns around increasing NPAs due to Covid 19.performance at a glance (% as on march 31, 2020)

Scheme name last 1 year last 3 years last 5 years Since inceptionTata India Tax Savings Fund-Regular Plan-Dividend -22.74 -2.58 2.67 16.90(31/03/96)Tata India Tax Savings Fund-Regular Plan-Growth -23.74 -2.13 3.05 6.18(14/10/14)S&P BSE SENSEX -22.69 1.07 2.41 Dividend - 11.20

Growth – 3.38Tata India Tax Saving Fund-Direct-Dividend -22.53 -0.82 4.22 11.09(01/01/13)Tata India Tax Saving Fund-Direct-Growth -22.54 -0.79 4.30 7.57(14/10/14)S&P BSE SENSEX -22.69 1.07 2.41 Dividend – 7.26

Growth – 3.38

*Previously known as Tata Long Term Equity Fund & Tata Tax Savings Fund.

Disclosure of composite caGr : calculation methodologyScheme name index name Since inception

Tata India Tax Savings Fund - Reg - Dividend

S&P BSE Sensex TRI As TRI data is not available since Inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE Sensex PRI values from date 31-Mar-1996 to date 31-May-2007 and TRI values since date 31-May-2007


tata young citizens’ Fund:

An open-ended Children’s Fund. The investment objective of the Scheme is to generate long term capital growth. Investment for children having a lock in period of 5 years or till date the child attains the age of majority whichever is earlier.

The Fund direct plan outperformed its benchmark. The Fund’s return pre-FY20 is un-comparable to key Equity indices because it was a 50:50 Debt and Equity Fund till FY18. The Fund’s attribute was changed in June 2019. Its equity exposure was changed to a minimum of 65% at all times. Only in late-FY20, the Tata Young Citizen Fund became a 100% equity-oriented Fund.

performance at a glance (% as on march 31, 2020)Scheme name last 1 year last 3 years last 5 years Since inceptionTata Young Citizens’ Fund-Regular Plan-Growth -21.55 -5.83 -1.22 10.66 (14/10/95)S&P BSE 200 TRI -25.24 -2.02 1.76 10.68Tata Young Citizens’ Fund-Direct-Growth -21.11 -4.92 -0.15 5.12(01/01/13)S&P BSE 200 TRI -25.24 -2.02 1.76 6.97

Disclosure of composite caGr : calculation methodologyScheme name index name Since inception

Tata Young Citizens Fund - Reg S&P BSE 200 TRI As TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200 PRI values from date 13-Oct-1995 change to 14-Oct-1995 to date 01-Aug-2006 and TRI values since date 01-Aug-2006.


tata retirement Savings Fund:

The Tata Retirement Savings Fund has three funds within its solution suite – Progressive, Moderate and Conservative. In all the three funds, the fund management style and stock picks are similar with the only difference being percentage allocation to equity (equity, balanced and MIP oriented respectively). The Equity portion with relevant weightages are common across these solution-based funds. There may be minor weightage differences that may creep up over time, which then are corrected, as far as possible.

In FY20, the Progressive & Moderate Plan outperformed the benchmark. Since inception in November 2011, all the three funds have outperformed their respective benchmark. The portfolio mantra continues to be “growth at reasonable price”. The focus is on building overweight positions in sustainable business models which would help the portfolio over the medium to long term.

Conservative Plan intends to run a low to medium maturity portfolio. The fund is running a high-quality portfolio which has benefited due to fall in yields in AAA and G sec.



Tata Retirement Savings Fund-Progressive-Regular Plan-Growth -18.50 0.21 4.33 10.84(01/11/2011)

S&P BSE Sensex 200 TRI -25.24 -2.02 1.76 7.94

Tata Retirement Savings Fund-Progressive-Direct Plan-Growth -17.15 1.67 5.92 11.32 (09/01/2013)

S&P BSE Sensex 200 TRI -25.24 -2.02 1.76 6.90



Tata Retirement Savings Fund-Moderate-Regular Plan-Growth -16.28 0.44 4.30 11.66(01/11/2011)

CRISIL Hybrid 25+75-Aggressive Index -16.56 0.81 3.79 8.50

Tata Retirement Savings Fund-Moderate-Direct-Growth -14.95 1.78 5.68 12.26(09/01/2013)

CRISIL Hybrid 25+75-Aggressive Index -16.56 0.81 3.79 7.68



Tata Retirement Savings Fund – Conservative-Regular Plan-Growth -0.18 4.00 6.09 8.45(01/11/2011)

Tata Retirement Savings Fund – Conservative-Direct-Growth 0.96 5.46 7.57 9.69(09/01/2013)

CRISIL Short Term Debt Hybrid 75+25 Fund Index 0.46 5.65 6.88 Direct Plan 8.45 Regular Plan 8.76



tata Equity p/E Fund:

An open ended equity scheme following value investment strategy. The investment objective of the Scheme is to provide reasonable and regular income and/or possible capital appreciation to its Unitholder. At least 70% of the net assets are invested in equity shares whose rolling P/E ratio on last four quarter earnings for individual companies is less than rolling P/E of the S&P BSE Sensex Stocks.

The Tata Equity P/E Fund portfolio underperformed the benchmark by 3.4% in FY20. The pressure on the “value” part of the market continued. The breath of the market continued to be narrow and very few stocks outperformed the broader market indices. However since its inception in June 2004, the scheme still outperformed its benchmark return.

Tata Equity PE Fund strategy continues to be oriented towards “value” but with clear focus on sustainable business models.

performance at a glance (% as on march 31, 2020)Scheme name last 1 year last 3 years last 5 years Since inceptionTata Equity P/E Fund-Regular Plan -Growth -27.19 -5.72 1.75 15.60 (29/06/04)S&P BSE SENSEX -22.69 1.07 2.14 13.75Tata Equity P/E Fund-Direct Plan -Growth -26.08 -4.53 2.79 10.51 (01/01/13)S&P BSE SENSEX -22.69 1.07 2.14 7.26

past performance may or may not sustain in future.Dislosure for composite caGr calculationTata Equity P/E Fund S&P BSE Sensex TRI As TRI data is not available since inception of the scheme, benchmark performance

is calculated using composite CAGR of S&P BSE Sensex PRI values from date 29-Jun-2004 to date 31-May-2007 and TRI values since date 31-May-2007

tata hybrid Equity Fund:

An open-ended hybrid scheme investing predominantly in equity and equity related instruments. The investment objective of the Scheme is to provide income distribution and or capital appreciation over medium to long term. Primary focus on investing in equity and equity related instruments of well managed high-quality companies with above average growth prospects. Debt portion is invested in debt instruments of companies which are fundamentally sound and available at attractive yields.

Covid-19 has impacted performance for the fund specially on account of higher exposure to Banks. Fund Managers are optimistic on the India growth story and look forward to improved positive performance going forward.

performance at a glance (% as on march 31, 2020)Scheme name last 1 year last 3 years last 5 years Since inceptionTata Hybrid Equity Fund-Regular Plan -Growth -18.58 -3.60 0.07 13.73 (08/10/95)Crisil Hybrid 25+75 Aggressive Index -16.56 0.81 3.79 NATata Hybrid Equity Fund-Direct-Growth -17.72 -2.31 1.09 8.83 (01/01/13) Crisil Hybrid 25+75 Aggressive Index -16.56 0.81 3.79 7.74

*previously known as Tata Balanced Fund.


tata infrastructure Fund:An Open-ended equity scheme. The investment objective is 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. The investment focus on equity/equity related instruments of the companies in the infrastructure sector in India.Tata Infrastructure Fund has significantly outperformed its benchmark during the year. The performance of the fund can be primarily attributed to superior stock picking within the sector.performance at a glance (% as on march 31, 2020)Scheme name last 1 year last 3 years last 5 years Since inceptionTata Infrastructure Fund-Regular Plan-Growth -28.55 -8.34 -2.18 9.46 (31/12/04)S&P BSE India Infrastructure -42.21 -16.31 -6.84 NATata Infrastructure Fund-Direct-Growth -28.04 -7.83 -1.62 4.56 (01/01/13)S&P BSE India Infrastructure -42.21 -16.31 -6.84 1.03


tata large and midcap Fund:

An open-ended equity scheme investing in both large cap and mid cap stocks. The investment objective is to provide income distribution and/or medium to long term capital gains while at all times emphasizing the importance of capital appreciation. Primary focus on investing in equity and equity related instruments of well researched value and growth oriented large & midcap companies.

Covid -19 has led to negative returns for the year though better than the benchmark index.

performance at a glance (% as on march 31, 2020)Scheme name last 1 year last 3 years last 5 years Since inceptionTata Large and Midcap Fund -Regular Plan-Growth -20.73 -2.45 1.00 10.76 (25/02/93)Nifty Large Midcap 250 -27.29 -3.99 1.92 NATata Large and Midcap Fund -Direct Plan-Growth -19.69 -1.09 2.47 9.75 (01/01/13)Nifty Large Midcap 250 -27.29 -3.99 1.92 7.90


tata large cap Fund:

An open ended equity scheme predominantly investing in large cap stocks. The investment objective is to provide income distribution and/or medium to long term capital gains while at all times emphasizing the importance of capital appreciation. Large cap companies are those companies which are classified as Large Cap companies by Securities and Exchange Board of India (SEBI) SEBI or Association of Mutual Funds in India (AMFI).

Tata Large Cap Fund has underperformed the benchmark during the year. Significant exposure in Banking and Financial Services sector towards the end of the financial year was one of the prime reasons for the underperformance. The sector corrected significantly during March 2020 on account of concerns around increasing NPAs due to Covid 19.

performance at a glance (% as on march 31, 2020)Scheme name last 1 year last 3 years last 5 years Since inceptionTata Large Cap Fund-Regular Plan -Growth -25.03 -3.74 -0.18 17.76 (07/05/98)S&P BSE SENSEX -22.69 1.07 2.41 11.37Tata Large Cap Fund-Direct -Growth -24.37 -2.51 1.25 7.14 (01/01/13)S&P BSE SENSEX -22.69 1.07 2.41 7.26

*previously known as Tata Pure Equity Fund.

past performance may or may not sustain in future. Dislosure for composite caGr calculationTata Large Cap Fund S&P BSE SENSEX As TRI data is not available since Inception of the scheme, benchmark performance

is calculated using composite CAGR of S&P BSE Sensex PRI values from date 07-May-1998 to date 31-May-2007 and TRI values since date 31-May 2007.


annexure-ii

VotinG policyTata Asset Management Limited (The AMC) is the Asset Management Company for Tata Mutual Fund (Fund). The AMC has set out this Voting policy. The Policy contains the principles that form the basis of all votes. The AMC believes that these principles are essential to ensure the long-term performance of assets managed by the AMC. The AMC will endeavor to manage voting rights with the same level of care & skill as it manages the funds. As a broad principle, the AMC does not have intention to participate directly or indirectly in the management of the companies, but it will use its influence as the representative of the shareholder amongst others by exercising its voting rights in accordance with the best interests of its funds unit holders as & when required. The AMC will follow a common voting policy for all its holdings including group companies & companies which have subscribed to the units of the schemes of the AMC without any bias towards any company. The interests of its unitholders being of prime importance.

The Schemes are entitled to exercise the voting rights attached to the shares. The shareholders do not necessarily need to be physically present at the site of the company’s annual meeting / extra-ordinary general meeting in order to exercise their right to vote. It is common for shareholders to voice their vote by proxy.

The AMC will exercise adequate safeguards to address any conflicts of interest with regard to any individual investments. This may imply that the AMC through its representatives may decide to refrain from exercising its voting rights if considered appropriate. AMC will only be voting in the exclusive interest of the unitholders, without taking into consideration the interest of any particular lobby/business group / promoter etc. of such company.

annexure-iii

Summary of Votes cast during the Financial year 2019-2020

Financial year quarter total no. of resolutions

Break-up of Vote decisionFor against abstained

2019-2020

April - June 270 270 0 0July - Sept 1787 1600 1 186Oct - Dec 62 55 1 6Jan - Mar 94 88 0 6

total 2213 2013 2 198The details of actual exercise of proxy votes during the Financial Year 2019–2020 is enclosed with the Annual Report 2019-2020 of Tata Mutual Fund along with the Scrutiniser’s Certification. The same is also available on the website www.tatamutualfund.com.

M. P. Chitale & Co.Chartered Accountants1/11, Prabhadevi Ind. Estate, 1st Flr., Opp. Siddhivinayak Temple, Veer Savarkar Marg, Prabhadevi, Mumbai - 25 Tel.: 43474301-03 Fax : 43474304

The Board of Directors, Tata Asset Management Ltd./ Tata Trustee Company Ltd. 1903, B wing, Parinee Crescenzo,

G-block, Bandra Kurla Complex,

Bandra East, Mumbai 400 051. We have been appointed as scrutinizer by Tata Asset Management Ltd. to certify the disclosure of votes cast on their website for the year 2019-20 in terms of SEBI circular No. CIR/IMD/DF/05/2014 dated March 24, 2014 and modified by SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2016/68 dated August 10, 2016. We have verified the voting disclosures made by Tata Asset Management Ltd. on the website for the year April 2019 to March 2020 on the basis of data obtained from custodian w.r.t. resolutions on which AMC is required to cast votes and details received from the Investment Team w.r.t. the voting decision (either to vote for/against/abstain from voting) duly supported by the rationale for each agenda item. We certify that AMC has disclosed details of all the votes cast in the format specified in the circular. This certification has been issued for submission to Board of Directors of Tata Trustee Company Ltd. and to disclose the same in the Tata Asset Management Ltd.’s annual report and on website in terms of SEBI circular No. CIR/IMD/DF/05/2014 dated March 24, modified by SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2016/68 dated August 10, 2016 and should not be used for any other purpose. Yours faithfully, For M.P. Chitale & Co. Chartered Accountants Firm Reg. No. 101851W

Vidya Barje Partner M. No. 104994 Mumbai, May 12, 2020 UDIN: 20104994AAAAEM3535


annexure iV

Statement of unclaimed redemption and Dividend as on 31st march’2020

Scheme nameunclaimed amounts no. of investors

Redemption Dividend Redemption Dividend

TATA Fixed Maturity Plan -Series 27 Scheme A 17,667.06 0.00 1 0

TATA Fixed Maturity Plan -Series 27 Scheme B 4.32 0.00 2 0

TATA Fixed Maturity Plan -Series 28 Scheme A 3.27 0.00 1 0

TATA Fixed Maturity Plan -Series 29 Scheme C 0.39 0.00 2 0

TATA Fixed Maturity Plan -Series 34 Scheme B 1.48 0.00 1 0

TATA Fixed Maturity Plan -Series 42 Scheme F 14,881.38 0.00 1 0

TATA Fixed Maturity Plan -Series 46 Scheme E 125,365.02 0.00 2 0

TATA Balanced Fund 6,966,169.63 16,828,823.39 191 2717

TATA Banking and Financial Services 114,418.88 36,974.30 16 8

Tata Capital Builder Fund 1,337,955.93 0.00 55 0

Tata Contra Fund 45,207.51 0.00 2 0

TATA Capital Protection Oriented Fund - Series 1 1,536,966.10 0.00 4 0

TATA Capital Protection Oriented Fund - Series 2 735,215.78 0.00 2 0

TATA Dynamic Bond Fund 124,838.87 10,166.15 4 5

TATA Digital India Fund 237,832.95 0.00 49 0

TATA Dual Advantage Fund - Scheme A 1,877,111.67 0.00 18 0

TATA Dual Advantage Fund - Scheme B 1,385,273.31 0.00 15 0

TATA Dual Advantage Fund - Scheme C 413,646.47 14,997.17 7 1

TATA Dividend Yield Fund 4,919,731.26 6,763,818.42 219 1096

Tata Equity Management Fund 3,951,362.85 0.00 157 0

TATA Equity Opportunities Fund 61,423,172.13 73,938,449.32 2082 12525

Tata Equity PE Fund 14,767,147.56 7,021,408.37 502 1057

TATA Fixed Income Portfolio Fund A1 Series 0.32 0.00 1 0TATA Fixed Income Portfolio Fund Scheme A2 Institutional Periodical Dividend 19,968.49 0.00 2 0

TATA Fixed Income Portfolio Fund A3 Series 1,779,344.20 0.00 2 0

TATA Fixed Income Portfolio Fund B3 Series 59,262.86 0.00 2 0

Tata Ultra Short Term Fund 892,684.26 0.00 67 0

TATA Floating Rate Fund - Long Term 719,961.57 5,295.98 26 2

TATA Money Market Fund 1,787,865.90 126,297.81 38 12

TATA Fixed Tenure Fund - Series 1 262,749.55 0.00 4 0

TATA Fixed Tenure Fund - Series 2 97,354.32 0.00 5 0

TATA Gilt Securities Fund 515,347.66 234,702.81 6 79

TATA Mid Cap Growth Fund 12,215,426.02 35,192,857.53 359 6824

TATA India Consumer Fund 521,004.77 88,216.67 34 2

TATA Index Fund - Nifty Plan 101,503.06 9,765.48 6 1

Tata Long Term Debt Fund 347,045.40 2,347,706.37 26 634

Scheme nameunclaimed amounts no. of investors

Redemption Dividend Redemption Dividend

Tata Medium Term Fund 77,220.05 14,885.50 7 34

Tata Balanced Advantage Fund 6,966.63 0.00 4 0

TATA Nifty Private Bank Exchange Traded Fund 6,151.49 0.00 16 0

Tata Overnight Fund 5,049.51 0.00 1 0

TATA Small Cap Fund 19,475.62 0.00 4 0

TATA ARBITRAGE FUND 24,317.17 0.00 2 0

Tata IND NAVRATNA Fund 31,508,327.34 0.00 8079 0

TATA Infrastructure Fund 46,952,853.33 22,338,392.75 1612 3223

TATA India Pharma & Healthcare Fund 92,410.13 0.00 4 0

TATA Index Fund - Sensex Plan 101,931.76 1,928.14 4 1

Tata Infrastructure Tax Saving Fund 5,815,111.30 0.00 500 0

TATA Liquid Fund 317,596.78 0.00 21 0

TATA Liquidity Management Fund 1,556.48 0.00 2 0

TATA Life Sciences & Technology Fund 788,092.43 572,484.02 20 65

TATA Regular Savings Equity Fund 1,891,194.77 875,281.59 28 347

TATA MIP Plus Fund 0.00 582.25 0 1

TATA Multicap Fund 104,318.18 0.00 8 0

TATA Large Cap Fund 22,025,128.03 21,203,058.68 770 3080

TATA Resources & Energy Fund 528.19 0.00 1 0

TATA Retirement Saving Fund - Conservative 2,725,881.36 301,955.49 102 524

TATA Retirement Saving Fund - Moderate 228,831.86 0.00 13 0

TATA Retirement Saving Fund - Progressive 197,887.55 2,051.87 26 1

TATA Services Industries Fund 125,954.26 5,840.03 4 2

TATA SIP Fund 1 13,210,667.60 1,262.58 472 1

Tata Smart Investment Plan - 1 Scheme A 583,344.51 0.00 82 0

Tata Smart Investment Plan - 1 Scheme B 74,769.71 0.00 20 0

TATA Ethical Fund 6,295,957.90 5,916,554.97 83 506

TATA Short Term Bond Fund 1,203,463.61 2,113.41 11 13

TATA Tax Advantage Fund 94,890,393.03 5,704.50 2535 3

Tata Corporate Bond Fund 1,648,473.73 0.00 28 0

Tata India Tax Savings Fund 6,914,330.69 105,549,344.21 359 7842

IBMF TAX Shield migrated to TATA Equity opportunities FUND 0.00 2,076,119.39 0 708

TATA Young Citizens Fund 1,892,115.57 0.00 140 0


annexure-V

redressal of complaints received during 2019-2020

name of the mutual Fund tata mutual Fund

total number of Folios (as on 31-mar-20) 20,91,375

complaint code

type of complaint# (a) no. of complaints

pending at the

beginning of the year

action on (a) and (b)

(b) no of complaints

received during the

year

resolved non-actionable*

pending

Within 30 days

30-60 days

60-180 days

Beyond 180 days

0-3 months

3-6 months

6-9 months

9-12 months

I A Non receipt of Dividend on Units

0 2 2 0 0 0 0 0 0 0 0

I B Interest on delayed payment of Dividend

0 0 0 0 0 0 0 0 0 0 0

I C Non receipt of Redemption Proceeds

0 12 12 0 0 0 0 0 0 0 0

I D Interest on delayed payment of Redemption

0 0 0 0 0 0 0 0 0 0 0

II A Non receipt of Statement of Account/Unit Certificate

0 1 1 0 0 0 0 0 0 0 0

II B Discrepancy in Statement of Account

0 10 9 0 1 0 0 0 0 0 0

II C Data corrections in Investor details

0 5 5 0 0 0 0 0 0 0 0

II D Non receipt of Annual Report/Abridged Summary

0 0 0 0 0 0 0 0 0 0 0

III A Wrong switch between Schemes

0 0 0 0 0 0 0 0 0 0 0

III B Unauthorized switch between Schemes

0 0 0 0 0 0 0 0 0 0 0

III C Deviation from Scheme attributes

0 0 0 0 0 0 0 0 0 0 0

III D Wrong or excess charges/load

0 0 0 0 0 0 0 0 0 0 0

III E Non updation of changes viz. address, PAN, bank details, nomination, etc

1 30 31 0 0 0 0 0 0 0 0

IV Others ** 0 10 8 2 0 0 0 0 0 0 0V Others - Delay / Non

Allotment of units1 54 55 0 0 0 0 0 0 0 0

VI Others - Transaction related - Online

0 33 31 2 0 0 0 0 0 0 0

VII Others - Transaction related - SIP/STP/SWP

0 17 15 2 0 0 0 0 0 0 0

VIII Others - Transaction related - General

1 17 15 2 1 0 0 0 0 0 0

total 3 191 184 8 2 0 0 0 0 0 0

Tata Mutual Fund for FY 2019-2020 Complaints Summary:particulars countTotal Complaints Received 191Total Number of Folios 2091375percentage complaints against Folios 0.01%

# including against its authorized persons/ distributors/ employees. etc.* Non actionable means the complaint that are incomplete / outside the scope of the mutual fund** In case, others include a type of complaint which is more than 10% of overall complaint, reasons provided separately.

12th Floor, The Ruby29 Senapati Bapat MargDadar (West)Mumbai - 400 028, India

Tel: +91 22 6819 8000

Chartered Accountants

S.R. Batliboi & Co. LLP, a Limited Liability Partnership with LLP Identity No. AAB-4294Regd. Office : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016

INDEPENDENT AUDITOR’S REPORT

To the Trustees ofTata Mutual Fund – TATA ARBITRAGE FUND

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of TATA ARBITRAGE FUND (“theScheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Account andthe Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given tous, the aforesaid financial statements of the Scheme give a true and fair view in conformitywith the accounting principles generally accepted in India, including the accounting policiesand standards specified in the Ninth Schedule to the Securities and Exchange Board of India(Mutual Funds) Regulations, 1996, as amended (“the SEBI Regulations”):

(a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March2020;

(b) in the case of the Revenue Account, of the surplus for the year ended on that date; and(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that

date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) issued by the Institute of Chartered Accountants of India (‘the ICAI’). Ourresponsibilities under those Standards are further described in the ‘Auditor’s Responsibilitiesfor the Audit of the Financial Statements’ section of our report. We are independent of theScheme in accordance with the ‘Code of Ethics’ issued by the ICAI together with the ethicalrequirements that are relevant to our audit of the financial statements, and we have fulfilledour other ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Board of Tata Asset Management Limited and Tata Trustee Company Limited (togetherreferred to as the “Management”) are responsible for the other information. The otherinformation comprises the information included in the Trustee report, but does not include thefinancial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do notexpress any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether such other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit or otherwiseappears to be materially misstated.



The Trustee Report is not made available to us as the date of this auditor’s report. We havenothing to report in this regard.

Responsibilities of Management for the Financial Statements

The Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position, financial performance and cash flows of the Schemein accordance with accounting principles generally accepted in India, including the accountingpolicies and standards specified in the Ninth Schedule to the SEBI Regulations. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe SEBI regulations for safeguarding of the assets of the Scheme and for preventing anddetecting frauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent, the design,implementation and maintenance of adequate internal controls, that were operatingeffectively for ensuring the accuracy and completeness of the accounting records, relevant tothe preparation and presentation of the financial statements that give a true and fair view andare free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Management is responsible for assessing theScheme’s ability to continue as a going concern, disclosing, as applicable, matters related togoing concern and using the going concern basis of accounting unless the Management eitherintends to liquidate the Scheme or to cease operations, or has no realistic alternative but todo so.

Those Charged with Governance are also responsible for overseeing the Scheme’s financialreporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements asa whole are free from material misstatement, whether due to fraud or error, and to issue anauditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,but is not a guarantee that an audit conducted in accordance with SAs will always detect amaterial misstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate, they could reasonably be expected toinfluence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintainprofessional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whetherdue to fraud or error, design and perform audit procedures responsive to those risks, andobtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.The risk of not detecting a material misstatement resulting from fraud is higher than forone resulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the Management.

• Conclude on the appropriateness of the Management’s use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Scheme’s


ability to continue as a going concern. If we conclude that a material uncertainty exists,we are required to draw attention in our auditor’s report to the related disclosures in thefinancial statements or, if such disclosures are inadequate, to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor’sreport. However, future events or conditions may cause the Scheme to cease to continueas a going concern.

• Evaluate the overall presentation, structure and content of the financial statements,including the disclosures, and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with the Management, among other matters, the planned scope and timingof the audit and significant audit findings, including any significant deficiencies in internalcontrol that we identify during our audit.

We also provide to the Management with a statement that we have complied with relevantethical requirements regarding independence, and to communicate with them all relationshipsand other matters that may reasonably be thought to bear on our independence, and whereapplicable, related safeguards.

From the matters communicated with those charged with governance, we determine thosematters that were of most significance in the audit of the financial statements for the financialyear ended 31 March 2020 and are therefore the key audit matters. We describe these mattersin our auditor’s report unless law or regulation precludes public disclosure about the matteror when, in extremely rare circumstances, we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Other Matter

The comparative financial information of the Scheme for the year ended March 31, 2019included in these financial statements were audited by the predecessor auditor, who expressedand unmodified opinion on those financial statements of the Scheme on July 26, 2019.

Report on Other Legal and Regulatory Requirements

1. As required by regulation 55(4) and clause 5(ii)(2) of the Eleventh Schedule of the SEBIRegulations, we report that:

(a) We have sought and obtained all the information and explanations which, to the best ofour knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion, the balance sheet and revenue account dealt with by this report havebeen prepared in conformity with the accounting policies and standards specified in theNinth Schedule to the SEBI Regulations; and

(c) The balance sheet, the revenue account and the cash flow statement, dealt with by thisreport are in agreement with the books of accounts of the Scheme.



2. As required by the Eight Schedule of the SEBI Regulations, we report that:

(a) In our opinion, and on the basis of information and explanations given to us, themethods used to value non-traded securities as at 31 March 2020 are in accordancewith the SEBI Regulations and other guidelines approved by the Board of Directors ofthe Tata Trustee Company Limited, and are fair and reasonable.

For S.R. Batliboi & Co. LLPChartered AccountantsICAI Firm Registration Number: 301003E/E300005

______________________________per Rutushtra PatellPartnerMembership Number: 123596

UDIN: 20123596AAAALV8447Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA BALANCED ADVANTAGE FUND


Opinion

We have audited the accompanying financial statements of TATA BALANCED ADVANTAGEFUND (“the Scheme”), which comprise the Balance Sheet as at 31 March 2020, the RevenueAccount and the Cash Flow Statement for the year then ended, and notes to the financialstatements, including a summary of significant accounting policies and other explanatoryinformation.



(b) in the case of the Revenue Account, of the deficit for the year ended on that date; and(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that

date.

Basis for Opinion





In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether such other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit or otherwise



appears to be materially misstated.












• Conclude on the appropriateness of the Management’s use of the going concern basis of


accounting and, based on the audit evidence obtained, whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Scheme’sability to continue as a going concern. If we conclude that a material uncertainty exists,we are required to draw attention in our auditor’s report to the related disclosures in thefinancial statements or, if such disclosures are inadequate, to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor’sreport. However, future events or conditions may cause the Scheme to cease to continueas a going concern.





Other Matter













UDIN: 20123596AAAALW9083Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA EQUITY SAVINGS FUND


Opinion

We have audited the accompanying financial statements of TATA EQUITY SAVINGS FUND(“the Scheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Accountand the Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion












Other Matter













UDIN: 20123596AAAANG4967Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA ETHICAL FUND


Opinion

We have audited the accompanying financial statements of TATA ETHICAL FUND (“theScheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Account andthe Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion








• Conclude on the appropriateness of the Management’s use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Scheme’sability to continue as a going concern. If we conclude that a material uncertainty exists,we are required to draw attention in our auditor’s report to the related disclosures in thefinancial statements or, if such disclosures are inadequate, to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor’sreport. However, future events or conditions may cause the Scheme to cease to continueas a going concern.





Other Matter











UDIN: 20123596AAAALY1523Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA FOCUSED EQUITY FUND


Opinion

We have audited the accompanying financial statements of TATA FOCUSED EQUITY FUND(“the Scheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Accountand the Cash Flow Statement for the period then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.



(b) in the case of the Revenue Account, of the deficit for the period ended on that date;and

(c) in the case of the Cash Flow Statement, of the cash flows for the period ended on thatdate.

Basis for Opinion












From the matters communicated with those charged with governance, we determine thosematters that were of most significance in the audit of the financial statements for the financialperiod ended 31 March 2020 and are therefore the key audit matters. We describe thesematters in our auditor’s report unless law or regulation precludes public disclosure about thematter or when, in extremely rare circumstances, we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Other Matter











UDIN: 20123596AAAANW4047Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA INDEX FUND - NIFTY


Opinion

We have audited the accompanying financial statements of TATA INDEX FUND - NIFTY (“theScheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Account andthe Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion













Other Matter











UDIN: 20123596AAAAMY6846Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA INDEX FUND - SENSEX


Opinion

We have audited the accompanying financial statements of TATA INDEX FUND - SENSEX (“theScheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Account andthe Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion













Other Matter











UDIN: 20123596AAAAMZ8580Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA MID CAP GROWTH FUND


Opinion

We have audited the accompanying financial statements of TATA MID CAP GROWTH FUND(“the Scheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Accountand the Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion













Other Matter











UDIN: 20123596AAAANA4527Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA MULTI ASSET OPPORTUNITIES FUND


Opinion

We have audited the accompanying financial statements of TATA MULTI ASSETOPPORTUNITIES FUND (“the Scheme”), which comprise the Balance Sheet as at 31 March2020, the Revenue Account and the Cash Flow Statement for the period then ended, and notesto the financial statements, including a summary of significant accounting policies and otherexplanatory information.





Basis for Opinion





Annual Report2019-2020Chartered Accountants



















Other Matter










UDIN: 20123596AAAANX5140Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA MULTICAP FUND


Opinion

We have audited the accompanying financial statements of TATA MULTICAP FUND (“theScheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Account andthe Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion













Other Matter










UDIN: 20123596AAAANF8503Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA NIFTY EXCHANGE TRADED FUND


Opinion

We have audited the accompanying financial statements of TATA NIFTY EXCHANGE TRADEDFUND (“the Scheme”), which comprise the Balance Sheet as at 31 March 2020, the RevenueAccount and the Cash Flow Statement for the year then ended, and notes to the financialstatements, including a summary of significant accounting policies and other explanatoryinformation.




date.

Basis for Opinion


Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of mostsignificance in our audit of the financial statements for the financial year ended 31 March2020. These matters were addressed in the context of our audit of the financial statements asa whole, and in forming our opinion thereon, and we do not provide a separate opinion onthese matters. For each matter below, our description of how our audit addressed the matteris provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in the Auditor’sresponsibilities for the audit of the financial statements section of our report, including in



relation to these matters. Accordingly, our audit included the performance of proceduresdesigned to respond to our assessment of the risks of material misstatement of the financialstatements. The results of our audit procedures, including the procedures performed toaddress the matters below, provide the basis for our audit opinion on the accompanyingfinancial statements.

Key audit matters How our audit addressed the key audit matterInformation Technology systems and controlsAs a Mutual Fund, the reliability of ITsystems plays a key role in thebusiness operations. Since largevolume of transactions areprocessed, the IT controls arerequired to ensure that systemsprocess data as expected and thatchanges are made in an appropriatemanner.

The IT infrastructure is critical forsmooth functioning of the Fund’sbusiness operations as well as fortimely and accurate financialaccounting and reporting.

Due to the pervasive nature andcomplexity of the IT environmentand large volume of transactions wehave considered IT systems andcontrols as a key audit matter.

Our audit procedures focused ontesting of IT systems, IT generalcontrols and specific applicationcontrols.

Our audit procedures focused on the ITinfrastructure and applications relevant tofinancial reporting of the Fund: Assessed the information systems used by

the Fund for: (i) IT General Controls (ITGC)and (ii) Application controls;

Aspects covered in the IT systems GeneralControl audit were (i) User AccessManagement (ii) Program ChangeManagement (iii) Other related ITGCs; - tounderstand the design and test the operatingeffectiveness of such controls in the system;

Performed tests of controls (including othercompensatory controls wherever applicable)on the IT application controls and ITdependent manual controls in the system;and

Tested the design and operatingeffectiveness of compensating controls incase deficiencies were identified and, wherenecessary, extended the scope of oursubstantive audit procedures.

Existence and Valuation of investments

The investments held by the Schemeas at 31 March 2020 mainlycomprised of Listed Equity Shares.

There is a risk on existence ofinvestments and that the fair valueof investments not determinedappropriately. Accordingly, theexistence and valuation ofinvestments is considered as a keyaudit matter.

Our audit procedures focussed in relation toexistence and valuation of investments: Assessed the design and implementation of

controls over existence and valuation ofinvestments;

On a sample basis, tested the key controls onexistence and valuation of Investments;

Traced the existence of investments held bythe Scheme from the confirmation providedby the Custodian with the holding as per thebooks of account as at 31 March 2020; and

Tested the valuation of investments as per theinvestment valuation policy approved by theBoard of Directors of Tata Asset Management


Key audit matters How our audit addressed the key audit matterLimited and Tata Trustee Company Limited,and in accordance with the SEBI Regulations.











Our objectives are to obtain reasonable assurance about whether the financial statements asa whole are free from material misstatement, whether due to fraud or error, and to issue anauditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,but is not a guarantee that an audit conducted in accordance with SAs will always detect a



material misstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate, they could reasonably be expected toinfluence the economic decisions of users taken on the basis of these financial statements.










Other Matter










UDIN: 20123596AAAANH5204Place of Signature: MumbaiDate: 28 August 2020



Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA NIFTY PRIVATE BANK EXCHANGE TRADED FUND


Opinion

We have audited the accompanying financial statements of TATA NIFTY PRIVATE BANKEXCHANGE TRADED FUND (“the Scheme”), which comprise the Balance Sheet as at 31 March2020, the Revenue Account and the Cash Flow Statement for the period then ended, and notesto the financial statements, including a summary of significant accounting policies and otherexplanatory information.





Basis for Opinion


Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of mostsignificance in our audit of the financial statements for the financial period ended 31 March2020. These matters were addressed in the context of our audit of the financial statements asa whole, and in forming our opinion thereon, and we do not provide a separate opinion onthese matters. For each matter below, our description of how our audit addressed the matteris provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in the Auditor’s


responsibilities for the audit of the financial statements section of our report, including inrelation to these matters. Accordingly, our audit included the performance of proceduresdesigned to respond to our assessment of the risks of material misstatement of the financialstatements. The results of our audit procedures, including the procedures performed toaddress the matters below, provide the basis for our audit opinion on the accompanyingfinancial statements.










Existence and Valuation of investmentsThe investments held by the Schemeas at 31 March 2020 mainlycomprised of Listed Equity Shares.


















Other Matter










UDIN: 20123596AAAANY3424Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA QUANT FUND


Opinion

We have audited the accompanying financial statements of TATA QUANT FUND (“theScheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Account andthe Cash Flow Statement for the period then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.





Basis for Opinion













Other Matter











UDIN: 20123596AAAANZ2612Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA SMALL CAP FUND


Opinion

We have audited the accompanying financial statements of TATA SMALL CAP FUND (“theScheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Account andthe Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion













Other Matter











UDIN: 20123596AAAANN9064Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA VALUE FUND - SERIES 1


Opinion

We have audited the accompanying financial statements of TATA VALUE FUND - SERIES 1(“the Scheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Accountand the Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion


Key Audit Matters


We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in the Auditor’sresponsibilities for the audit of the financial statements section of our report, including inrelation to these matters. Accordingly, our audit included the performance of procedures



designed to respond to our assessment of the risks of material misstatement of the financialstatements. The results of our audit procedures, including the procedures performed toaddress the matters below, provide the basis for our audit opinion on the accompanyingfinancial statements.






























Other Matter










UDIN: 20123596AAAANS8255Place of Signature: MumbaiDate: 28 August 2020



Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA VALUE FUND - SERIES 2


Opinion

We have audited the accompanying financial statements of TATA VALUE FUND - SERIES 2(“the Scheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Accountand the Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion


Key Audit Matters


We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in the Auditor’sresponsibilities for the audit of the financial statements section of our report, including inrelation to these matters. Accordingly, our audit included the performance of procedures


designed to respond to our assessment of the risks of material misstatement of the financialstatements. The results of our audit procedures, including the procedures performed toaddress the matters below, provide the basis for our audit opinion on the accompanyingfinancial statements.





























Other Matter










UDIN: 20123596AAAANT2388Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA BANKING & FINANCIAL SERVICES FUND


Opinion

We have audited the accompanying financial statements of TATA BANKING & FINANCIALSERVICES FUND (“the Scheme”), which comprise the Balance Sheet as at 31 March 2020,the Revenue Account and the Cash Flow Statement for the year then ended, and notes to thefinancial statements, including a summary of significant accounting policies and otherexplanatory information.




date.

Basis for Opinion













Other Matter










UDIN: 20123596AAAALX5844Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA DIGITAL INDIA FUND


Opinion

We have audited the accompanying financial statements of TATA DIGITAL INDIA FUND (“theScheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Account andthe Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion













Other Matter










UDIN: 20123596AAAAMA4513Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA INDIA CONSUMER FUND


Opinion

We have audited the accompanying financial statements of TATA INDIA CONSUMER FUND(“the Scheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Accountand the Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion













Other Matter










UDIN: 20123596AAAAMW6590Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA INDIA PHARMA & HEALTHCARE FUND


Opinion

We have audited the accompanying financial statements of TATA INDIA PHARMA &HEALTHCARE FUND (“the Scheme”), which comprise the Balance Sheet as at 31 March 2020,the Revenue Account and the Cash Flow Statement for the year then ended, and notes to thefinancial statements, including a summary of significant accounting policies and otherexplanatory information.




date.

Basis for Opinion













Other Matter










UDIN: 20123596AAAANC7495Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA RESOURCES & ENERGY FUND


Opinion

We have audited the accompanying financial statements of TATA RESOURCES & ENERGYFUND (“the Scheme”), which comprise the Balance Sheet as at 31 March 2020, the RevenueAccount and the Cash Flow Statement for the year then ended, and notes to the financialstatements, including a summary of significant accounting policies and other explanatoryinformation.




date.

Basis for Opinion













Other Matter










UDIN: 20123596AAAANJ5208Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA INDIA TAX SAVINGS FUND


Opinion

We have audited the accompanying financial statements of TATA INDIA TAX SAVINGS FUND(“the Scheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Accountand the Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion













Other Matter











UDIN: 20123596AAAANQ8380Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA YOUNG CITIZENS FUND


Opinion

We have audited the accompanying financial statements of TATA YOUNG CITIZENS FUND(“the Scheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Accountand the Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion












Other Matter




(a) We have sought and obtained all the information and explanations which, to the bestof our knowledge and belief were necessary for the purposes of our audit;









UDIN: 20123596AAAANU7061Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA RETIREMENT SAVINGS FUND-CONSERVATIVE PLAN


Opinion

We have audited the accompanying financial statements of TATA RETIREMENT SAVINGSFUND-CONSERVATIVE PLAN (“the Scheme”), which comprise the Balance Sheet as at 31March 2020, the Revenue Account and the Cash Flow Statement for the year then ended, andnotes to the financial statements, including a summary of significant accounting policies andother explanatory information.




date.

Basis for Opinion












Other Matter













UDIN: 20123596AAAANK6586Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA RETIREMENT SAVINGS FUND-MODERATE PLAN


Opinion

We have audited the accompanying financial statements of TATA RETIREMENT SAVINGSFUND-MODERATE PLAN (“the Scheme”), which comprise the Balance Sheet as at 31 March2020, the Revenue Account and the Cash Flow Statement for the year then ended, and notesto the financial statements, including a summary of significant accounting policies and otherexplanatory information.




date.

Basis for Opinion












Other Matter













UDIN: 20123596AAAANL5230Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA RETIREMENT SAVINGS FUND-PROGRESSIVE PLAN


Opinion

We have audited the accompanying financial statements of TATA RETIREMENT SAVINGSFUND-PROGRESSIVE PLAN (“the Scheme”), which comprise the Balance Sheet as at 31March 2020, the Revenue Account and the Cash Flow Statement for the year then ended, andnotes to the financial statements, including a summary of significant accounting policies andother explanatory information.




date.

Basis for Opinion













Other Matter











UDIN: 20123596AAAANM1164Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA EQUITY P/E FUND


Opinion

We have audited the accompanying financial statements of TATA EQUITY P/E FUND (“theScheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Account andthe Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion













Other Matter











UDIN: 20123596AAAAMD8781Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA HYBRID EQUITY FUND


Opinion

We have audited the accompanying financial statements of TATA HYBRID EQUITY FUND (“theScheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Account andthe Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.


3. in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March2020;


date.

Basis for Opinion












Other Matter












UDIN: 20123596AAAAMB7071Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA INFRASTRUCTURE FUND


Opinion

We have audited the accompanying financial statements of TATA INFRASTRUCTURE FUND(“the Scheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Accountand the Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion













Other Matter











UDIN: 20123596AAAAND5271Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA LARGE & MID CAP FUND


Opinion

We have audited the accompanying financial statements of TATA LARGE & MID CAP FUND(“the Scheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Accountand the Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion













Other Matter











UDIN: 20123596AAAAMC7785Place of Signature: MumbaiDate: 28 August 2020


Tel: +91 22 6819 8000




To the Trustees ofTata Mutual Fund – TATA LARGE CAP FUND


Opinion

We have audited the accompanying financial statements of TATA LARGE CAP FUND (“theScheme”), which comprise the Balance Sheet as at 31 March 2020, the Revenue Account andthe Cash Flow Statement for the year then ended, and notes to the financial statements,including a summary of significant accounting policies and other explanatory information.




date.

Basis for Opinion













Other Matter











UDIN: 20123596AAAANP9219Place of Signature: MumbaiDate: 28 August 2020

Balance Sheet as at 31st March, 2020

Schedule

As At As At As At As At As At As At31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19

Rs. Rs. Rs. Rs. Rs. Rs.LIABILITIES

Unit Capital I 3,358,836,963 4,328,287,850 1,725,998,663 1,738,634,558 6,025,882,376 2,725,743,854 Reserves & Surplus II 26,682,247,040 43,351,720,438 10,526,588,613 11,958,749,342 (1,342,879,011) 170,083,024 Current Liabilities & Provisions III 170,539,704 272,417,921 297,689,547 194,279,779 28,131,721 22,128,622

TOTAL 30,211,623,707 47,952,426,209 12,550,276,823 13,891,663,679 4,711,135,086 2,917,955,500

ASSETS

Investments IV 29,517,785,813 46,904,134,580 11,659,261,138 13,441,361,833 4,112,860,708 2,023,446,204 Deposits V 4,917,795 200,000,000 1,972,836 10,000,000 1,286,632 - Other Current Assets VI 688,920,099 848,291,629 889,042,849 440,301,846 596,987,746 894,509,296

TOTAL 30,211,623,707 47,952,426,209 12,550,276,823 13,891,663,679 4,711,135,086 2,917,955,500

- - - - - - Significant Accounting Policies and Notes to the Accounts VIII

In terms of our reports attached On behalf of the Board of DirectorsFor S.R. Batliboi & CO. LLP of Tata Trustee Company LimitedChartered AccountantsICAI Firm Registration No. 301003E/ E300005

Rutushtra Patell DirectorPartnerMembership No. 123596 Tata Asset Management Limited

Mumbai, August 28, 2020 Authorised Signatory Fund Manager

Tata Hybrid Equity Fund (formerly known as "Tata Balanced Fund")

Tata Large and Mid Cap Fund (formerly known as "Tata Equity

Opportunities Fund")

Tata Small Cap Fund


Revenue Account for the year ended 31st March, 2020

Schedule

Year Ended Year Ended Year Ended Year Ended Year Ended Period Ended31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19

Rs. Rs. Rs. Rs. Rs. Rs.INCOME

Dividend 414,331,554 304,681,013 162,543,445 101,092,688 59,236,158 3,405,610 Interest VII 852,457,984 1,000,311,365 41,405,757 25,102,414 34,525,968 27,600,692 Profit/Loss on sale / redemption of investments (other than inter-scheme transfer/sale)

878,147,484 2,216,201,811 439,231,960 1,725,896,912 (33,238,659) (2,035,132)

Profit/Loss on inter- scheme transfer / sale of investments - (535,369) - - - - Load income 5,178,353 9,398,059 2,074,413 1,011,792 7,094,977 346,226 Other income (Including excess provision written back) - 6,794,179 - 741,479 - -

Increase / (Decrease) in unrealised appreciation/dimmunition in value of investments

(8,245,397,502) (37,624,904) (3,576,623,015) (617,424,435) (1,627,110,134) 152,336,813

TOTAL (A) (6,095,282,127) 3,499,226,154 (2,931,367,440) 1,236,420,850 (1,559,491,690) 181,654,209

EXPENSES AND LOSSES

Management fees 313,231,052 370,382,308 152,249,358 140,307,974 19,645,603 4,002,436 Trusteeship fees 12,766,358 16,297,556 4,366,684 4,242,187 1,335,749 335,370 GST on Management Fees 56,381,590 66,668,817 27,404,885 25,255,436 3,536,209 720,439 Commission to Agents 348,124,243 486,010,653 112,920,459 94,487,919 73,671,974 18,541,132 Investor Education Fund Expenses 8,510,908 9,961,348 2,911,124 2,575,054 890,500 174,730 Publicity expenses 655,649 2,947,195 618,164 819,079 206,156 279,001 Audit fees 335,143 755,068 130,358 213,803 49,394 42,947 Other operating expenses 4,036,027 1,699,936 2,025,228 1,548,592 415,743 217,514 Custodian fees and expenses 2,414,976 1,634,031 1,362,378 1,286,465 411,221 159,407 Registrar's fees and expenses 34,697,386 16,984,994 13,724,877 8,389,376 3,940,504 1,171,002

TOTAL (B) 781,153,332 973,341,906 317,713,515 279,125,885 104,103,053 25,643,978

Surplus / (Deficit) (A-B) (6,876,435,459) 2,525,884,248 (3,249,080,955) 957,294,965 (1,663,594,743) 156,010,231

Add / (Less) : Income Equalisation Account (Refer Note B 1.5 of Schedule VIII)

(4,358,645,893) (3,381,218,580) 752,468,562 1,278,509,514 (26,155,375) (2,174,175)

(11,235,081,352) (855,334,332) (2,496,612,393) 2,235,804,479 (1,689,750,118) 153,836,056 Add: Surplus brought forward 22,223,177,033 25,158,229,721 7,838,545,643 5,113,785,001 1,499,243 -

10,988,095,681 24,302,895,389 5,341,933,250 7,349,589,480 (1,688,250,875) 153,836,056

Add: Unrealised Appreciation Reserve at the beginning of the year/period 8,171,693,307 8,209,318,211 2,313,456,798 2,930,881,233 152,336,813 -

Less: Unrealised Appreciation Reserve at the end of the year/period - 8,171,693,307 - 2,313,456,798 - 152,336,813

Surplus / (Deficit) after adjustments 19,159,788,988 24,340,520,293 7,655,390,048 7,967,013,915 (1,535,914,062) 1,499,243

AppropriationsLess : Income Distribution 1,105,943,662 1,874,713,786 (2,087) 113,746,896 - - Less : Tax on dividend distributed 143,133,640 242,629,474 (133) 14,721,376 - -

Surplus / (Deficit) carried forward to Revenue Reserve 17,910,711,686 22,223,177,033 7,655,392,268 7,838,545,643 (1,535,914,062) 1,499,243

Income as a percentage to Average Net Assets (14.32) 7.03 (20.14) 9.60 (35.03) 7.92Recurring Expenses as a percentage to Average Net Assets 1.84 1.95 2.18 2.17 2.34 1.12

Significant Accounting Policies and Notes to the Accounts VIII







Tata Small Cap Fund


Cash Flow Statement for the year/period ended 31st March, 2020


Rs. Rs. Rs. Rs. Rs. Rs.A. Cash flow from Operating ActivitiesSurplus / (Deficit) for the year/period (6,876,435,459) 2,525,884,248 (3,249,080,955) 957,294,965 (1,663,594,743) 156,010,231 Adjustments for:-Dividend income (414,331,554) (304,681,013) (162,543,445) (101,092,688) (59,236,158) (3,405,610) Interest income (852,457,984) (1,000,311,365) (41,405,757) (25,102,414) (34,525,968) (27,600,692) Interest expense on borrowings - - - - - - Movement in unrealised appreciation/diminution in the value of Investments

8,245,397,502 37,624,904 3,576,623,015 617,424,435 1,627,110,134 (152,336,813)

Change in assets and liabilities:(Increase) / Decrease in Investments at Cost 9,258,508,151 4,183,824,400 (1,714,757,790) (2,033,552,797) (3,722,979,038) (1,858,811,038) (Increase) / Decrease in Deposits with scheduled banks/companies / institutions

195,082,205 - 8,027,164 - (1,286,632) -

(Increase) in Other Current Assets (4,058,854) (2,249,780) (12,516,863) (26,289,627) (337,558) (71,036) Increase in Accumulated Load (64) - (507) - - - Increase / (Decrease) in Current Liabilities and Provisions (45,063,622) (37,443,524) 23,635,073 4,446,863 2,914,764 7,868,353 Cash Generated from/(used in) Operations 9,506,640,321 5,402,647,870 (1,572,020,065) (606,871,263) (3,851,935,199) (1,878,346,605)

Interest received 1,029,140,905 899,900,677 41,428,588 31,690,587 34,532,254 27,590,752 Dividend received 414,331,554 304,681,013 162,543,445 101,092,688 59,236,158 3,405,610 Net Cash Generated from/(used in) Operating Activities ( A ) 10,950,112,780 6,607,229,560 (1,368,048,032) (474,087,988) (3,758,166,787) (1,847,350,243)

B. Cash flow from Investing Activities ( B ) - - - - - -

C. Cash flow from Financing ActivitiesNet proceeds from reissue / (payments for re-purchase) of units (1,050,422,200) (649,303,634) 5,144,961 216,588,015 3,308,298,854 2,724,739,632

Net unit premium received / (paid) (8,543,960,573) (5,955,302,310) 1,816,918,513 431,172,598 150,632,708 14,072,793 Dividend paid (including tax on dividend distributed, where applicable) during the year/period

(1,246,983,096) (2,115,546,721) 1,766,841 (106,356,376) 65,670 (65,670)

Net Cash Generated from/(used in) Financing Activities ( C ) (10,841,365,869) (8,720,152,665) 1,823,830,315 541,404,237 3,458,997,232 2,738,746,755

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) 108,746,911 (2,112,923,105) 455,782,283 67,316,249 (299,169,555) 891,396,512

Cash and cash equivalents as at the beginning of the year/period 216,092,142 2,329,015,247 240,132,693 172,816,444 891,396,512 -

Cash and cash equivalents as at the end of the year/period (Refer Note below)

324,839,053 216,092,142 695,914,976 240,132,693 592,226,957 891,396,512

Note: - - - - - - Components of cash and cash equivalents as at the end of theyear/period (Refer Note B 1.5 of Schedule )

Balances with banks in current account (Refer Schedule VI) 22,940,858 26,641,717 39,511,860 6,214,715 15,097,104 14,993,341 Collateralised Borrowing and Lending Obligation ("CBLO") (Refer Schedule VI)

- - - 219,958,473 399,984,753 864,836,724

Reverse Repos (Refer Schedule VI) 325,693,188 209,130,817 807,061,983 142,119,839 177,164,576 11,566,447

Less: Earmarked Balances - Unclaimed Dividend and Unclaimed Redemption invested in Reverse Repos/CBLO (Refer Schedule III)

(23,794,993) (19,680,392) (150,658,867) (128,160,334) (19,476) -

Cash and cash equivalents as at the end of the year/period 324,839,053 216,092,142 695,914,976 240,132,693 592,226,957 891,396,512









Tata Small Cap Fund

Schedule I - Unit Capital


Rs. Rs. Rs. Rs. Rs. Rs.

Initial Capital * 687,320,000 687,320,000 - - 1,886,680,451 1,886,680,451

Unit Capital (Refer Annexure 6)

Units Opening Balance / Initial Capital 4,328,287,850 4,810,583,148 1,738,634,558 1,472,824,646 2,725,743,854 1,886,680,451

Add : Units reissued during the year 307,770,896 874,576,800 250,902,839 574,045,625 4,164,211,292 881,257,018 4,636,058,746 5,685,159,948 1,989,537,397 2,046,870,271 6,889,955,146 2,767,937,469

Less : Units repurchased during the year 1,277,221,783 1,356,872,098 263,538,734 308,235,713 864,072,770 42,193,615

Units Closing Balance 3,358,836,963 4,328,287,850 1,725,998,663 1,738,634,558 6,025,882,376 2,725,743,854


Tata Large and Mid Cap Fund (formerly known as "Tata Equity Opportunities

Fund")

Tata Small Cap Fund

* As the scheme was taken over from anotherFund, the details of Initial Capital are notprovided.

Schedule II - Reserves & Surplus



Unit Premium ReserveOpening Balance 12,956,850,098 15,530,935,045 1,806,746,901 2,654,100,490 16,246,968 - Net Addition / (Deduction) during the year (4,185,314,744) (2,574,084,947) 1,064,449,444 (847,353,589) 176,788,083 16,246,968 Closing Balance 8,771,535,354 12,956,850,098 2,871,196,345 1,806,746,901 193,035,051 16,246,968

Unrealised Appreciation ReserveAt the beginning of the year 8,171,693,307 8,209,318,211 2,313,456,798 2,930,881,233 152,336,813 - Increase/(Decrease) in unrealised value of investments (8,171,693,307) (37,624,904) (2,313,456,798) (617,424,435) (152,336,813) 152,336,813 At the end of the year - 8,171,693,307 - 2,313,456,798 - 152,336,813

Revenue Account 17,910,711,686 22,223,177,033 7,655,392,268 7,838,545,643 (1,535,914,062) 1,499,243 26,682,247,040 43,351,720,438 10,526,588,613 11,958,749,342 (1,342,879,011) 170,083,024




Tata Small Cap Fund

Schedule III - Current Liabilities & Provisions



Current LiabilitiesManagement Fees payable 8,684,392 26,324,952 4,526,734 - - - Trusteeship Fees payable 9,936,102 12,905,567 3,412,238 3,485,961 1,051,392 282,567 Selling Commission / Brokerage Expenses payable 41,210,749 61,469,758 56,497,207 36,128,894 8,759,676 6,979,179 Advertisement & Publicity Expenses payable 8,913 408,635 - 100,945 - 20,491 Audit Fees payable 274,719 755,068 110,211 213,803 43,705 42,947 Custodian Fees & Expenses payable 166,356 165,954 93,929 94,175 31,127 12,845 Registrar's Fees & Expenses payable 2,518,228 2,367,610 1,044,340 2,489,825 421,634 337,793 Other payable 924,587 973,024 393,016 747,558 383,994 147,394 Units pending allotment 48,000 324,500 165,500 32,700 648,782 669,832 Redemption received in advance - - - - - - Contract for purchase of investments - - 51,556,543 - 5,843,953 12,298,353 Repurchase amount payable 27,558,566 109,269,550 5,017,475 12,253,498 2,015,548 1,343,637 Inter-scheme dues payable 51,992,348 30,829,435 17,400,986 4,578,144 8,820,845 14,117

Unclaimed Redemption payable (Refer Note C 15 of Schedule VIII) 6,966,170 5,050,400 67,302,157 46,568,245 19,476 -

Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII) 16,828,823 14,629,992 83,356,710 81,592,089 - - Income Distribution payable 148,160 252,785 - - - (65,670) Investor Education Fund Expenses Payable 559,234 801,098 229,584 226,344 91,589 45,137 Goods and Services Tax payable on Management Fees 1,563,191 4,738,491 814,812 - - - Accumulated Load 1,151,166 1,151,102 5,768,105 5,767,598 - -

170,539,704 272,417,921 297,689,547 194,279,779 28,131,721 22,128,622



Fund")

Tata Small Cap Fund

Schedule IV - Investments (Refer Note C 2 of Schedule VIII)



Equity Shares 20,670,605,243 35,995,365,070 11,658,641,638 13,039,882,089 3,934,840,001 2,023,446,204 Preference Shares - - 619,500 1,165,500 - - ReIT / InvIT Units - - - - 178,020,707 - Privately Placed Debentures / Bonds 752,157,000 990,267,201 - - - - Debentures and Bonds listed / awaiting listing on recognised stock exchange

6,206,050,419 8,612,689,841 - - - -

Mutual Fund Units - 800,628,488 - 400,314,244 - - Central and State Government Securities 1,645,373,401 249,493,670 - - - - Treasury Bills 243,599,750 240,800,250 - - - - Commercial Paper - 14,890,060 - - - -

29,517,785,813 46,904,134,580 11,659,261,138 13,441,361,833 4,112,860,708 2,023,446,204


Tata Large and Mid Cap Fund (formerly known as "Tata Equity Opportunities Fund")

Tata Small Cap Fund

Schedule V - Deposits



Deposits with Companies / Institutions 4,917,795 200,000,000 1,972,836 10,000,000 1,286,632 - 4,917,795 200,000,000 1,972,836 10,000,000 1,286,632 -




Tata Small Cap Fund

Schedule VI - Other Current Assets



Balances with banks in current accounts 22,940,858 26,641,717 39,511,860 6,214,715 15,097,104 14,993,341 Collateralised Borrowing and Lending Obligation - - - 219,958,473 399,984,753 864,836,724 Reverse Repos 325,693,188 209,130,817 807,061,983 142,119,839 177,164,576 11,566,447 Contract for sale of investments 137,609,888 255,166,774 31,289,851 59,497,838 - - Accrued income 175,737,679 352,420,600 63,722 86,553 3,654 9,940 Inter-scheme dues 26,938,257 4,875,746 11,113,241 2,440,567 4,348,541 3,031,808 Others Receivables 229 55,975 2,192 9,983,861 389,118 71,036

688,920,099 848,291,629 889,042,849 440,301,846 596,987,746 894,509,296




Tata Small Cap Fund

Schedule VII - Interest Income



Debentures / Bonds / Asset Backed Securities 565,625,966 633,583,780 - 883,198 - - Discounted Securities 123,968,739 185,279,701 17,285,311 5,207,449 10,289,683 16,431,423 Government Securities 117,979,919 138,089,347 - - - Reverse Repos 44,718,520 41,490,681 24,052,063 18,918,374 24,170,464 11,169,269 Other Deposits 164,840 1,867,856 68,383 93,393 65,821 -

852,457,984 1,000,311,365 41,405,757 25,102,414 34,525,968 27,600,692



Fund")

Tata Small Cap Fund


ScheduleTata Multi Asset

Opportunities Fund

As At As At As At31-Mar-20 31-Mar-19 31-Mar-20

Rs. Rs. Rs.LIABILITIES

Unit Capital I 9,871,731,058 7,412,375,925 3,703,884,399 Reserves & Surplus II (606,606,632) 241,236,966 (371,052,428) Current Liabilities & Provisions III 250,620,380 72,727,083 9,059,567

TOTAL 9,515,744,806 7,726,339,974 3,341,891,538

ASSETS

Investments IV 8,125,493,729 6,704,563,095 2,192,793,872 Deposits V 669,000,001 570,000,000 113,830,699 Other Current Assets VI 721,251,076 451,776,879 1,035,266,967

TOTAL 9,515,744,806 7,726,339,974 3,341,891,538

- - - Significant Accounting Policies and Notes to the Accounts VIII




Tata Balanced Advantage Fund


Revenue Account for the year/period ended 31st March, 2020

ScheduleTata Multi Asset

Opportunities Fund

Year Ended Year Ended Period Ended31-Mar-20 31-Mar-19 31-Mar-20

Rs. Rs. Rs.INCOME

Dividend 86,178,851 5,416,085 4,961,160 Interest VII 227,306,045 42,522,376 8,173,222 Profit/Loss on sale / redemption of investments (other than inter-scheme transfer/sale)

591,454,658 (111,635,342) 2,109,279

Load income 9,057,228 463,549 419,866 Other income 250,000 - - Increase / (Decrease) in unrealised appreciation/dimmunition in value of investments

(1,642,196,050) 333,186,147 (375,562,695)

TOTAL (A) (727,949,268) 269,952,815 (359,899,168)

EXPENSES AND LOSSES

Management fees 24,741,898 2,986,055 616,228 Trusteeship fees 2,934,748 539,767 75,659 GST on Management Fees 4,453,543 537,490 110,921 Commission to Agents 171,614,632 28,958,949 4,454,054 Investor Education Fund Expenses 1,956,497 227,802 50,439 Publicity expenses 737,287 395,388 43,829 Audit fees 97,416 115,548 30,006 Other operating expenses 835,008 129,493 74,151 Custodian fees and expenses 1,485,995 293,611 17,341 Registrar's fees and expenses 7,876,127 892,263 249,223

TOTAL (B) 216,733,151 35,076,366 5,721,851

Surplus / (Deficit) (A-B) (944,682,419) 234,876,449 (365,621,019)

(Less) : Income Equalisation Account (Refer Note B 1.5 of Schedule VIII) (1,802,705) (13,056,359) (5,430,820)

(946,485,124) 221,820,090 (371,051,839) Add: (Deficit) brought forward (111,366,057) - -

(1,057,851,181) 221,820,090 (371,051,839)

Add: Unrealised Appreciation Reserve at the beginning of the year/period 333,186,147 - -

Less: Unrealised Appreciation Reserve at the end of the year/period - 333,186,147 - (Deficit) after adjustments (724,665,034) (111,366,057) (371,051,839) Appropriations - - -

(Deficit) carried forward to Revenue Reserve (724,665,034) (111,366,057) (371,051,839)

Income as a percentage to Average Net Assets (7.44) 4.03 (10.53)Recurring Expenses as a percentage to Average Net Assets 2.22 0.52 0.17









Rs. Rs. Rs.A. Cash flow from Operating ActivitiesSurplus / (Deficit) for the year/period (944,682,419) 234,876,449 (365,621,019) Adjustments for:-Dividend income (86,178,851) (5,416,085) (4,961,160) Interest income (227,306,045) (42,522,376) (8,173,222) Interest expense on borrowings - - - Movement in unrealised appreciation/diminution in the value of Investments

1,642,196,050 (333,186,147) 375,562,695

Change in assets and liabilities:(Increase) in Investments at Cost (2,993,920,847) (6,361,674,611) (2,568,356,567) (Increase) in Deposits with scheduled banks/companies / institutions (99,000,001) (570,000,000) (113,830,699) (Increase) / Decrease in Other Current Assets 17,863,082 (21,951,625) (1,113,813) Increase in Current Liabilities and Provisions 16,711,241 27,370,959 5,680,439 Cash Generated from/(used in) Operations (2,674,317,790) (7,072,503,436) (2,680,813,346)

Interest received 163,151,181 27,356,034 1,080,205 Dividend received 86,178,851 5,416,085 4,961,160 Net Cash Generated from/(used in) Operating Activities ( A ) (2,424,987,758) (7,039,731,317) (2,674,771,981)

B. Cash flow from Investing Activities ( B ) - - -

C. Cash flow from Financing ActivitiesNet proceeds from reissue of units 2,466,758,356 7,417,334,674 3,706,125,556 Net unit premium received / (paid) 96,838,821 6,360,517 (5,431,409) Net Cash Generated from/(used in) Financing Activities ( C ) 2,563,597,177 7,423,695,191 3,700,694,147

Net increase in Cash and Cash Equivalents (A+B+C) 138,609,419 383,963,874 1,025,922,166

Cash and cash equivalents as at the beginning of the year/period 383,963,874 - -


522,573,293 383,963,874 1,025,922,166

Note: 0.00 0.00 0.00Components of cash and cash equivalents as at the end of theyear/period (Refer Note B 1.5 of Schedule VIII)

Balances with banks in current account (Refer Schedule VI) 5,199,924 44,933,887 286,008 Collateralised Borrowing and Lending Obligation ("CBLO") (Refer Schedule VI)

499,980,941 299,943,373 1,009,961,501

Reverse Repos (Refer Schedule VI) 17,399,395 39,086,614 15,674,657 Less: Earmarked Balances - Unclaimed Dividend and Unclaimed Redemption invested in Reverse Repos/CBLO (Refer Schedule III)

(6,967) - -

Cash and cash equivalents as at the end of the year/period 522,573,293 383,963,874 1,025,922,166

- - - Significant Accounting Policies and Notes to the Accounts VIII




Tata Balanced Advantage FundTata Multi Asset

Opportunities Fund




Rs. Rs. Rs.

Initial Capital 5,991,073,487 5,991,073,487 3,627,890,883


Units Opening Balance / Initial Capital 7,412,375,925 5,991,073,487 3,627,890,883

Add : Units reissued during the year/period 4,576,005,514 1,486,171,926 139,561,881 11,988,381,439 7,477,245,413 3,767,452,764

Less : Units repurchased during the year/period 2,116,650,381 64,869,488 63,568,365

Units Closing Balance 9,871,731,058 7,412,375,925 3,703,884,399


Opportunities Fund

Schedule II - Reserves & SurplusTata Multi Asset

Opportunities Fund


Rs. Rs. Rs.

Unit Premium ReserveOpening Balance 19,416,876 - - Net Addition / (Deduction) during the year 98,641,526 19,416,876 (589) Closing Balance 118,058,402 19,416,876 (589)

Unrealised Appreciation ReserveAt the beginning of the year 333,186,147 - - Increase/(Decrease) in unrealised value of investments (333,186,147) 333,186,147 - At the end of the year - 333,186,147 -

Revenue Account (724,665,034) (111,366,057) (371,051,839) (606,606,632) 241,236,966 (371,052,428)




Rs. Rs. Rs.

Current LiabilitiesManagement Fees payable - - 79,587 Trusteeship Fees payable 2,297,200 483,360 75,659 Selling Commission / Brokerage Expenses payable 14,073,162 18,320,940 4,454,055 Advertisement & Publicity Expenses payable 5,900 69,783 - Audit Fees payable 82,994 115,548 30,006 Custodian Fees & Expenses payable 77,570 124,541 14,631 Registrar's Fees & Expenses payable 733,817 267,050 221,507 Other payable 1,788,985 340,334 740,229 Units pending allotment 7,000 1,236,000 - Contract for purchase of investments 114,252,540 39,529,152 - Variation Margin - payable F&O 24,148,984 6,820,287 Repurchase amount payable 8,163,019 4,741,339 796,445 Inter-scheme dues payable 84,816,949 557,928 2,582,683 Unclaimed Redemption payable (Refer Note C 15 of Schedule VIII) 6,967 - - Investor Education Fund Expenses Payable 165,293 120,821 50,439 Goods and Services Tax payable on Management Fees - - 14,326

250,620,380 72,727,083 9,059,567


Opportunities Fund



Rs. Rs. Rs.

Equity Shares 6,458,087,944 5,296,990,953 1,904,011,232 Debentures and Bonds listed / awaiting listing on recognised stock exchange

1,522,745,935 741,868,742 100,152,000

Central and State Government Securities - - 188,630,640 Commercial Paper 94,924,500 193,703,400 - Certificates of Deposit 49,735,350 472,000,000 -

8,125,493,729 6,704,563,095 2,192,793,872


Opportunities Fund



Rs. Rs. Rs.

Deposits with scheduled banks* 669,000,001 570,000,000 113,600,000 Deposits with Companies / Institutions - - 230,699

669,000,001 570,000,000 113,830,699

* Variation margin deposit for dealing in Derivative trades.


Opportunities Fund



Rs. Rs. Rs.

Balances with banks in current accounts 5,199,924 44,933,887 286,008 Collateralised Borrowing and Lending Obligation 499,980,941 299,943,373 1,009,961,501 Reverse Repos 17,399,395 39,086,614 15,674,657 Contract for sale of investments 35,344,366 29,826,815 - Accrued income 79,321,206 15,166,342 7,093,017 Inter-scheme dues 80,631,963 1,576,518 1,137,971 Variation Margin - Receivable F&O - - 21,167 Others Receivables (Refer Note C 19 of Schedule VIII) 3,373,281 21,243,330 1,092,646

721,251,076 451,776,879 1,035,266,967


Opportunities Fund



Rs. Rs. Rs.

Term Deposits 44,877,412 6,492,762 348,966 Debentures / Bonds / Asset Backed Securities 114,292,164 6,951,208 332,630 Discounted Securities 49,322,803 21,065,737 3,305,947 Government Securities - - 654,300 Reverse Repos 18,742,821 8,012,669 3,531,379 Other Deposits 70,845 - -

227,306,045 42,522,376 8,173,222


Opportunities Fund


Schedule

As At As At As At As At As At31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-20 31-Mar-19

Rs. Rs. Rs. Rs. Rs.LIABILITIES

Unit Capital I 392,529,822 401,126,925 14,261,888,091 863,002,882 774,287,329 Reserves & Surplus II 4,268,294,303 5,131,476,718 (4,026,148,369) 5,465,436,096 6,004,274,137 Current Liabilities & Provisions III 37,176,098 43,840,797 50,178,507 239,534,208 85,222,855

TOTAL 4,698,000,223 5,576,444,440 10,285,918,229 6,567,973,186 6,863,784,321

ASSETS

Investments IV 4,589,428,600 5,098,893,099 9,446,548,255 5,981,271,414 6,266,741,130 Deposits V - - 17,469,609 - - Other Current Assets VI 108,571,623 477,551,341 821,900,365 586,701,772 597,043,191

TOTAL 4,698,000,223 5,576,444,440 10,285,918,229 6,567,973,186 6,863,784,321

- - - - - Significant Accounting Policies and Notes to the Accounts VIII




Tata Ethical Fund Tata Focused Equity Fund

Tata Mid Cap Growth Fund



Schedule

LIABILITIES

Unit Capital IReserves & Surplus IICurrent Liabilities & Provisions III

TOTAL

ASSETS

Investments IVDeposits VOther Current Assets VI

TOTAL


In terms of our reports attachedFor S.R. Batliboi & CO. LLPChartered AccountantsICAI Firm Registration No. 301003E/ E300005

Rutushtra PatellPartnerMembership No. 123596

Mumbai, August 28, 2020



1,225,253,357 1,378,569,880 636,798,952 676,939,639 9,029,944,106 7,547,062,424 2,316,832,887 4,208,337,562 5,127,083,435 7,225,435,160 6,562,664,252 10,149,002,761

101,430,853 96,552,374 86,965,812 90,013,071 149,663,776 170,270,048

3,643,517,097 5,683,459,816 5,850,848,199 7,992,387,870 15,742,272,134 17,866,335,233

3,481,504,614 5,526,138,354 5,466,316,010 7,762,218,001 15,165,253,995 16,865,576,985 - - - 20,000,000 - -

162,012,483 157,321,462 384,532,189 210,169,869 577,018,139 1,000,758,248

3,643,517,097 5,683,459,816 5,850,848,199 7,992,387,870 15,742,272,134 17,866,335,233

- - - - - -

On behalf of the Board of Directorsof Tata Trustee Company Limited

Director

Tata Asset Management Limited

Authorised Signatory Fund Manager

Tata Infrastructure Fund


Tata Large Cap Fund Tata India Tax Savings Fund


Schedule

Year Ended Year Ended Period Ended Year Ended Year Ended31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-20 31-Mar-19

Rs. Rs. Rs. Rs. Rs.INCOME

Dividend 95,010,871 58,886,057 40,650,000 66,620,451 38,064,725 Interest VII 10,466 - 56,640,916 19,199,795 21,668,023 Profit/Loss on sale / redemption of investments (other than inter-scheme transfer/sale)

83,122,203 234,947,738 (469,103,556) (139,783,405) 385,827,110

Load income 2,205,505 1,579,820 5,082,674 2,160,825 1,661,225 Other income (Including excess provision written back) - 439,872 - - 321,947 Increase / (Decrease) in unrealised appreciation/dimmunition in value of investments

(861,609,326) (86,058,056) (3,583,995,000) (1,690,930,987) 27,256,759

TOTAL (A) (681,260,281) 209,795,431 (3,950,724,966) (1,742,733,321) 474,799,789

EXPENSES AND LOSSES

Management fees 64,981,860 64,545,689 5,500,410 78,622,862 81,485,066 Trusteeship fees 1,651,309 1,710,752 - 2,165,968 2,076,573 GST on Management Fees 11,696,736 11,618,225 990,074 14,152,117 14,667,313 Commission to Agents 44,938,161 47,795,878 78,123,008 71,097,917 55,499,195 Investor Education Fund Expenses 1,100,873 1,037,343 863,571 1,443,979 1,262,240 Publicity expenses 335,572 740,830 295,931 260,164 390,024 Audit fees 48,651 86,040 93,029 69,265 105,329 Other operating expenses 962,031 317,071 454,804 911,870 611,710 Custodian fees and expenses 1,242,762 593,780 278,307 1,501,233 869,759 Registrar's fees and expenses 4,652,760 2,216,530 3,695,417 6,553,999 3,479,232

TOTAL (B) 131,610,715 130,662,138 90,294,551 176,779,374 160,446,441

Surplus / (Deficit) (A-B) (812,870,996) 79,133,293 (4,041,019,517) (1,919,512,695) 314,353,348


(69,436,859) 237,665,006 10,608,672 580,505,343 7,020,272

(882,307,855) 316,798,299 (4,030,410,845) (1,339,007,352) 321,373,620 Add: Surplus brought forward 2,634,011,807 2,282,750,799 - 3,286,130,632 3,122,281,478

1,751,703,952 2,599,549,098 (4,030,410,845) 1,947,123,280 3,443,655,098

Add: Unrealised Appreciation Reserve at the beginning of the year/period 1,031,903,530 1,117,961,586 - 1,794,391,971 1,767,135,212

Less: Unrealised Appreciation Reserve at the end of the year/period 170,294,204 1,031,903,530 - 103,460,984 1,794,391,971

Surplus / (Deficit) after adjustments 2,613,313,278 2,685,607,154 (4,030,410,845) 3,638,054,267 3,416,398,339

AppropriationsLess : Income Distribution - 45,682,957 - (1,197) 115,340,151 Less : Tax on dividend distributed - 5,912,390 - (154) 14,927,556

Surplus / (Deficit) carried forward to Revenue Reserve 2,613,313,278 2,634,011,807 (4,030,410,845) 3,638,055,618 3,286,130,632

Income as a percentage to Average Net Assets (12.38) 4.05 (29.25) (24.14) 7.52Recurring Expenses as a percentage to Average Net Assets 2.39 2.52 0.67 2.45 2.54









Schedule

INCOME

DividendInterest VII

Profit/Loss on sale / redemption of investments (other than inter-scheme transfer/sale)Load income Other income (Including excess provision written back)Increase / (Decrease) in unrealised appreciation/dimmunition in value of investments

TOTAL (A)

EXPENSES AND LOSSES

Management feesTrusteeship feesGST on Management FeesCommission to AgentsInvestor Education Fund ExpensesPublicity expensesAudit feesOther operating expensesCustodian fees and expensesRegistrar's fees and expenses

TOTAL (B)

Surplus / (Deficit) (A-B)Add / (Less) : Income Equalisation Account (Refer Note B 1.5 of Schedule VIII)

Add: Surplus brought forward

Add: Unrealised Appreciation Reserve at the beginning of the year/period

Less: Unrealised Appreciation Reserve at the end of the year/period

Surplus / (Deficit) after adjustmentsAppropriationsLess : Income DistributionLess : Tax on dividend distributed

Surplus / (Deficit) carried forward to Revenue Reserve

Income as a percentage to Average Net AssetsRecurring Expenses as a percentage to Average Net Assets





Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19


68,538,690 73,622,434 96,067,634 71,899,600 196,653,044 85,381,898 5,258,776 9,547,498 11,126,213 13,977,595 43,595,658 48,745,948

1,628,116 362,110,715 363,221,182 717,383,614 (261,952,240) (183,958,378)

241,341 2,127,876 764,690 789,508 - - - 243,721 - 510,356 - 182,640

(1,385,113,027) (464,684,866) (2,219,929,979) 82,062,194 (4,547,877,811) 1,638,151,125

(1,309,446,104) (17,032,622) (1,748,750,260) 886,622,867 (4,569,581,349) 1,588,503,233

80,804,403 89,867,172 95,790,484 71,706,678 96,325,836 52,109,736 1,541,493 1,858,259 2,343,836 2,504,742 5,753,688 4,929,442

14,544,793 16,176,092 17,242,288 12,907,203 17,338,651 9,379,754 27,839,478 31,145,561 42,385,304 50,819,103 221,904,375 209,685,047

1,027,662 1,137,399 1,562,557 1,523,888 3,835,793 2,965,326 143,687 338,100 313,154 462,951 10,007,834 15,077,888

40,195 87,388 63,276 124,290 171,437 279,545 771,033 676,855 857,514 696,667 2,577,583 1,939,060 492,255 552,840 655,361 581,046 1,765,955 1,537,728

5,004,750 3,573,658 7,055,292 4,067,241 18,038,524 10,215,494 132,209,749 145,413,324 168,269,066 145,393,809 377,719,676 308,119,020

(1,441,655,853) (162,445,946) (1,917,019,326) 741,229,058 (4,947,301,025) 1,280,384,213

(264,415,162) (326,381,288) (152,636,292) (172,787,059) (2,696,561,968) (3,560,440,726)

(1,706,071,015) (488,827,234) (2,069,655,618) 568,441,999 (7,643,862,993) (2,280,056,513) 4,131,732,744 4,155,875,295 5,267,866,898 4,781,487,093 (12,775,389,519) (7,960,885,992) 2,425,661,729 3,667,048,061 3,198,211,280 5,349,929,092 (20,419,252,512) (10,240,942,505)

1,808,052,693 2,272,737,559 2,543,228,419 2,461,166,225 3,411,825,243 1,773,674,118

422,939,666 1,808,052,693 323,298,440 2,543,228,419 - 3,411,825,243

3,810,774,756 4,131,732,927 5,418,141,259 5,267,866,898 (17,007,427,269) (11,879,093,630)

- 183 - - 335,630,503 793,550,038 - - - - 43,438,043 102,745,851

3,810,774,756 4,131,732,744 5,418,141,259 5,267,866,898 (17,386,495,815) (12,775,389,519)

(25.49) (0.30) (22.38) 11.64 (23.83) 10.712.57 2.56 2.15 1.91 1.97 2.08


Director



Tata Infrastructure Fund


Tata Large Cap Fund Tata India Tax Savings Fund



Rs. Rs. Rs. Rs. Rs.A. Cash flow from Operating ActivitiesSurplus / (Deficit) for the year/period (812,870,996) 79,133,293 (4,041,019,517) (1,919,512,695) 314,353,348 Adjustments for:-Dividend income (95,010,871) (58,886,057) (40,650,000) (66,620,451) (38,064,725) Interest income (10,466) - (56,640,916) (19,199,795) (21,668,023) Interest expense on borrowings - - - - -

Movement in unrealised appreciation/diminution in the value of Investments

861,609,326 86,058,056 3,583,995,000 1,690,930,987 (27,256,759)

Change in assets and liabilities:(Increase) / Decrease in Investments at Cost (367,829,250) (663,710,310) (13,030,543,255) (1,271,034,149) 223,904,485

(Increase) in Deposits with scheduled banks/companies / institutions - (17,469,609)

(Increase) / Decrease in Other Current Assets (3,907,532) (1,668,769) (3,218,187) (7,254,208) 759,384 Increase in Accumulated Load (236) - - (38) - Increase / (Decrease) in Current Liabilities and Provisions (6,991,222) 5,140,889 18,453,207 11,976,617 (3,272,117) Cash Generated from/(used in) Operations (425,011,247) (553,932,898) (13,587,093,277) (1,580,713,732) 448,755,593

Interest received 1,206,694 (1,145,617) 54,725,956 22,224,425 21,600,771 Dividend received 95,010,871 58,886,057 40,650,000 66,620,451 38,064,725 Net Cash Generated from/(used in) Operating Activities ( A ) (328,793,682) (496,192,458) (13,491,717,321) (1,491,868,856) 508,421,089

B. Cash flow from Investing Activities ( B ) - - - - -

C. Cash flow from Financing Activities

Net proceeds from reissue / (payments for re-purchase) of units (11,505,990) 23,927,606 14,267,273,167 86,220,715 (37,507,180)

Net unit premium received / (paid) (50,311,183) 655,390,379 14,871,148 1,380,673,341 94,751,058

Dividend paid (including tax on dividend distributed, where applicable) during the year/period

813,277 (50,546,269) - 7,146,424 (130,205,516)

Net Cash Generated from/(used in) Financing Activities ( C ) (61,003,896) 628,771,716 14,282,144,315 1,474,040,480 (72,961,638)

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) (389,797,578) 132,579,258 790,426,994 (17,828,376) 435,459,451

Cash and cash equivalents as at the beginning of the year 467,225,310 334,646,052 - 550,810,967 115,351,516

Cash and cash equivalents as at the end of the year (Refer Note below)

77,427,732 467,225,310 790,426,994 532,982,591 550,810,967

Note: - - - - - Components of cash and cash equivalents as at the end of theyear (Refer Note B 1.5 of Schedule VIII)

Balances with banks in current account (Refer Schedule VI) 77,427,732 467,225,310 27,414,736 24,456,204 16,602,452

Collateralised Borrowing and Lending Obligation ("CBLO") (ReferSchedule VI)

12,212,513 8,342,525 - 399,984,753 389,938,207

Reverse Repos (Refer Schedule VI) - - 763,012,258 157,287,874 185,762,340

Less: Earmarked Balances - Unclaimed Dividend and UnclaimedRedemption invested in Reverse Repos/CBLO (Refer Schedule III)

(12,212,513) (8,342,525) - (48,746,240) (41,492,032)

Cash and cash equivalents as at the end of the year 77,427,732 467,225,310 790,426,994 532,982,591 550,810,967

- - - - - Significant Accounting Policies and Notes to the Accounts VIII








A. Cash flow from Operating ActivitiesSurplus / (Deficit) for the year/periodAdjustments for:-Dividend incomeInterest incomeInterest expense on borrowings


Change in assets and liabilities:(Increase) / Decrease in Investments at Cost

(Increase) in Deposits with scheduled banks/companies / institutions

(Increase) / Decrease in Other Current AssetsIncrease in Accumulated LoadIncrease / (Decrease) in Current Liabilities and ProvisionsCash Generated from/(used in) Operations

Interest receivedDividend receivedNet Cash Generated from/(used in) Operating Activities ( A )

B. Cash flow from Investing Activities ( B )


Net proceeds from reissue / (payments for re-purchase) of units

Net unit premium received / (paid)Dividend paid (including tax on dividend distributed, where applicable) during the year/periodNet Cash Generated from/(used in) Financing Activities ( C )

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C)

Cash and cash equivalents as at the beginning of the year

Cash and cash equivalents as at the end of the year (Refer Note below)Note:

Components of cash and cash equivalents as at the end of theyear (Refer Note B 1.5 of Schedule VIII)

Balances with banks in current account (Refer Schedule VI)Collateralised Borrowing and Lending Obligation ("CBLO") (ReferSchedule VI)Reverse Repos (Refer Schedule VI)

Less: Earmarked Balances - Unclaimed Dividend and UnclaimedRedemption invested in Reverse Repos/CBLO (Refer Schedule III)

Cash and cash equivalents as at the end of the year







(1,441,655,853) (162,445,946) (1,917,019,326) 741,229,058 (4,947,301,025) 1,280,384,213

(68,538,690) (73,622,434) (96,067,634) (71,899,600) (196,653,044) (85,381,898) (5,258,776) (9,547,498) (11,126,213) (13,977,595) (43,595,658) (48,745,948)

- - - - - -

1,385,113,027 464,684,866 2,219,929,979 (82,062,194) 4,547,877,811 (1,638,151,125)

642,789,283 242,605,456 45,370,319 (129,420,898) (2,847,554,821) (3,444,143,537)

(3,470) - 20,000,000 10,000,000

1,760,959 (8,689,868) 9,128,433 (15,158,833) (6,374,698) (33,185,862) - - (447) - (354) -

6,522,457 (4,535,742) 8,345,411 (3,592,475) 2,947,276 (12,507,636) 520,728,937 448,448,834 278,560,522 435,117,463 (3,490,654,513) (3,981,731,793)

6,701,989 8,187,129 10,219,557 14,279,338 48,324,082 49,490,290 68,538,690 73,622,434 96,067,634 71,899,600 196,653,044 85,381,898

595,969,616 530,258,397 384,847,713 521,296,401 (3,245,677,387) (3,846,859,605)

- - - - - -

(153,043,392) (190,433,398) (52,706,433) (66,806,089) 1,477,750,102 2,113,616,684

(449,845,352) (379,957,957) (181,331,952) (341,104,256) 1,740,031,416 2,530,470,309

(1,930,373) 5,626,439 (268,664) 5,060,009 (393,877,569) (859,654,013)

(604,819,117) (564,764,916) (234,307,049) (402,850,336) 2,823,903,949 3,784,432,980

(8,849,501) (34,506,519) 150,540,664 118,446,065 (421,773,438) (62,426,625)

84,464,372 118,970,891 152,847,893 34,401,828 883,899,020 946,325,645

75,614,871 84,464,372 303,388,557 152,847,893 462,125,582 883,899,020

- - - - - -

14,204,570 4,695,772 28,290,767 6,073,669 101,501,103 244,894,507

- - 239,990,852 - - 389,938,207

130,701,547 150,490,260 82,286,488 194,406,576 473,088,154 345,481,219

(69,291,246) (70,721,660) (47,179,550) (47,632,352) (112,463,675) (96,414,913)

75,614,871 84,464,372 303,388,557 152,847,893 462,125,582 883,899,020

- - - - - -


Director




Tata Infrastructure Fund Tata Large Cap Fund Tata India Tax Savings Fund



Rs. Rs. Rs. Rs. Rs.

Initial Capital 227,957,000 227,957,000 13,748,922,333 - -


Units Opening Balance / Initial Capital 401,126,925 360,331,413 13,748,922,333 774,287,329 792,694,286

Add : Units reissued during the year 87,242,309 114,578,300 1,260,756,278 220,832,674 104,385,588 488,369,234 474,909,713 15,009,678,611 995,120,003 897,079,874

Less : Units repurchased during the year 95,839,412 73,782,788 747,790,520 132,117,121 122,792,545

Units Closing Balance 392,529,822 401,126,925 14,261,888,091 863,002,882 774,287,329

* As the scheme was taken over from anotherFund, the details of Initial Capital are not provided.




Initial Capital


Units Opening Balance / Initial Capital

Add : Units reissued during the year

Less : Units repurchased during the year

Units Closing Balance



7,610,853,241 7,610,853,241 37,811,000 37,811,000 129,495,000 129,495,000

1,378,569,880 1,559,827,403 676,939,639 734,562,485 7,547,062,424 5,431,240,904

47,035,224 227,607,511 56,253,066 43,527,986 2,017,931,068 2,299,948,394 1,425,605,104 1,787,434,914 733,192,705 778,090,471 9,564,993,492 7,731,189,298

200,351,747 408,865,034 96,393,753 101,150,832 535,049,386 184,126,874

1,225,253,357 1,378,569,880 636,798,952 676,939,639 9,029,944,106 7,547,062,424

Tata India Tax Savings FundTata Infrastructure Fund Tata Large Cap Fund



Rs. Rs. Rs. Rs. Rs.

Unit Premium ReserveOpening Balance 1,465,561,381 1,047,840,066 - 923,751,534 836,021,620 Net Addition / (Deduction) during the year/period 19,125,440 417,721,315 4,262,476 800,167,960 87,729,914 Closing Balance 1,484,686,821 1,465,561,381 4,262,476 1,723,919,494 923,751,534

Unrealised Appreciation ReserveAt the beginning of the year/period 1,031,903,530 1,117,961,586 - 1,794,391,971 1,767,135,212 Increase/(Decrease) in unrealised value of investments (861,609,326) (86,058,056) - (1,690,930,987) 27,256,759 At the end of the year/period 170,294,204 1,031,903,530 - 103,460,984 1,794,391,971

Revenue Account 2,613,313,278 2,634,011,807 (4,030,410,845) 3,638,055,618 3,286,130,632 4,268,294,303 5,131,476,718 (4,026,148,369) 5,465,436,096 6,004,274,137




Unit Premium ReserveOpening BalanceNet Addition / (Deduction) during the year/periodClosing Balance

Unrealised Appreciation ReserveAt the beginning of the year/periodIncrease/(Decrease) in unrealised value of investmentsAt the end of the year/period

Revenue Account



(1,731,447,875) (1,677,782,102) (585,660,157) (417,291,726) 19,512,567,037 13,421,668,607 (185,433,660) (53,665,773) (28,696,107) (168,368,431) 4,436,593,030 6,090,898,430

(1,916,881,535) (1,731,447,875) (614,356,264) (585,660,157) 23,949,160,067 19,512,567,037

1,808,052,693 2,272,737,559 2,543,228,419 2,461,166,225 3,411,825,243 1,773,674,118 (1,385,113,027) (464,684,866) (2,219,929,979) 82,062,194 (3,411,825,243) 1,638,151,125

422,939,666 1,808,052,693 323,298,440 2,543,228,419 - 3,411,825,243

3,810,774,756 4,131,732,744 5,418,141,259 5,267,866,898 (17,386,495,815) (12,775,389,519) 2,316,832,887 4,208,337,562 5,127,083,435 7,225,435,160 6,562,664,252 10,149,002,761




Rs. Rs. Rs. Rs. Rs.

Current LiabilitiesManagement Fees payable 1,465,571 7,464,228 1,111 1,259,394 711,120 Trusteeship Fees payable 1,289,312 1,359,418 - 1,695,577 1,649,582 Selling Commission / Brokerage Expenses payable 12,375,112 12,048,063 16,588,189 32,982,942 21,379,925 Advertisement & Publicity Expenses payable 105,000 221,878 - - 43,542 Audit Fees payable 40,871 86,040 93,029 59,425 105,329 Custodian Fees & Expenses payable 88,571 90,964 69,447 118,122 114,227 Registrar's Fees & Expenses payable 376,265 426,891 888,590 560,575 935,923 Other payable 227,258 173,962 617,963 444,765 314,820 Units pending allotment 33,000 15,500 1,270 31,000 66,000 Contract for purchase of investments - - - 134,427,122 - Repurchase amount payable 2,029,205 8,438,285 3,932,398 2,869,748 7,883,985 Inter-scheme dues payable 4,897,854 2,049,457 27,791,632 8,405,887 2,703,244 Unclaimed Redemption payable (Refer Note C 15 of Schedule VIII) 6,295,958 3,239,529 - 13,553,382 13,444,247 Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII) 5,916,555 5,102,996 - 35,192,858 28,047,785 Income Distribution payable - 282 - - - Investor Education Fund Expenses Payable 83,836 92,052 194,678 122,403 110,845 Goods and Services Tax payable on Management Fees 263,803 1,343,561 200 226,691 128,002 Accumulated Load 1,687,927 1,687,691 - 7,584,317 7,584,279

37,176,098 43,840,797 50,178,507 239,534,208 85,222,855




Current LiabilitiesManagement Fees payableTrusteeship Fees payableSelling Commission / Brokerage Expenses payableAdvertisement & Publicity Expenses payableAudit Fees payableCustodian Fees & Expenses payableRegistrar's Fees & Expenses payableOther payableUnits pending allotmentContract for purchase of investmentsRepurchase amount payableInter-scheme dues payableUnclaimed Redemption payable (Refer Note C 15 of Schedule VIII)Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII)Income Distribution payableInvestor Education Fund Expenses PayableGoods and Services Tax payable on Management FeesAccumulated Load



1,604,059 - 2,385,376 - - - 1,200,040 1,472,019 1,826,657 1,987,813 4,494,576 3,931,863

19,470,564 13,429,734 29,576,907 22,998,314 19,322,603 14,341,405 - 37,378 - 49,954 449,186 626,732

33,163 87,388 52,398 124,290 144,940 279,545 29,138 39,911 40,212 50,454 111,819 108,537

312,490 1,091,090 498,972 1,063,501 1,360,429 3,103,037 99,373 337,177 156,773 326,401 522,283 1,075,940

531,188 15,000 186,500 16,722 862,600 5,189,000 - - - - - -

111,357 6,747,820 1,406,732 10,581,460 4,565,998 9,710,281 7,982,934 2,076,223 2,919,108 4,854,026 1,395,998 1,082,089

46,952,853 46,452,894 25,976,491 26,160,630 6,914,331 6,502,082 22,338,393 24,268,766 21,203,059 21,471,722 105,549,344 89,912,831

- - - - 3,620,443 34,065,979 68,340 92,214 109,531 130,503 298,287 290,142

288,731 - 429,368 - - - 408,230 404,760 197,728 197,281 50,939 50,585

101,430,853 96,552,374 86,965,812 90,013,071 149,663,776 170,270,048




Rs. Rs. Rs. Rs. Rs.

Equity Shares 4,589,428,600 5,098,893,099 9,446,548,255 5,981,271,414 6,177,813,130 Preference Shares - - - - - Compulsory Convertible Debentures - - - - 88,928,000

4,589,428,600 5,098,893,099 9,446,548,255 5,981,271,414 6,266,741,130




Equity SharesPreference SharesCompulsory Convertible Debentures



3,481,504,614 5,526,138,354 5,463,528,260 7,756,973,251 15,165,253,995 16,726,696,985 - - 2,787,750 5,244,750 - - - - - - - 138,880,000

3,481,504,614 5,526,138,354 5,466,316,010 7,762,218,001 15,165,253,995 16,865,576,985




Rs. Rs. Rs. Rs. Rs.

Deposits with Companies / Institutions - - 17,469,609 - - - - 17,469,609 - -




Deposits with Companies / Institutions



- - - 20,000,000 - - - - - 20,000,000 - -




Rs. Rs. Rs. Rs. Rs.

Balances with banks in current accounts 77,427,732 467,225,310 27,414,736 24,456,204 16,602,452 Collateralised Borrowing and Lending Obligation 12,212,513 8,342,525 - 399,984,753 389,938,207 Reverse Repos - - 763,012,258 157,287,874 185,762,340 Contract for sale of investments 15,684,423 - - - - Accrued income 420,000 1,616,228 1,914,960 2,958 3,027,588 Inter-scheme dues 2,789,101 366,968 26,340,224 4,969,983 1,712,604 Others Receivables (Refer Note C 19 of Schedule VIII) 37,854 310 3,218,187 - -

108,571,623 477,551,341 821,900,365 586,701,772 597,043,191




Balances with banks in current accountsCollateralised Borrowing and Lending ObligationReverse ReposContract for sale of investmentsAccrued incomeInter-scheme duesOthers Receivables (Refer Note C 19 of Schedule VIII)



14,204,570 4,695,772 28,290,767 6,073,669 101,501,103 244,894,507 - - 239,990,852 - - 389,938,207

130,701,547 150,490,260 82,286,488 194,406,576 473,088,154 345,481,219 16,731,430 - 30,601,693 - - -

1,259 1,444,472 1,327,747 421,091 7,780 4,736,204 373,677 360,413 2,033,187 591,448 1,402,644 5,015,589

- 330,545 1,455 8,677,085 1,018,458 10,692,522 162,012,483 157,321,462 384,532,189 210,169,869 577,018,139 1,000,758,248




Rs. Rs. Rs. Rs. Rs.

Debentures / Bonds / Asset Backed Securities 10,466 - - 346,888 6,645,626 Discounted Securities - - 35,095,093 3,592,715 1,409,551 Reverse Repos - - 21,521,220 15,248,266 13,612,846 Other Deposits - 24,603 11,926 -

10,466 - 56,640,916 19,199,795 21,668,023




Debentures / Bonds / Asset Backed SecuritiesDiscounted SecuritiesReverse ReposOther Deposits



- - - - 541,738 10,378,560 182,397 1,382,314 663,705 1,158,879 15,580,573 17,002,246

5,076,379 8,165,184 10,462,508 12,597,700 27,392,313 21,365,142 - - - 221,016 81,034 -

5,258,776 9,547,498 11,126,213 13,977,595 43,595,658 48,745,948



Schedule



Unit Capital I 5,746,181,509 946,118,706 2,369,830,863 2,801,266,195 1,685,730,551 1,955,721,040 Reserves & Surplus II 423,319,196 15,901,970 692,097,478 1,496,373,644 (160,476,414) (161,159,870) Current Liabilities & Provisions III 595,539,496 208,154,105 27,089,500 27,939,857 40,100,217 10,514,526

TOTAL 6,765,040,201 1,170,174,781 3,089,017,841 4,325,579,696 1,565,354,354 1,805,075,696

ASSETS

Investments IV 4,412,105,823 707,481,591 2,797,628,800 4,018,793,807 1,490,608,585 1,704,158,615 Deposits V 1,399,200,001 260,000,001 - - - - Other Current Assets VI 953,734,377 202,693,189 291,389,041 306,785,889 74,745,769 100,917,081

TOTAL 6,765,040,201 1,170,174,781 3,089,017,841 4,325,579,696 1,565,354,354 1,805,075,696





Tata Arbitrage Fund Tata Digital India FundTata India Pharma & Healthcare

Fund



Schedule

LIABILITIES


TOTAL

ASSETS


TOTAL






Rs. Rs. Rs. Rs. Rs.

466,810,642 605,886,769 122,681,550 71,596,090 8,958,270 679,518,750 909,739,113 948,046,986 762,078,502 82,787,029

81,454,381 41,048,613 42,682 26,022 16,193

1,227,783,773 1,556,674,495 1,070,771,218 833,700,614 91,761,492

965,748,583 1,281,150,703 1,065,913,577 826,911,717 90,942,507 129,400,002 145,000,002 - - - 132,635,188 130,523,790 4,857,641 6,788,897 818,985

1,227,783,773 1,556,674,495 1,070,771,218 833,700,614 91,761,492

- - - - -


Director



Tata Nifty Exchange Traded FundTata Nifty Private

Bank Exchange Traded Fund

Tata Equity Savings Fund (formerly known as "Tata Regular Saving Equity Fund")



Schedule

LIABILITIES


TOTAL

ASSETS


TOTAL






Rs. Rs. Rs.

1,209,879,091 217,255,948 278,239,996 (373,986,422) 33,518,212 120,226,317

3,537,927 1,290,590 3,628,848

839,430,596 252,064,750 402,095,161

757,037,508 238,165,923 377,106,675 - - -

82,393,088 13,898,827 24,988,486

839,430,596 252,064,750 402,095,161

- - -


Director



Tata Quant Fund Tata Resources & Energy Fund



Schedule

Year Ended Period Ended Year Ended Year Ended Year Ended Year Ended31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19


Dividend 37,569,839 185,950 89,617,200 51,462,232 27,706,190 7,565,630 Interest VII 78,165,175 7,026,488 10,488,405 9,907,126 2,200,990 6,748,979

Profit/Loss on sale / redemption of investments (other than inter-scheme transfer/sale)

446,572,389 (20,773,214) 60,573,774 66,192,300 56,520,126 (26,337,090)

Profit/Loss on inter- scheme transfer / sale of investments (471,200) - - - - - Load income 411,132 11,955 708,128 1,467,943 186,411 259,348 Other income (Including excess provision written back) - 99,540 - 15,081 - 35,108


(295,843,083) 31,217,936 (670,482,648) 232,822,840 (64,561,415) 170,196,480

TOTAL (A) 266,404,252 17,768,655 (509,095,141) 361,867,522 22,052,302 158,468,455

EXPENSES AND LOSSES

Management fees 9,209,174 529,398 28,167,357 19,597,877 15,379,773 16,188,576 Trusteeship fees - 112,591 1,220,882 1,027,646 505,704 549,766 GST on Management Fees 1,657,652 95,292 5,070,126 3,527,618 2,768,360 2,913,944 Commission to Agents 14,606,027 892,896 32,775,211 32,218,926 17,435,691 21,651,259 Investor Education Fund Expenses 696,578 52,868 813,922 603,283 337,136 332,447 Publicity expenses 99,066 1,027 141,397 163,558 67,992 97,221 Audit fees 67,643 17,613 32,378 68,212 15,841 28,047 Other operating expenses 196,687 11,364 677,652 631,573 237,921 210,436 Custodian fees and expenses 553,672 62,673 1,005,927 748,539 404,505 271,875 Registrar's fees and expenses 824,108 155,566 4,183,846 3,124,408 1,601,203 1,132,261

TOTAL (B) 27,910,607 1,931,288 74,088,698 61,711,640 38,754,126 43,375,832

Surplus / (Deficit) (A-B) 238,493,645 15,837,367 (583,183,839) 300,155,882 (16,701,824) 115,092,623


208,757,915 4,854,016 (6,071,367) (119,814,241) 42,335,189 (55,962,888)

447,251,560 20,691,383 (589,255,206) 180,341,641 25,633,365 59,129,735 Add: Surplus / (Deficit) brought forward (10,526,553) - (74,303,980) (21,822,781) (353,336,729) (268,844,918)

436,725,007 20,691,383 (663,559,186) 158,518,860 (327,703,364) (209,715,183)

Add: Unrealised Appreciation Reserve at the beginning of the year/period 31,217,936 - 340,165,303 107,342,463 143,621,546 -

Less: Unrealised Appreciation Reserve at the end of the year/period - 31,217,936 - 340,165,303 79,060,131 143,621,546

Surplus / (Deficit) after adjustments 467,942,943 (10,526,553) (323,393,883) (74,303,980) (263,141,949) (353,336,729)

AppropriationsLess : Income Distribution 81,683,856 - - - - - Less : Tax on dividend distributed 10,571,702 - - - - -

Surplus / (Deficit) carried forward to Revenue Reserve 375,687,385 (10,526,553) (323,393,883) (74,303,980) (263,141,949) (353,336,729)

Income as a percentage to Average Net Assets 7.65 1.90 (12.51) 12.00 1.31 9.53Recurring Expenses as a percentage to Average Net Assets 0.80 0.21 1.82 2.05 2.30 2.61





Tata Arbitrage Fund Tata Digital India Fund Tata India Pharma & Healthcare Fund



Schedule

INCOME


Profit/Loss on sale / redemption of investments (other than inter-scheme transfer/sale)Profit/Loss on inter- scheme transfer / sale of investmentsLoad income Other income (Including excess provision written back)


TOTAL (A)

EXPENSES AND LOSSES


TOTAL (B)


Add: Surplus / (Deficit) brought forward










Year Ended Year Ended Year Ended Period Ended Period Ended31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20

Rs. Rs. Rs. Rs. Rs.

11,910,820 9,407,675 12,227,030 1,356,341 25,672 35,603,180 36,175,156 518,692 144,176 106,043

82,478,203 47,007,000 13,347,674 281,285 2,973,869

(273,560) - - - - 21,472 41,168 - - -

- 128,329 - - -

(158,885,264) 26,508,891 (299,562,436) 37,701,850 (50,467,234)

(29,145,149) 119,268,219 (273,469,040) 39,483,652 (47,361,650)

14,073,295 15,321,096 290,600 4,627 91,580 416,214 581,580 - - -

2,533,194 2,757,799 52,308 833 16,485 11,625,480 15,641,793 - 18 -

277,473 358,306 171,864 24,133 15,201 54,355 89,806 114 6,962 - 12,184 24,244 9,525 9,094 863

117,162 39,612 10,365 595 349 252,110 148,346 87,434 29,950 7,302 644,743 325,683 25,916 2,000 4,039

30,006,210 35,288,265 648,126 78,212 135,819

(59,151,359) 83,979,954 (274,117,166) 39,405,440 (47,497,469)

(142,594,788) (339,657,513) (73,575,032) (625,190) 613,989

(201,746,147) (255,677,559) (347,692,198) 38,780,250 (46,883,480) 829,267,556 1,138,722,112 1,078,400 - - 627,521,409 883,044,553 (346,613,798) 38,780,250 (46,883,480)

31,459,127 4,950,236 37,701,850 - -

- 31,459,127 - 37,701,850 -

658,980,536 856,535,662 (308,911,948) 1,078,400 (46,883,480)

12,545,259 24,143,416 - - - 1,623,636 3,124,690 - - -

644,811,641 829,267,556 (308,911,948) 1,078,400 (46,883,480)

(2.10) 7.13 (31.82) 8.07 (35.92)2.16 1.97 0.08 0.02 0.10


Director



Tata Equity Savings Fund (formerly known as "Tata Regular Saving Equity

Fund")


Tata Nifty Exchange Traded Fund Tata Nifty Private Bank Exchange Traded Fund


Schedule

INCOME




TOTAL (A)

EXPENSES AND LOSSES


TOTAL (B)












Period Ended Year Ended Year Ended31-Mar-20 31-Mar-20 31-Mar-19

Rs. Rs. Rs.

10,024,647 7,346,120 9,359,636 3,099,658 888,731 1,042,047

(12,396,881) 20,856,984 (615,701)

- - - 474,726 115,637 55,286

- - 19,561

(369,367,533) (79,773,671) (3,695,617)

(368,165,383) (50,566,199) 6,165,212

616,381 2,991,825 4,271,438 59,045 106,506 134,122

110,949 538,529 768,860 3,322,985 3,852,552 4,910,988

39,363 71,004 82,069 44,264 8,800 20,971

7,748 2,773 6,232 25,626 59,870 58,322 34,765 83,456 65,035

206,005 358,530 285,497

4,467,131 8,073,845 10,603,534

(372,632,514) (58,640,044) (4,438,322)

(1,553,398) (15,580,830) (9,494,396)

(374,185,912) (74,220,874) (13,932,718) - 57,180,949 67,418,050

(374,185,912) (17,039,925) 53,485,332

- 42,892,949 46,588,566

- - 42,892,949

(374,185,912) 25,853,024 57,180,949

- - - - - -

(374,185,912) 25,853,024 57,180,949

(35.27) (14.24) 1.500.43 2.27 2.58


Director







Rs. Rs. Rs. Rs. Rs. Rs.A. Cash flow from Operating ActivitiesSurplus / (Deficit) for the year/period 238,493,645 15,837,367 (583,183,839) 300,155,882 (16,701,824) 115,092,623 Adjustments for:-Dividend income (37,569,839) (185,950) (89,617,200) (51,462,232) (27,706,190) (7,565,630) Interest income (78,165,175) (7,026,488) (10,488,405) (9,907,126) (2,200,990) (6,748,979) Interest expense on borrowings - - - - - -


295,843,083 (31,217,936) 670,482,648 (232,822,840) 64,561,415 (170,196,480)

Change in assets and liabilities:(Increase) / Decrease in Investments at Cost (3,862,090,259) (705,680,582) 638,075,679 (3,073,149,112) 180,977,697 (233,862,836) (Increase) / Decrease in Deposits with scheduled banks/companies / institutions

(1,139,200,000) (260,000,001) - - - -

(Increase) / Decrease in Other Current Assets (24,317) - (1,772,250) (229,001) (87,558) 3,830 Increase / (Decrease) in Current Liabilities and Provisions 136,109,108 2,129,170 (2,498,975) 3,726,652 (1,695,802) 534,840 Cash Generated from/(used in) Operations (4,446,603,754) (986,144,420) 620,997,658 (3,063,687,777) 197,146,748 (302,742,632)

Interest received 49,182,622 2,499,304 10,596,608 9,813,588 2,253,635 6,718,337 Dividend received 37,569,839 185,950 89,617,200 51,462,232 27,706,190 7,565,630 Net Cash Generated from/(used in) Operating Activities ( A ) (4,359,851,293) (983,459,166) 721,211,466 (3,002,411,957) 227,106,573 (288,458,665)


C. Cash flow from Financing ActivitiesNet proceeds from reissue / (payments for re-purchase) of units 4,775,203,946 1,034,066,424 (429,993,206) 2,142,254,925 (271,394,314) 372,960,240

Net unit premium received / (paid) 261,179,139 64,603 (221,092,327) 1,044,110,851 17,385,280 (21,327,069)


(92,128,123) - - - - -

Net Cash Generated from/(used in) Financing Activities ( C ) 4,944,254,962 1,034,131,027 (651,085,533) 3,186,365,776 (254,009,034) 351,633,171

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) 584,403,669 50,671,861 70,125,933 183,953,819 (26,902,461) 63,174,506

Cash and cash equivalents as at the beginning of the year 50,671,861 - 218,035,126 34,081,307 100,637,901 37,463,395

Cash and cash equivalents as at the end of the year (Refer Note below)

635,075,530 50,671,861 288,161,059 218,035,126 73,735,440 100,637,901

Note: - - - - - - Components of cash and cash equivalents as at the end of theyear (Refer Note B 1.5 of Schedule VIII)

Balances with banks in current account (Refer Schedule VI) 124,036,440 22,752,851 16,109,130 16,619,411 5,668,777 4,417,027 Collateralised Borrowing and Lending Obligation ("CBLO") (Refer Schedule VI)

499,980,941 - - - - -



(24,317) - (237,833) (240,714) (92,410) (4,852)

Cash and cash equivalents as at the end of the year635,075,530 50,671,861 288,161,059 218,035,126 73,735,440 100,637,901










Change in assets and liabilities:(Increase) / Decrease in Investments at Cost(Increase) / Decrease in Deposits with scheduled banks/companies / institutions(Increase) / Decrease in Other Current AssetsIncrease / (Decrease) in Current Liabilities and ProvisionsCash Generated from/(used in) Operations



C. Cash flow from Financing ActivitiesNet proceeds from reissue / (payments for re-purchase) of units






Balances with banks in current account (Refer Schedule VI)Collateralised Borrowing and Lending Obligation ("CBLO") (Refer Schedule VI)Reverse Repos (Refer Schedule VI)








Rs. Rs. Rs. Rs. Rs.

(59,151,359) 83,979,954 (274,117,166) 39,405,440 (47,497,469)

(11,910,820) (9,407,675) (12,227,030) (1,356,341) (25,672) (35,603,180) (36,175,156) (518,692) (144,176) (106,043)

- - - - -

158,885,264 (26,508,891) 299,562,436 (37,701,850) 50,467,234

222,249,752 568,666,577 (535,402,118) (792,372,045) (141,409,741)

15,600,000 210,904,692 - - -

(142,720) 8,627,882 119,391 (119,391) (6,151) 3,462,475 7,609,672 16,660 26,022 10,042

293,389,412 807,697,055 (522,566,519) (792,262,341) (138,567,800)

36,887,623 38,944,763 563,677 99,113 106,035 11,910,820 9,407,675 12,227,030 1,356,341 25,672

342,187,855 856,049,493 (509,775,812) (790,806,887) (138,436,093)

- - - - -

(143,321,082) (419,791,882) 51,085,460 71,596,090 8,964,421

(156,900,109) (388,249,083) 460,085,650 722,673,062 130,284,498

(14,004,951) (27,288,502) - - -

(314,226,142) (835,329,467) 511,171,110 794,269,152 139,248,919

27,961,713 20,720,026 1,395,298 3,462,265 812,826

68,968,444 48,248,418 3,462,265 - -

96,930,157 68,968,444 4,857,563 3,462,265 812,826

- - - - -

12,759,394 4,156,456 992,579 670,364 383,383

- - - - -

86,937,240 67,436,221 3,864,984 2,791,901 435,594

(2,766,477) (2,624,233) - - (6,151)

96,930,157 68,968,444 4,857,563 3,462,265 812,826

- - - - -


Director




Tata Equity Savings Fund (formerly known as "Tata

Regular Saving Equity Fund")

Tata Nifty Exchange Traded Fund

Tata Nifty Private Bank Exchange Traded Fund




Change in assets and liabilities:(Increase) / Decrease in Investments at Cost(Increase) / Decrease in Deposits with scheduled banks/companies / institutions(Increase) / Decrease in Other Current AssetsIncrease / (Decrease) in Current Liabilities and ProvisionsCash Generated from/(used in) Operations



C. Cash flow from Financing ActivitiesNet proceeds from reissue / (payments for re-purchase) of units






Balances with banks in current account (Refer Schedule VI)Collateralised Borrowing and Lending Obligation ("CBLO") (Refer Schedule VI)Reverse Repos (Refer Schedule VI)








Rs. Rs. Rs.

(372,632,514) (58,640,044) (4,438,322)

(10,024,647) (7,346,120) (9,359,636) (3,099,658) (888,731) (1,042,047)

- - -

369,367,533 79,773,671 3,695,617

(1,126,405,041) 59,167,081 64,483,906

- - -

(1,171,860) (1,826) - 1,516,657 (407,139) (728,078)

(1,142,449,530) 71,656,892 52,611,440

3,098,158 1,288,630 491,312 10,024,647 7,346,120 9,359,636

(1,129,326,725) 80,291,642 62,462,388

- - -

1,211,758,546 (62,993,082) (45,563,618)

(1,353,908) (28,068,061) (19,928,194)

- - -

1,210,404,638 (91,061,143) (65,491,812)

81,077,913 (10,769,501) (3,029,424)

- 24,407,690 27,437,114

81,077,913 13,638,189 24,407,690

- - -

7,106,414 2,580,040 3,867,275

- - -

73,971,499 11,058,677 20,540,415

- (528) -

81,077,913 13,638,189 24,407,690

- - -


Director








Initial Capital 532,377,408 532,377,408 1,042,909,973 1,042,909,973 806,310,777 806,310,777


Units Opening Balance / Initial Capital 946,118,706 532,377,408 2,801,266,195 672,914,899 1,955,721,040 1,585,835,463

Add : Units reissued during the year 8,729,411,840 813,319,509 1,100,074,973 3,262,921,268 463,202,413 987,785,024 9,675,530,546 1,345,696,917 3,901,341,168 3,935,836,167 2,418,923,453 2,573,620,487

Less : Units repurchased during the year 3,929,349,037 399,578,211 1,531,510,305 1,134,569,972 733,192,902 617,899,447

Units Closing Balance 5,746,181,509 946,118,706 2,369,830,863 2,801,266,195 1,685,730,551 1,955,721,040



Initial Capital







Rs. Rs. Rs. Rs. Rs.

108,921,826 108,921,826 28,096,090 28,096,090 6,858,270

605,886,769 1,025,407,401 71,596,090 28,096,090 6,858,270

27,702,284 87,206,110 97,000,000 43,500,000 3,300,000 633,589,053 1,112,613,511 168,596,090 71,596,090 10,158,270

166,778,411 506,726,742 45,914,540 - 1,200,000

466,810,642 605,886,769 122,681,550 71,596,090 8,958,270





Initial Capital







Rs. Rs. Rs.

1,060,914,998 220,118,935 220,118,935

1,060,914,998 278,239,996 324,027,100

217,827,956 67,791,669 53,684,142 1,278,742,954 346,031,665 377,711,242

68,863,863 128,775,717 99,471,246

1,209,879,091 217,255,948 278,239,996





Unit Premium ReserveOpening Balance (4,789,413) - 1,230,512,321 66,587,229 48,555,313 13,919,494 Net Addition / (Deduction) during the year/period 52,421,224 (4,789,413) (215,020,960) 1,163,925,092 (24,949,909) 34,635,819 Closing Balance 47,631,811 (4,789,413) 1,015,491,361 1,230,512,321 23,605,404 48,555,313

Unrealised Appreciation ReserveAt the beginning of the year/period 31,217,936 - 340,165,303 107,342,463 143,621,546 - Increase/(Decrease) in unrealised value of investments (31,217,936) 31,217,936 (340,165,303) 232,822,840 (64,561,415) 143,621,546 At the end of the year/period - 31,217,936 - 340,165,303 79,060,131 143,621,546

Revenue Account 375,687,385 (10,526,553) (323,393,883) (74,303,980) (263,141,949) (353,336,729) 423,319,196 15,901,970 692,097,478 1,496,373,644 (160,476,414) (161,159,870)





Revenue Account


Rs. Rs. Rs. Rs. Rs.

49,012,430.00 97,604,000.00 723,298,252.00 - - (14,305,321) (48,591,570) 533,660,682 723,298,252 129,670,509 34,707,109 49,012,430 1,256,958,934 723,298,252 129,670,509

31,459,127 4,950,236 37,701,850 - - (31,459,127) 26,508,891 (37,701,850) 37,701,850 -

- 31,459,127 - 37,701,850 -

644,811,641 829,267,556 (308,911,948) 1,078,400 (46,883,480) 679,518,750 909,739,113 948,046,986 762,078,502 82,787,029







Revenue Account


Rs. Rs. Rs.

- 20,152,419.00 30,586,217.00 199,490 (12,487,231) (10,433,798) 199,490 7,665,188 20,152,419

- 42,892,949 46,588,566 - (42,892,949) (3,695,617)

- - 42,892,949

(374,185,912) 25,853,024 57,180,949 (373,986,422) 33,518,212 120,226,317




Rs. Rs. Rs. Rs. Rs. Rs.Current LiabilitiesManagement Fees payable 1,019,326 168,926 - 1,017,931 385,212 1,653,911 Trusteeship Fees payable - 97,492 950,867 826,611 395,057 437,047 Selling Commission / Brokerage Expenses payable 2,164,109 267,633 1,882,326 2,162,123 1,304,245 1,196,560 Advertisement & Publicity Expenses payable 12,424 27 - 17,512 23,600 10,182 Audit Fees payable 62,913 17,613 26,255 68,212 13,411 28,047 Custodian Fees & Expenses payable 42,700 17,325 55,019 74,629 26,136 30,152 Registrar's Fees & Expenses payable 205,438 11,399 247,211 1,058,955 116,256 328,354 Other payable 2,889,149 467,511 146,900 381,489 61,770 105,248 Units pending allotment 35,310,504 1,476,657 47,550 1,198,389 44,850 7,850 Contract for purchase of investments 344,911,267 118,069,912 - - 31,989,082 - Variation Margin - payable F&O 131,543,733 1,031,252 - - - - Repurchase amount payable 12,307,594 83,489,416 3,847,427 16,501,556 2,345,393 5,289,743 Inter-scheme dues payable 64,620,101 2,988,950 19,592,804 4,136,337 3,207,185 1,094,982 Unclaimed Redemption payable (Refer Note C 15 of Schedule VIII) 24,317 - 237,833 240,714 92,410 4,852 Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII) - - - - - - Registraration & Filing fees payable - - - - - - Income Distribution payable 127,435 - - - - - Investor Education Fund Expenses Payable 115,007 19,585 55,308 72,171 26,272 29,894 Goods and Services Tax payable on Management Fees 183,479 30,407 - 183,228 69,338 297,704

595,539,496 208,154,105 27,089,500 27,939,857 40,100,217 10,514,526



Current LiabilitiesManagement Fees payableTrusteeship Fees payableSelling Commission / Brokerage Expenses payableAdvertisement & Publicity Expenses payableAudit Fees payableCustodian Fees & Expenses payableRegistrar's Fees & Expenses payableOther payableUnits pending allotmentContract for purchase of investmentsVariation Margin - payable F&ORepurchase amount payableInter-scheme dues payableUnclaimed Redemption payable (Refer Note C 15 of Schedule VIII)Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII)Registraration & Filing fees payableIncome Distribution payableInvestor Education Fund Expenses PayableGoods and Services Tax payable on Management Fees


Rs. Rs. Rs. Rs. Rs.

526,863 1,626,553 - - 5,455 324,767 458,900 - - -

2,007,953 2,273,783 - - - - 9,641 - 14 -

10,197 24,244 8,471 9,094 863 9,540 26,334 6,507 5,022 815

53,971 51,434 1,967 1,419 - 231,345 338,546 9,210 194 13

10,000 - - - - 62,840,195 18,943,627 - - - 12,271,887 6,961,393 - - -

60,273 875,973 - - - 225,525 6,515,208 - - -

1,891,195 1,913,031 - - 6,151 875,282 711,202 - - -

- - - - - - 136 - - -

20,553 25,828 16,527 10,279 1,914 94,835 292,780 - - 982

81,454,381 41,048,613 42,682 26,022 16,193





Current LiabilitiesManagement Fees payableTrusteeship Fees payableSelling Commission / Brokerage Expenses payableAdvertisement & Publicity Expenses payableAudit Fees payableCustodian Fees & Expenses payableRegistrar's Fees & Expenses payableOther payableUnits pending allotmentContract for purchase of investmentsVariation Margin - payable F&ORepurchase amount payableInter-scheme dues payableUnclaimed Redemption payable (Refer Note C 15 of Schedule VIII)Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII)Registraration & Filing fees payableIncome Distribution payableInvestor Education Fund Expenses PayableGoods and Services Tax payable on Management Fees


Rs. Rs. Rs.

- 79,747 255,575 50,689 82,892 106,225

1,273,662 550,245 621,755 - - 2,323

7,748 2,276 6,232 16,193 4,907 6,785 72,394 21,151 92,190 72,927 7,832 31,495

- 30,000 19,500 - - - - - -

1,887,455 223,942 2,003,333 133,815 268,055 430,811

- 528 - - - -

7,157 - - - - -

15,887 4,660 6,621 - 14,355 46,003

3,537,927 1,290,590 3,628,848





Equity Shares 3,952,266,273 707,481,591 2,797,628,800 4,018,793,807 1,490,608,585 1,704,158,615

Debentures and Bonds listed / awaiting listing on recognised stock exchange

262,952,050 - - - - -

Commercial Paper 49,764,800 - - - - - Certificates of Deposit 147,122,700 - - - - -

4,412,105,823 707,481,591 2,797,628,800 4,018,793,807 1,490,608,585 1,704,158,615



Equity Shares

Debentures and Bonds listed / awaiting listing on recognised stock exchangeCommercial PaperCertificates of Deposit


Rs. Rs. Rs. Rs. Rs.

750,508,435 1,020,923,730 1,065,913,577 826,911,717 90,942,507

215,240,148 260,226,973 - - -

- - - - - - - - - -

965,748,583 1,281,150,703 1,065,913,577 826,911,717 90,942,507





Equity Shares

Debentures and Bonds listed / awaiting listing on recognised stock exchangeCommercial PaperCertificates of Deposit


Rs. Rs. Rs.

757,037,508 238,165,923 377,106,675

- - -

- - - - - -

757,037,508 238,165,923 377,106,675





Deposits with scheduled banks* 1,399,200,001 260,000,001 - - - - 1,399,200,001 260,000,001 - - - -




Deposits with scheduled banks*



Rs. Rs. Rs. Rs. Rs.

129,400,002 145,000,002 - - - 129,400,002 145,000,002 - - -





Deposits with scheduled banks*



Rs. Rs. Rs.

- - - - - -





Balances with banks in current accounts 124,036,440 22,752,851 16,109,130 16,619,411 5,668,777 4,417,027 Collateralised Borrowing and Lending Obligation 499,980,941 - - - - - Reverse Repos 11,082,466 27,919,010 272,289,762 201,656,429 68,159,073 96,225,726 Contract for sale of investments 235,951,138 147,486,839 - 87,393,320 - - Accrued income 33,509,737 4,527,184 4,523 112,726 1,382 54,027 Inter-scheme dues 49,173,655 7,305 1,206,621 1,000,129 916,537 220,301 Others Receivables (Refer Note C 19 of Schedule VIII) - - 1,779,005 3,874 - -

953,734,377 202,693,189 291,389,041 306,785,889 74,745,769 100,917,081





Rs. Rs. Rs. Rs. Rs.

12,759,394 4,156,456 992,579 670,364 383,383 - - - - -

86,937,240 67,436,221 3,864,984 2,791,901 435,594 19,010,832 40,847,160 - 3,162,178 - 13,914,962 15,199,405 78 45,063 8

12,284 2,884,548 - - - 476 - - 119,391 -

132,635,188 130,523,790 4,857,641 6,788,897 818,985







Rs. Rs. Rs.

7,106,414 2,580,040 3,867,275 - - -

73,971,499 11,058,677 20,540,415 - - -

1,500 168,224 568,123 141,815 90,588 12,673

1,171,860 1,298 - 82,393,088 13,898,827 24,988,486





Term Deposits 47,573,182 4,699,425 - - - - Debentures / Bonds / Asset Backed Securities 6,512,019 - - - - - Discounted Securities 12,811,514 86,051 1,115,230 87,816 13,485 50,624 Reverse Repos 11,268,460 2,241,012 9,373,175 9,819,310 2,187,505 6,698,355

78,165,175 7,026,488 10,488,405 9,907,126 2,200,990 6,748,979



Term DepositsDebentures / Bonds / Asset Backed SecuritiesDiscounted SecuritiesReverse Repos


Rs. Rs. Rs. Rs. Rs.

10,222,806 4,857,508 - - - 19,880,585 24,346,090 646 - -

2,186,716 1,513,493 198 8,034 - 3,313,073 5,458,065 517,848 136,142 106,043

35,603,180 36,175,156 518,692 144,176 106,043





Term DepositsDebentures / Bonds / Asset Backed SecuritiesDiscounted SecuritiesReverse Repos


Rs. Rs. Rs.

- - - - - -

1,550,289 4,859 3,576 1,549,369 883,872 1,038,471 3,099,658 888,731 1,042,047



Schedule



Unit Capital I 2,432,133,180 1,493,232,716 3,940,311,302 4,702,485,921 6,761,176,879 8,398,275,125 Reserves & Surplus II 1,088,260,015 1,288,428,215 30,715,949,352 50,680,879,460 3,182,483,933 6,141,248,570 Current Liabilities & Provisions III 99,830,911 18,031,935 272,334,134 904,737,548 130,403,627 417,623,669

TOTAL 3,620,224,106 2,799,692,866 34,928,594,788 56,288,102,929 10,074,064,439 14,957,147,364

ASSETS

Investments IV 3,238,170,814 2,763,054,337 31,117,595,940 55,428,379,400 9,208,341,459 14,416,620,879 Deposits V - - 5,518,230 55,000,000 - - Other Current Assets VI 382,053,292 36,638,529 3,805,480,618 804,723,529 865,722,980 540,526,485

TOTAL 3,620,224,106 2,799,692,866 34,928,594,788 56,288,102,929 10,074,064,439 14,957,147,364





Tata Banking & Financial Services Fund

Tata Equity P/E Fund Tata India Consumer Fund



Schedule

LIABILITIES


TOTAL

ASSETS


TOTAL







61,302,570 20,271,892 26,025,128 10,618,498 15,844,964,274 14,696,707,168 275,421,741 125,088,878 168,546,441 91,750,423 (2,170,944,426) 674,083,737

35,733,885 2,721,748 12,883,215 8,147,884 112,442,116 268,254,327

372,458,196 148,082,518 207,454,784 110,516,805 13,786,461,964 15,639,045,232

350,983,264 144,140,793 189,963,148 101,136,201 12,314,667,880 15,095,012,801 - - - - - -

21,474,932 3,941,725 17,491,636 9,380,604 1,471,794,084 544,032,431

372,458,196 148,082,518 207,454,784 110,516,805 13,786,461,964 15,639,045,232

- - - - - -


Director



Tata Index Fund - Nifty Plan


Tata Index Fund - Sensex Plan Tata Multicap Fund


Schedule

LIABILITIES


TOTAL

ASSETS


TOTAL







641,967,601 649,441,090 3,663,774,382 3,471,998,446 2,484,245,171 2,067,246,752 643,874,284 650,164,819 5,720,923,779 7,139,319,885 3,502,355,634 4,033,807,813

10,832,816 10,221,284 261,254,204 34,513,855 32,074,998 35,191,204

1,296,674,701 1,309,827,193 9,645,952,365 10,645,832,186 6,018,675,803 6,136,245,769

1,190,848,150 910,424,229 8,691,892,486 10,415,062,655 5,262,896,446 5,867,638,336 - - - - - 22,315,300

105,826,551 399,402,964 954,059,879 230,769,531 755,779,357 246,292,133

1,296,674,701 1,309,827,193 9,645,952,365 10,645,832,186 6,018,675,803 6,136,245,769

- - - - - -


Director




Tata Retirement Savings Fund-Conservative Plan

Tata Retirement Savings Fund-Moderate Plan

Tata Retirement Savings Fund-Progressive Plan


Schedule

LIABILITIES


TOTAL

ASSETS


TOTAL







7,678,295,195 7,678,295,195 2,764,089,824 2,764,241,933 705,440,219 754,501,794 (1,732,893,919) (164,672,494) (656,474,835) (143,574,292) 699,146,035 1,163,817,772

3,169,397 13,537,906 74,745,261 48,268,500 11,391,887 14,221,530

5,948,570,673 7,527,160,607 2,182,360,250 2,668,936,141 1,415,978,141 1,932,541,096

5,363,718,633 7,288,961,720 1,859,543,597 2,532,441,432 1,330,666,249 1,870,273,743 - - - - - -

584,852,040 238,198,887 322,816,653 136,494,709 85,311,892 62,267,353

5,948,570,673 7,527,160,607 2,182,360,250 2,668,936,141 1,415,978,141 1,932,541,096

- - - - - -


Director



Tata Value Fund - Series 2


Tata Value Fund - Series 1 Tata Young Citizens' Fund


Schedule



Dividend 22,346,840 13,006,132 749,316,220 598,251,549 158,881,681 100,175,950 Interest VII 4,465,354 6,247,386 106,514,961 305,924,236 21,466,579 58,427,537 Profit/Loss on sale / redemption of investments (other than inter-scheme transfer/sale)

10,886,463 62,325,342 (2,232,313,037) (1,511,062,002) (586,937,731) (247,161,768)

Profit/Loss on inter- scheme transfer / sale of investments - - - - - - Load income 933,171 307,343 62,332,855 23,685,462 14,204,849 6,231,695 Other income (Including excess provision written back) - 24,958 - 449,919 158 - Increase / (Decrease) in unrealised appreciation/dimmunition in value of investments

(1,144,373,166) 333,972,011 (10,810,027,397) 1,575,710,651 (1,106,771,824) 237,728,954

TOTAL (A) (1,105,741,338) 415,883,172 (12,124,176,398) 992,959,815 (1,499,156,288) 155,402,368

EXPENSES AND LOSSES

Provision / (reversal) for depreciation in value of investments (for NPAs) - - - - - -

Provision for outstanding accrued income considered doubtful - - - - - - Management fees 30,541,978 24,741,149 185,067,480 168,128,151 81,764,203 62,161,961 Trusteeship fees 1,107,231 834,205 15,547,908 15,326,815 3,975,806 4,278,164 GST on Management Fees 5,497,557 4,453,408 33,312,147 30,263,069 14,717,557 11,189,153 Commission to Agents 40,194,187 30,590,523 609,147,428 642,502,457 142,478,922 178,213,421 Investor Education Fund Expenses 738,154 505,348 10,365,274 9,200,687 2,650,538 2,575,945 Publicity expenses 115,847 147,367 2,085,549 3,461,774 344,320 793,878 Audit fees 37,156 43,375 390,613 872,361 107,636 229,527 Other operating expenses 393,112 222,819 3,677,428 3,005,717 1,553,335 1,057,209 Custodian fees and expenses 889,614 357,473 2,658,938 2,298,472 1,651,532 1,187,255 Registrar's fees and expenses 3,358,460 1,364,154 43,847,366 21,624,465 11,754,926 7,054,213

TOTAL (B) 82,873,296 63,259,821 906,100,131 896,683,968 260,998,775 268,740,726

Surplus / (Deficit) (A-B) (1,188,614,634) 352,623,351 (13,030,276,529) 96,275,847 (1,760,155,063) (113,338,358)


4,557,153 (1,118,557) (4,461,163,928) 14,341,850,052 111,994,560 (2,108,644)

(1,184,057,481) 351,504,794 (17,491,440,457) 14,438,125,899 (1,648,160,503) (115,447,002) Add: Surplus / (Deficit) brought forward 163,451,312 145,918,529 29,802,591,319 16,940,176,134 (330,974,569) 22,201,606

(1,020,606,169) 497,423,323 12,311,150,862 31,378,302,033 (1,979,135,072) (93,245,396)

Add: Unrealised Appreciation Reserve at the beginning of the year/period 691,308,387 357,336,376 3,847,388,037 2,271,677,386 817,454,787 579,725,833

Less: Unrealised Appreciation Reserve at the end of the year/period - 691,308,387 - 3,847,388,037 - 817,454,787

Surplus / (Deficit) after adjustments (329,297,782) 163,451,312 16,158,538,899 29,802,591,382 (1,161,680,285) (330,974,350)

AppropriationsLess : Income Distribution - - - 63 - 219

Surplus / (Deficit) carried forward to Revenue Reserve (329,297,782) 163,451,312 16,158,538,899 29,802,591,319 (1,161,680,285) (330,974,569)

Income as a percentage to Average Net Assets (29.96) 16.46 (23.39) 2.16 (11.31) 1.21Recurring Expenses as a percentage to Average Net Assets 2.25 2.50 1.75 1.95 1.97 2.09









Schedule

INCOME




TOTAL (A)

EXPENSES AND LOSSES

Provision / (reversal) for depreciation in value of investments (for NPAs)

Provision for outstanding accrued income considered doubtfulManagement feesTrusteeship feesGST on Management FeesCommission to AgentsInvestor Education Fund ExpensesPublicity expensesAudit feesOther operating expensesCustodian fees and expensesRegistrar's fees and expenses

TOTAL (B)





Surplus / (Deficit) after adjustmentsAppropriationsLess : Income Distribution









2,763,012 1,690,538 1,690,435 853,418 130,578,894 19,639,500 145,432 77,808 92,367 61,870 38,114,607 192,975,434

11,812,380 5,030,879 4,103,098 4,174,889 (34,705,468) (164,995,453)

- - - - - - 5,894 5,225 4,131 6,289 27,073,605 5,951,489

- 4,103 - 2,079 - -

(82,079,159) 13,417,143 (45,010,401) 7,980,926 (2,739,787,689) 826,595,425

(67,352,441) 20,225,696 (39,120,370) 13,079,471 (2,578,726,051) 880,166,395

- - - - - -

- - - - - - 33,618 6,917 75,325 - 28,333,252 14,624,357

- - - - 4,911,220 2,788,439 6,052 1,245 13,559 - 5,099,986 2,632,385

296,617 270,446 147,187 109,210 278,070,482 155,066,501 38,455 25,213 25,555 13,769 3,274,147 1,575,171

833 175 535 126 726,755 963,484 2,411 2,289 1,563 1,504 144,761 241,811 3,273 7,223 2,462 5,896 1,254,487 995,108

63,793 20,996 41,103 13,603 1,616,132 1,065,242 24,031 58,928 17,474 42,808 14,197,313 6,488,006

469,083 393,432 324,763 186,916 337,628,535 186,440,504

(67,821,524) 19,832,264 (39,445,133) 12,892,555 (2,916,354,586) 693,725,891

59,608,288 6,417,616 59,865,285 12,090,880 (10,070,515) (25,052,552)

(8,213,236) 26,249,880 20,420,152 24,983,435 (2,926,425,101) 668,673,339 89,270,956 76,438,219 53,764,634 36,762,125 (157,922,086) - 81,057,720 102,688,099 74,184,786 61,745,560 (3,084,347,187) 668,673,339

36,490,249 23,073,106 26,446,468 18,465,542 826,595,425 -

- 36,490,249 - 26,446,468 - 826,595,425

117,547,969 89,270,956 100,631,254 53,764,634 (2,257,751,762) (157,922,086)

- - - - - - 117,547,969 89,270,956 100,631,254 53,764,634 (2,257,751,762) (157,922,086)

(35.04) 16.04 (30.62) 19.00 (15.75) 6.310.24 0.31 0.25 0.27 2.06 1.34


Director



Tata Index Fund - Nifty Plan


Tata Index Fund - Sensex Plan Tata Multicap Fund


Schedule

INCOME




TOTAL (A)

EXPENSES AND LOSSES



TOTAL (B)














3,823,650 3,462,470 88,705,285 55,560,647 60,743,156 40,575,002 65,834,276 69,116,744 142,255,251 164,745,511 18,633,074 27,318,627

30,440,273 9,588,741 164,385,616 (221,856,391) 114,163,211 21,559,702

- - - (556,938) - - 160,912 453,788 4,845,113 3,313,449 4,429,358 4,028,232

- 21,439 - 20,485 - 31,504

(74,910,591) 14,466,050 (1,784,567,423) 641,730,739 (1,412,211,441) 285,817,294

25,348,520 97,109,232 (1,384,376,158) 642,957,502 (1,214,242,642) 379,330,361

- - 202,500,000 - - -

- - 24,368,055 - - - 11,361,945 14,529,409 50,598,312 51,741,286 37,984,170 36,745,819

- - 3,292,513 2,883,089 2,025,538 1,701,837 2,045,150 2,615,294 9,107,697 9,313,432 6,837,151 6,614,247

12,229,604 13,330,874 142,459,298 128,755,440 94,537,269 77,395,972 265,281 262,158 2,195,009 1,728,242 1,350,359 1,024,169 511,028 199,883 4,466,944 2,156,640 2,790,306 1,227,228

13,367 20,613 99,143 165,624 62,656 94,895 239,710 93,988 1,523,478 395,429 1,022,870 404,283 143,725 85,161 1,499,999 749,696 1,407,412 659,043 671,990 374,217 8,895,956 3,329,620 5,733,066 2,360,905

27,481,800 31,511,597 451,006,404 201,218,498 153,750,797 128,228,398

(2,133,280) 65,597,635 (1,835,382,562) 441,739,004 (1,367,993,439) 251,101,963

(6,345,220) (19,524,719) 69,478,480 754,399,644 179,247,866 292,688,884

(8,478,500) 46,072,916 (1,765,904,082) 1,196,138,648 (1,188,745,573) 543,790,847 441,042,282 409,435,416 1,533,124,282 978,716,373 1,062,890,932 804,917,379 432,563,782 455,508,332 (232,779,800) 2,174,855,021 (125,854,641) 1,348,708,226

80,212,022 65,745,972 930,709,937 288,979,198 899,415,824 613,598,530

5,301,431 80,212,022 - 930,709,937 - 899,415,824

507,474,373 441,042,282 697,930,137 1,533,124,282 773,561,183 1,062,890,932

- - - - - - 507,474,373 441,042,282 697,930,137 1,533,124,282 773,561,183 1,062,890,932

1.91 7.41 (14.68) 7.44 (17.99) 7.412.07 2.40 2.04 2.33 2.28 2.50


Director








Schedule

INCOME




TOTAL (A)

EXPENSES AND LOSSES



TOTAL (B)












Year Ended Period Ended Year Ended Period Ended Year Ended Year Ended31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19


73,545,975 31,689,900 32,105,017 6,357,376 14,098,895 12,015,398 10,156,683 54,575,641 5,283,611 24,298,686 15,648,783 39,474,904

(156,778,802) (265,155,607) (35,204,055) (137,275,931) 40,973,363 63,326,406

- - - - 675,820 - - - - - 143,399 153,800 - - - - - 125,301

(1,395,296,559) 145,170,178 (478,946,478) 9,703,208 (413,941,378) (109,904,859)

(1,468,372,703) (33,719,888) (476,761,905) (96,916,661) (342,401,118) 5,190,950

- - - - - -

- - - - - - 6,469,856 21,560,106 4,522,767 7,779,611 30,197,274 37,307,901

- - - - 547,418 653,741 1,164,575 3,880,820 814,099 1,400,331 5,435,510 6,715,423

85,935,095 102,240,821 28,480,319 36,305,677 7,530,049 8,085,552 1,514,116 1,051,182 529,348 331,955 364,945 399,689

- 291 - 102 29,614 133,834 62,401 118,422 21,956 41,284 15,123 30,501 74,421 30,519 33,111 17,582 470,519 288,507

1,414,603 590,425 572,648 210,590 390,454 316,632 3,213,655 1,480,020 1,164,390 570,499 1,847,009 1,401,889

99,848,722 130,952,606 36,138,638 46,657,631 46,827,915 55,333,669

(1,568,221,425) (164,672,494) (512,900,543) (143,574,292) (389,229,033) (50,142,719)

- - - - (66,487,108) (97,866,609)

(1,568,221,425) (164,672,494) (512,900,543) (143,574,292) (455,716,141) (148,009,328) (309,842,672) - (153,277,500) - 1,244,802,500 1,282,906,969

(1,878,064,097) (164,672,494) (666,178,043) (143,574,292) 789,086,359 1,134,897,641

145,170,178 - 9,703,208 - 177,370,717 287,275,576

- 145,170,178 - 9,703,208 - 177,370,717

(1,732,893,919) (309,842,672) (656,474,835) (153,277,500) 966,457,076 1,244,802,500

- - - - - - (1,732,893,919) (309,842,672) (656,474,835) (153,277,500) 966,457,076 1,244,802,500

(19.40) (0.46) (18.01) (3.81) (18.77) 0.261.32 1.79 1.37 1.83 2.57 2.77


Director




Tata Value Fund - Series 2Tata Value Fund - Series 1 Tata Young Citizens' Fund



Rs. Rs. Rs. Rs. Rs. Rs.A. Cash flow from Operating ActivitiesSurplus / (Deficit) for the year/period (1,188,614,634) 352,623,351 (13,030,276,529) 96,275,847 (1,760,155,063) (113,338,358) Adjustments for:-Dividend income (22,346,840) (13,006,132) (749,316,220) (598,251,549) (158,881,681) (100,175,950) Interest income (4,465,354) (6,247,386) (106,514,961) (305,924,236) (21,466,579) (58,427,537)


1,144,373,166 (333,972,011) 10,810,027,397 (1,575,710,651) 1,106,771,824 (237,728,954)

Change in assets and liabilities:(Increase) / Decrease in Investments at Cost (1,568,576,504) (130,250,328) 12,775,346,270 (27,120,045,255) 3,741,613,870 (6,375,610,070)

(Increase) / Decrease in Deposits with scheduled banks/companies / institutions

- - 49,481,770 (55,000,000) - -

(Increase) / Decrease in Other Current Assets (277,714) (84,486) (899,915) (2,527,070) (385,317) (212,088) Increase in Accumulated Load - - (183) - - - Increase / (Decrease) in Current Liabilities and Provisions 246,494 2,815,614 1,938,300 (9,880,845) (18,750,693) 17,226,075

Cash Generated from/(used in) Operations (1,639,661,386) (128,121,378) 9,749,785,929 (29,571,063,759) 2,888,746,361 (6,868,266,882)

Interest received 4,472,126 6,613,143 97,671,893 308,594,481 21,531,098 58,351,288 Dividend received 22,346,840 13,006,132 749,316,220 598,251,549 158,881,681 100,175,950

Net Cash Generated from/(used in) Operating Activities ( A ) (1,612,842,420) (108,502,103) 10,596,774,042 (28,664,217,729) 3,069,159,140 (6,709,739,644)



Net proceeds from reissue / (payments for re-purchase) of units 967,431,299 49,856,049 (745,258,069) 2,130,815,334 (1,659,170,245) 3,763,908,899

Net unit premium received / (paid) 988,446,434 36,123,094 (6,934,653,396) 23,602,572,839 (1,198,609,574) 3,018,121,007


(21,222) 58,196 (1,357,033) 882,773 (35,441) 122,601

Net Cash Generated from/(used in) Financing Activities ( C ) 1,955,856,511 86,037,339 (7,681,268,498) 25,734,270,946 (2,857,815,260) 6,782,152,507

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) 343,014,091 (22,464,764) 2,915,505,544 (2,929,946,783) 211,343,880 72,412,863

Cash and cash equivalents as at the beginning of the year/period

34,817,816 57,282,580 458,848,641 3,388,795,424 534,727,350 462,314,487


377,831,907 34,817,816 3,374,354,185 458,848,641 746,071,230 534,727,350

Note: - - - - - - Components of cash and cash equivalents as at the end of theyear/period (Refer Note B 1.5 of Schedule )

Balances with banks in current account (Refer Schedule VI) 31,593,757 11,186,368 165,457,866 92,462,432 16,984,943 18,267,349

Collateralised Borrowing and Lending Obligation ("CBLO") (Refer Schedule VI)

- - 3,199,878,023 349,933,935 - 389,938,207



(151,393) (98,891) (21,788,556) (20,790,657) (609,222) (223,906)

Cash and cash equivalents as at the end of the year/period 377,831,907 34,817,816 3,374,354,185 458,848,641 746,071,230 534,727,350









A. Cash flow from Operating ActivitiesSurplus / (Deficit) for the year/periodAdjustments for:-Dividend incomeInterest income


Change in assets and liabilities:(Increase) / Decrease in Investments at Cost(Increase) / Decrease in Deposits with scheduled banks/companies / institutions(Increase) / Decrease in Other Current AssetsIncrease in Accumulated LoadIncrease / (Decrease) in Current Liabilities and ProvisionsCash Generated from/(used in) Operations

Interest receivedDividend received

Net Cash Generated from/(used in) Operating Activities ( A )




Net unit premium received / (paid)Dividend paid (including tax on dividend distributed, where applicable) during the year/period

Net Cash Generated from/(used in) Financing Activities ( C )


Cash and cash equivalents as at the beginning of the year/periodCash and cash equivalents as at the end of the year/period (Refer Note below)Note:

Components of cash and cash equivalents as at the end of theyear/period (Refer Note B 1.5 of Schedule )

Balances with banks in current account (Refer Schedule VI)

Collateralised Borrowing and Lending Obligation ("CBLO") (Refer Schedule VI)Reverse Repos (Refer Schedule VI)

Less: Earmarked Balances - Unclaimed Dividend and Unclaimed Redemption invested in Reverse Repos/CBLO (Refer Schedule III)Cash and cash equivalents as at the end of the year/period







(67,821,524) 19,832,264 (39,445,133) 12,892,555 (2,916,354,586) 693,725,891

(2,763,012) (1,690,538) (1,690,435) (853,418) (130,578,894) (19,639,500) (145,432) (77,808) (92,367) (61,870) (38,114,607) (192,975,434)

82,079,159 (13,417,143) 45,010,401 (7,980,926) 2,739,787,689 (826,595,425)

(277,936,027) (25,079,995) (134,339,300) (39,105,139) (204,463,357) (14,437,309,290)

- - - - - -

86,485 (119,620) 79,677 (101,838) (15,238,164) (6,198,647) (23) - - - - -

16,541 10,230 18,361 22,397 (20,462,042) 31,642,543 (266,483,833) (20,542,610) (130,458,796) (35,188,239) (585,423,961) (14,757,349,862)

155,752 84,137 103,342 59,178 34,129,493 192,900,325 2,763,012 1,690,538 1,690,435 853,418 130,578,894 19,639,500

(263,565,069) (18,767,935) (128,665,019) (34,275,643) (420,715,574) (14,544,810,037)

- - - - - -

63,969,950 1,954,335 20,424,768 5,148,391 1,157,214,958 14,703,832,677

218,154,410 16,536,636 116,241,151 37,329,914 71,326,423 (19,642,154)

9,765 - 87 95 - -

282,134,125 18,490,971 136,666,006 42,478,400 1,228,541,381 14,684,190,523

18,569,056 (276,964) 8,000,987 8,202,757 807,825,807 139,380,486

2,529,019 2,805,983 9,139,273 936,516 139,380,486 -

21,098,075 2,529,019 17,140,260 9,139,273 947,206,293 139,380,486

- - - - - -

9,503,123 534,804 10,054,456 763,570 16,934,737 17,334,528

- - - - 919,964,932 -

11,706,220 2,090,854 7,189,664 8,474,798 10,410,942 122,047,209

(111,268) (96,639) (103,860) (99,095) (104,318) (1,251)

21,098,075 2,529,019 17,140,260 9,139,273 947,206,293 139,380,486

- - - - - -


Director




Tata Index Fund - Nifty Plan Tata Index Fund - Sensex Plan Tata Multicap Fund
























(2,133,280) 65,597,635 (1,835,382,562) 441,739,004 (1,367,993,439) 251,101,963

(3,823,650) (3,462,470) (88,705,285) (55,560,647) (60,743,156) (40,575,002) (65,834,276) (69,116,744) (142,255,251) (164,745,511) (18,633,074) (27,318,627)

74,910,591 (14,466,050) 1,784,567,423 (641,730,739) 1,412,211,441 (285,817,294)

(359,153,344) 173,314,325 (204,640,442) (5,274,990,611) (924,771,110) (1,844,607,192)

- - - - 22,315,300 (22,315,300)

(269,182) 833,917 (267,692,964) (1,445,339) 312,081 (440,645) - - - -

1,097,163 (847,865) 228,060,178 1,785,412 2,876,761 3,593,265 (355,205,978) 151,852,748 (526,048,903) (5,694,948,431) (934,425,196) (1,966,378,832)

62,329,057 69,249,082 162,683,393 74,728,265 18,752,652 29,200,265 3,823,650 3,462,470 88,705,285 55,560,647 60,743,156 40,575,002

(289,053,271) 224,564,300 (274,660,225) (5,564,659,519) (854,929,388) (1,896,603,565)

- - - - - -

(7,995,635) (36,018,944) 202,641,833 1,464,269,131 418,588,447 627,292,719

(4,157,255) (26,674,861) 416,986,456 2,944,846,799 836,541,260 1,183,191,156

40,515 6,879 - - 2,052 -

(12,112,375) (62,686,926) 619,628,289 4,409,115,930 1,255,131,759 1,810,483,875

(301,165,646) 161,877,374 344,968,064 (1,155,543,589) 400,202,371 (86,119,690)

382,995,626 221,118,252 129,870,250 1,285,413,839 244,029,493 330,149,183

81,829,980 382,995,626 474,838,314 129,870,250 644,231,864 244,029,493

- - - - - -

2,168,365 704,610 11,254,955 25,572,805 18,319,177 16,389,851

- - - - - -

82,690,033 385,050,252 463,812,191 105,467,506 626,112,627 228,209,283

(3,028,418) (2,759,236) (228,832) (1,170,061) (199,940) (569,641)

81,829,980 382,995,626 474,838,314 129,870,250 644,231,864 244,029,493

- - - - - -


Director






























(1,568,221,425) (164,672,494) (512,900,543) (143,574,292) (389,229,033) (50,142,719)

(73,545,975) (31,689,900) (32,105,017) (6,357,376) (14,098,895) (12,015,398) (10,156,683) (54,575,641) (5,283,611) (24,298,686) (15,648,783) (39,474,904)

1,395,296,559 (145,170,178) 478,946,478 (9,703,208) 413,941,378 109,904,859

653,818,068 (7,361,262,329) 300,265,433 (2,592,845,152) 103,429,406 80,090,425

- - - - - -

(1,916,074) (980,916) 3,173,857 (3,173,857) 610,834 (52,751) - - - - (351) -

1,653,893 1,515,504 870,919 3,073,437 2,873,445 (810,834) 396,928,363 (7,756,835,954) 232,967,516 (2,776,879,134) 101,878,001 87,498,678

10,152,745 54,569,772 5,288,440 24,288,042 23,857,345 57,529,925 73,545,975 31,689,900 32,105,017 6,357,376 14,098,895 12,015,398

480,627,083 (7,670,576,282) 270,360,973 (2,746,233,716) 139,834,241 157,044,001

- - - - - -

(907,001) 7,679,202,196 (261,749) 2,764,351,573 (54,774,664) (78,209,239)

- - - - (75,442,353) (117,373,393)

- - - - - -

(907,001) 7,679,202,196 (261,749) 2,764,351,573 (130,217,017) (195,582,632)

479,720,082 8,625,914 270,099,224 18,117,857 9,617,224 (38,538,631)

8,625,914 - 18,117,857 - 48,425,216 86,963,847

488,345,996 8,625,914 288,217,081 18,117,857 58,042,440 48,425,216

- - - - - -

1,358,012 449,632 1,027,298 469,054 6,938,763 3,256,246

- - - - - -

486,987,984 8,176,282 287,189,783 17,648,803 52,995,793 47,373,321

- - - - (1,892,116) (2,204,351)

488,345,996 8,625,914 288,217,081 18,117,857 58,042,440 48,425,216

- - - - - -


Director




Tata Value Fund - Series 1 Tata Value Fund - Series 2 Tata Young Citizens' Fund


As At As At As At As At As At As At As At As At31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19

Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs.

Initial Capital 642,859,256 642,859,256 1,027,403,636 1,027,403,636 714,007,292 714,007,292 17,006,139 17,006,139


Units Opening Balance / Initial Capital 1,493,232,716 1,438,514,279 4,702,485,921 2,671,654,021 8,398,275,125 4,650,893,411 20,271,892 17,185,883

Add : Units reissued during the year/period 1,666,207,042 542,591,008 879,647,445 2,701,349,704 1,520,970,295 5,209,819,485 62,396,480 8,837,988 3,159,439,758 1,981,105,287 5,582,133,366 5,373,003,725 9,919,245,420 9,860,712,896 82,668,372 26,023,871

Less : Units repurchased during the year/period 727,306,578 487,872,571 1,641,822,064 670,517,804 3,158,068,541 1,462,437,771 21,365,802 5,751,979

Units Closing Balance 2,432,133,180 1,493,232,716 3,940,311,302 4,702,485,921 6,761,176,879 8,398,275,125 61,302,570 20,271,892


Tata Equity P/E Fund Tata India Consumer Fund Tata Index Fund - Nifty Plan


Initial Capital



Add : Units reissued during the year/period

Less : Units repurchased during the year/period


As At As At As At As At As At As At As At31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20

Rs. Rs. Rs. Rs. Rs. Rs. Rs.

62,048,515 62,048,515 12,591,551,008 12,591,551,008 15,940,975 15,940,975 44,036,741

10,618,498 5,851,629 14,696,707,168 12,591,551,008 649,441,090 677,991,133 3,471,998,446

24,975,625 9,537,244 4,686,182,715 2,833,788,383 95,129,239 156,018,597 859,335,172 35,594,123 15,388,873 19,382,889,883 15,425,339,391 744,570,329 834,009,730 4,331,333,618

9,568,995 4,770,375 3,537,925,609 728,632,223 102,602,728 184,568,640 667,559,236

26,025,128 10,618,498 15,844,964,274 14,696,707,168 641,967,601 649,441,090 3,663,774,382

Tata Index Fund - Sensex Plan Tata Multicap Fund Tata Retirement Savings Fund-Conservative Plan



Initial Capital






As At As At As At As At As At As At As At31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19

Rs. Rs. Rs. Rs. Rs. Rs. Rs.

44,036,741 61,179,894 61,179,894 7,678,295,195 7,678,295,195 2,764,241,933 2,764,241,933

1,988,914,248 2,067,246,752 1,444,140,282 7,678,295,195 7,678,295,195 2,764,241,933 2,764,241,933

1,801,960,405 674,504,761 789,105,407 - - (152,109) - 3,790,874,653 2,741,751,513 2,233,245,689 7,678,295,195 7,678,295,195 2,764,089,824 2,764,241,933

318,876,207 257,506,342 165,998,937 - - - -

3,471,998,446 2,484,245,171 2,067,246,752 7,678,295,195 7,678,295,195 2,764,089,824 2,764,241,933

Tata Value Fund - Series 2Tata Value Fund - Series 1Tata Retirement Savings Fund-Moderate Plan



Initial Capital






As At As At31-Mar-20 31-Mar-19

Rs. Rs.

205,885,800 205,885,800

754,501,794 830,672,166

7,903,402 11,581,527 762,405,196 842,253,693

56,964,977 87,751,899

705,440,219 754,501,794

Tata Young Citizens' Fund




Unit Premium ReserveOpening Balance 433,668,516 396,426,865 17,030,900,104 7,770,182,265 5,654,768,352 2,634,538,701 Net Addition / (Deduction) during the year/period 983,889,281 37,241,651 (2,473,489,651) 9,260,717,839 (1,310,604,134) 3,020,229,651 Closing Balance 1,417,557,797 433,668,516 14,557,410,453 17,030,900,104 4,344,164,218 5,654,768,352

Unrealised Appreciation ReserveAt the beginning of the year/period 691,308,387 357,336,376 3,847,388,037 2,271,677,386 817,454,787 579,725,833 Increase/(Decrease) in unrealised value of investments (691,308,387) 333,972,011 (3,847,388,037) 1,575,710,651 (817,454,787) 237,728,954 At the end of the year/period - 691,308,387 - 3,847,388,037 - 817,454,787

Revenue Account (329,297,782) 163,451,312 16,158,538,899 29,802,591,319 (1,161,680,285) (330,974,569) 1,088,260,015 1,288,428,215 30,715,949,352 50,680,879,460 3,182,483,933 6,141,248,570






Revenue Account



(672,327) (10,790,774) 11,539,321 (13,699,713) 5,410,398 - 158,546,099 10,118,447 56,375,866 25,239,034 81,396,938 5,410,398 157,873,772 (672,327) 67,915,187 11,539,321 86,807,336 5,410,398

36,490,249 23,073,106 26,446,468 18,465,542 826,595,425 - (36,490,249) 13,417,143 (26,446,468) 7,980,926 (826,595,425) 826,595,425

- 36,490,249 - 26,446,468 - 826,595,425

117,547,969 89,270,956 100,631,254 53,764,634 (2,257,751,762) (157,922,086) 275,421,741 125,088,878 168,546,441 91,750,423 (2,170,944,426) 674,083,737





Revenue Account



128,910,515 136,060,657 4,675,485,666 2,485,038,511 2,071,501,057 1,180,998,785 2,187,965 (7,150,142) 347,507,976 2,190,447,155 657,293,394 890,502,272

131,098,480 128,910,515 5,022,993,642 4,675,485,666 2,728,794,451 2,071,501,057

80,212,022 65,745,972 930,709,937 288,979,198 899,415,824 613,598,530 (74,910,591) 14,466,050 (930,709,937) 641,730,739 (899,415,824) 285,817,294

5,301,431 80,212,022 - 930,709,937 - 899,415,824

507,474,373 441,042,282 697,930,137 1,533,124,282 773,561,183 1,062,890,932 643,874,284 650,164,819 5,720,923,779 7,139,319,885 3,502,355,634 4,033,807,813







Revenue Account



- - - - (258,355,445) (238,841,808) - - - - (8,955,596) (19,513,637) - - - - (267,311,041) (258,355,445)

145,170,178 - 9,703,208 - 177,370,717 287,275,576 (145,170,178) 145,170,178 (9,703,208) 9,703,208 (177,370,717) (109,904,859)

- 145,170,178 - 9,703,208 - 177,370,717

(1,732,893,919) (309,842,672) (656,474,835) (153,277,500) 966,457,076 1,244,802,500 (1,732,893,919) (164,672,494) (656,474,835) (143,574,292) 699,146,035 1,163,817,772

Tata Young Citizens' FundTata Value Fund - Series 2Tata Value Fund - Series 1



Rs. Rs. Rs. Rs. Rs. Rs.Current LiabilitiesManagement Fees payable - 2,514,768 22,926,834 13,395,145 1,168,562 11,371,769 Trusteeship Fees payable 868,800 663,379 12,092,487 12,233,898 3,096,928 3,408,439 Selling Commission / Brokerage Expenses payable 6,838,404 3,791,189 22,086,289 28,259,400 4,180,362 9,156,105 Advertisement & Publicity Expenses payable - 22,097 - 568,415 - 82,234 Audit Fees payable 32,136 43,375 316,300 872,361 88,845 229,527 Custodian Fees & Expenses payable 69,893 50,914 166,114 165,521 118,416 118,818 Registrar's Fees & Expenses payable 312,518 355,932 2,991,610 4,250,388 817,295 1,689,848 Other payable 146,182 149,683 1,701,687 2,054,011 443,734 707,668 Units pending allotment 33,000 196,099 195,500 395,800 1,268,500 159,500 Contract for purchase of investments 50,913,139 - - 690,789,391 69,809,313 333,365,597 Repurchase amount payable 35,390,277 7,801,739 82,721,143 82,151,109 9,585,856 33,983,523 Inter-scheme dues payable 5,006,893 1,845,491 100,544,407 45,464,363 38,824,945 20,834,659 Unclaimed Redemption payable (Refer Note C 15 of Schedule VIII) 114,419 40,695 14,767,148 12,412,216 521,005 100,247 Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII) 36,974 58,196 7,021,408 8,378,441 88,217 123,659 Investor Education Fund Expenses Payable 68,276 45,720 657,185 916,954 181,308 245,158 Goods and Services Tax payable on Management Fees - 452,658 4,126,830 2,411,126 210,341 2,046,918 Accumulated Load - - 19,192 19,009 - -

99,830,911 18,031,935 272,334,134 904,737,548 130,403,627 417,623,669

ProvisionsProvision for loss / depreciation in value of investments - - - - - - Provision for outstanding and accrued income considered doubtful - - - - - -

- - - - - -

99,830,911 18,031,935 272,334,134 904,737,548 130,403,627 417,623,669

Tata Banking & Financial Services Fund Tata Equity P/E Fund Tata India Consumer Fund


Current LiabilitiesManagement Fees payableTrusteeship Fees payableSelling Commission / Brokerage Expenses payableAdvertisement & Publicity Expenses payableAudit Fees payableCustodian Fees & Expenses payableRegistrar's Fees & Expenses payableOther payableUnits pending allotmentContract for purchase of investmentsRepurchase amount payableInter-scheme dues payableUnclaimed Redemption payable (Refer Note C 15 of Schedule VIII)Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII)Investor Education Fund Expenses PayableGoods and Services Tax payable on Management FeesAccumulated Load

ProvisionsProvision for loss / depreciation in value of investmentsProvision for outstanding and accrued income considered doubtful



- - 131 - - 8,653,945 - - - - 3,835,384 2,277,770

62,057 39,313 53,730 29,799 5,090,273 16,764,903 - - - - - 102,734

2,140 2,289 1,396 1,504 121,794 241,811 6,056 3,784 3,885 2,115 118,491 118,341 1,202 11,438 796 10,560 1,137,137 1,421,329 3,781 3,616 4,814 3,635 625,861 249,467

- 5,000 4,337,135 197,150 175,000 128,500 11,502,678 1,131,242 7,013,691 7,515,643 - 223,885,698 23,681,883 1,016 220,256 168,683 12,617,346 8,569,448

18,860 1,085,196 1,067,664 45,065 88,364,951 4,026,887 101,503 96,639 101,932 97,254 104,318 1,251

9,765 - 1,928 1,841 - - 4,202 2,480 2,778 1,580 251,561 254,533

- - 24 - - 1,557,710 339,758 339,735 73,055 73,055 - -

35,733,885 2,721,748 12,883,215 8,147,884 112,442,116 268,254,327

- - - - - - - - - - - - - - - - - -

35,733,885 2,721,748 12,883,215 8,147,884 112,442,116 268,254,327







249,148 76,514 800,416 - - 1,090,780 - - 2,572,195 2,302,245 1,584,073 1,356,985

6,627,217 5,682,126 11,515,397 11,845,496 20,900,636 16,897,602 - 5,337 - 106,828 - 61,956

11,474 20,613 83,894 165,624 53,383 94,895 10,985 10,548 118,349 118,247 110,149 107,875 58,298 97,059 770,003 438,852 497,372 479,204 64,414 63,697 368,100 200,175 289,091 282,948 18,000 1,215,981 243,700 1,377,082 1,153,500 1,058,419

- - - 8,960,308 - 6,852,000 1,800 101,500 4,938,617 6,134,721 4,002,217 4,088,412

695,888 153,020 12,431,311 1,520,117 3,174,583 1,954,735 2,725,881 2,497,213 228,832 1,170,061 197,888 569,641

302,537 262,023 - - 2,052 - 22,327 21,880 171,260 174,099 110,054 99,412 44,847 13,773 144,075 - - 196,340

- - - - - - 10,832,816 10,221,284 34,386,149 34,513,855 32,074,998 35,191,204

- - 202,500,000 - - - - - 24,368,055 - - - - - 226,868,055 - - -

10,832,816 10,221,284 261,254,204 34,513,855 32,074,998 35,191,204









1,500,774 - 2,733,838 - 440,577 - - - - - 426,769 517,685 - 776,941 435,282 2,776,065 6,907,882 4,116,998 - 181 - 63 - 13,204

53,756 118,422 18,932 41,284 12,584 30,501 113,213 118,075 37,371 47,983 27,037 34,228 207,462 375,308 72,699 162,284 117,482 450,700 912,812 1,340 115,025 2,127 169,015 138,074

- 907,001 - 109,640 41,461 34,450 - 11,115,401 70,800,905 45,085,423 - - - - - - 29,669 5,034,729 - - - - - 392,804 - - - - 1,892,116 2,204,351 - - - - - -

111,241 125,237 39,118 43,631 25,979 32,145 270,139 - 492,091 - 79,304 -

- - - - 1,222,012 1,221,661 3,169,397 13,537,906 74,745,261 48,268,500 11,391,887 14,221,530

- - - - - - - - - - - - - - - - - -

3,169,397 13,537,906 74,745,261 48,268,500 11,391,887 14,221,530





Equity Shares 3,238,170,814 2,763,054,337 31,117,595,940 53,426,808,181 9,208,341,459 14,416,620,879 Privately Placed Debentures / Bonds - - - - - - Debentures and Bonds listed / awaiting listing on recognised stock exchange

- - - - - -

Mutual Fund Units - - - 2,001,571,219 - - Central and State Government Securities - - - - - -

3,238,170,814 2,763,054,337 31,117,595,940 55,428,379,400 9,208,341,459 14,416,620,879



Equity SharesPrivately Placed Debentures / BondsDebentures and Bonds listed / awaiting listing on recognised stock exchangeMutual Fund UnitsCentral and State Government Securities



350,983,264 144,140,793 189,963,148 101,136,201 12,314,667,880 14,294,384,313 - - - - - -

- - - - - -

- - - - - 800,628,488 - - - - - -

350,983,264 144,140,793 189,963,148 101,136,201 12,314,667,880 15,095,012,801






290,825,718 396,258,464 6,923,896,906 8,736,715,329 5,262,896,446 5,867,638,336 - - 50,143,800 49,422,600 - -

177,002,819 174,625,678 910,453,040 1,628,924,726 - -

- - - - - - 723,019,613 339,540,087 807,398,740 - - -

1,190,848,150 910,424,229 8,691,892,486 10,415,062,655 5,262,896,446 5,867,638,336


Tata Retirement Savings Fund-Moderate Plan Tata Retirement Savings Fund-Progressive Plan





5,363,718,633 7,288,961,720 1,859,543,597 2,532,441,432 1,241,423,869 1,570,961,635 - - - - 39,743,880 93,753,200

- - - - 49,498,500 153,133,258

- - - - - - - - - - - 52,425,650

5,363,718,633 7,288,961,720 1,859,543,597 2,532,441,432 1,330,666,249 1,870,273,743





Deposits with Companies / Institutions* - - 5,518,230 55,000,000 - - - - 5,518,230 55,000,000 - -

* Includes variation margin deposit for dealing in Derivative trades.



Deposits with Companies / Institutions*




- - - - - - - - - - - -







- - - - - 22,315,300 - - - - - 22,315,300









- - - - - - - - - - - -




Rs. Rs. Rs. Rs. Rs. Rs.Balances with banks in current accounts 31,593,757 11,186,368 165,457,866 92,462,432 16,984,943 18,267,349 Collateralised Borrowing and Lending Obligation - - 3,199,878,023 349,933,935 - 389,938,207 Reverse Repos 346,389,543 23,730,339 30,806,852 37,242,931 729,695,509 126,745,700 Contract for sale of investments - - 327,328,128 292,707,726 96,337,442 - Accrued income 6,792 13,564 12,727,522 3,884,454 14,303 78,822 Redemption proceeds receivable (Refer Note C 21 of Schedule VIII) - - - - - Inter-scheme dues 3,837,935 1,708,205 69,256,352 28,368,192 22,690,783 5,496,407 Variation Margin - receivable F&O - - - 69,966 - - Others Receivables (Refer Note C 19 of Schedule VIII) 225,265 53 25,875 53,893 - -

382,053,292 36,638,529 3,805,480,618 804,723,529 865,722,980 540,526,485




Balances with banks in current accountsCollateralised Borrowing and Lending ObligationReverse ReposContract for sale of investmentsAccrued incomeRedemption proceeds receivable (Refer Note C 21 of Schedule VIII)Inter-scheme duesVariation Margin - receivable F&OOthers Receivables (Refer Note C 19 of Schedule VIII)


Rs. Rs. Rs. Rs. Rs. Rs.9,503,123 534,804 10,054,456 763,570 16,934,737 17,334,528

- - - - 919,964,932 - 11,706,220 2,090,854 7,189,664 8,474,798 10,410,942 122,047,209

2,066 616,233 - - 413,912,503 392,777,612 234 10,554 142 11,117 4,060,223 75,109

- - - - 249,810 574,687 235,133 34,436 85,178,254 5,600,577

- - - - - - 13,479 114,593 12,241 96,683 21,332,493 6,197,396

21,474,932 3,941,725 17,491,636 9,380,604 1,471,794,084 544,032,431





Rs. Rs. Rs. Rs. Rs. Rs.2,168,365 704,610 11,254,955 25,572,805 18,319,177 16,389,851

- - - - - - 82,690,033 385,050,252 463,812,191 105,467,506 626,112,627 228,209,283

3,818,832 - 134,282,880 - 110,449,559 - 17,149,321 13,644,102 74,505,559 94,933,701 12,630 132,208

- - 270,000,000 - - - - 4,000 204,294 3,429,712 827,744 1,560,791 - - - - - - - - - 1,365,807 57,620 -

105,826,551 399,402,964 954,059,879 230,769,531 755,779,357 246,292,133







Rs. Rs. Rs. Rs. Rs. Rs.1,358,012 449,632 1,027,298 469,054 6,938,763 3,256,246

- - - - - - 486,987,984 8,176,282 287,189,783 17,648,803 52,995,793 47,373,321

93,599,247 228,586,188 34,593,757 115,192,351 22,236,710 - 9,807 5,869 5,815 10,644 3,130,625 11,339,187

- - - - - - - - - - 10,001 - - - - - - -

2,896,990 980,916 - 3,173,857 - 298,599 584,852,040 238,198,887 322,816,653 136,494,709 85,311,892 62,267,353





Debentures / Bonds / Asset Backed Securities - - - - - - Discounted Securities 78,002 245,632 51,291,251 171,971,729 5,467,932 33,303,254 Government Securities - - - - - - Reverse Repos 4,387,352 6,001,754 54,841,198 133,859,833 15,926,928 25,124,283 Other Deposits - 382,512 92,674 71,719 -

4,465,354 6,247,386 106,514,961 305,924,236 21,466,579 58,427,537



Debentures / Bonds / Asset Backed SecuritiesDiscounted SecuritiesGovernment SecuritiesReverse ReposOther Deposits



133 - - - - - 297 305 595 271 12,922,949 119,706,781

- - - - - - 145,002 77,503 91,772 61,599 25,052,032 73,268,653

- - 139,626 - 145,432 77,808 92,367 61,870 38,114,607 192,975,434






12,197,387 13,096,596 80,456,909 106,083,975 - 218,948 1,430,639 3,675,379 8,985,426 32,311,370 1,508,092 2,968,382

40,865,134 36,135,565 34,053,944 2,391,667 - - 11,334,229 16,209,204 18,732,309 23,958,499 17,124,982 24,131,297

6,887 26,663 - - - 65,834,276 69,116,744 142,255,251 164,745,511 18,633,074 27,318,627








- - - - 12,331,714 25,618,783 154,884 21,678,283 43,926 10,101,190 6,676 87,543

- - - - 1,000,500 8,955,601 10,001,799 32,897,358 5,239,685 14,197,496 2,309,893 4,812,977

- - - - - - 10,156,683 54,575,641 5,283,611 24,298,686 15,648,783 39,474,904


A. Background

SCHEME * NATURE AND SCHEME OBJECTIVETata Hybrid Equity Fund (formerly known as "Tata Balanced Fund") (THEF)

TATA HYBRID EQUITY FUND (formerly known as TATA BALANCED FUND) is an open ended balancedscheme of the Fund. The investment objective of the Scheme is to provide income distribution and or capitalappreciation over medium to long term.

Tata Large & Mid Cap Fund (formerly known as "Tata Equity Opportunities Fund") (TLMCF)

TATA LARGE & MID CAP FUND (formerly known as TATA EQUITY OPPORTUNITIES FUND) is an openended scheme of the Fund. The investment objective of the Scheme is to provide income distribution and / ormedium to long term capital gains while at all times emphasizing the importance of capital appreciation.

Tata Small Cap Fund (TSCAPF) Tata Small Cap Fund is an open ended equity scheme predominantly investing in small cap stocks. The investmentobjective of the scheme is to generate long term capital appreciation by predominantly investing in equity and equityrelated instruments of small cap companies.

Tata Mutual Fund (the "Fund") is registered with the Securities and Exchange Board of India (“SEBI”). The Schemes are managed by Tata Asset ManagementLimited (“TAML” / the “Investment Manager”), an investment management company registered with SEBI. The Schemes are sponsored by Tata Sons Limited(“TSL”) and Tata Investment Corporation Limited (“TICL”). Tata Trustee Company Limited (“TTCL” / the “Trustee Company”) is the trustee company of theSchemes.

Schedule VIII - Statement of Significant Accounting Policies and Notes to the Accounts as at and for the year ended 31st March, 2020.

"* Presentation of these separate Balance sheets, Revenue accounts and Cash Flow Statements and related notes and disclosures in a columnar form is not intendedto indicate that they bear any relation to each other, or are interdependent or comparable in any way. All the above schemes have been collectively referred to as'Schemes'."

B SIGNIFICANT ACCOUNTING POLICIES1.1 Basis of Accounting

The principle accounting policies applied in the presentation of these financial statements are set out below. These policies have beenconsistently applied to both the periods presented, unless otherwise stated.

1.2 Preparation of Financial Statements of the SchemesThe financial statements of the Schemes have been prepared in accordance with the requirements of Securities and Exchange Board ofIndia (Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”), the Ninth and Eleventh Schedules ofwhich lay down the accounting policies and standards to be adopted and the disclosures to be made and the accounting principles generallyaccepted in India.The preparation of financial statements in conformity with the SEBI Regulations requires the use of certain critical accounting estimates. Italso requires the Board of Directors of the Investment Manager to exercise its judgement in the process of applying the Fund’s accountingpolicies. The areas involving high degree of judgement or complexity or critical estimates are fair values of unlisted equity securities.

1.2.1 COVID 19:Since December 2019, the identification of a new virus named SARS-CoV-2 responsible for the COVID-19 pandemic was announced andsince then the virus has spread across the globe necessitating the World Health Organization (WHO) to declare it as a global pandemic. Thepandemic has caused a crippling disruption to businesses and economic activity which has been reflected in recent fluctuations in marketsacross the globe. Various governments have introduced a variety of measures to contain the spread of the virus. On March 24, 2020, theIndian government also announced a 21 day lockdown which was further extended across the country to contain the spread of virus.

In preparing the accompanying financial statements, the Fund’s management is required to make judgements, estimates and assumptionsthat affect the application of policies and reported amounts of assets (including investments in debt securities) and income of the Scheme.These estimates and associated assumptions, especially for determining fair value of the Scheme’s investments in debt securities that arebelieved to be reasonable under the current circumstances. The valuation of such debt securities is carried out for each debt securityseparately by independent agencies as required by SEBI (Mutual Funds) Regulations 1996, as amended. Further, as required by the SEBIRegulations, the AMC is responsible for adjustments to the above-mentioned price to make it reflective of fair value as detailed in thevaluation policy approved by the Board of Directors (BOD) of the AMC and Trustees. The BOD of the AMC and the Trustee, at the timeof approving the financial statements, assessed the potential impact of the COVID-19 global pandemic on the Schemes. Based on theircurrent assessment the BOD estimates that the carrying value of its assets and liabilities are fairly represented. The impact assessment ofCOVID-19 pandemic is however, a continuing process given the uncertainties associated with its nature and duration and the Company willcontinue to closely monitor material changes in markets and future economic conditions.

1.3 Portfolio Valuation

a. Recognition and measurement

Regular purchases and sales of investments are recognised on the trade date - i.e. the date on which the Scheme's order of purchase or saleof investment is executed. Investments include contracts for purchase of securities and exclude contracts for sale of securities, for whichdeliveries are not received/collected.Investments purchased are initially recognised at cost of acquisition. Cost of acquisition includes transaction costs such as brokerage, stampcharges and other charges customarily included in the brokers note, but excludes pre-acquisition accrued interest which is classified as partof "Other Current Assets".Bonus shares and rights entitlement are recognised as on the respective ex-dates on the principal stock exchange where the shares aretraded.Subsequent to initial recognition, all investments are measured at fair values reflective of the realisable value of the securities / assets. Gainsor losses on sale of investments are determined using the "weighted average cost method" and are recognised in the Revenue Account in theperiod in which they arise either within "Income" if it is a gain or within "Expenses and Losses" if it is a loss. Changes in the unrealiseddiminution in the value of investments, if any, between two balance sheet dates is recognised in the Revenue Account as"Provision/(Reversal) for diminution in value of investments". Changes in the unrealised appreciation in the value of investments, if any,between two balance sheet dates is recognised in the Revenue Account as "Increase / (Decrease) in unrealised appreciation in the value ofinvestments". Net unrealised gain in the value of investment is reduced from distributable income at the time of income distribution.

b. Fair value estimation

Equity SecuritiesThe Schemes classifies its investments in equity securities as Non-Traded, Thinly Traded and Traded Securities as per SEBI Regulations.

Non-Traded equity securities are those equity and equity related securities (such as convertible debentures, equity warrants, etc.) that havenot been traded on any Stock Exchange for a period of thirty days prior to the valuation date.When trading in an equity and equity related security in a month is less than Rs. 500,000 and the total volume (in all recognised StockExchanges) is less than 50,000 shares, the security is classified as Thinly Traded.Equity securities that do not fall within the Non-Traded Securities or Thinly Traded Securities are classified as Traded Securities.

Traded securities are valued at the last quoted closing price on the principal stock exchange (National Stock Exchange -"NSE") on whichthe security is traded on valuation date. When on a particular valuation day, a security has not been traded on the NSE; the last quotedclosing price at which it is traded on Bombay Stock Exchange Limited ("BSE") is used.In case of Tata Index Fund - Sensex Plan, the traded securities are valued at the last quoted closing price on the principal stock exchange(Bombay Stock Exchange Limited - "BSE"). In case of Tata Index Fund - Nifty Plan, the traded securities are valued at the last quotedclosing price on the principal stock exchange (National Stock Exchange Limited - "NSE").When an equity security is not traded on any stock exchange on a particular valuation day, the value at which it was traded on the principalstock exchange or any other stock exchange, as the case may be, on the earliest previous day is used provided such date is not more than 30days prior to the valuation date.Where a traded equity or equity related security is demerged into two or more entities and one of those entities continues to be listed, thevalue of the unlisted entity is determined to be the difference between the closing price of the listed entity on the ex-date (after demerger)and the previous trading date (before demerger) until listing of the other entity.The fair values of Non-Traded and Thinly Traded equity and equity related securities are determined in each case by appropriatelydiscounting (by 75%) the average of the net worth per share based on its latest audited annual financial statements and the capitalisedearning values of those shares (i.e. the product of the earnings per share of the entity based on its latest audited annual financial statementsand 25% of the average PE multiple for the industry). Where audited annual financial statements of the entity are not available within 9months from the year end, unless the accounting year has changed, the equity securities are valued at zero.

The Schemes do not have any Non-Traded or Thinly Traded equity or equity related securities accounting for more than 5% of its totalassets.Derivatives – Futures:Futures contracts are marked to market daily at the futures settlement price as determined by the exchange. The variation margin calculatedas the difference between the trade price or the previous day’s settlement price, as the case may be, and the current day’s settlement price isrecorded as a receivable or payable.When a contract is closed (squared off)/ settled (on expiry), the difference between the final settlement / square-off price and the contractprice is recognised in the revenue account. If more than one futures contracts in respect of the same stock / index and expiry date, to whichthe squared off / settled contract pertains, is outstanding at the time of square off / settlement of the contract, the weighted average methodis followed for determining the gain or loss.As at the Balance Sheet date / date of determination, all open futures positions are valued at the futures settlement price as determined bythe exchange where it is traded. Non-traded futures contracts are valued at fair value as per procedures determined by TAML and approvedby the Trustee. The unrealised appreciation / depreciation on all open positions are considered for determining the net asset value.

Derivatives – Options:Premium paid on bought option contracts is debited to “equity index option premium” and recorded as an asset.

As at the Balance Sheet date / date of determination, all open option positions are valued at the settlement price as determined by theexchange where it is traded. Non-traded option contracts are valued at fair value as per procedures determined by TAML and approved bythe Trustee. The unrealised appreciation / depreciation to the extent of premium paid on all open positions is considered for determining thenet asset value.

When the option contracts are squared off before expiry, the difference between the premium paid and received on the squared offtransactions is recognised in the revenue account. When the option contracts are exercised on or before expiry, the difference between theoption settlement price as determined by the exchange and the premium is recognised in the revenue account. If more than one optioncontracts in respect of the same stock / index with the same strike price and expiry date to which the squared off / exercised contractpertains is outstanding at the time of square off / exercise of the contract, the weighted average method is followed for determining the gainor loss.

Premium asset in respect of options not exercised / squared off as on expiry date is transferred to revenue account.

Debt securities (including asset backed securities and money market instruments but excluding Government Securities) ("DebtSecurities"):Debt Securities (including floating rate securities and money market instruments) with balance maturity of over 30 days are being valued ataverage of the prices received from CRISIL Ltd. ("CRISIL") and ICRA Ltd. ("ICRA") (both agencies being entrusted for the purpose bythe Association of Mutual Funds in India ("AMFI")).

Debt Securities with residual maturity of upto 30 days are valued on an amortisation basis. The amortisation based value is determined byadding to the cost or, as the case may be, last valuation price, the difference between the redemption value and the cost / last valuation price(as applicable) spread uniformly over the remaining maturity period of the instrument. Should the difference between the price derived fromaverage yield and amortised value/trade value (as explained below) exceed 2.50 basis points of the amortised value, the amortisedvalue/trade value is adjusted to bring it within the band of +/- 2.50 basis points from the price as derived from average yield.

At the time of purchase of an instrument having maturity of upto 30 days, a spread between the purchase yield and the benchmark yieldwill be fixed. This spread will remain fixed through the life of the instrument.

In the case of floating rate securities with floor and caps on coupon rate and residual maturity of upto 30 days, the valuation on anamortisation basis is determined taking the interest rate as the coupon rate.An asset is classified as non-performing, if the interest and/or principal amount have not been received or remained outstanding for onequarter from the day such income / installment has fallen due. However, the AMC reserves the right to classify an asset as a NonPerforming Asset earlier than period stated above.

Government Securities:Government Securities are being valued at average of the prices received from CRISIL and ICRA (both agencies being entrusted for thepurpose by the AMFI).

Reverse repo and Triparty Repo System (TREPS)/Collateralised Borrowing and Lending Obligation (CBLO) :Reverse repo are valued at cost and TREPS/CBLO are valued at cost plus accrued interest.

1.4 A) Income Recognition:Income is recognised on an accrual basis when the right of receipt is established and there is a reasonable certainty of collection. Therecognition criteria for material classes of income are stated below :

a) Dividend income is recognised on ex-dividend dates.b) Profit or loss on sale of investments is recognised on trade date basis. The cost of investments sold is determined on “weighted average cost

basis”.c) Interest on investments, term deposits and reverse repos is recognised on a time-proportionate basis using the coupon rate. d) Discounts and premium on Debt Securities, TREPS/CBLO and Treasury Bills are amortised on a straight-line basis over the period upto

redemption.1.4 B) Expenses:

Upto 31st October, 2018 Expenses are accrued as under :a) Management fees charged by the Investment Manager and Trusteeship fees charged by the Trustee company, charged to the Schemeswere based on a pre-determined proportion of the daily net assets.b) Selling Commission directly attributable and identifiable to the Schemes, were being charged to the respective Schemes.c) The Schemes / Investment Manager (on behalf of the Schemes) contributed 2 basis points on daily net assets towards Investor Educationand Awareness Initiative (IEAI) as per SEBI Regulations.

w.e.f 1st November, 2018 Pursuant to SEBI Circular dated October 22, 2018 Circular No.SEBI/HO/IMD/DF2/CIR/P/2018/137 Expensesare accrued as under :- expenses directly attributable and identifiable to the Scheme, were being charged to the respective Scheme;- investor related expenses such as registrar's expenses, investor communications, investor meets, etc. are being allocated to the Schemes inproportion to the number of live folios in the Schemes; and - other expenses, which could not be attributed to specific Schemes, are being allocated to the Schemes in proportion to their net assets.

Above expenses are capped at the lower of the limits laid down in the SEBI Regulations and the Scheme Information Document ("SID").

The Schemes were charged with additional expense not exceeding 30 basis points of its daily net assets, if the net inflows from beyond thenotified top 30 cities (top 15 cities upto 31st March, 2018) are not less than higher of (a) 30% of the gross inflows into the Scheme or (b)15% of the average assets under management (on a year - to -date basis) of the Scheme. If the net inflows are lower than the threshold determined as above, the additional expense that could be charged to the Scheme isdetermined as under:(Daily net assets * 30 basis points * New inflows from beyond top 30 cities (top 15 cities upto 31st March, 2018)) / (365 * Higher of (a) or(b) above).These expenses were classified as Commission to Agents in Revenue Account as the Investment Manager has represented that theadditional charge has been utilised / is earmarked for utilisation towards distribution expenses for bringing inflows from such cities.

1.5 Unit Premium Reserve (“UPR”) and Income EqualisationOn issue / repurchase of units, the portion of the premium which is attributable to realised gains is credited / debited to the RevenueAccount for the period as Income Equalisation. It is reflected in the Revenue Account after the net surplus / deficit of the Schemes isdetermined. The balance portion of the premium that is not attributable to realised gains is credited / debited to the UPR.If units are sold at a price lower than the face value the difference is debited to the Revenue Account as Income Equalisation.The distributable amount is determined by deducting from the balance in the Revenue Reserve as at the end of the period, the net unrealisedappreciation in the value of investments as at the end of the period. Credit balance in the UPR is considered to be at par with unit capitaland is not taken into account in the determination of the distributable surplus. Dividend is declared only when the Revenue Reserve ispositive.

1.6 Cash and cash equivalents (for purposes of Cash Flow Statement)Cash and Cash equivalents include balances in bank in current accounts, deposits placed with scheduled banks (with original maturity ofupto three months), TREPS/CBLO and Reverse Repos.

1.7 Cash flow statementThe cash flow statement has been prepared under the Indirect method set out in the Accounting Standard ("AS") -3 on Cash FlowStatement issued by the Institute of Chartered Accountants of India ("ICAI").

1.8 Load Charges:Load represents amounts charged to investors at the time of exit from the Schemes. The difference between the NAV and the repurchaseprice is disclosed as “Accumulated Load” which is not considered for computation of the NAV of the Schemes.With effect from 1st August, 2009, the Schemes have not charged any entry load on investments made into it (including additionalpurchases and switches into the Schemes from other Schemes) otherwise than through Systematic Investment Plans ("SIPs") registeredprior to 31st July, 2009 and exit load charged is credited to the Schemes.In the books of account of the Schemes, the load balances are identified in two parts viz. balance that existed as at 31st July, 2009 andaccretions that were made post that date. The utilisation of portion that existed on 31st July, 2009 is restricted for use in marketing andselling expenses including distributor's / agent's commissions subject to a limit of one-third each in that and subsequent financial years. Theaccretions after 31st July, 2009, can be utilised without any restrictions.The unused balance of such load subjected to restricted usage as at 31st March, 2020 is given below.THEF : Rs.1,144,510/- (previous year Rs.1,144,510/-).TLMCF : Rs.5,695,996/- (previous year Rs.5,695,996/-).In compliance with SEBI (Mutual Funds) (Second Amendment) Regulations, 2012, with effect from 1st October 2012, exit load collected,net of Goods and Services Tax, is credited to the Schemes.

1.9 Computation of net asset value:a) The net asset values of the units of the schemes is determined separately for the units issued under the various plans.b) For reporting the net asset values within the portfolio, the scheme’s daily income earned, including realized profit or loss and unrealizedgain or loss in the value of investments, and expenses incurred, are allocated to the related options in proportion to their respective daily netassets (net assets of previous day plus subscription and reduced by redemption for the day) of the plan.

Dividend distribution and Dividend Distribution Tax:At the time of dividend declaration, distributable surplus is arrived at after deducting unrealised appreciation and balance of unit premiumreserve. The dividend is paid net of dividend distribution tax in terms of section 115R(2) and (2A) of the Income Tax Act, 1961.

C. Notes attached to and forming part of the financial statements for the year ended 31st March, 20201.

2.3.

4.

5.6.

i.

ii.

Trustee

Control means the ability to exercise not less than 10% of the voting power of an entity or the ability of the board of directors of an entity to exercise control over theInvestment Manager.

Associates are entities/person that exercise control over or are controlled by the Trustee Company and the Investment Manager or whose director, officer oremployee is a director, officer or employee of the Investment Manager;

Investment Manager

As explained above, TSPL and TICL are the co-sponsors of the Mutual Fund. The nature of transactions with the Trustees, the Investment Manager, their associatesand entities controlled by co-sponsors has been provided hereinafter. For the purpose of making these disclosures, the meanings ascribed to the terms “associates”and “control” by Regulation 2(c) and 2(g) of the SEBI Regulations have been used which have been summarised below:

The Trustee holds the property of the Mutual Fund in trust for the benefit of the unit holders of the Mutual Fund in terms of the Trust Deed dated 9th May, 1995.The trusteeship fees were charged at 0.03% of the daily Assets Under Management (AUM) to some equity schemes, as disclosed in Annexure 4, and paid on a yearlybasis. The Trustee Company is a subsidiary of Tata Sons Pvt. Ltd.

In accordance with the terms of arrangement with Investment Manager and Trustee Company, and as per SEBI Regulations, the Schemes have provided formanagement fees and trusteeship fees and the annualised rate as a % of the average daily net assets value attributable to the unitholders works out as disclosed inAnnexure 4.

Investments made by the Schemes of Tata Mutual Fund in companies or their subsidiaries that have invested more than 5% of the net assets of any Schemes of thefund, in terms of Regulation 25 (11) of the SEBI Regulations (Refer Annexure 3).

Statement of Portfolio with industry wise classification as at 31st March, 2020 (Refer Annexure 2).

Transactions with Trustees, Investment Manager, their associates and with entities controlled by co-sponsors Regulation 25(8) of the SEBI Regulations (in relationto services received by the Schemes) -

The aggregate value of purchases and sales (including redemptions) of investments for the year ended 31st March, 2020 expressed as a percentage of average dailynet assets is disclosed in Annexure 1.

Contingent liabilities as at 31st March, 2020 are Rs.Nil (previous year Rs. Nil).

The Board of Directors of the Trustee Company has appointed Tata Asset Management Limited as the Investment Manager for the Fund pursuant to an agreementdated 9th May 1995. The Investment Manager also provides certain secretarial and administrative services to the Fund. Under the terms of the arrangement, the Schemes pay theInvestment Manager a fee not greater than the quantum as defined in the SID as a % of the daily net assets value attributable to the unit holders.

7.

8 Details of Unit Capital is disclosed in Annexure 6.9. The Statement showing Net Asset Value (NAV) is disclosed in Annexure 7.

10. Investments made in group / associate companies (Refer Annexure 8). 11.

12. None of the schemes of Tata Mutual Fund have participated in Credit Default Swaps (CDS) and Repo transactions of corporate debt securities.13. Details of unrealised appreciation and unrealised diminution in the value of investments. (Refer Annexure 10).14.15.

Aggregate Fair Value of Non-Traded Debt Securities (which exclude Government Securities & Treasury Bills, included under Investments in Schedule IV) asdisclosed in Annexure 9. There are no Non-Traded / Thinly traded equity or equity related securities.

BrokerThe Investment Manager has appointed various brokers for carrying out investment trades on behalf of the Schemes for a brokerage. Entities that have been paidsuch brokerage include Entities over which TSL exercises significant influence and/or control.

Disclosure is made in the Annexure 5A in respect of other payments made to parties associated with sponsors in which the Investment Manager or its majorshareholders have a substantial interest.

Transactions during the year in relation to services received by the Schemes from the co-sponsors or from entities over which they exercise control and otherdisclosures required under Regulation 25(8) of the SEBI Regulations are contained in Annexure 5.

Investment Manager a fee not greater than the quantum as defined in the SID as a % of the daily net assets value attributable to the unit holders. The Investment Manager is a subsidiary of TSL.

Unclaimed redemption / dividend amount, since the inception of the Schemes has been invested separately, only in money market instruments and the investors whohave claimed their redemption / dividend amounts have been paid alongwith the appreciation earned on these amounts as per SEBI circular MFD / CIR / 9 / 120 /2000 dated 24 November, 2000. The details of unclaimed redemption and unclaimed dividend liabilities are disclosed in Annexure 12.

Unit holder holding above 25% of the Net Asset Value of the Schemes (Refer Annexure 11).

16.

Sr No. Business Segment ISIN Face Value (in Rs.)1 Securities IN002019Z065 3,000,000,000.002 Triparty Repo IN000420P019 10,600,000,000.003 Triparty Repo IN002019X466 550,000,000.00

17.18.

Current Year (Rs.) Previous Year (Rs.)

123,436,608 69,858,912 104,542,166 103,805,252 1,226,416 1,233,474 7,885,472 6,179,081 (9,596,893) (5,737,485) (52,271,083) (51,902,626)

175,222,686 123,436,608

19. Segment Reporting

No provision for income tax has been made since the income of the Schemes is exempt u/s 10(23D) of the Income Tax Act 1961.

Add: Transfer on account of unclaimed dividend / redemption greater than 3 yearsLess: Utilisation during the current yearClosing balance

ParticularsOpening balance

Movement of IEAI balances for Tata Mutual Fund during the financial year ended March 31, 2020 is as follows:Liability towards Investor Education and Awareness Initiative (IEAI) :

Based on the Best practice guidelines circular issued by AMFI, the cumulative balance of IEAI has been transferred to IEAI Pool Account at Fund level on periodicbasis.

Add: Income earned on utilised IEAI balance

The details of Collateral Securities while borrowing or entering into TREPS are as given below.Security Description

In accordance with clause 7 of the Seventh schedule referred to in Regulation 44 (1) of the SEBI Regulations, securities purchased should be held in the name of theSchemes. Investments in Government Securities and Treasury Bills are held in the name of “Tata Mutual Fund”.

Additions during the current year

07/05/2020 MATURING 364 DTB6.65% GS 09APR2020 P07/05/2020 MATURING 91 DTB

Pursuant to letter dated January 8, 2016, issued by SEBI to AMFI the fund has transferred 50% of 2bps on daily net assets to AMFI which includes amount of Rs.3,953,962/- which was transferred to AMFI as on April 06, 2020. (Previous year an amount of Rs. 4,576,001/- was transferred to AMFI as on April 05, 2019).

Less: Amount transferred / transferable to AMFI

The Schemes operate in one segment only i.e. to primarily generate returns, based on Scheme's Investment Objectives. Further, the Scheme's Investments are in Indiaand hence, the Schemes do not have any geographical segments.

20.

Tata Trustee Company Limited Trustee21. Details of Securities classified as below investment Grade / Default as on 31st March, 2020 (Refer Annexure 13).22.

23.

24.


DirectorTata Asset Management Limited


The Schemes have entered into transactions with certain related parties. The information required in this regard in accordance with Accounting Standard 18 on'Related Party Disclosures' issued by the ICAI is provided (Refer Annexure 14).Related Party Disclosure

The figures for the previous year have been regrouped and reclassified wherever necessary to conform with the current year's classification.

On account of the change in the basis of charging expenses to the Scheme explained in note 1.4 (B) in Part B above, at a line item level the expenses of the currentyear charged to the Scheme, may not be comparable with those charged in the previous year.

Tata Asset Management Limited Investment Manager (Entity providing key Management Services)

The comparative financial information of the Schemes for the year ended 31 March 2019 included in these financial statements were audited by the predecessorauditor, who expressed an unmodified opinion on those financial statements on 26 July, 2019.

Name of the Party Relationship

ValueRs. % Value

Rs. % ValueRs. % Value

Rs. % THEF 41,060,632,394 96.49 116,560,944,822 234.04 51,172,397,908 120.26 123,878,332,546 248.73

TLMCF 4,629,146,236 31.80 16,665,742,974 129.45 3,273,435,893 22.49 19,079,634,319 148.20 TSCAPF 4,470,039,484 100.40 1,890,765,600 82.42 720,274,995 16.18 17,621,077 0.77

Aggregate value of Sales (including redemptions)

Scheme

Aggregate value of PurchasesAnnexure 1 - Statement of Aggregate Value of Purchases and Sales (including redemptions) of investments as a % of Average Net Assets.

Year Ended Year Ended31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19

2019-20 2018-19 2019-20 2018-19 2019-20 2018-19 2019-20 2018-19% % % % % % % %

THEF 0.7456 0.7797 0.0300 0.0327 0.6558 0.4136 0.0300 0.0328 TLMCF 1.0734 1.1250 0.0300 0.0330 0.7119 0.6500 0.0300 0.0326 TSCAPF 0.4495 0.4762 0.0300 0.0383 0.3424 0.0986 0.0300 0.0394

Basis of ComputationIllustration:

Scheme Name AUM Upto 100 crs @1.75%

Next 300 crs @ 1.50%

Next 300 crs @1.25%

Remaining @1% Total Fees

Scheme 7,500,000,000 17,500,000 45,000,000 37,500,000 5,000,000 105,000,000 1.40


Next 300 crs @ 1%

Next 300 crs @0.75%

Remaining @ 0.50% Total Fees

Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90

% of Management fee disclosed above is calculated by deviding the management fees paid for the year / period by the average asset under managementfor the year / period of the scheme. Pursuant to SEBI circular SEBI/HO/IMD/DF2/CIR/P/2018/137 date 22nd October, 2018, the management feecharged to direct plan is not higher than the management fee charged in regular plan.

Regular Management fees Management

fees%

Direct Management fees Management

fees%

Annexure 4 - Statement of Management and Trusteeship Fees.

SchemeManagement Fees

Trusteeship Fees (inclusive of Goods and Services Tax) Management Fees

Trusteeship Fees (inclusive of Goods and Services Tax)

REGULAR DIRECT

Scheme Name of the Company Nature of Payment

Year Ended 31-Mar-20

Rs.Year Ended 31-Mar-19

Rs. As at

31-Mar-20 Rs.

As at 31-Mar-19

Rs. % equity capital held by

the sponsors and its subsidiary / associates as

at 31st March, 2020.THEF 313,231,052 370,382,308 8,684,392 26,324,952 TLMCF 152,249,358 140,307,974 4,526,734 - TSCAPF 19,645,603 4,002,436 - - THEF 12,766,358 16,297,556 9,936,102 12,905,567 TLMCF 4,366,684 4,242,187 3,412,238 3,485,961 TSCAPF 1,335,749 335,370 1,051,392 282,567 * Tata Sons Limited – 67.90% and Tata Investment Corporation Limited – 32.10%** Tata Sons Limited – 50.00% and Tata Investment Corporation Limited – 50.00%

Annexure 5A - Disclosure under Regulation 25(8) of the SEBI Regulations in respect of other payments made / payable to parties associated with sponsors in which theInvestment Manager or its major shareholders have a substantial interest.

Tata Asset Management Limited Management Fees

Tata Trustee Company Limited


100%*

100%**

Scheme Period Covered Face Value (Rs.) Initial Capital(Units)

Opening Balance(Units)

Reissue(Units)

Repurchase(Units)

Closing Balance(Units)

THEF 10 68,732,000.000 432,828,785.200 30,777,088.463 127,722,178.354 335,883,695.309 TLMCF* 10 - 173,863,455.769 25,090,286.738 26,353,873.436 172,599,869.071 TSCAPF 10 188,668,545.058 272,573,885.378 416,421,629.262 86,407,276.978 602,588,237.662 THEF 10 68,732,000.000 481,058,314.873 87,457,680.127 135,687,209.800 432,828,785.200 TLMCF* 10 - 147,282,464.498 57,404,562.549 30,823,571.278 173,863,455.769 TSCAPF 10 188,668,545.058 - 88,124,701.807 4,219,361.487 272,573,885.378 * As the scheme was taken over from another Fund, the details of Initial Capital are not provided.

Annexure 6 - Details of Unit Capital.

2019-20

2018-19

Scheme ParticularsAs at

31-Mar-20 Rs

As at 31-Mar-19

Rs.TEGF Regular - Growth 171.7200 211.2271 TEGF Regular - Dividend 51.3025 69.6938 TEGF Regular - Monthly Dividend 45.0534 60.1876 TEGF Direct - Growth 183.1507 222.9831 TEGF Direct - Dividend 56.0069 74.7269 TEGF Direct - Monthly Dividend 49.0537 64.5017 TEOF Regular - Dividend 25.6367 32.4089 TEOF Regular - Growth 159.6551 201.8139 TEOF Direct - Dividend 33.9976 42.4332 TEOF Direct - Growth 174.2508 217.3604 TSCAPF Regular - Dividend 7.7526 10.6184 TSCAPF Regular - Growth 7.7526 10.6184 TSCAPF Direct - Dividend 7.9763 10.7199 TSCAPF Direct - Growth 7.9763 10.7199

Annexure 7 - Statement of Net Asset Value (NAV).

A. Background

SCHEME * NATURE AND SCHEME OBJECTIVETata Balanced Advantage Fund (TBAF) Tata Balanced Advantage Fund is an open ended hybrid scheme of the Fund. The investment objective of the

Scheme is to provide income distribution and or capital appreciation over medium to long term. However, there is noassurance or guarantee that the investment objective of the Scheme will be achieved.

Tata Multi Asset Opportunities Fund (TMAOF)

Tata Multi Asset Opportunities Fund is an open-ended scheme investing in equity, debt & exchange tradedcommodity derivatives. The investment objective of the scheme is to generate long term capital appreciation.However, there is no assurance or guarantee that the investmentobjective of the Scheme will be achieved.









1.3 Portfolio Valuationa. Recognition and measurement







Derivatives – Options:Premium paid on bought option contracts is debited to “equity index option premium” and recorded as an asset.As at the Balance Sheet date / date of determination, all open option positions are valued at the settlement price as determined by theexchange where it is traded. Non-traded option contracts are valued at fair value as per procedures determined by TAML and approved bythe Trustee. The unrealised appreciation / depreciation to the extent of premium paid on all open positions is considered for determining thenet asset value.


Premium asset in respect of options not exercised / squared off as on expiry date is transferred to revenue account.Commodity Valuation :For valuation, TAML has adopted Multi Commodity Exchange (MCX) as the Primary Stock Exchange and National CommodityDerivative Exchange (NCDEX) as the Secondary Stock Exchange. However, other commodity/stock exchange like National StockExchange (NSE), Bombay Stock Exchange (BSE) and Indian Commodity Exchange Limited (ICEX) are to be considered as subsequentcommodity/stock exchange. The securities/Commodities shall be valued at the closing price on the traded Primary Stock Exchange. The commodity markets close at11:30 PM for six months (March-November) and 11:55PM for the rest of the year. On a valuation day, if a security has not been traded on the Primary Stock Exchange; the value at which it is traded on the Secondary StockExchange will be considered. When a security is not traded on any stock exchange on a particular valuation day, the value at which it was traded on the selected stockexchange or any other stock exchange, as the case may be, on the earliest previous day may be used provided such date is not more than 30days prior to valuation date. If no price is available on any Stock Exchange for more than 30 days, then the security will be treated as a non-traded security and valued accordingly.Trading of a future contract remain same for all commodities: Requisites: Initial Trading Margin in form of Cash, Fixed Deposit, BankGuarantee and Securitised stocks. Mark to Market: Liquid Cash only. Settlement of future contract: Cash Settlement and PhysicalSettlement.

Process of Cash Settlement of a Future Contract: The process of cash settlement of a future contract needs to be done before the deliveryintension period. Example: Gold August contract expires on 5th August while intension period starts five days before the expiry. Any tradeswere to be cash settled the trade must be squared-off on or before 30th of July.Process of Physical Settlement of a Future Contract: Upon settlement of the future contract into physical delivery at the exchange,additional margins will be deployed until the last day of trading up to 25%. Rest amount of trade shall have to be paid on the E (Expiry)+1basis to the commodity exchange. On the allotment of physical commodity at the accredited warehouse, the corresponding physical centreprice shall be used for valuation. E.g.: If Castor seed future contract is allocated/prescribed to be delivered at Patan, Gujarat, the pollingspot price released by the exchange daily shall be considered for price valuation.

Debt securities (including asset backed securities and money market instruments but excluding Government Securities) ("DebtSecurities"):Debt Securities (including floating rate securities and money market instruments) with balance maturity of over 30 days are being valued ataverage of the prices received from CRISIL Ltd. ("CRISIL") and ICRA Ltd. ("ICRA") (both agencies being entrusted for the purpose bythe Association of Mutual Funds in India ("AMFI")).Debt Securities with residual maturity of upto 30 days are valued on an amortisation basis. The amortisation based value is determined byadding to the cost or, as the case may be, last valuation price, the difference between the redemption value and the cost / last valuation price(as applicable) spread uniformly over the remaining maturity period of the instrument. Should the difference between the price derived fromaverage yield and amortised value/trade value (as explained below) exceed 2.50 basis points of the amortised value, the amortisedvalue/trade value is adjusted to bring it within the band of +/- 2.50 basis points from the price as derived from average yield.

At the time of purchase of an instrument having maturity of upto 30 days, a spread between the purchase yield and the benchmark yieldwill be fixed. This spread will remain fixed through the life of the instrument.In the case of floating rate securities with floor and caps on coupon rate and residual maturity of upto 30 days, the valuation on anamortisation basis is determined taking the interest rate as the coupon rate.Government Securities:Government Securities are being valued at average of the prices received from CRISIL and ICRA (both agencies being entrusted for thepurpose by the AMFI).










1.5 Unit Premium Reserve (“UPR”) and Income EqualisationOn issue / repurchase of units, the portion of the premium which is attributable to realised gains is credited / debited to the RevenueAccount for the period as Income Equalisation. It is reflected in the Revenue Account after the net surplus / deficit of the Schemes isdetermined. The balance portion of the premium that is not attributable to realised gains is credited / debited to the UPR.If units are sold at a price lower than the face value the difference is debited to the Revenue Account as Income Equalisation.

The distributable amount is determined by deducting from the balance in the Revenue Reserve as at the end of the period, the net unrealisedappreciation in the value of investments as at the end of the period. Credit balance in the UPR is considered to be at par with unit capitaland is not taken into account in the determination of the distributable surplus. Dividend is declared only when the Revenue Reserve ispositive.


2.3.

4.

5.6.

i.

ii.

Trustee



Investment Manager










7.





BrokerThe Investment Manager has appointed various brokers for carrying out investment trades on behalf of the Schemes for a brokerage. Entities that have been paidsuch brokerage include Entities over which TSPL exercises significant influence and/or control.



Investment Manager a fee not greater than the quantum as defined in the SID as a % of the daily net assets value attributable to the unit holders. The Investment Manager is a subsidiary of TSPL.



16.


17.

18.


123,436,608 69,858,912 104,542,166 103,805,252 1,226,416 1,233,474 7,885,472 6,179,081 (9,596,893) (5,737,485) (52,271,083) (51,902,626)

175,222,686 123,436,608


Add: Transfer on account of unclaimed dividend / redemption greater than 3 years

Closing balance










Less: Utilisation during the current year




20.

Tata Trustee Company Limited TrusteeTata Asset Management Limited Investment Manager (Entity providing key Management Services)



and hence, the Schemes do not have any geographical segments.

21.

22.23.

24.





TMAOF was launched on 14th February, 2020, hence there are no comparative figures.



ValueRs. % Value


Rs. % TBAF 18,828,243,147 192.48 7,744,841,009 115.51 15,534,005,408 158.80 1,408,570,169 21.01

TMAOF 2,568,356,567 75.13 N.A N.A - - N.A N.A


Scheme


Year / Period Ended Year / Period Ended31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19

2019-20 2018-19 2019-20 2018-19 2019-20 2018-19 2019-20 2018-19% % % % % % % %

TBAF 0.2534 0.2623 0.0300 0.0474 0.2217 0.2533 0.0299 0.0474 TMAOF 0.0187 N.A 0.0022 N.A 0.0031 N.A 0.0022 N.A



Next 300 crs @ 1.50%

Next 300 crs @1.25%


Scheme 7,500,000,000 17,500,000 45,000,000 37,500,000 5,000,000 105,000,000 1.40


Next 300 crs @ 1%

Next 300 crs @0.75%


Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90



fees%


fees%





REGULAR DIRECT

Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90

Scheme Name of the Company Nature of PaymentYear Ended 31-Mar-20


Rs. As at

31-Mar-20 Rs.

As at 31-Mar-19



at 31st March, 2020.TBAF 24,741,898 2,986,055 - - TMAOF 616,228 N.A 79,587 N.A TBAF 2,934,748 539,767 2,297,200 483,360 TMAOF 75,659 N.A 75,659 N.A * Tata Sons Limited – 67.90% and Tata Investment Corporation Limited – 32.10%** Tata Sons Limited – 50.00% and Tata Investment Corporation Limited – 50.00%

Annexure 5A - Disclosure under Regulation 25(8) of the SEBI Regulations in respect of other payments made / payable to parties associated with sponsors in which the InvestmentManager or its major shareholders have a substantial interest.




100%*100%**



Reissue(Units)

Repurchase(Units)


TBAF 10 599,107,348.675 741,237,592.500 457,600,551.425 211,665,038.241 987,173,105.684 TMAOF 10 362,789,088.309 N.A 13,956,188.052 6,356,836.438 370,388,439.923 TBAF 10 599,107,348.675 - 148,617,192.625 6,486,948.800 741,237,592.500 TMAOF N.A N.A N.A N.A N.A N.A


2019-202018-19


31-Mar-20 Rs

As at 31-Mar-19

Rs.TBAF Regular - Dividend 9.3817 10.1185 TBAF Regular - Growth 9.3817 10.1185 TBAF Direct - Dividend 9.5945 10.1622 TBAF Direct - Growth 9.5945 10.1622 TMAOF Regular - Dividend 8.9970 N.A TMAOF Regular - Growth 8.9970 N.A TMAOF Direct - Dividend 9.0117 N.A TMAOF Direct - Growth 9.0117 N.A


A. Background

SCHEME * NATURE AND SCHEME OBJECTIVETata Ethical Fund (TEF) TATA ETHICAL FUND is an open ended scheme of the Fund. The investment objective of the

Scheme is to provide medium to long-term capital gains by investing in Shariah compliant equityand equity-related instruments of well-researched value and growth-oriented companies.

Tata Focused Equity Fund (TFEF) Tata Focused Equity Fund is an Open Ended Equity Scheme investing in maximum 30 stocks acrossmarket caps. The investment objective of the scheme is to generate long term capital appreciation byinvesting in equity & equity related instruments of maximum 30 stocks across market caps.

Tata Mid Cap Growth Fund (TMCGF) TATA MID CAP GROWTH FUND is an open ended scheme of the Fund. The investmentobjective of the Scheme is to provide income distribution and / or medium to long term capital gains.

Tata Infrastructure Fund (TISF) TATA INFRASTRUCTURE FUND is an open ended scheme of the Fund. The investmentobjective of the Scheme is to provide income distribution and / or medium to long term capital gainsby investing predominantly in equity / equity related instruments of the companies in theinfrastructure sectors.

Tata Large Cap Fund (TLCF) TATA LARGE CAP FUND is an open ended scheme of the Fund. The investment objective of theScheme is to provide income distribution and / or medium to long term capital gains while at alltimes emphasising the importance of capital appreciation.

Tata India Tax Savings Fund (T(Ind)TSF) TATA INDIA TAX SAVINGS FUND is an open ended equity linked tax savings scheme (ELSS)of the fund. The investment objective of the Scheme is to provide medium to long term capital gainsalong with income tax relief to its unitholders while emphasizing the importance of capitalappreciation.

Tata Mutual Fund (the "Fund") is registered with the Securities and Exchange Board of India (“SEBI”). The Schemes are managed by Tata AssetManagement Limited (“TAML” / the “Investment Manager”), an investment management company registered with SEBI. The Schemes aresponsored by Tata Sons Limited (“TSL”) and Tata Investment Corporation Limited (“TICL”). Tata Trustee Company Limited (“TTCL” / the“Trustee Company”) is the trustee company of the Schemes.


"* Presentation of these separate Balance sheets, Revenue accounts and Cash Flow Statements and related notes and disclosures in a columnar formis not intended to indicate that they bear any relation to each other, or are interdependent or comparable in any way. All the above schemes havebeen collectively referred to as 'Schemes'."






1.3 Portfolio Valuation


Regular purchases and sales of investments are recognised on the trade date - i.e. the date on which the Scheme's order of purchase or saleof investment is executed. Investments include contracts for purchase of securities and exclude contracts for sale of securities, for whichdeliveries are not received/collected.Investments purchased are initially recognised at cost of acquisition. Cost of acquisition includes transaction costs such as brokerage, stampcharges and other charges customarily included in the brokers note, but excludes pre-acquisition accrued interest which is classified as partof "Other Current Assets".Subsequent to initial recognition, all investments are measured at fair values reflective of the realisable value of the securities / assets. Gainsor losses on sale of investments are determined using the "weighted average cost method" and are recognised in the Revenue Account in theperiod in which they arise either within "Income" if it is a gain or within "Expenses and Losses" if it is a loss. Changes in the unrealiseddiminution in the value of investments, if any, between two balance sheet dates is recognised in the Revenue Account as"Provision/(Reversal) for diminution in value of investments". Changes in the unrealised appreciation in the value of investments, if any,between two balance sheet dates is recognised in the Revenue Account as "Increase / (Decrease) in unrealised appreciation in the value ofinvestments". Net unrealised gain in the value of investment is reduced from distributable income at the time of income distribution.





The Schemes do not have any Non-Traded or Thinly Traded equity or equity related securities accounting for more than 5% of its totalassets.

Debt securities (including asset backed securities and money market instruments but excluding Government Securities) ("DebtSecurities"):Debt Securities (including floating rate securities and money market instruments) with balance maturity of over 30 days are being valued ataverage of the prices received from CRISIL Ltd. ("CRISIL") and ICRA Ltd. ("ICRA") (both agencies being entrusted for the purpose bythe Association of Mutual Funds in India ("AMFI")).Debt Securities with residual maturity of upto 30 days are valued on an amortisation basis. The amortisation based value is determined byadding to the cost or, as the case may be, last valuation price, the difference between the redemption value and the cost / last valuation price(as applicable) spread uniformly over the remaining maturity period of the instrument. Should the difference between the price derived fromaverage yield and amortised value/trade value (as explained below) exceed 2.50 basis points of the amortised value, the amortisedvalue/trade value is adjusted to bring it within the band of +/- 2.50 basis points from the price as derived from average yield.

At the time of purchase of an instrument having maturity of upto 30 days, a spread between the purchase yield and the benchmark yieldwill be fixed. This spread will remain fixed through the life of the instrument.In the case of floating rate securities with floor and caps on coupon rate and residual maturity of upto 30 days, the valuation on anamortisation basis is determined taking the interest rate as the coupon rate.An asset is classified as non-performing, if the interest and/or principal amount have not been received or remained outstanding for onequarter from the day such income / installment has fallen due. However, the AMC reserves the right to classify an asset as a NonPerforming Asset earlier than period stated above.Government Securities:Government Securities are being valued at average of the prices received from CRISIL and ICRA (both agencies being entrusted for thepurpose by the AMFI).





redemption.

1.4 B) Expenses:Upto 31st October, 2018 Expenses are accrued as under :a) Management fees charged by the Investment Manager and Trusteeship fees charged by the Trustee company, charged to the Schemeswere based on a pre-determined proportion of the daily net assets.b) Selling Commission directly attributable and identifiable to the Schemes, were being charged to the respective Schemes.c) The Schemes / Investment Manager (on behalf of the Schemes) contributed 2 basis points on daily net assets towards Investor Educationand Awareness Initiative (IEAI) as per SEBI Regulations.w.e.f 1st November, 2018 Pursuant to SEBI Circular dated October 22, 2018 Circular No.SEBI/HO/IMD/DF2/CIR/P/2018/137 Expensesare accrued as under :- expenses directly attributable and identifiable to the Scheme, were being charged to the respective Scheme;- investor related expenses such as registrar's expenses, investor communications, investor meets, etc. are being allocated to the Schemes inproportion to the number of live folios in the Schemes; and - other expenses, which could not be attributed to specific Schemes, are being allocated to the Schemes in proportion to their net assets.Above expenses are capped at the lower of the limits laid down in the SEBI Regulations and the Scheme Information Document ("SID").





1.8 Load Charges:Load represents amounts charged to investors at the time of exit from the Schemes. The difference between the NAV and the repurchaseprice is disclosed as “Accumulated Load” which is not considered for computation of the NAV of the Schemes.With effect from 1st August, 2009, the Schemes have not charged any entry load on investments made into it (including additionalpurchases and switches into the Schemes from other Schemes) otherwise than through Systematic Investment Plans ("SIPs") registeredprior to 31st July, 2009 and exit load charged is credited to the Schemes.

In the books of account of the Schemes, the load balances are identified in two parts viz. balance that existed as at 31st July, 2009 andaccretions that were made post that date. The utilisation of portion that existed on 31st July, 2009 is restricted for use in marketing andselling expenses including distributor's / agent's commissions subject to a limit of one-third each in that and subsequent financial years. Theaccretions after 31st July, 2009, can be utilised without any restrictions.The unused balance of such load subjected to restricted usage as at 31st March, 2020 is given below.TEF : Rs.1,669,460/- (previous year Rs.1,669,460/-).TMCGF : Rs.7,580,441/- (previous year Rs.7,580,441/-).In compliance with SEBI (Mutual Funds) (Second Amendment) Regulations, 2012, with effect from 1st October 2012, exit load collected,net of Goods and Services Tax, is credited to the Schemes.

1.8 Computation of net asset value:a) The net asset values of the units of the schemes is determined separately for the units issued under the various plans.b) For reporting the net asset values within the portfolio, the scheme’s daily income earned, including realized profit or loss and unrealizedgain or loss in the value of investments, and expenses incurred, are allocated to the related options in proportion to their respective daily netassets (net assets of previous day plus subscription and reduced by redemption for the day) of the plan.Dividend distribution and Dividend Distribution Tax:At the time of dividend declaration, distributable surplus is arrived at after deducting unrealised appreciation and balance of unit premiumreserve. The dividend is paid net of dividend distribution tax in terms of section 115R(2) and (2A) of the Income Tax Act, 1961.

1.10 Borrowing Cost:The cost of borrowing for meeting redemption liability has been charged to schemes. With effect from February 21, 2019, as per SEBIcircular, cost of borrowing for a given scheme are adjusted against the portfolio yield of the scheme and borrowing costs in excess ofportfolio yield, if any are borne by the AMC.


2.3.

4.

5.6.

i.

ii.

TrusteeThe Trustee holds the property of the Mutual Fund in trust for the benefit of the unit holders of the Mutual Fund in terms of the Trust Deed dated 9th May, 1995.The trusteeship fees were charged at 0.03% of the daily Assets Under Management (AUM) to some equity schemes, as disclosed in Annexure 4, and paid on ayearly basis. The Trustee Company is a subsidiary of Tata Sons Pvt. Ltd.


Investment Manager










7.




The Investment Manager has appointed various brokers for carrying out investment trades on behalf of the Schemes for a brokerage. Entities that have been paidsuch brokerage include Entities over which TSPL exercises significant influence and/or control.

Disclosure is made in the Annexure 5A in respect of management fees and trusteeship fees payments made to parties associated with sponsors in which theInvestment Manager or its major shareholders have a substantial interest.




Broker



16.


17.18.

Current Year (Rs.) Previous Year (Rs.) 123,436,608 69,858,912 104,542,166 103,805,252 1,226,416 1,233,474 7,885,472 6,179,081 (9,596,893) (5,737,485) (52,271,083) (51,902,626)

175,222,686 123,436,608



No provision for income tax has been made since the income of the Schemes is exempt u/s 10(23D) of the Income Tax Act 1961.Liability towards Investor Education and Awareness Initiative (IEAI) :





Closing balance

Security Description07/05/2020 MATURING 364 DTB

Movement of IEAI balances for Tata Mutual Fund during the financial year ended March 31, 2020 is as follows:


6.65% GS 09APR2020 P07/05/2020 MATURING 91 DTB

Less: Utilisation during the current year

The details of Collateral Securities while borrowing or entering into TREPS are as given below.




20.

Tata Trustee Company Limited Trustee

21. Details of Securities classified as below investment Grade / Default as on 31st March, 2020 (Refer Annexure 13).




22.

23.24.

25.




TEF was launched on 15th November, 2019, hence there are no comparative figures.




ValueRs. % Value


Rs. % TEF 2,176,523,973 39.54 1,529,128,080 29.48 1,907,501,348 34.66 1,117,104,074 21.54

TFEF 14,754,564,758 109.24 N.A N.A 1,254,816,021 9.29 N.A N.A TMCGF 3,546,222,508 49.12 2,605,993,067 41.29 2,000,924,134 27.72 3,153,246,959 49.97

TISF 1,203,885,319 23.43 5,561,699,259 97.80 1,865,032,950 36.30 6,166,415,431 108.44 TLCF 2,790,840,819 35.72 2,768,908,264 36.34 3,228,142,815 41.32 3,354,980,757 44.03

T(Ind)TSF 8,967,778,297 46.76 9,147,302,100 61.70 5,858,185,672 30.55 5,588,863,703 37.70


Scheme



2019-20 2018-19 2019-20 2018-19 2019-20 2018-19 2019-20 2018-19% % % % % % % %

TEF 1.1956 1.2637 0.0300 0.0329 1.0891 1.1010 0.0300 0.0334 TFEF 0.0651 N.A - N.A - N.A - N.A

TMCGF 1.1166 1.2879 0.0300 0.0329 0.7592 1.3491 0.0300 0.0332 TISF 1.5783 1.5796 0.0300 0.0327 1.3998 1.5996 0.0300 0.0323 TLCF 1.2470 0.9811 0.0300 0.0329 1.0403 0.5265 0.0300 0.0329

T(Ind)TSF 0.5261 0.3425 0.0300 0.0332 0.3204 0.4334 0.0300 0.0335



Next 300 crs @ 1.50%

Next 300 crs @1.25%


Scheme 7,500,000,000 17,500,000 45,000,000 37,500,000 5,000,000 105,000,000 1.40

% of Management fee disclosed above is calculated by deviding the management fees paid for the year / period by the average asset undermanagement for the year / period of the scheme. Pursuant to SEBI circular SEBI/HO/IMD/DF2/CIR/P/2018/137 date 22nd October, 2018, themanagement fee charged to direct plan is not higher than the management fee charged in regular plan.

Regular Management fees Management fees%



Trusteeship Fees (inclusive of Goods and Services

Tax) Management FeesTrusteeship Fees (inclusive of Goods and Services Tax)

REGULAR DIRECT


Next 300 crs @ 1%

Next 300 crs @0.75%


Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90


fees%

Scheme Name of the Company Nature of PaymentYear Ended 31-Mar-20


Rs. As at

31-Mar-20 Rs.

As at 31-Mar-19



at 31st March, 2020.TEF 64,981,860 64,545,689 1,465,571 7,464,228 TFEF 5,500,410 N.A 1,111 N.A TMCGF 78,622,862 81,485,066 1,259,394 711,120 TISF 80,804,403 89,867,172 1,604,059 - TLCF 95,790,484 71,706,678 2,385,376 - T(Ind)TSF 96,325,836 52,109,736 - - TEF 1,651,309 1,710,752 1,289,312 1,359,418 TFEF - N.A - N.A TMCGF 2,165,968 2,076,573 1,695,577 1,649,582 TISF 1,541,493 1,858,259 1,200,040 1,472,019 TLCF 2,343,836 2,504,742 1,826,657 1,987,813 T(Ind)TSF 5,753,688 4,929,442 4,494,576 3,931,863 * Tata Sons Limited – 67.90% and Tata Investment Corporation Limited – 32.10%** Tata Sons Limited – 50.00% and Tata Investment Corporation Limited – 50.00%

Annexure 5A - Disclosure under Regulation 25(8) of the SEBI Regulations in respect of Management Fees & Trusteeship Fees payments made / payable to parties associated withsponsors in which the Investment Manager or its major shareholders have a substantial interest.




100%*

100%**



Reissue(Units)

Repurchase(Units)


TEF 10 227,957,000.000 40,112,692.514 8,724,235.625 9,583,936.656 39,252,991.483 TFEF 10 1,374,892,233.304 N.A 126,075,627.790 74,779,051.937 1,426,188,809.157 TMCGF* 10 - 77,428,732.855 22,083,267.521 13,211,713.394 86,300,286.982 TISF 10 76,108,532.410 137,856,988.002 4,703,522.114 20,035,174.738 122,525,335.378 TLCF 10 3,781,100.000 67,693,963.885 5,625,306.467 9,639,372.835 63,679,897.517 T(Ind)TSF 10 1,294,950.000 754,706,242.430 201,793,107.829 53,504,938.645 902,994,411.614 TEF 10 227,957,000.000 36,033,141.274 11,457,830.041 7,378,278.801 40,112,692.514 TFEF N.A N.A N.A N.A N.A N.A TMCGF* 10 - 79,269,428.518 10,438,558.840 12,279,254.503 77,428,732.855 TISF 10 761,085,324.100 155,982,740.347 22,760,751.048 40,886,503.393 137,856,988.002 TLCF 10 37,811,000.000 73,456,248.453 4,352,798.640 10,115,083.208 67,693,963.885 T(Ind)TSF 10 12,949,500.000 543,124,090.450 229,994,839.384 18,412,687.404 754,706,242.430 * As the scheme was taken over from another Fund, the details of Initial Capital are not provided.


2019-2020

2018-2019


31-Mar-20 Rs

As at 31-Mar-19

Rs.TEF Regular - Growth 134.7612 158.6888 TEF Regular - Dividend 55.0110 64.7823 TEF Direct - Growth 144.3013 168.1061 TEF Direct - Dividend 79.2346 92.3105 TFEF Regular - Dividend 7.1754 N.A TFEF Regular - Growth 7.1754 N.A TFEF Direct - Dividend 7.2377 N.A TFEF Direct - Growth 7.2377 N.A TMCGF Regular - Dividend 29.8272 38.9894 TMCGF Regular - Growth 107.8080 140.8489 TMCGF Direct - Dividend 37.9397 48.8773 TMCGF Direct - Growth 114.8924 147.8145 TISF Regular - Dividend 18.8558 26.4552 TISF Regular - Growth 39.7356 55.7698 TISF Direct - Dividend 21.6160 30.1000 TISF Direct - Growth 41.2660 57.4960 TLCF Regular - Growth 164.0654 219.3888 TLCF Regular - Dividend 35.7875 47.8480 TLCF Direct - Growth 179.0800 237.3262 TLCF Direct - Dividend 40.6761 53.9021 T(Ind)TSF Regular - Dividend 41.0492 58.7973 T(Ind)TSF Direct - Dividend 13.8602 18.2176 T(Ind)TSF Regular - Growth 76.5594 99.1225 T(Ind)TSF Direct - Growth 14.8798 19.2608


A. Background

SCHEME * NATURE AND SCHEME OBJECTIVETata Arbitrage Fund (TAF) Tata Arbitrage Fund is an open ended scheme of the Fund investing in arbitrage opportunities. The investment

objective of the Scheme is to seek to generate reasonable returns by investing predominantly in arbitrageopportunities in the cash and derivatives segments of the equity markets and by investing balance in debt and moneymarket instruments.

Tata Digital India Fund (TDIF) TATA DIGITAL INDIA FUND is an open ended sectors scheme of the Fund. The investment objective of theScheme is to provide long term capital appreciation by investing atleast 80% of its net assets in equity/equity relatedinstruments of the companies in the information technology sectors in India.

Tata India Pharma & Healthcare Fund (TIPHF)

TATA INDIA PHARMA & HEALTHCARE FUND is an open ended sectors scheme of the Fund. The investmentobjective of the Scheme is to provide long term capital appreciation by investing atleast 80% of its net assets inequity/equity related instruments of the companies in the pharma and healthcare sectorss in India.

Tata Equity Savings Fund (formerly known as "Tata Regular Savings Equity Fund") (TESF)

TATA EQUITY SAVINGS FUND (formerly known as TATA REGULAR SAVINGS EQUITY FUND) is an openended balanced scheme of the Fund. The investment objective of the Scheme is to provide income distribution andor capital appreciation over medium to long term

Tata Nifty Exchange Traded Fund (TNETF) Tata Nifty Exchange Traded Fund is an open ended scheme of the Fund. The investment objective of the schemeTata Nifty ETF is to provide returns that is closely correspond to the total returns of the securities as represented bythe Nifty 50 index, subject to tracking error.

Tata Nifty Private Bank Exchange Traded Fund (TNPBETF)

Tata Nifty Private Bank Exchange Traded Fund an Open-Ended Exchange Traded Fund replicating/tracking NiftyPrivate Bank Index. The investment objective of the scheme is to provide returns that is closely correspond to thetotal returns of the securities as represented by the Nifty Private Bank index, subject to tracking error.

Tata Quant Fund (TQNTF) Tata Quant Fund is an open-ended equity scheme following quant based investing theme. The investment objectiveof the scheme is to generate medium to long-term capital appreciation by investing in equity and equity relatedinstruments selected based on a quantitative model (Quant Model).

Tata Resources & Energy Fund (TREF) TATA RESOURCES & ENERGY FUND is an open ended sectors scheme of the Fund. The investment objective ofthe Scheme is to provide long term capital appreciation by investing atleast 80% of its net assets in equity/equityrelated instruments of the companies in the resources and energy sectorss in India.






1.2 Preparation of Financial Statements of the SchemesThe financial statements of the Schemes have been prepared in accordance with the requirements of Securities and Exchange Board ofIndia (Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”), the Ninth and Eleventh Schedules ofwhich lay down the accounting policies and standards to be adopted and the disclosures to be made and the accounting principles generallyaccepted in India.

The preparation of financial statements in conformity with the SEBI Regulations requires the use of certain critical accounting estimates. Italso requires the Board of Directors of the Investment Manager to exercise its judgement in the process of applying the Fund’s accountingpolicies. The areas involving high degree of judgement or complexity or critical estimates are fair values of unlisted equity securities.






Premium asset in respect of options not exercised / squared off as on expiry date is transferred to revenue account.Debt securities (including asset backed securities and money market instruments but excluding Government Securities) ("DebtSecurities"):Debt Securities (including floating rate securities and money market instruments) with balance maturity of over 30 days are being valued ataverage of the prices received from CRISIL Ltd. ("CRISIL") and ICRA Ltd. ("ICRA") (both agencies being entrusted for the purpose bythe Association of Mutual Funds in India ("AMFI")).Debt Securities with residual maturity of upto 30 days are valued on an amortisation basis. The amortisation based value is determined byadding to the cost or, as the case may be, last valuation price, the difference between the redemption value and the cost / last valuation price(as applicable) spread uniformly over the remaining maturity period of the instrument. Should the difference between the price derived fromaverage yield and amortised value/trade value (as explained below) exceed 2.50 basis points of the amortised value, the amortisedvalue/trade value is adjusted to bring it within the band of +/- 2.50 basis points from the price as derived from average yield.

At the time of purchase of an instrument having maturity of upto 30 days, a spread between the purchase yield and the benchmark yieldwill be fixed. This spread will remain fixed through the life of the instrument.In the case of floating rate securities with floor and caps on coupon rate and residual maturity of upto 30 days, the valuation on anamortisation basis is determined taking the interest rate as the coupon rate.

Government Securities:Government Securities are being valued at average of the prices received from CRISIL and ICRA (both agencies being entrusted for thepurpose by the AMFI).














1.8 Load Charges:Load represents amounts charged to investors at the time of exit from the Schemes. The difference between the NAV and the repurchaseprice is disclosed as “Accumulated Load” which is not considered for computation of the NAV of the Schemes.With effect from 1st August, 2009, the Schemes have not charged any entry load on investments made into it (including additionalpurchases and switches into the Schemes from other Schemes) otherwise than through Systematic Investment Plans ("SIPs") registeredprior to 31st July, 2009 and exit load charged is credited to the Schemes.In the books of account of the Schemes, the load balances are identified in two parts viz. balance that existed as at 31st July, 2009 andaccretions that were made post that date. The utilisation of portion that existed on 31st July, 2009 is restricted for use in marketing andselling expenses including distributor's / agent's commissions subject to a limit of one-third each in that and subsequent financial years. Theaccretions after 31st July, 2009, can be utilised without any restrictions.In compliance with SEBI (Mutual Funds) (Second Amendment) Regulations, 2012, with effect from 1st October 2012, exit load collected,net of Goods and Services Tax, is credited to the Schemes.




2.3.

4.

5.6.

i.

ii.

Trustee








Investment Manager





7.




Unit holder holding above 25% of the Net Asset Value of the Schemes (Refer Annexure 11).Unclaimed redemption / dividend amount, since the inception of the Schemes has been invested separately, only in money market instruments and the investors whohave claimed their redemption / dividend amounts have been paid alongwith the appreciation earned on these amounts as per SEBI circular MFD / CIR / 9 / 120 /2000 dated 24 November, 2000. The details of unclaimed redemption and unclaimed dividend liabilities are disclosed in Annexure 12.


BrokerThe Investment Manager has appointed various brokers for carrying out investment trades on behalf of the Schemes for a brokerage. Entities that have been paidsuch brokerage include Entities over which TSPL exercises significant influence and/or control.




16.


17.

18.


123,436,608 69,858,912 104,542,166 103,805,252 1,226,416 1,233,474 7,885,472 6,179,081 (9,596,893) (5,737,485) (52,271,083) (51,902,626)

175,222,686 123,436,608

19.




Security Description

Less: Utilisation during the current yearLess: Amount transferred / transferable to AMFI



The details of Collateral Securities while borrowing or entering into TREPS are as given below.

Movement of IEAI balances for Tata Mutual Fund during the financial year ended March 31, 2020 is as follows:


Liability towards Investor Education and Awareness Initiative (IEAI) :



In case of Scheme TESF the tax returns filed by certain securitisation trusts whose Pass Through Certificates (PTCs) were held by the Scheme were taken up forscrutiny by the Income Tax Authorities for Assessment Year 2009-10 and 2010-11. Arising out of this, Income Tax Authorities had raised a demand on suchTrusts. On failure to recover the same from trusts, Income Tax Authorities have sent demand notice to Tata Mutual Fund as the alleged beneficiary / contributor tosuch trusts. Tata Mutual Fund in consultation with its tax and legal advisors has contested the applicability of such demand and proceedings in the Bombay High


Closing balance


21.

Tata Trustee Company Limited Trustee22. Details of Securities classified as below investment Grade / Default as on 31st March, 2020 (Refer Annexure 13).23.



such trusts. Tata Mutual Fund in consultation with its tax and legal advisors has contested the applicability of such demand and proceedings in the Bombay HighCourt which has stayed such demand. During the previous year, the ITAT (Mumbai Bench) had issued a favourable order however, the fund has not received anycounter claim against this order from the trusts.




24.

25.26.

27.




Pursuant to the Yes Bank Limited Reconstruction Scheme, 2020, issued by Ministry of Finance, 75% of Yes Bank Equity Shares held by existing shareholders onthe date of the commencement of the scheme i.e. March 13, 2020 is subject to lock in period of three (3) years. The scheme has 38,064 equity shares of Yes Bank inscheme TNPBETF and 31,269 equity shares in TNETF, which is valued at Rs. Nil at March 31, 2020. Considering the AMFI recommendation 35P/MEM-COR/57/2019-20 dated March 17, 2020 and in order to have a uniform valuation of locked-in Yes Bank equity shares, such locked-in Yes Bank equity shares havebeen valued at “NIL” value from March 17, 2020 with the condition that post completion of the lock-in period, any realisation from sale of such shares shall bedistributed proportionately to the unit holder(s) of the respective Scheme(s) based on their unit holding as on end of March 13, 2020.



TNPBETF was launched on 16th August, 2019, and TQNTF was launched on 3rd January, 2020 hence there are no comparative figures.

ValueRs. % Value


Rs. % TAF 28,583,700,479 820.63 1,565,829,161 167.16 23,319,719,184 669.50 876,513,136 93.57 TDIF 1,393,808,653 34.25 3,729,739,111 123.65 2,001,122,984 49.17 810,180,942 26.86

TIPHF 568,920,808 33.75 1,051,481,067 63.26 774,429,549 45.94 791,281,140 47.61 TESF 2,584,438,318 186.29 1,964,841,503 109.68 2,642,613,768 190.49 2,472,175,652 138.00

TNETF 1,077,018,612 125.33 1,320,609,094 269.87 551,801,989 64.21 531,680,425 108.65 TNPBETF 177,312,094 134.49 N.A N.A 38,876,222 29.49 N.A N.A

TQNTF 1,414,248,215 135.47 N.A N.A 275,446,294 26.39 N.A N.A TREF 292,458,020 82.38 260,953,429 63.60 372,482,086 104.92 324,821,523 79.16

Aggregate value of Sales (including redemptions)Scheme


Year / Period Ended Year / Period Ended 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19

2019-20 2018-19 2019-20 2018-19 2019-20 2018-19 2019-20 2018-19% % % % % % % %

TAF 0.3023 0.2357 - 0.0420 0.2083 0.1430 - 0.0437 TDIF 0.7900 0.6516 0.0300 0.0339 0.5644 0.6469 0.0300 0.0344

TIPHF 0.9399 1.0123 0.0300 0.0330 0.7908 0.7842 0.0300 0.0332 TESF 1.0253 0.8519 0.0300 0.0325 0.9468 0.8776 0.0300 0.0323

TNETF - 0.0038 - - 0.0338 - - - TNPBETF - N.A - N.A 0.0695 N.A - N.A

TQNTF 0.0626 N.A 0.0057 N.A 0.0342 N.A 0.0057 N.A TREF 0.8601 1.0802 0.0300 0.0327 0.7394 0.8170 0.0300 0.0329



Next 300 crs @ 1.50%

Next 300 crs @1.25%


Scheme 7,500,000,000 17,500,000 45,000,000 37,500,000 5,000,000 105,000,000 1.40


Next 300 crs @ 1%

Next 300 crs @0.75%


Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90





REGULAR DIRECT



fees%


fees%




Rs. As at

31-Mar-20 Rs.

As at 31-Mar-19



at 31st March, 2020.TAF 9,209,174 529,398 1,019,326 168,926 TDIF 28,167,357 19,597,877 - 1,017,931 TIPHF 15,379,773 16,188,576 385,212 1,653,911 TESF 14,073,295 15,321,096 526,863 1,626,553 TNETF 290,600 4,627 - - TNPBETF 91,580 N.A 5,455 N.A TQNTF 616,381 N.A - N.A TREF 2,991,825 4,271,438 79,747 255,575 TAF - 112,591 - 97,492 TDIF 1,220,882 1,027,646 950,867 826,611 TIPHF 505,704 549,766 395,057 437,047 TESF 416,214 581,580 324,767 458,900 TNETF - - - - TNPBETF - N.A - N.A TQNTF 59,045 N.A 50,689 N.A TREF 106,506 134,122 82,892 106,225 * Tata Sons Limited – 67.90% and Tata Investment Corporation Limited – 32.10%** Tata Sons Limited – 50.00% and Tata Investment Corporation Limited – 50.00%





100%*

100%**



Reissue(Units)

Repurchase(Units)


TAF 10 53,237,740.823 94,611,870.766 872,941,183.921 392,934,903.649 574,618,151.038 TDIF 10 51,896,803.500 280,126,619.317 110,007,497.346 153,151,030.530 236,983,086.133 TIPHF 10 80,631,077.700 195,572,103.855 46,320,241.289 73,319,290.163 168,573,054.981 TESF 10 108,921,826.000 60,588,676.892 2,770,226.092 16,677,841.107 46,681,061.877 TNETF 10 2,809,609.000 7,159,609.000 9,700,000.000 4,591,454.000 12,268,155.000 TNPBETF 10 685,827.000 N.A 330,000.000 120,000.000 895,827.000 TQNTF 10 106,091,499.819 N.A 21,782,795.607 6,886,386.167 120,987,909.259 TREF 10 22,011,893.500 27,823,999.605 6,779,166.670 12,877,571.766 21,725,594.509 TAF 10 53,237,740.823 - 81,331,950.981 39,957,821.038 94,611,870.766 TDIF 10 51,896,803.500 67,291,489.875 326,292,126.824 113,456,997.382 280,126,619.317 TIPHF 10 80,631,077.700 158,583,546.341 98,778,502.333 61,789,944.819 195,572,103.855 TESF 10 108,921,826.000 102,540,740.136 8,720,610.966 50,672,674.210 60,588,676.892 TNETF 10 2,809,609.000 - 4,350,000.000 - 7,159,609.000 TNPBETF N.A N.A N.A N.A N.A N.ATQNTF N.A N.A N.A N.A N.A N.ATREF 10 22,011,893.500 32,402,710.000 5,368,414.243 9,947,124.638 27,823,999.605


2019-20

2018-19


31-Mar-20 Rs

As at 31-Mar-19

Rs.TAF Regular - Dividend 10.3782 10.1597 TAF Regular - Growth 10.8531 10.1597 TAF Direct - Dividend 10.4820 10.1785 TAF Direct - Growth 10.9582 10.1785 TDIF Regular - Dividend 12.5150 14.9922 TDIF Regular - Growth 12.5130 14.9926 TDIF Direct - Dividend 13.4620 15.8561 TDIF Direct - Growth 13.4620 15.8561 TIPHF Regular - Dividend 8.9326 9.0859 TIPHF Regular - Growth 8.9326 9.0859 TIPHF Direct - Dividend 9.5978 9.6171 TIPHF Direct - Growth 9.5978 9.6171 TESF Regular - Monthly Dividend 12.2490 13.7923 TESF Regular - Growth 30.9595 32.6639 TESF Regular - Quarterly Dividend 14.8456 15.6588 TESF Direct - Monthly Dividend 13.6964 15.1575 TESF Direct - Growth 33.2522 34.7124 TESF Direct - Quarterly Dividend 16.1829 16.8870 TNETF Direct 87.2785 116.4438 TNPBETF Direct 102.4141 N.A TQNTF Regular - Dividend 6.9058 N.A TQNTF Regular - Growth 6.9058 N.A TQNTF Direct - Dividend 6.9291 N.A TQNTF Direct - Growth 6.9291 N.A TREF Regular - Dividend 10.5961 13.1567 TREF Regular - Growth 11.5639 14.3520 TREF Direct - Dividend 12.4604 15.2028 TREF Direct - Growth 12.4604 15.2028


A. Background

SCHEME * NATURE AND SCHEME OBJECTIVETata Banking & Financial Services Fund (TBFSF)

TATA BANKING & FINANCIAL SERVICES FUND is an open ended sectors scheme of the Fund. The investmentobjective of the Scheme is to provide long term capital appreciation by investing atleast 80% of its net assets inequity/equity related instruments of the companies in the banking and financial services sectors in India.

Tata Equity P/E Fund (TEQPEF) TATA EQUITY P/E FUND is an open ended scheme of the Fund. The investment objective of the scheme is toprovide reasonable and regular income along with possible capital appreciation to its unitholders.

Tata India Consumer Fund (TICF) TATA INDIA CONSUMER FUND is an open ended sectors scheme of the Fund. The investment objective of theScheme is to provide long term capital appreciation by investing atleast 80% of its net assets in equity/equity relatedinstruments of the companies in the consumption oriented sectorss in India.

Tata Index Fund - Nifty Plan (TIFN) TATA INDEX FUND - NIFTY PLAN is an open ended scheme of the Fund. The investment objective of theScheme is to reflect/mirror the market returns with a minimum tracking error.

Tata Index Fund - Sensex Plan (TIFS) TATA INDEX FUND - SENSEX PLAN is an open ended scheme of the Fund. The investment objective of theScheme is to reflect/mirror the market returns with a minimum tracking error. Indexing is a "passive" investmentapproach emphasizing portfolio diversification and low portfolio trading. Indexing's aim is returns that do not strayfar from the returns of the benchmark index that the fund tracks. Index funds eliminate the risks of individual stocks,market sectorss, and manager selection.

Tata Multicap Fund (TMCAPF) Tata Multicap Fund is an open ended schemes of the Fund. The investment objective of each scheme is to generatemedium to long term capital growth by investing in a diversified portfolio consisting of equity and equity relatedinstruments across market capitalization.

Tata Retirement Savings Fund-Conservative Plan (TRSFC)

TATA RETIREMENT SAVINGS FUND - CONSERVATIVE PLAN is an open ended scheme of the Fund. Theobjective of the Scheme is to provide a financial planning tool for long term financial security for investors based ontheir retirement planning goals.

Tata Retirement Savings Fund-Moderate Plan (TRSFM)

TATA RETIREMENT SAVINGS FUND - MODERATE PLAN is an open ended equity scheme of the Fund. Theobjective of the Scheme is to provide a financial planning tool for long term financial security for investors based ontheir retirement planning goals.

Tata Retirement Savings Fund-Progressive Plan (TRSFP)

TATA RETIREMENT SAVINGS FUND - PROGRESSIVE PLAN is an open ended scheme of the Fund. Theobjective of the Scheme is to provide a financial planning tool for long term financial security for investors based ontheir retirement planning goals.

Tata Value Fund Series 1 (TVFS1) Tata Value Fund Series 1 is a close ended equity scheme following a value investment strategy. The investmentobjective of the Scheme is to provide capital appreciation over the tenure of the fund through a diversified equityportfolio following value investment strategy.

Tata Value Fund Series 2 (TVFS2) Tata Value Fund Series 2 is a close ended equity scheme following a value investment strategy. The investmentobjective of the Scheme is to provide capital appreciation over the tenure of the fund through a diversified equityportfolio following value investment strategy.

Tata Young Citizens Fund (TYCF) TATA YOUNG CITIZENS FUND is an open ended balanced scheme of the Fund. The investment objective of theScheme is to provide long-term capital growth along with steady capital appreciation to its unit holders, while at alltimes emphasising the importance of capital preservation.









1.3 Portfolio Valuationa. Recognition and measurement




Premium asset in respect of options not exercised / squared off as on expiry date is transferred to revenue account.Debt securities (including asset backed securities and money market instruments but excluding Government Securities) ("DebtSecurities"):Debt Securities (including floating rate securities and money market instruments) with balance maturity of over 30 days are being valued ataverage of the prices received from CRISIL Ltd. ("CRISIL") and ICRA Ltd. ("ICRA") (both agencies being entrusted for the purpose bythe Association of Mutual Funds in India ("AMFI")).Debt Securities with residual maturity of upto 30 days are valued on an amortisation basis. The amortisation based value is determined byadding to the cost or, as the case may be, last valuation price, the difference between the redemption value and the cost / last valuation price(as applicable) spread uniformly over the remaining maturity period of the instrument. Should the difference between the price derived fromaverage yield and amortised value/trade value (as explained below) exceed 2.50 basis points of the amortised value, the amortisedvalue/trade value is adjusted to bring it within the band of +/- 2.50 basis points from the price as derived from average yield.

At the time of purchase of an instrument having maturity of upto 30 days, a spread between the purchase yield and the benchmark yieldwill be fixed. This spread will remain fixed through the life of the instrument.In the case of floating rate securities with floor and caps on coupon rate and residual maturity of upto 30 days, the valuation on anamortisation basis is determined taking the interest rate as the coupon rate.Government Securities:Government Securities are being valued at average of the prices received from CRISIL and ICRA (both agencies being entrusted for thepurpose by the AMFI).














1.8 Load Charges:Load represents amounts charged to investors at the time of exit from the Schemes. The difference between the NAV and the repurchaseprice is disclosed as “Accumulated Load” which is not considered for computation of the NAV of the Schemes.With effect from 1st August, 2009, the Schemes have not charged any entry load on investments made into it (including additionalpurchases and switches into the Schemes from other Schemes) otherwise than through Systematic Investment Plans ("SIPs") registeredprior to 31st July, 2009 and exit load charged is credited to the Schemes.In the books of account of the Schemes, the load balances are identified in two parts viz. balance that existed as at 31st July, 2009 andaccretions that were made post that date. The utilisation of portion that existed on 31st July, 2009 is restricted for use in marketing andselling expenses including distributor's / agent's commissions subject to a limit of one-third each in that and subsequent financial years. Theaccretions after 31st July, 2009, can be utilised without any restrictions.The unused balance of such load subjected to restricted usage as at 31st March, 2020 is given below.TIFN : Rs.109,497/- (previous year Rs.109,497/-).TYCF : Rs.1,193,518/- (previous year Rs.1,193,518/-).In compliance with SEBI (Mutual Funds) (Second Amendment) Regulations, 2012, with effect from 1st October 2012, exit load collected,net of Goods and Services Tax, is credited to the Schemes.


2.3.

4.

5.6.

i.

ii.

Trustee

Control means the ability to exercise not less than 10% of the voting power of an entity or the ability of the board of directors of an entity to exercisecontrol over the Investment Manager.

Associates are entities/person that exercise control over or are controlled by the Trustee Company and the Investment Manager or whose director,officer or employee is a director, officer or employee of the Investment Manager;

Investment Manager

As explained above, TSPL and TICL are the co-sponsors of the Mutual Fund. The nature of transactions with the Trustees, the Investment Manager,their associates and entities controlled by co-sponsors has been provided hereinafter. For the purpose of making these disclosures, the meanings ascribedto the terms “associates” and “control” by Regulation 2(c) and 2(g) of the SEBI Regulations have been used which have been summarised below:

The Trustee holds the property of the Mutual Fund in trust for the benefit of the unit holders of the Mutual Fund in terms of the Trust Deed dated 9thMay, 1995. The trusteeship fees were charged at 0.03% of the daily Assets Under Management (AUM) to some equity schemes, as disclosed inAnnexure 4, and paid on a yearly basis. The Trustee Company is a subsidiary of Tata Sons Pvt. Ltd.

In accordance with the terms of arrangement with Investment Manager and Trustee Company, and as per SEBI Regulations, the Schemes have providedfor management fees and trusteeship fees and the annualised rate as a % of the average daily net assets value attributable to the unitholders works out asdisclosed in Annexure 4.

Investments made by the Schemes of Tata Mutual Fund in companies or their subsidiaries that have invested more than 5% of the net assets of anySchemes of the fund, in terms of Regulation 25 (11) of the SEBI Regulations (Refer Annexure 3).


Transactions with Trustees, Investment Manager, their associates and with entities controlled by co-sponsors Regulation 25(8) of the SEBI Regulations(in relation to services received by the Schemes) -

The aggregate value of purchases and sales (including redemptions) of investments for the year ended 31st March, 2020 expressed as a percentage ofaverage daily net assets is disclosed in Annexure 1.


The Board of Directors of the Trustee Company has appointed Tata Asset Management Limited as the Investment Manager for the Fund pursuant to an

7.

8 Details of Unit Capital is disclosed in Annexure 6.9. The Statement showing Net Asset Value (NAV) is disclosed in Annexure 7.10. Investments made in group / associate companies (Refer Annexure 8). 11.

12. None of the schemes of Tata Mutual Fund have participated in Credit Default Swaps (CDS) and Repo transactions of corporate debt securities.13. Details of unrealised appreciation and unrealised diminution in the value of investments. (Refer Annexure 10).14.

Aggregate Fair Value of Non-Traded Debt Securities (which exclude Government Securities & Treasury Bills, included under Investments in ScheduleIV) as disclosed in Annexure 9. There are no Non-Traded / Thinly traded equity or equity related securities.

BrokerThe Investment Manager has appointed various brokers for carrying out investment trades on behalf of the Schemes for a brokerage. Entities that havebeen paid such brokerage include Entities over which TSPL exercises significant influence and/or control.

Disclosure is made in the Annexure 5A in respect of other payments made to parties associated with sponsors in which the Investment Manager or itsmajor shareholders have a substantial interest.

Transactions during the year in relation to services received by the Schemes from the co-sponsors or from entities over which they exercise control andother disclosures required under Regulation 25(8) of the SEBI Regulations are contained in Annexure 5.

The Board of Directors of the Trustee Company has appointed Tata Asset Management Limited as the Investment Manager for the Fund pursuant to anagreement dated 9th May 1995. The Investment Manager also provides certain secretarial and administrative services to the Fund. Under the terms of the arrangement, the Schemes paythe Investment Manager a fee not greater than the quantum as defined in the SID as a % of the daily net assets value attributable to the unit holders. The Investment Manager is a subsidiary of TSPL.


15.

16.


17.

18.

Current Year (Rs.) Previous Year (Rs.) 123,436,608 69,858,912 104,542,166 103,805,252 1,226,416 1,233,474 7,885,472 6,179,081 (9,596,893) (5,737,485) (52,271,083) (51,902,626)

175,222,686 123,436,608


Closing balance


Unclaimed redemption / dividend amount, since the inception of the Schemes has been invested separately, only in money market instruments and theinvestors who have claimed their redemption / dividend amounts have been paid alongwith the appreciation earned on these amounts as per SEBIcircular MFD / CIR / 9 / 120 / 2000 dated 24 November, 2000. The details of unclaimed redemption and unclaimed dividend liabilities are disclosed inAnnexure 12.


Based on the Best practice guidelines circular issued by AMFI, the cumulative balance of IEAI has been transferred to IEAI Pool Account at Fund levelon periodic basis.



In accordance with clause 7 of the Seventh schedule referred to in Regulation 44 (1) of the SEBI Regulations, securities purchased should be held in thename of the Schemes. Investments in Government Securities and Treasury Bills are held in the name of “Tata Mutual Fund”.



Pursuant to letter dated January 8, 2016, issued by SEBI to AMFI the fund has transferred 50% of 2bps on daily net assets to AMFI which includesamount of Rs. 3,953,962/- which was transferred to AMFI as on April 06, 2020. (Previous year an amount of Rs. 4,576,001/- was transferred to AMFI

Less: Utilisation during the current yearLess: Amount transferred / transferable to AMFI



20.

Tata Trustee Company Limited Trustee

21. Details of Securities classified as below investment Grade / Default as on 31st March, 2020 (Refer Annexure 13).22.

23.

24.

On account of the change in the basis of charging expenses to the Scheme explained in note 1.4 (B) in Part B above, at a line item level the expenses ofthe current year charged to the Scheme, may not be comparable with those charged in the previous year.


The Schemes have entered into transactions with certain related parties. The information required in this regard in accordance with AccountingStandard 18 on 'Related Party Disclosures' issued by the ICAI is provided (Refer Annexure 14).Related Party Disclosure

Pursuant to Yes Bank Limited Reconstruction Scheme, 2020, issued by Ministry of Finance, 75% of Yes Bank Equity Shares held by existingshareholders on the date of the commencement of the scheme i.e. March 13, 2020 is subject to lock in period of three (3) years. Scheme TIFNA has8,249 equity shares of Yes Bank, which is valued at Rs. Nil at March 31, 2020. Considering the AMFI recommendation 35P/MEM-COR/57/2019-20dated March 17, 2020 and in order to have a uniform valuation of locked-in Yes Bank equity shares, such locked-in Yes Bank equity shares have beenvalued at “NIL” value from March 17, 2020 with the condition that post completion of the lock-in period, any realisation from sale of such shares shallbe distributed proportionately to the unit holder(s) of the respective Scheme(s) based on their unit holding as on end of March 13, 2020.


amount of Rs. 3,953,962/- which was transferred to AMFI as on April 06, 2020. (Previous year an amount of Rs. 4,576,001/- was transferred to AMFIas on April 05, 2019).


The Schemes operate in one segment only i.e. to primarily generate returns, based on Scheme's Investment Objectives. Further, the Scheme'sInvestments are in India and hence, the Schemes do not have any geographical segments.

25.




The comparative financial information of the Schemes for the year ended 31 March 2019 included in these financial statements were audited by thepredecessor auditor, who expressed an unmodified opinion on those financial statements on 26 July, 2019.

ValueRs. % Value


Rs. % TBFSF 3,061,888,048 82.97 991,788,510 39.25 1,453,284,868 39.38 954,780,132 37.79

TEQPEF 37,239,933,474 71.86 48,604,802,931 105.66 48,510,197,868 93.61 19,746,441,466 42.93 TICF 6,090,131,625 45.96 10,100,195,018 78.42 9,609,855,872 72.52 3,257,390,469 25.29 TIFN 347,675,195 180.88 46,177,743 36.63 70,565,945 36.71 24,247,973 19.23 TIFS 161,286,745 126.23 56,143,722 81.55 31,552,495 24.69 13,697,829 19.90

TMCAPF 13,437,310,092 82.09 15,786,858,064 113.13 13,443,162,097 82.12 1,353,476,701 9.70 TRSFC 824,179,385 62.14 453,945,962 34.63 499,594,449 37.67 639,476,764 48.79 TRSFM 8,287,594,459 75.52 8,894,189,122 102.93 8,395,314,459 76.50 3,725,680,895 43.12 TRSFP 4,886,359,558 72.38 3,446,850,405 67.31 4,194,414,692 62.13 1,651,195,642 32.25 TVFS1 4,402,370,654 58.15 9,111,056,057 124.44 4,775,538,379 63.08 1,702,108,908 23.25 TVFS2 1,634,884,372 61.77 3,360,447,687 132.03 1,793,631,673 67.77 700,433,533 27.52 TYCF 1,134,085,985 62.16 1,121,451,571 56.12 1,301,400,086 71.33 1,264,852,166 63.30


Scheme



2019-20 2018-19 2019-20 2018-19 2019-20 2018-19 2019-20 2018-19% % % % % % % %

TBFSF 0.8568 1.0063 0.0300 0.0330 0.7272 0.8387 0.0300 0.0331 TEQPEF 0.3713 0.3509 0.0300 0.0333 0.2363 0.5071 0.0300 0.0334

TICF 0.6458 0.4772 0.0300 0.0332 0.4902 0.5052 0.0300 0.0331 TIFN 0.0465 0.0044 - - - 0.0072 - - TIFS 0.0938 - - - 0.0335 - - -

TMCAPF 0.1744 0.1860 0.0300 0.0354 0.1434 0.1770 0.0300 0.0356 TRSFC 0.8662 1.1347 - - 0.7869 0.8892 - - TRSFM 0.4721 0.5586 0.0300 0.0334 0.3836 0.8843 0.0300 0.0333 TRSFP 0.5696 0.7094 0.0300 0.0332 0.5063 0.7907 - 0.0334 TVFS1 0.0888 0.4138 - - - 0.2351 - - TVFS2 0.1765 0.4744 - - - 0.2351 - - TYCF 1.6574 1.8776 0.0300 0.0327 1.5331 1.2218 0.0300 0.0329



Next 300 crs @ 1.50%

Next 300 crs @1.25%


Scheme 7,500,000,000 17,500,000 45,000,000 37,500,000 5,000,000 105,000,000 1.40


Next 300 crs @ 1%

Next 300 crs @0.75%


Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90



fees%


fees%




Trusteeship Fees (inclusive of Goods and Services

Tax/Service Tax)

REGULAR DIRECT




Rs. As at

31-Mar-20 Rs.

As at 31-Mar-19



at 31st March, 2020.TBFSF 30,541,978 24,741,149 - 2,514,768 TEQPEF 185,067,480 168,128,151 22,926,834 13,395,145 TICF 81,764,203 62,161,961 1,168,562 11,371,769 TIFN 33,618 6,917 - - TIFS 75,325 - 131 - TMCAPF 28,333,252 14,624,357 - 8,653,945 TRSFC 11,361,945 14,529,409 249,148 76,514 TRSFM 50,598,312 51,741,286 800,416 - TRSFP 37,984,170 36,745,819 - 1,090,780 TVFS1 6,469,856 21,560,106 1,500,774 - TVFS2 4,522,767 7,779,611 2,733,838 - TYCF 30,197,274 37,307,901 440,577 - TBFSF 1,107,231 834,205 868,800 663,379 TEQPEF 15,547,908 15,326,815 12,092,487 12,233,898 TICF 3,975,806 4,278,164 3,096,928 3,408,439 TIFN - - - - TIFS - - - - TMCAPF 4,911,220 2,788,439 3,835,384 2,277,770 TRSFC - - - - TRSFM 3,292,513 2,883,089 2,572,195 2,302,245 TRSFP 2,025,538 1,701,837 1,584,073 1,356,985 TVFS1 - - - - TVFS2 - - - - TYCF 547,418 653,741 426,769 517,685 * Tata Sons Limited – 67.90% and Tata Investment Corporation Limited – 32.10%** Tata Sons Limited – 50.00% and Tata Investment Corporation Limited – 50.00%





100%*

100%**



Reissue(Units)

Repurchase(Units)


TBFSF 10 51,304,769.197 149,323,271.622 166,620,704.171 72,730,657.792 243,213,318.001 TEQPEF 10 102,740,363.600 470,248,592.090 87,964,747.444 164,182,204.368 394,031,135.166 TICF 10 59,370,596.262 839,827,512.544 152,097,029.646 315,806,854.259 676,117,687.931 TIFN 10 1,700,613.862 2,027,189.214 6,239,648.623 2,136,580.098 6,130,257.739 TIFS 10 6,204,851.500 1,061,849.834 2,497,562.787 956,899.645 2,602,512.976 TMCAPF 10 1,259,155,100.831 1,469,670,716.804 468,618,271.551 353,792,560.899 1,584,496,427.456 TRSFC 10 1,594,097.500 64,944,108.975 9,512,923.876 10,260,273.725 64,196,759.126 TRSFM 10 4,403,674.100 347,199,844.558 85,933,517.703 66,755,923.584 366,377,438.677 TRSFP 10 6,117,989.400 206,724,675.243 67,450,476.483 25,750,634.144 248,424,517.582 TVFS1 10 767,829,519.515 767,829,519.515 - - 767,829,519.515 TVFS2 10 276,424,193.278 276,424,193.278 (15,210.880) - 276,408,982.398 TYCF 10 20,588,580.000 75,450,179.414 790,340.592 5,696,497.642 70,544,022.364 TBFSF 10 51,304,769.197 143,851,427.933 54,259,100.833 48,787,257.144 149,323,271.622 TEQPEF 10 102,740,363.600 267,165,402.071 270,134,970.431 67,051,780.412 470,248,592.090 TICF 10 59,370,596.262 465,089,341.192 520,981,948.486 146,243,777.134 839,827,512.544 TIFN 10 1,700,613.862 1,718,588.329 883,798.780 575,197.895 2,027,189.214 TIFS 10 6,204,851.500 585,162.900 953,724.395 477,037.461 1,061,849.834 TMCAPF 10 1,259,155,100.831 - 283,378,838.269 72,863,222.296 1,469,670,716.804 TRSFC 10 1,594,097.500 67,799,113.339 15,601,859.679 18,456,864.043 64,944,108.975 TRSFM 10 4,403,674.100 198,891,424.803 180,196,040.458 31,887,620.703 347,199,844.558 TRSFP 10 6,117,989.400 144,414,028.260 78,910,540.680 16,599,893.697 206,724,675.243 TVFS1 10 767,829,519.515 - - - 767,829,519.515 TVFS2 10 276,424,193.278 - - - 276,424,193.278 TYCF 10 20,588,580.000 83,067,216.599 1,158,152.741 8,775,189.926 75,450,179.414


2019-20

2018-19


31-Mar-20 Rs

As at 31-Mar-19

Rs.TBFSF Regular - Dividend 13.1548 17.1252 TBFSF Regular - Growth 14.2884 18.6125 TBFSF Direct - Dividend 15.3316 19.6637 TBFSF Direct - Growth 15.3316 19.6637 TEQPEF Regular - Dividend Trigger Plan B (10%) 41.3774 56.9914 TEQPEF Regular - Growth 98.2817 135.3151 TEQPEF Regular - Dividend Trigger Plan A (5%) 43.0919 59.3278 TEQPEF Direct - Dividend Trigger Plan Plan B (10%) 44.6318 60.5514 TEQPEF Direct - Growth 104.7134 142.0129 TEQPEF Direct - Dividend Trigger Plan Regular (5%) 45.1204 61.2212 TICF Regular - Dividend 13.4319 15.8588 TICF Regular - Growth 14.6021 17.2418 TICF Direct - Dividend 15.6729 18.2283 TICF Direct - Growth 15.6729 18.2284 TIFN Regular Plan - A (NIFTY) 52.5981 70.0003 TIFN Direct 55.8117 74.0503 TIFS Regular Plan - A (SENSEX) 73.5107 94.9173 TIFS Direct 75.8087 97.5528 TMCAPF Regular - Dividend 8.6165 10.4538 TMCAPF Regular - Growth 8.6165 10.4538 TMCAPF Direct - Dividend 8.8847 10.5858 TMCAPF Direct - Growth 8.8847 10.5858 TRSFC Regular - Growth 19.7984 19.8347 TRSFC Direct - Growth 21.7675 21.5608 TRSFM Regular - Growth 25.3039 30.2695 TRSFM Direct - Growth 27.9362 32.8946 TRSFP Regular - Growth 23.7860 29.2261 TRSFP Direct - Growth 26.6552 32.2245 TVFS1 Regular - Dividend 7.7388 9.7825 TVFS1 Regular - Growth 7.7388 9.7825 TVFS1 Direct - Dividend 7.9571 9.9362 TVFS1 Direct - Growth 7.9571 9.9362 TVFS2 Regular - Dividend 7.6197 9.4769 TVFS2 Regular - Growth 7.6197 9.4769 TVFS2 Direct - Dividend 7.8429 9.6321 TVFS2 Direct - Growth 7.8429 9.6321 TYCF Regular 19.8826 25.3961 TYCF Direct 21.3758 27.1479


Investor Service Centres - AMC OFFICES Call Free : (022) 6282 7777 (Monday to Saturday 9:00 am to 5:30 pm)

West Zone: Ahmedabad: 402, ‘Megha House’, Mithakhali - Law Garden Road, Netaji Marg, Ahmedabad - 380 006. Tel.: 079 - 26466080 / 40076949. Bhopal: MF-12, Block-A, Mansarovar Complex, Near Habibganj Railway Station, Bhopal - 462 016. Tel.: 0755 - 2574198 / 4209752. Borivali: Shop No.6, Kapoor Apartment, Punjabi Lane, Chandavarkar Road Junction, Borivali (West), Mumbai - 400 092. Tel.: 022- 28945923 / 8655421234. Goa: F- 4, 1st Floor, Edcon Tower, Next to Hotel Salida Del Sol, Near Apple Corner, Menezes Braganza Road, Panaji - Goa - 403 001. Tel.: 7888051135, Fax: 0832-2422135. Indore: 204, D.M. Tower, Race Course Road, Near Zanjeerwala Chourha, Indore - 452 003. Tel.: 0731-4201806, Fax 0731-4201807. Jamnagar: 202 Manek Centre, 2nd Floor, Opp Income Tax Office, P. N. Marg, Jamnagar - 361 001. Tel: 0288 - 2673111. Jabalpur: Office No. 4, 1178, Napier Town, Home Science College Road, Jabalpur - 482 001(M.P.). Tel.: 0761-4074263. Mumbai: Mulla House, Ground Floor, 51, M. G. Road, Near Flora Fountain, Mumbai - 400 001. Tel.: 022-66315191/92/93, Fax: 022- 66315194. Nagpur: 102, Shivaji Complex, Near Times of India, Dharampeth, WHC Road, Nagpur - 440 010, Tel.: 0712 - 6630425 / 6502885. Nashik: 5, Samriddhi Residency, Opp Hotel City Pride, Tilakwadi, Nashik - 422 002. Tel.: 0253-6605138, Fax: 0253-2579098. Navsari: Shop No.1, Swiss Cottage, Ashanagar Main Road, Navsari - 396 445. Tel: 02637 - 281991. Pune: Office No 33, 3rd Floor, Yeshwant Building, Opp Lane No. 9, Prabhat Road, Pune – 411 004. Tel.: 020-41204949 / 950. Rajkot: 402, The Imperia, Opp. Shastri Maidan, Limda Chowk, Rajkot - 360 001. Tel: (0281) 2964848 / 849 Surat: G-18, Ground Floor, ITC Building, Near Majuragate, Ring Road, Surat – 395 002. Tel.: 0261 - 4012140, Fax: 0261-2470326. Thane: Shop No. 9, Konark Tower, Ghantali Devi Road, Thane (West) - 400 602. Tel.: 022 – 25300912. Vadodara: 304, 3rd Floor, “TITHI” Complex, Opposite Baroda Productivity Council, Productivity Road, Alkapuri. Vadodara – 390 007. Tel.: 0265-6641888/2356114, Fax: 0265-6641999. Gurgaon: Unit No. - 209, 2nd Floor, Vipul Agora Mall, Sector 28, M. G. Road, Gurgaon - 122 001East Zone:Bhilai: Shop No.145, Ground Floor, Chauhan Estate, Near HDFC Bank, Bhilai - 490 001. Tel.: 0788-2295625. Bhubaneswar: Room-309, 3rd Floor, Janpath Tower, Ashok Nagar, Bhubaneswar - 751009. Tel.: 0674 -2533818/ 7064678888. Dhanbad: Shriram Plaza, 2nd Floor, Room No.202 (B), Bank More, Jharkhand, Dhanbad - 826 001. Tel.: 0326-2300304 / 9234302478. Durgapur: Durgapur: 8C, 8th Floor, Pushpanjali, C-71/A, Saheed Khudiram Sarani, City Centre, Durgapur - 713 216. Tel: (0343) 2544463/65. Guwahati: 109, 1st Floor, Orion Tower, Christian Basti, G S Road, Guwahati - 781 005 (Assam). Tel.: 0361-2343084. Jamshedpur: Voltas House, Mezzanine Floor, Main Road Bistupur, Jamshedpur - 831001. Tel.: 0657-2321302 / 363 / 6576911. Kolkata: Apeejay House, Ground Floor, 15 Park Street, Kolkata – 700 016. Tel.: 033-4406 3300/01/33/19. Fax: 033-4406 3315. Patna: 301, 3rd Floor, Grand Plaza, Frazer Road, Patna - 800 001. Tel.: (0612) 2216994. Raipur: Shop No. S-10, 2nd Floor, Raheja Tower, Near Fafadhi Chowk, Jail Road, Raipur (Chhattisgarh) 492001. Tel.: 0771-4040069 / 6537340. Ranchi: 406 - A, 4th Floor, Satya Ganga Arcade, Sarjana Chowk, Lalji Hirji Road, Ranchi - 834001. Tel.: 0651-2210226 / 8235050200. Siliguri: Lower Ground Floor, Nanak Complex, Sevoke Road, Siliguri – 734001. Tel.: 0353 - 2522275.North Zone:Ajmer: 02 Floor, Agra Gate Circle, P. R. Marg, Ajmer - 305 001. Tel: (0145) 2625316. Agra: Unit No. 2, 1st Floor, Block No. 54, Prateek Tower Commercial Complex, Sanjay Place, Agra| - 282002. Tel.:- 0562-2525195. Allahabad: Shop No. 10, Upper Ground Floor, Vashistha Vinayak Tower, Tashkand Marg, Civil Lines, Allahabad -211 001. Tel.:- 0532-2260974. Amritsar: Mezzanine Floor, S.C.O – 25, B Block, District Shopping Complex, Ranjit Avenue, Amritsar – 143 001. Tel.: 0183-5011181/5011190. Chandigarh: SCO - 2473-74, 1st Floor, Sector- 22C, Chandigarh - 160 022. Tel.: 0172-5037205/5087322, Fax: 0172 - 2603770. Dehradun: Shop No. 19, Ground Floor, Shree Radha Palace, 78, Rajpur Road, Dehradun – 248 001, Uttarakhand. Tel.: 0135-2740877 / 2741877. Jalandhar: Shop No.32, 5th Floor, City Square Building, Near Kesar Petrol Pump, Jalandhar - 144 001, Tel.: 0181 - 5001024/25. Jaipur: Office Number 52-53, 1 Floor, Laxmi Complex, Subhash Marg, M.I. Road Corner, C Scheme, Jaipur - 302 001. Tel.: 0141 - 5105177 / 78 / 2389387, Fax: 5105178. Delhi: Vandana Building, 9th Floor, Unit Nos.9-G & 9-H, 11, Tolstoy Marg, Connaught Place, New Delhi – 110 001. Tel.: 011-66324101/102/103/104/105, Fax: 011-66303202. Jodhpur: Ground Floor, Jaya Enclave, 79/4, Opp. IDBI Bank, 1st A Road, Sardarpura, Jodhpur - 342 001. Tel.: 0291-2631257, Fax: 0291 - 2631257. Kanpur: 4th Floor, Office No. 412 - 413, KAN Chambers, 14 / 113, Civil Lines, Kanpur - 208 001. Tel.: 0512-2306065 / 6066, Fax: 0512 - 2306065. Kota: Unit No. 26, 1st Floor, Mehta Compound, Jhalawar Road, Kota - 324 007. Tel.: 0744 - 2362548. Lucknow: Office No.2, Saran Chambers-I, 1st Floor, 5, Park Road, Lucknow - 226 001. Tel.: 0522-4001731, Fax: 0522-2235386. Ludhiana: Cabin No. 201, 2nd. Floor, SCO 18, Opp Ludhiana Stock Exchange, Feroze Gandhi Market, Ludhiana - 141 001. Tel.: 0161-5089667 / 668, Fax: 0161-2413498. Meerut: G-13, Rama Plaza, Near Bachha Park, Western Kutchery Road, Meerut (U.P.) – 250 001. Tel.: 0121-4035585. Moradabad: Ground Floor, Near Hotel Rajmahal, Civil Lines, Moradabad – 244 001, Tel.: 0591-2410667. Udaipur: Office No - 4, 2nd Floor, Madhav Appartment, Opp GPO, Chetak Circle, Udaipur - 313 001. Tel.: 0294-2429371, Fax: 0294-2429371. Varanasi: D-64/127, 2nd Floor, C-H Arihant Complex, Sigra, Varanasi - 221010 Tel.: 0542-2222179 / 2221822.South Zone:Aurangabad: Plot No 66, Bhagya Nagar, Near S T Office, Kranti Chowk Police Station to Employment Office Road, Aurangabad - 431001. Tel: (0240) 2351591/90. Bangalore: Unit 3A, 4th Floor, Sobha Alexander Plaza, 16/2-6, Commissariat Road, Bangalore – 560025. Tel.: 080 45570100. Fax: 080-22370512. Calicut: Ground Floor, Door No. 6/296-A & B, Karuppali Square, YMCA Cross Road, Calicut - 673 001. Tel.: 0495-4850508. Chennai: 3rd Floor, Sri Bala Vinayagar Square, No.2, North Boag Road, Near AGS Complex, T Nagar, Chennai - 600 017. Tel.: 044 - 48641878 / 48631868 / 48676454. Fax: 044-43546313. Cochin: 2nd Floor, Ajay Vihar, Near Hotel Avenue Regent, M. G. Road, Cochin - 682 016. Tel.: 0484-4865813 / 814 / 815. Fax: 0484 - 2377581. Coimbatore: Tulsi Chambers, 195-F, Ground Floor, West T V Swamy Road, R S Puram, Coimbatore – 641002. Tel.: 0422-4365635, Fax: 2546585. Hyderabad: 2nd Floor, Room No. 211, Babukhan Mall, Opp. Kalaniketan, Somajiguda, Hyderabad – 500 082. Tel.: 040-67308989 / 8901 / 8902. Fax: 040-67308990. Hubli: No 19 & 20, 1st Floor, Eureka Junction, T B Road, Hubli – 580029. Tel.: 0836 - 4251510 Fax: 4251510. Kottayam: CSI Ascention Square, Logos Junction, Collectorate P. O., Kottayam - 686 002. Tel.: 0481 2568450. Mangalore: Essel Towers, 1st Floor, Bunts Hostel Circle, Above UTI Bank, Mangalore - 575 003. Tel.: 0824 - 4260308. Madurai: 1st Floor, Old No. 11B, Opp. Sethupathy Higher Secondary School, North Veli Street, Madurai – 625 001. Tel.: 0452-4246315 Fax: 0452-4246315. Mysore: CH-16, 1st Floor, Prashanth Plaza, 4th Main, 5th Cross, Saraswathipuram, Mysore - 570009. Tel.: 0821 - 4246676 Fax: 4246676. Puducherry: 114, Jayalakshmi Complex, 1st Floor, Thiruvalluvar Salai Pillaithottam, Puducherry – 605 013. Tel.: 0413-6502043 / 9952113339. Salem: Raj Towers, Ground Floor, No: 4, Brindavan Road, Fairlands, Salem - 636 016. Tel.: 0427 - 4042028 Fax: 4042028. Thrissur: 4th Floor, Pathayappura Buildings, Round South, Thrissur - 680 001. Tel.: 0487 - 2423330. Trivandrum: Ground Floor, Sai Kripa Building, TC-1956/3, Ganapthi Temple Road, Vazhuthacaud, Trivandrum – 695 014. Tel.: 0471 - 4851431. Trichy: No.60/3, ‘Krishna’, 2nd Floor, Sastri Main Road, Tennur, Trichy - 620 017. Tel.: 0431 - 4024060. Vijaywada: Ground Floor, D. No. 40 – 13 – 5, Sri Rama Chandra Complex, Chandra Mouli Puram, M. G. Road, Benz Circle, Vijayawada – 520 010. Tel.: 0866-6632010. Vishakapatnam: Door No. 47-15-14 & 15, Shop No. 102 B, Ground floor, VRC Complex, Opp. TSR Complex, Next to Andhra Bank, Visakhapatnam – 530 016. Tel.: 0891-2503292 / 6666133.Statutory Details: Constitution : Tata Mutual Fund (TMF) has been set up as a Trust under the India Trusts Act, 1882. Sponsors & Settlors: Tata Sons Limited and Tata Investment Corporation Limited. Trustee : Tata Trustee Company Limited. Investment Manager: Tata Asset Management Limited. Corporate Identity Number: TAML: U65990-MH-1994-PLC-077090, TTCL: U65991-MH-1995-PLC-087722.

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