Fact Sheet April - 2013.cdr - Tata Mutual Fund

FUNDFACTSHEETFor Private Circulation OnlyFor detailed portfolio please visit www.tatamutualfund.com As on 30th April, 2013.Let your equity investments be ledby experience and research.Tata Pure Equity Fund aims to invest in fundamentally strong but undervalued large cap companies. Through experienceand a process of rigorous research, this fund aims to realise your investment’s true potential over the long-term.Date of Inception : 7th May 1998Mutual Fund investments are subject to market risks, read all scheme related documents carefully

INDEXMARKET OUTLOOKEQUITYHYBRIDDEBTEquity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Tata Pure Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Tata Equity P/E Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Tata Dividend Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Tata Equity Opportunities Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Tata Mid Cap Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Tata Infrastructure Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Tata Ethical Fund .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Tata Tax Saving Fund .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Tata Index Fund .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Tata Retirement Savings Fund - Progressive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Tata Growing Economies Infrastructure Fund - Scheme A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Tata Growing Economies Infrastructure Fund - Scheme B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Tata Balanced Fund (Equity Oriented) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Tata Young Citizen’s Fund (Balanced Oriented). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Tata Monthly Income Fund (Debt Oriented) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Tata MIP Plus Fund (Debt Oriented) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Tata Retirement Savings Fund - Moderate (Equity Oriented) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Tata Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Tata Liquid Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Tata Floater Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Tata Treasury Manager Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Tata Short term Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Tata Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Tata Income Plus Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Tata Dynamic Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Tata Gilt Securities Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Tata Gilt Mid Term Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Tata Retirement Savings Fund - Conservative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19PERFORMANCE OF ALL SCHEMES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20-22FUNDS MANAGED BY FUND MANAGERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23SCHEMES AT A GLANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24-27DIVIDEND / BONUS HISTORY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28-30SIMPLIFYING SHARPE & SORTINO RATIO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312

MARKET OUTLOOKEquity marketPositive global sentiment, correction in international commodity prices and its positive effects on India’s current account balance,expectations of a rate cut, a positive monsoon forecast and better than expected earnings season, resulted in broad indices moving up for themonth of April 2013. In terms of sectors, most sectors like Auto, Banking, Capital Goods, Consumer Durables, FMCG, Healthcare, Oil & Gas,Power & Realty helped the index performance with the exception of Software and Metals. Large caps, mid-caps & small caps all moved up intandem to the positive sentiment during the month. On a year on year basis, mid-caps continue to trail the performance of large cap indices.As on 30-04-2013 Returns for the month Returns over the last twelve(%MOM)months(% YOY)Bhupinder SethiHead - EquitiesC N X Nifty Index 5930 4.4% 13.0%S & P B S E 100 Index 5941 4.6% 12.8%S & P B S E 500 Index 7385 4.2% 10.3%S & P B S E Sensex 19504 3.5% 12.6%S & P B S E Mid-Cap Index 6344 3.3% 0.4%FII’s continued to invest in the Indian markets during the month, though the quantum has been on a declining trend for the last two months.Net Flows (USD MN) Apr-13 Mar-13FII 1000 1675Mutual Fund -263 -297Apr-12 to Feb-13Apr-11 to Feb-12IIP 0.9% 3.5%Apr-13PMI 51 52Mar-13IIP numbers for April 2012 to February 2013 reflected weakness in all components of the index with manufacturing output, electricityproduction weak and mining output growth in negative territory (due to regulatory issues). On a use basis while capital goods production wasdown, consumer goods growth too was down due to weak demand in both durables and non-durables. The manufacturing PurchasingManagers Index a leading indicator of the economy was slower in April 2013 than March 2013 due to a fall in order flows from domestic andexport markets. In line with the slowdown, firms have scaled back purchases of inputs and stocks of finished goods have risen. Powershortages constrained output, leading to larger order backlogs inspite of a slowdown in new orders. On the positive side, both input andoutput price inflation continued to moderate giving some leeway to RBI to cut rates.As we write this note in early-May 2013, RBI has come out with its annual monetary policy statement for the financial year 2013-14, in whichit has cut the repo rate (rate at which funds can be borrowed from the central bank) by 25 basis points to 7.25 per cent consequently reducingthe reverse repo rate (rate at which funds can be parked with the central bank) and the marginal standing facility to 6.25 percent and 8.25percent respectively. The reason for this move was to address the risk of slowing growth, managing inflation expectations and ensureadequate flow of credit to the productive sectors of the economy. RBI in its policy statement is cognizant that monetary policy action itselfcannot revive growth, as it needs to be supplemented by efforts to ease supply bottlenecks (especially in food and infrastructure), improvedgovernance, step-up in public investments, alongside with commitment to fiscal consolidation. For financial year 2013-14, RBI hasprojected an M3 money supply growth of 13 per cent, deposit growth of 14 percent and non-food credit growth of 15 percent. As a part of thepolicy statement, the central bank announced decisions to allow foreign institutional investors to hedge their currency risk by using exchangetraded currency futures in the domestic exchanges and also allow non banking authorized entities to be part of the payment systeminfrastructure.Corporate results for the quarter end March 2013 that were reported gave us a sense of bottoming out of corporate performance withrevenue growth in line with GDP growth, with flat to slightly improving operating profit margins. However, net profit growth was restrained bya pickup in overall interest costs, resulting in overall growth at the net level being muted. Sectorally banking, consumer and technologysectors reported double digit year on year revenue growth, and energy, and metals and mining reported flat to negative year on year revenuegrowth. The sectors which saw improvement in operating margins were Auto, Consumers and Energy.On the monsoon (summer rains) front, the India Meteorological Department (IMD) forecast normal precipitation of 98% of long periodaverage with a model error of 5%. This is a positive as ~80% of Indian farm land depends on the summer rains for irrigation and ~70% of theIndian population lives in rural areas where agriculture and related activities dominate. The IMD will give its next updated forecast in June2013 covering monthly forecasts for the whole season over four geographical regions of India.In terms of outlook for May 2013, the market will look forward to the rest of the corporate results for quarter ended March 2013 that will bereported and the progress of monsoons to the Indian coast. On the global front, investors will focus on happenings in US regarding the debtceiling negotiations and central bank moves in Europe and Japan to get direction.Disclaimer: The views expressed are in no way trying to predict the markets or to time them. The views expressed are for information purpose only and do not construe to be anyinvestment, legal or taxation advice. Please consult your Financial/Investment Adviser before investing. The views expressed may not reflect in the scheme portfolios of Tata Mutual Fund.This note has been prepared using information believed to be accurate at the time of its use.3

MARKET OUTLOOKDebt marketApril-2013March-2013Change(bps)10 Year benchmark Yield 7.73% 7.96% -2310 Year AAA Bond (PSU) 8.50% 8.82% -325 Year AAA Bond (PSU) 8.40% 8.83% -433 Month T Bill 7.56% 8.02% -463 Month CD 8.24% 9.10% -861 Year CD 8.42% 8.98% -56Murthy NagarajanHead - Fixed Income10 Year AAA Credit Spread 0.62% 0.71% -95 Year AAA Credit Spread 0.71% 0.79% -8Market UpdateThe sovereign bond market turned buoyant during the month, on the back of favorable macro economic data and the expectation of rate cutby RBI. The market also got support from the sharp drop in global commodity prices, particularly Oil and Gold, which is expected to help innarrowing the current account deficit. The IIP growth came in at 0.6%, against expectation of contraction of about 1.6%, both the WPI and CPIinflation came in at lower than market expectations, boosting the hopes of a rate cut. While the headline WPI inflation came in at 5.96%, muchlower than the previous month’s figure of 6.84%, the core inflation stood at 3.48% well within the tolerance limit of RBI. Above all the CPIinflation, which was showing a rising trend, came in at 10.39% Vs 10.91% in the previous month. As a result of these positive factors, thebenchmark 10 year yield closed the month at 7.75%, down 23 bps compared to previous month.The corporate bonds too witnessed a bullish trend aided partly by the fall in underlying sovereign bond yields, but more importantly due toreduction in withholding tax for FIIs investment in debt market from existing rate of 20% to 5%. On a MoM basis, the yields were lower by asmuch as 30-40 bps. While the 5 year AAA PSU bond yield closed at 8.40%, down 43 bps compared to previous month, the 10 year AAA PSUbond yields eased by 32 bps to close at 8.50%. The credit spreads too compressed by about 8-9 bps during the month.The liquidity situation eased somewhat during the month, due to government spending; however the deficit still remained above the RBI’scomfort level of +/- 1% of NDTL. The systemic deficit as reflected by the borrowing under LAF window by Banks averaged around Rs.922Bncompared to Rs.1.21Tn in the previous month. The money market yields eased significantly from the year end levels, on rate cut expectationand year end roll over. While the 3 month CD rates eased by about 85 bps, the 1 year CD yield eased by around 55 bps compared to previousmonth close.On the macro economic data released during the month, the WPI inflation dropped to a 4 year low of 5.96% in the month of March, well belowthe consensus estimate of 6.5% and lower than RBI’s year end projection of 6.80%. Further, the more important component of WPI – CoreInflation declined to 3.48% in Mar-13 from 3.79 % in Feb-13. Given the sharp drop in commodity prices in the recent past, the expectation ofsofter inflation data in the coming months is further reinforced.The industrial output once again surprised on the upside, posting YoY growth of 0.6% in Feb-13, as against 2.4% in Jan-13. Though the IIPwas markedly lower than previous month, it was better than market expectations of around -1.6%. The main contributor to the positive trendwas led by capital goods segment, which showed a growth of 9.5%, after recording a de-growth of 1.7% in the previous month. All other keysector, mining ( -8.1% in Feb vs 2.9% in Jan), manufacturing (2.2% in Feb vs 2.7% in Jan) and electricity ( -2.2% vs 2.7% in Feb) were more orless in line with market expectation. However, this surprise positive IIP outlook in Feb-13, does not signal any change in the outlook of theIndian economy. The better than expected number came in mainly from the Capital Goods segment, which is most fluctuating componentand the same is unlikely to sustain given the continued weakness in autos, mainly in the commercial vehicle segment. The moderation in theleading indicator, PMI numbers both in manufacturing and services, the sharp decline in new order index within the manufacturing PMI, andthe continued decline in auto sales does not bode well for the industrial production going forward.Future OutlookThe undertone of the bond market remains positive, driven by the expectation of a 25 bps rate cut by RBI in the forthcoming policy and recentreduction in withholding tax on FII investments from 20% to 5%. Further a moderating inflation, softer commodity prices coupled with weakgrowth trend, should provide more space for RBI to ease policy rates during the year. Besides, given the present level of liquidity deficit, weexpect the RBI to aid the process of effective monetary transmission by modulating liquidity conditions by way of OMO purchases, whichmay act as a big positive for the bond yields. We expect the 10 year benchmark yield to gradually ease towards 7.60%-7.70% level goingforward.Disclaimer: The views expressed are in no way trying to predict the markets or to time them. The views expressed are for information purpose only and do not construe to be anyinvestment, legal or taxation advice. Please consult your Financial/Investment Adviser before investing. The views expressed may not reflect in the scheme portfolios of Tata Mutual Fund.This note has been prepared using information believed to be accurate at the time of its use.4

TATA PURE EQUITY FUNDEQUITYFund positioning: Primarily invests in equity and equity related instruments of large market cap companies.Average AUM (` Lacs) : 60974.21*Figures as on 30/04/2013SNAPSHOTTOP 10 EQUITY HOLDINGSFund Manager : Pradeep Gokhale (Equity) & Dinesh Da Costa (for Overseas portfolio)Scrip Name% Net AssetHOUSING DEVELOPMENT FINANCE LTD 7.85Inception Date : May 7, 1998ICICI BANK LTD 7.42HDFC BANK LTD 7.12NAV (`)ITC LTD 6.79Direct - Growth : 106.83RELIANCE INDUSTRIES LTD 5.53INFOSYS LTD 5.35Direct - Dividend : 34.35TATA MOTORS - DVR 4.74Plan A - Growth : 106.71HCL TECHNOLOGIES LTD 4.31Plan A - Dividend : 34.32GRASIM INDUSTRIES LTD 3.45* For the period 1st February 2013 to 30th April 2013OIL & NATURAL GAS CO. LTD 3.24OTHER EQUITIES 40.47PORTFOLIO TOTAL 96.26CASH & CASH EQUIVALENTS 3.74NET ASSETS 100.00TOP 5 SECTORSBANKS16.72SOFTWAREFINANCE13.2513.11PETROLEUM PRODUCTSCONSUMER NON DURABLES7.566.790.00 5.00 10.00 15.00 20.00QUANTITATIVE INDICATORSScheme S&P BSESensexAverage P/E : 21.08 Std. Dev (Annualised) : 15.49 18.41Average P/BV : 4.68 Sharpe Ratio : -0.03 0.14Annual Portfolio Turnover Ratio : 107.26% Portfolio Beta : 0.80 1.00R Squared : 0.91 1.00Treynor : -0.18 0.73Jenson : 0.04 N.A.Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.TATA EQUITY P/E FUNDFund positioning: Primarily invests at least 70% of the net assets in equity shares whose rolling P/E ratio on past four quarter earnings for individual companies is less thanrolling P/E of the BSE SENSEX stocks.Average AUM (` Lacs) : 47024.43*Figures as on 30/04/2013SNAPSHOTTOP 10 EQUITY HOLDINGSFund Manager : Bhupinder SethiScrip Name% Net AssetOIL & NATURAL GAS CO. LTD 5.73Inception Date : June 29, 2004AMARA RAJA BATTERIES LTD 4.61NAV (`)POLARIS FINANCIAL TECHNOLOGY LTD 4.55ICICI BANK LTD 4.45Direct - Growth : 46.74BHARTI AIRTEL LTD 3.88Direct - Dividend Trigger A (5%) : 27.02CAIRN INDIA LTD 3.86Direct - Dividend Trigger B (10%) : 26.99ORACLE FINANCIALS SERVICES SOFT LTD 3.71Plan A - Growth : 46.77GRASIM INDUSTRIES LTD 3.46HINDUSTAN ZINC LTD 3.15Plan A - Dividend Trigger A (5%) : 26.97ASHOK LEYLAND LTD 3.06Plan A - Dividend Trigger B (10%) : 26.98OTHER EQUITIES 59.39* For the period 1st February 2013 to 30th April 2013PORTFOLIO TOTAL 99.85CASH & CASH EQUIVALENTS 0.15NET ASSETS 100.00TOP 5 SECTORSBANKS20.58SOFTWARE16.38AUTOOILAUTO ANCILLARIES9.939.598.430.00 5.00 10.00 15.00 20.00 25.00QUANTITATIVE INDICATORSScheme S&P BSESensexAverage P/E : 12.43 17.47Average P/BV : 2.76 Std. Dev (Annualised) : 18.77 18.41Annual Portfolio Turnover Ratio : 53.34% Sharpe Ratio : -0.08 0.14Portfolio Beta : 0.95 1.00R Squared : 0.88 1.00Treynor : -0.43 0.73Jenson : -0.19 N.A.Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.5

TATA DIVIDEND YIELD FUNDFund positioning: Primarily focuses on investing in high dividend yield stocks. Minimum 70% of the net assets shall be invested in stocks having dividend yield higher thandividend yield of BSE SENSEX stocks.Average AUM (` Lacs) : 32952.66*Figures as on 30/04/2013SNAPSHOTTOP 10 EQUITY HOLDINGSFund Manager : Bhupinder SethiScrip Name% Net AssetINFOSYS LTD 6.88Inception Date : November 22, 2004CRISIL 5.24SUN TV NETWORK LTD 5.07NAV (`)HDFC BANK LTD 4.69Direct - Growth : 35.75TATA MOTORS - DVR 4.53HINDUSTAN UNILEVER LTD 3.78Direct - Dividend : 17.49ITC LTD 3.71Plan A - Growth : 35.69ORACLE FINANCIALS SERVICES SOFT LTD 2.63Plan A - Dividend : 17.45OIL & NATURAL GAS CO. LTD 2.59POLARIS FINANCIAL TECHNOLOGY LTD 2.54* For the period 1st February 2013 to 30th April 2013OTHER EQUITIES 57.30PORTFOLIO TOTAL 98.97CASH & CASH EQUIVALENTS 1.03NET ASSETS 100.00TOP 5 SECTORSSOFTWARE18.23BANKS15.46CONSUMER NON DURABLESFINANCE10.109.95MEDIA & ENTERTAINMENT7.580.00 5.00 10.00 15.00 20.00QUANTITATIVE INDICATORSScheme S&P BSE SensexDividend Yield (%) : 2.28 1.55Scheme CNX 500Average P/E : 19.01 Std. Dev (Annualised) : 16.70 18.97Average P/BV : 7.08 Sharpe Ratio : -0.01 -0.06Annual Portfolio Turnover Ratio:83.05% Portfolio Beta : 0.84 1.00R Squared : 0.90 1.00Treynor : -0.03 -0.34Jenson : 0.26 N.A.Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.TATA EQUITY OPPORTUNITIES FUNDFund positioning: Primarily focuses on investing in equity and equity related instruments of well researched value and growth oriented companies across all market capitalization.Average AUM (` Lacs) : 45469.01*Figures as on 30/04/2013SNAPSHOTTOP 10 EQUITY HOLDINGSFund Manager : Bhupinder Sethi (Equity) & Dinesh Da Costa (for Overseas portfolio)Scrip Name% Net AssetHDFC BANK LTD 7.71Inception Date : February 25, 1993INFOSYS LTD 7.20HOUSING DEVELOPMENT FINANCE LTD 6.92NAV (`)ICICI BANK LTD 6.53Direct - Growth : 87.76BHARTI AIRTEL LTD 5.37CRISIL 4.12Direct - Dividend : 21.35HINDUSTAN UNILEVER LTD 3.66Plan A - Growth : 87.69CADILA HEALTHCARE LTD 2.92Plan A - Dividend : 21.34OIL & NATURAL GAS CO. LTD 2.83ITC LTD 2.81* For the period 1st February 2013 to 30th April 2013OTHER EQUITIES 49.20PORTFOLIO TOTAL 99.28CASH & CASH EQUIVALENTS 0.72NET ASSETS 100.00BANKSFINANCESOFTWARECONSUMER NON DURABLESTOP 5 SECTORS9.8311.8614.1116.51QUANTITATIVE INDICATORSScheme S&P BSE 200Average P/E : 22.67 Std. Dev (Annualised) : 16.87 18.97Average P/BV : 6.35 Sharpe Ratio : -0.06 -0.06Annual Portfolio Turnover Ratio :68.96% Portfolio Beta : 0.85 1.00R Squared : 0.91 1.00Treynor : -0.34 -0.33Jenson : -0.01 N.A.AUTO7.340.00 5.00 10.00 15.00 20.00Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.6

TATA MID CAP GROWTH FUNDFund positioning: An equity scheme with focus towards mid cap stocks.Average AUM (` Lacs) : 19089.13*Figures as on 30/04/2013SNAPSHOTTOP 10 EQUITY HOLDINGSFund Manager : Atul BholeScrip Name% Net AssetBAJAJ FINANCE LTD 6.50Inception Date : July 1, 1994AMARA RAJA BATTERIES LTD 5.53YES BANK LTD 4.80NAV (`)MADRAS CEMENTS LTD 3.29Direct - Growth : 44.76IPCA LABORATORIES LTD 3.25WABCO INDIA LTD 2.88Direct - Dividend : 17.97PVR LTD 2.83Direct - Bonus (Growth) : – #ECLERX SERVICES LTD 2.60Plan A - Growth : 44.68EMAMI LTD 2.60Plan A - Dividend : 17.94BALKRISHNA INDUSTRIES LTD 2.51Plan A - Bonus (Growth) : 40.66OTHER EQUITIES 61.88PORTFOLIO TOTAL 98.65* For the period 1st February 2013 to 30th April 2013# Direct Plans are available for subscription under all open ended schemes of Tata Mutual Fund w.e.fCASH & CASH EQUIVALENTS 1.351st January 2013. Separate NAV will be calculated & published for respective option(s) of the DirectNET ASSETS 100.00Plan upon initial subscription.TOP 5 SECTORSAUTO ANCILLARIES12.02PHARMACEUTICALSFINANCEBANKSCEMENT10.469.969.549.330.00 5.00 10.00 15.00QUANTITATIVE INDICATORSScheme CNX Mid CapAverage P/E : 20.29 Std. Dev (Annualised): 16.93 21.33Average P/BV : 4.47 Sharpe Ratio : -0.07 -0.09Annual Portfolio Turnover Ratio : 111.62% Portfolio Beta : 0.76 1.00R Squared : 0.91 1.00Treynor : -0.42 -0.53Jenson : 0.08 N.A.Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.TATA INFRASTRUCTURE FUNDFund positioning: Primarily focuses on equity / equity related instruments of the companies in the Infrastructure sector in India.Average AUM (` Lacs) : 84628.66*Figures as on 30/04/2013SNAPSHOTTOP 10 EQUITY HOLDINGSFund Manager : Amish Munshi (Equity) & Dinesh Da Costa (for Overseas portfolio)Scrip Name% Net AssetHDFC BANK LTD 8.12Inception Date : December 31, 2004HOUSING DEVELOPMENT FINANCE LTD 7.53LARSEN & TOUBRO LTD 6.82NAV (`)ICICI BANK LTD 6.71RELIANCE INDUSTRIES LTD 5.69Direct - Growth : 27.21CUMMINS INDIA LTD 4.69Direct - Dividend : 17.92BPCL 4.64Plan A - Growth : 27.19BHARTI AIRTEL LTD 4.49Plan A - Dividend : 17.92SHREE CEMENT LTD 4.44COAL INDIA LTD 4.01* For the period 1st February 2013 to 30th April 2013OTHER EQUITIES 42.53PORTFOLIO TOTAL 99.67CASH & CASH EQUIVALENTS 0.33NET ASSETS 100.00TOP 5 SECTORSBANKS14.83PETROLEUM PRODUCTS12.11FINANCECONSTRUCTION PROJECT10.039.21CEMENT7.550.00 4.00 8.00 12.00 16.00QUANTITATIVE INDICATORSScheme CNX 500Average P/E : 17.33 Std. Dev (Annualised): 20.52 18.97Average P/BV : 3.42 Sharpe Ratio : -0.19 -0.06Annual Portfolio Turnover Ratio : 53.37% Portfolio Beta : 1.04 1.00R Squared : 0.93 1.00Treynor : -1.05 -0.34Jenson : -0.73 N.A.Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.7

Fund positioning: An equity scheme which invests primarily in equities of Shariah compliant companies and other instrument if allowed under Shariah principles.Fund Manager : Pradeep GokhaleInception Date : May 24, 1996SNAPSHOTNAV (`)Direct - Growth : 72.42Direct - Dividend : 43.58Plan A - Growth : 72.29Plan A - Dividend : 43.39* For the period 1st February 2013 to 30th April 2013TATA ETHICAL FUNDAverage AUM (` Lacs) : 10286.02*TOP 10 EQUITY HOLDINGSFigures as on 30/04/2013Scrip Name% Net AssetRELIANCE INDUSTRIES LTD 7.60LUPIN LTD 6.70OIL & NATURAL GAS CO. LTD 6.05AMARA RAJA BATTERIES LTD 5.71SHREE CEMENT LTD 5.53INFOSYS LTD 5.44GUJARAT MINERAL DEV CORP LTD 4.54DIVI LABORATORIES LTD 4.24HINDUSTAN UNILEVER LTD 4.10CIPLA LTD 3.66OTHER EQUITIES 39.99PORTFOLIO TOTAL 93.58CASH & CASH EQUIVALENTS 6.42NET ASSETS 100.00TOP 5 SECTORSPHARMACEUTICALSSOFTWARE17.7017.39CONSUMER NON DURABLES13.46OILAUTO ANCILLARIES9.498.440.00 5.00 10.00 15.00 20.00QUANTITATIVE INDICATORSScheme CNX 500Shariah IndexAverage P/E : 21.01 Std. Dev (Annualised) : 14.54 15.94Average P/BV : 8.64 Sharpe Ratio : -0.03 -0.10Annual Portfolio Turnover Ratio :40.61% Portfolio Beta : 0.82 1.00R Squared : 0.80 1.00Treynor : -0.15 -0.46Jenson : 0.25 N.A.Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.TATA TAX SAVING FUNDFund positioning: An equity linked tax savings scheme (ELSS) that aims to provide medium to long term capital gains along with income tax benefit under Section 80C of the Income Tax Act.Average AUM (` Lacs) : 12395.03*Figures as on 30/04/2013SNAPSHOTTOP 10 EQUITY HOLDINGSFund Manager : Pradeep GokhaleScrip Name% Net AssetICICI BANK LTD 7.70Inception Date : March 31, 1996HOUSING DEVELOPMENT FINANCE LTD 7.11HDFC BANK LTD 6.95NAV (`)ITC LTD 5.50Direct : 44.14RELIANCE INDUSTRIES LTD 5.47INFOSYS LTD 5.44Plan - A : 44.76HCL TECHNOLOGIES LTD 4.48* For the period 1st February 2013 to 30th April 2013TATA MOTORS - DVR 3.88OIL & NATURAL GAS CO. LTD 3.49POWER GRID CORPORATION OF INDIA LTD 3.37OTHER EQUITIES 41.42PORTFOLIO TOTAL 94.81CASH & CASH EQUIVALENTS 5.19NET ASSETS 100.00TOP 5 SECTORSBANKS18.17FINANCESOFTWARE12.9111.39CONSUMER NON DURABLESPETROLEUM PRODUCTS7.576.580.00 5.00 10.00 15.00 20.00QUANTITATIVE INDICATORSScheme S&P BSESensexAverage P/E : 19.98 Std. Dev (Annualised) : 14.40 18.41Average P/BV : 4.79 Sharpe Ratio : -0.04 0.14Annual Portfolio Turnover Ratio : 90.43% Portfolio Beta : 0.76 1.00R Squared : 0.94 1.00Treynor : -0.19 0.73Jenson : 0.03 N.A.Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.8

TATA INDEX FUNDFund positioning: A Passively managed index linked equity scheme which aims at tracking BSE Sensex / S&P CNX Nifty with the minimum of tracking error.Average AUM (` Lacs) : 1179.06*Figures as on 30/04/2013SNAPSHOTTOP 10 EQUITY HOLDINGS - NIFTYScrip Name% Net AssetFund Manager : Pradeep GokhaleITC LTD 9.45Inception Date : February 25, 2003ICICI BANK LTD 7.06HOUSING DEVELOPMENT FINANCE LTD 6.88NAV (`)RELIANCE INDUSTRIES LTD 6.80HDFC BANK LTD 6.57NiftyINFOSYS LTD 5.64Direct : 36.42LARSEN & TOUBRO LTD 4.30Plan - A : 35.41TATA CONSULTANCY SERVICES LTD 3.68SensexHINDUSTAN UNILEVER LTD 3.13STATE BANK OF INDIA 3.07Direct : 47.29OTHER EQUITIES 43.36Plan - A : 47.26PORTFOLIO TOTAL 99.94CASH & CASH EQUIVALENTS 0.06* For the period 1st February 2013 to 30th April 2013NET ASSETS 100.00QUANTITATIVE INDICATORSNifty CNX NiftyAnnual Portfolio Turnover Ratio: Std. Dev (Annualised) : 18.80 18.82Nifty Plan 10.39% Sensex S&P BSE SensexSensex Plan 11.07% Std. Dev (Annualised) : 18.34 18.41Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.TOP 10 EQUITY HOLDINGS - SENSEXScrip Name% Net AssetITC LTD 10.94RELIANCE INDUSTRIES LTD 8.44ICICI BANK LTD 8.05HOUSING DEVELOPMENT FINANCE LTD 7.84HDFC BANK LTD 7.79INFOSYS LTD 6.56LARSEN & TOUBRO LTD 5.03TATA CONSULTANCY SERVICES LTD 4.86OIL & NATURAL GAS CO. LTD 4.19HINDUSTAN UNILEVER LTD 3.79OTHER EQUITIES 32.65PORTFOLIO TOTAL 100.13NET CURRENT LIABILITIES -0.13NET ASSETS 100.00TATA RETIREMENT SAVINGS FUND - PROGRESSIVEFund positioning: A Fund that aims to provide an investment tool for retirement planning to suit the risk profile of the investor.Average AUM (` Lacs) : 2683.72*Figures as on 30/04/2013SNAPSHOTTOP 10 EQUITY HOLDINGSFund Manager : Amish Munshi (Equity), Murthy Nagarajan (Debt) &Scrip Name% Net AssetDinesh Da Costa (for Overseas portfolio)HOUSING DEVELOPMENT FINANCE LTD 5.79ITC LTD 5.51Inception Date : November 1, 2011TATA CONSULTANCY SERVICES LTD 5.31RELIANCE INDUSTRIES LTD 4.96NAV (`)ICICI BANK LTD 4.94Direct - Growth : 11.79INFOSYS LTD 4.23Plan A - Growth : 11.67LARSEN & TOUBRO LTD 4.08OIL & NATURAL GAS CO. LTD 3.87* For the period 1st February 2013 to 30th April 2013HDFC BANK LTD 3.57COLGATE-PALMOLIVE INDIA LTD 3.46OTHER EQUITIES 53.29PORTFOLIO TOTAL 98.99CASH & CASH EQUIVALENTS 1.01NET ASSETS 100.00TOP 5 SECTORSCONSUMER NON DURABLES21.50BANKSSOFTWAREFINANCEPETROLEUM PRODUCTS10.039.549.497.890.00 5.00 10.00 15.00 20.00 25.00QUANTITATIVE INDICATORSScheme S&P BSESensexAverage P/E : 22.76 Std. Dev (Annualised): 10.44 18.41Average P/BV : 8.15 Sharpe Ratio : 0.10 0.14Treynor : 0.42 0.73Jenson : -0.22 N.A.Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.9

TATA GROWING ECONOMIES INFRASTRUCTURE FUND - SCHEME AFund positioning: Primarily investment in infrastructure and infrastructure related sector companies in growing economies including India. Majorly in geographies outside India.(*Including the units of overseas mutual funds which in turn invests in infrastructure companies)It will also invest in other (other than infrastructure and infrastructure relatedsectors) domestic and foreign securities.Average AUM (` Lacs) : 1949.14*Figures as on 30/04/2013Fund Manager : Amish Munshi (Equity) & Dinesh Da Costa (for Overseas portfolio)Inception Date : April 10, 2008NAV (`)Direct - Growth : 13.63Direct - Dividend : -#Plan A - Growth : 13.60Plan A - Dividend : 13.60SNAPSHOT* For the period 1st February 2013 to 30th April 2013# Direct Plans are available for subscription under all open ended schemes of Tata Mutual Fund w.e.f1st January 2013. Separate NAV will be calculated & published for respective option(s) of the DirectPlan upon initial subscription.BANKSCONSTRUCTION PROJECTFINANCEINDUSTRIAL PRODUCTSMINERALS/ MININGTOP 5 SECTORS (DOMESTIC)2.582.422.995.2410.030.00 4.00 8.00 12.00EQUITY HOLDINGSScrip Name% Net AssetA) LISTED/AWAITING LISTING ON STOCK EXCHANGESHDFC BANK LTD 7.09LARSEN & TOUBRO LTD 4.60ICICI BANK LTD 2.95HOUSING DEVELOPMENT FINANCE LTD 2.70CUMMINS INDIA LTD 2.58COAL INDIA LTD 2.42POWER GRID CORPORATION OF INDIA LTD 1.99RELIANCE INDUSTRIES LTD 1.60SHREE CEMENT LTD 0.91HINDUSTAN ZINC LTD 0.91OTHER EQUITIES 5.16B) FOREIGN SECURITIES AND /OR OVERSEAS ETF(S)HUTCHISON WHAMPOA LTD 8.36CHINA RESOURCE POWER HLDG. CO. LTD 7.37SINGAPORE TELECOMMUNICATIONS LTD 6.56TELEKOMUNIKASI INDONESIA TBK 6.04POWER ASSETS HOLDINGS LTD 5.61ECORODOVIAS INFRAESTRU E LOGIST SA 5.40TRACTEBEL ENERGIA SA 4.86CHINA EVERBRIGHT INTNL LTD 4.62ULTRAPAR PARTICIPACOES S.A 3.50COMPANHIA ENEGETICA DE MINAS S.A 3.46THE HONGKONG & CHINA GAS CO. LTD 2.82ZHEJIANG EXPRESSWAY CO.LTD- H 2.50CHINA OILFIELD SERVICES LTD 2.27SANTOS BRASIL PARTICIPACOES S.A 1.71FOREIGN SECURITIES AND /OR OVERSEAS ETF(S) TOTAL 65.09PORTFOLIO TOTAL 97.99CASH & CASH EQUIVALENTS 2.01NET ASSETS 100.00TATA GROWING ECONOMIES INFRASTRUCTURE FUND - SCHEME BFund positioning: Primarily focus towards investment in infrastructure and infrastructure related sector companies in India and other countries whose economy is growing.Major part of investment is in India. It will also invest in the units of overseas mutual funds which in turn invest in infrastructure companies.Average AUM (` Lacs) : 6406.22*Figures as on 30/04/2013SNAPSHOTEQUITY HOLDINGSFund Manager : Amish Munshi (Equity) & Dinesh Da Costa (for Overseas portfolio)Scrip Name% Net AssetA) LISTED/AWAITING LISTING ON STOCK EXCHANGESInception Date : April 10, 2008HOUSING DEVELOPMENT FINANCE LTD 8.68HDFC BANK LTD 8.44NAV (`)LARSEN & TOUBRO LTD 6.63SHREE CEMENT LTD 5.66Direct - Growth : 11.10ICICI BANK LTD 5.50Direct - Dividend : 11.09RELIANCE INDUSTRIES LTD 4.27Plan A - Growth : 11.07THERMAX LTD 3.59COAL INDIA LTD 3.52Plan A - Dividend : 11.07OIL & NATURAL GAS CO. LTD 3.35SADBHAV ENGINEERING LTD 2.92* For the period 1st February 2013 to 30th April 2013OTHER EQUITIES 25.60B) FOREIGN SECURITIES AND /OR OVERSEAS ETF(S)CHINA RESOURCE POWER HLDG. CO. LTD 2.46POWER ASSETS HOLDINGS LTD 2.36TELEKOMUNIKASI INDONESIA TBK 2.07HUTCHISON WHAMPOA LTD 1.95TOP 5 SECTORS (DOMESTIC)ECORODOVIAS INFRAESTRU E LOGIST SA 1.81TRACTEBEL ENERGIA SA 1.67BANKS13.94CHINA EVERBRIGHT INTNL LTD 1.58SINGAPORE TELECOMMUNICATIONS LTD 1.50FINANCECONSTRUCTION PROJECT9.739.55ULTRAPAR PARTICIPACOES S.ATHE HONGKONG & CHINA GAS CO. LTD1.200.99COMPANHIA ENEGETICA DE MINAS S.AZHEJIANG EXPRESSWAY CO.LTD- H1.190.86PETROLEUM PRODUCTSCEMENT6.986.02CHINA OILFIELD SERVICES LTDFOREIGN SECURITIES AND /OR OVERSEAS ETF(S) TOTAL0.7721.06SANTOS BRASIL PARTICIPACOES S.APORTFOLIO TOTAL0.6499.20CASH & CASH EQUIVALENTS 0.800.00 5.00 10.00 15.00 NET ASSETS 100.0010

Fund positioning: Invests 65% to 75% investment in Equity & equity related instruments & 25% to 35% in debt & money market instruments. For taxation purpose, it is treatedas an equity scheme. (Monthly Income is not assured and is subject to availability of distributable surplus.)Average AUM (` Lacs) : 51525.84*Figures as on 30/04/2013SNAPSHOTFund Manager : Atul Bhole (Equity) & Murthy Nagarajan (Debt)Inception Date : October 8, 1995NAV (`)Direct - Growth : 96.82Direct - Dividend : 52.37Direct - Monthly Dividend : 45.52Plan A - Growth : 96.67Plan A - Dividend : 52.29Plan A - Monthly Dividend : 45.43* For the period 1st February 2013 to 30th April 2013TOP 5 SECTORSIndustry% Net AssetsFINANCE 13.30PHARMACEUTICALS 8.86SOFTWARE 7.94BANKS 7.15CONSUMER NON DURABLES 6.71QUANTITATIVE INDICATORSScheme Crisil BFIAverage P/E : 24.75 Std. Dev (Annualised) : 12.08 12.28Average P/BV : 5.22 Sharpe Ratio : 0.01 0.10Annual Portfolio Turnover Ratio : 160.59% Portfolio Beta : 0.90 1.00R Squared : 0.87 1.00Treynor : 0.05 0.37Jenson : -0.29 N.A.Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.TATA BALANCED FUNDHYBRIDTOP 10 EQUITY HOLDINGSScrip Name% Net AssetHDFC BANK LTD 4.03HCL TECHNOLOGIES LTD 4.00HOUSING DEVELOPMENT FINANCE LTD 3.91SUN PHARMACEUTICALS INDUSTRIES LTD 3.52ITC LTD 3.34BAJAJ FINANCE LTD 2.82UNITED SPIRITS LTD 2.66TATA MOTORS - DVR 2.56AMARA RAJA BATTERIES LTD 2.52SUN TV NETWORK LTD 2.31OTHER EQUITIES 43.13DEBT PORTFOLIOScrip Name Rating % To Net AssetsA) LISTED/AWAITING LISTING ON STOCK EXCHANGES(I) GOVERNMENT SECURITIESGOI - 8.20% (24/09/2025) SOV 4.77GOI - 8.97% (05/12/2030) SOV 2.53GOI - 9.15% (14/11/2024) SOV 2.03GOVERNMENT SECURITIES TOTAL 9.33(II) NON-CONVERTIBLE DEBENTURES/BONDSNABARD CRISIL- AAA 1.87RURAL ELECTRIFICATION CORP. LTD CRISIL- AAA 0.99POWER FINANCE CORPORATION CRISIL- AAA 0.97HINDALCO INDUSTRIES LTD CRISIL- AA+ 0.96POWER FINANCE CORPORATION CRISIL- AAA 0.95RURAL ELECTRIFICATION CORP. LTD CRISIL- AAA 0.95SMALL INDUST DEVLOP BANK OF INDIA CRISIL- AAA 0.56NATIONAL HOUSING BANK FITCH AAA 0.37L & T FINANCE LTD CARE- AA+ 0.26STATE BANK OF INDIA CRISIL- AAA 0.15LIC HOUSING FINANCE LTD CARE- AAA 0.02NON-CONVERTIBLE DEBENTURES/BONDS TOTAL 8.05B) MONEY MARKET INSTRUMENTSBANK OF MAHARASHTRA - CD CRISIL- A1+ 4.47J.M. FINANCIAL PRODUCTS LTD - CP CRISIL- A1+ 0.85MONEY MARKET INSTRUMENTS TOTAL 5.32PORTFOLIO TOTAL 97.50CASH & CASH EQUIVALENTS 2.50NET ASSETS 100.00Fund positioning: A balanced scheme that aims to invest its debt portion in quality debt papers / government securities of long term maturity. While equity portfolio invests inhigh quality companies to create long term wealth for the investor.Average AUM (` Lacs) : 17786.56*Figures as on 30/04/2013Fund Manager : Marzban Irani (Debt) & Amish Munshi (Equity)Inception Date : October 14, 1995SNAPSHOTNAV (`)Direct : 14.89Plan - A : 14.88* For the period 1st February 2013 to 30th April 2013TOP 10 EQUITY HOLDINGSScrip Name% Net AssetICICI BANK LTD 3.56RELIANCE INDUSTRIES LTD 3.30ITC LTD 3.24HOUSING DEVELOPMENT FINANCE LTD 3.17HDFC BANK LTD 2.85NESTLE INDIA LTD 2.72TATA CONSULTANCY SERVICES LTD 2.70INFOSYS LTD 2.36LARSEN & TOUBRO LTD 2.30HINDUSTAN UNILEVER LTD 2.28OTHER EQUITIES 23.14TATA YOUNG CITIZENS’ FUNDDEBT PORTFOLIOScrip Name Rating % To Net AssetsA) LISTED/AWAITING LISTING ON STOCK EXCHANGES(I) GOVERNMENT SECURITIESGOI - 8.97% (05/12/2030) SOV 3.05GOI - 8.15% (11/06/2022) SOV 2.86GOI - 8.33% (09/07/2026) SOV 0.58GOVERNMENT SECURITIES TOTAL 6.50(II) NON-CONVERTIBLE DEBENTURES/BONDSSHRIRAM TRANS. FIN. CO. LTD CRISIL- AA 5.72BAJAJ FINANCE LTD CRISIL- AA+ 3.92STATE BANK OF TRAVANCORE ICRA- AAA 3.15POWER FINANCE CORPORATION CRISIL- AAA 2.95YES BANK LTD ICRA- AA 2.89POWER FINANCE CORPORATION CRISIL- AAA 2.86EXIM BANK CRISIL- AAA 2.86TATA CAPITAL FINANCIAL SERVICES LTD CARE- AA+ 0.56L & T FINANCE LTD CARE- AA+ 0.06NON-CONVERTIBLE DEBENTURES/BONDS TOTAL 24.97B) MONEY MARKET INSTRUMENTSBANK OF MAHARASHTRA - CD CRISIL- A1+ 8.10IDBI BANK LTD - CD CRISIL- A1+ 5.41MONEY MARKET INSTRUMENTS TOTAL 13.52PORTFOLIO TOTAL 96.62CASH & CASH EQUIVALENTS 3.38NET ASSETS 100.00QUANTITATIVE INDICATORSSchemeAverage P/E : 23.56 Std. Dev (Annualised) : 8.58Average P/BV : 8.50 Sharpe Ratio : -0.02Annual Portfolio Turnover Ratio : 158.55% Portfolio Beta : 0.59R Squared : 0.77Treynor : -0.07Jenson : -0.26Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.11

Fund positioning: A monthly income scheme with equity component not exceeding 10% of net assets. (Monthly Income is not assured and is subject to availability ofdistributable surplus.)Average AUM (` Lacs) : 3082.09*Figures as on 30/04/2013SNAPSHOTTOP 10 EQUITY HOLDINGSFund Manager : Murthy Nagarajan (Debt) & Atul Bhole (Equity)Inception Date : April 27, 2000NAV (`)Direct - Growth : 22.2372Direct - Quaterly Dividend : – #Direct - Monthly Dividend : – #Plan A - Growth : 22.1893Plan A - Quaterly Dividend : 12.9097Plan A - Monthly Dividend : 12.8887* For the period 1st February 2013 to 30th April 2013# Direct Plans are available for subscription under all open ended schemes of Tata Mutual Fund w.e.f1st January 2013. Separate NAV will be calculated & published for respective option(s) of the DirectPlan upon initial subscription.Modified Duration : 3.92 YearsAverage Maturity : 6.59 YearsGross Yield to Maturity (For Debt Component) : 8.13%QUANTITATIVE INDICATORSSchemeStd. Dev (Annualised) : 2.71Portfolio Beta : 0.69R Squared : 0.74Treynor : -0.11Jenson : -0.14Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.TATA MONTHLY INCOME FUNDScrip Name% Net AssetHCL TECHNOLOGIES LTD 0.54HDFC BANK LTD 0.51OIL & NATURAL GAS CO. LTD 0.44SUN PHARMACEUTICALS INDUSTRIES LTD 0.43BOSCH LTD 0.40ITC LTD 0.39HOUSING DEVELOPMENT FINANCE LTD 0.38SUN TV NETWORK LTD 0.37BAJAJ FINANCE LTD 0.37AMARA RAJA BATTERIES LTD 0.35OTHER EQUITIES 5.60DEBT PORTFOLIOScrip Name Rating % To NetAssetsA) LISTED/AWAITING LISTING ON STOCK EXCHANGES(I) GOVERNMENT SECURITIESGOI - 8.33% (09/07/2026) SOV 18.74GOI - 8.97% (05/12/2030) SOV 8.19GOVERNMENT SECURITIES TOTAL 26.94(II) NON-CONVERTIBLE DEBENTURES/BONDSRELIANCE INDUSTRIES LTD CRISIL- AAA 18.18STEEL AUTHORITY OF INDIA LTD CARE- AAA 12.13STEEL AUTHORITY OF INDIA LTD CARE- AAA 7.43POWER FINANCE CORPORATION CRISIL- AAA 1.67NON-CONVERTIBLE DEBENTURES/BONDS TOTAL 39.42PORTFOLIO TOTAL 76.13CASH & CASH EQUIVALENTS 23.87NET ASSETS 100.00Fund positioning: A monthly income scheme which seeks to generate reasonable returns through investments in debt and equity (up to 20%). (Monthly Income is not assuredand is subject to availability of distributable surplus.)Average AUM (` Lacs) : 11041.16*Figures as on 30/04/2013SNAPSHOTFund Manager : Marzban Irani (Debt) & Atul Bhole (Equity)Inception Date : March 17, 2004NAV (`)Direct - Growth : 19.0825Direct - Half Yearly Dividend : 12.3593Direct - Quaterly Dividend : 11.5628Direct - Monthly Dividend : 11.7710Plan A - Growth : 19.0628Plan A - Half Yearly Dividend : 12.3379Plan A - Quaterly Dividend : 11.5423Plan A - Monthly Dividend : 11.7501* For the period 1st February 2013 to 30th April 2013Modified Duration : 3.80 YearsAverage Maturity : 6.51 YearsGross Yield to Maturity (For Debt Component) : 7.85%QUANTITATIVE INDICATORSSchemeStd. Dev (Annualised) : 4.14Portfolio Beta : 1.02R Squared : 0.78Treynor : 0.00Jenson : -0.10Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.TATA MIP PLUS FUND12TOP 10 EQUITY HOLDINGSScrip Name% Net AssetHDFC BANK LTD 1.03ITC LTD 1.00HOUSING DEVELOPMENT FINANCE LTD 0.96HCL TECHNOLOGIES LTD 0.87SUN PHARMACEUTICALS INDUSTRIES LTD 0.87BAJAJ FINANCE LTD 0.79LARSEN & TOUBRO LTD 0.69SHREE CEMENT LTD 0.68UNITED SPIRITS LTD 0.67OIL INDIA LTD 0.63OTHER EQUITIES 11.69DEBT PORTFOLIOScrip Name Rating % To Net AssetA) LISTED/AWAITING LISTING ON STOCK EXCHANGES(I) GOVERNMENT SECURITIESGOI - 8.15% (11/06/2022) SOV 15.58GOI - 9.15% (14/11/2024) SOV 8.31GOI - 8.97% (05/12/2030) SOV 8.30GOI - 8.33% (09/07/2026) SOV 3.96GOI - 8.20% (24/09/2025) SOV 3.92GOVERNMENT SECURITIES TOTAL 40.07(II) NON-CONVERTIBLE DEBENTURES/BONDSPOWER FINANCE CORPORATION CRISIL- AAA 4.86STEEL AUTHORITY OF INDIA LTD CARE- AAA 4.61NABARD CRISIL- AAA 3.83POWER FINANCE CORPORATION CRISIL- AAA 3.81HDFC LTD CRISIL- AAA 3.81RELIANCE INDUSTRIES LTD CRISIL- AAA 3.07STEEL AUTHORITY OF INDIA LTD CARE- AAA 1.88MAH & MAH FIN SER LTD CRISIL- AA+ 1.52NON-CONVERTIBLE DEBENTURES/BONDS TOTAL 27.40PORTFOLIO TOTAL 87.35CASH & CASH EQUIVALENTS 12.65NET ASSETS 100.00

TATA RETIREMENT SAVINGS FUND - MODERATEFund positioning: A Fund that aims to provide an investment tool for retirement planning to suit the risk profile of the investor.Average AUM (` Lacs) : 822.75*Figures as on 30/04/2013SNAPSHOTTOP 10 EQUITY HOLDINGSFund Manager : Amish Munshi (Equity), Murthy Nagarajan (Debt) &Scrip Name% Net AssetDinesh Da Costa (for Overseas portfolio)HOUSING DEVELOPMENT FINANCE LTD 5.61ITC LTD 4.21Inception Date : November 1, 2011HINDUSTAN UNILEVER LTD 4.19NAV (`)RELIANCE INDUSTRIES LTD 4.19Direct - Growth : 11.8424HDFC BANK LTD 4.06Plan A - Growth : 11.7505TATA CONSULTANCY SERVICES LTD 4.03ICICI BANK LTD 4.01* For the period 1st February 2013 to 30th April 2013BHARTI AIRTEL LTD 3.89COLGATE-PALMOLIVE INDIA LTD 3.54OIL & NATURAL GAS CO. LTD 3.48OTHER EQUITIES 43.89PORTFOLIO TOTAL 85.09CASH & CASH EQUIVALENTS 14.91NET ASSETS 100.00TOP 5 SECTORSCONSUMER NON DURABLES20.04BANKS9.79PETROLEUM PRODUCTSFINANCESOFTWARE7.617.466.970.00 5.00 10.00 15.00 20.00 25.00QUANTITATIVE INDICATORSSchemeAverage P/E : 20.22 Std. Dev (Annualised) : 8.86Average P/BV : 5.60 Sharpe Ratio : 0.13Portfolio Beta : 0.93R Squared : 0.91Treynor : 0.35Jenson : -0.02Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.TATA MONEY MARKET FUNDDEBTFund positioning: A money market scheme (liquid fund category) that invests 100% of its net assets in Money market securities.Average AUM (` Lacs) : 14918.31*Figures as on 30/04/2013SNAPSHOTDEBT PORTFOLIOFund Manager : Murthy NagarajanScrip Name Rating % To Net AssetsA) MONEY MARKET INSTRUMENTSInception Date : December 22, 2003ALLAHABAD BANK - CD ICRA- A1+ 15.57PUNJAB NATIONAL BANK - CD ICRA- A1+ 15.57NAV (`)VIJAYA BANK - CDINDUSIND BANK LTD - CDCARE- A1+CRISIL- A1+12.9512.93Direct - Growth : 18.5850STATE BANK OF PATIALA - CDJ.M. FINANCIAL PRODUCTS LTD - CPICRA- A1+CRISIL- A1+7.827.76Direct - Daily Dividend : 10.0152ADITYA BIRLA MONEY LTD - CP CRISIL- A1+ 5.18Plan A - Growth : 18.5716ORIENTAL BANK OF COMMERCE - CDMONEY MARKET INSTRUMENTS TOTALCRISIL- A1+ 2.5880.36Plan A - Daily Dividend : 10.0152B) FIXED DEPOSITS (NOT EXCEEDING 91 DAYS)SOUTH INDIAN BANK LTD 7.85* For the period 1st February 2013 to 30th April 2013YES BANK LTDFIXED DEPOSITS TOTAL7.8515.70PORTFOLIO TOTAL 80.36CASH & CASH EQUIVALENTS 19.64NET ASSETS 100.00ASSET ALLOCATION% Net AssetsDebt 80.36CASH & CASH EQUIVALENTS 19.64Total Net Assets 100.00RATING PROFILE% Net AssetsA1+ / AAA 80.36CASH & CASH EQUIVALENTS 19.64Total 100.00QUANTITATIVE INDICATORSSchemeStd. Dev (Annualised) : 0.48Portfolio Beta : 1.28R Squared : 0.91Treynor : 0.05Jenson : 0.06Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.Modified Duration : 1.38 MonthsAverage Maturity : 1.38 MonthsGross Yield to Maturity (For Debt Component) : 8.75%13

TATA LIQUID FUNDFund positioning: A high liquidity income scheme that aims to generate reasonable returns.Average AUM (` Lacs) : 548461.32*Figures as on 30/04/2013SNAPSHOTDEBT PORTFOLIOFund Manager : Marzban IraniScrip Name Rating % To NetInception Date : May 22, 2003AssetsNAV (`)Direct - Growth : 2182.2038A) MONEY MARKET INSTRUMENTSALLAHABAD BANK - CD ICRA- A1+ 15.17Direct - Monthly Dividend : 1000.0005STCI FINANCE LTD - CP CRISIL- A1+ 4.90Direct - Weekly Dividend : 1000.6798Direct - Daily Dividend : 1114.5200CANARA BANK - CD CRISIL- A1+ 4.09Plan A - Growth : 2181.6534BANK OF INDIA - CD CRISIL- A1+ 3.67Plan A - Monthly Dividend : 1000.0000HDFC LTD - CP ICRA- A1+ 3.42Plan A - Weekly Dividend : 1000.6798SYNDICATE BANK - CD FITCH A1+ 3.26Plan A - Daily Dividend : 1114.5200AXIS BANK LTD - CD CRISIL- A1+ 3.25* For the period 1st February 2013 to 30th April 2013STATE BANK OF BIKANER & JAIPUR - CD CRISIL- A1+ 2.46BANK OF INDIA - CD CRISIL- A1+ 2.45SBI GLOBAL FACTORS LTD - CP CRISIL- A1+ 2.04PUNJAB NATIONAL BANK - CD ICRA- A1+ 1.96BANK OF INDIA - CD CRISIL- A1+ 1.64RATING PROFILESTATE BANK OF PATIALA - CD ICRA- A1+ 1.64% Net Assets ORIENTAL BANK OF COMMERCE - CD CRISIL- A1+ 1.63A1+ / AAA 81.39CASH & CASH EQUIVALENTS 18.61VIJAYA BANK - CD CARE- A1+ 1.63Total 100.00IDBI BANK LTD - CD CRISIL- A1+ 1.63IDBI BANK LTD - CD CRISIL- A1+ 1.63NATIONAL HOUSING BANK - CP CRISIL- A1+ 1.63CENTURY TEXTILES & INDUSTRIES LTD - CP CARE- A1+ 1.63STATE BANK OF TRAVANCORE - CD CRISIL- A1+ 1.63MATURITY PROFILEANDHRA BANK - CD CARE- A1+ 1.63ORIENTAL BANK OF COMMERCE - CD CRISIL- A1+ 1.23Above 1 Year 0.00%PIRAMAL ENTERPRISES LTD - CP ICRA- A1+ 1.22CANARA BANK - CD CRISIL- A1+ 1.06Between 6 To 12 Months 0.00%STATE BANK OF BIKANER & JAIPUR - CD CRISIL- A1+ 0.82Between 3 To 6 Months 0.00%STATE BANK OF BIKANER & JAIPUR - CD CRISIL- A1+ 0.82ADITYA BIRLA FINANCE LTD - CP ICRA- A1+ 0.82Below 3 Months100.00% ADITYA BIRLA FINANCE LTD - CP ICRA- A1+ 0.82TRAPTI TRADING & INVESTMNET PVT LTD - CP ICRA- A1+ 0.820.00% 25.00% 50.00% 75.00% 100.00%ADITYA BIRLA FINANCE LTD - CP ICRA- A1+ 0.82TGS INVESTMENT & TRADE PVT LTD - CP ICRA- A1+ 0.82KOTAK MAHINDRA BANK - CD CRISIL- A1+ 0.82CENTRAL BANK OF INDIA - CD CARE- A1+ 0.82ANDHRA BANK - CD CARE- A1+ 0.81QUANTITATIVE INDICATORSPIRAMAL ENTERPRISES LTD - CP ICRA- A1+ 0.81SchemeAPOLLO TYRES LTD - CP CRISIL- A1+ 0.81Std. Dev (Annualised) : 0.41Portfolio Beta : 1.09HDFC LTD - CP ICRA- A1+ 0.81R Squared : 0.89BERGER PAINTS INDIA LTD - CP CRISIL- A1+ 0.66Treynor : 0.06 MARICO LTD - CP CRISIL- A1+ 0.65Jenson : 0.06 EID PARRY (INDIA) LTD - CP CRISIL- A1+ 0.49Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com CANARA BANK - CD CRISIL- A1+ 0.41^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.CENTRAL BANK OF INDIA - CD CARE- A1+ 0.41DENA BANK - CD CRISIL- A1+ 0.41INDIAN OIL CORP LTD - CP ICRA- A1+ 0.41VIJAYA BANK - CD CARE- A1+ 0.41INDUSIND BANK LTD - CD CRISIL- A1+ 0.41Modified Duration : 1.07 MonthsPORTFOLIO TOTAL 81.39Average Maturity : 1.07 MonthsCASH & CASH EQUIVALENTS 18.61Gross Yield to Maturity (For Debt Component) : 8.67%NET ASSETS 100.0014

TATA FLOATER FUNDFund positioning: A debt scheme investing in good quality floating rate debt instruments, money market instruments and in fixed rate debt instruments, which can alsobe swapped for floating Rate Returns.Average AUM (` Lacs) : 336205.31*Figures as on 30/04/2013SNAPSHOTDEBT PORTFOLIOFund Manager : Marzban IraniScrip Name Rating % To Net AssetsA) LISTED/AWAITING LISTING ON STOCK EXCHANGESInception Date : September 6, 2005(I) NON-CONVERTIBLE DEBENTURES/BONDSSUNDARAM BNP PARIBAS HOME FIN LTD CARE- AA+ 0.92NAV (`)SUNDARAM FIN LTD CARE- AA+ 0.77Direct - Growth : 1772.2088Direct - Periodic Dividend : 1124.2824L & T FINANCE HOLDINGS LTD CARE- AA+ 0.77Direct - Weekly Dividend : 1008.0658POWER FINANCE CORPORATION CRISIL- AAA 0.76Direct - Daily Dividend : 1003.5610RURAL ELECTRIFICATION CORP. LTD CRISIL- AAA 0.76Plan A - Growth : 1771.6674TATA CAPITAL FINANCIAL SERVICES LTD ICRA- AA+ 0.68Plan A - Periodic Dividend : 1124.0343SHRIRAM TRANS. FIN. CO. LTD CRISIL- AA 0.31Plan A - Weekly Dividend : 1008.0658SUNDARAM FIN LTD ICRA- AA+ 0.30Plan A - Daily Dividend : 1003.5610SUNDARAM BNP PARIBAS HOME FIN LTD CARE- AA+ 0.15* For the period 1st February 2013 to 30th April 2013SUNDARAM FIN LTD ICRA- AA+ 0.15BAJAJ FINANCE LTD ICRA- AA+ 0.15NON-CONVERTIBLE DEBENTURES/BONDS TOTAL 5.73B) MONEY MARKET INSTRUMENTSSYNDICATE BANK - CD CARE- A1+ 5.92ORIENTAL BANK OF COMMERCE - CD CRISIL- A1+ 5.88RATING PROFILEIDBI BANK LTD - CD CRISIL- A1+ 5.16% Net Assets IDBI BANK LTD - CD CRISIL- A1+ 4.87A1+ / AAA 84.98 CHOLAMANDALAM INVT & FIN CO LTD - CP ICRA- A1+ 4.42AA+ / AA 4.20 HDFC LTD - CP CRISIL- A1+ 3.76SOV 2.65 GIC HOUSING FINANCE LTD - CP ICRA- A1+ 3.76CASH & CASH EQUIVALENTS 8.17 ORIENTAL BANK OF COMMERCE - CD CRISIL- A1+ 3.68Total 100.00VOLKSWAGEN FINANCE PRIVATE LTD - CP FITCH A1+ 3.01STATE BANK OF HYDERABAD - CD ICRA- A1+ 3.01ORIENTAL BANK OF COMMERCE - CD CRISIL- A1+ 3.00ORIENTAL BANK OF COMMERCE - CD CRISIL- A1+ 3.00ORIENTAL BANK OF COMMERCE - CD CRISIL- A1+ 2.96MATURITY PROFILEBERGER PAINTS INDIA LTD - CP CRISIL- A1+ 2.59BANK OF BARODA - CD ICRA- A1+ 2.26Above 3 Year 0.00%INDIAN OVERSEAS BANK - CD CRISIL- A1+ 2.12GOVT OF INDIA SOVRN SOV 1.61Between 1 To 3 Years 4.20%HDFC LTD - CP CARE- A1+ 1.52AXIS BANK LTD - CD CRISIL- A1+ 1.50Between 6 To 12 Months16.10%BIRLA TMT HOLDINGS PVT LTD - CP CRISIL- A1+ 1.50SYNDICATE BANK - CD CARE- A1+ 1.48Below 6 Months79.71%ADITYA BIRLA FINANCE LTD - CP ICRA- A1+ 1.47CORPORATION BANK - CD CRISIL- A1+ 1.420% 20% 40% 60% 80% 100%PUNJAB NATIONAL BANK - CD FITCH A1+ 1.42PUNJAB NATIONAL BANK - CD FITCH A1+ 1.42ORIENTAL BANK OF COMMERCE - CD CRISIL- A1+ 1.42DENA BANK - CD CRISIL- A1+ 1.41INDIAN OVERSEAS BANK - CD CRISIL- A1+ 1.41QUANTITATIVE INDICATORSGOVT OF INDIA SOVRN SOV 1.04CANARA BANK - CD CRISIL- A1+ 0.85SchemeSTATE BANK OF MYSORE - CD ICRA- A1+ 0.75Std. Dev (Annualised) : 0.42CENTRAL BANK OF INDIA - CD CARE- A1+ 0.75Portfolio Beta : 1.01STATE BANK OF PATIALA - CD ICRA- A1+ 0.74R Squared : 0.81STATE BANK OF BIKANER & JAIPUR - CD CRISIL- A1+ 0.74Treynor : 0.08Jenson : 0.08JAMMU AND KASHMIR BANK LTD - CD CRISIL- A1+ 0.72Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.comORIENTAL BANK OF COMMERCE - CD CRISIL- A1+ 0.71VIJAYA BANK - CD CARE- A1+ 0.71^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.J.M. FINANCIAL PRODUCTS LTD - CP CRISIL- A1+ 0.56Past Performance may or may not be sustained in future.ICICI BANK LTD - CD CARE- A1+ 0.44SUNDARAM BNP PARIBAS HOME FIN LTD - CP CRISIL- A1+ 0.42AXIS BANK LTD - CD CRISIL- A1+ 0.32STATE BANK OF PATIALA - CD ICRA- A1+ 0.30SUNDARAM FIN LTD - CP ICRA- A1+ 0.09Modified Duration : 4.48 Months PORTFOLIO TOTAL 91.83Average Maturity : 4.60 Months CASH & CASH EQUIVALENTS 8.17Gross Yield to Maturity (For Debt Component) : 8.73% NET ASSETS 100.0015

TATA TREASURY MANAGER FUNDFund positioning: A debt scheme which aims is to generate reasonable returns alongwith liquidity by investing predominantly in a portfolio of money market and other short termdebt instruments.Average AUM (` Lacs) : 20640.84*Figures as on 30/04/2013SNAPSHOTDEBT PORTFOLIOFund Manager : Murthy NagarajanInception Date : July 13, 2007NAV (`)Direct - Growth : 1566.5049Direct - Monthly Dividend : 1001.5000Direct - Weekly Dividend : 1011.6446Direct - Daily Dividend : 1008.8088Plan A - Growth : 1564.0356Plan A - Monthly Dividend : 1001.5000Plan A - Weekly Dividend : 1010.7348Plan A - Daily Dividend : 1008.7964* For the period 1st February 2013 to 30th April 2013Scrip Name Rating % To Net AssetsA) MONEY MARKET INSTRUMENTSALLAHABAD BANK - CD ICRA- A1+ 20.00ORIENTAL BANK OF COMMERCE - CD CRISIL- A1+ 19.62J.M. FINANCIAL PRODUCTS LTD - CP CRISIL- A1+ 18.50STATE BANK OF MYSORE - CD ICRA- A1+ 12.21STATE BANK OF TRAVANCORE - CD CRISIL- A1+ 12.20CANARA BANK - CD CRISIL- A1+ 9.38SUNDARAM BNP PARIBAS HOME FIN LTD - CP CRISIL- A1+ 4.66STATE BANK OF PATIALA - CD ICRA- A1+ 2.35MONEY MARKET INSTRUMENTS TOTAL 98.93PORTFOLIO TOTAL 98.93CASH & CASH EQUIVALENTS 1.07NET ASSETS 100.00ASSET ALLOCATION% Net AssetsDebt 98.93CASH & CASH EQUIVALENTS 1.07Total Net Assets 100.00RATING PROFILE% Net AssetsA1+ / AAA 98.93CASH & CASH EQUIVALENTS 1.07Total 100.00QUANTITATIVE INDICATORSSchemeStd. Dev (Annualised) : 0.41Portfolio Beta : 0.34R Squared : 0.41Treynor : 0.17Jenson : 0.06Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.Modified Duration : 5.86 MonthsAverage Maturity : 0.49 YearsGross Yield to Maturity (For Debt Component) : 9.02%TATA SHORT TERM BOND FUNDFund positioning: A debt scheme that invests in short term debt instruments having high level of liquidity.Average AUM (` Lacs) : 25390.22*Figures as on 30/04/2013SNAPSHOTDEBT PORTFOLIOScrip Name Rating % To Net AssetsFund Manager : Marzban IraniA) LISTED/AWAITING LISTING ON STOCK EXCHANGESInception Date : August 8, 2002(I) GOVERNMENT SECURITIESNAV (`)SDL GUJARAT 8.75% (21/11/16) SOV 1.99Direct - Growth : 21.9624GOVERNMENT SECURITIES TOTAL 1.99Direct - Dividend : 12.9718(II) NON-CONVERTIBLE DEBENTURES/BONDSPlan A - Growth : 21.9296SUNDARAM BNP PARIBAS HOME FIN LTD CARE- AA+ 6.32Plan A - Dividend : 12.9736FULLERTON INDIA CREDIT CO LTD ICRA- AA+ 5.94* For the period 1st February 2013 to 30th April 2013SUNDARAM FIN LTD ICRA- AA+ 3.96ASSET ALLOCATIONTATA CAPITAL FINANCIAL SERVICES LTD ICRA- AA+ 3.94% Net Assets NABARD CRISIL- AAA 3.93Debt 72.57 FULLERTON INDIA CREDIT CO LTD ICRA- AA+ 3.92CASH & CASH EQUIVALENTS 27.43 KOTAK MAHINDRA PRIME LTD CRISIL- AA+ 2.10Total Net Assets 100.00 IDFC LTD FITCH AAA 1.98POWER FINANCE CORPORATION ICRA- AAA 1.98RATING PROFILELIC HOUSING FINANCE LTD CRISIL- AAA 1.98% Net AssetsA1+ / AAA 43.95 IDFC LTD FITCH AAA 1.95AA+ / AA 26.63 POWER FINANCE CORPORATION CRISIL- AAA 0.99SOV 1.99 SUNDARAM BNP PARIBAS HOME FIN LTD CARE- AA+ 0.45CASH & CASH EQUIVALENTS 27.43Total 100.00 NON-CONVERTIBLE DEBENTURES/BONDS TOTAL 39.44QUANTITATIVE INDICATORS(III) PRIVATELY PLACED/UNLISTEDHDFC LTD CRISIL- AAA 1.98Scheme LIC HOUSING FINANCE LTD CRISIL- AAA 1.98Std. Dev (Annualised) : 0.91Portfolio Beta : 0.91 NON-CONVERTIBLE DEBENTURES/BONDS/FRN'S TOTAL 3.96R Squared : 0.76 B) MONEY MARKET INSTRUMENTSTreynor : 0.05 CORPORATION BANK - CD CRISIL- A1+ 9.07Jenson : 0.06ORIENTAL BANK OF COMMERCE - CD CRISIL- A1+ 9.06Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%. Past Performance may or mayINDIAN OVERSEAS BANK - CD CRISIL- A1+ 9.05not be sustained in future.MONEY MARKET INSTRUMENTS TOTAL 27.18PORTFOLIO TOTAL 72.57Modified Duration : 1.00 YearAverage Maturity : 1.16 Years CASH & CASH EQUIVALENTS 27.43Gross Yield to Maturity (For Debt Component) : 8.36% NET ASSETS 100.0016

Fund positioning: An income scheme with exposure to rated debt instruments with medium to long term maturity.SNAPSHOTFund Manager : Marzban IraniInception Date : April 28, 1997NAV (`)Direct - Growth : 36.5365Direct - Periodic Dividend : – #Direct - Half Yearly Dividend : 11.9328Direct - Quarterly Dividend : 10.9303Direct - Bonus : 11.2653 # Direct Plans are available for subscription underPlan A - Growth : 36.4688 all open ended schemes of Tata Mutual Fund w.e.fPlan A - Periodic Dividend : 21.1387 1st January 2013. Separate NAV will be calculatedPlan A - Half Yearly Dividend : 11.9117 & published for respective option(s) of the DirectPlan A - Quarterly Dividend : 10.9046 Plan upon initial subscription.Plan A - Bonus : 11.1522* For the period 1st February 2013 to 30th April 2013ASSET ALLOCATION% Net AssetsDebt 85.98CASH & CASH EQUIVALENTS 14.02Total Net Assets 100.00RATING PROFILE% Net AssetsA1+ / AAA 32.01SOV 53.97CASH & CASH EQUIVALENTS 14.02Total 100.00QUANTITATIVE INDICATORSSchemeStd. Dev (Annualised) : 2.00Portfolio Beta : 1.21R Squared : 0.71Treynor : 0.01Jenson : -0.01Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.Modified Duration : 5.19 YearsAverage Maturity : 8.33 YearsGross Yield to Maturity (For Debt Component) : 7.90%TATA INCOME FUNDAverage AUM (` Lacs) : 153454.20*DEBT PORTFOLIOFigures as on 30/04/2013Scrip Name Rating % To Net AssetsA) LISTED/AWAITING LISTING ON STOCK EXCHANGES(I) GOVERNMENT SECURITIESGOI - 8.15% (11/06/2022) SOV 19.71GOI - 8.33% (09/07/2026) SOV 19.70GOI - 8.20% (24/09/2025) SOV 10.97GOI - 9.15% (14/11/2024) SOV 3.58GOVERNMENT SECURITIES TOTAL 53.97(II) NON-CONVERTIBLE DEBENTURES/BONDSPOWER GRID CORPORATION OF INDIA LTD CRISIL- AAA 4.18POWER FINANCE CORPORATION CRISIL- AAA 3.34POWER FINANCE CORPORATION CRISIL- AAA 3.32AXIS BANK LTD ICRA- AAA 2.11NUCLEAR POWER CORP LTD CRISIL- AAA 2.08POWER FINANCE CORPORATION CRISIL- AAA 2.08EXIM CRISIL- AAA 1.26LIC HOUSING FINANCE LTD CRISIL- AAA 1.26RURAL ELECTRIFICATION CORP. LTD ICRA- AAA 1.25RURAL ELECTRIFICATION CORP. LTD CRISIL- AAA 1.25HDFC LTD CRISIL- AAA 0.87NABARD CRISIL- AAA 0.84EXIM CRISIL- AAA 0.84HDFC LTD CRISIL- AAA 0.82POWER GRID CORPORATION OF INDIA LTD CRISIL- AAA 0.42POWER GRID CORPORATION OF INDIA LTD CRISIL- AAA 0.42RURAL ELECTRIFICATION CORP. LTD CRISIL- AAA 0.42POWER FINANCE CORPORATION CRISIL- AAA 0.42HDFC LTD CRISIL- AAA 0.42RURAL ELECTRIFICATION CORP. LTD CRISIL- AAA 0.42POWER GRID CORPORATION OF INDIA LTD CRISIL- AAA 0.42HDFC LTD CRISIL- AAA 0.42HDB FINANCIAL SERVICES LTD CARE- AAA 0.42POWER GRID CORPORATION OF INDIA LTD CRISIL- AAA 0.41POWER FINANCE CORPORATION CRISIL- AAA 0.41IDFC LTD FITCH AAA 0.41POWER FINANCE CORPORATION CRISIL- AAA 0.41POWER FINANCE CORPORATION CRISIL- AAA 0.21POWER FINANCE CORPORATION CRISIL- AAA 0.09NON-CONVERTIBLE DEBENTURES/BONDS TOTAL 31.22B) MONEY MARKET INSTRUMENTSBANK OF MAHARASHTRA - CD CRISIL- A1+ 0.79MONEY MARKET INSTRUMENTS TOTAL 0.79PORTFOLIO TOTAL 85.98CASH & CASH EQUIVALENTS 14.02NET ASSETS 100.00TATA INCOME PLUS FUNDFund positioning: Aims to invest in longer duration paper in the favourable interest rate scenario. However the average portfolio maturity is subject to internal cap.Fund Manager : Murthy NagarajanInception Date : November 11, 2002SNAPSHOTNAV (`)Direct - Growth : 18.6840Direct - Dividend : 12.1295Plan A - Growth : 18.6502Plan A - Dividend : 12.1243* For the period 1st February 2013 to 30th April 2013ASSET ALLOCATION% Net AssetsDebt 75.76CASH & CASH EQUIVALENTS 24.24Total Net Assets 100.00RATING PROFILE% Net AssetsA1+ / AAA 15.93AA+ / AA 11.21SOV 48.63CASH & CASH EQUIVALENTS 24.23Total 100.00Average AUM (` Lacs) : 5346.74*DEBT PORTFOLIOFigures as on 30/04/2013Scrip Name Rating % To NetAssetsA) LISTED/AWAITING LISTING ON STOCK EXCHANGES(I) GOVERNMENT SECURITIESGOI - 8.15% (11/06/2022) SOV 22.87GOI - 8.20% (24/09/2025) SOV 11.51GOI - 8.33% (09/07/2026) SOV 8.14GOI - 9.15% (14/11/2024) SOV 6.10GOVERNMENT SECURITIES TOTAL 48.63(II) NON-CONVERTIBLE DEBENTURES/BONDSSTERLITE INDUSTRIES (I) LTD CRISIL- AA+ 11.21POWER FINANCE CORPORATION CRISIL- AAA 5.72NON-CONVERTIBLE DEBENTURES/BONDS TOTAL 16.92B) MONEY MARKET INSTRUMENTSJ.M. FINANCIAL PRODUCTS LTD - CP CRISIL- A1+ 10.21MONEY MARKET INSTRUMENTS TOTAL 10.21PORTFOLIO TOTAL 75.76CASH & CASH EQUIVALENTS 24.24NET ASSETS 100.00QUANTITATIVE INDICATORSSchemeStd. Dev (Annualised) : 1.56Portfolio Beta : 0.78R Squared : 0.47Treynor : 0.06Jenson : 0.03Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.Modified Duration : 4.43 YearsAverage Maturity : 7.35 YearsGross Yield to Maturity (For Debt Component) : 8.21%17

Fund positioning: Aims to create a liquid portfolio of good quality debt as well as Money Market Instruments so as to provide reasonable returns and liquidity.Fund Manager : Murthy NagarajanInception Date : September 03, 2003SNAPSHOTNAV (`)Direct - Growth : 17.7445Direct - Dividend : 13.1480Plan A - Growth : 17.7249Plan A - Dividend : 13.1460* For the period 1st February 2013 to 30th April 2013ASSET ALLOCATION% Net AssetsDebt 87.15CASH & CASH EQUIVALENTS 12.85Total Net Assets 100.00RATING PROFILE% Net AssetsA1+ / AAA 37.11SOV 50.04CASH & CASH EQUIVALENTS 12.85Total 100.00Modified Duration : 5.12 YearsAverage Maturity : 8.51 YearsGross Yield to Maturity (For Debt Component) : 8.11%TATA DYNAMIC BOND FUNDAverage AUM (` Lacs) : 22836.45*DEBT PORTFOLIOFigures as on 30/04/2013Scrip Name Rating % To NetAssetsA) LISTED/AWAITING LISTING ON STOCK EXCHANGES(I) GOVERNMENT SECURITIESGOI - 8.20% (24/09/2025) SOV 16.96GOI - 8.15% (11/06/2022) SOV 14.99GOI - 8.33% (09/07/2026) SOV 14.09GOI - 8.97% (05/12/2030) SOV 3.99GOVERNMENT SECURITIES TOTAL 50.04(II) NON-CONVERTIBLE DEBENTURES/BONDSEXIM CRISIL- AAA 9.33NABARD CRISIL- AAA 9.26HDFC LTD CRISIL- AAA 5.50NUCLEAR POWER CORP LTD CRISIL- AAA 3.72POWER FINANCE CORPORATION CRISIL- AAA 3.72NTPC LTD CRISIL- AAA 3.72POWER GRID CORPORATION OF INDIA LTD CRISIL- AAA 1.87NON-CONVERTIBLE DEBENTURES/BONDS TOTAL 37.11PORTFOLIO TOTAL 87.15CASH & CASH EQUIVALENTS 12.85NET ASSETS 100.00QUANTITATIVE INDICATORSSchemeStd. Dev (Annualised) : 1.57Portfolio Beta : 0.18R Squared : 0.11Treynor : 0.16Jenson : 0.03Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.TATA GILT SECURITIES FUNDFund positioning: A debt scheme that invests in Government securities to generate reasonable returns emphasising the importance of captial preservation.Fund Manager : S Raghupati AcharyaInception Date : September 6, 1999NAV (`)Direct - Growth : 34.1622Direct - Dividend : 12.6746Plan A - Growth : 34.0909Plan A - Dividend : 12.6441SNAPSHOT* For the period 1st February 2013 to 30th April 2013ASSET ALLOCATION% Net AssetsDebt 86.25CASH & CASH EQUIVALENTS 13.75Total Net Assets 100.00RATING PROFILE% Net AssetsSOV 86.25CASH & CASH EQUIVALENTS 13.75Total 100.00Average AUM (` Lacs) : 11725.33*DEBT PORTFOLIOFigures as on 30/04/2013Scrip Name Rating % To Net AssetsA) LISTED/AWAITING LISTING ON STOCK EXCHANGES(I) GOVERNMENT SECURITIESGOI - 8.20% (24/09/2025) SOV 26.43GOI - 8.33% (09/07/2026) SOV 22.25GOI - 8.32% (02/08/2032) SOV 22.17GOI - 8.30%(31/12/2042) SOV 13.34GOI 7.35% (22/06/2024) SOV 1.62GOI 7.56% (03/11/2014) SOV 0.34GOI 10.70% (22/04/2020) SOV 0.10GOVERNMENT SECURITIES TOTAL 86.25PORTFOLIO TOTAL 86.25CASH & CASH EQUIVALENTS 13.75NET ASSETS 100.00QUANTITATIVE INDICATORSSchemeStd. Dev (Annualised) : 3.60Portfolio Beta : 1.24R Squared : 0.94Treynor : 0.01Jenson : 0.02Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.Modified Duration : 7.70 YearsAverage Maturity : 14.64 YearsGross Yield to Maturity (For Debt Component) : 7.81%18

Fund positioning: A debt scheme that invests in Government securities to generate returns. Under normal circumstances the average portfolio maturity shall not exceed 15years.Average AUM (` Lacs) : 5620.94*Figures as on 30/04/2013Fund Manager : Murthy NagarajanInception Date : June 24, 2010SNAPSHOTNAV (`)Direct - Growth : 12.5143Direct - Periodic Dividend : – #Direct - Quarterly Dividend : – #Plan A - Growth : 12.4952Plan A - Periodic Dividend : 11.8516Plan A - Quarterly Dividend : 12.4941* For the period 1st February 2013 to 30th April 2013# Direct Plans are available for subscription under all open ended schemes of Tata Mutual Fund w.e.f1st January 2013. Separate NAV will be calculated & published for respective option(s) of the DirectPlan upon initial subscription.ASSET ALLOCATION% Net AssetsDebt 86.02CASH & CASH EQUIVALENTS 13.98Total Net Assets 100.00RATING PROFILE% Net AssetsSOV 86.02CASH & CASH EQUIVALENTS 13.98Total 100.00TATA GILT MID TERM FUNDDEBT PORTFOLIOScrip Name Rating % To NetAssetsA) LISTED/AWAITING LISTING ON STOCK EXCHANGES(I) GOVERNMENT SECURITIESGOI - 8.20% (24/09/2025) SOV 42.86GOI - 8.33% (09/07/2026) SOV 34.65GOI - 8.15% (11/06/2022) SOV 8.52GOVERNMENT SECURITIES TOTAL 86.02PORTFOLIO TOTAL 86.02CASH & CASH EQUIVALENTS 13.98NET ASSETS 100.00QUANTITATIVE INDICATORSSchemeStd. Dev (Annualised) : 3.43Portfolio Beta : 1.18R Squared : 0.92Treynor : 0.03Jenson : 0.06Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.Modified Duration : 6.70 YearsAverage Maturity : 10.67 YearsGross Yield to Maturity (For Debt Component) : 7.76%Fund positioning: A Fund that aims to provide an investment tool for retirement planning to suit the risk profile of the investor.Average AUM (` Lacs) : 220.76*Fund Manager : Amish Munshi (Equity), Murthy Nagarajan (Debt) &Dinesh Da Costa (for Overseas portfolio)Inception Date : November 1, 2011NAV (`)Direct - Growth : 11.3190Plan A - Growth : 11.2767TATA RETIREMENT SAVINGS FUND - CONSERVATIVESNAPSHOT* For the period 1st February 2013 to 30th April 2013TOP 10 EQUITY HOLDINGSFigures as on 30/04/2013Scrip Name% Net AssetHINDUSTAN UNILEVER LTD 3.02ITC LTD 2.96HOUSING DEVELOPMENT FINANCE LTD 2.64HDFC BANK LTD 2.14P & G HYGIENE & HEALTH CARE LTD 1.94LARSEN & TOUBRO LTD 1.79RELIANCE INDUSTRIES LTD 1.53BHARTI AIRTEL LTD 1.51ICICI BANK LTD 1.47BPCL 1.45OTHER EQUITIES 11.70PORTFOLIO TOTAL 32.14CASH & CASH EQUIVALENTS 67.86NET ASSETS 100.00TOP 5 SECTORSCONSUMER NON DURABLES9.41BANKS4.71PETROLEUM PRODUCTSFINANCESOFTWARE2.982.702.410.00 5.00 10.00QUANTITATIVE INDICATORSSchemeStd. Dev (Annualised) : 3.32Portfolio Beta : 1.00R Squared : 0.81Treynor : 0.06Jenson : -0.24Please refer to page no. 30 for Methodology.Source: www.mutualfundsindia.com^Risk-free rate based on the last 3 months T-Bill cut-off of 7.56%.Past Performance may or may not be sustained in future.19

PERFORMANCE OF ALL SCHEMESRETURNS ON INVESTMENT OF RS 10,000 AS ON MARCH 31, 2013Fund / Benchmark March 31, 2012 to March 31, 2011 to March 31, 2010 to Since Inception InceptionMarch 31, 2013 March 31, 2012 March 31, 2011 DateAbsolute Returns Absolute Returns Absolute Returns CAGR Returnsreturns (%) returns (%) returns (%) returns (%)in Rs. in Rs. in Rs. in Rs.Tata Equity P/E Fund (TEQPEF) - Plan A - Growth 9,808 -1.92% 9,754 -2.46% 10,853 8.53% 45,579 18.91% 29-Jun-04Scheme Benchmark (S&P BSE SENSEX) 10,823 8.23% 8,950 -10.50% 11,094 10.94% 38,906 16.78%Tata Index Fund - SENSEX (TIFS) - Plan A - Growth 10,825 8.25% 8,961 -10.39% 11,056 10.56% 53,381 18.03% 25-Feb-03Scheme Benchmark (S&P BSE SENSEX) 10,823 8.23% 8,950 -10.50% 11,094 10.94% 57,393 18.88%Tata Pure Equity Fund (TPEF) - Plan A - Growth 10,832 8.32% 9,810 -1.90% 10,603 6.03% 226,185 23.27% 7-May-98Scheme Benchmark (S&P BSE SENSEX) 10,823 8.23% 8,950 -10.50% 11,094 10.94% 46,282 10.82%Tata Tax Advantage Fund 1 (TTAF1)- Growth 10,531 5.31% 9,892 -1.08% 11,215 12.15% 17,071 7.88% 16-Mar-06Scheme Benchmark (S&P BSE SENSEX) 10,837 8.23% 8,950 -10.50% 11,094 10.94% 17,314 8.10%Tata Tax Saving Fund (TTSF) - Plan A - Growth 10,772 7.72% 9,718 -2.82% 10,991 9.91% 204,844 19.42% 31-Mar-96Scheme Benchmark (S&P BSE SENSEX) 10,823 8.23% 8,950 -10.50% 11,094 10.94% 55,949 10.65%Tata Retirement Savings Fund - Progressive (TRSFP) - Plan A - Growth 10403 4.03% N/A N/A N/A N/A 11224 8.51% 1-Nov-11Scheme Benchmark (S&P BSE SENSEX) 10,823 8.23% N/A N/A N/A N/A 10,775 5.42%Tata Dividend Yield Fund (TDYF) - Plan A - Growth 10,136 1.36% 10,484 4.84% 11,493 14.93% 34,892 16.13% 22-Nov-04Scheme Benchmark (CNX 500) 10,513 5.13% 9,125 -8.75% 10,726 7.26% 27,925 13.07%Additional Benchmark (CNX NIFTY) 10,731 7.31% 9,077 -9.23% 11,114 11.14% 30,334 14.20%Tata Infrastructure Fund (TISF) - Plan A - Growth 9,358 -6.42% 8,518 -14.82% 9,749 -2.51% 26,104 12.33% 31-Dec-04Scheme Benchmark (CNX 500) 10,513 5.13% 9,125 -8.75% 10,726 7.26% 24,591 11.52%Additional Benchmark (CNX NIFTY) 10,731 7.31% 9,077 -9.23% 11,114 11.14% 27,313 12.95%Tata Infrastructure Tax Saving Fund (TITSF) - Growth 9,539 -4.61% 8,531 -14.69% 9,495 -5.05% 12,966 6.70% 30-Mar-09Scheme Benchmark (CNX 500) 10,513 5.13% 9,125 -8.75% 10,726 7.26% 19,643 18.36%Additional Benchmark (CNX NIFTY) 10,731 7.31% 9,077 -9.23% 11,114 11.14% 19,081 17.50%Tata Index Fund - NIFTY (TIFN) - Plan A - Growth 10,762 7.62% 9,118 -8.82% 11,079 10.79% 55,198 18.43% 25-Feb-03Scheme Benchmark (CNX NIFTY) 10,731 7.31% 9,077 -9.23% 11,114 11.14% 53,835 18.13%Tata Mid Cap Growth Fund (TMCGF) - Plan A - Dividend 10,152 1.52% 10,328 3.27% 10,384 3.84% 52,568 9.25% 1-Jul-94Scheme Benchmark (CNX MIDCAP INDEX) 9,598 -4.02% 9,591 -4.09% 10,435 4.35% N/A N/AAdditional Benchmark (CNX NIFTY) 10,731 7.31% 9,077 -9.23% 11,114 11.14% 45,026 8.35%Tata Equity Opportunities Fund (TEOF) - Plan A - Growth 10,713 7.13% 9,921 -0.79% 9,975 -0.25% 84,368 11.19% 25-Feb-93Scheme Benchmark (S&P BSE 200 INDEX) 10,603 6.03% 9,072 -9.28% 10,815 8.15% 74,863 10.53%Additional Benchmark (S&P BSE SENSEX) 10,823 8.23% 8,950 -10.50% 11,094 10.94% 67,286 9.95%Tata Ethical Fund (TEF) - Plan A - Growth 10,851 8.51% 10,141 1.41% 10,706 7.06% 127,057 16.27% 24-May-96Benchmark (CNX 500 Shariah) 10,560 5.60% 9,348 -6.52% 10,512 5.12% N/A N/AAdditional Benchmark (CNX NIFTY) 10,731 7.31% 9,077 -9.23% 11,114 11.14% 52,374 10.32%Tata Indo-Global Infrastructure Fund (TIGIF) - Plan A - Growth 9,706 -2.94% 9,030 -9.70% 9,885 -1.15% 6,790 -6.94% 12-Nov-07Benchmark (Combination of CNX 500 Index & MSCI World Index) >> 10660 6.60% 9371 -6.29% 10864 8.64% 9404 -1.14%Tata Balanced Fund (TBF) - Plan A - Growth 11,017 10.17% 10,333 3.33% 10,849 8.49% 127,933 15.69% 8-Oct-95Scheme Benchmark (Crisil Balanced Fund Index) 10,818 8.18% 9,683 -3.17% 10,937 9.37% N/A N/ATata Young Citizens' Fund (TYCF) - Plan A - Growth 10,821 8.21% 10,589 5.89% 10,570 5.70% 87,185 13.19% 14-Oct-95Benchmark (Crisil Balanced Fund Index) 10,818 8.18% 9,683 -3.17% 10,937 9.37% N/A N/ATata Retirement Savings Fund - Moderate (TRSFM) - Plan A - Growth 10548 5.48% N/A N/A N/A N/A 11305 9.06% 1-Nov-11Benchmark (Crisil Balanced Fund Index) 10,818 8.18% N/A N/A N/A N/A 11,044 7.28%Tata Growing Economies Infrastructure Fund (TGEIF) - Scheme A - Plan A - Growth 11,183 11.83% 9,809 -1.91% 10,527 5.27% 13,060 5.51% 10-Apr-08Benchmark (Combination of S&P BSE SENSEX & MSCI Emerging Market Index) @ 10203 2.03% 8911 -10.89% 11440 14.40% 9852 -0.45%Tata Growing Economies Infrastructure Fund (TGEIF) - Scheme B - Plan A - Growth 9,958 -0.42% 8,923 -10.77% 10,030 0.30% 10,650 1.27% 10-Apr-08Benchmark (Combination of S&P BSE SENSEX & MSCI Emerging Market Index) @@ 10513 5.13% 8931 -10.69% 11267 12.67% 10927 1.64%Tata Offshore Indian Opportunities Scheme 10,589 5.89% 9,825 -1.75% 11,229 12.29% 24,211 12.21% 26-Jul-05Scheme Benchmark (S&P BSE SENSEX) 10,823 8.23% 8,950 -10.50% 11,094 10.94% 24,939 12.64%Tata Offshore Indian Infrastructure Scheme 9,634 -3.66% 9,321 -6.79% 10,499 4.99% 12,774 5.40% 01-Aug-08Scheme Benchmark (S&P BSE SENSEX) 10,823 8.23% 8,950 -10.50% 11,094 10.94% 12,851 5.53%20

PERFORMANCE OF ALL SCHEMESRETURNS ON INVESTMENT OF RS 10,000 AS ON MARCH 31, 2013Fund / Benchmark March 31, 2012 to March 31, 2011 to March 31, 2010 to Since Inception InceptionMarch 31, 2013 March 31, 2012 March 31, 2011 DateAbsolute Returns Absolute Returns Absolute Returns CAGR Returnsreturns (%) returns (%) returns (%) returns (%)in Rs. in Rs. in Rs. in Rs.Tata Offshore Indian Sharia Scheme 11,061 10.61% 9,851 -1.49% N/A N/A 10,408 1.62% 04-Oct-10Scheme Benchmark (CNX Nifty Shariah Index) 10,516 5.16% 9,190 -8.10% N/A N/A 9,282 -2.96%Additional Benchmark (CNX NIFTY) 10,731 7.31% 9,077 -9.23% N/A N/A 9,226 -3.19%Tata Monthly Income Fund (TMIF) - Individual & HUF - Plan A - Monthly Income Option 10,936 9.36% 10,538 5.38% 10,250 2.50% 25,594 7.54% 27-Apr-00Scheme Benchmark (MIP Blended Index) 10,906 9.06% 10,524 5.24% 10,617 6.17% N/A N/AAdditional Benchmark (Crisil 10 Year Gilt Index) 11,125 11.25% 10,243 2.43% 10,461 4.61% N/A N/ATata Monthly Income Fund (TMIF)-Other than Individual & HUF-Plan A-Monthly Income Option 10,865 8.65% 10,482 4.82% 10,230 2.30% 24,887 7.30% 27-Apr-00Scheme Benchmark (MIP Blended Index) 10,906 9.06% 10,524 5.24% 10,617 6.17% N/A N/AAdditional Benchmark (Crisil 10 Year Gilt Index) 11,125 11.25% 10,243 2.43% 10,461 4.61% N/A N/ATata MIP Plus Fund (TMPF) - Plan A - Growth 10,931 9.31% 10,659 6.59% 10,619 6.19% 18,619 7.11% 17-Mar-04Scheme Benchmark (MIP Blended Index) 10,906 9.06% 10,524 5.24% 10,617 6.17% 18,791 7.22%Additional Benchmark (Crisil 10 Year Gilt Index) 11,125 11.25% 10,243 2.43% 10,461 4.61% 15,189 4.73%Tata Fixed Tenure Fund Series 1 (TFTF1) - Growth 10,700 7.00% 10,498 4.98% N/A N/A 11,328 4.78% 30-Jul-10Scheme Benchmark (MIP Blended Index) 10,906 9.06% 10,524 5.24% N/A N/A 11,962 6.94%Additional Benchmark (Crisil 10 Year Gilt Index) 11,125 11.25% 10,243 2.43% N/A N/A 11,863 6.61%Tata Fixed Tenure Fund Series 2 Scheme A (TFTF2A) - Growth 10,676 6.76% N/A N/A N/A N/A 11,415 8.04% 15-Jul-11Scheme Benchmark (MIP Blended Index) 10,906 9.06% N/A N/A N/A N/A 11,361 7.74%Additional Benchmark (Crisil 10 Year Gilt Index) 11,125 11.25% N/A N/A N/A N/A 11,454 8.25%Tata Fixed Tenure Fund Series 2 Scheme B (TFTF2B) - Growth 10,669 6.69% N/A N/A N/A N/A 11,259 7.85% 5-Sep-11Scheme Benchmark (MIP Blended Index) 10,906 9.06% N/A N/A N/A N/A 11,447 8.99%Additional Benchmark (Crisil 10 Year Gilt Index) 11,125 11.25% N/A N/A N/A N/A 11,335 8.31%Tata Retirement Savings Fund - Conservative (TRSFC) - Plan A - Growth 10,588 5.88% N/A N/A N/A N/A 11,045 7.28% 1-Nov-11Benchmark (MIP Blended Index) 10,906 9.06% N/A N/A N/A N/A 11,308 9.08%Additional Benchmark (Crisil 10 Year Gilt Index) 11,125 11.25% N/A N/A N/A N/A 11,664 11.51%Tata SIP Fund - Series III (TSIP3) - Growth 10,977 9.77% N/A N/A N/A N/A 11393 9.25% 10-Oct-11Benchmark (Combination of CRISIL Liquid Fund Index & S&P BSE Sensex Index) 10,809 8.09% N/A N/A N/A N/A 11273 8.47%Tata Dynamic Bond Fund (TDBF) - Plan A - Growth 10,976 9.76% 10,707 7.07% 10,542 5.42% 17,337 5.91% 3-Sep-03Scheme Benchmark (I-Sec Composite Index) 11,169 11.69% 10,679 6.79% 10,641 6.41% 18,638 6.71%Additional Benchmark (Crisil 10 Year Gilt Index) 11,125 11.25% 10,243 2.43% 10,461 4.61% 15,751 4.86%Tata Gilt Securities Fund (TGSF) - Plan A - Growth 11,083 10.83% 10,519 5.19% 10,533 5.33% 33,165 9.23% 6-Sep-99Scheme Benchmark (I-Sec Composite Index) 11,169 11.69% 10,679 6.79% 10,641 6.41% N/A N/AAdditional Benchmark (Crisil 10 Year Gilt Index) 11,125 11.25% 10,243 2.43% 10,461 4.61% N/A N/ATata Gilt Short Maturity Fund (TGSMF) - Plan A - Growth 10,981 9.81% 10,675 6.75% 10,507 5.07% 18,260 6.21% 3-Apr-03Scheme Benchmark (I-Sec Composite Index) 11,169 11.69% 10,679 6.79% 10,641 6.41% 19,953 7.15%Additional Benchmark (Crisil 10 Year Gilt Index) 11,125 11.25% 10,243 2.43% 10,461 4.61% 16,913 5.40%Tata Gilt Mid Term Fund (TGMTF) - Plan A - Growth 11,052 10.52% 10,675 6.74% N/A N/A 12,189 7.41% 24-Jun-10Scheme Benchmark (I-Sec Composite Index) 11,169 11.69% 10,679 6.77% N/A N/A 12,448 8.23%Additional Benchmark (Crisil 10 Year Gilt Index) 11,125 11.25% 10,243 2.43% N/A N/A 11,768 6.05%Tata Income Fund (TIF) - Plan A - Growth 11,121 11.21% 10,744 7.44% 10,419 4.19% 35,726 8.32% 28-Apr-97Scheme Benchmark (Crisil Composite Bond Fund Index) 10,924 9.24% 10,768 7.68% 10,506 5.06% N/A N/AAdditional Benchmark (Crisil 10 Year Gilt Index) 11,125 11.25% 10,243 2.43% 10,461 4.61% N/A N/ATata Income Plus Fund (TIPF) - Plan A -Growth 11,006 10.06% 10,771 7.71% 10,546 5.46% 18,298 5.99% 11-Nov-02Scheme Benchmark (Crisil Composite Bond Fund Index) 10,924 9.24% 10,768 7.68% 10,506 5.06% 18,264 5.97%Additional Benchmark (Crisil 10 Year Gilt Index) 11,125 11.25% 10,243 2.43% 10,461 4.61% 18,184 5.92%Tata Short Term Bond Fund (TSTBF) - Plan A - Growth 11,001 10.01% 10,860 8.60% 10,558 5.58% 21,660 7.53% 8-Aug-02Scheme Benchmark (Crisil Short Term Bond Fund Index) 10,905 9.05% 10,828 8.28% 10,512 5.12% 19,573 6.51%Additional Benchmark (Crisil 1 Year T-Bill Index) 10,833 8.33% 10,659 6.59% 10,386 3.86% 17,602 5.45%Tata Treasury Manager Fund (TTMF) - Plan A - Growth 10,910 9.10% 10,930 9.30% 10,667 6.67% 15,539 8.01% 13-Jul-07Scheme Benchmark (Crisil Short Term Bond Fund Index) 10,905 9.05% 10,828 8.28% 10,512 5.12% 15,167 7.55%Additional Benchmark (Crisil 1 Year T-Bill Index) 10,833 8.33% 10,659 6.59% 10,386 3.86% 13,745 5.72%21

PERFORMANCE OF ALL SCHEMESRETURNS ON INVESTMENT OF RS 10,000 AS ON MARCH 31, 2013Fund / Benchmark March 31, 2012 to March 31, 2011 to March 31, 2010 to Since Inception InceptionMarch 31, 2013 March 31, 2012 March 31, 2011 DateAbsolute Returns Absolute Returns Absolute Returns CAGR Returnsreturns (%) returns (%) returns (%) returns (%)in Rs. in Rs. in Rs. in Rs.Tata Floating Rate Fund - Long Term Plan (TFRLTF) - Plan A - Growth 10,803 8.03% 10,966 9.66% 10,537 5.37% 17,000 5.89% 22-Dec-03Scheme Benchmark (Crisil Liquid Fund Index) 10,817 8.17% 10,844 8.44% 10,621 6.21% 17,756 6.38%Additional Benchmark (Crisil 1 Year T-Bill Index) 10,833 8.33% 10,659 6.59% 10,386 3.86% 16,228 5.36%Tata Money Market Fund (TMMF) - Plan A - Growth 10,938 9.38% 10,949 9.49% 10,630 6.30% 18,431 7.38% 1-Sep-04Scheme Benchmark (Crisil Liquid Fund Index) 10,817 8.17% 10,844 8.44% 10,621 6.21% 17,282 6.58%Additional Benchmark (Crisil 1 Year T-Bill Index) 10,833 8.33% 10,659 6.59% 10,386 3.86% 15,881 5.54%Tata Floater Fund (TFF) - Plan A - Growth 10,943 9.43% 10,945 9.45% 10,680 6.80% 17,567 7.73% 6-Sep-05Scheme Benchmark (Crisil Liquid Fund Index) 10,817 8.17% 10,844 8.44% 10,621 6.21% 16,525 6.86%Additional Benchmark (Crisil 1 Year T-Bill Index) 10,833 8.33% 10,659 6.59% 10,386 3.86% 15,139 5.63%Tata Liquid Fund (TLF) - Plan A - Growth 10,935 9.35% 10,940 9.40% 10,659 6.59% 19,493 7.00% 22-May-03Scheme Benchmark (Crisil Liquid Fund Index) 10,817 8.17% 10,844 8.44% 10,621 6.21% 18,183 6.25%Additional Benchmark (Crisil 1 Year T-Bill Index) 10,833 8.33% 10,659 6.59% 10,386 3.86% 16,721 5.35%Tata Liquidity Management Fund (TLMF) - Plan A - Growth 11,003 10.03% 10,854 8.54% 10,570 5.70% 15,880 6.75% 3-Mar-06Scheme Benchmark (Crisil Liquid Fund Index) 10,817 8.17% 10,844 8.44% 10,621 6.21% 16,157 7.01%Additional Benchmark (Crisil 1 Year T-Bill Index) 10,833 8.33% 10,659 6.59% 10,386 3.86% 14,915 5.81%Tata Fixed Income Portfolio Fund Scheme A1 (TFIP) - Plan A - Growth 10,279 2.79% 10,427 4.27% 10,318 3.18% 12,361 4.13% 3-Jan-08Scheme Benchmark (Crisil Liquid Fund Index) 10,817 8.17% 10,844 8.44% 10,621 6.21% 14,287 7.04%Additional Benchmark (Crisil 1 Year T-Bill Index) 10,833 8.33% 10,659 6.59% 10,386 3.86% 13,480 5.86%Tata Fixed Income Portfolio Fund Scheme A2 (TFIP) - Plan A - Monthly Dividend #### 10,797 7.97% 10,799 7.99% N/A N/A 12,286 7.56% 4-Jun-10Scheme Benchmark (Crisil Liquid Fund Index) 10,817 8.17% 10,844 8.44% N/A N/A 12,380 7.85%Additional Benchmark (Crisil 1 Year T-Bill Index) 10,833 8.33% 10,659 6.59% N/A N/A 11,929 6.44%Tata Fixed Income Portfolio Fund Scheme A3 (TFIP) - Plan A - Growth ##### 10,989 9.89% 11,015 10.15% N/A N/A 12,817 9.23% 9-Jun-10Scheme Benchmark (Crisil Liquid Fund Index) 10,817 8.17% 10,844 8.44% N/A N/A 12,372 7.87%Additional Benchmark (Crisil 1 Year T-Bill Index) 10,833 8.33% 10659 6.59% N/A N/A 11,921 6.45%Tata Fixed Income Portfolio Fund Scheme B2 (TFIP)-Plan A-Quarterly Dividend ###### 10,827 8.27% 10,873 8.73% N/A N/A 12,387 7.98% 18-Jun-10Scheme Benchmark (Crisil Liquid Fund Index) 10,817 8.17% 10,844 8.44% N/A N/A 12,358 7.89%Additional Benchmark (Crisil 1 Year T-Bill Index) 10,833 8.33% 10659 6.59% N/A N/A 11,953 6.61%Tata Fixed Income Portfolio Fund Scheme B3 (TFIP) - Plan A - Quarterly Dividend ## 10,853 8.53% 10,846 8.46% 10,642 6.42% 12,544 7.78% 23-Mar-10Scheme Benchmark (Crisil Liquid Fund Index) 10,817 8.17% 10,844 8.44% 10,621 6.21% 12,471 7.57%Additional Benchmark (Crisil 1 Year T-Bill Index) 10,833 8.33% 10,659 6.59% 10,386 3.86% 12,023 6.28%Tata Fixed Income Portfolio Fund Scheme C3 (TFIP)-Plan A-Half Yearly Dividend ####### 10,907 9.07% N/A N/A N/A N/A 11,677 8.73% 25-May-11Scheme Benchmark (Crisil Liquid Fund Index) 10,817 8.17% N/A N/A N/A N/A 11,601 8.35%Additional Benchmark (Crisil 1 Year T-Bill Index) 10,833 8.33% N/A N/A N/A N/A 11,504 7.86%Past performance may or may not be sustained in future. Absolute returns is computed on investment is of Rs 10,000. For computation of since inception returns the allotment NAV has been takenas Rs. 10.00 (Except for TLF, TTMF & TLMF where NAV is taken as Rs. 1,000). *All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Load isnot considered for computation of returns. While calculating returns dividend distribution tax is excluded. In case, the start/end date of the concerned period is non-business date, the benchmarkvalue of the previous date is considered for computation of returns. ”N/A” - Not Available. Schemes in existence for less than 1 year, performance details for the same are not provided. Schemesin existence for more than 1 year performance provided for as many 12 months period as possible, for the period ended March 31, 2013. Mutual Fund Investments are subject to market risks, readall Scheme related documents carefully.N/A - data are not available for the period## On 31st December 2008, the units had become zero under TFIPB3 - Plan A (Quarterly Dividend) plan and new units were alloted on 23rd March, 2010 at face value. Hence returns are computed from23rd March, 2010.#### On 4th March, 2009 the units had become zero under TFIPA2 - Plan A (Monthly Dividend) plan and new units were allotted on 4th June, 2010 at face value. Hence returns are computed from 4thJune, 2010.##### On 23 October 2008, the units had become zero under TFIPA3 - Plan A (Growth) plan and new units were allotted on 09th June, 2010 at face value. Hence returns are computed from 09th June,2010.###### On 23rd September, 2009, the units had become zero under TFIPB2 - Plan A (Quarterly Dividend) plan and new units were allotted on 18th June, 2010 at face value. Hence returns arecomputed from 18th June, 2010.####### On 24th November, 2010 units had become zero under TFIPC3 - Plan A (Half Yearly Dividend) plan and new units were alloted on 25th May 2011 at face value. Hence returns are computedfrom 25th May 2011.@ Scheme A: MSCI Emerging Market Index to the extent of 70% of the net assets and S&P BSE SENSEX to the extent of 30% of the net assets of the Plan.@@ Scheme B: S&P BSE SENSEX to the extent of 65% of the net assets and MSCI Emerging Market Index to the extent of 35% of the net assets of the Plan.>> TIGIF: CNX 500 Index to the extent of 65% and MSCI World Index to the extent of 35% of the net assets of the Scheme.22

FUNDS MANAGED BY FUND MANAGERSName of the FundFund(s) Managed / Co-Managed byTata Infrastructure Tax Saving FundAmish MunshiTata Offshore India Infrastructure SchemeAmish MunshiTata Growing Economies Infrastructure Fund Scheme AAmish Munshi & Dinesh Dacosta (for Overseas portfolio)Tata Growing Economies Infrastructure Fund Scheme BAmish Munshi & Dinesh Dacosta (for Overseas portfolio)Tata Indo-Global Infrastructure FundAmish Munshi & Dinesh Dacosta (for Overseas portfolio)Tata Infrastructure FundAmish Munshi & Dinesh Dacosta (for Overseas portfolio)Tata Retirement Savings FundAmish Munshi, Murthy Nagarajan & Dinesh Dacosta (for Overseas portfolio)Tata Mid Cap Growth FundAtul BholeTata Balanced FundAtul Bhole & Murthy NagarajanTata SIP Fund Series 3Atul Bhole & Murthy NagarajanTata Dividend Yield FundBhupinder SethiTata Equity P/E FundBhupinder SethiTata Offshore India Opportunities SchemeBhupinder SethiTata Equity Opportunities FundBhupinder Sethi & Dinesh Dacosta (for Overseas portfolio)Tata Floater FundMarzban IraniTata Income FundMarzban IraniTata Liquid FundMarzban IraniTata Short Term Bond FundMarzban IraniTata Young Citizens' FundMarzban Irani & Amish MunshiTata MIP Plus FundMarzban Irani & Atul BholeTata Dynamic Bond FundMurthy NagarajanTata Fixed Income Portfolio Fund Scheme A1Murthy NagarajanTata Fixed Income Portfolio Fund Scheme A2Murthy NagarajanTata Fixed Income Portfolio Fund Scheme A3Murthy NagarajanTata Fixed Income Portfolio Fund Scheme B2Murthy NagarajanTata Fixed Income Portfolio Fund Scheme B3Murthy NagarajanTata Fixed Income Portfolio Fund Scheme C2Murthy NagarajanTata Fixed Income Portfolio Fund Scheme C3Murthy NagarajanTata Floating Rate Fund - Long Term PlanMurthy NagarajanTata Gilt Mid Term FundMurthy NagarajanTata Income Plus FundMurthy NagarajanTata Liquidity Management FundMurthy NagarajanTata Money Market FundMurthy NagarajanTata Treasury Manager FundMurthy NagarajanTata Monthly Income FundMurthy Nagarajan & Atul BholeTata Fixed Tenure Fund Series 1Murthy Nagarajan & Pradeep GokhaleTata Ethical FundPradeep GokhaleTata Index FundPradeep GokhaleTata Offshore India Sharia SchemePradeep GokhaleTata Tax Advantage Fund 1Pradeep GokhaleTata Tax Savings FundPradeep GokhaleTata Pure Equity FundPradeep Gokhale & Dinesh Dacosta (for Overseas portfolio)Tata Fixed Tenure Fund Series 2 Scheme APradeep Gokhale & Murthy NagarajanTata Fixed Tenure Fund Series 2 Scheme BPradeep Gokhale & Murthy NagarajanTata Gilt Securities FundS Raghupati AcharyaTata Gilt Short Maturity FundS Raghupati Acharya23

SCHEMES AT A GLANCEParticularsTata Equity P/E FundTata Dividend YieldFundTata Pure EquityFundTata Tax SavingFundTata Balanced FundTata Ethical FundTata Index FundDate of InitialAllotmentJune 29, 2004November 22, 2004May 7, 1998March 31, 1996October 8, 1995May 24, 1996February 25, 2003Nature of theSchemeAn open ended equityschemeAn open ended equityschemeAn open ended equityschemeAn open ended equitylinked tax savingscheme (ELSS) with acompulsory lock-inperiod of three years.An open endedbalanced schemeAn open ended equityschemeAn open ended indexlinked equity schemeInvestmentObjectiveTo provide reasonableand regular incomeand/or possible capitalappreciation to itsUnitholder.To provide incomedistribution and / ormedium to longterm capital gainsby investingpredominantly in highdividend yield stocks.To provide incomedistribution and / ormedium to long termcapital gains while atall times emphasisingthe importance ofcapital appreciationTo provide medium tolong term capital gainsalong with income taxrelief to its Unitholders,while at all timesemphasising theimportance of capitalappreciation.To provide incomedistribution and / ormedium to long termcapital gains while atall times emphasisingthe importance ofcapital appreciation.To provide medium tolong- term capitalgains by investing inShariah compliantequity and equityrelated instruments ofwell-researched valueand growth - orientedcompanies.To reflect/mirror themarket returns with aminimum trackingerror.Entry Load(including SIP)Not ApplicableNot ApplicableNot ApplicableNot ApplicableNot ApplicableNot ApplicableNot ApplicableExit Load(including SIP)1% if redeemed on orbefore expiry of 365days from the date ofallotment1% if redeemed on orbefore expiry of 365days from the date ofallotment1% if redeemed on orbefore expiry of 365days from the date ofallotmentNil (Compulsory lockinperiod for 3 years)1% if redeemed on orbefore expiry of 365days from the date ofallotment.1% if redeemed on orbefore expiry of 365days from the date ofallotment4% of the applicableNAV if redeemed on orbefore 90 days fromdate of allotmentInvestment Plans /OptionsPlan A & Direct Plan:Growth Option,Dividend TriggerOption A (5% triggerlevel) and DividendTrigger Option B (10%trigger level)Plan A & Direct Plan:Dividend Option andGrowth OptionPlan A & Direct Plan:Dividend Option andGrowth OptionPlan A & Direct PlanPlan A & Direct Plan:Growth Option,Dividend Option andMonthly DividendOptionPlan A & Direct Plan:Dividend Option andGrowth OptionPlan A & Direct Plan:Sensex / NiftyMinimumInvestment` 5,000/- and inmultiples of ` 1/-thereafter.` 5,000/- and inmultiples of ` 1/-thereafter.` 5,000/- and inmultiples of ` 1/-thereafter.` 500/- and in multipleof ` 500/- thereafter.` 5,000/- and inmultiples of ` 1/-thereafter.` 5,000/- and inmultiples of ` 1/-thereafter.` 5,000/- and inmultiples of ` 1/-thereafter.Minimum AdditionalInvestmentNAV Determination` 1,000/- andmultiples of ` 1/-thereafter.All Business Days` 1,000/- andmultiples of ` 1/-thereafter.All Business Days` 1,000/- andmultiples of ` 1/-thereafter.All Business Days` 500/- and in multipleof ` 500/- thereafter.Average AUM(` in lacs)for the period1st Feb., 2013 to30th April, 201347024.4332952.6660974.2112395.0351525.8410286.021179.06For cut-off timings regarding acceptance of subscription / repurchase / switch requests refer to Scheme Information Documents (SID) & Key Information Memorandum (KIM) of the respective schemes.Note: Plan A (For applications routed through Distributors) & Direct Plan (For applications not routed through Distributors).24All Business Days`1,000/- and inmultiples of ` 1/-thereafter.All Business Days` 1,000/- andmultiples of ` 1/-thereafter.All Business Days` 1,000/- and inmultiples of ` 1/-thereafter.All Business Days

SCHEMES AT A GLANCEParticularsTata InfrastructureFundTata Growing Economies InfrastructureFundTata EquityOpportunities FundTata Mid Cap GrowthFundTata Dynamic Bond FundTata Income PlusFundDate of InitialAllotmentDecember 31, 2004April 10, 2008February 25, 1993July 1, 1994September 3, 2003November 11, 2002Nature of theSchemeAn open ended equityschemeAn open ended equity schemeAn open ended equityschemeAn open ended equityschemeAn open ended debtschemeAn open ended debtschemeInvestmentObjectiveTo provide incomedistribution and / ormedium to long termcapital gains byi n v e s t i n gpredominantly inequity / equity relatedinstruments of thecompanies in theinfrastructure sectorScheme A: Investment objective of thescheme is to generate capital appreciation/ income by investing predominantly inequities of companies in infrastructure andother related sectors in the growingeconomies of the world and in India. Theinvestment focus would be guided by thegrowth potential and other economicfactors of the countries. Atleast 51% of thenet assets would be invested ingeographies outside India.Scheme B: Investment objective of thescheme is to generate capital appreciation/ income by investing predominantly inequities of companies in infrastructure andother related sectors in India and othergrowing economies of the world. Theinvestment focus would be guided by thegrowth potential and other economicfactors of the countries. Majority of suchinvestments would be in India.To provide incomedistribution and / ormedium to long termcapital gains while atall times emphasizingthe importance ofcapital appreciation.To provide incomedistribution and / ormedium to long termcapital gains.Investments would befocused towards midcapstocks.To provide reasonablereturns and high level ofliquidity by investing indebt instruments includingbonds, debentures andGovernment securities;and money marketinstruments such astreasury bills, commercialpapers, certificates ofdeposit, including repos inpermitted securities ofdifferent maturities, aspermitted by regulation soas to spread the riskacross different kinds ofissuers in the debtmarkets. The scheme mayalso invest in moneymarket instruments. Theinvestment objective willbe to create a liquidportfolio of good qualitydebt as well as MoneyMarket Instruments so asto provide reasonablereturns and liquidity to theUnitholders.To provide incomedistribution and / ormedium to long termcapital gains while atall times emphasisingthe importance ofsafety and capitalappreciation.Entry Load(including SIP)Not ApplicableNot ApplicableNot ApplicableNot ApplicableNot ApplicableNot ApplicableExit Load(including SIP)1% if redeemed on orbefore expiry of 365days from the date ofallotment1% if redeemed on or before expiry of 365days from the date of allotment.1% if redeemed on orbefore expiry of 365days from the date ofallotment1% if redeemed on orbefore expiry of 365days from the date ofallotment0.25% if redeemed on orbefore expiry of 30 daysfrom the date of allotment.1% of NAV ifredeemed on or beforeexpiry of 365 daysfrom the date ofallotmentInvestment Plans /OptionsPlan A & Direct Plan:Dividend Option andGrowth Option.Growth Option offersan ‘NAV AppreciationTrigger Facility’. Kindlyrefer SID furtherdetails on this facility.Plan A & Direct Plan:Dividend Option & Growth OptionPlan A & Direct Plan:Dividend Option andGrowth OptionPlan A & Direct Plan:Dividend Option,Growth Option(Appreciation) andBonus Option(Growth).Plan A & Direct Plan:Bonus/Dividend andGrowth Plan.Plan A & Direct Plan:Bonus/Dividend andGrowth Plan.MinimumInvestment` 5,000/- and inmultiples of ` 1/-thereafter.` 10,000/- and in multiples of ` 1/-thereafter.` 5,000/- and inmultiples of ` 1/-thereafter.` 5,000/- and inmultiples of ` 1/-thereafter.` 5,000/- and in multiplesof ` 1/- thereafter.` 5,000/- and inmultiples of ` 1/-thereafter.Minimum AdditionalInvestment` 1,000/- andmultiples of ` 1/-thereafter.` 1,000/- and multiples of ` 1/- thereafter.` 1,000/- andmultiples of ` 1/-thereafter.` 1,000/- andmultiples of ` 1/-thereafter.` 1,000/- and multiples of` 1/- thereafter.` 1,000/- andmultiples of ` 1/-thereafter.NAV DeterminationAverage AUM(` in lacs)for the period1st Feb., 2013 to30th April, 2013All Business Days84628.66All Business DaysScheme A: 1949.14Scheme B: 6406.22All Business Days45469.0125All Business Days19089.13All Business Days22836.45All Business DaysFor cut-off timings regarding acceptance of subscription / repurchase / switch requests refer to Scheme Information Documents (SID) & Key Information Memorandum (KIM) of the respective schemes.Note: Plan A (For applications routed through Distributors) & Direct Plan (For applications not routed through Distributors).5346.74

SCHEMES AT A GLANCEParticularsTata RetirementSavings Fund -ProgressiveTata RetirementSavings Fund -ModerateTata RetirementSavings Fund -ConservativeTata Young Citizens’FundTata MIP Plus Fund(An open ended fund.Monthly Income is notassured and is subject toavailability of distributablesurplus)Tata Monthly IncomeFund (An open endedfund. Monthly Income isnot assured and issubject to availability ofdistributable surplus)Tata Liquid FundDate of InitialAllotmentNovember 1, 2011November 1, 2011November 1, 2011October 14, 1995March 17, 2004April 27, 2000May 22, 2003Nature of theSchemeInvestmentObjectiveAn open endedequity schemeAn open endedequity schemeAn open endeddebt schemeTo provide a financial planning tool for long term financialsecurity for investors based on their retirement planning goals.However, there can be no assurance that the investmentobjective of the fund will be realized, as actual marketmovements may be at variance with anticipated trends.An open ended balancedschemeTo provide long term capitalgrowth along with steadycapital appreciation to itsunitholders, while at all timesemphasising the importance ofcapital preservation.An open ended incomefund. (Monthly income isnot assured and is subjectto the availability ofdistributable surplus)To provide reasonable andregular income along withpossible capitalappreciation to itsUnitholder.An open endedincome fund. (Monthlyincome is not assuredand is subject to theavailability ofdistributable surplus)To provide reasonableand regular incomealong with possiblecapital appreciation toits Unitholder.An open ended high liquidityincome scheme.To create a highly liquid portfolioof good quality debt as well asmoney market instruments so asto provide reasonable returns andhigh liquidity to the unitholders.Entry Load (incl. SIP)Exit Load(including SIP)Investment Plans /OptionsMinimumInvestmentMinimum AdditionalInvestmentNot Applicable(A) If redeemed/switched-out on or after attainment of retirementage i.e. 60 years of age - Nil. (B) In case of Auto switch-out ofunits on occurrence of "Auto-switch trigger event" - Nil. (C) ForRedemption or switch-out of units in other cases (i.e. switchout other than auto switch-out on trigger event & redemption/switch-out before the attainment of retirement age i.e. 60 years)following exit load will be applicable: (i) If redeemed / Switchedout on or before expiry of 3 Years from the date of allotment -3% of the applicable NAV. (ii)If redeemed / Switched out after 3Years from the date of allotment - 1% of the applicable NAV.Plan A & DirectPlan:Growth Option` 5,000/- and inmultiples of ` 1/-thereafter.` 1,000/- and inmultiples of ` 1/-thereafter.Not ApplicablePlan A & DirectPlan:Growth Option` 5,000/- and inmultiples of ` 1/-thereafter.` 1,000/- and inmultiples of ` 1/-thereafter.Not ApplicablePlan A & DirectPlan:Growth Option` 5,000/- and inmultiples of ` 1/-thereafter.` 1,000/- and inmultiples of ` 1/-thereafter.Not ApplicableCompulsory Lock-in Option: 3% ifredeemed on or before expiry of 3years from the date of allotment. (Thisload will be applicable when the lockinperiod expires before 3 years fromthe date of allotment). Anytime ExitOption: If child attains majority after7 years from the date of allotment: Ifredeemed on or before expiry of 3years from the date of allotment: 3%If redeemed after 3 years but on orbefore 7 years from the date ofallotment: 2% If redeemed after 7years but before child attains majority:1% No load after the child attainsmajority If child attains majority before7 years from the date of allotment: Ifredeemed on or before expiry of 3years from the date of allotment: 3%If redeemed after 3 years but on orbefore 7 years from the date ofallotment: 2% If redeemed after 7years: Nil.Plan A & Direct Plan:1. Compulsory Lock-in: The moneywill be held in the fund till the childattains Maturity (i.e. 18 years of age)and units may be redeemed by thechild after attaining maturity. 2.Anytime Exit Option: The investmentwill not be locked-in till the child attainsmaturity and can be redeemed at anytime subject to the applicable load bythe child’s parents / guardian.` 500/- and in multiples of` 500/- thereafter` 500/- and in multiples of` 500/- thereafterNot Applicable1% if redeemed on orbefore expiry of 365 daysfrom the date of allotment.Plan A & Direct Plan:Growth Option andDividend Option (payout /re-investment). DividendOption has three suboptions i.e Monthly,Quarterly & Half YearlyDividend Option.Monthly Dividend Option:` 25,000/- and in multiplesof ` 1/- thereafter.Quarterly Dividend Option:` 10,000/- and in multiplesof ` 1/- thereafter. HalfYearly & Growth Option: `5,000/- and in multiples of` 1/- thereafter.` 1,000/- and in multiples of` 1/- thereafter.Not Applicable1% if redeemed on orbefore expiry of 365days from the date ofallotment.Plan A & Direct Plan:Monthly DividendOption, QuarterlyDividend Option andGrowth Option.Monthly DividendOption: ` 25,000/-and in multiples of` 1/- thereafter.Quarterly DividendOption: ` 10,000/-and in multiples of` 1/- thereafter.Growth Option:` 5,000/- and inmultiples of ` 1/-thereafter.` 1,000/- and in multiplesof ` 1/- thereafter.Not ApplicableNilPlan A & Direct Plan:Growth / WeeklyDividend / MonthlyDividend / DailyDividend` 5,000/- and in multiples of ` 1/-thereafter.` 1,000/- and in multiples of ` 1/-thereafter.NAV DeterminationAverage AUM(` in lacs)for the period1st Feb., 2013 to30th April, 2013All Business Days2683.72All Business Days822.75All Business Days220.76All Business Days17786.56All Business DaysFor cut-off timings regarding acceptance of subscription / repurchase / switch requests refer to Scheme Information Documents (SID) & Key Information Memorandum (KIM) of the respective schemes.Note: Plan A (For applications routed through Distributors) & Direct Plan (For applications not routed through Distributors).2611041.16All Business Days3082.09All Days548461.32

SCHEMES AT A GLANCEParticularsTata Floater FundTata Short TermBond FundTata Money MarketFundTata Gilt Mid TermFundTata Income FundTata Gilt SecuritiesFundTata TreasuryManager FundDate of InitialAllotmentNature of theSchemeInvestmentObjectiveEntry Load(including SIP)Exit Load(including SIP)September 6, 2005 August 8, 2002 December 22, 2003 June 24, 2010 April 28, 1997 September 6, 1999 July 13, 2007An open ended debtschemeTo generate stablereturns with a lowinterest rate risk strategyby creating a portfoliothat is predominantlyinvested in good qualityfloating rate debtinstruments, moneymarket instruments andin fixed rate debtinstruments which canalso be swapped forfloating rate returns.An open ended debtschemeTo create a liquidportfolio of debt aswell as Money MarketInstruments so as toprovide reasonablereturns and liquidity tothe Unitholders.An open ended moneymarket schemeTo create a highlyliquid portfolio ofmoney marketinstruments so as toprovide reasonablereturns and highliquidity to theunitholders.An open ended debtschemeTo provide reasonablereturns and high liquidityto the Unitholders byinvesting predominantlyin GovernmentSecurities havingresidual maturity upto 15years. However, therecan be no assurance thatthe investment objectiveof the scheme will berealized.An open ended debtschemeTo provide incomedistribution and / ormedium to long termcapital gains while atall times emphasisingthe importance ofsafety and capitalappreciation.An open ended debtfund investingpredominantly inGovernment Securities.To generate risk-freereturn and thusprovide medium tolong term capital gainsand incomedistribution to itsUnitholders, while atall times emphasisingthe importance ofcapital preservation.An open ended debtschemeTo generatereasonable returnsalongwith liquidity byi n v e s t i n gpredominantly in aportfolio of moneymarket and other shortterm debtinstruments.Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable Not ApplicableNil0.50% of NAV ifredeemed on or beforeexpiry of 9 Monthsfrom the date ofallotmentNil Nil 1% if redeemed beforeexpiry of 90 days fromthe date of allotment.Nil0.10% if redeemed onor before expiry of 3days from the date ofallotment.Investment Plans /OptionsPlan A & Direct Plan:Growth Option andDividend Option (DailyDividend, WeeklyDividend and PeriodicDividend)Plan A & Direct Plan:Dividend / BonusOption and GrowthOption.Plan A & Direct Plan:Daily Dividend /GrowthPlan A & Direct Plan:Growth Option andDividend Option(Quarterly & PeriodicDividend Option).Plan A & Direct Plan:1. Regular IncomeOption: i) QuarterlyDividend, ii) Half YearlyDividend & iii) PeriodicDividend; 2.Appreciation Option(Growth) 3.Appreciation Option –BonusPlan A & Direct Plan:Growth / DividendPlan A & Direct Plan:Daily Dividend /Growth / MonthlyDividend / WeeklyDividendMinimumInvestment` 10,000/- and inmultiple of ` 1/-thereafter.` 5,000 /- and inmultiples of ` 1/-thereafter.` 5,000/- and inmultiples of ` 1/-thereafter.` 5,000/- and inmultiples of ` 1/- thereafter.Half Yearly DividendPlan, PeriodicDividend Plan, GrowthPlan, Bonus Plan:` 5,000/- and inmultiples of ` 1/-thereafter. QuarterlyDividend Plan:` 10,000/- and inmultiples of ` 1/-thereafter.` 5,000/- and inmultiples of ` 1/-thereafter.` 5,000/- and inmultiples of ` 1/-thereafter.Minimum AdditionalInvestment` 10,000/- and inmultiples of ` 1/-thereafter.` 1,000/- and inmultiples of ` 1/-thereafter.` 1,000/- and inmultiples of ` 1/-thereafter.` 1,000/- and inmultiple of ` 1/-thereafter` 1,000/- and inmultiples of ` 1/-thereafter.` 1,000/- and inmultiples of ` 1/-thereafter.` 1,000/- and inmultiples of ` 1/-thereafter.NAV Determination All Business Days All Business Days All Days All Business Days All Business Days All Business Days All Business DaysAverage AUM(` in lacs)for the period1st Feb., 2013 to30th April, 2013336205.31 25390.22 14918.31 5620.94 153454.20 11725.33 20640.84For cut-off timings regarding acceptance of subscription / repurchase / switch requests refer to Scheme Information Documents (SID) & Key Information Memorandum (KIM) of the respective schemes.Note: Plan A (For applications routed through Distributors) & Direct Plan (For applications not routed through Distributors).27

DIVIDEND / BONUS HISTORYPLAN ATata Equity P/E Fund(Before 30th September 2009)Dividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.50 11.4449 (23/09/2004)0.50 31.1969 (25/03/2008)(After Split under Dividend Option w.e.f. 1st Oct. 2009 - Dividend Trigger Option A (5%))Dividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)1.80 39.8535 (26/11/2009)1.50 41.2148 (15/01/2010)1.50 41.0426 (27/08/2010)1.00 40.4276 (03/09/2010)1.75 43.0925 (11/10/2010)1.75 38.1627 (10/01/2011)1.50 36.9789 (13/04/2011)1.50 34.3724 (11/07/2011)1.25 30.7136 (08/11/2011)1.00 27.9373 (20/01/2012)1.00 29.1452 (16/04/2012)1.00 27.3998 (11/07/2012)0.40 28.6604 (12/10/2012)0.50 29.9969 (11/01/2013)(After Split under Dividend Option w.e.f. 1st Oct. 2009 - Dividend Trigger Option B (10%))Dividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)3.00 43.1703 (15/01/2010)1.50 41.5023 (27/08/2010)3.50 44.6825 (11/10/2010)3.00 38.5898 (13/04/2011)2.25 32.1223 (02/02/2012)2.00 30.7950 (16/04/2012)1.00 28.1294 (30/08/2012)0.80 29.3619 (12/10/2012)0.80 30.1694 (28/01/2013)Tata Dividend Yield FundDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.40 11.0776 (07/02/2005)1.00 14.2886 (20/12/2005)1.00 11.9191 (21/07/2006)1.00 23.8872 (14/12/2007)1.50 16.2605 (03/07/2009)2.00 22.4296 (23/07/2010)1.50 22.8224 (31/12/2010)1.00 18.8054 (18/03/2011)1.00 19.9549 (27/07/2011)1.00 18.6141 (09/03/2012)1.00 19.4567 (31/01/2013)Tata Pure Equity FundDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)1.60 14.3931 (15/06/1999)10.00 24.8130 (30/12/1999)2.00 14.2437 (19/07/2000)2.50 16.1903 (30/09/2003)1.50 17.5102 (03/12/2003)2.00 17.7633 (07/01/2004)1.50 15.1738 (25/03/2004)2.00 17.3620 (02/12/2004)1.50 16.7626 (27/04/2005)1.00 21.9085 (17/01/2006)3.00 31.5816 (01/06/2007)2.00 22.9656 (17/04/2009)2.00 38.2936 (09/07/2010)2.50 35.7849 (02/03/2012)3.00 37.1119 (22/02/2013)Tata Tax Saving FundDividend p.u. (`) on Face Value of ` 10NAV (`) (Date of Declaration of dividend)2.00 16.8910 (15/06/1999)2.00 41.4920 (14/01/2000)1.00 23.9770 (10/12/2003)10.10 40.1923 (20/10/2005)3.00 63.7228 (14/12/2007)3.00 44.4002 (04/09/2009)5.00 46.9810 (22/01/2010)2.00 41.0711 (23/12/2011)1.50 43.2445 (08/02/2012)1.50 47.4439 (03/12/2012)Bonus HistoryBonus Units in March’ 2000 1:1Tata Ethical FundDividend p.u. (`) on Face Value of ` 10NAV (`) (Date of Declaration of dividend)1.00 13.3985 (09/08/1999)2.50 29.7093 (07/03/2000)1.50 16.6602 (23/01/2004)2.50 41.8432 (17/11/2006)2.00 49.3941 (20/07/2007)4.00 49.7288 (21/09/2007)2.00 36.7070 (31/07/2009)5.00 50.5873 (22/10/2010)2.00 40.1006 (26/04/2012)1.00 44.8770 (07/12/2012)Bonus HistoryBonus Units in March’ 2000 1:2Tata Balanced FundDividend OptionDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)1.25 12.9027 (15/07/1999)2.50 20.0062 (03/04/2000)1.25 19.0084 (09/09/2003)1.50 22.6691 (11/03/2004)3.00 24.7554 (12/01/2005)4.00 40.5078 (01/12/2006)2.00 42.7533 (13/07/2007)1.00 52.4219 (07/12/2007)1.00 32.5227 (24/04/2009)3.00 50.9370 (19/03/2010)3.00 53.6877 (15/02/2012)5.50 56.8898 (05/03/2013)Monthly Dividend OptionDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.1000 51.3412 (13/08/2010)0.5173 53.1638 (13/09/2010)0.5329 53.9529 (08/10/2010)0.5482 54.0193 (12/11/2010)0.5300 50.8391 (10/12/2010)0.5135 49.1985 (14/01/2011)0.4804 46.2226 (11/02/2011)0.4697 46.6244 (11/03/2011)0.4835 48.8005 (08/04/2011)0.4705 47.9953 (13/05/2011)0.4770 47.4998 (10/06/2011)Past performance may or may not be sustained in future. • After payment of dividend the NAV will fall to the extent of dividend payout and statutory levy, if any. (Unit face value - ` 10/-). •Pursuant to allotment of bonus units, the NAV of the scheme would fall in proportion to the bonus units allotted & as a result the total value of units held by investor would remain the same.28

DIVIDEND / BONUS HISTORYTata Balanced Fund (contd..)Monthly Dividend OptionDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.4795 48.1593 (08/07/2011)0.8000 45.5027 (12/08/2011)0.8000 44.5255 (09/09/2011)0.2500 43.6410 (14/10/2011)0.3000 43.7191 (11/11/2011)0.3000 41.6013 (09/12/2011)0.3000 41.4199 (13/01/2012)0.3000 44.1551 (10/02/2012)0.3000 44.3462 (09/03/2012)0.3000 43.9782 (13/04/2012)0.3000 42.2765 (11/05/2012)0.3000 42.6831 (08/06/2012)0.3000 44.1681 (13/07/2012)0.3000 44.5514 (10/08/2012)0.3000 45.7662 (14/09/2012)0.3500 46.8467 (12/10/2012)0.3500 46.6436 (09/11/2012)0.3500 47.8167 (14/12/2012)0.3500 48.4127 (14/01/2013)0.3500 46.4548 (08/02/2013)0.3500 45.3818 (05/03/2013)0.3500 44.7321 (03/04/2013)Tata Infrastructure FundDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.45 11.4230 (07/07/2005)1.50 22.0400 (10/11/2006)2.00 19.0546 (09/03/2007)2.00 24.0726 (14/09/2007)1.00 24.6787 (11/03/2008)1.00 30.9984 (25/09/2009)0.60 22.2871 (23/03/2010)Tata Equity Opportunities Fund (Data provided since 2005)Dividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)1.00 15.8183 (11/05/2005)1.00 20.1350 (29/11/2005)5.00 25.2299 (20/03/2006)1.00 21.1290 (12/04/2006)1.00 21.4375 (05/05/2006)1.00 23.3049 (29/06/2007)1.00 31.1517 (30/11/2007)1.50 18.9974 (26/06/2009)2.00 24.1747(26/03/2010)0.50 22.0757 (22/06/2010)1.00 23.9899 (30/09/2010)0.50 22.4910 (31/12/2010)1.00 19.9545 (23/03/2012)Tata Mid Cap Growth Fund (Earlier Tata Growth Fund)Dividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.80 13.9211 (16/09/2004)2.00 24.5465 (25/08/2006)10.00 26.7310 (23/03/2007)2.00 25.2763 (16/11/2007)3.00 23.5461 (21/12/2007)2.00 18.4055 (14/05/2010)Tata Equity Management FundDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)1.00 13.7907 (04/12/2007)1.00 14.5521 (24/09/2010)Tata Young Citizens’ FundBonus HistoryBonus Units in March’ 1999 1:3Bonus Units in March’ 2000 1:2Bonus Units in Nov’ 2003 1:4Bonus Units in Nov’ 2007 1:2Bonus Units in Nov’ 2010 1:3Bonus Units in Nov’ 2011 1:5Tata MIP Plus Fund (Data provided since 2008)Monthly Dividend OptionDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.0468 11.3933 (16/01/2008)0.0452 10.9610 (14/02/2008)0.0499 10.5319 (17/03/2008)0.0452 10.5667 (15/04/2008)0.0468 10.6638 (15/05/2008)0.0499 10.4105 (17/06/2008)0.0515 10.3218 (18/08/2008)0.0336 10.1044 (15/09/2008)0.0372 10.0786 (15/01/2009)0.0432 10.5420 (15/04/2009)0.0418 10.6248 (14/05/2009)0.0614 11.0176 (15/06/2009)0.0447 10.9508 (16/07/2009)0.0557 11.0222 (14/08/2009)0.0614 11.0463 (15/09/2009)0.0418 11.0579 (14/10/2009)0.0475 11.1949 (16/11/2009)0.0418 11.1808 (15/12/2009)0.0447 11.2875 (15/01/2010)0.0447 11.1795 (15/02/2010)0.0403 11.1771 (15/03/2010)0.0448 11.2696 (15/04/2010)0.0419 11.3233 (14/05/2010)0.0462 11.3760 (15/06/2010)0.0578 11.5313 (15/07/2010)0.0616 11.5208 (16/08/2010)0.0578 11.5865 (15/09/2010)0.0559 11.5476 (14/10/2010)0.0600 11.4783 (15/11/2010)0.0433 11.2675 (15/12/2010)0.0400 11.2170 (17/01/2011)0.0419 11.0971 (15/02/2011)0.0337 11.0900 (15/03/2011)0.0673 11.2673 (15/04/2011)0.0449 11.1052 (16/05/2011)0.0580 11.1265 (16/06/2011)0.0580 11.2558 (15/07/2011)0.0618 11.0916 (16/08/2011)0.0434 10.9908 (15/09/2011)0.0618 10.8899 (17/10/2011)0.0490 10.8348 (15/11/2011)0.0434 10.8264 (15/12/2011)0.0463 10.8896 (16/01/2012)0.0434 11.3211 (15/02/2012)0.0420 11.2397 (15/03/2012)0.0463 11.2433 (16/04/2012)0.0420 11.0912 (15/05/2012)0.0449 11.1443 (15/06/2012)0.0449 11.2837 (16/07/2012)0.0449 11.3766 (16/08/2012)0.0463 11.4794 (17/09/2012)0.0405 11.5893 (15/10/2012)0.0449 11.5833 (15/11/2012)0.0541 11.5179 (17/12/2012)0.0560 11.9283 (15/01/2013)0.0580 11.7494 (14/02/2013)0.0541 11.7052 (14/03/2013)0.0523 11.6183 (15/04/2013)Past performance may or may not be sustained in future. • After payment of dividend the NAV will fall to the extent of dividend payout and statutory levy, if any. (Unit face value - ` 10/-). •Pursuant to allotment of bonus units, the NAV of the scheme would fall in proportion to the bonus units allotted & as a result the total value of units held by investor would remain the same.29

DIVIDEND / BONUS HISTORYTata Monthly Income Fund (Data provided since 2008)Monthly Dividend OptionDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.0468 12.1955 (16/01/2008)0.0452 11.9962 (14/02/2008)0.0499 11.8730 (17/03/2008)0.0452 11.8911 (15/04/2008)0.0468 11.9193 (15/05/2008)0.0499 11.7853 (16/06/2008)0.0515 11.6523 (18/08/2008)0.0336 11.6441 (15/09/2008)0.0348 11.4095 (14/10/2008)0.0187 11.2901 (29/10/2008)0.0230 11.3999 (14/11/2008)0.0595 12.0040 (15/12/2008)0.0595 12.0284 (15/01/2009)0.0384 11.8638 (16/02/2009)0.0336 11.9240 (16/03/2009)0.0432 12.3101 (15/04/2009)0.0418 12.2781 (14/05/2009)0.0614 12.4446 (15/06/2009)0.0447 12.4387 (16/07/2009)0.0557 12.3974 (14/08/2009)0.0614 12.4156 (15/09/2009)0.0418 12.3478 (14/10/2009)0.0475 12.4267 (16/11/2009)0.0418 12.3960 (15/12/2009)0.0447 12.4878 (15/01/2010)0.0447 12.3171 (15/02/2010)0.0403 12.2809 (15/03/2010)0.0448 12.3349 (15/04/2010)0.0419 12.3266 (14/05/2010)0.0462 12.3229 (15/06/2010)0.0505 12.3348 (15/07/2010)0.0462 12.2720 (16/08/2010)0.0433 12.3329 (15/09/2010)0.0419 12.3050 (14/10/2010)0.0400 12.3094 (15/11/2010)0.0433 12.1697 (15/12/2010)0.0400 12.1335 (17/01/2011)0.0419 12.0581 (15/02/2011)0.0337 11.9960 (15/03/2011)0.0598 12.1026 (15/04/2011)0.0449 11.9725 (16/05/2011)0.0434 11.9130 (16/06/2011)0.0434 12.0924 (15/07/2011)0.0463 12.0332 (16/08/2011)0.0580 12.0023 (15/09/2011)0.0463 11.9024 (17/10/2011)0.0420 11.8737 (15/11/2011)0.0434 11.9700 (15/12/2011)0.0463 12.0356 (16/01/2012)0.0434 12.2860 (15/02/2012)0.0420 12.1817 (15/03/2012)0.0463 12.2263 (16/04/2012)0.0420 12.1879 (15/05/2012)0.0449 12.2437 (15/06/2012)0.0449 12.3192 (16/07/2012)0.0449 12.3980 (16/08/2012)0.0463 12.5021 (17/09/2012)0.0405 12.6204 (15/10/2012)0.0449 12.6205 (15/11/2012)0.0463 12.7493 (17/12/2012)0.0560 12.9512 (15/01/2013)0.0580 12.8569 (14/02/2013)0.0541 12.8211 (14/03/2013)0.0523 12.8013 (15/04/2013)DIRECT PLAN (Introduced from 1st January 2013)Tata Equity P/E FundDividend Trigger Option A (5%)Dividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.50 30.0014 (11/01/2013)Dividend Trigger Option B (10%)Dividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.80 30.1773 (28/01/2013)Tata Pure Equity FundDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)3.00 37.1342 (22/2/2013)Tata Dividend Yield FundDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)1.00 19.4666 (31/01/2013)Tata Balanced FundDividend OptionDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)5.50 56.9342 (05/03/2013)Tata Balanced FundMonthly Dividend OptionDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.3500 48.4404 (14/01/2013)0.3500 46.4936 (08/02/2013)0.3500 45.4322 (05/03/2013)0.3500 44.7321 (03/04/2013)Tata MIP Plus FundMonthly Dividend OptionDividend p.u. (`) on Face Value of ` 10 NAV (`) (Date of Declaration of dividend)0.0580 11.7505 (14/02/2013)0.0541 11.7135 (14/03/2013)0.0523 11.6354 (15/04/2013)Past performance may or may not be sustained in future.• After payment of dividend the NAV will fall to the extent of dividend payout and statutory levy, if any. (Unit face value - ` 10/-).• Pursuant to allotment of bonus units, the NAV of the scheme would fall in proportion to the bonus units allotted & as a result the total value of units held by investor would remain the same.Notes and Data in the Fact Sheet• The Std. Dev., Sharpe Ratio, Jensen’s Alpha, Treynor, Portfolio Beta & R-squared are based on one month return calculated using last 3 years data.• Price/Earning Ratio, Price/Book Value Ratio, are based on the historical earnings and accounting numbers, and have been computed only for the invested portion of the portfolio.• Portfolio turnover has been computed as the ratio of the lower value of average purchase and average sales to the average net assets in the past one year (For schemes that have not completed one year,since inception is considered)• Cash & Cash Equivalents includes CBLO, REPO, Fixed Deposits and Cash & Bank Balance.30

Simplifying Sharpe & Sortino Ratio– By Prof. Simply SimpleTMHow do you select funds?• The simplest approach would be performance i.e. returns, right?!• But is it sufficient to track only returns?There is something more...• The reliability of the scheme too is a critical aspect. Reliability is nothing butconsistency measured by volatility.• A scheme giving good returns but is extremely volatile or unreliable may notfind favor with a larger number of investors.• This call for a measure of performance which takes into accounts returns aswell as volatility / reliability.Understanding Sharpe & Sortino Ratios• Sharpe Ratio expresses the relationship between performance of a schemeand its volatility.• A higher ratio signifies a relatively less risky scheme.• Mathematically it can be expressed as:What does it mean?Sharpe ratio = [(Return on Portfolio - Risk Free Return or BenchmarkReturn) / Volatility (Std. Deviation)]• Thus if the performance is average while the volatility is very low, the ratiobecomes large.• If one were to look at cricket for an example, a consistent Batsman R scoring40 runs more than average batsman's score and a low volatility (let’s say0.5). Hence his Sharpe Ratio would be 40/0.5 =80.On the other hand…• An aggressive Batsman S could have a slightly higher runs above averagebatsman's score than Batsman R (let’s say 45) but his volatility, as we allknow, is quite high.• Either he makes big hundreds or gets out for a very low score. Let’s presumehis volatility is 0.75. His Sharpe ratio will then be 45/.75 = 60 (which islower than the Sharpe Ratio of Batsman R).So what does this suggest?Hence…• Despite a higher average, Batsman S’s Sharpe ratio is lower than that ofBatsman R.• This indicates that simply looking at performance from the average point ofview is not enough to judge a player.• One needs to take a look at different dimensions as well.• It may be wiser to pick up Batsman R for the longer version of the game, sayTest Matches and Batsman S might be a better pick for the shortest versionof the game, say T-20.• Also, the ratio will become large if either the numerator increases or thedenominator decreases.So what is the Sortino Ratio?Thus…• The Sortino ratio is similar to the Sharpe ratio, except while Sharpe ratio usesStandard Deviation in the denominator, Sortino ratio uses downsidedeviation.• It is important to note that while standard deviation does not discriminatebetween upward and downward volatility, Sortino Ratio does so byconsidering only downward deviations.• Standard deviation can be high in the case of excessive upward movementof price and it may result into a lower Sharpe Ratio.• Sharpe ratio will be low because the high standard deviation is thedenominator.• Now we may believe that the scheme is unsuitable and thereforemisrepresent the real picture (since upward movement is desirable from aninvestor’s perspective!).• Hence it was necessary to find another ratio which differentiates harmfulvolatility from volatility in general by replacing standard deviation withdownside deviation in the denominator.• Thus, the Sortino Ratio was calculated by subtracting the risk free rate orbenchmark returns from the return of the portfolio and then dividing it by thedownside deviation.Conceptually speaking…To Sum Up• Sortino Ratio = Performance/Downside deviation. The Sortino ratiomeasures the return to ‘bad’ volatility.• This ratio allows investors to assess risk in a better manner than simplylooking at excess returns to total volatility.• A large Sortino Ratio indicates a low risk of large losses occurring.• To give an example, assume investment A has a return of +10% in year oneand -10% in year two. Investment B has a 0% return in year one and a 20%return in year two.• The total variance in these investments is the same, i.e. 20%. However,investment B is obviously more favorable. Why??• As the Sharpe ratio measures risk using standard deviation only, it does notdifferentiate between positive and negative volatility.• The Sortino ratio, on the other hand, measures performance against thedownward deviation… so it is able to spot the negative volatility associatedwith investment A immediately and help us classify investment B as a morefavourable investment!• Sharpe Ratio: Sharpe Ratio expresses the relationship betweenperformance of a scheme and its volatility. A higher ratio signifies a relativelyless risky scheme.• Sortino Ratio: The Sortino Ratio is calculated by subtracting the risk freerate or benchmark returns from the return of the portfolio and then dividing itby the downside deviation.Hope you have now understood the concept of Sharpe & Sortino RatiosPlease give me your feedback atprofessor@tataamc.comCopyright © 2009Disclaimer: The views expressed in this lesson are for information purposes only and do not construe to be any investment, legal or taxation advice. The contents are topical in natureand held true at the time of creation of the lesson. This is not indicative of future market trends, nor is Tata Asset Management31

Investment Manager: TATA ASSET MANAGEMENT LTD. Trustee: TATA TRUSTEE COMPANY LTD.E-mail: kiran@tataamc.com Website: www.tatamutualfund.comBRANCH CONTACT DETAILSfree at : 1800-209-0101 SMS: ‘TMF’ to 57575West Zone: Mumbai: Tata Asset Management Ltd., Mulla House, Ground Floor, 51, M.G. Road, Near Flora Fountain, Mumbai - 400 001. Tel.: 022-66315191/92/93,Fax: 022- 66315194. Borivali: Ground Floor, Shop No. 8, Victor Park, Behind Indryani Saree Shop, Chandarvarkar Road, Borivali (West), Mumbai - 400 092. Tel.: 022-65278852. Thane:Shop No. 26, Rajdeep Society, 3 Hath Naka, Gokhale Road, Thane (West) - 400 602. Tel.: 022 – 65140081. Vashi: Welfare Chambers, Shop no 49, Plot No. 73, E-Wing, Sector-17, Vashi -400703. Tel.: 022 - 65298249. Ahmedabad: 402, ‘Megha House’, Mithakhali - Law Garden Road, Netaji Marg, Ahmedabad - 380 006. Tel.: 079- 6541 8989/ 6544 7799. Fax: 079-26466080. Pune: Tata Asset Management Ltd., Office No 33, 3rd Floor, Yashwant, Opp Lane No. 9, Prabhat Road, Pune – 411 004. Tel.: 020-41204949, Telefax:- 41204953. Surat: Groundfloor, G - 18, ITC Building, Near Majuragate, Ring road, Surat – 395 002. Tel.: 0261-6554418 / 19, Fax: 0261-2470326. Vadodara: 304, 3rd Floor, “TITHI” Complex, Opposite BarodaProductivity Council, Productivity Road, Alkapuri. Vadodara - 390007. Tel.: 0265-6641888/2356114, Fax: 0265-6641999. Rajkot: Arhant Plaza , 201, 2nd Floor, Subhas Road, Near MotiTaki, Rajkot - 360001. Tel.: 0281-6624848/6544949. Indore: G-25, City Centre, 507 M.G. Road, Indore - 452 001. Tel.: 0731-4201806, Fax 0731-4201807. Bhopal: Tata AssetManagement Ltd., MF-12, Block-A, Mansarovar Complex, Near Habibganj Railway Station, Bhopal - 462 016. Tel.: 0755- 2574198/3050438. Nashik: 5, Samriddhi Residency, Opp HotelCity Pride, Tilakwadi, Nashik - 422 002. Tel.: 0253-6605138 / 0253-6510315, Fax: 0253-2579098. Goa: Tata Asset Mangement Ltd, 1st floor, Indraprastha building, Above Dena Bank,Opp. Hero Honda Showroom, Dr. Shirgaonkar Road, Panjim, Goa – 403 001. Tel.: 0832 - 6451135/36/2422135, Fax: 0832-2422135. Jabalpur: TATA Asset Management Ltd., Office No.4, 1178 , Napier Town, Home Sciences College Road, Jabalpur - 482 001(M.P.). Tel.: 0761-4074263. Nagpur: "Mile Stone", 1st Floor, Near Lokmat Square, Wardha Road, Ramdaspeth,Nagpur - 440 010, Tel.: 0712-663 0245 / 650 2885.East 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, AshokNagar, Bhubaneswar - 751009. Tel.: 0674-6450817. Dhanbad: Shriram PLaza, Room no. 325, 3rd flr, Bank More, Dhanbad, Jharkhand - 826 001. Tel.: 9234302478/0326-2300304.Durgapur: 1st floor, Nazrul Sarani, Central Park, Near D. C. Hall / Aramabagh Food Mart, City Centre, Durgapur, West Bengal – 713 216. Tel.: 0343 - 6454797 / 9331056563. Guwahati:109, 1st Flr, Orion Tower, Christian Basti, G S Road, Guwahati - 781 005 (Assam). Tel.: 0361-2343084. Kolkata: 1st floor, Kankaria Estate, 6, Little Russel Street, Kolkata – 700 071. Tel.:033-6605 3300 / 6605 3301 / 3302 / 3319. Fax: 033-22881535. Jamshedpur: C/o Mithila Motors Ltd, 1st Floor, Bistupur, Jamshedpur - 831 001. Tel.: 0657-2756021/22/23/30. Patna:605, 6th Flr, Ashiana Hariniwas, New Dak Bunglow Chowk, Patna - 800 001. Tel.: 0612-2206497. Raipur: 331 & 332, 3rd Flr, Lalganga Shopping Mall, G E Road, Raipur - 492 001(Chhattisgarh). Tel.: 0771-2543354. Ranchi: Shop No. 23 A, Second Floor, A.C. Market, Main Road, Ranchi. Jharkhand 834001. Tel.: 0651-2330704/2330226. Siliguri: Lower GroundFlr., Nanak Complex, Sevoke Road, Siliguri – 734001. Tel.: 0353 - 2522275 / 6512275.North Zone: Agra: Ground Floor, Block - 44/G – 108, Sanjay Complex, Sanjay Place, Agra – 282 002. Tel.:- 0562-2525195. Allahabad: 43/1, S P Marg, 1st Floor, Opp. MAK Tower, CivilLines, Allahabad (UP) - 211 001. Tel. :- 0532-6451122. Amritsar: Mezzanine floor, S.C.O – 25, B Block, District Shopping Complex, Ranjit Avenue, Amritsar – 143 001. Tel.: 9646005381.Chandigarh: Cabin No.3-4-5, 1st Floor, Meeting Point, SCO - 487/488, Sector- 35C, Chandigarh - 160 022. Tel.: 0172 - 5087322 /6450322/2605320, Fax: 0172 - 2603770. Dehradun:Shop No. 19, Ground Floor,Shree Radha Palace, 78, Rajpur Road, Dehradun-248001, Uttarakhand. Tel.: 0135-6450877. Jaipur: 233, 2nd Floor, Ganpati Plaza, M I Road, Jaipur - 302 001.Tel.: 0141 - 5105177 / 78 / 2389387 / 6539009, Fax: 5105178. Kanpur: 4th floor, Office no. 412 - 413, KAN Chambers, 14 / 113, Civil Lines, Kanpur - 208 001. Tel.: 0512 - 2306066, Fax:0512 - 2306065. Delhi: 7th Floor, No. E - H, Vandana building, 11, Tolstoy Marg, Connaught Place, New Delhi 110 001. Tel.: 011-66324111/102/103/104/105, Fax: 011-66303202.Lucknow: Office No.2, Saran Chambers-I, 1st Floor, 5,Park Road, Lucknow - 226 001. Tel.: 0522-6452432/4001731, Fax: 0522-2235386. Ludhiana: Cabin No. 201, 2nd. Floor, SCO 18,Opp Ludhiana Stock Exchange, Feroze Gandhi Market, Ludhiana - 141 001. Tel.: 0161 - 5089667/6503366, Fax: 0161-2413498. Moradabad: Tata Asset Management Ltd., Ground floor,Near Hotel Rajmahal, Civil Lines, Moradabad – 244 001, Tel.: 0591 - 2410667, 6535002. Jodhpur: Ground Floor, Jaya Enclave , 79/4, Opp IDBI Bank, 1st A Road, Sardarpura, Jodhpur -342 001. Tel.: 0291-6450555/2631257, Fax: 0291-2631257. Udaipur: Office No - 4, 2nd Floor, Madhav Appartment, Opp GPO, Chetak Circle, Udaipur - 313 001. Tel.: 0294 - 6450979/2429371, Fax: 0294-2429371. Varanasi : D-64/127, C-H Arihant Complex, Sigra, Varanasi - 221010 Tel .: 0542 - 6544655. Jalandhar : 2nd Floor, Above ING Vyasya Bank, NamdevChowk, Jalandhar 144 001 Tel.: 0181-5001024/25. Ajmer: 2nd Floor, 42, K. C. Complex, Daulat Bagh Road, Sunder Vilas, Ajmer – 305 001. Tel.: 0145 - 262 5316. Kota: 1st Floor, 75,Shopping Centre, Opp. Rotary Binani Sabhagar, Kota - 324 007. Tel.: 0744 - 236 2548. Noida: Ground Floor, 8, Ansals Fortune Arcade,Sector - 18, Noida – 201 301. Tel.: 0120 - 6455819/4279189. Meerut: G-13, Rama Plaza, Near Bachha Park, Kutchery Road, Meerut (U.P.) – 250 001.South Zone: Bangalore: Unit 3A, 3rd Floor, Sobha Alexander, 16 / 2 - 6, Commissariat Road, Bangalore – 560001. Tel.: 080-66561313 / 65335986 / 65335987, Fax: 080-22370512.Calicut: C-8 & 9, Friends Commercial Complex, Near Federal Towers,Arayadathu Palam, Mavoor Road, Calicut - 673016. Tel.: 0495-6450508. Chennai: TATA Asset Management Ltd,Riaz Garden, 3rd Floor, No:29, Kodambakkam High Road, Near Palmgrove Hotel, Nungambakkam, Chennai - 600 034. Tel.: 044-64541868/69/78. Fax: 044-43546313. Cochin: 2ndFloor, Ajay Vihar, JOS Junction, M. G. Road, Cochin - 682 016. Tel.: 0484 - 6467813/14/15/16. Fax: 0484 - 237 7581. Coimbatore: Tulsi Chambers, 195 F, Ground Floor, West T V SwamyRoad, R S Puram, Coimbatore – 641002. Tel.: 0422 - 6502133/44, 4365635, Fax: 2546585. Hyderabad: 2nd floor, Room no. 211, Babukhan Mall, Opp. Kalaniketan, Somajiguda,Hyderabad – 500 082. Tel.: 040-6730 8989. Fax: 040-67308990. Hubli: 15 & 16, 2nd floor, Eureka Junction, Travellers Bangalow Road, Above ICICI Bank, Hubli - 580 029. Tel.: 0836-6450342 Fax: 4251510. Kottayam: C S I Ascention Square, Collectrorate P. O., Kottayam - 686 002. Tel.: 9447559230. Mangalore: Tata Asset Management Ltd., Essel Towers, 1st Floor,Bunts Hostel Circle, Above UTI Bank, Mangalore - 575 003. Tel.: 0824-6450308. Madurai: A - 1st Floor, A.R. Plaza, No:16/17,North Veli Street, Madurai-625001. Tel.: 0452-6454330 Fax:0452-4246315 Mysore: CH-16, 1st Floor, Prashanth Plaza, 4th Main, 5th Cross, Saraswathipuram, Mysore - 570009. Tel.: 0821-6450470 Fax: 4246676. Salem: Raj Towers, GroundFloor, No: 4, Brindavan Road, Fairlands, Salem - 636 016. Tel.: 0427-6451653 Fax: 4042028. Trivandrum: Ground Floor, Sai Kripa, TC-1956/3, Ganapthi Temple Road, Vazhuthacaud,Trivandrum – 695 014. Tel.: 0471-6535431/2319139 Fax: 0471-2319139 Trichy: No.60/3, 'Krishna', 2nd Floor, Sastri Main Road,Tennur, Trichy - 620 017. Tel.: 0431-6455060.Thrissur: 4th Floor, Pathayappura buildings, Round South, Thrissur - 680 001. Tel.: 0487-6451286. Vijaywada: Ground Floor, D. no.40 – 13 – 5, Sri Rama Chandra Complex, ChandraMouli Puram, M. G. road, Benz Circle, Vijayawada – 520 010. Tel.: 0866-6532621. Vishakapatnam: Door no. 47-15-14 & 15, Shop no. 102 B, Ground floor, V R C Complex, Opp. T S RComplex, Next to Andhra Bank, Visakhapatnam – 530 016. Tel.: 0891 – 6451883 Fax: 0891-2503292. Puducherry: Jayalakshmi Complex, No. 6, 1st Floor, 116, Thiruvalluvar SalaiPillaithottam, Puducherry – 605 013. Tel.: 0413 - 650 2043Mutual Fund investments are subject to market risks, read all scheme related documents carefully.