2018 - 2019...tata asset management ltd. 1903, B-Wing, Parinee Crescenzo, G-Block, Bandra Kurla...

annual report2018 - 2019

debt and cash schemes

Annual Report2018-2019

statutory details:

sponsors tata sons limited Bombay House, 24, Homi Modi Street, Mumbai - 400 001.

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

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

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

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

report oF the trustee to the unitholders For the year ended march 31, 2019

Dear Unitholder,

It gives us great pleasure to communicate with you and present to you the scheme-wise audited accounts as on March 31, 2019.

Trustees have reviewed the report of the investment manager on performance of the schemes. future outlook and operations of the schemes and the same is annexed.We once again thank you for your patronage and look forward to your having an endearing investment experience as a valued investor of the Tata Mutual Fund family.

For tata trustee company limited director

July 26, 2019

Mumbai.

perFormance oF the schemes. Future outlooK and operations oF the schemesThe year that was:Equity: Equity markets at the broad level delivered steady gains in the Financial Year 2018-19, with BSE Sensex and CNX Nifty recording gains of 15.9% and 13.3% respectively. In contrast, however, the S&P BSE midcap declined 5.3% and BSE Small Cap declined 14.2% during the year indicating extreme skew in the equity market performance. The start of the year saw certain large cap sector like IT Services and Consumer doing better than rest of the markets on the back of improving fundamentals and earnings growth momentum. Equity markets across developed countries also did better than emerging markets resulting in pressure on emerging market currencies including INR. This added further to the risk aversion and hence narrowing of the markets; the performance in the benchmark indices was therefore led by a narrow group of select stocks in IT services, consumer, Banks and Energy. The year also saw stabilization of GST post its implementation and hence the benefits in terms of cost structure and markets share gains which manifested in the corporate earnings during the year. The process of NPA recognition also sees to be over and the resolution process gathered pace resulting in improvement in profitability of the corporate lenders in the second half of Financial Year 2018-19. The growing concerns on global slowdown since January 2019 along with the trade war concerns led to lower commodity prices and stronger INR which benefited the equity markets. However, towards the end of the financial year, there were some signs of a consumption slowdown which started with autos and seemed to be spreading to other parts of consumer discretionary as well as staples. The biggest challenge of the year came in the form of the NBFC liquidity crisis which started in September and impacted credit growth in the second half of the financial year.

Debt: After changing monetary policy stance to ‘Neutral’ in Q4-Financial Year 2017 (February 2017 monetary policy), RBI maintained its neutral stance till first quarter for Financial Year 2019 and later changed stance to calibrated tightening in August 2018 monetary policy. RBI re-iterated its commitment to achieving 4% CPI target on a durable basis with data dependent policy actions and hinted that in calibrated tightening stance ‘rate cuts are off the table’. RBI hiked by a cumulative 50bps during the year to guard against inflationary impact of severe INR depreciation and rising crude prices. RBI conducted large scale OMO purchases (of about Rs. 3 trillion) and conducted 5 billion USD swap to infuse durable liquidity into the system.

The ILFS crisis led to problems for re-financing of NBFC borrowings. NBFC resorted to liquidation of their investments, securitization of the receivable and overseas borrowing to repay the maturities of the liabilities. This led to many NBFC getting downgraded by rating agencies as the asset liability profile started deteriorating. This led to risk aversion from the lenders and funding drying up for many companies.

Headline Inflation fell from a peak of 4.92% in June 2018 to 1.97% in January 2019. Brent Crude prices also fell sharply from a peak of USD 85/bbl to below USD 60/bbl. Fiscal deficit for FY2019 saw a marginal slippage of 0.1% of GDP to 3.4% (versus target of 3.3%). Fiscal deficit for FY2020 has been projected to remain flat at 3.4% of GDP in FY2020 (versus target of 3.1%). Taking cognizance of falling Crude prices and lower inflation, RBI reversed the stance to Neutral in February Monetary policy and delivered 25bps of rate cut.

Future Outlook EquityThe Investment Manager continues to retain a positive outlook given the potential of cyclical recovery driven by lower interest rates and stable political outcome. Decline in global bond yields given the slowdown and trade war concerns is positive for the Emerging Market (EM) flows and India’s participation within that post the elections. India is also relatively insulated from a broad global slowdown or repercussions from the US-China trade war and infact benefits from lower crude and commodity prices. Stable macro position, reforms and long-term structural drivers like demographic advantage, low household debt, limited penetration across different consumer categories, increased potential for financial savings and urbanization makes India a compelling equity story from medium to long term perspective. Near term concerns pertain to consumption slowdown and the liquidity squeeze being faced by NBFCs.


DebtAfter changing stance to Neutral in February, RBI has delivered two rate cuts of 25bps each in February 2019 and April 2019. With inflation under control, RBI appears to be more focussed on supporting growth. RBI is being proactive in providing liquidity into the system. There are several headwinds to growth emanating from escalation of trade tensions between US and China. Current environment of low inflation and low growth (indicated by various high frequency indicators) is favourable for fixed income going forward.

Funds under manaGement - operationsTata Mutual Fund as on March 31, 2019, has fourteen open ended Equity Oriented Schemes, four open ended Hybrid Schemes, eleven open ended Debt Schemes, four open ended Solution Oriented Schemes & 3 Open ended Other Schemes (Two Index Scheme & One Exchange Traded Fund), Seventeen close ended schemes of which fifteen are debt schemes and two are Equity Schemes. The Audited Average Assets under Management for the year 2018-2019 clocked in at Rs.53831.72 Crore as on March 31,2019 thereby up by Rs.7939.15Crore compared to the Audited Average Assets under Management of the previous year.

1. investment objective, policy and performance of the schemes of tata mutual Fund: Please refer Annexure I for a detailed write up in this regard as provided by the Investment Manager (TAML).

2. brief background of sponsors, trust, trustee company and asset management company (amc). tata mutual Fund (tmF) Tata Mutual Fund was set up as a Trust by the Sponsors and the Settlers, Tata Sons Pvt. Ltd. (TSL) and Tata Investment Corporation

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

tata trustee company limited (ttcl) The Trustee is the exclusive holder of the Trust Funds and holds the same in trust for the benefit of the unitholders who are the ultimate

owners / beneficiaries of the funds. The Trustee has been discharging its duties and carrying out the responsibilities as provided in the Regulations and the Trust Deed. The Trustee seeks to ensure that the Fund and the Schemes floated there under are managed by the AMC in accordance with the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies.

tata asset management limited (taml) The Asset Management is a company incorporated under the Companies Act, 1956 on March 15, 1994. TAML has been appointed as the

Asset Management Company for Tata Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated May 09, 1995, executed between TTCL and TAML.

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

4. General policies and procedures for exercising the voting rights In view of SEBI guidelines related to “Role of Mutual Funds in Corporate Governance of Public Listed Companies”, Tata Asset Management

Ltd. has formulated its “Policy for Proxy Voting in Public Listed Companies”. The said policy and summary as well as details of actual exercise of proxy votes during the Financial Year 2018–2019 are enclosed as Annexure II & Annexure III to this report and is also available on the website www.tatamutualfund.com

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

6. redressal of complaints received against tmF during 2018-2019: Details of complaints received and redressed during financial year 2018-2019 are given in annexure V.7. statutory information:

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

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

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

annexure i

investment objective, policy and performance of the schemes:

tata dynamic bond Fund An open-ended dynamic debt scheme investing across duration. The investment objective of the Scheme is to provide reasonable returns and high level of liquidity by investing in debt instruments including bonds, debentures and Government securities; and money market instruments such as treasury bills, commercial papers, certificates of deposit, repos of different maturities and as permitted by regulation so as to spread the risk across different kinds of issuers in the debt markets.

The scheme has maintained nimble stance and has done active duration management. This has resulted in long term (1 year and since inception) outperformance over benchmark.

performance at a glance (% as on march 31, 2019)

scheme name last 1 year last 3 years last 5 years since inceptionRegular Plan – Growth 6.59 6.92 8.24 6.86 (03/09/03)Direct Plan – Growth 7.74 8.04 9.44 9.62 (01/01/13)Benchmark (CRISIL Composite Bond Fund Index) 6.72 7.61 9.10 Regular Plan:6.57

Direct Plan: 8.27past performance may or may not sustain in future. return for period more than one year is compounded annualised. returns given are for regular plan (Growth option) & direct plan (Growth option).tata treasury advantage Fund:An open ended low duration debt scheme. The investment objective of the scheme is to generate regular income and capital appreciation by investing in a portfolio of debt and money market instruments with relatively lower interest rate risk. The Fund has the flexibility to invest in wide range of short term debt & money market Instruments. Under normal circumstance, portfolio of the scheme will have Macaulay Duration between 6 months to 12 months.

The scheme has been managed to generate regular accruals for the investors keeping safety in mind. FY 2018-2019 was characterised by many macro events, few credit events and sharp movements in interest rates. The fund maintained a conservative stance and hence resulted in slight underperformance.


scheme name last 1 year last 3 years last 5 years since inceptionRegular Plan - Growth 7.89 7.65 8.09 8.00 (06/09/05)Direct Plan – Growth 8.11 7.87 8.30 8.55 (01/01/2013)CRISIL Low Duration Debt Index 8.16 7.89 8.42 Regular Plan-7.68

Direct Plan-8.60*The scheme was earlier known as Tata Ultra Short Term Fund

past performance may or may not sustain in future. return for period more than one year is compounded annualised. returns given are for regular plan (Growth option) & direct plan (Growth option). tata Fixed maturity plan series 53, 54, 55 & 56 (close ended income schemes)The investment objective of the schemes is to generate income and / or capital appreciation by investing in wide range of Debt and Money Market instruments having maturity in line with the maturity of the respective schemes. The maturity of all investments shall be equal to or less than the maturity of respective schemes.

The scheme being close ended in nature, investments are done to match maturity of the scheme whereas the benchmark is open ended with higher duration. Hence difference in performance.


scheme name last 1 year last 3 year

last 5 years

since inception benchmark returns since

inceptionTata FMP - Series 53 - Scheme A - Dir - Growth 7.47 N/A N/A 7.81 (22/03/18) 7.63Tata FMP - Series 53 - Scheme A - Dir - Dividend 7.46 N/A N/A 7.80 (22/03/18) 7.63Tata FMP - Series 53 - Scheme A - Reg - Dividend 7.24 N/A N/A 7.58 (22/03/18) 7.63Tata FMP - Series 53 - Scheme A - Reg - Growth 7.24 N/A N/A 7.58 (22/03/18) 7.63Tata FMP - Series 53 - Scheme B - Dir - Growth 7.44 N/A N/A 7.66 (26/03/18) 7.73Tata FMP - Series 53 - Scheme B - Dir - Dividend 7.44 N/A N/A 7.66 (26/03/18) 7.73



last 5 years


inceptionTata FMP - Series 53 - Scheme B - Reg - Dividend 7.22 N/A N/A 7.43 (26/03/18) 7.73Tata FMP - Series 53 - Scheme B - Reg - Growth 7.21 N/A N/A 7.43 (26/03/18) 7.73Tata FMP - Series 54 - Scheme A - Dir - Growth N/A N/A N/A 9.95 (21/05/18) 9.55Tata FMP - Series 54 - Scheme A - Dir - Dividend N/A N/A N/A 9.95 (21/05/18) 9.55Tata FMP - Series 54 - Scheme A - Reg - Dividend N/A N/A N/A 9.67 (21/05/18) 9.55Tata FMP - Series 54 - Scheme A - Reg - Growth N/A N/A N/A 9.67 (21/05/18) 9.55benchmark (crisil composite bond Fund index) 6.72 n/a n/a Tata FMP - Series 55 - Scheme A - Dir - Growth N/A N/A N/A 10.21 (15/06/18) 9.34Tata FMP - Series 55 - Scheme A - Dir - Dividend N/A N/A N/A 10.21 (15/06/18) 9.34Tata FMP - Series 55 - Scheme A - Reg - Dividend N/A N/A N/A 9.99 (15/06/18) 9.34Tata FMP - Series 55 - Scheme A - Reg - Growth N/A N/A N/A 9.99 (15/06/18) 9.34Tata FMP - Series 55 - Scheme B - Dir - Growth N/A N/A N/A 9.61 (28/06/18) 9.36Tata FMP - Series 55 - Scheme B - Dir - Dividend N/A N/A N/A 9.60 (28/06/18) 9.36Tata FMP - Series 55 - Scheme B - Reg - Dividend N/A N/A N/A 9.38 (28/06/18) 9.36Tata FMP - Series 55 - Scheme B - Reg - Growth N/A N/A N/A 9.38 (28/06/18) 9.36Tata FMP - Series 55 - Scheme D - Dir - Growth N/A N/A N/A 9.56 (24/07/18) 9.07Tata FMP - Series 55 - Scheme D - Dir - Dividend N/A N/A N/A 9.56 (24/07/18) 9.07Tata FMP - Series 55 - Scheme D - Reg - Dividend N/A N/A N/A 9.33 (24/07/18) 9.07Tata FMP - Series 55 - Scheme D - Reg - Growth N/A N/A N/A 9.33 (24/07/18) 9.07Tata FMP - Series 55 - Scheme E - Dir - Growth N/A N/A N/A 7.22 (30/07/18) 9.11Tata FMP - Series 55 - Scheme E - Dir - Dividend N/A N/A N/A 7.22 (30/07/18) 9.11Tata FMP - Series 55 - Scheme E - Reg - Dividend N/A N/A N/A 6.84 (30/07/18) 9.11Tata FMP - Series 55 - Scheme E - Reg - Growth N/A N/A N/A 6.84 (30/07/18) 9.11Tata FMP - Series 55 - Scheme F - Dir - Growth N/A N/A N/A 7.11 (20/08/18) 9.15Tata FMP - Series 55 - Scheme F - Dir - Dividend N/A N/A N/A 7.11 (20/08/18) 9.15Tata FMP - Series 55 - Scheme F - Reg - Dividend N/A N/A N/A 6.73 (20/08/18) 9.15Tata FMP - Series 55 - Scheme F - Reg - Growth N/A N/A N/A 6.74 (20/08/18) 9.15Tata FMP - Series 55 - Scheme G - Dir - Growth N/A N/A N/A 10.50 (28/08/18) 9.35Tata FMP - Series 55 - Scheme G - Dir - Dividend N/A N/A N/A 10.50 (28/08/18) 9.35Tata FMP - Series 55 - Scheme G - Reg - Dividend N/A N/A N/A 10.28 (28/08/18) 9.35Tata FMP - Series 55 - Scheme G - Reg - Growth N/A N/A N/A 10.28 (28/08/18) 9.35Tata FMP - Series 55 - Scheme I - Dir - Growth N/A N/A N/A 13.28 (12/09/18) 12.22Tata FMP - Series 55 - Scheme I - Dir - Dividend N/A N/A N/A 13.28 (12/09/18) 12.22Tata FMP - Series 55 - Scheme I - Reg - Dividend N/A N/A N/A 13.04 (12/09/18) 12.22Tata FMP - Series 55 - Scheme I - Reg - Growth N/A N/A N/A 13.04 (12/09/18) 12.22Tata FMP - Series 56 - Scheme A - Dir - Growth N/A N/A N/A 13.19 (24/09/18) 12.68Tata FMP - Series 56 - Scheme A - Dir - Dividend N/A N/A N/A 13.19 (24/09/18) 12.68Tata FMP - Series 56 - Scheme A - Reg - Dividend N/A N/A N/A 12.97 (24/09/18) 12.68Tata FMP - Series 56 - Scheme A - Reg - Growth N/A N/A N/A 12.97 (24/09/18) 12.68Tata FMP - Series 56 - Scheme B - Dir - Growth N/A N/A N/A 10.91 (28/09/18) 12.22Tata FMP - Series 56 - Scheme B - Dir - Dividend N/A N/A N/A 10.91 (28/09/18) 12.22Tata FMP - Series 56 - Scheme B - Reg - Dividend N/A N/A N/A 10.52 (28/09/18) 12.22Tata FMP - Series 56 - Scheme B - Reg - Growth N/A N/A N/A 10.53 (28/09/18) 12.22Tata FMP - Series 56 - Scheme C - Dir - Growth N/A N/A N/A 13.31 (11/10/18) 12.29Tata FMP - Series 56 - Scheme C - Dir - Dividend N/A N/A N/A 13.31 (11/10/18) 12.29Tata FMP - Series 56 - Scheme C - Reg - Dividend N/A N/A N/A 12.99 (11/10/18) 12.29Tata FMP - Series 56 - Scheme C - Reg - Growth N/A N/A N/A 12.99 (11/10/18) 12.29Tata FMP - Series 56 - Scheme D - Dir - Growth N/A N/A N/A 12.66 (23/10/18) 12.23


last 5 years


inceptionTata FMP - Series 56 - Scheme D - Dir - Dividend N/A N/A N/A 12.66 (23/10/18) 12.23Tata FMP - Series 56 - Scheme D - Reg - Dividend N/A N/A N/A 12.34 (23/10/18) 12.23Tata FMP - Series 56 - Scheme D - Reg - Growth N/A N/A N/A 12.34 (23/10/18) 12.23Tata FMP - Series 56 - Scheme F - Dir - Growth N/A N/A N/A 14.01 (27/11/18) 12.15Tata FMP - Series 56 - Scheme F - Dir - Dividend N/A N/A N/A 14.01 (27/11/18) 12.15Tata FMP - Series 56 - Scheme F - Reg - Dividend N/A N/A N/A 13.75 (27/11/18) 12.15Tata FMP - Series 56 - Scheme F - Reg - Growth N/A N/A N/A 13.74 (27/11/18) 12.15benchmark (crisil medium term debt index) N/A N/A N/A

N.A. - Not Applicable

past performance may or may not sustain in future. tata income Fund:An open ended medium term debt scheme. The investment objective of the Scheme is to provide income distribution /capital appreciation over medium to long term. The Fund has the flexibility to invest in wide range of short term debt/securitized debt & money market Instruments. Under normal circumstance portfolio of the scheme will have Macaulay Duration between 4 years and 7 years.

The scheme has done active duration management. FY 2018-2019 was characterised by many macro events and sharp movements in interest rates. The fund maintained a conservative stance and hence resulted in underperformance.


scheme name last 1 year last 3 years last 5 years since inceptionRegular Plan – Growth 4.30 6.03 7.53 8.05 (28/04/97)Direct Plan- Growth 5.51 7.20 8.54 8.37 (01/01/13)CRISIL Medium to Long Term Debt Index 6.27 7.58 9.22 Regular Plan –10.31

Direct Plan – 8.34*The scheme was earlier known as Tata Long Term Debt Fund.

past performance may or may not sustain in future. return for period more than one year is compounded annualised. returns given are for regular plan (Growth option) & direct plan (Growth option).tata ultra short term FundAn open-ended ultra-short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 months and 6 months. The investment objective of the scheme is to generate returns through investment in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 3 months - 6 months.

The scheme has been recently launched and is in process of deployment as per investment pattern.

scheme name last 1 year last 3 year last 5 years since inceptionTata Ultra Short Term Fund - Dir - Growth N/A N/A N/A 8.57 (22/01/19)

Tata Ultra Short Term Fund - Reg - Growth N/A N/A N/A 8.03 (22/01/19)

Benchmark (CRISIL Ultra Short Term Debt Index) N/A N/A N/A 8.52


past performance may or may not sustain in future. returns given are for regular plan (Growth option) & direct plan (Growth option).note: total return variant of the benchmark index (tri) has been used for performance comparison.tata liquid Fund:An open ended liquid scheme. The investment objective is to generate reasonable returns with high liquidity to the unitholders. The scheme can make investments in/ purchase debt and money market securities with maturity upto 91 days

direct plan: The Fund has marginally underperformed the benchmark in one-year time bucket due to lower average maturity of the portfolio. The Fund has outperformed the benchmark since inception due to exposure to high yield papers.

regular plan: The Fund underperformed the benchmark due to higher expense ratio being charged as well as lower average maturity of the portfolio. The Fund has outperformed the benchmark since inception due to exposure to high yield papers.



scheme name last 1 year last 3 years last 5 years since inceptionRegular Plan - Growth 7.47 7.18 7.74 7.65(01/09/04)Direct Plan - Growth 7.53 7.24 7.81 8.14(01/01/13)Crisil Liquid Fund Index 7.63 7.20 7.72 Regular Plan:7.17

Direct Plan: 8.02The scheme was earlier known as Tata Money Market Fund.

past performance may or may not sustain in future. return for period more than one year is compounded annualised. returns given are for regular plan (Growth option) & direct plan (Growth option).tata money market Fund:An open ended debt scheme investing in money market scheme. The investment objective is to generate returns with reasonable liquidity to the unitholders by investing in money market instruments. The scheme will have to invest / purchase money market securities having maturity upto 1 year.

The scheme has underperformed the benchmark during the year due to select exposure that experienced default. The Issuer was downgraded from “AAA” to default very quickly within a month. The fund would be managed with focus on high quality portfolio along with interest rate view.


scheme name last 1 year last 3 years last 5 years since inceptionRegular Plan – Growth 0.49 4.77 6.27 6.91 (22/05/03)Direct Plan Growth 0.61 4.85 6.35 6.93 (01/01/13)Crisil Liquid Fund Index 8.07 7.46 7.93 Regular Plan:7.24

Direct Plan: 8.16The scheme was earlier known as Tata Liquid Fund.

past performance may or may not sustain in future. return for period more than one year is compounded annualised. returns given are for regular plan (Growth option) & direct plan (Growth option).tata overnight FundAn Open-ended Debt Scheme investing in overnight securities. The objective of the scheme is to seek to generate returns commensurate with low risk and providing high level of liquidity, through investments made primarily in overnight securities having maturity of 1 business day.

Direct Plan: The Fund has performed in line with the benchmark. The fund invests only in overnight maturity instruments.

Regular Plan: The Fund underperformed the benchmark due to higher expense ratio. scheme name last 1 year last 3 year last 5 years since inceptionTata Overnight Fund - Dir - Growth N/A N/A N/A 6.52 (27/01/19)Tata Overnight Fund - Reg - Growth N/A N/A N/A 6.41 (27/01/19)benchmark (crisil overnight index) N/A N/A N/A 6.52


past performance may or may not sustain in future. tata corporate bond Fund:An open-ended debt scheme predominantly investing in AA+ and above rated corporate bonds. The investment objective of the scheme is to generate returns over short to medium term by investing predominantly in corporate debt instruments.

The scheme has underperformed the benchmark during the year due to select exposure that experienced default. The Issuer was downgraded from “AAA” to default very quickly within a month. Another Issuer rated “AAA” in the Fund experienced downgrade on account of Market illiquidity following the large NBFC default. This led to higher credit spread on the issuer along with trading illiquidity, affecting valuation. These events affected Fund performance adversely resulting in under-performance to benchmark.

performance at a glance (% as on march 31, 2019)scheme name last 1 year last 3 years last 5 years since inceptionRegular Plan – Growth -0.94 4.30 5.96 7.20 (13/07/07)Direct Plan -Growth -0.32 4.99 6.68 7.21 (01/01/13)Crisil Short Term Bond Index 5.79 7.82 9.07 Regular Plan - 9.30

Direct Plan – 8.70past performance may or may not sustain in future. return for period more than one year is compounded annualised. returns given are for regular plan (Growth option) & direct plan (Growth option).

tata Gilt securities Fund (tGsF) including retirement planning series:An open-ended debt fund investing predominantly in government securities across maturity. The investment objective of the Scheme is to generate medium to long term capital appreciation and income distribution by investing predominantly in Government Securities.

High duration stance during Q3-FY2018 to Q1-FY2019 when yields were rising resulted in underperformance as compared to benchmark.


scheme name last 1 year last 3 years last 5 years since inceptionRegular Plan – Growth 5.64 6.71 8.53 8.85 (6/09/99)Regular Plan – Dividend 4.85 5.75 7.29 7.77 (6/09/99)Direct Plan – Growth 6.83 7.81 9.60 9.02 (11/01/13)Direct Plan – Dividend 6.12 6.89 8.39 7.79 (11/01/13)Tata Gilt Retirement Plan (28-02-25) - Growth 5.70 6.56 8.58 5.89 (29/12/03)Tata Gilt Retirement Plan (28-02-25) - Dividend 5.68 6.55 8.57 5.79 (10/10/03)CRISIL Gilt Index 7.89 7.33 9.20 Regular Plan: 9.07

Direct Plan: 7.88Retirement Plan Growth: 6.67

Retirement Plan Dividend: 6.61past performance may or may not sustain in future. return for period more than one year is compounded annualised. returns given are for regular plan (Growth option) & direct plan (Growth option).tata medium term Fund:An open ended medium term debt scheme. The investment objective of the scheme is to generate income and capital appreciation over a medium term. The Fund has the flexibility to invest in wide range of debt & money market instruments. Under normal circumstances portfolio of the scheme will have Macaulay Duration between 3 years and 4 years.

The Direct Plan of the scheme has outperformed the benchmark during the year due to higher portfolio yield compared to the benchmark and lower maturity. Fund was running low duration high accrual strategy.


scheme name last 1 year last 3 years last 5 years since inceptionRegular Plan- Growth 5.75 6.98 7.85 6.58 (11/11/02)Direct Plan – Growth 6.62 7.95 8.96 8.81 (27/02/13)CRISIL Medium Term Debt Index 6.40 7.80 9.08 Regular Plan NA

Direct Plan- 8.82past performance may or may not sustain in future. return for period more than one year is compounded annualised. returns given are for regular plan (Growth option) & direct plan (Growth option).tata short term bond FundAn open ended short term debt scheme. The investment objective is to generate regular income/ appreciation over a short term period. Under normal circumstance, portfolio of the scheme will have Macaulay Duration between 1 year to 3 years.

The scheme has underperformed the benchmark in one-year time bucket due to select exposure that experienced default. The issuer was downgraded from “AAA” to default to very quickly within a month.


scheme name last 1 year last 3 years last 5 years since inceptionRegular Plan- Growth 0.60 4.96 6.58 7.33 (08/08/02)Direct Plan – Growth 1.50 5.85 7.45 7.91 (01/01/13)Crisil Short Term Bond Fund Index 7.55 7.60 8.31 Regular Plan-7.19

Direct Plan – 8.39past performance may or may not sustain in future. return for period more than one year is compounded annualised. returns given are for regular plan (Growth option) & direct plan (Growth option).


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

Since its inception in November 2011, all the three funds have performed well versus their respective benchmark. In FY19, All the Plans underperformed the benchmark during the Year 2018-19. This was due to few stocks doing a bulk of the heavy lifting for the Sensex and the Nifty. The broader market was not doing too well.


scheme name last 1 year last 3 years last 5 years since inception

Tata Retirement Savings Fund – Conservative-Regular Plan-Growth

5.06 9.33 10.43 9.68 (01/11/2011)

Tata Retirement Savings Fund – Conservative-Direct-Growth

6.59 10.98 12.00 11.17 (09/01/2013)

CRISIL Short Term Debt Hybrid 75+25 Fund Index 8.88 9.83 10.00 Direct Plan 9.80 Regular Plan 9.94

past performance may or may not sustain in future. return for period more than one year is compounded annualised. returns given are for regular plan (Growth option) & direct plan (Growth option).

annexure - ii

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

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

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

annexure - iii

summary of Votes cast during the Financial year 2018-2019

Financial year Quarter total no. of resolutions break-up of Vote decision

For against abstained

2018-2019

April - June 219 216 2 1

July - Sept 1505 1503 2 0

Oct - Dec 63 63 0 0

Jan - Mar 205 192 2 11

total 1992 1974 6 12

The details of actual exercise of proxy votes during the Financial Year 2018–2019 is enclosed with the Annual Report 2018-2019 of Tata Mutual Fund along with the Scrutiniser’s Certification. The same is also available on the website www.tatamutualfund.com.


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

The Board of Directors, Tata Asset Management Ltd/ Tata Trustee Company Ltd. Parinee Crescenzo, 1903, 19th Floor, B Wing, G Block, Bandra Kurla Complex, Bandra (East) Mumbai – 400 051 We have been appointed as scrutinizer by Tata Asset Management Ltd. to certify the disclosure of votes cast on their website for the year 2018-19 in terms of SEBI circular No. CIR/IMD/DF/05/2014 dated March 24, 2014 and modified by SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2016/68 dated August 10, 2016. We have verified the voting disclosures made by Tata Asset Management Ltd. on the website for the year April 2018 to March 2019 on the basis of data obtained from custodian w.r.t. resolutions on which AMC is required to cast votes and details received from the Investment Team w.r.t. the voting decision (either to vote for/against/abstain from voting) duly supported by the rationale for each agenda item.We certify that AMC has disclosed details of all the votes cast in the format specified in the circular. This certification has been issued for submission to Board of Directors of Tata Trustee Company Ltd. and to disclose the same in the Tata Asset Management Ltd.’s annual report and on website in terms of SEBI circular No. CIR/IMD/DF/05/2014 dated March 24, modified by SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2016/68 dated August 10, 2016 and should not be used for any other purpose. Yours faithfully, For M.P. Chitale & Co. Chartered Accountants Firm Reg. No. 101851W

Vidya Barje Partner M. No. 104994 Mumbai, May 8, 2019 UDIN No.: 19104994AAAAAH7106

annexure iV statement of unclaimed redemption and dividend as on 31st march’2019

scheme nameunclaimed amounts (rs.) no. of investors

Redemption Dividend Redemption DividendTata Fixed Maturity Plan -Series 27 Scheme A 16,856.23 0.00 1 0

Tata Fixed Maturity Plan -Series 27 Scheme B 4.12 0.00 2 0

Tata Fixed Maturity Plan -Series 28 Scheme A 3.12 0.00 1 0

Tata Fixed Maturity Plan -Series 29 Scheme A 0.35 0.00 1 0

Tata Fixed Maturity Plan -Series 29 Scheme C 0.02 0.00 1 0

Tata Fixed Maturity Plan Series 34 Scheme B 1.41 0.00 1 0

Tata FMP -Series 42 Scheme F 14,198.40 0.00 1 0

Tata Fixed Maturity Plan -Series 46 Scheme E 119,972.41 0.00 2 0

Tata Hybrid Equity Fund 5,050,400.78 14,629,992.26 168 2718

Tata Banking and Financial Services 40,695.17 58,195.76 7 10

Tata Capital Builder Fund 1,338,640.70 0.00 56 0

Tata Contra Fund 43,132.81 0.00 2 0

Tata Capital Protection Oriented Fund - Series 1 1,888,231.66 0.00 8 0

Tata Capital Protection Oriented Fund - Series 2 666,268.83 0.00 5 0

Tata Dynamic Bond Fund 325,021.96 9,706.44 5 5

Tata Digital India Fund 240,713.59 0.00 15 0

Tata Dual Advantage Fund - Scheme A 2,101,348.85 0.00 20 0

Tata Dual Advantage Fund - Scheme B 1,409,754.75 0.00 16 0

Tata Dual Advantage Fund - Scheme C 786,583.15 0.00 10 0

Tata Dividend Yield Fund 4,862,514.57 6,384,896.88 219 1181

Tata Equity Management Fund 3,807,855.25 0.00 159 0

Tata Equity Opportunities Fund 40,790,495.35 72,669,052.37 1336 13693

Tata Equity PE Fund 12,412,216.05 8,378,440.91 481 1137

Tata Fixed Income Portfolio Fund A1 Series 0.31 0.00 1 0

Tata Fixed Income Portfolio Fund A2 Series 19,052.03 0.00 2 0

Tata Fixed Income Portfolio Fund A3 Series 1,697,681.38 0.00 2 0

Tata Fixed Income Portfolio Fund B3 Series 56,543.00 0.00 2 0

Tata Treasury Advantage Fund 787,795.28 0.00 71 0

Tata Floating Rate Fund - Long Term 687,423.34 32.24 27 1

Tata Liquid Fund 332,312.29 120,586.66 30 12

Tata Fixed Tenure Fund - Series 1 - Dividend 250,690.68 0.00 4 0

Tata Fixed Tenure Fund - Series 2 92,886.26 0.00 5 0

Tata Gilt Securities Fund 492,113.53 240,569.67 6 83

Tata Mid Cap Growth Fund 12,105,606.29 28,047,785.14 361 6618

Tata India Consumer Fund 100,247.06 123,658.41 16 7

Tata Index Fund - Nifty Plan 96,639.14 0.00 4 0

Tata Income Fund 371,974.39 2,290,092.48 29 659

Tata Ind Navarathna 45,527,220.36 0.00 8920 0

Tata Infrastructure Fund 46,452,894.19 24,268,766.26 1642 3500

Tata India Pharma & Healthcare Fund 4,852.34 0.00 1 0


scheme nameunclaimed amounts (rs.) no. of investors

Redemption Dividend Redemption DividendTata Index Fund - Sensex Plan 97,253.61 1,840.95 4 1

Tata Infrastructure Tax Saving Fund 131,504.84 0.00 41 0

Tata Money Market Fund 1,646,234.51 0.00 27 0

Tata Liquidity Management Fund 1,485.05 0.00 2 0

Tata Life Sciences & Technology Fund 751,928.64 550,325.99 21 66

Tata Equity Savings Fund 1,913,031.07 711,201.84 32 322

Tata MIP Plus Fund 1,240,521.95 23,918.84 40 54

Tata Multicap Fund 1,250.77 0.00 1 0

Tata Large Cap Fund 22,352,774.59 21,471,723.02 792 3307

Tata Retirement Saving Fund -Conservative 1,256,690.64 238,103.71 56 498

Tata Retirement Saving Fund -Moderate 1,170,060.56 0.00 13 0

Tata Retirement Saving Fund - Progressive 569,641.43 0.00 31 0

Tata Services Industries Fund 120,173.60 5,575.95 4 2

Tata SIP Fund 1 12,921,001.50 1,205.49 484 1

Tata Smart Investment Plan - 1 Scheme A 542,405.93 0.00 81 0

Tata Smart Investment Plan - 1 Scheme B 71,338.16 0.00 20 0

Tata Ethical Fund 3,239,528.85 5,102,996.43 76 518

Tata Short Term Bond Fund 1,084,929.55 1,917.32 9 12

Tata Tax Advantage Fund 96,044,131.81 0.00 2664 0

Tata Corporate Bond Fund 1,754,525.54 0.00 26 0

Tata India Tax Savings Fund 6,502,081.75 89,912,831.23 312 7911

IBMF TAX Sheild migrated to TATA Equity opportunities FUND 0.00 1,982,237.78 0 708

TATA Young Citizens Fund 2,204,351.20 0.00 147 0

annexure-V

statement of redressal of complaints received against mutual Funds (mFs) during 2018-2019name of mutual Fund: tata mutual Fund

total number of Folios (as on 31-mar-19): 1937014

complaint code

type of complaint# (a) no. of complaints pending at

the beginning of the year

action on (a) and (b)

(b) no of complaints

received during the

year

resolved non actionable*

pending

Within 30 days

30-60 days

60-180 days

beyond 180 days

0-3 months

3-6 months

6-9 months

9-12 months

I A Non receipt of Dividend on Units

1 9 8 1 1 0 0 0 0 0 0

I B Interest on delayed payment of Dividend

0 0 0 0 0 0 0 0 0 0 0

I C Non receipt of Redemption Proceeds

0 17 16 1 0 0 0 0 0 0 0

I D Interest on delayed payment of Redemption

0 5 5 0 0 0 0 0 0 0 0

II A Non receipt of Statement of Account/Unit Certificate

0 7 7 0 0 0 0 0 0 0 0

II B Discrepancy in Statement of Account

2 66 67 1 0 0 0 0 0 0 0

II C Data corrections in Investor details

0 38 38 0 0 0 0 0 0 0 0

II D Non receipt of Annual Report/Abridged Summary

0 0 0 0 0 0 0 0 0 0 0

III A Wrong switch between Schemes

0 0 0 0 0 0 0 0 0 0 0

III B Unauthorized switch between Schemes

0 0 0 0 0 0 0 0 0 0 0

III C Deviation from Scheme attributes

0 0 0 0 0 0 0 0 0 0 0

III D Wrong or excess charges/load 0 1 1 0 0 0 0 0 0 0 0

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

0 25 24 0 0 0 0 1 0 0 0

IV Others ** 1 111 95 12 4 0 0 1 0 0 0

V Others-Non Allotment of Units 1 100 96 4 0 0 0 1 0 0 0

total 5 379 357 19 5 0 0 3 0 0 0

summary:particulars count

Total Complaints Received 379Total Number of Folios 1937014percentage complaints against Folios 0.02%

# including against its authorized persons/ distributors/ employees. etc.

*Non actionable means the complaint that are incomplete / outside the scope of the mutual fund

** Incase , others include a type of complaint which is more than 10% of overall complaint, reasons provided separately.


independent auditors’ reportto the board oF directors oF tata trustee company limitedtata mutual Fund – tata dynamic bond Fundreport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata dynamic bond Fund (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2019;b) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended as on that date; andc) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended as on that date.basis for opinionWe conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

sr. no. Key audit matter auditor’s response1 Valuation and existence of investments:

The valuation and existence of the portfolio of investments is considered as a key audit matter due to the magnitude of potential misstatement as the portfolio of investments represents the principal element of the net asset of the Scheme. Valuation of Investments is required to be in compliance with the valuation policy as approved by the Board of the Tata Asset Management Limited in compliance with SEBI Regulations and Guidelines.

Principal audit procedures performed:We gained an understanding of the internal control structure and operating effectiveness of key controls surrounding valuation and existence of investments.We tested the valuation of the investments by testing the compliance with the valuation policy as approved by the Board of Tata Asset Management Limited in compliance with SEBI Regulations and Guidelines and by comparing the investment valuation from prices obtained from following sources:• security level prices received from agencies approved by

Association of Mutual Fund in India (“AMFI”); and• verification of amortisation calculation for debt securities having

60 or less days to maturity.We tested the existence of the Investments by obtaining and reconciling the direct confirmations of the holdings from following sources:• Custodians of the Scheme• Reserve Bank of India• Clearing Corporation of India LimitedWe agreed the holdings as per above confirmations with the Scheme's accounting records. We reviewed the reconciliations for the cases where differences were observed, if any.

sr. no. Key audit matter auditor’s response2 information technology (it) systems

The controls over IT Systems and the operating effectiveness thereof is considered as a key audit matter as the Scheme is highly dependent on technology due to the significant number of transactions that are processed daily and discrete IT Systems used. The audit approach relies extensively on automated controls and therefore on the effectiveness of controls over IT systems.IT application controls are critical to ensure that changes to applications and underlying data are made in an appropriate manner.

Principal audit procedures performed:We involved our IT specialists to obtain an understanding of the entity’s IT related control environment. Furthermore, we conducted an assessment and identified key IT applications, databases and operating systems that are relevant to our audit and have identified key applications relevant for financial reporting.For the key IT systems pertaining to financial reporting, our areas of audit focus included Access Security (including controls over privileged access), program change controls, database management and network operations.We obtained an understanding of the entity’s IT control environment and key changes during the audit period that may be relevant to the audit.We tested the design, implementation and operating effectiveness of the Entity’s General IT controls over the key IT systems that are critical to financial reporting. This included evaluation of entity’s controls to evaluate segregation of duties and access rights being provided / modified based on duly approved requests, access for exit cases being revoked in a timely manner and access of all users being reviewed during the period of audit.We also tested key automated and manual business cycle controls and logic for system generated reports relevant to the audit; including testing of compensating controls or performed alternate procedures wherever applicable.

information other than the Financial statements and auditor’s report thereonThe Managements of Tata Trustee Company Limited (“the Trustee Company”) and Tata Asset Management Limited (“the AMC/Investment Manager”) are responsible for the other information. The other information comprises the Trustee Report and Abridged Financial Statements of Tata Mutual Fund, but does not include the financial statements and our auditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we are required to report the fact. We have nothing to report in this regard.responsibilities of management for the Financial statementsThe Managements of the Investment Manager and the Trustee Company are responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations and in accordance with the accounting principles generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.In preparing the financial statements, managements of the Investment Manager and the Trustee Company are responsible for assessing the Scheme’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.The Managements of the Investment Manager and the Trustee Company are responsible for overseeing the Scheme’s financial reporting process.auditors’ responsibility for the audit of the Financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit

procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Scheme’s internal control.

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

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

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

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.report on other legal and regulatory requirements1. As required by SEBI Regulation 55 and Clause 5 of the Eleventh Schedule to the SEBI Regulations, we report that:

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

(b) the Balance Sheet, the Revenue Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account of the Scheme; and

(c) the financial statements have been prepared in accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations.

2. As required by Clause 2 (ii) of Eighth Schedule of the Regulations, we report that, non-traded securities as at March 31, 2019 have been valued following the “Principles of Fair Valuation” approved by the Board of Directors of the Trustee Company and Investment Manager. In our opinion, these valuations are fair and reasonable.

For deloitte hasKins & sells llp Chartered Accountants

(Firm’s Registration No. 117366W / W-100018)

G. K. Subramaniam Partner

(Membership No. 109839)mumbai, July 26, 2019

independent auditors’ reportto the board oF directors oF tata trustee company limitedtata mutual Fund – tata treasury adVantaGe Fundreport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata treasury adVantaGe Fund (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2019;b) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended as on that date; andc) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended as on that date.basis for opinionWe conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.







independent auditors’ report to the board oF directors oF tata trustee company limitedtata mutual Fund – tata FiXed maturity plan - series 53 scheme - areport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 53 scheme - a (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.

a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2019;

b) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended as on that date; and

c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended as on that date.

basis for opinionWe conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.



Principal audit procedures performed:

We gained an understanding of the internal control structure and operating effectiveness of key controls surrounding valuation and existence of investments.

We tested the valuation of the investments by testing the compliance with the valuation policy as approved by the Board of Tata Asset Management Limited in compliance with SEBI Regulations and Guidelines and by comparing the investment valuation from prices obtained from following sources:

• security level prices received from agencies approved by Association of Mutual Fund in India (“AMFI”); and

• verification of amortisation calculation for debt securities having 60 or less days to maturity.

We tested the existence of the Investments by obtaining and reconciling the direct confirmations of the holdings from following sources:

• Custodians of the Scheme• Reserve Bank of India• Clearing Corporation of India LimitedWe agreed the holdings as per above confirmations with the Scheme's accounting records. We reviewed the reconciliations for the cases where differences were observed, if any.


The controls over IT Systems and the operating effectiveness thereof is considered as a key audit matter as the Scheme is highly dependent on technology due to the significant number of transactions that are processed daily and discrete IT Systems used. The audit approach relies extensively on automated controls and therefore on the effectiveness of controls over IT systems.

IT application controls are critical to ensure that changes to applications and underlying data are made in an appropriate manner.


We involved our IT specialists to obtain an understanding of the entity’s IT related control environment. Furthermore, we conducted an assessment and identified key IT applications, databases and operating systems that are relevant to our audit and have identified key applications relevant for financial reporting.

For the key IT systems pertaining to financial reporting, our areas of audit focus included Access Security (including controls over privileged access), program change controls, database management and network operations.

We obtained an understanding of the entity’s IT control environment and key changes during the audit period that may be relevant to the audit.

We tested the design, implementation and operating effectiveness of the Entity’s General IT controls over the key IT systems that are critical to financial reporting. This included evaluation of entity’s controls to evaluate segregation of duties and access rights being provided / modified based on duly approved requests, access for exit cases being revoked in a timely manner and access of all users being reviewed during the period of audit.

We also tested key automated and manual business cycle controls and logic for system generated reports relevant to the audit; including testing of compensating controls or performed alternate procedures wherever applicable.

information other than the Financial statements and auditor’s report thereonThe Managements of Tata Trustee Company Limited (“the Trustee Company”) and Tata Asset Management Limited (“the AMC/Investment Manager”) are responsible for the other information. The other information comprises the Trustee Report and Abridged Financial Statements of Tata Mutual Fund, but does not include the financial statements and our auditor’s report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we are required to report the fact. We have nothing to report in this regard.

responsibilities of management for the Financial statementsThe Managements of the Investment Manager and the Trustee Company are responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations and in accordance with the accounting principles generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, managements of the Investment Manager and the Trustee Company are responsible for assessing the Scheme’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.

The Managements of the Investment Manager and the Trustee Company are responsible for overseeing the Scheme’s financial reporting process.

auditors’ responsibility for the audit of the Financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements


can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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





Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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

report on other legal and regulatory requirements1. As required by SEBI Regulation 55 and Clause 5 of the Eleventh Schedule to the SEBI Regulations, we report that:








(Membership No. 109839)

mumbai, July 26, 2019

independent auditors’ report to the board oF directors oF tata trustee company limitedtata mutual Fund – tata FiXed maturity plan - series 53 scheme - breport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 53 scheme - b (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.



b) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended as on that date; and

c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended as on that date.











• Custodians of the Scheme

• Reserve Bank of India

• Clearing Corporation of India Limited

We agreed the holdings as per above confirmations with the Scheme's accounting records. We reviewed the reconciliations for the cases where differences were observed, if any.


















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


independent auditors’ report to the board oF directors oF tata trustee company limitedtata mutual Fund – tata FiXed maturity plan - series 54 scheme - areport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 54 scheme - a (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 21 May 2018 to 31 March 2019 and a summary of the significant accounting policies and other explanatory information.



b) in the case of the Revenue Account, of the Surplus of the Scheme for the period 21 May 2018 to 31 March 2019; and

c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the period 21 May 2018 to 31 March 2019.


















Principal audit procedures performed:We involved our IT specialists to obtain an understanding of the entity’s IT related control environment. Furthermore, we conducted an assessment and identified key IT applications, databases and operating systems that are relevant to our audit and have identified key applications relevant for financial reporting.For the key IT systems pertaining to financial reporting, our areas of audit focus included Access Security (including controls over privileged access), program change controls, database management and network operations. We obtained an understanding of the entity’s IT control environment and key changes during the audit period that may be relevant to the audit. We tested the design, implementation and operating effectiveness of the Entity’s General IT controls over the key IT systems that are critical to financial reporting. This included evaluation of entity’s controls to evaluate segregation of duties and access rights being provided / modified based on duly approved requests, access for exit cases being revoked in a timely manner and access of all users being reviewed during the period of audit.We also tested key automated and manual business cycle controls and logic for system generated reports relevant to the audit; including testing of compensating controls or performed alternate procedures wherever applicable.









independent auditors’ report to the board oF directors oF tata trustee company limitedtata mutual Fund – tata FiXed maturity plan - series 55 scheme - areport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 55 scheme - a (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 14 June 2018 to 31 March 2019 and a summary of the significant accounting policies and other explanatory information.



b) in the case of the Revenue Account, of the Surplus of the Scheme for the period 14 June 2018 to 31 March 2019; and

c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the period 14 June 2018 to 31 March 2019.





Principal audit procedures performed: We gained an understanding of the internal control structure and operating effectiveness of key controls surrounding valuation and existence of investments. We tested the valuation of the investments by testing the compliance with the valuation policy as approved by the Board of Tata Asset Management Limited in compliance with SEBI Regulations and Guidelines and by comparing the investment valuation from prices obtained from following sources:• security level prices received from agencies approved by Association

of Mutual Fund in India (“AMFI”); and• verification of amortisation calculation for debt securities having 60 or

less days to maturity.We tested the existence of the Investments by obtaining and reconciling the direct confirmations of the holdings from following sources:• Custodians of the Scheme• Reserve Bank of India• Clearing Corporation of India LimitedWe agreed the holdings as per above confirmations with the Scheme's accounting records. We reviewed the reconciliations for the cases where differences were observed, if any.


independent auditors’ report to the board oF directors oF tata trustee company limitedtata mutual Fund – tata FiXed maturity plan - series 55 scheme - breport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 55 scheme - b (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 28 June 2018 to 31 March 2019 and a summary of the significant accounting policies and other explanatory information.



b) in the case of the Revenue Account, of the Surplus of the Scheme for the period 28 June 2018 to 31 March 2019; and

c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the period 28 June 2018 to 31 March 2019.















independent auditors’ report to the board oF directors oF tata trustee company limitedtata mutual Fund – tata FiXed maturity plan - series 55 scheme - dreport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 55 scheme - d (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 23 July 2018 to 31 March 2019 and a summary of the significant accounting policies and other explanatory information.



b) in the case of the Revenue Account, of the Surplus of the Scheme for the period 23 July 2018 to 31 March 2019; and

c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the period 23 July 2018 to 31 March 2019.









independent auditors’ report to the board oF directors oF tata trustee company limited

tata mutual Fund – tata FiXed maturity plan - series 55 scheme - e

report on the Financial statements

opinion

We have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 55 scheme - e (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 27 July 2018 to 31 March 2019 and a summary of the significant accounting policies and other explanatory information.



b) in the case of the Revenue Account, of the Surplus of the Scheme for the period 27 July 2018 to 31 March 2019; and

c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the period 27 July 2018 to 31 March 2019.

basis for opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.















information other than the Financial statements and auditor’s report thereon

The Managements of Tata Trustee Company Limited (“the Trustee Company”) and Tata Asset Management Limited (“the AMC/Investment Manager”) are responsible for the other information. The other information comprises the Trustee Report and Abridged Financial Statements of Tata Mutual Fund, but does not include the financial statements and our auditor’s report thereon.




responsibilities of management for the Financial statements

The Managements of the Investment Manager and the Trustee Company are responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations and in accordance with the accounting principles generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.



auditors’ responsibility for the audit of the Financial statements

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


can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.













(Firm’s Registration No. 117366W / W-100018)G. K. Subramaniam

Partner (Membership No. 109839)


independent auditors’ report to the board oF directors oF tata trustee company limited

tata mutual Fund – tata FiXed maturity plan - series 55 scheme - F

report on the Financial statements

opinion

We have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 55 scheme - F (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 17 August 2018 to 31 March 2019 and a summary of the significant accounting policies and other explanatory information.



b) in the case of the Revenue Account, of the Surplus of the Scheme for the period 17 August 2018 to 31 March 2019; and

c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the period 17 August 2018 to 31 March 2019.

basis for opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.























information other than the Financial statements and auditor’s report thereon

The Managements of Tata Trustee Company Limited (“the Trustee Company”) and Tata Asset Management Limited (“the AMC/Investment Manager”) are responsible for the other information. The other information comprises the Trustee Report and Abridged Financial Statements of Tata Mutual Fund, but does not include the financial statements and our auditor’s report thereon.




responsibilities of management for the Financial statements

The Managements of the Investment Manager and the Trustee Company are responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations and in accordance with the accounting principles generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.



auditors’ responsibility for the audit of the Financial statements

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











report on other legal and regulatory requirements

1. As required by SEBI Regulation 55 and Clause 5 of the Eleventh Schedule to the SEBI Regulations, we report that:











independent auditors’ report

to the board oF directors oF tata trustee company limitedtata mutual Fund – tata FiXed maturity plan - series 55 scheme - Greport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 55 scheme - G (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 28 August 2018 to 31 March 2019 and a summary of the significant accounting policies and other explanatory information.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2019;

b) in the case of the Revenue Account, of the Surplus of the Scheme for the period 28 August 2018 to 31 March 2019; and

c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the period 28 August 2018 to 31 March 2019.

basis for opinionWe conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements. Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

independent auditors’ report to the board oF directors oF tata trustee company limitedtata mutual Fund – tata FiXed maturity plan - series 55 scheme - ireport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 55 scheme - i (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 12 September 2018 to 31 March 2019 and a summary of the significant accounting policies and other explanatory information.



b) in the case of the Revenue Account, of the Surplus of the Scheme for the period 12 September 2018 to 31 March 2019; and

c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the period 12 September 2018 to 31 March 2019.
































auditors’ responsibility for the audit of the Financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence

the economic decisions of users taken on the basis of these financial statements.
















For deloitte hasKins & sells llp Chartered Accountants (Firm’s Registration No. 117366W / W-100018)

G. K. Subramaniam Partner (Membership No. 109839)



independent auditors’ report to the board oF directors oF tata trustee company limitedtata mutual Fund – tata FiXed maturity plan - series 56 scheme - areport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 56 scheme - a (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 21 September 2018 to 31 March 2019 and a summary of the significant accounting policies and other explanatory information.



















independent auditors’ report to the board oF directors oF tata trustee company limitedtata mutual Fund – tata FiXed maturity plan - series 56 scheme - breport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 56 scheme - b (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 28 September 2018 to 31 March 2019 and a summary of the significant accounting policies and other explanatory information.




















independent auditors’ report to the board oF directors oF tata trustee company limitedtata mutual Fund – tata FiXed maturity plan - series 56 scheme - creport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 56 scheme - c (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 12 October 2018 to 31 March 2019 and a summary of the significant accounting policies and other explanatory information.



b) in the case of the Revenue Account, of the Surplus of the Scheme for the period 12 October 2018 to 31 March 2019; and

c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the period 12 October 2018 to 31 March 2019.















2 information technology (it) systemsThe controls over IT Systems and the operating effectiveness thereof is considered as a key audit matter as the Scheme is highly dependent on technology due to the significant number of transactions that are processed daily and discrete IT Systems used. The audit approach relies extensively on automated controls and therefore on the effectiveness of controls over IT systems.

















to the board oF directors oF tata trustee company limitedtata mutual Fund – tata FiXed maturity plan - series 56 scheme - dreport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 56 scheme - d (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 24 October 2018 to 31 March 2019 and a summary of the significant accounting policies and other explanatory information.



b) in the case of the Revenue Account, of the Surplus of the Scheme for the period 24 October 2018 to 31 March 2019; and

c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the period 24 October 2018 to 31 March 2019.































(Firm’s Registration No. 117366W / W-100018)G. K. Subramaniam

Partner (Membership No. 109839)




to the board oF directors oF tata trustee company limitedtata mutual Fund – tata FiXed maturity plan - series 56 scheme - Freport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata FiXed maturity plan - series 56 scheme - F (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 27 November 2018 to 31 March 2019 and a summary of the significant accounting policies and other explanatory information.



b) in the case of the Revenue Account, of the Surplus of the Scheme for the period 27 November 2018 to 31 March 2019; and

c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the period 27 November 2018 to 31 March 2019.















independent auditors’ reportto the board oF directors oF tata trustee company limitedtata mutual Fund – tata income Fundreport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata income Fund (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2019;b) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended as on that date; andc) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended as on that date.basis for opinionWe conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.







independent auditors’ reportto the board oF directors oF tata trustee company limitedtata mutual Fund – tata ultra short term Fundreport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata ultra short term Fund (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 23 January 2019 to 31 March 2019 and other explanatory information.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2019;b) in the case of the Revenue Account, of the Surplus of the Scheme for the period 23 January 2019 to 31 March 2019; andc) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the period 23 January 2019 to 31 March 2019.basis for opinionWe conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.






independent auditors’ reportto the board oF directors oF tata trustee company limitedtata mutual Fund – tata liQuid Fundreport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata liQuid Fund (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2019;b) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended as on that date; andc) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended as on that date.basis for opinionWe conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.







independent auditors’ reportto the board oF directors oF tata trustee company limitedtata mutual Fund – tata money marKet Fundreport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata money marKet Fund (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2019;b) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended as on that date; andc) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended as on that date.basis for opinionWe conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.






independent auditors’ reportto the board oF directors oF tata trustee company limitedtata mutual Fund – tata oVerniGht Fundreport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata oVerniGht Fund (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the period 27 March 2019 to 31 March 2019 and other explanatory information.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2019;b) in the case of the Revenue Account, of the Surplus of the Scheme for the period 27 March 2019 to 31 March 2019; andc) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the period 27 March 2019 to 31 March 2019.basis for opinionWe conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.






As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform

audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.















independent auditors’ reportto the board oF directors oF tata trustee company limitedtata mutual Fund – tata corporate bond Fundreport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata corporate bond Fund (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2019;b) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended as on that date; andc) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended as on that date.basis for opinionWe conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.






independent auditors’ reportto the board oF directors oF tata trustee company limitedtata mutual Fund – tata Gilt securities Fundreport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata Gilt securities Fund (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2019;b) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended as on that date; andc) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended as on that date.basis for opinionWe conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.







independent auditors’ reportto the board oF directors oF tata trustee company limitedtata mutual Fund – tata medium term Fundreport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata medium term Fund (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2019;b) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended as on that date; andc) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended as on that date.basis for opinionWe conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.






independent auditors’ reportto the board oF directors oF tata trustee company limitedtata mutual Fund – tata short term bond Fundreport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata short term bond Fund (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2019;b) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended as on that date; andc) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended as on that date.basis for opinionWe conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.







independent auditors’ report to the board oF directors oF tata trustee company limitedtata mutual Fund – tata retirement saVinGs Fund - conserVatiVe planreport on the Financial statementsopinionWe have audited the accompanying financial statements of tata mutual Fund - tata retirement saVinGs Fund - conserVatiVe plan (the “Scheme”) which comprise the Balance Sheet as at 31 March 2019, the Revenue Account and Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India.a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2019;b) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended as on that date; andc) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended as on that date.basis for opinionWe conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. In conducting our audit we have taken into account the provisions of the SEBI Regulations, the accounting standards issued by the ICAI, as applicable, accounting principles generally accepted in India and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements. Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.



Principal audit procedures performed: We gained an understanding of the internal control structure and operating effectiveness of key controls surrounding valuation and existence of investments. We tested the valuation of the investments by testing the compliance with the valuation policy as approved by the Board of Tata Asset Management Limited in compliance with SEBI Regulations and Guidelines and by comparing the investment valuation from prices obtained from following sources:• prices obtained from independent sources;• security level prices received from agencies approved by


60 or less days to maturity.We tested the existence of the Investments by obtaining and

reconciling the direct confirmations of the holdings from following sources:

• Custodians of the Scheme• Reserve Bank of India• Clearing Corporation of India LimitedWe agreed the holdings as per above confirmations with the Scheme's accounting records. We reviewed the reconciliations for the cases where differences were observed, if any.




information other than the Financial statements and auditor’s report thereonThe Managements of Tata Trustee Company Limited (“the Trustee Company”) and Tata Asset Management Limited (“the AMC/Investment Manager”) are responsible for the other information. The other information comprises the Trustee Report and Abridged Financial Statements of Tata Mutual Fund, but does not include the financial statements and our auditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we are required to report the fact. We have nothing to report in this regard.responsibilities of management for the Financial statementsThe Managements of the Investment Manager and the Trustee Company are responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Scheme in accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations and in accordance with the accounting principles generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.In preparing the financial statements, managements of the Investment Manager and the Trustee Company are responsible for assessing the Scheme’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.The Managements of the Investment Manager and the Trustee Company are responsible for overseeing the Scheme’s financial reporting process.auditors’ responsibility for the audit of the Financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Balance Sheet as at 31st March, 2019

Schedule

As At As At As At As At As At31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18 31-Mar-19

Rs. Rs. Rs. Rs. Rs.LIABILITIES

Unit Capital I 63,476,324,167 46,117,957,134 1,280,746,027 12,785,341,193 433,442,095 Reserves & Surplus II 97,419,854,595 65,746,822,517 1,992,055,913 20,883,954,698 393,859 Loans III 4,907,066,604 19,000,000,000 - 2,000,000,000 - Current Liabilities & Provisions IV 1,771,506,595 1,027,155,929 529,988,395 334,424,410 5,027,407

TOTAL 167,574,751,961 131,891,935,580 3,802,790,335 36,003,720,301 438,863,361

ASSETS

Investments V 160,344,185,278 120,107,982,683 3,126,249,834 35,496,812,683 - Deposits VI 5,020,200,000 9,920,200,000 - - - Other Current Assets VII 2,210,366,683 1,863,752,897 676,540,501 506,907,618 438,863,361

TOTAL 167,574,751,961 131,891,935,580 3,802,790,335 36,003,720,301 438,863,361

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

In terms of our reports attached On behalf of the Board of DirectorsFor DELOITTE HASKINS & SELLS LLP of Tata Trustee Company LimitedChartered Accountants

G. K. Subramaniam DirectorPartner

Tata Asset Management Limited

Mumbai, July 26, 2019 Authorised Signatory Fund Manager

Tata Liquid Fund (formerly known as "Tata Money Market Fund")

Tata Money Market Fund (formerly known as "Tata Liquid Fund")

Tata Overnight Fund



Schedule

LIABILITIES

Unit Capital IReserves & Surplus IILoans IIICurrent Liabilities & Provisions IV

TOTAL

ASSETS

Investments VDeposits VIOther Current Assets VII

TOTAL

Significant Accounting Policies and Notes to the Accounts IX

In terms of our reports attachedFor DELOITTE HASKINS & SELLS LLPChartered Accountants

G. K. SubramaniamPartner

Mumbai, July 26, 2019

As At As At31-Mar-19 31-Mar-18

Rs. Rs.

991,808,292 2,816,916,874 959,804,543 2,684,716,170

- - 26,962,519 36,210,638

1,978,575,354 5,537,843,682

1,826,525,474 5,304,391,176 - -

152,049,880 233,452,506

1,978,575,354 5,537,843,682

- -

On behalf of the Board of Directorsof Tata Trustee Company Limited

Director


Authorised Signatory Fund Manager

Tata Corporate Bond Fund (formerly known as "Tata Treasury Manager Fund")


Revenue Account for the year/period ended 31st March, 2019

Schedule

Year Ended Year Ended Year Ended Year Ended 27-Mar-19 To31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18 31-Mar-19

Rs. Rs. Rs. Rs. Rs.INCOME

Interest VIII 15,486,074,305 7,243,568,054 1,003,478,836 3,376,186,363 1,090,218 Profit on sale / redemption of investments (other than inter-scheme transfer/sale)

67,240,981 22,455,627 15,562,125 11,030,783 -

Profit on inter- scheme transfer / sale of investments 5,757 - 28,071 - - Load income - - 797,053 - - Other income (Including excess provision written back) 5,107,644 - 1,349,438 42,499 - Increase / (Decrease) in unrealised appreciation in value of investments

(29,226,045) 66,531,404 (18,581,003) 17,746,959 -

TOTAL (A) 15,529,202,642 7,332,555,085 1,002,634,520 3,405,006,604 1,090,218

EXPENSES AND LOSSES

Provision for doubtful debt receivable (for NPAs) - - 500,000,000 - - Provision for outstanding accrued income considered doubtful - - - - -

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

37,641,278 19,167,133 14,826,760 8,916,992 -

Loss on inter- scheme transfer / sale of investments - - 15,110 - - Management fees 164,605,426 34,650,856 8,792,799 20,107,827 9,774

Goods and Services Tax/Service Tax Expenses on Management Fees 29,628,978 5,827,079 1,582,705 3,414,326 1,759 Commission to Agents 24,797,160 13,926,807 2,871,593 8,969,424 163 Investor Education Fund Expenses 40,882,230 21,239,535 2,553,446 9,898,114 2,546 Advertisement & Publicity expenses 241,848 - 15,733 - - Audit fees 3,659,826 - 56,769 - - Interest expense on borrowings 418,905,260 216,041,087 9,488,710 124,546,141 - Other operating expenses 607,898 - 81,948 - - Custodian fees and expenses 978,168 - 123,019 - - Registrar's fees and expenses 12,652,099 - 410,853 - - Provision/(Reversal) for / of diminution in value of investments

23,104,051 (3,282,937) (40,475) (1,921,320) -

TOTAL (B) 757,704,222 307,569,560 540,778,970 173,931,504 14,242

Surplus (A-B) 14,771,498,420 7,024,985,525 461,855,550 3,231,075,100 1,075,976 Add / (Less) : Income Equalisation Account (Refer Note B 1.5 of Schedule IX)

17,663,576,583 6,478,368,431 (19,110,306,225) (6,040,661,146) (625,098)

32,435,075,003 13,503,353,956 (18,648,450,675) (2,809,586,046) 450,878 Surplus brought forward 63,461,039,941 50,656,010,782 25,296,409,645 28,473,120,035 -

95,896,114,944 64,159,364,738 6,647,958,970 25,663,533,989 450,878 Add: Unrealised Appreciation Reserve at the beginning of the year/period

79,849,538 13,318,134 23,127,348 5,380,389 -

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

50,623,493 79,849,538 4,546,345 23,127,348 -

Surplus after adjustments 95,925,340,989 64,092,833,334 6,666,539,973 25,645,787,030 450,878 AppropriationsLess : Income Distribution 796,643,310 426,042,348 65,598,358 237,961,650 38,037 Less : Tax on dividend distributed 377,329,951 205,751,045 28,845,112 111,415,735 18,982 Surplus carried forward to Revenue Reserve 94,751,367,728 63,461,039,941 6,572,096,503 25,296,409,645 393,859

Income as a percentage to Average Net Assets 7.57 6.89 3.82 6.84 0.12Recurring Expenses as a percentage to Average Net Assets 0.34 0.27 0.20 0.34 0.00








Tata Overnight Fund



Schedule

INCOME

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

TOTAL (A)

EXPENSES AND LOSSES

Provision for doubtful debt receivable (for NPAs)Provision for outstanding accrued income considered doubtful

Loss on sale / redemption of investments (other than inter-scheme transfer/sale)Loss on inter- scheme transfer / sale of investmentsManagement feesGoods and Services Tax/Service Tax Expenses on Management FeesCommission to AgentsInvestor Education Fund ExpensesAdvertisement & Publicity expensesAudit feesInterest expense on borrowingsOther operating expensesCustodian fees and expensesRegistrar's fees and expensesProvision/(Reversal) for / of diminution in value of investments

TOTAL (B)

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

Surplus brought forward

Add: Unrealised Appreciation Reserve at the beginning of the year/periodLess: Unrealised Appreciation Reserve at the end of the year/periodSurplus after adjustmentsAppropriationsLess : Income DistributionLess : Tax on dividend distributedSurplus carried forward to Revenue Reserve

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





Year Ended Year Ended31-Mar-19 31-Mar-18

Rs. Rs.

343,659,150 412,242,194 3,257,225 10,358,235

721,371 - - -

336,690 21,116 (779,033) 1,804,150

347,195,403 424,425,695

- - 13,745,889 -

46,781,372 24,182,063

1,079,590 - 8,137,732 10,098,732

1,464,793 1,736,010 24,418,503 29,575,129

856,785 1,087,188 2,456 -

32,511 - - -

93,472 - 239,746 - 681,489 -

245,059,145 15,886,834 342,593,483 82,565,956

4,601,920 341,859,739

(1,704,873,001) 924,714,598

(1,700,271,081) 1,266,574,337 2,799,328,963 1,602,695,782 1,099,057,882 2,869,270,119

3,839,899 2,035,749

3,060,866 3,839,899

1,099,836,915 2,867,465,969

15,725,940 47,871,973 6,475,205 20,265,033

1,077,635,770 2,799,328,963

0.95 7.040.84 0.78


Director





Cash Flow Statement for the year/period ended 31st March, 2019


Rs. Rs. Rs. Rs. Rs.A. Cash flow from Operating ActivitiesSurplus for the year/period 14,771,498,420 7,024,985,525 461,855,550 3,231,075,100 1,075,976 Adjustments for:-Interest income (15,486,074,305) (7,243,568,054) (1,003,478,836) (3,376,186,363) (1,090,218) Interest expense on borrowings 418,905,260 216,041,087 9,488,710 124,546,141 - Movement in unrealised appreciation/diminution in the value of Investments

52,330,096 (69,814,341) 18,540,528 (19,761,529) -

Change in assets and liabilities:(Increase) / Decrease in Investments at Cost (40,286,283,691) (34,889,312,484) 32,350,778,321 6,504,478,327 - (Increase) / Decrease in Deposits with scheduled banks/companies / institutions

500,000,000 (2,500,000,000) - 2,000,000,000 -

(Increase) / Decrease in Other Current Assets 990,098 (2,345,452) (498,303,542) (480,782) - Increase in Accumulated LoadIncrease in Current Liabilities and Provisions 12,331,053 4,316,842 496,323,542 154,524 16,832 Cash Generated from/(used in) Operations (40,016,303,069) (37,459,696,877) 31,835,204,273 8,463,825,418 2,590

Interest received 15,498,055,213 7,228,244,260 1,003,495,841 3,423,370,639 1,089,665 Dividend received - - - - - Net Cash Generated from/(used in) Operating Activities ( A ) (24,518,247,856) (30,231,452,617) 32,838,700,114 11,887,196,057 1,092,255

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

C. Cash flow from Financing ActivitiesNet proceeds from reissue / (payments for re-purchase) of units 17,363,228,834 6,431,127,073 (11,553,814,765) (3,426,201,397) 438,442,095 Net unit premium received / (paid) 18,075,506,919 7,092,167,697 (19,259,310,865) (6,153,865,967) (625,098) Net Proceeds from Borrowings (14,092,933,396) 15,701,445,942 (2,000,000,000) (5,348,658,810) - Interest paid during the year/period (432,868,542) (199,623,172) (11,242,135) (124,182,540) - Dividend paid (including tax on dividend distributed, where applicable) during the year/period

(1,174,449,100) (628,537,892) (96,014,754) (348,190,077) (46,444)

Net Cash Generated from/(used in) Financing Activities ( C ) 19,738,484,715 28,396,579,648 (32,920,382,519) (15,401,098,791) 437,770,553

Net increase/(decrease) in Cash and Cash Equivalents (A+B+C) (4,779,763,141) (1,834,872,969) (81,682,405) (3,513,902,734) 438,862,808

Cash and cash equivalents as at the beginning of the year/period 8,217,647,227 10,052,520,196 257,445,513 3,771,348,247 -

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

3,437,884,086 8,217,647,227 175,763,108 257,445,513 438,862,808

Note: - - - - - Components of cash and cash equivalents as at the end of theyear/period (Refer Note B 1.6 of Schedule IX)Balances with banks in current account (Refer Schedule VII) 283,731,266 32,031,705 870,452 86,478,195 12,945,922 Triparty Repo System(TREPS)/Collateralised Borrowing and Lending Obligation (CBLO) (Refer Schedule VII)

- 699,730,059 - - 424,919,778

Reverse Repos (Refer Schedule VII) 155,799,055 86,198,508 175,345,555 172,927,735 997,108 Deposits with scheduled banks (Refer Schedule VI) 3,000,000,000 7,400,000,000 - - - Less: Earmarked Balances - Unclaimed Dividend and Unclaimed Redemption invested in Reverse Repos/TREPS/CBLO (Refer Schedule IV)

(1,646,235) (313,045) (452,899) (1,960,417) -

Cash and cash equivalents as at the end of the year/period 3,437,884,086 8,217,647,227 175,763,108 257,445,513 438,862,808

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








Tata Overnight Fund


A. Cash flow from Operating ActivitiesSurplus for the year/periodAdjustments for:-Interest incomeInterest expense on borrowingsMovement in unrealised appreciation/diminution in the value of Investments

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

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

B. Cash flow from Investing Activities ( B )

C. Cash flow from Financing ActivitiesNet proceeds from reissue / (payments for re-purchase) of units Net unit premium received / (paid)Net Proceeds from BorrowingsInterest paid during the year/periodDividend paid (including tax on dividend distributed, where applicable) during the year/periodNet Cash Generated from/(used in) Financing Activities ( C )

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

Cash and cash equivalents as at the beginning of the year/period

Cash and cash equivalents as at the end of the year/period (Refer Note below)Note:Components of cash and cash equivalents as at the end of theyear/period (Refer Note B 1.6 of Schedule IX)Balances with banks in current account (Refer Schedule VII)Triparty Repo System(TREPS)/Collateralised Borrowing and Lending Obligation (CBLO) (Refer Schedule VII)Reverse Repos (Refer Schedule VII)Deposits with scheduled banks (Refer Schedule VI)Less: Earmarked Balances - Unclaimed Dividend and Unclaimed Redemption invested in Reverse Repos/TREPS/CBLO (Refer Schedule IV)Cash and cash equivalents as at the end of the year/period






Rs. Rs.

4,601,920 341,859,739

(343,659,150) (412,242,194) - -

245,838,178 14,082,684

3,232,027,524 (2,030,974,260) -

(850,581) (163,596)

10,917,785 1,087,724 3,148,875,676 (2,086,349,903)

475,469,098 311,247,336 - -

3,624,344,774 (1,775,102,567)

- -

(1,842,675,045) 790,625,735 (1,707,312,402) 926,447,027

- - - -

(22,380,600) (68,066,074)

(3,572,368,047) 1,649,006,688

51,976,727 (126,095,879)

28,212,031 154,307,910

80,188,758 28,212,031

- -

3,112,348 18,970,554 - -

78,830,935 10,145,422 - -

(1,754,525) (903,945)

80,188,758 28,212,031

- -


Director





Schedule I - Unit Capital


Rs. Rs. Rs. Rs. Rs.Initial Capital 4,844,498,320 4,844,498,320 10,050,000 10,050,000 1,700,710,211

Unit Capital (Refer Annexure 6)

Units Opening Balance / Initial Capital 46,117,957,134 39,691,419,999 12,785,341,193 16,138,774,517 1,700,710,211

Add : Units reissued during the year/period 2,462,302,119,229 1,263,732,571,956 62,077,329,069 673,891,355,428 11,611,4942,508,420,076,363 1,303,423,991,955 74,862,670,262 690,030,129,945 1,712,321,705

Less : Units repurchased during the year/period 2,444,943,752,196 1,257,306,034,821 73,581,924,235 677,244,788,752 1,278,879,610

Units Closing Balance 63,476,324,167 46,117,957,134 1,280,746,027 12,785,341,193 433,442,095



Tata Overnight Fund


Initial Capital


Units Opening Balance / Initial Capital

Add : Units reissued during the year/period

Less : Units repurchased during the year/period

Units Closing Balance


Rs. Rs.343,343,313 343,343,313

2,816,916,874 2,034,895,274

1,996,295,841 8,337,905,9144,813,212,715 10,372,801,188

3,821,404,423 7,555,884,314

991,808,292 2,816,916,874


Schedule II - Reserves & Surplus


Rs. Rs. Rs. Rs. Rs.

Unit Premium ReserveOpening Balance 2,205,933,038 1,592,133,772 (4,435,582,295) (4,322,377,474) - Net Addition / (Deduction) during the year/period 411,930,336 613,799,266 (149,004,640) (113,204,821) - Closing Balance 2,617,863,374 2,205,933,038 (4,584,586,935) (4,435,582,295) -

Unrealised Appreciation ReserveAt the beginning of the year/period 79,849,538 13,318,134 23,127,348 5,380,389 - Increase/(Decrease) in unrealised gain in the value of investments

(29,226,045) 66,531,404 (18,581,003) 17,746,959 -

At the end of the year/period 50,623,493 79,849,538 4,546,345 23,127,348 - Revenue Account 94,751,367,728 63,461,039,941 6,572,096,503 25,296,409,645 393,859

97,419,854,595 65,746,822,517 1,992,055,913 20,883,954,698 393,859



Tata Overnight Fund


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

Unrealised Appreciation ReserveAt the beginning of the year/periodIncrease/(Decrease) in unrealised gain in the value of investments

At the end of the year/periodRevenue Account


Rs. Rs.

(118,452,692) (120,185,121) (2,439,401) 1,732,429

(120,892,093) (118,452,692)

3,839,899 2,035,749 (779,033) 1,804,150

3,060,866 3,839,899 1,077,635,770 2,799,328,963

959,804,543 2,684,716,170


Schedule III - Loans


Rs. Rs. Rs. Rs. Rs.

Loans from Commercial Bank (Refer Note No. C 25 of Sch IX - Notes to the Accounts)

1,000,000,000 19,000,000,000 - 2,000,000,000 -

Loan from The Clearing Corporation of India Ltd. (Refer Note No. C 25 of Sch IX - Notes to the Accounts)

3,907,066,604 - - - -

4,907,066,604 19,000,000,000 - 2,000,000,000 -



Tata Overnight Fund

Schedule III - Loans

Loans from Commercial Bank (Refer Note No. C 25 of Sch IX - Notes to the Accounts)Loan from The Clearing Corporation of India Ltd. (Refer Note No. C 25 of Sch IX - Notes to the Accounts)


Rs. Rs.

- -

- -

- -


Schedule IV - Current Liabilities & Provisions


Rs. Rs. Rs. Rs. Rs.

Current LiabilitiesManagement Fees payable 7,389,372 3,102,630 - 1,413,269 9,774 Selling Commission / Brokerage Expenses payable 2,599,415 2,338,197 608,454 1,708,096 161 Advertisement & Publicity Expenses payable 5,651 - 87 - - Audit Fees payable 3,659,826 - 56,769 - - Custodian Fees & Expenses payable 171,165 - 12,674 - - Registrar's Fees & Expenses payable 210,191 - 110,254 - - Other payable 1,709,084 538,185 72,907 485,672 2,592 Interest payable on loans (not due) 2,935,348 16,898,630 - 1,753,425 - Units pending allotment 8,941,848 7,353,201 23,445,377 75,922,001 5,000,000 Contract for purchase of investments 1,733,576,000 989,992,500 - 248,277,000 - Repurchase amount payable 3,337 1,003,545 - - Inter-scheme dues payable 49,940 4,166,362 339,322 - Unclaimed Redemption payable (Refer Note C 15of Schedule IX)

1,646,235 313,045 332,312 1,844,121 -

Unclaimed Dividend payable (Refer Note C 15 ofSchedule IX)

- - 120,587 116,296 -

Dividend Distribution Tax payable 3,296,955 3,779,416 - 1,575,575 10,575 Income Distribution payable 6,622 - - - - Investor Education Fund Expenses Payable 4,025,459 2,231,712 59,067 735,245 2,546 Goods and Services Tax payable on Management Fees

1,330,087 558,473 - 254,388 1,759

1,771,506,595 1,027,155,929 29,988,395 334,424,410 5,027,407

ProvisionsProvision for doubtful debt receivable - - 500,000,000 - - Provision for accrued income considered doubtful - - - - -

- - 500,000,000 - -

1,771,506,595 1,027,155,929 529,988,395 334,424,410 5,027,407



Tata Overnight Fund

Schedule IV - Current Liabilities & Provisions

Current LiabilitiesManagement Fees payableSelling Commission / Brokerage Expenses payableAdvertisement & Publicity Expenses payableAudit Fees payableCustodian Fees & Expenses payableRegistrar's Fees & Expenses payableOther payableInterest payable on loans (not due)Units pending allotmentContract for purchase of investmentsRepurchase amount payableInter-scheme dues payableUnclaimed Redemption payable (Refer Note C 15of Schedule IX)Unclaimed Dividend payable (Refer Note C 15 ofSchedule IX)Dividend Distribution Tax payableIncome Distribution payableInvestor Education Fund Expenses PayableGoods and Services Tax payable on Management Fees

ProvisionsProvision for doubtful debt receivableProvision for accrued income considered doubtful


Rs. Rs.

167,066 1,074,453 1,162,566 2,972,291

50 - 32,511 - 28,819 -

131,564 - 101,941 186,249

- - 6,922,101 - -

3,053,159 2,720,818 6,719,326 20,966,595 1,754,525 903,945

- -

- 179,455 - -

35,031 91,329 30,072 193,402

13,216,630 36,210,638

- - 13,745,889 - 13,745,889 -

26,962,519 36,210,638


Schedule V - Investments (Refer Note C 2 of Schedule IX)


Rs. Rs. Rs. Rs. Rs.

Privately Placed Debentures / Bonds - - - - - Debentures and Bonds listed / awaiting listing on recognised stock exchange

- - - - -

Treasury Bills 3,931,054,308 156,851,656 - 133,874,560 - Commercial Paper 112,345,668,688 75,447,682,364 1,459,541,415 24,497,066,776 - Certificate of Deposit 44,067,462,282 44,503,448,663 1,666,708,419 10,865,871,347 -

160,344,185,278 120,107,982,683 3,126,249,834 35,496,812,683 -



Tata Overnight Fund

Schedule V - Investments (Refer Note C 2 of Schedule IX)

Privately Placed Debentures / BondsDebentures and Bonds listed / awaiting listing on recognised stock exchangeTreasury BillsCommercial PaperCertificate of Deposit


Rs. Rs.

293,318,664 450,340,276 1,533,206,810 4,142,835,650

- - - 475,287,250 - 235,928,000

1,826,525,474 5,304,391,176


Schedule VI - Deposits


Rs. Rs. Rs. Rs. Rs.

Deposits with scheduled banks 5,000,000,000 9,900,000,000 - - - Deposits with Companies / Institutions 20,200,000 20,200,000 - - -

5,020,200,000 9,920,200,000 - - -



Tata Overnight Fund

Schedule VI - Deposits

Deposits with scheduled banksDeposits with Companies / Institutions


Rs. Rs.

- - - -

- -


Schedule VII - Other Current Assets


Rs. Rs. Rs. Rs. Rs.

Balances with banks in current accounts 283,731,266 32,031,705 870,452 86,478,195 12,945,922 Triparty Repo System/Collateralised Borrowing and Lending Obligation - 699,730,059 - - 424,919,778 Reverse Repos 155,799,055 86,198,508 175,345,555 172,927,735 997,108 Contract for sale of investments 1,732,943,250 991,608,750 - 247,033,000 - Accrued income 37,893,112 49,874,020 108,527 125,532 553

Redemption proceeds receivable (Refer Note C 20 of Schedule IX)

- - 500,000,000 - -

Inter-scheme dues - 1,986,567 186,573 123,337 - Others Receivables (Refer Note C 19 of Schedule IX) - 2,323,288 29,394 219,819 -

2,210,366,683 1,863,752,897 676,540,501 506,907,618 438,863,361



Tata Overnight Fund

Schedule VII - Other Current Assets

Balances with banks in current accountsTriparty Repo System/Collateralised Borrowing and Lending ObligationReverse ReposContract for sale of investmentsAccrued income

Redemption proceeds receivable (Refer Note C 20 of Schedule IX)

Inter-scheme duesOthers Receivables (Refer Note C 19 of Schedule IX)


Rs. Rs.

3,112,348 18,970,554

- - 78,830,935 10,145,422

- - 69,776,757 201,586,705

- -

329,840 2,749,825 - -

152,049,880 233,452,506


Schedule VIII - Interest Income


Rs. Rs. Rs. Rs. Rs.

Term Deposits 685,654,530 664,499,381 1,342,466 312,940,583 - Debentures / Bonds / Asset Backed Securities 2,682,192 - 6,592,011 - Discounted Securities 14,752,852,896 6,545,934,056 981,797,417 3,025,567,739 1,087,653 Reverse Repos 44,696,033 33,017,247 20,338,953 31,086,030 2,565 Other Deposits 188,654 117,370 - - -

15,486,074,305 7,243,568,054 1,003,478,836 3,376,186,363 1,090,218



Tata Overnight Fund

Schedule VIII - Interest Income

Term DepositsDebentures / Bonds / Asset Backed SecuritiesDiscounted SecuritiesReverse ReposOther Deposits


Rs. Rs.

- - 269,427,797 330,804,500 63,113,811 68,860,348 11,117,542 12,577,346

- - 343,659,150 412,242,194



Schedule

As At As At As At As At As At As At31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18

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

Unit Capital I 233,010,505 291,577,445 6,179,533,975 21,363,924,245 649,441,090 677,991,133 Reserves & Surplus II 427,140,962 486,803,401 13,783,817,327 41,272,279,536 650,164,819 611,242,045 Current Liabilities & Provisions III 1,643,875 99,328,668 1,726,100,364 768,214,440 10,221,284 21,267,822

TOTAL 661,795,342 877,709,514 21,689,451,666 63,404,418,221 1,309,827,193 1,310,501,000

ASSETS

Investments IV 641,650,958 589,050,895 19,148,347,952 58,248,378,893 910,424,229 1,071,871,691 Deposits V - - 25,000,000 25,000,000 - - Other Current Assets VI 20,144,384 288,658,619 2,516,103,714 5,131,039,328 399,402,964 238,629,309

TOTAL 661,795,342 877,709,514 21,689,451,666 63,404,418,221 1,309,827,193 1,310,501,000

- - - - - - Significant Accounting Policies and Notes to the AccountsVII I





Tata Medium Term Fund (formerly known as "Tata Income

Plus Fund")

Tata Short Term Bond Fund Tata Retirement Savings Fund-Conservative Plan


Revenue Account for the year ended 31st March, 2019

Schedule

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18

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

Dividend - - - - 3,462,470 3,096,321 Interest VII 72,843,135 69,353,690 3,026,244,594 5,063,071,161 69,116,744 57,613,395 Profit on sale / redemption of investments (other than inter-scheme transfer/sale)

4,923,638 9,893,285 128,747,716 373,843,434 33,027,150 55,548,286

Profit on inter- scheme transfer / sale of investments 44,698 - 275,497 - - - Load income 4,711,249 33,517 130,344 25,796 453,788 267,047 Other income (Including excess provision written back) 257,251 - 848,353 - 21,439 - Increase / (Decrease) in unrealised appreciation in value of investments

(1,396,199) (7,544,428) (29,444,822) (147,334,307) 7,123,425 3,218,913

TOTAL (A) 81,383,772 71,736,064 3,126,801,682 5,289,606,084 113,205,016 119,743,962

EXPENSES AND LOSSES

Provision for doubtful debt receivable (for NPAs) - - 1,700,000,000 - - -


14,831,606 5,186,329 940,033,248 667,369,669 23,438,409 8,826,980

Loss on inter- scheme transfer / sale of investments 958,241 - 618,913 - - - Management fees 2,510,444 7,037,964 86,752,825 141,488,482 14,529,409 13,539,634 Trusteeship fees - 166,027 - 11,861,366 - 180,712 Service Tax Expenses on Management Fees 451,881 1,208,508 15,615,510 24,416,497 2,615,294 2,361,563 Commission to Agents 8,344,962 6,819,554 98,187,805 173,266,506 13,330,874 14,161,574 Investor Education Fund Expenses 171,196 179,213 7,719,559 13,523,314 262,158 224,216 Advertisement & Publicity expenses 49,482 - 32,934 - 199,883 - Audit fees 10,441 - 315,383 - 20,613 - Interest expense on borrowings - - 131,242 - - - Other operating expenses 15,781 - 172,652 - 93,988 - Custodian fees and expenses 60,218 - 104,707 - 85,161 - Registrar's fees and expenses 161,028 - 1,412,786 - 374,217 - Provision/(Reversal) for / of diminution in value of investments

6,518,257 3,786,485 (194,257,651) 261,963,556 (7,342,625) 9,905,187

TOTAL (B) 34,083,537 24,384,080 2,656,839,913 1,293,889,390 47,607,381 49,199,866

Surplus (A-B) 47,300,235 47,351,984 469,961,769 3,995,716,694 65,597,635 70,544,096 Add / (Less) : Income Equalisation Account (Refer Note B 1.5 of Schedule VIII)

(104,873,591) (126,203,559) (24,485,630,926) (948,762,908) (19,524,719) 87,960,375

(57,573,356) (78,851,575) (24,015,669,157) 3,046,953,786 46,072,916 158,504,471 Add: Surplus brought forward 479,807,643 551,857,111 36,232,935,357 33,181,841,069 393,847,548 238,561,990

422,234,287 473,005,536 12,217,266,200 36,228,794,855 439,920,464 397,066,461 Add: Unrealised Appreciation Reserve at the beginning of the year

3,652,100 11,196,528 113,873,228 261,207,535 81,333,840 78,114,927

Less: Unrealised Appreciation Reserve at the end of the year 2,255,901 3,652,100 84,428,406 113,873,228 88,457,265 81,333,840 Surplus after adjustments 423,630,486 480,549,964 12,246,711,022 36,376,129,162 432,797,039 393,847,548 AppropriationsLess : Income Distribution 433,180 536,123 17,367,341 97,849,886 - - Less : Tax on dividend distributed 170,229 206,198 8,047,629 45,343,919 - - Surplus carried forward to Revenue Reserve 423,027,077 479,807,643 12,221,296,052 36,232,935,357 432,797,039 393,847,548

Income as a percentage to Average Net Assets 6.90 6.99 1.76 6.45 7.41 9.01Recurring Expenses as a percentage to Average Net Assets 1.38 1.72 0.55 0.54 2.40 2.72

Significant Accounting Policies and Notes to the Accounts VIII





Tata Medium Term Fund (formerly known as "Tata

Income Plus Fund")



Cash Flow Statement for the year ended 31st March, 2019


Rs. Rs. Rs. Rs. Rs. Rs.A. Cash flow from Operating ActivitiesSurplus for the year 47,300,235 47,351,984 469,961,769 3,995,716,694 65,597,635 70,544,096 Adjustments for:-Dividend income - - - - (3,462,470) (3,096,321) Interest income (72,843,135) (69,353,690) (3,026,244,594) (5,063,071,161) (69,116,744) (57,613,395) Interest expense on borrowings - - 131,242 - - - Movement in unrealised appreciation/diminution in the value of Investments

7,914,456 11,330,913 (164,812,829) 409,297,863 (14,466,050) 6,686,274

Change in assets and liabilities:(Increase) / Decrease in Investments at Cost (60,314,519) 292,412,972 39,033,635,916 2,939,728,183 173,314,325 (343,239,400) (Increase) / Decrease in Other Current Assets - - (500,943,030) (5,558) 833,917 (932,992) Increase / (Decrease) in Current Liabilities and Provisions (824,293) (139,818) 1,682,359,938 (7,886,486) (847,865) 3,109,284

Cash Generated from/(used in) Operations (78,767,256) 281,602,361 37,494,088,412 2,273,779,535 151,852,748 (324,542,454) Interest received 93,193,060 71,980,862 3,242,814,033 4,820,985,278 69,249,082 52,216,855 Dividend received - - - - 3,462,470 3,096,321 Net Cash Generated from/(used in) Operating Activities ( A ) 14,425,804 353,583,223 40,736,902,445 7,094,764,813 224,564,300 (269,229,278)

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

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

(57,789,633) (92,726,692) (15,208,411,565) (3,206,394,256) (36,018,944) 178,853,575

Net unit premium received / (paid) (106,359,265) (129,433,859) (27,933,009,008) (1,141,244,337) (26,674,861) 153,381,745 Interest paid during the year - - (131,242) - - - Dividend paid (including tax on dividend distributed, where applicable) during the year

(603,409) (742,321) (25,415,213) (143,193,800) 6,879 (3,926)

Net Cash Generated from/(used in) Financing Activities ( C ) (164,752,307) (222,902,872) (43,166,967,028) (4,490,832,393) (62,686,926) 332,231,394

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) (150,326,503) 130,680,351 (2,430,064,583) 2,603,932,420 161,877,374 63,002,116

Cash and cash equivalents as at the beginning of the year 155,091,093 24,410,742 2,792,250,178 188,317,758 221,118,252 158,116,136 Cash and cash equivalents as at the end of the year (Refer Note below)

4,764,590 155,091,093 362,185,595 2,792,250,178 382,995,626 221,118,252

Note: - - - - - - Components of cash and cash equivalents as at the end ofthe year (Refer Note B 1.6 of Schedule VIII)Balances with banks in current account (Refer Schedule VI) 676,449 497,260 45,105,410 23,488,353 704,610 3,943,550 Triparty Repo System(TREPS)/Collateralised Borrowing and Lending Obligation (CBLO) (Refer Schedule VI)

- - - 1,119,563,550 - -

Reverse Repos (Refer Schedule VI) 4,088,141 154,593,833 318,167,032 1,649,342,092 385,050,252 220,767,855 Less: Earmarked Balances - Unclaimed Dividend and Unclaimed Redemption invested in Reverse Repos/TREPS/CBLO (Refer Schedule III)

- - (1,086,847) (143,817) (2,759,236) (3,593,153)

Cash and cash equivalents as at the end of the year 4,764,590 155,091,093 362,185,595 2,792,250,178 382,995,626 221,118,252








Income Plus Fund")




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

Initial Capital 2,218,229,633 2,218,229,633 1,036,155,345 1,036,155,345 15,940,975 15,940,975


Units Opening Balance / Initial Capital 291,577,445 384,304,890 21,363,924,245 24,552,823,960 677,991,133 508,116,585

Add : Units reissued during the year 290,842,501 24,659,540 2,739,578,096 21,269,564,107 156,018,597 280,875,290 582,419,946 408,964,430 24,103,502,341 45,822,388,067 834,009,730 788,991,875

Less : Units repurchased during the year 349,409,441 117,386,985 17,923,968,366 24,458,463,822 184,568,640 111,000,742

Units Closing Balance 233,010,505 291,577,445 6,179,533,975 21,363,924,245 649,441,090 677,991,133

Tata Medium Term Fund (formerly known as "Tata Income Plus Fund")





Unit Premium ReserveOpening Balance 3,343,658 6,573,958 4,925,470,951 5,117,952,380 136,060,657 70,639,287 Net Addition / (Deduction) during the year (1,485,674) (3,230,300) (3,447,378,082) (192,481,429) (7,150,142) 65,421,370

1,857,984 3,343,658 1,478,092,869 4,925,470,951 128,910,515 136,060,657 Add : Transfer from revenue accountLess : Transfer to / (from) revenue account for the year - - - - - - Closing Balance 1,857,984 3,343,658 1,478,092,869 4,925,470,951 128,910,515 136,060,657

Unrealised Appreciation ReserveAt the beginning of the year 3,652,100 11,196,528 113,873,228 261,207,535 81,333,840 78,114,927 Increase/(Decrease) in unrealised gain in the value of investments (1,396,199) (7,544,428) (29,444,822) (147,334,307) 7,123,425 3,218,913

At the end of the year 2,255,901 3,652,100 84,428,406 113,873,228 88,457,265 81,333,840

Revenue Account 423,027,077 479,807,643 12,221,296,052 36,232,935,357 432,797,039 393,847,548 Transfer to Repurchase Amount Payable

427,140,962 486,803,401 13,783,817,327 41,272,279,536 650,164,819 611,242,045


Income Plus Fund")


Schedule III - Current Liabilities & Provisions


Rs. Rs. Rs. Rs. Rs. Rs.Current LiabilitiesManagement Fees payable 257,593 444,231 7,867,054 7,434,414 76,514 1,100,539 Trusteeship Fees payable - 128,058 - 9,143,430 - 139,242 Selling Commission / Brokerage Expenses payable 444,104 988,148 6,432,919 14,978,333 5,682,126 5,337,878 Advertisement & Publicity Expenses payable 4,210 - 489 - 5,337 - Audit Fees payable 10,441 - 315,383 - 20,613 - Custodian Fees & Expenses payable 8,916 - 9,303 - 10,548 - Registrar's Fees & Expenses payable 21,181 - 154,605 - 97,059 - Other payable 25,251 - 921,111 1,153,905 63,697 41,916 Units pending allotment 795,060 8,000 - 5,338,483 1,215,981 6,330,100 Contract for purchase of investments - 97,642,833 - 652,768,200 - 2,599,187 Repurchase amount payable - - 3,978,069 22,455,795 101,500 1,127,938 Inter-scheme dues payable 19,525 24,252 3,580,109 52,412,744 153,020 778,032 Unclaimed Redemption payable (Refer Note C 15 of Schedule VIII) - - 1,084,930 141,657 2,497,213 3,338,009 Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII) - - 1,917 2,160 262,023 255,144 Investor Education Fund Expenses Payable 11,227 13,184 338,405 1,047,124 21,880 21,740 Goods and Services Tax/Service Tax payable on Management Fees 46,367 79,962 1,416,070 1,338,195 13,773 198,097

1,643,875 99,328,668 26,100,364 768,214,440 10,221,284 21,267,822

ProvisionsProvision for doubtful debt receivable - - 1,700,000,000 - - -

- - 1,700,000,000 - - -

1,643,875 99,328,668 1,726,100,364 768,214,440 10,221,284 21,267,822


Income Plus Fund")


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


Rs. Rs. Rs. Rs. Rs. Rs.Equity Shares - - - - 396,258,464 370,684,281 Privately Placed Debentures / Bonds 47,459,900 49,669,400 2,963,362,240 6,987,755,550 - - Debentures and Bonds listed / awaiting listing on recognised stock exchange 481,600,798 491,867,745 9,768,798,931 34,096,078,897 174,625,678 99,540,015 Compulsory Convertible Debentures - - - - - 4,888,000 Central and State Government Securities 40,355,960 47,513,750 1,354,932,731 6,688,406,946 339,540,087 591,859,695 Commercial Paper 72,234,300 - 1,684,300,000 5,726,226,500 - - Certificate of Deposit - - 3,376,954,050 4,749,911,000 - 4,899,700

641,650,958 589,050,895 19,148,347,952 58,248,378,893 910,424,229 1,071,871,691



Schedule V - Deposits


Rs. Rs. Rs. Rs. Rs. Rs.Deposits with Companies / Institutions - - 25,000,000 25,000,000 - -

- - 25,000,000 25,000,000 - -



Schedule VI - Other Current Assets


Rs. Rs. Rs. Rs. Rs. Rs.Balances with banks in current accounts 676,449 497,260 45,105,410 23,488,353 704,610 3,943,550 Triparty Repo System/Collateralised Borrowing and Lending Obligation

- - - 1,119,563,550 - -

Reverse Repos 4,088,141 154,593,833 318,167,032 1,649,342,092 385,050,252 220,767,855 Contract for sale of investments - 97,842,833 92,945,250 514,505,596 - - Accrued income 15,374,768 35,724,693 357,183,957 1,773,753,396 13,644,102 13,776,440 Redemption proceeds receivable (Refer Note C 20 of Schedule VIII)

- - 1,700,000,000 - - -

Inter-scheme dues 5,026 - 2,702,065 50,386,341 4,000 141,464 20,144,384 288,658,619 2,516,103,714 5,131,039,328 399,402,964 238,629,309



Schedule VII - Interest Income


Rs. Rs. Rs. Rs. Rs. Rs.Term Deposits - - - - - - Debentures / Bonds / Asset Backed Securities 51,577,573 52,605,544 2,021,476,539 3,575,420,158 13,096,596 10,208,253 Discounted Securities 12,665,939 - 742,286,712 666,240,305 3,675,379 1,163,053 Government Securities 4,251,585 11,687,584 215,983,354 743,631,982 36,135,565 31,591,111 Reverse Repos 4,348,038 5,060,562 46,264,508 77,633,456 16,209,204 14,650,978 Other Deposits - - 233,481 145,260 - -

72,843,135 69,353,690 3,026,244,594 5,063,071,161 69,116,744 57,613,395



ScheduleAs At As At

31-Mar-19 31-Mar-18Rs. Rs.

LIABILITIES

Unit Capital I 524,936,844 333,373,083 Reserves & Surplus II 1,805,373,037 877,677,268 Current Liabilities & Provisions III 502,696,992 685,640,988

TOTAL 2,833,006,873 1,896,691,339

ASSETS

Investments IV 2,055,405,212 1,149,736,412 Deposits V 9,560,210 - Other Current Assets VI 768,041,451 746,954,927

TOTAL 2,833,006,873 1,896,691,339

- - Significant Accounting Policies and Notes to the Accounts VII I





Tata Gilt Securities Fund


Schedule


Rs. Rs.INCOME

Interest VII 165,914,659 85,180,819 Profit on sale / redemption of investments (other than inter-scheme transfer/sale)

287,727,513 131,684,360

Load income 15,913 202,690 Other income (Refer Note C 11 (i) of Schedule VII) 11,778 - (Decrease) in unrealised appreciation in value of investments (15,086,455) (168,467)

TOTAL (A) 438,583,408 216,899,402

EXPENSES AND LOSSES


241,415,101 168,124,964

Management fees 13,766,130 7,248,405 Trusteeship fees - 215,983 Goods and Services Tax/Service Tax Expenses on Management Fees 2,477,904 1,256,107 Commission to Agents 10,145,964 5,648,261 Investor Education Fund Expenses 454,902 244,643 Advertisement & Publicity expenses 14,037 - Audit fees 37,207 - Interest expense on borrowings - 425 Other operating expenses 25,649 - Custodian fees and expenses 4,118 - Registrar's fees and expenses 312,103 - Provision/(Reversal) for / of diminution in value of investments (8,120,927) (6,492,676)

TOTAL (B) 260,532,188 176,246,112

Surplus (A-B) 178,051,220 40,653,290 Add / (Less) : Income Equalisation Account (Refer Note B 1.5 of Schedule VIII)

738,695,701 (6,225,779)

916,746,921 34,427,511 Add: Surplus brought forward 867,575,024 834,011,652

1,784,321,945 868,439,163 Add: Unrealised Appreciation Reserve at the beginning of the year 3,959,735 4,128,202 Less: Unrealised Appreciation Reserve at the end of the year (11,126,720) 3,959,735 Surplus after adjustments 1,799,408,400 868,607,630 AppropriationsLess : Income Distribution 566,335 714,003 Less : Tax on dividend distributed 254,205 318,603 Surplus carried forward to Revenue Reserve 1,798,587,860 867,575,024

Income as a percentage to Average Net Assets 9.03 4.46Recurring Expenses as a percentage to Average Net Assets 1.20 1.18









Rs. Rs.A. Cash flow from Operating ActivitiesSurplus for the year 178,051,220 40,653,290 Adjustments for:-Interest income (165,914,659) (85,180,819) Interest expense on borrowings - 425 Movement in unrealised appreciation/diminution in the value of Investments

6,965,528 (6,324,209)

Change in assets and liabilities:(Increase) in Investments at Cost (1,110,200,925) (69,106,944) (Increase) in Deposits with scheduled banks/companies / institutions (9,560,210)

(Increase) in Other Current Assets (1,403,773) (71,662) Increase in Current Liabilities and Provisions 1,500,341 90,754 Cash Generated from/(used in) Operations (1,100,562,478) (119,939,165) Interest received 157,251,453 94,020,684 Net Cash Generated from/(used in) Operating Activities ( A ) (943,311,025) (25,918,481)

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

C. Cash flow from Financing ActivitiesNet proceeds from reissue / (payments for re-purchase) of units 191,595,719 (10,829,440) Net unit premium received / (paid) 750,465,089 (6,031,557) Dividend paid (including tax on dividend distributed, where applicable) during the year

(814,307) (1,022,670)

Net Cash Generated from/(used in) Financing Activities ( C ) 941,246,501 (17,884,092)

Net (decrease) in Cash and Cash Equivalents (A+B+C) (2,064,524) (43,802,573)

Cash and cash equivalents as at the beginning of the year 290,024,271 333,826,844 Cash and cash equivalents as at the end of the year (Refer Note below) 287,959,747 290,024,271

Note: - - Components of cash and cash equivalents as at the end of the year(Refer Note B 1.6 of Schedule VIII)Balances with banks in current account (Refer Schedule VI) 1,159,595 524,969 Triparty Repo System(TREPS)/Collateralised Borrowing and Lending Obligation (CBLO) (Refer Schedule VI)

269,949,035 -

Reverse Repos (Refer Schedule VI) 17,583,801 290,236,224 Less: Earmarked Balances - Unclaimed Dividend and Unclaimed Redemption invested in Reverse Repos/TREPS/CBLO (Refer Schedule III)

(732,684) (736,922)

Cash and cash equivalents as at the end of the year 287,959,747 290,024,271










Rs. Rs.

Initial Capital 378,070,000 378,070,000


Units Opening Balance / Initial Capital 333,373,083 344,142,207

Add : Units reissued during the year 406,629,890 24,332,883 740,002,973 368,475,090

Less : Units repurchased during the year 215,066,129 35,102,007

Units Closing Balance 524,936,844 333,373,083




Rs. Rs.

Unit Premium ReserveOpening Balance 6,142,509 5,948,287 Net Addition / (Deduction) during the year 11,769,388 194,222 Closing Balance 17,911,897 6,142,509

Unrealised Appreciation ReserveAt the beginning of the year 3,959,735 4,128,202 Increase/(Decrease) in unrealised gain in the value of investments (15,086,455) (168,467)

At the end of the year (11,126,720) 3,959,735

Revenue Account 1,798,587,860 867,575,024 Transfer to Repurchase Amount Payable

1,805,373,037 877,677,268




Rs. Rs.

Current LiabilitiesManagement Fees payable - 739,827 Trusteeship Fees payable - 166,524 Selling Commission / Brokerage Expenses payable 2,707,966 551,256 Advertisement & Publicity Expenses payable 57 - Audit Fees payable 37,207 - Registrar's Fees & Expenses payable 13,744 - Other payable 533,190 220,584 Contract for purchase of investments 498,519,444 683,071,472 Repurchase amount payable 82,244 - Inter-scheme dues payable 30,700 1,015 Unclaimed Redemption payable (Refer Note C 15 of Schedule VIII) 492,114 502,585 Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII) 240,570 234,337 Investor Education Fund Expenses Payable 39,756 20,219 Goods and Services Tax payable on Management Fees - 133,169

502,696,992 685,640,988


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


Rs. Rs.

Central and State Government Securities 2,055,405,212 1,149,736,412 2,055,405,212 1,149,736,412




Rs. Rs.

Deposits with Companies / Institutions* 9,560,210 - 9,560,210 -

*Margin deposit for dealing in Derivative trades.




Rs. Rs.

Balances with banks in current accounts 1,159,595 524,969 Triparty Repo System/Collateralised Borrowing and Lending Obligation 269,949,035 - Reverse Repos 17,583,801 290,236,224 Contract for sale of investments 454,483,611 441,469,042 Accrued income 23,387,898 14,724,692 Inter-scheme dues 69,500 - Others Receivables (Refer Note C 19 of Schedule VIII) 1,408,011 -

768,041,451 746,954,927



Period Ended Year Ended31-Mar-19 31-Mar-18

Rs. Rs.

Discounted Securities 21,090,805 646,770 Government Securities 130,884,949 74,994,483 Reverse Repos 13,938,905 9,539,566

165,914,659 85,180,819



Schedule



Unit Capital I 1,366,928,529 3,083,190,409 8,256,946,798 23,344,315,892 2,741,599,907 2,741,599,907 Reserves & Surplus II 2,498,686,033 5,076,622,643 8,743,578,014 21,629,635,259 218,458,642 13,753,465 Current Liabilities & Provisions III 254,868,871 15,664,587 83,640,482 357,790,439 485,981 69,282

TOTAL 4,120,483,433 8,175,477,639 17,084,165,294 45,331,741,590 2,960,544,530 2,755,422,654

ASSETS

Investments IV 3,631,783,093 6,879,297,713 16,141,211,083 43,253,809,495 2,889,944,852 2,662,934,223 Deposits V 9,509,000 - 29,900,000 29,900,000 - - Other Current Assets VI 479,191,340 1,296,179,926 913,054,211 2,048,032,095 70,599,678 92,488,431

TOTAL 4,120,483,433 8,175,477,639 17,084,165,294 45,331,741,590 2,960,544,530 2,755,422,654

- - - - - - Significant Accounting Policies and Notes to the AccountsVII I





Tata Dynamic Bond Fund Tata Treasury Advantage Fund (formerly known as "Tata Ultra

Short Term Fund")

Tata Fixed Maturity Plan-Series 53 Scheme -A



Schedule

LIABILITIES

Unit Capital IReserves & Surplus IICurrent Liabilities & Provisions III

TOTAL

ASSETS

Investments IVDeposits VOther Current Assets VI

TOTAL

Significant Accounting Policies and Notes to the AccountsVIII






643,109,759 643,109,759 836,104,703 1,912,379,765 402,791,565 513,572,402 49,702,336 1,958,611 71,078,611 154,065,108 28,970,267 33,403,911

102,540 17,639 258,779 333,436 119,932 130,825

692,914,635 645,086,009 907,442,093 2,066,778,309 431,881,764 547,107,138

672,124,535 515,630,221 879,909,933 1,998,399,285 417,063,227 524,575,933 - - - - - -

20,790,100 129,455,788 27,532,160 68,379,024 14,818,537 22,531,205

692,914,635 645,086,009 907,442,093 2,066,778,309 431,881,764 547,107,138

- - - - - -


Director



Tata Fixed Maturity Plan-Series 53 Scheme -B

Tata Fixed Maturity Plan-

Series 54 Scheme - A




Series 55 Scheme - B


Series 55 Scheme - D



Schedule

LIABILITIES


TOTAL

ASSETS


TOTAL

Significant Accounting Policies and Notes to the AccountsVIII




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

Rs. Rs. Rs.

969,762,515 869,352,737 1,311,364,513 45,313,905 36,829,430 80,449,687

323,021 288,176 352,110

1,015,399,441 906,470,343 1,392,166,310

973,451,820 865,915,230 1,339,262,398 - - -

41,947,621 40,555,113 52,903,912

1,015,399,441 906,470,343 1,392,166,310

- - -


Director





Series 55 Scheme - G


Series 55 Scheme - F


Series 55 Scheme - E


Schedule

Year Ended Year Ended Year Ended Year Ended Year Ended 23-Mar-18 To31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18


Interest VII 374,924,159 765,551,625 2,605,512,170 3,685,052,369 224,962,121 6,216,369 Profit on sale / redemption of investments (other than inter-scheme transfer/sale)

207,614,592 481,878,645 67,117,154 83,977,250 - -

Profit on inter- scheme transfer / sale of investments - - 918,176 - - - Load income 16,393 394,038 - - - - Other income (Including excess provision written back) 153,851 - 2,866,530 6 - - Increase / (Decrease) in unrealised appreciation in value of investments

(24,168,312) (11,941,891) (10,324,617) (49,723,116) (4,208,903) 7,658,692

TOTAL (A) 558,540,683 1,235,882,417 2,666,089,413 3,719,306,509 220,753,218 13,875,061

EXPENSES AND LOSSES


191,174,226 678,455,357 205,563,122 137,198,446 - -

Loss on inter- scheme transfer / sale of investments - - 13,543,452 - - - Management fees 29,276,074 49,748,286 48,839,683 64,710,398 585,958 2,484 Trusteeship fees - 1,990,368 - - - - Goods and Services Tax/Service Tax Expenses on Management Fees 5,269,694 8,524,430 8,791,145 11,145,907 105,473 447 Commission to Agents 35,038,719 79,823,926 23,097,922 31,248,028 724,443 19,548 Investor Education Fund Expenses 1,025,032 2,203,122 6,613,590 10,202,804 562,667 13,567 Advertisement & Publicity expenses 3,598 - 17,065 - 116 - Audit fees 62,040 - 271,028 - 46,815 - Other operating expenses 71,975 - 180,271 - 130 - Custodian fees and expenses 169,242 - 610,577 - 23,593 - Registrar's fees and expenses 667,544 - 3,575,011 - 33,416 -

Provision/(Reversal) for / of diminution in value of investments

4,058,553 (19,165,103) (30,739,249) 50,896,966 13,965,430 85,550

TOTAL (B) 266,816,697 801,580,386 280,363,617 305,402,549 16,048,041 121,596

Surplus (A-B) 291,723,986 434,302,031 2,385,725,796 3,413,903,960 204,705,177 13,753,465

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

(2,795,254,716) (1,967,014,383) (14,719,514,701) 2,190,061,301 - -

(2,503,530,730) (1,532,712,352) (12,333,788,905) 5,603,965,261 204,705,177 13,753,465 Add: Surplus brought forward 4,922,796,729 6,443,567,190 24,659,355,986 19,775,632,805 6,094,773 -

2,419,265,999 4,910,854,838 12,325,567,081 25,379,598,066 210,799,950 13,753,465

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

37,420,776 49,362,667 51,207,107 100,930,223 7,658,692


13,252,464 37,420,776 40,882,490 51,207,107 3,449,789 7,658,692

Surplus after adjustments 2,443,434,311 4,922,796,729 12,335,891,698 25,429,321,182 215,008,853 6,094,773 AppropriationsLess : Income Distribution - - 385,522,500 543,197,839 - - Less : Tax on dividend distributed - - 159,797,539 226,767,357 - - Surplus carried forward to Revenue Reserve 2,443,434,311 4,922,796,729 11,790,571,659 24,659,355,986 215,008,853 6,094,773








Short Term Fund")




Schedule

INCOME

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

TOTAL (A)

EXPENSES AND LOSSES

Loss on sale / redemption of investments (other than inter-scheme transfer/sale)Loss on inter- scheme transfer / sale of investmentsManagement feesTrusteeship feesGoods and Services Tax/Service Tax Expenses on Management FeesCommission to AgentsInvestor Education Fund ExpensesAdvertisement & Publicity expensesAudit feesOther operating expensesCustodian fees and expensesRegistrar's fees and expenses


TOTAL (B)

Surplus (A-B)


Add: Surplus brought forward


Less: Unrealised Appreciation Reserve at the end of the year/periodSurplus after adjustmentsAppropriationsLess : Income DistributionLess : Tax on dividend distributedSurplus carried forward to Revenue Reserve






Year Ended 27-Mar-18 To 21-May-18 To 14-Jun-18 To 28-Jun-18 To 23-Jul-18 To31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-19 31-Mar-19 31-Mar-19


52,233,730 1,108,624 63,577,964 132,307,874 27,021,505 31,021,648 - - - 2,606,824 155,850 -

- - - - - - - - - - - - - - - - - -

(427,414) 927,702 8,363,298 20,815,215 2,796,305 3,228,525

51,806,316 2,036,326 71,941,262 155,729,913 29,973,660 34,250,173

- - - - - -

- - - - - - 119,870 354 337,779 428,502 122,162 167,697

- - - - - -

21,577 64 60,801 77,131 21,990 30,186 186,695 2,788 258,418 247,949 213,363 131,422 131,696 1,767 149,364 315,163 62,878 72,607

29 - 36 80 17 21 10,957 - 14,346 32,676 6,828 8,653

53 - 8 160 10 18 23,671 - 23,598 23,923 23,598 23,670 10,334 - 15,511 22,362 6,335 7,788

3,557,709 72,742 2,790 516,859 546,212 404,200 4,062,591 77,715 862,651 1,664,805 1,003,393 846,262

47,743,725 1,958,611 71,078,611 154,065,108 28,970,267 33,403,911

- - - - - -

47,743,725 1,958,611 71,078,611 154,065,108 28,970,267 33,403,911 1,030,909 - - - - -

48,774,634 1,958,611 71,078,611 154,065,108 28,970,267 33,403,911

927,702 - - - -

500,288 927,702 8,363,298 20,815,215 2,796,305 3,228,525

49,202,048 1,030,909 62,715,313 133,249,893 26,173,962 30,175,386

- - - - - - - - - - - -

49,202,048 1,030,909 62,715,313 133,249,893 26,173,962 30,175,386

7.33 18.53 8.31 7.85 7.10 6.440.08 0.05 0.10 0.06 0.11 0.08


Director














Schedule

INCOME

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

TOTAL (A)

EXPENSES AND LOSSES

Loss on sale / redemption of investments (other than inter-scheme transfer/sale)Loss on inter- scheme transfer / sale of investmentsManagement feesTrusteeship feesGoods and Services Tax/Service Tax Expenses on Management FeesCommission to AgentsInvestor Education Fund ExpensesAdvertisement & Publicity expensesAudit feesOther operating expensesCustodian fees and expensesRegistrar's fees and expenses


TOTAL (B)

Surplus (A-B)




Less: Unrealised Appreciation Reserve at the end of the year/periodSurplus after adjustmentsAppropriationsLess : Income DistributionLess : Tax on dividend distributedSurplus carried forward to Revenue Reserve






27-Jul-18 To 17-Aug-18 To 28-Aug-18 To31-Mar-19 31-Mar-19 31-Mar-19

Rs. Rs. Rs.

63,381,046 50,766,618 68,342,540 9,752 -

- - - - - - - - -

2,127,434 2,507,453 13,300,153

65,518,232 53,274,071 81,642,693

12,215 - -

- 3,871 - 453,774 351,322 426,094

- - -

81,680 63,238 76,698 1,345,099 924,169 372,903

133,776 109,471 158,588 40 37 54

16,033 14,316 21,991 - - 109

23,635 23,632 23,637 20,374 17,194 17,252

18,117,701 14,937,391 95,680 20,204,327 16,444,641 1,193,006

45,313,905 36,829,430 80,449,687

- - -

45,313,905 36,829,430 80,449,687 - - -

45,313,905 36,829,430 80,449,687

- - -

2,127,434 2,507,453 13,300,153

43,186,471 34,321,977 67,149,534

- - - - - -

43,186,471 34,321,977 67,149,534

4.81 4.36 6.090.21 0.17 0.08


Director




Tata Fixed Maturity Plan-Series 55

Scheme - G


Scheme - F





Rs. Rs. Rs. Rs. Rs. Rs.A. Cash flow from Operating ActivitiesSurplus for the year/period 291,723,986 434,302,031 2,385,725,796 3,413,903,960 204,705,177 13,753,465 Adjustments for:-Dividend income - - - - - - Interest income (374,924,159) (765,551,625) (2,605,512,170) (3,685,052,369) (224,962,121) (6,216,369) Interest expense on borrowings - - - - - - Movement in unrealised appreciation/diminution in the value of Investments

28,226,865 (7,223,212) (20,414,632) 100,620,082 18,174,333 (7,573,142)

Change in assets and liabilities:(Increase) / Decrease in Investments at Cost 3,468,907,755 2,082,081,362 27,108,435,294 (6,461,187,937) (245,184,962) (2,655,361,081) (Increase) in Deposits with scheduled banks/companies / institutions (9,509,000) - -

(Increase) / Decrease in Other Current Assets (231,610) 89,909 (8,535,621) (239,352) - - Increase in Accumulated Load - Increase / (Decrease) in Current Liabilities and Provisions (6,898,852) (2,657,028) (2,812,770) (195,009) 416,699 69,282 Cash Generated from/(used in) Operations 3,397,294,985 1,741,041,437 26,856,885,897 (6,632,150,625) (246,850,874) (2,655,327,845)

Interest received 420,114,698 836,159,552 3,171,920,475 3,572,531,968 190,471,514 (4,115,505) Dividend received - - - - - - Net Cash Generated from/(used in) Operating Activities ( A ) 3,817,409,683 2,577,200,989 30,028,806,372 (3,059,618,657) (56,379,360) (2,659,443,350)


C. Cash flow from Financing ActivitiesNet proceeds from reissue / (payments for re-purchase) of units (1,719,778,746) (1,367,696,110) (15,084,064,336) (98,732,707) - 2,741,599,907 Net unit premium received / (paid) (2,869,660,596) (2,016,752,905) (14,726,463,002) 1,138,421,476 - - Dividend paid (including tax on dividend distributed, where applicable) during the year/period

503 310 (547,775,271) (767,796,270) - -

Net Cash Generated from/(used in) Financing Activities ( C ) (4,589,438,839) (3,384,448,705) (30,358,302,609) 271,892,499 - 2,741,599,907

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) (772,029,156) (807,247,716) (329,496,237) (2,787,726,158) (56,379,360) 82,156,557

Cash and cash equivalents as at the beginning of the year/period 1,193,441,958 2,000,689,674 943,816,949 3,731,543,107 82,156,557 -


421,412,802 1,193,441,958 614,320,712 943,816,949 25,777,197 82,156,557

Note: - - - - - - Components of cash and cash equivalents as at the end of theyear/period (Refer Note B 1.6 of Schedule VIII)Balances with banks in current account (Refer Schedule VI) 1,120,275 2,790,067 310,767,433 113,180,054 450,666 690,931 Triparty Repo System(TREPS)/Collateralised Borrowing and Lending Obligation (CBLO) (Refer Schedule VI)

409,922,609 - 159,969,799 759,718,607 - -

Reverse Repos (Refer Schedule VI) 10,704,646 1,190,755,009 144,371,275 71,669,508 25,326,531 81,465,626 Deposits with scheduled banks (Refer Schedule V) - - - - - - Less: Earmarked Balances - Unclaimed Dividend and Unclaimed Redemption invested in Reverse Repos/TREPS/CBLO (Refer Schedule III)

(334,728) (103,118) (787,795) (751,220) - -

Cash and cash equivalents as at the end of the year/period 421,412,802 1,193,441,958 614,320,712 943,816,949 25,777,197 82,156,557

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







Short Term Fund")



A. Cash flow from Operating ActivitiesSurplus for the year/periodAdjustments for:-Dividend incomeInterest incomeInterest expense on borrowingsMovement in unrealised appreciation/diminution in the value of Investments

Change in assets and liabilities:(Increase) / Decrease in Investments at Cost(Increase) in Deposits with scheduled banks/companies / institutions

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



C. Cash flow from Financing ActivitiesNet proceeds from reissue / (payments for re-purchase) of units Net unit premium received / (paid)Dividend paid (including tax on dividend distributed, where applicable) during the year/periodNet Cash Generated from/(used in) Financing Activities ( C )

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


Cash and cash equivalents as at the end of the year/period (Refer Note below)Note:Components of cash and cash equivalents as at the end of theyear/period (Refer Note B 1.6 of Schedule VIII)Balances with banks in current account (Refer Schedule VI)Triparty Repo System(TREPS)/Collateralised Borrowing and Lending Obligation (CBLO) (Refer Schedule VI)Reverse Repos (Refer Schedule VI)Deposits with scheduled banks (Refer Schedule V)Less: Earmarked Balances - Unclaimed Dividend and Unclaimed Redemption invested in Reverse Repos/TREPS/CBLO (Refer Schedule III)Cash and cash equivalents as at the end of the year/period







47,743,725 1,958,611 71,078,611 154,065,108 28,970,267 33,403,911

- - - - - - (52,233,730) (1,108,624) (63,577,964) (132,307,874) (27,021,505) (31,021,648)

- - - - - - 3,985,123 (854,960) (8,360,508) (20,298,356) (2,250,093) (2,824,325)

(160,479,437) (514,775,261) (871,549,425) (1,978,100,929) (414,813,134) (521,751,608) - - - - -

- - - - - -

84,901 17,639 258,779 333,436 119,932 130,825 (160,899,418) (514,762,595) (872,150,507) (1,976,308,615) (414,994,533) (522,062,845)

37,385,280 (841,421) 36,427,080 73,078,835 13,393,373 8,515,226 - - - - - -

(123,514,138) (515,604,016) (835,723,427) (1,903,229,780) (401,601,160) (513,547,619)

- - - - - -

- 643,109,759 836,104,703 1,912,379,765 402,791,565 513,572,402 - - - - - - - - - - - -

- 643,109,759 836,104,703 1,912,379,765 402,791,565 513,572,402

(123,514,138) 127,505,743 381,276 9,149,985 1,190,405 24,783

127,505,743 - - - - -

3,991,605 127,505,743 381,276 9,149,985 1,190,405 24,783

- - - - - -

402,018 435,439 381,276 475,150 492,430 24,783 - - - - - -

3,589,587 127,070,304 - 8,674,835 697,975 - - - - - - - - - - - - -

3,991,605 127,505,743 381,276 9,149,985 1,190,405 24,783

- - - - - -


Director














A. Cash flow from Operating ActivitiesSurplus for the year/periodAdjustments for:-Dividend incomeInterest incomeInterest expense on borrowingsMovement in unrealised appreciation/diminution in the value of Investments

Change in assets and liabilities:(Increase) / Decrease in Investments at Cost(Increase) in Deposits with scheduled banks/companies / institutions

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






Cash and cash equivalents as at the end of the year/period (Refer Note below)Note:Components of cash and cash equivalents as at the end of theyear/period (Refer Note B 1.6 of Schedule VIII)Balances with banks in current account (Refer Schedule VI)Triparty Repo System(TREPS)/Collateralised Borrowing and Lending Obligation (CBLO) (Refer Schedule VI)Reverse Repos (Refer Schedule VI)Deposits with scheduled banks (Refer Schedule V)Less: Earmarked Balances - Unclaimed Dividend and Unclaimed Redemption invested in Reverse Repos/TREPS/CBLO (Refer Schedule III)Cash and cash equivalents as at the end of the year/period






Rs. Rs. Rs.

45,313,905 36,829,430 80,449,687

- - - (63,381,046) (50,766,618) (68,342,540)

- - - 15,990,267 12,429,938 (13,204,473)

(989,442,087) (878,345,168) (1,326,057,925) - - -

- - -

323,021 288,176 352,110 (991,195,940) (879,564,242) (1,326,803,141)

22,196,039 10,521,373 16,202,810 - - -

(968,999,901) (869,042,869) (1,310,600,331)

- - -

969,762,515 869,352,737 1,311,364,513 - - - - - -

969,762,515 869,352,737 1,311,364,513

762,614 309,868 764,182

- - -

762,614 309,868 764,182

- - -

363,771 309,868 465,050 - - -

398,843 - 299,132 - - - - - -

762,614 309,868 764,182

- - -


Director











As At As At As At As At As At As At As At31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18 31-Mar-19

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

Initial Capital 1,596,769,844 1,596,769,844 1,589,580,950 1,589,580,950 2,741,599,907 2,741,599,907 643,109,759


Units Opening Balance / Initial Capital 3,083,190,409 4,454,364,139 23,344,315,892 23,441,345,783 2,741,599,907 2,741,599,907 643,109,759

Add : Units reissued during the year/period 59,374,128 1,528,640,735 19,985,674,775 57,490,623,653 - - - 3,142,564,537 5,983,004,874 43,329,990,667 80,931,969,436 2,741,599,907 2,741,599,907 643,109,759

Less : Units repurchased during the year/period 1,775,636,008 2,899,814,465 35,073,043,869 57,587,653,544 - - -

Units Closing Balance 1,366,928,529 3,083,190,409 8,256,946,798 23,344,315,892 2,741,599,907 2,741,599,907 643,109,759


Short Term Fund")




Initial Capital








643,109,759 836,104,703 1,912,379,765 402,791,565 513,572,402 969,762,515

643,109,759 836,104,703 1,912,379,765 402,791,565 513,572,402 969,762,515

- - - - - - 643,109,759 836,104,703 1,912,379,765 402,791,565 513,572,402 969,762,515

- - - - - -

643,109,759 836,104,703 1,912,379,765 402,791,565 513,572,402 969,762,515













Initial Capital







Rs. Rs.

869,352,737 1,311,364,513

869,352,737 1,311,364,513

- - 869,352,737 1,311,364,513

- -

869,352,737 1,311,364,513








Unit Premium ReserveOpening Balance 116,405,138 166,143,660 (3,080,927,834) (2,029,288,009) - - Net Addition / (Deduction) during the year/period (74,405,880) (49,738,522) (6,948,301) (1,051,639,825) - - Closing Balance 41,999,258 116,405,138 (3,087,876,135) (3,080,927,834) - -

Unrealised Appreciation ReserveAt the beginning of the year/period 37,420,776 49,362,667 51,207,107 100,930,223 7,658,692 - Increase/(Decrease) in unrealised gain in the value of investments (24,168,312) (11,941,891) (10,324,617) (49,723,116) (4,208,903) 7,658,692 At the end of the year/period 13,252,464 37,420,776 40,882,490 51,207,107 3,449,789 7,658,692

Revenue Account 2,443,434,311 4,922,796,729 11,790,571,659 24,659,355,986 215,008,853 6,094,773 2,498,686,033 5,076,622,643 8,743,578,014 21,629,635,259 218,458,642 13,753,465


Short Term Fund")




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

Revenue Account



- - - - - -

- - - - - - - - - - - -

927,702 - - - - - (427,414) 927,702 8,363,298 20,815,215 2,796,305 3,228,525 500,288 927,702 8,363,298 20,815,215 2,796,305 3,228,525

49,202,048 1,030,909 62,715,313 133,249,893 26,173,962 30,175,386 49,702,336 1,958,611 71,078,611 154,065,108 28,970,267 33,403,911












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

Revenue Account


Rs. Rs. Rs.

- - -

- - - - - -

- - - 2,127,434 2,507,453 13,300,153 2,127,434 2,507,453 13,300,153

43,186,471 34,321,977 67,149,534 45,313,905 36,829,430 80,449,687










Current LiabilitiesManagement Fees payable 572,673 2,381,657 1,777,182 2,662,105 319,236 2,484 Trusteeship Fees payable - 1,534,774 - - - - Selling Commission / Brokerage Expenses payable 2,359,693 5,670,233 1,997,314 3,453,832 3,300 19,547 Advertisement & Publicity Expenses payable 95 - 418 - 73 - Audit Fees payable 62,040 - 271,028 - 46,815 - Custodian Fees & Expenses payable 28,836 - 86,651 - 4,719 - Registrar's Fees & Expenses payable 49,013 - 203,733 - 4,258 - Other payable 913,071 895,432 434,831 847,783 230 33,237 Units pending allotment - 1,525,374 10,668,880 20,270,425 - - Contract for purchase of investments 249,620,000 - - 271,986,750 - - Repurchase amount payable 531,141 2,003,435 52,125,206 20,229,596 - - Inter-scheme dues payable 228,234 979,040 13,395,089 32,620,934 - - Unclaimed Redemption payable (Refer Note C 15 of Schedule VIII) 325,022 93,915 787,795 751,220 - - Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII) 9,706 9,203 - - - - Dividend Distribution Tax payable - - 1,212,293 3,733,533 - - Income Distribution payable - - 66,008 - - - Investor Education Fund Expenses Payable 66,266 142,826 294,161 755,082 49,888 13,567 Goods and Services Tax payable on Management Fees 103,081 428,698 319,893 479,179 57,462 447 \ 254,868,871 15,664,587 83,640,482 357,790,439 485,981 69,282


Short Term Fund")



Current LiabilitiesManagement Fees payableTrusteeship Fees payableSelling Commission / Brokerage Expenses payableAdvertisement & Publicity Expenses payableAudit Fees payableCustodian Fees & Expenses payableRegistrar's Fees & Expenses payableOther payableUnits pending allotmentContract for purchase of investmentsRepurchase amount payableInter-scheme dues payableUnclaimed Redemption payable (Refer Note C 15 of Schedule VIII)

Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII)Dividend Distribution Tax payableIncome Distribution payableInvestor Education Fund Expenses PayableGoods and Services Tax payable on Management Fees\



61,324 354 186,421 215,214 84,409 90,209 - - - - - -

225 2,786 - 4,635 - - 18 - 22 50 10 14

10,957 - 14,346 32,676 6,828 8,653 4,756 - 4,720 4,755 4,720 4,755 2,473 - 4,406 2,405 1,479 1,735

70 12,668 20 135 13 - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - -

11,679 1,767 15,288 34,827 7,279 9,221 11,038 64 33,556 38,739 15,194 16,238

102,540 17,639 258,779 333,436 119,932 130,825











Current LiabilitiesManagement Fees payableTrusteeship Fees payableSelling Commission / Brokerage Expenses payableAdvertisement & Publicity Expenses payableAudit Fees payableCustodian Fees & Expenses payableRegistrar's Fees & Expenses payableOther payableUnits pending allotmentContract for purchase of investmentsRepurchase amount payableInter-scheme dues payableUnclaimed Redemption payable (Refer Note C 15 of Schedule VIII)

Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII)Dividend Distribution Tax payableIncome Distribution payableInvestor Education Fund Expenses PayableGoods and Services Tax payable on Management Fees\


Rs. Rs. Rs.

235,992 198,556 251,486 - - - - 14,190 2,250

25 23 33 16,033 14,316 21,991 4,721 4,719 4,719 6,672 5,372 2,917

9 - 6 - - - - - - - - - - - -

- - - - - - - - - - - -

17,090 15,260 23,440 42,479 35,740 45,268

323,021 288,176 352,110










Privately Placed Debentures / Bonds 247,113,000 250,000,000 247,113,000 3,399,748,250 271,851,250 251,924,000 Debentures and Bonds listed / awaiting listing on recognised stock exchange

2,125,109,955 3,664,080,250 8,779,764,163 18,597,874,650 2,518,067,224 2,411,010,223

Central and State Government Securities 1,259,560,138 795,586,357 - - 100,026,378 - Commercial Paper - 704,152,500 2,630,975,840 9,713,997,644 - - Certificate of Deposit - 1,465,478,606 4,483,358,080 11,542,188,951 - -

3,631,783,093 6,879,297,713 16,141,211,083 43,253,809,495 2,889,944,852 2,662,934,223


Short Term Fund")



Privately Placed Debentures / BondsDebentures and Bonds listed / awaiting listing on recognised stock exchangeCentral and State Government SecuritiesCommercial PaperCertificate of Deposit



- - - - - - - 612,953,417 515,630,221 874,790,883 1,892,696,337 415,528,555 524,064,265 973,451,820

59,171,118 - 5,119,050 105,702,948 1,534,672 511,668 - - - - - - - - - - - - - - -

672,124,535 515,630,221 879,909,933 1,998,399,285 417,063,227 524,575,933 973,451,820















Rs. Rs.

- - 865,915,230 1,284,258,254

- 55,004,144 - - - -

865,915,230 1,339,262,398








Deposits with Companies / Institutions* 9,509,000 - 29,900,000 29,900,000 - - - 9,509,000 - 29,900,000 29,900,000 - - -



Short Term Fund")




Deposits with Companies / Institutions*




- - - - - - - - - - - -













Deposits with Companies / Institutions*



Rs. Rs.

- - - -








Balances with banks in current accounts 1,120,275 2,790,067 310,767,433 113,180,054 450,666 690,931 Triparty Repo System/Collateralised Borrowing and Lending Obligation

409,922,609 - 159,969,799 759,718,607 - -

Reverse Repos 10,704,646 1,190,755,009 144,371,275 71,669,508 25,326,531 81,465,626 Contract for sale of investments - - - 247,409,000 - - Accrued income 57,443,810 102,634,349 287,180,157 853,588,462 44,822,481 10,331,874 Inter-scheme dues - 501 2,266,501 2,466,464 - -

Others Receivables (Refer Note C 19 of Schedule VIII) - - 8,499,046 - - - 479,191,340 1,296,179,926 913,054,211 2,048,032,095 70,599,678 92,488,431

Tata Dynamic Bond Fund Tata Treasury Advantage Fund (formerly known as "Tata Ultra Short

Term Fund")



Balances with banks in current accountsTriparty Repo System/Collateralised Borrowing and Lending Obligation

Reverse ReposContract for sale of investmentsAccrued incomeInter-scheme dues

Others Receivables (Refer Note C 19 of Schedule VIII)



402,018 435,439 381,276 475,150 492,430 24,783 - - - - - -

3,589,587 127,070,304 - 8,674,835 697,975 - - - - - - -

16,798,495 1,950,045 27,150,884 59,229,039 13,628,132 22,506,422 - - - - - -

- - - - - - 20,790,100 129,455,788 27,532,160 68,379,024 14,818,537 22,531,205











Balances with banks in current accountsTriparty Repo System/Collateralised Borrowing and Lending Obligation

Reverse ReposContract for sale of investmentsAccrued incomeInter-scheme dues

Others Receivables (Refer Note C 19 of Schedule VIII)


Rs. Rs. Rs.

363,771 309,868 465,050 - - -

398,843 - 299,132 - - -

41,185,007 40,245,245 52,139,730 - - -

- - - 41,947,621 40,555,113 52,903,912










Term Deposits - - - 8,856,849 - - Debentures / Bonds / Asset Backed Securities 165,913,824 189,037,798 1,502,517,624 1,924,428,619 120,979,173 2,922,121 Discounted Securities 94,260,187 88,584,660 1,063,342,088 1,672,442,638 96,424,146 3,032,313 Government Securities 67,253,095 400,765,179 - 18,178,333 7,190,361 - Reverse Repos 47,497,053 87,163,988 39,373,214 60,972,201 368,441 261,935 Other Deposits - - 279,244 173,729 - -

374,924,159 765,551,625 2,605,512,170 3,685,052,369 224,962,121 6,216,369


Short Term Fund")



Term DepositsDebentures / Bonds / Asset Backed SecuritiesDiscounted SecuritiesGovernment SecuritiesReverse ReposOther Deposits



- - - - - - 28,280,136 358,347 43,201,175 79,100,770 18,056,991 23,560,786 19,227,148 624,751 19,208,307 45,037,448 8,236,003 6,784,664 4,526,946 - 185,565 6,006,761 54,948 17,792

199,500 125,526 982,917 2,162,895 673,563 658,406 - - - - - -

52,233,730 1,108,624 63,577,964 132,307,874 27,021,505 31,021,648











Term DepositsDebentures / Bonds / Asset Backed SecuritiesDiscounted SecuritiesGovernment SecuritiesReverse ReposOther Deposits


Rs. Rs. Rs.

- - - 38,367,163 35,576,677 46,256,696 24,734,690 14,553,089 18,172,607

- - 2,498,034 279,193 636,852 1,415,203

- - - 63,381,046 50,766,618 68,342,540








Schedule



Unit Capital I 460,648,595 276,509,749 280,798,864 441,104,380 200,003,842 411,025,428 Reserves & Surplus II 30,576,612 18,580,697 15,100,122 26,769,223 10,735,045 19,301,615 Current Liabilities & Provisions III 116,227 61,687 71,858 448,993 71,206 96,292

TOTAL 491,341,434 295,152,133 295,970,844 468,322,596 210,810,093 430,423,335

ASSETS

Investments IV 465,924,333 279,968,708 284,046,765 450,902,106 202,774,762 424,102,175 Deposits V - - - - - - Other Current Assets VI 25,417,101 15,183,425 11,924,079 17,420,490 8,035,331 6,321,160

TOTAL 491,341,434 295,152,133 295,970,844 468,322,596 210,810,093 430,423,335

- - - - - -











Series 55 Scheme - I






Series 56 Scheme - C



Schedule

LIABILITIES


TOTAL

ASSETS


TOTAL






Rs. Rs. Rs.

182,248,732 276,275,575 461,967,995 568,006,649 917,182,057 7,247,784

4,698,511 4,566,234 3,326,896

754,953,892 1,198,023,866 472,542,675

663,216,508 695,863,244 433,776,180 20,000,000 20,000,000 - 71,737,384 482,160,622 38,766,495

754,953,892 1,198,023,866 472,542,675

- - -


Director




Tata Income Fund (formerly known as "Tata Long Term Debt Fund")

Tata Ultra Short Term Fund


Schedule

12-Sep-18 To 21-Sep-18 To 28-Sep-18 To 12-Oct-18 To 24-Oct-18 To 27-Nov-18 To31-Mar-19 31-Mar-19 31-Mar-19 31-Mar-19 31-Mar-19 31-Mar-19


Interest VII 21,550,189 12,234,433 13,322,359 18,140,753 7,588,059 12,247,803 Profit on sale / redemption of investments (other than inter-scheme transfer/sale)

- - - - 1,109 -

Profit on inter- scheme transfer / sale of investments 54,703 5,144 - - - - Load income - - - - - - Other income (Including excess provision written back) (5,342) - - - - -

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

9,340,220 6,598,460 2,948,203 9,425,189 3,472,387 7,325,573

TOTAL (A) 30,939,770 18,838,037 16,270,562 27,565,942 11,061,555 19,573,376

EXPENSES AND LOSSES


- - - - - -

Management fees 138,566 74,438 92,183 210,502 42,805 82,194 Trusteeship fees - - - - - - Service Tax Expenses on Management Fees 24,943 13,399 16,593 37,891 7,705 14,795 Commission to Agents 93,194 104,824 261,963 465,276 224,158 105,403 Investor Education Fund Expenses 52,169 29,969 29,133 42,484 17,840 28,747 Publicity expenses 17 11 12 18 9 16 Audit fees 7,765 4,664 4,676 7,395 3,330 6,805 Other operating expenses - 15 23 135 1,421 2,403 Custodian fees and expenses 23,776 23,811 23,984 23,842 24,094 23,916 Registrar's fees and expenses 8,008 6,209 6,965 9,176 5,148 7,482 Provision/(Reversal) for / of diminution in value of investments

14,720 - 734,908 - - -

TOTAL (B) 363,158 257,340 1,170,440 796,719 326,510 271,761

Surplus (A-B) 30,576,612 18,580,697 15,100,122 26,769,223 10,735,045 19,301,615 Add / (Less) : Income Equalisation Account (Refer Note B 1.5 of Schedule VIII)

- - - - - -

30,576,612 18,580,697 15,100,122 26,769,223 10,735,045 19,301,615 Add: Surplus brought forward - - - - - -

30,576,612 18,580,697 15,100,122 26,769,223 10,735,045 19,301,615 Add: Unrealised Appreciation Reserve at the beginning of the year/period

- - - - - -


9,340,220 6,598,460 2,948,203 9,425,189 3,472,387 7,325,573

Surplus after adjustments 21,236,392 11,982,237 12,151,919 17,344,034 7,262,658 11,976,042 AppropriationsLess : Income Distribution - - - - - - Less : Tax on dividend distributed - - - - - - Surplus carried forward to Revenue Reserve 21,236,392 11,982,237 12,151,919 17,344,034 7,262,658 11,976,042





















Schedule

INCOME

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

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

TOTAL (A)

EXPENSES AND LOSSES

Loss on sale / redemption of investments (other than inter-scheme transfer/sale)Management feesTrusteeship feesService Tax Expenses on Management FeesCommission to AgentsInvestor Education Fund ExpensesPublicity expensesAudit feesOther operating expensesCustodian fees and expensesRegistrar's fees and expensesProvision/(Reversal) for / of diminution in value of investments

TOTAL (B)

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




Surplus after adjustmentsAppropriationsLess : Income DistributionLess : Tax on dividend distributedSurplus carried forward to Revenue Reserve






Year Ended Year Ended 23-Jan-19 To31-Mar-19 31-Mar-18 31-Mar-19

Rs. Rs. Rs.

64,905,399 125,508,435 6,201,504 15,301,501 52,088,032 6,440

- - - 1,342,041 72,226 -

65,337 - - 649,247 (7,950,240) 1,105,823

82,263,525 169,718,453 7,313,767

36,271,600 65,728,425 -

8,469,985 16,436,173 122,231 - 333,593 -

1,524,598 2,815,824 22,002 3,938,946 6,043,046 19,285

174,487 348,407 16,652 788 - 334

12,052 - 8,389 31,781 - 4,983 38,811 - 7,110

179,011 - 23,611 (1,768,929) (1,717,327) 13,667

48,873,130 89,988,141 238,264

33,390,395 79,730,312 7,075,503 (378,414,504) (355,823,071) 142,125

(345,024,109) (276,092,759) 7,217,628 945,434,078 1,216,846,051 - 600,409,969 940,753,292 7,217,628

7,649,246 15,599,486 -

8,298,493 7,649,246 1,105,823

599,760,722 948,703,532 6,111,805

1,780,412 2,344,609 - 683,463 924,845 -

597,296,847 945,434,078 6,111,805

5.47 5.52 1.631.65 1.36 0.05


Director



Tata Income Fund (formerly known as "Tata Long Term Debt

Fund")

Tata Ultra Short Term

Fund




Rs. Rs. Rs. Rs. Rs. Rs.A. Cash flow from Operating ActivitiesSurplus for the year/period 30,576,612 18,580,697 15,100,122 26,769,223 10,735,045 19,301,615 Adjustments for:-Interest income (21,550,189) (12,234,433) (13,322,359) (18,140,753) (7,588,059) (12,247,803) Movement in unrealised appreciation/diminution in the value of Investments

(9,325,500) (6,598,460) (2,213,295) (9,425,189) (3,472,387) (7,325,573)

Change in assets and liabilities:(Increase) / Decrease in Investments at Cost (456,598,833) (273,370,248) (281,833,470) (441,476,917) (199,302,375) (416,776,602) (Increase) / Decrease in Other Current Assets - - - - - - Increase / (Decrease) in Current Liabilities and Provisions 116,227 61,687 71,858 448,993 71,206 96,292 Cash Generated from/(used in) Operations (456,781,683) (273,560,757) (282,197,144) (441,824,643) (199,556,570) (416,952,071)

Interest received (2,884,558) (2,004,713) 2,346,802 1,333,680 312,750 6,576,942 Dividend received - - - - - - Net Cash Generated from/(used in) Operating Activities ( A ) (459,666,241) (275,565,470) (279,850,342) (440,490,963) (199,243,820) (410,375,129)


C. Cash flow from Financing ActivitiesNet proceeds from reissue / (payments for re-purchase) of units 460,648,595 276,509,749 280,798,864 441,104,380 200,003,842 411,025,428 Net unit premium received / (paid) - - - - - - Dividend paid (including tax on dividend distributed, where applicable) during the year/period

- - - - - -

Net Cash Generated from/(used in) Financing Activities ( C ) 460,648,595 276,509,749 280,798,864 441,104,380 200,003,842 411,025,428

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) 982,354 944,279 948,522 613,417 760,022 650,299

Cash and cash equivalents as at the beginning of the year/period - - - - - -


982,354 944,279 948,522 613,417 760,022 650,299

Note: - - - - - - Components of cash and cash equivalents as at the end of theyear/period (Refer Note B 1.6 of Schedule VIII)

Balances with banks in current account (Refer Schedule VI) 384,089 346,014 449,968 413,995 460,890 450,877 Collateralised Borrowing and Lending Obligation ("CBLO") (Refer Schedule VI)

- - - - - -

Reverse Repos (Refer Schedule VI) 598,265 598,265 498,554 199,422 299,132 199,422 Less: Earmarked Balances - Unclaimed Dividend and Unclaimed Redemption invested in Reverse Repos/TREPS/CBLO (Refer Schedule III)

- - - - - -

Cash and cash equivalents as at the end of the year/period 982,354 944,279 948,522 613,417 760,022 650,299




















A. Cash flow from Operating ActivitiesSurplus for the year/periodAdjustments for:-Interest incomeMovement in unrealised appreciation/diminution in the value of Investments

Change in assets and liabilities:(Increase) / Decrease in Investments at Cost(Increase) / Decrease in Other Current AssetsIncrease / (Decrease) in Current Liabilities and ProvisionsCash Generated from/(used in) Operations






Cash and cash equivalents as at the end of the year/period (Refer Note below)Note:Components of cash and cash equivalents as at the end of theyear/period (Refer Note B 1.6 of Schedule VIII)

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

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

Cash and cash equivalents as at the end of the year/period






Rs. Rs. Rs.

33,390,395 79,730,312 7,075,503

(64,905,399) (125,508,435) (6,201,504) (2,418,176) 6,232,913 (1,092,156)

35,064,912 642,828,797 (432,684,024) 51,834 206,255 -

(817,622) (1,001,549) 85,929 365,944 602,488,293 (432,816,252)

84,074,873 122,826,395 (4,014,775) - - -

84,440,817 725,314,688 (436,831,027)

- - -

(93,121,395) (350,840,056) 462,561,890 (380,101,928) (357,366,051) 172,281

(2,403,951) (3,387,407) -

(475,627,274) (711,593,514) 462,734,171

(391,186,457) 13,721,174 25,903,144

424,018,857 410,297,683 -

32,832,400 424,018,857 25,903,144

- - -

2,719,753 2,189,705 6,758,680 - 299,881,840 -

32,774,713 124,661,212 19,144,464 (2,662,066) (2,713,900) -

32,832,400 424,018,857 25,903,144


Director









Initial Capital 460,648,595 276,509,749 280,798,864 441,104,380 200,003,842 411,025,428


Units Opening Balance / Initial Capital 460,648,595 276,509,749 280,798,864 441,104,380 200,003,842 411,025,428

Add : Units reissued during the year - - - - - - 460,648,595 276,509,749 280,798,864 441,104,380 200,003,842 411,025,428

Less : Units repurchased during the year - - - - - -

Units Closing Balance 460,648,595 276,509,749 280,798,864 441,104,380 200,003,842 411,025,428


Scheme - F












Initial Capital



Add : Units reissued during the year

Less : Units repurchased during the year



Rs. Rs. Rs.

305,001,000 305,001,000 274,180,942

276,275,575 627,129,306 274,180,942

28,083,127 134,800,675 393,445,795 304,358,702 761,929,981 667,626,737

122,109,970 485,654,406 205,658,742

182,248,732 276,275,575 461,967,995






Unit Premium ReserveOpening Balance - - - - - - Net Addition / (Deduction) during the year - - - - - - Closing Balance - - - - - -

Unrealised Appreciation ReserveAt the beginning of the year - - - - - - Increase/(Decrease) in unrealised gain in the value of investments

9,340,220 6,598,460 2,948,203 9,425,189 3,472,387 7,325,573

At the end of the year 9,340,220 6,598,460 2,948,203 9,425,189 3,472,387 7,325,573

Accumulated LoadOpening Balance - - - - - - Add : Collection during the year - - - - - - Closing Balance - - - - - -

Revenue Account 21,236,392 11,982,237 12,151,919 17,344,034 7,262,658 11,976,042 30,576,612 18,580,697 15,100,122 26,769,223 10,735,045 19,301,615


Scheme - F


Scheme - I


Scheme - A


Scheme - B


Scheme - C


Scheme - D


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

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

Accumulated LoadOpening BalanceAdd : Collection during the yearClosing Balance

Revenue Account


Rs. Rs. Rs.

(35,932,891) (34,389,911) - (1,687,424) (1,542,980) 30,156

(37,620,315) (35,932,891) 30,156

7,649,246 15,599,486 - 649,247 (7,950,240) 1,105,823

8,298,493 7,649,246 1,105,823

31,624 31,624 - - - -

31,624 31,624 -

597,296,847 945,434,078 6,111,805 568,006,649 917,182,057 7,247,784






Current LiabilitiesManagement Fees payable 79,058 38,302 43,480 356,571 14,961 43,757 Trusteeship Fees payable - - - - - - Selling Commission / Brokerage Expenses payable - - 3,600 5,265 39,871 23,192 Advertisement & Publicity Expenses payable 11 7 7 12 5 10 Audit Fees payable 7,765 4,664 4,676 7,395 3,330 6,805 Custodian Fees & Expenses payable 4,719 4,720 4,719 4,720 4,757 4,721 Registrar's Fees & Expenses payable 2,158 2,120 2,553 2,966 1,932 2,631 Other payable 10 9 13 - 108 52 Units pending allotment - - - - - - Repurchase amount payable - - - - - - Inter-scheme dues payable - - - - - - Unclaimed Redemption payable (Refer Note C 15 of Schedule VIII) - - - - - - Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII) - - - - - - Transaction Porcessing Charges payable - - - - - - Registraration & Filing fees payable - - - - - - Income Distribution payable - - - - - - Investor Education Fund Expenses Payable 8,275 4,971 4,984 7,881 3,549 7,248 Goods and Services Tax/Service Tax payable on Management Fees 14,231 6,894 7,826 64,183 2,693 7,876

116,227 61,687 71,858 448,993 71,206 96,292














Current LiabilitiesManagement Fees payableTrusteeship Fees payableSelling Commission / Brokerage Expenses payableAdvertisement & Publicity Expenses payableAudit Fees payableCustodian Fees & Expenses payableRegistrar's Fees & Expenses payableOther payableUnits pending allotmentRepurchase amount payableInter-scheme dues payableUnclaimed Redemption payable (Refer Note C 15 of Schedule VIII)Unclaimed Dividend payable (Refer Note C 15 of Schedule VIII)Transaction Porcessing Charges payableRegistraration & Filing fees payableIncome Distribution payableInvestor Education Fund Expenses PayableGoods and Services Tax/Service Tax payable on Management Fees


Rs. Rs. Rs.

61,404 640,539 35,393 - 257,163 -

601,932 559,125 14,055 19 - 13

12,052 - 8,389 5,556 - 2,571

34,849 - 3,591 53,934 24,883 6,188

583,000 10,000 2,624,840 625,437 200,757 - 27,085 23,994 616,127

371,974 482,770 - 2,290,092 2,231,130 -

2,101 - 216 4,016 - 415

962 - - 13,045 20,576 8,727 11,053 115,297 6,371

4,698,511 4,566,234 3,326,896






Privately Placed Debentures / Bonds - - - - - 50,051,099 Debentures and Bonds listed / awaiting listing on recognised stock exchange

465,924,333 279,968,708 284,046,765 450,902,106 202,774,762 374,051,076

Central and State Government Securities - - - - - - Commercial Paper - - - - - - Certificate of Deposit - - - - - -

465,924,333 279,968,708 284,046,765 450,902,106 202,774,762 424,102,175


Scheme - F


Scheme - I


Scheme - A


Scheme - B


Scheme - C


Scheme - D




Rs. Rs. Rs.

47,459,900 99,338,800 - 316,697,914 265,034,521 220,218,732

299,058,694 331,489,923 - - - 126,375,588 - - 87,181,860

663,216,508 695,863,244 433,776,180

Tata Income Fund (formerly known as "Tata Long Term Debt

Fund")

Tata Ultra Short Term

Fund




Deposits with Companies / Institutions - - - - - - - - - - - -














Deposits with Companies / Institutions


Rs. Rs. Rs.

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






Balances with banks in current accounts 384,089 346,014 449,968 413,995 460,890 450,877 Triparty Repo System/Collateralised Borrowing and Lending Obligation

- - - - - -

Reverse Repos 598,265 598,265 498,554 199,422 299,132 199,422 Accrued income 24,434,747 14,239,146 10,975,557 16,807,073 7,275,309 5,670,861 Inter-scheme dues - - - - - -

25,417,101 15,183,425 11,924,079 17,420,490 8,035,331 6,321,160


Scheme - F


Scheme - I


Scheme - A


Scheme - B


Scheme - C


Scheme - D


Balances with banks in current accountsTriparty Repo System/Collateralised Borrowing and Lending ObligationReverse ReposAccrued incomeInter-scheme dues


Rs. Rs. Rs.

2,719,753 2,189,705 6,758,680 - 299,881,840 -

32,774,713 124,661,212 19,144,464 36,242,918 55,412,392 10,216,279

- 15,473 2,647,072 71,737,384 482,160,622 38,766,495






Debentures / Bonds / Asset Backed Securities 20,438,230 11,658,043 8,728,814 12,792,185 4,802,696 8,048,322 Discounted Securities 211,395 1,234 4,136,823 4,617,787 1,966,576 3,369,401 Government Securities - - - - - - Reverse Repos 900,564 575,156 456,722 730,781 818,787 830,080 Other Deposits - - - - - -

21,550,189 12,234,433 13,322,359 18,140,753 7,588,059 12,247,803














Debentures / Bonds / Asset Backed SecuritiesDiscounted SecuritiesGovernment SecuritiesReverse ReposOther Deposits


Rs. Rs. Rs.

29,990,051 54,742,529 2,103,813 799,381 4,077,054 2,559,298

23,782,717 51,830,542 - 10,146,464 14,742,103 1,538,393

186,786 116,207 - 64,905,399 125,508,435 6,201,504



A. Background

SCHEME * NATURE AND SCHEME OBJECTIVETata Liquid Fund (formerly known as "Tata Money Market Fund") (T(LIQ)F)

TATA LIQUID FUND (formerly known as TATA MONEY MARKET FUND) is an openended scheme of the Fund. The investment objective is to create a highly liquid portfolio ofmoney market instruments so as to provide reasonable returns and high liquidity to theunitholders.

Tata Money Market Fund (formerly known as "Tata Liquid Fund") (TMMF)

TATA MONEY MARKET FUND (formerly known as TATA LIQUID FUND) is an openended scheme of the Fund. The investment objective is to create a highly liquid portfolio ofgood quality debt as well as money market instruments so as to provide reasonable returns andhigh liquidity to the unitholders.

Tata Overnight Fund (TOF) TATA OVERNIGHT FUND is an Open-ended Debt Scheme of the Fund investing in overnightsecurities. The objective of the scheme is to seek to generate returns commensurate with lowrisk and providing high level of liquidity, through investments made primarily in overnightsecurities having maturity of 1 business day.

Tata Corporate Bond Fund (formerly known as "Tata Treasury Manager Fund") (TCBF)

TATA CORPORATE BOND FUND (formerly known as TATA TREASURY MANAGERFUND) is an open ended scheme of the Fund. The investment objective of the scheme is togenerate returns over short to medium term by investing predominantly in corporate debtinstruments.

Tata Mutual Fund (the "Fund") is registered with the Securities and Exchange Board of India (“SEBI”). The Schemes are managed by TataAsset Management Limited (“TAML” / the “Investment Manager”), an investment management company registered with SEBI. TheSchemes are sponsored by Tata Sons Limited (“TSL”) and Tata Investment Corporation Limited (“TICL”). Tata Trustee Company Limited(“TTCL” / the “Trustee Company”) is the trustee company of the Schemes.

Schedule IX - Statement of Significant Accounting Policies and Notes to the Accounts as at and for the year ended 31st March,2019.

Pursuant to SEBI Circular dated October 6, 2017 read with circular dated December 4, 2017 on Categorisation and Rationalisation of MutualFund Schemes, the AMC reviewed all the existing open-ended schemes of Tata Mutual Fund. Based on such review, names and attributes offew schemes have been changed in F.Y 2018-19 based on the approval of the Board of AMC and Trustee Company at their Board Meetingsheld on November 30, 2017 and December 4, 2017 respectively and approval by SEBI vide its letter dated March 7, 2018. Wherever thechanges involved change in the Fundamental Attributes of the Scheme(s), the exiting unit holders were given an exit option to redeem theirunit with Fund at the prevailing Net Asset Value (NAV) per unit without payment of exit load.

* Presentation of these separate Balance sheets, Revenue accounts and Cash Flow Statements and related notes and disclosures in a columnarform is not intended to indicate that they bear any relation to each other, or are interdependent or comparable in any way. All the aboveschemes have been collectively referred to as "Schemes".

B SIGNIFICANT ACCOUNTING POLICIES

1.1 Basis of Accounting

The principle accounting policies applied in the presentation of these financial statements are set out below. These policies have beenconsistently applied to both the periods presented, unless otherwise stated.

1.2 Preparation of Financial Statements of the Schemes

The financial statements of the Schemes have been prepared in accordance with the requirements of Securities and Exchange Board ofIndia (Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”), the Ninth and Eleventh Schedules ofwhich lay down the accounting policies and standards to be adopted and the disclosures to be made and the accounting principles generallyaccepted in India.

The preparation of financial statements in conformity with the SEBI Regulations requires the use of certain critical accounting estimates. Italso requires the Board of Directors of the Investment Manager to exercise its judgement in the process of applying the Fund’s accountingpolicies.

The areas involving high degree of judgement or complexity or critical estimates are fair values of unlisted equity securities and theprovision required for non performing assets / Investments.

1.3 Portfolio Valuation

a. Recognition and measurement

Regular purchases and sales of investments are recognised on the trade date - i.e. the date on which the Scheme's order of purchase or saleof investment is executed. Investments include contracts for purchase of securities and exclude contracts for sale of securities, for whichdeliveries are not received/collected.

Investments purchased are initially recognised at cost of acquisition. Cost of acquisition includes transaction costs such as brokerage, stampcharges and other charges customarily included in the brokers note, but excludes pre-acquisition accrued interest which is classified as partof "Other Current Assets".

Subsequent to initial recognition, all investments are measured at fair values reflective of the realisable value of the securities / assets. Gainsor losses on sale of investments are determined using the "weighted average cost method" and are recognised in the Revenue Account in theperiod in which they arise either within "Income" if it is a gain or within "Expenses and Losses" if it is a loss. Changes in the unrealiseddiminution in the value of investments, if any, between two balance sheet dates is recognised in the Revenue Account as"Provision/(Reversal) for diminution in value of investments". Changes in the unrealised appreciation in the value of investments, if any,between two balance sheet dates is recognised in the Revenue Account as "Increase / (Decrease) in unrealised appreciation in the value ofinvestments". Net unrealised gain in the value of investment is reduced from distributable income at the time of income distribution.

b. Fair value estimation

Debt securities (including asset backed securities and money market instruments but excluding Government Securities) ("DebtSecurities"):

Debt Securities (including floating rate securities and money market instruments) with balance maturity of over 60 days are being valued ataverage of the prices received from CRISIL Ltd. ("CRISIL") and ICRA Ltd. ("ICRA") (both agencies being entrusted for the purpose bythe Association of Mutual Funds in India ("AMFI")).

Debt Securities with residual maturity of upto 60 days are valued on an amortisation basis. The amortisation based value is determined byadding to the cost or, as the case may be, last valuation price, the difference between the redemption value and the cost / last valuation price(as applicable) spread uniformly over the remaining maturity period of the instrument. Should the difference between the price derivedfrom average yield and amortised value/trade value (as explained below) exceed 10 basis points of the amortised value, the amortisedvalue/trade value is adjusted to bring it within the band of +/- 10 basis points from the price as derived from average yield. When there aretrades in a day aggregating value of Rs. 25 crores or more by the Fund, highest yield in those trades would be considered for determiningthe trade value to be considered for valuation.

At the time of purchase of an instrument having maturity of upto 60 days, a spread between the purchase yield and the benchmark yieldwill be fixed. In such cases mark up / mark down shall not be applicable till the time such security falls in different maturity bucket. Thisspread will remain fixed through the life of the instrument & will be changed only if there is a further purchase / sale aggregating to Rs. 25crs. per day.

In the case of floating rate securities with floor and caps on coupon rate and residual maturity of upto 60 days, the valuation on anamortisation basis is determined taking the interest rate as the coupon rate.

An asset is classified as non-performing, if the interest and/or principal amount have not been received or remained outstanding for onequarter from the day such income / installment has fallen due. However, the AMC reserves the right to classify an asset as a NonPerforming Asset earlier than period stated above.

Government Securities:Government Securities are being valued at average of the prices received from CRISIL and ICRA (both agencies being entrusted for thepurpose by the AMFI).

Reverse repo and Triparty Repo System (TREPS)/Collateralised Borrowing and Lending Obligation (CBLO) :

Reverse repo are valued at cost and TREPS/CBLO are valued at cost plus accrued interest.

1.4 A) Income Recognition:

Income is recognised on an accrual basis when the right of receipt is established and there is a reasonable certainty of collection. Therecognition criteria for material classes of income are stated below :

a) Profit or loss on sale of investments is recognised on trade date basis. The cost of investments sold is determined on “weighted average costbasis”.

b) Interest on investments, term deposits and reverse repos is recognised on a time-proportionate basis using the coupon rate.

c) Discounts and premium on Debt Securities, TREPS/CBLO and Treasury Bills are amortised on a straight-line basis over the period uptoredemption.

e) Income on Non-Performing Assets (NPA) is recognised on realisation.

1.4 B) Expenses:Upto 31st October, 2018 Expenses are accrued as under :

a) Management fees charged by the Investment Manager and Trusteeship fees charged by the Trustee company, charged to the Schemeswere based on a pre-determined proportion of the daily net assets.

b) Selling Commission directly attributable and identifiable to the Schemes, were being charged to the respective Schemes.

c) The Schemes / Investment Manager (on behalf of the Schemes) contributed 2 basis points on daily net assets towards Investor Educationand Awareness Initiative (IEAI) as per SEBI Regulations.

w.e.f 1st November, 2018 Pursuant to SEBI Circular dated October 22, 2018 Circular No.SEBI/HO/IMD/DF2/CIR/P/2018/137 Expensesare accrued as under :- expenses directly attributable and identifiable to the Scheme, were being charged to the respective Scheme;- investor related expenses such as registrar's expenses, investor communications, investor meets, etc. are being allocated to the Schemes inproportion to the number of live folios in the Schemes; and - other expenses, which could not be attributed to specific Schemes, are being allocated to the Schemes in proportion to their net assets.

Above expenses are capped at the lower of the limits laid down in the SEBI Regulations and the Scheme Information Document ("SID").

1.5 Unit Premium Reserve (“UPR”) and Income EqualisationOn issue / repurchase of units, the portion of the premium which is attributable to realised gains is credited / debited to the RevenueAccount for the period as Income Equalisation. It is reflected in the Revenue Account after the net surplus / deficit of the Schemes isdetermined. The balance portion of the premium that is not attributable to realised gains is credited / debited to the UPR.

If units are sold at a price lower than the face value the difference is debited to the Revenue Account as Income Equalisation.

The distributable amount is determined by deducting from the balance in the Revenue Reserve as at the end of the period, the net unrealisedappreciation in the value of investments as at the end of the period. Credit balance in the UPR is considered to be at par with unit capitaland is not taken into account in the determination of the distributable surplus. Dividend is declared only when the Revenue Reserve ispositive.

1.6 Cash and cash equivalents (for purposes of Cash Flow Statement)Cash and Cash equivalents include balances in bank in current accounts, deposits placed with scheduled banks (with original maturity ofupto three months), TREPS/CBLO and Reverse Repos.

1.7 Cash flow statementThe cash flow statement has been prepared under the Indirect method set out in the Accounting Standard ("AS") -3 on Cash FlowStatement issued by the Institute of Chartered Accountants of India ("ICAI").

1.8 Computation of net asset value:a) The net asset values of the units of the schemes is determined separately for the units issued under the various plans.b) For reporting the net asset values within the portfolio, the scheme’s daily income earned, including realized profit or loss and unrealizedgain or loss in the value of investments, and expenses incurred, are allocated to the related options in proportion to their respective daily netassets (net assets of previous day plus subscription and reduced by redemption for the day) of the plan.

Dividend distribution and Dividend Distribution Tax:At the time of dividend declaration, distributable surplus is arrived at after deducting unrealised appreciation and balance of unit premiumreserve. The dividend is paid net of dividend distribution tax in terms of section 115R(2) and (2A) of the Income Tax Act, 1961.

1.9 Borrowing Cost:The cost of borrowing for meeting redemption liability has been charged to schemes. With effect from February 21, 2019, as per SEBIcircular, cost of borrowing for a given scheme are adjusted against the portfolio yield of the scheme and borrowing costs in excess ofportfolio yield, if any are borne by the AMC.

C. Notes attached to and forming part of the financial statements for the year ended 31st March, 2019

1.

2.

3.

4.

5.

6.

i.

ii.

7.

8 Details of Unit Capital is disclosed in Annexure 6.

9. The Statement showing Net Asset Value (NAV) is disclosed in Annexure 7.

10. Investments made in group / associate companies (Refer Annexure 8).

11.

12. None of the schemes of Tata Mutual Fund have participated in Credit Default Swaps (CDS) and Repo transactions of corporate debt securities.

13. Unprovided diminution and unrealised appreciation in the value of investments. (Refer Annexure 10)

14.

15.

16.

17.

In accordance with clause 7 of the Seventh schedule referred to in Regulation 44 (1) of the SEBI Regulations, securities purchased should be held in the nameof the Schemes. Investments in Government Securities and Treasury Bills are held in the name of “Tata Mutual Fund”.

No provision for income tax has been made since the income of the Schemes is exempt u/s 10(23D) of the Income Tax Act 1961.

Unit holder holding above 25% of the Net Asset Value of the Schemes (Refer Annexure 11).

Unclaimed redemption / dividend amount, since the inception of the Schemes has been invested separately, only in money market instruments and theinvestors who have claimed their redemption / dividend amounts have been paid alongwith the appreciation earned on these amounts as per SEBI circularMFD / CIR / 9 / 120 / 2000 dated 24 November, 2000. The details of unclaimed redemption and unclaimed dividend liabilities are disclosed in Annexure 12.

Transactions with Trustees, Investment Manager, their associates and with entities controlled by co-sponsors Regulation 25(8) of the SEBI Regulations (inrelation to services received by the Schemes) -

Statement of Portfolio with industry wise classification as at 31st March, 2019 (Refer Annexure 2).

Control means the ability to exercise not less than 10% of the voting power of an entity or the ability of the board of directors of an entity to exercise controlover the Investment Manager.

Contingent liabilities as at 31st March, 2019 are Rs.Nil (previous year Rs. Nil).

As explained above, TSL and TICL are the co-sponsors of the Mutual Fund. The nature of transactions with the Trustees, the Investment Manager, theirassociates and entities controlled by co-sponsors has been provided hereinafter. For the purpose of making these disclosures, the meanings ascribed to theterms “associates” and “control” by Regulation 2(c) and 2(g) of the SEBI Regulations have been used which have been summarised below:

The Board of Directors of the Trustee Company has appointed Tata Asset Management Limited as the Investment Manager for the Fund pursuant to anagreement dated 9th May 1995. The Investment Manager also provides certain secretarial and administrative services to the Fund. Under the terms of the arrangement, the Schemes pay theInvestment Manager a fee not greater than the quantum as defined in the SID as a % of the daily net assets value attributable to the unit holders. The Investment Manager is a subsidiary of TSL.

Associates are entities/person that exercise control over or are controlled by the Trustee Company and the Investment Manager or whose director, officer oremployee is a director, officer or employee of the Investment Manager;

Investment Manager

In accordance with the terms of arrangement with Investment Manager and Trustee Company, and as per SEBI Regulations, the Schemes have provided formanagement fees and trusteeship fees and the annualised rate as a % of the average daily net assets value attributable to the unitholders works out as disclosedin Annexure 4.

Investments made by the Schemes of Tata Mutual Fund in companies or their subsidiaries (to the extent of information available) that have invested more than 5% of the net assets of any Schemes of the fund, in terms of Regulation 25 (11) of the SEBI Regulations (Refer Annexure 3).

Broker

The Investment Manager has appointed various brokers for carrying out investment trades on behalf of the Schemes for a brokerage. Entities that have beenpaid such brokerage include Entities over which TSL exercises significant influence and/or control.

The aggregate value of purchases and sales (including redemptions) of investments for the year ended 31st March, 2019 expressed as a percentage of averagedaily net assets is disclosed in Annexure 1.

Disclosure is made in the Annexure 5A in respect of other payments made to parties associated with sponsors in which the Investment Manager or itsmajor shareholders have a substantial interest.

Aggregate Fair Value of Non-Traded Debt Securities (which exclude Government Securities & Treasury Bills, included under Investments in Schedule IV) asdisclosed in Annexure 9.

Transactions during the year in relation to services received by the Schemes from the co-sponsors or from entities over which they exercise control and otherdisclosures required under Regulation 25(8) of the SEBI Regulations are contained in Annexure 5.

18.

Current Year (Rs.) Previous Year (Rs.)

69,858,912 29,458,808 103,805,252 91,465,610 1,233,474 753,928 6,179,081 2,968,264 (5,737,485) (9,054,893) (51,902,626) (45,732,805)

123,436,608 69,858,912

19.

20. Non Performing Assets are as follows :

Gross Amount Rs.

% to Average Net Assets

500,000,000 0.24500,000,000

Maturity Date Maturity Amount % to Average Net Assets

08-Nov-19 250,000,000 5.84

Pursuant to letter dated January 8, 2016, issued by SEBI to AMFI the fund has transferred 50% of 2bps on daily net assets to AMFI which includes amount ofRs. 4,576,001/- which was transferred to AMFI as on April 05, 2019. (Previous year an amount of Rs. 4,011,425/- was transferred to AMFI as on April 06,2018).

Movement of IEAI balances for Tata Mutual Fund during the financial year ended March 31, 2019 is as follows:

Amount receivable from the Investment Manager included under “Other Receivables” in “Other Current Assets” is disclosed in Annexure 13.

Closing balance

Additions during the current year

Add: Income earned on utilised IEAI balanceAdd: Transfer on account of unclaimed dividend / redemption greater than 3 years

Less: Amount transferred / transferable to AMFI

Liability towards Investor Education and Awareness Initiative (IEAI) :

Based on the Best practice guidelines circular issued by AMFI, the cumulative balance of IEAI has been transferred to IEAI Pool Account at Fund level onperiodic basis.

Less: Utilisation during the current year

Amount receivable towards redemption of following securities are fully provided in the financial statements , as the same are considered to be nonperforming.

TMMF

Tata Corporate Bond Fund (formerly known as "Tata Treasury Manager Fund") had invested Rs 250,769,750/ (maturity value - Rs 250,000,000/-) on 20thJanuary, 2017 in 8.54% NCD of Infrastructure Leasing & Financial Services Ltd ('IL&FS'). This Investment was rated investment grade at the time of makinginvestment and there has been multiple down grade of rating and the rating of the above NCD was also downgraded by rating agency to D i.e. 'DefaultCategory' on 18th September, 2018. Consequently, the management considered 100% mark down of NCD for the value of Rs. Rs 25,000,000/- and of interestaccrued of Rs. 13,745,889/- upto 31st March, 2019 held with IL&FS in NCD.

Particulars

Opening balance

Name of Script

Infrastructure Leasing & Financial Services Ltd. Commercial Paper (Maturity 26/09/2018)Total

31-Mar-19

Tata Asset Management Limited has taken adequate steps, including legal proceedings, to recover the dues of investors in the scheme.

Tata Money Market Fund (formerly known as "Tata Liquid Fund") had invested Rs 480,297,500/- (maturity value - Rs 500,000,000/-) on 21st May, 2018 incommercial paper of Infrastructure Leasing & Financial Services Ltd ('IL&FS'). This Investment was rated investment grade at the time of making investmentand there has been multiple down grade of rating and the rating of the above CP was also downgraded by rating agency to D i.e. 'Default Category' on 18thSeptember, 2018. On maturity date of 29th October, 2018 IL&FS defaulted on payment. Consequently, the management considered 100% mark down of CPfor the value of Rs. 500,000,000/- held with IL&FS in commercial paper and entire provision has been made in scheme books.


The rating of the Infrastructure Leasing & Financial Services Ltd. 8.54% Non-Convertible Debenture as mentioned below has been downgraded to Defaultcategory on 17 September, 2018. Accordingly, the Instrument has been valued after applying 100% mark down on face value as recommended by theValuation Committee :

Name of the Security

Infrastructure Leasing & Financial Services Ltd. 8.54% Non-Convertible Debenture

TCBF

21.

22. Segment Reporting

23.

24.

25.

26.

27.

28.


Director



On account of the change in the basis of charging expenses to the Scheme explained in note 1.4 (B) in Part B above, at a line item level the expenses of thecurrent year charged to the Scheme, may not be comparable with those charged in the previous year.

The figures for the previous year have been regrouped and reclassified wherever necessary to conform with the current year's classification.

The Schemes have entered into transactions with certain related parties. The information required in this regard in accordance with Accounting Standard 18on 'Related Party Disclosures' issued by the ICAI is provided (Refer Annexure 14).

Related Party Disclosure

TOF was launched on 25th March, 2019, hence there are no comparative figures.

Name of the Party Relationship

The Schemes operate in one segment only i.e. to primarily generate returns, based on Scheme's Investment Objectives. Further, the Scheme's Investments arein India and hence, the Schemes do not have any geographical segments.


Tata Corporate Bond Fund (formerly known as "Tata Treasury Manager Fund") invested Rs. 278,976,040/- and Rs. 248,715,555/- in SR.-I A 9.05% NCD &SR.-IB 9.10% NCD respectively of Dewan Housing Finance Corporation Limited (‘DHFL’) both having maturity date of 9th September, 2019. At the time ofmaking the investment, the NCD's were rated AAA by SEBI registered rating agencies as investment grade. As at 31st March, 2019 the NCD's were valued atRs. 275,661,400/- and Rs. 246,175,000/- respectively based on the prices given by credit rating agencies which is in line with the valuation policy asprescribed by SEBI.

The Statement showing Borrowings is disclosed in Annexure 15.

In case of Scheme TCBF the tax returns filed by certain securitisation trusts whose Pass Through Certificates (PTCs) were held by the Scheme were taken upfor scrutiny by the Income Tax Authorities for Assessment Year 2009-10 and 2010-11. Arising out of this, Income Tax Authorities had raised a demand onsuch Trusts. On failure to recover the same from trusts, Income Tax Authorities have sent demand notice to Tata Mutual Fund as the alleged beneficiary /contributor to such trusts. Tata Mutual Fund in consultation with its tax and legal advisors has contested the applicability of such demand and proceedings inthe Bombay High Court which has stayed such demand. During the previous year, the ITAT (Mumbai Bench) had issued a favourable order however, thefund has not received any counter claim against this order from the trusts.

Post year end, credit rating of the security has been downgraded by credit rating agencies to ‘D’ i.e. “Default” on 5th June, 2019 based on payment default byDHFL.

The management valued the aforesaid NCD using standard haircut matrix published by AMFI considering the credit rating as D “Default” by applying ahaircut of 75% of the Face Value and interest accrued which is in line with the haircut suggested by credit rating agencies as directed by SEBI Circular NoSEBI/HO/IMD/DF4/CIR/P/2019/41 dated 22nd March, 2019.

Investment Manager (Entity providing key Management Services)

Pursuant to SEBI Circular dated December 28, 2018 and subsequent press releases issued by Tata Asset Management Limited on June 6 & June 7, 2019,segregated portfolio of securities issued by Dewan Housing Finance Corporation Limited (DHFL) has been created in the scheme on June 15, 2019.

ValueRs. % Value

Rs. % ValueRs. % Value

Rs. %

T(LIQ)F 1,762,104,060,467 862.04 1,201,888,190,884 1,131.40 1,722,368,191,780 842.60 1,165,880,624,503 1,097.50 TMMF 67,787,570,965 530.95 638,149,130,389 1,285.10 100,052,479,104 783.67 642,626,386,605 1,294.12

TOF - - NA NA - - NA NA TCBF 6,822,050,746 159.25 13,290,742,502 243.57 10,012,921,805 233.74 11,246,976,292 206.11

Aggregate value of Sales (including redemptions)

Scheme

Aggregate value of Purchases

Annexure 1 - Statement of Aggregate Value of Purchases and Sales (including redemptions) of investments as a % of Average Net Assets.

Year Ended Year Ended31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18

2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18% % % % % % % %

T(LIQ)F 0.0796 0.0321 - NA 0.0808 0.0325 - NATMMF 0.0629 0.0424 - NA 0.0736 0.0389 - NA

TOF 0.1328 NA - NA 0.0752 NA - NATCBF 0.1863 0.1673 - NA 0.2093 0.2403 - NA

Basis of Computation

Illustration:

Scheme Name AUM Upto 100 crs @1.75%

Next 300 crs @ 1.50%

Next 300 crs @1.25%

Remaining @1% Total Fees

Scheme 7,500,000,000 17,500,000 45,000,000 37,500,000 5,000,000 105,000,000 1.40


Next 300 crs @ 1%

Next 300 crs @0.75%

Remaining @ 0.50% Total Fees

Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90

% of Management fee disclosed above is calculated by deviding the management fees paid for the year / period by the average asset undermanagement for the year / period of the scheme. Pursuant to SEBI circular SEBI/HO/IMD/DF2/CIR/P/2018/137 date 22nd October, 2018, themanagement fee charged to direct plan is not higher than the management fee charged in regular plan.

Annexure 4 - Statement of Management and Trusteeship Fees.

Scheme

Management FeesTrusteeship Fees (inclusive

of Goods and Services Tax)


of Goods and Services Tax/Service Tax)

REGULAR DIRECT

Regular Management fees Management

fees%

Direct Management fees Management fees%

Scheme Name of the Company Nature of Payment

Year Ended 31-Mar-19

Rs.


Rs.

As at 31-Mar-19

Rs.

As at 31-Mar-18

Rs.

% equity capital held by the sponsors and its

subsidiary / associates as at 31st March, 2019.

T(LIQ)F 164,605,426 34,650,856 7,389,372 3,102,630 TMMF 8,792,799 20,107,827 - 1,413,269 TOF 9,774 - 9,774 NA TCBF 8,137,732 10,098,732 167,066 1,074,453 T(LIQ)F - - - - TMMF - - - - TOF - - - NA TCBF - - - -

* Tata Sons Limited – 67.90% and Tata Investment Corporation Limited – 32.10%** Tata Sons Limited – 50.00% and Tata Investment Corporation Limited – 50.00%

Annexure 5A - Disclosure under Regulation 25(8) of the SEBI Regulations in respect of other payments made / payable to parties associated with sponsors in whichthe Investment Manager or its major shareholders have a substantial interest.

Tata Asset Management Limited Management Fees

Tata Trustee Company Limited

Trusteeship Fees (inclusive of Goods and Services

Tax)

100%*

100%**

Scheme Period Covered Face Value (Rs.) Initial Capital(Units)

Opening Balance(Units)

Reissue(Units)

Repurchase(Units)

Closing Balance(Units)

T(LIQ)F 1000 4,844,498.320 46,117,957.134 2,462,302,119.229 2,444,943,752.196 63,476,324.167 TMMF 1000 1,005.000 12,785,341.193 62,077,329.069 73,581,924.235 1,280,746.027 TOF 1000 1,700,710.211 NA 11,611.494 1,278,879.610 433,442.095 TCBF 1000 343,343.313 2,816,916.874 1,996,295.841 3,821,404.423 991,808.292 T(LIQ)F 1000 484,449,832.000 39,691,419.999 1,263,732,571.956 1,257,306,034.821 46,117,957.134 TMMF 1000 1,005,000.000 16,138,774.517 673,891,355.428 677,244,788.752 12,785,341.193 TOF NA NA NA NA NA NATCBF 1000 343,343.313 2,034,895.274 8,337,905.914 7,555,884.314 2,816,916.874

Annexure 6 - Details of Unit Capital.

2018-2019

2017-2018

Scheme ParticularsAs at

31-Mar-19 Rs

As at 31-Mar-18

Rs.T(LIQ)F Regular - Daily Dividend 1,001.5160 1,001.5160 T(LIQ)F Regular - Growth 2,930.5513 2,726.9384 T(LIQ)F Direct - Daily Dividend 1,001.5190 1,001.5190 T(LIQ)F Direct - Growth 2,944.4404 2,738.3716 TMMF Regular - Growth 3,208.6596 3,191.6551 TMMF Regular - Daily Dividend 1,083.8372 1,114.5200 TMMF Direct - Growth 3,224.3988 3,203.7490 TMMF Direct - Daily Dividend 1,083.9083 1,114.5200 TOF Regular - Daily Dividend 1,000.0166 NA TOF Regular - Growth 1,001.0350 NA TOF Direct - Daily Dividend 1,000.0000 NA TOF Direct - Growth 1,001.0491 NA TCBF Regular - Daily Dividend 969.4650 1,008.9468 TCBF Regular - Weekly Dividend 971.6601 1,012.4036 TCBF Regular - Monthly Dividend 963.0276 1,004.3898 TCBF Regular - Growth 2,259.4787 2,281.0711 TCBF Direct - Daily Dividend 970.4444 1,009.1200 TCBF Direct - Weekly Dividend 973.6354 1,013.4101 TCBF Direct - Monthly Dividend 964.0320 1,004.5012 TCBF Direct - Growth 2,352.7681 2,360.6484

Annexure 7 - Statement of Net Asset Value (NAV).

SchemeAs at

31-Mar-19 Rs.

As at 31-Mar-18

Rs.T(LIQ)F 156,413,130,967 119,951,131,025 TMMF 3,126,249,834 35,362,938,122 TOF - NATCBF 1,826,525,499 5,304,391,176

Annexure 9 - Statement of Non-Traded Debt Securities.


31-Mar-19 Rs.

As at 31-Mar-18

Rs.

As at 31-Mar-17

Rs.T(LIQ)F Unrealised appreciation 50,623,493 79,849,538 13,318,134 TMMF Unrealised appreciation 4,546,345 23,127,348 5,380,389

TOF Unrealised appreciation - NA NATCBF Unrealised appreciation 3,060,866 3,839,899 2,035,749

Unprovided diminution is Rs. Nil.Unrealised appreciation is given below :

Annexure 10 - Details of Unprovided diminution and unrealised appreciation in the value of investments.

As at 31-Mar-19

As at 31-Mar-18

As at 31-Mar-19

As at 31-Mar-18

T(LIQ)F - - - - TMMF - - - -

TOF - NA - NATCBF - - - -

SchemeCount As a % of AUM

Annexure 11 - Unitholder holding above 25% of the Net Asset Value of the Scheme as at 31st March, 2019.

Count AmountRs. Count Amount

Rs. Count AmountRs. Count Amount

Rs.T(LIQ)F 27 1,646,235 20 313,045 - - - - TMMF 32 333,797 41 1,844,121 12 120,587 13 116,296

TOF - - NA NA - - NA NATCBF 26 1,754,526 30 903,945 - - - -

Annexure 12 - Statement of Unclaimed Redemption and Unclaimed Dividend.

Scheme

Unclaimed Redemption Unclaimed Dividend

As at 31-Mar-19 As at 31-Mar-18 As at 31-Mar-19 As at 31-Mar-18

SchemeAs at

31-Mar-19As at

31-Mar-18T(LIQ)F - 2,323,288 TMMF 29,394 219,178

TOF - NATCBF - -

Annexure 13 - Statement of Amount receivable from the InvestmentManager included under “Other Receivables” in “Other CurrentAssets”.

i.

Source (Institutions/ Banks/Others) Date of Borrowing Rate of Borrowing

Amount (Rs.) Date of Repayment of Borrowing

Clearing Corporation of India Ltd. 29-Mar-19 6.85% 3,907,067,024 2-Apr-19AU Small finance Bank Ltd. 29-Mar-19 8.95% 1,000,000,000 2-Apr-19

Source (Institutions/ Banks/Others) Date of Borrowing Rate of Borrowing

Amount (Rs.) Date of Repayment of Borrowing

T(LIQ)F UCO Bank 28-Mar-18 8.00% 2,000,000,000 3-Apr-18

UCO Bank 28-Mar-18 8.00% 17,000,000,000 3-Apr-18Bandhan Bank 28-Mar-18 9.10% 2,000,000,000 3-Apr-18

ii.

Source (Institutions/ Banks/Others) Maturity Date Maturity Amount (Rs.)

Clearing Corporation of India Ltd. 30-May-19 3,910,000,000AU Small finance Bank Ltd. 3-May-19 2,039,657,985

Total collateral placed against borrowings is maintained at Scheme Level.

Source (Institutions/ Banks/Others) Maturity Date Maturity Amount (Rs.)

25-May-18 750,000,00028-May-18 1,750,000,000

8-May-18 1,250,000,00025-May-18 2,000,000,00025-May-18 1,750,000,00025-May-18 3,500,000,00028-May-18 5,750,000,0004-Jun-18 2,750,000,000

26-Jun-18 2,000,000,000

Bandhan Bank 30-May-18 2,547,369,863

Punjab & Sindh Bank Ltd. Certificate of DepositUjjivan Small Finance Bank Ltd. Certificate of DepositBandhan Bank Term Deposit

T(LIQ)F

Treasury Bills 91 Days

Vijaya Bank Ltd. Certificate of DepositICICI Bank Ltd. Certificate of Deposit

TMMFUCO Bank

Axis Bank Ltd.Certificate of DepositFederal Bank Ltd.Certificate of DepositRBL Bank Ltd. Certificate of DepositVijaya Bank Ltd. Certificate of DepositICICI Bank Ltd. Certificate of Deposit

Annexure 15 - Statement of Borrowing details.

The terms and conditions of the Loan outstanding are as given below :

SchemeAs at 31-Mar-19


TMMF

The following securities have been given as collateral against the borrowings, the details of which are as given below :


Collateral security against the borrowings


Collateral security against the borrowings

T(LIQ)FAU Small finance Bank Ltd. Term Deposit

T(LIQ)F UCO Bank

A. Background

SCHEME * NATURE AND SCHEME OBJECTIVE

Tata Medium Term Fund (formerly known as "Tata Income Plus Fund") (TMTF)

TATA MEDIUM TERM FUND (formerly known as TATA INCOME PLUS FUND) is an openended scheme of the Fund. The investment objective of the scheme is to generate income andcapital appreciation through a portfolio constituted of medium term debt instruments and moneymarket instruments.

Tata Short Term Bond Fund (TSTBF) TATA SHORT TERM BOND FUND is an open ended scheme of the Fund. The investmentobjective of the Scheme is to provide reasonable returns and high level of liquidity by investing inshort- term debt instruments. The objective being to generate optimum returns with capitalpreservation.

Tata Retirement Savings Fund-Conservative Plan (TRSFC)

TATA RETIREMENT SAVINGS FUND - CONSERVATIVE PLAN is an open ended scheme ofthe Fund. The objective of the Scheme is to provide a financial planning tool for long termfinancial security for investors based on their retirement planning goals.

Tata Mutual Fund (the "Fund") is registered with the Securities and Exchange Board of India (“SEBI”). The Schemes are managed by Tata AssetManagement Limited (“TAML” / the “Investment Manager”), an investment management company registered with SEBI. The Schemes aresponsored by Tata Sons Limited (“TSL”) and Tata Investment Corporation Limited (“TICL”). Tata Trustee Company Limited (“TTCL” / the“Trustee Company”) is the trustee company of the Schemes.

Schedule VIII - Statement of Significant Accounting Policies and Notes to the Accounts as at and for the year ended 31st March, 2019.

Pursuant to SEBI Circular dated October 6, 2017 read with circular dated December 4, 2017 on Categorisation and Rationalisation of MutualFund Schemes, the AMC reviewed all the existing open-ended schemes of Tata Mutual Fund. Based on such review, names and attributes of fewschemes have been changed in F.Y 2018-19 based on the approval of the Board of AMC and Trustee Company at their Board Meetings held onNovember 30, 2017 and December 4, 2017 respectively and approval by SEBI vide its letter dated March 7, 2018. Wherever the changesinvolved change in the Fundamental Attributes of the Scheme(s), the exiting unit holders were given an exit option to redeem their unit with Fundat the prevailing Net Asset Value (NAV) per unit without payment of exit load.

* Presentation of these separate Balance sheets, Revenue accounts and Cash Flow Statements and related notes and disclosures in a columnar form is not intended to indicate that they bear any relation to each other, or are interdependent or comparable in any way. All the above schemes havebeen collectively referred to as "Schemes".












Bonus shares and rights entitlement are recognised as on the respective ex-dates on the principal stock exchange where the shares aretraded.



Equity Securities

The Schemes classifies its investments in equity securities as Non-Traded, Thinly Traded and Traded Securities as per SEBI Regulations.

Non-Traded equity securities are those equity and equity related securities (such as convertible debentures, equity warrants, etc.) that havenot been traded on any Stock Exchange for a period of thirty days prior to the valuation date.

When trading in an equity and equity related security in a month is less than Rs. 500,000 and the total volume (in all recognised StockExchanges) is less than 50,000 shares, the security is classified as Thinly Traded.

Equity securities that do not fall within the Non-Traded Securities or Thinly Traded Securities are classified as Traded Securities.

Traded securities are valued at the last quoted closing price on the principal stock exchange (National Stock Exchange -"NSE") on whichthe security is traded on valuation date. When on a particular valuation day, a security has not been traded on the NSE; the last quotedclosing price at which it is traded on Bombay Stock Exchange Limited ("BSE") is used.

In case of Tata Index Fund - Sensex Plan, the traded securities are valued at the last quoted closing price on the principal stock exchange(Bombay Stock Exchange Limited - "BSE"). In case of Tata Index Fund - Nifty Plan, the traded securities are valued at the last quotedclosing price on the principal stock exchange (National Stock Exchange Limited - "NSE").

When an equity security is not traded on any stock exchange on a particular valuation day, the value at which it was traded on the principalstock exchange or any other stock exchange, as the case may be, on the earliest previous day is used provided such date is not more than 30days prior to the valuation date.

Where a traded equity or equity related security is demerged into two or more entities and one of those entities continues to be listed, thevalue of the unlisted entity is determined to be the difference between the closing price of the listed entity on the ex-date (after demerger)and the previous trading date (before demerger) until listing of the other entity.

The fair values of Non-Traded and Thinly Traded equity and equity related securities are determined in each case by appropriatelydiscounting (by 75%) the average of the net worth per share based on its latest audited annual financial statements and the capitalisedearning values of those shares (i.e. the product of the earnings per share of the entity based on its latest audited annual financial statementsand 25% of the average PE multiple for the industry). Where audited annual financial statements of the entity are not available within 9months from the year end, unless the accounting year has changed, the equity securities are valued at zero.

The Schemes do not have any Non-Traded or Thinly Traded equity or equity related securities accounting for more than 5% of its totalassets.



Debt Securities with residual maturity of upto 60 days are valued on an amortisation basis. The amortisation based value is determined byadding to the cost or, as the case may be, last valuation price, the difference between the redemption value and the cost / last valuation price(as applicable) spread uniformly over the remaining maturity period of the instrument. Should the difference between the price derived fromaverage yield and amortised value/trade value (as explained below) exceed 10 basis points of the amortised value, the amortised value/tradevalue is adjusted to bring it within the band of +/- 10 basis points from the price as derived from average yield. When there are trades in aday aggregating value of Rs. 25 crores or more by the Fund, highest yield in those trades would be considered for determining the tradevalue to be considered for valuation.




Government Securities:

Government Securities are being valued at average of the prices received from CRISIL and ICRA (both agencies being entrusted for thepurpose by the AMFI).



1.4 A) Income Recognition:Income is recognised on an accrual basis when the right of receipt is established and there is a reasonable certainty of collection. Therecognition criteria for material classes of income are stated below :

a) Dividend income is recognised on ex-dividend dates.

b) Profit or loss on sale of investments is recognised on trade date basis. The cost of investments sold is determined on “weighted average costbasis”.

c) Interest on investments, term deposits and reverse repos is recognised on a time-proportionate basis using the coupon rate.

d) Discounts and premium on Debt Securities, TREPS/CBLO and Treasury Bills are amortised on a straight-line basis over the period uptoredemption.


1.4 B) Expenses:

Upto 31st October, 2018 Expenses are accrued as under :






The Schemes were charged with additional expense not exceeding 30 basis points of its daily net assets, if the net inflows from beyond thenotified top 30 cities (top 15 cities upto 21st October, 2018) are not less than higher of (a) 30% of the gross inflows into the Scheme or (b)15% of the average assets under management (on a year - to -date basis) of the Scheme. If the net inflows are lower than the threshold determined as above, the additional expense that could be charged to the Scheme isdetermined as under:

(Daily net assets * 30 basis points * New inflows from beyond top 30 cities (top 15 cities upto 21st October, 2018)) / (365 * Higher of (a)or (b) above).These expenses were classified as Commission to Agents in Revenue Account as the Investment Manager has represented that theadditional charge has been utilised / is earmarked for utilisation towards distribution expenses for bringing inflows from such cities.





1.7 Cash flow statement

The cash flow statement has been prepared under the Indirect method set out in the Accounting Standard ("AS") -3 on Cash FlowStatement issued by the Institute of Chartered Accountants of India ("ICAI").

1.8 Load Charges:Load represents amounts charged to investors at the time of exit from the Schemes. The difference between the NAV and the repurchaseprice is disclosed as “Accumulated Load” which is not considered for computation of the NAV of the Schemes.

With effect from 1st August, 2009, the Schemes have not charged any entry load on investments made into it (including additionalpurchases and switches into the Schemes from other Schemes) otherwise than through Systematic Investment Plans ("SIPs") registeredprior to 31st July, 2009 and exit load charged is credited to the Schemes.

In the books of account of the Schemes, the load balances are identified in two parts viz. balance that existed as at 31st July, 2009 andaccretions that were made post that date. The utilisation of portion that existed on 31st July, 2009 is restricted for use in marketing andselling expenses including distributor's / agent's commissions subject to a limit of one-third each in that and subsequent financial years. Theaccretions after 31st July, 2009, can be utilised without any restrictions.

In compliance with SEBI (Mutual Funds) (Second Amendment) Regulations, 2012, with effect from 1st October 2012, exit load collected,net of Goods and Services Tax, is credited to the Schemes.

1.9 Computation of net asset value:

a) The net asset values of the units of the schemes is determined separately for the units issued under the various plans.b) For reporting the net asset values within the portfolio, the scheme’s daily income earned, including realized profit or loss and unrealizedgain or loss in the value of investments, and expenses incurred, are allocated to the related options in proportion to their respective daily netassets (net assets of previous day plus subscription and reduced by redemption for the day) of the plan.


1.10 Borrowing Cost:The cost of borrowing for meeting redemption liability has been charged to schemes. With effect from February 21, 2019, as per SEBIcircular, cost of borrowing for a given scheme are adjusted against the portfolio yield of the scheme and borrowing costs in excess ofportfolio yield, if any are borne by the AMC.


1.

2.

3.

4.

5.

6.

i.

ii.

7.




11.



14.

15.

16.

17.

In accordance with clause 7 of the Seventh schedule referred to in Regulation 44 (1) of the SEBI Regulations, securities purchased should be held in the name ofthe Schemes. Investments in Government Securities and Treasury Bills are held in the name of “Tata Mutual Fund”.



Unclaimed redemption / dividend amount, since the inception of the Schemes has been invested separately, only in money market instruments and the investorswho have claimed their redemption / dividend amounts have been paid alongwith the appreciation earned on these amounts as per SEBI circular MFD / CIR / 9 /120 / 2000 dated 24 November, 2000. The details of unclaimed redemption and unclaimed dividend liabilities are disclosed in Annexure 12.


In accordance with the terms of arrangement with Investment Manager and Trustee Company, and as per SEBI Regulations, the Schemes have provided formanagement fees and trusteeship fees and the annualised rate as a % of the average daily net assets value attributable to the unitholders works out as disclosed inAnnexure 4.

Investments made by the Schemes of Tata Mutual Fund in companies or their subsidiaries (to the extent of information available) that have invested more than5% of the net assets of any Schemes of the fund, in terms of Regulation 25 (11) of the SEBI Regulations (Refer Annexure 3).






Investment Manager

As explained above, TSL and TICL are the co-sponsors of the Mutual Fund. The nature of transactions with the Trustees, the Investment Manager, theirassociates and entities controlled by co-sponsors has been provided hereinafter. For the purpose of making these disclosures, the meanings ascribed to the terms“associates” and “control” by Regulation 2(c) and 2(g) of the SEBI Regulations have been used which have been summarised below:

Disclosure is made in the Annexure 5A in respect of other payments made to parties associated with sponsors in which the Investment Manager or its majorshareholders have a substantial interest.

Control means the ability to exercise not less than 10% of the voting power of an entity or the ability of the board of directors of an entity to exercise control overthe Investment Manager.

Aggregate Fair Value of Non-Traded Debt Securities (which exclude Government Securities & Treasury Bills, included under Investments in Schedule IV) asdisclosed in Annexure 9. There are no Non-Traded / Thinly traded equity or equity related securities.

Broker

The Investment Manager has appointed various brokers for carrying out investment trades on behalf of the Schemes for a brokerage. Entities that have been paidsuch brokerage include Entities over which TSL exercises significant influence and/or control.


18.


69,858,912 29,458,808 103,805,252 91,465,610 1,233,474 753,928 6,179,081 2,968,264 (5,737,485) (9,054,893) (51,902,626) (45,732,805)

123,436,608 69,858,912

19.


Gross Amount Rs.


250,000,000 0.65 1,450,000,000 3.76 1,700,000,000


22.

23.

Post year end, credit rating of the security has been downgraded by credit rating agencies to ‘D’ i.e. “Default” on 5th June, 2019 based on payment default byDHFL on the annual interest on SR.-I 8.90% NCD amounting to Rs. 8,900,000/- (including interest accrued but not due of Rs. 7,339,452/- as at 31st March,2019).

The management valued the aforesaid NCD using standard haircut matrix published by AMFI considering the credit rating as D “Default” by applying a haircutof 75% of the Face Value and interest accrued which is in line with the haircut suggested by credit rating agencies as directed by SEBI Circular NoSEBI/HO/IMD/DF4/CIR/P/2019/41 dated 22nd March, 2019.

The Annual interest on DHFL SR.-I 8.90% NCD due on 4th, June 2019 amounting to Rs. 8,900,000/- has been received on 11th June, 2019.”


Tata Medium Term Fund (formerly known as "Tata Income Plus Fund") invested Rs. 98,464,910/- in SR.-I 8.90% NCD of Dewan Housing Finance CorporationLimited (‘DHFL’) having maturity date of 4th June, 2021. At the time of making the investment, the NCD was rated AAA by SEBI registered rating agencies asinvestment grade. As at 31st March, 2019 the NCD was valued at Rs. 92,838,700/- based on the prices given by credit rating agencies which is in line with thevaluation policy as prescribed by SEBI.

Closing balance

Name of Script

Infrastructure Leasing & Financial Services Ltd. Commercial Paper (Maturity 27/11/2018)

Tata Short Term Bond Fund had invested Rs 239,293,750/- and Rs 13,822,254,550/- (maturity value - Rs 250,000,000/- & 1,450,000,000/-) on 19th March,2018 and 10th May, 2018 respectively in commercial paper of Infrastructure Leasing & Financial Services Ltd ('IL&FS'). This Investment was rated investmentgrade at the time of making investment and there has been multiple down grade of rating and the rating of the above CP was also downgraded by rating agency toD i.e. 'Default Category' on 18th September, 2018. On maturity date of 26th September, 2018 and 27th November, 2018 IL&FS defaulted on payment. Consequently, the management considered 100% mark down of CP for the value of Rs. 250,000,000/- & Rs. 1,450,000,000/- held with IL&FS in commercialpaper and the entire provision has been made in scheme books.



Amount receivable towards redemption of following securities are fully provided in the financial statements , as the same are considered to be non performing.

The Schemes have entered into transactions with certain related parties. The information required in this regard in accordance with Accounting Standard 18 on'Related Party Disclosures' issued by the ICAI is provided (Refer Annexure 14).




The Schemes operate in one segment only i.e. to primarily generate returns, based on Scheme's Investment Objectives. Further, the Scheme's Investments are inIndia and hence, the Schemes do not have any geographical segments.



Additions during the current yearAdd: Transfer on account of unclaimed dividend / redemption greater than 3 years




Add: Income earned on utilised IEAI balance


Infrastructure Leasing & Financial Services Ltd. Commercial Paper (Maturity 26/09/2018)

Total

TSTBF31-Mar-19

Particulars

Opening balance

24.

25.


Director



Pursuant to SEBI Circular dated December 28, 2018 and subsequent press releases issued by Tata Asset Management Limited on June 6 & June 7, 2019,segregated portfolio of securities issued by Dewan Housing Finance Corporation Limited (DHFL) has been created in the scheme on June 15, 2019.



ValueRs. % Value


Rs. %

TMTF 3,423,237,159 399.94 1,201,302,687 133.85 3,360,741,430 392.63 1,498,607,286 166.98 TSTBF 90,945,304,199 235.63 253,715,563,802 375.23 129,418,229,725 335.30 256,023,085,419 378.64 TRSFC 453,945,962 34.63 672,169,606 59.96 639,476,764 48.79 368,769,399 32.90


Scheme




2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18% % % % % % % %

TMTF 0.2792 0.7860 - 0.0186 0.4240 0.7522 - 0.0172 TSTBF 0.3171 0.2654 - 0.0180 0.1722 0.1792 - 0.0173 TRSFC 1.1347 1.2232 - 0.0164 0.8892 1.0245 - 0.0123


Illustration:


Next 300 crs @ 1.50%

Next 300 crs @1.25%


Scheme 7,500,000,000 17,500,000 45,000,000 37,500,000 5,000,000 105,000,000 1.40


Next 300 crs @ 1%

Next 300 crs @0.75%


Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90


Scheme





REGULAR DIRECT



fees%

Direct Management fees Management

fees%



Rs.


Rs.

As at 31-Mar-19

Rs.

As at 31-Mar-18

Rs.

% equity capital held by the sponsors and its

subsidiary / associates as at 31st March, 2019.

TMTF 2,510,444 7,037,964 257,593 444,231 TSTBF 86,752,825 141,488,482 7,867,054 7,434,414 TRSFC 14,529,409 13,539,634 76,514 1,100,539 TMTF - 166,027 - 128,058 TSTBF - 11,861,366 - 9,143,430 TRSFC - 180,712 - 139,242


Annexure 5A - Disclosure under Regulation 25(8) of the SEBI Regulations in respect of other payments made / payable to parties associated with sponsors in which theInvestment Manager or its major shareholders have a substantial interest.

Tata Asset Management Limited Management Fees



Tax/Service Tax)

100%*

100%**



Reissue(Units)

Repurchase(Units)


TMTF 10 221,822,963.300 29,157,744.500 29,084,250.109 34,940,944.104 23,301,050.505 TSTBF 10 10,361,553.450 2,136,392,424.531 273,957,809.600 1,792,396,836.601 617,953,397.530 TRSFC 10 1,594,097.500 67,799,113.339 15,601,859.679 18,456,864.043 64,944,108.975 TMTF 10 221,822,963.300 38,430,488.837 2,465,953.998 11,738,698.501 29,157,744.500 TSTBF 10 103,615,534.500 2,455,282,396.041 2,126,956,410.694 2,445,846,382.204 2,136,392,424.531 TRSFC 10 1,594,097.500 50,811,658.397 28,087,529.121 11,100,074.179 67,799,113.339


2018-2019

2017-2018


31-Mar-19 Rs

As at 31-Mar-18

Rs.TMTF Regular - Dividend 13.1652 13.1456 TMTF Regular - Growth 28.4442 26.8935 TMTF Direct - Dividend 14.0380 13.8685 TMTF Direct - Growth 30.2622 28.3777 TRSFC Regular - Growth 19.8347 18.8764 TRSFC Direct - Growth 21.5608 20.2276 TSTBF Regular - Monthly Dividend 15.0459 15.1370 TSTBF Regular - Periodic Dividend 17.2185 17.1098 TSTBF Regular - Growth 32.4794 32.2895 TSTBF Direct - Monthly Dividend 15.8092 15.7479 TSTBF Direct - Periodic Dividend 18.0274 17.7822 TSTBF Direct - Growth 34.0306 33.5341


SchemeAs at

31-Mar-19 Rs.

As at 31-Mar-18

Rs.TMTF 601,294,998 541,537,145 TSTBF 17,793,415,221 51,559,971,947 TRSFC 174,625,678 104,439,715



31-Mar-19 Rs.

As at 31-Mar-18

Rs.

As at 31-Mar-17

Rs.TMTF Unrealised appreciation 2,255,901 3,652,100 11,196,528 TSTBF Unrealised appreciation 84,428,406 113,873,228 261,207,535 TRSFC Unrealised appreciation 88,457,265 81,333,840 78,114,927



As at 31-Mar-19

As at 31-Mar-18

As at 31-Mar-19

As at 31-Mar-18

TMTF - - - - TSTBF - - - - TRSFC - - - -





Rs.TMTF - - - - - - - - TSTBF 9 1,084,930 8 141,657 12 1,917 14 2,160 TRSFC 96 2,497,213 94 3,338,009 552 262,023 561 255,144


Scheme

Unclaimed Redemption Unclaimed DividendAs at 31-Mar-19 As at 31-Mar-18 As at 31-Mar-19 As at 31-Mar-18

SchemeAs at

31-Mar-19As at

31-Mar-18TMTF - - TSTBF - - TRSFC - -

Annexure 13 - Statement of Amount receivable from the InvestmentManager included under “Other Receivables” in “Other Current Assets”.

A. Background

SCHEME * NATURE AND SCHEME OBJECTIVETata Gilt Securities Fund (TGSF) TATA GILT SECURITIES FUND is an open ended scheme of the Fund. The investment

objective of the Scheme will be to generate risk-free return and thus provide medium to long termcapital gains and income distribution to its unitholders, while at all times emphasising theimportance of capital preservation. The investments would be solely in sovereign securities issuedby the Central Government and/or State Government and/or any security unconditionallyguaranteed by the Government of India and Money Market instruments.

Tata Mutual Fund (the "Fund") is registered with the Securities and Exchange Board of India (“SEBI”). The Schemes are managed by TataAsset Management Limited (“TAML” / the “Investment Manager”), an investment management company registered with SEBI. The Schemesare sponsored by Tata Sons Limited (“TSL”) and Tata Investment Corporation Limited (“TICL”). Tata Trustee Company Limited (“TTCL” /the “Trustee Company”) is the trustee company of the Schemes.

Schedule VIII - Statement of Significant Accounting Policies and Notes to the Accounts as at and for the year ended 31st March,2019.

Pursuant to SEBI Circular dated October 6, 2017 read with circular dated December 4, 2017 on Categorisation and Rationalisation of MutualFund Schemes, the AMC reviewed all the existing open-ended schemes of Tata Mutual Fund. Based on such review, names and attributes offew schemes have been changed in F.Y 2018-19 based on the approval of the Board of AMC and Trustee Company at their Board Meetingsheld on November 30, 2017 and December 4, 2017 respectively and approval by SEBI vide its letter dated March 7, 2018. Wherever thechanges involved change in the Fundamental Attributes of the Scheme(s), the exiting unit holders were given an exit option to redeem theirunit with Fund at the prevailing Net Asset Value (NAV) per unit without payment of exit load.

* Presentation of these separate Balance sheets, Revenue accounts and Cash Flow Statements and related notes and disclosures in a columnarform is not intended to indicate that they bear any relation to each other, or are interdependent or comparable in any way. All the aboveschemes have been collectively referred to as "Schemes".


1.

2.

3.

4.

5.

6.

i.

ii.

7.




11.



14.

15.

16.

17.


As explained above, TSL and TICL are the co-sponsors of the Mutual Fund. The nature of transactions with the Trustees, the Investment Manager, their associatesand entities controlled by co-sponsors has been provided hereinafter. For the purpose of making these disclosures, the meanings ascribed to the terms “associates”and “control” by Regulation 2(c) and 2(g) of the SEBI Regulations have been used which have been summarised below:



Investment Manager


Investments made by the Schemes of Tata Mutual Fund in companies or their subsidiaries (to the extent of information available) that have invested more than 5%of the net assets of any Schemes of the fund, in terms of Regulation 25 (11) of the SEBI Regulations (Refer Annexure 3).

Broker


The aggregate value of purchases and sales (including redemptions) of investments for the year ended 31st March, 2019 expressed as a percentage of average dailynet assets is disclosed in Annexure 1.




Transactions with Trustees, Investment Manager, their associates and with entities controlled by co-sponsors Regulation 25(8) of the SEBI Regulations (in relationto services received by the Schemes) -

The Board of Directors of the Trustee Company has appointed Tata Asset Management Limited as the Investment Manager for the Fund pursuant to an agreementdated 9th May 1995. The Investment Manager also provides certain secretarial and administrative services to the Fund. Under the terms of the arrangement, the Schemes pay theInvestment Manager a fee not greater than the quantum as defined in the SID as a % of the daily net assets value attributable to the unit holders. The Investment Manager is a subsidiary of TSL.






18.


69,858,912 29,458,808 103,805,252 91,465,610 1,233,474 753,928 6,179,081 2,968,264

(5,737,485) (9,054,893) (51,902,626) (45,732,805)

123,436,608 69,858,912

19.

20.

Sr. No. Amount (Rs.)1 1,770,212,424 2 104,983,207 3 1,052,642 4 25,497,841

1,901,746,114

5 30,996 6 5,579 7 383,102 8 741,295 9 2,000

10 62,700 11 33,667

1,259,339

1,900,486,775

Details of units and amounts extinguished / alloted, representing the above net assets.

No of Units extinguished Amount (Rs.) No of Units

alloted Amount (Rs.)

Regular Plan - Dividend 67,383.868 1,181,967 84,588.742 1,181,967 Regular Plan - Growth 63,369,547.002 1,171,189,631 24,203,933.817 1,171,189,631 Direct - Dividend 235,122.463 4,268,625 289,143.454 4,268,625 Direct - Growth 37,314,755.241 723,846,552 14,240,846.279 723,846,552

TOTAL 100,986,808.574 1,900,486,775 38,818,512.292 1,900,486,775

TOTALDescription of LiabilitiesManagement Fees payable

TGMTFDescription of assetCentral and State Government SecuritiesCollateralised Borrowing and Lending ObligationBalances with banks in current accountsAccrued income

Investor Education Fund Expenses payable

Service Tax payable on Mangement Fees

NET ASSET

Plan NameTGMTF TGSF

Selling Commission / Brokerage Expenses payable

Repurchase amount payableInter-scheme dues payable

Particulars

Opening balance

A) Merger of Tata Gilt Midterm Fund (TGMTF) into Tata Gilt Securities Fund (TGSF).

Based on the recommendation of the Investment Manager, the Trustee Company approved the merger on 4th December, 2017 of TGMTF with TGSF, on a goingconcern basis (‘the Merger’). SEBI has accorded its no objection for the merger, vide its letter dated 25th April, 2018. As required by the SEBI Regulations, theInvestment Manager sent letters to unit holders of TGMTF and TGSF with an option to redeem their units at the prevailing NAV at their discretion. The unitholders who did not excercise redemption or switch options were allotted units in TGSF based on 1st June, 2018 closing NAV of TGMTF, the date on which themerger became effective.



Additions during the current year

Other payable


Add: Income earned on utilised IEAI balanceAdd: Transfer on account of unclaimed dividend / redemption greater than 3 years


Closing balance

Upon Merger, the following Net Assets of TGMTF on the date of merger have become the assets of TGSF;



TOTAL

Pursuant to letter dated January 8, 2016, issued by SEBI to AMFI the fund has transferred 50% of 2bps on daily net assets to AMFI which includes amount of Rs.4,576,001/- which was transferred to AMFI as on April 05, 2019. (Previous year an amount of Rs. 4,011,425/- was transferred to AMFI as on April 06, 2018).


22.

23.

24.


Director




On account of the change in the basis of charging expenses to the Scheme explained in note 1.4 (B) in Part B above, at a line item level the expenses of the currentyear charged to the Scheme, may not be comparable with those charged in the previous year.







ValueRs. % Value


Rs. %

TGSF 209,262,370,404 9,200.63 91,026,732,878 7,352.79 210,169,453,139 9,240.51 90,679,553,551 7,324.75


Scheme




2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18% % % % % % % %

TGSF 0.7334 0.6862 - 0.0173 0.3703 0.2165 - 0.0176

2018-19 2017-18 2018-19 2017-18% % % %

TGSF 0.6318 1.2177 - 0.0307


Illustration:


Next 300 crs @ 1.50%

Next 300 crs @1.25%


Scheme 7,500,000,000 17,500,000 45,000,000 37,500,000 5,000,000 105,000,000 1.40


Next 300 crs @ 1%

Next 300 crs @0.75%


Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90

% of Management fee disclosed above is calculated by deviding the management fees paid for the year / period by the average asset undermanagement for the year / period of the scheme. Pursuant to SEBI circular SEBI/HO/IMD/DF2/CIR/P/2018/137 date 22nd October, 2018,the management fee charged to direct plan is not higher than the management fee charged in regular plan.


Scheme



Management FeesTrusteeship Fees

(inclusive of Goods and Services Tax/Service Tax)

REGULAR DIRECT

Management fees%


SchemeManagement Fees


Tax)

Regular Investment Plan

Regular Management fees



Rs.


Rs.

As at 31-Mar-19

Rs.

As at 31-Mar-18

Rs.

% equity capital held by the sponsors and its subsidiary / associates

as at 31st March, 2019.TGSF Tata Asset Management

Limited Management Fees 13,766,130 7,248,405 - 739,827 100%*

TGSFTata Trustee Company Limited

Trusteeship Fees (inclusive of Goods and

Services Tax)

- 215,983 - 166,524 100%**


Annexure 5A - Disclosure under Regulation 25(8) of the SEBI Regulations in respect of other payments made / payable to parties associated with sponsors in which theInvestment Manager or its major shareholders have a substantial interest.



Reissue(Units)

Repurchase(Units)


TGSF 2018-2019 10 37,807,000.000 33,337,308.269 40,662,989.033 21,506,612.900 52,493,684.402 TGSF 2017-2018 10 37,807,000.000 34,414,220.712 2,433,288.303 3,510,200.746 33,337,308.269



31-Mar-19 Rs

As at 31-Mar-18

Rs.TGSF Regular - Dividend 14.8055 14.3781 TGSF Regular - Growth 52.6245 49.7890 TGSF Retirement Planning Series 28/02/2025 Maturity - Dividend 23.8872 22.5972 TGSF Retirement Planning Series 28/02/2025 Maturity - Growth 23.9171 22.6258 TGSF Direct - Dividend 15.8074 15.1584 TGSF Direct - Growth 55.7533 52.1897


SchemeAs at

31-Mar-19 Rs.

As at 31-Mar-18

Rs.TGSF - -



31-Mar-19 Rs.

As at 31-Mar-18

Rs.

As at 31-Mar-17

Rs.TGSF Unrealised appreciation 2,784,832 3,959,735 4,128,202



As at 31-Mar-19

As at 31-Mar-18

As at 31-Mar-19

As at 31-Mar-18

TGSF - - - -





Rs.TGSF 6 492,114 7 502,585 83 240,570 87 234,337


Scheme



SchemeAs at

31-Mar-19As at

31-Mar-18TGSF 1,408,011 -


A. Background

SCHEME * NATURE AND SCHEME OBJECTIVETata Dynamic Bond Fund (TDBF) TATA DYNAMIC BOND FUND is an open ended debt scheme of the Fund. The investment objective of

the Scheme is to create a liquid portfolio of good quality debt as well as Money Market instruments so as toprovide reasonable returns and liquidity to the unitholders.

Tata Treasury Advantage Fund (formerly known as "Tata Ultra Short Term Fund") (TTAF)

TATA TREASURY ADVANTAGE FUND (formerly known as TATA ULTRA SHORT TERM FUND) isan open ended scheme of the Fund. The investment objective of the scheme is to generate regular incomeand capital appreciation by investing in a portfolio of debt and money market instruments with relativelylower interest rate risk.

Tata Fixed Maturity Plan - Series 53 Scheme A (TFM53A)

Tata Fixed Maturity Plan - Series 53 Scheme A is a close ended scheme of the Fund. The investmentobjective of each scheme is to generate income and / or capital appreciation by investing in FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme would mature onMay 4, 2021.

Tata Fixed Maturity Plan - Series 53 Scheme B (TFM53B)

Tata Fixed Maturity Plan - Series 53 Scheme B is a close ended scheme of the Fund. The investmentobjective of each scheme is to generate income and / or capital appreciation by investing in FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme would mature onMay 4, 2021.

Tata Fixed Maturity Plan-Series 54 Scheme - A (TFM54A)

Tata Fixed Maturity Plan - Series 54 Scheme A is a close ended scheme of the Fund. The investmentobjective of each scheme is to generate income and / or capital appreciation by investing in FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme would mature onJune 29, 2021.


Tata Fixed Maturity Plan - Series 56 Scheme A is a close ended scheme of the Fund. The investmentobjective of each scheme is to generate income and / or capital appreciation by investing in FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme would mature onJune 15, 2021.

Tata Fixed Maturity Plan-Series 55 Scheme - B (TFM55B)

Tata Fixed Maturity Plan - Series 55 Scheme B is a close ended scheme of the Fund. The investmentobjective of each scheme is to generate income and / or capital appreciation by investing in FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme would mature onJune 29, 2021.

Tata Fixed Maturity Plan-Series 55 Scheme - D (TFM55D)

Tata Fixed Maturity Plan - Series 55 Scheme D is a close ended scheme of the Fund. The investmentobjective of each scheme is to generate income and / or capital appreciation by investing in FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme would mature onJuly 26, 2021.

Tata Fixed Maturity Plan-Series 55 Scheme - E (TFM55E)

Tata Fixed Maturity Plan - Series 55 Scheme E is a close ended scheme of the Fund. The investmentobjective of each scheme is to generate income and / or capital appreciation by investing in FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme would mature onJuly 29, 2021.

Tata Fixed Maturity Plan-Series 55 Scheme - F (TFM55F)

Tata Fixed Maturity Plan - Series 55 Scheme F is a close ended scheme of the Fund. The investmentobjective of each scheme is to generate income and / or capital appreciation by investing in FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme would mature onAugust 19, 2021.

Tata Fixed Maturity Plan-Series 55 Scheme - G (TFM55G)

Tata Fixed Maturity Plan - Series 55 Scheme G is a close ended scheme of the Fund. The investmentobjective of each scheme is to generate income and / or capital appreciation by investing in FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme would mature onAugust 30, 2021.

Tata Mutual Fund (the "Fund") is registered with the Securities and Exchange Board of India (“SEBI”). The Schemes are managed by Tata AssetManagement Limited (“TAML” / the “Investment Manager”), an investment management company registered with SEBI. The Schemes are sponsored byTata Sons Limited (“TSL”) and Tata Investment Corporation Limited (“TICL”). Tata Trustee Company Limited (“TTCL” / the “Trustee Company”) is thetrustee company of the Schemes.


Pursuant to SEBI Circular dated October 6, 2017 read with circular dated December 4, 2017 on Categorisation and Rationalisation of Mutual FundSchemes, the AMC reviewed all the existing open-ended schemes of Tata Mutual Fund. Based on such review, names and attributes of few schemes havebeen changed in F.Y 2018-19 based on the approval of the Board of AMC and Trustee Company at their Board Meetings held on November 30, 2017 and December 4, 2017 respectively and approval by SEBI vide its letter dated March 7, 2018. Wherever the changes involved change in the FundamentalAttributes of the Scheme(s), the exiting unit holders were given an exit option to redeem their unit with Fund at the prevailing Net Asset Value (NAV) perunit without payment of exit load.

* Presentation of these separate Balance sheets, Revenue accounts and Cash Flow Statements and related notes and disclosures in a columnar form is notintended to indicate that they bear any relation to each other, or are interdependent or comparable in any way. All the above schemes have beencollectively referred to as "Schemes".















w.e.f 1st November, 2018 Pursuant to SEBI Circular dated October 22, 2018 Circular No.SEBI/HO/IMD/DF2/CIR/P/2018/137 Expensesare accrued as under :

- expenses directly attributable and identifiable to the Scheme, were being charged to the respective Scheme;- investor related expenses such as registrar's expenses, investor communications, investor meets, etc. are being allocated to the Schemes inproportion to the number of live folios in the Schemes; and - other expenses, which could not be attributed to specific Schemes, are being allocated to the Schemes in proportion to their net assets.








a) The net asset values of the units of the schemes is determined separately for the units issued under the various plans.

b) For reporting the net asset values within the portfolio, the scheme’s daily income earned, including realized profit or loss and unrealizedgain or loss in the value of investments, and expenses incurred, are allocated to the related options in proportion to their respective daily netassets (net assets of previous day plus subscription and reduced by redemption for the day) of the plan.



1.

2.

3.

4.

5.

6.

i.

ii.

7.




11.



14.

15.

16.

17.












Investment Manager



Broker






18.


69,858,912 29,458,808 103,805,252 91,465,610 1,233,474 753,928 6,179,081 2,968,264 (5,737,485) (9,054,893) (51,902,626) (45,732,805)

123,436,608 69,858,912

19.


21.

22.



Tata Treasury Advantage Fund (formerly known as "Tata Ultra Short Term Fund") invested Rs. 249,085,750/- and Rs. 432,583,290/- in SR.-I A 9.05% NCD &SR.-I 8.90% NCD of Dewan Housing Finance Corporation Limited (‘DHFL’) having maturity date of 9th September, 2019 and 4th June, 2021 respectively. Atthe time of making the investment, the NCD's were rated AAA by SEBI registered rating agencies as investment grade. As at 31st March, 2019 the NCD's werevalued at Rs. 246,126,250/- and Rs. 406,633,506/- respectively based on the prices given by credit rating agencies which is in line with the valuation policy asprescribed by SEBI.









Tata Fixed Maturity Plan-Series 55 Scheme - E invested Rs. 88,530,300/- in SR.-I 8.90% NCD of Dewan Housing Finance Corporation Limited (‘DHFL’)having maturity date of 4th June, 2021. At the time of making the investment, the NCD was rated AAA by SEBI registered rating agencies as investment grade.As at 31st March, 2019 the NCD was valued at Rs. 83,554,830/- based on the prices given by credit rating agencies which is in line with the valuation policy asprescribed by SEBI.

Tata Fixed Maturity Plan-Series 55 Scheme - F invested Rs. 80,708,910/- in SR.-I 8.90% NCD of Dewan Housing Finance Corporation Limited (‘DHFL’)having maturity date of 4th June, 2021. At the time of making the investment, the NCD was rated AAA by SEBI registered rating agencies as investment grade.As at 31st March, 2019 the NCD was valued at Rs. 76,127,734/- based on the prices given by credit rating agencies which is in line with the valuation policy asprescribed by SEBI.

Post year end, credit rating of the security has been downgraded by credit rating agencies to ‘D’ i.e. “Default” on 5th June, 2019 based on payment default byDHFLon the annual interest on SR.-I 8.90% NCD amounting to Rs. 7,298,000/- (including interest accrued but not due of Rs. 6,018,351/- as at 31st March,2019).








Add: Income earned on untilised IEAI balance

Particulars

Opening balance



Closing balance

23.

24.

25.


Director




Pursuant to SEBI Circular dated December 28, 2018 and subsequent press releases issued by Tata Asset Management Limited on June 6 & June 7, 2019,segregated portfolio in Tata Treasury Advantage Fund (formerly known as "Tata Ultra Short Term Fund") of securities issued by Dewan Housing FinanceCorporation Limited (DHFL) has been created in the scheme on June 15, 2019.


TFM54A was launched on 11th May, 2018, TFM55A was launched on 7th June, 2018, TFM55B was launched on 14th June, 2018, TFM55D was launched on14th July, 2018, TFM55E was launched on 20th July, 2018, TFM55F was launched on 9th August, 2018 and TFM55G was launched on 14th August, 2018,hence there are no comparative figures.

The Annual interest in Tata Fixed Maturity Plan-Series 55 Scheme - F on DHFL SR.-I 8.90% NCD due on 4th, June 2019 amounting to Rs. 8,010,000/- has beenreceived on 11th June, 2019.”

ValueRs. % Value


Rs. %

TDBF 192,676,080,811 3,759.56 393,410,764,460 3,571.45 195,904,442,225 3,822.55 395,304,293,935 3,588.64 TTAF 82,832,052,515 250.49 144,465,276,870 283.19 109,682,995,755 331.69 140,075,685,851 274.58

TFM53A 148,760,950 5.29 2,653,439,236 96.45 - - - - TFM53B 141,252,899 21.45 514,512,675 79.80 - - - - TFM54A 852,432,863 98.51 NA NA - - NA NA TFM55A 2,566,233,875 129.84 NA NA 634,173,490 32.09 NA NA TFM55B 436,010,060 105.25 NA NA 29,526,930 7.13 NA NA TFM55D 514,989,679 97.94 NA NA - - NA NA TFM55E 969,312,418 98.46 NA NA 3,997,356 0.41 NA NA TFM55F 865,005,958 98.28 NA NA 968,681 0.11 NA NA TFM55G 1,308,653,914 97.67 NA NA - - NA NA


Scheme




2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18% % % % % % % %

TDBF 0.5887 0.4336 - 0.0176 0.5356 0.4879 - 0.0190 TTAF 0.1719 0.1511 - - 0.1261 0.1109 - -

TFM53A 0.0438 0.0254 - - 0.0170 - - - TFM53B 0.0395 0.0254 - - 0.0142 - - - TFM54A 0.1073 - - NA 0.0297 - - NATFM55A 0.0458 - - NA 0.0254 - - NATFM55B 0.0582 - - NA 0.0275 - - NATFM55D 0.0767 - - NA 0.0379 - - NATFM55E 0.0833 - - NA 0.0405 - - NATFM55F 0.0750 - - NA 0.0525 - - NATFM55G 0.0683 - - NA 0.0488 - - NA


Illustration:


Next 300 crs @ 1.50%

Next 300 crs @1.25%


Scheme 7,500,000,000 17,500,000 45,000,000 37,500,000 5,000,000 105,000,000 1.40


Next 300 crs @ 1%

Next 300 crs @0.75%


Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90


Scheme


(inclusive of Goods and Services Tax)


(inclusive of Goods and Services Tax/Service Tax)

REGULAR DIRECT

% of Management fee disclosed above is calculated by deviding the management fees paid for the year / period by the average asset undermanagement for the year / period of the scheme. Pursuant to SEBI circular SEBI/HO/IMD/DF2/CIR/P/2018/137 date 22nd October, 2018,the management fee charged to direct plan is not higher than the management fee charged in regular plan.


fees%


Scheme Name of the Company

Nature of Payment


Rs.


Rs.

As at 31-Mar-19

Rs.

As at 31-Mar-18

Rs.

% equity capital held by the

sponsors and its subsidiary /

associates as at 31st March, 2019.

TDBF 29,276,074 49,748,286 572,673 2,381,657 TTAF 48,839,683 64,710,398 1,777,182 2,662,105 TFM53A 585,958 2,484 319,236 2,484 TFM53B 119,870 354 61,324 354 TFM54A 337,779 NA 186,421 NA TFM55A 428,502 NA 215,214 NA TFM55B 122,162 NA 84,409 NA TFM55D 167,697 NA 90,209 NA TFM55E 453,774 NA 235,992 NA TFM55F 351,322 NA 198,556 NA TFM55G 426,094 NA 251,486 NA TDBF - 1,990,368 - 1,534,774 TTAF - - - - TFM53A - - - - TFM53B - - - - TFM54A - NA - NA TFM55A - NA - NA TFM55B - NA - NA TFM55D - NA - NA TFM55E - NA - NA TFM55F - NA - NA TFM55G - NA - NA


Annexure 5A - Disclosure under Regulation 25(8) of the SEBI Regulations in respect of other payments made / payable to partiesassociated with sponsors in which the Investment Manager or its major shareholders have a substantial interest.

Tata Asset Management

LimitedManagement Fees


Trusteeship Fees (inclusive of Goods and Services Tax)

100%*

100%**



Reissue(Units)

Repurchase(Units)


TDBF 10 159,676,984.400 308,319,040.983 5,937,412.799 177,563,600.850 136,692,852.932 TTAF 1000 1,589,580.950 23,344,315.892 19,985,674.771 35,073,043.864 8,256,946.799 TFM53A 10 274,159,990.716 274,159,990.716 - - 274,159,990.716 TFM53B 10 64,310,975.875 64,310,975.875 - - 64,310,975.875 TFM54A 10 836,104,703.240 NA 83,610,470.324 - 83,610,470.324 TFM55A 10 1,912,379,764.760 NA 191,237,976.476 - 191,237,976.476 TFM55B 10 402,791,565.050 NA 40,279,156.505 - 40,279,156.505 TFM55D 10 513,572,402.370 NA 51,357,240.237 - 51,357,240.237 TFM55E 10 969,762,515.020 NA 96,976,251.502 - 96,976,251.502 TFM55F 10 869,352,737.140 NA 86,935,273.714 - 86,935,273.714 TFM55G 10 1,311,364,513.410 NA 131,136,451.341 - 131,136,451.341 TDBF 10 159,676,984.400 445,436,413.985 152,864,073.530 289,981,446.532 308,319,040.983 TTAF 1000 1,589,580.950 23,441,345.783 57,490,623.653 57,587,653.544 23,344,315.892 TFM53A 10 274,159,990.716 - 274,159,990.716 - 274,159,990.716 TFM53B 10 64,310,975.875 - 64,310,975.875 - 64,310,975.875 TFM54A NA NA NA NA NA NATFM55A NA NA NA NA NA NATFM55B NA NA NA NA NA NATFM55D NA NA NA NA NA NATFM55E NA NA NA NA NA NATFM55F NA NA NA NA NA NATFM55G NA NA NA NA NA NA


2018-2019

2017-2018


31-Mar-19 Rs

As at 31-Mar-18

Rs.TDBF Regular - Dividend 16.2131 15.2118 TDBF Regular - Growth 28.1219 26.3813 TDBF Direct - Dividend 17.7760 16.4990 TDBF Direct - Growth 29.9540 27.8022 TTAF Regular - Daily Dividend 1,003.9111 1,004.1086 TTAF Regular - Weekly Dividend 1,010.4896 1,004.1086 TTAF Regular - Growth 2,841.8877 1,004.1086 TTAF Regular - Periodic Dividend 1,803.2149 1,004.1086 TTAF Direct - Daily Dividend 1,003.9513 1,004.1086 TTAF Direct - Weekly Dividend 1,010.5605 1,004.1086 TTAF Direct - Growth 2,872.6422 1,004.1086 TTAF Direct - Periodic Dividend 1,821.5272 1,004.1086 TFM53A Regular - Dividend 10.7768 10.0497 TFM53A Regular - Growth 10.7768 10.0497 TFM53A Direct - Dividend 10.8002 10.0502 TFM53A Direct - Growth 10.8002 10.0502 TFM53B Regular - Dividend 10.7534 10.0302 TFM53B Regular - Growth 10.7534 10.0302 TFM53B Direct - Dividend 10.7765 10.0305 TFM53B Direct - Growth 10.7765 10.0305 TFM54A Regular - Dividend 10.8301 NA TFM54A Regular - Growth 10.8301 NA TFM54A Direct - Dividend 10.8551 NA TFM54A Direct - Growth 10.8551 NA TFM55A Regular - Dividend 10.7898 NA TFM55A Regular - Growth 10.7898 NA TFM55A Direct - Dividend 10.8072 NA TFM55A Direct - Growth 10.8072 NA TFM55B Regular - Dividend 10.7079 NA TFM55B Direct - Dividend 10.7259 NA TFM55B Regular - Growth 10.7079 NA TFM55B Direct - Growth 10.7259 NA TFM55D Regular - Dividend 10.6379 NA TFM55D Regular - Growth 10.6379 NA TFM55D Direct - Dividend 10.6538 NA TFM55D Direct - Growth 10.6538 NA TFM55E Regular - Dividend 10.4579 NA TFM55E Regular - Growth 10.4579 NA TFM55E Direct - Dividend 10.4838 NA TFM55E Direct - Growth 10.4838 NA TFM55F Regular - Dividend 10.4126 NA TFM55F Regular - Growth 10.4126 NA TFM55F Direct - Dividend 10.4355 NA TFM55F Direct - Growth 10.4355 NA TFM55G Regular - Dividend 10.6036 NA TFM55G Regular - Growth 10.6036 NA TFM55G Direct - Dividend 10.6168 NA TFM55G Direct - Growth 10.6168 NA


SchemeAs at

31-Mar-19 Rs.

As at 31-Mar-18

Rs.TDBF 2,372,222,955 6,083,711,356 TTAF 16,141,211,083 43,253,809,495 TFM53A 2,789,918,474 2,662,934,223 TFM53B 612,953,417 515,630,221 TFM54A 874,790,883 NATFM55A 1,892,696,337 NATFM55B 415,528,555 NATFM55D 524,064,265 NATFM55E 973,451,820 NATFM55F 865,915,230 NATFM55G 1,284,258,254 NA



31-Mar-19 Rs.

As at 31-Mar-18

Rs.

As at 31-Mar-17

Rs.TDBF Unrealised appreciation 13,252,464 37,420,776 49,362,667 TTAF Unrealised appreciation 40,882,490 51,207,107 100,930,223

TFM53A Unrealised appreciation 3,449,789 7,658,692 - TFM53B Unrealised appreciation 500,288 927,702 - TFM54A Unrealised appreciation 8,363,298 NA NATFM55A Unrealised appreciation 20,815,215 NA NATFM55B Unrealised appreciation 2,796,305 NA NATFM55D Unrealised appreciation 3,228,525 NA NATFM55E Unrealised appreciation 2,127,434 NA NATFM55F Unrealised appreciation 2,507,453 NA NATFM55G Unrealised appreciation 13,300,153 NA NA

Unprovided dimunition is Rs. Nil.Unrealised appreciation is given below :


As at 31-Mar-19

As at 31-Mar-18

As at 31-Mar-19

As at 31-Mar-18

TDBF - - - - TTAF - - - -

TFM53A - - - - TFM53B - - - - TFM54A - NA - NATFM55A - NA - NATFM55B - NA - NATFM55D - NA - NATFM55E - NA - NATFM55F - NA - NATFM55G - NA - NA





Rs.TDBF 5 325,022 3 93,915 5 9,706 5 9,203 TTAF 71 787,795 75 751,220 - - - -

TFM53A - - - - - - - - TFM53B - - - - - - - - TFM54A - - NA NA - - NA NATFM55A - - NA NA - - NA NATFM55B - - NA NA - - NA NATFM55D - - NA NA - - NA NATFM55E - - NA NA - - NA NATFM55F - - NA NA - - NA NATFM55G - - NA NA - - NA NA


Scheme



SchemeAs at

31-Mar-19As at

31-Mar-18TDBF - - TTAF - -

TFM53A - - TFM53B - - TFM54A - NATFM55A - NATFM55B - NATFM55D - NATFM55E - NATFM55F - NATFM55G - NA


A. Background

SCHEME * NATURE AND SCHEME OBJECTIVETata Fixed Maturity Plan-Series 55 Scheme - I (TFM55I)

Tata Fixed Maturity Plan - Series 55 Scheme I is a close ended scheme of the Fund. The investmentobjective of each scheme is to generate income and / or capital appreciation by investing in FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme wouldmature on September 28, 2021.


Tata Fixed Maturity Plan - Series 56 Scheme A is a close ended scheme of the Fund. Theinvestment objective of each scheme is to generate income and / or capital appreciation by investingin FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme wouldmature on September 28, 2021.

Tata Fixed Maturity Plan-Series 56 Scheme - B (TFM56B)

Tata Fixed Maturity Plan - Series 56 Scheme B is a close ended scheme of the Fund. The investmentobjective of each scheme is to generate income and / or capital appreciation by investing in FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme wouldmature on October 6, 2021.

Tata Fixed Maturity Plan-Series 56 Scheme - C (TFM56C)

Tata Fixed Maturity Plan - Series 56 Scheme C is a close ended scheme of the Fund. The investmentobjective of each scheme is to generate income and / or capital appreciation by investing in FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme wouldmature on October 13, 2021.

Tata Fixed Maturity Plan-Series 56 Scheme - D (TFM56D)

Tata Fixed Maturity Plan - Series 56 Scheme D is a close ended scheme of the Fund. The investmentobjective of each scheme is to generate income and / or capital appreciation by investing in FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme wouldmature on November 29, 2021.

Tata Fixed Maturity Plan-Series 56 Scheme - F (TFM56F)

Tata Fixed Maturity Plan - Series 56 Scheme F is a close ended scheme of the Fund. The investmentobjective of each scheme is to generate income and / or capital appreciation by investing in FixedIncome Instruments having maturity in line with the maturity of the scheme. The Scheme wouldmature on April 4, 2022.

Tata Long Term Debt Fund (formerly known as "Tata Income Fund") (TIF)

TATA INCOME FUND (formerly known as TATA LONG TERM DEBT FUND) is an open endedscheme of the Fund. The investment objective of the Scheme is to provide income distribution/capital appreciation over medium to long term.

Tata Ultra Short Term Fund (TUSTF) TATA ULTRA SHORT TERM FUND in open ended ultra-short term debt scheme of the Fund. Theinvestment objective of the Scheme is to generate returns through investment in Debt & MoneyMarket instruments such that the Macaulay duration of the portfolio is between 3 months - 6 months.

Tata Mutual Fund (the "Fund") is registered with the Securities and Exchange Board of India (“SEBI”). The Schemes are managed by Tata AssetManagement Limited (“TAML” / the “Investment Manager”), an investment management company registered with SEBI. The Schemes aresponsored by Tata Sons Limited (“TSL”) and Tata Investment Corporation Limited (“TICL”). Tata Trustee Company Limited (“TTCL” / the“Trustee Company”) is the trustee company of the Schemes.


Pursuant to SEBI Circular dated October 6, 2017 read with circular dated December 4, 2017 on Categorisation and Rationalisation of Mutual FundSchemes, the AMC reviewed all the existing open-ended schemes of Tata Mutual Fund. Based on such review, names and attributes of few schemeshave been changed in F.Y 2018-19 based on the approval of the Board of AMC and Trustee Company at their Board Meetings held on November30, 2017 and December 4, 2017 respectively and approval by SEBI vide its letter dated March 7, 2018. Wherever the changes involved change inthe Fundamental Attributes of the Scheme(s), the exiting unit holders were given an exit option to redeem their unit with Fund at the prevailing NetAsset Value (NAV) per unit without payment of exit load.

* Presentation of these separate Balance sheets, Revenue accounts and Cash Flow Statements and related notes and disclosures in a columnar form isnot intended to indicate that they bear any relation to each other, or are interdependent or comparable in any way. All the above schemes have beencollectively referred to as "Schemes".


1.

2.

3.

4.

5.

6.

i.

ii.

7.




11.



14.

15.

16.

17.







Investment Manager









Broker





18.


69,858,912 29,458,808 103,805,252 91,465,610 1,233,474 753,928 6,179,081 2,968,264 (5,737,485) (9,054,893) (51,902,626) (45,732,805)

123,436,608 69,858,912

19.


Gross Amount Rs.


Gross Amount Rs.


151,040 0.02 151,040 0.0121,167,691 2.43 21,167,691 1.1028,377,877 3.25 28,377,877 1.48

7,500,000 0.86 7,500,000 0.3957,196,608 57,196,608







Amount receivable towards redemption of following securities are fully provided in the financial statements , as the same are considered to be non performing.

TIF

Name of Script31-Mar-19 31-Mar-18

Reliance Petroleum Limited -Triple Option Convertible DebenturesSIV Industries Limited - Non Convertible DebenturesDatar Switch Gear Limited - Non Convertible Debentures

TotalInterest receivable Rs. 7,068,651/- (previous year Rs.7,068,651/-) for non performing assets has been fully provided for.

Sun Earth Ceramics Privately Placed Debentures




Add: Income earned on utilised IEAI balance

Closing balance

Particulars

Opening balance


22.

23.

24.

25.

26.


Director



TFM55I was launched on 3rd September, 2018, TFM56A was launched on 12th September, 2018, TFM56B was launched on 21st September, 2018, TFM56Cwas launched on 3rd October, 2018, TFM56D was launched on 12th October, 2018, TFM56F was launched on 19th November, 2018 and TUSTF was launchedon 11th Jan, 2019, hence there are no comparative figures.




Name of the Party RelationshipTata Asset Management Limited

Tata Fixed Maturity Plan-Series 55 Scheme - F invested Rs. 80,708,910/- in SR.-I 8.90% NCD of Dewan Housing Finance Corporation Limited (‘DHFL’)having maturity date of 4th June, 2021. At the time of making the investment, the NCD was rated AAA by SEBI registered rating agencies as investment grade.As at 31st March, 2019 the NCD was valued at Rs. 76,127,734/- based on the prices given by credit rating agencies which is in line with the valuation policy asprescribed by SEBI.

Post year end, credit rating of the security has been downgraded by credit rating agencies to ‘D’ i.e. “Default” on 5th June, 2019 based on payment default byDHFLon the annual interest on SR.-I 8.90% NCD amounting to Rs. 7,298,000/- (including interest accrued but not due of Rs. 6,018,351/- as at 31st March,2019).





ValueRs. % Value


Rs. %

TFM55I 483,190,681 102.01 NA NA 26,646,551 5.63 NA NA TFM56A 274,387,245 96.32 NA NA 1,022,141 0.36 NA NA TFM56B 277,701,190 96.63 NA NA - - NA NA TFM56C 436,872,021 96.35 NA NA - - NA NA TFM56D 207,288,980 101.23 NA NA 9,846,389 4.81 NA NA TFM56F 413,410,709 98.50 NA NA - - NA NA

TIF 8,842,384,460 1,013.57 19,747,843,427 1,030.57 8,856,446,048 1,015.18 20,376,996,312 1,063.40 TUSTF 489,627,069 109.56 NA NA 59,269,470 13.26 NA NA


Scheme




2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18% % % % % % % %

TFM55I 0.0797 NA - NA 0.0460 NA - NATFM56A 0.0633 NA - NA 0.0411 NA - NATFM56B 0.0796 NA - NA 0.0416 NA - NATFM56C 0.1055 NA - NA 0.0485 NA - NATFM56D 0.0504 NA - NA 0.0315 NA - NATFM56F 0.0670 NA - NA 0.0527 NA - NA

TIF 1.1196 0.9962 - 0.0164 0.5866 0.6091 - 0.0192 TUSTF 0.2593 NA - NA 0.1336 NA - NA


Illustration:


Next 300 crs @ 1.50%

Next 300 crs @1.25%


Scheme 7,500,000,000 17,500,000 45,000,000 37,500,000 5,000,000 105,000,000 1.40


Next 300 crs @ 1%

Next 300 crs @0.75%


Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90



Scheme





REGULAR DIRECT


fees%


Scheme Name of the Company

Nature of Payment


Rs.


Rs.

As at 31-Mar-19

Rs.

As at 31-Mar-18

Rs.

% equity capital held by the

sponsors and its subsidiary /

associates as at 31st March, 2019.

TFM55I 138,566 NA 79,058 NA TFM56A 74,438 NA 38,302 NA TFM56B 92,183 NA 43,480 NA TFM56C 210,502 NA 356,571 NA TFM56D 42,805 NA 14,961 NA TFM56F 82,194 NA 43,757 NA TIF 8,469,985 16,436,173 61,404 640,539 TUSTF 122,231 NA 35,393 NA TFM55I - NA - NA TFM56A - NA - NA TFM56B - NA - NA TFM56C - NA - NA TFM56D - NA - NA TFM56F - NA - NA TIF - 333,593 - 257,163 TUSTF - NA - NA


Annexure 5A - Disclosure under Regulation 25(8) of the SEBI Regulations in respect of other payments made / payable to parties associatedwith sponsors in which the Investment Manager or its major shareholders have a substantial interest.

Tata Asset Management

LimitedManagement Fees


Trusteeship Fees (inclusive of Goods and Services Tax)

100%*

100%**



Reissue(Units)

Repurchase(Units)


TFM55I 10 46,064,859.455 NA 46,064,859.455 - 46,064,859.455 TFM56A 10 27,650,974.888 NA 27,650,974.888 - 27,650,974.888 TFM56B 10 28,079,886.429 NA 28,079,886.429 - 28,079,886.429 TFM56C 10 44,110,438.010 NA 44,110,438.010 - 44,110,438.010 TFM56D 10 17,546,363.338 NA 20,000,384.176 - 20,000,384.176 TFM56F 10 41,102,542.808 NA 41,102,542.808 - 41,102,542.808 TIF 10 30,500,100.000 27,627,557.526 2,808,312.700 12,210,997.023 18,224,873.203 TUSTF 10 27,418,094.187 - 39,344,579.513 20,565,874.200 46,196,799.500 TFM55I NA NA NA NA NA NATFM56A NA NA NA NA NA NATFM56B NA NA NA NA NA NATFM56C NA NA NA NA NA NATFM56D NA NA NA NA NA NATFM56F NA NA NA NA NA NATIF 10 30,500,100.000 62,712,930.577 13,480,067.552 48,565,440.603 27,627,557.526 TUSTF NA NA NA NA NA NA


2018-2019

2017-2018


31-Mar-19 Rs

As at 31-Mar-18

Rs.TFM55I Regular - Dividend 10.6539 NA TFM55I Regular - Growth 10.6539 NA TFM55I Direct - Dividend 10.6664 NA TFM55I Direct - Growth 10.6664 NA TFM56A Regular - Dividend 10.6648 NA TFM56A Regular - Growth 10.6648 NA TFM56A Direct - Dividend 10.6765 NA TFM56A Direct - Growth 10.6765 NA TFM56B Regular - Dividend 10.5295 NA TFM56B Regular - Growth 10.5295 NA TFM56B Direct - Dividend 10.5488 NA TFM56B Direct - Growth 10.5488 NA TFM56C Regular - Dividend 10.6051 NA TFM56C Regular - Growth 10.6051 NA TFM56C Direct - Dividend 10.6205 NA TFM56C Direct - Growth 10.6205 NA TFM56D Regular - Dividend 10.5349 NA TFM56D Regular - Growth 10.5349 NA TFM56D Direct - Dividend 10.5490 NA TFM56D Direct - Growth 10.5490 NA TFM56F Regular - Dividend 10.4634 NA TFM56F Regular - Growth 10.4634 NA TFM56F Direct - Dividend 10.4724 NA TFM56F Direct - Growth 10.4724 NA TIF Regular - Growth 54.6660 52.4088 TIF Regular - Periodic Dividend 31.6981 30.4010 TIF Regular - Half Yearly Dividend 13.2909 13.1485 TIF Direct - Growth 57.5998 54.5918 TIF Direct - Periodic Dividend 32.8005 31.0842 TIF Direct - Half Yearly Dividend 14.1202 13.7626 TUSTF Regular - Weekly Dividend 10.1490 NA TUSTF Regular - Monthly Dividend 10.1490 NA TUSTF Regular - Growth 10.1490 NA TUSTF Direct - Weekly Dividend 10.1589 NA TUSTF Direct - Monthly Dividend 10.1589 NA TUSTF Direct - Growth 10.1589 NA


SchemeAs at

31-Mar-19 Rs.

As at 31-Mar-18

Rs.TFM55I 465,924,333 NATFM56A 279,968,708 NATFM56B 284,046,765 NATFM56C 450,902,106 NATFM56D 202,774,762 NATFM56F 424,102,175 NATIF 364,157,814 364,373,321 TUSTF 433,776,180 NA



31-Mar-19 Rs.

As at 31-Mar-18

Rs.

As at 31-Mar-17

Rs.TFM55I Unrealised appreciation 9,340,220 NA NATFM56A Unrealised appreciation 6,598,460 NA NATFM56B Unrealised appreciation 2,948,203 NA NATFM56C Unrealised appreciation 9,425,189 NA NATFM56D Unrealised appreciation 3,472,387 NA NATFM56F Unrealised appreciation 7,326,510 NA NA

TIF Unrealised appreciation 8,298,493 7,649,246 15,599,486 TUSTF Unrealised appreciation 1,105,823 NA NA



As at 31-Mar-19

As at 31-Mar-18

As at 31-Mar-19

As at 31-Mar-18

TFM55I - NA - NATFM56A - NA - NATFM56B - NA - NATFM56C - NA - NATFM56D - NA - NATFM56F - NA - NA

TIF - - - - TUSTF - NA - NA





Rs.TFM55I - - NA NA - - NA NATFM56A - - NA NA - - NA NATFM56B - - NA NA - - NA NATFM56C - - NA NA - - NA NATFM56D - - NA NA - - NA NATFM56F - - NA NA - - NA NA

TIF 29 371,974 29 482,770 659 2,290,092 684 2,231,130 TUSTF - - NA NA - - NA NA


Scheme



SchemeAs at

31-Mar-19As at

31-Mar-18TFM55I - NATFM56A - NATFM56B - NATFM56C - NATFM56D - NATFM56F - NA

TIF - - TUSTF - NA


Investor Service Centres - AMC OFFICES Call Free : 1800 – 209 – 0101 (Lines open on All days)

West Zone: Ahmedabad: 402, ‘Megha House’, Mithakhali - Law Garden Road, Netaji Marg, Ahmedabad - 380 006. Tel.: 079 - 26466080 / 40076949. Bhopal: MF-12, Block-A, Mansarovar Complex, Near Habibganj Railway Station, Bhopal - 462 016. Tel.: 0755 - 2574198 / 4209752. Borivali: Shop No.6, Kapoor Apartment, Punjabi Lane, Chandavarkar Road Junction, Borivali (West), Mumbai - 400 092. Tel.: 022- 28945923 / 8655421234. Goa: F- 4, 1st Floor, Edcon Tower, Next to Hotel Salida Del Sol, Near Apple Corner, Menezes Braganza Road, Panaji - Goa - 403 001. Tel.: 7888051135, Fax: 0832-2422135. Indore: 204, D.M. Tower, Race Course Road, Near Zanjeerwala Chourha, Indore - 452 003. Tel.: 0731-4201806, Fax 0731-4201807. Jamnagar: 202 Manek Centre, 2nd Floor, Opp Income Tax Office, P. N. Marg, Jamnagar - 361 001. Tel: 0288 - 2673111. Jabalpur: Office No. 4, 1178, Napier Town, Home Science College Road, Jabalpur - 482 001(M.P.). Tel.: 0761-4074263. Mumbai: Mulla House, Ground Floor, 51, M. G. Road, Near Flora Fountain, Mumbai - 400 001. Tel.: 022-66315191/92/93, Fax: 022- 66315194. Nagpur: 102, Shivaji Complex, Near Times of India, Dharampeth, WHC Road, Nagpur - 440 010, Tel.: 0712 - 6630425 / 6502885. Nashik: 5, Samriddhi Residency, Opp Hotel City Pride, Tilakwadi, Nashik - 422 002. Tel.: 0253-6605138, Fax: 0253-2579098. Navsari: Shop No.1, Swiss Cottage, Ashanagar Main Road, Navsari - 396 445. Tel: 02637 - 281991. Pune: Office No 33, 3rd Floor, Yeshwant Building, Opp Lane No. 9, Prabhat Road, Pune – 411 004. Tel.: 020-41204949 / 950. Rajkot: Arihant Plaza, 201, 2nd Floor, Subhash Road, Near Moti Tanki Chowk, Rajkot – 360 001. Tel.: 0281- 6624848. Surat: G-18, Ground Floor, ITC Building, Near Majuragate, Ring Road, Surat – 395 002. Tel.: 0261 - 4012140, Fax: 0261-2470326. Thane: Shop No. 9, Konark Tower, Ghantali Devi Road, Thane (West) - 400 602. Tel.: 022 – 25300912. Vadodara: 304, 3rd Floor, “TITHI” Complex, Opposite Baroda Productivity Council, Productivity Road, Alkapuri. Vadodara – 390 007. Tel.: 0265-6641888/2356114, Fax: 0265-6641999. Gurgaon: Unit No. - 209, 2nd Floor, Vipul Agora Mall, Sector 28, M. G. Road, Gurgaon - 122 001East Zone:Bhilai: Shop No.145, Ground Floor, Chauhan Estate, Near HDFC Bank, Bhilai - 490 001. Tel.: 0788-2295625. Bhubaneswar: Room-309, 3rd Floor, Janpath Tower, Ashok Nagar, Bhubaneswar - 751009. Tel.: 0674 -2533818/ 7064678888. Dhanbad: Shriram Plaza, 2nd Floor, Room No.202 (B), Bank More, Jharkhand, Dhanbad - 826 001. Tel.: 0326-2300304 / 9234302478. Durgapur: Landmark Building (Phase II), 2nd Floor, Above Punjab National Bank, Opp. Central Library, Shahid Khudiram Sarani, City Centre, Durgapur 713216. Tel.: 0343-2544463 / 8436902531. Guwahati: 109, 1st Floor, Orion Tower, Christian Basti, G S Road, Guwahati - 781 005 (Assam). Tel.: 0361-2343084. Jamshedpur: Voltas House, Mezzanine Floor, Main Road Bistupur, Jamshedpur - 831001. Tel.: 0657-2321302 / 363 / 6576911. Kolkata: Apeejay House, Ground Floor, 15 Park Street, Kolkata – 700 016. Tel.: 033-4406 3300/01/33/19. Fax: 033-4406 3315. Patna: 301, 3rd Floor, Grand Plaza, Frazer Road, Patna - 800 001. Tel.: (0612) 2216994. Raipur: Shop No. S-10, 2nd Floor, Raheja Tower, Near Fafadhi Chowk, Jail Road, Raipur (Chhattisgarh) 492001. Tel.: 0771-4040069 / 6537340. Ranchi: 406 - A, 4th Floor, Satya Ganga Arcade, Sarjana Chowk, Lalji Hirji Road, Ranchi - 834001. Tel.: 0651-2210226 / 8235050200. Siliguri: Lower Ground Floor, Nanak Complex, Sevoke Road, Siliguri – 734001. Tel.: 0353 - 2522275.North Zone:Ajmer: 02 Floor, Agra Gate Circle, P. R. Marg, Ajmer - 305 001. Tel: (0145) 2625316. Agra: Unit No. 2, 1st Floor, Block No. 54, Prateek Tower Commercial Complex, Sanjay Place, Agra| - 282002. Tel.:- 0562-2525195. Allahabad: Shop No. 10, Upper Ground Floor, Vashistha Vinayak Tower, Tashkand Marg, Civil Lines, Allahabad -211 001. Tel.:- 0532-2260974. Amritsar: Mezzanine Floor, S.C.O – 25, B Block, District Shopping Complex, Ranjit Avenue, Amritsar – 143 001. Tel.: 0183-5011181/5011190. Chandigarh: SCO - 2473-74, 1st Floor, Sector- 22C, Chandigarh - 160 022. Tel.: 0172-5037205/5087322, Fax: 0172 - 2603770. Dehradun: Shop No. 19, Ground Floor, Shree Radha Palace, 78, Rajpur Road, Dehradun – 248 001, Uttarakhand. Tel.: 0135-2740877 / 2741877. Jalandhar: Shop No.32, 5th Floor, City Square Building, Near Kesar Petrol Pump, Jalandhar - 144 001, Tel.: 0181 - 5001024/25. Jaipur: 233, 2nd Floor, Ganpati Plaza, M I Road, Jaipur - 302 001. Tel.: 0141 - 5105177 / 78 / 2389387, Fax: 5105178. Delhi: Vandana Building, 9th Floor, Unit Nos.9-G & 9-H, 11, Tolstoy Marg, Connaught Place, New Delhi – 110 001. Tel.: 011-66324101/102/103/104/105, Fax: 011-66303202. Jodhpur: Ground Floor, Jaya Enclave, 79/4, Opp. IDBI Bank, 1st A Road, Sardarpura, Jodhpur - 342 001. Tel.: 0291-2631257, Fax: 0291 - 2631257. Kanpur: 4th Floor, Office No. 412 - 413, KAN Chambers, 14 / 113, Civil Lines, Kanpur - 208 001. Tel.: 0512-2306065 / 6066, Fax: 0512 - 2306065. Kota: Unit No. 26, 1st Floor, Mehta Compound, Jhalawar Road, Kota - 324 007. Tel.: 0744 - 2362548. Lucknow: Office No.2, Saran Chambers-I, 1st Floor, 5, Park Road, Lucknow - 226 001. Tel.: 0522-4001731, Fax: 0522-2235386. Ludhiana: Cabin No. 201, 2nd. Floor, SCO 18, Opp Ludhiana Stock Exchange, Feroze Gandhi Market, Ludhiana - 141 001. Tel.: 0161-5089667 / 668, Fax: 0161-2413498. Meerut: G-13, Rama Plaza, Near Bachha Park, Western Kutchery Road, Meerut (U.P.) – 250 001. Tel.: 0121-4035585. Moradabad: Ground Floor, Near Hotel Rajmahal, Civil Lines, Moradabad – 244 001, Tel.: 0591-2410667. Udaipur: Office No - 4, 2nd Floor, Madhav Appartment, Opp GPO, Chetak Circle, Udaipur - 313 001. Tel.: 0294-2429371, Fax: 0294-2429371. Varanasi: D-64/127, 2nd Floor, C-H Arihant Complex, Sigra, Varanasi - 221010 Tel.: 0542-2222179 / 2221822.South Zone:Bangalore: Unit 3A, 4th Floor, Sobha Alexander Plaza, 16/2-6, Commissariat Road, Bangalore – 560025. Tel.: 080-66561313 / 1319 / 1322, Fax: 080-22370512. Calicut: C-8 & 9, Friends Commercial Complex, Near Federal Towers, Arayadathu Palam, Mavoor Road, Calicut - 673016. Tel.: 0495-4850508. Chennai: 3rd Floor, Sri Bala Vinayagar Square, No.2, North Boag Road, Near AGS Complex, T Nagar, Chennai - 600 017. Tel.: 044 - 48641878 / 48631868 / 48676454. Fax: 044-43546313. Cochin: 2nd Floor, Ajay Vihar, Near Hotel Avenue Regent, M. G. Road, Cochin - 682 016. Tel.: 0484-4865813 / 814 / 815. Fax: 0484 - 2377581. Coimbatore: Tulsi Chambers, 195-F, Ground Floor, West T V Swamy Road, R S Puram, Coimbatore – 641002. Tel.: 0422-4365635, Fax: 2546585. Hyderabad: 2nd Floor, Room No. 211, Babukhan Mall, Opp. Kalaniketan, Somajiguda, Hyderabad – 500 082. Tel.: 040-67308989 / 8901 / 8902. Fax: 040-67308990. Hubli: No 19 & 20, 1st Floor, Eureka Junction, T B Road, Hubli – 580029. Tel.: 0836 - 4251510 Fax: 4251510. Kottayam: CSI Ascention Square, Logos Junction, Collectorate P. O., Kottayam - 686 002. Tel.: 0481 2568450. Mangalore: Essel Towers, 1st Floor, Bunts Hostel Circle, Above UTI Bank, Mangalore - 575 003. Tel.: 0824 - 4260308. Madurai: 1st Floor, Old No. 11B, Opp. Sethupathy Higher Secondary School, North Veli Street, Madurai – 625 001. Tel.: 0452-4246315 Fax: 0452-4246315. Mysore: CH-16, 1st Floor, Prashanth Plaza, 4th Main, 5th Cross, Saraswathipuram, Mysore - 570009. Tel.: 0821 - 4246676 Fax: 4246676. Puducherry: 114, Jayalakshmi Complex, 1st Floor, Thiruvalluvar Salai Pillaithottam, Puducherry – 605 013. Tel.: 0413-6502043 / 9952113339. Salem: Raj Towers, Ground Floor, No: 4, Brindavan Road, Fairlands, Salem - 636 016. Tel.: 0427 - 4042028 Fax: 4042028. Thrissur: 4th Floor, Pathayappura Buildings, Round South, Thrissur - 680 001. Tel.: 0487 - 2423330. Trivandrum: Ground Floor, Sai Kripa Building, TC-1956/3, Ganapthi Temple Road, Vazhuthacaud, Trivandrum – 695 014. Tel.: 0471 - 4851431. Trichy: No.60/3, ‘Krishna’, 2nd Floor, Sastri Main Road, Tennur, Trichy - 620 017. Tel.: 0431 - 4024060. Vijaywada: Ground Floor, D. No. 40 – 13 – 5, Sri Rama Chandra Complex, Chandra Mouli Puram, M. G. Road, Benz Circle, Vijayawada – 520 010. Tel.: 0866-6632010. Vishakapatnam: Door No. 47-15-14 & 15, Shop No. 102 B, Ground floor, VRC Complex, Opp. TSR Complex, Next to Andhra Bank, Visakhapatnam – 530 016. Tel.: 0891-2503292 / 6666133.Statutory Details: Constitution : Tata Mutual Fund (TMF) has been set up as a Trust under the India Trusts Act, 1882. Sponsors & Settlors: Tata Sons Limited and Tata Investment Corporation Limited. Trustee : Tata Trustee Company Limited. Investment Manager: Tata Asset Management Limited. Corporate Identity Number: TAML: U65990-MH-1994-PLC-077090, TTCL: U65991-MH-1995-PLC-087722.

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

2018 - 2019...tata asset management ltd. 1903, B-Wing, Parinee Crescenzo, G-Block, Bandra Kurla...

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Transcript of 2018 - 2019...tata asset management ltd. 1903, B-Wing, Parinee Crescenzo, G-Block, Bandra Kurla...