annual report

2017 - 2018

debt and cash schemes

 Annual Report
2017-2018

Statutory Details:
SPONSORS AMC
Tata Sons Limited Tata Asset Management Ltd.
Bombay House, Mafatlal Centre, 9th Floor,
24, Homi Modi Street, Nariman Point, Mumbai – 400 021.
Mumbai - 400 001.

Tata Investment Corporation Limited REGISTRAR

Elphinstone Building, 10, Veer Nariman Road, Computer Age Management Services (Pvt.) Limited
Mumbai – 400 001. No. 178/10, Kodambakkam High Road,
Opp. Hotel Palmgrove,
TRUSTEE Nungambakkam, Chennai 600 034.
Tata Trustee Company Limited
Mafatlal Centre, 9th Floor,
Nariman Point, Mumbai – 400 021.
 REPORT OF THE TRUSTEE TO THE UNITHOLDERS
FOR THE YEAR ENDED MARCH 31, 2018
Dear Unitholder,
It gives us great pleasure to communicate with you and present to you the scheme-wise audited accounts as on March 31, 2018 as prepared
by the Investment Manager.
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 given below.
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 19, 2018

Mumbai.

PERFORMANCE OF THE SCHEMES. FUTURE OUTLOOK AND OPERATIONS OF THE SCHEMES

The year that was:
Equity:
Equity markets consolidated its gains in the Financial Year 2017-18, with BSE Sensex & CNX Nifty recording gains of 11.3% & 10.2%
respectively. The start of the year saw strengthening of recovery in developed markets & upward movement of currencies & commodities,
which reflected in improved outlook for global growth. Equity markets, across both developed & emerging countries, did well during the year.
The Year saw implementation of the much awaited GST & its impact on the economy. The year saw a sharp increase in NPA recognition due to
RBI initiatives & the latter part of the year also saw growing concerns of the global Trade war. Rise in global commodity prices especially Crude
prices led to concerns over inflation risk leading to Rupee depreciating more than peers. The consumption theme however, was the primary
driver of the market with S&P BSE Consumer Durables returning 45.9% in the financial year followed by S& P BSE Realty generating 39.4%.
The broader markets did better than the benchmark indices with BSE midcap & BSE small cap indices gaining 13.2% & 17.7% respectively.
Within sectors, Consumer Durables, Realty, IT, and Metals outperformed. The introduction of Long term Capital gains tax on equities, rising
geo-political concerns & asset quality issues led to markets paring part of the gains in the last quarter of the financial year.
Debt:
After changing monetary policy stance to ‘Neutral’ in Q4-FY2017 (February 2017 monetary policy), RBI maintained its neutral stance & re-
iterated its commitment to achieving 4% CPI target on a durable basis with data dependent policy actions in ‘Neutral’ stance. CPI inflation fell
from 3.89% in March 2017 to 1.46% in June 2017, thereby creating room for 25bps rate cut.
After bottoming out in June, Inflation continued to move upwards & headline CPI crossed 5% handle in December 2017 & January 2018. High
frequency growth indicators suggested that growth has probably bottomed out. On the external sector side, situation turned adverse as high
crude prices weighed on imports & trade deficit widened from 10.65 billion in March 2017 to 13.6 billion in March 2018. Credit growth picked
up post August 2017, but deposit growth remained muted throughout the year. On the fiscal side, government missed its fiscal deficit target for
FY2018 & relaxed the target for FY2019 as well. Government also announced MSP hike to augment rural income. Fiscal slippage coupled with
inflationary impact of MSP hike didn’t augur well for bond market in Q4-2018. 10-year G-Sec benchmark yield hardened from a low of 6.42%
in July 2017 to a high of 7.78% in March 2018.
Future Outlook
Equity
The Investment Manager continues to retain a generally positive outlook on the Indian equity markets over the medium term. Risk of significant
FII outflows on account of a major global risk off event remains a concern. However, it is important to note that India is much better placed &
thus resilient in such an event given its stable macro-economic parameters. Crude oil prices & monthly GST collections would be key monitors
going forward.
Strong macro position, reforms & long-term structural drivers like demographic advantage, low household debt, limited penetration across
different consumer categories, increased potential for financial savings & urbanization makes India a compelling equity story from medium to
long term perspective.
Debt
While responding to the global inflationary environment (with US dollar strengthening & higher crude prices) RBI is unlikely to compromise on
its long-term CPI targets. RBI has reiterated its commitment to achieving 4% inflation target on a durable basis multiple times. Recent Headline
& Core CPI prints have surprised on higher side & Crude prices continue to firm up. In this backdrop, Investment Manager believes that the
RBI is nearing at the beginning of its hiking cycle.
 Annual Report
2017-2018
FUNDS UNDER MANAGEMENT – OPERATIONS
Tata Mutual Fund as on March 31, 2018, has thirty-four open ended schemes of which twenty are equity schemes, two are balanced schemes,
eleven are debt schemes, one is Equity Linked Saving Scheme (ELSS) & sixteen close ended schemes of which fifteen are debt schemes &
one is Equity Linked Saving Scheme (ELSS). The Average Assets under Management for the year 2017-2018 clocked in at Rs. 46,290 Crore
as on March 31, 2018 up by Rs. 6,882 Crore compared to the previous year.
1. Investment objective, policy & 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 & Asset Management Company (AMC).
Tata Mutual Fund (TMF)
Tata Mutual Fund was set up as a Trust by the Sponsors & the Settlers, Tata Sons Limited (TSL) & 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
& 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 Company (Trustee) is the exclusive holder of the Trust Funds & 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 & carrying out the responsibilities as
provided in the Regulations & the Trust Deed. The Trustee seeks to ensure that the Fund & the Schemes floated there under are managed
by the AMC in accordance with the Trust Deed, the Regulations, directions & guidelines issued by the SEBI, the Stock Exchanges, the
Association of Mutual Funds in India & 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 & TAML.
3. Significant Accounting Policies:
Accounting policies are in accordance with the requirements of the Securities Exchange Board of India (Mutual Fund) Regulations 1996.
4. General Policies & 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 & summary as well as details of actual
exercise of proxy votes during the Financial Year 2017–2018 are enclosed as Annexure II & Annexure III to this report & is also available
on the website www.tatamutualfund.com
5. Unclaimed Dividend & Redemption:
Details of unclaimed dividend & redemption amount are given in Annexure IV.
6. Redressal of Complaints received by TMF during 2017-2018:
Details of complaints received & redressed during financial year 2017-2018 are given in Annexure V.
7. Categorization & Rationalization of existing schemes
SEBI vide circular numbers SEBI/HO/IMD/DF3/CIR/P/2017/114 dated October 06, 2017 & SEBI/HO/IMD/DF3/CIR/P/2017/126 dated
December 04, 2017 had advised all Mutual Funds to bring uniformity across all similar open ended schemes & to standardize the scheme
categories & characteristics of each category. As per the circular, mutual fund can offer only one scheme in each of the open-ended
categories. Uniformity of schemes categories & scheme characteristics across mutual fund industry will help investor to take informed
investment decision. Accordingly, the Board approved the merger/Change of name/Change of classification/Change in Fundamental
Attribute/Change in Exit Load & other changes of the Schemes as given in Annexure VI
8. 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 & extant SEBI (Mutual Funds) Regulation, 1996.
b. The price & redemption value of the units, & income from them, can go up as well as down with fluctuations in the market value of
its underlying investments in securities.
c. The Full Annual Report is disclosed on the website (www.tatamutualfund.com). On written request, present & prospective unit holder /
investors can obtain copy of the trust deed, the annual report at a price & 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 &
high level of liquidity by investing in debt instruments including bonds, debentures & Government securities; & money market instruments such
as treasury bills, commercial papers, certificates of deposit, repos of different maturities & 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 & has done active duration management. This has resulted in long term (5 years & since inception)
outperformance over benchmark. However, the scheme has slightly underperformed the benchmark as the scheme was running lower duration
risk as of March 31, 2018.
Performance at a glance (% as on March 31, 2018)
Last 1 year Last 3 years Last 5 years
Since Inception
Tata Dynamic Bond Fund Regular Plan - Growth 3.88 6.76 8.76
6.88 (03/09/03)
Tata Dynamic Bond Fund Direct Plan - Growth 4.94 7.90 9.88
9.98 (01/01/13)
Benchmark (I-Sec Composite Index) 5.10 8.12 8.60
Regular Plan:6.56
Direct Plan: 8.57
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 44 (Close ended Income scheme)
The investment objective of the scheme is to generate income and/or capital appreciation by investing in wide range of Debt & 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.
Direct Plan underperformed due to locking in the rates prevailing at the time of launch, close ended nature & locking in investments till maturity.
Regular Plan underperformed due to higher expense ratio as well as locking in the rates prevailing at the time of launch, close ended nature
& locking in investments till maturity
Performance at a glance (% as on March 31, 2018)

Last 1 year Last 3 years Last 5 years Since Inception

Scheme D (TFM44D) Regular Plan - Growth 7.19 8.12 N/A 8.40(07/10/13)
Scheme D (TFM44D) Direct Plan - Growth 7.33 8.24 N/A 8.66(07/10/13)
Crisil Composite Bond Fund Index 5.10 8.12 N/A 9.62
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 46 (Close ended Income scheme)
The investment objective of the schemes is to generate income and/or capital appreciation by investing in wide range of Debt & 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.
Direct plan underperformed due to locking in the rates prevailing at the time of launch, close ended nature & locking in investments till maturity.
Regular Plan underperformed due to higher expense ratio as well as locking in the rates prevailing at the time of launch, close ended nature
& locking in investments till maturity.
Performance at a glance (% as on March 31, 2018)

Last 1 year Last 3 years Last 5 years Since Inception

Tata Fixed Maturity Plan Series 46
Scheme D (TFM46D) Regular Plan - Growth 7.06 7.95 NA 8.24 (26/12/13)
Scheme D (TFM46D) Direct Plan - Growth 7.20 8.07 NA 8.48 (26/12/13)
Scheme K (TFM46K) Regular Plan - Growth 6.99 7.87 NA 8.25 (05/02/14)
Scheme K (TFM46K) Direct Plan - Growth 7.13 8.48 NA 8.80 (05/02/14)
Scheme M (TFM46M) Regular Plan - Growth 7.25 8.13 NA 8.43 (20/02/14)
Scheme M (TFM46M) Direct Plan - Growth 7.39 8.28 NA 8.69 (20/02/14)
Scheme N (TFM46N) Regular Plan - Growth 7.11 8.03 NA 8.34 (07/03/14)
 Annual Report
2017-2018

Last 1 year Last 3 years Last 5 years Since Inception

Scheme N (TFM46N) Direct Plan - Growth 7.26 8.17 NA 8.60 (07/03/14)
Scheme Q (TFM46Q) Regular Plan - Growth 7.15 8.05 NA 8.31 (12/03/14)
Scheme Q (TFM46Q) Direct Plan - Growth 7.29 8.19 NA 8.57 (12/03/14)
Scheme R (TFM46R) Regular Plan - Growth 7.21 8.10 NA 8.34 (20/03/14)
Scheme R (TFM46R) Direct Plan - Growth 7.35 8.25 NA 8.57 (20/03/14)
Scheme T (TFM46T) Regular Plan - Growth 7.21 8.11 NA 8.41 (24/02/14)
Scheme T (TFM46T) Direct Plan - Growth 7.35 8.26 NA 8.67 (24/02/14)
Crisil Composite Bond Fund Index
Scheme D (TFM46D) Regular Plan - Growth 5.10 8.12 NA 9.81
Scheme D (TFM46D) Direct Plan - Growth 5.10 8.12 NA 9.81
Scheme K (TFM46K) Regular Plan - Growth 5.10 8.12 NA 9.72
Scheme K (TFM46K) Direct Plan - Growth 5.10 8.12 NA 9.72
Scheme M (TFM46M) Regular Plan - Growth 5.10 8.12 NA 9.85
Scheme M (TFM46M) Direct Plan - Growth 5.10 8.12 NA 9.85
Scheme N (TFM46N) Regular Plan - Growth 5.10 8.12 NA 9.85
Scheme N (TFM46N) Direct Plan - Growth 5.10 8.12 NA 9.85
Scheme Q (TFM46Q) Regular Plan - Growth 5.10 8.12 NA 9.77
Scheme Q (TFM46Q) Direct Plan - Growth 5.10 8.12 NA 9.77
Scheme R (TFM46R) Regular Plan - Growth 5.10 8.12 NA 9.78
Scheme R (TFM46R) Direct Plan - Growth 5.10 8.12 NA 9.78
Scheme T (TFM46T) Regular Plan - Growth 5.10 8.12 NA 9.90
Scheme T (TFM46T) Direct Plan - Growth 5.10 8.12 NA 9.90
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 47 (Close ended Income scheme)
The investment objective of the schemes is to generate income and / or capital appreciation by investing in wide range of Debt & 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.
Direct plan underperformed due to locking in the rates prevailing at the time of launch, close ended nature & locking in investments till maturity
Regular Plan underperformed due to higher expense ratio as well as locking in the rates prevailing at the time of launch, close ended nature
& locking in investments till maturity.
Performance at a glance (% as on March 31, 2018)

Last 1 year Last 3 years Last 5 years Since Inception

Tata Fixed Maturity Plan Series 47
TFMP47 (TFM47C) - Regular Plan - Growth 7.21 8.10 NA 8.33 (26/3/14)
TFMP47 (TFM47C) - Direct - Growth 7.35 8.25 NA 8.48 (26/3/14)
TFMP47 (TFM47D) - Regular Plan - Growth 7.20 8.08 NA 8.33 (28/3/14)
TFMP47 (TFM47D) - Direct - Growth 7.34 8.34 NA 8.65 (28/3/14)
TFMP47 (TFM47E) - Regular Plan - Growth 7.16 8.07 NA 8.33 (10/4/14)
TFMP47 (TFM47E) - Direct - Growth 7.33 8.23 NA 8.50 (10/4/14)
TFMP47 (TFM47F) - Regular Plan - Growth 6.87 7.93 NA 8.23 (17/4/14)
TFMP47 (TFM47F) - Direct - Growth 7.01 8.09 NA 8.39 (17/4/14)
TFMP47 (TFM47H) - Regular Plan - Growth 6.77 8.03 NA 8.31 (30/4/14)
TFMP47 (TFM47H) - Direct - Growth 7.20 8.30 NA 8.56 (30/4/14)
TFMP47 (TFM47J) - Regular Plan - Growth 7.20 8.12 NA 8.35 (4/4/14)
TFMP47 (TFM47J) - Direct - Growth 7.34 8.26 NA 8.51 (4/4/14)
Crisil Composite Bond Fund Index
TFMP47 (TFM47C) - Regular Plan - Growth 5.10 8.12 NA 9.71
 Last 1 year Last 3 years Last 5 years Since Inception
TFMP47 (TFM47C) - Direct - Growth 5.10 8.12 NA 9.71
TFMP47 (TFM47D) - Regular Plan - Growth 5.10 8.12 NA 9.70
TFMP47 (TFM47D) - Direct - Growth 5.10 8.12 NA 9.70
TFMP47 (TFM47E) - Regular Plan - Growth 5.10 8.12 NA 9.93
TFMP47 (TFM47E) - Direct - Growth 5.10 8.12 NA 9.93
TFMP47 (TFM47F) - Regular Plan - Growth 5.10 8.12 NA 9.78
TFMP47 (TFM47F) - Direct - Growth 5.10 8.12 NA 9.78
TFMP47 (TFM47H) - Regular Plan - Growth 5.10 8.12 NA 9.64
TFMP47 (TFM47H) - Direct - Growth 5.10 8.12 NA 9.64
TFMP47 (TFM47J) - Regular Plan - Growth 5.10 8.12 NA 9.95
TFMP47 (TFM47J) - Direct - Growth 5.10 8.12 NA 9.95
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 (Close ended Income scheme)
The investment objective of the schemes is to generate income and / or capital appreciation by investing in wide range of Debt & 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 schemes were launched in the last fortnight of March’2018 & are being invested as per investment mandate of matching maturity papers.
Performance at a glance (% as on March 31, 2018)

Since Inception
Tata Fixed Maturity Plan Series 53
TFMP 53(TFM 53 A) – Regular Plan - Growth 0.437 (22/3/18)
TFMP 53(TFM 53 A) – Direct Plan - Growth 0.441 (22/3/18)
Crisil Composite Bond Fund Index 0.979
TFMP 53(TFM 53 B) – Regular Plan - Growth 0.244 (26/3/18)
TFMP 53(TFM 53 B) – Direct Plan - Growth 0.245 (26/3/18)
Crisil Composite Bond Fund Index 0.989
Note: Above returns are absolute return since inception.
Past Performance may or may not sustain in future. Returns given are for Regular Plan (growth option) & Direct Plan (Growth option).
Total return variant of the benchmark Index (TRI) has been used for performance comparison.
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 & 7 years.
The scheme has done active duration management. This has resulted in long term (1 year, 5 years & since inception) outperformance over
benchmark. However, in 3 years’ tenure, the scheme has slightly underperformed the benchmark as the scheme was running lower duration
risk as of March 31, 2018.
Performance at a glance (% as on March 31, 2018)

Last 1 year Last 3 years Last 5 years Since Inception

Tata Income Fund Regular Plan - Growth 4.10 6.69 7.97 8.23 (28/04/97)
Tata Income Fund Direct Plan - Growth 5.40 7.70 8.82 8.93 (01/01/13)
Crisil Composite Bond Fund Index 5.10 8.12 8.60 Regular Plan - NA
Direct Plan – 8.57
*The scheme was earlier known as Tata Long Term Debt Fund. N.A. - Not Applicable.
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).
 Annual Report
2017-2018
Tata Treasury Advantage Fund:
An open ended low duration debt scheme. The investment objective of the scheme is to generate regular income & capital appreciation by
investing in a portfolio of debt & 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 outperformed its benchmark from in long term (1 year, 3 years, 5 years & since inception) time periods. Active duration
management has helped in outperformance.
Performance at a glance (% as on March 31, 2018)
Last 1 year Last 3 years Last 5 years Since Inception
Tata Treasury Advantage Fund - Regular Plan - Growth 6.85 7.83 8.44 8.01 (06/09/05)
Tata Treasury Advantage Fund - Direct Plan - Growth 7.07 8.05 8.62 8.63 (01/01/2013)
Crisil Liquid Fund Index 6.84 7.33 8.08 Regular Plan-7.35
Direct Plan-8.09
*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 Young Citizens’ Fund:
An open-ended Children’s Fund. The investment objective of the Scheme is to generate long term capital growth. Investment for children
having a lock in period of 5 years or till date the child attains the age of majority whichever is earlier.
Since its inception in October 1995, the Fund has delivered 12% CAGR. The Fund’s return is uncomparable to the benchmark because it
was a 50:50 Debt & Equity Fund till FY18 versus 65:35 for the benchmark. The Fund’s attribute has been changed from May 2018. Its equity
exposure will be now minimum 65% at all times.
Performance at a glance (% as on March 31, 2018)

Last 1 year Last 3 years Last 5 years Since Inception

Tata Young Citizens’ Fund-Regular Plan-Growth 9.31 7.17 12.34 13.01 (14/10/95)

Crisil Balanced Fund Index 10.05 9.12 13.46 N.A.

Tata Young Citizens’ Fund-Direct-Growth 10.50 8.46 13.57 12.40 (01/01/13)

Crisil Balanced Fund Index 10.05 9.12 13.46 12.04

N.A. - Not Applicable

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 Corporate Bond Fund:
An open-ended debt scheme predominantly investing in AA+ & 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.
Direct Plan: The Fund has outperformed the benchmark because the Fund had lower average maturity relative to benchmark. Interest rates
are likely to remain at elevated levels given the current macro-economic environment as well as pressure on commodities & crude prices. The
duration will be managed actively considering view above to gain out of opportunities available in market.
Regular Plan: The Fund has outperformed the benchmark in one-year time bucket but has underperformed marginally since inception due to
higher expense ratio being charged as well as lower average maturity relative to benchmark, as mentioned above.
Performance at a glance (% as on March 31, 2018)
Last 1 year Last 3 years Last 5 years
Since Inception
Tata Corporate Bond Fund Regular Plan - Growth 6.48 7.38 7.98
7.99 (13/07/07)
Tata Corporate Bond Fund Direct Plan -Growth 7.13 8.12 8.69
8.71 (01/01/13)
Crisil Short Term Bond Index 6.17 7.90 8.56
Regular Plan-8.03
Direct Plan - 8.55
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 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 & money market securities with maturity upto 91 days.
Direct Plan: The Fund has performed in line with benchmark over one-year period. The Fund has outperformed the benchmark since inception
due to exposure to high yield papers & active MTM management.
Regular Plan: The Fund underperformed the benchmark due to higher expense ratio. The Fund has outperformed the benchmark since
inception due to exposure to high yield papers & active MTM management.
Performance at a glance (% as on March 31, 2018)

Last 1 year Last 3 years Last 5 years Since Inception

Regular Plan- Growth 6.78 7.41 8.14 7.66(01/09/04)
Direct –Growth 6.84 7.48 8.22 8.26 (01/01/13)
Crisil Liquid Fund Index 6.84 7.33 8.08 Regular Plan:7.14
Direct Plan: 8.09
The 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 is investing 100% of the net assets in money market securities. The
scheme will have to invest / purchase money market securities having maturity upto 1 year.
Direct Plan: The fund has outperformed due to exposure to high yield papers.
Regular Plan: The fund outperformed due to exposure to high yield papers.
Performance at a glance (% as on March 31, 2018)
Last 1 year Last 3 years Last 5 years Since Inception
Tata Money Market Fund - Regular Plan Growth 6.75 7.37 8.06 7.35 (22/05/03)
Tata Money Market Fund - Direct Plan Growth 6.81 7.43 8.13 8.18 (01/01/13)
Crisil Liquid Fund Index 6.84 7.33 8.08 Regular Plan:6.87
Direct Plan: 8.09
The 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 Gilt Mid Term Fund:
An open ended debt fund investing predominantly in Government Securities. The investment objective of the scheme is to provide reasonable
returns & high liquidity to the unitholders by investing predominantly in government securities having residual maturity up to 15 years. The
scheme can invest in Government of India dated securities & Money Market instruments like CP, CD & like instruments.
In case of Tata Gilt Mid Term Fund (TGSMF), under normal circumstances the average portfolio maturity shall not exceed 6 years.
The scheme has outperformed its benchmark in 1 year, 3 years & since inception. Strategic allocation & controlling risk have resulted in
outperformance.
The regular plan underperformed benchmark across time buckets on account of higher expense ratio as compared to direct plans.
Performance at a glance (% as on March 31, 2018)
Last 1 year Last 3 years Last 5 years
Since Inception
Regular Plan-Growth 3.37 6.77 8.94
8.39 (24/06/10)
Regular Plan-Dividend 3.41 6.78 8.94
7.66 (01/01/13)
Direct Plan – Growth 4.56 7.87 9.92
9.87 (01/01/13)
Direct Plan – Dividend 4.56 7.86 N/A9.72 (10/07/14)
Benchmark (I-Sec Composite Index) 5.10 8.05 8.68
Regular Plan -8.52
Direct Plan
Growth-8.73
Direct Plan
Dividend-9.40
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).
 Annual Report
2017-2018
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 & income distribution by investing predominantly in Government Securities.
The direct plan has outperformed its benchmark in 1 year & 3-year time periods. Active duration management helped in outperformance
The regular plan outperformed in 1 year & 5-year time buckets. It underperformed the benchmark in 3-year time bucket. Higher expenses have
resulted in lower returns.
Performance at a glance (% as on March 31, 2018)
Last 1 year Last 3 years Last 5 years Since Inception
Tata Gilt Securities Fund
Regular Plan – Growth 3.25 6.38 8.46 9.03 (6/09/99)
Regular Plan – Dividend 2.44 5.13 7.10 7.93 (6/09/99)
Direct Plan – Growth 4.46 7.41 9.45 9.44 (11/01/13)
Direct Plan – Dividend 3.65 6.18 8.10 8.12 (11/01/13)
Tata Gilt Retirement Plan (28-02-25) - Growth 3.09 6.29 8.52 5.90 (29/12/03)
Tata Gilt Retirement Plan (28-02-25) - Dividend 3.09 6.29 8.52 5.80 (10/10/03)
CRISIL Gilt Index 2.89 7.16 7.80 Regular Plan: 9.13
Direct Plan: 7.87
Retirement Plan
Growth: 6.58
Retirement Plan
Dividend 6.52
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 Medium Term Fund:
An open ended medium term debt scheme. The investment objective of the scheme is to generate income & 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 & 4 years.
Tata Medium Term Fund direct plan has outperformed the benchmark in FY18 & since inception.
Performance at a glance (% as on March 31, 2018)
Last 1 year Last 3 years Last 5 years
Since Inception
Tata Medium Term Fund Regular Plan - Growth 5.24 7.00 8.00
6.64 (11/11/02)
Tata Medium Term Fund Direct Plan - Growth 6.15 8.17 9.15
9.24 (27/02/13)
Crisil Composite Bond Fund Index 5.10 8.12 8.60
Regular Plan 6.82
Direct Plan- 8.57
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 Retirement Savings Fund:
The Tata Retirement Savings Fund has three open ended schemes within its solution suite – Progressive, Moderate & Conservative. The
objective of the fund is to provide a financial planning tool for long term financial security for unitholders based on their retirement planning
goals. In all the three funds the fund management style & stock picks are similar with the only difference being percentage allocation to equity
(equity, balanced & MIP oriented respectively). The Equity portion with relevant weightages are common across these solutions based funds.
There may be minor weightage differences that may creep up over time, which then are corrected, as far as possible. The scheme is having a
lock in for at least 5 years or till retirement age whichever is earlier.
Since its inception in November 2011, all the three funds have performed well versus their respective benchmark. In FY18, the Progressive
Fund outperformed the benchmark by 6.4%, the Moderate Fund by 5.8% & the Conservative Fund by 2.5%. The Fund’s overweight positioning
in Consumer Discretionary, Private Financiers, Materials positively contributed to the outperformance.
Performance at a glance (% as on March 31, 2018)

Last 1 year Last 3 years Last 5 Years Since Inception

Tata Retirement Savings Fund – Conservative-Regular Plan-Growth 7.31 8.63 11.31 10.42 (01/11/2011)
Tata Retirement Savings Fund – Conservative-Direct-Growth 9.06 10.22 12.80 12.08 (09/01/2013)
CRISIL Short Term Debt Hybrid 75+25 Fund Index 7.85 8.44 10.53 Direct Plan 9.96
Regular Plan 10.11
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 Short Term Bond Fund
An 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 outperformed the benchmark on 1, 3, & 5-year basis. Active duration management led to this outperformance. Regular Plan is
underperformed due to differential expense ratio, as compared to direct plan.
Performance at a glance (% as on March 31, 2018)
Last 1 year Last 3 years Last 5 years
Since Inception
Tata Short Term Bond Fund Regular Plan - Growth 5.63 7.34 8.31 7.78 (08/08/02)
Tata Short Term Bond Fund Direct Plan - Growth 6.51 8.23 9.11 9.18 (01/01/13)
Crisil Short Term Bond Fund Index 6.17 7.90 8.56Regular Plan-7.16
Direct Plan - 8.55
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).
 Annual Report
2017-2018
Annexure-II

VOTING POLICY
Tata 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

The Summary & Details of Votes Cast by Tata Mutual Fund for the Financial Year 2017-2018:

Break-up of Vote decision

Financial Year Quarter Total no. of resolutions
For Against Abstained
April - June 206 204 1 1
2017-2018
  July - September 1649 1645 0 4
  October - December 77 77 0 0
 
January - March 69 69 0 0
Total 2001 1995 1 5

The details of actual exercise of proxy votes during the Financial Year 2017–2018 is enclosed with the Annual Report 2017-2018 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 Accountants
1/11, 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.
9th Floor, Mafatlal Centre,
Nariman Point,
Mumbai-400 021

We have been appointed as scrutinizer by Tata Asset Management Ltd. to certify the
disclosure of votes cast on their website for the year 2017-18 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 2017 to March 2018 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 09, 2018
 Annual Report
2017-2018

Annexure IV

Statement of Unclaimed Dividend & Redemptions as on March 31, 2018

Unclaimed Amounts No. of Investors

Scheme Name
Redemption Dividend Total Redemption Dividend Total
Tata Fixed Maturity Plan -Series 27 Scheme A 15,934.41 0.00 15,934.41 1 0 1
Tata Fixed Maturity Plan -Series 27 Scheme B 3.90 0.00 3.90 2 0 2
Tata Fixed Maturity Plan -Series 28 Scheme A 2.95 0.00 2.95 1 0 1
Tata Fixed Maturity Plan -Series 29 Scheme C 0.33 0.00 0.33 1 0 1
Tata Fixed Maturity Plan -Series 34 Scheme B 1.33 0.00 1.33 1 0 1
Tata Fixed Maturity Plan -Series 42 Scheme F 13,421.93 0.00 13,421.93 1 0 1
Tata Fixed Maturity Plan -Series 46 Scheme E 113,419.22 0.00 113,419.22 2 0 2
Tata Balanced Fund 4,189,296.06 12,935,145.55 17,124,441.62 164 2700 2864
Tata Banking and Financial Services Fund 14,417.25 0.00 14,417.25 2 0 2
Tata Capital Builder Fund 1,265,434.23 0.00 1,265,434.23 56 0 56
Tata Contra Fund 40,774.00 0.00 40,774.00 2 0 2
Tata Capital Protection Oriented Fund - Series 1 1,821,569.08 0.00 1,821,569.08 9 0 9
Tata Capital Protection Oriented Fund - Series 2 714,161.76 0.00 714,161.76 7 0 7
Tata Dynamic Bond Fund 93,653.40 9,178.01 102,831.41 3 5 8
Tata Digital India Fund 9,737.60 0.00 9,737.60 2 0 2
Tata Dual Advantage Fund - Scheme A 2,125,618.57 0.00 2,125,618.57 22 0 22
Tata Dual Advantage Fund - Scheme B 862,796.79 0.00 862,796.79 11 0 11
Tata Dual Advantage Fund - Scheme C 718,655.27 0.00 718,655.27 8 0 8
Tata Dividend Yield Fund 4,740,116.14 7,108,501.33 11,848,617.47 229 1288 1517
Tata Equity Management Fund 3,639,574.24 0.00 3,639,574.24 163 0 163
Tata Equity Opportunities Fund 50,558,272.28 49,061,417.15 99,619,689.43 2001 9868 11869
Tata Equity PE Fund 10,623,704.36 7,476,562.19 18,100,266.55 444 1282 1726
Tata Fixed Income Portfolio Scheme A1 0.29 0.00 0.29 1 0 1
Tata Fixed Income Portfolio Fund Scheme A2 18,010.13 0.00 18,010.13 2 0 2
Tata Fixed Income Portfolio Scheme A3 1,604,949.43 0.00 1,604,949.43 2 0 2
Tata Fixed Income Portfolio Scheme B3 53,454.46 0.00 53,454.46 2 0 2
Tata Ultra Short Term Fund 404,458.02 0.00 404,458.02 74 0 74
Tata Floating Rate Fund - Long Term 651,429.22 30.49 651,459.71 28 1 29
Tata Money Market Fund 305,345.63 0.00 305,345.63 19 0 19
Tata Fixed Tenure Fund - Series 1 462,105.70 0.00 462,105.70 5 0 5
Tata Fixed Tenure Fund - Series 2 87,806.57 0.00 87,806.57 5 0 5
Tata Gilt Securities Fund 501,185.53 233,688.93 734,874.47 7 87 94
Tata Mid Cap Growth Fund 12,750,508.51 19,214,825.90 31,965,334.41 352 6132 6484
 Unclaimed Amounts No. of Investors
Scheme Name
Redemption Dividend Total Redemption Dividend Total
Tata India Consumer Fund 5,666.90 0.00 5,666.90 2 0 2
Tata Index Fund - Nifty Plan 92,173.04 0.00 92,173.04 5 0 5
Tata Long Term Debt Fund 481,425.03 2,224,955.67 2,706,380.70 29 684 713
Tata IND NAVRATNA Fund 29,776,039.07 1,441.18 29,777,480.25 8381 1 8382
Tata Infrastructure Fund 42,933,749.14 18,739,156.18 61,672,905.32 1611 3363 4974
Tata India Pharma & Healthcare Fund 8,658.09 0.00 8,658.09 2 0 2
Tata Index Fund - Sensex Plan 91,936.88 1,740.73 93,677.61 4 1 5
Tata Liquid Fund 1,837,580.28 115,974.35 1,953,554.63 39 13 52
Tata Liquidity Management Fund 1,403.89 0.00 1,403.89 2 0 2
Tata Life Sciences & Technology Fund 711,544.20 539,379.13 1,250,923.33 22 71 93
Tata Regular Savings Equity Fund 1,645,717.76 712,672.62 2,358,390.38 32 329 361
Tata MIP Plus Fund 0.00 525.65 525.65 0 1 1
Tata Large Cap Fund 20,753,726.92 16,621,688.20 37,375,415.12 776 3154 3930
Tata Retirement Saving Fund - Conservative 3,416,000.72 253,912.28 3,669,913.01 95 560 655
Tata Retirement Saving Fund - Moderate 1,087,491.80 0.00 1,087,491.80 3 0 3
Tata Retirement Saving Fund - Progressive 124,186.95 0.00 124,186.95 27 0 27
Tata Services Industries Fund 123,413.59 5,272.38 128,685.97 5 2 7
Tata SIP Fund 1 13,455,438.07 1,139.70 13,456,577.78 512 1 513
Tata Smart Investment Plan - 1 Scheme A 660,480.35 0.00 660,480.35 85 0 85
Tata Smart Investment Plan - 1 Scheme B 67,436.88 0.00 67,436.88 20 0 20
Tata Ethical Fund 2,587,598.24 4,038,645.21 6,626,243.45 75 486 561
Tata Short Term Bond Fund 141,262.84 2,153.53 143,416.37 8 14 22
Tata Tax Advantage Fund 98,597,912.68 0.00 98,597,912.68 2866 0 2866
Tata Corporate Bond Fund 880,614.71 0.00 880,614.71 29 0 29
Tata India Tax Savings Fund 6,285,662.01 67,712,179.20 73,997,841.22 359 7633 7992
IBMF TAX Shield (Tata Equity Opportunities Fund) 0.00 1,874,322.06 1,874,322.06 0 708 708
Tata Young Citizens Fund 2,160,691.97 0.00 2,160,691.97 148 0 148
 Annual Report
2017-2018
Annexure V

Redressal of Complaints received against Mutual Funds (MFs) during 2017-2018

Name of Mutual Fund: Tata Mutual Fund
Total Number of Folios (as on 31-Mar-18): 1454860

Action on (a) and (b)

(a) No. of
complaints (b) No of Resolved Pending
Complaint complaints
Type of complaint# pending at the Non-
code received
beginning of Within 30-60 60-180 Beyond Actionable* 0-3 3-6 6-9 9-12
the year during the 30 days days days 180 days months months months months
year
Non-receipt of
IA 0 4 3 0 0 0 0 1 0 0 0
Dividend on Units
Interest on delayed
IB 0 0 0 0 0 0 0 0 0 0 0
payment of Dividend
Non-receipt of
IC 0 19 17 2 0 0 0 0 0 0 0
Redemption Proceeds
Interest on delayed
ID payment of 0 3 3 0 0 0 0 0 0 0 0
Redemption
Non-receipt of
II A Statement of Account/ 0 2 2 0 0 0 0 0 0 0 0
Unit Certificate
Discrepancy in
II B 2 99 99 0 0 0 0 2 0 0 0
Statement of Account
Data corrections in
II C 0 97 97 0 0 0 0 0 0 0 0
Investor details
Non-receipt of Annual
II D Report/Abridged 0 0 0 0 0 0 0 0 0 0 0
Summary
Wrong switch between
III A 0 0 0 0 0 0 0 0 0 0 0
Schemes
Unauthorized switch
III B 0 0 0 0 0 0 0 0 0 0 0
between Schemes
Deviation from Scheme
III C 0 0 0 0 0 0 0 0 0 0 0
attributes
Wrong or excess
III D 0 0 0 0 0 0 0 0 0 0 0
charges/load
Non updation of
changes viz. address,
III E 0 49 49 0 0 0 0 0 0 0 0
PAN, bank details,
nomination, etc
IV Others ** 0 72 66 4 1 0 0 1 0 0 0
Others-Non-Allotment
V 2 93 94 0 0 0 0 1 0 0 0
of Units
Complaints Summary for Financial Year’2017-2018:
Particulars Count
Total Complaints Received 438
Total Number of Folios 1454860
Percentage Complaints Against Folios 0.03%
# - including against its authorized persons / distributors / employees etc.
*Non actionable - means the complaint that are incomplete / outside the scope of the Mutual Fund.
 Annexure VI
Summary of the changes carried out in various open ended schemes pursuant to SEBI circular SEBI/HO/IMD/DF3/CIR/P/2017/114
dated October 6th 2017 & SEBI circular SEBI/HO/IMD/DF3/CIR/P/2017/126 dated December 4th 2017 regarding rationalization &
categorization of schemes to bring uniformity across all Mutual Funds & to standardize the scheme categories & characteristics of
each category.

Sr. Scheme old name Revised Scheme Name / Investment Focus

No. Category
1 Tata Equity Tata Large & Mid Cap Fund Investment in equity & equity related instruments of large cap companies-
Opportunities Fund categorized under Large & 35%-65% of total assets
Mid Cap Fund Investment in equity & equity related instruments of mid cap stocks- 35%-
35% of total assets.
Other equity & equity related Instruments 0-30% of total assets.
Other Securities 0-30% of total assets.
2 Tata Large Cap Fund Tata Large Cap Fund Investment in equity & equity related instruments of large cap companies-
categorized under Large 80% - 100% of total assets.
Cap Fund Other equity & equity related Instruments 0-20% of total assets.
Debt & Money Market Instruments 0-20% of total assets.
3 Tata Mid Cap Growth Tata Mid Cap Growth Fund Investment in equity & equity related instruments of mid cap companies
Fund categorized under Mid Cap 65%-100% of total assets.
Fund Other equity & Equity related instruments 0-35% of total assets.
Debt & Money Market Instruments (incl cash & cash equivalent )0-35% of
total assets.
4 Tata Infrastructure Tata Infrastructure Fund Investment in equity & equity related instruments of companies in the
Fund categorized under Sectoral infrastructure sector- 80% -100% of total assets.
Fund Equity & equity related instruments of other companies 0-20% of total
assets.
Debt & Money market instruments 0-20% of total assets.
5 Tata Ethical Fund Tata Ethical Fund Investment in equity & equity related instruments of Shariah complaint
categorized under Thematic companies 80%-100% of total assets.
Fund Other Shariah complaint instruments including cash 0-20% of total assets.
6 Tata Money Market Tata Liquid Fund Investment in Money Market instruments having residual maturity upto 1
Fund categorized under Liquid year 0-100% of total assets.
Fund
7 Tata Liquid Fund Tata Money Market Fund Investment in Debt & money market securities with maturity of upto 91 days
categorized under 0-100% of total assets
Money Market Fund
8 Tata Ultra Short Term Tata Treasury Advantage Investment in Debt & Money Market instruments such that the Macaulay
Fund Fund categorized under Low duration of the portfolio is between 6 months to 12 months 0-100% of total
Duration Fund assets
9 Tata Short Term Bond Tata Short Term Bond Fund Investment in Debt & Money Market instruments such that the Macaulay
Fund categorized under Short duration of the portfolio is between 1 year to 3 years 0-100% of total assets.
Duration fund
10 Tata Medium Term Tata Medium Term Fund Investment in Debt & Money Market Instruments such that the Macaulay
Fund categorized under Medium duration of the portfolio is between 3 years to 4 years 0-100% of total
Duration Fund assets.
11 Tata Long Term Debt Tata Income Fund Investment in Debt & Money Market instruments such that the Macaulay
Fund categorized under Medium duration of the portfolio is between 4 to 7 years of total assets.
to Long Duration Fund
12 Tata Gilt Securities Tata Gilt Securities Fund Minimum investment in Gsecs 80% -100% of total assets (across maturity).
Fund categorized under Gilt Fund Money Market instruments 0-20% of total assets.
13 Tata Corporate Bond Tata Corporate Bond Fund Investment in AA+ & above rated corporate bonds & securities across
Fund categorized under Corporate maturities 80%-100% of total assets. Other debt & money market
Bond Fund instruments 0-20% of total assets.
14 Tata Balanced Fund Tata Hybrid Equity Investments in Equity & Equity related instruments 65% - 80% of total
Fund categorized under assets.
Aggressive Hybrid Fund Debt, Money Market & Cash between 20% -35% of total assets
 Annual Report
2017-2018

Sr. Scheme old name Revised Scheme Name / Investment Focus

No. Category
15 Tata Regular Savings Tata Equity Savings Fund Investment in equity & equity related instruments 65%-90%
Equity Fund categorized under Equity of total assets. Of which
Savings Fund -Net Long Equity Exposure is between 15%-35%
-Equity & Equity Derivatives (Arbitrage/Hedged Exposure) between 30%-
70%
Investments in debt cash & money market securities - 10% - 35% of total
assets.
Valuation overlay policy has been discontinued
16 Tata Young Citizens' Tata Young Citizens' Fund Investments in Equity & Equity related instruments 65% - 85% of total
Fund categorized under Children's assets;
Fund Debt, Money Market instruments 15% -35% of total assets.
The scheme will have a lock-in period of at least 5 years or till the child
attains age of majority (whichever is earlier)
In addition to the above:
• Tata Retirement Savings Fund i.e. (i. Tata Retirement Savings Fund- Progressive ii. Tata Retirement Savings Fund-Moderate iii. Tata
Retirement Savings Fund- Conservative) is categorized under Retirement Fund & the Scheme will have a lock-in for at least 5 years or
till retirement age whichever is earlier.
• Tata Dividend Yield Fund was merged with Tata Large & Mid Cap Fund & Tata Gilt Mid Term Fund was merged with Tata Gilt Securities
Fund.
 INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA DYNAMIC BOND FUND
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA DYNAMIC BOND FUND (the “Scheme”) which
comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then ended and a summary
of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 Annual Report
2017-2018

INDEPENDENT AUDITORS’ REPORT

TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 44 SCHEME - D
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 44 SCHEME - D
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 46 SCHEME - D
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 46 SCHEME - D
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 Annual Report
2017-2018

INDEPENDENT AUDITORS’ REPORT

TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 46 SCHEME K
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 46 SCHEME K
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)
Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 46 SCHEME M
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 46 SCHEME M
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)
Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 Annual Report
2017-2018

INDEPENDENT AUDITORS’ REPORT

TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 46 SCHEME N
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 46 SCHEME N
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 46 SCHEME Q
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 46 SCHEME Q
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 Annual Report
2017-2018

INDEPENDENT AUDITORS’ REPORT

TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 46 SCHEME R
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 46 SCHEME R
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 46 SCHEME T
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 46 SCHEME T
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 Annual Report
2017-2018
INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 47 SCHEME C
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 47 SCHEME C
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 47 SCHEME D
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 47 SCHEME D
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 Annual Report
2017-2018

INDEPENDENT AUDITORS’ REPORT

TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 47 SCHEME E
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 47 SCHEME E
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 47 SCHEME F
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 47 SCHEME F
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 Annual Report
2017-2018

INDEPENDENT AUDITORS’ REPORT

TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 47 SCHEME H
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 47 SCHEME H
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)
Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 47 SCHEME J
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 47 SCHEME J
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 Annual Report
2017-2018

INDEPENDENT AUDITORS’ REPORT

TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 53 SCHEME A
Report on the Financial Statements
We 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 March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA FIXED MATURITY PLAN-SERIES 53 SCHEME B
Report on the Financial Statements
We 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 March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)
Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 Annual Report
2017-2018

INDEPENDENT AUDITORS’ REPORT

TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA INCOME FUND (FORMERLY KNOWN AS “TATA LONG TERM DEBT FUND”)
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA INCOME FUND (FORMERLY KNOWN AS “TATA
LONG TERM DEBT FUND”) (the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash
Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA TREASURY ADVANTAGE FUND (FORMERLY KNOWN AS “TATA ULTRA SHORT TERM FUND”)
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA TREASURY ADVANTAGE FUND (FORMERLY
KNOWN AS “TATA ULTRA SHORT TERM FUND”) (the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue
Account and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory
information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)

Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 1068388)
 Annual Report
2017-2018

INDEPENDENT AUDITORS’ REPORT

TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA YOUNG CITIZENS’ FUND
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA YOUNG CITIZENS’ FUND (the “Scheme”) which
comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then ended and a summary
of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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)
Jayesh Parmar
Partner
Mumbai, July 19, 2018 (Membership No. 106388)
 INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA CORPORATE BOND FUND (FORMERLY KNOWN AS “TATA TREASURY MANAGER FUND”)
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA CORPORATE BOND FUND (FORMERLY KNOWN
AS “TATA TREASURY MANAGER FUND”) (the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account
and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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
Mumbai, July 19, 2018 (Membership No. 109839)
 Annual Report
2017-2018

INDEPENDENT AUDITORS’ REPORT

TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA LIQUID FUND (FORMERLY KNOWN AS “TATA MONEY MARKET FUND”)
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA LIQUID FUND (FORMERLY KNOWN AS “TATA
MONEY MARKET FUND”) (the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow
Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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
Mumbai, July 19, 2018 (Membership No. 109839)
 INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA MONEY MARKET FUND FUND (FORMERLY KNOWN AS “TATA LIQUID FUND”)
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA MONEY MARKET FUND (FORMERLY KNOWN
AS “TATA LIQUID FUND”)
(the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then
ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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
Mumbai, July 19, 2018 (Membership No. 109839)
 Annual Report
2017-2018

INDEPENDENT AUDITORS’ REPORT

TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA GILT MID TERM FUND
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA GILT MID TERM FUND (the “Scheme”) which
comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then ended and a summary
of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. The Scheme does not hold any non-traded securities as at March 31, 2018.

For DELOITTE HASKINS & SELLS LLP

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

G. K. Subramaniam
Partner
Mumbai, July 19, 2018 (Membership No. 109839)
 INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA GILT SECURITIES FUND
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA GILT SECURITIES FUND (the “Scheme”) which
comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then ended and a summary
of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. The Scheme does not hold any non-traded securities as at March 31, 2018.
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm’s Registration No. 117366W / W-100018)

G. K. Subramaniam
Partner
Mumbai, July 19, 2018 (Membership No. 109839)
 Annual Report
2017-2018

INDEPENDENT AUDITORS’ REPORT

TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA MEDIUM TERM FUND (FORMERLY KNOWN AS “TATA INCOME PLUS FUND”)
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA MEDIUM TERM FUND (FORMERLY KNOWN AS
“TATA INCOME PLUS FUND”) (the “Scheme”) which comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash
Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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
Mumbai, July 19, 2018 (Membership No. 109839)
 INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA RETIREMENT SAVINGS FUND-CONSERVATIVE PLAN
Report on the Financial Statements
We 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 March 31, 2018, the Revenue Account and the Cash Flow Statement for the
year then ended and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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
Mumbai, July 19, 2018 (Membership No. 109839)
 Annual Report
2017-2018

INDEPENDENT AUDITORS’ REPORT

TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
TATA MUTUAL FUND – TATA SHORT TERM BOND FUND
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MUTUAL FUND – TATA SHORT TERM BOND FUND (the “Scheme”) which
comprise the Balance Sheet as at March 31, 2018, the Revenue Account and the Cash Flow Statement for the year then ended and a summary
of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of Tata Trustee Company Limited (the “Trustee Company”) and Tata Asset Management Limited (the “Investment Manager”)
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 Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”) and in accordance with the accounting principles
generally accepted in India.
This responsibility also includes the 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
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
Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into
account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the
auditors’ report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s
preparation of the financial statements that give a true and fair view of the financial statements 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. An
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of the financial statements.
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.
Opinion
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 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 Balance Sheet, of the state of affairs of the Scheme as at March 31, 2018;
b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Regulatory Requirements
1. As required by 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 and the Revenue Account dealt with by this report are in agreement with the books of account of the Scheme;
and
(c) the Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with accounting policies
and standards as specified in the Ninth Schedule of the Regulations.
2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, non-traded securities as at March 31, 2018 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
Mumbai, July 19, 2018 (Membership No. 109839)
Balance Sheet as at 31st March, 2018 Balance Sheet as at 31st March, 2018

Tata Fixed Maturity Plan - Series 44 Tata Fixed Maturity Plan - Series 46
Schedule Tata Dynamic Bond Fund
Scheme D Scheme D
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
LIABILITIES

Unit Capital I 30831,90,409 44543,64,139 1474,71,039 1474,71,039 423,40,547 423,40,547

Reserves & Surplus II 50766,22,643 66590,73,517 649,51,275 506,08,464 170,18,518 130,98,877
Current Liabilities & Provisions III 156,64,587 148,43,184 58,858 56,149 7,061 7,795

TOTAL 81754,77,639 111282,80,840 2124,81,172 1981,35,652 593,66,126 554,47,219

ASSETS

Investments IV 68792,97,713 89541,55,863 1721,24,701 1836,68,708 414,91,783 514,10,965

Other Current Assets V 12961,79,926 21741,24,977 403,56,471 144,66,944 178,74,343 40,36,254

TOTAL 81754,77,639 111282,80,840 2124,81,172 1981,35,652 593,66,126 554,47,219

Significant Accounting Policies and Notes to the Accounts VII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Balance Sheet as at 31st March, 2018 Balance Sheet as at 31st March, 2018

Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46
Schedule
Scheme K Scheme M Scheme N
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
LIABILITIES

Unit Capital I 412,79,512 412,79,512 18642,45,001 18642,45,001 661,97,298 661,97,298

Reserves & Surplus II 161,96,872 124,32,235 7593,49,947 5788,41,599 256,52,356 195,30,984
Current Liabilities & Provisions III 7,017 5,785 1,02,669 1,01,747 11,920 12,542

TOTAL 574,83,401 537,17,532 26236,97,617 24431,88,347 918,61,574 857,40,824

ASSETS

Investments IV 344,95,804 513,46,046 23614,70,085 22893,05,610 577,73,872 793,89,547

Other Current Assets V 229,87,597 23,71,486 2622,27,532 1538,82,737 340,87,702 63,51,277

TOTAL 574,83,401 537,17,532 26236,97,617 24431,88,347 918,61,574 857,40,824

Significant Accounting Policies and Notes to the Accounts VII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Balance Sheet as at 31st March, 2018 Balance Sheet as at 31st March, 2018

Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46
Schedule
Scheme Q Scheme R Scheme T
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
LIABILITIES

Unit Capital I 954,69,448 954,69,448 2368,61,828 2368,61,828 16145,12,156 16145,12,156

Reserves & Surplus II 366,20,714 277,80,151 922,13,960 697,66,258 6548,30,757 4994,33,248
Current Liabilities & Provisions III 18,422 16,544 26,658 25,031 41,037 47,606

TOTAL 1321,08,584 1232,66,143 3291,02,446 3066,53,117 22693,83,950 21139,93,010

ASSETS

Investments IV 1042,79,582 1144,56,427 2788,85,769 2871,80,692 20389,98,281 19824,73,853

Other Current Assets V 278,29,002 88,09,716 502,16,677 194,72,425 2303,85,669 1315,19,157

TOTAL 1321,08,584 1232,66,143 3291,02,446 3066,53,117 22693,83,950 21139,93,010

Significant Accounting Policies and Notes to the Accounts VII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Revenue Account for the year ended Revenue Account for the year ended 31st March, 2018
31st March, 2018
Tata Fixed Maturity Plan - Series Tata Fixed Maturity Plan - Series
Schedule Tata Dynamic Bond Fund
44 Scheme D 46 Scheme D
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
INCOME

Interest VI 7655,51,625 8233,00,997 161,38,953 151,22,652 45,87,695 43,33,207

Profit on sale / redemption of investments (other than 4818,78,645 7322,36,108 - - - -
inter-scheme transfer/sale)
Profit on inter- scheme transfer / sale of investments - 115 - - - -
Load income 3,94,038 8,14,113 - - - -
Other income (Including excess provision written back) - (38,801) - - - -
Increase / (Decrease) in unrealised appreciation in value (119,41,891) (328,74,388) (12,44,317) 12,29,194 (1,22,755) 1,23,155
of investments
TOTAL (A) 12358,82,417 15234,38,144 148,94,636 163,51,846 44,64,940 44,56,362

EXPENSES AND LOSSES

Loss on sale / redemption of investments (other than inter- 6784,55,357 2116,89,153 3,24,846 - 3,79,737 8,480
scheme transfer/sale)
Management fees 497,48,286 476,64,546 43,249 34,293 14,543 12,636
Trusteeship fees 19,90,368 35,09,230 - - - -
Goods and Services Tax/Service Tax Expenses on
Management Fees 85,24,430 71,16,382 7,441 5,139 2,485 1,885
Commission to Agents 798,23,926 826,21,837 1,30,821 1,26,514 53,999 50,852
Investor Education Fund Expenses 22,03,122 22,89,586 41,062 38,042 11,483 10,661
Provision/(Reversal) for / of diminution in value of
(191,65,103) 210,92,121 4,406 (5,08,883) 83,052 (1,60,172)
investments
TOTAL (B) 8015,80,386 3759,82,855 5,51,825 (3,04,895) 5,45,299 (75,658)

Surplus (A-B) 4343,02,031 11474,55,289 143,42,811 166,56,741 39,19,641 45,32,020

(Less) : Income Equalisation Account (Refer Note B 1.5 (19670,14,383) (531,11,654) - - - -
of Schedule VII)
(15327,12,352) 10943,43,635 143,42,811 166,56,741 39,19,641 45,32,020
Add: Surplus brought forward 64435,67,190 53640,09,222 493,59,334 339,31,787 129,75,722 85,66,857
49108,54,838 64583,52,857 637,02,145 505,88,528 168,95,363 130,98,877
Add: Unrealised Appreciation Reserve at the beginning of 493,62,667 822,37,055 12,49,130 19,936 1,23,155 -
the year
Less: Unrealised Appreciation Reserve at the end of the
374,20,776 493,62,667 4,813 12,49,130 400 1,23,155
year
Surplus after adjustments 49227,96,729 64912,27,245 649,46,462 493,59,334 170,18,118 129,75,722
Appropriations
Less : Income Distribution - 333,59,698 - - - -
Less : Tax on dividend distributed - 143,00,357 - - - -
Surplus carried forward to Revenue Reserve 49227,96,729 64435,67,190 649,46,462 493,59,334 170,18,118 129,75,722

Income as a percentage to Average Net Assets 5.23 11.27 7.09 8.86 6.97 8.64
Recurring Expenses as a percentage to Average Net Assets 1.29 1.25 0.11 0.11 0.14 0.14

Significant Accounting Policies and Notes to the Accounts VII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Revenue Account for the year ended Revenue Account for the year ended 31st March, 2018
31st March, 2018
Tata Fixed Maturity Plan - Series Tata Fixed Maturity Plan - Series Tata Fixed Maturity Plan -
Schedule
46 Scheme K 46 Scheme M Series 46 Scheme N
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
INCOME

Interest VI 42,71,420 40,99,809 2026,62,671 1896,84,559 70,51,446 66,30,653

Profit on sale / redemption of investments (other than - - - - - -
inter-scheme transfer/sale)
Profit on inter- scheme transfer / sale of investments - - - - - -
Load income - - - - - -
Other income (Including excess provision written back) - - - - - -
Increase / (Decrease) in unrealised appreciation in value (1,82,977) 1,82,311 (122,20,799) 119,67,062 (3,81,577) 3,73,451
of investments
TOTAL (A) 40,88,443 42,82,120 1904,41,872 2016,51,621 66,69,869 70,04,104

EXPENSES AND LOSSES

Loss on sale / redemption of investments (other than inter- 2,55,304 - 35,26,495 - 4,74,311 -
scheme transfer/sale)
Management fees 13,730 12,459 49,694 41,390 26,000 23,237
Trusteeship fees - - - 15 - -
Goods and Services Tax/Service Tax Expenses on
Management Fees 2,348 1,859 8,543 6,175 4,463 3,471
Commission to Agents 49,937 46,426 1,53,153 1,46,353 67,131 62,740
Investor Education Fund Expenses 11,122 10,327 5,06,807 4,68,946 17,762 16,473
Provision/(Reversal) for / of diminution in value of
investments (8,635) (2,26,254) 56,88,832 (68,83,900) (41,170) (2,40,381)
TOTAL (B) 3,23,806 (1,55,183) 99,33,524 (62,21,021) 5,48,497 (1,34,460)

Surplus (A-B) 37,64,637 44,37,303 1805,08,348 2078,72,642 61,21,372 71,38,564

(Less) : Income Equalisation Account (Refer Note B 1.5 - - - - - -
of Schedule VII)
37,64,637 44,37,303 1805,08,348 2078,72,642 61,21,372 71,38,564
Add: Surplus brought forward 122,48,797 79,93,805 5665,84,852 3706,79,272 191,47,545 123,82,432
160,13,434 124,31,108 7470,93,200 5785,51,914 252,68,917 195,20,996
Add: Unrealised Appreciation Reserve at the beginning of 1,83,438 1,127 122,56,747 2,89,685 3,83,439 9,988
the year
Less: Unrealised Appreciation Reserve at the end of the
461 1,83,438 35,948 122,56,747 1,862 3,83,439
year
Surplus after adjustments 161,96,411 122,48,797 7593,13,999 5665,84,852 256,50,494 191,47,545
Appropriations
Less : Income Distribution - - - - - -
Less : Tax on dividend distributed - - - - - -
Surplus carried forward to Revenue Reserve 161,96,411 122,48,797 7593,13,999 5665,84,852 256,50,494 191,47,545

Income as a percentage to Average Net Assets 6.91 8.73 7.15 8.89 7.02 8.79
Recurring Expenses as a percentage to Average Net Assets 0.14 0.14 0.03 0.03 0.13 0.13

Significant Accounting Policies and Notes to the Accounts VII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Revenue Account for the year ended Revenue Account for the year ended 31st March, 2018
31st March, 2018
Tata Fixed Maturity Plan - Tata Fixed Maturity Plan - Series Tata Fixed Maturity Plan - Series
Schedule
Series 46 Scheme Q 46 Scheme R 46 Scheme T
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
INCOME

Interest VI 100,31,646 93,87,695 254,10,234 237,53,636 1754,30,695 1641,13,990

Profit on sale / redemption of investments (other than - - - - - -
inter-scheme transfer/sale)
Profit on inter- scheme transfer / sale of investments - - - - - -
Load income - - - - - -
Other income (Including excess provision written back) - - - - - -
Increase / (Decrease) in unrealised appreciation in value (7,54,952) 7,42,997 (15,17,474) 14,90,586 (108,09,537) 102,63,025
of investments
TOTAL (A) 92,76,694 101,30,692 238,92,760 252,44,222 1646,21,158 1743,77,015

EXPENSES AND LOSSES

Loss on sale / redemption of investments (other than inter- 2,71,673 - 5,02,803 - 30,93,009 5,659
scheme transfer/sale)
Management fees 31,093 28,264 21,558 18,447 1,73,045 1,79,291
Trusteeship fees - - - - - 13
Goods and Services Tax/Service Tax Expenses on
Management Fees 5,317 4,218 3,690 2,753 29,725 26,751
Commission to Agents 1,11,444 1,03,776 71,766 67,953 19,110 18,594
Investor Education Fund Expenses 25,541 23,681 63,589 58,872 4,38,443 4,05,832
Provision/(Reversal) for / of diminution in value of
investments (8,937) (2,99,440) 7,81,652 (8,37,720) 54,70,317 (54,16,001)
TOTAL (B) 4,36,131 (1,39,501) 14,45,058 (6,89,695) 92,23,649 (47,79,861)

Surplus (A-B) 88,40,563 102,70,193 224,47,702 259,33,917 1553,97,509 1791,56,876

(Less) : Income Equalisation Account (Refer Note B 1.5 - - - - - -
of Schedule VII)
88,40,563 102,70,193 224,47,702 259,33,917 1553,97,509 1791,56,876
Add: Surplus brought forward 270,22,259 174,95,063 682,41,970 437,98,639 4885,92,976 3196,99,125
358,62,822 277,65,256 906,89,672 697,32,556 6439,90,485 4988,56,001
Add: Unrealised Appreciation Reserve at the beginning of 7,57,892 14,895 15,24,288 33,702 108,40,272 5,77,247
the year
Less: Unrealised Appreciation Reserve at the end of the
2,940 7,57,892 6,814 15,24,288 30,735 108,40,272
year
Surplus after adjustments 366,17,774 270,22,259 922,07,146 682,41,970 6548,00,022 4885,92,976
Appropriations
Less : Income Distribution - - - - - -
Less : Tax on dividend distributed - - - - - -
Surplus carried forward to Revenue Reserve 366,17,774 270,22,259 922,07,146 682,41,970 6548,00,022 4885,92,976

Income as a percentage to Average Net Assets 7.06 8.81 7.11 8.86 7.12 8.86
Recurring Expenses as a percentage to Average Net Assets 0.14 0.14 0.05 0.05 0.03 0.03

Significant Accounting Policies and Notes to the Accounts VII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Cash Flow Statement for the year ended Cash Flow Statement for the year ended 31st March, 2018
31st March, 2018
Tata Fixed Maturity Plan - Tata Fixed Maturity Plan -
Tata Dynamic Bond Fund
Series 44 Scheme D Series 46 Scheme D

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
A. Cash flow from Operating Activities
Surplus for the year 4343,02,031 11474,55,289 143,42,811 166,56,741 39,19,641 45,32,020
Adjustments for:-
Interest income (7655,51,625) (8233,00,997) (161,38,953) (151,22,652) (45,87,695) (43,33,207)
Movement in unrealised appreciation/diminution in the value of (72,23,212) 539,66,509 12,48,723 (17,38,077) 2,05,807 (2,83,327)
Investments

Change in assets and liabilities:

(Increase) / Decrease in Investments at Cost 20820,81,362 6346,37,954 102,95,284 (120,51,478) 97,13,375 (49,77,270)
(Increase) / Decrease in Other Current Assets 89,909 7,02,476 - 7,615 - 3,723
Increase / (Decrease) in Current Liabilities and Provisions (26,57,028) 40,35,241 2,709 (3,547) (734) 2,660
Cash Generated from/(used in) Operations 17410,41,437 10174,96,472 97,50,574 (122,51,398) 92,50,394 (50,55,401)

Interest received 8361,59,552 8558,74,891 135,93,497 127,66,965 64,36,491 40,03,957

Net Cash Generated from/(used in) Operating Activities
25772,00,989 18733,71,363 233,44,071 5,15,567 156,86,885 (10,51,444)
(A)

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

C. Cash flow from Financing Activities

Net proceeds from (payments for re-purchase) of units (13676,96,110) (621,86,965) - - - -
Net unit premium (paid) (20167,52,905) (347,27,321) - - - -
Dividend paid (including tax on dividend distributed, where 310 (476,59,649) - - - -
applicable) during the year
Net Cash Generated from/(used in) Financing Activities (33844,48,705) (1445,73,935) - - - -
(C)

Net increase / (decrease) in Cash and Cash Equivalents (8072,47,716) 17287,97,428 233,44,071 5,15,567 156,86,885 (10,51,444)
(A+B+C)

Cash and cash equivalents as at the beginning of the year 20006,89,674 2718,92,246 10,57,384 5,41,817 5,53,559 16,05,003

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

11934,41,958 20006,89,674 244,01,455 10,57,384 162,40,444 5,53,559
Note below)
Note: - - - - - -
Components of cash and cash equivalents as at the end of the
year (Refer Note B 1.6 of Schedule VII)
Balances with banks in current account (Refer Schedule V) 27,90,067 12,09,950 4,99,020 5,20,234 4,69,663 5,53,559
Collateralised Borrowing and Lending Obligation ("CBLO") - - 9,99,645 - - -
(Refer Schedule V)
Reverse Repos (Refer Schedule V) 11907,55,009 19996,72,751 229,02,790 5,37,150 157,70,781 -
Less: Earmarked Balances - Unclaimed Dividend and Unclaimed (1,03,118) (1,93,027) - - - -
Redemption invested in Reverse Repos/CBLO (Refer Schedule
III)
Cash and cash equivalents as at the end of the year 11934,41,958 20006,89,674 244,01,455 10,57,384 162,40,444 5,53,559

Significant Accounting Policies and Notes to the Accounts VII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Cash Flow Statement for the year ended Cash Flow Statement for the year ended 31st March, 2018
31st March, 2018
Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Tata Fixed Maturity Plan -
Scheme K Series 46 Scheme M Series 46 Scheme N

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
A. Cash flow from Operating Activities
Surplus for the year 37,64,637 44,37,303 1805,08,348 2078,72,642 61,21,372 71,38,564
Adjustments for:-
Interest income (42,71,420) (40,99,809) (2026,62,671) (1896,84,559) (70,51,446) (66,30,653)
Movement in unrealised appreciation/diminution in the value of 1,74,342 (4,08,565) 179,09,631 (188,50,962) 3,40,407 (6,13,832)
Investments

Change in assets and liabilities:

(Increase) / Decrease in Investments at Cost 166,75,900 (41,97,005) (900,74,106) (1587,29,762) 212,75,268 (50,05,924)
(Increase) / Decrease in Other Current Assets - 3,384 - 9,717 - 4,806
Increase / (Decrease) in Current Liabilities and Provisions 1,232 790 922 12,350 (622) 3,560
Cash Generated from/(used in) Operations 163,44,691 (42,63,902) (943,17,876) (1593,70,574) 206,84,979 (51,03,479)

Interest received 44,79,499 40,95,735 1551,70,119 1587,98,929 71,80,171 52,42,243

Net Cash Generated from/(used in) Operating Activities
208,24,190 (1,68,167) 608,52,243 (5,71,645) 278,65,150 1,38,764
(A)

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

C. Cash flow from Financing Activities

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

Net increase / (decrease) in Cash and Cash Equivalents 208,24,190 (1,68,167) 608,52,243 (5,71,645) 278,65,150 1,38,764
(A+B+C)

Cash and cash equivalents as at the beginning of the year 3,17,453 4,85,620 20,49,618 26,21,263 5,39,275 4,00,511

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

211,41,643 3,17,453 629,01,861 20,49,618 284,04,425 5,39,275
Note below)
Note: - - - - - -
Components of cash and cash equivalents as at the end of the
year (Refer Note B 1.6 of Schedule VII)
Balances with banks in current account (Refer Schedule V) 4,58,498 3,17,453 4,86,340 5,45,599 4,92,224 5,39,275
Collateralised Borrowing and Lending Obligation ("CBLO") 19,99,290 - 339,87,935 - 26,99,042 -
(Refer Schedule V)
Reverse Repos (Refer Schedule V) 186,83,855 - 284,27,586 15,04,019 252,13,159 -
Less: Earmarked Balances - Unclaimed Dividend and Unclaimed - - - - - -
Redemption invested in Reverse Repos/CBLO (Refer Schedule
III)
Cash and cash equivalents as at the end of the year 211,41,643 3,17,453 629,01,861 20,49,618 284,04,425 5,39,275

Significant Accounting Policies and Notes to the Accounts VII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Cash Flow Statement for the year ended Cash Flow Statement for the year ended 31st March, 2018
31st March, 2018
Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Tata Fixed Maturity Plan -
Scheme Q Series 46 Scheme R Series 46 Scheme T

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
A. Cash flow from Operating Activities
Surplus for the year 88,40,563 102,70,193 224,47,702 259,33,917 1553,97,509 1791,56,876
Adjustments for:-
Interest income (100,31,646) (93,87,695) (254,10,234) (237,53,636) (1754,30,695) (1641,13,990)
Movement in unrealised appreciation/diminution in the value of 7,46,015 (10,42,437) 22,99,126 (23,28,306) 162,79,854 (156,79,026)
Investments

Change in assets and liabilities:

(Increase) / Decrease in Investments at Cost 94,30,830 (73,71,307) 59,95,797 (195,80,114) (728,04,282) (1415,09,148)
(Increase) / Decrease in Other Current Assets - 7,765 - 5,415 - -
Increase / (Decrease) in Current Liabilities and Provisions 1,878 2,388 1,627 3,211 (6,569) 6,813
Cash Generated from/(used in) Operations 89,87,640 (75,21,093) 53,34,018 (197,19,513) (765,64,183) (1421,38,475)

Interest received 84,48,410 78,27,514 215,59,291 200,08,167 1342,74,153 1374,19,327

Net Cash Generated from/(used in) Operating Activities
174,36,050 3,06,421 268,93,309 2,88,654 577,09,970 (47,19,148)
(A)

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

C. Cash flow from Financing Activities

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

Net increase / (decrease) in Cash and Cash Equivalents 174,36,050 3,06,421 268,93,309 2,88,654 577,09,970 (47,19,148)
(A+B+C)

Cash and cash equivalents as at the beginning of the year 5,19,743 2,13,322 9,46,805 6,58,151 10,84,768 58,03,916

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

179,55,793 5,19,743 278,40,114 9,46,805 587,94,738 10,84,768
Note below)
Note: - - - - - -
Components of cash and cash equivalents as at the end of the
year (Refer Note B 1.6 of Schedule VII)
Balances with banks in current account (Refer Schedule V) 5,06,527 5,19,743 5,36,940 5,17,085 4,78,249 5,47,618
Collateralised Borrowing and Lending Obligation ("CBLO") 59,97,871 - 39,98,581 - 299,89,354 -
(Refer Schedule V)
Reverse Repos (Refer Schedule V) 114,51,395 - 233,04,593 4,29,720 283,27,135 5,37,150
Less: Earmarked Balances - Unclaimed Dividend and Unclaimed - - - - - -
Redemption invested in Reverse Repos/CBLO (Refer Schedule
III)
Cash and cash equivalents as at the end of the year 179,55,793 5,19,743 278,40,114 9,46,805 587,94,738 10,84,768

Significant Accounting Policies and Notes to the Accounts VII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

 Tata Fixed Maturity Plan - Series 44 Tata Fixed Maturity Plan - Series 46
Schedule I - Unit Capital Tata Dynamic Bond Fund
Scheme D Scheme D

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Initial Capital 15967,69,844 15967,69,844 4882,02,938 4882,02,938 2343,40,686 2343,40,686

Unit Capital (Refer Annexure 6)

Units Opening Balance / Initial Capital 44543,64,139 44701,20,773 1474,71,039 1474,71,039 423,40,547 423,40,547

Add : Units reissued during the year 15286,40,735 14850,60,652 - - - -

59830,04,874 59551,81,425 1474,71,039 1474,71,039 423,40,547 423,40,547
Less : Units repurchased during the year 28998,14,465 15008,17,286 - - - -

Units Closing Balance 30831,90,409 44543,64,139 1474,71,039 1474,71,039 423,40,547 423,40,547

 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46
Schedule I - Unit Capital
Scheme K Scheme M Scheme N

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Initial Capital 10617,79,415 10617,79,415 23777,10,471 23777,10,471 10358,13,294 10358,13,294

Unit Capital (Refer Annexure 6)

Units Opening Balance / Initial Capital 412,79,512 412,79,512 18642,45,001 18642,45,001 661,97,298 661,97,298

Add : Units reissued during the year - - - - - -

412,79,512 412,79,512 18642,45,001 18642,45,001 661,97,298 661,97,298
Less : Units repurchased during the year - - - - - -

Units Closing Balance 412,79,512 412,79,512 18642,45,001 18642,45,001 661,97,298 661,97,298

 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46
Schedule I - Unit Capital
Scheme Q Scheme R Scheme T

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Initial Capital 10336,22,847 10336,22,847 10783,19,050 10783,19,050 17146,00,353 17146,00,353

Unit Capital (Refer Annexure 6)

Units Opening Balance / Initial Capital 954,69,448 954,69,448 2368,61,828 2368,61,828 16145,12,156 16145,12,156

Add : Units reissued during the year - - - - - -

954,69,448 954,69,448 2368,61,828 2368,61,828 16145,12,156 16145,12,156
Less : Units repurchased during the year - - - - - -

Units Closing Balance 954,69,448 954,69,448 2368,61,828 2368,61,828 16145,12,156 16145,12,156

 Tata Fixed Maturity Plan - Series 44 Tata Fixed Maturity Plan - Series 46
Schedule II - Reserves & Surplus Tata Dynamic Bond Fund
Scheme D Scheme D
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Unit Premium Reserve

Opening Balance 1661,43,660 1477,59,327 - - - -
Net Addition / (Deduction) during the year (497,38,522) 183,84,333 - - - -
Closing Balance 1164,05,138 1661,43,660 - - - -

Unrealised Appreciation Reserve

At the beginning of the year 493,62,667 822,37,055 12,49,130 19,936 1,23,155 -
Increase/(Decrease) in unrealised gain in the (119,41,891) (328,74,388) (12,44,317) 12,29,194 (1,22,755) 1,23,155
value of investments
At the end of the year 374,20,776 493,62,667 4,813 12,49,130 400 1,23,155

Revenue Account 49227,96,729 64435,67,190 649,46,462 493,59,334 170,18,118 129,75,722

50766,22,643 66590,73,517 649,51,275 506,08,464 170,18,518 130,98,877
 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46
Schedule II - Reserves & Surplus
Scheme K Scheme M Scheme N
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Unit Premium Reserve

Opening Balance - - - - - -
Net Addition / (Deduction) during the year - - - - - -
Closing Balance - - - - - -

Unrealised Appreciation Reserve

At the beginning of the year 1,83,438 1,127 122,56,747 2,89,685 3,83,439 9,988
Increase/(Decrease) in unrealised gain in the (1,82,977) 1,82,311 (122,20,799) 119,67,062 (3,81,577) 3,73,451
value of investments
At the end of the year 461 1,83,438 35,948 122,56,747 1,862 3,83,439

Revenue Account 161,96,411 122,48,797 7593,13,999 5665,84,852 256,50,494 191,47,545

161,96,872 124,32,235 7593,49,947 5788,41,599 256,52,356 195,30,984
 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46
Schedule II - Reserves & Surplus
Scheme Q Scheme R Scheme T
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Unit Premium Reserve

Opening Balance - - - - - -
Net Addition / (Deduction) during the year - - - - - -
Closing Balance - - - - - -

Unrealised Appreciation Reserve

At the beginning of the year 7,57,892 14,895 15,24,288 33,702 108,40,272 5,77,247
Increase/(Decrease) in unrealised gain in the (7,54,952) 7,42,997 (15,17,474) 14,90,586 (108,09,537) 102,63,025
value of investments
At the end of the year 2,940 7,57,892 6,814 15,24,288 30,735 108,40,272

Revenue Account 366,17,774 270,22,259 922,07,146 682,41,970 6548,00,022 4885,92,976

366,20,714 277,80,151 922,13,960 697,66,258 6548,30,757 4994,33,248
 Tata Fixed Maturity Plan - Series Tata Fixed Maturity Plan - Series
Schedule III - Current Liabilities & Provisions Tata Dynamic Bond Fund
44 Scheme D 46 Scheme D
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Current Liabilities
Management Fees payable 23,81,657 20,88,337 7,406 2,148 1,023 1,241
Trusteeship Fees payable 15,34,774 28,12,782 - - - -
Selling Commission / Brokerage Expenses payable 56,70,233 73,79,844 46,396 50,322 4,718 5,404
Other payable 4,79,551 5,03,040 126 5 131 25
Units pending allotment 19,41,255 - - - - -
Repurchase amount payable 20,03,435 74,967 - - - -
Inter-scheme dues payable 9,79,040 12,80,423 - - - -
Income Distribution payable - - - - - 1
Unclaimed Redemption payable (Refer Note C 14 of Schedule VII) 93,915 1,84,134 - - - -
Unclaimed Dividend payable (Refer Note C 14 of Schedule VII)
9,203 8,893 - - - -
Investor Education Fund Expenses Payable 1,42,826 1,97,513 3,597 3,352 1,005 938
Goods and Servuices Tax/Service Tax payable on Management Fees 4,28,698 3,13,251 1,333 322 184 186

156,64,587 148,43,184 58,858 56,149 7,061 7,795

 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series Tata Fixed Maturity Plan - Series
Schedule III - Current Liabilities & Provisions
Scheme K 46 Scheme M 46 Scheme N
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Current Liabilities
Management Fees payable 1,107 392 7,830 6,606 2,055 2,988
Trusteeship Fees payable - - - 13 - -
Selling Commission / Brokerage Expenses payable 4,526 4,393 48,733 52,355 7,687 7,614
Other payable 212 32 272 436 253 41
Units pending allotment - - - - - -
Repurchase amount payable - - - - - -
Inter-scheme dues payable - - - - - -
Income Distribution payable - - - - - -
Unclaimed Redemption payable (Refer Note C 14 of Schedule VII) - - - - - -
Unclaimed Dividend payable (Refer Note C 14 of Schedule VII)
- - - - - -
Investor Education Fund Expenses Payable 973 909 44,425 41,346 1,555 1,451
Goods and Servuices Tax/Service Tax payable on Management Fees 199 59 1,409 991 370 448

7,017 5,785 1,02,669 1,01,747 11,920 12,542

 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series Tata Fixed Maturity Plan - Series
Schedule III - Current Liabilities & Provisions
Scheme Q 46 Scheme R 46 Scheme T
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Current Liabilities
Management Fees payable 89 262 1,185 919 615 8,598
Trusteeship Fees payable - - - - - 11
Selling Commission / Brokerage Expenses payable 15,968 14,081 19,505 18,620 1,676 1,564
Other payable 112 76 183 165 208 368
Units pending allotment - - - - - -
Repurchase amount payable - - - - - -
Inter-scheme dues payable - - - - - -
Income Distribution payable - - - - - -
Unclaimed Redemption payable (Refer Note C 14 of Schedule VII) - - - - - -
Unclaimed Dividend payable (Refer Note C 14 of Schedule VII)
- - - - - -
Investor Education Fund Expenses Payable 2,237 2,086 5,572 5,189 38,427 35,775
Goods and Servuices Tax/Service Tax payable on Management Fees 16 39 213 138 111 1,290

18,422 16,544 26,658 25,031 41,037 47,606

 Tata Fixed Maturity Plan - Series 44 Tata Fixed Maturity Plan - Series 46
Schedule IV - Investments Tata Dynamic Bond Fund
Scheme D Scheme D
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Privately Placed Debentures / Bonds 2500,00,000 - - - - -

Debentures and Bonds listed / awaiting listing on 36640,80,250 61238,52,650 1721,24,701 1740,15,064 374,97,911 453,15,619
recognised stock exchange
Central and State Government Securities 7955,86,357 28303,03,213 - 96,53,644 - 60,95,346
Commercial Paper 7041,52,500 - - - - -
Certificate of Deposit 14654,78,606 - - - 39,93,872 -
68792,97,713 89541,55,863 1721,24,701 1836,68,708 414,91,783 514,10,965
 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46
Schedule IV - Investments
Scheme K Scheme M Scheme N
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Privately Placed Debentures / Bonds - - - - - -

Debentures and Bonds listed / awaiting listing on 344,95,804 469,82,701 23614,70,085 22647,42,460 577,73,872 735,00,103
recognised stock exchange
Central and State Government Securities - 43,63,345 - 245,63,150 - 58,89,444
Commercial Paper - - - - - -
Certificate of Deposit - - - - - -
344,95,804 513,46,046 23614,70,085 22893,05,610 577,73,872 793,89,547
 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46
Schedule IV - Investments
Scheme Q Scheme R Scheme T
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Privately Placed Debentures / Bonds - - - - - -

Debentures and Bonds listed / awaiting listing on 1042,79,582 1066,39,508 2664,04,920 2770,30,990 20389,98,281 19665,45,740
recognised stock exchange
Central and State Government Securities - 78,16,919 - 101,49,702 - 159,28,113
Commercial Paper - - - - - -
Certificate of Deposit - - 124,80,849 - - -
1042,79,582 1144,56,427 2788,85,769 2871,80,692 20389,98,281 19824,73,853
 Tata Fixed Maturity Plan - Series 44 Tata Fixed Maturity Plan - Series 46
Schedule V - Other Current Assets Tata Dynamic Bond Fund
Scheme D Scheme D
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Balances with banks in current accounts 27,90,067 12,09,950 4,99,020 5,20,234 4,69,663 5,53,559
Collateralised Borrowing and Lending Obligation - - 9,99,645 - - -
Reverse Repos 11907,55,009 19996,72,751 229,02,790 5,37,150 157,70,781 -
Accrued income 1026,34,349 1732,42,276 159,55,016 134,09,560 16,33,899 34,82,695
Inter-scheme dues 501 - - - - -
12961,79,926 21741,24,977 403,56,471 144,66,944 178,74,343 40,36,254
 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46
Schedule V - Other Current Assets
Scheme K Scheme M Scheme N
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Balances with banks in current accounts 4,58,498 3,17,453 4,86,340 5,45,599 4,92,224 5,39,275
Collateralised Borrowing and Lending Obligation 19,99,290 - 339,87,935 - 26,99,042 -
Reverse Repos 186,83,855 - 284,27,586 15,04,019 252,13,159 -
Accrued income 18,45,954 20,54,033 1993,25,671 1518,33,119 56,83,277 58,12,002
Inter-scheme dues - - - - - -
229,87,597 23,71,486 2622,27,532 1538,82,737 340,87,702 63,51,277
 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46
Schedule V - Other Current Assets
Scheme Q Scheme R Scheme T
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Balances with banks in current accounts 5,06,527 5,19,743 5,36,940 5,17,085 4,78,249 5,47,618
Collateralised Borrowing and Lending Obligation 59,97,871 - 39,98,581 - 299,89,354 -
Reverse Repos 114,51,395 - 233,04,593 4,29,720 283,27,135 5,37,150
Accrued income 98,73,209 82,89,973 223,76,563 185,25,620 1715,90,931 1304,34,389
Inter-scheme dues - - - - - -
278,29,002 88,09,716 502,16,677 194,72,425 2303,85,669 1315,19,157
 Tata Fixed Maturity Plan - Series 44 Tata Fixed Maturity Plan - Series 46
Schedule VI - Interest Income Tata Dynamic Bond Fund
Scheme D Scheme D

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Term Deposits - - - - - -
Debentures / Bonds / Asset Backed Securities 1890,37,798 1084,62,826 121,49,269 119,85,319 29,69,174 30,73,190
Discounted Securities 885,84,660 478,63,601 24,02,020 24,01,844 8,86,224 8,47,157
Government Securities 4007,65,179 5990,77,719 14,22,534 6,60,567 6,23,871 3,49,997
Reverse Repos 871,63,988 678,96,851 1,65,130 74,922 1,08,426 62,863
7655,51,625 8233,00,997 161,38,953 151,22,652 45,87,695 43,33,207
 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46
Schedule VI - Interest Income
Scheme K Scheme M Scheme N

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Term Deposits - - - - - -
Debentures / Bonds / Asset Backed Securities 27,20,840 30,03,060 1639,84,454 1579,40,761 52,30,797 53,04,507
Discounted Securities 8,47,511 8,47,157 306,02,227 305,96,481 9,41,457 9,41,073
Government Securities 5,03,224 2,23,296 76,85,781 7,87,692 7,09,080 3,47,637
Reverse Repos 1,99,845 26,296 3,90,209 3,59,625 1,70,112 37,436
42,71,420 40,99,809 2026,62,671 1896,84,559 70,51,446 66,30,653
 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46 Tata Fixed Maturity Plan - Series 46
Schedule VI - Interest Income
Scheme Q Scheme R Scheme T

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Term Deposits - - - - - -
Debentures / Bonds / Asset Backed Securities 74,60,865 73,79,123 196,01,316 194,00,662 1434,31,691 1381,40,287
Discounted Securities 14,43,388 15,45,791 39,63,460 38,40,760 255,84,884 255,79,610
Government Securities 9,98,435 3,91,815 17,25,696 3,93,068 61,51,815 94,108
Reverse Repos 1,28,958 70,966 1,19,762 1,19,146 2,62,305 2,99,985
100,31,646 93,87,695 254,10,234 237,53,636 1754,30,695 1641,13,990
Balance Sheet as at 31st March, 2018 Balance Sheet as at 31st March, 2018
Tata Fixed Maturity Plan - Tata Fixed Maturity Plan - Tata Fixed Maturity Plan-
Schedule
Series 47 Scheme C Series 47 Scheme D Series 47 Scheme - E

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
LIABILITIES

Unit Capital I 2247,66,275 2247,66,275 1889,61,911 1889,61,911 1612,11,876 1612,11,876

Reserves & Surplus II 858,79,943 648,19,971 716,50,175 541,22,941 608,18,249 458,63,864
Current Liabilities & Provisions III 34,336 30,520 89,187 82,083 31,862 25,298

TOTAL 3106,80,554 2896,16,766 2607,01,273 2431,66,935 2220,61,987 2071,01,038

ASSETS

Investments IV 2655,38,734 2709,78,348 2233,17,274 2261,20,844 1488,23,194 1975,76,503

Deposits V - - - - - -
Other Current Assets VI 451,41,820 186,38,418 373,83,999 170,46,091 732,38,793 95,24,535

TOTAL 3106,80,554 2896,16,766 2607,01,273 2431,66,935 2220,61,987 2071,01,038

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

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Balance Sheet as at 31st March, 2018 Balance Sheet as at 31st March, 2018
Tata Fixed Maturity Plan- Tata Fixed Maturity Plan- Tata Fixed Maturity Plan-
Schedule
Series 47 Scheme - F Series 47 Scheme - H Series 47 Scheme - J

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
LIABILITIES

Unit Capital I 5308,99,357 5308,99,357 1249,14,437 1249,14,437 2543,64,566 2543,64,566

Reserves & Surplus II 1975,09,783 1501,15,444 461,38,375 351,85,912 967,54,574 729,77,184
Current Liabilities & Provisions III 36,091 1,07,493 1,30,671 37,615 27,735 23,764

TOTAL 7284,45,231 6811,22,294 1711,83,483 1601,37,964 3511,46,875 3273,65,514

ASSETS

Investments IV 4630,52,045 6506,66,318 965,18,472 1490,52,086 2807,06,390 3060,98,867

Deposits V - - - - - -
Other Current Assets VI 2653,93,186 304,55,976 746,65,011 110,85,878 704,40,485 212,66,647

TOTAL 7284,45,231 6811,22,294 1711,83,483 1601,37,964 3511,46,875 3273,65,514

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

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Balance Sheet as at 31st March, 2018 Balance Sheet as at 31st March, 2018
Tata Fixed Tata Fixed
Tata Income Fund (formerly Tata Treasury Advantage Fund
Maturity Plan- Maturity Plan-
Schedule known as "Tata Long Term Debt (formerly known as "Tata Ultra
Series 53 Series 53
Fund") Short Term Fund")
Scheme -A Scheme -B
As At As At As At As At As At As At
31-Mar-18 31-Mar-18 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
LIABILITIES

Unit Capital I 27415,99,907 6431,09,759 2762,75,575 6271,29,306 233443,15,892 234413,45,783

Reserves & Surplus II 137,53,465 19,58,611 9171,82,057 11980,87,250 216296,35,259 178472,75,019
Current Liabilities & Provisions III 69,282 17,639 45,66,234 56,56,588 3577,90,439 5881,56,004

TOTAL 27554,22,654 6450,86,009 11980,23,866 18308,73,144 453317,41,590 418767,76,806

ASSETS

Investments IV 26629,34,223 5156,30,221 6958,63,244 13449,24,954 432538,09,495 373712,61,760

Deposits V - - 200,00,000 200,00,000 299,00,000 25299,00,000
Other Current Assets VI 924,88,431 1294,55,788 4821,60,622 4659,48,190 20480,32,095 19756,15,046

TOTAL 27554,22,654 6450,86,009 11980,23,866 18308,73,144 453317,41,590 418767,76,806

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

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Balance Sheet as at 31st March, 2018 Balance Sheet as at 31st March, 2018

Schedule Tata Young Citizens' Fund

As At As At
31-Mar-18 31-Mar-17
Rs. Rs.
LIABILITIES

Unit Capital I 8306,72,166 9035,60,081

Reserves & Surplus II 13325,55,545 12501,50,527
Current Liabilities & Provisions III 158,49,570 92,16,726

TOTAL 21790,77,281 21629,27,334

ASSETS

Investments IV 20602,69,027 18676,63,651

Deposits V - -
Other Current Assets VI 1188,08,254 2952,63,683

TOTAL 21790,77,281 21629,27,334

Significant Accounting Policies and Notes to the Accounts VIII - -

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Revenue Account for the year ended 31st Revenue Account for the year ended 31st March, 2018
March, 2018

Tata Fixed Maturity Plan - Tata Fixed Maturity Plan - Tata Fixed Maturity Plan-
Schedule
Series 47 Scheme C Series 47 Scheme D Series 47 Scheme - E

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
INCOME

Dividend - - - - - -
Interest VII 239,92,354 224,49,462 198,20,300 185,85,191 170,58,782 161,93,070
Profit on sale / redemption of investments (other than inter-scheme - - - - - -
transfer/sale)
Load income - - - - - -
Other income (Including excess provision written back) - - - - - -
Increase / (Decrease) in unrealised appreciation in value of (14,24,439) 14,01,053 (15,12,142) 14,93,103 (7,36,983) 7,00,693
investments
TOTAL (A) 225,67,915 238,50,515 183,08,158 200,78,294 163,21,799 168,93,763

EXPENSES AND LOSSES

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

transfer/sale) 4,98,983 1,610 4,33,546 - 12,77,385 -
Management fees 49,184 41,935 75,425 56,371 93,030 79,489
Trusteeship fees - - - - - -
Goods and Services Tax/Service Tax Expenses on Management Fees 8,438 6,258 12,980 8,410 16,019 11,863
Commission to Agents 1,62,877 1,53,957 2,24,371 2,21,042 1,27,778 1,25,628
Investor Education Fund Expenses 60,041 55,610 50,381 46,692 42,926 39,768
Interest expense on borrowings - - - - - -
Provision/(Reversal) for / of diminution in value of investments 7,28,420 (7,75,860) (15,779) (6,09,196) (1,89,724) (7,35,627)
TOTAL (B) 15,07,943 (5,16,490) 7,80,924 (2,76,681) 13,67,414 (4,78,879)

Surplus (A-B) 210,59,972 243,67,005 175,27,234 203,54,975 149,54,385 173,72,642

Add / (Less) : Income Equalisation Account (Refer Note B 1.5 of
- - - - - -
Schedule VIII)
210,59,972 243,67,005 175,27,234 203,54,975 149,54,385 173,72,642
Add: Surplus brought forward 633,89,014 404,23,062 526,04,918 337,43,046 451,23,789 284,51,840
844,48,986 647,90,067 701,32,152 540,98,021 600,78,174 458,24,482
Add: Unrealised Appreciation Reserve at the beginning of the 14,30,957 29,904 15,18,023 24,920 7,40,075 39,382
year/period
Less: Unrealised Appreciation Reserve at the end of the year/period 6,518 14,30,957 5,881 15,18,023 3,092 7,40,075
Surplus after adjustments 858,73,425 633,89,014 716,44,294 526,04,918 608,15,157 451,23,789
Appropriations
Less : Income Distribution - - - - - -
Less : Tax on dividend distributed - - - - - -
Surplus carried forward to Revenue Reserve 858,73,425 633,89,014 716,44,294 526,04,918 608,15,157 451,23,789

Income as a percentage to Average Net Assets 7.11 8.86 7.10 8.86 7.10 8.87
Recurring Expenses as a percentage to Average Net Assets 0.09 0.09 0.14 0.14 0.13 0.13

Significant Accounting Policies and Notes to the Accounts VIII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Revenue Account for the year ended 31st Revenue Account for the year ended 31st March, 2018
March, 2018

Tata Fixed Maturity Plan- Tata Fixed Maturity Plan- Tata Fixed Maturity Plan-
Schedule
Series 47 Scheme - F Series 47 Scheme - H Series 47 Scheme - J

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
INCOME

Dividend - - - - - -
Interest VII 571,09,687 542,51,930 136,21,924 127,67,822 271,09,677 253,79,938
Profit on sale / redemption of investments (other than inter-scheme - - - - - -
transfer/sale)
Load income - - - - - -
Other income (Including excess provision written back) - - - - - -
Increase / (Decrease) in unrealised appreciation in value of (23,82,120) 23,96,185 (3,76,452) 5,32,383 (16,45,062) 17,70,330
investments
TOTAL (A) 547,27,567 566,48,115 132,45,472 133,00,205 254,64,615 271,50,268

EXPENSES AND LOSSES

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

transfer/sale) 61,20,710 - 13,39,371 - 5,86,067 -
Management fees 11,14,827 14,06,906 4,46,626 45,204 53,482 49,093
Trusteeship fees - - - - - -
Goods and Services Tax/Service Tax Expenses on Management Fees 1,89,469 2,09,922 79,931 6,754 9,143 7,327
Commission to Agents 2,45,909 2,35,689 91,073 1,13,105 1,92,562 1,77,997
Investor Education Fund Expenses 1,40,970 1,30,916 33,166 30,756 67,870 62,865
Interest expense on borrowings - - - - - -
Provision/(Reversal) for / of diminution in value of investments (4,78,657) (19,07,529) 3,02,842 (2,90,929) 7,78,101 (7,03,840)
TOTAL (B) 73,33,228 75,904 22,93,009 (95,110) 16,87,225 (4,06,558)

Surplus (A-B) 473,94,339 565,72,211 109,52,463 133,95,315 237,77,390 275,56,826

Add / (Less) : Income Equalisation Account (Refer Note B 1.5 of
- - - - - -
Schedule VIII)
473,94,339 565,72,211 109,52,463 133,95,315 237,77,390 275,56,826
Add: Surplus brought forward 1477,09,115 935,33,089 346,43,543 217,80,611 711,69,697 453,83,201
1951,03,454 1501,05,300 455,96,006 351,75,926 949,47,087 729,40,027
Add: Unrealised Appreciation Reserve at the beginning of the 24,06,329 10,144 5,42,369 9,986 18,07,487 37,157
year/period
Less: Unrealised Appreciation Reserve at the end of the year/period 24,209 24,06,329 1,65,917 5,42,369 1,62,425 18,07,487
Surplus after adjustments 1974,85,574 1477,09,115 459,72,458 346,43,543 965,92,149 711,69,697
Appropriations
Less : Income Distribution - - - - - -
Less : Tax on dividend distributed - - - - - -
Surplus carried forward to Revenue Reserve 1974,85,574 1477,09,115 459,72,458 346,43,543 965,92,149 711,69,697

Income as a percentage to Average Net Assets 6.96 8.95 7.00 8.84 7.10 8.86
Recurring Expenses as a percentage to Average Net Assets 0.24 0.30 0.39 0.13 0.10 0.09

Significant Accounting Policies and Notes to the Accounts VIII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Revenue Account for the year ended 31st Revenue Account for the year/period ended 31st March, 2018
March, 2018
Tata Fixed Tata Fixed
Tata Income Fund (formerly Tata Treasury Advantage Fund
Maturity Plan- Maturity Plan-
Schedule known as "Tata Long Term Debt (formerly known as "Tata Ultra
Series 53 Series 53
Fund") Short Term Fund")
Scheme -A Scheme -B

Period Ended Period Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-18 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
INCOME

Dividend - - - - - -
Interest VII 62,16,369 11,08,624 1255,08,435 1513,34,520 36850,52,369 31600,36,423
Profit on sale / redemption of investments (other than inter-scheme - - 520,88,032 1159,97,237 839,77,250 1555,41,889
transfer/sale)
Load income - - 72,226 2,43,585 - -
Other income (Including excess provision written back) - - - - 6 55,200
Increase / (Decrease) in unrealised appreciation in value of 76,58,692 9,27,702 (79,50,240) (56,61,757) (497,23,116) 565,03,400
investments
TOTAL (A) 138,75,061 20,36,326 1697,18,453 2619,13,585 37193,06,509 33721,36,912

EXPENSES AND LOSSES

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

transfer/sale) - - 657,28,425 231,76,612 1371,98,446 306,01,048
Management fees 2,484 354 164,36,173 208,84,903 647,10,398 545,21,205
Trusteeship fees - - 3,33,593 6,25,395 - -
Goods and Services Tax/Service Tax Expenses on Management Fees 447 64 28,15,824 31,14,829 111,45,907 81,41,341
Commission to Agents 19,548 2,788 60,43,046 84,44,101 312,48,028 297,72,445
Investor Education Fund Expenses 13,567 1,767 3,48,407 4,06,137 102,02,804 81,81,724
Interest expense on borrowings - - - - - 8,76,986
Provision/(Reversal) for / of diminution in value of investments 85,550 72,742 (17,17,327) 62,40,620 508,96,966 88,57,066
TOTAL (B) 1,21,596 77,715 899,88,141 628,92,597 3054,02,549 1409,51,815

Surplus (A-B) 137,53,465 19,58,611 797,30,312 1990,20,988 34139,03,960 32311,85,097

Add / (Less) : Income Equalisation Account (Refer Note B 1.5 of
- - (3558,23,071) (2486,28,822) 21900,61,301 44576,95,531
Schedule VIII)
137,53,465 19,58,611 (2760,92,759) (496,07,834) 56039,65,261 76888,80,628
Add: Surplus brought forward - - 12168,46,051 12647,89,390 197756,32,805 130149,16,966
137,53,465 19,58,611 9407,53,292 12151,81,556 253795,98,066 207037,97,594
Add: Unrealised Appreciation Reserve at the beginning of the - - 155,99,486 212,61,243 1009,30,223 444,26,823
year/period
Less: Unrealised Appreciation Reserve at the end of the year/period 76,58,692 9,27,702 76,49,246 155,99,486 512,07,107 1009,30,223
Surplus after adjustments 60,94,773 10,30,909 9487,03,532 12208,43,313 254293,21,182 206472,94,194
Appropriations
Less : Income Distribution - - 23,44,609 28,67,990 5431,97,839 6141,33,866
Less : Tax on dividend distributed - - 9,24,845 11,29,272 2267,67,357 2575,27,523
Surplus carried forward to Revenue Reserve 60,94,773 10,30,909 9454,34,078 12168,46,051 246593,55,986 197756,32,805

Income as a percentage to Average Net Assets 0.50 0.30 5.52 11.45 6.92 8.15
Recurring Expenses as a percentage to Average Net Assets 0.00 0.00 1.36 1.65 0.23 0.25

Significant Accounting Policies and Notes to the Accounts VIII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Revenue Account for the year ended 31st Revenue Account for the year
March, 2018 ended 31st March, 2018

Schedule Tata Young Citizens' Fund

Year Ended Year Ended

31-Mar-18 31-Mar-17
Rs. Rs.
INCOME

Dividend 124,88,118 127,83,970

Interest VII 835,88,105 782,42,624
Profit on sale / redemption of investments (other than inter-scheme 2032,39,818 2883,64,235
transfer/sale)
Load income 2,89,033 1,19,952
Other income (Including excess provision written back) - -
Increase / (Decrease) in unrealised appreciation in value of (139,42,452) (312,85,206)
investments
TOTAL (A) 2856,62,622 3482,25,575

EXPENSES AND LOSSES

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

transfer/sale) 63,95,469 466,56,506
Management fees 443,12,956 387,12,035
Trusteeship fees 9,30,468 10,54,958
Goods and Services Tax/Service Tax Expenses on Management Fees 76,58,665 57,75,489
Commission to Agents 83,87,965 97,63,284
Investor Education Fund Expenses 4,46,546 4,12,284
Interest expense on borrowings - -
Provision/(Reversal) for / of diminution in value of investments 204,79,086 (430,93,383)
TOTAL (B) 886,11,155 592,81,173

Surplus (A-B) 1970,51,467 2889,44,402

Add / (Less) : Income Equalisation Account (Refer Note B 1.5 of
(857,13,074) (526,83,907)
Schedule VIII)
1113,38,393 2362,60,495
Add: Surplus brought forward 11343,98,400 8668,52,699
12457,36,793 11031,13,194
Add: Unrealised Appreciation Reserve at the beginning of the 3244,45,752 3557,30,958
year/period
Less: Unrealised Appreciation Reserve at the end of the year/period 3105,03,300 3244,45,752
Surplus after adjustments 12596,79,245 11343,98,400
Appropriations
Less : Income Distribution - -
Less : Tax on dividend distributed - -
Surplus carried forward to Revenue Reserve 12596,79,245 11343,98,400

Income as a percentage to Average Net Assets 11.59 16.72

Recurring Expenses as a percentage to Average Net Assets 2.77 2.70

Significant Accounting Policies and Notes to the Accounts VIII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Cash Flow Statement for the year/period
Cash Flow Statement for the year ended 31st March, 2018
ended 31st March, 2018
Tata Fixed Maturity Plan - Tata Fixed Maturity Plan - Tata Fixed Maturity Plan-Series
Series 47 Scheme C Series 47 Scheme D 47 Scheme - E

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
A. Cash flow from Operating Activities
Surplus for the year/period 210,59,972 243,67,005 175,27,234 203,54,975 149,54,385 173,72,642
Adjustments for:-
Dividend income - - - - - -
Interest income (239,92,354) (224,49,462) (198,20,300) (185,85,191) (170,58,782) (161,93,070)
Interest expense on borrowings - - - - - -
Movement in unrealised appreciation/diminution in the value of 21,52,859 (21,76,913) 14,96,363 (21,02,299) 5,47,259 (14,36,320)
Investments

Change in assets and liabilities:

(Increase) / Decrease in Investments at Cost 32,86,755 (223,44,245) 13,07,207 (156,81,600) 482,06,050 (157,03,162)
(Increase) / Decrease in Other Current Assets - 11,241 - 14,495 - 1,456
Increase in Accumulated Load - - - - - -
Increase / (Decrease) in Current Liabilities and Provisions 3,816 3,060 7,104 59,932 6,564 11,576
Cash Generated from/(used in) Operations 25,11,048 (225,89,314) 5,17,608 (159,39,688) 466,55,476 (159,46,878)

Interest received 203,29,637 188,50,316 168,79,762 155,65,964 182,15,588 155,22,540

Dividend received - - - - - -
Net Cash Generated from/(used in) Operating Activities
228,40,685 (37,38,998) 173,97,370 (3,73,724) 648,71,064 (4,24,338)
(A)

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

C. Cash flow from Financing Activities
Net proceeds from reissue / (payments for re-purchase) of units - - - (373) - -
Net unit premium received / (paid) - - - - - -
Net Proceeds from Borrowings - - - - - -
Interest paid during the year/period - - - - - -
Dividend paid (including tax on dividend distributed, where - - - - - -
applicable) during the year/period
Net Cash Generated from/(used in) Financing Activities (C) - - - (373) - -

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) 228,40,685 (37,38,998) 173,97,370 (3,74,097) 648,71,064 (4,24,338)

Cash and cash equivalents as at the beginning of the 10,08,282 47,47,280 5,19,250 8,93,347 3,88,544 8,12,882
year/period
Cash and cash equivalents as at the end of the year/period
238,48,967 10,08,282 179,16,620 5,19,250 652,59,608 3,88,544
(Refer Note below)
Note: - - - - - -
Components of cash and cash equivalents as at the end of the
year/period (Refer Note B 1.6 of Schedule VIII)
Balances with banks in current account (Refer Schedule VI)
4,68,238 4,71,132 4,55,196 5,19,250 5,26,206 3,88,544
Collateralised Borrowing and Lending Obligation ("CBLO") (Refer 49,98,226 - 34,98,758 - 117,95,813 -
Schedule VI)
Reverse Repos (Refer Schedule VI) 183,82,503 5,37,150 139,62,666 - 529,37,589 -
Deposits with scheduled banks (Non Lien) (Refer Schedule V) - - - - - -
Less: Earmarked Balances - Unclaimed Dividend and Unclaimed
Redemption invested in Reverse Repos/CBLO (Refer Schedule III) - - - - - -
Cash and cash equivalents as at the end of the year/period 238,48,967 10,08,282 179,16,620 5,19,250 652,59,608 3,88,544

Significant Accounting Policies and Notes to the Accounts VIII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Cash Flow Statement for the year/period
Cash Flow Statement for the year ended 31st March, 2018
ended 31st March, 2018
Tata Fixed Maturity Plan-Series Tata Fixed Maturity Plan-Series Tata Fixed Maturity Plan-Series
47 Scheme - F 47 Scheme - H 47 Scheme - J

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
A. Cash flow from Operating Activities
Surplus for the year/period 473,94,339 565,72,211 109,52,463 133,95,315 237,77,390 275,56,826
Adjustments for:-
Dividend income - - - - - -
Interest income (571,09,687) (542,51,930) (136,21,924) (127,67,822) (271,09,677) (253,79,938)
Interest expense on borrowings - - - - - -
Movement in unrealised appreciation/diminution in the value of 19,03,463 (43,03,714) 6,79,294 (8,23,312) 24,23,163 (24,74,170)
Investments

Change in assets and liabilities:

(Increase) / Decrease in Investments at Cost 1857,10,810 (552,30,861) 518,54,320 (128,58,459) 229,69,314 (206,96,536)
(Increase) / Decrease in Other Current Assets (18,387) - - 10,868 - 19,086
Increase in Accumulated Load - - - - - -
Increase / (Decrease) in Current Liabilities and Provisions (71,402) 31,269 93,056 12,070 3,971 (1,968)
Cash Generated from/(used in) Operations 1778,09,136 (571,83,025) 499,57,209 (130,31,340) 220,64,161 (209,76,700)

Interest received 451,26,367 445,18,604 133,63,252 100,41,959 234,63,835 212,13,704

Dividend received - - - - - -
Net Cash Generated from/(used in) Operating Activities
2229,35,503 (126,64,421) 633,20,461 (29,89,381) 455,27,996 2,37,004
(A)

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

C. Cash flow from Financing Activities
Net proceeds from reissue / (payments for re-purchase) of units - - - (95) - -
Net unit premium received / (paid) - - - - - -
Net Proceeds from Borrowings - - - - - -
Interest paid during the year/period - - - - - -
Dividend paid (including tax on dividend distributed, where - - - - - -
applicable) during the year/period
Net Cash Generated from/(used in) Financing Activities (C) - - - (95) - -

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) 2229,35,503 (126,64,421) 633,20,461 (29,89,476) 455,27,996 2,37,004

Cash and cash equivalents as at the beginning of the 8,81,212 135,45,633 27,80,580 57,70,056 11,02,577 8,65,573
year/period
Cash and cash equivalents as at the end of the year/period
2238,16,715 8,81,212 661,01,041 27,80,580 466,30,573 11,02,577
(Refer Note below)
Note: - - - - - -
Components of cash and cash equivalents as at the end of the
year/period (Refer Note B 1.6 of Schedule VIII)
Balances with banks in current account (Refer Schedule VI)
5,14,512 5,58,922 5,06,647 5,24,552 5,23,640 5,65,427
Collateralised Borrowing and Lending Obligation ("CBLO") (Refer - - - - - -
Schedule VI)
Reverse Repos (Refer Schedule VI) 2233,02,203 3,22,290 655,94,394 22,56,028 461,06,933 5,37,150
Deposits with scheduled banks (Non Lien) (Refer Schedule V) - - - - - -
Less: Earmarked Balances - Unclaimed Dividend and Unclaimed
Redemption invested in Reverse Repos/CBLO (Refer Schedule III) - - - - - -
Cash and cash equivalents as at the end of the year/period 2238,16,715 8,81,212 661,01,041 27,80,580 466,30,573 11,02,577

Significant Accounting Policies and Notes to the Accounts VIII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Cash Flow Statement for the year/period Cash Flow Statement for the year/period ended 31st
ended 31st March, 2018 March, 2018
Tata Fixed Tata Fixed
Tata Income Fund (formerly Tata Treasury Advantage Fund
Maturity Plan- Maturity Plan-
known as "Tata Long Term (formerly known as "Tata Ultra
Series 53 Series 53
Debt Fund") Short Term Fund")
Scheme -A Scheme -B
Period Ended Period Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-18 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
A. Cash flow from Operating Activities
Surplus for the year/period 137,53,465 19,58,611 797,30,312 1990,20,988 34139,03,960 32311,85,097
Adjustments for:-
Dividend income - - - - - -
Interest income (62,16,369) (11,08,624) (1255,08,435) (1513,34,520) (36850,52,369) (31600,36,423)
Interest expense on borrowings - - - - - 8,76,986
Movement in unrealised appreciation/diminution in the value of (75,73,142) (8,54,960) 62,32,913 119,02,377 1005,22,972 (476,46,334)
Investments

Change in assets and liabilities:

(Increase) / Decrease in Investments at Cost (26553,61,081) (5147,75,261) 6428,28,797 7760,27,185 (64610,90,827) (80628,49,336)
(Increase) / Decrease in Other Current Assets - - 2,06,255 2,09,505 (2,39,352) 2,61,837
Increase in Accumulated Load - - - - - -
Increase / (Decrease) in Current Liabilities and Provisions 69,282 17,639 (10,01,549) (7,62,409) (1,95,009) (12,25,434)
Cash Generated from/(used in) Operations (26553,27,845) (5147,62,595) 6024,88,293 8350,63,126 (66321,50,625) (80394,33,607)

Interest received (41,15,505) (8,41,421) 1228,26,395 1623,85,738 35725,31,968 28563,18,304

Dividend received - - - - - -
Net Cash Generated from/(used in) Operating Activities
(26594,43,350) (5156,04,016) 7253,14,688 9974,48,864 (30596,18,657) (51831,15,303)
(A)

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

C. Cash flow from Financing Activities
Net proceeds from reissue / (payments for re-purchase) of units 27415,99,907 6431,09,759 (3508,40,056) (3415,73,587) (987,32,707) 56370,88,648
Net unit premium received / (paid) - - (3573,66,051) (2600,71,882) 11384,21,476 45147,52,106
Net Proceeds from Borrowings - - - - - (11000,00,000)
Interest paid during the year/period - - - - - (11,69,315)
Dividend paid (including tax on dividend distributed, where - - (33,87,407) (42,79,437) (7677,96,270) (8756,39,490)
applicable) during the year/period
Net Cash Generated from/(used in) Financing Activities (C) 27415,99,907 6431,09,759 (7115,93,514) (6059,24,906) 2718,92,499 81750,31,949

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) 821,56,557 1275,05,743 137,21,174 3915,23,958 (27877,26,158) 29919,16,646

Cash and cash equivalents as at the beginning of the - - 4102,97,683 187,73,725 37315,43,107 7396,26,461
year/period
Cash and cash equivalents as at the end of the year/period
821,56,557 1275,05,743 4240,18,857 4102,97,683 9438,16,949 37315,43,107
(Refer Note below)
Note: - - - - - -
Components of cash and cash equivalents as at the end of the
year/period (Refer Note B 1.6 of Schedule VIII)
Balances with banks in current account (Refer Schedule VI)
6,90,931 4,35,439 21,89,705 21,71,430 1131,80,054 1420,27,143
Collateralised Borrowing and Lending Obligation ("CBLO") (Refer - - 2998,81,840 - 7597,18,607 -
Schedule VI)
Reverse Repos (Refer Schedule VI) 814,65,626 1270,70,304 1246,61,212 4110,46,409 716,69,508 10900,27,832
Deposits with scheduled banks (Non Lien) (Refer Schedule V) - - - - - 25000,00,000
Less: Earmarked Balances - Unclaimed Dividend and Unclaimed - - (27,13,900) (29,20,156) (7,51,220) (5,11,868)
Redemption invested in Reverse Repos/CBLO (Refer Schedule III)
Cash and cash equivalents as at the end of the year/period 821,56,557 1275,05,743 4240,18,857 4102,97,683 9438,16,949 37315,43,107

Significant Accounting Policies and Notes to the Accounts VIII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Cash Flow Statement for the year/period
Cash Flow Statement for the year ended 31st March, 2018
ended 31st March, 2018

Tata Young Citizens' Fund

Year Ended Year Ended

31-Mar-18 31-Mar-17
Rs. Rs.
A. Cash flow from Operating Activities
Surplus for the year/period 1970,51,467 2889,44,402
Adjustments for:-
Dividend income (124,88,118) (127,83,970)
Interest income (835,88,105) (782,42,624)
Interest expense on borrowings - -
Movement in unrealised appreciation/diminution in the value of 344,21,538 (118,08,177)
Investments

Change in assets and liabilities:

(Increase) / Decrease in Investments at Cost (2212,57,677) (76,38,111)
(Increase) / Decrease in Other Current Assets (4,94,836) 5,11,086
Increase in Accumulated Load 9,182 12,108
Increase / (Decrease) in Current Liabilities and Provisions 1,07,147 (12,531)
Cash Generated from/(used in) Operations (862,39,402) 1789,82,183

Interest received 801,61,457 726,44,362

Dividend received 124,88,118 127,83,970
Net Cash Generated from/(used in) Operating Activities
64,10,173 2644,10,515
(A)

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

C. Cash flow from Financing Activities
Net proceeds from reissue / (payments for re-purchase) of units (663,62,218) (652,87,022)
Net unit premium received / (paid) (1146,55,631) (705,51,220)
Net Proceeds from Borrowings - -
Interest paid during the year/period - -
Dividend paid (including tax on dividend distributed, where - -
applicable) during the year/period
Net Cash Generated from/(used in) Financing Activities (C) (1810,17,849) (1358,38,242)

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) (1746,07,676) 1285,72,273

Cash and cash equivalents as at the beginning of the 2615,71,523 1329,99,250

year/period
Cash and cash equivalents as at the end of the year/period
869,63,847 2615,71,523
(Refer Note below)
Note: - -
Components of cash and cash equivalents as at the end of the
year/period (Refer Note B 1.6 of Schedule VIII)
Balances with banks in current account (Refer Schedule VI)
35,89,655 128,71,266
Collateralised Borrowing and Lending Obligation ("CBLO") (Refer - -
Schedule VI)
Reverse Repos (Refer Schedule VI) 858,24,391 2506,55,620
Deposits with scheduled banks (Non Lien) (Refer Schedule V) - -
Less: Earmarked Balances - Unclaimed Dividend and Unclaimed (24,50,199) (19,55,363)
Redemption invested in Reverse Repos/CBLO (Refer Schedule III)
Cash and cash equivalents as at the end of the year/period 869,63,847 2615,71,523

Significant Accounting Policies and Notes to the Accounts VIII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

Jayesh Parmar Director

Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

 Tata Fixed Maturity Plan - Series 47 Tata Fixed Maturity Plan - Series 47 Tata Fixed Maturity Plan-Series 47
Schedule I - Unit Capital
Scheme C Scheme D Scheme - E

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Initial Capital 11235,49,696 11235,49,696 22013,70,645 22013,70,645 3338,33,276 3338,33,276

Unit Capital (Refer Annexure 6)

Units Opening Balance / Initial Capital 2247,66,275 2247,66,275 1889,61,911 1889,61,911 1612,11,876 1612,11,876

Add : Units reissued during the year - - - - - -

2247,66,275 2247,66,275 1889,61,911 1889,61,911 1612,11,876 1612,11,876

Less : Units repurchased during the year - - - - - -

Units Closing Balance 2247,66,275 2247,66,275 1889,61,911 1889,61,911 1612,11,876 1612,11,876

 Tata Fixed Maturity Plan-Series 47 Tata Fixed Maturity Plan-Series 47 Tata Fixed Maturity Plan-Series 47
Schedule I - Unit Capital
Scheme - F Scheme - H Scheme - J

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Initial Capital 10278,49,551 10278,49,551 2482,74,161 2482,74,161 17896,70,284 17896,70,284

Unit Capital (Refer Annexure 6)

Units Opening Balance / Initial Capital 5308,99,357 5308,99,357 1249,14,437 1249,14,437 2543,64,566 2543,64,566

Add : Units reissued during the year - - - - - -

5308,99,357 5308,99,357 1249,14,437 1249,14,437 2543,64,566 2543,64,566

Less : Units repurchased during the year - - - - - -

Units Closing Balance 5308,99,357 5308,99,357 1249,14,437 1249,14,437 2543,64,566 2543,64,566

 Tata Fixed Tata Fixed
Tata Treasury Advantage Fund
Maturity Plan- Maturity Plan- Tata Income Fund (formerly known as
Schedule I - Unit Capital (formerly known as "Tata Ultra Short
Series 53 Scheme - Series 53 "Tata Long Term Debt Fund")
Term Fund")
A Scheme -B
As At As At As At As At As At As At
31-Mar-18 31-Mar-18 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Initial Capital 27415,99,907 6431,09,759 3050,01,000 3050,01,000 15895,80,950 15895,80,950

Unit Capital (Refer Annexure 6)

Units Opening Balance / Initial Capital 27415,99,907 6431,09,759 6271,29,306 9688,96,162 234413,45,783 175054,70,363

Add : Units reissued during the year - - 1348,00,675 157,32,170 574906,23,653 570759,67,531
27415,99,907 6431,09,759 7619,29,981 9846,28,332 809319,69,436 745814,37,894

Less : Units repurchased during the year - - 4856,54,406 3574,99,026 575876,53,544 511400,92,111

Units Closing Balance 27415,99,907 6431,09,759 2762,75,575 6271,29,306 233443,15,892 234413,45,783

 Schedule I - Unit Capital Tata Young Citizens' Fund

As At As At
31-Mar-18 31-Mar-17
Rs. Rs.

Initial Capital 2058,85,800 2058,85,800

Unit Capital (Refer Annexure 6)

Units Opening Balance / Initial Capital 9035,60,081 9620,25,987

Add : Units reissued during the year 134,74,009 115,19,343

9170,34,090 9735,45,330

Less : Units repurchased during the year 863,61,924 699,85,249

Units Closing Balance 8306,72,166 9035,60,081

 Tata Fixed Maturity Plan - Tata Fixed Maturity Plan - Tata Fixed Maturity Plan-Series
Schedule II - Reserves & Surplus
Series 47 Scheme C Series 47 Scheme D 47 Scheme - E

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Unit Premium Reserve

Opening Balance - - - - - -
Net Addition / (Deduction) during the year - - - - - -
Closing Balance - - - - - -

Unrealised Appreciation Reserve

At the beginning of the year 14,30,957 29,904 15,18,023 24,920 7,40,075 39,382
Increase/(Decrease) in unrealised gain in the value of investments
(14,24,439) 14,01,053 (15,12,142) 14,93,103 (7,36,983) 7,00,693
At the end of the year/period 6,518 14,30,957 5,881 15,18,023 3,092 7,40,075

Accumulated Load
Opening Balance - - - - - -
Add : Collection during the year - - - - - -
Closing Balance - - - - - -

Revenue Account 858,73,425 633,89,014 716,44,294 526,04,918 608,15,157 451,23,789

858,79,943 648,19,971 716,50,175 541,22,941 608,18,249 458,63,864
 Tata Fixed Maturity Plan-Series Tata Fixed Maturity Plan-Series Tata Fixed Maturity Plan-Series
Schedule II - Reserves & Surplus
47 Scheme - F 47 Scheme - H 47 Scheme - J

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Unit Premium Reserve

Opening Balance - - - - - -
Net Addition / (Deduction) during the year - - - - - -
Closing Balance - - - - - -

Unrealised Appreciation Reserve

At the beginning of the year 24,06,329 10,144 5,42,369 9,986 18,07,487 37,157
Increase/(Decrease) in unrealised gain in the value of investments
(23,82,120) 23,96,185 (3,76,452) 5,32,383 (16,45,062) 17,70,330
At the end of the year/period 24,209 24,06,329 1,65,917 5,42,369 1,62,425 18,07,487

Accumulated Load
Opening Balance - - - - - -
Add : Collection during the year - - - - - -
Closing Balance - - - - - -

Revenue Account 1974,85,574 1477,09,115 459,72,458 346,43,543 965,92,149 711,69,697

1975,09,783 1501,15,444 461,38,375 351,85,912 967,54,574 729,77,184
 Tata Fixed Tata Fixed
Tata Income Fund (formerly Tata Treasury Advantage Fund
Maturity Plan- Maturity Plan-
Schedule II - Reserves & Surplus known as "Tata Long Term Debt (formerly known as "Tata Ultra Short
Series 53 Series 53
Fund") Term Fund")
Scheme -A Scheme -B
As At As At As At As At As At As At
31-Mar-18 31-Mar-18 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Unit Premium Reserve

Opening Balance - - (343,89,911) (229,46,851) (20292,88,009) (20863,44,584)
Net Addition / (Deduction) during the year - - (15,42,980) (114,43,060) (10516,39,825) 570,56,575
Closing Balance - - (359,32,891) (343,89,911) (30809,27,834) (20292,88,009)

Unrealised Appreciation Reserve

At the beginning of the year - - 155,99,486 212,61,243 1009,30,223 444,26,823
Increase/(Decrease) in unrealised gain in the value of investments
76,58,692 9,27,702 (79,50,240) (56,61,757) (497,23,116) 565,03,400
At the end of the year/period 76,58,692 9,27,702 76,49,246 155,99,486 512,07,107 1009,30,223

Accumulated Load
Opening Balance - - 31,624 31,624 - -
Add : Collection during the year - - - - - -
Closing Balance - - 31,624 31,624 - -

Revenue Account 60,94,773 10,30,909 9454,34,078 12168,46,051 246593,55,986 197756,32,805

137,53,465 19,58,611 9171,82,057 11980,87,250 216296,35,259 178472,75,019
 Schedule II - Reserves & Surplus Tata Young Citizens' Fund

As At As At
31-Mar-18 31-Mar-17
Rs. Rs.

Unit Premium Reserve

Opening Balance (2098,99,251) (1920,31,938)
Net Addition / (Deduction) during the year (289,42,557) (178,67,313)
Closing Balance (2388,41,808) (2098,99,251)

Unrealised Appreciation Reserve

At the beginning of the year 3244,45,752 3557,30,958
Increase/(Decrease) in unrealised gain in the value of investments
(139,42,452) (312,85,206)
At the end of the year/period 3105,03,300 3244,45,752

Accumulated Load
Opening Balance 12,05,626 11,93,518
Add : Collection during the year 9,182 12,108
Closing Balance 12,14,808 12,05,626

Revenue Account 12596,79,245 11343,98,400

13325,55,545 12501,50,527
 Tata Fixed Maturity Plan - Series Tata Fixed Maturity Plan - Series Tata Fixed Maturity Plan-Series
Schedule III - Current Liabilities & Provisions
47 Scheme C 47 Scheme D 47 Scheme - E

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Current Liabilities
Management Fees payable 5,252 1,554 13,741 547 6,945 3,011
Trusteeship Fees payable - - - - - -
Selling Commission / Brokerage Expenses payable 22,747 23,685 68,454 77,299 19,424 18,243
Other payable 131 147 106 41 483 87
Units pending allotment - - - - - -
Contract for purchase of investments - - - - - -
Repurchase amount payable - - - - - -
Inter-scheme dues payable - - - - - -
Unclaimed Redemption payable (Refer Note C 14 of Schedule VIII)
- - - - - -
Unclaimed Dividend payable (Refer Note C 14 of Schedule VIII)
- - - - - -
Dividend Distribution Tax payable - - - - - -
Investor Education Fund Expenses Payable 5,261 4,901 4,413 4,114 3,760 3,505
Goods and Services Tax/Service Tax payable on Management Fees 945 233 2,473 82 1,250 452
34,336 30,520 89,187 82,083 31,862 25,298
 Tata Fixed Maturity Plan-Series Tata Fixed Maturity Plan-Series Tata Fixed Maturity Plan-Series
Schedule III - Current Liabilities & Provisions
47 Scheme - F 47 Scheme - H 47 Scheme - J

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Current Liabilities
Management Fees payable - 65,410 98,682 2,726 3,826 2,049
Trusteeship Fees payable - - - - - -
Selling Commission / Brokerage Expenses payable 21,389 20,116 10,758 31,613 16,847 15,706
Other payable 2,365 628 569 157 427 162
Units pending allotment - - - - - -
Contract for purchase of investments - - - - - -
Repurchase amount payable - - - - - -
Inter-scheme dues payable - - - - - -
Unclaimed Redemption payable (Refer Note C 14 of Schedule VIII)
- - - - - -
Unclaimed Dividend payable (Refer Note C 14 of Schedule VIII)
- - - - - -
Dividend Distribution Tax payable - - - - - -
Investor Education Fund Expenses Payable 12,337 11,528 2,899 2,710 5,946 5,540
Goods and Services Tax/Service Tax payable on Management Fees - 9,811 17,763 409 689 307
36,091 1,07,493 1,30,671 37,615 27,735 23,764
 Tata Fixed Tata Fixed
Tata Treasury Advantage Fund
Maturity Plan- Maturity Plan- Tata Income Fund (formerly known
Schedule III - Current Liabilities & Provisions (formerly known as "Tata Ultra
Series 53 Scheme - Series 53 Scheme - as "Tata Long Term Debt Fund")
Short Term Fund")
A B
As At As At As At As At As At As At
31-Mar-18 31-Mar-18 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Current Liabilities
Management Fees payable 2,484 354 6,40,539 8,55,696 26,62,105 21,31,693
Trusteeship Fees payable - - 2,57,163 5,00,038 - -
Selling Commission / Brokerage Expenses payable 19,547 2,786 5,59,125 10,17,702 34,53,832 37,35,172
Other payable 33,237 12,668 24,883 86,208 8,47,783 14,74,371
Units pending allotment - - 10,000 - 202,70,425 310,55,000
Contract for purchase of investments - - - - 2719,86,750 5025,97,870
Repurchase amount payable - - 2,00,757 77,806 202,29,596 287,49,370
Inter-scheme dues payable - - 23,994 39,494 326,20,934 152,84,299
Unclaimed Redemption payable (Refer Note C 14 of Schedule VIII)
- - 4,82,770 5,71,073 7,51,220 5,11,868
Unclaimed Dividend payable (Refer Note C 14 of Schedule VIII)
- - 22,31,130 23,49,083 - -
Dividend Distribution Tax payable - - - - 37,33,533 15,64,607
Investor Education Fund Expenses Payable 13,567 1,767 20,576 31,133 7,55,082 7,32,000
Goods and Services Tax/Service Tax payable on Management Fees 447 64 1,15,297 1,28,355 4,79,179 3,19,754
69,282 17,639 45,66,234 56,56,588 3577,90,439 5881,56,004
Schedule III - Current Liabilities & Provisions Tata Young Citizens' Fund

As At As At
31-Mar-18 31-Mar-17
Rs. Rs.

Current Liabilities
Management Fees payable 25,72,486 13,50,976
Trusteeship Fees payable 7,28,238 8,45,797
Selling Commission / Brokerage Expenses payable 23,10,259 35,55,626
Other payable 33,486 46,256
Units pending allotment 6,900 -
Contract for purchase of investments - -
Repurchase amount payable 64,53,921 10,65,818
Inter-scheme dues payable 7,94,181 1,58,323
Unclaimed Redemption payable (Refer Note C 14 of Schedule VIII)
24,50,199 19,55,363
Unclaimed Dividend payable (Refer Note C 14 of Schedule VIII)
- -
Dividend Distribution Tax payable - -
Investor Education Fund Expenses Payable 36,852 35,920
Goods and Services Tax/Service Tax payable on Management Fees 4,63,048 2,02,647
158,49,570 92,16,726
 Tata Fixed Maturity Plan - Series 47 Tata Fixed Maturity Plan - Series 47 Tata Fixed Maturity Plan-Series 47
Schedule IV - Investments
Scheme C Scheme D Scheme - E

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Equity Shares - -
Preference Shares - -
Privately Placed Debentures / Bonds - -
Debentures and Bonds listed / awaiting listing on 2515,60,183 2633,66,965
recognised stock exchange
Central and State Government Securities - 76,11,383
Treasury Bills - -
Commercial Paper - -
Certificate of Deposit 139,78,551 - 124,80,849
2655,38,734 2709,78,348
- - - -
- - - -
- - - -
2108,36,425 2215,52,430 1488,23,194 1859,01,849
- 45,68,414 - 116,74,654
- - - -
- - - -
- - -
2233,17,274 2261,20,844 1488,23,194 1975,76,503
 Tata Fixed Maturity Plan-Series 47 Tata Fixed Maturity Plan-Series 47 Tata Fixed Maturity Plan-Series 47
Schedule IV - Investments
Scheme - F Scheme - H Scheme - J

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Equity Shares - - - - - -
Preference Shares - - - - - -
Privately Placed Debentures / Bonds - - - - - -
Debentures and Bonds listed / awaiting listing on 3912,61,934 5948,67,883 795,58,348 1348,38,719 2807,06,390 2954,39,186
recognised stock exchange
Central and State Government Securities - 557,98,435 - 142,13,367 - 106,59,681
Treasury Bills - - - - - -
Commercial Paper - - - - - -
Certificate of Deposit 717,90,111 - 169,60,124 - - -
4630,52,045 6506,66,318 965,18,472 1490,52,086 2807,06,390 3060,98,867
 Tata Fixed Tata Fixed
Tata Treasury Advantage Fund
Maturity Plan- Maturity Plan- Tata Income Fund (formerly known
Schedule IV - Investments (formerly known as "Tata Ultra
Series 53 Scheme - Series 53 Scheme as "Tata Long Term Debt Fund")
Short Term Fund")
A -B
As At As At As At As At As At As At
31-Mar-18 31-Mar-18 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Equity Shares - - - - - -
Preference Shares - - - - - -
Privately Placed Debentures / Bonds 2519,24,000 - 993,38,800 1600,83,360 33997,48,250 8061,73,400
Debentures and Bonds listed / awaiting listing on 24110,10,223 5156,30,221 2650,34,521 6947,16,589 185978,74,650 183478,80,860
recognised stock exchange
Central and State Government Securities - - 3314,89,923 4901,25,005 - -
Treasury Bills - - - - - -
Commercial Paper - - - - 97139,97,644 79460,15,750
Certificate of Deposit - - - - 115421,88,951 102711,91,750
26629,34,223 5156,30,221 6958,63,244 13449,24,954 432538,09,495 373712,61,760
Schedule IV - Investments Tata Young Citizens' Fund

As At As At
31-Mar-18 31-Mar-17
Rs. Rs.

Equity Shares 10943,96,502 10766,44,006

Preference Shares - -
Privately Placed Debentures / Bonds 983,98,800 -
Debentures and Bonds listed / awaiting listing on 3752,39,380 3384,49,045
recognised stock exchange
Central and State Government Securities 4922,34,345 4525,70,600
Treasury Bills - -
Commercial Paper - -
Certificate of Deposit - -
20602,69,027 18676,63,651
 Tata Fixed Maturity Plan - Series 47 Tata Fixed Maturity Plan - Series 47 Tata Fixed Maturity Plan-Series 47
Schedule V - Deposits
Scheme C Scheme D Scheme - E

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Deposits with scheduled banks - - - - - -

Deposits with Companies / Institutions - - - - - -
- - - - - -
 Tata Fixed Maturity Plan-Series 47 Tata Fixed Maturity Plan-Series 47 Tata Fixed Maturity Plan-Series 47
Schedule V - Deposits
Scheme - F Scheme - H Scheme - J

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Deposits with scheduled banks - - - - - -

Deposits with Companies / Institutions - - - - - -
- - - - - -
 Tata Fixed Tata Fixed
Tata Treasury Advantage Fund
Maturity Plan- Maturity Plan- Tata Income Fund (formerly known as
Schedule V - Deposits (formerly known as "Tata Ultra Short
Series 53 Series 53 "Tata Long Term Debt Fund")
Term Fund")
Scheme -A Scheme -B
As At As At As At As At As At As At
31-Mar-18 31-Mar-18 M 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. R Rs. Rs. Rs. Rs.

Deposits with scheduled banks - - - - - 25000,00,000

Deposits with Companies / Institutions - - 200,00,000 200,00,000 299,00,000 299,00,000
- - 200,00,000 200,00,000 299,00,000 25299,00,000
Schedule V - Deposits Tata Young Citizens' Fund

As At As At
31-Mar-18 31-Mar-17
Rs. Rs.

Deposits with scheduled banks - -

Deposits with Companies / Institutions - -
- -
 Tata Fixed Maturity Plan - Series 47 Tata Fixed Maturity Plan - Series 47 Tata Fixed Maturity Plan-Series 47
Schedule VI - Other Current Assets
Scheme C Scheme D Scheme - E

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Balances with banks in current accounts 4,68,238 4,71,132 4,55,196 5,19,250 5,26,206 3,88,544
Collateralised Borrowing and Lending Obligation 49,98,226 - 34,98,758 - 117,95,813 -
Reverse Repos 183,82,503 5,37,150 139,62,666 - 529,37,589 -
Contract for sale of investments - - - - - -
Accrued income 212,92,853 176,30,136 194,67,379 165,26,841 79,79,185 91,35,991
Inter-scheme dues - - - - - -
Others Receivables (Refer Note C 18 of Schedule VIII)
- - - - - -
451,41,820 186,38,418 373,83,999 170,46,091 732,38,793 95,24,535
 Tata Fixed Maturity Plan-Series 47 Tata Fixed Maturity Plan-Series 47 Tata Fixed Maturity Plan-Series 47
Schedule VI - Other Current Assets
Scheme - F Scheme - H Scheme - J

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Balances with banks in current accounts 5,14,512 5,58,922 5,06,647 5,24,552 5,23,640 5,65,427
Collateralised Borrowing and Lending Obligation - - - - - -
Reverse Repos 2233,02,203 3,22,290 655,94,394 22,56,028 461,06,933 5,37,150
Contract for sale of investments - - - - - -
Accrued income 415,58,084 295,74,764 85,63,970 83,05,298 238,09,912 201,64,070
Inter-scheme dues - - - - - -

Others Receivables (Refer Note C 18 of Schedule VIII)

18,387 - - - - -
2653,93,186 304,55,976 746,65,011 110,85,878 704,40,485 212,66,647
 Tata Fixed Tata Fixed
Tata Treasury Advantage Fund
Maturity Plan- Maturity Plan- Tata Income Fund (formerly known as
Schedule VI - Other Current Assets (formerly known as "Tata Ultra Short
Series 53 Scheme Series 53 Scheme - "Tata Long Term Debt Fund")
Term Fund")
-A B
As At As At As At As At As At As At
31-Mar-18 31-Mar-18 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Balances with banks in current accounts 6,90,931 4,35,439 21,89,705 21,71,430 1131,80,054 1420,27,143
Collateralised Borrowing and Lending Obligation - - 2998,81,840 - 7597,18,607 -
Reverse Repos 814,65,626 1270,70,304 1246,61,212 4110,46,409 716,69,508 10900,27,832
Contract for sale of investments - - - - 2474,09,000 -
Accrued income 103,31,874 19,50,045 554,12,392 526,59,468 8535,88,462 7410,68,061
Inter-scheme dues - - 15,473 - 24,66,464 24,92,010

Others Receivables (Refer Note C 18 of Schedule VIII)

- - - 70,883 - -
924,88,431 1294,55,788 4821,60,622 4659,48,190 20480,32,095 19756,15,046
Schedule VI - Other Current Assets Tata Young Citizens' Fund

As At As At
31-Mar-18 31-Mar-17
Rs. Rs.

Balances with banks in current accounts 35,89,655 128,71,266

Collateralised Borrowing and Lending Obligation - -
Reverse Repos 858,24,391 2506,55,620
Contract for sale of investments - 57,69,237
Accrued income 293,94,208 259,67,560
Inter-scheme dues - -

Others Receivables (Refer Note C 18 of Schedule VIII)

- -
1188,08,254 2952,63,683
 Tata Fixed Maturity Plan - Series 47 Tata Fixed Maturity Plan - Series 47 Tata Fixed Maturity Plan-Series 47
Schedule VII - Interest Income
Scheme C Scheme D Scheme - E

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Term Deposits - - - - - -
Debentures / Bonds / Asset Backed Securities 187,13,112 186,17,869 154,38,853 153,20,509 112,03,086 115,14,274
Discounted Securities 36,92,925 35,55,301 31,01,142 29,78,674 40,17,472 40,15,618
Government Securities 14,75,724 1,59,456 11,25,216 2,34,809 15,24,051 5,87,606
Reverse Repos 1,10,593 1,16,836 1,55,089 51,199 3,14,173 75,572
Other Deposits - - - - - -
239,92,354 224,49,462 198,20,300 185,85,191 170,58,782 161,93,070
 Tata Fixed Maturity Plan-Series 47 Tata Fixed Maturity Plan-Series 47 Tata Fixed Maturity Plan-Series 47
Schedule VII - Interest Income
Scheme - F Scheme - H Scheme - J

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Term Deposits - - - - - -
Debentures / Bonds / Asset Backed Securities 423,00,990 430,55,844 111,56,166 112,58,914 210,87,375 208,90,637
Discounted Securities 88,74,118 85,10,599 7,84,214 6,65,413 39,40,901 39,40,951
Government Securities 43,01,969 24,08,257 12,88,636 7,19,584 17,47,787 4,33,318
Reverse Repos 16,32,610 2,77,230 3,92,908 1,23,911 3,33,614 1,15,032
Other Deposits - - - - - -
571,09,687 542,51,930 136,21,924 127,67,822 271,09,677 253,79,938
 Tata Fixed Tata Fixed
Tata Treasury Advantage Fund
Maturity Plan- Maturity Plan- Tata Income Fund (formerly known
Schedule VII - Interest Income (formerly known as "Tata Ultra Short
Series 53 Series 53 as "Tata Long Term Debt Fund")
Term Fund")
Scheme -A Scheme -B
Period Ended Period Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-18 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Term Deposits - - - - 88,56,849 59,71,142

Debentures / Bonds / Asset Backed Securities 29,22,121 3,58,347 547,42,529 268,71,825 19244,28,619 11601,21,426
Discounted Securities 30,32,313 6,24,751 40,77,054 28,05,706 16724,42,638 19426,47,439
Government Securities - - 518,30,542 1056,17,915 181,78,333 -
Reverse Repos 2,61,935 1,25,526 147,42,103 129,24,724 609,72,201 511,74,655
Other Deposits - - 1,16,207 31,14,350 1,73,729 1,21,761
62,16,369 11,08,624 1255,08,435 1513,34,520 36850,52,369 31600,36,423
Schedule VII - Interest Income Tata Young Citizens' Fund

Year Ended Year Ended

31-Mar-18 31-Mar-17
Rs. Rs.

Term Deposits - -
Debentures / Bonds / Asset Backed Securities 360,51,972 190,70,874
Discounted Securities 2,92,972 2,97,033
Government Securities 383,64,139 537,08,646
Reverse Repos 88,79,022 51,66,071
Other Deposits - -
835,88,105 782,42,624
Balance Sheet as at 31st March, 2018 Balance Sheet as at 31st March, 2018
Tata Corporate Bond Fund
Tata Money Market Fund (formerly Tata Liquid Fund (formerly known
Schedule (formerly known as "Tata
known as "Tata Liquid Fund") as "Tata Money Market Fund")
Treasury Manager Fund")
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
LIABILITIES

Unit Capital I 28169,16,874 20348,95,274 127853,41,193 161387,74,517 461179,57,134 396914,19,999

Reserves & Surplus II 26847,16,170 14845,46,410 208839,54,698 241561,22,950 657468,22,517 522614,62,688
Loans III - - 20000,00,000 73486,58,810 190000,00,000 32985,54,058
Current Liabilities & Provisions IV 362,10,638 249,02,325 3344,24,410 11421,24,713 10271,55,929 65,96,666

TOTAL 55378,43,682 35443,44,009 360037,20,301 487856,80,990 1318919,35,580 952580,33,411

ASSETS

Investments V 53043,91,176 32874,99,600 354968,12,683 399930,97,251 1201079,82,683 838823,53,348

Deposits VI - - - 55800,00,000 99202,00,000 100202,00,000
Other Current Assets VII 2334,52,506 2568,44,409 5069,07,618 32125,83,739 18637,52,897 13554,80,063

TOTAL 55378,43,682 35443,44,009 360037,20,301 487856,80,990 1318919,35,580 952580,33,411

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

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

G. K. Subramaniam Director
Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Balance Sheet as at 31st March, 2018 Balance Sheet as at 31st March, 2018

Schedule Tata Gilt Mid Term Fund Tata Gilt Securities Fund

As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs.
LIABILITIES

Unit Capital I 10534,26,048 12270,63,963 3333,73,083 3441,42,207

Reserves & Surplus II 9492,79,766 10197,82,091 8776,77,268 8440,88,141
Loans III - - - -
Current Liabilities & Provisions IV 31,26,970 1228,19,769 6856,40,988 25,29,142

TOTAL 20058,32,784 23696,65,823 18966,91,339 11907,59,490

ASSETS

Investments V 18130,00,647 21253,23,894 11497,36,412 8327,02,829

Deposits VI - - - -
Other Current Assets VII 1928,32,137 2443,41,929 7469,54,927 3580,56,661

TOTAL 20058,32,784 23696,65,823 18966,91,339 11907,59,490

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

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

G. K. Subramaniam Director
Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Revenue Account for the year ended Revenue Account for the year ended 31st March, 2018
31st March, 2018
Tata Corporate Bond Fund Tata Liquid Fund (formerly
Tata Money Market Fund (formerly
Schedule (formerly known as "Tata known as "Tata Money Market
known as "Tata Liquid Fund")
Treasury Manager Fund") Fund")
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
INCOME

Interest VIII 4122,42,194 3289,92,394 33761,86,363 29176,91,861 72435,68,054 61816,34,763

Profit on sale / redemption of investments (other than inter- 103,58,235 308,92,044 110,30,783 253,75,351 224,55,627 519,66,146
scheme transfer/sale)
Profit on inter- scheme transfer / sale of investments - 3,53,542 - 7,18,347 - 24,32,351
Load income - - - - - -
Other income (Including excess provision written back) 21,116 67,316 42,499 1,91,860 - 89,584
Increase / (Decrease) in unrealised appreciation in value of 18,04,150 (41,86,040) 177,46,959 (148,57,355) 665,31,404 (364,22,748)
investments
TOTAL (A) 4244,25,695 3561,19,256 34050,06,604 29291,20,064 73325,55,085 61997,00,096

EXPENSES AND LOSSES

Loss on sale / redemption of investments (other than inter- 241,82,063 32,82,206 89,16,992 60,97,990 191,67,133 148,55,415
scheme transfer/sale)
Loss on inter- scheme transfer / sale of investments - 17,487 - 2,72,814 - 4,73,227
Management fees 100,98,732 114,57,980 201,07,827 165,15,891 346,50,856 219,98,787
Trusteeship fees - - - - - -
Goods and Services Tax/Service Tax Expenses on 17,36,010 17,10,855 34,14,326 24,54,015 58,27,079 32,58,360
Management Fees
Commission to Agents 295,75,129 238,15,508 89,69,424 94,48,634 139,26,807 136,61,822
Investor Education Fund Expenses 10,87,188 8,46,669 98,98,114 81,08,747 212,39,535 170,16,024
Interest expense on borrowings - - 1245,46,141 745,17,576 2160,41,087 1258,49,847
Provision/(Reversal) for / of diminution in value of 158,86,834 32,96,613 (19,21,320) 27,68,797 (32,82,937) 42,23,622
investments
TOTAL (B) 825,65,956 444,27,318 1739,31,504 1201,84,464 3075,69,560 2013,37,104

Surplus (A-B) 3418,59,739 3116,91,938 32310,75,100 28089,35,600 70249,85,525 59983,62,992

Add / (Less) : Income Equalisation Account (Refer Note B
9247,14,598 3445,65,929 (60406,61,146) 87364,36,483 64783,68,431 165576,81,681
1.5 of Schedule IX)
12665,74,337 6562,57,867 (28095,86,046) 115453,72,083 135033,53,956 225560,44,673
Add: Surplus brought forward 16026,95,782 10387,59,941 284731,20,035 173484,15,797 506560,10,782 289584,83,985
28692,70,119 16950,17,808 256635,33,989 288937,87,880 641593,64,738 515145,28,658
Add: Unrealised Appreciation Reserve at the beginning of 20,35,749 62,21,789 53,80,389 202,37,744 133,18,134 497,40,882
the year
Less: Unrealised Appreciation Reserve at the end of the 38,39,899 20,35,749 231,27,348 53,80,389 798,49,538 133,18,134
year
Surplus after adjustments 28674,65,969 16992,03,848 256457,87,030 289086,45,235 640928,33,334 515509,51,406
Appropriations
Less : Income Distribution 478,71,973 680,08,550 2379,61,650 2971,65,237 4260,42,348 6049,93,380
Less : Tax on dividend distributed 202,65,033 284,99,516 1114,15,735 1383,59,963 2057,51,045 2899,47,244
Surplus carried forward to Revenue Reserve 27993,28,963 16026,95,782 252964,09,645 284731,20,035 634610,39,941 506560,10,782

Income as a percentage to Average Net Assets 7.04 8.25 6.84 7.20 6.89 7.26
Recurring Expenses as a percentage to Average Net Assets 0.78 0.89 0.34 0.27 0.27 0.21

Significant Accounting Policies and Notes to the Accounts IX

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

G. K. Subramaniam Director
Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Revenue Account for the year ended Revenue Account for the year ended 31st March, 2018
31st March, 2018
Schedule Tata Gilt Mid Term Fund Tata Gilt Securities Fund

Year Ended Year Ended Year Ended Year Ended

31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs.
INCOME

Interest VIII 1634,76,585 1704,09,594 851,80,819 661,93,402

Profit on sale / redemption of investments (other than inter- 85,17,256 96,22,705 1316,84,360 626,24,003
scheme transfer/sale)
Profit on inter- scheme transfer / sale of investments - - - -
Load income 993 485 2,02,690 2,22,312
Other income (Including excess provision written back) - - - -
Increase / (Decrease) in unrealised appreciation in value of (619,49,783) 679,41,005 (1,68,467) (38,21,609)
investments
TOTAL (A) 1100,45,051 2479,73,789 2168,99,402 1252,18,108

EXPENSES AND LOSSES

Loss on sale / redemption of investments (other than inter- 5,61,679 13,96,816 1681,24,964 103,13,248
scheme transfer/sale)
Loss on inter- scheme transfer / sale of investments - - - -
Management fees 116,82,159 121,78,673 72,48,405 48,48,425
Trusteeship fees 3,96,836 7,04,212 2,15,983 2,84,438
Goods and Services Tax/Service Tax Expenses on 20,16,662 18,16,508 12,56,107 7,23,465
Management Fees
Commission to Agents 95,36,880 101,09,393 56,48,261 59,32,682
Investor Education Fund Expenses 4,38,556 4,59,025 2,44,643 1,84,952
Interest expense on borrowings - - 425 -
Provision/(Reversal) for / of diminution in value of 30,84,779 14,26,656 (64,92,676) 67,33,896
investments
TOTAL (B) 277,17,551 280,91,283 1762,46,112 290,21,106

Surplus (A-B) 823,27,500 2198,82,506 406,53,290 961,97,002

Add / (Less) : Income Equalisation Account (Refer Note B
(1335,27,945) 185,50,653 (62,25,779) 1077,11,945
1.5 of Schedule IX)
(512,00,445) 2384,33,159 344,27,511 2039,08,947
Add: Surplus brought forward 8497,06,555 6794,65,655 8340,11,652 6287,85,019
7985,06,110 9178,98,814 8684,39,163 8326,93,966
Add: Unrealised Appreciation Reserve at the beginning of 1144,68,955 465,27,950 41,28,202 79,49,811
the year
Less: Unrealised Appreciation Reserve at the end of the 525,19,172 1144,68,955 39,59,735 41,28,202
year
Surplus after adjustments 8604,55,893 8499,57,809 8686,07,630 8365,15,575
Appropriations
Less : Income Distribution 1,03,491 1,80,999 7,14,003 17,61,763
Less : Tax on dividend distributed 40,781 70,255 3,18,603 7,42,160
Surplus carried forward to Revenue Reserve 8603,11,621 8497,06,555 8675,75,024 8340,11,652

Income as a percentage to Average Net Assets 4.85 10.68 4.46 11.70

Recurring Expenses as a percentage to Average Net Assets 1.10 1.10 1.18 1.29

Significant Accounting Policies and Notes to the Accounts IX

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

G. K. Subramaniam Director
Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Cash Flow Statement for the year
Cash Flow Statement for the year ended 31st March, 2018
ended 31st March, 2018
Tata Corporate Bond Fund
Tata Money Market Fund (formerly Tata Liquid Fund (formerly known
(formerly known as "Tata
known as "Tata Liquid Fund") as "Tata Money Market Fund")
Treasury Manager Fund")
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
A. Cash flow from Operating Activities
Surplus for the year 3418,59,739 3116,91,938 32310,75,100 28089,35,600 70249,85,525 59983,62,992
Adjustments for:-
Interest income (4122,42,194) (3289,92,394) (33761,86,363) (29176,91,861) (72435,68,054) (61816,34,763)
Interest expense on borrowings - - 1245,46,141 745,17,576 2160,41,087 1258,49,847
Movement in unrealised appreciation/diminution in the 140,82,684 74,82,653 (197,61,529) 176,26,152 (698,14,341) 406,46,370
value of Investments

Change in assets and liabilities:

(Increase) / Decrease in Investments at Cost (20309,74,260) (4523,73,003) 65044,78,327 (188218,50,551) (348893,12,484) (241232,69,846)
(Increase) / Decrease in Deposits with scheduled - - 20000,00,000.00 (20000,00,000) (25000,00,000) 6000,00,000
banks/companies / institutions
(Increase) / Decrease in Other Current Assets (1,63,596) 38,490 (4,80,782) 14,920 (23,45,452) 1,24,810
Increase in Accumulated Load
Increase / (Decrease) in Current Liabilities and Provisions 10,87,724 3,84,690 1,54,524 (3,18,773) 43,16,842 (27,93,599)

Cash Generated from/(used in) Operations (20863,49,903) (4617,67,626) 84638,25,418 (208387,66,937) (374596,96,877) (235427,14,189)

Interest received 3112,47,336 2713,28,624 34233,70,639 28844,34,362 72282,44,260 61787,31,557

Net Cash Generated from/(used in) Operating Activities (A) (17751,02,567) (1904,39,002) 118871,96,057 (179543,32,575) (302314,52,617) (173639,82,632)

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

C. Cash flow from Financing Activities

Net proceeds from reissue / (payments for re-purchase) of 7906,25,735 (888,30,381) (34262,01,397) 45159,04,638 64311,27,073 93964,20,725
units
Net unit premium received / (paid) 9264,47,027 3456,46,614 (61538,65,967) 88834,03,562 70921,67,697 165652,79,255
Net Proceeds from Borrowings - - (53486,58,810) 50986,58,810 157014,45,942 (54497,04,993)
Interest paid during the year - - (1241,82,540) (737,25,697) (1996,23,172) (1275,82,725)
Dividend paid (including tax on dividend distributed, where (680,66,074) (973,70,692) (3481,90,077) (4366,33,837) (6285,37,892) (8967,16,795)
applicable) during the year
Net Cash Generated from/(used in) Financing Activities (C) 16490,06,688 1594,45,541 (154010,98,791) 179876,07,476 283965,79,648 194876,95,467

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) (1260,95,879) (309,93,461) (35139,02,734) 332,74,901 (18348,72,969) 21237,12,835

Cash and cash equivalents as at the beginning of the 1543,07,910 1853,01,371 37713,48,247 37380,73,346 100525,20,196 79288,07,361
year
Cash and cash equivalents as at the end of the year 282,12,031 1543,07,910 2574,45,513 37713,48,247 82176,47,227 100525,20,196
(Refer Note below)
Note: - - - - - -
Components of cash and cash equivalents as at the end
of the year (Refer Note B 1.6 of Schedule IX)
Balances with banks in current account (Refer Schedule 189,70,554 253,92,010 864,78,195 1561,11,234 320,31,705 134,15,706
VII)
Collateralised Borrowing and Lending Obligation ("CBLO") - - - - 6997,30,059 -
(Refer Schedule VII)
Reverse Repos (Refer Schedule VII) 101,45,422 1296,56,249 1729,27,735 369,36,467 861,98,508 393,95,371
Deposits with scheduled banks (Non Lien)(Refer Schedule - - - 35800,00,000 74000,00,000 100000,00,000
VI)
Less: Earmarked Balances - Unclaimed Dividend and (9,03,945) (7,40,349) (19,60,417) (16,99,454) (3,13,045) (2,90,881)
Unclaimed Redemption invested in Reverse Repos/CBLO
(Refer Schedule IV)
Cash and cash equivalents as at the end of the year
282,12,031 1543,07,910 2574,45,513 37713,48,247 82176,47,227 100525,20,196

Significant Accounting Policies and Notes to the Accounts IX

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

G. K. Subramaniam Director
Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Cash Flow Statement for the year
Cash Flow Statement for the year ended 31st March, 2018
ended 31st March, 2018
Tata Gilt Mid Term Fund Tata Gilt Securities Fund

Year Ended Year Ended Year Ended Year Ended

31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs.
A. Cash flow from Operating Activities
Surplus for the year 823,27,500 2198,82,506 406,53,290 961,97,002
Adjustments for:-
Interest income (1634,76,585) (1704,09,594) (851,80,819) (661,93,402)
Interest expense on borrowings - - 425 -
Movement in unrealised appreciation/diminution in the 650,34,562 (665,14,349) (63,24,209) 159,70,780
value of Investments

Change in assets and liabilities:

(Increase) / Decrease in Investments at Cost 2472,88,685 (1996,83,316) (691,06,944) 873,20,767
(Increase) / Decrease in Deposits with scheduled - - - -
banks/companies / institutions
(Increase) / Decrease in Other Current Assets - - (71,662) (2,33,052)
Increase in Accumulated Load
Increase / (Decrease) in Current Liabilities and Provisions (66,286) 8,65,929 90,754 49,922

Cash Generated from/(used in) Operations 2311,07,876 (2158,58,824) (1199,39,165) 1331,12,017

Interest received 1691,10,818 1668,74,084 940,20,684 598,17,317

Net Cash Generated from/(used in) Operating Activities (A) 4002,18,694 (489,84,740) (259,18,481) 1929,29,334

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

C. Cash flow from Financing Activities

Net proceeds from reissue / (payments for re-purchase) of (2932,64,428) 1586,07,693 (108,29,440) 89,83,912
units
Net unit premium received / (paid) (1526,85,553) 171,26,294 (60,31,557) 1096,45,449
Net Proceeds from Borrowings - - - -
Interest paid during the year - - (425) -
Dividend paid (including tax on dividend distributed, where (1,44,272) (2,51,254) (10,22,670) (25,08,420)
applicable) during the year
Net Cash Generated from/(used in) Financing Activities (C) (4460,94,253) 1754,82,733 (178,84,092) 1161,20,941

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) (458,75,559) 1264,97,993 (438,02,573) 3090,50,275

Cash and cash equivalents as at the beginning of the 2073,02,073 808,04,080 3338,26,844 247,76,569
year
Cash and cash equivalents as at the end of the year 1614,26,514 2073,02,073 2900,24,271 3338,26,844
(Refer Note below)
Note: - - - -
Components of cash and cash equivalents as at the end
of the year (Refer Note B 1.6 of Schedule IX)
Balances with banks in current account (Refer Schedule 50,24,566 6,06,913 5,24,969 4,71,813
VII)
Collateralised Borrowing and Lending Obligation ("CBLO") - - - -
(Refer Schedule VII)
Reverse Repos (Refer Schedule VII) 1564,01,948 2066,95,160 2902,36,224 3340,20,291
Deposits with scheduled banks (Non Lien)(Refer Schedule - - - -
VI)
Less: Earmarked Balances - Unclaimed Dividend and - - (7,36,922) (6,65,260)
Unclaimed Redemption invested in Reverse Repos/CBLO
(Refer Schedule IV)
Cash and cash equivalents as at the end of the year
1614,26,514 2073,02,073 2900,24,271 3338,26,844

Significant Accounting Policies and Notes to the Accounts IX

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

G. K. Subramaniam Director
Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

 Tata Corporate Bond Fund (formerly
Tata Money Market Fund (formerly Tata Liquid Fund (formerly known as
Schedule I - Unit Capital known as "Tata Treasury Manager
known as "Tata Liquid Fund") "Tata Money Market Fund")
Fund")
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Initial Capital 3433,43,313 3433,43,313 100,50,000 100,50,000 48444,98,320 48444,98,320

Unit Capital (Refer Annexure 6)

Units Opening Balance / Initial Capital 20348,95,274 20852,37,292 161387,74,517 114427,04,793 396914,19,999 302455,08,619

Add : Units reissued during the year 83379,05,914 93866,51,055 6738913,55,428 4818587,29,922 12637325,71,956 9516440,39,067
103728,01,188 114718,88,347 6900301,29,945 4933014,34,715 13034239,91,955 9818895,47,686

Less : Units repurchased during the year 75558,84,314 94369,93,073 6772447,88,752 4771626,60,198 12573060,34,821 9421981,27,687

Units Closing Balance 28169,16,874 20348,95,274 127853,41,193 161387,74,517 461179,57,134 396914,19,999

Schedule I - Unit Capital Tata Gilt Mid Term Fund Tata Gilt Securities Fund

As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs.

Initial Capital 6027,87,356 6027,87,356 3780,70,000 3780,70,000

Unit Capital (Refer Annexure 6)

Units Opening Balance / Initial Capital 12270,63,963 11888,29,700 3441,42,207 3356,48,372

Add : Units reissued during the year 288,17,203 3554,59,201 243,32,883 1206,12,146
12558,81,166 15442,88,901 3684,75,090 4562,60,518

Less : Units repurchased during the year 2024,55,118 3172,24,938 351,02,007 1121,18,311

Units Closing Balance 10534,26,048 12270,63,963 3333,73,083 3441,42,207

 Tata Corporate Bond Fund (formerly
Tata Money Market Fund (formerly Tata Liquid Fund (formerly known as
Schedule II - Reserves & Surplus known as "Tata Treasury Manager
known as "Tata Liquid Fund") "Tata Money Market Fund")
Fund")
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Unit Premium Reserve

Opening Balance (1201,85,121) (1212,65,806) (43223,77,474) (44693,44,553) 15921,33,772 15845,36,198
Net Addition / (Deduction) during the year 17,32,429 10,80,685 (1132,04,821) 1469,67,079 6137,99,266 75,97,574
Closing Balance (1184,52,692) (1201,85,121) (44355,82,295) (43223,77,474) 22059,33,038 15921,33,772

Unrealised Appreciation Reserve

At the beginning of the year 20,35,749 62,21,789 53,80,389 202,37,744 133,18,134 497,40,882
Increase/(Decrease) in unrealised gain in the 18,04,150 (41,86,040) 177,46,959 (148,57,355) 665,31,404 (364,22,748)
value of investments
At the end of the year 38,39,899 20,35,749 231,27,348 53,80,389 798,49,538 133,18,134

Revenue Account 27993,28,963 16026,95,782 252964,09,645 284731,20,035 634610,39,941 506560,10,782

26847,16,170 14845,46,410 208839,54,698 241561,22,950 657468,22,517 522614,62,688
Schedule II - Reserves & Surplus Tata Gilt Mid Term Fund Tata Gilt Securities Fund

As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs.

Unit Premium Reserve

Opening Balance 556,06,581 570,30,940 59,48,287 40,14,783
Net Addition / (Deduction) during the year (191,57,608) (14,24,359) 1,94,222 19,33,504
Closing Balance 364,48,973 556,06,581 61,42,509 59,48,287

Unrealised Appreciation Reserve

At the beginning of the year 1144,68,955 465,27,950 41,28,202 79,49,811
Increase/(Decrease) in unrealised gain in the (619,49,783) 679,41,005 (1,68,467) (38,21,609)
value of investments
At the end of the year 525,19,172 1144,68,955 39,59,735 41,28,202

Revenue Account 8603,11,621 8497,06,555 8675,75,024 8340,11,652

9492,79,766 10197,82,091 8776,77,268 8440,88,141
 Tata Corporate Bond Fund (formerly
Tata Money Market Fund (formerly Tata Liquid Fund (formerly known as
Schedule III - Loans known as "Tata Treasury Manager
known as "Tata Liquid Fund") "Tata Money Market Fund")
Fund")

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Loan from Commercial Banks (Refer Note C 22 of - - 20000,00,000 43000,00,000 190000,00,000 -

Schedule IX)
Loan from The Clearing Corporation of India Ltd. - - - 30486,58,810 - 32985,54,058
(Refer Note C 22 of Schedule IX)
- - 20000,00,000 73486,58,810 190000,00,000 32985,54,058
Schedule III - Loans Tata Gilt Mid Term Fund Tata Gilt Securities Fund

As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs.

Loan from Commercial Banks (Refer Note C 22 of - - - -

Schedule IX)
Loan from The Clearing Corporation of India Ltd. - - - -
(Refer Note C 22 of Schedule IX)
- - - -
 Tata Corporate Bond Fund (formerly
Tata Money Market Fund (formerly Tata Liquid Fund (formerly known as
Schedule IV - Current Liabilities & Provisions known as "Tata Treasury Manager
known as "Tata Liquid Fund") "Tata Money Market Fund")
Fund")
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Current Liabilities
Management Fees payable 10,74,453 2,53,530 14,13,269 73,346 31,02,630 4,40,060
Trusteeship Fees payable - - - - - -
Selling Commission / Brokerage Expenses payable 29,72,291 28,95,186 17,08,096 31,95,867 23,38,197 16,10,217
Other payable 1,86,249 1,74,685 4,85,672 1,06,333 5,38,185 5,07,684
Interest payable on loans (not due) - - 17,53,425 13,89,824 168,98,630 4,80,715
Units pending allotment 69,22,101 9,00,000 759,22,001 1491,60,653 73,53,201 8,48,800
Contract for purchase of investments - - 2482,77,000 9850,38,000 9899,92,500 -
Repurchase amount payable 27,20,818 49,21,913 - - - -
Inter-scheme dues payable 209,66,595 148,01,540 3,39,322 - 49,940 -
Unclaimed Redemption payable (Refer Note C 14 of 9,03,945 7,40,349 18,44,121 15,89,527 3,13,045 2,90,881
Schedule IX)
Unclaimed Dividend payable (Refer Note C 14 of - - 1,16,296 1,09,927 - -
Schedule IX)
Dividend Distribution Tax payable 1,79,455 1,08,523 15,75,575 3,94,368 37,79,416 5,23,915
Income Distribution payable - - - 268 - -
Investor Education Fund Expenses Payable 91,329 68,569 7,35,245 10,55,598 22,31,712 18,28,390
Goods and Services Tax/Service Tax payable on 1,93,402 38,030 2,54,388 11,002 5,58,473 66,004
Management Fees
362,10,638 249,02,325 3344,24,410 11421,24,713 10271,55,929 65,96,666
Schedule IV - Current Liabilities & Provisions Tata Gilt Mid Term Fund Tata Gilt Securities Fund

As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs.

Current Liabilities
Management Fees payable 9,14,805 8,75,255 7,39,827 1,71,270
Trusteeship Fees payable 3,06,022 5,64,602 1,66,524 2,28,463
Selling Commission / Brokerage Expenses payable 9,29,690 7,89,730 5,51,256 12,44,118
Other payable 3,660 18,165 2,20,584 51,211
Interest payable on loans (not due) - - - -
Units pending allotment - - - -
Contract for purchase of investments - - 6830,71,472 -
Repurchase amount payable 1,25,432 1202,77,977 - 1,21,057
Inter-scheme dues payable 6,48,744 1,22,712 1,015 2,000
Unclaimed Redemption payable (Refer Note C 14 of - - 5,02,585 4,40,859
Schedule IX)
Unclaimed Dividend payable (Refer Note C 14 of - - 2,34,337 2,24,401
Schedule IX)
Dividend Distribution Tax payable - - - -
Income Distribution payable - - - -
Investor Education Fund Expenses Payable 33,952 40,040 20,219 20,072
Goods and Services Tax/Service Tax payable on 1,64,665 1,31,288 1,33,169 25,691
Management Fees
31,26,970 1228,19,769 6856,40,988 25,29,142
 Tata Corporate Bond Fund (formerly
Tata Money Market Fund (formerly Tata Liquid Fund (formerly known as
Schedule V - Investments known as "Tata Treasury Manager
known as "Tata Liquid Fund") "Tata Money Market Fund")
Fund")
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Privately Placed Debentures / Bonds 4503,40,276 2503,99,200 - - - -

Debentures and Bonds listed / awaiting listing on 41428,35,650 20679,64,150 - 2007,32,400 - -
recognised stock exchange
Central and State Government Securities - - - - - -
Treasury Bills - - 1338,74,560 30757,17,214 1568,51,656 83951,58,052
Commercial Paper 4752,87,250 9691,36,250 244970,66,776 235600,32,799 754476,82,364 576063,55,968
Certificate of Deposit 2359,28,000 - 108658,71,347 131566,14,838 445034,48,663 178808,39,328
53043,91,176 32874,99,600 354968,12,683 399930,97,251 1201079,82,683 838823,53,348
Schedule V - Investments Tata Gilt Mid Term Fund Tata Gilt Securities Fund

As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs.

Privately Placed Debentures / Bonds - - - -

Debentures and Bonds listed / awaiting listing on - - - -
recognised stock exchange
Central and State Government Securities 18130,00,647 21253,23,894 11497,36,412 8327,02,829
Treasury Bills - - - -
Commercial Paper - - - -
Certificate of Deposit - - - -
18130,00,647 21253,23,894 11497,36,412 8327,02,829
 Tata Corporate Bond Fund (formerly Tata Money Market Fund (formerly known Tata Liquid Fund (formerly known as
Schedule VI - Deposits
known as "Tata Treasury Manager Fund") as "Tata Liquid Fund") "Tata Money Market Fund")

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Deposits with scheduled banks - - - 55800,00,000 99000,00,000 100000,00,000

Deposits with Companies / Institutions - - - - 202,00,000 202,00,000
- - - 55800,00,000 99202,00,000 100202,00,000
Schedule VI - Deposits Tata Gilt Mid Term Fund Tata Gilt Securities Fund

As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs.

Deposits with scheduled banks - - - -

Deposits with Companies / Institutions - - - -
- - - -
 Tata Corporate Bond Fund (formerly
Tata Money Market Fund (formerly Tata Liquid Fund (formerly known as
Schedule VII - Other Current Assets known as "Tata Treasury Manager
known as "Tata Liquid Fund") "Tata Money Market Fund")
Fund")
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Balances with banks in current accounts 189,70,554 253,92,010 864,78,195 1561,11,234 320,31,705 134,15,706
Collateralised Borrowing and Lending Obligation - - - - 6997,30,059 -
Reverse Repos 101,45,422 1296,56,249 1729,27,735 369,36,467 861,98,508 393,95,371
Contract for sale of investments - - 2470,33,000 29722,26,230 9916,08,750 12681,18,760
Accrued income 2015,86,705 1005,91,847 1,25,532 473,09,808 498,74,020 345,50,226
Inter-scheme dues 27,49,825 12,04,303 1,23,337 - 19,86,567 -
Others Receivables (Refer Note C 18 of Schedule IX) - - 2,19,819 - 23,23,288 -
2334,52,506 2568,44,409 5069,07,618 32125,83,739 18637,52,897 13554,80,063
Schedule VII - Other Current Assets Tata Gilt Mid Term Fund Tata Gilt Securities Fund

As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs.

Balances with banks in current accounts 50,24,566 6,06,913 5,24,969 4,71,813

Collateralised Borrowing and Lending Obligation - - - -
Reverse Repos 1564,01,948 2066,95,160 2902,36,224 3340,20,291
Contract for sale of investments - - 4414,69,042 -
Accrued income 314,05,623 370,39,856 147,24,692 235,64,557
Inter-scheme dues - - - -
Others Receivables (Refer Note C 18 of Schedule IX) - - - -
1928,32,137 2443,41,929 7469,54,927 3580,56,661
 Tata Corporate Bond Fund (formerly
Tata Money Market Fund (formerly Tata Liquid Fund (formerly known as
Schedule VIII - Interest Income known as "Tata Treasury Manager
known as "Tata Liquid Fund") "Tata Money Market Fund")
Fund")
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Term Deposits - 17,29,768 3129,40,583 2374,09,964 6644,99,381 4985,10,556

Debentures / Bonds / Asset Backed Securities 3308,04,500 1644,14,413 65,92,011 4,93,151 - -
Discounted Securities 688,60,348 1534,77,143 30255,67,739 26516,93,628 65459,34,056 56441,77,438
Government Securities - - - - - -
Reverse Repos 125,77,346 93,71,070 310,86,030 280,95,118 330,17,247 388,64,509
Other Deposits - - - - 1,17,370 82,260
4122,42,194 3289,92,394 33761,86,363 29176,91,861 72435,68,054 61816,34,763
Schedule VIII - Interest Income Tata Gilt Mid Term Fund Tata Gilt Securities Fund

Year Ended Year Ended Year Ended Year Ended

31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs.

Term Deposits - - - -
Debentures / Bonds / Asset Backed Securities - - - -
Discounted Securities 8,171 52,173 6,46,770 1,92,965
Government Securities 1591,71,395 1655,03,453 749,94,483 594,58,346
Reverse Repos 42,97,019 48,53,968 95,39,566 65,42,091
Other Deposits - - - -
1634,76,585 1704,09,594 851,80,819 661,93,402
Balance Sheet as at 31st March, 2018 Balance Sheet as at 31st March, 2018
Tata Medium Term Fund
Tata Retirement Savings Fund-
Schedule (formerly known as "Tata Tata Short Term Bond Fund
Conservative Plan
Income Plus Fund")
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
LIABILITIES

Unit Capital I 291,577,445 384,304,890 677,991,133 508,116,585 21,363,924,245 24,552,823,960

Reserves & Surplus II 486,803,401 569,627,597 611,242,045 387,316,204 41,272,279,536 38,561,000,984
Current Liabilities & Provisions III 99,328,668 1,824,900 21,267,822 6,612,855 768,214,440 90,527,085

TOTAL 877,709,514 955,757,387 1,310,501,000 902,045,644 63,404,418,221 63,204,352,029

ASSETS

Investments IV 589,050,895 892,994,780 1,071,871,691 728,337,700 58,248,378,893 61,459,142,335

Deposits V - - - - 25,000,000 25,000,000
Other Current Assets VI 288,658,619 62,762,607 238,629,309 173,707,944 5,131,039,328 1,720,209,694

TOTAL 877,709,514 955,757,387 1,310,501,000 902,045,644 63,404,418,221 63,204,352,029

Significant Accounting Policies and Notes to the Accounts VIII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

G. K. Subramaniam Director
Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Revenue Account for the year ended 31st Revenue Account for the year ended 31st March, 2018
March, 2018
Tata Medium Term Fund
Tata Retirement Savings
Schedule (formerly known as "Tata Tata Short Term Bond Fund
Fund-Conservative Plan
Income Plus Fund")
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
INCOME

Dividend - - 3,096,321 2,729,462 - -

Interest VII 69,353,690 76,291,442 57,613,395 45,513,682 5,063,071,161 4,569,520,336
Profit on sale / redemption of investments (other than inter-scheme 9,893,285 47,560,118 55,548,286 91,537,808 373,843,434 948,752,718
transfer/sale)
Profit on inter- scheme transfer / sale of investments - - - - - 14,649,635
Load income 33,517 105,789 267,047 60,164 25,796 265,414
Other income (Including excess provision written back) - - - - - 137
Increase / (Decrease) in unrealised appreciation in value of (7,544,428) 1,193,982 3,218,913 3,391,810 (147,334,307) 26,663,144
investments
TOTAL (A) 71,736,064 125,151,331 119,743,962 143,232,926 5,289,606,084 5,559,851,384

EXPENSES AND LOSSES

Loss on sale / redemption of investments (other than inter-scheme 5,186,329 9,877,662 8,826,980 8,327,789 667,369,669 83,095,737
transfer/sale)
Loss on inter- scheme transfer / sale of investments - - - - - 6,564
Management fees 7,037,964 7,841,607 13,539,634 7,884,415 141,488,482 118,908,700
Trusteeship fees 166,027 312,423 180,712 255,280 11,861,366 18,266,233
Goods and Services Tax/Service Tax Expenses on Management 1,208,508 1,168,934 2,361,563 1,176,829 24,416,497 17,761,268
Fees
Commission to Agents 6,819,554 8,084,836 14,161,574 9,988,787 173,266,506 174,719,029
Investor Education Fund Expenses 179,213 203,016 224,216 166,271 13,523,314 11,939,988
Interest expense on borrowings - 1,788 - - - -
Provision/(Reversal) for / of diminution in value of investments 3,786,485 314,710 9,905,187 (7,537,407) 261,963,556 69,801,459
TOTAL (B) 24,384,080 27,804,976 49,199,866 20,261,964 1,293,889,390 494,498,978

Surplus (A-B) 47,351,984 97,346,355 70,544,096 122,970,962 3,995,716,694 5,065,352,406

Add / (Less) : Income Equalisation Account (Refer Note B 1.5 of (126,203,559) (118,224,227) 87,960,375 (6,765,956) (948,762,908) 7,247,485,324
Schedule VIII)
(78,851,575) (20,877,872) 158,504,471 116,205,006 3,046,953,786 12,312,837,730
Add: Surplus brought forward 551,857,111 575,671,049 238,561,990 125,748,794 33,181,841,069 21,042,748,925
473,005,536 554,793,177 397,066,461 241,953,800 36,228,794,855 33,355,586,655
Add: Unrealised Appreciation Reserve at the beginning of the year 11,196,528 10,002,546 78,114,927 74,723,117 261,207,535 234,544,391
Less: Unrealised Appreciation Reserve at the end of the year 3,652,100 11,196,528 81,333,840 78,114,927 113,873,228 261,207,535
Surplus after adjustments 480,549,964 553,599,195 393,847,548 238,561,990 36,376,129,162 33,328,923,511
Appropriations
Less : Income Distribution 536,123 1,258,219 - - 97,849,886 101,447,503
Less : Tax on dividend distributed 206,198 483,865 - - 45,343,919 45,634,939
Surplus carried forward to Revenue Reserve 479,807,643 551,857,111 393,847,548 238,561,990 36,232,935,357 33,181,841,069

Income as a percentage to Average Net Assets 6.99 11.33 9.01 17.13 6.45 9.06
Recurring Expenses as a percentage to Average Net Assets 1.72 1.74 2.72 2.34 0.54 0.57

Significant Accounting Policies and Notes to the Accounts VIII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

G. K. Subramaniam Director
Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

Cash Flow Statement for the year ended
Cash Flow Statement for the year ended 31st March, 2018
31st March, 2018
Tata Medium Term Fund
Tata Retirement Savings
(formerly known as "Tata Tata Short Term Bond Fund
Fund-Conservative Plan
Income Plus Fund")
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.
A. Cash flow from Operating Activities
Surplus for the year 47,351,984 97,346,355 70,544,096 122,970,962 3,995,716,694 5,065,352,406
Adjustments for:-
Dividend income - - (3,096,321) (2,729,462) - -
Interest income (69,353,690) (76,291,442) (57,613,395) (45,513,682) (5,063,071,161) (4,569,520,336)
Interest expense on borrowings - 1,788 - - - -
Movement in unrealised appreciation/diminution in the value of 11,330,913 (879,272) 6,686,274 (10,929,217) 409,297,863 43,138,315
Investments

Change in assets and liabilities:

(Increase) / Decrease in Investments at Cost 292,412,972 140,300,772 (343,239,400) 51,684,373 2,939,728,183 (16,249,883,625)
(Increase) / Decrease in Other Current Assets - 302,864 (932,992) (2,578,321) (5,558) 111,768
Increase / (Decrease) in Current Liabilities and Provisions (139,818) 50,210 3,109,284 935,082 (7,886,486) 6,021,197
Cash Generated from/(used in) Operations 281,602,361 160,831,275 (324,542,454) 113,839,735 2,273,779,535 (15,704,780,275)

Interest received 71,980,862 81,190,312 52,216,855 46,492,259 4,820,985,278 3,954,853,820

Dividend received - - 3,096,321 2,729,462 - -
Net Cash Generated from/(used in) Operating Activities (A) 353,583,223 242,021,587 (269,229,278) 163,061,456 7,094,764,813 (11,749,926,455)

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

C. Cash flow from Financing Activities

Net proceeds from reissue / (payments for re-purchase) of units (92,726,692) (110,539,228) 178,853,575 (27,662,253) (3,206,394,256) 3,074,039,023
Net unit premium received / (paid) (129,433,859) (123,350,495) 153,381,745 (15,401,712) (1,141,244,337) 8,534,387,739
Adjustments for:-
Interest paid during the year - (1,788) - - - -
Dividend paid (including tax on dividend distributed, where (742,321) (1,763,018) (3,926) 259,070 (143,193,800) (147,070,991)
applicable) during the year
Net Cash Generated from/(used in) Financing Activities (C) (222,902,872) (235,654,529) 332,231,394 (42,804,895) (4,490,832,393) 11,461,355,771

Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) 130,680,351 6,367,058 63,002,116 120,256,561 2,603,932,420 (288,570,684)

Cash and cash equivalents as at the beginning of the year 24,410,742 18,043,684 158,116,136 37,859,575 188,317,758 476,888,442
Cash and cash equivalents as at the end of the year (Refer Note
155,091,093 24,410,742 221,118,252 158,116,136 2,792,250,178 188,317,758
below)
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) 497,260 561,300 3,943,550 1,805,607 23,488,353 34,370,687
Collateralised Borrowing and Lending Obligation ("CBLO") (Refer - - - - 1,119,563,550 -
Schedule VI)
Reverse Repos (Refer Schedule VI) 154,593,833 23,849,442 220,767,855 158,970,690 1,649,342,092 154,085,330
Less: Earmarked Balances - Unclaimed Dividend and Unclaimed - - (3,593,153) (2,660,161) (143,817) (138,259)
Redemption invested in Reverse Repos/CBLO (Refer Schedule III)
Cash and cash equivalents as at the end of the year 155,091,093 24,410,742 221,118,252 158,116,136 2,792,250,178 188,317,758

Significant Accounting Policies and Notes to the Accounts VIII

In terms of our reports attached On behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP of Tata Trustee Company Limited
Chartered Accountants

G. K. Subramaniam Director
Partner
Tata Asset Management Limited

Mumbai, July 19, 2018 Authorised Signatory Fund Manager

 Tata Medium Term Fund (formerly Tata Retirement Savings Fund-
Schedule I - Unit Capital Tata Short Term Bond Fund
known as "Tata Income Plus Fund") Conservative Plan

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

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

Unit Capital (Refer Annexure 6)

Units Opening Balance / Initial Capital 384,304,890 492,156,266 508,116,585 538,089,312 24,552,823,960 20,190,561,838

Add : Units reissued during the year 24,659,540 27,701,556 280,875,290 67,416,604 21,269,564,107 24,347,655,847
408,964,430 519,857,822 788,991,875 605,505,916 45,822,388,067 44,538,217,685

Less : Units repurchased during the year 117,386,985 135,552,932 111,000,742 97,389,331 24,458,463,822 19,985,393,725

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

 Tata Medium Term Fund
Tata Retirement Savings Fund-
Schedule II - Reserves & Surplus (formerly known as "Tata Tata Short Term Bond Fund
Conservative Plan
Income Plus Fund")
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Unit Premium Reserve

Opening Balance 6,573,958 11,700,226 70,639,287 79,275,043 5,117,952,380 3,831,049,965
Net Addition / (Deduction) during the year (3,230,300) (5,126,268) 65,421,370 (8,635,756) (192,481,429) 1,286,902,415
Closing Balance 3,343,658 6,573,958 136,060,657 70,639,287 4,925,470,951 5,117,952,380

Unrealised Appreciation Reserve

At the beginning of the year 11,196,528 10,002,546 78,114,927 74,723,117 261,207,535 234,544,391
Increase/(Decrease) in unrealised gain in the value of (7,544,428) 1,193,982 3,218,913 3,391,810 (147,334,307) 26,663,144
investments
At the end of the year 3,652,100 11,196,528 81,333,840 78,114,927 113,873,228 261,207,535

Revenue Account 479,807,643 551,857,111 393,847,548 238,561,990 36,232,935,357 33,181,841,069

486,803,401 569,627,597 611,242,045 387,316,204 41,272,279,536 38,561,000,984
 Tata Medium Term Fund (formerly
Tata Retirement Savings Fund-
Schedule III - Current Liabilities & Provisions known as "Tata Income Plus Tata Short Term Bond Fund
Conservative Plan
Fund")
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Current Liabilities
Management Fees payable 444,231 260,628 1,100,539 165,506 7,434,414 5,348,380
Trusteeship Fees payable 128,058 249,999 139,242 204,782 9,143,430 14,654,966
Selling Commission / Brokerage Expenses payable 988,148 1,227,238 5,337,878 3,291,887 14,978,333 18,788,274
Other payable - 236 41,916 28,289 1,153,905 2,314,562
Units pending allotment 8,000 - 6,330,100 - 5,338,483 6,910,000
Contract for purchase of investments 97,642,833 - 2,599,187 170,069 652,768,200 -
Repurchase amount payable - - 1,127,938 46,997 22,455,795 36,252,066
Inter-scheme dues payable 24,252 31,499 778,032 5,500 52,412,744 4,244,873
Unclaimed Redemption payable (Refer Note C 14 of Schedule VIII) - - 3,338,009 2,401,091 141,657 136,104
Unclaimed Dividend payable (Refer Note C 14 of Schedule VIII) - - 255,144 259,070 2,160 2,155
Investor Education Fund Expenses Payable 13,184 16,206 21,740 14,838 1,047,124 1,073,448
Goods and Services Tax/Service Tax payable on Management Fees 79,962 39,094 198,097 24,826 1,338,195 802,257
99,328,668 1,824,900 21,267,822 6,612,855 768,214,440 90,527,085
 Tata Medium Term Fund (formerly Tata Retirement Savings Fund-
Schedule IV - Investments Tata Short Term Bond Fund
known as "Tata Income Plus Fund") Conservative Plan

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Equity Shares - - 370,684,281 262,128,210 - -

Privately Placed Debentures / Bonds 49,669,400 90,046,890 - - 6,987,755,550 2,103,338,700
Debentures and Bonds listed / awaiting listing on 491,867,745 648,173,390 99,540,015 102,768,145 34,096,078,897 43,459,355,637
recognised stock exchange
Compulsory Convertible Debentures - - 4,888,000 - - -
Central and State Government Securities 47,513,750 154,774,500 591,859,695 363,441,345 6,688,406,946 6,940,812,498
Commercial Paper - - - - 5,726,226,500 2,871,136,000
Certificate of Deposit - - 4,899,700 - 4,749,911,000 6,084,499,500
589,050,895 892,994,780 1,071,871,691 728,337,700 58,248,378,893 61,459,142,335
 Tata Medium Term Fund (formerly Tata Retirement Savings Fund-
Schedule V - Deposits Tata Short Term Bond Fund
known as "Tata Income Plus Fund") Conservative Plan

As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

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

- - - - 25,000,000 25,000,000
 Tata Medium Term Fund (formerly Tata Retirement Savings Fund-
Schedule VI - Other Current Assets Tata Short Term Bond Fund
known as "Tata Income Plus Fund") Conservative Plan
As At As At As At As At As At As At
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Balances with banks in current accounts 497,260 561,300 3,943,550 1,805,607 23,488,353 34,370,687
Collateralised Borrowing and Lending Obligation - - - - 1,119,563,550 -
Reverse Repos 154,593,833 23,849,442 220,767,855 158,970,690 1,649,342,092 154,085,330
Contract for sale of investments 97,842,833 - - 4,551,747 514,505,596 -
Accrued income 35,724,693 38,351,865 13,776,440 8,379,900 1,773,753,396 1,531,667,513
Inter-scheme dues - - 141,464 - 50,386,341 86,164
288,658,619 62,762,607 238,629,309 173,707,944 5,131,039,328 1,720,209,694
 Tata Medium Term Fund (formerly Tata Retirement Savings Fund-
Schedule VII - Interest Income Tata Short Term Bond Fund
known as "Tata Income Plus Fund") Conservative Plan

Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Rs. Rs. Rs. Rs. Rs. Rs.

Term Deposits - - - - - 210,383

Debentures / Bonds / Asset Backed Securities 52,605,544 33,290,030 10,208,253 10,037,576 3,575,420,158 2,715,973,706
Discounted Securities - 192,442 1,163,053 35,602 666,240,305 1,010,326,582
Government Securities 11,687,584 36,755,455 31,591,111 31,953,750 743,631,982 739,949,099
Reverse Repos 5,060,562 6,053,515 14,650,978 3,486,754 77,633,456 102,958,760
Other Deposits - - - - 145,260 101,806
69,353,690 76,291,442 57,613,395 45,513,682 5,063,071,161 4,569,520,336
Schedule VIII - Statement of Significant Accounting Policies and Notes to the Accounts as at and for the year ended 31st March, 2018.

A. Background

Tata Mutual Fund (the "Fund") is registered with the Securities and Exchange Board of India (“SEBI”). The Schemes are managed by Tata Asset Management
Limited (“TAML” / the “Investment Manager”), an investment management company registered with SEBI. The Schemes are sponsored by Tata Sons Limited
(“TSL”) and Tata Investment Corporation Limited (“TICL”). Tata Trustee Company Limited (“TTCL” / the “Trustee Company”) is the trustee company of the
Schemes.

SCHEME NATURE AND SCHEME OBJECTIVE

Tata Dynamic Bond Fund (TDBF)
Tata Fixed Maturity Plan Series 44 Scheme-D
(TFM44D)
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 to provide reasonable returns and liquidity to the unitholders.
Tata Fixed Maturity Plan - Series 44 Scheme D is a close ended scheme of the Fund. The investment
objective of the Scheme is to generate income and / or capital appreciation by investing in wide range of
Debt & Money Market instruments having maturity in line with the maturity of the Scheme.
The Scheme was to mature on April 06, 2015. However, the Trustee Company decided to rollover the
Scheme (extend the maturity) in accordance with Regulation 33(4) of SEBI (Mutual Funds) Regulations,
1996 to April 09, 2018.

Tata Fixed Maturity Plan Series 46 Scheme-D
(TFM46D)
Tata Fixed Maturity Plan - Series 46 Scheme D is a close ended scheme of the Fund. The investment
objective of the Scheme is to generate income and / or capital appreciation by investing in wide range of
Fixed Income Instruments having maturity in line with the maturity of the Scheme.
The Scheme was to mature on April 6, 2015. However, the Trustee Company decided to rollover the
Scheme (extend the maturity) in accordance with Regulation 33(4) of SEBI (Mutual Funds) Regulations,
1996 to April 9, 2018.

Tata Fixed Maturity Plan Series 46 Scheme-K
(TFM46K)
Tata Fixed Maturity Plan Series 46 Scheme-M
(TFM46M)
Tata Fixed Maturity Plan Series 46 Scheme-N
(TFM46N)
Tata Fixed Maturity Plan Series 46 Scheme-Q
(TFM46Q)
Tata Fixed Maturity Plan - Series 46 Scheme K is a close ended scheme of the Fund. The investment
objective of the Scheme is to generate income and / or capital appreciation by investing in wide range of
Fixed Income Instruments having maturity in line with the maturity of the Scheme.
The Scheme was to mature on April 6, 2015. However, the Trustee Company decided to rollover the
Scheme (extend the maturity) in accordance with Regulation 33(4) of SEBI (Mutual Funds) Regulations,
1996 to April 9, 2018.
Tata Fixed Maturity Plan - Series 46 Scheme M is a close ended scheme of the Fund. The investment
objective of the Scheme is to generate income and / or capital appreciation by investing in wide range of
Fixed Income Instruments having maturity in line with the maturity of Scheme.
The Scheme was to mature on April 7, 2015. However, the Trustee Company decided to rollover the
Scheme (extend the maturity) in accordance with Regulation 33(4) of SEBI (Mutual Funds) Regulations,
1996 to April 10, 2018.
Tata Fixed Maturity Plan - Series 46 Scheme N is a close ended scheme of the Fund. The investment
objective of the Scheme is to generate income and / or capital appreciation by investing in wide range of
Fixed Income Instruments having maturity in line with the maturity of Scheme.
The Scheme was to mature on April 6, 2015. However, the Trustee Company decided to rollover the
Scheme (extend the maturity) in accordance with Regulation 33(4) of SEBI (Mutual Funds) Regulations,
1996 to April 9, 2018.
Tata Fixed Maturity Plan - Series 46 Scheme Q is a close ended scheme of the Fund. The investment
objective of the Scheme is to generate income and / or capital appreciation by investing in wide range of
Fixed Income Instruments having maturity in line with the maturity of Scheme. The Scheme would
mature on April 9, 2018.

Tata Fixed Maturity Plan Series 46 Scheme-R
(TFM46R)
Tata Fixed Maturity Plan - Series 46 Scheme R is a close ended scheme of the Fund. The investment
objective of the Scheme is to generate income and / or capital appreciation by investing in wide range of
Fixed Income Instruments having maturity in line with the maturity of Scheme.
The Scheme was to mature on April 6, 2015. However, the Trustee Company decided to rollover the
Scheme (extend the maturity) in accordance with Regulation 33(4) of SEBI (Mutual Funds) Regulations,
1996 to April 9, 2018.

Tata Fixed Maturity Plan Series 46 Scheme-T Tata Fixed Maturity Plan - Series 46 Scheme T is a close ended scheme of the Fund. The investment
(TFM46T) objective of the Scheme is to generate income and / or capital appreciation by investing in wide range of
Fixed Income Instruments having maturity in line with the maturity of the Scheme. The Scheme would
mature on April 9, 2018.
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 been
consistently 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 of
India (Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”), the Ninth and Eleventh Schedules of
which lay down the accounting policies and standards to be adopted and the disclosures to be made and the accounting principles generally
accepted in India.

The preparation of financial statements in conformity with the SEBI Regulations requires the use of certain critical accounting estimates. It
also requires the Board of Directors of the Investment Manager to exercise its judgement in the process of applying the Fund’s accounting
policies.

The areas involving high degree of judgement or complexity or critical estimates are fair values of unlisted equity securities.

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 sale
of investment is executed. Investments include contracts for purchase of securities and exclude contracts for sale of securities, for which
deliveries are not received/collected.

Investments purchased are initially recognised at cost of acquisition. Cost of acquisition includes transaction costs such as brokerage, stamp
charges and other charges customarily included in the brokers note, but excludes pre-acquisition accrued interest which is classified as part
of "Other Current Assets".

Subsequent to initial recognition, all investments are measured at fair values reflective of the realisable value of the securities / assets.
Gains or losses on sale of investments are determined using the "weighted average cost method" and are recognised in the Revenue
Account in the period 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
unrealised diminution 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 of
investments". 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) ("Debt
Securities"):
Debt Securities (including floating rate securities and money market instruments) with balance maturity of over 60 days are being valued at
average of the prices received from CRISIL Ltd. ("CRISIL") and ICRA Ltd. ("ICRA") (both agencies being entrusted for the purpose by
the 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 by
adding 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
from average yield and amortised value/trade value (as explained below) exceed 10 basis points of the amortised value, the amortised
value/trade value 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 a day aggregating value of Rs. 25 crores or more by the Fund, highest yield in those trades would be considered for determining
the 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 yield will
be fixed. In such cases mark up / mark down shall not be applicable till the time such security falls in different maturity bucket. This spread
will remain fixed through the life of the instrument & will be changed only if there is a further purchase / sale aggregating to Rs. 25 crs. 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 an
amortisation basis is determined taking the interest rate as the coupon rate.
 Government Securities:
Government Securities are being valued at average of the prices received from CRISIL and ICRA (both agencies being entrusted for the
purpose by the AMFI).

Reverse repo and Collateralised Borrowing and Lending Obligation (CBLO) :

Reverse repo are valued at cost and 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. The
recognition 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 cost
basis”.
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, CBLO and Treasury Bills are amortised on a straight-line basis over the period upto
redemption.

1.4 B) Expenses:
Expenses are accrued as under:

a) Management fees charged by the Investment Manager and Trusteeship fees charged by the Trustee company, charged to the Schemes
were 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 Education
and Awareness Initiative (IEAI) as per SEBI Regulations.

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 Equalisation

On issue / repurchase of units, the portion of the premium which is attributable to realised gains is credited / debited to the Revenue
Account for the period as Income Equalisation. It is reflected in the Revenue Account after the net surplus / deficit of the Schemes is
determined. 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
unrealised appreciation 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
capital and is not taken into account in the determination of the distributable surplus. Dividend is declared only when the Revenue Reserve
is positive.

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 of
upto three months), collateralised lending and Reverse Repos.
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 Flow
Statement issued by the Institute of Chartered Accountants of India ("ICAI").
C. Notes attached to and forming part of the financial statements for the year ended 31st March, 2018

1. The aggregate value of purchases and sales (including redemptions) of investments for the year ended 31st March, 2018 expressed as a percentage of average daily net
assets is disclosed in Annexure 1.

2. Statement of Portfolio with industry wise classification as at 31st March, 2018 (Refer Annexure 2).

3. 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).

4. In accordance with the terms of arrangement with Investment Manager and Trustee Company, and as per SEBI Regulations, the Schemes have provided for
management 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 in
Annexure 4.

5. Contingent liabilities as at 31st March, 2018 are Rs.Nil (previous year Rs. Nil).
6. Transactions with Trustees, Investment Manager, their associates and with entities controlled by co-sponsors Regulation 25(8) of the SEBI Regulations (in relation to
services received by the Schemes) -
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 associates 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:

i. Associates are entities/person that exercise control over or are controlled by the Trustee Company and the Investment Manager or whose director, officer or employee
is a director, officer or employee of the Investment Manager;

ii. Control means the ability to exercise not less than 10% of the voting power of an entity or the ability of the board of directors of an entity to exercise control over the
Investment Manager.

Investment Manager
The Board of Directors of the Trustee Company has appointed Tata Asset Management Limited as the Investment Manager for the Fund pursuant to an agreement
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 the Investment
Manager a fee not greater than the quantum as defined in the SID as a % of the daily net assets value attributable to the unit holders.
The Investment Manager is a subsidiary of TSL.

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 paid such
brokerage include Entities over which TSL exercises significant influence and/or control.

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 other
disclosures required under Regulation 25(8) of the SEBI Regulations are contained in Annexure 5.

7. 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 major
shareholders have a substantial interest.

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. Aggregate Fair Value of Non-Traded Debt Securities (which exclude Government Securities & Treasury Bills, included under Investments in Schedule IV) as
disclosed in Annexure 9. None of the schemes of Tata Mutual Fund have participated in Credit Default Swaps (CDS) and Repo transactions of corporate debt
securities.

12. Unprovided diminution and unrealised appreciation in the value of investments. (Refer Annexure 10)

13. Unit holder holding above 25% of the Net Asset Value of the Schemes (Refer Annexure 11).

14. Unclaimed redemption / dividend amount, since the inception of the Schemes has been invested separately, only in money market instruments and the investors who
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.

15. In accordance with clause 7 of the Seventh schedule referred to in Regulation 44 (1) of the SEBI Regulations, securities purchased should be held in the name of the
Schemes. Investments in Government Securities and Treasury Bills are held in the name of “Tata Mutual Fund”.

16. 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.
17. Liability towards Investor Education and Awareness Initiative (IEAI) :

Movement of IEAI balances for Tata Mutual Fund during the financial year ended March 31, 2018 is as follows:
Previous Year
Particulars Current Year (Rs.)
(Rs.)
Opening balance 29,458,808 23,107
Additions during the current year (includes transfer on account of unclaimed dividend / redemption) 92,219,538 77,894,171
Add: Income earned on untilised IEAI balance 2,968,264 790,395
Less: Utilisation during the current year (9,054,893) (10,301,780)
Less: Amount transferred / transferable to AMFI (45,732,805) (38,947,086)
Closing balance 69,858,912 29,458,808

Based on the Best practice guidelines circular issued by AMFI, the cumulative balance of IEAI has been transferred to IEAI Pool Account at Fund level on periodic
basis.

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.
4,011,425/- which was transferred to AMFI as on April 06, 2018. (Previous year an amount of Rs. 3,740,720/- was transferred to AMFI as on April 07, 2017).

18. Amount receivable from the Investment Manager included under “Other Receivables” in “Other Current Assets” is disclosed in Annexure 13.

19. Segment Reporting

The Schemes operate in one segment only i.e. to primarily generate returns, based on Scheme's Investment Objectives. Further, the Scheme's Investments are in India
and hence, the Schemes do not have any geographical segments.

20. Related Party Disclosure

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).

Name of the Party Relationship

Tata Asset Management Limited Investment Manager (Entity providing key
Management Services)

21. The figures for the previous year have been regrouped and reclassified wherever necessary to conform with the current year's classification.

On behalf of the Board of Directors

of Tata Trustee Company Limited

Director

Tata Asset Management Limited

Authorised Signatory Fund Manager

Annexure 1 - Statement of Aggregate Value of Purchases and Sales (including redemptions) of investments as a % of Average Net Assets.

Aggregate value of Purchases Aggregate value of Sales (including redemptions)

Year Ended Year Ended
Scheme 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Value Value Value Value
% % % %
Rs. Rs. Rs. Rs.
TDBF 393,410,764,460 3,571.45 80,797,645,594 705.81 395,304,293,935 3,588.64 81,972,793,663 716.07
TFM44D 10,127,720 4.93 9,649,633 5.07 22,500,000 10.96 - -
TFM46D 5,680,139 9.89 9,138,592 17.14 15,900,000 27.69 5,000,000 9.38
TFM46K 3,532,248 6.35 3,349,848 6.49 20,800,000 37.40 - -
TFM46M 345,709,034 13.64 128,134,819 5.46 282,704,628 11.16 - -
TFM46N 5,758,065 6.48 4,064,947 4.93 27,500,000 30.96 - -
TFM46Q 11,098,520 8.69 7,825,660 6.61 21,700,000 16.99 1,890,749 1.60
TFM46R 28,044,257 8.82 15,739,450 5.35 37,500,000 11.79 - -
TFM46T 295,449,810 13.48 117,964,291 5.81 245,132,081 11.18 2,029,046 0.10
Annexure 4 - Statement of Management and Trusteeship Fees.

Trusteeship Fees (inclusive Trusteeship Fees (inclusive of

Management Fees of Goods and Services Management Fees Goods and Services
Tax/Service Tax) Tax/Service Tax)
Scheme
REGULAR DIRECT
2017-18 2016-17 2017-18 2016-17 2017-18 2016-17 2017-18 2016-17
% % % % % % % %
TDBF 0.4336 0.3866 0.0176 0.0306 0.4879 0.4678 0.0190 0.0307
TFM44D 0.0314 0.0269 - - - - - -
TFM46D 0.0269 0.0252 - - - - - -
TFM46K 0.0273 0.0267 - - - - - -
TFM46M 0.0309 0.0278 - - - - - -
TFM46N 0.0351 0.0338 - - - - - -
TFM46Q 0.0275 0.0270 - - - - - -
TFM46R 0.0292 0.0269 - - - - - -
TFM46T 0.0479 0.0446 - - 0.0075 0.0085 - -

Trusteeship Fees (inclusive

Management Fees of Goods and Services
Scheme Tax/Service Tax)
High Investment Plan
2017-18 2016-17 2017-18 2016-17
% % % %
TDBF 1.2757 1.0344 0.0299 0.0308

Basis of Computation

Illustration:
Regular Management fees
Management
Upto 100 crs Next 300 crs Next 300 crs Remaining fees%
Scheme Name AUM Total Fees
@1.75% @ 1.50% @1.25% @1%
Scheme 7,500,000,000 17,500,000 45,000,000 37,500,000 5,000,000 105,000,000 1.40

Direct Management fees Management

Upto 100 crs Next 300 crs Next 300 crs Remaining @ fees%
Scheme Name AUM Total Fees
@1.25% @ 1% @0.75% 0.50%
Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90
Annexure 5A - Disclosure under Regulation 25(8) of the SEBI Regulations in respect of other payments made / payable to parties associated with
sponsors in which the Investment Manager or its major shareholders have a substantial interest.

Year Ended Year Ended As at As at % equity capital held

31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 by the sponsors and its
Name of the Nature of Rs. Rs. Rs. Rs. subsidiary / associates
Scheme
Company Payment as at 31st March,
2018.
TDBF 49,748,286 47,664,546 2,381,657 2,088,337 100%*
TFM44D 43,249 34,293 7,406 2,148 100%*
TFM46D 14,543 12,636 1,023 1,241 100%*
TFM46K Tata Asset 13,730 12,459 1,107 392 100%*
TFM46M Management Management Fees 49,694 41,390 7,830 6,606 100%*
TFM46N Limited 26,000 23,237 2,055 2,988 100%*
TFM46Q 31,093 28,264 89 262 100%*
TFM46R 21,558 18,447 1,185 919 100%*
TFM46T 173,045 179,291 615 8,598 100%*
TDBF 1,990,368 3,509,230 1,534,774 2,812,782 100%**
TFM44D - - - - 100%**
TFM46D - - - - 100%**
Trusteeship Fees
TFM46K - - - - 100%**
Tata Trustee (inclusive of Goods
TFM46M - - - - 100%**
Company Limited and Services
TFM46N - - - - 100%**
Tax/Service Tax)
TFM46Q - - - - 100%**
TFM46R - - 2 - 100%**
TFM46T - 13 - 11 100%**

* 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 6 - Details of Unit Capital.

Initial Capital Opening Balance Reissue Repurchase Closing Balance

Scheme Period Covered Face Value (Rs.)
(Units) (Units) (Units) (Units) (Units)
TDBF 10 159,676,984.400 445,436,413.985 152,864,073.530 289,981,446.532 308,319,040.983
TFM44D 10 48,820,293.800 14,747,103.938 - - 14,747,103.938
TFM46D 10 23,434,068.600 4,234,054.716 - - 4,234,054.716
TFM46K 10 106,177,941.500 4,127,951.220 - - 4,127,951.220
TFM46M 2017-2018 10 237,771,047.100 186,424,500.051 - - 186,424,500.051
TFM46N 10 103,581,329.400 6,619,729.827 - - 6,619,729.827
TFM46Q 10 103,362,284.700 9,546,944.831 - - 9,546,944.831
TFM46R 10 107,831,905.000 23,686,182.846 - - 23,686,182.846
TFM46T 10 171,460,035.300 161,451,215.562 - - 161,451,215.562
TDBF 10 159,676,984.400 447,012,077.430 148,506,065.210 150,081,728.655 445,436,413.985
TFM44D 10 48,820,293.800 14,747,103.938 - - 14,747,103.938
TFM46D 10 23,434,068.600 4,234,054.716 - - 4,234,054.716
TFM46K 10 106,177,941.500 4,127,951.220 - - 4,127,951.220
TFM46M 2016-2017 10 237,771,047.100 186,424,500.051 - - 186,424,500.051
TFM46N 10 103,581,329.400 6,619,729.827 - - 6,619,729.827
TFM46Q 10 103,362,284.700 9,546,944.831 - - 9,546,944.831
TFM46R 10 107,831,905.000 23,686,182.846 - - 23,686,182.846
TFM46T 10 171,460,035.300 161,451,215.562 - - 161,451,215.562
Annexure 7 - Statement of Net Asset Value (NAV).

As at As at
Scheme Particulars 31-Mar-18 31-Mar-17
Rs. Rs.
TDBF Regular - Dividend 15.2118 14.6440
TDBF Regular - Growth 26.3813 25.3945
TDBF Direct - Dividend 16.4990 15.7019
TDBF Direct - Growth 27.8022 26.4905
TDBF High Investment Plan - Dividend - 15.6879 *
TDBF High Investment Plan - Growth - 25.8656 *
TFM44D Regular - Growth 14.3536 13.3902
TFM44D Direct - Growth 14.5085 13.5169
TFM46D Regular - Growth 14.0115 13.0873
TFM46D Direct - Growth 14.1497 13.1990
TFM46K Regular - Dividend 12.5432 11.7229
TFM46K Regular - Growth 13.8976 12.9889
TFM46K Direct - Growth 14.1915 13.2462
TFM46M Regular - Dividend 12.6269 11.7725
TFM46M Regular - Growth 13.9462 13.0027
TFM46M Direct - Dividend 12.6788 11.8053
TFM46M Direct - Growth 14.0824 13.1124
TFM46N Regular - Dividend 12.5999 11.7598
TFM46N Regular - Growth 13.8534 12.9329
TFM46N Direct - Growth 13.9863 13.0398
TFM46Q Regular - Dividend 12.5984 11.7568
TFM46Q Regular - Growth 13.8210 12.8979
TFM46Q Direct - Dividend 12.6538 11.7927
TFM46Q Direct - Growth 13.9537 13.0047
TFM46R Regular - Dividend 12.6215 11.7724
TFM46R Regular - Growth 13.8130 12.8838
TFM46R Direct - Dividend 12.6729 11.8043
TFM46R Direct - Growth 13.9310 12.9767
TFM46T Regular - Growth 13.9232 12.9868
TFM46T Direct - Growth 14.0573 13.0945

* On record date 27th October, 2017, plans have been merged as below

Name of the Suspended Plan (Transferor Plans) Surviving Plan

Tata Dynamic Bond - Direct Plan
Tata Dynamic Bond Fund High Investment Plan - Dividend
Dividend Tata Dynamic Bond - Regular Plan
Dividend

Tata Dynamic Bond - Direct Plan

Tata Dynamic Bond Fund High Investment Plan - Growth
Growth Tata Dynamic Bond - Regular Plan
Growth
Annexure 9 - Statement of Non-Traded Debt Securities.

As at As at
Scheme 31-Mar-18 31-Mar-17
Rs. Rs.
TDBF 6,083,711,356 5,626,614,150
TFM44D 172,124,701 174,015,064
TFM46D 41,491,783 45,315,619
TFM46K 34,495,804 46,982,701
TFM46M 2,361,470,085 2,264,742,460
TFM46N 57,773,872 73,500,103
TFM46Q 104,279,582 106,639,508
TFM46R 278,885,769 277,030,990
TFM46T 2,038,998,281 1,966,545,740
Annexure 10 - Details of Unprovided diminution and unrealised appreciation in the value of investments.

Unprovided dimunition is Rs. Nil.

Unrealised appreciation is given below :
As at As at As at
Scheme Particulars 31-Mar-18 31-Mar-17 31-Mar-16
Rs. Rs. Rs.
TDBF Unrealised appreciation 37,420,776 49,362,667 82,237,055
TFM44D Unrealised appreciation 4,813 1,249,130 19,936
TFM46D Unrealised appreciation 400 123,155 -
TFM46K Unrealised appreciation 461 183,438 1,127
TFM46M Unrealised appreciation 35,948 12,256,747 289,685
TFM46N Unrealised appreciation 1,862 383,439 9,988
TFM46Q Unrealised appreciation 2,940 757,892 14,895
TFM46R Unrealised appreciation 6,814 1,524,288 33,702
TFM46T Unrealised appreciation 30,735 10,840,272 575,719
Annexure 11 - Unitholder holding above 25% of the Net Asset Value of the Scheme as at 31st March, 2018.

Count As a % of AUM
Scheme As at As at As at As at
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
TDBF - - - -
TFM44D - - - -
TFM46D 1 25.97 -
TFM46K - - - -
TFM46M - - - -
TFM46N - - - -
TFM46Q 1 - 37.57 -
TFM46R 2 2 50.02 50.00
TFM46T 1 1 25.00 25.00
Annexure 12 - Statement of Unclaimed Redemption and Unclaimed Dividend.

Unclaimed Redemption Unclaimed Dividend

As at 31-Mar-18 As at 31-Mar-17 As at 31-Mar-18 As at 31-Mar-17
Scheme
Amount Amount Amount Amount
Count Count Count Count
Rs. Rs. Rs. Rs.
TDBF 3 93,915 1 184,134 5 9,203 6 8,893
TFM44D - - - - - - - -
TFM46D - - - - - - - -
TFM46K - - - - - - - -
TFM46M - - - - - - - -
TFM46N - - - - - - - -
TFM46Q - - - - - - - -
TFM46R - - - - - - - -
TFM46T - - - - - - - -
Annexure 13 - Statement of Amount receivable from the Investment
Manager included under “Other Receivables” in “Other Current
Assets”.

As at As at
Scheme
31-Mar-18 31-Mar-17
TDBF - -
TFM44D - -
TFM46D - -
TFM46K - -
TFM46M - -
TFM46N - -
TFM46Q - -
TFM46R - -
TFM46T - -
Schedule VIII - Statement of Significant Accounting Policies and Notes to the Accounts as at and for the year ended 31st March, 2018.

A. Background

Tata Mutual Fund (the "Fund") is registered with the Securities and Exchange Board of India (“SEBI”). The Schemes are managed by Tata
Asset Management Limited (“TAML” / the “Investment Manager”), an investment management company registered with SEBI. The Schemes
are sponsored by Tata Sons Limited (“TSL”) and Tata Investment Corporation Limited (“TICL”). Tata Trustee Company Limited (“TTCL” /
the “Trustee Company”) is the trustee company of the Schemes.

SCHEME NATURE AND SCHEME OBJECTIVE

Tata Fixed Maturity Plan Series 47 Scheme-C
(TFM47C)
Tata Fixed Maturity Plan Series 47 Scheme-D
(TFM47D)
Tata Fixed Maturity Plan Series 47 Scheme-E
(TFM47E)
Tata Fixed Maturity Plan - Series 47 Scheme C is a close ended scheme of the Fund.
The investment objective of the Scheme is to generate income and / or capital
appreciation by investing in wide range of Fixed Income Instruments having maturity in
line with the maturity of the Scheme.
The Scheme was to mature on April 6, 2015. However, the Trustee Company decided to
rollover the Scheme (extend the maturity) in accordance with Regulation 33(4) of SEBI
(Mutual Funds) Regulations, 1996 to April 9, 2018.
Tata Fixed Maturity Plan - Series 47 Scheme D is a close ended scheme of the Fund.
The investment objective of the Scheme is to generate income and / or capital
appreciation by investing in wide range of Fixed Income Instruments having maturity in
line with the maturity of the Scheme.
The Scheme was to mature on April 6, 2015. However, the Trustee Company decided to
rollover the Scheme (extend the maturity) in accordance with Regulation 33(4) of SEBI
(Mutual Funds) Regulations, 1996 to April 9, 2018.
Tata Fixed Maturity Plan - Series 47 Scheme E is a close ended scheme of the Fund.
The investment objective of the Scheme is to generate income and / or capital
appreciation by investing in wide range of Fixed Income Instruments having maturity in
line with the maturity of the Scheme.
The Scheme was to mature on April 15, 2015. However, the Trustee Company decided to
rollover the Scheme (extend the maturity) in accordance with Regulation 33(4) of SEBI
(Mutual Funds) Regulations, 1996 to April 18, 2018.

Tata Fixed Maturity Plan Series 47 Scheme-F
(TFM47F)
Tata Fixed Maturity Plan Series 47 Scheme-H
(TFM47H)
Tata Fixed Maturity Plan Series 47 Scheme-J
(TFM47J)
Tata Fixed Maturity Plan Series 53 Scheme-A
(TFM53A)
Tata Fixed Maturity Plan Series 53 Scheme-B
(TFM53B)
Tata Income Fund (formerly known as "Tata Long
Term Debt Fund") (TLTDF)
Tata Fixed Maturity Plan - Series 47 Scheme F is a close ended scheme of the Fund.
The investment objective of the Scheme is to generate income and / or capital
appreciation by investing in wide range of Fixed Income Instruments having maturity in
line with the maturity of the Scheme. The Scheme would mature on April 23, 2018.
Tata Fixed Maturity Plan - Series 47 Scheme H is a close ended scheme of the Fund.
The investment objective of the Scheme is to generate income and / or capital
appreciation by investing in wide range of Fixed Income Instruments having maturity in
line with the maturity of the Scheme. The Scheme would mature on May 8, 2018.
Tata Fixed Maturity Plan - Series 47 Scheme J is a close ended scheme of the Fund. The
investment objective of the Scheme is to generate income and / or capital appreciation by
investing in wide range of Fixed Income Instruments having maturity in line with the
maturity of the Scheme. The Scheme would mature on April 9, 2018.
Tata Fixed Maturity Plan - Series 53 Scheme A is a close ended scheme of the Fund.
The investment objective of each scheme is to generate income and / or capital
appreciation by investing in Fixed
Income Instruments having maturity in line with the maturity of the scheme. The Scheme
would mature on May 4, 2021.
Tata Fixed Maturity Plan - Series 53 Scheme B is a close ended scheme of the Fund.
The investment objective of each scheme is to generate income and / or capital
appreciation by investing in Fixed
Income Instruments having maturity in line with the maturity of the scheme. The Scheme
would mature on May 4, 2021.
TATA LONG TERM DEBT FUND (formerly known as TATA INCOME FUND) is an
open ended scheme of the Fund. The investment objective of the Scheme is to provide
income distribution and / or medium to long term capital gains while at all times
emphasising the importance of safety and capital appreciation.
 SCHEME
Tata Treasury Advantage Fund (formerly known as
"Tata Ultra Short Term Fund") (TUSTF)
NATURE AND SCHEME OBJECTIVE
TATA TREASURY ADVANTAGE FUND (formerly known as TATA ULTRA SHORT
TERM FUND) is an open ended scheme of the Fund. 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.

Tata Young Citizens' Fund (TYCF) TATA YOUNG CITIZENS FUND is an open ended balanced scheme of the Fund. The
investment objective of the Scheme is to provide long-term capital growth along with
steady capital appreciation to its unit holders, while at all times emphasising the
importance of capital preservation.

Pursuant to SEBI Circular dated October 6, 2017 read with circular dated December 4, 2017 on Categorisation and Rationalisation of Mutual
Fund Schemes, the AMC reviewed all the existing open-ended schemes of Tata Mutual Fund. Based on such review, names and attributes of
few schemes have been changed 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 Fundamental Attributes 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) per unit without payment of exit load.
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 been
consistently 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 of
India (Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”), the Ninth and Eleventh Schedules of
which lay down the accounting policies and standards to be adopted and the disclosures to be made and the accounting principles generally
accepted in India.
The preparation of financial statements in conformity with the SEBI Regulations requires the use of certain critical accounting estimates. It
also requires the Board of Directors of the Investment Manager to exercise its judgement in the process of applying the Fund’s accounting
policies.
The areas involving high degree of judgement or complexity or critical estimates are fair values of unlisted equity securities.

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 sale
of investment is executed. Investments include contracts for purchase of securities and exclude contracts for sale of securities, for which
deliveries are not received/collected.
Investments purchased are initially recognised at cost of acquisition. Cost of acquisition includes transaction costs such as brokerage, stamp
charges and other charges customarily included in the brokers note, but excludes pre-acquisition accrued interest which is classified as part
of "Other Current Assets".
Bonus shares and rights entitlement are recognised as on the respective ex-dates on the principal stock exchange where the shares are
traded.

Subsequent to initial recognition, all investments are measured at fair values reflective of the realisable value of the securities / assets.
Gains or losses on sale of investments are determined using the "weighted average cost method" and are recognised in the Revenue
Account in the period 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
unrealised diminution 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 of
investments". Net unrealised gain in the value of investment is reduced from distributable income at the time of income distribution.

b. Fair value estimation

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 have
not 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 Stock
Exchanges) 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 (Bombay Stock Exchange Limited - "BSE") on
which the security is traded on valuation date. When on a particular valuation day, a security has not been traded on the BSE; the last
quoted closing price at which it is traded on National Stock Exchange ("NSE") is used.

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 principal
stock 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 30
days 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, the
value 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 appropriately
discounting (by 15%) the average of the net worth per share based on its latest audited annual financial statements and the capitalised
earning values of those shares (i.e. the product of the earnings per share of the entity based on its latest audited annual financial statements
and 25% of the average PE multiple for the industry). Where audited annual financial statements of the entity are not available within 9
months 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 total
assets.

When the option contracts are squared off before expiry, the difference between the premium paid and received on the squared off
transactions is recognised in the revenue account. When the option contracts are exercised on or before expiry, the difference between the
option settlement price as determined by the exchange and the premium is recognised in the revenue account. If more than one option
contracts in respect of the same stock / index with the same strike price and expiry date to which the squared off / exercised contract
pertains is outstanding at the time of square off / exercise of the contract, the weighted average method is followed for determining the gain
or loss.

Premium asset in respect of options not exercised / squared off as on expiry date is transferred to revenue account.

Debt securities (including asset backed securities and money market instruments but excluding Government Securities) ("Debt
Securities"):

Debt Securities (including floating rate securities and money market instruments) with balance maturity of over 60 days are being valued at
average of the prices received from CRISIL Ltd. ("CRISIL") and ICRA Ltd. ("ICRA") (both agencies being entrusted for the purpose by
the 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 by
adding 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
from average yield and amortised value/trade value (as explained below) exceed 10 basis points of the amortised value, the amortised
value/trade value 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 a day aggregating value of Rs. 25 crores or more by the Fund, highest yield in those trades would be considered for determining
the 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 yield will
be fixed. In such cases mark up / mark down shall not be applicable till the time such security falls in different maturity bucket. This spread
will remain fixed through the life of the instrument & will be changed only if there is a further purchase / sale aggregating to Rs. 25 crs. 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 an
amortisation basis is determined taking the interest rate as the coupon rate.

Government Securities:
Government Securities are being valued at average of the prices received from CRISIL and ICRA (both agencies being entrusted for the
purpose by the AMFI).

Reverse repo and Collateralised Borrowing and Lending Obligation (CBLO) :

Reverse repo are valued at cost and 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. The
recognition criteria for material classes of income are stated below :
a) Dividend income is recognised on ex-dividend dates.
b) Profit or loss on sale of investments is recognised on trade date basis. The cost of investments sold is determined on “weighted average cost
basis”.
c) Interest on investments, term deposits and reverse repos is recognised on a time-proportionate basis using the coupon rate.
d) Discounts and premium on Debt Securities, CBLO and Treasury Bills are amortised on a straight-line basis over the period upto
redemption.
1.4 B) Expenses:
Expenses are accrued as under:

a) Management fees charged by the Investment Manager and Trusteeship fees charged by the Trustee company, charged to the Schemes
were 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 Education
and Awareness Initiative (IEAI) as per SEBI Regulations.

Above expenses are capped at the lower of the limits laid down in the SEBI Regulations and the Scheme Information Document ("SID").

The Schemes were charged with additional expense not exceeding 30 basis points of its daily net assets, if the net inflows from beyond the
notified top 15 cities 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 is
determined as under:

(Daily net assets * 30 basis points * New inflows from beyond top 15 cities) / (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 the
additional charge has been utilised / is earmarked for utilisation towards distribution expenses for bringing inflows from such cities.

1.5 Unit Premium Reserve (“UPR”) and Income Equalisation

On issue / repurchase of units, the portion of the premium which is attributable to realised gains is credited / debited to the Revenue
Account for the period as Income Equalisation. It is reflected in the Revenue Account after the net surplus / deficit of the Schemes is
determined. 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
unrealised appreciation 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
capital and is not taken into account in the determination of the distributable surplus. Dividend is declared only when the Revenue Reserve
is positive.

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 of
upto three months), collateralised lending and Reverse Repos.

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 Flow
Statement 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 repurchase
price 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 additional
purchases and switches into the Schemes from other Schemes) otherwise than through Systematic Investment Plans ("SIPs") registered
prior 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 and
accretions that were made post that date. The utilisation of portion that existed on 31st July, 2009 is restricted for use in marketing and
selling expenses including distributor's / agent's commissions subject to a limit of one-third each in that and subsequent financial years. The
accretions after 31st July, 2009, can be utilised without any restrictions.

The unused balance of such load subjected to restricted usage as at 31st March, 2018 is given below.
TLTDF : Rs.31 624/- (previous year Rs.31 624/-).
TYCF : Rs.1,193,518/- (previous year Rs.1,193,518/-).

In compliance with SEBI (Mutual Funds) (Second Amendment) Regulations, 2012, with effect from 1st October 2012, exit load collected,
net of Goods and Services Tax/Service Tax, is credited to the Schemes.
C. Notes attached to and forming part of the financial statements for the year ended 31st March, 2018

1. The aggregate value of purchases and sales (including redemptions) of investments for the year ended 31st March, 2018 expressed as a percentage of average daily net
assets is disclosed in Annexure 1.

2. Statement of Portfolio with industry wise classification as at 31st March, 2018 (Refer Annexure 2).

3. 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).

4. In accordance with the terms of arrangement with Investment Manager and Trustee Company, and as per SEBI Regulations, the Schemes have provided for
management 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 in
Annexure 4.

5. Contingent liabilities as at 31st March, 2018 are Rs.Nil (previous year Rs. Nil).
6. Transactions with Trustees, Investment Manager, their associates and with entities controlled by co-sponsors Regulation 25(8) of the SEBI Regulations (in relation to
services received by the Schemes) -
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 associates 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:

i. Associates are entities/person that exercise control over or are controlled by the Trustee Company and the Investment Manager or whose director, officer or employee
is a director, officer or employee of the Investment Manager;

ii. Control means the ability to exercise not less than 10% of the voting power of an entity or the ability of the board of directors of an entity to exercise control over the
Investment Manager.

Investment Manager
The Board of Directors of the Trustee Company has appointed Tata Asset Management Limited as the Investment Manager for the Fund pursuant to an agreement
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 the Investment
Manager a fee not greater than the quantum as defined in the SID as a % of the daily net assets value attributable to the unit holders.
The Investment Manager is a subsidiary of TSL.

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 paid such
brokerage include Entities over which TSL exercises significant influence and/or control.

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 other
disclosures required under Regulation 25(8) of the SEBI Regulations are contained in Annexure 5.

7. 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 major
shareholders have a substantial interest.

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. Aggregate Fair Value of Non-Traded Debt Securities (which exclude Government Securities & Treasury Bills, included under Investments in Schedule IV) as
disclosed in Annexure 9. There are no Non-Traded / Thinly traded equity or equity related securities. None of the schemes of Tata Mutual Fund have participated in
Credit Default Swaps (CDS) and Repo transactions of corporate debt securities.

12. Unprovided diminution and unrealised appreciation in the value of investments. (Refer Annexure 10)

13. Unit holder holding above 25% of the Net Asset Value of the Schemes (Refer Annexure 11).

14. Unclaimed redemption / dividend amount, since the inception of the Schemes has been invested separately, only in money market instruments and the investors who
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.

15. In accordance with clause 7 of the Seventh schedule referred to in Regulation 44 (1) of the SEBI Regulations, securities purchased should be held in the name of the
Schemes. Investments in Government Securities and Treasury Bills are held in the name of “Tata Mutual Fund”.

16. 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.
17. Liability towards Investor Education and Awareness Initiative (IEAI) :

Movement of IEAI balances for Tata Mutual Fund during the financial year ended March 31, 2018 is as follows:
Current Year (Rs. ) Previous Year
Particulars
(Rs.)
Opening balance 29,458,808 23,107
Additions during the current year (includes transfer on account of unclaimed dividend / redemption) 92,219,538 77,894,171
Add: Income earned on untilised IEAI balance 2,968,264 790,395
Less: Utilisation during the current year (9,054,893) (10,301,780)
Less: Amount transferred / transferable to AMFI (45,732,805) (38,947,086)
Closing balance 69,858,912 29,458,808

Based on the Best practice guidelines circular issued by AMFI, the cumulative balance of IEAI has been transferred to IEAI Pool Account at Fund level on periodic
basis.

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.
4,011,425/- which was transferred to AMFI as on April 06, 2018. (Previous year an amount of Rs.3,740,720/- was transferred to AMFI as on April 07, 2017).

18. Amount receivable from the Investment Manager included under “Other Receivables” in “Other Current Assets” is disclosed in Annexure 13.

19. Non Performing Assets are as follows :

Amount receivable towards redemption of following securities are fully provided in the financial statements , as the same are considered to be non performing.
TLTDF
31-Mar-18 31-Mar-17
Name of Script Gross Amount % to Average Net Gross Amount % to Average
Rs. Assets Rs. Net Assets
Reliance Petroleum Limited -Triple Option Convertible Debentures 151,040 0.01 151,040 0.01
SIV Industries Limited - Non Convertible Debentures 21,167,691 1.10 23,648,231 1.04
Datar Switch Gear Limited - Non Convertible Debentures 28,377,877 1.48 28,377,877 1.40
Sun Earth Ceramics Privately Placed Debentures 7,500,000 0.39 7,500,000 0.37
Total 57,196,608 59,677,148
Interest receivable Rs. 7,068,651/- (previous year Rs.7,068,651/-) for non performing assets has been fully provided for.

20. In case of Scheme TUSTF the tax returns filed by certain securitisation trusts whose Pass Through Certificates (PTCs) were held by the Scheme were taken up for
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 on such 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 in the Bombay High Court which has
stayed such demand. During the previous year, the ITAT (Mumbai Bench) had issued a favourable order however, the fund has not received any counter claim against
this order from the trusts.

21. Segment Reporting

The Schemes operate in one segment only i.e. to primarily generate returns, based on Scheme's Investment Objectives. Further, the Scheme's Investments are in India
and hence, the Schemes do not have any geographical segments.

22. Related Party Disclosure

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).

Name of the Party Relationship

Tata Asset Management Limited Investment Manager (Entity providing key
Management Services)
23. TFM53A was launched on 15th March, 2018 & TFM53B was launched on 21st March, 2018 and hence there are no comparative figures.

24. The figures for the previous year have been regrouped and reclassified wherever necessary to conform with the current year's classification.

On behalf of the Board of Directors

of Tata Trustee Company Limited

Director

Tata Asset Management Limited

Authorised Signatory Fund Manager

Annexure 1 - Statement of Aggregate Value of Purchases and Sales (including redemptions) of investments as a % of Average Net Assets.

Aggregate value of Purchases Aggregate value of Sales (including redemptions)

Year Ended Year Ended
Scheme 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Value Value Value Value
% % % %
Rs. Rs. Rs. Rs.
TFM47C 29,520,190 9.83 19,805,078 7.12 36,000,000 11.99 1,014,523 0.36
TFM47D 27,025,818 10.73 12,703,166 5.44 31,000,000 12.31 - -
TFM47E 19,455,957 9.07 11,687,784 5.88 70,400,000 32.80 - -
TFM47F 152,949,132 21.70 46,720,550 7.14 341,413,350 48.44 - -
TFM47H 20,900,838 12.60 12,193,141 7.93 72,200,000 43.54 - -
TFM47J 11,975,853 3.53 16,755,633 5.33 38,300,000 11.29 - -
TFM53A 2,653,439,236 96.45 NA NA - - NA NA
TFM53B 514,512,675 79.80 NA NA - - NA NA
TLTDF 19,747,843,427 1,030.57 7,884,511,803 388.29 20,376,996,312 1,063.40 8,753,207,891 431.07
TUSTF 144,465,276,870 283.19 109,292,819,538 267.09 140,075,685,851 274.58 100,734,107,090 246.18
TYCF 656,145,112 29.39 2,580,130,486 125.17 625,958,226 28.04 2,871,496,717 139.31
Annexure 4 - Statement of Management and Trusteeship Fees.

Trusteeship Fees (inclusive of Trusteeship Fees (inclusive of

Management Fees Goods and Services Management Fees Goods and Services Tax/Service
Tax/Service Tax) Tax)
Scheme
REGULAR DIRECT
2017-18 2016-17 2017-18 2016-17 2017-18 2016-17 2017-18 2016-17
% % % % % % % %
TFM47C 0.0293 0.0270 - - - - - -
TFM47D 0.0318 0.0257 - - - - - -
TFM47E 0.0618 0.0561 - - 0.0077 0.0087 - -
TFM47F 0.1775 0.2535 - - 0.1450 0.1885 - -
TFM47H 0.3220 0.0356 - - 0.0217 - - -
TFM47J 0.0275 0.0273 - - - - - -
TFM53A 0.0254 NA - NA - NA - NA
TFM53B 0.0254 NA - NA - NA - NA
TLTDF 0.9962 1.1099 0.0164 0.0308 0.6091 0.8318 0.0192 0.0307
TUSTF 0.1511 0.1551 - - 0.1109 0.1131 - -
TYCF 1.9927 1.8841 0.0417 0.0512 1.3858 1.2884 0.0409 0.0510

Basis of Computation

Illustration:
Regular Management fees
Management
Upto 100 crs Next 300 crs @ Next 300 crs Remaining
Scheme Name AUM Total Fees fees%
@1.75% 1.50% @1.25% @1%
Scheme 7,500,000,000 17,500,000 45,000,000 37,500,000 5,000,000 105,000,000 1.40

Direct Management fees

Management
Upto 100 crs Next 300 crs @ Next 300 crs Remaining
Scheme Name AUM Total Fees fees%
@1.25% 1% @0.75% @ 0.50%
Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90
Annexure 5A - Disclosure under Regulation 25(8) of the SEBI Regulations in respect of other payments made / payable to parties associated with sponsors in which the
Investment Manager or its major shareholders have a substantial interest.

Year Ended Year Ended As at As at % equity capital held by

31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 the sponsors and its
Scheme Name of the Company Nature of Payment
Rs. Rs. Rs. Rs. subsidiary / associates as
at 31st March, 2018.
TFM47C 49,184 41,935 5,252 1,554 100%*
TFM47D 75,425 56,371 13,741 547 100%*
TFM47E 93,030 79,489 6,945 3,011 100%*
TFM47F 1,114,827 1,406,906 - 65,410 100%*
TFM47H 446,626 45,204 98,682 2,726 100%*
Tata Asset Management
TFM47J Management Fees 53,482 49,093 3,826 2,049 100%*
Limited
TFM53A 2,484 NA 2,484 NA 100%*
TFM53B 354 NA 354 NA 100%*
TLTDF 16,436,173 20,884,903 640,539 855,696 100%*
TUSTF 64,710,398 54,521,205 2,662,105 2,131,693 100%*
TYCF 44,312,956 38,712,035 2,572,486 1,350,976 100%*
TFM47C - - - - 100%**
TFM47D - - 2 - 100%**
TFM47E - - - - 100%**
TFM47F - - 4 - 100%**
Trusteeship Fees
TFM47H - - - - 100%**
Tata Trustee Company (inclusive of Goods and
TFM47J - - - - 100%**
Limited Services Tax/Service
TFM53A - NA - NA 100%**
Tax)
TFM53B - NA - NA 100%**
TLTDF 333,593 625,395 257,163 500,038 100%**
TUSTF - - - - 100%**
TYCF 930,468 1,054,958 728,238 845,797 100%**

* 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 6 - Details of Unit Capital.

Initial Capital Opening Balance Reissue Repurchase Closing Balance

Scheme Period Covered Face Value (Rs.)
(Units) (Units) (Units) (Units) (Units)
TFM47C 10 112,354,969.636 22,476,627.555 - - 22,476,627.555
TFM47D 10 220,137,064.535 18,896,191.150 - - 18,896,191.150
TFM47E 10 33,383,327.588 16,121,187.635 - - 16,121,187.635
TFM47F 10 102,784,955.083 53,089,935.705 - - 53,089,935.705
TFM47H 10 24,827,416.099 12,491,443.694 - - 12,491,443.694
TFM47J 2017-2018 10 178,967,028.398 25,436,456.628 - - 25,436,456.628
TFM53A 10 274,159,990.716 NA 274,159,990.716 - 274,159,990.716
TFM53B 10 64,310,975.875 NA 64,310,975.875 - 64,310,975.875
TLTDF 10 30,500,100.000 62,712,930.577 13,480,067.552 48,565,440.603 27,627,557.526
TUSTF 1000 158,958,095.000 23,441,345.783 57,490,623.653 57,587,653.544 23,344,315.892
TYCF 10 20,588,580.000 90,356,008.050 1,347,400.900 8,636,192.351 83,067,216.599
TFM47C 10 112,354,969.636 22,476,627.555 - - 22,476,627.555
TFM47D 10 220,137,064.535 18,896,191.150 - - 18,896,191.150
TFM47E 10 33,383,327.588 16,121,187.635 - - 16,121,187.635
TFM47F 10 102,784,955.083 53,089,935.705 - - 53,089,935.705
TFM47H 10 24,827,416.099 12,491,443.694 - - 12,491,443.694
TFM47J 2016-2017 10 178,967,028.398 25,436,456.628 - - 25,436,456.628
TFM53A 10 NA NA NA NA NA
TFM53B 10 NA NA NA NA NA
TLTDF 1000 30,500,100.000 96,889,616.159 1,573,216.980 35,749,902.562 62,712,930.577
TUSTF 10 158,958,095.000 17,505,470.363 57,075,967.531 51,140,092.111 23,441,345.783
TYCF 10 20,588,580.000 96,202,598.685 1,151,934.254 6,998,524.889 90,356,008.050
Annexure 7 - Statement of Net Asset Value (NAV).

As at As at
Scheme Particulars 31-Mar-18 31-Mar-17
Rs. Rs.
TUSTF Regular - Daily Dividend 1,004.0870 1,003.5297
TUSTF Regular - Weekly Dividend 1,010.0375 1,009.1669
TUSTF Regular - Growth 2,633.9392 2,465.1269
TUSTF Regular - Periodic Dividend 1,671.1316 1,564.0449
TUSTF Direct - Daily Dividend 1,004.1086 1,003.5326
TUSTF Direct - Weekly Dividend 1,010.0706 1,009.1776
TUSTF Direct - Growth 2,656.9901 2,481.5475
TUSTF Direct - Periodic Dividend 1,685.1053 1,574.1662
TFM47C Regular - Dividend 12.6192 11.7705
TFM47C Regular - Growth 13.7885 12.8612
TFM47C Direct - Dividend 12.6736 11.8031
TFM47C Direct - Growth 13.8667 12.9171
TFM47D Regular - Dividend 12.6109 11.7633
TFM47D Regular - Growth 13.7825 12.8566
TFM47D Direct - Dividend 12.6744 11.8051
TFM47D Direct - Growth 13.9493 12.9950
TFM47E Regular - Dividend 12.5796 11.7386
TFM47E Regular - Growth 13.7452 12.8261
TFM47E Direct - Growth 13.8279 12.8835
TFM47F Regular - Dividend 12.5182 11.7123
TFM47F Regular - Growth 13.6730 12.7929
TFM47F Direct - Growth 13.7529 12.8515
TFM47H Regular - Dividend 12.5458 11.7526
TFM47H Regular - Growth 13.6718 12.8057
TFM47H Direct - Growth 13.7970 12.8696
TFM47J Regular - Dividend 12.6238 11.7756
TFM47J Regular - Growth 13.7712 12.8459
TFM47J Direct - Dividend 12.6756 11.8083
TFM47J Direct - Growth 13.8543 12.9064
TFM53A Regular - Dividend 10.0497 NA
TFM53A Regular - Growth 10.0497 NA
TFM53A Direct - Dividend 10.0502 NA
TFM53A Direct - Growth 10.0502 NA
TFM53B Regular - Dividend 10.0302 NA
TFM53B Regular - Growth 10.0302 NA
TFM53B Direct - Dividend 10.0305 NA
TFM53B Direct - Growth 10.0305 NA
TLTDF Regular - Growth 52.4088 50.3405
TLTDF Regular - Periodic Dividend 30.4010 29.1849
TLTDF Regular - Half Yearly Dividend 13.1485 13.0709
TLTDF Regular - Quarterly Dividend - 11.5360 *
TLTDF Regular - Bonus - 15.3978 *
TLTDF Direct - Growth 54.5918 51.7897
TLTDF Direct - Periodic Dividend 31.0842 29.4870
TLTDF Direct - Half Yearly Dividend 13.7626 13.4938
TLTDF Direct - Quarterly Dividend - 11.7493 *
TLTDF Direct - Bonus - 15.9640 *
TYCF Regular 26.0070 23.8111
TYCF Direct 27.4673 24.8759

* On record date 27th October, 2017, plans have been merged as below

Name of the Suspended Plan (Transferor Plans) Surviving Plan

Tata Long Term Debt Fund Direct Plan - Bonus Tata Long Term Debt Fund Direct Plan - Growth

Tata Long Term Debt Fund Regular Plan - Bonus Tata Long Term Debt Fund Regular Plan - Growth

Tata Long Term Debt Fund Direct Plan - Quarterly Tata Long Term Debt Fund Direct Plan - Half
Dividend Yearly Dividend
Tata Long Term Debt Fund Direct Plan - Quarterly Tata Long Term Debt Fund Direct Plan - Half
Dividend Yearly Dividend
Annexure 9 - Statement of Non-Traded Debt Securities.

As at As at
Scheme 31-Mar-18 31-Mar-17
Rs. Rs.
TFM47C 265,538,734 263,366,965
TFM47D 223,317,274 221,552,430
TFM47E 148,823,194 185,901,849
TFM47F 463,052,045 594,867,883
TFM47H 96,518,472 134,838,719
TFM47J 280,706,390 295,439,186
TFM53A 2,662,934,223 NA
TFM53B 515,630,221 NA
TLTDF 364,373,321 854,799,949
TUSTF 43,253,809,495 34,411,883,010
TYCF 473,638,180 338,449,045
Annexure 10 - Details of Unprovided diminution and unrealised appreciation in the value of investments.

Unprovided dimunition is Rs. Nil.

Unrealised appreciation is given below :

As at As at As at
Scheme Particulars 31-Mar-18 31-Mar-17 31-Mar-16
Rs. Rs. Rs.
TFM47C Unrealised appreciation 6,518 1,430,957 29,904
TFM47D Unrealised appreciation 5,881 1,518,023 24,920
TFM47E Unrealised appreciation 3,092 740,075 39,382
TFM47F Unrealised appreciation 24,209 2,406,329 10,144
TFM47H Unrealised appreciation 165,917 542,369 9,986
TFM47J Unrealised appreciation 162,425 1,807,487 37,157
TFM53A Unrealised appreciation 7,658,692 NA NA
TFM53B Unrealised appreciation 927,702 NA NA
TLTDF Unrealised appreciation 7,649,246 15,599,486 21,261,243
TUSTF Unrealised appreciation 51,207,107 100,930,223 44,426,823
TYCF Unrealised appreciation 310,503,300 324,445,752 355,730,958
Annexure 11 - Unitholder holding above 25% of the Net Asset Value of the Scheme as at 31st March, 2018.

Count As a % of AUM
Scheme As at As at As at As at
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
TFM47C - - - -
TFM47D - - - -
TFM47E - - - -
TFM47F - - - -
TFM47H - - - -
TFM47J - - - -
TFM53A - NA - NA
TFM53B - NA - NA
TLTDF - 1 - 25.44
TUSTF - - - -
TYCF - - - -
Annexure 12 - Statement of Unclaimed Redemption and Unclaimed Dividend.

Unclaimed Redemption Unclaimed Dividend

As at 31-Mar-18 As at 31-Mar-17 As at 31-Mar-18 As at 31-Mar-17
Scheme
Amount Amount Amount Amount
Count Count Count Count
Rs. Rs. Rs. Rs.
TFM47C - - - - - - - -
TFM47D - - - - - - - -
TFM47E - - - - - - - -
TFM47F - - - - - - - -
TFM47H - - - - - - - -
TFM47J - - - - - - - -
TFM53A - - NA NA - - NA NA
TFM53B - - NA NA - - NA NA
TLTDF 29 482,770 34 571,073 684 2,231,130 765 2,349,083
TUSTF 75 751,220 78 511,868 - - - -
TYCF 150 2,450,199 147 1,955,363 - - - -
Annexure 13 - Statement of Amount receivable from the Investment Manager
included under “Other Receivables” in “Other Current Assets”.

As at As at
Scheme
31-Mar-18 31-Mar-17
TFM47C - -
TFM47D - -
TFM47E - -
TFM47F 15,582 -
TFM47H - -
TFM47J - -
TFM53A - NA
TFM53B - NA
TLTDF - -
TUSTF - -
TYCF - -
Schedule IX - Statement of Significant Accounting Policies and Notes to the Accounts as at and for the year ended 31st March, 2018.

A. Background

Tata Mutual Fund (the "Fund") is registered with the Securities and Exchange Board of India (“SEBI”). The Schemes are managed by Tata Asset
Management Limited (“TAML” / the “Investment Manager”), an investment management company registered with SEBI. The Schemes are sponsored by
Tata Sons Limited (“TSL”) and Tata Investment Corporation Limited (“TICL”). Tata Trustee Company Limited (“TTCL” / the “Trustee Company”) is the
trustee company of the Schemes.

SCHEME NATURE AND SCHEME OBJECTIVE

Tata Corporate Bond Fund (TCBF) (formerly TATA CORPORATE BOND FUND (formerly known as TATA TREASURY MANAGER FUND)
known as "Tata Treasury Manager Fund") is an open ended scheme of the Fund. The investment objective of the scheme is to generate returns
over short to medium term by investing predominantly in corporate debt instruments.

Tata Money Market Fund (formerly known as Tata TATA MONEY MARKET FUND (formerly known as TATA LIQUID FUND) is an open ended
Liquid Fund) (TLF) scheme of the Fund. The investment objective is to create a highly liquid portfolio of good quality debt
as well as money market instruments so as to provide reasonable returns and high liquidity to the
unitholders.
Tata Liquid Fund (formerly known as Tata Money TATA LIQUID FUND (formerly known as TATA MONEY MARKET FUND) is an open ended
Market Fund) (TMMF) scheme of the Fund. The investment objective is to create a highly liquid portfolio of money market
instruments so as to provide reasonable returns and high liquidity to the unitholders.

Tata Gilt Mid Term Fund (TGMTF) TATA GILT MID TERM FUND is an open ended debt scheme of the Fund. The investment
objective of the Scheme is to provide reasonable returns and high liquidity to the Unitholders by
investing predominantly in Government Securities having residual maturity upto 15 years.

Tata 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 term capital gains and
income distribution to its unitholders, while at all times emphasising the importance of capital
preservation. The investments would be solely in sovereign securities issued by the Central
Government and/or State Government and/or any security unconditionally guaranteed by the
Government of India and Money Market instruments.

Pursuant to SEBI Circular dated October 6, 2017 read with circular dated December 4, 2017 on Categorisation and Rationalisation of Mutual Fund
Schemes, the AMC reviewed all the existing open-ended schemes of Tata Mutual Fund. Based on such review, names and attributes of few schemes have
been changed 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 Fundamental Attributes 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) per unit without
payment of exit load.
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 been
consistently 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 of
India (Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”), the Ninth and Eleventh Schedules of
which lay down the accounting policies and standards to be adopted and the disclosures to be made and the accounting principles generally
accepted in India.

The preparation of financial statements in conformity with the SEBI Regulations requires the use of certain critical accounting estimates. It
also requires the Board of Directors of the Investment Manager to exercise its judgement in the process of applying the Fund’s accounting
policies.

The areas involving high degree of judgement or complexity or critical estimates are fair values of unlisted equity securities.

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 sale
of investment is executed. Investments include contracts for purchase of securities and exclude contracts for sale of securities, for which
deliveries are not received/collected.

Investments purchased are initially recognised at cost of acquisition. Cost of acquisition includes transaction costs such as brokerage, stamp
charges and other charges customarily included in the brokers note, but excludes pre-acquisition accrued interest which is classified as part
of "Other Current Assets".

Subsequent to initial recognition, all investments are measured at fair values reflective of the realisable value of the securities / assets.
Gains or losses on sale of investments are determined using the "weighted average cost method" and are recognised in the Revenue
Account in the period 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
unrealised diminution 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 of
investments". 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) ("Debt
Securities"):

Debt Securities (including floating rate securities and money market instruments) with balance maturity of over 60 days are being valued at
average of the prices received from CRISIL Ltd. ("CRISIL") and ICRA Ltd. ("ICRA") (both agencies being entrusted for the purpose by
the 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 by
adding 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
from average yield and amortised value/trade value (as explained below) exceed 10 basis points of the amortised value, the amortised
value/trade value 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 a day aggregating value of Rs. 25 crores or more by the Fund, highest yield in those trades would be considered for determining
the 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 yield will
be fixed. In such cases mark up / mark down shall not be applicable till the time such security falls in different maturity bucket. This spread
will remain fixed through the life of the instrument & will be changed only if there is a further purchase / sale aggregating to Rs. 25 crs. 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 an
amortisation basis is determined taking the interest rate as the coupon rate.
 Government Securities:
Government Securities are being valued at average of the prices received from CRISIL and ICRA (both agencies being entrusted for the
purpose by the AMFI).

Reverse repo and Collateralised Borrowing and Lending Obligation (CBLO) :

Reverse repo are valued at cost and 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. The
recognition 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 cost
basis”.
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, CBLO and Treasury Bills are amortised on a straight-line basis over the period upto
redemption.

1.4 B) Expenses:
Expenses are accrued as under:

a) Management fees charged by the Investment Manager and Trusteeship fees charged by the Trustee company, charged to the Schemes
were 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 Education
and Awareness Initiative (IEAI) as per SEBI Regulations.

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 Equalisation

On issue / repurchase of units, the portion of the premium which is attributable to realised gains is credited / debited to the Revenue
Account for the period as Income Equalisation. It is reflected in the Revenue Account after the net surplus / deficit of the Schemes is
determined. 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
unrealised appreciation 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
capital and is not taken into account in the determination of the distributable surplus. Dividend is declared only when the Revenue Reserve
is positive.

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 of
upto three months), collateralised lending and Reverse Repos.
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 Flow
Statement issued by the Institute of Chartered Accountants of India ("ICAI").
C. Notes attached to and forming part of the financial statements for the year ended 31st March, 2018

1. The aggregate value of purchases and sales (including redemptions) of investments for the year ended 31st March, 2018 expressed as a percentage of average daily net
assets is disclosed in Annexure 1.

2. Statement of Portfolio with industry wise classification as at 31st March, 2018 (Refer Annexure 2).

3. 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).

4. In accordance with the terms of arrangement with Investment Manager and Trustee Company, and as per SEBI Regulations, the Schemes have provided for
management 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 in
Annexure 4.

5. Contingent liabilities as at 31st March, 2018 are Rs.Nil (previous year Rs. Nil).
6. Transactions with Trustees, Investment Manager, their associates and with entities controlled by co-sponsors Regulation 25(8) of the SEBI Regulations (in relation to
services received by the Schemes) -
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 associates 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:

i. Associates are entities/person that exercise control over or are controlled by the Trustee Company and the Investment Manager or whose director, officer or employee
is a director, officer or employee of the Investment Manager;

ii. Control means the ability to exercise not less than 10% of the voting power of an entity or the ability of the board of directors of an entity to exercise control over the
Investment Manager.

Investment Manager
The Board of Directors of the Trustee Company has appointed Tata Asset Management Limited as the Investment Manager for the Fund pursuant to an agreement
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 the Investment
Manager a fee not greater than the quantum as defined in the SID as a % of the daily net assets value attributable to the unit holders.
The Investment Manager is a subsidiary of TSL.

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 paid such
brokerage include Entities over which TSL exercises significant influence and/or control.

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 other
disclosures required under Regulation 25(8) of the SEBI Regulations are contained in Annexure 5.

7. 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 major
shareholders have a substantial interest.

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. Aggregate Fair Value of Non-Traded Debt Securities (which exclude Government Securities & Treasury Bills, included under Investments in Schedule IV) as
disclosed in Annexure 9. None of the schemes of Tata Mutual Fund have participated in Credit Default Swaps (CDS) and Repo transactions of corporate debt
securities.

12. Unprovided diminution and unrealised appreciation in the value of investments. (Refer Annexure 10)

13. Unit holder holding above 25% of the Net Asset Value of the Schemes (Refer Annexure 11).

14. Unclaimed redemption / dividend amount, since the inception of the Schemes has been invested separately, only in money market instruments and the investors who
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.

15. In accordance with clause 7 of the Seventh schedule referred to in Regulation 44 (1) of the SEBI Regulations, securities purchased should be held in the name of the
Schemes. Investments in Government Securities and Treasury Bills are held in the name of “Tata Mutual Fund”.

16. 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.
17. Liability towards Investor Education and Awareness Initiative (IEAI) :

Movement of IEAI balances for Tata Mutual Fund during the financial year ended March 31, 2018 is as follows:
Current Year (Rs.) Previous Year
Particulars
(Rs.)
Opening balance 29,458,808 23,107
Additions during the current year (includes transfer on account of unclaimed dividend / redemption) 92,219,538 77,894,171
Add: Income earned on untilised IEAI balance 2,968,264 790,395
Less: Utilisation during the current year (9,054,893) (10,301,780)
Less: Amount transferred / transferable to AMFI (45,732,805) (38,947,086)
Closing balance 69,858,912 29,458,808

Based on the Best practice guidelines circular issued by AMFI, the cumulative balance of IEAI has been transferred to IEAI Pool Account at Fund level on periodic
basis.
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.
4,011,425/- which was transferred to AMFI as on April 06, 2018. (Previous year an amount of Rs.3,740,720/- was transferred to AMFI as on April 07, 2017).

18. Amount receivable from the Investment Manager included under “Other Receivables” in “Other Current Assets” is disclosed in Annexure 13.

19. 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 up for
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 on such 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 in the Bombay High Court which has
stayed such demand. During the previous year, the ITAT (Mumbai Bench) had issued a favourable order however, the fund has not received any counter claim against
this order from the trusts.

20. Segment Reporting

The Schemes operate in one segment only i.e. to primarily generate returns, based on Scheme's Investment Objectives. Further, the Scheme's Investments are in India
and hence, the Schemes do not have any geographical segments.

21. Related Party Disclosure

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).

Name of the Party Relationship

Tata Asset Management Limited Investment Manager (Entity providing key
Management Services)
22. The Statement showing Borrowings is disclosed in Annexure 15.

23. The figures for the previous year have been regrouped and reclassified wherever necessary to conform with the current year's classification.

On behalf of the Board of Directors

of Tata Trustee Company Limited

Director

Tata Asset Management Limited

Authorised Signatory Fund Manager

Annexure 1 - Statement of Aggregate Value of Purchases and Sales (including redemptions) of investments as a % of Average Net Assets.

Aggregate value of Purchases Aggregate value of Sales (including redemptions)

Year Ended Year Ended

Scheme 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Value Value Value Value
% % % %
Rs. Rs. Rs. Rs.
TCBF 13,290,742,502 243.57 17,908,970,617 422.83 11,246,976,292 206.11 17,480,125,131 412.71
TLF 638,149,130,389 1,285.10 475,530,907,560 1,172.88 642,626,386,605 1,294.12 458,834,393,296 1,131.70
TMMF 1,201,888,190,884 1,131.40 908,212,839,991 1,067.48 1,165,880,624,503 1,097.50 888,202,359,563 1,043.96
TGMTF 62,500,735 2.85 567,772,331 24.74 317,742,631 14.47 427,856,245 18.64
TGSF 91,026,732,878 7,352.79 5,440,641,500 588.35 90,679,553,551 7,324.75 5,816,045,903 628.95
Annexure 4 - Statement of Management and Trusteeship Fees.

Trusteeship Fees (inclusive Trusteeship Fees (inclusive of

Management Fees of Goods and Services Management Fees Goods and Services Tax/Service
Tax/Service Tax) Tax)
Scheme
REGULAR DIRECT
2017-18 2016-17 2017-18 2016-17 2017-18 2016-17 2017-18 2016-17
% % % % % % % %
TCBF 0.1673 0.2736 - - 0.2403 0.2453 - -
TLF 0.0424 0.0483 - - 0.0389 0.0334 - -
TMMF 0.0321 0.0312 - - 0.0325 0.0229 - -
TGMTF 0.6782 0.6668 0.0180 0.0307 0.2862 0.2843 0.0182 0.0307
TGSF 0.6862 0.4124 0.0173 0.0309 0.2165 0.3299 0.0176 0.0305

Trusteeship Fees (inclusive Trusteeship Fees (inclusive of

Management Fees of Goods and Services Management Fees Goods and Services Tax/Service
Scheme Tax/Service Tax) Tax)
Regular Investment Plan Super High Investment Plan
2017-18 2016-17 2017-18 2016-17 2017-18 2016-17 2017-18 2016-17
% % % % % % % %
TLF 0.5674 0.6063 - -
TMMF 0.5689 0.5817 - -
TCBF 0.5716 0.5247 - - - 0.0721 - -
TGSF 1.2177 0.7134 0.0307 0.0307

Trusteeship Fees (inclusive

Management Fees of Goods and Services
Scheme Tax/Service Tax)
High Investment Plan
2017-18 2016-17 2017-18 2016-17
TLF 0.4083 0.4353 - -
TGSF 2.1884 1.0519 0.0300 0.0307

Basis of Computation

Illustration:
Regular Management fees
Management
Upto 100 crs Next 300 crs Next 300 crs Remaining
Scheme Name AUM Total Fees fees%
@1.75% @ 1.50% @1.25% @1%
Scheme 7,500,000,000 17,500,000 45,000,000 37,500,000 5,000,000 105,000,000 1.40

Direct Management fees

Management
Upto 100 crs Next 300 crs Next 300 crs Remaining
Scheme Name AUM Total Fees fees%
@1.25% @ 1% @0.75% @ 0.50%
Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90
Annexure 5A - Disclosure under Regulation 25(8) of the SEBI Regulations in respect of other payments made / payable to parties associated with sponsors in which the
Investment Manager or its major shareholders have a substantial interest.

Year Ended Year Ended As at As at % equity capital held by

31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 the sponsors and its
Scheme Name of the Company Nature of Payment
Rs. Rs. Rs. Rs. subsidiary / associates as
at 31st March, 2018.
TCBF 10,098,732 11,457,980 1,074,453 253,530 100%*
TLF 20,107,827 16,515,891 1,413,269 73,346 100%*
Tata Asset Management
TMMF Management Fees 34,650,856 21,998,787 3,102,630 440,060 100%*
Limited
TGMTF 11,682,159 12,178,673 914,805 875,255 100%*
TGSF 7,248,405 4,848,425 739,827 171,270 100%*
TCBF - - - - 100%**
Trusteeship Fees
TLF - - - - 100%**
(inclusive of Goods
TMMF Tata Trustee Company Limited - - - - 100%**
and Services
TGMTF 396,836 704,212 306,022 564,602 100%**
Tax/Service Tax)
TGSF 215,983 284,438 166,524 228,463 100%**

* 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 6 - Details of Unit Capital.

Initial Capital Opening Balance Reissue Repurchase Closing Balance

Scheme Period Covered Face Value (Rs.)
(Units) (Units) (Units) (Units) (Units)
TCBF 1000 343,343.313 2,034,895.274 8,337,905.914 7,555,884.314 2,816,916.874
TLF 1000 1,005,000.000 16,138,774.517 673,891,355.428 677,244,788.752 12,785,341.193
TMMF 2017-2018 1000 484,449,832.000 39,691,419.999 1,263,732,571.956 1,257,306,034.821 46,117,957.134
TGMTF 10 60,278,735.600 122,706,396.289 2,881,720.301 20,245,511.824 105,342,604.766
TGSF 10 37,807,000.000 34,414,220.712 2,433,288.303 3,510,200.746 33,337,308.269
TCBF 1000 343,343.313 2,085,237.292 9,386,651.055 9,436,993.073 2,034,895.274
TLF 1000 1,005,000.000 11,442,704.793 481,858,729.922 477,162,660.198 16,138,774.517
TMMF 2016-2017 1000 484,449,832.000 30,245,508.619 951,644,039.067 942,198,127.687 39,691,419.999
TGMTF 10 60,278,735.600 118,882,970.092 35,545,920.072 31,722,493.875 122,706,396.289
TGSF 10 37,807,000.000 33,564,837.222 12,061,214.623 11,211,831.133 34,414,220.712
Annexure 7 - Statement of Net Asset Value (NAV).

As at As at
Scheme Particulars 31-Mar-18 31-Mar-17
Rs. Rs.
TMMF Regular - Daily Dividend 1,001.5160 1,001.5160
TMMF Regular - Growth 2,726.9384 2,553.7888
TMMF Direct - Daily Dividend 1,001.5190 1,001.5191
TMMF Direct - Growth 2,738.3716 2,563.0404
TMMF Regular Investment Plan - Dividend - 1,015.4617 *
TMMF Regular Investment Plan - Growth - 2,498.0439 *
TGMTF Regular - Periodic Dividend 17.7391 17.1589
TGMTF Regular - Growth 18.6991 18.0908
TGMTF Direct - Periodic Dividend 18.3283 17.5287
TGMTF Direct - Growth 19.5836 18.7292
TGMTF Regular - Quarterly Dividend - 15.3034 *
TGMTF Direct - Quarterly Dividend - 15.7134 *
TGSF Regular - Dividend 14.3781 14.3307
TGSF Retirement Planning Series 28/02/2025 Maturity - Dividend 22.5972 21.9178
TGSF Retirement Planning Series 28/02/2025 Maturity - Growth 22.6258 21.9456
TGSF Direct - Dividend 15.1584 14.9124
TGSF Direct - Growth 52.1897 49.9595
TGSF Regular - Growth 49.7890 48.2242
TGSF Bonus (Regular Investment Plan - Growth) - 24.2801 *
TGSF High Investment Plan - Dividend - 17.9785 *
TGSF High Investment Plan - Growth - 29.7716 *
TLF Regular - Growth 3,191.6551 2,989.8970
TLF Regular - Daily Dividend 1,114.5200 1,114.5200
TLF Regular - Weekly Dividend - 1,001.3106 *
TLF Regular - Monthly Dividend - 1,000.2778 *
TLF Direct - Growth 3,203.7490 2,999.5699
TLF Direct - Daily Dividend 1,114.5200 1,114.5200
TLF Direct - Weekly Dividend - 1,001.3199 *
TLF Direct - Monthly Dividend - 1,000.2812 *
TLF Regular Investment Plan - Growth - 3,554.0477 *
TLF Regular Investment Plan - Fortnightly Dividend - 1,145.2718 *
TLF Regular Investment Plan - Daily Dividend - 1,116.8143 *
TLF High Investment Plan - Growth - 2,617.9101 *
TLF High Investment Plan - Daily Dividend - 1,114.3379 *
TLF High Investment Plan - Weekly Dividend - 1,147.1991 *
TCBF Regular - Daily Dividend 1,008.9468 1,008.4750
TCBF Regular - Weekly Dividend 1,012.4036 1,011.6435
TCBF Regular - Monthly Dividend 1,004.3898 1,002.0980
TCBF Regular - Growth 2,281.0711 2,142.2681
TCBF Direct - Daily Dividend 1,009.1200 1,008.5144
TCBF Direct - Weekly Dividend 1,013.4101 1,012.6042
TCBF Direct - Monthly Dividend 1,004.5012 1,002.1229
TCBF Direct - Growth 2,360.6484 2,203.4011
TCBF Regular Investment Plan - Daily Dividend - 1,003.3596 *
TCBF Regular Investment Plan - Growth - 2,125.7470 *
TCBF Regular Investment Plan - Monthly Dividend - 1,002.6072 *
* On record date 27th October, 2017, plans have been merged as below

Name of the Suspended Plan (Transferor Plans) Surviving Plan

Tata Money Market Fund - Direct
Plan Growth
Tata Money Market Fund - Regular Investment Plan - Growth
Tata Money Market Fund - Regular
Plan Growth
Tata Money Market Fund - Direct
Plan Daily Dividend
Tata Money Market Fund - Regular Investment Plan - Dividend
Tata Money Market Fund - Regular
Plan Daily Dividend
Tata Gilt Mid Term Fund Regular Plan -
Tata Gilt Mid Term Fund Regular Plan - Quarterly Dividend
Periodic Dividend
Tata Gilt Mid Term Fund Direct Plan -
Tata Gilt Mid Term Fund Direct Plan - Quarterly Dividend
Periodic Dividend
Tata Gilt Securities Fund Direct Plan -
Growth
Tata Gilt Securities Fund - Bonus (Regular Investment Plan - Growth)
Tata Gilt Securities Fund Regular Plan -
Growth
Tata Gilt Securities Fund Direct Plan -
Dividend
Tata Gilt Securities Fund - High Investment Plan - Dividend
Tata Gilt Securities Fund Regular Plan -
Dividend
Tata Gilt Securities Fund Direct Plan -
Growth
Tata Gilt Securities Fund - High Investment Plan - Growth
Tata Gilt Securities Fund Regular Plan -
Growth
Tata Liquid Fund - Direct Plan Daily
Dividend
Tata Liquid Fund - High Investment Plan - Daily Dividend
Tata Liquid Fund - Regular Plan Daily
Dividend
Tata Liquid Fund - Direct Plan Growth
Tata Liquid Fund - High Investment Plan - Growth
Tata Liquid Fund - Regular Plan Growth

Tata Liquid Fund - Direct Plan Daily

Dividend
Tata Liquid Fund - Retail Investment Plan - Fortnightly Dividend
Tata Liquid Fund - Regular Plan Daily
Dividend

Tata Liquid Fund - Direct Plan Growth

Tata Liquid Fund - Retail Investment Plan - Growth
Tata Liquid Fund - Regular Plan Growth

Tata Liquid Fund - Direct Plan Daily

Tata Liquid Fund - Direct Plan Weekly Dividend
Dividend
Tata Liquid Fund - Regular Plan Daily
Tata Liquid Fund - Regular Plan Weekly Dividend
Dividend
Tata Liquid Fund - Direct Plan Daily
Tata Liquid Fund - Direct Plan Monthly Dividend
Dividend
Tata Liquid Fund - Regular Plan Daily
Tata Liquid Fund - Regular Plan Monthly Dividend
Dividend
Name of the Suspended Plan (Transferor Plans) Surviving Plan
Tata Corporate Bond Fund - Direct Plan -
Monthly Dividend
Tata Corporate Bond Fund - Retail Investment Plan - Daily Dividend
Tata Corporate Bond Fund - Regular Plan
- Monthly Dividend
Tata Corporate Bond Fund - Direct Plan -
Growth
Tata Corporate Bond Fund - Retail Investment Plan - Growth
Tata Corporate Bond Fund - Regular Plan
- Growth
Tata Corporate Bond Fund - Direct Plan -
Monthly Dividend
Tata Corporate Bond Fund - Retail Investment Plan - MonthlyDividend
Tata Corporate Bond Fund - Regular Plan
- Monthly Dividend
Annexure 9 - Statement of Non-Traded Debt Securities.

As at As at
Scheme 31-Mar-18 31-Mar-17
Rs. Rs.
TCBF 5,304,391,176 2,741,304,000
TLF 35,362,938,122 27,504,153,251
TMMF 119,951,131,025 62,880,138,813
TGMTF - -
TGSF - -
Annexure 10 - Details of Unprovided diminution and unrealised appreciation in the value of investments.

Unprovided dimunition is Rs. Nil.

Unrealised appreciation is given below :
As at As at As at
Scheme Particulars 31-Mar-18 31-Mar-17 31-Mar-16
Rs. Rs. Rs.
TCBF Unrealised appreciation 3,839,899 2,035,749 6,221,789
TLF Unrealised appreciation 23,127,348 5,380,389 20,237,744
TMMF Unrealised appreciation 79,849,538 13,318,134 49,740,882
TGMTF Unrealised appreciation 52,519,172 114,468,955 46,527,950
TGSF Unrealised appreciation 3,959,735 4,128,202 7,949,811
Annexure 11 - Unitholder holding above 25% of the Net Asset Value of the Scheme as at 31st March, 2018.

Count As a % of AUM
Scheme As at As at As at As at
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
TCBF - - - -
TLF - - - -
TMMF - - - -
TGMTF - - - -
TGSF - - - -
Annexure 12 - Statement of Unclaimed Redemption and Unclaimed Dividend.

Unclaimed Redemption Unclaimed Dividend

As at 31-Mar-18 As at 31-Mar-17 As at 31-Mar-18 As at 31-Mar-17
Scheme
Amount Amount Amount Amount
Count Count Count Count
Rs. Rs. Rs. Rs.
TCBF 30 903,945 23 740,349 - - - -
TLF 41 1,844,121 35 1,589,527 13 116,296 13 109,927
TMMF 20 313,045 21 290,881 - - - -
TGMTF - - - - - - - -
TGSF 7 502,585 6 440,859 87 234,337 93 224,401
Annexure 13 - Statement of Amount receivable from the Investment Manager
included under “Other Receivables” in “Other Current Assets”.

As at As at
Scheme
31-Mar-18 31-Mar-17
TCBF - -
TLF 219,178 -
TMMF 2,323,288 -
TGMTF - -
TGSF - -
Annexure 15 - Statement of Borrowing details.

i. The terms and conditions of the Loan outstanding are as given below :
As at 31-Mar-18
Source (Institutions/ Banks/Others Date of Borrowing Rate of Amount (Rs.) Date of Repayment of
Scheme Borrowing Borrowing

TLF 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-18

TMMF
Bandhan Bank 28-Mar-18 9.10% 2,000,000,000 3-Apr-18

As at 31-Mar-17
Scheme
Source (Institutions/ Banks/Others Date of Borrowing Rate of Amount (Rs.) Date of Repayment of
Borrowing Borrowing
Small Industires Development Bank of 31-Mar-17 3-Apr-17
8.25% 2,500,000,000
India
Abu Dhabi Commercial Bank Ltd. 31-Mar-17 7.70% 1,800,000,000 3-Apr-17
TLF
Clearing Corporation of India Ltd. 31-Mar-17 5.10% 999,580,998 3-Apr-17
31-Mar-17 5.30% 249,891,143 3-Apr-17
31-Mar-17 5.50% 1,799,186,669 3-Apr-17

31-Mar-17 5.30% 2,748,802,576 3-Apr-17

TMMF Clearing Corporation of India Ltd.
31-Mar-17 5.50% 549,751,482 3-Apr-17

ii. The following securities have been given as collateral against the borrowings, the details of which are as given below :

As at 31-Mar-18
Scheme Source (Institutions/ Banks/Others Maturity Date Maturity Amount (Rs.)
Collateral security against the borrowings

Vijaya Bank Ltd. Certificate of Deposit 25-May-18 750,000,000

TLF UCO Bank
ICICI Bank Ltd. Certificate of Deposit 28-May-18 1,750,000,000

Axis Bank Ltd.Certificate of Deposit 8-May-18 1,250,000,000

Federal Bank Ltd.Certificate of Deposit 25-May-18 2,000,000,000
RBL Bank Ltd. Certificate of Deposit 25-May-18 1,750,000,000
Vijaya Bank Ltd. Certificate of Deposit 25-May-18 3,500,000,000
UCO Bank
TMMF ICICI Bank Ltd. Certificate of Deposit 28-May-18 5,750,000,000
Punjab & Sindh Bank Ltd. Certificate of Deposit 4-Jun-18 2,750,000,000
Ujjivan Small Finance Bank Ltd. Certificate of 26-Jun-18 2,000,000,000
Deposit
Bandhan Bank Bandhan Bank Term Deposit 30-May-18 2,547,369,863

Total collateral placed against borrowings is maintained at Fund Level.

As at 31-Mar-17
Scheme Source (Institutions/ Banks/Others Maturity Date Maturity Amount (Rs.)
Collateral security against the borrowings
Treasury Bills 91 Days 6-Apr-17 1,250,000,000
Treasury Bills 91 Days 28-Apr-17 2,250,000,000
TMMF Clearing Corporation of India Ltd.
Treasury Bills 91 Days 18-May-17 1,500,000,000
Treasury Bills 91 Days 25-May-17 2,350,000,000

Small Industires Development Bank of Small Industires Development Bank of India 5-May-17 2,750,000,000
India Commercial Paper
Abu Dhabi Commercial Bank Ltd. Abu Dhabi Commercial Bank Ltd. Fixed Deposit 29-May-17 2,030,104,110
TLF Treasury Bills 91 Days 20-Apr-17 1,500,000,000
Treasury Bills 91 Days 28-Apr-17 250,000,000
Clearing Corporation of India Ltd.
Treasury Bills 91 Days 18-May-17 600,000,000
Treasury Bills 91 Days 25-May-17 250,000,000
Schedule VIII - Statement of Significant Accounting Policies and Notes to the Accounts as at and for the year ended 31st March, 2018.

A. Background

Tata Mutual Fund (the "Fund") is registered with the Securities and Exchange Board of India (“SEBI”). The Schemes are managed by Tata
Asset Management Limited (“TAML” / the “Investment Manager”), an investment management company registered with SEBI. The Schemes
are sponsored by Tata Sons Limited (“TSL”) and Tata Investment Corporation Limited (“TICL”). Tata Trustee Company Limited (“TTCL” /
the “Trustee Company”) is the trustee company of the Schemes.

SCHEME NATURE AND SCHEME OBJECTIVE

Tata Medium Term Fund (TMTF) (formerly TATA MEDIUM TERM FUND (formerly known as TATA INCOME PLUS FUND) is an open
known as "Tata Income Plus Fund") (TIPF) ended scheme of the Fund. The investment objective of the scheme is to generate income and
capital appreciation through a portfolio constituted of medium term debt instruments and money
market instruments.
Tata Retirement Savings Fund - TATA RETIREMENT SAVINGS FUND - CONSERVATIVE PLAN is an open ended scheme of
Conservative Plan (TRSFC) the Fund. The objective of the Scheme is to provide a financial planning tool for long term
financial security for investors based on their retirement planning goals.
Tata Short Term Bond Fund (TSTBF) TATA SHORT TERM BOND FUND is an open ended scheme of the Fund. The investment
objective of the Scheme is to provide reasonable returns and high level of liquidity by investing in
short- term debt instruments. The objective being to generate optimum returns with capital
preservation.
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 been
consistently 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 of
India (Mutual Funds) Regulations, 1996 and subsequent amendments (the “SEBI Regulations”), the Ninth and Eleventh Schedules of
which lay down the accounting policies and standards to be adopted and the disclosures to be made and the accounting principles generally
accepted in India.

The preparation of financial statements in conformity with the SEBI Regulations requires the use of certain critical accounting estimates. It
also requires the Board of Directors of the Investment Manager to exercise its judgement in the process of applying the Fund’s accounting
policies.

The areas involving high degree of judgement or complexity or critical estimates are fair values of unlisted equity securities.

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 sale
of investment is executed. Investments include contracts for purchase of securities and exclude contracts for sale of securities, for which
deliveries are not received/collected.

Investments purchased are initially recognised at cost of acquisition. Cost of acquisition includes transaction costs such as brokerage, stamp
charges and other charges customarily included in the brokers note, but excludes pre-acquisition accrued interest which is classified as part
of "Other Current Assets".

Bonus shares and rights entitlement are recognised as on the respective ex-dates on the principal stock exchange where the shares are
traded.

Subsequent to initial recognition, all investments are measured at fair values reflective of the realisable value of the securities / assets.
Gains or losses on sale of investments are determined using the "weighted average cost method" and are recognised in the Revenue
Account in the period 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
unrealised diminution 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 of
investments". Net unrealised gain in the value of investment is reduced from distributable income at the time of income distribution.

b. Fair value estimation

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 have
not 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 Stock
Exchanges) 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 (Bombay Stock Exchange Limited - "BSE") on
which the security is traded on valuation date. When on a particular valuation day, a security has not been traded on the BSE; the last
quoted closing price at which it is traded on National Stock Exchange ("NSE") 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 quoted
closing price on the principal stock exchange (National Stock Exchange Limited - "NSE"). When a security is not traded on any principal
stock exchange on a particular valuation day, the value at which it was traded on the principal stock exchange on the earliest previous day
may be used provided such date is not more than 30 days prior to valuation date.
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 principal
stock 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 30
days 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, the
value 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 appropriately
discounting (by 15%) the average of the net worth per share based on its latest audited annual financial statements and the capitalised
earning values of those shares (i.e. the product of the earnings per share of the entity based on its latest audited annual financial statements
and 25% of the average PE multiple for the industry). Where audited annual financial statements of the entity are not available within 9
months 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 total
assets.

Derivatives – Futures:
Futures contracts are marked to market daily at the futures settlement price as determined by the exchange. The variation margin calculated
as the difference between the trade price or the previous day’s settlement price, as the case may be, and the current day’s settlement price is
recorded as a receivable or payable.
When a contract is closed (squared off)/ settled (on expiry), the difference between the final settlement / square-off price and the contract
price is recognised in the revenue account. If more than one futures contracts in respect of the same stock / index and expiry date, to which
the squared off / settled contract pertains, is outstanding at the time of square off / settlement of the contract, the weighted average method
is followed for determining the gain or loss.
As at the Balance Sheet date / date of determination, all open futures positions are valued at the futures settlement price as determined by
the exchange where it is traded. Non-traded futures contracts are valued at fair value as per procedures determined by TAML and approved
by the Trustee. The unrealised appreciation / depreciation on all open positions are considered for determining the net asset value.

Derivatives – Options:
Premium paid on bought option contracts is debited to “equity index option premium” and recorded as an asset.

As at the Balance Sheet date / date of determination, all open option positions are valued at the settlement price as determined by the
exchange where it is traded. Non-traded option contracts are valued at fair value as per procedures determined by TAML and approved by
the Trustee. The unrealised appreciation / depreciation to the extent of premium paid on all open positions is considered for determining the
net asset value.

When the option contracts are squared off before expiry, the difference between the premium paid and received on the squared off
transactions is recognised in the revenue account. When the option contracts are exercised on or before expiry, the difference between the
option settlement price as determined by the exchange and the premium is recognised in the revenue account. If more than one option
contracts in respect of the same stock / index with the same strike price and expiry date to which the squared off / exercised contract
pertains is outstanding at the time of square off / exercise of the contract, the weighted average method is followed for determining the gain
or loss.

Premium asset in respect of options not exercised / squared off as on expiry date is transferred to revenue account.

Debt securities (including asset backed securities and money market instruments but excluding Government Securities) ("Debt
Securities"):
Debt Securities (including floating rate securities and money market instruments) with balance maturity of over 60 days are being valued at
average of the prices received from CRISIL Ltd. ("CRISIL") and ICRA Ltd. ("ICRA") (both agencies being entrusted for the purpose by
the 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 by
adding 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
from average yield and amortised value/trade value (as explained below) exceed 10 basis points of the amortised value, the amortised
value/trade value 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 a day aggregating value of Rs. 25 crores or more by the Fund, highest yield in those trades would be considered for determining
the 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 yield will
be fixed. In such cases mark up / mark down shall not be applicable till the time such security falls in different maturity bucket. This spread
will remain fixed through the life of the instrument & will be changed only if there is a further purchase / sale aggregating to Rs. 25 crs. 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 an
amortisation basis is determined taking the interest rate as the coupon rate.

Government Securities:
Government Securities are being valued at average of the prices received from CRISIL and ICRA (both agencies being entrusted for the
purpose by the AMFI).

Reverse repo and Collateralised Borrowing and Lending Obligation (CBLO) :

Reverse repo are valued at cost and 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. The
recognition criteria for material classes of income are stated below :
a) Dividend income is recognised on ex-dividend dates.
b) Profit or loss on sale of investments is recognised on trade date basis. The cost of investments sold is determined on “weighted average cost
basis”.
c) Interest on investments, term deposits and reverse repos is recognised on a time-proportionate basis using the coupon rate.
d) Discounts and premium on Debt Securities, CBLO and Treasury Bills are amortised on a straight-line basis over the period upto
redemption.

1.4 B) Expenses:
Expenses are accrued as under:

a) Management fees charged by the Investment Manager and Trusteeship fees charged by the Trustee company, charged to the Schemes
were 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 Education
and Awareness Initiative (IEAI) as per SEBI Regulations.

Above expenses are capped at the lower of the limits laid down in the SEBI Regulations and the Scheme Information Document ("SID").

The Schemes were charged with additional expense not exceeding 30 basis points of its daily net assets, if the net inflows from beyond the
notified top 15 cities 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 is
determined as under:

(Daily net assets * 30 basis points * New inflows from beyond top 15 cities) / (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 the
additional charge has been utilised / is earmarked for utilisation towards distribution expenses for bringing inflows from such cities.
1.5 Unit Premium Reserve (“UPR”) and Income Equalisation
On issue / repurchase of units, the portion of the premium which is attributable to realised gains is credited / debited to the Revenue
Account for the period as Income Equalisation. It is reflected in the Revenue Account after the net surplus / deficit of the Schemes is
determined. 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
unrealised appreciation 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
capital and is not taken into account in the determination of the distributable surplus. Dividend is declared only when the Revenue Reserve
is positive.

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 of
upto three months), collateralised lending and Reverse Repos.
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 Flow
Statement issued by the Institute of Chartered Accountants of India ("ICAI").
C. Notes attached to and forming part of the financial statements for the year ended 31st March, 2018

1. The aggregate value of purchases and sales (including redemptions) of investments for the year ended 31st March, 2018 expressed as a percentage of average daily net
assets is disclosed in Annexure 1.

2. Statement of Portfolio with industry wise classification as at 31st March, 2018 (Refer Annexure 2).

3. 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).

4. In accordance with the terms of arrangement with Investment Manager and Trustee Company, and as per SEBI Regulations, the Schemes have provided for
management 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 in
Annexure 4.

5. Contingent liabilities as at 31st March, 2018 are Rs.Nil (previous year Rs. Nil).
6. Transactions with Trustees, Investment Manager, their associates and with entities controlled by co-sponsors Regulation 25(8) of the SEBI Regulations (in relation to
services received by the Schemes) -

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 associates 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:

i. Associates are entities/person that exercise control over or are controlled by the Trustee Company and the Investment Manager or whose director, officer or employee
is a director, officer or employee of the Investment Manager;

ii. Control means the ability to exercise not less than 10% of the voting power of an entity or the ability of the board of directors of an entity to exercise control over the
Investment Manager.

Investment Manager
The Board of Directors of the Trustee Company has appointed Tata Asset Management Limited as the Investment Manager for the Fund pursuant to an agreement
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 the Investment
Manager a fee not greater than the quantum as defined in the SID as a % of the daily net assets value attributable to the unit holders.
The Investment Manager is a subsidiary of TSL.

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 paid such
brokerage include Entities over which TSL exercises significant influence and/or control.

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 other
disclosures required under Regulation 25(8) of the SEBI Regulations are contained in Annexure 5.

7. 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 major
shareholders have a substantial interest.

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. Aggregate Fair Value of Non-Traded Debt Securities (which exclude Government Securities & Treasury Bills, included under Investments in Schedule IV) as
disclosed in Annexure 9. None of the schemes of Tata Mutual Fund have participated in Credit Default Swaps (CDS) and Repo transactions of corporate debt
securities.

12. Unprovided diminution and unrealised appreciation in the value of investments. (Refer Annexure 10)

13. Unit holder holding above 25% of the Net Asset Value of the Schemes (Refer Annexure 11).

14. Unclaimed redemption / dividend amount, since the inception of the Schemes has been invested separately, only in money market instruments and the investors who
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.

15. In accordance with clause 7 of the Seventh schedule referred to in Regulation 44 (1) of the SEBI Regulations, securities purchased should be held in the name of the
Schemes. Investments in Government Securities and Treasury Bills are held in the name of “Tata Mutual Fund”.

16. 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.
17. Liability towards Investor Education and Awareness Initiative (IEAI) :

Movement of IEAI balances for Tata Mutual Fund during the financial year ended March 31, 2018 is as follows:
Current Year (Rs.) Previous Year
Particulars
(Rs.)
Opening balance 29,458,808 23,107
Additions during the current year (includes transfer on account of unclaimed dividend / redemption) 92,219,538 77,894,171
Add: Income earned on untilised IEAI balance 2,968,264 790,395
Less: Utilisation during the current year (9,054,893) (10,301,780)
Less: Amount transferred / transferable to AMFI (45,732,805) (38,947,086)
Closing balance 69,858,912 29,458,808

Based on the Best practice guidelines circular issued by AMFI, the cumulative balance of IEAI has been transferred to IEAI Pool Account at Fund level on periodic
basis.

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.
4,011,425/- which was transferred to AMFI as on April 06, 2018. (Previous year an amount of Rs.3,740,720/- was transferred to AMFI as on April 07, 2017).

18. Amount receivable from the Investment Manager included under “Other Receivables” in “Other Current Assets” is disclosed in Annexure 13.

19. Segment Reporting

The Schemes operate in one segment only i.e. to primarily generate returns, based on Scheme's Investment Objectives. Further, the Scheme's Investments are in India
and hence, the Schemes do not have any geographical segments.

20. Related Party Disclosure

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).

Name of the Party Relationship

Tata Asset Management Limited Investment Manager (Entity providing key
Management Services)

21. The figures for the previous year have been regrouped and reclassified wherever necessary to conform with the current year's classification.

On behalf of the Board of Directors

of Tata Trustee Company Limited

Director

Tata Asset Management Limited

Authorised Signatory Fund Manager

Annexure 1 - Statement of Aggregate Value of Purchases and Sales (including redemptions) of investments as a % of Average Net Assets.

Aggregate value of Purchases Aggregate value of Sales (including redemptions)

Year Ended Year Ended

Scheme 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
Value Value Value Value
% % % %
Rs. Rs. Rs. Rs.
TMTF 1,201,302,687 133.85 3,414,351,802 336.38 1,498,607,286 166.98 3,592,307,440 353.91
TRSFC 672,169,606 59.96 392,784,756 47.25 368,769,399 32.90 532,060,827 64.00
TSTBF 253,715,563,802 375.23 175,175,207,286 293.43 256,023,085,419 378.64 157,648,925,617 264.07
Annexure 4 - Statement of Management and Trusteeship Fees.

Trusteeship Fees (inclusive of Trusteeship Fees (inclusive of

Management Fees Goods and Services Management Fees Goods and Services
Tax/Service Tax) Tax/Service Tax)
Scheme
REGULAR DIRECT
2017-18 2016-17 2017-18 2016-17 2017-18 2016-17 2017-18 2016-17
% % % % % % % %
TMTF 0.7860 0.7764 0.0186 0.0308 0.7522 0.6991 0.0172 0.0303
TRSFC 1.2232 0.9531 0.0164 0.0307 1.0245 0.7661 0.0123 0.0307
TSTBF 0.2654 0.2382 0.0180 0.0306 0.1792 0.1745 0.0173 0.0306

Trusteeship Fees (inclusive of

Management Fees Goods and Services
Scheme Tax/Service Tax)
High Investment Plan
2017-18 2016-17 2017-18 2016-17
% % % %
TMTF 1.6431 0.4465 0.0300 0.0307

Basis of Computation

Illustration:
Regular Management fees
Management
Upto 100 crs Next 300 crs Next 300 crs Remaining
Scheme Name AUM Total Fees fees%
@1.75% @ 1.50% @1.25% @1%
Scheme 7,500,000,000 17,500,000 45,000,000 37,500,000 5,000,000 105,000,000 1.40

Direct Management fees

Management
Upto 100 crs Next 300 crs Next 300 crs Remaining
Scheme Name AUM Total Fees fees%
@1.25% @ 1% @0.75% @ 0.50%
Scheme 7,500,000,000 12,500,000 30,000,000 22,500,000 2,500,000 67,500,000 0.90
Annexure 5A - Disclosure under Regulation 25(8) of the SEBI Regulations in respect of other payments made / payable to parties associated with sponsors in which the
Investment Manager or its major shareholders have a substantial interest.

Year Ended Year Ended As at As at % equity capital held by

Name of the 31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17 the sponsors and its
Scheme Nature of Payment
Company Rs. Rs. Rs. Rs. subsidiary / associates as
at 31st March, 2018.
TMTF 7,037,964 7,841,607 444,231 260,628 100%*
Tata Asset
TRSFC Management Fees 13,539,634 7,884,415 1,100,539 165,506 100%*
Management Limited
TSTBF 141,488,482 118,908,700 7,434,414 5,348,380 100%*
TMTF Trusteeship Fees (inclusive 166,027 312,423 128,058 249,999 100%**
Tata Trustee Company
TRSFC of Goods and Services 180,712 255,280 139,242 204,782 100%**
Limited
TSTBF Tax/Service Tax) 11,861,366 18,266,233 9,143,430 14,654,966 100%**

* 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 6 - Details of Unit Capital.

Initial Capital Opening Balance Reissue Repurchase Closing Balance

Scheme Period Covered Face Value (Rs.)
(Units) (Units) (Units) (Units) (Units)
TMTF 10 221,822,963.300 38,430,488.837 2,465,953.998 11,738,698.501 29,157,744.500
TRSFC 2017-2018 10 1,594,097.500 50,811,658.397 28,087,529.121 11,100,074.179 67,799,113.339
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
TMTF 10 221,822,963.300 49,215,626.412 2,770,155.585 13,555,293.160 38,430,488.837
TRSFC 2016-2017 10 1,594,097.500 53,808,931.103 6,741,660.379 9,738,933.085 50,811,658.397
TSTBF 10 103,615,534.500 2,019,056,183.865 2,434,765,584.700 1,998,539,372.524 2,455,282,396.041
Annexure 7 - Statement of Net Asset Value (NAV).

As at As at
Scheme Particulars 31-Mar-18 31-Mar-17
Rs. Rs.
TMTF Regular - Dividend 13.1456 13.0657
TMTF Regular - Growth 26.8935 25.5539
TMTF Direct - Dividend 13.8685 13.6397
TMTF Direct - Growth 28.3777 26.7319
TMTF High Investment Plan - Dividend - 14.6080 *
TMTF High Investment Plan - Growth - 26.7235 *
TRSFC Regular - Growth 18.8764 17.5961
TRSFC Direct - Growth 20.2276 18.5532
TSTBF Regular - Fortnightly Dividend 15.1370 14.8178
TSTBF Regular - Growth 32.2895 30.5685
TSTBF Direct - Fortnightly Dividend 15.7479 15.2701
TSTBF Direct - Growth 33.5341 31.4843
TSTBF Regular - Periodic Dividend 17.1098 16.1966
TSTBF Direct - Periodic Dividend 17.7822 16.6904

* On record date 27th October, 2017, plans have been merged as below

Name of the Suspended Plan (Transferor Plans) Surviving Plan

Tata Medium Term Fund - Direct
Plan - Growth
Tata Medium Term Fund - High Investment Plan - Growth
Tata Medium Term Fund - Regular
Plan - Growth

Tata Medium Term Fund - Direct

Plan - Dividend
Tata Medium Term Fund - High Investment Plan - Dividend
Tata Medium Term Fund - Regular
Plan - Dividend
Annexure 9 - Statement of Non-Traded Debt Securities.

As at As at
Scheme 31-Mar-18 31-Mar-17
Rs. Rs.
TMTF 541,537,145 738,220,280
TRSFC 104,439,715 102,768,145
TSTBF 51,559,971,947 51,233,294,287
Annexure 10 - Details of Unprovided diminution and unrealised appreciation in the value of investments.

Unprovided dimunition is Rs. Nil.

Unrealised appreciation is given below :
As at As at As at
Scheme Particulars 31-Mar-18 31-Mar-17 31-Mar-16
Rs. Rs. Rs.
TMTF Unrealised appreciation 3,652,100 11,196,528 10,002,546
TRSFC Unrealised appreciation 81,333,840 78,114,927 74,723,117
TSTBF Unrealised appreciation 113,873,228 261,207,535 234,544,391
Annexure 11 - Unitholder holding above 25% of the Net Asset Value of the Scheme as at 31st March, 2018.

Count
As a % of AUM
Scheme As at As at As at As at
31-Mar-18 31-Mar-17 31-Mar-18 31-Mar-17
TMTF - - - -
TRSFC - - - -
TSTBF - - - -
Annexure 12 - Statement of Unclaimed Redemption and Unclaimed Dividend.

Unclaimed Redemption Unclaimed Dividend

As at 31-Mar-18 As at 31-Mar-17 As at 31-Mar-18 As at 31-Mar-17
Scheme
Amount Amount Amount Amount
Count Count Count Count
Rs. Rs. Rs. Rs.
TMTF - - - - - - - -
TRSFC 94 3,338,009 102 2,401,091 561 255,144 612 259,070
TSTBF 8 141,657 9 136,104 14 2,160 15 2,155
Annexure 13 - Statement of Amount receivable from the Investment Manager
included under “Other Receivables” in “Other Current Assets”.

As at As at
Scheme
31-Mar-18 31-Mar-17
TMTF - -
TRSFC - -
TSTBF - -
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.
East Zone:
Bhilai: Shop No.145, Ground Floor, Chauhan Estate, Near HDFC Bank, Bhilai - 490 001. Tel.: 0788-2295625. Bhubaneswar: Room-309, 3rd Floor, Janpath Tower,
Ashok Nagar, Bhubaneswar - 751009. Tel.: 0674 -2533818/ 7064678888. Dhanbad: Shriram Plaza, 2nd Floor, Room No.211, Bank More, Jharkhand, Dhanbad - 826
001. Tel.: 9234302478 / 0326-2300304. 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: 401, 4th Floor, Ashiana
Hariniwas, New Dak Bunglow Chowk, Patna - 800 001. Tel.: 0612-2206497. 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: 2nd Floor, 42, K. C. Complex, Daulat Bagh Road, Sunder Vilas, 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.
South Zone:
Bangalore: Unit 3A, 4th Floor, Sobha Alexander Plaza, 16/2-6, Commissariat Road, Bangalore – 560025. Tel.: 080-66561313, 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. 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 / 67308901. 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.: 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 – 6451883 Fax: 0891-2503292.

The Abridged Annual Report has been extracted from the Audited Balance Sheet, Revenue Account & Notes to Accounts. Full Annual Report is available
on the website www.tatamutualfund.com. Unitholders may refer to the full Annual Report displayed on the website w.r.t. general policies & procedures for
exercising voting rights & the details of proxy voting’s exercised, Scrutiniser’s Certification during the Financial Year 2017-18. For Unitholders of the Scheme,
full Annual Report is available for inspection at the Head Office of the Tata Mutual Fund & a copy thereof shall be made available to the Unitholder on request

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.