Executive Summary

TATA MUTUAL FUND
CONTENTS
CHAPTER – 1 INTRODUCTION
CHAPTER – 2 A PROFILE OF MUTUAL FUNDS
CHAPTER – 3 A PROFILE OF TAAT MUTUAL FUND

COMPANY
CHAPTER – 4 FINANCIAL ANALYSIS OF TATA

MUTUAL FUND SCHEME
CHAPTER – 5 SURVEY ANALYSIS
CHAPTER – 6 SUGGESTIONS AN CONCLUSION
CHAPTER – 7 ANNEXURE
G.F.G.C. College KADUR 1

TATA MUTUAL FUND
CHAPTER – 1
INTRODUCTION
Objectives of the study.
 To analyze the performance of mutual funds.

 To understand the various types of the mutual funds.
 To measure the popularity of leading mutual funds.
 To get in-depth, to known how the mutual funds acts in the market.
 To suggest any changes if required in the exiting system
 To summarize and conclude on the study.
Methodology
Methodology refers to the systematic procedure carried out in any work or
research study
Data collection
Information has been collected in an unstructured manner. Data collection was
done through interviews of the agents of mutual funds.
Sources of data
The respondents forming the part of the primary data the agents who work for
the company. The research plan calls for gathering secondary data primary data or both
Primary data
Primary data, which consists of original information for the specific. Purpose at
hand primary data are collected through personal interview with the help of
questionnaires.
Secondary data
Secondary data consists of original information that already exists somewhere

having been collected for other purpose on the other hand include those data. Which

TATA MUTUAL FUND
are collected for some earlier research work and are used in the study research was
presently undertaken sources of secondary data.
 Magazines
 News papers
 Journals
 Website
 Text books
 Other articles
LIMITATIONS OF THE STUDY
The following are the limitation of the study.

 The study is concerned to mutual funs
 The findings and conclusions draws out of study will reflect only existing trends
for the period 2009. The data availed for the study maybe subject to changes in
future.
 The statistical tools used in the study will have there own limitations.
 An assumption has been made that the respondents have answered the
questions with an open mind & truthfully.
 The time allotted for survey is very limited. It has become difficult to collect more
and more information from large respondents.
 The study is limited to the exact of information provide by the mutual fund
agents and their validity is not questioned.

TATA MUTUAL FUND
SCOPE OF THE STUDY.
The scope of the study is

 Limited to only one mutual funds i.e the profile of TATA Mutual fund.
 Limited to Chickmagalore city
 Limited to Financial results of 2008-09

TATA MUTUAL FUND
CHAPTER – 2
A PROFILE OF MUTUAL FUND
INTRODUCTION
Mutual funds are money managing institutions set up to professionally invest the
money pooled in from the public. These schemes are managed by Asset Management
companies (A.M.C) which are sponsored by different financial institutions or companies.
Each unit these schemes reflects the share of investor in the respective fund and
its appreciation is judged by the Net Asset value (NAV) of the scheme. The NAV is
directly liked to the bullish and bearish trends of the markets as the pooled money is
invested either inequity share or in debentures of treasury bills. Indian mutual as funds
unveils this multi-dimensional avenue, with its intricacies, in a fashionable manner as
mutual funds up-hold ample scope of generating decent returns by some thoughtful
investment.
A mutual fund is a trust that pools the savings of a number of investors who
share a common financial goal. The money thus collected is then invested in capital
market instruments such as shares debentures and other securities. The income
earned through these investments and the capital appreciation realized are shared by
its most suitable investment for the common man as it offers an opportunity to invest in
a diversified professionally managed basket of securities at a relatively low cast. The
flow chart below describes broadly the working of a mutual fund:

TATA MUTUAL FUND
IMPORTANT CHATACTERSTICS:
A Mutual fund belongs to the investors who have pooled their funds. The ownership
of the mutual in the hands of the investors
Investment professional and other service portfolio, who warn a fee for their
services, from the fund, manage the mutual fund.
The pool of funds invested is portfolio of marketable investments. The value of the
portfolio is updated every day.
The investor’s share in the fund is denominated by “units”. The value of the units
changes with change in the portfolio’s value, every day. The value of one unit of
investors is called as the Net Asset Value or NAV.
Mutual Funds-Organization
There are many entities involved and the diagram below illustrates the organizational
set up of a mutual fund:

TATA MUTUAL FUND
History of mutual funds

The modern mutual fund was first introduced in Belgium in 1822. This form of
interment soon spread to great Britain and France, mutual funds became popular in
the united states in the 1920s and continue to be popular since the 1930s especially
open-end mutual finds.
Massachusetts Investors Trust as founded on March. 21.1924 and, after one
year, had 200 shareholders and #392.000 in assets. The entire industry, which
included a few closed-end funds. Represented less than $10 million in 1924.
The stock market crash of 1929 slowed the growth of mutual finds. In response
to the stock market crash, congress passed the securities Act of 1933 and the securities
exchange Act of 1934. These laws require that a fund be registered with the securities
and Exchange commission (SEC) and provide prospective investors with a prospectus
that contains required disclosures about the fund, the securities themselves. And fund
manager. The SEC helped draft the investment company act of 1940 which sets forth
the guidelines with which all SEC- registered funds today must comply.
With renewed confidence in the stock market, mutual funds began to blossom.
By the end of the 1960s there were approximately 270 funds with $48 billion in assets.
The first retail index fund, the First index investment Trust, was formed in 1976 and
headed by John Boggle, who conceptualized many of the key tenets of the industry in
his 1951 senior thesis at Princeton University. It is now called the vanguard 500 index
fund and is one of the largest mutual funds ever with in excess of $100 billion in assets.
One of the largest contribution of mutual fund growth was individual retirement
account (IRA) provisions added to the internal revenue Code in 1975. allowing
individuals including those already in corporate pension plans. To contribute $2.000 a
year Mutual funds are now popular in employer sponsored defined contribution
retirement plans (401(k)s). IRA.s and Roth IRAs.
As of April 2006, there are 8606 mutual funds that belong to the investment
company institute (ICI) the national association of investment companies in the united
states, with combined assets of 9.2007
The Indian Stock index BSE Sensex has cross the 18000 milestone for the first
time in its history. The day is also the biggest bull run in a single day in its history. The
Tata pack followed by Infosys and L&T have contributed the most number of points in
this bull run.

TATA MUTUAL FUND
Classification of mutual funds.

Most mutual funds are classed as open-end funds. Meaning that the fund will
redeem outstanding shares immediately upon request. Thus, the numbers of shares of
a given mutual fund is not fixed, but fluctuates as new shares are sold to investors and
outstanding shares are redeemed. The offering price and redemption price of an open-
end fund are based on the market value of eth securities in its portfolio. In addition
varying charges. Called loads may be applied. The offering price may include a front –
end load generally to cover the commission to the broker or other sales representative.
A back- end load may be subtracted from the redemption price. Often at a rate that
progressively decreases the longer the shares are held.
Closed-end funds generally have a fixed number of shares outstanding and are
traded in the over-the counter market or in some instances, on stock exchange shares
are purchased and sold at the market price plus a commission. They may sell at a
premium that Is above the value of their assets, or at a discount below the value of their
assets.
Investors have the option of choosing from a wide variety of schemes in a
mutual fund, depending upon their requirements. Mutual funds adopt different
strategies to achieve this objective and accordingly offer different schemes of
interments. Following section presents a detailed classification of mutual funds.
I. Investment objectives
Mutual funds are classed according to their investment objectives. Broadly

stated. Funds seek growth of capital or stability (or safety) of capital of current income
within these classifications lies a multitude of variations, such as money- market funds
and growth and income funds.
A. Money market funds.

Money market funds which many invertors look upon as an alliterative to a bank
account seek complete safety of capital in short-term interments . Yields vary being
loosely linked with the interest rate paid ion .U.S Treasury bills. There is a rapid flow of
cash into and out of money market funds.

TATA MUTUAL FUND
B. Growth funds.
Money market funds which many invertors look upon as an alliterative to a bank
account seek complete safety of capital in short-term interments . Yields vary being
loosely linked with the interest rate paid ion .U.S Treasury bills. There is a rapid flow of
cash into and out of money market funds.
C. Growth and income funds.
Growth-and income funds attempt to achieve balance between money market funds
and growth funds. Among funds that seek stability and safety, some may in high
quality bonds. Others in blue chip stocks, and still others in federal securities which
are backed by the full faith and credit of the U.S. government. Funds that aim for
current income may be speculative investing in high-yield. High risk securities such as
junk bonds, or conservative in outlook. Inviting in low- risk securities with a good
record of paying dividends. Between the extremes are funds that are willing to take
some risk for higher returns but are mindful of the need to conserve capital. In general
younger investors with most of their earning power ahead of them, can tolerate more
risk than inventors who are close to retirement.
D. Equity fund scheme

A kind of mutual fund whose fund is derived from equity-based interments is
called’ equity fund scheme’. They carry a high degree of risk such funds do well in
periods of favorable capital market trends. A variation of the equity fund scheme is the
‘index beat market fund’ which are involved in transacting in only those scrips which
are included in only those specific index. e.g the scrips which constitute the BSE-30
sensex or 100 shares National index these funds involve low transaction costs.
E. Bond fund scheme

It is a type of mutual fund whose strength is derived from bon-based interments’.
The portfolio of such fund carried the advantage of secure and steady income. However
such fund has little or no chance of capital appreciation and carries the advantage of
risk. A variant of this type of fund is called ‘liquid funds’ which specializes in investing
risk and low returns.
F. Balanced fund scheme

TATA MUTUAL FUND
A scheme of mutual fund that has mix of debt and equity in the portfolio of
investment may be referred to a s balanced find scheme’ the portfolio of such funds
will be often shifted between debt and equity deepening upon the prevailing market
trends.
G. Sectoral fund schemes.
When the managers of mutual funds invest the amount collected from a wide
variety if small investors directly in various specific sectors of the economy such
fund are called sectoral mutual fund. The specialized sectors may include gold
and silver real estate specific industry such as oil and gas companies, offshore
investments, etc.
H. Fund-fund-scheme
There can be funds of funds where funds of one mutual fund are invested in the
units of other mutual funds. There are a number of funds that direct investment
into a specified sector of the economy. This makes diversified and yet intensive
investment of funds possible.
I. Leverage –fund scheme
The funds that are created out of investments. With not only the amount
mobilized from small savers but also the fund managers who borrow money
from the capital market, are known as ‘leveraged-fund-scheme’ this way fund
managers pass on benefit of leverage to the mutual fund invertors. In order to
operate such scheme. There must be provisions available. Normally leverage
funds use short Sale. Whereby the management controlling the funds avails of
the advantage of declining markets in order to realize gains in the portfolio,
especially call options are unused by the leverage funds.
J. Gift funds.
These funds seek to generate returns through investments in gilts. Under this
scheme, funds are invested only in central and state government securities and
repos/ reverse repo in such securities and not in equity or corporate debt
securities. A portion of the corpus may be invested in the call money market or
RBI to meet liquidity requirement. This may provide an alternative investment
for the call money market. Government securities carry zero credit risk or
default risk. Their prices are however influenced only by movement in interest
rates in the financial system.

TATA MUTUAL FUND
K. Index funds.
These funds are also known as growth fund, but they are linked to a specific
index of share prices. It means that the funds mobilized under such scheme are
invested principally in the securities’ of companies, whose securities are included in
the index concerned and in the same wetightage. Thus the fund’s performance ios
linkied to the growth in the concerned index such funds. Endeavor to attain results
commensurate with that of the index concerned subject to tracking errors.
L. Tax saving scheme

Certain mutual fund scheme offer tax rebate on investments made in equity shares,
under sec 88 of the income tax act. 1961. Income may also be periodically distributed
deepening upon surplus subscriptions made up to .Rs 10000. In an assessment year
are eligible for tax rebate under section 88. The broad interment pattern of the scheme
includes investment in equities, cumulative convertible preference shares, and fully
convertible debentures and bonds to the extent of 88% to 100% and the rest in money
market instruments.
M. Other funds
In addition to the schemes mentioned above, following are some of the other schemes
that are designed and operated by mutual managers:
 ‘Load funds’ where mutual fund managers charge a fee over and above the NAV
from the purchaser
 ‘no load funds’ where no load-fee is charged because very little effort is made to
promote the sale of the funds units, except direct advertising.
 MMMF, which designed to offer tax sops.
 Off shore mutual funds, also known as regional or country funds, where the
funds are mobilized from abroad for deployment in the Indian market.
 Other funds such as: property funds, art funds commodity funds energy funds,
etc.

TATA MUTUAL FUND
II Operational classification
A. open ended scheme
When ca funds is accepted and liquidated on a continuous basis by a mutual fund
manager. It is called ‘open-ended scheme’ the fund manager buys and sells units
constantly on demand by the investors. Under this scheme, the capitalization of the
fund will constantly change since it is always open for the investors to sell or buy their
share units (shares in USA, units in India). The scheme provides an excellent liquidity
facility to investors, although the units of such scheme are not listed. No intermediaries
are requires. There is a certainty in repurchase price, which takes place in accordance
with the declared NAV.
B. Closed- ended scheme

When units of a scheme are liquidated (repurchased) only after the expiry of a specified
period, it is known as a close-ended scheme. Accordingly, such have fixed capitalization
and remains as a corpus with mutual fund manager. Units of close-ended schema are
to be quoted, and therefore traded, on the floors so stock exchange in the secondary
market. The price is determined on the basis of demand and supply. Therefore there
will be two prices, one that is market- determined on and the other, which is NAV-
based. The market price may be either above or below NAC managing close ended
scheme is comparatively easy as it gives fund managers ample opportunity to evolve
and adopt long0 term investment strategies depending on the life of the scheme. Need
for liquidity arises after a comparatively longer period, i.e, normally at the time of
redemption.
The main points of distinction between the open-ended and close-ended schemes are as follows
Features Open-ended Close-ended
Subscription Open for public Open for subscription only
subscription throughout for a limited period
the currency of the
scheme
Corpus The fund raised from The corpus of the scheme
public keeps varying is fixed for all time to come
Exit Easy and convenient exit, Units can be liquidated
any time only at the end of specified
period.
Liquidation Units can be liquidated Units can be liquidated

TATA MUTUAL FUND
any time only at the end of specified

period
Listing No listening and hence not Listed in stock exchange
traded in stock exchange and traded
Maturity No maturity period Fixed maturity period
Liquidity Through re-purchase by Through trading in a stock
MF at NAV or at any other exchange at the current
price as may be market price
determined
C. Interval Scheme
It is a kind of closed –ended scheme with a peculiar feature that it remains open during
a particular part of the year for the benefit of investors, either to off-load their holdings
or to undertake purchase of units at NAV. Under SEBI(MF) Regulations, every mutual
fund is free to launch any or both types of schemes, including interval schemes. In the
USA,UK and Canada, close ended funds are popularly known as investment
companies/trust, whereas open7-ended funds are known as mutual funds.
III. Return- based classification
Under this classification those mutual fund schemes that are designed to meet the
diverse needs of investors and to earn a good return. Returns expected are in the form
of regular dividends capital appreciation are a combination of those two.
A. Income-fund scheme
The scheme that is tailored to suit needs of investors who are particular about regular
returns is known as income fund scheme’ the scheme offers the maximum current
income. Where the income earned by units is distributed periodically such funds are
offered in two forms the first scheme earns a target constant income at relatively low
risk, while the second scheme offers in two forms. The first scheme earns a target
constant income at relatively low risk while the second scheme offers the maximum
possible income. This obviously implies that the higher expected return comes with a
higher potential risk of the investment.
B. Growth fund scheme

TATA MUTUAL FUND
It is a mutual fund scheme that offers the advantage of capital appreciation of the
underlying investment. For such funds. Investment is made in growth oriented
securities that are capable of appreciating in the long run. growth funds are also known
as nest eggs or long haul investments. In proportion to such capital appreciation, the
amount of risks to be assumed would be far greater.
C. Conservation fund scheme
A scheme that aims at reasonable rate of return protecting the value of eth investment
and achieving capital appreciation, may be designated as ‘conservation fund scheme’
these are also known as middle –of the road funds since such funds offer a blend of all
these features further such funds divide their portfolio in common stocks and bonds in
such a way as to achieve that desired objectives.
5. Advantages and Disadvantages of Mutual funds.
Advantages of Mutual funds.
Professional management- The primary advantage of funds (at least

theoretically) is the professional management of your money investors purchase funds
because they do not have the time or the expertise to manage their own portfolio. A
mutual funds is as relatively inexpensive way for a small inventor to get a full-time
manager to make and monitor investments.
Diversification: by owing shares in a mutual fund instead of owning individual

stocks or bonds. Your risk is spread out. The idea behind diversification is to invert in
a larger number of assets so that a loss in any particular investment is minimized by
gains in others. In other words, the more stocks and bonds you own, the less any one of
them can hurt you (think about Enron) large. Mutual funds typically own hundreds of
different stock in many different industries. It wouldn’t be possible for an investor to
build this kind of a portfolio with a small amount of money.
Economics of scale :Because a mutual fund buys and sells larges amounts of
securities at a time, its transaction costs are lower than you as an individual would pay.
Liquidity: just like an individual stock, a mutual fund allows you to request that your
shares be converted into cash at any time simplicity-ying a mutual fund is easy! Pretty
well any bank has its own line of mutual funds, and the minimum interment is small.

TATA MUTUAL FUND
Most companies also have automatic purchase plans whereby as little as $100 can be
invested on a monthly basis.
Regulatory oversight
Mutual funds are subject to many government regulations that protect
investors from fraud.
Convenience- you can usually buy mutual fund shares by mail. Phone, or over
the internet.
Low cost: Mutual fund expenses are often no more than 1.5 percent of you
investment. Expenses for index funds are less than that because index funds
are not actively managed instead, they automatically buy stock in companies
that are listed on a specific index.
Disadvantages of Mutual Funds
Costs: Mutual funds don’t exist solely to make your life easier- all funds are in it for a
profit. The mutual fund industry is masterful at burying costs under layers of jargon.
These costs are so complicated that in this tutorial we have devoted an entire section to
the subject.
Dilution : It’s possible to have too much diversification (this is explained in our article
entitled’ are you over _diversified?) because funds have small holdings in so many
different companies high returns from a few investments often don’t make much
difference on the overall return .Dilution is also the result of a successful fund getting
too big. when money pours into funds that have had strong success. The manager often
has trouble finding a good investment for all the new money.
Taxes: when making decisions about your money, a fund managers don’t consider you
personal tax situation. For example, when a fund manager sells a security, a capital-
gain taxis triggered, which affects how profitable the individual is from the sale. It might
have been more advantageous for the individual to defer the capital gains liability.
No. guarantees. no investment is risk free. Of the entire stock market declines in value,
the value of mutual fund shares will go down as well, no matter how balanced the
portfolio investors’ encounter fewer risks when they invest in mutual funds than when
they buy and sell stocks on their own however. Anyone who invests through a mutual
fund runs the risk of losing money.

TATA MUTUAL FUND
Management risk: when you invest in a mutual fund, you depend on the fund’s
manager to make the right decisions regarding the fund’s portfolio. If the manager does
nor perform as well as you had hoped you might not make as much money on your
investment as you expected. Of course. If you invest in index funds. You forego
management risk. Because these funds neither do nor employ managers.
6. Costs of mutual funds.

Usually mutual funds are offered with several classes aof shares. Or they are no load
fund. Mutual fund companies exist to make money . that money can come from many
different sources.
 A sales chare: incurred upon purchase of shares.

 A deferred sales chare: incurred upon the sales of shares
 Management fees.: an on going operating cost
 Distribution fees : on going costs usually associated with advertising be high in
funds that have high turnover rates.
 Other expenses: another category for on going expenses
 Ni load funds will typically have no sales charge and no deferred sales charge,
but will have the other fees listed.
Load funds will offer different classes of shares such as A,B,, or C shares, these will
be defined by varied cost structures. An example of the impact of an investment
which is held for different time periods will also be included in the prospectus. The
best deal for you primarily depend on how long you hold the shares. Ni-load funds
that are held for many years ca be more expensive than load funds. In conclusion
mutual funds. Are a way for invertors to diversify their risk and still benefit from
professional money management. The prospectus identifies key information about
the mutual fund including its operating boundaries and its costs. The fund manager
operates within those boundaries and is important in order to achieve good results
within those boundaries. Do your research, then talk to a professional interment
advisor about mutual fund inviting

TATA MUTUAL FUND
CHAPTER – 3
A PROFILE OF TATA MUTUAL FUND COMPANY

Backed by one of the most trusted and valued brands in India,
Tata Mutual Fund has earned the trust of lakhs of investors with its
consistent performance and world-class service.
Tata Mutual Fund manages around Rs. 20,140.00 crores (average

AUM for the month) as on January 31, 2009 worth of assets across its
varied offerings. Tata Mutual Fund offers an investment option for
everyone, whether you are a businessman or salaried professional, a
retired person or housewife, an aggressive investor or a conservative
capital builder.
The Tata Asset Management philosophy is centred on seeking

consistent, long-term results. Tata Asset Management aims at overall
excellence, within the framework of transparent and rigorous risk
controls.
We constantly benchmark our efforts against these tenets of

performance:
Consistency : We strive to deliver consistent results through our value-

based investing methodology, keeping alive the credo of the late doyen of
the Tata Group, Mr. J.R.D. Tata, that money received from the people
should go back to them several times over.
Flexibility : Tata Mutual Fund offers investors a broad range of

managed investment products in various asset classes and risk
parameters, with operational flexibility to suit their varied investment
needs.
Stability: Our commitment to the highest quality of service and integrity

is the foundation upon which we build trust with our clients.

TATA MUTUAL FUND
Service: We offer a wide range of services to assist investors have a

fulfilling and rewarding financial planning experience with us. We have
designed our services keeping in mind the needs of our investors, giving
them a smooth and hassle-free financial planning process.
A Proud Pedigree
Tata Asset Management Ltd is a part of the Tata group, one of

India's largest and most respected industrial groups, renowned for its
adherence to business ethics.
The Group has always believed in returning wealth to the society

that it serves. Thus, nearly two-thirds of the equity of Tata Sons, the
Group's promoter company, is held by philanthropic trusts, which have
created a host of national institutions in the natural sciences, medical
care, energy and the arts. The trusts also give substantial annual grants
and endowments to deserving individuals and institutions in the areas of
education, healthcare and social uplift.
By combining ethical values with business acumen, globalisation

with national interests and core businesses with emerging ones, the Tata
Group aims to be the largest and most respected global brand from
India. This way, it fulfils its long-standing commitment to improving the
quality of life of its stakeholders.
Leadership With Trust
Our purpose at the Tata Group is to improve the quality of life of

the communities we serve. We do this by attaining leadership positions
in sectors of national economic significance, to which the Group brings a
unique set of capabilities. This requires us to grow aggressively in
focused areas of business.
Our heritage of returning to society what we earn evokes trust

among consumers, employees, shareholders and the community. It is an

TATA MUTUAL FUND
ongoing process, continuously enriched by the formalisation of the high

standards of behaviour that we expect from employees and companies.
The Tata name is a unique asset, representing leadership with

trust. Leveraging this asset to enhance Group synergy and becoming
globally competitive is the route to sustained growth and long-term
success.
Core Values
The Tata Group has always sought to be a value-driven
organisation. These values continue to direct the Group's growth and
businesses. The five core Tata values that underpin the way we do
business are:
Integrity: We must conduct our business fairly, with honesty and

transparency. Everything we do must stand the test of public scrutiny.
Understanding: We must be caring, show respect, compassion and

humanity for our colleagues and customers around the world, and
always work for the benefit of the communities we serve.
Excellence: We must constantly strive to achieve the highest possible

standards in our day-to-day work and in the quality of the goods and
services we provide.
Unity: We must work cohesively with our colleagues across the Group
and with our customers and partners around the world, building strong
relationships based on tolerance, understanding and mutual
cooperation.
Responsibility: We must continue to be responsible, sensitive to the

countries, communities and environments in which we work, always

TATA MUTUAL FUND
ensuring that what comes from the people goes back to the people many
times over
Tata is a rapidly growing business group based in India with

significant international operations. Revenues in 2007-08 are
estimated at $62.5 billion (around Rs251,543 crore), of which 61 per
cent is from business outside India. The group employs around 350,000
people worldwide. The Tata name has been respected in India for 140
years for its adherence to strong values and business ethics.
The business operations of the Tata group currently encompass

seven business sectors: communications and information technology,
engineering, materials, services, energy, consumer products and
chemicals. The group's 27 publicly listed enterprises have a combined
market capitalisation of some $60 billion, among the highest among
Indian business houses, and a shareholder base of 3.2 million. The
major companies in the group include Tata Steel, Tata Motors, Tata
Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Tea,
Indian Hotels and Tata Communications.
The group’s major companies are beginning to be counted globally.

Tata Steel became the sixth largest steel maker in the world after
it acquired Corus. Tata Motors is among the top five commercial vehicle
manufacturers in the world and has recently acquired Jaguar and Land
Rover. TCS is a leading global software company, with delivery centres in
the US, UK, Hungary, Brazil, Uruguay and China, besides India. Tata
Tea is the second largest branded tea company in the world, through its
UK-based subsidiary Tetley. Tata Chemicals is the world’s second largest
manufacturer of soda ash. Tata Communications is one of the world’s
largest wholesale voice carriers.
In tandem with the increasing international footprint of its

companies, the group is also gaining international recognition. Brand
Finance, a UK-based consultancy firm, recently valued the Tata brand at

TATA MUTUAL FUND
$11.4 billion and ranked it 57th amongst the Top 100 brands in the
world. Businessweek ranked the group sixth amongst the ‘World’s Most
Innovative Companies’ and the Reputation Institute, USA, recently
rated it as the ‘World’s Sixth Most Reputed Firm.’
Founded by Jamsetji Tata in 1868, the Tata group’s early years

were inspired by the spirit of nationalism. The group pioneered several
industries of national importance in India: steel, power, hospitality and
airlines. In more recent times, the Tata group’s pioneering spirit has
been showcased by companies like Tata Consultancy Services, India’s
first software company, which pioneered the international delivery model,
and Tata Motors, which made India’s first indigenously developed car,
the Indica, in 1998 and recently unveiled the world’s lowest-cost car, the
Tata Nano, for commercial launch by end of the financial year 2008-09.
The Tata group has always believed in returning wealth to the

society it serves. Two-thirds of the equity of Tata Sons, the Tata group’s
promoter company, is held by philanthropic trusts which have created
national institutions in science and technology, medical research, social
studies and the performing arts. The trusts also provide aid and
assistance to NGOs in the areas of education, healthcare and livelihoods.
Tata companies also extend social welfare activities to communities

around their industrial units. The combined development-related
expenditure of the Trusts and the companies amounts to around 4 per
cent of the group’s net profits.
Going forward, the group is focusing on new technologies and

innovation to drive its business in India and internationally. The Nano
car is one example, as is the Eka supercomputer (developed by another
Tata company), which in 2008 is ranked the world’s fourth fastest. The
group aims to build a series of world class, world scale businesses in
select sectors. Anchored in India and wedded to its traditional values and
strong ethics, the group is building a multinational business which will

TATA MUTUAL FUND
achieve growth through excellence and innovation, while balancing the

interests of its shareholders, its employees and wider society.
VALUES AND PURPOSE
Purpose
At the Tata group our purpose is to improve the quality of life of

the communities we serve. We do this through leadership in sectors of
economic significance, to which the group brings a unique set of
capabilities. This requires us to grow aggressively in focused areas of
business.
Our heritage of returning to society what we earn evokes trust among

consumers, employees, shareholders and the community. This heritage
is being continuously enriched by the fomalisation of the high standards
of behaviour expected from our employees and companies.
The Tata name is a unique asset representing leadership with trust.

Leveraging this asset to enhance group synergy and becoming globally
competitive is our chosen route to sustained growth and long-term
success.

TATA MUTUAL FUND
The seeds of what would mature and become today's Tata group were
laid long years before India became independent
 1868 : Jamsetji Nusserwanji Tata starts a private trading firm,

laying the foundation of the Tata group.
 1874 : The Central India Spinning, Weaving and Manufacturing

Company is set up, marking the group's entry into textiles and its
first large-scale industrial venture.
 1902 : The Indian Hotels Company is incorporated to set up the

Taj Mahal Palace and Tower, India's first luxury hotel, which
opened in 1903.
 1907 : The Tata Iron and Steel Company (now Tata Steel) is
established to set up India's first iron and steel plant in
Jamshedpur. The plant started production in 1912.
Sets up its first office overseas, Tata Limited in
London.
 1910 : The first of the three Tata Electric Companies, The Tata
Hydro-Electric Power Supply Company is set up. The second,
Andhra Valley Power Supply Company was established in 1917
and Tata Power in 1919. The first two companies were merged with
Tata Power in 2000 to form a single entity.

TATA MUTUAL FUND
 1911 : The Indian Institute of Science is established in Bangalore

to serve as a centre for advanced learning.
 1912 : Tata Steel introduces eight-hour working days, well before

such a system was implemented by law in much of the West.
 1917 : The Tatas enter the consumer goods industry, with the Tata
Oil Mills Company being established to make soaps, detergents
and cooking oils. The company was sold to Hindustan Lever (now
Unilever) in 1984.
The Tata group ventured into new areas and built on the foundations,
in spite of the restraints imposed by a controlled economy
1932 : Tata Airlines, a division of Tata Sons, is established, opening

up the aviation sector in India. Air India was nationalised in 1953.
 1939 : Tata Chemicals, now the largest producer of soda ash in the
country, is established.
 1945 : Tata Engineering and Locomotive Company (renamed Tata

Motors in 2003) is established to manufacture locomotive and
engineering products.
Tata Industries is created for the promotion and
development of hi-tech industries.

TATA MUTUAL FUND
 1952 : Jawaharlal Nehru, India's first Prime Minister, requests the

group to manufacture cosmetics in India, leading to the setting up
of Lakme. The company was sold to Hindustan Lever (now
Unilever) in 1997.
 1954 : India's major marketing, engineering and manufacturing

organisation, Voltas, is established.
 1962 : Tata Finlay (now Tata Tea), one of the largest tea producers,
is established.
Tata Exports is established. Today the company, renamed Tata
International, is one of the leading export houses in India.
 1968 : Tata Consultancy Services (TCS), India's first software

services company, is established as a division of Tata Sons.
 1971 : Tata Precision Industries, the first Tata company in

Singapore, is founded to design and manufacture precision
engineering products.
 1984 : The first 500 MW thermal power unit at the Trombay

station of the Tata Electric Companies is commissioned.

TATA MUTUAL FUND
The liberalisation of the Indian economy unleashed a period of

remarkable growth for the Tata group, in India and worldwide
 1995: Tata Quality Management Services institutes the JRD QV

Award, modelled on the Malcolm Baldrige National Quality Value
Award of the United States, laying the foundation of the Tata
Business Excellence Model.
 1996 : Tata Teleservices (TTSL) is established to spearhead the

group's foray into the telecom sector.
 1998 : Tata Indica — India's first indigenously designed and

manufactured car — is launched by Tata Motors, spearheading the
group's entry into the passenger car segment.
 1999 : The new Tata group corporate mark and logo are launched.
 2000 : Tata Tea acquires the Tetley group, UK. This is the first
major acquisition of an international brand by an Indian business
group.
 2001 : Tata AIG — a joint venture between the Tata group and
American International Group Inc (AIG) — marks the Tata re-entry
into insurance. (The group's insurance company, New India
Assurance, set up in 1919, was nationalised in 1956).

TATA MUTUAL FUND
 2002 : Tata Sons acquires a controlling stake in VSNL (renamed

Tata Communications in 2008), India's leading international
telecommunications service provider.
Tata Consultancy Services (TCS) becomes the first Indian
software company to cross one billion dollars in revenues.
 Titan launches Edge, the slimmest watch in the world.
 2004 : Tata Motors is listed on the world's largest bourse, the New
York Stock. Exchange, the second group company to do so after
VSNL.
 Tata Motors acquires the heavy vehicles unit of Daewoo Motors,
South Korea.
 TCS goes public in July 2004 in the largest private sector initial
public offering (IPO) in the Indian market, raising nearly $1.2
billlion.
 2005 : Tata Steel acquires Singapore-based steel company NatSteel

by subscribing to 100 per cent equity of its subsidiary, NatSteel
Asia.
 VSNL (now Tata Communications) acquired Tyco Global Network,
making it one of the world's largest providers of submarine cable
bandwidth.
 Tata Sons completes 60 years of Tata operations in the US.
 The Taj acquires a hotel run by Starwood, Sydney (renamed Blue)
and takes over management of The Pierre, NY.
 2006 : Tata Sky satellite television service launched across the

country.
 Foundation stone for the Tata Medical Centre unveiled in Kolkata.

TATA MUTUAL FUND
 2007 : Tata Steel acquires the Ango-Dutch company Corus,

making it the world's fifth-largest steel producer.
 TCS inaugurates TCS China — a joint venture with the Chinese
government and other partners.
 Computational Research Laboratories, a division of Tata Sons,
develops Eka, one of the fastest supercomputers in the world and
the fastest in Asia.
 The Taj acquires Campton Place Hotel in San Francisco.
 Tata Steel celebrates its centenary on August 26, 2007.
 2008 : Tata Motors unveils Tata Nano, the People’s Car, at the 9th
Auto Expo in Delhi on January 10, 2008.
 Tata Motors acquires the Jaguar and Land Rover brands from the
Ford Motor Company.
 Tata Chemicals acquires General Chemical Industrial Products
Inc.

TATA MUTUAL FUND
Tata Code of Conduct
This comprehensive document serves as the ethical road map for

Tata employees and companies, and provides the guidelines by which the
group conducts its businesses.
National interest
The Tata group is committed to benefit the economic development

of the countries in which it operates. No Tata company shall undertake
any project or activity to the detriment of the wider interests of the
communities in which it operates.
A Tata company’s management practices and business conduct

shall benefit the country, localities and communities in which it
operates, to the extent possible and affordable, and shall be in
accordance with the laws of the land.
A Tata company, in the course of its business activities, shall

respect the culture, customs and traditions of each country and region in
which it operates. It shall conform to trade procedures, including
licensing, documentation and other necessary formalities, as applicable.
Financial reporting and records
A Tata company shall prepare and maintain its accounts fairly and
accurately and in accordance with the accounting and financial reporting
standards which represent the generally accepted guidelines, principles,
standards, laws and regulations of the country in which the company
conducts its business affairs.
Internal accounting and audit procedures shall reflect, fairly and

accurately, all of the company’s business transactions and disposition of

TATA MUTUAL FUND
assets, and shall have internal controls to provide assurance to the

company’s board and shareholders that the transactions are accurate
and legitimate. All required information shall be accessible to company
auditors and other authorised parties and government agencies.There
shall be no willful omissions of any company transactions from the books
and records, no advance-income recognition and no hidden bank
account and funds.
Any willful, material misrepresentation of and / or misinformation

on the financial accounts and reports shall be regarded as a violation of
the Code, apart from inviting appropriate civil or criminal action under
the relevant laws. No employee shall make, authorise, abet or collude in
an improper payment, unlawful commission or bribing.
Competition
A Tata company shall fully support the development and operation

of competitive open markets and shall promote the liberalisation of trade
and investment in each country and market in which it operates.
Specifically, no Tata company or employee shall engage in restrictive
trade practices, abuse of market dominance or similar unfair trade
activities.
A Tata company or employee shall market the company’s products

and services on their own merits and shall not make unfair and
misleading statements about competitors’ products and services. Any
collection of competitive information shall be made only in the normal
course of business and shall be obtained only through legally permitted
sources and means.
Equal opportunities employer

TATA MUTUAL FUND
A Tata company shall provide equal opportunities to all its

employees and all qualified applicants for employment without regard to
their race, caste, religion, colour, ancestry, marital status, gender, sexual
orientation, age, nationality, ethnic origin or disability.
Human resource policies shall promote diversity and equality in

the workplace, as well as compliance with all local labour laws, while
encouraging the adoption of international best practices.
Employees of a Tata company shall be treated with dignity and in

accordance with the Tata policy of maintaining a work environment free
of all forms of harassment, whether physical, verbal or psychological.
Employee policies and practices shall be administered in a manner
consistent with applicable laws and other provisions of this Code, respect
for the right to privacy and the right to be heard, and that in all matters
equal opportunity is provided to those eligible and decisions are based on
merit.
Gifts and donations
A Tata company and its employees shall neither receive nor offer or
make, directly or indirectly, any illegal payments, remuneration, gifts,
donations or comparable benefits that are intended, or perceived, to
obtain uncompetitive favours for the conduct of its business. The
company shall cooperate with governmental authorities in efforts to
eliminate all forms of bribery, fraud and corruption.
However, a Tata company and its employees may, with full

disclosure, accept and offer nominal gifts, provided such gifts are
customarily given and / or are of a commemorative nature. Each
company shall have a policy to clarify its rules and regulations on gifts
and entertainment, to be used for the guidance of its employees.
Government agencies

TATA MUTUAL FUND
A Tata company and its employees shall not, unless mandated

under applicable laws, offer or give any company funds or property as
donation to any government agency or its representative, directly or
through intermediaries, in order to obtain any favourable performance of
official duties. A Tata company shall comply with government
procurement regulations and shall be transparent in all its dealings with
government agencies.
Political non-alignment
A Tata company shall be committed to and support the

constitution and governance systems of the country in which it operates.
A Tata company shall not support any specific political party or

candidate for political office. The company’s conduct shall preclude any
activity that could be interpreted as mutual dependence / favour with
any political body or person, and shall not offer or give any company
funds or property as donations to any political party, candidate or
campaign.
Health, safety and environment
A Tata company shall strive to provide a safe, healthy, clean and

ergonomic working environment for its people. It shall prevent the
wasteful use of natural resources and be committed to improving the
environment, particularly with regard to the emission of greenhouse
gases, and shall endeavour to offset the effect of climate change in all
spheres of its activities.
A Tata company, in the process of production and sale of its

products and services, shall strive for economic, social and
environmental sustainability.

TATA MUTUAL FUND
Quality of products and services
A Tata company shall be committed to supply goods and services

of world class quality standards, backed by after-sales services
consistent with the requirements of its customers, while striving for their
total satisfaction. The quality standards of the company’s goods and
services shall meet applicable national and international standards.
A Tata company shall display adequate health and safety labels,

caveats and other necessary information on its product packaging.
Corporate citizenship
A Tata company shall be committed to good corporate citizenship,

not only in the compliance of all relevant laws and regulations but also
by actively assisting in the improvement of quality of life of the people in
the communities in which it operates. The company shall encourage
volunteering by its employees and collaboration with community groups.
Tata companies are also encouraged to develop systematic

processes and conduct management reviews, as stated in the Tata
‘corporate sustainability protocol’, from time to time so as to set strategic
direction for social development activity.
The company shall not treat these activities as optional, but

should strive to incorporate them as an integral part of its business plan.

TATA MUTUAL FUND
Cooperation of Tata companies
A Tata company shall cooperate with other Tata companies

including applicable joint ventures, by sharing knowledge and physical,
human and management resources, and by making efforts to resolve
disputes amicably, as long as this does not adversely affect its business
interests and shareholder value.
In the procurement of products and services, a Tata company shall

give preference to other Tata companies, as long as they can provide
these on competitive terms relative to third parties.
Public representation of the company and the group
The Tata group honours the information requirements of the

public and its stakeholders. In all its public appearances, with respect to
disclosing company and business information to public constituencies
such as the media, the financial community, employees, shareholders,
agents, franchisees, dealers, distributors and importers, a Tata company
or the Tata group shall be represented only by specifically authorised
directors and employees. It shall be the sole responsibility of these
authorised representatives to disclose information about the company or
the group.
Third party representation
Parties which have business dealings with the Tata group but are
not members of the group, such as consultants, agents, sales
representatives, distributors, channel partners, contractors and
suppliers, shall not be authorised to represent a Tata company without
the written permission of the Tata company, and / or if their business
conduct and ethics are known to be inconsistent with the Code.

TATA MUTUAL FUND
Third parties and their employees are expected to abide by the

Code in their interaction with, and on behalf of, a Tata company. Tata
companies are encouraged to sign a non-disclosure agreement with third
parties to support confidentiality of information.
Use of the Tata brand
The use of the Tata name and trademark shall be governed by

manuals, codes and agreements to be issued by Tata Sons. The use of
the Tata brand is defined in and regulated by the Tata Brand Equity and
Business Promotion agreement. No third party or joint venture shall use
the Tata brand to further its interests without specific authorisation.
Group policies
A Tata company shall recommend to its board of directors the

adoption of policies and guidelines periodically formulated by Tata Sons.
Shareholders
A Tata company shall be committed to enhancing shareholder

value and complying with all regulations and laws that govern
shareholder rights.The board of directors of a Tata company shall duly
and fairly inform its shareholders about all relevant aspects of the
company’s business, and disclose such information in accordance with
relevant regulations and agreements.
Ethical conduct
Every employee of a Tata company, including full-time directors

and the chief executive, shall exhibit culturally appropriate deportment
in the countries they operate in, and deal on behalf of the company with

TATA MUTUAL FUND
professionalism, honesty and integrity, while conforming to high moral

and ethical standards. Such conduct shall be fair and transparent and
be perceived to be so by third parties.
Every employee of a Tata company shall preserve the human rights

of every individual and the community, and shall strive to honour
commitments.
Every employee shall be responsible for the implementation of and

compliance with the Code in his / her environment. Failure to adhere to
the Code could attract severe consequences, including termination of
employment.
Regulatory compliance
Employees of a Tata company, in their business conduct, shall

comply with all applicable laws and regulations, in letter and spirit, in all
the territories in which they operate. If the ethical and professional
standards of applicable laws and regulations are below that of the Code,
then the standards of the Code shall prevail.
Directors of a Tata company shall comply with applicable laws and

regulations of all the relevant regulatory and other authorities. As good
governance practice they shall safeguard the confidentiality of all
information received by them by virtue of their position.
Concurrent employment
Consistent with applicable laws, an employee of a Tata company

shall not, without the requisite, officially written approval of the
company, accept employment or a position of responsibility (such as a
consultant or a director) with any other company, nor provide freelance
services to anyone, with or without remuneration. In the case of a full-

TATA MUTUAL FUND
time director or the chief executive, such approval must be obtained from
the board of directors of the company.
Conflict of interest
An employee or director of a Tata company shall always act in the

interest of the company, and ensure that any business or personal
association which he / she may have does not involve a conflict of
interest with the operations of the company and his / her role therein.
An employee, including the executive director (other than independent
director) of a Tata company, shall not accept a position of responsibility
in any other non-Tata company or not-for-profit organisation without
specific sanction.
The above shall not apply to (whether for remuneration or

otherwise):
a) Nominations to the boards of Tata companies, joint ventures or
associate companies.
b) Memberships / positions of responsibility in educational /
professional bodies, wherein such association will benefit the employee /
Tata company.
c) Nominations / memberships in government committees / bodies or
organisations.
d) Exceptional circumstances, as determined by the competent authority.
Competent authority, in the case of all employees, shall be the

chief executive, who in turn shall report such exceptional cases to the
board of directors on a quarterly basis. In case of the chief executive and
executive directors, the Group Corporate Centre shall be the competent
authority.

TATA MUTUAL FUND
Securities transactions and confidential information
An employee of a Tata company and his / her immediate family

shall not derive any benefit or counsel, or assist others to derive any
benefit, from access to and possession of information about the company
or group or its clients or suppliers that is not in the public domain and,
thus, constitutes unpublished, price-sensitive insider information.
An employee of a Tata company shall not use or proliferate

information that is not available to the investing public, and which
therefore constitutes insider information, for making or giving advice on
investment decisions about the securities of the respective Tata
company, group, client or supplier on which such insider information
has been obtained.
Such insider information might include (without limitation) the following:
 Acquisition and divestiture of businesses or business units.

 Financial information such as profits, earnings and dividends.
 Announcement of new product introductions or developments.
 Asset revaluations.
 Investment decisions / plans.
 Restructuring plans.
 Major supply and delivery agreements.
 Raising of finances.
An employee of a Tata company shall also respect and observe the

confidentiality of information pertaining to other companies, their
patents, intellectual property rights, trademarks and inventions; and
strictly observe a practice of non-disclosure.

TATA MUTUAL FUND
Protecting company assets
The assets of a Tata company shall not be misused; they shall be

employed primarily and judiciously for the purpose of conducting the
business for which they are duly authorised. These include tangible
assets such as equipment and machinery, systems, facilities, materials
and resources, as well as intangible assets such as information
technology and systems, proprietary information, intellectual property,
and relationships with customers and suppliers.
Citizenship
The involvement of a Tata employee in civic or public affairs shall

be with express approval from the chief executive of his / her company,
subject to this involvement having no adverse impact on the business
affairs of the company or the Tata group.
Integrity of data furnished
Every employee of a Tata company shall ensure, at all times, the

integrity of data or information furnished by him/her to the company.
He/she shall be entirely responsible in ensuring that the confidentiality
of all data is retained and in no circumstance transferred to any outside
person/party in the course of normal operations without express
guidelines from or, the approval of the management.
Reporting concerns
Every employee of a Tata company shall promptly report to the

management, and / or third-party ethics helpline, when she / he
becomes aware of any actual or possible violation of the Code or an event

TATA MUTUAL FUND
of misconduct, act of misdemeanour or act not in the company’s interest.

Such reporting shall be made available to suppliers and partners, too.
Any Tata employee can choose to make a protected disclosure

under the whistleblower policy of the company, providing for reporting to
the chairperson of the audit committee or the board of directors or
specified authority. Such a protected disclosure shall be forwarded, when
there is reasonable evidence to conclude that a violation is possible or
has taken place, with a covering letter, which shall bear the identity of
the whistleblower.
The company shall ensure protection to the whistleblower and any

attempts to intimidate him / her would be treated as a violation of the
Code.

TATA MUTUAL FUND
SOCIAL RESPONSIBILITY
The wealth generated by Jamsetji Tata and his sons in half a

century of industrial pioneering formed but a minute fraction of the
amount by which they enriched the nation. The whole of that wealth is
held in trust for the people and used exclusively for their benefit. The
cycle is thus complete: what came from the people has gone back to the
people many times over.
Sharing Wealth to Diminish Disparities
For Jamsetji Tata, the progress of enterprise, welfare of people

and the health of the enterprise were inextricably linked. Wealth and the
generation of wealth have never "been ends in themselves, but a means
to an end, for the increased prosperity of India," The Times of India said
in 1912 of the Tatas.
Successive generations of Tata Group leaders have always held

the belief that no success in material terms is worthwhile unless it serves
the interest of the nation and is achieved by fair and honest means.
Conscious that the task of social progress, especially in a country

as diverse as India, cannot be undertaken by the Government alone, J R
D Tata the Chairman of the Tata Group from 1938 to 1991, believed
that, "to create good working conditions, to pay the best wages to its
employees and provide decent housing to its employees are not enough
for the industry, the aim of an industry should be to discharge its overall
social responsibilities to the community and the society at large, where
industry is located."

TATA MUTUAL FUND
At the vanguard of social commitment
Guided by this mandate, Tata Steel has for decades used its skills
and resources, to the extent it can reasonably afford, to give back to the
community a fair share of the product of its efforts.
It was the first to establish labour welfare practices, even before

these were made statutory laws across the world. In 1912 it invited
Sidney and Beatrice Webb, the Founders of the London School of
Economics, to prepare a Memorandum of Health for the Steel City. The
Company also instituted an eight-hour workday in 1912, free medical aid
in 1915, a Welfare Department in 1917, leave with pay, Workers
Provident Fund and Workmen’s Compensation in 1920 and Maternity
Benefit for ladies in 1928.
With the understanding that the hunger for employment can never
be satisfied despite its best efforts, the Company took an enlightened
decision to address the needs of those who migrated to its vicinity in
search for employment. It first stimulated entrepreneurship and
economic development in the Steel City and then reached out to the rural
poor, empowering them with the means to create better livelihoods within
their own villages.
At the same time, Tata Steel also fulfilled their basic need for
health care, food security, education and income generation through the
development of rural infrastructure, empowerment and community
outreach programmes.
By virtue of the extent of its demonstrated commitment for

decades, through the beliefs and values it has acted upon, the resources
it has deployed, the wealth it has shared as well as the many "firsts" it
has achieved through socio-economic programmes, Tata Steel is India’s
acknowledged Corporate Social Responsibility leader and is recognised as
a most humane organisation. Every lesson learned, every piece of

TATA MUTUAL FUND
knowledge gathered, the Company offers to all those who wish to work
alongside it to "improve the quality of life of the communities it serves
LIST OF MUTUAL FUNDS OF TATA WHICH INCLUDES EQUITY

PRODUCTS, DEBT FUND.
Debt Products
 Tata Short Term Bond Fund
 Tata Gilt Securities Fund
 Tata Income Fund
 Tata Income Plus Fund
 Tata Fixed Horizon Fund Series 5
 Tata Monthly Income Fund
 Tata Dynamic Bond Fund
 Tata Floating Rate Fund
 Tata Liquid Fund
 Tata MIP Plus Fund
 Tata Floater Fund
 Tata Liquidity Management Fund
 Tata Treasury Manager Fund
 Tata Fixed Income Portfolio Fund
 Tata Fixed Investment Plan-1

TATA MUTUAL FUND
Equity Products
 Tata Pure Equity Fund
 Tata Tax Saving Fund
 Tata Select Equity Fund
 Tata Life Sciences & Technology Fund
 Tata Equity Opportunities Fund
 Tata Index Fund
 Tata Growth Fund
 Tata Equity P/E Fund
 Tata Dividend Yield Fund
 Tata Infrastructure Fund
 Tata Service Industries Fund
 Tata Mid Cap Fund
 Tata Contra Fund
 Tata Tax Advantage Fund 1

TATA MUTUAL FUND
Corporate Governance
Corporate governance issues are in the news globally, as witnessed by the

Sarbanes-Oxley Act in the U.S., the new Combined Code on Corporate Governance in
the U.K., and Clause 49 in India. Wharton Executive Education offers programs to help
directors understand their duties — because being an educated director is a necessity,
not an option.
Return performance and dividend history of Tata

Infrastructure Fund and Tata Equity Opportunities Fund.
SCHEME 1 Year (%) 3 Years (%) 5 Years (%) Inception (%)

(Inception
Date)
Tata 57.48 7.81 - 17.03 (9.94)
Infrastructure
Fund
(31/12/04)
Tata Equity -60.81 -1.66 13.28 9.14 (8.12)*
Opportunities
Fund
(25/02/93)
BSE Sensex -52.35 0.88 10.55 -
Returns are as on 31 December, 08 and for growth option. Returns are

compound annualized. Past performance may or may not be sustained in future.
Figures in brackets indicate scheme returns since inception
Dividend History - Tata Equity Opportunities Fund

Dividend (%) Per unit value on face NAV (Rs.) (Date of

TATA MUTUAL FUND
value of Rs. 10/- Declaration of Dividend)

21.00 2.10 13.7331 ( 12/08/2003 )
18.00 1.80 14.9949 ( 15/10/2003 )
14.00 1.40 15.0689 ( 18/11/2003 )
12.00 1.20 15.4941 ( 18/12/2003 )
10.00 1.00 15.1288 ( 15/01/2004
10.00 1.00 14.3295 ( 04/03/2004 )
7.00 0.70 13.0036 ( 07/09/2004 )
8.00 0.80 13.5968 ( 09/11/2004 )
10.00 1.00 15.8183 ( 11/05/2005 )
10.00 1.00 20.1350 ( 29/11/2005 )
50.00 5.00 25.2299 ( 20/03/2006 )
10.00 1.00 21.1290 ( 12/04/2006 )
10.00 1.00 21.4375 ( 05/05/2006 )
10.00 1.00 23.3049 ( 29/06/2007 )
10.00 1.00 31.1517 (30/11/2007)
Dividend History - Tata Infrastructure Fund

Dividend (%) Per unit value on NAV (Rs.) (Date of
face value of Rs. 10/- Declaration of Dividend)
4.50% 0.45 11.4230 (07/07/2005)
15.00% 1.50 22.0400 (10/11/2006)
20.00% 2.00 19.0546 (09/03/2007)
20.00% 2.00 24.0726 (14/09/2007
10.00% 1.00 24.6787 (11/03/2008)
Past performance may or may not be sustained in

future
Statutory Details: Constitution: Tata Mutual Fund has been set up as a trust
under the Indian Trust Act, 1882. Sponsors & Settlors: Tata Sons Ltd., Tata
Investment Corporation Ltd. Investment Manager: Tata Asset Management Ltd.
Trustee: Tata Trustee Co. Pvt. Ltd. Nature & Investment Objective: Tata Equity
Opportunities Fund: An open ended equity fund. To provide income distribution
and/or medium to long term capital gains while at all times emphasizing the
importance of capital preservation. Tata Infrastructure Fund: An open ended Equity
Scheme. To provide income distribution and/or medium to long-term capital gains by
investing predominantly in equity / equity related instruments of companies in the
infrastructure sector. Load Structure: Tata Equity Opportunities Fund: Entry load
(other than SIP):- For investment amount less than Rs.2 crores – 2.25%, For investment
amount greater than or equal to Rs.2 crores - NIL. No entry load will be charged on
investment made by fund of fund scheme. Exit load (other than SIP):- For investment
amount less than Rs.2 crores: 1% if redeemed on or before expiry of six months from

TATA MUTUAL FUND
the date of allotment. For investment amount greater than or equal to Rs.2 crores: NIL.
Entry load (SIP):- 1%. Exit load (SIP):- If redeemed on or before expiry of 24 months
from the date of allotment: 1.25%; if redeemed after 24 months from the date of
allotment: NIL. Tata Infrastructure Fund: Entry load (other than SIP):- For investment
amount less than Rs.2 crores – 2.25%, For investment amount greater than or equal to
Rs.2 crores - NIL. Exit load (other than SIP):- For investment amount less than Rs.2
crores: 1% if redeemed on or before expiry of six months from the date of allotment. For
investment amount greater than or equal to Rs.2 crores: NIL. Entry load (SIP):- 1%. Exit
load (SIP):- If redeemed on or before expiry of 24 months from the date of allotment:
1.25%; if redeemed after 24 months from the date of allotment: NIL. The above SIP load
structure, for both schemes, would be applicable for SIP amount upto Rs 10 lakhs per
installment. For SIP installment above Rs 10 lakhs the prevailing load structure for
investment other than SIP will be applicable.
Risk Factors: As with any investment in securities, the NAV of the units
issued under the scheme can go up or down depending on the factors and forces
affecting the capital markets. Past performance of the previous schemes, the sponsor or
its group affiliates is not indicative of and does not guarantee the future performance of
the scheme. Mutual Fund and Securities Investment are subject to market risks and
there can be no assurance and no guarantee that the scheme will achieve its objectives.
Tata Infrastructure Fund and Tata Equity Opportunities Fund are only the names of
the schemes and do not in any manner indicate either the quality of the schemes, its
future prospects or the returns. The sponsors are not responsible or liable for any loss
resulting from the operations of the scheme beyond the initial contribution of Rs. 1 lac
made by them towards setting up the Mutual Fund. Tata Infrastructure Fund: The
scheme being sector specific will be affected by risks associated with the infrastructure
sector. For scheme specific risk factors and other details please read the offer
document carefully before investing.
Board of Directors

TATA MUTUAL FUND
Rattan Tata
Chairman of Tata Mutual Fund Company
Board of
Board of Directors of
Tata Trustee Company Private
Tata Asset Management Limited
Limited
Mr. S. M. Datta (Chairman) Mr.F.K.Kavarana (Chairman)
Mr. I. Hussain (Director) Mr. Ved Prakash Chaturvedi (Managing
Director)
Mr. J. N. Godrej ( Director) Mr. A. R. Gandhi (Director)
Mr. M. L. Apte ( Director)
Mr. A. Hasib (Director)

TATA MUTUAL FUND
CHAPTER – 4
FINAICIAL ANANLYSIS OF TATA MUTUAL OF

SCHEME
Awards
Three schemes of Tata Mutual Fund have recently won awards in
their respective categories:
 Tata Infrastructure Fund has been ranked ICRA - MFR 1 and has been awarded
the Gold Award for best performance in the open-ended diversified equity
category. The rank indicates performance within the top 10 per cent of the
stated category.
 Tata Income Fund has been ranked ICRA - MFR 1 and has been awarded the
Gold Award for Best Performance in the open-ended debt - long term category,
for its 3 year performance till December 31, 2006.
 Tata Liquid Fund, SHIP, has been awarded the Crisil Mutual Fund Award 2007
in the liquid fund, institutional category.
Speaking on this occasion, Ved Prakash Chaturvedi, managing director, Tata Asset
Management, said, "We are delighted on receiving these prestigious awards. It is a
reflection of our strong commitment to providing our investors with best in class
research and fund management services."
Tata Asset Management. is a leading player in the mutual fund arena and offers
a wide array of products across the risk-reward spectrum for every financial need at
various life stages. The overall AUM of the company stood at Rs 16741.01 crore as on
Feb 28, 2007. Tata Mutual Fund currently has 75 touch-points with over 11,00,000
investors across the country.
ICRA awards selection method
The ranks are an outcome of an objective and comparative analysis against

various parameters, including: risk adjusted return, fund size, sector concentration,
portfolio turnover, liquidity, company concentration and average maturity. The ranking

TATA MUTUAL FUND
methodology did not take into account entry and exit loads imposed by the fund. The
rank is neither a certificate of statutory compliance nor any guarantee on the future
performance of Tata Infrastructure Fund / Tata Income Fund.
Crisil awards selection method
The eligible schemes are scaled with the best score for each quarter. The average
scaled scores constitute the parametric scores. The final weighted average score for
each scheme is arrived by applying an assigned weightage to each of the parametric
scores. The number of awards in a category is based on the number of schemes
qualifying in the top 10 percentile subject to a maximum of three awards.
Tata Mutual Fund has a track record of winning awards for performance of its
schemes. This year, leading rating organisations like ICRA and CRISIL have awarded
Tata Mutual Fund’s schemes across various categories (equity/balanced/debt) for being
among the top performers in their respective categories. These prestigious awards are a
reflection of our efforts in providing our investors with best in class research and fund
management services.
Past performance is no guarantee of future results.

Methodology
ICRA Mutual Fund Award 2007: Tata Balanced Fund has been ranked as a Seven Star
Fund and awarded the ICRA 7-Star Gold Award in the category of ‘Open Ended
Balanced’ schemes for its 1 year performance till December 31, 2007. The rank
indicates best performance amongst the 5-star Funds. There were 15 schemes
considered in ‘Open Ended Balanced’ category for the ranking exercise. Tata Gilt

TATA MUTUAL FUND
Securities Fund (Short Maturity Plan) has been ranked as a Seven Star Fund and
awarded the ICRA 7-Star Gold Award in the category of ‘Open Ended Gilt’ schemes for
its 1 year performance till December 31, 2007. The rank indicates best performance
amongst the 5-star Funds. There were 22 schemes considered in ‘Open Ended Gilt’
category for the ranking exercise. Tata Short Term Bond Fund has been ranked as a
Seven Star Fund and awarded the ICRA 7-Star Gold Award in the category of ‘Open
Ended Liquid Plus’ schemes for its 3 year performance till December 31, 2007. The rank
indicates best performance amongst the 5-star Funds. There were 27 schemes
considered in ‘Open Ended Liquid Plus’ category for the ranking exercise. Tata Equity
Opportunities Fund has been ranked as a Five Star Fund in the category of ‘Open
Ended Diversified Equity - Defensive’ schemes for its 1 year performance till December
31, 2007. The rank indicates Best Performance (Top 10% of the category). There were
73 schemes considered in ‘Open Ended Diversified Equity - Defensive’ category for the
ranking exercise. Tata Income Fund has been ranked as a Five Star Fund in the
category of ‘Open Ended Debt - Long Term’ schemes for its 3 year performance till
December 31, 2007. The rank indicates Best Performance (Top 10% of the category).
There were 21 schemes considered in ‘Open Ended Debt - Long Term’ category for the
ranking exercise. The rank is an outcome of an objective and comparative analysis
against various parameters, including: risk adjusted return, fund size, company
concentration, sector concentration, portfolio turnover and liquidity. The ranking
methodology did not take into account entry and exit loads imposed by the Fund. The
rank is neither a certificate of statutory compliance nor any guarantee on the future
performance of Tata Balanced Fund, Tata Gilt Securities Fund, Tata Short Term Bond
Fund, Tata Equity Opportunities Fund, and Tata Income Fund.

TATA MUTUAL FUND
Balance sheet
Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Mar ' 04
Sources of funds
Owner's fund
Equity share capital 97.86 97.86 48.93 48.01 36.44
Share application money - - - - -
Preference share capital 100.00 - - - -
Reserves & surplus 10,806.95 7,961.13 5,560.40 3,273.04 10.64
Loan funds
Secured loans 9.27 41.76 26.52 111.01 -
Unsecured loans 8.98 8.98 8.98 9.73 375.00
Total 11,023.06 8,109.73 5,644.83 3,441.79 422.08
Uses of funds
Fixed assets
Gross block 3,240.64 2,315.36 1,695.13 1,041.09 226.50
Less : revaluation reserve - - - - -
Less : accumulated depreciation 1,300.11 854.75 525.35 132.93 0.95
Net block 1,940.53 1,460.61 1,169.78 908.16 225.55
Capital work-in-progress 889.74 757.85 280.00 120.28 -
Investments 4,509.33 3,252.04 1,963.52 1,404.42 417.39
Net current assets
Current assets, loans &
7,396.46 5,294.74 4,011.31 2,319.94 12.27
advances
Less : current liabilities &
3,713.00 2,655.51 1,779.78 1,311.01 233.13
provisions
Total net current assets 3,683.46 2,639.23 2,231.53 1,008.93 -220.86
Miscellaneous expenses not
- - - - -
written
Total 11,023.06 8,109.73 5,644.83 3,441.79 422.08
Notes:
Book value of unquoted
4,095.69 2,852.58 1,583.63 1,024.53 37.50
investments
Market value of quoted
661.29 957.53 416.10 481.54 378.98
investments
Contingent liabilities 2,726.11 3,003.25 851.64 407.76 0.33
Number of equity shares
9786.10 9786.10 4893.05 4801.15 364.40
outstanding (Lacs)
Report of the trustee to the Unit

holders of tat mutual fund for the
year ended 31st march, 2006
Dear Unit holder,

TATA MUTUAL FUND
In gives us great pleasure to enclose scheme wise audited

financials as on 31st March, 2006. This Report is in continuation of the
'Performance and Portfolio of the Schemes' Report as on 31st March,
2006 published by us earlier.
Report of the Trustee on the operations of various schemes of the

fund and the fund as a whole during the year and the future outlook of
the fund.
(I) FUNDS UNDER MANAGEMENT
Tata Mutual Fund today manages twenty six open ended schemes
of which thirteen are equity schemes, two are lanced schemes, eleven are
debt schemes and five are close ended scheme. The net assets under
management were round Rs,9716.68 crores as on 31/03/06 which have
increased from S.6784.04 crams as on 31/03/05 showing an increase of
As 2932.64 crores. The AMC's continued focus on marketing and sales
efforts has been showing good results and the total assets under
management as on 30/06/06 were Rs 11158.71 crores.
The Year that was:
Equity:
Equity market continued with its onward joumey picking further

momentum during the year with most fundamental cues being positive
and excess Liquidity chasing stocks. The BSE Sensex rose about 73% in
this period. FY '06 saw the BSE Sensex move decisively out of ns ten year
trading band. Alter starting with a correction in April'05, the index went
up till" October when, due to the fear of global liquidity tightening there
was a sharp correction, alter which the market climbed the wall of worry
again. During the year, our market integrated much more with the other
emerging markets. With a surge in global liquidity, it was a rally almost

TATA MUTUAL FUND
across geographies with most emerging markets participating to various

degrees. It is pertinent to note that India was one of the more significant
gainers.
There was record inflow from Flls and 'more importantly, a lot of money
raised by several new investors from diverse geographies came to the
Indian market reflecting the growing interest global investors have in India
Significant money was raised by domestic mutual funds as well which also
contributed to the Liquidity. The year was also characterized by a number
of IPOs that hit the market, a number of them at high valuations which is
not a good sign.
In the first half of the year it was a broad rally with participation from
both large and mid-cap segments. However, following the correction in
October '05, risk appetite seems to have waned a bit and mid-caps under
perfumed tin almost end of the year.
The monsoon was erratic, however, good and therefore seems to have
had a positive impact on the agricultural production. GDP growth
numbers for FY06 were revised upward for FY06 to 8.4% with strong
manufacturing growth continuing, and services sector too continuing to
do well. The GDP for the Jan-Mar 06 quarter has grown at 9.3%, which
is one of the fastest growth rates we have seen in the recent past. In
terms of corporate performance there was no let down with a growth rate
above 20% from the BSE Sensex companies in aggregate. The earnings
growth was dragged down by mainly two sectors -oil & gas and banking,
both of which have a high weight age in the index.
Debt:
The year 2005-06 saw the G -See and Corporate Bond yields
moving- up. The reverse repo rate was hiked by 50 basis points during

TATA MUTUAL FUND
the year. The 10 year moved up from 7.15 % to 7.40 % levels. The main
driver for yields going up has, been liquidity tightening due to IMD
redemption, surprise hike by RBI during the review 01 the credit policy,
government running a surplus of around Rs 25000 to Rs 30000 Crores
with RBI. Corporate bonds yields moved up sharply with the 3 months
yield moving to 8.75 %- 9% and one year move to 8.60%- 8.80 % levels,
a spread 175 to 225 basis points over comparable Treasury bill yields.
The 10 year corporate bond yields moved to 8.60 % levels, a spread
01120 _ points over the comparable G see maturity. The year 2005- 06
was a landmark year as GDP grew by 8.4 % for the year.
FUTURE OUTLOOK:
EQUITY AND BALANCED FUNDS
Since the beginning of the year the market has seen increased volatility
with the index crossing 12500 and then a sharp correction to below
9000. A confluence of factors can be attributed for this behaviour of the
market, the main ones being the increased expectation of higher interest
rates and therefore a pull Out of excess Liquidity from the market,
heightened leveraged speculative activity across asset classes etc. The
global environment is playing a Larger role in deciding where market
and stock valuations should be as our market and economy gets further
integrated with others around the world. This coupled with the fact that
we now have a very active F & 0 market would possibly result in higher
volatility in the market 00in0 forward as well.

TATA MUTUAL FUND
SANSCO SERVICES – ANNUAL REPORTS LIBRARY

SERVICE- WWW.SANSCO.NET
Annual report
The economy continues to grow at a good pace and seems likely to

grow at more than 8% even in the current year. If the "I monsoon is good
this could even be higher as manufacturing and services continue to ~o
well. This augurs well for the corporate sector und the market. The
themes of infrastructure creation, higher consumption and sourcing from
India. will continue to be the I key drivers going forward. Estimates
currently point to a 15·18% growth in earnings for corporate in the
current year which takes Into account higher input prices, borrowing
cost and possibly higher depreciation (on new assets created) as well The
two key issues to watch for are - any slow down in core demand and/or
dilution of equity by companies which is increasingly becoming a threat
to the forecasts.
Liquidity conditions could remain tight with every incremental rise in

interest rate across economies. Equity risk premiums are rising and will
lead to higher expectation of return and therefore new flows in the stock
market would have higher return expectations and may come only at
lower levels of the market. This year is likely to be a year of consolidation
after the significant rally witnessed in the last three years, During the
2003-2006 bull run in India. we saw the under valuation getting
corrected and then a re-rating of Indian equities. Going forward however,
the market movement is more likely to track the growth in earnings.
DEBTOUTLOOK
Liquidity conditions which was deficit, in the last quarter of the financial
year 2005-06, turned positive from April, with reverse rapo amount

TATA MUTUAL FUND
increasing to Rs 70.000 Crores. RBI introduced MSS to check the surge

in liquidity due to government spending and its intervention in the forex
market to control rupee appreciation.
In the U.S, Fed fund rates was hiked to 5 % levels, due to pick up in
inflationary pressures. There is expectations of further hikes in fed fund
rates in the coming months to control inflationary pressures in their
economy. Rates in Euro zone were raised to 2.75 % from 2.50 % levels
and Japan is expected to raise rates as the economy is now coming out
of recessionary phrase. These developments have lead to liquidity
tightening and risk appetite for emerging markets coming down.
RBI has stated in its review of its credit policy, it would give more
importance to global factors while formulating its monetary policies. It
has also highlighted the risk to inflation expectations due to insufficient
pass through of oil prices.
The budgeted borrowing programme of Rs 1.65,000 Crores has lead to

continuous supply of Government paper in the market. Lack of market
participant's interest at the prevailing yield levels has led to market
participants demanding higher yields in subsequent auctions. This has
led to 10 year yields moving above 7.80 % levels.
The market is expected to be weak, as global factors are bond market

negative, inflation is expected to move up in the band of 5.5% to 6 %
levels in the coming months due to pass through effect of oil prices hike,
and low base effect. Liquidity is expected to reduce in the coming months
as credit growth is expected to be strong. The ten year is expected to
trade 1n the range of 7.75 % - 8.50 %, during the current financial year.
A note on the scheme wise investment objective. Policy of

investment and performance has been appended at the end 01the trustee

TATA MUTUAL FUND
report.
LIABILITIES AND RESPONSIBILITIES OF TRUSTEES
Tata Mutual Fund was constituted as a Trust in accordance with the

provisions of the Indian Trust Act 1882 and is registered as a Trust
under The Indian Registration Act 1908. Tata Sons limited and Tata
Investment Corporation Limited are the Sponsors and the Settlers have
made an initial contribution of Rs 1 lakh towards setting up to Tata
Mutual Fund. The Trustee Le Tata Trustee Company Private Limited is
accountable for the funds and property of the respective schemes of Tata
Mutual Fund which it holds in trust for the benefit of the unit holders in
accordance with the Securities and Exchange Board of India (Mutual
Funds) Regulations. 1996 and the provisions of the Trust Deed. The
Trustee Company has appointed Tata Asset Management Limited to
manage the schemes of Tata Mutual Fund. The Trustee Company is
responsible to ensure that the asset management company fulfils the
various functions assigned to it under the Securities & Exchange Board
of India (Mutual Fund)Regulations 1996 and the Trust Deed .
(II) CONSTITUTION OF THE FUND
Tata Mutual Fund (TMF) has been constituted as a Trust in accordance

with the provisions of The Indian Trusts Act. 1882 (2 of 1882) and is
registered as a Trust under The Indian Registration Act. 1908. TMF was
registered with the Securities & Exchange Boardof India (SEBI) and
commenced operations by launching its first scheme on 30th August,
1995. Tata Sons limited (TSl) and Tata Investment Corporation Limited
(TICL). are the Settlers and Sponsors of Tata Mutual Fund, TSL and
TICL. Have made an aggregate initial contribution of Rs,1 lakh towards
setting up of TMF. Tata Trustee Company Private Limited is the Trustee
Company and Tata Asset Management Limited (TAML) is the Asset

TATA MUTUAL FUND
Management Company of Tata Mutual Fund,
The sharehoding pattern of tata asset management Ltd (TAML) and tat atrustee
Company Private Lid (TTCPL) as on 31st March, 2006:-
TAML TTCPL
Tat sons Ltd 67.91% 50%
Tata investment 32.09% 50%
corporation Limited

TATA MUTUAL FUND
Profit loss account

Income:
Operating income 18,533.72 14,939.97 11,230.50 8,051.10 -
Expenses
Material consumed 45.85 24.81 157.36 - -
Manufacturing expenses 5,823.39 3,189.71 859.86 531.77 -
Personnel expenses 6,015.19 6,186.85 5,113.96 3,967.52 -
Selling expenses 27.63 31.05 11.67 8.29 -
Adminstrative expenses 1,596.05 1,206.07 1,750.24 1,135.07 0.03
Expenses capitalised - - - - -
Cost of sales 13,508.11 10,638.49 7,893.09 5,642.65 0.03
Operating profit 5,025.61 4,301.48 3,337.41 2,408.45 -
Other recurring income 165.01 86.38 64.55 39.47 4.23
Adjusted PBDIT 5,190.62 4,387.86 3,401.96 2,447.92 4.20
Financial expenses 3.42 3.43 4.49 10.40 0.20
Depreciation 458.78 343.41 257.38 133.22 0.84
Other write offs - - - - -
Adjusted PBT 4,728.42 4,041.02 3,140.09 2,304.30 3.16
Tax charges 457.58 410.80 319.45 280.76 1.49
Adjusted PAT 4,270.84 3,630.22 2,820.64 2,023.54 1.67
Non recurring items 275.44 129.66 -65.74 -192.12 13.51
Other non cash
-37.52 -2.59 -38.03 - -
adjustments
Reported net profit 4,508.76 3,757.29 2,716.87 1,831.42 15.18
Earnigs before
9,428.75 6,590.59 3,858.50 1,832.06 15.58
appropriation
Equity dividend 1,370.05 1,125.39 660.56 552.13 4.38
Preference dividend 0.08 - - - -
Dividend tax 232.85 169.48 92.64 74.46 0.56
Retained earnings 7,825.77 5,295.72 3,105.30 1,205.47 10.64

TATA MUTUAL FUND
Cash flow
Profit before tax 5,003.86 4,170.68 3,074.35 2,308.65 3.22
Net cashflow-operating activity 3,827.91 3,551.26 2,344.42 1,978.99 0.64
Net cash used in investing
-2,404.90 -2,076.42 -1,464.97 -2,813.85 -374.50
activity
Netcash used in fin. activity -1,424.77 -1,075.35 -882.30 953.35 374.98
Net inc/dec in cash and
-29.62 385.97 -5.10 118.49 1.12
equivlnt
Cash and equivalnt begin of
557.14 171.17 176.27 2.25 1.13
year
Cash and equivalnt end of year 527.52 557.14 171.17 120.74 2.25
Annual results in details

Other income 445.95 216.55 63.26 75.00 4.29
Stock adjustment - - - - -
Raw material - - - - -
Power and fuel - - - - -
Employee expenses 6,015.19 6,186.85 3,999.57 1,763.83 -
Excise - 532.02 - - -
Admin and selling expenses - - - - -
Research and development
- - - - -
expenses
Expenses capitalised - - - - -
Other expenses 7,498.42 4,452.15 3,957.97 3,886.48 0.03
Provisions made - - - - -
Depreciation 458.78 343.41 257.38 133.22 0.84
Taxation 495.10 413.39 357.48 280.76 1.49
Net profit / loss 4,508.76 3,757.29 2,716.87 1,831.42 15.18
Extra ordinary item - - - -196.47 13.45
Prior year adjustments - - - - -
Equity capital 97.86 97.86 48.93 48.01 36.44
Equity dividend rate - - - - -
Agg.of non-prom. shares (Lacs) 2197.25 1167.97 798.24 727.64 7.74
Agg.of non promotoHolding (%) 22.45 11.94 16.31 15.16 2.12
OPM (%) 27.09 27.80 29.14 29.61 -
GPM (%) 28.78 28.77 29.50 30.14 -
NPM (%) 23.76 23.95 24.06 22.60

TATA MUTUAL FUND
CHAPTER – 5
SURVEY ANALYSIS

TATA MUTUAL FUND
CHAPTER – 6
SUGGESTIONS AN CONCLUSION

TATA MUTUAL FUND
CHAPTER – 7
ANNEXURE
Questionnaire
Bibliography

TATA MUTUAL FUND
QUESTIONNAIRE
Dear Respondent,
I LATHA BAI the student of B.B.M studying in G.F.G.C.. college kadur. As a
part of our academic activity, we have undertaken a project on market research on
“TATA MUTUAL FUNDS” under the guidenance of N. SOMA SHEKAR, hod of

commerece & Management.Hence, I request you to kindly spare your valuable time to
go through & fill up the questionnaire. We assure you that the information provided by
you will be used only for the academic purpose.
PART A
1. Name:
2. Address:
3. Sex:
a)Male b)Female
4. Age:
a) Below 20 years b) 20-30 years
c) 30-40 years d) 40 & above
5. Qualification:
a) Below SSLC b) PUC
c) Graduation d) Post graduation
e) Others please specify………..
6. Occupation:
a) Student b) House wife
c) Professional d) Self employed
e) Others, P.S
7. Monthly income:
a) Below 5000 b) Rs.5000-10000
c) Rs. 10000-15000 d) Rs.15000-& above

TATA MUTUAL FUND
PART – B
1. Are you aware of Mutual Funds
Yes [ ] No [ ]
2. How did you come to know about Mutual Funds
(a) Advertisement (b) Agents (c) Friends (d) Others
3. Have you ever invested in Mutual Funds
Yes [ ] No [ ]
If yes specify
4. Which of the Mutual Fund Trusts you are confident of investing your money
(a) SBI mutual fund (e) Tata Mutual Funds
(b) UTI mutual fund (f) Birla Sun life Mutual Fund
(c) Kotak Mahindra Mutual Fund
(d) Others (specify)

[If Tata Mutual Funds Continue or Skip to Part-C ]
5. Are you comfortable investing in Mutual Funds
Yes [ ] No [ ]
6. Which kind of Mutual Funds would you like to invest in :
(a) Open Ended Mutual fund (b) Close Ended Mutual fund
7. What is your favorable investment periodicity
(a) Below 1 yr (b) 1-3 yrs
(b) (c) 3-5 yrs (d) Above 5 yrs

TATA MUTUAL FUND
8. What is your objective behind investments :
(a) Dividends (b) Capital Gains
(c) Savings (d) Safety (e) Liquidity
9. Which of the following portfolio of investments you would like to have :
(a) Debt Funds (b) Government/Gilt funds
(c) Equity/Index Funds
(d) Combination of (a) & (b) / (b) &(c) / (c) & (a) / all the above
10. What is your opinion about Tata Mutual Funds compared to other Mutual
Funds Companies?
a) Excellent [ ] c) Ok [ ]
b) Good [ ] d) Poor [ ]
11. How is the service of Tata Mutual Funds compared to other Companies.
c) Excellent [ ] c) Ok [ ]
b) Good [ ] d) Poor [ ]
PART-C
12. Reason for selecting other Mutual Funds Companies
a) Service [ ] b) Company Name [ ]
b) Facilities [ ] d) Other Reason [ ]
13. Would you like to switch to TATA Mutual Funds in Future
a) Yes [ ] b) No[ ]

TATA MUTUAL FUND
14. Any comments & suggestions regarding Tata Mutual Funds.

……………………………………………..
……………………………………………..
……………………………………………..
Date :
Place : Signature

TATA MUTUAL FUND
BIBLIOGRAPHY

Executive Summary

Uploaded by

Copyright:

Available Formats

Executive Summary

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Executive Summary

Uploaded by

Copyright:

Available Formats

What are the objectives of the study?

What are the objectives of the study?

What are the different types of mutual funds discussed?

What are the different types of mutual funds discussed?

TATA MUTUAL FUND

CHAPTER – 2 A PROFILE OF MUTUAL FUNDS

CHAPTER – 3 A PROFILE OF TAAT MUTUAL FUND

CHAPTER – 4 FINANCIAL ANALYSIS OF TATA

CHAPTER – 5 SURVEY ANALYSIS

CHAPTER – 6 SUGGESTIONS AN CONCLUSION

G.F.G.C. College KADUR 1

 To analyze the performance of mutual funds.

Secondary data consists of original information that already exists somewhere

G.F.G.C. College KADUR 2

LIMITATIONS OF THE STUDY

The following are the limitation of the study.

G.F.G.C. College KADUR 3

SCOPE OF THE STUDY.

The scope of the study is

G.F.G.C. College KADUR 4

G.F.G.C. College KADUR 5

G.F.G.C. College KADUR 6

History of mutual funds

G.F.G.C. College KADUR 7

Classification of mutual funds.

Mutual funds are classed according to their investment objectives. Broadly

A. Money market funds.

G.F.G.C. College KADUR 8

C. Growth and income funds.

D. Equity fund scheme

E. Bond fund scheme

G.F.G.C. College KADUR 9

I. Leverage –fund scheme

G.F.G.C. College KADUR 10

L. Tax saving scheme

G.F.G.C. College KADUR 11

B. Closed- ended scheme

G.F.G.C. College KADUR 12

any time only at the end of specified

III. Return- based classification

B. Growth fund scheme

G.F.G.C. College KADUR 13

Advantages of Mutual funds.

Professional management- The primary advantage of funds (at least

Diversification: by owing shares in a mutual fund instead of owning individual

G.F.G.C. College KADUR 14

Disadvantages of Mutual Funds

G.F.G.C. College KADUR 15

6. Costs of mutual funds.

 A sales chare: incurred upon purchase of shares.

G.F.G.C. College KADUR 16

A PROFILE OF TATA MUTUAL FUND COMPANY

Tata Mutual Fund manages around Rs. 20,140.00 crores (average

The Tata Asset Management philosophy is centred on seeking

We constantly benchmark our efforts against these tenets of

Consistency : We strive to deliver consistent results through our value-

Flexibility : Tata Mutual Fund offers investors a broad range of

Stability: Our commitment to the highest quality of service and integrity

G.F.G.C. College KADUR 17