TRUSTMF Arbitrage Fund - Regular Plan - Growth

Regular

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.
Direct

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.

Category : Arbitrage Fund

Fund House :

Equity Holding : 76.10% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 76.10%

No of Stocks : 47 (Category Avg - 142.18) | Large Cap Investments : 37.44%| Mid Cap Investments : 16.75% | Small Cap Investments : 4.42% | Other : 17.53%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	47	111.68
Top 5 Stock Weight	24.95%	22.04%
Top 10 Stock Weight	40.59%	34.22%
Top 3 Sector Weight	29.07%	27.34%

Category - Arbitrage Fund

Particulars	This Scheme	Category
Average mcap (Cr)	109778.18	92200.06
Holdings in large cap stocks	37.44%	39.91%
Holdings in mid cap stocks	16.75%	16.24%
Holdings in small cap stocks	4.42%	4.17%

Category - Arbitrage Fund

Top 10 Stocks holding in Portfolio (as on 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
ICICI Bank Ltd.	Private sector bank	54.6	5.98%	4.23%	5.98% (Oct 2025)	0% (Nov 2024)	40.60 k	33.60 k
HDFC Bank Ltd.	Private sector bank	51.6	5.65%	0.01%	5.65% (Oct 2025)	0% (Nov 2024)	52.25 k	20.35 k
# ITC Limited	Diversified fmcg	47.1	5.16%	5.16%	5.16% (Oct 2025)	0% (Nov 2024)	1.12 L	1.12 L
Reliance Industries Ltd.	Refineries & marketing	38.7	4.23%	-2.86%	7.1% (Sep 2025)	0% (Nov 2024)	26.00 k	-2.00 k
State Bank Of India	Public sector bank	35.8	3.93%	-1.06%	4.99% (Sep 2025)	0% (Nov 2024)	38.25 k	7.50 k
Eternal Ltd.	E-retail/ e-commerce	35.5	3.88%	-0.22%	4.11% (Sep 2025)	0% (Nov 2024)	1.12 L	43.65 k
# Indusind Bank Ltd.	Private sector bank	32.8	3.60%	3.60%	3.6% (Oct 2025)	0% (Nov 2024)	41.30 k	41.30 k
Kalyan Jewellers India Ltd.	Gems, jewellery and watches	29.4	3.22%	-0.26%	3.47% (Sep 2025)	0% (Nov 2024)	57.58 k	16.45 k
Steel Authority Of India Ltd.	Iron & steel products	24.4	2.68%	1.86%	2.68% (Oct 2025)	0% (Nov 2024)	1.79 L	1.46 L
Punjab National Bank	Public sector bank	20.7	2.26%	1.09%	2.26% (Oct 2025)	0% (Nov 2024)	1.68 L	1.12 L

- indicates change in weight in the portfolio. # indicates a new entry.

View complete holding

Complete equity Portfolio (as on 31st Oct,2025)

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Sector
M-Cap

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Stock Invested in	Sector	Sector Total	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty	M-Cap	GroupName
ICICI Bank Ltd.	Private sector bank	17.72	54.6	5.98%	4.23%	5.98% (Oct 2025)	0% (Nov 2024)	40.60 k	33.60 k	Large Cap	37.44
HDFC Bank Ltd.	Private sector bank	17.72	51.6	5.65%	0.01%	5.65% (Oct 2025)	0% (Nov 2024)	52.25 k	20.35 k	Other	17.53
# ITC Limited	Diversified fmcg	5.16	47.1	5.16%	5.16%	5.16% (Oct 2025)	0% (Nov 2024)	1.12 L	1.12 L	Large Cap	37.44
Reliance Industries Ltd.	Refineries & marketing	4.23	38.7	4.23%	-2.86%	7.1% (Sep 2025)	0% (Nov 2024)	26.00 k	-2.00 k	Large Cap	37.44
State Bank Of India	Public sector bank	6.19	35.8	3.93%	-1.06%	4.99% (Sep 2025)	0% (Nov 2024)	38.25 k	7.50 k	Large Cap	37.44
Eternal Ltd.	E-retail/ e-commerce	3.88	35.5	3.88%	-0.22%	4.11% (Sep 2025)	0% (Nov 2024)	1.12 L	43.65 k	Other	17.53
# Indusind Bank Ltd.	Private sector bank	17.72	32.8	3.60%	3.60%	3.6% (Oct 2025)	0% (Nov 2024)	41.30 k	41.30 k	Large Cap	37.44
Kalyan Jewellers India Ltd.	Gems, jewellery and watches	3.29	29.4	3.22%	-0.26%	3.47% (Sep 2025)	0% (Nov 2024)	57.58 k	16.45 k	Other	17.53
Steel Authority Of India Ltd.	Iron & steel products	3.11	24.4	2.68%	1.86%	2.68% (Oct 2025)	0% (Nov 2024)	1.79 L	1.46 L	Mid Cap	16.75
Punjab National Bank	Public sector bank	6.19	20.7	2.26%	1.09%	2.26% (Oct 2025)	0% (Nov 2024)	1.68 L	1.12 L	Large Cap	37.44
# Varun Beverages Ltd.	Other beverages	2.16	19.7	2.16%	2.16%	2.16% (Oct 2025)	0% (Nov 2024)	42.03 k	42.03 k	Other	17.53
NMDC LTD	Industrial minerals	2.13	19.4	2.13%	-1.51%	3.64% (Sep 2025)	0% (Nov 2024)	2.57 L	0.00	Mid Cap	16.75
Bharat Electronics Ltd.	Aerospace & defense	2	18.2	2.00%	1.78%	2% (Oct 2025)	0% (Nov 2024)	42.75 k	39.90 k	Mid Cap	16.75
# Vodafone Idea Ltd.	Telecom - cellular & fixed line services	1.98	18.1	1.98%	1.98%	1.98% (Oct 2025)	0% (Nov 2024)	20.73 L	20.73 L	Large Cap	37.44
# Tata Consultancy Services Ltd.	Computers - software & consulting	2.9	16.6	1.82%	1.82%	1.82% (Oct 2025)	0% (Nov 2024)	5.43 k	5.43 k	Large Cap	37.44
Kotak Mahindra Bank Ltd.	Private sector bank	17.72	16	1.75%	-1.95%	3.7% (Sep 2025)	0% (Nov 2024)	7.60 k	-2.40 k	Large Cap	37.44
BSE Ltd.	Exchange and data platform	2.53	15.8	1.73%	-0.69%	2.42% (Sep 2025)	0% (Nov 2024)	6.38 k	0.00	Small Cap	4.42
Crompton Greaves Consumer Electricals Ltd.	Household appliances	1.62	14.8	1.62%	-1.11%	2.73% (Sep 2025)	0% (Nov 2024)	52.20 k	1.80 k	Mid Cap	16.75
Sammaan Capital Ltd.	Housing finance company	3.19	14.6	1.60%	-0.20%	1.8% (Sep 2025)	0% (Nov 2024)	77.40 k	17.20 k	Mid Cap	16.75
PNB Housing Finance Ltd.	Housing finance company	3.19	14.5	1.59%	-0.60%	2.19% (Sep 2025)	0% (Nov 2024)	15.60 k	1.95 k	Mid Cap	16.75
# Hindustan Zinc Ltd.	Zinc	1.53	14	1.53%	1.53%	1.53% (Oct 2025)	0% (Nov 2024)	29.40 k	29.40 k	Large Cap	37.44
Trent Limited	Speciality retail	1.39	12.7	1.39%	-0.96%	2.35% (Sep 2025)	0% (Nov 2024)	2.70 k	0.00	Mid Cap	16.75
# Suzlon Energy Ltd.	Heavy electrical equipment	1.2	10.9	1.20%	1.20%	1.2% (Oct 2025)	0% (Nov 2024)	1.84 L	1.84 L	Small Cap	4.42
# Hindalco Industries Ltd.	Aluminium	1.17	10.7	1.17%	1.17%	1.17% (Oct 2025)	0% (Nov 2024)	12.60 k	12.60 k	Large Cap	37.44
# Lodha Developers Ltd.	Residential, commercial projects	1.06	9.7	1.06%	1.06%	1.06% (Oct 2025)	0% (Nov 2024)	8.10 k	8.10 k	Other	17.53
# L&T Finance Holdings Ltd.	Investment company	0.93	8.5	0.93%	0.93%	0.93% (Oct 2025)	0% (Nov 2024)	31.23 k	31.23 k	Mid Cap	16.75
# HCL Technologies Limited	Computers - software & consulting	2.9	8.1	0.89%	0.89%	0.89% (Oct 2025)	0% (Nov 2024)	5.25 k	5.25 k	Large Cap	37.44
Vedanta Ltd.	Diversified metals	0.87	8	0.87%	-0.52%	1.39% (Sep 2025)	0% (Nov 2024)	16.10 k	0.00	Large Cap	37.44
# Indian Energy Exchange Ltd.	Exchange and data platform	2.53	7.3	0.80%	0.80%	0.8% (Oct 2025)	0% (Nov 2024)	52.50 k	52.50 k	Small Cap	4.42
# Tata Consumer Products Ltd.	Tea & coffee	0.7	6.4	0.70%	0.70%	0.7% (Oct 2025)	0% (Nov 2024)	5.50 k	5.50 k	Mid Cap	16.75
NCC Ltd.	Civil construction	0.69	6.3	0.69%	-0.35%	1.04% (Sep 2025)	0% (Nov 2024)	29.70 k	2.70 k	Small Cap	4.42
Aurobindo Pharma Ltd.	Pharmaceuticals	1.31	6.3	0.69%	0.58%	0.69% (Oct 2025)	0% (Nov 2024)	5.50 k	4.95 k	Large Cap	37.44
Tata Power Co. Ltd.	Integrated power utilities	0.64	5.9	0.64%	0.01%	0.64% (Oct 2025)	0% (Nov 2024)	14.50 k	5.80 k	Mid Cap	16.75
# Bajaj Finserv Ltd	Holding company	0.63	5.7	0.63%	0.63%	0.63% (Oct 2025)	0% (Nov 2024)	2.75 k	2.75 k	Other	17.53
# Cipla Ltd.	Pharmaceuticals	1.31	5.6	0.62%	0.62%	0.62% (Oct 2025)	0% (Nov 2024)	3.75 k	3.75 k	Large Cap	37.44
# RBL Bank Ltd.	Private sector bank	17.72	5.2	0.57%	0.57%	0.57% (Oct 2025)	0% (Nov 2024)	15.88 k	15.88 k	Mid Cap	16.75
# Apollo Hospitals Enterprises Ltd.	Hospital	0.53	4.8	0.53%	0.53%	0.53% (Oct 2025)	0% (Nov 2024)	625.00	625.00	Mid Cap	16.75
# Bajaj Finance Ltd.	Non banking financial company (nbfc)	0.43	3.9	0.43%	0.43%	0.43% (Oct 2025)	0% (Nov 2024)	3.75 k	3.75 k	Other	17.53
# Rural Electrification Corporation Limited	Financial institution	0.37	3.4	0.37%	0.37%	0.37% (Oct 2025)	0% (Nov 2024)	8.93 k	8.93 k	Mid Cap	16.75
# Ambuja Cements Ltd.	Cement & cement products	0.53	3	0.33%	0.33%	0.33% (Oct 2025)	0% (Nov 2024)	5.25 k	5.25 k	Large Cap	37.44
# Tata Steel Ltd.	Iron & steel products	3.11	2	0.22%	0.22%	0.22% (Oct 2025)	0% (Nov 2024)	11.00 k	11.00 k	Other	17.53
# APL Apollo Tubes Ltd.	Iron & steel products	3.11	1.9	0.21%	0.21%	0.21% (Oct 2025)	0% (Nov 2024)	1.05 k	1.05 k	Other	17.53
# Ultratech Cement Ltd.	Cement & cement products	0.53	1.8	0.20%	0.20%	0.2% (Oct 2025)	0% (Nov 2024)	150.00	150.00	Large Cap	37.44
# Tech Mahindra Ltd.	Computers - software & consulting	2.9	1.7	0.19%	0.19%	0.19% (Oct 2025)	0% (Nov 2024)	1.20 k	1.20 k	Large Cap	37.44
Axis Bank Ltd.	Private sector bank	17.72	1.5	0.17%	-3.25%	3.42% (Sep 2025)	0% (Nov 2024)	1.25 k	-0.15 L	Large Cap	37.44
# Titan Company Ltd.	Gems, jewellery and watches	3.29	0.7	0.07%	0.07%	0.07% (Oct 2025)	0% (Nov 2024)	175.00	175.00	Large Cap	37.44
Nestle India Ltd.	Packaged foods	0.07	0.6	0.07%	-2.29%	2.36% (Sep 2025)	0% (Nov 2024)	500.00	-0.11 L	Other	17.53
Power Finance Corporation Ltd.	Financial institution	0.37	6.9	0.00%	-1.29%	-	-	-	-	Mid Cap	16.75
National Aluminium Co. Ltd.	Aluminium	1.17	20.9	0.00%	-3.88%	-	-	-	-	Small Cap	4.42
HFCL Ltd.	Telecom - infrastructure		1.9	0.00%	-0.35%	-	-	-	-	Small Cap	4.42
Coal India Ltd.	Coal		1.1	0.00%	-0.20%	-	-	-	-	Large Cap	37.44
One 97 Communications Ltd.	Financial technology (fintech)		2.4	0.00%	-0.45%	-	-	-	-	Other	17.53
Bank Of Baroda	Public sector bank	6.19	6.8	0.00%	-1.26%	-	-	-	-	Large Cap	37.44
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles		4.8	0.00%	-0.89%	-	-	-	-	Large Cap	37.44
Bandhan Bank Ltd.	Private sector bank	17.72	1.2	0.00%	-0.22%	-	-	-	-	Large Cap	37.44
DLF Ltd.	Residential, commercial projects	1.06	2.9	0.00%	-0.55%	-	-	-	-	Large Cap	37.44
Sona BLW Precision Forgings Ltd.	Auto components & equipments		12.1	0.00%	-2.25%	-	-	-	-	Other	17.53
NHPC Ltd.	Power generation		0.6	0.00%	-0.10%	-	-	-	-	Mid Cap	16.75
TVS Motor Company Ltd.	2/3 wheelers		6	0.00%	-1.12%	-	-	-	-	Mid Cap	16.75
Federal Bank Ltd.	Private sector bank	17.72	4.8	0.00%	-0.90%	-	-	-	-	Mid Cap	16.75
Oil & Natural Gas Corporation Ltd.	Oil exploration & production		9.7	0.00%	-1.80%	-	-	-	-	Large Cap	37.44

- indicates change in weight in the portfolio. # indicates a new entry.

New Stocks added in Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# ITC Limited	Diversified fmcg	47.1	5.16%	5.16%	5.16% (Oct 2025)	0% (Nov 2024)	1.12 L	112000
# Lodha Developers Ltd.	Residential, commercial projects	9.7	1.06%	1.06%	1.06% (Oct 2025)	0% (Nov 2024)	8.10 k	8100
# Suzlon Energy Ltd.	Heavy electrical equipment	10.9	1.20%	1.20%	1.2% (Oct 2025)	0% (Nov 2024)	1.84 L	184000
# Varun Beverages Ltd.	Other beverages	19.7	2.16%	2.16%	2.16% (Oct 2025)	0% (Nov 2024)	42.03 k	42025
# Tata Consumer Products Ltd.	Tea & coffee	6.4	0.70%	0.70%	0.7% (Oct 2025)	0% (Nov 2024)	5.50 k	5500
# Hindalco Industries Ltd.	Aluminium	10.7	1.17%	1.17%	1.17% (Oct 2025)	0% (Nov 2024)	12.60 k	12600
# Tata Steel Ltd.	Iron & steel products	2	0.22%	0.22%	0.22% (Oct 2025)	0% (Nov 2024)	11.00 k	11000
# HCL Technologies Limited	Computers - software & consulting	8.1	0.89%	0.89%	0.89% (Oct 2025)	0% (Nov 2024)	5.25 k	5250
# Titan Company Ltd.	Gems, jewellery and watches	0.7	0.07%	0.07%	0.07% (Oct 2025)	0% (Nov 2024)	175.00	175
# L&T Finance Holdings Ltd.	Investment company	8.5	0.93%	0.93%	0.93% (Oct 2025)	0% (Nov 2024)	31.23 k	31234
# Tata Consultancy Services Ltd.	Computers - software & consulting	16.6	1.82%	1.82%	1.82% (Oct 2025)	0% (Nov 2024)	5.43 k	5425
# Ambuja Cements Ltd.	Cement & cement products	3	0.33%	0.33%	0.33% (Oct 2025)	0% (Nov 2024)	5.25 k	5250
# Vodafone Idea Ltd.	Telecom - cellular & fixed line services	18.1	1.98%	1.98%	1.98% (Oct 2025)	0% (Nov 2024)	20.73 L	2072775
# APL Apollo Tubes Ltd.	Iron & steel products	1.9	0.21%	0.21%	0.21% (Oct 2025)	0% (Nov 2024)	1.05 k	1050
# Cipla Ltd.	Pharmaceuticals	5.6	0.62%	0.62%	0.62% (Oct 2025)	0% (Nov 2024)	3.75 k	3750
# Hindustan Zinc Ltd.	Zinc	14	1.53%	1.53%	1.53% (Oct 2025)	0% (Nov 2024)	29.40 k	29400
# Apollo Hospitals Enterprises Ltd.	Hospital	4.8	0.53%	0.53%	0.53% (Oct 2025)	0% (Nov 2024)	625.00	625
# Indian Energy Exchange Ltd.	Exchange and data platform	7.3	0.80%	0.80%	0.8% (Oct 2025)	0% (Nov 2024)	52.50 k	52500
# Indusind Bank Ltd.	Private sector bank	32.8	3.60%	3.60%	3.6% (Oct 2025)	0% (Nov 2024)	41.30 k	41300
# Tech Mahindra Ltd.	Computers - software & consulting	1.7	0.19%	0.19%	0.19% (Oct 2025)	0% (Nov 2024)	1.20 k	1200
# Bajaj Finance Ltd.	Non banking financial company (nbfc)	3.9	0.43%	0.43%	0.43% (Oct 2025)	0% (Nov 2024)	3.75 k	3750
# Ultratech Cement Ltd.	Cement & cement products	1.8	0.20%	0.20%	0.2% (Oct 2025)	0% (Nov 2024)	150.00	150
# Bajaj Finserv Ltd	Holding company	5.7	0.63%	0.63%	0.63% (Oct 2025)	0% (Nov 2024)	2.75 k	2750
# RBL Bank Ltd.	Private sector bank	5.2	0.57%	0.57%	0.57% (Oct 2025)	0% (Nov 2024)	15.88 k	15875
# Rural Electrification Corporation Limited	Financial institution	3.4	0.37%	0.37%	0.37% (Oct 2025)	0% (Nov 2024)	8.93 k	8925

Stocks removed from Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	1M Change in Qty
Power Finance Corporation Ltd.	Financial institution	6.9	0.00%	-1.29%	1.29% (Sep 2025)	0% (Nov 2024)	-16900
National Aluminium Co. Ltd.	Aluminium	20.9	0.00%	-3.88%	3.88% (Sep 2025)	0% (Nov 2024)	-97500
HFCL Ltd.	Telecom - infrastructure	1.9	0.00%	-0.35%	0.35% (Sep 2025)	0% (Nov 2024)	-25800
Coal India Ltd.	Coal	1.1	0.00%	-0.20%	0.2% (Sep 2025)	0% (Nov 2024)	-2700
One 97 Communications Ltd.	Financial technology (fintech)	2.4	0.00%	-0.45%	0.45% (Sep 2025)	0% (Nov 2024)	-2175
Bank Of Baroda	Public sector bank	6.8	0.00%	-1.26%	1.26% (Sep 2025)	0% (Nov 2024)	-26325
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	4.8	0.00%	-0.89%	0.89% (Sep 2025)	0% (Nov 2024)	-1400
Bandhan Bank Ltd.	Private sector bank	1.2	0.00%	-0.22%	0.22% (Sep 2025)	0% (Nov 2024)	-7200
DLF Ltd.	Residential, commercial projects	2.9	0.00%	-0.55%	0.55% (Sep 2025)	0% (Nov 2024)	-4125
Sona BLW Precision Forgings Ltd.	Auto components & equipments	12.1	0.00%	-2.25%	2.25% (Sep 2025)	0% (Nov 2024)	-29400
NHPC Ltd.	Power generation	0.6	0.00%	-0.10%	0.1% (Sep 2025)	0% (Nov 2024)	-6400
TVS Motor Company Ltd.	2/3 wheelers	6	0.00%	-1.12%	1.12% (Sep 2025)	0% (Nov 2024)	-1750
Federal Bank Ltd.	Private sector bank	4.8	0.00%	-0.90%	0.9% (Sep 2025)	0% (Nov 2024)	-25000
Oil & Natural Gas Corporation Ltd.	Oil exploration & production	9.7	0.00%	-1.80%	1.8% (Sep 2025)	0% (Nov 2024)	-40500

Trend in stock holdings (Top 15 Holding)

Stock	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024
Reliance Industries Ltd.	4.23%	7.10%	-	-	-	-	-	-	-	-	-	-	-
HDFC Bank Ltd.	5.65%	5.64%	-	-	-	-	-	-	-	-	-	-	-
ITC Limited	5.16%	-	-	-	-	-	-	-	-	-	-	-	-
State Bank Of India	3.93%	4.99%	-	-	-	-	-	-	-	-	-	-	-
Eternal Ltd.	3.88%	4.11%	-	-	-	-	-	-	-	-	-	-	-
National Aluminium Co. Ltd.	-	3.88%	-	-	-	-	-	-	-	-	-	-	-
ICICI Bank Ltd.	5.98%	1.75%	-	-	-	-	-	-	-	-	-	-	-
Indusind Bank Ltd.	3.60%	-	-	-	-	-	-	-	-	-	-	-	-
Kalyan Jewellers India Ltd.	3.22%	3.47%	-	-	-	-	-	-	-	-	-	-	-
NMDC LTD	2.13%	3.64%	-	-	-	-	-	-	-	-	-	-	-
Kotak Mahindra Bank Ltd.	1.75%	3.70%	-	-	-	-	-	-	-	-	-	-	-
Sona BLW Precision Forgings Ltd.	-	2.25%	-	-	-	-	-	-	-	-	-	-	-
Crompton Greaves Consumer Electricals Ltd.	1.62%	2.73%	-	-	-	-	-	-	-	-	-	-	-
Varun Beverages Ltd.	2.16%	-	-	-	-	-	-	-	-	-	-	-	-
BSE Ltd.	1.73%	2.42%	-	-	-	-	-	-	-	-	-	-	-