Abridged Annual Report FY 2009-10

annual report
2009 - 2010
l Tata Infrastructure Fund

l Tata Indo-Global Infrastructure Fund
l Tata Growing Economies Infrastructure Fund
Tata Infrastructure Fund
Tata Indo-Global Infrastructure Fund
Tata Growing Economies Infrastructure Fund
index
1. Report of the Trustees to Unitholders of Tata Mutual Fund . ................................ 3
2. Brief Background of Sponsors, Trust, Trustee Co. and
Asset Management Company (AMC).................................................................... 5
3. Investment Objectives of the Schemes ................................................................ 6
4. Significant Accounting Policies: ............................................................................ 6
5. Unclaimed Dividend & Redemptions .................................................................... 6
6. Statutory Information ............................................................................................ 6
7. Auditors’ Report..................................................................................................... 8
8. Abridged Balance Sheet as at 31st March 2010 .................................................. 12
9. Abridged Revenue Account For The Year / Period Ended 31st March, 2010....... 14
10. Note to Accounts – Annexure I ............................................................................. 16
11. Key Statistics ......................................................................................................... 21
Statutory Details:
SPONSORS AMC
Tata Sons Limited Tata Asset Management Ltd.
Bombay House, Mafatlal Centre, 9th Floor,
24, Homi Modi Street, Narman Point, Mumbai – 400 021.
Mumbai - 400 001.
REGISTRAR
Tata Investment Corporation Limited Computer Age Management Services (Pvt.) Limited
Ewart House, 22, Homi Modi Street, Ground Floor, 178/10 Kodambakkam High Road,
Mumbai - 400 001. Opp. Hotel Palmgrove,
Nungambakkam,
TRUSTEE Chennai - 600 034.
Tata Trustee Company Limited
Mafatlal Centre, 9th Floor,
Narman Point, Mumbai – 400 021.
Annual Report 2009-2010 2

REPORT OF THE TRUSTEE TO THE UNITHOLDERS

ST
FOR THE YEAR ENDED 31 MARCH, 2010
Dear Unitholder,
It gives us great pleasure to enclose schemewise audited financials as on 31st March, 2010. This Report is in continuation of the ‘Performance
and Portfolio of the Schemes’ Report as on 31st March, 2010 published by us earlier.
1. Scheme Performance, Future Outlook and Operations of the Schemes
Tata Infrastructure Fund:
The fund has out performed the benchmark during FY’10 despite the frontline infrastructure stocks not doing very well.
Performance at a glance (% as on 31st March, 2010)
Last 1 year Last 3 years Last 5 years Since Inception

Tata Infrastructure Fund 85.98 15.10 25.94 25.96 (31/12/04)
BSE SENSEX 80.54 10.26 21.96 20.44
Past performance may or may not be sustained in future.

Return for period upto 1 year is absolute and for more than one year is compounded annualised. Returns are for growth option.
Tata Indo-Global Infrastructure Fund:
The fund has performed in line with the blended index (marginal under performance) during FY’10 despite the overseas exposure not
doing well.

Tata Indo-Global Infrastructure Fund 69.21 NA NA -9.72 (12/11/07)
BSE SENSEX to the extent of 65% of portfolio
69.53 NA NA -5.57
MSCI World Index to the extent of 35% of portfolio
Tata Growing Economies Infrastructure Fund:
Plan A: The fund has under performed the blended benchmark index during FY’10 due to the overseas investments not doing well.
Plan B: The fund has out performed the blended benchmark index during FY’10.

Plan A 67.42 NA NA 6.43 (10/04/08)
Benchmark:
MSCI Emerging Market Index to the extent of
78.24 NA NA -2.97
70% of the net assets and BSE SENSEX to the
extent of 30% of the net assets of the Plan
Plan B 86.33 NA NA 9.45 (10/04/08)
Benchmark:
BSE SENSEX to the extent of 65% of the net
79.39 NA NA 1.39
assets and MSCI Emerging Market Index to the
extent of 35% of the net assets of the Plan

The year that was:
Equity:
At the start of the financial year FY10, the world was still reeling from the after effects of the Lehman collapse in end-2008 and the global
financial crisis. In response to the global situation, the Indian government had unleashed a set of fiscal and monetary measures to provide

stimulus to the economy in such a tough phase. In Apr’09, in its Annual Monetary policy announcement, the RBI announced a further cut in
repo (rate at which it lends) and reverse repo (rate at which it absorbs excess cash) by 25 basis points to 4.75% and 3.25% respectively.
Meanwhile, the Indian equity markets saw significant recovery in line with the improving global markets and with improving growth prospects
in the domestic economy. Emerging markets including India bottomed out in Mar ’09 with BSE Sensex moving from a level of 9709 (Mar 31,
’09) to close at 17528 (Mar 31, ’10), a gain of 80.5% during FY10. The CNX Mid cap index did better than the broader BSE Sensex and the
BSE Small cap index out performed the Mid cap index thus reflecting improved risk appetite in the system. The valuation differential which had
increased between the large cap stocks and the smaller stocks during the fall got bridged to some extent in the rally during the year. As has
been seen in the past rallies deeply under valued stocks have given the highest returns and needless to say most of these have been in the
small and mid cap category. After the initial up trend the markets moved into a range from September ’09 with uncertainty on China’s growth,
concerns on sovereign default in Dubai, parts of Europe etc. However the market has been displaying strength by remaining near the upper
end of the band most of the time and not having corrected below approximately 15500. During the year FIIs invested about $4.5Bln in the
Indian market a major reversal from the last year. There has been good money flow into emerging markets given the high liquidity in the global
financial system and as risk appetite improved with economic recovery.
The Indian economy bounced back extremely well from the global economic crisis which hit most countries in 2008. Even in FY09, amidst the
global economic crisis, our economy had grown by 6.7%, which was quite commendable especially when so many developed economies went
through a recession. During FY10, the Indian economy continued to recover, with the Indian GDP growing at a rate of 6.7% for the period Apr
– Dec’09, and when the final numbers are out for FY 10(Apr’09-Mar’10), it is expected to grow by 7% plus. Also, optimism on Indian economic
growth is back, with the Economic Advisory Committee of the Prime Minister of India expecting the economy to grow at 8% plus in FY11.
An extremely significant event during the period under review was the comeback of Congress led UPA, to power at the Centre, in May ‘09. In
fact the month of May ’09 would go down in history as one of the best months for the Indian equity market with both the key indices gaining
28%. UPA, with a decisive mandate and unencumbered by the restraining hand of the Left Parties came in with a clear focus on growth and
development with special emphasis on the rural sector and faster execution in infrastructure development. In order to keep a check on the
high fiscal deficit, the Indian government also announced an aggressive divestment plan which would be led by its paring its holdings in Public
Sector Units and would also seek to list all unlisted public sector undertakings with positive net worth and which have been profitable in the
last three years.
A big challenge for the Indian economy last year was high inflation, with the Mar’10 figure of Wholesale Price Index (WPI) growing at 9.9%
y-o-y. Inflation was benign during the first few months of FY10, but started rising from July’09 onwards and led by food articles, remained at
an elevated level towards the end of FY10. Though partly high inflation can be ascribed to supply side issues, the Reserve Bank of India has
taken some significant steps since Jan 2010 to tackle this, including increasing the cash reserve ratio (CRR) by 100 bps to 6% in order to
withdraw the excess liquidity from the banking system and also raise repo and reverse repo rates by 50 bps to 5.25% and 3.75% respectively,
by end-Apr’10.
The budget speech presented to parliament on Feb 26, 2010 focused on continued growth with emphasis on consumption led by India’s
demographic dividend and thrust on infrastructure investments. The Government continued with its focus on agriculture, rural and social sector
investments with increased planned allocation into infrastructure related sectors. The Government affirmed its intent to reduce the fiscal deficit
for FY 11 to 5.5% of GDP and further to 4.8% (FY12) and 4.1% (FY13). In terms of increase in revenue sources, the FY11 divestment target for
the Public Sector Enterprises is INR 400 bn vis-à-vis’ the divestment achievement of INR 250 bn in FY10. The 3G auction which was budgeted
to collect INR 350 bn for the government in FY11 has now netted about INR 670 bn as on May 19, ‘10, (last date of the auction), which should
help the Government in achieving its fiscal deficit number for FY11. Also in order to broad base tax collection, additional services have also
been brought under the ambit of Service Tax. Robust sentiments on the back of a Union Finance Budget saw the S&P upgrading of India’s
rating outlook from negative to stable while affirming both long-term and short-term sovereign ratings at BBB- and A3.
A quick analysis of Q4FY 10 corporate results shows that broadly the results of corporate India have been in line with expectations, and the
robust growth in revenue figures of companies pretty much captures the strong economic growth in India, that has bounced right back after
the slowdown witnessed in late-2008 and early-2009. The first two quarters of the year were like an extension of the scenario that unfolded
in the second half of the previous year. Most economic indicators had turned for the better for example the index of industrial production
growth. However the slow recovery and the high base led to weak corporate performance in the first half of the year. But the second half was
just the opposite. Corporate performance recovered strongly on the back of the global recovery as well as the boost in consumption from
the government through fiscal and monetary measures. The low base of last year also played a role in the growth looking much better than
expected. Given the current trends we expect the economy to continue to grow at a high pace in the current year as well if there is no further
damage to global economic recovery from the western world.
Debt:
The global economy after suffering one of the worst recessions in FY 2008-2009, started to recover in FY 2009-2010, on the back of massive
stimulus by governments across the major economies. However, compared to developed economies, the emerging economies fared well. The
GDP growth in India, which had slumped to 6.7% during 2008-2009, grew by 7.4% in FY 2009-10.
The financial market during 2009-10 was characterised by prevalence of comfortable liquidity conditions in money markets despite large
government borrowing programme and rising pressure on medium to long-term government bond yield on the back of rising inflationary
pressure.
During the year the headline Wholesale Price Index (WPI) inflation, firmed up significantly. While the initial inflationary pressure was largely
due to rising food and fuel prices, reflecting the impact of a deficient monsoon on agricultural output and the increase in international crude
prices, in the second half of the year, the inflation became increasingly generalized due to persistent supply side pressures. This was evident

from the acceleration of inflation in non-food manufactured products from -0.4% in November 2009 to 4.7% in March 2010. These inflationary
conditions, coupled with the stronger growth, forced RBI to reverse the accommodative monetary policy. RBI started the reversal of its
accommodative policy by hiking CRR by 75 basis points and Repo and Reverse Repo by 25 basis points in Q4 of FY 2009-10.
During the year due to ample liquidity, the call rate hovered around the lower range of the Liquidity Adjustment Facility (LAF) corridor throughout
the year. However, longer end of the yield curve continued to shift upwards indicating market concerns of fiscal deficit and rising inflationary
pressures. While the medium to long-term bond yields, in general, moved up during the year, reflecting inflation and fiscal deficit concerns,
the short-term yield softened till Q3 of 2009-10, reflecting the surplus liquidity conditions, followed by a hardening trend in Q4 as the surplus
liquidity reduced and there was a general shift in the interest rate environment. The benchmark 10 year yield which was at 7.01% at the
beginning of the year touched at high of 8% in Q4 of 2009-10, before closing at 7.84% towards the end of the year. The corporate bonds were
stable, with 5 year AAA yield averaged around 8.25% and closed the year at 8.55%. However, the spread between the 5 Year AAA bond,
which had hit a high of around 400 bps at the height of credit crisis in FY2008-09, narrowed down considerably to close the year at 101 bps,.
FUTURE OUTLOOK:
In the near term, global issues like central bank policy in developed nations and speed of withdrawal of stimulus measures by governments
will concern markets. Sovereign debt issues in Greece, Ireland, Italy, Portugal and Spain etc. will continue to impact overall risk appetite of
investors across the world. Amongst the domestic issues, monsoon prediction from the Indian Metrological Department suggests normal
rainfall. Indian companies continue to show robust revenue buoyancy but the main challenge for them would be to maintain their margins
in light of high inflation and renewed wage hike pressures. A significant contribution to forecasted earnings growth in the next financial year
comes from the beaten down sectors like real estate and commodities. The commodities space has high linkages to the global economy and
therefore a strong economic recovery is critical for the sector to do well and contribute as expected. Also, even though our economy is relatively
less affected by global events our markets are integrated with global markets and thus India is not decoupled completely.
The government has taken some bold steps to reduce fiscal deficit like partially de controlling the petroleum sector. In this regard the huge sum
collected through the 3G and Broadband Wireless Association (BWA) auctions would help significantly, as also the proceeds from divestment
of profitable public sector undertakings. Therefore the macro situation seems to be getting better helped also by moderate commodity prices.
In such a scenario Indian companies should perform and grow at a fast pace. However, valuations may not get re-rated in the near term with
lingering global economic uncertainties. Such a scenario would offer a number of opportunities to invest with strong growth yet reasonable
valuation.
In the medium to long term, we remain sanguine on India’s growth prospects, though India’s challenge would be to keep inflation under
leash without hurting growth. The four drivers of economic growth in India – consumption growth led by India’s demographic dividend, thrust
on infrastructure roll out, financial intermediation, and India’s leading position in the outsourcing markets are very much in place. All these
structural forces are expected to play out in the medium to long term. Therefore notwithstanding any short term volatility in the Indian stock
market, there is no material change to our broad Fund strategy, though we may continue to restructure the portfolio on a stock specific basis
depending upon emerging opportunities.
DEBT OUTLOOK
Going ahead, we expect the RBI to continue with its policy of normalizing the accommodative monetary policy by hiking the Repo and Reverse
Repo further during FY 20010-11. As a result of this, we expect that the easy liquidity conditions that prevailed in last year expected to reverse
and the short term rates to move upward. However, the long term yield curve is expected to remains steady at higher levels in the initial period,
before trending downwards in the later part of the year, as inflation cools off and the majority of the borrowing programme gets completed.
FUNDS UNDER MANAGEMENT - OPERATIONS
Tata Mutual Fund today manages thirty-nine open ended schemes of which sixteen are equity schemes, two are balanced schemes, twenty
are debt schemes, one is Equity Linked Saving Scheme (ELSS) and nine are close ended schemes of which one is an equity scheme, three are
balanced schemes, three are debt schemes, and two are Equity Linked Saving Scheme (ELSS). The average net assets under management
were around Rs 21935.17 crores as on 31/03/10 which have increased from Rs. 17029.87 crores as on 31/03/09 showing an increase of Rs
4905.30 crores. The AMC’s continued focus on marketing and sales efforts has been showing good results and the total average net assets
under management as on 31/05/10 were Rs 22673.43 crores.
2. Brief Background of Sponsors, Trust, Trustee Co. and Asset Management Company (AMC).
a) Tata Mutual Fund
Tata Mutual Fund (TMF) was set up as a Trust by the Sponsors and the Settlers, Tata Sons Limited (TSL) and Tata Investment
Corporation Limited (TICL) on 9th May, 1995 with Tata Trustee Company Limited as a Trustee in accordance with the provisions of the
Indian Trusts Act, 1882 and is duly registered under the Indian Registration Act, 1908. The Trustee has entered into an Investment
Management Agreement dated 9th May, 1995 with Tata Asset Management Limited to function as the Investment Manager for all the
Schemes of Tata Mutual Fund (TMF). TMF was registered with SEBI on 30th June, 1995.
b) Tata Trustee Company Limited
The Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unitholders. The Trustee has
been discharging its duties and carrying out the responsibilities as provided in the Regulations and the Trust Deed. The Trustee
seeks to ensure that the Fund and the Schemes floated there under are managed by the AMC in accordance with the Trust Deed,
the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and
other regulatory agencies.

c) Asset Management Company

Tata Asset Management Limited (TAML) is a company incorporated under the Companies Act, 1956 on 15th March, 1994, having
its Registered Office at Mafatlal Centre, 9th Floor, Nariman Point, Mumbai – 400 021. TAML has been appointed as the Asset
Management Company for Tata Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated 9th May, 1995,
and executed between TTCL and TAML.
The Trustee Company has appointed TAML as the Asset Management Company for TMF. The shareholders of TAML are TSL and
TICL. TAML has entered into an Investment Management Agreement dated 9th May, 1995 with TTCL, pursuant to which TAML will
run the operations of TMF and manage the assets of TMF’s Schemes. TAML, having its registered office at, Mafatlal Centre, 9th
Floor, Nariman Point, Mumbai – 400 021 is a Company incorporated under the Companies Act, 1956 on 15th March 1994 and was
approved to act as an Asset Management Company for TMF by SEBI on 30th June, 1995. The networth of TAML as on May 31,
2010 is approximately about Rs. 133.41 crores. TAML is currently managing thirty-nine open-ended schemes and nine close ended
schemes.
3. Investment Objectives of the Schemes
TISF: 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 the companies in the infrastructure sector.
TIGIF: A 3 years close ended equity scheme. The investment objective of the scheme is to generate long term capital appreciation by
investing predominantly in equity and equity related instruments of companies engaged in infrastructure and infrastructure related sectors
and which are incorporated or have their area of primary activity, in India and other parts of the world. The investment focus would be
guided by the growth potential and other economic factors of the countries. Looking at the current global economic outlook and estimates
of infrastructure spending, the fund mangers expect to have a focus on investment opportunities in Asia Pacific Region including India,
Europe and Latin America and other growing economies. Portfolio of Overseas/Foreign securities shall be managed by a dedicated Fund
Manager, while selecting the securities the Fund Manager may rely on the inputs received from internal research or research conducted
by external agencies in various geographies.
TGEIF: An open ended equity scheme with two plans i.e Plan A and Plan B.
Plan A
Investment objective of the scheme is to generate capital appreciation / income by investing predominantly in equities of companies in
infrastructure and other related sectors in the growing economies of the world including India. The investment focus would be guided by
the growth potential and other economic factors of the countries. Atleast 51% of the net assets would be invested in geographies outside
India.
Plan B
Investment objective of the scheme is to generate capital appreciation / income by investing predominantly in equities of companies in
infrastructure and other related sectors in India and other growing economies of the world. The investment focus would be guided by the
growth potential and other economic factors of the countries.
4. Significant Accounting Policies:
Accounting policies are in accordance with Securities Exchange Board of India (Mutual Fund) Regulations 1996.
5. Unclaimed Dividend & Redemptions:
Scheme Unclaimed Dividend Unclaimed Redemptions Total

Amount No. of Amount No. of Amount No. of
(Rs.) Investors (Rs.) Investors (Rs.) Investors
TISF 0 0 1,073,959 63 1,073,959 63
TIGIF 0 0 0 0 0 0
TGEIF 0 0 0 0 0 0
6. Statutory Information:
a. The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial
contribution (to the extent contributed) of Rs. 1 lakh for setting up the Fund, and such other accretions / additions to the same.
b. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value
of its underlying investments.
c. Full Annual Report shall be disclosed on the website (www.tatamutualfund.com) and shall be available for inspection at the Head
Office of the mutual fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund
/ AMC at a price.

7. Disclosure of Investors Complaints:

Redressal of Complaints received against Mutual Funds (MFs) during 2009-2010:
Name of Mutual Fund : TATA Mutual Fund
Total Number of Folios: 1662754
Com- Type of complaint# (a) No. Action on (a) and (b)
plaint of com-
code plaints (b) No Resolved Non Pending
pending of com- Action-
at the be- plaints able*
ginning received
of the during Within 30-60 60-180 Beyond 0-3 3-6 6-9 9-12
year the year 30 days days days 180 days months months months months
IA Non receipt of Dividend 0 663 632 0 0 0 31 0 0 0
on Units
IB Interest on delayed pay- 0 0 0 0 0 0 0 0 0 0
ment of Dividend
IC Non receipt of Redemp- 0 54 54 0 0 0 0 0 0 0
tion Proceeds
ID Interest on delayed pay- 0 64 64 0 0 0 0 0 0 0
ment of Redemption
II A Non receipt of State- 1 15 16 0 0 0 0 0 0 0
ment of Account/Unit
Certificate
II B Discrepancy in State- 0 3 3 0 0 0 0 0 0 0
ment of Account
II C Non receipt of Annual 0 1 1 0 0 0 0 0 0 0
Report/Abridged Sum-
mary
III A Wrong switch between 0 0 0 0 0 0 0 0 0 0
Schemes
III B Unauthorized switch 0 0 0 0 0 0 0 0 0 0
between Schemes
III C Deviation from Scheme 0 0 0 0 0 0 0 0 0 0
attributes
III D Wrong or excess charg- 0 0 0 0 0 0 0 0 0 0
es/load
III E Non updation of chang- 0 5 5 0 0 0 0 0 0 0
es viz. address, PAN,
bank details, nomina-
tion, etc
IV Others 0 179 177 0 0 0 2 0 0 0
Total 1 984 952 0 0 0 33 0 0 0
# including against its authorized persons/ distributors/ employees. etc.

*Non actionable means the complaint that are incomplete / outside the scope of the mutual fund
For Tata Trustee Company Limited,
S. M. Datta
Chairman
Place: Mumbai
Date: 20th July, 2010
Encl. Schemewise Audited Accounts and Auditor’s Report.
Abbreviations of the Scheme Name:
TISF - Tata Infrastructure Fund*
TIGIF - Tata Indo-Global Infrastructure Fund*
TGEIFA – Tata Growing Economies Infrastructure Fund Plan A*
TGEIFB - Tata Growing Economies Infrastructure Fund Plan B*
* This scheme has two options namely Dividend Option and Growth Option. Dividend option is denoted by D, Div and Growth Option is denoted
by G, GR.

AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA TRUSTEE COMPANY LIMITED
We have audited the attached Balance Sheet of TATA MUTUAL FUND – TATA INFRASTRUCTURE FUND (“the Fund”) as at 31st March,
2010 and the Revenue Account of the Fund for the year ended on that date, annexed thereto, and report thereon as follows:
a) The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies
and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. These
financial statements are the responsibility of the Managements of the Trustee and the Asset Management companies.
b) Our audit was conducted in accordance with the generally accepted auditing standards in India. These Standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An
audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements. An audit also
includes assessing the accounting principles used and the significant estimates made by the Management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
c) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of
our audit.
d) The Balance Sheet and the Revenue Account dealt with by this report are in agreement with the books of account of the Fund.
e) Non - traded securities have been valued in accordance with the guidelines notified by the Securities and Exchange Board of India. In our
opinion, these valuations are fair and reasonable.
f) Without qualifying our opinion, we draw attention to Note No. 17 of Schedule IX Part B wherein the Managements of the Tata Asset
Management Limited and Tata Trustee Company Limited have explained their rationale regarding certain Accounting Standards issued
by the Institute of Chartered Accountants of India as not being applicable to mutual funds.
g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information
required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and fair view in conformity with
the accounting principles generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the Fund as at 31st March, 2010 and
(ii) in the case of the Revenue Account, of the surplus of the Fund for the year ended on that date.
For DELOITTE HASKINS & SELLS

Chartered Accountants
(Registration No. 117365W)
Z.F. Billimoria
Partner
(Membership No. 42791)
MUMBAI, 20th July, 2010

AUDITORS’ REPORT
We have audited the attached Balance Sheet of TATA MUTUAL FUND – TATA INDO GLOBAL INFRASTRUCTURE FUND (“the Fund”) as
at 31st March, 2010 and the Revenue Account of the Fund for the year ended on that date, annexed thereto, and report thereon as follows:
our audit.
e) The Fund does not hold any non-traded securities.
f) Without qualifying our opinion, we draw attention to Note No.18 of Schedule IX Part B wherein the Managements of the Tata Asset

(Registration o.117365W)
Z.F. Billimoria
Partner

AUDITORS’ REPORT
We have audited the attached Balance Sheet of TATA MUTUAL FUND – TATA GROWING ECONOMIES INFRASTRUCTURE FUND PLAN
- A (“the Fund”) as at 31st March, 2010 and the Revenue Account of the Fund for the year ended on that date, annexed thereto, and report
thereon as follows:
our audit.
e) The Fund does not hold any Non - traded securities.
f) Without qualifying our opinion, we draw attention to Note No.15 of Schedule VII Part B wherein the Managements of the Tata Asset
(i) in the case of the Balance Sheet, of the state of affairs of the Fund as at 31st March, 2010 and,

Z.F. Billimoria
Partner

AUDITORS’ REPORT
We have audited the attached Balance Sheet of TATA MUTUAL FUND – TATA GROWING ECONOMIES INFRASTRUCTURE FUND PLAN
- B (“the Fund”) as at 31st March, 2010 and the Revenue Account of the Fund for the year ended on that date, annexed thereto, and report
thereon as follows:
our audit.
e) The Fund does not hold any Non - traded securities.
f) Without qualifying our opinion, we draw attention to Note No.15 of Schedule VII Part B wherein the Managements of the Tata Asset

Z.F. Billimoria
Partner

Abridged Balance Sheet as at 31st March, 2010

(Rupees in Lakhs)
TISF TIGIF TGEIFA TGEIFB
As At As At As At As At As At As At As At As At
31-Mar-10 31-Mar-09 31-Mar-10 31-Mar-09 31-Mar-10 31-Mar-09 31-Mar-10 31-Mar-09
LIABILITIES
Unit Capital 84,120.46 95,974.04 176,898.10 204,208.65 3,439.87 3,978.17 13,016.91 16,512.89
Reserves & Surplus
Unit Premium Reserves 47,915.08 62,399.25 (524.54) (165.82) (78.27) 0.53 (647.10) 1.40
Unrealised Appreciation 59,277.45 (40,588.05) 16,321.51 26.43 671.78 32.36 3,194.43 161.18
Reserve
Other Reserves 37,076.06 27,677.47 (54,125.08) (109,452.09) (131.70) (1,314.71) 7.64 (6,072.92)
Loans & Borrowings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current Liabilities &
Provisions
Provision for doubtful 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income/Deposits
Other Current Liabilities & 2,597.90 16,334.59 1,147.01 160.42 47.08 20.40 130.68 44.90
Provisions
TOTAL 230,986.95 161,797.30 139,717.00 94,777.59 3,948.75 2,716.75 15,702.57 10,647.45
ASSETS
Investments
Listed Securities:
Equity Shares 226,503.43 102,442.83 108,100.19 61,480.52 1,400.04 925.38 10,960.71 6,901.49
Preference Shares 0.00 164.19 0.00 0.00 0.00 0.00 0.00 0.00
Warrants 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Equity Linked Debentures 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Debentures & Bonds 600.00 597.26 0.00 0.00 0.00 0.00 0.00 0.00
Securitised Debt securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Securities Awaited
Listing:
Equity Shares 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Warrants 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Debentures & Bonds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Unlisted Securities
Equity Shares 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Warrants 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Debentures & Bonds 0.00 7,601.01 0.00 484.29 0.00 0.00 0.00 0.00

Abridged Balance Sheet as at 31st March, 2010

(Rupees in Lakhs)
As At As At As At As At As At As At As At As At
Government Securities 964.40 2,643.00 0.00 0.00 0.00 0.00 0.00 0.00
Treasury Bills 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Commercial Paper 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Certificate of Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bill Rediscounting 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Units of Domestic Mutual 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fund
Foreign Securities 0.00 0.00 27,248.66 22,439.72 2,498.50 1,722.07 4,667.85 3,152.19
Total Investments 228,067.83 113,448.29 135,348.84 84,404.53 3,898.54 2,647.45 15,628.56 10,053.68
Deposits 205.00 25,905.00 373.08 1,496.34 0.00 0.00 0.00 0.00
Other Current Assets
Cash & Bank Balance 864.23 186.09 37.46 25.28 50.06 43.71 43.59 60.64
CBLO/ Reverse Repo 957.96 14,014.61 1,613.95 1,058.10 0.00 12.72 0.00 434.69
Lending
Others 891.94 8,050.10 282.17 1,580.96 0.14 12.87 30.42 98.45
Deferred Revenue 0.00 193.21 2,061.49 6,212.39 0.00 0.00 0.00 0.00
Expenditure
(to the extent not written off)
Total 230,986.95 161,797.30 139,717.00 94,777.59 3,948.75 2,716.75 15,702.57 10,647.45
Notes to Accounts - Annexure I

Abridged Revenue Account For The Year / Period Ended 31st March, 2010
(Rupees in Lakhs)
Year Ended Year Ended Year Ended Year Ended Year Ended Period Ended Year Ended Period Ended
INCOME
Dividend 2,681.59 1,875.41 1,060.77 1,067.90 14.73 14.21 129.30 85.51
Interest 438.92 2,673.23 95.34 382.16 0.86 58.44 7.99 258.47
Realised Gain / (Loss) on 0.00 0.00 (4,482.51) 0.00 6.65 0.00 0.00 0.00
Foreign Exchange Transactions
Realised Gains / (Losses) on 0.00 (4,672.54) 0.00 (834.96) 0.00 (0.56) 0.00 (3.91)
Interscheme sale of investments
Realised Gains / (Losses) on 44,376.86 (46,864.60) 6,955.94 (45,757.31) 221.45 (339.63) 1,420.48 (1,525.48)
External sale / redemption of
investments
Realised Gains / (Losses) on 2,750.58 (15,787.10) 246.53 (352.72) 0.00 0.00 0.00 0.00
Derivative Transactions
Other Income 0.03 9.67 0.00 9.50 0.00 0.00 0.00 0.00
(A) 50,247.98 (62,765.92) 3,876.07 (45,485.42) 243.69 (267.54) 1,557.77 (1,185.42)
EXPENSES2
Management fees 2,214.94 1,725.02 1,082.71 989.00 18.36 20.71 139.28 121.82
Service tax on Management fees 225.76 220.70 110.82 127.33 1.90 2.52 14.30 14.65
Transfer agents fees and 441.20 326.28 406.99 206.26 15.37 8.46 62.43 35.31
expenses
Custodian fees 15.17 20.87 13.46 14.47 0.34 0.26 2.52 1.76
Trusteeship fees 22.16 19.22 13.13 12.18 0.38 0.30 1.58 1.26
Commission to Agents 708.36 1,124.66 590.17 687.09 14.53 24.86 80.67 78.07
Marketing & Distribution 418.90 151.65 44.41 68.28 1.10 3.56 4.42 10.13
expenses
Audit fees 2.21 2.21 2.21 2.15 1.54 1.65 1.93 1.76
Other operating expenses 128.78 72.87 75.43 50.90 27.70 12.77 51.18 41.64
Deferred revenue expenses 193.21 239.87 3,621.07 3,962.53 0.00 0.00 0.00 0.00
written off
(B) 4,370.67 3,903.35 5,960.39 6,120.19 81.22 75.10 358.32 306.40
NET REALISED GAINS/ 45,877.31 (66,669.27) (2,084.31) (51,605.60) 162.47 (342.63) 1,199.44 (1,491.82)
(LOSSES) FOR THE YEAR /
PERIOD
(A -B = C)
Change in Unrealised (16,983.91) 5,004.44 (49,613.11) 25,585.93 (957.99) 969.88 (4,506.17) 4,620.07
Depreciation in value of
investments (D)
NET GAINS / (LOSSES) FOR 62,861.22 (71,673.71) 47,528.80 (77,191.53) 1,120.46 (1,312.51) 5,705.61 (6,111.89)
THE YEAR / PERIOD (E=(C-D))
Change in unrealised 59,277.45 (40,588.05) 16,321.51 26.43 671.78 32.36 3,194.43 161.18
appreciation in the value of
investments (F)

Abridged Revenue Account For The Year / Period Ended 31st March, 2010
(Rupees in Lakhs)
Year Ended Year Ended Year Ended Year Ended Year Ended Period Ended Year Ended Period Ended
NET SURPLUS / (DEFICIT) 122,138.67 (112,261.76) 63,850.32 (77,165.10) 1,792.24 (1,280.15) 8,900.04 (5,950.71)
FOR THE YEAR / PERIOD
(E+F=G)
Add: Balance transfer from (12,910.84) 93,584.59 (109,425.66) (37,213.82) (1,291.58) 0.00 (5,924.17) 0.00
Unrealised Appreciation Reserve
Less: Balance transfer to 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Unrealised Appreciation
Reserve
Add / (Less): Equalisation (4,892.91) 5,767.20 7,793.88 4,953.26 39.42 (11.17) 226.20 26.54
Total 104,334.92 (12,909.97) (37,781.47) (109,425.66) 540.07 (1,291.32) 3,202.07 (5,924.17)
Dividend appropriation
Income Distributed during the 7,981.97 0.87 0.00 0.00 0.00 0.00 0.00 0.00
year / period
Tax on income distributed during 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
the year / period
Retained Surplus / (Deficit) 96,352.95 (12,910.84) (37,803.57) (109,425.66) 540.07 (1,291.58) 3,202.07 (5,924.17)
carried forward to Balance
sheet
Notes to Accounts - Annexure I

Note to Accounts of Tata Infrastructure Fund (TISF), Tata Indoglobal Infrastructure Fund (TIGIF), Tata Growing Economies
Infrastructure Fund Plan A (TGEIFA), Tata Growing Economies Infrastructure Fund Plan B (TGEIFB) – Annexure I to the Abridged
Balance Sheet and Revenue Accounts for the year / period ended 31st March, 2010.
1 Investments :
a) In accordance with Regulation 44 (1) of the SEBI (Mutual Funds) Regulations, 1996, securities purchased should be held in the name
of the scheme. As on 31st March, 2010 government securities aggregating to TISF Rs. 96,440,000/- (previous year Rs.264,300,000/-
), TIGIF Rs. Nil (previous year Rs.Nil), TGEIFA Rs. Nil ( previous period Rs. Nil) , TGEIFB Rs. Nil ( previous period Rs. Nil) reverse
repos aggregating to TISF 95,796,022/- (previous year Rs. 46,755,555/-), TIGIF- Rs. 161,395,472/- (previous year Rs.105,809,623/-),
TGEIFA- Rs. Nil ( previous period Rs.1,272,260/- ), TGEIFB- Rs. Nil ( Previous period Rs. 43,468,883/- ) CBLO aggregating to TISF Rs.
Nil (previous year Rs. 1,354,705,254/-), TIGIF Rs. Nil ( previous year Rs. Nil), TGEIFA Rs. Nil ( previous period Rs. Nil), TGEIFB Rs. Nil (
previous period Rs. Nil) are held in the name of Tata Trustee Company Limited A/c Tata Mutual Fund.
b) Open Position of Derivatives as on 31st March, 2010 in TGEIFA Rs. Nil ( previous year Rs. Nil) , TGEIFB Rs. Nil ( previous year Rs.
Nil) and in TISF ,TIGIF as follows :
TISF
31st March, 2010 31st March, 2009
Name of the Equity Index / Stock Futures Nifty Nifty
No of Contracts outstanding NIL 10,400
No. Of units:
• Long NIL 520,000
• Short NIL 0
Contract Value (Rs.) NIL 1,544,313,487
Market Value (Rs.) NIL 1,567,930,000
% to Net Assets NIL 8.14%
TIGIF
31st March, 2010 31st March, 2009
Name of the Equity Index / Stock Futures Nifty Nifty
No of Contracts outstanding NIL 1,600
No. Of units:
c) Long NIL 80,000
d) Short NIL 0
Contract Value (Rs.) NIL 246,302,600
Market Value (Rs.) NIL 241,220,000
% to Net Assets NIL 1.85%
c) Investments in Associates and Group Companies :
Name of the Management Nature of
Issuer TISF
Company Group Instrument
Aggregate Aggregate
As at As at
Investment by Investment by
31-03-2010 31-03-2009
all Schemes all Schemes
Grasim Industries Grasim Industries A V Birla Group Equity 198,175,226 358,733,941 102,492,000 676,089,374
Limited Limited
Tata Tata TATA Equity 164,305,427 349,369,427 0 497,616
Communications Communications
Limited Limited
Tata Power Tata Power TATA Equity 713,752,000 1,637,780,607 425,964,449 1,457,914,129
Company Limited Company Limited
Tata Steel Limited Tata Steel Limited TATA Equity 0 68,623,031 16,419,150 58,339,811
Voltas Limited Voltas Limited TATA Equity 763,826,130 2,311,951,930 0 234,809,354
Grand Total 1,840,058,783 4,726,458,936 544,875,599 2,427,650,284
Name of the Issuer Management Nature of TIGIF
As at Aggregate As at Aggregate
31-03-2010 Investment by 31-03-2009 Investment by
Grasim Grasim Industries A V Birla Equity 56,275,000 358,733,941 0 676,089,374
Industries Limited Group
Limited
Tata Power Tata Power TATA Equity 413,907,530 1,637,780,607 219,296,715 1,457,914,129
Company Company Limited
Limited
Voltas Limited Voltas Limited TATA Equity 416,540,819 2,311,951,930 65,671,450 234,809,354
Grand Total 886,723,349 4,308,466,478 284,968,165 2,368,812,857

Name of the Issuer Management Nature of TGEIFA

31-03-2010 Investment 31-03-2009 Investment by
by all Schemes all Schemes
Tata Power Tata Power TATA Equity 5,490,400 1,637,780,607 0 1,457,914,129
Company Limited Company Limited
Voltas Limited Voltas Limited TATA Equity 11,333,902 2,311,951,930 923,000 234,809,354
Grand Total 16,824,302 3,949,732,537 923,000 1,692,723,483
Name of the Issuer Management Nature of TGEIFB

31-03-2010 Investment by 31-03-2009 Investment by
Grasim Grasim A V Birla Equity 0 358,733,941 15,768,000 676,089,374
Industries Industries Group
Limited Limited
Tata Power Tata Power TATA Equity 0 1,637,780,607 11,479,500 1,457,914,129
Company Company
Limited Limited
Voltas Limited Voltas Limited TATA Equity 63,828,000 2,311,951,930 13,152,750 234,809,354
Grand Total 63,828,000 4,308,466,478 40,400,250 2,368,812,857
d) Open position of Securities Borrowed and / or Lend by the scheme as on 31st March, 2010 in TISF, TIGIF, TGEIFA, TGEIFB Rs.Nil
(previous year/period Rs. Nil).
e) Non Performing Assets as on 31st March, 2010 in TISF, TIGIF, TGEIFA, TGEIFB Rs.Nil (previous year/period Rs. Nil).
f) Aggregate Unrealised Gain / Loss as on the end of the Financial Year and percentage to net assets.
SCHEME TISF TIGIF
Particulars Unrealised Gain/Loss % to Net Asset Unrealised Gain/Loss % to Net Asset
Appreciation as on 31-03-10 6,482,031,012 28.38 1,661,084,248 11.98
Appreciation as on 31-03-09 554,286,146 3.81 28,932,835 0.31
Diminution as on 31-03-10 415,778,916 1.82 995,986,386 7.18
Diminution as on 31-03-09 2,114,170,233 14.53 5,957,297,585 62.96
SCHEME TGEIFA TGEIFB

Particulars Unrealised Gain/Loss % to Net Asset Unrealised Gain/Loss % to Net Asset
Diminution as on 31-03-10 1,188,984 0.31 11,390,237 0.73
Diminution as on 31-03-09 96,987,943 36.09 462,007,290 43.62
g) The aggregate value of purchases and sales (including redemptions) of investments for the year ended 31st March, 2010 expressed
as a percentage of average daily net assets is as under :
TISF
As at 31-03-2010 As at 31-03-2009
Particulars
Values* Rs. % Values* Rs. %
Aggregate value of Purchases 23,450,130,801 105.80 43,200,299,427 224.36
Aggregate value of Sales (including redemptions) 23,896,531,959 107.81 43,751,535,908 227.22
TIGIF
Particulars As at 31-03-2010 As at 31-03-2009
Value* Rs. % Value* Rs. %
Aggregate value of Purchases 8,365,548,685 61.80 9,562,839,804 73.47
Aggregate value of Sales (including redemptions) 10,108,322,479 74.67 9,576,328,623 73.58

TGEIFA
Particulars As at 31-03-2010 As at 31-03-2009
Aggregate value of Purchases 79,296,100 20.77 561,811,563 179.23
Aggregate value of Sales (including redemptions ) 139,973,332 36.67 169,985,296 54.23
TGEIFB
As at 31-03-2010 As at 31-03-2009
Particulars
Aggregate value of Purchases 616,800,784 39.04 2,619,002,352 199.50
Aggregate value of Sales (including redemptions) 971,420,775 61.49 1,020,127,552 77.71
*The amounts do not include CBLO and reverse repo transactions.
h) Non-Traded securities in the portfolio : in Equity as on 31st March, 2010 in TISF, TIGIF, TGEIFA ,TGEIFB Rs.Nil ( previous
year/period Rs.Nil )% to Net Asset Nil (previous year % to Net Asset Nil) and in debt TISF Rs. 60,000,000/- (previous year
Rs. 819,826,690/-) % to Net Asset 0.26% ( previous year % to Net Asset 5.64%), TIGIF Rs. Nil (previous year Rs. 48,429,388/-) %
to Net Asset Nil ( previous year % to Net Asset 0.51%), TGEIFA Rs.Nil ( previous period Rs. Nil ) % to Net Asset Nil ( previous year
% to Net Asset Nil), TGEIFB Rs.Nil ( previous period Rs.Nil ) % to Net Asset Nil ( previous year % to Net Asset Nil).
And for Money Market Instruments.
SCHEME TISF TIGIF
Period 31-Mar-10 % to Net Asset 31-Mar-09 % to Net 31-Mar-10 % to Net 31-Mar-09 % to Net
Asset Asset Asset
CBLO Investments 0.00 0.00 1,354,705,254.00 9.31 0.00 0.00 0.00 0.00
Reverse Repos 95,796,022.00 0.42 46,755,555.00 0.32 161,395,472.00 1.16 105,809,623.00 1.12
SCHEME TGEIFA TGEIFB

Period 31-Mar-10 % to Net Asset 31-Mar-09 % to Net 31-Mar-10 % to Net 31-Mar-09 % to Net
Asset Asset Asset
Reverse Repos 0.00 0.00 1,272,260.00 0.47 0.00 0.00 43,468,883.00 4.10
2. Disclosure under Regulation 25(8) of the SEBI Regulation have been made in the table below in respect of amounts paid to parties
associated with sponsors in which the Asset Management Company or its major sharehloders have a substantial interest.
Brokerage Paid to associates / related parties / group companies of Sponsor /AMC
Scheme Name of associate / Nature of Period Value of transaction(in Rs. & Brokerage(Rs & % of total
related parties / group Association Covered % of total value of transaction brokerage paid by the fund)
companies of sponsor/ / Nature of of the fund)
AMC relation Value of % total Gross % of total
transaction in value of Brokerage Paid brokerage
Rs. transaction Rs. paid by the
of the fund fund
TISF Amit Nalin Securities Associate 2009-2010 230,971,209.00 0.40 461,494.33 0.51
Private Limited Broker
Amit Nalin Securities Associate 2008-2009 407,502,064.10 0.48 813,555.11 1.19
Tata Securities Limited Associate 2009-2010 1,379,852,104.67 2.37 2,744,557.00 3.02
Broker
Tata Securities Limited Associate 2008-2009 806,816,633.12 0.96 1,600,444.00 2.34
Broker
TIGIF Amit Nalin Securities Associate 2009-2010 141,222,450.00 0.81 282,012.50 0.84

Tata Securities Limited Associate 2009-2010 636,285,699.01 3.65 1,266,032.00 3.76

Broker
Tata Securities Limited Associate 2008-2009 323,623,970.68 1.54 640,544.00 2.41
Broker
TGEIFA Amit Nalin Securities Associate 2009-2010 4,377,925.75 2.04 8,756.75 2.05
Broker
Broker
TGEIFB Amit Nalin Securities Associate 2009-2010 23,227,529.63 1.46 46,467.22 1.47
Broker
Broker
And
Commission Paid to associates related parties group companies of sponsor / AMC
Scheme Name of Associate Broker Nature of Period Business given (Rs. & % of Commission paid (Rs. & % of
/ related parties/group Association/ Covered total business received by the total commision paid by the
companies of sponsor/ Nature of fund fund
AMC relation Business given % of total Gross & % of total
Rs. business commision commision
received by Paid paid by the
the fund Rs. fund
TISF Tata Capital Limited Group 2009-2010 3,013,621.45 0.08 49,469.65 0.03
Company
Tata Securities Limited Group 2009-2010 6,915,611.65 0.17 383,732.90 0.26
Company
Company
Tata Tea H O Staff Co-op Group 2009-2010 0.00 0.03 156.72 0.00
Credit Society Limited Company
Tata Tea H O Staff Co-op Group 2008-2009 0.00 0.00 141.88 0.00
Credit Society Limited Company
TML Financial Services Group 2009-2010 997.09 0.03 1,084.32 0.00

Limited Company
TML Financial Services Group 2008-2009 0.00 0.00 972.88 0.00
Limited Company
TIGIF Tata Capital Limited Group 2009-2010 7,695.70 0.00 170.84 0.00
Company
Tata Capital Limited Group 2008-2009 21,350.50 0.02 25.61 0.00
Company
Tata Securities Limited Group 2009-2010 167,255.13 0.04 365,353.11 0.48
Company
Tata Securities Limited Group 2008-2009 3,337,325,124.66 17.67 436,178.30 17.46
Company
TGEIFA Tata Securities Limited Group 2009-2010 27,000.00 0.08 25,671.40 1.04
Company
Company
TGEIFB Tata Securities Limited Group 2009-2010 0.00 0.03 90,374.42 0.89
Company


Company
Amit Nalin Securities Associate 2009-2010 0.00 0.00 2,460.00 0.02
Amit Nalin Securities Associate 2008-2009 500,000.00 0.03 14,241.90 0.03
And
Disclosure under Regulation 25(8) of the SEBI (MF) Regulations 1996 have been made in the table below in respect of other payments made
to parties associated with sponsors in which the Asset Management Company or its major shareholders have a substantial interest.
TISF
2009 – 2010 2008 – 2009
Name of the Company Nature of Payment
Rs. Rs.
Tata Asset Management Limited Management Fees 221,493,733 172,501,751
Tata Trustee Company Limited Trusteeship Fees 2,215,818 1,922,461
TIGIF
Name of the Company Nature of Payment 2009 – 2010 2008 – 2009
Rs. Rs.
Tata Trustee Company Limited Trusteeship Fees 1,312,982 1,217,555
TGEIFA
Name of the Company Nature of Payment 2009-2010 Period from
Rs. 18-02-2008 to 31-03-2009
Rs.
Tata Trustee Company Limited Trusteeship Fees 38,178 30,041
TGEIFB
Name of the Company Nature of Payment 2009-2010 Period from
RS. 18-02-2008 to 31-03-2009
Rs.
Tata Trustee Company Limited Trusteeship Fees 157,996 125,806
3. Unit holders holding over 25% of the Net Asset Value of the Scheme as on 31st March, 2010 is TISF, TIGIF, TGEIFA, TGEIFB Nil
(previous year/period Nil).
4. Unit Capital movement during the year ended / period ended 31st March 2010. Planwise details of movement in units is as under :
Scheme Option Face Value Opening Units As on Total Units Total Units Closing Units As on
01/04/2009 Subscription Redemption 31/03/2010
TISF DIVIDEND 10.0000 529,962,333.729 69,969,209.250 127,573,559.816 472,357,983.163
TISF GROWTH 10.0000 429,778,041.775 64,134,113.077 125,065,538.993 368,846,615.859
TIGIF DIVIDEND 10.0000 730,529,009.234 0.000 107,892,579.497 622,636,429.737
TIGIF GROWTH 10.0000 1,311,557,475.205 0.000 165,212,926.674 1,146,344,548.531
TGEIFA DIVIDEND 10.0000 12,191,665.815 205,515.340 2,087,728.276 10,309,452.879
TGEIFA GROWTH 10.0000 27,589,994.570 2,307,317.026 5,808,098.366 24,089,213.230
TGEIFB DIVIDEND 10.0000 43,503,463.674 832,427.048 10,102,399.414 34,233,491.308
TGEIFB GROWTH 10.0000 121,625,434.962 3,829,004.433 29,518,819.184 95,935,620.211
5. Contingent liabilities as on 31st March, 2010 in TISF, TIGIF, TGEIFA, TGEIFB Rs.Nil (previous year / period Rs. Nil).
6. The figures for the previous year have been regrouped and reclassified wherever necessary to confirm with the current year figures. In
TGEIFA,TGEIFB prior period comprises the period beginning from 18th February, 2008 to 31st March, 2009, hence the previous period
figures are strictly not comparable with current year.
7. Expenses other than management fee is inclusive of service tax where applicable.

Key Statistics for the year / period ended 31st March, 2010
TISF TIGIF
31-Mar-10 31-Mar-09 31-Mar-10 31-Mar-09
1. Net Asset Value per unit Rs.
Open D - 12.8002 D - 22.5587 D - 4.6354 D - 8.2834
G - 18.0615 G - 31.8853 G - 4.6322 G - 8.2828
High D - 23.1655 D - 24.2809 D - 8.0717 D - 8.9203
G - 34.2355 G - 34.3221 G - 8.0663 G - 8.9196
Low D - 12.9276 D - 11.1263 D - 4.6903 D - 4.0609
G - 18.2413 G - 15.699 G - 4.6871 G - 4.0581
End D - 22.1202 D - 12.8002 D - 7.8375 D - 4.6354
G - 33.5919 G - 18.0615 G - 7.8323 G - 4.6322
2. Closing Assets Under Management (Rs. in Lakhs)
End 228,389.04 145,460.87 138,584.03 94,617.17
Average (AAuM) 221,647.36 192,548.62 135,371.22 130,153.03
3. Gross income as % of AAuM1 24.26% -32.60% 7.11% -34.95%
4. Expense Ratio:
a. Total Expense as % of AAuM (plan wise) D - 1.88% D - 2.50% D - 1.74% D - 2.50%
G - 1.88% G - 2.50% G - 1.74% G - 2.50%
b. Management Fee as % of AAuM (plan wise) D - 1.00% D - 0.90% D - 0.80% D - 1.25%

G - 1.00% G - 0.90% G - 0.80% G - 1.25%
5. Net Income2 as a percentage of AAuM3 28.36% -34.62% 35.09% -39.65%

6. Portfolio turnover ratio4 117.98 248.51 81.68 83.20
7. Total Dividend / Bonus per unit distributed during the 1.60 0.00 0.00 0.00
year / period (plan wise) (Rs.)
8. Returns:
a. Last One Year
Scheme 85.98 -43.35 69.21 -44.08
Benchmark BSE SENSEX COMBINATION OF BSE SENSEX
(65%) & MSCI WORLD INDEX (35%)
80.54 -37.94 69.53 -40.05
b. Since Inception
Scheme 25.96 14.93 -9.72 -42.68
Benchmark BSE SENSEX COMBINATION OF BSE SENSEX
(65%) & MSCI WORLD INDEX (35%)
20.44 9.50 -5.57 -38.05
1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD
3. AAuM=Average daily net assets
4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
5. Inception Dates: TISF : 31/12/2004; TIGIF : 12/11/2007; TGEIF : 10/04/08
6. Past Performance may or may not be sustained in the future
7. D= Dividend; G=Growth

Key Statistics for the year / period ended 31st March, 2010
TGEIFA TGEIFB
31-Mar-10 31-Mar-09 31-Mar-10 31-Mar-09
1. Net Asset Value per unit Rs.
Open D - 6.7544 NA D - 6.4137 NA
G - 6.7548 G - 6.4135
High D - 11.693 D - 10.2085 D - 12.3016 D - 10.0884
G - 11.6946 G - 10.2089 G - 12.3025 G - 10.0884
Low D - 6.6854 D - 5.8947 D - 6.4445 D - 5.5831
G - 6.6857 G - 5.895 G - 6.4444 G - 5.583
End D - 11.3070 D - 6.7544 D - 11.9455 D - 6.4137
G - 11.3089 G - 6.7548 G - 11.9464 G - 6.4135
2. Closing Assets Under Management (Rs. in Lakhs)
End 3,889.93 2,687.14 15,550.26 10,590.65
Average (AAuM) 3,817.55 3,134.64 15,798.49 13,128.14
3. Gross income as % of AAuM1 6.63% -8.53% 10.64% -9.03%
4. Expense Ratio:
a. Total Expense as % of AAuM (plan wise) D - 2.13% D - 2.50% D - 2.27% D - 2.50%
G - 2.13% G - 2.50% G - 2.27% G - 2.50%
b. Management Fee as % of AAuM (plan wise) D - 0.48% D - 1.25% D - 0.88% D - 1.25%

G - 0.48% G - 1.25% G - 0.88% G - 1.25%
5. Net Income2 as a percentage of AAuM3 29.35% -10.94% 36.11% -11.36%

6. Portfolio turnover ratio4 21.29 63.02 40.54 78.90
7. Total Dividend / Bonus per unit distributed during the 0.00 0.00 0.00 0.00
year / period (plan wise) (Rs.)
8. Returns:
a. Last One Year
Scheme 67.42 N.A. 86.33 N.A.
Benchmark COMBINATION OF BSE SENSEX COMBINATION OF BSE SENSEX
(30%) & MSCI EMERGING MARKET (65%) & MSCI EMERGING MARKET
INDEX (70%) INDEX (35%)
78.24 N.A. 79.39 N.A.
b. Since Inception
Scheme 6.43 -32.50 9.45 -35.87
Benchmark COMBINATION OF BSE SENSEX COMBINATION OF BSE SENSEX
(30%) & MSCI EMERGING MARKET (65%) & MSCI EMERGING MARKET
INDEX (70%) INDEX (35%)
-2.97 -39.74 1.39 -38.94
1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD.
3. AAuM=Average daily net assets.
4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
5. Inception Dates: TISF : 31/12/2004; TIGIF : 12/11/2007; TGEIF : 10/04/08.
6. Past Performance may or may not be sustained in the future.
7. D= Dividend; G=Growth.

Statutory Details: Constitution : Tata Mutual Fund (TMF) has been set up as a Trust under the India Trusts Act, 1882. Sponsors & Settlors:
Tata Sons Limited and Tata Investment Corporation Limited. Trustee : Tata Trustee Company Limited. Investment Manager: Tata Asset
Management Limited. Risk Factors • All investments in Mutual Fund & securities are subject to market risks & the NAV of the units
issued under the schemes can go up or down depending on the factors & forces affecting the capital markets • Mutual Fund &
securities investments are subject to market risks & there can be no assurance & no guarantee that the objectives of the scheme
will be achieved • Past performance of the previous scheme, the Sponsors or its group affiliates is not indicative of & does not guarantee the
future performance of the schemes • The above is only the name of the scheme & does not in any manner indicate either the quality
of the scheme, it’s future prospects or the returns • The Sponsors are not responsible or liable for any loss resulting from the operations
of the Mutual Fund beyond the contribution of an amount of Rs.1 lac made by them towards setting up of the Mutual Fund. Investments in
debt securities are subject to interest rate risk, credit risk & liquidity risk • The present scheme are not guaranteed or assured return schemes
• Investment in mutual fund units involves investment risk such as trading volumes, settlement risk, liquidity risk, default risk including the
possible loss of capital
Scheme specific Risk Factors : • Tata Infrastructure Fund - The scheme being sector specific will be affected by risk associated with the
Infrastructure Sector. • Tata Indo-Global Infrastructure Fund and Tata Growing Economies Infrastructure Fund - Plan A & Plan B - To the extent
the assets of the scheme are invested in overseas financial assets, there may be risks associated with currency movements, restrictions on
repatriation and transaction procedures in overseas market. Further, the repatriation of capital to India may also be hampered by changes
in regulations or political circumstances as well as the application to it of other restrictions on investment. In addition, country risks would
include events such as introduction of extraordinary exchange controls, economic deterioration, bi-lateral conflict leading to immobilization of
the overseas financial assets and the prevalent tax laws of the respective jurisdiction for execution of trades or otherwise. • The Scheme may
also invest in ADRs / GDRs / Foreign Debt Securities as permitted by Reserve Bank of India and Securities and Exchange Board of India. To
the extent that some part of the assets of the Schemes may be invested in securities denominated in foreign currencies, the Indian Rupee
equivalent of the net assets, distributions and income may be adversely affected by the changes in the value of certain foreign currencies
relative to the Indian Rupee. The repatriation of capital also may be hampered by changes in regulations concerning exchange controls or
political circumstances as well as the application to it of other restrictions on investment. • As the portfolio will invest in stocks of different
countries, the portfolio shall be exposed to the political, economic and social risks with respect to each country. However, the portfolio manager
shall ensure that his exposure to each country is limited so that the portfolio is not exposed to one country. Investments in various economies
will also diversify and reduce this risk. • In respect of the corpus of the Scheme that is invested in overseas mutual fund schemes, investors
shall bear the proportionate recurring expenses of such underlying scheme(s), in addition to the recurring expenses of the Scheme. Therefore,
the returns attributable to such investments by the Scheme may be impacted or may, at times, be lower than the returns that the investors could
obtain by directly investing in the said underlying scheme. • Kindly refer Scheme Information Document (SID), Statement of Additional
Information (SAI) & Key Information Memorandum (KIM) of the scheme for applicable loads. For scheme specific risk factors & other
details please read the SID/SAI/KIM of the scheme carefully before investing.

Book-Post
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Tata Asset Management Ltd.
Mulla House, Grnd Floor,
Homi Modi Street,
Mumbai – 400 001
Investor Service Centres - AMC OFFICES Call Free : 1800 – 209 – 0101 (Lines opens on sundays also)
West Zone: Mumbai: Tata Asset Management Ltd., Mulla House, Ground Floor, 51, M.G. Road, Near Flora Fountain, Mumbai - 400 001. Tel.: 022-66315191/92/93,
Fax: 022- 66315194. Borivali: Ground Floor, Shop No. 8, Victor Park, Behind Indryani Saree Shop, Chandarvarkar Road, Borivali (West), Mumbai - 400 092. Tel.: 022-65278852.
Ahmedabad: 402, ‘Megha House’, Mithakhali - Law Garden Road, Netaji Marg, Ahmedabad - 380 006. Tel.: 079- 6541 8989/ 6544 7799. Fax: 079-2646 6080. Pune: Tata Asset
Management Ltd., Office No 33, 3rd Floor, Yashwant, Opp Lane No. 9, Prabhat Road, Pune – 411 004 Tel: (020) 41204949, Fax: (020) 4120 4953. Surat: 421, Jolly Plaza, Near
Collector Office, Next to G.P. College, Athwa Gate, Surat - 395 001. Tel.: 0261-6554418 / 19, Fax: 0261-2470326. Vadodara: 202- 203 Madhav Complex, RC Dutt Road,GEB
Circle, Alkapuri, Vadodara - 390 007. Tel.: 0265-6641888/2356114, Fax: 0265-6641999. Rajkot: Arhant Plaza, 201, 2nd Floor, Subhas Road, Near Moti Taki, Rajkot - 360001. Tel.:
0281-6624848/6544949. Indore: G-25, City Centre, 507 M.G. Road, Indore - 452 001. Tel.: 0731-4201806, Fax 0731-4201807. Bhopal: Tata Asset Management Ltd., MF-12,
Block-A, Mansarovar Complex, Near Habibganj Railway Station, Bhopal - 462 016. Tel.: 0755- 4229379 / 4273914 / 2574198. Nashik: 5, Samriddhi Residency, Opp Hotel City
Pride, Tilakwadi, Nashik - 422 002. Tel.: 0253-6605138 / 0253-6510315, Fax: 0253-2579098. Goa: Tata Asset Mangement Ltd, FO-4, 1st Floor, Indraprastha, Above Dena Bank,
Dr Shirgaonkar Road, Panjim. Goa-403001. Tel.: 0832 - 6451135/36/2422135, Fax: 0832-2422135. Jabalpur: TATA Asset Management Ltd., Office No. 4, 1178 , Napier Town,
Home Sciences College Road, Jabalpur - 482 001(M.P.). Tel.: 0761-4074263. Nagpur: “Mile Stone”, 1st Floor, Near Lokmat Square, Wardha Road, Ramdaspeth, Nagpur - 440
010, Tel.: 0712-650 2885 / 663 0425. East Zone: Bhubaneswar: Janpath Tower, Room-208, 2nd Flr, Ashok Nagar, Bhubaneswar - 751009. Tel.: 0674-2533818. Dhanbad:
4th flr, Room No-409, Shriram Plaza, Bank More, Dhanbad - 826 001. Tel.: 9234302478/0326-2300304. Durgapur: A 206, 1st Flr, Kamdhenu Bengal Shristi Complex, City
Centre, Durgapur - 713 216. Tel.: 0343 - 6454797. Guwahati: 109, 1st Flr, Orion Tower, Christian Basti, G S Road, Guwahati - 781 005 (Assam). Tel.: 0361-2343084. Kolkata:
Tata Centre, 1st Floor, 43, J L Nehru Road, Kolkata - 700 071. Tel.: 033-22883413/5, 22881534. Fax: 033-22881535. Jamshedpur: C/o Mithila Motors Ltd, 1st Floor, Bistupur,
Jamshedpur - 831 001. Tel.: 0657-2756021/22/23/30. Raipur: 331 & 332, 3rd Flr, Lalganga Shopping Mall, G E Road, Raipur - 492 001 (Chhattisgarh). Tel.: 0771-2543354. Ranchi:
2nd floor, Shop no. 23 A, A.C. Market, G.E.L. Church Complex, Main road, Ranchi - 834 001 (Jharkhand). Tel.: 0651-2330704/2330226. Patna: 605, 6th Flr, Ashiana Hariniwas,
New Dak Bunglow Chowk, Patna - 800 001. Tel.: 0612-2206497/6450120. Bhilai: Shop No.145, Ground Floor, Chauhan Estate, Near HDFC Bank, Bhilai - 490 001. Tel.: 0788-
2295625. North Zone: Agra: G-12, Block No.19/4, Vimal Tower, Sanjay Place, Agra - 282 002. Tel.:- 0562-2525195. Allahabad: 43/1, S P Marg, 1st Floor, Opp. MAK
Tower, Civil Lines, Allahabad (UP) - 211 001. Tel. :- 0532-6451122. Amritsar: Mezzanine floor, S.C.O – 25, B Block, District Shopping Complex, Ranjit Avenue, Amritsar – 143
001. Tel.: 98140 82808. Chandigarh: Cabin No.3-4-5, 1st Floor, Meeting Point, SCO - 487/488, Sector- 35C, Chandigarh - 160 022. Tel.: 0172 - 5087322 /6450322/2605320,
Fax: 0172 - 2603770. Dehradun: Shop No. 19, Ground Floor, Shree Radha Palace, 78, Rajpur Road, Dehradun-248001, Uttarakhand. Tel.: 0135-6450877. Jaipur: 233, 2nd
Floor, Ganpati Plaza, M I Road, Jaipur - 302 001. Tel: 0141 - 2389387 Fax: 0141 - 5105178. Kanpur: 4th floor, Office no. 412 - 413, KAN Chambers, 14 / 113, Civil Lines,
Kanpur - 208 001. Tel.: 0512 - 2306066, Fax: 0512 - 2306065. Delhi: 7th Floor, No. E - H, Vandana building, 11, Tolstoy Marg, Connaught Place, New Delhi 110 001. Tel.: 011-
66324111/102/103/104/105, Fax: 011-66303202. Lucknow: Office No.2, Saran Chambers-I, 1st Floor, 5, Park Road, Lucknow - 226 001. Tel.: 0522-6452432/4001731, Fax: 0522-
2235386. Ludhiana: Cabin No. 201, 2nd. Floor, SCO 18, Opp Ludhiana Stock Exchange, Feroze Gandhi Market, Ludhiana - 141 001. Tel.: 0161 - 5089667/6503366, Fax: 0161-
2413498. Moradabad: Tata Asset Management Ltd., Ground floor, Near Hotel Rajmahal, Civil Lines, Moradabad – 244 001, Tel.: 0591 - 2410667, 6535002. Jodhpur: Jaya Enclave,
79/4, Opp IDBI Bank, 1st A Road, Sardarpura, Jodhpur - 342 001. Tel.: 0291-6450555/2631257, Fax: 0291-2631257. Udaipur: Office No - 4, 2nd Floor, Madhav Appartment,
Opp GPO, Chetak Circle, Udaipur - 313 001. Tel.: 0294 - 6450979/ 2429371, Fax: 0294-2429371. Varanasi : D-64/127, C-H Arihant Complex, Sigra, Varanasi - 221010
Tel .: 0542 - 6544655. Jalandhar : 2nd Floor, Above ING Vyasya Bank, Namdev Chowk, Jalandhar 144 001 Tel.: 0181-5001024/25. South Zone: Bangalore: 4/6, Millers Road,
High Grounds, Bangalore – 560 052. Tel.: 080-66561313 / 65335986 / 65335987, Fax: 080-22370512. Calicut: C-8 & 9, Friends Commercial Complex, Near Federal Towers,
Arayadathu Palam, Mavoor Road, Calicut - 673016. Tel.: 0495-6450508. Chennai: TATA Asset Management Ltd, Riaz Garden, 3rd Floor, No:29, Kodambakkam High Road, Near
Palmgrove Hotel, Nungambakkam, Chennai - 600 034. Tel.: 044-64541868/69/78, 64541863/64. Fax: 044-43546313. Cochin: 2nd Floor, Ajay Vihar, JOS Junction, M. G. Road,
Cochin - 682 016. Tel.: 0484 - 2377580, 6533107, 6467813/14/15/16. Fax: 0484 - 237 7581. Coimbatore: 551 A, 1st Floor, West Lokamaniya Street, Near CAMS, R. S. Puram,
Coimbatore - 641 002. Tel.: 0422 - 6502133/44, 4365635, Fax: 2546585. Hyderabad: 3rd floor, Block B, R R Estate, G.S MALL, Somajiguda, Hyderabad-82. Tel.: 040-65961237/38
& 65548290, Fax: 040-66363187. Hubli: 15 & 16, 2nd floor, Eureka Junction, Travellers Bangalow Road, Above ICICI Bank, Hubli - 580 029. Tel.: 0836-6450342 Fax: 4251510.
Kottayam: C S I Ascention Square, Collectrorate P. O., Kottayam - 686 002. Tel.: 9447559230. Mangalore: Tata Asset Management Ltd., Essel Towers, 1st Floor, Bunts Hostel
Circle, Above UTI Bank, Mangalore - 575 003. Tel.: 0824-6450308. Madurai: A - 1st Floor, A.R. Plaza, No:16/17, North Veli Street, Madurai-625001. Tel.: 0452-6454330
Fax: 0452-4246315. Mysore: 847, 1st Floor , New Kantharaja Urs Road, Above New Krishna Sweets & Bakery, Kuvempu Nagar, Mysore - 570 023. Tel.: 0821-6450470
Fax: 4246676. Salem: Raj Towers, Ground Floor, No: 4, Brindavan Road, Fairlands, Salem - 636 016. Tel.: 0427-6451653 Fax: 4042028. Thiruvananthapuram: Krishna
Tower, 4th Floor, Sasthamangalam, Trivandrum - 695 010 Tel.: 0471-6535431/2319139. Trichy: No.60/3, ‘Krishna’, 2nd Floor, Sastri Main Road,Tennur, Trichy - 620 017.
Tel.: 0431-6455060. Thrissur: 4th Floor, Pathayappura buildings, Round South, Thrissur - 680 001. Tel.: 0487-6451286. Vijaywada: 5th Floor, KONA Heights, Opp. All India
Radio, M. G. Road, Vijaywada - 520 010. Tel.: 0866-6532621. Vishakapatnam: Door No. 47-15-14 & 15, Shop No: 102-B, Ground Floor, VRC Complex, Opp. TSR Complex,
Beside Andhra Bank, Visakhapatnam – 530 016. Tel.: 0891 – 6451883 Fax: 0891-2503292.
WPP - 40317777
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Abridged Annual Report FY 2009-10

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annual report

l Tata Infrastructure Fund

Annual Report 2009-2010 2

REPORT OF THE TRUSTEE TO THE UNITHOLDERS

Last 1 year Last 3 years Last 5 years Since Inception

Past performance may or may not be sustained in future.

Last 1 year Last 3 years Last 5 years Since Inception

Last 1 year Last 3 years Last 5 years Since Inception

Past performance may or may not be sustained in future.

Annual Report 2009-2010 3

Annual Report 2009-2010 4

Annual Report 2009-2010 5

c) Asset Management Company

Scheme Unclaimed Dividend Unclaimed Redemptions Total

Annual Report 2009-2010 6

7. Disclosure of Investors Complaints:

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

Annual Report 2009-2010 7

For DELOITTE HASKINS & SELLS

MUMBAI, 20th July, 2010

Annual Report 2009-2010 8

For DELOITTE HASKINS & SELLS

MUMBAI, 20th July, 2010

Annual Report 2009-2010 9

For DELOITTE HASKINS & SELLS

MUMBAI, 20th July, 2010

Annual Report 2009-2010 10

For DELOITTE HASKINS & SELLS

MUMBAI, 20th July, 2010

Annual Report 2009-2010 11

Abridged Balance Sheet as at 31st March, 2010

Annual Report 2009-2010 12

Abridged Balance Sheet as at 31st March, 2010

Notes to Accounts - Annexure I

Annual Report 2009-2010 13

Annual Report 2009-2010 14

Notes to Accounts - Annexure I

Annual Report 2009-2010 15

Annual Report 2009-2010 16

Name of the Issuer Management Nature of TGEIFA

Name of the Issuer Management Nature of TGEIFB

SCHEME TGEIFA TGEIFB

Annual Report 2009-2010 17

SCHEME TGEIFA TGEIFB

Annual Report 2009-2010 18

Tata Securities Limited Associate 2009-2010 636,285,699.01 3.65 1,266,032.00 3.76

TML Financial Services Group 2009-2010 997.09 0.03 1,084.32 0.00

Annual Report 2009-2010 19

Tata Securities Limited Group 2008-2009 15,334,562.60 0.88 536,928.85 0.99

Annual Report 2009-2010 20

b. Management Fee as % of AAuM (plan wise) D - 1.00% D - 0.90% D - 0.80% D - 1.25%

5. Net Income2 as a percentage of AAuM3 28.36% -34.62% 35.09% -39.65%

Annual Report 2009-2010 21

b. Management Fee as % of AAuM (plan wise) D - 0.48% D - 1.25% D - 0.88% D - 1.25%

5. Net Income2 as a percentage of AAuM3 29.35% -10.94% 36.11% -11.36%

Annual Report 2009-2010 22

Annual Report 2009-2010 23

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