Abridged Annual Report for 2010-2011

Abridged Annual Report for 2010-2011 Birla Sun Life Infrastructure Fund

Birla Sun Life Infrastructure Fund

FUND, BIRLA SUN LIFE MUTUAL FUND, One India Bulls, Tower 1, 17th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road. Mumbai - 400 013 LIST OF DIRECTORS OF BIRLA SUN LIFE TRUSTEE COMPANY PVT. LTD.: Mr. Prafull Anubhai Dr. V.S. Arunachalam Mr. Suresh Talwar Mr. B.N. Puranmalka Mr. Gurcharan Das CHIEF EXECUTIVE OFFICER: Mr. A. Balasubramanian take adequate steps to minimize such instances in future. Accordingly, the Fund Managers have taken various corrective actions including tighter limits on deviations from benchmarks during periods of heightened market volatility. Equity Markets - Outlook: The year 2010-11 was a year of consolidation with benchmark indices returning 12.4% over past one year. In comparison MSCI World Index and MSCI Emerging Markets Index delivered 14.3% and 18.9% on currency (INR) adjusted basis. The year gone by also witnessed FII inflows in line with last year, amounting to Rs. 110,121 Crs. As we begin a new fiscal year, global markets seem to be comfortably climbing the wall of worries, though, recent earthquake in Japan has added a some more uncertainty to the strength and pace of global recovery. On domestic front, there are some macro-economic concerns relating to high inflation and risks associated with elevated crude oil prices and slowdown in investments. In coming years, moderate inflation and improving governance should be able to drive investments and growth. This in turn would reflect in corporate sector earnings and hence stock returns as well. Consensus GDP growth estimates for India has witnessed some downgrades to factor in some of the macro headwinds. Corporate earnings have also witnessed similar changes. Even after these cuts, corporate earnings are expected to grow. B. Brief background of Sponsors, Trust, Trustee Company and AMC Company Birla Sun Life Mutual Fund Birla Sun Life Mutual Fund (BSLMF) is a Trust with the Sponsors being Aditya Birla Financial Services Private Limited (wholly owned subsidiary of Aditya Birla Nuvo Ltd.) and Sun Life (India) AMC Investments Inc. It was set up on December 16, 1994 with Birla Sun Life Trustee Company Pvt Ltd. (the Trustee Company) 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 December 16, 1994 with Birla Sun Life Asset Management Co. Ltd. (BSLAMC) to function as the Investment Manager for all the Schemes of BSLMF. BSLMF was registered with SEBI on December 23, 1994 under Registration Code MF/020/94/8. Birla Sun Life Trustee Company Pvt Ltd. 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 authority. The most important responsibility of the Trustee is to safeguard the interests of the Unit holders which is done by ensuring that the activities of Birla Sun Life Mutual Fund are managed by BSLAMC (Investment Manager) in compliance with the SEBI (Mutual Funds) Regulations, 1996 as amended from time to time read with the Investment Management Agreement and Trust Deed. On the basis of the information provided and reviews undertaken, the Trustees hereby confirm that BSLAMC has operated in the interests of the Unit holders. C. Investment Objective of the Scheme Birla Sun Life Infrastructure Fund: (An Open ended Growth Scheme) which seeks to provide medium to long-term capital appreciation, by investing predominantly in a diversified portfolio of equity and equity related securities of companies that are participating in the growth and development of Infrastructure in India. D. Summary of Significant Accounting Policies: Accounting policies are in accordance with Securities Exchange Board of India (Mutual Fund) Regulations 1996. The financial statements are prepared on the accrual basis of accounting, under the historical cost convention, as modified for investments, which are 'marked-to-market'. The significant accounting policies, which are in accordance with the SEBI Regulations and form part of the full Annual report is available on the website - www.birlasunlife.com.

STATUTORY AUDITORS: S.R. Batliboi & Co. Chartered Accountants, 6th Floor, Express Towers, Nariman Point, LIST OF DIRECTORS OF BIRLA SUN LIFE Mumbai - 400 021 ASSET MANAGEMENT COMPANY LTD.: REGISTRAR & TRANSFER AGENTS: Mr. Kumar Mangalam Birla Computer Age Management Services Pvt. Ltd. Mr. Donald Stewart Rayala Towers, 158 Anna Salai, Mr. Ajay Srinivasan Chennai - 600 002 Mr. Ashok Goenka Mr. Sundar Raman CUSTODIAN: Mr. N.N. Jambusaria JP Morgan Chase Bank Mr. N.C. Singhal 6th floor, Mr. Venkatesh Mysore Paradigm B wing, Prof. R Vaidyanathan Mindspace, Mr. R.C.Bhargava Mumbai - 400 064 Mr. Pankaj Razdan Mr. Dikran Ohannessian ABRIDGED TRUSTEE REPORT Dear Investor, Greetings from Birla Sun Life Mutual Fund! The Directors of the Trustee Company have pleasure in presenting before you the Abridged Annual Report of the scheme "Birla Sun Life Infrastructure Fund" of Birla Sun Life Mutual Fund for the financial year ended March 31, 2011. A. Scheme Performance, Future Outlook and Operations of the Scheme The total domestic assets under management of Birla Sun Life Mutual Fund as on March 31, 2011 were Rs. 54,256/- crores. The average domestic assets under management for the month of March 2011 stood at Rs. 65,076/- crores, an increase of over 4% from Rs. 62343 crores in March 31, 2010, whereas, based on the comparison of data as available, the Industry assets under management have shrunk by 6% for the same period. The numbers of live investor scheme accounts as on March 31, 2011 stood to 24.28 Lac. The performance of Birla Sun Life Infrastructure Fund, an Open ended Growth Scheme as on March 31, 2011 is presented below: Scheme Name Returns (in percentage) 1 Year 3 Years 5 Years Since Inception NAV as on Net Assets March 31, 201 201 1 as on March 201 31, 201 1 (Rs. In crs) Birla Sun Life Infrastructure Fund S&P Nifty -2.79 11.14 4.87 7.21 9.33 11.38 10.30 12.41 16.39 451.22

Inception - March 17,2006

Returns for the period upto one year are absolute returns and for the period more than one year are compounded annualised returns, with re-investment of dividends, if any. Returns have been calculated after considering reinvestment of dividends, if any, on the ex-date. Past Performance may or may not be sustained in the future.

Note: During the half year period under review, certain Plan/Option offered under the scheme/s have been discontinued and consolidated into the following Plan/Option as per Addendum No. 01/2011. For the period under consideration, the scheme has underperformed its benchmark. Notwithstanding Fund managers' perception about the movement of broader markets and their consequential actions to protect the interest of unit holders, such underperformance is attributable to various factors such as domestic and external economic situation, geopolitical developments, market volatility, marginal cash allocation in the portfolio to ensure liquidity etc. Trustees have advised the AMC to

Birla Sun Life Mutual Fund

Abridged Annual Report for 2010-2011

E. Unclaimed Dividends & Redemptions. 2011 Unclaimed Dividends as on March 31, 2011 AUDITORS' REPORT To the Trustee of

Birla Sun Life Infrastructure Fund

Scheme Name
Birla Sun Life Infrastructure Fund

No of Investors
11547

(Amount in Rs)
19,021,022.94

BIRLA SUN LIFE MUTUAL FUND - BIRLA SUN LIFE INFRASTRUCTURE FUND 1. We have audited the attached balance sheet of Birla Sun Life Mutual Fund - Birla Sun Life Infrastructure Fund ('the Scheme') as at 31 March 2011 and also the revenue account and cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the management of Birla Sun Life Asset Management Company Limited, the Scheme's asset manager. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We report that: 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. The balance sheet, revenue account and cash flow statement dealt with by this report are in agreement with the books of account.

2011 Unclaimed Redemptions as on March 31, 2011

Scheme Name
Birla Sun Life Infrastructure Fund F. Statutory Information:

No of Investors
883.00

Amount (in Rs.)

16,922,896.09

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 Lac for setting up the Fund, and such other accretions / additions to the same. 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. Full Annual Report shall be disclosed on the website (www.birlasunlife.com) and shall be available for inspection at the Head Office of the mutual fund. On written request, present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund / AMC at a price.

2.

3. i. ii.

G. General Policies and Procedures for exercising the voting rights: In view of SEBI guidelines related to "Role of Mutual Funds in Corporate Governance of Public Listed Companies", the company has formulated its "Policy for Proxy Voting in Public Listed Companies" which is available on its website - www.birlasunlife.com. H. Redressal of complaints received against mutual funds during 2010-11 Please refer the Annexure 1 to this report on the last page for the details related to "Disclosure of investor complaints with respect to Mutual Funds". I. General Policies and Procedures for exercising the voting rights: In view of SEBI guidelines related to "Role of Mutual Funds in Corporate Governance of Public Listed Companies", the company has formulated its "Policy for Proxy Voting in Public Listed Companies". The said policy and details of actual exercise of proxy votes during the Financial Year 2010 - 2011 is available on its website - www.birlasunlife.com."

iii. In our opinion, the balance sheet and revenue account dealt with by this report have been prepared in conformity with the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 ('the SEBI Regulations'). iv. In our opinion, and to the best of our information and according to the explanations given to us, the said financial statements give the information required by the SEBI Regulations as applicable, and give a true and fair view in conformity with the accounting principles generally accepted in India: a) b) c) in the case of the balance sheet, of the state of affairs of the Scheme as at 31 March 2011; in the case of the revenue account, of the surplus for the year ended on that date; and in the case of the cash flow statement, of the cash flows for the year ended on that date.

For and on behalf of Birla Sun Life Trustee Company Private Limited

Prafull Anubhai Chairman

For S. R. Batliboi & Co. June 29, 2011 Mumbai Firm Registration No. 301003E Chartered Accountants

per Surekha Gracias Partner Membership No: 105488 Mumbai, 29 June 2011

Birla Sun Life Mutual Fund

Abridged Annual Report for 2010-2011

BIRLA SUN LIFE MUTUAL FUND One India Bulls Centre, Tower 1, 17th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. ABRIDGED BALANCE SHEET AS AT MARCH 31, 2011

Birla Sun Life Infrastructure Fund

As at March 31, 2011 1 2 2.1 2.2 2.3 3 4 4.1 4.2 LIABILITIES Unit Capital Reserves & Surplus Unit Premium Reserves Unrealised Appreciation Reserve Other Reserves Loans & Borrowings Current Liabilities & Provisions Provision for doubtful Income/Deposits Other Current Liabilities & Provisions TOTAL ASSETS Investments Listed Securities: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt securities Future and Options Securities Awaited Listing: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt securities Unlisted Securities Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt securities Government Securities Treasury Bills Commercial Paper Certificate of Deposits Bill Rediscounting Units of Domestic Mutual Fund Foreign Securities Total Investments Deposits Other Current Assets Cash & Bank Balance CBLO/ Reverse Repo Lending Others Deferred Revenue Expenditure (to the extent not written off) TOTAL 32,260.69 (3,638.34) 2,598.01 13,879.88 670.32 45,770.56

(Rupees in Lakhs) As at March 31, 2010 38,911.50 (2,088.30) 10,813.97 9,381.33 610.56 57,629.06

1 1.1. 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 1.1.6 1.2 1.2.1 1.2.2 1.2.3 1.2.4 1.2.5 1.3 1.3.1 1.3.2 1.3.3 1.3.4 1.3.5 1.4 1.5 1.6 1.7 1.8 1.9 1.10 2 3 3.1 3.2 3.3 4

41,456.82 41,456.82 2,132.48 2,181.26 45,770.56

52,984.11 188.43 53,172.54 190.28 3,273.85 992.39 57,629.06

Notes to Accounts - Annexure I

Birla Sun Life Mutual Fund

Abridged Annual Report for 2010-2011

BIRLA SUN LIFE MUTUAL FUND One India Bulls Centre, Tower 1, 17th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013.

Birla Sun Life Infrastructure Fund

ABRIDGED REVENUE ACCOUNT FOR THE YEAR ENDING MARCH 31, 2011
Current Year ended March 31, 2011 1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 2 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 3 4 5 6 7 7.1 7.2 7.3 8 9 9.1 9.2 10 INCOME Dividend Interest Realised Gain / (Loss) on Foreign Exchange Transactions Realised Gains / (Losses) on Interscheme sale of investments Realised Gains / (Losses) on External sale / redemption of investments Realised Gains / (Losses) on Derivative Transactions Other Income (A) Management fees Service tax on Management fees Transfer agents fees and expenses Custodian fees Trusteeship fees Commission to Agents Marketing & Distribution expenses Audit fees Other operating expenses (B) NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A -B = C) Change in Unrealised Depreciation in value of investments (D) NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) Change in unrealised appreciation in the value of investments (F) NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD ( E + F = G ) Add: Balance transfer from Unrealised Appreciation Reserve, Reserves Less: Balance transfer to Unrealised Appreciation Reserve, Reserves Add / (Less): Equalisation Total Dividend appropriation Income Distributed during the year / period Tax on income distributed during the year / period Retained Surplus / (Deficit) carried forward to Balance sheet 582.09 124.57 8,245.75 5.88 8,958.29 553.24 56.99 78.48 6.89 0.18 316.03 128.25 1.75 39.67 1,181.48 7,776.81 7,776.81 (8,215.97) (439.16) 7,705.17 (1,718.58) 5,547.43 1,559.68 3,987.75 (Rupees in Lakhs) Previous Year ended March 31, 2010 564.82 96.78 8,479.07 (250.09) 5.44 8,896.02 422.56 43.52 88.66 8.62 0.24 354.52 198.89 1.75 28.89 1,147.65 7,748.37 (23,296.05) 31,044.42 31,044.42 9,448.85 (102.38) 21,493.19 4,583.89 16,909.30

Notes to Accounts - Annexure I

Birla Sun Life Mutual Fund

Abridged Annual Report for 2010-2011

BIRLA SUN LIFE MUTUAL FUND One India Bulls Centre, Tower 1, 17th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. KEY STATISTICS FOR THE YEAR ENDED MARCH 31, 2011 Current Year ended March 31, 2011 1. NAV per unit (Rs.): Open Plan A - Dividend Option Plan A - Growth Option Plan B - Dividend Option Plan B - Growth Option High Plan A - Dividend Option Plan A - Growth Option Plan B - Dividend Option Plan B - Growth Option Low Plan A - Dividend Option Plan A - Growth Option Plan B - Dividend Option Plan B - Growth Option End Plan A - Dividend Option Plan A - Growth Option Plan B - Dividend Option Plan B - Growth Option Closing Assets Under Management (Rs. in Lakhs) End Average (AAuM)1 Gross income as % of AAuM2 Expense Ratio: a. Total Expense as % of AAuM (plan wise) Plan A - Dividend Option Plan A - Growth Option Plan B - Dividend Option Plan B - Growth Option b. Management Fee as % of AAuM (plan wise) Plan A - Dividend Option Plan A - Growth Option Plan B - Dividend Option Plan B - Growth Option Net Income as a percentage of AAuM3 Portfolio turnover ratio4 wise) Total Dividend per unit distributed during the year / period (plan wise Plan A - Dividend Option Plan B - Dividend Option Returns: a. Last One Year Scheme - Growth Option Benchmark - S&P Nifty b. Since Inception Scheme - Growth Option Benchmark - S&P Nifty 13.10 16.86 12.10 12.60 14.42 19.64 14.10 14.69 10.97 14.94 10.72 11.17 12.03 16.39 45,100 52,819 16.96%

Birla Sun Life Infrastructure Fund

Previous Year ended March 31, 2010 7.51 8.08 N/A N/A 13.98 17.37 12.46 12.98 7.51 8.08 8.75 9.12 13.10 16.86 12.10 12.60 57,018 51,256 17.36%

2.

3. 4.

2.24% 2.24% 2.24% 2.24% 1.05% 1.05% 1.05% 1.05% 14.72% 1.37 0.73 0.25

2.24% 2.24% 2.24% 2.24% 0.82% 0.82% 0.82% 0.82% 15.12% 1.62 2.25 -

5. 6. 7.

8.

(2.79)% 11.14% 10.30% 12.41%

108.66% 73.76% 13.80% 11.44%

1. AAuM=Average daily net assets 2. Gross income = amount against (A) in the Revenue account i.e. Income. 3. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD 4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.

Birla Sun Life Mutual Fund

Abridged Annual Report for 2010-2011

BIRLA SUN LIFE MUTUAL FUND One India Bulls Centre, Tower 1, 17th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. NOTES TO ACCOUNTS ANNEXURE I TO THE ABRIDGED BALANCE SHEET AND REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2011 1 Investments:-

Birla Sun Life Infrastructure Fund

1.1. It is confirmed that investments of the schemes are registered in the name of the Trustees for the benefit of the scheme's unitholders. 1.2. Open Positions of derivatives as of March 31, 2011 and March 31, 2010 is Nil 1.3. Investments in Associates and Group Companies as at Years ended March 31, 2011 and March 31, 2010 are : Issuer Nature of Instruments 2011 Axis Bank Ltd Century Textiles and Industries Ltd. PTC India Ltd. Grasim Industries Ltd Equity Shares Equity Shares Equity Shares Equity Shares 45,458,272 68,880,394 61,422,500 Amount 2010 111,050,471 70,343,750 Aggregate investments by all Schemes 2011 194,116,712 781,530,391 750,622,260 2010 1,959,096,201 731,300,525

1.4. Open positions of Securities Borrowed and / or Lent by the scheme as of the Years ended March 31, 2011 and March 31, 2010 are NIL. 1.5. NPAs as at the Years ended March 31, 2011 and March 31, 2010 are NIL. 1.6. Aggregate Unrealised Gain / Loss as at the Years ended March 31, 2011 and March 31, 2010 and their percentages to net assets are as under : Security Category Amount (Rs.) 2011 Equity Shares - Appreciation - Depreciation Futures and Options - Appreciation - Depreciation 8,531,528 2,648,342 0.15 0.05 714,107,763 454,307,175 15.83 10.07 1,301,032,950 225,518,864 22.82 3.96 Percentage to Net Assets Amount (Rs.) 2010 Percentage to Net Assets

1.7. The aggregate value of investment securities purchased and sold during the financial Year 2011 is Rs.7,277,202,682 and Rs.8,613,491,969 respectively being 137.78% and 163.07% of the average daily net assets. The aggregate value of investment securities purchased and sold during the financial Year 2010 is Rs.8,510,199,462 and Rs.8,791,484,876 respectively being 166.03% and 171.52% of the average daily net assets. 1.8. Non-Traded securities in the portfolio of the scheme as of the Years ended March 31, 2011 and March 31, 2010 are NIL 2 Details of Transaction with Associates under regulation 25(8). Commission Paid to associates/related parties/group companies of sponsor/AMC Name of Associate Aditya Birla Money Mart Ltd. Aditya Birla Finance Company Ltd. Aditya Birla Money Ltd. Axis Bank Ltd. Name of Associate Aditya Birla Finance Ltd. Aditya Birla Money Ltd. Aditya Birla Money Mart Ltd. Axis Bank Ltd. Nature of Association Associate of the sponsor Associate of the sponsor Associate of the sponsor Associate of the AMC Nature of Association Associate of the sponsor Associate of the sponsor Associate of the sponsor Associate of the AMC Period Covered April 10 - March 11 April 10 - March 11 April 10 - March 11 April 10 - March 11 Period Covered April 09 - March 10 April 09 - March 10 April 09 - March 10 April 09 - March 10 Business Given(Rs Cr) 0.73 0.00 0.00 0.04 Business Given(Rs Cr) 0.02 0.01 4.51 1.67 % of total Business 0.62 0.00 0.00 0.34 % of total Business 0.01 0.00 2.10 0.78 Commission paid in Rs 496,809.64 39,407.60 1,427.05 27,825.88 Commission paid in Rs 44,428.94 2,875.88 1,345,398.04 632,119.06 % of total Commission 1.26 0.10 0.00 0.85 % of total Commission 0.08 0.01 2.43 1.14

Birla Sun Life Mutual Fund

Abridged Annual Report for 2010-2011

Brokerage Paid to associates/related parties/group companies of sponsor/AMC Name of Associate Aditya Birla Money Ltd. Emkay Global Financial Services Ltd. Name of Associate Aditya Birla Money Ltd. 3 4 Nature of Association Associate of the sponsor Associate of the sponsor Period Covered April 10 - March 11 April 10 - March 11 Business Given(Rs Cr) 24.82 16.70

Birla Sun Life Infrastructure Fund

% of total Business 0.03% 0.02%

Brokerage paid (Rs Cr) 0.05 0.01

% of total Brokerage 0.12% 0.01%

Nature of Association Associate of the sponsor

Period Covered April 09 - March 10

Business Given(Rs Cr) 41.35

% of total Business 2.74

Brokerage paid (Rs Cr) 0.06

% of total Brokerage 4.40

None of the Investors held more than 25% of the total net assets of the scheme at the Years ended March 31, 2011 and March 31, 2010. Unit Capital movement during the Years ended March 31, 2011 and March 31, 2010 are as under: Description Opening Units Plan A - Dividend Option Plan A - Growth Option Plan B - Dividend Option Plan B - Growth Option Description Opening Units Plan A - Dividend Option Plan A - Growth Option Plan B - Dividend Option Plan B - Growth Option 189,150,347.026 168,240,193.940 Subscription 82,723,357.935 57,932,545.711 17,002,976.210 10,289,461.594 213,405,263.701 163,415,224.807 6,727,353.746 5,567,073.346 Subscription 39,101,271.379 38,393,442.555 210,917.540 1,539,998.979 2011 Redemption 73,990,921.639 57,717,397.546 6,938,271.286 7,107,072.325 2010 Redemption 58,468,441.260 62,757,514.844 10,275,622.464 4,722,388.248 Closing Units 213,405,263.701 163,415,224.807 6,727,353.746 5,567,073.346 Face Value 2,134,052,637.01 1,634,152,248.07 67,273,537.46 55,670,733.46 Closing Units 178,515,613.441 144,091,269.816 Face Value 1,785,156,134.41 1,440,912,698.16 -

5 6

Prior year amounts have been re-grouped and reclassified, wherever applicable, to conform to current years presentation. No contingent liabilities for the Years ended March 31, 2011 and March 31, 2010.

These abridged financial statements have been derived by the management from the audited financial statements, and have not been audited.

Birla Sun Life Mutual Fund

Abridged Annual Report for 2010-2011

Birla Sun Life Infrastructure Fund

ANNEXURE 1 to the Annual Abridged Trustee Report

Disclosure of investor of investor complaints with respect to Mutual Funds Redressal of Complaints received during Name of the Mutual Fund Total Number of Folios Complaint Type of complaint# code 2010-2011 Birla Sun Life Mutual Fund 2428126 Action on (a) and (b) (a) No. of (b) No of complaints complaints pending at received the during the beginning year of the year Resolved Non Actionable* Pending as on March 31, 2011

Within 30 days 444 43 64 4 16 0 0 2 1 5 11 49 139 778

30-60 60-180 Beyond days days 180 days 92 0 5 0 0 0 0 0 0 0 1 0 7 105 41 0 0 0 0 0 0 0 0 0 0 0 0 41 2 0 0 0 0 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0-3 months 2 0 0 0 0 0 0 0 0 0 0 0 1 3

3-6 6-9 9-12 months months months 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

IA IB IC ID II A II B II C III A III B III C III D III E IV

Non receipt of Dividend on Units Interest on delayed payment of Dividend Non receipt of Redemption Proceeds Interest on delayed payment of Redemption Non receipt of Statement of Account/ Unit Certificate Discrepancy in Statement of Account Non receipt of Annual Report/ Abridged Summary Wrong switch between Schemes Unauthorized switch between Schemes Deviation from Scheme attributes Wrong or excess charges/load Non updation of changes viz. address, PAN, bank details, nomination, etc Others TOTAL

16 0 8 0 0 0 0 0 0 0 0 0 1 25

565 43 61 4 16 0 0 2 1 5 12 49 146 904

# including against its authorized persons/ distributors/ employees etc. *Non actionable means the complaint that are incomplete / outside the scope of the mutual fund Dear investor, Please note that as per addendum released on May 20, 2010 Birla Sun Life Asset Management Company Limited reserves the right to send Statutory Documents including the ANNUAL REPORT to your registered email id ONLY. In case you need printed copies of any particular scheme, you may visit our Investor Service Centers or get in touch with us through below mentioned contact details . Note: Kindly mention your folio number in all your communication with us.

BOOK-POST

BIRLA SUN LIFE MUTUAL FUND, FUND, BIRLA SUN LIFE MUTUAL FUND, One India Bulls, Tower 17th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road. Mumbai - 400 400 One India Bulls, Tower 1, 1, 17th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road. Mumbai -013 013

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