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Annual Report 2009-10Sundaram BNP Paribas Mutual Fund

www.sundarambnpparibas.in Sundaram BNP Paribas Mutual Fund3

Board of Directors of the Trustee CompanyK.V.Ramanathan Chairman

S.Viji

R.Rajamani

K.V.Krishnamurthy

François Mouzay

Martial Godet (Alternate to Mr. François Mouzay)

Audit committeeR.Rajamani Chairman

K.V.Krishnamurthy

François Mouzay

Statutory AuditorsSundaram & Srinivasan

Chartered Accountants

23 C P Ramaswamy Road

Alwarpet

Chennai – 600 018

Information SecurityAssurance Auditors M/s. Tejas Brainware Systems (P) Ltd., Chennai

Registered Office21 Patulous Road

Chennai – 600 002

Investment Manager

Sponsors

Sundaram BNP Paribas Asset Management Company LimitedSundaram Towers, II Floor, 46 Whites Road, Chennai 600 014 India

www.sundarambnpparibas.in

Annual Report 2009-10Schemes covered in the report: Sundaram BNP Paribas Fixed Term Plan 367 Days Series IV, Sundaram BNP Paribas Fixed Term Plan 367 Days Series V, Sundaram BNP ParibasFixed Term Plan 367 Days Series VI, Sundaram BNP Paribas Fixed Term Plan 367 Days Series VII, Sundaram BNP Paribas Fixed Term Plan 367 Days Series VIII, Sundaram BNPParibas Fixed Term Plan Series XIII (Retail)-30M, Sundaram BNP Paribas Fixed Term Plan 16 Months, Sundaram BNP Paribas FTP Series B 14 months, Sundaram BNP Paribas FTPSeries C 14 months, Sundaram BNP Paribas FTP Series D 13 months, Sundaram BNP Paribas FTP Series E 13 months, Sundaram BNP Paribas Fixed Term Plan F 370 days, SundaramBNP Paribas Fixed Term Plan G 370 days, Sundaram BNP Paribas Fixed Term Plan H (13 Months), Sundaram BNP Paribas Fixed Term Plan I (13 Months), Sundaram BNP ParibasFixed Term Plan J, Sundaram BNP Paribas Fixed Term Plan K, Sundaram BNP Paribas Fixed Term Plan L, Sundaram BNP Paribas Fixed Term Plan M, Sundaram BNP Paribas IntervalFund - Quarterly Series - Plan A, Sundaram BNP Paribas Interval Fund - Quarterly Series - Plan B, Sundaram BNP Paribas Interval Fund - Quarterly Series - Plan C, Sundaram BNPParibas Interval Fund - Quarterly Series - Plan D, Sundaram BNP Paribas Interval Fund - Quarterly Series - Plan E, Sundaram BNP Paribas SFTP Series AA, Sundaram BNP ParibasFixed Term Plan Y, Sundaram BNP Paribas Fixed Term Plan Z, Sundaram BNP Paribas Fixed Term Plan U, Sundaram BNP Paribas Fixed Term Plan P, Sundaram BNP Paribas FixedTerm Plan R, Sundaram BNP Paribas Fixed Term Plan S, Sundaram BNP Paribas Tax Saver ‘97, Sundaram BNP Paribas Tax Saver ‘98 and Sundaram BNP Paribas Value Plus.

Sundaram Finance Limited21, Patullos Road, Chennai 600 002Phone : 044 28521181Fax : 044 28520456www.sundaramfinance.in

BNP Paribas Asset ManagementRegistered Office: 1, boulevardHaussmann 75009 ParisFrancewww.bnpparibas-am.com

www.sundarambnpparibas.in Sundaram BNP Paribas Mutual Fund

Background

4

Snapshot on Sponsors, Mutual Fund,

Trustee Company and Investment Manager

Sponsors: Sundaram Finance and BNP Paribas AssetManagement are the Sponsors of Sundaram BNP ParibasMutual Fund. Sundaram BNP Paribas Asset ManagementCompany Limited is a joint venture of Sundaram FinanceLimited and BNP Paribas Asset Management.

Sundaram Finance: Sundaram Finance is India’s leading non-banking finance company with a track record for more than 56years. A strong player in the commercial vehicle and carfinance segments, the Sundaram Finance Group’s servicesrange from automobile finance to home loans to mutual fundto insurance. Sundaram Finance now has over 425 offices, withpresence in 21 states and 235 districts across the country,employee strength of over 4000 people and stands as one ofthe most trusted financial services provider in the country. TheSundaram Finance Group remains true to its core values ofprudence, fairness, transparency and service excellence. It hasan uninterrupted dividend record inception. The public depositschemes of Sundaram Finance enjoy the highest investmentgrade rating from CRISIL and ICRA, signifying the degree ofsafety of depositors’ funds. Sundaram Finance’s commercialpaper – a short-term instrument – also enjoys the highestinvestment grade rating from CRISIL. Sundaram Finance holdsa 50.1% stake in the paid-up equity of Sundaram BNP ParibasAsset Management Company and Sundaram BNP ParibasTrustee Company.

BNP Paribas Asset Management: BNP Paribas AssetManagement is BNP Paribas Investment Partners. BNP ParibasAsset Management plays a fundamental role within BNPParibas Investment Partners. BNP Paribas Asset Managementholds a 49.9% stake in the paid-up equity of Sundaram BNPParibas Asset Management Company and Sundaram BNPParibas Trustee Company.

BNP Paribas Investment Partners: BNP Paribas InvestmentPartners brings together the full palette of asset managementexpertise of the BNP Paribas group. Through a unique platformthat offers immediate and simplified access to a broad range ofspecialist Partner companies BNP Paribas Investment Partnershas become a leader in the European asset managementindustry. At 31 March 2010, assets under managementamounted to 542 billion euros, nearly half of which wasmanaged for institutional clients. With over 60 managementteams across the world and more than 1,200 professionals,BNP Paribas Investment Partners draws on over half a centuryof asset management experience and has seen a decade ofsteady growth through acquisitions and joint-ventures. It hasover 4,000 employees operating in 45 countries, the networkof Partners provides clients with the most advanced anddedicated expertise in asset management today, blendingexcellence in client service and innovative solutions.

Sundaram BNP Paribas Mutual Fund: Sundaram BNP ParibasMutual Fund was set up as a Trust on August 24, 1996.Sundaram BNP Paribas Mutual Fund was registered with SEBIon January 3, 1997. The mutual fund has Sundaram BNPParibas Trustee Company Limited as a Trustee in accordancewith the provisions of the Indian Trusts Act, 1882 and is dulyregistered under the Indian Registration Act, 1908. After theintroduction of BNP Paribas Asset Management as thecosponsor of the Mutual Fund, the Trust Deed has beenamended. The amended Trust Deed dated March 31, 2006 hasbeen duly registered with the Sub–Registrar, Chennai, underSerial No. 193 of 2006. The Trustee has entered into anInvestment Management Agreement dated August 24, 1996with Sundaram BNP Paribas Asset Management CompanyLimited to function as the Investment Manager for all schemesof Sundaram BNP Paribas Mutual Fund.

Sundaram BNP Paribas Trustee Company: The Trustee is theexclusive owner of the Trust Fund and holds the same in trustfor the benefit of the unit holders. The Trustee has beendischarging its duties and carrying out the responsibilities asprovided in the SEBI Mutual Fund Regulations and the TrustDeed. The Trustee seeks to ensure that the mutual fund and theschemes are managed by the Sundaram BNP Paribas AssetManagement, The Investment Manager, in accordance with theTrust Deed, SEBI Regulations, directions and guidelines issuedby SEBI, the Stock Exchanges, the Association of Mutual Fundsin India and other regulatory agencies. The Sponsors -Sundaram Finance and BNP Paribas Asset Management - haveappointed Sundaram BNP Paribas Trustee Company Ltd as theTrustee vide an amended Trust Deed dated 31st March 2006.

Sundaram BNP Paribas Asset Management Company:Sundaram BNP Paribas Asset Management, the InvestmentManager for Sundaram BNP Paribas Mutual Fund, is a publiclimited company, incorporated under the Companies Act,1956. The paid-up capital is Rs.15.33 crore. It is a joint-venturebetween Sundaram Finance and BNP Paribas AssetManagement. A focus on striving for consistent performance,adherence to transparent business practices and an unswervingcommitment to investors are in a nutshell the ethos of thecompany at work. Sundaram BNP Paribas Asset managementmanages assets of Sundaram BNP Paribas Mutual Fund andalso offers customized options through Sundaram BNP ParibasPortfolio Managers. Key strengths are an investment team witha combined experience in research and fund management ofmore than 175 years, and counting, ensure best-in-classportfolio management expertise for investors in our fund house.Rigorous compliance and risk management enhance comfortlevels for our more than 2.34 million investors (in terms offolios). A well-defined bouquet of products caters to a varietyof risk, return and liquidity preferences of investors acrossequity and fixed-income asset classes. Quality customerservice is also the prime focus.


The Trustee Report

5

Dear InvestorFY 10 has been a tepid year for equity funds and a year of restoration of assetsin liquid/fixed- income funds.

Ebb & flow with markets: Hurt by the meltdown of 2008 and Q1 2009,investors continue to be cautious about equity as an asset class. This is in linewith trends over the past 20 years when investor flows have tended to ebb andflow with the market trends. This is amply clear from the charts on the nextpage.

This type of behaviour can hurt investors over the long term, as they typicallyembrace equity in a big way in late stages of a bull market and shy away in abearish phase. This effectively means buying more at highs and not buying atlows and selling at lows when exactly the reverse will stand investors in goodstead.

Despite a sharp recovery from the lows of October 2008, markets continue tobe well off peak levels across the world. This does mean a more prolongedholding period for investors who entered Indian equities in the second half of2007 and early 2008.

Macro-Backdrop & Investing: The global financial crisis and its effect oneconomies continue to rumble even after four years from the officialrecognition of the woes.

The developed world appears set for a protracted period of low growth whileemerging markets could grow at a higher pace, if they are able to enhance thedomestic orientation. In this regard India is well placed.

In this backdrop, there is a need for investors to adopt a long-term perspectiveto overcome the effects of short-term volatility and expectations of returns willalso have to be moderated, as in our view, it would be unrealistic to expectgains of the magnitude enjoyed by investors during 2003-2007 or from thelows of October 2008.

Owning a diversified portfolio that matches your expectations of return andliquidity as well as your risk preferences and adopting a long-term approachof at least five-to-ten years is the appropriate way to benefit from investmentsin the financial markets.

We seek your continued support and assure you of our commitment to qualityproducts and services from Sundaram BNP Paribas Mutual Fund.

Mutual Fund Industry Flow-Trends: Gross mobilisation by the mutual fundindustry during the year amounted to Rs. 1,00,19,023 crore as compared to Rs.54,26,353 crore in FY 2009, a growth of 84.6%. The industry also witnesseda gross redemption of Rs. 99,35,942 crore representing 82.2% increase overthe previous year’s level of Rs. 54,54,650 crore. On a net basis, there was anInflow of Rs. 83,081 crore in 2009-10; this was a significant improvement overthe previous year which witnessed a outflow of Rs.28,297 crore.

Trend in fund house flows: In the year 2009–10, Sundaram BNP ParibasMutual Fund schemes mobilized a sum of Rs. 60,712 crore representing anincrease of 48.04% over the previous year’s mobilization of Rs. 41,012 crore.

The gross redemption from the schemes in this period was Rs. 62,113 crore asagainst the previous year’s redemption amount of Rs. 39,871 crore, recordingan increase in the redemptions to the tune of 55.78%. On a net basis,Sundaram BNP Paribas Mutual fund schemes witnessed an outflow of Rs.1,401 crore, in 2009-10, as compared to the net Inflow of Rs. 1,141 crorerecorded in the previous year 2008-09. This was mainly on account of outflowsin the liquid/other short-term funds.

Assets Under Management: The Average Assets Under Management ofSundaram BNP Paribas Mutual Fund in the year ending March 31, 2010 wasRs. 13,878 crore, as compared to Rs. 9,267 crore for the previous year endingMarch 31, 2009. This represents a growth of about 50% over the previous year.The closing AUM as on March 31, 2010 was Rs.12,770 crore. This representsa share of 2.08% of the mutual fund industry ‘s assets of Rs. 6,13,979 crore. Inequity, the fund house stays in the top 10; this is also true in terms of folios,indicating the retail orientation of Sundaram BNP Paribas Mutual Fund.

Performance of Sundaram BNP Paribas Mutual Fund: During FY 2010, thefunds of Sundaram BNP Paribas Mutual Fund managed to stay in line with thetrends in the market. The large-cap funds stayed close to the benchmark in

terms of returns. As they adhere to style integrity, they trailed the broad market,which was influenced by mid- and small-cap stocks significantly.In a year that saw the mid- and small-cap space take off, the funds of SundaramBNP Paribas Mutual Fund tracking this part of the market outpacedbenchmarks (and peer group) by comfortable margins as is evident from thetable on Track Record. This, yet again, showcased the class-leading ability ofthe fund house in the mid- and small-cap spaces.The culmination was the selection by CRISIL of Sundaram BNP ParibasS.M.I.L.E Fund as the best in the mid- and small-cap category for the CNBCTV18-CRISIL Award. The fund bagged the ICRA Five-Stars Award forperformance over a one-year and three-year period.Sundaram BNP Paribas Select Mid Cap continues to be the highest-rated mid-cap fund by Value Research, a distinction that has been maintained for closeto five years now.Two new thematic funds launched in 2008 to track financial services andentertainment have performed well, benefiting from a conservative approachin 2008. This has helped them to be in the first quartile on a comparison with320-plus funds, which were available on their launch dates for investors toconsider.Sundaram BNP Paribas Energy Opportunities has participated in the rallycompletely despite staying true to the theme in portfolio construction. It is anearly quartile 2 performer among equity funds from its launch date. This is acreditable performance, especially as opportunities to participate in topperformers in the recovery such as infrastructure and financial services stockswere limited for this fund.Sundaram BNP Paribas Select Focus and Sundaram BNP Paribas Tax Saver –acclaimed and awarding winning funds in 2006, 2007 and 2008 – trailedbenchmarks during the year on account of deep cash calls and moreconservative portfolio positioning that meant lack of participation in the earlystages of the rally since March 2009. The trail has, however, not impaired theimpressive credentials over longer time periods of both the funds.Sundaram BNP Paribas Tax Saver now sports a 10-year plus track record andis a top quartile fund across periods except the latest one year.On the fixed-income side, Sundaram BNP Paribas Ultra-Short Term maintainsa consistent trend and has been a top quartile performer since launch. We haverepositioned two of our existing funds. Sundaram BNP Paribas Floating RateFund – Short Term Plan is now Sundaram BNP Paribas Flexible Fund – ShortTerm Plan. Following the shift, the fund has emerged as a top quartile performerand there has been sharp rise in fund size.Sundaram BNP Paribas Floating Rate Fund – Long-Term Plan has beenrepositioned as Sundaram BNP Paribas Flexible Fund – Flexible Income Plan,a dynamic fund. Given its low fund size, we are in the process of improvingthe performance. Small size is a constraint, which we expect to overcome inthe years ahead.During the year, Sundaram BNP Paribas Mutual Fund launched the sixth fundin its Select Thematic Funds umbrella. Sundaram BNP Paribas PSUOpportunities – dedicated to track PSU stocks – received an encouragingresponse with a fund size of Rs 499 crore mobilised during the New Fund OfferPeriod.Annexure A summarizes the performance of the schemes, while Annexure Bsets out their objectives and investment policies. Annexure C has the details ofthe dividends declared under various schemes during the FY 2009-2010. TheRevenue Account of the Sundaram BNP Paribas Mutual Fund schemes for theyear up to March 31,2010 and the Balance Sheet as of that date are also anintegral part of this report.The fund house continues to invest in building its in-house research skills aswell as contemporary trading and monitoring systems for the fund managers,dealers and compliance. This will be the key focus area on a continuous basis,as it is critical to handle investor funds with the optimum skill sets andresponsibility.Outlook: As of March 2010, the Indian markets can be broken into two bucketsfrom a valuation perspective – large-cap stocks that are fairly valued relativeto their current level of earnings and mid- and small-cap stocks that are cheap

across several parameters. We think there could be a fairly prolonged timecorrection for the large-cap stocks rather than absolute price correction. Henceshort-term returns may prove to be elusive.

We remain cautious on markets in 2010 in the India context and are fairlyconfident of its performance in FY 2011 and beyond. Our concern is lowergrowth and margin compression eroding earnings growth and hence resultingin a correction. We are seeing this trend in the cement and telecom sectorand in some other sectors as well. Fresh capacities are also being added andwhile these industries are confident of maintaining pricing power it will bedifficult in an era of lower capacity utilisation.

Hence our central thesis for this year is one of cautious look out foropportunities-identify good companies with robust earnings growth and buythem at attractive prices. There can be no substitute for this common sense.

FII flows will remain volatile on account of the global uncertainties. Indianmarkets remain very dependent on FII inflows as domestic savings in equitieshas declined significantly on account of new marketing procedures in mutualfunds and insurance policies. While there is a growing consensus on thelonger-term prospects of Indian companies, the relatively higher valuation isdelaying inflows.

We also remain worried on the amount of equity issuances that will take placeglobally as companies try to repair their balance sheets. China and India willcontinue to remain capital hungry markets and any change in risk perceptioncould dent market sentiments sharply.

On a medium-term perspective, we are more optimistic. We think India isbecoming a more favoured destination, as money moves from some of themature markets to India.

Infrastructure development, although slow, will continue to become a largertheme in the private sector. We are also positive on the consumption themewhich will play an integral role in economic development as betterinfrastructure is rolled out. While markets are expensive on a short-term basis,they are not, when adjusted for the growth potential.

We therefore recommend that investors continue to increase their equityexposure during this period of consolidation. Thanks to the slow rate ofdevelopment in India, the potential for growth is larger and likely for a longerperiod. That is an opportunity for investors, as corporate profitability will bemore secular and remain so longer rather than getting competed away.

The Wise Investor: For a more detailed view of the outlook on markets, globaleconomy and Indian economy, please read The Wise Investor available atwww.sundarambnpparibas.in and The Market Outlook. We are happy toinform you that The Wise Investor, a publication of the fund house is nowmailed in printed form to 4 lakh investors, reaches another 4 lakh investors bye-mail (the soft copy version is an expanded 36-page version with deeper viewsand analysis) and is also available online at www.sundarambnpparibas.in.

Investment Approach: As always, we wish to emphasise that realisticexpectation of return aligned to long-term trends and long-term horizon isimportant for wealth creation.

Regulatory framework: The last year has been a period of the most significantchanges in the regulatory framework for mutual funds in India. SEBI has beenactive in tilting the framework in favour of investors in a pronounced manner.A few of the notable initiatives are:

• At the first stage, abolition of entry load for direct investment in the mutualfund and then abolition of entry load as a concept for all investment inmutual funds;

• Introduction of a system of commissions that are paid to distributors byinvestors and not by the mutual fund;

• Intervention to prevent a hike in exit loads by mutual funds;

• Tightening of the regulations for liquid funds;

• Clarity on calculation of distributable surplus for payment of dividend;

• Enhanced disclosures, especially of portfolio information at the website ofthe fund house and at www.amfiindia.com

• Publication of information on investor base of different fund houses;

• Enhanced level of distributor-level compliance requirements;Investor Services: The investor base of the fund house based on number offolios has marginally risen from 2.25 million in 2008–09 to 2.34 million in2009–10 indicating increased retail participation and continued confidencereposed by investors in the fund management expertise. Sundaram BNP ParibasAsset Management, the investment manager has enhanced the focus onmobilizing funds through the Systematic Investment Plan route. During theyear, the Investment Manager opened 11 branches and closed 9 branches,taking the total number of branches to 57 as at the year end. The InvestmentManager has enhanced the manpower devoted to customer service as a keythrust area, It is also investing in technology-based service enhancements andan online investment facility is now available at www.sundarambnpparibas.in.As required by SEBI regulations, a summary of dealing with investor grievancesand voting policy are attached as part of this report.Board of Directors: The Board of Directors of the Trustee Company is vestedwith general power of superintendence, direction and management of theaffairs of Sundaram BNP Paribas. Sundaram BNP Paribas Asset Managementacts as the Investment Manager of the schemes of Sundaram BNP ParibasMutual Fund.The Board of Directors of the Trustee Company monitors and reviews the workof the investment Manager to ensure that functions assigned are carried out inline with the Investment Management Agreement, SEBI Mutual FundRegulations and other laws in force. During the year under review, six meetingof the of Board of Directors of the Trustee were held.Audit Committee: The Statutory Auditor, the Internal Auditor, the ConcurrentAuditor, the Managing Director, the Compliance Officer & Secretary and theChief Financial Officer Sundaram BNP Paribas Asset Management are invitedto the meetings of the Audit Committee.During the year, the Audit Committee met four times to review the financialaccounts/policies and adequacy of internal control systems; the committeeinteracted with the Statutory Auditors, Internal Auditors, Concurrent Auditorsand the Systems Auditors. Besides, the Committee reviewed audit plans,unaudited/audited financial results of the Schemes, responses to the queries ofauditors/regulator and follow-up actions initiated by the management.Liability and Responsibility of the Sponsor and Trustee Company: TheSponsors – Sundaram Finance and BNP Paribas Asset Management - are notresponsible or liable for any loss resulting from the operation of the schemesof the Fund beyond the initial contribution of Rs.1 Lakh for setting up the Fund.The price, redemption value and income of the units can rise or decline basedon fluctuations in market value of its underlying investment.Complete Annual Report: The Full Annual Report of the Trustee is available atwww.sundarambnpparibas.in as well as at the Head Office of Sundaram BNPParibas Paribas Asset Management. Present and prospective investors canobtain a copy of the trust deed, the full Annual Report of the Trustee Fund andAnnual Report of the Investment Manager on payment of the stipulated price.Significant Accounting Policies: Accounting Polices are in accordance withSecurities and Exchange Board of India (Mutual Fund) Regulations, 1996.Unclaimed Dividend & Redemption: The details are available in the respectivereports of each scheme.Appreciation: The Board of Directors of Sundaram BNP Paribas TrusteeCompany would like to thank the Securities and Exchange Board of India, theReserve Bank of India and the Association of Mutual Funds in India for theirguidance and support. The Trustee Company also thanks the investors,Sponsors, Investment Manager, bankers, channel partners and service providersfor their continued support and cooperation.The Trustee Company places on record its appreciation of the professionalism,dedication and commitment displayed by the management and employees ofthe Sundaram BNP Paribas Asset Management (Investment Manager).

For and on behalf of the Board of DirectorsPlace: Chennai K V RamanathanDate: June 25, 2010 Chairman


The Trustee Report

6


Annexure A - Investment objective and Performance

7

Sundaram BNP Paribas Fixed Term Plan 367 Days Series IV CRISIL Short Term Bond Fund Index 05-Sep-08 10.43 10.41 10.37 10.35 07-Sep-09

Sundaram BNP Paribas Fixed Term Plan 367 Days Series V CRISIL Short Term Bond Fund Index 16-Sep-08 10.44 10.33 10.38 10.31 18-Sep-09

Sundaram BNP Paribas Fixed Term Plan 367 Days Series VI CRISIL Short Term Bond Fund Index 16-Oct-08 10.48 10.22 10.39 10.17 19-Oct-09

Sundaram BNP Paribas Fixed Term Plan 367 Days Series VII CRISIL Short Term Bond Fund Index 01-Dec-08 9.07 9.12 9.05 9.54 03-Dec-09

Sundaram BNP Paribas Fixed Term Plan 367 Days Series VIII CRISIL Short Term Bond Fund Index 30-Mar-09 7.24 5.88 7.24 5.99 05-Apr-10

Sundaram BNP Paribas Fixed Term Plan Series XIII (Retail)-30M CRISIL Short Term Bond Fund Index 28-May-07 11.35 10.04 10.18 8.51 27-Nov-09

Sundaram BNP Paribas Fixed Term Plan 16 Months CRISIL Short Term Bond Fund Index 01-May-08 10.22 10.59 8.63 8.73 31-Aug-09

Sundaram BNP Paribas FTP Series B 14 months CRISIL Short Term Bond Fund Index 15-Feb-08 10.77 11.14 9.35 10.03 15-Apr-09

Sundaram BNP Paribas FTP Series C 14 months CRISIL Short Term Bond Fund Index 05-Mar-08 9.53 10.83 9.87 10.62 04-May-09

Sundaram BNP Paribas FTP Series D 13 months CRISIL Short Term Bond Fund Index 18-Mar-08 9.97 10.91 10.10 10.97 17-Apr-09

Sundaram BNP Paribas FTP Series E 13 months CRISIL Short Term Bond Fund Index 27-Mar-08 9.66 11.27 9.74 10.98 27-Apr-09

Sundaram BNP Paribas Fixed Term Plan F 370 days CRISIL Short Term Bond Fund Index 22-Aug-08 10.40 10.71 10.25 10.70 27-Aug-09

Sundaram BNP Paribas Fixed Term Plan G 370 days CRISIL Short Term Bond Fund Index 01-Sep-08 9.91 10.41 9.96 10.34 07-Sep-09

Sundaram BNP Paribas Fixed Term Plan H 13 Months CRISIL Short Term Bond Fund Index 19-Jun-08 19.47 11.66 18.22 10.53 20-Jul-09

Sundaram BNP Paribas Fixed Term Plan I 13 Months CRISIL Short Term Bond Fund Index 04-Jul-08 19.12 11.37 18.28 10.82 03-Aug-09

Sundaram BNP Paribas Fixed Term Plan J 15 Months CRISIL Short Term Bond Fund Index 07-Aug-08 11.23 10.24 10.36 9.76 06-Nov-09

Sundaram BNP Paribas Fixed Term Plan K 370 days CRISIL Short Term Bond Fund Index 26-Sep-08 11.11 10.46 10.96 10.41 01-Oct-09

Sundaram BNP Paribas Fixed Term Plan L CRISIL Short Term Bond Fund Index 06-Oct-08 8.87 5.88 10.78 8.66 05-Apr-10

Sundaram BNP Paribas Fixed Term Plan M CRISIL Short Term Bond Fund Index 22-Oct-08 8.80 5.88 10.61 8.69 21-Apr-10

Sundaram BNP Paribas Interval Fund - Quarterly Series - Plan A CRISIL Liquid Fund Index 11-Sep-07 2.95 3.69 6.73 6.36 —

Sundaram BNP Paribas Interval Fund - Quarterly Series - Plan B CRISIL Liquid Fund Index 25-Sep-07 3.22 3.69 7.45 6.36 —

Sundaram BNP Paribas Interval Fund - Quarterly Series - Plan C CRISIL Liquid Fund Index 12-Nov-07 2.35 3.69 6.31 6.39 —

Sundaram BNP Paribas Interval Fund - Quarterly Series - Plan D CRISIL Liquid Fund Index 16-Jul-08 8.46 3.69 9.69 6.01 —

Sundaram BNP Paribas Interval Fund - Quarterly Series - Plan E CRISIL Liquid Fund Index 27-Aug-08 2.90 3.69 5.35 5.82 —

Sundaram BNP Paribas FTP Series AA 14 Months CRISIL Short Term Bond Fund Index 26-Mar-10 N.A N.A 0.19# 0.11# 25-May-11

Sundaram BNP Paribas Fixed Term Plan Y 18 Months CRISIL Short Term Bond Fund Index 26-Feb-10 N.A N.A 1.06# 0.65# 25-Aug-11

Sundaram BNP Paribas Fixed Term Plan Z 15 Months CRISIL Short Term Bond Fund Index 12-Mar-10 N.A N.A 0.72# 0.30# 13-Jun-11

Sundaram BNP Paribas Fixed Term Plan U 367 Days CRISIL Short Term Bond Fund Index 30-Mar-10 N.A N.A 0.04# 0.03# 01-Apr-11

Sundaram BNP Paribas Fixed Term Plan P 367 Days CRISIL Short Term Bond Fund Index 30-Sep-09 N.A N.A 3.69# 2.56# 05-Apr-10

Sundaram BNP Paribas Fixed Term Plan R 367 Days CRISIL Short Term Bond Fund Index 11-Dec-09 N.A N.A 2.32# 1.45# 04-Oct-10

Sundaram BNP Paribas Fixed Term Plan S 367 Days CRISIL Short Term Bond Fund Index 19-Feb-10 N.A N.A 0.86# 0.77# 21-Feb-11

Sundaram BNP Paribas Fixed Term Plans

Fund Type: Close-end income schemeInvestment Objective: To generate income through investments in Fixed Income Securities & Money Market Securities. However, therecan be no assurance that the investment objective of the scheme will be achieved. The scheme do not guarantee/indicate any returns.Fund Manager: K RamkumarPerformance & Outlook: Sundaram BNP Paribas Fixed Term Plans invests in a portfolio of fixed income securities and hence there wouldbe minimum volatility. The portfolio will be designed as though it will be maturing in line with the time profile of the plan. It wouldprovide an edge over Fixed Deposits, with less than one year maturity as the dividend distribution tax will be lower. Tax rates in case oflong term capital gains is also lower compared to FDs and indexation benefit may reduce capital gain and will also enhance post taxreturns. There would be comfort of asset quality as investments will be made only in high investment grade securities.

Sundaram BNP Paribas Fixed Income Interval funds

Fund Type: Open-end interval income schemeInvestment Objective: To generate income through investments in Fixed Income Securities & Money Market Securities. However, therecan be no assurance that the investment objective of the scheme will be achieved. The scheme do not guarantee/indicate any returns.

Fund Manager: K RamkumarPerformance & Outlook: Sundaram BNP Paribas Interval funds offer an optimal way to capture prevailing market yield. These are Open-End Interval Income Scheme which is available for subscription on a specific transaction period. These schemes will provide comfort in

terms of asset quality and access to fund management expertise.

Scheme Benchmark Allotment

One Year Basis Since Launch Basis

MaturityReturns (%) Returns (%)

Fund Benchmark Fund Benchmark

Past performance may or may not be sustained in the future; Returns are in percentage and computed on compounded annualised / absolute* basis based on NAV of the GrowthOption as on March 31, 2010 and on the scheme maturity date respectively. (*For schemes less than one year); N.A: Not Applicable. # returns are on an absolute basis since launch.


Voting Policy

8

Sundaram BNP Paribas Mutual Fund offers schemes

which are subscribed by the retail investors. As the

retail investors form the constituents of the schemes,

it is considered desirable to put in place a policy to

protect the interests of the fund as well as the

investors. To achieve these objectives the Voting

Policy enable Sundaram BNP Paribas Asset

Management to participate and vote at the general

meetings of the Investee Companies in whose

securities the schemes of the Mutual Fund have

invested.

The policy has been approved from the Board of

Directors of the Sundaram BNP Paribas Asset

Management and Sundaram BNP Paribas Trustee

Company that gives a mandate to executives of the

Investment Manager to attend and vote at the

general meetings of the investee company (s) on

behalf of the mutual fund schemes. Whenever the

company observed that the investee company has

not acted in accordance with the interest of the

investors and / or has not followed the generally

accepted Governance Standards, the executives of

the Investment Manager will participate and vote at

the meetings of the investee companies, irrespective

of the percentage of holdings by the fund.

The Investment Manager will exercise the proxyvotes in the AGMs/EGMs of the investee company(s) in respect of the following matters:

• Corporate governance issues• Changes in the state of incorporation, merger and

other corporate restructuring, and anti-takeoverprovisions.

• Changes to capital structure, including increasesand decreases of capital and preferred stockissuances.

• Stock option plans and other managementcompensation issues;

• Social and Corporate Responsibility• Appointment and Removal of Directors.• Any other issue that may affect the interest of the

shareholders and by extension those of investorsin the mutual fund’s schemes.

Before exercising the voting, a committe ofmanagement will review the Annual Reports andrecommend to the Managing Director forattending/voting at the meetings.

Authority to Attend and Vote

The Executives and Officers for the InvestmentManager are authorised to attend and vote at themeetings of the investee companies.

Note: During the period under review the company did not participate in any AGM/EGM.

General Risk Factors: All mutual funds and securities investments are subject to market risks, and there canbe no assurance or guarantee that fund's objectives will be achieved. NAV may go up or down, dependingon the factors and forces affecting the securities market. Main types are market risk, liquidity risk, credit riskand systemic risks. At times, liquidity of investments may be impaired. There is uncertainty of dividenddistribution and risk of capital loss. Past performance of the Sponsor/Asset Management Company/Fund doesnot indicate the future performance. Investors in the schemes are not being offered any guaranteed orindicated returns. The scheme names do not in any manner indicate either quality or future prospects andreturns. Statutory details: Mutual Fund: Sundaram BNP Paribas Mutual Fund is a trust under Indian Trusts Act,1882 Sponsors. Liability for sponsors is limited to Rs 1 lakh. Sponsors: Sundaram Finance Ltd & BNP ParibasAsset Management. Investment Manager: Sundaram BNP Paribas Asset Management Company Ltd. Trustee:Sundaram BNP Paribas Trustee Company Ltd.

General Risk Factors/Statutory Details of Sundaram BNP Paribas Mutual Fund

www.sundarambnpparibas.in Sundaram BNP Paribas Mutual Fund9

Auditors’ Report

To

The Board of Trustee

Sundaram BNP Paribas Mutual Fund

Chennai

We have audited the Abridged Balance Sheet of Sundaram BNP Paribas Mutual Fund Schemes viz. Sundaram BNP Paribas Fixed Term Plan 367

Days Series IV, Sundaram BNP Paribas Fixed Term Plan 367 Days Series V, Sundaram BNP Paribas Fixed Term Plan 367 Days Series VI, Sundaram

BNP Paribas Fixed Term Plan 367 Days Series VII, Sundaram BNP Paribas Fixed Term Plan 367 Days Series VIII, Sundaram BNP Paribas Fixed Term

Plan Series XIII (Retail)-30M, Sundaram BNP Paribas Fixed Term Plan 16 Months, Sundaram BNP Paribas FTP Series B 14 months, Sundaram BNP

Paribas FTP Series C 14 months, Sundaram BNP Paribas FTP Series D 13 months, Sundaram BNP Paribas FTP Series E 13 months, Sundaram BNP

Paribas Fixed Term Plan F 370 days, Sundaram BNP Paribas Fixed Term Plan G 370 days, Sundaram BNP Paribas Fixed Term Plan H (13 Months),

Sundaram BNP Paribas Fixed Term Plan I (13 Months), Sundaram BNP Paribas Fixed Term Plan J, Sundaram BNP Paribas Fixed Term Plan K,

Sundaram BNP Paribas Fixed Term Plan L, Sundaram BNP Paribas Fixed Term Plan M, Sundaram BNP Paribas Interval Fund - Quarterly Series -

Plan A, Sundaram BNP Paribas Interval Fund - Quarterly Series - Plan B, Sundaram BNP Paribas Interval Fund - Quarterly Series - Plan C, Sundaram

BNP Paribas Interval Fund - Quarterly Series - Plan D, Sundaram BNP Paribas Interval Fund - Quarterly Series - Plan E, Sundaram BNP Paribas SFTP

Series AA, Sundaram BNP Paribas Fixed Term Plan Y, Sundaram BNP Paribas Fixed Term Plan Z, Sundaram BNP Paribas Fixed Term Plan U,

Sundaram BNP Paribas Fixed Term Plan P, Sundaram BNP Paribas Fixed Term Plan R, Sundaram BNP Paribas Fixed Term Plan S, Sundaram BNP

Paribas Tax Saver ‘97, Sundaram BNP Paribas Tax Saver ‘98 and Sundaram BNP Paribas Value Plus as at March 31, 2010 and the Abridged Revenue

Account of the aforesaid schemes for the year/period ended on that date. These financial statements are the responsibility of the management. Our

responsibility is to express our 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.

On the basis of the audit as indicated above, we report as follows:-

1. We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purpose of our

audit.

2. The abridged Balance Sheet and Abridged Revenue Account are in agreement with the books of accounts of Sundaram BNP Paribas Mutual

Fund.

3. a) The accounts have been prepared in accordance with accounting policies and standards as specified in the Ninth Schedule of Securities

and Exchange Board of India (Mutual Funds) Regulations, 1996.

b) In our opinion, the valuation methods adopted by the fund for valuation of non-traded securities, “in good faith” are fair and reasonable.

4. In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes

forming part of Accounts give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in case of Abridged Balance Sheet, of the state of affairs of the aforesaid Schemes of Sundaram BNP Paribas Mutual Fund as at

March 31, 2010 and

b) in the case of Abridged Revenue Accounts of the Surplus/Deficit of the aforesaid Schemes of Sundaram BNP Paribas Mutual Fund for the

year / period ended on March 31, 2010.

For and on behalf of Sundaram & Srinivasan,

Chartered Accountants

(FRN No.: 004207S)

Place: Chennai K.Srinivasan

Date: June 25, 2010 Partner (M.No.: 5809)


Annual Report 2009-10

10

1 NAV per unit (Rs.): Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I

2 Closing assets under management (Rs. lakh) — 99,574.28 — 3,489.36

Average (assets under management (Rs. lakh) 101,746.03 97,132.23 3,570.62 3,596.95

3 Gross income as percentage of assets under management 10.83% 11.39% 10.77% 11.64%

4 a. Total Expense (% of AAuM) : Retail Plan 0.83% 1.67% 1.45% 1.47%

: Institutional Plan 0.64% 0.39% 0.38% 0.39%

: Super Institutional Plan — — — —

b. Management Fee (% of AAuM) : Retail Plan 0.41% 0.14% 0.15% 0.15%



5 Net Income as a percentage of AAuM 10.01% 9.79% 10.20% 11.07%

6 Portfolio turnover ratio 142.40% 9.39% 28.23% 146.82%

7 Total dividend per unit of Rs 10 Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I

8 Returns Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I

Total Expenses and Management Fee are expressed as percentage of average assets under management • Gross income is amount shown as A in Revenue account • Net Income is the amount that appears in C in RevenueAccount – this is the net realized gains/loss for the period. Gross income and net income percentages are computed on an annualised basis for the current year/period.

Key Statistics

Abridged Balance Sheet (Rs in lakh)

Liabilities1 Unit Capital — 94,342.45 — 3,294.422 Reserves & Surplus — — — —2.1 Unit Premium Reserves — — — —2.2 Unrealised Appreciation Reserve — — — 3.282.3 Other Reserves — 5,231.83 — 191.663 Loans & Borrowings — — — —4 Current Liabilities & Provisions — — — —4.1 Provision for doubtful Income/Deposits — — — —4.2 Other Current Liabilities & Provisions 0.55 143.82 0.03 17.12

Total 0.55 99,718.10 0.03 3,506.48Assets

1 Investments1.1. Listed Securities:1.1.1 Equity Shares — — — —1.1.2 Preference Shares — — — —1.1.3 Equity Linked Debentures — — — —1.1.4 Other Debentures & Bonds — 10,881.21 — 497.781.1.5 Securitised Debt securities — — — —1.2 Securities Awaited Listing:1.2.1 Equity Shares — — — —1.2.2 Preference Shares — — — —1.2.3 Equity Linked Debentures — — — —1.2.4 Other Debentures & Bonds — — — —1.2.5 Securitised Debt securities — — — —1.3 Unlisted Securities1.3.1 Equity Shares — — — —1.3.2 Preference Shares — — — —1.3.3 Equity Linked Debentures — — — —1.3.4 Other Debentures & Bonds — 6,994.04 — 499.041.3.5 Securitised Debt securities — 9,489.98 — 511.391.4 Government Securities — — — —1.5 Treasury Bills — — — —1.6 Commercial Paper — 28,885.45 — 639.721.7 Certificate of Deposits — 37,408.15 — 1,141.761.8 Bill Rediscounting — — — —1.9 Units of Domestic Mutual Fund — — — —1.10 Foreign Securities — — — —

Total Investments — 93,658.83 — 3,289.692 Deposits3 Other Current Assets3.1 Cash & Bank Balance 3.11 3.353.2 CBLO/ Reverse Repo Lending — 12.72 — 33.933.3 Others 0.55 6,043.44 0.03 179.514 Deferred Revenue Expenditure (to the extent not written off) — — — —

Total 0.55 99,718.10 0.03 3,506.48

Fixed Term Plan 367 DaysSeries IV

Fixed Term Plan 367 DaysSeries V

March 31, 2010 March 31, 2009 March 31, 2010 March 31, 2009As at:



11

Key Statistics

• Portfolio Turnover Ratio is the lower of sales or purchase divided by the Average Asset Under Management for the period. Scheme expenses other than management fee are incusive of service tax where applicable.All figures in the Abridged Balance Sheet, Revenue Account and Notes on Accounts are in Rs Lakh unless otherwise specified.

Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I

— 2,589.69 — 1,291.62 13,053.18 12,150.76 — 6,499.96

2,634.04 2,546.89 1,316.60 1,271.97 12,640.39 12,150.49 6,713.96 6,550.36

11.24% 10.37% 9.49% 10.00% 7.84% 6.32% 14.28% 7.63%

0.89% 0.90% 1.03% 1.01% 0.80% 0.80% 0.84% 0.85%

0.46% 0.47% 0.54% 0.53% 0.50% 0.50% — —

0.29% 0.29 0.32% 0.29% 0.50% 0.50% — —

0.14% 0.14% 0.16% 0.16% 0.08% 0.08% 0.27% 0.27%

0.14% 0.14% 0.16% 0.16% 0.08% 0.08% — —

0.14% 0.14% 0.16% 0.15% 0.08% 0.08% — —

10.76% 9.88% 8.82% 9.33% 7.30% 5.79% 13.42% 6.78%

228.40% 1.43% 200.56% 0.37% 169.29% 90.96% 86.34% 59.63%


Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A

Fixed Term Plan 367Days Series VI

March 31, 2010 March 31, 2009 March 31, 2010 March 31, 2009March 31, 2010 March 31, 2009March 31, 2010 March 31, 2009


— 2,454.64 — 1,254.25 12,141.70 12,141.44 — 5,439.09— — — — — — — —— — — — — — — —— 36.02 — — — 5.47 — 165.90— 99.03 37.37 911.48 3.85 — 894.97— — — — — — — —— — — — — — —

0.06 18.66 0.26 2.64 8.14 0.35 1.03 19.300.06 2,608.35 0.26 1,294.26 13,061.32 12,151.11 1.03 6,519.25

— — — — — — — —— — — — — — — —— — — — — — — —— 1,009.08 — — 1,800.52 1,022.24 — 3,911.41— — — — — — — —

— — — — — — — —— — — — — — — —— — — — — — — —— — — — — — — —— — — — — — — —

— — — — — — — —— — — — — — — —— — — — — — — —— — — — — — — 603.00— — — — — — — 1,014.91— — — — — — — —— — — — — — — —— 311.24 — — — — — —— 1,134.25 — 1,245.13 10,615.78 10,034.76 — 309.16— — — — — — — —— — — — — — — —— — — — — — — —— 2,454.57 — 1,245.13 12,416.30 11,057.00 — 5,838.48

— —

— 2.00 — 3.22 3.04 48.30 1.03 5.60— 46.65 — 4.24 436.70 1,038.71 — 108.14

0.06 105.13 0.26 41.67 205.28 7.10 — 567.04— — — — — — — —

0.06 2,608.35 0.26 1,294.26 13,061.32 12,151.11 1.03 6,519.26

Fixed Term Plan 367Days Series VII

Fixed Term Plan 367Days Series VIII

Fixed Term Plan SeriesXIII (Retail)-30M



12


Liabilities1 Unit Capital — 3,384.82 — 1,691.322 Reserves & Surplus — — — —2.1 Unit Premium Reserves — — — —2.2 Unrealised Appreciation Reserve — — —2.3 Other Reserves — 292.75 178.913 Loans & Borrowings — — — —4 Current Liabilities & Provisions — —4.1 Provision for doubtful Income/Deposits — — —4.2 Other Current Liabilities & Provisions 0.11 3.25 0.06 6.43

Total 0.11 3,680.82 0.06 1,876.66Assets

1 Investments1.1. Listed Securities:1.1.1 Equity Shares — — — —1.1.2 Preference Shares — — — —1.1.3 Equity Linked Debentures — — — —1.1.4 Other Debentures & Bonds — 685.67 — 747.571.1.5 Securitised Debt securities — — — —1.2 Securities Awaited Listing:1.2.1 Equity Shares — — — —1.2.2 Preference Shares — — — —1.2.3 Equity Linked Debentures — — — —1.2.4 Other Debentures & Bonds — — — —1.2.5 Securitised Debt securities — — — —1.3 Unlisted Securities1.3.1 Equity Shares — — — —1.3.2 Preference Shares — — — —1.3.3 Equity Linked Debentures — — — —1.3.4 Other Debentures & Bonds — 499.05 — —1.3.5 Securitised Debt securities — 1,757.43 — —1.4 Government Securities — — — —1.5 Treasury Bills — — — —1.6 Commercial Paper — — — —1.7 Certificate of Deposits — 504.33 — 344.881.8 Bill Rediscounting — — — —1.9 Units of Domestic Mutual Fund — — — —1.10 Foreign Securities — — — —

Total Investments — 3,446.48 — 1,092.452 Deposits — — —3 Other Current Assets3.1 Cash & Bank Balance 4.82 9.393.2 CBLO/ Reverse Repo Lending — 36.05 — 736.853.3 Others 0.11 193.47 0.06 37.974 Deferred Revenue Expenditure (to the extent not written off) — — —

Total 0.11 3,680.82 0.06 1,876.66

Fixed Term Plan16 Months

FTP Series B14 months

March 31, 2010 March 31, 2009 March 31, 2010 March 31, 2009As at:

1 NAV per unit (Rs.): Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I

2 Closing assets under management (Rs. lakh) — 3,677.57 — 1,870.23

Average (assets under management (Rs. lakh) 3,758.07 4,310.42 1,873.49 2,396.11

3 Gross income as percentage of assets under management 8.76% 8.95% (10.36%) 9.40%

4 a. Total Expense (% of AAuM) : Retail Plan 1.10% 1.10% 0.12% 0.12%



b. Management Fee (% of AAuM): Retail Plan 0.22% 0.22% 0.04% 0.04%



5 Net Income as a percentage of AAuM 8.45% 8.63% (10.47%) 9.28%

6 Portfolio turnover ratio 86.00% 96.73% 58.96% 18.30%

7 Total dividend per unit of Rs 10 Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I

8 Returns Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A


Key Statistics



13

FTP Series C14 months

FTP Series D13 months

FTP Series E13 months

March 31, 2010 March 31, 2009 March 31, 2010 March 31, 2009March 31, 2010 March 31, 2009March 31, 2010 March 31, 2009


— 2,710.62 — 6,807.99 — 13,255.84 — 15,635.70

— — — — — — — —— — — 0.16 — — — 26.21— 293.85 — 714.53 — 1,333.80 — 1,012.81— — — — — — — —

— — — — — — — —0.06 9.53 0.06 32.78 0.06 25.05 0.11 15.380.06 3,014.00 0.06 7,555.46 0.06 14,614.69 0.11 16,690.10

— — — — — — — —— — — — — — — —— — — — — — — —— 1,196.72 — 303.67 — — — —— — — — — — — —

— — — — — — — —— — — — — — — —— — — — — — — —— — — — — — — 1,264.25— — — — — — — —

— — — — — — — —— — — — — — — —— — — — — — — —— — — 1,496.39 — — — —— 521.45 — 1,564.33 — — — —— — — — — — — —— — — — — — — —— — — 1,979.52 — — — 6,960.74— 1,084.54 — 1,591.49 — 9,059.17 — 7,399.86— — — — — — — —— — — — — — — —— — — — — — — —— 2,802.71 — 6,935.40 — 9,059.17 — 15,624.85— — — — —

— 3.37 — 30.05 — 20.81 — 3.37— 111.32 — 296.86 — 5,224.58 — 6.36

0.06 96.60 0.06 293.15 0.06 310.13 0.11 1,055.52— — — — — — — —

0.06 3,014.00 0.06 7,555.46 0.06 14,614.69 0.11 16,690.10

Fixed Term Plan F370 days

Key Statistics



— 3,004.47 — 7,552.68 — 14,589.64 — 16,674.72

3,016.22 3,897.87 7,537.75 9,530.04 14,627.32 14,731.69 17,000.28 16,283.05

4.71% 9.69% 9.60% 9.40% 6.89% 9.82% 10.54% 11.06%

0.12% 0.12% 0.40% 0.21% 0.30% 0.40% 1.05% 1.20%

0.12% 0.12% 0.40% 0.41% 0.30% 0.40% 0.45% 0.45%

— — — — — — — —

0.04% 0.04% 0.15% 0.13% 0.13% 0.13% 0.25% 0.25%

0.04% 0.04% 0.15% 0.13% 0.13% 0.13% 0.25% 0.25%

— — — — — — — —

4.58% 9.57% 9.21% 9.00% 6.59% 9.42% 9.98% 10.47%

93.20% 138.24% 92.01% 206.83% 46.04% 416.33% 7.99% 37.90%


Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A



14


Liabilities1 Unit Capital — 10,386.15 — 8,977.73 — 6,160.822 Reserves & Surplus2.1 Unit Premium Reserves — — — — — —2.2 Unrealised Appreciation Reserve — — — — — 9.392.3 Other Reserves — 605.12 — 634.82 — 404.373 Loans & Borrowings — — — — — —4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits — — — — — —4.2 Other Current Liabilities & Provisions 1.65 10.97 0.71 14.44 0.15 29.19

Total 1.65 11,002.24 0.71 9,626.99 0.15 6,603.77Assets

1 Investments1.1. Listed Securities:1.1.1 Equity Shares — — — — — —1.1.2 Preference Shares — — — — — —1.1.3 Equity Linked Debentures — — — — — —1.1.4 Other Debentures & Bonds — — — 678.25 —1.1.5 Securitised Debt securities — — — — — —1.2 Securities Awaited Listing:1.2.1 Equity Shares — — — — — —1.2.2 Preference Shares — — — — — —1.2.3 Equity Linked Debentures — — — — — —1.2.4 Other Debentures & Bonds — — — — — 995.401.2.5 Securitised Debt securities — — — — — —1.3 Unlisted Securities1.3.1 Equity Shares — — — — — —1.3.2 Preference Shares — — — — — —1.3.3 Equity Linked Debentures — — — — — —1.3.4 Other Debentures & Bonds — — — 1,795.09 — —1.3.5 Securitised Debt securities — — — 2,718.50 — —1.4 Government Securities — — — — — —1.5 Treasury Bills — — — — — —1.6 Commercial Paper — 343.68 — 2,316.47 — 384.731.7 Certificate of Deposits — 9,988.68 — 1,585.45 — 4,416.811.8 Bill Rediscounting — — — — — —1.9 Units of Domestic Mutual Fund — — — — — —1.10 Foreign Securities — — — — — —

Total Investments — 10,332.36 — 9,093.76 — 5,796.942 Deposits — — — — — —3 Other Current Assets3.1 Cash & Bank Balance — 1.34 — 16.57 — 7.413.2 CBLO/ Reverse Repo Lending — 3.18 — 28.63 — 454.883.3 Others 1.65 665.36 0.71 488.03 0.15 344.544 Deferred Revenue Expenditure (to the extent not written off) — — — — — —

Total 1.65 11,002.24 0.71 9,626.99 0.15 6,603.77

Fixed Term Plan G370 days

Fixed Term Plan H(13 Months)

Fixed Term Plan I(13 Months)

March 31, 2010 March 31, 2009 March 31, 2010 March 31, 2009 March 31, 2010 March 31, 2009As at:

1 NAV per unit (Rs.): Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I

2 Closing assets under management (Rs. lakh) — 10,991.27 — 9,612.55 — 6,574.58

Average (assets under management (Rs. lakh) 11,231.81 10.691.1 9,765.84 10,256.81 6,692.94 7,211.03

3 Gross income as percentage of assets under management 10.43% 11.10% 9.50% 9.69% 9.34% 10.03%

4a Total Expense (% of AAuM) : Retail Plan 1.35% 1.35% 1.10% 1.10% 1.10% 1.10%

: Institutional Plan — — 0.30% 0.30% 0.30% 0.30%

: Super Institutional Plan — — — — — —

b Management Fee (% of AAuM) : Retail Plan 0.30% 0.30% 0.22% 0.22% 0.22% 0.22%

: Institutional Plan — — 0.22% 0.22% 0.22% 0.22%


5 Net Income as a percentage of AAuM 9.08% 9.75% 9.13% 9.34% 8.96% 9.66%

6 Portfolio turnover ratio 92.12% 16.46% 79.66% 143.75% 121.53% 144.43%

7 Total dividend per unit of Rs 10 Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I

8 Returns Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A


Key Statistics



15

Fixed Term Plan J Fixed Term Plan K Fixed Term Plan L Fixed Term Plan M

March 31, 2010 March 31, 2009 March 31, 2010 March 31, 2009 March 31, 2010 March 31, 2009March 31, 2010 March 31, 2009March 31, 2010 March 31, 2009


— 9,824.76 — 7,177.91 4,071.99 4,193.50 762.80 802.54 223.58 368.11

— 123.93 — — — 77.73 1.60 14.90 — —— 543.28 — 345.43 702.29 221.66 103.79 31.45 5.05 18.70

2.26 26.33 8.37 50.80 8.90 11.53 0.88 4.40 4.93 2.252.26 10,518.30 8.37 7,574.14 4,783.18 4,504.42 869.07 853.29 233.56 389.06

— — — — — — — — — —— — — — — — — — — —— — — — — — — — — —— 4,490.68 — — 1,981.46 3,588.41 641.83 484.92 — —— — — — — — — — — —

— — — — — — — — — —— — — — — — — — — —— — — — — — — — — —— — — 608.19 — — —— — — — — — — — — —

— — — — — — — — — —— — — — — — — — — —— — — — — — — — — —— 3,976.54 — — — — — 241.17 — —— 1,342.65 — — — — — — — —— — — — — — — — — —— — — — — — — — — —— 98.37 — 1,292.24 — — — 45.03 — —— — — 5,832.57 2,590.09 — 82.70 22.72 — 297.29— — — — — — — — — —— — — — — — — — — —— — — — — — — — — —— 9,908.24 — 7,124.81 4,571.55 4,196.60 724.53 793.84 — 297.29— — — — — — — — — —

— 18.91 — 2.71 6.30 2.91 5.07 0.93 11.68 6.39— 3.18 — 21.20 77.95 39.23 92.94 11.66 221.85 84.82

2.26 587.97 8.37 425.42 127.38 265.68 46.53 46.86 0.03 0.56— — — — — — — — — —

2.26 10,518.30 8.37 7,574.14 4,783.18 4,504.42 869.07 853.29 233.56 389.06

Interval Fund -Quarterly Series - Plan A

Key Statistics


Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I

— 10,491.97 — 7,523.34 4,774.28 4,492.89 868.18 848.88 228.63 386.82

10,775.83 11,169.10 7,719.16 7,550.33 4,647.84 4,386.75 878.76 829.67 294.57 11,491.51

12.42% 9.65% 10.88% 11.51% 11.71% 11.68% 10.82% 10.55% 3.16% 10.30%

1.22% 1.21% 0.97% 0.24% 1.58% 1.58% 0.91% 1.00% 0.12% 0.12%

0.42% 0.42% 0.38% 0.24% 0.60% 0.60% 0.91% 1.00% 0.12% 0.12%

— — — — 0.53% 0.52% 0.91% 1.00% — —

0.22% 0.22% 0.13% 0.13% 0.27% 0.27% 0.22% 0.24% 0.04% 0.04%

0.22% 0.22% 0.13% 0.13% 0.27% 0.27% 0.22% 0.24% 0.04% 0.04%

— — — — 0.27% 0.27% 0.22% 0.24% — —

11.76% 9.01% 10.64% 11.27% 11.01% 10.96% 9.91% 9.64% 3.04% 10.18%

24.93% 58.79% 70.92% 37.48% 87.14% 14.77% 47.33% 23.06% 130.16% 482.14%

Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I

Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A



16


Liabilities1 Unit Capital 272.91 757.13 25.15 270.35 97.73 1,999.582 Reserves & Surplus2.1 Unit Premium Reserves — — — — — —2.2 Unrealised Appreciation Reserve — — — — — —2.3 Other Reserves 27.83 39.40 2.81 50.51 6.76 61.703 Loans & Borrowings — — — — — —4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits — — — — — —4.2 Other Current Liabilities & Provisions 8.60 8.39 4.82 4.22 0.41 6.43

Total 309.34 804.92 32.78 325.08 104.90 2,067.71Assets

1 Investments1.1. Listed Securities:1.1.1 Equity Shares — — — — — —1.1.2 Preference Shares — — — — — —1.1.3 Equity Linked Debentures — — — — — —1.1.4 Other Debentures & Bonds — — — — — —1.1.5 Securitised Debt securities — — — — — —1.2 Securities Awaited Listing:1.2.1 Equity Shares — — — — — —1.2.2 Preference Shares — — — — — —1.2.3 Equity Linked Debentures — — — — — —1.2.4 Other Debentures & Bonds — — — — — —1.2.5 Securitised Debt securities — — — — — —1.3 Unlisted Securities1.3.1 Equity Shares — — — — — —1.3.2 Preference Shares — — — — — —1.3.3 Equity Linked Debentures — — — — — —1.3.4 Other Debentures & Bonds — — — — — —1.3.5 Securitised Debt securities — — — — — —1.4 Government Securities — — — — — —1.5 Treasury Bills — — — — — —1.6 Commercial Paper — 107.41 — — — 408.361.7 Certificate of Deposits — 669.97 — 148.64 — 1,578.611.8 Bill Rediscounting — — — — — —1.9 Units of Domestic Mutual Fund — — — — — —1.10 Foreign Securities — — — — — —

Total Investments — 777.38 — 148.64 — 1,986.972 Deposits — — — — — —3 Other Current Assets3.1 Cash & Bank Balance 31.49 25.33 5.80 5.71 4.33 3.673.2 CBLO/ Reverse Repo Lending 277.81 1.06 26.98 128.29 99.93 44.533.3 Others 0.04 1.15 0.00 42.44 0.64 32.544 Deferred Revenue Expenditure (to the extent not written off) — — — — — —

Total 309.34 804.92 32.78 325.08 104.90 2,067.71

Interval Fund -Quarterly Series - Plan B

Interval Fund -Quarterly Series - Plan C

Interval Fund -Quarterly Series - Plan D

March 31, 2010 March 31, 2009 March 31, 2010 March 31, 2009 March 31, 2010 March 31, 2009As at:

1 NAV per unit (Rs.): Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I

2 Closing assets under management (Rs. lakh) 300.74 796.53 27.96 320.86 104.49 2,061.28

Average (assets under management (Rs. lakh) 490.91 19,562.04 69.74 17,800.24 285.44 10,038.53

3 Gross income as percentage of assets under management 3.61% 10.52% 4.03% 9.83% 8.47% 11.39%

4a Total Expense (% of AAuM) : Retail Plan 0.12% 0.14% 0.12% 0.24% 0.12% 0.12%

: Institutional Plan 0.12% 0.14% 0.12% 0.12% 0.12% 0.12%


b Management Fee (% of AAuM) : Retail Plan 0.04% 0.04% 0.04% 0.05% 0.04% 0.04%

: Institutional Plan 0.04% 0.04% 0.04% 0.04% 0.04% 0.04%


5 Net Income as a percentage of AAuM 3.49% 10.38% 3.91% 9.67% 8.35% 11.27%

6 Portfolio turnover ratio 148.02% 481.20% 142.50% 535.46% 134.61% 353.85%

7 Total dividend per unit of Rs 10 Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I

8 Returns Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A


Key Statistics



17

SFTP SeriesAA

Fixed TermPlan Y

Fixed TermPlan Z

Fixed TermPlan U

Fixed TermPlan P

Fixed TermPlan R

Fixed TermPlan S

March 31, 2010 March 31, 2009 March 31, 2010 March 31, 2010 March 31, 2010 March 31, 2010 March 31, 2010 March 31, 2010 March 31, 2010


2,015.12 411.92 2,561.83 6,583.55 5,854.69 3,795.20 11,019.23 1,364.63 8,354.69

— — — — — — — — —— — 1.60 23.97 18.69 — 8.84 0.53 0.69

55.58 6.20 3.27 45.71 23.69 1.60 398.26 31.16 70.91— — — — — — — — —

— — — — — — — — —0.98 0.95 0.12 2.96 1.51 17.12 8.15 0.81 2.69

2,071.68 419.07 2,566.82 6,656.19 5,898.58 3,813.92 11,434.48 1,397.13 8,428.98

— — — — — — — — —— — — — — — — — —— — — — — — — — —— — 459.92 6,322.11 3,786.76 — — 883.30 1,478.06— — — — — — — — —

— — — — — — — — —— — — — — — — — —— — — — — — — — —— — — — — — — —— — — — — — — — —

— — — — — — — — —— — — — — — — — —— — — — — — — — —

1,100.00 — 912.78 — 1,809.95 — 6,008.85 461.84 1,507.64— — — — — — — — —— — — — — — — — —— — — — — — — — —

937.46 — 281.42 — — — 4,482.91 — 4,184.49— 297.29 748.85 — — 3,757.48 534.35 — 1,117.81— — — — — — — — —— — — — — — — — —— — — — — — — — —

2,037.46 297.29 2,402.97 6,322.11 5,596.71 3,757.48 11,026.11 1,345.14 8,288.00— — — — — — — — —

16.20 6.37 0.54 1.04 1.81 0.98 0.98 0.42 0.475.00 113.44 122.91 11.99 36.98 53.96 12.99 2.00 56.97

13.02 1.97 40.40 321.05 263.08 1.50 394.40 49.57 83.54— — — — — — — — —

2,071.68 419.07 2,566.82 6,656.19 5,898.58 3,813.92 11,434.48 1,397.13 8,428.98

Fixed Incomeinterval Fund Plan E

Key Statistics


Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I

2,070.70 418.12 2,566.70 6,653.23 5,897.07 3,796.80 11,426.33 1,396.32 8,426.29

416.00 9,627.65 2,564.83 6,618.46 5,876.25 3,796.87 11,247.17 1,377.84 8,386.33

4.65% 10.49% 8.04% 7.90% 7.83% 8.03% 7.50% 7.79% 7.88%

0.12% 0.12% 0.28% 0.49% 0.47% 0.32% 0.44% 0.35% 0.36%

0.12% 0.12% — — — — — — —

— — — — — — — — —

0.04% 0.04% 0.09% 0.10% 0.10% 0.10% 0.10% 0.09% 0.10%

0.04% 0.04% — — — — — — —

— — — — — — — — —

4.53% 10.37% 7.76% 7.41% 7.36% 7.69% 7.06% 7.44% 7.53%

917.94% 328.82% 93.63% 1.55% 94.91% 98.96% 92.83% 17.21% 98.36%

Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I Refer Annexure I

Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A Refer Annexure A



18

Amount In (Rs.)Number of Investors

Unclaimed Dividend——

Unclaimed Redemption——



01.04.09-07.09.09 05.09.08-31.03.09 01.04.09-18.09.09 16.09.08-31.03.09Period

1 Income1.1 Dividend — — — —1.2 Interest 3,406.59 6,294.71 139.39 220.931.3 Realised Gain / (Loss) on Foreign Exchange Transactions — — — —1.4 Realised Gains / (Losses) on Interscheme sale of investments 1,133.14 0.95 26.48 —1.5 Realised Gains / (Losses) on External sale / redemption of investments 284.70 (2.86) 5.50 0.001.6 Realised Gains / (Losses) on Derivative Transactions — — — —1.7 Other Income* 3.97 10.00 8.77 5.00

Total (A) 4,828.40 6,302.80 180.14 225.932 Expenses2.1 Management fees 184.61 79.40 2.51 2.912.2 Service tax on Management fees 19.10 9.13 0.26 0.352.3 Transfer agents fees and expenses 9.85 12.45 0.43 0.442.4 Custodian fees 0.26 0.31 0.27 0.312.5 Trusteeship fees 4.46 5.54 0.17 0.192.6 Commission to Agents 144.16 776.24 6.19 6.852.7 Marketing & Distribution expenses — — 1.40 0.042.8 Audit fees 1.06 0.91 0.07 0.062.9 Deferred Revenue expenditure written off — — — —2.10 Other operating expenses 0.19 0.31 0.08 0.07

Total (B) 363.69 884.29 11.38 11.22Less: Amount adjusted from Load towardsCommission, marketing and selling expenses (C) — 1.87 1.88 0.27

3 Net realised gains / Losses D = (A — B + C) 4,464.71 5,420.38 170.64 214.984 Change in Unrealised Depreciation in value of investments (E) 10.58 (10.58) 0.95 (0.95)5 Net gains / Losses F = (D + E) 4,475.29 5,409.80 171.59 214.036 Change in unrealised appreciation in the value of investments (G) — — (3.28) 3.287 Net surplus / Deficit (H = F + G) 4,475.29 5,409.80 168.31 217.317.1 Add: Balance transfer from Unrealised Appreciation Reserve — — 3.28 —7.2 Less: Balance transfer to Unrealised Appreciation Reserve — — — (3.28)7.3 Add / (Less): Equalisation (9,509.14) (13.04) (344.39) (10.08)

8 Total (5,033.85) 5,396.76 (172.80) 203.959 Dividend appropriation9.1 Income Distributed during the year / period 162.41 135.29 16.48 11.639.2 Tax on income distributed during the year / period 35.57 29.64 2.38 0.6610 Retained Surplus / (Deficit) carried forward to Balance sheet (5,231.83) 5,231.83 (191.66) 191.66Guidance Note: • Signficant items with nature & corresponding amount are indicated in Notes to Accounts • Expenses other than management fee is inclusive of service tax where applicable. • Unrealised depreciation has been computed for each asset categoryand shown on an aggregated basis. This takes into account change in unrealised depreciation for the year/period and write back of unrealised depreciation provided in the previous year end • Unrealised appreciaiton has been computed by each asset categoryand shown on an aggregated basis. This takes into account change in unrealised appreciaiton for the year/period and write off of unrealised appreciation provided in the previous year end. *Other income includes amount Transfered from load account.

Abridged Revenue Account (Rs in lakh)

Fixed Term Plan 367 DaysSeries IV

Fixed Term Plan 367 DaysSeries V

Notes on Accounts1 Investments:- 1.1. Investments of the Schemes are registered in the name of the Sundaram BNP Paribas Trustee for the benefit of unitholders of the Schemes

1.2 Open position of derivatives (outstanding market value in Rs lakh) Nil Nil Nil NilOpen position of derivatives (% to net assets) Nil Nil Nil Nil

1.3. Investments in associates and group companies (Rs lakh): Nil Nil Nil Nil1.4. Open position of Securities Borrowed and / or Lend by the scheme (Rs lakh). Nil Nil Nil Nil1.5. Details of NPA: Aggregate market value and provision thereof (Rs lakh). Nil Nil Nil Nil1.6. Aggregate unrealised gain / loss as at the end of the financial year (Rs lakh) — (10.58) — 2.33

Net Asset Value — 99,574.29 — 3,489.36% to Net Asset Value 0.00% -0.01% — 0.07%

1.7 Aggregate Value of Purchases (Rs lakh) 144,891.00 102,791.20 1,008.13 8,568.52Percentage to net assets 142.40% 105.83% 28.23% 238.21%Aggregate Value of Sales (Rs lakh) 238,560.41 9,121.80 4,295.50 5,281.15Percentage to net assets 234.47% 9.39% 120.30% 146.82%

1.8. Non-Traded securities in the portfolio — 92,750.12 — 3,431.28Percentage to net assets 0.00% 93.15% 0.00% 98.34%

2 Details of Transaction with Associates under regulation 25(8) (Rs lakh).Brokerage paid to Sundaram Finance Ltd NIL Nil NIL NilBrokerage paid to IndusInd Bank Ltd NIL Nil NIL NilBrokerage paid to Sundaram Finance Distribution Ltd Nil Nil Nil Nil

3 Large holdings in the Schemes (i.e. in excess of 25% of the net assets) (Rs lakh) Nil Nil Nil Nil4 Unit Capital Movement during the year/period ended (Each unit has a face value of Rs 10) Refere Annexure-I Refere Annexure-I Refere Annexure-I Refere Annexure-I5 Previous year figures have been regrouped or reclassified to conform with current year classification — — — —6 Contingent Liability (Rs lakh). Nil Nil Nil Nil



19









Fixed Term Plan 367Days Series VI

01.04.09-03.12.09 01.12.08-31.03.09 01.04.09-31.03.10 30.03.09-31.03.09 01.04.09-27.11.09 01.04.08-31.03.0801.04.09-20.10.09 16.10.08-31.03.09Abridged Revenue Account (Rs in lakh)

— — — — — — — —134.99 120.68 78.24 42.18 864.73 4.21 614.07 451.98

— — — — — — — —17.94 — — — (0.00) — 6.46 48.1311.37 — 6.09 — 125.78 — — —

— — 0.26 — — — — —0.30 0.18 — — — — 12.47 —

164.60 120.86 84.59 42.18 990.51 4.21 633.00 500.11

2.05 1.63 1.43 0.67 10.11 0.05 11.87 17.690.21 0.19 0.15 0.08 1.04 0.01 1.22 2.150.40 0.24 0.22 0.11 2.79 0.03 0.97 3.580.31 0.27 0.39 0.18 0.53 0.04 0.35 0.540.15 0.12 0.09 0.04 1.26 0.01 0.44 0.663.52 0.90 3.52 1.71 43.65 0.16 19.59 32.260.67 2.45 0.09 — 7.61 — 7.97 —0.07 0.06 0.06 0.06 0.10 0.06 0.14 0.14

— — — — — — — —0.08 0.10 0.05 — 0.05 — 0.12 0.01

7.46 5.96 6.00 2.85 67.14 0.35 42.67 57.03

0.42 0.23 0.02 — — — 4.38 1.35157.56 115.13 78.61 39.33 923.37 3.85 594.71 444.43

— — — — (12.79) — — —157.56 115.13 78.61 39.33 910.58 3.85 594.71 444.43(36.02) 36.02 — — (5.47) 5.47 (165.90) 78.52121.54 151.15 78.61 39.33 905.11 9.32 428.81 522.9536.02 — — 5.47 — 165.90 87.38

— (36.02) — — (5.47) — (165.90)(228.97) (0.90) (111.72) — — — (1,358.68) (77.65)

(71.41) 114.23 (33.11) 39.33 910.58 3.85 (763.97) 366.78

24.18 13.29 3.73 1.72 2.50 — 113.65 —3.44 1.91 0.53 0.24 0.45 — 17.35 —

(99.03) 99.03 (37.37) 37.37 907.63 3.85 (894.97) 366.78

Fixed Term Plan 367Days Series VII

Fixed Term Plan 367Days Series VIII

Fixed Term Plan Series XIII(Retail)-30M

Notes on Accounts

Nil Nil Nil Nil Nil Nil Nil NilNil Nil Nil Nil Nil Nil Nil NilNil Nil Nil Nil Nil Nil Nil NilNil Nil Nil Nil Nil Nil Nil NilNil Nil Nil Nil Nil Nil Nil Nil— 36.02 — 0 (12.79) 5.47 — 165.9— 2,589.69 — 1,291.62 13,053.18 12,150.76 — 6,499.95— 1.39% — — -0.10% 0.05% 0.00% 2.55%

6,016.17 2454.78 2,640.55 1249.84 22,776.92 11051.53 5,797.13 3906.12228.40% 96.93% 200.56% 98.26% 180.19% 90.96% 86.34% 59.63%8,434.72 36.24 3,885.68 4.71 21,399.37 — 11,469.71 4265.63320.22% 1.43% 295.13% 0.37% 169.29% — 170.83% 65.12%

— 1899.35 — 1245.13 12416.30 10038.15 — 6299.620.00% 73.36% 0.00% 96.40% 95.12% 82.61% 0.00% 96.92%

NIL Nil NIL Nil NIL Nil NIL NilNIL Nil NIL Nil NIL Nil NIL NilNil Nil Nil Nil Nil Nil Nil NilNil Nil Nil Nil Nil Nil Nil Nil

Refere Annexure-I Refere Annexure-I Refere Annexure-I Refere Annexure-I Refere Annexure-I Refere Annexure-I Refere Annexure-I Refere Annexure-I— — — — — — — —Nil Nil Nil Nil Nil Nil Nil Nil



20

Fixed Term Plan16 Months

FTP Series B14 months

1 Income1.1 Dividend — — — —1.2 Interest 88.98 390.11 2.36 194.621.3 Realised Gain / (Loss) on Foreign Exchange Transactions — — — —1.4 Realised Gains / (Losses) on Interscheme sale of investments 56.38 (35.20) (11.77) 30.531.5 Realised Gains / (Losses) on External sale / redemption of investments (7.32) (5.87) — —1.6 Realised Gains / (Losses) on Derivative Transactions — — — —1.7 Other Income — 5.00 1.44 —

Total (A) 138.04 354.04 (7.98) 225.152 Expenses2.1 Management fees 3.47 8.73 0.03 0.962.2 Service tax on Management fees 0.36 1.06 0.00 0.122.3 Transfer agents fees and expenses 0.34 0.89 0.03 0.522.4 Custodian fees 0.22 0.54 0.04 0.542.5 Trusteeship fees 0.16 0.40 0.01 0.242.6 Commission to Agents 0.27 5.42 0.14 0.412.7 Marketing & Distribution expenses 2.86 12.34 5.98 —2.8 Audit fees 0.11 0.13 0.06 0.072.9 Deferred Revenue expenditure written off — — — —2.10 Other operating expenses 0.07 0.08 0.01 0.01

Total (B) 7.86 29.59 6.30 2.87Less: Amount adjusted from Load towardsCommission, marketing and selling expenses (C) 2.92 17.20 6.22 —

3 Net realised gains / Losses D = (A — B + C) 133.10 341.65 (8.06) 222.284 Change in Unrealised Depreciation in value of investments (E) 3.07 (3.07) 12.08 (12.08)5 Net gains / Losses F = (D + E) 136.17 338.58 4.02 210.206 Change in unrealised appreciation in the value of investments (G) — — — (0.27)7 Net surplus / Deficit (H = F + G) 136.17 338.58 4.02 209.937.1 Add: Balance transfer from Unrealised Appreciation Reserve — — 0.277.2 Less: Balance transfer to Unrealised Appreciation Reserve — — —7.3 Add / (Less): Equalisation (416.38) (38.85) (180.87) (45.98)

8 Total (280.21) 299.73 (176.85) 164.229 Dividend appropriation9.1 Income Distributed during the year / period 10.39 5.79 1.72 13.129.2 Tax on income distributed during the year / period 2.15 1.19 0.34 2.8910 Retained Surplus / (Deficit) carried forward to Balance sheet (292.75) 292.75 (178.91) 148.21

Abridged Revenue Account (Rs in lakh)01.04.09-31.08.09 01.05.08-31.03.09 01.04.09-15.04.09 01.04.08-31.03.09Period






Guidance Note: • Signficant items with nature & corresponding amount are indicated in Notes to Accounts • Expenses other than management fee is inclusive of service tax where applicable. • Unrealised depreciation has been computed for each asset categoryand shown on an aggregated basis. This takes into account change in unrealised depreciation for the year/period and write back of unrealised depreciation provided in the previous year end • Unrealised appreciaiton has been computed by each asset categoryand shown on an aggregated basis. This takes into account change in unrealised appreciaiton for the year/period and write off of unrealised appreciation provided in the previous year end. *Other income includes amount Transfered from load account.

Notes on Accounts1 Investments:- 1.1. Investments of the Schemes are registered in the name of the Sundaram BNP Paribas Trustee for the benefit of unitholders of the Schemes

1.2 Open position of derivatives (outstanding market value in Rs lakh) Nil Nil Nil NilOpen position of derivatives (% to net assets) Nil Nil Nil Nil

1.3. Investments in associates and group companies (Rs lakh): Nil Nil Nil Nil1.4. Open position of Securities Borrowed and / or Lend by the scheme (Rs lakh). Nil Nil Nil Nil1.5. Details of NPA: Aggregate market value and provision thereof (Rs lakh). Nil Nil Nil Nil1.6. Aggregate unrealised gain / loss as at the end of the financial year (Rs lakh) — (3.07) — (12.08)

Net Asset Value — 3,677.57 — 1,870.23% to Net Asset Value 0.00% -0.08% 0.00% -0.65%

1.7 Aggregate Value of Purchases (Rs lakh) 3,232.10 7619.02 — 438.53Percentage to net assets 86.00% 176.76% 0.00% 18.30%Aggregate Value of Sales (Rs lakh) 6,681.64 4169.48 1,104.53 1840.84Percentage to net assets 177.79% 96.73% 58.96% 76.83

1.8. Non-Traded securities in the portfolio — 3256.97 — 1092.45Percentage to net assets — 88.56% — 58.41%

2 Details of Transaction with Associates under regulation 25(8) (Rs lakh).Brokerage paid to Sundaram Finance Ltd NIL Nil NIL NilBrokerage paid to IndusInd Bank Ltd NIL Nil NIL NilBrokerage paid to Sundaram Finance Distribution Ltd Nil Nil Nil Nil

3 Large holdings in the Schemes (i.e. in excess of 25% of the net assets) (Rs lakh) Nil Nil Nil Nil4 Unit Capital Movement during the year/period ended (Each unit has a face value of Rs 10) Refere Annexure-I Refere Annexure-I Refere Annexure-I Refere Annexure-I5 Previous year figures have been regrouped or reclassified to conform with current year classification — — — —6 Contingent Liability (Rs lakh). Nil Nil Nil Nil



21

— — — — — — — —14.27 301.61 22.78 664.61 67.38 1,359.99 712.11 1,092.07

— — — — — — —— 64.69 6.44 203.40 — 21.29 — 1.51

(1.05) 8.49 4.50 28.24 7.18 62.81 18.58 (4.32)— — — — — — — —— 3.00 — — — 3.00 1.04 6.50

13.22 377.79 33.72 896.25 74.56 1,447.09 731.73 1,095.76

0.11 1.56 0.51 12.39 1.41 19.15 17.35 24.760.01 0.19 0.05 1.51 0.14 2.33 1.79 2.980.07 0.91 0.09 2.13 0.25 3.30 1.67 2.230.09 0.54 0.04 0.54 0.05 0.54 0.23 0.360.03 0.39 0.04 0.95 0.11 1.47 0.69 0.990.12 5.91 0.59 16.11 0.88 19.00 17.10 25.368.23 7.24 29.83 38.85 20.15 12.90 — 1.870.06 0.08 0.06 0.11 0.07 0.12 0.13 0.18

— — — — — — — —0.03 0.05 0.02 0.07 0.02 0.12 0.27 0.08

8.75 16.87 31.23 72.66 23.08 58.93 39.23 58.81

8.40 12.20 29.84 34.54 19.79 — 0.09 —12.87 373.12 32.33 858.13 71.27 1,388.16 692.58 1,036.958.34 (8.34) — — — — — —21.21 364.78 32.33 858.13 71.27 1,388.16 692.58 1,036.95

— (1.72) (0.16) 0.16 — 26.21 (26.21)21.21 363.06 32.17 858.29 71.27 1,388.16 718.79 1,010.75

— 1.72 0.16 — — — (26.21) —— — — (0.16) — — — 26.21

(315.04) (98.30) (746.08) (190.20) (1,404.93) (70.13) (1,691.84) (8.12)

(293.83) 266.48 (713.75) 667.93 (1,333.66) 1,318.03 (999.26) 1,028.84

0.02 0.03 0.62 0.83 0.12 0.94 11.79 13.950.00 0.00 0.16 0.16 0.02 0.13 1.76 2.08

(293.85) 266.45 (714.53) 666.94 (1,333.80) 1,316.96 (1,012.81) 1,012.81

Abridged Revenue Account (Rs in lakh)

FTP Series C14 months

FTP Series D13 months

FTP Series E13 months

Fixed Term Plan F370 days

01.04.09-17.04.09 01.04.08-31.03.0901.04.09-04.05.09 01.04.08-31.03.09 01.04.09-27.04.09 24.08.08-31.03.09 01.04.09-27.08.09 22.08.08-31.03.09









Notes on Accounts

Nil Nil Nil Nil Nil Nil Nil NilNil Nil Nil Nil Nil Nil Nil NilNil Nil Nil Nil Nil Nil Nil NilNil Nil Nil Nil Nil Nil Nil NilNil Nil Nil Nil Nil Nil Nil Nil— -8.34 — 0.16 — — — 26.21— 3,004.47 — 7,552.68 — 14,589.64 — 16,674.72

0.00% -0.28% 0.00% 0 0.00% — 0.00% 0.16%— 5388.39 — 19710.88 6,734.06 61332.71 1,358.17 21769.25

0.00% 138.24% 0.00% 206.83% 46.04% 416.33% 7.99% 133.69%2,811.05 6676.78 6,935.24 23424.67 15,793.23 67234.28 16,956.81 6170.6193.20% 171.29% 92.01% 245.80 107.97% 456.39% 99.74% 37.90%

0 2802.71 0 6631.73 0 9059.17 0 15347.91— 93.28% — 88.16% — 62.09% — 92.04%

NIL Nil NIL 0.01 NIL Nil NIL NilNIL Nil NIL Nil NIL Nil NIL NilNil Nil Nil Nil Nil Nil Nil NilNil Nil Nil Nil Nil Nil Nil Nil

Refere Annexure-I Refere Annexure-I Refere Annexure-I Refere Annexure-I Refere Annexure-I Refere Annexure-I Refere Annexure-I Refere Annexure-I— — — — — — — —Nil Nil Nil Nil Nil Nil Nil Nil



22

Fixed Term Plan G370 days

Fixed Term Plan H(13 Months)

Fixed Term Plan I(13 Months)

1 Income1.1 Dividend — — — — — —1.2 Interest 492.15 688.96 257.63 795.07 189.43 533.321.3 Realised Gain / (Loss) on Foreign Exchange Transactions — — — — — —1.4 Realised Gains / (Losses) on Interscheme sale of investments — — 13.29 (28.84) — (1.22)1.5 Realised Gains / (Losses) on External sale / redemption of investments 21.58 — — 7.91 18.01 —1.6 Realised Gains / (Losses) on Derivative Transactions — — — — — —1.7 Other Income — — 11.24 5.00 6.59 5.00

Total (A) 513.73 688.96 282.16 779.14 214.03 537.102 Expenses2.1 Management fees 14.77 18.63 6.53 17.61 5.04 11.832.2 Service tax on Management fees 1.52 2.24 0.67 2.14 0.52 1.432.3 Transfer agents fees and expenses 1.08 1.40 0.70 1.82 0.56 1.222.4 Custodian fees 0.26 0.31 0.18 0.45 0.22 0.402.5 Trusteeship fees 0.49 0.62 0.30 0.80 0.23 0.542.6 Commission to Agents 48.10 60.48 2.24 14.83 2.17 9.982.7 Marketing & Distribution expenses — — 0.50 4.19 0.23 9.252.8 Audit fees 0.17 0.15 0.06 0.10 0.06 0.142.9 Deferred Revenue expenditure written off — — — — — —2.10 Other operating expenses 0.03 0.01 0.17 0.10 0.12 0.08

Total (B) 66.42 83.84 11.35 42.04 9.15 34.87Less: Amount adjusted from Load towardsCommission, marketing and selling expenses (C) — 0.56 13.38 0.50 14.86

3 Net realised gains / Losses D = (A — B + C) 447.31 605.12 271.37 750.48 205.38 517.094 Change in Unrealised Depreciation in value of investments (E) — — 5.37 (5.37) —5 Net gains / Losses F = (D + E) 447.31 605.12 276.74 745.11 205.38 517.096 Change in unrealised appreciation in the value of investments (G) — — — (9.39) 9.397 Net surplus / Deficit (H = F + G) 447.31 605.12 276.74 745.11 195.99 526.487.1 Add: Balance transfer from Unrealised Appreciation Reserve — — — — 9.39 —7.2 Less: Balance transfer to Unrealised Appreciation Reserve — — — — — (9.39)7.3 Add / (Less): Equalisation (1,052.43) (815.34) (52.08) (577.85) (44.19)

8 Total (605.12) 605.12 (538.60) 693.03 (372.47) 472.909 Dividend appropriation9.1 Income Distributed during the year / period — — 80.29 48.61 26.27 56.339.2 Tax on income distributed during the year / period — — 15.93 9.60 5.63 12.2010 Retained Surplus / (Deficit) carried forward to Balance sheet (605.12) 605.12 (634.82) 634.82 (404.37) 404.37

Abridged Revenue Account (Rs in lakh)01.04.09-07.09.09 01.09.08-31.03.09 01.04.09-20.07.09 19.06.08-31.03.09 01.04.09-03.08.09 04.07.08-31.03.09Period








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