market outlook - mutual funds: absl mutual funds, mutual fund ...€¦ · market outlook indian...

J u n e 2 0 0 7

02

Market Outlook

Indian economy grew by whopping 9.4% in FY07, faster than advance estimate

of 9.2%, taking its size to USD 1 trillion. This was the highest growth achieved in

last 18 years, clearly indicating that Indian ecomony is on a good wicket and is

ready to scale even greater highs in the coming years. Services and

Manufacturing, the growth engines of our economy, grew by 11% and 12.3%

respectively. The current buoyant mood in the economy can be best summed up

in the words of our Prime Minister, Dr. Manmohan Singh: “We must think big

and bold. We must move away from the paradigm of incremental

growth to a paradigm of exponential growth and growth into

uncharted territory ”.

Industrial Production growth at 12.9% for March-07 has been stronger than

expected. Manufacturing segment growth at 14.1% compares with 11.9%

registered in the previous month. The key drivers were food products, basic

chemicals and metals segments. Electricity segment growth accelerated to 7.9%

while mining segment growth slowed to 6.2%.

Trade deficit narrowed in March to USD 3.8 Bn (5.0% of GDP, annualized) still

rising 38% YoY, as non-oil import growth decelerated to 17% ven though India's

export growth has been affected by appreciation rupee, at 7.7% vs. 7.5% in

February. Other Asian countries also reported weak export growth in March

(+9% YoY) as compared with 21% in February.

The month of May has seen flurry of big-ticket activities on M & A side, clearly

indicating growing appetite of corporate India to establish its strong presence in

the global arena. Corporate India has demonstrated that it is not shy of taking

bold steps to meet its hunger for higher growth. This month, United Spirits

acquired Whyte & Mackay (world's 4th largest scotch whiskey manufacturer) in a

deal valued at USD 1.18 Bn, Suzlon acquired 73% stake in REpower, valuing it at

USD 1.63 Bn, Sun Pharma acquired Taro Pharma for USD 454 Mn. On the other

hand, Tata group exited Glaceau by selling its 30% stake for USD 1.2 Bn,

pocketing gain of USD 623 Mn in less than a year, a real smart investor!.

With a view to control capital inflows and release upward pressure on rising

rupee, RBI tinkered ECB regulations a bit. More specifically, use of ECBs for

integrated townships has been disallowed and at the same time by putting a cap

on interest rate at which ECBs can be raised, RBI has restricted the ability of small

and mid size firms to borrow aggressively. Corporate India raised whopping

USD 5.1 Bn in March through issuance of ECBs / FCCBs, up from USD 3.2 Bn

raised in February.

The result season has almost come to an end. Corporate India has delivered yet

another quarter of solid growth. The aggregate sales of 29 Sensex companies

(barring ONGC which has not declared results so far) grew by 24% and net profit

registered a growth of 36%. Companies in CNX Midcap index have kept pace

with large cap companies, recording sales and net profit growth of 22% and 33%

respectively (Ex Energy).

Corporate India has lined up big-ticket fund raising. It is estimated that equity

issuances of USD 11-12 Bn could hit the market in next 3-4 months. The

prominent names include – DLF's USD 2.3 Bn IPO, country's largest, ICICI Bank

and HDFC Bank's follow on offerings of USD 5 Bn and USD 1 Bn respectively. The

market's ability to absorb this kind of supply will be monitored closely.

We continue to remain positive on equity markets over the long term. With lot of

money being raised from recent New Fund Offerings (NFOs), for investments in

Mid and Small Cap segment, it is expected that this segment would see

heightened activity going forward as stocks in this space are available at a

significant discount to large caps and yet offer higher growth than peers. We have

already seen the early signs of the above trend towards the later part of the

month.

A drastic turnaround in liquidity situation and a marked drop in the inter-bank call money market rates aided bonds to close out the month with gains. Easing trend in inflation rate also helped bonds to maintain strength. The yield on the 10-year benchmark paper closed at 8.08%, 9 bps lower than its last month's level.

Initially, the optimism induced by improved banking liquidity geared up traders to deal actively in bonds. Consequently, the 10-year yield dropped to 8.07% before players looked to book profit while exercising caution at higher levels. Though increasing cash surpluses offered some support, apprehensions over the RBI's future course of action to manage liquidity and robust IIP data which signaled risk of firm interest rates induced bouts of selling. Skepticism over huge auctions as well as speculations over monetary tightening measures too stalled activities. On the other hand, the sudden flood of liquidity propelled fresh buying. Overwhelming response at the auctions further helped yields to decline sharply. Also an absence of any liquidity-absorbing instrument like market stabilisation bonds, in the latter part of the month, acted as a sentiment booster. Dip in the WPI inflation rate, albeit mainly attributed to the base effect, kept bonds supported. The gains were more pronounced at the shorter end of the curve as surplus liquidity and absence of borrowers in the money markets pushed players to deploy their excess funds in money market instruments and short-tenors.

In the corporate bond segment, the longer maturity bond yields remained flat at around 10% levels, while market players preferred to trade the short end. The benchmark five-year spreads widened to 200 bps due to a fall in the five-year government bond yields. Spreads are likely to move down as five-year

government bond yields could firm on expectations of liquidity sucking measures by the RBI.

The money market was flush with liquidity and call rates dipped below 1% levels. Inter-bank rates, which partly reflects the liquidity in the banking system, closed at 0.50-0.75% — nearly a seven year low. Overabundance of cash surpluses was due to a combination of factors. The huge redemption of a bond infused Rs 20,000 crore into the system while the sustained intervention from the central bank in the currency market also added rupee liquidity. The central bank too abstained from issuing any Market Stabilisation Scheme (MSS) bonds in the latter part of the month to sterilise the excess liquidity. As surplus money chased limited assets, other money market instruments also witnessed a substantial rally. The 91-day commercial paper reference rate to ease to 9.00% from 10.60%. The yield on 91-day T-bills fell to 7.39% from 7.98%.

Outlook for bond markets:Headline inflation may continue to ease in the coming weeks, due to base effect. But underlying trend of inflation is still worrisome, as manufacturing inflation isn't showing signs of softening. Prices of ferrous and non-ferrous metals, crude oil and a number of agriculture commodities remain sticky. We expect liquidity to remain easy over the next few weeks. While liquid and floating rate funds will continue to generate good returns without much volatility, investors with long horizon and risk-appetite should allocate a part of the portfolio to long-term funds. Long-term funds would be in a position to capitalize on various opportunities in G-sec and bond market going forward.

EQUITY MARKET

DEBT MARKET

J u n e 2 0 0 7

03

From the Fund Manager’s Desk

Dear Investor,

We take great pride in sharing with you that Birla Cash Plus has now completed a decade of existence.

Launched in June 1997, Birla Cash Plus (BCP) was the first fund of its kind in India. At a time when other fund houses offered debt products, BCP offered an option to invest in a wide range of money market instruments, thus reducing the exposure to interest rate fluctuations.

It gives us great satisfaction to see that a small innovation by us has led to creation of a category that has become the largest in the mutual fund industry.

The primary objective for launching this scheme, which later gained the parlance of a liquid scheme, was to offer corporates with an alternative to park their idle cash in order to meet their liquidity needs. Corporates would generally park their money in a current account. These options, although providing liquidity, did not generate any returns to them. BCP offered not only the liquidity that corporates needed but also generated better returns for them.

Soon after its launch, the total AUM of Birla Cash Plus increased from Rs. 10 Cr. to Rs. 400 Cr. and it has now reached to Rs. 10220.16 Cr (As on 31st May 2007). This reflects the confidence shown by the investors in BCP.

With the increase in AUM and the evolution of the market, we introduced more options to meet the specific needs of the investors - we now have Retail, Institutional and Premium Institutional Plans. The same was reflected in our fund management expenses. With a load of around 1.5% at inception, we now have reduced it to zero. Efficient fund management has enabled us to reduce the redemption time from 48 hours at inception to 24 hours at present.

Apart from addressing the investor's needs, the success of BCP also rests with our investment management capability. Our philosophy behind managing the investor's money is:

Capital Preservation: Since BCP offers an alternative investment opportunity to your bank account, it is important for us that the capital invested does not get eroded. BCP manages interest rate risk by investing bulk of the portfolio in very short-term securities carrying low price risk. Our strategy of maintaining the sanity of the product kept us in good shape even in times of systemic shocks.

Consistent Returns: Our focus lies in generating superior risk-adjusted returns on a consistent basis through a fundamentally research driven approach thus giving better returns for the investor than alternatives like a bank account and managing the investors money better. BCP has witnessed several cycles of interest rate and credit markets and has performed consistently through time.

Superior Fund Management: We keep a balanced portfolio of floating and fixed rate papers without compromising on overall liquidity of the portfolio. Adequate cash in the form of call and equivalents is maintained to ensure liquidity. Through its journey, this innovation from Birla Mutual Fund has earned various accolades. Following are the ratings of Birla Cash Plus as on 31st May 2007.

The liquid fund category has grown from a Rs. 100 crores in 1997 to Rs. one lakh crore now. Birla Cash Plus takes pride in being one of the leaders in the evolution of this category in the country. With a strong investment philosophy and consistent performance, Birla Cash Plus has developed into a product that is a must for all types of investors whether retail or institutional in order to manage their funds better. As we celebrate the 10th anniversary of BCP, we take this opportunity to thank all our investors and partners and reiterate our commitment.

Navneet MunotChief Investment Officer (Fixed Income)

Birla Sun Life Mutual Fund

for details regarding the methodology of above rankings please refer page 39

Rating Birla Cash Plus Plans

iiiii

Premium Plan

iiii Value Research Rating BCP – Retail Plan

Crisil~CPR 1 BCP – Institutional Premium Plan

Crisil~CPR 2 BCP – Institutional Plan

Crisil~CPR 2 BCP – Retail Plan

ICRA mfA1 Rating Birla Cash Plus Fund

BCP – Institutional Plan

Value Research Rating BCP – Institutional

Gold Award for Best Performance at ICRA Mutual Fund awards 2007 and MFR 1 Rating

Birla Cash Plus: Celebrating 10 years of Leadership

04

J u n e 2 0 0 7

As on 31st May, 2007

Investment Performance

Birla Advantage Fund

Past performance may or may not be sustained in future. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more.

Portfolio

Industrial Capital Goods 7061.72 14.05Bharat Heavy Electricals Ltd. 3652.56 7.27Bharat Electronics Ltd. 1430.71 2.85Thermax Ltd. 1003.90 2.00AIA Engineering Ltd. 974.56 1.94

Software 6342.60 12.62Infosys Technologies Ltd. 2304.30 4.59Satyam Computer Services Ltd. 1364.66 2.72Subex Azure Ltd. 1346.92 2.68Tata Consultancy Services Ltd. 1326.73 2.64

Telecom-Services 5075.91 10.10Bharti Airtel Ltd. 3560.76 7.09Reliance Communications Ltd. 1515.15 3.02

Petroleum Products 4445.07 8.85Reliance Industries Ltd. 2640.30 5.25Hindustan Petroleum Corporation Ltd. 1804.77 3.59

Consumer Non Durables 4226.81 8.41ITC Ltd. 1805.16 3.59United Spirits Ltd. 1242.05 2.47Hindustan Lever Ltd. 1058.20 2.11McDowell Holdings Ltd. 121.40 0.24

Banks 4082.30 8.12

ICICI Bank Ltd. 1837.80 3.66UTI Bank Ltd. 1148.50 2.29Indian Overseas Bank 1096.00 2.18

Pharmaceuticals 3823.82 7.61Dishman Pharmaceuticals & Chemicals Ltd. 1265.43 2.52Wockhardt Ltd. 1245.91 2.48Nicholas Piramal India Ltd. 675.10 1.34Glaxosmithkline Pharmaceuticals Ltd. 637.38 1.27

Construction 1896.46 3.77Larsen & Toubro Ltd. 959.35 1.91Nagarjuna Construction Co. Ltd. 805.50 1.60IVRCL Infrastructures & Projects Ltd. 131.61 0.26Dharti Dredging & Construction Ltd. ** 0.00 0.00

Finance 1683.72 3.35Housing Development Finance Corp. Ltd. 1683.72 3.35

Pesticides 1624.83 3.23United Phosphorous Ltd. 1624.83 3.23

Gas 1131.58 2.25Indraprastha Gas Ltd. 1131.58 2.25

Ferrous Metals 1129.48 2.25Maharashtra Seamless Ltd. 1129.48 2.25

Floating Rate Instruments 1000.00 1.99Citicorp Finance India Ltd. 1000.00 1.99

Auto Ancillaries 975.20 1.94Amtek India Ltd. 497.70 0.99Sundaram-Clayton Ltd. 477.50 0.95

Auto 765.66 1.52Tata Motors Ltd. 765.66 1.52

Industrial Products 684.20 1.36Fag Bearings India Ltd. 684.20 1.36

Media & Entertainment 554.98 1.10Deccan Chronicle Holdings Ltd. 428.33 0.85New Delhi Television India Ltd. 126.66 0.25

Cash & Current Assets 3745.15 7.45

Total Net Asset 50249.50 100

**Represents thinly traded/ non traded securities

Issuer Market Value % to NetRs. in Lacs Assets



SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla Advantage Fund...

Systematic Investment Plan (SIP)

Asset Allocation

Date of First Installment : March 01, 1995

The data assumes the investment of Rs.1,000/- on 1st day of every month or the subsequent working day. Load and Taxes are not considered for computation of returns. Past performance may or may not be sustained in future.

*CAGR Returns are computed after accounting for the cash flow by using the XIRR method (investment internal rate of return)

An Open-ended growth scheme with the objective to achieve long-term growth of capital at relatively moderate levels of risk through a diversified research based investment approach.

Investment Objective

Date of inception / takeover : February 24, 1995

Fund Manager : Mr. Ajay Argal

NAV : Rs.

Growth : 131.74

Dividend : 94.51

Load Structure (Incl. for SIP):Entry Load : < Rs. 5 crores - 2.25%

³ Rs. 5 crores - NilExit Load : NIL

Benchmark : BSE Sensex Corpus : Rs. 502.49 Crores

Investment Style Box

Investment Period

Total Investment

(Rs.)

Value (Rs.) of SIP in Returns (%)*

Birla Advantage

Fund

Birla Advantage

Fund

BSESensex

BSESensex

Since Inception 147000 506949 1032925 18.75 29.04

Last 5 years 60000 157069 167321 39.70 42.47

Last 3 years 36000 64134 61657 41.44 38.35

Last 1 year 12000 14103 14055 34.23 33.42

Value Blend Growth Size

Large

Mid

Small

Investment Style

32.84

46.37

39.64

25.28

39.87

45.11

35.98

12.43

0

5

10

15

20

25

30

35

40

45

50

1 Year 3 Years 5 Years Since Inception

Birla Advantage Fund - Growth BSE Sensex

1.99%

2.25%

2.25%

3.23%

3.35%

3.77%

5.93%

7.45%

7.61%

8.12%

8.41%

8.85%

10.10%

12.62%

14.05%

Floating Rate Instruments

Ferrous Metals

Gas

Pesticides

Finance

Construction

Other Equity

Cash & Current Assets

Pharmaceuticals

Banks

Consumer Non Durables

Petroleum Products

Telecom-Services

Software

Industrial Capital Goods

05

J u n e 2 0 0 7


Birla Dividend Yield Plus


Portfolio

Banks 5275.66 13.68Andhra Bank 1758.85 4.56Syndicate Bank 866.75 2.25Union Bank of India 790.83 2.05Vijaya Bank 769.09 1.99Bank of Baroda 553.81 1.44Indian Overseas Bank 462.01 1.20UCO Bank 74.32 0.19

Petroleum Products 5020.96 13.02Chennai Petroleum Corporation Ltd. 1456.82 3.78Indian Oil Corporation Ltd. 1234.70 3.20Castrol (India) Ltd. 1207.55 3.13Hindustan Petroleum Corporation Ltd. 581.40 1.51Apar Industries Ltd. 540.49 1.40

Consumer Non Durables 4822.70 12.51Hindustan Lever Ltd. 1098.39 2.85Kansai Nerolac Paints Ltd. 700.00 1.82Nestle India Ltd. 522.82 1.36Glaxosmithkline Consumer Healthcare Ltd. 494.61 1.28Berger Paints India Ltd. 481.10 1.25Procter & Gamble Hygiene & Health Care 446.21 1.16Colgate Palmolive (I) Ltd. 371.02 0.96Eveready Industries Ltd. 357.54 0.93Godrej Consumer Products Ltd. 351.02 0.91

Industrial Products 3029.87 7.86Greaves Cotton Ltd. 1406.78 3.65ESAB India Ltd. 1151.64 2.99Cosmo Films Ltd. 389.90 1.01ABC Bearings Ltd. 81.56 0.21

Pharmaceuticals 2698.63 7.00Wyeth Ltd. 2082.56 5.40

Glaxosmithkline Pharmaceuticals Ltd. 435.65 1.13Novartis India Ltd. 180.43 0.47

Software 2495.49 6.47NIIT Technologies Ltd. 1469.15 3.81HCL Technologies Ltd. 923.49 2.39HTMT Global Solutions Ltd.** 102.85 0.27

Industrial Capital Goods 2166.42 5.62Alfa Laval (India) Ltd. 2166.42 5.62

Fertilisers 1697.02 4.40Tata Chemicals Ltd. 1349.70 3.50Rashtriya Chemicals & Fertilizers Ltd. 347.32 0.90

Hardware 1407.14 3.65Tata Elxsi Ltd. 794.63 2.06HCL Infosystems Ltd. 612.51 1.59

Paper 1174.71 3.05Tamil Nadu Newsprint & Papers Ltd. 1174.71 3.05

Chemicals 1151.52 2.99Clariant Chemicals India Ltd. 1151.52 2.99

Transportation 1093.16 2.83The Great Eastern Shipping Co. Ltd. 803.56 2.08Varun Shipping Company Ltd. 289.60 0.75

Auto 971.81 2.52Mahindra & Mahindra Ltd. 379.08 0.98Ashok Leyland Ltd. 307.80 0.80Hero Honda Motors Ltd. 284.94 0.74

Oil 813.49 2.11Oil & Natural Gas Corporation Ltd. 813.49 2.11

Telecom-Services 612.60 1.59Mahanagar Telephone Nigam Ltd. 612.60 1.59

Auto Ancillaries 602.42 1.56Sundaram-Clayton Ltd. 490.35 1.27Rane (Madras) Ltd. 71.75 0.19Wheels India Ltd. 40.31 0.10

Power 601.54 1.56Neyveli Lignite Corporation Ltd. 419.25 1.09Monnet Ispat Energy Ltd. 182.29 0.47

Health Care Equipment 569.76 1.48Rayban Sun Optics India Ltd. 569.76 1.48

Finance 458.43 1.19LIC Housing Finance Ltd. 458.43 1.19

Ferrous Metals 440.46 1.14Tata Metaliks Ltd. 345.12 0.89Tata Sponge Iron Ltd. 95.34 0.25

Gas 355.35 0.92Indraprastha Gas Ltd. 355.35 0.92

Media & Entertainment 316.03 0.82Balaji Telefilims Ltd. 316.03 0.82






SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla Dividend Yield Plus...


Asset Allocation




An Open-ended growth scheme with the objective to provide capital growth and income by investing primarily in a well-diversified portfolio of dividend paying companies that have a relatively high dividend yield.



Fund Manager : Mr. Mahesh Patil

NAV : Rs.

Growth : 46.15

Dividend : 11.24



Benchmark : S & P CNX 500 Corpus : Rs. 385.62 Crores


Investment Period

Total Investment

(Rs.)




S&P CNX 500

S&P CNX 500

Since Inception 51000 111363 98373 38.39 31.96

Last 3 years 36000 60520 52249 36.91 25.81

Last 1 year 12000 14306 13939 37.69 31.45


Large

Mid

Small

Investment Style



Birla Dividend Yield Plus - Growth CNX500

23.36

34.33

43.19

35.23

42.6944.04

0

5

10

15

20

25

30

35

40

45

50

1 Year 3 Years Since Inception

2.04%

2.11%

2.52%

2.83%

2.99%

3.05%

3.65%

4.40%

5.62%

6.47%

7.00%

7.86%

10.26%

12.51%

13.02%

13.68%


Oil

Auto

Transportation

Chemicals

Paper

Hardware

Fertilisers


Software

Pharmaceuticals

Industrial Products

Other Equity


Petroleum Products

Banks

06

J u n e 2 0 0 7

Birla Midcap Fund



Portfolio

Banks 4182.39 14.79Federal Bank Ltd. 949.13 3.36ING Vysya Bank Ltd. 654.00 2.31Indian Bank 642.75 2.27Bank of Baroda 550.40 1.95Dena Bank 537.60 1.90Centurion Bank Of Punjab Ltd. 425.84 1.51Syndicate Bank 422.68 1.49

Industrial Capital Goods 3875.00 13.70Bharati Shipyard Ltd. 952.80 3.37Bharat Bijlee Ltd. 934.75 3.31Thermax Ltd. 878.41 3.11Kalpataru Power Transmission Ltd. 677.75 2.40Crompton Greaves Ltd. 431.29 1.53

Auto Ancillaries 2976.45 10.53Sundaram-Clayton Ltd. 859.50 3.04Apollo Tyres Ltd. 716.20 2.53Automobile Corporation of Goa Ltd. 648.41 2.29Amtek India Ltd. 568.78 2.01Sundaram Fasteners Ltd. 183.56 0.65

Ferrous Metals 1820.90 6.44Jindal Saw Ltd. 926.90 3.28Welspun Gujarat Stahl Rohren Ltd. 894.00 3.16

Industrial Products 1757.81 6.22Kirloskar Oil Engines Ltd. 1074.43 3.80Sintex Industries Ltd. 683.38 2.42

Software 1419.89 5.023i Infotech Ltd. 620.20 2.19NIIT Technologies Ltd. 452.21 1.60HCL Technologies Ltd. 344.15 1.22Geodesic Information Systems Ltd. 3.33 0.01

Cement 1200.24 4.24Birla Corporation Ltd. 687.79 2.43Century Textile & Industries Ltd. 303.43 1.07Mangalam Cement Ltd 209.03 0.74

Power 1187.18 4.20Monnet Ispat Energy Ltd. 826.23 2.92CESC Ltd. 360.95 1.28

Hotels 1166.36 4.12Asian Hotels Ltd. 672.41 2.38Taj GVK Hotels & Resorts Ltd. 493.95 1.75

Diversified Industries 1109.73 3.92Aditya Birla Nuvo Ltd. 1109.73 3.92

Pharmaceuticals 1013.63 3.58Pfizer Ltd. 795.98 2.81Cipla Ltd. 217.65 0.77

Consumer Durables 697.08 2.47Blue Star Ltd. 697.08 2.47

Petroleum Products 560.08 1.98Apar Industries Ltd. 560.08 1.98

Non - Ferrous Metals 543.75 1.92Sterlite Industries (India) Ltd. 543.75 1.92

Media & Entertainment 394.75 1.40New Delhi Television India Ltd. 394.75 1.40

Fertilisers 256.15 0.91Tata Chemicals Ltd. 256.15 0.91

Construction 161.10 0.57Nagarjuna Construction Co. Ltd. 161.10 0.57

Textile Products 111.77 0.40Gokaldas Exports Ltd. 111.77 0.40

Corporate Debt 55.84 0.20Trent Ltd. 55.84 0.20

Consumer Non Durables 53.68 0.19McDowell Holdings Ltd. 37.55 0.13Shaw Wallace Company Ltd. 16.13 0.06






SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla Midcap Fund…


Asset Allocation

Date of First Installment - November 1, 2002.



An Open-ended growth scheme with the objective to achieve long-term growth of capital at controlled level of risk by primarily investing in midcap stocks.


Date of inception / takeover : October 3, 2002

Fund Manager : Mr. Jayesh Gandhi

NAV : Rs.

Growth : 71.82

Dividend : 25.83



Benchmark : CNX Midcap Corpus : Rs. 282.77 Crores


Investment Period

Total Investment

(Rs.)


Birla Midcap Fund

Birla Midcap Fund

CNX Midcap

CNX Midcap

Since Inception 55000 139047 165146 42.26 50.75

Last 3 years 36000 59690 67079 35.84 45.01

Last 1 year 12000 14542 14931 41.75 48.50


Large

Mid

Small

Investment Style


#iiiValue Research Ratingi

Birla Mid Cap FundEquity: Diversified (178 Schemes), 3 - Year Performance

(Past performance is no guarantee of future results.)# for methodology please refer page 39

Since Inception

Birla Mid Cap Fund - Growth CNX Midcap

34.82

51.46 52.66

28.29

43.18

48.30

0

10

20

30

40

50

60

1 Year 3 Years

0.20%

2.47%

3.58%

3.92%

4.12%

4.20%

4.24%

5.02%

6.22%

6.44%

7.36%

10.53%

13.20%

13.70%

14.79%

Corporate Debt

Consumer Durables

Pharmaceuticals

Diversified Industries

Hotels

Power

Cement

Software

Industrial Products

Ferrous Metals

Other Equity

Auto Ancillaries



Banks

07

J u n e 2 0 0 7Birla MNC Fund



Portfolio

Consumer Non Durables 3265.89 16.51

Hindustan Lever Ltd. 966.63 4.89

Glaxosmithkline Consumer Healthcare Ltd. 767.60 3.88

Colgate Palmolive (I) Ltd. 662.93 3.35

ITC Ltd. 490.80 2.48

Kansai Nerolac Paints Ltd. 377.94 1.91

Pharmaceuticals 2612.43 13.21

Pfizer Ltd. 1070.44 5.41

Glaxosmithkline Pharmaceuticals Ltd. 573.64 2.90

Fulford (India) Ltd. 537.29 2.72

Wyeth Ltd. 431.06 2.18

Industrial Products 2501.14 12.64

Cummins India Ltd. 914.40 4.62

Paper Products Ltd. 593.18 3.00

Fag Bearings India Ltd. 364.41 1.84

ESAB India Ltd. 345.55 1.75

BOC India Ltd. 283.60 1.43

Banks 1516.58 7.67

ING Vysya Bank Ltd. 1516.58 7.67

Software 1495.46 7.56

Mphasis BFL Ltd. 921.30 4.66

Subex Azure Ltd. 321.29 1.62

Allsec Technologies Ltd. 252.86 1.28

Telecom-Services 1483.65 7.50

Bharti Airtel Ltd. 1483.65 7.50

Industrial Capital Goods 1420.43 7.18

Siemens Ltd. 960.90 4.86

ABB Ltd. 459.53 2.32

Auto Ancillaries 1398.74 7.07

Sundaram-Clayton Ltd. 896.94 4.53

Federal Mogul Goetze (India) Ltd. 501.80 2.54

Auto 1103.83 5.58

Maruti Udyog Ltd. 1103.83 5.58

Gas 1028.92 5.20

Gujarat Gas Co. Ltd. 1028.92 5.20

Ferrous Metals 1007.96 5.10

Sesa Goa Ltd. 1007.96 5.10

Chemicals 306.75 1.55

Micro Inks Ltd. 306.75 1.55






SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla MNC Fund…


Asset Allocation

Date of First Installment : January 01, 2000



An Open-ended growth scheme with the objective to achieve long-term growth of capital at relatively moderate levels of risk by making investments in securities of multi-national companies through a research based investment approach.


Date of inception / takeover : December 27, 1999


NAV : Rs.

Growth : 129.09

Dividend : 64.71



Benchmark : S & P CNX MNC Corpus : Rs. 197.80 Crores


Investment Period

Total Investment

(Rs.)


Birla MNCFund

Birla MNCFund

S&P CNX MNC

S&P CNX MNC

Since Inception 89000 198435 277759 21.15 30.05

Last 5 years 60000 124927 148412 29.87 37.24

Last 3 years 36000 58458 56875 34.24 32.15

Last 1 year 12000 13397 13714 22.40 27.68


Large

Mid

Small

Investment Style


Birla MNC Fund - Growth CNX MNC

23.95

39.19

35.02

18.7019.82

38.41

23.71

9.62

0

5

10

15

20

25

30

35

40

45


1.55%

3.23%

5.10%

5.20%

5.58%

7.07%

7.18%

7.50%

7.56%

7.67%

12.64%

13.21%

16.51%

Other Equity


Ferrous Metals

Gas

Auto

Auto Ancillaries


Telecom-Services

Software

Banks

Industrial Products

Pharmaceuticals


08

J u n e 2 0 0 7

Birla India Opportunities Fund



Portfolio

Software 3274.85 38.21

Infosys Technologies Ltd. 595.28 6.95


Satyam Computer Services Ltd. 457.86 5.34

Tata Consultancy Services Ltd. 398.84 4.65

I-Flex Solutions Ltd. 329.81 3.85

Wipro Ltd. 326.73 3.81

Allsec Technologies Ltd. 269.47 3.14

Nucleus Software Exports Ltd. 250.60 2.92

KPIT Cummins Infosystem Ltd. 178.83 2.09


Siemens Ltd. 493.26 5.76

Crompton Greaves Ltd. 455.93 5.32

ABB Ltd. 247.41 2.89

Honeywell Automation India Ltd. 175.19 2.04


Bharat Forge Ltd. 442.60 5.16

Amtek India Ltd. 331.80 3.87

Sundaram Fasteners Ltd. 130.25 1.52


Wockhardt Ltd. 322.26 3.76

Aventis Pharma Ltd. 231.04 2.70

Cipla Ltd. 179.56 2.10

Finance 512.85 5.98

United Breweries Holdings Ltd. 512.85 5.98

Textile Products 347.75 4.06

Raymond Ltd. 196.16 2.29

Gokaldas Exports Ltd. 151.59 1.77


Videsh Sanchar Nigam Ltd. 346.24 4.04

Pesticides 324.70 3.79

United Phosphorous Ltd. 324.70 3.79

Industrial Products 304.80 3.56

Cummins India Ltd. 304.80 3.56

IT Consulting & Services 84.63 0.99

Innosoft Technology Ltd 84.63 0.99






SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla India Opportunities Fund...


Asset Allocation

Date of First Installment : January 01, 2000



An Open-ended growth scheme with the objective to achieve superior long-term growth of capital by investing in shares of companies that do one or more of the following: Leverage India's intellectual capital for providing services, research and creative inputs; Seek to use current and impending

changes in patent laws / import tariffs / quotas to supply goods and services; Leverage India's lower labour costs for providing services and manufactured goods; Leverage India's large population of English speaking people for providing services.


Date of inception / takeover : December 27, 1999

Fund Manager : Mr. Ajay Garg

NAV : Rs.

Growth : 52.82

Dividend : 22.68


³ Rs. 5 crores - Nil

Exit Load : 1% if redeemed/ switched

out within 6 months from

the date of allotmentBenchmark : S & P CNX 500

Corpus : Rs. 85.70 Crores


Investment Period

Total Investment

(Rs.)


Birla India Opportunities

Fund

Birla India Opportunities

Fund

S&P CNX 500

S&P CNX 500

Since Inception 89000 276116 273717 29.89 29.66

Last 5 years 60000 154838 145523 39.08 36.39

Last 3 years 36000 60520 57033 36.91 32.36

Last 1 year 12000 14306 13512 37.69 24.30


Large

Mid

Small

Investment Style


Birla India Opportunities Fund - Growth CNX500

25.08

38.00

33.64

11.39

35.23

42.69

36.93

16.41

0

5

10

15

20

25

30

35

40

45


0.99%

3.56%

3.79%

4.04%

4.06%

4.26%

5.98%

8.55%

10.56%

16.01%

38.21%

Other Equity

Industrial Products

Pesticides

Telecom-Services

Textile Products


Finance

Pharmaceuticals

Auto Ancillaries


Software

09

J u n e 2 0 0 7Birla India GenNext Fund



Portfolio

Banks 3229.42 19.22

Kotak Mahindra Bank Ltd. 1348.08 8.02

UTI Bank Ltd. 944.67 5.62

Federal Bank Ltd. 440.55 2.62

Punjab National Bank 268.18 1.60

HDFC Bank Ltd. 227.95 1.36


Reliance Communications Ltd. 1212.12 7.21

Idea Cellular Ltd. 851.16 5.07



Tata Tea Ltd. 828.90 4.93

United Spirits Ltd. 621.03 3.70

Britannia Industries Ltd. 514.46 3.06

Hindustan Sanitaryware & Industries Ltd. 393.36 2.34

E.I.D. Parry (India) Ltd. 257.83 1.53

Eveready Industries Ltd. 190.02 1.13

McDowell Holdings Ltd. 93.88 0.56

Media & Entertainment 1913.01 11.38

Television Eighteen India Ltd. 770.71 4.59

New Delhi Television India Ltd. 552.65 3.29

HT Media Ltd. 381.63 2.27

Sun TV Ltd. 208.02 1.24

Auto 1696.97 10.10


Mahindra & Mahindra Ltd. 568.61 3.38


Pfizer Ltd. 908.46 5.41

Hotels 658.60 3.92

Taj GVK Hotels & Resorts Ltd. 658.60 3.92

Textile Products 492.73 2.93

Raymond Ltd. 492.73 2.93

Finance 280.62 1.67

Housing Development Finance Corp. Ltd. 280.62 1.67

Retailing 216.96 1.29

Shoppers Stop Ltd. 216.96 1.29



Total outstanding exposure in derivatives as on 31 May, 2007 is Rs. 3.40 Crores (Notional value).




SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla India GenNext Fund...


Asset Allocation

Date of First Installment : September 1, 2005



An Open-ended growth scheme with the objective to target growth of capital by investing in equity/equity related instruments of companies that are expected to benefit from the rising consumption patterns in India, which in turn is getting fuelled by high disposable incomes of the young generation (Generation Next). The

scheme will invest in companies that have the following characteristics: 1. Companies that seek growth in revenues arising out of demand from the younger generation (GenNext) for their products or services. 2. They should be engaged in manufacturing of products or rendering of services that go directly to the consumer. 3. The products and services should have distinct brand identity, thereby enabling choice.

Investment ObjectiveInvestment Style Box

Investment Period

Total Investment

(Rs.)


Birla India GenNext

Fund

Birla India GenNext

Fund

S&P CNX NIFTY

S&P CNX NIFTY

Since Inception 21000 27852 27924 34.67 35.02

Last 1 year 12000 14302 14971 37.62 49.20

Date of inception / takeover : August 05, 2005


NAV : Rs.

Growth : 17.42

Dividend : 17.42



Benchmark : S&P CNX NIFTY Corpus : Rs. 168.03 Crores


Large

Mid

Small

Investment Style


Birla India GenNext Fund - Growth S&P Nifty

42.32

35.68

39.88

38.95

32

34

36

38

40

42

44

1 Year Since Inception

2.93%

2.96%

3.92%

5.41%

9.50%

10.10%

11.38%

17.25%

17.32%

19.22%

Textile Products

Other Equity

Hotels

Pharmaceuticals


Auto

Media & Entertainment


Telecom-Services

Banks

J u n e 2 0 0 7Birla Index Fund



Portfolio




Total outstanding exposure in derivatives as on 31 May, 2007 is Rs. 38.70 Crores (Notional value).

Issuer Market Value % to GrossRs. in Lacs Assets

SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla Index Fund…


Date of First Installment : October 1, 2002



An Open-ended index-linked growth scheme with the objective to generate returns commensurate with the performance of Nifty subject to tracking errors.


Date of inception / takeover : September 18, 2002


NAV : Rs.

Growth : 42.82

Dividend : 16.57

Load Structure (Incl. for SIP):

Entry Load : NIL

Exit Load : NIL

Benchmark : S & P CNX Nifty Corpus : Rs. 39.17 Crores


Investment Period

Total Investment

(Rs.)


Birla Index Fund

Birla Index Fund

S&P CNX NIFTY

S&P CNX NIFTY

Since Inception 56000 130930 126721 37.68 36.15

Last 3 years 36000 62092 60272 38.90 36.59

Last 1 year 12000 14302 13942 37.62 31.50


Large

Mid

Small

Investment Style


M a y 2 0 0 7Birla Infrastructure Fund

Portfolio

Industrial Capital Goods 14781.48 33.49Bharat Heavy Electricals Ltd. 2798.39 6.34Siemens Ltd. 2344.60 5.31Thermax Ltd. 2165.63 4.91Crompton Greaves Ltd. 2149.51 4.87Bharat Electronics Ltd. 1166.32 2.64Bharati Shipyard Ltd. 1088.42 2.47Jyoti Structures Ltd. 1049.00 2.38Kalpataru Power Transmission Ltd. 903.67 2.05Engineers India Ltd. 475.10 1.08RPG Transmission Ltd. 379.66 0.86Bharat Earth Movers Ltd. 261.18 0.59

Telecom-Services 4380.17 9.92Bharti Airtel Ltd. 2309.81 5.23Reliance Communications Ltd. 1767.68 4.01Videsh Sanchar Nigam Ltd. 302.69 0.69

Ferrous Metals 3674.52 8.33Jindal Saw Ltd. 1452.91 3.29Jindal Steel & Power Ltd. 1327.60 3.01

Welspun Gujarat Stahl Rohren Ltd. 894.00 2.03

Construction 3638.64 8.24Nagarjuna Construction Co. Ltd. 794.13 1.80Larsen & Toubro Ltd. 629.29 1.43Gammon India Ltd. 615.42 1.39Akruti Nirman Ltd. 385.98 0.87Hindustan Construction Co. Ltd. 370.40 0.84D.S. Kulkarni Developers Ltd. 357.31 0.81Patel Engineering Ltd. 354.51 0.80IVRCL Infrastructures & Projects Ltd. 131.61 0.30

Industrial Products 3443.58 7.80Kirloskar Oil Engines Ltd. 1532.83 3.47Cummins India Ltd. 1141.10 2.59Torrent Cables Ltd. 505.94 1.15Kirloskar Brothers Ltd. 263.71 0.60

Cement 2275.58 5.16Birla Corporation Ltd. 1134.74 2.57Shree Cements Ltd. 620.03 1.40

India Cements Ltd 520.82 1.18

Banks 1934.88 4.38Punjab National Bank 1173.53 2.66Andhra Bank 610.40 1.38Kotak Mahindra Bank Ltd. 150.94 0.34

Auto 1911.55 4.33Mahindra & Mahindra Ltd. 1326.76 3.01Tata Motors Ltd. 584.79 1.33

Gas 1445.27 3.27Gujarat Gas Co. Ltd. 1089.92 2.47Indraprastha Gas Ltd. 355.35 0.81

Hotels 1314.29 2.98Indian Hotels Co. Ltd. 682.91 1.55Taj GVK Hotels & Resorts Ltd. 631.38 1.43

Finance 1083.66 2.46Power Finance Corporation Ltd 728.17 1.65

Infrastructure Development Fin. Co. Ltd. 355.48 0.81

Power 827.87 1.88Reliance Energy Ltd. 539.65 1.22Power Trading Corporation of India Ltd. 220.67 0.50LANCO Infratech Ltd. 67.55 0.15

Transportation 814.12 1.84Container Corporation of India Ltd. 814.12 1.84

Petroleum Products 774.76 1.76Reliance Industries Ltd. 484.06 1.10Hindustan Petroleum Corporation Ltd. 290.70 0.66

Consumer Non Durables 317.58 0.72Hindustan Sanitaryware & Industries Ltd. 317.58 0.72







An open-end growth scheme with the objective to providing for 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.


Date of inception / takeover : March 17, 2006


NAV : Rs.

Growth : 13.19

Dividend : 13.19



Benchmark : S&P CNX NIFTY Corpus : Rs. 441.34 Crores



Large

Mid

Small

Investment Style




Asset Allocation

10

Birla Index Fund - Growth S&P Nifty

35.97

40.84

36.25

39.88

42.53

36.83

32

34

36

38

40

42

44


2.46%

2.98%

3.27%

3.44%

4.33%

4.38%

5.16%

6.20%

7.80%

8.24%

8.33%

9.92%

33.49%

Finance

Hotels

Gas


Auto

Banks

Cement

Other Equity

Industrial Products

Construction

Ferrous Metals

Telecom-Services


37.97

25.82

39.88

26.56

0

5

10

15

20

25

30

35

40

45


Birla Infrastructure Fund - Growth S&P CNX Nifty

11

J u n e 2 0 0 7

Birla Equity PlanAn Open-ended Equity Linked Savings Scheme (ELSS) with a lock-in of 3 years



Portfolio

Banks 1797.20 14.36City Union Bank Ltd. 364.72 2.91Federal Bank Ltd. 333.75 2.67UTI Bank Ltd. 289.78 2.32Syndicate Bank 276.66 2.21Bank of Baroda 275.20 2.20Indian Bank 257.10 2.05

Software 1255.98 10.04Mphasis BFL Ltd. 389.34 3.11Satyam Computer Services Ltd. 352.20 2.813i Infotech Ltd. 310.10 2.48Geometric Software Solution Ltd. 204.33 1.63

Auto Ancillaries 1200.95 9.60Goodyear India Ltd. 515.76 4.12Sundaram Fasteners Ltd. 375.51 3.00Automobile Corporation of Goa Ltd. 309.68 2.47

Industrial Products 1068.63 8.54TRF LTD 584.12 4.67Kirloskar Oil Engines Ltd. 484.51 3.87

Auto 819.13 6.55Maruti Udyog Ltd. 629.59 5.03Mahindra & Mahindra Ltd. 189.54 1.51


Pharmaceuticals 650.25 5.20Pfizer Ltd. 432.60 3.46Cipla Ltd. 217.65 1.74

Construction 469.52 3.75Gammon India Ltd. 469.52 3.75

Ferrous Metals 447.00 3.57Welspun Gujarat Stahl Rohren Ltd. 447.00 3.57

Telecom-Services 404.04 3.23Reliance Communications Ltd. 404.04 3.23

Transportation 319.16 2.55Container Corporation of India Ltd. 319.16 2.55

Hotels 297.32 2.38Taj GVK Hotels & Resorts Ltd. 297.32 2.38

Gas 294.23 2.35Gujarat Gas Co. Ltd. 294.23 2.35

Power 290.13 2.32Tata Power Company Ltd. 290.13 2.32

Industrial Capital Goods 261.41 2.09Bharat Bijlee Ltd. 261.41 2.09

Finance 231.60 1.85Infrastructure Development Fin. Co. Ltd. 231.60 1.85

Cement 209.03 1.67Mangalam Cement Ltd 209.03 1.67

Media & Entertainment 208.02 1.66Sun TV Ltd. 208.02 1.66

Consumer Non Durables 207.67 1.66Tata Tea Ltd. 184.20 1.47McDowell Holdings Ltd. 23.47 0.19

Textile Products 160.41 1.28Gokaldas Exports Ltd. 160.41 1.28






SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla Equity Plan…


Asset Allocation

Date of First Installment : March 01,1999



An Open-ended Equity Linked Savings Scheme (ELSS) with the objective to achieve long-term growth of capital along with income tax relief for investment.




NAV : Rs.

Growth* : 12.07

Dividend : 63.55*Introduced with effect from 1st Oct, 2006



Benchmark : BSE Sensex Corpus : Rs. 125.12 Crores


Investment Period

Total Investment

(Rs.)


Birla Equity Plan

Birla Equity Plan

BSESensex

BSESensex

Since Inception 99000 302121 505219 26.14 38.24

Last 5 years 60000 157069 207854 39.70 52.16

Last 3 years 36000 64134 65973 41.44 43.68

Last 1 year 12000 14103 14660 34.23 43.79


Large

Mid

Small

Investment Style


#iiiiValue Research Rating

Birla Equity PlanEquity: Tax Planning (29 Schemes), 5 - Year Performance


Birla Equity Plan - Dividend BSE Sensex

25.08

38.00

33.64

11.39

39.87

45.11

35.98

19.4

0

5

10

15

20

25

30

35

40

45

50


2.09%

2.32%

2.35%

2.38%

2.55%

3.23%

3.57%

3.75%

5.20%

5.70%

6.55%

8.13%

8.54%

9.60%

9.65%

10.04%

14.36%


Power

Gas

Hotels

Transportation

Telecom-Services

Ferrous Metals

Construction

Pharmaceuticals


Auto

Other Equity

Industrial Products

Auto Ancillaries


Software

Banks

12

J u n e 2 0 0 7

Birla Top 100 Fund



Portfolio

Software 6807.29 13.82

Infosys Technologies Ltd. 2550.55 5.18

Satyam Computer Services Ltd. 1874.88 3.81

Tata Consultancy Services Ltd. 1331.06 2.70


Petroleum Products 6566.95 13.33

Reliance Industries Ltd. 4524.90 9.18

Bharat Petroleum Corporation Ltd. 1079.40 2.19

Hindustan Petroleum Corporation Ltd. 962.65 1.95




Banks 4786.47 9.71

ICICI Bank Ltd. 2765.89 5.61

HDFC Bank Ltd. 1545.58 3.14

Industrial Development Bank of India Ltd 475.00 0.96


Bharat Heavy Electricals Ltd. 3601.61 7.31

Bharat Electronics Ltd. 878.30 1.78


ITC Ltd. 1799.60 3.65




Asian Paints (India) Ltd. 7.23 0.01


Dishman Pharmaceuticals & Chemicals Ltd. 884.20 1.79

Nicholas Piramal India Ltd. 696.39 1.41

Glaxosmithkline Pharmaceuticals Ltd. 549.54 1.12

Construction 2073.00 4.21

Larsen & Toubro Ltd. 1428.60 2.90

Nagarjuna Construction Co. Ltd. 644.40 1.31


Motor Industries Company Ltd. 1248.62 2.53

Apollo Tyres Ltd. 390.63 0.79

Finance 1629.26 3.31

Housing Development Finance Corp. Ltd. 1629.26 3.31



Transportation 1355.37 2.75

Container Corporation of India Ltd. 1355.37 2.75

Floating Rate Instruments 1000.00 2.03

Citicorp Finance India Ltd. 1000.00 2.03

Non - Ferrous Metals 962.44 1.95

Sterlite Industries (India) Ltd. 962.44 1.95

Auto 719.63 1.46

Tata Motors Ltd. 719.63 1.46

Oil 697.80 1.42

Oil & Natural Gas Corporation Ltd. 697.80 1.42






SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla Top 100 Fund...


Asset Allocation

Date of First Installment : November 1, 2005



An open-ended growth scheme with the objective to provide medium to longterm capi ta l apprec iat ion, by invest ing predominantly in a diversified portfolio of equity and equity related securities of top 100 companies as measured by market capitalization.



Fund Manager : Mr. Ajay Argal

NAV : Rs.

Growth : 16.71

Dividend : 15.15



Benchmark : S & P CNX Nifty Corpus : Rs. 492.74 Crores


Investment Period

Total Investment

(Rs.)


Birla Top 100

Fund

Birla Top 100

Fund

S&P CNX NIFTY

S&P CNX NIFTY

Since Inception 19000 24433 23492 34.05 28.22

Last 1 year 12000 14302 13901 37.62 30.81


Large

Mid

Small

Investment Style


Birla Top 100 Fund - Growth S&P Nifty

31.34

37.8239.88

44.08

0

5

10

15

20

25

30

35

40

45

50


2.03%

2.75%

2.98%

3.31%

3.33%

4.21%

4.32%

4.83%

8.82%

8.94%

9.09%

9.71%

10.58%

11.29%

13.82%


Transportation

Pesticides

Finance

Auto Ancillaries

Construction

Pharmaceuticals

Other Equity




Banks

Telecom-Services

Petroleum Products

Software

13

J u n e 2 0 0 7

Birla Sun Life Buy India Fund



Portfolio



Marico Industries Ltd. 476.77 4.48

Kajaria Ceramics Ltd. 385.88 3.63

Tata Tea Ltd. 368.40 3.46

Radico Khaitan Ltd 283.70 2.67

United Breweries Ltd. 236.85 2.23

E.I.D. Parry (India) Ltd. 204.26 1.92




Sun Pharmaceutical Industries Ltd. 664.98 6.25

Pfizer Ltd. 651.30 6.12

Cadila Healthcare Ltd. 331.16 3.11

Sun Pharma Advanced Research Co. Ltd.** 79.29 0.75




Media & Entertainment 991.18 9.32

New Delhi Television India Ltd. 318.34 2.99

PVR Ltd. 307.77 2.89

UTV Software Communications Ltd. 212.52 2.00

Sun TV Ltd. 152.55 1.43

Magnasound India Ltd.** 0.00 0.00

Hotels 871.87 8.20

Asian Hotels Ltd. 580.94 5.46

Taj GVK Hotels & Resorts Ltd. 290.93 2.74

Diversified Industries 702.23 6.60

Aditya Birla Nuvo Ltd. 702.23 6.60

Auto 449.71 4.23



MRF Ltd. 446.67 4.20


Rallis India Ltd. 406.88 3.83

Gas 231.92 2.18

Indraprastha Gas Ltd. 231.92 2.18

Retailing 40.80 0.38

Trent Ltd. - Warrants** 40.80 0.38



**Represents thinly traded/non traded securities.




SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla Sun Life Buy India Fund...


Asset Allocation




A multi-sector open-end growth scheme with the objective of long term growth of capital, through a portfolio with a target allocation of 100% equity, focusing on investing in businesses that are driven by India's large population and inherent consumption patterns. The focus of the scheme will be in the consumer and healthcare sectors.


Date of inception / takeover : January 15, 2000


NAV : Rs.

Growth : 29.68

Dividend : 20.85



Benchmark : BSE 200 Corpus : Rs. 106.35 Crores


Investment Period

Total Investment

(Rs.)


Birla Sun Life Buy

India Fund

Birla Sun Life Buy

India Fund

BSE 200

BSE 200

Since Inception 87000 270441 334132 30.73 36.55

Last 5 years 60000 152979 189525 38.55 48.00

Last 3 years 36000 60957 64102 37.46 41.40

Last 1 year 12000 14256 14164 36.84 35.28


Large

Mid

Small

Investment Style


Birla SunLife Buy India Fund - Growth BSE200

29.72

52.61

41.59

15.89

36.92

42.24

35.98

15.37

0

10

20

30

40

50

60


0.38%

2.18%

3.83%

4.20%

4.23%

6.60%

7.73%

8.20%

9.32%

9.42%

16.24%

27.67%

Other Equity

Gas

Pesticides

Auto Ancillaries

Auto



Hotels


Telecom-Services

Pharmaceuticals


14

J u n e 2 0 0 7Birla Sun Life New Millennium Fund


Past performance may or may not be sustained in future. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Portfolio

Software 7498.50 57.95Infosys Technologies Ltd. 1428.36 11.04HCL Technologies Ltd. 612.95 4.74Satyam Computer Services Ltd. 611.42 4.73Tata Consultancy Services Ltd. 604.30 4.67Mphasis BFL Ltd. 564.27 4.36Subex Azure Ltd. 499.93 3.86I-Flex Solutions Ltd. 439.75 3.40Megasoft Ltd. 354.92 2.74Nucleus Software Exports Ltd. 307.84 2.38Geometric Software Solution Ltd. 289.63 2.243i Infotech Ltd. 284.66 2.20Infotech Enterprises Ltd. 275.17 2.13Allsec Technologies Ltd. 258.96 2.00HTMT Global Solutions Ltd.** 220.47 1.70

Hov Services Ltd. 215.83 1.67Tech Mahindra Ltd. 203.46 1.57KPIT Cummins Infosystem Ltd. 177.25 1.37Zensar Technolgies Ltd. 149.34 1.15

Telecom-Services 2856.97 22.08Bharti Airtel Ltd. 1837.17 14.20Reliance Communications Ltd. 1019.80 7.88

Media & Entertainment 1775.50 13.72New Delhi Television India Ltd. 437.94 3.38Jagran Prakashan Ltd. 374.73 2.90UTV Software Communications Ltd. 318.78 2.46Deccan Chronicle Holdings Ltd. 315.75 2.44PVR Ltd. 198.57 1.53

Cinemax India Ltd. 129.74 1.00Magnasound India Ltd.** 0.00 0.00

Publishing & Printing 113.46 0.88Cyber Media (India) Ltd. 113.46 0.88

Telecom-Equipment & Accessories 70.48 0.54Tata Telecom Ltd. 70.48 0.54



**Represents thinly traded/non traded securities.




SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla Sun Life New Millennium Fund...


Asset Allocation




A multi-sector open-end growth scheme with the objective of long term growth of capital, through a portfolio with a target allocation of 100% equity, focusing on investing in technology and technology dependent companies, hardware, peripherals and components, software, telecom, media, internet and e-commerce and other technology enabled companies.




NAV : Rs.

Growth : 21.80

Dividend : 18.58



Benchmark : BSE Teck Corpus : Rs. 129.39 Crores


Investment Period

Total Investment

(Rs.)


Birla Sun Life New Millenn-

ium Fund

Birla Sun Life New Millenn-

ium Fund

BSE Teck BSE Teck


Large

Mid

Small


Investment Style

Since Inception 87000 245258 295647 28.05 33.17

Last 5 years 60000 164029 183191 41.60 46.48

Last 3 years 36000 64029 69219 41.31 47.54

Last 1 year 12000 14236 15093 36.49 51.35

52.88 51.98

37.39

11.14

51.08

47.02

33.79

0

10

20

30

40

50

60


Birla SunLife New Millennium - Growth BSE Teck

1.42%

4.82%

13.72%

22.08%

57.95%

Other Equity



Telecom-Services

Software

15

J u n e 2 0 0 7Birla Sun Life Basic Industries Fund



Portfolio

Industrial Capital Goods 3364.92 22.24Bharat Heavy Electricals Ltd. 935.11 6.18Crompton Greaves Ltd. 855.16 5.65Siemens Ltd. 509.73 3.37Bharati Shipyard Ltd. 428.76 2.83Thermax Ltd. 250.98 1.66Jyoti Structures Ltd. 232.10 1.53AIA Engineering Ltd. 153.09 1.01

Petroleum Products 1724.87 11.40Apar Industries Ltd. 539.62 3.57Reliance Industries Ltd. 528.06 3.49Indian Oil Corporation Ltd. 419.90 2.78Chennai Petroleum Corporation Ltd. 237.30 1.57

Industrial Products 1537.13 10.16Kirloskar Oil Engines Ltd. 535.35 3.54Cummins India Ltd. 423.32 2.80Kirloskar Brothers Ltd. 279.35 1.85BOC India Ltd. 209.67 1.39Sintex Industries Ltd. 89.44 0.59

Ferrous Metals 1308.56 8.65Jindal Steel & Power Ltd. 597.82 3.95Jindal Saw Ltd. 348.23 2.30JSW Steel Ltd. 248.88 1.65Maharashtra Seamless Ltd. 113.63 0.75

Construction 1121.04 7.41Gammon India Ltd. 314.18 2.08

Patel Engineering Ltd. 286.69 1.90Nagarjuna Construction Co. Ltd. 254.88 1.68Larsen & Toubro Ltd. 199.87 1.32Mahindra Gesco Developers Ltd. 65.42 0.43

Banks 999.77 6.61Punjab National Bank 437.32 2.89ICICI Bank Ltd. 294.13 1.94Andhra Bank 268.32 1.77

Auto 921.39 6.09Mahindra & Mahindra Ltd. 553.45 3.66Maruti Udyog Ltd. 367.94 2.43

Cement 613.91 4.06Birla Corporation Ltd. 351.39 2.32Grasim Industries Ltd. 262.51 1.74

Finance 490.15 3.24Housing Development Finance Corp. Ltd. 490.15 3.24

Industrial Services 461.55 3.05South East Asia Marine Engin & Const Ltd 461.55 3.05



Power 319.06 2.11Monnet Ispat Energy Ltd. 319.06 2.11


Non - Ferrous Metals 271.88 1.80Sterlite Industries (India) Ltd. 271.88 1.80

Consumer Non Durables 126.11 0.83SPL Industries Ltd. 126.11 0.83

Chemicals 62.07 0.41Aarti Industries Ltd. 62.07 0.41

Paper 47.15 0.31Tamil Nadu Newsprint & Papers Ltd. 47.15 0.31






SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla Sun Life Basic Industries Fund...


Asset Allocation


The data assumes the investment of Rs.1,000/- on 1st day of every month or the subsequent working day. Load and

Taxes are not considered for computation of returns. Past performance may or may not be sustained in future.

*CAGR Returns are computed after accounting for the cash flow by using the XIRR method (investment internal rate

of return)

A multi-sector open-end growth scheme with the objective of long term growth capital, through a portfolio with a target allocation of 100% equity, focusing on investing in companies sensitive to economic cycles andcommodity pricing cycles. The investments will be in companies which are often referred to as cyclical companies.




NAV : Rs.

Growth : 72.94

Dividend : 29.91





Investment Period

Total Investment

(Rs.)


Birla Sun Life Basic Indus-

tries Fund

Birla Sun Life Basic Indus-

tries Fund

BSE200

BSE200


Large

Mid

Small


Investment Style

Since Inception 87000 270441 406632 30.73 42.03

Last 5 years 60000 152979 179602 38.55 45.60

Last 3 years 36000 60957 59845 37.46 36.04

Last 1 year 12000 14256 13982 36.84 32.18

Birla SunLife Basic Industries - Growth BSE200

27.32

44.25

48.53

30.91

36.92

42.24

35.98

15.37

0

10

20

30

40

50

60


2.07%

2.11%

2.70%

2.76%

3.05%

3.24%

3.35%

4.06%

4.09%

6.09%

6.61%

7.41%

8.65%

10.16%

11.40%

22.24%

Oil

Power

Fertilisers

Pesticides

Industrial Services

Finance

Other Equity

Cement


Auto

Banks

Construction

Ferrous Metals

Industrial Products

Petroleum Products


16

J u n e 2 0 0 7

Birla Sun Life Frontline Equity Fund



Portfolio

Industrial Capital Goods 2989.43 16.17Crompton Greaves Ltd. 899.63 4.87Siemens Ltd. 876.06 4.74Bharat Heavy Electricals Ltd. 753.73 4.08Thermax Ltd. 460.02 2.49

Banks 2764.48 14.96ICICI Bank Ltd. 615.66 3.33HDFC Bank Ltd. 569.88 3.08Federal Bank Ltd. 391.16 2.12Punjab National Bank 378.85 2.05Indian Overseas Bank 339.57 1.84Union Bank of India 326.20 1.76Kotak Mahindra Bank Ltd. 143.16 0.77

Software 2518.50 13.63Infosys Technologies Ltd. 775.03 4.19Tata Consultancy Services Ltd. 502.51 2.723i Infotech Ltd. 420.48 2.27Satyam Computer Services Ltd. 375.68 2.03Wipro Ltd. 285.52 1.54HCL Technologies Ltd. 159.28 0.86

Telecom-Services 2199.63 11.90Reliance Communications Ltd. 927.79 5.02Bharti Airtel Ltd. 787.18 4.26Videsh Sanchar Nigam Ltd. 484.65 2.62

Consumer Non Durables 1250.41 6.76Hindustan Lever Ltd. 559.63 3.03United Spirits Ltd. 447.14 2.42Radico Khaitan Ltd 215.48 1.17McDowell Holdings Ltd. 28.16 0.15

Finance 849.81 4.60Power Finance Corporation Ltd 475.65 2.57Housing Development Finance Corp. Ltd. 374.16 2.02

Construction 842.49 4.56Larsen & Toubro Ltd. 319.78 1.73Nagarjuna Construction Co. Ltd. 265.63 1.44Gammon India Ltd. 257.08 1.39

Petroleum Products 713.67 3.86Hindustan Petroleum Corporation Ltd. 290.70 1.57Reliance Industries Ltd. 220.03 1.19Indian Oil Corporation Ltd. 202.95 1.10

Auto 703.16 3.80Mahindra & Mahindra Ltd. 416.98 2.26Maruti Udyog Ltd. 286.18 1.55

Pharmaceuticals 573.77 3.10Wockhardt Ltd. 356.12 1.93Cipla Ltd. 217.65 1.18


Industrial Products 303.82 1.64Kirloskar Oil Engines Ltd. 303.82 1.64

Cement 250.18 1.35Grasim Industries Ltd. 250.18 1.35


Media & Entertainment 210.66 1.14New Delhi Television India Ltd. 210.66 1.14

Auto Ancillaries 203.17 1.10Motor Industries Company Ltd. 203.17 1.10

Hotels 185.98 1.01Indian Hotels Co. Ltd. 185.98 1.01






SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla Sun Life Frontline Equity Fund...


Asset Allocation




An open-end growth scheme with the objective of long term growth of capital, through a portfolio with a target allocation of 100% equity by aiming at being as diversified across various industries and or sectors as its chosen benchmark index, BSE 200.




NAV : Rs.

Growth : 55.67

Dividend : 23.47





Investment Period

Total Investment

(Rs.)


Birla Sun Life Frontline

Equity Fund

Birla Sun Life Frontline

Equity Fund

BSE200

BSE200


Large

Mid

Small


Investment Style

Since Inception 56000 134394 155117 38.91 45.75

Last 3 years 36000 60957 67777 37.46 45.84

Last 1 year 12000 14256 14834 36.84 46.81

#iiiiValue Research Ratingi

Birla Sun Life Frontline Equity FundEquity: Diversified (178 Schemes), 3 - Year Performance


CRISIL~CPR 1^^Birla Sun Life Frontline Equity Fund

Large Cap Oriented Equity Scheme (23 Schemes), 2 - Year Performance(Past performance is no guarantee of future results.)

# for methodology please refer page 39

Since Inception

Birla SunLife Frontline Equity Fund - Growth BSE200

49.33 48.59

43.5

36.92

42.24

38.33

0

10

20

30

40

50

60

1 Year 3 Years

2.89%

3.10%

3.80%

3.86%

4.56%

4.60%

6.34%

6.76%

7.42%

11.90%

13.63%

14.96%

16.17%

Oil

Pharmaceuticals

Auto

Petroleum Products

Construction

Finance



Other Equity

Telecom-Services

Software

Banks


17

J u n e 2 0 0 7



Portfolio

Industrial Capital Goods 13436.58 20.38Siemens Ltd. 3174.22 4.82Crompton Greaves Ltd. 2882.81 4.37Bharat Heavy Electricals Ltd. 2311.99 3.51RPG Transmission Ltd. 1448.87 2.20Bharat Bijlee Ltd. 1365.65 2.07Thermax Ltd. 1262.20 1.91Aban Offshore Ltd. 990.83 1.50

Software 8455.46 12.83Infosys Technologies Ltd. 3326.14 5.05Satyam Computer Services Ltd. 1842.23 2.79Tata Consultancy Services Ltd. 1087.74 1.65Megasoft Ltd. 859.59 1.30Geometric Software Solution Ltd. 668.95 1.01Allsec Technologies Ltd. 489.57 0.74Mphasis BFL Ltd. 181.24 0.27

Telecom-Services 6562.14 9.95Bharti Airtel Ltd. 2513.21 3.81Reliance Communications Ltd. 2116.57 3.21Videsh Sanchar Nigam Ltd. 1932.36 2.93

Construction 5555.07 8.43GVK Power & Infrastructure Ltd. 1812.03 2.75Gammon India Ltd. 1481.64 2.25D.S. Kulkarni Developers Ltd. 993.24 1.51Larsen & Toubro Ltd. 679.54 1.03Nagarjuna Construction Co. Ltd. 588.63 0.89

Banks 5238.74 7.95ICICI Bank Ltd. 1498.22 2.27

Kotak Mahindra Bank Ltd. 1091.79 1.66Punjab National Bank 1059.71 1.61Andhra Bank 1019.02 1.55Industrial Development Bank of India Ltd 570.00 0.86

Consumer Non Durables 3764.03 5.71United Spirits Ltd. 1583.49 2.40Hindustan Lever Ltd. 1120.23 1.70United Breweries Ltd. 787.50 1.19Tata Tea Ltd. 165.78 0.25McDowell Holdings Ltd. 107.03 0.16

Finance 3236.58 4.91United Breweries Holdings Ltd. 3236.58 4.91


Media & Entertainment 2137.63 3.24New Delhi Television India Ltd. 1353.63 2.05Jagran Prakashan Ltd. 784.00 1.19Magnasound India Ltd.** 0.00 0.00

Retailing 1968.68 2.99Pantaloon Retail (India) Ltd. 1338.31 2.03Shoppers Stop Ltd. 630.37 0.96

Petroleum Products 1495.12 2.27Hindustan Petroleum Corporation Ltd. 1495.12 2.27


Cement 1333.46 2.02India Cements Ltd 1333.46 2.02

Pharmaceuticals 1243.13 1.89Wockhardt Ltd. 1235.18 1.87Maestro Mediline Systems Ltd.** 7.95 0.01

Industrial Products 1181.75 1.79Cummins India Ltd. 1181.75 1.79

Ferrous Metals 1111.62 1.69Welspun Gujarat Stahl Rohren Ltd. 1111.62 1.69

Hotels 917.19 1.39Indian Hotels Co. Ltd. 917.19 1.39

Chemicals 865.70 1.31Bombay Dyeing & Mfg. Co. Ltd 865.70 1.31





**Represents thinly traded/ non traded securities.




SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla Sun Life Equity Fund...


Asset Allocation




An open-end growth scheme with the objective of long term growth of capital, through a portfolio with a target allocation of 90% equity and 10% debt and money market securities.




NAV : Rs.

Growth : 202.36

Dividend : 74.43





Investment Period

Total Investment

(Rs.)


Birla Sun Life Equity

Fund

Birla Sun Life Equity

Fund

BSE200

BSE200


Large

Mid

Small


Investment Style

Since Inception 104000 346820 625824 26.70 39.80

Last 5 years 60000 152979 225239 38.55 55.82

Last 3 years 36000 60957 72152 37.46 50.92

Last 1 year 12000 14256 15207 36.84 53.34

Birla Sun Life Equity Fund


Birla Sun Life Equity FundEquity: Diversified (178 Schemes), 5 - Year Performance


CRISIL~CPR 2^^Birla Sun Life Equity Fund

Diversified Equity Scheme (56 Schemes), 2 - Year Performance(Past performance is no guarantee of future results.)


@MFR 1 by ICRABirla Sun Life Equity Fund

Open Ended Diversified Equity Schemes - Defensive (32 Schemes), 3 - Year Performance(Past performance is no guarantee of future results.)


46.53

59.18

50.88

40.94

36.92

42.24

35.98

21.93

0

10

20

30

40

50

60


Birla SunLife Equity Fund - Growth BSE200

0.76%

2.02%

2.13%

2.27%

2.90%

2.99%

3.24%

4.89%

4.91%

5.71%

7.95%

8.43%

8.64%

9.95%

12.83%

20.38%


Cement


Petroleum Products


Retailing


Auto

Finance


Banks

Construction

Other Equity

Telecom-Services

Software


18

J u n e 2 0 0 7

Birla Sun Life Tax Relief '96An Open-ended Equity Linked Savings Scheme (ELSS) with a lock-in of 3 years



Portfolio

Finance 6538.32 17.53United Breweries Holdings Ltd. 3077.10 8.25Housing Development Finance Corp. Ltd. 1870.80 5.01ICRA Ltd. 817.52 2.19Reliance Capital Ltd. 772.90 2.07

Industrial Capital Goods 4874.48 13.07Siemens Ltd. 1729.62 4.64Bharat Bijlee Ltd. 1249.39 3.35Crompton Greaves Ltd. 1232.25 3.30Honeywell Automation India Ltd. 663.22 1.78

Software 4781.01 12.81Infosys Technologies Ltd. 2112.28 5.66Satyam Computer Services Ltd. 1549.68 4.15Wipro Ltd. 1119.05 3.00

Banks 3567.43 9.56HDFC Bank Ltd. 1709.63 4.58Kotak Mahindra Bank Ltd. 1145.30 3.07Industrial Development Bank of India Ltd 712.50 1.91

Construction 2561.24 6.87Larsen & Toubro Ltd. 1978.66 5.30GVK Power & Infrastructure Ltd. 582.58 1.56



Hotels 1844.75 4.94Taj GVK Hotels & Resorts Ltd. 1093.31 2.93Asian Hotels Ltd. 751.44 2.01

Telecom-Services 1837.01 4.92Bharti Airtel Ltd. 1144.53 3.07Videsh Sanchar Nigam Ltd. 692.48 1.86

Auto Ancillaries 1508.41 4.04Motor Industries Company Ltd. 1251.20 3.35MRF Ltd. 257.21 0.69

Petroleum Products 1232.14 3.30Reliance Industries Ltd. 1232.14 3.30


Power 944.39 2.53Reliance Energy Ltd. 944.39 2.53

Industrial Products 359.50 0.96Kirloskar Brothers Ltd. 359.50 0.96

Trading 352.34 0.94Uniphos Enterprises Ltd. 352.34 0.94

Media & Entertainment 0.00 0.00Magnasound India Ltd.** 0.00 0.00







SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla Sun Life Tax Relief '96...


Asset Allocation

Date of First Installment : April 1, 1996



An open-end equity linked savings scheme (ELSS) with the objective of long term growth of capital through a portfolio with a target allocation of 80% equity, 20% debt and money market securities


Date of inception / takeover : March 29, 1996


NAV : Rs.

Growth : 101.92





Investment Period

Total Investment

(Rs.)


Birla Sun Life Tax

Relief '96

Birla Sun Life Tax

Relief '96

BSE200

BSE200


Large

Mid

Small


Investment Style

Since Inception 134000 497151 1554866 21.92 40.45

Last 5 years 60000 152979 173671 38.55 44.11

Last 3 years 36000 60957 64646 37.46 42.07

Last 1 year 12000 14256 14975 36.83 49.24

CRISIL~CPR 2^^Birla Sun Life Tax Relief '96

Equity Linked Savings Scheme (14 Schemes), 2 - Year Performance(Past performance is no guarantee of future results.)


Birla SunLife Tax Relief 96 BSE200

38.27

42.1441.09 40.12

36.92

42.24

35.98

15.72

0

5

10

15

20

25

30

35

40

45


1.91%

2.53%

2.88%

3.30%

4.04%

4.36%

4.92%

4.94%

5.08%

6.20%

6.87%

9.56%

12.81%

13.07%

17.53%

Other Equity

Power

Pesticides

Petroleum Products

Auto Ancillaries


Telecom-Services

Hotels


Auto

Construction

Banks

Software


Finance

19

J u n e 2 0 0 7Birla Balance



Portfolio

Consumer Non Durables 2423.72 20.50Hindustan Lever Ltd. 539.90 4.57 Radico Khaitan Ltd 507.71 4.29 ITC Ltd. 507.16 4.29 E.I.D. Parry (India) Ltd. 317.57 2.69 Glaxosmithkline Consumer Healthcare Ltd. 281.48 2.38 United Spirits Ltd. 221.08 1.87 McDowell Holdings Ltd. 48.82 0.41

PSU/PFI Bonds/Banks 2058.74 17.41Infrastructure Development Fin. Co. Ltd. ** 999.45 8.45 AAACitibank N A ** 730.11 6.18 AAANational Bank for Agri & Rural Devp ** 288.85 2.44 AAAHDFC Bank Ltd. ** 40.33 0.34 AAA

Pharmaceuticals 1186.41 10.03Pfizer Ltd. 548.57 4.64 Novartis India Ltd. 501.43 4.24 Wyeth Ltd. 136.41 1.15

Auto 1077.95 9.12Hero Honda Motors Ltd. 585.15 4.95 Mahindra & Mahindra Ltd. 492.80 4.17

Corporate Debt 795.19 6.73Housing Development Finance Corp. Ltd. ** 648.18 5.48 AAASundaram Finance Ltd. ** 147.00 1.24 AA+

Banks 757.19 6.40State Bank of India 459.82 3.89 Oriental Bank of Commerce 297.38 2.52

Power 539.65 4.56Reliance Energy Ltd. 539.65 4.56

Securitised Debt 494.62 4.18Indian Retail ABS Trust Series 50 ** 494.62 4.18 AAA(SO)

Petroleum Products 490.48 4.15Reliance Industries Ltd. 490.48 4.15



Industrial Products 354.50 3.00BOC India Ltd. 354.50 3.00

Government Bond 283.80 2.40Govt Bond 7.61% Oil Company 2015 283.80 2.40 Sovereign

Telecom-Services 211.95 1.79Bharti Airtel Ltd. 211.95 1.79

Industrial Capital Goods 18.06 0.15Bharat Electronics Ltd. 18.06 0.15



** Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 28.32%

SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla Balance...


Asset Allocation

Date of First Installment : November 1,1999



An Open-ended balanced scheme with an objective to balance income requirements with growth of capital through a balance mix of investments in equity and debt at relatively moderate levels of risks through a diversifiedresearch based investment approach.



Fund Manager : Mr. Navneet Munot

NAV : Rs.

Growth : 29.63

Dividend : 19.70



Benchmark : CRISIL Balanced Fund Index Average Maturity : 4.17 Years



Investment Period

Total Investment

(Rs.)


Birla Balance

Birla Balance

CRISIL Balanced

Fund Index

CRISIL Balanced

Fund Index

Rating Profile

Issuer Market Value % to Net RatingRs. in Lacs Assets



Large

Mid

Small


Investment Style

Since Inception 91000 187581 213667 18.63 21.97

Last 5 years 60000 107665 121091 23.63 28.55

Last 3 years 36000 51111 52630 24.19 26.34

Last 1 year 12000 13498 13663 24.09 26.82

1.95%

2.14%

2.40%

3.00%

3.31%

4.12%

4.15%

4.18%

4.56%

6.40%

6.73%

9.12%

10.03%

17.41%

20.50%

Other Equity


Government Bond

Industrial Products

Pesticides

Fertilisers

Petroleum Products

Securitised Debt

Power

Banks

Corporate Debt

Auto

Pharmaceuticals

PSU/PFI Bonds/Banks


1.24%

2.14%

2.40%

27.08%

67.14%

AA


Sovereign

AAA

Other

Birla Balance Fund - Growth Crisil Balanced Fund Index

26.62

29.3528.38

15.28

24.48 25.06

21.67

0

5

10

15

20

25

30

35


Interest Rate Sensitivity: (Debt) Medium

20

J u n e 2 0 0 7Birla Sun Life '95 Fund



Portfolio

PSU/PFI Bonds/Banks 2492.17 16.93Infrastructure Development Fin. Co. Ltd. ** 999.45 6.79 AAANational Bank for Agri & Rural Devp ** 996.04 6.77 AAAExport-Import Bank of India ** 496.68 3.37 AAA

Corporate Debt 2144.02 14.57Housing Development Finance Corp. Ltd. ** 2144.02 14.57 AAA

Consumer Non Durables 1755.35 11.92ITC Ltd. 818.00 5.56 Bombay Burmah Trading Corporation Ltd. 367.81 2.50 Nestle India Ltd. 284.81 1.93 Nirma Ltd. 237.36 1.61 United Breweries Ltd. 47.37 0.32

Banks 1402.21 9.53State Bank of India 540.96 3.68 Oriental Bank of Commerce 457.50 3.11 Bank of Baroda 275.20 1.87 Indian Bank 128.55 0.87

Pesticides 1249.15 8.49Rallis India Ltd. 783.37 5.32 United Phosphorous Ltd. 465.79 3.16

Petroleum Products 1156.93 7.86Reliance Industries Ltd. 633.67 4.30 Hindustan Petroleum Corporation Ltd. 523.26 3.55

Finance 729.59 4.96United Breweries Holdings Ltd. 729.59 4.96

Auto 696.46 4.73Hero Honda Motors Ltd. 696.46 4.73

Pharmaceuticals 687.34 4.67Cipla Ltd. 576.77 3.92 Cadila Healthcare Ltd. 110.57 0.75

Retailing 410.11 2.79Trent Ltd. 387.21 2.63 Trent Ltd. (RIGHTS) 22.90 0.16

Industrial Products 331.26 2.25BOC India Ltd. 331.26 2.25

Gas 325.57 2.21Gujarat Gas Co. Ltd. 325.57 2.21

Media & Entertainment 310.30 2.11ETC Networks Ltd. 310.30 2.11 Magnasound India Ltd. ** 0.00 0.00

Fertilisers 270.90 1.84Rashtriya Chemicals & Fertilizers Ltd. 270.90 1.84

Telecom-Services 254.34 1.73Bharti Airtel Ltd. 254.34 1.73

Auto Ancillaries 62.19 0.42Subros Ltd. 62.19 0.42

Industrial Capital Goods 41.28 0.28Bharat Bijlee Ltd. 41.28 0.28

Securitised Debt 9.68 0.07Fleet Trust July 2004 A2 Series ** 9.68 0.07 AAA(SO)


Total Net Asset 14719.98 100.00




SIP is a powerful tool that can help you create wealth over time. If you had invested in Birla Sun Life '95 Fund...


Asset Allocation

Date of First Installment : April 1, 1995



An open-end balanced scheme with the objective of long term growth of capital and current income, through a portfolio of equity and fixed income securities




NAV : Rs.

Growth : 199.50

Dividend : 92.17



Benchmark : CRISIL Balanced Fund Index Average Maturity : 4.83 Years



Investment Period

Total Investment

(Rs.)


Birla Sun Life '95 Fund

Birla Sun Life '95 Fund

CRISIL Balanced

Fund Index

CRISIL Balanced

Fund Index

Rating Profile


Large

Mid

Small


Investment Style

Since Inception 146000 329364 1125067 12.62 30.61

Last 5 years 60000 107665 145907 23.63 36.50

Last 3 years 36000 51111 59574 24.19 35.69

Last 1 year 12000 13498 14646 24.09 43.54

0.07%

2.11%

2.21%

2.25%

2.66%

2.79%

4.27%

4.67%

4.73%

4.96%

7.86%

8.49%

9.53%

11.92%

14.57%

16.93%

Securitised Debt


Gas

Industrial Products


Retailing

Other Equity

Pharmaceuticals

Auto

Finance

Petroleum Products

Pesticides

Banks


Corporate Debt

PSU/PFI Bonds/Banks

2.66%

31.56%

65.78%


AAA

Other

Birla SunLife 95 - Growth Crisil Balanced Fund Index

32.73

39.02

34.03

27.53

24.48 25.06

21.67

0

5

10

15

20

25

30

35

40

45


Interest Rate Sensitivity: (Debt) Low

&Best Fund - Lipper Awards India 2007Winner of

Mixed Asset INR Aggressive, 10-Year Performance


21

J u n e 2 0 0 7

Birla MIPAn open- ended fund. Monthly income is not assured and is subject to

availability of distributable surplus



Portfolio

** Represents thinly traded/non traded securities. Total Percentage of thinly/non traded securities is 72.09%

An Open-ended income scheme with the objective to generate regular income so as to make monthly distribution to unit holders with the secondary objective being growth of capital. Monthly Income is not assured and is subject to availability of distributable surplus.


Fund Manager : Mr. Navneet MunotDate of inception/takeover : November 20, 2000

NAV : Rs.

Payment / Growth : 19.6677

Dividend : 11.0908


Entry Load :

Exit Load : £ Rs 10 lakhs: 0.60% if redeemed

/ switched out with in 90 days

from the date of allotment.

> 10 Lakhs: Nil

NIL

Benchmark : CRISIL MIP Blended

IndexCorpus : Rs. 135.21 Crores

Average Maturity : 4.14 Years


Asset Allocation

Rating Profile

Corporate Debt 5990.89 44.31

Housing Development Finance Corp. Ltd. ** 1937.80 14.33 AAA

State Bank of India ** 1331.06 9.84 AAA

CitiFinancial Consumer Finance India Ltd ** 1010.70 7.47 AAA

Great Eastern Shipping Company Ltd. ** 882.49 6.53 AAA

Sundaram Finance Ltd. ** 588.02 4.35 AA+

Electrosteel Castings Ltd. ** 240.81 1.78 AA

Securitised Debt 2913.40 21.55

Indian Retail ABS Trust Series 50 ** 1978.49 14.63 AAA(SO)

Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010 ** 930.35 6.88 AAA(SO)

Fleet Trust Aug I 2003 A3 CFIL (IL&FS) ** 4.56 0.03 AAA(SO)

PSU/PFI Bonds/Banks 1937.08 14.33

Power Finance Corporation Ltd. 1094.50 8.09 AAA

Power Grid Corporation of India Ltd. ** 364.88 2.70 AAA

National Bank for Agri & Rural Devp ** 328.69 2.43 AAA

Export-Import Bank of India ** 149.00 1.10 AAA

EQUITY 1839.88 13.61

Pfizer Ltd. 155.74 1.15

Radico Khaitan Ltd 154.91 1.15



Hero Honda Motors Ltd. 146.47 1.08

Novartis India Ltd. 144.34 1.07


State Bank of India 135.24 1.00

ITC Ltd. 130.88 0.97

Reliance Energy Ltd. 124.12 0.92

Reliance Industries Ltd. 105.61 0.78

Oriental Bank of Commerce 102.94 0.76





Indian Bank 9.86 0.07

Government Bond 472.75 3.50

Govt Bond 7.59% OIL MKTG. COS.2015 472.75 3.50 Sovereign

Mutual Fund Units 32.88 0.24

Birla Fixed Term Debt Fund Ser 3 -36 B 32.88 0.24






High Med LowInterest Rate

Sensivity

High

Mid

Low


Credit Quality

2.47%

3.50%

6.13%

13.85%

74.05%


Sovereign

AA

Equity & Mutual Fund Units

AAA

0.24%

2.47%

3.50%

13.61%

14.33%

21.55%

44.31%

Mutual Fund Units


Government Bond

Equity

PSU/PFI Bonds/Banks

Securitised Debt

Corporate Debt

Birla MIP - Growth Crisil MIP Blended Index

10.37

8.82

10.11

10.92

8.7

8.13

9.42

0

2

4

6

8

10

12


22

J u n e 2 0 0 7



Portfolio


An Open-ended income scheme with the objective to generate regular income so as to make monthly payment or distribution to unit holders with the secondary objective being growth of capital. Monthly Income is not assured and is subject to availability of distributable surplus.


Fund Manager : Mr. Navneet MunotDate of inception/takeover : May 22, 2004

NAV : Rs.


Dividend : 10.1489


Entry Load :

Exit Load :

NIL

NIL





Asset Allocation

Rating Profile

Money Market Instruments 71735.10 92.82

Union Bank of India 18609.05 24.08 P1+

Union Bank of India 16186.14 20.94 A1+

ICICI Bank Ltd. 8442.17 10.92 A1+

Allahabad Bank 8048.65 10.41 PR1+

Industrial Development Bank of India Ltd 5090.17 6.59 P1+

Housing Development Finance Corp. Ltd. 4807.73 6.22 A1+

Hongkong And Shanghai Banking Corporatio 4627.58 5.99 F1+

ABN Amro Bank 2421.79 3.13 P1+

Jammu & Kashmir Bank Ltd. 2307.63 2.99 P1+

Godrej Industries Ltd. 994.89 1.29 A1+

LIC Housing Finance Ltd. 107.35 0.14 P1+

UCO Bank 91.95 0.12 P1+


Kotak Mahindra Prime Ltd. ** 99.75 0.13 LAA

Electrosteel Castings Ltd. ** 30.10 0.04 AA







Sensivity

High

Mid

Low


Credit Quality

Birla MIP II - Savings 5 PlanAn open- ended fund. Monthly income is not assured and is subject to

availability of distributable surplus

0.17%

7.02%

92.82%

Corporate Debt


Money Market Instruments

0.17%

7.02%

92.82%

AA


AAA

Birla MIP - Savings 5 - Growth Crisil MIP Blended Index

7.21

5.915.7

8.7

8.137.7

0

1

2

3

4

5

6

7

8

9

10


23

J u n e 2 0 0 7



Portfolio


An Open-ended income scheme with the objective to generate regular income so as to make monthly payment or distribution to unit holders with the secondary objective being growth of capital. Monthly Income is not assured and is subject to availability of distributable surplus.



NAV : Rs.


Dividend : 11.1559


Entry Load :

Exit Load : For redemption / switch out of

units within 12 months from the

date of allotment: 1%

NIL





Asset Allocation

Rating Profile

Corporate Debt 5033.52 46.54Housing Development Finance Corp. Ltd. ** 1589.09 14.69 AAASundaram Finance Ltd. ** 1474.40 13.63 AA+State Bank of India ** 993.33 9.18 AAACitiFinancial Consumer Finance India Ltd ** 505.35 4.67 AAAGreat Eastern Shipping Company Ltd. ** 441.25 4.08 AAAElectrosteel Castings Ltd. ** 30.10 0.28 AA

EQUITY 2041.16 18.87Rallis India Ltd. 138.87 1.28 Hero Honda Motors Ltd. 132.26 1.22 Radico Khaitan Ltd 127.97 1.18 Novartis India Ltd. 126.30 1.17 Hindustan Lever Ltd. 122.10 1.13 ZF Steering Gear (India) Ltd. 116.10 1.07 Pfizer Ltd. 114.55 1.06 ITC Ltd. 114.52 1.06 Mahindra & Mahindra Ltd. 113.72 1.05

Glaxosmithkline Consumer Healthcare Ltd. 108.88 1.01 State Bank of India 108.19 1.00 Oriental Bank of Commerce 97.22 0.90 Aventis Pharma Ltd. 92.11 0.85 Reliance Energy Ltd. 91.74 0.85 Subros Ltd. 89.02 0.82 Hindustan Sanitaryware & Industries Ltd. 80.48 0.74 Reliance Industries Ltd. 70.41 0.65 BOC India Ltd. 58.19 0.54 United Phosphorous Ltd. 39.53 0.37 United Spirits Ltd. 33.54 0.31 Tata Chemicals Ltd. 25.62 0.24 Bharti Airtel Ltd. 25.43 0.24 McDowell Holdings Ltd. 8.92 0.08 Indian Bank 5.50 0.05

PSU/PFI Bonds/Banks 1987.55 18.38Export-Import Bank of India ** 1490.05 13.78 AAA


Government Bond 808.58 7.48Govt Bond 7.59% OIL MKTG. COS.2015 472.75 4.37 SovereignGovt Bond 7.61% Oil Company 2015 335.83 3.11 Sovereign

Securitised Debt 370.53 3.43Indian Retail ABS Trust Series 56 (A1X) ** 370.53 3.43 AAA(SO)

Mutual Fund Units 32.88 0.30Birla Fixed Term Debt Fund Ser 3 -36 B 32.88 0.30







Sensivity

High

Mid

Low


Credit Quality

Birla MIP II - Wealth 25 PlanAn open- ended fund. Monthly income is not assured and is subject

to availability of distributable surplus


Birla MIP II Wealth 25 PlanHybrid: Monthly Income (39 Schemes), 3 - Year Performance


5.00%

7.48%

13.91%

19.18%

54.43%


Sovereign

AA

Equity

AAA

0.30%

3.43%

5.00%

7.48%

18.38%

18.87%

46.54%

Mutual Fund Units

Securitised Debt


Government Bond

PSU/PFI Bonds/Banks

Equity

Corporate Debt

10.2

12.04

11.21

8.78.13

7.7

0

2

4

6

8

10

12

14


Birla MIP - Wealth 25 - Growth Crisil MIP Blended Index

24

J u n e 2 0 0 7

Birla Sun Life Monthly IncomeAn open- ended fund. Monthly income is not assured and is subject




Portfolio


An open-end income scheme with the primary objective to generate regular income so as to make monthly and quarterly distributions to Unitholders and the secondary objective as growth of capital. Monthly income is not assured and is subject to availability of distributable surplus.


Fund Manager : Mr. Navneet MunotDate of inception/takeover : July 14, 1999

NAV : Rs.Growth : 26.1457Monthly Dividend : 10.9021Quarterly Dividend : 11.4251


Entry Load :

Exit Load : For redemption / switch out of

units within 12 months from the

date of allotment: 1%

NIL





Asset Allocation

Rating Profile



Reliance Industries Ltd. ** 1598.83 11.26 AAA

CitiFinancial Consumer Finance India Ltd ** 505.35 3.56 AAA






Infrastructure Development Fin. Co. Ltd. ** 499.72 3.52 AAA

Power Finance Corporation Ltd. ** 101.64 0.72 AAA

EQUITY 1880.00 13.24



Cipla Ltd. 130.59 0.92

Pritish Nandy Communications Ltd. 129.20 0.91

Hero Honda Motors Ltd. 126.70 0.89

BOC India Ltd. 119.38 0.84

United Breweries Holdings Ltd. 117.94 0.83

Nestle India Ltd. 110.27 0.78

Oriental Bank of Commerce 102.94 0.72

Nirma Ltd. 101.14 0.71

State Bank of India 94.67 0.67

ETC Networks Ltd. 85.60 0.60

Hindustan Petroleum Corporation Ltd. 72.68 0.51


Gujarat Gas Co. Ltd. 55.97 0.39

Bank of Baroda 55.04 0.39

Trent Ltd. 48.32 0.34



Rashtriya Chemicals & Fertilizers Ltd. 35.99 0.25

Subros Ltd. 25.98 0.18

Indian Bank 20.20 0.14

United Breweries Ltd. 15.79 0.11

Trent Ltd. (RIGHTS) 2.86 0.02

Magnasound India Ltd. ** 0.00 0.00


Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010 ** 1395.53 9.83 AAA(SO)

India Infrastructure Developers Limited ** 203.92 1.44 AAA(SO)

Fleet Trust July 2004 A2 Series ** 9.68 0.07 AAA(SO)

Fleet Trust April 2004 Series ** 3.14 0.02 AAA(SO)









Sensivity

High

Mid

Low


Credit Quality

CRISIL~CPR 2^^Birla Sun Life Monthly Income

MIP Conservative Scheme (9 Schemes), 2 - Year Performance(Past performance is no guarantee of future results.)



Birla Sun Life Monthly Income PlanHybrid: Monthly Income (39 Schemes), 5 - Year Performance


2.42%

3.33%

4.01%

13.24%

77.01%

AA

Sovereign


Equity

AAA


PSU/PFI Bonds/Banks

3.33%

4.01%

11.35%

13.24%

31.55%

36.52%

Government Bond

Securitised Debt

Equity

Corporate Debt

Birla SunLife MIP - Growth Crisil MIP Blended Index

11.28

9.71

11.36

12.96

8.78.13

9.42

0

2

4

6

8

10

12

14


25

J u n e 2 0 0 7Birla Income Plus



Portfolio


An Open-ended income scheme with the objective to generate consistent income through superior yields on its investments at moderate levels of risk through a diversified investment approach.


Fund Manager : Mr. Navneet MunotDate of inception/takeover : October 21, 1995

NAV : Rs.

Growth : 30.7349

Dividend : 10.1935

Benchmark : CRISIL Composite

Bond Fund IndexCorpus : Rs. 205.91 Crores



Asset Allocation

Rating Profile



CitiFinancial Consumer Finance India Ltd. ** 1516.04 7.36 AAA

LIC Housing Finance Ltd. ** 999.63 4.85 AAA

State Bank of Travancore ** 619.71 3.01 AAA

State Bank of India ** 347.67 1.69 AAA

Citicorp Finance India Ltd. ** 296.30 1.44 AAA

Hindalco Industries Ltd. ** 97.35 0.47 AAA

IL&FS Investmart Ltd. ** 95.82 0.47 LAAA(So)

Reliance Industries Ltd. ** 84.15 0.41 AAA

Oriental Bank of Commerce ** 43.94 0.21 AA+







ICICI Bank Ltd. 2316.73 11.25 A1+

Union Bank of India 1380.83 6.71 A1+




Auto Receivable Trust- Aug-2005

(Sundaram Finance) ** 559.62 2.72 LAAA(So)







Entry Load :




> 10 Lakhs: Nil

NIL


Sensivity

High

Mid

Low


Credit Quality

CRISIL~CPR 2^^Birla Income Plus

Income Scheme (19 Schemes), 2 - Year Performance(Past performance is no guarantee of future results.)


2.72%

4.59%

17.96%

20.47%

21.68%

32.58%

Securitised Debt

Government Bond



PSU/PFI Bonds/Banks

Corporate Debt

0.21%

4.59%

20.47%

74.73%

AA

Sovereign


AAA

Birla Income Plus - Growth Crisil Composite Bond Fund Index

5.2

3.03

6

10.15

3.66

2.82

5.39

0

2

4

6

8

10

12


26

J u n e 2 0 0 7Birla Sun Life Income Fund



Portfolio


An Open-ended income scheme with the objective to generate income and capital appreciation by investing 100% of the corpus in a diversified portfolio of debt and money market securities.


Fund Manager : Mr. Navneet MunotDate of inception/takeover : March 03, 1997

NAV : Rs.

Growth : 26.4490

Half Yearly - Regular Dividend : 10.7924

Quarterly Dividend : 10.4258

54 EA Growth : 26.4305

54 EA Dividend : 11.6466

54 EB Growth : 26.2640

54 EB Dividend : 11.6590




Asset Allocation

Rating Profile

Treasury Bills 1246.89 40.02

91 Day T-Bill 15 June 2007 1246.89 40.02 Sovereign







Floating Rate Instruments 199.86 6.41

Housing Development Finance Corp. Ltd. 199.86 6.41 LAAA


ICICI Bank Ltd. 183.76 5.90 A1+


India Infrastructure Developers Ltd. ** 113.29 3.64 AAA(SO)

Fleet Trust April 2004 Series ** 1.26 0.04 AAA(SO)






Benchmark : CRISIL Composite

Bond Fund Index


Entry Load :




> 10 Lakhs: Nil

NIL


Sensivity

High

Mid

Low


Credit Quality

CRISIL~CPR 1^^Birla Sun Life Income Fund

Income Scheme (19 Schemes), 2 - Year Performance(Past performance is no guarantee of future results.)


3.68%

5%

5.90%

6.41%

17.44%

21.55%

40.02%

Securitised Debt




Corporate Debt

PSU/PFI Bonds/Banks

Treasury Bills

5%

40.02%

54.99%


Sovereign

AAA

8.96

4.73

6.87

9.95

3.66

2.82

5.39

0

2

4

6

8

10

12


Birla SunLife Income Fund - Growth Crisil Composite Bond Fund Index

27

J u n e 2 0 0 7Birla Gilt Plus

An Open-ended government securities scheme with the objective to generate income and capital appreciation through investments exclusively in Government Securities.



Date of inception / takeover : October 12, 1999NAV : Rs.Liquid PlanGrowth : 18.3969Quarterly Dividend : 10.7368Annual Dividend : 11.3916PF PlanGrowth : 20.8408Quarterly Dividend : 10.5174Annual Dividend : 19.3549Regular PlanGrowth : 23.6820Quarterly Dividend : 11.1677Annual Dividend : 22.0720

Load Structure (Incl. for SIP):Liquid Plan, Regular Plan & PF Plan-Quarterly / Annual Dividend:Entry Load : NILExit Load : NILPF Plan - Growth:Entry Load : NILExit Load : 1.00% if redeemed / switched out

within 365 days from date of allotment.

CorpusLiquid Plan : Rs. 20.70 CroresPF Plan : Rs. 72.81 CroresRegular Plan : Rs. 53.18 Crores

Average MaturityLiquid Plan : 0.01 YearsPF Plan : 2.36 YearsRegular Plan : 1.79 Years


Asset Allocation - PF Plan Asset Allocation - Regular PlanAsset Allocation - Liquid Plan

Investment Performance - Liquid Plan


Investment Performance - PF Plan


Investment Performance - Regular Plan


Portfolio - Liquid Plan Portfolio - PF Plan Portfolio - Regular Plan


364 Day TBill 08 JUNE 2007 998.59 48.24 Sovereign






Govt Bond 7.61% Oil Company 2015 783.29 10.76 Sovereign





Govt Bond 7.49%2017 958.70 18.03 Sovereign




BenchmarkLiquid Plan : I-Sec Si-BEXPF Plan : I-Sec Li-BEXRegular Plan : I-Sec Li-BEX


Sensivity

High

Mid

Low


Credit Quality


Birla Gilt Plus - Liquid PlanGilt: Short-term (16 Schemes), 5 - Year Performance


CRISIL~CPR 2^^Birla Gilt Plus - Regular Plan

Gilt Scheme (17 Schemes), 2 - Year Performance(Past performance is no guarantee of future results.)


@MFR 1 by ICRABirla Gilt Plus - Liquid Plan

Open Ended Gilt Schemes - Short Term (12 Schemes), 3 - Year Performance(Past performance is no guarantee of future results.)


&Best Fund-Lipper Awards India 2007Birla Gilt Plus - Regular Plan

Bond Indian Rupee - Government, 5 - Year Performance(Past performance is no guarantee of future results.)


48.24%

51.76%

Treasury Bills


30.24%

69.76%

Government Bond


18.03%

81.97%

Government Bond


Birla Gilt Plus Liquid Plan - Growth I-Sec Si-BEX

6.78

5.55

6.36

8.31

6.8

5.16

6.36

0

1

2

3

4

5

6

7

8

9


4.91

2.49

7.34

10.09

6.65

3.13

8.37

0

2

4

6

8

10

12


Birla Gilt Plus PF Plan - Growth I-Sec Li-BEXBirla Gilt Plus Regular Plan - Growth I-Sec Li-BEX

7.49

3.65

8.33

11.95

6.65

3.13

8.37

0

2

4

6

8

10

12

14


28

J u n e 2 0 0 7Birla Sun Life Government Securities Fund

Portfolio - Short Term PlanPortfolio - Long Term Plan

An Open-ended Gilt scheme with the objective to provide investors current income consistent with a portfolio invested 100% in securities issued by the Government of India or the State Governments, and the secondary objective is capital appreciation.



Date of inception / takeover : October 28, 1999NAV : Rs.

Long Term Plan

Growth : 20.0583

Dividend : 10.2566

Short Term Plan

Growth : 16.1298

Dividend : 10.3314


Entry Load :

Exit Load : NIL

NIL

Benchmark

Long Term Plan : I-Sec Li-BEX

Short Term Plan : I-Sec Si-BEX

CorpusLong Term Plan : Rs. 1.73 CroresShort Term Plan : Rs. 0.40 Crores

Average MaturityLong Term Plan : 0.00 YearsShort Term Plan : 0.00 Years

Long Term - Investment Style Box

Long Term Plan - Investment Performance


Asset Allocation - Long Term Plan

Short Term Plan - Investment Performance


Asset Allocation - Short Term Plan

Cash & Current Assets 173.30 100


Cash & Current Assets 39.94 100





Sensivity

High

Mid

Low

Short Term - Investment Style Box


Sensivity

High

Mid

Low


Credit Quality Credit Quality


Birla Sun Life Government Securities Fund - Short Term PlanGilt: Short-term (16 Schemes), 5 - Year Performance


100.00%Cash & Current Assets100.00%Cash & Current Assets

7.24

3.53

4.59

6.56.8

5.16

6.36

0

1

2

3

4

5

6

7

8


Birla SunLife G Sec Fund - STD - Growth I-Sec Si-BEX

5.19

2.47

7.06

9.6

6.65

3.13

8.37

0

2

4

6

8

10

12


Birla SunLife G Sec Fund - LT - Growth I-Sec Li-BEX

J u n e 2 0 0 7

M a y 2 0 0 7

An Open-ended income scheme with the objective of tracking the CRISIL Composite Bond Fund Index which has been introduced by CRISIL to track the returns on a composite portfolio that includes call instruments, commercial papers, government securities, AAA & AA rated instruments.


Fund Manager : Mr. Satyabrata Mohanty Date of inception / takeover : May 9, 2003

NAV : Rs.

Dividend : 10.2571

Growth : 11.7662

Load Structure (Incl. for SIP):Entry Load :Exit Load :

NIL£ Rs 10 lakhs: 0.25% if redeemed / switched out with in 90 days from the date of allotment.> 10 Lakhs: Nil Benchmark : CRISIL Composite Bond Fund Index




Investment Performance Asset Allocation

Rating Profile

Portfolio

** Represents thinly traded/ non traded securities and illiquid securities.

Total Percentage of thinly/non traded securities is 26.77%


Oriental Bank of Commerce ** 9.76 13.67 AA+




Govt Bond 9.39% 2011 2.05 2.86 Sovereign






Sensivity

High

Mid

Low


Credit Quality

Birla Dynamic Bond Fund

Birla Bond Index Fund

An Open-ended income scheme with the objective to generate optimal returns with high liquidity through active management of the portfolio by investing in high quality debt and money market instruments.


Date of inception / takeover : September 27, 2004

NAV : Rs.

Retail Growth : 11.6346

Retail Dividend : 10.4085


Entry Load :

Exit Load : NIL

NIL

Benchmark : CRISIL Composite Bond Fund Index




Investment Performance Asset Allocation

Rating Profile

Portfolio

** Represents thinly traded/non traded securities.

Total Percentage of thinly/non traded securities is 2.86%

Money Market Instruments 334.63 19.49Canara Bank 185.35 10.79 P1+ICICI Bank Ltd. 149.29 8.69 A1+

Corporate Debt 49.10 2.86CitiFinancial Consumer Finance India Ltd. ** 49.10 2.86 AAA







Sensivity

High

Mid

Low


Credit Quality

#iiiiValue Research RatingBirla Dynamic Bond Fund - Retail Plan

Debt: Medium-term (52 Schemes), 3 - Year Performance(Past performance is no guarantee of future results.)


29

2.86%

19.49%

77.65%

Corporate Debt

Money MarketInstruments


22.35%

77.65%

AAA


2.86%

13.09%

13.67%

70.37%

GovernmentBond

PSU/PFI Bonds/Banks

Corporate Debt


2.86%

13.09%

13.67%

70.37%

Sovereign

AAA

AA


Birla DBF - Retail - Growth Crisil Composite Bond Fund Index

7.21

5.83

3.66 3.72

0

1

2

3

4

5

6

7

8


Birla Bond Index Fund - Growth Crisil Composite Bond Fund Index

5.2

3.12

4.083.66

2.82

3.61

0

1

2

3

4

5

6


30

J u n e 2 0 0 7Birla Bond Plus



An Open-ended short term income scheme with the objective to generate regular returns through investments in debt and money market securities.


Fund Manager : Mr. Navneet Munot Date of inception / takeover

Retail Plan : November 27, 2001

Institutional Plan : April 16, 2003NAV : Rs.


Retail Dividend : 11.2384

Institutional Growth : 14.2210

Institutional Dividend : 10.4622


Entry Load :

Exit Load : For redemption / switch

out of units within 1 month

from the date of allotment:

0.25%

NIL

Benchmark : CRISIL Short-Term




Asset Allocation

Rating Profile


Sensivity

High

Mid

Low


Credit Quality

*AAAf by CRISIL

Birla Bond Plus

(Past performance is no guarantee of future results.)


Portfolio


Tata Sons Ltd. ** 1984.91 21.39 AAA




Loan Sec Trust Sr XVI NTPC (ICICI Bank) ** 1274.52 13.73 AAA(SO)

Loan Sec Trust SrXII NTPC (ICICI) ** 42.50 0.46 AAA(SO)






14.19%

41.78%

44.03%

Securitised Debt

Corporate Debt


9.50%

44.03%

46.47%

AA


AAA

Birla Bond Plus - Retail - Growth CRISIL Short-Term Bond Fund Index

7.01

5.946.23

6.416.08

4.66

5.35

0

1

2

3

4

5

6

7

8


31

J u n e 2 0 0 7Birla Sun Life Short Term Fund



Portfolio

Asset Allocation

Rating Profile

An Open-ended short term income scheme with the objective to generate income and capital appreciation by investing 100% of the corpus in a diversified portfolio of debt and money market securities with relatively low levels of interest rate risk.


Fund Manager : Mr. Navneet MunotDate of inception/takeover : April 19, 2002

NAV : Rs.

Growth : 13.6150

Dividend : 10.6337


Entry Load :

Exit Load : NIL

NIL

Benchmark : CRISIL Short-Term





Sensivity

High

Mid

Low


Credit Quality


State Bank of Patiala 1665.84 25.42 A1+

UCO Bank 291.12 4.44 P1+

Housing Development Finance Corp. Ltd. 277.37 4.23 A1+

ICICI Bank Ltd. 252.66 3.86 A1+

Canara Bank 185.61 2.83 P1+


**Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 3.86%

91 Day T-Bill 15 Jun 2007 2493.79 38.05 Sovereign








Birla Sun Life Short Term FundDebt: Short-term (23 Schemes), 5 - Year Performance


CRISIL~CPR 1^^Birla Sun Life Short Term Fund

Debt Short Term Scheme (13 Schemes), 1 - Year Performance(Past performance is no guarantee of future results.)


3.86%

17.31%

38.05%

40.78%

Corporate Debt


Treasury Bills

Money MarketInstruments

17.31%

38.05%

44.64%


Sovereign

AAA

8.43

6.06 6.19 6.226.08

4.66

5.35 5.37

0

1

2

3

4

5

6

7

8

9


Birla SunLife Short Term Fund - Growth CRISIL Short-Term Bond Fund Index

32

J u n e 2 0 0 7

Portfolio - Short Term Plan

An Open-ended income scheme with the objective to generate regular income through investment in a portfolio comprising substantially of floating rate debt / money market instruments.


Fund Manager : Mr. Satyabrata Mohanty Date of inception / takeover : June 05, 2003

NAV : Rs.Long Term:Growth : 12.5340Dividend : 10.3785Weekly Dividend : 10.0144Short Term:Growth : 12.5148Daily Dividend : 10.0015Weekly Dividend : 10.3870Institutional Plan-Growth : 10.0569Institutional Plan-Daily Dividend : 10.0086Institutional Plan-Weekly Dividend : 10.0198

BenchmarkLong Term : Crisil Liquid Fund IndexShort Term : Crisil Liquid Fund Index

CorpusLong Term : Rs. 663.73 CroresShort Term : Rs. 155.29 Crores

Average MaturityLong Term : 0.51 YearsShort Term : 0.17 Years


Investment Performance - Long Term Plan


Investment Performance - Short Term Plan

Past performance may or may not be sustained in future. Returns are in % and simple annualized for period less than 1 year & CAGR for period 1 year or more.

Asset Allocation - Long Term Plan Rating Profile - Long Term Plan Asset Allocation - Short Term Plan Rating Profile - Short Term Plan

Portfolio - Long Term Plan

Money Market Instruments 42363.69 63.83ICICI Bank Ltd. 16982.62 25.59 A1+Canara Bank 13921.24 20.97 P1+State Bank of Travancore 6048.93 9.11 A1+UCO Bank 1527.60 2.30 P1+Export-Import Bank of India 1487.59 2.24 P1+State Bank of Patiala 1470.63 2.22 A1+Hongkong And Shanghai Banking Corporation 925.09 1.39 F1+

Floating Rate Instruments 7272.67 10.96Mahindra & Mahindra Financial Ser Ltd. 2500.13 3.77 AA+LIC Housing Finance Ltd. 1972.54 2.97 AAAIndustrial Development Bank of India Ltd 1000.00 1.51 AA+GE Capital Services India Ltd. 1000.00 1.51 AAASundaram Finance Ltd. 800.00 1.21 LAA+

Corporate Debt 3796.30 5.72Ranbaxy Holding Company ** 3500.00 5.27 UnratedCiticorp Finance India Ltd. ** 296.30 0.45 AAA







Floating Rate Instruments 12019.44 77.40Rabo India Finance Pvt. Ltd. 2500.00 16.10 AAAKotak Mahindra Prime Ltd. 2500.00 16.10 P1+Industrial Development Bank of India Ltd 2018.96 13.00 AA+LIC Housing Finance Ltd. 2000.47 12.88 AAACiticorp Finance India Ltd. 1500.00 9.66 AAAICICI Bank Ltd. 1400.00 9.02 AAAUnited Phosphorous Ltd. 100.00 0.64 AA

Securitised Debt 916.52 5.90BHPC 15 OCT 2008 BHPC Auto Sec Trust ** 916.52 5.90 AAA(SO)



Load Structure :

Long Term

Entry Load : Nil

Exit Load : For any redemption / switch out of

units within 7 days from the date

of allotment :- 0.10%

Short Term

Entry Load : NIL

Exit Load : NIL

(Incl. for SIP)


Sensivity

High

Mid

Low


Credit Quality

Birla Floating Rate Fund

+mfAAA by ICRABirla Floating Rate Fund


+The grading has been assigned by ICRA and indicates highest quality. The investment quality is similar to that of fixed income obligations of highest safety and with maturity corresponding upto 1 year. This grading should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns.


5.72%

10.96%

19.50%

63.83%

Corporate Debt




5.27%

6.48%

19.50%

68.75%

Unrated

AA


AAA

13.65%

16.70%

69.66%

AA


AAA

5.90%

16.70%

77.40%

Securitised Debt



8.527.56

8.72

5.78

10.9510.32 10.6

5.21

0

2

4

6

8

10

12

15 days 1 Month 3 Months Since Inception

Birla Floating Rate Fund - STP - Growth Crisil Liquid Fund IndexBirla Floating Rate Fund - LTP - Growth Crisil Liquid Fund Index

7.52

6.04 5.83

7.17

5.575.21

0

1

2

3

4

5

6

7

8


33

J u n e 2 0 0 7Birla Cash Plus

An Open-ended liquid scheme with the objective to provide reasonable returns at a high level of safety and liquidity through judicious investments in high quality debt and money market instruments.



Date of inception /takeover : June 16,1997

Load Structure

Entry Load :

Exit Load : NIL

NIL

Benchmark : Crisil Liquid Fund Index




Asset Allocation

Rating Profile


Past performance may or may not be sustained in future. Returns are in % and simple annualized for period less than 1 year & CAGR for period 1 year or more.

NAV : Rs.Retail Growth : 20.4427Retail Dividend : 16.3694Institutional Growth : 20.5909Institutional Dividend : 10.8023Institutional Plan - Weekly Dividend Option : 10.8207Institutional Plan - Fortnightly Dividend Option : 10.8349Institutional Premium Plan - Growth : 12.1021Institutional Premium Plan - Dividend : 10.0195Institutional Premium Plan - Weekly Div. Option : 10.0358Institutional Premium Plan - Fortnightly Div. Option : 10.0718Institutional Premium Plan - Monthly Dividend : 10.0000

Portfolio


Money Market Instruments 446037.47 43.64ICICI Bank Ltd. 94564.20 9.25 A1+Union Bank of India 53046.72 5.19 A1+State Bank of Patiala 40453.72 3.96 A1+Industrial Development Bank of India Ltd 24748.05 2.42 P1+Tata Power Company Ltd. 24645.16 2.41 P1+UCO Bank Ltd. 21254.34 2.08 P1+Punjab National Bank 16123.41 1.58 P1+Karnataka Bank Ltd. 14607.15 1.43 A1+ABN Amro Bank 11952.75 1.17 P1+Hongkong & Shanghai Banking Corp. Ltd. 11408.18 1.12 F1+Allahabad Bank 9919.03 0.97 P1+Canara Bank 9588.33 0.94 P1+State Bank Of Bikaner And Jaipur 8850.64 0.87 P1+Bharat Overseas Bank 7776.52 0.76 A1+Aditya Birla Nuvo Ltd. 6383.28 0.62 A1+Export-Import Bank of India 5899.55 0.58 P1+Allahabad Bank 5834.12 0.57 PR1+Supreme Industries Ltd. 4961.93 0.49 P1TML Financial Services Ltd. 4946.51 0.48 P1+Infrastructure Development Finance Co. 4942.77 0.48 A1+HDFC Bank Ltd. 4935.93 0.48 P1+GE Capital Services India Ltd. 4901.00 0.48 P1+State Bank of Mysore 4844.88 0.47 P1+State Bank of Hyderabad 4744.29 0.46 A1+State Bank of Saurashtra 4540.77 0.44 A1+Housing Development Finance Corp. Ltd. 4160.53 0.41 P1+Housing Development Finance Corp. Ltd. 3462.57 0.34 A1+RELIANCE CAPITAL 3435.91 0.34 A1+ESSEL MINING LTD 3060.53 0.30 A1+HCL Infosystems Ltd. 2956.79 0.29 A1+UTI Bank Ltd. 2747.79 0.27 P1+American Express Bank 2496.59 0.24 A1+Standard Chartered Bank 2491.71 0.24 P1+Federal Bank Ltd. 2442.51 0.24 P1+State Bank of Mysore 2307.52 0.23 A1+Rico Auto Industries Ltd. 1965.40 0.19 A1+IDBI Bank 1544.31 0.15 A1+NRB Bearing Ltd. 1448.43 0.14 P1+Kotak Mahindra Bank Ltd. 1329.56 0.13 P1+Adlabs Films Ltd. 1320.83 0.13 A1+Larsen & Toubro Finance Ltd. 1081.40 0.11 PR1+

Rabo India Finance Private Ltd. 1031.79 0.10 P1+State Bank of Travancore 499.43 0.05 A1+LIC Housing Finance Ltd. 380.61 0.04 P1+

Floating Rate Instruments 118253.40 11.57Tata Motors Ltd. 20000.00 1.96 P1+Housing Development Finance Corp. Ltd. 16788.39 1.64 LAAALIC Housing Finance Ltd. 7549.74 0.74 AAAIndustrial Development Bank of India Ltd 6506.73 0.64 AA+Citicorp Finance India Ltd. 6493.04 0.64 AAABajaj Hindusthan Ltd. 5000.00 0.49 F1+RELIANCE CAPITAL 5000.00 0.49 A1+Dr. Reddys Laboratories Ltd. 5000.00 0.49 P1+CitiFinancial Consumer Finance India Ltd 4900.00 0.48 AAAIndian Railway Finance Corporation Ltd. 4657.43 0.46 AAAUTI Bank Ltd. 3999.16 0.39 LAA+Raymond Ltd. 3000.00 0.29 PR1+Larsen & Toubro Finance Ltd. 3000.00 0.29 PR1+Power Finance Corp. Ltd. 2803.29 0.27 AAAICICI Bank Ltd. 2503.31 0.24 CARE AAAFinolex Cables Ltd. 2500.00 0.24 P1+Hero Honda Finlease Ltd. 2500.00 0.24 P1+United Phosphorus Ltd. 2405.96 0.24 AAICICI Bank Ltd. 2100.00 0.21 AAAInfrastructure Development Finance Co. 2001.68 0.20 AAAIndustrial Development Bank of India Ltd 1534.78 0.15 CARE AA+GE Capital Services India Ltd. 1500.00 0.15 AAACholamandalam Investments & Finance Ltd. 1500.03 0.15 LAACholamandalam Investments & Finance Ltd. 1500.00 0.15 LAA(SO)Cholamandalam Investments & Finance Ltd. 1000.00 0.10 MAA+IndiaRetail ABS Tr44 681.10 0.07 AAA(SO)ICICI Securities Ltd. 500.00 0.05 AAAHousing Development Finance Corp. Ltd. 490.22 0.05 AAAUnion Bank of India 471.31 0.05 AA+Secured Loan Rec.Sec.Trust Sr3 (ICICI) 306.72 0.03 LAAAFleet Trust Jan 2004 Series A5 60.52 0.01 AAA(SO)

Corporate Debt 33406.64 3.27Nicholas Piramal India Ltd. ** 7000.00 0.68 UNRATEDGE Capital Services India Ltd. ** 5000.00 0.49 AAAKotak Mahindra Prime Ltd.** 3893.86 0.38 LAAMahindra & Mahindra Financial Ser. Ltd. ** 2998.37 0.29 AA+

Kotak Securities Ltd. ** 2500.00 0.24 A1+Ballarpur Industries Ltd. ** 2500.00 0.24 F1+CitiFinancial Consumer Finance India Ltd. ** 2474.58 0.24 AAAHindalco Industries Ltd. ** 2286.08 0.22 AAATata Sons Ltd. ** 1472.04 0.14 AAAKotak Mahindra Prime Ltd. ** 999.96 0.10 P1+Larsen & Toubro Finance Ltd. ** 800.00 0.08 UNRATEDUTI Bank Ltd. ** 500.24 0.05 AA+Essel Propack Ltd. ** 500.00 0.05 UNRATEDTata Steel Ltd.** 481.51 0.05 AAA

Securitised Debt 17920.15 1.75Credit Asset Trust-V Hutch (27-Sep-2007) ** 5006.00 0.49 F1+(SO)Credit AssetTrust III (Hutchison Essar) ** 2517.29 0.25 F1+(SO)GPL Loan Trust Series I (GLENMAK PHARM) ** 2395.40 0.23 F1+(SO)INDIAN RETAIL ABS TRUST 63(A1) 24 AUG 07 ** 2106.73 0.21 LAAA(SO)Loan Sec Trust NTPC ICICI - 07 Feb 2009 ** 1338.80 0.13 AAA(SO)BHPC Auto SecTrust Ser A1 TELCO 15Jun04 ** 611.02 0.06 AAA(SO)TML Financial Services Ltd. ** 555.72 0.05 P1+(SO)Collateralised Debt Tr Sr V1-A2 25Apr08 ** 534.80 0.05 P1+(SO)Indian Corp Loan Sec Tr Sr 28 A2 27Apr08 ** 514.60 0.05 P1+(SO)Auto Receivable Trust Aug 2005 Series A1 ** 508.96 0.05 AAA(SO)BHPC Auto Sec Trust Jun 2005 Series A1 ** 462.49 0.05 AAA(SO)Corporate Loan Sec Tr Sr-V A1 (HCL) 2008 ** 271.15 0.03 A1+(SO)RETAIL TRUST HDFC SR.-A1 (24-Sep-2007) ** 269.26 0.03 A1+(SO)UBL Trust Series 12 - A1 (27-Mar-2006) ** 183.56 0.02 AAA(SO)BHPC Auto SecTrust Ser A1 TELCO 15Jun04 ** 154.04 0.02 AAA(SO)BHPC Auto Securitisation Trust Sept A2 ** 146.43 0.01 LAAA(SO)GoldStar Trust July 2004 Series A2 PTC** 140.17 0.01 AAA(SO)Indian Retail ABS Trust 60 Sr-A1(ICICI) ** 134.20 0.01 A1+(SO)Indian Retail ABS Trust Series XXV - A2 ** 54.77 0.01 AAA(SO)India Infrastructure Developers Ltd. ** 13.59 0.00 AAA(SO)Secured Loan Rec.Sec.Trust Sr3 (ICICI) ** 1.14 0.00 AAA(SO)

Treasury Bills 2245.48 0.2291 Days T-BILL 15 JUN 2007 1246.89 0.12 Sovereign364 Day T Bill 08 JUNE 2007 998.59 0.10 Sovereign

PSU/PFI Bonds/Banks 499.30 0.05National Bank for Agri. & Rural Devt. ** 499.30 0.05 AAA






@MFR 1 by ICRABirla Cash Plus - Institutional Plan

Open Ended Liquid Schemes - Institutional Plan (13 Schemes), 3 - Year Performance(Past performance is no guarantee of future results.)



Sensivity

High

Mid

Low


Credit Quality

#iiiiiValue Research Rating

Birla Cash Plus - Institutional PremiumDebt: Ultra Short-term Institutional (55 Schemes), 5 - Year Performance


CRISIL~CPR 1^^Birla Cash Plus - Institutional Premium Plan

(Past performance is no guarantee of future results.)Liquid Super Institutional Scheme (16 Schemes), 1 - Year Performance


Birla Cash Plus - RetailDebt: Ultra Short-term (56 Schemes), 5 - Year Performance(Past performance is no guarantee of future results.)


CRISIL~CPR 2^^Birla Cash Plus - Institutional Plan

(Past performance is no guarantee of future results.)Liquid Institutional Scheme (14 Schemes), 1 - Year Performance


CRISIL~CPR 2^^Birla Cash Plus - Retail Plan

(Past Performance is no guarantee of future Results)Liquid Scheme (21 Schemes), 1 - Year Performance

+mfA1+ by ICRABirla Cash Plus Fund

(Past Performance is no guarantee of future Results)

+The grading has been assigned by ICRA and indicates highest quality. The investment quality is similar to that of fixed income obligations of highest safety and with maturity corresponding upto 1 year. This grading should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns.

0.22%

1.75%

3.27%

11.57%

39.50%

43.64%

0.05%PSU/PFI Bonds/Banks

Treasury Bills

Securitised Debt

Corporate Debt




0.22%

0.81%

3.06%

39.50%

56.41%

0.00%Below AA

SovereignUnrated

AA


AAA

Birla Cash Plus - Retail - Growth Crisil Liquid Fund Index

8.27 8.52 8.52

7.44

10.9510.32 10.6

5.21

0

2

4

6

8

10

12

15 days 1 Month 3 Months Since Inception

34

J u n e 2 0 0 7

Birla Sun Life Cash ManagerAn open- ended fund. Monthly income is not assured and is subject



Past performance may or may not be sustained in future. Returns are in % and simple annualized for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

An Open-ended liquid scheme with the objective to provide current income which is consistent with a portfolio that offers investors superior liquidity by investing 100% in a diversified portfolio of debt (Fixed Income) and money market securities.



NAV : Rs.


Retail Weekly Dividend : 10.0038

Institutional Growth : 12.6988

Institutional Daily Dividend : 10.0020

Institutional Weekly Dividend : 10.0039

Load Structure

Entry Load :

Exit Load : NIL

NIL

Benchmark : Crisil Liquid Fund Index Corpus : Rs. 601.43 Crores



Asset Allocation

Rating Profile

Portfolio


ICICI Bank Ltd. 8269.73 13.75 A1+

Tata Power Company Ltd. 7795.27 12.96 P1+

Industrial Development Bank of India Ltd 6856.50 11.40 P1+

State Bank of Patiala 4019.20 6.68 A1+

UCO Bank 3585.65 5.96 P1+

Kotak Mahindra Prime Ltd. 998.47 1.66 P1+

State Bank of Mysore 942.43 1.57 P1+

ABN Amro Bank 876.06 1.46 P1+

Export-Import Bank of India 494.77 0.82 P1+

UTI Bank Ltd. 488.23 0.81 P1+

State Bank of Hyderabad 249.70 0.42 A1+




Indian Retail ABS Trust 78- A1 26 Feb 08 ** 2575.08 4.28 A1+(SO)







Sensivity

High

Mid

Low


Credit Quality

#iiiiValue Research RatingBirla Sun Life Cash Manager - Retail Plan

Debt: Ultra Short-term (56 Schemes), 5 - Year Performance(Past performance is no guarantee of future results.)


AAAf by CRISIL*Birla Sun Life Cash Manager




Birla Sun Life Cash Manager - Institutional PlanDebt: Ultra Short-term Institutional (55 Schemes), 3 - Year Performance


0.83%

4.28%

37.40%

57.49%

PSU/PFI Bonds/Banks

Securitised Debt



37.40%

62.60%


AAA

8.27 8.288.8

7.15

10.95

10.3210.6

0

2

4

6

8

10

12

1 Month 3 Months

Birla SunLife Cash Manager - Growth Crisil Liquid Fund Index

15 days Since Inception

35

J u n e 2 0 0 7Birla Asset Allocation Fund

Portfolio - Aggressive Plan Portfolio - Moderate Plan Portfolio - Conservation Plan

An Open-ended Fund of Funds scheme with the objective to provide income and capital appreciation along with diversification by investing in a basket of debt and equity Mutual Fund schemes in line with the risk profile of the investor.


Fund Managers : Mr. Satyabrata Mohanty & Mr. Ajay Garg

Date of inception / takeover : February 24, 2004NAV : Rs.Aggressive PlanGrowth : 22.0116Dividend : 22.0116Conservative PlanGrowth : 14.7314Dividend : 14.7314Moderate PlanGrowth : 18.8561Dividend : 18.8561

Load Structure (Incl. for SIP):Entry Load :Aggressive Plan : 1.50%Moderate Plan : 1.00%Conservative Plan : 0.50%Exit Load : NIL

Aggressive Plan - Investment Style Box Moderate Plan - Investment Style Box Conservation Plan-Investment Style Box

Investment Performance - Aggressive Plan


Investment Performance - Moderate Plan


Investment Performance - Conservation Plan






Birla Sunlife Equity Fund. 237.28 27.92

Birla Midcap Fund 219.85 25.87

Birla Sun Life New Millennium Fund. 163.95 19.29

Birla Dynamic Bond Fund 83.62 9.84

Birla Sunlife Cash Manager-Retail Growth 52.28 6.15

Birla Sunlife Short Term Fund - Growth 38.65 4.55

Birla Gilt Plus Inv 9.76 1.15









Birla Sunlife Cash Manager - Retail Growth 30.27 6.40





Birla Sun Life Income Fund - Growth 76.87 13.21





Birla Top 100 Fund. 0.08 0.01



#iiiiValue Research RatingBirla Asset Allocation Fund - Aggressive

Equity: Diversified (178 Schemes), 5 - Year Performance(Past performance is no guarantee of future results.)


#iiiiValue Research RatingBirla Asset Allocation Fund - Moderate

Hybrid: Equity-oriented (33 Schemes), 5 - Year Performance(Past performance is no guarantee of future results.)



Birla Asset Allocation Fund - ConservativeHybrid: Debt-oriented (34 Schemes), 5 - Year Performance


Corpus

Aggressive Plan : Rs. 8.49 Crores

Moderate Plan : Rs. 4.73 Crores

Conservative Plan : Rs. 5.81 Crores

Benchmark

Aggressive Plan : S&P CNX Nifty

Moderate Plan : Crisil Balanced Fund Index

Conservative Plan : Crisil MIP Blended Index


Sensivity

High

Mid

Low


Sensivity

High

Mid

Low


Sensivity

High

Mid

Low


Credit Quality Credit Quality Credit Quality

33.0135.53

27.33

39.8842.53

30.05

0

5

10

15

20

25

30

35

40

45


Birla AAF - Aggressive Plan - Growth S&P Nifty Birla AAF - Moderate Plan - Growth Crisil Balanced Fund Index

26.6 27.17

21.44

24.48 25.06

18.62

0

5

10

15

20

25

30


Birla AAF - Conservative Plan - Growth Crisil MIP Blended Index

14.79 14.36

12.59

8.78.13

6.84

0

2

4

6

8

10

12

14

16


36

J u n e 2 0 0 7

India Advantage Fund Ltd.(For Non-Resident Indians and Eligible Foreign Nationals)

Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more.The returns for BSE Sensex are in Indian Rupees while the returns for IAF & MSCI (India) are in US Dollars.

Portfolio

Investment via sub-fund, India Advantage (Offshore) Fund, are stated at market/fair value at the date of determination. Securities listed on a recognised stock exchange are valued at the last quoted closing price on the principal exchange on which the security istraded Non-traded securities are valued at amortised cost and/or fair value as determined in good faith by Birla Sun Life Asset Management Company Limited, India, Conversion Rate: 1 USD = INR 40.73

Asset Allocation

An Open-ended growth scheme with the objective of long-term appreciation through investment primarily in equity related securities of companies in India that are run by efficient management, have a sustainable and robust business model and are available at reasonablevaluations.


Fund Manager : Mr. Ajay Argal Date of inception / takeover : August 8, 1996

NAV $ per Class C Share : 197.51 Benchmark : BSE Sensex and MSCI (India)

Bloomberg Ticker Code : INDADVC MPAUM : USD Million186.52Conversion Rate 1 USD : INR 40.73


Investment Performance CAGR Returns (%)

Bharti Airtel Ltd Telecom-Services 13,009,452.49 7.49

Bharat Heavy Electricals Ltd. Industrial Capital Goods 12,009,863.89 6.92

Reliance Industries Ltd. Petroleum Products 9,939,749.57 5.72

Infosys Technologies Ltd. Software 9,429,167.69 5.43

ICICI Bank Ltd. Banks 6,768,229.81 3.90

ITC Ltd. Consumer Non Durables 6,592,417.25 3.80

Hindustan Petroleum Corporation Ltd. Petroleum Products 6,205,278.06 3.57

United Phosphorus Ltd. Pesticides 6,054,060.94 3.49

Reliance Communications Ventures Ltd Telecom-Services 5,579,977.90 3.21

Satyam Computers Services Ltd. Software 5,441,964.15 3.13

United Spirits Ltd. Consumer Non Durables 4,879,155.41 2.81

Maharashtra Seamless Ltd Ferrous Metals 4,790,077.81 2.76

Bharat Electronics Ltd. Industrial Capital Goods 4,693,404.37 2.70

Tata Consultancy Services Ltd Software 4,629,059.66 2.67

Wockhardt Ltd Pharmaceuticals 4,582,310.34 2.64

Indraprastha Gas Gas 4,312,897.40 2.48

Subex Systems Ltd. Software 4,287,571.67 2.47

Housing Development Finance Corporation Ltd. Finance 4,133,857.11 2.38

Hindustan Lever Ltd. Consumer Non Durables 3,997,053.77 2.30

Fag Bearings India Ltd. Industrial Products 3,856,196.89 2.22

AIA Engineering Ltd. Industrial Capital Goods 3,696,561.58 2.13

Indian Overseas Bank Banks 3,579,548.24 2.06

Bharat Forge Ltd. Auto Ancillaries 3,528,206.92 2.03

Thermax Ltd. Industrial Capital Goods 3,269,391.49 1.88

Larsen & Toubro Ltd. Construction 3,091,454.70 1.78

Glaxo Smithkline Pharma Ltd. Pharmaceuticals 2,830,708.66 1.63

Oil & Natural Gas Corporation Ltd. Oil 2,814,848.23 1.62

Mphasis BFL Ltd. Software 2,796,585.45 1.61

Tata Motors Ltd. Auto 2,789,712.74 1.61

Name of the Security Sector Market Value Percentage(US Dollars) of Portfolio

Name of the Security Sector Market Value Percentage(US Dollars) of Portfolio

Nagarjuna Construction Co. Ltd. Construction 2,768,720.84 1.59

Greaves Cotton Ltd. Industrial Products 2,481,544.35 1.43

Amtek India Ltd. Auto Ancillaries 2,286,479.18 1.32

Idbi Ltd BANKS 1,865,946.48 1.07

Jsw Steel Ltd. Ferrous Metals 1,860,422.29 1.07

Engineers (India) Ltd. Industrial Capital Goods 1,781,245.85 1.03

Union Bank Of India Banks 1,772,881.17 1.02

Tata Chemicals Ltd. Fertilisers 1,138,593.98 0.66

Pfizer India Ltd. Pharmaceuticals 834,164.96 0.48

Dishman Pharmaceuticals Pharmaceuticals 751,493.38 0.43

Colgate Palmolive Ltd. Consumer Non Durables 682,374.82 0.39

Mcdowell Holdings Ltd. Consumer Non Durables 403,778.50 0.23

Total Equity Holdings 172,216,410.01 99.19

CALL & CALL EQUIVALENTS :

BCPB Cash and Cash Equivalent 68.59 0.000040

CORPORATE DEBT :

Trent Ltd Trent Ltd - Warrants 187,413.99 0.11

CFIL IRS08 MIOIS 07R Cash and Cash Equivalent 1,227,596.37 0.71

TOTAL 173,631,488.96 100.00

OTHER NET ASSETS (SUB FUND) 13,215,194.49

OTHER NET ASSETS (MAIN FUND) (324,669.51)

NET ASSETS 186,522,013.95


Large

Mid

Small


Investment Style

'C' Class shares of India Advantage Fund Ltd. listed on Channel Islands Stock Exchange (CISX) with effect from 15th February 2007.

CISX Mnemonic Code - IAFC

0.11%

0.66%

0.71%

1.61%

1.62%

2.38%

2.48%

3.35%

3.38%

3.49%

3.65%

3.83%

5.18%

8.06%

9.30%

9.53%

10.71%

14.66%

15.31%

Trent Ltd - Warrants

Fertilisers

Cash and Cash Equivalent

Auto

Oil

Finance

Gas

Auto Ancillaries

Construction

Pesticides

Industrial Products

Ferrous Metals

Pharmaceuticals

Banks

Petroleum Products


Telecom-Services


Software

India Advantage Fund Ltd. BSE Sensex MSCI (India)

50.64 50.04

53.23

32.24 31.87

39.87

45.11

36.00

14.50 14.69

60.20

49.48

39.13

0%

10%

20%

30%

40%

50%

60%

70%

1 year 3 Years 5 Years 10 Years Since Inception

J u n e 2 0 0 7

Dividend History(For select Schemes)

Birla Income Plus 16-Mar-06 10.00 0.888 0.0888 0.827 0.0827 10.085626-June-06 10.00 1.228 0.1228 1.143 0.1143 10.244315-Sep-06 10.00 1.081 0.1081 1.007 0.1007 10.275115-Dec-06 10.00 1.537 0.1537 1.431 0.1431 10.328115-Mar-07 10.00 0.930 0.0930 0.866 0.0866 10.1064

Birla Bond Index Fund 16-Mar-06 10.00 0.899 0.0899 0.837 0.0837 10.164826-June-06 10.00 0.965 0.0965 0.898 0.0898 10.330515-Sep-06 10.00 1.093 0.1093 1.018 0.1018 10.374115-Dec-06 10.00 1.552 0.1552 1.446 0.1446 10.212015-Mar-07 10.00 1.546 0.1546 1.440 0.1440 10.2859

Birla Gilt Plus - Liquid Plan - 16-Mar-06 10.00 1.158 0.1158 1.078 0.1078 10.5739 (Quarterly Dividend) 26-June-06 10.00 1.294 0.1294 1.205 0.1205 10.7361

15-Dec-06 10.00 1.719 0.1719 1.601 0.1601 10.838215-Sep-06 10.00 1.082 0.1082 1.008 0.1008 10.719315-Mar-07 10.00 1.725 0.1725 1.607 0.1607 10.7938

Birla Gilt Plus - PF Plan 16-Mar-06 10.00 1.403 0.1403 0.1307 1.307 10.6278(Quarterly Dividend) 26-June-06 10.00 1.403 0.1403 0.1307 1.307 10.6278

15-Dec-06 10.00 1.59 0.159 1.481 0.1481 10.836015-Sep-06 10.00 1.228 0.1228 1.143 0.1143 10.642215-Mar-07 10.00 1.614 0.1614 1.503 0.1503 10.5853

Birla Gilt Plus - Regular Plan 16-Mar-06 10.00 1.339 0.1339 1.247 0.1247 10.9616(Quarterly Dividend) 26-June-06 10.00 1.478 0.1478 1.376 0.1376 11.0499

15-Dec-06 10.00 1.886 0.1886 1.756 0.1756 11.187215-Sep-06 10.00 1.377 0.1377 1.282 0.1282 11.053815-Mar-07 10.00 1.693 0.1693 1.576 0.1576 11.1679

Birla MIP (Monthly Dividend Plan) 28-April-06 10.00 0.496 0.0496 0.462 0.0462 11.037226-May-06 10.00 0.481 0.0481 0.448 0.0448 10.903326-June-06 10.00 0.481 0.0481 0.448 0.0448 10.758528-July-06 10.00 0.377 0.0377 0.351 0.0351 10.779225-Aug-06 10.00 0.488 0.0488 0.454 0.0454 10.935029-Sep-06 10.00 0.640 0.0640 0.596 0.0596 11.132327-Oct-06 10.00 0.521 0.0521 0.485 0.0485 11.187824-Nov-06 10.00 0.581 0.0581 0.541 0.0541 11.263629-Dec-06 10.00 0.730 0.0730 0.68 0.0680 11.1921

Birla Advantage Fund 27-Aug-99 20 2.00 10.00 33.8122-Mar-00 80 8.00 10.00 70.3728-Nov-03 30 3.00 10.00 44.8823-Jan-04 20 2.00 10.00 47.3312-Mar-04 25 2.50 10.00 46.1023-Mar-05 50 5.00 10.00 54.2516-Dec-05 50 5.00 10.00 65.89

Birla Equity Plan 31-Mar-00 25 2.50 10.00 30.4315-Feb-02 10 1.00 10.00 12.4517-Oct-03 15 1.50 10.00 24.8926-Mar-04 15 1.50 10.00 26.9021-Oct-05 40 4.00 10.00 42.1016-Dec-05 40 4.00 10.00 46.5017-Feb-06 40 4.00 10.00 44.54

Birla Sun Life Equity Fund 10-Feb-06 50 5.00 10.00 58.9423-Mar-07 100 10.0 10.00 74.45

Birla India Opportunities Fund 04-Feb-00 25 2.50 10.00 28.9714-Jan-03 10 1.00 10.00 12.1627-Feb-04 60 6.00 10.00 18.6926-Oct-04 12.5 1.25 10.00 14.1716-Sep-05 40 4.00 10.00 14.90

Birla MNC Fund 22-Feb-02 40 4.00 10.00 27.1629-Aug-03 50 5.00 10.00 30.5818-Jan-05 50 5.00 10.00 42.8026-Aug-05 75 7.50 10.00 41.05

Birla Midcap Fund 24-Jan-03 5 0.50 10.00 10.5219-Jun-03 10 1.00 10.00 11.8322-Jul-03 10 1.00 10.00 11.81

24-Dec-03 60 6.00 10.00 18.358-Oct-04 12.5 1.25 10.00 13.72

28-Jan-05 10 1.00 10.00 14.753-Feb-06 20 2.00 10.00 22.59

22-Dec-06 35 3.50 10.00 25.94

Birla Dividend Yield Plus 30-May-03 8 0.80 10.00 11.84

# EQUITY SCHEMES Declared Dividend Dividend Face value Cum Dividend NAV

on date (%) (Rs. per unit) (Rs.) (Rs. per unit)

# EQUITY SCHEMES Declared Dividend Dividend Face value Cum Dividend NAV

on date (%) (Rs. per unit) (Rs.) (Rs. per unit)

Birla Dividend Yield Plus 13-Jun-03 5 0.50 10.00 10.8824-Jul-03 12 1.20 10.00 11.62

19-Sept-03 18 1.80 10.00 12.0931-Oct-03 10 1.00 10.00 11.8726-Dec-03 15 1.50 10.00 13.9313-Feb-04 10 1.00 10.00 12.5828-Sep-04 8 0.80 10.00 11.5724-Dec-04 14 1.40 10.00 13.7511-Mar-05 10 1.00 10.00 12.85

1-July-05 8 0.80 10.00 11.2628-Oct-05 8 0.80 10.00 11.9413-Jan-06 16 1.60 10.00 11.89

27-April-06 10 1.00 10.00 13.0710-Oct-06 8 0.80 10.00 11.67

30-April-07 8 0.80 10.00 11.20

Birla Index Fund 17-Oct-03 56 5.60 10.00 16.1903-Feb-04 16.5 1.65 10.00 11.9923-Mar-07 65 6.50 10.00 21.83

Birla Balance 17-Oct-03 15 1.50 10.00 13.3220-Jan-06 50 5.00 10.00 15.13

Birla Sun Life New Millennium 27-Jan-06 20 2.00 10.00 11.67Fund

Birla Sun Life Frontline Equity 27-Feb-06 80 8.00 10.00 20.88Fund 28-Aug-06 60 6.00 10.00 23.56

Birla Sun Life Basic Industries 24-Mar-06 100 10.00 10.00 35.08Fund - Dividend 19-Jan-07 105 10.50 10.00 39.60

Birla Sun Life Buy India Fund - 28-Mar-06 75 7.50 10.00 17.54Dividend

Birla Sun Life '95 Fund -Dividend 10-Mar-06 25 2.50 10.00 68.53

Birla Sun Life Tax Relief 96 27-Apr-06 500 50.00 10.00 224.518-Dec-06 250 25.00 10.00 193.94

19-Jan-07 260 26.00 10.00 176.5416-Mar-07 500 50.00 10.00 134.27

Birla Top 100 Fund - Dividend 12-Jan-07 15 1.50 10.00 16.072

# DEBT SCHEMES Date Face Value Dividend Dividend Cum Dividend NAV

(%) (Rs. per unit) (%) (Rs. per unit) (Rs. per unit)

#Dividend Dividend

Non Corporate Corporate

EQUITY SCHEMES

DEBT SCHEMES

37

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Dividend History(For select Schemes)

Birla MIP (Monthly Dividend Plan)23-Feb-07 10.00 0.578 0.0578 0.538 0.0538 10.998730-Mar-07 10.00 0.733 0.0733 0.683 0.0683 10.9307

27-April-07 10.00 0.565 0.0565 0.526 0.0526 10.937325-May-07 10.00 0.551 0.0551 0.513 0.0513 11.0276

Birla MIP II - Savings 5 Plan

(Monthly Dividend Plan) 26-May-06 10.00 0.419 0.0419 0.390 0.0390 10.135026-June-06 10.00 0.339 0.0339 0.316 0.0316 10.085028-July-06 10.00 0.339 0.0339 0.316 0.0316 10.106125-Aug-06 10.00 0.372 0.0372 0.346 0.0346 10.142529-Sep-06 10.00 0.552 0.0552 0.514 0.0514 10.227827-Oct-06 10.00 0.444 0.0444 0.413 0.0413 10.212824-Nov-06 10.00 0.461 0.0461 0.430 0.0430 10.224229-Dec-06 10.00 0.577 0.0577 0.537 0.0537 10.212129-Jan-07 10.00 0.510 0.051 0.475 0.0475 10.144723-Feb-07 10.00 0.460 0.0460 0.429 0.0429 10.158730-Mar-07 10.00 0.590 0.0590 0.550 0.0550 10.1626

27-April-07 10.00 0.458 0.0458 0.426 0.0426 10.099025-May-07 10.00 0.458 0.0458 0.426 0.0426 10.1252

Birla MIP II - Wealth 25 Plan 28-April-06 10.00 0.571 0.0571 0.532 0.0532 11.2454

(Monthly Dividend Plan) 26-May-06 10.00 0.551 0.0551 0.513 0.0513 11.044526-June-06 10.00 0.551 0.0551 0.513 0.0513 10.860728-July-06 10.00 0.430 0.0430 0.040 0.0040 10.832725-Aug-06 10.00 0.508 0.0508 0.473 0.0473 11.025529-Sep-06 10.00 0.692 0.0692 0.644 0.0644 11.220427-Oct-06 10.00 0.562 0.0562 0.524 0.0524 11.308124-Nov-06 10.00 0.605 0.0605 0.564 0.0564 11.432729-Dec-06 10.00 0.765 0.0765 0.712 0.0712 11.344429-Jan-07 10.00 0.671 0.0671 0.625 0.0625 11.291923-Feb-07 10.00 0.604 0.0604 0.563 0.0563 11.096630-Mar-07 10.00 0.763 0.0763 0.711 0.0711 10.9953

27-April-07 10.00 0.587 0.0587 0.546 0.0546 10.989025-May-07 10.00 0.629 0.0629 0.585 0.0585 11.0915

Birla Sun Life Monthly Income - 28-April-06 10.00 0.641 0.0641 0.597 0.0597 11.0372

Monthly Dividend 31-May-06 10.00 0.759 0.0759 0.706 0.0706 10.610030-June-06 10.00 0.614 0.0614 0.572 0.0572 10.445728-July-06 10.00 0.506 0.0506 0.471 0.0471 10.399531-Aug-06 10.00 0.588 0.0558 0.519 0.0519 10.488329-Sep-06 10.00 0.586 0.0586 0.546 0.0546 10.746931-Oct-06 10.00 0.730 0.0730 0.680 0.0680 10.853130-Nov-06 10.00 0.691 0.0691 0.644 0.0644 10.931929-Dec-06 10.00 0.695 0.0695 0.648 0.0648 10.821831-Jan-07 10.00 0.758 0.0758 0.706 0.0706 10.853923-Feb-07 10.00 0.580 0.0580 0.540 0.0540 10.631130-Mar-07 10.00 0.482 0.0482 0.449 0.0449 10.595030-April-07 10.00 0.496 0.0496 0.461 0.0461 10.696931-May-07 10.00 0.673 0.0673 0.626 0.0626 10.8253

Birla Sun Life Monthly Income - 31-Mar-06 10.00 1.579 0.1579 0.147 0.0147 10.9727

Quarterly Dividend 29-Sep-06 10.00 1.666 0.1666 1.552 0.1552 11.244929-Dec-06 10.00 1.686 0.1686 1.571 0.1571 11.177630-Mar-07 10.00 1.710 0.1710 1.593 0.1593 11.1777

Birla Sun Life Income Fund - 16-Mar-06 10.00 0.887 0.0887 0.826 0.0826 10.0687

Quarterly Dividend 15-Sep-06 10.00 1.278 0.1278 1.188 0.1188 10.266415-Dec-06 10.00 1.644 0.1644 0.1531 0.01531 10.449226-Jun-06 10.00 0.148 0.0148 0.1378 0.01378 10.258115-Mar-07 10.00 1.552 0.1552 1.446 0.1446 10.3444

Birla Sun Life Income Fund- 16-Mar-06 10.00 0.908 0.0908 0.845 0.0845 10.4176

Half Yearly Dividend 15-Sep-06 10.00 2.960 0.2960 2.750 0.2756 10.799715-Mar-07 10.00 3.191 0.3191 2.971 0.2971 10.8886

Birla Sun Life Govt. Securities - 16-Mar-06 10.00 1.124 0.1124 1.047 0.1047 10.2391

Long Term Dividend 15-Sep-06 10.00 2.236 0.2236 2.083 0.2083 10.475915-Mar-07 10.00 3.113 0.3113 2.899 0.2899 10.4817

Birla Sun Life Govt. Securities - 16-Mar-06 10.00 1.102 0.1102 1.027 0.1027 10.0655

Short Term Dividend 26-June-06 10.00 1.228 0.1228 1.143 0.1143 10.198515-Dec-06 10.00 1.194 0.1194 0.1112 0.0112 10.376315-Sep-06 10.00 0.978 0.0978 0.911 0.0911 10.155915-Mar-07 10.00 1.440 0.1440 1.341 0.1341 10.3702

Birla Dynamic Bond Fund - Retail - 02-Jan-06 10.00 4.809 0.4809 4.479 0.4479 10.0305

Quarterly Dividend 29-Sep-06 10.00 1.228 0.1228 1.143 0.1143 10.221829-Dec-06 10.00 1.201 0.1201 1.118 0.1118 10.096430-Mar-07 10.00 1.096 0.1096 1.021 0.1021 10.2424

29-Jan-07 10.00 0.641 0.0641 0.597 0.0597 11.0777

28-April-06 10.00 0.419 0.0419 0.390 0.0390 10.1356

# DEBT SCHEMES Date Face Value Dividend Dividend Cum Dividend NAV

(%) (Rs. per unit) (%) (Rs. per unit) (Rs. per unit)

#Dividend Dividend

Non Corporate Corporate

DEBT SCHEMES

38

J u n e 2 0 0 7

#Value Research Ratings

@ ICRA – Ranking Methodology and Disclaimer

+ ICRA mfAAA and mfA1+ Rating Methodology for Birla Floating Rate (Short Term & Long Term) and Birla Cash Plus Respectively

* CRISIL AAAf Rating Methodology for Birla Bond Plus and Birla Sun Life Cash Manager

^^Crisil CPR – Ranking Methodology & Disclaimer

The Ratings are a Composite Measure of historical Risk-Adjusted Returns. For Equity and Hybrid Funds, Ratings for the two time periods (3 and 5 years) are combined to give a single assessment of each fund’s risk rating vis-à-vis other funds in the category. For Debt funds and Long & Medium-term Gilt funds, the Ratings are arrived at by combining the assessment for 2 time periods (18 months and 3 years), based on weekly risk-adjusted performance. For Short-term and Ultra Short-term debt funds and Short-term Gilt funds, the Ratings are based on 18-month weekly risk-adjusted performance, relative to the other funds in category. Entry/Exit Loads not considered.5-stars indicate that fund is in top 10% of its category. 4-stars indicate that fund is in next 22.5% of its category. Following is the number of schemes in each category: Equity Diversified (178), Equity: Index (22), Equity Tax Planning (29), Hybrid: Equity Oriented (33), Hybrid: Debt-oriented (34), Hybrid: Monthly Income (39), Debt: MT (52), Debt: ST (23), Debt: Ultra ST (56), Debt: Ultra ST-Inst. (55), Debt: Floating Rate ST (13) Debt: Floating Rate LT (16), Gilt: Medium and LT (43), Gilt: ST (16). Fund Ratings are as on 31 May ’07. Ranking Source: Mutual Funds Insight.

Birla Sun Life Equity Fund (Category: Open Ended Diversified Equity – Defensive, No of Schemes = 32), Birla Gilt Plus – Liquid Plan (Category: Open Ended Gilt – Short Term, No of Schemes = 12), Birla Cash Plus – Institutional Plan (Category: Open Ended Liquid – Institutional Plan, No of Schemes = 13): are ranked ICRA MFR 1 by ICRA Mutual Funds Awards 2007 for 3 yr performance for period ended 31 Dec. ’06 indicating performance within top 10% of the category. Ranks are based on in-depth analysis of critical parameters, including: risk-adjusted performance; portfolio concentration characteristics; liquidity; corpus size; average maturity; and portfolio turnover. Entry/Exit Loads not considered. Ranking Source & Publisher: ICRA Online.

Birla Floating Rate Fund – Short Term & Birla Floating Rate Fund – Long Term: The credit risk rating assigned to the schemes is mfAAA. The rating is the highest-credit-quality rating assigned by ICRA to debt funds. BIrla Cash Plus: The credit risk rating assigned to the scheme is mfA1+. The highest-credit-quality short-term rating assigned by ICRA to debt funds.Rating methodology used by ICRA is based on evaluating the inherent credit quality of the funds portfolio. As a measure of the credit quality of a debt fund’s assets, ICRA uses the concept of ”credit scores”, based on ICRA’s assessment of credit risk associated with each exposure of the portfolio taking into account its maturity, investment objectives and policies, its management characteristics and the creditworthiness of its investment portfolio. ICRA reviews relevant fund information on an ongoing basis to support its published rating opinions. Source: ICRA Ltd.

AAAf The fund’s portfolio holdings provide very strong protection against losses from credit defaults.Aaf The fund’s portfolio holdings provide strong protection against losses from credit defaults. The credit quality ratings are based on an analysis of the fund’s investment philosophy, its management, investment strategies, operational policies and internal controls. Credit quality incorporates the credit risk of securities and the counter-party risk involved in transactions CRISIL has developed a Credit Quality Matrix to evaluate a bond fund’s overall level of protection against losses associated with credit default. The matrix is a set of credit factors & credit scores derived scientifically from CRISIL’s rating default and transition rates over past ten years. Ranking source: CRISIL FundServices, CRISIL Ltd.

Birla Sun Life Frontline Equity Fund: CRISIL~CPR 1 - Large Cap Oriented Equity Scheme Category (23 Schemes). Birla Sun Life Income Fund: CRISIL~CPR 1 - Income Scheme Category (19 Schemes).Birla Sun Life Short Term Fund: CRISIL~CPR 1 - Debt ST Scheme Category (13 Schemes).

Birla Cash Plus: Institutional Premium: CRISIL~CPR 1 - Liquid Super Inst. Scheme Category (16 Schemes).Birla Sun Life Equity Fund: CRISIL~CPR 2 - in Diversified Equity Scheme Category (56 schemes)Birla Sun Life Tax Relief ‘96: CRISIL~CPR 2 - ELSS Category (14 schemes)Birla Income Plus: CRISIL~CPR 2 - Income Scheme Category (19 schemes)Birla Cash Plus - Retail: CRISIL~CPR 2 - Liquid Scheme Category (21 schemes)Birla Cash Plus - Institutional: CRISIL~CPR 2 - Liquid Inst. Scheme Category (14 schemes)Birla Gilt Plus – Regular Plan: CRISIL~CPR 2 - Gilt Scheme Category (17 schemes)Birla Sun Life Monthly Income: CRISIL~CPR 2 - MIP Conservative Scheme Category (9 schemes)CRISIL~Composite Performance Ranking - (CRISIL~CPR) is the relative performance ranking of mutual fund schemes within the peer group. The criteria used for computing the ranking are AUM in excess of category cut-off limits & portfolio disclosure and performance in case of Liquid Plans, Floating Rate and Debt-Short funds – Last 1 years; All other Schemes – Last 2 years. Fund Ratings are as on 30 April ’07. Ranking is done on the following parameters depending on scheme category.

CRISIL~CPR 1 - indicates “Very Good" performance & ranks within top 10% of the respective category.CRISIL~CPR 2 - indicates “Good" performance & ranks within top 30% of the respective category. Ranking Source: Crisil FundServices, CRISIL Limited

Birla Sun Life ‘95 Fund – Growth (BSL’95): Best Fund - Mixed Asset INR Aggressive, 1996 – 2006Birla Gilt Plus – Regular Plan (BGP - Reg): Best Fund - Bond Indian Rupee – Government, 2001 – 2006BSL’95 & BGP – Reg are awarded on the basis of Consistent Return (Effective Return) value within the 5 funds in the Mixed Asset INR Aggressive category and 28 funds in the Bond Indian Rupee – Government category, respectively. Entry/Exit load not considered. Ranking source: Lipper - A Reuter Company.

Standard & Poor’s A: The fund demonstrates high standards of quality based on its investment process, risk awareness and consistency of performance relative to its own objectives. Ranking Methodology: The Fund has provided consistent, above average, risk-adjusted returns relative to its peers over a three-year period ending December 31, 2006. The Fund is assessed by S&P on basis of quantitative factors viz. historical performance for consistency, discrete period performance comparisons and measurement over 3 discrete twelve-month periods, including 6 month moving average size, turnover, dealing, liquidity of portfolio, gearing, client base, cost, fees and on evaluation of qualitative factors viz. fund management group, portfolio manager and investment team that contributes to long term performance.

& Lipper Awards 2007 – Ranking Methodology & Disclaimer

@@ S & P Fund Management Rating

Methodology of Ranking

For further details on our Funds, please contact our Customers Service Centres at details given below.

BIRLA SUN LIFE AMC LTD. BRANCHES

Disclaimer: Any information contained in this publication does not constitute and shall be deemed not to constitute an advice, an ofsecurities of any entity, and further, Birla Sun Life AMC Ltd./ its subsidiaries / affiliates / sponsors / trustee or their officers, employees, personnel, directors shall not be liable for any loss, damage, liability whatsoever for any direct or indirect loss arising from the use or access of any information that may be displayed in this publication from time to time. Recipients of the information contained herein should exercise due care and caution and read the offer documents (including if necessary, obtaining the advice of tax / legal / accounting / financial / other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained herein.Editorial opinions expressed in the 'Connect' are not necessarily those of Birla Sun Life AMC Ltd. or any of their officers, employees, personnel, directors and Birla Sun Life AMC Ltd. and its officers, employees, personnel, directors do not accept responsibility for the editorial content. Birla Sun Life AMC Ltd. or any of its officers, employees, personnel, directors make no representation as to the accuracy, completeness or reliability of the editorial content and hereby disclaim any liability with regard to the same.

fer to sell/ purchase or as an invitation or solicitation to do so for any

Statutory Details: Constitution: Birla Mutual Fund (BMF) has been set up as a Tand Sun Life (India) AMC Investments Inc. (liability restricted to seed corpus of Rs. 1 Lac) Trustee: Birla Sun Life Trustee Company Pvt. Ltd. Investment Manager: Birla Sun Life Asset Management Company Ltd. Risk Factors: Mutual Funds and securities investments are subject to market risks and there can be no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in securities, the NAV of the Units issued under the Scheme may go up or down depending on the various factors and forces affecting capital markets and money markets. Past performance of the Sponsor / Investment Manager / Mutual Fund does not indicate the future performance of the Schemes and may not necessarily provide a basis of comparison with other investments. The names of the Schemes do not, in any manner, indicate either the quality of the Schemes or their future prospects or returns. Unitholders in the schemes are not being offered any guaranteed/assured returns. Please refer to the Addendum / Offer Document for scheme specific risk factors before investing. Investors should read the Offer Document/ Key Information Memorandum available at Investor Service Centers and with distributors carefully before investing.

The Material provided in the Connect cannot be reproduced or quoted anywhere without express permission from Birla Sun Life Asset Management Company Ltd.

rust under the Indian Trust Act, 1882. Sponsors: Birla Global Finance Ltd. (since merged with Aditya Birla Nuvo Limited)

AGRA : 0562-2524409AHMEDABAD : 079-2640 3553 /48BANGALORE : 080-2238 9991 / 2 / 3BARODA : 0265-658 2984 / 2986BHUBANESHWAR : 0674-253 5521 / 3413CHANDIGARH : 0172-274 9172 / 73CHENNAI : 044-4204 5003 / 2819 1681COCHIN : 0484-238 3969 / 236 6817COIMBATORE : 0422-435 0262 / 64

GOA : 0832-243 7628 / 29GUWAHATI : 0361-259 5020 / 259 9273INDORE : 0731-504 0496 / 253 4502JAIPUR : 0141-238 9082 /9115KANPUR : 0512-233 1116 / 1121KOLKATA : 033-2288 2592 / 94 / 95LUCKNOW : 0522-409 4110LUDHIANA : 0161-508 8847 / 277 1217MUMBAI (FORT) : 022-6637 9999

MUMBAI (HEAD OFFICE : 022-6692 8000MUMBAI (PRABHADEVI) : 022-6666 1035 / 36NAGPUR : 0712-663 0899 / 4300NEW DELHI : 011-2332 3070PATNA : 0612-220 7022 / 7023PUNE : 020-66011865 / 66 / 67SECUNDARABAD : 040-6531 1052 / 3580SURAT : 0261-658 1707 / 1708VARANASI : 0542-222 7755 / 56

39

Parameters Scheme CategorySuperior Return Score Large Cap Oriented Equity, Diversified Equity, ELSS, Sectoral-IT, Debt, Balance, Monthly

Income Plan (Aggressive & Conservative) and Gilt categories.Mean Return and Volatility Liquid Plans, Floating Rate and Debt- Short term schemesPortfolio Concentration Analysis All SchemesLiquidity Analysis All SchemesAsset Quality Debt SchemesAverage Maturity Debt SchemesDownside Risk Probability Debt- Short Term, Floating Rate Funds, Liquid, Liquid- Institutional & Super Institutional.Asset Size Debt- Short Term, Floating Rate Funds, Liquid, Liquid- Institutional & Super Institutional.

Our Investment Team (In alphabetical order):

A. Balasubramanian Chief Investment Officer

Ajay Argal Senior Fund Manager-Equity

Ajay Garg Fund Manager-Equity

Atul Penkar Research Analyst-Equity

Gaurav Kapur Research Analyst-Equity

Jayesh Gandhi Fund Manager-Equity

Lokesh Mallya Credit Analyst-Fixed Income

Mahesh Patil Fund Manager-Equity

Maneesh Dangi Fund Manager-Fixed Income

Navneet Munot CIO-Fixed Income, Hybrid Funds

Naysar Shah Equity Analyst

Prasad Dhonde Credit Analyst

Satyabrata Mohanty Fund Manager-Fixed Income

Hemang Dagli Dealer

Sujit Patki Dealer-Equity

Sunaina da Cunha Credit Analyst-Fixed Income

Vineet Maloo Equity Analyst

Statutory Details: Constitution: Birla Mutual Fund (BMF) has been set up as a Trust under the Indian Trust Act, 1882. Sponsors: Sun Global Finance Ltd. (since merged with Aditya Birla Nuvo Limited and Sun Life (India) AMC Investments Inc. (liability restricted to seed corpus of Rs. 1 Lac) Trustee: Birla Sun Life Trustee Company Pvt. Ltd. Investment Manager: Birla Sun Life Asset Management Company Ltd. Risk Factors: Mutual Funds and securities investments are subject to market risks and there can be no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in securities, the NAV of the Units issued under the Scheme may go up or down depending on the various factors and forces affecting capital markets and money markets. Past performance of the Sponsor / Investment Manager / Mutual Fund does not indicate the future performance of the Schemes and may not necessarily provide a basis of comparison with other investments. The names of the Schemes does not, in any manner, indicate either the quality of the Schemes or their future prospects or returns. Unitholders in the schemes are not being offered any guaranteed/assured returns. Investors should read the Offer Document/ Key Information Memorandum available at Investor Service Centers and with distributors carefully before investing.

Investing systematically in equity funds has been a proven method for creation wealth

in the long-term. Birla Mutual Fund offers you a basket of high performing equity schemes

to choose from. Take the first step towards realising your dreams. Start an SIP today.

SMS ‘SIP’ to 6767 or Call: 1-800-22-7000

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