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O C T O B E R 2 0 0 6

2

Our Investment Team

(In alphabetical order):

A. BalasubramanianChief Investment Officer

Abhijit SarkarPortfolio Manager-Privileged Account Service

Ajay ArgalSenior Fund Manager-Equity

Ajay GargTrader

Ankit SanchetiResearch Analyst / Secondary Fund Manager

Atul PenkarResearch Analyst-Equity

Gaurav KapurResearch Analyst-Equity

Jayesh GandhiFund Manager-Equity

Lokesh MallyaCredit Analyst-Fixed Income

Mahesh PatilFund Manager-Equity

Maneesh DangiFund Manager-Fixed Income

Navneet MunotCIO-Fixed Income, Hybrid Funds

Satyabrata MohantyFund Manager-Fixed Income

Sharad RamnarayananResearch Analyst / Secondary Fund Manager

Sujit PatkiDealer-Equity

Sunaina da CunhaCredit Analyst-Fixed Income

CONTENTS

Methodology of Ranking 2

Market Outlook 3

Birla Advantage Fund 4

Birla Dividend Yield Plus 5

Birla Midcap Fund 6

Birla MNC Fund 7

Birla IndiaOpportunities Fund 8

Birla India GenNext Fund 9

Birla Index Fund 10

Birla Infrastructure Fund 11

Birla Equity Plan 12

Birla Top 100 Fund 13

Birla Sun Life Buy India Fund 14

Birla Sun Life New Millennium Fund 15

Birla Sun Life Basic Industries Fund 16

Birla Sun Life Frontline Equity Fund 17

Birla Sun Life Equity Fund 18

Birla Sun Life Tax Relief '96 19

Birla Balance 20

Birla Sun Life '95 Fund 21

Birla MIP 22

Birla MIP II - Savings 5 Plan 23

Birla MIP II - Wealth 25 Plan 24

Birla Sun Life Monthly Income 25

Birla Income Plus 26

Birla Sun Life Income Fund 27

Birla Gilt Plus 28

Birla Sun Life Government Securities Fund 29

Birla Dynamic Bond Fund 30

Birla Bond Index Fund 30

Birla Bond Plus 31

Birla Sun Life Short Term Fund 32

Birla Floating Rate Fund 33

Birla Cash Plus 34

Birla Sun Life Cash Manager 35

Birla Asset Allocation Fund 36

India Advantage Fund 37

Dividend History 38-39

EQ

UI

TY

DE

BT

Q U A R T E R L Y

# Value Research Rankings

^CNBC Award Methodology

@ICRA - Ranking Methodology & Disclaimer:

CRISIL AAAf Rating Methodology for Birla Income Plus, Birla Bond Plus, Birla Bond Index Fund and Birla Sun Life Cash Manager

Value Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity and hybrid funds this rating is based on the weighted average monthly returns for the last 3 and 5-year periods. In the case of debt funds this rating is based on the weighted average weekly returns for the last 18 months and 3-year periods and in case of short-term debt funds - weekly returns for the last 18 months. These ratings do not take into consideration any entry or exit load. Five-stars indicate that a fund is in the top 10 per cent of its category in terms of historical risk-adjusted returns. Four stars indicate that a fund is in the next 22.5 per cent of its category, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. The number of schemes in each category is mentioned along side the categories name. Equity Diversified (72), Equity : Index (18), Equity Tax Planning (19), Hybrid Equity Oriented (21), Hybrid: Monthly Income (37), Debt: Medium-term (41), Gilt: Medium and Long-term (41), Gilt: Short-term (16), Debt: Ultra Short-term (35), Debt: Ultra Short-term Institutional (29), Debt: Short-term (21), Debt: Floating Rate Short-term (19) Debt: Floating Rate Long-term (14), Hybrid: Debt-oriented (15). These Fund Ratings are as on September 30, 2006. The Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. The Ratings are subject to change every month. The Rating is based on primary data provided by respective funds, Value Research does not guarantee the accuracy.

CNBC TV18 - CRISIL Mutual Fund of the Year Award for Birla Income Plus Plan B and Birla Bond Plus - Retail Birla Income Plus Plan B was among the 2 schemes that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Open - ended Income Funds Category. In total 13 schemes were eligible for the award universe.Birla Bond Plus - Retail was among the 2 schemes that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Open-ended Income-Short Term Funds Category. In total 14 schemes were eligible for the award universe Schemes present in all four quarter CRISIL CPRs were considered for the award. The awards are based on consistency of schemes' performance in the four quarterly CRISIL CPR rankings released during the calendar year 2004. The individual CRISIL CPR parameter scores averaged for the four quarters and further multiplied by the parameter weight as per the CRISIL CPR methodology to arrive at the final scores. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, Average Maturity, Concentration, Liquidity and Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. A detailed methodology of the CRISIL CPR is available at www.crisil.com. Rankings and Award Source: CRISIL FundServices, CRISIL Ltd.

The assigned rating indicates that Birla Income Plus, Birla Bond Plus, Birla Bond Index Fund and Birla Sun Life Cash Manager's proposed portfolio holdings provide strong protection against losses due to credit

Birla Gilt Plus – Liquid Plan has been has been ranked ICRA MFR 1 and awarded the ICRA Mutual Fund Gold Award in the category Gilt – Short Term for its 3 year performance till December 31, 2005. The Award indicates the best performance within the stated category, which had a total of 11 similar schemes, including this scheme. The rank is an outcome of an objective and comparative analysis against various performance parameters, including: risk adjusted return; fund size, Sector Concentration, Portfolio turnover, liquidity, company concentration and average maturity. The ranking methodology did not take into account the entry and exit loads imposed by the Fund. ICRA Mutual Fund Award(s)/Rank(s) are not a comment on the prospective returns, appreciation potential or future net asset value of the Mutual Fund Scheme rated. ICRA Mutual Fund Awards are not recommendations to invest or not to invest in the Mutual Fund Schemes awarded. Ranking Source & Publisher: ICRA/ICRA Online Ltd.

default. The above schemes are open ended schemes and managed by Birla Sun Life Asset Management Company (BSLAMCL).Rating Methodology: CRISIL's assessment of a fund's credit quality is based on the creditworthiness of the fund's portfolio. CRISIL has developed a credit quality matrix to assess aggregate credit quality of the underlying portfolio of a fund. The matrix is a set of credit factors and credit scores derived scientifically from the default and transition rates of CRISIL's long-term ratings. These credit factors reflect the expected default behaviour of the respective securities in the portfolio and the expected deterioration in their credit quality. For each individual security, the lower the credit factor, the higher is its inherent credit quality. The credit factors are applied to the proportion of securities in each rating category to arrive at the credit score for the portfolio. The rating on the fund is assigned based on the credit score given to the respective fund.The Fund needs to maintain, at all times, a credit score that corresponds to its assigned rating. BSLAMCL will be furnishing a warranty to this effect. In case the Fund is not able to seek prior approval from CRISIL before investing in securities not rated by CRISIL, the Fund will report its portfolio to CRISIL within two working days from the end of the week in which such investment is made. If, due to such investments, the credit score of the Fund exceeds the limit applicable for the Fund's rating, the Fund gets a curing period of five working days from such disclosure. In case a particular investment in the Fund's portfolio is downgraded and this has resulted in its credit score crossing the specified limit, the Asset management company (AMC) has 30 days to restructure the portfolio to achieve the target credit score.

Funds must have minimum assets under management of US$4m, as at end of June 2003. The Offshore fund universe for the purposes of these Awards excludes funds that are domiciled in Luxembourg or Ireland. Awards are calculated for 1 and 5 years. There must be a minimum of 10 funds in a sector to qualify for the calculation. For detailed methodology, kindly visit http://www.funds-sp.comS & P FUND MANAGEMENT RATINGFund Management RatingsA S&P Rating is its current opinion of a fund's adherence to consistent investment processes combined with the level of volatility adjusted returns. In S&P's opinion, funds which adhere to disciplined processes and exhibit strong management, are more likely, over the long run, to provide consistent, above average volatility adjusted returns, relative to the funds in the same sector. The rating is based on an evaluation of qualitative (management, investment process and organization) and quantitative (historic performance, portfolio construction and volatility) factors which contribute to long term performance. The rating does not address, the market, credit or counter party risk of a fund, nor a fund's suitability as a counter party or obligor. Ratings DefinitionFunds rated in the AAA to A categories demonstrate to S&P an ability to provide above average volatility, adjusted returns over long term period (relative to funds in the same sector) along with a strong ability to adhere to a consistent investment process. The differentiation in the rating categories is based on quantitative factors along with Standard & Poor's The McGraw-Hill Companies's assessment of the investment process and management.AAA: A fund which demonstrates an extremely strong ability to adhere to consistentinvestment processes and provides above average volatility adjusters returns relative to tunds with similar objectives.AA: The fund demonstrates very high standards of quality in its sector based on itsinvestment process and management's consistency of performance as compared to funds with similar objectives.A: The fund demonstrates a high standard or quality in its sector based on its investment process arid management's consistency of performance as compared with funds with similar objectivesNR: Funds designated as NR (not rated) currently do not meet the requisite performance standards and /or the minimum qualitative criteria.

@@ STANDARD & POOR'S FUND AWARDS 2004 Methodology

Methodology of Ranking

3

Market Outlook

EQUITY MARKET

DEBT MARKET

The Indian equity markets performed well in August appreciating by 8.9%. Emerging consensus that the chances of further interest rate hikes are low, with expectations of crude weakening from current levels together with healthy corporate earnings seems to have helped the cause. The rally in banking and oil marketing companies, which were beaten down for quite a long time, could be considered the highlight of the previous month.

Rising oil prices have been a cause of concern for quite some time. The rising number of passive commodity funds has resulted in more and more money being allocated towards oil derivatives and this has contributed to a great extent to the rally witnessed in crude oil, of late. In fact, the demand for crude oil derivatives has resulted in the market moving from one marked by backwardation to one marked by contango. Now that the rollover costs have increased along with an increase in the crude storing costs, the global crude market may witness some amount of unwinding of the futures position. This can lead to some more weakness in the crude.

The rising interest rate regime finally seems to have taken some breather. The interest rates have cooled off from the highs. There has also been a rally witnessed in the bond market. Any kind of stability in the interest regime is expected to be good for the markets leading to predictability and stability.

For the quarter ending June an aggregate of 2638 companies have recorded a 28.2% growth in top line and 23.3% growth in profit. The earnings seem to be more or less in line with expectations and there was not much in terms of negative surprise. The auto sales numbers for the month are also out and have been very healthy. The auto sales figures are usually considered as a lead indicator to economic growth and prima facie the economy seems to be poised for delivering the expected growth.

On the portfolio front, the Fund maintained cash around 10%. The portfolio remains pre-dominantly invested in sectors like software, banking, consumer non-durables, auto, capital goods, telecom, etc.

The future outlook for the equity market in the medium to long term remains bright. The softening of commodity prices will result in the earnings of some key constituent companies in the index taking a breather, and hence result in the index earnings gro ng at a lesser pace than was witnessed earlier. Specific sectors and specific companies within the broader market are expected to do better. On the whole we maintain an optimistic view on the markets for long term investing.

wi

Domestic bond markets:

Bond yields dipped to their 4-month low, as the yield curve shifted lower and flattened with the rally more pronounced at the longer end than at the shorter one. The 10-year bond yield declined sharply to 7.54%, before closing at 7.64% - a significant 25 bps decline from the previous month's close. The Bull Run in the treasuries is attributable to falling oil prices, weakening US economy, and SLR buying from banks.

Market saw liquidity tightening and the short-term rates inching up in the second half of the month on account of advance tax payments. The average RBI LAF reverse repo subscription dropped sharply to Rs 25,470 crores from over Rs 46,000 crores in Aug and occasionally RBI pumped in funds to help ease out the fund crunch. The 91-day commercial paper reference rate rose to 7.35% from 7.00% and the yield on 91-day T-bill edged up to 6.60% from 6.43%.

Falling oil prices:

Higher crude inventories and fears of global slowdown have fundamentally weakened oil prices. In view of receding interest in crude as asset class and prospects of higher supply compared to demand would lead to a scenario of softer oil prices.

Falling crude prices in the past couple of weeks is a positive surprise for our fiscal and monetary authorities. Government balance sheet is likely to gain the most as crude prices decline. Lower crude prices will also help our current account balances, as every $5/bbl fall in crude saves us $2.5bn in a year.

Weakening US economy:

Weak data on housing, jobs and consumer and business spending, suggest that the US economy is beginning to enter in to a phase of very moderate growth. The world's largest economy has been expanding at above trend line for a decade now and hasn't been through any recession except a brief one in the beginning of this decade. Asset price expansion induced consumption growth has helped US grow at such scorching pace for so long but the same factors have created huge imbalances in its economy, i.e. 6%+ current account deficit, negative saving rate and large budget deficit. We believe that slower growth in US economy and better growth in the rest of the world is the likely scenario for the next couple of years, and policy makers too recognize that this can help correct imbalances in the world. Markets are pricing in 25% probability of fed rate cut in Jan-07, but we believe that Fed may opt to delay monetary stimulations so that US economy can go through a small recession, which helps correct global imbalances.

But India isn't slowing down:

Domestic GDP grew by 8.9% y-o-y in the April-June quarter owing to stellar gains in manufacturing, credit continues to grow at 30%+ rate, Growth in exports is robust 20.5% over the year, and domestic equity indices are roaring to surpass its previous peak anytime now. The Index of Industrial Production rose 12.4% y-o-y in July'06, the highest in a decade, up from June's revised 9.6% y-o-y. This trend in growth is likely to be sustained in the coming months on account of higher capital spending and the ongoing expenditure on infrastructure.

Outlook for bond markets:

Bond markets are likely to observe more volatility as the RBI policy nears and also because signals from the RBI and economic data on domestic economy contradict the optimism induced by the signs of moderation in US and rest of the developed world. The frequent remarks from the key policy makers worldwide suggest that the inflationary pressures have not yet abated to a significant extent despite recent moderate numbers. With bank credit running more than 30%, money supply at 19%+ and expectations of inflation to move up later this year, there is a possibility of the RBI hiking policy rates once more this fiscal, though RBI may skip it in Oct policy. Systematic liquidity is likely to reduce towards the end of this month as currency leakages accentuates during Diwali. Short-term rates are unlikely to soften much due to expected shrinkage in systemic liquidity and higher issuance from banks and corporates.

Overall, interest rates are likely to remain range-bound with decent short-term volatility. Global factors would keep the upside checked while a robust economy and buoyancy in credit growth would keep the downside checked. The government securities market would continue to outperform other segments of bond market due to demand from banks (SLR), insurance companies and provident funds. We will continue to monitor all the factors affecting interest rates and manage our funds on a dynamic basis.

Q U A R T E R L Y

Asset Allocation

2.00%

2.66%

3.55%

4.01%

4.95%

5.49%

6.42%

6.77%

7.37%

7.84%

8.88%

10.19%

14.58%

15.30%

Other Equity & Preference

Finance

Hotels

Pharmaceuticals

Pesticides

Petroleum Products

Telecom-Services

Cement

Auto

Cash & Current Assets

Industrial Capital Goods

Consumer Non Durables

Banks

Software

4

Software 7295.13 15.30

Infosys Technologies Ltd. 3223.14 6.76

Satyam Computer Services Ltd. 1856.47 3.89

Tata Consultancy Services Ltd. 1152.10 2.42

Subex Systems Ltd. 1063.41 2.23

Banks 6951.49 14.58

State Bank of India 3311.13 6.94

ICICI Bank Ltd. 1306.79 2.74

Punjab National Bank 1183.95 2.48

UTI Bank Ltd. 1149.62 2.41

Consumer Non Durables 4859.90 10.19

I T C Ltd. 1986.09 4.16

Mcdowell & Company Ltd. 1599.59 3.35

Bajaj Hindustan Ltd. 656.79 1.38

Balrampur Chini Mills Ltd. 617.44 1.29

Industrial Capital Goods 4235.54 8.88

Bharat Heavy Electricals Ltd. 2386.75 5.00

Siemens Ltd. 965.30 2.02

Larsen & Toubro Ltd. 883.50 1.85

Auto 3515.87 7.37

Tata Motors Ltd. 1948.90 4.09

Hero Honda Motors Ltd. 1566.97 3.29

Cement 3228.78 6.77

The Associated Cement Companies Ltd. 1435.22 3.01

Grasim Industries Ltd. 907.07 1.90

Gujarat Ambuja Cements Ltd. 876.38 1.84

Dharti Dredging & Construction Ltd. 10.11 0.02

Telecom-Services 3063.40 6.42

Bharti Airtel Ltd 3063.40 6.42

Petroleum Products 2617.67 5.49

Hindustan Petroleum Corporation Ltd. 1423.20 2.98

Reliance Industries Ltd. 1194.47 2.50

Pesticides 2360.91 4.95

United Phosphorous Ltd. 1762.29 3.70

Rallis India Ltd. 598.62 1.26

Pharmaceuticals 1911.24 4.01

Pfizer Ltd. 881.23 1.85

Glaxosmithkline Pharmaceuticals Ltd. 863.31 1.81

Aventis Pharma Ltd. 166.70 0.35

Hotels 1693.26 3.55

Indian Hotels Co. Ltd. 1693.26 3.55

Finance 1268.87 2.66

Housing Development Finance Corp. Ltd. 1268.87 2.66

Construction 951.81 2.00

Nagarjuna Construction Co. Ltd. 951.81 2.00

Cash & Current Assets 3739.75 7.84

Net Assets 47693.63 100.00

Issuer Market Value % to NetRs. in. Lacs Assets

As on September 30, 2006

Investment Objective:

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.

Date of inception / takeover:

February 24, 1995

NAV: Rs.

DividendGrowth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %

³ Rs. 5 crores - NilExit Load: NIL

Benchmark:

BSE Sensex

Corpus:

Rs. 476.93 Crores

80.24 111.84


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

Monthly Investment 1,000

Number of Investment periods (Since Inception) 139

Total Investment 139,000

Value of Investment (As of September 30, 2006)

Return on Investment (CAGR)

* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in BSE Sensex would have given a return of

%

* Dividend Reinvestment NAVs has been considered for the analysis.

Date of First Installment: March 01, 1995

869,504

29.14%

18.12

Systematic Investment Plan (SIP)

Birla Advantage FundInvestment Style: Growth

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more.

Portfolio

NAV Performance

Q U A R T E R L Y

34.57

48.68

43.140.78

25.14

44.39

49.43

40.89

34.63

11.69

0

10

20

30

40

50

60

1 Year 2 Years 3 Years 5 Years SinceInception

BAF Gr BSE Sensex

Birla Dividend Yield Plus

5

Banks 10529.46 18.16Syndicate Bank 2746.20 4.74Andhra Bank 2607.36 4.50Allahabad Bank Ltd. 2385.69 4.11Union Bank of India 2345.75 4.05Canara Bank 444.45 0.77

Consumer Non Durables 4599.53 7.93Hindustan Lever Ltd. 1281.65 2.21Colgate Palmolive (I) Ltd. 1018.08 1.76Godrej Consumer Products Ltd. 902.00 1.56Nestle India Ltd. 722.05 1.25Procter & Gamble Hygiene & Health Care Ltd. 521.25 0.90Berger Paints India Ltd. 154.50 0.27

Petroleum Products 4331.15 7.47Indian Oil Corporation Ltd. 1701.29 2.93Chennai Petroleum Corporation Ltd. 1110.18 1.91Castrol (India) Ltd. 886.48 1.53Bharat Petroleum Corporation Ltd. 353.55 0.61Hindustan Petroleum Corporation Ltd. 279.65 0.48

Transportation 4255.11 7.34Great Eastern Shipping Co. Ltd. 2466.80 4.25Shipping Corporation of India Ltd. 1216.52 2.10Varun Shipping Co. Ltd. 571.79 0.99

Pharmaceuticals 3804.39 6.56Wyeth Ltd. 2372.66 4.09Glaxosmithkline Pharmaceuticals Ltd. 1431.73 2.47

Auto 3759.00 6.48Hero Honda Motors Ltd. 2675.09 4.61Ashok Leyland Ltd. 1083.92 1.87

Fertilisers 3563.55 6.15Tata Chemicals Ltd. 2498.29 4.31Rashtriya Chemicals & Fertilizers Ltd. 1065.27 1.84

Software 3481.09 6.00HCL Technologies Ltd. 1799.74 3.10NIIT Technologies Ltd. 1513.77 2.61Datamatics Technologies Ltd. 167.59 0.29

Industrial Products 2980.75 5.14Cummins India Ltd. 1538.58 2.65ESAB India Ltd. 843.38 1.45

Cosmo Films Ltd. 417.14 0.72BOC India Ltd. 145.30 0.25Polyplex Corporation Ltd. 36.36 0.06

Ferrous Metals 2282.27 3.94Steel Authority of India Ltd. 1091.30 1.88Sesa Goa Ltd. 807.30 1.39Tata Metaliks Ltd. 383.67 0.66

Hardware 1842.50 3.18HCL Infosystems Ltd. 975.32 1.68Tata Elxsi Ltd. 867.18 1.50

Oil 1630.23 2.81Oil & Natural Gas Corporation Ltd. 1630.23 2.81

Industrial Capital Goods 1378.46 2.38Alfa Laval (India) Ltd. 1378.46 2.38

Chemicals 1253.93 2.16Clariant Chemicals Ltd. 1253.93 2.16

Finance 899.63 1.55LIC Housing Finance Ltd. 899.63 1.55

Paper 893.69 1.54Tamil Nadu Newsprint & Papers Ltd. 893.69 1.54

Power 761.17 1.31NTPC Ltd. 390.60 0.67Neyveli Lignite Corporation Ltd. 370.57 0.64

Gas 666.16 1.15GAIL (India) Ltd. 666.16 1.15

Telecom-Services 324.81 0.56Mahanagar Telephone Nigam Ltd. 324.81 0.56

Auto Ancillaries 30.06 0.05Wheels India Ltd. 30.06 0.05


Net Asset 57985.03 100.00




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.


February 10, 2003

NAV: Rs.

Dividend

Growth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %


Benchmark:

CNX 500

Corpus:

Rs. 579.85 Crores

11.57

41.11


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





Return on Investment (CAGR) %

* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX 500 would have given a return of %


79,726

36.34

41.13


Investment Style: Value


Portfolio

0

NAV Performance

Q U A R T E R L Y

16.76

34.4337.07

48.23

31.51

42.22

37.94

46.78

0

10

20

30

40

50

60

1 Year 2 Years 3 Years Since Inception

BDYP Gr CNX500

Asset Allocation

2.16%2.38%

2.81%3.18%

3.94%5.14%

6.00%6.15%6.17%6.48%6.56%

7.34%7.47%

7.93%8.14%

18.16%

ChemicalsIndustrial Capital Goods

OilHardware

Ferrous MetalsIndustrial Products

SoftwareFertilisers

Other Equity & PreferenceAuto

PharmaceuticalsTransportation

Petroleum ProductsConsumer Non Durables

Cash & Current AssetsBanks

Birla Midcap Fund


Bharat Electronics Ltd. 438.20 2.75

Thermax Ltd. 394.30 2.47

Crompton Greaves Ltd. 391.46 2.46

Kalpataru Power Transmission Ltd. 354.60 2.22

Voltamp Transformers Ltd. 86.92 0.55

Bharati Shipyard Ltd. 83.11 0.52

Banks 1646.84 10.33

Karnataka Bank Ltd. 661.93 4.15

Union Bank of India 275.43 1.73

Jammu & Kashmir Bank Ltd. 224.08 1.41

Indian Overseas Bank 218.80 1.37

Allahabad Bank Ltd. 176.60 1.11

Syndicate Bank 90.00 0.56

Cement 1618.45 10.15

Madras Cements Ltd. 736.21 4.62

Birla Corporation Ltd. 495.12 3.11

Ultratech Cement Ltd. 387.12 2.43

Industrial Products 1596.39 10.01

Kirloskar Oil Engines Ltd. 678.97 4.26

Cummins India Ltd. 401.19 2.52

Sintex Industries Ltd. 266.86 1.67

Greaves Cotton Ltd. 249.36 1.56



Glaxo Smithkline Consumer Healthcare Ltd. 353.23 2.22

Marico Industries Ltd. 260.00 1.63

Hindustan Sanitaryware & Industries Ltd. 210.23 1.32

E.I.D. Parry (India) Ltd. 194.08 1.22

Hotels 1149.68 7.21

Asian Hotels Ltd. 607.02 3.81

Taj GVK Hotels & Resorts Ltd. 542.65 3.40

Auto Ancillaries 1074.01 6.74

Automobile Corporation of Goa Ltd. 711.59 4.46

Sundaram-Clayton Ltd. 362.42 2.27


Pfizer Ltd. 602.49 3.78

Wyeth Ltd. 299.18 1.88

Transportation 804.51 5.05

Container Corporation of India Ltd. 804.51 5.05

Textile Products 749.58 4.70

Aditya Birla Nuvo Ltd. 402.97 2.53

Gokaldas Exports Ltd. 346.61 2.17



Software 384.99 2.42

Nucleus Software Exports Ltd. 384.99 2.42



Bharat Petroleum Corporation Ltd. 91.69 0.58

Consumer Durables 347.25 2.18

Blue Star Ltd. 347.25 2.18

Ferrous Metals 342.48 2.15

Jindal Steel & Power Ltd. 342.48 2.15

Fertilisers 301.19 1.89

Tata Chemicals Ltd. 301.19 1.89

Hardware 267.13 1.68

Tata Elxsi Ltd. 267.13 1.68

Finance 169.25 1.06

Infrastructure Development Fin. Co. Ltd. 169.25 1.06

Corporate Debt 55.98 0.35

Trent Ltd. 55.98 0.35


Net Assets 15941.23 100.00




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.


October 16, 2002

NAV: Rs.

Dividend

Growth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25%


Benchmark:

CNX Midcap

Corpus:

Rs. 159.41 Crores

24.03

58.02

6


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






* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX Midcap would have given a return of

%

Date of First Installment: November 01, 2002

125,973

54.51

45.29


Investment Style: Growth


Portfolio

# for methodology please refer page 2

(Past performance is no guarantee of future results.)

#««««Value Research Rating

- Birla Midcap Fund

NAV Performance

Q U A R T E R L Y

36.58

53.08 53.3555.34

23.3

41.87 41.3

51.24

0

10

20

30

40

50

60


BMCF Gr CNX Midcap

Asset Allocation

0.35%2.15%2.18%2.33%2.42%2.58%

3.06%4.63%4.70%

5.05%5.66%

6.74%7.21%

9.49%10.01%10.15%10.33%

10.97%

Corporate DebtFerrous Metals

Consumer DurablesPetroleum Products

SoftwarePesticides

Cash & Current AssetsOther Equity

Textile ProductsTransportation

PharmaceuticalsAuto Ancillaries

HotelsConsumer Non Durables

Industrial ProductsCementBanks


Birla MNC Fund


Glaxo Smithkline Consumer Healthcare Ltd 1029.06 4.96

I T C Ltd. 938.25 4.52

Nestle India Ltd. 532.13 2.56

Hindustan Lever Ltd. 512.40 2.47

Kansai Nerolac Paints Ltd 469.22 2.26

Colgate Palmolive (I) Ltd. 459.13 2.21


BOC India Ltd. 1073.37 5.17


KSB Pumps Ltd. 327.00 1.58

Fag Bearings India Ltd. 309.85 1.49

ESAB India Ltd. 292.37 1.41

Vesuvius India Ltd. 265.25 1.28

Paper Products Ltd. 177.50 0.86


Pfizer Ltd. 834.21 4.02

Wyeth Ltd. 622.28 3.00


Fulford (India) Ltd. 228.32 1.10

Auto 2124.64 10.24

Maruti Udyog Ltd. 1177.44 5.68


Subros Ltd. 172.65 0.83



ABB Ltd. 730.89 3.52

Alstom Projects India Ltd. 350.85 1.69

Software 1325.33 6.39

Mphasis BFL Ltd. 435.63 2.10

I-Flex Solutions Ltd. 430.80 2.08


Scandent Solutions Corporation Ltd. 165.95 0.80





Gas 929.73 4.48

Gujarat Gas Co. Ltd. 929.73 4.48

Cement 788.78 3.80



Banks 550.93 2.66

ING Vysya Bank 550.93 2.66


Sesa Goa Ltd. 468.21 2.26


Syngenta (India) Ltd. 286.48 1.38

Chemicals 207.22 1.00

Micro Inks Ltd 207.22 1.00


Net Assets 20747.62 100.00




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.


December 27, 1999

NAV: Rs.

DividendGrowth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %


Benchmark:

CNX MNC

Corpus:

Rs. 207.47 Crores

56.96 113.63

7


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


Number of Investment periods (Since takeover) 81




* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX MNC would have given a return of

%

Date of First Installment: January 01, 2000

236,908

31.51

22.99




Portfolio

NAV Performance

Q U A R T E R L Y

30.88

40.7 41.44

36.74

43.2545.58

50.69

32.69

22.31

10.09

0

10

20

30

40

50

60


BMNCF Gr CNX MNC

Asset Allocation

2.26%2.36%2.38%2.66%

3.80%4.48%

5.59%5.65%

6.39%9.09%

10.24%10.80%

15.32%18.99%

Ferrous MetalsCash & Current Assets

Other EquityBanks

CementGas

Auto AncillariesTelecom-Services

SoftwareIndustrial Capital Goods

AutoPharmaceuticals

Industrial ProductsConsumer Non Durables

Birla India Opportunities Fund

Software 4215.90 43.08




Mastek Ltd. 552.67 5.65


Wipro Ltd. 420.08 4.29

Allsec Technologies Ltd. 396.32 4.05




Thermax Ltd. 575.39 5.88


ABB Ltd. 157.40 1.61


Aventis Pharma Ltd. 282.63 2.89

Cipla Ltd. 216.36 2.21

Wockhardt Ltd. 211.59 2.16

Torrent Pharmaceuticals Ltd. 127.65 1.30


Sundaram Fasteners Ltd. 411.63 4.21


Omax Autos Ltd. 67.65 0.69




Raymond Ltd. 273.15 2.79




Bharat Forge Ltd. 119.29 1.22


Macmillan India Ltd. 137.41 1.40

SPL Industries Ltd. 125.38 1.28

Hardware 166.92 1.71

Tata Elxsi Ltd. 166.92 1.71


Net Assets 9786.19 100.00




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.


December 27, 1999

NAV: Rs.

Dividend Growth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %

³ Rs. 5 crores - NilExit Load: 1% if redeemed/ switched out within 6 months from the date of allotment

Benchmark:

CNX 500

Corpus:

Rs. 97.86 Crores

19.63 45.70

8


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






* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX 500 would have given a return of

%

Date of First Installment: January 01, 2000

229,583

30.57

29.85


Investment Style: Value + Growth


Portfolio

NAV Performance

Q U A R T E R L Y

33.8637.65 38.06

49.68

25.2

31.51

42.22

37.94 38.58

15.13

0

10

20

30

40

50

60


Birla India Opportunities Fund Gr CNX500

Asset Allocation

1.71%

2.69%

3.56%

4.40%

4.40%

6.38%

6.64%

8.57%

18.58%

43.08%

Other Equity


Industrial Products

Textile Products

Pesticides


Auto Ancillaries

Pharmaceuticals


Software

Birla India GenNext Fund



Asian Paints (India) Ltd. 972.72 4.61


I T C Ltd. 656.78 3.11

Hindustan Sanitaryware & Industries Ltd. 453.05 2.15

Eveready Industries India Ltd. 296.70 1.41


Banks 4203.40 19.93


Kotak Mahindra Bank Ltd. 864.04 4.10

UTI Bank Ltd. 822.71 3.90




Bharti Airtel Ltd. 1172.13 5.56

Reliance Communication Venture Ltd. 866.88 4.11

Auto 1996.05 9.47


Bajaj Auto Ltd. 674.60 3.20

Mahindra & Mahindra Ltd. 340.25 1.61

Hotels 1643.15 7.79




Pfizer Ltd. 973.25 4.62


Cipla Ltd. 262.25 1.24

Media & Entertainment 1159.34 5.50

Television 18 (India) Ltd. 627.68 2.98

Inox Leisure Ltd. 531.66 2.52

Power 803.90 3.81

Reliance Energy Ltd. 803.90 3.81


Raymond Ltd. 686.13 3.25




Finance 383.58 1.82


Retailing 209.09 0.99

Shoppers Stop Ltd. 209.09 0.99


Net Assets 21087.90 100.00




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.


August 05, 2005

NAV: Rs.

DividendGrowth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %


Benchmark:

S&P CNX NIFTY

Corpus:

Rs. 210.87 Crores

13.92 13.92

9




Portfolio

NAV Performance

Q U A R T E R L Y

25.41

33.3

38.06

43.87

0

5

10

15

20

25

30

35

40

45

50

1 Year Since Inception

Birla Gen Next Fund - Growth S&P Nifty

Asset Allocation

3.25%

3.81%

4.78%

5.50%

6.45%

7.63%

7.79%

9.47%

9.67%

19.93%

21.72%

Textile Products

Power

Other Equity

Media & Entertainment


Pharmaceuticals

Hotels

Auto

Telecom-Services

Banks


Birla Index Fund

Software 50.43 14.07Infosys Technologies Ltd. 16.05 4.48Tata Consultancy Services Ltd. 15.64 4.36Wipro Ltd. 11.77 3.28Satyam Computer Services Ltd. 4.18 1.17HCL Technologies Ltd. 2.79 0.78

Petroleum Products 28.74 8.02Reliance Industries Ltd. 25.53 7.12Bharat Petroleum Corporation Ltd. 1.72 0.48Hindustan Petroleum Corporation Ltd. 1.49 0.41

Telecom-Services 28.31 7.90Bharati AirTel Ltd. 13.91 3.88Reliance Communications Ventures 11.08 3.09Videsh Sanchar Nigam Ltd. 1.77 0.49Mahanagar Telephone Nigam Ltd. 1.54 0.43

Banks 26.43 7.37ICICI Bank Ltd. 9.77 2.72State Bank of India 8.47 2.36HDFC Bank Ltd. 4.54 1.27Punjab National Bank 2.59 0.72Oriental Bank Of Commerce 1.06 0.30

Oil 26.08 7.27Oil and Natural Gas Corporation Ltd. 26.08 7.27

Industrial Capital Goods 25.08 7.00Bharat Heavy Electricals Ltd. 9.19 2.56Larsen & Toubro Ltd. 5.57 1.55Suzlon Energy Ltd. 5.56 1.55Seimens Ltd. 2.83 0.79ABB Ltd. 1.93 0.54

Consumer Non Durables 21.12 5.89I T C Ltd. 11.02 3.07Hindustan Lever Ltd. 8.87 2.47Dabur India Ltd. 1.23 0.34

Auto 19.37 5.40Tata Motors Ltd. 5.19 1.45Bajaj Auto Ltd. 4.73 1.32Maruti Udyog Ltd. 4.44 1.24Mahindra & Mahindra Ltd. 2.59 0.72Hero Honda Motors Ltd. 2.42 0.67

Pharmaceuticals 11.84 3.30Cipla Ltd. 3.19 0.89Sun Pharmaceutical Industries Ltd. 2.71 0.76Ranbaxy Laboratories Ltd. 2.56 0.71Dr. Reddys Laboratories Ltd. 1.76 0.49GlaxoSmithKline Pharmaceuticals Ltd. 1.63 0.45

Ferrous Metals 9.90 2.76Steel Authority of India Ltd. 5.03 1.40Tata Steel Ltd. 4.86 1.36

Cement 8.99 2.51Grasim Industries Ltd. 3.61 1.01The Associated Cement Companies Ltd. 2.90 0.81Gujarat Ambuja Cements Ltd. 2.48 0.69

Finance 5.98 1.67Housing Development Finance Corp. Ltd. 5.98 1.67

Non-Ferrous Metals 5.25 1.46Hindalco Industries Ltd. 3.11 0.87National Aluminium Company Ltd. 2.14 0.60

Gas 3.48 0.97GAIL India Ltd. 3.48 0.97

Power 3.37 0.94Tata Power Co. Ltd. 1.75 0.49Reliance Energy Ltd. 1.61 0.45

Media & Entertainment 2.02 0.56Zee Telefilms Ltd. 2.02 0.56

Chemicals 1.19 0.33Indian Petrochemicals Corporation Ltd. 1.19 0.33

Transportation 0.87 0.24Jet Airways (India) Ltd. 0.87 0.24


Net Assets 358.51 100.00

Total outstanding exposure in derivatives as on 29 Sept, 2006 is Rs.-0.00127 Crores (Notional value).




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


September 17, 2002

NAV: Rs.

Dividend Growth

Load Structure:

Entry Load: NilExit Load: 1% if redeemed within 3 months from date of allotment.

Benchmark:

S & P CNX Nifty

Corpus:

Rs. 3.58 Crores

20.5399 37.1437

10


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






* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in S & P Nifty would have given a return of

%

Date of First Installment: October 1, 2002

102,394

39.9

39.65




Portfolio

NAV Performance

Q U A R T E R L Y

39.34

44.19

36.5838.463 8.06

43.45

36.337.84

0

5

10

15

20

25

30

35

40

45

50


BIF S&P Nifty

Asset Allocation

2.51%

2.76%

3.30%

5.40%

5.89%

6.18%

7.00%

7.27%

7.37%

7.90%

8.02%

14.07%

22.33%

Cement

Ferrous Metals

Pharmaceuticals

Auto


Other Equity


Oil

Banks

Telecom-Services

Petroleum Products

Software


Birla Infrastructure Fund

Industrial Capital Goods 14953.40 26.22Crompton Greaves Ltd. 2856.54 5.01Siemens Ltd. 2768.52 4.85Bharat Heavy Electricals Ltd. 2225.85 3.90Thermax Ltd. 2053.68 3.60Bharat Electronics Ltd. 1153.15 2.02JYOTI STRUCTURES LTD 762.05 1.34Bharat Earth Movers Ltd. 643.48 1.13Kalpataru Power Transmission 531.89 0.93Engineers India Ltd. 510.32 0.89Bharati Shipyard Ltd. 483.95 0.85Larsen & Toubro Ltd. 345.07 0.61Alstom Projects India Ltd. 340.46 0.60RPG Transmission 278.43 0.49

Banks 6454.36 11.32State Bank of India 2012.38 3.53Punjab National Bank 1414.43 2.48Syndicate Bank 1080.00 1.89Oriental Bank of Commerce 974.65 1.71Bank Of India 972.90 1.71

Cement 5736.22 10.06Grasim Industries Ltd. 1948.45 3.42Birla Corporation Ltd. 1410.96 2.47Gujarat Ambuja Cements Ltd. 1285.35 2.25Shree Cements Ltd. 641.44 1.12Ultratech Cement Ltd. 450.03 0.79

Auto 4349.39 7.63Mahindra & Mahindra Ltd. 2477.02 4.34Tata Motors Ltd. 1872.37 3.28

Industrial Products 3339.51 5.86Kirloskar Oil Engines Ltd. 1151.57 2.02Cummins India Ltd. 1072.19 1.88Greaves Cotton Ltd. 749.98 1.32Torrent Cables Ltd. 365.78 0.64

Construction 2955.21 5.18Nagarjuna Construction Co. Ltd. 858.31 1.50MAHINDRA GESCO 805.24 1.41D.S. Kulkarni Developers Ltd. 506.10 0.89Gammon India Ltd. 412.11 0.72Hindustan Construction Co. Ltd. 373.44 0.65

Hotels 2270.11 3.98

Indian Hotels Co. Ltd. 1481.20 2.60Taj GVK Hotels & Resorts Ltd. 788.91 1.38

Petroleum Products 2208.38 3.87Reliance Industries Ltd. 1229.60 2.16Hindustan Petroleum Corporation Ltd. 978.78 1.72

Telecom-Services 2119.20 3.72Bharti Airtel Ltd 2119.20 3.72

Transportation 1803.21 3.16Container Corporation of India Ltd. 1154.11 2.02Great Eastern Shipping Co. Ltd. 649.10 1.14

Power 1684.82 2.95Reliance Energy Ltd 1294.22 2.27NTPC Ltd. 390.60 0.68

Ferrous Metals 1250.85 2.19Jindal Steel & Power Ltd. 767.38 1.35Jindal South West Holdings Ltd 483.48 0.85

Gas 1177.04 2.06Gujarat Gas Co. Ltd. 1177.04 2.06


Consumer Durables 644.00 1.13Voltas Ltd. 644.00 1.13

Finance 460.29 0.81Housing Development Finance Corp. Ltd. 460.29 0.81

Consumer Non Durables 369.98 0.65Hindustan Sanitaryware & Industries Ltd. 369.98 0.65

Non - Ferrous Metals 271.50 0.48Hindalco Industries Ltd.- Rights Shares 271.50 0.48

Heavy Electrical Equipment 172.88 0.30Emco Ltd. 172.88 0.30


Net Assets 57032.35 100.00




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.


March 17, 2006

NAV: Rs.

Dividend Growth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %


Benchmark:

S&P CNX NIFTY

Corpus:

Rs. 570.32 Crores

10.77 10.77

11




Portfolio

NAV Performance

Q U A R T E R L Y

Since Inception

7.7

21.36

0

5

10

15

20

25

Birla Infrastructure Fund - Growth S&P Nifty

Since Inception

Asset Allocation

2.06%2.19%

2.95%3.16%

3.72%3.87%3.98%

5.18%5.27%

5.86%6.53%

7.63%

10.06%11.32%

26.22%

Gas

Ferrous MetalsPower

TransportationTelecom-Services

Petroleum Products

HotelsConstruction

Other EquityIndustrial Products


AutoCementBanks


Birla Equity Plan

Banks 1408.34 15.67


Karnataka Bank Ltd. 244.10 2.72


Indian Overseas Bank 218.80 2.43






Sundaram Fasteners Ltd. 138.50 1.54



Heritage Foods (India) Ltd. 139.20 1.55



Hotels 650.92 7.24


Royal Orchid Hotels Ltd. 247.25 2.75





Cement 572.31 6.37







Pfizer Ltd. 370.76 4.12

Wyeth Ltd. 149.59 1.66

Auto 516.39 5.75





Gas 497.29 5.53


Indraprastha Gas Ltd. 231.43 2.57



Kirloskar Brothers Ltd. 196.80 2.19


Reliance Communication Venture Ltd. 208.05 2.31



Cement 176.38 1.96

Prism Cement Ltd. 176.38 1.96

Power 169.24 1.88


Software 168.34 1.87



Total Net Asset 8988.19 100.00




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.


February 16, 1999

NAV:

Dividend Rs.

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %³ Rs. 5 crores - NilExit Load: NIL

Benchmark:

BSE Sensex

Corpus:

Rs. 89.88 Crores

52.87

12


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






* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in BSE Sensex would have given a return of

%

**Dividend reinvestment NAVs have been considered for the analyses.

Date of First Installment: March 01,1999

412,783

39.09

26.15






- Birla Equity Plan


Portfolio

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

NAV Performance

Q U A R T E R L Y

38.2

54.6251.93 53.48

33.7

44.39

49.43

40.89

34.63

18.83

0

10

20

30

40

50

60


Birla Equity Plan BSE Sensex

Asset Allocation

2.31%2.31%

2.98%5.50%5.53%5.61%5.72%

5.75%5.79%5.98%

6.37%6.99%7.24%7.24%

9.01%15.67%

PesticidesTelecom-Services

Cash & Current AssetsIndustrial Products

GasTransportation

Other EquityAuto

PharmaceuticalsTextile Products

CementIndustrial Capital Goods

HotelsConsumer Non Durables

Auto AncillariesBanks

Birla Top 100 Fund

Software 7754.94 13.51




Banks 7450.09 12.98


HDFC Bank Ltd. 1527.90 2.66




I T C Ltd. 1876.50 3.27


Hindustan Lever Ltd. 1204.14 2.10

Bajaj Hindustan Ltd. 936.99 1.63









Cement 4374.72 7.62




Auto 4028.50 7.02






Ranbaxy Laboratories Ltd. 1068.35 1.86

Cipla Ltd. 643.14 1.12



Hotels 2692.69 4.69





Finance 1253.52 2.18


Oil 1170.05 2.04

Oil & Natural Gas Corporation Ltd. 1170.05 2.04


Pantaloon Retail (India) Ltd. 1140.42 1.99


Net Assets 57399.27 100.00




An open-ended growth scheme with the objective to provide medium to long-term capital appreciation, by investing predominantly in a diversified portfolio of equity and equity related securities of top 100 companies as measured by market capitalization.


October 24, 2005

NAV: Rs.

DividendGrowth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %


Benchmark:

S & P CNX Nifty

Corpus:

Rs. 573.99 Crores

14.5329 14.5329

13




Portfolio

NAV Performance

Q U A R T E R L Y

45.33

54.36

40

42

44

46

48

50

52

54

56

Birla Top 100 Fund - Growth S&P Nifty

Since Inception

Asset Allocation

1.99%

2.04%2.18%

2.25%4.69%

5.02%5.07%

7.02%7.62%

7.74%8.20%

9.48%10.21%

12.98%13.51%

Other EquityOil

FinancePesticides

HotelsTelecom-Services

PharmaceuticalsAuto

Cement

Petroleum Products

Industrial Capital GoodsConsumer Non Durables


BanksSoftware

Birla Sun Life Buy India Fund


Kajaria Ceramics Ltd. 880.79 6.11


Marico Industries Ltd. 520.00 3.61

I T C Ltd. 469.13 3.25

United Breweries Ltd. 447.72 3.10

Berger Paints India Ltd. 438.44 3.04

Dabur India Ltd. 410.25 2.85




Pfizer Ltd. 669.71 4.64

Cadila Healthcare Ltd. 559.31 3.88

Sun Pharmaceutical Industries Ltd. 558.06 3.87

Wyeth Ltd. 478.68 3.32

Fulford (India) Ltd. 240.16 1.67

Hotels 2215.10 15.36




Auto 1412.69 9.80






Reliance Communications Limited. 346.75 2.40


Trent Ltd. 509.37 3.53

Pantaloon Retail (India) Ltd. 306.58 2.13

Trent Ltd. - Warrants 61.34 0.43



Trading 167.75 1.16

3M India Ltd. 167.75 1.16


UTV Software Communications Ltd. 75.38 0.52

Magnasound India Ltd 0.00 0.00


Net Assets 14419.61 100.00




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. The secondary objective is income generation and distribution of dividend.


January 15, 2000

NAV: Rs.

Dividend Growth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %³ Rs. 5 crores - NilExit Load: 1% if redeemed/ switched out within 6 months from the date of allotment

Benchmark:

BSE 200

Corpus:

Rs. 144.19 Crores

17.6725.16

14


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






* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in BSE 200 would have given a return of

%


275,735

37.91

31.12




Portfolio

NAV Performance Asset Allocation

Q U A R T E R L Y

22.49

57.75 56.55

40.67

14.74

36.31

42.88

37.64 38.9

14. 16

0

10

20

30

40

50

60

70


Birla SunLife Buy India Fund - Growth BSE200

Asset AllocationAsset AllocationAsset Allocation

1.69%

3.73%

6.08%

7.01%

8.09%

9.80%

15.36%

17.38%

30.86%

Other Equity

Textile Products

Retailing


Telecom-Services

Auto

Hotels

Pharmaceuticals


Birla Sun Life New Millennium Fund

Software 6918.71 71.32




Hinduja TMT Ltd. 507.64 5.23

Wipro Ltd. 479.77 4.95


HCL Technologies Ltd. 451.41 4.65

Geodesic Information Systems Ltd. 407.90 4.20

3i Infotech Ltd. 382.89 3.95


Megasoft Ltd. 279.27 2.88

Geometric Software Solution Ltd. 278.09 2.87


Mphasis BFL Ltd. 220.32 2.27



Reliance Communications Limited. 398.76 4.11

Mahanagar Telephone Nigam Ltd. 117.41 1.21


Zee Telefilms 305.70 3.15

NDTV India Ltd. 244.74 2.52

UTV Software Communications Ltd. 113.07 1.17



Net Assets 9700.34 100.00




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. The secondary objective is income generation and distribution of dividend.


January 15, 2000

NAV: Rs.

Dividend Growth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %


Benchmark:

BSE Teck

Corpus:

Rs. 97.00 Crores

13.86 16.26

15

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






* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in BSE Teck would have given a return of

%


213,795

30.03

26.67




Portfolio

NAV Performance

Q U A R T E R L Y

29.77

48.0345.72 45.36

7.51

40.5344.39 44. 07

37.62

0

10

20

30

40

50

60


Birla SunLife New Millennium - Growth BSE Teck

Asset Allocation

5.26%

6.84%

16.57%

71.32%


Media & Entertainment

Telecom-Services

Software

Birla Sun Life Basic Industries Fund








ABB Ltd. 176.87 0.97

Bharat Earth Movers Ltd. 140.43 0.77

ABG Shipyard Ltd. 103.28 0.56

Engineers India Ltd. 62.38 0.34

Banks 1849.66 10.11

State Bank of India. 681.76 3.73

Punjab National Bank. 429.04 2.35


Union Bank of India. 272.70 1.49

Andhra Bank. 102.59 0.56



BOC India Ltd. 492.11 2.69

Greaves Cotton Ltd. 271.13 1.48


Torrent Cables Ltd. 64.70 0.35




Indian Oil Corporation Ltd. 418.80 2.29

Cement 1432.75 7.83





Auto 1399.98 7.66






Jaiprakash Associates Ltd. 309.14 1.69

Mahindra GESCO. 282.77 1.55


Gammon India Ltd. 223.34 1.22

Chemicals 537.69 2.94

Indian Petrochemicals Corporation Ltd. 276.71 1.51

Gwalior Chemical Ind. 169.58 0.93

Aarti Industries Ltd. 91.40 0.50

Oil 462.17 2.53







Finance 401.99 2.20


Fertilisers 383.83 2.10

Tata Chemicals Ltd. 383.83 2.10


Jindal Steel & Power Ltd. 319.23 1.75

Non - Ferrous Metals 317.00 1.73

Hindalco Industries Ltd. 317.00 1.73


Net Assets 18287.47 100.00




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 and commodity pricing cycles. The investments will be in companies which are often referred to as cyclical companies. The secondary objective is income generation and distribution of dividend.


January 15, 2000

NAV: Rs.

DividendGrowth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %


Benchmark:

BSE 200

Corpus:

Rs. 182.87 Crores

35.45 63.53

16


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




Value of Investment



%


(As of September 30, 2006) 346,560

45.12

31.12






- Birla Sun Life Basic Industries Fund


Portfolio

NAV Performance

Q U A R T E R L Y

31.42

46.06 45.89

54.28

31.73

36.31

42.88

37.64 38.9

14.16

0

10

20

30

40

50

60


Birla SunLife Basic Industries - Growth BSE200

Asset Allocation

2.10%

2.20%

2.33%

2.38%

2.53%

2.94%

3.48%

5.82%

7.66%

7.83%

8.05%

8.95%

10.11%

16.17%

17.46%

Fertilisers

Finance


Pesticides

Oil

Chemicals

Other Equity

Construction

Auto

Cement

Petroleum Products

Industrial Products

Banks



Birla Sun Life Frontline Equity Fund

Banks 1613.35 15.33

State Bank of India. 542.50 5.16


Syndicate Bank . 327.04 3.11

Oriental Bank of Commerce. 203.74 1.94

Punjab National Bank. 190.55 1.81

Software 1165.37 11.08




Wipro Ltd. 164.29 1.56

Auto 1101.46 10.47





Cement 1015.34 9.65

Ultratech Cement Ltd. 427.75 4.07










I T C Ltd. 281.66 2.68






Wockhardt Ltd. 264.44 2.51

Cipla Ltd. 161.77 1.54

Glenmark Pharmaceuticals Ltd. 117.19 1.11



Reliance Communications Limited 173.38 1.65

Finance 395.39 3.76

United Breweries Holdings Ltd. 205.72 1.96




Mahindra GESCO. 96.95 0.92

Hotels 357.55 3.40



Royal Orchid Hotels Ltd. 88.13 0.84





Oil 144.19 1.37



Net Assets 10521.45 100.00




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. The secondary objective is income generation and distribution of dividend.


August 30, 2002

NAV: Rs.

Dividend Growth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %

³ Rs. 5 crores - NilExit Load: Nil

Benchmark:

BSE 200

Corpus:

Rs. 105.21 Crores

18.92 44.88

17


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




Value of Investment



%


(As of September 30, 2006) 117,757

47.93

42.04




Portfolio

NAV Performance




- Birla Sun Life Frontline Equity Fund

Q U A R T E R L Y

43.07

51.55

43.67 44.42

36.31

42.88

37.6440.06

0

10

20

30

40

50

60


Birla SunLife Frontline Equity Fund - Growth BSE200

Asset Allocation

3.40%

3.51%

3.76%

3.85%

4.76%

5.16%

5.24%

6.37%

8.14%

9.30%

9.65%

10.47%

11.08%

15.33%

Hotels

Construction

Finance

Telecom-Services

Other Equity

Pharmaceuticals

Petroleum Products




Cement

Auto

Software

Banks

Birla Sun Life Equity Fund

Banks 5440.70 13.40State Bank of India. 1696.68 4.18Syndicate Bank. 1271.56 3.13Punjab National Bank. 1252.55 3.09Oriental Bank of Commerce. 814.95 2.01Kotak Mahindra Bank Ltd. 404.96 1.00

Industrial Capital Goods 5312.70 13.09Crompton Greaves Ltd. 1853.90 4.57Siemens Ltd. 1816.26 4.47Bharat Heavy Electricals Ltd. 1642.55 4.05

Software 3985.16 9.82Infosys Technologies Ltd. 1897.76 4.67Satyam Computer Services Ltd. 654.01 1.61Tata Consultancy Services Ltd. 653.82 1.61Allsec Technologies Ltd. 427.24 1.05Megasoft Ltd. 352.33 0.87

Auto 3514.23 8.66Bajaj Auto Ltd. 1199.28 2.95Maruti Udyog Ltd. 981.21 2.42Tata Motors Ltd. 907.74 2.24Hero Honda Motors Ltd. 426.00 1.05

Consumer Non Durables 2885.87 7.11Mcdowell & Company Ltd. 1410.34 3.47I T C Ltd. 848.18 2.09United Breweries Ltd. 627.35 1.55

Cement 2506.86 6.17Grasim Industries Ltd. 1100.94 2.71Madras Cements Ltd. 602.35 1.48The Associated Cement Companies Ltd. 462.76 1.14Birla Corporation Ltd. 340.81 0.84

Pharmaceuticals 2378.42 5.86Glenmark Pharmaceuticals Ltd. 861.63 2.12Wockhardt Ltd. 797.71 1.96Cadila Healthcare Ltd. 709.96 1.75Maestro Mediline Systems Ltd. 9.12 0.02

Retailing 2372.55 5.84Pantaloon Retail (India) Ltd. 1319.70 3.25Shoppers Stop Ltd. 781.27 1.92

Trent Ltd. 271.58 0.67

Construction 2168.07 5.34Nagarjuna Construction Co. Ltd. 828.34 2.04Mahindra GESCO. 791.74 1.95D.S. Kulkarni Developers Ltd. 547.99 1.35

Petroleum Products 1343.20 3.31Hindustan Petroleum Corporation Ltd. 699.13 1.72Reliance Industries Ltd. 644.08 1.59

Hotels 1256.61 3.10Indian Hotels Co. Ltd. 1256.61 3.10

Finance 1081.93 2.67United Breweries Holdings Ltd. 1081.93 2.67

Pesticides 930.53 2.29United Phosphorous Ltd. 930.53 2.29

Industrial Products 922.38 2.27Cummins India Ltd. 922.38 2.27

Telecom-Services 884.07 2.18Bharti Airtel Ltd 537.32 1.32Reliance Communications Limited 346.75 0.85

Textiles 766.65 1.89Century Textile & Industries Ltd. 766.65 1.89

Chemicals 754.95 1.86Bombay Dyeing & Mfg. Co. Ltd 754.95 1.86

Non - Ferrous Metals 393.37 0.97Hindalco Industries Ltd.- Rights Shares 393.37 0.97

Media & Entertainment 0.00 0.00Magnasound India Ltd 0.00 0.00


Net Assets 40597.51 100.00




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.


August 27, 1998

NAV: Rs.

DividendGrowth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %


Benchmark:

BSE 200

Corpus:

Rs. 405.97 Crores

67.39 158.44

18



««««Value Research Rating#- BSL Equity Fund


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


Number of Investment periods(Since Inception) 96


Value of Investment(As of September 30, 2006)



%


482,762

39.28

26.5




Portfolio

NAV Performance

Q U A R T E R L Y

35.66

6057.12

53.33

40.67

36.31

42.88

37.64 38.9

21.43

0

10

20

30

40

50

60

70


Birla SunLife Equity Fund - Growth BSE200

2.18%2.27%2.29%

2.67%3.10%3.31%

4.19%4.72%

5.34%5.84%5.86%

6.17%7.11%

8.66%9.82%

13.09%13.40%

Telecom-ServicesIndustrial Products

PesticidesFinance

HotelsPetroleum Products

Cash & Current AssetsOther EquityConstruction

RetailingPharmaceuticals

CementConsumer Non Durables

AutoSoftware

Industrial Capital GoodsBanks

Asset Allocation

Birla Sun Life Tax Relief '96

Banks 349.65 13.92




Indian Overseas Bank. 54.70 2.18

Cement 284.99 11.35


Madras Cements Ltd. 100.39 4.00


Hotels 220.44 8.78






Gas 158.09 6.29


Indraprastha Gas Ltd. 41.37 1.65



Kirloskar Brothers Ltd 66.91 2.66




Glaxo Smithkline Consumer Healthcare Ltd 86.01 3.42






Auto 92.95 3.70



Pfizer Ltd. 88.86 3.54


Simplex Concrete Piles (India) Ltd. 86.46 3.44



Power 72.53 2.89





Net Assets 2511.84 100.00




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


March 29, 1996

NAV

Growth Rs.

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %


Benchmark:

BSE 200

Corpus:

Rs. 25.11 Crores

174.22

19


SIP is a powerful tool that can help you create wealth over time. If you had invested* in BSLTR’96F...




Value of Investment(As of , 2006)



%

* Dividend Reinvestment NAVs has been considered for the analysis.

Date of First Installment: April 1, 1996

September 30 1,233,529

40.48

21.32




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

Portfolio

NAV Performance

Q U A R T E R L Y

37.81

42.11 41.91

45.48

40.12

36.31

42.88

37.6438.9

14.96

0

5

10

15

20

25

30

35

40

45

50


Birla SunLife Capital Tax Relief 96 BSE200

Asset Allocation

2.89%3.38%

3.44%

3.54%3.70%

3.97%4.69%

4.81%

5.18%6.27%

6.29%

7.47%8.78%

10.32%11.35%

13.92%

PowerTelecom-Services

ConstructionPharmaceuticals

Auto


TransportationConsumer Non Durables

Auto AncillariesIndustrial Products

GasTextile Products

Hotels


CementBanks

Birla Balance



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 diversified research based investment approach.


October 12, 1999

NAV: Rs.

Dividend Growth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %³ Rs. 5 crores - NilExit Load: 1% if redeemed/ switched out within 6 months from the date of allotment

Benchmark:

CRISIL Balanced Fund Index

Average Maturity:

5.42 Years

Corpus:

Rs. 125.95 Crores

17.43 26.22

20

Government Bond 2400.00 19.05Govt Bond 7.59% OIL MKTG. COS.2015 (Sovereign) 1914.00 15.20Govt Bond 7.44% OIL MKTG. COS.2012 (Sovereign) 486.00 3.86

Banks 1796.15 14.26Oriental Bank of Commerce 733.30 5.82State Bank of India 709.53 5.63Syndicate Bank 353.32 2.81

Auto 1241.27 9.85Mahindra & Mahindra Ltd. 680.50 5.40Hero Honda Motors Ltd. 560.77 4.45

PSU/PFI Bonds/Banks 1033.45 8.20Citibank N A ** (AAA) 762.31 6.05Industrial Development Bank of India Ltd ** (AA+) 228.38 1.81HDFC Bank Ltd. ** (AAA) 42.76 0.34

Consumer Non Durables 862.87 6.85Mcdowell & Company Ltd. 581.39 4.62I T C Ltd. 281.48 2.23

Telecom-Services 719.20 5.71Bharti Airtel Ltd 528.49 4.20Reliance Communications Limited 190.71 1.51

Pharmaceuticals 679.95 5.40Pfizer Ltd. 370.76 2.94Novartis India Ltd. 309.19 2.45

Petroleum Products 562.10 4.46Reliance Industries Ltd. 562.10 4.46

Power 514.78 4.09Reliance Energy Ltd 514.78 4.09

Corporate Debt 497.54 3.95Tata Sons Ltd. ** (AAA) 497.54 3.95

Pesticides 378.28 3.00United Phosphorous Ltd. 378.28 3.00

Industrial Capital Goods 317.12 2.52Bharat Electronics Ltd. 317.12 2.52


Industrial Products 270.53 2.15BOC India Ltd. 270.53 2.15

Fertilisers 213.24 1.69Tata Chemicals Ltd. 213.24 1.69

Hotels 207.65 1.65Indian Hotels Co. Ltd. 207.65 1.65

Textile Products 173.66 1.38Aditya Birla Nuvo Ltd. 173.66 1.38

Finance 169.25 1.34Infrastructure Development Fin. Co. Ltd. 169.25 1.34


Net Assets 12595.68 100.00

** Represents thinly traded/ non traded securities and illiquid securitiesTotal Percentage of thinly/non traded securities is 12.15 %



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




Value of Investment(As of )



%

Date of First Installment: November 1, 1999

September 30, 2006 181,467

22.27

18.4


Investment Style: (Equity) Value + GrowthInterest Rate Sensitivity: (Debt) Medium


Portfolio

NAV Performance

Q U A R T E R L Y

26.06

30.95

28.19 27.74

14.83

23.9126.19

23.03

0

5

10

15

20

25

30

35


Birla Balance Gr Crisil Balanced Fund Index

Rating Profile

Asset Allocation

2.11%2.15%2.32%2.52%

3.00%3.95%4.09%4.46%

5.40%5.71%6.06%

6.85%8.20%

9.85%14.26%

19.05%


Oil

Industrial Capital GoodsPesticides

Corporate DebtPower

Petroleum ProductsPharmaceuticalsTelecom-Services

Other Equity & PreferenceConsumer Non Durables

PSU/PFI Bonds/BanksAuto

BanksGovernment Bond

1.81%

2.11%

10.34%

19.05%

66.68%

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00%

AA


AAA

Sovereign

Other

Birla Sun Life '95 Fund



An open-end balanced scheme with the objective of long term growth of capital and current income, through a portfolio with a target allocation of 60% equity and 40% debt and money market securities.


February 10, 1995

NAV: Rs.

Dividend Growth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %³ Rs. 5 crores - NilExit Load: Nil

Benchmark:

CRISIL Balanced Fund Index

Average Maturity:

3.88 Years

Corpus:

Rs. 121.23 Crores

75.14 162.65

21

Government Bond 1921.50 15.85Govt Bond 7.59% Oil Mktg. Cos.2015 1435.50 11.84 SovereignGovt Bond 7.44% Oil Mktg. Cos.2012 486.00 4.01 Sovereign

Consumer Non Durables 1299.26 10.72United Breweries Ltd. 787.07 6.49 I T C Ltd. 281.48 2.32 Bombay Burmah Trading Corporation Ltd. 230.71 1.90

Banks 1252.44 10.33State Bank of India 668.40 5.51 Oriental Bank of Commerce 584.05 4.82

Corporate Debt 1000.00 8.25Bajaj Hindustan Ltd. ** 1000.00 8.25 FAA-

Finance 808.02 6.66United Breweries Holdings Ltd. 808.02 6.66

Telecom-Services 707.34 5.83Bharti Airtel Ltd 532.23 4.39 Reliance Communications Ltd. 175.11 1.44

Pesticides 696.56 5.75United Phosphorous Ltd. 370.57 3.06 Rallis India Ltd. 325.99 2.69

Auto 593.31 4.89Hero Honda Motors Ltd. 593.31 4.89

Petroleum Products 585.53 4.83Reliance Industries Ltd. 585.53 4.83

Floating Rate Instruments 501.19 4.13Housing Development Finance Corp. Ltd. 501.19 4.13 AAA

Securitised Debt 475.51 3.92Goldstar Trust July 2004 A2 Series ** 215.39 1.78 AAA(SO)Goldstar Trust (CITI) ** 193.48 1.60 AAA(SO)Fleet Trust July 2004 A2 Series ** 60.52 0.50 AAA(SO)India MBS 2003 Series III Trust ** 6.12 0.05 AAA(SO)

Issuer Market Value % to Net RatingRs. in. Lacs Assets


SIP is a powerful tool that can help you create wealth over time. If you had invested* in BSL‘95F...




Value of Investment(As of , 2006)



%

Date of First Installment: April 1, 1995

September 30 909,790

30.2

11.93


Investment Style: (Equity) Value + GrowthInterest Rate Sensitivity: (Debt) Low


Portfolio

Transportation 417.27 3.44Container Corporation of India Ltd. 417.27 3.44

Gas 389.42 3.21Gujarat Gas Co. Ltd. 389.42 3.21

Pharmaceuticals 385.56 3.18Cadila Healthcare Ltd. 385.56 3.18

Retailing 326.84 2.70Trent Ltd. 326.84 2.70

Industrial Products 324.63 2.68BOC India Ltd. 324.63 2.68

Media & Entertainment 221.61 1.83ETC Networks Ltd. 221.61 1.83 Magnasound India Ltd 0.00 0.00

Fertilisers 167.00 1.38Rashtriya Chemicals & Fertilizers Ltd. 167.00 1.38



** Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 12.17

NAV Performance

Q U A R T E R L Y

24.92

37.72

34.83 35.22

27.07

23. 91

26.19

23.03

0

5

10

15

20

25

30

35

40


Birla SunLife 95 - Growth Crisil Balanced Fund Index

Rating Profile

Asset Allocation

0.42%2.68%2.70%

3.18%3.21%3.21%3.44%

3.92%4.13%

4.83%4.89%

5.75%5.83%

6.66%8.25%

10.33%10.72%

15.85%


RetailingPharmaceuticals

Other EquityGas

TransportationSecuritised Debt

Floating Rate InstrumentsPetroleum Products

AutoPesticides

Telecom-ServicesFinance

Corporate DebtBanks

Consumer Non DurablesGovernment Bond

0.42%

8.06%

8.25%

15.85%

67.43%

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00%


AAA

AA

Sovereign

Other




- Birla Sun Life '95 Fund

Birla MIP



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.


November 20, 2000

NAV: Rs.

Dividend Payment / Growth

Load Structure:

Entry Load: NILExit Load:

<= Rs 10 lakhs: 0.60% if redeemed / switched out with in 90 days from the date of allotment.> 10 Lakhs: Nil

Benchmark:

CRISIL MIP Blended Index

Average Maturity:

2.92 Years

Corpus:

Rs. 206.05 Crores

11.132318.6464

22


Mahindra & Mahindra Financial Serv. Ltd. ** 1988.08 9.65 AA+

Kotak Mahindra Prime Limited. ** 996.37 4.84 LAA

Hindalco Industries Ltd. ** 974.10 4.73 AAA

Great Eastern Shipping Co. Ltd. ** 911.98 4.43 AAA

Cholamandalam DBS Finance Ltd. ** 866.87 4.21 LAA

Housing Development Finance Corp. Ltd. ** 445.67 2.16 AAA

Electrosteel Castings Ltd. ** 246.43 1.20 AA

CitiFinancial Consumer Finance (I) Ltd. ** 204.79 0.99 AAA

Securitised Debt 3984.38 19.34

Loan Sec Trust Sr XVI NTPC (ICICI Bank) ** 1505.65 7.31 LAAA(So)

Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010 ** 1045.14 5.07 AAA(SO)

Indian Corp Loan Sec Trust 03Apr2008 ** 1000.93 4.86 AA(So)

Fleet Trust Aug I 2003 A3 CFIL (IL&FS) ** 209.38 1.02 AAA(SO)

MART 2003 II A2 SCB (UTI Bank) ** 163.64 0.79 P1+(SO)

MART 2004-SERIES III(CLASS A2)(04DEC06) ** 39.88 0.19 AAA(SO)

MART 2003 II A2 SCB (UTI Bank) ** 19.05 0.09 AAA(SO)

PFSL Sr A2 Chola Nov 2003 ** 0.71 0.00 MAAA(So)

Government Bond 3843.00 18.65

Govt Bond 7.59% OIL MKTG. COS.2015 2871.00 13.93 Sovereign


EQUITY 2911.49 14.13

Oriental Bank of Commerce 244.49 1.19




Reliance Energy Ltd 217.60 1.06




LIC Housing Finance Ltd. 185.46 0.90




Pfizer Ltd. 105.98 0.51

Novartis India Ltd. 95.37 0.46

I T C Ltd. 93.83 0.46



Radico Khaitan Ltd 52.45 0.25

Floating Rate Instruments 1623.14 7.88

United Phosphorous Ltd. 906.79 4.40 AA

Industrial Development Bank of India Ltd 516.35 2.51 AA+

Cholamandalam DBS Finance Ltd. 200.00 0.97 LAA

PSU/PFI Bonds/Banks 380.37 1.85

Power Grid Corporation of India Ltd. ** 380.37 1.85 AAA

Mutual Fund Units 84.75 0.41

Birla Fixed Term Debt Fund Ser 3 -18 B 53.26 0.26




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

Total Percentage of thinly/non traded securities is 53.38 %





An open- ended fund. Monthly income is not assured and is subject to availability of distributable surplus

Portfolio

NAV Performance

Q U A R T E R L Y

8.79.31

8.67

11.08 11.22

8.41

9.39

7.69

0

2

4

6

8

10

12


BMIP Gr Crisil MIP Blended Index

Rating Profile

Asset Allocation

0.41%

1.85%

5.55%

7.88%

14.13%

18.65%

19.34%

32.20%

Mutual Fund Units

PSU/PFI Bonds/Banks


Floating Rate Instruments

Equity

Government Bond

Securitised Debt

Corporate Debt

5.55%

14.54%

18.65%

28.63%

32.62%

0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00%


Equity

Sovereign

AAA

AA

Birla MIP II - Savings 5 Plan

23


GE Capital Services India ** 99.48 14.52 AAA

Kotak Mahindra Prime Ltd. ** 99.09 14.46 LAA



Ind Retail ABS Trust Ser XIII A3PTC ** 113.55 16.57 MAAA(So)



ICICI Bank Ltd. 100.00 14.59 AAA

EQUITY 25.95 3.79



Hindustan Sanitaryware & Industries Ltd 5.21 0.76







Total Percentage of thinly/non traded securities is 64.65%




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.


May 01, 2004

NAV: Rs.


Load Structure:

Entry Load: NILExit Load: NIL

Benchmark:


Average Maturity:

0.64 Years

Corpus:

Rs. 6.85 Crores

10.227811.3315


An open- ended fund.

Monthly income is not

assured and is

subject to availability of

distributable surplus


Portfolio

NAV Performance

Q U A R T E R L Y

6.05 5.885.45

8.41

9.39

7.92

0

1

2

3

4

5

6

7

8

9

10

1 Year 2 Years Since Inception

Birla MIP II - Savings 5 - Growth Crisil MIP Blended Index

Rating Profile

Asset Allocation

3.79%

14.59%

16.97%

31.18%

33.47%

Equity



Securitised Debt

Corporate Debt

3.79%

16.97%

33.56%

45.68%

0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%45.00%50.00%

Equity


AA

AAA

Birla MIP II - Wealth 25 Plan

24


CREDIT ASSET TRUST-V HUTCH 27-Sep-2007 ** 1007.92 10.83F1(IND)(SO)

Indian Retail ABS Trust Series 56 (A1X) ** 749.33 8.05 AAA(SO)

Ind Retail ABS Trust Ser XIII A3PTC ** 510.98 5.49 MAAA(SO)

BHPC 15 OCT 2008 BHPC Auto Sec Trust ** 420.35 4.52 AAA(SO)

Indian Corp Loan Sec Trust 03Apr2008 ** 400.37 4.30 AA(SO)

EQUITY 1938.84 20.84

Gwalior Chemical Ind 121.13 1.30






ZF Steering Gear (India) Ltd. 93.91 1.01



Reliance Energy Ltd 91.87 0.99







I T C Ltd. 75.06 0.81

RADICO KHAITAN LTD 74.93 0.81

Subros Ltd. 73.51 0.79







Housing Development Finance Corp. Ltd. **484.42 5.21 AAA


Great Eastern Shipping Co. Ltd. ** 455.99 4.90 AAA




Govt Bond 9.39% 2011 2.10 0.02 Sovereign




Neyveli Lignite Corporation Ltd. ** 271.42 2.92 LAAA







Total Percentage of thinly/non traded securities is 56.74 %




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.


May 01, 2004

NAV: Rs.


Load Structure:

Entry Load: NILExit Load: For redemption / switch out of units within 12 months from the date of allotment: 1%

Benchmark:


Average Maturity:

2.57 Years

Corpus:

Rs. 93.04 Crores

11.220413.0629


Portfolio


An open- ended fund.

Monthly income is not

assured and is

subject to availability of

distributable surplus

NAV Performance



#«««««Value Research Rating

- Birla MIP II - Wealth 25 Plan

Q U A R T E R L Y

11.4

13.05

12.01

8.41

9.39

7.92

0

2

4

6

8

10

12

14


Birla MIP II - Wealth 25 - Growth Crisil MIP Blended Index

Asset Allocation

Rating Profile

0.91%

2.84%

2.92%

3.22%

15.45%

20.62%

20.84%

33.20%

Mutual Fund Units


PSU/PFI Bonds/Banks


Government Bond

Corporate Debt

Equity

Securitised Debt

2.84%

15.45%

18.69%

21.75%

41.27%

0.00% 5.00% 10.00%15.00% 20.00% 25.00% 30.00%35.00% 40.00% 45.00%


Sovereign

AA

Equity

AAA

Birla Sun Life Monthly Income

25



Sundaram Finance Ltd ** 1005.66 7.74 AA+

Essel Propack Ltd. ** 1000.00 7.70 Unrated

Kotak Mahindra Prime Ltd. ** 996.37 7.67 LAA

Tata Steel Ltd. ** 862.52 6.64 AAA

Mahindra & Mahindra Financial Ser Ltd. ** 502.51 3.87 AA+


Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010 ** 1567.70 12.06 AAA(SO)


India Infrastructure Developers Ltd. ** 457.94 3.52 AAA(SO)

Goldstar Trust (CITI) ** 77.39 0.60 AAA(SO)

Fleet Trust July 2004 A2 Series ** 60.52 0.47 AAA(SO)

Fleet Trust April 2004 Series ** 35.41 0.27 AAA(SO)

India MBS 2003 Series III Trust ** 6.12 0.05 AAA(SO)


Govt Bond 7.59% Oil Mktg. Cos.2015 1435.50 11.05 Sovereign


EQUITY 2174.43 16.73

United Breweries Ltd. 165.45 1.27

United Breweries Holdings Ltd. 163.16 1.26









Cadila Healthcare Ltd. 129.48 1.00



Pritish Nandy Communications Ltd. 106.67 0.82


Nirma Ltd. 103.99 0.80

ETC Networks Ltd. 65.81 0.51


Magnasound India Ltd. 0.00 0.00


Power Finance Corporation Ltd. ** 9.64 0.07 AAA








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.


July 14, 1999

NAV: Rs.

Dividend Growth Quarterly Dividend

Load Structure:

Entry Load: NILExit Load: For redemption / switch out of units within 12 months from the date of allotment: 1%

Benchmark:


Average Maturity:

2.82 Years

Corpus:

Rs. 129.94 Crores

10.746924.440011.2449

Investment Style: (Equity) Value + Growth Interest Rate Sensitivity: (Debt) Medium

Portfolio

An open- ended fund. Monthly income is not assured and is subject to availability of distributable surplus


NAV Performance



««««Value Research Rating#- BSL Monthly Income

Q U A R T E R L Y

10.39 10.439.57

12.18

13.18

8.41

9.39

7.69

0

2

4

6

8

10

12

14


Birla SunLife MIP - Growth Crisil MIP Blended Index

Rating Profile

Asset Allocation

0.07%

1.03%

16.73%

18.53%

20.82%

42.81%

PSU/PFI Bonds/Banks


Equity

Government Bond

Securitised Debt

Corporate Debt

1.03%

7.70%

16.74%

18.53%

23.68%

32.33%

0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00%


Unrated

Equity

Sovereign

AAA

AA

Birla Income Plus

26


Sundaram Finance Ltd. ** 2006.40 7.75 AA+

Housing Development Finance Corp. Ltd. ** 2000.53 7.73 AAA


Reliance Industries Ltd. ** 1315.78 5.08 AAA

GE Capital Services India. ** 1261.28 4.87 AAA

Tata Sons Ltd. ** 995.08 3.85 AAA






Money Market Instruments 5144.36 19.88

ICICI Bank Ltd. 1606.70 6.21 A1+

Aditya Birla Nuvo Ltd. 1399.22 5.41 A1+

Tata Power Co. Ltd. 1140.14 4.41 P1+

Mahindra & Mahindra Financial Ser Ltd. 998.30 3.86 P1+


Housing Development Finance Corp. Ltd. 1324.78 5.12 LAAA

Indian Retail ABS Trust SerXIII A3. 571.29 2.21MAAA(SO)

LIC Housing Finance Ltd. 500.59 1.93 AAA

UTI Bank Ltd. 500.22 1.93 LAA+

Export-Import Bank of India. 300.04 1.16 AAA




National Bank for Agri & Rural Devp. ** 1000.41 3.87 AAA



Ind Retail ABS Trust Ser XIII A3PTC. ** 56.78 0.22 MAAA(So)


Net Assets 25878.80 100.00

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





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.


October 23, 1995

NAV: Rs.

Dividend Growth

Load Structure:

Entry Load: NILExit Load: <= Rs 10 lakhs: 0.60% if redeemed / switched out with in 180 days from the date of allotment.> 10 Lakhs: Nil

Benchmark:

CRISIL Composite Bond Fund Index

Average Maturity:

2.26 Years

Corpus:

Rs. 258.78 Crores

10.188129.8810

Interest Rate Sensitivity: Medium

^ # for methodology please refer page 2


AAAf by CRISIL*


Portfolio

NAV Performance

Q U A R T E R L Y

4.834.11

2.78

7.29

10.52

3.354.08

2.73

0

2

4

6

8

10

12


BIP Gr Crisil Composite Bond Fund Index

Rating Profile

Asset Allocation

0.22%

2.18%

4.98%

12.74%

19.88%

22.51%

37.50%

Securitised Debt


PSU/PFI Bonds/Banks


Money Market Instruments

Government Bond

Corporate Debt

2.18%

10.63%

22.51%

64.69%

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%


AA

Sovereign

AAA

Birla Sun Life Income Fund

27




The Hongkong & Shanghai Banking Corp Ltd 291.60 8.77 F1+

American Express Bank 245.93 7.40 A1+





India Infrastructure Developers Limited. ** 254.41 7.65 AAA(SO)

Goldstar Trust (CITI). ** 116.09 3.49 AAA(SO)

India MBS 2003 Series III Trust. ** 18.35 0.55 AAA(SO)

Fleet Trust April 2004 Series. ** 14.16 0.43 AAA(SO)




Net Assets 3324.81 100.00






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.


March 03, 1997

NAV: Rs.

Half Yearly Dividend Growth Quarterly Dividend 54 EA Dividend54 EA Growth54 EB Dividend54 EB Growth

Load Structure:


Benchmark:


Average Maturity:

2.30 Years

Corpus:

Rs. 33.24 Crores

10.526924.936410.183110.980624.919010.992424.7621


Portfolio


NAV Performance

Q U A R T E R L Y

5.58

4.67

3.51

7.53

10.01

3.354.08

2.73

0

2

4

6

8

10

12


Birla SunLife Income Fund - Growth Crisil Composite Bond Fund Index

Rating Profile

Asset Allocation

8.70%

12.12%

13.94%

16.17%

19.83%

29.23%

PSU/PFI Bonds/Banks

Securitised Debt

Corporate Debt



Government Bond

13.94%

19.83%

29.23%

36.99%

0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00%

AA


Sovereign

AAA

Birla Gilt Plus

28

Liquid Plan

Government Bond 215.55 10.18Govt Bond 9.39% 2011 215.55 10.18 Sovereign


Net Assets 2118.03 100.00


PF Plan






Net Assets 9712.08 100.00

Regular Plan




8.33% CGL 07 JUNE 2036 504.00 8.32 Sovereign



Net Assets 6058.45 100.00

Interest Rate Sensitivity: Regular Plan/PF Plan - High, Liquid Plan - Low

@ICRA Online Awards 2006 : GOLD Ranked MFR1 in Open Ended Gilt Schemes - Short Term (3 year)


PortfolioAs on September 30, 2006


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


October 12, 1999

NAV: Rs.

Liquid PlanDiv.-Payout/Reinvest Growth Annual Dividend PF PlanDiv.-Payout/Reinvest Growth Annual Dividend Regular PlanDiv.-Payout/Reinvest Growth Annual Dividend

Load Structure:

Liquid Plan, Regular Plan & PF Plan-Quarterly / Annual Dividend:Entry Load: NIL; Exit Load: NILPF Plan - Growth: Entry Load: NILExit Load: 1.00% if redeemed / switched out within 365 days from date of allotment.

Benchmark:

Liquid Plan - PF Plan - Regular Plan -

Average Maturity:

Liquid Plan - 0.94 YearsPF Plan - 5.10 YearsRegular Plan - 10.37 Years

Corpus:

Liquid Plan - Rs. 21.18 CroresPF Plan - Rs. 97.12 CroresRegular Plan - Rs. 60.58 Crores

10.642717.575911.7037

10.609920.313420.3144

11.087522.671422.7178

I-Sec Si-BEX

I-Sec Li-BEX

I-Sec Li-BEX


««««Value Research Rating#- Birla Gilt Plus - Liquid Plan


@ # for methodology please refer page 2

NAV Performance

NAV Performance

NAV Performance

Q U A R T E R L Y

4.43 4.49

2.64

8.77

10.7

4.645.07

2.75

0

2

4

6

8

10

12


BGP PFP Gr I-Sec Li-BEX

5.3 5.42

4.82

6.5

8.43

6.15

5.51

4.91

0

1

2

3

4

5

6

7

8

9


BGPL Gr I-Sec Si-BEX

5.42 5.13

3.19

10.33

12.46

4.645.07

2.75

0

2

4

6

8

10

12

14


Birla GPRP Gr I-Sec Li-BEX

Liquid Plan - Asset Allocation Regular Plan - Asset Allocation

PF Plan - Asset Allocation

10.18%

89.82%

Government Bond


15.83%

84.17%


Government Bond

4.61%

95.39%


Government Bond

Birla Sun Life Government Securities Fund

29

Long Term Plan


Net Assets 239.61 100.00




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.


October 28, 1999

NAV: Rs.

Long Term Plan: Dividend Growth Short Term Plan:Dividend Growth

Load Structure:


Benchmark:

Long Term Plan - I-Sec Li-BEX

Short Term Plan - I-Sec Si-BEX

Average Maturity:

Long Term Plan - 0.01 Years

Short Term Plan - 0.01 Years

Corpus:

Long Term Plan - Rs. 2.39 Crores

Short Term Plan - Rs. 0.30 Crores

10.239719.3476

10.062215.2576

Interest Rate Sensitivity: Long Term Plan - High, Short Term Plan - Low

Portfolio



Short Term Plan


Net Assets 30.34 100.00

Short Term Plan - NAV PerformanceLong Term Plan - NAV Performance

Q U A R T E R L Y

3.52 3.43

2.27

8.68

10

4.645.07

2.75

0

2

4

6

8

10

12


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

4.12

3.4

2.18

4.37

6.296.15

5.51

4.91

0

1

2

3

4

5

6

7


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

Short Term Plan - Asset Allocation

Short Term Plan - Rating ProfileLong Term Plan - Rating Profile

Long Term Plan - Asset Allocation

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

100.00%Cash & Current Assets 100.00%Cash & Current Assets

Birla Dynamic Bond Fund

30




Oriental Bank of Commerce. ** 9.88 12.56 AA+


Net Assets 78.61 100.00





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.


September 24, 2004

NAV: Rs.

Retail Dividend Retail Growth

Load Structure:


Benchmark:

Average Maturity:

0.28 Years

Corpus:

Rs. 5.27 Crores

11.119310.2218




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.


April 24, 2003

NAV: Rs.

Dividend Growth

Load Structure:


Benchmark:

Average Maturity:

1.42 Years

Corpus:

Rs. 0.78 Crores

10.273411.3856

Crisil Composite Bond Fund Index




AAAf by CRISIL*


Birla Bond Index FundInterest Rate Sensitivity: Medium

Portfolio

Money Market Instruments 239.60 45.40ICICI Bank Ltd. 239.60 45.40 P1+


Net Assets 527.70 100.00


Portfolio


NAV Performance

NAV Performance

Q U A R T E R L Y

3.39

5.645.43 5.43

2.71

3.35

4.08 3.93

0

1

2

3

4

5

6

6 Months 1 Year 2 Years Since Inception

Birla DBF - Retail - Growth Crisil Composite Bond Fund Index

4.11 4.14

2.86

3.9

3.35

4.08

2.73

3.71

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5


Birla Bond Index Fund - Growth Crisil Composite Bond Fund Index

Asset Allocation

Rating Profile

45.40%

54.60%

Money MarketInstruments

Cash & CurrentAssets

45.40%

54.60%

AAA

Cash & CurrentAssets

Asset Allocation

Rating Profile

49.37%

50.63%

PSU/PFI Bonds/Banks


12.56%

36.81%

50.63%

AA

AAA


Birla Bond Plus



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


November 26, 2001

NAV: Rs.

Retail Dividend Retail Growth Institutional Dividend Institutional Growth

Load Structure:

Entry Load: NILExit Load: For redemption / switch out of units within 1 month from the date of allotment: 0.25%

Benchmark:

CRISIL Short-Term Bond Fund Index

Average Maturity:

0.89 Years

Corpus:

Rs. 517.54 Crores

11.280813.460410.513913.5768

31

Money Market Instruments 38187.62 73.79Tata Power Co. Ltd. 5662.35 10.94 P1+Aditya Birla Nuvo Ltd. 5167.38 9.98 A1+Export-Import Bank of India 3761.90 7.27 P1+ABN Amro Bank 3750.82 7.25 P1+State Bank of Saurashtra 3314.60 6.40 A1+State Bank of Patiala 3258.84 6.30 A1+Industrial Development Bank of India Ltd 2347.74 4.54 P1+UTI Bank Ltd. 2320.87 4.48 P1+Allahabad Bank Ltd. 2319.67 4.48 P1+Federal Bank Ltd. 2317.25 4.48 P1+Tata Motors Ltd. 1455.17 2.81 P1+American Express Bank 1445.32 2.79 P1+State Bank of Indore 571.42 1.10 P1+Voltas Ltd. 494.29 0.96 A1+

Corporate Debt 6697.28 12.94Citicorp Finance (I) Ltd. ** 1994.22 3.85 AAACitiFinancial Consumer Finance (I) Ltd. ** 1766.96 3.41 AAAHousing Development Finance Corp. Ltd. ** 1500.77 2.90 AAASundaram Finance Ltd. ** 501.60 0.97 AA+GE Capital Services India. ** 485.11 0.94 AAAReliance Industries Ltd. ** 438.59 0.85 AAAInfrastructure Leasing & Fin. Ser. Ltd. ** 10.03 0.02 AAA

Securitised Debt 6640.87 12.83Credit Asset Trust-V Hutch 27Sep2007. ** 4031.68 7.79 F1+(SO)BHPC Auto Sec Trust Aug TELCO 15FEB07. ** 2139.79 4.13 AAA(SO)Ind Retail ABS Trust Ser XIII A3PTC. ** 397.43 0.77 MAAA(SO)Loan Sec Trust SrXII NTPC (ICICI). ** 71.80 0.14% LAAA(SO)VE Trust 4 Sr A1 MMFSL (UTI Bank). ** 0.17 0.00 AAA(SO)


Net Assets 51754.17 100.00

**Represents thinly traded/ non traded securities and illiquid securitiesTotal Percentage of thinly/non traded securities is 25.77%


Interest Rate Sensitivity: Low to Medium


Portfolio


AAAf by CRISIL*

^^*# for methodology please refer page 2

««««Value Research Rating#- Birla Bond Plus - Retail Plan


NAV Performance

Q U A R T E R L Y

6.225.87

5.37

6.33

4.77 4.86

4.2

0

1

2

3

4

5

6

7


BBP Retail Gr CRISIL Short-Term Bond Fund Index

Asset Allocation

Rating Profile

0.44%

12.83%

12.94%

73.79%


Securitised Debt

Corporate Debt


0.44%

0.97%

98.59%


AA

AAA

Birla Sun Life Short Term Fund

32



ICICI Bank Ltd. 359.40 25.65 P1+

The Hongkong & Shanghai Banking Corp Ltd 239.01 17.05 F1+


Infrastructure Leasing & Fin. Ser. Ltd. ** 15.04 1.07 AAA


Net Assets 1401.43 100.00

**Represents thinly traded/ non traded securities and illiquid securitiesTotal Percentage of thinly/non traded securities is 1.07%




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.


April 19, 2002

NAV: Rs.

Dividend Growth

Load Structure:

Entry Load: NILExit Load: Nil

Benchmark:

CRISIL Short-Term Bond Fund Index

Average Maturity:

0.48 Years

Corpus:

Rs. 14.01 Crores

10.264312.8351

Interest Rate Sensitivity: Low to Medium


Portfolio

NAV Performance

Q U A R T E R L Y

5.82

5.335.01

5.77

4.77 4.86

4.2

5.3

0

1

2

3

4

5

6

7


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

Asset Allocation

Rating Profile

1.07%

22.20%

76.73%

Corporate Debt



77.80%AAA

22.20%Cash & Current

Assets

Birla Floating Rate Fund

33

Long Term Plan

Industrial Development Bank of India Ltd. 2032.69 22.84 AA+



Citicorp Finance (I) Ltd. 1004.84 11.29 AAA

Mahindra & Mahindra Financial Ser Ltd. 500.00 5.62 AA+


Housing Development Finance Corp. Ltd. 400.95 4.51 AAA


Net Assets 8898.21 100.00

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

Total Percentage of thinly/non traded securities is Nil







Mahindra & Mahindra Financial Ser Ltd. 3001.98 12.07 AA+

Industrial Development Bank of India Ltd. 2026.58 8.15 AA+

Housing Development Finance Corp. Ltd. 1804.28 7.26 AAA

Dewan Housing Finance Corporation Ltd. 1500.00 6.03 CARE AA

Infrastructure Development Fin. Co. Ltd. 1001.12 4.03 AAA

Rabo India Finance Pvt. Ltd. 500.45 2.01 AAA

UTI Bank Ltd. 500.22 2.01 LAA+

Sundaram Finance Ltd. 100.17 0.40 MAAA

United Phosphorous Ltd. 100.00 0.40 AA


State Bank of Hyderabad 1900.34 7.64 A1+

State Bank of Patiala 1862.60 7.49 A1+

UCO Bank Ltd. 959.69 3.86 P1+

Tata Power Co. Ltd. 760.25 3.06 P1+

ICICI Bank Ltd. 480.65 1.93 P1+


Net Assets 24863.27 100.00

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

Total Percentage of thinly/non traded securities is Nil



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.


June 04, 2003

NAV: Rs.

Long Term:Dividend Growth Short Term:Weekly Dividend Growth Daily Dividend Institutional Plan-Daily DividendInstitutional Plan-GrowthInstitutional Plan-Weekly Dividend

Load Structure:

Long Term:Entry Load: NilExit Load: <= Rs 10 lakhs: 0.50% if redeemed / switched out with in 180 days from the date of allotment.> 10 Lakhs: NilShort Term:Entry Load: NILExit Load: NIL

Benchmark:

Long Term - Crisil Liquid Fund Index

Short Term - Crisil Liquid Fund Index

Average Maturity:

Long Term - 0.29 Years

Short Term - 0.36 Years

Corpus:

Long Term - Rs. 88.98 CroresShort Term - Rs. 248.63 Crores

10.427411.8806

10.376511.884510.0034

10.010510.5706

10.0096

Interest Rate Sensitivity: Low


Portfolio

+'mfAAA' by ICRA+

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.

Long Term - NAV Performance Short Term - NAV Performance

Q U A R T E R L Y

5.54 5.52

5.275.33

5.57

5.09

4.7 4.66

4.2

4.4

4.6

4.8

5

5.2

5.4

5.6

5.8


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

6.055.71

5.37 5.335.57

5.094.7 4.66

0

1

2

3

4

5

6

7


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

Long Term Plan - Asset Allocation Short Term Plan - Asset Allocation

16.39%

83.61%



2.30%

23.99%

73.72%




+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.

+'mfA1+' by ICRA

Money Market Instruments 422900.73 67.26ICICI Bank Ltd. 54175.25 8.62 A1+Hongkong & Shanghai Banking Corp. Ltd. 37305.16 5.93 F1+Uco Bank 35943.00 5.72 P1+Housing Development Finance Corp. Ltd. 24733.06 3.93 A1+Tata Power Co. Ltd. 23282.79 3.70 P1+State Bank of Hyderabad 17102.34 2.72 A1+Punjab National Bank 14830.11 2.36 P1+ABN Amro Bank 12293.15 1.96 P1+State Bank of Indore 11360.64 1.81 P1+Union Bank of India 11071.22 1.76 P1+Punjab National Bank 9957.00 1.58 F1+ICICI Bank Ltd. 9854.27 1.57 P1+Standard Chartered ANZ 9841.19 1.57 P1+Indian Bank 9831.50 1.56 F1+State Bank of Patiala 8848.54 1.41 A1+Industrial Development Bank of India 8611.86 1.37 P1+Bharat Overseas Bank 8327.75 1.32 A1+IndusInd Bank Ltd. 7444.86 1.18 F1+American Express Bank 7112.18 1.13 A1+Export-Import Bank of India 7075.59 1.13 P1+Jammu & Kashmir Bank Ltd 6887.32 1.10 P1+American Express Bank 6743.57 1.07 P1+Apollo Tyres Ltd. 6437.02 1.02 P1+State Bank of Saurashtra 6230.34 0.99 P1+Federal Bank 5702.14 0.91 P1+Aditya Birla Nuvo 5217.68 0.83 A1+Indian Bank 4949.69 0.79 F1+Standard Chartered Bank 4455.16 0.71 P1+Kotak Mahindra Bank Ltd. 4043.67 0.64 P1+Mahindra & Mahindra Financial Ser. Ltd. 3993.97 0.64 P1+State Bank Of Bikaner And Jaipur 3952.06 0.63 P1+Tata Motors Ltd. 3396.05 0.54 P1+National Housing Bank 2499.10 0.40 P1+Kotak Mahindra Prime Ltd. 2493.17 0.40 P1+State Bank of India 2478.26 0.39 P1+State Bank of Travancore 2469.37 0.39 P1+Housing Development Finance Corp. Ltd. 2467.22 0.39 P1+Union Bank of India 2465.94 0.39 A1+ABN Amro Bank 2425.74 0.39 A1+Sundaram Finance Ltd 2422.34 0.39 P1+SBI Cards Payments Services Ltd. 2388.00 0.38 P1+Infrastructure Development Fin. Company 2376.59 0.38 A1+UTI Bank Ltd. 1469.63 0.23 A1+Sundaram Fastaners Ltd 995.43 0.16 P1+Jagran Prakashan Ltd. 989.56 0.16 P1+CMC Ltd 989.54 0.16 A1+Century Enka Ltd 988.56 0.16 P1+HCL Infosystems Ltd 983.02 0.16 A1+Citicorp Finance (I) Ltd. 494.77 0.08 P1+Rico Auto Industries Ltd. 494.38 0.08 A1+

Floating Rate Instruments 86362.59 13.74Housing Development Finance Corp. Ltd. 16137.11 2.57 LAAACiticorp Finance (I) Ltd. 10287.29 1.64 AAAHousing Development Finance Corp. Ltd. 7699.27 1.22 AAAIndustrial Development Bank of India 6513.83 1.04 AA+UBL Trust Sr 16 5001.38 0.80 AA(SO)GE Capital Services India Ltd 5000.32 0.80 AAASundaram Finance Ltd 5000.00 0.80 P1+Export-Import Bank of India 4999.46 0.80 AAASundaram Finance Ltd 3493.26 0.56 LAAA

ITI LOAN RECEIVABLE TRUST ILFS 3203.76 0.51 LAAKotak Mahindra Bank Ltd. 2500.00 0.40 P1+UTI Bank Ltd. 2498.94 0.40 LAA+IndiaRetail ABS Tr44 2202.59 0.35 AAA(SO)LIC Housing Finance Ltd. 1499.54 0.24 AAAICICI Bank Ltd. 1001.55 0.16 CARE AAAInfrastructure Development Fin. Company 1001.12 0.16 AAAHero Honda Finlease Ltd. 1000.00 0.16 A1+Hero Honda Finlease Ltd. 1000.00 0.16 P1+Citi Financial Consumer Finance (I) Ltd. 999.89 0.16 AAAFloat Ind Retail ABSTrust Ser XIII A3PTC 856.93 0.14 MAAASundaram Finance Ltd 800.00 0.13 LAA+Secured Loan Rec.Sec.Trust Sr3 (ICICI) 524.96 0.08 LAAACholamandalam Investments & Finance Ltd. 500.00 0.08 LAA(SO)Dewan Housing Finance Corporation Ltd 500.00 0.08 CARE AA+ICICI Securities Ltd. 500.00 0.08 AAAUnion Bank of India 500.00 0.08 AA+Sundaram Finance Ltd 400.70 0.06 MAAAIndian Ret ABS Ser XXXII - Pac Sr 282.38 0.04 LAAA(SO)IGEG Loan Trust Series I (GLENMAK PHARM) 200.69 0.03 A1+(SO)Fleet Trust Jan 2004 Series A5 146.09 0.02 AAA(SO)Asset Securitisation Trust Dec2004 IV A6 111.54 0.02 AAA(SO)

Securitised Debt 20255.66 3.22Ind Ret ABS Tr Sr.(A1) -24 AUG 2007 ** 8554.20 1.36 LAAA(SO)Credit Asset Trust Sriii(Hutchison Essar) ** 2536.10 0.40 F1+(SO)Indian Retail ABS Trust Sr-49(A3)18Apr07 ** 1997.80 0.32 AAA(SO)Indian Retail ABS Trust 60 Sr-A1 (ICICI) ** 1687.89 0.27 A1+(SO)Indian Corp. Loan Securitisation Trust ** 1511.02 0.24 A1+(SO)BHPC Auto Securitisation Trust Sept A2 ** 1357.80 0.22 LAAA(SO)LTR II (CITICORP) GUJ A 15 APR 2007 ** 897.62 0.14 AAA(SO)BHPC Auto SecTrust Ser A1 TELCO 15Jun04 ** 781.72 0.12 AAA(SO)Indian Retail ABS Trust Series XXV - A2 ** 543.09 0.09 AAA(SO)Indian Retail ABS Trust Series XXXIII ** 208.69 0.03 AAA(SO)Loan Sec Trust Ntpc ICICI 07 Feb 2009 ** 179.55 0.03 AAA(SO)VE Trust 4 Sr A1 MMFSL (UTI Bank) ** 0.17 0.00 AAA(SO)

Corporate Debt 16947.59 2.70GE Capital Services India Ltd. ** 5001.74 0.80 AAATube Investment of India Ltd. ** 4000.00 0.64 P1+Canara Bank ** 2500.00 0.40 P1+Essel Propack Ltd. ** 2000.00 0.32 P1+Hindustan Construction Company Ltd. ** 1500.00 0.24 PR1+Kotak Mahindra Prime Ltd. ** 842.34 0.13 LAAHousing Development Finance Corp. Ltd. ** 501.23 0.08 AAAMotherson Sumi Systems Ltd. ** 500.00 0.08 A1+Industrial Development Bank of India ** 102.28 0.02 AA+

PSU/PFI Bonds/Banks 7919.18 1.25Bharat Heavy Electricals Ltd. ** 3406.59 0.54 AAAExport-Import Bank of India ** 2502.80 0.39 AAAVijaya Bank ** 1008.94 0.16 AA+Indian Overseas Bank ** 1000.86 0.16 AA+


Net Assets 628754.34 100.00

**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 7.17%



34

Birla 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.


June 16,1997

NAV: Rs.

Retail Dividend Retail Growth Institutional Dividend Institutional Plan - Weekly Dividend Option Institutional Plan - Fortnightly Dividend Option Institutional Growth Institutional Premium Plan -Dividend Institutional Premium Plan - Weekly Div. Option Institutional Premium Plan -Fortnightly Dividend Option Institutional Premium Plan - Monthly Dividend Institutional Premium Plan - Growth

Load Structure:

Entry Load: NIL

Exit Load: NIL

Benchmark:

Crisil Liquid Fund Index

Average Maturity:

0.39 Years

Corpus:

Rs. 6287.54 Crores

16.372519.436810.8044

10.8089

10.074619.5644

10.0215

10.0245

10.0746

10.0020

11.4791


#«««««Value Research Rating- Birla Cash Plus - Institutional Premium Plan




Portfolio

NAV Performance

Q U A R T E R L Y

3.22

6.14

5.595.16

5.72

7.41

3.05

5.575.09

4.7

0

1

2

3

4

5

6

7

8

6 Months 1 Year 2 Years 3 Years 5 Years SinceInception

BCP Retail Gr Crisil Liquid Fund Index

Asset Allocation

Rating Profile

1.25%

2.70%

3.22%

11.83%

13.74%

67.26%

PSU/PFI Bonds/Banks

Corporate Debt

Securitised Debt




3.57%

13.74%

84.60%

AA


AAA

Birla Sun Life Cash Manager

35


State Bank of Patiala 2793.90 25.90 A1+

Union Bank of India 962.71 8.93 P1+

State Bank of Saurashtra 961.59 8.92 P1+


The Hongkong & Shanghai Banking Corp Ltd. 286.87 2.66 F1+


Rabo India Finance Pvt. Ltd. 1000.00 9.27 P1+


Goldstar Trust July 2004 A2 Series** 215.43 2.00 AAA(SO)

Goldstar Trust July 2004 A1** 7.06 0.07 AAA(SO)


Net Assets 10785.82 100.00






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.


May 14, 1998

NAV: Rs.

Institutional Daily Dividend Retail Growth Institutional Growth Retail Weekly Dividend Institutional Weekly Dividend

Load Structure:


Benchmark:

Crisil Liquid Fund Index

Average Maturity:

0.41 Years

Corpus:

Rs. 107.85 Crores

10.004017.737112.036910.007910.0081




AAAf by CRISIL*



««««Value Research Rating#- BSL Cash Manager - Institutional Plan


Portfolio

NAV Performance

Q U A R T E R L Y

3.08

5.975.47

5.18

5.75

7.07

3.05

5.57

5.094.7

0

1

2

3

4

5

6

7

8

6 Months 1 Year 2 Years 3 Years 5 Years SinceInception

Birla SunLife Cash Manager - Growth Crisil Liquid Fund Index

Asset Allocation

Rating Profile

2.06%

9.27%

38.61%

50.05%

Securitised Debt




61.39%AAA

38.61%Cash & Current Assets

Birla Asset Allocation Fund

36

AGGRESSIVE PLAN


Birla Sunlife Equity Fund. 225.96 27.67

Birla Midcap Fund 216.24 26.48

Birla Top 100 Fund. 184.31 22.57

Birla Dynamic Bond Fund 98.49 12.06

Birla Sunlife Short Term Fund - Growth 44.87 5.50

Birla Gilt Plus Inv 11.91 1.46


Net Assets 816.55 100.00


MODERATE PLANMutual Fund Units 490.12 93.86Birla Midcap Fund 164.72 31.54Birla Dynamic Bond Fund 142.39 27.27Birla Sunlife Equity Fund. 82.11 15.73Birla Top 100 Fund. 53.84 10.31Birla Sunlife Short Term Fund - Growth 47.06 9.01


Net Assets 522.18 100.00

CONSERVATIVE PLAN


Birla Sunlife Short Term Fund - Growth 433.58 57.84

Birla Midcap Fund 74.89 9.99

Birla Top 100 Fund. 66.06 8.81

Birla Sunlife Equity Fund. 43.40 5.79

Birla Dynamic Bond Fund 34.77 4.64


Net Assets 749.65 100.00



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.


January 23, 2004

NAV: Rs.

Aggressive PlanDividendGrowth Conservative PlanDividendGrowth Moderate PlanDividendGrowth

Load Structure:

Entry Load:Aggressive Plan: 1.50%Moderate Plan: 1.00%Conservative Plan: 0.50%Exit Load: NIL

Benchmark:

Aggressive Plan - S&P CNX Nifty

Moderate Plan -Crisil Balanced Fund Index

Conservative Plan -Crisil MIP Blended Index

Corpus:

Aggressive Plan - Rs. 8.16 Crores

Moderate Plan - Rs. 5.22 Crores

Conservative Plan - Rs. 7.49 Crores

18.8226 18.8226

13.5552 13.5552

16.5266 16.5266


Portfolio

NAV Performance

NAV Performance

NAV Performance

Q U A R T E R L Y

30.01

35.62

27.57

38.06

43.45

29.83

0

5

10

15

20

25

30

35

40

45

50


Birla AAF - Aggressive Plan - Growth S&P Nifty

13.7214.35

12.43

8.419.39

6.82

0

2

4

6

8

10

12

14

16


Birla AAF - Conservative Plan - Growth Crisil MIP Blended Index

23.39

27.09

21.34

23.91

26.19

18.54

0

5

10

15

20

25

30


Birla AAF - Moderate Plan - Growth Crisil Balanced Fund Index

Moderate Plan - Asset Allocation

Aggressive Plan - Asset Allocation Conservative Plan - Asset Allocation

4.26%

95.74%


Mutual Fund Units

12.93%

87.07%


Mutual Fund Units

6.14%

93.86%


Mutual Fund Units

27.9

46.5 49.1 50.2

30.7

43.649.4

40.934.7

14.0

38.5

47.2

38.534.4

12.2

0

10

20

30

40

50

60

1 Year 2 Year 3 Year 5 Year Inception

NAV Performance CAGR Returns (%)

India Advantage Fund Ltd.

Sensex

MSCI

37

Issuer Sector Market Value % to Net(US Dollars) Assets

State Bank Of India Banks 8,985,388.68 6.59Infosys Technologies Ltd. Software 8,582,406.13 6.29Bharti Televentures Ltd. Telecom-Services 8,547,811.14 6.27Bharat Heavy Electricals Ltd. Industrial Capital Goods 6,827,407.10 5.01Tata Motors Ltd. Auto 5,345,462.88 3.92Satyam Computers Services Ltd. Software 5,262,043.31 3.86ITC Ltd. Consumer Non Durables 5,063,681.99 3.71Associated Cement Companies Ltd. Construction Materials 4,864,589.16 3.57Mcdowell & Company Limited Consumer Non Durables 4,731,389.96 3.47Indian Hotels Co Ltd. Hotels 4,725,571.01 3.47United Phosphorus Ltd. Pesticides 4,653,575.24 3.41Hero Honda Ltd. Auto 4,308,933.27 3.16Punjab National Bank Banks 3,619,061.14 2.65ICICI Bank Ltd. Banks 3,510,513.10 2.57Hindustan Petroleum Corporation Ltd. Petroleum Products 3,293,654.20 2.42Housing Development Finance Corporation Ltd. Finance 3,266,250.00 2.40Tata Consultancy Services Ltd Software 3,212,017.47 2.36UTI Bank Ltd. Banks 3,156,682.69 2.32Reliance Industries Ltd. Petroleum Products 3,144,959.61 2.31Subex Systems Ltd. Software 2,877,927.94 2.11Glaxo Smithkline Pharma Ltd. Pharmaceuticals 2,839,417.43 2.08NAGARJUNA CONSTRUCTION CO. LTD. Construction & Engineering 2,609,073.58 1.91Gujarat Ambuja Cement Ltd. Construction Materials 2,551,310.04 1.87Larsen & Toubro Ltd. Construction & Engineering 2,501,626.64 1.83Pantaloon Retail Ltd Retailing 2,470,081.59 1.81Oil & Natural Gas Corporation Ltd. Oil 2,361,866.00 1.73Siemens Ltd. Industrial Capital Goods 2,341,812.23 1.72Grasim Industries Ltd. Cement 2,310,596.07 1.69Pfizer India Ltd. Pharmaceuticals 1,875,434.41 1.38Bajaj Hindusthan Ltd. Agricultural Products 1,823,134.82 1.34Balrampur Chini Ltd. Agricultural Products 1,661,364.98 1.22Rallis India Ltd. Pesticides 1,552,110.48 1.14Total Equity Holdings 124,877,154.25 91.59CALL & CALL EQUIVALENTS :Cash and Cash Equivalent 11,304,537.48 8.29CORPORATE DEBT :Trent Ltd 167,091.93 0.12TOTAL 136,348,783.67 100.00OTHER NET ASSETS (SUB FUND) (1,612,235.22)OTHER NET ASSETS (MAIN FUND) 1,439,395.47NET ASSETS 136,175,943.92



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 reasonable valuations.


August 8, 1996

NAV:

$ per Class C Share : 150.32

Conversion Rate:

1USD = INR 45.80

Benchmark:

BSE Sensex and MSCI (India)

AUM:

USD 136.17 Million

Bloomberg Ticker Code:

INDADVC MP

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

Birla Sun Life AMC (Mauritius) Limited India Advantage Fund

awarded 1st Place in the Standard & Poor's Five YearsOffshore Funds Equity India Sector out of 11 funds

2004 @@

2004

@@ for methodology please refer page 2

(Past performance is no guaranteeof future results.)

3rd consecutive award since 2002.

Portfolio

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 USDollars.

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 45.80

Asset Allocation

Q U A R T E R L Y

0.12%1.69%1.73%1.81%

2.40%2.56%

3.46%3.47%

3.75%4.55%4.72%

5.44%6.27%

6.72%7.08%7.18%

8.29%14.13%

14.62%

Trent Ltd - WarrantsCement

OilRetailingFinance

Agricultural ProductsPharmaceuticals

HotelsConstruction & Engineering

PesticidesPetroleum Products

Construction MaterialsTelecom-Services

Industrial Capital GoodsAuto

Consumer Non DurablesCash and Cash Equivalent

BanksSoftware

AddendumsQ U A R T E R L Y

37

NOTICEADDENDUM TO THE OFFER DOCUMENTS OF ALL THE SCHEMES OF BIRLA MUTUAL FUND.

In the light of SEBI circular No. SEBI/IMD/CIR No. 8/5611/ 2004 dated March 19, 2004, Birla Mutual Fund hereby declares that with effect from September 01, 2006, the addition(s)/change(s) to the list of Official Points of Acceptance of Transactions for the Schemes of Birla Mutual Fund (except for Birla Cash Plus, Birla Sun Life Cash Manager and Birla Floating Rate Fund- Short Term Plan) are as under -

Date: August 30, 2006

I Addition of new Official Points of Acceptance:(i) Branch Office: Birla Sun Life Asset Management Company Limited, Shop No. 6, Kohinoor Corner,

Opposite Siddhivinayak Temple, Prabhadevi, Mumbai-400 025. Tel.: (022) 5666 1035/1036.(ii) Investor Service Centres - Computer Age Management Services (P) Ltd. (CAMS), the Registrar &

Transfer Agents:Burdman: 399, G T Road, Opposite of Talk of the Town, Burdman- 713101. Tel: (0342) 320 7001/ 7077.Bokaro: HC- 3, 1st Floor, City Centre, Sector- 4, Bokaro Steel City, Bokaro.

stGwalior: 1 Floor, Singhal Bhavan, Daji Vitthal Ka Bada, Old High Court Road, Gwalior - 4744001. Tel: (0751) 320 2873/ 2311.Kottayam: Amboorans Building, Manorama Junction - 686 001.Kolhapur: AMD Sofex Office No.7, 3rd Floor, Ayodhya Towers Station Road- 416 001.

II Change of Address of Existing Official Points of Acceptance of Investor Service Centres - Computer Age Management Services (P) Ltd. (CAMS), the Registrar & Transfer Agents:Belgaum: Tanish Tower, CTS No. 192/ A, Guruwar Peth, Tilakwadi, Belgaum- 590006.Guntur: D. No. 5-38-44, 5/1, Brodipet, Near Ravi Shankar Hotel, Guntur- 522 002. Tel: (0863) 325 267.Guwahati: Old post office lane, Bye lane no: 1, Rehabari, Guwahati- 781 008.The above provisions will be in force till further notice. Investors are requested to make a note of these changes.This Addendum forms an integral part of the Offer Documents / Key Information Memorandum cum Application Form of the respective schemes of Birla Mutual Fund read with the addenda issued thereunder.

NOTICEAddendum to the Offer Document of Birla Sun Life Monthly Income*, Birla MIP II* & Birla Bond Plus (*An open ended Fund. Monthly income is not assured and is subject to availability of distributable surplus) Notice is hereby given that the load structure of the following schemes of Birla Mutual Fund with effect from August 1, 2006 will be as follows:I Birla MIP II - Wealth 25 Plan :Type of Load Existing RevisedEntry Load Nil No ChangeExit Load · For Purchase / Switch in of Units, upto and including For redemption /switch out of units

Rs. 10 lacs in value, an exit load of 0.60% is payable within 12 months from the date of if units are redeemed / switched out within 180 days allotment:1%from the date of allotment.

· For Purchase / Switch in of Units, greater than Rs. 10 lacs in value, no exit load is payable.

II Birla Sun Life Monthly Income : Type of Load Existing RevisedEntry Load Nil No ChangeExit Load · For Purchase / Switch in of Units, upto and including

Rs. 10 lacs in value, an exit load of 0.60% is payable if units are redeemed / switched out within 90 days from the date of allotment.

· For Purchase / Switch in of Units, greater than Rs. 10 lacs in value, no exit load is payable.

Date: July 31, 2006

For redemption /switch out of unitswithin 12 months from the date ofallotment:1%

III Birla Bond Plus : Type of Load Existing RevisedEntry Load Nil No ChangeExit Load Nil For redemption /switch out of units

within 1 month from the date ofallotment:0.25%

The AMC reserves the right to increase / decrease / introduce a Load at any time in future on a prospective basis. However such increase / decrease / introduction would be subject to the limits prescribed under the regulations.This addendum forms an integral part of the Offer Document issued for the schemes read with the addenda.

NOTICEADDENDUM TO THE OFFER DOCUMENTS/ KEY INFORMATION MEMORANDUM OF ALL THE SCHEMES

OF BIRLA MUTUAL FUND.Changes in Key Personnel:Mr. K.R. Viswanarayan, Chief Financial Officer, Head - Investor Services and Company Secretary has ceased to be a part of Birla Sun Life Asset Management Company Limited. Mr.Sanjay Parikh, would be the Chief Financial Officer and Mr. Hariharan Iyer, would be Head Investor Services of Birla Sun Life Asset Management Company Limited with effect from July 17, 2006.A brief profile of new key personnel of Birla Sun Life Asset Management Company Limited is given below:Name Age in yrs Educational Number of Type and Nature of Past

Qualification Years of Experience ExperienceSanjay Parikh 35 years C.A. & C.F.A 15 years Has held various positions over the past

eleven years in the Aditya Birla Group and its joint ventures, including that of Head of Product Development and Head of Accounts at Birla Sun Life Insurance Company Limited and Executive Assistant to Chairman, Aditya Birla Group. Has worked with M/s. Arthur Andersen, as Sr. Consultant for four years.

Hariharan Iyer 36 years B.Com & 16 years Has worked for over twelve years in the area of M.M.Mcustomer service and p r o c e s s m a n a g e m e n t i n I N G Vysya Mutual Fund and Zurich India Mutual Fund.

This Addendum forms an integral part of the Offer Documents of all the schemes of Birla Mutual Fund read with the addenda issued thereunder.Date: July 19, 2006

NOTICEADDENDUM TO THE OFFER DOCUMENTS OF ALL SCHEMES OF BIRLA MUTUAL FUND

Changes in Key Personnel:Mr. Lalit Vermani Compliance Officer and Head-Risk Management has been transferred to another Aditya Birla Group Company. Consequently, he has ceased to be a part of Birla Sun Life Asset Management Company Ltd. Ms. Sharmila Ranade has been designated as Compliance Officer of Birla Mutual Fund with effect from August 1, 2006.Name Age in Educational No. Of Years Type and Nature of Past Experience

Years Qualifications of ExperienceMs. Sharmila Ranade 37 B.Com, LL.M, 18 yrs Has worked for Legal & Secretarial function of

PGDSL Central Depository Services (India) Ltd forover eight years. Prior to this assignment shehas worked at Bhabha Atomic ResearchCentre as Tradesman.

This Addendum forms an integral part of the Offer Documents of all the schemes of Birla Mutual Fund read with the addenda issued thereunder.Date: August 2, 2006

NOTICEADDENDUM TO THE OFFER DOCUMENTS OF ALL SCHEMES OF BIRLA MUTUAL FUND

Change in Key Personnel:Mr. Vikram Bector - Head HR, has ceased to be a part of Birla Sun Life Asset Management Company Ltd with effect from July 29, 2006.This Addendum forms an integral part of the Offer Documents of all the schemes of Birla Mutual Fund read with the addenda issued thereunder.Date: August 3, 2006

NOTICEADDENDUM TO THE OFFER DOCUMENT OF ALL SCHEMES OF BIRLA MUTUAL FUND

Change in Key Personnel: Mr. Gary Comerford ceases to be an Alternate Director to Mr. Donald Stewart, effective August 28, 2006. Mr. S. V. Prasad has tendered his resignation as Chief Executive Officer of Birla Sun Life Asset Management Company Limited (Investment Manager to Birla Mutual Fund). In view of the same, the details of Mr. S. V. Prasad be read as deleted from the Offer Documents.The Board of Directors have appointed Mr. Gary Comerford as the Chief Executive Officer on deputation of Birla Sun Life Asset Management Company Ltd., (Investment Manager to Birla Mutual Fund) w.e.f. August 30, 2006. Please find his details below. Age (years) Qualifications Functions & Experience (past 10 years) 56 BA (Hons), MBA • Sun Life Financial Canada -

Vice-President, Intenrational & General Manager, India, Corporate Office (Since 2002);Vice-President, International Marketing (1996 - 2002);Vice-President, Marketing (1995 - 1996);Vice-President, Agency Sales (1993 - 1995);Vice-President, Individual Marketing (1989 - 1993);Vice-President, Marketing - Corporate Office (1986 - 1989).

• The Canada Permanent Trust, Vice-President, Marketing (1977 - 1986).

This Addendum forms an integral part of the Offer Documents of all the schemes of Birla Mutual Fund read with the addenda issued thereunder.Date: September 1, 2006

NOTICEADDENDUM TO THE OFFER DOCUMENT OF BIRLA LONG TERM ADVANTAGE FUND OF BIRLA

MUTUAL FUND

EXTENSION OF CLOSING DATE OF NEW FUND OFFERNOTICE IS HEREBY GIVEN THAT the closing date for the New Fund Offer of Birla Long Term Advantage Fund, a closed-end diversified equity scheme of Birla Mutual Fund, has been extended by seven days upto Friday, September 15, 2006. The Subscriptions for the New Fund Offer of Birla Long Term Advantage Fund would be accepted till the close of business hours on Friday, September 15, 2006. Accordingly, the New Fund Offer of Birla Long Term Advantage Fund is open for subscription from August 7, 2006 to September 15, 2006.All other terms and conditions including the risk factors of the Scheme stated in the Offer Document shall remain unchanged.This Addendum forms an integral part of the Offer Document read with the addenda issued thereunder.Date: September 7, 2006

NOTICEADDENDUM TO THE OFFER DOCUMENT OF ALL SCHEMES OF BIRLA MUTUAL FUND

Mr. Claude James Prieur ceases to be the Director of Birla Sun Life Asset Management Company Limited (Investment Manager of Birla Mutual Fund), w.e.f. September 06, 2006. Mr. Claude James Prieur was an Associate Director. This Addendum forms an integral part of the Offer Document of all the schemes of Birla Mutual Fund read with the addenda issued thereunder.Date: September 13, 2006

NOTICENOTICE IS HEREBY GIVEN THAT the load structure of Birla Sun Life Short Term Fund is revised with effect from September 26, 2006 as under:

Type of Load Existing Revised

Entry Load Nil No Change

Exit Load 1.00% if redeemed/switched out within three months from the date of allotment. Nil

The AMC reserves the right to increase / decrease / introduce a Load at any time in future on a prospective basis. However such increase / decrease / introduction would be subject to the limits prescribed under the regulations.

This addendum forms an integral part of the Offer Document issued for the scheme read with the addenda. All other features and terms and conditions of the scheme shall remain unchanged.

Date: September 25, 2006

AddendumsQ U A R T E R L Y

37

NOTICEADDENDUM TO THE OFFER DOCUMENT OF BIRLA EQUITY PLAN. AN OPEN ENDED EQUITY LINKED

SAVINGS SCHEME (ELSS). [ALL INVESTMENTS IN THE SCHEME ARE SUBJECT TO LOCK - IN FOR THE PERIOD OF THREE YEARS FROM THE DATE OF ALLOTMENT]

Birla Sun Life Asset Management Company Limited introduces a Growth Plan under Birla Equity Plan with effect from October 1, 2006.The key features of this plan are given below:Name of the Plan Growth Plan Offer Price Units of Rs. 10/- each for cash at par on October 1, 2006 and at applicable NAV based

prices thereafter.Minimum Purchase (including switch-in): Rs. 500/-Application Amount Additional Purchase (including switch-in): Rs. 500/-

Repurchase: NilLoad Structure Entry Load:

For purchase/ switch-in of units less than Rs. 5 crores in value: 2.25%For purchase/ switch-in of units equal to or greater than Rs. 5 crores in value: NilExit Load: NilThe AMC reserves the right to increase / decrease / introduce a Load at any time in future on a prospective basis.

Dividend Policy Under this plan, no dividends will be declared. The income attributable to units under this option will continue to remain invested and will be reflected in the NAV of the units under this plan.

Birla Equity Plan- Growth Plan will have the same investment objectives, investment pattern, portfolio, liquidity and expense ratio as that of the existing Dividend Plan. Since the Option is within an existing portfolio, the Fund does not have any target for minimum subscription amount.All other terms and conditions of the scheme shall remain unchanged.This Addendum forms an integral part of the Offer Document of Birla Equity Plan as amended from time to time with the addenda issued thereunder.Date: September 29, 2006

NOTICEADDENDUM TO OFFER DOCUMENT/ KEY INFORMATION MEMORANDUM OF ALL SCHEMES OF

BIRLA MUTUAL FUNDNotice is hereby given that the terms of Special Products are being modified as detailed below:

The revised Load structure will be applicable to all applications received by the Mutual Fund on or after October 1, 2006. The AMC reserves the right to increase / decrease / introduce a Load at any time in future on a prospective basis. However, such changes would be subject to the limits prescribed under the SEBI (Mutual Funds) Regulations, 1996.This addendum forms an integral part of the Offer Document/ Key Information Memorandum of all the schemes of Birla Mutual Fund read with addenda issued thereunder.Date: September 29, 2006

I. Systematic Investment Plan (SIP):Existing ProvisionsLoad StructureEntry Load:In schemes that have an entry load, the same will currently be waived for SIP investments of less than or equal to Rs. 10,00,000/- per cheque. However, such investments will be charged load equivalent to the waived entry load (in percentage terms) on the applicable NAV for repurchase, if such investments are redeemed/ switched out within 2 years from the date of allotment.Exit Load:If applicable to the Scheme shall be charged at the time of redemption / switch out.

Revised Provisions

Entry Load:Entry Load as applicable to respective schemes.

Exit Load:Exit Load as applicable to respective schemes.

II. Systematic Transfer Plan (STP):Existing ProvisionsLoad StructureThe amount transferred under STP, if less than or equal to Rs. 10,00,000/- from the transferor scheme to the transferee scheme shall be effected by redeeming units of the transferor scheme at the applicable NAV, without payment of any exit load, if any; and subscribing to the units of the transferee scheme at the applicable NAV, without payment of any entry load, if any, as on the specified date of a month/quarter. However, such investments will be charged load equivalent to the waived entry load (in percentage terms) on the applicable NAV for repurchase, if such investments are redeemed/switched out within 2 years from the date of allotment in the transferee scheme.

Revised Provisions

Exit Load at time of transfer out of Debt Scheme: NilEntry Load at time of transfer in to Equity Scheme: Entry Load as applicable to respective schemes.Exit Load at time of redemption / repurchase: Exit Load as applicable to respective schemes.

NOTICEAddendum to the Offer Document / Key Information Memorandum of Birla Infrastructure Fund, Birla Sun

Life Frontline Equity Fund, Birla Balance & Birla Sun Life Basic Industries Fund.Notice is hereby given that the load structure of the above mentioned schemes of Birla Mutual Fund with effect from October 1, 2006 will be as under:I. Birla Infrastructure Fund, Birla Sun Life Frontline Equity Fund & Birla Balance:Type of Load Existing Revised (w.e.f.

October 1, 2006)Entry Load For Purchase/switch-in of units less than No Change

Rs. 5 Crores in value:2.25%For Purchase/switch-in of units equal to or greater than Rs. 5 Crores in value:Nil

Exit Load 1% if redeemed/switched out within Nil Six months from the date of allotment

II. Birla Sun Life Basic Industries Fund:Type of Load Existing Revised (w.e.f.

October 1, 2006)Entry Load For Purchase/switch-in of units less than No Change

Rs. 5 Crores in value:2.25%For Purchase/switch-in of units equal to or greater than Rs. 5 Crores in value:Nil

Exit Load Nil 1% if redeemed/switched out within Six months from the date of allotment

The revised load structure will be applicable to all investments made on or after October 1, 2006. The AMC reserves the right to increase / decrease / introduce a Load at any time in future on a prospective basis. However such change would be subject to the limits prescribed under the SEBI (Mutual Funds) Regulations, 1996.This addendum forms an integral part of the Offer Documents issued for the schemes read with the addenda.Date: September 29, 2006

#EQUITY SCHEMES Declared Dividend Dividend Face value Cum Dividend NAVon date (%) (Rs. per unit) (Rs.) (Rs. per unit)

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

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

10-Feb-06 50 5.00 10.00 58.94

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

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

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 11.8124-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 20.82

30-May-03 8 0.80 10.00 11.8413-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 12.851-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 11.8927-April-06 10 1.00 10.00 13.07

17-Oct-03 56 5.60 10.00 16.1903-Feb-04 16.5 1.65 10.00 11.9857

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

27-Jan-06 20 2.00 10.00 11.67

27-Feb-06 80 8.00 10.00 20.88

28-August-06 6 6.00 10.00 23.56

24-Mar-06 100 10.00 10.00 35.08

28-Mar-06 75 7.50 10.00 17.5400

10-Mar-06 25 2.50 10.00 68.5300

27-Apr-06 500 50.00 10.00 224.51

Birla Advantage Fund

Birla Equity Plan

Birla Sun Life Equity Fund

Birla India Opportunities Fund

Birla MNC Fund

Birla Midcap Fund

Birla Dividend Yield Plus

Birla Index Fund

Birla Balance

Birla Sun LifeNew Millennium Fund

Birla Sun Life Frontline Equity Fund

Birla Sun Life Basic Industries Fund - Dividend

Birla Sun Life Buy India Fund -Dividend

Birla Sun Life '95 Fund - Dividend

Birla Sun Life Tax Relief 96

Past performance may or may not be sustained in future. #Dividend distribution is not assured and is subject to availability of distributable surplus. After payment of dividend the NAV will fall to the extent of payout.

38

Dividend History(For select Schemes)Q U A R T E R L Y

DEBT SCHEMES Date Face Value Non Corporate Corporate Cum Dividend

# #Dividend Dividend Dividend Dividend NAV

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

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 10.2443

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 10.3305

16-Mar-06 10.00 1.158 0.1158 1.078 0.1078 10.573926-June-06 10.00 1.294 0.1294 1.205 0.1205 10.7361

16-Mar-06 10.00 1.403 0.1403 0.1307 1.307 10.627826-June-06 10.00 1.403 0.1403 0.1307 1.307 10.6278

16-Mar-06 10.00 1.339 0.1339 1.247 0.1247 10.961626-June-06 10.00 1.478 0.1478 1.376 0.1376 11.0499

27-Jan-06 10.00 0.614 0.0614 0.572 0.0572 10.866224-Feb-06 10.00 0.614 0.0614 0.572 0.0572 10.837131-Mar-06 10.00 0.614 0.0614 0.572 0.0572 11.002428-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 10.7792


25-August-06 10.00 0.372 0.0372 0.346 0.0346 10.1425


25-August-06 10.00 0.508 0.0508 0.473 0.0473 11.0255

2-Jan-06 10.00 0.789 0.0789 0.735 0.0735 10.463031-Jan-06 10.00 0.789 0.0789 0.735 0.0735 10.464328-Feb-06 10.00 0.702 0.0702 0.653 0.0653 10.535731-Mar-06 10.00 0.702 0.0702 0.653 0.0653 10.683628-April-06 10.00 0.641 0.0641 0.597 0.0597 11.037231-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 10.3995

31-August-06 10.00 0.588 0.0558 0.519 0.0519 10.4883

31-Mar-06 10.00 1.579 0.1579 0.147 0.0147 10.9727

16-Mar-06 10.00 0.887 0.0887 0.826 0.0826 10.068726-Jun-06 10.00 0.148 0.0148 0.1378 0.01378 10.2581

16-Mar-06 10.00 0.908 0.0908 0.845 0.0845 10.4176

16-Mar-06 10.00 1.124 0.1124 1.047 0.1047 10.2391

16-Mar-06 10.00 1.102 0.1102 1.027 0.1027 10.065526-June-06 10.00 1.228 0.1228 1.143 0.1143 10.1985

02-Jan-06 10.00 4.809 0.4809 4.479 0.4479 10.0305

Birla Income Plus

Birla Bond Index Fund

Birla Gilt Plus Liquid Plan

Birla Gilt Plus PF Plan

Birla Gilt Plus Regular Plan

Birla MIP (Monthly Dividend Plan)

Birla MIP II - Savings 5 Plan

Birla MIP II - Wealth 25 Plan

Birla Sun Life Monthly Income - Monthly Dividend

Birla Sun Life Monthly Income - Quarterly Dividend

Birla Sun Life Income Fund - Quarterly Dividend

Half Yearly DividendBirla Sun Life Govt. Securities -

Long Term DividendBirla Sun Life Govt. Securities -

Short Term Dividend

Birla Dynamic Bond Fund - Retail -Quarterly Dividend

15-Sep-06 10.00 1.0810 0.108100 1.007000 0.100700 10.2751

15-Sep-06 10.00 1.0930 0.109300 1.018000 0.101800 10.3741

15-Sep-06 10.00 1.0820 0.108200 1.008000 0.100800 10.7193

15-Sep-06 10.00 1.2280 0.122800 1.143000 0.114300 10.6422

15-Sep-06 10.00 1.3770 0.137700 1.282000 0.128200 11.0538

29-Sep-06 10.00 0.6400 0.064000 0.596000 0.059600 11.1323

29-Sep-06 10.00 0.5520 0.055200 0.514000 0.051400 10.2278

29-Sep-06 10.00 0.6920 0.069200 0.644000 0.064400 11.2204

29-Sep-06 10.00 0.5860 0.058600 0.546000 0.054600 10.7469

29-Sep-06 10.00 1.6660 0.166600 1.552000 0.155200 11.2449

15-Sep-06 10.00 2.2360 0.223600 2.083000 0.208300 10.4759

15-Sep-06 10.00 0.9780 0.097800 0.911000 0.091100 10.1559

29-Sep-06 10.00 1.2280 0.122800 1.143000 0.114300 10.2218

25-August-06 10.00 0.488 0.0488 0.454 0.0454 10.935

The Dividend Distribution Tax Rates for Corporates is 22.44% and for Non-Corporates is 14.025%. Past performance may or may not be sustained in future. #Dividend distribution is not assured and is subject to availability of distributable surplus. After payment of dividend the NAV will fall to the extent of payout.

39

Dividend History(For select Schemes) - Since January 2006Q U A R T E R L Y

Pri

nted

in

Oct

ober

20

06

The name inspires trust

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

BIRLA SUN LIFE AMC LTD. BRANCHES

AHMEDABAD : 079-2640 3553 /48 BANGALORE : 080-2238 9991 / 2 / 3

CHENNAI : 044-4204 5003/2819 1681 KOLKATA : 033-2288 2595 / 288 2592 / 94

MUMBAI (HEAD OFFICE) : 022-6692 8000 MUMBAI (FORT) : 022-6637 9999

MUMBAI (PRABHADEVI) : 022-6666 1035 / 36 NEW DELHI : 011-2335 8636 / 2332 0831

PUNE : 020-56011865 / 66 / 67 SECUNDARABAD : 040-5531 1052 / 3580

BARODA : 0265- 558 2984 / 2986 BHUBANESHWAR : 674-531 521 / 264

CHANDIGARH : 0172-274 9172 / 73 COCHIN : 484-366 817 / 383 969

COIMBATORE : 0422 - 535 0262 / 64 GOA : 0832-243 7628 / 29

GUWAHATI : 0361-259 5020 / 259 9273 INDORE : 731-504 6789 / 0496

JAIPUR : 0141-237 2935 / 236 7882 KANPUR : 0512-233 1116 / 1121

LUCKNOW : 0522-4094 110 / 111 LUDHIANA : 0161-508 8847 / 277 1217

PATNA : 0612-220 7022 / 7023 SURAT : 0261-658 1707 / 1708

Disclaimer: Any information contained in this publication does not constitute and shall be deemed not to constitute an advice, an offer to sell/ purchase or as an invitation or solicitation to do so for any securities 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.

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

Statutory Details: Constitution: Birla Mutual Fund (BMF) has been set up as a Trust under the Indian Trust Act, 1882. Sponsors: Sun Life (India) AMC Investments Inc. and Birla Global Finance Ltd. (since merged with Aditya Birla Nuvo Limtied) (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.