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Methodology of Ranking

F e b r u a r y 2 0 0 7

# Value Research Ratings CRISIL CPR - Ranking Methodology & Disclaimer:


Value Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity and Birla Income Plus Plan B: CRISIL~CPR 2 Open End Debt Scheme, January 2005- December 2006
hybrid funds this rating is based on the weighted average monthly returns for the last 3 and 5-year periods. In the case CRISIL~CPR 2 The composite performance of Birla Income Plus Plan B is “Good” in the Open End Debt Category,
of debt funds this rating is based on the weighted average weekly returns for the last 18 months and 3-year periods and ranks within the Top 30% of the 19 schemes ranked in this category. The criteria used in computing the CRISIL
and in case of short-term debt funds - weekly returns for the last 18 months. These ratings do not take into Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended December
consideration any entry or exit load. 31, 2006, Average Maturity, Concentration, Liquidity and Asset Quality of the scheme. The methodology does not
Five-stars indicate that a fund is in the top 10 per cent of its category in terms of historical risk-adjusted returns. Four take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance
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% that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited
receive two stars and the bottom 10% receive one star. The number of schemes in each category is mentioned along Birla Sun Life Income Fund: CRISIL~CPR 1 Open End Debt Scheme, January 2005- December 2006
side the categories name. Equity Diversified (173), Equity : Index (22), Equity Tax Planning (29), Hybrid Equity
Oriented (32), Hybrid: Monthly Income (38), Debt: Medium-term (44), Gilt: Medium and Long-term (41), Gilt: Short- CRISIL~CPR 1 The composite performance of Birla Sun Life Income Fund is “Very Good” in the Open End Debt
term (16), Debt: Ultra Short-term (53), Debt: Ultra Short-term Institutional (50), Debt: Short-term (22), Debt: Category, and ranks within the top 10% of the 19 schemes ranked in this category. The criteria used in computing the
Floating Rate Short-term (22) Debt: Floating Rate Long-term (16), Hybrid: Debt-oriented (32). These Fund Ratings CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended
are as on January 31, 2007. December 31, 2006, 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
The Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. The
performance that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL
Ratings are subject to change every month. The Rating is based on primary data provided by respective funds, Value
Limited
Research does not guarantee the accuracy.
^CNBC Award Methodology Birla Bond Plus Retail: CRISIL~CPR 2 Open End Debt Short Term Scheme, January 2006- December 2006
CNBC TV18 - CRISIL Mutual Fund of the Year Award for Birla Income Plus Plan B and Birla Bond Plus - Retail CRISIL~CPR 2 The composite performance of Birla Bond Plus Retail is “Good" performance in the Open End Equity
Birla Income Plus Plan B was among the 2 schemes that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award Category, and ranks within the Top 30% of the 18 schemes ranked in this category. The criteria used in computing the
in the Open - ended Income Funds Category. In total 13 schemes were eligible for the award universe.Birla Bond Plus CRISIL Composite Performance Rank are Mean Return, Volatility, based on NAVs over the 1-year period ended
- Retail was among the 2 schemes that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Open- December 31, 2006, Asset size, Concentration, Average Maturity, Asset Quality & Downside Risk Probability of the
ended Income-Short Term Funds Category. In total 14 schemes were eligible for the award universe schemes scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR
present in all four quarter CRISIL CPRs were considered for the award. The awards are based on consistency of is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL
schemes' performance in the four quarterly CRISIL CPR rankings released during the calendar year 2004. The FundServices, CRISIL Limited
individual CRISIL CPR parameter scores averaged for the four quarters and further multiplied by the parameter Birla Sun Life Short Term Fund: CRISIL~CPR 1 Open End Debt Short Term Scheme, January 2006- December
weight as per the CRISIL CPR methodology to arrive at the final scores. The criteria used in computing the CRISIL 2006
Composite Performance Rank are Superior Return Score, Average Maturity, Concentration, Liquidity and Asset CRISIL~CPR 1 The composite performance of Birla Sun Life Short Term Fund is “Very Good" performance in the
Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The Open End Equity Category, and ranks within the Top 10% of the 18 schemes ranked in this category. The criteria used
CRISIL CPR is no indication of the performance that can be expected from the scheme in future. A detailed in computing the CRISIL Composite Performance Rank are Mean Return, Volatility, based on NAVs over the 1-year
methodology of the CRISIL CPR is available at www.crisil.com. Rankings and Award Source: CRISIL Fund Services, period ended December 31, 2006, Asset size, Concentration, Average Maturity, Asset Quality & Downside Risk
CRISIL Ltd. Probability of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme.
@ICRA - Ranking Methodology & Disclaimer: The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. Ranking Source:
Birla Gilt Plus - Liquid Plan has been has been ranked ICRA MFR 1 and awarded the ICRA Mutual Fund Gold Award in CRISIL FundServices, CRISIL Limited
the category Gilt - Short Term for its 3 year performance till December 31, 2005. The Award indicates the best Birla Gilt Plus Regular Plan: CRISIL~CPR 2 Open End Long Term Gilt Scheme, January 2005 - December 2006
performance within the stated category, which had a total of 11 similar schemes, including this scheme. The rank is an CRISIL~CPR 2 The composite performance of Birla Gilt Plus Regular Plan is “Good” in the Open End Long Term
outcome of an objective and comparative analysis against various performance parameters, including: risk adjusted Gilt Category, and ranks within the Top 30% of the 18 schemes ranked in this category. The criteria used in computing
return; fund size, Sector Concentration, Portfolio turnover, liquidity, company concentration and average maturity. The the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended
ranking methodology did not take into account the entry and exit loads imposed by the Fund. ICRA Mutual Fund December 31, 2006, Average Maturity and Liquidity of the scheme. The methodology does not take into account the
Award(s)/Rank(s) are not a comment on the prospective returns, appreciation potential or future net asset value of the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected
Mutual Fund Scheme rated. ICRA Mutual Fund Awards are not recommendations to invest or not to invest in the Mutual from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited
Fund Schemes awarded. Ranking Source & Publisher: ICRA/ICRA Online Ltd. Birla Cash Plus Institutional: CRISIL~CPR 2 Open End Institutional Liquid Scheme, January 2006 - December
* CRISIL AAAf Rating Methodology for Birla Bond Plus and Birla Sun Life Cash Manager 2006
The assigned rating indicates that Birla Bond Plus and Birla Sun Life Cash Manager's proposed portfolio holdings CRISIL~CPR 2 The composite performance of Birla Cash Plus - Institutional is “Good” in the Open End Liquid
provide strong protection against losses due to credit default. The above schemes are open-ended schemes and Institutional Category, and ranks within the Top 30% of the 13 schemes ranked in this category. The criteria used in
managed by Birla Sun Life Asset Management Company (BSLAMCL). computing the CRISIL Composite Performance Rank are Mean Return, Volatility, based on NAVs over the 1-year
Rating Methodology: CRISIL's assessment of a fund's credit quality is based on the creditworthiness of the fund's period ended December 31, 2006, Asset size, Average Maturity, Downside Risk Probability, Company Concentration
portfolio. CRISIL has developed a credit quality matrix to assess aggregate credit quality of the underlying portfolio of & Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the
a fund. The matrix is a set of credit factors and credit scores derived scientifically from the default and transition rates scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future.
of CRISIL's long-term ratings. These credit factors reflect the expected default behaviour of the respective securities Ranking Source: CRISIL FundServices, CRISIL Limited
in the portfolio and the expected deterioration in their credit quality. For each individual security, the lower the credit
Birla Cash Plus Institutional Premium: CRISIL~CPR 2 Open End Liquid Scheme, January 2006 - December 2006
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 CRISIL~CPR 2 The composite performance of Birla Cash Plus Institutional Premium is “Good” in the Open End
score given to the respective fund. Liquid Super Institutional Category, and ranks within the Top 30% of the 16 schemes ranked in this category. The
The Fund needs to maintain, at all times, a credit score that corresponds to its assigned rating. BSLAMCL will be criteria used in computing the CRISIL Composite Performance Rank are Mean Return, Volatility, based on NAVs over
furnishing a warranty to this effect. In case the Fund is not able to seek prior approval from CRISIL before investing in the 1-year period ended December 31, 2006, Asset size, Average Maturity, Downside Risk Probability, Company
securities not rated by CRISIL, the Fund will report its portfolio to CRISIL within two working days from the end of the Concentration & Asset Quality of the scheme. The methodology does not take into account the entry and exit loads
week in which such investment is made. If, due to such investments, the credit score of the Fund exceeds the limit levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in
applicable for the Fund's rating, the Fund gets a curing period of five working days from such disclosure. In case a future.Ranking Source: CRISIL FundServices, CRISIL Limited
particular investment in the Fund's portfolio is downgraded and this has resulted in its credit score crossing the Birla Sun Life Equity Fund: CRISIL~CPR 2 Open End Diversified Equity Scheme, January 2005 - December 2006
specified limit, the Asset management company (AMC) has 30 days to restructure the portfolio to achieve the target CRISIL~CPR 2 The composite performance of Birla Sun Life Equity Fund is “Good” in the Open End Diversified
credit score. Equity Category, and ranks within the Top 30% of the 53 schemes ranked in this category The criteria used in
@@ STANDARD & POOR'S FUND AWARDS 2004 Methodology computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year
Funds must have minimum assets under management of US $ 4m, as at end of June 2003. The Offshore fund period ended December 31, 2006, Concentration and Liquidity of the scheme. The methodology does not take into
universe for the purposes of these Awards excludes funds that are domiciled in Luxembourg or Ireland. Awards are account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can
calculated for 1 and 5 years. There must be a minimum of 10 funds in a sector to qualify for the calculation. For be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited
detailed methodology, kindly visit http://www.funds-sp.com
S & P FUND MANAGEMENT RATING
Our Investment Team (In alphabetical order):
Fund Management Ratings: A 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 A. Balasubramanian Chief Investment Officer
processes and exhibit strong management, are more likely, over the long run, to provide consistent, above average Ajay Argal Senior Fund Manager-Equity
volatility adjusted returns, relative to the funds in the same sector. The rating is based on an evaluation of qualitative Ajay Garg Fund Manager-Equity
(management, investment process and organization) and quantitative (historic performance, portfolio construction Atul Penkar Research Analyst-Equity
and volatility) factors which contribute to long term performance. The rating does not address, the market, credit or Gaurav Kapur Research Analyst-Equity
counter party risk of a fund, nor a fund's suitability as a counter party or obligor. Jayesh Gandhi Fund Manager-Equity
Ratings Definition: Funds rated in the AAA to A categories demonstrate to S & P an ability to provide above average Lokesh Mallya Credit Analyst-Fixed Income
volatility, adjusted returns over long term period (relative to funds in the same sector) along with a strong ability to Mahesh Patil Fund Manager-Equity
adhere to a consistent investment process. The differentiation in the rating categories is based on quantitative factors Maneesh Dangi Fund Manager-Fixed Income
along with Standard & Poor's The McGraw-Hill Companies's assessment of the investment process and Navneet Munot CIO-Fixed Income, Hybrid Funds
management. Naysar Shah Equity Analyst
AAA: A fund which demonstrates an extremely strong ability to adhere to consistent investment processes and Prasad Dhonde Credit Analyst
provides above average volatility adjusters returns relative to tunds with similar objectives.; AA: The fund Satyabrata Mohanty Fund Manager-Fixed Income
demonstrates very high standards of quality in its sector based on its investment process and management's Sharad Ramnarayanan Research Analyst / Secondary Fund Manager
consistency of performance as compared to funds with similar objectives.; A: The fund demonstrates a high Sujit Patki Dealer-Equity
standard or quality in its sector based on its investment process arid management's consistency of performance as Sunaina da Cunha Credit Analyst-Fixed Income
compared with funds with similar objectives; NR: Funds designated as NR (not rated) currently do not meet the Vineet Maloo Equity Analyst
requisite performance standards and /or the minimum qualitative criteria.

3
Market Outlook
F e b r u a r y 2 0 0 7

EQUITY MARKET
Indian manufacturing sector is on a roll. The November manufacturing IIP soared 15.7% YoY, driven primarily by robust growth in Transport Equipments (+22%) and
Machinery (+17%) segments. Overall industrial production rose 14.4% as mining sector (+ 7.04%) also joined the party after an extended low growth period.
Continuing the growth momentum corporate earnings delivered a surprise on the upside. Companies in our Investment Universe showed 28% rise in Sales while
EBITDA growth of 56% was higher than that of BSE Sensex companies as margins expanded to 16.8% (+300 bps). Net Profits also showed superior growth at 69%
due to control over interest and depreciation costs.
The quarter was characterized by increased capacity utilization and Earnings Growth BSE Sensex* BSE 500* Investment
consequently EBITDA margins for BSE 500 companies expanded 331
bps to 18.9% as operating leverage kicked in. We also witnessed Universe (247 Cos.)*
improved pricing power as companies passed on cost increases to Sales Growth 35% 30% 28%
their customers.
EBITDA Growth 36% 58% 56%
Going forward, one needs to watch developments on employee costs,
which are likely to rise as businesses look to expand their pool of skilled Net Profit Growth 40% 80% 69%
workers. Interest cost is another component likely to show rising trend * Excludes banks and includes companies that have reported Dec-06 quarter results upto 02-Feb-
on account of (a) increased borrowings to fund capacity expansions;
and (b) rising interest rates.
After a gap of 15 years, Standard & Poors (S&P) upgraded India's foreign and local currency rating back to investment grade (BBB-/A3 from BB+/B). Now all the three
major international rating agencies (S&P, Moody's and Fitch) have Investment grade rating on India. This should make accessing foreign capital easier and cheaper for
domestic companies. We view this as a very positive development.
The Sensex rose 2.2% closing at 14,090 after touching a high of 14,326. Clearly, the market has been factoring in the performance of companies, re-rating stocks
rewarding performers and punishing the under achievers. FII inflows during the month stood at $113 mn while that during Apr'06-Jan'07 aggregated $4.1 bn. Mutual
Funds recorded negative flows of $303 mn (Rs. 1342 Crs), leaving the Apr'06-Jan'07 net purchases at $2.41 bn.
On policy front both the Government and the RBI targeted the rising inflation. On one side, the Government
reduced custom duties on basic materials including cement, metals & alloy products, chemicals etc; and, on No. of Companies
the other, the RBI raised reverse repo rate making accommodation costlier for commercial banks. We are
likely to see more focused and directed policy steps to contain inflation rather than general measures that Net Profit (Rs. Crs) 9M Dec'06 9M Dec'05
could hurt economic growth. These proactive steps targeted to mitigate risks to economic growth should be
interpreted as a positive signal. < 50 Crs 143 219
We believe that Indian companies are increasingly enhancing scale of their operations. This is a result of >= Rs. 50 Crs 292 216
robust demand in domestic market as well as the ambition to have global footprint to be able to service a >= Rs. 100 Crs 161 124
larger market. Incidentally, our research shows that the number of companies with Net Profit (for nine months
ended Dec'06) of Rs. 100 Crs or more, has risen from 124 to 161; and those with Net Profit of Rs. 1,000 Crs >= Rs. 500 Crs 59 39
that has increased to 27 from 15.
>= Rs. 1,000 Crs 27 15
Recently concluded acquisition of Corus Steel by the Tatas is a landmark deal. Not only does it represent a
new aggressive mindset viewing globalisation as a business compulsion, but also supports our hypothesis of >= Rs. 5,000 Crs 3 2
Indian corporates vying for scale. We believe that India Inc would continue scale expansion through organic >= Rs. 10,000 Crs 1 1
and inorganic routes in the coming years.
Outlook * Total 435 Companies
Corporate Earnings have already surpassed initial estimates by a wide margin. Moving forward into the next
fiscal, although growth rates could moderate on account of the elevated base, absolute earnings are expected to be much higher. Given the strong growth momentum
in household savings and low exposure to equity as an asset class, we continue to believe that equity mutual fund schemes provide attractive opportunities to create
wealth for medium to long-term investors.
DEBT MARKET
Review of bond markets, economy and RBI's quarterly policy:
The start of the New Year saw bond yields continuing their rising streak though recovered some lost ground towards month-endfag-end rally after the S&P rating
upgrade and RBI policy review helped market recover some of its lost ground. Deficit in liquidity, passage of ordinance on bank SLR decree, rising inflation, strong
economic data and pre-policy jitters caused a sell-off in bonds. The 10-year benchmark bond yield rose from previous month's close of 7.62% to an intra-month high of
7.93% before closing at 7.73%. The curve steepened as yields at the long-end saw a sharp rise. The call rates ended the month at 7.70-7.80%. The 91-day commercial
paper reference rate was up from 9.25% to 9.35% and the yield on 91-day T-bills sharply rose to 7.56% from 7.19%.
Early in the month, transient improvement in fund surplus failed to prop up bonds as confluence of negative factors took a heavy toll on the markets. Cash tight liquidity
situation due to the second leg of the CRR hike coupled with auction outflows instilled caution. With the government throwing open the authority to the RBI to lower the
statutory liquidity ratio (SLR) requirement, panic selling in the market panicked upsurged and yields rose to their multi-month highs. Healthy economic data worsened
sentiment further as they increased probability of statistically provided credence to the belief of the Indian economy growing strong and thus justified an absolute need
for a rate hike in the January policy review. The optimism generated from the government's move of a cut in import duties so as to curb inflation was balanced by the
bearish cut-off price at the auction and the Presidential approval of the SLR decree. However, we took a contrarian view and increased our duration across funds as we
believed that most of the negatives were priced in, and probablity of SLR cut in a busy season looked remote to us.
RBI increased the Repo rate by 25bps, and kept Reverse repo rate unchanged. In face of surging flow of money from abroad, the RBI decided to reduce the interest
rates ceilings on non-resident external rupee account and FCNR deposits by 0.5% and 0.25% respectively. To rein in growth in bank credit, the RBI raised the
provisioning requirement of the standard assets in the real estate sector, outstanding credit card receivables, loans and advances qualifying as capital market
exposure and personal loans and advances (excluding residential housing loans) to 2% from 1% earlier.
Meanwhile, driven by a robust manufacturing sector, domestic industrial output clocked a growth of 14.4% in November '06 as against 6% in November '05, the fastest
in 11 years. Reflecting the government's optimism of meeting deficit targets for the year, the fiscal deficit for the nine-month period Apr-Dec'06 declined to Rs 948.5
billion (63.8% of the full-year target of Rs 1.49 trillion) from Rs 1.08 trillion on the back of robust tax receipts.
Global Markets- Interest rate signals across the globe:
Accelerated inflation and economic growth prompted the Bank of England to raise lending costs by a quarter point to 5.25% - highest in five and half years. Though the
ECB held its interest rate steady at 3.50%, it is likely to raise it by 25 bps in March in view of strong GDP growth and tight labour markets. with y-o-y GDP growth being
way ahead of the long-term sustainable rate and unemployment is at its lowest level in the past several years, a 25 bps hike in March is most likely on the cards. The
Bank of Japan left its interest rates unchanged at 0.25% because of economic uncertainties. At the FOMC meet, the Fed preferred to maintain a status quo on its
interest rates as it has since June 2006, but it was more optimistic than in the past that inflationary pressures were easing. The FOMC statement said that the extent and
timing of any additional firming would depend on the evolution of the outlook for both inflation and economic growth. Elsewhere in the region, China raised rates while
other Asian central banks such as South Korea, Thailand and Malaysia kept borrowing costs unchanged or reduced them on concern that a slowdown in the U.S. will
hurt demand for exports.
Outlook for bond markets:
Our assesment of RBI Quarterly policy is that central bank is likely to keep the system in deficit liquidity mode, and the short term interest rates are expected to remain at
elevated levels. In the event of excessive foreign capital flows and government spending, we expect RBI to do a follow up act by hiking CRR or increasing issuance of
MSS. RBI refrained from tinkering with SLR, and reinforced the idea that borrowing from RBI in the LAF window should be used for temporary periods. This augurs well
for Long G-sec bonds as RBI is unlikely to cut SLR anytime soon. Fear of SLR cut is postponed for at least three months. Accrual products like liquid funds, floating rate
funds and Fixed Maturity Plans would be in a position to capitalize on tight liquidity situation and high money market rates.

4
Birla Advantage Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An Open-ended growth scheme with Banks 6066.00 11.71 Pesticides 2371.39 4.58
the objective to achieve long-term ICICI Bank Ltd. 2651.63 5.12 United Phosphorous Ltd. 2371.39 4.58
growth of capital at relatively moderate UTI Bank Ltd. 1271.83 2.45
State Bank of India 1251.86 2.42 Hotels 1331.18 2.57
levels of risk through a diversified
Indian Overseas Bank. 890.68 1.72 Indian Hotels Co. Ltd. 1331.18 2.57
research based investment approach.
Industrial Capital Goods 5205.96 10.05 Money Market Instruments 1310.58 2.53
Bharat Heavy Electricals Ltd. 2908.71 5.61 ICICI Bank Ltd. 1310.58 2.53
Date of inception / takeover:
Bharat Electronics Ltd. 1195.60 2.31
February 24, 1995 Larsen & Toubro Ltd. 1101.66 2.13 Construction 1277.68 2.47
Nagarjuna Construction Co. Ltd. 1277.68 2.47
Software 4954.53 9.56
NAV: Rs. Subex Azure Ltd. 1693.00 3.27 Finance 1097.68 2.12
Dividend 91.7982 Infosys Technologies Ltd. 1556.32 3.00 Housing Development Finance Corp. Ltd. 1097.68 2.12
Growth 127.9623 Tata Consultancy Services Ltd. 956.06 1.84
Satyam Computer Services Ltd. 749.15 1.45 Gas 1067.33 2.06
Indraprastha Gas Ltd. 1067.33 2.06
Load Structure (Incl. for SIP): Cement 4730.43 9.13
ACC Ltd. 2188.33 4.22 Ferrous Metals 839.07 1.62
Entry Load: Gujarat Ambuja Cements Ltd. 1337.21 2.58 Maharashtra Seamless Ltd. 839.07 1.62
< Rs. 5 crores - 2.25 % Grasim Industries Ltd. 1194.78 2.31
³ Rs. 5 crores - Nil Dharti Dredging & Construction Ltd.** 10.11 0.02 Cash & Current Assets 2541.95 4.91
Exit Load: NIL
Consumer Non Durables 4725.65 9.12 Total Net Asset 51822.88 100.00
ITC Ltd. 2350.86 4.54
Benchmark: United Spirits Ltd. 1617.12 3.12
Hindustan Lever Ltd. 757.67 1.46 ** Represents thinly traded/ non traded securities
BSE Sensex McDowell Holdings Ltd.## - - ##
Mc Dowell India Spirits shares received upon demerger from
Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and
Telecom-Services 4622.71 8.92 hence not valued
Corpus: Bharti Airtel Ltd. 4622.71 8.92
Rs. 518.22 Crores
Petroleum Products 3755.06 7.25
Reliance Industries Ltd. 2060.55 3.98
Hindustan Petroleum Corporation Ltd. 1694.51 3.27

Auto 3044.18 5.87


Tata Motors Ltd. 1984.39 3.83
Hero Honda Motors Ltd. 1059.79 2.05

Pharmaceuticals 2881.49 5.56


Dishman Pharmaceuticals & Chemicals Ltd. 1095.71 2.11
Systematic Investment Plan (SIP) Wockhardt Ltd. 1052.45 2.03
SIP is a powerful tool that can help you Glaxosmithkline Pharmaceuticals Ltd. 733.32 1.42
create wealth over time. If you had
invested* in BAF...
Monthly Investment 1,000
Number of Investment periods NAV Performance Asset Allocation
(Since Inception) 143
Banks 11.71%
Total Investment 143,000 Industrial Capital Goods 10.05%
50 46.61 Software 9.56%
Value of Investment 45 42.05 42.85 Cement 9.13%
39.82
(As of January 31, 2007) 999,093 40 37.5 Consumer Non Durables 9.12%
35.17
35 33.58 Telecom-Services 8.92%
Return on Investment (CAGR#) 29.85% 30
29.38 Petroleum Products 7.25%
25.75 Auto 5.87%
25 Pharmaceuticals 5.56%
* Load has not been taken into consideration. 20 Cash & Current Assets 4.91%
Past performance may or may not be 15 12.49 Pesticides 4.58%
sustained in future. In the same period, a SIP 10
Hotels 2.57%
Money Market Instruments 2.53%
in BSE Sensex would have given a return of 5 Construction 2.47%
19.12%. Dividend Reinvestment NAVs has 0
1 Year 2 Years 3 Years 5 Years Since Inception
Finance 2.12%
been considered for the analysis. Gas 2.06%
BAF Gr BSE Sensex Other Equity & Preference 1.62%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal
rate of return)
Date of First Installment: March 01, 1995

5 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. When benchmark returns are not available, they have not been
shown.
Birla Dividend Yield Plus
F e b r u a r y 2 0 0 7 Investment Style: Value

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Investment Objective: Rs. in. Lacs Assets Rs. in. Lacs Assets

An Open-ended growth scheme with the Consumer Non Durables 6525.20 13.75 Fertilisers 2332.90 4.91
objective to provide capital growth and Hindustan Lever Ltd. 2394.83 5.05 Tata Chemicals Ltd. 1729.39 3.64
income by investing primarily in a well- Godrej Consumer Products Ltd. 773.25 1.63 Rashtriya Chemicals & Fertilizers Ltd. 603.50 1.27
Nestle India Ltd. 741.52 1.56
diversified portfolio of dividend paying Glaxosmithkline Consumer Healthcare Ltd. 600.74 1.27 Ferrous Metals 2239.11 4.72
companies that have a relatively high Colgate Palmolive (I) Ltd. 532.17 1.12 Sesa Goa Ltd. 1284.11 2.71
dividend yield. Procter & Gamble Hygiene & Health Care 510.92 1.08 Tata Steel Ltd. 579.94 1.22
Berger Paints India Ltd. 481.10 1.01 Tata Metaliks Ltd. 285.98 0.60
Eveready Industries Ltd. 402.67 0.85 Tata Sponge Iron Ltd. 89.08 0.19
Date of inception / takeover: E.I.D. Parry (India) Ltd. 88.00 0.19
Hardware 1641.76 3.46
February 26, 2003
Banks 5321.17 11.21 Tata Elxsi Ltd. 1004.48 2.12
Andhra Bank. 1898.33 4.00 HCL Infosystems Ltd. 637.28 1.34
Syndicate Bank. 1129.86 2.38
NAV: Rs. Vijaya Bank. 889.14 1.87 Oil 1526.25 3.22
Dividend 11.3402 Union Bank of India. 821.06 1.73 Oil & Natural Gas Corporation Ltd. 1526.25 3.22
Indian Overseas Bank. 487.75 1.03
Growth 43.2856 Allahabad Bank. 95.03 0.20 Chemicals 1355.03 2.85
Clariant Chemicals India Ltd. 1355.03 2.85
Software 4754.28 10.02
Load Structure (Incl. for SIP): NIIT Technologies Ltd. 3003.26 6.33 Industrial Capital Goods 1318.29 2.78
Entry Load: HCL Technologies Ltd. 1751.02 3.69 Alfa Laval (India) Ltd. 1318.29 2.78
< Rs. 5 crores - 2.25 %
Petroleum Products 4229.40 8.91 Paper 1152.91 2.43
³ Rs. 5 crores - Nil Chennai Petroleum Corporation Ltd. 1357.96 2.86 Tamil Nadu Newsprint & Papers Ltd. 1152.91 2.43
Exit Load: NIL Indian Oil Corporation Ltd. 1114.35 2.35
Castrol (India) Ltd. 1098.45 2.30 Telecom-Services 498.45 1.05
Bharat Petroleum Corporation Ltd. 346.94 0.73 Mahanagar Telephone Nigam Ltd. 498.45 1.05
Benchmark: Hindustan Petroleum Corporation Ltd. 311.70 0.66
Finance 492.21 1.04
CNX 500
Industrial Products 3620.06 7.63 LIC Housing Finance Ltd. 492.21 1.04
ESAB India Ltd. 1125.60 2.37
Greaves Cotton Ltd. 1029.87 2.17 Power 394.82 0.83
Corpus: Cummins India Ltd. 1012.09 2.13 Neyveli Lignite Corporation Ltd. 394.82 0.83
Rs. 474.69 Crores Cosmo Films Ltd. 364.65 0.77
ABC Bearings Ltd. 87.85 0.19 Health Care Equipment 246.97 0.52
Rayban Sun Optics India Ltd. 246.97 0.52
Pharmaceuticals 2802.18 5.90
Wyeth Ltd. 1900.95 4.00 Auto Ancillaries 117.76 0.25
Glaxosmithkline Pharmaceuticals Ltd. 722.72 1.52 Rane (Madras) Ltd. 73.43 0.15
Novartis India Ltd. 178.50 0.38 Wheels India Ltd. 44.34 0.09

Auto 2476.12 5.22 Cash & Current Assets 1985.18 4.18


Ashok Leyland Ltd. 1339.05 2.82
Hero Honda Motors Ltd. 1137.07 2.40 Total Net Asset 47469.13 100.00

Transportation 2439.08 5.14


Systematic Investment Plan (SIP) Shipping Corporation of India Ltd. 1075.99 2.27
The Great Eastern Shipping Co. Ltd. 870.70 1.83
SIP is a powerful tool that can help you Varun Shipping Company Ltd. 492.39 1.04
create wealth over time. If you had
invested* in BDYP... NAV Performance Asset Allocation
Monthly Investment 1,000
Consumer Non Durables 13.75%
Number of Investment periods (Since Banks 11.21%
50 46.66
Software 10.02%
Inception) 47 45
45.17 Petroleum Products 8.91%
38.52 Industrial Products 7.63%
Total Investment 47,000 40
Pharmaceuticals 5.90%
35 32.4
31.21 Auto 5.22%
Value of Investment 30
25.24
27.31 Transportation 5.14%
(As of January 31, 2007) 88,093 25 Fertilisers 4.91%
20 Ferrous Metals 4.72%
Return on Investment (CAGR#) 33.35% 15 Cash & Current Assets 4.18%
10
9.21 Other Equity & Preference 3.69%
* Load has not been taken into consideration. 5
Hardware 3.46%
Oil 3.22%
Past performance may or may not be 0
1 Year 2 Years 3 Years Since Inception Chemicals 2.85%
sustained in future. In the same period, a SIP in BDYP Gr CNX500
Industrial Capital Goods 2.78%
CNX 500 would have given a return of 41.67% Paper 2.43%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal
rate of return)
Date of First Installment: March 01, 2003

6 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. When benchmark returns are not available, they have not
been shown.
Birla Midcap Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An Open-ended growth scheme with Auto Ancillaries 2904.14 12.45 Textile Products 1247.59 5.35
the objective to achieve long-term Automobile Corporation of Goa Ltd. 673.41 2.89 Aditya Birla Nuvo Ltd. 883.40 3.79
Sundaram-Clayton Ltd. 623.56 2.67 Gokaldas Exports Ltd. 340.48 1.46
growth of capital at controlled level of
Sundaram Fasteners Ltd. 527.05 2.26 Aditya Birla Nuvo Ltd. (Rights). 23.72 0.10
risk by primarily investing in midcap Amtek India Ltd. 467.67 2.00
stocks. MRF Ltd. 360.05 1.54 Media & Entertainment 667.30 3.06
Apollo Tyres Ltd. 252.41 1.08 NDTV India Ltd. 667.30 2.86
Global Broadcast News 45.77 0.20
Date of inception / takeover: Industrial Capital Goods 2893.97 12.40
October 3, 2002 Bharat Bijlee Ltd. 1121.46 4.81 Consumer Durables 587.79 2.52
Kalpataru Power Transmission Ltd. 646.59 2.77 Blue Star Ltd. 587.79 2.52
Thermax Ltd. 623.19 2.67
NAV: Rs. Bharati Shipyard Ltd. 502.73 2.15 Pharmaceuticals 516.78 2.22
Dividend 24.0231 Pfizer Ltd. 516.78 2.22
Consumer Non Durables 2195.00 9.41
Growth 66.7976 United Spirits Ltd. 727.84 3.12 Power 471.40 2.02
Radico Khaitan Ltd 484.20 2.08 LANCO Infratech Ltd. 471.40 2.02
Glaxosmithkline Consumer Healthcare Ltd. 459.03 1.97
Load Structure (Incl. for SIP): Marico Industries Ltd. 381.65 1.64 Telecom-Services 461.00 1.98
Entry Load: E.I.D. Parry (India) Ltd. 142.28 0.61 Reliance Communications Ltd. 461.00 1.98
< Rs. 5 crores - 2.25% McDowell Holdings Ltd.## - -
Transportation 391.24 1.68
³ Rs. 5 crores - Nil Industrial Products 1973.33 8.46 Container Corporation of India Ltd. 391.24 1.68
Exit Load: NIL Kirloskar Oil Engines Ltd. 1050.08 4.50
Sintex Industries Ltd. 477.49 2.05 Petroleum Products 324.88 1.39
TRF LTD 445.76 1.91 Apar Industries Ltd. 324.88 1.39
Benchmark:
CNX Midcap Cement 1919.73 8.23 Hardware 292.22 1.25
Birla Corporation Ltd. 868.13 3.72 Tata Elxsi Ltd. 292.22 1.25
Madras Cements Ltd. 733.45 3.14
Corpus: Mangalam Cement Ltd. 318.15 1.36 Corporate Debt 56.38 0.24
Trent Ltd. 56.38 0.24
Rs. 233.30 Crores
Banks 1387.73 5.95
Federal Bank Ltd. 881.59 3.78 Cash & Current Assets 991.77 4.25
Karnataka Bank Ltd. 506.14 2.17
Total Net Asset 23330.09 100.00
Software 1366.91 5.86
NIIT Technologies Ltd. 790.31 3.39
3i Infotech Ltd. 576.60 2.47 ##
Mc Dowell India Spirits shares received upon demerger from
Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and
Ferrous Metals 1328.18 5.69 hence not valued
Jindal Saw Ltd. 743.43 3.19
Welspun Gujarat Stahl Rohren Ltd. 584.75 2.51

Systematic Investment Plan (SIP) Hotels 1306.96 5.60


Asian Hotels Ltd. 678.16 2.91
SIP is a powerful tool that can help you Taj GVK Hotels & Resorts Ltd. 628.80 2.70
create wealth over time. If you had
invested* in BMC... NAV Performance Asset Allocation
Monthly Investment 1,000
Auto Ancillaries 12.45%
Number of Investment periods 60
Industrial Capital Goods 12.40%
(Since Inception) 51 55.03 Consumer Non Durables 9.41%
50.46 Industrial Products 8.46%
50 47.29 45.59 Cement 8.23%
Total Investment 51,000 Other Equity 6.30%
40 35.75 Banks 5.95%
Value of Investment 32.07 32.96 Software 5.86%
(As of January 31, 2007) 149,356 30 Ferrous Metals 5.69%
22.55 Hotels 5.60%
Textile Products 5.35%
Return on Investment (CAGR#) 54.12% 20
Cash & Current Assets 4.25%
10 Media & Entertainment 3.06%
* Load has not been taken into consideration. Consumer Durables 2.52%
Past performance may or may not be 0 Pharmaceuticals 2.22%
1 Year 2 Years 3 Years Since Inception Power 2.02%
sustained in future. In the same period, a SIP Corporate Debt 0.24%
BMCF Gr CNX Midcap
in CNX Midcap would have given a return of
44.81%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal
#
rate of return) «««««Value Research Rating
# for methodology please refer page 3
Date of First Installment: November 01, 2002 Birla Midcap Fund
(Past performance is no guarantee of future results.)

7 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. When benchmark returns are not available, they have not been
shown.
Birla MNC Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An Open-ended growth scheme with Consumer Non Durables 3987.55 18.92 Ferrous Metals 909.04 4.31
the objective to achieve long-term Glaxosmithkline Consumer Healthcare Ltd. 1137.74 5.40 Sesa Goa Ltd. 909.04 4.31
Colgate Palmolive (I) Ltd. 790.61 3.75
growth of capital at relatively moderate
Hindustan Lever Ltd. 624.60 2.96 Banks 747.28 3.55
levels of risk by making investments in ITC Ltd. 622.02 2.95 ING Vysya Bank Ltd. 747.28 3.55
securities of multi-national companies Kansai Nerolac Paints Ltd. 417.57 1.98
through a research based investment Nestle India Ltd. 395.01 1.87 Pesticides 380.12 1.80
approach. Syngenta (India) Ltd. 380.12 1.80
Industrial Products 3045.44 14.45
Cummins India Ltd. 872.81 4.14 Finance 345.50 1.64
Date of inception / takeover: Paper Products Ltd. 661.49 3.14 Shriram Transport Finance Company Ltd. 345.50 1.64
December 27, 1999 BOC India Ltd. 471.30 2.24
Fag Bearings India Ltd. 352.03 1.67 Chemicals 236.82 1.12
ESAB India Ltd. 345.55 1.64 Micro Inks Ltd. 236.82 1.12
NAV: Rs. KSB Pumps Ltd. 342.27 1.62
Cash & Current Assets -146.83 -0.70
Dividend 63.4730 Pharmaceuticals 2335.54 11.08
Growth 126.6274 Pfizer Ltd. 715.55 3.40 Total Net Asset 21072.03 100.00
Fulford (India) Ltd. 564.80 2.68
Wyeth Ltd. 532.12 2.53
Load Structure ((Incl. for SIP): Glaxosmithkline Pharmaceuticals Ltd. 523.08 2.48
Entry Load:
Telecom-Services 1591.88 7.55
< Rs. 5 crores - 2.25 % Bharti Airtel Ltd. 1591.88 7.55
³ Rs. 5 crores - Nil
Exit Load: NIL Software 1485.72 7.05
Mphasis BFL Ltd. 656.09 3.11
Allsec Technologies Ltd. 425.78 2.02
Benchmark: Subex Azure Ltd. 403.85 1.92
CNX MNC Industrial Capital Goods 1297.90 6.16
ABB Ltd. 724.17 3.44
Siemens Ltd. 573.73 2.72
Corpus:
Rs. 210.72 Crores Auto 1264.41 6.00
Maruti Udyog Ltd. 1264.41 6.00

Money Market Instruments 970.80 4.61


ICICI Bank Ltd. 970.80 4.61

Auto Ancillaries 1706.32 8.10


Sundaram-Clayton Ltd. 887.71 4.21
Federal Mogul Goetze. 758.20 3.60
Subros Ltd. 60.41 0.29
Systematic Investment Plan (SIP)
Gas 914.54 4.34
SIP is a powerful tool that can help you Gujarat Gas Co. Ltd. 914.54 4.34
create wealth over time. If you had
invested* in BMNC...
Monthly Investment 1,000
NAV Performance Asset Allocation
Number of Investment periods
Consumer Non Durables 18.92%
(Since Inception) 85 50 Industrial Products 14.45%
Total Investment 85,000 45 42.97 Pharmaceuticals 11.08%
40 38.78 39.15 Auto Ancillaries 8.10%
34.32 35.53
Value of Investment 35 Telecom-Services 7.55%
30 Software 7.05%
(As of January 31, 2007) 268,254 27
Industrial Capital Goods 6.16%
25 21.95
# 20.45 20.99 Auto 6.00%
Return on Investment (CAGR ) 31.94% 20
Money Market Instruments 4.61%
15 Other Equity
9.97 4.57%
* Load has not been taken into consideration. 10 Gas 4.34%
Past performance may or may not be 5 Ferrous Metals 4.31%
sustained in future. In the same period, a SIP 0 Banks 3.55%
1 Year 2 Years 3 Years 5 Years Since Inception
Cash & Current Assets -0.70%
in CNX MNC would have given a return of BMNCF Gr CNX MNC
21.72%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal
rate of return)
Date of First Installment: January 01, 2000

8 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. When benchmark returns are not available, they have not been
shown.
Birla India Opportunities Fund
F e b r u a r y 2 0 0 7 Investment Style: Value + Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An Open-ended growth scheme with the Software 4151.12 46.30 Telecom-Services 346.73 3.87
objective to achieve superior long-term Infosys Technologies Ltd. 820.57 9.15 Videsh Sanchar Nigam Ltd. 346.73 3.87
growth of capital by investing in shares Subex Azure Ltd. 587.54 6.55
of companies that do one or more of the
Tata Consultancy Services Ltd. 511.44 5.70 Industrial Products 272.70 3.04
following: Leverage India's intellectual
capital for providing services, research Satyam Computer Services Ltd. 507.78 5.66 Cummins India Ltd. 272.70 3.04
and creative inputs; Seek to use current Wipro Ltd. 429.03 4.78
and impending changes in patent laws / Nucleus Software Exports Ltd. 408.49 4.56 Cash & Current Assets 285.72 3.19
import tariffs / quotas to supply goods
and services; Leverage India's lower Allsec Technologies Ltd. 395.29 4.41
labour costs for providing services and I-Flex Solutions Ltd. 291.60 3.25 Total Net Asset 8966.61 100.00
manufactured goods; Leverage India's KPIT Cummins Infosystem Ltd. 199.39 2.22
large population of English speaking
people for providing services.
Industrial Capital Goods 1242.25 13.85

Date of inception / takeover: Siemens Ltd. 441.77 4.93

December 27, 1999 Crompton Greaves Ltd. 362.42 4.04


Thermax Ltd. 243.12 2.71
NAV: Rs. ABB Ltd. 194.95 2.17
Dividend 23.2724
Growth 54.1855 Pharmaceuticals 927.75 10.35
Wockhardt Ltd. 272.22 3.04
Load Structure (Incl. for SIP): Aventis Pharma Ltd. 248.45 2.77
Entry Load: Ranbaxy Laboratories Ltd. 204.30 2.28
< Rs. 5 crores - 2.25 % Cipla Ltd. 202.79 2.26
³ Rs. 5 crores - Nil
Exit Load:
1% if redeemed/ switched out within 6 Auto Ancillaries 706.03 7.87
months from the date of allotment Sundaram Fasteners Ltd. 386.63 4.31
Amtek India Ltd. 319.40 3.56
Benchmark:
CNX 500 Pesticides 579.71 6.47
United Phosphorous Ltd. 579.71 6.47
Corpus:
Rs. 89.66 Crores Textile Products 454.61 5.07
Raymond Ltd. 237.94 2.65

Systematic Investment Plan (SIP) Gokaldas Exports Ltd. 216.67 2.42

SIP is a powerful tool that can help you


create wealth over time. If you had
invested* in BIOF... NAV Performance Asset Allocation
Monthly Investment 1,000
Number of Investment periods Software 46.30%
45
40.38
(Since Inception) 85 40 38.52
37.1736.53
Industrial Capital Goods 13.85%
36.16
35 32.4 Pharmaceuticals 10.35%
Total Investment 85,000 31.98 31.21
30 26.87 Auto Ancillaries 7.87%
Value of Investment 25
(As of January 31, 2007) 276,624 Pesticides 6.47%
20
16.42
# 15 Textile Products 5.07%
Return on Investment (CAGR ) 32.80%
10 Telecom-Services 3.87%
* Load has not been taken into consideration. 5
Cash & Current Assets 3.19%
Past performance may or may not be 0
1 Year 2 Years 3 Years 5 Years Since Inception
sustained in future. In the same period, a SIP Industrial Products 3.04%
BITF Gr CNX500
in CNX 500 would have given a return of
30.92%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal ««««Value Research Rating
#

rate of return) # for methodology please refer page 3


Birla India Opportunities Fund
Date of First Installment: January 01, 2000 (Past performance is no guarantee of future results.)

9 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. When benchmark returns are not available, they have not been
shown.
Birla India GenNext Fund
F e b r u a r y 2 0 0 7 Investment Style: Value + Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An Open-ended growth scheme with Consumer Non Durables 3292.58 18.69 Retailing 245.21 1.39
the objective to target growth of capital United Spirits Ltd. 1364.70 7.74 Shoppers Stop Ltd. 245.21 1.39
by investing in equity/equity related Glaxosmithkline Consumer Healthcare Ltd. 609.37 3.46
instruments of companies that are ITC Ltd. 521.10 2.96 Auto Ancillaries 168.28 0.95
expected to benefit from the rising Hindustan Sanitaryware & Industries Ltd. 464.86 2.64 Apollo Tyres Ltd. 168.28 0.95
Eveready Industries Ltd. 213.60 1.21
consumption patterns in India, which in
E.I.D. Parry (India) Ltd. 118.95 0.68 Cash & Current Assets 1101.01 6.25
turn is getting fuelled by high McDowell Holdings Ltd.## - -
disposable incomes of the young Total Net Asset 17620.65 100.00
generation (Generation Next). The Banks 2912.65 16.53
scheme will invest in companies that Kotak Mahindra Bank Ltd. 1213.25 6.89
have the following characteristics: 1. UTI Bank Ltd. 667.50 3.79 ##
Mc Dowell India Spirits shares received upon demerger from
Companies that seek growth in ICICI Bank Ltd. 470.25 2.67 Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and
revenues arising out of demand from Federal Bank Ltd. 409.20 2.32 hence not valued
the younger generation (GenNext) for Punjab National Bank 152.45 0.87
their products or services. 2. They
should be engaged in manufacturing of Media & Entertainment 2800.55 15.89
Sun TV Ltd. 759.65 4.31
products or rendering of services that
NDTV India Ltd. 681.87 3.87
go directly to the consumer. 3. The HT Media Ltd. 495.92 2.81
products and services should have Television Eighteen India Ltd. 434.28 2.46
distinct brand identity, thereby enabling Jagran Prakashan Ltd. 408.24 2.32
choice. Network 18 Fincap Ltd. 20.59 0.12

Date of inception / takeover: Telecom-Services 2475.30 14.05


August 05, 2005 Bharti Airtel Ltd. 1415.00 8.03
Reliance Communications Ltd. 1060.30 6.02
NAV: Rs.
Dividend 16.0911 Auto 1687.50 9.58
Growth 16.0911 Maruti Udyog Ltd. 1292.51 7.34
Tata Motors Ltd. 394.99 2.24
Load Structure
Entry Load: Hotels 1143.30 6.49
Taj GVK Hotels & Resorts Ltd. 838.40 4.76
< Rs. 5 crores - 2.25 %
Indian Hotels Co. Ltd. 304.90 1.73
³ Rs. 5 crores - Nil
Exit Load: NIL Pharmaceuticals 834.80 4.74
Pfizer Ltd. 834.80 4.74
Benchmark:
S&P CNX NIFTY Textile Products 597.68 3.39
Raymond Ltd. 597.68 3.39
Corpus:
Rs. 176.20 Crores Construction 361.81 2.05
Sobha Developers Ltd. 361.81 2.05

Systematic Investment Plan (SIP)


SIP is a powerful tool that can help you
create wealth over time. If you had
invested* in BGNF... NAV Performance Asset Allocation
Monthly Investment 1,000
Consumer Non Durables 18.69%
Number of Investment periods 50
44.4 Banks 16.53%
(Since Inception) 18 45
40 37.59 Media & Entertainment 15.89%
36.04
Total Investment 18,000 35
Telecom-Services 14.05%
30
Value of Investment 25 24.92 Auto 9.58%
(As of January 31, 2007) 23,214 20 Hotels 6.49%
15 Cash & Current Assets 6.25%
Return on Investment (CAGR#) 39.15% 10
Pharmaceuticals 4.74%
5
* Load has not been taken into consideration. 0 Textile Products 3.39%
1 Year Since Inception
Past performance may or may not be Other Equity 2.35%
Birla Gen Next Fund - Growth S&P Nifty
sustained in future. In the same period, a SIP in Construction 2.05%
CNX 500 would have given a return of 44.28%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal
rate of return)
Date of First Installment: August 12, 2005

10 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. When benchmark returns are not available, they have not been
shown.
Birla Index Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An Open-ended index-linked growth Software 10174.14 10.62 Pharmaceuticals 1983.55 2.07
scheme with the objective to generate Tata Consultancy Services Ltd. 3260.65 3.40 Sun Pharmaceutical Industries Ltd. 506.22 0.53
returns commensurate with the Infosys Technologies Ltd. 3256.88 3.40 Cipla Ltd. 499.22 0.52
Wipro Ltd. 2299.31 2.40 Ranbaxy Laboratories Ltd. 397.39 0.41
performance of Nifty subject to tracking
Satyam Computer Services Ltd. 808.56 0.84 Dr. Reddys Laboratories Ltd. 323.21 0.34
errors. HCL Technologies Ltd. 548.74 0.57 GlaxoSmithKline Pharmaceuticals Ltd. 257.51 0.27

Money Market Instruments 9171.83 9.57 Ferrous Metals 1868.58 1.95


Date of inception / takeover: Hongkong & Shanghai Banking Corp. Ltd. 4900.30 5.11 Steel Authority of India Ltd. 1164.77 1.22
September 18, 2002 ICICI Bank Ltd. 4271.53 4.46 Tata Steel Ltd. 703.81 0.73

Telecom-Services 6580.81 6.87 Cement 1648.63 1.72


NAV: Rs. Bharti AirTel Ltd. 3505.76 3.66 Grasim Industries Ltd. 664.68 0.69
Reliance Communications Ltd. 2458.94 2.57 The Associated Cement Companies Ltd. 498.18 0.52
Dividend 23.0041 Videsh Sanchar Nigam Ltd. 343.66 0.36 Gujarat Ambuja Cements Ltd. 485.76 0.51
Growth 41.6058 Mahanagar Telephone Nigam Ltd. 272.45 0.28
Finance 1091.37 1.14
Petroleum Products 5580.56 5.82 Housing Development Finance Corp. Ltd. 1091.37 1.14
Load Structure (Incl. for SIP): Reliance Industries Ltd. 4964.94 5.18
Bharat Petroleum Corporation Ltd. 339.47 0.35 Non-Ferrous Metals 919.53 0.96
Entry Load: Nil Hindustan Petroleum Corporation Ltd. 276.14 0.29 Hindalco Industries Ltd. 532.63 0.56
Exit Load: National Aluminium Company Ltd. 386.90 0.40
Applicable if redeemed within 6 months Banks 5202.12 5.43
from the date of allotment ICICI Bank Ltd. 2193.21 2.29 Power 597.71 0.62
<1 crore - 1% State Bank of India 1564.90 1.63 Tata Power Company Ltd. 312.41 0.33
HDFC Bank Ltd. 885.95 0.92 Reliance Energy Ltd. 285.31 0.30
³ 1crore <5 crore - 0.5% Punjab National Bank 416.96 0.44
³ 5 crore - 0.25% Oriental Bank Of Commerce 141.11 0.15 Media & Entertainment 353.83 0.37
Zee Entertainment Enterprises Ltd. 353.83 0.37
Oil 5082.80 5.30
Oil and Natural Gas Corporation Ltd. 5082.80 5.30 Chemicals 217.06 0.23
Benchmark: Indian Petrochemicals Corporation Ltd. 217.06 0.23
Industrial Capital Goods 4532.49 4.73
S & P CNX Nifty Bharat Heavy Electricals Ltd. 1609.97 1.68 Gas 198.27 0.21
Larsen & Toubro Ltd. 1161.94 1.21 GAIL India Ltd. 198.27 0.21
Suzlon Energy Ltd. 857.14 0.89
Corpus: Seimens Ltd. 504.30 0.53 Transportation 171.56 0.18
Rs. 958.15 Crores ABB Ltd. 399.14 0.42 Jet Airways (India) Ltd. 171.56 0.18

Auto 3257.50 3.40 Cash & Current Assets 34051.12 35.54


Tata Motors Ltd. 882.24 0.92
Bajaj Auto Ltd. 731.21 0.76 Total Net Asset 95815.12 100.00
Maruti Udyog Ltd. 696.97 0.73
Mahindra & Mahindra Ltd. 574.33 0.60
Hero Honda Motors Ltd. 372.75 0.39 Total outstanding exposure in derivatives as on 31st Jan 2007 is
Rs. -7.30 Crores (Notional value).
Consumer Non Durables 3131.66 3.27
Systematic Investment Plan (SIP) ITC Ltd. 1711.41 1.79
Hindustan Lever Ltd. 1198.23 1.25
SIP is a powerful tool that can help you Dabur India Ltd. 222.02 0.23
create wealth over time. If you had
invested* in BIF...
NAV Performance Asset Allocation
Monthly Investment 1,000
Number of Investment periods Cash & Current Assets 35.54%
45 40.86
(Since takeover) 52 40.65
38.55
38.47 Software 10.62%
40 36.04
35.13 Money Market Instruments 9.57%
Total Investment 52,000 35 31.09
30
30.24 Other Equity 7.37%
Value of Investment 25 Telecom-Services 6.87%
(As of January 31, 2007) 118,922 20 Petroleum Products 5.82%
Return on Investment (CAGR#) 39.84% 15 Banks 5.43%
10 Oil 5.30%
* Load has not been taken into consideration. 5 Industrial Capital Goods 4.73%
Past performance may or may not be 0
Auto 3.40%
1 Year 2 Years 3 Years Since Inception
sustained in future. In the same period, a SIP in Consumer Non Durables 3.27%
BIF S&P Nifty
S & P Nifty would have given a return of Pharmaceuticals 2.07%
41.04%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal
rate of return)
Date of First Installment: October 1, 2002

11 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. When benchmark returns are not available, they have not been
shown.
Birla Infrastructure Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An open-end growth scheme with the Industrial Capital Goods 16254.20 31.85 Hotels 2066.00 4.05
objective to providing for medium to Bharat Heavy Electricals Ltd. 3348.47 6.56 Indian Hotels Co. Ltd. 1326.32 2.60
long-term capital appreciation by Crompton Greaves Ltd. 2214.64 4.34 Taj GVK Hotels & Resorts Ltd. 739.68 1.45
investing predominantly in a diversified Thermax Ltd. 2052.11 4.02
portfolio of equity and equity related Larsen & Toubro Ltd. 1928.47 3.78 Banks 1982.26 3.88
Siemens Ltd. 1907.15 3.74 Punjab National Bank 1365.91 2.68
securities of companies that are
Jyoti Structures Ltd. 1231.67 2.41 Andhra Bank 616.35 1.21
participating in the growth and Bharat Electronics Ltd. 1000.50 1.96
development of Infrastructure in India. Kalpataru Power Transmission Ltd. 862.13 1.69 Gas 1577.23 3.09
Bharat Earth Movers Ltd. 613.08 1.20 Gujarat Gas Co. Ltd. 1221.58 2.39
Engineers India Ltd. 551.41 1.08 Indraprastha Gas Ltd. 355.65 0.70
Date of inception / takeover: Bharati Shipyard Ltd. 544.58 1.07
March 17, 2006 Petroleum Products 1432.83 2.81
Cement 5162.48 10.12 Reliance Industries Ltd. 1432.83 2.81
Grasim Industries Ltd. 1870.80 3.67
NAV: Rs. Birla Corporation Ltd. 1502.64 2.94 Power 1282.49 2.51
Shree Cements Ltd. 895.93 1.76 LANCO Infratech Ltd. 1119.58 2.19
Dividend 12.3271
Century Textile & Industries Ltd. 689.40 1.35 Power Trading Corporation of India Ltd. 162.92 0.32
Growth 12.3272 Ultratech Cement Ltd. 203.71 0.40
Transportation 1256.99 2.46
Construction 4069.27 7.97 Container Corporation of India Ltd. 1023.77 2.01
Load Structure (Incl. for SIP): Mahindra Gesco Developers Ltd. 1285.91 2.52 Gateway Distriparks Ltd. 233.22 0.46
Entry Load: Nagarjuna Construction Co. Ltd. 824.98 1.62
< Rs. 5 crores - 2.25 % Patel Engineering Ltd. 697.73 1.37 Consumer Durables 383.39 0.75
Sobha Developers Ltd. 531.43 1.04 Voltas Ltd. 383.39 0.75
³ Rs. 5 crores - Nil
D.S. Kulkarni Developers Ltd. 441.22 0.86
Exit Load: NIL Ansal Properties & Infrastructure Ltd. 288.01 0.56 Consumer Non Durables 375.31 0.74
Hindustan Sanitaryware & Industries Ltd. 375.31 0.74
Auto 3445.79 6.75
Benchmark: Mahindra & Mahindra Ltd. 1890.42 3.70 Industrial Services 201.03 0.39
S&P CNX NIFTY Tata Motors Ltd. 1555.37 3.05 South East Asia Marine Engin & Const Ltd 201.03 0.39

Ferrous Metals 3010.97 5.90 Cash & Current Assets 285.96 0.56
Corpus: Jindal Saw Ltd. 1344.51 2.63
Jindal Steel & Power Ltd. 964.76 1.89 Total Net Asset 51035.47 100.00
Rs. 510.35 Crores
Welspun Gujarat Stahl Rohren Ltd. 701.70 1.37

Industrial Products 2960.84 5.80


Kirloskar Oil Engines Ltd. 1369.54 2.68
Cummins India Ltd. 1090.80 2.14
Torrent Cables Ltd. 500.50 0.98

Telecom-Services 2667.28 5.23


Bharti Airtel Ltd. 2667.28 5.23

Money Market Instruments 2621.17 5.14


ICICI Bank Ltd. 2621.17 5.14

NAV Performance Asset Allocation

Industrial Capital Goods 31.85%


Since Inception
Cement 10.12%
26.5 26.24
Construction 7.97%
26
Auto 6.75%
25.5
Ferrous Metals 5.90%
25
Industrial Products 5.80%
24.5
Telecom-Services 5.23%
24 Money Market Instruments 5.14%
23.5 23.3 Hotels 4.05%
23 Banks 3.88%
22.5 Gas 3.09%
22 Petroleum Products 2.81%
21.5
Birla Infrastructure Fund - S&P Nifty
Power 2.51%
Growth Transportation 2.46%
Other Equity 1.88%
Since Inception
Cash & Current Assets 0.56%

12 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. When benchmark returns are not available, they have not been
shown.
Birla Equity Plan
An Open-ended Equity Linked Savings Scheme (ELSS) with a lock-in of 3 years
F e b r u a r y 2 0 0 7
Investment Style: Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An Open-ended Equity Linked Savings Auto Ancillaries 1255.85 11.87 Hotels 378.49 3.58
Scheme (ELSS) with the objective to Automobile Corporation of Goa Ltd. 401.49 3.80 Taj GVK Hotels & Resorts Ltd. 378.49 3.58
achieve long-term growth of capital Sundaram Fasteners Ltd. 398.82 3.77
along with income tax relief for Subros Ltd. 328.16 3.10 Telecom-Services 368.80 3.49
investment. Goodyear India Ltd. 127.39 1.20 Reliance Communications Ltd. 368.80 3.49

Consumer Non Durables 981.00 9.27 Pharmaceuticals 318.02 3.01


Date of inception / takeover: United Spirits Ltd. 454.90 4.30 Pfizer Ltd. 318.02 3.01
ITC Ltd. 347.40 3.28
February 16, 1999 Glaxosmithkline Consumer Healthcare Ltd. 178.70 1.69 Ferrous Metals 292.38 2.76
McDowell Holdings Ltd.## - - Welspun Gujarat Stahl Rohren Ltd. 292.38 2.76

NAV: Banks 892.12 8.43 Transportation 285.22 2.70


Dividend Rs. 59.2014 Federal Bank Ltd. 310.00 2.93 Container Corporation of India Ltd. 285.22 2.70
Growth* Rs. 11.2427 City Union Bank Ltd. 209.29 1.98
Indian Overseas Bank 201.28 1.90 Gas 261.52 2.47
*Introduced with effect from Karnataka Bank Ltd. 171.55 1.62 Gujarat Gas Co. Ltd. 261.52 2.47
1st October, 2006
Software 839.45 7.94 Power 176.78 1.67
NIIT Technologies Ltd. 476.52 4.51 LANCO Infratech Ltd. 176.78 1.67
Load Structure (Incl. for SIP): Satyam Computer Services Ltd. 236.18 2.23
Entry Load: Geometric Software Solution Ltd. 126.75 1.20 Cash & Current Assets 991.53 9.37
< Rs. 5 crores - 2.25 %
Textile Products 812.42 7.68 Total Net Asset 10577.51 100.00
³ Rs. 5 crores - Nil
Aditya Birla Nuvo Ltd. 567.90 5.37
Exit Load: NIL Gokaldas Exports Ltd. 229.28 2.17
Aditya Birla Nuvo Ltd. (Rights) 15.25 0.14
##
Benchmark: Mc Dowell India Spirits shares received upon demerger from
Auto 721.18 6.82 Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and
BSE Sensex Maruti Udyog Ltd. 721.18 6.82 hence not valued
Industrial Capital Goods 617.50 5.84
Corpus: Bharat Heavy Electricals Ltd. 503.45 4.76
Rs. 105.77 Crores Bharat Bijlee Ltd. 114.05 1.08

Cement 596.01 5.63


Mangalam Cement Ltd 318.15 3.01
Grasim Industries Ltd. 277.86 2.63

Industrial Products 406.14 3.84


Kirloskar Oil Engines Ltd. 406.14 3.84

Systematic Investment Plan (SIP) Construction 383.12 3.62


Sobha Developers Ltd. 193.09 1.83
SIP is a powerful tool that can help you Gammon India Ltd. 190.03 1.80
create wealth over time. If you had
invested* in BEP...
Monthly Investment 1,000
Number of Investment periods
NAV Performance Asset Allocation
(Since Inception) 95
Auto Ancillaries 11.87%
Total Investment 95,000 60 Cash & Current Assets 9.37%
52.31 Consumer Non Durables 9.27%
Value of Investment 50 46.17 46.61 Banks 8.43%
(As of January 31, 2007) 466,438 42.05 41.7 Software 7.94%
40 Textile Products 7.68%
35.17
# 33.58 33.95 Auto 6.82%
Return on Investment (CAGR ) 39.12% 30.02
Industrial Capital Goods 5.84%
30
Cement 5.63%
* Load has not been taken into consideration. 20
19.8 Industrial Products 3.84%
Past performance may or may not be Construction 3.62%
10 Hotels 3.58%
sustained in future. In the same period, a SIP Telecom-Services 3.49%
in BSE Sensex would have given a return of 0 Pharmaceuticals 3.01%
1 Year 2 Years 3 Years 5 Years Since Inception Ferrous Metals 2.76%
27.23%. Dividend reinvestment NAVs have Transportation 2.70%
BEP Div BSE Sensex
been considered for the analysis. Gas 2.47%
Other Equity 1.67%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal
rate of return) #
««««Value Research Rating
Date of First Installment: March 01,1999 Birla Equity Plan
(Past performance is no guarantee of future results.)

# for methodology please refer page 3

13 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. When benchmark returns are not available, they have not been
shown.
Birla Top 100 Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An open-ended growth scheme with the Banks 6313.91 13.08 Pesticides 1734.28 3.59
objective to provide medium to long- ICICI Bank Ltd. 2727.45 5.65 United Phosphorous Ltd. 1734.28 3.59
term capital appreciation, by investing HDFC Bank Ltd. 1617.23 3.35
predominantly in a diversified portfolio State Bank of India 1200.92 2.49 Oil 1693.88 3.51
Punjab National Bank. 768.32 1.59 Oil & Natural Gas Corporation Ltd. 1693.88 3.51
of equity and equity related securities of
top 100 companies as measured by Industrial Capital Goods 5424.03 11.24 Hotels 1568.00 3.25
market capitalization. Bharat Heavy Electricals Ltd. 2963.56 6.14 Indian Hotels Co. Ltd. 1015.16 2.10
Larsen & Toubro Ltd. 2460.47 5.10 Taj GVK Hotels & Resorts Ltd. 552.84 1.15
Date of inception / takeover: Software 5407.25 11.20 Media & Entertainment 93.08 0.19
October 24, 2005 Infosys Technologies Ltd. 2689.39 5.57 Global Broadcast News 93.08 0.19
Subex Azure Ltd. 957.57 1.98
Tata Consultancy Services Ltd. 947.85 1.96 Money Market Instruments 1456.20 3.02
NAV: Rs. Satyam Computer Services Ltd. 812.44 1.68 ICICI Bank Ltd. 1456.20 3.02
Dividend 14.6849
Cement 4749.46 9.84 Cash & Current Assets 2096.19 4.35
Growth 16.1903
ACC Ltd. 2110.45 4.37
Gujarat Ambuja Cements Ltd. 1333.10 2.76 Total Net Asset 48266.52 100.00
Load Structure ((Incl. for SIP): Grasim Industries Ltd. 1305.92 2.71

Entry Load: Consumer Non Durables 4740.99 9.82 ##


Mc Dowell India Spirits shares received upon demerger from
< Rs. 5 crores - 2.25 % ITC Ltd. 2084.40 4.32 Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and
³ Rs. 5 crores - Nil United Spirits Ltd. 1573.95 3.26 hence not valued
Hindustan Lever Ltd. 1082.64 2.24
Exit Load: NIL
McDowell Holdings Ltd.## - -

Benchmark: Petroleum Products 4404.42 9.13


Reliance Industries Ltd. 2292.53 4.75
S & P CNX Nifty Bharat Petroleum Corporation Ltd. 1079.70 2.24
Hindustan Petroleum Corporation Ltd. 1032.19 2.14

Corpus: Telecom-Services 3891.25 8.06


Rs. 482.66 Crores Bharti Airtel Ltd. 3891.25 8.06

Pharmaceuticals 2371.31 4.91


Ranbaxy Laboratories Ltd. 992.44 2.06
Glaxosmithkline Pharmaceuticals Ltd. 879.52 1.82
Cipla Ltd. 499.35 1.03

Auto 2322.25 4.81


Systematic Investment Plan (SIP) Tata Motors Ltd. 1536.06 3.18
SIP is a powerful tool that can help you Maruti Udyog Ltd. 786.19 1.63
create wealth over time. If you had
invested* in BT100F...
Monthly Investment 1,000
Number of Investment periods
(Since Inception) 15 NAV Performance Asset Allocation
Total Investment 15,000
Value of Investment 60
52.14 Banks 13.08%
(As of January 31, 2007) 18,564 Industrial Capital Goods 11.24%
50 46.09 Software 11.20%
Return on Investment (CAGR#) 36.46% Cement 9.84%
40 36.04 Consumer Non Durables 9.82%
* Load has not been taken into consideration. 30.09 Petroleum Products 9.13%
30 Telecom-Services 8.06%
Past performance may or may not be Pharmaceuticals 4.91%
sustained in future. In the same period, a SIP in 20 Auto 4.81%
Cash & Current Assets 4.35%
BSE Sensex would have given a return of 10 Pesticides 3.59%
Oil 3.51%
41.60%. Dividend reinvestment NAVs have Hotels 3.25%
0
been considered for the analysis. 1 Year Since Inception Money Market Instruments 3.02%
Birla Top 100 Fund - Growth S&P Nifty Media 0.19%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal
rate of return)
Date of First Installment: November 01,2005

14 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. When benchmark returns are not available, they have not been
shown.
Birla Sun Life Buy India Fund
F e b r u a r y 2 0 0 7 Investment Style: Value + Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
A multi-sector open-end growth scheme
with the objective of long term growth of Consumer Non Durables 3809.12 30.87 Pesticides 326.20 2.64
United Spirits Ltd. 800.62 6.49 Rallis India Ltd. 326.20 2.64
capital, through a portfolio with a target
Kajaria Ceramics Ltd. 683.99 5.54
allocation of 100% equity, focusing on Marico Industries Ltd. 669.25 5.42 Gas 232.11 1.88
investing in businesses that are driven United Breweries Ltd. 578.57 4.69 Indraprastha Gas Ltd. 232.11 1.88
by India's large population and inherent Glaxosmithkline Consumer Healthcare Ltd 446.74 3.62
consumption patterns. The focus of the Dabur India Ltd. 297.75 2.41 Retailing 71.32 0.58
scheme will be in the consumer and Hindustan Sanitaryware & Industries Ltd. 213.26 1.73 Trent Ltd. - Warrants 71.32 0.58
healthcare sectors. The secondary E.I.D. Parry (India) Ltd. 118.95 0.96
objective is income generation and McDowell Holdings Ltd.** - - Cash & Current Assets 765.65 6.21
distribution of dividend.
Pharmaceuticals 1860.81 15.08 Total Net Asset 12337.95 100.00
Sun Pharmaceutical Industries Ltd. 616.65 5.00
Date of inception / takeover: Pfizer Ltd. 574.45 4.66
Cadila Healthcare Ltd. 331.99 2.69 **Represents thinly traded/ non traded securities
January 15, 2000 Dishman Pharmaceuticals & Chemicals Ltd. 184.22 1.49
Wyeth Ltd. 153.50 1.24 ##
Mc Dowell India Spirits shares received upon demerger from
NAV: Rs. Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and
Media & Entertainment 1196.80 9.70
Dividend 19.7374 New Delhi Television Limited 414.34 3.36 hence not valued
Growth 28.1102 PVR Ltd. 346.15 2.81
Jagran Prakashan Ltd. 323.01 2.62
UTV Software Communications Ltd. 113.30 0.92
Load Structure (Incl. for SIP): Magnasound India Ltd.## - -
Entry Load:
Telecom-Services 1168.50 9.47
< Rs. 5 crores - 2.25 % Bharti Airtel Ltd. 707.50 5.73
³ Rs. 5 crores - Nil Reliance Communications Ltd. 461.00 3.74
Exit Load: Nil
Textile Products 1015.57 8.23
Aditya Birla Nuvo Ltd. 989.02 8.02
Aditya Birla Nuvo Ltd. (Rights) 26.55 0.22

Hotels 865.87 7.02


Benchmark:
Asian Hotels Ltd. 495.50 4.02
BSE 200 Taj GVK Hotels & Resorts Ltd. 370.36 3.00

Auto 515.13 4.18


Corpus: Maruti Udyog Ltd. 515.13 4.18
Rs. 123.37 Crores
Auto Ancillaries 510.87 4.14
MRF Ltd. 510.87 4.14

Systematic Investment Plan (SIP)


SIP is a powerful tool that can help you
create wealth over time. If you had
invested* in BSL Buy India Fund
NAV Performance Asset Allocation
Monthly Investment 1,000
Number of Investment periods
(Since Inception) 83 60

49.94 Consumer Non Durables 30.87%


50
Total Investment 83,000 45.22 Pharmaceuticals 15.08%
41.28
40
39.53
36.97
Media & Entertainment 9.70%
Value of Investment 35.18
32.2 Telecom-Services 9.47%
(As of January 31, 2007) 312,288 30 Textile Products 8.23%
24.27
Hotels 7.02%
Return on Investment (CAGR#) 37.95% 20 15.79 15.43 Cash & Current Assets 6.21%
Auto 4.18%
* Load has not been taken into consideration. 10
Auto Ancillaries 4.14%
Past performance may or may not be 0
Pesticides 2.64%
1 Year 2 Years 3 Years 5 Years Since Inception
sustained in future. In the same period, a SIP Other Equity 2.46%
in BSE 200 would have given a return of Birla SunLife Buy India Fund - Growth BSE200

32.01%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal #
rate of return) ««««Value Research Rating
# for methodology please refer page 3
Date of First Installment: March 01, 2000 Birla Sun Life Buy India Fund
(Past performance is no guarantee of future results.)

15 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. When benchmark returns are not available, they have not been
shown.
Birla Sun Life New Millennium Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net
Rs. in. Lacs Assets
Investment Objective:
A multi-sector open-end growth scheme Software 8152.47 65.64
with the objective of long term growth of Infosys Technologies Ltd. 1669.51 13.44
capital, through a portfolio with a target Nucleus Software Exports Ltd. 682.55 5.50
allocation of 100% equity, focusing on Tata Consultancy Services Ltd. 639.30 5.15
investing in technology and technology Subex Azure Ltd. 628.38 5.06
dependent companies, hardware,
Satyam Computer Services Ltd. 615.00 4.95
peripherals and components, software,
telecom, media, internet and e- HCL Technologies Ltd. 577.24 4.65
commerce and other technology Hinduja TMT Ltd. 533.51 4.30
enabled companies. The secondary Geometric Software Solution Ltd. 469.81 3.78
objective is income generation and Allsec Technologies Ltd. 431.22 3.47
distribution of dividend. Wipro Ltd. 406.77 3.27
Megasoft Ltd. 346.19 2.79
Mphasis BFL Ltd. 331.82 2.67
Date of inception / takeover:
Geodesic Information Systems Ltd. 240.50 1.94
January 15, 2000 KPIT Cummins Infosystem Ltd. 197.63 1.59
3i Infotech Ltd. 192.57 1.55
NAV: Rs. Tanla Solutions Ltd. 156.44 1.26
Dividend 18.2529 Info Edge (India) Ltd. 34.03 0.27
Growth 21.4117
Telecom-Services 2118.10 17.05
Bharti Airtel Ltd. 1646.96 13.26
Load Structure (Incl. for SIP): Reliance Communications Ltd. 471.14 3.79
Entry Load:
< Rs. 5 crores - 2.25 % Media & Entertainment 1104.72 8.89
³ Rs. 5 crores - Nil New Delhi Television India Ltd. 351.85 2.83
Exit Load: NIL Jagran Prakashan Ltd. 274.57 2.21
PVR Ltd. 247.01 1.99
Benchmark: UTV Software Communications Ltd. 169.95 1.37
Wire & Wireless Ltd. 61.35 0.49
BSE Teck
Magnasound India Ltd.** - -

Corpus: Publishing & Printing 102.44 0.82


Rs. 124.20 Crores Cyber Media (India) Ltd. 102.44 0.82

Cash & Current Assets 942.95 7.59

Total Net Asset 12420.69 100.00


Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you **Represents thinly traded/ non traded securities.
create wealth over time. If you had
invested* in BSLNMF...
Monthly Investment 1,000
NAV Performance Asset Allocation
Number of Investment periods
(Since Inception) 83 60 56.16
52.32 51.89
48.34 47.26
Total Investment 83,000 50 45.32

37.71 Software 65.64%


Value of Investment 40
31.59
(As of January 31, 2007) 286,223 Telecom-Services 17.05%
30

Return on Investment (CAGR#) 35.40% Media & Entertainment 8.89%


20
11.4 Cash & Current Assets 7.59%
* Load has not been taken into consideration. 10
Past performance may or may not be Other Equity 0.82%
0
sustained in future. In the same period, a SIP 1 Year 2 Years 3 Years 5 Years Since
Inception
in BSE Teck would have given a return of Birla SunLife New Millennium - Growth BSE Teck
30.75%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal
rate of return)
Date of First Installment: March 01, 2000

16 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. When benchmark returns are not available, they have not been
shown.
Birla Sun Life Basic Industries Fund
F e b r u a r y 2 0 0 7 Investment Style: Value + Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
A multi-sector open-end growth scheme Industrial Capital Goods 4461.72 24.69 Cement 1007.58 5.57
with the objective of long term growth Bharat Heavy Electricals Ltd. 1035.32 5.73 Grasim Industries Ltd. 564.05 3.12
capital, through a portfolio with a target Larsen & Toubro Ltd. 920.69 5.09 Birla Corporation Ltd. 443.53 2.45
allocation of 100% equity, focusing on Crompton Greaves Ltd. 645.71 3.57
Siemens Ltd. 628.63 3.48 Pesticides 585.88 3.24
investing in companies sensitive to
Bharati Shipyard Ltd. 376.88 2.09 United Phosphorous Ltd. 585.88 3.24
economic cycles and commodity pricing ABB Ltd. 291.48 1.61
cycles. The investments will be in Jyoti Structures Ltd. 212.39 1.18 Oil 535.26 2.96
companies which are often referred to Action Construction Equipment Ltd. 212.10 1.17 Oil & Natural Gas Corporation Ltd. 535.26 2.96
as cyclical companies. The secondary AIA Engineering Ltd. 138.52 0.77
objective is income generation and Finance 437.74 2.42
distribution of dividend. Construction 1986.29 10.99 Housing Development Finance Corp. Ltd. 437.74 2.42
Nagarjuna Construction Co. Ltd. 542.12 3.00
Mahindra Gesco Developers Ltd. 427.41 2.36 Money Market Instruments 436.86 2.42
Date of inception / takeover: Jaiprakash Associates Ltd. 377.46 2.09 ICICI Bank Ltd. 436.86 2.42
January 15, 2000 Patel Engineering Ltd. 330.49 1.83
Gammon India Ltd. 308.82 1.71 Fertilisers 361.61 2.00
Tata Chemicals Ltd. 361.61 2.00
NAV: Rs. Industrial Products 1674.04 9.26
Kirloskar Oil Engines Ltd. 523.22 2.90 Chemicals 326.23 1.81
Dividend 28.8546 Cummins India Ltd. 502.59 2.78 Indian Petrochemicals Corporation Ltd. 250.07 1.38
Growth 70.3718 BOC India Ltd. 350.12 1.94 Aarti Industries Ltd. 76.17 0.42
Kirloskar Brothers Ltd. 298.11 1.65
Industrial Services 236.62 1.31
Load Structure (Incl. for SIP): Petroleum Products 1529.95 8.47 South East Asia Marine Engin & Const Ltd 236.62 1.31
Entry Load: Reliance Industries Ltd. 409.38 2.27
Hindustan Petroleum Corporation Ltd. 364.69 2.02 Consumer Non Durables 186.74 1.03
< Rs. 5 crores - 2.25 %
Apar Industries Ltd. 354.54 1.96 SPL Industries Ltd. 186.74 1.03
³ Rs. 5 crores - Nil Chennai Petroleum Corporation Ltd. 203.23 1.12
Exit Load: Nil Indian Oil Corporation Ltd. 198.12 1.10 Consumer Durables 162.69 0.90
Blue Star Ltd. 162.69 0.90
Ferrous Metals 1366.55 7.56
Benchmark: JSW Steel Ltd. 550.36 3.05 Paper 46.28 0.26
BSE 200 Jindal Steel & Power Ltd. 434.43 2.40 Tamil Nadu Newsprint & Papers Ltd. 46.28 0.26
Jindal Saw Ltd. 279.30 1.55
Maharashtra Seamless Ltd. 102.45 0.57 Cash & Current Assets 319.42 1.77
Corpus:
Auto 1237.26 6.85 Total Net Asset 18073.12 100.00
Rs. 180.73 Crores Mahindra & Mahindra Ltd. 567.13 3.14
Tata Motors Ltd. 342.32 1.89
Maruti Udyog Ltd. 327.81 1.81

Banks 1174.40 6.50


ICICI Bank Ltd. 489.14 2.71
Punjab National Bank 414.33 2.29
Andhra Bank 270.93 1.50
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you
create wealth over time. If you had
invested* in BSLBIF... NAV Performance Asset Allocation
Monthly Investment 1,000
Number of Investment periods 60 Industrial Capital Goods 24.69%
51.73 Construction 10.99%
(Since Inception) 83 50
Industrial Products 9.26%
40.08 39.53 Petroleum Products 8.47%
Total Investment 83,000 40 35.18 34.82
36.97
Ferrous Metals 7.56%
32.2 31.89 Auto 6.85%
Value of Investment 30
24.28 Banks 6.50%
(As of January 31, 2007) 388,061 Cement 5.57%
20 Other Equity
15.43 5.30%
Return on Investment (CAGR ) #
44.40% Pesticides 3.24%
10
Oil 2.96%
Finance 2.42%
* Load has not been taken into consideration. 0 Money Market Instruments 2.42%
1 Year 2 Years 3 Years 5 Years Since Inception
Past performance may or may not be Fertilisers 2.00%
Birla SunLife Basic Industries - Growth BSE200 Cash & Current Assets 1.77%
sustained in future. In the same period, a SIP
in BSE 200 would have given a return of
32.01%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal
rate of return)
Date of First Installment: March 01, 2000

17 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. When benchmark returns are not available, they have not been
shown.
Birla Sun Life Frontline Equity Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An open-end growth scheme with the Industrial Capital Goods 2673.33 20.65 Finance 407.12 3.14
objective of long term growth of capital, Bharat Heavy Electricals Ltd. 804.01 6.21 United Breweries Holdings Ltd. 407.12 3.14
through a portfolio with a target Larsen & Toubro Ltd. 666.71 5.15
allocation of 100% equity by aiming at Siemens Ltd. 458.98 3.54 Industrial Products 377.80 2.92
Crompton Greaves Ltd. 372.28 2.88 Kirloskar Oil Engines Ltd. 377.80 2.92
being as diversified across various
Thermax Ltd. 371.35 2.87
industries and or sectors as its chosen
Hotels 365.45 2.82
benchmark index, BSE 200. The Software 1519.22 11.73 Indian Hotels Co. Ltd. 195.14 1.51
secondary objective is income Satyam Computer Services Ltd. 425.12 3.28 Taj GVK Hotels & Resorts Ltd. 170.32 1.32
generation and distribution of dividend. Infosys Technologies Ltd. 400.88 3.10
NIIT Technologies Ltd. 353.42 2.73 Oil 347.66 2.69
Wipro Ltd. 191.76 1.48 Oil & Natural Gas Corporation Ltd. 347.66 2.69
Date of inception / takeover: Tata Consultancy Services Ltd. 148.04 1.14
August 30, 2002 Petroleum Products 341.15 2.63
Consumer Non Durables 1501.30 11.59 Reliance Industries Ltd. 341.15 2.63
United Spirits Ltd. 518.59 4.01
NAV: Rs. Hindustan Lever Ltd. 416.40 3.22 Construction 254.77 1.97
ITC Ltd. 356.26 2.75 Nagarjuna Construction Co. Ltd. 254.77 1.97
Dividend 21.8346 Radico Khaitan Ltd. 210.06 1.62
Growth 51.7910 McDowell Holdings Ltd.## - - Cash & Current Assets 730.05 5.64

Banks 1381.71 10.67 Total Net Asset 12948.09 100.00


Load Structure (Incl. for SIP): ICICI Bank Ltd. 470.25 3.63
Entry Load: Federal Bank Ltd. 372.00 2.87
< Rs. 5 crores - 2.25 % Punjab National Bank 361.86 2.79 ##
Mc Dowell India Spirits shares received upon demerger from
Indian Overseas Bank 177.60 1.37 Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and
³ Rs. 5 crores - Nil
Exit Load: Nil hence not valued
Cement 725.76 5.61
Grasim Industries Ltd. 333.43 2.58
Ultratech Cement Ltd. 239.29 1.85
Benchmark: ACC Ltd. 153.04 1.18
BSE 200
Auto 703.94 5.44
Mahindra & Mahindra Ltd. 270.06 2.09
Corpus: Maruti Udyog Ltd. 234.15 1.81
Tata Motors Ltd. 199.73 1.54
Rs. 129.48 Crores
Telecom-Services 632.15 4.88
Bharti Airtel Ltd. 632.15 4.88

Pesticides 534.22 4.13


United Phosphorous Ltd. 534.22 4.13

Pharmaceuticals 452.45 3.49


Wockhardt Ltd. 300.82 2.32
Systematic Investment Plan (SIP) Cipla Ltd. 151.63 1.17

SIP is a powerful tool that can help you


create wealth over time. If you had
invested* in BSLFEF... NAV Performance Asset Allocation
Monthly Investment 1,000
Number of Investment periods 60 Industrial Capital Goods 20.65%
(Since Inception) 52 48.2
Software 11.73%
50
45.02 Consumer Non Durables 11.59%
43.34
Total Investment 52,000 39.53 39.43 40.33 Banks 10.67%
40
35.18
Cash & Current Assets 5.64%
32.2 Cement 5.61%
Value of Investment 30 Auto 5.44%
(As of January 31, 2007) 140,182 Telecom-Services 4.88%
20 Pesticides 4.13%
Return on Investment (CAGR#) 48.43% Pharmaceuticals 3.49%
Finance 3.14%
10
Industrial Products 2.92%
* Load has not been taken into consideration. Hotels 2.82%
Past performance may or may not be 0
1 Year 2 Years 3 Years Since Inception Oil 2.69%
Petroleum Products 2.63%
sustained in future. In the same period, a SIP Birla SunLife Frontline Equity Fund - Growth BSE200 Construction 1.97%
in BSE 200 would have given a return of
42.21%
#
Computed after accounting for the cash flow
#
by using XIRR method (investment internal ««««Value Research Rating
rate of return)
Birla Sun Life Frontline Equity Fund
Date of First Installment: October 01, 2002 (Past performance is no guarantee of future results.)

# for methodology please refer page 3


18 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. When benchmark returns are not available, they have not been
shown.
Birla Sun Life Equity Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An open-end growth scheme with the Industrial Capital Goods 10560.15 21.51 Ansal Properties & Infrastructure Ltd. 336.44 0.69
objective of long term growth of capital, Bharat Heavy Electricals Ltd. 2427.16 4.94
through a portfolio with a target Larsen & Toubro Ltd. 1904.88 3.88 Retailing 2848.12 5.80
allocation of 90% equity and 10% debt Crompton Greaves Ltd. 1674.84 3.41 Pantaloon Retail (India) Ltd. 1479.48 3.01
Siemens Ltd. 1606.43 3.27 Shoppers Stop Ltd. 916.22 1.87
and money market securities.
RPG Transmission Ltd. 1223.83 2.49 Trent Ltd. 452.41 0.92
Bharat Bijlee Ltd. 1008.00 2.05
Date of inception / takeover: Thermax Ltd. 715.02 1.46 Telecom-Services 2155.15 4.39
Bharti Airtel Ltd. 2155.15 4.39
August 27, 1998 Software 4881.24 9.94
Satyam Computer Services Ltd. 1439.71 2.93 Finance 1785.21 3.64
Infosys Technologies Ltd. 1328.60 2.71 United Breweries Holdings Ltd. 1785.21 3.64
NAV: Rs. Megasoft Ltd. 759.72 1.55
Dividend 79.4764 Allsec Technologies Ltd. 690.89 1.41 Pharmaceuticals 1464.47 2.98
Growth 186.8682 HCL Technologies Ltd. 518.56 1.06 Wockhardt Ltd. 1043.38 2.13
Geometric Software Solution Ltd. 143.75 0.29 Cadila Healthcare Ltd. 409.58 0.83
Maestro Mediline Systems Ltd. 11.50 0.02
Load Structure (Incl. for SIP): Consumer Non Durables 4184.84 8.53
United Spirits Ltd. 1892.62 3.86 Industrial Products 1097.20 2.24
Entry Load: United Breweries Ltd. 839.07 1.71 Cummins India Ltd. 1097.20 2.24
< Rs. 5 crores - 2.25 % ITC Ltd. 828.55 1.69
³ Rs. 5 crores - Nil Hindustan Lever Ltd. 624.60 1.27 Media & Entertainment 981.20 2.00
Exit Load: NIL McDowell Holdings Ltd.## - - Jagran Prakashan Ltd. 527.96 1.08
New Delhi Television India Ltd. 453.23 0.92
Banks 3621.23 7.38 Magnasound India Ltd.** - -
Benchmark: ICICI Bank Ltd. 1283.81 2.62
Punjab National Bank 1004.00 2.05 Hotels 962.33 1.96
BSE 200 Andhra Bank 764.80 1.56 Indian Hotels Co. Ltd. 962.33 1.96
Kotak Mahindra Bank Ltd. 568.62 1.16
Pesticides 907.92 1.85
Corpus: Auto 3374.16 6.87 United Phosphorous Ltd. 907.92 1.85
Rs. 490.88 Crores Mahindra & Mahindra Ltd. 1215.27 2.48
Maruti Udyog Ltd. 1170.75 2.38 Ferrous Metals 759.90 1.55
Tata Motors Ltd. 988.14 2.01 Welspun Gujarat Stahl Rohren Ltd. 759.90 1.55

Cement 3302.49 6.73 Cash & Current Assets 3074.20 6.26


Grasim Industries Ltd. 1411.84 2.88
Madras Cements Ltd. 600.09 1.22 Total Net Asset 49088.31 100.00
ACC Ltd. 549.39 1.12
Century Textile & Industries Ltd. 517.05 1.05 **Represents thinly traded/ non traded securities
Ultratech Cement Ltd. 224.12 0.46
##
Mc Dowell India Spirits shares received upon demerger from
Construction 3128.51 6.37 Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and
Nagarjuna Construction Co. Ltd. 885.55 1.80 hence not valued
D.S. Kulkarni Developers Ltd. 705.79 1.44
Systematic Investment Plan (SIP) Patel Engineering Ltd. 655.65 1.34
Sobha Developers Ltd. 545.08 1.11
SIP is a powerful tool that can help you
create wealth over time. If you had
NAV Performance Asset Allocation
invested* in BSLEF...
Monthly Investment 1,000
60
Number of Investment periods 53.28 Industrial Capital Goods 21.51%
49.81 48.96 Software 9.94%
(Since Inception) 100 50
Consumer Non Durables 8.53%
41.49
38.44 39.53 Banks 7.38%
Total Investment 100,000 40
35.18
36.97
Other Equity 7.36%
32.2
Auto 6.87%
Value of Investment 30
Cement 6.73%
22.25
(As of January 31, 2007) 573,731 20
Construction 6.37%
Cash & Current Assets 6.26%
Return on Investment (CAGR#) 40.51% 10
Retailing 5.80%
Telecom-Services 4.39%
* Load has not been taken into consideration. 0
Finance 3.64%
Past performance may or may not be 1 Year 2 Years 3 Years 5 Years Since Inception Pharmaceuticals 2.98%
Birla SunLife Equity Fund - Growth BSE200
Industrial Products 2.24%
sustained in future. In the same period, a SIP
in BSE 200 would have given a return of
27.49%
#
Computed after accounting for the cash flow #
by using XIRR method (investment internal ««««Value Research Rating CRISIL~CPR 2
rate of return) Open End Diversified Equity Scheme^^
Birla Sun Life Equity Fund (Past performance is no guarantee of future results.)
Date of First Installment: October 1, 1998 (Past performance is no guarantee of future results.)
^^ for methodology please refer page 3
# for methodology please refer page 3

19 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. When benchmark returns are not available, they have not been
shown.
Birla Sun Life Tax Relief '96
An Open-ended Equity Linked Savings Scheme (ELSS) with a lock-in of 3 years
F e b r u a r y 2 0 0 7
Investment Style: Growth

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An open-end equity linked savings Industrial Capital Goods 3632.47 12.42 Consumer Non Durables 949.85 3.25
scheme (ELSS) with the objective of Larsen & Toubro Ltd. 1571.53 5.37 Radico Khaitan Ltd. 515.60 1.76
long term growth of capital through a Bharat Bijlee Ltd. 910.73 3.11 ITC Ltd. 434.25 1.48
portfolio with a target allocation of 80% Siemens Ltd. 688.47 2.35
Honeywell Automation India Ltd. 461.74 1.58 Transportation 396.42 1.36
equity, 20% debt and money market
Container Corporation of India Ltd. 396.42 1.36
securities Software 3508.40 11.99
Satyam Computer Services Ltd. 1558.76 5.33 Pharmaceuticals 308.33 1.05
Infosys Technologies Ltd. 1122.23 3.84 Sun Pharmaceutical Industries Ltd. 308.33 1.05
Date of inception / takeover: Wipro Ltd. 827.42 2.83
March 29, 1996 Industrial Products 281.42 0.96
Banks 3155.29 10.79 Kirloskar Brothers Ltd. 281.42 0.96
Federal Bank Ltd. 873.16 2.98
NAV ICICI Bank Ltd. 846.45 2.89 Trading 222.66 0.76
Dividend Rs. 150.3687 ING Vysya Bank Ltd. 673.51 2.30 Uniphos Enterprises Ltd. 222.66 0.76
State Bank of India 546.26 1.87
Oriental Bank of Commerce 215.90 0.74 Textile Products 206.49 0.71
Load Structure (Incl. for SIP): Aditya Birla Nuvo Ltd. 201.63 0.69
Money Market Instruments 2912.41 9.96 Aditya Birla Nuvo Ltd. (Rights) 4.86 0.02
Entry Load: ICICI Bank Ltd. 2912.41 9.96
< Rs. 5 crores - 2.25 % Cement 166.69 0.57
³ Rs. 5 crores - Nil Finance 2738.00 9.36 Madras Cements Ltd. 166.69 0.57
Exit Load: NIL United Breweries Holdings Ltd. 1735.55 5.93
Housing Development Finance Corp. Ltd. 1002.45 3.43 Media & Entertainment - -
Magnasound India Ltd.** - -
Benchmark: Auto 2679.74 9.16
Maruti Udyog Ltd. 1779.54 6.08 Cash & Current Assets 454.89 1.55
BSE 200 Mahindra & Mahindra Ltd. 900.20 3.08
Total Net Asset 29253.84 100.00
Petroleum Products 1910.44 6.53
Corpus: Reliance Industries Ltd. 1910.44 6.53 **Represents thinly traded/ non traded securities
Rs. 292.53 Crores
Telecom-Services 1807.98 6.18
Bharti Airtel Ltd. 955.13 3.26
Reliance Communications Ltd. 852.85 2.92

Hotels 1698.32 5.81


Taj GVK Hotels & Resorts Ltd. 949.53 3.25
Asian Hotels Ltd. 748.79 2.56

Pesticides 1215.08 4.15


United Phosphorous Ltd. 1215.08 4.15

Systematic Investment Plan (SIP) Auto Ancillaries 1008.97 3.45


Motor Industries Company Ltd. 648.50 2.22
SIP is a powerful tool that can help you
MRF Ltd. 250.95 0.86
create wealth over time. If you had Automobile Corporation of Goa Ltd. 109.51 0.37
invested* in BSLTR’96F...
Monthly Investment 1,000
NAV Performance Asset Allocation
Number of Investment periods
(Since Inception) 130
50 Industrial Capital Goods 12.42%
Total Investment 130,000 45 43.37 Software 11.99%
39.53 40 40.59
Banks 10.79%
Value of Investment 40 37.7
35.18
36.97
Money Market Instruments
35
34.46 9.96%
(As of January 31, 2007) 1,438,985 32.2
Finance 9.36%
30
Auto 9.16%
Return on Investment (CAGR#) 41.09% 25
Petroleum Products 6.53%
20
15.77 Telecom-Services 6.18%
* Load has not been taken into consideration. 15 Hotels 5.81%
Past performance may or may not be 10 Other Equity 5.41%
sustained in future. In the same period, a SIP 5 Pesticides 4.15%
in BSE 200 would have given a return of 0
1 Year 2 Years 3 Years 5 Years Since Inception
Auto Ancillaries 3.45%
22.28%. Dividend Reinvestment NAVs has Consumer Non Durables 3.25%
Birla SunLife Capital Tax Relief 96 BSE200 Cash & Current Assets 1.55%
been considered for the analysis.
#
Computed after accounting for the cash flow
by using XIRR method (investment internal
rate of return)
Date of First Installment: April 1, 1996

20 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. When benchmark returns are not available, they have not been
shown.
Birla Balance
F e b r u a r y 2 0 0 7 Investment Style: (Equity) Value + Growth
Interest Rate Sensitivity: (Debt) Medium

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Issuer Market Value % to Net
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An Open-ended balanced scheme Government Bond 2788.34 22.76 Bharat Electronics Ltd. 376.90 3.08
with an objective to balance income Govt Bond 7.44% OIL MKTG. COS.2012 2217.35 18.10
requirements with growth of capital Govt Bond 7.61% Oil Company 2015 289.80 2.37 Fertilisers 371.15 3.03
through a balance mix of investments 8.33% CGL 07 JUNE 2036 281.19 2.29 Tata Chemicals Ltd. 371.15 3.03
in equity and debt at relatively
Consumer Non Durables 1692.09 13.81 Industrial Products 235.65 1.92
moderate levels of risks through a
ITC Ltd. 538.47 4.39 BOC India Ltd. 235.65 1.92
diversified research based investment Radico Khaitan Ltd 460.32 3.76
approach. United Spirits Ltd. 445.80 3.64 Corporate Debt 199.24 1.63
E.I.D. Parry (India) Ltd. 247.50 2.02 Power Finance Corporation Ltd. ** 149.67 1.22
McDowell Holdings Ltd. ## - - Housing Development Finance Corp. Ltd. ** 49.57 0.40
Date of inception / takeover:
October 12, 1999 Auto 1257.47 10.26 Hotels 76.23 0.62
Mahindra & Mahindra Ltd. 648.14 5.29 Indian Hotels Co. Ltd. 76.23 0.62
Hero Honda Motors Ltd. 609.33 4.97
NAV: Rs. Cash & Current Assets 349.51 2.85
Dividend 18.7321 Pharmaceuticals 1012.86 8.27
Pfizer Ltd. 516.78 4.22 Total Net Asset 12252.70 100.00
Growth 28.1752
Novartis India Ltd. 496.08 4.05

PSU/PFI Bonds/Banks 795.60 6.49 ** Represents thinly traded/ non traded securities and illiquid securities
Load Structure (Incl. for SIP):
Citibank N A ** 753.19 6.15 Total Percentage of thinly/non traded securities is 8.12 %
Entry Load: HDFC Bank Ltd. ** 42.41 0.35
< Rs. 5 crores - 2.25 % ##
Mc Dowell India Spirits shares received upon demerger from
³ Rs. 5 crores - Nil Banks 757.48 6.18 Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and
State Bank of India 455.22 3.72 hence not valued
Exit Load: NIL
Oriental Bank of Commerce 302.26 2.47

Telecom-Services 672.13 5.49


Benchmark:
Bharti Airtel Ltd. 672.13 5.49
CRISIL Balanced Fund Index
Power 566.41 4.62
Reliance Energy Ltd. 566.41 4.62
Average Maturity:
6.08 Years Pesticides 555.81 4.54
United Phosphorous Ltd. 555.81 4.54

Corpus: Petroleum Products 545.84 4.45


Reliance Industries Ltd. 545.84 4.45
Rs. 122.52 Crores
Industrial Capital Goods 376.90 3.08

Systematic Investment Plan (SIP) NAV Performance Asset Allocation


SIP is a powerful tool that can help you
create wealth over time. If you had Government Bond 22.76%
invested* in Birla Balance...
30
27.01 26.39 26.69
Consumer Non Durables 13.81%
24.69 Auto 10.26%
25 23.51
Monthly Investment 1,000 21.99 Pharmaceuticals 8.27%
20.74
20 PSU/PFI Bonds/Banks 6.49%
Number of Investment periods 15.23
Banks 6.18%
(Since Inception) 87 15 Telecom-Services 5.49%
Power 4.62%
Total Investment 87,000 10 Pesticides 4.54%
Petroleum Products 4.45%
Value of Investment 5
Industrial Capital Goods 3.08%
(As of January 31, 2007) 199,131 0 Fertilisers 3.03%
1 Year 2 Years 3 Years 5 Years Since Inception
Cash & Current Assets 2.85%
Return on Investment (CAGR#) 22.36% BB Gr Crisil Balanced Fund Index Other Equity & Preference 2.55%
Corporate Debt 1.63%
* Load has not been taken into consideration.
Past performance may or may not be
sustained in future. In the same period, a SIP
Rating Profile
in BSE 200 would have given a return of
19.11%
Other 66.27%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal Sovereign 22.76%
rate of return) AAA 6.90%
Past performance may or may not be sustained in future.
Date of First Installment: November 1, 1999 Performance has been calculated on the basis of the
Cash & Current Assets 2.85%
Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period
AA 1.22%
21 less than 1 year & CAGR for period 1 year or more. When
benchmark returns are not available, they have not been shown.
Birla Sun Life '95 Fund
F e b r u a r y 2 0 0 7 Investment Style: (Equity) Value + Growth
Interest Rate Sensitivity: (Debt) Low

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Rating Issuer Market Value % to Net Rating
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An open-end balanced scheme with Government Bond 3982.21 29.90 Media & Entertainment 286.58 2.15
the objective of long term growth of Govt Bond 7.44% OIL MKTG. COS.2012 2013.12 15.12 Sovereign ETC Networks Ltd. 260.40 1.96
capital and current income, through a Govt Bond 7.61% Oil Company 2015 1811.25 13.60 Sovereign Global Broadcast News 26.18 0.20
portfolio with a target allocation of 8.33% CGL 07 JUNE 2036 127.81 0.96 Sovereign Magnasound India Ltd. ** - -
60% equity and 40% debt and money Govt Bond 7.94% 2021 30.03 0.23 Sovereign
PSU/PFI Bonds/Banks 243.18 1.83
market securities.
Consumer Non Durables 1515.46 11.38 Power Finance Corporation Ltd. ** 243.18 1.83 AAA
ITC Ltd. 657.83 4.94
United Breweries Ltd. 630.30 4.73 Fertilisers 238.73 1.79
Date of inception / takeover:
Bombay Burmah Trading Corporation Ltd. 227.33 1.71 Rashtriya Chemicals & Fertilizers Ltd. 238.73 1.79
February 10, 1995
Pesticides 1179.76 8.86 Pharmaceuticals 226.46 1.70
Rallis India Ltd. 627.35 4.71 Cadila Healthcare Ltd. 226.46 1.70
NAV: Rs. United Phosphorous Ltd. 552.40 4.15
Dividend 83.0623 Industrial Capital Goods 135.91 1.02
Growth 179.7848 Finance 1064.24 7.99 Bharat Bijlee Ltd. 135.91 1.02
United Breweries Holdings Ltd. 1064.24 7.99
Securitised Debt 17.41 0.13
Load Structure (Incl. for SIP): Banks 997.38 7.49 Fleet Trust July 2004 A2 Series ** 17.41 0.13 AAA(SO)
State Bank of India 569.03 4.27
Entry Load: Oriental Bank of Commerce 428.36 3.22 Cash & Current Assets 151.59 1.14
< Rs. 5 crores - 2.25 %
³ Rs. 5 crores - Nil Telecom-Services 707.50 5.31 Total Net Asset 13318.40 100.00
Exit Load: Nil Bharti Airtel Ltd. 707.50 5.31
** Represents thinly traded/ non traded securities and illiquid securities
Auto 682.53 5.12 Total Percentage of thinly/non traded securities is 1.96 %
Benchmark: Hero Honda Motors Ltd. 682.53 5.12

CRISIL Balanced Fund Index Petroleum Products 682.30 5.12


Reliance Industries Ltd. 682.30 5.12

Average Maturity: Retailing 444.74 3.34


7.20 Years Trent Ltd. 444.74 3.34

Gas 395.40 2.97


Corpus: Gujarat Gas Co. Ltd. 395.40 2.97
Rs. 133.18 Crores
Industrial Products 367.00 2.76
BOC India Ltd. 367.00 2.76

NAV Performance Asset Allocation


Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you Government Bond 29.90%
create wealth over time. If you had 40 Consumer Non Durables 11.38%
invested* in BSL‘95F... 35 33.34 Pesticides 8.86%
31.61
28.95 29.8 Finance 7.99%
30
Monthly Investment 1,000 24.69
26.39 27.27 Banks 7.49%
25 Other Equity 6.66%
Number of Investment periods 20
20.74
Telecom-Services 5.31%
(Since Inception) 142 Auto 5.12%
15
Petroleum Products 5.12%
Total Investment 142,000 10
Retailing 3.34%
Value of Investment
5 Gas 2.97%
0 Industrial Products 2.76%
(As of January 31, 2007) 1,009,792 1 Year 2 Years 3 Years 5 Years Since Inception
PSU/PFI Bonds/Banks 1.83%
Birla SunLife 95 - Growth Crisil Balanced Fund Index
Return on Investment (CAGR ) #
30.36% Cash & Current Assets 1.14%
Securitised Debt 0.13%
* Load has not been taken into consideration.
Past performance may or may not be
sustained in future. In the same period, a SIP Rating Profile
in BSE 200 would have given a return of
12.63%
Other 66.81%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal Sovereign 29.90%
rate of return) Past performance may or may not be sustained in future.
Performance has been calculated on the basis of the AAA 1.96%
Date of First Installment: April 1, 1995 Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period Cash & Current Assets 1.33%
less than 1 year & CAGR for period 1 year or more. When
22 benchmark returns are not available, they have not been shown.
Birla MIP An open- ended fund. Monthly income is not assured and is
subject to availability of distributable surplus

F e b r u a r y 2 0 0 7 Investment Style: (Equity) Value + Growth


Interest Rate Sensitivity: (Debt) Medium

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Rating Issuer Market Value % to Net Rating
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An Open-ended income scheme with Corporate Debt 6632.97 37.17 Securitised Debt 2220.70 12.45
the objective to generate regular Housing Development Ind Ret ABS Trust Ser 49(A4)
income so as to make monthly Finance Corp. Ltd. ** 1685.25 9.45 AAA 18 MAY 2010 ** 1068.67 5.99 AAA(SO)
distribution to unit holders with the Cholamandalam DBS Finance Ltd. ** 1012.11 5.67 LAA Indian Corp Loan Sec Trust 03Apr2008 ** 803.46 4.50 AA(So)
secondary objective being growth of Kotak Mahindra Prime Ltd. ** 992.65 5.56 LAA Ind Retail ABS Trust Ser XIII A3PTC ** 287.98 1.61 MAAA(So)
capital. Monthly Income is not assured Mahindra & Mahindra Fleet Trust Aug I 2003 A3 CFIL (IL&FS) ** 60.59 0.34 AAA(SO)
and is subject to availability of Financial Serv. Ltd. ** 992.10 5.56 AA+
distributable surplus. Great Eastern Shipping Company Ltd. ** 904.28 5.07 AAA PSU/PFI Bonds/Banks 765.33 4.29
Sundaram Finance Ltd. ** 598.68 3.36 AA+ Power Finance Corporation Ltd. ** 389.09 2.18 AAA
Date of inception / takeover: Electrosteel Castings Ltd. ** 242.58 1.36 AA Power Grid Corporation of India Ltd. ** 376.24 2.11 AAA
CitiFinancial Consumer Finance India Ltd ** 205.32 1.15 AAA
November 20, 2000
Mutual Fund Units 86.70 0.49
Government Bond 4887.04 27.39 Birla Fixed Term Debt Fund Ser 3 -18 B 54.53 0.31
NAV: Rs. Govt Bond 7.44% OIL MKTG. Birla Fixed Term Debt Fund Ser 3 -36 B 32.17 0.18
Dividend 11.0962 COS.2012 2723.07 15.26 Sovereign
Payment / Growth 19.1866 Govt Bond 7.61% Oil Company 2015 2018.94 11.32 Sovereign Cash & Current Assets 954.13 5.35
Govt Bond 7.59% OIL MKTG.
COS.2015 145.04 0.81 Sovereign Total Net Asset 17842.72 100.00
Load Structure(Incl. for SIP):
Entry Load: NIL EQUITY 2295.84 12.87
Exit Load: Radico Khaitan Ltd 192.40 1.08 ** Represents thinly traded/ non traded securities and illiquid securities
<= Rs 10 lakhs: 0.60% if redeemed / Reliance Industries Ltd. 191.04 1.07 Total Percentage of thinly/non traded securities is 53.91 %
switched out with in 90 days from the Bharti Airtel Ltd. 191.03 1.07
date of allotment. United Phosphorous Ltd. 189.83 1.06
> 10 Lakhs: Nil Novartis India Ltd. 187.75 1.05
Reliance Energy Ltd. 179.76 1.01
Hero Honda Motors Ltd. 179.43 1.01
Benchmark:
Pfizer Ltd. 170.41 0.96
CRISIL MIP Blended Index
ITC Ltd. 168.49 0.94
Oriental Bank of Commerce 167.46 0.94
Average Maturity: State Bank of India 153.64 0.86
3.51 Years Rallis India Ltd. 150.03 0.84
United Spirits Ltd. 136.47 0.76
Indian Hotels Co. Ltd. 38.11 0.21
Corpus: McDowell Holdings Ltd. ** - -
Rs. 178.42 Crores

NAV Performance Asset Allocation

12
Corporate Debt 37.17%
11.08
10.41
10 9.34 9.09 9.59 Government Bond 27.39%
8.87
7.82
8 7.31 Equity 12.87%

6
Securitised Debt 12.45%
4
Cash & Current Assets 5.35%
2
PSU/PFI Bonds/Banks 4.29%
0
1 Year 2 Years 3 Years 5 Years Since Inception
Mutual Fund Units 0.49%

Rating Profile

AAA 27.90%
Sovereign 27.39%

Past performance may or may not be sustained in future. AA 26.01%


Performance has been calculated on the basis of the Equity 13.35%
Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period Cash & Current Assets 5.35%
less than 1 year & CAGR for period 1 year or more. When
23 benchmark returns are not available, they have not been shown.
An open- ended fund.
Birla MIP II - Savings 5 Plan Monthly income is not
assured and is
F e b r u a r y 2 0 0 7
Investment Style: (Equity) Value + Growth subject to availability of
Interest Rate Sensitivity: (Debt) Medium distributable surplus

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Rating
Rs. in. Lacs Assets
Investment Objective:
An Open-ended income scheme with Corporate Debt 229.02 35.76
the objective to generate regular GE Capital Services India Ltd. ** 99.73 15.57 AAA
income so as to make monthly Kotak Mahindra Prime Ltd. ** 98.97 15.45 LAA
payment or distribution to unit holders Electrosteel Castings Ltd. ** 30.32 4.73 AA
with the secondary objective being
Securitised Debt 172.43 26.92
growth of capital. Monthly Income is Indian Corp Loan Sec Trust 03Apr2008 **100.43 15.68 AA(So)
not assured and is subject to Ind Retail ABS Trust Ser XIII A3PTC ** 71.99 11.24 MAAA(So)
availability of distributable surplus.
Floating Rate Instruments 100.00 15.61
ICICI Bank Ltd. 100.00 15.61 AAA
Date of inception / takeover:
May 22, 2004 EQUITY 24.52 3.83
Hero Honda Motors Ltd. 5.74 0.90
Oriental Bank of Commerce 5.40 0.84
NAV: Rs. Bharti Airtel Ltd. 5.09 0.80
Rallis India Ltd. 4.50 0.70
Dividend 10.1454 State Bank of India 3.79 0.59
Payment / Growth 11.5647
Cash & Current Assets 114.48 17.87
Load Structure (Incl. for SIP): Total Net Asset 640.45 100.00
Entry Load: NIL
Exit Load: NIL ** Represents thinly traded/ non traded securities and illiquid securities
Total Percentage of thinly/non traded securities is 62.68 %
Benchmark:
CRISIL MIP Blended Index

Average Maturity:
0.40 Years

Corpus:
Rs. 6.40 Crores

NAV Performance Asset Allocation

12
Corporate Debt 35.76%
10 9.59
9.09
8.26
8 Securitised Debt 26.92%
6.36
5.88 5.54
6
Cash & Current Assets 17.87%
4

2 Floating Rate Instruments 15.61%


0
1 Year 2 Years Since Inception
Equity 3.83%
Birla MIP II - Savings 5 - Growth Crisil MIP Blended Index

Rating Profile

AAA 42.43%

AA 35.87%
Past performance may or may not be sustained in future.
Performance has been calculated on the basis of the Cash & Current Assets 17.87%
Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period Equity 3.83%
less than 1 year & CAGR for period 1 year or more. When
24 benchmark returns are not available, they have not been shown.
An open- ended fund.
Birla MIP II - Wealth 25 Plan Monthly income is not
assured and is
F e b r u a r y 2 0 0 7 Investment Style: (Equity) Value + Growth subject to availability of
Interest Rate Sensitivity: (Debt) Medium distributable surplus

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Rating Issuer Market Value % to Net Rating
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An Open-ended income scheme with Corporate Debt 3992.98 33.60 BOC India Ltd. 65.98 0.56
the objective to generate regular Sundaram Finance Ltd. ** 1501.12 12.63 AA+ Global Broadcast News 21.98 0.18
income so as to make monthly Housing Development McDowell Holdings Ltd. ** - -
payment or distribution to unit holders Finance Corp. Ltd. ** 1288.98 10.85 AAA Securitised Debt 1314.47 11.06
Mahindra & Mahindra Indian Retail ABS
with the secondary objective being
Financial Serv. Ltd. ** 496.05 4.17 AA+ Trust Series 56 (A1X) ** 549.25 4.62 AAA(SO)
growth of capital. Monthly Income is
Great Eastern Shipping Company Ltd. ** 452.14 3.80 AAA Indian Corp Loan Sec
not assured and is subject to Cholamandalam DBS Finance Ltd. ** 119.07 1.00 LAA Trust 03Apr2008 ** 401.73 3.38 AA(SO)
availability of distributable surplus. Indian Railways Finance Corp. Ltd. ** 105.30 0.89 AAA BHPC 15 OCT 2008 BHPC
Electrosteel Castings Ltd. ** 30.32 0.26 AA Auto Sec Trust ** 363.49 3.06 AAA(SO)

Date of inception / takeover: Government Bond 3077.71 25.90 PSU/PFI Bonds/Banks 680.91 5.73
May 22, 2004 Govt Bond 7.44% OIL MKTG. Power Finance Corporation Ltd. ** 680.91 5.73 AAA
COS.2012 1556.04 13.09 Sovereign
Govt Bond 7.61% Oil Company 2015 1279.95 10.77 Sovereign Mutual Fund Units 86.70 0.73
NAV: Rs. Govt Bond 7.59% OIL MKTG. COS.2015 241.73 2.03 Sovereign Birla Fixed Term Debt Fund Ser 3 -18 B 54.53 0.46
Birla Fixed Term Debt Fund Ser 3 -36 B 32.17 0.27
Dividend 11.2223
EQUITY 2350.28 19.77
Payment / Growth 13.5070 ITC Ltd. 138.96 1.17 Cash & Current Assets 382.16 3.22
Bharti Airtel Ltd. 136.41 1.15
Radico Khaitan Ltd 132.70 1.12 Total Net Asset 11885.22 100.00
Load Structure (Incl. for SIP): United Phosphorous Ltd. 131.36 1.11 ** Represents thinly traded/ non traded securities and illiquid securities
Entry Load: NIL Hero Honda Motors Ltd. 129.61 1.09 Total Percentage of thinly/non traded securities is 50.38 %
Exit Load: For redemption / switch Mahindra & Mahindra Ltd. 126.03 1.06
out of units within 12 months from the Reliance Industries Ltd. 122.81 1.03
Rallis India Ltd. 120.02 1.01
date of allotment: 1%
State Bank of India 119.50 1.01
ZF Steering Gear (India) Ltd. 114.64 0.96
Oriental Bank of Commerce 113.35 0.95
Benchmark: Aventis Pharma Ltd. 107.13 0.90
Novartis India Ltd. 107.10 0.90
CRISIL MIP Blended Index Pfizer Ltd. 105.26 0.89
Hindustan Lever Ltd. 104.10 0.88
Reliance Energy Ltd. 97.58 0.82
Average Maturity: Subros Ltd. 93.53 0.79
4.11 Years Glaxosmithkline Consumer Healthcare Ltd. 89.35 0.75
Hindustan Sanitaryware & Industries Ltd. 87.37 0.74
United Spirits Ltd. 85.52 0.72
Corpus:
Rs. 118.85 Crores NAV Performance Asset Allocation

14 Corporate Debt 33.60%


11.83 11.8
12
Government Bond 25.90%
10.06
10 9.59
9.09
8.26 Equity 19.77%
8

6 Securitised Debt 11.06%


4
PSU/PFI Bonds/Banks 5.73%
2

0 Cash & Current Assets 3.22%


1 Year 2 Years Since Inception
Birla MIP II - Wealth 25 - Growth Crisil MIP Blended Index
Mutual Fund Units 0.73%

Rating Profile

AAA 28.94%
#
««««Value Research Rating Sovereign 25.90%

Birla MIP II Wealth 25 Plan AA 21.44%


(Past performance is no guarantee of future results.)
Equity 20.32%
# for methodology please refer page 3
Cash & Current Assets 3.40%

25
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. When benchmark returns are not available, they have not
been shown.
Birla Sun Life Monthly Income
An open- ended fund. Monthly income is not assured and is subject to availability of distributable surplus
F e b r u a r y 2 0 0 7 Investment Style: (Equity) Value + Growth
Interest Rate Sensitivity: (Debt) Medium
As on January 31, 2007 Portfolio
Issuer Market Value % to Net Rating Issuer Market Value % to Net Rating
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An open-end income scheme with the Government Bond 5111.02 39.23 State Bank of India 102.42 0.79
primary objective to generate regular Govt Bond 7.44% OIL MKTG. COS.2012 2917.57 22.39 Sovereign Oriental Bank of Commerce 97.16 0.75
income so as to make monthly and Govt Bond 7.61% Oil Company 2015 1516.62 11.64 Sovereign ETC Networks Ltd. 87.10 0.67
quarterly distributions to Unitholders Govt Bond 7.59% OIL MKTG. COS.2015 676.83 5.19 Sovereign Hindustan Sanitaryware & Industries Ltd. 50.57 0.39
and the secondary objective as growth Trent Ltd. 43.42 0.33
of capital. Monthly income is not Corporate Debt 3152.02 24.19 Subros Ltd. 27.30 0.21
assured and is subject to availability of
Cholamandalam DBS Finance Ltd. ** 1041.88 8.00 LAA Magnasound India Ltd. ** - -
distributable surplus.
Kotak Mahindra Prime Ltd. ** 992.65 7.62 LAA PSU/PFI Bonds/Banks 301.32 2.31
Tata Steel Ltd. ** 490.65 3.77 AAA Power Finance Corporation Ltd. ** 291.82 2.24 AAA
Date of inception / takeover: Sundaram Finance Ltd. ** 349.23 2.68 AA+ Power Finance Corporation Ltd. ** 9.50 0.07 AAA
July 14, 1999 Housing Development Finance
Corp. Ltd. ** 277.62 2.13 AAA Cash & Current Assets 547.17 4.20

NAV: Rs. Securitised Debt 1984.80 15.23 Total Net Asset 13028.92 100.00
Dividend 10.8539 Ind Ret ABS Trust Ser 49(A4)
Growth 25.3953 18 MAY 2010 ** 1603.01 12.30 AAA(SO) ** Represents thinly traded/non traded securities and illiquid securities
Quarterly Dividend 11.2941 India Infrastructure Developers Ltd. ** 316.11 2.43 AA(SO) Total Percentage of thinly/non traded securities is 41.74 %
Goldstar Trust (CITI) ** 44.00 0.34 AAA(SO)
Fleet Trust July 2004 A2 Series ** 17.41 0.13 AAA(SO)
Load Structure (Incl. for SIP):
Fleet Trust April 2004 Series ** 4.26 0.03 AAA(SO)
Entry Load: NIL
Exit Load: For redemption / switch
EQUITY 1932.58 14.83
out of units within 12 months from the
United Breweries Holdings Ltd. 199.91 1.53
date of allotment: 1%
Gujarat Gas Co. Ltd. 156.35 1.20
Rallis India Ltd. 144.21 1.11
Bharti Airtel Ltd. 141.50 1.09
Benchmark: Nirma Ltd. 136.57 1.05
CRISIL MIP Blended Index BOC India Ltd. 132.26 1.02
United Phosphorous Ltd. 131.36 1.01
United Breweries Ltd. 126.06 0.97
Average Maturity:
Mahindra & Mahindra Ltd. 126.03 0.97
3.93 Years Hero Honda Motors Ltd. 124.16 0.95
Pritish Nandy Communications Ltd. 106.22 0.82
Corpus:
Rs. 130.28 Crores

NAV Performance Asset Allocation

14 13.13
11.96 Government Bond 39.23%
12 11.49
10.47
10 9.09
9.59 Corporate Debt 24.19%
8.56
8 7.31
Securitised Debt 15.23%
6

4
Equity 14.83%

2 Cash & Current Assets 4.20%


0
1 Year 2 Years 3 Years 5 Years Since Inception
PSU/PFI Bonds/Banks 2.31%
Birla SunLife MIP - Growth Crisil MIP Blended Index

Rating Profile

Sovereign 39.23%

AAA 23.44%

AA 18.30%
Past performance may or may not be sustained in future.
Performance has been calculated on the basis of the Equity 14.83%
Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period Cash & Current Assets 4.20%
26 less than 1 year & CAGR for period 1 year or more. When
benchmark returns are not available, they have not been shown.
Birla Income Plus
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Medium

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Rating Issuer Market Value % to Net Rating
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An Open-ended income scheme with Government Bond 12348.37 53.41 Securitised Debt 107.99 0.47
the objective to generate consistent Govt Bond 7.44% OIL MKTG. Ind Retail ABS Trust Ser XIII A3PTC** 107.99 0.47 MAAA(So)
income through superior yields on its COS.2012 6661.79 28.81 Sovereign Cash & Current Assets 1145.38 4.95
investments at moderate levels of risk Govt Bond 7.61% Oil Company 2015 2511.60 10.86 Sovereign
through a diversified investment Govt Bond 7.94% 2021 1701.53 7.36 Sovereign Total Net Asset 23121.87 100.00
approach. Govt Bond 8.13% OIL MKT COMP
GOI 2021 990.00 4.28 Sovereign ** Represents thinly traded/ non traded securities and illiquid securities
Date of inception / takeover: Govt Bond 7.59% OIL MKTG. COS.2015 483.45 2.09 Sovereign Total Percentage of thinly/non traded securities is 40.07 %
October 21, 1995
Corporate Debt 5498.65 23.78
CitiFinancial Consumer
NAV: Rs. Finance India Ltd** 1487.23 6.43 AAA
Dividend 10.1917 Housing Development
Growth 30.4069 Finance Corp. Ltd.** 1483.40 6.42 AAA
Hindalco Industries Ltd.** 1242.13 5.37 AAA
BHW Home Finance Ltd.** 1001.52 4.33 LAA+
Load Structure (Incl. for SIP):
IL&FS Investmart Ltd.** 99.56 0.43 LAAA(So)
Entry Load: NIL Cholamandalam DBS Finance Ltd.** 99.23 0.43 LAA
Exit Load: <= Rs 10 lakhs: 0.60% if Reliance Industries Ltd.** 85.58 0.37 AAA
redeemed / switched out with in 180
days from the date of allotment. PSU/PFI Bonds/Banks 3658.42 15.82
> 10 Lakhs: Nil
Power Finance Corporation Ltd.** 2266.45 9.80 AAA
Indian Railways Finance Corp. Ltd.** 987.02 4.27 AAA
Benchmark: Power Finance Corporation Ltd.** 285.13 1.23 AAA
CRISIL Composite Bond Fund Index Neyveli Lignite Corporation Ltd.** 110.01 0.48 LAAA
Oriental Bank of Commerce** 9.81 0.04 AA+

Average Maturity: Floating Rate Instruments 363.05 1.57


6.47 Years Indian Retail ABS Trust SerXIII A3 363.05 1.57 MAAA(So)

Corpus:
Rs. 231.21 Crores

NAV Performance Asset Allocation

12 Government Bond 53.41%


10.35
10
Corporate Debt 23.78%
8
6.28
6 5.62 PSU/PFI Bonds/Banks 15.82%
4.79
4.04 4.29
4
2.99 2.92 Cash & Current Assets 4.95%
2
Floating Rate Instruments 1.57%
0
1 Year 2 Years 3 Years 5 Years Since Inception
BIP Gr Crisil Composite Bond Fund Index Securitised Debt 0.47%

Rating Profile

Sovereign 53.41%

CRISIL~CPR 2 AAA 36.84%


Open End Debt Scheme^^
(Past performance is no guarantee of future results.)
Cash & Current Assets 4.95%
^^ for methodology please refer page 3
AA 4.80%

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)
27 Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Sun Life Income Fund
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Medium

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Rating
Rs. in. Lacs Assets
Investment Objective:
An Open-ended income scheme with Government Bond 1541.48 45.79
the objective to generate income and Govt Bond 7.44% OIL MKTG.
capital appreciation by investing 100% COS.2012 1264.28 37.56 Sovereign
of the corpus in a diversified portfolio Govt Bond 8.13% OIL MKT
of debt and money market securities. COMP GOI 2021 277.20 8.23 Sovereign

Securitised Debt 353.33 10.50


Date of inception / takeover:
Goldstar Trust (CITI)** 176.01 5.23 AAA(SO)
March 03, 1997 India Infrastructure Developers Ltd. ** 175.62 5.22 AAA(SO)
Fleet Trust April 2004 Series ** 1.71 0.05 AAA(SO)
NAV: Rs.
Money Market Instruments 346.70 10.30
Half Yearly Dividend 10.8642
Tata Power Company Ltd. 243.79 7.24 P1+
Growth 25.7356
Quarterly Dividend 10.3212 The Hongkong & Shanghai
54 EA Dividend 11.3325 Banking Corp Ltd 102.91 3.06 F1+
54 EA Growth 25.7176
54 EB Dividend 11.3445 Corporate Debt 297.40 8.83
54 EB Growth 25.5556 Housing Development
Finance Corp. Ltd.** 297.40 8.83 AAA

Load Structure (Incl. for SIP): PSU/PFI Bonds/Banks 285.13 8.47


Entry Load: NIL Power Finance Corporation Ltd.** 285.13 8.47 AAA
Exit Load: <= Rs 10 lakhs: 0.60% if
redeemed / switched out with in 180 Floating Rate Instruments 190.03 5.64
days from the date of allotment. Housing Development Finance Corp. Ltd. 190.03 5.64 LAAA
> 10 Lakhs: Nil
Cash & Current Assets 352.32 10.47
Benchmark:
Total Net Asset 3366.39 100.00
CRISIL Composite Bond Fund Index
** Represents thinly traded/ non traded securities and illiquid securities
Average Maturity: Total Percentage of thinly/non traded securities is 27.80 %

3.74 Years

Corpus:
NAV Performance Asset Allocation
Rs. 33.66 Crores

12
10 Government Bond 45.79%
10

7.76 Securitised Debt 10.50%


8
6.94
6.02 Cash & Current Assets 10.47%
6
4.04 4.29 4.21
Money Market Instruments 10.30%
4
2.92
Corporate Debt 8.83%
2

0
PSU/PFI Bonds/Banks 8.47%
1 Year 2 Years 3 Years 5 Years Since Inception

Birla SunLife Income Fund - Growth


Floating Rate Instruments 5.64%
Crisil Composite Bond Fund Index

Rating Profile

Sovereign 45.79%
CRISIL~CPR 1
Open End Debt Scheme^^ AAA 43.74%
(Past performance is no guarantee of future results.)

^^ for methodology please refer page 3 Cash & Current Assets 10.47%

28 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. When benchmark returns are not available, they have not
been shown.
Birla Gilt Plus
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity:
Regular Plan/PF Plan - High, Liquid Plan - Low

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Rating NAV Performance
Rs. in. Lacs Assets
Investment Objective: 9 8.41
An Open-ended government Liquid Plan 8
6.27
securities scheme with the objective 7 6.61 6.44
5.73 5.64
Treasury Bills 1589.46 73.18 6
to generate income and capital 5.35 4.99
182 Day TBill 09 MAR 2007 1589.46 73.18 Sovereign 5
appreciation through investments 4
exclusively in Government Securities. 3
Government Bond 291.76 13.43
2
Date of inception / takeover: Govt Bond 7.44% OIL MKTG. COS.2012 291.76 13.43 Sovereign
1
0
October 12, 1999 Cash & Current Assets 290.68 13.38 1 Year 2 Years 3 Years 5 Years Since
Inception
NAV: Rs. Total Net Asset 2171.90 100.00 BGPL Gr I-Sec Si-BEX

Liquid Plan
Quarterly Dividend 10.7270
Growth 18.0443 NAV Performance
PF Plan
Annual Dividend 12.0156 12
10.49
PF Plan 10
Quarterly Dividend 10.6519 Government Bond 9121.42 97.54
Govt Bond 7.61% Oil Company 2015 2163.84 23.14 Sovereign 7.42
8
Growth 20.7403 6.20 6.75
Govt Bond 7.59% OIL MKTG. COS.2015 1630.19 17.43 Sovereign
Annual Dividend 20.7410 6 5.45 5.08
Govt Bond 7.44% OIL MKTG. COS.2012 1556.04 16.64 Sovereign
Regular Plan Govt Bond 7.94% 2021 1161.04 12.42 Sovereign 4
3.50
2.87
Quarterly Dividend 11.2132 8.33% CGL 07 JUNE 2036 1124.75 12.03 Sovereign 2
Growth 23.3676 Govt Bond 8.13% OIL MKT COMP GOI 2021 990.00 10.59 Sovereign
Annual Dividend 23.4153 Govt Bond 7.59% 2016 495.55 5.30 Sovereign 0
1 Year 2 Years 3 Years 5 Years Since
Inception
Load Structure (Incl. for SIP): Cash & Current Assets 229.62 2.46 BGP PFP Gr I-Sec Li-BEX
Liquid Plan, Regular Plan & PF
Total Net Asset 9351.04 100.00
Plan-Quarterly / Annual Dividend:
Entry Load: NIL; Exit Load: NIL NAV Performance
PF Plan - Growth: 14
Regular Plan 12.31
Entry Load: NIL 12
Exit Load: 1.00% if redeemed / Government Bond 5810.91 97.68
10 9.38
switched out within 365 days from
8 7.37
date of allotment. Govt Bond 7.61% Oil Company 2015 1449.00 24.36 Sovereign 6.2 6.07
6.57
Govt Bond 7.94% 2021 1391.25 23.39 Sovereign 6
3.74 3.5
Benchmark: 8.33% CGL 07 JUNE 2036 1022.50 17.19 Sovereign 4
Govt Bond 7.59% OIL MKTG. COS.2015 966.90 16.25 Sovereign 2
Liquid Plan - I-Sec Si-BEX Govt Bond 8.13% OIL MKT COMP GOI 2021 495.00 8.32 Sovereign
PF Plan - I-Sec Li-BEX Govt Bond 7.44% OIL MKTG. COS.2012 486.26 8.17 Sovereign
0
1 Year 2 Years 3 Years 5 Years Since
Regular Plan - I-Sec Li-BEX Inception
Birla GPRP Gr I-Sec Li-BEX
Average Maturity: Cash & Current Assets 137.81 2.32
Liquid Plan - 0.77 Years Past performance may or may not be sustained in future. Performance has been
PF Plan - 4.51 Years calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual
Total Net Asset 5948.72 100.00 Funds) Regulations 1996. Returns are in % and absolute returns for period less
Regular Plan - 13.34 Years than 1 year & CAGR for period 1 year or more. When benchmark returns are not
available, they have not been shown.
Corpus:
Liquid Plan - Rs. 21.71 Crores Liquid Plan - Asset Allocation Regular Plan - Asset Allocation
PF Plan - Rs. 93.51 Crores
Regular Plan - Rs. 59.48 Crores
Treasury Bills 73.18%
Government Bond 97.68%

Government Bond 13.43%

Cash & Current Assets 2.32%


Cash & Current Assets 13.38%

#
PF Plan - Asset Allocation
«««««Value Research Rating
Birla Gilt Plus - Liquid Plan
ICRA Online Awards 2006@: GOLD (Past performance is no guarantee of future results.)
Ranked MFR1 in Open Ended Gilt # for methodology please refer page 3 Government Bond 97.54%
Schemes - Short Term (3 year)
(Past performance is no
guarantee of future results.) CRISIL~CPR 2 Cash & Current Assets 2.46%
Open End Long Term Gilt Scheme^^
(Past performance is no guarantee of future results.)
29 ^^ for methodology please refer page 3
Birla Sun Life Government Securities Fund
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity:
Long Term Plan - High, Short Term Plan - Low

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Rating Issuer Market Value % to Net Rating
Investment Objective: Rs. in. Lacs Assets Rs. in. Lacs Assets
An Open-ended Gilt scheme with the
Long Term Plan Short Term Plan
objective to provide investors current
income consistent with a portfolio
invested 100% in securities issued by Government Bond 210.19 91.33 Government Bond 10.01 16.57
the Government of India or the State Govt Bond 7.94% 2021 210.19 91.33 Sovereign Govt Bond 7.94% 2021 10.01 16.57 Sovereign
Governments, and the secondary
objective is capital appreciation.
Cash & Current Assets 19.94 8.67 Cash & Current Assets 50.41 83.43

Date of inception / takeover:


Total Net Asset 230.13 100.00 Total Net Asset 60.42 100.00
October 28, 1999

NAV: Rs.
Long Term Plan:
Dividend 10.6016
Growth 20.0313
Short Term Plan:
Dividend 10.3387
Growth 15.8856

Load Structure (Incl. for SIP): Long Term Plan - NAV Performance Short Term Plan - NAV Performance
12 8
Entry Load: NIL 10.03
7.26
7 6.58
Exit Load: NIL 10 6.44
6 5.64
7.76 5.34
8 4.99
6.57 5 4.54
6.03 6.2
Benchmark: 6 4
5.03
3.36
Long Term Plan - I-Sec Li-BEX 4 3.5 3
2.86
Short Term Plan - I-Sec Si-BEX 2
2
1
0 0
Average Maturity: 1 Year 2 Years 3 Years 5 Years Since Inception 1 Year 2 Years 3 Years 5 Years Since Inception

Long Term Plan - 13.08 Years Birla SunLife G Sec Fund - LT - Growth I-Sec Li-BEX Birla SunLife G Sec Fund - STD - Growth I-Sec Si-BEX

Short Term Plan - 2.38 Years


Long Term Plan - Asset Allocation Short Term Plan - Asset Allocation
Corpus:
Long Term Plan - Rs. 2.30 Crores
Government Bond 91.33% Cash & Current Assets 83.43%
Short Term Plan - Rs. 0.60 Crores

Cash & Current Assets 8.67% Government Bond 16.57%

Long Term Plan - Rating Profile Short Term Plan - Rating Profile

Sovereign 91.33%
Cash & Current Assets 83.43%

Cash & Current Assets 8.67% Sovereign 16.57%

#
««««Value Research Rating
Birla Sun Life GSF Short Term
(Past performance is no guarantee of future results.)

# for methodology please refer page 3

30 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. When benchmark returns are not available, they have not been
shown.
Birla Dynamic Bond Fund
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Medium

As on January 31, 2007 Portfolio


Investment Objective:
Issuer Market Value % to Net Rating Asset Allocation
An Open-ended income scheme with Rs. in. Lacs Assets
the objective to generate optimal
returns with high liquidity through Government Bond 194.50 36.15
Govt Bond 7.44% OIL MKTG. COS.2012 194.50 36.15 Sovereign Cash & Current Assets 45.53%
active management of the portfolio by
investing in high quality debt and Money Market Instruments 98.61 18.33 Government Bond 36.15%
money market instruments. ICICI Bank Ltd. 98.61 18.33 P1+
Date of inception / takeover: Money Market Instruments 18.33%
September 27, 2004 Cash & Current Assets 245.00 45.53
NAV: Rs.
Retail Dividend 10.1530 Rating Profile
Total Net Asset 538.12 100.00
Retail Growth 11.3493
Load Structure (Incl. for SIP): NAV Performance Cash & Current Assets 45.53%
Entry Load: NIL 7
6.29
Exit Load: NIL 6
5.83
5.55
Sovereign 36.15%
Benchmark: 5
4.29 AAA 18.33%
4.04 3.95
CRISIL Composite Bond Fund Index 4 3.45
Average Maturity: 3 2.61

1.89 Years 2 Past performance may or may not be sustained in future. Performance has been
Corpus: 1
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
Rs. 5.38 Crores 0
6 Months 1 Year 2 Years Since Inception
year & CAGR for period 1 year or more.

Birla DBF - Retail - Growth Crisil Composite Bond Fund Index

Birla Bond Index Fund


Interest Rate Sensitivity: Medium

As on January 31, 2007 Portfolio Asset Allocation


Investment Objective: Issuer Market Value % to Net Rating
Rs. in. Lacs Assets
An Open-ended income scheme with Cash & Current Assets 78.26%
the objective of tracking the CRISIL PSU/PFI Bonds/Banks 38.32 20.63
Composite Bond Fund Index which has Power Finance Corporation Ltd.** 28.51 15.35 AAA PSU/PFI Bonds/Banks 20.63%
been introduced by CRISIL to track the Oriental Bank of Commerce** 9.81 5.28 AA+
returns on a composite portfolio that
Government Bond 2.07 1.12 Government Bond 1.12%
includes call instruments, commercial
papers, government securities, AAA & Govt Bond 9.39% 2011 2.07 1.12 Sovereign
AA rated instruments.
Cash & Current Assets 145.36 78.26
Date of inception / takeover: Rating Profile
May 9, 2003 Total Net Asset 185.75 100
Cash & Current Assets 78.26%
NAV: Rs.
Dividend 10.2755 ** Represents thinly traded/ non traded securities and illiquid securities AAA 15.35%
Growth 11.5853 Total Percentage of thinly/non traded securities is 20.63 %
AA 5.28%
Load Structure (Incl. for SIP):
Sovereign 1.12%
Entry Load: NIL
Exit Load: <= Rs 10 lakhs: 0.25% if
redeemed / switched out with in 90 NAV Performance
days from the date of allotment. 6

> 10 Lakhs: Nil 5


5.02
4.68
4.29
Benchmark: 4.04 4.02
3.74
4
Crisil Composite Bond Fund Index 2.97 2.92
3
Average Maturity:
2
0.57 Years
1
Corpus:
0
Rs. 1.85 Crores 1 Year 2 Years 3 Years Since Inception
Birla Bond Index Fund - Growth
Crisil Composite Bond Fund Index

31 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. When benchmark returns are not available, they have not been
shown.
Birla Bond Plus
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Low to Medium

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Rating Issuer Market Value % to Net Rating
Investment Objective: Rs. in. Lacs Assets Rs. in. Lacs Assets
An Open-ended short term income Corporate Debt 12475.88 53.46 Government Bond 1458.79 6.25
scheme with the objective to generate
regular returns through investments in Housing Development Govt Bond 7.44% OIL MKTG.
debt and money market securities. Finance Corp. Ltd.** 2466.00 10.57 AAA COS.2012 1458.79 6.25 Sovereign
Tata Sons Ltd.** 2010.33 8.61 AAA
Citicorp Finance India Ltd.** 1989.08 8.52 AAA Cash & Current Assets 2329.91 9.98
Date of inception / takeover:
CitiFinancial Consumer
Retail Plan - November 27, 2001
Institutional Plan - April 16, 2003 Finance India Ltd** 1950.01 8.36 AAA Total Net Asset 23337.67 100.00
Reliance Industries Ltd.** 1626.08 6.97 AAA
Hindalco Industries Ltd.** 1438.92 6.17 AAA ** Represents thinly traded/ non traded securities and illiquid securities
NAV: Rs.
Sundaram Finance Ltd.** 898.02 3.85 AA+ Total Percentage of thinly/non traded securities is 83.77 %
Retail Dividend 11.2337
Retail Growth 13.7607 GE Capital Services India Ltd.** 97.43 0.42 AAA
Institutional Dividend 10.4649
Institutional Growth 13.8890 Securitised Debt 7073.08 30.31
GPL LOAN TRUST SR 1
(GLEN PHARMA)** 2331.50 9.99 F1+(SO)
Load Structure (Incl. for SIP):
BHPC Auto Sec
Entry Load: NIL Trust Aug TELCO 15FEB07** 2028.19 8.69 AAA(SO)
Exit Load: For redemption / switch
Loan Sec Trust Sr XVI
out of units within 1 month from the
NTPC (ICICI Bank)** 1,399.84 6.00 AAA(SO)
date of allotment: 0.25%
CREDIT ASSET TRUST-V
HUTCH 27-Sep-2007** 1007.88 4.32 F1+(SO)
Benchmark:
Ind Retail ABS Trust Ser XIII A3PTC** 251.98 1.08 MAAA(SO)
CRISIL Short-Term Bond Fund Index
Loan Sec Trust SrXII NTPC (ICICI)** 53.71 0.23 LAAA(SO)

Average Maturity:
1.49 Years

Corpus: NAV Performance Asset Allocation


Rs. 233.37 Crores 8
6.99
7 6.36
6.21 6.28 Corporate Debt 53.46%
6 5.59 5.62
5.02
5 4.36 Securitised Debt 30.31%
4

3 Cash & Current Assets 9.98%


2

1 Government Bond 6.25%


0
1 Year 2 Years 3 Years 5 Years Since Inception

BBP Retail Gr CRISIL Short-Term Bond Fund Index


Rating Profile
#
««««Value Research Rating AAA 79.92%
Birla Bond Plus - Retail Plan
(Past performance is no guarantee of future results.) Cash & Current Assets 9.98%
# for methodology please refer page 3
Sovereign 6.25%

AA 3.85%
CRISIL~CPR 2
Open End Debt Short Term Scheme^^
(Past performance is no guarantee of future results.)

^^ for methodology please refer page 3

AAAf by CRISIL*
(Past performance is no guarantee of future results.)

* for methodology please refer page 3

32 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. When benchmark returns are not available, they have not
been shown.
Birla Sun Life Short Term Fund
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Low to Medium

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Rating
Investment Objective: Rs. in. Lacs Assets
An Open-ended short term income
Treasury Bills 1888.47 52.99
scheme with the objective to generate
income and capital appreciation by 91 DAY T-BILL 02 MAR 2007 994.40 27.90 Sovereign
investing 100% of the corpus in a 182 Day TBill 09 MAR 2007 894.07 25.09 Sovereign
diversified portfolio of debt and money
market securities with relatively low
Money Market Instruments 897.30 25.18
levels of interest rate risk.
American Express Bank 302.28 8.48 A1+
The Hongkong & Shanghai
Date of inception / takeover: Banking Corp Ltd 235.21 6.60 F1+
April 19, 2002 State Bank of Bikaner and Jaipur 187.20 5.25 P1+
ICICI Bank Ltd. 172.60 4.84 P1+
NAV: Rs.
Dividend 10.5357 Cash & Current Assets 777.80 21.83
Growth 13.1740

Total Net Asset 3563.57 100.00


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

Benchmark:
CRISIL Short-Term Bond Fund Index

Average Maturity:
0.15 Years

Corpus:
Rs. 35.63 Crores

NAV Performance Asset Allocation


8
7.13
7

6 5.59
5.88 5.92 Treasury Bills 52.99%
5.41 5.26
5.02
5
4.36
4
Money Market Instruments 25.18%
3

1 Cash & Current Assets 21.83%


0
1 Year 2 Years 3 Years Since Inception

Birla SunLife Short Term Fund - Growth


CRISIL Short-Term Bond Fund Index

Rating Profile
#
««««Value Research Rating
Birla Sun Life Short Term Fund
Sovereign 52.99%
(Past performance is no guarantee of future results.)

# for methodology please refer page 3


AAA 25.18%

CRISIL~CPR 1 Cash & Current Assets 21.83%


Open End Debt Short Term Scheme^^
(Past performance is no guarantee of future results.)

^^ for methodology please refer page 3

33 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. When benchmark returns are not available, they have not been
shown.
Birla Floating Rate Fund
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Low

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Rating Issuer Market Value % to Net Rating
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An Open-ended income scheme with Long Term Plan Short Term Plan
the objective to generate regular
income through investment in a
portfolio comprising substantially of Floating Rate Instruments 4601.45 88.68 Money Market Instruments 23663.28 28.49
floating rate debt / money market Citicorp Finance India Ltd. 1001.45 19.30 AAA State Bank of Indore 6960.94 8.38 P1+
instruments. GE Capital Services India Ltd. 1000.00 19.27 AAA ICICI Bank Ltd. 4969.78 5.98 A1+
Industrial Development State Bank of Saurashtra 2493.32 3.00 A1+
Date of inception / takeover: Bank of India Ltd. 1000.00 19.27 AA+ Union Bank of India 1979.38 2.38 P1+
June 05, 2003 Sundaram Finance Ltd. 800.00 15.42 LAA+ State Bank of Patiala 1912.30 2.30 A1+
Cholamandalam DBS Finance Ltd. 800.00 15.42 MAA+ Export-Import Bank of India 1493.28 1.80 P1+
NAV: Rs. State Bank of Saurashtra 1472.28 1.77 P1+
Long Term: Cash & Current Assets 587.09 11.32 Karnataka Bank Ltd. 1424.17 1.71 A1+
Dividend 10.4354 Aditya Birla Nuvo Ltd. 957.83 1.15 A1+
Growth 12.1665 Total Net Asset 5188.54 100.00
Short Term:
Weekly Dividend 10.3855 Floating Rate Instruments 22020.99 26.52
Growth 12.1769 LIC Housing Finance Ltd. 4494.76 5.41 AAA
Daily Dividend 10.0015
Institutional Plan- Mahindra & Mahindra Financial Ser Ltd. 3500.96 4.22 AA+
Daily Dividend 10.0086 Rabo India Finance Pvt. Ltd. 3000.19 3.61 AAA
Institutional Plan-Growth 10.8343 Kotak Mahindra Prime Ltd. 2500.00 3.01 P1+
Institutional Plan-
ICICI Bank Ltd. 2301.43 2.77 AAA
Weekly Dividend 10.0184
Industrial Development Bank of India Ltd. 2022.72 2.44 AA+
Citicorp Finance India Ltd. 1500.00 1.81 AAA
Load Structure:
Infrastructure Development Fin. Co. Ltd. 1000.98 1.21 AAA
Long Term:
Entry Load: Nil UTI Bank Ltd. 999.90 1.20 LAA+
Exit Load: <= Rs 10 lakhs: 0.50% if Nicholas Piramal India Ltd. 500.00 0.60 A1+
redeemed / switched out with in 180 Sundaram Finance Ltd. 100.03 0.12 MAAA
days from the date of allotment.
United Phosphorous Ltd. 100.00 0.12 AA
> 10 Lakhs: Nil
Short Term:
Entry Load: NIL Cash & Current Assets 37360.65 44.99
Exit Load: NIL
Total Net Asset 83044.92 100.00
Benchmark:
Long Term - Crisil Liquid Fund Index
Short Term - Crisil Liquid Fund Index
Long Term - NAV Performance Short Term - NAV Performance
8
Average Maturity: 7
6.21 6.09 7 6.69
Long Term - 0.03 Years 6 5.81
5.41 5.52 5.5 6
6.09 6.07
5.65 5.53
4.97 5.41
Short Term - 0.13 Years 5 4.81
5 4.97 4.81
4 4
3 3
Corpus:
2 2
Long Term - Rs. 51.88 Crores
1
Short Term - Rs. 830.44 Crores 1
0
0 1 Year 2 Years 3 Years Since Inception
1 Year 2 Years 3 Years Since Inception
Birla Floating Rate Fund - LTP - Growth Crisil Liquid Fund Index Birla Floating Rate Fund - STP - Growth
Crisil Liquid Fund Index

'mfAAA' by ICRA+ Long Term Plan - Asset Allocation Short Term Plan - Asset Allocation
+
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 Cash & Current Assets 44.99%
of the performance of the Mutual Fund scheme or of volatility in its
Floating Rate Instruments 88.68%
returns.
Money Market Instruments 28.49%

Cash & Current Assets 11.32%


Floating Rate Instruments 26.52%

34 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. When benchmark returns are not available, they have not
been shown.
Birla Cash Plus
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Low

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Rating Issuer Market Value % to Net Rating
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
Money Market Instruments 388335.28 41.74 Power Finance Corp. Ltd. 2783.42 0.30 AAA
An Open-ended liquid scheme with ICICI Bank Ltd. 34892.52 3.75 A1+ E.I.D. Parry (India) Ltd. 2500.00 0.27 P1+
Hongkong & Shanghai Banking Corp. Ltd. 33871.29 3.64 F1+ Hindustan Construction Company Ltd. 2500.00 0.27 PR1+
the objective to provide reasonable Tata Power Company Ltd. 31409.76 3.38 P1+ Mahindra & Mahindra Financial Ser. Ltd. 2500.00 0.27 P1+
returns at a high level of safety and Export-Import Bank of India 23398.56 2.51 P1+ United Phosphorus Ltd. 2411.82 0.26 AA
The Jammu and Kashmir Bank Ltd. 20709.41 2.23 P1+ ICICI Bank Ltd. 2100.00 0.23 AAA
liquidity through judicious investments State Bank of Hyderabad 19495.33 2.10 A1+ Finolex Cables Ltd. 2000.00 0.21 P1+
in high quality debt and money market ABN Amro Bank 16806.67 1.81 P1+ Hero Honda Finlease Ltd. 2000.00 0.21 P1+
ICICI Bank Ltd. 14323.57 1.54 P1+ Jubilant Organosys Ltd. 2000.00 0.21 F1+
instruments. State Bank of Patiala 13864.96 1.49 A1+ Industrial Development Bank of India Ltd 1541.79 0.17 CARE AA+
Karnataka Bank Ltd. 12342.81 1.33 A1+ ICICI Bank Ltd. 1502.15 0.16 CARE AAA
UTI Bank Ltd. 12277.68 1.32 P1+ Cholamandalam Investments & Finance Ltd. 1500.08 0.16 LAA
State Bank of Indore 12245.74 1.32 P1+ Cholamandalam Investments & Finance Ltd. 1500.00 0.16 LAA(SO)
Date of inception / takeover: Aditya Birla Nuvo Ltd. 10175.17 1.09 A1+ IndiaRetail ABS Tr44 1418.54 0.15 AAA(SO)
ESSEL MINING LTD 9578.86 1.03 A1+ Infrastructure Development Finance Co. 1000.98 0.11 AAA
June 16,1997 UCO Bank Ltd. 9031.15 0.97 P1+ Blue Star Ltd. 1000.00 0.11 PR1+
Federal Bank Ltd. 8234.44 0.89 P1+ Carborundum Universal Ltd. 1000.00 0.11 P1+
Industrial Development Bank of India Ltd 7657.50 0.82 P1+ Float Ind Retail ABSTrust Ser XIII A3PTC 544.58 0.06 MAAA
DSP Merrill Lynch Capital. 7412.85 0.80 P1+ Housing Development Finance Corp. Ltd. 500.00 0.05 AAA
NAV: Rs. IndusInd Bank Ltd. 7023.81 0.75 P1+ ICICI Securities Ltd. 500.00 0.05 AAA
Union Bank of India 6927.76 0.74 P1+ Motherson Sumi Systems Ltd. 500.00 0.05 A1+
Retail Dividend 10.3694 American Express Bank 6532.17 0.70 A1+ Union Bank of India 500.00 0.05 AA+
Retail Growth 19.9022 State Bank of Saurashtra 5894.91 0.63 A1+ Secured Loan Rec.Sec.Trust Sr3 (ICICI) 467.55 0.05 LAAA
Apollo Tyres Ltd. 5461.11 0.59 P1+ Sundaram Finance Ltd. 400.13 0.04 MAAA
Institutional Dividend 10.8023 Standard Chartered Bank 4988.76 0.54 P1+ IGEG Loan Trust Series I (GLENMAK PHARM) 200.69 0.02 A1+(SO)
Institutional Plan - HCL Infosystems Ltd. 4953.96 0.53 A1+ Cholamandalam Investments & Finance Ltd. 200.00 0.02 MAA+
Infrastructure Development Finance Co. 4953.58 0.53 P1+ Fleet Trust Jan 2004 Series A5 60.52 0.01 AAA(SO)
Weekly Dividend Option 10.8182 Infrastructure Development Finance Co. 4922.65 0.53 A1+
Institutional Plan - Allahabad Bank 3474.13 0.37 PR1+ Corporate Debt 27320.42 2.94
State Bank of Saurashtra 3435.32 0.37 P1+ Bajaj Hindusthan Ltd. ** 6000.00 0.64 F1+
Fortnightly Dividend Option 10.8325 State Bank Of Bikaner and Jaipur 3088.85 0.33 P1+ United Phosphorus Ltd. ** 5000.00 0.54 UNRATED
Institutional Growth 20.0398 ABN Amro Bank 2486.63 0.27 A1+ Essel Propack Ltd. ** 3700.00 0.40 P1+
Cholamandalam Investments & Finance Ltd. 2478.33 0.27 P1+ Ballarpur Industries Ltd. ** 2500.00 0.27 F1+
Institutional Premium Plan - Sundaram Finance Ltd. 2464.84 0.26 A1+ Berger Paints India Ltd. ** 2500.00 0.27 P1+
Dividend 10.0195 SBI Cards Payments Services Ltd. 2450.05 0.26 P1+ GE Capital Services India Ltd. ** 2300.03 0.25 AAA
Kotak Mahindra Bank Ltd. 2402.38 0.26 P1+ Blue Star Ltd. ** 1500.00 0.16 PR1+
Institutional Premium Plan - Allahabad Bank 2382.84 0.26 P1+ Tata Sons Ltd. ** 1480.95 0.16 AAA
Weekly Div. Option 10.0333 Bharat Overseas Bank 2091.82 0.22 A1+ Essel Propack Ltd. ** 1000.00 0.11 UNRATED
Jagran Prakashan Ltd. 1985.92 0.21 P1+ Kotak Mahindra Prime Ltd. ** 841.21 0.09 LAA
Institutional Premium Plan - Dalmia Cement (Bharat) Ltd. 1982.68 0.21 A1+ Canbank Factors Ltd. ** 400.00 0.04 P1+
Fortnightly Dividend Option 10.0694 Jindal Steel & Power Ltd 1869.17 0.20 A1+ Hindalco Industries Ltd.** 98.22 0.01 AAA
NRB Bearing Ltd. 1404.23 0.15 P1+
Institutional Premium Plan - Supreme Industries Ltd. 993.73 0.11 P1 Securitised Debt 16366.47 1.76
Monthly Dividend 10.0000 CMC Ltd. 992.71 0.11 A1+ Ind Ret ABS Tr Sr.(A1) -24 AUG 2007 ** 5193.98 0.56 LAAA(SO)
Century Enka Ltd. 991.68 0.11 P1+ Credit Asset Trust-V Hutch (27-Sep-2007) ** 4031.50 0.43 F1+(SO)
Institutional Premium Plan - DIC India Ltd. 986.48 0.11 P1+ Credit AssetTrust III (Hutchison Essar) ** 2513.61 0.27 F1+(SO)
Growth 11.7686 Alembic Ltd. 493.38 0.05 P1+ LTR II (CITICORP) GUJ A 15 APR 2007 ** 1104.75 0.12 AAA(SO)
Bank of Nova Scotia 493.17 0.05 P1+ Indian Retail ABS Trust 60 Sr-A1(ICICI) ** 804.09 0.09 A1+(SO)
BHPC Auto Securitisation Trust Sept A2 ** 717.19 0.08 LAAA(SO)
Load Structure: Floating Rate Instruments 159091.28 17.10 Indian Retail ABS Trust Sr-49(A3)18Apr07 ** 529.19 0.06 AAA(SO)
Housing Development Finance Corp. Ltd. 19987.11 2.15 LAAA BHPC Auto SecTrust Ser A1 TELCO 15Jun04 ** 808.38 0.09 AAA(SO)
Entry Load: NIL Citicorp Finance India Ltd. 10299.03 1.11 AAA GoldStar Trust July 2004 Series A2 PTC ** 282.52 0.03 AAA(SO)
Global Trade Finance Pvt. Ltd. 10000.00 1.07 P1+ Indian Retail ABS Trust Series XXV - A2 ** 231.84 0.02 AAA(SO)
Exit Load: NIL ICICI Securities Ltd. 10000.00 1.07 P1+ Loan Sec Trust NTPC ICICI - 07 Feb 2009 ** 134.27 0.01 AAA(SO)
Nicholas Piramal India Ltd. 8300.00 0.89 A1+ Secured Loan Rec.Sec.Trust Sr3 (ICICI) ** 15.15 - AAA(SO)
Balrampur Chini Mills Ltd. 7500.00 0.81 A1+
LIC Housing Finance Ltd. 7040.76 0.76 AAA PSU/PFI Bonds/Banks 3845.16 0.41
Sundaram Finance Ltd. 7000.00 0.75 P1+ Neyveli Lignite Corporation Ltd. ** 2750.31 0.30 LAAA
Benchmark: Industrial Development Bank of India Ltd 6510.24 0.70 AA+ National Bank for Agri. & Rural Devt. ** 994.41 0.11 AAA
Crisil Liquid Fund Index Cholamandalam Investments & Finance Ltd. 5000.00 0.54 P1+ Industrial Development Bank of India Ltd. ** 100.44 0.01 AA+
CitiFinancial Consumer Finance India Ltd 4899.94 0.53 AAA
Indian Railway Finance Corporation Ltd. 4622.63 0.50 AAA Cash & Current Assets 335470.57 36.06
Nirma Ltd. 4000.00 0.43 P1+
Average Maturity: Raymond Ltd. 3500.00 0.38 PR1+ Total Net Asset 930429.17 100.00
Sterlite Industries (India) Ltd. 3200.00 0.34 P1+
0.19 Years Coromandal Fertilizers Ltd. 3100.00 0.33 P1+
GE Capital Services India Ltd. 3000.14 0.32 AAA **Represents thinly traded/ non traded securities and illiquid securities
Navneet Publications (India) Ltd. 3000.00 0.32 P1+ Total Percentage of thinly/non traded securities is 5.11%
UTI Bank Ltd. 2999.20 0.32 LAA+
Corpus:
Rs. 9304.29 Crores NAV Performance Asset Allocation
8
7.41
7 6.7 Money Market Instruments 41.74%
6.09 6.01
6
5.47 5.69 Cash & Current Assets 36.06%
5.41

'mfA1+' by ICRA+ 5

4
3.5
4.97 Floating Rate Instruments
Corporate Debt 2.94%
17.10%

2.99
3 Securitised Debt 1.76%
2 PSU/PFI Bonds/Banks 0.41%
CRISIL~CPR 2 1
Open End Liquid Scheme^^
(Past performance is no guarantee of future results.)
0
6 Months 1 Year 2 Years 3 Years 5 Years Since Inception
Rating Profile
BCP Retail Gr Crisil Liquid Fund Index
^^ for methodology please refer page 3 AAA 61.25%
#
««««Value Research Rating
#
«««««Value Research Rating Cash & Current Assets 36.06%

Birla Cash Plus - Retail Plan Birla Cash Plus - Institutional Premium Plan AA 2.05%

(Past performance is no guarantee of future results.) (Past performance is no guarantee of future results.)
Unrated 0.64%
# for methodology please refer page 3 # for methodology please refer page 3
+
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.

35 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. When benchmark returns are not available, they have not been shown.
+
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.
Birla Sun Life Cash Manager
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Low

As on January 31, 2007 Portfolio


Issuer Market Value % to Net Rating
Investment Objective: Rs. in. Lacs Assets
An Open-ended liquid scheme with
Money Market Instruments 23146.86 56.84
the objective to provide current Tata Motors Ltd. 4966.38 12.19 P1+
income which is consistent with a Sundaram Finance Ltd. 2480.23 6.09 P1+
portfolio that offers investors superior IndusInd Bank Ltd. 2473.17 6.07 P1+
liquidity by investing 100% in a Bank of Nova Scotia 2465.83 6.05 P1+
diversified portfolio of debt (Fixed Sundaram Finance Ltd. 2464.84 6.05 A1+
Income) and money market securities. ABN Amro Bank 1980.65 4.86 A1+
ICICI Bank Ltd. 1456.20 3.58 A1+
State Bank of Patiala 1434.23 3.52 A1+
Date of inception / takeover: Union Bank of India 989.69 2.43 P1+
American Express Bank 987.49 2.42 P1+
May 14, 1998
Kotak Mahindra Prime Ltd. 972.28 2.39 P1+
Industrial Development Bank of India Ltd. 475.87 1.17 P1+
NAV: Rs.
Floating Rate Instruments 1000.00 2.46
Institutional Daily Dividend 10.0020 Rabo India Finance Pvt. Ltd. 1000.00 2.46 P1+
Retail Growth 18.1751
Institutional Growth 12.3447 Cash & Current Assets 16578.73 40.71
Retail Weekly Dividend 10.0022
Institutional Weekly Dividend 10.0022 Total Net Asset 40725.59 100.00

Load Structure:
Entry Load: NIL
Exit Load: NIL

Benchmark:
Crisil Liquid Fund Index

Average Maturity:
0.12 Years

Corpus:
Rs. 407.25 Crores

NAV Performance Asset Allocation


8
7.09
7 6.64
6.09 5.93
6 5.75
5.41 5.48 Money Market Instruments 56.84%
4.97
5

4 3.56
2.99 Cash & Current Assets 40.71%
3

1 Floating Rate Instruments 2.46%


0
6 Months 1 Year 2 Years 3 Years 5 Years Since Inception
Birla SunLife Cash Manager - Growth Crisil Liquid Fund Index

Rating Profile
AAAf by CRISIL*
(Past performance is no guarantee of future results.)

^ # for methodology please refer page 3 AAA 59.29%

#
««««Value Research Rating
Birla Sun Life Cash Manager - Cash & Current Assets 40.71%
Institutional Plan
(Past performance is no guarantee of future results.)

# for methodology please refer page 3

36 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.
Birla Asset Allocation Fund
F e b r u a r y 2 0 0 7

As on January 31, 2007 Portfolio


Issuer Market Value % to Net NAV Performance
Investment Objective: Rs. in. Lacs Assets
45
An Open-ended Fund of Funds 40.86
AGGRESSIVE PLAN 40
scheme with the objective to provide 36.04
35 33.68
Mutual Fund Units 797.89 93.87 31.63
income and capital appreciation along 28.5 28.77
30
with diversification by investing in a Birla Sunlife Equity Fund. 243.03 28.59
Birla Midcap Fund 226.77 26.68 25
basket of debt and equity Mutual Fund
schemes in line with the risk profile of Birla Top 100 Fund. 128.23 15.09 20
Birla Dynamic Bond Fund 90.85 10.69 15
the investor.
Birla Sunlife Cash Manager-Retail Growth 56.62 6.66 10
Birla Sunlife Short Term Fund - Growth 41.59 4.89 5
Birla Gilt Plus Inv 10.80 1.27
Date of inception / takeover: 0
1 Year 2 Years Since Inception
February 4, 2004 Cash & Current Assets 52.13 6.13 Birla AAF - Aggressive Plan - Growth S&P Nifty

Total Net Asset 850.02 100.00


NAV: Rs.
Aggressive Plan
Dividend 21.0144
Growth 21.0144 MODERATE PLAN NAV Performance
30
Conservative Plan 26.39
Mutual Fund Units 474.42 92.35 24.69 25.45
Dividend 14.2355 Birla Midcap Fund 167.31 32.57 25 22.75 22.3
Growth 14.2355 Birla Dynamic Bond Fund 127.33 24.79 20.11
20
Moderate Plan Birla Sunlife Equity Fund. 85.56 16.65
Dividend 18.0635 Birla Sunlife Short Term Fund - Growth 42.36 8.25 15
Growth 18.0635 Birla Sunlife Cash Manager-Retail Growth 34.09 6.64
Birla Top 100 Fund. 17.77 3.46 10

Birla Gilt Plus Liquid Plan - -


5
Load Structure (Incl. for SIP): Cash & Current Assets 39.29 7.65 0
1 Year 2 Years Since Inception
Entry Load: Birla AAF - Moderate Plan - Growth Crisil Balanced Fund Index
Aggressive Plan: 1.50% Total Net Asset 513.71 100.00
Moderate Plan: 1.00%
Conservative Plan: 0.50%
Exit Load: NIL
CONSERVATIVE PLAN
NAV Performance
Benchmark: 16
Mutual Fund Units 534.40 80.03 13.94
Aggressive Plan - S&P CNX Nifty Birla Sunlife Short Term Fund - Growth 363.85 54.49 14 13.28
12.78

Moderate Plan - Birla Midcap Fund 71.91 10.77 12


Birla Sunlife Equity Fund. 43.20 6.47 9.59
Crisil Balanced Fund Index 10 9.09
Birla Dynamic Bond Fund 28.33 4.24 7.26
8
Conservative Plan - Birla Top 100 Fund. 27.11 4.06
6
Crisil MIP Blended Index Birla Sun Life Income Fund - Growth 92.57 13.86
4
Cash & Current Assets 40.78 6.11 2
Corpus: 0
Total Net Asset 667.75 100.00 1 Year 2 Years Since Inception
Aggressive Plan - Rs. 8.50 Crores Birla AAF - Conservative Plan - Growth
Crisil MIP Blended Index
Moderate Plan - Rs. 5.13 Crores
Conservative Plan - Rs. 6.67 Crores Aggressive Plan - Asset Allocation Conservative Plan - Asset Allocation

Mutual Fund Units 93.87% Mutual Fund Units 80.03%

Birla Sun Life Income Fund - 13.86%


Growth
Cash & Current Assets 6.13%
Cash & Current Assets 6.11%

Moderate Plan - Asset Allocation

Mutual Fund Units 92.35%

Past performance may or may not be sustained in future. Performance has been Cash & Current Assets 7.65%
calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual
37 Funds) Regulations 1996. Returns are in % and absolute returns for period less than
1 year & CAGR for period 1 year or more. When benchmark returns are not available,
they have not been shown.
India Advantage Fund Ltd.
F e b r u a r y 2 0 0 7 (For Non-Resident Indians and Eligible Foreign Nationals)

As on January 31, 2007 Portfolio


Issuer Sector Market Value % to Net
Investment Objective: (US Dollars) Assets
An Open-ended growth scheme with Bharti Airtel Ltd Telecom-Services 13,374,745.30 8.56
the objective of long-term appreciation Bharat Heavy Electricals Ltd. Industrial Capital Goods 8,824,223.58 5.65
ICICI Bank Ltd. Banks 8,664,885.91 5.55
through investment primarily in equity ITC Ltd. Consumer Non Durables 6,728,171.38 4.31
related securities of companies in India United Phosphorus Ltd. Pesticides 6,493,056.10 4.16
Associated Cement Companies Ltd. Construction Materials 6,451,366.20 4.13
that are run by efficient management, Tata Motors Ltd. Auto 6,438,555.58 4.12
have a sustainable and robust business Reliance Industries Ltd. Petroleum Products 5,931,700.25 3.80
model and are available at reasonable Hindustan Petroleum Corporation Ltd. Petroleum Products 5,217,972.32 3.34
Subex Systems Ltd. Software 4,750,871.16 3.04
valuations. Mcdowell & Company Limited Consumer Non Durables 4,556,662.34 2.92
Infosys Technologies Ltd. Software 4,515,983.81 2.89
Indian Hotels Co Ltd. Hotels 4,101,930.08 2.63
Gujarat Ambuja Cement Ltd. Construction Materials 4,036,563.28 2.58
Date of inception / takeover: State Bank Of India Banks 3,837,575.71 2.46
Grasim Industries Ltd. Cement 3,648,537.47 2.34
August 8, 1996 Punjab National Bank Banks 3,623,890.65 2.32
NAGARJUNA CONSTRUCTION CO. LTD. Construction & Engineering 3,577,886.43 2.29
Bharat Electronics Ltd. Industrial Capital Goods 3,533,238.80 2.26
NAV: Hero Honda Ltd. Auto 3,327,580.22 2.13
Housing Development Finance Corporation Ltd. Finance 3,309,726.62 2.12
$ per Class C Share : 177.86 Larsen & Toubro Ltd. Construction & Engineering 3,234,457.78 2.07
Wockhardt Ltd Pharmaceuticals 3,172,741.68 2.03
Indraprastha Gas Oil & Gas 3,080,515.17 1.97
Fag Bearings India Ltd. Bearings 2,985,946.75 1.91
Conversion Rate: Tata Consultancy Services Ltd Software 2,865,777.68 1.83
Oil & Natural Gas Corporation Ltd. Oil 2,836,352.85 1.82
1USD = INR 44.17 Glaxo Smithkline Pharma Ltd. Pharmaceuticals 2,774,943.81 1.78
Satyam Computers Services Ltd. Software 2,474,078.83 1.58
Maharashtra Seamless Ltd STEEL 2,416,806.40 1.55
Hindustan Lever Ltd. Consumer Non Durables 1,508,354.09 0.97
Benchmark: Sobha Developers Ltd Construction 1,482,124.81 0.95
Engineers (India) Ltd. Industrial Capital Goods 1,110,471.72 0.71
BSE Sensex and MSCI (India) Pfizer India Ltd. Pharmaceuticals 797,497.97 0.51
Mcdowell India Spirits Consumer Non Durables - -

AUM: CALL & CALL EQUIVALENTS :


Cash and Cash Equivalent 9,667,886.51 6.19
USD 156.19 Million
CORPORATE DEBT :
Trent Ltd 174,490.43 0.11

Bloomberg Ticker Code: TOTAL 155,527,569.66 99.57


INDADVC MP OTHER NET ASSETS (SUB FUND) (35,785.76)
OTHER NET ASSETS (MAIN FUND) 704,745.39
NET ASSETS 156,196,529.29
* Less than 0.01

Asset Allocation
Banks 10.37%
Software 9.39%
Industrial Capital Goods 8.66%
Telecom-Services 8.60%
Investment via sub-fund, India Advantage (Offshore) Fund, are stated at Consumer Non Durables 8.23%
market/fair value at the date of determination. Securities listed on a recognised Petroleum Products 7.17%
stock exchange are valued at the last quoted closing price on the principal Construction Materials 6.74%
exchange on which the security istraded Non-traded securities are valued at
Auto 6.28%
Cash and Cash Equivalent 6.22%
amortised cost and/or fair value as determined in good faith by Birla Sun Life Construction & Engineering 4.38%
Asset Management Company Limited, India, Conversion Rate: 1 USD = INR Pharmaceuticals 4.34%
44.17 Pesticides 4.17%
Hotels 2.64%
Cement 2.35%
@@ Finance 2.13%
2004 Oil & Gas
Bearings
1.98%
1.92%
Birla Sun Life AMC (Mauritius) Limited Oil 1.82%
India Advantage Fund STEEL 1.55%
awarded 1st Place in the Standard & Poor's Five Years Construction 0.95%
Offshore Funds Equity India Sector out of 11 funds
Trent Ltd - Warrants 0.11%

NAV Performance CAGR Returns (%)

India Advantage Fund Ltd.


70
2004 Sensex
60 55.8 58.3
47.4 48.2 49.5 50.6 MSCI
50 44.1 44.8
(Past performance is no guarantee 39.4
of future results.)
40 38.2 33.0
@@ for methodology please refer page 3 33.3 31.9
30
3rd consecutive award since 2002. 14.8
20 13.3
10
0
1 Year 2 Year 3 Year 5 Year Inception
38 Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more.
The returns for BSE Sensex are in Indian Rupees while the returns for IAF & MSCI (India) are in US Dollars.
Dividend History
F e b r u a r y 2 0 0 7 (For select Schemes)

EQUITY SCHEMES Declared Dividend Dividend# Face value Cum Dividend NAV
on date (%) (Rs. per unit) (Rs.) (Rs. per unit)
Birla Advantage Fund 27-Aug-99 20 2.00 10.00 33.81
22-Mar-00 80 8.00 10.00 70.37
28-Nov-03 30 3.00 10.00 44.88
23-Jan-04 20 2.00 10.00 47.33
12-Mar-04 25 2.50 10.00 46.10
23-Mar-05 50 5.00 10.00 54.25
16-Dec-05 50 5.00 10.00 65.89
Birla Equity Plan 31-Mar-00 25 2.50 10.00 30.43
15-Feb-02 10 1.00 10.00 12.45
17-Oct-03 15 1.50 10.00 24.89
26-Mar-04 15 1.50 10.00 26.90
21-Oct-05 40 4.00 10.00 42.10
16-Dec-05 40 4.00 10.00 46.50
17-Feb-06 40 4.00 10.00 44.54
Birla Sun Life Equity Fund 10-Feb-06 50 5.00 10.00 58.94
Birla India Opportunities Fund 04-Feb-00 25 2.50 10.00 28.97
14-Jan-03 10 1.00 10.00 12.16
27-Feb-04 60 6.00 10.00 18.69
26-Oct-04 12.5 1.25 10.00 14.17
16-Sep-05 40 4.00 10.00 14.90
Birla MNC Fund 22-Feb-02 40 4.00 10.00 27.16
29-Aug-03 50 5.00 10.00 30.58
18-Jan-05 50 5.00 10.00 42.80
26-Aug-05 75 7.50 10.00 41.05
Birla Midcap Fund 24-Jan-03 5 0.50 10.00 10.52
19-Jun-03 10 1.00 10.00 11.83
22-Jul-03 10 1.00 10.00 11.81
24-Dec-03 60 6.00 10.00 18.35
8-Oct-04 12.5 1.25 10.00 13.72
28-Jan-05 10 1.00 10.00 14.75
3-Feb-06 20 2.00 10.00 22.59
22-Dec-06 35 3.50 10.00 25.94
Birla Dividend Yield Plus 30-May-03 8 0.80 10.00 11.84
13-Jun-03 5 0.50 10.00 10.88
24-Jul-03 12 1.20 10.00 11.62
19-Sept-03 18 1.80 10.00 12.09
31-Oct-03 10 1.00 10.00 11.87
26-Dec-03 15 1.50 10.00 13.93
13-Feb-04 10 1.00 10.00 12.58
28-Sep-04 8 0.80 10.00 11.57
24-Dec-04 14 1.40 10.00 13.75
11-Mar-05 10 1.00 10.00 12.85
1-July-05 8 0.80 10.00 11.26
28-Oct-05 8 0.80 10.00 11.94
13-Jan-06 16 1.60 10.00 11.89
27-April-06 10 1.00 10.00 13.07
10- Oct-06 8 0.8 10.00 11.67
Birla Index Fund 17-Oct-03 56 5.60 10.00 16.19
03-Feb-04 16.5 1.65 10.00 11.9857
Birla Balance 17-Oct-03 15 1.50 10.00 13.32
20-Jan-06 50 5.00 10.00 15.13
Birla Sun Life New Millennium Fund 27-Jan-06 20 2.00 10.00 11.67
Birla Sun Life Frontline Equity Fund 27-Feb-06 80 8.00 10.00 20.88
28-Aug-06 60 6.00 10.00 23.56
Birla Sun Life Basic Industries 24-Mar-06 100 10.00 10.00 35.08
Fund - Dividend 19-Jan-07 105 10.50 10.00 39.60
Birla Sun Life Buy India Fund - 28-Mar-06 75 7.50 10.00 17.5400
Dividend
Birla Sun Life '95 Fund - Dividend 10-Mar-06 25 2.50 10.00 68.5300
Birla Sun Life Tax Relief 96 27-Apr-06 500 50.00 10.00 224.51
8-Dec-06 250 25.00 10.00 193.94
19-Jan-07 260 26.00 10.00 176.54
Birla Top 100 Fund - Dividend 12-Jan-07 15 1.50 10.00 16.072

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
F e b r u a r y 2 0 0 7 (For select Schemes) - Since January 2006

DEBT SCHEMES Date Face Value Non Corporate Corporate Cum Dividend
Dividend Dividend# Dividend Dividend# NAV
(%) (Rs. per unit) (%) (Rs. per unit) (Rs. per unit)

Birla Income Plus 16-Mar-06 10.00 0.888 0.0888 0.827 0.0827 10.0856
26-June-06 10.00 1.228 0.1228 1.143 0.1143 10.2443
15-Sep-06 10.00 1.081 0.1081 1.007 0.1007 10.2751
15-Dec-06 10.00 1.537 0.1537 1.431 0.1431 10.3281
Birla Bond Index Fund 16-Mar-06 10.00 0.899 0.0899 0.837 0.0837 10.1648
26-June-06 10.00 0.965 0.0965 0.898 0.0898 10.3305
15-Sep-06 10.00 1.093 0.1093 1.018 0.1018 10.3741
15-Dec-06 10.00 1.552 0.1552 1.446 0.1446 10.2120
Birla Gilt Plus Liquid Plan 16-Mar-06 10.00 1.158 0.1158 1.078 0.1078 10.5739
26-June-06 10.00 1.294 0.1294 1.205 0.1205 10.7361
15-Sep-06 10.00 1.082 0.1082 1.008 0.1008 10.7193
15-Dec-06 10.00 1.719 0.1719 1.601 0.1601 10.8382
Birla Gilt Plus PF Plan 16-Mar-06 10.00 1.403 0.1403 0.1307 1.307 10.6278
26-June-06 10.00 1.403 0.1403 0.1307 1.307 10.6278
15-Sep-06 10.00 1.228 0.1228 1.143 0.1143 10.6422
15-Dec-06 10.00 1.59 0.159 1.481 0.1481 10.836
Birla Gilt Plus Regular Plan 16-Mar-06 10.00 1.339 0.1339 1.247 0.1247 10.9616
26-June-06 10.00 1.478 0.1478 1.376 0.1376 11.0499
15-Sep-06 10.00 1.377 0.1377 1.282 0.1282 11.0538
15-Dec-06 10.00 1.886 0.1886 1.756 0.1756 11.1872
Birla MIP (Monthly Dividend Plan) 27-Jan-06 10.00 0.614 0.0614 0.572 0.0572 10.8662
24-Feb-06 10.00 0.614 0.0614 0.572 0.0572 10.8371
31-Mar-06 10.00 0.614 0.0614 0.572 0.0572 11.0024
28-April-06 10.00 0.496 0.0496 0.462 0.0462 11.0372
26-May-06 10.00 0.481 0.0481 0.448 0.0448 10.9033
26-June-06 10.00 0.481 0.0481 0.448 0.0448 10.7585
28-July-06 10.00 0.377 0.0377 0.351 0.0351 10.7792
25-Aug-06 10.00 0.488 0.0488 0.454 0.0454 10.935
29-Sep-06 10.00 0.640 0.0640 0.596 0.0596 11.1323
27-Oct-06 10.00 0.521 0.0521 0.485 0.0485 11.1878
24-Nov-06 10.00 0.581 0.0581 0.541 0.0541 11.2636
29-Dec-06 10.00 0.73 0.073 0.68 0.068 11.1921
29-Jan-07 10.00 0.641 0.0641 0.597 0.0597 11.0777
Birla MIP II - Savings 5 Plan 27-Jan-06 10.00 0.526 0.0526 0.490 0.0490 10.1399
24-Feb-06 10.00 0.526 0.0526 0.490 0.0490 10.1072
31-Mar-06 10.00 0.526 0.0526 0.490 0.0490 10.0888
28-April-06 10.00 0.419 0.0419 0.390 0.0390 10.1356
26-May-06 10.00 0.419 0.0419 0.390 0.0390 10.1350
26-June-06 10.00 0.339 0.0339 0.316 0.0316 10.085
28-July-06 10.00 0.339 0.0339 0.316 0.0316 10.1061
25-Aug-06 10.00 0.372 0.0372 0.346 0.0346 10.1425
29-Sep-06 10.00 0.552 0.0552 0.514 0.0514 10.2278
27-Oct-06 10.00 0.444 0.0444 0.413 0.0413 10.2128
24-Nov-06 10.00 0.461 0.0461 0.430 0.0430 10.2242
29-Dec-06 10.00 0.577 0.0577 0.537 0.0537 10.2121
29-Jan-07 10.00 0.510 0.051 0.475 0.0475 10.1447
Birla MIP II - Wealth 25 Plan 27-Jan-06 10.00 0.702 0.0702 0.653 0.0653 10.9708
24-Feb-06 10.00 0.702 0.0702 0.653 0.0653 10.9741
31-Mar-06 10.00 0.702 0.0702 0.653 0.0653 11.2366
28-April-06 10.00 0.571 0.0571 0.532 0.0532 11.2454
26-May-06 10.00 0.551 0.0551 0.513 0.0513 11.0445
26-June-06 10.00 0.551 0.0551 0.513 0.0513 10.8607
28-July-06 10.00 0.430 0.0430 0.04 0.004 10.8327
25-Aug-06 10.00 0.508 0.0508 0.473 0.0473 11.0255
29-Sep-06 10.00 0.692 0.0692 0.644 0.0644 11.2204
27-Oct-06 10.00 0.562 0.0562 0.524 0.0524 11.3081
24-Nov-06 10.00 0.605 0.0605 0.564 0.0564 11.4327
29-Dec-06 10.00 0.765 0.0765 0.712 0.0712 11.3444
29-Jan-07 10.00 0.671 0.0671 0.625 0.0625 11.2919

40
Dividend History
F e b r u a r y 2 0 0 7 (For select Schemes) - Since January 2006

DEBT SCHEMES Date Face Value Non Corporate Corporate Cum Dividend
Dividend Dividend# Dividend Dividend# NAV
(%) (Rs. per unit) (%) (Rs. per unit) (Rs. per unit)

Birla Sun Life Monthly Income - 2-Jan-06 10.00 0.789 0.0789 0.735 0.0735 10.4630
Monthly Dividend 31-Jan-06 10.00 0.789 0.0789 0.735 0.0735 10.4643
28-Feb-06 10.00 0.702 0.0702 0.653 0.0653 10.5357
31-Mar-06 10.00 0.702 0.0702 0.653 0.0653 10.6836
28-April-06 10.00 0.641 0.0641 0.597 0.0597 11.0372
31-May-06 10.00 0.759 0.0759 0.706 0.0706 10.6100
30-June-06 10.00 0.614 0.0614 0.572 0.0572 10.4457
28-July-06 10.00 0.506 0.0506 0.471 0.0471 10.3995
31-Aug-06 10.00 0.588 0.0558 0.519 0.0519 10.4883
29-Sep-06 10.00 0.586 0.0586 0.546 0.0546 10.7469
31-Oct-06 10.00 0.73 0.073 0.68 0.068 10.8531
30-Nov-06 10.00 0.691 0.0691 0.644 0.0644 10.9319
29-Dec-06 10.00 0.695 0.0695 0.648 0.0648 10.8218
31-Jan-07 10.00 0.758 0.0758 0.706 0.0706 10.8539
Birla Sun Life Monthly Income - 31-Mar-06 10.00 1.579 0.1579 0.147 0.0147 10.9727
Quarterly Dividend 29-Sep-06 10.00 1.666 0.1666 1.552 0.1552 11.2449
29-Dec-06 10.00 1.686 0.1686 1.571 0.1571 11.1776
Birla Sun Life Income Fund - 16-Mar-06 10.00 0.887 0.0887 0.826 0.0826 10.0687
Quarterly Dividend 15-Sep-06 10.00 1.278 0.1278 1.188 0.1188 10.2664
15-Dec-06 10.00 1.644 0.1644 0.1531 0.01531 10.4492
26-Jun-06 10.00 0.148 0.0148 0.1378 0.01378 10.2581
Half Yearly Dividend 16-Mar-06 10.00 0.908 0.0908 0.845 0.0845 10.4176
15-Sep-06 10.00 2.96 0.2960 2.75 0.2756 10.7997
Birla Sun Life Govt. Securities - 16-Mar-06 10.00 1.124 0.1124 1.047 0.1047 10.2391
Long Term Dividend 15-Sep-06 10.00 2.236 0.2236 2.083 0.2083 10.4759
Birla Sun Life Govt. Securities - 16-Mar-06 10.00 1.102 0.1102 1.027 0.1027 10.0655
Short Term Dividend 26-June-06 10.00 1.228 0.1228 1.143 0.1143 10.1985
15-Sep-06 10.00 0.978 0.0978 0.911 0.0911 10.1559
15-Dec-06 10.00 1.194 0.1194 0.1112 0.0112 10.3763
Birla Dynamic Bond Fund - Retail - 02-Jan-06 10.00 4.809 0.4809 4.479 0.4479 10.0305
Quarterly Dividend 29-Sep-06 10.00 1.228 0.1228 1.143 0.1143 10.2218
29-Dec-06 10.00 1.201 0.1201 1.118 0.1118 10.0964

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.

41
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 KOLKATA : 033-2288 2592 / 94 / 95


BANGALORE : 080-2238 9991 / 2 / 3 LUCKNOW : 0522-409 4110
BARODA : 0265-658 2984 / 2986 LUDHIANA : 0161-508 8847 / 277 1217
BHUBANESHWAR : 0674-253 5521 / 3413 MUMBAI (FORT) : 022-6637 9999
CHANDIGARH : 0172-274 9172 / 73 MUMBAI (HEAD OFFICE) : 022-6692 8000
CHENNAI : 044-4204 5003 / 2819 1681 MUMBAI (PRABHADEVI) : 022-6666 1035 / 36
COCHIN : 0484-238 3969 / 236 6817 NAGPUR : 0712-663 0899 / 4300
COIMBATORE : 0422-435 0262 / 64 NEW DELHI : 011-2332 3070
GOA : 0832-243 7628 / 29 PATNA : 0612-220 7022 / 7023
GUWAHATI : 0361-259 5020 / 259 9273 PUNE : 020-66011865 / 66 / 67
INDORE : 0731-504 0496 / 253 4502 SECUNDARABAD : 040-6531 1052 / 3580
JAIPUR : 0141-238 9082 /9115 SURAT : 0261-658 1707 / 1708
KANPUR : 0512-233 1116 / 1121 VARANASI : 0542-222 7755 / 56

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.

Statutory Details: Constitution: Birla Mutual Fund (BMF) has been set up as a Trust under the Indian Trust Act, 1882. Sponsors: Birla Global Finance
Ltd. (since merged with Aditya Birla Nuvo Limited) and Sun Life (India) AMC Investments Inc. (liability restricted to seed corpus of Rs. 1 Lac) Trustee:
Birla Sun Life Trustee Company Pvt. Ltd. Investment Manager: Birla Sun Life Asset Management Company Ltd. Risk Factors: Mutual Funds and
Printed in January 2007

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.
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Company Ltd.