Connect Oct2007 p1 v1 - Aditya Birla Group · Thermax Ltd. 1885.07 1.64 Bharat Bijlee Ltd. 1775.66 1.55 RPG Transmission Ltd. 1731.49 1.51 Aban Offshore Ltd. 1258.00 1.10 AIA Engineering

O C T O B E R 2 0 0 7

B I R L A S U N L I F E

Toll Free: 1-800-22-7000 | Non Toll Free: 022-6691 7777 | SMS ‘GAIN’ to 56767 | www.birlasunlife.com | E-mail: [email protected]

02

Market Outlook

Indian equity markets have shown a renewed vigor after the August correction along with some emerging markets in the world. The benchmark Sensex rose 12.9% to reach all time high of 17,291. This was underpinned by strong rise in Banks, Oil & Gas and Metal stocks. Even the broader market indices BSE100 and BSE500 rose 14.1% and 13.8% respectively. The entire up move was triggered by a surprise US Fed Rate cut of 50 bps more than the market expectation of 25 bps. This probably led to short covering across markets and increasing portfolio allocation to emerging markets to fend US Dollar depreciation.

Globally, risk aversion seems have receded a bit after US Federal Reserve Bank cut its Funds Rate target by 50bps to 4.75%. The Chicago Board Options Exchange VIX index has fallen from 24.47 to 18.96 during the month. A similar indictor for credit markets, the TED spread – spread between US$ LIBOR and 3m US T-Bills yield, has declined from the monthly high of 170bps to 143bps by end Sep-07. Improvement in risk appetite provided a fillip to emerging market equities as indicated below.

India, there is no doubt, remains one of the fastest growing economies and best performing equity markets worldwide. Not surprisingly, global fund inflows into India continued to remain strong with FIIs adding $3,957 mn of net purchases during the month, which is 32% of total net purchases till Sep-07. It is quite significant when compared with negative $1,922 mn in Aug-07. Domestic Mutual Funds sold stocks worth Rs.764 Crs as against net purchases worth Rs. 464 Crs in Aug-07.

An aggressive Fed rate cut triggered a rally in the bond market before profit booking and fresh bond supplies pulled down bond prices by the month end. The yield on the 10-year GOI benchmark paper closed at 7.90%, higher from 7.84% in the preceding month.

Bonds started the period on a steady note as players searched for leads in a directionless market. Most trading sessions witnessed range bound trades and lacklustre volumes. However, little filip was provided by anticipation of a 25 bps cut in the US Fed funds target rate at the FOMC meeting (September 18).

The Fed’s aggressive 50 bps rate cut surprised most market palyers, triggering buying interest across markets. In spite of dwindling liquidity, excited sentiment pushed yields down to multi month low on actively traded papers. As the knee-jerk reaction to the US policy faded, profit booking pushed yields up. Ten-year benchmark yield moved in wide range from a near two-month low of 7.78% to a three-week high of 7.91% in few sessions.

On the liquidity front, concerns gradually alleviated as robust FII flows hit the shores. Persistent intervention was widely suspected, as the rupee upside appeared artificially capped amidst the inflows. Concurrently, bids for LAF reverse repos increased, indicating improving cash conditions.

Except for a minor blip at the end of the fortnightly reporting cycle that also coincided with the half-yearly book closure of Indian banks, call rates were steady in 6.00-6.25% range. P1+ rated CP rate inched down to 8.00% from 8.50%. The yield on 91-day T-bills edged up to 7.19% from 7.06%.

In September, the rupee touched a nine-year high of 39.69 against the US Dollar. It appreciated 2.8% against the US Dollar, whereas it depreciated 1.1% against the euro. Cumulative effect of monetary tightening by the RBI has also resulted in inflation, as indicated by WPI, at 5 years low of 3.23%. Credit growth has also slowed from 29-30% a year ago to 23.8% in Sep-07. As is known, 15th September was the date for paying the second installment of advance tax payment. Despite outflow of liquidity from the system towards advance tax payment, overall rupee liquidity remained surplus on the back of RBI’s US Dollar buying.

Power utilities sector attracted considerable interest during the month given the sector’s importance to India’s growth momentum. In fact, the state-owned Power Grid Corporation of India (PGCIL) received subscription of Rs 190,000 Crs, 65 times the issue size of approximately Rs. 2,984 Crs.

As highlighted earlier that Indian corporate is expanding the scale and profitability of their operations. This is further corroborated by the rise in number of BSE500 companies with Quarterly Adjusted Profit greater than Rs. 100 Crs and Rs. 200 Crs on an annualized basis. The rising trend is distinctly discernible from the enclosed table. As we move into the next earnings season, look for continuation and even improvement of the trend.

Source: Capitaline Plus, Birla Sun Life AMC Ltd

Post US Fed rate cut, market volatility has gone up significantly driven by global liquidity. In the earlier month, market sentiment was nervous on the back of political concern arising out of Indo-US nuclear talk. While fundamental continues to remain strong and can get further better, investors should clearly have longer-term investment horizon while investing in equity market or equity schemes. Near term, one might witness higher volatility as market movement could be impacted by large liquidity flows.

Balasubramanium A.

Chief Investment Officer

Birla Sun Life AMC Ltd.

Corporate bond market activity picked up with newly issued papers entering the secondary market giving investors more investment options. Amidst some choppiness, yields eased on expected lines on these papers which cornered most of the trades.

Outlook for bond markets:

Fed’s 50 bps rate cut has led to weakness in dollar and higher capital flows to emerging markets like ours. We see the need of heightened MSS issuances and a hike in CRR in the next couple of fortnights in a bid to sterilize the liquidity. Unlike past few years, this year’s festive season may witness comfortable liquidity and liquidity overhang is likely to keep short-term rates easy.

Long term corporate bond’s spreads have shrunk. Our income and hybrid funds have benefited from relatively high exposure to 5 and 10 year AAA rated corporate bonds. Income funds have been able to deliver decent double-digit returns over the last 6 months made possible by high current yield and capital gains. We continue to recommend income funds to our investors who have long-term horizon, as these funds would be in a position to capitalize on opportunities in all segments of the bond market. Investors with 1-3 month investment horizon should look at short-term fund since steep curve in the shorter end benefits this category of funds by higher carry and low volatility.

Navneet Munot

Chief Investment Officer – Fixed Income


EQUITY MARKET

DEBT MARKET

O c t o b e r 2 0 0 7

Local Market Return - Sep'07

19.2

15.4

12.9

10.710.610.17.9 7.7 7.5 7.3

6.4 6.2 6.1 5.6 5.3 5.1 4.5 3.9 3.7 3.01.9

(0.1)(1.8)

(5)

5

10

15

20

25

Hon

g K

ong

Vie

tnam

Indi

a

Bra

zil

Egy

pt

Pak

ista

n

Rus

sia

Turk

ey

Indo

nesi

a

Isra

el

Chi

na

Phi

lippi

nes

Arg

entin

a

Taiw

an

Mal

aysi

a

Sou

th A

fric

a

Tha

iland

Kor

ea

Hun

gary

Cze

ch R

epub

lic

Sri

Lank

a

Mex

ico

Chi

le

Country

Re

turn

(%

)

Quarter Ended Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07

Quarterly Profit greater than Rs. 172 165 189 198 220 237 250 253100 Crs (Ann.)

Quarterly Profit greater than Rs. 103 97 114 113 142 142 148 158200 Crs (Ann.)

From the CEO’s Desk

03

O c t o b e r 2 0 0 7

Dear Investor,

It’s celebration time yet again with the coming of the festive season. On

behalf of the Birla Sun Life Mutual Fund team, I take this opportunity in

wishing you the very best.

The festive season is about spending time with family and friends. It’s

about making purchases one has saved for through the year. It’s about

taking stock of one’s life.

This festive season give your investments a new beginning– take stock of

your dreams and put a financial plan together. Then start an SIP.

Whatever are your dreams – buying a car, that dream house for your

family, investing for your child’s education or marriage, or planning for

your retirement. Everything is possible if you plan for it.

At Birla Sun Life we are honored to be your partners in wealth creation.

Regards,

Mukul Gupta

CEO


O c t o b e r 2 0 0 7

04

As on 30th September, 2007

Birla Sun Life Equity Fund

Investment Performance

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

Portfolio

Industrial Capital Goods 19105.82 16.65Crompton Greaves Ltd. 4375.95 3.81Bharat Heavy Electricals Ltd. 3989.72 3.48Siemens Ltd. 3175.77 2.77Thermax Ltd. 1885.07 1.64Bharat Bijlee Ltd. 1775.66 1.55RPG Transmission Ltd. 1731.49 1.51Aban Offshore Ltd. 1258.00 1.10AIA Engineering Ltd. 914.18 0.80

Construction 16576.59 14.45Mahindra Gesco Developers Ltd. 2269.38 1.98IVRCL Infrastructures & Projects Ltd. 2052.08 1.79GVK Power & Infrastructure Ltd. 2040.26 1.78Punj Lloyd Ltd 1938.42 1.69Larsen & Toubro Ltd. 1687.56 1.47Gammon India Ltd. 1551.37 1.35Housing Development & Infrastructure Ltd 1484.92 1.29Ansal Properties & Infrastructure Ltd. 1413.84 1.23D.S. Kulkarni Developers Ltd. 945.02 0.82Nagarjuna Construction Co. Ltd. 758.84 0.66GMR Infrastructure Ltd. 434.88 0.38

Banks 12896.56 11.24ICICI Bank Ltd. 4297.25 3.75Oriental Bank of Commerce 2271.68 1.98Kotak Mahindra Bank Ltd. 2218.00 1.93Punjab National Bank 1599.93 1.39Indian Bank 1287.93 1.12Andhra Bank 1221.77 1.06

Software 10326.43 9.00Infosys Technologies Ltd. 3949.30 3.44

Satyam Computer Services Ltd. 2626.84 2.29Megasoft Ltd. 1797.16 1.57Tata Consultancy Services Ltd. 951.08 0.83Mphasis BFL Ltd. 675.01 0.59Allsec Technologies Ltd. 327.04 0.29

Telecom-Services 9610.98 8.38Bharti Airtel Ltd. 4651.24 4.05Reliance Communications Ltd. 3859.91 3.36Spice Communications Ltd. 880.55 0.77Videsh Sanchar Nigam Ltd. 219.28 0.19

Auto 5789.50 5.05Mahindra & Mahindra Ltd. 3563.51 3.11Maruti Suzuki India Ltd. 2226.00 1.94

Cement 4664.79 4.07Grasim Industries Ltd. 2565.94 2.24India Cements Ltd 1438.61 1.25Century Textile & Industries Ltd. 660.24 0.58

Finance 4642.34 4.05United Breweries Holdings Ltd. 4642.34 4.05

Media & Entertainment 4377.39 3.82Balaji Telefilims Ltd. 2624.49 2.29Jagran Prakashan Ltd. 972.38 0.85Adlabs Films Ltd. 780.51 0.68Magnasound India Ltd.** 0.00 0.00

Retailing 3084.43 2.69Pantaloon Retail (India) Ltd. 2474.57 2.16Shoppers Stop Ltd. 609.87 0.53

Consumer Non Durables 2566.46 2.24United Spirits Ltd. 2566.46 2.24

Diversified Industries 2434.70 2.12Aditya Birla Nuvo Ltd. 2434.70 2.12

Petroleum Products 2324.61 2.03Reliance Industries Ltd. 1260.61 1.10Hindustan Petroleum Corporation Ltd. 1064.00 0.93

Chemicals 1971.10 1.72Bombay Dyeing & Mfg. Co. Ltd 1971.10 1.72

Industrial Products 1905.80 1.66Cummins India Ltd. 1905.80 1.66

Pharmaceuticals 1683.18 1.47Wockhardt Ltd. 1668.05 1.45Maestro Mediline Systems Ltd. 15.13 0.01

Ferrous Metals 1251.22 1.09Welspun Gujarat Stahl Rohren Ltd. 1251.22 1.09

Power 1080.53 0.94Tata Power Company Ltd. 950.53 0.83Power Grid Corporation of (I) Ltd.** 130.00 0.11

Cash & Current Assets 8443.03 7.36

Total Net Asset 114735.48 100.00

**Represents thinly traded/ non traded securities. Total outstanding exposure in derivatives as on 30th September, 2007 is Rs -1.09 Crores (Notional value).

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

Systematic Investment Plan (SIP)

Asset Allocation

Date of First Installment : October 1, 1998

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

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

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

Investment Objective

Date of inception / takeover : August 27, 1998

Fund Manager : Mr. Mahesh Patil

NAV : Rs.

Growth : 240.27

Dividend : 77.44

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

³ Rs. 5 crores - NilExit Load : < Rs. 5 crores - 0.50% if redeemed

/ switched out within 6 months ³ Rs. 5 crores - Nil

Benchmark : BSE 200 Corpus : Rs. 1147.35 Crores

Investment Style Box

Investment Period

Total Investment

(Rs.)

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

Birla Sun Life Equity

Fund

Birla Sun Life Equity

Fund

BSE200

BSE200

Value Blend Growth Size

Large

Mid

Small

Investment Style

Since Inception 108000 420759 747615 28.90 41.12

Last 5 years 60000 165901 234312 42.17 57.74

Last 3 years 36000 64865 72548 42.47 51.54

Last 1 year 12000 15245 15519 54.59 59.51

#iiiiValue Research Rating

Birla Sun Life Equity FundEquity: Diversified (189 Schemes), 5 Yrs ended 30-Sept-07

CRISIL~CPR 2^^Birla Sun Life Equity Fund

Diversified Equity Scheme (60 Schemes), 2 Yrs ended 30-June-07

@MFR 1 by ICRA

Birla Sun Life Equity FundOpen Ended Diversified Equity Schemes - Defensive (32 Schemes), 3 Yrs ended 31-Dec-06

Issuer Market Value % to NetRs. in Lacs Assets



Birla SunLife Equity Fund - Growth BSE 200

% R

etu

rns

(Past performance is no guarantee of future results.) # for methodology please refer page 43

53.41

57.43 58.09

41.8541.82 42.89 42.55

23.51

0

10

20

30

40

50

60

1 Year 3 Years 5 Years Since Inception

2.03%

2.12%

2.24%

2.69%

3.82%

4.05%

4.07%

5.05%

6.88%

7.36%

8.38%

9.00%

11.24%

14.45%

16.65%

Petroleum Products

Diversified Industries

Consumer Non Durables

Retailing

Media & Entertainment

Finance

Cement

Auto

Other Equity

Cash & Current Assets

Telecom-Services

Software

Banks

Construction

Industrial Capital Goods

O c t o b e r 2 0 0 7

05

Birla Sun Life Frontline Equity Fund




Portfolio

Industrial Capital Goods 4967.21 15.53Crompton Greaves Ltd. 1447.57 4.53Bharat Heavy Electricals Ltd. 1095.25 3.42Siemens Ltd. 719.02 2.25Thermax Ltd. 687.02 2.15Hindustan Dorr-Oliver Ltd. 615.70 1.93AIA Engineering Ltd. 402.65 1.26

Banks 4851.13 15.17ICICI Bank Ltd. 1441.24 4.51HDFC Bank Ltd. 820.26 2.56Indian Bank 800.75 2.50State Bank of India 487.68 1.52Oriental Bank of Commerce 484.40 1.51Indian Overseas Bank 436.92 1.37Punjab National Bank 379.89 1.19

Telecom-Services 2988.46 9.34Bharti Airtel Ltd. 1426.80 4.46Reliance Communications Ltd. 1017.29 3.18Spice Communications Ltd. 544.37 1.70

Software 2961.54 9.26Infosys Technologies Ltd. 1154.38 3.61Tata Consultancy Services Ltd. 685.07 2.14Wipro Ltd. 425.05 1.33Satyam Computer Services Ltd. 354.80 1.11HCL Technologies Ltd. 342.24 1.07

Construction 2859.88 8.94Punj Lloyd Ltd 822.43 2.57Ansal Properties & Infrastructure Ltd. 759.19 2.37Nagarjuna Construction Co. Ltd. 417.40 1.31Housing Development & Infrastructure Ltd 410.66 1.28Gammon India Ltd. 309.57 0.97Larsen & Toubro Ltd. 140.63 0.44

Petroleum Products 2171.00 6.79Reliance Industries Ltd. 1359.35 4.25Hindustan Petroleum Corporation Ltd. 532.00 1.66Chennai Petroleum Corporation Ltd. 279.65 0.87

Auto 2149.85 6.72Maruti Suzuki India Ltd. 1323.03 4.14Mahindra & Mahindra Ltd. 826.82 2.59

Cement 1743.94 5.45Grasim Industries Ltd. 1159.44 3.63India Cements Ltd 584.50 1.83

Media & Entertainment 1637.44 5.12Balaji Telefilims Ltd. 952.54 2.98Zee Entertainment Enterprises Ltd 684.90 2.14

Consumer Non Durables 1591.82 4.98United Spirits Ltd. 541.17 1.69Dabur India Ltd. 470.35 1.47Hindustan Lever Ltd. 383.86 1.20

McDowell Holdings Ltd. 196.44 0.61

Finance 1374.22 4.30ICRA Ltd. 617.09 1.93Housing Development Finance Corp. Ltd. 505.45 1.58Power Finance Corporation Ltd 251.69 0.79

Oil 1044.68 3.27Oil & Natural Gas Corporation Ltd. 1044.68 3.27

Pharmaceuticals 540.11 1.69Wockhardt Ltd. 357.71 1.12Cipla Ltd. 182.40 0.57


Industrial Products 387.92 1.21Kirloskar Oil Engines Ltd. 387.92 1.21

Auto Ancillaries 381.83 1.19Motor Industries Company Ltd. 337.28 1.05Apollo Tyres Ltd. 44.55 0.14

Cash & Current Assets -137.21 -0.43


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


Asset Allocation

Date of First Installment : October 01, 2002



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


Date of inception / takeover : August 30, 2002


NAV : Rs.

Growth : 65.66

Dividend : 23.05



Investment Period

Total Investment

(Rs.)


Birla Sun Life Frontline

Equity Fund

Birla Sun Life Frontline

Equity Fund

BSE200

BSE200


Large

Mid

Small

Investment Style

Since Inception 60000 165901 187504 42.17 47.60

Last 3 years 36000 64865 69829 42.47 48.40

Last 1 year 12000 15245 15225 54.59 54.23


Birla Sun Life Frontline Equity FundEquity: Diversified ( Schemes), 3 189 Yrs ended 30-Sept-07

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

Large Cap Oriented Equity Scheme (26 Schemes), 2 Yrs ended 30-Jun-07








Birla SunLife Frontline Equity Fund - Growth BSE 200

% R

etu

rns

**Represents thinly traded / non traded securities. Total outstanding exposure in derivatives as on 30th September, 2007 is Rs. 3.07 Crores (Notional value).

47.0950.12

44.8241.82 42.89

40.40

0

10

20

30

40

50

60

1 Year 3 Years Since Inception

3.27%

4.30%

4.98%

5.12%

5.45%

5.56%

6.72%

6.79%

8.94%

9.26%

9.34%

15.17%

15.53%

Oil

Finance



Cement

Other Equity

Auto

Petroleum Products

Construction

Software

Telecom-Services

Banks


Birla Midcap Fund




Portfolio

Industrial Capital Goods 7607.13 15.42Thermax Ltd. 1124.48 2.28Bharat Bijlee Ltd. 1066.29 2.16Bharati Shipyard Ltd. 943.76 1.91Kalpataru Power Transmission Ltd. 797.79 1.62Crompton Greaves Ltd. 748.58 1.52Bharat Electronics Ltd. 735.98 1.49Havells India Ltd. 516.99 1.05AIA Engineering Ltd. 480.65 0.97Action Construction Equipment Ltd. 475.94 0.96McNally Bharat Engineering Company Ltd. 457.68 0.93Jyoti Structures Ltd. 258.99 0.52

Banks 5891.06 11.94Federal Bank Ltd. 950.51 1.93Indian Overseas Bank 721.50 1.46Bank of Baroda 701.41 1.42Centurion Bank Of Punjab Ltd. 696.19 1.41ING Vysya Bank Ltd. 694.49 1.41Union Bank of India 607.48 1.23Dena Bank 539.19 1.09Industrial Development Bank of India Ltd 499.84 1.01Indian Bank 480.45 0.97

Cement 4051.23 8.21Century Textile & Industries Ltd. 1053.75 2.14Mangalam Cement Ltd 802.41 1.63Madras Cements Ltd. 777.42 1.58India Cements Ltd 689.71 1.40Orient Paper & Industries Ltd. 391.19 0.79Birla Corporation Ltd. 336.75 0.68

Auto Ancillaries 3379.07 6.85Apollo Tyres Ltd. 1257.07 2.55Kesoram Industries Ltd . 909.17 1.84Amtek India Ltd. 480.34 0.97Automobile Corporation of Goa Ltd. 428.10 0.87Sundaram-Clayton Ltd. 304.40 0.62

Ferrous Metals 3098.53 6.28Monnet Ispat Ltd. 1297.18 2.63Welspun Gujarat Stahl Rohren Ltd. 1142.30 2.31Jindal Saw Ltd. 659.05 1.34

Industrial Products 2658.00 5.39Sintex Industries Ltd. 1048.71 2.13Kirloskar Oil Engines Ltd. 1019.87 2.07SKF Bearings India Ltd. 589.42 1.19

Power 2307.54 4.68CESC Ltd. 1176.04 2.38Tata Power Company Ltd. 1069.00 2.17Power Grid Corporation of (I) Ltd. 62.50 0.13

Software 1890.01 3.83Infotech Enterprises Ltd. 714.52 1.45HCL Technologies Ltd. 599.60 1.22Mphasis BFL Ltd. 572.00 1.16Geodesic Information Systems Ltd. 3.90 0.01

Media & Entertainment 1652.26 3.35Adlabs Films Ltd. 1272.16 2.58ZEE News Ltd. 380.10 0.77

Consumer Durables 1615.30 3.27Blue Star Ltd. 963.50 1.95Voltas Ltd. 651.80 1.32

Finance 1472.60 2.98United Breweries Holdings Ltd. 851.00 1.72CRISIL Ltd. 621.60 1.26


Consumer Non Durables 1246.00 2.53United Spirits Ltd. 698.28 1.42

Shaw Wallace Company Ltd. 547.72 1.11

Telecom-Services 1174.01 2.38Reliance Communications Ltd. 878.48 1.78Spice Communications Ltd. 295.54 0.60

Fertilisers 1105.48 2.24Tata Chemicals Ltd. 1105.48 2.24

Pharmaceuticals 1069.05 2.17Pfizer Ltd. 626.12 1.27Dishman Pharmaceuticals & Chemicals Ltd. 442.93 0.90

Paper 924.06 1.87Ballarpur Industries Ltd. 924.06 1.87

Non - Ferrous Metals 878.64 1.78Sterlite Industries (India) Ltd. 449.04 0.91Nava Bharat Ventures Ltd. 429.60 0.87

Construction 848.37 1.72Housing Development & Infrastructure Ltd 469.91 0.95Punj Lloyd Ltd 378.46 0.77

Hotels 579.02 1.17Asian Hotels Ltd. 579.02 1.17

Auto 375.83 0.76Mahindra & Mahindra Ltd. 375.83 0.76

Corporate Debt 58.57 0.12Trent Ltd. 58.57 0.12



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


Asset Allocation

Date of First Installment - November 1, 2002.



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


Date of inception / takeover : October 3, 2002

Fund Manager : Mr. Sanjay Chawla & A. Balasubramaniam

NAV : Rs.

Growth : 86.77

Dividend : 31.21

Benchmark : CNX Midcap Corpus : Rs. 493.44 Crores


Investment Period

Total Investment

(Rs.)


Birla Midcap Fund

Birla Midcap Fund

CNX Midcap

CNX Midcap

Since Inception 59000 173806 204087 45.88 53.26

Last 3 years 36000 63777 69746 41.13 48.31

Last 1 year 12000 15615 15692 61.24 62.64


Large

Mid

Small

Investment Style







Birla Mid Cap Fund - Growth CNX Midcap

06

CRISIL~CPR 2Birla Mid Cap Fund

Diversified Equity Scheme (60 Schemes), 2 Yrs ended 30-Jun-07

O c t o b e r 2 0 0 7

#iiiValue Research Ratingi

Birla Mid Cap FundEquity: Diversified ( Schemes), 3 Yrs ended 30-Sept-07189


% R

etu

rns

52.15 52.0054.20

46.5243.59

50.29

0

10

20

30

40

50

60


0.12%

2.17%

2.24%

2.38%

2.53%

2.64%

2.98%

3.27%

3.35%

3.83%

4.68%

5.39%

6.28%

6.85%

7.42%

8.10%

8.43%

11.94%

15.42%

Corporate Debt

Pharmaceuticals

Fertilisers

Telecom-Services



Finance

Consumer Durables


Software

Power

Industrial Products

Ferrous Metals

Auto Ancillaries

Cement

Other Equity


Banks


O c t o b e r 2 0 0 7

07

Birla Sun Life '95 Fund



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

Portfolio

Corporate Debt 2420.16 13.70LIC Housing Finance Ltd. ** 1472.04 8.33 AAAHousing Development Finance Corp. Ltd. ** 948.11 5.37 AAA

Consumer Non Durables 2176.67 12.32ITC Ltd. 948.50 5.37 Bombay Burmah Trading Corporation Ltd. 299.26 1.69 Nirma Ltd. 273.88 1.55 Nestle India Ltd. 251.60 1.42 Colgate Palmolive (I) Ltd. 216.31 1.22 Hindustan Sanitaryware & Industries Ltd. 121.61 0.69 United Breweries Ltd. 57.26 0.32 Procter & Gamble Hygiene & Health Care 8.25 0.05

Software 1564.46 8.85Infosys Technologies Ltd. 948.38 5.37 HCL Technologies Ltd. 616.09 3.49

Pesticides 1559.23 8.83Rallis India Ltd. 905.63 5.13 United Phosphorous Ltd. 653.60 3.70

PSU/PFI Bonds/Banks 1907.32 10.80Power Finance Corporation Ltd. ** 1314.20 7.44 AAAState Bank of India ** 511.36 2.89 AAANational Bank for Agri & Rural Devp. ** 81.76 0.46 AAA

Auto 857.26 4.85Hero Honda Motors Ltd. 857.26 4.85

Pharmaceuticals 841.22 4.76Cipla Ltd. 669.41 3.79 Cadila Healthcare Ltd. 171.81 0.97

Finance 837.74 4.74United Breweries Holdings Ltd. 837.74 4.74

Gas 690.04 3.91Gujarat Gas Co. Ltd. 347.69 1.97 BOC India Ltd. 342.35 1.94

Petroleum Products 688.86 3.90Reliance Industries Ltd. 688.86 3.90

Banks 653.94 3.70Oriental Bank of Commerce 653.94 3.70

Floating Rate Instruments 599.66 3.39Indian Retail ABS Trust Series 50 ** 599.66 3.39 AAA(SO)

Media & Entertainment 481.20 2.72ETC Networks Ltd. 481.20 2.72 Magnasound India Ltd. ** 0.00 0.00

Retailing 406.24 2.30Trent Ltd. 406.24 2.30

Securitised Debt 383.44 2.17Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010 ** 374.45 2.12 AAA(SO)Fleet Trust July 2004 A2 Series ** 8.99 0.05 AAA(SO)

Fertilisers 368.70 2.09Rashtriya Chemicals & Fertilizers Ltd. 368.70 2.09

Telecom-Services 282.36 1.60Bharti Airtel Ltd. 282.36 1.60

Paper 137.40 0.78Ballarpur Industries Ltd. 137.40 0.78

Auto Ancillaries 101.92 0.58Subros Ltd. 101.92 0.58

Industrial Capital Goods 57.92 0.33Bharat Bijlee Ltd. 57.92 0.33

Power 21.69 0.12Power Grid Corporation of India Ltd. ** 21.69 0.12



** Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 24.62%

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


Asset Allocation

Date of First Installment : April 1, 1995



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


Date of inception / takeover : February 10, 1995

Fund Manager : Mr. Navneet Munot

NAV : Rs.

Growth : 225.94

Dividend : 104.38

Benchmark : CRISIL Balanced Fund Index Average Maturity : 5.35 Years

Corpus : Rs. 176.68 Crores


Investment Period

Total Investment

(Rs.)




CRISIL Balanced

Fund Index

CRISIL Balanced

Fund Index

Rating Profile


Large

Mid

Small

Investment Style

Since Inception 150000 373759 1278611 13.71 31.13

Last 5 years 60000 112967 150123 25.68 37.80

Last 3 years 36000 53173 60417 27.19 36.89

Last 1 year 12000 14046 14805 33.59 46.78

Interest Rate Sensitivity: (Debt) Low

&Best Fund - Lipper Awards India 2007Winner of

Mixed Asset INR Aggressive, 10 Yrs ended 31-Dec-06(Past performance is no guarantee of future results.)

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

³ Rs. 5 crores - NilExit Load :< Rs. 5 crores - 0.50% if redeemed


Issuer Market Value % to Net RatingRs. in Lacs Assets


Birla SunLife 95 - Growth Crisil Balanced Fund Index

% R

etu

rns


Birla Sun Life ‘95 FundHybrid: Equity Oriented ( Schemes), 5 Yrs ended 30-Sept-0732


39.9638.28 37.89

27.9826.4 26.53

25.33

0

5

10

15

20

25

30

35

40

45


3.57%

30.06%

66.37%


AAA

Other

2.09%

2.17%

2.30%

2.72%

3.39%

3.40%

3.57%

3.70%

3.90%

3.91%

4.74%

4.76%

4.85%

8.83%

8.85%

10.80%

12.32%

13.70%

Fertilisers

Securitised Debt

Retailing


Floating Rate Instruments

Other Equity


Banks

Petroleum Products

Gas

Finance

Pharmaceuticals

Auto

Pesticides

Software

PSU/PFI Bonds/Banks


Corporate Debt

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



Past performance may or may not be sustained in future. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. Returns assume reinvestment of the tax free dividend declared.

Portfolio

Finance 11047.86 22.62United Breweries Holdings Ltd. 4259.70 8.72Housing Development Finance Corp. Ltd. 2527.25 5.17ICRA Ltd. 2407.04 4.93Reliance Capital Ltd. 1853.87 3.80

Industrial Capital Goods 6656.16 13.63Siemens Ltd. 2021.24 4.14Crompton Greaves Ltd. 1663.50 3.41Bharat Bijlee Ltd. 1534.51 3.14Honeywell Automation India Ltd. 1436.91 2.94

Banks 6269.92 12.84HDFC Bank Ltd. 2495.36 5.11ICICI Bank Ltd. 2392.09 4.90Kotak Mahindra Bank Ltd. 1382.48 2.83

Software 3929.33 8.04Infosys Technologies Ltd. 2465.78 5.05Satyam Computer Services Ltd. 1463.55 3.00

Construction 3431.83 7.03Larsen & Toubro Ltd. 2531.34 5.18

GVK Power & Infrastructure Ltd. 900.49 1.84

Auto 2650.80 5.43Maruti Suzuki India Ltd. 1899.15 3.89Mahindra & Mahindra Ltd. 751.65 1.54

Auto Ancillaries 2218.81 4.54Motor Industries Company Ltd. 1588.33 3.25MRF Ltd. 630.48 1.29

Power 2167.06 4.44Reliance Energy Ltd. 2109.63 4.32Power Grid Corporation of India Ltd**. 57.44 0.12


Telecom-Services 1976.33 4.05Bharti Airtel Ltd. 1270.62 2.60Spice Communications Ltd. 705.71 1.44

Hotels 1619.46 3.32Taj GVK Hotels & Resorts Ltd. 938.93 1.92

Asian Hotels Ltd. 680.53 1.39


Pesticides 1069.74 2.19United Phosphorous Ltd. 1069.74 2.19

Trading 583.00 1.19Uniphos Enterprises Ltd. 583.00 1.19

Industrial Products 513.65 1.05Kirloskar Brothers Ltd. 513.65 1.05

Consumer Non Durables 376.10 0.77Ruchi Soya Industries Ltd. 376.10 0.77

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



** Represents thinly traded / non traded securities.

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


Asset Allocation

Date of First Installment : April 1, 1996



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


Date of inception / takeover : March 29, 1996

Fund Manager : Mr. Ajay Garg

NAV : Rs.

Growth : 124.46


³ Rs. 5 crores - NilExit Load : NIL



Investment Period

Total Investment

(Rs.)


Birla Sun Life Tax

Relief '96

Birla Sun Life Tax

Relief '96

BSE200

BSE200


Large

Mid

Small

Investment Style

Since Inception 138000 601120 1902750 23.75 41.85

Last 5 years 60000 165901 188492 42.17 47.84

Last 3 years 36000 64865 69461 42.47 47.97

Last 1 year 12000 15245 15190 54.59 53.58

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

Equity Linked Savings Scheme (14 Schemes), 2 Yrs ended 30-June-07




Birla SunLife Tax Relief 96 BSE 200

08

O c t o b e r 2 0 0 7


% R

etu

rns

55.35

46.0848.44

41.2141.82 42.89 42.55

17.07

0

10

20

30

40

50

60


1.23%

2.19%

3.02%

3.29%

3.32%

4.05%

4.36%

4.44%

4.54%

5.43%

7.03%

8.04%

12.84%

13.63%

22.62%


Pesticides

Other Equity

Petroleum Products

Hotels

Telecom-Services


Power

Auto Ancillaries

Auto

Construction

Software

Banks


Finance

O c t o b e r 2 0 0 7

09

Birla Sun Life New Millennium Fund




Portfolio

Software 5469.77 49.65

Infosys Technologies Ltd. 1043.21 9.47

Satyam Computer Services Ltd. 621.79 5.64

Mphasis BFL Ltd. 597.00 5.42

Tata Consultancy Services Ltd. 528.38 4.80

I-Flex Solutions Ltd. 468.92 4.26

Subex Azure Ltd. 378.52 3.44

Tech Mahindra Ltd. 314.56 2.86

Megasoft Ltd. 301.42 2.74

Educomp Solutions Ltd. 280.09 2.54

3i Infotech Ltd. 271.35 2.46

Nucleus Software Exports Ltd. 260.10 2.36

Allsec Technologies Ltd. 162.08 1.47

Infotech Enterprises Ltd. 150.16 1.36

Saksoft Ltd. 92.20 0.84

Telecom-Services 2212.64 20.08

Bharti Airtel Ltd. 1176.50 10.68

Reliance Communications Ltd. 1036.14 9.41

Media & Entertainment 1987.59 18.04

Jagran Prakashan Ltd. 397.32 3.61

Balaji Telefilims Ltd. 392.58 3.56

UTV Software Communications Ltd. 386.25 3.51

Deccan Chronicle Holdings Ltd. 352.28 3.20

Adlabs Films Ltd. 199.46 1.81

PVR Ltd. 167.46 1.52

Dish TV India Ltd. 92.25 0.84

Magnasound India Ltd.** 0.00 0.00

Hardware 415.19 3.77

Allied Digital Services Ltd. 283.71 2.58

HCL Infosystems Ltd. 131.48 1.19

Telecom-Equipment & Accessories 159.95 1.45

Avaya Global Connect Ltd 159.95 1.45



**Represents thinly traded/non traded securities.

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


Asset Allocation

Date of First Installment : March 01, 2000



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


Date of inception / takeover : January 15, 2000

Fund Manager : Mr. Atul Penkar

NAV : Rs.

Growth : 20.82

Dividend : 17.75

Load Structure (Incl. for SIP) (wef 3/10/07):Entry Load:< Rs. 5 crores - 2.25%

³ Rs. 5 crores - NilExit Load :£ Rs. 5 crores - 0.50% if redeemed

/ switched out within 6 months > Rs. 5 crores - Nil

Benchmark : BSE Teck Corpus : Rs. 110.17 Crores


Investment Period

Total Investment

(Rs.)


Birla Sun Life New Millenn-

ium Fund

Birla Sun Life New Millenn-

ium Fund

BSE Teck BSE Teck


Large

Mid

Small

Investment Style

Since Inception 91000 253330 286227 26.38 29.54

Last 5 years 60000 152335 159240 38.44 40.37

Last 3 years 36000 57232 57450 32.73 33.02

Last 1 year 12000 12709 12475 11.30 7.53




Birla SunLife New Millennium Fund - Growth BSE Teck

% R

etu

rns

28.6

41.49

37.23

9.98

25.66

38.9336.66

0

5

10

15

20

25

30

35

40

45


1.45%

3.77%

7.00%

18.04%

20.08%

49.65%

Other Equity

Hardware



Telecom-Services

Software

O c t o b e r 2 0 0 7

10

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




Portfolio

Auto 1,340.02 8.82Maruti Suzuki India Ltd. 769.65 5.07Mahindra & Mahindra Ltd. 375.83 2.47Tata Motors Ltd. 194.54 1.28

Telecom-Services 1,231.95 8.11Reliance Communications Ltd. 761.35 5.01Bharti Airtel Ltd. 470.60 3.10

Banks 1,180.49 7.77Federal Bank Ltd. 372.05 2.45ICICI Bank Ltd. 244.52 1.61HDFC Bank Ltd. 237.44 1.56Indian Bank 182.17 1.20Indian Overseas Bank 144.30 0.95

Cement 1,149.11 7.57Mangalam Cement Ltd 391.16 2.58Grasim Industries Ltd. 263.51 1.74Ultratech Cement Ltd. 260.64 1.72India Cements Ltd 233.80 1.54

Software 1,135.05 7.47Mphasis BFL Ltd. 362.59 2.39Satyam Computer Services Ltd. 332.63 2.19Tata Consultancy Services Ltd. 264.19 1.74Infotech Enterprises Ltd. 175.65 1.16

Industrial Products 1,132.05 7.45Kirloskar Oil Engines Ltd. 586.82 3.86

TRF Ltd. 545.24 3.59

Auto Ancillaries 874.21 5.76Goodyear India Ltd. 569.73 3.75Automobile Corporation of Goa Ltd. 236.06 1.55Apollo Tyres Ltd. 68.43 0.45

Industrial Capital Goods 733.91 4.83Bharat Bijlee Ltd. 366.79 2.42Bharat Earth Movers Ltd. 193.46 1.27Bharat Electronics Ltd. 173.65 1.14

Construction 706.42 4.65Gammon India Ltd. 565.39 3.72JMC Projects India Ltd. 141.03 0.93


Consumer Non Durables 501.42 3.30Tata Tea Ltd. 320.92 2.11Ruchi Soya Industries Ltd. 180.50 1.19

Media & Entertainment 481.63 3.17Zee Entertainment Enterprises Ltd 308.21 2.03Balaji Telefilims Ltd. 173.42 1.14


Ferrous Metals 445.05 2.93Welspun Gujarat Stahl Rohren Ltd. 445.05 2.93

Pharmaceuticals 438.59 2.89Pfizer Ltd. 357.68 2.36Torrent Pharmaceuticals Ltd. 80.92 0.53

Finance 423.15 2.79Infrastructure Development Fin. Co. Ltd. 423.15 2.79


Gas 314.21 2.07Gujarat Gas Co. Ltd. 314.21 2.07

Textiles-Synthetic 263.69 1.74Arvind Mills Ltd. 263.69 1.74

Hotels 255.33 1.68Taj GVK Hotels & Resorts Ltd. 255.33 1.68


Cash & Current Assets 1,044.43 6.88

Total Net Asset 15,187.00 100.00




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


Asset Allocation

Date of First Installment : March 01,1999



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



Fund Manager : Mr. Sanjay Chawla

NAV : Rs.

Growth* : 13.80

Dividend : 72.65

*Introduced with effect from 1st Oct, 2006


³ Rs. 5 crores - NilExit Load : NIL

Benchmark : BSE Sensex Corpus : Rs. 151.87 Crores


Investment Period

Total Investment

(Rs.)


Birla Equity Plan

Birla Equity Plan

BSESensex

BSESensex

Since Inception 103000 363820 581952 28.30 38.86

Last 5 years 60000 169412 205047 43.09 51.63

Last 3 years 36000 67124 65212 45.21 42.89

Last 1 year 12000 15001 14737 50.25 45.58


Large

Mid

Small

Investment Style


Birla Equity PlanEquity: Tax Planning (29 Schemes), 5 Yrs ended 30-Sept-07

Birla Equity Plan - Dividend BSE Sensex


% R

etu

rns

39.68

48.85

57.88

34.14

38.96

46.30

41.55

21.00

0

10

20

30

40

50

60

70



2.07%

2.16%

2.79%

2.89%

2.93%

2.94%

3.17%

3.30%

4.00%

4.43%

4.65%

4.83%

5.76%

6.88%

7.45%

7.47%

7.57%

7.77%

8.11%

8.82%

Gas

Fertilisers

Finance

Pharmaceuticals

Ferrous Metals

Power


Consumer Non


Other Equity

Construction

Industrial Capital

Auto Ancillaries

Cash & Current

Industrial Products

Software

Cement

Banks

Telecom-Services

Auto

Birla India GenNext Fund




Portfolio

Consumer Non Durables 4,614.80 26.87

United Spirits Ltd. 1,396.56 8.13

Tata Tea Ltd. 944.62 5.50

Britannia Industries Ltd. 490.84 2.86

Dabur India Ltd. 420.60 2.45

Colgate Palmolive (I) Ltd. 401.90 2.34

E.I.D. Parry (India) Ltd. 343.37 2.00

Glaxosmithkline Consumer Healthcare Ltd. 261.83 1.52

Titan Industreis Ltd. 215.13 1.25

Eveready Industries Ltd. 139.96 0.82

Telecom-Services 3,285.63 19.13

Reliance Communications Ltd. 1,405.56 8.19

Bharti Airtel Ltd. 1,035.32 6.03

Idea Cellular Ltd. 844.75 4.92

Banks 2,987.71 17.40

Kotak Mahindra Bank Ltd. 1,382.48 8.05

Axis Bank Ltd. 764.40 4.45

Federal Bank Ltd. 613.88 3.58

Allahabad Bank 226.95 1.32

Media & Entertainment 1,918.23 11.17

Television Eighteen India Ltd. 875.58 5.10

Deccan Chronicle Holdings Ltd. 402.60 2.34

HT Media Ltd. 339.30 1.98

Zee Entertainment Enterprises Ltd 273.96 1.60

Jagran Prakashan Ltd. 26.79 0.16

Auto 1,375.38 8.01

Maruti Suzuki India Ltd. 999.55 5.82

Mahindra & Mahindra Ltd. 375.83 2.19

Finance 884.54 5.15

Housing Development Finance Corp. Ltd. 884.54 5.15

Pharmaceuticals 764.28 4.45

Pfizer Ltd. 464.98 2.71

Sun Pharmaceutical Industries Ltd. 299.31 1.74

Construction 368.88 2.15

Unitech Ltd. 368.88 2.15

Hotels 282.80 1.65

Taj GVK Hotels & Resorts Ltd. 282.80 1.65

Retailing 217.17 1.26

Shoppers Stop Ltd. 209.90 1.22

Pantaloon Retail (India) Ltd. 7.26 0.04

Software 56.02 0.33

Educomp Solutions Ltd. 56.02 0.33






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


Asset Allocation

Date of First Installment : September 1, 2005



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

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

Investment ObjectiveInvestment Style Box

Investment Period

Total Investment

(Rs.)


Birla India GenNext

Fund

Birla India GenNext

Fund

S&P CNX NIFTY

S&P CNX NIFTY

Since Inception 25000 37167 35988 41.78 38.00

Last 1 year 12000 14982 14760 49.91 46.00Date of inception / takeover : August 05, 2005

Fund Manager : Mr. Sanjay Chawla & A. Balasubramaniam

NAV : Rs.

Growth : 19.68

Dividend : 17.34

Benchmark : S&P CNX NIFTY Corpus : Rs. 171.71 Crores


Large

Mid

Small

Investment Style




Birla India GenNext Fund - Growth S&P CNX Nifty

11

O c t o b e r 2 0 0 7

% R

etu

rns

42.30

37.05

40.06

42.09

34

35

36

37

38

39

40

41

42

43

1 Year Since Inception

2.15%

2.42%

3.24%

4.45%

5.15%

8.01%

11.17%

17.40%

19.13%

26.87%

Construction


Other Equity

Pharmaceuticals

Finance

Auto


Banks

Telecom-Services



Birla Advantage Fund



Portfolio

Banks 8,276.29 15.14ICICI Bank Ltd. 1,488.41 2.72Central Bank of India 1,484.50 2.72Axis Bank Ltd. 1,132.62 2.07Canara Bank 714.14 1.31Kotak Mahindra Bank Ltd. 691.24 1.26Indian Bank 622.88 1.14Oriental Bank of Commerce 582.74 1.07Indian Overseas Bank 537.18 0.98Andhra Bank 522.75 0.96Industrial Development Bank of India Ltd 499.84 0.91

Industrial Capital Goods 7,050.89 12.90Bharat Heavy Electricals Ltd. 2,845.85 5.21Thermax Ltd. 1,499.30 2.74Bharat Electronics Ltd. 1,196.46 2.19AIA Engineering Ltd. 903.74 1.65Bharati Shipyard Ltd. 605.53 1.11

Construction 6,435.58 11.77Housing Development & Infrastructure Ltd 2,004.96 3.67Larsen & Toubro Ltd. 1,631.31 2.98Punj Lloyd Ltd 852.97 1.56GMR Infrastructure Ltd. 652.31 1.19Unitech Ltd. 537.95 0.98Mahindra Gesco Developers Ltd. 470.14 0.86Peninsula Land Ltd. 285.94 0.52Dharti Dredging & Construction Ltd.** - 0.00

Software 5,165.64 9.45Infosys Technologies Ltd. 1,498.43 2.74Tata Consultancy Services Ltd. 1,160.04 2.12Subex Azure Ltd. 995.48 1.82Satyam Computer Services Ltd. 845.31 1.55Mphasis BFL Ltd. 666.38 1.22

Petroleum Products 4,457.00 8.15Reliance Industries Ltd. 3,214.68 5.88Hindustan Petroleum Corporation Ltd. 1,242.32 2.27

Telecom-Services 4,375.57 8.00Bharti Airtel Ltd. 2,823.60 5.17Reliance Communications Ltd. 1,551.97 2.84

Finance 3,419.61 6.26Housing Development Finance Corp. Ltd. 1,380.41 2.53Reliance Capital Ltd. 1,188.38 2.17ICRA Ltd. 448.12 0.82Power Finance Corporation Ltd 402.70 0.74

Ferrous Metals 2,571.81 4.70Welspun Gujarat Stahl Rohren Ltd. 1,349.99 2.47Maharashtra Seamless Ltd. 1,221.82 2.24

Auto 2,182.12 3.99Tata Motors Ltd. 981.07 1.79Mahindra & Mahindra Ltd. 601.32 1.10Maruti Suzuki India Ltd. 599.73 1.10

Consumer Non Durables 2,073.02 3.79United Spirits Ltd. 2,073.02 3.79

Pharmaceuticals 1,628.48 2.98Dishman Pharmaceuticals & Chemicals Ltd. 1,031.27 1.89Glenmark Pharmaceuticals Ltd. 597.22 1.09

Gas 1,235.23 2.26Indraprastha Gas Ltd. 1,235.23 2.26

Pesticides 1,099.44 2.01United Phosphorous Ltd. 1,099.44 2.01

Auto Ancillaries 959.45 1.76Kesoram Industries Ltd . 578.95 1.06Sundaram-Clayton Ltd. 380.50 0.70

Media & Entertainment 928.86 1.70Adlabs Films Ltd. 519.25 0.95Deccan Chronicle Holdings Ltd. 409.61 0.75

Hardware 921.86 1.69CMC Ltd. 573.84 1.05Allied Digital Services Ltd. 348.02 0.64

Industrial Products 647.65 1.18Fag Bearings India Ltd. 647.65 1.18

Chemicals 327.60 0.60Gujarat Alkalies & Chemicals Ltd. 327.60 0.60

Fertilisers 315.60 0.58Gujarat Narmada Valley Fertilisers Co. Ltd. 315.60 0.58

Textiles-Synthetic 256.89 0.47Arvind Mills Ltd. 256.89 0.47

Cement 143.50 0.26J.K. Cement Ltd. 143.50 0.26

Power 67.89 0.12Power Grid Corporation of (I) Ltd.** 67.89 0.12



**Represents thinly traded/ non traded securities. Total outstanding exposure in derivatives as on 30th September, 2007 is Rs.-26.17 Crores (Notional value).




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


Asset Allocation




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



Fund Manager : Mr. A. Balasubramaniam

NAV : Rs.

Growth : 152.77

Dividend : 109.63

Benchmark : BSE Sensex Corpus : Rs. 546.61 Crores


Investment Period

Total Investment

(Rs.)


Birla Advantage

Fund

Birla Advantage

Fund

BSESensex

BSESensex

Since Inception 151000 607328 1202306 20.39 29.93

Last 5 years 60000 169412 173902 43.09 44.25

Last 3 years 36000 67124 62518 45.21 39.56

Last 1 year 12000 15001 14590 50.25 43.01


Large

Mid

Small

Investment Style

Birla Advantage Fund - Growth BSE Sensex

12

O c t o b e r 2 0 0 7

% R

etu

rns

37.17

44.96 45.86

26.02

38.96

46.30

41.55

13.63

0

5

10

15

20

25

30

35

40

45

50


0.22%

2.01%

2.26%

2.98%

3.79%

3.99%

4.70%

6.26%

8.00%

8.15%

8.36%

9.45%

11.77%

12.90%

15.14%


Pesticides

Gas

Pharmaceuticals


Auto

Ferrous Metals

Finance

Telecom-Services

Petroleum Products

Other Equity

Software

Construction


Banks




O c t o b e r 2 0 0 7Birla Infrastructure Fund


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


Date of First Installment : October 1, 2002The data assumes the investment of Rs.1,000/- on 1st day of every month or the subsequent working day. Load and Taxes are not considered for computation of returns. Past performance may or may not be sustained in future. *CAGR Returns are computed after accounting for the cash flow by using the XIRR method (investment internal rate of return)

An Open-ended index-linked growth scheme with the objective t o g e n e r a t e r e t u r n s c o m m e n s u r a t e w i t h t h e performance of Nifty subject to tracking errors.


Date of inception / takeover : September 18, 2002


NAV : Rs.

Growth : 51.53

Dividend : 19.94

Load Structure (Incl. for SIP):

Entry Load : NIL

Exit Load : NIL

Benchmark : S & P CNX Nifty Corpus : Rs. 39.28 Crores


Investment Period

Total Investment

(Rs.)


Birla Index Fund

Birla Index Fund

S&P CNX

NIFTY

S&P CNX

NIFTY

Since Inception 60000 157654 157216 39.93 39.81

Last 3 years 36000 64459 64592 41.97 42.13

Last 1 year 12000 14982 15158 49.91 53.04


Large

Mid

Small

Investment Style

O c t o b e r 2 0 0 7Birla Index Fund


An open-end growth scheme with the objective to providing for medium to long-term capital appreciation by investing predominantly in a diversified portfolio of equity and equity related securities of companies that are participating in the growth and development of Infrastructure in India.


Date of inception / takeover : March 17, 2006


NAV : Rs.

Growth : 16.47

Dividend : 16.47

Benchmark : S&P CNX NIFTY Corpus : Rs. 505.41 Crores



Large

Mid

Small

Investment Style



Asset Allocation

Birla Infrastructure Fund - Growth S&P CNX Nifty

13

% R

etu

rns

54.79

38.4340.06

33.21

0

10

20

30

40

50

60




% R

etu

rns

39.32

43.09

38.54

40.06

42.75

38.28

35

36

37

38

39

40

41

42

43

44


Birla Index Fund - Growth S&P CNX Nifty

Portfolio






**Represents thinly traded / non traded securities. Total outstanding exposure in derivatives as on 30th September, 2007 is Rs. 0.67 Crores (Notional value).

Industrial Capital Goods 15281.86 30.24Bharat Heavy Electricals Ltd. 2607.51 5.16Crompton Greaves Ltd. 2319.55 4.59Thermax Ltd. 1739.95 3.44Siemens Ltd. 1392.56 2.76Bharati Shipyard Ltd. 1347.62 2.67Bharat Electronics Ltd. 1188.48 2.35Kalpataru Power Transmission Ltd. 1063.72 2.10Jyoti Structures Ltd. 913.07 1.81Suzlon Energy Ltd. 854.31 1.69RPG Transmission Ltd. 781.54 1.55Action Construction Equipment Ltd. 616.96 1.22Engineers India Ltd. 456.59 0.90

Construction 7114.06 14.08Larsen & Toubro Ltd. 1448.10 2.87Mahindra Gesco Developers Ltd. 952.72 1.89IVRCL Infrastructures & Projects Ltd. 844.80 1.67

Gammon India Ltd. 792.03 1.57Ansal Properties & Infrastructure Ltd. 741.80 1.47Nagarjuna Construction Co. Ltd. 696.36 1.38Sadbhav Engineering Ltd. 599.45 1.19GMR Infrastructure Ltd. 434.88 0.86D.S. Kulkarni Developers Ltd. 385.29 0.76JMC Projects India Ltd. 218.64 0.43

Industrial Products 4514.08 8.93Kirloskar Oil Engines Ltd. 1902.90 3.77Cummins India Ltd. 1172.87 2.32Finolex Cables Ltd. 746.00 1.48Torrent Cables Ltd. 692.32 1.37

Ferrous Metals 4256.15 8.42Jindal Steel & Power Ltd. 1863.77 3.69Jindal Saw Ltd. 1262.65 2.50Maharashtra Seamless Ltd. 684.68 1.35

Welspun Gujarat Stahl Rohren Ltd. 445.05 0.88

Cement 3924.45 7.76Birla Corporation Ltd. 1560.64 3.09Grasim Industries Ltd. 1054.04 2.09India Cements Ltd 701.13 1.39Shree Cements Ltd. 608.64 1.20

Telecom-Services 3858.82 7.64Bharti Airtel Ltd. 2511.83 4.97Reliance Communications Ltd. 1347.00 2.67

Banks 2489.14 4.92The South Indian Bank Ltd.(QIP)** 978.00 1.94ICICI Bank Ltd. 735.12 1.45Andhra Bank 606.39 1.20Oriental Bank of Commerce 169.63 0.34

Auto 2079.36 4.11Mahindra & Mahindra Ltd. 1540.88 3.05Tata Motors Ltd. 538.48 1.07

Gas 1433.22 2.84Gujarat Gas Co. Ltd. 1045.32 2.07Indraprastha Gas Ltd. 387.90 0.77

Finance 1257.49 2.49Infrastructure Development Fin. Co. Ltd. 705.25 1.40Power Finance Corporation Ltd 552.24 1.09

Power 1219.08 2.41NTPC Ltd. 531.99 1.05Power Trading Corporation of India Ltd. 347.15 0.69GVK Power & Infrastructure Ltd. 276.50 0.55Power Grid Corporation of (I) Ltd.** 63.44 0.13

Hotels 911.62 1.80Taj GVK Hotels & Resorts Ltd. 542.22 1.07Indian Hotels Co. Ltd. 369.40 0.73


Transportation 447.82 0.89Container Corporation of India Ltd. 447.82 0.89

Consumer Non Durables 304.44 0.60Hindustan Sanitaryware & Industries Ltd. 304.44 0.60



Portfolio






Total outstanding exposure in derivatives as on 30 Sep, 2007 is Rs. 7.43 Crores (Notional value).

Petroleum Products 467.87 11.89Reliance Industries Ltd. 364.33 9.27Reliance Petroleum Ltd. 78.55 1.98Bharat Petroleum Corporation Ltd. 14.67 0.37Hindustan Petroleum Corporation Ltd. 10.32 0.26

Software 374.27 9.53Infosys Technologies Ltd. 123.10 3.13Tata Consultancy Services Ltd. 118.08 3.01Wipro Ltd. 76.44 1.95Satyam Computer Services Ltd. 33.94 0.86HCL Technologies Ltd. 22.70 0.58

Telecom-Services 365.14 9.29Bharti AirTel Ltd. 202.90 5.16Reliance Communications Ltd. 136.53 3.48Videsh Sanchar Nigam Ltd. 14.20 0.36Mahanagar Telephone Nigam Ltd. 11.52 0.29

Banks 325.88 8.30ICICI Bank Ltd. 132.34 3.37State Bank of India 116.38 2.96HDFC Bank Ltd. 57.65 1.47Punjab National Bank 19.50 0.50

Industrial Capital Goods 217.94 5.55Bharat Heavy Electricals Ltd. 113.32 2.88Suzlon Energy Ltd. 47.48 1.21ABB Ltd. 31.24 0.80Siemens Ltd. 25.90 0.66

Power 284.15 7.23NTPC Ltd. 232.74 5.92Reliance Energy Ltd. 31.21 0.79Tata Power Company Ltd. 20.20 0.51

Oil 233.20 5.94

Oil and Natural Gas Corporation Ltd. 233.20 5.94

Diversified 147.20 3.75Larsen & Toubro Ltd. 91.79 2.34Hindustan Lever Ltd. 55.41 1.41

Ferrous Metals 156.29 3.98Steel Authority of India Ltd. 97.36 2.48Tata Steel Ltd. 58.93 1.50

Consumer Durables 81.27 2.07ITC Ltd. 81.27 2.07

Auto 134.31 3.42Tata Motors Ltd. 34.07 0.87Maruti Udyog Ltd. 32.88 0.84Bajaj Auto Ltd. 29.45 0.75Mahindra & Mahindra Ltd. 21.03 0.54

Hero Honda Motors Ltd. 16.89 0.43

Cement 87.21 2.22Grasim Industries Ltd. 36.55 0.93The Associated Cement Companies Ltd. 25.64 0.65Gujarat Ambuja Cements Ltd. 25.02 0.64

Finance 78.14 1.99Housing Development Finance Corp. Ltd. 78.14 1.99

Pharmaceuticals 79.42 2.02Sun Pharmaceutical Industries Ltd. 21.81 0.56Ranbaxy Laboratories Ltd. 18.45 0.47Cipla Ltd. 16.13 0.41Dr. Reddys Laboratories Ltd. 12.38 0.32GlaxoSmithKline Pharmaceuticals Ltd. 10.65 0.27

Non-Ferrous Metals 106.51 2.71

Sterlite Industries (India) Ltd. 60.33 1.54Hindalco Industries Ltd. 24.05 0.61National Aluminium Company Ltd. 22.13 0.56

Gas 36.47 0.93GAIL India Ltd. 36.47 0.93

Media & Entertainment 16.88 0.43Zee Entertainment Enterprises Ltd. 16.88 0.43

Chemicals 15.69 0.40Indian Petrochemicals Corporation Ltd. 15.69 0.40



1.84%

2.41%

2.49%

2.84%

4.11%

4.31%

4.92%

7.64%

7.76%

8.42%

8.93%

14.08%

30.24%


Power

Finance

Gas

Auto

Other Equity

Banks

Telecom-Services

Cement

Ferrous Metals

Industrial Products

Construction


Load Structure (Incl. for SIP) (wef 3/10/07):Entry Load : < Rs. 5 crores - 2.25%

³ Rs. 5 crores - NilExit Load : £ Rs. 5 crores - 0.50% if redeemed


O c t o b e r 2 0 0 7

14

Birla Balance




Portfolio

Consumer Non Durables 2351.28 18.99Hindustan Lever Ltd. 592.25 4.78 ITC Ltd. 588.07 4.75 Radico Khaitan Ltd 561.60 4.53 E.I.D. Parry (India) Ltd. 390.88 3.16 United Spirits Ltd. 175.86 1.42 Glaxosmithkline Consumer Healthcare Ltd. 42.63 0.34

PSU/PFI Bonds/Banks 2219.42 17.92Infrastructure Development Fin. Co. Ltd. ** 823.45 6.65 AAACitibank N A ** 740.63 5.98 AAAState Bank of India ** 613.63 4.95 AAAHDFC Bank Ltd. ** 41.71 0.34 AAA

Pharmaceuticals 1108.99 8.95Pfizer Ltd. 453.56 3.66 Novartis India Ltd. 449.80 3.63 Wyeth Ltd. 205.63 1.66

Corporate Debt 455.11 3.67Housing Development Finance Corp. Ltd. ** 455.11 3.67 AAA

Auto 1047.86 8.46Mahindra & Mahindra Ltd. 563.74 4.55 Hero Honda Motors Ltd. 484.12 3.91

Fertilisers 683.29 5.52Tata Chemicals Ltd. 537.66 4.34 Chambal Fertilisers & Chemicals Ltd 145.63 1.18

Securitised Debt 610.23 4.93UBL Trust Ser.40 31 May 2008 610.23 4.93 F1+(SO)

Software 529.50 4.28

Infosys Technologies Ltd. 284.51 2.30 HCL Technologies Ltd. 244.99 1.98



Banks 435.96 3.52Oriental Bank of Commerce 435.96 3.52


Gas 366.38 2.96BOC India Ltd. 366.38 2.96

Government Bond 288.12 2.33Govt Bond 7.61% Oil Company 2015 288.12 2.33 Sovereign

Telecom-Services 235.30 1.90Bharti Airtel Ltd. 235.30 1.90

Power 196.30 1.59Reliance Energy Ltd. 180.83 1.46 Power Grid Corporation of India Ltd. ** 15.48 0.12

Industrial Capital Goods 18.40 0.15Bharat Electronics Ltd. 18.40 0.15




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


Asset Allocation

Date of First Installment : November 1,1999



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




NAV : Rs.

Growth : 33.39

Dividend : 22.20

Benchmark : CRISIL Balanced Fund Index Average Maturity : 4.03 Years



Investment Period

Total Investment

(Rs.)


Birla Balance

Birla Balance

CRISIL Balanced

Fund Index

CRISIL Balanced

Fund Index

Rating Profile




Large

Mid

Small

Investment Style

Since Inception 95000 214763 245191 20.06 23.30

Last 5 years 60000 112967 125333 25.68 30.06

Last 3 years 36000 53173 54426 27.19 28.93

Last 1 year 12000 14046 14101 33.59 34.54

Interest Rate Sensitivity: (Debt) Medium

Birla Balance Fund - Growth Crisil Balanced Fund Index

% R

etu

rns

27.98

30.05

32.48

16.34

26.40 26.5325.33

0

5

10

15

20

25

30

35


2.33%

2.96%

3.09%

3.52%

3.63%

3.67%

3.71%

3.84%

4.20%

4.28%

4.93%

5.52%

8.46%

8.95%

17.92%

18.99%

Government Bond

Gas

Oil

Banks

Other Equity

Corporate Debt

Petroleum Products

Pesticides


Software

Securitised Debt

Fertilisers

Auto

Pharmaceuticals

PSU/PFI Bonds/Banks


2%

4%

27%

67%

Sovereign


AAA

Other




Birla MNC Fund




Portfolio

Consumer Non Durables 3269.26 17.16

Hindustan Lever Ltd. 1041.91 5.47

Glaxosmithkline Consumer Healthcare Ltd. 638.60 3.35

Colgate Palmolive (I) Ltd. 622.95 3.27

ITC Ltd. 569.10 2.99

Kansai Nerolac Paints Ltd. 396.70 2.08


Pfizer Ltd. 885.05 4.64

Glaxosmithkline Pharmaceuticals Ltd. 500.45 2.63

Fulford (India) Ltd. 481.60 2.53

Wyeth Ltd. 416.45 2.19

Banks 1879.26 9.86

ING Vysya Bank Ltd. 1507.02 7.91

Yes Bank Ltd. 372.24 1.95

Industrial Capital Goods 1851.23 9.72

Siemens Ltd. 1014.00 5.32

ABB Ltd. 646.75 3.39

Honeywell Automation India Ltd. 190.48 1.00

Industrial Products 1502.02 7.88

Cummins India Ltd. 1157.08 6.07

Fag Bearings India Ltd. 344.94 1.81

Gas 1357.05 7.12

Gujarat Gas Co. Ltd. 1063.95 5.58

BOC India Ltd. 293.10 1.54

Software 1205.69 6.33



Allsec Technologies Ltd. 138.39 0.73

Auto 1149.48 6.03




Auto Ancillaries 1015.82 5.33

Sundaram-Clayton Ltd. 714.73 3.75

Federal Mogul Goetze (India) Ltd. 298.60 1.57

Federal Mogul Goetze (Rights) ** 2.49 0.01

Minerals/Mining 1009.70 5.30

Sesa Goa Ltd. 1009.70 5.30

Finance 914.97 4.80

CRISIL Ltd. 544.66 2.86

ICRA Ltd. 370.31 1.94

Cement 229.77 1.21

Mysore Cements Ltd. 229.77 1.21

Electronic Equipment & Instruments 204.70 1.07

Areva T&D India Ltd. 204.70 1.07



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


Asset Allocation

Date of First Installment : January 01, 2000



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


Date of inception / takeover : December 27, 1999

Fund Manager : Mr. A. Balasubramaniam

NAV : Rs.

Growth : 135.01

Dividend : 67.68

Benchmark : S & P CNX MNC Corpus : Rs. 190.54 Crores


Investment Period

Total Investment

(Rs.)


Birla MNCFund

Birla MNCFund

S&P CNX MNC

S&P CNX MNC

Since Inception 93000 225480 294720 22.28 29.02

Last 5 years 60000 130654 140553 31.83 34.95

Last 3 years 36000 57819 53022 33.51 26.98

Last 1 year 12000 13850 13237 30.26 19.96


Large

Mid

Small

Investment Style




Birla MNC Fund - Growth S&P CNX MNC

15

O c t o b e r 2 0 0 7%

Re

turn

s

20.81

33.10

37.03

17.7719.03

39.3

27.67

11.20

0

5

10

15

20

25

30

35

40

45


** Represents thinly traded / non traded securities.

0.52%

2.28%

4.80%

5.30%

5.33%

5.68%

6.03%

6.33%

7.12%

7.88%

9.72%

9.86%

11.98%

17.16%


Other Equity

Finance

Ferrous Metals

Auto Ancillaries

Telecom-Services

Auto

Software

Gas

Industrial Products


Banks

Pharmaceuticals


Load Structure (Incl. for SIP) (wef 3/10/07):Entry Load : < Rs. 5 crores - 2.25%

³ Rs. 5 crores - NilExit Load : £ Rs. 5 crores - 0.50% if redeemed


Birla Top 100 Fund




Portfolio

Software 4282.80 9.45







Idea Cellular Ltd. 805.98 1.78


Industrial Capital Goods 4021.71 8.87

Bharat Heavy Electricals Ltd. 2744.21 6.06

Bharat Electronics Ltd. 710.99 1.57

Crompton Greaves Ltd. 566.50 1.25

Banks 3830.15 8.45

ICICI Bank Ltd. 1541.57 3.40

Oriental Bank of Commerce 871.92 1.92

HDFC Bank Ltd. 733.92 1.62

State Bank of India 682.75 1.51

Petroleum Products 3673.92 8.11

Reliance Industries Ltd. 3673.92 8.11


United Spirits Ltd. 2011.05 4.44

ITC Ltd. 1401.03 3.09



Larsen & Toubro Ltd. 1828.19 4.03

GMR Infrastructure Ltd. 869.75 1.92

Punj Lloyd Ltd 742.44 1.64


Cipla Ltd. 957.60 2.11

Nicholas Piramal India Ltd. 777.09 1.71

Dishman Pharmaceuticals & Chemicals Ltd. 643.83 1.42


Motor Industries Company Ltd. 1190.46 2.63

Apollo Tyres Ltd. 913.11 2.01

Cement 1822.39 4.02

Grasim Industries Ltd. 913.50 2.02

India Cements Ltd 908.90 2.01

Ferrous Metals 1554.17 3.43

Jindal Saw Ltd. 941.92 2.08

Tata Steel Ltd 612.25 1.35

Finance 1437.25 3.17

Power Finance Corporation Ltd 805.44 1.78

Housing Development Finance Corp. Ltd. 631.81 1.39

Pesticides 988.57 2.18

United Phosphorous Ltd. 988.57 2.18

Oil 970.31 2.14

Oil & Natural Gas Corporation Ltd. 970.31 2.14

Auto 966.67 2.13


Tata Motors Ltd. 466.89 1.03

Transportation 801.39 1.77

The Great Eastern Shipping Co. Ltd. 801.39 1.77

Non - Ferrous Metals 715.83 1.58

Sterlite Industries (India) Ltd. 715.83 1.58

Diversified Industries 518.45 1.14

Aditya Birla Nuvo Ltd. 518.45 1.14

Power 57.91 0.13

Power Grid Corporation of (I) Ltd.** 57.91 0.13






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


Asset Allocation

Date of First Installment : November 1, 2005



An open-ended growth scheme with the objective to provide medium to longterm cap i t a l app rec i a t i on , by i nves t i ng predominantly in a diversified portfolio of equity and equity related securities of top 100 companies as measured by market capitalization.



Fund Manager : Mr. Ajay Argal

NAV : Rs.

Growth : 19.32

Dividend : 17.53

Benchmark : S & P CNX Nifty Corpus : Rs. 453.16 Crores


Investment Period

Total Investment

(Rs.)


Birla Top 100

Fund

Birla Top 100

Fund

S&P CNX NIFTY

S&P CNX NIFTY

Since Inception 23000 33170 31660 42.04 36.10

Last 1 year 12000 14982 14520 49.91 41.78


Large

Mid

Small

Investment Style




Birla Top 100 Fund - Growth S&P CNX Nifty

16

O c t o b e r 2 0 0 7

% R

etu

rns

** Represents thinly traded / non traded securities. Total outstanding exposure in derivatives as on 30th September, 2007 is Rs.11.61 Crores (Notional value).

33.71

40.7140.06

46.79

0

5

10

15

20

25

30

35

40

45

50


2.13%

2.14%

2.18%

3.17%

3.43%

4.02%

4.62%

4.64%

5.25%

7.59%

7.62%

8.11%

8.45%

8.87%

9.00%

9.31%

9.45%

Auto

Oil

Pesticides

Finance

Ferrous Metals

Cement

Other Equity

Auto Ancillaries

Pharmaceuticals

Construction


Petroleum Products

Banks



Telecom-Services

Software

Birla Sun Life Buy India Fund




Portfolio



Kajaria Ceramics Ltd. 402.56 5.42

Tata Tea Ltd. 320.92 4.32

Marico Industries Ltd. 320.42 4.31

E.I.D. Parry (India) Ltd. 272.02 3.66

Ruchi Soya Industries Ltd. 184.27 2.48



Cadila Healthcare Ltd. 306.65 4.13

Pfizer Ltd. 288.12 3.88




Hotels 775.97 10.44

Asian Hotels Ltd. 526.12 7.08

Taj GVK Hotels & Resorts Ltd. 249.85 3.36

Auto 549.75 7.40


Media & Entertainment 504.34 6.79

UTV Software Communications Ltd. 257.50 3.46

PVR Ltd. 246.84 3.32

Magnasound India Ltd.** 0.00 0.00


Rallis India Ltd. 466.22 6.27


Mahindra Gesco Developers Ltd. 371.16 4.99

Finance 336.04 4.52

United Breweries Holdings Ltd. 336.04 4.52

Gas 253.16 3.41

Indraprastha Gas Ltd. 253.16 3.41

Retailing 0.00 0.00

Trent Ltd. - Warrants** 0.00 0.00

Cash & Current Assets -0.55 -0.01



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


Asset Allocation




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




NAV : Rs.

Growth : 30.85

Dividend : 21.67



Investment Period

Total Investment

(Rs.)


Birla Sun Life Buy

India Fund

Birla Sun Life Buy

India Fund

BSE 200

BSE 200

Since Inception 91000 329124 351550 33.18 34.90

Last 5 years 60000 165901 177583 42.17 45.18

Last 3 years 36000 64865 56932 42.47 32.33

Last 1 year 12000 15245 13457 54.59 23.63


Large

Mid

Small

Investment Style




Birla SunLife Buy India Fund - Growth BSE 200

17

O c t o b e r 2 0 0 7

% R

etu

rns 24.19

45.2842.61

15.74

41.82 42.89 42.55

17.41

0

5

10

15

20

25

30

35

40

45

50


3.41%

4.52%

4.99%

6.27%

6.79%

7.40%

10.44%

10.82%

15.80%

29.58%

Gas

Finance

Construction

Pesticides


Auto

Hotels

Telecom-Services

Pharmaceuticals





O c t o b e r 2 0 0 7

18

Birla Sun Life Basic Industries Fund




Portfolio

Industrial Capital Goods 3762.79 22.52Bharat Heavy Electricals Ltd. 891.28 5.34Crompton Greaves Ltd. 829.74 4.97Bharati Shipyard Ltd. 530.87 3.18Thermax Ltd. 374.83 2.24Action Construction Equipment Ltd. 352.55 2.11Siemens Ltd. 297.91 1.78Jyoti Structures Ltd. 274.23 1.64AIA Engineering Ltd. 211.39 1.27

Ferrous Metals 2026.88 12.13Jindal Steel & Power Ltd. 603.39 3.61Monnet Ispat Ltd. 484.36 2.90Jindal Saw Ltd. 400.43 2.40JSW Steel Ltd. 349.40 2.09Maharashtra Seamless Ltd. 189.30 1.13

Construction 1667.65 9.98Nagarjuna Construction Co. Ltd. 400.51 2.40Akruti Nirman Ltd. 357.98 2.14Patel Engineering Ltd. 321.51 1.92Larsen & Toubro Ltd. 281.26 1.68Gammon India Ltd. 238.65 1.43Mahindra Gesco Developers Ltd. 67.74 0.41

Petroleum Products 1562.18 9.35Apar Industries Ltd. 657.97 3.94Reliance Industries Ltd. 505.16 3.02

Chennai Petroleum Corporation Ltd. 266.13 1.59Indian Oil Corporation Ltd. 132.92 0.80

Cement 1491.16 8.93Grasim Industries Ltd. 614.61 3.68Birla Corporation Ltd. 483.28 2.89Mangalam Cement Ltd 393.27 2.35

Industrial Products 1261.61 7.55Kirloskar Oil Engines Ltd. 611.34 3.66Cummins India Ltd. 474.08 2.84Kirloskar Brothers Ltd. 176.19 1.05

Banks 909.59 5.44ICICI Bank Ltd. 587.89 3.52Andhra Bank 321.70 1.93

Auto 906.08 5.42Mahindra & Mahindra Ltd. 456.28 2.73Maruti Suzuki India Ltd. 449.80 2.69

Finance 485.23 2.90Housing Development Finance Corp. Ltd. 485.23 2.90

Industrial Services 477.26 2.86South East Asia Marine Engin & Const Ltd 477.26 2.86




Gas 216.69 1.30BOC India Ltd. 216.69 1.30

Consumer Non Durables 125.35 0.75SPL Industries Ltd. 125.35 0.75

Chemicals 73.88 0.44Aarti Industries Ltd. 73.88 0.44

Paper 52.65 0.32Tamil Nadu Newsprint & Papers Ltd. 52.65 0.32

Power 21.34 0.13Power Grid Corporation of (I) Ltd.** 21.34 0.13



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


Asset Allocation


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

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

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

of return)

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




NAV : Rs.

Growth : 92.82

Dividend : 38.06



Investment Period

Total Investment

(Rs.)


Birla Sun Life Basic Indus-

tries Fund

Birla Sun Life Basic Indus-

tries Fund

BSE200

BSE200


Large

Mid

Small

Investment Style

Since Inception 91000 329124 522205 33.18 45.39

Last 5 years 60000 165901 197857 42.17 50.02

Last 3 years 36000 64865 66852 42.47 44.88

Last 1 year 12000 15245 15866 54.59 65.80




Birla SunLife Basic Industries - Growth BSE 200

% R

etu

rns


47.52 46.32

56.04

33.52

41.82 42.89 42.55

17.41

0

10

20

30

40

50

60


2.85%

2.86%

2.90%

3.78%

5.42%

5.44%

6.27%

7.55%

8.93%

9.35%

9.98%

12.13%

22.52%

Fertilisers

Industrial Services

Finance


Auto

Banks

Other Equity

Industrial Products

Cement

Petroleum Products

Construction

Ferrous Metals





O c t o b e r 2 0 0 7

19

Birla India Opportunities Fund




Portfolio

Software 2,882.53 35.67




I-Flex Solutions Ltd. 283.46 3.51


Tanla Solutions Ltd. 254.59 3.15


Infotech Enterprises Ltd. 197.25 2.44

Wipro Ltd. 160.95 1.99

Megasoft Ltd. 117.76 1.46

Saksoft Ltd. 92.20 1.14

Industrial Capital Goods 1,592.91 19.71

Crompton Greaves Ltd. 548.96 6.79

Siemens Ltd. 405.60 5.02

ABB Ltd. 348.21 4.31

Honeywell Automation India Ltd. 290.14 3.59

Finance 889.56 11.01


CRISIL Ltd. 317.46 3.93


Bharat Forge Ltd. 385.70 4.77

Shree Ganesh Forgings Ltd. 210.60 2.61


Wockhardt Ltd. 323.70 4.01

Cipla Ltd. 150.48 1.86




Industrial Products 435.40 5.39

Cummins India Ltd. 435.40 5.39

Textile Products 196.25 2.43

Raymond Ltd. 196.25 2.43

IT Consulting & Services 165.04 2.04

Innosoft Technology Ltd 165.04 2.04






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


Asset Allocation

Date of First Installment : January 01, 2000



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

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


Date of inception / takeover : December 27, 1999

Fund Manager : Mr. Atul Penkar

NAV : Rs.

Growth : 54.55

Dividend : 23.43

Benchmark : S & P CNX 500 Corpus : Rs. 80.81 Crores


Investment Period

Total Investment

(Rs.)


Birla India Opportunities

Fund

Birla India Opportunities

Fund

S&P CNX 500

S&P CNX 500

Since Inception 93000 329131 286799 31.81 28.33

Last 5 years 60000 164076 135757 41.68 33.46

Last 3 years 36000 62972 52691 40.13 26.51

Last 1 year 12000 15026 12757 50.68 12.09


Large

Mid

Small

Investment Style

Birla India Opportunities Fund - Growth S&P CNX 500

% R

etu

rns

20.15

31.41

36.55

11.34

40.3041.94 42.90

18.10

0

5

10

15

20

25

30

35

40

45

50


2.04%

2.43%

3.91%

5.39%

5.64%

6.82%

7.38%

11.01%

19.71%

35.67%

IT Consulting & Services

Textile Products


Industrial Products

Pesticides

Pharmaceuticals

Auto Ancillaries

Finance


Software




O c t o b e r 2 0 0 7

20

Birla Dividend Yield Plus




Portfolio

Banks 5,469.19 15.15Andhra Bank 1,311.73 3.63Vijaya Bank 1,048.62 2.90Union Bank of India 846.46 2.34Indian Overseas Bank 784.03 2.17Bank of Baroda 657.24 1.82Canara Bank 416.15 1.15Oriental Bank of Commerce 404.96 1.12

Petroleum Products 5,334.21 14.77Chennai Petroleum Corporation Ltd. 1,316.20 3.65Indian Oil Corporation Ltd. 1,245.02 3.45Hindustan Petroleum Corporation Ltd. 1,169.39 3.24Castrol (India) Ltd. 933.39 2.58Apar Industries Ltd. 670.21 1.86

Consumer Non Durables 4,283.77 11.86Kansai Nerolac Paints Ltd. 688.09 1.91Hindustan Lever Ltd. 624.60 1.73Glaxosmithkline Consumer Healthcare Ltd. 584.86 1.62Berger Paints India Ltd. 556.44 1.54Tata Tea Ltd. 441.27 1.22Procter & Gamble Hygiene & Health Care 428.63 1.19Godrej Consumer Products Ltd. 349.78 0.97Eveready Industries Ltd. 333.47 0.92Nestle India Ltd. 276.65 0.77

Pharmaceuticals 3,149.19 8.72Wyeth Ltd. 1,880.28 5.21Ranbaxy Laboratories Ltd. 440.92 1.22Pfizer Ltd. 374.06 1.04Glaxosmithkline Pharmaceuticals Ltd. 324.46 0.90Novartis India Ltd. 129.48 0.36

Fertilisers 2,607.25 7.22

Tata Chemicals Ltd. 1,424.56 3.95Gujarat Narmada Valley Fertilisers Co. Ltd 631.20 1.75Rashtriya Chemicals & Fertilizers Ltd. 551.49 1.53

Industrial Products 2,276.55 6.30Greaves Cotton Ltd. 1,448.15 4.01ESAB India Ltd. 393.17 1.09Cosmo Films Ltd. 383.64 1.06ABC Bearings Ltd. 51.60 0.14

Auto 2,093.33 5.80Tata Motors Ltd. 544.71 1.51Bajaj Auto Ltd. 505.40 1.40Ashok Leyland Ltd. 377.63 1.05Mahindra & Mahindra Ltd. 375.83 1.04Hero Honda Motors Ltd. 289.78 0.80

Paper 1,311.73 3.63Tamil Nadu Newsprint & Papers Ltd. 1,311.73 3.63

Hardware 1,296.45 3.59HCL Infosystems Ltd. 667.09 1.85Tata Elxsi Ltd. 629.36 1.74

Transportation 1,278.16 3.54The Great Eastern Shipping Co. Ltd. 813.86 2.25Varun Shipping Company Ltd. 335.23 0.93Gateway Distriparks Ltd. 129.07 0.36

Power 1,136.90 3.15Neyveli Lignite Corporation Ltd. 685.40 1.90KEC International Ltd. 451.50 1.25

Chemicals 1,049.01 2.91Clariant Chemicals India Ltd. 1,049.01 2.91


Ferrous Metals 810.59 2.24Tata Metaliks Ltd. 397.04 1.10Monnet Ispat Ltd. 273.56 0.76Tata Sponge Iron Ltd. 139.98 0.39

Auto Ancillaries 670.72 1.86Sundaram-Clayton Ltd. 390.74 1.08Goodyear India Ltd. 177.88 0.49Rane (Madras) Ltd. 59.91 0.17Wheels India Ltd. 42.19 0.12

Gas 517.20 1.43Indraprastha Gas Ltd. 517.20 1.43

Software 504.68 1.40HCL Technologies Ltd. 504.68 1.40NIIT Technologies Ltd. 0.00 0.00

Finance 411.79 1.14LIC Housing Finance Ltd. 411.79 1.14

Media & Entertainment 378.30 1.05Balaji Telefilims Ltd. 378.30 1.05

Telecom-Equipment & Accessories 240.95 0.67Avaya Global Connect Ltd 240.95 0.67



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


Asset Allocation




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




NAV : Rs.

Growth : 51.34

Dividend : 12.50

Benchmark : S & P CNX 500 Corpus : Rs. 361.09 Crores


Investment Period

Total Investment

(Rs.)




S&P CNX 500

S&P CNX 500

Since Inception 55000 135488 113811 41.07 32.72

Last 3 years 36000 62972 52465 40.13 26.19

Last 1 year 12000 15026 14246 50.68 37.05


Large

Mid

Small

Investment Style




Birla Dividend Yield Plus - Growth S&P CNX 500

% R

etu

rns 25.65

31.65

42.8340.30

41.94

45.35

0

5

10

15

20

25

30

35

40

45

50


1.21%

2.24%

2.36%

2.91%

3.15%

3.54%

3.59%

3.63%

5.80%

6.30%

7.22%

7.54%

8.72%

11.86%

14.77%

15.15%


Ferrous Metals

Oil

Chemicals

Power

Transportation

Hardware

Paper

Auto

Industrial Products

Fertilisers

Other Equity

Pharmaceuticals


Petroleum Products

Banks




Birla Cash Plus


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



Date of inception /takeover : June 16,1997

Load Structure

Entry Load :

Exit Load : NIL

NIL

Benchmark : Crisil Liquid Fund Index


Average Maturity : 0.23 Years


Asset Allocation

Rating Profile



NAV : Rs.Retail Growth : 20.9130Retail Dividend : 16.3694Institutional Growth : 21.0717Institutional Dividend : 10.8023Institutional Plan - Weekly Dividend Option : 10.8111Institutional Plan - Fortnightly Dividend Option : 10.8253Institutional Premium Plan - Growth : 12.3905Institutional Premium Plan - Dividend : 10.0195Institutional Premium Plan - Weekly Div. Option : 10.0266Institutional Premium Plan - Fortnightly Div. Option : 10.0000Institutional Premium Plan - Monthly Dividend : 10.0041

Portfolio

** Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 8.82%.

Money Market Instruments 352338.33 37.04Union Bank of India 47319.89 4.98 A1+ICICI Bank Ltd. 45458.47 4.78 A1+UCO Bank Ltd. 43009.39 4.52 P1+Punjab National Bank 38252.36 4.02 P1+Reliance Capital Ltd. 32159.93 3.38 A1+The Jammu and Kashmir Bank Ltd. 24355.80 2.56 P1+Punjab National Bank 19329.24 2.03 F1+Federal Bank Ltd. 11113.71 1.17 P1+ING Vysya Bank Ltd. 9834.08 1.03 P1+Tata Motors Ltd. 8286.00 0.87 P1+Allahabad Bank 7484.83 0.79 PR1+State Bank of Mysore 7326.82 0.77 A1+National Housing Bank 5634.02 0.59 A1+Apollo Tyres Ltd. 4921.41 0.52 P1+State Bank of Saurashtra 4836.90 0.51 P1+Yes Bank Ltd. 4339.38 0.46 A1+State Bank of Travancore 3609.57 0.38 A1+State Bank Of Bikaner And Jaipur 3452.58 0.36 P1+HCL Infosystems Ltd. 3445.43 0.36 A1+Standard Chartered Bank 3250.06 0.34 P1+Supreme Industries Ltd. 2998.61 0.32 P1Housing Development Finance Corp. Ltd. 2946.39 0.31 P1+Tata Motors Ltd. 2617.37 0.28 P1+Export-Import Bank of India 2492.98 0.26 P1+Rabo India Finance Private Ltd. 2407.10 0.25 P1+Rico Auto Industries Ltd. 1978.98 0.21 A1+Sundaram Finance Ltd. 1885.51 0.20 P1+NRB Bearing Ltd. 1493.37 0.16 P1+State Bank of Saurashtra 1051.15 0.11 A1+Canara Bank 1027.54 0.11 P1+DIC India Ltd. 991.55 0.10 P1+Century Enka Ltd. 984.33 0.10 P1+Kotak Mahindra Bank Ltd. 705.69 0.07 P1+IDBI Bank 666.83 0.07 A1+Karnataka Bank Ltd. 599.15 0.06 A1+ABN Amro Bank 71.86 0.01 P1+

Floating Rate Instruments 158693.23 16.68

Housing Development Finance Corp. Ltd. 23491.71 2.47 AAAHousing Development Finance Corp. Ltd. 16604.21 1.75 LAAACitiFinancial Consumer Finance India Ltd 15900.00 1.67 AAAICICI Securities Ltd. 12500.00 1.31 P1+Infrastructure Development Finance Co. 12500.00 1.31 LAAALIC Housing Finance Ltd. 7566.15 0.80 AAAVidesh Sanchar Nigam Ltd. 7500.00 0.79 P1+Industrial Development Bank of India Ltd 6503.21 0.68 AA+Raymond Ltd. 5200.00 0.55 PR1+BHPC Auto Sec Trust Aug 2005 Series B1 4748.53 0.50 AAA(SO)Indian Railway Finance Corporation Ltd. 4692.82 0.49 AAACiticorp Finance India Ltd. 4000.00 0.42 AAAAxis Bank Ltd. 3880.20 0.41 LAA+Mahindra & Mahindra Finance Ltd 3800.00 0.40 P1+Berger Paints India Ltd 3700.00 0.39 P1+ICICI Bank Ltd. 3300.00 0.35 AAAPower Finance Corp. Ltd. 2823.49 0.30 AAAICICI Bank Ltd. 2503.02 0.26 CARE AAAMotherson Sumi Systems Ltd. 2500.00 0.26 A1+Rabo India Finance Private Ltd. 2500.00 0.26 AAAHero Honda Finlease Ltd. 2500.00 0.26 P1+United Phosphorus Ltd. 2400.00 0.25 AAInfrastructure Development Finance Co. 2001.40 0.21 AAAIndustrial Development Bank of India Ltd 1527.65 0.16 CARE AA+Cholamandalam Investments & Finance Ltd. 1500.00 0.16 LAA(SO)Cholamandalam Investments & Finance Ltd. 1000.00 0.11 MAA+ICICI Securities Ltd. 500.00 0.05 AAAKotak Mahindra Prime Ltd. 500.00 0.05 P1+Union Bank of India 473.27 0.05 AA+NM180Bps BHPC AutoSecTrust Sep04 SrA7 77.57 0.01 LAAA

Securitised Debt 45359.81 4.77Credit Asset Trust Sr -XI Hutch 2008 ** 24608.08 2.59 F1(SO)Ind Cor Loan Sec Sr XLIXNS(A1) 13 MAR 08 ** 4811.46 0.51 A1+(SO)Corporate Loan Sec Sr 26 Trust 2008 (A2) ** 3912.46 0.41 P1+(SO)GPL Loan Trust Series I (GLENMAK PHARM) ** 2470.46 0.26 F1+(SO)Collateralised Debt Tr Sr.15(A1) LIC ** 2306.53 0.24 P1+(SO)Loan Rec Tr Sep 07 Sr A1 19-Sep-2008 ** 1516.71 0.16 P1+(SO)BHPC Auto Sec Trust Aug 2005 Series B2 ** 1349.43 0.14 AAA(SO)

Indian Ret ABS 78 Ser A1 (26 FEB 08) ** 1280.42 0.13 A1+(SO)Ind Cor Loan Sec Sr-Xlviii A2 11-SEPT-08 ** 476.92 0.05 A1+(SO)BHPC Auto Sec Trust 15 Oct 2008 ** 469.23 0.05 AAA(SO)Collateralised Debt Tr Sr V1-A2 25Apr08 ** 358.34 0.04 P1+(SO)Indian Corp Loan Sec Tr Sr 28 A2 27Apr08 ** 345.95 0.04 P1+(SO)Corporate Loan Securi Series 2 Trust2008 ** 332.62 0.03 P1+(SO)Ind Cor Loan Sec Sr XLIXNS(A2) 13 MAR 08 ** 222.27 0.02 A1+(SO)Indian Retail ABS Trust Series 56 (A1X) ** 211.04 0.02 AAA(SO)Collateralised Debt Tr Sr.15(A2) LIC ** 199.57 0.02 P1+(SO)Corporate Loan Sec Tr Sr-V A1 (HCL) 2008 ** 183.06 0.02 A1+(SO)Auto Receivable Trust Aug 2005 Series A1 ** 132.80 0.01 AAA(SO)Corporate Loan Sec Sr 26 Trust 2008 (A1) ** 107.46 0.01 P1+(SO)GoldStar Trust July 2004 Series A2 PTC ** 49.51 0.01 AAA(SO)India Infrastructure Developers Limited ** 7.91 0.00 AAA(SO)UBLTrust Sr.10 (A3) - OCT 07 ** 7.40 0.00 AAA(SO)Indian Retail ABS Trust Series XXV - A2 ** 0.16 0.00 AAA(SO)

Corporate Debt 36007.93 3.79Kotak Securities Ltd. ** 5502.18 0.58 A1+Investmart Financial Services Ltd. ** 5000.00 0.53 A1+Mahindra & Mahindra Financial Ser. Ltd. ** 4700.00 0.49 P1+Ballarpur Industries Ltd. ** 3500.00 0.37 UNRATEDCholamandalam Investments & Finance Ltd. ** 3000.00 0.32 A1+Dewan Housing Finance Corporation Ltd ** 2505.99 0.26 P1+Glenmark Pharmaceuticals Ltd. ** 2500.00 0.26 UNRATEDHindalco Industries Ltd. ** 2323.61 0.24 AAHousing Development Finance Corp. Ltd. ** 1994.04 0.21 AAATata Sons Ltd. ** 1491.20 0.16 AAAIL&FS Investmart Limited ** 1006.06 0.11 F1+Citicorp Maruti Finance Ltd. ** 1004.73 0.11 AAACanbank Factors Ltd. ** 1000.00 0.11 P1+Tata Steel Ltd. ** 480.12 0.05 AA+

PSU/PFI Bonds/Banks 2510.52 0.26National Bank for Agri. & Rural Devt. ** 2510.52 0.26 AAA






High Med LowInterest Rate

Sensivity

High

Mid

Low

Credit Quality

@MFR 1 by ICRA

Birla Cash Plus - Institutional PlanOpen Ended Liquid Schemes - Institutional Plan (13 Schemes), 3 Yrs ended 31-Dec-06

#iiiiiValue Research Rating

Birla Cash Plus - Institutional PremiumDebt: Ultra Short-term Institutional (50 Schemes), 18 month ended 30-Sept-07


Birla Cash Plus - RetailDebt: Ultra Short-term (50 Schemes), 18 month ended 30-Sept-07

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

Liquid Scheme (24 Schemes), 1 Yrs ended 30-June-07

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

Liquid Super Institutional Scheme (15 Schemes), 1 Yrs ended 30-June-07

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

Liquid Institutional Scheme (13 Schemes), 1 Yrs ended 30-June-07

+mfA1+ by ICRABirla Cash Plus Fund

@The grading has been assigned by ICRA and indicates highest quality. The investment quality is similar to that of fixed income obligations of highest safety and with maturity corresponding upto 1 year. This grading should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns. 21

Birla Cash Plus - Retail - Growth Crisil Liquid Fund Index

O c t o b e r 2 0 0 7


% R

etu

rns

7.17

7.68

7.087.43

6.35

7.32

5.68

0

1

2

3

4

5

6

7

8

9

15 days 1 Month 3 Months Since Inception

0.26%

3.79%

4.77%

16.68%

37.04%

37.45%

PSU/PFI Bonds/Banks

Corporate Debt

Securitised Debt


Money Market Instruments


5.01%

37.04%

56.91%

AA


AAA

O c t o b e r 2 0 0 7

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

availability of distributable surplus




Portfolio

**Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 70.86%

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


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

NAV : Rs.

Payment / Growth : 21.1166

Dividend : 11.5833


Entry Load :

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

/ switched out with in 90 days

from the date of allotment.

> 10 Lakhs: Nil

NIL

Benchmark : CRISIL MIP Blended

IndexCorpus : Rs. 137.06 Crores



Asset Allocation

Rating Profile

Corporate Debt 4217.39 30.77

LIC Housing Finance Ltd. ** 1472.04 10.74 AAA

Housing Development Finance Corp. Ltd. ** 1187.63 8.66 AAA

Great Eastern Shipping Company Ltd. ** 915.06 6.68 AAA

Sundaram Finance Ltd. ** 642.65 4.69 AA+

PSU/PFI Bonds/Banks 3577.10 26.10

National Bank for Agri & Rural Devp. ** 1408.10 10.27 AAA

Power Finance Corporation Ltd. ** 1314.20 9.59 AAA

State Bank of India ** 478.17 3.49 AAA

Power Grid Corporation of India Ltd. ** 376.62 2.75 AAA

Securitised Debt 1900.03 13.86

UBL Trust Ser.40 31 May 2008 ** 1525.59 11.13 F1+(SO)

Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010 ** 374.45 2.73 AAA(SO)

EQUITY 1834.55 13.38


Radico Khaitan Ltd 155.38 1.13

ITC Ltd. 151.76 1.11






Pfizer Ltd. 128.76 0.94

Novartis India Ltd. 124.44 0.91


Chambal Fertilisers & Chemicals Ltd 87.38 0.64




Reliance Energy Ltd. 36.17 0.26

Power Grid Corporation of India Ltd. ** 18.36 0.13

Government Bond 922.57 6.73

Govt Bond 7.49%2017 922.57 6.73 Sovereign

Mutual Fund Units 33.90 0.25

Birla Fixed Term Debt Fund Ser 3 -36 B 33.90 0.25







Sensivity

High

Mid

Low

Credit Quality

Birla MIP - Growth Crisil MIP Blended Index

22

% R

etu

rns


Birla MIPHybrid: Monthly Income (39 Schemes), 3 & 5 years ended 30-Sept-07


13.35

10.6610.93

11.52

10.159.71

9.97

0

2

4

6

8

10

12

14

16


0.25%

6.73%

8.90%

13.38%

13.86%

26.10%

30.77%

Mutual Fund Units

Government Bond


Equity

Securitised Debt

PSU/PFI Bonds/Banks

Corporate Debt

4.69%

6.73%

8.90%

13.64%

66.04%

AA

Sovereign


Equity & MF

AAA

O c t o b e r 2 0 0 7

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

to availability of distributable surplus




Portfolio


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


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

NAV : Rs.Growth : 27.7232Monthly Dividend : 11.1820Quarterly Dividend : 11.8310


Entry Load :

Exit Load : For redemption / switch out of

units within 12 months from the

date of allotment: 1%

NIL





Asset Allocation

Rating Profile



Reliance Industries Ltd. ** 1404.57 9.01 AAA


CitiFinancial Consumer Finance India Ltd. ** 517.87 3.32 AAA





Export-Import Bank of India ** 1212.94 7.78 AAA

Infrastructure Development Fin. Co. Ltd. ** 203.32 1.30 AAA


EQUITY 2107.13 13.51



HCL Technologies Ltd. 149.90 0.96



Trent Ltd. 143.44 0.92





ETC Networks Ltd. 120.30 0.77

Cipla Ltd. 109.44 0.70

Pritish Nandy Communications Ltd. 100.56 0.64


Nestle India Ltd. 68.17 0.44

Gujarat Gas Co. Ltd. 59.78 0.38

Rashtriya Chemicals & Fertilizers Ltd. 57.15 0.37


Power Grid Corporation of (I) Ltd. ** 19.66 0.13

United Breweries Ltd. 19.09 0.12

Magnasound India Ltd. ** 0.00 0.00



India Infrastructure Developers Limited ** 118.64 0.76 AAA(SO)

Fleet Trust July 2004 A2 Series ** 8.99 0.06 AAA(SO)

Fleet Trust April 2004 Series ** 1.67 0.01 AAA(SO)









Sensivity

High

Mid

Low

Credit Quality

CRISIL~CPR 1^^Birla Sun Life Monthly Income

MIP Conservative Scheme (9 Schemes) Yrs ended 30-June-07, 2

#iiiiiValue Research Rating

Birla Sun Life Monthly Income PlanHybrid: Monthly Income (39 Schemes) Yrs ended 30-Sept-07, 3 & 5

Birla SunLife MIP - Growth Crisil MIP Blended Index

23


% R

etu

rns

13.72

11.4511.98

13.22

10.159.71

9.97

0

2

4

6

8

10

12

14

16


4.05%

10.61%

11.29%

13.51%

28.51%

32.02%

Government Bond

Securitised Debt


Equity

PSU/PFI Bonds/Banks

Corporate Debt

1.90%

4.05%

11.29%

13.51%

69.24%

AA

Sovereign


Equity

AAA

O c t o b e r 2 0 0 7

24


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




Portfolio


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


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

NAV : Rs.


Dividend : 11.5543


Entry Load :

Exit Load : For redemption / switch out of

units within 12 months from the

date of allotment: 1%

NIL





Asset Allocation

Rating Profile




Great Eastern Shipping Company Ltd. ** 457.53 4.06 AAA







EQUITY 2114.37 18.76






ITC Ltd. 132.79 1.18

Radico Khaitan Ltd 131.04 1.16


HCL Technologies Ltd. 123.82 1.10

Pfizer Ltd. 116.17 1.03

Novartis India Ltd. 113.30 1.01

Subros Ltd. 98.37 0.87

Chambal Fertilisers & Chemicals Ltd 87.38 0.78

ZF Steering Gear (India) Ltd. 84.66 0.75




Ballarpur Industries Ltd. 54.64 0.48

Tata Chemicals Ltd. 29.87 0.27



Reliance Energy Ltd. 24.11 0.21

Power Grid Corporation of (I) Ltd. ** 14.29 0.13

KCP Ltd. 9.58 0.09





Govt Bond 7.61% Oil Company 2015 175.75 1.56 Sovereign


Birla Fixed Term Debt Fund Ser 3 -36 B 33.90 0.30







Sensivity

High

Mid

Low

Credit Quality

Birla MIP - Wealth 25 - Growth Crisil MIP Blended Index


Birla MIP II Wealth 25 PlanHybrid: Monthly Income (39 Schemes), 3 & 5Yrs ended 30-Sept-07


% R

etu

rns

12.77 12.95

12.17

10.159.71

8.58

0

2

4

6

8

10

12

14


0.30%

5.87%

9.02%

12.16%

18.76%

23.91%

29.97%

Mutual Fund Units

Government Bond

Securitised Debt


Equity

PSU/PFI Bonds/Banks

Corporate Debt

5.87%

8.87%

12.16%

19.07%

54.04%

Sovereign

AA


Equity

AAA

O c t o b e r 2 0 0 7

25


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

availability of distributable surplus



Portfolio

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


Fund Manager : Mr. Satyabrata Mohanty & Mr. Ajay GargDate of inception/takeover : May 22, 2004

NAV : Rs.


Dividend : 10.1267


Entry Load :

Exit Load : NIL

NIL





Asset Allocation

Rating Profile

Money Market Instruments 406.10 63.47

ICICI Bank Ltd. 310.88 48.59 A1+

UCO Bank 95.23 14.88 P1+





Sensivity

High

Mid

Low

Credit Quality

Birla MIP - Savings 5 - Growth Crisil MIP Blended Index

% R

etu

rns


Birla MIP II - Savings 5 PlanHybrid: Monthly Income (39 Schemes), 3 & 5Yrs ended 30-Sept-07


7.91

6.566.17

10.159.71

8.58

0

2

4

6

8

10

12


36.53%

63.47%



36.53%

63.47%


AAA

O c t o b e r 2 0 0 7

26

Birla Asset Allocation Fund


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

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


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

Date of inception / takeover : February 24, 2004NAV : Rs.Aggressive PlanGrowth : 24.1591Dividend : 24.1591Conservative PlanGrowth : 15.5528Dividend : 15.5528Moderate PlanGrowth : 20.5566Dividend : 20.5566

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

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

Investment Performance - Aggressive Plan


Investment Performance - Moderate Plan


Investment Performance - Conservation Plan






Birla Advantage Fund 256.22 29.20

Birla Midcap Fund 244.24 27.84

Birla Sun Life New Millennium Fund 153.97 17.55

Birla Dynamic Bond Fund 77.99 8.89

Birla Sun Life Income Fund - Growth 48.89 5.57

Birla Sunlife Short Term Fund - Growth 36.36 4.14

Birla Gilt Plus Inv 9.06 1.03





















#iiiiValue Research RatingBirla Asset Allocation Fund - Aggressive

Equity: Diversified (189 Schemes), 3 & 5 Yrs ended 30-Sept-07


Birla Asset Allocation Fund - ModerateHybrid: Equity-oriented (32 Schemes), 5 Yrs ended 30-Sept-073 &


Birla Asset Allocation Fund - ConservativeHybrid: Debt-oriented (32 Schemes), 5 Yrs ended 30-Sept-073 &

Corpus

Aggressive Plan : Rs. 8.77 Crores

Moderate Plan : Rs. 4.84 Crores

Conservative Plan : Rs. 5.19 Crores

Benchmark

Aggressive Plan : S&P CNX Nifty

Moderate Plan : Crisil Balanced Fund Index

Conservative Plan : Crisil MIP Blended Index


Sensivity

High

Mid

Low


Sensivity

High

Mid

Low


Sensivity

High

Mid

Low

Credit Quality Credit Quality Credit Quality

Birla AAF - Aggressive Plan - Growth S&P CNX Nifty Birla AAF - Moderate Plan - Growth Crisil Balanced Fund Index Birla AAF - Conservative Plan - Growth Crisil MIP Blended Index


% R

etu

rns

% R

etu

rns

% R

etu

rns

15.0814.55

13.07

10.159.71

7.74

0

2

4

6

8

10

12

14

16


25.3726.37

22.20

26.40 26.53

20.70

0

5

10

15

20

25

30


29.51

33.41

27.81

40.0642.75

32.60

0

5

10

15

20

25

30

35

40

45


O c t o b e r 2 0 0 7

27

Birla Sun Life Income Fund




Portfolio


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


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

NAV : Rs.

Growth : 27.8264

Half Yearly - Dividend : 10.9213

Quarterly Dividend : 10.5295

54 EA Growth : 27.8069

54 EA Dividend : 12.2531

54 EB Growth : 27.6318

54 EB Dividend : 12.2661




Asset Allocation

Rating Profile



State Bank of Indore ** 500.05 6.92 AAA


GE Money Financial Services Ltd. ** 455.12 6.30 AAA

CitiFinancial Consumer Finance India Ltd ** 258.93 3.58 AAA

Treasury Bills 1971.68 27.28

182 Day TBill 14 Dec 2007 1971.68 27.28Sovereign


Tata Sons Ltd. 460.34 6.37 P1+

Allahabad Bank 287.55 3.98 PR1+

State Bank of Saurashtra 191.12 2.64 A1+

State Bank of Indore 98.81 1.37 P1+



National Bank for Agri & Rural Devp ** 401.68 5.56 AAA



India Infrastructure Developers Limited ** 65.91 0.91 AAA(SO)

Fleet Trust April 2004 Series ** 0.67 0.01 AAA(SO)






Benchmark : CRISIL Composite

Bond Fund Index


Entry Load :




> 10 Lakhs: Nil

NIL


Sensivity

High

Mid

Low

Credit Quality

CRISIL~CPR 1^^Birla Sun Life Income Fund

Income Scheme (17 Schemes), 2 Yrs ended 30-June-07

Birla SunLife Income Fund - Growth Crisil Composite Bond Fund Index

#iiiiValue Research Ratingi

Birla Sun Life Income FundDebt: Medium Term (51 Schemes), Yrs ended 30-Sept-073


% R

etu

rns

11.56

6.92 6.92

10.16

5.28

4.49

5.09

0

2

4

6

8

10

12

14


0.92%

11.68%

14.36%

15.13%

27.28%

30.63%

Securitised Debt

PSU/PFI Bonds/Banks



Treasury Bills

Corporate Debt

15.13%

27.28%

57.59%


Sovereign

AAA

O c t o b e r 2 0 0 7

28

Birla Sun Life Short Term Fund




Portfolio

Asset Allocation

Rating Profile

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


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

NAV : Rs.Growth : 14.0871Monthly Dividend : 10.5738Fortnightly Dividend : 10.0455


Entry Load :

Exit Load : 0.25% for redemption / switch-out

of units within fifteen (15) days


NIL

Benchmark : CRISIL Short-Term

Bond Fund IndexCorpus : Rs. 521.73 Crores




Sensivity

High

Mid

Low

Credit Quality

Money Market Instruments 17108.30 32.79ICICI Bank Ltd. 4677.18 8.96 A1+Tata Sons Ltd. 3454.03 6.62 P1+ING Vysya Bank Ltd. 3411.47 6.54 P1+UCO Bank 2369.00 4.54 P1+Kotak Mahindra Bank Ltd. 1393.15 2.67 P1+Federal Bank Ltd. 552.43 1.06 P1+State Bank of Indore 470.53 0.90 P1+Housing Development Finance Corp. Ltd. 287.02 0.55 A1+Allahabad Bank 206.08 0.39 PR1+Canara Bank 192.06 0.37 P1+Punjab National Bank 95.34 0.18 P1+

Treasury Bills 8377.66 16.06182 DAY T-BILL 07 MAR 2008 3551.73 6.81 Sovereign182 Day TBill 14 DEC 2007 2957.53 5.67 Sovereign182 Day TBill 28 DEC 2007 1868.40 3.58 Sovereign

Corporate Debt 4365.11 8.37GE Money Financial Services Ltd.** 2225.05 4.26 AAA


Housing Development Finance Corp. Ltd.** 1673.98 3.21 AAACitiFinancial Consumer Finance India Ltd ** 466.08 0.89 AAA

Securitised Debt 4230.93 8.11Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010 ** 1123.34 2.15 AAA(SO)Corporate Loan Sec Sr 30 Tr 2008 L&T Finance ** 1046.44 2.01 PR1+(SO)Credit Asset Tr Sr XI (Hutch) 2008 ** 1025.34 1.97 F1+(SO)BHPC AutoSec Trust Jun05-Sr. A3(15OCT08) ** 703.85 1.35 AAA(SO)Auto Receivable Trust- Aug-2005 (Sundaram) ** 331.96 0.64 LAAA(SO)

PSU/PFI Bonds/Banks 3514.72 6.74National Bank for Agri & Rural Devp ** 3514.72 6.74 AAA

Floating Rate Instruments 299.83 0.57Indian Retail ABS Trust Series 50 299.83 0.57 AAA(SO)






Birla Sun Life Short Term FundDebt: Short-term (21 Schemes), 18 months & 3 Yrs ended 30-Sept-07

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

Debt Short Term Scheme (13 Schemes), 1 Yrs ended 30-June-07

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


% R

etu

rns

9.78

6.796.31 6.49

7.03

5.585.27

5.61

0

2

4

6

8

10

12


0.57%

6.74%

8.11%

8.37%

16.06%

27.36%

32.79%


PSU/PFI Bonds/Banks

Securitised Debt

Corporate Debt

Treasury Bills



16.06%

27.36%

56.58%

Sovereign


AAA

O c t o b e r 2 0 0 7

29


Birla Floating Rate Fund

Portfolio - Short Term Plan

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


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

NAV : Rs.Long Term:Growth : 12.8573Dividend : 10.4314Weekly Dividend : 10.0166Short Term:Growth : 12.7879Daily Dividend : 10.0015Weekly Dividend : 10.3796Institutional Plan-Growth : 10.2798Institutional Plan-Daily Dividend : 10.0086Institutional Plan-Weekly Dividend : 10.0126

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

CorpusLong Term : Rs. 236.77 CroresShort Term : Rs. 114.19 Crores

Average MaturityLong Term : 0.24 YearsShort Term : 0.11 Years


Investment Performance - Long Term Plan


Investment Performance - Short Term Plan

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

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

Portfolio - Long Term Plan

Money Market Instruments 12610.50 53.26ING Vysya Bank Ltd. 4916.89 20.77 P1+State Bank of Patiala 2407.44 10.17 A1+Union Bank of India 2405.88 10.16 P1+ICICI Bank Ltd. 1913.81 8.08 A1+Sundaram Finance Ltd. 966.48 4.08 P1+

Floating Rate Instruments 9776.49 41.29Kotak Mahindra Bank Ltd. 5000.00 21.12 P1+LIC Housing Finance Ltd. 1976.49 8.35 AAAIndustrial Development Bank of India Ltd 1000.00 4.22 AA+Housing Development Finance Corp. Ltd. 1000.00 4.22 AAASundaram Finance Ltd. 800.00 3.38 LAA+

Corporate Debt 298.75 1.26Citicorp Finance India Ltd. ** 298.75 1.26 AAA






Floating Rate Instruments 9315.64 81.58Industrial Development Bank of India Ltd 2015.23 17.65 AA+LIC Housing Finance Ltd. 2000.41 17.52 AAAKotak Mahindra Prime Ltd. 2000.00 17.52 P1+Citicorp Finance India Ltd. 1500.00 13.14 AAAHousing Development Finance Corp. Ltd. 1000.00 8.76 AAACitiFinancial Consumer Finance India Ltd 500.00 4.38 AAAICICI Bank Ltd. 200.00 1.75 AAAUnited Phosphorous Ltd. 100.00 0.88 AA

Money Market Instruments 571.35 5.00UCO Bank 571.35 5.00 P1+



Load Structure :

Long Term (Incl. for SIP)

Entry Load : Nil

Exit Load : For any redemption / switch out of

units within 7 days from the date

of allotment :- 0.10%

Short Term

Entry Load : NIL

Exit Load : NIL


Sensivity

High

Mid

Low

Credit Quality

+mfAAA by ICRABirla Floating Rate Fund

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

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


% R

etu

rns

% R

etu

rns

7.507.80

6.88

5.856.35

7.32

5.685.27

0

1

2

3

4

5

6

7

8


8.24

6.425.99

7.34

5.835.27

0

1

2

3

4

5

6

7

8

9


4.19%

7.60%

88.21%


AA

AAA

1.26%

4.19%

41.29%

53.26%

Corporate Debt




5.00%

13.41%

81.58%




13.41%

18.52%

68.06%


AA

AAA

Birla Sun Life Liquid Plus(Earlier known as Birla B Plus)ond




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


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

Retail Plan : November 27, 2001

Institutional Plan : April 16, 2003NAV : Rs.Insititutional Plan- Daily Dividend : 10.0068Insititutional Plan- Weekly Dividend : 10.0189 Institution Plan- Monthly Dividend : 10.0823 Institutional Growth : 14.6158Institutional Dividend : 10.4986Retail - Monthly Dividend : 10.0738 Retail - Weekly Dividend : 10.0182Retail Fortnightly Dividend : 11.2766 Retail Growth : 14.4548


Entry Load :

Exit Load : For redemption / switch out

of units within seven days

from the date of allotment:

0.10%

NIL

Benchmark : CRISIL Short-Term

Bond Fund Index




Asset Allocation

Rating Profile


Sensivity

High

Mid

Low

Credit Quality

*AAAf by CRISILBirla Sun Life Liquid Plus

Portfolio

Money Market Instruments 358359.05 63.53ICICI Bank Ltd. 122103.78 21.65 A1+Power Finance Corporation Ltd. 35639.84 6.32 P1+Union Bank of India 20706.43 3.67 A1+Industrial Development Bank of India Ltd 19710.85 3.49 A1+Allahabad Bank 15290.20 2.71 PR1+State Bank of Saurashtra 14511.79 2.57 P1+Deutsche Bank 14496.75 2.57 P1+Union Bank of India 12803.87 2.27 P1+Canara Bank 11544.17 2.05 P1+Punjab National Bank 10498.85 1.86 P1+State Bank of Saurashtra 9812.60 1.74 A1+Karnataka Bank Ltd. 8887.35 1.58 A1+Housing Development Finance Corp. Ltd. 8802.03 1.56 A1+Industrial Development Bank of India Ltd 6703.26 1.19 P1+GE Money Financial Services Ltd. 4931.52 0.87 P1+Rabo India Finance Pvt. Ltd. 4841.16 0.86 P1+Punjab National Bank 4825.13 0.86 F1+UCO Bank 4601.64 0.82 P1+SBI Cards & Payment Services Ltd 4448.96 0.79 P1+Hongkong And Shanghai Banking Corporatio 3623.44 0.64 F1+Godrej & Boyce Manufacturing Co. Ltd. 2977.14 0.53 P1+Axis Bank Ltd. 2485.35 0.44 P1+Edelweiss Securities Ltd. 2410.03 0.43 P1+Tata Motors Ltd. 2191.34 0.39 P1+Apollo Tyres Ltd. 1977.98 0.35 P1+OCL India Ltd. 1974.34 0.35 A1+ABN Amro Bank 1597.08 0.28 P1+Tata Sons Ltd. 1151.34 0.20 P1+Redington (India) Ltd. 989.20 0.18 P1+State Bank of Indore 941.06 0.17 P1+Shoppers Stop Ltd. 494.80 0.09 P1+GE Capital Services India Ltd. 385.74 0.07 P1+

Corporate Debt 54866.64 9.73L&T Finance Ltd. ** 13500.00 2.39 UnratedSRSR Holdings Pvt. Ltd. ** 11000.00 1.95 Unrated

Rabo India Finance Pvt. Ltd. ** 5000.00 0.89 P1+Orient Paper & Industries Ltd. ** 5000.00 0.89 UnratedHousing Development Finance Corp. Ltd. ** 4258.60 0.75 AAAReliance Capital Ltd ** 4000.00 0.71 A1+Ballarpur Industries Ltd. ** 2500.00 0.44 F1+United Phosphorus Ltd. ** 2500.00 0.44 UnratedRanbaxy Holding Company ** 1600.00 0.28 UnratedSundaram Finance Ltd. ** 1532.48 0.27 AA+Canbank Factors Ltd. ** 1500.00 0.27 P1+Tata Sons Ltd. ** 1087.34 0.19 AAASundaram Finance Ltd. ** 1014.26 0.18 LAAGE Money Financial Services Ltd. ** 353.98 0.06 AAACitiFinancial Consumer Finance India Ltd ** 19.98 0.00 AAA

Securitised Debt 39278.33 6.96Vel Trust Series I Hutch 2008 ** 12115.25 2.15 A1+(SO)Corporate Loan Sec Sr A2 LIC 06JUN08 ** 10226.24 1.81 P1+(SO)Corporate Loan Sec Sr.29(A2) Trust 2008 ** 4696.51 0.83 A1+(SO)GE Cap Ser (I) KGL Loan Tr Sr A2 21Oct07 ** 4367.58 0.77 A1(SO)Corporate Loan Sec Sr 27 Trust 2008 (A2) ** 4018.93 0.71 P1+(SO)Corporate Loan Sec Sr 30 Tr 2008 L&T Finanace ** 1278.98 0.23 PR1+(SO)Loan Sec Trust Sr XVI NTPC (ICICI Bank) ** 1088.49 0.19 AAA(SO)Loan Sec Trust SrXII NTPC (ICICI) ** 917.86 0.16 AAA(SO)Corporate Loan Sec Sr.29(A1) Trust 2008 ** 381.12 0.07 A1+(SO)Corporate Loan Sec Sr 30 A1 2008 L&T Finance ** 187.36 0.03 PR1+(SO)

PSU/PFI Bonds/Banks 11727.72 2.08National Bank for Agri & Rural Devp ** 10727.67 1.90 AAAInfrastructure Development Fin. Co. Ltd. ** 1000.05 0.18 AAA

Floating Rate Instruments 3099.25 0.55Indian Retail ABS Trust Series 50 1599.10 0.28 AAA(SO)Tata Sons Ltd. 1500.15 0.27 AAA






30

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

O c t o b e r 2 0 0 7


% R

etu

rns

7.42

6.386.16

6.51

7.03

5.585.27

0

1

2

3

4

5

6

7

8


0.55%

2.08%

6.96%

9.73%

17.14%

63.53%


PSU/PFI Bonds/Banks

Securitised Debt

Corporate Debt



0.45%

5.96%

17.14%

76.45%

AA

Unrated


AAA

Birla Dynamic Bond Fund


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


Date of inception / takeover : September 27, 2004

NAV : Rs.

Retail Growth : 11.9579

Retail Quarterly Dividend : 10.4452


Entry Load :

Exit Load : NIL

NIL

Benchmark : CRISIL Composite Bond Fund Index




Investment PerformancePortfolio


Money Market Instruments 515.15 46.98ICICI Bank Ltd. 515.15 46.98 A1+

PSU/PFI Bonds/Banks 50.65 4.62ICICI Bank Ltd.** 50.65 4.62 AAA

Corporate Debt 49.69 4.53CitiFinancial Consumer Finance India Ltd ** 49.69 4.53 AAA





Fund Manager : Mr. Maneesh Dangi


Sensivity

High

Mid

Low

Credit Quality

Asset Allocation

Rating Profile


Birla Bond Index Fund

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


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

NAV : Rs.

Growth : 12.0124

Dividend : 10.0837

Load Structure (Incl. for SIP):Entry Load :Exit Load : £ Rs 10 lakhs: 0.25% if redeemed

/ switched out with in 90 days from the date of allotment.> 10 Lakhs: Nil

NIL

Benchmark : CRISIL Composite Bond Fund Index




Investment Performance Asset Allocation

Rating Profile

Portfolio


PSU/PFI Bonds/Banks 19.52 43.81Oriental Bank of Commerce ** 9.90 22.21 AA+Power Finance Corporation Ltd. ** 9.62 21.59 AAA

Treasury Bills 17.46 39.19182 Day T-Bill 07 Mar 2008 17.46 39.19 Sovereign

Government Bond 2.05 4.60Govt Bond 9.39% 2011 2.05 4.60 Sovereign






Sensivity

High

Mid

Low

Credit Quality

31

Birla Bond Index Fund - Growth Crisil Composite Bond Fund Index

Birla Dynamic Bond Fund - Retail - Growth

Crisil Composite Bond Fund Index

O c t o b e r 2 0 0 7

O c t o b e r 2 0 0 7

% R

etu

rns

% R

etu

rns

#iiValue Research Ratingii

Birla Dynamic Bond Fund - RetailDebt: Medium Term (52 Schemes), 18 months 3 Yrs ended 30-Sept-07 &


7.56

6.14

5.28

4.37

0

1

2

3

4

5

6

7

8


5.52

4.594.26

5.28

4.49

4.06

0

1

2

3

4

5

6


4.53%

4.62%

43.87%

46.98%

Corporate Debt

PSU/PFI Bonds/Banks



43.87%

56.13%


AAA

4.60%

12.40%

39.19%

43.81%

Government Bond


Treasury Bills

PSU/PFI Bonds/Banks

12.40%

21.59%

22.21%

43.79%


AAA

AA

Sovereign

O c t o b e r 2 0 0 7

32

Birla Income Plus




Portfolio


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


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

NAV : Rs.

Growth : 32.7282

Dividend : 10.4606

Benchmark : CRISIL Composite

Bond Fund IndexCorpus : Rs. 437.04 Crores



Asset Allocation

Rating Profile



Housing Development Finance Corp. Ltd.** 3487.80 7.98 AAA

CitiFinancial Consumer Finance India Ltd ** 2589.33 5.92 AAA

GE Money Financial Services Ltd. ** 2022.77 4.63 AAA

State Bank of Indore ** 2000.21 4.58 AAA

Sundaram Finance Ltd. ** 1521.39 3.48 LAA



Citicorp Finance India Ltd. ** 298.75 0.68 AAA

Kotak Mahindra Prime Ltd. ** 274.43 0.63 LAA

Mahindra & Mahindra Financial Serv. Ltd. ** 254.20 0.58 AA+

Cholamandalam DBS Finance Ltd.** 197.16 0.45 AA+

Hindalco Industries Ltd. ** 99.04 0.23 AA

Reliance Industries Ltd. ** 73.92 0.17 AAA


Power Finance Corporation Ltd.** 3280.04 7.51 AAA

National Bank for Agri & Rural Devp ** 2504.41 5.73 AAA

Power Grid Corporation of India Ltd. ** 503.05 1.15 AAA


Oriental Bank of Commerce ** 44.55 0.10 AA+



ICICI Bank Ltd. 2755.57 6.31 A1+

ING Vysya Bank Ltd. 1462.02 3.35 P1+

Tata Sons Ltd. 1380.99 3.16 P1+

State Bank of Saurashtra 191.12 0.44 A1+











Entry Load :




> 10 Lakhs: Nil

NIL


Sensivity

High

Mid

Low

Credit Quality

Birla Income Plus - Growth Crisil Composite Bond Fund Index


Birla Income PlusDebt: Medium-term (51 Schemes), 3 yrs ended 30-Sept-07


% R

etu

rns

9.51

5.886.20

10.44

5.28

4.49

5.09

0

2

4

6

8

10

12


5.33%

10.47%

12.45%

13.25%

14.72%

43.78%

Government Bond

Securitised Debt



PSU/PFI Bonds/Banks

Corporate Debt

5.33%

6.64%

12.45%

75.58%

Sovereign

AA


AAA

O c t o b e r 2 0 0 7

33

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




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

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


Fund Manager : Mr. Satyabrata MohantyDate of inception/takeover : May 14, 1998

NAV : Rs.

Retail Growth : 19.0873

Daily Dividend : 10.0030

Institutional Premium Growth : 12.9860

Institutional Premium Weekly Dividend : 10.0102

Weekly Dividend : 10.0099

Load Structure

Entry Load :

Exit Load : NIL

NIL

Benchmark : Crisil Liquid Fund Index Corpus : Rs. 173.55 Crores



Asset Allocation

Rating Profile

Portfolio


Karnataka Bank Ltd. 3495.03 20.14 A1+

ICICI Bank Ltd. 2915.55 16.80 A1+

State Bank of Mysore 973.79 5.61 P1+

ABN Amro Bank 898.36 5.18 P1+

Industrial Development Bank of India Ltd 494.39 2.85 P1+

State Bank of Patiala 492.33 2.84 A1+



Floating Rate Instruments 5000.00 28.81

Kotak Mahindra Bank Ltd. 5000.00 28.81 P1+




Sensivity

High

Mid

Low

Credit Quality

Birla SunLife Cash Manager - Growth Crisil Liquid Fund Index

AAAf by CRISIL*Birla Sun Life Cash Manager


% R

etu

rns

6.89

7.32

6.847.13

6.35

7.32

5.68

0

1

2

3

4

5

6

7

8


17.78%

28.81%

53.41%




17.78%

82.22%


AAA

Birla Sun Life Government Securities Fund


Portfolio - Short Term PlanPortfolio - Long Term Plan

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



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

Long Term Plan

Growth : 20.3844

Dividend : 10.0609

Short Term Plan

Growth : 16.4100

Dividend : 10.1696


Entry Load :

Exit Load : NIL

NIL

Benchmark

Long Term Plan : I-Sec Li-BEX

Short Term Plan : I-Sec Si-BEX

CorpusLong Term Plan : Rs. 1.72 CroresShort Term Plan : Rs. 0.36 Crores

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

Long Term - Investment Style Box

Long Term Plan - Investment Performance


Asset Allocation - Long Term Plan

Short Term Plan - Investment Performance


Asset Allocation - Short Term Plan








Sensivity

High

Mid

Low

Short Term - Investment Style Box


Sensivity

High

Mid

Low

Credit Quality Credit Quality


Birla Sun Life Government Securities Fund - Short Term PlanGilt: Short-term (16 Schemes), 18 months & 3 Yrs ended 30-Sept-07

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

34

O c t o b e r 2 0 0 7


% R

etu

rns

% R

etu

rns

5.37

4.06

6.32

9.40

7.20

5.78

7.56

0

1

2

3

4

5

6

7

8

9

10


7.57

4.75

4.30

6.45

7.13

6.06 6.03

0

1

2

3

4

5

6

7

8


100%Cash & Current Assets 100%Cash & Current Assets

Birla Gilt Plus


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



Date of inception / takeover : October 12, 1999NAV : Rs.Liquid PlanGrowth : 18.7598Quarterly Dividend : 10.5400Annual Dividend Option : 11.6163PF PlanGrowth : 21.3650Quarterly Dividend : 10.3734Annual Dividend Option : 19.8416Regular PlanGrowth : 24.5908Quarterly Dividend : 11.0934Annual Dividend Option : 22.9190

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

within 365 days from date of allotment.

CorpusLiquid Plan : Rs. 13.57 CroresPF Plan : Rs. 64.39 CroresRegular Plan : Rs. 76.35 Crores

Average MaturityLiquid Plan : 0.02 YearsPF Plan : 5.57 YearsRegular Plan : 2.40 Years


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

Investment Performance - Liquid Plan


Investment Performance - PF Plan


Investment Performance - Regular Plan


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

Treasury Bills 98.34 7.25

182 Day TBill 28 DEC 2007 98.34 7.25 Sovereign




Government Bond 2,268.96 35.24Govt Bond 8.23% FCI SB 2027 1,786.79 27.75 Sovereign5.48% GOI 2009 12-June2009 482.18 7.49 Sovereign

Treasury Bills 970.15 15.07182 DAY T-BILL 07 MAR 2008 970.15 15.07 Sovereign





Govt Bond 8.23% FCI SB 2027 945.95 12.39 Sovereign




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


Sensivity

High

Mid

Low

Credit Quality


Birla Gilt Plus - Liquid PlanGilt: Short-term (16 Schemes), 18 months & 3 Yrs ended 30-Sept-07

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

Gilt Scheme (15 Schemes), 2 Yrs ended 30-June-07


Birla Gilt Plus - Regular PlanGilt: Medium & Long-term (43 Schemes), 18 months & 3 Yrs ended 30-Sept-07


Birla Gilt Plus - PF PlanGilt: Medium & Long-term (43 Schemes), 18 months & 3 Yrs ended 30-Sept-07

@MFR 1 by ICRABirla Gilt Plus - Liquid Plan

Open Ended Gilt Schemes - ShortTerm(12 Schemes), 3 Yrs ended 31-Dec-06

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

Bond Indian Rupee-Government, 5 Yrs ended 31-Dec-06

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

35

O c t o b e r 2 0 0 7


% R

etu

rns

% R

etu

rns

% R

etu

rns

6.78

5.866.17

8.22

7.13

6.06 6.03

0

1

2

3

4

5

6

7

8

9


5.044.71

6.74

10.00

7.20

5.78

7.56

0

2

4

6

8

10


8.39

6.22

7.82

11.96

7.20

5.78

7.56

0

2

4

6

8

10

12

14


7.25%

92.75%

Treasury Bills


15.07%

35.24%

49.69%

Treasury Bills

Government Bond


12.39%

87.61%

Government Bond


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


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

Portfolio

Investment via sub-fund, India Advantage (Offshore) Fund, are stated at market/fair value at the date of determination. Securities listed on a recognised stock exchange are valued at the last quoted closing price on the principal exchange on which the security istraded Non-traded securities are valued at amortised cost and/or fair value as determined in good faith by Birla Sun Life Asset Management Company Limited, India, Conversion Rate: 1 USD = INR 39.74

Asset Allocation

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


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

NAV $ per Class C Share : 232.59 Benchmark : BSE Sensex and MSCI (India)

Bloomberg Ticker Code : INDADVC MPAUM : USD Million214.96Conversion Rate 1 USD : INR 39.74


Investment Performance CAGR Returns (%)

Infosys Technologies Ltd. Software 7,875,283.09 4.02United Phosphorus Ltd. Pesticides 5,058,857.87 2.58Satyam Computers Services Ltd. Software 3,624,781.08 1.85Bharat Heavy Electricals Ltd. Industrial Capital Goods 12,975,840.19 6.63Mcdowell Holdings Ltd. Consumer Non Durables 412,867.61 0.21ITC Ltd. Consumer Non Durables 6,402,513.43 3.27Tata Motors Ltd. Auto 2,242,027.55 1.14Power Grid Copn Ltd. Power 264,735.48 0.14Punj Lloyd Ltd Engineering 1,089,808.76 0.56Tata Consultancy Services Ltd Software 4,148,288.88 2.12Subex Systems Ltd. Software 3,247,791.06 1.66Larsen & Toubro Ltd. Construction 5,520,452.94 2.82Nagarjuna Construction Co. Ltd. Construction 1,911,046.80 0.98ICICI Bank Ltd. Banks 5,618,054.86 2.87Apollo Tyres Ltd. Tyres & Rubber 2,951,685.96 1.51Housing Development Finance Corporation Ltd. Finance 2,543,784.60 1.30Indraprastha Gas Oil & Gas 4,825,242.39 2.46Oil & Natural Gas Corporation Ltd. Oil & Gas 3,262,596.79 1.67Reliance Industries Ltd. Petroleum Products 15,311,852.04 7.82United Spirits Ltd. Consumer Non Durables 7,028,485.15 3.59Wockhardt Ltd Pharmaceuticals 4,717,413.19 2.41Bharti Airtel Ltd Telecom 12,031,444.39 6.14Engineers (India) Ltd Industrial Capital Goods 2,253,426.27 1.15Fag Bearings India Ltd. Industrial Products 3,814,534.64 1.95Balaji Telefilms Ltd Media & Entertainment 4,348,500.63 2.22Maharashtra Seamless Ltd Ferrous Metals 5,310,784.27 2.71Indian Overseas Bank Banks & Financial Services 1,292,483.55 0.66Aia Engineering Ltd. Industrial Capital Goods 3,321,534.18 1.70Bharat Electronics Ltd. Industrial Capital Goods 3,240,978.86 1.65Dishman Pharmaceuticals Pharmaceuticals 441,866.23 0.23Reliance Communications Ventures Ltd Telecom 3,094,778.56 1.58Thermax Ltd. Industrial Capital Goods 4,621,986.50 2.36Great Eastern Shipping Ltd Shipping 4,377,239.34 2.24Greaves Cotton Ltd. Industrial Products 2,568,406.27 1.31Ivrcl Infrastructure Construction 2,242,737.80 1.15Union Bank Of India Banks & Financial Services 3,690,464.94 1.88

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

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

Bombay Dyeing Ltd. Chemicals 1,751,590.61 0.89Gammon India Ltd. Construction 2,567,243.89 1.31Bharti Shipyard Shipping 3,095,346.97 1.58Spice Communications Communications 1,421,228.37 0.73Dabur India Ltd Consumer Non Durables 2,224,390.42 1.14India Cements Ltd Cement 3,873,334.71 1.98Great Offshore Ltd. Shipping 2,854,586.51 1.46Oriental Bank Of Commerce Banks & Financial Services 4,388,744.45 2.24Mahindra & Mahindra Ltd. Auto 1,129,460.99 0.58Maruti Udyog Ltd Auto 2,515,223.96 1.28Deccan Chronicleholdings Ltd. Media & Entertainment 1,823,553.10 0.93Tata Iron & Steel Co. Ltd. Ferrous Metals 2,888,707.85 1.48Ultra Tech Cement Ltd Cement 1,956,604.53 1.00

FUTURES & OPTIONSIvrc Infral F Oct-07 53,803.22 0.03

CALL & CALL EQUIVALENTS :CBLO 28-SEP-2007 5,412,479.91 2.76Cash Plus Retail Growth 71.89 0.00

CORPORATE DEBT :Trent Ltd 201,391.24 0.10

TOTAL 195,842,338.78 100.00

OTHER NET ASSETS (SUB FUND) 19,167,639.10

OTHER NET ASSETS (MAIN FUND) -52,100.53

NET ASSETS 214,957,877.36


Large

Mid

Small

Investment Style

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

CISX Mnemonic Code - IAFC

36

O c t o b e r 2 0 0 7

India Advantage Fund BSE Sensex MSCI (India)

% R

etu

rns

0.03%

0.10%

0.14%

0.56%

0.89%

1.51%

2.58%

2.63%

2.76%

2.98%

3.00%

3.15%

3.26%

4.13%

4.19%

5.27%

6.25%

7.82%

8.20%

8.45%

8.95%

9.65%

13.49%

F&O

Trent Ltd-Warrants

Power

Engineering

Chemicals

Tyres & Rubber

Pesticides

Healthcare

Cash & Cash Equivalent

Cement

Auto


Industrial Products

Oil & Gas

Ferrous Metals

Shipping

Construction

Petroleum Products


Telecom

Banks & Financials

Software


49.22

60.78

45.86

42.06

3 Years 5 Years

31.81

16.05

10 Years

32.73

Since Inception

16.02

51.82

45.77

0

10

20

30

40

50

60

70

Morningstar Rating™

iiii

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

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

Birla Sun Life Equity Fund 10-Feb-06 50 5.00 10.00 58.9423-Mar-07 100 10.00 10.00 74.4531-Aug-07 100 10.00 10.00 79.98

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

Birla India GenNext Fund 19-Jun-07 20 2.00 10.00 14.93

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

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

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

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

22-Dec-06 35 3.50 10.00 25.94

Birla Dividend Yield Plus 30-May-03 8 0.80 10.00 11.8413-Jun-03 5 0.50 10.00 10.88

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

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

Birla Dividend Yield Plus 24-Jul-03 12 1.20 10.00 11.6219-Sept-03 18 1.80 10.00 12.0931-Oct-03 10 1.00 10.00 11.8726-Dec-03 15 1.50 10.00 13.9313-Feb-04 10 1.00 10.00 12.5828-Sep-04 8 0.80 10.00 11.5724-Dec-04 14 1.40 10.00 13.7511-Mar-05 10 1.00 10.00 12.85

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

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

30-April-07 8 0.80 10.00 11.20

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

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

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

Birla Sun Life Frontline Equity 27-Feb-06 80 8.00 10.00 28.88Fund 28-Aug-06 60 6.00 10.00 23.56

29-Jun-07 40 4.00 10.00 23.86

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

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

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

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

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

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

EQUITY SCHEMES

Birla Income Plus 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

15-Mar-07 10.00 0.930 0.0930 0.866 0.0866 10.1064

15-Jun-07 10.00 1.529 0.1529 1.423 0.1423 10.2218

17-Sept-07 10.00 0.181 0.0181 0.169 0.0169 10.5704

Birla Bond Index Fund 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

15-Mar-07 10.00 1.546 0.1546 1.440 0.1440 10.2859

15-Jun-07 10.00 1.656 0.1656 1.541 0.1541 10.2706

17-Sept-07 10.00 0.171 0.0171 0.159 0.0159 10.2479

Birla Gilt Plus - Liquid Plan - 26-June-06 10.00 1.294 0.1294 1.205 0.1205 10.7361

(Quarterly Dividend) 15-Dec-06 10.00 1.719 0.1719 1.601 0.1601 10.8382

15-Sep-06 10.00 1.082 0.1082 1.008 0.1008 10.7193

15-Mar-07 10.00 1.725 0.1725 1.607 0.1607 10.7938

15-Jun-07 10.00 1.736 0.1736 1.616 0.1616 10.5511

17-Sept-07 10.00 0.180 0.0180 0.168 0.0168 10.7032

Birla Gilt Plus - PF Plan 26-June-06 10.00 1.403 0.1403 1.307 0.1307 10.6278


15-Sep-06 10.00 1.228 0.1228 1.143 0.1143 10.6422

15-Mar-07 10.00 1.614 0.1614 1.503 0.1503 10.5853

15-Jun-07 10.00 1.677 0.1677 1.561 0.1561 10.3059

17-Sept-07 10.00 0.186 0.0186 0.173 0.0173 10.5930

Birla Gilt Plus - Regular Plan 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-Mar-07 10.00 1.693 0.1693 1.576 0.1576 11.1679

15-Jun-07 10.00 1.990 0.1990 1.852 0.1852 10.9077

17-Sept-07 10.00 0.234 0.0234 0.218 0.0218 11.3762

Birla MIP (Monthly Dividend Plan) 24-Nov-06 10.00 0.581 0.0581 0.541 0.0541 11.2636

29-Dec-06 10.00 0.730 0.0730 0.680 0.0680 11.1921

28-Sept-07 10.00 0.114 0.0114 0.106 0.0106 11.5833

29-Jan-07 10.00 0.641 0.0641 0.597 0.0597 11.0777

# DEBT SCHEMES Date Face Value Dividend Dividend Cum Dividend NAV

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

#Dividend Dividend

Non Corporate Corporate

DEBT SCHEMES

O c t o b e r 2 0 0 7

Dividend History(For select Schemes)

37

Birla MIP (Monthly Dividend Plan) 23-Feb-07 10.00 0.578 0.0578 0.538 0.0538 10.9987

30-Mar-07 10.00 0.733 0.0733 0.683 0.0683 10.9307

27-April-07 10.00 0.565 0.0565 0.526 0.0526 10.9373

25-May-07 10.00 0.551 0.0551 0.513 0.0513 11.0276

29-Jun-07 10.00 0.672 0.0672 0.625 0.0625 10.2218

27-July-07 10.00 1.120 0.1120 1.043 0.1043 11.5403

31-Aug-07 10.00 0.958 0.0958 0.892 0.0892 11.4063

28-Sept-07 10.00 0.114 0.0114 0.106 0.0106 11.5833

Birla MIP II - Savings 5 Plan

(Monthly Dividend Plan) 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 0.0510 0.475 0.0475 10.1447

23-Feb-07 10.00 0.460 0.0460 0.429 0.0429 10.1587

30-Mar-07 10.00 0.590 0.0590 0.550 0.0550 10.1626

27-April-07 10.00 0.458 0.0458 0.426 0.0426 10.0990

25-May-07 10.00 0.458 0.0458 0.426 0.0426 10.125226-Jun-07 10.00 0.777 0.0777 0.723 0.0723 10.1314

27-July-07 10.00 0.885 0.0885 0.823 0.0823 10.2320

31-Aug-07 10.00 0.852 0.0852 0.793 0.0793 10.2163

26-Sept-07 10.00 0.065 0.0065 0.060 0.0060 10.1926

Birla MIP II - Wealth 25 Plan 27-Oct-06 10.00 0.562 0.0562 0.524 0.0524 11.3081

(Monthly Dividend Plan) 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

23-Feb-07 10.00 0.604 0.0604 0.563 0.0563 11.0966

30-Mar-07 10.00 0.763 0.0763 0.711 0.0711 10.9953

27-April-07 10.00 0.587 0.0587 0.546 0.0546 10.9890

25-May-07 10.00 0.629 0.0629 0.585 0.0585 11.0915

29-Jun-07 10.00 0.756 0.0756 0.704 0.0704 11.2535

27-July-07 10.00 1.126 0.1126 1.048 0.1048 11.5658

31-Aug-07 10.00 0.962 0.0962 0.895 0.0895 11.3493

28-Sept-07 10.00 0.113 0.0113 0.105 0.0105 11.5543

Birla Sun Life Monthly Income - 31-Oct-06 10.00 0.730 0.0730 0.680 0.0680 10.8531

Monthly Dividend 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

23-Feb-07 10.00 0.580 0.0580 0.540 0.0540 10.6311

30-Mar-07 10.00 0.482 0.0482 0.449 0.0449 10.5950

30-April-07 10.00 0.496 0.0496 0.461 0.0461 10.6969

31-May-07 10.00 0.673 0.0673 0.626 0.0626 10.8253

29-Jun-07 10.00 0.622 0.0622 0.579 0.0579 10.8480

31-July-07 10.00 1.152 0.1152 1.072 0.1072 11.1562

31-Aug-07 10.00 0.744 0.0744 0.692 0.0692 11.0177

28-Sept-07 10.00 0.135 0.0135 0.125 0.0125 11.1820

Birla Sun Life Monthly Income - 29-Sep-06 10.00 1.666 0.1666 1.552 0.1552 11.2449

Quarterly Dividend 29-Dec-06 10.00 1.686 0.1686 1.571 0.1571 11.1776

30-Mar-07 10.00 1.710 0.1710 1.593 0.1593 11.1777

29-Jun-07 10.00 0.622 0.0622 0.579 0.0579 10.8480

02-July-07 10.00 2.375 0.2375 2.210 0.2210 11.5378

28-Sept-07 10.00 0.286 0.0286 0.266 0.0266 11.8310

Birla Sun Life Income Fund - 15-Sep-06 10.00 1.278 0.1278 1.188 0.1188 10.2664

Quarterly Dividend 15-Dec-06 10.00 1.644 0.1644 0.153 0.0153 10.4492

26-Jun-06 10.00 0.148 0.0148 0.137 0.0137 10.2581

15-Mar-07 10.00 1.552 0.1552 1.446 0.1446 10.3444

15-Jun-07 10.00 1.776 0.1776 1.653 0.1653 10.2632

17-Sept-07 10.00 0.197 0.0197 0.183 0.0183 10.6534

Birla Sun Life Income Fund- 15-Sep-06 10.00 2.960 0.2960 2.750 0.2756 10.7997

Half Yearly Dividend 15-Mar-07 10.00 3.191 0.3191 2.971 0.2971 10.8886

17-Sept-07 10.00 0.376 0.0376 0.350 0.0350 11.2454

Birla Sun Life Govt. Securities - 15-Sep-06 10.00 2.236 0.2236 2.083 0.2083 10.4759

Long Term Dividend 15-Mar-07 10.00 3.113 0.3113 2.899 0.2899 10.481717-Sept-07 10.00 0.316 0.0316 0.294 0.0294 10.3774

Birla Sun Life Govt. Securities - 26-June-06 10.00 1.228 0.1228 1.143 0.1143 10.1985

Short Term Dividend 15-Dec-06 10.00 1.194 0.1194 0.112 0.0112 10.3763

15-Sep-06 10.00 0.978 0.0978 0.911 0.0911 10.1559

15-Mar-07 10.00 1.440 0.1440 1.341 0.1341 10.3702

15-Jun-07 10.00 1.352 0.1352 1.258 0.1258 10.176817-Sept-07 10.00 0.161 0.0161 0.150 0.0150 10.3110

Birla Dynamic Bond Fund - Retail - 29-Dec-06 10.00 1.201 0.1201 1.118 0.1118 10.0964

Quarterly Dividend 30-Mar-07 10.00 1.096 0.1096 1.021 0.1021 10.2424

02-July-07 10.00 2.165 0.2165 2.015 0.2015 10.4540

28-Sept-07 10.00 0.205 0.0205 0.191 0.0191 10.4452

Birla Sun Life Liquid Plus - 31-Aug-07 10.00 0.263 0.0263 0.245 0.0245 10.0500

Institutional Monthly Dividend 28-Sept-07 10.00 0.055 0.0055 0.051 0.0051 10.0823

Birla Sun Life Liquid Plus - 31-Aug-07 10.00 0.596 0.0596 0.554 0.0554 10.0823

Retail Monthly Dividend 28-Sept-07 10.00 0.052 0.0052 0.049 0.0049 10.0738

Birla Sun Life Short Term Fund - 31-Aug-07 10.00 0.708 0.0708 0.659 0.0659 10.5878

Monthly Dividend 28-Sept-07 10.00 0.058 0.0058 0.054 0.0054 10.5738

27-Oct-06 10.00 0.444 0.0444 0.413 0.0413 10.2128

Non Corporate Corporate

DEBT SCHEMES

O c t o b e r 2 0 0 7

Dividend History(For select Schemes)

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

#Dividend Dividend

38

O c t o b e r 2 0 0 7Addendums

39

Extension of New Fund Offer of Birla Sun Life Capital Protection Oriented Fund(A Closed End Capital Protection Oriented Scheme)

Notice is hereby given that the closing date for the New Fund Offer of Birla Sun Life Capital Protection Oriented Fund, a closed end capital protection oriented scheme, has been extended by seven days upto Friday, July 13, 2007. The subscriptions for New Fund Offer of the Birla Sun Life Capital Protection Oriented Fund will be accepted till the close of business hours on Friday, July 13, 2007. Accordingly, the New Fund Offer is open for subscription from Wednesday, June 20, 2007 to Friday, July 13, 2007.

All other terms and conditions of the scheme shall remain unchanged.

Date : July 04, 2007

Addendum to the Offer Document of Birla Sun Life Liquid Plus

Birla Sun Life Asset Management Company Limited has decided to carry out following changes to the Offer Document of Birla Sun Life Liquid Plus (BSLLP), an Open ended Short Term Income Scheme with effect from July 12, 2007.

Introduction of Payout Facility under Weekly Dividend Options:

All other features and terms and conditions of the scheme shall remain unchanged.

This addendum forms an integral part of the Offer Document of the scheme read together with the addenda.Date: July 11, 2007

Plans Existing Option/ Facility New Option/ Facility (w.e.f July 12, 2007)

BSLLP- Institutional Weekly Dividend Option with Weekly Dividend Option with ReinvestmentPlan Reinvestment facility & Payout facility

BSLLP - Retail Plan Weekly Dividend Option with Weekly Dividend Option with Reinvestment Reinvestment facility & Payout facility

Addendum to the Offer Document of Birla Sun Life Short Term Fund

Birla Sun Life Asset Management Company Limited has decided to carry out following changes to the Offer Document of Birla Sun Life Short Term Fund, an Open ended Short Term Income Scheme with effect from July 18, 2007.

A. Introduction of New Options:The details of the option being introduced in Birla Sun Life Short Term Fund is given below:

^ on the next Business Day, if the Friday is not a Business Day.

The Scheme shall declare dividends at the discretion of the Trustee, subject to the availability of distributable surplus.

The Option introduced under the Dividend Plan of Birla Sun Life Short Term Fund will have the same investment objective, portfolio, liquidity, minimum application amount and expense ratio as that of existing plans / options. Since, the option is within an existing portfolio, the Fund does not have any target for minimum subscription amount.

Plan

Options introduced

Offer Price

Dividend Policy

Dividend Plan

Fortnightly Dividend Option with Payout and Reinvestment facility.

Units will be available for purchase to investors at NAV based price.

Option

Fortnightly Dividend Option

Dividend Frequency / Record Date

Second and Fourth Friday^ of the month.

B. Renaming of the existing Option of Birla Sun Life Short Term Fund: In order to reflect the frequency of dividend under the Option, the existing option is being renamed as under:

Existing Name

Birla Sun Life Short Term Fund – Dividend Reinvestment Plan

New Name

Birla Sun Life Short Term Fund – Monthly Dividend Reinvestment Option

C. Introduction of New Facility under Monthly Divdend Plan:The details of the facility being introduced in Birla Sun Life Short Term Fund are given below:

Existing Option / Facility

Birla Sun Life Short Term Fund – Dividend Reinvestment Plan

New Option / Facility

Birla Sun Life Short Term Fund – Monthly Dividend Option with Payout and Reinvestment Facility.

All other features and terms and conditions of the scheme shall remain unchanged.

This addendum forms an integral part of the Offer Document of the scheme read together with the addenda.Date: July 16, 2007

D. Change in Load Structure of Birla Sun Life Short Term Fund:The Load Structure of Birla Sun Life Short Term Fund will be as under:

The revised load structure will be applicable to all investments made on or after July 18, 2007. The AMC reserves the right to increase / decrease / introduce a Load at any time in future on a prospective basis. However, such increase / decrease / introduction would be subject to the limits prescribed under the regulations.

Type of Load Existing Revised (w.e.f. July 18, 2007)

Entry Load Nil No Change

Exit Load Nil For redemption/ switch out of units within fifteen days from the date of allotment: 0.25%

E. Default Plans / Options:In case the investor fails to specify their preference of investment plan / option, the following would apply:

Lack of information

Choice of Plan

Choice of Option / Facility

Default Plan / Option

Growth

Fortnightly Reinvestment Facility

Addendum to the Offer Documents of schemes of Birla Sun Life Mutual Fund

Change in Key Personnel:

Mr. Vineet Maloo, is designated as Fund Manager of Birla Sun Life Asset Management Company Ltd. A brief profile of Mr. Vineet Maloo is given below:

This Addendum forms an integral part of the Offer Documents of all the schemes of Birla Sun Life Mutual Fund read with the addenda issued thereunder.Date: July 17, 2007

Name Age Educational No. of Years Type and Nature of Past BusinessQualification of Experience

Vineet Maloo 26 years B. Com, C.A. 4 years Has around 4 years of experience. He has been providing analytical support to the Chief Financial Officer of Hindalco Industries Limited, prior to which he has worked with Aditya Birla Management Corporation Ltd and M/s. D.K. Chajjer & Co, Chartered Accountants.

Addendum to Offer Document(s)/ Key Information Memorandum cum Application Form(s) of all the schemes of Birla Sun Life Mutual Fund

Investors/ Unitholders are advised to take note of the following changes made to the list of Official Points of Acceptance for Birla Sun Life Mutual Fund.

(A) Change in Address of Existing Official Points of Acceptance for Transactions in all the Schemes of Birla Sun Life Mutual Fund (including for Birla Cash Plus, Birla Sun Life Cash Manager and Birla Floating Rate Fund – Short Term Plan):

Branch Office - Birla Sun Life Asset Management Company Limited:

(B) Addition of new Official Points of Acceptance for Transactions in all the Schemes of Birla Sun Life Mutual Fund (including for Birla Cash Plus, Birla Sun Life Cash Manager and Birla Floating Rate Fund – Short Term Plan):

Investor Service Centers - Computer Age Management Services Pvt. Ltd., Registrar & Transfer Agents:

This Addendum forms an integral part of the Offer Document(s) / Key Information Memorandum cum Application Form(s) of the scheme(s) of Birla Sun Life Mutual Fund read with the addenda issued there under.Date: July 30, 2007

State

Rajasthan

Old Official Point of Acceptance

G-III, Park Saroj, Behind Ashok Nagar Police Station, R-7, Yudhisthir Marg, C-Scheme Jaipur, Rajasthan - 302 001

New Official Point of Acceptance

204, Ganpati Plaza, M.I. Road, Jaipur - 302001

State

Maharashtra

Uttar Pradesh

Tamil Nadu

Maharashtra

Bihar

Tamil Nadu

Address

H. No. 1793 /A, J.B. Road, Near Tower Garden, Dhule - 424 001

City Enclave, Opp. Kumar Nursing Home, Ramghat Road, Aligarh - 202 001

Jailani Complex, 47, Mutt Street, Kumbakonam - 612 001

117 / A / 3 / 22, Shukrawar Peth, Sargam Apartment, Satara - 415 002

Dr. R. P. Road, Khalifabagh Chowk, Bhagalpur - 812 001

215/A, 2nd Floor, R&J Plaza, Thenimain Road, P.P Chavadi, Madurai - 625 016

Effective Date

August 1, 2007

August 1, 2007

August 1, 2007

August 1, 2007

August 1, 2007

August 1, 2007

Name

Laxmikant Gupta

Age

37 years

Educational Qualification

A.C.A, Grad C.W.A., B. Com,

F.R.M.

Nos of Years of Experience

13 years

Type and Nature of Past Experience

He was Head - Risk Management at Franklin Templeton Asset Management Co. Ltd. Prior to this he worked as Head – Fixed Income Division of CRIS RISC Information Services Ltd, as Head – Risk Management at Tata TD Waterhouse Securities Ltd and in Risk Management Function at ICICI Securities & Finance Company Ltd.

Addendum to the Offer Documents of schemes of Birla Sun Life Mutual Fund


Mr. Laxmikant Gupta is appointed as Head - Risk Management of Birla Sun Life Asset Management Company Ltd. A brief profile of Mr. Laxmikant Gupta is given below:

This Addendum forms an integral part of the Offer Documents of all the schemes of Birla Sun Life Mutual Fund read with the addenda issued thereunder.Date: August 1, 2007

ADDENDUM TO OFFER DOCUMENTS OF ALL THE SCHEMES OFBIRLA SUN LIFE MUTUAL FUND

Change in Directorship of Birla Sun Life Asset Management Company Limited (Investment Manager for Birla Sun Life Mutual Fund)

Mr. S.K. Mitra tendered his resignation to act as the Director of Birla Sun Life Asset Management Company Limited with effect from July 31, 2007. In view of the same, the details of Mr. S. K. Mitra be read as deleted from the Offer Document of all the Schemes of Birla Sun Life Mutual Fund.

Mr. Ajay Srinivasan has been appointed as an Additional Director of Birla Sun Life Asset Management Company Limited w.e.f. August 2, 2007. Mr. Ajay Srinivasan is an associate Director.

Details of his age, qualification & experience are as under:

The Board of Directors of Birla Sun Life Trustee Company Pvt. Ltd. approved the appointment of Mr. Ajay Srinivasan as an Additional Director of Birla Sun Life Asset Management Company Limited.

Age

43 years


B.A.(Hons.), St. Stephen's College, Delhi,PGDM, IIM – Ahmedabad

Functions & Experience (past 10 years)

• Chief Executive, Fund Management Asia - Prudential Corpn. Asia (April 2000 to June 2007).• Managing Director- Prudential ICICI Asset Management (February 1998 to December 2000) • Deputy Chief Executive- ITC Threadneedle AMC Ltd (January 1995 to February 1998)


40

Mr. Donald Stewart, associate Director shall act as the Chairman of the Board of Directors of Birla Sun Life Asset Management Company Limited for a term of two years w.e.f. August 13, 2007.

This Addendum forms an integral part of the Offer Document of all the schemes of Birla Sun Life Mutual Fund read with the addenda issued thereunder.Date: August 10, 2007

Addendum to the Offer Document(s) of all the Schemes of Birla Sun Life Mutual Fund

Notice is hereby given to all the unitholders that the paragraph on trusteeship fees contained in the Offer Document(s) of all the Schemes of Birla Sun Life Mutual Fund is changed as under:

Trusteeship Fees

The Trustee Company, shall during the continuance of this Trust, in accordance with the provisions of the Trust Deed dated December 16, 1994, be entitled to receive, in addition to the reimbursement of all costs, charges and expenses, fee @ 0.05% or of the amount being aggregate of the Trust Fund and Unit Capital on 1st April each year or a sum of Rs. 5 lacs per anum apportioned over all the Schemes of Birla Sun Life Mutual Fund, whichever is lower.

This Addendum forms an integral part of the Offer Document(s) of the Schemes of Birla Sun Life Mutual Fund read with the addenda issued there under.Date: August 17, 2007

Addendum to Offer Document(s)/ Key Information Memorandum cum Application Form(s) of the schemes of Birla Sun Life Mutual Fund

Investors / Unitholders are advised to take note of the following changes made to the list of Official Points of Acceptance for Birla Sun Life Mutual Fund.

Addition of new Official Points of Acceptance for Transactions in all the Schemes of Birla Sun Life Mutual Fund (including for Birla Cash Plus, Birla Sun Life Cash Manager and Birla Floating Rate Fund - Short Term Plan):


This Addendum forms an integral part of the Offer Document(s) / Key Information Memorandum cum Application Form(s) of the schemes of Birla Sun Life Mutual Fund read with the addenda issued there under.Date: August 20, 2007

State

Karnataka

Address

13, I Floor, Akkamahadevi Samaj Complex, Church Road, P.J.Extension, Devengere - 577 002.

Addendum to Offer Document(s)/ Key Information Memorandum cum Application Form(s) of the Liquid Schemes of Birla Sun Life Mutual Fund


Addition of new Official Points of Acceptance for Transactions in Liquid Schemes (Birla Cash Plus, Birla Sun Life Cash Manager and Birla Floating Rate Fund Short Term Plan) of Birla Sun Life Mutual Fund:


State

Assam

Andhra Pradesh

Andhra Pradesh

Bihar

Chattisgarh

Gujarat

Gujarat

Gujarat

Gujarat

Gujarat

Harayana

Harayana

Jharkhand

Jammu & Kashmir

Karnataka

Karnataka

Maharashtra

Maharashtra

Maharashtra

Maharashtra

Maharashtra

Madhya Pradesh

Madhya Pradesh

Madhya Pradesh

Address

Old post office lane, A. K. Azad Lane, Rehabari, Guwahati- 781 008

Door No 5-38-44, 5/1 brodipet, Near Ravi Sankar Hotel, Guntur- 522 002st

Shop No14, Boligala Complex, 1 Floor, Door No. 18-8-41B, Near Leela Mahal Circle, Tirumala Byepass Rd, Tirupathi - 517 501

Brahman Toil, Durga Asthan, Gola Road, Muzaffarpur - 842 001

209, Khichariya Complex, Opp IDBI Bank, Nehru Nagar Square, Bhilai - 490 020

305-306, Sterling Point, Waghawadi Road, Opp. HDFC Bank, Bhavnagar- 364 002.

217/218, Manek Centre, P.N. Marg, Jamnagar - 361 001

C/o. CAD House, Siddhivinayak Complex, Tithal Road, F-1, First Floor, Avenue Building, Near R.J.J. School, Valsad–396 001

101, A.P. Tower, B/H, Sardhar Gunj, Next to Nathwani Chambers, Anand- 388 001

111, Pooja Complex, Harihar Chowk, Near GPO, Rajkot- 360 001

B-49, Ist Floor, Nehru Ground, Behind Anupam Sweet House, NIT, Faridhabad - 121 001

205, 2nd Floor, Bldg. No. 2, Munjal Complex, Delhi Road, Rohtak-124 001

HC-3, Ist Floor, City Centre, Sector-4, Bokaro Steel City, Bokaro- 827 004

660- A, Near Digital Wares Lane, Opposite Dushara Ground, Front Gate, Gandhi Nagar, Jammu - 180 004

Academy Annex, First Floor, Opposite Corporation Bank, Upendra Nagar, Manipal - 576 104

No.18A, 1st Floor, Opp. Ganesh Petrol Pump, Parvathi Nagar, Main Road, Bellary- 583103

81, Gulsham Tower, 2nd Floor, Near Panchsheel Talkies, Amaravati - 444 601

Mahaveer Center, Office No: 17, Plot No: 77, Sector 17, Vashi - 400 703

AMD Sofex Office No.7, 3rd Floor, Ayodhya Towers, Station Road, Kolhapur - 416 001

Right Infotech, F-16, II Floor, Golani Market, Jalgaon- 425 001

Dinesh Vasani & Associates, 103 –Harekrishna Complex, Abv IDBI Bank, Nr. Vasant Talkies, Chimnabai Rd, Navasari- 396 445

1st Floor, Singhal Bhavan, Daji Vitthal Ka Bada, Old High Court Road, Gwalior–474 001

975,Chouksey Chambers, Near Gitanjali School, 4th Bridge, Napier Town, Jabalpur - 482 001

Dafria & Co, 81, Bajaj Khanna, Ratlam - 457 001

This Addendum forms an integral part of the Offer Document(s) / Key Information Memorandum cum Application Form(s) of the Liquid Schemes of Birla Sun life Mutual Fund read with the addenda issued there under.Date: August 20, 2007

State

Orissa

Orissa

Orissa

Rajasthan

Rajasthan

Rajasthan

Tamil Nadu

Tamil Nadu

Tamil Nadu

Uttar Pradesh

Uttar Pradesh

Uttar Pradesh

Uttar Pradesh

West Bengal

West Bengal

Address

Near Allahabad Bank, Cantonment Road, Cuttack - 753 001

C/o Raj Tibrewal & Associates, Opp. Town High School, Sansarak Sambalpur - 768 001

B .C. Sen Road, Balasore - 756 001

Shop No.S-5, Second Floor, Swami Complex, Ajmer - 305 001

256A, Scheme No: 1, Arya Nagar, Alwar - 301 001

Shop No.S-5, Second Floor Swami Complex, Ajmer- 305 001

III Floor, Nellai Plaza, 64-D, Madurai Road, Tirunelveli - 627 001

No: 54, Ist Floor, Pillaiyar Koil Street, Thotta Palayam, Vellore- 632 004

Shop No.8 J D Plaza, Opp TNEB Office, Royakotta Road, Hosur- 635 109

207/A-14, Iind Floor, Devika Chamber, RDC, Raj Nagar, Ghazhiabad- 201 002

Shop No. 3, Second Floor, Cross Road, A.D. Chowk, Bank Road, Gorakhpur - 273 001

159/160, Vikas Bazar, Mathura - 281 001

108, Ist Floor, Shivam Plaza, Opposite Eves Cinema, Hapur Road, Meerut - 250 002

Block – G 1st Floor, P C Chatterjee Market Complex, Rambandhu Talab P O Ushagram, Asansol - 713 303.

399, G T Road, Opposite of Talk of the Town, Burdwan- 713 101

Addendum to Offer Document(s)/ Key Information Memorandum cum Application Form(s) of the schemes of Birla Sun Life Mutual Fund.


Change in Address of Existing Official Points of Acceptance for Transactions in all the Schemes of Birla Sun Life Mutual Fund (including for Birla Cash Plus, Birla Sun Life Cash Manager and Birla Floating Rate Fund Short Term Plan):


State

Andhra Pradesh

Gujarat

Gujarat

Harayana

Jharkhand

Karnataka

Karnataka

Kerala

Kerala

Maharashtra

Punjab

Address

102, First Floor, Jade Arcade, Paradise Circle, Secunderabad, Andhra Pradesh- 500 003

Office No 2, Ahura –Mazda Complex, First Floor, Sadak Street, Timalyawad, Nanpura, Surat- 395 001

109 – Silver Line, Besides World Trade Centre, Sayajigunj, Vadodara - 390 005

83, Devi Lal Shopping Complex, Opp ABN Amro Bank, G.T.Road, Panipat- 132 103

Millennium Tower, Room No: 15, First Floor, R- Road, Bistupur, Jamshedpur- 831 001

206 & 207, 1st Floor, 'A' Block, Kundagol Complex, Opp Court, Club Road, Hubli- 580 029

No. G 4 & G 5, Inland Monarch, Opp. Karnataka Bank, Kadri Main Road, Kadri, Mangalore- 575 003

40 / 9633 D, Veekshanam Road, Near International Hotel, Cochin- 682 035.

R S Complex, Opposite of LIC Building, Pattom PO, Trivandrum- 695 004

Varsha Bungalow, 1st Floor, Near Rungtha High School 493, Ashok Stambh, Nasik- 422 001

Deepak Towers, SCO 154-155, 1st Floor, Sector 17-C, Chandigarh- 160 017

This Addendum forms an integral part of the Offer Document(s) / Key Information Memorandum cum Application Form(s) of the schemes of Birla Sun life Mutual Fund read with the addenda issued there under.Date: August 22, 2007

Rajasthan

Tamil Nadu

Tamil Nadu

Tamil Nadu

Uttar Pradesh

Uttar Pradesh

West Bengal

West Bengal

G-III, Park Saroj, Behind Ashok Nagar Police Station, R-7, Yudhisthir Marg, C-Scheme, Jaipur - 302 001

199/1, Brough Road, Near Sivaranjani Hotel, Erode - 638 001

Grd Flr No.178/10, Kodambakkam High Rd, Opp.Hotel Palmgrove, Nung ambakkam, Chennai-600 034

Old # 66 New # 86, Lokamanya Street (West), Ground Floor, R.S.Puram, Coimbatore - 641 002

Off # 4, 1st Floor, Centre Court Building, 3/c, 5 - Park Road, Hazratganj, Lucknow- 226 001

No.7, Ist Floor, Bihari Bhawan, 3, S.P. Marg, Civil Lines, Allahabad- 211 001

4/2,Bengal Ambuja Housing Development Ltd, Grd Floor, City Centre, Dist. Burdwan, Durgapur-713 216.

LORDS Building, 7/1,Lord Sinha Road, Ground Floor, Kolkata-700 071

Addendum to the Offer Documents of all schemes of Birla Sun Life Mutual Fund


Mr. Sanjay Chawla and Mr. Naysar Shah are designated as Fund Managers of Birla Sun Life Asset Management Company Limited (BSLAMC).

A brief profile of Mr. Sanjay Chawla and Mr. Naysar Shah is given below:

Name

Sanjay Chawla

Age

41 years


Master of Management

Studies (MMS)


13 years


Has over 13 years of experience in Equity Research. Prior to joining BSLAMC, he worked as Equity Research Analyst with SBI Capital Markets, Motilal Oswal Securities, IDBI Capital Markets, SMIFS Securities, IIT InvestTrust & Lloyds Securities.

Naysar Shah

29 years CA, CFA 7 years Has over 7 years of experience in research & Finance. Prior to joining BSLAMC, he worked as Research Analyst in Asia Star Capital, SSKI Investor Services (Sharekhan), Prime Securities & Rosy Blue Securities.


41

Addendum to the Offer Documents / Key Information Memorandum of the Schemes of Birla Sun Life Mutual Fund.


Mr. Jayesh Gandhi, Fund Manager, has ceased to be a part of Birla Sun Life Asset Management Company Ltd. In view of the same, all the references to Mr. Jayesh Gandhi are deleted from the Offer Documents and Key Information Memorandum of Birla Sun Life Mutual Fund.

The Fund management responsibilities of the following Schemes of Birla Sun Life Mutual Fund have been reassigned with immediate effect. The details of the same are given hereunder:

This Addendum forms an integral part of the Offer Document/ Key Information Memorandum of the aforesaid schemes of Birla Sun Life Mutual Fund read with the addenda issued thereunder. All other terms and conditions of the schemes shall remain unchanged.Date: September 12, 2007

S. No. Name of the Scheme Fund Manager

1 Birla Sun Life Buy India Fund Ajay Garg

2 Birla India Opportunities Fund Atul Penkar

3 Birla Sun Life New Millenium Fund Atul Penkar

4 Birla Advantage Fund A. Balasubramaniam

5 Birla MNC Fund A. Balasubramaniam

6 Birla Sun Life Long Term Advantage Fund - Series I Mahesh Patil

7 Birla Equity Plan Sanjay Chawla

8 Birla India GenNext Fund A. Balasubramaniam / Sanjay Chawla

9 Birla Midcap Fund A. Balasubramaniam / Sanjay Chawla

10 Birla Tax Plan '98 Ajay Garg

11 Birla Sun Life Capital Protection Oriented Fund Satyabrata Mohanty / Naysar Shah

12 Birla MIP II - Savings 5 Plan Satyabrata Mohanty / Ajay Garg

13 Birla Dynamic Bond Fund Maneesh Dangi

14 Birla Gilt Plus Maneesh Dangi

15 Birla Sun Life Government Securities Fund Maneesh Dangi

16 Birla Sun Life Cash Manager Satyabrata Mohanty

17 Birla Cash Plus - Sweep Plan Satyabrata Mohanty

Collection Bank Location Address

HDFC Bank Bhilai Chauhan Estate, G.E Road , Supela, Bhilai - 490 023

Sambalpur Nayapara, Golbazar Chowk, Sambalpur -768 001

ABN AMBRO Bank Mumbai Brady House, 14, Veer Nariman Road, Fort, Mumbai - 400 023

Pune 327, Mahatma Gandhi Road, Pune Camp, Pune - 411 001

Nasik 21, Krushinagar, College Road, Nasik - 422 005

New Delhi Hansalaya Bldg, 15, Barakhamba Road, New Delhi - 110 001

Kolkata Azimganj House, Units 3-5, 7 Camac Street, Kolkata - 700 017

Baroda 7, Alkapuri, Off R C Dutt Road, Baroda - 390 007

Ahmedabad VIVA Complex, Primal Char Rasta, Ahmedabad - 380 006

Surat KG House, Upper Ground Floor, Gohd dhod Road, Off Parle Point, Surat - 395 007

Bangalore Prestige Towers, Ground floor, 99/100, Residency Road, Bangalore - 560 025

Mangalore Maximus Commercial Complex, Light House, Hill Road, Mangalore - 575 001

Hyderabad 6-3-248/1/1a, Road No 1, Banjara Hills, Hyderabad - 500 034

Salem 103/1D5 Sriram Nagar, Saradha College Rd, Salem - 636 016

Tirupur 1st Floor, No. 48, Kangeyam Road, Tirupur - 641 604

Chennai 19/1, Haddows Road, Chennai - 600006

Lucknow 31/93, MG Marg, Lucknow - 226 001

Moradabad GF 1, Parshvanath Plaza No. II, Neelgiri Commercial Complex, Delhi Road, Moradabad - 244 001

Udaipur Shubh Appt , Ground Floor, Plot No. 99, L-Road, Verma Circle, Opp. Collector Bungalow,

Bhupalpura, Udaipur - 313 001

Panipat Show Room No. 1196/7 (Part), Opp. N K Tower, Near I B College, G T Road, Panipat - 132 103

ADDENDUM TO THE OFFER DOCUMENT/KEY INFORMATION MEMORANDUM OF BIRLA SUN LIFE INTERNATIONAL EQUITY FUND

CHANGE IN THE LIST OF COLLECTION CENTRES:

Investors are advised to take note of the following additions made to the List of Collection Centres [during New Fund Offer (NFO) period] for Birla Sun Life International Equity Fund, an Open-ended diversified Equity Scheme with effect from September 19, 2007.

All other terms & conditions of the Scheme will remain unchanged.

This addendum forms an integral part of the Offer Document / Key Information Memorandum of Birla Sun Life International Equity Fund as amended from time to time.Date: September 19, 2007

Addendum to Offer Document(s) of all the Schemes of Birla Sun Life Mutual Fund

Ms. Sharmila Ranade, Compliance Officer will cease to be a part of Birla Sun Life Asset Management Company Ltd with effect from September 25, 2007.

Mr. Laxmikant Gupta, Vice President – Risk Management has been designated as Compliance Officer of Birla Sun Life Mutual Fund with effect from September 25, 2007. A brief profile of Mr. Laxmikant Gupta is given below:

In view of the same, all the references relating to the Compliance Officer in the Offer Documents of Schemes of Birla Sun Life Mutual Fund stands changed accordingly with effect from September 25, 2007.

This Addendum forms an integral part of the Offer Document(s) of all the Schemes of Birla Sun Life Mutual Fund read with the addenda issued thereunder.Date: September 22, 2007

Name

Laxmikant Gupta

Age

37 years


A.C.A, Grad C.W.A., B. Com, F.R.M.


14 years


He was worked as Head - Risk Management at Franklin Templeton Asset Management Co. Ltd for four years. Prior to this he worked as Head – Fixed Income Division of CRIS RISC Information Services Ltd, as Head – Risk Management at Tata TD Waterhouse Securities Ltd and in Risk Management Function at ICICI Securities & Finance Company Ltd.

This Addendum forms an integral part of the Offer Documents of all the schemes of Birla Sun Life Mutual Fund read with the addenda issued thereunder.Date: August 27, 2007



(B) Addition of new Official Points of Acceptance for Transactions in all the Schemes of Birla Sun Life Mutual Fund:


State

Haryana

Karnataka

Maharashtra

Uttar Pradesh

Effective Date

September 10, 2007

September 10, 2007

September 10, 2007

September 10, 2007

Address

124-B/R Model Town, Yamunanagar -135 001

13, I Floor, Akkamahadevi Samaj Complex, Church Road, P.J. Extension, Devengere - 577 002

Opp. RLT Science College, Civil Lines, Akola- 444 001

2-C, Radheyshyam Enclave, Behind Vikas Bhawan, Civil Lines, Bareilly – 243 001

(A) Addition of new Official Points of Acceptance for Transactions in all the Schemes of Birla Sun Life Mutual Fund:

Branch Office - Birla Sun Life Asset Management Company Limited:

State

Harayana

Jharkhand

Maharashtra

Rajasthan

Tamil Nadu

Uttar Pradesh

Uttar Pradesh

Uttranchal

Effective Date

September 10, 2007

September 10, 2007

September 10, 2007

September 10, 2007

September 10, 2007

September 10, 2007

September 10, 2007

September 10, 2007

Address

617,Galleria Commercial Complex, DLF City Phase IV, Gurgoan- 122 002.

4th Floor, 4/1, Aditya Towers, Bistupur, Jamshedpur – 831 001.

6th Floor, Landmark, Wardha Road, Ramdaspeth, Nagpur – 440 012.

209-210, 2nd floor, Daulat Chambers, Sardarpura, Udaipur – 331 001.

215/A, 2nd Floor, R&J Plaza, Thenimain Road, P.P Chavadi , Madurai – 625 016.

F/1, Kailash Tower, Sanjay Place, Agra – 282 002.

Arihant Complex, 3rd Floor, D-9/127, C-4, Sigra, Varanasi – 221 010.

97, India Trade Center, Raipur Road, Dehradun – 248 001.

(C) Change in Address of Existing Official Points of Acceptance for Transactions in all the Schemes of Birla Sun Life Mutual Fund with immediate effect:


This Addendum forms an integral part of the Offer Document(s) / Key Information Memorandum cum Application Form(s) of the scheme(s) of Birla Sun Life Mutual Fund read with the addenda issued there under.Date: September 7, 2007

State

Tamil Nadu


171-E Sheshiyar Complex, First Floor, Agraharm Street,


197, Seshaiyer Complex, Agraham Street, Erode- 638 001

Type of Load

Entry Load

Revised (w.e.f. October 3, 2007)

No Change

Existing

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

Exit Load For Purchase / switch in of units upto and including Rs. 5 crore in value, an Exit load of 0.50% is payable if the units are Redeemed/Switch out within six months form the date of allotment.For Purchase / switch in of units, greater than 5 crores in value, no exit load is payable.

NIL

NOTICE

NOTICE IS HEREBY GIVEN THAT the load structure of Birla Sun Life New Millennium Fund, Birla Advantage Fund, Birla Infrastructure Fund, Birla Balance, Birla MNC Fund, Birla Sun Life Buy India Fund, Birla Sun Life Basic Industries, Birla India Opportunities Fund and Birla Dividend Yield Plus has been revised by Birla Sun Life Asset Management Company Limited (Investor Manager for Birla Sun Life Mutual Fund) with effect from October 3, 2007 as under:

The revised load structure will be applicable to all investments made on or after October 3, 2007. The AMC reserves the right to increase / decrease / introduce a Load at any time in future on a prospective basis subject to the limits prescribed under the SEBI (Mutual Fund) regulations.

All other features and terms and conditions of the said Schemes shall remain unchanged.

This addendum forms an integral part of the Offer Document issued for the respective Schemes read with the addenda.Date: October 1, 2007


42

This Addendum forms an integral part of the Offer Document(s) / Key Information Memorandum cum Application Form(s) of the scheme(s) of Birla Sun Life Mutual Fund read with the addenda issued there under.Date: October 8, 2007

(B) Addition of new Official Points of Acceptance for Transactions in all the Schemes of Birla Sun Life Mutual Fund:

Investor Service Centers: Computer Age Management Services Pvt. Ltd., Registrar & Transfer Agents:

State

Maharashtra

West Bengal

Gujarat

Andhra Pradesh

Effective Date

October 10, 2007

October 10, 2007

October 10, 2007

October 10, 2007

Address

203 – A, Mutha Chambers, Old Vasant Talkies, Market Yard Road, Ahmednagar – 414 001

AA 101, Prafulla Kanan, Sreeparna Appartment, Ground Floor, Kestopur - 700 101

1st floor, Silver Complex, S. T. Road, Porbandar – 360 575.

C/o D. Niranjana Chary & Associates, H.No.7-1-257, Upstairs S.B.H, Mankammathota, Karimnagar - 505 001

State

Bihar


Kamlalaye Shobha Plaza, 1st Floor, Near Ashiana Tower, Exhibition Road, Patna - 800 001


Kamalalaye Shobha Plaza, Ground Floor, Near Ashiana Tower, Exhibition Road, Patna - 8000001



(A) Change in Address of Existing Official Points of Acceptance for Transactions in all the Schemes of Birla Sun Life Mutual Fund with effect from October 10, 2007:

Investor Service Centers: Computer Age Management Services Pvt. Ltd., Registrar & Transfer Agents:

Addendum to the Offer Document of Schemes of Birla Cash Plus, Birla Sun Life Cash Manager and Birla Floating Rate Fund - Short Term Plan

Saturday – Non- Business Day

Birla Sun Life Mutual Fund vide an addendum dated December 28, 2006 declared 'Saturday' as a limited business day for acceptance of application for purchases and additional purchases in the following Scheme(s)/Plan(s): • Birla Cash Plus • Birla Sun Life Cash Manager and • Birla Floating Rate Fund - Short Term Plan

As advised by AMFI/SEBI, Birla Sun Life Mutual Fund declares 'Saturday' as a non-business day effective from October 6, 2007 in respect of the above mentioned Scheme(s)/Plan(s). Thus, as a uniform industry practice 'Saturday' shall be a non-business day for all the Scheme(s)/Plan(s) of Birla Sun Life Mutual Fund.

All other terms and conditions of the aforesaid Scheme(s)/Plan(s) shall remain unchanged.

This Addendum forms an integral part of the Offer Document(s)/ Key Information Memorandum(s) for the aforesaid Scheme(s) read with the addenda issued thereunder. Date: October 4, 2007

O c t o b e r 2 0 0 7Methodology of Ranking

#Value Research Ratings

@ ICRA – Ranking Methodology and Disclaimer

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

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

^^Crisil CPR – Ranking Methodology & Disclaimer

The Ratings are a Composite Measure of historical Risk-Adjusted Returns. For Equity and Hybrid Funds, Ratings for the two time periods (3 and 5 years) are combined to give a single assessment of each fund’s risk rating vis-à-vis other funds in the category. For Debt funds and Long & Medium-term Gilt funds, the Ratings are arrived at by combining the assessment for 2 time periods (18 months and 3 years), based on weekly risk-adjusted performance. For Short-term and Ultra Short-term debt funds and Short-term Gilt funds, the Ratings are based on 18-month weekly risk-adjusted performance, relative to the other funds in category. Entry/Exit Loads not considered.5-stars indicate that fund is in top 10% of its category. 4-stars indicate that fund is in next 22.5% of its category. Following is the number of schemes in each category: Equity Diversified (189), Equity: Index (22), Equity Tax Planning (29), Hybrid: Equity Oriented (32), Hybrid: Debt-oriented (32), Hybrid: Monthly Income (39), Debt: MT (51), Debt: ST (21), Debt: Ultra ST (50), Debt: Ultra ST-Inst. (50), Debt: Floating Rate ST (14) Debt: Floating Rate LT (13), Gilt: Medium and LT (43), Gilt: ST (16). Fund Ratings are as on 30 September ’07. Ranking Source: Mutual Funds Insight.

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

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

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

Birla Sun Life Frontline Equity Fund: CRISIL~CPR 1 - Large Cap Oriented Equity Scheme Category (26 Schemes). Birla Sun Life Income Fund: CRISIL~CPR 1 - Income Scheme Category (17 Schemes).Birla Sun Life Short Term Fund: CRISIL~CPR 1 - Debt ST Scheme Category (13 Schemes).Birla Cash Plus: Institutional Premium: CRISIL~CPR 2 - Liquid Super Inst. Scheme Category (16 Schemes).

Birla Sun Life Equity Fund: CRISIL~CPR 2 - in Diversified Equity Scheme Category (60 schemes)Birla Sun Life Tax Relief ‘96: CRISIL~CPR 2 - ELSS Category (14 schemes)Birla Cash Plus - Retail: CRISIL~CPR 2 - Liquid Scheme Category (24 schemes)Birla Cash Plus - Institutional: CRISIL~CPR 2 - Liquid Inst. Scheme Category (13 schemes)Birla Gilt Plus – Regular Plan: CRISIL~CPR 2 - Gilt Scheme Category (15 schemes)Birla Sun Life Monthly Income: CRISIL~CPR 1 - MIP Conservative Scheme Category (9 schemes)Birla Midcap Fund: CRISIL~CPR 2 - Diversified Equity Scheme Category (60 Schemes)Birla MIP - Growth: CRISIL~CPR 2 - MIP Conservative Scheme Category (9 Schemes)CRISIL~Composite Performance Ranking - (CRISIL~CPR) is the relative performance ranking of mutual fund schemes within the peer group. The criteria used for computing the ranking are AUM in excess of category cut-off limits & portfolio disclosure and performance in case of Liquid Plans, Floating Rate and Debt-Short funds – Last 1 years; All other Schemes – Last 2 years. Fund Ratings are as on 30 June ’07. Ranking is done on the following parameters depending on scheme category.

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

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

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

& Lipper Awards 2007 – Ranking Methodology & Disclaimer

@@ S & P Fund Management Rating

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

BIRLA SUN LIFE AMC LTD. BRANCHES

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

fer to sell/ purchase or as an invitation or solicitation to do so for any securities of any entity, and further,

Statutory Details: Constitution: Birla Sun Life Mutual Fund (BSLMF) has been set up as a Trust under the Indian Trust Act, 1882. Sponsors: Aditya Birla Nuvo Limtied and Sun Life (India) AMC Investments Inc. (liability restricted to seed corpus of Rs. 1 Lac). Trustee: Birla Sun Life Trustee Company Pvt. Ltd. Investment Manager: Birla Sun Life Asset Management Company Ltd.Risk Factors: Mutual Funds and securities investments are subject to market risks and there can be no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in securities, the NAV of the Units issued under the Scheme may go up or down depending on the various factors and forces affecting capital markets and money markets. Past performance of the Sponsor / Investment Manager / Mutual Fund does not indicate the future performance of the Schemes and may not necessarily provide a basis of comparison with other investments. The names of the Schemes 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. Printed as on 10th October 2007.

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

AGRA : 0562-2524409AHMEDABAD : 079-2640 3553 /48AURANGABAD : 9822098181BANGALORE : 080-2238 9991 / 2 / 3BARODA : 0265-658 2984 / 2986BHUBANESHWAR : 0674-253 5521 / 3413CHANDIGARH : 0172-274 9172 / 73CHENNAI : 044-4204 5003 / 2819 1681COCHIN : 0484-238 3969 / 236 6817COIMBATORE : 0422-435 0262 / 64DEHRADUN : 9814131731GOA : 0832-243 7628 / 29GURGOAN : 9899106863

GUWAHATI : 0361-259 5020 / 259 9273INDORE : 0731-504 0496 / 253 4502JAIPUR : 0141-238 9082 /9115JALANDHAR : 9914464497JAMSHEDPUR : 9334390070KANPUR : 0512-233 1116 / 1121KOLKATA : 033-2288 2592 / 94 / 95LUCKNOW : 0522-409 4110LUDHIANA : 0161-508 8847 / 277 1217MADHURAI : 0452-2382566/67MUMBAI (FORT) : 022-6637 9999MUMBAI (HEAD OFFICE) : 022-6692 8000MUMBAI (PRABHADEVI) : 022-6666 1035 / 36

NAGPUR : 0712-663 0899 / 4300NASHIK : 9823318034NEW DELHI : 011-2332 3070PATNA : 0612-220 7022 / 7023PUNE : 020-66011865 / 66 / 67RAIPUR : 0771-4266894SECUNDARABAD : 040-6531 1052 / 3580SURAT : 0261-658 1707 / 1708TRIVANDRUM : 9447451715UDAIPUR : 9828215143VARANASI : 0542-222 7755 / 56VISHAKAPATNAM : 9440301681

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

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

Our Investment Team (In alphabetical order):

A. Balasubramanian Chief Investment OfficerAjay Argal Senior Fund Manager-EquityAjay Garg Fund Manager-EquityAtul Penkar Research Analyst-EquityGaurav Kapur Research Analyst-EquityHemang Dagli Dealer

Lokesh Mallya Credit Analyst-Fixed IncomeMahesh Patil Fund Manager-EquityManeesh Dangi Fund Manager-Fixed IncomeNavneet Munot CIO-Fixed Income, Hybrid FundsNaysar Shah Equity AnalystPrasad Dhonde Credit Analyst

Sanjay Chawla Fund Manager-Equity

Satyabrata Mohanty Fund Manager-Fixed Income

Sujit Patki Dealer-Equity

Sunaina da Cunha Credit Analyst-Fixed Income

Vineet Maloo Fund Manager - Equity

43

Some of our funds that have performed consistently well over a period of time.

SIP Returns* (Compounded Annualized)(as on September 30, 2007)

1 year 3 years 5 years Since Inception

59.51% 51.54% 57.74% 41.12% (in 9 years)#Birla Sun Life Equity Fund54.59% 42.47% 42.17% 28.90%BSE 200

43.01% 39.56% 44.25% 29.93% (in 12½ years)@

Birla Advantage Fund50.25% 45.21% 43.09% 20.39%BSE Sensex

62.64% 48.31% - 53.26% (in 4½ years)Birla Midcap Fund^61.24% 41.13% - 45.88%CNX Midcap

Fund Name

Statutory Details: Constitution: Birla Sun Life Mutual Fund (BSLMF) has been set up as a Trust under the Indian Trust Act, 1882. Sponsors: 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. Birla Sun Life Equity Fund: An open-end growth scheme with the objective of long term growth of capital, through a portfolio with a target allocation of 90% equity and 10% debt and money market securities. Entry Load: For Purchase / switch in of units less than Rs. 5 Crores in value: 2.25%. For Purchase / switch in of units equal to or greater than Rs. 5 Crores in value: NIL Exit Load: For Purchase / switch in of units upto Rs. 5 crores in value, an Exit load of 0.50% is payable if the units are Redeemed/Switch out within six months form the date of allotment. For Purchase / switch in of units, equal to or greater than Rs. 5 crores in value, no exit load is payable. Birla Advantage Fund: An Open ended Growth Scheme with the objective to achieve long term growth of capital at relatively moderate levels of risk through a diversified research-based investment approach. Entry Load: For Purchase / switch in of units less than Rs. 5 Crores in value: 2.25%. For Purchase / switch in of units equal to or greater than Rs. 5 Crores in value: NIL Exit Load: For Purchase / switch in of units upto and including Rs. 5 crore in value, an Exit load of 0.50% is payable if the units are Redeemed/Switch out within six months form the date of allotment.For Purchase / switch in of units, greater than 5 crores in value, no exit load is payable. Birla Midcap Fund: An Open-ended growth scheme with the objective to achieve long-term growth of capital at controlled level of risk by primarily investing in midcap stocks. Entry Load: For Purchase / switch in of units less than Rs. 5 Crores in value: 2.25%. For Purchase / switch in of units equal to or greater than Rs. 5 Crores in value: NIL Exit Load: For Purchase / switch in of units upto Rs. 5 crores in value, an Exit load of 0.50% is payable if the units are Redeemed/Switch out within six months form the date of allotment. For Purchase / switch in of units, equal to or greater than Rs. 5 crores in value, no exit load is payable. Risk Factors: Mutual Funds and securities investments are subject to market risks and there can be no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in securities, the NAV of the Units issued under the Scheme may go up or down depending on the various factors and forces affecting capital markets and money markets. Past performance of the Sponsors / Investment Manager / Mutual Fund does not indicate the future performance of the Scheme and may not necessarily provide a basis of comparison with other investments. The name of the Scheme does not, in any manner, indicate either the quality of the Scheme or their future prospects or returns. Unitholders in the scheme are not being offered any guaranteed/assured returns. Investors should read the Offer Document/ Key Information Memorandum available at Investor Service Centers and with Distributors carefully before investing.

Investing systematically in equity funds has been a proven method for creating wealth in the long-term. Birla Sun Life Mutual Fund offers you a basket of high performing equity schemes to choose from. Take the first step towards realising your dreams. Start an SIP today.

SMS ‘SIP’ to 56767 or Call: 1-800-22-7000

The data assumes the investment of Rs. 1,000/- on 1st day of every month or the subsequent working day. Load and Taxes are not considered for computation of returns. Past performance may or may not be sustained in future. *CAGR Returns are computed after accounting for the cash flow by using

#the XIRR method (investment internal rate of return). Date of Inception : August 27, 1998. Date of First Installment : October 1, 1998. NAV (as on @September 30, 2007) : Rs. 240.27. Date of Inception : February 24, 1995. Date of First Installment : March 01, 1995. NAV (as on September 30, 2007) :

^Rs. 152.77. Date of Inception : October 3, 2002. Date of First Installment : November 01, 2002. NAV (as on September 30, 2007) : Rs. 86.77