BIRLA SUN LIFE MUTUAL FUND

Birla Sun Life Asset Management Company Ltd. (BSLAMC), the investment

managers of Birla Sun Life Mutual Fund, is a joint venture between the Aditya Birla

Group and the Sun Life Financial Services Inc. of Canada. The joint venture brings

together the Aditya Birla Group's experience in the Indian market and Sun Life's

global experience.

Established in 1994, Birla Sun Life Mutual fund has emerged as one of India's

leading flagships of Mutual Funds business managing assets of a large investor base.

Our solutions offer a range of investment options, including diversified and sector

specific equity schemes, fund of fund schemes, hybrid and monthly income funds, a

wide range of debt and treasury products and offshore funds.

Vision:

To be a leader and role model in a broad based and integrated financial services

business.

Birla Sun Life Asset Management Company has one of the largest team of research

analysts in the industry, dedicated to tracking down the best companies to invest in.

BSLAMC strives to provide transparent, ethical and research-based investments and

wealth management services.

Birla Sun Life Asset Management Company follows a long-term, fundamental

research based approach to investment. The approach is to identify companies, which

have excellent growth prospects and strong fundamentals. The fundamentals include

the quality of the company‟s management, sustainability of its business model and its

competitive position, amongst other factors.

The fund has more than 224 schemes with AUM of Rs.49983.17 Crs

HDFC MUTUAL FUND

HDFC Asset Management Company Limited (AMC) was incorporated under the

Companies Act, 1956, on December 10, 1999, and was approved to act as an Asset

Management Company for the Mutual Fund by SEBI on July 3, 2000.

In terms of the Investment Management Agreement, the Trustee has appointed the

HDFC Asset Management Company Limited to manage the Mutual Fund.

Vision:

To be a dominant player in the Indian mutual fund space, recognized for its high

levels of ethical and professional conduct and commitment towards enhancing

investors interests.

The paid up capital of the AMC is Rs. 25.161 crore. HDFC was incorporated in 1977

as the first specialised Mortgage Company in India. HDFC provides financial

assistance to individuals, corporate and developers for the purchase or construction of

residential housing. It also provides property related services (e.g. property

identification, sales services and valuation), training and consultancy. Of these

activities, housing finance remains the dominant activity.

HDFC Asset Management Company (AMC) is the first AMC in India to have been

assigned the „CRISIL Fund House Level – 1‟ rating. This is its highest Fund

Governance and Process Quality Rating which reflects the highest governance levels

and fund management practices at HDFC AMC. It is the only fund house to have

been assigned this rating for third year in succession.

The fund has more than 182 schemes with AUM of Rs. 95,144.40 crs.

UTI MUTUAL FUND

UTI Mutual Fund is managed by UTI Asset Management Company Private Limited

which was established on Jan 14, 2003. It has been appointed by the UTI Trustee

Company Private Limited for managing the schemes of UTI Mutual Fund and the

schemes transferred from UTI Mutual Fund.

Vision:

To be the most Preferred Mutual Fund.

UTIAMC has a well-qualified, professional fund management team, which has been

fully empowered to manage funds with greater efficiency and accountability in the

sole interest of the unit holders. The fund managers are ably supported by a strong in-

house securities research department. To ensure investors‟ interests, a risk

management department is also in operation.

UTI Mutual Fund‟s investment philosophy is to deliver consistent and stable returns

in the medium to long term with a fairly lower volatility of fund returns compared to

the broad market. It believes in having a balanced and well-diversified portfolio for

all the funds and a rigorous in-house research based approach to all its investments. It

is committed to adopt and maintain good fund management practices and a process

based investment management.

UTI Mutual Fund follows an investment approach of giving as equal an importance to

asset allocation and sectoral allocation, as is given to security selection while

managing any fund. It combines top-down and bottom-up approaches to enable the

portfolios/funds to adapt to different market conditions so as to prevent missing an

investment opportunity.

The fund has more than 204 schemes with AUM of Rs. Rs. 79,310 Crs.

UTI commenced its operations from July 1964 .The impetus for establishing a formal

institution came from the desire to increase the propensity of the middle and lower

groups to save and to invest. UTI came into existence during a period marked by

great political and economic uncertainty in India. With war on the borders and

economic turmoil that depressed the financial market, entrepreneurs were hesitant to

enter capital market. The already existing companies found it difficult to raise fresh

capital, as investors did not respond adequately to new issues. Earnest efforts were

required to canalize savings of the community into productive uses in order to speed

up the process of industrial growth.

The then Finance Minister, T.T. Krishnamachari set up the idea of a unit trust that

would be "open to any person or institution to purchase the units offered by the trust.

However, this institution as we see it, is intended to cater to the needs of individual

investors, and even among them as far as possible, to those whose means are small."

His ideas took the form of the Unit Trust of India, an intermediary that would help

fulfill the twin objectives of mobilizing retail savings and investing those savings in

the capital market and passing on the benefits so accrued to the small investors.

UTI commenced its operations from July 1964 "with a view to encouraging savings

and investment and participation in the income, profits and gains accruing to the

Corporation from the acquisition, holding, management and disposal of securities."

Different provisions of the UTI Act laid down the structure of management, scope of

business, powers and functions of the Trust as well as accounting, disclosures and

regulatory requirements for the Trust.

One thing is certain – the fund industry is here to stay.

Investment Philosophy of UTI Mutual Fund

UTI Mutual Fund’s investment philosophy is to deliver consistent and stable returns

in the medium to long term with a fairly lower volatility of fund returns compared to

the broad market. It believes in having a balanced and well-diversified portfolio for

all the funds and a rigorous in house research based approach to all its investments. It

is committed to adopt and maintain good fund management practices and a process

based investment management.

UTI Mutual Fund follows an investment approach of giving as equal an importance

to asset allocation and sectoral allocation, as is given to security selection while

managing any fund. It combines top-down and bottom-up approaches to enable the

portfolios/funds to adapt to different market conditions so as to prevent missing an

investment opportunity. In terms of its funds performance, UTI Mutual Fund aims to

consistently remain in the top quartile vis-à-vis the funds in the peer group.

SPONSORS OF UTI MUTUAL FUNDS

Three leading public sector banks – Bank of Baroda (BOB), Punjab National Bank

(PNB) and State Bank of India (SBI) and Life Insurance Corporation of India (LIC),

the largest public financial investment institution and life insurer in India have

entered into an agreement with the Government of India as Sponsors of the UTI

Mutual Fund.

The industry was one-entity show till 1986 when the UTI monopoly was broken

when SBI and Canbank mutual fund entered the arena. This was followed by the

entry of others like BOI, LIC, GIC, etc. sponsored by public sector banks. Starting

with an asset base of Rs0.25bn in 1964 the industry has grown at a compounded

average growth rate of 26.34% to its current size of Rs1130bn.The period 1986-1993

can be termed as the period of public sector mutual funds (PMFs). From one player in

1985 the number increased to 8 in 1993. The party did not last long. When the private

sector made its debut in 1993-94, the stock market was booming.

The opening up of the asset management business to private sector in 1993 saw

international players like Jardine Fleming, JP Morgan, George Soros and Capital

International along with the host of domestic players.

PRUDENTIAL ICICI

The mutual fund of ICICI is a joint venture with Prudential Plc. of America, one of

the largest life insurance companies in the US of A. Prudential ICICI Mutual Fund

was setup on 13th of October, 1993 with two sponsor, Prudential Plc. and ICICI Ltd.

The Trustee Company formed is Prudential ICICI Trust Ltd. and the AMC is

Prudential ICICI Asset Management Company Limited incorporated on 22nd of June,

1993.

Prudential ICICI is the largest private sector mutual fund in the country with assets of

over Rs.43,281 crore under management as of February 2007. The sponsors of the

fund are Prudential Plc, one of the largest insurance companies in Europe, and ICICI

Bank, the second largest Indian bank.

Prudential group has assets of over $300 billion under management globally. Apart

from the main insurance operations, the group also owns fund management firm

M&G and internet bank Egg.

In all, 55 per cent of the asset management company, Prudential ICICI Asset

Management Company, is held by Prudential Plc and the balance by ICICI Bank.

There are reports that ICICI Bank is trying to acquire a 6 per cent stake in the AMC

from Prudential and gain majority control.