toll free: 1-800-22-7000 | non toll free: 022-6691 7777 ...j u l y 2 0 0 7 04 market outlook key...

J U L Y 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 6767 | www.birlasunlife.com | E-mail: [email protected]

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 June 29, 2007) : Rs. 207.64 @Date of Inception : February 24, 1995. Date of First Installment : March 01, 1995. NAV (as on , 2007) : Rs. 135.01June 29^Date of Inception : October 3, 2002. Date of First Installment : November 01, 2002. NAV (as on , 2007) : Rs. 74.43June 29

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

SIP Returns* (Compounded Annualized)(as on June 29, 2007)

1 year 3 years 5 years Since Inception

51.37% 49.70% 55.68% 39.78% (in 8½ years)#Birla Sun Life Equity Fund35.16% 36.87% 38.52% 26.76%BSE 200

32.99% 37.64% 42.47% 29.10% (in 12 years)@

Birla Advantage Fund28.62% 39.61% 39.06% 18.66%BSE Sensex

51.29% 44.98% - 50.91% (in 4½ years)Birla Midcap Fund^50.93% 37.84% - 43.65%CNX Midcap

Fund Name

J u l y 2 0 0 7

03

Systematic Investing The first step towards realizing your dreams

Dear Investor,

Whatever sages may say about being ascetic, having enough money to fulfill ones dreams is something very essential in life. All individuals have aspirations for a better lifestyle. We all aspire for certain material things – a good car, a big house, enough money for retirement; good education to children; daughter's marriage and so on. Besides all these, we also need money for exigent situations like medical emergency etc.

Like our lives, even wealth comes in small doses. Like life, wealth needs to be consciously built.

While most salaried people may think, that wealth or riches is not something that God destined for them, they may still have hope in systematic investing.

Systematic investment plan, as the name suggests, refers to a plan involving regular investments. There are a few well-established reasons, why systematic investing is so beneficial in creating wealth for people.

Before we venture into the details of systematic investing, let us look at why equity mutual funds are considered to be the best asset class for generating high returns in long term.

When an investor buys the shares of a company, he becomes a part owner of that company. If the business that the company is in, does well, the shareholders or the owners of the business benefit. The stock prices of good companies grow with the growth of the companies. This is because as the business does well, the total value of the business grows as well. It is like buying a house in a posh locality. As the locality improves in perception as well as sophistication, more and more people want to buy a house there, thereby increasing the prices of the properties.

Mutual funds offer a convenient way of investing in equity stocks of companies. With dedicated professional managers, mutual funds can construct a portfolio of high quality companies in a diversified manner.

A report by Reserve Bank of India suggests that in the past 20 years, equities have been the asset class that has generated highest returns in contrast to fixed deposits, gold etc.

Investing in equity mutual funds in a systematic manner helps investors in generating wealth because of some key reasons –

• Instead of investing bulk money, which may not be possible for all individuals, SIPs allow you to invest very small amounts of money.

• Since the markets are volatile by nature, investing a fixed sum every month ensures that you benefit from the volatility. For instance, if someone is investing Rs.1000 every month, he would be able to buy more number of units when the markets are down. Conversely, the units bought when the markets were high would be relatively lesser. Therefore, systematic investing ensures that more units are bought by you when the markets are low.

Because it is systematic, an SIP ensures that you attend to your long-term goals before you're tempted to spend the money on a fancy new sound system, for example. An SIP gives investing for your future the same importance as your other periodic payments like your monthly bills. It's a great way to both save for three years towards a down payment on a house, or for thirty years for your retirement.

SIP helps• Plan and build for your future

It helps you attend to your long term goals before you're tempted to spend the money on anything else

• Accumulate Wealth in a much relaxed wayIt is designed to help accumulate wealth over the long-term, without having to keep aside huge sums of money

• Inculcate financial disciplineHelps you make investment your first priority from it being your last priority

• Overpower the temptation to spend lavishlyAn SIP acts as a forced saving, and thereby helps you overpower the temptation to spend unnecessarily

•Compound returnEach rupee you invest earns a return, which ends up as more rupees to earn a return, allowing your investment to grow at a fast pace. Systematic investing, thanks to the power of compounding, helps you reach your investment goals sooner

• Reduce riskAn SIP helps you average out your cost and thereby reduce risk resulting in generating superior returns. It is the best way to participate in equity markets without taking too much of risk.

Very simply put, an SIP helps you become rich without being dependent on your luck. That is why it is the Smart Investor's Preference

It is never too early to start investing. The sooner you start investing the more time your money will have to grow. The concept of compounding returns swells your income by accumulating your earnings over a period of time. If you delay you will have to invest much more to achieve a similar result.

So take a paper and pen. List down the financial goals that you aspire to achieve. Start an SIP separately for each of these goals. A good financial advisor in your neighborhood would be able to figure out how much amount do you need to invest for each of these goals. Choose one of our performing schemes and you are on your way to meeting your financial objectives.

Raghvendra Nath, CFAVice President

Marketing & Strategy

J u l y 2 0 0 7

04

Market Outlook

Key indicators continue to paint a healthy picture for the economy. The IIP growth for the

month of April at 13.6% YoY is the ninth consecutive month, barring Ortober-06, for

double-digit growth. Manufacturing segment continued to spearhead the pace with

15.1% YoY, electricity segment accelerated to 8.7% YoY and mining segment grew at

3.4% YoY.

Inflation, as indicated by WPI, has been below 5.5% for past 7 consecutive weeks, the

last data point being reported at 4.03%. Higher base combined with sequential decline

led to lower inflation. Even though primary articles inflation moderated, it continued to

be relatively high at 6.8% YoY.

In a widely televised interview Finance Minister Mr. Chidambaram indicated that any

overheating in certain parts of the economy could be corrected through credit portfolio

rebalancing, rather than interest rate hikes which impact overall demand. We read this

as an extremely positive approach for growth while at the same time preventing any

development of excesses.

Last month, DLF Ltd and ICICI Bank collected over Rs 18,000 Crs through two of the

largest issues ever in Indian equity markets. Institutional segments received

overwhelming subscription and extremely encouraging response from HNI and retail

investors. In a similar development, Sterlite Industries raised US$ 2bn through an ADS

issue and listing on NYSE. A large part of the money raised would be invested in Sterlite's

entry into power business. This demonstrates the degree of confidence investors place

in the growth momentum, particularly so in respect to domestic demand, which is the

underlying premise for growth of these companies.

Conceivably, a part of the credit also goes to ample liquidity in the system, which

incidentally led overnight call rates to crash below one percent level. The abundance of

low interest money in the system has been a concern for the central bank. Although the

RBI has been able to engineer a slight moderation in credit growth and, arguably, also

the inflation, money supply growth remains high at above 20% since the beginning of

2007.

Driven by growing demand and easier capital accessibility, investment activity has been

quite strong. This is conspicuously manifested in the large order books that the

engineering and capital goods firms are running. This also indicates that companies

with ability to undertake large projects can also command some degree of pricing

power. Importantly, the massive investment should, in turn, help relieve the oft-talked

capacity constraint in various sectors enabling corporates to cater to demand without

stoking inflationary fears.

A quick glance at sector performance in June reveals that capital goods segment has

indeed been a clear favorite. The next leg of beneficiaries could include the companies

investing in output growth, their customers, suppliers, service providers and so on.

Performance as on June 30, 2007

Source: MFIE

The volatility that the equity markets demonstrated over past few months is a nature of

financial markets. We believe that given a structural shift in economy where

demographic factors fostering consumption, savings and investment are firmly

entrenched, the risk-reward relation continues to remain strongly in favour of long-

term investing for wealth creation.

Indices 1 Month 6 Months 1 Year

BSE CG 11.0 35.3 75.3

BSE Bankex 6.7 13.0 84.5

BSE CD 5.9 18.9 55.5

BSE 500 3.3 9.7 43.6

BSE METAL 2.5 17.3 25.5

MSCI India Index 2.2 7.5 42.0

BSE Sensex 1.7 6.3 38.2

S&P Nifty 1.6 8.9 38.2

BSE Teck 1.6 2.0 49.5

BSE IT 1.2 (7.6) 30.2

BSE-HC (0.6) 0.4 21.6

BSE Oil & Gas (1.7) 23.4 44.2

BSE FMCG (2.8) (5.4) (6.2)

BSE AUTO (4.2) (14.1) (0.3)

Bonds closed marginally lower and recouped most of the intra-month losses amidst

speculation over liquidity and interest rate that kept sentiment edgy. Contrasting views

over whether auctions would hamper systemic liquidity and ample liquidity itself would

prompt the RBI to tighten monetary policy led the 10-year yield to shoot up to as high

as 8.41% intra-month. The yield on the 10-year benchmark came off to end at 8.18%,

up from 8.08% in the preceding month.

Initially, liquidation of positions by traders ahead of auctions pushed up yields.

Enhanced amount of bonds and T-Bill sales and quarterly advance tax payments

threatened to suck out cash. In addition, economic data continued to be robust raising

the possibility of tightening measures.

The failure of the outflows to dent liquidity meaningfully triggered a strong recovery in

bonds. Sentiment was strengthened along with the dip in WPI inflation rate. From the

external front, local bonds tracked the US counterparts and bullish crude oil market

did not influence bonds. A late boost came from a Finance minister official's statement

that said there was no proposal to raise the issue limit of bonds under the MSS.

In the corporate bond segment, aided by strong liquidity yields dipped sharply at the

short end. Though long tenors largely remained out of favour, yields rose by 1-2 bps.

Call money rates traded in a wide range of 0.20-9.75%, indicating changing pattern

of liquidity. As sustained central bank intervention and increased government

spending led to ample cash surplus in the market, the 91-day commercial paper

reference rate eased further to 8.56% from 9.00%. The yield on 91-day T-bills was

unchanged at 7.39%.

Headline inflation may continue to ease in the coming weeks, due to base effect. April-

June are generally inflationary months but this year headline inflation has been

surprising us on positive side. Inflation may drop to near 3.5% in Mid-september and

then rise to 4.5-5.00 ranges towards the year-end. We expect liquidity to remain easy

over the next few weeks. Money supply has been growing at 21%, which translate into very good deposit growth

and any further slow down in credit will reflect into good rally in bonds. In first five

fortnights, banks have collected Rs. 35000 crores in deposits while credit didn't grow,

so most of the money went in adding positions in government securities. Credit growth

rate has come down to 25.6% whereas deposit growth is closer to 23.4%, two more

fortnights of slower credit growth may mean conversion of credit and deposit growth.

So benign inflation and slower credit growth would mean RBI sweetening the market

with surplus liquidity and a hold in July policy. We have long duration across our long-

term funds expecting a good rally in both Government securitties and corporate

bonds. We advise investors with long horizon and risk appetite to allocate part of their

funds to Gilt and Income funds.

EQUITY MARKET

DEBT MARKET

J u l y 2 0 0 7

05

As on 29th June, 2007

Birla Advantage 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 7659.70 15.14Bharat Heavy Electricals Ltd. 4016.40 7.94Bharat Electronics Ltd. 1449.88 2.87AIA Engineering Ltd. 1184.22 2.34Thermax Ltd. 1009.20 2.00

Software 7142.70 14.12Infosys Technologies Ltd. 2315.04 4.58Subex Azure Ltd. 1443.05 2.85Satyam Computer Services Ltd. 1357.97 2.69Tata Consultancy Services Ltd. 1261.58 2.49Mphasis BFL Ltd. 765.06 1.51

Telecom-Services 5062.14 10.01Bharti Airtel Ltd. 3510.99 6.94Reliance Communications Ltd. 1551.15 3.07

Petroleum Products 4468.41 8.83Reliance Industries Ltd. 2805.50 5.55Hindustan Petroleum Corporation Ltd. 1662.91 3.29

Banks 4259.29 8.42ICICI Bank Ltd. 1910.60 3.78UTI Bank Ltd. 1198.93 2.37Indian Overseas Bank 1149.75 2.27

Consumer Non Durables 4098.65 8.10

ITC Ltd. 1706.96 3.38United Spirits Ltd. 1290.60 2.55Hindustan Lever Ltd. 982.02 1.94McDowell Holdings Ltd. 119.07 0.24

Pharmaceuticals 3998.05 7.90Dishman Pharmaceuticals & Chemicals Ltd. 1407.59 2.78Wockhardt Ltd. 1153.39 2.28Nicholas Piramal India Ltd. 803.02 1.59Glaxosmithkline Pharmaceuticals Ltd. 634.05 1.25

Construction 2483.08 4.91Larsen & Toubro Ltd. 1054.10 2.08Nagarjuna Construction Co. Ltd. 891.00 1.76IVRCL Infrastructures & Projects Ltd. 537.98 1.06Dharti Dredging & Construction Ltd. ** 0.00 0.00

Finance 2270.58 4.49Housing Development Finance Corp. Ltd. 1827.18 3.61Power Finance Corporation Ltd 443.40 0.88

Pesticides 1790.28 3.54United Phosphorous Ltd. 1790.28 3.54

Ferrous Metals 1319.93 2.61Maharashtra Seamless Ltd. 1319.93 2.61

Gas 1156.89 2.29Indraprastha Gas Ltd. 1156.89 2.29

Media & Entertainment 1058.01 2.09Deccan Chronicle Holdings Ltd. 477.87 0.94Zee Entertainment Enterprises Ltd 446.18 0.88New Delhi Television India Ltd. 133.96 0.26

Auto Ancillaries 943.35 1.87Amtek India Ltd. 509.85 1.01Sundaram-Clayton Ltd. 433.50 0.86

Auto 676.96 1.34Tata Motors Ltd. 676.96 1.34

Industrial Products 645.05 1.28Fag Bearings India Ltd. 645.05 1.28

Cash & Current Assets 1543.05 3.05

Total Net Asset 50576.12 100

**Represents thinly traded/ non traded securities

Issuer Market Value % to NetRs. in Lacs Assets



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

Systematic Investment Plan (SIP)

Asset Allocation

Date of First Installment : March 01, 1995

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

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

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

Investment Objective

Date of inception / takeover : February 24, 1995

Fund Manager : Mr. Ajay Argal

NAV : Rs.

Growth : 135.01

Dividend : 96.86

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

³ Rs. 5 crores - NilExit Load : NIL

Benchmark : BSE Sensex Corpus : Rs. 505.76 Crores

Investment Style Box

Investment Period

Total Investment

(Rs.)

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

Birla Advantage

Fund

Birla Advantage

Fund

BSESensex

BSESensex

Since Inception 148000 511650 1059579 18.66 29.10

Last 5 years 60000 154585 167112 39.06 42.47

Last 3 years 36000 62577 61018 39.61 37.64

Last 1 year 12000 13757 14014 28.62 32.99

Value Blend Growth Size

Large

Mid

Small

Investment Style

45.96 46.07

39.39

25.35

44.17 44.64

35.14

12.41

0

5

10

15

20

25

30

35

40

45

50

1 Year 3 Years 5 Years Since Inception

Birla Advantage Fund - Growth BSE Sensex2.09%

2.29%

2.61%

3.05%

3.54%

4.48%

4.49%

4.91%

7.90%

8.10%

8.42%

8.83%

10.01%

14.12%

15.14%

Media & Entertainment

Gas

Ferrous Metals

Cash & Current Assets

Pesticides

Other Equity

Finance

Construction

Pharmaceuticals

Consumer Non Durables

Banks

Petroleum Products

Telecom-Services

Software

Industrial Capital Goods

J u l y 2 0 0 7

06

Birla Dividend Yield Plus




Portfolio

Banks 5363.01 14.19Andhra Bank 1564.42 4.14Union Bank of India 871.54 2.31Syndicate Bank 864.50 2.29Vijaya Bank 844.56 2.24Bank of Baroda 543.85 1.44Indian Overseas Bank 484.67 1.28UCO Bank 189.50 0.50

Consumer Non Durables 4843.10 12.82Hindustan Lever Ltd. 1019.32 2.70Kansai Nerolac Paints Ltd. 693.00 1.83Nestle India Ltd. 532.32 1.41Berger Paints India Ltd. 528.45 1.40Glaxosmithkline Consumer Healthcare Ltd. 520.14 1.38Procter & Gamble Hygiene & Health Care 437.38 1.16Eveready Industries Ltd. 385.79 1.02Colgate Palmolive (I) Ltd. 377.66 1.00Godrej Consumer Products Ltd. 349.04 0.92

Petroleum Products 4805.09 12.72Chennai Petroleum Corporation Ltd. 1603.81 4.24Indian Oil Corporation Ltd. 1172.90 3.10Castrol (India) Ltd. 922.47 2.44Apar Industries Ltd. 570.22 1.51Hindustan Petroleum Corporation Ltd. 535.70 1.42

Industrial Products 3360.47 8.89Greaves Cotton Ltd. 1486.47 3.93ESAB India Ltd. 1408.27 3.73Cosmo Films Ltd. 391.19 1.04ABC Bearings Ltd. 74.53 0.20

Pharmaceuticals 3011.32 7.97Wyeth Ltd. 2190.00 5.80

Glaxosmithkline Pharmaceuticals Ltd. 369.97 0.98Pfizer Ltd. 299.02 0.79Novartis India Ltd. 152.34 0.40

Money Market Instruments 2351.27 6.22Karnataka Bank Ltd. 2351.27 6.22

Software 2281.19 6.04NIIT Technologies Ltd. 1257.90 3.33HCL Technologies Ltd. 923.08 2.44HTMT Global Solutions Ltd. ** 100.20 0.27

Fertilisers 1573.02 4.16Tata Chemicals Ltd. 1188.01 3.14Rashtriya Chemicals & Fertilizers Ltd. 385.01 1.02

Hardware 1293.27 3.42Tata Elxsi Ltd. 770.66 2.04HCL Infosystems Ltd. 522.60 1.38

Transportation 1258.59 3.33The Great Eastern Shipping Co. Ltd. 948.34 2.51Varun Shipping Company Ltd. 310.25 0.82

Paper 1246.33 3.30Tamil Nadu Newsprint & Papers Ltd. 1246.33 3.30

Chemicals 1140.53 3.02Clariant Chemicals India Ltd. 1140.53 3.02

Auto 941.80 2.49Mahindra & Mahindra Ltd. 361.43 0.96Ashok Leyland Ltd. 312.35 0.83Hero Honda Motors Ltd. 268.03 0.71

Oil 802.42 2.12Oil & Natural Gas Corporation Ltd. 802.42 2.12

Telecom-Services 642.20 1.70Mahanagar Telephone Nigam Ltd. 642.20 1.70

Power 591.82 1.57Neyveli Lignite Corporation Ltd. 402.31 1.06Monnet Ispat Energy Ltd. 189.51 0.50

Finance 561.20 1.49LIC Housing Finance Ltd. 561.20 1.49

Auto Ancillaries 558.52 1.48Sundaram-Clayton Ltd. 445.17 1.18Rane (Madras) Ltd. 67.31 0.18Wheels India Ltd. 46.04 0.12

Ferrous Metals 421.53 1.12Tata Metaliks Ltd. 333.97 0.88Tata Sponge Iron Ltd. 87.56 0.23

Gas 363.30 0.96Indraprastha Gas Ltd. 363.30 0.96

Media & Entertainment 322.80 0.85Balaji Telefilims Ltd. 322.80 0.85

Telecom-Equipment & Accessories 80.70 0.21Avaya Global Connect Ltd 80.70 0.21

Cash & Current Assets -30.26 -0.08





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


Asset Allocation




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



Fund Manager : Mr. Mahesh Patil

NAV : Rs.

Growth : 47.13

Dividend : 11.48



Benchmark : S & P CNX 500 Corpus : Rs. 377.83 Crores


Investment Period

Total Investment

(Rs.)




S&P CNX 500

S&P CNX 500

Since Inception 52000 114317 101483 37.95 31.91

Last 3 years 36000 59684 51956 35.93 25.46

Last 1 year 12000 14147 13957 35.26 32.01


Large

Mid

Small

Investment Style


Birla Dividend Yield Plus - Growth S&P CNX 500

36.49

33.05

42.94

47.19

42.4143.65

0

5

10

15

20

25

30

35

40

45

50

1 Year 3 Years Since Inception

2.12%

2.49%

3.02%

3.30%

3.33%

3.42%

4.16%

6.04%

6.22%

7.97%

8.89%

9.37%

12.72%

12.82%

14.19%

Oil

Auto

Chemicals

Paper

Transportation

Hardware

Fertilisers

Software

Money Market Instruments

Pharmaceuticals

Industrial Products

Other Equity

Petroleum Products


Banks

J u l y 2 0 0 7

07

Birla Midcap Fund




Portfolio

Banks 4750.49 14.73Federal Bank Ltd. 1073.72 3.33Indian Bank 847.86 2.63Dena Bank 747.20 2.32ING Vysya Bank Ltd. 619.25 1.92Bank of Baroda 540.50 1.68Syndicate Bank 498.23 1.54Centurion Bank Of Punjab Ltd. 423.73 1.31

Industrial Capital Goods 4121.01 12.77Bharat Bijlee Ltd. 1086.00 3.37Bharati Shipyard Ltd. 977.60 3.03Thermax Ltd. 883.05 2.74Kalpataru Power Transmission Ltd. 731.26 2.27Crompton Greaves Ltd. 443.10 1.37

Auto Ancillaries 2588.28 8.02Apollo Tyres Ltd. 962.69 2.98Automobile Corporation of Goa Ltd. 696.13 2.16Amtek India Ltd. 582.67 1.81Sundaram-Clayton Ltd. 346.80 1.08

Power 2308.17 7.15Monnet Ispat Energy Ltd. 891.12 2.76CESC Ltd. 746.10 2.31Tata Power Company Ltd. 670.95 2.08

Money Market Instruments 2250.53 6.98Industrial Development Bank of India Ltd 2250.53 6.98

Ferrous Metals 2221.41 6.89Jindal Saw Ltd. 1111.91 3.45Welspun Gujarat Stahl Rohren Ltd. 1109.50 3.44

Industrial Products 1951.41 6.05Kirloskar Oil Engines Ltd. 1232.99 3.82Sintex Industries Ltd. 718.43 2.23

Software 1943.01 6.02HCL Technologies Ltd. 688.00 2.133i Infotech Ltd. 608.50 1.89Infotech Enterprises Ltd. 369.27 1.14NIIT Technologies Ltd. 273.23 0.85Geodesic Information Systems Ltd. 4.02 0.01

Cement 1888.30 5.85Birla Corporation Ltd. 749.45 2.32Century Textile & Industries Ltd. 676.30 2.10Mangalam Cement Ltd 462.55 1.43

Consumer Non Durables 1466.69 4.55Tata Tea Ltd. 980.05 3.04Shaw Wallace Company Ltd. 486.64 1.51

Diversified Industries 1339.65 4.15Aditya Birla Nuvo Ltd. 1339.65 4.15

Pharmaceuticals 1266.73 3.93Pfizer Ltd. 739.54 2.29Cipla Ltd. 416.90 1.29

Torrent Pharmaceuticals Ltd. 110.29 0.34

Consumer Durables 710.74 2.20Blue Star Ltd. 710.74 2.20

Hotels 657.30 2.04Asian Hotels Ltd. 657.30 2.04

Fertilisers 622.75 1.93Tata Chemicals Ltd. 622.75 1.93

Non - Ferrous Metals 585.10 1.81Sterlite Industries (India) Ltd. 585.10 1.81

Auto 542.14 1.68Mahindra & Mahindra Ltd. 542.14 1.68

Construction 178.20 0.55Nagarjuna Construction Co. Ltd. 178.20 0.55

Finance 89.76 0.28United Breweries Holdings Ltd. 89.76 0.28

Corporate Debt 56.42 0.17Trent Ltd. 56.42 0.17






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


Asset Allocation

Date of First Installment - November 1, 2002.



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


Date of inception / takeover : October 3, 2002

Fund Manager : Mr. Jayesh Gandhi

NAV : Rs.

Growth : 74.43

Dividend : 26.77

Benchmark : CNX Midcap Corpus : Rs. 322.60 Crores


Investment Period

Total Investment

(Rs.)


Birla Midcap Fund

Birla Midcap Fund

CNX Midcap

CNX Midcap

Since Inception 56000 148264 172185 43.65 50.91

Last 3 years 36000 61178 66956 37.84 44.98

Last 1 year 12000 15045 15065 50.93 51.29


Large

Mid

Small

Investment Style

#iiiValue Research Ratingi

Birla Mid Cap FundEquity: Diversified (179 Schemes), 3 Yrs ended 30-Jun-07

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


³ Rs. 5 crores - NilExit Load : £ 6 months from allotment 0.50%

³ Rs. 5 crores - Nil

61.17

53.18 52.73

57.04

45.7949.10

0

10

20

30

40

50

60

70


Birla Mid Cap Fund - Growth CNX Midcap

0.17%

2.04%

2.20%

2.24%

3.93%

4.15%

4.55%

5.85%

6.02%

6.05%

6.26%

6.89%

6.98%

7.15%

8.02%

12.77%

14.73%

Corporate Debt

Hotels

Consumer Durables


Pharmaceuticals

Diversified Industries


Cement

Software

Industrial Products

Other Equity

Ferrous Metals


Power

Auto Ancillaries


Banks

J u l y 2 0 0 7

08

Birla MNC Fund




Portfolio


Hindustan Lever Ltd. 897.04 4.65

Glaxosmithkline Consumer Healthcare Ltd. 807.23 4.18

Colgate Palmolive (I) Ltd. 674.79 3.49

ITC Ltd. 464.10 2.40

Kansai Nerolac Paints Ltd. 374.16 1.94

Pharmaceuticals 2538.71 13.15

Pfizer Ltd. 994.54 5.15

Glaxosmithkline Pharmaceuticals Ltd. 570.65 2.96

Fulford (India) Ltd. 520.22 2.69

Wyeth Ltd. 453.30 2.35

Industrial Products 2430.61 12.59

Cummins India Ltd. 1019.85 5.28

SKF Bearings India Ltd. 407.18 2.11

ESAB India Ltd. 380.82 1.97

Fag Bearings India Ltd. 343.56 1.78

BOC India Ltd. 279.20 1.45

Industrial Capital Goods 1594.88 8.26

Siemens Ltd. 1047.23 5.42

ABB Ltd. 547.65 2.84

Software 1562.68 8.09

Mphasis BFL Ltd. 985.05 5.10

Subex Azure Ltd. 344.23 1.78

Allsec Technologies Ltd. 233.41 1.21

Telecom-Services 1462.91 7.58

Bharti Airtel Ltd. 1462.91 7.58

Banks 1436.00 7.44

ING Vysya Bank Ltd. 1436.00 7.44

Auto Ancillaries 1208.49 6.26

Sundaram-Clayton Ltd. 814.29 4.22

Federal Mogul Goetze (India) Ltd. 394.20 2.04

Ferrous Metals 1067.15 5.53

Sesa Goa Ltd. 1067.15 5.53

Gas 1055.98 5.47

Gujarat Gas Co. Ltd. 1055.98 5.47

Auto 1003.19 5.20

Maruti Udyog Ltd. 1003.19 5.20

Chemicals 290.52 1.50

Micro Inks Ltd. 290.52 1.50






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


Asset Allocation

Date of First Installment : January 01, 2000



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


Date of inception / takeover : December 27, 1999


NAV : Rs.

Growth : 127.97

Dividend : 64.14



Benchmark : S & P CNX MNC Corpus : Rs. 193.08 Crores


Investment Period

Total Investment

(Rs.)


Birla MNCFund

Birla MNCFund

S&P CNX MNC

S&P CNX MNC

Since Inception 90000 208373 276343 21.89 29.27

Last 5 years 60000 128580 143698 31.13 35.89

Last 3 years 36000 59370 54709 35.52 29.30

Last 1 year 12000 13736 13322 28.27 21.33


Large

Mid

Small

Investment Style

32.39

37.71

34.83

18.35

30.45

40.24

23.99

10.64

0

5

10

15

20

25

30

35

40

45


Birla MNC Fund - Growth S&P CNX MNC

1.50%

2.11%

2.28%

5.20%

5.47%

5.53%

6.26%

7.44%

7.58%

8.09%

8.26%

10.48%

13.15%

16.66%

Other Equity

Industrial Machinery


Auto

Gas

Ferrous Metals

Auto Ancillaries

Banks

Telecom-Services

Software


Industrial Products

Pharmaceuticals


J u l y 2 0 0 7

09

Birla India Opportunities Fund




Portfolio

Software 3364.73 39.34

Infosys Technologies Ltd. 598.05 6.99


Satyam Computer Services Ltd. 455.62 5.33

I-Flex Solutions Ltd. 388.83 4.55

Tata Consultancy Services Ltd. 379.25 4.43

Wipro Ltd. 311.10 3.64

Nucleus Software Exports Ltd. 255.19 2.98

Allsec Technologies Ltd. 248.74 2.91

KPIT Cummins Infosystem Ltd. 180.52 2.11

Patni Computer Systems Ltd. 46.63 0.55


Siemens Ltd. 537.58 6.29

Crompton Greaves Ltd. 417.78 4.89

ABB Ltd. 294.85 3.45

Honeywell Automation India Ltd. 281.23 3.29


Bharat Forge Ltd. 416.34 4.87

Amtek India Ltd. 339.90 3.97


Wockhardt Ltd. 298.33 3.49

Aventis Pharma Ltd. 253.37 2.96

Cipla Ltd. 171.97 2.01

Finance 548.28 6.41

United Breweries Holdings Ltd. 548.28 6.41

Pesticides 357.77 4.18

United Phosphorous Ltd. 357.77 4.18

Textile Products 356.02 4.16

Raymond Ltd. 186.62 2.18

Gokaldas Exports Ltd. 169.40 1.98


Videsh Sanchar Nigam Ltd. 351.34 4.11

Industrial Products 339.95 3.98

Cummins India Ltd. 339.95 3.98

IT Consulting & Services 96.53 1.13

Innosoft Technology Ltd 96.53 1.13






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


Asset Allocation

Date of First Installment : January 01, 2000



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

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


Date of inception / takeover : December 27, 1999

Fund Manager : Mr. Ajay Garg

NAV : Rs.

Growth : 53.97

Dividend : 23.18



Exit Load : Nil

Benchmark : S & P CNX 500 Corpus : Rs. 85.52 Crores


Investment Period

Total Investment

(Rs.)


Birla India Opportunities

Fund

Birla India Opportunities

Fund

S&P CNX 500

S&P CNX 500

Since Inception 90000 281942 280684 29.80 29.68

Last 5 years 60000 153723 145398 38.82 36.40

Last 3 years 36000 59684 56609 35.93 31.88

Last 1 year 12000 14147 13498 35.26 24.28


Large

Mid

Small

Investment Style

41.0239.20

34.77

11.58

47.19

42.41

36.18

16.49

0

5

10

15

20

25

30

35

40

45

50


Birla India Opportunities Fund - Growth S&P CNX 5001.13%

1.47%

3.98%

4.11%

4.16%

4.18%

6.41%

8.46%

8.84%

17.91%

39.34%

Other Equity


Industrial Products

Telecom-Services

Textile Products

Pesticides

Finance

Pharmaceuticals

Auto Ancillaries


Software

J u l y 2 0 0 7

10

Birla India GenNext Fund




Portfolio

Banks 3393.81 20.36

Kotak Mahindra Bank Ltd. 1176.88 7.06

HDFC Bank Ltd. 732.22 4.39

UTI Bank Ltd. 605.00 3.63

Federal Bank Ltd. 498.38 2.99

State Bank of India 381.33 2.29


United Spirits Ltd. 1161.54 6.97

Tata Tea Ltd. 810.11 4.86

Britannia Industries Ltd. 530.71 3.18

Colgate Palmolive (I) Ltd. 369.60 2.22

E.I.D. Parry (India) Ltd. 278.03 1.67

Eveready Industries Ltd. 205.04 1.23


Reliance Communications Ltd. 1240.92 7.45


Idea Cellular Ltd. 841.04 5.05

Media & Entertainment 1775.72 10.66

Television Eighteen India Ltd. 824.61 4.95

HT Media Ltd. 407.75 2.45

New Delhi Television India Ltd. 292.25 1.75

Sun TV Ltd. 251.12 1.51

Auto 1567.62 9.41


Mahindra & Mahindra Ltd. 542.14 3.25

Money Market Instruments 997.57 5.99

UCO Bank 997.57 5.99


Pfizer Ltd. 844.04 5.06

Finance 393.37 2.36

Housing Development Finance Corp. Ltd. 304.53 1.83


Hotels 310.70 1.86

Taj GVK Hotels & Resorts Ltd. 310.70 1.86

Retailing 205.03 1.23

Shoppers Stop Ltd. 205.03 1.23






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 22000 29003 29273 32.28 33.48

Last 1 year 12000 13924 14673 31.45 44.38Date of inception / takeover : August 05, 2005


NAV : Rs.

Growth : 17.63

Dividend : 15.56

Benchmark : S&P CNX NIFTY Corpus : Rs. 166.65 Crores


Large

Mid

Small

Investment Style




61.30

34.80

44.04

37.43

0

10

20

30

40

50

60

70

1 Year Since Inception

Birla India GenNext Fund - Growth S&P CNX Nifty2.36%

3.09%

4.93%

5.06%

5.99%

9.41%

10.66%

18.01%

20.13%

20.36%

Finance

Other Equity


Pharmaceuticals


Auto


Telecom-Services


Banks

J u l y 2 0 0 7

11

J u l y 2 0 0 7

Birla Index Fund




Portfolio

Money Market Instruments 2263.32 61.43Hongkong & Shanghai Banking Corp. Ltd. 2263.32 61.43


Total Net Asset 3684.32 100.00

Total outstanding exposure in derivatives as on 29 June, 2007 is Rs. 36.49 Crores (Notional value).

Issuer Market Value % to GrossRs. in Lacs Assets

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


Date of First Installment : October 1, 2002



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


Date of inception / takeover : September 18, 2002


NAV : Rs.

Growth : 43.25

Dividend : 16.73

Load Structure (Incl. for SIP):

Entry Load : NIL

Exit Load : NIL

Benchmark : S & P CNX Nifty Corpus : Rs. 36.84 Crores


Investment Period

Total Investment

(Rs.)


Birla Index Fund

Birla Index Fund

S&P CNX NIFTY

S&P CNX NIFTY

Since Inception 57000 132621 128996 36.75 35.48

Last 3 years 36000 60558 59105 37.05 35.17

Last 1 year 12000 13924 13666 31.45 27.09


Large

Mid

Small

Investment Style

40.40 40.17

35.84

44.0441.68

36.27

0

5

10

15

20

25

30

35

40

45


Birla Index Fund - Growth S&P CNX Nifty

Birla Infrastructure FundAs on 29th June, 2007

Portfolio

Industrial Capital Goods 14290.68 32.58Bharat Heavy Electricals Ltd. 2615.67 5.96Siemens Ltd. 2555.23 5.83Thermax Ltd. 1975.22 4.50Crompton Greaves Ltd. 1891.89 4.31Bharat Electronics Ltd. 1181.96 2.69Bharati Shipyard Ltd. 1116.75 2.55Jyoti Structures Ltd. 1041.18 2.37Kalpataru Power Transmission Ltd. 975.02 2.22Engineers India Ltd. 509.06 1.16RPG Transmission Ltd. 428.70 0.98

Construction 4150.25 9.46Nagarjuna Construction Co. Ltd. 878.42 2.00Larsen & Toubro Ltd. 691.45 1.58Gammon India Ltd. 653.78 1.49Akruti Nirman Ltd. 394.87 0.90D.S. Kulkarni Developers Ltd. 371.26 0.85Ansal Properties & Infrastructure Ltd. 331.47 0.76Patel Engineering Ltd. 328.47 0.75

GVK Power & Infrastructure Ltd. 205.51 0.47JMC Projects India Ltd. 160.52 0.37IVRCL Infrastructures & Projects Ltd. 134.49 0.31

Ferrous Metals 4145.36 9.45Jindal Saw Ltd. 1742.91 3.97Jindal Steel & Power Ltd. 1292.95 2.95Welspun Gujarat Stahl Rohren Ltd. 1109.50 2.53


Industrial Products 3544.52 8.08Kirloskar Oil Engines Ltd. 1759.03 4.01Cummins India Ltd. 915.75 2.09Torrent Cables Ltd. 520.18 1.19Kirloskar Brothers Ltd. 314.65 0.72Greaves Cotton Ltd. 34.90 0.08

Cement 2347.48 5.35Birla Corporation Ltd. 1236.47 2.82India Cements Ltd 601.41 1.37Shree Cements Ltd. 509.60 1.16

Banks 1782.73 4.06Punjab National Bank 1181.08 2.69Andhra Bank 601.65 1.37

Auto 1782.03 4.06Mahindra & Mahindra Ltd. 1264.99 2.88Tata Motors Ltd. 517.05 1.18

Gas 1481.89 3.38Gujarat Gas Co. Ltd. 1118.59 2.55Indraprastha Gas Ltd. 363.30 0.83

Hotels 1303.53 2.97Indian Hotels Co. Ltd. 707.82 1.61Taj GVK Hotels & Resorts Ltd. 595.71 1.36

Transportation 847.72 1.93Container Corporation of India Ltd. 847.72 1.93

Petroleum Products 735.43 1.68Reliance Industries Ltd. 467.58 1.07Hindustan Petroleum Corporation Ltd. 267.85 0.61

Finance 678.80 1.55Power Finance Corporation Ltd 678.80 1.55

Power 650.19 1.48Reliance Energy Ltd. 429.87 0.98Power Trading Corporation of India Ltd. 220.32 0.50

Consumer Non Durables 303.90 0.69Hindustan Sanitaryware & Industries Ltd. 303.90 0.69







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


Date of inception / takeover : March 17, 2006


NAV : Rs.

Growth : 13.82

Dividend : 13.82



Benchmark : S&P CNX NIFTY Corpus : Rs. 438.61 Crores



Large

Mid

Small

Investment Style



Asset Allocation

Birla Infrastructure Fund - Growth S&P CNX Nifty

61.26

28.63

44.04

25.23

0

10

20

30

40

50

60

70


2.97%

3.38%

3.94%

4.06%

4.06%

5.35%

7.33%

8.08%

9.32%

9.45%

9.46%

32.58%

Hotels

Gas


Auto

Banks

Cement

Other Equity

Industrial Products

Telecom-Services

Ferrous Metals

Construction


J u l y 2 0 0 7

12

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




Portfolio

Money Market Instruments 1566.86 11.97ABN Amro Bank 1566.86 11.97

Industrial Products 1297.86 9.91TRF Ltd. 741.85 5.67Kirloskar Oil Engines Ltd. 556.01 4.25

Banks 1178.65 9.00Federal Bank Ltd. 377.56 2.88Syndicate Bank 275.94 2.11Bank of Baroda 270.25 2.06Indian Bank 254.90 1.95

Software 1071.01 8.18Mphasis BFL Ltd. 416.28 3.18Satyam Computer Services Ltd. 350.48 2.683i Infotech Ltd. 304.25 2.32

Auto Ancillaries 948.34 7.24Goodyear India Ltd. 615.88 4.70Automobile Corporation of Goa Ltd. 332.47 2.54

Auto 933.61 7.13Maruti Udyog Ltd. 572.19 4.37Mahindra & Mahindra Ltd. 361.43 2.76



Pharmaceuticals 610.38 4.66Pfizer Ltd. 401.93 3.07Cipla Ltd. 208.45 1.59

Ferrous Metals 554.75 4.24Welspun Gujarat Stahl Rohren Ltd. 554.75 4.24

Construction 498.79 3.81Gammon India Ltd. 498.79 3.81

Power 335.48 2.56Tata Power Company Ltd. 335.48 2.56

Transportation 332.33 2.54Container Corporation of India Ltd. 332.33 2.54

Textile Products 304.16 2.32Gokaldas Exports Ltd. 304.16 2.32

Industrial Capital Goods 303.71 2.32Bharat Bijlee Ltd. 303.71 2.32

Gas 301.97 2.31Gujarat Gas Co. Ltd. 301.97 2.31

Hotels 280.52 2.14Taj GVK Hotels & Resorts Ltd. 280.52 2.14

Finance 278.23 2.13Infrastructure Development Fin. Co. Ltd. 263.00 2.01United Breweries Holdings Ltd. 15.23 0.12

Consumer Non Durables 255.83 1.95Tata Tea Ltd. 255.83 1.95

Cement 239.25 1.83Mangalam Cement Ltd 239.25 1.83

Media & Entertainment 38.62 0.30Balaji Telefilims Ltd. 38.62 0.30






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


Asset Allocation

Date of First Installment : March 01,1999



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




NAV : Rs.

Growth* : 12.54

Dividend : 66.01*Introduced with effect from 1st Oct, 2006



Benchmark : BSE Sensex Corpus : Rs. 130.90 Crores


Investment Period

Total Investment

(Rs.)


Birla Equity Plan

Birla Equity Plan

BSESensex

BSESensex

Since Inception 100000 305329 525805 25.89 38.53

Last 5 years 60000 154585 208654 39.06 52.40

Last 3 years 36000 62577 66085 39.61 43.93

Last 1 year 12000 13757 14813 28.62 46.84


Large

Mid

Small

Investment Style

#iiiiValue Research Rating

Birla Equity PlanEquity: Tax Planning (28 Schemes), 5 Yrs ended 30-Jun-07


1.89%

2.13%

2.14%

2.31%

2.32%

2.32%

2.54%

2.56%

3.81%

4.08%

4.24%

4.66%

5.20%

6.35%

7.13%

7.24%

8.18%

9.00%

9.91%

11.97%


Finance

Hotels

Gas


Textile Products

Transportation

Power

Construction

Other Equity

Ferrous Metals

Pharmaceuticals


Telecom-Services

Auto

Auto Ancillaries

Software

Banks

Industrial Products

Money Market Instruments56.79

51.16 52.4

33.78

44.17 44.64

35.14

19.3

0

10

20

30

40

50

60


Birla Equity Plan - Dividend BSE Sensex

J u l y 2 0 0 7

13

Birla Top 100 Fund




Portfolio

Software 6819.63 14.45

Infosys Technologies Ltd. 2562.44 5.43

Satyam Computer Services Ltd. 1865.70 3.95

Tata Consultancy Services Ltd. 1265.69 2.68


Petroleum Products 6248.20 13.24

Reliance Industries Ltd. 3230.57 6.85

Reliance Petroleum Ltd. 1110.50 2.35

Bharat Petroleum Corporation Ltd. 1020.15 2.16

Hindustan Petroleum Corporation Ltd. 886.98 1.88




Banks 5020.18 10.64

ICICI Bank Ltd. 2875.45 6.09

HDFC Bank Ltd. 1551.48 3.29

Industrial Development Bank of India Ltd 593.25 1.26


Bharat Heavy Electricals Ltd. 3960.38 8.39

Bharat Electronics Ltd. 890.08 1.89


ITC Ltd. 1701.70 3.61



McDowell Holdings Ltd. 105.89 0.22

Asian Paints (India) Ltd. 7.06 0.01


Dishman Pharmaceuticals & Chemicals Ltd. 983.54 2.08

Nicholas Piramal India Ltd. 828.35 1.76

Glaxosmithkline Pharmaceuticals Ltd. 546.68 1.16

Construction 2282.49 4.84

Larsen & Toubro Ltd. 1569.69 3.33

Nagarjuna Construction Co. Ltd. 712.80 1.51


Motor Industries Company Ltd. 1254.95 2.66

Apollo Tyres Ltd. 665.84 1.41

Finance 1768.08 3.75

Housing Development Finance Corp. Ltd. 1768.08 3.75



Non - Ferrous Metals 1355.93 2.87

Sterlite Industries (India) Ltd. 1035.63 2.19

Hindalco Industries Ltd. 320.30 0.68

Transportation 744.94 1.58

Container Corporation of India Ltd. 744.94 1.58

Oil 688.30 1.46

Oil & Natural Gas Corporation Ltd. 688.30 1.46

Auto 636.26 1.35

Tata Motors Ltd. 636.26 1.35






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


Asset Allocation

Date of First Installment : November 1, 2005



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



Fund Manager : Mr. Ajay Argal

NAV : Rs.

Growth : 17.08

Dividend : 15.49

Benchmark : S & P CNX Nifty Corpus : Rs. 471.82 Crores


Investment Period

Total Investment

(Rs.)


Birla Top 100

Fund

Birla Top 100

Fund

S&P CNX NIFTY

S&P CNX NIFTY

Since Inception 20000 25566 25036 31.48 28.53

Last 1 year 12000 13924 13843 31.45 30.09


Large

Mid

Small

Investment Style




42.26

37.55

44.04

42.05

34

36

38

40

42

44

46


Birla Top 100 Fund - Growth S&P CNX Nifty

2.35%

2.87%

2.96%

3.65%

3.75%

4.07%

4.39%

4.84%

5.00%

9.04%

10.28%

10.64%

10.81%

10.89%

14.45%

Refineries and Marketing

Non - Ferrous Metals

Pesticides


Finance

Auto Ancillaries

Other Equity

Construction

Pharmaceuticals



Banks

Telecom-Services

Petroleum Products

Software

J u l y 2 0 0 7

14

Birla Sun Life Buy India Fund




Portfolio



Marico Industries Ltd. 456.50 4.57

Kajaria Ceramics Ltd. 425.04 4.25

Tata Tea Ltd. 341.10 3.41

Radico Khaitan Ltd 278.30 2.78

E.I.D. Parry (India) Ltd. 220.26 2.20


Sun Pharmaceutical Industries Ltd. 613.26 6.14

Cadila Healthcare Ltd. 371.10 3.71

Pfizer Ltd. 323.77 3.24

Sun Pharma Advanced Research Co. Ltd.** 79.29 0.79




Hotels 842.38 8.43

Asian Hotels Ltd. 567.88 5.68

Taj GVK Hotels & Resorts Ltd. 274.50 2.75

Media & Entertainment 514.14 5.14

PVR Ltd. 303.68 3.04

UTV Software Communications Ltd. 210.46 2.11

Magnasound India Ltd.** 0.00 0.00


MRF Ltd. 432.64 4.33


Rallis India Ltd. 424.71 4.25

Auto 408.71 4.09


Diversified Industries 334.91 3.35

Aditya Birla Nuvo Ltd. 334.91 3.35

Gas 237.11 2.37

Indraprastha Gas Ltd. 237.11 2.37

Retailing 18.99 0.19

Trent Ltd. - Warrants** 18.99 0.19



**Represents thinly traded/non traded securities.




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


Asset Allocation




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


Date of inception / takeover : January 15, 2000


NAV : Rs.

Growth : 29.23

Dividend : 20.53



Benchmark : BSE 200 Corpus : Rs. 99.95 Crores


Investment Period

Total Investment

(Rs.)


Birla Sun Life Buy

India Fund

Birla Sun Life Buy

India Fund

BSE 200

BSE 200

Since Inception 88000 277390 330055 30.74 35.46

Last 5 years 60000 152668 182073 38.52 46.27

Last 3 years 36000 60421 60644 36.87 37.16

Last 1 year 12000 14141 13617 35.16 26.27


Large

Mid

Small

Investment Style

36.27

50.82

40.92

15.47

47.96

42.11

35.64

15.53

0

10

20

30

40

50

60


Birla SunLife Buy India Fund - Growth BSE 200

0.19%

2.37%

3.35%

4.09%

4.25%

4.33%

5.14%

8.43%

10.11%

13.88%

18.89%

24.97%

Other Equity

Gas


Auto

Pesticides

Auto Ancillaries


Hotels

Telecom-Services

Pharmaceuticals



J u l y 2 0 0 7

15

Birla Sun Life New Millennium Fund



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

Portfolio

Software 7486.51 57.35Infosys Technologies Ltd. 1435.02 10.99HCL Technologies Ltd. 612.68 4.69Satyam Computer Services Ltd. 608.42 4.66Mphasis BFL Ltd. 603.31 4.62Tata Consultancy Services Ltd. 574.63 4.40Subex Azure Ltd. 535.61 4.10I-Flex Solutions Ltd. 518.44 3.97Megasoft Ltd. 408.41 3.13Nucleus Software Exports Ltd. 313.47 2.40Infotech Enterprises Ltd. 293.63 2.253i Infotech Ltd. 279.29 2.14Allsec Technologies Ltd. 239.04 1.83Hov Services Ltd. 197.68 1.51Tech Mahindra Ltd. 190.32 1.46Patni Computer Systems Ltd. 181.34 1.39

Geometric Software Solution Ltd. 180.83 1.39KPIT Cummins Infosystem Ltd. 178.92 1.37Zensar Technolgies Ltd. 135.46 1.04


Media & Entertainment 1763.11 13.51New Delhi Television India Ltd. 375.75 2.88Deccan Chronicle Holdings Ltd. 352.28 2.70Jagran Prakashan Ltd. 335.20 2.57UTV Software Communications Ltd. 315.69 2.42PVR Ltd. 195.93 1.50Cinemax India Ltd. 132.29 1.01

Balaji Telefilims Ltd. 55.99 0.43Magnasound India Ltd.** 0.00 0.00

Money Market Instruments 587.82 4.50Karnataka Bank Ltd. 587.82 4.50

Publishing & Printing 104.28 0.80Cyber Media (India) Ltd. 104.28 0.80

Telecom-Equipment & Accessories 70.15 0.54Avaya Global Connect Ltd 70.15 0.54



**Represents thinly traded/non traded securities.




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


Asset Allocation




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




NAV : Rs.

Growth : 22.14

Dividend : 18.88



Benchmark : BSE Teck Corpus : Rs. 130.54 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 88000 247449 301265 27.65 32.98

Last 5 years 60000 161500 182124 40.97 46.28

Last 3 years 36000 62182 67752 39.11 45.93

Last 1 year 12000 13734 14733 28.23 45.43

65.10

51.00

38.10

11.25

54.39

45.05

34.16

0

10

20

30

40

50

60

70


Birla SunLife New Millennium Fund - Growth BSE Teck

1.34%

1.43%

4.50%

13.51%

21.88%

57.35%

Other Equity




Telecom-Services

Software

J u l y 2 0 0 7

16

Birla Sun Life Basic Industries Fund




Portfolio

Industrial Capital Goods 3525.10 23.08Bharat Heavy Electricals Ltd. 935.96 6.13Crompton Greaves Ltd. 834.03 5.46Siemens Ltd. 555.52 3.64Bharati Shipyard Ltd. 439.92 2.88AIA Engineering Ltd. 277.00 1.81Thermax Ltd. 252.30 1.65Jyoti Structures Ltd. 230.37 1.51

Petroleum Products 1733.55 11.35Apar Industries Ltd. 569.30 3.73Reliance Industries Ltd. 510.09 3.34Indian Oil Corporation Ltd. 398.88 2.61Chennai Petroleum Corporation Ltd. 255.28 1.67

Industrial Products 1618.27 10.59Kirloskar Oil Engines Ltd. 614.35 4.02Cummins India Ltd. 370.15 2.42Kirloskar Brothers Ltd. 333.31 2.18BOC India Ltd. 206.42 1.35Sintex Industries Ltd. 94.03 0.62

Ferrous Metals 1445.10 9.46Jindal Steel & Power Ltd. 643.54 4.21Jindal Saw Ltd. 417.74 2.73JSW Steel Ltd. 251.03 1.64Maharashtra Seamless Ltd. 132.79 0.87

Construction 1184.84 7.76Gammon India Ltd. 333.76 2.18

Patel Engineering Ltd. 288.72 1.89Nagarjuna Construction Co. Ltd. 281.93 1.85Larsen & Toubro Ltd. 219.61 1.44Mahindra Gesco Developers Ltd. 60.82 0.40

Banks 1010.38 6.61Punjab National Bank 440.13 2.88ICICI Bank Ltd. 305.78 2.00Andhra Bank 264.47 1.73

Auto 773.19 5.06Mahindra & Mahindra Ltd. 438.80 2.87Maruti Udyog Ltd. 334.40 2.19

Cement 740.43 4.85Birla Corporation Ltd. 382.90 2.51Grasim Industries Ltd. 276.80 1.81Mangalam Cement Ltd 80.73 0.53

Finance 531.91 3.48Housing Development Finance Corp. Ltd. 531.91 3.48

Industrial Services 471.29 3.09South East Asia Marine Engin & Const Ltd 471.29 3.09



Power 335.53 2.20Monnet Ispat Energy Ltd. 335.53 2.20


Non - Ferrous Metals 292.55 1.92Sterlite Industries (India) Ltd. 292.55 1.92

Consumer Non Durables 130.72 0.86SPL Industries Ltd. 130.72 0.86

Chemicals 110.79 0.73Aarti Industries Ltd. 110.79 0.73

Paper 50.03 0.33Tamil Nadu Newsprint & Papers Ltd. 50.03 0.33






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 : 76.66

Dividend : 31.43





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 88000 277390 428415 30.74 42.64

Last 5 years 60000 152668 182298 38.52 46.33

Last 3 years 36000 60421 60853 36.87 37.43

Last 1 year 12000 14141 14353 35.16 38.81

47.3445.53

48.01

31.41

47.96

42.11

35.64

15.53

0

10

20

30

40

50

60


Birla SunLife Basic Industries - Growth BSE 200

1.83%

2.02%

2.20%

2.20%

2.60%

3.09%

3.48%

3.82%

4.85%

5.06%

6.61%

7.76%

9.46%

10.59%

11.35%

23.08%


Oil

Power

Pesticides

Fertilisers

Industrial Services

Finance

Other Equity

Cement

Auto

Banks

Construction

Ferrous Metals

Industrial Products

Petroleum Products


J u l y 2 0 0 7

17

Birla Sun Life Frontline Equity Fund




Portfolio

Money Market Instruments 4686.56 17.07State Bank of Patiala 4686.56 17.07

Industrial Capital Goods 3376.50 12.30Bharat Heavy Electricals Ltd. 828.81 3.02Siemens Ltd. 815.13 2.97Crompton Greaves Ltd. 759.69 2.77Hindustan Dorr-Oliver Ltd. 510.42 1.86Thermax Ltd. 462.45 1.68

Banks 3212.61 11.70ICICI Bank Ltd. 660.32 2.41HDFC Bank Ltd. 572.05 2.08Federal Bank Ltd. 442.51 1.61Punjab National Bank 367.24 1.34Union Bank of India 357.99 1.30Indian Overseas Bank 356.23 1.30Indian Bank 240.61 0.88Syndicate Bank 215.66 0.79

Software 2596.02 9.46Infosys Technologies Ltd. 778.64 2.84Tata Consultancy Services Ltd. 477.84 1.743i Infotech Ltd. 412.54 1.50Satyam Computer Services Ltd. 373.84 1.36HCL Technologies Ltd. 281.30 1.02Wipro Ltd. 271.86 0.99


Videsh Sanchar Nigam Ltd. 491.79 1.79

Cement 1467.69 5.35Grasim Industries Ltd. 791.39 2.88Century Textile & Industries Ltd. 676.30 2.46

Consumer Non Durables 1327.94 4.84Hindustan Lever Ltd. 519.34 1.89United Spirits Ltd. 464.62 1.69Radico Khaitan Ltd 211.38 0.77McDowell Holdings Ltd. 132.61 0.48


Finance 1026.80 3.74Power Finance Corporation Ltd 620.76 2.26Housing Development Finance Corp. Ltd. 406.04 1.48

Construction 918.29 3.34Larsen & Toubro Ltd. 351.37 1.28Nagarjuna Construction Co. Ltd. 293.82 1.07Gammon India Ltd. 273.10 0.99

Auto 838.37 3.05Mahindra & Mahindra Ltd. 578.28 2.11Maruti Udyog Ltd. 260.09 0.95

Auto Ancillaries 714.11 2.60Motor Industries Company Ltd. 714.11 2.60

Petroleum Products 673.19 2.45Hindustan Petroleum Corporation Ltd. 267.85 0.98Reliance Industries Ltd. 212.54 0.77Indian Oil Corporation Ltd. 192.79 0.70Chennai Petroleum Corporation Ltd. 0.01 0.00

Pharmaceuticals 538.12 1.96Wockhardt Ltd. 329.67 1.20Cipla Ltd. 208.45 0.76

Media & Entertainment 471.91 1.72Balaji Telefilims Ltd. 249.11 0.91New Delhi Television India Ltd. 222.80 0.81

Industrial Products 348.65 1.27Kirloskar Oil Engines Ltd. 348.65 1.27

Power 335.48 1.22Tata Power Company Ltd. 335.48 1.22


Hotels 192.77 0.70Indian Hotels Co. Ltd. 192.77 0.70






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


Asset Allocation




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


Date of inception / takeover : August 30, 2002


NAV : Rs.

Growth : 56.60

Dividend : 23.86



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 57000 138359 158719 38.70 45.12

Last 3 years 36000 60421 66632 36.87 44.59

Last 1 year 12000 14141 14535 35.16 41.98

#iiiiValue Research Ratingi

Birla Sun Life Frontline Equity FundEquity: Diversified (179 Schemes), 3 Yrs ended 30-Jun-07


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

Large Cap Oriented Equity Scheme (23 Schemes), 2 Yrs ended 31-Mar-07(Past performance is no guarantee of future results.)

# for methodology please refer page 43




56.44

48.71

43.14

47.96

42.11

38.21

0

10

20

30

40

50

60


Birla SunLife Frontline Equity Fund - Growth BSE 200

Total outstanding exposure in derivatives as on 29th June, 2007 is Rs.3.07 Crores (Notional value).

2.45%

2.60%

3.05%

3.34%

3.74%

3.82%

4.08%

4.84%

5.35%

7.75%

8.45%

9.46%

11.70%

12.30%

17.07%

Petroleum Products

Auto Ancillaries

Auto

Construction

Finance


Oil


Cement

Other Equity

Telecom-Services

Software

Banks



J u l y 2 0 0 7

18


Birla Sun Life Equity Fund



Portfolio

Industrial Capital Goods 13237.10 18.58Siemens Ltd. 3110.31 4.37Bharat Heavy Electricals Ltd. 2542.30 3.57Crompton Greaves Ltd. 2328.77 3.27Bharat Bijlee Ltd. 1586.62 2.23RPG Transmission Ltd. 1406.18 1.97Thermax Ltd. 1268.87 1.78Aban Offshore Ltd. 994.04 1.40

Software 9837.46 13.81Infosys Technologies Ltd. 3341.64 4.69Satyam Computer Services Ltd. 1833.21 2.57Patni Computer Systems Ltd. 1036.20 1.45Tata Consultancy Services Ltd. 1034.33 1.45Megasoft Ltd. 989.15 1.39Geometric Software Solution Ltd. 704.41 0.99Allsec Technologies Ltd. 451.90 0.63Mphasis BFL Ltd. 446.62 0.63

Telecom-Services 7121.65 10.00Bharti Airtel Ltd. 3462.41 4.86Reliance Communications Ltd. 2166.86 3.04Videsh Sanchar Nigam Ltd. 1492.37 2.10

Banks 6624.91 9.30ICICI Bank Ltd. 2035.22 2.86Kotak Mahindra Bank Ltd. 1282.15 1.80Punjab National Bank 1066.53 1.50Andhra Bank 1004.41 1.41Industrial Development Bank of India Ltd 711.90 1.00Oriental Bank of Commerce 524.69 0.74

Construction 5408.29 7.59GVK Power & Infrastructure Ltd. 2081.80 2.92Gammon India Ltd. 1368.61 1.92D.S. Kulkarni Developers Ltd. 889.52 1.25Nagarjuna Construction Co. Ltd. 651.11 0.91Larsen & Toubro Ltd. 417.25 0.59

Consumer Non Durables 3661.16 5.14United Spirits Ltd. 1645.39 2.31Hindustan Lever Ltd. 1039.58 1.46United Breweries Ltd. 822.70 1.16Tata Tea Ltd. 153.50 0.22

Finance 3445.12 4.84United Breweries Holdings Ltd. 2883.48 4.05Power Finance Corporation Ltd 561.64 0.79

Media & Entertainment 3306.21 4.64New Delhi Television India Ltd. 1431.64 2.01Balaji Telefilims Ltd. 1066.00 1.50Jagran Prakashan Ltd. 808.57 1.14Magnasound India Ltd.** 0.00 0.00


Retailing 2122.54 2.98Pantaloon Retail (India) Ltd. 1526.84 2.14Shoppers Stop Ltd. 595.71 0.84

Diversified Industries 1877.12 2.64

Aditya Birla Nuvo Ltd. 1877.12 2.64

Cement 1598.32 2.24India Cements Ltd 1124.91 1.58Century Textile & Industries Ltd. 473.41 0.66

Ferrous Metals 1379.58 1.94Welspun Gujarat Stahl Rohren Ltd. 1379.58 1.94

Industrial Products 1318.03 1.85Cummins India Ltd. 1318.03 1.85

Pharmaceuticals 1165.87 1.64Wockhardt Ltd. 1155.27 1.62Maestro Mediline Systems Ltd. 10.60 0.01

Chemicals 1101.15 1.55Bombay Dyeing & Mfg. Co. Ltd 1101.15 1.55

Hotels 950.65 1.33Indian Hotels Co. Ltd. 950.65 1.33

Petroleum Products 944.81 1.33Hindustan Petroleum Corporation Ltd. 944.81 1.33

Money Market Instruments 491.77 0.69State Bank of Patiala 491.77 0.69



**Represents thinly traded/ non traded securities.




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


Asset Allocation




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


Date of inception / takeover : August 27, 1998


NAV : Rs.

Growth : 207.64

Dividend : 76.37






Investment Period

Total Investment

(Rs.)


Birla Sun Life Equity

Fund

Birla Sun Life Equity

Fund

BSE200

BSE200


Large

Mid

Small

Investment Style

Since Inception 105000 355443 643171 26.76 39.78

Last 5 years 60000 152668 224164 38.52 55.68

Last 3 years 36000 60421 70968 36.87 49.70

Last 1 year 12000 14141 15070 35.16 51.37


Birla Sun Life Equity FundEquity: Diversified (179 Schemes), 5 Yrs ended 30-Jun-07


CRISIL~CPR 2^^Birla Sun Life Equity Fund

Diversified Equity Scheme (56 Schemes), 2 Yrs ended 31-Mar-07(Past performance is no guarantee of future results.)


@MFR 1 by ICRABirla Sun Life Equity Fund

Open Ended Diversified Equity Schemes - Defensive (32 Schemes), 3 Yrs ended 31-Dec-06(Past performance is no guarantee of future results.)


65.17

58.78

51.12

40.91

47.96

42.11

35.64

22.01

0

10

20

30

40

50

60

70


Birla SunLife Equity Fund - Growth BSE 200

0.69%

2.24%

2.64%

2.98%

3.66%

4.26%

4.64%

4.84%

5.14%

7.59%

9.30%

9.63%

10.00%

13.81%

18.58%


Cement


Retailing


Auto


Finance


Construction

Banks

Other Equity

Telecom-Services

Software


J u l y 2 0 0 7

19

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




Portfolio

Finance 6626.08 17.07United Breweries Holdings Ltd. 2878.47 7.42Housing Development Finance Corp. Ltd. 2030.20 5.23Reliance Capital Ltd. 881.40 2.27ICRA Ltd. 836.01 2.15

Industrial Capital Goods 5769.12 14.86Siemens Ltd. 1885.01 4.86Bharat Bijlee Ltd. 1451.55 3.74Crompton Greaves Ltd. 1266.00 3.26Honeywell Automation India Ltd. 1166.56 3.01

Software 5115.57 13.18Infosys Technologies Ltd. 2507.96 6.46Satyam Computer Services Ltd. 1542.09 3.97Wipro Ltd. 1065.52 2.75

Banks 3951.03 10.18HDFC Bank Ltd. 1716.15 4.42Kotak Mahindra Bank Ltd. 1345.00 3.47Industrial Development Bank of India Ltd 889.88 2.29

Construction 2843.40 7.33Larsen & Toubro Ltd. 2174.09 5.60

GVK Power & Infrastructure Ltd. 669.31 1.72


Auto Ancillaries 1923.50 4.96Motor Industries Company Ltd. 1674.37 4.31MRF Ltd. 249.13 0.64

Telecom-Services 1831.21 4.72Bharti Airtel Ltd. 1128.53 2.91Videsh Sanchar Nigam Ltd. 702.68 1.81


Hotels 1766.11 4.55Taj GVK Hotels & Resorts Ltd. 1031.56 2.66Asian Hotels Ltd. 734.55 1.89

Petroleum Products 1190.21 3.07Reliance Industries Ltd. 1190.21 3.07


Power 1074.68 2.77Reliance Energy Ltd. 1074.68 2.77

Industrial Products 428.95 1.11Kirloskar Brothers Ltd. 428.95 1.11

Trading 379.56 0.98Uniphos Enterprises Ltd. 379.56 0.98

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







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


Asset Allocation

Date of First Installment : April 1, 1996



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


Date of inception / takeover : March 29, 1996


NAV : Rs.

Growth : 104.71





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 135000 509071 1598462 22.02 40.45

Last 5 years 60000 152668 173751 38.52 44.19

Last 3 years 36000 60421 64545 36.87 42.05

Last 1 year 12000 14141 14947 35.14 49.18

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

Equity Linked Savings Scheme (14 Schemes), 2 Yrs ended 31-Mar-07(Past performance is no guarantee of future results.)


62.09

43.8241.53 40.12

47.96

42.11

35.64

15.82

0

10

20

30

40

50

60

70


Birla SunLife Tax Relief 96 BSE 200

2.02%

2.08%

2.77%

3.05%

3.07%

4.55%

4.66%

4.72%

4.96%

5.50%

7.33%

10.18%

13.18%

14.86%

17.07%


Other Equity

Power

Pesticides

Petroleum Products

Hotels


Telecom-Services

Auto Ancillaries

Auto

Construction

Banks

Software


Finance

J u l y 2 0 0 7

20

Birla Balance




Portfolio

Consumer Non Durables 2182.13 18.78Hindustan Lever Ltd. 595.46 5.13 Radico Khaitan Ltd 532.84 4.59 ITC Ltd. 479.57 4.13 E.I.D. Parry (India) Ltd. 342.46 2.95 United Spirits Ltd. 193.59 1.67 Glaxosmithkline Consumer Healthcare Ltd. 38.22 0.33

PSU/PFI Bonds/Banks 2060.28 17.73Infrastructure Development Fin. Co. Ltd. ** 999.12 8.60 AAACitibank N A ** 731.69 6.30 AAANational Bank for Agri & Rural Devp ** 289.03 2.49 AAAHDFC Bank Ltd. ** 40.44 0.35 AAA

Pharmaceuticals 1182.34 10.18Novartis India Ltd. 529.22 4.56 Pfizer Ltd. 509.67 4.39 Wyeth Ltd. 143.45 1.23

Auto 956.44 8.23Hero Honda Motors Ltd. 486.58 4.19 Mahindra & Mahindra Ltd. 469.85 4.04

Corporate Debt 796.07 6.85Housing Development Finance Corp. Ltd. ** 648.25 5.58 AAASundaram Finance Ltd. ** 147.81 1.27 AA+

Banks 750.94 6.46State Bank of India 457.59 3.94 Oriental Bank of Commerce 293.35 2.53

Power 552.69 4.76Reliance Energy Ltd. 552.69 4.76

Petroleum Products 525.63 4.52Reliance Industries Ltd. 525.63 4.52



Money Market Instruments 393.42 3.39State Bank of Patiala 393.42 3.39 A1+

Industrial Products 349.00 3.00BOC India Ltd. 349.00 3.00

Securitised Debt 299.83 2.58Indian Retail ABS Trust Series 50 ** 299.83 2.58 AAA(SO)

Government Bond 285.30 2.46Govt Bond 7.61% Oil Company 2015 285.30 2.46 Sovereign

Telecom-Services 208.99 1.80Bharti Airtel Ltd. 208.99 1.80

Industrial Capital Goods 18.30 0.16Bharat Electronics Ltd. 18.30 0.16



** Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 27.17%

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


Asset Allocation

Date of First Installment : November 1,1999



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



Fund Manager : Mr. Navneet Munot

NAV : Rs.

Growth : 29.85

Dividend : 19.84



Benchmark : CRISIL Balanced Fund Index Average Maturity : 3.97 Years

Corpus : Rs. 116.18 Crores


Investment Period

Total Investment

(Rs.)


Birla Balance

Birla Balance

CRISIL Balanced

Fund Index

CRISIL Balanced

Fund Index

Rating Profile

Issuer Market Value % to Net RatingRs. in Lacs Assets



Large

Mid

Small

Investment Style

Since Inception 92000 188628 216263 18.29 21.76

Last 5 years 60000 106025 119500 23.02 28.03

Last 3 years 36000 50174 51882 22.90 25.35

Last 1 year 12000 13221 13466 19.66 23.74

Interest Rate Sensitivity: (Debt) Medium

32.61

28.5627.58

15.22

26.96

25.00

21.76

0

5

10

15

20

25

30

35


Birla Balance Fund - Growth Crisil Balanced Fund Index

1.30%

1.96%

2.46%

2.58%

3.00%

3.39%

3.72%

4.07%

4.52%

4.76%

6.46%

6.85%

8.23%

10.18%

17.73%

18.78%


Other Equity

Government Bond

Securitised Debt

Industrial Products


Pesticides

Fertilisers

Petroleum Products

Power

Banks

Corporate Debt

Auto

Pharmaceuticals

PSU/PFI Bonds/Banks


1.27%

1.30%

2.46%

29.28%

65.69%

AA


Sovereign

AAA

Other

10 20 30 40 50 60 700

J u l y 2 0 0 7

21

Birla Sun Life '95 Fund




Portfolio

Corporate Debt 2152.26 14.69Housing Development Finance Corp. Ltd. ** 2152.26 14.69 AAA

Consumer Non Durables 1877.23 12.81ITC Ltd. 773.50 5.28 Bombay Burmah Trading Corporation Ltd. 411.61 2.81 Nestle India Ltd. 220.39 1.50 Nirma Ltd. 218.94 1.49 Colgate Palmolive (I) Ltd. 198.93 1.36 United Breweries Ltd. 45.44 0.31 Procter & Gamble Hygiene & Health Care 8.42 0.06


Banks 1549.38 10.58State Bank of India 610.12 4.16 Oriental Bank of Commerce 541.56 3.70 Bank of Baroda 270.25 1.84 Indian Bank 127.45 0.87

Pesticides 1330.93 9.08Rallis India Ltd. 817.71 5.58 United Phosphorous Ltd. 513.22 3.50

PSU/PFI Bonds/Banks 1304.57 8.90National Bank for Agri & Rural Devp ** 996.67 6.80 AAAExport-Import Bank of India ** 307.90 2.10 AAA

Pharmaceuticals 722.68 4.93Cipla Ltd. 552.39 3.77 Cadila Healthcare Ltd. 170.29 1.16

Auto 655.14 4.47Hero Honda Motors Ltd. 655.14 4.47

Finance 650.00 4.44

United Breweries Holdings Ltd. 650.00 4.44 Petroleum Products 624.50 4.26Reliance Industries Ltd. 624.50 4.26

Retailing 414.88 2.83Trent Ltd. 390.78 2.67 Trent Ltd.(Rights) 24.10 0.16

Gas 334.13 2.28Gujarat Gas Co. Ltd. 334.13 2.28

Industrial Products 326.12 2.23BOC India Ltd. 326.12 2.23

Media & Entertainment 316.08 2.16ETC Networks Ltd. 316.08 2.16 Magnasound India Ltd. ** 0.00 0.00

Fertilisers 300.30 2.05Rashtriya Chemicals & Fertilizers Ltd. 300.30 2.05

Telecom-Services 250.79 1.71Bharti Airtel Ltd. 250.79 1.71

Auto Ancillaries 61.85 0.42Subros Ltd. 61.85 0.42

Industrial Capital Goods 47.96 0.33Bharat Bijlee Ltd. 47.96 0.33

Securitised Debt 9.50 0.06Fleet Trust July 2004 A2 Series ** 9.50 0.06 AAA(SO)






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


Asset Allocation

Date of First Installment : April 1, 1995



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




NAV : Rs.

Growth : 199.99

Dividend : 92.40

Benchmark : CRISIL Balanced Fund Index Average Maturity : 3.56 Years



Investment Period

Total Investment

(Rs.)




CRISIL Balanced

Fund Index

CRISIL Balanced

Fund Index

Rating Profile


Large

Mid

Small

Investment Style

Since Inception 147000 330446 1128829 12.48 30.34

Last 5 years 60000 106025 142954 23.02 35.67

Last 3 years 36000 50174 58058 22.90 33.80

Last 1 year 12000 13221 14324 19.66 38.31

Interest Rate Sensitivity: (Debt) Low

&Best Fund - Lipper Awards India 2007Winner of

Mixed Asset INR Aggressive, 10 Yrs ended 31-Dec-06





42.62

37.92

33.60

27.3526.9625.00

21.76

0

5

10

15

20

25

30

35

40

45


Birla SunLife 95 - Growth Crisil Balanced Fund Index

0.06%

1.02%

2.05%

2.16%

2.23%

2.28%

2.46%

2.83%

4.26%

4.44%

4.47%

4.93%

8.90%

9.08%

10.58%

10.74%

12.81%

14.69%

Securitised Debt


Fertilisers


Industrial Products

Gas

Other Equity

Retailing

Petroleum Products

Finance

Auto

Pharmaceuticals

PSU/PFI Bonds/Banks

Pesticides

Banks



Corporate Debt

1.02%

34.40%

64.58%


AAA

Other

10 20 30 40 50 60 700

J u l y 2 0 0 7

22

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

availability of distributable surplus




Portfolio

** Represents thinly traded/non traded securities. Total Percentage of thinly/non traded securities is 76.19%

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


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

NAV : Rs.

Payment / Growth : 19.8425

Dividend : 11.1894


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. 132.42 Crores

Average Maturity : 4.28 Years


Asset Allocation

Rating Profile

Corporate Debt 6392.19 48.27

Housing Development Finance Corp. Ltd. ** 1937.46 14.63 AAA

State Bank of India ** 1720.80 13.00 AAA

CitiFinancial Consumer Finance India Ltd. ** 1013.67 7.65 AAA

Great Eastern Shipping Company Ltd. ** 888.63 6.71 AAA

Sundaram Finance Ltd. ** 591.25 4.46 AA+

Electrosteel Castings Ltd. ** 240.38 1.82 AA

Securitised Debt 2241.71 16.93

Indian Retail ABS Trust Series 50 ** 1798.99 13.59 AAA(SO)

Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010 ** 442.72 3.34 AAA(SO)

EQUITY 1821.38 13.75


Radico Khaitan Ltd 151.96 1.15


Novartis India Ltd. 146.41 1.11

Pfizer Ltd. 144.69 1.09



Reliance Energy Ltd. 141.24 1.07

Hero Honda Motors Ltd. 137.78 1.04

ITC Ltd. 123.76 0.93

Reliance Industries Ltd. 102.02 0.77

Oriental Bank of Commerce 101.54 0.77




Indian Bank 9.78 0.07

PSU/PFI Bonds/Banks 1455.63 10.99

Power Finance Corporation Ltd. ** 1089.49 8.23 AAA

Power Grid Corporation of India Ltd. ** 366.14 2.76 AAA

Government Bond 475.00 3.59

Govt Bond 7.59% OIL MKTG. COS.2015 475.00 3.59 Sovereign


State Bank of Patiala 442.59 3.34 A1+

Mutual Fund Units 33.17 0.25

Birla Fixed Term Debt Fund Ser 3 -36 B 33.17 0.25






High Med LowInterest Rate

Sensivity

High

Mid

Low

Credit Quality

12.13

9.11

10.08

10.93

9.78

8.67

9.35

0

2

4

6

8

10

12

14


Birla MIP - Growth Crisil MIP Blended Index

0.25%

2.87%

3.34%

3.59%

10.99%

13.75%

16.93%

48.27%

Mutual Fund Units



Government Bond

PSU/PFI Bonds/Banks

Equity

Securitised Debt

Corporate Debt

2.87%

3.59%

6.28%

14.01%

73.26%


Sovereign

AA

Equity

AAA

J u l y 2 0 0 7

23


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

NAV : Rs.


Dividend : 10.1470


Entry Load :

Exit Load :

NIL

NIL





Asset Allocation

Rating Profile


ICICI Bank Ltd. 372.64 59.72 A1+

LIC Housing Finance Ltd. 108.21 17.34 P1+

UCO Bank 92.73 14.86 P1+


Kotak Mahindra Prime Ltd. ** 99.94 16.02 LAA

Electrosteel Castings Ltd. ** 30.05 4.82 AA






Sensivity

High

Mid

Low

Credit Quality

8.08

6.155.84

9.78

8.67

7.73

0

2

4

6

8

10

12


Birla MIP - Savings 5 - Growth Crisil MIP Blended Index

20.83%

91.93%

AA

AAA

20.83%

91.93%

Corporate Debt


J u l y 2 0 0 7

24


Birla MIP II - Wealth 25 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.



NAV : Rs.


Dividend : 11.2535


Entry Load :

Exit Load : For redemption / switch out of

units within 12 months from the

date of allotment: 1%

NIL





Asset Allocation

Rating Profile

Corporate Debt 5156.94 48.49Housing Development Finance Corp. Ltd. ** 1600.36 15.05 AAASundaram Finance Ltd. ** 1482.26 13.94 AA+State Bank of India ** 1093.13 10.28 AAACitiFinancial Consumer Finance India Ltd. ** 506.83 4.77 AAAGreat Eastern Shipping Company Ltd. ** 444.31 4.18 AAAElectrosteel Castings Ltd. ** 30.05 0.28 AA

EQUITY 2055.85 19.33Rallis India Ltd. 144.96 1.36 Hindustan Lever Ltd. 141.64 1.33 Novartis India Ltd. 133.30 1.25 Radico Khaitan Ltd 125.54 1.18 Hero Honda Motors Ltd. 124.41 1.17 State Bank of India 122.02 1.15 Glaxosmithkline Consumer Healthcare Ltd. 114.50 1.08 Mahindra & Mahindra Ltd. 108.43 1.02 ITC Ltd. 108.29 1.02

Pfizer Ltd. 106.43 1.00 Reliance Energy Ltd. 104.40 0.98 ZF Steering Gear (India) Ltd. 103.86 0.98 Aventis Pharma Ltd. 101.01 0.95 Oriental Bank of Commerce 95.90 0.90 Subros Ltd. 85.02 0.80 Hindustan Sanitaryware & Industries Ltd. 77.02 0.72 Reliance Industries Ltd. 68.01 0.64 BOC India Ltd. 57.28 0.54 United Phosphorous Ltd. 43.55 0.41 United Spirits Ltd. 34.85 0.33 Bharti Airtel Ltd. 25.08 0.24 Tata Chemicals Ltd. 24.91 0.23 Indian Bank 5.45 0.05

PSU/PFI Bonds/Banks 991.83 9.33Export-Import Bank of India ** 496.61 4.67 AAAPower Finance Corporation Ltd. ** 495.22 4.66 AAA

Government Bond 812.61 7.64Govt Bond 7.59% OIL MKTG. COS.2015 475.00 4.47 SovereignGovt Bond 7.61% Oil Company 2015 337.61 3.17 Sovereign


Securitised Debt 442.72 4.16Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010 ** 442.72 4.16 AAA(SO)

Mutual Fund Units 33.17 0.31Birla Fixed Term Debt Fund Ser 3 -36 B 33.17 0.31







Sensivity

High

Mid

Low

Credit Quality


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


12.4312.14

11.22

9.78

8.67

7.73

0

2

4

6

8

10

12

14


Birla MIP - Wealth 25 - Growth Crisil MIP Blended Index

0.31%

4.16%

4.73%

6.01%

7.64%

9.33%

19.33%

48.49%

Mutual Fund Units

Securitised Debt



Government Bond

PSU/PFI Bonds/Banks

Equity

Corporate Debt

4.73%

7.64%

14.22%

19.65%

53.77%


Sovereign

AA

Equity

AAA

J u l y 2 0 0 7

25

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





Portfolio


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


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

NAV : Rs.Growth : 26.3720 Monthly Dividend : 10.9190 Quarterly Dividend : 11.5240


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. ** 1599.66 11.59 AAA





Export-Import Bank of India ** 1489.83 10.79 AAA

National Bank for Agri & Rural Devp ** 1096.33 7.94 AAA


Infrastructure Development Fin. Co. Ltd. ** 499.56 3.62 AAA



Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010 ** 1328.15 9.62 AAA(SO)

Indian Retail ABS Trust Series 50 ** 399.78 2.90 AAA(SO)

India Infrastructure Developers Limited ** 205.08 1.49 AAA(SO)

Fleet Trust July 2004 A2 Series ** 9.50 0.07 AAA(SO)

Fleet Trust April 2004 Series ** 2.90 0.02 AAA(SO)

EQUITY 1799.80 13.04


Pritish Nandy Communications Ltd. 147.35 1.07

Oriental Bank of Commerce 146.67 1.06


Cipla Ltd. 125.07 0.91

Hero Honda Motors Ltd. 119.18 0.86

BOC India Ltd. 117.52 0.85



Nirma Ltd. 92.77 0.67

ETC Networks Ltd. 84.96 0.62


Nestle India Ltd. 59.71 0.43

Gujarat Gas Co. Ltd. 57.45 0.42

Bank of Baroda 54.05 0.39

Trent Ltd. 48.76 0.35

Hindustan Sanitaryware & Industries Ltd. 44.38 0.32

Rashtriya Chemicals & Fertilizers Ltd. 39.90 0.29


Subros Ltd. 24.81 0.18

Indian Bank 20.03 0.15

United Breweries Ltd. 15.15 0.11

TRENT LTD. (RIGHTS) 3.01 0.02

Magnasound India Ltd. ** 0.00 0.00









Sensivity

High

Mid

Low

Credit Quality

CRISIL~CPR 2^^Birla Sun Life Monthly Income

MIP Conservative Scheme (9 Schemes) Yrs ended 31-Mar-07, 2 (Past performance is no guarantee of future results.)



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


13.37

10.33

11.26

12.95

9.78

8.679.35

0

2

4

6

8

10

12

14

16


Birla SunLife MIP - Growth Crisil MIP Blended Index

3.42%

3.44%

13.04%

14.09%

29.55%

36.45%


Government Bond

Equity

Securitised Debt

PSU/PFI Bonds/Banks

Corporate Debt

2.50%

3.42%

3.44%

13.04%

77.60%

AA


Sovereign

Equity

AAA

J u l y 2 0 0 7

26

CRISIL~CPR 2^^Birla Income Plus

Income Scheme (19 Schemes), 2 Yrs ended 31-Mar-07(Past performance is no guarantee of future results.)


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 : 30.9376

Dividend : 10.0857

Benchmark : CRISIL Composite

Bond Fund IndexCorpus : Rs. 204.38 Crores



Asset Allocation

Rating Profile




LIC Housing Finance Ltd. ** 700.09 3.43 AAA



State Bank of Travancore ** 490.01 2.40 AAA

Citicorp Finance India Ltd. ** 297.46 1.46 AAA

Kotak Mahindra Prime Ltd. ** 270.32 1.32 LAA

Mahindra & Mahindra Financial Services Ltd. **250.72 1.23 AA+

Cholamandalam DBS Finance Ltd. ** 192.35 0.94 AA+

Hindalco Industries Ltd. ** 97.72 0.48 AAA

IL&FS Investmart Ltd. ** 95.87 0.47 LAAA(SO)

Reliance Industries Ltd. ** 84.19 0.41 AAA

Oriental Bank of Commerce ** 44.21 0.22 AA+


ICICI Bank Ltd. 4163.48 20.37 A1+

Union Bank of India 1392.35 6.81 A1+





Indian Railways Finance Corporation Ltd. ** 999.70 4.89 AAA


National Bank for Agricultural & Rural Development **79.92 0.39 AAA




Auto Receivable Trust- Aug-2005

(Sundaram Finance) ** 505.75 2.47 LAAA(SO)







Entry Load :




> 10 Lakhs: Nil

NIL


Sensivity

High

Mid

Low

Credit Quality

5.61

3.76

5.89

10.14

4.44

3.53

5.28

0

2

4

6

8

10

12


Birla Income Plus - Growth Crisil Composite Bond Fund Index

2.47%

3.78%

4.65%

24.58%

30.07%

34.45%

Securitised Debt


Government Bond

PSU/PFI Bonds/Banks


Corporate Debt

3.77%

4.65%

6.17%

85.41%


Sovereign

AA

AAA

J u l y 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 : 26.6623

Half Yearly - Dividend : 10.8794

Quarterly Dividend : 10.3064

54 EA Growth : 26.6436

54 EA Dividend : 11.7405

54 EB Growth : 26.4758

54 EB Dividend : 11.7530




Asset Allocation

Rating Profile








Treasury Bills 1461.44 45.75

182 Day Tbill 28 Dec 2007 965.17 30.22 Sovereign

91 Day Tbill 10 Aug 2007 496.27 15.54 Sovereign

Floating Rate Instruments 199.86 6.26

Housing Development Finance Corp. Ltd. 199.86 6.26 LAAA


India Infrastructure Developers Ltd. ** 113.94 3.57 AAA(SO)

Fleet Trust April 2004 ** 1.16 0.04 AAA(SO)






Benchmark : CRISIL Composite

Bond Fund Index


Entry Load :




> 10 Lakhs: Nil

NIL


Sensivity

High

Mid

Low

Credit Quality

CRISIL~CPR 1^^Birla Sun Life Income Fund

Income Scheme (19 Schemes), 2 Yrs ended 31-Mar-07(Past performance is no guarantee of future results.)


9.41

5.38

6.78

9.96

4.44

3.53

5.28

0

2

4

6

8

10

12


Birla SunLife Income Fund - Growth Crisil Composite Bond Fund Index

3.60%

6.21%

6.26%

17.09%

21.09%

45.75%

Securitised Debt


Floating Rate Instruments

Corporate Debt

PSU/PFI Bonds/Banks

Treasury Bills

45.75%Sovereign

48.04%AAA

6.21%Cash & Current Assets

J u l y 2 0 0 7

28


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 : 18.4844Quarterly Dividend : 10.5890Annual Dividend : 11.4458PF PlanGrowth : 20.8955Quarterly Dividend : 10.3528Annual Dividend : 19.4057Regular PlanGrowth : 23.6627Quarterly Dividend : 10.9312Annual Dividend : 22.0539

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. 18.41 CroresPF Plan : Rs. 71.72 CroresRegular Plan : Rs. 50.18 Crores

Average MaturityLiquid Plan : 0.04 YearsPF Plan : 3.69 YearsRegular Plan : 4.66 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


182 Day TBill 10 AUG 2007 496.27 26.96 Sovereign






Govt Bond 7.49%2017 953.70 13.30 Sovereign

Govt Bond 7.61% Oil Company 2015 787.43 10.98 Sovereign





Govt Bond 7.49%2017 2384.25 47.52 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

ended 30-Jun-07Yrs

(Past performance is no guarantee of future results.)

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

Gilt Scheme (17 Schemes), 2 Yrs ended 31-Mar-07(Past performance is no guarantee of future results.)


@MFR 1 by ICRABirla Gilt Plus - Liquid Plan

Open Ended Gilt Schemes - Short Term (12 Schemes), 3 Yrs ended 31-Dec-06(Past performance is no guarantee of future results.)


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

Bond Indian Rupee - Government, 5 Yrs ended 31-Dec-06(Past performance is no guarantee of future results.)


6.89

5.61

6.3

8.29

7.17

5.34

6.08

0

1

2

3

4

5

6

7

8

9


Birla Gilt Plus Liquid Plan I-Sec Si-BEX

5.58

3.33

7.13

10.029.48

4.28

7.80

0

2

4

6

8

10

12


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

7.75

4.31

7.94

11.81

9.48

4.28

7.80

0

2

4

6

8

10

12

14


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

26.96%

73.04%

Treasury Bills

Cash & CurrentAssets

47.52%

52.48%

Government Bond


44.14%

55.86%

Government Bond


J u l y 2 0 0 7

29

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 : 20.1067

Dividend : 10.2814

Short Term Plan

Growth : 16.1689

Dividend : 10.2017


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. 1.71 CroresShort Term Plan : Rs. 0.39 Crores

Average MaturityLong Term Plan : 0.01 YearsShort Term Plan : 0.01 Years

Long Term - Investment Style Box

Long Term Plan - Investment Performance


Asset Allocation - Long Term Plan

Short Term Plan - Investment Performance


Asset Allocation - Short Term Plan

Cash & Current Assets 171.43 100


Cash & Current Assets 38.91 100





Sensivity

High

Mid

Low

Short Term - Investment Style Box


Sensivity

High

Mid

Low

Credit Quality Credit Quality


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


5.11

3.12

6.77

9.539.48

4.28

7.80

0

2

4

6

8

10

12


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

7.15

3.98

4.48

6.46

7.17

5.34

6.08

0

1

2

3

4

5

6

7

8


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

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

J u l y 2 0 0 7

J u l y 2 0 0 7

30

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 : 11.6768

Retail Dividend : 10.4462


Entry Load :

Exit Load : NIL

NIL

Benchmark : CRISIL Composite Bond Fund Index




Investment Performance Asset Allocation

Rating Profile

Portfolio

** Represents thinly traded/non traded securities.

Total Percentage of thinly/non traded securities is 2.80%

Money Market Instruments 1374.93 77.93ICICI Bank Ltd. 1188.05 67.34 A1+Canara Bank 186.88 10.59 P1+

Corporate Debt 49.32 2.80CitiFinancial Consumer Finance India Ltd. ** 49.32 2.80 AAA







Sensivity

High

Mid

Low

Credit Quality

#iiiiValue Research RatingBirla Dynamic Bond Fund - Retail Plan

Debt: Medium-term (50 Schemes), 3 Yrs ended 30-Jun-07(Past performance is no guarantee of future results.)


7.09

5.79

4.44

3.85

0

1

2

3

4

5

6

7

8


Birla Dynamic Bond Fund - Retail - Growth Crisil Composite Bond Fund Index

2.80%

19.28%

77.93%

Corporate Debt



19.28%

80.72%


AAA


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.

Dividend : 10.1046

Growth : 11.8086

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

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




Investment Performance Asset Allocation

Rating Profile

Portfolio

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

Total Percentage of thinly/non traded securities is 33.83%

Corporate Debt 9.82 17.29Oriental Bank of Commerce ** 9.82 17.29 AA+

PSU/PFI Bonds/Banks 9.40 16.54Power Finance Corporation Ltd. ** 9.40 16.54 AAA

Government Bond 2.05 3.60Govt Bond 9.39% 2011 2.05 3.60 Sovereign






Sensivity

High

Mid

Low

Credit Quality

5.47

3.854.09

4.44

3.533.70

0

1

2

3

4

5

6


Birla Bond Index Fund - Growth Crisil Composite Bond Fund Index

3.60%

16.54%

17.29%

62.57%

Government Bond

PSU/PFI Bonds/Banks

Corporate Debt


3.60%

16.54%

17.29%

62.57%

Sovereign

AAA

AA


J u l y 2 0 0 7

31

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 - Monthly Dividend : 10.0515 Insititutional Plan- Daily Dividend : 10.0034 Insititutional Plan- Weekly Dividend : 10.0183 Institution Plan- Fortnightly Dividend : 10.4768 Institutional Growth : 14.3351 Retail - Monthly Dividend : 10.0496 Retail - Weekly Dividend : 10.0177 Retail Fortnightly Dividend : 11.2546 Retail Growth : 14.1898


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 CRISIL

Birla Sun Life Liquid Plus



Portfolio

Money Market Instruments 118123.43 78.70ICICI Bank Ltd. 31440.54 20.95 A1+Union Bank of India 22757.13 15.16 A1+Canara Bank 14036.25 9.35 P1+UCO Bank 6450.35 4.30 P1+Hongkong And Shanghai Banking Corporation 6386.53 4.26 F1+Karnataka Bank Ltd. 6368.03 4.24 A1+HDFC Bank Ltd. 4967.42 3.31 P1+Yes Bank Ltd. 4904.99 3.27 A1+ABN Amro Bank 4855.58 3.24 P1+Punjab National Bank 4816.82 3.21 P1+State Bank of Patiala 4425.92 2.95 A1+GE Capital Services India Ltd. 2354.92 1.57 P1+Apollo Tyres Ltd. 1963.87 1.31 P1+Infrastructure Development Finance Co. Ltd. 1476.95 0.98 A1+State Bank of Indore 918.13 0.61 P1+

Corporate Debt 9447.32 6.29Dewan Housing Finance Corporation Ltd. ** 2500.00 1.67 P1+Kotak Securities Ltd. ** 2500.00 1.67 A1+Tata Sons Ltd. ** 1044.13 0.70 AAA

CitiFinancial Consumer Finance India Ltd. ** 1013.67 0.68 AAAIL&FS Investmart Ltd. ** 1003.56 0.67 F1+Sundaram Finance Ltd. ** 886.88 0.59 AA+Export-Import Bank of India ** 499.09 0.33 AAA

Securitised Debt 5938.96 3.96GE Cap Ser (I) KGL Loan Trust Sr A2 21 Oct 07 ** 4266.45 2.84 A1+(SO)Loan Sec Trust Sr XVI NTPC (ICICI Bank) ** 1178.08 0.78 AAA(SO)GE Cap Ser (I) KGL Loan Trust Sr A1 16 Jul 07 ** 455.70 0.30 A1+(SO)Loan Sec Trust SrXII NTPC (ICICI) ** 38.72 0.03 AAA(SO)

PSU/PFI Bonds/Banks 4919.11 3.28National Bank for Agricultural & Rural Development ** 3919.95 2.61 AAAInfrastructure Development Finance Co. Ltd. ** 999.16 0.67 AAA

Floating Rate Instruments 3500.00 2.33Citicorp Finance India Ltd. 3500.00 2.33 AAA






7.37

6.15 6.266.466.58

5.025.31

0

1

2

3

4

5

6

7

8


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

2.33%

3.28%

3.96%

5.43%

6.29%

78.70%


PSU/PFI Bonds/Banks

Securitised Debt


Corporate Debt


0.59%

5.43%

93.98%

AA


AAA

J u l y 2 0 0 7

32

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 : 13.7160

Dividend : 10.5359


Entry Load :

Exit Load : NIL

NIL

Benchmark : CRISIL Short-Term

Bond Fund IndexCorpus : Rs. 94.08 Crores




Sensivity

High

Mid

Low

Credit Quality


State Bank of Indore 2754.40 29.28 P1+



UCO Bank 293.32 3.12 P1+

Housing Development Finance Corp. Ltd. 279.66 2.97 A1+

Canara Bank 187.14 1.99 P1+


91 Day TBill 10 Aug 2007 1985.07 21.10 Sovereign

**Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 2.69%

182 Day TBill 28 Dec 2007 965.17 10.26 Sovereign

182 Day TBill 10 Aug 2007 496.27 5.28 Sovereign








Birla Sun Life Short Term FundDebt: Short-term (22 Schemes), 18 months & 3 Yrs ended 30-Jun-07


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

Debt Short Term Scheme (13 Schemes), 1 Yrs ended 31-Mar-07(Past performance is no guarantee of future results.)


8.79

6.20 6.21 6.276.58

5.025.31 5.43

0

1

2

3

4

5

6

7

8

9

10


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

2.69%

8.91%

36.63%

51.76%

Corporate Debt


Treasury Bills


8.91%

36.63%

54.46%


Sovereign

AAA

J u l y 2 0 0 7

33


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 : 12.6146Dividend : 10.4452Weekly Dividend : 10.0170Short Term:Growth : 12.5690Daily Dividend : 10.0015Weekly Dividend : 10.3889Institutional Plan-Growth : 10.1012Institutional Plan-Daily Dividend : 10.0086Institutional Plan-Weekly Dividend : 10.0217

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

CorpusLong Term : Rs. 180.52 CroresShort Term : Rs. 109.06 Crores

Average MaturityLong Term : 0.34 YearsShort Term : 0.19 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 10135.43 56.15State Bank of Patiala 3938.25 21.82 A1+ICICI Bank Ltd. 3768.12 20.87 A1+Export-Import Bank of India 1496.37 8.29 P1+Hongkong And Shanghai Banking Corporatio 932.68 5.17 F1+

Corporate Debt 3797.46 21.04Ranbaxy Holding Company ** 3500.00 19.39 UnratedCiticorp Finance India Ltd. ** 297.46 1.65 AAA

Floating Rate Instruments 3773.48 20.90LIC Housing Finance Ltd. 1973.48 10.93 AAAIndustrial Development Bank of India Ltd 1000.00 5.54 AA+Sundaram Finance Ltd. 800.00 4.43 LAA+







Floating Rate Instruments 8,318.48 76.28Kotak Mahindra Prime Ltd. 2,500.00 22.92 P1+Industrial Development Bank of India Ltd. 2,018.02 18.50 AA+LIC Housing Finance Ltd. 2,000.46 18.34 AAACiticorp Finance India Ltd. 1,500.00 13.75 AAAICICI Bank Ltd. 200.00 1.83 AAAUnited Phosphorous Ltd. 100.00 0.92 AA

Securitised Debt 891.17 8.17BHPC AutoSec Trust Jun05-Sr. A3(15OCT08) ** 891.17 8.17 AAA(SO)

Money Market Instruments 274.24 2.51ICICI Bank Ltd. 274.24 2.51 A1+

Cash & Current Assets 1,421.63 13.04

Total Net Asset 10,905.52 100.00

Load Structure :

Long Term

Entry Load : Nil

Exit Load : For any redemption / switch out of

units within 7 days from the date

of allotment :- 0.10%

Short Term

Entry Load : NIL

Exit Load : NIL

(Incl. for SIP)


Sensivity

High

Mid

Low

Credit Quality

+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.


7.89

6.155.88

7.31

5.655.24

0

1

2

3

4

5

6

7

8

9


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

6.085.52

7.44

5.786.33 6.24

10.04

5.24

0

2

4

6

8

10

15 days 1 Month 3 Months Since Inception

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

1.91%

20.90%

21.04%

56.15%



Corporate Debt



9.97%AA

19.39%Unrated

68.73%AAA

2.51%Money Market Instruments

8.17%Securitised Debt


76.28%Floating Rate Instruments


19.42%AA

67.54%AAA

J u l y 2 0 0 7

34

Birla Cash Plus


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



Date of inception /takeover : June 16,1997

Load Structure

Entry Load :

Exit Load : NIL

NIL

Benchmark : Crisil Liquid Fund Index




Asset Allocation

Rating Profile


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

NAV : Rs.Retail Growth : 20.5451Retail Dividend : 16.3694Institutional Growth : 20.6957Institutional Dividend : 10.8023Institutional Plan - Weekly Dividend Option : 10.8068Institutional Plan - Fortnightly Dividend Option : 10.8366Institutional Premium Plan - Growth : 12.1658Institutional Premium Plan - Dividend : 10.0195Institutional Premium Plan - Weekly Div. Option : 10.0225Institutional Premium Plan - Fortnightly Div. Option : 10.0733Institutional Premium Plan - Monthly Dividend : 10.0000

Portfolio


Money Market Instruments 466993.25 63.94ICICI Bank Ltd. 107028.95 14.66 A1+Union Bank of India 53502.21 7.33 A1+State Bank of Patiala 32402.21 4.44 A1+Industrial Development Bank of India Ltd 32378.36 4.43 P1+UCO Bank Ltd. 30989.94 4.24 P1+Punjab National Bank 21069.78 2.89 P1+Union Bank of India 18765.92 2.57 P1+Allahabad Bank 14001.61 1.92 PR1+ABN Amro Bank 11669.92 1.60 P1+Canara Bank 9670.25 1.32 P1+Standard Chartered Bank 9639.55 1.32 P1+Federal Bank Ltd. 9333.03 1.28 P1+Housing Development Finance Corp. Ltd. 9045.02 1.24 P1+Hongkong & Shanghai Banking Corp. Ltd. 7499.43 1.03 F1+National Housing Bank 7217.16 0.99 A1+Aditya Birla Nuvo Ltd. 6422.62 0.88 A1+Export-Import Bank of India 6304.17 0.86 P1+State Bank of Travancore 6099.99 0.84 A1+The Jammu and Kashmir Bank Ltd. 6061.63 0.83 P1+IndusInd Bank Ltd. 5972.84 0.82 A1+TML Financial Services Ltd. 4986.63 0.68 P1+GE Capital Services India Ltd. 4943.43 0.68 P1+State Bank of Saurashtra 4577.34 0.63 A1+Housing Development Finance Corp. Ltd. 3490.64 0.48 A1+Reliance Capital Ltd. 3463.34 0.47 A1+Infrastructure Development Finance Co. 3448.48 0.47 A1+State Bank Of Bikaner And Jaipur 3385.47 0.46 P1+Essel Mining Ltd. 3083.30 0.42 A1+HCL Infosystems Ltd. 2981.20 0.41 A1+UTI Bank Ltd. 2765.51 0.38 P1+Tata Power Company Ltd. 2473.57 0.34 P1+Yes Bank Ltd. 2389.30 0.33 A1+State Bank of Mysore 2327.30 0.32 A1+State Bank of Indore 2283.33 0.31 P1+Rico Auto Industries Ltd. 1981.75 0.27 A1+Rabo India Finance Private Ltd. 1971.84 0.27 P1+OCL India Ltd. 1965.92 0.27 A1+

IDBI Bank 1557.17 0.21 A1+NRB Bearing Ltd. 1459.48 0.20 P1+Kotak Mahindra Bank Ltd. 1337.63 0.18 P1+Adlabs Films Ltd. 1331.50 0.18 A1+Allahabad Bank 1278.81 0.18 P1+Larsen & Toubro Finance Ltd. 1089.83 0.15 PR1+Century Enka Ltd. 962.14 0.13 P1+LIC Housing Finance Ltd. 383.74 0.05 P1+

Floating Rate Instruments 88231.72 12.08Housing Development Finance Corp. Ltd. 16788.63 2.30 LAAALIC Housing Finance Ltd. 7553.77 1.03 AAAIndustrial Development Bank of India Ltd 6505.86 0.89 AA+Citicorp Finance India Ltd. 6496.11 0.89 AAACitiFinancial Consumer Finance India Ltd 6400.00 0.88 AAALarsen & Toubro Finance Ltd. 5000.00 0.68 UNRATEDLarsen & Toubro Ltd. 5000.00 0.68 P1+Indian Railway Finance Corporation Ltd. 4666.13 0.64 AAAUTI Bank Ltd. 3999.17 0.55 LAA+ICICI Bank Ltd. 3300.00 0.45 AAAPower Finance Corp. Ltd. 2808.25 0.38 AAAICICI Bank Ltd. 2503.24 0.34 CARE AAARabo India Finance Private Ltd. 2500.00 0.34 AAAHero Honda Finlease Ltd. 2500.00 0.34 P1+United Phosphorus Ltd. 2404.49 0.33 AAInfrastructure Development Finance Co. 2001.61 0.27 AAAIndustrial Development Bank of India Ltd 1533.02 0.21 CARE AA+Cholamandalam Investments & Finance Ltd. 1500.02 0.21 LAACholamandalam Investments & Finance Ltd. 1500.00 0.21 LAA(SO)Cholamandalam Investments & Finance Ltd. 1000.00 0.14 MAA+IndiaRetail ABS Tr44 509.29 0.07 AAA(SO)ICICI Securities Ltd. 500.00 0.07 AAAHousing Development Finance Corp. Ltd. 490.59 0.07 AAAUnion Bank of India 471.79 0.06 AA+Secured Loan Rec.Sec.Trust Sr3 (ICICI) 239.22 0.03 LAAAFleet Trust Jan 2004 Series A5 60.52 0.01 AAA(SO)


Corporate Loan Sec Sr A2 LIC 06JUN08 ** 9948.45 1.36 P1+(SO)Credit Asset Trust-V Hutch (27-Sep-2007) ** 5012.77 0.69 F1+(SO)Credit AssetTrust III (Hutchison Essar) ** 2517.61 0.34 F1+(SO)GPL Loan Trust Series I (GLENMAK PHARM) ** 2413.65 0.33 F1+(SO)Corporate Loan Sec Sr A1 LIC 06JUN08 ** 1526.14 0.21 P1+(SO)Indian Retail Abs Trust 63(A1) 24 Aug 07 ** 1385.10 0.19 LAAA(SO)Loan Sec Trust NTPC ICICI - 07 Feb 2009 ** 1220.14 0.17 AAA(SO)BHPC Auto SecTrust Ser A1 TELCO 15Jun04 ** 594.12 0.08 AAA(SO)Collateralised Debt Tr Sr V1-A2 25Apr08 ** 491.28 0.07 P1+(SO)Indian Corp Loan Sec Tr Sr 28 A2 27Apr08 ** 473.00 0.06 P1+(SO)TML Financial Services Ltd. ** 466.65 0.06 P1+(SO)Auto Receivable Trust Aug 2005 Series A1 ** 387.21 0.05 AAA(SO)Indian Retail ABS Trust Series 56 (A1X) ** 329.13 0.05 AAA(SO)BHPC Auto Sec Trust Jun 2005 Series A1 ** 289.00 0.04 AAA(SO)Corporate Loan Sec Tr Sr-V A1 (HCL) 2008 ** 226.80 0.03 A1+(SO)Retail Trust Hdfc Sr.-A1 (24-Sep-2007) ** 198.83 0.03 A1+(SO)GoldStar Trust July 2004 Series A2 PTC ** 112.31 0.02 AAA(SO)UBL Trust Series 12 - A1 (27-Mar-2006) ** 110.03 0.02 AAA(SO)BHPC Auto SecTrust Ser A1 TELCO 15Jun04 ** 96.28 0.01 AAA(SO)Indian Retail ABS Trust Series XXV - A2 ** 32.17 0.00 AAA(SO)India Infrastructure Developers Limited ** 13.67 0.00 AAA(SO)

Corporate Debt 24631.95 3.37GE Capital Services India Ltd. ** 5000.00 0.68 AAAKotak Securities Ltd. ** 5000.00 0.68 A1+Ballarpur Industries Ltd. ** 2500.00 0.34 F1+United Phosphorus Ltd. ** 2500.00 0.34 UNRATEDCitiFinancial Consumer Finance India Ltd ** 2480.61 0.34 AAAKotak Mahindra Prime Ltd. ** 2398.60 0.33 LAAHindalco Industries Ltd. ** 2294.82 0.31 AAATata Sons Ltd. ** 1476.75 0.20 AAAEssel Propack Ltd. ** 500.00 0.07 UNRATEDTata Steel Ltd. ** 481.17 0.07 AAA

PSU/PFI Bonds/Banks 20080.21 2.75National Bank for Agri. & Rural Devt. ** 20080.21 2.75 AAA






@MFR 1 by ICRABirla Cash Plus - Institutional Plan

Open Ended Liquid Schemes - Institutional Plan (13 Schemes), 3 Yrs ended 31-Dec-06(Past performance is no guarantee of future results.)



Sensivity

High

Mid

Low

Credit Quality

#iiiiiValue Research Rating

Birla Cash Plus - Institutional PremiumDebt: Ultra Short-term Institutional (47 Schemes), 18 month ended 30-Jun-07


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

(Past performance is no guarantee of future results.)Liquid Super Institutional Scheme (16 Schemes), 1 Yrs ended 31-Mar-07


Birla Cash Plus - RetailDebt: Ultra Short-term (47 Schemes), 18 month ended 30-Jun-07


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

(Past performance is no guarantee of future results.)Liquid Institutional Scheme (14 Schemes), 1 Yrs ended 31-Mar-07


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

(Past Performance is no guarantee of future Results)Liquid Scheme (21 Schemes), 1 Yrs ended 31-Mar-07

+mfA1+ by ICRABirla Cash Plus Fund

(Past Performance is no guarantee of future Results)

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

6.33 6.48

7.927.43

6.33 6.24

10.04

0

2

4

6

8

10


Birla Cash Plus - Retail - Growth Crisil Liquid Fund Index

2.75%

3.37%

3.81%

12.08%

14.04%

63.94%

PSU/PFI Bonds/Banks

Corporate Debt

Securitised Debt




2.92%

14.04%

81.95%

AA


AAA

J u l y 2 0 0 7

35

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




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

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



NAV : Rs.

Retail Growth : 18.7645

Retail Weekly Dividend : 10.0069

Institutional Growth : 12.7581

Institutional Daily Dividend : 10.0020

Institutional Weekly Dividend : 10.0070

Load Structure

Entry Load :

Exit Load : NIL

NIL

Benchmark : Crisil Liquid Fund Index Corpus : Rs. 236.32 Crores



Asset Allocation

Rating Profile

Portfolio


Industrial Development Bank of India Ltd 6911.38 29.25 P1+


UCO Bank 3613.69 15.29 P1+

Karnataka Bank Ltd. 3429.65 14.51 A1+

State Bank of Mysore 950.14 4.02 P1+

ABN Amro Bank 881.54 3.73 P1+


Export-Import Bank of India 497.79 2.11 P1+

UTI Bank Ltd. 492.24 2.08 P1+




Indian Retail ABS Trust 78- A1 26 FEB 08 ** 2598.28 10.99 A1+(SO)


National Bank for Agri & Rural Devp ** 500.03 2.12 AAA





Sensivity

High

Mid

Low

Credit Quality

#iiiiValue Research RatingBirla Sun Life Cash Manager - Retail Plan

Debt: Ultra Short-term (47 Schemes), 18 month ended 30-Jun-07(Past performance is no guarantee of future results.)


AAAf by CRISIL*Birla Sun Life Cash Manager




Birla Sun Life Cash Manager - Institutional PlanDebt: Ultra Short-term Institutional (47 Schemes), 18 month ended 30-Jun-07


5.84 5.76

7.687.14

6.33 6.24

10.04

0

2

4

6

8

10

12


Birla SunLife Cash Manager - Growth Crisil Liquid Fund Index

2.12%

10.99%

91.29%

PSU/PFI Bonds/Banks

Securitised Debt


104.40%AAA

J u l y 2 0 0 7

36

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 : 22.4592Dividend : 22.4592Conservative PlanGrowth : 14.8949Dividend : 14.8949Moderate PlanGrowth : 19.1845Dividend : 19.1845

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

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

Investment Performance - Aggressive Plan


Investment Performance - Moderate Plan


Investment Performance - Conservation Plan






Birla Sunlife Equity Fund. 235.29 27.87

Birla Midcap Fund 220.23 26.09

Birla Sun Life New Millennium Fund. 166.51 19.72

Birla Dynamic Bond Fund 80.72 9.56

Birla Sunlife Cash Manager-Retail Growth 50.53 5.99

Birla Sunlife Short Term Fund - Growth 37.48 4.44

Birla Gilt Plus Inv 9.40 1.11









Birla Sunlife Cash Manager-Retail Growth 28.91 6.26





Birla Sun Life Income Fund - Growth 76.80 13.05







#iiiiValue Research RatingBirla Asset Allocation Fund - Aggressive

Equity: Diversified (179 Schemes), 3 & 5 Yrs ended 30-Jun-07(Past performance is no guarantee of future results.)


#iiiiValue Research RatingBirla Asset Allocation Fund - Moderate

Hybrid: Equity-oriented (32 Schemes), 5 Yrs ended 30-Jun-073 & (Past performance is no guarantee of future results.)



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


Corpus

Aggressive Plan : Rs. 8.44 Crores

Moderate Plan : Rs. 4.62 Crores

Conservative Plan : Rs. 5.88 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

40.13

36.20

27.36

44.0441.68

29.44

0

5

10

15

20

25

30

35

40

45

50


Birla AAF - Aggressive Plan - Growth S&P CNX Nifty

31.70

27.81

21.50

26.9625.00

18.40

0

5

10

15

20

25

30

35


Birla AAF - Moderate Plan - Growth Crisil Balanced Fund Index

16.79

14.73

12.65

9.788.67

6.89

0

2

4

6

8

10

12

14

16

18


Birla AAF - Conservative Plan - Growth Crisil MIP Blended Index

J u l y 2 0 0 7

37

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


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

Portfolio

Investment via sub-fund, India Advantage (Offshore) Fund, are stated at market/fair value at the date of determination. Securities listed on a recognised stock exchange are valued at the last quoted closing price on the principal exchange on which the security istraded Non-traded securities are valued at amortised cost and/or fair value as determined in good faith by Birla Sun Life Asset Management Company Limited, India, Conversion Rate: 1 USD = INR 40.75

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 : 202.04 Benchmark : BSE Sensex and MSCI (India)

Bloomberg Ticker Code : INDADVC MPAUM : USD Million186.65Conversion Rate 1 USD : INR 40.75


Investment Performance CAGR Returns (%)

Bharat Heavy Electricals Ltd. Industrial Capital Goods 13,154,682.40 7.04

Bharti Airtel Ltd Telecom-Services 12,637,306.75 6.76

Reliance Industries Ltd. Petroleum Products 10,334,355.83 5.53

Infosys Technologies Ltd. Software 9,534,478.53 5.10

ICICI Bank Ltd. Banks 6,999,018.40 3.74

United Phosphorus Ltd. Pesticides 6,537,248.80 3.50

ITC Ltd. Consumer Non Durables 6,202,530.45 3.32

Reliance Communications Ventures Ltd Telecom-Services 5,849,447.85 3.13

Hindustan Petroleum Corporation Ltd. Petroleum Products 5,761,654.26 3.08

Maharashtra Seamless Ltd Ferrous Metals 5,453,028.33 2.92

Satyam Computers Services Ltd. Software 5,402,807.36 2.89

Bharat Electronics Ltd. Industrial Capital Goods 4,948,953.57 2.65

United Spirits Ltd. Consumer Non Durables 4,940,368.10 2.64

Housing Development Finance Corporation Ltd. Finance 4,484,981.60 2.40

Subex Systems Ltd. Software 4,473,806.94 2.39

Indraprastha Gas Gas 4,403,583.44 2.36

Wockhardt Ltd Pharmaceuticals 4,352,576.69 2.33

Tata Consultancy Services Ltd Software 4,343,499.39 2.32

AIA Engineering Ltd. Industrial Capital Goods 4,178,884.96 2.24

Union Bank Of India Banks 3,785,768.56 2.02

Indian Overseas Bank Banks 3,730,920.25 2.00

Hindustan Lever Ltd. Consumer Non Durables 3,711,411.04 1.99

Fag Bearings India Ltd. Industrial Products 3,657,702.09 1.96

Larsen & Toubro Ltd. Construction 3,455,182.82 1.85

Thermax Ltd. Industrial Capital Goods 3,378,134.50 1.81

Bharat Forge Ltd. Auto Ancillaries 3,316,188.28 1.77

Nagarjuna Construction Co. Ltd. Construction 3,241,472.39 1.73

Mphasis BFL Ltd. Software 3,010,929.42 1.61

Glaxo Smithkline Pharma Ltd. Pharmaceuticals 2,796,692.57 1.50

Oil & Natural Gas Corporation Ltd. Oil 2,756,557.53 1.47

Greaves Cotton Ltd. Industrial Products 2,579,392.41 1.38

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

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

Tata Motors Ltd. Auto 2,517,975.46 1.35

IDBI Ltd Banks 2,383,312.88 1.27

Amtek India Ltd. Auto Ancillaries 2,340,459.01 1.25

Reliance Petro Ltd. Petroleum Products 2,247,852.76 1.20

Power Finance Corp. Finance 1,956,993.87 1.05

Engineers (India) Industrial Capital Goods 1,914,792.50 1.02

JSW Steel Ltd. Ferrous Metals 1,855,368.10 0.99

Bombay Dyeing Ltd. Chemicals 1,181,765.17 0.63

Tata Chemicals Ltd. Fertilisers 1,126,261.62 0.60

Dishman Pharmaceuticals Pharmaceuticals 865,906.20 0.46

Pfizer India Ltd. Pharmaceuticals 785,042.72 0.42

Nicholas Piramal India Ltd. Pharmaceuticals 701,304.57 0.38

Colgate Palmolive Ltd. Consumer Non Durables 698,851.42 0.37

Zee Telefilms Ltd. Broadcasting & Cable TV 645,018.40 0.34

McDowell Holdings Ltd. Consumer Non Durables 392,489.18 0.21

CALL & CALL EQUIVALENTS :

BCPB 2,793.86 68.56 0.000037

CBLO 71,558,075.56 1,756,026.39 0.939200

CORPORATE DEBT :

Trent Ltd 7,633,371.99 187,322.01 0.10

TOTAL 7,619,042,835.86 186,970,376.34 100.00

OTHER NET ASSETS (SUB FUND) 60,746,181.34 1,490,703.84

OTHER NET ASSETS (MAIN FUND) - (1,811,467.13)

NET ASSETS 7,679,789,017.20 186,649,613.05


Large

Mid

Small

Investment Style

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

CISX Mnemonic Code - IAFC

0.10%

0.34%

0.60%

0.63%

0.94%

1.35%

1.47%

2.36%

3.03%

3.34%

3.45%

3.50%

3.58%

3.91%

5.08%

8.53%

9.04%

9.81%

9.89%

14.32%

14.75%

Trent Ltd - Warrants

Broadcasting & Cable TV

Fertilisers

Chemicals

Cash and Cash Equivalent

Auto

Oil

Gas

Auto Ancillaries

Industrial Products

Finance

Pesticides

Construction

Ferrous Metals

Pharmaceuticals


Banks

Petroleum Products

Telecom-Services

Software

Industrial Capital Goods58.57

38.09

58.30

1 Year

48.79

45.15

49.70

3 Year

52.71

35.1938.47

5 Year

30.88

13.15

10 Year

31.88

14.66

0

10

20

30

40

50

60

Inception

India Advantage Fund BSE Sensex MSCI (India)

J u l y 2 0 0 7

Dividend History(For select Schemes)

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

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

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

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

Birla 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 11.84

# EQUITY SCHEMES Declared Dividend Dividend Face value Cum Dividend NAV

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

# EQUITY SCHEMES Declared Dividend Dividend Face value Cum Dividend NAV

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

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

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

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

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

30-April-07 8 0.80 10.00 11.20

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

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

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

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

29-Jun-07 40 4.00 10.00 19.86

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 16-Mar-06 10.00 0.888 0.0888 0.827 0.0827 10.085626-June-06 10.00 1.228 0.1228 1.143 0.1143 10.244315-Sep-06 10.00 1.081 0.1081 1.007 0.1007 10.275115-Dec-06 10.00 1.537 0.1537 1.431 0.1431 10.328115-Mar-07 10.00 0.930 0.0930 0.866 0.0866 10.106415-Jun-07 10.00 1.529 0.1529 1.423 0.1423 10.2218

Birla Bond Index Fund 16-Mar-06 10.00 0.899 0.0899 0.837 0.0837 10.164826-June-06 10.00 0.965 0.0965 0.898 0.0898 10.330515-Sep-06 10.00 1.093 0.1093 1.018 0.1018 10.374115-Dec-06 10.00 1.552 0.1552 1.446 0.1446 10.212015-Mar-07 10.00 1.546 0.1546 1.440 0.1440 10.285915-Jun-07 10.00 1.656 0.1656 1.541 0.1541 10.2706

Birla Gilt Plus - Liquid Plan - 16-Mar-06 10.00 1.158 0.1158 1.078 0.1078 10.5739

(Quarterly Dividend) 26-June-06 10.00 1.294 0.1294 1.205 0.1205 10.736115-Dec-06 10.00 1.719 0.1719 1.601 0.1601 10.838215-Sep-06 10.00 1.082 0.1082 1.008 0.1008 10.719315-Mar-07 10.00 1.725 0.1725 1.607 0.1607 10.793815-Jun-07 10.00 1.736 0.1736 1.616 0.1616 10.5511

Birla Gilt Plus - PF Plan 16-Mar-06 10.00 1.403 0.1403 0.1307 1.307 10.6278


Birla Gilt Plus - Regular Plan 16-Mar-06 10.00 1.339 0.1339 1.247 0.1247 10.9616


Birla MIP (Monthly Dividend Plan) 28-April-06 10.00 0.496 0.0496 0.462 0.0462 11.037226-May-06 10.00 0.481 0.0481 0.448 0.0448 10.903326-June-06 10.00 0.481 0.0481 0.448 0.0448 10.758528-July-06 10.00 0.377 0.0377 0.351 0.0351 10.779225-Aug-06 10.00 0.488 0.0488 0.454 0.0454 10.9350

# DEBT SCHEMES Date Face Value Dividend Dividend Cum Dividend NAV

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

#Dividend Dividend

Non Corporate Corporate

DEBT SCHEMES

38

J u l y 2 0 0 7

Dividend History(For select Schemes)

Birla MIP (Monthly Dividend Plan)27-Oct-06 10.00 0.521 0.0521 0.485 0.0485 11.187824-Nov-06 10.00 0.581 0.0581 0.541 0.0541 11.263629-Dec-06 10.00 0.730 0.0730 0.68 0.0680 11.192129-Jan-07 10.00 0.641 0.0641 0.597 0.0597 11.077723-Feb-07 10.00 0.578 0.0578 0.538 0.0538 10.998730-Mar-07 10.00 0.733 0.0733 0.683 0.0683 10.9307

27-April-07 10.00 0.565 0.0565 0.526 0.0526 10.937325-May-07 10.00 0.551 0.0551 0.513 0.0513 11.027629-Jun-07 10.00 0.672 0.0672 0.625 0.0625 10.2218

Birla MIP II - Savings 5 Plan

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

27-April-07 10.00 0.458 0.0458 0.426 0.0426 10.099025-May-07 10.00 0.458 0.0458 0.426 0.0426 10.125226-Jun-07 10.00 0.777 0.0777 0.723 0.0723 10.1314

Birla MIP II - Wealth 25 Plan 26-May-06 10.00 0.551 0.0551 0.513 0.0513 11.0445

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

27-April-07 10.00 0.587 0.0587 0.546 0.0546 10.989025-May-07 10.00 0.629 0.0629 0.585 0.0585 11.091529-Jun-07 10.00 0.756 0.0756 0.704 0.0704 11.2535

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

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

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

Quarterly Dividend 29-Sep-06 10.00 1.666 0.1666 1.552 0.1552 11.244929-Dec-06 10.00 1.686 0.1686 1.571 0.1571 11.177630-Mar-07 10.00 1.710 0.1710 1.593 0.1593 11.177729-Jun-07 10.00 0.622 0.0622 0.579 0.0579 10.8480

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

Quarterly Dividend 15-Sep-06 10.00 1.278 0.1278 1.188 0.1188 10.266415-Dec-06 10.00 1.644 0.1644 0.1531 0.01531 10.449226-Jun-06 10.00 0.148 0.0148 0.1378 0.01378 10.258115-Mar-07 10.00 1.552 0.1552 1.446 0.1446 10.344415-Jun-07 10.00 1.776 0.1776 1.653 0.1653 10.2632

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

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

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

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

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

Short Term Dividend 26-June-06 10.00 1.228 0.1228 1.143 0.1143 10.198515-Dec-06 10.00 1.194 0.1194 0.1112 0.0112 10.376315-Sep-06 10.00 0.978 0.0978 0.911 0.0911 10.155915-Mar-07 10.00 1.440 0.1440 1.341 0.1341 10.370215-Jun-07 10.00 1.352 0.1352 1.258 0.1258 10.1768

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

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

29-Sep-06 10.00 0.640 0.0640 0.596 0.0596 11.1323

26-May-06 10.00 0.419 0.0419 0.390 0.0390 10.1350

# 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

39

J u l y 2 0 0 7

40

Addendums

NoticeNOTICE IS HEREBY GIVEN THAT that in accordance with the terms of the Offer Document, the New Fund Offer period of Birla Fixed Term Plan - Quarterly Series 12 which is open for subscription from Friday, March 16, 2007, will now close on Tuesday, April 10, 2007 instead of Saturday, April 14, 2007. Consequently, units of the scheme will be available for subscription upto the closure of business hours on April 10, 2007. All other terms and conditions of the scheme shall remain unchanged.Date : April 04, 2007

State

Haryana 2319, Block 3, st Floor , Opp. Air Force Golden Jubilee School, Sector 14, Delhi Road, Gurgaon - 122 001. Tel.: (0124) 326 3763, 326 3763

SCO 17, 3rd Floor , Sector- 14, Gurgaon - 122 001 Tel.: (0124) 3263833

Old Address New Address

State

Orissa Gandhinagar Main Road, 1 Floor, Upstairs of Aroon Printers, Ganjam Dist., Berhampur- 760 001. Tel: (0680) 3206660

Old Address

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

Investors / Unitholders are advised to take note of the following changes made to the list of Official Points of Acceptance for Birla Mutual Fund w.e.f April 12, 2007.

(A) Change in Address of Existing Official Points of Acceptance for Transactions in all the Schemes ofBirla Mutual Fund (except for Birla Cash Plus, Birla Sun Life Cash Manager and Birla Floating Rate FundShort Term Plan):(i) Investor Service Center - Computer Age Management Services Pvt. Ltd., Registrar & Transfer Agents:

(B) Deletion of Official Point of Acceptance for Transactions in all the Schemes of Birla Mutual Fund:(i) Investor Service Center -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 schemes of Birla Mutual Fund read with the addenda issued there under.Date : April 12, 2007

State Address

Andhra Pradesh 47/ 9 / 17, 1st Floor ,3rd Lane, Dwaraka Nagar, Visakhapatnam - 530 016. Tel.: (0891) - 329 8397 / 8374

Andhra Pradesh F13, 1st Floor , BVSS Mayuri Complex, Opp. Public Garden, Lashkar Bazaar , Hanamkonda, Warangal - 506 001. Tel.: (0870) - 320 2063 / 9927.

Andhra Pradesh 40 1 -68, Rao & Ratnam Comple x, Near Chennupati Petrol Pump, M. G. Road, Labbipet,Vijayawada - 10. Tel.: (0866) - 329 9181 / 5202.

Andhra Pradesh Shop No.13, First Floor , KAC Plaza R R Street, Nellore - 524 001. Tel.: (0861) - 329 8154

Andhra Pradesh Cabin 101 D.no 7-27-4, 1st Floor ,Krishna Complex, Baruvari Street, T Nagar, Rajahmundry - 533 101. Tel.: (0883) - 325 1375

Chattisgarh C-23, Sector 1, De vendra Nagar, Raipur 492004. Tel.: (0771) - 329 6404

Gujarat 111, Pooja Complex, Har ihar Chowk, Near GPO , Rajk ot - 360 001. Tel.: (0281) - 329 8158

Haryana 2319, Block 3, 1st Floor , Opp. Air F orce Golden J ubilee School, Sector 14, Delhi Road, Gurgaon - 122 001. Tel.: (0124) - 326 3763/ 3763

Haryana 83, Devidayal Shopping Comple x, Opp. ABN AMR O Bank, G. T. Road, P anipat - 132 103. Tel.: (0180) - 325 0525

Jharkhand 223, Tirath Mansion (Near Ov er Br idge), 1st Floor , Main Road, Ranchi - 834 001. Tel.: (0651) - 329 6202

Jharkhand Millenium Tower, Room No . 15, 1st Floor , R-Road, Bistupur , Jamshedpur - 831 001. Tel.: (0657) - 329 4594

Karnataka No.1, 1st Floor , CH 26, 7th Main, 5th Cross (above Trishakthi Medicals) Saraswati Puram, Mysore - 570 009. Tel.: (0821) - 234 2182

Karnataka No. 206 & 207, 'A' Bloc k, 1st Floor , Kundagol Complex, Opp Court, Club Road, Hubli - 580 029. Tel.: (0836) - 329 3374

Karnataka Tanish Tower, CTS No . 192/A, Gur uwar Peth, Tilakwadi, Belgaum - 590 006. Tel.: (0831) - 329 9598

Karnataka No. G4 & G5, Inland Monarch, Opp . Karnataka Bank, Kadri Main Road, Kadri, Mangalore - 575 003. Tel.: (0824) - 325 1357/ 2468

Kerala 17/28, H 1st Floor , Manama Towers, Marvoor Road, Calicut - 673 001. Tel.: (0495) - 325 5984

Kerala Door No. IX / 1276, Amboorans Building, Manorama Junction, Kottayam - 686 001. Tel.: (0481) - 320 7011/ 6093

Kerala Adam Bazar, Room no .49, Ground Floor , Rice Bazar (East), Trichur - 680 001. Tel.: (0487) - 325 1564

Kerala R S Complex, Opposite of LIC Building, Pattom PO, Trivandrum - 695004. Tel.: (0471) - 324 0202 / 1357

Madhya Pradesh C-12, Near City Bank, Abo ve Delhi Prakashan Agency , Zone-I, M.P.Nagar, Bhopal - 462 011. Tel.: (0755) - 329 5878 / 5873

Maharashtra No. 1, 1st Floor Amodi Comple x Juna Bazar A urangabad - 431 001. Tel.: (0240) - 329 5202

Maharashtra 145, Lendra P ark, Behind IndusInd Bank, Ne w Ramdaspeth, Nagpur - 440 010. Tel.: (0712) - 325 8275

Maharashtra Varsha Banglow, First Floor , Near Rungtha High School, 493, Ashok Stambh, Nasik - 422 001. Tel.: (0253) - 329 7084

Orissa 1st Floor, Mangal Bhawan, Phase II, Power House Road, Rourkela - 769 001. Tel.: (0661) - 329 0575

Punjab 367/8, Central Town, Opp Gurudwara Diwan Asthan, Jalandhar - 144001. Tel.: (0181) - 325 4883

Punjab 378-Majithia Complex, 1st Floor , M M Malviy a Road, Amr itsar - 143 001. Tel.: (0183) - 325 7404

Punjab 35, New Lal Bagh Colon y, Patiala - 147001 Tel.: (0175) - 329 8926

Rajasthan C/o Kodwani & Associates , F-20-21, Apsara Comple x, Azad Mar ket, Bhilw ara - 311 001. Tel.: (1482) - 226 832, 231 808

Rajasthan 1/5, Nir mal Tower, 1st Chopasani Road, Jodhpur - 342 003. Tel.: (0291) - 309 2892 / 325 1357

Rajasthan B-33 'Kalyan Bhawan' Triangle Part ,Vallabh Nagar K ota - 324 007. Tel.: (0744) - 329 3202

Rajasthan 32, Ahinsapur i, Fatehpura Circle, Udaipur - 313 004. Tel.: (0294) - 329 3202

Tamil Nadu S-8, 100, J awaharlal Nehr u Street, (Ne w Complex, Opp. Indian Coff ee House), Pondicherry - 605 001. Tel.: (0413) - 421 0030, 329 2468

Tamil Nadu Urmila Towers Room No: 111(1st Floor) Bank More Dhanbad - 826 001. Tel.: (0326) - 329 0217

Tamil Nadu Advytha Ashram Road, Salem - 636 004. Tel.: (0427) - 325 2271

Tamil Nadu 1(1), Binny Compound, lind Street, K umaran Road, Thiruppur - 641 601. Tel.: (0421) - 320 1271 / 1272

Tamil Nadu No 8, I Floor , 8th Cross West Extn.,Thillainagar, Trichy - 620 018. Tel.: (0431) - 329 6906

West Bengal No 8, Sw amiji Sarani, Ground Floor , Hakimpara, Siliguri - 734 401. Tel.: (0353) - 329 1103

Uttar Pradesh B-612, 'Sudhakar', Lajpat Nagar , Moradabad - 244 001. Tel.: (0591) - 329 7202

Uttar Pradesh C 27/249 - 22A, Vivekanand Nagar Colon y, Maldhaiya, Varanasi - 221 002. Tel.: (0542) - 325 3264

Uttar Pradesh F-39/203, Sky Tower, Sanjay Place, Agr a - 282 002 Tel.: (0562) - 324 0202.

Uttar Pradesh No.7, Ist Floor , Bihar i Bhawan,3, S.P. Marg, Civil Lines , Allahabad - 211 001. Tel.: (0532) - 329 1273 / 1274

Uttarakhand 204/121, Nar i Shilp Mandir Marg, Old Connaught Place , Dehradhun - 248 001. Tel.: (0135) - 325 1357

West Bengal SN - 10, Ambedkar Sarani,City Centre , Durgapur - 713 216. Tel.: (0343) - 329 8890

This Addendum forms an integral part of the Offer Document(s) / Key Information Memorandum cum Application Form(s) of the schemes of Birla Mutual Fund read with the addenda issued there under.Date : April 13, 2007

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

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

Addition of new Official Points of Acceptance for Transactions in Liquid Schemes of Birla Mutual Fund (including for Birla Cash Plus, Birla Sun Life Cash Manager and Birla Floating Rate Fund Short Term Plan) w. e. f. April 16, 2007:

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

NOTICE

NOTICE IS HEREBY GIVEN THAT the load structure of Birla India Opportunities Fund with effect from May 2, 2007 will be as under:

The revised load structure will be applicable to all investments made on or after May 2, 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 SEBI Regulations.

This addendum forms an integral part of the Offer Document issued for the scheme read with the addenda issued thereunder. All other features and terms and conditions of the scheme shall remain unchanged.Date : April 28, 2007

Type of Load Existing Revised(w.e.f. May 2, 2007)

Entry Load For Purchase/ Switch-in of units less than Rs. 5 crores in value: 2.25% No ChangeFor Purchase/ Switch-in of units equal to or greater than Rs. 5 crores in value: Nil

Exit Load For any Redemption/ Switch-Out of units within 6 months from the date of allotment: 1% Nil

Name of the Weekly Dividend Option

Offer Price Units of Rs. 10/- each at par on April 25, 2007 and at applicable NAV based prices thereafter.

Minimum Application Purchase (including switch-in): Rs. 5,000/- Additional Purchase (including switch-in): Amount Rs. 1,000/- Repurchase: Nil

Load Structure Entry Load: Nil

Exit Load: For redemption/ Switch out of units within 7 days from the date of allotment: 0.10%. The AMC reserves the right to increase / decrease / introduce a Load at any time in future on a prospective basis.

Dividend Policy Friday of each Week

Option Reinvestment

Addendum to the Offer Document of Birla Floating Rate Fund

Birla Sun Life Asset Management Company Limited introduces Weekly Dividend Option under Birla Floating Rate Fund – Long Term Plan with effect from April 25, 2007.

The key features of this option are given below:

Reinvestment

Birla Floating Rate Fund – Long Term Plan – Weekly Dividend Reinvestment Option will have the same investment objective, portfolio, liquidity and expense ratio as that of the existing options. Since the Option is within an existing portfolio, the Fund does not have any target for minimum subscription amount.

All the terms and conditions will remain unchanged.

This Addendum forms an integral part of the Offer Document of Birla Floating Rate Fund as amended from time to time read with the addenda issued thereunder.Date : April 24, 2007

NOTICENOTICE IS HEREBY GIVEN THAT the load structure of Birla Floating Rate Fund - Long Term Plan with effect from April 23, 2007 will be as under:

The revised load structure will be applicable to all investments made on or after April 23, 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 SEBI Regulations.

This addendum forms an integral part of the Offer Document issued for the scheme read with the addenda. All other features and terms and conditions of the scheme shall remain unchanged.Date: April 23, 2007

Revised (W.e.f. April 23, 2007)

No Change

For Redemption/ Switch out of units within 7 days from the date of allotment: 0.10%

Type of Load

Entry Load

Exit Load

Existing

Nil

For Purchase/ Switch in of units upto and including Lacs in value: 0.50% if the units are redeemed / Switch out within 180 days from the date of allotment.For Purchase/ Switch in of units greater than Rs. 10 Lacs in value: Nil

Rs.10

Extension of New Fund Offer of Birla Sun Life Long Term Advantage Fund – Series 1

Notice is hereby given that the closing date for the New Fund Offer of Birla Sun Life Long Term Advantage Fund – Series 1, a 3 Year Closed-end Small and Mid Cap Equity Scheme with an Automatic Conversion into an Open-Ended Scheme upon Maturity, has been extended by seven days upto Friday, May 18, 2007. The subscriptions for New Fund Offer will be accepted till the close of business hours on Friday, May 18, 2007. Accordingly, New fund Offer is open for subscription from Monday, April 9, 2007 to Friday, May 18, 2007.

All other terms and conditions of the scheme shall remain unchanged.Date : May 9, 2007

J u l y 2 0 0 7

41

Addendums

Addendum to the Offer Document of all Open-ended Equity Schemes and Birla Cash Plus (an Open-ended Liquid Scheme) of Birla Mutual Fund

Introduction of Dividend Sweep FacilityBirla Sun Life Asset Management Company Limited introduces Dividend Sweep facility under all the existing Open-ended Equity

Schemes and Birla Cash Plus (an Open-ended Liquid Scheme) of Birla Mutual Fund with effect from June 04, 2007.

The key features of this plan/option are given below:

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

This Addendum forms an integral part of the Offer Document(s)/Key Information Memorandum(s) of all the said Schemes of Birla Mutual Fund as amended from time to time read with the addenda issued thereunder.Date : June 1, 2007

Therefore, with the introduction of above facility, the Unitholder (as per the Dividend Facility available under the respective Scheme(s)) can either opt for-

Pay-out of entire Dividend, subject to deduction of tax, if any. Reinvestment of entire Dividend into the same scheme, subject to payment of tax, if any. Sweep of entire Dividend to any other Open-ended Equity Scheme or into Birla Cash Plus- Retail Plan, as may be opted by the Unitholder.

Name of the Plan/Option Dividend Sweep Facility

Features Under this facility the Unitholders can opt for switching the dividend earned under any of the Open-ended Equity Scheme into any other Open-ended Equity Scheme or into Birla Cash Plus- Retail Plan, of Birla Mutual Fund. Accordingly, dividend earned by the Unitholders shall be automatically switched either into any other Open-ended Equity Scheme or into Birla Cash Plus- Retail Plan, of Birla Mutual Fund as opted by the Unitholder.

The dividend (net of applicable TDS, if any) shall be switched subject to minimum investment eligibility requirements of the Opted Scheme at applicable NAV based prices (ex-dividend NAV, if the opted Scheme has a record date on the date of exercise of sweep facility) without any entry load. This facility shall be processed on the record date of the dividend declared under the Scheme.

Further this facility shall not allow for switch of partial dividend or switch of dividend to multiple schemes.

Addendum to the Offer Documents of schemes of Birla Mutual Fund

M/s. Haribhakti & Co., Chartered Accountants, Mumbai, is appointed as the Statutory Auditors of Birla Sun Life Asset Management Company Limited (‘the Company’) w.e.f May 30, 2007 with the approval of the Members at the Annual General Meeting of the Company in place of M/s. RSM & Co, Chartered Accountants, Mumbai.

This addendum forms an integral part of the respective Offer Documents issued for the respective schemes read with the addenda.

This addendum is dated June 1, 2007Date : June 1, 2007

Change in Statutory Auditors

Birla Sun Life Asset Management Company Limited has decided to carry out following changes to the Offer Document of Birla Bond Plus, an Open ended Short Term Income Scheme with effect from June 5, 2007.

A. Introduction of New Options:The details of the options being introduced in Birla Bond Plus – Institutional and Retail Plan are 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 Options introduced under the Institutional and Retail Plan of Birla Bond Plus will have the same investment objective, portfolio, liquidity, minimum application amount and expense ratio as that of existing options under the respective plans. Since, the option is within an existing portfolio, the Fund does not have any target for minimum subscription amount.

D. Change in Load Structure of Birla Bond Plus:The Load Structure of Birla Bond Plus will be as under:

The revised load structure will be applicable to all investments made on or after June 5, 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.

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 : June 4, 2007

NOTICEAddendum to the Offer Document of Birla Bond Plus

B. Renaming of the existing Options of Birla Bond Plus: In order to reflect the frequency of dividend under the Options, the existing options are renamed as under:

Existing Name New Name

Birla Bond Plus - Institutional Dividend Birla Bond Plus - Institutional Plan - Fortnightly Dividend

Birla Bond Plus – Retail Dividend Birla Bond Plus - Retail Plan - Fortnightly Dividend

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

Type of Load Existing Revised (w.e.f. June 5, 2007)

Entry Load (including for SIP) Nil No Change

Exit Load For redemption of units within one month For redemption of units within seven days(including for SIP, SWP & STP) from the date of allotment:0.25% from the date of allotment: 0.10%

Lack of information Default Plan / Option

Choice of Plan Retail Plan

Choice of Option Growth Option

Choice of Dividend Facility Reinvestment Facility

Plan Birla Bond Plus – Institutional Plan

Options introduced a. Daily Dividend Option with Reinvestment facility

b. Weekly Dividend Option with Reinvestment facility

c. Monthly Dividend Option with Payout facility

Offer Price Dividend Policy Units will be available for subscription to investors at NAV based price.

Option

Daily Dividend Option

Weekly Dividend Option

Monthly Dividend Option

Dividend Frequency / Record Date

Daily

Last Friday^ of each week

Last Friday^ of the month

Plan

Options introduced

Offer Price Dividend PolicyOption

Weekly Dividend Option

Monthly Dividend Option

Dividend Frequency / Record Date

Last Friday^ of each week

Last Friday^ of the month

Birla Bond Plus – Retail Plan

a. Weekly Dividend Option with Reinvestment facility

b. Monthly Dividend Option with Payout facility

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

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

Changes in Key Personnel: 1. Mr. Swarup Anand Mohanty, is appointed as Vice President (Sales) for Independent Financial Advisors (IFA) Sales.2. Mr. Atul Penkar, is designated as Fund ManagerA brief profile of Mr. Swarup Anand Mohanty and Mr. Atul Penkar is given below:.

Name Age Educational Qualification of Experience

No. of Years Type and Nature of Past Experience

Swarup Anand 36 years PGDBM 13 Has over 13 years of experience. He was Vice PresidentMohanty - Sales Franklin Templeton Asset Management (I) Pvt. Ltd.

Prior to this he has worked in Sales Function with Kotak Mahindra Asset Management Company Ltd., Tata Finance Ltd and Apple Industries Ltd.

Atul Penkar 32 years B.E. (Mech), 6 Has over 6 years of experience. He has worked in Equity M.M.S. Research function in Emkay Shares & Stock Brokers,

Hathway Investments Pvt. Ltd and Iden Investments Pvt. Ltd.

This Addendum forms an integral part of the Offer Documents of all the schemes of Birla Mutual Fund read with the addenda issued thereunder.Date : June 8, 2007

NoticeAddendum to the Offer Documents of all the schemes of Birla Mutual Fund

Changes in Key Personnel: Mr. Sarb Preet Singh, is appointed as Vice President – Institutional Sales of Birla Sun Life Asset Management Company Limited. A brief profile of Mr. Sarb Preet Singh 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 : June 13, 2007

Name Age Educational Nos of Years Type & Nature of Qualification of Experience

Past Experience

Sarb Preet 38 years B.Com, M.M.M. 14 Has over 14 years of experience. He has been Singh promoted from position of Asst. Vice President –

Sales Head (North Zone). Prior to this he held various positions in Sales function of BSLAMC.

NoticeAddendum to the Offer Document of Birla Bond Plus

Birla Sun Life Asset Management Company Ltd, Investment Manager for Birla Sun Life Mutual Fund changes the name of the Scheme ‘Birla Bond Plus’ to ‘Birla Sun Life Liquid Plus’ with effect from June 19, 2007.

All features including nature, objective, asset allocation pattern and fundamental attributes 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 : June 18, 2007

Addendum to Offer Document(s)/ Key Information Memorandum cum Application Form(s) of the 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.Addition of new Official Points of Acceptance for Transactions in all 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) w. e. f. July 2, 2007:

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 schemes of Birla Sun Life Mutual Fund read with the addenda issued there under.Date : June 28, 2007

State AddressGujarat Data Solution, Office No:17, 1st Floor, Municipal Building, Opp. Hotel Prince, Station Road, Bhuj-Kutch-370 001Maharastra 4, Lokhandwala Tower, 144, Sidheshwar Peth, Opp. Pangal High School, Solapur- 413 001Gujarat Circle Chowk, Near Choksi Bazar Kaman, Junagadh- 362001Gujarat G-34, Ravi Complex, Valia Char Rasta, G.I.D.C., Ankleshwar- Bharuch - 393 002Kerala Kochupilamoodu Junction, Near VLC, Beach Road, Kollam- 691 001Uttar Pradesh Opp.SBI Credit Branch, Babu Lal Karkhana Compound, Gwalior Road, Jhansi – 284 001

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

Changes in Key Personnel: Mr. Manoj Nagpal, is appointed as Vice President (Sales) for Banks and National Distributors of Birla Sun Life Asset Management Company Limited. A brief profile of Mr. Manoj Nagpal is given below:

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

Name Age Educational Qualification

Experience Past Experience

Manoj Nagpal 37 years B.E. (Electrical) 14 years Has over 14 years of experience. He was Head & Vice President & M.M.S. - Bancassurance at Bajaj Allianz Life Insurance Co. Ltd. Prior to

that he has worked in Sales and Marketing function in ABN Amro Bank, ING Investment Management (I) Pvt. Ltd and Unit Trust of India.

J u l y 2 0 0 7

42

Addendums

Addendum to the Offer Document and Key Information Memorandum of Birla Sun Life Capital Protection Oriented Fund (A Closed End Capital Protection Oriented Scheme)

In view of SEBI Circular dated April 27, 2007 and SEBI communication dated June 25, 2007 issued to AMFI, making Permanent Account Number (PAN) as the sole identification number for all the transactions in securities market, the paragraph on Permanent Account Number (PAN) appearing in offer document is revised as under:

Permanent Account Number (PAN):It is compulsory for all investors to quote their Permanent Account Number (PAN) and submit copy of the PAN card issued by the Income Tax Department, irrespective of the amount of investment, while making an application for purchase of units. In case of joint applicants, PAN details of all holders should be submitted. In case the investor making the application is a minor, PAN details of the Guardian must be submitted.

All applications made by the investors not having PAN should be accompanied by the evidence of having applied for PAN. Further, if the purchase is equal to or above Rs. 50,000 the investor also needs to make a declaration in Form 60/Form 61 giving therein the particulars of the transaction.

Applications without the aforesaid details are liable to be rejected without any reference to the investors. All other terms and conditions of the Scheme shall remain unchanged.

This addendum forms an integral part of the Offer Document and Key Information Memorandum issued for the said Scheme read with the addenda.Date : June 30, 2007

Addendum to the Offer Document(s) and Key Information Memorandum of all Scheme(s) of Birla Sun Life Mutual Fund

In view of SEBI Circular dated April 27, 2007 and SEBI communication dated June 25, 2007 issued to AMFI, making Permanent Account Number (PAN) as the sole identification number for all the transactions in securities market, the paragraph on Permanent Account Number (PAN) appearing in the offer document(s) is revised as under:

Permanent Account Number (PAN):It is compulsory for all investors to quote their Permanent Account Number (PAN) and submit copy of the PAN card issued by the Income Tax Department, irrespective of the amount of investment, while making an application for Purchase of Units. In case of joint applicants, PAN details of all holders should be submitted. In case the investor making the application is a minor, PAN details of the Guardian must be submitted.

All applications made by the investors not having PAN should be accompanied by the evidence of having applied for PAN until December 31, 2007. Further, if the purchase is equal to or above Rs. 50,000/- the investor also need to make a declaration in Form 60/61 giving therein the particulars of the transaction .

Applications without the aforesaid details are liable to be rejected without any reference to the investors. All other terms and conditions of the Offer Document(s) shall remain unchanged.

This addendum forms an integral part of the Offer Document(s) and Key Information Memorandum(s) issued for the respective Scheme(s) read with the addenda. Date : June 30, 2007

Type of Load Existing Revised (w.e.f. July 1, 2007)

Entry Load

Exit 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

NIL

No Change

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.

NOTICE

NOTICE IS HEREBY GIVEN THAT the load structure of Birla Sun Life Equity Fund, Birla Sun Life Frontline Equity Fund, Birla Mid Cap Fund, Birla Sun Life '95 Fund, Birla India GenNext Fund, and Birla Top 100 Fund has been revised by Birla Sun Life Asset Management Company Limited (Investor Manager for Birla Sun Life Mutual Fund) with effect from July 1, 2007 as under:

The revised load structure will be applicable to all investments made on or after July 1, 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 Funds) Regulations 1996.

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 : June 29, 2007

J u l y 2 0 0 7

#Value Research Ratings

@ ICRA – Ranking Methodology and Disclaimer

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

* CRISIL AAAf Rating Methodology for Birla 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 (179), Equity: Index (22), Equity Tax Planning (29), Hybrid: Equity Oriented (32), Hybrid: Debt-oriented (32), Hybrid: Monthly Income (39), Debt: MT (50), Debt: ST (22), Debt: Ultra ST (47), Debt: Ultra ST-Inst. (47), Debt: Floating Rate ST (22) Debt: Floating Rate LT (13), Gilt: Medium and LT (43), Gilt: ST (16). Fund Ratings are as on 30 June ’07. Ranking Source: Mutual Funds Insight.

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

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

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

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

Birla Cash Plus: Institutional Premium: CRISIL~CPR 1 - Liquid Super Inst. Scheme Category (16 Schemes).Birla Sun Life Equity Fund: CRISIL~CPR 2 - in Diversified Equity Scheme Category (56 schemes)Birla Sun Life Tax Relief ‘96: CRISIL~CPR 2 - ELSS Category (14 schemes)Birla Income Plus: CRISIL~CPR 2 - Income Scheme Category (19 schemes)Birla Cash Plus - Retail: CRISIL~CPR 2 - Liquid Scheme Category (21 schemes)Birla Cash Plus - Institutional: CRISIL~CPR 2 - Liquid Inst. Scheme Category (14 schemes)Birla Gilt Plus – Regular Plan: CRISIL~CPR 2 - Gilt Scheme Category (17 schemes)Birla Sun Life Monthly Income: CRISIL~CPR 2 - MIP Conservative Scheme Category (9 schemes)CRISIL~Composite Performance Ranking - (CRISIL~CPR) is the relative performance ranking of mutual fund schemes within the peer group. The criteria used for computing the ranking are AUM in excess of category cut-off limits & portfolio disclosure and performance in case of Liquid Plans, Floating Rate and Debt-Short funds – Last 1 years; All other Schemes – Last 2 years. Fund Ratings are as on 31 March ’07. Ranking is done on the following parameters depending on scheme category.

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

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

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

& Lipper Awards 2007 – Ranking Methodology & Disclaimer

@@ S & P Fund Management Rating

Methodology of Ranking

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

BIRLA SUN LIFE AMC LTD. BRANCHES

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

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

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.

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 / 64GOA : 0832-243 7628 / 29GUWAHATI : 0361-259 5020 / 259 9273

INDORE : 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 / 4300

NASHIK : 9823318034

NEW DELHI : 011-2332 3070

PATNA : 0612-220 7022 / 7023

PUNE : 020-66011865 / 66 / 67

RAIPUR : 0771-4266894

SECUNDARABAD : 040-6531 1052 / 3580

SURAT : 0261-658 1707 / 1708

TRIVANDRUM : 9447451715

VARANASI : 0542-222 7755 / 56

VISHAKAPATNAM : 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

Jayesh Gandhi Fund Manager-EquityLokesh Mallya Credit Analyst-Fixed IncomeMahesh Patil Fund Manager-EquityManeesh Dangi Fund Manager-Fixed IncomeNavneet Munot CIO-Fixed Income, Hybrid FundsNaysar Shah Equity Analyst

Prasad Dhonde Credit Analyst

Satyabrata Mohanty Fund Manager-Fixed Income

Sujit Patki Dealer-Equity

Sunaina da Cunha Credit Analyst-Fixed Income

Vineet Maloo Equity Analyst

43

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. Investment Objective: Birla Sun Life Equity Fund is 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. Load Sturcture: Entry - 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. 5Crores in value: Nil. Exit - Nil. 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. Birla Sun Life Capital Protection Oriented Fund is only the name of the Scheme and does not in any manner, indicate either the quality of the Scheme or its 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 Centres and with Distributors carefully before investing.

Rs.1 lac invested on Aug 27, 1998 in Birla Sun Life Equity Fund is worth Rs. 22.76 lacs as on June 29, 2007.A similar investment in the benchmark BSE200 would have been worth Rs. 5.81 lacsPast performance may or may not be sustained in future.