Connect for the Month of March 2007 - Birla Sun Life Mutual Fund

Methodology of Ranking 

M a r c h 2 0 0 7 

# Value Research Ratings 

Value Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity and 

hybrid funds this rating is based on the weighted average monthly returns for the last 3 and 5-year periods. In the case 

of debt funds this rating is based on the weighted average weekly returns for the last 18 months and 3-year periods 

and in case of short-term debt funds - weekly returns for the last 18 months. These ratings do not take into 

consideration any entry or exit load. 

Five-stars indicate that a fund is in the top 10 per cent of its category in terms of historical risk-adjusted returns. Four 

stars indicate that a fund is in the next 22.5 per cent of its category, the next 35% receive three stars, the next 22.5% 

receive two stars and the bottom 10% receive one star. The number of schemes in each category is mentioned along 

side the categories name. Equity Diversified (173), Equity : Index (22), Equity Tax Planning (29), Hybrid Equity 

Oriented (33), Hybrid: Monthly Income (38), Debt: Medium-term (44), Gilt: Medium and Long-term (41), Gilt: Shortterm 

(16), Debt: Ultra Short-term (53), Debt: Ultra Short-term Institutional (50), Debt: Short-term (22), Debt: 

Floating Rate Short-term (22) Debt: Floating Rate Long-term (16), Hybrid: Debt-oriented (32). These Fund Ratings 

are as on February 28, 2007. 

The Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. The 

Ratings are subject to change every month. The Rating is based on primary data provided by respective funds, Value 

Research does not guarantee the accuracy. 

^CNBC Award Methodology 

CNBC TV18 - CRISIL Mutual Fund of the Year Award for Birla Income Plus Plan B and Birla Bond Plus - Retail 

Birla Income Plus Plan B was among the 2 schemes that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award 

in the Open - ended Income Funds Category. In total 13 schemes were eligible for the award universe.Birla Bond Plus 

- Retail was among the 2 schemes that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Openended 

Income-Short Term Funds Category. In total 14 schemes were eligible for the award universe schemes 

present in all four quarter CRISIL CPRs were considered for the award. The awards are based on consistency of 

schemes' performance in the four quarterly CRISIL CPR rankings released during the calendar year 2004. The 

individual CRISIL CPR parameter scores averaged for the four quarters and further multiplied by the parameter 

weight as per the CRISIL CPR methodology to arrive at the final scores. The criteria used in computing the CRISIL 

Composite Performance Rank are Superior Return Score, Average Maturity, Concentration, Liquidity and Asset 

Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The 

CRISIL CPR is no indication of the performance that can be expected from the scheme in future. A detailed 

methodology of the CRISIL CPR is available at www.crisil.com. Rankings and Award Source: CRISIL Fund Services, 

CRISIL Ltd. 

@ICRA - Ranking Methodology & Disclaimer: 

Birla Sun Life Equity Fund, Birla Gilt Plus - Liquid Plan and Birla Cash Plus - Institutional Plan have been ranked 

ICRA MFR 1 by ICRA Mutual Funds Awards 2007 in the category Open Ended Diversified Equity Defensive for its 3 

year performance till December 31, 2006. The rank indicates performance within the top 10% of the stated category. 

The rank is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted 

return, fund size, sector concentration, portfolio turnover, liquidity, company concentration and average maturity. 

The ranking methodology did not take into account entry and exit loads imposed by the Fund. The rank is neither a 

certificate of statutory compliance nor any guarantee on the future performance of Birla Mutual Fund. Ranking 

Source & Publisher: ICRA Online. 

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

The assigned rating indicates that Birla Bond Plus and Birla Sun Life Cash Manager's proposed portfolio holdings 

provide strong protection against losses due to credit default. The above schemes are open-ended schemes and 

managed by Birla Sun Life Asset Management Company (BSLAMCL). 

Rating Methodology: CRISIL's assessment of a fund's credit quality is based on the creditworthiness of the fund's 

portfolio. CRISIL has developed a credit quality matrix to assess aggregate credit quality of the underlying portfolio of 

a fund. The matrix is a set of credit factors and credit scores derived scientifically from the default and transition rates 

of CRISIL's long-term ratings. These credit factors reflect the expected default behaviour of the respective securities 

in the portfolio and the expected deterioration in their credit quality. For each individual security, the lower the credit 

factor, the higher is its inherent credit quality. The credit factors are applied to the proportion of securities in each 

rating category to arrive at the credit score for the portfolio. The rating on the fund is assigned based on the credit 

score given to the respective fund. 

The Fund needs to maintain, at all times, a credit score that corresponds to its assigned rating. BSLAMCL will be 

furnishing a warranty to this effect. In case the Fund is not able to seek prior approval from CRISIL before investing in 

securities not rated by CRISIL, the Fund will report its portfolio to CRISIL within two working days from the end of the 

week in which such investment is made. If, due to such investments, the credit score of the Fund exceeds the limit 

applicable for the Fund's rating, the Fund gets a curing period of five working days from such disclosure. In case a 

particular investment in the Fund's portfolio is downgraded and this has resulted in its credit score crossing the 

specified limit, the Asset management company (AMC) has 30 days to restructure the portfolio to achieve the target 

credit score. 

@@ STANDARD & POOR'S FUND AWARDS 2004 Methodology 

Funds must have minimum assets under management of US $ 4m, as at end of June 2003. The Offshore fund 

universe for the purposes of these Awards excludes funds that are domiciled in Luxembourg or Ireland. Awards are 

calculated for 1 and 5 years. There must be a minimum of 10 funds in a sector to qualify for the calculation. For 

detailed methodology, kindly visit http://www.funds-sp.com 

S & P FUND MANAGEMENT RATING 

Fund Management Ratings: A S&P Rating is its current opinion of a fund's adherence to consistent investment 

processes combined with the level of volatility adjusted returns. In S & P's opinion, funds which adhere to disciplined 

processes and exhibit strong management, are more likely, over the long run, to provide consistent, above average 

volatility adjusted returns, relative to the funds in the same sector. The rating is based on an evaluation of qualitative 

(management, investment process and organization) and quantitative (historic performance, portfolio construction 

and volatility) factors which contribute to long term performance. The rating does not address, the market, credit or 

counter party risk of a fund, nor a fund's suitability as a counter party or obligor. 

Ratings Definition: Funds rated in the AAA to A categories demonstrate to S & P an ability to provide above average 

volatility, adjusted returns over long term period (relative to funds in the same sector) along with a strong ability to 

adhere to a consistent investment process. The differentiation in the rating categories is based on quantitative factors 

along with Standard & Poor's The McGraw-Hill Companies's assessment of the investment process and 

management. 

AAA: A fund which demonstrates an extremely strong ability to adhere to consistent investment processes and 

provides above average volatility adjusters returns relative to tunds with similar objectives.; AA: The fund 

demonstrates very high standards of quality in its sector based on its investment process and management's 

consistency of performance as compared to funds with similar objectives.; A: The fund demonstrates a high 

standard or quality in its sector based on its investment process arid management's consistency of performance as 

compared with funds with similar objectives; NR: Funds designated as NR (not rated) currently do not meet the 

requisite performance standards and /or the minimum qualitative criteria. 

CRISIL CPR - Ranking Methodology & Disclaimer: 

Birla Income Plus : CRISIL~CPR 2 Open End Debt Scheme, January 2005- December 2006 

CRISIL~CPR 2 The composite performance of Birla Income Plus is “Good” in the Open End Debt Category, and 

ranks within the Top 30% of the 19 schemes ranked in this category. The criteria used in computing the CRISIL 

Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended December 

31, 2006, Average Maturity, Concentration, Liquidity and Asset Quality of the scheme. The methodology does not 

take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance 

that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited 

Birla Sun Life Income Fund: CRISIL~CPR 1 Open End Debt Scheme, January 2005- December 2006 

CRISIL~CPR 1 The composite performance of Birla Sun Life Income Fund is “Very Good” in the Open End Debt 

Category, and ranks within the top 10% of the 19 schemes ranked in this category. The criteria used in computing the 

CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended 

December 31, 2006, Average Maturity, Concentration, Liquidity and Asset Quality of the scheme. The methodology 

does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the 

performance that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL 

Limited 

Birla Bond Plus - Retail: CRISIL~CPR 2 Open End Debt Short Term Scheme, January 2006- December 2006 

CRISIL~CPR 2 The composite performance of Birla Bond Plus Retail is “Good" performance in the Open End Equity 

Category, and ranks within the Top 30% of the 18 schemes ranked in this category. The criteria used in computing the 

CRISIL Composite Performance Rank are Mean Return, Volatility, based on NAVs over the 1-year period ended 

December 31, 2006, Asset size, Concentration, Average Maturity, Asset Quality & Downside Risk Probability of the 

scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR 

is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL 

FundServices, CRISIL Limited 

Birla Sun Life Short Term Fund: CRISIL~CPR 1 Open End Debt Short Term Scheme, January 2006- December 

2006 

CRISIL~CPR 1 The composite performance of Birla Sun Life Short Term Fund is “Very Good" performance in the 

Open End Equity Category, and ranks within the Top 10% of the 18 schemes ranked in this category. The criteria used 

in computing the CRISIL Composite Performance Rank are Mean Return, Volatility, based on NAVs over the 1-year 

period ended December 31, 2006, Asset size, Concentration, Average Maturity, Asset Quality & Downside Risk 

Probability of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. 

The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. Ranking Source: 

CRISIL FundServices, CRISIL Limited 

Birla Gilt Plus Regular Plan: CRISIL~CPR 2 Open End Long Term Gilt Scheme, January 2005 - December 2006 

CRISIL~CPR 2 The composite performance of Birla Gilt Plus Regular Plan is “Good” in the Open End Long Term 

Gilt Category, and ranks within the Top 30% of the 18 schemes ranked in this category. The criteria used in computing 

the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended 

December 31, 2006, Average Maturity and Liquidity of the scheme. The methodology does not take into account the 

entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected 

from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited 

Birla Cash Plus Institutional: CRISIL~CPR 2 Open End Institutional Liquid Scheme, January 2006 - December 

2006 

CRISIL~CPR 2 The composite performance of Birla Cash Plus - Institutional is “Good” in the Open End Liquid 

Institutional Category, and ranks within the Top 30% of the 13 schemes ranked in this category. The criteria used in 

computing the CRISIL Composite Performance Rank are Mean Return, Volatility, based on NAVs over the 1-year 

period ended December 31, 2006, Asset size, Average Maturity, Downside Risk Probability, Company Concentration 

& Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the 

scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. 

Ranking Source: CRISIL FundServices, CRISIL Limited 

Birla Cash Plus Institutional Premium: CRISIL~CPR 2 Open End Liquid Scheme, January 2006 - December 2006 

CRISIL~CPR 2 The composite performance of Birla Cash Plus Institutional Premium is “Good” in the Open End 

Liquid Super Institutional Category, and ranks within the Top 30% of the 16 schemes ranked in this category. The 

criteria used in computing the CRISIL Composite Performance Rank are Mean Return, Volatility, based on NAVs over 

the 1-year period ended December 31, 2006, Asset size, Average Maturity, Downside Risk Probability, Company 

Concentration & Asset Quality of the scheme. The methodology does not take into account the entry and exit loads 

levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in 

future.Ranking Source: CRISIL FundServices, CRISIL Limited 

Birla Sun Life Equity Fund: CRISIL~CPR 2 Open End Diversified Equity Scheme, January 2005 - December 2006 

CRISIL~CPR 2 The composite performance of Birla Sun Life Equity Fund is “Good” in the Open End Diversified 

Equity Category, and ranks within the Top 30% of the 53 schemes ranked in this category The criteria used in 

computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year 

period ended December 31, 2006, Concentration and Liquidity of the scheme. The methodology does not take into 

account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can 

be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited 

Our Investment Team (In alphabetical order): 

A. Balasubramanian Chief Investment Officer 

Ajay Argal 

Senior Fund Manager-Equity 

Ajay Garg 

Fund Manager-Equity 

Atul Penkar 

Research Analyst-Equity 

Gaurav Kapur 

Research Analyst-Equity 

Jayesh Gandhi 


Lokesh Mallya 

Credit Analyst-Fixed Income 

Mahesh Patil 


Maneesh Dangi 

Fund Manager-Fixed Income 

Navneet Munot 

CIO-Fixed Income, Hybrid Funds 

Naysar Shah 

Equity Analyst 

Prasad Dhonde 

Credit Analyst 

Satyabrata Mohanty 

Fund Manager-Fixed Income 

Hemang Dagli 

Dealer 

Sujit Patki 

Dealer-Equity 

Sunaina da Cunha 

Credit Analyst-Fixed Income 

Vineet Maloo 

Equity Analyst 

3

M a r c h 2 0 0 7 

Market Outlook 

EQUITY MARKET 

Equity markets remained volatile over last month owing to tightening liquidity and higher inflation. Union Budget expectations and state election results added to the 

confusion. 

As the month closed, the Finance Minister, Mr. Chidambaram cleared the dust laying all speculations to rest. Key 

positives in the budget include strong focus on infrastructure (urban & rural), agriculture and education. The budget 

provides for increased (+30-32%) spending on 'Bharat Nirman', rural electrification and higher outlay for the Rural 

Infrastructure Development Fund. Social spending allocation has also been raised by 36% for improvement of 

general education, public health and social security. Agriculture push remains with outlay on irrigation raised by 

55% in addition to promise of reforms in fertilizer subsidy delivery mechanism. 

The government also maintained the pace of trade liberalization with reduction in peak rate of customs duties from 

12.5% to 10% on non-agricultural imports. As has been the case with earlier budgets, service tax net has been 

further widened to include more services. However, direct tax rates have not been tinkered with even after record 

tax collections. In fact, Education Cess stands increased by an additional percent while dividend distribution tax 

has been raised to 15%. This clearly indicates the FM's disposition towards using revenue growth to maintain fiscal 

discipline in comparison to expenditure control. 

The budget did not contain any positive surprises for the corporate sector. Certain measures, viz. imposition of FBT on ESOPs, differential excise duty on cement 

producers (arguably directed to cap cement prices) cannot be termed progressive. Though, there has not been 

a significant impact on corporate earnings, certain tax proposals could negatively impact earnings for few 

companies in some sectors viz., 15-25% for Construction sector on account of withdrawal of 80IA benefit, 15- 

20% for Mining sector due to imposition of export tax on iron ore and 2-5% on IT sector from application of MAT. 

In terms of fiscal situation, Centre's own performance has been quite satisfactory as it adhered to fiscal 

discipline and managed to restrict the fiscal deficit to 3.6% of GDP, thanks to 38% growth in Net Tax Revenue to 

the Centre for the Apr-Dec'06 period. 

Advance Estimate numbers suggest that the growth in Agricultural sector is at 2.7% as against 10.0% in 

Industrial sector and 11.2% in Services. Undeniably, the slow growth in agricultural sector is a worrisome 

aspect in current state of affairs. With almost two-third of the population dependent on this sector, low growth 

has serious implications in terms of widening income disparity. Moreover, we have already seen the impact in 

terms of food article inflation rise to double-digit levels on account of supply-side problems in such essential 

commodities. Finding short-term solutions to this problem, which affects millions of consumers, is a difficult task. Massive investments are needed to augment 

agricultural supply chain given that a substantial part of agri-produce in India is spoilt or wasted. Gains from these investments would directly add to supplies 

Inflation has been an area of concern to most Central Bankers who have resorted to liquidity tightening in order to moderate it. The global liquidity tightening could lead 

to reassessment of risk appetite of investors and consequently impact flows to the various markets. Commodity markets were the first to experience volatility on this 

account. 

Lately, global equity markets have also started feeling the jitters as Bank of China raised reserve ratio by 50 bps to 10%; Bank of Japan also recently raised interest 

rates by 25 bps to 0.50%. Japanese Yen also appreciated from 121 to 116 recently. 

Indian corporate earnings have shown robust growth in first nine months as exhibited by 34% rise in Sensex earnings. Going forward, the Sensex EPS is estimated to 

be Rs. 811 for FY08E even after a downward revision on account of impact of tax measures introduced in the budget. Although there could be short-term fluctuations in 

the Indian equity markets, sectors directly linked to India's consumption and development prospects should do well over the longer term. 

DEBT MARKET 

Domestic Bond Markets 

Confluence of many unfavourable factors like surprise CRR hike, inflationary concerns, spike in global oil prices and pre-budget jitters swayed yield movements. The 

rise in yields was more pronounced at the short-end of the curve, the 91-day commercial paper reference rate rose sharply from 9.35% to 10.75%. The yield on the 10- 

year benchmark paper spiked to an intra-month high of 8.12% before closing the month at 8.00%. It had closed at 7.73% in January. 

With several economic data pointing towards record growth, high inflationary risks restrained market activity early in the month despite improving cash surpluses. Even 

though the RBI's hawkish stance to combat inflation kept traders vigilant, its instantaneous action of hiking the CRR (Cash Reserve Ratio) to rein in inflation and loan 

growth caused to heavy selling. Market momentum was further hit by the above-trend inflation (consistently above the 6.00% mark), which raised beliefs of another 

round of monetary tightening. Value buying, with bonds at multi-month lows, however helped yields come off highs. Furthermore improving systemic liquidity, import 

duty cuts and downward revision in fuel prices offered some respite. The Fed Reserve Chairman Bernanke's dovish remarks on diminishing inflation concerns further 

supported the market. Speculations of bond market friendly budget and lower borrowing programme due to buoyant revenue collections also added to the optimism but 

worries of a fresh round of monetary tightening from the central bank to contain quickening inflation and anxiety ahead of the Budget announcements sustained 

pressure on yields. Concerned by accelerating inflation, the Reserve Bank of India hiked the cash reserve ratio (CRR), the second time in two months, by 50 basis 

points, to 6% in two stages, the first on February 17 and the second on March 3. The impact of the hike on the economy is well evident with many banks having 

announced an increase in their deposit rate and prime-lending rate (PLR). The PLR hike is expected to lead to a slowdown in retail credit growth, and thus will help bring 

the inflation down. 

Union Budget 2007-2008 

Union Budget, highlighted robust growth prospects and further fiscal consolidation through phased removal of certain tax exemptions, measures to slow down inflation, 

initiatives for agriculture sector aimed at addressing supply side constraints, infrastructure and the social sector. The net borrowing programme, though largely in line 

with market expectations, failed to enthuse the bond market, as revised estimates for the current year are higher than the market expectations despite buoyant tax 

revenues. Total market borrowing is estimated at a net Rs. 1.09 trillion for 2007-08, 2% up from Rs. 1.07 trillion in 2006-07. The government raised the annual ceiling for 

market stabilization bonds (MSS) that are used to absorb excess cash in the banking system. The ceiling increased to Rs. 800 billion for FY 08, from Rs. 700 billion in 

the current year. 

Outlook for bond markets 

Bonds are expected to remain subdued ahead of the fiscal year-end. While the plethora of fiscal and monetary measures from the government and the central bank to 

tame inflation and to address overheating concerns in certain sectors is likely to provide a lid on inflation in the coming months, pressure on interest rates could continue 

for some time. Besides inflation, liquidity will also be closely tracked due to the quarterly tax flows and year-end demand. At this stage, investors can consider locking in 

funds at the higher short-term yields by investing in fixed maturity plans, floating rate and liquid funds. 

4 

Commodity 3 Months Returns (%)* 

Aluminium 3M -2 

Copper 3M -14 

Zinc 3M -25 

Nickel 3M 21 

Crude Oil -3 

Natural Gas -14 

* 01-Dec-2006 to 02-Mar-2007 

Equity Markets 2 Months Returns (%)* 

India (BSE Sensex) -7 

USA (S&P 500) -2 

Nikkei 0 

Hang Seng -3 

Taiwan -2 

Korea -1 

Brazil -5 

UK (FTSE 100) -2 

* 01-Jan-2007 to 02-Mar-2007

M a r c h 2 0 0 7 

Birla Advantage Fund 

Investment Style: Growth 

As on February 28, 2007 

Investment Objective: 

An Open-ended growth scheme with 

the objective to achieve long-term 

growth of capital at relatively moderate 

levels of risk through a diversified 

research based investment approach. 

Date of inception / takeover: 

February 24, 1995 

NAV: 

Rs. 

Dividend 84.9306 

Growth 118.3885 

Load Structure (Incl. for SIP): 

Entry Load: 

< Rs. 5 crores - 2.25 % 

³ Rs. 5 crores - Nil 

Exit Load: NIL 

Benchmark: 

BSE Sensex 

Corpus: 

Rs. 475.06 Crores 

Issuer Market Value % to Net 

Rs. in. Lacs Assets 

Banks 5525.98 11.63 

ICICI Bank Ltd. 2453.59 5.16 

UTI Bank Ltd. 1095.59 2.31 

State Bank of India 935.24 1.97 

Indian Overseas Bank. 926.18 1.95 

Indian Bank 115.39 0.24 

Industrial Capital Goods 5270.98 11.10 

Bharat Heavy Electricals Ltd. 2841.83 5.98 

Bharat Electronics Ltd. 1207.94 2.54 

Larsen & Toubro Ltd. 714.00 1.50 

AIA Engineering Ltd. 507.21 1.07 

Consumer Non Durables 4741.20 9.98 

ITC Ltd. 2497.67 5.26 

United Spirits Ltd. 1230.82 2.59 

Hindustan Lever Ltd. 1012.71 2.13 

## 

McDowell Holdings Ltd. 0.00 0.00 

Telecom-Services 4696.22 9.89 

Bharti Airtel Ltd. 4696.22 9.89 

Software 4461.57 9.39 

Subex Azure Ltd. 1477.54 3.11 

Infosys Technologies Ltd. 1441.15 3.03 

Tata Consultancy Services Ltd. 888.65 1.87 

Satyam Computer Services Ltd. 654.23 1.38 

Petroleum Products 3394.86 7.15 

Reliance Industries Ltd. 1842.26 3.88 

Hindustan Petroleum Corporation Ltd. 1552.61 3.27 

Pharmaceuticals 2829.54 5.96 

Wockhardt Ltd. 1065.67 2.24 

Dishman Pharmaceuticals & Chemicals Ltd. 1032.79 2.17 

Glaxosmithkline Pharmaceuticals Ltd. 731.08 1.54 

Portfolio 



Auto 2085.91 4.39 

Tata Motors Ltd. 2085.91 4.39 

Ferrous Metals 1692.23 3.56 

Maharashtra Seamless Ltd. 954.44 2.01 

Tata Steel Ltd 737.79 1.55 

Money Market Instruments 1464.90 3.08 


Hotels 1244.73 2.62 

Indian Hotels Co. Ltd. 1244.73 2.62 

Construction 1051.65 2.21 

Nagarjuna Construction Co. Ltd. 1051.65 2.21 

Finance 986.75 2.08 

Housing Development Finance Corp. Ltd. 986.75 2.08 

Gas 966.94 2.04 

Indraprastha Gas Ltd. 966.94 2.04 

Cash & Current Assets 2363.17 4.97 

Total Net Asset 47506.27 100.00 

** Represents thinly traded/ non traded securities 

## 

Mc Dowell India Spirits shares received upon demerger from 

Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and 

hence not valued 

Cement 2442.02 5.14 

ACC Ltd. 1480.49 3.12 

Grasim Industries Ltd. 951.42 2.00 

Dharti Dredging & Construction Ltd.** 10.11 0.02 

Systematic Investment Plan (SIP) 

SIP is a powerful tool that can help you 

create wealth over time. If you had 

invested* in BAF... 

Pesticides 2287.63 4.82 

United Phosphorous Ltd. 2287.63 4.82 

Monthly Investment 1,000 

Number of Investment periods 

(Since Inception) 144 

NAV Performance 

Asset Allocation 

Total Investment 144,000 

Value of Investment 

(As of February 28 , 2007) 925,288 

# 

Return on Investment (CAGR ) 

28.40% 

* Load has not been taken into consideration. 

Past performance may or may not be 

sustained in future. In the same period, a SIP 

in BSE Sensex would have given a return of 

17.64%. Dividend Reinvestment NAVs has 

been considered for the analysis. 

# 

Computed after accounting for the cash flow 

by using XIRR method (investment internal 

rate of return) 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

16.69 

24.76 

34.67 

38.82 

32.91 

31.61 

35.9 

29.41 

24.76 

11.61 

1 Year 2 Years 3 Years 5 Years Since Inception 

BAF Gr 

BSE Sensex 

Banks 

Industrial Capital Goods 

Consumer Non Durables 

Telecom-Services 

Software 

Petroleum Products 

Pharmaceuticals 

Cement 

Cash & Current Assets 

Pesticides 

Auto 

Ferrous Metals 

Money Market Instruments 

Hotels 

Construction 

Finance 

Gas 

7.15% 

5.96% 

5.14% 

4.97% 

4.82% 

4.39% 

3.56% 

3.08% 

2.62% 

2.21% 

2.08% 

2.04% 

11.63% 

11.10% 

9.98% 

9.89% 

9.39% 

Date of First Installment: March 01, 1995 

5 

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) 

Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been 

shown.

M a r c h 2 0 0 7 

Birla Dividend Yield Plus 

Investment Style: Value 



An Open-ended growth scheme with the 

objective to provide capital growth and 

income by investing primarily in a welldiversified 

portfolio of dividend paying 

companies that have a relatively high 

dividend yield. 



NAV: 

Rs. 


Growth 40.0094 


Entry Load: 

< Rs. 5 crores - 2.25 % 



Benchmark: 

CNX 500 

Corpus: 





invested* in BDYP... 


Number of Investment periods (Since 

Inception) 48 



(As of February 28, 2007) 

82,338 

# 

Return on Investment (CAGR ) 27 % 



sustained in future. In the same period, a SIP in 

CNX 500 would have given a return of 35.21% 

# 





.83 





Godrej Consumer Products Ltd. 751.25 1.81 

Nestle India Ltd. 647.46 1.56 

Glaxosmithkline Consumer Healthcare Ltd. 572.00 1.38 

Colgate Palmolive (I) Ltd. 489.11 1.18 

Procter & Gamble Hygiene & Health Care 476.43 1.15 

Eveready Industries Ltd. 474.04 1.14 

Berger Paints India Ltd. 432.66 1.04 

Banks 4370.35 10.51 

Andhra Bank. 1664.41 4.00 

Syndicate Bank. 1040.12 2.50 

Vijaya Bank. 775.26 1.86 

Union Bank of India. 467.69 1.12 

Indian Overseas Bank. 422.87 1.02 


Chennai Petroleum Corporation Ltd. 1229.51 2.96 

Castrol (India) Ltd. 1046.99 2.52 

Indian Oil Corporation Ltd. 931.32 2.24 



NIIT Technologies Ltd. 2043.19 4.91 

HCL Technologies Ltd. 1321.37 3.18 

Industrial Products 2782.53 6.69 

ESAB India Ltd. 995.67 2.39 

Greaves Cotton Ltd. 951.64 2.29 

Cummins India Ltd. 432.12 1.04 

Cosmo Films Ltd. 322.79 0.78 

ABC Bearings Ltd. 80.31 0.19 


Wyeth Ltd. 1784.66 4.29 


Novartis India Ltd. 169.08 0.41 

Fertilisers 2143.02 5.15 

Tata Chemicals Ltd. 1640.26 3.94 

Rashtriya Chemicals & Fertilizers Ltd. 502.76 1.21 

Auto 2079.64 5.00 

Hero Honda Motors Ltd. 1176.38 2.83 

Ashok Leyland Ltd. 903.26 2.17 

Transportation 1680.65 4.04 

The Great Eastern Shipping Co. Ltd. 1237.65 2.98 

Varun Shipping Company Ltd. 443.00 1.07 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

0.6 

16.88 


19.05 

30.41 

24.16 

29.09 

41.33 

42.43 

1 Year 2 Years 3 Years Since Inception 

BDYP Gr 

CNX500 

Portfolio 



Hardware 1460.68 3.51 

Tata Elxsi Ltd. 893.38 2.15 

HCL Infosystems Ltd. 567.30 1.36 


Alfa Laval (India) Ltd. 1392.36 3.35 

Oil 1335.68 3.21 

Oil & Natural Gas Corporation Ltd. 1335.68 3.21 

Chemicals 1299.91 3.13 

Clariant Chemicals India Ltd. 1299.91 3.13 



Tata Metaliks Ltd. 248.61 0.60 

Tata Sponge Iron Ltd. 79.10 0.19 

Paper 1090.00 2.62 

Tamil Nadu Newsprint & Papers Ltd. 1090.00 2.62 

Health Care Equipment 501.87 1.21 

Rayban Sun Optics India Ltd. 501.87 1.21 

Finance 485.75 1.17 

LIC Housing Finance Ltd. 425.86 1.02 

Power Finance Corporation Ltd 59.89 0.14 


Mahanagar Telephone Nigam Ltd. 400.35 0.96 

Power 350.52 0.84 

Neyveli Lignite Corporation Ltd. 350.52 0.84 

Auto Ancillaries 114.22 0.27 

Rane (Madras) Ltd. 74.88 0.18 

Wheels India Ltd. 39.34 0.09 

Media & Entertainment 50.34 0.12 

Balaji Telefilims. 50.34 0.12 




Banks 




Industrial Products 


Fertilisers 

Auto 

Other Equity & Preference 

Transportation 

Hardware 


Oil 

Chemicals 


Paper 


10.51% 

8.36% 

8.30% 

8.09% 

6.69% 

6.43% 

5.15% 

5.00% 

4.58% 

4.04% 

3.51% 

3.35% 

3.21% 

3.13% 

2.92% 

2.62% 

14.11% 

6 


Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not 

been shown.

M a r c h 2 0 0 7 

Birla Midcap Fund 






growth of capital at controlled level of 

risk by primarily investing in midcap 

stocks. 


October 3, 2002 

NAV: 

Rs. 




Entry Load: 

< Rs. 5 crores - 2.25% 



Benchmark: 

CNX Midcap 

Corpus: 





invested* in BMC... 






(As of February 28, 2007 ) 138,465 

7 

47.92 

# 

Return on Investment (CAGR ) % 




in CNX Midcap would have given a return of 

39 .21% 

# 




Date of First Installment: November 01, 2002 




Bharat Bijlee Ltd. 990.37 4.34 

Thermax Ltd. 636.98 2.79 

Kalpataru Power Transmission Ltd. 540.61 2.37 

Crompton Greaves Ltd. 444.26 1.94 

Bharati Shipyard Ltd. 440.97 1.93 

Aban Offshore Ltd. 268.27 1.17 


Automobile Corporation of Goa Ltd. 662.00 2.90 

Sundaram-Clayton Ltd. 574.15 2.51 

Apollo Tyres Ltd. 493.39 2.16 

Sundaram Fasteners Ltd. 451.22 1.98 

Amtek India Ltd. 441.76 1.93 

MRF Ltd. 328.71 1.44 


Kirloskar Oil Engines Ltd. 943.54 4.13 

Sintex Industries Ltd. 482.22 2.11 

TRF LTD 414.32 1.81 



Radico Khaitan Ltd 423.75 1.86 

Marico Industries Ltd. 407.72 1.78 


E.I.D. Parry (India) Ltd. 149.04 0.65 

## 



3i Infotech Ltd. 840.87 3.68 



Jindal Saw Ltd. 766.15 3.35 

Welspun Gujarat Stahl Rohren Ltd. 533.25 2.33 

Sesa Goa Ltd. 178.34 0.78 

Hotels 1209.11 5.29 

Asian Hotels Ltd. 636.41 2.79 

Taj GVK Hotels & Resorts Ltd. 572.70 2.51 

Textile Products 1188.30 5.20 

Aditya Birla Nuvo Ltd. 944.11 4.13 

Gokaldas Exports Ltd. 244.19 1.07 

Cement 1014.26 4.44 

60 

50 

40 

30 

20 

10 

0 

21.65 

10.95 


38.2 

27.92 

BMCF Gr 

41.33 

CNX Midcap 

30.43 

51 

46.73 


Portfolio 

# 

Value Research Rating 


(Past performance is no guarantee of future results.) 



Birla Corporation Ltd. 749.59 3.28 

Mangalam Cement Ltd 264.68 1.16 

Banks 987.22 4.32 

Federal Bank Ltd. 783.65 3.43 

Syndicate Bank 163.40 0.72 


Power 939.45 4.11 

LANCO Infratech Ltd. 360.40 1.58 

Monnet Ispat Energy Ltd. 339.38 1.49 

Reliance Energy Ltd. 239.68 1.05 


NDTV India Ltd. 670.14 2.93 

Consumer Durables 568.49 2.49 

Blue Star Ltd. 568.49 2.49 


Pfizer Ltd. 478.21 2.09 


Container Corporation of India Ltd. 366.48 1.60 

Oil 286.43 1.25 

Great Offshore Ltd. 286.43 1.25 


Apar Industries Ltd. 252.40 1.10 

Cement 179.05 0.78 

India Cements Ltd 179.05 0.78 

Corporate Debt 55.30 0.24 

Trent Ltd. 55.30 0.24 



## 


Auto Ancillaries 






Hotels 

Textile Products 

Other Equity 

Cement 

Banks 

Power 

New Delhi Television India Ltd. 

Consumer Durables 


Corporate Debt 



hence not valued and represents thinly traded/ non traded securities. 


8.40% 

8.06% 

7.04% 

6.71% 

6.47% 

5.29% 

5.20% 

4.75% 

4.44% 

4.32% 

4.11% 

2.93% 

2.49% 

2.09% 

0.24% 

# for methodology please refer page 3 

14.54% 

12.92% 



shown.

M a r c h 2 0 0 7 

Birla MNC Fund 






growth of capital at relatively moderate 

levels of risk by making investments in 

securities of multi-national companies 

through a research based investment 

approach. 


December 27, 1999 

NAV: 

Rs. 


Growth 118.1533 

Load Structure ((Incl. for SIP): 

Entry Load: 

< Rs. 5 crores - 2.25 % 



Benchmark: 

CNX MNC 

Corpus: 







Colgate Palmolive (I) Ltd. 726.63 3.75 

ITC Ltd. 645.47 3.33 

Kansai Nerolac Paints Ltd. 366.55 1.89 



Paper Products Ltd. 595.65 3.07 

BOC India Ltd. 432.90 2.23 

Fag Bearings India Ltd. 353.52 1.82 

KSB Pumps Ltd. 309.00 1.59 

ESAB India Ltd. 305.66 1.58 


Pfizer Ltd. 662.13 3.42 

Fulford (India) Ltd. 543.86 2.81 


Wyeth Ltd. 499.56 2.58 


Sundaram-Clayton Ltd. 812.62 4.19 

Federal Mogul Goetze (India) Ltd. 672.50 3.47 

Subros Ltd. 56.05 0.29 




Mphasis BFL Ltd. 607.49 3.13 

Allsec Technologies Ltd. 367.90 1.90 



ABB Ltd. 724.64 3.74 

Siemens Ltd. 549.60 2.84 

Portfolio 



Banks 669.75 3.46 

ING Vysya Bank Ltd. 669.75 3.46 


Syngenta (India) Ltd. 402.57 2.08 

Finance 322.75 1.67 

Shriram Transport Finance Company Ltd. 322.75 1.67 

Chemicals 221.97 1.15 

Micro Inks Ltd. 221.97 1.15 

IT Consulting & Services 90.48 0.47 

Redington India Ltd. 90.48 0.47 




Sesa Goa Ltd. 1248.35 6.44 

Auto 1133.60 5.85 

Maruti Udyog Ltd. 1133.60 5.85 




invested* in BMNC... 


Gas 932.82 4.81 

Gujarat Gas Co. Ltd. 932.82 4.81 








251,218 

.42 

# 





in CNX MNC would have given a return of 

19.35% 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

9.27 

4.17 

33.31 

31.66 

30.52 

25.72 

32.72 

17.47 

41.06 

8.77 


BMNCF Gr 

CNX MNC 









Auto 

Gas 

Banks 


Pesticides 


7.95% 

7.42% 

6.85% 

6.57% 

6.44% 

5.85% 

4.81% 

3.46% 

3.28% 

2.08% 

0.73% 

14.21% 

11.49% 

18.87% 

# 




Date of First Installment: January 01, 2000 

8 



shown.

M a r c h 2 0 0 7 

Birla India Opportunities Fund 

Investment Style: Value + Growth 



An Open-ended growth scheme with the 

objective to achieve superior long-term 

growth of capital by investing in shares 

of companies that do one or more of the 

following: Leverage India's intellectual 

capital for providing services, research 

and creative inputs; Seek to use current 

and impending changes in patent laws / 

import tariffs / quotas to supply goods 

and services; Leverage India's lower 

labour costs for providing services and 

manufactured goods; Leverage India's 

large population of English speaking 

people for providing services. 


December 27, 1999 

NAV: 

Rs. 




Entry Load: 

< Rs. 5 crores - 2.25 % 


Exit Load: 

1% if redeemed/ switched out within 6 

months from the date of allotment 







Wipro Ltd. 392.60 4.72 



Nucleus Software Exports Ltd. 308.76 3.71 

I-Flex Solutions Ltd. 287.71 3.46 

KPIT Cummins Infosystem Ltd. 182.15 2.19 





ABB Ltd. 195.07 2.35 


Bharat Forge Ltd. 444.96 5.35 




Aventis Pharma Ltd. 216.53 2.60 

Cipla Ltd. 192.47 2.31 

Portfolio 




Raymond Ltd. 209.06 2.51 



Videsh Sanchar Nigam Ltd. 275.78 3.32 



Benchmark: 

CNX 500 

Corpus: 





invested* in BIOF... 







257,740 

30.13 

# 





in CNX 500 would have given a return of 

27.90% 

# 




Date of First Installment: January 01, 2000 



Amtek India Ltd. 301.70 3.63 






40 

34.94 

35.22 


14.57% 

35 

32.33 

32.25 

30.41 

29.09 


8.39% 

30 

25.24 

25 22.38 


8.23% 

20 16.88 

Auto Ancillaries 7.61% 

14.82 

15 

Pesticides 6.00% 

10 

Textile Products 4.69% 

5 

0 



4.30% 

BITF Gr CNX500 Telecom-Services 3.32% 

42.90% 

9 



shown.

M a r c h 2 0 0 7 

Birla India GenNext Fund 





the objective to target growth of capital 

by investing in equity/equity related 

instruments of companies that are 

expected to benefit from the rising 

consumption patterns in India, which in 

turn is getting fuelled by high 

disposable incomes of the young 

generation (Generation Next). The 

scheme will invest in companies that 

have the following characteristics: 1. 

Companies that seek growth in 

revenues arising out of demand from 

the younger generation (GenNext) for 

their products or services. 2. They 

should be engaged in manufacturing of 

products or rendering of services that 

go directly to the consumer. 3. The 

products and services should have 

distinct brand identity, thereby enabling 

choice. 


August 05, 2005 

NAV: 

Rs. 



Load Structure 

Entry Load: 

< Rs. 5 crores - 2.25 % 



Benchmark: 

S&P CNX NIFTY 

Corpus: 






ITC Ltd. 687.40 4.31 

Hindustan Sanitaryware & Industries Ltd. 419.76 2.63 

Britannia Industries Ltd. 416.46 2.61 

Eveready Industries Ltd. 251.94 1.58 



## 


Banks 2585.45 16.22 

Kotak Mahindra Bank Ltd. 1103.49 6.92 

UTI Bank Ltd. 575.00 3.61 



Punjab National Bank 127.28 0.80 


Reliance Communications Ltd. 1077.71 6.76 



NDTV India Ltd. 684.78 4.30 

Sun TV Ltd. 680.42 4.27 

HT Media Ltd. 493.47 3.10 

Television Eighteen India Ltd. 405.09 2.54 

Auto 1158.79 7.27 


Hotels 1048.70 6.58 




Pfizer Ltd. 772.49 4.85 


Raymond Ltd. 525.13 3.29 


Sobha Developers Ltd. 275.00 1.73 

Portfolio 



Retailing 230.28 1.44 

Shoppers Stop Ltd. 230.28 1.44 



## 







invested* in BGNF... 









22,774 

.50 

# 





CNX 500 would have given a return of 25 .92% 

40 

35 

30 

25 

20 

15 

10 

5 

0 

34.23 

30.24 

21.81 

16.38 

1 Year Since Inception 

Birla Gen Next Fund - Growth S&P Nifty 


Banks 

Media & Entertainment 



Auto 

Hotels 




7.27% 

6.58% 

4.85% 

3.29% 

3.17% 

19.25% 

16.22% 

14.21% 

13.90% 

11.27% 

# 




Date of First Installment: August 12, 2005 

10 



shown.

M a r c h 2 0 0 7 

Birla Index Fund 




An Open-ended index-linked growth 

scheme with the objective to generate 

returns commensurate with the 

performance of Nifty subject to tracking 

errors. 


September 18, 2002 

NAV: 

Rs. 




Entry Load: Nil 

Exit Load: 

Applicable if redeemed within 6 months 

from the date of allotment 

Birla Infrastructure Fund 

M a r c h 2 0 0 7 




An open-end growth scheme with the 

objective to providing for medium to 

long-term capital appreciation by 

investing predominantly in a diversified 

portfolio of equity and equity related 

securities of companies that are 

participating in the growth and 

development of Infrastructure in India. 


March 17, 2006 

NAV: 

Rs. 




Entry Load: 

< Rs. 5 crores - 2.25 % 



Benchmark: 

S&P CNX NIFTY 






Siemens Ltd. 1881.92 3.97 

Thermax Ltd. 1640.78 3.46 

Jyoti Structures Ltd. 1181.87 2.49 




Kalpataru Power Transmission Ltd. 720.82 1.52 

Bharat Earth Movers Ltd. 622.00 1.31 

Engineers India Ltd. 489.90 1.03 

RPG Transmission Ltd. 48.45 0.10 




Jindal Steel & Power Ltd. 966.81 2.04 


Cement 2992.44 6.31 



Shree Cements Ltd. 736.26 1.55 




Torrent Cables Ltd. 442.98 0.93 



Portfolio 



Banks 1794.74 3.79 


Andhra Bank 540.40 1.14 


Gas 1568.20 3.31 



Power 1117.15 2.36 



Power Trading Corporation of India Ltd. 151.34 0.32 






Finance 509.33 1.07 




Industrial Services 214.39 0.45 

South East Asia Marine Engin & Const Ltd 214.39 0.45 


Corpus: 


Auto 2678.84 5.65 


Mahindra & Mahindra Ltd. 1289.68 2.72 



Mahindra Gesco Developers Ltd. 672.87 1.42 

Patel Engineering Ltd. 521.33 1.10 

Hindustan Construction Co. Ltd. 410.00 0.86 

D.S. Kulkarni Developers Ltd. 293.48 0.62 

Hotels 1913.87 4.04 






16 

15.5 

15 

14.5 

14 

13.5 

13 

12.5 

13.7 

Birla Infrastructure Fund - Growth 

Since Inception 

15.81 

S&P Nifty 




Cement 



Auto 

Construction 

Hotels 

Banks 

Gas 

Power 




10.75% 

9.81% 

6.31% 

5.86% 

5.72% 

5.65% 

5.62% 

4.04% 

3.79% 

3.31% 

2.36% 

2.24% 

2.14% 

2.02% 

30.38% 

12 



shown.

M a r c h 2 0 0 7 

Birla Equity Plan 

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




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: 

Dividend Rs. 54.3011 

Growth* Rs. 10.3109 

*Introduced with effect from 

1st October, 2006 


Entry Load: 

< Rs. 5 crores - 2.25 % 







Subros Ltd. 304.46 3.05 

Automobile Corporation of Goa Ltd. 259.57 2.60 

Goodyear India Ltd. 178.71 1.79 

Automobile Corporation of Goa (Rights) ** 0.00 0.00 




Geometric Software Solution Ltd. 187.78 1.88 

Banks 836.50 8.38 

Syndicate Bank 366.12 3.67 


City Union Bank Ltd. 194.82 1.95 


ITC Ltd. 343.70 3.44 



## 





Portfolio 





Gas 266.75 2.67 




Cement 264.68 2.65 

Mangalam Cement Ltd 264.68 2.65 


Gammon India Ltd. 174.15 1.74 



Finance 65.96 0.66 




** Represents thinly traded/ non traded securities. 

Benchmark: 

BSE Sensex 

Corpus: 


Power 726.12 7.27 



Monnet Ispat Energy Ltd. 111.62 1.12 

Auto 646.57 6.48 




Hotels 344.72 3.45 


## 







invested* in BEP... 







# 





in BSE Sensex would have given a return of 

24.71%. Dividend reinvestment NAVs have 


# 




Date of First Installment: March 01,1999 

36.36 




Pfizer Ltd. 294.28 2.95 

60 

50 


40 

37.86 38.82 

36.76 

31.61 

30 

24.76 

19.55 

20 

10 

0 

47.7 

32.15 

29.41 

18.33 


BEP Div 

BSE Sensex 




Banks 



Power 

Auto 


Hotels 





Gas 


Cement 

# 





3.66% 

3.45% 

3.41% 

3.26% 

2.95% 

2.68% 

2.67% 

2.67% 

2.65% 

10.86% 

9.75% 

8.38% 

8.12% 

7.99% 

7.27% 

6.48% 

13.74% 

13 




shown.

M a r c h 2 0 0 7 

Birla Top 100 Fund 




An open-ended growth scheme with the 

objective to provide medium to longterm 

capital appreciation, by investing 

predominantly in a diversified portfolio 

of equity and equity related securities of 

top 100 companies as measured by 

market capitalization. 



NAV: 

Rs. 



Load Structure ((Incl. for SIP): 

Entry Load: 

< Rs. 5 crores - 2.25 % 



Benchmark: 

S & P CNX Nifty 

Corpus: 




Banks 5215.16 11.85 


HDFC Bank Ltd. 1249.68 2.84 

State Bank of India. 888.72 2.02 

Punjab National Bank. 572.74 1.30 







ITC Ltd. 2405.90 5.47 



## 










Bharat Petroleum Corporation Ltd. 932.85 2.12 


Auto 2468.74 5.61 



Portfolio 











Oil 889.43 2.02 



Sesa Goa Ltd. 713.34 1.62 



** Represents Thinly Traded/ Non Traded Securities 

## 




Cement 1918.07 4.36 


ACC Ltd. 878.15 2.00 




invested* in BT100F... 



Hotels 1319.63 3.00 










.67 

# 





BSE Sensex would have given a return of 

21.47%. Dividend reinvestment NAVs have 


# 




45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

16.39 

21.81 

34.27 

39.34 

1 Year Since Inception 

Birla Top 100 Fund - Growth 

S&P Nifty 

Banks 







Auto 

Cement 

Pesticides 

Hotels 



Construction 

Oil 


5.61% 

4.36% 

3.80% 

3.00% 

2.82% 

2.58% 

2.48% 

2.02% 

1.62% 

11.85% 

11.32% 

10.87% 

10.10% 

9.98% 

9.03% 

8.56% 

Date of First Installment: October 27,2005 

14 



shown.

M a r c h 2 0 0 7 

Birla Sun Life Buy India Fund 




A multi-sector open-end growth scheme 

with the objective of long term growth of 

capital, through a portfolio with a target 

allocation of 100% equity, focusing on 

investing in businesses that are driven 

by India's large population and inherent 

consumption patterns. The focus of the 

scheme will be in the consumer and 

healthcare sectors. The secondary 

objective is income generation and 

distribution of dividend. 


January 15, 2000 

NAV: 

Rs. 




Entry Load: 

< Rs. 5 crores - 2.25 % 


Exit Load: Nil 

Benchmark: 

BSE 200 

Corpus: 





Marico Industries Ltd. 714.97 6.28 

Kajaria Ceramics Ltd. 533.12 4.68 



Dabur India Ltd. 293.55 2.58 

United Breweries Ltd. 251.55 2.21 



## 



Sun Pharmaceutical Industries Ltd. 556.53 4.89 

Pfizer Ltd. 531.57 4.67 

Cadila Healthcare Ltd. 315.62 2.77 


Wyeth Ltd. 144.11 1.27 



Hotels 802.32 7.05 




New Delhi Television India Ltd. 416.10 3.65 

Jagran Prakashan Ltd. 419.79 3.69 

PVR Ltd. 264.71 2.33 

UTV Software Communications Ltd. 103.58 0.91 

Magnasound India Ltd.** 0.00 0.00 





MRF Ltd. 466.40 4.10 

Auto 461.84 4.06 


Portfolio 



Rallis India Ltd. 299.96 2.63 

Gas 210.28 1.85 



Trent Ltd. - Warrants 71.32 0.63 



** Represents thinly traded/ non traded securities. 

## 







invested* in BSL Buy India Fund 







35.66 

# 





in BSE 200 would have given a return of 

28 .82% 

# 






50 

45 

40 

35 

30 

25 

19.32 

20 

15 13.71 

10 

5 

0 


43.65 

31.18 

45.58 

28.6 

39.58 

32.05 

14.7313.8 


# 


Birla Sun Life Buy India Fund 







Birla SunLife Buy India Fund - Growth BSE200 Other Equity 2.47% 

Hotels 



Auto 

Pesticides 


4.10% 

4.06% 

2.63% 

7.35% 

7.05% 

6.74% 

10.58% 

12.92% 

15.12% 


27.00% 

15 



shown.

M a r c h 2 0 0 7 

Birla Sun Life New Millennium Fund 





with the objective of long term growth of 



investing in technology and technology 

dependent companies, hardware, 

peripherals and components, software, 

telecom, media, internet and e- 

commerce and other technology 

enabled companies. The secondary 





NAV: 

Rs. 




Entry Load: 

< Rs. 5 crores - 2.25 % 



Benchmark: 

BSE Teck 

Corpus: 


Portfolio 






Nucleus Software Exports Ltd. 594.27 5.00 



HCL Technologies Ltd. 530.84 4.46 

Hinduja TMT Ltd. 461.76 3.88 



Wipro Ltd. 372.22 3.13 

Mphasis BFL Ltd. 307.24 2.58 

Megasoft Ltd. 304.16 2.56 

Infotech Enterprises Ltd. 262.66 2.21 

KPIT Cummins Infosystem Ltd. 180.54 1.52 

Hov Services Ltd. 169.81 1.43 


Tanla Solutions Ltd. 126.76 1.07 

i Gate Global Solutions Ltd. 113.79 0.96 

Tata Elxsi Ltd. 54.57 0.46 

Info Edge (India) Ltd. 32.18 0.27 

Sasken Communication Technologies Ltd. 13.34 0.11 







PVR Ltd. 188.89 1.59 

UTV Software Communications Ltd. 155.37 1.31 

Cinemax India Ltd. 118.11 0.99 

Cyber Media (India) Ltd. 83.21 0.70 

Wire & Wireless Ltd. 51.30 0.43 




**Represents thinly traded/ non traded securities 




invested* in BSLNMF... 









269,104 

32.85 

# 





in BSE Teck would have given a return of 

27 .87% 

50 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

44.73 

46.55 45.42 

41.19 

39.98 

42.28 

37.35 

30.13 

10.26 


Birla SunLife New Millennium - Growth BSE Teck 






17.57% 

9.77% 

6.29% 

1.16% 

65.21% 

# 





16 



shown.

M a r c h 2 0 0 7 

Birla Sun Life Basic Industries Fund 





with the objective of long term growth 



investing in companies sensitive to 

economic cycles and commodity pricing 

cycles. The investments will be in 

companies which are often referred to 

as cyclical companies. The secondary 





NAV: 

Rs. 




Entry Load: 

< Rs. 5 crores - 2.25 % 



Benchmark: 

BSE 200 

Corpus: 





invested* in BSLBIF... 







17 

354,222 

40.81 

# 






28.82% 

# 












ABB Ltd. 291.67 1.89 

Jyoti Structures Ltd. 203.81 1.32 


Action Construction Equipment Ltd. 161.14 1.04 


AIA Engineering Ltd. 128.71 0.83 




Kirloskar Brothers Ltd. 298.15 1.93 


Sintex Industries Ltd. 84.70 0.55 


Apar Industries Ltd. 493.25 3.19 


Chennai Petroleum Corporation Ltd. 184.00 1.19 

Indian Oil Corporation Ltd. 165.58 1.07 


Jindal Steel & Power Ltd. 435.36 2.82 

JSW Steel Ltd. 422.61 2.73 


Maharashtra Seamless Ltd. 96.02 0.62 



Mahindra Gesco Developers Ltd. 320.49 2.07 



Banks 1054.68 6.82 





Auto 946.24 6.12 



50 

45 

40 

35 

30 

25 

20 

15 

10.68 

10 

5 

19.32 


31.1 31.18 30.25 

28.6 

45.25 

32.05 

29.78 

13.8 

0 


Birla SunLife Basic Industries - Growth 

BSE200 

Portfolio 




Cement 725.77 4.69 





Oil 468.43 3.03 


Finance 416.63 2.69 





Chemicals 296.90 1.92 

Indian Petrochemicals Corporation Ltd. 233.33 1.51 

Aarti Industries Ltd. 63.58 0.41 

Industrial Services 252.35 1.63 

South East Asia Marine Engin & Const Ltd 252.35 1.63 


SPL Industries Ltd. 147.09 0.95 

Paper 43.75 0.28 

Tamil Nadu Newsprint & Papers Ltd. 43.75 0.28 







Construction 


Banks 

Auto 


Cement 

Pesticides 

Oil 

Finance 

Fertilisers 


9.91% 

8.08% 

8.03% 

7.94% 

6.88% 

6.82% 

6.12% 

4.79% 

4.69% 

3.65% 

3.03% 

2.69% 

2.22% 



shown. 

25.15%

M a r c h 2 0 0 7 

Birla Sun Life Frontline Equity Fund 





objective of long term growth of capital, 

through a portfolio with a target 

allocation of 100% equity by aiming at 

being as diversified across various 

industries and or sectors as its chosen 

benchmark index, BSE 200. The 

secondary objective is income 

generation and distribution of dividend. 


August 30, 2002 

NAV: 

Rs. 














Wipro Ltd. 290.61 2.28 





ITC Ltd. 352.46 2.76 



## 


Portfolio 





Hotels 337.59 2.64 



Oil 304.25 2.38 






Finance 16.58 0.13 




Entry Load: 

< Rs. 5 crores - 2.25 % 



Benchmark: 

BSE 200 

Corpus: 


Banks 1232.19 9.65 




Indian Overseas Bank 153.98 1.21 







Bharat Petroleum Corporation Ltd. 310.95 2.44 



Cipla Ltd. 143.92 1.13 

Auto 388.31 3.04 




## 







invested* in BSLFEF... 







# 






36 .29% 

# 




Date of First Installment: October 01, 2002 

18 

130,215 

42.71 

Power 359.51 2.82 


45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

29.42 

19.32 


40.12 

31.18 

34.37 

28.6 

41.54 

36.75 


Birla SunLife Frontline Equity Fund - Growth 

BSE200 





Banks 





Auto 

Power 

Pesticides 

Hotels 

Oil 

# 






6.48% 

5.09% 

3.51% 

3.21% 

3.04% 

2.82% 

2.80% 

2.64% 

2.38% 

10.15% 

9.65% 

16.83% 

16.42% 

14.98% 



shown.

M a r c h 2 0 0 7 

Birla Sun Life Equity Fund 





objective of long term growth of capital, 

through a portfolio with a target 

allocation of 90% equity and 10% debt 

and money market securities. 


August 27, 1998 

NAV: 

Dividend 

Growth 


Entry Load: 

< Rs. 5 crores - 2.25 % 



Benchmark: 

BSE 200 

Corpus: 


Rs. 

72.5350 

170.5483 




invested* in BSLEF... 







524,528 

# 






25.00% 

# 




Date of First Installment: October 1, 1998 

19 

.78 

Winner of 

ICRA Mutual Fund Awards 

2007: GOLD 

Ranked MFR1 in Open Ended Diversified 

Equity Schemes - Defensive (3 years) 

(Past performance is no 

guarantee of future results.) 





Siemens Ltd. 1758.72 3.47 


RPG Transmission Ltd. 1105.95 2.18 



Aban Offshore Ltd. 679.61 1.34 




Megasoft Ltd. 693.30 1.37 







ITC Ltd. 1163.42 2.30 


## 


Banks 3661.98 7.23 




Kotak Mahindra Bank Ltd. 572.58 1.13 


Auto 3175.70 6.27 






Retailing 1921.62 3.79 

Pantaloon Retail (India) Ltd. 1252.54 2.47 

Shoppers Stop Ltd. 669.07 1.32 



D.S. Kulkarni Developers Ltd. 495.08 0.98 




Sesa Goa Ltd. 766.84 1.51 


50 

45 

40 

35 

30 

25 22.27 

20 19.32 

15 

10 

5 

0 


44.86 44.29 45.32 

31.18 

28.6 

32.05 

39.54 

20.74 


Birla SunLife Equity Fund - Growth 

BSE200 

# 





Portfolio 



Finance 1395.01 2.75 

United Breweries Holdings Ltd. 1331.26 2.63 


Power 1198.38 2.37 


Cement 1981.25 3.91 


India Cements Ltd 789.25 1.56 



Maestro Mediline Systems Ltd. 9.23 0.02 







Hotels 899.84 1.78 









## 









Banks 

Auto 


Cement 

Retailing 

Construction 


Finance 

Power 



8.37% 

7.67% 

7.23% 

6.27% 

5.03% 

3.91% 

3.79% 

3.13% 

2.88% 

2.75% 

2.37% 

2.10% 

CRISIL~CPR 2 

Open End Diversified Equity Scheme^^ 


^^ for methodology please refer page 3 



shown. 

11.43% 

17.98% 

15.07%

M a r c h 2 0 0 7 

Birla Sun Life Tax Relief '96 

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




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 



NAV 

Dividend Rs. 138.7436 


Entry Load: 

< Rs. 5 crores - 2.25 % 



Benchmark: 

BSE 200 

Corpus: 









Honeywell Automation India Ltd. 437.14 1.39 




Wipro Ltd. 872.12 2.78 

Banks 2924.27 9.31 



ING Vysya Bank Ltd. 724.20 2.31 


Oriental Bank of Commerce 176.40 0.56 

Finance 2766.78 8.81 




Auto 2401.48 7.65 








Portfolio 







ITC Ltd. 429.63 1.37 

Power 838.86 2.67 





Kirloskar Brothers Ltd. 281.46 0.90 


Sun Pharmaceutical Industries Ltd. 278.27 0.89 

Trading 228.54 0.73 

Uniphos Enterprises Ltd. 228.54 0.73 






Hotels 1590.01 5.06 






invested* in BSLTR’96F... 


Motor Industries Company Ltd. 982.96 3.13 

MRF Ltd. 229.11 0.73 









1,328,604 

.28 

# 






20.52%. Dividend Reinvestment NAVs has 


45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

25.06 

19.32 


38.46 

31.18 

28.29 28.6 

36.99 

32.05 

39.22 

14.7 


Birla SunLife Tax Relife' 96 Fund - Growth 

BSE200 




Banks 

Finance 

Auto 



Hotels 


Pesticides 




Power 


9.71% 

9.31% 

8.81% 

7.65% 

6.04% 

5.49% 

5.06% 

3.86% 

3.83% 

3.69% 

3.04% 

2.80% 

2.67% 

14.97% 

13.07% 

# 




Date of First Installment: April 1, 1996 

20 



shown.



An Open-ended balanced scheme 

with an objective to balance income 

requirements with growth of capital 

through a balance mix of investments 

in equity and debt at relatively 

moderate levels of risks through a 

diversified research based investment 

approach. 



NAV: 

Rs. 




Entry Load: 

< Rs. 5 crores - 2.25 % 



Benchmark: 

CRISIL Balanced Fund Index 

Average Maturity: 

3.95 Years 

Corpus: 

M a r c h 2 0 0 7 


Birla Balance 

Investment Style: (Equity) Value + Growth 

Interest Rate Sensitivity: (Debt) Medium 



Government Bond 2476.23 21.43 

Govt Bond 7.44% OIL MKTG. COS.2012 2191.08 18.96 

Govt Bond 7.61% Oil Company 2015 285.15 2.47 


ITC Ltd. 532.74 4.61 






## 


Auto 1057.21 9.15 




Pfizer Ltd. 478.21 4.14 


PSU/PFI Bonds/Banks 778.99 6.74 

Citibank N A ** 736.99 6.38 

HDFC Bank Ltd. ** 42.00 0.36 

Banks 689.97 5.97 








Power 528.64 4.58 




Portfolio 








Sundaram Finance Ltd. ** 146.87 1.27 

Housing Development Finance Corp. Ltd. ** 48.39 0.42 



Hotels 71.28 0.62 


IT Consulting & Services 35.04 0.30 




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

Total Percentage of thinly/non traded securities is 8.43 % 

## 









invested* in Birla Balance... 







192,810 

20.96 

# 






17.23% 

30 

25 

20 17.67 

16.22 

15 

10 

5 

0 

Government Bond 


25.06 

23.64 

22.67 

Auto 

21.91 


18.19 

PSU/PFI Bonds/Banks 

14.48 

Banks 




Power 

Pesticides 

Other Equity & Preference 


Fertilisers 

BB Gr Crisil Balanced Fund Index Corporate Debt 1.69% 

9.15% 

8.21% 

6.74% 

5.97% 

5.96% 

5.60% 

4.69% 

4.58% 

4.11% 

3.45% 

3.05% 

Rating Profile 

15.36% 

21.43% 

# 




Date of First Installment: November 1, 1999 

21 

Past performance may or may not be sustained in future. 

Performance has been calculated on the basis of the 

Advertisement Code as prescribe under SEBI (Mutual Funds) 

Regulations 1996. Returns are in % and absolute returns for period 

less than 1 year & CAGR for period 1 year or more. When 

benchmark returns are not available, they have not been shown. 

Other 

Sovereign 

AAA 


AA 

1.27% 

7.16% 

5.96% 

21.43% 

64.17%



An open-end balanced scheme with 

the objective of long term growth of 

capital and current income, through a 

portfolio with a target allocation of 

60% equity and 40% debt and money 

market securities. 



NAV: 

Rs. 


Growth 173.2902 


Entry Load: 

< Rs. 5 crores - 2.25 % 



Benchmark: 

CRISIL Balanced Fund Index 


5.05 Years 

Corpus: 

M a r c h 2 0 0 7 


Birla Sun Life '95 Fund 


Interest Rate Sensitivity: (Debt) Low 

Issuer Market Value % to Net Rating 



Govt Bond 7.44% OIL MKTG. COS.2012 1941.22 15.10 Sovereign 

Govt Bond 7.61% Oil Company 2015 1782.19 13.86 Sovereign 


ITC Ltd. 650.83 5.06 

Bombay Burmah Trading Corporation Ltd. 205.59 1.60 






Banks 987.66 7.68 




Finance 776.93 6.04 






Auto 642.50 5.00 


Gas 403.31 3.14 



Trent Ltd. 395.50 3.08 

Portfolio 




ETC Networks Ltd. 249.60 1.94 

Magnasound India Ltd. ** 0.00 0.00 


Rashtriya Chemicals & Fertilizers Ltd. 232.09 1.81 


Power Finance Corporation Ltd. ** 145.44 1.13 AAA 




Subros Ltd. 24.66 0.19 

Securitised Debt 12.23 0.10 

Fleet Trust July 2004 A2 Series ** 12.23 0.10 AAA(SO) 










invested* in BSL‘95F... 







.50 

# 


35 

30 

25 

20 

15 

10 

5 

0 

20.5 

17.67 


30.69 

22.67 

27.58 

Birla SunLife 95 - Growth 

18.19 

30.02 

26.69 


Crisil Balanced Fund Index 




Pesticides 

Banks 

Finance 



Auto 


Gas 

Retailing 



Securitised Debt 


9.26% 

8.78% 

8.50% 

7.68% 

6.04% 

5.59% 

5.27% 

5.00% 

4.87% 

3.14% 

3.08% 

2.62% 

1.13% 

0.10% 

28.96% 





11 .62% 


# 




Date of First Installment: April 1, 1995 

22 







Other 

Sovereign 


AAA 

1.23% 

9.26% 

28.96% 

60.56%

M a r c h 2 0 0 7 

Birla MIP 

An open- ended fund. Monthly income is not assured and is 

subject to availability of distributable surplus 





An Open-ended income scheme with 

the objective to generate regular 

income so as to make monthly 

distribution to unit holders with the 

secondary objective being growth of 

capital. Monthly Income is not assured 

and is subject to availability of 

distributable surplus. 


November 20, 2000 

NAV: 

Rs. 


Payment / Growth 18.8993 

Load Structure(Incl. for SIP): 

Entry Load: NIL 

Exit Load: 

10 Lakhs: Nil 

Benchmark: 

CRISIL MIP Blended Index 


3.26 Years 

Corpus: 





Housing Development 

Finance Corp. Ltd. ** 1645.24 9.82 AAA 

Kotak Mahindra Prime Ltd. ** 980.01 5.85 LAA 

Great Eastern Shipping Company Ltd. ** 883.12 5.27 AAA 

Sundaram Finance Ltd. ** 587.48 3.51 AA+ 

Mahindra & Mahindra Financial Serv. Ltd. ** 294.46 1.76 AA+ 

Electrosteel Castings Ltd. ** 242.17 1.44 AA 

CitiFinancial Consumer Finance India Ltd ** 203.37 1.21 AAA 




EQUITY 2135.78 12.74 







ITC Ltd. 166.69 0.99 

Pfizer Ltd. 157.69 0.94 









McDowell Holdings Ltd. ** 0.00 0.00 


Ind Ret ABS Trust Ser 49(A4) 

18 MAY 2010 ** 1057.36 6.31 AAA(SO) 

Fleet Trust Aug I 2003 A3 CFIL (IL&FS) ** 40.34 0.24 AAA(SO) 



Power Grid Corporation of India Ltd. ** 371.11 2.21 AAA 

Portfolio 



Mutual Fund Units 32.09 0.19 

Birla Fixed Term Debt Fund Ser 3 -36 B 32.09 0.19 







12 

10 

8.35 

8 7.37 7.29 7.66 

6 

7.19 

6.67 

9.72 

10.67 




Equity 

12.74% 

19.37% 

28.85% 

27.76% 

4 


6.55% 

2 


4.53% 

0 

1 Year 2 Years 3 Years 5 Years Since Inception Mutual Fund Units 0.19% 

BMIP - Growth 

Crisil MIP Blended Index 


Sovereign 

27.76% 

AAA 

27.38% 

23 








Equity 

AA 

12.94% 

12.55% 

19.37%

M a r c h 2 0 0 7 

Birla MIP II - Savings 5 Plan 



An open- ended fund. 

Monthly income is not 

assured and is 

subject to availability of 

distributable surplus 






payment or distribution to unit holders 

with the secondary objective being 

growth of capital. Monthly Income is 

not assured and is subject to 

availability of distributable surplus. 


May 22, 2004 

NAV: 

Rs. 



Portfolio 




GE Capital Services India Ltd. ** 99.81 16.17 AAA 




Indian Corp Loan Sec Trust 03Apr2008 ** 99.42 16.11 AA(So) 

Ind Retail ABS Trust Ser XIII A3PTC ** 62.57 10.14 MAAA(So) 

EQUITY 22.42 3.63 













Benchmark: 



0.33 Years 

Corpus: 




9 

8 

7 

6 

5 

6.15 

7.29 

8.35 

5.57 

5.36 

7.52 



32.99% 

37.14% 

4 

3 

2 


26.24% 

1 

0 

1 Year 2 Years Since Inception 

Equity 

3.63% 

Birla MIP II - Savings 5 - Growth 



AA 

37.07% 

24 








AAA 

Equity 

3.63% 

26.31% 

32.99%

M a r c h 2 0 0 7 

Birla MIP II - Wealth 25 Plan 



An open- ended fund. 

Monthly income is not 

assured and is 

subject to availability of 

distributable surplus 






payment or distribution to unit holders 

with the secondary objective being 

growth of capital. Monthly Income is 

not assured and is subject to 

availability of distributable surplus. 


May 22, 2004 

NAV: 

Rs. 





Exit Load: For redemption / switch 

out of units within 12 months from the 

date of allotment: 1% 

Benchmark: 



2.89 Years 





Housing Development Finance Corp. Ltd. ** 1250.01 10.40 AAA 

Mahindra & Mahindra Financial Serv. Ltd. **490.76 4.08 AA+ 

Great Eastern Shipping Company Ltd. ** 441.56 3.67 AAA 





EQUITY 2174.35 18.08 

ITC Ltd. 137.48 1.14 






ZF Steering Gear (India) Ltd. 114.62 0.95 



Aventis Pharma Ltd. 107.55 0.89 



Pfizer Ltd. 97.41 0.81 





Subros Ltd. 86.78 0.72 






## 


Portfolio 



Indian Retail ABS Trust Series 56 (A1X) ** 500.72 4.16 AAA(SO) 

Indian Corp Loan Sec Trust 03Apr2008 ** 198.83 1.65 AA(So) 


Birla Fixed Term Debt Fund Ser 3 -36 B 32.09 0.27 





## 




Corpus: 





12 

10 

8 

6 

7.17 7.29 

10.24 

8.35 

10.68 

7.52 




23.26% 

21.93% 

30.64% 

4 

Equity 

18.08% 

2 

0 

1 Year 2 Years Since Inception 

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


Mutual Fund Units 

0.27% 

5.82% 


# 


Birla MIP II Wealth 25 Plan 



Sovereign 


Equity 

AAA 

AA 

23.26% 

21.93% 

18.35% 

18.23% 

18.23% 

25 



been shown.



An open-end income scheme with the 

primary objective to generate regular 

income so as to make monthly and 

quarterly distributions to Unitholders 

and the secondary objective as growth 

of capital. Monthly income is not 

assured and is subject to availability of 

distributable surplus. 


July 14, 1999 

NAV: 

Rs. 



Quarterly Dividend 11.1508 




out of units within 12 months from the 

date of allotment: 1% 

Benchmark: 

M a r c h 2 0 0 7 


Birla Sun Life Monthly Income 

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









Ind Ret ABS Trust Ser 49(A4) 

18 MAY 2010 ** 1586.04 12.24 AAA(SO) 

India Infrastructure Developers Limited ** 287.43 2.22 AAA(SO) 

Goldstar Trust (CITI) ** 36.45 0.28 AAA(SO) 

Fleet Trust July 2004 A2 Series ** 12.23 0.09 AAA(SO) 

Fleet Trust April 2004 Series ** 3.96 0.03 AAA(SO) 

EQUITY 1763.87 13.61 




Nirma Ltd. 127.81 0.99 




Pritish Nandy Communications Ltd. 111.08 0.86 





ETC Networks Ltd. 83.48 0.64 


Trent Ltd. 49.35 0.38 



Subros Ltd. 25.33 0.20 


Magnasound India Ltd. ** 0.00 0.00 

Portfolio 








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



3.08 Years 

Corpus: 





Housing Development Finance Corp. Ltd. ** 251.62 1.94 AAA 



14 

12 

10 

8 

6 

4 

9.34 9.58 

8.35 

7.29 

7.89 

6.67 

10.99 

12.8 




Equity 

14.86% 

13.61% 

23.50% 

33.57% 

2 

0 


Birla Sunlife MIP - Growth 




2.32% 

12.15% 


Sovereign 

33.57% 


23.50% 

26 







AAA 

Equity 

AA 

19.12% 

13.61% 

10.20%

M a r c h 2 0 0 7 

Birla Income Plus 

Interest Rate Sensitivity: Medium 




the objective to generate consistent 

income through superior yields on its 

investments at moderate levels of risk 

through a diversified investment 

approach. 



NAV: 

Rs. 





Exit Load: 10 Lakhs: Nil 

Benchmark: 

CRISIL Composite Bond Fund Index 


4.56 Years 








Indian Railways Finance Corp. Ltd. ** 974.02 4.45 AAA 


Oriental Bank of Commerce ** 9.70 0.04 AA+ 


Housing Development 

Finance Corp. Ltd. ** 1457.54 6.65 AAA 

CitiFinancial Consumer 

Finance India Ltd. ** 975.28 4.45 AAA 

BHW Home Finance Ltd. ** 99.67 0.45 LAA+ 

IL&FS Investmart Ltd. ** 97.86 0.45 LAAA(So) 

Hindalco Industries Ltd. ** 97.09 0.44 AAA 

Reliance Industries Ltd. ** 84.90 0.39 AAA 

Portfolio 



Floating Rate Instruments 316.26 1.44 

Indian Retail ABS Trust SerXIII A3 316.26 1.44 MAAA(So) 


Ind Retail ABS Trust Ser XIII A3PTC ** 93.85 0.43 MAAA(So) 




Total Percentage of thinly/non traded securities is 28.46% 

Corpus: 




12 

10 

10.24 



28.33% 

41.76% 

8 

6 

4 

5.04 

4.27 

3.63 3.68 

2.892.81 

6.02 



15.19% 

12.84% 

2 

Floating Rate Instruments 

1.44% 

0 



0.43% 

BIP Growth 

Crisil Composite Bond Fund Index 


CRISIL~CPR 2 

Open End Debt Scheme^^ 


Sovereign 

AAA 


29.40% 

28.33% 

41.76% 


AA 

0.50% 

27 



shown.

Birla Sun Life Income Fund 

M a r c h 2 0 0 7 





the objective to generate income and 

capital appreciation by investing 100% 

of the corpus in a diversified portfolio 

of debt and money market securities. 



Portfolio 





Goldstar Trust (CITI) ** 145.81 4.44 AAA(SO) 

Fleet Trust April 2004 Series ** 1.59 0.05 AAA(SO) 


Housing Development Finance Corp. Ltd. **290.34 8.84 AAA 



NAV: 

Half Yearly Dividend 

Growth 

Quarterly Dividend 

54 EA Dividend 

54 EA Growth 

54 EB Dividend 

54 EB Growth 

Rs. 

10.8613 

25.7287 

10.3184 

11.3294 

25.7107 

11.3414 

25.5488 


Tata Power Company Ltd. 245.20 7.47 P1+ 


Govt Bond 8.33% CGL 07 JUNE 2036 202.40 6.16 Sovereign 


Housing Development Finance Corp. Ltd. 190.20 5.79 LAAA 








Benchmark: 



2.36 Years 

Corpus: 




12 

10 

9.91 


53.87% 

8 

6 

4 

2 

0 

7.57 

5.72 

3.63 3.68 

4.2 

2.81 

6.67 


Birla SunLife Income Fund - Growth 








9.35% 

8.84% 

8.51% 

7.47% 

6.16% 

5.79% 


CRISIL~CPR 1 

Open End Debt Scheme^^ 



AAA 

39.97% 

53.87% 


Sovereign 

6.16% 

28 



been shown.

M a r c h 2 0 0 7 

Birla Gilt Plus 

Interest Rate Sensitivity: 

Regular Plan/PF Plan - High, Liquid Plan - Low 



An Open-ended government 

securities scheme with the objective 

to generate income and capital 

appreciation through investments 

exclusively in Government Securities. 



NAV: 

Liquid Plan 


Growth 

Annual Dividend 

PF Plan 


Growth 


Regular Plan 


Growth 



Rs. 

Liquid Plan, Regular Plan & PF 

Plan-Quarterly / Annual Dividend: 

Entry Load: NIL; Exit Load: NIL 

PF Plan - Growth: 


Exit Load: 1.00% if redeemed / 

switched out within 365 days from 

date of allotment. 

Benchmark: 

Liquid Plan - I-Sec Si-BEX 

PF Plan - I-Sec Li-BEX 

Regular Plan - I-Sec Li-BEX 


Liquid Plan - 0.13 Years 

PF Plan - 4.18 Years 

Regular Plan - 5.39 Years 

Corpus: 

Liquid Plan - Rs. 19.16 Crores 

PF Plan - Rs. 74.33 Crores 

Regular Plan - Rs. 56.52 Crores 

10.7665 

18.1107 

12.0598 

10.5809 

20.6021 

20.6025 

11.1646 

23.2664 

23.3139 



Liquid Plan 

Treasury Bills 1582.46 82.57 

364 Day TBill 25 MAY 2007 983.40 51.31 Sovereign 

182 Day TBill 09 MAR 2007 599.06 31.26 Sovereign 



PF Plan 




8.33% CGL 07 JUNE 2036 177.10 2.38 Sovereign 



Regular Plan 

Portfolio 



8.33% CGL 07 JUNE 2036 632.50 11.19 Sovereign 




Treasury Bills 

Liquid Plan - Asset Allocation 

82.57% 

12 

10 

8 

6 

4 

2 

0 

14 

12 

10 

8 

6 

4 

2 

0 

9 

8 

7 

6 

5 

4 

3 

2 

1 

0 

6.65 6.81 


5.69 5.62 

5.44 

5.01 

6.13 



8.37 


5.49 

4.89 

5.25 

4.28 

BGPL Gr 

I-Sec Si-BEX 

3.33 

2.68 

7.17 

10.28 


7.04 

BGP PFP Gr 

5.49 5.42 5.25 

3.66 3.33 

I-Sec Li-BEX 

Past performance may or may not be sustained in future. Performance has been 

calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual 

Funds) Regulations 1996. Returns are in % and absolute returns for period less 

than 1 year & CAGR for period 1 year or more. When benchmark returns are not 

available, they have not been shown. 


Regular Plan - Asset Allocation 

8 

12.11 


Birla GPRP Gr 

I-Sec Li-BEX 

61.89% 


38.11% 


17.43% 


ICRA Mutual Fund Awards 

2007: GOLD 

Ranked MFR1 in Open Ended Gilt Schemes 

- Short Term (3 year) 

29 

(Past performance is no 

guarantee of future results.) 

# 


Birla Gilt Plus - Liquid Plan 



CRISIL~CPR 2 

Open End Long Term Gilt Scheme^^ 





PF Plan - Asset Allocation 

45.70% 

54.30%

Birla Sun Life Government Securities Fund 

M a r c h 2 0 0 7 


Interest Rate Sensitivity: 

Long Term Plan - High, Short Term Plan - Low 

Portfolio 


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. 



Long Term Plan 





Short Term Plan 





NAV: 

Rs. 

Long Term Plan: 



Short Term Plan: 






Benchmark: 

Long Term Plan - I-Sec Li-BEX 

Short Term Plan - I-Sec Si-BEX 


Long Term Plan - 0.01 Years 

Short Term Plan - 0.01 Years 

Corpus: 

Long Term Plan - Rs. 2.20 Crores 

Short Term Plan - Rs. 0.62 Crores 

Long Term Plan - NAV Performance 

12 

10 

9.73 

8 

7.21 

6 5.49 

4.91 

5.25 

4 

3.9 

3.33 

2.42 

2 

0 


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

Long Term Plan - Asset Allocation 

Short Term Plan - NAV Performance 

8 

7 

7.02 

6.81 

6.52 

6 

5.62 

5.1 

5.01 

5 

4.54 

4 

3.36 

3 

2 

1 

0 


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

Short Term Plan - Asset Allocation 


100.00% 


100.00% 

Long Term Plan - Rating Profile 

Short Term Plan - Rating Profile 


100.00% 


100.00% 

# 


Birla Sun Life GSF Short Term 



30 



shown.

Birla Dynamic Bond Fund 

M a r c h 2 0 0 7 





the objective to generate optimal 

returns with high liquidity through 

active management of the portfolio by 

investing in high quality debt and 

money market instruments. 


September 27, 2004 

NAV: 

Retail Dividend 

Retail Growth 




Benchmark: 


0.59 Years 

Corpus: 


Rs. 

10.1616 

11.3590 


Portfolio 




State Bank of Travancore 5892.33 23.12 A1+ 

ICICI Bank Ltd. 99.24 0.39 P1+ 


Housing Development Finance Corp. Ltd.** 2413.70 9.47 AAA 


Essel Propack Ltd. ** 1000.00 3.92 Unrated 





7 

6 

5 

4 

3 

2 

1 

0 

2.98 

1.64 


6.03 

5.56 

5.4 

3.63 3.68 3.66 

6 Months 1 Year 2 Years Since Inception 





AAA 

Unrated 


3.92% 

23.51% 

19.72% 


39.31% 

56.77% 

56.77% 



Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 

year & CAGR for period 1 year or more. 

Birla DBF - Retail - Growth 


Birla Bond Index Fund 



Portfolio 




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. 


May 9, 2003 





Oriental Bank of Commerce ** 9.70 13.52 AA+ 


Govt Bond 9.39% 2011 2.05 2.86Sovereign 





2.86% 


52.49% 

44.65% 

NAV: 

Dividend 

Growth 


Rs. 



Benchmark: 


1.41 Years 

Corpus: 


10.2707 

11.5799 





6 

5 

4 

3 

2 

1 

0 

4.99 


4.31 

3.63 3.68 

3 

2.81 

3.92 

3.56 


Birla Bond Index Fund - Growth 



AAA 

AA 

Sovereign 

2.86% 

13.52% 

44.65% 

38.97% 

31 



shown.

M a r c h 2 0 0 7 

Birla Bond Plus 

Interest Rate Sensitivity: Low to Medium 



An Open-ended short term income 


regular returns through investments in 

debt and money market securities. 


Retail Plan - November 27, 2001 

Institutional Plan - April 16, 2003 




Tata Sons Ltd. ** 2024.35 14.11 AAA 


Citicorp Finance India Ltd. ** 591.44 4.12 AAA 

CitiFinancial Consumer 

Finance India Ltd. ** 577.23 4.02 AAA 



UCO Bank 2841.40 19.81 P1+ 

Portfolio 

NAV: 

Retail Dividend 

Retail Growth 

Institutional Dividend 

Institutional Growth 

Rs. 

11.1905 

13.7744 

10.4246 

13.9050 


LIC Housing Finance Ltd. 1916.01 13.36 AAA 


Loan Sec Trust Sr XVI 

NTPC (ICICI Bank) ** 1377.73 9.60 AAA(SO) 

Loan Sec Trust SrXII NTPC (ICICI) ** 52.79 0.37 AAA(SO) 




out of units within 1 month from the 

date of allotment: 0.25% 

Benchmark: 

CRISIL Short-Term Bond Fund Index 








1.43 Years 

Corpus: 




8 

7 

6 

5 

4 

3 

6.8 

5.4 

5.99 

4.74 

5.58 

4.31 

6.16 6.28 





13.36% 

19.81% 

23.06% 

29.07% 

2 

1 

0 


BBP Retail Gr CRISIL Short-Term Bond Fund Index 



9.97% 

4.73% 


CRISIL~CPR 2 

Open End Debt Short Term Scheme^^ 


AAA 

70.79% 



23.06% 

AA 

6.14% 

AAAf by CRISIL* 


* for methodology please refer page 3 

32 



been shown.

M a r c h 2 0 0 7 

Birla Sun Life Short Term Fund 

Interest Rate Sensitivity: Low to Medium 



An Open-ended short term income 


income and capital appreciation by 

investing 100% of the corpus in a 

diversified portfolio of debt and money 

market securities with relatively low 

levels of interest rate risk. 


April 19, 2002 

Portfolio 



Treasury Bills 2896.83 74.93 

182 Day TBill 09 MAR 2007 1897.02 49.07 Sovereign 

91 DAY T-BILL 02 MAR 2007 999.81 25.86 Sovereign 


State Bank of Patiala 286.46 7.41 A1+ 

UCO Bank 284.14 7.35 P1+ 



NAV: 

Dividend 

Growth 

Rs. 

10.6068 

13.2630 


Total Percentage of thinly/non traded securities is NIL 




Benchmark: 



0.10 Years 

Corpus: 


8 

7 

6 

5 

4 

3 

7.38 

5.4 


6.05 

4.74 

5.55 

4.31 

5.98 

5.16 

Treasury Bills 



14.76% 

74.93% 

2 

1 


10.31% 

0 


Birla SunLife Short Term Fund - Growth 


# 


Birla Sun Life Short Term Fund 



Sovereign 

AAA 


14.76% 

74.93% 

CRISIL~CPR 1 

Open End Debt Short Term Scheme^^ 



10.31% 

33 




shown.

M a r c h 2 0 0 7 

Birla Floating Rate Fund 

Interest Rate Sensitivity: Low 





income through investment in a 

portfolio comprising substantially of 

floating rate debt / money market 

instruments. 


June 05, 2003 

NAV: 

Rs. 

Long Term: 

Dividend 

10.3719 

Growth 

12.2310 

Short Term: 

Weekly Dividend 10.3848 

Growth 

12.2474 

Daily Dividend 10.0015 

Institutional Plan- 

Daily Dividend 10.0086 

Institutional Plan-Growth 10.8979 

Institutional Plan- 

Weekly Dividend 

10.0177 



Long Term Plan 


Citicorp Finance India Ltd. 1000.68 16.43 AAA 

GE Capital Services India Ltd. 1000.00 16.42 AAA 

Industrial Development 

Bank of India Ltd 1000.00 16.42 AA+ 

Cholamandalam DBS Finance Ltd. 800.00 13.14 MAA+ 

Sundaram Finance Ltd. 800.00 13.14 LAA+ 



Portfolio 



Short Term Plan 


LIC Housing Finance Ltd. 4494.92 6.93 AAA 

Mahindra & Mahindra Financial Ser Ltd. 3500.73 5.39 AA+ 

Rabo India Finance Pvt. Ltd. 3000.14 4.62 AAA 

Kotak Mahindra Prime Ltd. 2500.00 3.85 P1+ 

ICICI Bank Ltd. 2401.41 3.70 AAA 

Industrial Development Bank of India Ltd 2021.85 3.12 AA+ 

Citicorp Finance India Ltd. 1500.00 2.31 AAA 

Infrastructure Development Fin. Co. Ltd. 1000.95 1.54 AAA 

UTI Bank Ltd. 999.90 1.54 LAA+ 

Nicholas Piramal India Ltd. 500.00 0.77 A1+ 

Sundaram Finance Ltd. 100.00 0.15 MAAA 

United Phosphorous Ltd. 100.00 0.15 AA 


Union Bank of India 1991.67 3.07 P1+ 


State Bank of Saurashtra 1480.45 2.28 P1+ 

Karnataka Bank Ltd. 1432.70 2.21 A1+ 

Aditya Birla Nuvo Ltd. 963.48 1.48 A1+ 


Load Structure: 

Long Term: 

Entry Load: Nil 


Short Term: 



7 

6 

5 

4 

3 

Long Term - NAV Performance 

6.34 6.19 

5.89 

5.46 5.59 5.54 

5.01 

4.84 


8 

7 

6 

5 

4 

3 

Short Term - NAV Performance 

6.85 

6.19 

6.17 

5.46 

5.74 5.57 

5.01 4.84 

Benchmark: 

Long Term - Crisil Liquid Fund Index 

Short Term - Crisil Liquid Fund Index 

2 

1 

0 


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

2 

1 

0 


Birla Floating Rate Fund - STP - Growth 

Crisil Liquid Fund Index 


Long Term - 0.02 Years 

Short Term - 0.12 Years 

Long Term Plan - Asset Allocation 

Short Term Plan - Asset Allocation 


53.90% 

Corpus: 

Long Term - Rs. 60.90 Crores 

Short Term - Rs. 648.90 Crores 



24.46% 

75.54% 

Floating Rate 

Instruments 

Money Market 

Instruments 

12.01% 

34.09% 

+ 

'mfAAA' by ICRA 



+ The grading has been assigned by ICRA and indicates highest 

quality. The investment quality is similar to that of fixed income 

obligations of highest safety and with maturity corresponding upto 1 

year. This grading should however, not be construed as an indication 

of the performance of the Mutual Fund scheme or of volatility in its 

returns. 

AA 

AAA 

32.85% 

42.69% 


AAA 

35.89% 

53.90% 


24.46% 

AA 

10.21% 

34 



been shown.

M a r c h 2 0 0 7 

Birla Cash Plus 




An Open-ended liquid scheme with 

the objective to provide reasonable 

returns at a high level of safety and 

liquidity through judicious investments 

in high quality debt and money market 

instruments. 


June 16,1997 

NAV: 

35 

Rs. 

Retail Dividend 16.3694 

Retail Growth 20.0156 

Institutional Dividend 10.8023 

Institutional Plan - 

Weekly Dividend Option 10.8180 

Institutional Plan - 

Fortnightly Dividend Option 10.8323 

Institutional Growth 20.1555 

Institutional Premium Plan - 



Weekly Div. Option 10.0333 


Fortnightly Dividend Option 10.0693 


Monthly Dividend 10.0000 






Benchmark: 



0.21 Years 

Corpus: 


+ 

'mfA1+' by ICRA 

CRISIL~CPR 2 

Open End Liquid Scheme^^ 



# 


Birla Cash Plus - Retail Plan 



# 


Birla Cash Plus - Institutional Premium Plan 





Money Market Instruments 431,963.73 51.92 

ICICI Bank Ltd. 46,702.43 5.61 A1+ 

Hongkong & Shanghai Banking Corp. Ltd. 34,408.82 4.14 F1+ 

Tata Power Company Ltd. 31,591.95 3.80 P1+ 

Union Bank of India 25,098.76 3.02 P1+ 

Export-Import Bank of India 23,539.39 2.83 P1+ 

The Jammu and Kashmir Bank Ltd. 20,855.33 2.51 P1+ 

UCO Bank Ltd. 20,166.03 2.42 P1+ 

State Bank of Hyderabad 19,607.48 2.36 A1+ 

State Bank of Patiala 19,382.35 2.33 A1+ 

Industrial Development Bank of India Ltd 17,217.14 2.07 P1+ 

ABN Amro Bank 16,904.28 2.03 P1+ 

ICICI Bank Ltd. 14,588.14 1.75 P1+ 

Karnataka Bank Ltd. 12,416.71 1.49 A1+ 

Aditya Birla Nuvo Ltd. 10,233.34 1.23 A1+ 

ESSEL MINING LTD 9,647.42 1.16 A1+ 

Federal Bank Ltd. 8,283.28 1.00 P1+ 

Apollo Tyres Ltd. 7,484.32 0.90 P1+ 

TML Financial Services Ltd. 7,466.85 0.90 P1+ 

DSP Merrill Lynch Capital. 7,461.66 0.90 P1+ 

IndusInd Bank Ltd. 7,074.60 0.85 P1+ 

Allahabad Bank 5,762.80 0.69 PR1+ 

Infrastructure Development Finance Co. 5,481.45 0.66 P1+ 

Tata Motors Ltd. 4,992.53 0.60 P1+ 

HCL Infosystems Ltd. 4,983.12 0.60 A1+ 

UTI Bank Ltd. 4,389.42 0.53 P1+ 

State Bank of Saurashtra 3,454.38 0.42 P1+ 

State Bank of Saurashtra 3,421.34 0.41 A1+ 

State Bank Of Bikaner And Jaipur 3,296.48 0.40 P1+ 

Cholamandalam Investments & Finance Ltd. 2,492.78 0.30 P1+ 

Ballarpur Industries Ltd. 2,488.98 0.30 F1+ 

Sundaram Finance Ltd. 2,482.11 0.30 A1+ 

SBI Cards Payments Services Ltd. 2,464.18 0.30 P1+ 

Infrastructure Development Finance Co. 2,451.43 0.29 A1+ 

American Express Bank 2,444.26 0.29 A1+ 

Kotak Mahindra Bank Ltd. 2,416.33 0.29 P1+ 

Allahabad Bank 2,397.10 0.29 P1+ 

Bharat Overseas Bank 2,104.60 0.25 A1+ 

Jagran Prakashan Ltd. 1,997.52 0.24 P1+ 

Dalmia Cement (Bharat) Ltd. 1,994.23 0.24 A1+ 

Indian Bank 1,490.36 0.18 F1+ 

State Bank of Indore 1,478.38 0.18 P1+ 

NRB Bearing Ltd. 1,414.54 0.17 P1+ 

Supreme Industries Ltd. 999.78 0.12 P1 

CMC Ltd. 998.54 0.12 A1+ 

Century Enka Ltd. 997.50 0.12 P1+ 

DIC India Ltd. 993.62 0.12 P1+ 

Rabo India Finance Private Ltd. 952.42 0.11 P1+ 

Alembic Ltd. 496.69 0.06 P1+ 

Bank of Nova Scotia 496.58 0.06 P1+ 

Floating Rate Instruments 177,228.88 21.30 

Housing Development Finance Corp. Ltd. 19,986.47 2.40 LAAA 

Nicholas Piramal India Ltd. 13,300.00 1.60 A1+ 

Citicorp Finance India Ltd. 10,301.70 1.24 AAA 

ICICI Securities Ltd. 10,000.00 1.20 P1+ 

IL&FS Investmart Limited 10,000.00 1.20 F1+ 

Raymond Ltd. 8,900.00 1.07 PR1+ 

Rabo India Finance Private Ltd. 7,500.00 0.90 P1+ 

Industrial Development Bank of India Ltd 6,509.42 0.78 AA+ 

Nirma Ltd. 5,500.00 0.66 P1+ 

LIC Housing Finance Ltd. 5,128.22 0.62 AAA 

Sundaram Finance Ltd. 5,000.00 0.60 P1+ 

Balrampur Chini Mills Ltd. 5,000.00 0.60 A1+ 

DCM Shriram Consolidated Ltd. 5,000.00 0.60 A1+ 

Tube Investments of India Ltd. 5,000.00 0.60 P1+ 

CitiFinancial Consumer Finance India Ltd 4,899.96 0.59 AAA 

Indian Railway Finance Corporation Ltd. 4,630.75 0.56 AAA 

E.I.D. Parry (India) Ltd. 4,500.00 0.54 P1+ 

Sterlite Industries (India) Ltd. 3,200.00 0.38 P1+ 

UTI Bank Ltd. 2,999.21 0.36 LAA+ 

GE Capital Services India Ltd. 3,000.10 0.36 AAA 

Power Finance Corp. Ltd. 2,788.05 0.34 AAA 

Madras Cements Ltd. 2,500.00 0.30 A1+ 

Mahindra & Mahindra Financial Ser. Ltd. 2,500.00 0.30 P1+ 

Hindustan Construction Company Ltd. 2,500.00 0.30 PR1+ 

8 

7 

6 

5 

4 3.59 

3.05 

3 

2 

1 


6.82 

6.19 6.11 

5.46 5.57 5.7 

5.01 

7.41 

0 

6 Months 1 Year 2 Years 3 Years 5 Years Since Inception 

BCP Retail Gr 



ICRA Mutual Fund Awards 2007: GOLD 

Ranked MFR1 in Open Ended liquid Schemes - 

Institutional Plan (3 years) 


Portfolio 



Motherson Sumi Systems Ltd. 2,500.00 0.30 A1+ 

United Phosphorus Ltd. 2,410.45 0.29 AA 

ICICI Bank Ltd. 2,100.00 0.25 AAA 

Hero Honda Finlease Ltd. 2,000.00 0.24 P1+ 

Jubilant Organosys Ltd. 2,000.00 0.24 F1+ 

Finolex Cables Ltd. 2,000.00 0.24 P1+ 

Industrial Development Bank of India Ltd 1,540.15 0.19 

CARE AA+ 

ICICI Bank Ltd. 1,502.11 0.18 CARE AAA 

Cholamandalam Investments & Finance Ltd. 1,500.07 0.18 LAA 

Cholamandalam Investments & Finance Ltd. 1,500.00 0.18 LAA(SO) 

IndiaRetail ABS Tr44 1,228.02 0.15 AAA(SO) 

Infrastructure Development Finance Co. 1,000.95 0.12 AAA 

Berger Paints India Ltd 1,000.00 0.12 P1+ 

Blue Star Ltd. 1,000.00 0.12 PR1+ 

Housing Development Finance Corp. Ltd. 500.00 0.06 AAA 

Union Bank of India 500.00 0.06 AA+ 

ICICI Securities Ltd. 500.00 0.06 AAA 

Float Ind Retail ABSTrust Ser XIII A3PTC 474.39 0.06 MAAA 

Secured Loan Rec.Sec.Trust Sr3 (ICICI) 467.64 0.06 LAAA 

Sundaram Finance Ltd. 400.00 0.05 MAAA 

IGEG Loan Trust Series I (GLENMAK PHARM) 200.69 0.02 A1+(SO) 

Cholamandalam Investments & Finance Ltd. 200.00 0.02 MAA+ 

Fleet Trust Jan 2004 Series A5 60.52 0.01 AAA(SO) 

Corporate Debt 45,224.58 5.44 

Global Trade Finance Pvt. Ltd. ** 10,000.00 1.20 P1+ 

Cholamandalam DBS Finance Ltd ** 5,000.00 0.60 P1+ 

Chambal Fertilizers & Chemicals Ltd. ** 5,000.00 0.60 P1+ 

Essel Propack Ltd. ** 3,700.00 0.44 P1+ 

Berger Paints India Ltd ** 3,000.00 0.36 P1+ 

Ballarpur Industries Ltd. ** 2,500.00 0.30 F1+ 

Kirloskar Oil Engines Ltd. ** 2,500.00 0.30 P1+ 

Bajaj Hindusthan Ltd. ** 2,500.00 0.30 F1+ 

Blue Star Ltd. ** 1,500.00 0.18 PR1+ 

Tata Sons Ltd. ** 1,470.54 0.18 AAA 

Hindalco Industries Ltd. ** 1,432.05 0.17 AAA 

Ranbaxy Holding Company. ** 1,200.00 0.14 UNRATED 

Motherson Sumi Systems Ltd. ** 1,000.00 0.12 A1+ 

CitiFinancial Consumer Finance India Ltd** 976.79 0.12 AAA 

Hindalco Industries Ltd. ** 848.59 0.10 AAA 


Mahindra & Mahindra Financial Ser. Ltd. ** 796.89 0.10 AA+ 

Tata Steel Ltd. ** 486.87 0.06 AAA 

Canbank Factors Ltd. ** 400.00 0.05 P1+ 



Securitised Debt 18,825.17 2.26 

Credit Asset Trust-V Hutch (27-Sep-2007)** 5,018.63 0.60 F1+(SO) 

Ind Ret ABS Tr Sr.(A1) -24 AUG 2007 ** 4,379.25 0.53 LAAA(SO) 

Credit AssetTrust III (Hutchison Essar) ** 2,512.60 0.30 F1+(SO) 

GPL Loan Trust Series I (GLENMAK PHARM) ** 2,336.97 0.28 F1+(SO) 

LTR II (CITICORP) GUJ A 15 APR 2007 ** 1,111.14 0.13 AAA(SO) 

BHPC Auto SecTrust Ser A1 TELCO 15Jun04 ** 690.46 0.08 AAA(SO) 

Indian Retail ABS Trust 60 Sr-A1(ICICI) ** 617.59 0.07 A1+(SO) 

BHPC Auto Securitisation Trust Sept A2 ** 591.86 0.07 LAAA(SO) 

Indian Retail ABS Trust (ICICI) ** 469.27 0.06 MAAA(SO) 

BHPC Auto SecTrust Ser A1 TELCO 15Jun04 ** 359.74 0.04 AAA(SO) 

GoldStar Trust July 2004 Series A2 PTC ** 241.68 0.03 AAA(SO) 

Indian Retail ABS Trust Series XXV - A2 ** 174.10 0.02 AAA(SO) 

Indian Retail ABS Trust Sr-49(A3)18Apr07** 160.67 0.02 AAA(SO) 

Loan Sec Trust NTPC ICICI - 07 Feb 2009 ** 131.97 0.02 AAA(SO) 


Secured Loan Rec.Sec.Trust Sr3 (ICICI) ** 10.09 0.00 AAA(SO) 

PSU/PFI Bonds/Banks 1,145.50 0.14 

National Bank for Agri. & Rural Devt. ** 995.39 0.12 AAA 

Industrial Development Bank of India Ltd. ** 100.14 0.01 AA+ 

Indian Railways Finance Corporation Ltd. ** 49.97 0.01 AAA 

Cash & Current Assets 157,648.70 18.95 

Total Net Asset 832,036.57 100.00 











+ 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. 

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 

1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown. 

+ 

The grading has been assigned by ICRA and indicates highest quality. The investment quality is similar to that of fixed income obligations of highest safety and with maturity 

corresponding upto 1 year. This grading should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns. 

AAA 


AA 

Unrated 

2.39% 

0.14% 

2.26% 

0.14% 

5.44% 

18.95% 

21.30% 

18.95% 

51.92% 

78.52%

M a r c h 2 0 0 7 

Birla Sun Life Cash Manager 




An Open-ended liquid scheme with 

the objective to provide current 

income which is consistent with a 

portfolio that offers investors superior 

liquidity by investing 100% in a 

diversified portfolio of debt (Fixed 

Income) and money market securities. 


May 14, 1998 

NAV: 

Rs. 

Institutional Daily Dividend 10.0020 

Retail Growth 

18.2795 

Institutional Growth 12.4180 

Retail Weekly Dividend 10.0022 

Institutional Weekly Dividend 10.0022 

Portfolio 




UTI Bank Ltd. 7965.68 18.73 P1+ 

Sundaram Finance Ltd. 2493.41 5.86 P1+ 

IndusInd Bank Ltd. 2491.06 5.86 P1+ 

Bank Of Nova Scotia 2482.91 5.84 P1+ 

Sundaram Finance Ltd. 2482.11 5.84 A1+ 

ABN Amro Bank 1993.55 4.69 A1+ 

ICICI Bank Ltd. 1464.90 3.45 A1+ 


Union Bank of India 995.83 2.34 P1+ 

American Express Bank 992.96 2.34 P1+ 

Kotak Mahindra Prime Ltd. 978.39 2.30 P1+ 






Benchmark: 



0.07 Years 

Corpus: 




8 

7 

6 

5 

6.76 

6.19 

6.04 

5.46 

5.56 

5.01 

5.76 

7.09 


60.64% 

4 

3 

2 

3.67 

3.05 


39.36% 

1 

0 

6 Months 1 Year 2 Years 3 Years 5 Years Since Inception 

Birla SunLife Cash Manager - Growth 


AAAf by CRISIL* 



^ # for methodology please refer page 3 

AAA 

60.64% 

# 


Birla Sun Life Cash Manager - 

Institutional Plan 




39.36% 

36 


Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more.

M a r c h 2 0 0 7 

Birla Asset Allocation Fund 



An Open-ended Fund of Funds 

scheme with the objective to provide 

income and capital appreciation along 

with diversification by investing in a 

basket of debt and equity Mutual Fund 

schemes in line with the risk profile of 

the investor. 





AGGRESSIVE PLAN 


Birla Sunlife Equity Fund. 211.70 26.74 

Birla Midcap Fund. 199.30 25.18 

Birla Sun Life New Millennium Fund. 153.64 19.41 

Birla Dynamic Bond Fund. 86.56 10.93 

Birla Sunlife Cash Manager-Retail Growth. 54.23 6.85 

Birla Sunlife Short Term Fund - Growth. 39.89 5.04 

Birla Gilt Plus Inv. 10.20 1.29 


Portfolio 

40 

35 

30 

25 

20 

15 

10 

5 

0 


33.44 

27.86 

26.31 

27.6 27.03 

25.41 

21.81 

18.86 


Birla AAF - Aggressive Plan - Growth S&P Nifty 

NAV: 

Aggressive Plan 

Dividend 

Growth 

Conservative Plan 

Dividend 

Growth 

Moderate Plan 

Dividend 

Growth 


Entry Load: 

Aggressive Plan: 1.50% 

Moderate Plan: 1.00% 

Conservative Plan: 0.50% 


Rs. 

19.7842 

19.7842 

14.0323 

14.0323 

17.2771 

17.2771 


MODERATE PLAN 


Birla Midcap Fund. 124.98 26.40 

Birla Dynamic Bond Fund. 122.37 25.84 



Birla Sunlife Short Term Fund - Growth. 40.97 8.65 

Birla Sunlife Cash Manager-Retail Growth. 32.93 6.95 



25 

20 

15 

10 

5 

0 


22.67 

21.53 

20.69 

19.89 

17.67 

18.19 17.86 

15.91 


Birla AAF - Moderate Plan - Growth Crisil Balanced Fund Index 

Benchmark: 

Aggressive Plan - S&P CNX Nifty 

Moderate Plan - 

Crisil Balanced Fund Index 

Conservative Plan - 


CONSERVATIVE PLAN 


Birla Sunlife Short Term Fund - Growth 351.84 55.29 

Birla Sun Life Income Fund - Growth 88.84 13.96 

Birla Midcap Fund 63.68 10.01 


Birla Dynamic Bond Fund 27.22 4.28 


14 

12 

10 

8 

6 

4 


12.54 

11.92 11.9 

10.76 

8.35 

7.29 

6.67 6.61 

Corpus: 

Aggressive Plan - Rs. 7.91 Crores 

Moderate Plan - Rs. 4.73 Crores 

Conservative Plan - Rs. 6.36 Crores 



Aggressive Plan - Asset Allocation 

2 

0 


Birla AAF - Conservative Plan - Growth 


Conservative Plan - Asset Allocation 


95.44% 


93.21% 


4.56% 


6.79% 

# 


Birla Asset Allocation Fund- 

Aggressive, Conservative & Moderate Plans 



Moderate Plan - Asset Allocation 

93.67% 


37 



Funds) Regulations 1996. Returns are in % and absolute returns for period less than 

1 year & CAGR for period 1 year or more. When benchmark returns are not available, 

they have not been shown. 


6.33%

M a r c h 2 0 0 7 

India Advantage Fund Ltd. 

(For Non-Resident Indians and Eligible Foreign Nationals) 




the objective of long-term appreciation 

through investment primarily in equity 

related securities of companies in India 

that are run by efficient management, 

have a sustainable and robust business 

model and are available at reasonable 

valuations. 


August 8, 1996 

NAV: 

$ per Class C Share : 163.56 

Conversion Rate: 

1USD = INR 44.31 

Benchmark: 

BSE Sensex and MSCI (India) 

AUM: 

USD 151.17 Million 

Bloomberg Ticker Code: 

INDADVC MP 

Portfolio 

Issuer Sector Market Value % to Net 

(US Dollars) Assets 

Bharti Airtel Ltd Telecom-Services 13,544,487.70 9.18% 

Bharat Heavy Electricals Ltd. Industrial Capital Goods 8,589,197.89 5.82% 

ICICI Bank Ltd. Banks 7,996,847.62 5.42% 

ITC Ltd. Consumer Non Durables 7,916,711.80 5.37% 

Tata Motors Ltd. Auto 6,616,955.54 4.49% 

United Phosphorus Ltd. Pesticides 6,243,912.80 4.23% 

Reliance Industries Ltd. Petroleum Products 5,869,627.62 3.98% 

Hindustan Petroleum Corporation Ltd. Petroleum Products 5,130,116.85 3.48% 

Associated Cement Companies Ltd. Construction Materials 4,454,567.03 3.02% 

Infosys Technologies Ltd. Software 4,168,566.90 2.83% 

Subex Systems Ltd. Software 4,133,162.04 2.80% 

Indian Hotels Co Ltd. Hotels 3,823,434.86 2.59% 

Mcdowell & Company Limited Consumer Non Durables 3,707,502.98 2.51% 

Bharat Electronics Ltd. Industrial Capital Goods 3,642,457.47 2.47% 

Wockhardt Ltd Pharmaceuticals 3,602,742.04 2.44% 

Maharashtra Seamless Ltd Steel 3,449,818.09 2.34% 

Hindustan Lever Ltd. Consumer Non Durables 3,435,227.13 2.33% 

Nagarjuna Construction Co. Ltd. Construction & Engineering 3,299,295.76 2.24% 

Indraprastha Gas Oil & Gas 3,152,811.71 2.14% 

Fag Bearings India Ltd. Bearings 2,989,121.95 2.03% 

Housing Development Finance Corporation Ltd. Finance 2,965,837.28 2.01% 

Punjab National Bank Banks 2,958,547.73 2.01% 

Grasim Industries Ltd. Cement 2,896,204.02 1.96% 

State Bank Of India Banks 2,789,452.89 1.89% 

Indian Overseas Bank Banks 2,779,959.38 1.88% 

Glaxo Smithkline Pharma Ltd. Pharmaceuticals 2,757,728.24 1.87% 

Tata Consultancy Services Ltd Software 2,655,304.67 1.80% 

Oil & Natural Gas Corporation Ltd. Oil 2,474,358.54 1.68% 

Satyam Computers Services Ltd. Software 2,153,769.47 1.46% 

Larsen & Toubro Ltd. Construction & Engineering 2,114,928.91 1.43% 

Sobha Developers Ltd Construction 1,122,943.06 0.76% 

Engineers (India) Ltd. Industrial Capital Goods 1,044,310.66 0.71% 

Pfizer India Ltd. Pharmaceuticals 735,633.59 0.50% 

Total Equity Holdings 135,215,544.23 91.67% 

CALL & CALL EQUIVALENTS : 

Cash and Cash Equivalent 12,115,022.93 8.21% 

CORPORATE DEBT : 

Trent Ltd 170,629.04 0.12% 

TOTAL 147,501,196.20 100.00% 

OTHER NET ASSETS (SUB FUND) 3,055,111.64 

OTHER NET ASSETS (MAIN FUND) 616,225.75 

NET ASSETS 151,172,533.59 


@@ 

2004 

Birla Sun Life AMC (Mauritius) Limited 

India Advantage Fund 

awarded 1st Place in the Standard & Poor's Five Years 

Offshore Funds Equity India Sector out of 11 funds 

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 

44.31 

Banks 





Cash and Cash Equivalent 


Construction Materials 


Auto 

Construction & Engineering 

Pesticides 

Oil & Gas 

Hotels 

Steel 

Bearings 

Finance 

Trent Ltd - Warrants 

0.12% 

4.98% 

4.81% 

4.49% 

4.44% 

4.23% 

3.81% 

2.59% 

2.34% 

2.03% 

2.01% 

11.20% 

10.21% 

9.18% 

9.00% 

8.89% 

8.21% 

7.46% 

38 

2004 

(Past performance is no guarantee 

of future results.) 

@@ for methodology please refer page 3 

3rd consecutive award since 2002. 

70 

60 

50 

40 

30 

20 

10 

0 

16.77 

24.76 26.59 

NAV Performance CAGR Returns (%) 

47.15 

36.06 

31.67 31.71 29.43 30.29 

India Advantage Fund Ltd. 

Sensex 

MSCI 

30.93 30.39 

13.48 13.80 

1 Year 3 Years 5 Years 10 Years Inception 

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.

M a r c h 2 0 0 7 

Dividend History 

(For select Schemes) 

EQUITY SCHEMES Declared Dividend 

# 

Dividend Face value Cum Dividend NAV 

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

Birla Advantage Fund 



Birla India Opportunities Fund 

Birla MNC Fund 


Birla Dividend Yield Plus 

Birla Index Fund 

Birla Balance 

Birla Sun Life New Millennium Fund 


Birla Sun Life Basic Industries 

Fund - Dividend 

Birla Sun Life Buy India Fund - 

Dividend 

Birla Sun Life '95 Fund - Dividend 

Birla Sun Life Tax Relief 96 

27-Aug-99 20 2.00 10.00 33.81 

22-Mar-00 80 8.00 10.00 70.37 

28-Nov-03 30 3.00 10.00 44.88 

23-Jan-04 20 2.00 10.00 47.33 

12-Mar-04 25 2.50 10.00 46.10 

23-Mar-05 50 5.00 10.00 54.25 

16-Dec-05 50 5.00 10.00 65.89 

31-Mar-00 25 2.50 10.00 30.43 

15-Feb-02 10 1.00 10.00 12.45 

17-Oct-03 15 1.50 10.00 24.89 

26-Mar-04 15 1.50 10.00 26.90 

21-Oct-05 40 4.00 10.00 42.10 

16-Dec-05 40 4.00 10.00 46.50 

17-Feb-06 40 4.00 10.00 44.54 

10-Feb-06 50 5.00 10.00 58.94 

04-Feb-00 25 2.50 10.00 28.97 

14-Jan-03 10 1.00 10.00 12.16 

27-Feb-04 60 6.00 10.00 18.69 

26-Oct-04 12.5 1.25 10.00 14.17 

16-Sep-05 40 4.00 10.00 14.90 

22-Feb-02 40 4.00 10.00 27.16 

29-Aug-03 50 5.00 10.00 30.58 

18-Jan-05 50 5.00 10.00 42.80 

26-Aug-05 75 7.50 10.00 41.05 

24-Jan-03 5 0.50 10.00 10.52 

19-Jun-03 10 1.00 10.00 11.83 

22-Jul-03 10 1.00 10.00 11.81 

24-Dec-03 60 6.00 10.00 18.35 

8-Oct-04 12.5 1.25 10.00 13.72 

28-Jan-05 10 1.00 10.00 14.75 

3-Feb-06 20 2.00 10.00 22.59 

22-Dec-06 35 3.50 10.00 25.94 

30-May-03 8 0.80 10.00 11.84 

13-Jun-03 5 0.50 10.00 10.88 

24-Jul-03 12 1.20 10.00 11.62 

19-Sept-03 18 1.80 10.00 12.09 

31-Oct-03 10 1.00 10.00 11.87 

26-Dec-03 15 1.50 10.00 13.93 

13-Feb-04 10 1.00 10.00 12.58 

28-Sep-04 8 0.80 10.00 11.57 

24-Dec-04 14 1.40 10.00 13.75 

11-Mar-05 10 1.00 10.00 12.85 

1-July-05 8 0.80 10.00 11.26 

28-Oct-05 8 0.80 10.00 11.94 

13-Jan-06 16 1.60 10.00 11.89 

27-April-06 10 1.00 10.00 13.07 

10- Oct-06 8 0.8 10.00 11.67 

17-Oct-03 56 5.60 10.00 16.19 

03-Feb-04 16.5 1.65 10.00 11.9857 

17-Oct-03 15 1.50 10.00 13.32 

20-Jan-06 50 5.00 10.00 15.13 

27-Jan-06 20 2.00 10.00 11.67 

27-Feb-06 80 8.00 10.00 20.88 

28-Aug-06 60 6.00 10.00 23.56 

24-Mar-06 100 10.00 10.00 35.08 

19-Jan-07 105 10.50 10.00 39.60 

28-Mar-06 75 7.50 10.00 17.5400 

10-Mar-06 25 2.50 10.00 68.5300 

27-Apr-06 500 50.00 10.00 224.51 

8-Dec-06 250 25.00 10.00 193.94 

19-Jan-07 260 26.00 10.00 176.54 

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


# 

Dividend distribution is not assured and is subject to availability of distributable surplus. After payment of dividend the NAV will fall to the extent of payout. 

39

M a r c h 2 0 0 7 


(For select Schemes) - Since January 2006 

DEBT SCHEMES Date Face Value Non Corporate Corporate Cum Dividend 

Dividend 

# 

Dividend Dividend 

# 

Dividend NAV 

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

Birla Income Plus 

Birla Bond Index Fund 

Birla Gilt Plus Liquid Plan 

Birla Gilt Plus PF Plan 

Birla Gilt Plus Regular Plan 

Birla MIP (Monthly Dividend Plan) 

Birla MIP II - Savings 5 Plan 

Birla MIP II - Wealth 25 Plan 

16-Mar-06 10.00 0.888 0.0888 0.827 0.0827 10.0856 

26-June-06 10.00 1.228 0.1228 1.143 0.1143 10.2443 

15-Sep-06 10.00 1.081 0.1081 1.007 0.1007 10.2751 

15-Dec-06 10.00 1.537 0.1537 1.431 0.1431 10.3281 

16-Mar-06 10.00 0.899 0.0899 0.837 0.0837 10.1648 

26-June-06 10.00 0.965 0.0965 0.898 0.0898 10.3305 

15-Sep-06 10.00 1.093 0.1093 1.018 0.1018 10.3741 

15-Dec-06 10.00 1.552 0.1552 1.446 0.1446 10.2120 

16-Mar-06 10.00 1.158 0.1158 1.078 0.1078 10.5739 

26-June-06 10.00 1.294 0.1294 1.205 0.1205 10.7361 

15-Sep-06 10.00 1.082 0.1082 1.008 0.1008 10.7193 

15-Dec-06 10.00 1.719 0.1719 1.601 0.1601 10.8382 

16-Mar-06 10.00 1.403 0.1403 0.1307 1.307 10.6278 

26-June-06 10.00 1.403 0.1403 0.1307 1.307 10.6278 

15-Sep-06 10.00 1.228 0.1228 1.143 0.1143 10.6422 

15-Dec-06 10.00 1.59 0.159 1.481 0.1481 10.836 

16-Mar-06 10.00 1.339 0.1339 1.247 0.1247 10.9616 

26-June-06 10.00 1.478 0.1478 1.376 0.1376 11.0499 

15-Sep-06 10.00 1.377 0.1377 1.282 0.1282 11.0538 

15-Dec-06 10.00 1.886 0.1886 1.756 0.1756 11.1872 

27-Jan-06 10.00 0.614 0.0614 0.572 0.0572 10.8662 

24-Feb-06 10.00 0.614 0.0614 0.572 0.0572 10.8371 

31-Mar-06 10.00 0.614 0.0614 0.572 0.0572 11.0024 

28-April-06 10.00 0.496 0.0496 0.462 0.0462 11.0372 

26-May-06 10.00 0.481 0.0481 0.448 0.0448 10.9033 

26-June-06 10.00 0.481 0.0481 0.448 0.0448 10.7585 

28-July-06 10.00 0.377 0.0377 0.351 0.0351 10.7792 

25-Aug-06 10.00 0.488 0.0488 0.454 0.0454 10.935 

29-Sep-06 10.00 0.640 0.0640 0.596 0.0596 11.1323 

27-Oct-06 10.00 0.521 0.0521 0.485 0.0485 11.1878 

24-Nov-06 10.00 0.581 0.0581 0.541 0.0541 11.2636 

29-Dec-06 10.00 0.73 0.073 0.68 0.068 11.1921 

29-Jan-07 10.00 0.641 0.0641 0.597 0.0597 11.0777 

23-Feb-07 10.00 0.578 0.0578 0.538 0.0538 10.9987 

27-Jan-06 10.00 0.526 0.0526 0.490 0.0490 10.1399 

24-Feb-06 10.00 0.526 0.0526 0.490 0.0490 10.1072 

31-Mar-06 10.00 0.526 0.0526 0.490 0.0490 10.0888 

28-April-06 10.00 0.419 0.0419 0.390 0.0390 10.1356 

26-May-06 10.00 0.419 0.0419 0.390 0.0390 10.1350 

26-June-06 10.00 0.339 0.0339 0.316 0.0316 10.085 

28-July-06 10.00 0.339 0.0339 0.316 0.0316 10.1061 

25-Aug-06 10.00 0.372 0.0372 0.346 0.0346 10.1425 

29-Sep-06 10.00 0.552 0.0552 0.514 0.0514 10.2278 

27-Oct-06 10.00 0.444 0.0444 0.413 0.0413 10.2128 

24-Nov-06 10.00 0.461 0.0461 0.430 0.0430 10.2242 

29-Dec-06 10.00 0.577 0.0577 0.537 0.0537 10.2121 

29-Jan-07 10.00 0.510 0.051 0.475 0.0475 10.1447 

23-Feb-07 10.00 0.460 0.0460 0.429 0.0429 10.1587 

27-Jan-06 10.00 0.702 0.0702 0.653 0.0653 10.9708 

24-Feb-06 10.00 0.702 0.0702 0.653 0.0653 10.9741 

31-Mar-06 10.00 0.702 0.0702 0.653 0.0653 11.2366 

28-April-06 10.00 0.571 0.0571 0.532 0.0532 11.2454 

26-May-06 10.00 0.551 0.0551 0.513 0.0513 11.0445 

26-June-06 10.00 0.551 0.0551 0.513 0.0513 10.8607 

28-July-06 10.00 0.430 0.0430 0.04 0.004 10.8327 

25-Aug-06 10.00 0.508 0.0508 0.473 0.0473 11.0255 

29-Sep-06 10.00 0.692 0.0692 0.644 0.0644 11.2204 

27-Oct-06 10.00 

0.562 0.0562 0.524 0.0524 11.3081 

24-Nov-06 10.00 

0.605 0.0605 0.564 0.0564 11.4327 

29-Dec-06 10.00 0.765 0.0765 0.712 0.0712 11.3444 

29-Jan-07 10.00 0.671 0.0671 0.625 0.0625 11.2919 

23-Feb-07 10.00 0.604 0.0604 0.563 0.0563 11.0966 

40

M a r c h 2 0 0 7 


(For select Schemes) - Since January 2006 

DEBT SCHEMES Date Face Value Non Corporate Corporate Cum Dividend 

Dividend 

# 

Dividend Dividend 

# 

Dividend NAV 

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

Birla Sun Life Monthly Income - 

Monthly Dividend 

Birla Sun Life Monthly Income - 


Birla Sun Life Income Fund 


Birla Sun Life Income Fund - 

Half Yearly Dividend 

Birla Sun Life Govt. Securities - 

Long Term Dividend 

Birla Sun Life Govt. Securities - 

Short Term Dividend 

Birla Dynamic Bond Fund - Retail - 


- 

2-Jan-06 10.00 0.789 0.0789 0.735 0.0735 10.4630 

31-Jan-06 10.00 0.789 0.0789 0.735 0.0735 10.4643 

28-Feb-06 10.00 0.702 0.0702 0.653 0.0653 10.5357 

31-Mar-06 10.00 0.702 0.0702 0.653 0.0653 10.6836 

28-April-06 10.00 0.641 0.0641 0.597 0.0597 11.0372 

31-May-06 10.00 0.759 0.0759 0.706 0.0706 10.6100 

30-June-06 10.00 0.614 0.0614 0.572 0.0572 10.4457 

28-July-06 10.00 0.506 0.0506 0.471 0.0471 10.3995 

31-Aug-06 10.00 0.588 0.0558 0.519 0.0519 10.4883 

29-Sep-06 10.00 0.586 0.0586 0.546 0.0546 10.7469 

31-Oct-06 10.00 0.73 0.073 0.68 0.068 10.8531 

30-Nov-06 10.00 0.691 0.0691 0.644 0.0644 10.9319 

29-Dec-06 10.00 0.695 0.0695 0.648 0.0648 10.8218 

31-Jan-07 10.00 0.758 0.0758 0.706 0.0706 10.8539 

23-Feb-07 10.00 0.580 0.0580 0.540 0.0540 10.6311 

31-Mar-06 10.00 1.579 0.1579 0.147 0.0147 10.9727 

29-Sep-06 10.00 1.666 0.1666 1.552 0.1552 11.2449 

29-Dec-06 10.00 1.686 0.1686 1.571 0.1571 11.1776 

16-Mar-06 10.00 0.887 0.0887 0.826 0.0826 10.0687 

15-Sep-06 10.00 1.278 0.1278 1.188 0.1188 10.2664 

15-Dec-06 10.00 1.644 0.1644 0.1531 0.01531 10.4492 

26-Jun-06 10.00 0.148 0.0148 0.1378 0.01378 10.2581 

16-Mar-06 10.00 0.908 0.0908 0.845 0.0845 10.4176 

15-Sep-06 10.00 2.96 0.2960 2.75 0.2756 10.7997 

16-Mar-06 10.00 1.124 0.1124 1.047 0.1047 10.2391 

15-Sep-06 10.00 2.236 0.2236 2.083 0.2083 10.4759 

16-Mar-06 10.00 1.102 0.1102 1.027 0.1027 10.0655 

26-June-06 10.00 1.228 0.1228 1.143 0.1143 10.1985 

15-Sep-06 10.00 0.978 0.0978 0.911 0.0911 10.1559 

15-Dec-06 10.00 1.194 0.1194 0.1112 0.0112 10.3763 

02-Jan-06 10.00 4.809 0.4809 4.479 0.4479 10.0305 

29-Sep-06 10.00 1.228 0.1228 1.143 0.1143 10.2218 

29-Dec-06 10.00 1.201 0.1201 1.118 0.1118 10.0964 

The Dividend Distribution Tax Rates for Corporates is 22.44% and for Non-Corporates is 14.025%. Past performance may or may not be sustained in future. 

# 

Dividend distribution is not assured and is subject to availability of distributable surplus. After payment of dividend the NAV will fall to the extent of payout. 

41

The name inspires trust 

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

BIRLA SUN LIFE AMC LTD. BRANCHES 

AGRA : 0562-2524409 KOLKATA : 033-2288 2592 / 94 / 95 

AHMEDABAD : 079-2640 3553 /48 LUCKNOW : 0522-409 4110 

BANGALORE : 080-2238 9991 / 2 / 3 LUDHIANA : 0161-508 8847 / 277 1217 

BARODA : 0265-658 2984 / 2986 MUMBAI (FORT) : 022-6637 9999 

BHUBANESHWAR : 0674-253 5521 / 3413 MUMBAI (HEAD OFFICE) : 022-6692 8000 

CHANDIGARH : 0172-274 9172 / 73 MUMBAI (PRABHADEVI) : 022-6666 1035 / 36 

CHENNAI : 044-4204 5003 / 2819 1681 NAGPUR : 0712-663 0899 / 4300 

COCHIN : 0484-238 3969 / 236 6817 NEW DELHI : 011-2332 3070 

COIMBATORE : 0422-435 0262 / 64 PATNA : 0612-220 7022 / 7023 

GOA : 0832-243 7628 / 29 PUNE : 020-66011865 / 66 / 67 

GUWAHATI : 0361-259 5020 / 259 9273 SECUNDARABAD : 040-6531 1052 / 3580 

INDORE : 0731-504 0496 / 253 4502 SURAT : 0261-658 1707 / 1708 

JAIPUR : 0141-238 9082 /9115 VARANASI : 0542-222 7755 / 56 

KANPUR : 0512-233 1116 / 1121 

Disclaimer: Any information contained in this publication does not constitute and shall be deemed not to constitute an advice, an offer to sell/ purchase or 

as an invitation or solicitation to do so for any securities of any entity, and further, Birla Sun Life AMC Ltd./ its subsidiaries / affiliates / sponsors / trustee or 

their officers, employees, personnel, directors shall not be liable for any loss, damage, liability whatsoever for any direct or indirect loss arising from the 

use or access of any information that may be displayed in this publication from time to time. Recipients of the information contained herein should 

exercise due care and caution and read the offer documents (including if necessary, obtaining the advice of tax / legal / accounting / financial / other 

professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained herein. 

Editorial opinions expressed in the 'Connect' are not necessarily those of Birla Sun Life AMC Ltd. or any of their officers, employees, personnel, directors 

and Birla Sun Life AMC Ltd. and its officers, employees, personnel, directors do not accept responsibility for the editorial content. Birla Sun Life AMC Ltd. or 

any of its officers, employees, personnel, directors make no representation as to the accuracy, completeness or reliability of the editorial content and hereby 

disclaim any liability with regard to the same. 

Statutory Details: Constitution: Birla Mutual Fund (BMF) has been set up as a Trust under the Indian Trust Act, 1882. Sponsors: Birla Global Finance 

Ltd. (since merged with Aditya Birla Nuvo Limited) and Sun Life (India) AMC Investments Inc. (liability restricted to seed corpus of Rs. 1 Lac) Trustee: 

Birla Sun Life Trustee Company Pvt. Ltd. Investment Manager: Birla Sun Life Asset Management Company Ltd. Risk Factors: Mutual Funds and 

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. 

Printed in March 2007

Connect for the Month of March 2007 - Birla Sun Life Mutual Fund

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