Birlamf-feb2007

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Methodology of Ranking F e b r u a r y 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 (32), 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 January 31, 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 Gilt Plus - Liquid Plan has been has been ranked ICRA MFR 1 and awarded the ICRA Mutual Fund Gold Award in the category Gilt - Short Term for its 3 year performance till December 31, 2005. The Award indicates the best performance within the stated category, which had a total of 11 similar schemes, including this scheme. The rank is an outcome of an objective and comparative analysis against various performance 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 the entry and exit loads imposed by the Fund. ICRA Mutual Fund Award(s)/Rank(s) are not a comment on the prospective returns, appreciation potential or future net asset value of the Mutual Fund Scheme rated. ICRA Mutual Fund Awards are not recommendations to invest or not to invest in the Mutual Fund Schemes awarded. Ranking Source & Publisher: ICRA/ICRA Online Ltd. * 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.

3

CRISIL CPR - Ranking Methodology & Disclaimer: Birla Income Plus Plan B: CRISIL~CPR 2 Open End Debt Scheme, January 2005- December 2006 CRISIL~CPR 2 The composite performance of Birla Income Plus Plan B 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 Fund Manager-Equity Lokesh Mallya Credit Analyst-Fixed Income Mahesh Patil Fund Manager-Equity 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 Sharad Ramnarayanan Research Analyst / Secondary Fund Manager Sujit Patki Dealer-Equity Sunaina da Cunha Credit Analyst-Fixed Income Vineet Maloo Equity Analyst

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

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

4

Birla Advantage Fund Investment Style: Growth

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

As on January 31, 2007

Portfolio Issuer

Investment Objective:

Market Value Rs. in. Lacs

% to Net Assets

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.

Banks ICICI Bank Ltd. UTI Bank Ltd. State Bank of India Indian Overseas Bank.

6066.00 2651.63 1271.83 1251.86 890.68

11.71 5.12 2.45 2.42 1.72

Date of inception / takeover:

Industrial Capital Goods Bharat Heavy Electricals Ltd. Bharat Electronics Ltd. Larsen & Toubro Ltd.

5205.96 2908.71 1195.60 1101.66

10.05 5.61 2.31 2.13

Software Subex Azure Ltd. Infosys Technologies Ltd. Tata Consultancy Services Ltd. Satyam Computer Services Ltd.

4954.53 1693.00 1556.32 956.06 749.15

9.56 3.27 3.00 1.84 1.45

Cement ACC Ltd. Gujarat Ambuja Cements Ltd. Grasim Industries Ltd. Dharti Dredging & Construction Ltd.**

4730.43 2188.33 1337.21 1194.78 10.11

9.13 4.22 2.58 2.31 0.02

BSE Sensex

Consumer Non Durables ITC Ltd. United Spirits Ltd. Hindustan Lever Ltd. McDowell Holdings Ltd.##

4725.65 2350.86 1617.12 757.67 -

9.12 4.54 3.12 1.46 -

Corpus:

Telecom-Services Bharti Airtel Ltd.

4622.71 4622.71

8.92 8.92

Petroleum Products Reliance Industries Ltd. Hindustan Petroleum Corporation Ltd.

3755.06 2060.55 1694.51

7.25 3.98 3.27

Auto Tata Motors Ltd. Hero Honda Motors Ltd.

3044.18 1984.39 1059.79

5.87 3.83 2.05

Pharmaceuticals Dishman Pharmaceuticals & Chemicals Ltd. Wockhardt Ltd. Glaxosmithkline Pharmaceuticals Ltd.

2881.49 1095.71 1052.45 733.32

5.56 2.11 2.03 1.42

February 24, 1995 NAV: Dividend Growth

Rs. 91.7982 127.9623

Load Structure (Incl. for SIP): Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: NIL Benchmark:

Issuer

Market Value Rs. in. Lacs

% to Net Assets

Pesticides United Phosphorous Ltd.

2371.39 2371.39

4.58 4.58

Hotels Indian Hotels Co. Ltd.

1331.18 1331.18

2.57 2.57

Money Market Instruments ICICI Bank Ltd.

1310.58 1310.58

2.53 2.53

Construction Nagarjuna Construction Co. Ltd.

1277.68 1277.68

2.47 2.47

Finance Housing Development Finance Corp. Ltd.

1097.68 1097.68

2.12 2.12

Gas Indraprastha Gas Ltd.

1067.33 1067.33

2.06 2.06

839.07 839.07

1.62 1.62

2541.95

4.91

51822.88

100.00

Ferrous Metals Maharashtra Seamless Ltd. Cash & Current Assets Total Net Asset

** 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

Rs. 518.22 Crores

Systematic Investment Plan (SIP) SIP is a powerful tool that can help you create wealth over time. If you had invested* in BAF... Monthly Investment

1,000

Number of Investment periods (Since Inception) Total Investment Value of Investment (As of January 31, 2007) Return on Investment (CAGR#)

143,000

50 45

999,093

46.61 42.05 42.85

* 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 19.12%. Dividend Reinvestment NAVs has been considered for the analysis.

30

39.82

37.5

40

35.17

35

29.85%

Asset Allocation

NAV Performance

143

33.58

29.38 25.75

25 20 15

12.49

10 5 0

1 Year

2 Years

3 Years

BAF Gr

5 Years

BSE Sensex

Since Inception

Banks Industrial Capital Goods Software Cement Consumer Non Durables Telecom-Services Petroleum Products Auto Pharmaceuticals Cash & Current Assets Pesticides Hotels Money Market Instruments Construction Finance Gas Other Equity & Preference

11.71% 10.05% 9.56% 9.13% 9.12% 8.92% 7.25% 5.87% 5.56% 4.91% 4.58% 2.57% 2.53% 2.47% 2.12% 2.06% 1.62%

# Computed after accounting for the cash flow by using XIRR method (investment internal rate of return)

Date of First Installment: March 01, 1995

5

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Dividend Yield Plus Investment Style: Value

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

As on January 31, 2007

Portfolio Issuer

Market Value Rs. in. Lacs

Investment Objective: 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. Date of inception / takeover: February 26, 2003 NAV: Dividend Growth

Rs. 11.3402 43.2856

Load Structure (Incl. for SIP): Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: NIL Benchmark: CNX 500 Corpus: Rs. 474.69 Crores

Systematic Investment Plan (SIP) SIP is a powerful tool that can help you create wealth over time. If you had invested* in BDYP... Monthly Investment

Total Investment

Consumer Non Durables Hindustan Lever Ltd. Godrej Consumer Products Ltd. Nestle India Ltd. Glaxosmithkline Consumer Healthcare Ltd. Colgate Palmolive (I) Ltd. Procter & Gamble Hygiene & Health Care Berger Paints India Ltd. Eveready Industries Ltd. E.I.D. Parry (India) Ltd.

6525.20 2394.83 773.25 741.52 600.74 532.17 510.92 481.10 402.67 88.00

13.75 5.05 1.63 1.56 1.27 1.12 1.08 1.01 0.85 0.19

Banks Andhra Bank. Syndicate Bank. Vijaya Bank. Union Bank of India. Indian Overseas Bank. Allahabad Bank.

5321.17 1898.33 1129.86 889.14 821.06 487.75 95.03

11.21 4.00 2.38 1.87 1.73 1.03 0.20

Software NIIT Technologies Ltd. HCL Technologies Ltd.

4754.28 3003.26 1751.02

10.02 6.33 3.69

Petroleum Products Chennai Petroleum Corporation Ltd. Indian Oil Corporation Ltd. Castrol (India) Ltd. Bharat Petroleum Corporation Ltd. Hindustan Petroleum Corporation Ltd.

4229.40 1357.96 1114.35 1098.45 346.94 311.70

8.91 2.86 2.35 2.30 0.73 0.66

Industrial Products ESAB India Ltd. Greaves Cotton Ltd. Cummins India Ltd. Cosmo Films Ltd. ABC Bearings Ltd.

3620.06 1125.60 1029.87 1012.09 364.65 87.85

7.63 2.37 2.17 2.13 0.77 0.19

Pharmaceuticals Wyeth Ltd. Glaxosmithkline Pharmaceuticals Ltd. Novartis India Ltd.

2802.18 1900.95 722.72 178.50

5.90 4.00 1.52 0.38

Auto Ashok Leyland Ltd. Hero Honda Motors Ltd.

2476.12 1339.05 1137.07

5.22 2.82 2.40

Transportation Shipping Corporation of India Ltd. The Great Eastern Shipping Co. Ltd. Varun Shipping Company Ltd.

2439.08 1075.99 870.70 492.39

5.14 2.27 1.83 1.04

47

47,000

50

32.4

31.21

30

88,093

46.66

38.52

40

25.24

25

27.31

20

Return on Investment (CAGR#)

33.35%

* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX 500 would have given a return of 41.67%

15 10

9.21

5 0

1 Year

2 Years

BDYP Gr

3 Years

CNX500

Market Value Rs. in. Lacs

% to Net Assets

Fertilisers Tata Chemicals Ltd. Rashtriya Chemicals & Fertilizers Ltd.

2332.90 1729.39 603.50

4.91 3.64 1.27

Ferrous Metals Sesa Goa Ltd. Tata Steel Ltd. Tata Metaliks Ltd. Tata Sponge Iron Ltd.

2239.11 1284.11 579.94 285.98 89.08

4.72 2.71 1.22 0.60 0.19

Hardware Tata Elxsi Ltd. HCL Infosystems Ltd.

1641.76 1004.48 637.28

3.46 2.12 1.34

Oil Oil & Natural Gas Corporation Ltd.

1526.25 1526.25

3.22 3.22

Chemicals Clariant Chemicals India Ltd.

1355.03 1355.03

2.85 2.85

Industrial Capital Goods Alfa Laval (India) Ltd.

1318.29 1318.29

2.78 2.78

Paper Tamil Nadu Newsprint & Papers Ltd.

1152.91 1152.91

2.43 2.43

Telecom-Services Mahanagar Telephone Nigam Ltd.

498.45 498.45

1.05 1.05

Finance LIC Housing Finance Ltd.

492.21 492.21

1.04 1.04

Power Neyveli Lignite Corporation Ltd.

394.82 394.82

0.83 0.83

Health Care Equipment Rayban Sun Optics India Ltd.

246.97 246.97

0.52 0.52

Auto Ancillaries Rane (Madras) Ltd. Wheels India Ltd.

117.76 73.43 44.34

0.25 0.15 0.09

1985.18

4.18

47469.13

100.00

Cash & Current Assets Total Net Asset

Asset Allocation

45.17

45 35

Value of Investment (As of January 31, 2007)

Issuer

NAV Performance

1,000

Number of Investment periods (Since Inception)

% to Net Assets

Since Inception

Consumer Non Durables Banks Software Petroleum Products Industrial Products Pharmaceuticals Auto Transportation Fertilisers Ferrous Metals Cash & Current Assets Other Equity & Preference Hardware Oil Chemicals Industrial Capital Goods Paper

13.75% 11.21% 10.02% 8.91% 7.63% 5.90% 5.22% 5.14% 4.91% 4.72% 4.18% 3.69% 3.46% 3.22% 2.85% 2.78% 2.43%

#

Computed after accounting for the cash flow by using XIRR method (investment internal rate of return) Date of First Installment: March 01, 2003

6

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Midcap Fund Investment Style: Growth

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

As on January 31, 2007

Portfolio Issuer

Market Value Rs. in. Lacs

% to Net Assets

Auto Ancillaries Automobile Corporation of Goa Ltd. Sundaram-Clayton Ltd. Sundaram Fasteners Ltd. Amtek India Ltd. MRF Ltd. Apollo Tyres Ltd.

2904.14 673.41 623.56 527.05 467.67 360.05 252.41

12.45 2.89 2.67 2.26 2.00 1.54 1.08

Industrial Capital Goods Bharat Bijlee Ltd. Kalpataru Power Transmission Ltd. Thermax Ltd. Bharati Shipyard Ltd.

2893.97 1121.46 646.59 623.19 502.73

12.40 4.81 2.77 2.67 2.15

Consumer Non Durables United Spirits Ltd. Radico Khaitan Ltd Glaxosmithkline Consumer Healthcare Ltd. Marico Industries Ltd. E.I.D. Parry (India) Ltd. McDowell Holdings Ltd.##

2195.00 727.84 484.20 459.03 381.65 142.28 -

9.41 3.12 2.08 1.97 1.64 0.61 -

Industrial Products Kirloskar Oil Engines Ltd. Sintex Industries Ltd. TRF LTD

1973.33 1050.08 477.49 445.76

8.46 4.50 2.05 1.91

Cement Birla Corporation Ltd. Madras Cements Ltd. Mangalam Cement Ltd.

1919.73 868.13 733.45 318.15

8.23 3.72 3.14 1.36

Banks Federal Bank Ltd. Karnataka Bank Ltd.

1387.73 881.59 506.14

5.95 3.78 2.17

Software NIIT Technologies Ltd. 3i Infotech Ltd.

1366.91 790.31 576.60

5.86 3.39 2.47

Ferrous Metals Jindal Saw Ltd. Welspun Gujarat Stahl Rohren Ltd.

1328.18 743.43 584.75

5.69 3.19 2.51

Hotels Asian Hotels Ltd. Taj GVK Hotels & Resorts Ltd.

1306.96 678.16 628.80

5.60 2.91 2.70

Investment Objective: An Open-ended growth scheme with the objective to achieve long-term growth of capital at controlled level of risk by primarily investing in midcap stocks. Date of inception / takeover: October 3, 2002 NAV: Dividend Growth

Rs. 24.0231 66.7976

Load Structure (Incl. for SIP): Entry Load: < Rs. 5 crores - 2.25% ³ Rs. 5 crores - Nil Exit Load: NIL Benchmark: CNX Midcap Corpus: Rs. 233.30 Crores

Issuer

Market Value Rs. in. Lacs

% to Net Assets

1247.59 883.40 340.48 23.72

5.35 3.79 1.46 0.10

Media & Entertainment NDTV India Ltd. Global Broadcast News

667.30 667.30 45.77

3.06 2.86 0.20

Consumer Durables Blue Star Ltd.

587.79 587.79

2.52 2.52

Pharmaceuticals Pfizer Ltd.

516.78 516.78

2.22 2.22

Power LANCO Infratech Ltd.

471.40 471.40

2.02 2.02

Telecom-Services Reliance Communications Ltd.

461.00 461.00

1.98 1.98

Transportation Container Corporation of India Ltd.

391.24 391.24

1.68 1.68

Petroleum Products Apar Industries Ltd.

324.88 324.88

1.39 1.39

Hardware Tata Elxsi Ltd.

292.22 292.22

1.25 1.25

56.38 56.38

0.24 0.24

991.77

4.25

23330.09

100.00

Textile Products Aditya Birla Nuvo Ltd. Gokaldas Exports Ltd. Aditya Birla Nuvo Ltd. (Rights).

Corporate Debt Trent Ltd. Cash & Current Assets Total Net Asset

Systematic Investment Plan (SIP) SIP is a powerful tool that can help you create wealth over time. If you had invested* in BMC... Monthly Investment Number of Investment periods (Since Inception) Total Investment

##

Mc Dowell India Spirits shares received upon demerger from Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and hence not valued

Asset Allocation

NAV Performance

1,000 51 51,000

60

55.03

40

Value of Investment (As of January 31, 2007)

149,356

30

Return on Investment (CAGR#)

54.12%

20

50.46

47.29

50

45.59 35.75

32.07

* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX Midcap would have given a return of 44.81%

32.96

22.55

10 0

1 Year

2 Years BMCF Gr

3 Years

Since Inception

CNX Midcap

Auto Ancillaries Industrial Capital Goods Consumer Non Durables Industrial Products Cement Other Equity Banks Software Ferrous Metals Hotels Textile Products Cash & Current Assets Media & Entertainment Consumer Durables Pharmaceuticals Power Corporate Debt

12.45% 12.40% 9.41% 8.46% 8.23% 6.30% 5.95% 5.86% 5.69% 5.60% 5.35% 4.25% 3.06% 2.52% 2.22% 2.02% 0.24%

#

Computed after accounting for the cash flow by using XIRR method (investment internal rate of return) Date of First Installment: November 01, 2002

«««««Value Research Rating Birla Midcap Fund

#

# for methodology please refer page 3

(Past performance is no guarantee of future results.)

7

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla MNC Fund Investment Style: Growth

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

As on January 31, 2007

Portfolio Issuer

Market Value Rs. in. Lacs

Investment Objective: An Open-ended growth scheme with the objective to achieve long-term growth of capital at relatively moderate levels of risk by making investments in securities of multi-national companies through a research based investment approach. Date of inception / takeover: December 27, 1999 NAV:

Rs.

Dividend Growth

63.4730 126.6274

Load Structure ((Incl. for SIP): Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: NIL Benchmark: CNX MNC Corpus: Rs. 210.72 Crores

Consumer Non Durables Glaxosmithkline Consumer Healthcare Ltd. Colgate Palmolive (I) Ltd. Hindustan Lever Ltd. ITC Ltd. Kansai Nerolac Paints Ltd. Nestle India Ltd.

3987.55 1137.74 790.61 624.60 622.02 417.57 395.01

18.92 5.40 3.75 2.96 2.95 1.98 1.87

Industrial Products Cummins India Ltd. Paper Products Ltd. BOC India Ltd. Fag Bearings India Ltd. ESAB India Ltd. KSB Pumps Ltd.

3045.44 872.81 661.49 471.30 352.03 345.55 342.27

14.45 4.14 3.14 2.24 1.67 1.64 1.62

Pharmaceuticals Pfizer Ltd. Fulford (India) Ltd. Wyeth Ltd. Glaxosmithkline Pharmaceuticals Ltd.

2335.54 715.55 564.80 532.12 523.08

11.08 3.40 2.68 2.53 2.48

Telecom-Services Bharti Airtel Ltd.

1591.88 1591.88

7.55 7.55

Software Mphasis BFL Ltd. Allsec Technologies Ltd. Subex Azure Ltd.

1485.72 656.09 425.78 403.85

7.05 3.11 2.02 1.92

Industrial Capital Goods ABB Ltd. Siemens Ltd.

1297.90 724.17 573.73

6.16 3.44 2.72

Auto Maruti Udyog Ltd.

1264.41 1264.41

6.00 6.00

970.80 970.80

4.61 4.61

1706.32 887.71 758.20 60.41

8.10 4.21 3.60 0.29

914.54 914.54

4.34 4.34

Auto Ancillaries Sundaram-Clayton Ltd. Federal Mogul Goetze. Subros Ltd.

SIP is a powerful tool that can help you create wealth over time. If you had invested* in BMNC... Monthly Investment

Gas Gujarat Gas Co. Ltd.

Total Investment

85 85,000

Value of Investment (As of January 31, 2007)

42.97

45 38.78 39.15

40

#

Return on Investment (CAGR )

31.94%

* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX MNC would have given a return of 21.72%

30 25 20

35.53

34.32 27 20.45

21.95

20.99

15

9.97

10 5 0

1 Year

2 Years

3 Years

BMNCF Gr

5 Years

CNX MNC

% to Net Assets

Ferrous Metals Sesa Goa Ltd.

909.04 909.04

4.31 4.31

Banks ING Vysya Bank Ltd.

747.28 747.28

3.55 3.55

Pesticides Syngenta (India) Ltd.

380.12 380.12

1.80 1.80

Finance Shriram Transport Finance Company Ltd.

345.50 345.50

1.64 1.64

Chemicals Micro Inks Ltd.

236.82 236.82

1.12 1.12

-146.83

-0.70

21072.03

100.00

Total Net Asset

Asset Allocation

50

35

268,254

Market Value Rs. in. Lacs

NAV Performance

1,000

Number of Investment periods (Since Inception)

Issuer

Cash & Current Assets

Money Market Instruments ICICI Bank Ltd.

Systematic Investment Plan (SIP)

% to Net Assets

Since Inception

Consumer Non Durables Industrial Products Pharmaceuticals Auto Ancillaries Telecom-Services Software Industrial Capital Goods Auto Money Market Instruments Other Equity Gas Ferrous Metals Banks Cash & Current Assets

18.92% 14.45% 11.08% 8.10% 7.55% 7.05% 6.16% 6.00% 4.61% 4.57% 4.34% 4.31% 3.55% -0.70%

#

Computed after accounting for the cash flow by using XIRR method (investment internal rate of return) Date of First Installment: January 01, 2000

8

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla India Opportunities Fund Investment Style: Value + Growth

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

As on January 31, 2007

Portfolio Issuer

Investment Objective: 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.

Software

Market Value Rs. in. Lacs

% to Net Assets

4151.12

46.30

Infosys Technologies Ltd.

820.57

9.15

Subex Azure Ltd.

587.54

6.55

3.87

5.70

Industrial Products

272.70

3.04

Cummins India Ltd.

272.70

3.04

Wipro Ltd.

429.03

4.78 Cash & Current Assets

285.72

3.19

8966.61

100.00

Nucleus Software Exports Ltd.

408.49

4.56

Allsec Technologies Ltd.

395.29

4.41

I-Flex Solutions Ltd.

291.60

3.25

KPIT Cummins Infosystem Ltd.

199.39

2.22

1242.25

13.85 4.93

December 27, 1999

362.42

4.04

Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: 1% if redeemed/ switched out within 6 months from the date of allotment

3.87

346.73

5.66

Crompton Greaves Ltd.

Load Structure (Incl. for SIP):

346.73

Videsh Sanchar Nigam Ltd.

511.44

Date of inception / takeover:

23.2724 54.1855

Telecom-Services

507.78

441.77

Dividend Growth

% to Net Assets

Tata Consultancy Services Ltd.

Industrial Capital Goods

Rs.

Market Value Rs. in. Lacs

Satyam Computer Services Ltd.

Siemens Ltd.

NAV:

Issuer

Thermax Ltd.

243.12

2.71

ABB Ltd.

194.95

2.17

Pharmaceuticals

927.75

10.35

Wockhardt Ltd.

272.22

3.04

Aventis Pharma Ltd.

248.45

2.77

Ranbaxy Laboratories Ltd.

204.30

2.28

Cipla Ltd.

202.79

2.26

Auto Ancillaries

706.03

7.87

Sundaram Fasteners Ltd.

386.63

4.31

Amtek India Ltd.

319.40

3.56

Pesticides

579.71

6.47

United Phosphorous Ltd.

579.71

6.47 5.07

Total Net Asset

Benchmark: CNX 500 Corpus: Rs. 89.66 Crores

Systematic Investment Plan (SIP)

Textile Products

454.61

Raymond Ltd.

237.94

2.65

Gokaldas Exports Ltd.

216.67

2.42

SIP is a powerful tool that can help you create wealth over time. If you had invested* in BIOF... Monthly Investment

Asset Allocation

NAV Performance

1,000

Number of Investment periods (Since Inception) Total Investment

85,000

40.38 38.52

40 35

Industrial Capital Goods

37.1736.53

36.16

13.85% 10.35%

Pharmaceuticals

32.4

31.98 31.21

30

Value of Investment (As of January 31, 2007)

46.30%

Software

45

85

26.87

Auto Ancillaries

7.87%

25

276,624 #

Return on Investment (CAGR )

32.80%

* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX 500 would have given a return of 30.92%

Pesticides

20

16.42

15 10 5 0

1 Year

2 Years

3 Years

BITF Gr

5 Years

Since Inception

Textile Products

6.47% 5.07%

Telecom-Services

3.87%

Cash & Current Assets

3.19%

Industrial Products

3.04%

CNX500

#

Computed after accounting for the cash flow by using XIRR method (investment internal rate of return) Date of First Installment: January 01, 2000

9

««««Value Research Rating

#

Birla India Opportunities Fund

# for methodology please refer page 3

(Past performance is no guarantee of future results.)

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla India GenNext Fund Investment Style: Value + Growth

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

As on January 31, 2007

Portfolio Issuer

Market Value Rs. in. Lacs

Investment Objective: An Open-ended growth scheme with the objective to target growth of capital by investing in equity/equity related instruments of companies that are expected to benefit from the rising consumption patterns in India, which in turn is getting fuelled by high disposable incomes of the young generation (Generation Next). The scheme will invest in companies that have the following characteristics: 1. Companies that seek growth in revenues arising out of demand from the younger generation (GenNext) for their products or services. 2. They should be engaged in manufacturing of products or rendering of services that go directly to the consumer. 3. The products and services should have distinct brand identity, thereby enabling choice. Date of inception / takeover: August 05, 2005 NAV: Dividend Growth

Rs. 16.0911 16.0911

Load Structure Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: NIL Benchmark: S&P CNX NIFTY Corpus: Rs. 176.20 Crores

% to Net Assets

Consumer Non Durables United Spirits Ltd. Glaxosmithkline Consumer Healthcare Ltd. ITC Ltd. Hindustan Sanitaryware & Industries Ltd. Eveready Industries Ltd. E.I.D. Parry (India) Ltd. McDowell Holdings Ltd.##

3292.58 1364.70 609.37 521.10 464.86 213.60 118.95 -

18.69 7.74 3.46 2.96 2.64 1.21 0.68 -

Banks Kotak Mahindra Bank Ltd. UTI Bank Ltd. ICICI Bank Ltd. Federal Bank Ltd. Punjab National Bank

2912.65 1213.25 667.50 470.25 409.20 152.45

16.53 6.89 3.79 2.67 2.32 0.87

Media & Entertainment Sun TV Ltd. NDTV India Ltd. HT Media Ltd. Television Eighteen India Ltd. Jagran Prakashan Ltd. Network 18 Fincap Ltd.

2800.55 759.65 681.87 495.92 434.28 408.24 20.59

15.89 4.31 3.87 2.81 2.46 2.32 0.12

Telecom-Services Bharti Airtel Ltd. Reliance Communications Ltd.

2475.30 1415.00 1060.30

14.05 8.03 6.02

Auto Maruti Udyog Ltd. Tata Motors Ltd.

1687.50 1292.51 394.99

9.58 7.34 2.24

Hotels Taj GVK Hotels & Resorts Ltd. Indian Hotels Co. Ltd.

1143.30 838.40 304.90

6.49 4.76 1.73

Pharmaceuticals Pfizer Ltd.

834.80 834.80

4.74 4.74

Textile Products Raymond Ltd.

597.68 597.68

3.39 3.39

Construction Sobha Developers Ltd.

361.81 361.81

2.05 2.05

Issuer

Market Value Rs. in. Lacs

% to Net Assets

Retailing Shoppers Stop Ltd.

245.21 245.21

1.39 1.39

Auto Ancillaries Apollo Tyres Ltd.

168.28 168.28

0.95 0.95

1101.01

6.25

17620.65

100.00

Cash & Current Assets Total Net Asset

##

Mc Dowell India Spirits shares received upon demerger from Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and hence not valued

Systematic Investment Plan (SIP) SIP is a powerful tool that can help you create wealth over time. If you had invested* in BGNF... Monthly Investment

1,000

Number of Investment periods (Since Inception)

18,000

44.4

45 36.04

35

37.59

23,214

Return on Investment (CAGR#)

39.15%

25

* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX 500 would have given a return of 44.28%

15.89%

Media & Entertainment

14.05% 9.58%

Auto

24.92

20

Hotels

15

Cash & Current Assets

10

6.49% 6.25% 4.74%

Pharmaceuticals

5 0

16.53%

Banks Telecom-Services

30

Value of Investment (As of January 31, 2007)

18.69%

Consumer Non Durables

50

18

40

Total Investment

Asset Allocation

NAV Performance

1 Year

Birla Gen Next Fund - Growth

Since Inception

S&P Nifty

Textile Products

3.39%

Other Equity

2.35%

Construction

2.05%

#

Computed after accounting for the cash flow by using XIRR method (investment internal rate of return) Date of First Installment: August 12, 2005

10

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Index Fund Investment Style: Growth

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

As on January 31, 2007

Portfolio Issuer

Investment Objective:

Market Value Rs. in. Lacs

% to Net Assets

10174.14 3260.65 3256.88 2299.31 808.56 548.74

10.62 3.40 3.40 2.40 0.84 0.57

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

Software Tata Consultancy Services Ltd. Infosys Technologies Ltd. Wipro Ltd. Satyam Computer Services Ltd. HCL Technologies Ltd.

Date of inception / takeover:

Money Market Instruments Hongkong & Shanghai Banking Corp. Ltd. ICICI Bank Ltd.

9171.83 4900.30 4271.53

Telecom-Services Bharti AirTel Ltd. Reliance Communications Ltd. Videsh Sanchar Nigam Ltd. Mahanagar Telephone Nigam Ltd.

September 18, 2002 NAV: Dividend Growth

Rs. 23.0041 41.6058

Load Structure (Incl. for SIP): Entry Load: Nil Exit Load: Applicable if redeemed within 6 months from the date of allotment <1 crore - 1% ³ 1crore <5 crore - 0.5% ³ 5 crore - 0.25%

Corpus: Rs. 958.15 Crores

Systematic Investment Plan (SIP) SIP is a powerful tool that can help you create wealth over time. If you had invested* in BIF... Monthly Investment

% to Net Assets

1983.55 506.22 499.22 397.39 323.21 257.51

2.07 0.53 0.52 0.41 0.34 0.27

9.57 5.11 4.46

Ferrous Metals Steel Authority of India Ltd. Tata Steel Ltd.

1868.58 1164.77 703.81

1.95 1.22 0.73

6580.81 3505.76 2458.94 343.66 272.45

6.87 3.66 2.57 0.36 0.28

Cement Grasim Industries Ltd. The Associated Cement Companies Ltd. Gujarat Ambuja Cements Ltd.

1648.63 664.68 498.18 485.76

1.72 0.69 0.52 0.51

Petroleum Products Reliance Industries Ltd. Bharat Petroleum Corporation Ltd. Hindustan Petroleum Corporation Ltd.

5580.56 4964.94 339.47 276.14

5.82 5.18 0.35 0.29

Finance Housing Development Finance Corp. Ltd.

1091.37 1091.37

1.14 1.14

Non-Ferrous Metals Hindalco Industries Ltd. National Aluminium Company Ltd.

919.53 532.63 386.90

0.96 0.56 0.40

Banks ICICI Bank Ltd. State Bank of India HDFC Bank Ltd. Punjab National Bank Oriental Bank Of Commerce

5202.12 2193.21 1564.90 885.95 416.96 141.11

5.43 2.29 1.63 0.92 0.44 0.15

Power Tata Power Company Ltd. Reliance Energy Ltd.

597.71 312.41 285.31

0.62 0.33 0.30

Media & Entertainment Zee Entertainment Enterprises Ltd.

353.83 353.83

0.37 0.37

Oil Oil and Natural Gas Corporation Ltd.

5082.80 5082.80

5.30 5.30

Chemicals Indian Petrochemicals Corporation Ltd.

217.06 217.06

0.23 0.23

Industrial Capital Goods Bharat Heavy Electricals Ltd. Larsen & Toubro Ltd. Suzlon Energy Ltd. Seimens Ltd. ABB Ltd.

4532.49 1609.97 1161.94 857.14 504.30 399.14

4.73 1.68 1.21 0.89 0.53 0.42

Gas GAIL India Ltd.

198.27 198.27

0.21 0.21

Transportation Jet Airways (India) Ltd.

171.56 171.56

0.18 0.18

Auto Tata Motors Ltd. Bajaj Auto Ltd. Maruti Udyog Ltd. Mahindra & Mahindra Ltd. Hero Honda Motors Ltd.

3257.50 882.24 731.21 696.97 574.33 372.75

3.40 0.92 0.76 0.73 0.60 0.39

Cash & Current Assets

34051.12

35.54

Total Net Asset

95815.12

100.00

Consumer Non Durables ITC Ltd. Hindustan Lever Ltd. Dabur India Ltd.

3131.66 1711.41 1198.23 222.02

3.27 1.79 1.25 0.23

Total outstanding exposure in derivatives as on 31st Jan 2007 is Rs. -7.30 Crores (Notional value).

Asset Allocation

NAV Performance

1,000

Number of Investment periods (Since takeover) Total Investment

Market Value Rs. in. Lacs

Pharmaceuticals Sun Pharmaceutical Industries Ltd. Cipla Ltd. Ranbaxy Laboratories Ltd. Dr. Reddys Laboratories Ltd. GlaxoSmithKline Pharmaceuticals Ltd.

Benchmark: S & P CNX Nifty

Issuer

52

45

52,000

35

40

36.04 35.13

Value of Investment (As of January 31, 2007)

118,922

Return on Investment (CAGR#)

39.84%

* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in S & P Nifty would have given a return of 41.04%

38.55

38.47

31.09 30.24

30

35.54%

Cash & Current Assets

40.86 40.65

10.62%

Software Money Market Instruments

9.57%

Other Equity

7.37% 6.87%

25

Telecom-Services

20

Petroleum Products

15

Banks

5.43%

10

Oil Industrial Capital Goods

5.30%

5 0

1 Year

2 Years

BIF

3 Years

S&P Nifty

Since Inception

Auto Consumer Non Durables Pharmaceuticals

5.82%

4.73% 3.40% 3.27% 2.07%

#

Computed after accounting for the cash flow by using XIRR method (investment internal rate of return) Date of First Installment: October 1, 2002

11

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Infrastructure Fund Investment Style: Growth

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

As on January 31, 2007

Portfolio Issuer

Market Value Rs. in. Lacs

% to Net Assets

16254.20 3348.47 2214.64 2052.11 1928.47 1907.15 1231.67 1000.50 862.13 613.08 551.41 544.58

31.85 6.56 4.34 4.02 3.78 3.74 2.41 1.96 1.69 1.20 1.08 1.07

Cement Grasim Industries Ltd. Birla Corporation Ltd. Shree Cements Ltd. Century Textile & Industries Ltd. Ultratech Cement Ltd.

5162.48 1870.80 1502.64 895.93 689.40 203.71

10.12 3.67 2.94 1.76 1.35 0.40

Construction Mahindra Gesco Developers Ltd. Nagarjuna Construction Co. Ltd. Patel Engineering Ltd. Sobha Developers Ltd. D.S. Kulkarni Developers Ltd. Ansal Properties & Infrastructure Ltd.

4069.27 1285.91 824.98 697.73 531.43 441.22 288.01

7.97 2.52 1.62 1.37 1.04 0.86 0.56

Auto Mahindra & Mahindra Ltd. Tata Motors Ltd.

3445.79 1890.42 1555.37

6.75 3.70 3.05

Ferrous Metals Jindal Saw Ltd. Jindal Steel & Power Ltd. Welspun Gujarat Stahl Rohren Ltd.

3010.97 1344.51 964.76 701.70

5.90 2.63 1.89 1.37

Industrial Products Kirloskar Oil Engines Ltd. Cummins India Ltd. Torrent Cables Ltd.

2960.84 1369.54 1090.80 500.50

5.80 2.68 2.14 0.98

Telecom-Services Bharti Airtel Ltd.

2667.28 2667.28

5.23 5.23

Money Market Instruments ICICI Bank Ltd.

2621.17 2621.17

5.14 5.14

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

Industrial Capital Goods Bharat Heavy Electricals Ltd. Crompton Greaves Ltd. Thermax Ltd. Larsen & Toubro Ltd. Siemens Ltd. Jyoti Structures Ltd. Bharat Electronics Ltd. Kalpataru Power Transmission Ltd. Bharat Earth Movers Ltd. Engineers India Ltd. Bharati Shipyard Ltd.

March 17, 2006 NAV: Dividend Growth

Rs. 12.3271 12.3272

Load Structure (Incl. for SIP): Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: NIL Benchmark: S&P CNX NIFTY Corpus: Rs. 510.35 Crores

Issuer

Since Inception 26.24

26 25.5 25 24.5 24 23.5

23.3

23 22.5 22 21.5

Birla Infrastructure Fund Growth

Since Inception

12

S&P Nifty

% to Net Assets

Hotels Indian Hotels Co. Ltd. Taj GVK Hotels & Resorts Ltd.

2066.00 1326.32 739.68

4.05 2.60 1.45

Banks Punjab National Bank Andhra Bank

1982.26 1365.91 616.35

3.88 2.68 1.21

Gas Gujarat Gas Co. Ltd. Indraprastha Gas Ltd.

1577.23 1221.58 355.65

3.09 2.39 0.70

Petroleum Products Reliance Industries Ltd.

1432.83 1432.83

2.81 2.81

Power LANCO Infratech Ltd. Power Trading Corporation of India Ltd.

1282.49 1119.58 162.92

2.51 2.19 0.32

Transportation Container Corporation of India Ltd. Gateway Distriparks Ltd.

1256.99 1023.77 233.22

2.46 2.01 0.46

Consumer Durables Voltas Ltd.

383.39 383.39

0.75 0.75

Consumer Non Durables Hindustan Sanitaryware & Industries Ltd.

375.31 375.31

0.74 0.74

Industrial Services South East Asia Marine Engin & Const Ltd

201.03 201.03

0.39 0.39

Cash & Current Assets

285.96

0.56

51035.47

100.00

Total Net Asset

Asset Allocation

NAV Performance

26.5

Market Value Rs. in. Lacs

Industrial Capital Goods Cement Construction Auto Ferrous Metals Industrial Products Telecom-Services Money Market Instruments Hotels Banks Gas Petroleum Products Power Transportation Other Equity Cash & Current Assets

31.85% 10.12% 7.97% 6.75% 5.90% 5.80% 5.23% 5.14% 4.05% 3.88% 3.09% 2.81% 2.51% 2.46% 1.88% 0.56%

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

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

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

Investment Style: Growth

As on January 31, 2007

Portfolio Issuer

Investment Objective: 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.

Market Value Rs. in. Lacs

Auto Ancillaries Automobile Corporation of Goa Ltd. Sundaram Fasteners Ltd. Subros Ltd. Goodyear India Ltd.

% to Net Assets

1255.85 401.49 398.82 328.16 127.39

11.87 3.80 3.77 3.10 1.20

Date of inception / takeover: February 16, 1999

Consumer Non Durables United Spirits Ltd. ITC Ltd. Glaxosmithkline Consumer Healthcare Ltd. McDowell Holdings Ltd.##

981.00 454.90 347.40 178.70 -

9.27 4.30 3.28 1.69 -

NAV: Dividend Rs. 59.2014 Growth* Rs. 11.2427 *Introduced with effect from 1st October, 2006

Banks Federal Bank Ltd. City Union Bank Ltd. Indian Overseas Bank Karnataka Bank Ltd.

892.12 310.00 209.29 201.28 171.55

8.43 2.93 1.98 1.90 1.62

Load Structure (Incl. for SIP):

Software NIIT Technologies Ltd. Satyam Computer Services Ltd. Geometric Software Solution Ltd.

839.45 476.52 236.18 126.75

7.94 4.51 2.23 1.20

Textile Products Aditya Birla Nuvo Ltd. Gokaldas Exports Ltd. Aditya Birla Nuvo Ltd. (Rights)

812.42 567.90 229.28 15.25

7.68 5.37 2.17 0.14

Benchmark: BSE Sensex

Auto Maruti Udyog Ltd.

721.18 721.18

6.82 6.82

Corpus: Rs. 105.77 Crores

Industrial Capital Goods Bharat Heavy Electricals Ltd. Bharat Bijlee Ltd.

617.50 503.45 114.05

5.84 4.76 1.08

Cement Mangalam Cement Ltd Grasim Industries Ltd.

596.01 318.15 277.86

5.63 3.01 2.63

Industrial Products Kirloskar Oil Engines Ltd.

406.14 406.14

3.84 3.84

Construction Sobha Developers Ltd. Gammon India Ltd.

383.12 193.09 190.03

3.62 1.83 1.80

Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: NIL

Issuer

SIP is a powerful tool that can help you create wealth over time. If you had invested* in BEP... Monthly Investment

% to Net Assets

Hotels Taj GVK Hotels & Resorts Ltd.

378.49 378.49

3.58 3.58

Telecom-Services Reliance Communications Ltd.

368.80 368.80

3.49 3.49

Pharmaceuticals Pfizer Ltd.

318.02 318.02

3.01 3.01

Ferrous Metals Welspun Gujarat Stahl Rohren Ltd.

292.38 292.38

2.76 2.76

Transportation Container Corporation of India Ltd.

285.22 285.22

2.70 2.70

Gas Gujarat Gas Co. Ltd.

261.52 261.52

2.47 2.47

Power LANCO Infratech Ltd.

176.78 176.78

1.67 1.67

Cash & Current Assets

991.53

9.37

10577.51

100.00

Total Net Asset

##

Systematic Investment Plan (SIP)

Market Value Rs. in. Lacs

Mc Dowell India Spirits shares received upon demerger from Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and hence not valued

1,000

Total Investment

Asset Allocation

NAV Performance

Number of Investment periods (Since Inception)

95 95,000

60 52.31

Value of Investment (As of January 31, 2007)

46.17 46.61

50

466,438

42.05

41.7

40 #

Return on Investment (CAGR )

39.12%

* 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 27.23%. Dividend reinvestment NAVs have been considered for the analysis. # Computed after accounting for the cash flow by using XIRR method (investment internal rate of return)

Date of First Installment: March 01,1999

35.17

33.58 33.95

30.02 30 19.8

20 10 0

1 Year

2 Years

3 Years

BEP Div

5 Years

BSE Sensex

Since Inception

Auto Ancillaries Cash & Current Assets Consumer Non Durables Banks Software Textile Products Auto Industrial Capital Goods Cement Industrial Products Construction Hotels Telecom-Services Pharmaceuticals Ferrous Metals Transportation Gas Other Equity

3.84% 3.62% 3.58% 3.49% 3.01% 2.76% 2.70% 2.47% 1.67%

««««Value Research Rating

9.37% 9.27% 8.43% 7.94% 7.68% 6.82% 5.84% 5.63%

11.87%

#

Birla Equity Plan (Past performance is no guarantee of future results.)

# for methodology please refer page 3

13

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Top 100 Fund Investment Style: Growth

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

As on January 31, 2007

Portfolio Issuer

Market Value Rs. in. Lacs

Investment Objective:

% to Net Assets

Issuer

Market Value Rs. in. Lacs

% to Net Assets

Banks ICICI Bank Ltd. HDFC Bank Ltd. State Bank of India Punjab National Bank.

6313.91 2727.45 1617.23 1200.92 768.32

13.08 5.65 3.35 2.49 1.59

Pesticides United Phosphorous Ltd.

1734.28 1734.28

3.59 3.59

Oil Oil & Natural Gas Corporation Ltd.

1693.88 1693.88

3.51 3.51

Industrial Capital Goods Bharat Heavy Electricals Ltd. Larsen & Toubro Ltd.

5424.03 2963.56 2460.47

11.24 6.14 5.10

Hotels Indian Hotels Co. Ltd. Taj GVK Hotels & Resorts Ltd.

1568.00 1015.16 552.84

3.25 2.10 1.15

Software Infosys Technologies Ltd. Subex Azure Ltd. Tata Consultancy Services Ltd. Satyam Computer Services Ltd.

5407.25 2689.39 957.57 947.85 812.44

11.20 5.57 1.98 1.96 1.68

Media & Entertainment Global Broadcast News

93.08 93.08

0.19 0.19

Money Market Instruments ICICI Bank Ltd.

1456.20 1456.20

3.02 3.02

Cement ACC Ltd. Gujarat Ambuja Cements Ltd. Grasim Industries Ltd.

4749.46 2110.45 1333.10 1305.92

9.84 4.37 2.76 2.71

Cash & Current Assets

2096.19

4.35

48266.52

100.00

Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: NIL

Consumer Non Durables ITC Ltd. United Spirits Ltd. Hindustan Lever Ltd. McDowell Holdings Ltd.##

4740.99 2084.40 1573.95 1082.64 -

9.82 4.32 3.26 2.24 -

##

Benchmark:

Petroleum Products Reliance Industries Ltd. Bharat Petroleum Corporation Ltd. Hindustan Petroleum Corporation Ltd.

4404.42 2292.53 1079.70 1032.19

9.13 4.75 2.24 2.14

Telecom-Services Bharti Airtel Ltd.

3891.25 3891.25

8.06 8.06

Pharmaceuticals Ranbaxy Laboratories Ltd. Glaxosmithkline Pharmaceuticals Ltd. Cipla Ltd.

2371.31 992.44 879.52 499.35

4.91 2.06 1.82 1.03

Auto Tata Motors Ltd. Maruti Udyog Ltd.

2322.25 1536.06 786.19

4.81 3.18 1.63

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. Date of inception / takeover: October 24, 2005 NAV: Dividend Growth

Rs. 14.6849 16.1903

Load Structure ((Incl. for SIP):

S & P CNX Nifty Corpus: Rs. 482.66 Crores

Systematic Investment Plan (SIP) SIP is a powerful tool that can help you create wealth over time. If you had invested* in BT100F... Monthly Investment Number of Investment periods (Since Inception)

Total Net Asset

Mc Dowell India Spirits shares received upon demerger from Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and hence not valued

1,000

Total Investment

15,000

Value of Investment (As of January 31, 2007)

18,564

Return on Investment (CAGR#)

36.46%

Asset Allocation

NAV Performance

15

60

* 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 41.60%. Dividend reinvestment NAVs have been considered for the analysis. #

52.14 50

46.09

40

36.04 30.09

30 20 10 0

1 Year

Birla Top 100 Fund - Growth

Since Inception

S&P Nifty

Banks Industrial Capital Goods Software Cement Consumer Non Durables Petroleum Products Telecom-Services Pharmaceuticals Auto Cash & Current Assets Pesticides Oil Hotels Money Market Instruments Media 0.19%

4.91% 4.81% 4.35% 3.59% 3.51% 3.25% 3.02%

11.24% 11.20% 9.84% 9.82% 9.13% 8.06%

13.08%

Computed after accounting for the cash flow by using XIRR method (investment internal rate of return) Date of First Installment: November 01,2005

14

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Sun Life Buy India Fund Investment Style: Value + Growth

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

As on January 31, 2007

Portfolio Issuer

Market Value Rs. in. Lacs

% to Net Assets

Consumer Non Durables United Spirits Ltd. Kajaria Ceramics Ltd. Marico Industries Ltd. United Breweries Ltd. Glaxosmithkline Consumer Healthcare Ltd Dabur India Ltd. Hindustan Sanitaryware & Industries Ltd. E.I.D. Parry (India) Ltd. McDowell Holdings Ltd.**

3809.12 800.62 683.99 669.25 578.57 446.74 297.75 213.26 118.95 -

30.87 6.49 5.54 5.42 4.69 3.62 2.41 1.73 0.96 -

Pharmaceuticals Sun Pharmaceutical Industries Ltd. Pfizer Ltd. Cadila Healthcare Ltd. Dishman Pharmaceuticals & Chemicals Ltd. Wyeth Ltd.

1860.81 616.65 574.45 331.99 184.22 153.50

15.08 5.00 4.66 2.69 1.49 1.24

Media & Entertainment New Delhi Television Limited PVR Ltd. Jagran Prakashan Ltd. UTV Software Communications Ltd. Magnasound India Ltd.##

1196.80 414.34 346.15 323.01 113.30 -

9.70 3.36 2.81 2.62 0.92 -

Telecom-Services Bharti Airtel Ltd. Reliance Communications Ltd.

1168.50 707.50 461.00

9.47 5.73 3.74

Textile Products Aditya Birla Nuvo Ltd. Aditya Birla Nuvo Ltd. (Rights)

1015.57 989.02 26.55

8.23 8.02 0.22

BSE 200

Hotels Asian Hotels Ltd. Taj GVK Hotels & Resorts Ltd.

865.87 495.50 370.36

7.02 4.02 3.00

Corpus:

Auto Maruti Udyog Ltd.

515.13 515.13

4.18 4.18

Auto Ancillaries MRF Ltd.

510.87 510.87

4.14 4.14

Investment Objective: 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. Date of inception / takeover: January 15, 2000 NAV: Dividend Growth

Rs. 19.7374 28.1102

Load Structure (Incl. for SIP): Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: Nil

Benchmark:

Rs. 123.37 Crores

Issuer

Market Value Rs. in. Lacs

% to Net Assets

Pesticides Rallis India Ltd.

326.20 326.20

2.64 2.64

Gas Indraprastha Gas Ltd.

232.11 232.11

1.88 1.88

Retailing Trent Ltd. - Warrants

71.32 71.32

0.58 0.58

765.65

6.21

12337.95

100.00

Cash & Current Assets Total Net Asset

**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

Systematic Investment Plan (SIP) SIP is a powerful tool that can help you create wealth over time. If you had invested* in BSL Buy India Fund Monthly Investment Number of Investment periods (Since Inception) Total Investment

83

60

83,000

50 40

Value of Investment (As of January 31, 2007)

312,288

30

Return on Investment (CAGR#)

37.95%

20

* 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 200 would have given a return of 32.01% # Computed after accounting for the cash flow by using XIRR method (investment internal rate of return)

Date of First Installment: March 01, 2000

Asset Allocation

NAV Performance

1,000

49.94 45.22 41.28

39.53 35.18

36.97 32.2

24.27 15.79 15.43

10 0 1 Year

2 Years

3 Years

5 Years

Birla SunLife Buy India Fund - Growth

Since Inception

Consumer Non Durables Pharmaceuticals Media & Entertainment Telecom-Services Textile Products Hotels Cash & Current Assets Auto Auto Ancillaries Pesticides Other Equity

30.87% 15.08% 9.70% 9.47% 8.23% 7.02% 6.21% 4.18% 4.14% 2.64% 2.46%

BSE200

««««Value Research Rating

#

Birla Sun Life Buy India Fund

# for methodology please refer page 3

(Past performance is no guarantee of future results.)

15

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Sun Life New Millennium Fund Investment Style: Growth

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

As on January 31, 2007

Portfolio Issuer

Market Value Rs. in. Lacs

% to Net Assets

Software Infosys Technologies Ltd. Nucleus Software Exports Ltd. Tata Consultancy Services Ltd. Subex Azure Ltd. Satyam Computer Services Ltd. HCL Technologies Ltd. Hinduja TMT Ltd. Geometric Software Solution Ltd. Allsec Technologies Ltd. Wipro Ltd. Megasoft Ltd. Mphasis BFL Ltd. Geodesic Information Systems Ltd. KPIT Cummins Infosystem Ltd. 3i Infotech Ltd. Tanla Solutions Ltd. Info Edge (India) Ltd.

8152.47 1669.51 682.55 639.30 628.38 615.00 577.24 533.51 469.81 431.22 406.77 346.19 331.82 240.50 197.63 192.57 156.44 34.03

65.64 13.44 5.50 5.15 5.06 4.95 4.65 4.30 3.78 3.47 3.27 2.79 2.67 1.94 1.59 1.55 1.26 0.27

Telecom-Services Bharti Airtel Ltd. Reliance Communications Ltd.

2118.10 1646.96 471.14

17.05 13.26 3.79

Media & Entertainment New Delhi Television India Ltd. Jagran Prakashan Ltd. PVR Ltd. UTV Software Communications Ltd. Wire & Wireless Ltd. Magnasound India Ltd.**

1104.72 351.85 274.57 247.01 169.95 61.35 -

8.89 2.83 2.21 1.99 1.37 0.49 -

Publishing & Printing Cyber Media (India) Ltd.

102.44 102.44

0.82 0.82

Cash & Current Assets

942.95

7.59

12420.69

100.00

Investment Objective: A multi-sector open-end growth scheme with the objective of long term growth of capital, through a portfolio with a target allocation of 100% equity, focusing on investing in technology and technology dependent companies, hardware, peripherals and components, software, telecom, media, internet and ecommerce and other technology enabled companies. The secondary objective is income generation and distribution of dividend. Date of inception / takeover: January 15, 2000 NAV: Dividend Growth

Rs. 18.2529 21.4117

Load Structure (Incl. for SIP): Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: NIL Benchmark: BSE Teck Corpus: Rs. 124.20 Crores

Systematic Investment Plan (SIP) SIP is a powerful tool that can help you create wealth over time. If you had invested* in BSLNMF... Monthly Investment

**Represents thinly traded/ non traded securities.

83

60

83,000

50

Value of Investment (As of January 31, 2007)

286,223

30

Return on Investment (CAGR#)

35.40%

20

56.16 52.32 51.89 48.34 47.26 45.32

31.59

17.05%

Telecom-Services 8.89%

Media & Entertainment 11.4

10

1 Year

2 Years

3 Years

5 Years

Birla SunLife New Millennium - Growth

7.59%

Cash & Current Assets Other Equity

0

65.64%

Software

37.71

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 Teck would have given a return of 30.75%

Asset Allocation

NAV Performance

1,000

Number of Investment periods (Since Inception) Total Investment

Total Net Asset

0.82%

Since Inception

BSE Teck

#

Computed after accounting for the cash flow by using XIRR method (investment internal rate of return) Date of First Installment: March 01, 2000

16

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Sun Life Basic Industries Fund Investment Style: Value + Growth

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

As on January 31, 2007

Portfolio Issuer

Market Value Rs. in. Lacs

Investment Objective: A multi-sector open-end growth scheme with the objective of long term growth capital, through a portfolio with a target allocation of 100% equity, focusing on investing in companies sensitive to economic cycles and commodity pricing cycles. The investments will be in companies which are often referred to as cyclical companies. The secondary objective is income generation and distribution of dividend. Date of inception / takeover: January 15, 2000 NAV:

Rs.

Dividend Growth

28.8546 70.3718

Load Structure (Incl. for SIP): Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: Nil Benchmark: BSE 200

% to Net Assets

Industrial Capital Goods Bharat Heavy Electricals Ltd. Larsen & Toubro Ltd. Crompton Greaves Ltd. Siemens Ltd. Bharati Shipyard Ltd. ABB Ltd. Jyoti Structures Ltd. Action Construction Equipment Ltd. AIA Engineering Ltd.

4461.72 1035.32 920.69 645.71 628.63 376.88 291.48 212.39 212.10 138.52

24.69 5.73 5.09 3.57 3.48 2.09 1.61 1.18 1.17 0.77

Construction Nagarjuna Construction Co. Ltd. Mahindra Gesco Developers Ltd. Jaiprakash Associates Ltd. Patel Engineering Ltd. Gammon India Ltd.

1986.29 542.12 427.41 377.46 330.49 308.82

10.99 3.00 2.36 2.09 1.83 1.71

Industrial Products Kirloskar Oil Engines Ltd. Cummins India Ltd. BOC India Ltd. Kirloskar Brothers Ltd.

1674.04 523.22 502.59 350.12 298.11

9.26 2.90 2.78 1.94 1.65

Petroleum Products Reliance Industries Ltd. Hindustan Petroleum Corporation Ltd. Apar Industries Ltd. Chennai Petroleum Corporation Ltd. Indian Oil Corporation Ltd.

1529.95 409.38 364.69 354.54 203.23 198.12

8.47 2.27 2.02 1.96 1.12 1.10

Ferrous Metals JSW Steel Ltd. Jindal Steel & Power Ltd. Jindal Saw Ltd. Maharashtra Seamless Ltd.

1366.55 550.36 434.43 279.30 102.45

7.56 3.05 2.40 1.55 0.57

Auto Mahindra & Mahindra Ltd. Tata Motors Ltd. Maruti Udyog Ltd.

1237.26 567.13 342.32 327.81

6.85 3.14 1.89 1.81

Banks ICICI Bank Ltd. Punjab National Bank Andhra Bank

1174.40 489.14 414.33 270.93

6.50 2.71 2.29 1.50

Issuer

Market Value Rs. in. Lacs

Cement Grasim Industries Ltd. Birla Corporation Ltd.

% to Net Assets

1007.58 564.05 443.53

5.57 3.12 2.45

Pesticides United Phosphorous Ltd.

585.88 585.88

3.24 3.24

Oil Oil & Natural Gas Corporation Ltd.

535.26 535.26

2.96 2.96

Finance Housing Development Finance Corp. Ltd.

437.74 437.74

2.42 2.42

Money Market Instruments ICICI Bank Ltd.

436.86 436.86

2.42 2.42

Fertilisers Tata Chemicals Ltd.

361.61 361.61

2.00 2.00

Chemicals Indian Petrochemicals Corporation Ltd. Aarti Industries Ltd.

326.23 250.07 76.17

1.81 1.38 0.42

Industrial Services South East Asia Marine Engin & Const Ltd

236.62 236.62

1.31 1.31

Consumer Non Durables SPL Industries Ltd.

186.74 186.74

1.03 1.03

Consumer Durables Blue Star Ltd.

162.69 162.69

0.90 0.90

46.28 46.28

0.26 0.26

319.42

1.77

18073.12

100.00

Paper Tamil Nadu Newsprint & Papers Ltd. Cash & Current Assets

Corpus: Rs. 180.73 Crores

Systematic Investment Plan (SIP) SIP is a powerful tool that can help you create wealth over time. If you had invested* in BSLBIF... Monthly Investment

Total Net Asset

Asset Allocation

NAV Performance

1,000

Number of Investment periods (Since Inception) Total Investment Value of Investment (As of January 31, 2007)

60 51.73

83

50

83,000

40 30

#

Return on Investment (CAGR )

388,061

20

44.40%

10

* 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 200 would have given a return of 32.01%

40.08 39.53 35.18

34.82 32.2

36.97 31.89

24.28 15.43

0 1 Year

2 Years

3 Years

5 Years

Birla SunLife Basic Industries - Growth

Since Inception

BSE200

Industrial Capital Goods Construction Industrial Products Petroleum Products Ferrous Metals Auto Banks Cement Other Equity Pesticides Oil Finance Money Market Instruments Fertilisers Cash & Current Assets

24.69% 10.99% 9.26% 8.47% 7.56% 6.85% 6.50% 5.57% 5.30% 3.24% 2.96% 2.42% 2.42% 2.00% 1.77%

#

Computed after accounting for the cash flow by using XIRR method (investment internal rate of return)

Date of First Installment: March 01, 2000

17

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Sun Life Frontline Equity Fund Investment Style: Growth

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

As on January 31, 2007

Portfolio Issuer

Market Value Rs. in. Lacs

% to Net Assets

Industrial Capital Goods Bharat Heavy Electricals Ltd. Larsen & Toubro Ltd. Siemens Ltd. Crompton Greaves Ltd. Thermax Ltd.

2673.33 804.01 666.71 458.98 372.28 371.35

20.65 6.21 5.15 3.54 2.88 2.87

Software Satyam Computer Services Ltd. Infosys Technologies Ltd. NIIT Technologies Ltd. Wipro Ltd. Tata Consultancy Services Ltd.

1519.22 425.12 400.88 353.42 191.76 148.04

11.73 3.28 3.10 2.73 1.48 1.14

Consumer Non Durables United Spirits Ltd. Hindustan Lever Ltd. ITC Ltd. Radico Khaitan Ltd. McDowell Holdings Ltd.##

1501.30 518.59 416.40 356.26 210.06 -

11.59 4.01 3.22 2.75 1.62 -

Banks ICICI Bank Ltd. Federal Bank Ltd. Punjab National Bank Indian Overseas Bank

1381.71 470.25 372.00 361.86 177.60

10.67 3.63 2.87 2.79 1.37

Cement Grasim Industries Ltd. Ultratech Cement Ltd. ACC Ltd.

725.76 333.43 239.29 153.04

5.61 2.58 1.85 1.18

Auto Mahindra & Mahindra Ltd. Maruti Udyog Ltd. Tata Motors Ltd.

703.94 270.06 234.15 199.73

5.44 2.09 1.81 1.54

Telecom-Services Bharti Airtel Ltd.

632.15 632.15

4.88 4.88

Pesticides United Phosphorous Ltd.

534.22 534.22

4.13 4.13

Pharmaceuticals Wockhardt Ltd. Cipla Ltd.

452.45 300.82 151.63

3.49 2.32 1.17

Investment Objective: An open-end growth scheme with the objective of long term growth of capital, through a portfolio with a target allocation of 100% equity by aiming at being as diversified across various industries and or sectors as its chosen benchmark index, BSE 200. The secondary objective is income generation and distribution of dividend. Date of inception / takeover: August 30, 2002 NAV: Dividend Growth

Rs. 21.8346 51.7910

Load Structure (Incl. for SIP): Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: Nil Benchmark:

Issuer

Market Value Rs. in. Lacs

% to Net Assets

Finance United Breweries Holdings Ltd.

407.12 407.12

3.14 3.14

Industrial Products Kirloskar Oil Engines Ltd.

377.80 377.80

2.92 2.92

Hotels Indian Hotels Co. Ltd. Taj GVK Hotels & Resorts Ltd.

365.45 195.14 170.32

2.82 1.51 1.32

Oil Oil & Natural Gas Corporation Ltd.

347.66 347.66

2.69 2.69

Petroleum Products Reliance Industries Ltd.

341.15 341.15

2.63 2.63

Construction Nagarjuna Construction Co. Ltd.

254.77 254.77

1.97 1.97

Cash & Current Assets

730.05

5.64

12948.09

100.00

Total Net Asset

##

Mc Dowell India Spirits shares received upon demerger from Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and hence not valued

BSE 200 Corpus: Rs. 129.48 Crores

Systematic Investment Plan (SIP) SIP is a powerful tool that can help you create wealth over time. If you had invested* in BSLFEF... Monthly Investment

1,000

Number of Investment periods (Since Inception) Total Investment

Asset Allocation

NAV Performance 60

52 52,000

Value of Investment (As of January 31, 2007)

140,182

Return on Investment (CAGR#)

48.43%

* 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 200 would have given a return of 42.21%

48.2

50

45.02 40.33

43.34 40

39.53 35.18

39.43 32.2

30 20 10 0

1 Year

2 Years

3 Years

Since Inception

Birla SunLife Frontline Equity Fund - Growth

BSE200

Industrial Capital Goods Software Consumer Non Durables Banks Cash & Current Assets Cement Auto Telecom-Services Pesticides Pharmaceuticals Finance Industrial Products Hotels Oil Petroleum Products Construction

5.64% 5.61% 5.44% 4.88% 4.13% 3.49% 3.14% 2.92% 2.82% 2.69% 2.63% 1.97%

11.73% 11.59% 10.67%

20.65%

#

Computed after accounting for the cash flow by using XIRR method (investment internal rate of return)

Date of First Installment: October 01, 2002

18

««««Value Research Rating

#

Birla Sun Life Frontline Equity Fund (Past performance is no guarantee of future results.)

# for methodology please refer page 3 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Sun Life Equity Fund Investment Style: Growth

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

As on January 31, 2007

Portfolio Issuer

Market Value Rs. in. Lacs

% to Net Assets

10560.15 2427.16 1904.88 1674.84 1606.43 1223.83 1008.00 715.02

21.51 4.94 3.88 3.41 3.27 2.49 2.05 1.46

Software Satyam Computer Services Ltd. Infosys Technologies Ltd. Megasoft Ltd. Allsec Technologies Ltd. HCL Technologies Ltd. Geometric Software Solution Ltd.

4881.24 1439.71 1328.60 759.72 690.89 518.56 143.75

9.94 2.93 2.71 1.55 1.41 1.06 0.29

Consumer Non Durables United Spirits Ltd. United Breweries Ltd. ITC Ltd. Hindustan Lever Ltd. McDowell Holdings Ltd.##

4184.84 1892.62 839.07 828.55 624.60 -

8.53 3.86 1.71 1.69 1.27 -

Banks ICICI Bank Ltd. Punjab National Bank Andhra Bank Kotak Mahindra Bank Ltd.

3621.23 1283.81 1004.00 764.80 568.62

7.38 2.62 2.05 1.56 1.16

Auto Mahindra & Mahindra Ltd. Maruti Udyog Ltd. Tata Motors Ltd.

3374.16 1215.27 1170.75 988.14

6.87 2.48 2.38 2.01

Cement Grasim Industries Ltd. Madras Cements Ltd. ACC Ltd. Century Textile & Industries Ltd. Ultratech Cement Ltd.

3302.49 1411.84 600.09 549.39 517.05 224.12

6.73 2.88 1.22 1.12 1.05 0.46

Construction Nagarjuna Construction Co. Ltd. D.S. Kulkarni Developers Ltd. Patel Engineering Ltd. Sobha Developers Ltd.

3128.51 885.55 705.79 655.65 545.08

6.37 1.80 1.44 1.34 1.11

Investment Objective: An open-end growth scheme with the objective of long term growth of capital, through a portfolio with a target allocation of 90% equity and 10% debt and money market securities. Date of inception / takeover: August 27, 1998 NAV: Dividend Growth

Rs. 79.4764 186.8682

Load Structure (Incl. for SIP): Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: NIL Benchmark: BSE 200 Corpus: Rs. 490.88 Crores

Industrial Capital Goods Bharat Heavy Electricals Ltd. Larsen & Toubro Ltd. Crompton Greaves Ltd. Siemens Ltd. RPG Transmission Ltd. Bharat Bijlee Ltd. Thermax Ltd.

Issuer

Ansal Properties & Infrastructure Ltd.

Systematic Investment Plan (SIP)

Monthly Investment

0.69

Retailing Pantaloon Retail (India) Ltd. Shoppers Stop Ltd. Trent Ltd.

2848.12 1479.48 916.22 452.41

5.80 3.01 1.87 0.92

Telecom-Services Bharti Airtel Ltd.

2155.15 2155.15

4.39 4.39

Finance United Breweries Holdings Ltd.

1785.21 1785.21

3.64 3.64

Pharmaceuticals Wockhardt Ltd. Cadila Healthcare Ltd. Maestro Mediline Systems Ltd.

1464.47 1043.38 409.58 11.50

2.98 2.13 0.83 0.02

Industrial Products Cummins India Ltd.

1097.20 1097.20

2.24 2.24

Media & Entertainment Jagran Prakashan Ltd. New Delhi Television India Ltd. Magnasound India Ltd.**

981.20 527.96 453.23 -

2.00 1.08 0.92 -

Hotels Indian Hotels Co. Ltd.

962.33 962.33

1.96 1.96

Pesticides United Phosphorous Ltd.

907.92 907.92

1.85 1.85

Ferrous Metals Welspun Gujarat Stahl Rohren Ltd.

759.90 759.90

1.55 1.55

3074.20

6.26

49088.31

100.00

Cash & Current Assets Total Net Asset

**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

Asset Allocation

NAV Performance

1,000 60

Number of Investment periods (Since Inception) Total Investment

% to Net Assets

336.44

##

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

Market Value Rs. in. Lacs

Industrial Capital Goods Software Consumer Non Durables Banks Other Equity Auto Cement Construction Cash & Current Assets Retailing Telecom-Services Finance Pharmaceuticals Industrial Products

53.28

100

50

100,000

40

Value of Investment (As of January 31, 2007)

573,731

20

Return on Investment (CAGR#)

40.51%

10

49.81 38.44 35.18

48.96 41.49

39.53

36.97 32.2

30

* 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 200 would have given a return of 27.49%

22.25

0

1 Year

2 Years

3 Years

5 Years

Birla SunLife Equity Fund - Growth

Since Inception BSE200

21.51% 9.94% 8.53% 7.38% 7.36% 6.87% 6.73% 6.37% 6.26% 5.80% 4.39% 3.64% 2.98% 2.24%

#

Computed after accounting for the cash flow by using XIRR method (investment internal rate of return) Date of First Installment: October 1, 1998

««««Value Research Rating Birla Sun Life Equity Fund

CRISIL~CPR 2 Open End Diversified Equity Scheme^^ (Past performance is no guarantee of future results.)

(Past performance is no guarantee of future results.)

# for methodology please refer page 3

19

#

^^ for methodology please refer page 3

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

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

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

Investment Style: Growth

As on January 31, 2007

Portfolio Issuer

Market Value Rs. in. Lacs

Investment Objective:

% to Net Assets

Industrial Capital Goods Larsen & Toubro Ltd. Bharat Bijlee Ltd. Siemens Ltd. Honeywell Automation India Ltd.

3632.47 1571.53 910.73 688.47 461.74

12.42 5.37 3.11 2.35 1.58

Software Satyam Computer Services Ltd. Infosys Technologies Ltd. Wipro Ltd.

3508.40 1558.76 1122.23 827.42

11.99 5.33 3.84 2.83

Banks Federal Bank Ltd. ICICI Bank Ltd. ING Vysya Bank Ltd. State Bank of India Oriental Bank of Commerce

3155.29 873.16 846.45 673.51 546.26 215.90

10.79 2.98 2.89 2.30 1.87 0.74

Money Market Instruments ICICI Bank Ltd.

2912.41 2912.41

9.96 9.96

Finance United Breweries Holdings Ltd. Housing Development Finance Corp. Ltd.

2738.00 1735.55 1002.45

9.36 5.93 3.43

BSE 200

Auto Maruti Udyog Ltd. Mahindra & Mahindra Ltd.

2679.74 1779.54 900.20

9.16 6.08 3.08

Corpus:

Petroleum Products Reliance Industries Ltd.

1910.44 1910.44

6.53 6.53

Telecom-Services Bharti Airtel Ltd. Reliance Communications Ltd.

1807.98 955.13 852.85

6.18 3.26 2.92

Hotels Taj GVK Hotels & Resorts Ltd. Asian Hotels Ltd.

1698.32 949.53 748.79

5.81 3.25 2.56

Pesticides United Phosphorous Ltd.

1215.08 1215.08

4.15 4.15

Auto Ancillaries Motor Industries Company Ltd. MRF Ltd. Automobile Corporation of Goa Ltd.

1008.97 648.50 250.95 109.51

3.45 2.22 0.86 0.37

An open-end equity linked savings scheme (ELSS) with the objective of long term growth of capital through a portfolio with a target allocation of 80% equity, 20% debt and money market securities Date of inception / takeover: March 29, 1996 NAV Dividend

Rs. 150.3687

Load Structure (Incl. for SIP): Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: NIL Benchmark:

Issuer

Market Value Rs. in. Lacs

Consumer Non Durables Radico Khaitan Ltd. ITC Ltd.

949.85 515.60 434.25

3.25 1.76 1.48

Transportation Container Corporation of India Ltd.

396.42 396.42

1.36 1.36

Pharmaceuticals Sun Pharmaceutical Industries Ltd.

308.33 308.33

1.05 1.05

Industrial Products Kirloskar Brothers Ltd.

281.42 281.42

0.96 0.96

Trading Uniphos Enterprises Ltd.

222.66 222.66

0.76 0.76

Textile Products Aditya Birla Nuvo Ltd. Aditya Birla Nuvo Ltd. (Rights)

206.49 201.63 4.86

0.71 0.69 0.02

Cement Madras Cements Ltd.

166.69 166.69

0.57 0.57

-

-

454.89

1.55

29253.84

100.00

Media & Entertainment Magnasound India Ltd.** Cash & Current Assets Total Net Asset

Rs. 292.53 Crores

Systematic Investment Plan (SIP) SIP is a powerful tool that can help you create wealth over time. If you had invested* in BSLTR’96F... Monthly Investment

1,000

Number of Investment periods (Since Inception) Total Investment Value of Investment (As of January 31, 2007)

% to Net Assets

**Represents thinly traded/ non traded securities

Asset Allocation

NAV Performance

130 130,000

50 43.37 39.53

45 40

1,438,985

35

41.09%

25

37.7

35.18

40.59

40 36.97

34.46 32.2

30

Return on Investment (CAGR#)

* 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 200 would have given a return of 22.28%. Dividend Reinvestment NAVs has been considered for the analysis.

20

15.77

15 10 5 0

1 Year

2 Years

3 Years

5 Years

Birla SunLife Capital Tax Relief 96

Since Inception

BSE200

Industrial Capital Goods Software Banks Money Market Instruments Finance Auto Petroleum Products Telecom-Services Hotels Other Equity Pesticides Auto Ancillaries Consumer Non Durables Cash & Current Assets

12.42% 11.99% 10.79% 9.96% 9.36% 9.16% 6.53% 6.18% 5.81% 5.41% 4.15% 3.45% 3.25% 1.55%

#

Computed after accounting for the cash flow by using XIRR method (investment internal rate of return) Date of First Installment: April 1, 1996

20

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Balance Investment Style: (Equity) Value + Growth Interest Rate Sensitivity: (Debt) Medium

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

As on January 31, 2007

Portfolio Issuer

Market Value Rs. in. Lacs

Investment Objective:

% to Net Assets

Issuer

Market Value Rs. in. Lacs

% to Net Assets

Bharat Electronics Ltd.

376.90

3.08

Fertilisers Tata Chemicals Ltd.

371.15 371.15

3.03 3.03

13.81 4.39 3.76 3.64 2.02 -

Industrial Products BOC India Ltd.

235.65 235.65

1.92 1.92

Corporate Debt Power Finance Corporation Ltd. ** Housing Development Finance Corp. Ltd. **

199.24 149.67 49.57

1.63 1.22 0.40

1257.47 648.14 609.33

10.26 5.29 4.97

Hotels Indian Hotels Co. Ltd.

76.23 76.23

0.62 0.62

349.51

2.85

1012.86 516.78 496.08

8.27 4.22 4.05

12252.70

100.00

PSU/PFI Bonds/Banks Citibank N A ** HDFC Bank Ltd. **

795.60 753.19 42.41

6.49 6.15 0.35

Banks State Bank of India Oriental Bank of Commerce

757.48 455.22 302.26

6.18 3.72 2.47

Telecom-Services Bharti Airtel Ltd.

672.13 672.13

5.49 5.49

Power Reliance Energy Ltd.

566.41 566.41

4.62 4.62

6.08 Years

Pesticides United Phosphorous Ltd.

555.81 555.81

4.54 4.54

Corpus:

Petroleum Products Reliance Industries Ltd.

545.84 545.84

4.45 4.45

Industrial Capital Goods

376.90

3.08

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. Date of inception / takeover: October 12, 1999 NAV: Dividend Growth

Government Bond Govt Bond 7.44% OIL MKTG. COS.2012 Govt Bond 7.61% Oil Company 2015 8.33% CGL 07 JUNE 2036

2788.34 2217.35 289.80 281.19

22.76 18.10 2.37 2.29

Consumer Non Durables ITC Ltd. Radico Khaitan Ltd United Spirits Ltd. E.I.D. Parry (India) Ltd. McDowell Holdings Ltd. ##

1692.09 538.47 460.32 445.80 247.50 -

Auto Mahindra & Mahindra Ltd. Hero Honda Motors Ltd. Pharmaceuticals Pfizer Ltd. Novartis India Ltd.

Rs.

Cash & Current Assets

18.7321 28.1752

Load Structure (Incl. for SIP): Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: NIL

Total Net Asset

** Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 8.12 % ##

Benchmark:

Mc Dowell India Spirits shares received upon demerger from Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and hence not valued

CRISIL Balanced Fund Index Average Maturity:

Rs. 122.52 Crores

SIP is a powerful tool that can help you create wealth over time. If you had invested* in Birla Balance... Monthly Investment Number of Investment periods (Since Inception) Total Investment

30

1,000

Asset Allocation

NAV Performance

Systematic Investment Plan (SIP)

25

27.01 26.39 24.69

26.69 23.51

21.99

20.74

20 15.23

87

15

87,000

10

Value of Investment (As of January 31, 2007)

199,131

Return on Investment (CAGR#)

22.36%

5 0

1 Year

2 Years

BB Gr

3 Years

5 Years

Since Inception

Crisil Balanced Fund Index

* 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 200 would have given a return of 19.11%

10.26% 8.27% 6.49% 6.18% 5.49% 4.62% 4.54% 4.45% 3.08% 3.03% 2.85% 2.55% 1.63%

Other

Computed after accounting for the cash flow by using XIRR method (investment internal rate of return)

21

22.76% 13.81%

Rating Profile

#

Date of First Installment: November 1, 1999

Government Bond Consumer Non Durables Auto Pharmaceuticals PSU/PFI Bonds/Banks Banks Telecom-Services Power Pesticides Petroleum Products Industrial Capital Goods Fertilisers Cash & Current Assets Other Equity & Preference Corporate Debt

66.27%

Sovereign 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.

AAA Cash & Current Assets AA

22.76% 6.90% 2.85% 1.22%

Birla Sun Life '95 Fund Investment Style: (Equity) Value + Growth Interest Rate Sensitivity: (Debt) Low

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

As on January 31, 2007

Portfolio Issuer

Market Value % to Net Rs. in. Lacs Assets

Investment Objective:

Rating

Government Bond Govt Bond 7.44% OIL MKTG. COS.2012 Govt Bond 7.61% Oil Company 2015 8.33% CGL 07 JUNE 2036 Govt Bond 7.94% 2021

3982.21 29.90 2013.12 15.12 Sovereign 1811.25 13.60 Sovereign 127.81 0.96 Sovereign 30.03 0.23 Sovereign

Consumer Non Durables ITC Ltd. United Breweries Ltd. Bombay Burmah Trading Corporation Ltd.

1515.46 657.83 630.30 227.33

11.38 4.94 4.73 1.71

Pesticides Rallis India Ltd. United Phosphorous Ltd.

1179.76 627.35 552.40

8.86 4.71 4.15

Finance United Breweries Holdings Ltd.

1064.24 1064.24

7.99 7.99

Banks State Bank of India Oriental Bank of Commerce

997.38 569.03 428.36

7.49 4.27 3.22

Telecom-Services Bharti Airtel Ltd.

707.50 707.50

5.31 5.31

Auto Hero Honda Motors Ltd.

682.53 682.53

5.12 5.12

CRISIL Balanced Fund Index

Petroleum Products Reliance Industries Ltd.

682.30 682.30

5.12 5.12

Average Maturity: 7.20 Years

Retailing Trent Ltd.

444.74 444.74

3.34 3.34

Corpus:

Gas Gujarat Gas Co. Ltd.

395.40 395.40

2.97 2.97

Industrial Products BOC India Ltd.

367.00 367.00

2.76 2.76

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. Date of inception / takeover:

Issuer

Market Value % to Net Rs. in. Lacs Assets

Media & Entertainment ETC Networks Ltd. Global Broadcast News Magnasound India Ltd. **

286.58 260.40 26.18 -

2.15 1.96 0.20 -

PSU/PFI Bonds/Banks Power Finance Corporation Ltd. **

243.18 243.18

1.83 1.83

Fertilisers Rashtriya Chemicals & Fertilizers Ltd.

238.73 238.73

1.79 1.79

Pharmaceuticals Cadila Healthcare Ltd.

226.46 226.46

1.70 1.70

Industrial Capital Goods Bharat Bijlee Ltd.

135.91 135.91

1.02 1.02

Rating

AAA

February 10, 1995 NAV:

Rs.

Dividend Growth

83.0623 179.7848

Load Structure (Incl. for SIP): Entry Load: < Rs. 5 crores - 2.25 % ³ Rs. 5 crores - Nil Exit Load: Nil Benchmark:

Rs. 133.18 Crores

Monthly Investment

1,000

25

Number of Investment periods (Since Inception) Total Investment

30

33.34

142 142,000

24.69

31.61

29.8

28.95

27.27

26.39 20.74

20 15 10 5

Value of Investment (As of January 31, 2007)

1,009,792 #

Return on Investment (CAGR )

30.36%

0

1 Year

2 Years

3 Years

Birla SunLife 95 - Growth

5 Years

Since Inception

Crisil Balanced Fund Index

* 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 200 would have given a return of 12.63%

Date of First Installment: April 1, 1995

22

Total Net Asset

1.14

13318.40 100.00

** Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 1.96 %

Government Bond Consumer Non Durables Pesticides Finance Banks Other Equity Telecom-Services Auto Petroleum Products Retailing Gas Industrial Products PSU/PFI Bonds/Banks Cash & Current Assets Securitised Debt

29.90% 11.38% 8.86% 7.99% 7.49% 6.66% 5.31% 5.12% 5.12% 3.34% 2.97% 2.76% 1.83% 1.14% 0.13%

Rating Profile 66.81%

Other

#

Computed after accounting for the cash flow by using XIRR method (investment internal rate of return)

151.59

0.13 0.13 AAA(SO)

Asset Allocation

40 35

17.41 17.41

Cash & Current Assets

NAV Performance

Systematic Investment Plan (SIP) SIP is a powerful tool that can help you create wealth over time. If you had invested* in BSL‘95F...

Securitised Debt Fleet Trust July 2004 A2 Series **

Sovereign 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.

29.90%

AAA

1.96%

Cash & Current Assets

1.33%

Birla MIP

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

Investment Style: (Equity) Value + Growth Interest Rate Sensitivity: (Debt) Medium

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

As on January 31, 2007

Portfolio Issuer

Market Value % to Net Rs. in. Lacs Assets

Investment Objective: 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. Date of inception / takeover: November 20, 2000 NAV: Dividend Payment / Growth

Rs. 11.0962 19.1866

Corporate Debt 6632.97 37.17 Housing Development Finance Corp. Ltd. ** 1685.25 9.45 Cholamandalam DBS Finance Ltd. ** 1012.11 5.67 Kotak Mahindra Prime Ltd. ** 992.65 5.56 Mahindra & Mahindra Financial Serv. Ltd. ** 992.10 5.56 Great Eastern Shipping Company Ltd. ** 904.28 5.07 Sundaram Finance Ltd. ** 598.68 3.36 Electrosteel Castings Ltd. ** 242.58 1.36 CitiFinancial Consumer Finance India Ltd ** 205.32 1.15 Government Bond Govt Bond 7.44% OIL MKTG. COS.2012 Govt Bond 7.61% Oil Company 2015 Govt Bond 7.59% OIL MKTG. COS.2015

4887.04 27.39

EQUITY Radico Khaitan Ltd Reliance Industries Ltd. Bharti Airtel Ltd. United Phosphorous Ltd. Novartis India Ltd. Reliance Energy Ltd. Hero Honda Motors Ltd. Pfizer Ltd. ITC Ltd. Oriental Bank of Commerce State Bank of India Rallis India Ltd. United Spirits Ltd. Indian Hotels Co. Ltd. McDowell Holdings Ltd. **

2295.84 12.87 192.40 1.08 191.04 1.07 191.03 1.07 189.83 1.06 187.75 1.05 179.76 1.01 179.43 1.01 170.41 0.96 168.49 0.94 167.46 0.94 153.64 0.86 150.03 0.84 136.47 0.76 38.11 0.21 -

<= Rs 10 lakhs: 0.60% if redeemed / switched out with in 90 days from the date of allotment. > 10 Lakhs: Nil Benchmark: CRISIL MIP Blended Index Average Maturity: 3.51 Years Corpus:

AAA LAA LAA AA+ AAA AA+ AA AAA

2723.07 15.26 Sovereign 2018.94 11.32 Sovereign 145.04

0.81 Sovereign

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

Rating

Issuer

Market Value % to Net Rs. in. Lacs Assets

Securitised Debt Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010 ** Indian Corp Loan Sec Trust 03Apr2008 ** Ind Retail ABS Trust Ser XIII A3PTC ** Fleet Trust Aug I 2003 A3 CFIL (IL&FS) **

2220.70 12.45 1068.67 803.46 287.98 60.59

5.99 AAA(SO) 4.50 AA(So) 1.61 MAAA(So) 0.34 AAA(SO)

PSU/PFI Bonds/Banks Power Finance Corporation Ltd. ** Power Grid Corporation of India Ltd. **

765.33 389.09 376.24

4.29 2.18 2.11

Mutual Fund Units Birla Fixed Term Debt Fund Ser 3 -18 B Birla Fixed Term Debt Fund Ser 3 -36 B

86.70 54.53 32.17

0.49 0.31 0.18

954.13

5.35

Cash & Current Assets Total Net Asset

Rating

17842.72 100.00

** Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 53.91 %

Rs. 178.42 Crores

Asset Allocation

NAV Performance Corporate Debt

12

37.17%

11.08 10.41

10

9.34 9.09

8.87 7.82

8

27.39%

Government Bond

9.59 7.31

6 4

Equity

12.87%

Securitised Debt

12.45% 5.35%

Cash & Current Assets

2

4.29%

PSU/PFI Bonds/Banks 0

1 Year

2 Years

3 Years

5 Years

Since Inception

0.49%

Mutual Fund Units

Rating Profile 27.90%

AAA Sovereign

23

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.

AAA AAA

27.39% 26.01%

AA Equity Cash & Current Assets

13.35% 5.35%

Birla MIP II - Savings 5 Plan Investment Style: (Equity) Value + Growth Interest Rate Sensitivity: (Debt) Medium

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

As on January 31, 2007

Portfolio Issuer

Market Value % to Net Rs. in. Lacs Assets

Investment Objective: An Open-ended income scheme with the objective to generate regular income so as to make monthly payment or distribution to unit holders with the secondary objective being growth of capital. Monthly Income is not assured and is subject to availability of distributable surplus. Date of inception / takeover: May 22, 2004 NAV: Dividend Payment / Growth

Rs. 10.1454 11.5647

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

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

Corporate Debt GE Capital Services India Ltd. ** Kotak Mahindra Prime Ltd. ** Electrosteel Castings Ltd. **

229.02 99.73 98.97 30.32

35.76 15.57 15.45 4.73

Rating

AAA LAA AA

Securitised Debt 172.43 Indian Corp Loan Sec Trust 03Apr2008 **100.43 Ind Retail ABS Trust Ser XIII A3PTC ** 71.99

26.92 15.68 AA(So) 11.24 MAAA(So)

Floating Rate Instruments ICICI Bank Ltd.

100.00 100.00

15.61 15.61

EQUITY Hero Honda Motors Ltd. Oriental Bank of Commerce Bharti Airtel Ltd. Rallis India Ltd. State Bank of India

24.52 5.74 5.40 5.09 4.50 3.79

3.83 0.90 0.84 0.80 0.70 0.59

Cash & Current Assets

114.48

17.87

Total Net Asset

640.45 100.00

AAA

** Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 62.68 %

Benchmark: CRISIL MIP Blended Index Average Maturity: 0.40 Years Corpus: Rs. 6.40 Crores

Asset Allocation

NAV Performance 12 10

Corporate Debt

9.59

9.09

35.76%

8.26

26.92%

Securitised Debt

8 6.36 6

5.88

5.54

17.87%

Cash & Current Assets 4

Floating Rate Instruments

2 0

1 Year

2 Years

Birla MIP II - Savings 5 - Growth

Since Inception

15.61%

Equity

3.83%

Crisil MIP Blended Index

Rating Profile 42.43%

AAA 35.87%

AA

24

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.

17.87%

Cash & Current Assets Equity

3.83%

Birla MIP II - Wealth 25 Plan Investment Style: (Equity) Value + Growth Interest Rate Sensitivity: (Debt) Medium

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

As on January 31, 2007

Portfolio Issuer

Market Value % to Net Rs. in. Lacs Assets

Investment Objective: An Open-ended income scheme with the objective to generate regular income so as to make monthly payment or distribution to unit holders with the secondary objective being growth of capital. Monthly Income is not assured and is subject to availability of distributable surplus. Date of inception / takeover: May 22, 2004 NAV: Dividend Payment / Growth

Rs. 11.2223 13.5070

Load Structure (Incl. for SIP): Entry Load: NIL Exit Load: For redemption / switch out of units within 12 months from the date of allotment: 1%

Benchmark: CRISIL MIP Blended Index Average Maturity: 4.11 Years

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

Rating

Issuer

Corporate Debt 3992.98 Sundaram Finance Ltd. ** 1501.12 Housing Development Finance Corp. Ltd. ** 1288.98 Mahindra & Mahindra Financial Serv. Ltd. ** 496.05 Great Eastern Shipping Company Ltd. ** 452.14 Cholamandalam DBS Finance Ltd. ** 119.07 Indian Railways Finance Corp. Ltd. ** 105.30 Electrosteel Castings Ltd. ** 30.32

33.60 12.63

AA+

10.85

AAA

4.17 3.80 1.00 0.89 0.26

AA+ AAA LAA AAA AA

Government Bond Govt Bond 7.44% OIL MKTG. COS.2012 Govt Bond 7.61% Oil Company 2015 Govt Bond 7.59% OIL MKTG. COS.2015

3077.71

25.90

1556.04 1279.95 241.73

13.09 Sovereign 10.77 Sovereign 2.03 Sovereign

EQUITY 2350.28 ITC Ltd. 138.96 Bharti Airtel Ltd. 136.41 Radico Khaitan Ltd 132.70 United Phosphorous Ltd. 131.36 Hero Honda Motors Ltd. 129.61 Mahindra & Mahindra Ltd. 126.03 Reliance Industries Ltd. 122.81 Rallis India Ltd. 120.02 State Bank of India 119.50 ZF Steering Gear (India) Ltd. 114.64 Oriental Bank of Commerce 113.35 Aventis Pharma Ltd. 107.13 Novartis India Ltd. 107.10 Pfizer Ltd. 105.26 Hindustan Lever Ltd. 104.10 Reliance Energy Ltd. 97.58 Subros Ltd. 93.53 Glaxosmithkline Consumer Healthcare Ltd. 89.35 Hindustan Sanitaryware & Industries Ltd. 87.37 United Spirits Ltd. 85.52

19.77 1.17 1.15 1.12 1.11 1.09 1.06 1.03 1.01 1.01 0.96 0.95 0.90 0.90 0.89 0.88 0.82 0.79 0.75 0.74 0.72

Market Value % to Net Rs. in. Lacs Assets

BOC India Ltd. Global Broadcast News McDowell Holdings Ltd. ** Securitised Debt Indian Retail ABS Trust Series 56 (A1X) ** Indian Corp Loan Sec Trust 03Apr2008 ** BHPC 15 OCT 2008 BHPC Auto Sec Trust **

65.98 21.98 1314.47

PSU/PFI Bonds/Banks Power Finance Corporation Ltd. ** Mutual Fund Units Birla Fixed Term Debt Fund Ser 3 -18 B Birla Fixed Term Debt Fund Ser 3 -36 B Cash & Current Assets

Rating

0.56 0.18 11.06

549.25

4.62 AAA(SO)

401.73

3.38

363.49

3.06 AAA(SO)

680.91 680.91

5.73 5.73

86.70 54.53 32.17

0.73 0.46 0.27

382.16

3.22

AA(SO)

AAA

Total Net Asset 11885.22 100.00 ** Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 50.38 %

Corpus: Rs. 118.85 Crores

Asset Allocation

NAV Performance Corporate Debt

14 11.83

12 10

33.60%

11.8

25.90%

Government Bond

10.06 9.09

9.59 8.26

8

Equity

19.77% 11.06%

Securitised Debt

6 4

5.73%

PSU/PFI Bonds/Banks

2 0

3.22%

Cash & Current Assets 1 Year

2 Years

Birla MIP II - Wealth 25 - Growth

Since Inception

Crisil MIP Blended Index

Mutual Fund Units

0.73%

Rating Profile 28.94%

AAA

««««Value Research Rating Birla MIP II Wealth 25 Plan

#

(Past performance is no guarantee of future results.)

Sovereign

25.90% 21.44%

AA Equity

20.32%

# for methodology please refer page 3 Cash & Current Assets

25

3.40%

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

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

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

Investment Style: (Equity) Value + Growth Interest Rate Sensitivity: (Debt) Medium

As on January 31, 2007

Portfolio Issuer

Market Value % to Net Rs. in. Lacs Assets

Investment Objective: 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. Date of inception / takeover: July 14, 1999 NAV: Dividend Growth Quarterly Dividend

Rs. 10.8539 25.3953 11.2941

Load Structure (Incl. for SIP): Entry Load: NIL Exit Load: For redemption / switch out of units within 12 months from the date of allotment: 1%

Benchmark: CRISIL MIP Blended Index Average Maturity: 3.93 Years

Rating

Government Bond Govt Bond 7.44% OIL MKTG. COS.2012 Govt Bond 7.61% Oil Company 2015 Govt Bond 7.59% OIL MKTG. COS.2015

5111.02 2917.57 1516.62 676.83

39.23 22.39 Sovereign 11.64 Sovereign 5.19 Sovereign

Corporate Debt Cholamandalam DBS Finance Ltd. ** Kotak Mahindra Prime Ltd. ** Tata Steel Ltd. ** Sundaram Finance Ltd. ** Housing Development Finance Corp. Ltd. **

3152.02 1041.88 992.65 490.65 349.23

24.19 8.00 7.62 3.77 2.68

277.62

2.13

Securitised Debt Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010 ** India Infrastructure Developers Ltd. ** Goldstar Trust (CITI) ** Fleet Trust July 2004 A2 Series ** Fleet Trust April 2004 Series **

1984.80

15.23

1603.01 316.11 44.00 17.41 4.26

12.30 2.43 0.34 0.13 0.03

EQUITY United Breweries Holdings Ltd. Gujarat Gas Co. Ltd. Rallis India Ltd. Bharti Airtel Ltd. Nirma Ltd. BOC India Ltd. United Phosphorous Ltd. United Breweries Ltd. Mahindra & Mahindra Ltd. Hero Honda Motors Ltd. Pritish Nandy Communications Ltd.

1932.58 199.91 156.35 144.21 141.50 136.57 132.26 131.36 126.06 126.03 124.16 106.22

14.83 1.53 1.20 1.11 1.09 1.05 1.02 1.01 0.97 0.97 0.95 0.82

Issuer

Market Value % to Net Rs. in. Lacs Assets

LAA LAA AAA AA+

State Bank of India Oriental Bank of Commerce ETC Networks Ltd. Hindustan Sanitaryware & Industries Ltd. Trent Ltd. Subros Ltd. Magnasound India Ltd. ** PSU/PFI Bonds/Banks Power Finance Corporation Ltd. ** Power Finance Corporation Ltd. **

102.42 97.16 87.10 50.57 43.42 27.30 301.32 291.82 9.50

0.79 0.75 0.67 0.39 0.33 0.21 2.31 2.24 0.07

AAA

Cash & Current Assets

547.17

4.20

Total Net Asset AAA(SO) AA(SO) AAA(SO) AAA(SO) AAA(SO)

** Represents thinly traded/non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 41.74 %

Rs. 130.28 Crores

Asset Allocation

NAV Performance

12 10

13.13 11.96

9.09

11.49 10.47 9.59

39.23%

Government Bond Corporate Debt

24.19%

8.56

8

7.31

Securitised Debt

15.23%

Equity

14.83%

6 4 2 0

4.20%

Cash & Current Assets 1 Year

2 Years

3 Years

Birla SunLife MIP - Growth

5 Years

Since Inception

2.31%

PSU/PFI Bonds/Banks

Crisil MIP Blended Index

Rating Profile Sovereign

39.23% 23.44%

AAA

18.30%

AA

26

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.

AAA AAA

13028.92 100.00

Corpus:

14

Rating

Equity Cash & Current Assets

14.83% 4.20%

Birla Income Plus Interest Rate Sensitivity: Medium

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

As on January 31, 2007

Portfolio Issuer

Market Value % to Net Rs. in. Lacs Assets

Investment Objective: An Open-ended income scheme with the objective to generate consistent income through superior yields on its investments at moderate levels of risk through a diversified investment approach. Date of inception / takeover: October 21, 1995 NAV: Dividend Growth

Rs. 10.1917 30.4069

Load Structure (Incl. for SIP): Entry Load: NIL Exit Load: <= Rs 10 lakhs: 0.60% if redeemed / switched out with in 180 days from the date of allotment. > 10 Lakhs: Nil Benchmark: CRISIL Composite Bond Fund Index Average Maturity: 6.47 Years

Rating

Issuer

Government Bond 12348.37 Govt Bond 7.44% OIL MKTG. COS.2012 6661.79 Govt Bond 7.61% Oil Company 2015 2511.60 Govt Bond 7.94% 2021 1701.53 Govt Bond 8.13% OIL MKT COMP GOI 2021 990.00 Govt Bond 7.59% OIL MKTG. COS.2015 483.45

53.41

Corporate Debt CitiFinancial Consumer Finance India Ltd** Housing Development Finance Corp. Ltd.** Hindalco Industries Ltd.** BHW Home Finance Ltd.** IL&FS Investmart Ltd.** Cholamandalam DBS Finance Ltd.** Reliance Industries Ltd.**

5498.65

23.78

1487.23

6.43

1483.40 1242.13 1001.52 99.56 99.23 85.58

6.42 AAA 5.37 AAA 4.33 LAA+ 0.43 LAAA(So) 0.43 LAA 0.37 AAA

PSU/PFI Bonds/Banks Power Finance Corporation Ltd.** Indian Railways Finance Corp. Ltd.** Power Finance Corporation Ltd.** Neyveli Lignite Corporation Ltd.** Oriental Bank of Commerce**

3658.42 2266.45 987.02 285.13 110.01 9.81

Floating Rate Instruments Indian Retail ABS Trust SerXIII A3

363.05 363.05

28.81 Sovereign 10.86 Sovereign 7.36 Sovereign 4.28 Sovereign 2.09 Sovereign

15.82 9.80 4.27 1.23 0.48 0.04

Market Value % to Net Rs. in. Lacs Assets

Securitised Debt Ind Retail ABS Trust Ser XIII A3PTC** Cash & Current Assets Total Net Asset

107.99 107.99 1145.38

Rating

0.47 0.47 MAAA(So) 4.95

23121.87 100.00

** Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 40.07 %

AAA

AAA AAA AAA LAAA AA+

1.57 1.57 MAAA(So)

Corpus: Rs. 231.21 Crores

Asset Allocation

NAV Performance

53.41%

Government Bond

12 10.35 10

Corporate Debt

23.78%

8 6.28 6

4.79 4.04

15.82%

PSU/PFI Bonds/Banks

5.62 4.29

4

Cash & Current Assets

2.99 2.92

4.95%

2

Floating Rate Instruments 0

1 Year

2 Years

BIP Gr

3 Years

5 Years

1.57%

Since Inception

Crisil Composite Bond Fund Index

Securitised Debt

0.47%

Rating Profile Sovereign

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

36.84%

AAA Cash & Current Assets

4.95%

AA

4.80%

^^ for methodology please refer page 3

27

53.41%

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Sun Life Income Fund Interest Rate Sensitivity: Medium

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

As on January 31, 2007

Portfolio Issuer

Market Value % to Net Rs. in. Lacs Assets

Investment Objective: An Open-ended income scheme with the objective to generate income and capital appreciation by investing 100% of the corpus in a diversified portfolio of debt and money market securities. Date of inception / takeover: March 03, 1997 NAV: Half Yearly Dividend Growth Quarterly Dividend 54 EA Dividend 54 EA Growth 54 EB Dividend 54 EB Growth

Government Bond Govt Bond 7.44% OIL MKTG. COS.2012 Govt Bond 8.13% OIL MKT COMP GOI 2021

Rating

1541.48 45.79 1264.28 37.56 Sovereign 277.20

8.23 Sovereign

Securitised Debt Goldstar Trust (CITI)** India Infrastructure Developers Ltd. ** Fleet Trust April 2004 Series **

353.33 10.50 176.01 5.23 175.62 5.22 1.71 0.05

AAA(SO) AAA(SO) AAA(SO)

Money Market Instruments Tata Power Company Ltd. The Hongkong & Shanghai Banking Corp Ltd

346.70 10.30 243.79 7.24

P1+

102.91

3.06

F1+

Corporate Debt Housing Development Finance Corp. Ltd.**

297.40

8.83

297.40

8.83

AAA

PSU/PFI Bonds/Banks Power Finance Corporation Ltd.**

285.13 285.13

8.47 8.47

AAA

Floating Rate Instruments 190.03 Housing Development Finance Corp. Ltd. 190.03

5.64 5.64

LAAA

Rs. 10.8642 25.7356 10.3212 11.3325 25.7176 11.3445 25.5556

Load Structure (Incl. for SIP): Entry Load: NIL Exit Load: <= Rs 10 lakhs: 0.60% if redeemed / switched out with in 180 days from the date of allotment. > 10 Lakhs: Nil

Cash & Current Assets

352.32 10.47

Benchmark: Total Net Asset

3366.39 100.00

CRISIL Composite Bond Fund Index Average Maturity:

** Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 27.80 %

3.74 Years Corpus:

Asset Allocation

NAV Performance

Rs. 33.66 Crores 12

10

10 8

7.76

Securitised Debt

10.50%

Cash & Current Assets

10.47%

6.94 6.02

6 4.04

4.29

4

4.21

Money Market Instruments

10.30%

2.92

2 0

45.79%

Government Bond

1 Year

2 Years

3 Years

5 Years

Corporate Debt

8.83%

PSU/PFI Bonds/Banks

8.47%

Since Inception

Birla SunLife Income Fund - Growth Crisil Composite Bond Fund Index

Floating Rate Instruments

5.64%

Rating Profile

CRISIL~CPR 1 Open End Debt Scheme^^

Sovereign

45.79% 43.74%

AAA

(Past performance is no guarantee of future results.)

^^ for methodology please refer page 3

28

Cash & Current Assets

10.47%

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Gilt Plus Interest Rate Sensitivity: Regular Plan/PF Plan - High, Liquid Plan - Low

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

As on January 31, 2007

Portfolio Issuer

Investment Objective: An Open-ended government securities scheme with the objective to generate income and capital appreciation through investments exclusively in Government Securities. Date of inception / takeover: October 12, 1999 NAV:

Rs.

Liquid Plan Quarterly Dividend Growth Annual Dividend PF Plan Quarterly Dividend Growth Annual Dividend Regular Plan Quarterly Dividend Growth Annual Dividend

10.7270 18.0443 12.0156 10.6519 20.7403 20.7410 11.2132 23.3676 23.4153

Load Structure (Incl. for SIP): Liquid Plan, Regular Plan & PF Plan-Quarterly / Annual Dividend: Entry Load: NIL; Exit Load: NIL PF Plan - Growth: Entry Load: NIL 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

Market Value % to Net Rs. in. Lacs Assets

Rating

NAV Performance 9

Liquid Plan

8.41

8 7

Treasury Bills 182 Day TBill 09 MAR 2007

1589.46 73.18 1589.46 73.18 Sovereign

6.61 6.44

6

6.27 5.73 5.64

5

5.35 4.99

4

Government Bond Govt Bond 7.44% OIL MKTG. COS.2012

291.76 13.43 291.76 13.43 Sovereign

Cash & Current Assets

290.68 13.38

Total Net Asset

3 2 1 0 1 Year

2 Years

2171.90 100.00

3 Years

BGPL Gr

Liquid Plan - 0.77 Years PF Plan - 4.51 Years Regular Plan - 13.34 Years

Since Inception

I-Sec Si-BEX

NAV Performance

PF Plan 12

Government Bond 9121.42 Govt Bond 7.61% Oil Company 2015 2163.84 Govt Bond 7.59% OIL MKTG. COS.2015 1630.19 Govt Bond 7.44% OIL MKTG. COS.2012 1556.04 Govt Bond 7.94% 2021 1161.04 8.33% CGL 07 JUNE 2036 1124.75 Govt Bond 8.13% OIL MKT COMP GOI 2021 990.00 Govt Bond 7.59% 2016 495.55 Cash & Current Assets

229.62

Total Net Asset

97.54 23.14 17.43 16.64 12.42 12.03 10.59 5.30

10.49

10

Sovereign Sovereign Sovereign Sovereign Sovereign Sovereign Sovereign

7.42

8

6.75

6.20 6

5.45

5.08 3.50

4

2.87

2 0 1 Year

2.46

2 Years

3 Years

BGP PFP Gr

5 Years

Since Inception

I-Sec Li-BEX

9351.04 100.00

NAV Performance 14

Regular Plan Government Bond

12.31

12

5810.91 97.68

9.38

10

Govt Bond 7.61% Oil Company 2015 1449.00 Govt Bond 7.94% 2021 1391.25 8.33% CGL 07 JUNE 2036 1022.50 Govt Bond 7.59% OIL MKTG. COS.2015 966.90 Govt Bond 8.13% OIL MKT COMP GOI 2021 495.00 Govt Bond 7.44% OIL MKTG. COS.2012 486.26

24.36 23.39 17.19 16.25 8.32 8.17

Sovereign Sovereign Sovereign Sovereign Sovereign Sovereign

8

7.37

6.2

6.07

6.57

6 3.74 3.5

4 2 0 1 Year

2 Years

3 Years

Birla GPRP Gr

Average Maturity:

5 Years

Cash & Current Assets

137.81

Total Net Asset

5 Years

Since Inception

I-Sec Li-BEX

2.32 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

5948.72 100.00

Corpus: Liquid Plan - Rs. 21.71 Crores PF Plan - Rs. 93.51 Crores Regular Plan - Rs. 59.48 Crores

Regular Plan - Asset Allocation

Liquid Plan - Asset Allocation Treasury Bills

73.18%

Government Bond Government Bond

13.43%

Cash & Current Assets

13.38%

«««««Value Research Rating ICRA Online Awards 2006@: GOLD Ranked MFR1 in Open Ended Gilt Schemes - Short Term (3 year) (Past performance is no guarantee of future results.)

2.32%

PF Plan - Asset Allocation

#

Birla Gilt Plus - Liquid Plan (Past performance is no guarantee of future results.)

# for methodology please refer page 3

CRISIL~CPR 2 Open End Long Term Gilt Scheme^^ (Past performance is no guarantee of future results.)

29

Cash & Current Assets

97.68%

^^ for methodology please refer page 3

Government Bond

Cash & Current Assets

97.54%

2.46%

Birla Sun Life Government Securities Fund Interest Rate Sensitivity: Long Term Plan - High, Short Term Plan - Low

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

As on January 31, 2007

Portfolio Issuer

Investment Objective: 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.

Market Value % to Net Rs. in. Lacs Assets

Rating

Long Term Plan

Issuer

Market Value % to Net Rs. in. Lacs Assets

Rating

Short Term Plan

Government Bond

210.19 91.33

Government Bond

10.01 16.57

Govt Bond 7.94% 2021

210.19 91.33 Sovereign

Govt Bond 7.94% 2021

10.01 16.57 Sovereign

Cash & Current Assets

50.41 83.43

Total Net Asset

60.42 100.00

Cash & Current Assets

19.94

8.67

Date of inception / takeover: Total Net Asset

October 28, 1999 NAV: Long Term Plan: Dividend Growth Short Term Plan: Dividend Growth

230.13 100.00

Rs. 10.6016 20.0313 10.3387 15.8856

Long Term Plan - NAV Performance

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

8

Long Term Plan - I-Sec Li-BEX

7.26

10.03

7

10

5.34

5.64 4.54

4

5.03

4

2.86

Short Term Plan - I-Sec Si-BEX

4.99

5

6.57

6.03 6.2 6

6.58

6.44

6

7.76

8

Benchmark:

Short Term Plan - NAV Performance

12

3.36

3

3.5

2 2

1

Average Maturity: Long Term Plan - 13.08 Years Short Term Plan - 2.38 Years

0 1 Year

2 Years

3 Years

5 Years

Birla SunLife G Sec Fund - LT - Growth

Since Inception

I-Sec Li-BEX

0

1 Year

2 Years

3 Years

5 Years

Birla SunLife G Sec Fund - STD - Growth

Long Term Plan - Asset Allocation

Since Inception

I-Sec Si-BEX

Short Term Plan - Asset Allocation

Corpus: Long Term Plan - Rs. 2.30 Crores

Government Bond

91.33%

Short Term Plan - Rs. 0.60 Crores Cash & Current Assets

8.67%

Cash & Current Assets

Short Term Plan - Rating Profile 91.33%

8.67%

16.57%

Government Bond

Long Term Plan - Rating Profile Sovereign

83.43%

Cash & Current Assets

Cash & Current Assets

83.43%

Sovereign

««««Value Research Rating

16.57%

#

Birla Sun Life GSF Short Term (Past performance is no guarantee of future results.)

# for methodology please refer page 3

30

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Dynamic Bond Fund Interest Rate Sensitivity: Medium

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

As on January 31, 2007

Portfolio

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

Issuer

Market Value % to Net Rs. in. Lacs Assets

Government Bond Govt Bond 7.44% OIL MKTG. COS.2012

Rating

194.50 36.15 194.50 36.15 Sovereign

Money Market Instruments ICICI Bank Ltd.

98.61 18.33 98.61 18.33

Government Bond

36.15%

Money Market Instruments

September 27, 2004 Retail Dividend Retail Growth

45.53%

Cash & Current Assets

P1+

Date of inception / takeover: NAV:

Asset Allocation

Cash & Current Assets

245.00 45.53

Total Net Asset

538.12 100.00

18.33%

Rs. 10.1530 11.3493

Load Structure (Incl. for SIP):

Rating Profile

NAV Performance

Entry Load: NIL Exit Load: NIL

7

5.83

6

Benchmark:

5

CRISIL Composite Bond Fund Index

4

Average Maturity:

3

1.89 Years

2

Corpus:

1

Rs. 5.38 Crores

0

45.53%

Cash & Current Assets

6.29

4.29

4.04

Sovereign

5.55

36.15% 18.33%

AAA

3.95

3.45 2.61

6 Months

1 Year

Birla DBF - Retail - Growth

2 Years

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.

Since Inception

Crisil Composite Bond Fund Index

Birla Bond Index Fund Interest Rate Sensitivity: Medium Portfolio

As on January 31, 2007 Investment Objective:

Issuer

An Open-ended income scheme with the objective of tracking the CRISIL Composite Bond Fund Index which has been introduced by CRISIL to track the returns on a composite portfolio that includes call instruments, commercial papers, government securities, AAA & AA rated instruments. Date of inception / takeover: May 9, 2003 NAV: Dividend Growth

Asset Allocation

Market Value % to Net Rs. in. Lacs Assets

Rating

38.32 28.51 9.81

20.63 15.35 5.28

AAA AA+

PSU/PFI Bonds/Banks

1.12 1.12 Sovereign

Government Bond

Government Bond Govt Bond 9.39% 2011

2.07 2.07

Cash & Current Assets

145.36

78.26

Total Net Asset

185.75

100

** Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 20.63 %

Benchmark:

1.12%

Rating Profile 78.26%

AAA AA

Load Structure (Incl. for SIP): Entry Load: NIL Exit Load: <= Rs 10 lakhs: 0.25% if redeemed / switched out with in 90 days from the date of allotment. > 10 Lakhs: Nil

20.63%

Cash & Current Assets

Rs. 10.2755 11.5853

78.26%

Cash & Current Assets

PSU/PFI Bonds/Banks Power Finance Corporation Ltd.** Oriental Bank of Commerce**

Sovereign

15.35% 5.28% 1.12%

NAV Performance 6 5.02 4.68

5 4.04

4.29

4.02

4

Crisil Composite Bond Fund Index

3.74

2.97 2.92

3

Average Maturity: 0.57 Years Corpus: Rs. 1.85 Crores

2 1 0

1 Year

2 Years

3 Years

Since Inception

Birla Bond Index Fund - Growth Crisil Composite Bond Fund Index

31

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Bond Plus Interest Rate Sensitivity: Low to Medium

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

As on January 31, 2007

Portfolio Issuer

Investment Objective: An Open-ended short term income scheme with the objective to generate regular returns through investments in debt and money market securities. Date of inception / takeover: Retail Plan - November 27, 2001 Institutional Plan - April 16, 2003 NAV: Retail Dividend Retail Growth Institutional Dividend Institutional Growth

Rs. 11.2337 13.7607 10.4649 13.8890

Load Structure (Incl. for SIP): Entry Load: NIL Exit Load: For redemption / switch out of units within 1 month from the date of allotment: 0.25% Benchmark: CRISIL Short-Term Bond Fund Index

Market Value % to Net Rs. in. Lacs Assets

Corporate Debt

12475.88

Rating

Issuer

Market Value % to Net Rs. in. Lacs Assets

Rating

53.46

Government Bond

1458.79

6.25

2466.00

10.57

AAA

Govt Bond 7.44% OIL MKTG. COS.2012

1458.79

6.25 Sovereign

2010.33

8.61

AAA

1989.08

8.52

AAA

Cash & Current Assets

2329.91

9.98

1950.01

8.36

AAA

Total Net Asset

1626.08

6.97

AAA

Hindalco Industries Ltd.**

1438.92

6.17

AAA

Sundaram Finance Ltd.**

898.02

3.85

AA+

97.43

0.42

AAA

Securitised Debt

7073.08

30.31

GPL LOAN TRUST SR 1 (GLEN PHARMA)**

2331.50

9.99

F1+(SO)

BHPC Auto Sec Trust Aug TELCO 15FEB07**

2028.19

8.69

AAA(SO)

Loan Sec Trust Sr XVI NTPC (ICICI Bank)**

1,399.84

6.00

AAA(SO)

CREDIT ASSET TRUST-V HUTCH 27-Sep-2007**

1007.88

4.32

F1+(SO)

Housing Development Finance Corp. Ltd.** Tata Sons Ltd.** Citicorp Finance India Ltd.** CitiFinancial Consumer Finance India Ltd** Reliance Industries Ltd.**

GE Capital Services India Ltd.**

Ind Retail ABS Trust Ser XIII A3PTC**

251.98

1.08 MAAA(SO)

Loan Sec Trust SrXII NTPC (ICICI)**

53.71

0.23 LAAA(SO)

23337.67 100.00

** Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 83.77 %

Average Maturity: 1.49 Years

Rs. 233.37 Crores

Asset Allocation

NAV Performance

Corpus: 8 6.99 7 6

6.36

6.28

6.21

Corporate Debt

5.62

5.59

53.46%

5.02 5

30.31%

Securitised Debt

4.36

4

9.98%

Cash & Current Assets

3 2

Government Bond

1 0

1 Year

2 Years

BBP Retail Gr

3 Years

5 Years

6.25%

Since Inception

CRISIL Short-Term Bond Fund Index

««««Value Research Rating

Rating Profile #

79.92%

AAA

Birla Bond Plus - Retail Plan (Past performance is no guarantee of future results.)

# for methodology please refer page 3

CRISIL~CPR 2

Cash & Current Assets Sovereign AA

9.98% 6.25% 3.85%

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

^^ for methodology please refer page 3

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

* for methodology please refer page 3

32

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Sun Life Short Term Fund Interest Rate Sensitivity: Low to Medium

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

As on January 31, 2007

Portfolio Issuer

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

Market Value % to Net Rs. in. Lacs Assets

Treasury Bills

1888.47

Rating

52.99

91 DAY T-BILL 02 MAR 2007

994.40

27.90 Sovereign

182 Day TBill 09 MAR 2007

894.07

25.09 Sovereign

Money Market Instruments

897.30

25.18

American Express Bank

302.28

8.48

A1+

Date of inception / takeover:

The Hongkong & Shanghai Banking Corp Ltd

235.21

6.60

F1+

April 19, 2002

State Bank of Bikaner and Jaipur

187.20

5.25

P1+

ICICI Bank Ltd.

172.60

4.84

P1+

Cash & Current Assets

777.80

21.83

NAV: Dividend Growth

Rs. 10.5357 13.1740

Total Net Asset

3563.57 100.00

Load Structure (Incl. for SIP): Entry Load: NIL Exit Load: Nil Benchmark: CRISIL Short-Term Bond Fund Index Average Maturity: 0.15 Years Corpus: Rs. 35.63 Crores

Asset Allocation

NAV Performance 8 7 6

7.13 5.59

Treasury Bills

5.92

5.88 5.02

5

5.41

52.99%

5.26 4.36

4

Money Market Instruments

25.18%

3 2

Cash & Current Assets

1 0

1 Year

2 Years

3 Years

21.83%

Since Inception

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

Rating Profile ««««Value Research Rating

#

Birla Sun Life Short Term Fund

Sovereign

52.99%

(Past performance is no guarantee of future results.)

# for methodology please refer page 3

CRISIL~CPR 1 Open End Debt Short Term Scheme^^

AAA Cash & Current Assets

25.18% 21.83%

(Past performance is no guarantee of future results.)

^^ for methodology please refer page 3

33

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Floating Rate Fund Interest Rate Sensitivity: Low

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

As on January 31, 2007

Portfolio Issuer

Investment Objective: An Open-ended income scheme with the objective to generate regular income through investment in a portfolio comprising substantially of floating rate debt / money market instruments. Date of inception / takeover: June 05, 2003 NAV:

Market Value % to Net Rs. in. Lacs Assets

Rating

Long Term Plan

Rating

Floating Rate Instruments

4601.45

88.68

Citicorp Finance India Ltd.

1001.45

19.30

AAA

State Bank of Indore

6960.94

8.38

P1+

GE Capital Services India Ltd.

1000.00

19.27

AAA

ICICI Bank Ltd.

4969.78

5.98

A1+

Industrial Development Bank of India Ltd.

State Bank of Saurashtra

2493.32

3.00

A1+

1000.00

19.27

AA+

Union Bank of India

1979.38

2.38

P1+

Sundaram Finance Ltd.

800.00

15.42

LAA+

State Bank of Patiala

1912.30

2.30

A1+

Cholamandalam DBS Finance Ltd.

800.00

15.42

MAA+

Cash & Current Assets

10.4354 12.1665

Market Value % to Net Rs. in. Lacs Assets

Short Term Plan Money Market Instruments

Rs.

Long Term: Dividend Growth Short Term: Weekly Dividend Growth Daily Dividend Institutional PlanDaily Dividend Institutional Plan-Growth Institutional PlanWeekly Dividend

Issuer

587.09

Total Net Asset

11.32

23663.28 28.49

Export-Import Bank of India

1493.28

1.80

P1+

State Bank of Saurashtra

1472.28

1.77

P1+

Karnataka Bank Ltd.

1424.17

1.71

A1+

Aditya Birla Nuvo Ltd.

957.83

1.15

A1+

5188.54 100.00

10.3855 12.1769 10.0015

Floating Rate Instruments

10.0086 10.8343 10.0184

Load Structure: Long Term: Entry Load: Nil Exit Load: <= Rs 10 lakhs: 0.50% if redeemed / switched out with in 180 days from the date of allotment. > 10 Lakhs: Nil Short Term: Entry Load: NIL Exit Load: NIL

22020.99 26.52

LIC Housing Finance Ltd.

4494.76

5.41

AAA

Mahindra & Mahindra Financial Ser Ltd.

3500.96

4.22

AA+

Rabo India Finance Pvt. Ltd.

3000.19

3.61

AAA

Kotak Mahindra Prime Ltd.

2500.00

3.01

P1+

ICICI Bank Ltd.

2301.43

2.77

AAA

Industrial Development Bank of India Ltd. 2022.72

2.44

AA+

Citicorp Finance India Ltd.

1500.00

1.81

AAA

Infrastructure Development Fin. Co. Ltd.

1000.98

1.21

AAA

UTI Bank Ltd.

999.90

1.20

LAA+

Nicholas Piramal India Ltd.

500.00

0.60

A1+

Sundaram Finance Ltd.

100.03

0.12

MAAA

United Phosphorous Ltd.

100.00

0.12

AA

Cash & Current Assets

37360.65 44.99

Total Net Asset

83044.92 100.00

Benchmark: Long Term - Crisil Liquid Fund Index Short Term - Crisil Liquid Fund Index

Long Term - NAV Performance 7

Long Term - 0.03 Years

6

Short Term - 0.13 Years

Short Term - NAV Performance 8

Average Maturity:

6.21 6.09

7 5.81 5.41

5.52

5.5 4.97

5

6 4.81

4

Corpus:

3

3

Long Term - Rs. 51.88 Crores Short Term - Rs. 830.44 Crores

2

2

1

1

'mfAAA' by ICRA+

6.09

6.07 5.41

0 1 Year 2 Years 3 Years Since Inception Birla Floating Rate Fund - LTP - Growth Crisil Liquid Fund Index

Long Term Plan - Asset Allocation

5.65

5.53 4.97

5

4

0

6.69

1 Year

2 Years

3 Years

4.81

Since Inception

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

Short Term Plan - Asset Allocation

+

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

Floating Rate Instruments

88.68%

Money Market Instruments

Cash & Current Assets

34

11.32%

44.99%

Cash & Current Assets

Floating Rate Instruments

28.49% 26.52%

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Birla Cash Plus Interest Rate Sensitivity: Low

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

As on January 31, 2007

Portfolio Issuer

Investment Objective: An Open-ended liquid scheme with the objective to provide reasonable returns at a high level of safety and liquidity through judicious investments in high quality debt and money market instruments. Date of inception / takeover: June 16,1997 NAV:

Rs.

Retail Dividend Retail Growth Institutional Dividend Institutional Plan Weekly Dividend Option Institutional Plan Fortnightly Dividend Option Institutional Growth Institutional Premium Plan Dividend Institutional Premium Plan Weekly Div. Option Institutional Premium Plan Fortnightly Dividend Option Institutional Premium Plan Monthly Dividend Institutional Premium Plan Growth

10.3694 19.9022 10.8023 10.8182 10.8325 20.0398 10.0195 10.0333 10.0694 10.0000 11.7686

Load Structure: Entry Load: NIL Exit Load: NIL Benchmark: Crisil Liquid Fund Index Average Maturity: 0.19 Years

Market Value Rs. in. Lacs

% to Net Rating Assets

Money Market Instruments ICICI Bank Ltd. Hongkong & Shanghai Banking Corp. Ltd. Tata Power Company Ltd. Export-Import Bank of India The Jammu and Kashmir Bank Ltd. State Bank of Hyderabad ABN Amro Bank ICICI Bank Ltd. State Bank of Patiala Karnataka Bank Ltd. UTI Bank Ltd. State Bank of Indore Aditya Birla Nuvo Ltd. ESSEL MINING LTD UCO Bank Ltd. Federal Bank Ltd. Industrial Development Bank of India Ltd DSP Merrill Lynch Capital. IndusInd Bank Ltd. Union Bank of India American Express Bank State Bank of Saurashtra Apollo Tyres Ltd. Standard Chartered Bank HCL Infosystems Ltd. Infrastructure Development Finance Co. Infrastructure Development Finance Co. Allahabad Bank State Bank of Saurashtra State Bank Of Bikaner and Jaipur ABN Amro Bank Cholamandalam Investments & Finance Ltd. Sundaram Finance Ltd. SBI Cards Payments Services Ltd. Kotak Mahindra Bank Ltd. Allahabad Bank Bharat Overseas Bank Jagran Prakashan Ltd. Dalmia Cement (Bharat) Ltd. Jindal Steel & Power Ltd NRB Bearing Ltd. Supreme Industries Ltd. CMC Ltd. Century Enka Ltd. DIC India Ltd. Alembic Ltd. Bank of Nova Scotia

388335.28 34892.52 33871.29 31409.76 23398.56 20709.41 19495.33 16806.67 14323.57 13864.96 12342.81 12277.68 12245.74 10175.17 9578.86 9031.15 8234.44 7657.50 7412.85 7023.81 6927.76 6532.17 5894.91 5461.11 4988.76 4953.96 4953.58 4922.65 3474.13 3435.32 3088.85 2486.63 2478.33 2464.84 2450.05 2402.38 2382.84 2091.82 1985.92 1982.68 1869.17 1404.23 993.73 992.71 991.68 986.48 493.38 493.17

41.74 3.75 3.64 3.38 2.51 2.23 2.10 1.81 1.54 1.49 1.33 1.32 1.32 1.09 1.03 0.97 0.89 0.82 0.80 0.75 0.74 0.70 0.63 0.59 0.54 0.53 0.53 0.53 0.37 0.37 0.33 0.27 0.27 0.26 0.26 0.26 0.26 0.22 0.21 0.21 0.20 0.15 0.11 0.11 0.11 0.11 0.05 0.05

A1+ F1+ P1+ P1+ P1+ A1+ P1+ P1+ A1+ A1+ P1+ P1+ A1+ A1+ P1+ P1+ P1+ P1+ P1+ P1+ A1+ A1+ P1+ P1+ A1+ P1+ A1+ PR1+ P1+ P1+ A1+ P1+ A1+ P1+ P1+ P1+ A1+ P1+ A1+ A1+ P1+ P1 A1+ P1+ P1+ P1+ P1+

Floating Rate Instruments Housing Development Finance Corp. Ltd. Citicorp Finance India Ltd. Global Trade Finance Pvt. Ltd. ICICI Securities Ltd. Nicholas Piramal India Ltd. Balrampur Chini Mills Ltd. LIC Housing Finance Ltd. Sundaram Finance Ltd. Industrial Development Bank of India Ltd Cholamandalam Investments & Finance Ltd. CitiFinancial Consumer Finance India Ltd Indian Railway Finance Corporation Ltd. Nirma Ltd. Raymond Ltd. Sterlite Industries (India) Ltd. Coromandal Fertilizers Ltd. GE Capital Services India Ltd. Navneet Publications (India) Ltd. UTI Bank Ltd.

159091.28 19987.11 10299.03 10000.00 10000.00 8300.00 7500.00 7040.76 7000.00 6510.24 5000.00 4899.94 4622.63 4000.00 3500.00 3200.00 3100.00 3000.14 3000.00 2999.20

17.10 2.15 1.11 1.07 1.07 0.89 0.81 0.76 0.75 0.70 0.54 0.53 0.50 0.43 0.38 0.34 0.33 0.32 0.32 0.32

LAAA AAA P1+ P1+ A1+ A1+ AAA P1+ AA+ P1+ AAA AAA P1+ PR1+ P1+ P1+ AAA P1+ LAA+

Issuer

Market Value Rs. in. Lacs

% to Net Rating Assets

2783.42 2500.00 2500.00 2500.00 2411.82 2100.00 2000.00 2000.00 2000.00 1541.79 1502.15 1500.08 1500.00 1418.54 1000.98 1000.00 1000.00 544.58 500.00 500.00 500.00 500.00 467.55 400.13 200.69 200.00 60.52

0.30 AAA 0.27 P1+ 0.27 PR1+ 0.27 P1+ 0.26 AA 0.23 AAA 0.21 P1+ 0.21 P1+ 0.21 F1+ 0.17 CARE AA+ 0.16 CARE AAA 0.16 LAA 0.16 LAA(SO) 0.15 AAA(SO) 0.11 AAA 0.11 PR1+ 0.11 P1+ 0.06 MAAA 0.05 AAA 0.05 AAA 0.05 A1+ 0.05 AA+ 0.05 LAAA 0.04 MAAA 0.02 A1+(SO) 0.02 MAA+ 0.01 AAA(SO)

Corporate Debt Bajaj Hindusthan Ltd. ** United Phosphorus Ltd. ** Essel Propack Ltd. ** Ballarpur Industries Ltd. ** Berger Paints India Ltd. ** GE Capital Services India Ltd. ** Blue Star Ltd. ** Tata Sons Ltd. ** Essel Propack Ltd. ** Kotak Mahindra Prime Ltd. ** Canbank Factors Ltd. ** Hindalco Industries Ltd.**

27320.42 6000.00 5000.00 3700.00 2500.00 2500.00 2300.03 1500.00 1480.95 1000.00 841.21 400.00 98.22

2.94 0.64 F1+ 0.54 UNRATED 0.40 P1+ 0.27 F1+ 0.27 P1+ 0.25 AAA 0.16 PR1+ 0.16 AAA 0.11 UNRATED 0.09 LAA 0.04 P1+ 0.01 AAA

Securitised Debt Ind Ret ABS Tr Sr.(A1) -24 AUG 2007 ** Credit Asset Trust-V Hutch (27-Sep-2007) ** Credit AssetTrust III (Hutchison Essar) ** LTR II (CITICORP) GUJ A 15 APR 2007 ** Indian Retail ABS Trust 60 Sr-A1(ICICI) ** BHPC Auto Securitisation Trust Sept A2 ** Indian Retail ABS Trust Sr-49(A3)18Apr07 ** BHPC Auto SecTrust Ser A1 TELCO 15Jun04 ** GoldStar Trust July 2004 Series A2 PTC ** Indian Retail ABS Trust Series XXV - A2 ** Loan Sec Trust NTPC ICICI - 07 Feb 2009 ** Secured Loan Rec.Sec.Trust Sr3 (ICICI) **

16366.47 5193.98 4031.50 2513.61 1104.75 804.09 717.19 529.19 808.38 282.52 231.84 134.27 15.15

1.76 0.56 LAAA(SO) 0.43 F1+(SO) 0.27 F1+(SO) 0.12 AAA(SO) 0.09 A1+(SO) 0.08 LAAA(SO) 0.06 AAA(SO) 0.09 AAA(SO) 0.03 AAA(SO) 0.02 AAA(SO) 0.01 AAA(SO) - AAA(SO)

Power Finance Corp. Ltd. E.I.D. Parry (India) Ltd. Hindustan Construction Company Ltd. Mahindra & Mahindra Financial Ser. Ltd. United Phosphorus Ltd. ICICI Bank Ltd. Finolex Cables Ltd. Hero Honda Finlease Ltd. Jubilant Organosys Ltd. Industrial Development Bank of India Ltd ICICI Bank Ltd. Cholamandalam Investments & Finance Ltd. Cholamandalam Investments & Finance Ltd. IndiaRetail ABS Tr44 Infrastructure Development Finance Co. Blue Star Ltd. Carborundum Universal Ltd. Float Ind Retail ABSTrust Ser XIII A3PTC Housing Development Finance Corp. Ltd. ICICI Securities Ltd. Motherson Sumi Systems Ltd. Union Bank of India Secured Loan Rec.Sec.Trust Sr3 (ICICI) Sundaram Finance Ltd. IGEG Loan Trust Series I (GLENMAK PHARM) Cholamandalam Investments & Finance Ltd. Fleet Trust Jan 2004 Series A5

PSU/PFI Bonds/Banks Neyveli Lignite Corporation Ltd. ** National Bank for Agri. & Rural Devt. ** Industrial Development Bank of India Ltd. **

3845.16 2750.31 994.41 100.44

0.41 0.30 0.11 0.01

Cash & Current Assets

335470.57

36.06

Total Net Asset

930429.17

100.00

LAAA AAA AA+

**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 5.11%

Corpus:

NAV Performance

Rs. 9304.29 Crores 8 7

6.01 5.41

5 4 3

5.47 4.97

Money Market Instruments

CRISIL~CPR 2

41.74% 36.06%

Cash & Current Assets Floating Rate Instruments

5.69

17.10%

Corporate Debt

3.5 2.99

Securitised Debt

2.94% 1.76%

PSU/PFI Bonds/Banks 0.41%

2 1

Open End Liquid Scheme^^

0

(Past performance is no guarantee of future results.)

6 Months 1 Year

2 Years

BCP Retail Gr

^^ for methodology please refer page 3

««««Value Research Rating

6.7 6.09

6

'mfA1+' by ICRA+

Asset Allocation 7.41

3 Years

Rating Profile

5 Years Since Inception

Crisil Liquid Fund Index

61.25%

AAA

«««««Value Research Rating

#

#

Birla Cash Plus - Retail Plan

Birla Cash Plus - Institutional Premium Plan

(Past performance is no guarantee of future results.)

(Past performance is no guarantee of future results.)

36.06%

Cash & Current Assets AA

2.05%

Unrated 0.64%

# for methodology please refer page 3

# for methodology please refer page 3 +

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

35

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown. The grading has been assigned by ICRA and indicates highest quality. The investment quality is similar to that of fixed income obligations of highest safety and with maturity corresponding upto 1 year. This grading should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns. +

Birla Sun Life Cash Manager Interest Rate Sensitivity: Low

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

As on January 31, 2007

Portfolio Issuer

Investment Objective: 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. Date of inception / takeover: May 14, 1998 NAV:

Rs.

Institutional Daily Dividend 10.0020 18.1751 Retail Growth 12.3447 Institutional Growth 10.0022 Retail Weekly Dividend Institutional Weekly Dividend 10.0022

Market Value % to Net Rs. in. Lacs Assets

Money Market Instruments Tata Motors Ltd. Sundaram Finance Ltd. IndusInd Bank Ltd. Bank of Nova Scotia Sundaram Finance Ltd. ABN Amro Bank ICICI Bank Ltd. State Bank of Patiala Union Bank of India American Express Bank Kotak Mahindra Prime Ltd. Industrial Development Bank of India Ltd.

Rating

23146.86 4966.38 2480.23 2473.17 2465.83 2464.84 1980.65 1456.20 1434.23 989.69 987.49 972.28 475.87

56.84 12.19 6.09 6.07 6.05 6.05 4.86 3.58 3.52 2.43 2.42 2.39 1.17

P1+ P1+ P1+ P1+ A1+ A1+ A1+ A1+ P1+ P1+ P1+ P1+

1000.00 1000.00

2.46 2.46

P1+

Cash & Current Assets

16578.73

40.71

Total Net Asset

40725.59 100.00

Floating Rate Instruments Rabo India Finance Pvt. Ltd.

Load Structure: Entry Load: NIL Exit Load: NIL Benchmark: Crisil Liquid Fund Index Average Maturity: 0.12 Years Corpus: Rs. 407.25 Crores

NAV Performance

Asset Allocation

8 7.09 6.64 6.09 5.93 5.41 5.48 4.97

7 6 5 4 3

5.75

Money Market Instruments

3.56 2.99

56.84%

40.71%

Cash & Current Assets

2 1 0

Floating Rate Instruments 6 Months 1 Year

2 Years

3 Years

Birla SunLife Cash Manager - Growth

2.46%

5 Years Since Inception Crisil Liquid Fund Index

Rating Profile

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

^ # for methodology please refer page 3

««««Value Research Rating

AAA

59.29%

#

Birla Sun Life Cash Manager Institutional Plan

Cash & Current Assets

40.71%

(Past performance is no guarantee of future results.)

# for methodology please refer page 3

36

Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more.

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

As on January 31, 2007

Portfolio Issuer

Investment Objective: 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. Date of inception / takeover: February 4, 2004 Rs. 21.0144 21.0144 14.2355 14.2355 18.0635 18.0635

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

NAV Performance 45

AGGRESSIVE PLAN

40.86

40

Mutual Fund Units Birla Sunlife Equity Fund. Birla Midcap Fund Birla Top 100 Fund. Birla Dynamic Bond Fund Birla Sunlife Cash Manager-Retail Growth Birla Sunlife Short Term Fund - Growth Birla Gilt Plus Inv Cash & Current Assets

NAV: Aggressive Plan Dividend Growth Conservative Plan Dividend Growth Moderate Plan Dividend Growth

Market Value % to Net Rs. in. Lacs Assets

Total Net Asset

797.89 243.03 226.77 128.23 90.85 56.62 41.59 10.80

93.87 28.59 26.68 15.09 10.69 6.66 4.89 1.27

52.13

6.13

850.02

100.00

36.04

35

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

31.63 28.77

28.5

30 25 20 15 10 5 0

1 Year

2 Years

Since Inception

Birla AAF - Aggressive Plan - Growth

S&P Nifty

NAV Performance

MODERATE PLAN 30

Mutual Fund Units Birla Midcap Fund Birla Dynamic Bond Fund Birla Sunlife Equity Fund. Birla Sunlife Short Term Fund - Growth Birla Sunlife Cash Manager-Retail Growth Birla Top 100 Fund. Birla Gilt Plus Liquid Plan Cash & Current Assets Total Net Asset

474.42 167.31 127.33 85.56 42.36 34.09 17.77 -

92.35 32.57 24.79 16.65 8.25 6.64 3.46 -

39.29

7.65

513.71

100.00

Mutual Fund Units Birla Sunlife Short Term Fund - Growth Birla Midcap Fund Birla Sunlife Equity Fund. Birla Dynamic Bond Fund Birla Top 100 Fund. Birla Sun Life Income Fund - Growth

534.40 363.85 71.91 43.20 28.33 27.11 92.57

80.03 54.49 10.77 6.47 4.24 4.06 13.86

40.78

6.11

667.75

100.00

25.45

24.69

25

26.39

22.75

22.3 20.11

20 15 10 5 0

1 Year

2 Years

Birla AAF - Moderate Plan - Growth

CONSERVATIVE PLAN

Benchmark:

33.68

Since Inception Crisil Balanced Fund Index

NAV Performance 16 13.94

13.28

14

12.78

12 10

9.59

9.09

7.26

8 6 4

Cash & Current Assets

Corpus: Aggressive Plan - Rs. 8.50 Crores

Total Net Asset

2 0

1 Year

Moderate Plan - Rs. 5.13 Crores Conservative Plan - Rs. 6.67 Crores

2 Years

Since Inception

Birla AAF - Conservative Plan - Growth Crisil MIP Blended Index

Conservative Plan - Asset Allocation

Aggressive Plan - Asset Allocation Mutual Fund Units

93.87%

Mutual Fund Units

80.03%

Birla Sun Life Income Fund Growth

Cash & Current Assets

13.86%

6.13% Cash & Current Assets

6.11%

Moderate Plan - Asset Allocation Mutual Fund Units

37

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.

Cash & Current Assets

92.35%

7.65%

India Advantage Fund Ltd. F e b r u a r y 2 0 0 7

(For Non-Resident Indians and Eligible Foreign Nationals)

As on January 31, 2007 Investment Objective: An Open-ended growth scheme with the objective of long-term appreciation through investment primarily in equity related securities of companies in India that are run by efficient management, have a sustainable and robust business model and are available at reasonable valuations. Date of inception / takeover: August 8, 1996 NAV: $ per Class C Share : 177.86 Conversion Rate: 1USD = INR 44.17 Benchmark: BSE Sensex and MSCI (India)

Portfolio Issuer

Sector

Bharti Airtel Ltd Bharat Heavy Electricals Ltd. ICICI Bank Ltd. ITC Ltd. United Phosphorus Ltd. Associated Cement Companies Ltd. Tata Motors Ltd. Reliance Industries Ltd. Hindustan Petroleum Corporation Ltd. Subex Systems Ltd. Mcdowell & Company Limited Infosys Technologies Ltd. Indian Hotels Co Ltd. Gujarat Ambuja Cement Ltd. State Bank Of India Grasim Industries Ltd. Punjab National Bank NAGARJUNA CONSTRUCTION CO. LTD. Bharat Electronics Ltd. Hero Honda Ltd. Housing Development Finance Corporation Ltd. Larsen & Toubro Ltd. Wockhardt Ltd Indraprastha Gas Fag Bearings India Ltd. Tata Consultancy Services Ltd Oil & Natural Gas Corporation Ltd. Glaxo Smithkline Pharma Ltd. Satyam Computers Services Ltd. Maharashtra Seamless Ltd Hindustan Lever Ltd. Sobha Developers Ltd Engineers (India) Ltd. Pfizer India Ltd. Mcdowell India Spirits

Telecom-Services Industrial Capital Goods Banks Consumer Non Durables Pesticides Construction Materials Auto Petroleum Products Petroleum Products Software Consumer Non Durables Software Hotels Construction Materials Banks Cement Banks Construction & Engineering Industrial Capital Goods Auto Finance Construction & Engineering Pharmaceuticals Oil & Gas Bearings Software Oil Pharmaceuticals Software STEEL Consumer Non Durables Construction Industrial Capital Goods Pharmaceuticals Consumer Non Durables

Market Value (US Dollars)

% to Net Assets

13,374,745.30 8,824,223.58 8,664,885.91 6,728,171.38 6,493,056.10 6,451,366.20 6,438,555.58 5,931,700.25 5,217,972.32 4,750,871.16 4,556,662.34 4,515,983.81 4,101,930.08 4,036,563.28 3,837,575.71 3,648,537.47 3,623,890.65 3,577,886.43 3,533,238.80 3,327,580.22 3,309,726.62 3,234,457.78 3,172,741.68 3,080,515.17 2,985,946.75 2,865,777.68 2,836,352.85 2,774,943.81 2,474,078.83 2,416,806.40 1,508,354.09 1,482,124.81 1,110,471.72 797,497.97 -

8.56 5.65 5.55 4.31 4.16 4.13 4.12 3.80 3.34 3.04 2.92 2.89 2.63 2.58 2.46 2.34 2.32 2.29 2.26 2.13 2.12 2.07 2.03 1.97 1.91 1.83 1.82 1.78 1.58 1.55 0.97 0.95 0.71 0.51 -

9,667,886.51

6.19

CALL & CALL EQUIVALENTS : Cash and Cash Equivalent

AUM: USD 156.19 Million

CORPORATE DEBT : Trent Ltd

Bloomberg Ticker Code:

TOTAL

INDADVC MP

OTHER NET ASSETS (SUB FUND)

174,490.43

0.11

155,527,569.66

99.57

(35,785.76)

OTHER NET ASSETS (MAIN FUND)

704,745.39

NET ASSETS

156,196,529.29

* Less than 0.01

Asset Allocation Banks Software Industrial Capital Goods Telecom-Services Consumer Non Durables Petroleum Products Construction Materials Auto Cash and Cash Equivalent Construction & Engineering Pharmaceuticals Pesticides Hotels Cement Finance Oil & Gas Bearings Oil STEEL Construction Trent Ltd - Warrants

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 44.17

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

NAV Performance

2004 (Past performance is no guarantee of future results.) @@ for methodology please refer page 3

3rd consecutive award since 2002.

2.64% 2.35% 2.13% 1.98% 1.92% 1.82% 1.55% 0.95% 0.11%

CAGR Returns (%)

India Advantage Fund Ltd. Sensex MSCI

70 60 50

55.8 58.3 47.4

44.1

48.2

50.6

49.5 44.8

39.4

40

4.38% 4.34% 4.17%

10.37% 9.39% 8.66% 8.60% 8.23% 7.17% 6.74% 6.28% 6.22%

38.2

33.0

33.3

31.9

30 14.8

20 10 0

38

1 Year

2 Year

3 Year

5 Year

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.

13.3

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

(For select Schemes)

EQUITY SCHEMES

Declared on date

Dividend (%)

Dividend# (Rs. per unit)

Face value (Rs.)

Cum Dividend NAV (Rs. per unit)

Birla Advantage Fund

27-Aug-99 22-Mar-00 28-Nov-03 23-Jan-04 12-Mar-04 23-Mar-05 16-Dec-05

20 80 30 20 25 50 50

2.00 8.00 3.00 2.00 2.50 5.00 5.00

10.00 10.00 10.00 10.00 10.00 10.00 10.00

33.81 70.37 44.88 47.33 46.10 54.25 65.89

Birla Equity Plan

31-Mar-00 15-Feb-02 17-Oct-03 26-Mar-04 21-Oct-05 16-Dec-05 17-Feb-06

25 10 15 15 40 40 40

2.50 1.00 1.50 1.50 4.00 4.00 4.00

10.00 10.00 10.00 10.00 10.00 10.00 10.00

30.43 12.45 24.89 26.90 42.10 46.50 44.54

Birla Sun Life Equity Fund

10-Feb-06

50

5.00

10.00

58.94

Birla India Opportunities Fund

04-Feb-00 14-Jan-03 27-Feb-04 26-Oct-04 16-Sep-05

25 10 60 12.5 40

2.50 1.00 6.00 1.25 4.00

10.00 10.00 10.00 10.00 10.00

28.97 12.16 18.69 14.17 14.90

Birla MNC Fund

22-Feb-02 29-Aug-03 18-Jan-05 26-Aug-05

40 50 50 75

4.00 5.00 5.00 7.50

10.00 10.00 10.00 10.00

27.16 30.58 42.80 41.05

Birla Midcap Fund

24-Jan-03 19-Jun-03 22-Jul-03 24-Dec-03 8-Oct-04 28-Jan-05 3-Feb-06 22-Dec-06

5 10 10 60 12.5 10 20 35

0.50 1.00 1.00 6.00 1.25 1.00 2.00 3.50

10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00

10.52 11.83 11.81 18.35 13.72 14.75 22.59 25.94

Birla Dividend Yield Plus

30-May-03 13-Jun-03 24-Jul-03 19-Sept-03 31-Oct-03 26-Dec-03 13-Feb-04 28-Sep-04 24-Dec-04 11-Mar-05 1-July-05 28-Oct-05 13-Jan-06 27-April-06 10- Oct-06

8 5 12 18 10 15 10 8 14 10 8 8 16 10 8

0.80 0.50 1.20 1.80 1.00 1.50 1.00 0.80 1.40 1.00 0.80 0.80 1.60 1.00 0.8

10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00

11.84 10.88 11.62 12.09 11.87 13.93 12.58 11.57 13.75 12.85 11.26 11.94 11.89 13.07 11.67

Birla Index Fund

17-Oct-03 03-Feb-04

56 16.5

5.60 1.65

10.00 10.00

16.19 11.9857

Birla Balance

17-Oct-03 20-Jan-06

15 50

1.50 5.00

10.00 10.00

13.32 15.13

Birla Sun Life New Millennium Fund

27-Jan-06

20

2.00

10.00

11.67

Birla Sun Life Frontline Equity Fund

27-Feb-06 28-Aug-06

80 60

8.00 6.00

10.00 10.00

20.88 23.56

Birla Sun Life Basic Industries Fund - Dividend

24-Mar-06 19-Jan-07

100 105

10.00 10.50

10.00 10.00

35.08 39.60

Birla Sun Life Buy India Fund Dividend

28-Mar-06

75

7.50

10.00

17.5400

Birla Sun Life '95 Fund - Dividend

10-Mar-06

25

2.50

10.00

68.5300

Birla Sun Life Tax Relief 96

27-Apr-06 8-Dec-06 19-Jan-07

500 250 260

50.00 25.00 26.00

10.00 10.00 10.00

224.51 193.94 176.54

Birla Top 100 Fund - Dividend

12-Jan-07

15

1.50

10.00

16.072

Past performance may or may not be sustained in future. # Dividend distribution is not assured and is subject to availability of distributable surplus. After payment of dividend the NAV will fall to the extent of payout.

39

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

DEBT SCHEMES

(For select Schemes) - Since January 2006

Date

Face Value

Non Corporate

Corporate

Cum Dividend

Dividend

Dividend#

Dividend

Dividend#

NAV

(%)

(Rs. per unit)

(%)

(Rs. per unit)

(Rs. per unit)

Birla Income Plus

16-Mar-06 26-June-06 15-Sep-06 15-Dec-06

10.00 10.00 10.00 10.00

0.888 1.228 1.081 1.537

0.0888 0.1228 0.1081 0.1537

0.827 1.143 1.007 1.431

0.0827 0.1143 0.1007 0.1431

10.0856 10.2443 10.2751 10.3281

Birla Bond Index Fund

16-Mar-06 26-June-06 15-Sep-06 15-Dec-06

10.00 10.00 10.00 10.00

0.899 0.965 1.093 1.552

0.0899 0.0965 0.1093 0.1552

0.837 0.898 1.018 1.446

0.0837 0.0898 0.1018 0.1446

10.1648 10.3305 10.3741 10.2120

Birla Gilt Plus Liquid Plan

16-Mar-06 26-June-06 15-Sep-06 15-Dec-06

10.00 10.00 10.00 10.00

1.158 1.294 1.082 1.719

0.1158 0.1294 0.1082 0.1719

1.078 1.205 1.008 1.601

0.1078 0.1205 0.1008 0.1601

10.5739 10.7361 10.7193 10.8382

Birla Gilt Plus PF Plan

16-Mar-06 26-June-06 15-Sep-06 15-Dec-06

10.00 10.00 10.00 10.00

1.403 1.403 1.228 1.59

0.1403 0.1403 0.1228 0.159

0.1307 0.1307 1.143 1.481

1.307 1.307 0.1143 0.1481

10.6278 10.6278 10.6422 10.836

Birla Gilt Plus Regular Plan

16-Mar-06 26-June-06 15-Sep-06 15-Dec-06

10.00 10.00 10.00 10.00

1.339 1.478 1.377 1.886

0.1339 0.1478 0.1377 0.1886

1.247 1.376 1.282 1.756

0.1247 0.1376 0.1282 0.1756

10.9616 11.0499 11.0538 11.1872

Birla MIP (Monthly Dividend Plan)

27-Jan-06 24-Feb-06 31-Mar-06 28-April-06 26-May-06 26-June-06 28-July-06 25-Aug-06 29-Sep-06 27-Oct-06 24-Nov-06 29-Dec-06 29-Jan-07

10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00

0.614 0.614 0.614 0.496 0.481 0.481 0.377 0.488 0.640 0.521 0.581 0.73 0.641

0.0614 0.0614 0.0614 0.0496 0.0481 0.0481 0.0377 0.0488 0.0640 0.0521 0.0581 0.073 0.0641

0.572 0.572 0.572 0.462 0.448 0.448 0.351 0.454 0.596 0.485 0.541 0.68 0.597

0.0572 0.0572 0.0572 0.0462 0.0448 0.0448 0.0351 0.0454 0.0596 0.0485 0.0541 0.068 0.0597

10.8662 10.8371 11.0024 11.0372 10.9033 10.7585 10.7792 10.935 11.1323 11.1878 11.2636 11.1921 11.0777

Birla MIP II - Savings 5 Plan

27-Jan-06 24-Feb-06 31-Mar-06 28-April-06 26-May-06 26-June-06 28-July-06 25-Aug-06 29-Sep-06 27-Oct-06 24-Nov-06 29-Dec-06 29-Jan-07

10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00

0.526 0.526 0.526 0.419 0.419 0.339 0.339 0.372 0.552 0.444 0.461 0.577 0.510

0.0526 0.0526 0.0526 0.0419 0.0419 0.0339 0.0339 0.0372 0.0552 0.0444 0.0461 0.0577 0.051

0.490 0.490 0.490 0.390 0.390 0.316 0.316 0.346 0.514 0.413 0.430 0.537 0.475

0.0490 0.0490 0.0490 0.0390 0.0390 0.0316 0.0316 0.0346 0.0514 0.0413 0.0430 0.0537 0.0475

10.1399 10.1072 10.0888 10.1356 10.1350 10.085 10.1061 10.1425 10.2278 10.2128 10.2242 10.2121 10.1447

Birla MIP II - Wealth 25 Plan

27-Jan-06 24-Feb-06 31-Mar-06 28-April-06 26-May-06 26-June-06 28-July-06 25-Aug-06 29-Sep-06 27-Oct-06 24-Nov-06 29-Dec-06 29-Jan-07

10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00

0.702 0.702 0.702 0.571 0.551 0.551 0.430 0.508 0.692 0.562 0.605 0.765 0.671

0.0702 0.0702 0.0702 0.0571 0.0551 0.0551 0.0430 0.0508 0.0692 0.0562 0.0605 0.0765 0.0671

0.653 0.653 0.653 0.532 0.513 0.513 0.04 0.473 0.644 0.524 0.564 0.712 0.625

0.0653 0.0653 0.0653 0.0532 0.0513 0.0513 0.004 0.0473 0.0644 0.0524 0.0564 0.0712 0.0625

10.9708 10.9741 11.2366 11.2454 11.0445 10.8607 10.8327 11.0255 11.2204 11.3081 11.4327 11.3444 11.2919

40

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

DEBT SCHEMES

(For select Schemes) - Since January 2006

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

2-Jan-06 31-Jan-06 28-Feb-06 31-Mar-06 28-April-06 31-May-06 30-June-06 28-July-06 31-Aug-06 29-Sep-06 31-Oct-06 30-Nov-06 29-Dec-06 31-Jan-07

10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00

0.789 0.789 0.702 0.702 0.641 0.759 0.614 0.506 0.588 0.586 0.73 0.691 0.695 0.758

0.0789 0.0789 0.0702 0.0702 0.0641 0.0759 0.0614 0.0506 0.0558 0.0586 0.073 0.0691 0.0695 0.0758

0.735 0.735 0.653 0.653 0.597 0.706 0.572 0.471 0.519 0.546 0.68 0.644 0.648 0.706

0.0735 0.0735 0.0653 0.0653 0.0597 0.0706 0.0572 0.0471 0.0519 0.0546 0.068 0.0644 0.0648 0.0706

10.4630 10.4643 10.5357 10.6836 11.0372 10.6100 10.4457 10.3995 10.4883 10.7469 10.8531 10.9319 10.8218 10.8539

Birla Sun Life Monthly Income Quarterly Dividend

31-Mar-06 29-Sep-06 29-Dec-06

10.00 10.00 10.00

1.579 1.666 1.686

0.1579 0.1666 0.1686

0.147 1.552 1.571

0.0147 0.1552 0.1571

10.9727 11.2449 11.1776

Birla Sun Life Income Fund Quarterly Dividend

16-Mar-06 15-Sep-06 15-Dec-06 26-Jun-06

10.00 10.00 10.00 10.00

0.887 1.278 1.644 0.148

0.0887 0.1278 0.1644 0.0148

0.826 1.188 0.1531 0.1378

0.0826 0.1188 0.01531 0.01378

10.0687 10.2664 10.4492 10.2581

Half Yearly Dividend

16-Mar-06 15-Sep-06

10.00 10.00

0.908 2.96

0.0908 0.2960

0.845 2.75

0.0845 0.2756

10.4176 10.7997

Birla Sun Life Govt. Securities Long Term Dividend

16-Mar-06 15-Sep-06

10.00 10.00

1.124 2.236

0.1124 0.2236

1.047 2.083

0.1047 0.2083

10.2391 10.4759

Birla Sun Life Govt. Securities Short Term Dividend

16-Mar-06 26-June-06 15-Sep-06 15-Dec-06

10.00 10.00 10.00 10.00

1.102 1.228 0.978 1.194

0.1102 0.1228 0.0978 0.1194

1.027 1.143 0.911 0.1112

0.1027 0.1143 0.0911 0.0112

10.0655 10.1985 10.1559 10.3763

Birla Dynamic Bond Fund - Retail Quarterly Dividend

02-Jan-06 29-Sep-06 29-Dec-06

10.00 10.00 10.00

4.809 1.228 1.201

0.4809 0.1228 0.1201

4.479 1.143 1.118

0.4479 0.1143 0.1118

10.0305 10.2218 10.0964

The Dividend Distribution Tax Rates for Corporates is 22.44% and for Non-Corporates is 14.025%. Past performance may or may not be sustained in future. # Dividend distribution is not assured and is subject to availability of distributable surplus. After payment of dividend the NAV will fall to the extent of payout.

41

The name inspires trust

For further details on our Fund, please contact our Customers Service Centres at details given below. BIRLA SUN LIFE AMC LTD. BRANCHES AHMEDABAD BANGALORE BARODA BHUBANESHWAR CHANDIGARH CHENNAI COCHIN COIMBATORE GOA GUWAHATI INDORE JAIPUR KANPUR

: : : : : : : : : : : : :

079-2640 3553 /48 080-2238 9991 / 2 / 3 0265-658 2984 / 2986 0674-253 5521 / 3413 0172-274 9172 / 73 044-4204 5003 / 2819 1681 0484-238 3969 / 236 6817 0422-435 0262 / 64 0832-243 7628 / 29 0361-259 5020 / 259 9273 0731-504 0496 / 253 4502 0141-238 9082 /9115 0512-233 1116 / 1121

KOLKATA LUCKNOW LUDHIANA MUMBAI (FORT) MUMBAI (HEAD OFFICE) MUMBAI (PRABHADEVI) NAGPUR NEW DELHI PATNA PUNE SECUNDARABAD SURAT VARANASI

: : : : : : : : : : : : :

033-2288 2592 / 94 / 95 0522-409 4110 0161-508 8847 / 277 1217 022-6637 9999 022-6692 8000 022-6666 1035 / 36 0712-663 0899 / 4300 011-2332 3070 0612-220 7022 / 7023 020-66011865 / 66 / 67 040-6531 1052 / 3580 0261-658 1707 / 1708 0542-222 7755 / 56

Disclaimer: Any information contained in this publication does not constitute and shall be deemed not to constitute an advice, an offer to sell/ purchase or as an invitation or solicitation to do so for any securities of any entity, and further, Birla Sun Life AMC Ltd./ its subsidiaries / affiliates / sponsors / trustee or their officers, employees, personnel, directors shall not be liable for any loss, damage, liability whatsoever for any direct or indirect loss arising from the use or access of any information that may be displayed in this publication from time to time. Recipients of the information contained herein should exercise due care and caution and read the offer documents (including if necessary, obtaining the advice of tax / legal / accounting / financial / other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained herein.

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 January 2007

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.