Toll Free: 1-800-22-7000 / 1-800-270-7000 | Non Toll Free ... · Indian stocks while domestic Mutual Funds were net buyers for Rs 6,661 Crs worth of stocks. In December alone, mutual

002 8

Y are

*Source: ‘Birla Sun Life Tops the Charts’ – January 2nd, 2008. www.valueresearchonline.com.

J A N U A R Y 2 0 0 8

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

Toll Free: 1-800-22-7000 / 1-800-270-7000 | SMS ‘GAIN’ to 56767 | E-mail: [email protected] | SMS ‘INVEST’ to 6226 (For Kuwait, Dubai & Saudi Arabia)

Non Toll Free: 022-6691 7777 | Website: www.birlasunlife.com

Market OutlookJ a n u a r y 2 0 0 8

02

After a wobbly start, the year 2007 has turned out to be an eventful one for the

Indian equity markets. Benchmark indices posted stellar return for third

consecutive year as the Sensex rose 47% during the year to close at 20,287, its all

time high, following 47% rise in 2006 and 42% in 2005. Midcap and Small cap

indices were ahead, outperforming the large caps, by 21% and 46% respectively.

Key sectors driving the market were Capital Goods, Energy, Real Estate, Metals

and Banking; while IT, Auto, FMCG and Healthcare were laggards.

Moving to the subject of performance of our equity-oriented schemes in 2007, the

long-term performance is respectable and 2007 even more noteworthy.

Buoyant economic conditions have led to rising entrepreneurial spirit and

increasing capex plans of companies. In order to fund these plans, Corporate

India is now liberally tapping the equity route through public listings. As per CMIE,

in Jan-Nov’07, primary market issuances totaled a whopping Rs. 111,930 Crs.

Estimates of further public offers pipeline in 2008 range from Rs. 30,000 Crs to Rs.

60,000 Crs.

Importantly, appetite for investment into Indian equity markets has been witnessing

tremendous increase. In 2007, FIIs clocked USD 17.95 bn worth net purchases of

Indian stocks while domestic Mutual Funds were net buyers for Rs 6,661 Crs worth

of stocks. In December alone, mutual fund NFOs collected appx Rs. 6,800 Crs

into equity schemes and further more are lined up to raise funds over next few

months.

With easier access to capital markets and growing opportunities in an expanding

economy it is natural to expect a rise in corporate deals including M&As,

demergers, divestures, strategic investments, buybacks etc as has also been the

case in 2007. Such special situations provide potential for significant gains for

equity investors. In fact our recently launched scheme Birla Sun Life Special

Situations Fund aims to focus on situations and benefit from them. Please refer to

the offer document and the scheme presentations to understand the risks and

opportunities involved.

Over next few months, the forthcoming earnings season and the Union Budget

thereafter would be key events to watch for. Over the longer-term we maintain our

conviction on consumption and investment led growth story. Infrastructure remains

a large, multi-year growth driver alongwith capital goods and construction. In turn,

rising household income bodes well for financial services, consumer discretionary

and lifestyle oriented businesses.

As a caveat, key risk to be aware of would be increase in consumer price inflation,

which until now has been kept under leash with the RBI’s proactive measures.

Concerns over global slowdown are unlikely to affect Indian markets significantly,

however, one can expect some bit of volatility arising out of global cues.

EQUITY MARKET

Bond market sentiment was muted amidst tight liquidity conditions for most part of the period. The US Federal Reserve rate cut was the big event but did little to cheer players as local market conditions capped any major gains. The Fed rate cut was unable to create a spark even in the US markets as the markets were expecting a larger rate cut and a 25 bps cut was already built into the prices.

Ten-year G-Sec yield moved in a range of 7.79-90%, as liquidity took a further hit from advance tax outflows. Amidst a persistent money market liquidity deficit, regulatory-based buying supported the Government securities. The RBI pumped in money though the LAF repos regularly, which helped keep call rates steady below 8%. Bonds rallied towards the end of the month on hopes of increased government spending and bond redemptions injecting cash into the system.

Trading was dull in the non-SLR segment of the market as well though yields did ease in the later part of the month. Five-year AAA benchmark yield ended at 9.15% from a mid-month high of 9.30% and marginally lower than 9.22% a month ago. As short-term rates hardened and longer end eased, yield curve flattened in the period. 3-month reference P1+ CP rate rose to 8.70% from 8.56%.

Worldwide Central Banks face the dual challenge of economic slowdown and inflation.

But we believe that slowdown in the world economy would bring down the

inflationary pressures. The capital of financial intermediaries (primarily banks) has been eroded significantly due to credit turmoil leading to tighter lending norms across OECD countries. Tighter lending norms will hit these economies harder since large part of their GDP growth comes from leveraged consumption. So far, the corporate sector has done very well, but prospects of slowdown in the consumption don't bode very well to the corporate balance sheet as well. We feel that inflation scare will subside as we see slow down in the world economy. We have already seen BOE, BOC and Fed easing the monetary policy rates. Other central bankers too would join them once the real economic growth start dwindling towards the middle of next year.

Bond markets are positively placed to for some further easing of yields on back of expectations of enhanced liquidity conditions. Apart from government spending, the trend of FII flows would be watched, as investors will resume active trading for the fresh year. We have been recommending Income funds to our investors for past 1 year and our investors have benefited since our income funds (Birla Income Plus and Birla Sunlife Income fund) have generated more than 12% return for its investors, which is significantly higher than any other debt fund category. With a benign inflation and slowing credit, we see a softer interest regime in our country. We also feel that RBI's stance on policy setting may change over next few months. We also expect the short-term interest rates to ease in the coming weeks as higher government spending and increased portfolio flows should add liquidity to the system.

DEBT MARKET

1 Year 5 year CAGR

Birla Sun Life Basic Industries 79 61

Birla Mid Cap 78 60

Birla Sun Life Tax Relief '96 76 54

Birla Infrastructure 75 —

Birla Sun Life Equity 70 64

Birla Sun Life Frontline Equity 62 51

BSE 200 60 46

Birla India GenNext 58 —

Birla Dividend Yield Plus 57 —

Birla Advantage 57 52

Birla Equity Plan 56 60

Birla Sun Life’95 52 41

BSE Sensex 47 43

Birla Top 100 47 —

December 31, 2007

In 2008 Income Funds may be backwith a bang!

January 2008 Birla Income Plus

n the present scenario, the stage is set for the interest rate regime to gradually start easing Iowing to the reasons we discuss below. Thus,

this is the right time for an investor to rebalance her portfolio. The higher yields generating short term FMPs and FDs will not make much sense considering the fact that the reinvestment risk they always carried has become even bigger. The right choice at this point would be Income funds. Income funds invest in instruments with longer duration and thus benefit from easing of interest rates by way of capital gains. Being invested in Income funds thus allows the investor to reap the benefits of changing interest rate regime.

Key points of considerations in forming the view over the monetary policy stance:

Too tight a policy to get tighter: CRR hike of 225bps during calendar 2007 and hike in the repo rate 175 bps over the last two years coupled with almost 12% appreciation of the real effective exchange rate in 2007 which itself is equivalent to monetary tightening. Tight monetary policy impacts the economy with a lag, which is likely to decelerate in the coming months. Benign monetary policy across the globe: US, Canada and England's central banks are already on rate easing path as the credit woes and slump in the housing sector has started to impact the real economy. We expect other central bankers to join them in the middle of 2008 as economic slowdown materializes across the nations.

Capacity issues are getting addressed:Investment growth is twice of consumption growth, which means capacity issues are slowly but certainly getting addressed. We expect that the pressure on core inflation will ease considerably over next two years as new capacities come up across industries.

Slower lending finally, for bank's prudent norms and lesser demandThe incremental loan to deposit rate is just 50% in this financial year. Most of the slow down in credit can be attributed to slower mortgage lending and banks apprehension about lending to relatively riskier sections of the retail segment. Lower lending leaves higher investable surplus with the banks, thus, pushing up the demand for Government securities and bonds.

Low inflation and contained inflationary expectations:Better monsoon and superior crop yields have brought the primary ar ticles inflation down. Headline inflation continues to remain below RBI's comfort level. The pressure on manufacturing inflation is also easing.

Increasing sterilization is putting pressure on fiscalWith domestic interest rates much higher than international levels, India is a target destination for a number of investors, who are cashing on the interest rate differential wide enough to factor in exchange rate fluctuations as well.

Coupled with it the fact that Birla's income funds (Birla Income Plus and Birla Sunlife Income fund) have generated more than 13% return for its investors which is significantly higher than any other debt fund category proves the superiority of Birla Sunlife AMC. We stand as industry leader with Birla Income Plus, managing a portfolio of 550 Crs, earning upwards of 20% (annualized) in the past six months.

03

From the CEO’s DeskJ a n u a r y 2 0 0 8

Dear Investor,

First of all, let me extend you and your family a very Happy and Prosperous New Year.

For Birla Sun Life Mutual Fund, 2008 has taken us to great heights! Our Fund House has

topped the list of Value Research Ratings, with a total of 22 schemes/plans rated as

either five star or four star by Value Research. I share this news with you with great pride in

my team and would like to re-iterate our commitment towards creating wealth for our

investors.

Over the years we have been bringing to the market new fund ideas through which the

investor can benefit. Looking at the rising number of special situations like M&As, Open

Offers, IPOs in the market, each providing the investor an opportunity for substantial gains

we launched the Birla Sun Life Special Situations Fund, launched on 17th December

2007. ‘Special Situations’ generally have a positive impact on a company’s stock price and

may translate into incremental gains for the investor. Our new fund offer –aims to identify

and capitalize on such opportunities to generate incremental gains for the investors. I hope

you have taken advantage of this unique opportunity.

I hope you are aware of the new ‘Know Your Customer’ (KYC) Norms adopted by the

Mutual Fund industry – All Mutual Fund investments of Rs. 50,000 and above require the

investor to be KYC compliant. It is mandatory for all mutual fund investors to comply with the

new KYC norms from February 1, 2008. I request you all to submit your KYC forms to any of

our branches. For further assistance regarding KYC norms, feel free to call our customer

service centre.

Wish you a great year ahead!

Regards,

Mukul Gupta

Chief Executive Officer

Birla Sun Life AMC Ltd.

*Source: ‘Birla Sun Life Tops the Charts’ – January 2nd, 2008. www.valueresearchonline.com. Birla Sun Life Special Situations Fund: Scheme Objective: To generate long-term growth of capital by investing in a portfolio of equity and equity related securities. The Scheme would follow an investment strategy that would take advantage of Special Situations and Contrarian investment style. Entry Load (incl. SIP): Less than Rs. 5 crores - 2.25%, Rs. 5 crores & above: Nil, Dividend Reinvestment: Nil. Exit Load (incl. SIP): For purchase of units less than or equal to Rs. 5 crores: 0.50% if redeemed within 6 months of allotment. For purchase of units greater than Rs. 5 crores: Nil.

04

As on 31st December, 2007

Birla Sun Life Equity Fund

Investment Performance

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

Portfolio

Industrial Capital Goods 25954.94 16.92Bharat Heavy Electricals Ltd. 6312.60 4.12Crompton Greaves Ltd. 5197.35 3.39Siemens Ltd. 4447.48 2.90Bharat Bijlee Ltd. 2625.57 1.71RPG Transmission Ltd. 2306.29 1.50Thermax Ltd. 2057.45 1.34Suzlon Energy Ltd. 1558.61 1.02AIA Engineering Ltd. 1449.59 0.95

Banks 19539.41 12.74ICICI Bank Ltd. 5862.53 3.82Kotak Mahindra Bank Ltd. 3386.24 2.21Bank of Baroda 2736.33 1.78Oriental Bank of Commerce 2196.37 1.43Indian Bank 2046.09 1.33Central Bank of India 1582.67 1.03Andhra Bank 1236.38 0.81ICICI Bank Ltd.(Partly paid up) ** 492.80 0.32

Construction 16548.48 10.79Ansal Properties & Infrastructure Ltd. 3385.59 2.21IVRCL Infrastructures & Projects Ltd. 2917.33 1.90Mahindra Lifespace Developers Ltd. 2606.75 1.70Housing Development & Infrastructure Ltd 2182.31 1.42Punj Lloyd Ltd. 1989.55 1.30Gammon India Ltd. 1978.23 1.29Nagarjuna Construction Co. Ltd. 1488.71 0.97

Power 10499.91 6.85Tata Power Company Ltd. 3736.51 2.44GVK Power & Infrastructure Ltd. 2497.34 1.63Lanco Infratech Ltd. 2495.82 1.63CESC Ltd. 1770.24 1.15

Ferrous Metals 10297.41 6.71Tata Steel Ltd. 3339.51 2.18

Jindal Steel & Power Ltd. 3071.85 2.00Welspun Gujarat Stahl Rohren Ltd. 1926.60 1.26Jai Corp Ltd. 1020.33 0.67Sesa Goa Ltd. 939.13 0.61

Diversified Industries 8836.98 5.76United Breweries Holdings Ltd. 6272.43 4.09Aditya Birla Nuvo Ltd. 2564.55 1.67

Telecom-Services 8007.58 5.22Bharti Airtel Ltd. 4117.49 2.68Reliance Communications Ltd. 3240.42 2.11Spice Communications Ltd. 649.67 0.42

Software 6843.74 4.46Infosys Technologies Ltd. 2709.44 1.77Megasoft Ltd. 2278.74 1.49Satyam Computer Services Ltd. 1537.43 1.00Allsec Technologies Ltd. 318.13 0.21

Finance 6596.85 4.30India Infoline Ltd. 3441.55 2.24Indiabulls Financial Services Ltd 1833.97 1.20Housing Development Finance Corp. Ltd. 1321.33 0.86

Media & Entertainment 6232.11 4.06Balaji Telefilms Ltd. 3438.67 2.24Zee Entertainment Enterprises Ltd 1423.95 0.93Jagran Prakashan Ltd. 1369.49 0.89Magnasound India Ltd.** 0.00 0.00

Retailing 4319.39 2.82Pantaloon Retail (India) Ltd. 3820.13 2.49Shoppers Stop Ltd. 499.27 0.33

Transportation 3924.58 2.56Mundra Port and Special Economic Zone Ltd. 3924.58 2.56

Oil 3107.65 2.03Aban Offshore Ltd. 1775.32 1.16Oil & Natural Gas Corporation Ltd. 1332.33 0.87

Non - Ferrous Metals 2726.73 1.78Sterlite Industries (India) Ltd. 2726.73 1.78

Cement 2590.15 1.69Grasim Industries Ltd. 2590.15 1.69

Consumer Non Durables 2416.44 1.58United Spirits Ltd. 2416.44 1.58

Chemicals 2205.41 1.44Bombay Dyeing & Mfg. Co. Ltd. 2205.41 1.44

Pharmaceuticals 1707.96 1.11Wockhardt Ltd. 1670.86 1.09Maestro Mediline Systems Ltd. 37.10 0.02

Gas 1553.10 1.01GAIL (India) Ltd. 1553.10 1.01

Industrial Products 1403.02 0.91Cummins India Ltd. 1403.02 0.91

Petroleum Products 1329.60 0.87Reliance Industries Ltd. 1329.60 0.87

Auto 1214.79 0.79Maruti Suzuki India Ltd. 1214.79 0.79

Consumer Non-Durables 96.11 0.06Britannia Industries Ltd. 96.11 0.06

Cash & Current Assets 5431.49 3.54

Total Net Asset 153383.85 100.00

**Represents thinly traded/ non traded securities.

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

Systematic Investment Plan (SIP)

Asset Allocation

Date of First Installment : October 1, 1998

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

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

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

Investment Objective

Date of inception / takeover : August 27, 1998

Fund Manager : Mr. Mahesh Patil

NAV : Rs.

Growth : 307.06

Dividend : 98.95

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

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

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

Benchmark : BSE 200 Corpus : Rs. 1533.84 Crores

Investment Style Box

Investment Period

Total Investment

(Rs.)

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

Birla Sun Life Equity

Fund

Birla Sun Life Equity

Fund

BSE200

BSE200

Value Blend Growth Size

Large

Mid

Small

Investment Style

Since Inception 111000 530932 958920 32.17 44.39

Last 5 years 60000 189491 263956 47.94 63.13

Last 3 years 36000 74373 82405 53.33 61.98

Last 1 year 12000 17447 17853 93.64 101.28

#iiiiValue Research Rating

Birla Sun Life Equity FundEquity: Diversified (1 Schemes), 5 95 Yrs ended 31-Dec-07

CRISIL~CPR 2^^Birla Sun Life Equity Fund

Diversified Equity Scheme ( Schemes), 2 66 Yrs ended 28-Sept-07

@MFR 1 by ICRA

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

Issuer Market Value % to NetRs. in Lacs Assets



Birla SunLife Equity Fund - Growth BSE 200

% R

etu

rns

(Past performance is no guarantee of future results.) # for ranking methodology please refer page 47

80

69.42

55.29

63.79

44.23

60.03

44.1746.44

25.80

0

10

20

30

40

50

60

70

1 Year 3 Years 5 Years Since Inception

2.03%

2.56%

2.82%

3.54%

4.06%

4.30%

4.46%

5.22%

5.76%

6.71%

6.85%

10.79%

11.24%

12.74%

16.92%

Oil

Transportation

Retailing

Cash & Current Assets

Media & Entertainment

Finance

Software

Telecom-Services

Diversified Industries

Ferrous Metals

Power

Construction

Other Equity

Banks

Industrial Capital Goods

J a n u a r y 2 0 0 8

05

Birla Midcap Fund




Portfolio

Industrial Capital Goods 10,669.24 12.55Bharat Bijlee Ltd. 2,121.00 2.50Crompton Greaves Ltd. 1,679.39 1.98Bharati Shipyard Ltd. 1,654.00 1.95Jyoti Structures Ltd. 1,273.26 1.50Thermax Ltd. 1,227.30 1.44Havells India Ltd. 1,159.26 1.36Bharat Electronics Ltd. 840.72 0.99Mcnally Bharat Engineering Company Ltd. 714.31 0.84

Banks 7,684.90 9.07Union Bank of India 1,956.74 2.30Indian Overseas Bank 1,520.97 1.79Industrial Development Bank of India Ltd 1,409.18 1.66Federal Bank Ltd. 858.28 1.04ING Vysya Bank Ltd. 854.48 1.01Dena Bank 681.19 0.80Federal Bank Ltd.(Rights) ** 219.58 0.26Indian Bank 184.47 0.22

Ferrous Metals 5,814.41 6.84Monnet Ispat Ltd. 1,799.55 2.12Jindal Steel & Power Ltd. 1,482.17 1.74Welspun Gujarat Stahl Rohren Ltd. 1,370.55 1.61Jai Corp Ltd. 1,162.14 1.37

Construction 5,655.08 6.65Simplex Infrastructures Ltd. 2,491.85 2.93Hindustan Construction Co. Ltd. 1,839.88 2.17Punj Lloyd Ltd. 1,323.35 1.56

Consumer Non Durables 3,860.71 4.54Balrampur Chini Mills Ltd. 1,139.28 1.34Triveni Engineering & Industries Ltd. 1,131.97 1.33

United Spirits Ltd. 796.52 0.94Shaw Wallace Company Ltd. 773.66 0.91Britannia Industries Ltd. 19.28 0.02

Finance 3,691.45 4.34India Infoline Ltd. 1,927.90 2.27Indiabulls Financial Services Ltd 1,763.55 2.08

Cement 3,520.08 4.14Century Textile & Industries Ltd. 1,463.06 1.72Madras Cements Ltd. 1,226.16 1.44Orient Paper & Industries Ltd. 830.86 0.98

Consumer Durables 3,346.28 3.94Blue Star Ltd. 2,115.03 2.49Voltas Ltd. 1,231.25 1.45

Diversified Industries 3,265.78 3.84United Breweries Holdings Ltd. 1,907.46 2.24Aditya Birla Nuvo Ltd. 1,358.32 1.60

Industrial Products 3,042.51 3.58Sintex Industries Ltd. 2,105.60 2.48Bharat Forge Ltd. 936.91 1.10

Chemicals 2,609.77 3.07Solar Explosives Ltd. 2,609.77 3.07

Textile Products 2,224.31 2.62Raymond Ltd. 2,224.31 2.62

Trading 2,171.47 2.56Adani Enterprises Ltd. 2,171.47 2.56

Power 2,162.36 2.54CESC Ltd. 1,410.55 1.66Kalpataru Power Transmission Ltd. 751.80 0.88

Non - Ferrous Metals 1,931.48 2.27Nava Bharat Ventures Ltd. 1,931.48 2.27

Media & Entertainment 1,721.50 2.03Adlabs Films Ltd. 1,721.50 2.03

Hotels 839.14 0.99Counrty Club QIP 839.14 0.99

Fertilisers 1,114.02 1.31Tata Chemicals Ltd. 1,114.02 1.31

Auto Ancillaries 923.38 1.09Kesoram Industries Ltd. 923.38 1.09

Pharmaceuticals 587.22 0.69Glenmark Pharmaceuticals Ltd. 587.22 0.69

Corporate Debt 59.96 0.07Trent Ltd. 59.96 0.07

Cash & Current Assets 18,086.57 21.28

Total Net Asset 84,981.61 100.00

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


Asset Allocation

Date of First Installment - November 1, 2002.



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


Date of inception / takeover : October 3, 2002

Fund Manager : Mr. Sanjay Chawla & A. BalasubramaniamMr.

NAV : Rs.

Growth : 114.70

Dividend : 35.26

Benchmark : CNX Midcap Corpus : Rs. 849.82 Crores


Investment Period

Total Investment

(Rs.)


Birla Midcap Fund

Birla Midcap Fund

CNX Midcap

CNX Midcap

Since Inception 62000 236525 273366 54.29 60.70

Last 5 years 60000 216839 250951 54.03 60.77

Last 3 years 36000 77793 82691 57.09 62.27

Last 1 year 12000 18952 18679 122.34 117.04


Large

Mid

Small

Investment Style







Birla Mid Cap Fund - Growth CNX Midcap

CRISIL~CPR 2^^Birla Mid Cap Fund

Diversified Equity Scheme (6 Schemes), 2 6 Yrs ended 28-Sept-07

#iiiValue Research Ratingi

Birla Mid Cap FundEquity: Diversified (195 Schemes), 5 Yrs ended 31-Dec-07


% R

etu

rns

77.52

55.05

60.28 59.20

76.38

45.53

55.75 55.76

0

10

20

30

40

50

60

70

80

90


0.07%

2.03%

2.27%

2.54%

2.56%

2.62%

3.07%

3.58%

3.84%

3.94%

4.08%

4.14%

4.34%

4.54%

6.65%

6.84%

9.07%

12.55%

21.28%

Corporate Debt


Non - Ferrous Metals

Power

Trading

Textile Products

Chemicals

Industrial Products


Consumer Durables

Other Equity

Cement

Finance

Consumer Non Durables

Construction

Ferrous Metals

Banks




J a n u a r y 2 0 0 8

06

Birla Sun Life Frontline Equity Fund




Portfolio

Industrial Capital Goods 5983.98 15.96Crompton Greaves Ltd. 1719.29 4.59Bharat Heavy Electricals Ltd. 1644.95 4.39Thermax Ltd. 749.85 2.00Siemens Ltd. 722.94 1.93Hindustan Dorr-Oliver Ltd. 640.10 1.71AIA Engineering Ltd. 506.85 1.35

Banks 5657.98 15.09ICICI Bank Ltd. 1485.82 3.96ING Vysya Bank Ltd. 1011.04 2.70HDFC Bank Ltd. 725.68 1.94Central Bank of India 718.42 1.92State Bank of India 592.75 1.58Indian Bank 583.20 1.56Indian Overseas Bank 541.08 1.44

Finance 3176.87 8.47India Infoline Ltd. 723.08 1.93Infrastructure Development Fin. Co. Ltd. 685.35 1.83ICRA Ltd. 610.94 1.63Housing Development Finance Corp. Ltd. 430.87 1.15Indiabulls Financial Services Ltd 419.66 1.12McDowell Holdings Ltd. 306.98 0.82

Construction 3060.98 8.17Ansal Properties & Infrastructure Ltd. 999.44 2.67Nagarjuna Construction Co. Ltd. 642.54 1.71Housing Development & Infrastructure Ltd 588.99 1.57Punj Lloyd Ltd. 587.18 1.57IVRCL Infrastructures & Projects Ltd. 242.83 0.65

Software 2172.95 5.80Tata Consultancy Services Ltd. 550.65 1.47

Infosys Technologies Ltd. 545.71 1.46Wipro Ltd. 485.82 1.30Satyam Computer Services Ltd. 359.32 0.96Tech Mahindra Ltd. 231.45 0.62

Petroleum Products 1886.83 5.03Reliance Industries Ltd. 1360.03 3.63Hindustan Petroleum Corporation Ltd. 526.80 1.41

Ferrous Metals 1822.17 4.86Sesa Goa Ltd. 912.59 2.43Jindal Steel & Power Ltd. 909.57 2.43

Media & Entertainment 1732.64 4.62Balaji Telefilms Ltd. 1076.04 2.87Zee Entertainment Enterprises Ltd 656.60 1.75

Oil 1348.51 3.60Oil & Natural Gas Corporation Ltd. 1348.51 3.60

Power 1239.05 3.31Tata Power Company Ltd. 735.48 1.96CESC Ltd. 503.58 1.34

Telecom-Services 1160.13 3.09Bharti Airtel Ltd. 811.49 2.16Reliance Communications Ltd. 348.64 0.93


Cement 1073.75 2.86Grasim Industries Ltd. 883.25 2.36Century Textile & Industries Ltd. 190.50 0.51

Hotels 928.18 2.48Indian Hotels Co. Ltd. 928.18 2.48



Consumer Non Durables 617.30 1.65United Spirits Ltd. 617.30 1.65



Industrial Products 377.96 1.01Kirloskar Oil Engines Ltd. 377.96 1.01

Pharmaceuticals 358.31 0.96Wockhardt Ltd. 358.31 0.96

Fertilisers 246.05 0.66Gujarat Narmada Valley Fertilisers Co. Ltd. 246.05 0.66

Consumer Non-Durables 30.13 0.08Britannia Industries Ltd. 30.13 0.08



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


Asset Allocation




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


Date of inception / takeover : August 30, 2002


NAV : Rs.

Growth : 81.34

Dividend : 28.56



Investment Period

Total Investment

(Rs.)


Birla Sun Life Frontline

Equity Fund

Birla Sun Life Frontline

Equity Fund

BSE200

BSE200


Large

Mid

Small

Investment Style

Since Inception 63000 211403 235688 47.79 52.40

Last 5 Years 60000 189491 209346 47.94 52.43

Last 3 years 36000 74373 78263 53.33 57.59

Last 1 year 12000 17446 17120 93.64 87.56


Birla Sun Life Frontline Equity FundEquity: Diversified ( Schemes), 5 195 Yrs ended 31-Dec-07

CRISIL~CPR 2^^Birla Sun Life Frontline Equity Fund

Large Cap Oriented Equity Scheme (2 Schemes), 2 8 Yrs ended 28-Sept-07








Birla SunLife Frontline Equity Fund - Growth BSE 200

% R

etu

rns

61.83

50.33 51.0648.07

60.03

44.1746.44

44.10

0

10

20

30

40

50

60

70


2.22%

2.48%

2.71%

2.86%

2.89%

3.09%

3.31%

3.60%

4.62%

4.86%

5.03%

5.80%

8.17%

8.47%

8.83%

15.09%

15.96%

Transportation

Hotels


Cement

Gas

Telecom-Services

Power

Oil


Ferrous Metals

Petroleum Products

Software

Construction

Finance

Other Equity

Banks


J a n u a r y 2 0 0 8

07

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



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

Portfolio

Finance 10033.15 14.32Housing Development Finance Corp. Ltd. 2872.45 4.10ICRA Ltd. 2836.24 4.05Reliance Capital Ltd. 2589.35 3.70India Infoline Ltd. 1735.11 2.48

Industrial Capital Goods 9168.91 13.09Siemens Ltd. 2830.63 4.04Honeywell Automation India Ltd. 2237.71 3.19Bharat Bijlee Ltd. 2124.81 3.03Crompton Greaves Ltd. 1975.75 2.82

Banks 9027.82 12.88HDFC Bank Ltd. 2332.53 3.33Kotak Mahindra Bank Ltd. 1944.30 2.77ICICI BANK LTD.(PARTLY PAID UP) 1895.40 2.71ING Vysya Bank Ltd. 1746.43 2.49ICICI Bank Ltd. 1109.16 1.58


Construction 5418.77 7.73Larsen & Toubro Ltd. 3754.67 5.36

Punj Lloyd Ltd. 1664.10 2.37

Power 5006.03 7.14Reliance Energy Ltd. 3735.55 5.33GVK Power & Infrastructure Ltd. 1270.48 1.81

Ferrous Metals 3732.30 5.33Jindal Steel & Power Ltd. 3732.30 5.33


Auto Ancillaries 3174.16 4.53Motor Industries Company Ltd. 1917.12 2.74MRF Ltd. 1257.04 1.79

Auto 2375.58 3.39Maruti Suzuki India Ltd. 1514.78 2.16Mahindra & Mahindra Ltd. 860.80 1.23

Hotels 2123.59 3.03Taj GVK Hotels & Resorts Ltd. 1277.68 1.82Asian Hotels Ltd. 845.90 1.21

Telecom-Services 2112.50 3.01Bharti Airtel Ltd. 1342.64 1.92Spice Communications Ltd. 769.86 1.10

Consumer Non Durables 1623.76 2.32Shaw Wallace Company Ltd. 1623.76 2.32

Consumer Durables 1232.47 1.76Blue Star Ltd. 1232.47 1.76

Pesticides 941.76 1.34United Phosphorous Ltd. 941.76 1.34

Trading 652.87 0.93Uniphos Enterprises Ltd. 652.87 0.93

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



** Represents thinly traded / non traded securities.

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


Asset Allocation

Date of First Installment : April 1, 1996



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


Date of inception / takeover : March 29, 1996

Fund Manager : Mr. Ajay Garg

NAV : Rs.

Growth : 161.73


³ Rs. 5 crores - NilExit Load : NIL



Investment Period

Total Investment

(Rs.)


Birla Sun Life Tax

Relief '96

Birla Sun Life Tax

Relief '96

BSE200

BSE200


Large

Mid

Small

Investment Style

Since Inception 141000 757059 2476846 26.34 44.54

Last 5 years 60000 189491 220319 47.94 54.76

Last 3 years 36000 74373 82989 53.33 62.58

Last 1 year 12000 17447 18442 93.64 112.49

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

Equity Linked Savings Scheme (1 Schemes), 2 6 Yrs ended 28-Sept-07




Birla SunLife Tax Relief 96 BSE 200


% R

etu

rns


Birla Sun Life Tax Relief ‘96Equity: Tax Planning (29 Schemes), 5 Yrs ended 31-Dec-07

75.43

49.44

54.08

43.30

60.03

44.1746.44

18.94

0

10

20

30

40

50

60

70

80


2.32%

2.89%

3.01%

3.03%

3.39%

4.03%

4.53%

4.81%

5.33%

7.14%

7.73%

11.49%

12.88%

13.09%

14.32%



Telecom-Services

Hotels

Auto

Other Equity

Auto Ancillaries

Petroleum Products

Ferrous Metals

Power

Construction


Banks


Finance

J a n u a r y 2 0 0 8

08

Birla Infrastructure Fund




Portfolio

Industrial Capital Goods 16797.38 24.10

Bharat Heavy Electricals Ltd. 3165.76 4.54

Crompton Greaves Ltd. 2645.80 3.80

Bharati Shipyard Ltd. 2041.03 2.93

Siemens Ltd. 1760.86 2.53

Thermax Ltd. 1432.28 2.05

Bharat Electronics Ltd. 1261.08 1.81

Jyoti Structures Ltd. 1148.18 1.65

RPG Transmission Ltd. 1037.53 1.49

Suzlon Energy Ltd. 814.02 1.17

Action Construction Equipment Ltd. 769.97 1.10

Engineers India Ltd. 720.87 1.03

Construction 10517.64 15.09

Larsen & Toubro Ltd. 1459.56 2.09

Gammon India Ltd. 1293.95 1.86

Ansal Properties & Infrastructure Ltd. 1121.80 1.61

Mahindra Gesco Developers Ltd. 1088.16 1.56

GMR Infrastructure Ltd. 1031.04 1.48

Nagarjuna Construction Co. Ltd. 1012.96 1.45

IVRCL Infrastructures & Projects Ltd. 887.12 1.27

Peninsula Land Ltd. 764.53 1.10

Hindustan Construction Co. Ltd. 762.25 1.09

Simplex Infrastructures Ltd. 644.89 0.93


Ferrous Metals 9256.38 13.28

Jindal Steel & Power Ltd. 2895.22 4.15

Jindal Saw Ltd. 1552.67 2.23

Sesa Goa Ltd. 1336.21 1.92

Jai Corp Ltd. 1162.14 1.67

Maharashtra Seamless Ltd. 701.50 1.01

JSW Steel Ltd. 659.23 0.95

Arshiya International Ltd 649.49 0.93

Monnet Ispat Ltd. 299.93 0.43

Power 8827.58 12.66

Tata Power Company Ltd. 1970.13 2.83

CESC Ltd. 1504.02 2.16

LANCO Infratech Ltd. 1480.08 2.12

Kalpataru Power Transmission Ltd. 1209.48 1.74

Reliance Energy Ltd. 988.32 1.42

KEC International Ltd. 936.48 1.34

GVK Power & Infrastructure Ltd. 739.07 1.06

Industrial Products 4521.89 6.49

Kirloskar Oil Engines Ltd. 1853.99 2.66

Finolex Cables Ltd. 1213.00 1.74

Cummins India Ltd. 859.03 1.23

Torrent Cables Ltd. 595.87 0.85

Banks 3561.77 5.11

ICICI Bank Ltd. 2207.78 3.17

South Indian Bank Ltd. 1225.61 1.76

Andhra Bank 128.38 0.18

Telecom-Services 2992.88 4.29

Bharti Airtel Ltd. 2321.03 3.33

Reliance Communications Ltd. 671.85 0.96

Finance 2616.10 3.75

Infrastructure Development Fin. Co. Ltd. 1896.14 2.72

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


Asset Allocation




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


Date of inception / takeover : March 17, 2006


NAV : Rs.

Growth : 21.12

Dividend : 21.12

Benchmark :S&P CNX NIFTY Corpus : Rs. 697.06 Crores


Investment Period

Total Investment

(Rs.)


Birla Infrastructure

Fund

Birla Infrastructure

Fund

BSE200

BSE200


Large

Mid

Small

Investment Style

Since Inception 21000 32846 36868 58.41 76.94

Last 1 year 12000 16735 18367 80.44 111.06







% R

etu

rns

Birla Infrastructure Fund - Growth S&P CNX Nifty

Power Finance Corporation Ltd 719.96 1.03

Cement 2590.54 3.72

Birla Corporation Ltd. 1495.06 2.14

Grasim Industries Ltd. 1095.48 1.57

Transportation 2496.63 3.58

Mundra Port and Special Economic Zone Ltd 2005.23 2.88

Gateway Distriparks Ltd. 491.40 0.70

Gas 1270.88 1.82

Gujarat Gas Co. Ltd. 946.23 1.36

Indraprastha Gas Ltd. 324.65 0.47

Hotels 688.13 0.99

Taj GVK Hotels & Resorts Ltd. 688.13 0.99

Petroleum Products 648.24 0.93

Reliance Industries Ltd. 648.24 0.93

Oil 618.25 0.89

Oil & Natural Gas Corporation Ltd. 618.25 0.89

Consumer Non Durables 365.02 0.52

Hindustan Sanitaryware & Industries Ltd. 309.59 0.44

Britannia Industries Ltd. 55.43 0.08



74.16

51.7854.40

43.00

0

10

20

30

40

50

60

70

80

1 Year Since Inception

2.78%

3.58%

3.72%

3.75%

4.29%

5.11%

5.15%

6.49%

12.66%

13.28%

15.09%

24.10%


Transportation

Cement

Finance

Telecom-Services

Banks

Other Equity

Industrial Products

Power

Ferrous Metals

Construction


J a n u a r y 2 0 0 8

09

Birla Sun Life Basic Industries Fund




Portfolio

Industrial Capital Goods 3615.61 18.95Crompton Greaves Ltd. 708.88 3.72Bharat Heavy Electricals Ltd. 693.77 3.64Bharati Shipyard Ltd. 576.98 3.02Siemens Ltd. 417.21 2.19Thermax Ltd. 409.10 2.14Jyoti Structures Ltd. 344.85 1.81Voltamp Transformers Ltd. 271.25 1.42Suzlon Energy Ltd. 193.58 1.01

Construction 2812.57 14.74Larsen & Toubro Ltd. 667.50 3.50Jaiprakash Associates Ltd. 553.87 2.90Punj Lloyd Ltd. 388.29 2.03Patel Engineering Ltd. 346.94 1.82Nagarjuna Construction Co. Ltd. 346.54 1.82Gammon India Ltd. 305.00 1.60Akruti City Ltd. 204.43 1.07

Ferrous Metals 2644.11 13.86Jindal Steel & Power Ltd. 737.24 3.86Monnet Ispat Ltd. 709.94 3.72Jindal Saw Ltd. 655.64 3.44JSW Steel Ltd. 541.29 2.84

Petroleum Products 1995.51 10.46Reliance Industries Ltd. 835.50 4.38Apar Industries Ltd. 770.94 4.04Chennai Petroleum Corporation Ltd. 389.07 2.04

Banks 1465.13 7.68ICICI Bank Ltd. 681.48 3.57Bank of Baroda 459.60 2.41Kotak Mahindra Bank Ltd. 324.05 1.70

Finance 1253.44 6.57Housing Development Finance Corp. Ltd. 551.51 2.89Indiabulls Financial Services Ltd 382.10 2.00Infrastructure Development Fin. Co. Ltd. 319.83 1.68

Oil 1078.21 5.65Great Offshore Ltd. 654.71 3.43Oil & Natural Gas Corporation Ltd. 423.50 2.22

Power 995.42 5.22Reliance Energy Ltd. 469.61 2.46Tata Power Company Ltd. 367.74 1.93Lanco Infratech Ltd. 158.07 0.83

Industrial Products 987.07 5.17Sintex Industries Ltd. 689.26 3.61

Kirloskar Oil Engines Ltd. 297.82 1.56

Gas 486.49 2.55BOC India Ltd. 486.49 2.55


Fertilisers 378.77 1.98Tata Chemicals Ltd. 378.77 1.98


Chemicals 40.41 0.21Solar Explosives Ltd. 40.41 0.21

Consumer Non Durables 15.42 0.08Britannia Industries Ltd. 15.42 0.08



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


Asset Allocation

Date of First Installment : March 01, 2000

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

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

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

of return)

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


Date of inception / takeover : January 15, 2000

Fund Manager : Mr. Ankit Sancheti

NAV : Rs.

Growth : 124.04

Dividend : 50.86



Investment Period

Total Investment

(Rs.)


Birla Sun Life Basic Indus-

tries Fund

Birla Sun Life Basic Indus-

tries Fund

BSE200

BSE200


Large

Mid

Small

Investment Style

Since Inception 94000 416044 701426 36.99 50.39

Last 5 years 60000 189491 230941 47.94 56.92

Last 3 years 36000 74373 81292 53.33 60.81

Last 1 year 12000 17447 19169 93.64 126.54




Birla SunLife Basic Industries - Growth BSE 200

% R

etu

rns

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

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

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

CRISIL~CPR 2^^Birla Sun Life Basic Industries Fund

Diversified Equity Scheme 66 Yrs ended 28-Sept-07 ( Schemes), 2 (Past performance is no guarantee of future results.) # for ranking methodology please refer page 47

78.30

48.96

61.12

37.18

60.03

44.1746.44

20.17

0

10

20

30

40

50

60

70

80

90


2.39%

2.55%

3.23%

3.53%

5.17%

5.22%

5.65%

6.57%

7.68%

10.46%

13.86%

14.74%

18.95%

Cement

Gas

Other Equity


Industrial Products

Power

Oil

Finance

Banks

Petroleum Products

Ferrous Metals

Construction


J a n u a r y 2 0 0 8

10

Birla India GenNext Fund




Portfolio

Consumer Non Durables 3933.12 23.46United Spirits Ltd. 1294.35 7.72Glaxosmithkline Consumer Healthcare Ltd. 562.78 3.36I T C Ltd. 418.50 2.50Nestle India Ltd. 412.47 2.46Tata Tea Ltd. 362.26 2.16Titan Industries Ltd. 306.90 1.83Britannia Industries Ltd. 275.88 1.65Asian Paints (India) Ltd. 275.64 1.64Champagne Indage Ltd. 24.35 0.15

Banks 3329.10 19.84Kotak Mahindra Bank Ltd. 1296.20 7.73Axis Bank Ltd. 870.39 5.19Federal Bank Ltd. 554.32 3.30Federal Bank Ltd. (Rights) ** 141.82 0.84Allahabad Bank 269.19 1.61ICICI Bank Ltd. 197.18 1.18

Media & Entertainment 2023.72 12.07Television Eighteen India Ltd. 855.91 5.10Zee Entertainment Enterprises Ltd 492.45 2.94

Deccan Chronicle Holdings Ltd. 353.36 2.11HT Media Ltd. 322.00 1.92

Finance 1440.11 8.59Housing Development Finance Corp. Ltd. 861.74 5.14India Infoline Ltd. 578.37 3.45

Software 1097.14 6.54Everonn Systems India Ltd. 812.11 4.84Educomp Solutions Ltd. 285.03 1.70

Telecom-Services 1094.53 6.53Reliance Communications Ltd. 671.85 4.01Bharti Airtel Ltd. 422.68 2.52

Auto 798.14 4.76Maruti Suzuki India Ltd. 470.27 2.80Mahindra & Mahindra Ltd. 215.20 1.28Hero Honda Motors Ltd. 112.67 0.67

Retailing 679.88 4.05Pantaloon Retail (India) Ltd. 507.04 3.02

Shoppers Stop Ltd. 172.84 1.03

Hotels 624.09 3.72Asian Hotels Ltd. 345.94 2.06Taj GVK Hotels & Resorts Ltd. 278.15 1.66

Construction 522.94 3.12Unitech Ltd. 489.06 2.92Puravankara Projects Ltd. 33.88 0.20

Textile Products 441.20 2.63Raymond Ltd. 441.20 2.63

Pharmaceuticals 378.84 2.26Sun Pharmaceutical Industries Ltd. 378.84 2.26

Trading 70.42 0.42Adani Enterprises Ltd. 70.42 0.42


Total Net Asset 16,767.01 100.00




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


Asset Allocation

Date of First Installment : September 1, 2005



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

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

Investment ObjectiveInvestment Style Box

Investment Period

Total Investment

(Rs.)


Birla India GenNext

Fund

Birla India GenNext

Fund

S&P CNX NIFTY

S&P CNX NIFTY

Since Inception 28000 48740 47674 53.10 50.69

Last 1 year 12000 16735 16670 80.44 79.26Date of inception / takeover : August 05, 2005

Fund Manager : Mr. Sanjay Chawla & Mr. A. Balasubramaniam

NAV : Rs.

Growth : 24.16

Dividend : 21.32

Benchmark : S&P CNX NIFTY Corpus : Rs. 167.67 Crores


Large

Mid

Small

Investment Style




Birla India GenNext Fund - Growth S&P CNX Nifty

% R

etu

rns

57.11

44.30

54.40

48.76

0

10

20

30

40

50

60



0.42%

1.99%

2.26%

2.64%

3.12%

3.72%

4.06%

4.77%

6.53%

6.55%

8.59%

12.07%

19.84%

23.46%

Other Equity


Pharmaceuticals

Textile Products

Construction

Hotels

Retailing

Auto

Telecom-Services

Software

Finance


Banks


J a n u a r y 2 0 0 8

11


Birla Advantage Fund



Portfolio

Construction 7932.76 11.96Punj Lloyd Ltd. 1941.45 2.93Housing Development & Infrastructure Ltd 1911.63 2.88Larsen & Toubro Ltd. 1501.87 2.27Hindustan Construction Co. Ltd. 966.28 1.46Unitech Ltd. 854.44 1.29Brigade Enterprises Ltd. 757.10 1.14Dharti Dredging & Construction Ltd. ** 0.00 0.00

Ferrous Metals 7902.20 11.92Jindal Steel & Power Ltd. 3071.85 4.63Welspun Gujarat Stahl Rohren Ltd. 1827.40 2.76Jai Corp Ltd. 1206.33 1.82Jindal Saw Ltd. 943.57 1.42Steel Authority of India Ltd. 853.05 1.29

Finance 7252.54 10.94Housing Development Finance Corp. Ltd. 1655.39 2.50Reliance Capital Ltd. 1553.61 2.34Indiabulls Financial Services Ltd 1373.00 2.07India Infoline Ltd. 1094.74 1.65United Breweries Holdings Ltd. 932.96 1.41ICRA Ltd. 642.83 0.97

Banks 7251.34 10.94Kotak Mahindra Bank Ltd. 1490.63 2.25Bank of Baroda 1378.80 2.08Axis Bank Ltd. 1208.88 1.82State Bank of India 1185.50 1.79Industrial Development Bank of India Ltd 1157.10 1.75Punjab National Bank 830.44 1.25

Industrial Capital Goods 7123.86 10.74Bharat Electronics Ltd. 1787.10 2.70

Bharat Heavy Electricals Ltd. 1770.21 2.67Thermax Ltd. 1585.22 2.39Bharati Shipyard Ltd. 1034.63 1.56Siemens Ltd. 946.70 1.43

Consumer Non Durables 4252.57 6.41United Spirits Ltd. 2364.67 3.57Balrampur Chini Mills Ltd. 1240.80 1.87Eveready Industries India Ltd. 647.10 0.98

Telecom-Services 3533.68 5.33Reliance Communications Ltd. 1493.00 2.25Videsh Sanchar Nigam Ltd. 1046.13 1.58Bharti Airtel Ltd. 994.55 1.50

Non - Ferrous Metals 3442.37 5.19Hindalco Industries Ltd. 1755.65 2.65Sterlite Industries (India) Ltd. 1686.72 2.54

Petroleum Products 3189.42 4.81Reliance Industries Ltd. 2276.03 3.43Indian Oil Corporation Ltd. 913.39 1.38

Software 2798.30 4.22Satyam Computer Services Ltd. 803.98 1.21Subex Azure Ltd. 749.80 1.13Tech Mahindra Ltd. 694.85 1.05Infosys Technologies Ltd. 549.67 0.83

Diversified Industries 1613.80 2.43Aditya Birla Nuvo Ltd. 1613.80 2.43

Cement 1755.68 2.65Century Textile & Industries Ltd. 1755.68 2.65

Power 1387.49 2.09Reliance Energy Ltd. 1387.49 2.09



Media & Entertainment 867.64 1.31Adlabs Films Ltd. 867.64 1.31


Textiles-Synthetic 828.53 1.25Arvind Mills Ltd. 828.53 1.25

Oil 773.10 1.17Cairn India Ltd. 773.10 1.17

Auto 688.64 1.04Mahindra & Mahindra Ltd. 688.64 1.04

Hotels 518.54 0.78Indian Hotels Co. Ltd. 518.54 0.78







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


Asset Allocation




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


Date of inception / takeover : February 24, 1995

Fund Manager : Mr. A. Balasubramaniam

NAV : Rs.

Growth : 194.55

Dividend : 139.62

Benchmark : BSE Sensex Corpus : Rs. 663.02 Crores


Investment Period

Total Investment

(Rs.)


Birla Advantage

Fund

Birla Advantage

Fund

BSESensex

BSESensex

Since Inception 154000 715788 1534607 21.91 32.31

Last 5 years 60000 182065 199240 46.16 50.19

Last 3 years 36000 71599 72298 50.21 51.00

Last 1 year 12000 16172 17139 70.20 87.91


Large

Mid

Small

Investment Style

Birla Advantage Fund - Growth BSE Sensex

% R

etu

rns

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



56.16

44.44

51.71

27.82

46.8445.38

43.10

14.76

0

10

20

30

40

50

60


0.28%

2.09%

2.43%

2.65%

4.22%

4.81%

5.19%

5.33%

6.41%

10.08%

10.74%

10.94%

10.94%

11.92%

11.96%


Power


Cement

Software

Petroleum Products


Telecom-Services


Other Equity


Banks

Finance

Ferrous Metals

Construction

J a n u a r y 2 0 0 8

12

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




Portfolio

Industrial Capital Goods 1793.31 9.16ABB Ltd. 1039.90 5.31Bharat Bijlee Ltd. 498.19 2.55Bharat Earth Movers Ltd. 255.22 1.30

Banks 1669.74 8.53Federal Bank Ltd. 335.95 1.72Federal Bank - Rights 85.95 0.44Indian Bank 388.80 1.99Indian Overseas Bank 336.85 1.72HDFC Bank Ltd. 285.09 1.46State Bank of India 237.10 1.21

Auto Ancillaries 1470.03 7.51Goodyear India Ltd. 620.28 3.17Automobile Corporation of Goa Ltd. 549.40 2.81Sundaram-Clayton Ltd. 300.35 1.53

Industrial Products 1464.55 7.48TRF Ltd. 892.81 4.56Kirloskar Oil Engines Ltd. 571.73 2.92

Ferrous Metals 1271.14 6.49Welspun Gujarat Stahl Rohren Ltd. 685.28 3.50Sesa Goa Ltd. 305.42 1.56Tata Steel Ltd. 280.44 1.43


Construction 960.71 4.91Gammon India Ltd. 722.59 3.69JMC Projects India Ltd. 238.12 1.22

Power 864.90 4.42Tata Power Company Ltd. 514.83 2.63NTPC Ltd. 350.07 1.79

Finance 809.22 4.13Infrastructure Development Fin. Co. Ltd. 593.97 3.03Power Finance Corporation Ltd 215.25 1.10

Pharmaceuticals 756.91 3.87Dishman Pharmaceuticals & Chemicals Ltd. 387.91 1.98Sun Pharmaceutical Industries Ltd. 203.10 1.04Pfizer Ltd. 165.89 0.85

Auto 749.85 3.83Maruti Suzuki India Ltd. 564.33 2.88Tata Motors Ltd. 185.53 0.95

Consumer Non Durables 661.98 3.38Ruchi Soya Industries Ltd. 378.06 1.93Tata Tea Ltd. 271.70 1.39Britannia Industries Ltd. 12.23 0.06

Hotels 643.72 3.29Taj GVK Hotels & Resorts Ltd. 324.04 1.66Asian Hotels Ltd. 319.68 1.63

Media & Entertainment 628.44 3.21Zee Entertainment Enterprises Ltd 393.96 2.01Balaji Telefilms Ltd. 234.48 1.20

Diversified Industries 605.18 3.09Aditya Birla Nuvo Ltd. 605.18 3.09

Software 590.82 3.02Mphasis Ltd. 388.71 1.99Satyam Computer Services Ltd. 202.12 1.03

Textiles-Synthetic 566.84 2.90Arvind Mills Ltd. 566.84 2.90

Petroleum Products 523.70 2.68Reliance Industries Ltd. 288.11 1.47Bharat Petroleum Corporation Ltd. 235.60 1.20


Fertilisers 391.97 2.00Tata Chemicals Ltd. 391.97 2.00


Gas 310.67 1.59Gujarat Gas Co. Ltd. 310.67 1.59

Retailing 291.74 1.49Pantaloon Retail (India) Ltd. 291.74 1.49







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


Asset Allocation

Date of First Installment : March 01,1999



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



Fund Manager : Mr. Sanjay Chawla

NAV : Rs.

Growth* : 17.12

Dividend : 90.08

*Introduced with effect from 1st Oct, 2006


³ Rs. 5 crores - NilExit Load : NIL

Benchmark : BSE Sensex Corpus : Rs. 195.74 Crores


Investment Period

Total Investment

(Rs.)


Birla Equity Plan

Birla Equity Plan

BSESensex

BSESensex

Since Inception 106000 430090 725052 30.35 41.72

Last 5 years 60000 182065 221738 46.16 55.05

Last 3 years 36000 71600 72827 50.21 51.60

Last 1 year 12000 16172 16851 70.20 82.58


Large

Mid

Small

Investment Style


Birla Equity PlanEquity: Tax Planning (29 Schemes), 5 Yrs ended 31-Dec-07

Birla Equity Plan - Dividend BSE Sensex


% R

etu

rns

55.50

47.98

60.13

36.26

46.84 45.3843.10

22.52

0

10

20

30

40

50

60

70


2.00%

2.11%

2.34%

2.68%

2.90%

3.02%

3.09%

3.21%

3.29%

3.38%

3.83%

3.87%

4.13%

4.42%

4.91%

5.18%

6.47%

6.49%

7.48%

7.51%

8.53%

9.16%

Fertilisers



Petroleum Products

Textiles-Synthetic

Software



Hotels


Auto

Pharmaceuticals

Finance

Power

Construction

Telecom-Services

Other Equity

Ferrous Metals

Industrial Products

Auto Ancillaries

Banks


J a n u a r y 2 0 0 8

13

Birla Index Fund


Portfolio

Petroleum Products 441.94 12.59Reliance Industries Ltd. 339.41 9.67Reliance Petroleum Ltd. 86.23 2.46Bharat Petroleum Corporation Ltd. 16.30 0.46

Telecom-Services 341.26 9.72Bharti AirTel Ltd. 162.06 4.62Reliance Communications Ltd. 130.43 3.72Idea Cellular Ltd. 30.11 0.86Videsh Sanchar Nigam Ltd. 18.66 0.53

Banks 293.47 8.36ICICI Bank Ltd. 116.09 3.31State Bank of India 106.99 3.05HDFC Bank Ltd. 52.27 1.49Punjab National Bank 18.12 0.52

Software 287.73 8.20Tata Consultancy Services Ltd. 90.44 2.58Infosys Technologies Ltd. 86.80 2.47Wipro Ltd. 65.77 1.87Satyam Computer Services Ltd. 26.03 0.74HCL Technologies Ltd. 18.69 0.53

Oil 264.06 7.53Oil and Natural Gas Corporation Ltd. 226.97 6.47Cairn India Ltd. 37.10 1.06

Power 244.44 6.97NTPC Ltd. 177.63 5.06

Reliance Energy Ltd. 41.17 1.17Tata Power Company Ltd. 25.64 0.73

Industrial Capital Goods 210.67 6.00Bharat Heavy Electricals Ltd. 108.80 3.10Suzlon Energy Ltd. 46.99 1.34ABB Ltd. 27.64 0.79Seimens Ltd. 27.24 0.78

CONSTRUCTION 170.14 4.85Larsen & Toubro Ltd. 101.89 2.90Unitech Ltd. 68.25 1.94

Ferrous Metals 157.97 4.50Steel Authority of India Ltd. 100.93 2.88Tata Steel Ltd. 45.25 1.29Tata Iron & Steel Ltd.(Rights) 8.96 0.26Tata Iron & Steel(Preference Shares) 2.84 0.08

Non-Ferrous Metals 111.81 3.19Sterlite Industries (India) Ltd. 62.87 1.79National Aluminium Company Ltd. 26.53 0.76Hindalco Industries Ltd. 22.41 0.64

Consumer Durables 108.16 3.08ITC Ltd. 67.56 1.93Hindustan Lever Ltd. 40.60 1.16

Auto 102.31 2.92Maruti Udyog Ltd. 24.67 0.70

Tata Motors Ltd. 24.62 0.70Bajaj Auto Ltd. 22.89 0.65Mahindra & Mahindra Ltd. 18.24 0.52Hero Honda Motors Ltd. 11.89 0.34

Pharmaceuticals 66.44 1.89Sun Pharmaceutical Industries Ltd. 20.62 0.59Cipla Ltd. 14.18 0.40Ranbaxy Laboratories Ltd. 13.76 0.39Dr. Reddys Laboratories Ltd. 10.44 0.30GlaxoSmithKline Pharmaceuticals Ltd. 7.44 0.21

Finance 66.04 1.88Housing Development Finance Corp. Ltd. 66.04 1.88

Cement 64.64 1.84Grasim Industries Ltd. 28.90 0.82Gujarat Ambuja Cements Ltd. 19.22 0.55The Associated Cement Companies Ltd. 16.53 0.47

Gas 39.65 1.13GAIL India Ltd. 39.65 1.13

Media & Entertainment 12.07 0.34Zee Entertainment Enterprises Ltd. 12.07 0.34






Total outstanding exposure in derivatives as on December 31, 2007 is Rs 5.24 Crores (Notional value).

Asset AllocationInvestment Performance


Birla Index Fund - Growth S&P CNX Nifty

% R

etu

rns

54.93

43.2241.05 41.52

54.40

43.4341.18 41.38

0

10

20

30

40

50

60


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


Date of inception / takeover : September 18, 2002


NAV : Rs.

Growth : 62.72

Dividend : 24.27

Load Structure (Incl. for SIP) Entry Load : NilExit Load : Nil

Benchmark : S & P CNX Nifty Corpus : Rs. 35.09 Crores



Large

Mid

Small

Investment Style


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




Investment Period

Total Investment

(Rs.)


Birla Index Fund

Birla Index Fund

S&P CNX NIFTY

S&P CNX NIFTY

Since Inception 63000 196063 194643 44.62 44.32

Last 5 years 60000 177410 176132 45.01 44.69

Last 3 years 36000 72103 72002 50.78 50.66

Last 1 year 12000 16735 16906 80.44 83.59

2.92%

3.08%

3.19%

4.25%

4.85%

6.00%

6.97%

7.35%

7.53%

8.20%

8.36%

9.72%

12.59%

15%

Auto

Consumer Durables

Non-Ferrous Metals

Ferrous Metals

CONSTRUCTION


Power

Other Equity

Oil

Software

Banks

Telecom-Services

Petroleum Products


J a n u a r y 2 0 0 8

14

Birla Sun Life New Millennium Fund


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



Fund Manager : Mr. Atul Penkar

NAV : Rs.

Growth : 24.07

Dividend : 20.53

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



Benchmark : BSE Teck Corpus : Rs. 114.64 Crores



Large

Mid

Small

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





Investment Period

Total Investment

(Rs.)


Birla Sun Life New Millenn-

ium Fund

Birla Sun Life New Millenn-

ium Fund

BSE Teck BSE Teck

Since Inception 94000 273239 334295 26.48 31.50

Last 5 years 60000 150853 169399 37.91 42.97

Last 3 years 36000 56436 60715 31.51 37.09

Last 1 year 12000 13025 13699 16.23 27.28

CRISIL~CPR 2^^Birla Sun Life New Millennium Fund

Sectoral IT Scheme 7 Yrs ended 28-Sept-07 ( Schemes), 2


Portfolio

Software 4672.30 40.76

Tata Consultancy Services Ltd. 650.01 5.67

Satyam Computer Services Ltd. 629.71 5.49

Infosys Technologies Ltd. 618.94 5.40

Megasoft Ltd. 421.99 3.68

3i Infotech Ltd. 388.55 3.39

I-Flex Solutions Ltd. 374.95 3.27

Tanla Solutions Ltd. 304.25 2.65

Subex Azure Ltd. 290.48 2.53

Infotech Enterprises Ltd. 253.81 2.21

Tech Mahindra Ltd. 247.68 2.16

Mphasis Ltd. 238.60 2.08

Allsec Technologies Ltd. 166.26 1.45

Saksoft Ltd. 87.05 0.76

Media & Entertainment 3259.83 28.44

Jagran Prakashan Ltd. 553.24 4.83

Zee Entertainment Enterprises Ltd 492.45 4.30

New Delhi Television India Ltd. 462.60 4.04

Balaji Telefilms Ltd. 458.53 4.00

Deccan Chronicle Holdings Ltd. 333.15 2.91

PVR Ltd. 320.17 2.79

UTV Software Communications Ltd. 303.04 2.64

Dish TV India Ltd. 204.80 1.79

HT Media Ltd. 131.86 1.15

Magnasound India Ltd.** 0.00 0.00




Hardware 963.40 8.40

Allied Digital Services Ltd. 825.69 7.20

HCL Infosystems Ltd. 137.71 1.20






**Represents thinly traded/non traded securities. Total outstanding exposure in derivatives as on 31th December, 2007is Rs. 2.21 Crores (Notional value).


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

Birla SunLife New Millennium Fund - Growth BSE Teck

% R

etu

rns 20.65

39.1741.23

11.669.92

32.2134.49

0

5

10

15

20

25

30

35

40

45


5.79%

8.40%

16.61%

28.44%

40.76%


Hardware

Telecom-Services


Software

J a n u a r y 2 0 0 8

15

Birla Top 100 Fund




Portfolio





ABB Ltd. 907.41 1.84


Banks 4916.57 9.98


State Bank of India 1269.46 2.58

Axis Bank Ltd. 846.21 1.72

Bank of India 767.45 1.56




Larsen & Toubro Ltd. 1418.43 2.88

IVRCL Infrastructures & Projects Ltd. 1066.51 2.17

Jaiprakash Associates Ltd. 1065.13 2.16

DLF Limited 746.29 1.52





Jindal Saw Ltd. 1267.09 2.57

Tata Steel Ltd. 1037.63 2.11

Sesa Goa Ltd. 916.26 1.86


Great Eastern Shipping Company Ltd. 1324.72 2.69

Mundra Port and Special Economic Zone 1268.60 2.58

Cement 2542.52 5.16


India Cements Ltd 965.03 1.96

Power 2473.91 5.02


CESC Ltd. 860.15 1.75

Finance 2212.96 4.49

Housing Development Finance Corp. Ltd. 1436.23 2.92



United Spirits Ltd. 1254.52 2.55

Titan Industries Ltd. 544.71 1.11

Oil 1731.10 3.51


Software 1519.66 3.09



Auto Ancillaries 1486.96 3.02

Motor Industries Company Ltd. 1436.89 2.92

Exide Industries Ltd. 50.07 0.10

Non - Ferrous Metals 1476.12 3.00

Sterlite Industries (India) Ltd. 1476.12 3.00


Sintex Industries Ltd. 1165.80 2.37

Consumer Durables 1061.70 2.16

Voltas Ltd. 1061.70 2.16

Auto 897.47 1.82

Tata Motors Ltd. 897.47 1.82

Gas 300.84 0.61

GAIL (India) Ltd. 300.84 0.61






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


Asset Allocation

Date of First Installment : November 1, 2005



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



Fund Manager : Mr. Ajay Argal

NAV : Rs.

Growth : 23.20

Dividend : 21.04

Benchmark : S & P CNX Nifty Corpus : Rs. 492.53 Crores


Investment Period

Total Investment

(Rs.)


Birla Top 100

Fund

Birla Top 100

Fund

S&P CNX NIFTY

S&P CNX NIFTY

Since Inception 26000 43855 41319 54.24 47.23

Last 1 year 12000 16735 16170 80.44 70.17


Large

Mid

Small

Investment Style




Birla Top 100 Fund - Growth S&P CNX Nifty

% R

etu

rns

46.55 46.96

54.40 53.81

0

10

20

30

40

50

60


2.16%

2.37%

2.43%

3.00%

3.02%

3.06%

3.09%

3.51%

3.65%

4.49%

5.02%

5.16%

5.27%

6.54%

7.18%

8.72%

8.77%

9.98%

12.57%

Consumer Durables

Industrial Products

Other Equity


Auto Ancillaries


Software

Oil


Finance

Power

Cement

Transportation

Ferrous Metals

Telecom-Services

Construction

Petroleum Products

Banks


J a n u a r y 2 0 0 8

16

Birla Sun Life Buy India Fund




Birla SunLife Buy India Fund - Growth BSE 200

% R

etu

rns

Portfolio

Consumer Non Durables 2001.46 26.84United Spirits Ltd. 383.52 5.14Tata Tea Ltd. 362.26 4.86Marico Ltd. 361.79 4.85Kajaria Ceramics Ltd. 343.57 4.61E.I.D. Parry (India) Ltd. 300.12 4.02Shaw Wallace Company Ltd. 250.20 3.36

Pharmaceuticals 1115.81 14.96Sun Pharmaceutical Industries Ltd. 439.94 5.90Pfizer Ltd. 324.25 4.35Aventis Pharma Ltd. 205.88 2.76Glaxosmithkline Pharmaceuticals Ltd. 145.74 1.95

Hotels 939.18 12.60Asian Hotels Ltd. 622.10 8.34Taj GVK Hotels & Resorts Ltd. 317.09 4.25

Media & Entertainment 799.83 10.73UTV Software Communications Ltd. 356.40 4.78Adlabs Films Ltd. 238.26 3.20PVR Ltd. 205.17 2.75Magnasound India Ltd.** 0.00 0.00

Telecom-Services 507.41 6.80Bharti Airtel Ltd. 268.53 3.60Reliance Communications Ltd. 238.88 3.20

Diversified Industries 497.58 6.67United Breweries Holdings Ltd. 497.58 6.67

Pesticides 427.45 5.73Rallis India Ltd. 427.45 5.73


Construction 337.38 4.52Mahindra Lifespace Developers Ltd. 337.38 4.52

Gas 293.93 3.94Indraprastha Gas Ltd. 293.93 3.94

Retailing 34.49 0.46Trent Ltd. - Warrants** 34.49 0.46






**Represents thinly traded/non traded securities.

38.46 40.12

51.34

18.21

60.03

44.1746.44

20.17

0

10

20

30

40

50

60

70


0.46%

1.82%

3.94%

4.52%

4.91%

5.73%

6.67%

6.80%

10.73%

12.60%

14.96%

26.84%

Other Equity


Gas

Construction

Auto

Pesticides


Telecom-Services


Hotels

Pharmaceuticals


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




NAV : Rs.

Growth : 37.91

Dividend : 26.62







Large

Mid

Small

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





Investment Period

Total Investment

(Rs.)


Birla Sun Life Buy India

Fund

Birla Sun Life Buy India

Fund

BSE 200 BSE 200

Since Inception 94000 416044 435532 36.99 38.15

Last 5 years 60000 189491 198075 47.94 49.93

Last 3 years 36000 74373 63002 53.33 39.97

Last 1 year 12000 17447 15743 93.64 62.51

J a n u a r y 2 0 0 8

17

Birla MNC Fund




Portfolio


Siemens Ltd. 1420.05 7.19

Honeywell Automation India Ltd. 756.50 3.83

ABB Ltd. 756.18 3.83

Areva T&D India Ltd. 264.33 1.34

Pharmaceuticals 2493.13 12.63

Pfizer Ltd. 989.87 5.01

Fulford (India) Ltd. 607.53 3.08

Glaxosmithkline Pharmaceuticals Ltd. 463.48 2.35

Wyeth Ltd. 432.25 2.19


Glaxosmithkline Consumer Healthcare Ltd. 735.65 3.73

ITC Ltd. 630.90 3.20

Colgate-Palmolive (India) Ltd. 570.43 2.89

Kansai Nerolac Paints Ltd. 466.21 2.36

Banks 2081.26 10.54

ING Vysya Bank Ltd. 1421.78 7.20

Yes Bank Ltd. 659.48 3.34

Finance 1858.20 9.41

CRISIL Ltd. 941.64 4.77

ICRA Ltd. 916.56 4.64


Cummins India Ltd. 976.31 4.95

Fag Bearings India Ltd. 267.48 1.36

Gas 1236.99 6.27


BOC India Ltd. 406.50 2.06


Sesa Goa Ltd. 1145.33 5.80


Sundaram-Clayton Ltd. 674.62 3.42

Federal Mogul Goetze (India) Ltd. 359.60 1.82



Auto 891.05 4.51

Maruti Suzuki India Ltd. 891.05 4.51

Software 459.90 2.33

Mphasis BFL Ltd. 459.90 2.33

Cement 227.92 1.15

Mysore Cements Ltd. 227.92 1.15



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


Asset Allocation

Date of First Installment : January 01, 2000



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


Date of inception / takeover : December 27, 1999

Fund Manager : Mr. A. Balasubramaniam

NAV : Rs.

Growth : 151.58

Dividend : 75.98

Benchmark : S & P CNX MNC Corpus : Rs. 197.40 Crores


Investment Period

Total Investment

(Rs.)


Birla MNCFund

Birla MNCFund

S&P CNX MNC

S&P CNX MNC

Since Inception 96000 246951 334151 22.91 30.23

Last 5 years 60000 133046 144213 32.51 35.96

Last 3 years 36000 57201 55135 32.53 29.75

Last 1 year 12000 14269 14271 36.86 36.89


Large

Mid

Small

Investment Style




Birla MNC Fund - Growth S&P CNX MNC

% R

etu

rns

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

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


23.35

31.05

39.48

18.85

26.42

35.43

29.02

11.92

0

5

10

15

20

25

30

35

40

45


1.15%

2.33%

2.90%

4.51%

4.53%

5.24%

5.80%

6.27%

6.30%

9.41%

10.54%

12.17%

12.63%

16.20%

Other Equity

Software


Auto

Telecom-Services

Auto Ancillaries

Ferrous Metals

Gas

Industrial Products

Finance

Banks


Pharmaceuticals


J a n u a r y 2 0 0 8

18

Birla India Opportunities Fund




Portfolio

Industrial Capital Goods 2412.04 28.17Crompton Greaves Ltd. 553.21 6.46Siemens Ltd. 473.35 5.53Honeywell Automation India Ltd. 382.25 4.46AIA Engineering Ltd. 346.92 4.05Bharat Electronics Ltd. 252.22 2.95ABB Ltd. 210.52 2.46Suzlon Energy Ltd. 193.58 2.26

Software 1406.39 16.43Satyam Computer Services Ltd. 449.15 5.25Infosys Technologies Ltd. 265.26 3.10Infotech Enterprises Ltd. 230.92 2.70I-Flex Solutions Ltd. 226.66 2.65Megasoft Ltd. 147.35 1.72Saksoft Ltd. 87.05 1.02Tata Consultancy Services Ltd. 0.01 0.00

Ferrous Metals 710.56 8.30Welspun Gujarat Stahl Rohren Ltd. 373.54 4.36Jindal Steel & Power Ltd. 184.31 2.15Sesa Goa Ltd. 152.71 1.78

Diversified Industries 627.41 7.33United Breweries Holdings Ltd. 627.41 7.33

Industrial Products 533.08 6.23Sintex Industries Ltd. 285.18 3.33Bharat Forge Ltd. 247.91 2.90

Textile Products 476.81 5.57Raymond Ltd. 476.81 5.57

Finance 320.96 3.75CRISIL Ltd. 320.96 3.75

Telecom-Services 298.60 3.49Reliance Communications Ltd. 298.60 3.49

Construction 277.35 3.24Punj Lloyd Ltd. 277.35 3.24

Pharmaceuticals 271.77 3.17Dishman Pharmaceuticals & Chemicals Ltd. 174.00 2.03Sun Pharmaceutical Industries Ltd. 97.76 1.14

Auto Ancillaries 247.55 2.89Shree Ganesh Forgings Ltd. 235.33 2.75Amtek India Ltd. 12.22 0.14

Consumer Durables 246.25 2.88Voltas Ltd. 246.25 2.88


Oil 98.87 1.15Aban Offshore Ltd. 98.87 1.15






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


Asset Allocation

Date of First Installment : January 01, 2000



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

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


Date of inception / takeover : December 27, 1999

Fund Manager : Mr. Atul Penkar

NAV : Rs.

Growth : 63.26

Dividend : 27.17

Benchmark : S & P CNX 500 Corpus : Rs. 85.62 Crores


Investment Period

Total Investment

(Rs.)


Birla India Opportunities

Fund

Birla India Opportunities

Fund

S&P CNX 500

S&P CNX 500

Since Inception 96000 424232 335869 36.06 30.36

Last 5 years 60000 190640 144336 48.21 36.00

Last 3 years 36000 73624 56789 52.50 31.98

Last 1 year 12000 17558 14135 95.71 34.57


Large

Mid

Small

Investment Style

Birla India Opportunities Fund - Growth S&P CNX 500

% R

etu

rns




21.06

31.63

36.66

13.03

62.08

43.6947.24

21.12

0

10

20

30

40

50

60

70


1.15%

2.36%

2.88%

2.89%

3.17%

3.24%

3.49%

3.75%

5.05%

5.57%

6.23%

7.33%

8.30%

16.43%

28.17%

Other Equity


Consumer Durables

Auto Ancillaries

Pharmaceuticals

Construction

Telecom-Services

Finance


Textile Products

Industrial Products


Ferrous Metals

Software


J a n u a r y 2 0 0 8

19

Birla Dividend Yield Plus


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





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



Fund Manager : Mr. Ankit Sancheti

NAV : Rs.

Growth : 65.79

Dividend : 14.77

Benchmark : S & P CNX 500 Corpus : Rs. 370.55 Crores


Investment Period

Total Investment

(Rs.)




S&P CNX 500

S&P CNX 500

Since Inception 58000 176675 149510 48.24 40.56

Last 3 years 36000 73624 62813 52.50 39.73

Last 1 year 12000 17558 17190 95.71 88.84


Large

Mid

Small

Investment Style

Portfolio


Chennai Petroleum Corporation Ltd. 1513.09 4.08

Apar Industries Ltd. 1325.39 3.58

Indian Oil Corporation Ltd. 1242.09 3.35

Hindustan Petroleum Corporation Ltd. 1203.37 3.25

Castrol (India) Ltd. 516.83 1.39

Banks 5769.37 15.57

Andhra Bank 1327.42 3.58

Vijaya Bank 1276.75 3.45

Indian Overseas Bank 970.93 2.62

Bank of Baroda 924.89 2.50

Union Bank of India 863.26 2.33

Allahabad Bank 406.13 1.10


Shaw Wallace Company Ltd. 705.38 1.90


Berger Paints India Ltd. 645.91 1.74

Kansai Nerolac Paints Ltd. 609.07 1.64

Eveready Industries India Ltd. 501.60 1.35

Colgate-Palmolive (India) Ltd. 458.44 1.24

Procter&Gamble Hygiene&Health Care Ltd. 452.50 1.22

Nestle India Ltd. 265.02 0.72

Fertilisers 3107.28 8.39

Tata Chemicals Ltd. 1267.85 3.42

Rashtriya Chemicals & Fertilizers Ltd. 1058.55 2.86

Gujarat Narmada Valley Fertilisers Co. L 634.05 1.71

DCM Shriram Consolidated Ltd. 146.83 0.40


Wyeth Ltd. 1219.29 3.29

Ranbaxy Laboratories Ltd. 432.34 1.17

Pfizer Ltd. 420.96 1.14

Glaxosmithkline Pharmaceuticals Ltd. 303.58 0.82

Power 2356.37 6.36

Neyveli Lignite Corporation Ltd. 1417.68 3.83



Great Eastern Shipping Company Ltd. 1109.04 2.99

Gateway Distriparks Ltd. 648.24 1.75

Varun Shipping Company Ltd. 508.58 1.37

Oil 1631.50 4.40


Hardware 1367.64 3.69

HCL Infosystems Ltd. 842.70 2.27

Tata Elxsi Ltd. 524.94 1.42

Gas 1233.65 3.33

Indraprastha Gas Ltd. 691.60 1.87


Paper 1189.35 3.21

Tamil Nadu Newsprint & Papers Ltd. 1189.35 3.21

Chemicals 1173.12 3.17

Clariant Chemicals (India) Ltd. 1173.12 3.17


Cosmo Films Ltd. 666.30 1.80

Esab India Ltd. 383.87 1.04

Auto 985.18 2.66

Bajaj Auto Ltd. 614.13 1.66

Tata Motors Ltd. 371.05 1.00


Tata Metaliks Ltd. 549.41 1.48

Monnet Ispat Ltd. 400.97 1.08



Goodyear India Ltd. 195.11 0.53

Rane (Madras) Ltd. 62.52 0.17



Telecom-Equipment & Accessories 227.24 0.61

Avaya Global Connect Ltd. 227.24 0.61


Salora International Ltd. 74.77 0.20

Cash & Current Assets -27.01 -0.07










Asset Allocation

Birla Dividend Yield Plus - Growth S&P CNX 500

% R

etu

rns

56.48

31.26

47.51

62.08

43.69

49.90

0

10

20

30

40

50

60

70

1 Year 3 Years Since Inception

2.56%

2.66%

2.83%

3.17%

3.21%

3.33%

3.69%

4.08%

4.40%

6.11%

6.36%

6.41%

8.39%

11.64%

15.57%

15.65%

Ferrous Metals

Auto

Industrial Products

Chemicals

Paper

Gas

Hardware

Other Equity

Oil

Transportation

Power

Pharmaceuticals

Fertilisers


Banks

Petroleum Products

J a n u a r y 2 0 0 8

20


Birla Long Term Advantage Fund seeks to provide long-term capital appreciation, by investing predominantly in a diversified portfolio of equity and equity related securities.


Date of inception / takeover : October 10, 2006Fund Manager : Mr. Ajay Argal

NAV : Rs.

Growth : 14.88

Dividend : 14.88

Benchmark : BSE Sensex

Corpus : Rs. 481.71 Crores



Large

Mid

Small

Investment Style

Load Structure Entry Load:NilExit Load :Nil: Investors offering units for repurchase before maturity of the scheme / conversion

of scheme into open ended scheme will be charged balance proportionate unamortized issue expenses on the applicable NAV.

Birla Long Term Advantage FundAn Closed end Diversified Equity Scheme with a maturity of five years. Upon maturity, the Scheme shall automatically be converted into an An Open-ended Scheme.

Portfolio




AIA Engineering Ltd. 1050.31 2.18

Engineers India Ltd. 1004.69 2.09


Gujarat Apollo Industries Ltd. 852.78 1.77

Mcnally Bharat Engineering Company Ltd. 847.73 1.76


Manugraph India Ltd. 365.92 0.76

Banks 5463.23 11.34


Bank of Baroda 1561.56 3.24

HDFC Bank Ltd. 1037.70 2.15

Axis Bank Ltd. 727.83 1.51




ITC Ltd. 1261.80 2.62

Titan Industries Ltd. 937.38 1.95




Motor Industries Company Ltd. 1395.22 2.90


Exide Industries Ltd.(Rights)** 45.30 0.09





Puravankara Projects Ltd. 921.10 1.91


JMC Projects India Ltd. 405.21 0.84


Fag Bearings India Ltd. 1119.63 2.32

Bharat Forge Ltd. 885.38 1.84



PVR Ltd. 915.51 1.90

Pesticides 1777.60 3.69

Rallis India Ltd. 1061.09 2.20

United Phosphorous Ltd. 716.52 1.49

Oil 1483.80 3.08


Non - Ferrous Metals 1396.98 2.90

Sterlite Industries (India) Ltd. 1396.98 2.90

Finance 1378.78 2.86

Housing Development Finance Corp. Ltd. 1378.78 2.86

Power 1233.68 2.56



Dishman Pharmaceuticals & Chemicals Ltd. 1054.49 2.19

Retailing 1000.26 2.08

Pantaloon Retail (India) Ltd. 1000.26 2.08


Blue Star Ltd. 980.61 2.04



Mining 829.44 1.72

Gujarat NRE Coke Ltd 829.44 1.72

Software 655.60 1.36


Cement 380.33 0.79

Madras Cements Ltd. 380.33 0.79








Asset Allocation

2.04%

2.08%

2.19%

2.56%

2.86%

2.90%

3.08%

3.69%

3.84%

4.16%

4.57%

5.08%

5.34%

5.69%

5.97%

6.38%

7.37%

11.34%

18.86%

Consumer Durables

Retailing

Pharmaceuticals

Power

Finance


Oil

Pesticides


Industrial Products

Construction

Telecom-Services

Auto Ancillaries

Other Equity

Petroleum Products



Banks


Birla Long Term Advantage Fund - Growth BSE Sensex

% R

etu

rns

0

10

20

30

40

50

60

37.41

46.84

1 Year

38.34

49.84

Since Inception

J a n u a r y 2 0 0 8

21


The Scheme seeks to generate consistent long-term capital appreciation by investing predominantly in equity and equity related securities of companies considered to be small and mid cap. The Scheme may also invest a certain portion of its corpus in fixed income securities including money market instruments, in order to meet liquidity requirements from time to time.


Date of inception / takeover : May 31, 2007Fund Manager : Mr. Mahesh Patil

NAV : Rs.

Growth : 13.7090

Dividend : 13.7090

Benchmark : BSE 500




Large

Mid

Small

Investment Style

Birla Long Term Advantage Fund - Series IA 3 Year Closed-end Small and Mid Cap Equity Scheme with an Automatic Conversion into an Open-ended Scheme upon Maturity.

Portfolio

Banks 6275.06 13.36

South Indian Bank Ltd. 1241.02 2.64

Indian Bank 1175.28 2.50


Allahabad Bank 1071.90 2.28

City Union Bank Ltd. 732.69 1.56

Indian Overseas Bank 536.10 1.14

Bank of Maharashtra 401.25 0.85


Patel Engineering Ltd. 1004.15 2.14

Mahindra Lifespace Developers Ltd. 839.23 1.79

Ansal Properties & Infrastructure Ltd. 807.12 1.72

JMC Projects India Ltd. 648.18 1.38

Nagarjuna Construction Co. Ltd. 564.56 1.20



Ruchi Soya Industries Ltd. 920.49 1.96

Hindustan Sanitaryware & Industries Ltd. 579.34 1.23



Radico Khaitan Ltd 348.87 0.74

Millennium Beer Industries Ltd. 110.73 0.24



Action Construction Equipment Ltd. 658.35 1.40

Hindustan Dorr-Oliver Ltd. 462.25 0.98

Honeywell Automation India Ltd. 421.60 0.90

Bharat Earth Movers Ltd. 256.61 0.55

Transformers & Rectifiers India Ltd. 42.40 0.09

BGR Energy Systems Ltd. ** 37.84 0.08


MRF Ltd. 1072.41 2.28



Exide Industries Ltd.(Rights)** 28.93 0.06

Kesoram Industries Ltd. 519.35 1.11


Jain Irrigation Systems Ltd. 960.62 2.05

Greaves Cotton Ltd. 646.43 1.38

Sintex Industries Ltd. 570.35 1.21

Paper Products Ltd. 528.27 1.13

Power 2413.75 5.14

GVK Power & Infrastructure Ltd. 1940.51 4.13

CESC Ltd. 473.24 1.01

Diversified Industries 2177.71 4.64

United Breweries Holdings Ltd. 1167.87 2.49

Aditya Birla Nuvo Ltd. 1009.84 2.15


Apar Industries Ltd. 1861.89 3.97

Finance 1799.12 3.83


ICRA Ltd. 656.87 1.40

Software 1787.41 3.81

Geometric Software Solutions Co. Ltd. 677.11 1.44

Mphasis BFL Ltd. 613.20 1.31

HCL Technologies Ltd. 497.10 1.06

Chemicals 1746.70 3.72

Bombay Dyeing & Mfg. Co. Ltd. 1268.12 2.70

Micro Inks Ltd. 478.58 1.02


Dishman Pharmaceuticals & Chemicals Ltd. 1028.09 2.19

Pfizer Ltd. 633.60 1.35


HT Media Ltd. 515.20 1.10


Zee Telefilms Ltd. 492.45 1.05

uto 914.16 1.95

Eicher Motors Ltd. 914.16 1.95

Hotels 897.25 1.91

Taj GVK Hotels & Resorts Ltd. 897.25 1.91


Voltas Ltd. 893.00 1.90

Cement 691.81 1.47

Mangalam Cement Ltd. 381.72 0.81

J.K. Cement Ltd. 310.09 0.66

Textile Products 671.07 1.43

Raymond Ltd. 671.07 1.43

Retailing 630.77 1.34

Trent Ltd. 630.77 1.34



Oil 381.13 0.81

Great Offshore Ltd. 381.13 0.81


Spice Communications Ltd. 299.32 0.64








Asset Allocation

Birla Sunlife Long Term Advantage Fund - Series 1 - Growth BSE 500

% R

etu

rns

37.09

52.16

0

10

20

30

40

50

60

Since Inception

3.23%

3.54%

3.72%

3.81%

3.83%

3.97%

4.64%

5.14%

5.70%

5.76%

6.92%

7.34%

8.15%

8.23%

12.66%

13.36%


Pharmaceuticals

Chemicals

Software

Finance

Petroleum Products


Power


Industrial Products

Auto Ancillaries



Construction

Other Equity

Banks

J a n u a r y 2 0 0 8

22

Load Structure Entry Load:NilExit Load :Nil: Investors offering units for repurchase before maturity of the scheme / conversion

of scheme into open ended scheme will be charged balance proportionate unamortized issue expenses on the applicable NAV.



Birla Sun Life International Equity Fund - Plan A

Birla Sun Life International Equity Fund - Plan BJ a n u a r y 2 0 0 8

Birla Sun Life International Equity Fund Plan A seeks to generate long-term growth of capital, by investing predominantly in a diversified portfolio of equity and equity related securities in the international markets.



Fund Manager : Mr. Mahesh Patil & Mr. Vineet Maloo

NAV : Rs.

Growth : 10.1580

Dividend : 10.1580

Benchmark : S&P Global 1200 Corpus : Rs. 274.13 Crores

Investment Style Box Systematic Investment Plan (SIP) Investment Performance

Asset Allocation


Large

Mid

Small

Investment Style

Load Structure (Incl. for SIP) Entry Load:

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

allotment date - 1%. ³ Rs. 5 crores - Nil

< Rs. 5 crores - 2.50%

Portfolio





Foreign Equity 15,502.29 56.55Airgas Inc 234.22 0.85Akzo Nobel Nv 473.89 1.73America Movil - Adr 224.99 0.82Bayer Ag 477.35 1.74Bayerische Motoren 219.28 0.80Bumiputra-Commerce 422.41 1.54Cheung Kong Intl 400.21 1.46China Construction 391.01 1.43China Mobile (Hk) 277.09 1.01China Oil Filed 296.03 1.08Chubb Corp 220.01 0.80Cnooc Ltd 390.77 1.43

Credit Suisse Group 215.96 0.79Esprit Hldgs Ltd 380.56 1.39Foxconn Intl Holding 266.27 0.9Fujian Zijin Mining 418.01 1.52Genting Bhd (Cds) 425.48 1.55Groupe Danone 468.61 1.71Ind & Comm Bank 443.62 1.62Manitowoc Co. Inc 258.29 0.94Metso Corporation 279.30 1.02Microsoft Corportion 412.84 1.51Mtr Corp Ltd. 409.70 1.49Nds Group 220.49 0.80Nestle Sa 473.76 1.73

Nobel Corp 470.53 1.72Oracle Corporation 273.40 1.00Pride International 476.51 1.74Public Bank Bhd 224.90 0.82Reckitt Benckiser Pl 461.76 1.68Renewable Enrgy Corp 470.02 1.71Satair A/S 36.51 0.13Schneider Elctric Sa 678.92 2.48Statoilhydro Asa 474.75 1.73Taiwan Smicndtor-Adr 217.14 0.79Telenor Asa 207.74 0.76Teva Pharma Ind Adr 442.04 1.61Trinity Industries 96.08 0.35

Unibanco Holding Gdr 460.41 1.68Vestas Wind Systems 476.57 1.74Vimpel Communication 470.74 1.72Wharf Holding (Rights) ** 9.40 0.03Wharf Holdings Ltd. 397.51 1.45Wimm Bill Dann - Adr 457.23 1.67



**Represents thinly traded/ non traded securities

43.45%

56.55%


Foreign Equity

SIP is a powerful tool than can help you create wealth over time. If you had invested Rs. 1,000/- per month in BSL International Equity Fund-Plan A . Since Inception, you would have earned...

Date of First Installment : December 1, 2007



Your Total Investment Rs.

Value of Your Investment Rs.

1,000

1,013.50

Return on Investment (CAGR)

Benchmark (S&P Global 1200)

Returns (CAGR)

1.35%

-1.96%


&Birla Sun Life International Equity Fund - Plan A - Growth

Investment Period 1 month Since Inception

&BSLIEF - Plan A - Growth 1.35% 1.90%

S&P Global 1200 -1.96% 0.42%

Birla Sun Life International Equity Fund Plan B seeks to generate long-term growth of capital, by investing predominantly in a diversified portfolio of equity and equity related securities in the domestic and international markets.



Fund Manager : Mr. Mahesh Patil & Mr. Vineet Maloo

NAV : Rs.

Growth : 10.9279

Dividend : 10.9279

Benchmark : S&P Global 1200 Corpus : Rs. 1010.10 Crores

Investment Style Box Systematic Investment Plan (SIP) Investment Performance

Asset Allocation


Large

Mid

Small

Investment Style

Load Structure (Incl. for SIP) Entry Load:

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

allotment date - 1%. ³ Rs. 5 crores - Nil

< Rs. 5 crores - 2.50%

Portfolio






Foreign Equity 16628.56 16.46%Airgas Inc 234.22 0.23%Akzo Nobel Nv 517.83 0.51%America Movil - Adr 224.99 0.22%Bayer Ag 520.74 0.52%Bayerische Motoren 216.16 0.21%Bumiputra-Commerce 459.90 0.46%Cheung Kong Intl 435.28 0.43%China Construction 425.62 0.42%China Mobile (Hk) 277.09 0.27%China Oil Filed 296.03 0.29%Chubb Corp 220.01 0.22%Cnooc Ltd 425.54 0.42%Credit Suisse Group 215.94 0.21%Esprit Hldgs Ltd 414.57 0.41%Foxconn Intl Holding 266.27 0.26%Fujian Zijin Mining 454.22 0.45%Genting Bhd (Cds) 463.33 0.46%Groupe Danone 515.47 0.51%Ind & Comm Bank 482.37 0.48%Manitowoc Co. Inc 258.29 0.26%Metso Corporation 305.28 0.30%Microsoft Corportion 452.70 0.45%Mtr Corp Ltd. 445.54 0.44%Nds Group 220.49 0.22%Nestle Sa 510.20 0.51%Nobel Corp 517.58 0.51%Oracle Corporation 299.66 0.30%

Pride International 522.40 0.52Public Bank Bhd 224.90 0.22Reckitt Benckiser Pl 507.48 0.50Renewable Enrgy Corp 516.21 0.51Satair A/S 36.49 0.04Schneider Elctric Sa 764.45 0.76Statoilhydro Asa 520.25 0.52Taiwan Smicndtor-Adr 217.14 0.21Telenor Asa 207.74 0.21Teva Pharma Ind Adr 452.19 0.45Trinity Industries 96.08 0.10Unibanco Holding Gdr 509.74 0.50Vestas Wind Systems 523.79 0.52Vimpel Communication 508.37 0.50Wharf Holding (Right) ** 9.40 0.01Wharf Holdings Ltd. 432.61 0.43Wimm Bill Dann - Adr 503.99 0.50

Construction 11861.44 11.74Housing Development & Infrastructure Ltd 2394.91 2.37D.S. Kulkarni Developers Ltd. 2230.40 2.21GMR Infrastructure Ltd. 2227.05 2.2Punj Lloyd Ltd. 1584.82 1.57Nagarjuna Construction Co. Ltd. 1323.19 1.31Jaiprakash Associates Ltd. 1282.77 1.27Hindustan Construction Co. Ltd. 818.31 0.81


Bharat Heavy Electricals Ltd. 3196.30 3.16Crompton Greaves Ltd. 2643.80 2.62Siemens Ltd. 1462.88 1.45Bharat Electronics Ltd. 913.86 0.90Havells India Ltd. 715.65 0.71Suzlon Energy Ltd. 132.21 0.13

Banks 8958.17 8.87Kotak Mahindra Bank Ltd. 2057.72 2.04Punjab National Bank 1975.64 1.96Union Bank of India 1161.77 1.1Indian Bank 1146.48 1.14ICICI Bank Ltd. 1103.74 1.09ING Vysya Bank Ltd. 791.31 0.78ICICI Bank Ltd.(Partly Paid Up) ** 721.52 0.71

Finance 5520.06 5.46India Infoline Ltd. 1912.15 1.89Housing Development Finance Corp. Ltd. 1809.64 1.79ICRA Ltd. 1798.27 1.78

Power 5011.79 4.96Reliance Energy Ltd. 1835.76 1.82Tata Power Company Ltd. 1497.13 1.48GVK Power & Infrastructure Ltd. 1354.34 1.34KEC International Ltd. 324.56 0.32


JSW Steel Ltd. 1665.41 1.65Welspun Gujarat Stahl Rohren Ltd. 1203.81 1.19Steel Authority of India Ltd. 853.05 0.84Tata Steel Ltd. 701.10 0.69

Media & Entertainment 3443.53 3.41Zee Entertainment Enterprises Ltd 1904.14 1.89New Delhi Television India Ltd. 1539.39 1.52



Consumer Non Durables 2785.08 2.76United Spirits Ltd. 1593.04 1.58Colgate-Palmolive (India) Ltd. 1192.04 1.18

Software 2332.39 2.31Tata Consultancy Services Ltd. 1625.03 1.61Infosys Technologies Ltd. 707.36 0.70


Auto 1950.12 1.93Maruti Suzuki India Ltd. 975.20 0.97Tata Motors Ltd. 974.92 0.97






Industrial Products 402.04 0.40Kirloskar Oil Engines Ltd. 402.04 0.40



**Represents thinly traded/ non traded securities

SIP is a powerful tool than can help you create wealth over time. If you had invested Rs. 1,000/- per month in BSL International Equity Fund-Plan B . Since Inception, you would have earned...

Date of First Installment : December 1, 2007



Your Total Investment Rs.

Value of Your Investment Rs.

1,000

1,067.40

Return on Investment (CAGR)

Benchmark (S&P Global 1200)

Returns (CAGR)

6.74%

4.60%


&Birla Sun Life International Equity Fund - Plan B - Growth.

BSE 200 to the extent of 65% of portfolio and S&P Global 1200 to the extent of 35% of portfolio.*A customized benchmark created using

Investment Period 1 month Since Inception

&BSLIEF - Plan B - Growth 6.74% 7.62%

Customised Index* 4.60% 5.06%

2.16%2.31%

2.76%3.02%3.08%

3.41%4.38%

4.96%5.46%

8.87%8.97%

9.75%11.74%

12.66%16.46%

Diversified IndustriesSoftware

Consumer Non DurablesPetroleum Products

Telecom-ServicesMedia & Entertainment

Ferrous MetalsPower

FinanceBanks

Industrial Capital GoodsOther EquityConstruction

Cash & Current AssetsForeign Equity

J a n u a r y 2 0 0 8

23

Birla Sun Life '95 Fund




Portfolio

PSU/PFI Bonds/Banks 3205.45 15.66Power Finance Corporation Ltd. 1330.08 6.50 AAALIC Housing Finance Ltd. 1025.75 5.01 AAANational Bank for Agri & Rural Devp 585.36 2.86 AAAState Bank of India 264.26 1.29 AAA

Construction 1499.21 7.33Housing Development & Infrastructure Ltd 429.58 2.10 Mahindra Lifespace Developers Ltd. 416.56 2.04 Jaiprakash Associates Ltd. 349.36 1.71 Larsen & Toubro Ltd. 303.71 1.48

Pesticides 1243.69 6.08Rallis India Ltd. 1243.69 6.08

Consumer Non Durables 1147.75 5.61ITC Ltd. 630.90 3.08 Nestle India Ltd. 284.98 1.39 Colgate-Palmolive (India) Ltd. 219.30 1.07 United Breweries Ltd. 12.57 0.06

Diversified Industries 1128.34 5.51United Breweries Holdings Ltd. 908.44 4.44 Bombay Burmah Trading Corporation Ltd. 219.90 1.07

Media & Entertainment 1114.80 5.45ETC Networks Ltd. 1114.80 5.45 Magnasound India Ltd. 0.00 0.00

Industrial Capital Goods 869.49 4.25Bharati Shipyard Ltd. 469.27 2.29 Siemens Ltd. 302.94 1.48 Bharat Bijlee Ltd. 78.67 0.38 Britannia Industries Ltd. 12.64 0.06 Transformers & Rectifiers India Ltd. 5.96 0.03

Software 862.79 4.22Infosys Technologies Ltd. 707.36 3.46 HCL Technologies Ltd. 155.43 0.76

Retailing 861.62 4.21Trent Ltd. 861.62 4.21

Gas 846.69 4.14BOC India Ltd. 474.81 2.32 Gujarat Gas Co. Ltd. 371.88 1.82

Finance 742.70 3.63Infrastructure Development Fin. Co. Ltd. 399.79 1.95 Indiabulls Financial Services Ltd 342.91 1.68


Fertilisers 707.70 3.46Rashtriya Chemicals & Fertilizers Ltd. 707.70 3.46

Government Bond 613.42 3.00Govt Bond 8.33% CGL 2036 511.36 2.50 SovereignGovt Bond 8.20% 2022 102.06 0.50 Sovereign

Auto 543.61 2.66Bajaj Auto Ltd. 330.84 1.62 Tata Motors Ltd. 163.26 0.80 Maruti Suzuki India Ltd. 49.50 0.24

Transportation 504.56 2.47Gateway Distriparks Ltd. 327.60 1.60 Mundra Port and Special Economic Zone 176.96 0.86


Power 368.58 1.80GVK Power & Infrastructure Ltd. 368.58 1.80

Banks 300.29 1.47Punjab National Bank 300.29 1.47

Telecom-Services 298.37 1.46Bharti Airtel Ltd. 298.37 1.46

Corporate Debt 187.59 0.92Housing Development Finance Corp Ltd. ** 187.59 0.92 AAA

Consumer Durables 46.12 0.23Blue Star Ltd. 46.12 0.23

Securitised Debt 8.29 0.04Fleet Trust July 2004 A2 Series ** 8.29 0.04 AAA(SO)



** Represents thinly traded/ non traded securities and illiquid Securities. Total percentage of thinly/non traded securities is 0.96%.

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


Asset Allocation




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



Fund Manager : Mr. A. Balasubramanian

NAV : Rs.

Growth : 265.24

Dividend : 122.54

Benchmark : CRISIL Balanced Fund Index Average Maturity : 5.82 Years



Investment Period

Total Investment

(Rs.)




CRISIL Balanced

Fund Index

CRISIL Balanced

Fund Index

Rating Profile


Large

Mid

Small

Investment Style

Since Inception 153000 434112 1504457 15.24 32.37

Last 5 years 60000 122867 161896 29.14 40.98

Last 3 years 36000 57698 65565 33.18 43.11

Last 1 year 12000 15147 16165 51.99 70.07

Interest Rate Sensitivity: (Debt) Low

&Best Fund - Lipper Awards India 2007Winner of

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

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

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


Issuer Market Value % to Net RatingRs. in Lacs Assets


Birla SunLife 95 - Growth Crisil Balanced Fund Index

% R

etu

rns


52.07

36.87

40.68

28.94

35.96

27.9826.61

0

10

20

30

40

50

60


0.04%

0.92%

2.18%

2.47%

2.66%

3.00%

3.46%

3.52%

3.63%

4.14%

4.21%

4.22%

4.25%

4.95%

5.45%

5.51%

5.61%

6.08%

7.33%

10.74%

15.66%

Securitised Debt

Corporate Debt

Pharmaceuticals

TransportationAuto

Government Bond

FertilisersPetroleum Products

Finance

Gas

RetailingSoftware


Other EquityMedia & Entertainment


Consumer Non DurablesPesticides

Construction


PSU/PFI Bonds/Banks

3.00%

10.74%

16.62%

69.64%

Sovereign


AAA

Other

J a n u a r y 2 0 0 8

24

Birla Balance




Portfolio

Consumer Non Durables 2110.37 16.27ITC Ltd. 578.33 4.46 Radico Khaitan Ltd 554.09 4.27 E.I.D. Parry (India) Ltd. 448.50 3.46 Shaw Wallace Company Ltd. 229.59 1.77 United Spirits Ltd. 200.60 1.55 Balrampur Chini Mills Ltd. 99.26 0.77

PSU/PFI Bonds/Banks 1910.08 14.73Infrastructure Development Fin. Co. Ltd. 802.24 6.18 AAACitibank N A 737.87 5.69 AAAState Bank of India 369.96 2.85 AAA

Pharmaceuticals 1549.64 11.95Novartis India Ltd. 645.68 4.98 Pfizer Ltd. 510.43 3.94 Wyeth Ltd. 213.43 1.65 Nicholas Piramal India Ltd. 180.10 1.39

Auto 984.16 7.59Mahindra & Mahindra Ltd. 559.52 4.31 Tata Motors Ltd. 216.12 1.67 Bajaj Auto Ltd. 208.52 1.61

Gas 752.30 5.80BOC India Ltd. 406.50 3.13 Indraprastha Gas Ltd. 345.80 2.67

Software 639.35 4.93Infosys Technologies Ltd. 353.68 2.73 Tech Mahindra Ltd. 192.45 1.48 Hinduja TMT Ltd. 93.22 0.72

Corporate Debt 500.17 3.86Housing Development Finance Corp Ltd. ** 457.31 3.53 AAAHDFC Bank Ltd. ** 42.86 0.33 AAA

Finance 444.97 3.43Infrastructure Development Fin. Co. Ltd. 228.45 1.76 Indiabulls Financial Services Ltd 216.52 1.67


Government Bond 291.63 2.25Govt Bond 7.61% Oil Company 2015 291.63 2.25 Sovereign

Construction 261.72 2.02Punj Lloyd Ltd. 205.24 1.58 Brigade Enterprises Ltd. 56.48 0.44

Pesticides 261.60 2.02United Phosphorous Ltd. 261.60 2.02

Fertilisers 257.03 1.98Gujarat Narmada Valley Fertilisers Co. L 137.38 1.06 Tata Chemicals Ltd. 119.65 0.92

Telecom-Services 248.64 1.92Bharti Airtel Ltd. 248.64 1.92


Power 213.46 1.65Reliance Energy Ltd. 213.46 1.65

Banks 184.36 1.42Punjab National Bank 184.36 1.42

Hotels 181.75 1.40Hotel Leelaventure Ltd. 181.75 1.40

Transportation 161.65 1.25Mundra Port and Special Economic Zone 161.65 1.25

Media & Entertainment 79.49 0.61Inox Leisure Ltd. 79.49 0.61

Industrial Capital Goods 72.04 0.56Bharat Electronics Ltd. 63.60 0.49 Britannia Industries Ltd. 8.44 0.07



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


Asset Allocation

Date of First Installment : November 1,1999



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



Fund Manager : Mr. A. Balasubramanian

NAV : Rs.

Growth : 36.92

Dividend : 24.55

Benchmark : CRISIL Balanced Fund Index Average Maturity : 3.32 Years



Investment Period

Total Investment

(Rs.)


Birla Balance

Birla Balance

CRISIL Balanced

Fund Index

CRISIL Balanced

Fund Index

Rating Profile




Large

Mid

Small

Investment Style

Since Inception 98000 250807 274391 22.28 24.40

Last 5 years 60000 122867 128421 29.14 31.01

Last 3 years 36000 57698 56530 33.18 31.63

Last 1 year 12000 15147 14807 51.99 46.08

Interest Rate Sensitivity: (Debt) Medium

Birla Balance Fund - Growth Crisil Balanced Fund Index

% R

etu

rns




31.85

27.44

32.66

17.21

35.96

27.9826.61

0

5

10

15

20

25

30

35

40


** Represents thinly traded/ non traded securities and illiquid Securities. Total percentage of thinly/non traded securities is 3.86%.

2.02%

2.02%

2.25%

3.33%

3.43%

3.86%

4.93%

5.80%

7.59%

9.16%

11.95%

12.69%

14.73%

16.27%

Pesticides

Construction

Government Bond

Petroleum Products

Finance

Corporate Debt

Software

Gas

Auto


Pharmaceuticals

Other Equity

PSU/PFI Bonds/Banks


2.25%

9.16%

18.58%

70.01%

Sovereign


AAA

Other

J a n u a r y 2 0 0 8

25

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

to availability of distributable surplus




Portfolio

** Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 51.57%

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


Fund Manager : Mr. A. BalasubramanianDate of inception/takeover : July 14, 1999

NAV : Rs.Growth : 29.3995Monthly Dividend : 11.3372Quarterly Dividend : 12.2011

Load Structure (Incl. for SIP):

Entry Load :

Exit Load : For redemption / switch out of

units within 12 months from the

date of allotment: 1%

NIL

Benchmark : CRISIL MIP Blended

IndexCorpus : Rs. 182.57 Crores

Average Maturity : 3.38 Years


Asset Allocation

Rating Profile

PSU/PFI Bonds/Banks 5713.12 31.29

National Bank for Agri. & Rural Dev.** 2435.68 13.34 AAA

Power Finance Corporation Ltd.** 1390.92 7.62 AAA

LIC Housing Finance Ltd.** 1025.75 5.62 AAA

State Bank of India 348.22 1.91 AAA

Export-Import Bank of India** 306.85 1.68 AAA

Infrastructure Development Fin. Co. Ltd.** 205.70 1.13 AAA

Corporate Debt 4040.22 22.13

Housing Development Finance Corp Ltd.** 1848.54 10.13 AAA

Reliance Industries Ltd.** 1393.17 7.63 AAA

GE Capital Services India Ltd.** 501.02 2.74 AAA

Sundaram Finance Ltd.** 297.49 1.63 AA+

EQUITY 2960.03 16.21

ETC Networks Ltd. 278.70 1.53

BOC India Ltd. 254.51 1.39

Canara Bank 249.04 1.36



Oriental Bank of Commerce 209.06 1.15

Mahindra & Mahindra Ltd. 206.59 1.13

HCL Technologies Ltd. 191.73 1.05

United Breweries Holdings Ltd. 189.68 1.04

Cipla Ltd. 180.71 0.99

McDowell Holdings Ltd. 159.07 0.87

Pritish Nandy Communications Ltd. 126.49 0.69

Rashtriya Chemicals & Fertilizers Ltd. 109.71 0.60

Nestle India Ltd. 77.21 0.42


Hero Honda Motors Ltd. 69.77 0.38



United Breweries Ltd. 16.52 0.09

Magnasound India Ltd. 0.00 0.00

Government Bond 1945.37 10.66

Govt. Bond 7.47% 2012 583.62 3.20 Sovereign

Govt Bond 8.33% CGL 2036 511.36 2.80 Sovereign

Govt Bond 7.99% 2017 506.55 2.77 Sovereign

Govt Bond 5.87%2010 343.84 1.88 Sovereign

Securitised Debt 9.52 0.05

Fleet Trust July 2004 A2 Series** 8.29 0.05 AAA(SO)

Fleet Trust April 2004 Series** 1.23 0.01 AAA(SO)






High Med LowInterest Rate

Sensivity

High

Mid

Low

Credit Quality

CRISIL~CPR 1^^Birla Sun Life Monthly Income

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

i#

iiiValue Research RatingBirla Sun Life Monthly Income Plan

Hybrid: Monthly Income ( 9 Schemes) Yrs ended -Dec-073 , 3 & 5 31

Birla SunLife MIP - Growth Crisil MIP Blended Index


% R

etu

rns

16.86

12.06 12.30

13.5813.21

10.509.84

0

2

4

6

8

10

12

14

16

18


0.05%

10.66%

16.21%

19.66%

22.13%

31.29%

Securitised Debt

Government Bond

Equity


Corporate Debt

PSU/PFI Bonds/Banks

1.63%

10.66%

16.21%

19.66%

51.85%

AA

Sovereign

Equity


AAA

J a n u a r y 2 0 0 8

26

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

availability of distributable surplus




Portfolio

**Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 40.79%

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


Fund Manager : Mr. A. BalasubramanianDate of inception/takeover : November 20, 2000

NAV : Rs.

Payment / Growth : 22.1566

Dividend : 11.5760


Entry Load :

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

/ switched out with in 90 days

from the date of allotment.

> 10 Lakhs: Nil

NIL





Asset Allocation

Rating Profile






Power Grid Corporation of India Ltd.** 379.58 2.66 AAA


Great Eastern Shipping Company Ltd.** 923.76 6.48 AAA



Housing Development Finance Corp Ltd. 500.17 3.51 AAA

EQUITY 2016.75 14.15


Indiabulls Financial Services Ltd 195.95 1.37


Chambal Fertilizers & Chemicals Ltd. 171.90 1.21

ITC Ltd. 168.24 1.18



Pfizer Ltd. 144.91 1.02




Brigade Enterprises Ltd. 64.13 0.45






Transformers & Rectifiers India Ltd. 4.60 0.03




Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010** 614.78 4.31 AAA(SO)

Mutual Fund Units 34.54 0.24

Birla Fixed Term Debt Fund Ser 3 -36 B 34.54 0.24







Sensivity

High

Mid

Low

Credit Quality

Birla MIP - Growth Crisil MIP Blended Index

% R

etu

rns

i#

iiiValue Research RatingBirla MIP

Hybrid: Monthly Income (39 Schemes), 3 & 5 years ended 31-Dec-07


CRISIL~CPR 2^^Birla MIP

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

16.01

10.94 10.80

11.83

13.21

10.509.84

0

2

4

6

8

10

12

14

16

18


0.24%

4.31%

8.97%

14.15%

18.03%

26.56%

27.73%

Mutual Fund Units

Securitised Debt

Government Bond

Equity

Corporate Debt


PSU/PFI Bonds/Banks

0.24%

4.52%

8.97%

14.15%

26.56%

45.55%

Mutual Fund Units

AA

Sovereign

Equity


AAA

J a n u a r y 2 0 0 8

27


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




Portfolio


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


Fund Manager : Mr. A. BalasubramanianDate of inception/takeover : May 22, 2004

NAV : Rs.


Dividend : 11.6945


Entry Load :

Exit Load : For redemption / switch out of

units within 12 months from the

date of allotment: 1%

NIL





Asset Allocation

Rating Profile







EQUITY 2978.36 25.74

Bharati Shipyard Ltd. 240.82 2.08


Jaiprakash Associates Ltd. 170.42 1.47

Tata Chemicals Ltd. 157.82 1.36


Tech Mahindra Ltd. 156.22 1.35


ITC Ltd. 147.21 1.27

Novartis India Ltd. 145.74 1.26

Housing Development & Infrastructure Ltd 131.02 1.13

Pfizer Ltd. 130.74 1.13

Chambal Fertilizers & Chemicals Ltd. 128.93 1.11


Radico Khaitan Ltd 123.13 1.06

Inox Leisure Ltd. 113.55 0.98


Madras Cements Ltd. 97.35 0.84



ZF Steering Gear (India) Ltd. 82.49 0.71

Ballarpur Industries Ltd. 68.96 0.60

Mahindra Lifespace Developers Ltd. 58.20 0.50







Great Eastern Shipping Company Ltd.** 461.88 3.99 AAA




Govt Bond 7.61% Oil Company 2015 177.89 1.54 Sovereign


Birla Fixed Term Debt Fund Ser 3 -36 B 34.54 0.30







Sensivity

High

Mid

Low

Credit Quality

Birla MIP - Wealth 25 - Growth Crisil MIP Blended Index

% R

etu

rns

15.93

12.90 13.1313.21

10.50

9.53

0

2

4

6

8

10

12

14

16

18


0.30%

3.75%

15.06%

23.21%

25.74%

31.95%

Mutual Fund Units

Government Bond

Corporate Debt


Equity

PSU/PFI Bonds/Banks

0.30%

2.74%

3.75%

23.21%

25.74%

44.26%

Mutual Fund Units

AA

Sovereign


Equity

AAA

J a n u a r y 2 0 0 8

28


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

availability of distributable surplus



Portfolio

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


Fund Manager : Mr. A. BalasubramanianDate of inception/takeover : May 22, 2004

NAV : Rs.


Dividend : 10.1012


Entry Load :

Exit Load : NIL

NIL





Asset Allocation

Rating Profile

Money Market Instruments 48289.57 68.51

ICICI Bank Ltd. 19907.15 28.24 A1+

Housing Development Finance Corp Ltd. 9025.28 12.80 A1+

Allahabad Bank 8537.73 12.11 Pr1+

Industrial Development Bank of India Ltd 6774.64 9.61 P1+

Union Bank of India 4044.77 5.74 P1+


Corporate Loan Sec Sr A2 LIC 06JUN08 ** 8538.53 12.11 P1+(SO)

Cash & Current Assets -56123.23 -79.62




Sensivity

High

Mid

Low

Credit Quality

Birla MIP - Savings 5 - Growth Crisil MIP Blended Index

% R

etu

rns

**Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 12.11%.

8.81

6.676.42

13.21

10.50

9.53

0

2

4

6

8

10

12

14



Birla MIP II - Savings 5 PlanHybrid: Monthly Income (39 Schemes), 3 years ended 31-Dec-07


12.11%

68.51%

Securitised Debt

Money Market Instruments

80.62%AAA

J a n u a r y 2 0 0 8

29

Birla Asset Allocation Fund


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

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


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

Date of inception / takeover : February 24, 2004NAV : Rs.Aggressive PlanGrowth : 29.0051Dividend : 29.0051Conservative PlanGrowth : 16.7683Dividend : 16.7683Moderate PlanGrowth : 23.9624Dividend : 23.9624

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

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

Investment Performance - Aggressive Plan


Investment Performance - Moderate Plan


Investment Performance - Conservation Plan






Birla Advantage Fund 289.37 30.56

Birla Midcap Fund 286.30 30.23

Birla Sun Life New Millennium Fund. 154.37 16.30

Birla Dynamic Bond Fund 69.50 7.34

Birla Sun Life Income Fund - Growth 44.18 4.67

Birla Sunlife Short Term Fund - Growth 32.15 3.40

Birla Gilt Plus Inv 8.14 0.86










Birla Gilt Plus Liquid Plan 0.00 0.00












#iiiiValue Research RatingBirla Asset Allocation Fund - Aggressive

Equity: Diversified (198 Schemes), 3 Yrs ended 31-Dec-07


Birla Asset Allocation Fund - ModerateHybrid: Equity-oriented (3 Schemes), 5 Yrs ended 3 - -073 3 & 1 Dec


Birla Asset Allocation Fund - ConservativeHybrid: Debt-oriented ( Schemes), 5 Yrs ended 3 -0736 3 & 1-Dec

Corpus

Aggressive Plan : Rs. 9.47 Crores

Moderate Plan : Rs. 5.36 Crores

Conservative Plan : Rs. 5.32 Crores

Benchmark

Aggressive Plan : S&P CNX Nifty

Moderate Plan : Crisil Balanced Fund Index

Conservative Plan : Crisil MIP Blended Index


Sensivity

High

Mid

Low


Sensivity

High

Mid

Low


Sensivity

High

Mid

Low

Credit Quality Credit Quality Credit Quality

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


% R

etu

rns

% R

etu

rns

% R

etu

rns

41.18

34.4631.84

54.40

43.43

37.08

0

10

20

30

40

50

60


35.22

27.3225.47

35.96

27.98

23.56

0

5

10

15

20

25

30

35

40


19.05

15.0914.36

13.21

10.50

8.68

0

5

10

15

20

25


J a n u a r y 2 0 0 8

30

Birla Cash Plus


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


Fund Manager : Mr. Maneesh Dangi & Mr. Satyabrata Mohanty

Date of inception /takeover : June 16,1997

Load Structure

Entry Load :

Exit Load : NIL

NIL

Benchmark : Crisil Liquid Fund Index




Asset Allocation

Rating Profile



NAV : Rs.Retail Growth : 21.3275Retail Dividend : 16.3694Institutional Growth : 21.4950Institutional Dividend : 10.8023Institutional Plan - Weekly Dividend Option : 10.8143Institutional Plan - Fortnightly Dividend Option : 10.8285Institutional Premium Plan - Growth : 12.6455Institutional Premium Plan - Dividend : 10.0195Institutional Premium Plan - Weekly Div. Option : 10.0298Institutional Premium Plan - Fortnightly Div. Option : 10.0000Institutional Premium Plan - Monthly Dividend : 10.0000

Portfolio

** Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 10.10%. Notional amount of Interest Swap outstanding is Rs 560 Crs.

Money Market Instruments 406145.70 51.59ICICI Bank Ltd. 91264.42 11.59 A1+Reliance Capital Ltd. 32941.82 4.18 A1+Allahabad Bank 30502.43 3.87 PR1+ABN Amro Bank 29778.34 3.78 A1+Power Finance Corp. Ltd. 20122.54 2.56 P1+Standard Chartered Bank 19683.20 2.50 P1+National Bank for Agri. & Rural Devt. 17856.17 2.27 AAAReliance Communication Ltd. 15817.09 2.01 A1+Union Bank of India 15685.28 1.99 A1+Punjab National Bank 12958.20 1.65 F1+State Bank of India 12287.06 1.56 P1+UCO Bank Ltd. 11527.47 1.46 P1+Punjab National Bank 10191.39 1.29 P1+Industrial Development Bank of India Ltd. 10084.29 1.28 A1+The Jammu and Kashmir Bank Ltd. 9836.63 1.25 A1+State Bank of Hyderabad 9627.05 1.22 A1+DSP Merrill Lynch Capital. 4991.77 0.63 P1+Ashok Leyland Ltd. 4922.95 0.63 P1+State Bank of Saurashtra 3942.44 0.50 A1+Federal Bank Ltd. 3864.74 0.49 P1+State Bank of Travancore 3699.92 0.47 A1+DLF Ltd. 3650.84 0.46 A1+Canara Bank 3459.28 0.44 P1+HCL Infosystems Ltd. 2968.61 0.38 A1+Kotak Mahindra Bank Ltd. 2915.08 0.37 P1+Indian Hotels Company Ltd. 2475.41 0.31 A1+Rabo India Finance Private Ltd. 2456.79 0.31 P1+Motilal Oswal Securities Ltd. 2452.96 0.31 P1+State Bank of Mysore 2448.59 0.31 A1+Tata Sons Ltd. 2447.34 0.31 P1+Sunbeam Auto Ltd. 1993.10 0.25 P1+Sundaram Finance Ltd. 1974.08 0.25 P1+IDBI Bank 1631.62 0.21 A1+Shoppers Stop Ltd. 1492.63 0.19 P1+OCL India Ltd. 989.47 0.13 A1+Housing Development Finance Corp. Ltd. 490.50 0.06 P1+

Deutsche Bank 295.46 0.04 P1+State Bank of Saurashtra 247.10 0.03 P1+Industrial Development Bank of India Ltd. 98.18 0.01 P1+ABN Amro Bank 73.47 0.01 P1+

Floating Rate Instruments 140657.62 17.87Housing Development Finance Corp. Ltd. 56792.84 7.21 AAACitiFinancial Consumer Finance India Ltd 20900.00 2.65 AAAMahindra & Mahindra Financial Ser. Ltd. 12700.00 1.61 P1+LIC Housing Finance Ltd. 9007.92 1.14 AAAHousing Development Finance Corp. Ltd. 7138.15 0.91 LAAACiticorp Finance India Ltd. 4000.00 0.51 AAAAxis Bank Ltd. 3886.47 0.49 LAA+ICICI Bank Ltd. 3300.00 0.42 AAABHPC Auto Sec Trust Aug 2005 Series B1 3230.44 0.41 AAA(SO)

Power Finance Corp. Ltd. 2838.72 0.36 AAAICICI Bank Ltd. 2502.81 0.32 AAAHero Honda Finlease Ltd. 2500.00 0.32 P1+Rabo India Finance Private Ltd. 2500.00 0.32 AAAIndian Railway Finance Corporation Ltd. 2359.75 0.30 AAAInfrastructure Development Finance Co. 2001.19 0.25 AAAIndustrial Development Bank of India Ltd 1522.27 0.19 AA+Cholamandalam Investments & Finance Ltd. 1500.00 0.19 LAA(So)

Industrial Development Bank of India Ltd 1000.43 0.13 AA+Kotak Mahindra Prime Ltd. 500.00 0.06 P1+Union Bank of India 474.74 0.06 AA+NM180Bps BHPC AutoSecTrust Sep04 SrA7 1.88 0.00 LAAA

Securitised Debt 45808.97 5.82Credit Asset Trust Sr -XI Hutch 2008 ** 24461.42 3.11 F1+(SO)

Indian Corp Loan Sec Tr Sr 28 A1 2008 ** 4581.40 0.58 P1+(SO)

Corporate Loan Sec Sr 26 Trust 2008 (A2) ** 3993.75 0.51 P1+(SO)

Collateralised Debt Tr Sr.15(A1) LIC ** 2357.57 0.30 P1+(SO)

Collateral Debt Tr Sr 20 Sr A1 2008 ** 2310.51 0.29 P1+(SO)

Ind Cor Loan Sec Sr XLIXNS(A1) 2008 ** 1966.89 0.25 A1+(SO)

Loan Rec Tr Sep 07 Sr A1 2008 ** 1519.57 0.19 P1+(SO)

Indian Ret ABS 78 Ser A1 2008 ** 1311.20 0.17 A1+(SO)

BHPC Auto Sec Trust Aug 2005 Series B2 ** 928.59 0.12 AAA(SO)

Collateral Debt Tr Sr 20 Sr A2 2008 ** 453.82 0.06 P1+(SO)

Ind Cor Loan Sec Sr-Xlviii A2 2008 ** 374.48 0.05 A1+(SO)

BHPC Auto Sec Trust 2008 ** 290.71 0.04 AAA(SO)

Corporate Loan Securi Series 2 Trust 2008 ** 238.99 0.03 P1+(SO)

Collateralised Debt Tr Sr V1-A2 2008 ** 222.79 0.03 P1+(SO)

Indian Corp Loan Sec Tr Sr 28 A2 2008 ** 216.41 0.03 P1+(SO)

Collateralised Debt Tr Sr.15(A2) LIC ** 147.81 0.02 P1+(SO)

Ind Cor Loan Sec Sr XLIXNS(A2) 2008 ** 126.80 0.02 A1+(SO)

Corporate Loan Sec Tr Sr-V A1 (HCL) 2008 ** 114.38 0.01 A1+(SO)

Indian Retail ABS Trust Series 56 (A1X) ** 104.59 0.01 AAA(SO)

Corporate Loan Sec Sr 26 Trust 2008 (A1) ** 41.66 0.01 P1+(SO)

Auto Receivable Trust Aug 2005 Series A1 ** 32.52 0.00 AAA(SO)

GoldStar Trust July 2004 Series A2 PTC ** 13.07 0.00 AAA(SO)

Indian Retail ABS Trust Series XXV - A2 ** 0.06 0.00 AAA(SO)

PSU/PFI Bonds/Banks 18514.11 2.35Indian Oil Corporation Ltd. ** 12500.00 1.59 A1+National Bank for Agri. & Rural Devt. ** 6014.11 0.76 AAA

Corporate Debt 15175.31 1.93Investmart Financial Services Ltd. ** 5000.00 0.64 A1+JM Finanical Products Pvt. Ltd. ** 2500.00 0.32 P1+Dewan Housing Finance Corporation Ltd. ** 2498.58 0.32 P1+Canbank Factors Ltd. ** 1500.00 0.19 P1+Hindalco Industries Ltd. ** 1473.87 0.19 AAIL&FS Investmart Ltd. ** 1002.05 0.13 F1+Citicorp Maruti Finance Ltd. ** 1000.74 0.13 AAAKotak Securities Ltd. ** 200.07 0.03 A1+

Treasury Bills 616.94 0.0891 Days T-Bill 11 JAN 2008 458.09 0.06 Sovereign

182 Day T-Bill 07 MAR 2008 158.85 0.02 Sovereign







Sensivity

High

Mid

Low

Credit Quality

@MFR 1 by ICRA

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

#iiiiiValue Research Rating

Birla Cash Plus - Institutional PremiumDebt: Ultra Short-term Institutional (52 Schemes), 18 month ended 31-Dec-07


Birla Cash Plus - RetailDebt: Ultra Short-term (49 Schemes), 18 month ended 31-Dec-07

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

Liquid Scheme (25 Schemes), 1 Yrs ended 30-Sept-07

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

Liquid Super Institutional Scheme (14 Schemes), 1 Yrs ended 30-Sept-07

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

Liquid Institutional Scheme (12 Schemes), 1 Yrs ended 30-Sept-07

+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 Cash Plus - Retail - Growth Crisil Liquid Fund Index


% R

etu

rns

8.318.08

7.867.44

8.24

7.22

6.52

0

1

2

3

4

5

6

7

8

9

15 days 1 Month 3 Months Since Inception

0.08%

1.93%

2.35%

5.82%

17.87%

20.36%

51.59%

Treasury Bills

Corporate Debt

PSU/PFI Bonds/Banks

Securitised Debt

Floating Rate Instruments



0.08%

1.25%

20.36%

78.31%

Sovereign

AA


AAA

J a n u a r y 2 0 0 8

31

Birla Sun Life Liquid Plus




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


Fund Manager : Mr. Maneesh Dangi & Mr. Satyabrata Mohanty Date of inception / takeover

Retail Plan : November 27, 2001

Institutional Plan : April 16, 2003NAV : Rs.Insititutional Plan- Daily Dividend : 10.0068Insititutional Plan- Weekly Dividend : 10.0202Institution Plan- Monthly Dividend : 10.0416Institutional Growth : 14.9303Institutional Dividend : 10.4921Retail - Monthly Dividend : 10.0348Retail - Weekly Dividend : 10.0197Retail Fortnightly Dividend : 11.2696Retail Growth : 14.7533


Entry Load :

Exit Load : For redemption / switch out

of units within seven days

from the date of allotment:

0.10%

NIL

Benchmark : CRISIL Short-Term

Bond Fund Index




Asset Allocation

Rating Profile


Sensivity

High

Mid

Low

Credit Quality

Portfolio

Money Market Instruments 198787.32 37.28ICICI Bank Ltd. 44137.19 8.28 A1+State Bank of India 27228.11 5.11 P1+Tata Sons Ltd. 16898.12 3.17 A1+DLF Ltd. 14058.23 2.64 A1+Union Bank of India 10101.81 1.89 P1+Union Bank of India 9913.41 1.86 A1+CESC Ltd 9841.20 1.85 A1+Housing Development Finance Corp Ltd. 9390.73 1.76 A1+Deutsche Bank 8782.74 1.65 P1+Karnataka Bank Ltd. 7727.41 1.45 A1+State Bank of Saurashtra 6890.49 1.29 A1+Rabo India Finance Pvt. Ltd. 4943.35 0.93 P1+Reliance Capital 4392.81 0.82 A1+UCO Bank 3370.74 0.63 P1+Allahabad Bank 3017.25 0.57 PR1+Reliance Communication Ltd. 2601.30 0.49 A1+Edelweiss Securities Ltd. 2459.30 0.46 P1+Canara Bank 2443.14 0.46 P1+Tata Motors Ltd. 2239.04 0.42 P1+National Bank for Agri & Rural Devp. 1879.60 0.35 AAAPower Finance Corporation Ltd. 1869.58 0.35 P1+Punjab National Bank 1534.89 0.29 P1+ING Vysya Bank Ltd. 1492.14 0.28 P1+NRB Bearings Ltd. 1476.36 0.28 P1+GE Capital Services India Ltd. 49.33 0.01 P1+Hongkong And Shanghai Banking Corporation 49.06 0.01 F1+

PSU/PFI Bonds/Banks 66282.14 12.43National Bank for Agri & Rural Devp.** 36272.22 6.80 AAAIndia Infrastructure Company Ltd.** 30000.00 5.63 UnratedOriental Bank of Commerce** 9.92 0.00 AA+

Securitised Debt 59320.03 11.12RB Loan Trust Series VI (Unitech) 19Jun09** 10273.00 1.93 FA+(SO)UBL Trust Ser.40 31 May 2008** 9226.23 1.73 F1+(SO)Vel Trust Series I Hutch 2008** 7234.32 1.36 A1+(SO)Ge Capital Sev Kap Loan Tr Sr 26 June 08** 5715.12 1.07 A1+(SO)KBH Loan Trust Series A1(31-OCT-08)** 5232.37 0.98 F1+(SO)

Corporate Loan Sec Sr.29(A2) Trust 2008** 4785.87 0.90 A1+(SO)RB Loan Tr SR III A5-PO Indiabull-2008** 4597.86 0.86 A1+(SO)Corporate Loan Sec Sr 27 Trust 2008 (A2)** 4035.34 0.76 P1+(SO)RB Loan Trust Series II(A2) 14-Apr-2008** 2531.37 0.47 P1+(SO)Corporate Loan Sec Sr A2 LIC 06JUN08** 1921.17 0.36 P1+(SO)Corporate Loan Sec Sr 30 Tr 2008 L&T Fin.** 1307.58 0.25 PR1+(SO)Loan Sec Trust Sr XVI NTPC (ICICI Bank)** 988.23 0.19 AAA(SO)Loan Sec Trust SrXII NTPC (ICICI)** 577.53 0.11 AAA(SO)RB Loan Tr SR III A4-IO Indiabull-2008** 491.94 0.09 A1+(SO)Corporate Loan Sec Sr.29(A1) Trust 2008** 272.97 0.05 A1+(SO)Corporate Loan Sec Sr 30 A1 2008 L&T Fin.** 129.16 0.02 PR1+(SO)

Floating Rate Instruments 28618.42 5.37Infrastructure Development Fin. Co. Ltd. 12500.00 2.34 LAAAHousing Development Finance Corp Ltd. 10197.75 1.91 LAAAIndian Railways Finance Corp. Ltd. 2499.10 0.47 AAAIndian Retail ABS Trust Series 50 1921.42 0.36 AAA(SO)Tata Sons Ltd. 1500.15 0.28 AAA

Corporate Debt 27805.21 5.21Emaar MGF Land Ltd.** 7500.00 1.41 UnratedHousing Development Finance Corp Ltd.** 4292.73 0.80 AAAEdelweiss Securities Ltd.** 3000.00 0.56 P1+Bombay Dyeing & Mfg. Co. Ltd.** 3000.00 0.56 UnratedL&T Infrastructure Finance Co. Ltd.** 2500.00 0.47 PR1+Kotak Securities Ltd.** 2495.21 0.47 A1+Sundaram Finance Ltd.** 1537.03 0.29 AA+Tata Sons Ltd.** 1112.75 0.21 AAASundaram Finance Ltd.** 1013.95 0.19 LAAEdelweiss Capital Ltd.** 1000.00 0.19 P1+GE Money Financial Services Ltd.** 353.53 0.07 AAA

Treasury Bills 986.67 0.19182 DAY T-BILL 07 MAR 2008 986.67 0.19 Sovereign






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

# for ranking methodology please refer page 47

% R

etu

rns

7.76

6.74

6.07

6.59

7.92

5.97

5.20

0

1

2

3

4

5

6

7

8

9


0.19%

5.21%

5.37%

11.12%

12.43%

28.40%

37.28%

Treasury Bills

Corporate Debt


Securitised Debt

PSU/PFI Bonds/Banks



0.19%

0.48%

1.93%

28.40%

61.41%

Sovereign

Below AA

AAA

Cash and Current assets

AA

J a n u a r y 2 0 0 8

32

Birla Sun Life Short Term Fund




Portfolio

Asset Allocation

Rating Profile

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


Fund Manager : Mr. Maneesh Dangi & Mr. Satyabrata MohantyDate of inception/takeover : April 19, 2002

NAV : Rs.Growth : 14.3954Monthly Dividend : 10.5297Fortnightly Dividend : 10.0381


Entry Load :

Exit Load : 0.25% for redemption / switch-out

of units within fifteen (15) days


NIL

Benchmark : CRISIL Short-Term

Bond Fund IndexCorpus : Rs. 1027.53 Crores




Sensivity

High

Mid

Low

Credit Quality

Money Market Instruments 43981.68 42.80Power Finance Corporation Ltd. 9938.27 9.67 P1+ICICI Bank Ltd. 7580.51 7.38 A1+Reliance Communication Ltd. 6380.54 6.21 A1+Citi Bank 4938.03 4.81 A1+Tata Sons Ltd. 3753.26 3.65 A1+ING Vysya Bank Ltd. 3481.68 3.39 P1+State Bank of India 2450.91 2.39 P1+State Bank of Indore 1445.63 1.41 P1+Kotak Mahindra Bank Ltd. 1424.06 1.39 P1+Industrial Development Bank of India Ltd 1409.76 1.37 A1+Federal Bank Ltd. 565.57 0.55 P1+Housing Development Finance Corp Ltd. 294.30 0.29 A1+Canara Bank 196.93 0.19 P1+Punjab National Bank 122.20 0.12 P1+

Government Bond 13601.85 13.24Govt Bond 8.20% 2022 8164.80 7.95 SovereignGovt Bond 7.49%2017 3917.40 3.81 SovereignGovt Bond 7.99% 2017 1519.65 1.48 Sovereign

PSU/PFI Bonds/Banks 12768.15 12.43National Bank for Agri & Rural Devp.** 12477.94 12.14 AAA



Corporate Debt 11338.21 11.03Kotak Securities Ltd.** 4398.88 4.28 A1+Housing Development Finance Corp Ltd.** 4250.47 4.14 AAAGE Money Financial Services Ltd.** 2222.17 2.16 AAACitiFinancial Consumer Finance India Ltd** 466.69 0.45 AAA

Securitised Debt 5928.80 5.77Collateral Debt Tr Sr 20 Sr A1 27 Oct 08** 2310.51 2.25 P1+(SO)Corporate Loan Sec Sr 30 Tr 2008 L&T Fin.** 1069.83 1.04 PR1+(SO)Credit Asset Tr Sr XI (Hutch) 2008** 1019.23 0.99 F1+(SO)Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010** 922.17 0.90 AAA(SO)BHPC AutoSec Trust Jun05-Sr. A3(15OCT08)** 436.07 0.42 AAA(SO)Auto Receivable Trust- Aug-2005 (Sundaram Finance)** 171.00 0.17 LAAA

Floating Rate Instruments 262.01 0.25Indian Retail ABS Trust Series 50 262.01 0.25 AAA(SO)





#iiiiValue Research Ratingi

Birla Sun Life Short Term FundDebt: Short-term (2 Schemes), 18 months & 3 2 Yrs ended 31-Dec-07

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

Debt Short Term Scheme (1 Schemes), 1 5 Yrs ended 30-Sept-07

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


% R

etu

rns

10.02

7.13

6.286.60

7.92

5.97

5.20

5.72

0

2

4

6

8

10

12


0.25%

5.77%

11.03%

12.43%

13.24%

14.47%

42.80%


Securitised Debt

Corporate Debt

PSU/PFI Bonds/Banks

Government Bond



13.24%

14.47%

72.29%

Sovereign


AAA

J a n u a r y 2 0 0 8

33

Birla Income Plus




Portfolio


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


Fund Manager : Mr. Maneesh DangiDate of inception/takeover : October 21, 1995

NAV : Rs.

Growth : 34.1599

Dividend : 10.6836

Benchmark : CRISIL Composite

Bond Fund IndexCorpus : Rs. 543.80 Crores



Asset Allocation

Rating Profile




Govt Bond 7.49%2017 2938.05 5.40 Sovereign


Govt. Bond 7.47% 2012 875.43 1.61 Sovereign


ICICI Bank Ltd.** 4728.00 8.69 AAA

State Bank of Indore** 2105.07 3.87 AAA

State Bank of India** 1585.55 2.92 AAA


National Bank for Agri & Rural Dev.** 1050.90 1.93 AAA

Punjab National Bank** 1007.73 1.85 AAA

State Bank of Bikaner and Jaipur** 673.57 1.24 AAA


State Bank of Patiala** 520.69 0.96 AAA


Oriental Bank of Commerce** 44.66 0.08 AA+


Housing Development Finance Corp Ltd.** 3258.61 5.99 AAA


Citicorp Finance India Ltd.** 299.56 0.55 AAA

Hindalco Industries Ltd.** 99.92 0.18 AA

Reliance Industries Ltd.** 73.32 0.13 AAA


State Bank of Saurashtra 195.87 0.36 A1+







Entry Load :




> 10 Lakhs: Nil

NIL


Sensivity

High

Mid

Low

Credit Quality

Birla Income Plus - Growth Crisil Composite Bond Fund Index

#iiiValue Research Ratingii

Birla Income PlusDebt: Medium-term (54 Schemes), 3 yrs ended 31-Dec-07


% R

etu

rns

CRISIL~CPR 2^^Birla Income Plus

Income Scheme (19 Schemes), 1 Yrs ended 30-Sept-07

12.50

7.38

5.77

10.59

6.78

5.16

4.61

0

2

4

6

8

10

12

14


0.36%

8.70%

13.86%

25.79%

51.29%


Corporate Debt


PSU/PFI Bonds/Banks

Government Bond

0.27%

13.86%

34.58%

51.29%

AA


AAA

Sovereign

J a n u a r y 2 0 0 8

34

Birla Sun Life Income Fund




Portfolio


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


Fund Manager : Mr. Satyabrata MohantyDate of inception/takeover : March 03, 1997

NAV : Rs.

Growth : 28.9790

Half Yearly - Dividend : 11.3737

Quarterly Dividend : 10.7293

54 EA Growth : 28.9585

54 EA Dividend : 12.7607

54 EB Growth : 28.7762

54 EB Dividend : 12.7741




Asset Allocation

Rating Profile




National Bank for Agri & Rural Devp.** 1010.48 9.54 AAA



State Bank of Indore** 526.27 4.97 AAA

State Bank of Bikaner and Jaipur** 414.51 3.92 AAA



ICICI Bank Ltd. 1414.64 13.36 A1+

State Bank of Indore 144.56 1.37 P1+


CitiFinancial Consumer Finance India Ltd.** 259.27 2.45 AAA


Fleet Trust April 2004 Series 0.49 0.00 AAA(SO)






Benchmark : CRISIL Composite

Bond Fund Index


Entry Load :




> 10 Lakhs: Nil

NIL


Sensivity

High

Mid

Low

Credit Quality

CRISIL~CPR 1^^Birla Sun Life Income Fund

Income Scheme (1 Schemes), 2 9 Yrs ended 30-Sept-07

Birla SunLife Income Fund - Growth Crisil Composite Bond Fund Index


Birla Sun Life Income FundDebt: Medium Term (5 Schemes), Yrs ended - -073 3 31 Dec


% R

etu

rns

12.96

8.27

6.64

10.32

6.78

5.16

4.61

0

2

4

6

8

10

12

14


2.45%

6.73%

14.73%

32.63%

43.47%

Corporate Debt



PSU/PFI Bonds/Banks

Government Bond

6.73%

43.47%

49.81%


Sovereign

AAA

J a n u a r y 2 0 0 8

35

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




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

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


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

NAV : Rs.

Retail Growth : 19.4551

Daily Dividend : 10.0030

Institutional Premium Growth : 13.2445

Institutional Premium Weekly Dividend : 10.0137

Weekly Dividend : 10.0134

Load Structure

Entry Load :

Exit Load : NIL

NIL

Benchmark : Crisil Liquid Fund Index Corpus : Rs. 298.47 Crores



Asset Allocation

Rating Profile

Portfolio



Floating Rate Instruments 5000.00 16.75

Kotak Mahindra Bank Ltd. 5000.00 16.75 P1+




Sensivity

High

Mid

Low

Credit Quality

Birla SunLife Cash Manager - Growth Crisil Liquid Fund Index

% R

etu

rns


Power Finance Corporation Ltd. 4132.75 13.85 P1+

ICICI Bank Ltd. 2979.64 9.98 A1+

Tata Sons Ltd. 2345.79 7.86 A1+

State Bank of Mysore 997.43 3.34 P1+

State Bank of Saurashtra 195.87 0.66 A1+

# for ranking methodology please refer page 47

8.04 7.937.64

7.15

8.24

7.22

6.52

0

1

2

3

4

5

6

7

8

9


16.75%

35.69%

47.56%




47.56%

52.44%


AAA

J a n u a r y 2 0 0 8

36


Birla Floating Rate Fund

Portfolio - Short Term Plan

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


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

NAV : Rs.Long Term:Growth : 13.1387Dividend : 10.3715Weekly Dividend : 10.0077Short Term:Growth : 13.0322Daily Dividend : 10.0015Weekly Dividend : 10.3815Institutional Plan-Growth : 10.4790Institutional Plan-Daily Dividend : 10.0086Institutional Plan-Weekly Dividend : 10.0145

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

CorpusLong Term : Rs. 123.97 CroresShort Term : Rs. 109.91 Crores

Average MaturityLong Term : 0.99 YearsShort Term : 0.07 Years


Investment Performance - Long Term Plan


Investment Performance - Short Term Plan

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

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

Portfolio - Long Term Plan


Kotak Mahindra Bank Ltd. 5000.00 40.33 P1+

Housing Development Finance Corporation Ltd. 3000.00 24.20 AAA

Industrial Development Bank of India Ltd 1000.43 8.07 AA+

Sundaram Finance Ltd. 800.00 6.45 LAA+

LIC Housing Finance Ltd. 500.37 4.04 AAA


ICICI Bank Ltd. 1247.52 10.06 A1+


Citicorp Finance India Ltd.** 299.56 2.42 AAA







LIC Housing Finance Ltd. 2000.37 18.20 AAA

Kotak Mahindra Prime Ltd. 2000.00 18.20 P1+


Industrial Development Bank of India Ltd 1509.70 13.74 AA+

Citicorp Finance India Ltd. 1500.00 13.65 AAA

CitiFinancial Consumer Finance India Ltd 500.00 4.55 AAA

ICICI Bank Ltd. 200.00 1.82 AAA


ICICI Bank Ltd. 752.80 6.85 A1+



Load Structure :

Long Term (Incl. for SIP)

Entry Load : Nil

Exit Load : For any redemption / switch out of

units within 7 days from the date

of allotment :- 0.10%

Short Term

Entry Load : NIL

Exit Load : NIL


Sensivity

High

Mid

Low

Credit Quality

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

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

% R

etu

rns

% R

etu

rns

7.79 7.79 7.58

5.96

8.24

7.22

6.52

5.36

0

1

2

3

4

5

6

7

8

9


8.69

6.696.15

7.52

6.045.36

0

1

2

3

4

5

6

7

8

9

10



Birla Floating Rate Fund - Long TermDebt: Term ( Schemes), Yrs ended - -07Floating - Long 13 3 31 Dec


2.42%

4.43%

10.06%

83.09%

Corporate Debt




4.43%

14.52%

81.05%


AA

AAA

6.85%

7.53%

85.62%




7.53%

13.74%

78.73%


AA

AAA

J a n u a r y 2 0 0 8

37

Birla Gilt Plus


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


Fund Manager : Mr. Maneesh Dangi & Mr. Satyabrata Mohanty

Date of inception / takeover : October 12, 1999NAV : Rs.Liquid PlanGrowth : 19.0458Quarterly Dividend : 10.5173Annual Dividend Option : 11.7933PF PlanGrowth : 22.2071Quarterly Dividend : 10.5726Annual Dividend Option : 20.6237Regular PlanGrowth : 25.6580Quarterly Dividend : 11.3227Annual Dividend Option : 23.9136

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

within 365 days from date of allotment.

CorpusLiquid Plan : Rs. 66.72 CroresPF Plan : Rs. 67.86 CroresRegular Plan : Rs. 83.84 Crores

Average MaturityLiquid Plan : 1.08 YearsPF Plan : 25.08 YearsRegular Plan : 14.30 Years


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

Investment Performance - Liquid Plan


Investment Performance - PF Plan


Investment Performance - Regular Plan


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













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


Sensivity

High

Mid

Low

Credit Quality


Birla Gilt Plus - Liquid PlanGilt: Short-term (16 Schemes), 18 months & 3 Yrs ended 31-Dec-07

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

Gilt Scheme (13 Schemes), 2 Yrs ended 30-Sept-07


Birla Gilt Plus - Regular PlanGilt: Medium & Long-term (4 Schemes), 18 months & 3 2 Yrs ended 31-Dec-07


Birla Gilt Plus - PF PlanGilt: Medium & Long-term (4 Schemes), 18 months & 3 2 Yrs ended 31-Dec-07

@MFR 1 by ICRA

Birla Gilt Plus - Liquid PlanOpen Ended Gilt Schemes - ShortTerm(12 Schemes), 3 Yrs ended 31-Dec-06

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

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

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


% R

etu

rns

% R

etu

rns

% R

etu

rns

7.65%

92.35%

Government Bonds


5.04%

94.96%


Government Bond

6.105.84

6.16

8.157.74

6.266.03

0

1

2

3

4

5

6

7

8

9


6.69

5.855.47

10.19

5.976.48

5.94

0

2

4

6

8

10

12


9.39

7.46

6.55

12.14

5.976.48

5.94

0

2

4

6

8

10

12

14







6.57%

93.43%Government Bonds


J a n u a r y 2 0 0 8

38

Birla Sun Life Government Securities Fund


Portfolio - Short Term PlanPortfolio - Long Term Plan

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


Fund Manager : Mr. Maneesh Dangi

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

Long Term Plan

Growth : 20.6649

Dividend : 10.1993

Short Term Plan

Growth : 16.6572

Dividend : 10.1459


Entry Load :

Exit Load : NIL

NIL

Benchmark

Long Term Plan : I-Sec Li-BEX

Short Term Plan : I-Sec Si-BEX

CorpusLong Term Plan : Rs. 1.32 CroresShort Term Plan : Rs. 0.35 Crores

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

Long Term - Investment Style Box

Long Term Plan - Investment Performance


Asset Allocation - Long Term Plan

Short Term Plan - Investment Performance


Asset Allocation - Short Term Plan








Sensivity

High

Mid

Low

Short Term - Investment Style Box


Sensivity

High

Mid

Low

Credit Quality Credit Quality


Birla Sun Life Government Securities Fund - Short Term PlanGilt: Short-term (16 Schemes), 18 months & 3 Yrs ended 31-Dec-07

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


% R

etu

rns

% R

etu

rns

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

4.814.41

4.73

9.28

5.97

6.48

5.94

0

1

2

3

4

5

6

7

8

9

10


5.585.32

4.11

6.44

7.74

6.266.03

0

1

2

3

4

5

6

7

8

9


J a n u a r y 2 0 0 8

39

Birla Dynamic Bond Fund


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


Date of inception / takeover : September 27, 2004

NAV : Rs.

Retail Growth : 12.3206

Retail Quarterly Dividend : 10.5212


Entry Load :

Exit Load : NIL

NIL

Benchmark : CRISIL Composite Bond Fund Index




Investment PerformancePortfolio








Fund Manager : Mr. Maneesh Dangi


Sensivity

High

Mid

Low

Credit Quality

Asset Allocation

Rating Profile


Birla Bond Index Fund

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


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

NAV : Rs.

Growth : 12.2080

Dividend : 10.0333

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

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

NIL

Benchmark : CRISIL Composite Bond Fund Index




Investment Performance Asset Allocation

Rating Profile

Portfolio


Treasury Bills 17.76 47.84

182 DAY T-BILL 07 MAR 2008 17.76 47.84 Sovereign










Sensivity

High

Mid

Low

Credit Quality

Birla Bond Index Fund - Growth Crisil Composite Bond Fund Index

Birla Dynamic Bond Fund - Retail - Growth

Crisil Composite Bond Fund Index

% R

etu

rns

% R

etu

rns

#iiValue Research Ratingii

Birla Dynamic Bond Fund - RetailDebt: Medium Term (5 Schemes), 18 months 3 Yrs ended 3 - -074 & 1 Dec


5.51%

20.60%

26.06%

47.84%

Government Bond


PSU/PFI Bonds/Banks

Treasury Bills

20.60%

26.06%

53.34%


AAA

Sovereign

9.11

6.85 6.616.78

5.164.84

0

1

2

3

4

5

6

7

8

9

10


5.87

5.10

4.38

6.78

5.16

4.41

0

1

2

3

4

5

6

7

8


4.92%

95.08%


Government Bond

4.92%

95.08%


Sovereign

J a n u a r y 2 0 0 8

J a n u a r y 2 0 0 8

40

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


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

Portfolio

Investment via sub-fund, India Advantage (Offshore) Fund, are stated at market/fair value at the date of determination. Securities listed on a recognised stock exchange are valued at the last quoted closing price on the principal exchange on which the security istraded Non-traded securities are valued at amortised cost and/or fair value as determined in good faith by Birla Sun Life Asset Management Company Limited, India, Conversion Rate: 1 USD = INR 39.57

Asset Allocation

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


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

NAV $ per Class C Share : 281.70 Benchmark : BSE Sensex and MSCI (India)

Bloomberg Ticker Code : INDADVC MPAUM : USD Million243.33Conversion Rate 1 USD : INR 39.57


Investment Performance CAGR Returns (%)

EQUITY INVESTMENTS :

Reliance Industries Ltd. Petroleum Products 17,474,147.08 7.18

Bharat Heavy Electricals Ltd. Industrial Capital Goods 13,301,736.24 5.47

ICICI Bank Ltd. Banks 10,355,648.22 4.26

Bharti Airtel Ltd Telecom-Services 9,425,227.45 3.87

Larsen & Toubro Ltd. Construction 7,380,073.29 3.03

Great Eastern Shipping 7,266,798.17 2.99

United Spirits Ltd. Consumer Non Durables 7,045,286.83 2.90

Oil & Natural Gas Corporation Ltd. Oil 6,885,714.46 2.83

Sterlite Industries Ltd. Metals-Ferrous 6,799,292.39 2.79

Welspun Gujarat Stahl Rohren Ltd. Transmission Lines 6,567,441.00 2.70

Lanco Infratech Ltd. Construction 6,281,116.65 2.58

Reliance Communications Ventures Ltd Telecom-Services 5,848,243.62 2.40

Housing Development Finance Corporation Ltd. Finance 5,807,328.78 2.39

Bank of Baroda Banks 5,807,429.87 2.39

Kotak Mah Bank Ltd. Banks 5,709,045.26 2.35

BSES Ltd. Power Generation 5,394,490.78 2.22

JAIPRAKASH ASSOCIATE Construction 5,114,322.72 2.10

Punj Lloyd Ltd Engineering 5,074,586.81 2.09

Aia Engineering Ltd. Industrial Capital Goods 5,053,043.87 2.08

Oriental Bank Of Commerce Banks 5,072,742.80 2.08

Balaji Telefilms Ltd Entertainment 5,007,958.50 2.06

Thermax Ltd. Industrial Capital Goods 4,999,394.30 2.05

Bharat Electronics Ltd. Industrial Capital Goods 4,651,686.55 1.91

Infosys Technologies Ltd. Software 4,620,989.64 1.90

Bharti Shipyard Shipping 4,540,425.32 1.87

ITC Ltd. Consumer Non Durables 4,517,437.45 1.86

Crompton Greaves Ltd. Industrial Capital Goods 4,493,745.26 1.85

Grasim Industries Ltd. Cement 4,429,537.53 1.82

Suzlon Energy Ltd. Power Equipments 4,412,551.18 1.81

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

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

Great Offshore Ltd. Shipping 4,301,647.27 1.77

Housing Dev. & Infra Housing 4,237,095.08 1.74

Mundra Port S.E.Z.Ltd. Construction 4,167,753.35 1.71

India Cements Ltd Cement 4,130,228.66 1.70

DLF LIMITED Construction 3,880,550.92 1.59

Maharashtra Seamless Ltd Ferrous Metals 3,660,121.30 1.50

Cesc Ltd. Electricals 3,574,881.88 1.47

United Phosphorus Ltd. Pesticides 3,525,903.46 1.45

Engineers (India) Industrial Capital Goods 3,378,548.61 1.39

State Bank Of India Banks 3,103,391.53 1.28

Subex Systems Ltd. Software 2,503,101.34 1.03

Punjab National Bank Banks 2,518,385.14 1.03

Indraprastha Gas Gas 1,699,335.66 0.70

Gammon India Ltd. Construction 1,583,070.60 0.65

TATA IRON & STEEL CO Steel 720,814.19 0.30

CALL & CALL EQUIVALENTS :

Mutual Fund Units Cash and Cash Equivalent 4,921,969.85 2.02

CASH PLUSRETAIL GR BGROWTH Cash and Cash Equivalent 73.66 0.00

CORPORATE DEBT :

Trent Ltd Trent Ltd - Warrants 207,165.53 0.09

TOTAL 241,451,480.04 99.23

OTHER NET ASSETS (SUB FUND) 440,273.39

OTHER NET ASSETS (MAIN FUND) 1,436,148.57

NET ASSETS 243,327,902.00


Large

Mid

Small

Investment Style

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

CISX Mnemonic Code - IAFC

India Advantage Fund BSE Sensex MSCI (India)

% R

etu

rns

Morningstar Rating™

iiii

J a n u a r y 2 0 0 8

15.90%

14.86%

11.77%

7.24%

6.67%

6.33%

4.79%

4.32%

4.06%

3.55%

3.55%

2.95%

2.72%

2.10%

2.07%

2.04%

1.75%

1.48%

1.46%

0.30%

0.09%Trent Ltd - Warrants

Steel

Pesticides

Electricals

Housing

Cash and Cash Equivalent

Entertainment

Engineering

Transmission Lines

Software

Cement

Oil & Gas

Power

Metals-Ferrous


Telecom-Services

Shipping

Petroleum Products

Construction


Banks & Financial Services

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

44.0 45.4

51.1

3 Year

62.8

43.1

47.5

5 Year

36.3

18.7

10 Year

34.1

17.3

Since Inception

41

Dividend History(For select Schemes)J a n u a r y 2 0 0 8

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

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

Birla Sun Life Equity Fund 30-Sept-99 30 3.00 10.00 25.8628-Mar-00 50 5.00 10.00 51.0829-Sept-00 25 2.50 10.00 28.6520-Mar-01 10 1.00 10.00 18.9728-Sept-01 10 1.00 10.00 12.7920-Mar-02 10 1.00 10.00 17.1321-Oct-02 5 0.50 10.00 14.0724-Mar-03 5 0.50 10.00 14.3730-Sept-03 10 1.00 10.00 22.9608-Mar-04 30 3.00 10.00 30.9120-Oct-04 10 1.00 10.00 30.0210-Feb-06 50 5.00 10.00 58.9423-Mar-07 100 10.00 10.00 74.4531-Aug-07 100 10.00 10.00 79.98

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

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

Birla MNC Fund 5-Feb-00 25 2.50 10.00 0.0022-Feb-02 40 4.00 10.00 27.1629-Aug-03 50 5.00 10.00 30.5818-Jan-05 50 5.00 10.00 42.8026-Aug-05 75 7.50 10.00 41.05

Birla Midcap Fund 24-Jan-03 5 0.50 10.00 10.5219-Jun-03 10 1.00 10.00 11.8322-Jul-03 10 1.00 10.00 11.8124-Dec-03 60 6.00 10.00 18.358-Oct-04 12.5 1.25 10.00 13.7228-Jan-05 10 1.00 10.00 14.753-Feb-06 20 2.00 10.00 22.5922-Dec-06 35 3.50 10.00 25.9428-Dec-07 6 0.6 10.00 40.50

Birla Dividend Yield Plus 30-May-03 8 0.80 10.00 11.8413-Jun-03 5 0.50 10.00 10.8824-Jul-03 12 1.20 10.00 11.6219-Sept-03 18 1.80 10.00 12.0931-Oct-03 10 1.00 10.00 11.8726-Dec-03 15 1.50 10.00 13.9313-Feb-04 10 1.00 10.00 12.5828-Sep-04 8 0.80 10.00 11.5724-Dec-04 14 1.40 10.00 13.7511-Mar-05 10 1.00 10.00 12.851-July-05 8 0.80 10.00 11.2628-Oct-05 8 0.80 10.00 11.9413-Jan-06 16 1.60 10.00 11.8927-April-06 10 1.00 10.00 13.0710-Oct-06 8 0.80 10.00 11.6730-April-07 8 0.80 10.00 11.201-Nov-07 10 1.00 10.00 12.77

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

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

Birla Sun Life Frontline Equity Fund 29-Aug-03 10 1.00 10.00 14.4531-Mar-04 20 2.00 10.00 18.4814-Oct-04 10 1.00 10.00 16.8027-Feb-06 80 8.00 10.00 28.8828-Aug-06 60 6.00 10.00 23.5629-Jun-07 40 4.00 10.00 23.86

Birla Sun Life Basic Industries Fund - Dividend 20-Aug-03 25 2.50 10.00 18.5331-Mar-04 25 2.50 10.00 25.7007-Oct-04 20 2.00 10.00 25.0224-Mar-06 100 10.00 10.00 35.0819-Jan-07 105 10.50 10.00 39.60

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

Birla Sun Life Tax Relief 96 05-May-00 300 30.00 10.00 101.9910-Mar-04 100 10.00 10.00 125.3727-Apr-06 500 50.00 10.00 224.518-Dec-06 250 25.00 10.00 193.9419-Jan-07 260 26.00 10.00 176.5416-Mar-07 500 50.00 10.00 134.27

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

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

EQUITY SCHEMES

42


HYBRID & MONTHLY INCOME SCHEMES

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

#Dividend Dividend

Non Corporate Corporate

Birla Sun Life '95 Fund -Dividend 31-Mar-98 10.00 10 1.00 - - 15.88

30-Jun-99 10.00 20 2.00 - - 26.78

28-Mar-00 10.00 50 5.00 - - 64.44

13-Oct-00 10.00 30 3.00 - - 39.85

09-Mar-01 10.00 20 2.00 - - 33.50

15-Oct-01 10.00 20 2.00 - - 25.70

26-Mar-02 10.00 20 2.00 - - 29.99

30-Oct-02 10.00 10 1.00 - - 26.01

28-Mar-03 10.00 10 1.00 - - 27.00

10-Oct-03 10.00 10 1.00 - - 38.59

22-Mar-04 10.00 30 3.00 - - 42.31

25-Oct-04 10.00 20 2.00 - - 43.02

10-Mar-06 10.00 25 2.50 - - 68.53

Birla Balance 17-Oct-03 10.00 15 1.50 - - 13.32

20-Jan-06 10.00 50 5.00 - - 15.13

Birla Sun Life Monthly Income - 29-Dec-06 10.00 0.695 0.0695 0.648 0.0648 10.8218

Monthly Dividend 31-Jan-07 10.00 0.758 0.0758 0.706 0.0706 10.8539

23-Feb-07 10.00 0.580 0.0580 0.540 0.0540 10.6311

30-Mar-07 10.00 0.482 0.0482 0.449 0.0449 10.5950

30-April-07 10.00 0.496 0.0496 0.461 0.0461 10.6969

31-May-07 10.00 0.673 0.0673 0.626 0.0626 10.8253

29-Jun-07 10.00 0.622 0.0622 0.579 0.0579 10.8480

31-July-07 10.00 1.152 0.1152 1.072 0.1072 11.1562

31-Aug-07 10.00 0.744 0.0744 0.692 0.0692 11.0177

28-Sep-07 10.00 0.135 0.0135 0.125 0.0125 11.1820

31-Oct-07 10.00 0.163 0.0163 0.152 0.0152 11.2657

30-Nov-07 10.00 0.140 0.0140 0.130 0.0130 11.0995

31-Dec-07 10.00 1.221 0.1221 1.136 0.1136 11.3372

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

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

30-Mar-07 10.00 1.710 0.1710 1.593 0.1593 11.1777

29-Jun-07 10.00 0.622 0.0622 0.579 0.0579 10.8480

02-July-07 10.00 2.375 0.2375 2.210 0.2210 11.5378

28-Sep-07 10.00 0.286 0.0286 0.266 0.0266 11.8310

31-Dec-07 10.00 2.856 0.2856 2.658 0.2658 12.2011

Birla MIP (Monthly Dividend Plan) 29-Dec-06 10.00 0.730 0.0730 0.68 0.0680 11.1921

29-Jan-07 10.00 0.641 0.0641 0.597 0.0597 11.0777

23Feb-07 10.00 0.578 0.0578 0.538 0.0538 10.9987

30-Mar-07 10.00 0.733 0.0733 0.683 0.0683 10.9307

27-Apr-07 10.00 0.565 0.0565 0.526 0.0526 10.9373

25-May-07 10.00 0.551 0.0551 0.513 0.0513 11.0276

29-Jun-07 10.00 0.672 0.0672 0.625 0.0625 10.2218

27-July-07 10.00 1.120 0.1120 1.043 0.1043 11.5403

31-Aug-07 10.00 0.958 0.0958 0.892 0.0892 11.4063

28-Sep-07 10.00 0.114 0.0114 0.106 0.0106 11.5833

26-Oct-07 10.00 0.120 0.0120 0.111 0.0111 11.6844

30-Nov-07 10.00 0.146 0.0146 0.135 0.0135 11.5526

28-Dec-07 10.00 1.147 0.1147 1.068 0.1068 11.6693

Birla MIP II - Wealth 25 Plan 29-Dec-06 10.00 0.765 0.0765 0.712 0.0712 11.3444

(Monthly Dividend Plan) 29-Jan-07 10.00 0.671 0.0671 0.625 0.0625 11.2919

23-Feb-07 10.00 0.604 0.0604 0.563 0.0563 11.0966

30-Mar-07 10.00 0.763 0.0763 0.711 0.0711 10.9953

27-Apr-07 10.00 0.587 0.0587 0.546 0.0546 10.9890

25-May-07 10.00 0.629 0.0629 0.585 0.0585 11.0915

29-Jun-07 10.00 0.756 0.0756 0.704 0.0704 11.2535

27-July-07 10.00 1.126 0.1126 1.048 0.1048 11.5658

31-Aug-07 10.00 0.962 0.0962 0.895 0.0895 11.3493

28-Sep-07 10.00 0.113 0.0113 0.105 0.0105 11.5543

26-Oct-07 10.00 0.119 0.0119 0.111 0.0111 11.6241

30-Nov-07 10.00 0.145 0.0145 0.135 0.0135 11.5255

28-Dec-07 10.00 1.145 0.1145 1.066 0.1066 11.7620

Birla MIP II - Savings 5 Plan 29-Dec-06 10.00 0.577 0.0577 0.537 0.0537 10.2121

(Monthly Dividend Plan) 29-Jan-07 10.00 0.510 0.0510 0.475 0.0475 10.1447

23-Feb-07 10.00 0.460 0.0460 0.429 0.0429 10.1587

30-Mar-07 10.00 0.590 0.0590 0.550 0.0550 10.1626

27-Apr-07 10.00 0.458 0.0458 0.426 0.0426 10.0990

25-May-07 10.00 0.458 0.0458 0.426 0.0426 10.1252

26-Jun-07 10.00 0.777 0.0777 0.723 0.0723 10.1314

27-July-07 10.00 0.885 0.0885 0.823 0.0823 10.2320

31-Aug-07 10.00 0.852 0.0852 0.793 0.0793 10.2163

26-Sep-07 10.00 0.065 0.0065 0.060 0.0060 10.1926

26-Oct-07 10.00 0.077 0.0077 0.072 0.0072 10.1991

30-Nov-07 10.00 0.087 0.0087 0.081 0.0081 10.1993

28-Dec-07 10.00 0.696 0.0696 0.648 0.0648 10.1729

43


DEBT SCHEMES

Birla Income Plus 26-June-06 10.00 1.228 0.1228 1.143 0.1143 10.2443(Monthly Dividend) 15-Sep-06 10.00 1.081 0.1081 1.007 0.1007 10.2751

15-Dec-06 10.00 1.537 0.1537 1.431 0.1431 10.328115-Mar-07 10.00 0.930 0.0930 0.866 0.0866 10.106415-Jun-07 10.00 1.529 0.1529 1.423 0.1423 10.221817-Sep-07 10.00 0.181 0.0181 0.169 0.0169 10.570417-Dec-07 10.00 2.031 0.2031 1.890 0.1890 10.7758

Birla Bond Index Fund 26-June-06 10.00 0.965 0.0965 0.898 0.0898 10.330515-Sep-06 10.00 1.093 0.1093 1.018 0.1018 10.374115-Dec-06 10.00 1.552 0.1552 1.446 0.1446 10.212015-Mar-07 10.00 1.546 0.1546 1.440 0.1440 10.285915-Jun-07 10.00 1.656 0.1656 1.541 0.1541 10.270617-Sep-07 10.00 0.171 0.0171 0.159 0.0159 10.247917-Dec-07 10.00 1.875 0.1875 1.745 0.1745 10.2193

Birla Gilt Plus - Liquid Plan - 26-June-06 10.00 1.294 0.1294 1.205 0.1205 10.7361(Quarterly Dividend) 15-Dec-06 10.00 1.719 0.1719 1.601 0.1601 10.8382

15-Sep-06 10.00 1.082 0.1082 1.008 0.1008 10.719315-Mar-07 10.00 1.725 0.1725 1.607 0.1607 10.793815-Jun-07 10.00 1.736 0.1736 1.616 0.1616 10.551117-Sep-07 10.00 0.180 0.0180 0.168 0.0168 10.703217-Dec-07 10.00 1.602 0.1602 1.491 0.1491 10.6626

Birla Gilt Plus - PF Plan 26-June-06 10.00 1.403 0.1403 1.307 0.1307 10.6278(Quarterly Dividend) 15-Dec-06 10.00 1.590 0.1590 1.481 0.1481 10.8360


Birla Gilt Plus - Regular Plan 26-June-06 10.00 1.478 0.1478 1.376 0.1376 11.0499(Quarterly Dividend) 15-Dec-06 10.00 1.886 0.1886 1.756 0.1756 11.1872


Birla Sun Life Income Fund - 15-Sep-06 10.00 1.278 0.1278 1.188 0.1188 10.2664Quarterly Dividend 15-Dec-06 10.00 1.644 0.1644 0.153 0.0153 10.4492

26-Jun-06 10.00 0.148 0.0148 0.137 0.0137 10.258115-Mar-07 10.00 1.552 0.1552 1.446 0.1446 10.344415-Jun-07 10.00 1.776 0.1776 1.653 0.1653 10.263217-Sep-07 10.00 0.197 0.0197 0.183 0.0183 10.653417-Dec-07 10.00 2.047 0.2047 1.905 0.1905 10.8291

Birla Sun Life Income Fund- 15-Sep-06 10.00 2.960 0.2960 2.750 0.2756 10.7997Half Yearly Dividend 15-Mar-07 10.00 3.191 0.3191 2.971 0.2971 10.8886

17-Sep-07 10.00 0.376 0.0376 0.350 0.0350 11.2454

Birla Sun Life Govt. Securities - 15-Sep-06 10.00 2.236 0.2236 2.083 0.2083 10.4759Long Term Dividend 15-Mar-07 10.00 3.113 0.3113 2.899 0.2899 10.4817

17-Sep-07 10.00 0.316 0.0316 0.294 0.0294 10.3774

Birla Sun Life Govt. Securities - 26-Jun-06 10.00 1.228 0.1228 1.143 0.1143 10.1985Short Term Dividend 15-Dec-06 10.00 1.194 0.1194 0.112 0.0112 10.3763


Birla Dynamic Bond Fund - Retail - 29-Dec-06 10.00 1.201 0.1201 1.118 0.1118 10.0964Quarterly Dividend 30-Mar-07 10.00 1.096 0.1096 1.021 0.1021 10.2424

02-July-07 10.00 2.165 0.2165 2.015 0.2015 10.454028-Sep-07 10.00 0.205 0.0205 0.191 0.0191 10.445231-Dec-07 10.00 2.073 0.2073 1.930 0.1930 10.5212

Birla Sun Life Liquid Plus - 26-Oct-07 10.00 0.052 0.0052 0.048 0.0048 10.0825Institutional Monthly Dividend 30-Nov-07 10.00 0.065 0.0065 0.060 0.0060 10.1030

28-Dec-07 10.00 0.522 0.0522 0.486 0.0486 10.0940

Birla Sun Life Liquid Plus - 26-Oct-07 10.00 0.050 0.0050 0.046 0.0046 10.0741Retail Monthly Dividend 30-Nov-07 10.00 0.062 0.0062 0.058 0.0058 10.0938

28-Dec-07 10.00 0.504 0.0504 0.469 0.0469 10.0855

Birla Sun Life Short Term Fund - 26-Oct-07 10.00 0.056 0.0056 0.052 0.0052 10.5742Monthly Dividend 30-Nov-07 10.00 0.070 0.0070 0.065 0.0065 10.5965

28-Dec-07 10.00 0.554 0.0554 0.515 0.0515 10.5859

Non Corporate Corporate

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

#Dividend Dividend

44

AddendumsJ a n u a r y 2 0 0 8

NOTICE

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

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

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

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

Type of Load

Entry Load

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

No Change

Existing

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

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

NIL

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

Saturday – Non- Business Day

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

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

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

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

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

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

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

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

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

State

Maharashtra

West Bengal

Gujarat

Andhra Pradesh

Effective Date

October 10, 2007

October 10, 2007

October 10, 2007

October 10, 2007

Address

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

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

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

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

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

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

State

Bihar

Old Official Point of Acceptance

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

New Official Point of Acceptance

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

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

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

Mr. Venkatesh Mysore has been appointed as an Alternate Director to Mr. Stephan Rajotte w.e.f October 4, 2007 with the prior approval of Trustees of Birla Sun Life Mutual Fund.

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

This Addendum forms an integral part of the Offer Document of all the schemes of Birla Sun Life Mutual Fund read with the addenda issued thereunder.Date: October 12, 2007

Age

49

Educational Qualification

Chartered Life Underwriter (CLU), American College, Philadelphia, MBA & B.A. Economics (Hons.)- University of Madras

Functions & Experience (past 10 years)

• Vice President & Country Head- India- Sun Life Financial, Inc. (Since January 2007)

• Managing Director-Metlife India Insurance Co. Pvt. Ltd. (April 2001- December 2006)

• Metropolitan Life Insurance Company Ltd. (Metlife) (April 1986- March 2001)- VP, International Operations, USA, Regional VP of Pennsylvania region, USA, Branch Manager – Alexandria branch (VA), USA, Sales Representative, VA

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

Changes in Key Personnel:

Mr. Hariharan Iyer, Head – Investor Services has ceased to be part of Birla Sun Life Asset Management Company Ltd., Ms. Rekha Naidu is appointed as the new Head – Investor Services.

A brief profile of Ms. Rekha Naidu is given below:

All the references to Mr. Hariharan Iyer be replaced with details of Ms. Rekha Naidu in the Offer Document(s) of Birla Sun Life Mutual Fund.

This Addendum forms an integral part of the Offer Documents of all the schemes of Birla Sun Life Mutual Fund read with the addenda issued thereunder.Date: November 06, 2007

Name

Rekha Naidu

Age

36 years

Educational Qualification

P.G.D (Personnel Mgmt), M.Com

Nos of Years of Experience

12 years

Type and Nature of Past Experience

She has over 12 years of experience. She is associated with BSLAMC since last 8 years. Prior to this she worked with Karvy Consultants Ltd and Datamatics Ltd.

NOTICE

NOTICE IS HEREBY GIVEN that Load structure of Birla Sun Life International Equity Fund is modified as follows:

No entry load shall be charged for subscription received into Birla Sun Life International Equity Fund by way of Switch in / Lateral shift from any of the Equity Schemes of Birla Sun Life Mutual Fund.

The revised load structure shall be applicable to all applications for switch in / lateral shift on or after November 29, 2007. The AMC reserves the right to increase / decrease / introduce a Load at any time in future on a prospective basis subject to the limits prescribed under the SEBI (Mutual Funds) Regulations, 1996.

This addendum forms an integral part of the Offer Document of the Scheme. All other features and terms and conditions of the Scheme shall remain unchanged. Date: November 27, 2007

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

Mr. Navneet Munot, Chief Investment Officer – Fixed Income, has ceased to be a part of Birla Sun Life Asset Management Company Ltd. In view of the same, all the references to Mr. Navneet Munot are deleted from the Offer Document(s)/ Key Information Memorandum(s) of Schemes of Birla Sun Life Mutual Fund.

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

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

Ankit Sancheti 30 yrs C.A., B. Com (Hons.) 8 Years Has experience of over 8 years in e q u i t y r e s e a r c h a n d f u n d s management. Prior to joining BSLAMC he was working with ING Investment Management (I) Pvt. Ltd. as Fund Manager. He has also worked with BSLAMC, Development Credit Bank and Anand Rathi Securities.

45

AddendumsJ a n u a r y 2 0 0 8

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

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

This Addendum forms an integral part of the Offer Document(s) of the respective Schemes of Birla Sun Life Mutual Fund read with the addenda issued thereunder.Date: November 30, 2007

S. No. Name of the Scheme Fund Manager

1 Birla Dividend Yield Plus Ankit Sancheti

2 Birla Sun Life Basic Industries Fund Ankit Sancheti

3 Birla MIP A. Balasubramaniam

4 Birla MIP II A. Balasubramaniam

5 Birla Sun Life Monthly Income A. Balasubramaniam

6 Birla Balance A. Balasubramaniam

7 Birla Sun Life ‘95 Fund A. Balasubramaniam

8 Birla Cash Plus Maneesh Dangi / Satyabrata Mohanty

9 Birla Sun Life Cash Manager Maneesh Dangi / Satyabrata Mohanty

10 Birla Sun Life Liquid Plus Maneesh Dangi / Satyabrata Mohanty

11 Birla Sun Life Short Term Fund Maneesh Dangi / Satyabrata Mohanty

12 Birla Gilt Plus Maneesh Dangi / Satyabrata Mohanty

13 Birla Income Plus Maneesh Dangi

14 Birla Sun Life Income Fund Satyabrata Mohanty

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

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

Mr. Prasad Dhonde, will be Fund Manager for following Schemes of Birla Sun Life Mutual Fund alongwith Mr. Satyabrata Mohanty – 1. Birla Fixed Term Plan Debt Fund, 2. Birla Fixed Maturity Plan, 3. Birla Fixed Term Plan - Series O, 4. Birla Fixed Term Plan - Series N, 5. Birla Fixed Term Plan - Series P, 6. Birla Fixed Term Plan - Series R, 7. Birla Fixed Term Plan - Series S, 8. Birla Fixed Term Plan - Series T, 9. Birla Fixed Term Plan - Series U, 10. Birla Fixed Term Plan - Series Q, 11. Birla Fixed Term Plan - Series V, 12. Birla Fixed Term Plan - Series W, 13. Birla Fixed Term Plan – 24 Months, 14. Birla Fixed Term Plan - Series X, 15. Birla Fixed Term Plan - Series Y, 16. Birla Fixed Term Plan - Series AA, 17. Birla Fixed Term Plan - Series AB, 18. Birla Fixed Term Plan - Series AC, 19. Birla Fixed Term Plan - Series AD, 20. Birla Fixed Term Plan - Series AE, 21. Birla Fixed Term Plan – Quarterly Series 21, 22. Birla Fixed Term Plan – Quarterly Series 22, 23. Birla Fixed Term Plan – Quarterly Series 23, 24. Birla Fixed Term Plan – Half Yearly Series 3, 25. Birla Sun Life Interval Income Fund – Monthly Plan - Series I, 26. Birla Sun Life Interval Income Fund – Quarterly Plan - Series I, 27. Birla Sun Life Interval Income Fund – Quarterly Plan - Series II, 28. Birla Sun Life Interval Income Fund – Quarterly Plan - Series III, 29. Birla Sun Life Quarterly Interval Fund – Series 1, 30. Birla Sun Life Quarterly Interval Fund – Series 2

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

This Addendum forms an integral part of the Offer Document(s) of the respective Schemes of Birla Sun Life Mutual Fund read with the addenda issued thereunder.Date: November 30, 2007

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

Prasad Dhonde 35 years MMS (Finance), 9 Years Has experience of over 9 years in B.Sc. (Tech) Financial Service Sector. Prior to

joining BSLAMC has worked with C r e d i t A n a l y s i s & R e s e a r c h Ltd.,Times Investors Services Pvt. Limited, Birla Sun Life Securities Ltd., RR Financial Consultants Ltd. & Probity Research & Services Private Ltd.

ADDENDUM TO THE OFFER DOCUMENT/KIM OF BIRLA SUN LIFE SPECIAL SITUATIONS FUND

ADDITION TO THE LIST OF COLLECTION CENTRES:Investors are advised to take note of the following additions made to the List of Collection Centres during New Fund Offer (NFO) period ending on January 15, 2008 for Birla Sun Life Special Situations Fund, an Open-ended diversified Equity Scheme.

Collection Bank Citibank

Location Address

Ahmedabad 3rd Floor, "Rembrandt" C.G Road, Near Panchvati Circle, Ahmedabad- 380 006

Aurangabad CTS No 498, Nirala Bazaar, Opp. S.B. College Bus stop, Aurangabad- 431 001

Bangalore 506/507, 5th Floor, Prestige Meridian 2, 30 Mahatma Gandhi Road, Bangalore- 560 001

Bhopal K K Business Centre, 133, Zone 1, M P Nagar, Bhopal-462 011

Bhubaneshwar Unit 3, 98 Janpath Station square, Bhubaneshwar- 751 001

Chandigarh SCO132/133, Sector 9C, Madhya Marg, Chandigarh- 160 017

Chennai GTS, 3rd Floor, No.2 Club House Road, Chennai-600 002

Coimbatore 1st Floor, Tristar Towers, 657 Avinashi Road- Coimbatore- 641 037

Hyderabad G, Pulla Reddy Building Ground Floor, Road No 6-3-879,Greenlands Road, Begumpet, Hyderabad- 500 016

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

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

Collection Bank Citibank

Location Address

Indore UG 1, Apollo Square, 7/2 Race Course Road, Opp. Narayan Kothi,Sawarkar Pratima Chowk, Indore- 452 007

Jaipur 2nd Floor, Bhagwati Bhawan, Government Hostel Crossing, MI Road, 2nd Floor, Jaipur- 302 001.

Jalandhar 36, Gobind Niwas, GT Road, Jalandhar, Punjab- 144 001

Kochi Fotofast House, 38/1581,M G Road, Padma Junction, Kochi- 682 035

Kolkata Kanak Building, 1st Floor 41,Chowringhee Road, Kolkata- 700 001

Lucknow 17/1 Ashok Marg, Lucknow- 226 001

Ludhiana Ludhiana Stock Exchange, Ground Floor, Feroze Gandhi Market, Ludhiana- 141 001

Mumbai Fort House, 4th Floor, Unit No. 1, 224 Dr. D.N. Road, Fort, Mumbai 400 001

Nasik Rishuraj Presidency, Plot No.52 & 53, D'souza Colony, College Road, Nasik- 422 005

New Delhi 4th Floor, Jeevan Bharti Bldg 124, Connaught Circus, New Dellhi- 110 001

Pondichery No.22, Rue Bussy Street, Lal Bahadur Shastri Street, Pondicherry- 605 001

Pune Parmar House, 2413 East Street Camp, Pune- 411 001

Surat Ghoddod Road., Opp. Kakadia Complex, Surat-- 395 007

Vadodara Pelican, 1st Floor, Opposite Race Course Towers, Gotri Road, Vadodara- 390 007

Vapi The Emperor, 1st Floor, Vapi-Daman Road, Chala, Vapi- 396 191

NOTICE IS HEREBY GIVEN THAT pursuant to SEBI circular ref. no. SEBI / IMD/ CIR No. 10/ 112153/07 dated December 31, 2007 the load structure of all the existing Schemes (except for the New Fund Offer of Birla Sun Life Special Situations Fund) of Birla Sun Life Mutual Fund with effect from January 4, 2008 are modified as under:

No Entry Load shall be charged for Direct Applications for fresh purchases / additional purchases / switch in of units / fresh Systematic Investment Plans (SIP) / fresh Systematic Transfer Plans (STP) submitted to Asset Management Company (AMC) at any of the Official Points of Acceptances, without quoting Distributor or Broker code, or Directly made through its website www.birlasunlife.com

No Entry Load shall be charged for purchases / subscription of units through existing registered SIP facility / STP facility, where applications made, were without quoting Distributor or Broker code.

Provisions of the Offer Document of Schemes for “Exit Load” shall remain unchanged. All other features and terms and conditions of the Schemes shall remain unchanged.

The AMC reserves the right to increase / decrease / introduce a Load at any time in future on a prospective basis. However, such increase / decrease / introduction would be subject to the limits prescribed under the regulations.

This addendum forms an integral part of the Offer Documents of the schemes read with the addenda. Date: January 3, 2008

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Methodology of RankingJ a n u a r y 2 0 0 8

#Value Research Ratings

@ ICRA – Ranking Methodology and Disclaimer

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

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

^^Crisil CPR – Ranking Methodology & Disclaimer

The Ratings are a Composite Measure of historical Risk-Adjusted Returns. For Equity and Hybrid Funds, Ratings for the two time periods (3 and 5 years) are combined to give a single assessment of each fund’s risk rating vis-à-vis other funds in the category. For Debt funds and Long & Medium-term Gilt funds, the Ratings are arrived at by combining the assessment for 2 time periods (18 months and 3 years), based on weekly risk-adjusted performance. For Short-term and Ultra Short-term debt funds and Short-term Gilt funds, the Ratings are based on 18-month weekly risk-adjusted performance, relative to the other funds in category. Entry/Exit Loads not considered.5-stars indicate that fund is in top 10% of its category. 4-stars indicate that fund is in next 22.5% of its category. Following is the number of schemes in each category: Equity Diversified (195), Equity: Index (24), Equity Tax Planning (29), Hybrid: Equity Oriented (22), Hybrid: Debt Oriented (34), Hybrid: Monthly Income (39), Debt: MT (53), Debt: ST (22), Debt: Ultra ST (49), Debt: Ultra ST-Inst. (52), Debt: Floating Rate ST (30) Debt: Floating Rate LT (13), Gilt: Medium and LT (42), Gilt: ST (16). Fund Ratings are as on 31 December ’07. Ranking Source: Mutual Funds Insight.

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

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

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

Birla Sun Life Basic Industries Fund: CRISIL~CPR 2 - in Diversified Equity Scheme Category (66 schemes)Birla Sun Life Equity Fund: CRISIL~CPR 2 - in Diversified Equity Scheme Category (66 schemes)Birla Sun Life Frontline Equity Fund: CRISIL~CPR 2 - Large Cap Oriented Equity Scheme Category (28 Schemes). Birla Sun Life Income Fund: CRISIL~CPR 1 - Income Scheme Category (19 Schemes).Birla Sun Life Monthly Income: CRISIL~CPR 1 - MIP Conservative Scheme Category (9 schemes)

Birla Sun Life New Millennium Fund: CRISIL~CPR 2 - Sectoral IT Scheme Category (7 schemes)Birla Sun Life Short Term Fund: CRISIL~CPR 1 - Debt ST Scheme Category (15 Schemes).Birla Sun Life Tax Relief ‘96: CRISIL~CPR 2 - ELSS Category (16 schemes)Birla Cash Plus - Retail: CRISIL~CPR 2 - Liquid Scheme Category (25 schemes)Birla Cash Plus - Institutional: CRISIL~CPR 2 - Liquid Inst. Scheme Category (12 schemes)Birla Cash Plus: Institutional Premium: CRISIL~CPR 2 - Liquid Super Inst. Scheme Category (14 Schemes).Birla Gilt Plus – Regular Plan: CRISIL~CPR 2 - Gilt Scheme Category (13 schemes)Birla Income Plus: CRISIL~CPR 2 - Income Scheme Category (19 schemes)Birla Midcap Fund: CRISIL~CPR 2 - Diversified Equity Scheme Category (66 schemes)Birla MIP: CRISIL~CPR2 - MIP Conservative Scheme Category (9 Schemes)CRISIL~Composite Performance Ranking - (CRISIL~CPR) is the relative performance ranking of mutual fund schemes within the peer group. The criteria used for computing the ranking are AUM in excess of category cut-off limits & portfolio disclosure and performance in case of Liquid Plans, Floating Rate and Debt-Short funds – Last 1 years; All other Schemes – Last 2 years. Fund Ratings are as on 30 September ’07. Ranking is done on the following parameters depending on scheme category.

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

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

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

& Lipper Awards 2007 – Ranking Methodology & Disclaimer

@@ S & P Fund Management Rating

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

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

Our Investment Team (In alphabetical order):

A. Balasubramanian Chief Investment Officer

Achala Kanitkar Research Analyst - Equity

Ajay Argal Senior Fund Manager-Equity

Ajay Garg Fund Manager-Equity

Ankit Sancheti Fund Manager / Research Analyst

Atul Penkar Fund Manager

Hemang Dagli Sr. Dealer - Equity & Deri. Specialist

Hina Sampat Executive - Knowledge Management

Lokesh Mallya Credit Analyst-Fixed Income

Mahesh Patil Fund Manager-Equity

Maneesh Dangi Fund Manager-Fixed Income

Naysar Shah Equity Analyst

Paresh Khandelwal Equity Analyst

Prasad Dhonde Fund Manager

Sanjay Chawla Fund Manager-Equity

Satyabrata Mohanty Fund Manager-Fixed Income

Sujit Patki Dealer-Equity

Sunaina da Cunha Credit Analyst-Fixed Income

Vineet Maloo Fund Manager - Equity

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

BIRLA SUN LIFE AMC LTD. BRANCHES

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

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

Statutory Details: Constitution: Birla Sun Life Mutual Fund (BSLMF) has been set up as a Trust under the Indian Trust Act, 1882. Sponsors: Aditya Birla Nuvo Limtied and Sun Life (India) AMC Investments Inc. (liability restricted to seed corpus of Rs. 1 Lac). Trustee: Birla Sun Life Trustee Company Pvt. Ltd. Investment Manager: Birla Sun Life Asset Management Company Ltd.Risk Factors: Mutual Funds and securities investments are subject to market risks and there can be no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in securities, the NAV of the Units issued under the Scheme may go up or down depending on the various factors and forces affecting capital markets and money markets. Past performance of the Sponsor / Investment Manager / Mutual Fund does not indicate the future performance of the Schemes and may not necessarily provide a basis of comparison with other investments. The names of the Schemes do not, in any manner, indicate either the quality of the Schemes or their future prospects or returns. Unitholders in the schemes are not being offered any guaranteed/assured returns. Please refer to the Addendum / Offer Document for scheme specific risk factors before investing. Investors should read the Offer Document/ Key Information Memorandum available at Investor Service Centers and with distributors carefully before investing.

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

AGRA : 0562-2524409

AHMEDABAD : 079-2640 3553 /48

ALLAHABAD : 0532-2427014 /15 /3201661

AURANGABAD : 9822098181

BANGALORE : 080-2238 9991 / 2 / 3

BARODA : 0265-658 2984 / 2986

BHUBANESHWAR : 0674-253 5521 / 3413

CHANDIGARH : 0172-274 9172 / 73

CHENNAI : 044-4204 5003 / 2819 1681 / 4204 5002/ 2811 6610

COCHIN : 0484-238 3969 / 236 6817

COIMBATORE : 0422-435 0262 / 64

DEHRADUN : 9814131731

GOA : 0832-243 7628 / 29

GURGOAN : 9899106863

GUWAHATI : 0361-259 5020 / 259 9273

INDORE : 0731-504 0496 / 253 4502 / 504 6789

JAIPUR : 0141-238 9082 / 9115 / 511 6883

JALANDHAR : 9914464497

JAMSHEDPUR : 9334390070

KANPUR : 0512-233 1116 / 1121 / 324 6000

KOLKATA : 033-2288 2592 /94 /95/ 2288 2616/2614

LUCKNOW : 0522-409 4110 / 11 / 323 6000

LUDHIANA : 0161-508 8847 / 277 1217

MADURAI : 0452-2382566 / 67

MUMBAI (FORT) : 022-6637 9999

MUMBAI (GHATKOPAR) : 022-3268 1373

MUMBAI (HEAD OFFICE) : 022-6692 8000

MUMBAI (PRABHADEVI) : 022-6666 1035 / 36

NAGPUR : 0712-663 0899 / 4300

NASHIK : 9823318034

NEW DELHI : 011-2332 3070

PATNA : 0612-220 7022 / 23 / 389 0873

PUNE : 020-66011865 / 66 / 67

RAIPUR : 0771-4266894

SECUNDARABAD : 040-6531 1052 / 3580 / 2772 1818

SURAT : 0261-658 1707 / 1708

TRIVANDRUM : 9447451715

UDAIPUR : 9828215143

VARANASI : 0542-222 7755 / 56

VISHAKAPATNAM : 9440301681

47