MAKE YOUR DREAMS COME TRUE WITH A STEP BY STEP … · Frontline Equity Fund 17 Birla Sun Life...

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J U L Y 2 0 0 6

MAKE YOUR DREAMS

STEP BY STEP APPROACH.COME TRUE WITH A

2

J u l y 2 0 0 6

Our Investment Team(In alphabetical order):

A. Balasubramanian

Chief Investment Officer

Abhijit Sarkar

Portfolio Manager-Privileged Account Service

Ajay Argal

Senior Fund Manager-Equity

Ajay Garg

Trader

Ankit Sancheti

Research Analyst / Secondary Fund Manager

Atul Penkar

Research Analyst-Equity

Gaurav Kapur


Jayesh Gandhi

Fund Manager-Equity

Lokesh Mallya

Credit Analyst-Fixed Income

Mahesh Patil

Fund Manager-Equity

Maneesh Dangi

Fund Manager-Fixed Income

Navneet Munot

CIO-Fixed Income, Hybrid Funds

Nishit Dholakia


Satyabrata Mohanty

Fund Manager-Fixed Income

Sharad Ramnarayanan


Sujit Patki

Dealer-Equity

Sunaina da Cunha

Credit Analyst-Fixed Income

Sweta Thakur


CONTENTS

Market Outlook 3

Birla Advantage Fund 4

Birla Dividend Yield Plus 5

Birla Midcap Fund 6

Birla MNC Fund 7

Birla IndiaOpportunities Fund 8

Birla India GenNext Fund 9

Birla Index Fund 10

Birla Infrastructure Fund 11

Birla Equity Plan 12

Birla Top 100 Fund 13

Birla Sun Life Buy India Fund 14

Birla Sun Life New Millennium Fund 15

Birla Sun Life Basic Industries Fund 16

Birla Sun Life Frontline Equity Fund 17

Birla Sun Life Equity Fund 18

Birla Sun Life Tax Relief '96 19

Birla Balance 20

Birla Sun Life '95 Fund 21

Birla MIP 22

Birla MIP II - Savings 5 Plan 23

Birla MIP II - Wealth 25 Plan 24

Birla Sun Life Monthly Income 25

Birla Income Plus 26

Birla Sun Life Income Fund 27

Birla Gilt Plus 28

Birla Sun Life Government Securities Fund 29

Birla Bond Plus 30

Birla Sun Life Short Term Fund 31

Birla Floating Rate Fund 32

Birla Cash Plus 33

Birla Sun Life Cash Manager 34

Birla Asset Allocation Fund 35

India Advantage Fund 36

Addendums 37

Methodology of ranking 37

Dividend History 38-39

EQ

UI

TY

DE

BT

3

Market OutlookJ u l y 2 0 0 6

EQUITY MARKETIn the last month's equity outlook, we had noted that the reversal in global risk appetite on the back of concerns of inflation and interest rates would result in a sell-off across emerging markets and commodity markets. Indeed, Indian equities have corrected 15.9% since their May 10th highs despite being up 2.03% in the month of June. However, while this correction is serious by most standards, it barely makes a dent in the stellar out performance of the Indian equity market in the past three years, which has added roughly Rs. 12126 bn in investor wealth in the same time period. While India cannot remain insulated from continued turbulence in global asset markets, we believe that there are more powerful factors at play such as favorable demographics, strong trends in income generation and consumption, rising outsourcing, investment cycle upturn and a trickle down to the rural sector that will help sustain our growth momentum. There is some concern on the macro-economic situation especially due to the widening of the current account deficit. Exports in May grew 29.6% to US$9.3 bn, while imports rose 21.6% to US$13.1 bn, led by oil (+28.3%) and non-oil (+18.3%). At the end of FY06, the Current Account Deficit/ GDP ratio was at 1.3%, which is not high for a growth economy. Further, besides oil, this deficit is largely on account of imports of capital goods and industrial inputs, which is in fact a positive indicator given that India has moved to a higher growth trajectory. During the month, the growth in domestic consumption was visible through the positive trends in indicators such as passenger car sales (up 25.8% yoy in May 2006) and cellular subscribers (up 4.4% month-on-month in May 2006).Another concern is the possible slowdown of economic growth in a rising rate environment. The market seems to be taking a cue from the recent commentary by the Fed and expecting a pause in the benchmark US interest rate hike. We believe that even in the event of some downward pressure, India Inc.'s FY07 earnings growth should remain in the 15-20% range due to high visibility in the sectors that are not very sensitive to interest rates in the near future consumer goods, IT services, telecom and utilities. Industrial growth has averaged 8% over FY06 and accelerated to 9.5% yoy in April 2006, with the evidence of the unfolding capex cycle reflected in the up-trend in cement dispatches (up 12.8% yoy in May 2006), steel and capital goods production (which was up 25% yoy in April 2006). This capex is driven by immediate needs as we are at high utilization levels. The infrastructure investment pipeline is robust with an estimated Rs. 14 trillion to be deployed through FY07-FY12E. Moreover, we draw comfort from the fact that both the Indian consumer and corporate sectors are less leveraged than those in other countries. In fact, the total Loan/ GDP ratio is only 40%. There is no doubt that FII activity has assumed growing significance in recent years, with its contribution increasing to 20% of market turnover. Even with the recent outflows, FII holdings are estimated at US$102 bn (Source: Bloomberg). FIIs were also net buyers (+US$289 mn) in June, even as domestic mutual funds were net sellers to the tune of US$520 mn. In fact, India has been the only major Asian emerging capital market to witness positive FII flows in June, with the MSCI India Index up 1.7% vs. a loss of 0.6% in MSCI Asia Index (ex-Japan). However, even if flows were to dwindle, our foreign exchange reserves of US$162 bn coupled with positive external debt indicators should be sufficient to tide over any financial market volatility. Our markets are now less vulnerable to F&O activity, with total F&O open interest down from US$12.6 bn to US$6.2 bn. Investors should look beyond the current market anxiety since our macro and micro fundamentals are intact. While continual rebalancing of asset allocation is healthy and warranted, we note that equity as an asset class has served investors extremely well in the long term. The Indian equity markets are diversified, with high RoE compared to other emerging economies. Further, given the current valuations and outlook, the prevalent volatility, while uncomfortable in the near term, provides a classic long-term buying opportunity for rational investors. We would be looking ahead to the upcoming earnings season and monsoon performance to provide us with short-term cues.

In June, heightened inflationary pressures and an unexpected hike in the repo rate by the RBI caused persistent selling pressure in the market. The yield on the benchmark 10-year government security rose to 8.14% from its previous close of 7.65%. At the beginning of the month, the Government hiked petrol (Rs. 4.00 per litre) and diesel (Rs. 2.00 per litre) prices. Headline inflation rose 5.44% y-o-y, up from 5.24% previously due to higher food, energy and mineral prices. Rise in primary articles prices contributed more than 50% to the inflation in the last 2 months. Simple statistical analysis shows that even a moderate increase in the Wholesale Price Index (around 4%) may take year-end headline inflation number to 6.50%.In line with market expectations, FOMC increased the Fed rate by 25 bps to 5.25%. They acknowledged the possibilities of economic expansion slowing down, the risk of higher inflation, and that a further rate hike would be data dependent. US treasury yields remained stable after the rate hike and the yield curve has slightly inverted. Central bankers of other emerging markets, e.g. South Korea, Thailand, South Africa, all increased their benchmark rates, citing inflation as a primary risk to their respective economies.While the market expected a petro price increase, RBI's move to hike rates in June came as surprise. Probably the central bank did a pre-emptive hike to ward off inflationary pressures and also to align domestic rates to global rates. We had expected a rate hike in the April credit policy, but the central bank chose to remain neutral on short-term rates at that time. We had observed that RBI was falling behind the curve by not increasing the rates. A rate hike was very much necessary, however, the surprise inter-meeting move by RBI has caused a loss-of- faith in the bond market. Too many surprises and too few opportunities have marred the sentiments on the bond street. Volumes dropped to a multi-year low, and are likely to remain so till the policy in July. Indian industry's growth at 9.5% in April-06 was very encouraging and assured that rapid economic expansion is on its way in our country. Indian equities also rose in line with the other emerging markets. However, there was consistent pressure on INR, as Dollar appreciated against all the major currencies. Domestically, there were concerns that higher-than-expected spending could lead to more borrowings than budgeted. Central government also ran Ways and Means (WMA) deficit for three consecutive weeks in last two months. Fiscal deficit between April and May was INR 720 bn, 48% of the budgetary estimate for entire FY07. (it was 30% in the first two months of FY06). Bond Street panicked when central government decided to borrow additional INR 40 billion by auctioning an 8-year security. The Finance Ministry official's comments that the increased borrowing was essentially a pre-ponement of the future supply failed to enthuse the market. Liquidity conditions were comfortable as the surplus funds parked with the RBI at the LAF reverse repo remained robust on account of increased government spending. Daily average subscriptions at the reverse repo auction stood around Rs. 49,500 crore. The hike in the repo rate got transmitted across the yield curve and interest rates moved up by 25/50 bps across tenors. The 90-day commercial paper reference rate rose to 6.90% from 6.55% and yield on 90-day T-bill rose to 6.35% from 5.85%Bond markets are likely to remain volatile in the run-up to the July policy review. We are expecting RBI to hike the interest rates in July policy, but in the backdrop of surprises given in earlier policies, a no-rate-hike scenario cannot be ruled out. Market is also assigning a high probability to Japan hiking the interest rates in July. Fed futures are assigning a 50% probability to Aug rate hike by FOMC. Europe's leading indicators have started surprising on the positive side and another hike by ECB is likely. Global bond markets would gyrate to the tunes of future data on economic expansion, housing, consumer confidence and inflation that hold the key to the central bankers moves. In view of fears of headline inflation remaining above the comfortable zone of 5-5.50% and further rate hikes by RBI, bond yields are likely to inch up further. We have been maintaining relatively low average maturity across our fixed income funds to hedge against rising rates. We would start building duration in a gradual manner in case interest rates move up from current levels. While we continue to advice remaining invested in short term products, investors with risk appetite and long term horizon should allocate some part of their portfolios to long term funds like Birla Income Plus and Birla Sun Life Income Fund.

DEBT MARKET

4

Software 6833.61 16.16

Infosys Technologies Ltd. 2683.96 6.35

Satyam Computer Services Ltd. 2040.30 4.82

Tata Consultancy Services Ltd. 1091.50 2.58

Subex Systems Ltd. 1017.85 2.41

Consumer Non Durables 4837.83 11.44

I T C Ltd. 1928.93 4.56

Mcdowell & Company Ltd. 1395.47 3.30

Bajaj Hindustan Ltd. 786.71 1.86

Balrampur Chini Mills Ltd. 726.72 1.72

Banks 4794.56 11.34

State Bank of India 2342.23 5.54

ICICI Bank Ltd. 911.14 2.15

UTI Bank Ltd. 808.71 1.91

Punjab National Bank 732.49 1.73

Auto 3582.09 8.47

Tata Motors Ltd. 1796.07 4.25

Hero Honda Motors Ltd. 1786.02 4.22

Industrial Capital Goods 3369.59 7.97

Bharat Heavy Electricals Ltd. 1615.06 3.82

Larsen & Toubro Ltd. 957.80 2.26

Siemens Ltd. 796.73 1.88

Pharmaceuticals 2862.08 6.77

Glaxosmithkline Pharmaceuticals Ltd. 1147.73 2.71

Pfizer Ltd. 1086.79 2.57

Aventis Pharma Ltd. 627.56 1.48

Telecom-Services 2602.53 6.15

Bharti Tele-Ventures Ltd. 2602.53 6.15

Pesticides 2278.07 5.39

United Phosphorous Ltd. 1708.14 4.04

Rallis India Ltd. 569.93 1.35

Cement 2206.05 5.22

The Associated Cement Companies Ltd. 1132.66 2.68

Grasim Industries Ltd. 1063.29 2.51

Dharti Dredging & Construction Ltd. 10.11 0.02

Hotels 2144.32 5.07

Indian Hotels Co. Ltd. 2144.32 5.07

Finance 934.51 2.21

Housing Development Finance Corp. Ltd. 934.51 2.21

Construction 722.02 1.71

Nagarjuna Construction Co. Ltd. 611.16 1.45

Gammon India Ltd. 110.85 0.26

Ferrous Metals 533.30 1.26

Tata Steel Ltd 533.30 1.26

Retailing 398.87 0.94

Pantaloon Retail (India) Ltd. 398.87 0.94

Cash & Current Assets 4189.68 9.91

Net Assets 42289.10 100.00

Issuer Market Value % to NetRs. in. Lacs Assets

As on June 30, 2006

Investment Objective:

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

Date of inception / takeover:

February 24, 1995

NAV: Rs.

DividendGrowth

Load Structure:

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

Benchmark:

BSE Sensex

Corpus:

Rs. 422.89 Crores

68.46 95.44


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

Monthly Investment 1,000

Number of Investment periods (Since Inception) 135

Total Investment 135,000

Value of Investment (As of May 31, 2006)

Return on Investment (CAGR)

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

%

* Dividend Reinvestment NAVs has been considered for the analysis.

Date of First Installment: March 01, 1995

902,164.50

28.57%

16.08

Systematic Investment Plan (SIP)

Birla Advantage FundInvestment Style: Growth

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

Portfolio

J u l y 2 0 0 6

NAV Performance Asset Allocation

2.21%

3.91%

5.07%

5.22%

5.39%

6.15%

6.77%

7.97%

8.47%

9.91%

11.34%

11.44%

16.16%

Finance

Other Equity & Preference

Hotels

Cement

Pesticides

Telecom-Services

Pharmaceuticals

Industrial Capital Goods

Auto

Cash & Current Assets

Banks

Consumer Non Durables

Software

40.79

48.41 47.58

33.48

24.01

47.29 47.6143.31

25.11

10.39

0

10

20

30

40

50

60

1 Year 2 Years 3 Years 5 Years Since InceptionBAF Gr BSE Sensex

Birla Dividend Yield Plus

5


Hindustan Lever Ltd. 2113.53 3.83

Colgate Palmolive (I) Ltd. 1933.78 3.50

Godrej Consumer Products Ltd. 1225.58 2.22

Nestle India Ltd. 959.90 1.74

Procter & Gamble Hygiene & Health Care Ltd 470.48 0.85

Banks 5092.87 9.23

Andhra Bank 1710.87 3.10

Union Bank of India 1109.61 2.01

Vijaya Bank 923.74 1.67

Allahabad Bank Ltd. 749.43 1.36

Syndicate Bank 550.12 1.00

Indian Overseas Bank 49.11 0.09

Industrial Products 4362.61 7.91

Cummins India Ltd. 2348.32 4.26

ESAB India Ltd. 860.64 1.56

BOC India Ltd. 618.06 1.12

Cosmo Films Ltd. 504.85 0.92

Polyplex Corporation Ltd. 30.74 0.06



Wyeth Ltd. 2065.94 3.74

Auto 3823.66 6.93


Ashok Leyland Ltd. 1050.45 1.90

Software 3649.84 6.62

HCL Technologies Ltd. 2242.76 4.06

NIIT Technologies Ltd. 1276.52 2.31

Datamatics Technologies Ltd. 130.57 0.24


Steel Authority of India Ltd. 1380.40 2.50


Sesa Goa Ltd. 814.21 1.48

Tata Metaliks Ltd. 311.30 0.56

Fertilisers 3337.35 6.05

Tata Chemicals Ltd. 2422.62 4.39

Rashtriya Chemicals & Fertilizers Ltd. 914.72 1.66

Transportation 3250.72 5.89

Great Eastern Shipping Co. Ltd. 2675.50 4.85

Varun Shipping Co. Ltd. 575.22 1.04

Oil 2762.70 5.01

Oil & Natural Gas Corporation Ltd. 2762.70 5.01

Petroleum Products 2074.20 3.76

Indian Oil Corporation Ltd. 1302.22 2.36

Kochi Refineries Ltd. 306.05 0.55

Castrol (India) Ltd. 248.15 0.45

Chennai Petroleum Corporation Ltd. 217.78 0.39


Alfa Laval (India) Ltd. 1799.78 3.26

Hardware 1324.56 2.40

HCL Infosystems Ltd. 840.02 1.52

Tata Elxsi Ltd. 484.54 0.88

Gas 1164.44 2.11

GAIL (India) Ltd. 1164.44 2.11

Chemicals 1103.45 2.00

Clariant Chemicals Ltd. 1103.45 2.00

Paper 884.72 1.60

Tamil Nadu Newsprint & Papers Ltd. 884.72 1.60


Mahanagar Telephone Nigam Ltd. 850.30 1.54

Power 538.56 0.98

NTPC Ltd. 333.15 0.60

Neyveli Lignite Corporation Ltd. 205.41 0.37

Auto Ancillaries 11.81 0.02

Wheels India Ltd. 11.81 0.02


Net Assets 55174.32 100.00


As on June 30, 2006


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.


February 10, 2003

NAV: Rs.

Dividend

Growth

Load Structure:


Benchmark:

CNX 500

Corpus:

Rs. 551.74 Crores

9.98

35.45


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





Return on Investment (CAGR) %

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

%


80,537.40

36.7

40.07


Investment Style: Value


Portfolio

J u l y 2 0 0 6

0


2.11%2.40%

3.26%3.76%

5.01%5.89%6.05%6.14%

6.52%6.62%

6.93%7.66%7.91%

8.36%9.23%

12.15%

GasHardware

Industrial Capital GoodsPetroleum Products

OilTransportation

FertilisersOther Equity & Preference

Ferrous MetalsSoftware

AutoPharmaceuticals

Industrial ProductsCash & Current Assets

BanksConsumer Non Durables

19.6

33.07

42.0746.03

34.11

42.07 42.0544.26

0

5

10

15

20

25

30

35

40

45

50

1 Year 2 Years 3 Years Since Inception

BDYP Gr CNX500

Birla Midcap Fund


Container Corporation of India Ltd. 717.50 5.54



Bharat Electronics Ltd. 535.50 4.13

Thermax Ltd. 330.09 2.55

Crompton Greaves Ltd. 324.42 2.50

Cement 1157.19 8.93

Madras Cements Ltd. 490.80 3.79

Birla Corporation Ltd. 340.61 2.63

Ultratech Cement Ltd. 325.78 2.51


Kirloskar Oil Engines Ltd. 572.33 4.42

Kirloskar Brothers Ltd 505.83 3.90



Glaxo Smithkline Consumer Healthcare Ltd 331.03 2.56

Marico Industries Ltd. 223.03 1.72

Hotels 873.02 6.74

Asian Hotels Ltd. 458.22 3.54

Taj GVK Hotels & Resorts Ltd. 414.80 3.20

Banks 858.29 6.63

Karnataka Bank Ltd 497.06 3.84


Industrial Development Bank of India Ltd 155.93 1.20

Software 856.59 6.61

Nucleus Software Exports Ltd. 313.69 2.42


Mastek Ltd. 262.50 2.03


Pfizer Ltd. 348.91 2.69


Wyeth Ltd. 156.30 1.21


Automobile Corporation of Goa Ltd. 482.61 3.73

Rico Auto Industries Ltd. 33.87 0.26


Jindal Steel & Power Ltd. 421.92 3.26



Textiles 271.61 2.10

Century Textile & Industries Ltd. 271.61 2.10



Consumer Durables 250.00 1.93

Voltas Ltd. 250.00 1.93

Auto 204.19 1.58

Mahindra & Mahindra Ltd. 155.29 1.20

TVS Motor Company Ltd. 48.90 0.38

Non - Ferrous Metals 202.90 1.57

Sterlite Industries (India) Ltd. 202.90 1.57


Simplex Concrete Piles (India) Ltd. 117.96 0.91

Hindustan Construction Co. Ltd. 58.90 0.45

Hardware 172.65 1.33


Corporate Debt 54.92 0.42

Trent Ltd. 54.92 0.42


Net Assets 12954.05 100.00


As on June 30, 2006


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.


October 16, 2002

NAV: Rs.

Dividend

Growth

Load Structure:

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

Benchmark:

CNX Midcap

Corpus:

Rs. 129.54 Crores

19.75

47.68

6


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






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

%

Date of First Installment: November 01, 2002

130,575.40

58.39

49.05


Investment Style: Growth


Portfolio

# for methodology please refer page 37

(Past performance is no guarantee of future results.)

#««««Value Research Rating

- Birla Midcap Fund

^^ for methodology please refer page 37


CRISIL~CPR 2 Open Ended Equity Category^^

J u l y 2 0 0 6


0.42%

2.06%

2.10%

3.02%

3.26%

3.99%

5.90%

6.61%

6.63%

6.74%

6.91%

7.60%

7.77%

8.32%

8.93%

9.19%

10.56%

Corporate Debt

Fertilisers

Textiles

Pesticides

Ferrous Metals

Auto Ancillaries

Pharmaceuticals

Software

Banks

Hotels



Other EquityIndustrial Products

Cement


Transportation

41.07

50.7954.87

51.79

27.11

42.1744.85

48.43

0

10

20

30

40

50

60


BMCF Gr CNX Midcap

Birla MNC Fund


I T C Ltd. 1275.75 6.51



Colgate Palmolive (I) Ltd. 583.43 2.98

Nestle India Ltd. 498.08 2.54

Goodlass Nerolac Paints Ltd. 381.44 1.95

Procter & Gamble Hygiene & Health Care Ltd 267.15 1.36




ESAB India Ltd. 298.35 1.52

Fag Bearings India Ltd. 270.86 1.38

Vesuvius India Ltd. 232.95 1.19

KSB Pumps Ltd. 143.06 0.73


Pfizer Ltd. 697.82 3.56

Fulford (India) Ltd. 609.18 3.11


Novartis India Ltd. 351.64 1.79

Wyeth Ltd. 260.50 1.33


ABB Ltd. 873.60 4.46


Alstom Projects India Ltd. 396.70 2.02

Auto 1591.54 8.12

Maruti Udyog Ltd. 1116.64 5.69




Gas 726.96 3.71

Gujarat Gas Co. Ltd. 726.96 3.71


Sundaram-Clayton Ltd. 686.84 3.50

Cement 640.70 3.27


Gujarat Ambuja Cements Ltd. 248.75 1.27


Sesa Goa Ltd. 536.91 2.74


Mphasis BFL Ltd. 355.81 1.81

Scandent Solutions Corporation Ltd. 156.45 0.80


Micro Inks Ltd 201.15 1.03

Ciba Specialty Chemicals (India) Ltd. 131.08 0.67


Syngenta (India) Ltd. 270.31 1.38


Net Assets 19609.27 100.00


As on June 30, 2006


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.


December 27, 1999

NAV: Rs.

Dividend Growth

Load Structure:

Entry Load:

< Rs. 5 crores - 2.25 %³ Rs. 5 crores - NilExit Load: NIL

Benchmark:

CNX MNC

Corpus:

Rs. 196.09 Crores

49.97 99.67

7


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


Number of Investment periods (Since takeover) 77




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

%

Date of First Installment: January 01, 2000

250,708.10

31.59

21.48




Portfolio

J u l y 2 0 0 6


2.61%

2.74%

3.07%

3.27%

3.50%

3.71%

4.72%

6.56%

8.12%

10.43%

12.70%

13.08%

25.50%

Software

Ferrous Metals

Other Equity

Cement

Auto Ancillaries

Gas

Telecom-Services


Auto


Pharmaceuticals

Industrial Products


34.89

41.7845.32

32.18

16.87

10.63

45.41

31.43

17.72

7.88

0

5

10

15

20

25

30

35

40

45

50

1 Year 2 Years 3 Years 5 Years Since Inception

BMNCF Gr CNX MNC

Birla India Opportunities Fund

Software 3485.44 40.11


Mastek Ltd. 550.78 6.34





Wipro Ltd. 333.94 3.84

Allsec Technologies Ltd. 145.32 1.67



Thermax Ltd. 534.07 6.15


ABB Ltd. 259.18 2.98



Cipla Ltd. 178.04 2.05

Torrent Pharmaceuticals Ltd. 137.66 1.58

Wockhardt Ltd. 4.39 0.05


Sundaram Fasteners Ltd. 346.69 3.99

Sundaram-Clayton Ltd. 127.19 1.46

Omax Autos Ltd. 51.11 0.59




Bharat Forge Ltd. 198.45 2.28



Macmillan India Ltd. 132.63 1.53

SPL Industries Ltd. 125.38 1.44

Textile Products 211.33 2.43

Raymond Ltd. 211.33 2.43

Hardware 128.94 1.48



Net Assets 8689.71 100.00


As on June 30, 2006


An Open-ended growth scheme with the objective to achieve superior long-term growth of capital by investing in shares of companies that do one or more of the following: Leverage India's intellectual capital for providing services, research and creative inputs; Seek to use current and impending changes in patent laws / import tariffs / quotas to supply goods and services; Leverage India's lower labour costs for providing services and manufactured goods; Leverage India's large population of English speaking people for providing services.


December 27, 1999

NAV: Rs.

Dividend Growth

Load Structure:

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

Benchmark:

CNX 500

Corpus:

Rs. 86.89 Crores

16.88 39.31

8


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






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

%

Date of First Installment: January 01, 2000

233,899.00

30.84

28.57


Investment Style: Value + Growth


Portfolio

J u l y 2 0 0 6


1.48%

2.43%

2.97%

4.47%

4.81%

6.04%

6.62%

9.69%

21.38%

40.11%

Other Equity

Textile Products


Industrial Products

Pesticides

Auto Ancillaries

Pharmaceuticals



Software

35.5

40.342.96

36.7

8.08

34.11

42.07 42.05

28.66

13.06

0

5

10

15

20

25

30

35

40

45

50

1 Year 2 Years 3 Years 5 Years Since InceptionBirla India Opportunities Fund Gr CNX500

Birla India GenNext Fund


I T C Ltd. 1640.25 6.33



Asian Paints (India) Ltd. 859.75 3.32


Heritage Foods (India) Ltd. 724.91 2.80

Kajaria Ceramics Ltd. 701.97 2.71

E.I.D. Parry (India) Ltd. 603.52 2.33

Eveready Industries India Ltd. 276.45 1.07

Auto 3446.55 13.30


Bajaj Auto Ltd. 1231.58 4.75


Hotels 2318.10 8.95



Banks 2270.34 8.76


Kotak Mahindra Bank Ltd. 632.02 2.44

UTI Bank Ltd. 578.74 2.23

Industrial Development Bank of India Ltd 231.00 0.89



Reliance Comm. Ventures Ltd . 995.80 3.84


Pfizer Ltd. 814.12 3.14


Wyeth Ltd. 651.25 2.51

Power 1486.70 5.74

Tata Power Co. Ltd. 960.20 3.71

Reliance Energy Ltd 272.25 1.05

Reliance Energy Ventures Ltd. 254.25 0.98

Finance 904.00 3.49


Media & Entertainment 792.58 3.06

Television 18 (India) Ltd. 540.66 2.09

Inox Leisure Ltd. 251.92 0.97


Trent Ltd. 765.47 2.95


Raymond Ltd. 588.34 2.27


Net Assets 25909.23 100.00


As on June 30, 2006


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.


August 05, 2005

NAV: Rs.

DividendGrowth

Load Structure:


Benchmark:

S&P CNX NIFTY

Corpus:

Rs. 259.09 Crores

11.43 11.44

9




Portfolio

J u l y 2 0 0 6


Birla Gen Next Fund - Growth S&P Nifty 2.27%

2.95%

3.06%

3.43%

3.49%

5.74%

8.46%

8.48%

8.76%

8.95%

13.30%

31.11%

Textile Products

Retailing

Media & Entertainment


Finance

Power

Pharmaceuticals

Telecom-Services

Banks

Hotels

Auto


Since Inception

15.98

36.62

0

5

10

15

20

25

30

35

40

Birla Index Fund

Software 134.56 16.73Infosys Technologies Ltd. 40.49 5.04Tata Consultancy Services Ltd. 40.43 5.03Wipro Ltd. 34.90 4.34Satyam Computer Services Ltd. 11.00 1.37HCL Technologies Ltd. 7.75 0.96

Petroleum Products 78.75 9.79Reliance Industries Ltd. 70.18 8.73Bharat Petroleum Corporation Ltd. 4.77 0.59Hindustan Petroleum Corporation Ltd. 3.80 0.47

Oil 75.08 9.34Oil and Natural Gas Corporation Ltd. 75.08 9.34

Industrial Capital Goods 63.86 7.94Bharat Heavy Electricals Ltd. 22.67 2.82Larsen & Toubro Ltd. 14.82 1.84Suzlon Energy Ltd. 14.23 1.77Siemens Ltd. 7.11 0.88ABB Ltd. 5.03 0.63

Consumer Non Durables 62.47 7.77I T C Ltd. 32.55 4.05Hindustan Lever Ltd. 24.00 2.99Dabur India Ltd. 3.88 0.48Tata Tea Ltd. 2.04 0.25

Banks 57.65 7.17ICICI Bank Ltd. 20.67 2.57State Bank of India 18.20 2.26HDFC Bank Ltd. 11.87 1.48Punjab National Bank 4.88 0.61Oriental Bank Of Commerce 2.04 0.25

Auto 53.36 6.64Tata Motors Ltd. 14.47 1.80Bajaj Auto Ltd. 13.22 1.64Maruti Udyog Ltd. 10.94 1.36Hero Honda Motors Ltd. 7.53 0.94Mahindra & Mahindra Ltd. 7.21 0.90

Telecom-Services 43.38 5.39Bharti Tele-Ventures Ltd. 33.32 4.14Videsh Sanchar Nigam Ltd. 5.42 0.67Mahanagar Telephone Nigam Ltd. 4.64 0.58

Pharmaceuticals 30.05 3.74Cipla Ltd. 7.98 0.99Sun Pharmaceutical Industries Ltd. 6.96 0.87Ranbaxy Laboratories Ltd. 6.31 0.78Dr. Reddys Laboratories Ltd. 4.62 0.57GlaxoSmithKline Pharmaceuticals Ltd. 4.18 0.52

Ferrous Metals 29.98 3.73Steel Authority of India Ltd. 15.95 1.98Tata Steel Ltd. 14.03 1.75

Cement 21.79 2.71Grasim Industries Ltd. 8.44 1.05The Associated Cement Companies Ltd. 6.96 0.87Gujarat Ambuja Cements Ltd. 6.39 0.79

Non-Ferrous Metals 16.61 2.07Hindalco Industries Ltd. 9.67 1.20National Aluminium Company Ltd. 6.94 0.86

Finance 13.52 1.68Housing Development Finance Corp. Ltd. 13.52 1.68

Gas 10.33 1.28GAIL India Ltd. 10.33 1.28

Power 8.88 1.10Tata Power Co. Ltd. 4.54 0.56Reliance Energy Ltd. 4.35 0.54

Media & Entertainment 4.74 0.59Zee Telefilms Ltd. 4.74 0.59

Chemicals 3.11 0.39Indian Petrochemicals Corporation Ltd. 3.11 0.39

Transportation 2.42 0.30Jet Airways (India) Ltd. 2.42 0.30


Net Assets 804.13 100.00

Total outstanding exposure in derivatives as on 30 June, 2006 is Rs. 0.03 Crores (Notional value).


As on June 30, 2006


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


September 17, 2002

NAV: Rs.

Dividend Growth

Load Structure:

Entry Load: NilExit Load: 1% if redeemed / switched out within 3 months from date of allotment.

Benchmark:

S & P CNX Nifty

Corpus:

Rs. 8.04 Crores

17.7781 32.1425

10


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






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

Date of First Installment: October 1, 2002

96,938.50

36.38

36.7




Portfolio

J u l y 2 0 0 6


2.07%

2.71%

3.73%

3.74%

5.35%

5.39%

6.64%

7.17%

7.77%

7.94%

9.34%

9.79%

11.64%

16.73%

Non-Ferrous Metals

Cement

Ferrous Metals

Pharmaceuticals

Other Equity

Telecom-Services

Auto

Banks



Oil

Petroleum Products


Software

39.9543.64

39.9536.15

41.56 42.7240.38

35.77

0

5

10

15

20

25

30

35

40

45

50


BIF S&P Nifty

Birla Infrastructure Fund

Industrial Capital Goods 15236.97 27.72Siemens Ltd. 2993.25 5.45Bharat Heavy Electricals Ltd. 2420.29 4.40Crompton Greaves Ltd. 2210.81 4.02Larsen & Toubro Ltd. 2132.52 3.88Thermax Ltd. 1906.82 3.47Bharat Electronics Ltd. 1499.40 2.73Bharat Earth Movers Ltd. 529.97 0.96Engineers India Ltd. 523.36 0.95Bharati Shipyard Ltd. 411.12 0.75Jyoti Structures Ltd 295.81 0.54Emco Ltd. 215.15 0.39Alstom Projects India Ltd. 63.80 0.12ABB Ltd. 34.67 0.06

Banks 4457.59 8.11State Bank of India 1823.59 3.32Punjab National Bank 875.08 1.59Bank Of India 611.40 1.11Oriental Bank of Commerce 611.38 1.11ICICI Bank Ltd. 536.14 0.98

Industrial Products 4212.56 7.67Cummins India Ltd. 2149.14 3.91Kirloskar Oil Engines Ltd. 1047.11 1.91Greaves Cotton Ltd. 680.83 1.24Torrent Cables Ltd. 335.48 0.61

Auto 4063.06 7.39Tata Motors Ltd. 2361.11 4.30Mahindra & Mahindra Ltd. 1701.95 3.10

Cement 3829.85 6.97Grasim Industries Ltd. 1881.63 3.42Birla Corporation Ltd. 1040.68 1.89Gujarat Ambuja Cements Ltd. 597.00 1.09Shree Cements Ltd. 310.54 0.57

Construction 3050.26 5.55Mahindra Gesco Corporation Ltd. 1078.99 1.96Jaiprakash Associates Ltd. 1044.50 1.90Nagarjuna Construction Co. Ltd. 578.45 1.05Gammon India Ltd. 267.83 0.49Hindustan Construction Co. Ltd. 80.50 0.15

Telecom-Services 2663.38 4.85Bharti Tele-Ventures Ltd. 1820.40 3.31

Mahanagar Telephone Nigam Ltd. 783.82 1.43Videsh Sanchar Nigam Ltd 59.16 0.11

Transportation 2113.22 3.85Great Eastern Shipping Co. Ltd. 1429.50 2.60Container Corporation of India Ltd. 683.72 1.24

Non - Ferrous Metals 2030.06 3.69Hindalco Industries Ltd. 1212.53 2.21Sterlite Industries (India) Ltd. 547.83 1.00Hindalco Industries Ltd.- Rights Shares 269.70 0.49

Hotels 1890.13 3.44Indian Hotels Co. Ltd. 1223.38 2.23Taj GVK Hotels & Resorts Ltd. 666.75 1.21

Ferrous Metals 1873.56 3.41Tata Steel Ltd 962.03 1.75Jindal Steel & Power Ltd. 911.53 1.66

Power 1138.38 2.07Reliance Energy Ltd 584.88 1.06NTPC Ltd. 333.15 0.61Reliance Energy Ventures Ltd. 220.35 0.40

Oil 1030.49 1.88Oil & Natural Gas Corporation Ltd. 1030.49 1.88

Gas 920.33 1.67Gujarat Gas Co. Ltd. 920.33 1.67

Finance 1075.58 1.96Housing Development Finance Corp. Ltd. 678.00 1.23Jindal South West Holdings Ltd 397.58 0.72

Consumer Durables 314.54 0.57Voltas Ltd. 314.54 0.57

Textiles 89.50 0.16Century Textile & Industries Ltd. 89.50 0.16


Net Assets 54957.71 100.00


As on June 30, 2006


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


March 17, 2006

NAV: Rs.

Dividend Growth

Load Structure:

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

Benchmark:

S&P CNX NIFTY

Corpus:

Rs. 549.57 Crores

8.94 8.94

11




Portfolio

J u l y 2 0 0 6


Birla Infrastructure Fund - Growth S&P Nifty

2.07%

3.41%

3.44%

3.69%

3.85%

4.85%

5.55%

6.63%

6.97%

7.39%

7.67%

8.11%

9.04%

27.33%

Power

Ferrous Metals

Hotels

Non - Ferrous Metals

Transportation

Telecom-Services

Construction

Other Equity

Cement

Auto

Industrial Products

Banks



Since Inception

-32.26

-10.92

-35

-30

-25

-20

-15

-10

-5

0

Birla Equity Plan


Container Corporation of India Ltd. 430.50 5.94


Banks 677.58 9.35

Karnataka Bank Ltd 183.30 2.53


Allahabad Bank Ltd. 127.80 1.76


Bank Of India 76.43 1.05


I T C Ltd. 236.93 3.27







Cement 478.02 6.60



Hotels 463.98 6.40


Royal Orchid Hotels Ltd. 178.23 2.46


Aditya Birla Nuvo Ltd. 247.82 3.42

Gokaldas Exports Ltd. 164.41 2.27

Auto 380.53 5.25




Hindalco Industries Ltd. 225.69 3.11


Gas 352.68 4.87


Indraprastha Gas Ltd. 160.01 2.21





Automobile Corporation of Goa Ltd. 292.37 4.03


Pfizer Ltd. 155.07 2.14

Wyeth Ltd. 130.25 1.80


Mastek Ltd. 210.91 2.91




Hindustan Construction Co. Ltd. 164.51 2.27




Net Assets 7247.16 100.00


As on June 30, 2006


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.


February 16, 1999

NAV:

Dividend Rs.

Load Structure:


Benchmark:

BSE Sensex

Corpus:

Rs. 72.47 Crores

43.66

12


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






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

%

**Dividend reinvestment NAVs have been considered for the analyses.

Date of First Installment: March 01,1999

429,885.70

39.1

23.3






- Birla Equity Plan


Portfolio

An Open-ended Equity Linked Savings Scheme (ELSS) with a lock-in of 3 yearsJ u l y 2 0 0 6


2.06%2.27%

2.73%2.91%

3.94%4.03%

4.81%4.87%

5.21%5.25%

5.69%6.40%6.60%6.64%

7.60%8.89%

9.35%10.75%

Telecom-ServicesConstruction

PesticidesSoftware

PharmaceuticalsAuto Ancillaries

Industrial ProductsGas

Non - Ferrous MetalsAuto

Textile ProductsHotels

CementIndustrial Capital Goods

Cash & Current AssetsConsumer Non Durables

BanksTransportation

41.53

51.255.34

45.07

31.56

47.29 47.6143.31

25.11

16.95

0

10

20

30

40

50

60

1 Year 2 Years 3 Years 5 Years Since InceptionBirla Equity Plan BSE Sensex

Birla Top 100 Fund

Software 6433.45 13.82




Banks 5193.29 11.15


HDFC Bank Ltd. 1424.07 3.06




I T C Ltd. 1822.50 3.91




Auto 4278.83 9.19





Pfizer Ltd. 1031.22 2.21


Ranbaxy Laboratories Ltd. 801.90 1.72






Hotels 2549.87 5.48



Cement 2530.17 5.43






Reliance Industries Ltd. 1852.81 3.98




Finance 923.21 1.98




Oil 692.08 1.49



Net Assets 46564.60 100.00


As on June 30, 2006


An open-ended growth scheme with the objective to provide medium to long-term capital appreciation, by investing predominantly in a diversified portfolio of equity and equity related securities of top 100 companies as measured by market capitalization.


October 24, 2005

NAV: Rs.

DividendGrowth

Load Structure:


Benchmark:

S & P CNX Nifty

Corpus:

Rs. 465.64 Crores

12.4282 12.4279

13




Portfolio

J u l y 2 0 0 6


Birla Top 100 Fund - Growth S&P Nifty3.77%

3.98%

5.29%

5.36%

5.43%

5.48%

7.60%

7.81%

9.19%

10.23%

10.88%

11.15%

13.82%

Pesticides

Petroleum Products

Other Equity

Telecom-Services

Cement

Hotels


Pharmaceuticals

Auto



Banks

Software

Since Inception

37.53 47.93

0

10

20

30

40

50

60

Birla Sun Life Buy India Fund


I T C Ltd. 1093.50 8.17


Dabur India Ltd. 546.24 4.08


Godrej Consumer Products Ltd. 383.55 2.87

Berger Paints India Ltd. 371.05 2.77

United Breweries Ltd. 310.52 2.32

Heritage Foods (India) Ltd. 297.70 2.22


Fulford (India) Ltd. 683.69 5.11

Sun Pharmaceutical Industries Ltd. 474.45 3.55

Pfizer Ltd. 334.04 2.50

Wyeth Ltd. 260.50 1.95

Cadila Healthcare Ltd. 257.51 1.92

Auto 1754.41 13.11





Hotels 1707.75 12.76


Asian Hotels Ltd. 583.66 4.36



Trent Ltd. 410.82 3.07


Shoppers Stop Ltd. 181.04 1.35

Trent Ltd. - Warrants. 59.91 0.45





Aditya Birla Nuvo Ltd. 438.71 3.28

Trading 147.80 1.10

3M India Ltd. 147.80 1.10


UTV Software Communications Ltd. 67.04 0.50

Magnasound India Ltd 0.00 0.00


Net Assets 13383.40 100.00


As on June 30, 2006


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


January 15, 2000

NAV: Rs.

Dividend Growth

Load Structure:


Benchmark:

BSE 200

Corpus:

Rs. 133.83 Crores

15.4421.99

14


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






* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in BSE 200 would have given a return of

%


280,726.10

38.27

29.17




Portfolio

J u l y 2 0 0 6


1.61%

3.28%

6.28%

6.51%

10.25%

12.76%

13.11%

15.02%

31.19%

Other Equity

Textile Products

Telecom-Services

Retailing


Hotels

Auto

Pharmaceuticals


32.87

60.75 58.75

35.37

12.97

37.3241.37 41.16

28.86

11.9

0

10

20

30

40

50

60

70


Birla SunLife Buy India Fund - Growth BSE200

Birla Sun Life New Millennium Fund

Software 6063.44 71.31


HCL Technologies Ltd. 757.67 8.91



Wipro Ltd. 469.40 5.52

Hinduja TMT Ltd. 467.11 5.49

Geodesic Information Systems Ltd. 428.27 5.04


3i Infotech Ltd. 336.64 3.96


Geometric Software Solution Ltd. 225.24 2.65

I-Flex Solutions Ltd. 186.73 2.20

Mphasis BFL Ltd. 142.06 1.67

Allsec Technologies Ltd. 99.47 1.17





Deccan Chronicle Holdings Ltd. 270.64 3.18

NDTV India Ltd. 105.98 1.25

UTV Software Communications Ltd. 100.56 1.18

Zee Telefilms. 60.34 0.71

Magnasound India Ltd 0.00 0.00


Net Assets 8503.36 100.00


As on June 30, 2006


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. The secondary objective is income generation and distribution of dividend.


January 15, 2000

NAV: Rs.

Dividend Growth

Load Structure:


Benchmark:

BSE Teck

Corpus:

Rs. 85.03 Crores

11.73 13.75

15

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






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

%


203,337.10

28.54

22.64




Portfolio

J u l y 2 0 0 6


6.32%

9.52%

12.86%

71.31%

Media & Entertainment


Telecom-Services

Software

33.62

46.6951.88

27.35

5.05

32.41

42.51

50.66

21.91

0

10

20

30

40

50

60


Birla SunLife New Millennium - Growth BSE Teck

Birla Sun Life Basic Industries Fund







ABB Ltd. 113.57 0.97

ABG Shipyard Ltd. 100.05 0.85

Engineers India Ltd. 63.98 0.54




Greaves Cotton Ltd. 94.84 0.81

Torrent Cables Ltd. 40.13 0.34

Auto 1063.56 9.06




Cement 946.06 8.06





MAHINDRA GESCO 332.15 2.83

Jaiprakash Associates Ltd. 315.32 2.68

Gammon India Ltd. 214.22 1.82

Nagarjuna Construction Co. Ltd. 21.64 0.18

Banks 675.02 5.75




Andhra Bank 36.06 0.31



Jindal Steel & Power Ltd. 262.18 2.23



Balrampur Chini Mills Ltd. 155.61 1.32





Oil 382.28 3.25




Finance 296.06 2.52



Indian Oil Corporation Ltd. 240.00 2.04


Indian Petrochemicals Corporation Ltd. 105.52 0.90

Aarti Industries Ltd. 92.91 0.79



Textiles 179.00 1.52

Century Textile & Industries Ltd. 179.00 1.52


Net Assets 11744.73 100.00


As on June 30, 2006


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


January 15, 2000

NAV: Rs.

Dividend Growth

Load Structure:


Benchmark:

BSE 200

Corpus:

Rs. 117.44 Crores

30.28 54.25

16


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




Value of Investment (As of May 31



%

March 01, 2000

, 2006)

Date of First Installment:

370,686.80

45.78

29.17





#«««««Value Research Rating

- Birla Sun Life Basic Industries Fund


Portfolio

J u l y 2 0 0 6


2.04%2.52%

2.99%

3.25%4.31%

4.46%4.89%

5.47%

5.75%7.52%

7.80%8.06%

9.06%

9.47%22.42%

Petroleum ProductsFinance

Pesticides

OilNon - Ferrous Metals


Other EquityFerrous Metals

BanksConstruction

Cash & Current AssetsCement

Auto

Industrial Products


46.07 47.3450.33

45.9

29.92

37.3241.37 41.16

28.86

11.9

0

10

20

30

40

50

60


Birla SunLife Basic Industries - Growth BSE200

Birla Sun Life Frontline Equity Fund

Software 1057.38 13.61


Wipro Ltd. 314.87 4.05










I T C Ltd. 273.56 3.52

Berger Paints India Ltd. 130.75 1.68

Auto 682.77 8.79





Banks 553.27 7.12

State Bank of India. 238.27 3.07

Punjab National Bank. 117.89 1.52

Industrial Development Bank of India Ltd. 115.50 1.49

Syndicate Bank. 81.61 1.05

Cement 466.83 6.01

Ultratech Cement Ltd. 247.48 3.19





Pfizer Ltd. 151.87 1.96

Glenmark Pharmaceuticals Ltd. 135.75 1.75

Cipla Ltd. 133.12 1.71

Hotels 315.15 4.06


Royal Orchid Hotels Ltd. 65.90 0.85




Tata Steel Ltd. 265.58 3.42



Finance 161.94 2.09


United Breweries Holdings Ltd. 22.25 0.29

Oil 136.55 1.76



MAHINDRA GESCO. 120.78 1.56



Power 65.89 0.85

Reliance Energy Ltd. 65.89 0.85




Net Assets 7766.53 100.00


As on June 30, 2006


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


August 30, 2002

NAV: Rs.

Dividend Growth

Load Structure:


Benchmark:

BSE 200

Corpus:

Rs. 77.66 Crores

21.23 37.59

17


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




Value of Investment (As of May 31



%


, 2006) 106,591.60

44.17

39.87




Portfolio

J u l y 2 0 0 6


2.09%

2.21%

3.42%

3.54%

4.06%

5.42%

5.45%

5.78%

6.01%

7.12%

8.79%

9.08%

9.81%

13.59%

13.61%

Finance

Pesticides

Ferrous Metals

Telecom-Services

Hotels

Pharmaceuticals

Petroleum Products

Other Equity

Cement

Banks

Auto




Software

47.47 47.9645.31

41.2337.32

41.37 41.1637.21

0

10

20

30

40

50

60


Birla SunLife Frontline Equity Fund - Growth BSE200




- Birla Sun Life Frontline Equity Fund

Birla Sun Life Equity Fund

Industrial Capital Goods 5072.61 13.94Siemens Ltd. 1720.39 4.73Bharat Heavy Electricals Ltd. 1437.42 3.95Crompton Greaves Ltd. 1354.02 3.72Larsen & Toubro Ltd. 560.78 1.54

Software 3746.82 10.29Infosys Technologies Ltd. 1672.62 4.60Wipro Ltd. 1207.31 3.32Tata Consultancy Services Ltd. 381.84 1.05Allsec Technologies Ltd. 300.77 0.83Megasoft Ltd. 184.28 0.51

Auto 3657.62 10.05Tata Motors Ltd. 1424.45 3.91Maruti Udyog Ltd. 1068.02 2.93Bajaj Auto Ltd. 668.23 1.84Mahindra & Mahindra Ltd. 496.92 1.37

Consumer Non Durables 2734.98 7.51I T C Ltd. 975.04 2.68United Breweries Ltd. 685.23 1.88Bajaj Hindustan Ltd. 485.94 1.34Mcdowell & Company Ltd. 339.69 0.93Balrampur Chini Mills Ltd. 249.08 0.68

Cement 2054.11 5.64Grasim Industries Ltd. 1231.36 3.38The Associated Cement Companies Ltd. 365.20 1.00Birla Corporation Ltd. 234.46 0.64Madras Cements Ltd. 223.09 0.61

Non - Ferrous Metals 2045.13 5.62Hindalco Industries Ltd. 1224.65 3.36Sterlite Industries (India) Ltd. 427.10 1.17Hindalco Industries Ltd.- Rights Shares 393.38 1.08

Banks 1998.65 5.49Punjab National Bank 612.15 1.68Industrial Development Bank of India Ltd 519.75 1.43ICICI Bank Ltd. 405.82 1.12Kotak Mahindra Bank Ltd. 242.70 0.67State Bank of India 218.22 0.60

Pharmaceuticals 1926.18 5.29Glenmark Pharmaceuticals Ltd. 771.74 2.12Cadila Healthcare Ltd. 654.69 1.80

Glaxosmithkline Pharmaceuticals Ltd. 492.28 1.35Maestro Mediline Systems Ltd. 7.48 0.02

Retailing 1834.73 5.04Pantaloon Retail (India) Ltd. 943.11 2.59Shoppers Stop Ltd. 676.46 1.86Trent Ltd. 215.17 0.59

Construction 1775.02 4.88Nagarjuna Construction Co. Ltd. 756.33 2.08MAHINDRA GESCO 422.73 1.16Jaiprakash Associates Ltd. 335.03 0.92D.S. Kulkarni Developers Ltd. 260.93 0.72

Industrial Products 1505.86 4.14Cummins India Ltd. 1505.86 4.14

Hotels 1209.39 3.32Indian Hotels Co. Ltd. 1209.39 3.32

Finance 1093.65 3.00United Breweries Holdings Ltd. 1093.65 3.00

Textiles 921.21 2.53Century Textile & Industries Ltd. 921.21 2.53

Pesticides 901.93 2.48United Phosphorous Ltd. 901.93 2.48

Ferrous Metals 473.12 1.30Tata Steel Ltd 473.12 1.30

Petroleum Products 423.50 1.16Reliance Industries Ltd. 423.50 1.16

Telecom-Services 368.53 1.01Bharti Tele-Ventures Ltd. 368.53 1.01

Media & Entertainment 133.97 0.37Inox Leisure Ltd. 133.97 0.37Magnasound India Ltd 0.00 0.00


Net Assets 36395.12 100.00


As on June 30, 2006


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.


August 27, 1998

NAV: Rs.

Dividend Growth

Load Structure:


Benchmark:

BSE 200

Corpus:

Rs. 363.96 Crores

55.60 130.72

18



««««Value Research Rating#- BSL Equity Fund


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


Number of Investment periods(Since Inception) 92


Value of Investment(As of May 31, 2006)



%


495,077.90

38.54

24.68





CRISIL~CPR 2 Open Ended Equity Category^^


Portfolio

J u l y 2 0 0 6


2.48%2.53%

3.00%3.32%

3.84%4.14%

4.88%5.04%

5.29%5.49%5.62%5.64%

6.92%7.51%

10.05%10.29%

13.94%

PesticidesTextilesFinance

HotelsOther Equity

Industrial ProductsConstruction

RetailingPharmaceuticals

BanksNon - Ferrous Metals

CementCash & Current Assets

Consumer Non DurablesAuto

SoftwareIndustrial Capital Goods

Birla SunLife Equity Fund - Growth

40.89

58.71 61

40.42 38.7537.3241.37 41.16

28.86

19.67

0

10

20

30

40

50

60

70


BSE200

Birla Sun Life Tax Relief '96

Banks 254.38 12.63ICICI Bank Ltd. 97.48 4.84Allahabad Bank Ltd. 63.90 3.17Bank Of India. 50.95 2.53Indian Overseas Bank. 42.05 2.09

Transportation 228.38 11.34Great Eastern Shipping Co. Ltd. 127.93 6.35Container Corporation of India Ltd. 100.45 4.99

Cement 203.31 10.09Grasim Industries Ltd. 90.86 4.51Madras Cements Ltd. 66.93 3.32Birla Corporation Ltd. 45.52 2.26

Industrial Products 180.78 8.97BOC India Ltd. 76.50 3.80Kirloskar Oil Engines Ltd. 76.42 3.79Kirloskar Brothers Ltd 27.86 1.38

Consumer Non Durables 173.39 8.61United Breweries Ltd. 92.79 4.61Glaxo Smithkline Consumer Healthcare Ltd 80.60 4.00

Auto 141.13 7.00Bajaj Auto Ltd. 82.11 4.08Maruti Udyog Ltd. 59.02 2.93

Gas 129.68 6.44Gujarat Gas Co. Ltd. 91.26 4.53Indraprastha Gas Ltd. 38.41 1.91

Non - Ferrous Metals 84.49 4.19Hindalco Industries Ltd. 48.99 2.43Sterlite Industries (India) Ltd. 35.51 1.76

Hotels 83.03 4.12Taj GVK Hotels & Resorts Ltd. 83.03 4.12

Textile Products 70.78 3.51Aditya Birla Nuvo Ltd. 70.78 3.51

Industrial Capital Goods 68.31 3.39Bharat Heavy Electricals Ltd. 68.31 3.39

Finance 67.29 3.34Birla Global Finance Ltd. 67.29 3.34

Telecom-Services 60.99 3.03Reliance Comm. Ventures Ltd . 60.99 3.03

Auto Ancillaries 59.89 2.97Automobile Corporation of Goa Ltd. 59.89 2.97

Software 52.50 2.61Mastek Ltd. 52.50 2.61

Media & Entertainment 0.00 0.00Magnasound India Ltd 0.00 0.00


Net Assets 2014.76 100.00


As on June 30, 2006


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


March 29, 1996

NAV

Growth Rs.

Load Structure:


Benchmark:

BSE 200

Corpus:

Rs. 20.14 Crores

143.08

19


SIP is a powerful tool that can help you create wealth over time. If you had invested* in BSLTR’96F...







%

* Dividend Reinvestment NAVs has been considered for the analysis.

Date of First Installment: April 1, 1996

130,0402.10

40.74

19.78




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

Portfolio

J u l y 2 0 0 6


2.61%2.97%

3.03%

3.34%3.39%3.51%

4.12%

4.19%6.44%

7.00%

7.76%8.61%

8.97%

10.09%

11.34%12.63%

SoftwareAuto Ancillaries

Telecom-ServicesFinance

Industrial Capital GoodsTextile Products

Hotels

Non - Ferrous MetalsGas

AutoCash & Current Assets

Consumer Non DurablesIndustrial Products

Cement

TransportationBanks

38.69 37.9

44.51

34.6638.5937.32

41.37 41.16

28.86

13.54

0

5

10

15

20

25

30

35

40

45

50


Birla SunLife Capital Tax Relief 96 BSE200

Birla Balance

As on June 30, 2006


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


October 12, 1999

NAV: Rs.

Dividend Growth

Load Structure:


Benchmark:

CRISIL Balanced Fund Index

Average Maturity:

1.02 Years

Corpus:

Rs. 120.00 Crores

15.24 22.92

20

Equity and Equity relatedListed / Awaiting listing on stock ExchangeBanks 1114.58 9.29State Bank of India 508.45 4.24Oriental Bank of Commerce 459.98 3.83Syndicate Bank 146.15 1.22

Auto 1069.97 8.92Hero Honda Motors Ltd. 573.05 4.78Mahindra & Mahindra Ltd. 496.92 4.14

Government Bond 1069.50 8.91Govt Bond 9.39% 2011 (Sovereign) 1069.50 8.91

PSU/PFI Bonds/Banks 1037.85 8.65Citibank N A ** (AAA) 765.67 6.38Industrial Development Bank of India Ltd. ** (AA+) 229.87 1.92HDFC Bank Ltd. ** (AAA) 42.31 0.35

Pharmaceuticals 802.00 6.68Pfizer Ltd. 357.98 2.98Novartis India Ltd. 288.49 2.40Glaxosmithkline Pharmaceuticals Ltd. 155.53 1.30

Consumer Non Durables 729.57 6.08I T C Ltd. 410.06 3.42Mcdowell & Company Ltd. 319.50 2.66

Industrial Products 613.09 5.11Cummins India Ltd. 332.59 2.77BOC India Ltd. 280.50 2.34

Telecom-Services 606.82 5.06Bharti Tele-Ventures Ltd. 469.90 3.92Reliance Comm. Ventures Ltd . 136.92 1.14

Corporate Debt 495.65 4.13Tata Sons Ltd. ** (AAA) 495.65 4.13

Software 473.94 3.95Infosys Technologies Ltd. 473.94 3.95



Oil 360.12 3.00Oil & Natural Gas Corporation Ltd. 360.12 3.00

Industrial Capital Goods 326.66 2.72Bharat Electronics Ltd. 326.66 2.72

Hotels 312.71 2.61Indian Hotels Co. Ltd. 312.71 2.61

Power 301.56 2.51Reliance Energy Ltd. 301.56 2.51

Floating Rate Instruments 301.00 2.51Housing Development Finance Corp. Ltd. (AAA) 301.00 2.51

Fertilisers 241.87 2.02Tata Chemicals Ltd. 241.87 2.02

Textile Products 209.58 1.75Aditya Birla Nuvo Ltd. 209.58 1.75

Finance 135.50 1.13Infrastructure Development Fin. Co. Ltd. 135.50 1.13


Net Assets 12000.15 100.00

**Represents thinly traded/ non traded securities and illiquid securitiesTotal Percentage of thinly/non traded securities is 12.78 %



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




Value of Investment(As of May 31


* Load has not been taken into consideration. Past performance may or may not be sustained in future.

November 1, 1999

, 2006)

In the same period, a SIP in BSE 200 would have given a return of

%


172,666.90

20.8

16.93


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


Portfolio

J u l y 2 0 0 6

Rating Profile


2.02%2.51%2.51%2.61%2.72%2.88%3.00%3.06%

3.53%3.95%4.13%

5.06%5.11%

6.08%6.68%

8.40%8.65%

8.91%8.92%

9.29%

FertilisersFloating Rate Instruments

PowerHotels

Industrial Capital GoodsOther Equity & Preference

OilPesticides

Petroleum ProductsSoftware

Corporate DebtTelecom-Services

Industrial ProductsConsumer Non Durables

PharmaceuticalsCash & Current Assets

PSU/PFI Bonds/BanksGovernment Bond

AutoBanks

26.35 27.6329.36

22.89

13.14

22.48 23.62 24.44

0

5

10

15

20

25

30

35


Birla Balance Gr Crisil Balanced Fund Index

1.92%

8.40%

8.91%

13.37%

67.40%

AA


Sovereign

AAA

Other

Birla Sun Life '95 Fund

As on June 30, 2006


An open-end balanced scheme with the objective of long term growth of capital and current income, through a portfolio with a target allocation of 60% equity and 40% debt and money market securities.


February 10, 1995

NAV: Rs.

Dividend Growth

Load Structure:


Benchmark:

CRISIL Balanced Fund Index

Average Maturity:

0.63 Years

Corpus:

Rs. 112.00 Crores

65.75 142.31

21

Equity and Equity relatedListed / Awaiting listing on stock ExchangeBanks 1104.21 9.86State Bank of India 458.26 4.09 Oriental Bank of Commerce 298.20 2.66 Industrial Development Bank of India Ltd 216.56 1.93 Jammu & Kashmir Bank Ltd. 131.19 1.17

Consumer Non Durables 1024.96 9.15United Breweries Ltd. 485.88 4.34 I T C Ltd. 410.06 3.66 Bombay Burmah Trading Corporation Ltd. 129.01 1.15

Floating Rate Instruments 1003.32 8.96Housing Development Finance Corp. Ltd. 1003.32 8.96 AAA

Corporate Debt 991.30 8.85Tata Sons Ltd. ** 991.30 8.85 AAA

Software 660.60 5.90Infosys Technologies Ltd. 449.32 4.01 Hinduja TMT Ltd. 211.28 1.89

Telecom-Services 617.08 5.51Bharti Tele-Ventures Ltd. 491.36 4.39 Reliance Comm. Ventures Ltd . 125.72 1.12

Securitised Debt 615.41 5.49Goldstar Trust (CITI) ** 274.52 2.45 AAA(SO)Goldstar Trust July 2004 A2 Series ** 226.77 2.02 AAA(SO)Fleet Trust July 2004 A2 Series ** 101.38 0.91 AAA(SO)India MBS 2003 Series III Trust ** 12.74 0.11 AAA(SO)

Auto 606.29 5.41Hero Honda Motors Ltd. 606.29 5.41


Finance 576.41 5.15United Breweries Holdings Ltd. 576.41 5.15

Issuer Market Value % to Net RatingRs. in. Lacs Assets


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







%


920,842.20

30.34

10.82

April 1, 1995


Investment Style: (Equity) Value + GrowthInterest Rate Sensitivity: (Debt) Low


Portfolio

J u l y 2 0 0 6

Government Bond 534.75 4.77Govt Bond 9.39% 2011 534.75 4.77 Sovereign

Pharmaceuticals 448.01 4.00Cadila Healthcare Ltd. 340.11 3.04 Cipla Ltd. 107.90 0.96

Transportation 356.15 3.18Container Corporation of India Ltd. 356.15 3.18

Industrial Products 348.50 3.11BOC India Ltd. 348.50 3.11


Retailing 258.95 2.31Trent Ltd. 258.95 2.31

Gas 243.65 2.18Gujarat Gas Co. Ltd. 243.65 2.18

Media & Entertainment 188.47 1.68ETC Networks Ltd. 188.47 1.68 Magnasound India Ltd 0.00 0.00

Fertilisers 107.55 0.96Rashtriya Chemicals & Fertilizers Ltd. 107.55 0.96


Net Assets 11200.84 100.00

**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 14.34 %

NAV Performance

29.83

36.76 37.42

27.8226.25

22.48 23.62 24.44

0

5

10

15

20

25

30

35

40


Birla SunLife 95 - Growth Crisil Balanced Fund Index

Rating Profile

Asset Allocation

2.18%2.31%

2.64%2.87%

3.11%3.18%

4.00%4.77%

5.15%5.25%5.41%5.41%5.49%5.51%

5.90%8.85%8.96%9.15%

9.86%

GasRetailing

Other EquityPesticides

Industrial ProductsTransportation

PharmaceuticalsGovernment Bond

FinancePetroleum Products

Cash & Current AssetsAuto

Securitised DebtTelecom-Services

SoftwareCorporate Debt

Floating Rate InstrumentsConsumer Non Durables

Banks

4.77%

5.41%

23.30%

66.51%

Sovereign


AAA

Other

Birla MIP

As on June 30, 2006


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


November 20, 2000

NAV: Rs.

Dividend Payment / Growth

Load Structure:

Entry Load: NILExit Load:

<= Rs 10 lakhs: 0.60% if redeemed / switched out with in 90 days from the date of allotment.> 10 Lakhs: Nil

Benchmark:

CRISIL MIP Blended Index

Average Maturity:

1.43 Years

Corpus:

Rs. 200.61 Crores

10.758617.7660

22


Mahindra & Mahindra Financial Serv. Ltd. ** 1973.71 9.84 AA+

Kotak Mahindra Prime Ltd. ** 1437.41 7.17 LAA

Hindalco Industries Ltd. ** 969.32 4.83 AAA

Great Eastern Shipping Co. Ltd. ** 904.15 4.51 AAA

Cholamandalam DBS Finance Ltd. ** 864.99 4.31 LAA

CitiFinancial Consumer Finance (I) Ltd. ** 686.01 3.42 AAA

Electrosteel Castings Ltd. ** 569.47 2.84 AA

Bombay Dyeing & Mfg. Co. Ltd. ** 500.00 2.49 Unrated

Housing Development Finance Corp. Ltd. ** 454.02 2.26 AAA

Securitised Debt 3934.13 19.61

Loan Sec Trust Sr XVI NTPC (ICICI Bank) ** 1609.31 8.02 LAAA(So)

Loan Receivable Trust II 2003 (Guj Amb) ** 880.99 4.39 AAA(SO)

BHPC 15 OCT 2008 BHPC Auto Sec Trust ** 467.65 2.33 AAA(SO)

Fleet Trust Aug I 2003 A3 CFIL (IL&FS) ** 332.07 1.66 AAA(SO)

MART 2003 II A2 SCB (UTI Bank) ** 228.38 1.14 P1+(SO)

Loan Sec Trust SrXII NTPC (ICICI) ** 207.36 1.03 LAAA(So)

MART 2004-SERIES III(CLASS A2)(04DEC06) **101.51 0.51 AAA(SO)

BHPC Auto Sec Tr Jun2003 A1 Telco ** 54.27 0.27 AAA(SO)

MART 2003 II A2 SCB (UTI Bank) ** 48.29 0.24 AAA(SO)

PFSL Sr A2 Chola Nov 2003 ** 4.29 0.02 MAAA(So)

Floating Rate Instruments 3230.14 16.10

Housing Development Finance Corp. Ltd. 1103.32 5.50 AAA

United Phosphorous Ltd. 908.48 4.53 AA

Industrial Development Bank of India Ltd. 518.12 2.58 AA+

UTI Bank Ltd. 500.23 2.49 LAA+

Cholamandalam DBS Finance Ltd. 200.00 1.00 LAA

EQUITY 2508.97 12.51






I T C Ltd. 182.25 0.91



Pfizer Ltd. 158.44 0.79


Oriental Bank of Commerce 117.58 0.59

Infrastructure Development Fin. Co. Ltd. 108.40 0.54


Bombay Dyeing & Mfg. Co. Ltd. 87.11 0.43

Novartis India Ltd. 86.72 0.43

KSB Pumps Ltd. 61.31 0.31




PSU/PFI Bonds/Banks 378.19 1.89

Power Grid Corporation of India Ltd. ** 378.19 1.89 AAA

Mutual Fund Units 83.25 0.41

Birla Fixed Term Debt Fund Ser 3 -18 B 52.32 0.26



Net Assets 20061.10 100.00

**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 63.16 %





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

Portfolio

J u l y 2 0 0 6

Rating Profile


0.41%

1.89%

7.81%

12.51%

16.10%

19.61%

41.67%

Mutual Fund Units

PSU/PFI Bonds/Banks


Equity

Floating Rate Instruments

Securitised Debt

Corporate Debt

7.44 7.858.58

10.79

7.72 8 8.33

0

2

4

6

8

10

12


BMIP Gr Crisil MIP Blended Index

2.49%

7.81%

12.92%

34.76%

42.02%

Unrated


Equity

AA

AAA

Birla MIP II - Savings 5 Plan

23


GE Capital Services India. ** 99.24 13.27 AAA




Ind Retail ABS Trust Ser XIII A3PTC ** 161.67 21.62 MAAA(So)


Bharat Heavy Electricals Ltd. ** 100.59 13.45 AAA


ICICI Bank Ltd. 100.00 13.37 AAA

EQUITY 16.14 2.16







Net Assets 747.74 100.00

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

Total Percentage of thinly/non traded securities is 71.05%


As on June 30, 2006


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.


May 01, 2004

NAV: Rs.


Load Structure:

Entry Load: NILExit Load: NIL

Benchmark:


Average Maturity:

0.57 Years

Corpus:

Rs. 7.47 Crores

10.083511.0400




Portfolio

J u l y 2 0 0 6

NAV Performance

5.3 5.214.81

7.72 8

6.77

0

1

2

3

4

5

6

7

8

9

1 Year 2 Years Since Inception

Birla MIP II - Savings 5 - Growth Crisil MIP Blended Index

Rating Profile

Asset Allocation

2.16%

13.37%

13.42%

13.45%

21.62%

35.98%

Equity



PSU/PFI Bonds/Banks

Securitised Debt

Corporate Debt

2.16%

13.42%

22.70%

61.72%

Equity


AA

AAA

Birla MIP II - Wealth 25 Plan

24


Bombay Dyeing & Mfg. Co. Ltd. ** 500.00 6.95 Unrated

Housing Development Finance Corp. Ltd. ** 482.61 6.71 AAA

CitiFinancial Consumer Finance (I) Ltd. ** 481.99 6.70 AAA

Hindalco Industries Ltd. ** 460.42 6.40 AAA

Great Eastern Shipping Co. Ltd. ** 452.07 6.28 AAA




Indian Retail ABS Trust Series 56 (A1X) ** 900.59 12.52 AAA(SO)

Ind Retail ABS Trust Ser XIII A3PTC ** 727.50 10.11 MAAA(So)

BHPC 15 OCT 2008 BHPC Auto Sec Trust ** 467.65 6.50 AAA(SO)

EQUITY 1229.06 17.08






I T C Ltd. 72.90 1.01


Pfizer Ltd. 69.78 0.97


ZF Steering Gear (India) Ltd. 68.47 0.95




Bombay Dyeing & Mfg. Co. Ltd. 58.08 0.81



Infrastructure Development Fin. Co. Ltd. 54.20 0.75







Neyveli Lignite Corporation Ltd. ** 271.87 3.78 LAAA




Government Bond 41.34 0.57

Govt Bond 9.39% 2011 41.34 0.57 Sovereign


Net Assets 7195.44 100.00




As on June 30, 2006


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.


May 01, 2004

NAV: Rs.


Load Structure:

Entry Load: NILExit Load: <= Rs 10 lakhs: 0.60% if redeemed / switched out with in 180 days from the date of allotment.> 10 Lakhs: Nil

Benchmark:


Average Maturity:

1.22 Years

Corpus:

Rs. 71.95 Crores

10.860012.4481





- Birla MIP II - Wealth 25 Plan

Portfolio



J u l y 2 0 0 6


0.57%

1.16%

3.78%

4.17%

6.66%

17.08%

29.13%

37.45%

Government Bond

Mutual Fund Units

PSU/PFI Bonds/Banks



Equity

Securitised Debt

Corporate Debt12.46 12.33

10.95

7.72 8

6.77

0

2

4

6

8

10

12

14


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

Rating Profile

0.57%

6.66%

6.95%

8.58%

18.24%

58.99%

Sovereign


Unrated

AA

Equity

AAA

Birla Sun Life Monthly Income

25


LIC Housing Finance Ltd. 1501.92 11.39 AAA

Industrial Development Bank of India Ltd 1036.23 7.86 AA+



Bombay Dyeing & Mfg. Co. Ltd ** 1000.00 7.58 Unrated

Citicorp Finance (I) Ltd. ** 989.05 7.50 AAA

Tata Steel Limited ** 871.17 6.61 AAA


National Bank for Agri & Rural Devp ** 1497.55 11.36 AAA

Power Finance Corporation Ltd. ** 586.80 4.45 AAA

EQUITY 1662.23 12.60



United Breweries Holdings Ltd. 138.46 1.05



United Breweries Ltd. 118.05 0.90


Cadila Healthcare Ltd. 114.22 0.87

Cipla Ltd. 107.90 0.82




Hinduja TMT Ltd. 75.46 0.57

Nirma Ltd. 66.85 0.51

Pritish Nandy Communications Ltd. 52.24 0.40

ETC Networks Ltd. 44.91 0.34

Magnasound India Ltd. 0.00 0.00



India Infrastructure Developers Limited ** 508.86 3.86 AAA(SO)

Goldstar Trust July 2004 A2 Series ** 226.77 1.72 AAA(SO)

Goldstar Trust (CITI) ** 109.81 0.83 AAA(SO)

Fleet Trust July 2004 A2 Series ** 101.38 0.77 AAA(SO)

Fleet Trust April 2004 Series ** 94.67 0.72 AAA(SO)

Indian Retail ABS Trust SerXIII A3 ** 19.57 0.15 MAAA(So)

India MBS 2003 Series III Trust ** 12.74 0.10 AAA(SO)

Money Market Instruments 594.54 4.51

Rabo India Finance Pvt. Ltd. 395.80 3.00 P1+

Federal Bank Ltd. 198.74 1.51 P1+


Net Assets 13187.76 100.00




As on June 30, 2006


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


July 14, 1999

NAV: Rs.

Dividend Payment / Growth Quarterly Dividend

Load Structure:


Benchmark:


Average Maturity:

0.52 Years

Corpus:

Rs. 131.87 Crores

10.445623.323610.8906

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

Portfolio



J u l y 2 0 0 6

NAV Performance

9.09 8.989.9

11.28

12.93

7.72 8 8.33

0

2

4

6

8

10

12

14


Birla SunLife MIP - Growth Crisil MIP Blended Index

Rating Profile

Asset Allocation

4.51%

8.14%

12.60%

14.20%

15.81%

21.69%

23.05%

Money Market Instruments

Securitised Debt

Equity


PSU/PFI Bonds/Banks

Corporate Debt


7.58%

7.86%

12.60%

14.20%

57.75%

Unrated

AA

Equity


AAA

Birla Income Plus

26


GE Capital Services India** 2745.76 13.16 AAA

Hindalco Industries Ltd.** 1388.01 6.65 AAA

Reliance Industries Ltd.** 1359.62 6.52 AAA

Kotak Mahindra Prime Limited.** 993.80 4.76 LAA

Cholamandalam DBS Finance Ltd.** 695.97 3.34 LAA

Housing Development Finance Corp. Ltd.** 502.70 2.41 AAA

Mahindra & Mahindra Financial Serv. Ltd.** 496.53 2.38 AA+

CitiFinancial Consumer Finance (I) Ltd.** 481.99 2.31 AAA


Housing Development Finance Corp. Ltd. 1413.01 6.77 LAAA

Indian Retail ABS Trust SerXIII A3 816.86 3.91MAAA(SO)



Export-Import Bank of India 300.14 1.44 AAA



American Express Bank 1418.86 6.80 P1+

Jammu & Kashmir Bank Ltd. 737.82 3.54 P1+

Jammu & Kashmir Bank Ltd. 586.61 2.81 P1+


Bharat Heavy Electricals Ltd.** 603.54 2.89 AAA



Ind Retail ABS Trust Ser XIII A3PTC** 80.83 0.39MAAA(SO)


Net Assets 20865.63 100.00




As on June 30, 2006


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.


October 23, 1995

NAV: Rs.

Dividend Growth

Load Structure:


Benchmark:

CRISIL Composite Bond Fund Index

Average Maturity:

0.88 Years

Corpus:

Rs. 208.65 Crores

10.111229.2995

Interest Rate Sensitivity: Medium

^ # for methodology please refer page 37


AAAf by CRISIL*


Portfolio



CRISIL~CPR 2 Open Ended Debt Category^^

J u l y 2 0 0 6

NAV Performance

BIP Gr Crisil Composite Bond Fund Index

Rating Profile

Asset Allocation

0.39%

2.89%

13.15%

17.40%

24.65%

41.52%

Securitised Debt

PSU/PFI Bonds/Banks

Money MarketInstruments

Floating RateInstruments


Corporate Debt

12.88%

24.65%

62.48%

AA


AAA

3.712.84 3.1

7.42

10.57

2.9 3.03 3.16

0

2

4

6

8

10

12


Birla Sun Life Income Fund

27


State Bank of Patiala 378.90 10.77 A1+

The Hongkong & Shanghai Banking Corp Ltd 286.22 8.14 F1+

ABN Amro Bank 245.66 6.98 P1+

American Express Bank 240.87 6.85 A1+


India Infrastructure Developers Limited** 282.70 8.04 AAA(SO)

Goldstar Trust (CITI)** 164.71 4.68 AAA(SO)

India MBS 2003 Series III Trust** 38.22 1.09 AAA(SO)

Fleet Trust April 2004 Series** 37.87 1.08 AAA(SO)

Indian Retail ABS Trust SerXIII A3** 13.04 0.37 MAAA(SO)


Cholamandalam DBS Finance Ltd.** 218.73 6.22 LAA

Mahindra & Mahindra Financial Serv. Ltd.** 193.65 5.50 AA+




Net Assets 3517.64 100.00




As on June 30, 2006


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.


March 03, 1997

NAV: Rs.

Half Yearly Dividend Growth Quarterly Dividend 54 EA Dividend54 EA Growth54 EB Dividend54 EB Growth

Load Structure:


Benchmark:

Average Maturity:

0.58 Years

Corpus:

Rs. 35.17 Crores

10.620624.373510.096110.732724.356510.744324.2031

CRISIL Composite Bond Fund Index

Interest Rate Sensitivity: Medium

Portfolio


J u l y 2 0 0 6

BIP Gr Crisil Composite Bond Fund Index

Rating Profile


5.72%

11.72%

15.25%

32.74%

34.57%

PSU/PFI Bonds/Banks

Corporate Debt

Securitised Debt



11.72%

34.57%

53.71%

AA


AAA

4.293.43 3.69

7.63

10.02

2.9 3.03 3.16

0

2

4

6

8

10

12


Birla Gilt Plus

28

Liquid Plan

Treasury Bills 2991.88 53.34364 Day TBill 7 JULY 06 1498.54 26.72 Sovereign91 Day TBill 28 JULY 06 1493.34 26.63 Sovereign


Net Assets 5608.77 100.00


PF Plan




Treasury Bills 995.56 12.00

91 Day TBill 28 JULY 06 995.56 12.00 Sovereign


Net Assets 8296.74 100.00

Regular Plan







Net Assets 7157.09 100.00

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

@ICRA Online Awards 2006 : GOLD Ranked MFR1 in Open Ended Gilt Schemes - Short Term (3 year)


PortfolioAs on June 30, 2006


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


October 12, 1999

NAV: Rs.

Liquid PlanDiv.-Payout/Reinvest Growth Annual Dividend PF PlanDiv.-Payout/Reinvest Growth Annual Dividend Regular PlanDiv.-Payout/Reinvest Growth Annual Dividend

Load Structure:

Liquid Plan, Regular Plan & PF Plan-Quarterly / Annual Dividend:Entry Load: NIL; Exit Load: NILPF Plan - Growth: Entry Load: NILExit Load: 1.00% if redeemed / switched out within 365 days from date of allotment.

Benchmark:

Liquid Plan - PF Plan - Regular Plan -

Average Maturity:

Liquid Plan - 0.03 YearsPF Plan - 2.98 YearsRegular Plan - 5.86 Years

Corpus:

Liquid Plan - Rs. 56.08 CroresPF Plan - Rs. 82.96 CroresRegular Plan - Rs. 71.57 Crores

10.594417.294811.5165

10.473419.788419.7892

10.894421.961122.0060

I-Sec Si-BEX

I-Sec Li-BEX

I-Sec Li-BEX


««««Value Research Rating#- Birla Gilt Plus - Liquid Plan


@ # for methodology please refer page 37

J u l y 2 0 0 6

PF Plan - Asset Allocation

12.00%

38.40%

49.60%

Treasury Bills


Government Bond

Liquid Plan - Asset Allocation Regular Plan - Asset Allocation

30.71%

69.29%


Government Bond

46.66%

53.34%


Treasury Bills

NAV Performance

NAV Performance

NAV Performance

BGPL Gr I-Sec Si-BEX

BGP PFP Gr I-Sec Li-BEX

Birla GPRP Gr I-Sec Li-BEX

4.94 4.98 4.73

7.12

8.49

4.944.48

4.91

0

1

2

3

4

5

6

7

8

9


2.792.19

3.08

9.17

10.68

-0.22

1.712.54

-2

0

2

4

6

8

10

12


3.252.61

3.41

10.59

12.42

-0.22

1.712.54

-2

0

2

4

6

8

10

12

14


Birla Sun Life Government Securities Fund

29

Long Term Plan


Net Assets 269.88 100.00


As on June 30, 2006


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.


October 28, 1999

NAV: Rs.

Long Term Plan: Dividend Growth Short Term Plan:Dividend Growth

Load Structure:


Benchmark:

Long Term Plan - I-Sec Li-BEX

Short Term Plan - I-Sec Si-BEX

Average Maturity:

Long Term Plan - 0.00 Years

Short Term Plan - 0.00 Years

Corpus:

Long Term Plan - Rs. 2.69 Crores

Short Term Plan - Rs. 0.39 Crores

10.377319.1304

10.063315.0917

Interest Rate Sensitivity: Long Term Plan - High, Short Term Plan - Low

Portfolio



Short Term Plan


Net Assets 39.37 100.00

J u l y 2 0 0 6

Short Term Plan - NAV PerformanceLong Term Plan - NAV Performance

Short Term Plan - Asset Allocation

Short Term Plan - Rating ProfileLong Term Plan - Rating Profile

Long Term Plan - Asset Allocation

100.00%Cash & Current Assets100.00%Cash & Current Assets

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

2.952.14

3.21

9.3410.2

-0.22

1.712.54

-2

0

2

4

6

8

10

12


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

3.74

2.44 2.49

4.85

6.36

4.944.48

4.91

0

1

2

3

4

5

6

7

1 Year 2 Years 3 Years 5 Years Since InceptionBirla SunLife G Sec Fund - STD - Growth I-Sec Si-BEX

Birla Bond Plus

As on June 30, 2006


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


November 26, 2001

NAV: Rs.

Retail Dividend Retail Growth Institutional Dividend Institutional Growth

Load Structure:


Benchmark:

CRISIL Short-Term Bond Fund Index

Average Maturity:

0.63 Years

Corpus:

Rs. 101.25 Crores

11.251713.218910.494413.3261

30


CitiFinancial Consumer Finance (I) Ltd.** 1270.80 12.55 AAA

Berger Paints India Ltd.** 1000.00 9.88 P1+

Housing Development Finance Corp. Ltd.** 502.70 4.96 AAA

Hindalco Industries Ltd.** 500.04 4.94 AAA

Reliance Industries Ltd.** 453.21 4.48 AAA

Infrastructure Leasing & Fin. Ser. Ltd.** 10.07 0.10 AAA


ICICI Bank Ltd. 1859.16 18.36 P1+

State Bank of Patiala 947.24 9.36 A1+

State Bank of Indore 560.07 5.53 P1+


Export-Import Bank of India** 1005.06 9.93 AAA


Industrial Development Bank of India Ltd** 99.99 0.99 AA+


Ind Retail ABS Trust Ser XIII A3PTC** 565.83 5.59 MAAA(SO)

Loan Sec Trust SrXII NTPC (ICICI)** 82.94 0.82 LAAA(SO)

VE Trust 4 Sr A1 MMFSL (UTI Bank)** 3.12 0.03 AAA(SO)


Net Assets 10125.20 100.00




Interest Rate Sensitivity: Low to Medium


AAAf by CRISIL*


Portfolio

J u l y 2 0 0 6

^@ # for methodology please refer page 37

««««Value Research Rating#- Birla Bond Plus - Retail Plan



6.44%

7.53%

15.88%

33.25%

36.91%

Securitised Debt


PSU/PFI Bonds/Banks


Corporate Debt5.7 5.55 5.32

6.27

4.3 4.23 4.24

0

1

2

3

4

5

6

7


BBP Retail Gr CRISIL Short-Term Bond Fund Index

Rating Profile

0.99%

7.53%

91.49%

AA


AAA

Birla Sun Life Short Term Fund

31


State Bank of Patiala 247.06 11.70 P1+

Jammu & Kashmir Bank 245.94 11.65 P1+

The Hongkong & Shanghai Banking Corp Ltd 234.61 11.11 F1+


Infrastructure Leasing & Fin. Ser. Ltd.** 15.10 0.72 AAA


Net Assets 2111.55 100.00


Total Percentage of thinly/non traded securities is 0.72 %


As on June 30, 2006


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.


April 19, 2002

NAV: Rs.

Dividend Growth

Load Structure:

Entry Load: NILExit Load: 1% if redeemed/switched out within 3 months from the date of allotment.

Benchmark:

CRISIL Short-Term Bond Fund Index

Average Maturity:

0.21 Years

Corpus:

Rs. 21.11 Crores

10.085712.6102

Interest Rate Sensitivity: Low to Medium


Portfolio

J u l y 2 0 0 6


Rating Profile

0.72%

34.46%

64.83%

Corporate Debt


Cash & Current Assets5.22

4.94 4.96

5.68

4.3 4.23 4.24

5.16

0

1

2

3

4

5

6


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

35.17%

64.83%

AAA


Birla Floating Rate Fund

32

Long Term Plan




ICICI Bank Ltd. 1502.45 11.83 CARE AAA

Citicorp Finance (I) Ltd. 1007.32 7.93 AAA

Infrastructure Development Fin. Co. Ltd. 1001.23 7.89 AAA


Mahindra & Mahindra Financial Ser Ltd. 500.00 3.94 AA+




UCO Bank Ltd. 941.60 7.42 P1+


Net Assets 12695.68 100.00



Short Term Plan




Export-Import Bank of India 3699.53 11.93 AAA


Mahindra & Mahindra Financial Ser. Ltd. 3002.74 9.68 AA+

Housing Development Finance Corp. Ltd. 2022.99 6.52 LAAA


Infrastructure Development Fin. Co. Ltd. 1001.23 3.23 AAA

Rabo India Finance Pvt. Ltd. 500.65 1.61 AAA


Sundaram Finance Ltd. 100.28 0.32 MAAA

United Phosphorous Ltd. 100.00 0.32 AA


ICICI Bank Ltd. 942.05 3.04 P1+

UCO Bank Ltd. 941.60 3.04 P1+


Net Assets 31004.29 100.00

As on June 30, 2006


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.


June 04, 2003

NAV: Rs.

Long Term:Dividend Growth Short Term:Weekly Dividend Growth Daily Dividend Institutional Plan-Daily DividendInstitutional Plan-GrowthInstitutional Plan-Weekly Dividend

Load Structure:

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

Benchmark:

Long Term - Crisil Liquid Fund Index

Short Term - Crisil Liquid Fund Index

Average Maturity:

Long Term - 0.31 Years

Short Term - 0.33 Years

Corpus:

Long Term - Rs. 126.95 CroresShort Term - Rs. 310.04 Crores

10.403511.6937

10.387011.691210.0015

10.008610.3960

10.0000

Interest Rate Sensitivity: Low


Portfolio

+'mfAAA' by ICRA+

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

J u l y 2 0 0 6

Long Term - NAV Performance Short Term - NAV Performance

Long Term Plan - Asset Allocation Short Term Plan - Asset Allocation

5.27 5.295.23 5.23

5.31

4.83

4.58 4.57

4.2

4.4

4.6

4.8

5

5.2

5.4


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

5.755.45 5.23 5.225.31

4.83 4.58 4.57

0

1

2

3

4

5

6


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

7.42%

10.31%

82.28%




6.08%

13.52%

80.41%




+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.

+'mfA1+' by ICRA

Money Market Instruments 343360.48 49.65ICICI Bank Ltd. 35651.31 5.15 P1+Union Bank of India 25539.38 3.69 P1+Housing Development Finance Corp. Ltd. 24309.63 3.51 A1+Tata Motors Ltd. 14736.47 2.13 P1+Industrial Development Bank of India 13753.60 1.99 P1+Hongkong & Shanghai Banking Corp. Ltd. 13325.78 1.93 F1+State Bank of Patiala 12600.70 1.82 A1+State Bank of Indore 10270.16 1.48 P1+Federal Bank 10129.44 1.46 P1+National Housing Bank 9955.47 1.44 F1+Standard Chartered ANZ 9671.30 1.40 P1+Jammu & Kashmir Bank Ltd. 9659.16 1.40 P1+Apollo Tyres Ltd. 9458.18 1.37 P1+Punjab National Bank 7917.62 1.14 A1+ABN Amro Bank 7605.76 1.10 P1+ICICI Bank Ltd. 7399.82 1.07 A1+National Housing Bank 7373.05 1.07 P1+State Bank of Saurashtra 7052.54 1.02 P1+IndusInd Bank Ltd. 6453.44 0.93 P1+American Express Bank 6078.33 0.88 A1+State Bank of Saurashtra 5860.98 0.85 A1+American Express Bank 5675.42 0.82 P1+Kotak Mahindra Bank Ltd. 5598.16 0.81 P1+Sundaram Finance Ltd 5373.20 0.78 P1+ABN Amro Bank 4929.53 0.71 A1+IndusInd Bank Ltd. 4915.11 0.71 F1+Housing Development Finance Corp. Ltd. 4879.64 0.71 P1+Uco Bank 4733.85 0.68 P1+GE Capital Services India Ltd 4707.60 0.68 P1+Aditya Birla Nuvo 4699.03 0.68 A1+ING Vysya Bank Ltd. 3956.20 0.57 P1+State Bank of Travancore Ltd. 3945.45 0.57 P1+State Bank Of Bikaner And Jaipur 3886.24 0.56 P1+Rabo India Finance Pvt. Ltd. 3566.76 0.52 P1+Ballarpur Industries Ltd. 2991.27 0.43 F1+Infrastructure Development Fin. Company 2489.72 0.36 P1+Kotak Mahindra Prime Ltd. 2456.20 0.36 P1+State Bank of Travancore 2426.02 0.35 P1+Union Bank of India 2423.02 0.35 A1+SBI Cards Payments Services Ltd. 2341.58 0.34 P1+State Bank of Hyderabad 2329.13 0.34 P1+NRB Bearing Ltd. 1492.70 0.22 P1+UTI Bank Ltd. 1444.23 0.21 A1+Bajaj Auto Finance Ltd. 999.00 0.14 P1+OCL India Ltd. 998.90 0.14 A1+Rico Auto Industries Ltd. 996.54 0.14 A1+Carborundum Universal Ltd. 995.85 0.14 P1+ING Vysya Bank Ltd. 987.55 0.14 P1+State Bank of Patiala 741.18 0.11 P1+DIC India Ltd 598.87 0.09 P1+Yes Bank Ltd. 496.10 0.07 A1+Citicorp Finance (I) Ltd. 484.31 0.07 P1+

Floating Rate Instruments 94539.48 13.67Housing Development Finance Corp. Ltd. 13704.04 1.98 LAAACiticorp Finance (I) Ltd. 10278.51 1.49 AAAGE Capital Services India Ltd 10002.19 1.45 AAASundaram Finance Ltd 7000.00 1.01 P1+Housing Development Finance Corp. Ltd. 6801.30 0.98 AAAIndustrial Development Bank of India 6516.52 0.94 AA+UBL Trust Sr 16 5009.30 0.72 AA(SO)Citi Financial Consumer Finance (I) Ltd. 4002.34 0.58 AAAITI October 2005 Trust - (ILFS) 3206.45 0.46 LAAHousing & Urban Developement Corp. Ltd. 3000.00 0.43 PR1+

IndiaRetail ABS Tr44 2809.72 0.41 AAA(SO)Cholamandalam Investments & Finance Ltd. 2500.00 0.36 A1+Kotak Mahindra Bank Ltd. 2500.00 0.36 P1+Hero Honda Finlease Ltd. 2000.00 0.29 P1+Sundaram Finance Ltd 2000.00 0.29 LAAASterlite Industries (India) Ltd. 1600.00 0.23 P1+Cholamandalam Investments & Finance Ltd. 1500.18 0.22 LAAExport-Import Bank of India 1297.72 0.19 AAAFloat Ind Retail ABSTrust Ser XIII A3PTC 1225.29 0.18 MAAAICICI Bank Ltd. 1001.63 0.14 CARE AAACholamandalam Investments & Finance Ltd. 1000.00 0.14 MAA+Nirma Ltd. 1000.00 0.14 P1+Indian Ret ABS Ser XXXII - Pac Sr 633.04 0.09 LAAA(SO)Secured Loan Rec.Sec.Trust Sr3 (ICICI) 606.75 0.09 LAAAICICI Securities Ltd. 500.00 0.07 AAAUnion Bank of India 500.00 0.07 AA+LIC Housing Finance Ltd. 498.22 0.07 AAAFleet Trust Jan 2004 Series A5 447.91 0.06 AAA(SO)Fleet Trust Jan 05 A2+90 432.37 0.06 AAA(SO)Sundaram Finance Ltd 401.12 0.06 MAAAAsset Securitisation Trust Dec2004 IV A6 364.19 0.05 AAA(SO)IGEG Loan Trust Series I (GLENMAK PHARM) 200.69 0.03 A1+(SO)

Securitised Debt 21720.72 3.14Hutchison Essar Ltd. ** 7331.87 1.06 A1+(SO)Indian Retail ABS Trust 60 Sr-A1 (ICICI) ** 2432.89 0.35 A1+(SO)Indian Retail ABS Trust Sr-49(A3)18Apr07 ** 2418.49 0.35 AAA(SO)Indian Retail ABS Trust Sr.45(Ptc Sr A2) ** 1979.36 0.29 P1+(SO)Bhpc Auto Securitisation Trust Sept A2 ** 1812.78 0.26 LAAA(SO)Indian Retail Abs Trust Sr 49 (A2) ** 1733.09 0.25 P1+(SO)Indian Corp. Loan Securitisation Trust ** 1513.37 0.22 A1+(SO)BHPC Auto SecTrust Ser A1 TELCO 15Jun04 **1123.91 0.16 AAA(SO)Indian Retail ABS Trust Series XXV - A2 ** 894.88 0.13 AAA(SO)Indian Retail ABS Trust Series XXXIII ** 476.96 0.07 AAA(SO)VE Trust 4 Sr A1 MMFSL (UTI Bank) ** 3.12 0.00 AAA(SO)

Corporate Debt 15312.14 2.21GE Capital Services India Ltd. ** 4001.62 0.58 AAAHindalco Industries Ltd. ** 2000.18 0.29 AAACholamandalam DBS Finance Ltd. ** 2000.00 0.29 A1+Hindustan Construction Company Ltd. ** 1500.00 0.22 PR1+Rural Electrification Corporation Ltd.** 1496.98 0.22 AAABajaj Hindusthan Ltd. ** 1300.00 0.19 F1+Housing Development Finance Corp. Ltd. ** 1013.86 0.15 AAABerger Paints India Ltd. ** 1000.00 0.14 P1+Cholamandalam DBS Finance Ltd. ** 500.00 0.07 P1+National Bank for Agri. & Rural Devt. ** 499.50 0.07 AAA

PSU/PFI Bonds/Banks 14175.01 2.05National Bank for Agri. & Rural Devt. ** 5493.46 0.79 AAAIndustrial Development Bank of India ** 3358.70 0.49 AA+Bharat Heavy Electricals Ltd. ** 2011.79 0.29 AAAExport-Import Bank of India ** 1507.72 0.22 AAAPower Grid Corporation of India Ltd. ** 1001.47 0.14 AAAHindustan Aeronautics Ltd. ** 500.90 0.07 AAAIndian Railway Finance Corporation Ltd. ** 300.97 0.04 AAA


Net Assets 691601.97 100.00

**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 7.40%



33

Birla Cash Plus

As on June 30, 2006


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


June 16,1997

NAV: Rs.

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

Load Structure:

Entry Load: NIL

Exit Load: NIL

Benchmark:

Crisil Liquid Fund Index

Average Maturity:

0.25 Years

Corpus:

Rs. 6916.01 Crores

16.369419.126710.8023

10.8067

10.834219.2466

10.0195

10.0225

10.0711

10.0000

11.2866




CRISIL~CPR 2 Open Ended Liquid Category^^

Birla Cash Plan - Retail Plan

#«««««Value Research Rating- Birla Cash Plus - Institutional Premium Plan


- Birla Cash Plus - Retail Plan




Portfolio

J u l y 2 0 0 6


Rating Profile

2.05%

2.21%

3.14%

13.67%

29.28%

49.65%

PSU/PFI Bonds/Banks

Corporate Debt

Securitised Debt




3.05

5.85.31 5.02

5.8

7.43

2.9

5.314.83 4.58

0

1

2

3

4

5

6

7

8

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

BCP Retail Gr Crisil Liquid Fund Index

3.05%

29.27%

67.68%

AA


AAA

Birla Sun Life Cash Manager

34


Allahabad Bank Ltd. 2468.21 15.25 PR1+

ABN Amro Bank 2466.65 15.24 P1+

ICICI Bank Ltd. 2466.61 15.24 A1+

Shree Cements Ltd. 999.02 6.17 PR1+

Gruh Finance Ltd. 495.67 3.06 P1+

State Bank of Indore 492.24 3.04 P1+

The Hongkong & Shanghai Banking Corp. Ltd. 469.22 2.90 F1+


Rabo India Finance Pvt. Ltd. 1000.00 6.18 P1+



Bombay Dyeing & Mfg. Co. Ltd.** 1500.00 9.27 Unrated


Industrial Development Bank of India Ltd.** 1049.95 6.49 AA+


Goldstar Trust July 2004 A1** 38.24 0.24 AAA(SO)


Net Assets 16185.93 100.00




As on June 30, 2006


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


May 14, 1998

NAV: Rs.

Institutional Daily Dividend Retail Growth Institutional Growth Retail Weekly Dividend Institutional Weekly Dividend

Load Structure:


Benchmark:

Crisil Liquid Fund Index

Average Maturity:

0.18 Years

Corpus:

Rs. 161.85 Crores

10.002117.461211.842110.005510.0057


^ # for methodology please refer page 37


AAAf by CRISIL*



««««Value Research Rating#- BSL Cash Manager - Institutional Plan


Portfolio

J u l y 2 0 0 6


0.24%

6.49%

9.27%

9.89%

13.22%

60.90%

Securitised Debt

PSU/PFI Bonds/Banks

Corporate Debt




2.97

5.655.22 5.1

5.84

7.09

2.96

5.314.83 4.58

0

1

2

3

4

5

6

7

8

6 Months 1 Year 2 Years 3 Years 5 Years Since InceptionBirla SunLife Cash Manager - Growth Crisil Liquid Fund Index

Rating Profile

6.49%

9.27%

13.22%

71.02%

AA

Unrated


AAA

Birla Asset Allocation Fund

35

AGGRESSIVE PLAN


Birla Top 100 Fund. 245.46 32.83

Birla Index Fund 241.06 32.24

Birla Sunlife Cash Manager-Retail Growth 101.76 13.61

Birla Advantage Fund 68.94 9.22

Birla Bond Plus 46.34 6.20

Birla Gilt Plus Inv 12.36 1.65


Net Assets 747.77 100.00


MODERATE PLAN


Birla Index Fund. 166.69 30.49

Birla Sunlife Cash Manager-Retail Growth. 145.78 26.67

Birla Advantage Fund. 84.80 15.51

Birla Top 100 Fund. 56.29 10.30

Birla Bond Plus. 55.49 10.15


Net Assets 546.61 100.00

CONSERVATIVE PLAN


Birla Sunlife Cash Manager-Retail Growth. 231.09 29.70

Birla Bond Plus. 213.84 27.48

Birla Index Fund. 85.47 10.98

Birla Top 100 Fund. 69.72 8.96


Net Assets 778.06 100.00

As on June 30, 2006


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


January 23, 2004

NAV: Rs.

Aggressive PlanDividend Growth Conservative PlanDividendGrowth Moderate PlanDividendGrowth

Load Structure:

Entry Load:Aggressive Plan: 1.50%Moderate Plan: 1.00%Conservative Plan: 0.50%Exit Load: NIL

Benchmark:

Aggressive Plan - S&P CNX Nifty

Moderate Plan -Crisil Balanced Fund Index

Conservative Plan -Crisil MIP Blended Index

Corpus:

Aggressive Plan - 7.47 Crores

Moderate Plan - 5.46 Crores

Conservative Plan - 7.78 Crores

16.4788 16.4803

12.8533 12.8536

14.8799 14.8799


Portfolio



««««Value Research Rating#- BAAF - Conservative Plan

J u l y 2 0 0 6

Moderate Plan - Asset Allocation

6.87%

93.13%


Mutual Fund Units

Aggressive Plan - Asset Allocation Conservative Plan - Asset Allocation

22.87%

77.13%


Mutual Fund Units

4.26%

95.74%


Mutual Fund Units

NAV Performance

NAV Performance

NAV Performance

30.22

35.93

23.71

41.56 42.72

25.91

0

5

10

15

20

25

30

35

40

45


Birla AAF - Aggressive Plan - Growth S&P Nifty

13.64 14.08

11.28

7.72 8

5.69

0

2

4

6

8

10

12

14

16

1 Year 2 YearsBirla AAF - Conservative Plan - Growth Crisil MIP Blended Index

22.61

27.14

18.44

22.48 23.62

14.94

0

5

10

15

20

25

30

1 Year 2 Years Since InceptionBirla AAF - Moderate Plan - Growth Crisil Balanced Fund Index

Since Inception

36

Issuer Sector Market Value % to Net(US Dollars) Assets

TOP 20 EQUITY INVESTMENTS Infosys Technologies Ltd. Software 7,132,686.54 6.28Bharti Televentures Ltd. Telecom-Services 6,732,403.57 5.93State Bank Of India Banks 6,343,628.61 5.58Indian Hotels Co Ltd. Hotels 5,481,303.12 4.82Satyam Computers Services Ltd. Software 4,951,818.37 4.36Tata Motors Ltd. Auto 4,916,622.36 4.33ITC Ltd. Consumer Non Durables 4,908,319.35 4.32United Phosphorus Ltd. Pesticides 4,501,718.15 3.96Bharat Heavy Electricals Ltd. Industrial Capital Goods 4,494,869.39 3.96Hero Honda Ltd. Auto 4,394,592.90 3.87Associated Cement Companies Ltd. Construction Materials 3,831,543.99 3.37Mcdowell & Company Limited Consumer Non Durables 3,654,473.49 3.22Tata Consultancy Services Ltd Software 3,025,757.25 2.66Pfizer India Ltd. Pharmaceuticals 3,000,177.04 2.64Glaxo Smithkline Pharma Ltd. Pharmaceuticals 2,950,243.82 2.60Grasim Industries Ltd. Cement 2,943,393.14 2.59Larsen & Toubro Ltd. Construction & Engineering 2,769,439.09 2.44Subex Systems Ltd. Software 2,749,221.81 2.42ICICI Bank Ltd. Banks 2,442,841.58 2.15Housing Development Finance Corporation Ltd. Finance 2,400,849.86 2.11Total of top 20 Equity Holdings 83,625,903 73.60Other Equity Investments 19,642,049 17.29Total Equity Holdings 103,267,952.12 90.88CALL & CALL EQUIVALENTS :Cash and Cash Equivalent 10,193,821.60 8.98CORPORATE DEBT :Trent Ltd 163,603.52 0.14TOTAL 113,625,377.24 100.00OTHER NET ASSETS (SUB FUND) 1,116,542.35 OTHER NET ASSETS (MAIN FUND) (593,451.30)NET ASSETS 114,148,468.29

As on June 30, 2006


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


August 8, 1996

NAV:

$ per Class C Share : 127.41

Conversion Rate:

1USD = INR 45.89

Benchmark:

BSE Sensex and MSCI (India)

AUM:

USD 114.14 Million

Bloomberg Ticker Code:

INDADVC MP

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

Birla Sun Life AMC (Mauritius) Limited India Advantage Fund

awarded 1st Place in the Standard & Poor's Five YearsOffshore Funds Equity India Sector out of 11 funds

2004 @@

2004

@@ for methodology please refer page 37

(Past performance is no guaranteeof future results.)

3rd consecutive award since 2002.

Portfolio

J u l y 2 0 0 6

NAV Performance CAGR Returns (%)

India Advantage Fund Ltd.

Sensex

MSCI

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

Asset Allocation

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 45.89

0.14%0.82%

1.25%1.28%

2.11%2.59%

3.37%3.64%

4.28%4.82%

5.26%5.65%5.93%

6.77%7.54%

8.19%8.97%

11.65%15.72%

Trent Ltd - WarrantsPaper Products

RetailingFerrous Metals

FinanceCement

Construction MaterialsAgricultural Products

Construction & EngineeringHotels

PesticidesIndustrial Capital Goods

Telecom-ServicesPharmaceuticals

Consumer Non DurablesAuto

Cash and Cash EquivalentBanks

Software

32.4

44.1

56.6

41.7

29.4

47.5 48.743.2

25.1

12.5

36.3

45.541.6

24.8

10.7

0

10

20

30

40

50

60

1 Year 2 Year 3 Year 5 Year Inception

AddendumsJ u l y 2 0 0 6

37

ADDENDUM TO THE OFFER DOCUMENTS OF SCHEMES OF BIRLA MUTUAL FUNDNOTICE

Mr. Mahesh A. Chhabria Fund Manager, has ceased to be a part of Birla Sun Life Asset Management Company Ltd.In view of the same, the details of Mr. Mahesh A. Chhabria are being deleted from the Offer Documents.Mr. Satyabrata Mohanty shall now be designated Fund Manager for Birla Fixed Term Plan - Series E, Series F, SeriesG, Series H, Quarterly Series 1 & Quarterly Series 2.This Addendum forms an integral part of the Offer Documents of the respective schemes of Birla Mutual Fund readwith the addenda issued thereunder. Date: June 7, 2006

ADDENDUM TO THE OFFER DOCUMENTS/ KEY INFORMATION MEMORANDUM CUM APPLICATION FORM OF ALL THE SCHEMES OF BIRLA MUTUAL FUND.

NOTICE

Notice is hereby given that with effect from June 22, 2006, the following Investor Service Centers of M/s. ComputerAge Management Services (P) Ltd., will be added to Official Points of Acceptance of Transactions for Schemes ofBirla Mutual Fund (except for Birla Cash Plus, Birla Sun Life Cash Manager and Birla Floating Rate Fund Short TermPlan).Official Points of Acceptance of TransactionsAjmer : Shop No. S - 5, Second Floor, Swami Complex, Ajmer - 305 001. Tel.: (0145) 329 2040.Gorakhpur : Shop No. 3, 2nd Floor, Cross Road, The Mall, A. D. Chowk Bank Road, Gorakhpur - 273 001

Tel.: (0551) 329 4771.Gurgaon : 2319, Block 3, 1st Floor, Opp. Air Force Golden Jubilee School, Sector 14, Delhi Road,

Gurgaon - 122 001. Tel.: (0124) 326 3763, 326 3763.Sambalpur : Opp Town High School, Sansarak, Sambalpur - 768 001 . Tel.: (0663) 329 0591.Erode : 199/1, Brough Road, Near Sivaranjani Hotel, Erode - 638 001. Tel.: (0424) 320 7730, 320 7733.Warangal : F13, 1st Floor, BVSS Mayuri Complex, Opp. Public Garden, Lashkar Bazaar, Hanamkonda,

Warangal - 506 001. Tel.: (0870) 320 2063, 320 9927.This Addendum forms an integral part of the Offer Documents / Key Information Memorandum cum Application Formof the respective schemes of Birla Mutual Fund read with the addenda issued thereunder.Date: June 22, 2006

Addendum to the Offer Documents of Birla Sun Life Monthly Income, Birla Sun Life Income Fund, Birla Sun Life Government Securities Fund, Birla Sun Life Cash Manager, Birla Sun Life Short

Term Fund, Birla Sun Life New Millennium Fund, Birla Sun Life Buy India Fund, Birla Sun Life Basic Industries Fund, Birla Sun Life Equity Fund, Birla Sun Life Tax Relief '96, Birla Sun Life '95 Fund,


NOTICE

M/s Price Waterhouse have been appointed as the statutory auditors for the aforesaid schemes of Birla Mutual Fund for the financial year ended March 31, 2006.The Offer document stands amended, giving effect to the aforesaid change.Date: April 7, 2006

Notice is hereby given that the load structure of Birla Top 100 Fund with effect from May 8, 2006 will be as under:Type of Load Existing Revised (w.e.f. May 8, 2006)Entry Load For Purchase / switch-in of units less than Rs. 5 Crores No Change

in value: 2.25% For Purchase / switch-in of units equalto or greater than Rs. 5 Crores in value: Nil

Exit Load If Reedemed / Switched out within six months from Nildate of allotment:1%

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 Document issued for the scheme read with the addenda.Date: May 8, 2006

ADDENDUM TO THE OFFER DOCUMENT OF BIRLA TOP 100 FUNDNOTICE

ADDENDUM TO THE OFFER DOCUMENTS OF BIRLA BALANCE, BIRLA INDIA OPPORTUNITIES FUND,NOTICE

Notice is hereby given that the load structure of Birla Balance, Birla India Opportunities Fund, Birla Sun Life Frontline Equity Fund and Birla Sun Life Buy India Fund with effect from April 28,2006 will be as under:Type of Load Existing Revised (w.e.f. April 28, 2006)Entry Load • For Purchase / Switch-in of units No changes

less than Rs. 5 Crores in value, an Entry load of 2.25% is applicable.• For Purchase / Switch-in of units equal to or greater than Rs. 5 Croresin value, No Entry load is applicable.

Exit Load Nil For any Redemption / Switch-out ofunits within six months from the date ofallotment: 1 %

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 Document issued forthe scheme read with the addenda.Date: April 26,2006

BIRLA SUN LIFE FRONTLINE EQUITY FUND AND BIRLA SUN LIFE BUY INDIA FUND

# Value Research Rankings

^CNBC Award Methodology

@ICRA - Ranking Methodology & Disclaimer:

^^CRISIL CPR - Ranking Methodology & Disclaimer:

Value Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity and hybrid funds this rating is based on the weighted average monthly returns for the last 3 and 5-year periods. In the case of debt funds this rating is based on the weighted average weekly returns for the last 18 months and 3-year periods and in case of short-term debt funds - weekly returns for the last 18 months. These ratings do not take into consideration any entry or exit load.Five-stars indicate that a fund is in the top 10 per cent of its category in terms of historical risk-adjusted returns. Four stars indicate that a fund is in the next 22.5 per cent of its category, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. The number of schemes in each category is mentioned along side the categories name. Equity Diversified (70), Equity : Index (17), Equity Tax Planning (19), Hybrid Equity Oriented (20), Hybrid: Monthly Income (38), Debt: Medium-term (41), Gilt: Medium and Long-term (41), Gilt: Short-term (16), Debt: Ultra Short-term (35), Debt: Ultra Short-term Institutional (29), Debt: Short-term (22), Debt: Floating Rate Short-term (18) Debt: Floating Rate Long-term (14), Hybrid: Debt-oriented (15). These Fund Ratings are as on June 30, 2006. The Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. The Ratings are subject to change every month. The Rating is based on primary data provided by respective funds, Value Research does not guarantee the accuracy.

CNBC TV18 - CRISIL Mutual Fund of the Year Award for Birla Income Plus Plan B and Birla Bond Plus - Retail Birla Income Plus Plan B was among the 2 schemes that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Open - ended Income Funds Category. In total 13 schemes were eligible for the award universe.Birla Bond Plus - Retail was among the 2 schemes that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Open-ended Income-Short Term Funds Category. In total 14 schemes were eligible for the award universe Schemes present in all four quarter CRISIL CPRs were considered for the award. The awards are based on consistency of schemes' performance in the four quarterly CRISIL CPR rankings released during the calendar year 2004. The individual CRISIL CPR parameter scores averaged for the four quarters and further multiplied by the parameter weight as per the CRISIL CPR methodology to arrive at the final scores. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, Average Maturity, Concentration, Liquidity and Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. A detailed methodology of the CRISIL CPR is available at www.crisil.com. Rankings and Award Source: CRISIL FundServices, CRISIL Ltd.

Birla Gilt Plus – Liquid Plan has been has been ranked ICRA MFR 1 and awarded the ICRA Mutual Fund Gold Award in the category Gilt – Short Term for its 3 year performance till December 31, 2005. The Award indicates the best performance within the stated category, which had a total of 11 similar schemes, including this scheme. The rank is an outcome of an objective and comparative analysis against various performance parameters, including: risk adjusted return; fund size, Sector Concentration, Portfolio turnover, liquidity, company concentration and average maturity. The ranking methodology did not take into account the entry and exit loads imposed by the Fund. ICRA Mutual Fund Award(s)/Rank(s) are not a comment on the prospective returns, appreciation potential or future net asset value of the Mutual Fund Scheme rated. ICRA Mutual Fund Awards are not recommendations to invest or not to invest in the Mutual Fund Schemes awarded. Ranking Source & Publisher: ICRA/ICRA Online Ltd.

BIRLA INCOME PLUS: CRISIL~CPR 2 Open End Debt Scheme, April 2004- March 2006: The composite performance of Birla Income Plus Plan B is “ Good” in the Open End Debt Category, and ranks within the top 30% of the 19 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended March 31,2006, Average Maturity, Concentration, Liquidity and Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future.BIRLA MIDCAP FUND: CRISIL~CPR 2 Open End Equity Scheme, April 2004- March 2006:The composite performance of Birla Midcap Fund is “Good" performance in the Open End Equity Category, and ranks within the top 30% of the 59 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended March 31,2006, Concentration and Liquidity of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. BIRLA CASH PLUS - RETAIL PLAN: CRISIL~CPR 2 Open End Liquid Scheme, April 2005 - March 2006: The composite performance of Birla Cash Plus - Retail is “Good” in the Open End Liquid Category, and ranks within the top 30% of the 24 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Mean Return, Volatility, based on NAVs over the 1-year period ended March 31,2006, Asset size, Average

Maturity, Downside Risk Probability, Company Concentration & Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. BIRLA SUN LIFE EQUITY FUND: CRISIL~CPR 2 Open End Equity Scheme, April 2004 - March 2006: The composite performance of Birla Sun Life Equity Fund is “Good” in the Open End Equity Category, and ranks within the top 30% of the 59 schemes ranked in this category The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended March 31,2006, Concentration and Liquidity of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited CRISIL AAAf Rating Methodology for Birla Income Plus, Birla Bond Plus, Birla Bond Index Fund and Birla Sun Life Cash Manager

@@ STANDARD & POOR'S FUND AWARDS 2004 Methodology

The assigned rating indicates that Birla Income Plus, Birla Bond Plus, Birla Bond Index Fund and Birla Sun Life Cash Manager's proposed portfolio holdings provide strong protection against losses due to credit default. The above schemes are open ended schemes and managed by Birla Sun Life Asset Management Company (BSLAMCL).Rating Methodology: CRISIL's assessment of a fund's credit quality is based on the creditworthiness of the fund's portfolio. CRISIL has developed a credit quality matrix to assess aggregate credit quality of the underlying portfolio of a fund. The matrix is a set of credit factors and credit scores derived scientifically from the default and transition rates of CRISIL's long-term ratings. These credit factors reflect the expected default behaviour of the respective securities in the portfolio and the expected deterioration in their credit quality. For each individual security, the lower the credit factor, the higher is its inherent credit quality. The credit factors are applied to the proportion of securities in each rating category to arrive at the credit score for the portfolio. The rating on the fund is assigned based on the credit score given to the respective fund.The Fund needs to maintain, at all times, a credit score that corresponds to its assigned rating. BSLAMCL will be furnishing a warranty to this effect. In case the Fund is not able to seek prior approval from CRISIL before investing in securities not rated by CRISIL, the Fund will report its portfolio to CRISIL within two working days from the end of the week in which such investment is made. If, due to such investments, the credit score of the Fund exceeds the limit applicable for the Fund's rating, the Fund gets a curing period of five working days from such disclosure. In case a particular investment in the Fund's portfolio is downgraded and this has resulted in its credit score crossing the specified limit, the Asset management company (AMC) has 30 days to restructure the portfolio to achieve the target credit score.

Funds must have minimum assets under management of US$4m, as at end of June 2003. The Offshore fund universe for the purposes of these Awards excludes funds that are domiciled in Luxembourg or Ireland. Awards are calculated for 1 and 5 years. There must be a minimum of 10 funds in a sector to qualify for the calculation. For detailed methodology, kindly visit http://www.funds-sp.comS & P FUND MANAGEMENT RATINGFund Management RatingsA S&P Rating is its current opinion of a fund's adherence to consistent investment processes combined with the level of volatility adjusted returns. In S&P's opinion, funds which adhere to disciplined processes and exhibit strong management, are more likely, over the long run, to provide consistent, above average volatility adjusted returns, relative to the funds in the same sector. The rating is based on an evaluation of qualitative (management, investment process and organization) and quantitative (historic performance, portfolio construction and volatility) factors which contribute to long term performance. The rating does not address, the market, credit or counter party risk of a fund, nor a fund's suitability as a counter party or obligor. Ratings DefinitionFunds rated in the AAA to A categories demonstrate to S&P an ability to provide above average volatility, adjusted returns over long term period (relative to funds in the same sector) along with a strong ability to adhere to a consistent investment process. The differentiation in the rating categories is based on quantitative factors along with Standard & Poor's The McGraw-Hill Companies's assessment of the investment process and management.AAA: A fund which demonstrates an extremely strong ability to adhere to consistentinvestment processes and provides above average volatility adjusters returns relative to tunds with similar objectives.AA: The fund demonstrates very high standards of quality in its sector based on itsinvestment process and management's consistency of performance as compared to funds with similar objectives.A: The fund demonstrates a high standard or quality in its sector based on its investment process arid management's consistency of performance as compared with funds with similar objectivesNR: Funds designated as NR (not rated) currently do not meet the requisite performance standards and /or the minimum qualitative criteria.

Methodology of Ranking

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

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

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

10-Feb-06 50 5.00 10.00 58.94

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

22-Feb-02 40 4.00 10.00 27.1629-Aug-03 50 5.00 10.00 30.5818-Jan-05 50 5.00 10.00 42.8026-Aug-05 75 7.50 10.00 41.05

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 13.72

28-Jan-05 10 1.00 10.00 14.753-Feb-06 20 2.00 10.00 20.82

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 11.62

19-Sept-03 18 1.80 10.00 12.0931-Oct-03 10 1.00 10.00 11.8726-Dec-03 15 1.50 10.00 13.9313-Feb-04 10 1.00 10.00 12.5828-Sep-04 8 0.80 10.00 11.5724-Dec-04 14 1.40 10.00 13.7511-Mar-05 10 1.00 10.00 12.851-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 13.07

17-Oct-03 56 5.60 10.00 16.1903-Feb-04 16.5 1.65 10.00 11.9857

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

27-Jan-06 20 2.00 10.00 11.67

27-Feb-06 80 8.00 10.00 20.88

24-Mar-06 100 10.00 10.00 35.08

28-Mar-06 75 7.50 10.00 17.5400

10-Mar-06 25 2.50 10.00 68.5300

27-Apr-06 500 50.00 10.00 224.51

Birla Advantage Fund

Birla Equity Plan

Birla Sun Life Equity Fund

Birla India Opportunities Fund

Birla MNC Fund

Birla Midcap Fund

Birla Dividend Yield Plus

Birla Index Fund

Birla Balance

Birla Sun LifeNew Millennium Fund


Birla Sun Life Basic Industries Fund - Dividend

Birla Sun Life Buy India Fund -Dividend

Birla Sun Life '95 Fund - Dividend

Birla Sun Life Tax Relief 96

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

38

Dividend History(For select Schemes)J u l y 2 0 0 6

DEBT SCHEMES Date Face Value Non Corporate Corporate Cum Dividend

# #Dividend Dividend Dividend Dividend NAV

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

16-Mar-06 10.00 0.888 0.0888 0.827 0.0827 10.0856

26-June-06 10.00 1.228 0.1228 1.143 0.1143 10.2443

16-Mar-06 10.00 0.899 0.0899 0.837 0.0837 10.1648

26-June-06 10.00 0.965 0.0965 0.898 0.0898 10.3305

16-Mar-06 10.00 1.158 0.1158 1.078 0.1078 10.5739

26-June-06 10.00 1.294 0.1294 1.205 0.1205 10.7361

16-Mar-06 10.00 1.403 0.1403 0.1307 1.307 10.6278

26-June-06 10.00 0.1294 0.0129 0.1205 0.0120 10.7361

16-Mar-06 10.00 1.339 0.1339 1.247 0.1247 10.9616

26-June-06 10.00 1.478 0.1478 1.376 0.1376 11.0499

27-Jan-06 10.00 0.614 0.0614 0.572 0.0572 10.8662

24-Feb-06 10.00 0.614 0.0614 0.572 0.0572 10.8371

31-Mar-06 10.00 0.614 0.0614 0.572 0.0572 11.0024

28-April-06 10.00 0.496 0.0496 0.462 0.0462 11.0372

26-May-06 10.00 0.481 0.0481 0.448 0.0448 10.9033

26-June-06 10.00 0.481 0.0481 0.448 0.0448 10.7585

27-Jan-06 10.00 0.526 0.0526 0.490 0.0490 10.1399

24-Feb-06 10.00 0.526 0.0526 0.490 0.0490 10.1072

31-Mar-06 10.00 0.526 0.0526 0.490 0.0490 10.0888

28-April-06 10.00 0.419 0.0419 0.390 0.0390 10.1356

26-May-06 10.00 0.419 0.0419 0.390 0.0390 10.1350

26-June-06 10.00 0.339 0.0339 0.316 0.0316 10.085

27-Jan-06 10.00 0.702 0.0702 0.653 0.0653 10.9708

24-Feb-06 10.00 0.702 0.0702 0.653 0.0653 10.9741

31-Mar-06 10.00 0.702 0.0702 0.653 0.0653 11.2366

28-April-06 10.00 0.571 0.0571 0.532 0.0532 11.2454

26-May-06 10.00 0.551 0.0551 0.513 0.0513 11.0445

26-June-06 10.00 0.551 0.0551 0.513 0.0513 10.8607

2-Jan-06 10.00 0.789 0.0789 0.735 0.0735 10.4630

31-Jan-06 10.00 0.789 0.0789 0.735 0.0735 10.4643

28-Feb-06 10.00 0.702 0.0702 0.653 0.0653 10.5357

31-Mar-06 10.00 0.702 0.0702 0.653 0.0653 10.6836

28-April-06 10.00 0.641 0.0641 0.597 0.0597 11.0372

31-May-06 10.00 0.759 0.0759 0.706 0.0706 10.6100

26-June-06 10.00 0.614 0.0614 0.572 0.0572 10.4457

31-Mar-06 10.00 1.579 0.1579 0.147 0.0147 10.9727

16-Mar-06 10.00 0.887 0.0887 0.826 0.0826 10.0687

26-June-06 10.00 0.148 0.0148 0.1378 0.0137 10.2581

16-Mar-06 10.00 0.908 0.0908 0.845 0.0845 10.4176

16-Mar-06 10.00 1.124 0.1124 1.047 0.1047 10.2391

16-Mar-06 10.00 1.102 0.1102 1.027 0.1027 10.0655

26-June-06 10.00 1.228 0.1228 1.143 0.1143 10.1985

02-Jan-06 10.00 4.809 0.4809 4.479 0.4479 10.0305

Birla Income Plus

Birla Bond Index Fund

Birla Gilt Plus Liquid Plan

Birla Gilt Plus PF Plan

Birla Gilt Plus Regular Plan

Birla MIP (Monthly Dividend Plan)

Birla MIP II - Savings 5 Plan

Birla MIP II - Wealth 25 Plan

Birla Sun Life Monthly Income -

Monthly Dividend

Birla Sun Life Monthly Income -

Quarterly Dividend

Birla Sun Life Income Fund -

Quarterly Dividend

Half Yearly Dividend

Birla Sun Life Govt. Securities -

Long Term Dividend

Birla Sun Life Govt. Securities -

Short Term Dividend

Birla Dynamic Bond Fund - Retail -

Quarterly Dividend

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

39

Dividend History(For select Schemes) - Since January 2006J u l y 2 0 0 6

Pri

nted

in

July

20

06

The name inspires trust

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

BIRLA SUN LIFE AMC LTD. BRANCHES

AHMEDABAD : 079-2640 3553 /48 BANGALORE : 080-2238 9991/2/3

CHENNAI : 044-5204 5003 /2819 1681 KOLKATA : 033-2288 2595/288 2592/94

MUMBAI (Head Office) : 022-6692 8000 MUMBAI (SALES Office) : 022-6637 9999

NEW DELHI : 011-2332 3070 PUNE : 020-56011865/66/67

SECUNDARABAD : 040-2772 1818 /5531 1052/3580 BARODA : 0265- 558 2984 / 2986

BHUBANESHWAR : 0674-253 5521/3413 CHANDIGARH : 0172-274 9172/73

COCHIN : 0484-238 3969 /236 6817 COIMBATORE : 0422 - 535 0262 / 64

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

INDORE : 0731-504 6789/0496,253 4502 JAIPUR : 0141-238 9082 / 238 9115

KANPUR : 0512-233 1116 /1121 LUCKNOW : 0522- 229 4110

LUDHIANA : 0161-508 8847/277 1217 PATNA : 0612-220 7022/7023

SURAT : 0261- 558 1707/ 1708

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

Editorial opinions expressed in the 'Connect' are not necessarily those of Birla Sun Life AMC Ltd. or any of their officers, employees, personnel, directors and Birla Sun Life AMC Ltd. and its officers, employees, personnel, directors do not accept responsibility for the editorial content. Birla Sun Life AMC Ltd. or any of its officers, employees, personnel, directors make no representation as to the accuracy, completeness or reliability of the editorial content and hereby disclaim any liability with regard to the same.

Constitution: Birla Mutual Fund (BMF), has been set up as a trust under the Indian Trust Act, 1882. Sponsors: Sun Life (India) AMC Investments Inc. and Birla Global Finance Ltd. (liability restricted to seed corpus of Rs. 1 lac) Trustee: Birla Sun Life Trustee Co. Pvt. Ltd. Investment Manager: Birla Sun Life Asset Management Company Ltd. Risk Factors: Mutual Funds and securities investments are subject to usual risks associated with capital and money market instruments. There can be no assurance that the funds objectives will be achieved. As with any investment in securities, the NAV of the units issued under the schemes can go up or down depending on the factors and forces affecting the securities markets. Past performance of BMF does not guarantee the future performance of the schemes of BMF and does not form a basis of comparison with other investments. The names of the schemes do not in any manner indicate either the quality of the schemes, their future prospects or returns. For all schemes please check applicable load structure before investing. For details and scheme specific risk factors read offer documents and refer to your financial advisor before investing.

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

MAKE YOUR DREAMS COME TRUE WITH A STEP BY STEP … · Frontline Equity Fund 17 Birla Sun Life...

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