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

C O N C I S E E D I T I O N

S E P T E M B E R 2 0 0 7

Stocks referred above by trade name, manufacturer, or otherwise are only indicative & does not in any manner imply its
endorsement or recommendation and may or may not form part of the Fund portfolios.

Toll Free: 1-800-22-7000 | Non Toll Free: 022-6691 7777 | SMS GAIN to 56767 | www.birlasunlife.com | E-mail: connect@birlasunlife.com
Presenting
BIRLA SUN LIFE INTERNATIONAL EQUITY FUND
An Open Ended Diversified Equity Scheme with Plan A & Plan B

POWER YOUR INVESTMENT PORTFOLIO WITH HIGH PERFORMANCE GLOBAL STOCKS. The name inspires trust

ITS TIME TO REACH OUT TO THE WORLD!!! markets, and also looked at how was the return of the best performing
With global markets now being open to Indian investors, you have an stock in the index.
opportunity to invest in international stocks to diversify your portfolio The table below illustrates the results of the study.
across borders. Performance knows no boundaries. High
Performance Stocks exist all over the world, even in markets that post Index Performance Top Performer Performance
low growth figures. You can now benefit from the performance of in Index
global giants like Lenovo, Adidas, Hitachi, BMW, Nestle, Boeing, America
Nokia, Samsung and many more... S & P 500 (US) 13.62% Allegheny Technology 151.30%
Its time to make the Worlds best work for one person - YOU S & P MidCap 400 (US) 8.99% Amer Eagle 103.70%
Dow Jones (US) 16.29% General Motors 58.19%
A TRULY INTERNATIONAL EQUITY FUND Bovespa SE (Brazil) 32.93% CEMIG 242.00%
Europe
India and Asia, the emerging markets as we call them, constitute
approximately 20% of the world market capitalization. However, FTSE 100 (UK) 10.71% Xstrata PLC 109.50%
there exists a world of top performers beyond the continent of CAC 40 (France) 17.53% EDF 72.61%
Asia. A truly International Fund is one which.. DAX (Germany) 21.98% Thyssenkrupp AG 102.60%
Invests in stocks across the world without any regional bias RTS (Russia) 70.75% Rostelecom CLS 223.50%
Capitalizes on the strengths of individual countries all across the Asia Pac
world China SE (China) 130.43% Citic Securities 430.00%
Identifies top performing stocks even in markets that post low TOPIX (Japan) 1.90% Megane Top Co. 196.80%
growth figures. Taiwan SE (Taiwan) 19.48% First Steamship 494.60%
Nifty 50 (India) 39.83% Zee Entertainment 134.90%
WHY INTERNATIONAL INVESTING? Source: Bloomberg. Caution: These are not stock recommendations. Past performance is
no guarantee of future performance.
Identifies top performing stocks even in markets that post low
growth
Equity investors should look at the vast opportunities that are Result of the Analysis:
available globally. Different markets have given different returns. For instance, TOPIX in
Investing internationally enables an investor to benefit from the Japan returned 1.90% in 2006, whereas the best performers in TOPIX
best. Investors can capitalize on each countrys strength. Egg. No returned 196.80%. Irrespective of markets good stock selection is key
one can match the mass production capabilities of China. to good performance.
Similarly, to select the best aircraft designer, one has to go the US. Birla Sun Life International Equity Fund, brings to you the expertise for
Global markets are not correlated. They differ from each other in International investing , through its engagement with SPIAS.
terms of performance, volatility, etc. Thus they offer constant
opportunities for growth.
THE WORLD IS YOUR PLAYGROUND
Global events may affect Indian markets while the converse is not
necessarily true. Hence, diversifying your investments There are huge investment opportunities like these all over the world,
internationally reduces your overall risk. waiting for you. You now have an option of investing in these
international performers to diversify your portfolio across borders and
There are Performing stocks all across the world. Performing minimize country-specific risks. At the same time you benefit from the
Stocks are not confined to Continents or Regions. Its all a matter performance of global giants to improve potential returns.
of selecting the right ones
All you need is a partner who you can trust to develop a powerful
strategy to invest in specially selected stocks that are likely to perform
ITS A STOCK PICKERS MARKET better than the rest. All you need is an International Equity Fund that
The Best Performers (Performance for calendar year 2006)
gives you access to a portfolio of some of the high performing stocks
across the globe.
We undertook an interesting study to assess what good stock selection
can do for the portfolio. We studied the movement of indices in various
Turn to Page 23

From the CEOs Desk
Dear Investor,
We have witnessed very attractive
returns in the Indian market over the
past few years and Im sure you have
benefited from investing in our equity
schemes. We feel its now time to
diversify your portfolio and take
advantage of opportunities in
international markets. With so many
International funds being launched, the
question is - which is the right one?
Performing stocks are not restricted
by geographical boundaries nor do
they understand the concept of
high growth countries or regions.
There are performing stocks
everywhere some are well known
others are not. The key lies in their
selection.
What you need is a partner who you can
trust. Birla Sun Life Mutual Fund is proud
to bring you Birla Sun Life
International Equity Fund, a truly
international fund that seeks to invest
without geographic, sectorial or market
capitalization bias.
This fund is brought to you by Birla Sun
Life Asset Management Company
Ltd., a premier name in the Indian
market with a proven track record of
C O N C I S E
S e p t e m b e r 2 0 0 7
over 12 years in a special tie-up with
Standard & Poors Investment
Advising Services, LLC, the largest
source of independent international
equity research and a leader in mutual
fund information and analysis.
The new fund to be launched 17th
September 2007 comes with two
investment options. Option A invests
100% in the international market while
option B takes advantage of tax benefits
and invests in up to 35% in the
international market and 65% in
domestic market.
This truly is a unique offering to the
Indian investor and I welcome you to
take advantage of this opportunity. Feel
free to contact us for further details on
this fund.
With warm regards,
Mukul Gupta
CEO
Birla Sun Life AMC Ltd.
03

Market Outlook
EQUITY MARKET
Global equity markets witnessed heightened volatility during August and a similar
behavior could be noticed in currency markets as well. The fear prevailing in credit
markets about subprime mortgages and CDO related losses gripped equity markets as
well on account of uncertainty about global financial sectors exposure to low quality
investments.
Fundamentals, however, remain supportive of growth. Global economic activity in 2007
so far has remained buoyant, notwithstanding risks of weakness in the US. Robust growth
in advanced economies other than the US and major emerging economies provided
support to global growth. According to the estimates by the IMF global growth could be
close to a strong 5.2% each in 2007 and 2008.
The on going US-India nuclear deal resulted in a stand off between the members of ruling
coalition government. However, as a welcome change to tradition the matter has been
taken to discussion table putting to rest variety of speculations, which could have
impacted investor sentiments in the short-term.
India's first quarter GDP growth numbers confirmed a strong growth momentum. The
GDP for Apr-Jun 2007 quarter grew by 9.3% YoY, over a strong 9.6% growth during the
corresponding period of the previous year. The latest growth number compares with a
9.1% growth during the quarter ended March 2007.
A look at the quarterly GDP by expenditure reveals that the growth in Government
expenditure stood at 10.5% YoY, while Private Consumption increased at a pace of 5.6%
YoY. It is worth emphasizing the robust 15.9% YoY growth in Investments (Gross fixed
capital formation), which indicates strength of the ongoing capex cycle. However, Net
export turned negative at 1% of GDP vis--vis 0.8% of GDP in same quarter last year,
with the appreciation in the domestic currency.
DEBT MARKET
Global markets:
Global financial markets have witnessed heightened volatility over the last few weeks. The
trigger was cracks in US credit markets where a moderation in housing sector led to higher
defaults in the sub-prime (less credit worthy) mortgages and consequently losses were
suffered in securitization market. Initially the perception of market and the policy makers
was that the problem was well-contained and was related to a small segment of the
securitization market. However, the confidence got shaken when some of the hedge funds
holding 'high-grade instruments' with underlying of sub-prime mortgages saw their NAV
almost eroded. Fear factor increased as more skeletons started coming out from several
market participants. This led to a widening of credit spreads and a crisis in commercial
paper market. Many mortgage companies and others, which relied upon CP market for
refinancing suddenly, saw liquidity drying up. US Fed and other central banks all began to
rise to the challenge, by first injecting liquidity in the market and finally Fed blinked by
cutting the discount rate by 50-bps.
Markets have got back some confidence from the expectations that central banks are
willing to 'bail them out'. However, it is important to keep in mind that the genesis of the
problem lies in extra-ordinary liquidity creation by global central banks over the last few
years that led to risk premiums across asset classes falling to historically lowest levels.
Markets also drew comfort from the fact that every time a crisis erupted in global financial
markets (e.g. Mexican crisis in 95, Asian crisis in 1997, LTCM failure in 1998, tech bubble
burst and WTC attack in 2001), central banks particularly the US Fed intervened by
pumping liquidity. Subprime problem in US is essentially a product of easy liquidity, reduced
credit spreads and innovation such as securitization.
Domestic bond markets:
Yields eased early in the month as ample cash surpluses in the banking system largely
negated the effect of the CRR hike. Government Bond auctions met with good response
and cut-off yields were lower than expectations. However, the effect of the cap placed on
External commercial Borrowings (ECB), the hike in MSS ceiling and additional bond
issuances started to weigh on liquidity outlook and triggered a reversal in yields. Worries
over global credit conditions weakened sentiment further. The Government of India put
restrictions on the end-use of foreign loans raised by local firms, wherein loans over $20
mn would now have to be spent overseas. This brought medium term liquidty into
perspective. The RBIs decision to raise the ceiling on MSS from Rs.1.1 trillion from Rs.1.5
trillion compounded market woes. Yields rose futher on concerns over the stability of the
04
C O N C I S E
S e p t e m b e r 2 0 0 7
In order to provide succor from a strong Rupee, the government imposed certain
restrictions for ECBs mandating that amounts greater than US$ 20 mn would be allowed
only if it is spent in foreign currency. The move will be supportive for loan growth and
yields for domestic banks and will also help companies whose revenues are earned
directly in foreign currency or are linked to international prices viz. IT, Textiles, other
exporters and commodities producers etc. Moreover, credit concerns have provided
breathing space to the RBI as appreciation pressure on Rupee and resultant domestic
liquidity from global inflows has abated somewhat.
Aggregate tax collections for April-Jul 2007 have risen 26%, ahead of the full-year
government budget estimate of 17%. Direct taxes rose 42% in April-July, also ahead of
the budget estimate, driven by strong growth in corporate tax (49% YoY) and personal
income tax (32% YoY) collections. This is a strong evidence that the earnings growth
momentum is continuing. Recollecting the first quarter performance, profit growth for the
Sensex companies (ex banks) stood at 30% YoY while that for banks was at 48% YoY.
Strong economic activity, driven by rising incomes, savings and investments, is leading to
robust corporate earnings growth. With such strong basic fundamentals, we reiterate our
positive stance on long-term prospects of the Indian markets with economy still growing at
a faster pace as compared to the rest of the world. In the shorter term, the stock market
movement could be impacted from the global market cues and the consequent liquidity
flows. As asset managers, our endeavor would to use the volatility in the markets to find
investment opportunities at bargain prices that could substantially enhance overall
portfolio returns.
Balasubramanium A.
Chief Investment Officer
Birla Sun Life AMC Ltd.
government.
Global factors like change in interest rate outlook of the major economies rubbed off
favourably on the local market. The stronger positive trigger for local bonds to recover lost
ground was easing inflation rate. Yields stuck to a narrow band as misgivings over liquidity
continued to exist in the background amidst bond auctions, persistent FII selling in stocks
and upcoming advance tax payments.
Reflecting doubts over liquidity, the 91-day commercial paper reference rate spiked to
8.46% from 6.60%. The yield on 91-day T-bills was rose to 7.10% from 6.48%.
In the corporate bond segment, yields rose as rising concerns over liquidity post the
monetary policy impaired sentiment. Furthermore, the turmoil in the credit markets across
the world kept traders at bay throughout the month.
Outlook for bond markets:
The market is expecting a rate cut by US Fed when the policy setting committee meets next
month. Though our view is that Fed should refrain from cutting rates so that some of the
excesses and imbalances that persist in global economy and financial markets get
corrected. Having said that, Fed normally doesnt give surprises to the market and looking
at Fed futures probability of them cutting rates is very high. Even European Central bank,
Bank of England and Bank of Japan are likely to keep interest rate unchanged for
sometime.
A rate cut by Fed will have positive impact on our markets. As it is, domestic factors suggest
that RBI is likely to be on hold as far as policy rates are concerned. Bank credit has slowed
down to a YoY growth rate of 23% while headline inflation remains in RBI's comfort zone. In
view of uncertainty on the global front, RBI would most likely to be in a wait and watch
mode. Post, RBI' credit policy review in July, we have seen major spike in short term yields
while long term yields have also inched up. Liquidity could tighten a bit going forward,
however, broadly we expect interest rates to soften from current levels. We advise investors
with long horizon and risk appetite to allocate part of their funds to Income funds.
Navneet Munot
Chief Investment Officer Fixed Income
Birla Sun Life AMC Ltd.
 Birla Sun Life Equity Fund
(An open-end growth scheme) Investment Style: Growth

INVEST IN 8 YEARS OF
CONSISTENT RETURNS

i
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iValue Research Rating#
i MFR 1 by ICRA@ CRISIL~CPR 2^^
Birla Sun Life Equity Fund Birla Sun Life Equity Fund Birla Sun Life Equity Fund
Equity: Diversified (188 Schemes), 5 Yrs ended 31-Aug-07 Open Ended Diversified Equity Schemes - Defensive (32 Schemes), 3 Yrs ended 31-Dec-06 Diversified Equity Scheme (60 Schemes), 2 Yrs ended 30-June-07
#
(Past performance is no guarantee of future results.) for raking methodology please refer page 22

Rs. 1 Lac invested in BSLEF in Aug 1998 would have become Rs. 21.74 Lacs by August 31, 2007
A similar investment in BSE 200 would have become Rs. 5.98 Lacs by August 31, 2007
Past performance may or may not be sustained in future.

Investment Performance (As on August 31, 2007) Ideal for SIP (As on August 31, 2007)

SIP is a powerful tool than can help you create wealth over time. If you had invested Rs. 1,000/- per
NAV : Rs. month in Birla Sun Life Equity Fund, since Inception, you would have earned...
Date of First Installment : October 1, 1998
Growth : 217.36 Your Total Investment Rs. 1,07,000
The data assumes the investment of Rs.1,000/-
60 on 1st day of every month or the subsequent
Dividend : 79.98 Value of Your Investment Rs. 6,75,619
54.53 53.58 working day. Load and Taxes are not considered
for computation of returns. Past performance
50 48.26 Return on Investment (CAGR) may or may not be sustained in future.
39.53%
*CAGR Returns are computed after accounting
Benchmark (BSE 200) Returns (CAGR) for the cash flow by using the XIRR method
40.71 26.51%
40 39.52 (investment internal rate of return)
37.47
32.82
% Returns

30 Top 10 Holdings (As on August 31, 2007)

21.94
Issuer Market Value (Rs. in Lacs) % of Net Assets
20
Crompton Greaves Ltd. 4020.17 4.01
Infosys Technologies Ltd. 3862.47 3.85
10 Bharat Heavy Electricals Ltd. 3707.87 3.70
United Breweries Holdings Ltd. 3601.18 3.59
Reliance Communications Ltd. 3578.82 3.57
0 Bharti Airtel Ltd. 3424.41 3.41
1 Year 3 Years 5 Years Since Inception
ICICI Bank Ltd. 3067.97 3.06
Birla SunLife Equity Fund - Growth BSE 200 Mahindra & Mahindra Ltd. 2697.24 2.69
Siemens Ltd. 2685.81 2.68
Past performance may or may not be sustained in future. Returns are in % and absolute returns for period less than Satyam Computer Services Ltd. 2649.65 2.64
1 year & CAGR for period 1 year or more.
Total outstanding exposure in derivatives as on 31st August, 2007 is Rs. 28.02 Crores (Notional value).

DID YOU KNOW ?

A 100 % Dividend was declared in Birla Sun Life Equity Fund on August 31, 2007
Rs. 10 per unit on face value of Rs. 10. Record Date: August 31, 2007. Dividend distribution is proposed subject to availability of distributable surplus on the record date. After payment of of Dividend, NAV will fall to the extent of payout. NAV as on 23rd August 2007 is Rs. 73.57. Past performance may or may not be sustained in the future.

Investment Objective : An open - ended 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 security. Date of inception / takeover : August
27, 1998. Entry Load (Including SIP) : For Purchase / switch in of units less than Rs. 5 Crores in value: 2.25%. For Purchase / switch in of units equal to or greater than Rs. 5 Crores in value: NIL. Exit Load (Including SIP) : For Purchase / switch in of
units upto and including Rs. 5 crore in value, an Exit load of 0.50% is payable if the units are Redeemed/Switch out within six months form the date of allotment. For Purchase / switch in of units, greater than 5 crores in value, no exit load is payable.

06
 Invest in hand picked frontline stocks
having the potential of superior growth

i
i
i
iValue Research Rating#
i CRISIL~CPR 1^^
Birla Sun Life Frontline Equity Fund Birla Sun Life Frontline Equity Fund
Equity: Diversified (188 Schemes), 3 Yrs ended 31-Aug-07 Large Cap Oriented Equity Scheme (26 Schemes), 2 Yrs ended 30-Jun-07
#
(Past performance is no guarantee of future results.) for raking methodology please refer page 22

Rs. 1 Lac invested in BSLFEF in Aug 2002 would have become Rs. 5.95 Lacs by August 31, 2007
A similar investment in BSE 200 would have become Rs. 4.92 Lacs by August 31, 2007
Past performance may or may not be sustained in future.

Investment Performance (As on August 31, 2007) Ideal for SIP (As on August 31, 2007)

SIP is a powerful tool than can help you create wealth over time. If you had invested Rs. 1,000/- per
NAV : Rs. month in Birla Sun life Frontline Equity Fund, since Inception, you would have earned...

Growth : 59.54
Date of First Installment : October 01, 2002
Your Total Investment Rs. 59,000
50 Dividend : 20.91 The data assumes the investment of Rs.1,000/-
47.22 on 1st day of every month or the subsequent
Value of Your Investment Rs. 1,69,035 working day. Load and Taxes are not considered
45 42.58 42.82 for computation of returns. Past performance
40 39.52 Return on Investment (CAGR) 44.50%
may or may not be sustained in future.
37.47 *CAGR Returns are computed after accounting
35 Benchmark (BSE 200) Returns (CAGR) for the cash flow by using the XIRR method
32.82 37.49%
(investment internal rate of return)
% Returns

30

25
Top 10 Holdings (As on August 31, 2007)
20
Issuer Market Value (Rs. in Lacs) % of Net Assets
15
Bharti Airtel Ltd. 1333.88 4.21
10 Crompton Greaves Ltd. 1329.88 4.19
ICICI Bank Ltd. 1199.26 3.78
5 Grasim Industries Ltd. 1174.24 3.70
0 Reliance Industries Ltd. 1160.02 3.66
1 Year 3 Years Since Inception Maruti Udyog Ltd. 1149.18 3.62
Birla SunLife Frontline Equity Fund - Growth BSE 200 Infosys Technologies Ltd. 1129.00 3.56
Reliance Communications Ltd. 1106.11 3.49
Past performance may or may not be sustained in future. Returns are in % and absolute returns for period less than
Bharat Heavy Electricals Ltd. 1017.87 3.21
1 year & CAGR for period 1 year or more.
Oil & Natural Gas Corporation Ltd. 935.24 2.95

DID YOU KNOW ?

A 40% dividend was declared in Birla Sun Life FrontLine Equity Fund on As on June 29, 2007
Rs. 4 per unit on face value of Rs. 10. Record Date: June 29, 2007. Dividend distribution is proposed subject to availability of distributable surplus on the record date. After payment of Dividend, NAV will fall to the extent of payout. NAV as
on 21st June 2007 is Rs. 23.54. Past performance may or may not be sustained in the future.

Investment Objective : An open-end growth scheme with the objective of long term growth of capital, through a portfolio with a target allocation of 100% equity by aiming at being as diversified across various industries and or sectors as its chosen
benchmark index, BSE 200. Date of inception / takeover : August 30, 2002. Entry Load (Including SIP) : For Purchase / switch in of units less than Rs. 5 Crores in value: 2.25%. For Purchase / switch in of units equal to or greater than Rs. 5 Crores
in value: NIL. Exit Load (Including SIP) : For Purchase / switch in of units upto and including Rs. 5 crore in value, an Exit load of 0.50% is payable if the units are Redeemed/Switch out within six months form the date of allotment. For Purchase / switch
in of units, greater than 5 crores in value, no exit load is payable.

07
 i
i
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iValue Research Rating# CRISIL~CPR 2
Birla Mid Cap Fund Birla Mid Cap Fund
Equity: Diversified (188 Schemes), 3 Yrs ended 31-Aug-07 Diversified Equity Scheme (60 Schemes), 2 Yrs ended 30-Jun-07
#
(Past performance is no guarantee of future results.) for raking methodology please refer page 22

Rs. 1 Lac invested in BMF in October 2002 would have become Rs. 7.92 Lacs by August 31, 2007
A similar investment in CNX Midcap would have become Rs. 6.72 Lacs by August 31, 2007
Past performance may or may not be sustained in future.

Investment Performance (As on August 31, 2007) Ideal for SIP (As on August 31, 2007)

SIP is a powerful tool than can help you create wealth over time. If you had invested Rs. 1,000/- per
NAV : Rs. month in Birla MidCap Fund. Since Inception, you would have earned...

Growth : 79.26 Date of First Installment : November 01, 2002

Your Total Investment Rs. 58,000
60 Dividend : 28.51 The data assumes the investment of Rs.1,000/-
on 1st day of every month or the subsequent
Value of Your Investment Rs. 1,85,434 working day. Load and Taxes are not considered
52.41 for computation of returns. Past performance
49.58 49.82
50 47.37 Return on Investment (CAGR) 50.52%
may or may not be sustained in future.
*CAGR Returns are computed after accounting
40.55 Benchmark (CNX Midcap) Returns (CAGR) for the cash flow by using the XIRR method
40.32 41.32%
(investment internal rate of return)
40
% Returns

30
Top 10 Holdings (As on August 31, 2007)

20 Issuer Market Value (Rs. in Lacs) % of Net Assets

Apollo Tyres Ltd. 1305.29 2.86
Aditya Birla Nuvo Ltd. 1190.75 2.61
10
CESC Ltd. 1126.67 2.47
Mahindra & Mahindra Ltd. 1006.85 2.20
0 Sintex Industries Ltd. 976.57 2.14
1 Year 3 Years Since Inception Blue Star Ltd. 974.73 2.13
Birla Mid Cap Fund - Growth CNX Midcap Century Textile & Industries Ltd. 973.06 2.13
Bharat Bijlee Ltd. 971.25 2.13
Past performance may or may not be sustained in future. Returns are in % and absolute returns for period less than
Monnet Ispat Energy Ltd. 958.66 2.10
1 year & CAGR for period 1 year or more.
Thermax Ltd. 953.03 2.09

DID YOU KNOW ?

#
Birla Midcap Fund has always retained a 4i
and above rating since Dec 2005 when it first got its Value Research Rating
#
Past performance may or may not be sustained in future. for raking methodology please refer page 22

Investment Objective : An Open-ended growth scheme with the objective to achieve long-term growth of capital at controlled level of risk by primarily investing in midcap stocks. Date of inception / takeover : October 3, 2002. Entry Load
(Including SIP) : For Purchase / switch in of units less than Rs. 5 Crores in value: 2.25%. For Purchase / switch in of units equal to or greater than Rs. 5 Crores in value: NIL. Exit Load (Including SIP) : For Purchase / switch in of units upto and
including Rs. 5 crore in value, an Exit load of 0.50% is payable if the units are Redeemed/Switch out within six months form the date of allotment. For Purchase / switch in of units, greater than 5 crores in value, no exit load is payable.

08
 Birla Sun Life

'95 (An open ended Balanced Scheme)

Fund
INDIA 2007

Winner of i
i
iValue Research Rating#
i
Best Fund - Lipper Awards India 2007& Birla Sun Life 95 Fund
Mixed Asset INR Aggressive, 10 Yrs ended 31-Dec-06 Hybrid: Equity Oriented (32 Schemes), 5 Yrs ended 31-Aug-07

#
(Past performance is no guarantee of future results.) for raking methodology please refer page 22

Rs. 1 Lac invested in BSL 95 in April 2002 would have become Rs. 4.43 Lacs by August 31, 2007
A similar investment in Crisil Balance Fund Index would have become Rs. 2.67 Lacs by August 31, 2007 (benchmark returns are calculated from benchmark inception date: April 1st, 2002)
Past performance may or may not be sustained in future.

Investment Performance (As on August 31, 2007) Ideal for SIP (As on August 31, 2007)

SIP is a powerful tool than can help you create wealth over time. If you had invested Rs. 1,000/- per
NAV : Rs. month in Birla Sun Life 95 Fund, since Inception, you would have earned...

Growth : 209.77 Date of First Installment : April 01, 1995

Your Total Investment Rs. 1,49,000
The data assumes the investment of Rs.1,000/-
Dividend : 96.91 on 1st day of every month or the subsequent
Value of Your Investment Rs. 11,86,111 working day. Load and Taxes are not considered
40 38.49 for computation of returns. Past performance
36.51 may or may not be sustained in future.
35.12 Return on Investment (CAGR) 30.36%
35 *CAGR Returns are computed after accounting
Benchmark Returns (CAGR) for the cash flow by using the XIRR method
12.69%
30 (investment internal rate of return)
27.42
% Returns

25 24.50
22.81
19.94 Top 10 Holdings (As on August 31, 2007)
20
Issuer Market Value (Rs. in Lacs) % of Net Assets
15
Debt Housing Development Finance Corp. Ltd. ** 2,011.38 12.52
10 Indian Retail ABS Trust Series 50 ** 799.55 4.98
Equity Infosys Technologies Ltd. 862.60 5.37
5 ITC Ltd. 852.75 5.31
Rallis India Ltd. 780.62 4.86
0
1 Year 3 Years 5 Years Since Inception United Breweries Holdings Ltd. 44.17 4.64
Hero Honda Motors Ltd. 681.68 4.24
Birla SunLife 95 - Growth Crisil Balanced Fund Index Reliance Industries Ltd. 666.23 4.15
HCL Technologies Ltd. 623.49 3.88
Past performance may or may not be sustained in future. Returns are in % and absolute returns for period less than Cipla Ltd. 614.17 3.82
1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.
** Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 22.55%

DID YOU KNOW ?

Birla Sun Life '95 Fund has been consistently outperforming its benchmark (CRISIL Balanced Fund Index) for the last 4 years.
Past performance may or may not be sustained in future.

Investment Objective : An open-end balanced scheme with the objective of long term growth of capital and current income, through a portfolio of equity and fixed income securities. Date of inception / takeover : February 10, 1995. Entry Load
(Including SIP) : For Purchase / switch in of units less than Rs. 5 Crores in value: 2.25%. For Purchase / switch in of units equal to or greater than Rs. 5 Crores in value: NIL. Exit Load (Including SIP) : For Purchase / switch in of units upto and
including Rs. 5 crore in value, an Exit load of 0.50% is payable if the units are Redeemed/Switch out within six months form the date of allotment. For Purchase / switch in of units, greater than 5 crores in value, no exit load is payable. ** Represents
thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 31.34%.

09
 NAV : Rs.
Retail Growth : 20.7852
Retail Dividend : 16.3694
Institutional Growth : 20.9412
Institutional Dividend : 10.8023
Institutional Plan - Weekly Dividend Option : 10.8068
Institutional Plan - Fortnightly Dividend Option : 10.8366
Institutional Premium Plan - Growth : 12.3112
Institutional Premium Plan - Dividend : 10.0195
Institutional Premium Plan - Weekly Div. Option : 10.0225
Institutional Premium Plan - Fortnightly Div. Option : 10.0736
Institutional Premium Plan - Monthly Dividend : 10.0000

An open-ended Liquid Scheme

# # @
i
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iValue Research Rating
i i
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iValue Research Rating
i CRISIL~CPR 2^^ MFR 1 by ICRA
Birla Cash Plus - Institutional Premium Birla Cash Plus - Retail Birla Cash Plus - Retail Plan Birla Cash Plus - Institutional Plan
Debt: Ultra Short-term Institutional (47 Schemes), 18 month ended 31-Aug-07 Debt: Ultra Short-term (47 Schemes), 18 month ended 31-Aug-07 Liquid Scheme (24 Schemes), 1 Yrs ended 30-Jun-07 Open Ended Liquid Schemes - Institutional Plan (13 Schemes), 3 Yrs ended 31-Dec-06

#
CRISIL~CPR 2^^ CRISIL~CPR 2^^ mfA1+ by ICRA+ i
i
iValue Research Rating
i
i
Birla Cash Plus - Institutional Premium Plan Birla Cash Plus - Institutional Plan Birla Cash Plus Fund Birla Cash Plus - Institutional Plan
Liquid Super Institutional Scheme (15 Schemes), 1 Yrs ended 30-Jun-07 Liquid Institutional Scheme (13 Schemes), 1 Yrs ended 30-Jun-07 Debt: Ultra Short-term Institutional (47 Schemes), 18 month ended 31-Aug-07
#
(Past performance is no guarantee of future results.) for raking methodology please refer page 22
@ The grading has been assigned by ICRA and indicates highest quality. The investment quality is similar to that of fixed income obligations of highest safety and with maturity corresponding upto 1 year. This grading should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns.

Birla Cash Plus offers you... Better money management with Birla Cash Plus

Following table shows the difference in returns for your Rs. 1 Lac invested in Birla Cash Plus v/s
SAFETY: investment are absolutely free (after deduction of
an ordinary Savings Bank A/c
Birla Cash Plus invests in a portfolio of high quality Dividend Distribution Tax) in the hand of investors, on
fixed income instruments which are short term in a gross level you get an even higher rate of return Period Invested in BCP Kept in Saving Bank A/c Difference in Returns
duration and are of highest quality credit ratings. than a bank account where interest income is 100601.64 100287.67
taxable. 1 month Rs. 313.97
@ 5.62 % @ 3.50 %
LIQUIDITY: 101656.99 100863.01
There is no lock-in period when you invest in Birla CONVENIENCE OF A SAVINGS A/c: 3 months Rs. 793.97
@ 6.72 % @ 3.50 %
Cash Plus. You earn for the period for which you You get an Account Statement, similar to a
invest. If your money is invested for two days, you passbook, which records subscriptions and 103797.26 101726.03
6 months Rs. 2071.23
earn returns for two full days. redemptions. You can at any time add to your @ 7.70 % @ 3.50 %
investments or withdraw all or part of it. You can 107510.00 103500.00
1 year Rs. 4010.00
TAX-EFFICIENT RETURNS: even maintain a zero balance. There is NO @ 7.51 % @ 3.50 %
Since the returns from dividend on a mutual fund ENTRY/EXIT LOAD Past performance may or may not be sustained in future.Returns calculated are based on returns generated by Birla Cash Plus - Retail Plan-Growth Option (NAV
Rs.20.7852) for period ended 31st August, 2007. Returns are in % and simple annualized. Savings Bank A/c returns are assumed at 3.5% p.a.

Investment Performance (As on August 31, 2007) Top 10 Holdings (As on August 31, 2007)

8 Issuer Market Value (Rs. in Lacs) % of Net Assets

7.32 7.43
7 6.92 6.72 Union Bank of India 45,976.96 5.42
6 ICICI Bank Ltd. 24,495.48 2.89
5.24
UCO Bank Ltd. 20,002.55 2.36
% Returns

5
4.35 Birla Cash Plus -
Housing Development Finance Corp. Ltd. 16,395.61 1.93
4 Retail - Growth
3.12 Punjab National Bank 12,056.88 1.42
3
Crisil Liquid Fund ABN Amro Bank 11,106.90 1.31
2 Index
Union Bank of India 10,213.22 1.20
1
91 Days T-BILL 14 SEP 2007 9,981.05 1.18
0 Tata Motors Ltd. 9,785.12 1.15
15 days 1 Month 3 Months Since Inception
Federal Bank Ltd. 9,517.26 1.12
Past performance may or may not be sustained in future. Returns are in % and simple annualized for period less than 1
year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown. Total Percentage of thinly/non traded securities is 5.08%

DID YOU KNOW ?

Birla Cash Plus was the first fund of its kind. In fact it started a category of its own. Currently the Liquid Scheme
category is the largest in mutual fund industry.
Past performance may or may not be sustained in future.

Investment Objective : An Open-ended liquid scheme with the objective to provide reasonable returns at a high level of safety and liquidity through judicious investments in high quality debt and money market instruments. Date of inception
/takeover : June 16,1997. Entry Load: NIL. Exit Load : NIL. **Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 8.88%.

10
 BIRLA SUN LIFE
MONTHLY INCOME
An open- ended fund. Monthly income is not assured and is subject to availability of distributable surplus

i
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iValue Research Rating#
i
i CRISIL~CPR 1^^
Birla Sun Life Monthly Income Plan Birla Sun Life Monthly Income
Hybrid: Monthly Income (39 Schemes), 3 & 5 Yrs ended 31-Aug-07 MIP Conservative Scheme (9 Schemes), 2 Yrs ended 30-Jun-07
#
(Past performance is no guarantee of future results.) for raking methodology please refer page 22

About Birla Sun Life Monthly Income Investment Performance (As on August 31, 2007)

Returns from investments go hand in hand with risk. Monthly Income Plans (MIPs) as an option are 16
low to medium on risk and have a higher potential to generate returns than pure fixed income NAV : Rs.
14 13.64
products. 13.04 Growth : 27.1058
12 11.53
11.01 Monthly Dividend : 11.0177
MIPs are an attractive option for: 10 9.24 9.44
8.75 Quaterly Dividend : 11.5675
% Returns

Retired investors or those seeking regular income 8

MIPs provide a good tool to earn regular returns by way of monthly dividends. Birla Sun Life Mutual 6
Fund's MIPs have had consistent track record of paying regular dividends.
4
Investors seeking growth of capital
2
All MIPs of Birla Sun Life Mutual Fund have a growth option where the returns are accumulated and
0
not given out in the form of dividends. Alternatively, investors can choose the dividend reinvestment 1 Year 3 Years 5 Years Since Inception
options.
Birla SunLife MIP - Growth Crisil MIP Blended Index
MIPs from Birla Sun Life Mutual Fund are attractive due to the simplicity of the structure. These MIPs
follow a structure that not only endeavors to ensure but also generate superior returns. Past performance may or may not be sustained in future. Returns are in % and absolute returns for period less than
1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.

Did You Know ? Excellent Track record of declaring Dividends

Declared Dividend (%) Dividend* Face value Cum Dividend

on Date (Rs, per unit) (Rs.) NAV (Rs. Per unit)
29-Sep-06 0.586 0.0586 10 10.7469
31-Oct-06 0.730 0.0730 10 10.8531
30-Nov-06 0.691 0.0691 10 10.9319
29-Dec-06 0.695 0.0695 10 10.8218
Birla Sun Life Monthly Income has a 31-Jan-07 0.758 0.0758 10 10.8539
track record of paying dividends to its 23-Feb-07 0.580 0.0580 10 10.6311

investors every month. It has never 30-Mar-07

30-Apr-07
0.482
0.496
0.0482
0.0496
10
10
10.5950
10.6969
missed to declare dividends. 31-May-07 0.673 0.0673 10 10.8253
29-Jun-07 0.622 0.0622 10 10.8480
31-July-07 1.152 0.1152 10 11.1562

Dividend distribution is not assured and is subject to availability of distributable surplus 31-Aug-07 0.744 0.0744 10 11.0177
* Dividend is declared on face value of Rs.10. After payment of dividend, NAV will fall to the extent of payout and statutory levy, if any. Past performance may * Dividend is declared on face value of Rs.10. After payment of dividend, NAV will fall to the extent of payout and statutory levy, if any. Past performance may
or may not be sustained in future. or may not be sustained in future.

Investment Objective : An open-end income scheme with the primary objective to generate regular income so as to make monthly and quarterly distributions to Unitholders and the secondary objective as growth of capital. Monthly income is not
assured and is subject to availability of distributable surplus. Date of inception / takeover : July 14, 1999. Entry Load (Including SIP) : NIL. Exit Load (Including SIP) : For redemption / switch out of units within 12 months from the date of
allotment: 1%

11
 C O N C I S E

Equity Funds S e p t e m b e r 2 0 0 7
(As on August 31, 2007)

Birla Sun Life Birla Sun Life New Birla Equity

Tax Relief 96* Millennium Fund Plan*

Awards & Ranking CRISIL~CPR 2^^ i

i
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iValue Research Ratings#
(Past performance may or may not be sustained in future) Birla Sun Life Tax Relief 96 Birla Equity Plan
Equity Linked Savings Scheme (14 Schemes), 2 Yrs ended 30-Jun-07 Equity: Tax Planning (29 Schemes), 5 Yrs ended 31-Aug-07

Investment Objective An open-end equity linked savings scheme A multi-sector open-end growth scheme with the An Open-ended Equity Linked Savings Scheme
(ELSS) with the objective of long term growth of objective of long term growth of capital, through a (ELSS) with the objective to achieve long-term
capital through a portfolio with a target allocation portfolio with a target allocation of 100% equity, growth of capital along with income tax relief for
of 80% equity, 20% debt and money market focusing on investing in technology and investment.
securities. technology dependent companies, hardware,
peripherals and components, software, telecom, *An Open-ended Equity Linked Savings Scheme (ELSS) with a
*An Open-ended Equity Linked Savings Scheme (ELSS) with a media, internet and e-commerce and other lock-in of 3 years
lock-in of 3 years technology enabled companies.

NAV Growth : 109.11 Growth : 20.79 Growth : 12.80

Dividend : 17.73 Dividend : 67.39
*Introduced with effect from 1st Oct, 2006

Investment Performance 60 50 60
45 53.85
(% Returns) 43.40
50 47.70 39.34 50 47.47
40
43.21 37.00 43.43
42.33 34.32
39.52 39.91 35 32.76 40.25
40 37.47 40 36.89
32.82 30 27.34 33.32
30.94
30 25 30
20
20 20 19.50
15.86 15
10.07
10
10 10
5
Past performance may or may not be sustained in future. Returns 0 0 0
are in % and absolute returns for period less than 1 year & CAGR for 1 Year 3 Years 5 Years Since Inception 1 Year 3 Years 5 Years Since Inception 1 Year 3 Years 5 Years Since Inception
period 1 year or more. When benchmark returns are not available,
they have not been shown. Birla SunLife Tax Relief 96 BSE 200 Birla SunLife New Millennium Fund - Growth BSE Teck Birla Equity Plan - Dividend BSE Sensex

Entry Load Rs. 5 crores - 2.25%

< Rs. 5 crores - 2.25%
< Rs. 5 crores - 2.25%
<
Load Structure Rs. 5 crores - Nil
Rs. 5 crores - Nil
Rs. 5 crores - Nil

(Incl. of SIP)
Exit Load Nil Nil Nil

Top 10 holdings Issuer % to Net Asset Issuer % to Net Asset Issuer % to Net Asset

United Breweries Holdings Ltd. 8.22 Infosys Technologies Ltd. 9.71 Reliance Communications Ltd. 5.06
Infosys Technologies Ltd. 5.71 Bharti Airtel Ltd. 9.59 Maruti Udyog Ltd. 4.79
Larsen & Toubro Ltd. 5.50 Reliance Communications Ltd. 8.38 Goodyear India Ltd. 4.19
ICRA Ltd. 5.00 Satyam Computer Services Ltd. 5.47 Gammon India Ltd. 4.02
HDFC Bank Ltd. 4.81 Subex Azure Ltd. 4.69 Aditya Birla Nuvo Ltd. 3.98
Housing Development Finance Corp. Ltd. 4.68 Mphasis BFL Ltd. 4.66 Kirloskar Oil Engines Ltd. 3.85
Aditya Birla Nuvo Ltd. 4.60 Tata Consultancy Services Ltd. 4.64 TRF Ltd. 3.73
Siemens Ltd. 4.32 I-Flex Solutions Ltd. 4.40 Bharti Airtel Ltd. 3.15
ICICI Bank Ltd. 4.19 Deccan Chronicle Holdings Ltd. 4.05 Infrastructure Development Fin. Co. Ltd. 2.69
Maruti Udyog Ltd. 3.91 Jagran Prakashan Ltd. 3.57 Welspun Gujarat Stahl Rohren Ltd. 2.66

Date of Inception / takeover March 29, 1996 January 15, 2000 February 16, 1999

BenchMark BSE 200 BSE Teck BSE Sensex

SIP Returns March 01, 2000

Date of 1st Installment April 01, 1996 March 01, 1999
The data assumes the
investment of Rs.1,000/-
Monthly Investment 1,000 1,000 1,000
on 1st day of every month
or the subsequent working
day. Load and Taxes are Total Investment 137,000 90,000 102,000
not considered for
computation of returns. Value of Investment 2,84,823
Past performance may or
16,67,568 5,38,824
may not be sustained in
future. *CAGR Returns Return on Investment 40.17% 30.03% 37.71%
are computed after (CAGR)
accounting for the cash
flow by using the XIRR
Benchmark Returns 21.93% 25.87% 26.00%
method (investment
internal rate of return) (CAGR)

12
 C O N C I S E

Equity Funds S e p t e m b e r 2 0 0 7
(As on August 31, 2007)

Birla India Birla Advantage Birla Infrastructure Birla Index

GenNext Fund Fund Fund Fund

An Open-ended growth scheme with the An Open-ended growth scheme with the An open-end growth scheme with the objective to An Open-ended index-linked growth scheme with
objective to target growth of capital by investing in objective to achieve long-term growth of capital at providing for medium to long-term capital the objective to generate returns commensurate
equity/equity related instruments of companies relatively moderate levels of risk through a appreciation by investing predominantly in a with the performance of Nifty subject to tracking
that are expected to benefit from the rising diversified research based investment approach. diversified portfolio of equity and equity related errors.
consumption patterns in India, which in turn is securities of companies that are participating in
getting fuelled by high disposable incomes of the the growth and development of Infrastructure in
young generation (Generation Next). The India.
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.

Growth : 17.86 Growth : 138.54 Growth : 14.77 Growth : 45.57

Dividend : 15.77 Dividend : 99.42 Dividend : 14.77 Dividend : 17.61

49.19 45
50
45 39.86
40 38.24 42.07 43.43 41.31 40 39.24
36.00 40 35.79 35.71
35 36.89 40 35
32.32
30.76 35 30.76
30 31.07 30.94 30 28.97
30 30.76 30.68
25 30 25
25.22
25 24.75
20 20
20 20
15 15
15 12.63
10 10 10
10
5 5 5
0 0 0 0
1 Year Since Inception 1 Year 3 Years 5 Years Since Inception 1 Year Since Inception 1 Year 3 Years Since Inception

Birla India GenNext Fund - Growth S&P CNX Nifty Birla Advantage Fund - Growth BSE Sensex Birla Infrastructure Fund - Growth S&P CNX Nifty Birla Index Fund - Growth S&P CNX Nifty

Rs. 5 crores - 2.25%

< Rs. 5 crores - 2.25%
< Rs. 5 crores - 2.25%
< Nil
Rs. 5 crores - Nil
Rs. 5 crores - Nil
Rs. 5 crores - Nil

< Rs. 5 crores - 0.50% if redeemed / switched Nil Nil Nil

out within 6 months
Rs. 5 crores - Nil

Issuer % to Net Asset Issuer % to Net Asset Issuer % to Net Asset Issuer % to Net Asset

Reliance Communications Ltd. 8.04 Reliance Industries Ltd. 7.43 Bharat Heavy Electricals Ltd. 5.72 Cash & Current Assets 100.00
Maruti Udyog Ltd. 6.98 Bharat Heavy Electricals Ltd. 6.22 Bharti Airtel Ltd. 5.07
Kotak Mahindra Bank Ltd. 6.66 Crompton Greaves Ltd. 4.83
Bharti Airtel Ltd. 5.27
United Spirits Ltd. 6.60 Thermax Ltd. 3.79
Bharti Airtel Ltd. 5.96 Infosys Technologies Ltd. 3.70
Kirloskar Oil Engines Ltd. 3.68
Idea Cellular Ltd. 5.24 ITC Ltd. 3.40 Jindal Steel & Power Ltd. 3.12
Pfizer Ltd. 4.80 Larsen & Toubro Ltd. 2.99 Mahindra & Mahindra Ltd. 3.07
Television Eighteen India Ltd. 4.60
Tata Tea Ltd. 4.39 Reliance Communications Ltd. 2.87 Birla Corporation Ltd. 2.85
Housing Development Finance Corp. Ltd. 4.23 United Spirits Ltd. 2.79 Siemens Ltd. 2.79
Thermax Ltd. 2.54 Bharati Shipyard Ltd. 2.65
Total outstanding exposure in derivatives as on 31st August, 2007 Total outstanding exposure in derivatives as on 31 Aug, 2007 is
is Rs.3.89 Crores (Notional value). Subex Azure Ltd. 2.48 Rs. 37.43 Crores (Notional value).

August 05, 2005 February 24, 1995 March 17, 2006 September 18, 2002

S & P CNX NIFTY BSE Sensex S & P CNX Nifty S & P CNX Nifty

September 01, 2005 March 01, 1995 - October 01, 2002

1,000 1,000 - 1,000

24,000 1,50,000 - 59,000

31,670 10,89,329 - 1,37,880

29.25% 28.84% - 35.44%

30.60% 18.87% - 35.84%

13
 C O N C I S E

Equity Funds S e p t e m b e r 2 0 0 7
(As on August 31, 2007)

Birla Birla MNC Birla Top 100

Balance Fund Fund

Awards & Ranking

(Past performance may or may not be sustained in future)

Investment Objective An Open-ended balanced scheme with an An Open-ended growth scheme with the An open-ended growth scheme with the objective
objective to balance income requirements with objective to achieve long-term growth of capital at to provide medium to longterm capital
growth of capital through a balance mix of relatively moderate levels of risk by making appreciation, by investing predominantly in a
investments in equity and debt at relatively investments in securities of multinational diversified portfolio of equity and equity related
moderate levels of risks through a diversified companies through a research based investment securities of top 100 companies as measured by
research based investment approach. approach. market capitalization.

NAV Growth : 30.77 Growth : 127.14 Growth : 17.55

Dividend : 20.46 Dividend : 63.73 Dividend : 15.92

Investment Performance
35 45 45
(% Returns)
40 39.31 40 39.97
30 29.00
27.72 34.67 35.50
35 33.17 35
25 24.68 24.50 30.76
22.81 30 30 27.66
20 19.94 24.50
25 25
15.31 20.03 20
15 20 18.70
17.04
15 15
10
10.33
10 10
5
5 5
Past performance may or may not be sustained in future. Returns
0 0 0
are in % and absolute returns for period less than 1 year & CAGR for 1 Year 3 Years 5 Years Since Inception 1 Year 3 Years 5 Years Since Inception 1 Year Since Inception
period 1 year or more. When benchmark returns are not available,
they have not been shown.
Birla Balance Fund - Growth Crisil Balanced Fund Index Birla MNC Fund - Growth S&P CNX MNC Birla Top 100 Fund - Growth S&P CNX Nifty

Entry Load Rs. 5 crores - 2.25%

< Rs. 5 crores - 2.25%
< Rs. 5 crores - 2.25%
<
Load Structure Rs. 5 crores - Nil
Rs. 5 crores - Nil
Rs. 5 crores - Nil

(Incl. of SIP)
Exit Load Nil Nil < Rs. 5 crores - 0.50% if redeemed / switched
out within 6 months
Rs. 5 crores - Nil

Top 10 holdings Issuer % to Net Asset Issuer % to Net Asset Issuer % to Net Asset
Debt ING Vysya Bank Ltd. 7.86 Reliance Industries Ltd. 8.40
Infrastructure Development Fin. Co. Ltd. ** 7.36 Maruti Udyog Ltd. 6.42 Bharti Airtel Ltd. 6.12
Citibank N A. ** 6.38 Bharat Heavy Electricals Ltd. 5.91
Housing Development Finance Corp. Ltd. ** 5.67 Sesa Goa Ltd. 6.39
Equity ITC Ltd. 4.35
Bharti Airtel Ltd. 5.54
Hindustan Lever Ltd. 5.78 Infosys Technologies Ltd. 4.30
Mahindra & Mahindra Ltd. 5.22 Cummins India Ltd. 5.43 ICICI Bank Ltd. 3.30
Radico Khaitan Ltd 4.72 Hindustan Lever Ltd. 5.43 United Spirits Ltd. 3.06
ITC Ltd. 4.58 Gujarat Gas Co. Ltd. 5.38 Larsen & Toubro Ltd. 2.84
Reliance Industries Ltd. 4.25
Hero Honda Motors Ltd. 3.97 Siemens Ltd. 5.26 Motor Industries Company Ltd. 2.66
Tata Chemicals Ltd. 3.94 Glaxosmithkline Consumer Healthcare Ltd. 4.80 Satyam Computer Services Ltd. 2.53

** Represents thinly traded/ non traded securities and illiquid securities. Mphasis BFL Ltd. 4.78 Total outstanding exposure in derivatives as on 31st August, 2007 is
Total Percentage of thinly/non traded securities is 23.24% Rs.2.30 Crores (Notional value).

Date of Inception / takeover October 12, 1999 December 27, 1999 October 24, 2005

BenchMark CRISIL Balanced Fund Index S & P CNX MNC S & P CNX Nifty

Date of 1st Installment November 01, 1999 January 01, 2000 November 01, 2005
The data assumes the
investment of Rs.1,000/- 1,000 1,000
Monthly Investment 1,000
on 1st day of every month
or the subsequent working
day. Load and Taxes are Total Investment 94,000 92,000 22,000
not considered for
computation of returns. Value of Investment 2,24,957 2,76,549 27,769
Past performance may or
may not be sustained in
future. *CAGR Returns Return on Investment 21.67% 27.98% 26.58%
are computed after (CAGR)
accounting for the cash
flow by using the XIRR 20.91% 29.79%
Benchmark Returns 18.43%
method (investment
internal rate of return) (CAGR)

14
 C O N C I S E

Equity Funds S e p t e m b e r 2 0 0 7
(As on August 31, 2007)

Birla Sun Life Buy Birla Sun Life Basic Birla India Birla Dividend India
India Fund Industries Fund Opportunities Fund Yield Plus Advantage Fund

A multi-sector open-end growth scheme
with the objective of long term growth of
capital, through a portfolio with a target
allocation of 100% equity, focusing on
investing in businesses that are driven
by India's large population and inherent
consumption patterns. The focus of the
scheme will be in the consumer and
healthcare sectors.
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.
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.
An Open-ended growth scheme with the
objective to provide capital growth and
income by investing primarily in a
welldiversified portfolio of dividend
paying companies that have a relatively
high dividend yield.
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.
* (For Non-Resident Indians and Eligible Foreign
Nationals)

Growth : 28.65 Growth : 81.93 Growth : 51.50 Growth : 47.12 $ per Class C Share : 206.53
Dividend : 20.12 Dividend : 33.60 Dividend : 22.12 Dividend : 11.47 Conversion Rate 1 USD : INR 43.59

50 60 45 45
40.99 42.41
45 43.33 50.63 40 39.16 38.12 40 39.16
50

54.6
40 39.52 40.04 34.57 60
37.47 35 35

47.9
49.0
42.66 32.18 32.18

48.0

45.9
35 30.66 29.91

43.4
32.82 40 38.26 39.52 30 30 50
37.47

39.8
36.9
30 32.82 31.74 25 25 40

30.9
25 30 20.98
20.23 20 18.17 20 30.4 31.6
20 16.44 30
15 14.79 15.59 20
15.59
15 15
10.63 20
10 10 14.7 14.9
10 10
5 5 10
5
0 0 0 0 0
1 Year 3 Years 5 Years Since Inception 1 Year 3 Years 5 Years Since Inception 1 Year 3 Years 5 Years Since Inception 1 Year 3 Years Since Inception 1 Year 3 Year 5 Year 10 Year Since Inception

Birla SunLife Buy India Fund - Growth BSE 200 Birla SunLife Basic Industries - Growth BSE 200 Birla India Opportunities Fund - Growth S&P CNX 500 Birla Dividend Yield Plus - Growth S&P CNX 500 India Advantage Fund BSE Sensex MSCI (India)

Rs. 5 crores - 2.25%

< Rs. 5 crores - 2.25%
< Rs. 5 crores - 2.25%
< Rs. 5 crores - 2.25%
< -
Rs. 5 crores - Nil
Rs. 5 crores - Nil
Rs. 5 crores - Nil
Rs. 5 crores - Nil

Nil Nil Nil Nil -

Issuer % to Net Asset Issuer % to Net Asset Issuer % to Net Asset Issuer % to Net Asset Issuer % to Net Asset
United Spirits Ltd. 9.11 Bharat Heavy Electricals Ltd. 6.10 United Breweries Holdings Ltd. 8.49 Wyeth Ltd. 5.33 Reliance Industries Ltd. 7.31
Reliance Communications Ltd. 8.09 Crompton Greaves Ltd. 5.81 Infosys Technologies Ltd. 7.38 ESAB India Ltd. 4.84 Bharat Heavy Electricals Ltd. 6.41
Sun Pharmaceutical Industries Ltd. 7.27 Apar Industries Ltd. 4.32 Crompton Greaves Ltd. 6.48 Greaves Cotton Ltd. 3.88 Bharti Airtel Ltd 5.94
Asian Hotels Ltd. 7.08 Infosys Technologies Ltd. 4.30
Jindal Steel & Power Ltd. 3.91 Siemens Ltd. 6.33 Andhra Bank 3.53
Maruti Udyog Ltd. 6.21 ITC Ltd. 3.60
Bharti Airtel Ltd. 5.72 Grasim Industries Ltd. 3.82 Satyam Computer Services Ltd. 5.17 Tamil Nadu Newsprint & Papers Ltd. 3.50 United Spirits Ltd. 2.88
MRF Ltd. 5.38 Reliance Industries Ltd. 3.73 Subex Azure Ltd. 4.93 Tata Chemicals Ltd. 3.43 Larsen & Toubro Ltd. 2.59
Kajaria Ceramics Ltd. 5.09 Kirloskar Oil Engines Ltd. 3.55 United Phosphorous Ltd. 4.91 Chennai Petroleum Corporation Ltd. 3.33 Maharashtra Seamless Ltd 2.58
Rallis India Ltd. 4.77 South East Asia Marine Cummins India Ltd. 4.79 Clariant Chemicals India Ltd. 3.05 United Phosphorus Ltd. 2.55
Marico Industries Ltd. 3.96 Engin & Const Ltd 3.23 Bharat Forge Ltd. 4.59 Tata Motors Ltd. 3.00 ICICI Bank Ltd. 2.39
Bharati Shipyard Ltd. 3.14 Tata Consultancy Services Ltd. 4.51 Hindustan Petroleum Corporation Ltd. 2.93
ICICI Bank Ltd. 3.10

January 15, 2000 January 15, 2000 December 27, 1999 February 26, 2003 August 8, 1996

BSE 200 BSE 200 S & P CNX 500 S & P CNX 500 BSE Sensex and MSCI (India)

March 01, 2000 March 01, 2000 January 01, 2000 March 01, 2003 -

1,000 1,000 1,000 1,000 -

90,000 90,000 92,000 54000 -

3,25,490 4,59,952 2,69,776 1,03,467 -

33.55% 42.78% 27.35% 29.62% -

30.28% 30.28% 29.25% 36.39% -

15
 C O N C I S E

Debt Funds S e p t e m b e r 2 0 0 7
(As on August 31, 2007)

Birla Birla MIP II - Birla MIP II -

MIP* Wealth 25 Plan* Savings 5 Plan*

Awards & Ranking # # #

(Past performance may or may not be sustained in future) i
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iValue Research Ratings i
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Value Research Ratings i
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iValue Research Ratings
Birla MIP Birla MIP II Wealth 25 Plan Birla MIP II Savings 5 Plan
Hybrid: Monthly Income (39 Schemes), 3 & 5Yrs ended 31-Aug-07 Hybrid: Monthly Income (39 Schemes), 3 & 5Yrs ended 31-Aug-07 Hybrid: Monthly Income (39 Schemes), 3 & 5Yrs ended 31-Aug-07

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

NAV Payment / Growth : 20.5947 Payment / Growth : 14.2967 Payment / Growth : 12.1273
Dividend : 11.4063 Dividend : 11.3493 Dividend : 10.2163

Investment Performance 14 14 10
12.82 9.24
(% Returns) 12 12 11.76
12.35
11.53
9 8.75
11.24 8.22 7.96
10.42 8
10.02 10
10 9.24 9.44 9.24 7
8.75 8.75 6.43
6.06
8 7.96 6
8
5
6 6
4

4 4 3
2
2 2
1
0 0 0
Past performance may or may not be sustained in future. Returns 1 Year 3 Years 5 Years Since Inception 1 Year 3 Years Since Inception 1 Year 3 Years Since Inception
are in % and absolute returns for period less than 1 year & CAGR
for period 1 year or more. When benchmark returns are not
available, they have not been shown.
Birla MIP - Growth Crisil MIP Blended Index Birla MIP - Wealth 25 - Growth Crisil MIP Blended Index Birla MIP - Savings 5 - Growth Crisil MIP Blended Index

Entry Load Nil Nil Nil

Load Structure
(Incl. of SIP)
Rs 10 lakhs: 0.60% if redeemed / switched out For redemption / switch out of units within 12 Nil
Exit Load
with in 90 days from the date of allotment. months from the date of allotment: 1%
> 10 Lakhs: Nil

Date of Inception / takeover November 20, 2000 May 22, 2004 May 22, 2004

BenchMark CRISIL MIP Blended Index CRISIL MIP Blended Index CRISIL MIP Blended Index

Top 10 holdings Issuer % to Net Asset Issuer % to Net Asset Issuer % to Net Asset
Debt Debt ICICI Bank Ltd. 28.81
Cholamandalam DBS Finance Ltd. ** 14.35 Cholamandalam DBS Finance Ltd. ** 9.15 Corporate Loan Sec Sr A2 LIC 06JUN08 ** 15.32
Great Eastern Shipping Company Ltd. ** 6.50 Sundaram Finance Ltd. ** 9.11 Housing Development Finance Corp. Ltd. 13.91
State Bank of India ** 5.60 Govt Bond 7.99% 2017 4.61 Allahabad Bank 12.48
Sundaram Finance Ltd. ** 4.24 Great Eastern Shipping Company Ltd. ** 4.15 Hongkong And Shanghai Banking Corporation 10.76
Govt Bond 7.99% 2017 3.61 Export-Import Bank of India ** 4.06 Industrial Development Bank of India Ltd 10.0
Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010 ** 2.84 Housing Development Finance Corp. Ltd. ** 4.05 Union Bank of India 7.36
Power Grid Corporation of India Ltd. ** 2.68 State Bank of India ** 2.69 State Bank of Patiala 1.06
Housing Development Finance Corp. Ltd. ** 1.45 Govt Bond 7.61% Oil Company 2015 1.61 UCO Bank 0.14
Equity Equity
Radico Khaitan Ltd 1.21 Rallis India Ltd. 1.32
Rallis India Ltd. 1.11 Hindustan Lever Ltd. 1.24

**Represents thinly traded/ non traded securities and illiquid **Represents thinly traded/ non traded securities and illiquid **Represents thinly traded/ non traded securities and illiquid
securities. Total Percentage of thinly/non traded securities is securities. Total Percentage of thinly/non traded securities is securities. Total Percentage of thinly/non traded securities is
37.94% 33.20% 15.32%

16
 C O N C I S E

Debt Funds S e p t e m b e r 2 0 0 7
(As on August 31, 2007)

Birla Asset Birla Sun Life Income Birla Sun Life Birla Floating
Allocation Fund Fund Short Term Fund Rate Fund

i
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iValue Research Ratings#
i # i
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Value Research Ratings
#
mfAAA by ICRA
+

Birla Asset Allocation Fund - Aggressive i

i
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Value Research Ratings Birla Sun Life Short Term Fund Birla Floating Rate Fund
Equity: Diversified (188 Schemes), 3 & 5 Yrs ended 31-Aug-07 Birla Sun Life Income Fund Debt: Short-term (21 Schemes), 18 months & 3 Yrs ended + The grading has been assigned by ICRA and indicates highest quality.
Debt: Medium-Term (51 Schemes), 3 Yrs ended 31-Aug-07 31-Aug-07
The investment quality is similar to that of fixed income obligations of
i
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iValue Research Ratings#
i
i highest safety and with maturity corresponding upto 1 year.
Birla Asset Allocation Fund - Moderate This grading should however, not be construed as an indication of the
Hybrid: Equity-oriented (32 Schemes), 3 & 5 Yrs ended 31-Aug-07 CRISIL~CPR 1^^ performance of the Mutual Fund scheme or of volatility in its returns.
CRISIL~CPR 1^^
# Birla Sun Life Income Fund Birla Sun Life Short Term Fund
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Value Research Ratings Debt Short Term Scheme (13 Schemes), 1 Yrs ended 30-Jun-07
Birla Asset Allocation Fund - Conservative Income Scheme (17 Schemes), 2 Yrs ended 30-Jun-07
Hybrid: Debt-oriented (32 Schemes), 3 & 5 Yrs ended 31-Aug-07

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

Aggressive Plan Growth : 27.4455 Growth : 13.9980 Long Term :

Growth : 22.9286 Half Yearly - Regular Dividend : 11.1990 Monthly Dividend : 10.5879 Growth : 12.7743
Dividend : 22.9286 Quarterly Dividend : 10.6094 Dividend : 10.4382
Fortnightly Dividend : 10.0165 Weekly Dividend : 10.0157
Conservative Plan 54 EA Growth : 27.4263
Growth : 15.2268 54 EA Dividend : 12.0854 Short Term :
Dividend : 15.2268 Growth : 12.7068
54 EB Growth : 27.2536
Daily Dividend : 10.0015
Moderate Plan 54 EB Dividend : 12.0981 Weekly Dividend : 10.3893
Growth : 19.6624 Institutional Plan-Growth : 10.2138
Dividend : 19.6624 Institutional Plan-Daily Dividend : 10.0086
Institutional Plan-Weekly Dividend : 10.0221

Aggressive Plan Long Term

12 12 9
45 11.06 8.07
10.09 8
40 39.86 10 10 9.69 7.17
7
35 6.32
32.57 8 5.94
30.76 8 6 5.72
30 29.19 29.03 5.23
26.60 6.50 6.78 6.62 6.68 6.46
6.30 5
25 6 6 5.53
5.12 5.42 5.21
5.08 4
20 4.38
15 4 4 3

10 2
2 2
5 1

0 0 0 0
1 Year 3 Years Since Inception 1 Year 3 Years 5 Years Since Inception 1 Year 3 Years 5 Years Since Inception 1 Year 3 Years Since Inception

Birla AAF - Aggressive Plan - Growth S&P CNX Nifty Birla SunLife Income Fund - Growth Crisil Composite Bond Fund Index Birla SunLife Short Term Fund - Growth CRISIL Short-Term Bond Fund Index Birla Floating Rate Fund - LTP - Growth Crisil Liquid Fund Index

Aggressive Plan : 1.50% Nil Nil Long Term : Nil

Moderate Plan : 1.00%
Short Term : Nil
Conservative Plan : 0.50%

Nil Rs 10 lakhs: 0.60% if redeemed / switched 0.25% for redemption / switch-out of units Long Term :
out with in 180 days from the date of allotment. within fifteen (15) days from the date of For any redemption / switch out of units within 7
> 10 Lakhs: Nil days from the date of allotment :- 0.10%
allotment.
Short Term : Nil

February 24, 2004 March 03, 1997 April 19, 2002 June 05, 2003

Aggressive Plan : S&P CNX Nifty

Long Term : Crisil Liquid Fund Index
Moderate Plan : Crisil Balanced Fund Index CRISIL Composite Bond Fund Index CRISIL Short-Term Bond Fund Index
Short Term : Crisil Liquid Fund Index
Conservative Plan : Crisil MIP Blended Index

Aggressive Plan: Long Term :

Issuer % to Net Asset Issuer % to Net Asset Issuer % to Net Asset Issuer % to Net Asset
Birla Sunlife Equity Fund. 28.33 GE Money Financial Services Ltd. ** 8.81 91 Day T-Bill 14 Sep 2007 21.66 State Bank of Patiala 22.47
Birla Midcap Fund 26.98 Housing Development Finance Corp. Ltd. ** 5.71 ICICI Bank Ltd. 9.10 LIC Housing Finance Ltd. 18.59
Birla Sun Life New Millennium Fund. 18.52 Power Finance Corporation Ltd. ** 5.57 State Bank of Patiala 8.67 Sundaram Finance Ltd. 18.06
Birla Dynamic Bond Fund 9.39 Allahabad Bank 5.55 GE Money Financial Services Ltd. ** 8.01 ICICI Bank Ltd. 17.86
Birla Sunlife Cash Manager-Retail Growth 5.84 CitiFinancial Consumer Finance India Ltd ** 5.00 Housing Development Finance Corp. Ltd. ** 6.01 Industrial Development Bank of India Ltd. 9.41
Sundaram Finance Ltd. 7.53
Birla Sunlife Short Term Fund - Growth 4.38 Housing Development Finance Corp. Ltd. 3.89 Ind Retail ABS Trust Series 49(A4) 2010 ** 4.29
Citicorp Finance India Ltd. ** 2.81
Birla Gilt Plus Inv 1.09 State Bank of Saurashtra 3.69 Credit Asset Trust Series XI (Hutch) 2008 ** 3.74
State Bank of Indore 1.91 Corporate Loan Sec Trust Series 30 2008
India Infrastructure Developers Limited ** 1.27 L&T Finance ** 3.74
LIC Housing Finance Ltd. ** 0.95 Sundaram Finance Ltd. ** 3.65
BHPC Auto Sec Trust Jun05 -Series A3 2008 ** 3.08

** Represents thinly traded/ non traded securities and illiquid **Represents thinly traded/ non traded securities and illiquid **Represents thinly traded/ non traded securities and illiquid
securities. Total Percentage of thinly/non traded securities is securities. Total Percentage of thinly/non traded securities is securities. Total Percentage of thinly/non traded securities is 2.81%
28.07% 38.01%

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 C O N C I S E

Debt Funds S e p t e m b e r 2 0 0 7
(As on August 31, 2007)

Birla Sun Life Liquid Plus Birla Dynamic Bond Birla Bond Index
(earlier known as Birla Bond Plus) Fund Fund
#
Awards & Ranking AAAf by CRISIL* i
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Value Research Ratings
Birla Sun Life Liquid Plus Birla Dynamic Bond Fund
(Past performance may or may not be sustained in future) Debt: Medium-Term (51 Schemes), 18 months & 3 Yrs ended
31-Aug-07

Investment Objective An Open-ended short term income scheme with An Open-ended income scheme with the An Open-ended income scheme with the
the objective to generate regular returns through objective to generate optimal returns with high objective of tracking the CRISIL Composite Bond
investments in debt and money market liquidity through active management of the Fund Index which has been introduced by CRISIL
securities. portfolio by investing in high quality debt and to track the returns on a composite portfolio that
money market instruments. includes call instruments, commercial papers,
government securities, AAA & AA rated
instruments.

NAV Insititutional Plan- Daily Dividend : 10.0068 Retail Growth : 11.8853 Growth : 11.9165
Insititutional Plan- Weekly Dividend : 10.0156 Retail Dividend : 10.3819 Dividend : 10.1970
Institution Plan- Fortnightly Dividend : 10.0500
Institutional - Growth : 14.5255
Retail - Monthly Dividend : 10.4745
Retail - Weekly Dividend : 10.0823
Retail - Fortnightly Dividend : 11.2498
Retail - Growth : 14.3695

Investment Performance 8 8 7.70 6

7.36
(% Returns) 7 6.62 7 5.11 5.12
6.34 6.49 5
6.16 6.08 4.48 4.38
6 6
5.42 4.15
5.21 5.12 4 3.96
5 5
4.23
4 4 3

3 3
2
2 2
1
1 1

0 0 0
Past performance may or may not be sustained in future. Returns 1 Year 3 Years 5 Years Since Inception 1 Year Since Inception 1 Year 3 Years Since Inception
are in % and absolute returns for period less than 1 year & CAGR
for period 1 year or more. When benchmark returns are not
available, they have not been shown. Birla SunLife Liquid Plus - Retail - Growth CRISIL Short-Term Bond Fund Index Birla Dynamic Bond Fund - Retail - Growth Crisil Composite Bond Fund Index Birla Bond Index Fund - Growth Crisil Composite Bond Fund Index

Entry Load Nil Nil Nil

Load Structure
(Incl. of SIP)
Exit Load For redemption / switch out of units within Nil Rs 10 lakhs: 0.25% if redeemed / switched out
seven days from the date of allotment: 0.10% with in 90 days from the date of allotment.
> 10 Lakhs: Nil

Retail Plan : November 27, 2001

Date of Inception / takeover September 27, 2004 May 9, 2003
Institutional Plan : April 16, 2003

BenchMark CRISIL Short-Term Bond Fund Index CRISIL Composite Bond Fund Index CRISIL Composite Bond Fund Index

Top 10 holdings Issuer % to Net Asset Issuer % to Net Asset Issuer % to Net Asset
ICICI Bank Ltd. 14.13 ICICI Bank Ltd. 46.77 Oriental Bank of Commerce ** 22.43
Punjab National Bank 5.44 ICICI Bank Ltd. ** 4.63 Power Finance Corporation Ltd. ** 21.73
Reliance Communications Ltd. 4.56 CitiFinancial Consumer Finance India Ltd. ** 4.53 Govt Bond 9.39% 2011 4.67
State Bank of Patiala 4.52
UCO Bank 4.18
Hongkong and Shanghai Banking Corporation 4.01
Credit Asset Tr Sr XI (Hutch) 2008 ** 3.78
Union Bank of India 3.27
Industrial Development Bank of India Ltd. 2.99
State Bank of Saurashtra 2.20
**Represents thinly traded/ non traded securities and illiquid ** Represents thinly traded/ non traded securities and illiquid **Represents thinly traded/ non traded securities and illiquid
securities. Total Percentage of thinly/non traded securities is securities. Total Percentage of thinly/non traded securities is securities. Total Percentage of thinly/non traded securities is
14.66% 9.15% 44.16%

18
 C O N C I S E

Debt Funds S e p t e m b e r 2 0 0 7
(As on August 31, 2007)

Birla Income Birla Sun Life Birla Sun Life Government Birla Gilt
Plus Cash Manager* Securities Fund Plus
#
# i
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Value Research Ratings
# AAAf by CRISIL* i
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Value Research Ratings
i
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Value Research Ratings Birla Sun Life Cash Manager Birla Sun Life Government Securities Fund - Short
Birla Gilt Plus - Liquid Plan
Birla Income Plus Gilt: Short-term (16 Schemes), 18 months & 3 Yrs ended 31-Aug-07
Term Plan
Debt: Medium-Term (51 Schemes), 3 Yrs ended 31-Aug-07
Gilt: Short-term (16 Schemes), 18 months & 3 Yrs ended 31-Aug-07 i
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iValue Research Ratings#
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Birla Gilt Plus - Regular Plan
Gilt: Medium & Long Term (43 Schemes), 18 mnths & 3 Yrs ended 31-Aug-07

CRISIL~CPR 2^^
Birla Gilt Plus - Regular Plan
Gilt Scheme (15 Schemes), 2 Yrs ended 30-Jun-07
MFR 1 by ICRA@
Birla Gilt Plus - Liquid Plan
Open Ended Gilt Schemes-Short Term(12 Schemes), 3 Yrs ended 31-Dec-06
&
Best Fund-Lipper Awards India 2007
Birla Gilt Plus - Regular Plan
Bond Indian Rupee - Government, 5 Yrs ended 31-Dec-06
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iValue Research Ratings#
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Birla Gilt Plus - PF Plan
Gilt: Medium & Long-term (43 Schemes), 18 months & 3 Yrs ended 31-Aug-07

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.
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.
*An open- ended fund. Monthly income is not assured and is
subject to availability of distributable surplus
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.
An Open-ended government securities scheme
with the objective to generate income and capital
appreciation through investments exclusively in
Government Securities.

Growth : 32.2913 Retail Growth : 18.9754 Long Term Plan : Liquid Plan
Dividend : 10.5270 Daily Dividend : 10.0030 Growth : 20.2414 Growth : 18.6267
Dividend : 10.3503 Quarterly Dividend : 10.6706
Institutional Premium Growth : 12.9071 Annual Dividend : 11.5339
Institutional Premium Weekly Short Term : PF Plan
Dividend : 10.0062 Growth : 16.2975 Growth : 21.3076
Dividend : 10.2828 Quarterly Dividend : 10.5570
Institutional Weekly Dividend : 10.0061
Annual Dividend : 19.7884
Regular Plan
Growth : 24.5580
Quarterly Dividend : 11.3449
Annual Dividend : 22.8886

Long Term Plan Liquid Plan

12 9
8 8.20
12 8
7.08 7.13 10 9.64 7.29
7 6.77 9.40
10.38 6.32 7 6.70
10 6.16 6.02
6
8.83 8 7.59 6 5.71 5.90
5.24
8 5 5
4.35 6.28
6 5.92
6.06 4 5.04 4
6 5.50
5.12 5.08 3.12
4.38 3 4 3.79 3
4
2 2
2 2
1 1

0 0 0 0
1 Year 3 Years 5 Years Since Inception 15 days 1 Month 3 Months Since Inception 1 Year 3 Years 5 Years Since Inception 1 Year 3 Years 5 Years Since Inception

Birla Income Plus - Growth Crisil Composite Bond Fund Index Birla SunLife Cash Manager - Growth Crisil Liquid Fund Index Birla SunLife G Sec Fund - LT - Growth I-Sec Li-BEX Birla Gilt Plus Liquid Plan I-Sec Si-BEX

Nil Nil Nil Liquid Plan, Regular Plan & PF Plan-Quarterly /

Annual Dividend:
Entry Load : NIL
Exit Load : NIL
PF Plan - Growth:
Rs 10 lakhs: 0.60% if redeemed / switched out Nil Nil Entry Load : NIL
with in 180 days from the date of allotment. Exit Load : 1.00% if redeemed / switched
> 10 Lakhs: Nil out within 365 days from date
of allotment.

October 21, 1995 May 14, 1998 October 28, 1999 October 12, 1999

Liquid Plan : I-Sec Si-BEX

Long Term Plan : I-Sec Li-BEX
CRISIL Composite Bond Fund Index Crisil Liquid Fund Index PF Plan : I-Sec Li-BEX
Short Term Plan : I-Sec Si-BEX
Regular Plan : I-Sec Li-BEX

Long Term : Liquid Plan:

Issuer % to Net Asset Issuer % to Net Asset Issuer % to Net Asset Issuer % to Net Asset
ABN Amro Bank 14.96 UCO Bank 16.37 182 Day T-Bill 28 Dec 2007 96.642 182 Day TBill 28 DEC 2007 33.31
Govt Bond 7.49%2017 10.84 Karnataka Bank Ltd. 15.49
Housing Development Finance Corp. Ltd. ** 10.14 State Bank of Patiala 15.25
UCO Bank 9.04 Industrial Development Bank of India Ltd 4.44
CitiFinancial Consumer Finance India Ltd ** 8.21 State Bank of Mysore 4.31
GE Money Financial Services Ltd. ** 6.42
ABN Amro Bank 3.98
Sundaram Finance Ltd. ** 4.83
ICICI Bank Ltd. 2.74
Govt Bond 7.99% 2017 4.82
Export-Import Bank of India ** 2.32
LIC Housing Finance Ltd. ** 2.17
** Represents thinly traded/ non traded securities and illiquid
securities. Total Percentage of thinly/non traded securities is 42.96%

19
 C O N C I S E

Dividend History
(For select Schemes) S e p t e m b e r 2 0 0 7

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

Birla Advantage Fund 27-Aug-99 20 2.00 10.00 33.81 Birla Dividend Yield Plus 24-Jul-03 12 1.20 10.00 11.62
22-Mar-00 80 8.00 10.00 70.37 19-Sept-03 18 1.80 10.00 12.09
28-Nov-03 30 3.00 10.00 44.88 31-Oct-03 10 1.00 10.00 11.87
23-Jan-04 20 2.00 10.00 47.33 26-Dec-03 15 1.50 10.00 13.93
12-Mar-04 25 2.50 10.00 46.10 13-Feb-04 10 1.00 10.00 12.58
23-Mar-05 50 5.00 10.00 54.25 28-Sep-04 8 0.80 10.00 11.57
16-Dec-05 50 5.00 10.00 65.89 24-Dec-04 14 1.40 10.00 13.75
11-Mar-05 10 1.00 10.00 12.85
Birla Equity Plan 31-Mar-00 25 2.50 10.00 30.43
1-July-05 8 0.80 10.00 11.26
15-Feb-02 10 1.00 10.00 12.45
28-Oct-05 8 0.80 10.00 11.94
17-Oct-03 15 1.50 10.00 24.89
13-Jan-06 16 1.60 10.00 11.89
26-Mar-04 15 1.50 10.00 26.90
27-April-06 10 1.00 10.00 13.07
21-Oct-05 40 4.00 10.00 42.10
10-Oct-06 8 0.80 10.00 11.67
16-Dec-05 40 4.00 10.00 46.50
30-April-07 8 0.80 10.00 11.20
17-Feb-06 40 4.00 10.00 44.54
Birla Sun Life Equity Fund 10-Feb-06 50 5.00 10.00 58.94 Birla Index Fund 17-Oct-03 56 5.60 10.00 16.19
23-Mar-07 100 10.00 10.00 74.45 03-Feb-04 16.5 1.65 10.00 11.99
31-Aug-07 100 10.00 10.00 79.98 23-Mar-07 65 6.50 10.00 21.83

Birla India Opportunities Fund 04-Feb-00 25 2.50 10.00 28.97 Birla Balance 17-Oct-03 15 1.50 10.00 13.32
14-Jan-03 10 1.00 10.00 12.16 20-Jan-06 50 5.00 10.00 15.13
27-Feb-04 60 6.00 10.00 18.69 Birla Sun Life New Millennium 27-Jan-06 20 2.00 10.00 11.67
26-Oct-04 12.5 1.25 10.00 14.17 Fund
16-Sep-05 40 4.00 10.00 14.90
Birla Sun Life Frontline Equity 27-Feb-06 80 8.00 10.00 28.88
Birla India GenNext Fund 19-Jun-07 20 2.00 10.00 14.93 Fund 28-Aug-06 60 6.00 10.00 23.56
Birla MNC Fund 22-Feb-02 40 4.00 10.00 27.16 29-Jun-07 40 4.00 10.00 23.86
29-Aug-03 50 5.00 10.00 30.58
Birla Sun Life Basic Industries 24-Mar-06 100 10.00 10.00 35.08
18-Jan-05 50 5.00 10.00 42.80
Fund - Dividend 19-Jan-07 105 10.50 10.00 39.60
26-Aug-05 75 7.50 10.00 41.05
Birla Sun Life Buy India Fund - 28-Mar-06 75 7.50 10.00 17.54
Birla Midcap Fund 24-Jan-03 5 0.50 10.00 10.52
Dividend
19-Jun-03 10 1.00 10.00 11.83
22-Jul-03 10 1.00 10.00 11.81 Birla Sun Life '95 Fund -Dividend 10-Mar-06 25 2.50 10.00 68.53
24-Dec-03 60 6.00 10.00 18.35
8-Oct-04 12.5 1.25 10.00 13.72 Birla Sun Life Tax Relief 96 27-Apr-06 500 50.00 10.00 224.51
28-Jan-05 10 1.00 10.00 14.75 8-Dec-06 250 25.00 10.00 193.94
3-Feb-06 20 2.00 10.00 22.59 19-Jan-07 260 26.00 10.00 176.54
22-Dec-06 35 3.50 10.00 25.94 16-Mar-07 500 50.00 10.00 134.27

Birla Dividend Yield Plus 30-May-03 8 0.80 10.00 11.84 Birla Top 100 Fund - Dividend 12-Jan-07 15 1.50 10.00 16.072
13-Jun-03 5 0.50 10.00 10.88

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

Birla Income Plus 16-Mar-06 10.00 0.888 0.0888 0.827 0.0827 10.0856
26-June-06 10.00 1.228 0.1228 1.143 0.1143 10.2443
15-Sep-06 10.00 1.081 0.1081 1.007 0.1007 10.2751
15-Dec-06 10.00 1.537 0.1537 1.431 0.1431 10.3281
15-Mar-07 10.00 0.930 0.0930 0.866 0.0866 10.1064
15-Jun-07 10.00 1.529 0.1529 1.423 0.1423 10.2218
Birla Bond Index Fund 16-Mar-06 10.00 0.899 0.0899 0.837 0.0837 10.1648
26-June-06 10.00 0.965 0.0965 0.898 0.0898 10.3305
15-Sep-06 10.00 1.093 0.1093 1.018 0.1018 10.3741
15-Dec-06 10.00 1.552 0.1552 1.446 0.1446 10.2120
15-Mar-07 10.00 1.546 0.1546 1.440 0.1440 10.2859
15-Jun-07 10.00 1.656 0.1656 1.541 0.1541 10.2706
Birla Gilt Plus - Liquid Plan - 16-Mar-06 10.00 1.158 0.1158 1.078 0.1078 10.5739
(Quarterly Dividend) 26-June-06 10.00 1.294 0.1294 1.205 0.1205 10.7361
15-Dec-06 10.00 1.719 0.1719 1.601 0.1601 10.8382
15-Sep-06 10.00 1.082 0.1082 1.008 0.1008 10.7193
15-Mar-07 10.00 1.725 0.1725 1.607 0.1607 10.7938
15-Jun-07 10.00 1.736 0.1736 1.616 0.1616 10.5511
Birla Gilt Plus - PF Plan 16-Mar-06 10.00 1.403 0.1403 1.307 0.1307 10.6278
(Quarterly Dividend) 26-June-06 10.00 1.403 0.1403 1.307 0.1307 10.6278
15-Dec-06 10.00 1.590 0.1590 1.481 0.1481 10.8360
15-Sep-06 10.00 1.228 0.1228 1.143 0.1143 10.6422
15-Mar-07 10.00 1.614 0.1614 1.503 0.1503 10.5853
15-Jun-07 10.00 1.677 0.1677 1.561 0.1561 10.3059
Birla Gilt Plus - Regular Plan 16-Mar-06 10.00 1.339 0.1339 1.247 0.1247 10.9616
(Quarterly Dividend) 26-June-06 10.00 1.478 0.1478 1.376 0.1376 11.0499
15-Dec-06 10.00 1.886 0.1886 1.756 0.1756 11.1872
15-Sep-06 10.00 1.377 0.1377 1.282 0.1282 11.0538
15-Mar-07 10.00 1.693 0.1693 1.576 0.1576 11.1679
15-Jun-07 10.00 1.990 0.1990 1.852 0.1852 10.9077
Birla MIP (Monthly Dividend Plan) 29-Sep-06 10.00 0.640 0.0640 0.596 0.0596 11.1323
27-Oct-06 10.00 0.521 0.0521 0.485 0.0485 11.1878
24-Nov-06 10.00 0.581 0.0581 0.541 0.0541 11.2636
29-Dec-06 10.00 0.730 0.0730 0.68 0.0680 11.1921

20
 C O N C I S E

Dividend History
(For select Schemes) S e p t e m b e r 2 0 0 7

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

Birla MIP (Monthly Dividend Plan) 29-Jan-07 10.00 0.641 0.0641 0.597 0.0597 11.0777
23-Feb-07 10.00 0.578 0.0578 0.538 0.0538 10.9987
30-Mar-07 10.00 0.733 0.0733 0.683 0.0683 10.9307
27-April-07 10.00 0.565 0.0565 0.526 0.0526 10.9373
25-May-07 10.00 0.551 0.0551 0.513 0.0513 11.0276
29-Jun-07 10.00 0.672 0.0672 0.625 0.0625 10.2218
27-July-07 10.00 1.120 0.1120 1.043 0.1043 11.5403
31-Aug-07 10.00 0.958 0.0958 0.892 0.0892 11.4063
Birla MIP II - Savings 5 Plan 29-Sep-06 10.00 0.552 0.0552 0.514 0.0514 10.2278
(Monthly Dividend Plan) 27-Oct-06 10.00 0.444 0.0444 0.413 0.0413 10.2128
24-Nov-06 10.00 0.461 0.0461 0.430 0.0430 10.2242
29-Dec-06 10.00 0.577 0.0577 0.537 0.0537 10.2121
29-Jan-07 10.00 0.510 0.0510 0.475 0.0475 10.1447
23-Feb-07 10.00 0.460 0.0460 0.429 0.0429 10.1587
30-Mar-07 10.00 0.590 0.0590 0.550 0.0550 10.1626
27-April-07 10.00 0.458 0.0458 0.426 0.0426 10.0990
25-May-07 10.00 0.458 0.0458 0.426 0.0426 10.1252
26-Jun-07 10.00 0.777 0.0777 0.723 0.0723 10.1314
27-July-07 10.00 0.885 0.0885 0.823 0.0823 10.2320
31-Aug-07 10.00 0.852 0.0852 0.793 0.0793 10.2163
Birla MIP II - Wealth 25 Plan 29-Sep-06 10.00 0.692 0.0692 0.644 0.0644 11.2204
(Monthly Dividend Plan) 27-Oct-06 10.00 0.562 0.0562 0.524 0.0524 11.3081
24-Nov-06 10.00 0.605 0.0605 0.564 0.0564 11.4327
29-Dec-06 10.00 0.765 0.0765 0.712 0.0712 11.3444
29-Jan-07 10.00 0.671 0.0671 0.625 0.0625 11.2919
23-Feb-07 10.00 0.604 0.0604 0.563 0.0563 11.0966
30-Mar-07 10.00 0.763 0.0763 0.711 0.0711 10.9953
27-April-07 10.00 0.587 0.0587 0.546 0.0546 10.9890
25-May-07 10.00 0.629 0.0629 0.585 0.0585 11.0915
29-Jun-07 10.00 0.756 0.0756 0.704 0.0704 11.2535
27-July-07 10.00 1.126 0.1126 1.048 0.1048 11.5658
31-Aug-07 10.00 0.962 0.0962 0.895 0.0895 11.3493
Birla Sun Life Monthly Income - 29-Sep-06 10.00 0.586 0.0586 0.546 0.0546 10.7469
Monthly Dividend 31-Oct-06 10.00 0.730 0.0730 0.680 0.0680 10.8531
30-Nov-06 10.00 0.691 0.0691 0.644 0.0644 10.9319
29-Dec-06 10.00 0.695 0.0695 0.648 0.0648 10.8218
31-Jan-07 10.00 0.758 0.0758 0.706 0.0706 10.8539
23-Feb-07 10.00 0.580 0.0580 0.540 0.0540 10.6311
30-Mar-07 10.00 0.482 0.0482 0.449 0.0449 10.5950
30-April-07 10.00 0.496 0.0496 0.461 0.0461 10.6969
31-May-07 10.00 0.673 0.0673 0.626 0.0626 10.8253
29-Jun-07 10.00 0.622 0.0622 0.579 0.0579 10.8480
31-July-07 10.00 1.152 0.1152 1.072 0.1072 11.1562
31-Aug-07 10.00 0.744 0.0744 0.692 0.0692 11.0177
Birla Sun Life Monthly Income - 31-Mar-06 10.00 1.579 0.1579 0.147 0.0147 10.9727
Quarterly Dividend 29-Sep-06 10.00 1.666 0.1666 1.552 0.1552 11.2449
29-Dec-06 10.00 1.686 0.1686 1.571 0.1571 11.1776
30-Mar-07 10.00 1.710 0.1710 1.593 0.1593 11.1777
29-Jun-07 10.00 0.622 0.0622 0.579 0.0579 10.8480
02-July-07 10.00 2.375 0.2375 2.210 0.2210 11.5378
Birla Sun Life Income Fund - 16-Mar-06 10.00 0.887 0.0887 0.826 0.0826 10.0687
Quarterly Dividend 15-Sep-06 10.00 1.278 0.1278 1.188 0.1188 10.2664
15-Dec-06 10.00 1.644 0.1644 0.153 0.0153 10.4492
26-Jun-06 10.00 0.148 0.0148 0.137 0.0137 10.2581
15-Mar-07 10.00 1.552 0.1552 1.446 0.1446 10.3444
15-Jun-07 10.00 1.776 0.1776 1.653 0.1653 10.2632
Birla Sun Life Income Fund- 16-Mar-06 10.00 0.908 0.0908 0.845 0.0845 10.4176
Half Yearly Dividend 15-Sep-06 10.00 2.960 0.2960 2.750 0.2756 10.7997
15-Mar-07 10.00 3.191 0.3191 2.971 0.2971 10.8886
Birla Sun Life Govt. Securities - 16-Mar-06 10.00 1.124 0.1124 1.047 0.1047 10.2391
Long Term Dividend 15-Sep-06 10.00 2.236 0.2236 2.083 0.2083 10.4759
15-Mar-07 10.00 3.113 0.3113 2.899 0.2899 10.4817
Birla Sun Life Govt. Securities - 16-Mar-06 10.00 1.102 0.1102 1.027 0.1027 10.0655
Short Term Dividend 26-June-06 10.00 1.228 0.1228 1.143 0.1143 10.1985
15-Dec-06 10.00 1.194 0.1194 0.112 0.0112 10.3763
15-Sep-06 10.00 0.978 0.0978 0.911 0.0911 10.1559
15-Mar-07 10.00 1.440 0.1440 1.341 0.1341 10.3702
15-Jun-07 10.00 1.352 0.1352 1.258 0.1258 10.1768
Birla Dynamic Bond Fund - Retail - 29-Sep-06 10.00 1.228 0.1228 1.143 0.1143 10.2218
Quarterly Dividend 29-Dec-06 10.00 1.201 0.1201 1.118 0.1118 10.0964
30-Mar-07 10.00 1.096 0.1096 1.021 0.1021 10.2424
02-July-07 10.00 2.165 0.2165 2.015 0.2015 10.4540
Birla Sun Life Liquid Plus - 31-Aug-07 10.00 0.263 0.0263 0.245 0.0245 10.0500
Institutional Monthly Dividend
Birla Sun Life Liquid Plus - 31-Aug-07 10.00 0.596 0.0596 0.554 0.0554 10.0823
Retail Monthly Dividend
Birla Sun Life Short Term Fund - 31-Aug-07 10.00 0.708 0.0708 0.659 0.0659 10.5878
Monthly Dividend

21
 C O N C I S E

Methodology of Ranking S e p t e m b e r 2 0 0 7

#
Value Research Ratings
The Ratings are a Composite Measure of historical Risk-Adjusted Returns. For Equity and Hybrid Funds, Ratings for the two time periods (3
and 5 years) are combined to give a single assessment of each funds risk rating vis--vis other funds in the category. For Debt funds and
Long & Medium-term Gilt funds, the Ratings are arrived at by combining the assessment for 2 time periods (18 months and 3 years), based
on weekly risk-adjusted performance. For Short-term and Ultra Short-term debt funds and Short-term Gilt funds, the Ratings are based on
18-month weekly risk-adjusted performance, relative to the other funds in category. Entry/Exit Loads not considered.
5-stars indicate that fund is in top 10% of its category. 4-stars indicate that fund is in next 22.5% of its category. Following is the number of
schemes in each category: Equity Diversified (188), Equity: Index (22), Equity Tax Planning (29), Hybrid: Equity Oriented (32), Hybrid: Debt-
oriented (32), Hybrid: Monthly Income (39), Debt: MT (51), Debt: ST (21), Debt: Ultra ST (47), Debt: Ultra ST-Inst. (47), Debt: Floating Rate
ST (14) Debt: Floating Rate LT (13), Gilt: Medium and LT (43), Gilt: ST (16). Fund Ratings are as on 31 August 07. Ranking Source: Mutual
Funds Insight.
@
ICRA Ranking Methodology and Disclaimer
Birla Sun Life Equity Fund (Category: Open Ended Diversified Equity Defensive, No of Schemes = 32), Birla Gilt Plus Liquid Plan
(Category: Open Ended Gilt Short Term, No of Schemes = 12), Birla Cash Plus Institutional Plan (Category: Open Ended Liquid
Institutional Plan, No of Schemes = 13): are ranked ICRA MFR 1 by ICRA Mutual Funds Awards 2007 for 3 yr performance for period ended
31 Dec. 06 indicating performance within top 10% of the category. Ranks are based on in-depth analysis of critical parameters, including:
risk-adjusted performance; portfolio concentration characteristics; liquidity; corpus size; average maturity; and portfolio turnover.
Entry/Exit Loads not considered. Ranking Source & Publisher: ICRA Online.
+ ICRA mfAAA and mfA1+ Rating Methodology for Birla Floating Rate (Short Term & Long Term) and Birla Cash Plus Respectively
Birla Floating Rate Fund Short Term & Birla Floating Rate Fund Long Term: The credit risk rating assigned to the schemes is mfAAA.
The rating is the highest-credit-quality rating assigned by ICRA to debt funds. Birla Cash Plus: The credit risk rating assigned to the scheme
is mfA1+. The highest-credit-quality short-term rating assigned by ICRA to debt funds.
Rating methodology used by ICRA is based on evaluating the inherent credit quality of the funds portfolio. As a measure of the credit quality of a
debt funds assets, ICRA uses the concept of credit scores, based on ICRAs assessment of credit risk associated with each exposure of the
portfolio taking into account its maturity, investment objectives and policies, its management characteristics and the creditworthiness of its
investment portfolio. ICRA reviews relevant fund information on an ongoing basis to support its published rating opinions. Source: ICRA Ltd.
* CRISIL AAAf Rating Methodology for Birla Sun Life Liquid Plus and Birla Sun Life Cash Manager
AAAf The funds portfolio holdings provide very strong protection against losses from credit defaults.
Aaf The funds portfolio holdings provide strong protection against losses from credit defaults. The credit quality ratings are based on an
analysis of the funds investment philosophy, its management, investment strategies, operational policies and internal controls. Credit
quality incorporates the credit risk of securities and the counter-party risk involved in transactions CRISIL has developed a Credit Quality
Matrix to evaluate a bond funds overall level of protection against losses associated with credit default. The matrix is a set of credit factors &
credit scores derived scientifically from CRISILs rating default and transition rates over past ten years. Ranking source: CRISIL
FundServices, CRISIL Ltd.
^^Crisil CPR Ranking Methodology & Disclaimer
Birla Sun Life Frontline Equity Fund: CRISIL~CPR 1 - Large Cap Oriented Equity Scheme Category (26 Schemes).
Birla Sun Life Income Fund: CRISIL~CPR 1 - Income Scheme Category (17 Schemes).
Birla Sun Life Short Term Fund: CRISIL~CPR 1 - Debt ST Scheme Category (13 Schemes).
Birla Cash Plus: Institutional Premium: CRISIL~CPR 2 - Liquid Super Inst. Scheme Category (16 Schemes).
Birla Sun Life Equity Fund: CRISIL~CPR 2 - in Diversified Equity Scheme Category (60 schemes)
Birla Sun Life Tax Relief 96: CRISIL~CPR 2 - ELSS Category (14 schemes)
Birla Cash Plus - Retail: CRISIL~CPR 2 - Liquid Scheme Category (24 schemes)
Birla Cash Plus - Institutional: CRISIL~CPR 2 - Liquid Inst. Scheme Category (13 schemes)
Birla Gilt Plus Regular Plan: CRISIL~CPR 2 - Gilt Scheme Category (15 schemes)
Birla Sun Life Monthly Income: CRISIL~CPR 1 - MIP Conservative Scheme Category (9 schemes)
Birla Midcap Fund: CRISIL~CPR 2 - Diversified Equity Scheme Category (60 Schemes)
Birla MIP - Growth: CRISIL~CPR 2 - MIP Conservative Scheme Category (9 Schemes)
CRISIL~Composite Performance Ranking - (CRISIL~CPR) is the relative performance ranking of mutual fund schemes within the peer
group. The criteria used for computing the ranking are AUM in excess of category cut-off limits & portfolio disclosure and performance in
case of Liquid Plans, Floating Rate and Debt-Short funds Last 1 years; All other Schemes Last 2 years. Fund Ratings are as on
30 June 07. Ranking is done on the following parameters depending on scheme category.
Parameters Scheme Category
Superior Return Score Large Cap Oriented Equity, Diversified Equity, ELSS, Sectoral-IT, Debt, Balance, Monthly Income
Plan (Aggressive & Conservative) and Gilt categories.
Mean Return and Volatility Liquid Plans, Floating Rate and Debt- Short term schemes
Portfolio Concentration Analysis All Schemes
Liquidity Analysis All Schemes
Asset Quality Debt Schemes
Average Maturity Debt Schemes
Downside Risk Probability Debt- Short Term, Floating Rate Funds, Liquid, Liquid- Institutional & Super Institutional.
Asset Size Debt- Short Term, Floating Rate Funds, Liquid, Liquid- Institutional & Super Institutional.
CRISIL~CPR 1 - indicates Very Good" performance & ranks within top 10% of the respective category.
CRISIL~CPR 2 - indicates Good" performance & ranks within top 30% of the respective category. Ranking Source: Crisil FundServices,
CRISIL Limited
&
Lipper Awards 2007 Ranking Methodology & Disclaimer
Birla Sun Life 95 Fund Growth (BSL95): Best Fund - Mixed Asset INR Aggressive, 1996 2006
Birla Gilt Plus Regular Plan (BGP - Reg): Best Fund - Bond Indian Rupee Government, 2001 2006
BSL95 & BGP Reg are awarded on the basis of Consistent Return (Effective Return) value within the 5 funds in the Mixed Asset INR
Aggressive category and 28 funds in the Bond Indian Rupee Government category, respectively. Entry/Exit load not considered. Ranking
source: Lipper - A Reuter Company.
@@
S & P Fund Management Rating
Standard & Poors A: The fund demonstrates high standards of quality based on its investment process, risk awareness and consistency of
performance relative to its own objectives. Ranking Methodology: The Fund has provided consistent, above average, risk-adjusted returns
relative to its peers over a three-year period ending December 31, 2006. The Fund is assessed by S&P on basis of quantitative factors viz.
historical performance for consistency, discrete period performance comparisons and measurement over 3 discrete twelve-month
periods, including 6 month moving average size, turnover, dealing, liquidity of portfolio, gearing, client base, cost, fees and on evaluation of
qualitative factors viz. fund management group, portfolio manager and investment team that contributes to long term performance.

Our Investment Team (In alphabetical order):

A. Balasubramanian Chief Investment Officer Lokesh Mallya Credit Analyst-Fixed Income Sanjay Chawla Fund Manager-Equity
Ajay Argal Senior Fund Manager-Equity Mahesh Patil Fund Manager-Equity Satyabrata Mohanty Fund Manager-Fixed Income
Ajay Garg Fund Manager-Equity Maneesh Dangi Fund Manager-Fixed Income Sujit Patki Dealer-Equity
Atul Penkar Research Analyst-Equity Navneet Munot CIO-Fixed Income, Hybrid Funds
Sunaina da Cunha Credit Analyst-Fixed Income
Gaurav Kapur Research Analyst-Equity Naysar Shah Equity Analyst
Hemang Dagli Dealer Prasad Dhonde Credit Analyst Vineet Maloo Fund Manager - Equity
The details of Fund Managers and Fund Management Team given in Concise Connect are as on September 12, 2007.

For further details on our Funds, please contact our Customers Service Centres at details given below.
BIRLA SUN LIFE AMC LTD. BRANCHES
AGRA : 0562-2524409 GUWAHATI : 0361-259 5020 / 259 9273 NAGPUR : 0712-663 0899 / 4300
AHMEDABAD : 079-2640 3553 /48 INDORE : 0731-504 0496 / 253 4502 NASHIK : 9823318034
AURANGABAD : 9822098181 JAIPUR : 0141-238 9082 /9115 NEW DELHI : 011-2332 3070
BANGALORE : 080-2238 9991 / 2 / 3 JALANDHAR : 9914464497 PATNA : 0612-220 7022 / 7023
BARODA : 0265-658 2984 / 2986 JAMSHEDPUR : 9334390070 PUNE : 020-66011865 / 66 / 67
BHUBANESHWAR : 0674-253 5521 / 3413 KANPUR : 0512-233 1116 / 1121 RAIPUR : 0771-4266894
CHANDIGARH : 0172-274 9172 / 73 KOLKATA : 033-2288 2592 / 94 / 95
SECUNDARABAD : 040-6531 1052 / 3580
CHENNAI : 044-4204 5003 / 2819 1681 LUCKNOW : 0522-409 4110
COCHIN : 0484-238 3969 / 236 6817 LUDHIANA : 0161-508 8847 / 277 1217 SURAT : 0261-658 1707 / 1708
COIMBATORE : 0422-435 0262 / 64 MADHURAI : 0452-2382566/67 TRIVANDRUM : 9447451715
DEHRADUN : 9814131731 MUMBAI (FORT) : 022-6637 9999 UDAIPUR : 9828215143
GOA : 0832-243 7628 / 29 MUMBAI (HEAD OFFICE) : 022-6692 8000 VARANASI : 0542-222 7755 / 56
GURGOAN : 9899106863 MUMBAI (PRABHADEVI) : 022-6666 1035 / 36 VISHAKAPATNAM : 9440301681

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

Statutory Details: Constitution: Birla Sun Life Mutual Fund (BSLMF) has been set up as a Trust under the Indian Trust Act, 1882. Sponsors: Aditya Birla Nuvo Limtied and Sun Life (India) AMC Investments Inc. (liability restricted to
seed corpus of Rs. 1 Lac). Trustee: Birla Sun Life Trustee Company Pvt. Ltd. Investment Manager: Birla Sun Life Asset Management Company Ltd.Risk Factors: Mutual Funds and securities investments are subject to market risks
and there can be no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in securities, the NAV of the Units issued under the Scheme may go up or down depending on the various factors
and forces affecting capital markets and money markets. Past performance of the Sponsor / Investment Manager / Mutual Fund does not indicate the future performance of the Schemes and may not necessarily provide a basis of
comparison with other investments. The names of the Schemes do not, in any manner, indicate either the quality of the Schemes or their future prospects or returns. Unitholders in the schemes are not being offered any
guaranteed/assured returns. Please refer to the Addendum / Offer Document for scheme specific risk factors before investing. Investors should read the Offer Document/ Key Information Memorandum available at Investor
Service Centers and with distributors carefully before investing. Printed as on 14th September 2007.
The Material provided in the Connect cannot be reproduced or quoted anywhere without express permission from Birla Sun Life Asset Management Company Ltd.

22
 BIRLA SUN LIFE INTERNATIONAL EQUITY FUND
An Open Ended Diversified Equity Scheme with Plan A & Plan B

Birla Sun Life International Equity Fund is an open-ended Choice of Plans : Plan A & Plan B
diversified equity Scheme. It seeks to generate long-term growth of Plan A
capital, by investing predominantly in a diversified portfolio of equity
and equity related securities in international markets under Plan A and Instrument Risk Profile Range
(% of net assets)
in the domestic and international markets under Plan B.
Equity and Equity related Instruments Medium to High 90%-100%
(Investment in Foreign Equity Securities
UNIQUE VALUE PROPOSITION as permitted by SEBI/RBI)
Returns in an equity fund are a function of the quality of equity research Fixed Income Securities (including Low to medium 0%-10%
Money Market Instruments)
as well as that of portfolio construction. Birla Sun Life International
Equity Fund has put together a unique value proposition for its Plan B
investors. Instrument Risk Profile Range
An International Fund that invests without geographical, sector (% of net assets)
and market capitalization bias. Equity and Equity related Instruments Medium to High 90%-100%
(Investment in Indian equity and equity
Allows investors to own some of the well established names in the
related securities- 65%-75%,
world. Investment in Foreign Equity Securities
BSLAMC has engaged Standard & Poor's Investment Advisory as permitted by SEBI/RBI- 25%-35%)
Services LLC (SPIAS) to provide investment advice on the Fixed Income Securities (including Low to medium 0%-10%
international portion of the fund, leveraging their global expertise Money Market Instruments)
in equity research. Plan A & Plan B do not intend investing in units of overseas Mutual Fund.
Plan B could be suitable for investors who are looking at tax efficiency.
Use of S&Ps proprietary methodologies like STARS Ranking
System, Quality Rankings and Fair Value Ranks to filter out stocks
and create a high growth diversified portfolio. SCHEME FEATURES
High quality domestic investment expertise by Birla Sun Life Face Value Rs. 10/- per unit plus applicable entry load
Mutual Fund NFO Opening Date September 17, 2007
NFO Closing Date October 16, 2007
ADVISORY BY STANDARD & POOR'S Investment Options Dividend Growth
Minimum Subscription Rs. 5,000/- and in multiple of
Birla Sun Life Asset Management Company Limited has engaged Re. 1/- thereafter
Standard & Poor's Investment Advisory Services LLC (SPIAS) to provide Additional Subscription Rs. 1,000/- and in multiple of
investment advice for the international portion of the fund. Standard & Re. 1/- thereafter
Poor's is a world-renowned organization in financial services having Load Structure Entry Load (including SIP):
global capabilities in equity research. Their business unit, SPIAS has
For purchase of units < Rs. 5 Crores : 2.50%
over 11 years of experience in investment advisory services.
For purchase of units > _ Rs. 5 Crores : Nil
As a result of Dividend Reinvestment : Nil
UNIQUE INVESTMENT STRATEGY Exit Load (including SIP):
International Investment: The investment focus would be on strong & For purchase of units < Rs. 5 Crores : 1% if
stable economies. The key objective of investment would be to reduce redeemed within 6 months of allotment
risk through diversification while contributing to returns at the same For purchase of units > _ Rs. 5 Crores : Nil
time. Inter Plan / Entry & Exit Load: NIL
Option Switches
Domestic Investment: Investments would be made in those businesses
Maximum Subscription Plan A: Rs. 500 Crores
that have potential for long-term capital appreciation without market Limit Plan B: Nil
capitalization bias. Overall market conditions, market opportunities
and the fund manager's view would form the basis.

SOON,THE WORLD'S BEST WILL

BE WORKING FOR ONE PERSON. YOU.
Sub advised by
NFO closes 16th Oct '07
* SMS GAIN to 56767

SOON,THE WORLD'S BEST WILL

BE WORKING FOR ONE PERSON. YOU.
BIRLA SUN LIFE INTERNATIONAL EQUITY FUND.
(An Open Ended Diversified Equity Scheme with Plan A & Plan B)

When investing internationally, stock selection plays a vital role. Since winners are there in every country or
region, only the highest level of expertise can spot them and turn them to your advantage. Advised by the
Standard & Poors Investment Advisory Services LLC, Birla Sun Life International Equity Fund brings you the
know-how that works best for you.

POWER YOUR INVESTMENT PORTFOLIO WITH HIGH PERFORMANCE GLOBAL STOCKS.

New Fund Offer price Rs. 10 per unit plus applicable entry load.
Stocks referred above by trade name, manufacturer, or otherwise are only indicative & does not in any manner imply its endorsement or recommendation
and may or may not form part of the Fund portfolios.
"Standard & Poor's", "S&P" and "STARS" are trademarks of The McGraw- Hill Companies, Inc. and have been licensed for use by Birla Sun Life Asset Management Company Limited, as manager of the Fund. The Fund is not sponsored;
managed; sold or promoted by Standard & Poor's and its affiliates and Standard & Poor's makes no recommendation as to the advisability of investing in the Fund. Sub advisory are provided by Standard & Poors Investment Advisory
Services LL (SPIAS), a registered investment advisor in the US. SPIAS is not responsible for client suitability. Analytic services and products provided by Standard & Poors are the result of separate activities designed to preserve the
independence and objectivity of each analytic process. Standard & Poors has established policies and procedures to maintain the confidentiality of non-public information received during each analytic process. *For International
Portfolio.
Statutory Details: Constitution: Birla Sun Life Mutual Fund has been set up as a Trust under the Indian Trust Act, 1882. Sponsors: Aditya Birla Nuvo Limited & Sun Life (India) AMC Investments Inc [liability restricted to seed corpus of Rs.
1 Lac]. Trustee: Birla Sun Life Trustee Company Pvt. Ltd. Investment Manager: Birla Sun Life Asset Management Company Ltd. Objective & Asset Allocation: To generate long-term growth of capital, by investing predominantly in a
diversified portfolio of Equity & Equity related securities in the international markets under Plan A (Foreign Equity securities): 90%-100%; & in the domestic & international markets under Plan B (Indian Equity & Equity related securities:
65%-75%; and Foreign Equity securities: 25%-35%): 90%-100%; and Fixed Income securities (including Money Market instruments): 0%-10% both under Plan A & Plan B. Terms of issue: Rs. 10 per unit for cash + applicable entry load
during NFO & at Applicable NAV + applicable entry load thereafter. Entry Load (incl. SIP): < Rs. 5 crores- 2.50%, Rs. 5 crores & above: Nil, Dividend Reinvestment: Nil, Exit Load (incl. SIP) For purchase of units < Rs. 5 crores:1% if
redeemed within 6 months of allotment. For purchase of units > 5 crores: Nil. Liquidity: The Scheme shall re-open for all transactions not later than 30 days from closure of NFO at NAV based prices on all business days. Risk Factors:
Mutual Funds & securities investments are subject to market risks & there can be no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in securities, the NAV of the Units issued under the
Scheme may go up or down depending on the various factors & forces affecting capital markets & money markets. Past performance of the Sponsor / Investment Manager / Mutual Fund does not indicate the future performance of the
Scheme & may not necessarily provide a basis of comparison with other investments. Birla Sun Life International Equity Fund is only the name of the Scheme & does not, in any manner, indicate either the quality of the Scheme or its future
prospects or returns. Scheme Specific Risk Factors: Investments in foreign equity securities carry risks related to fluctuating currency prices, nature of securities markets, repatriation of capital due to exchange controls, liquidity &
political instability. In case the total subscription in Plan A exceeds Rs. 500 crores, investors applying for more than 5000 units will be made proportional allotment. Each Plan under the Scheme should have a minimum of 20 investors &
no single investor should account for more than 25% of its corpus as per SEBI guidelines. For further Scheme Specific Risk Factors & other details please read the Offer Document carefully before investing.