QUARTERLY COMMUNICATION TO UNIT-HOLDERS OF BIRLA MUTUAL FUND
The name inspires trust
M A R C H 2 0 0 5
QUARTERLY COMMUNICATION TO UNIT-HOLDERS OF BIRLA MUTUAL FUND
The name inspires trust
M A R C H 2 0 0 5
NU D F CL EA LU ET BU RAM TA EL SRIB 10YEARS OF
TSURTA PARTNERSHIP THAT’S 10 Y EARS OLD.AND STILL GLOWING.
We thank our investors and distributors for partnering us in our 10-year, eventful journey.
Contents 2
Aditya Birla Invitational Golf
Tournament 2005 3
Market Outlook 4
Birla Advantage Fund 5
Birla Dividend Yield Plus 6
Birla Midcap Fund 7
Birla MNC Fund 8
Birla India
Opportunities Fund 9
Birla Index Fund 10
Birla Equity Plan 11
Birla Balance 12
Birla MIP 13
Birla MIP II 14 - 15
Birla Income Plus 16
Birla Gilt Plus 17
Birla Dynamic Bond Fund 18
Birla Bond Index Fund 18
Birla Bond Plus 19
Birla Floating Rate Fund 20
Birla Cash Plus 21
Birla Asset Allocation Fund 22
India Advantage Fund 23
Scheme Summary 24-26
NAV 27
Dividend History 28
Performance 29
Methodology of Ranking 30
Contact Details 32
CONTENTS
Birla Dividend Yield Plus
announces Record Date
th
for 10 tax free
Dividend.*
teRecord Da :th1 r 01 Ma . ’ 5
*Dividend Distribution is not assured and is subject to availability of distributable
surplus. After payment of dividend, NAV will fall to the extent of payout.
Birla Advantage Fund
announces Record Date
th
for 6 tax free Dividend.*
Record Date:rd23 Mar. ’05
*Dividend Distribution is not assured and is subject to availability of distributable
surplus. After payment of dividend, NAV will fall to the extent of payout.
Aditya Birla Invitational Golf Tournament 2005: 27th Feb., Mumbai.
3
M A R C H 2 0 0 5
Mr. Gary M Comerford, Vice President-International & General Manager-India,
Sun Life Assurance Co., Canada and Mr. S.K.Mitra, Director, Financial
Services, Aditya Birla Group
Mr. Ashish Kapoor, Ms Parminder Panesar, Mr. Raghvendra Nath, Mr. Balaji Vaidyanathan,
Mr. Ranjit Shetty, Mr. Bernard Pouliot, Mr. Jim Van Harmelan, Vice President-Asia,
Sun Life Assurance Co., Canada, Mr. Gary M Comerford, Mr. Amandeep Johl,
Mr. S K Mitra, Ms. Tina Wellington, Mr. Vikaas M Sachdeva and Mr. Himanshu Kapadia.
Singh
Mr. S.K.Mitra presenting the winning cheque to Mr. & Mrs. Wing Cdr. Chris Chatterjee. Mr. S.V. Prasad, CEO, Birla Sun Life AMC.
Mr. S.K.Mitra presenting an award to
Mr. Amandeep Singh Johl , Director - Asian Tour
L to R (standing) Mr. Rakesh Jain, Mr. Aashish Sanghi, Mr. Gurpreet, Mr. M.C. Raisinghani,
Mr. Gary Comerford, Mr. S.V. Prasad, Mr. S.K Mitra, Ms. Anjana Grewal, Ms. Parminder,
Mr. Ranjit Shetty, Mr. Sanjeev Bhargava, Ms. Tina Wellington, Mr. Akhil Chaturvedi,
Mr. Sachin Mahajan, Mr. MVS. Krishna, Mr. Hameed Bombal, Mr. Ashish Kapoor,
Mr. Ravi Sharma. L to R (Seated) Mr. Abhay K., Mr. Sanjay Parikh, Mr. Raghvendra Nath,
Mr. Mayank Bathwal, Mr. Vikaas M Sachdeva, Mr. A.Balasubramanian
Aditya Birla Invitational Golf Tournament 2005: 27th Feb., Mumbai.
3
M A R C H 2 0 0 5
Mr. Gary M Comerford, Vice President-International & General Manager-India,
Sun Life Assurance Co., Canada and Mr. S.K.Mitra, Director, Financial
Services, Aditya Birla Group
Mr. Ashish Kapoor, Ms Parminder Panesar, Mr. Raghvendra Nath, Mr. Balaji Vaidyanathan,
Mr. Ranjit Shetty, Mr. Bernard Pouliot, Mr. Jim Van Harmelan, Vice President-Asia,
Sun Life Assurance Co., Canada, Mr. Gary M Comerford, Mr. Amandeep Johl,
Mr. S K Mitra, Ms. Tina Wellington, Mr. Vikaas M Sachdeva and Mr. Himanshu Kapadia.
Singh
Mr. S.K.Mitra presenting the winning cheque to Mr. & Mrs. Wing Cdr. Chris Chatterjee. Mr. S.V. Prasad, CEO, Birla Sun Life AMC.
Mr. S.K.Mitra presenting an award to
Mr. Amandeep Singh Johl , Director - Asian Tour
L to R (standing) Mr. Rakesh Jain, Mr. Aashish Sanghi, Mr. Gurpreet, Mr. M.C. Raisinghani,
Mr. Gary Comerford, Mr. S.K Mitra, Ms. Anjana Grewal, Ms Parminder Panesar,
Mr. Ranjit Shetty, Mr. Sanjeev Bhargava, Ms. Tina Wellington, Mr. Akhil Chaturvedi,
Mr. Sachin Mahajan, Mr. MVS. Krishna, Mr. Hameed Bombal, Mr. Ashish Kapoor,
Mr. Ravi Sharma. L to R (Seated) Mr. Abhay K., Mr. Sanjay Parikh, Mr. Raghvendra Nath,
Mr. Mayank Bathwal, Mr. Vikaas M Sachdeva, Mr. A.Balasubramanian
Market Outlook
Equity Markets
Markets were flat throughout the month but witnessed high intra-
day volatility ahead of the Budget. The benchmark BSE Sensex
closed at an all time high of 6714 registering a gain of almost 2.5%
month-on-month. FII investments bounced back in February with
record inflows of US$1.8bn compared to US$280mn in January 05.
The Union Budget was a balancing act between the need to meet
social obligations & generate employment in rural areas and at the
same time not increasing the overall tax burden. Key highlights of
the budget were:
! Nominal GDP growth of 12% in FY06 with revenue and fiscal
deficit target of 2.7% and 4.3% of GDP respectively.
! Exports targeted at US$150bn by 2008-09, to double India's
share in worlds export to 1.5%.
! Thrust on rural & urban infrastructure, irrigation & water supplies,
rural electrification, housing, micro irrigation and roads. This
could lead to a significant increase in rural demand for consumer
products.
! Peak import duties brought down from 20% to 15%.
! Reduction in peak corporate tax rate by 3% (from 36.5925% to
proposed 33.67%).
! Reiteration of implementation of VAT all over the country from
1st April 2005.
! Wide ranging changes in personal income tax slabs to increase
higher disposable income.
However, the Budget fell short on expectations in terms of
rationalization of subsidies, FDI investment, labour reforms and
privatization. New taxes such as the fringe benefit tax and the cash
withdrawal tax have been proposed. Reduction in depreciation
rates could increase corporate tax obligations in FY07 for capital-
intensive industries. Revenue receipt assumptions are quite
aggressive and may lead to slippages.
Overall budget provisions are positive for automobiles, auto
ancillaries, cement, capital goods, textile, pharmaceuticals and
banking. Greater autonomy has been proposed for the RBI for
banking system management with changes in SLR, CRR limits left
entirely to RBI. Banks have been allowed to issue preference shares
to meet capital adequacy norms and exposure to stock market can
go upto 10% of advances. Changes in duty structure are mildly
negative for metals and oil & gas sector.
The equity markets are currently witnessing a liquidity driven rally
supported by strong corporate results and reasonable valuations.
FIIs have been aggressive buyers of Indian equity. Growth adjusted
valuations of Indian stocks are attractive relative to other Asian
markets. Domestic investors have turned bullish on equities after a
long time as suggested by robust IPO (Mutual Funds) collection in
the last two months. Reduction of personal tax rates with
consequent increase in higher disposable income will increase
consumption. With domestic demand drivers in place and India's
increasing share in global services and manufacturing, the
corporate fundamentals are well tuned. Equities will remain the
preferred choice among alternatives available for domestic
investors. The long-term India story remains intact.
Debt Markets
The bond markets saw an action packed month. Low inflation and
oil prices boosted market sentiment, even as the market remained
cautious awaiting the forthcoming budget. Liquidity levels
remained comfortable all month, with call rates ranging from 4.6-
4.8%.
Standard and Poor's upgrade on India's sovereign rating flagged
off February on a positive note. However, the US Federal Open
Market Committee (FOMC) rate hike, expected EPF rate hike and
auction announcements weighed on the market. The central bank
conducted an auction of 8.35% 2002 for Rs. 5000 crore on
February 7. The auction cut off at Rs. 109.75 (7.34%) was higher
than market expectations which led to positive sentiments in the
fixed income market. As a result of the higher than expected cut-off
in the auction, the yield of the 10-year benchmark fell sharply to
below 6.50%.
However, the announcement of the state loan auction and profit
booking did not allow the 10- year yield to sustain below 6.50%.
News that the government was planning to bring interest rates on
saving schemes in line with inflation also added to the positive
sentiments.
The fixed income markets reacted negatively to the budget due to
the government announcing a pause on the Fiscal Responsibility
and Budget Management (FRBM) rules and a significantly higher
borrowing programme for 2005-06. Net dated borrowing is
estimated to be Rs. 103761 crore, significantly higher than the
current year net borrowings. In 2005-06, the revenue and fiscal
deficit are estimated to be around 2.7% and 4.3% respectively,
higher than what the market expected. In reaction to these
numbers, the benchmark 10-year yield went up by around 15 bps to
6.65% levels.
The month saw inflation dip from 5.37% to 5.25%, before finally
stabilizing at 5.01%. Oil prices saw a volatile month with lows of
$45 a barrel during the months but ended the month higher at
around $51 per barrel, prompted by reports of OPEC cutting
production and unfavorable US weather conditions.
The system remained flush with liquidity. The reverse repo auctions
increased through the month, despite state outflows, with the RBI
accepting Rs. 26,000 crore in bids towards the month end. The
surplus liquidity situation is expected to continue owing to a surge
in capital inflows.
RBI continued buying dollars all month to contain the rupee, the
rupee ended stronger to the dollar at 43.72/73 at the month end.
In the near term the market is expected to be stable due to high
liquidity, no supply of government bonds and falling inflation.
However, in the medium term we expect the yield to firm up due to
high government borrowing, strong credit pick up and rising global
interest rates. The appetite for government bonds is low from banks
due to strong credit growth. Inflation, borrowing calendar and
expectation of repo rate hike will be the primary drivers of market
sentiments in the current month.
4
M A R C H 2 0 0 5Market Outlook
Equity Markets
Markets were flat throughout the month but witnessed high intra-
day volatility ahead of the Budget. The benchmark BSE Sensex
closed at an all time high of 6714 registering a gain of almost 2.5%
month-on-month. FII investments bounced back in February with
record inflows of US$1.8bn compared to US$280mn in January 05.
The Union Budget was a balancing act between the need to meet
social obligations & generate employment in rural areas and at the
same time not increasing the overall tax burden. Key highlights of
the budget were:
! Nominal GDP growth of 12% in FY06 with revenue and fiscal
deficit target of 2.7% and 4.3% of GDP respectively.
! Exports targeted at US$150bn by 2008-09, to double India's
share in worlds export to 1.5%.
! Thrust on rural & urban infrastructure, irrigation & water supplies,
rural electrification, housing, micro irrigation and roads. This
could lead to a significant increase in rural demand for consumer
products.
! Peak import duties brought down from 20% to 15%.
! Reduction in peak corporate tax rate by 3% (from 36.5925% to
proposed 33.67%).
! Reiteration of implementation of VAT all over the country from
1st April 2005.
! Wide ranging changes in personal income tax slabs to increase
higher disposable income.
However, the Budget fell short on expectations in terms of
rationalization of subsidies, FDI investment, labour reforms and
privatization. New taxes such as the fringe benefit tax and the cash
withdrawal tax have been proposed. Reduction in depreciation
rates could increase corporate tax obligations in FY07 for capital-
intensive industries. Revenue receipt assumptions are quite
aggressive and may lead to slippages.
Overall budget provisions are positive for automobiles, auto
ancillaries, cement, capital goods, textile, pharmaceuticals and
banking. Greater autonomy has been proposed for the RBI for
banking system management with changes in SLR, CRR limits left
entirely to RBI. Banks have been allowed to issue preference shares
to meet capital adequacy norms and exposure to stock market can
go upto 10% of advances. Changes in duty structure are mildly
negative for metals and oil & gas sector.
The equity markets are currently witnessing a liquidity driven rally
supported by strong corporate results and reasonable valuations.
FIIs have been aggressive buyers of Indian equity. Growth adjusted
valuations of Indian stocks are attractive relative to other Asian
markets. Domestic investors have turned bullish on equities after a
long time as suggested by robust IPO (Mutual Funds) collection in
the last two months. Reduction of personal tax rates with
consequent increase in higher disposable income will increase
consumption. With domestic demand drivers in place and India's
increasing share in global services and manufacturing, the
corporate fundamentals are well tuned. Equities will remain the
preferred choice among alternatives available for domestic
investors. The long-term India story remains intact.
Debt Markets
The bond markets saw an action packed month. Low inflation and
oil prices boosted market sentiment, even as the market remained
cautious awaiting the forthcoming budget. Liquidity levels
remained comfortable all month, with call rates ranging from 4.6-
4.8%.
Standard and Poor's upgrade on India's sovereign rating flagged
off February on a positive note. However, the US Federal Open
Market Committee (FOMC) rate hike, expected EPF rate hike and
auction announcements weighed on the market. The central bank
conducted an auction of 8.35% 2002 for Rs. 5000 crore on
February 7. The auction cut off at Rs. 109.75 (7.34%) was higher
than market expectations which led to positive sentiments in the
fixed income market. As a result of the higher than expected cut-off
in the auction, the yield of the 10-year benchmark fell sharply to
below 6.50%.
However, the announcement of the state loan auction and profit
booking did not allow the 10- year yield to sustain below 6.50%.
News that the government was planning to bring interest rates on
saving schemes in line with inflation also added to the positive
sentiments.
The fixed income markets reacted negatively to the budget due to
the government announcing a pause on the Fiscal Responsibility
and Budget Management (FRBM) rules and a significantly higher
borrowing programme for 2005-06. Net dated borrowing is
estimated to be Rs. 103761 crore, significantly higher than the
current year net borrowings. In 2005-06, the revenue and fiscal
deficit are estimated to be around 2.7% and 4.3% respectively,
higher than what the market expected. In reaction to these
numbers, the benchmark 10-year yield went up by around 15 bps to
6.65% levels.
The month saw inflation dip from 5.37% to 5.25%, before finally
stabilizing at 5.01%. Oil prices saw a volatile month with lows of
$45 a barrel during the months but ended the month higher at
around $51 per barrel, prompted by reports of OPEC cutting
production and unfavorable US weather conditions.
The system remained flush with liquidity. The reverse repo auctions
increased through the month, despite state outflows, with the RBI
accepting Rs. 26,000 crore in bids towards the month end. The
surplus liquidity situation is expected to continue owing to a surge
in capital inflows.
RBI continued buying dollars all month to contain the rupee, the
rupee ended stronger to the dollar at 43.72/73 at the month end.
In the near term the market is expected to be stable due to high
liquidity, no supply of government bonds and falling inflation.
However, in the medium term we expect the yield to firm up due to
high government borrowing, strong credit pick up and rising global
interest rates. The appetite for government bonds is low from banks
due to strong credit growth. Inflation, borrowing calendar and
expectation of repo rate hike will be the primary drivers of market
sentiments in the current month.
4
M A R C H 2 0 0 5
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in BAF...
Monthly Investment 1,000
Number of Investment periods (Since Inception) 119
Total Investment 119,000
Value of Investment (As of February 28, 2005) 492,715
Return on Investment (CAGR) 26.63%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in BSE Sensex would have given a return of 11.25%.
* Dividend Reinvestment NAVs has been considered for the analysis.
Inception date : February 24, 1995
Did you know that Birla Advantage Fund has completed 10 years since inception on Feb.24, 2005?
Birla Advantage FundAn open-ended diversified equity fund
Issuer Market Value % to Net Assets
Banks 21.24
State Bank of India 4,916.50 9.40Canara Bank 2,172.37 4.15Union Bank of India 1,404.31 2.68Oriental Bank of Commerce 940.54 1.80Punjab National Bank 930.59 1.78Bank Of India 746.63 1.43
Pharmaceuticals 14.74Pfizer Ltd. 2,414.47 4.61Glaxosmithkline Pharmaceuticals Ltd. 2,153.91 4.12Aventis Pharma Ltd. 1,198.86 2.29Novartis India Ltd. 1,194.42 2.28Wyeth Lederle Ltd. 753.34 1.44
IT Consulting & Services 8.37Infosys Technologies Ltd. 2,269.12 4.34Tata Consultancy Services Ltd. 2,107.82 4.03
Integrated Telecommunication Services 8.04Bharti Tele-Ventures Ltd. 4,206.86 8.04
Fertilizers & Agricultural Chemicals 6.98United Phosphorous Ltd. 2,482.76 4.74Monsanto India Ltd. 727.93 1.39Rallis India Ltd. 445.46 0.85
Electrical Components & Equipment 5.87Siemens Ltd. 2,088.95 3.99Bharat Electronics Ltd. 984.80 1.88
Consumer Finance 5.04LIC Housing Finance Ltd. 2,635.82 5.04
Oil & Gas Refining & Marketing 4.87Kochi Refineries Ltd. 1,062.59 2.03Indian Oil Corporation Ltd. 826.73 1.58Hindustan Petroleum Corporation Ltd. 660.35 1.26
Heavy Electrical Equipment 3.60Bharat Heavy Electricals Ltd. 963.11 1.84Thermax Ltd. 919.32 1.76
Computer Hardware 3.56CMC Ltd. 1,863.53 3.56
Motorcycle Manufacturers 3.40Hero Honda Motors Ltd. 1,301.85 2.49Bajaj Auto Ltd. 474.28 0.91
Construction Materials 3.17Birla Corporation Ltd. 825.16 1.58The Associated Cement Companies Ltd. 820.98 1.57Dharti Dredging & Construction Ltd. 11.48 0.02
Hotels 3.12Indian Hotels Co. Ltd. 1,631.61 3.12Industrial Conglomerates 3.02Grasim Industries Ltd. 1,579.33 3.02
Brewers 2.04Mcdowell & Company Ltd. 1,068.70 2.04
Household Appliances 1.75Voltas Ltd. 915.88 1.75
Automobile Manufacturers 0.98Maruti Udyog Ltd. 513.75 0.98
Preference Share 0.16Thermax Ltd. 83.49 0.16
Cash & Current Assets 26.45 0.05
Total Net Assets 52,324.06 100.00
Issuer Wise Portfolio as of 28-Feb-2005 Asset Allocation 28-Feb-2005
Fund Manager's Speak - Birla Advantage Fund (BAF)
Nishid Shah
5
! Reduced exposure to oil and gas.
! Increased weightage in hotels to take advantage of upturn in the hotel industry.
! Overall portfolio remains overweight across banks, MNC pharma, agrochemicals, telecom, capital goods and software.
CRISIL~CPR 2 Open End Equity Category^^
(Past performance is no guarantee of future results.)
^^ for methodology please refer page 30
M A R C H 2 0 0 5
2.04%
2.89%3.02%3.12%
3.17%
3.40%3.56%
3.60%
4.87%5.04%
5.87%
6.98%8.04%8.37%
14.74%
21.24%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
0.05%Cash & Current Assets
Brewers
Other Equity & PreferenceIndustrial Conglomerates
Hotels
Construction Materials
Motorcycle ManufacturersComputer Hardware
Heavy Electrical Equipment
Oil & Gas Refining & MarketingConsumer Finance
Electrical Components & Equipment
Fertilizers & Agricultural ChemicalsIntegrated Telecommunication Services
IT Consulting & ServicesPharmaceuticals
Banks
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in BAF...
Monthly Investment 1,000
Number of Investment periods (Since Inception) 119
Total Investment 119,000
Value of Investment (As of February 28, 2005) 492,715
Return on Investment (CAGR) 26.63%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in BSE Sensex would have given a return of 11.25%.
* Dividend Reinvestment NAVs has been considered for the analysis.
Inception date : February 24, 1995
Did you know that Birla Advantage Fund has completed 10 years since inception on Feb.24, 2005?
Birla Advantage FundAn open-ended diversified equity fund
Issuer Market Value % to Net Assets
Banks 21.24
State Bank of India 4,916.50 9.40Canara Bank 2,172.37 4.15Union Bank of India 1,404.31 2.68Oriental Bank of Commerce 940.54 1.80Punjab National Bank 930.59 1.78Bank Of India 746.63 1.43
Pharmaceuticals 14.74Pfizer Ltd. 2,414.47 4.61Glaxosmithkline Pharmaceuticals Ltd. 2,153.91 4.12Aventis Pharma Ltd. 1,198.86 2.29Novartis India Ltd. 1,194.42 2.28Wyeth Lederle Ltd. 753.34 1.44
IT Consulting & Services 8.37Infosys Technologies Ltd. 2,269.12 4.34Tata Consultancy Services Ltd. 2,107.82 4.03
Integrated Telecommunication Services 8.04Bharti Tele-Ventures Ltd. 4,206.86 8.04
Fertilizers & Agricultural Chemicals 6.98United Phosphorous Ltd. 2,482.76 4.74Monsanto India Ltd. 727.93 1.39Rallis India Ltd. 445.46 0.85
Electrical Components & Equipment 5.87Siemens Ltd. 2,088.95 3.99Bharat Electronics Ltd. 984.80 1.88
Consumer Finance 5.04LIC Housing Finance Ltd. 2,635.82 5.04
Oil & Gas Refining & Marketing 4.87Kochi Refineries Ltd. 1,062.59 2.03Indian Oil Corporation Ltd. 826.73 1.58Hindustan Petroleum Corporation Ltd. 660.35 1.26
Heavy Electrical Equipment 3.60Bharat Heavy Electricals Ltd. 963.11 1.84Thermax Ltd. 919.32 1.76
Computer Hardware 3.56CMC Ltd. 1,863.53 3.56
Motorcycle Manufacturers 3.40Hero Honda Motors Ltd. 1,301.85 2.49Bajaj Auto Ltd. 474.28 0.91
Construction Materials 3.17Birla Corporation Ltd. 825.16 1.58The Associated Cement Companies Ltd. 820.98 1.57Dharti Dredging & Construction Ltd. 11.48 0.02
Hotels 3.12Indian Hotels Co. Ltd. 1,631.61 3.12Industrial Conglomerates 3.02Grasim Industries Ltd. 1,579.33 3.02
Brewers 2.04Mcdowell & Company Ltd. 1,068.70 2.04
Household Appliances 1.75Voltas Ltd. 915.88 1.75
Automobile Manufacturers 0.98Maruti Udyog Ltd. 513.75 0.98
Preference Share 0.16Thermax Ltd. 83.49 0.16
Cash & Current Assets 26.45 0.05
Total Net Assets 52,324.06 100.00
Issuer Wise Portfolio as of 28-Feb-2005 Asset Allocation 28-Feb-2005
Fund Manager's Speak - Birla Advantage Fund (BAF)
Nishid Shah
5
! Reduced exposure to oil and gas.
! Increased weightage in hotels to take advantage of upturn in the hotel industry.
! Overall portfolio remains overweight across banks, MNC pharma, agrochemicals, telecom, capital goods and software.
CRISIL~CPR 2 Open End Equity Category^^
(Past performance is no guarantee of future results.)
^^ for methodology please refer page 30
M A R C H 2 0 0 5
2.04%
2.89%3.02%3.12%
3.17%
3.40%3.56%
3.60%
4.87%5.04%
5.87%
6.98%8.04%8.37%
14.74%
21.24%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
0.05%Cash & Current Assets
Brewers
Other Equity & PreferenceIndustrial Conglomerates
Hotels
Construction Materials
Motorcycle ManufacturersComputer Hardware
Heavy Electrical Equipment
Oil & Gas Refining & MarketingConsumer Finance
Electrical Components & Equipment
Fertilizers & Agricultural ChemicalsIntegrated Telecommunication Services
IT Consulting & ServicesPharmaceuticals
Banks
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in BDYP...
Monthly Investment 1,000
Number of Investment periods (Since Inception) 24
Total Investment 24,000
Value of Investment (As of February 28, 2005) 39,173
Return on Investment (CAGR) 55.52%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX 500 would have given a return of 48.81%.
Inception date: February 10, 2003
Did you know that the current dividend yield of the portfolio is 3.90% as compared to the BSE Sensex dividend yield of 1.66%?
Birla Dividend Yield PlusAn open-ended growth scheme investing in high dividend yield companies
Issuer Market Value % to Net Assets
Banks 20.65Vijaya Bank 3,378.80 5.24Andhra Bank 2,833.10 4.40Bank Of India 2,477.12 3.84Union Bank of India 2,446.37 3.80Indian Overseas Bank 1,356.00 2.10IndusInd Bank Ltd. 816.50 1.27
Oil & Gas Refining & Marketing 18.13Kochi Refineries Ltd. 2,671.26 4.14Indian Oil Corporation Ltd. 2,374.30 3.68Castrol (India) Ltd. 2,180.33 3.38Bongaigaon Refinery & Petrochemicals Ltd 2,011.45 3.12Hindustan Petroleum Corporation Ltd. 1,942.41 3.01IBP Company Ltd. 516.47 0.80
Household Products 7.30Hindustan Lever Ltd. 1,870.61 2.90Colgate Palmolive (I) Ltd. 1,459.86 2.26Godrej Consumer Products Ltd. 1,380.83 2.14
Industrial Machinery 7.06Alfa Laval (India) Ltd. 2,367.15 3.67Cummins India Ltd. 1,264.60 1.96Carborundum Universal Ltd. 924.34 1.43
Marine 6.50The Great Eastern Shipping Co. Ltd. 2,449.43 3.80Shipping Corporation of India Ltd. 1,738.76 2.70
Motorcycle Manufacturers 5.77Hero Honda Motors Ltd. 3,721.08 5.77
Commodity Chemicals 4.55Century Enka Ltd. 1,765.23 2.74ICI India Ltd. 1,168.67 1.81
Electrical Components & Equipment 3.60Crompton Greaves Ltd. 2,317.84 3.60
Paper Packaging 3.35Essel Propack Ltd. 2,156.87 3.35
Diversified Chemicals 3.25Tata Chemicals Ltd. 2,095.11 3.25
Oil & Gas Exploration & Production 2.80Oil & Natural Gas Corporation Ltd. 1,805.71 2.80
Pharmaceuticals 2.42Glaxosmithkline Pharmaceuticals Ltd. 957.97 1.49Abbott Laboratories (India) Ltd. 597.46 0.93
Heavy Electrical Equipment 2.39Thermax Ltd. 1,539.55 2.39
Integrated Telecommunication Services 2.09Mahanagar Telephone Nigam Ltd. 1,344.50 2.09
Aluminium 2.02National Aluminium Co. Ltd. 1,302.20 2.02
Speciality Chemicals 1.56Clariant (India) Ltd. 1,002.63 1.56
Personal Products 1.32Procter & Gamble Hygiene & Health Care Ltd. 853.67 1.32
Automobile Manufacturers 1.05Ashok Leyland Ltd. 675.21 1.05
Packaged Foods 0.98Nestle India Ltd. 382.64 0.59Heritage Foods (India) Ltd. 250.98 0.39
Office Services & Suppliers 0.74PSL Holdings Ltd. 475.69 0.74
Preference Share 0.09Thermax Ltd. 57.38 0.09
Cash & Current Assets 1,528.20 2.38
Total Net Assets 64,458.27 100.00
Issuer Wise Portfolio as of 28-Feb-2005 Asset Allocation 28-Feb-2005
6
Fund Manager's Speak - Birla Dividend Yield Plus (BDYP)
Deven Sangoi
! Reduced allocation to oil marketing companies.
! Continuing with positive outlook on banking sector.
M A R C H 2 0 0 5
2.02%
2.09%
2.38%
2.39%
2.42%
2.80%
3.25%
3.35%
3.60%
4.55%
5.74%
5.77%
6.50%
7.06%
7.30%
18.13%
20.65%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
Aluminium
Integrated Telecommunication ServicesCash & Current Assets
Heavy Electrical EquipmentPharmaceuticals
Oil & Gas Exploration & ProductionDiversified Chemicals
Paper Packaging
Electrical Components & Equipment
Commodity Chemicals
Other Equity & Preference
Motorcycle Manufacturers
Marine
Industrial MachineryHousehold Products
Oil & Gas Refining & MarketingBanks
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in BDYP...
Monthly Investment 1,000
Number of Investment periods (Since Inception) 24
Total Investment 24,000
Value of Investment (As of February 28, 2005) 39,173
Return on Investment (CAGR) 55.52%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX 500 would have given a return of 48.81%.
Inception date: February 10, 2003
Did you know that the current dividend yield of the portfolio is 3.90% as compared to the BSE Sensex dividend yield of 1.66%?
Birla Dividend Yield PlusAn open-ended growth scheme investing in high dividend yield companies
Issuer Market Value % to Net Assets
Banks 20.65Vijaya Bank 3,378.80 5.24Andhra Bank 2,833.10 4.40Bank Of India 2,477.12 3.84Union Bank of India 2,446.37 3.80Indian Overseas Bank 1,356.00 2.10IndusInd Bank Ltd. 816.50 1.27
Oil & Gas Refining & Marketing 18.13Kochi Refineries Ltd. 2,671.26 4.14Indian Oil Corporation Ltd. 2,374.30 3.68Castrol (India) Ltd. 2,180.33 3.38Bongaigaon Refinery & Petrochemicals Ltd 2,011.45 3.12Hindustan Petroleum Corporation Ltd. 1,942.41 3.01IBP Company Ltd. 516.47 0.80
Household Products 7.30Hindustan Lever Ltd. 1,870.61 2.90Colgate Palmolive (I) Ltd. 1,459.86 2.26Godrej Consumer Products Ltd. 1,380.83 2.14
Industrial Machinery 7.06Alfa Laval (India) Ltd. 2,367.15 3.67Cummins India Ltd. 1,264.60 1.96Carborundum Universal Ltd. 924.34 1.43
Marine 6.50The Great Eastern Shipping Co. Ltd. 2,449.43 3.80Shipping Corporation of India Ltd. 1,738.76 2.70
Motorcycle Manufacturers 5.77Hero Honda Motors Ltd. 3,721.08 5.77
Commodity Chemicals 4.55Century Enka Ltd. 1,765.23 2.74ICI India Ltd. 1,168.67 1.81
Electrical Components & Equipment 3.60Crompton Greaves Ltd. 2,317.84 3.60
Paper Packaging 3.35Essel Propack Ltd. 2,156.87 3.35
Diversified Chemicals 3.25Tata Chemicals Ltd. 2,095.11 3.25
Oil & Gas Exploration & Production 2.80Oil & Natural Gas Corporation Ltd. 1,805.71 2.80
Pharmaceuticals 2.42Glaxosmithkline Pharmaceuticals Ltd. 957.97 1.49Abbott Laboratories (India) Ltd. 597.46 0.93
Heavy Electrical Equipment 2.39Thermax Ltd. 1,539.55 2.39
Integrated Telecommunication Services 2.09Mahanagar Telephone Nigam Ltd. 1,344.50 2.09
Aluminium 2.02National Aluminium Co. Ltd. 1,302.20 2.02
Speciality Chemicals 1.56Clariant (India) Ltd. 1,002.63 1.56
Personal Products 1.32Procter & Gamble Hygiene & Health Care Ltd. 853.67 1.32
Automobile Manufacturers 1.05Ashok Leyland Ltd. 675.21 1.05
Packaged Foods 0.98Nestle India Ltd. 382.64 0.59Heritage Foods (India) Ltd. 250.98 0.39
Office Services & Suppliers 0.74PSL Holdings Ltd. 475.69 0.74
Preference Share 0.09Thermax Ltd. 57.38 0.09
Cash & Current Assets 1,528.20 2.38
Total Net Assets 64,458.27 100.00
Issuer Wise Portfolio as of 28-Feb-2005 Asset Allocation 28-Feb-2005
6
Fund Manager's Speak - Birla Dividend Yield Plus (BDYP)
Deven Sangoi
! Reduced allocation to oil marketing companies.
! Continuing with positive outlook on banking sector.
M A R C H 2 0 0 5
2.02%
2.09%
2.38%
2.39%
2.42%
2.80%
3.25%
3.35%
3.60%
4.55%
5.74%
5.77%
6.50%
7.06%
7.30%
18.13%
20.65%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
Aluminium
Integrated Telecommunication ServicesCash & Current Assets
Heavy Electrical EquipmentPharmaceuticals
Oil & Gas Exploration & ProductionDiversified Chemicals
Paper Packaging
Electrical Components & Equipment
Commodity Chemicals
Other Equity & Preference
Motorcycle Manufacturers
Marine
Industrial MachineryHousehold Products
Oil & Gas Refining & MarketingBanks
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in BMC...
Monthly Investment 1,000
Number of Investment periods (Since Inception) 28
Total Investment 28,000
Value of Investment (As of February 28, 2005) 55,626
Return on Investment (CAGR) 68.26%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX Midcap would have given a return of 86.17%.
Inception date : October 16, 2002
Birla Midcap FundAn open-ended growth scheme investing primarily in midcap stocks
Issuer Market Value % to Net Assets
Pharmaceuticals 18.45
Glaxosmithkline Pharmaceuticals Ltd. 775.03 6.00
Aventis Pharma Ltd. 701.26 5.43
E. Merck (India) Ltd. 505.79 3.91
Pfizer Ltd. 311.68 2.41
Abbott Laboratories (India) Ltd. 90.92 0.70
Banks 12.44
Jammu & Kashmir Bank Ltd. 581.51 4.50
Federal Bank Ltd. 520.82 4.03
Union Bank of India 268.72 2.08
Vijaya Bank 136.48 1.06
Indian Overseas Bank 99.33 0.77
IT Consulting & Services 7.22
Geometric Software Solutions Co. Ltd. 470.64 3.64
Mastek Ltd. 264.14 2.04
Subex Systems Ltd. 198.73 1.54
Computer Hardware 7.02
Tata Elxsi Ltd. 505.97 3.91
CMC Ltd. 401.37 3.11
Hotels 6.67
Asian Hotels Ltd. 392.34 3.04
Taj GVK Hotels & Resorts Ltd. 346.31 2.68
Oriental Hotels Ltd. 122.96 0.95
Steel 4.86
Tata Metaliks Ltd. 327.95 2.54
Kalyani Steel 300.09 2.32
Household Appliances 4.56
Voltas Ltd. 368.17 2.85
Blue Star Ltd. 221.02 1.71
Consumer Finance 4.52
LIC Housing Finance Ltd. 583.61 4.52
Construction Materials 4.16
Birla Corporation Ltd. 537.98 4.16
Auto Parts & Equipment 3.57
Motor Industries Company Ltd. 258.46 2.00
Automotive Axles Ltd. 203.22 1.57
Electrical Components & Equipment 3.45
Siemens Ltd. 445.72 3.45
Brewers 3.43
Mcdowell & Company Ltd. 443.48 3.43
Heavy Electrical Equipment 3.25
Thermax Ltd. 419.92 3.25
Fertilizers & Agricultural Chemicals 3.08
Rallis India Ltd. 398.66 3.08
Publishing and Printing 2.93
Macmillan India Ltd. 378.63 2.93
Automobile Manufacturers 2.71
Eicher Motors Ltd. 349.68 2.71
Integrated Telecommunication Services 1.76
Bharti Tele-Ventures Ltd. 227.58 1.76
Packaged Foods 1.50
Britannia Industries Ltd. 194.33 1.50
Personal Products 1.46
Marico Industries Ltd. 188.78 1.46
Household Products 1.17
Trent Ltd 150.79 1.17
Preference Share 0.08
Thermax Ltd. 10.61 0.08
Cash & Current Assets 221.64 1.71
Total Net Assets 12,924.34 100.00
Issuer Wise Portfolio as of 28-Feb-2005 Asset Allocation 28-Feb-2005
7
Fund Manager's Speak - Birla Midcap Fund (BMC)
Nishid Shah! Increased exposure in agrochemicals.
! Increased weightage in auto, auto ancillary and software. Added stock in retail sector to take advantage of the retail boom.
! Portfolio well diversified across banks, pharma, capital goods, software, hotels, auto and auto ancillary.
M A R C H 2 0 0 5
1.71%2.71%2.93%3.08%3.25%
3.45%3.57%
4.16%4.52%4.56%4.86%
5.97%6.67%
7.02%7.22%
12.44%18.45%
3.43%
0.00% 2.00% 4.00% 6.00% 8.00% 10.00%12.00%14.00%16.00%18.00%20.00%
Cash & Current AssetsAutomobile Manufacturers
Publishing and PrintingFertilizers & Agricultural Chemicals
Heavy Electrical EquipmentBrewers
Electrical Components & EquipmentAuto Parts & Equipment
Construction Materials
Consumer Finance
Household AppliancesSteel
Other Equity & PreferenceHotels
Computer HardwareIT Consulting & Services
BanksPharmaceuticals
Did you know that you can subscribe for our online news letter 'E-Connect' by registering for the same on our website?
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in BMC...
Monthly Investment 1,000
Number of Investment periods (Since Inception) 28
Total Investment 28,000
Value of Investment (As of February 28, 2005) 55,626
Return on Investment (CAGR) 68.26%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX Midcap would have given a return of 86.17%.
Inception date : October 16, 2002
Birla Midcap FundAn open-ended growth scheme investing primarily in midcap stocks
Issuer Market Value % to Net Assets
Pharmaceuticals 18.45
Glaxosmithkline Pharmaceuticals Ltd. 775.03 6.00
Aventis Pharma Ltd. 701.26 5.43
E. Merck (India) Ltd. 505.79 3.91
Pfizer Ltd. 311.68 2.41
Abbott Laboratories (India) Ltd. 90.92 0.70
Banks 12.44
Jammu & Kashmir Bank Ltd. 581.51 4.50
Federal Bank Ltd. 520.82 4.03
Union Bank of India 268.72 2.08
Vijaya Bank 136.48 1.06
Indian Overseas Bank 99.33 0.77
IT Consulting & Services 7.22
Geometric Software Solutions Co. Ltd. 470.64 3.64
Mastek Ltd. 264.14 2.04
Subex Systems Ltd. 198.73 1.54
Computer Hardware 7.02
Tata Elxsi Ltd. 505.97 3.91
CMC Ltd. 401.37 3.11
Hotels 6.67
Asian Hotels Ltd. 392.34 3.04
Taj GVK Hotels & Resorts Ltd. 346.31 2.68
Oriental Hotels Ltd. 122.96 0.95
Steel 4.86
Tata Metaliks Ltd. 327.95 2.54
Kalyani Steel 300.09 2.32
Household Appliances 4.56
Voltas Ltd. 368.17 2.85
Blue Star Ltd. 221.02 1.71
Consumer Finance 4.52
LIC Housing Finance Ltd. 583.61 4.52
Construction Materials 4.16
Birla Corporation Ltd. 537.98 4.16
Auto Parts & Equipment 3.57
Motor Industries Company Ltd. 258.46 2.00
Automotive Axles Ltd. 203.22 1.57
Electrical Components & Equipment 3.45
Siemens Ltd. 445.72 3.45
Brewers 3.43
Mcdowell & Company Ltd. 443.48 3.43
Heavy Electrical Equipment 3.25
Thermax Ltd. 419.92 3.25
Fertilizers & Agricultural Chemicals 3.08
Rallis India Ltd. 398.66 3.08
Publishing and Printing 2.93
Macmillan India Ltd. 378.63 2.93
Automobile Manufacturers 2.71
Eicher Motors Ltd. 349.68 2.71
Integrated Telecommunication Services 1.76
Bharti Tele-Ventures Ltd. 227.58 1.76
Packaged Foods 1.50
Britannia Industries Ltd. 194.33 1.50
Personal Products 1.46
Marico Industries Ltd. 188.78 1.46
Household Products 1.17
Trent Ltd 150.79 1.17
Preference Share 0.08
Thermax Ltd. 10.61 0.08
Cash & Current Assets 221.64 1.71
Total Net Assets 12,924.34 100.00
Issuer Wise Portfolio as of 28-Feb-2005 Asset Allocation 28-Feb-2005
7
Fund Manager's Speak - Birla Midcap Fund (BMC)
Nishid Shah! Increased exposure in agrochemicals.
! Increased weightage in auto, auto ancillary and software. Added stock in retail sector to take advantage of the retail boom.
! Portfolio well diversified across banks, pharma, capital goods, software, hotels, auto and auto ancillary.
M A R C H 2 0 0 5
1.71%2.71%2.93%3.08%3.25%
3.45%3.57%
4.16%4.52%4.56%4.86%
5.97%6.67%
7.02%7.22%
12.44%18.45%
3.43%
0.00% 2.00% 4.00% 6.00% 8.00% 10.00%12.00%14.00%16.00%18.00%20.00%
Cash & Current AssetsAutomobile Manufacturers
Publishing and PrintingFertilizers & Agricultural Chemicals
Heavy Electrical EquipmentBrewers
Electrical Components & EquipmentAuto Parts & Equipment
Construction Materials
Consumer Finance
Household AppliancesSteel
Other Equity & PreferenceHotels
Computer HardwareIT Consulting & Services
BanksPharmaceuticals
Did you know that you can subscribe for our online news letter 'E-Connect' by registering for the same on our website?
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in BMNC...
Monthly Investment 1,000
Number of Investment periods (Since takeover) 62
Total Investment 62,000
Value of Investment (As of February 28, 2005) 127,540
Return on Investment (CAGR) 28.31%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX MNC would have given a return of 10.38%.
Takeover date : December 27, 1999
Birla MNC FundAn open-ended growth scheme investing in multinational companies
Issuer Market Value % to Net Assets
Pharmaceuticals 25.38
Glaxosmithkline Pharmaceuticals Ltd. 1132.53 7.62
Aventis Pharma Ltd. 947.35 6.37
Pfizer Ltd. 940.41 6.33
Novartis India Ltd. 510.62 3.43
Wyeth Lederle Ltd. 243.01 1.63
IT Consulting & Services 10.97
I-Flex Solutions Ltd. 658.70 4.43
Hughes Software Systems Ltd. 551.90 3.71
Mphasis BFL Ltd. 420.66 2.83
Packaged Foods 8.72
Britannia Industries Ltd. 799.33 5.38
Glaxo Smithkline Consumer Healthcare Ltd 495.85 3.34
Electrical Components & Equipment 6.95
Siemens Ltd. 1033.50 6.95
Heavy Electrical Equipment 5.72
ABB Ltd. 850.24 5.72
Industrial Machinery 5.37
Alfa Laval (India) Ltd. 505.60 3.40
Vesuvius India Ltd. 293.37 1.97
Household Products 5.01
Hindustan Lever Ltd. 405.36 2.73
Colgate Palmolive (I) Ltd. 339.38 2.28
Auto Parts & Equipment 4.46
Motor Industries Company Ltd. 369.73 2.49
Automotive Axles Ltd. 292.54 1.97
Tobacco 4.39
I T C Ltd. 652.45 4.39
Fertilizers & Agricultural Chemicals 4.16
Monsanto India Ltd. 618.10 4.16
Speciality Chemicals 3.83
Syngenta (India) Ltd. 486.14 3.27
Clariant (India) Ltd. 83.29 0.56
Personal Products 3.52
Procter & Gamble Hygiene & Health Care L 522.99 3.52
Motorcycle Manufacturers 2.30
Hero Honda Motors Ltd. 342.34 2.30
Trading Companies & Distributors 1.86
3M India Ltd. 276.86 1.86
Electric Utilities 1.86
Alstom Power India Ltd. 276.66 1.86
Automobile Manufacturers 1.49
Maruti Udyog Ltd. 220.96 1.49
Gas Utilities 1.40
Gujarat Gas Co. Ltd. 208.79 1.40
Telecommunications Equipment 1.34
Avaya Global Connect Ltd 199.08 1.34
Cash & Current Assets 189.42 1.27
Total Net Assets 14867.1 100.00
Issuer Wise Portfolio as of 28-Feb-2005 Asset Allocation 28-Feb-2005
8
Fund Manager's Speak - Birla MNC Fund (BMNC)
Nishid Shah
! Increased weightage in auto and auto ancillary.
! Continuing to be overweight in FMCG, pharma, agrochemicals, capital goods, auto and auto ancillary.
M A R C H 2 0 0 5
1.27%
2.30%
3.52%
3.83%
4.16%
4.39%
4.46%
5.01%
5.37%
5.72%
6.95%
7.95%
8.72%
10.97%
25.38%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00%
Cash & Current Assets
Motorcycle Manufacturers
Personal Products
Speciality Chemicals
Fertilizers & Agricultural Chemicals
Tobacco
Auto Parts & Equipment
Household Products
Industrial Machinery
Heavy Electrical Equipment
Electrical Components & Equipment
Others Equities
Packaged Foods
IT Consulting & Services
Pharmaceuticals
Did you know that the date for obtaining the Unique Identification Number (UIN) for all resident investors not being body corporates has been extended till December 31, 2005?
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in BMNC...
Monthly Investment 1,000
Number of Investment periods (Since takeover) 62
Total Investment 62,000
Value of Investment (As of February 28, 2005) 127,540
Return on Investment (CAGR) 28.31%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX MNC would have given a return of 10.38%.
Takeover date : December 27, 1999
Birla MNC FundAn open-ended growth scheme investing in multinational companies
Issuer Market Value % to Net Assets
Pharmaceuticals 25.38
Glaxosmithkline Pharmaceuticals Ltd. 1132.53 7.62
Aventis Pharma Ltd. 947.35 6.37
Pfizer Ltd. 940.41 6.33
Novartis India Ltd. 510.62 3.43
Wyeth Lederle Ltd. 243.01 1.63
IT Consulting & Services 10.97
I-Flex Solutions Ltd. 658.70 4.43
Hughes Software Systems Ltd. 551.90 3.71
Mphasis BFL Ltd. 420.66 2.83
Packaged Foods 8.72
Britannia Industries Ltd. 799.33 5.38
Glaxo Smithkline Consumer Healthcare Ltd 495.85 3.34
Electrical Components & Equipment 6.95
Siemens Ltd. 1033.50 6.95
Heavy Electrical Equipment 5.72
ABB Ltd. 850.24 5.72
Industrial Machinery 5.37
Alfa Laval (India) Ltd. 505.60 3.40
Vesuvius India Ltd. 293.37 1.97
Household Products 5.01
Hindustan Lever Ltd. 405.36 2.73
Colgate Palmolive (I) Ltd. 339.38 2.28
Auto Parts & Equipment 4.46
Motor Industries Company Ltd. 369.73 2.49
Automotive Axles Ltd. 292.54 1.97
Tobacco 4.39
I T C Ltd. 652.45 4.39
Fertilizers & Agricultural Chemicals 4.16
Monsanto India Ltd. 618.10 4.16
Speciality Chemicals 3.83
Syngenta (India) Ltd. 486.14 3.27
Clariant (India) Ltd. 83.29 0.56
Personal Products 3.52
Procter & Gamble Hygiene & Health Care L 522.99 3.52
Motorcycle Manufacturers 2.30
Hero Honda Motors Ltd. 342.34 2.30
Trading Companies & Distributors 1.86
3M India Ltd. 276.86 1.86
Electric Utilities 1.86
Alstom Power India Ltd. 276.66 1.86
Automobile Manufacturers 1.49
Maruti Udyog Ltd. 220.96 1.49
Gas Utilities 1.40
Gujarat Gas Co. Ltd. 208.79 1.40
Telecommunications Equipment 1.34
Avaya Global Connect Ltd 199.08 1.34
Cash & Current Assets 189.42 1.27
Total Net Assets 14867.1 100.00
Issuer Wise Portfolio as of 28-Feb-2005 Asset Allocation 28-Feb-2005
8
Fund Manager's Speak - Birla MNC Fund (BMNC)
Nishid Shah
! Increased weightage in auto and auto ancillary.
! Continuing to be overweight in FMCG, pharma, agrochemicals, capital goods, auto and auto ancillary.
M A R C H 2 0 0 5
1.27%
2.30%
3.52%
3.83%
4.16%
4.39%
4.46%
5.01%
5.37%
5.72%
6.95%
7.95%
8.72%
10.97%
25.38%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00%
Cash & Current Assets
Motorcycle Manufacturers
Personal Products
Speciality Chemicals
Fertilizers & Agricultural Chemicals
Tobacco
Auto Parts & Equipment
Household Products
Industrial Machinery
Heavy Electrical Equipment
Electrical Components & Equipment
Others Equities
Packaged Foods
IT Consulting & Services
Pharmaceuticals
Did you know that the date for obtaining the Unique Identification Number (UIN) for all resident investors not being body corporates has been extended till December 31, 2005?
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in BIOF...
Monthly Investment 1,000
Number of Investment periods (Since takeover) 62
Total Investment 62,000
Value of Investment (As of February 28, 2005) 123,885
Return on Investment (CAGR) 27.13%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX 500 would have given a return of 26.40%.
Takeover date : December 27, 1999
Did you know that BIOF has been ranked
MFR 1 in 'Open Ended Sectoral Schemes -
Technology' at the ICRA Online MF Awards @2005?
Birla India Opportunities FundAn open-ended equity fund that focuses on businessesemanating from India's competitive strengths
Issuer Market Value % to Net Assets
IT Consulting & Services 27.24
Infosys Technologies Ltd. 647.36 6.70
Geometric Software Solutions Co. Ltd. 450.96 4.67
Tata Consultancy Services Ltd. 420.61 4.36
Subex Systems Ltd. 359.99 3.73
Hughes Software Systems Ltd. 275.17 2.85
I-Flex Solutions Ltd. 196.77 2.04
Mastek Ltd. 192.53 1.99
Datamatics Technologies Ltd. 86.65 0.90
Pharmaceuticals 13.94
IPCA Laboratories Ltd. 298.99 3.10
Dishman Pharmaceuticals & Chemicals Ltd. 278.00 2.88
Torrent Pharmaceuticals Ltd. 275.79 2.86
Cipla Ltd. 272.92 2.83
Aventis Pharma Ltd. 219.39 2.27
Computer Hardware 13.52
CMC Ltd. 592.54 6.14
HCL Infosystems Ltd. 468.80 4.85
Tata Elxsi Ltd. 244.47 2.53
Industrial Machinery 9.03
Bharat Forge Ltd. 492.98 5.11
Alfa Laval (India) Ltd. 378.43 3.92
Heavy Electrical Equipment 7.33
Thermax Ltd. 496.18 5.14
ABB Ltd. 211.92 2.19
Fertilizers & Agricultural Chemicals 7.00
United Phosphorous Ltd. 676.27 7.00
Auto Parts & Equipment 5.13
Sundaram Fasteners Ltd. 495.81 5.13
Electrical Components & Equipment 4.50
Bharat Electronics Ltd. 434.80 4.50
Textiles 3.93
Himatsingka Seide Ltd. 379.38 3.93
Publishing and Printing 3.76
Macmillan India Ltd. 362.84 3.76
Paper Packaging 3.64
Essel Propack Ltd. 351.93 3.64
Cash & Current Assets 94.89 0.98
Total Net Assets 9,656.37 100.00
Issuer Wise Portfolio as of 28-Feb-2005 Asset Allocation 28-Feb-2005
Fund Manager's Speak - Birla India Opportunities Fund (BIOF)
Deven Sangoi
! Reduced allocation in mid cap pharma.
! Remaining bullish on prospect of software industry for next financial year.
! Engineering picks have performed well on the back of strong fundamentals.
@ for methodology please refer page 30
@ICRA Online Awards 2005 : Ranked MFR1 in 'Open Ended Sectoral
Schemes - Technology' (3 year)
(Past performance is no guarantee of future results.)
9
M A R C H 2 0 0 5
7.00%
7.33%
9.03%
5.13%
4.50%
3.93%
3.76%
3.64%
0.98%
27.24%
13.94%
13.52%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00%
Cash & Current Assets
Paper Packaging
Publishing and Printing
Textiles
Electrical Components & Equipment
Auto Parts & Equipment
Fertilizers & Agricultural Chemicals
Heavy Electrical Equipment
Industrial Machinery
Computer Hardware
Pharmaceuticals
IT Consulting & Services
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in BIOF...
Monthly Investment 1,000
Number of Investment periods (Since takeover) 62
Total Investment 62,000
Value of Investment (As of February 28, 2005) 123,885
Return on Investment (CAGR) 27.13%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX 500 would have given a return of 26.40%.
Takeover date : December 27, 1999
Did you know that BIOF has been ranked
MFR 1 in 'Open Ended Sectoral Schemes -
Technology' at the ICRA Online MF Awards @2005?
Birla India Opportunities FundAn open-ended equity fund that focuses on businessesemanating from India's competitive strengths
Issuer Market Value % to Net Assets
IT Consulting & Services 27.24
Infosys Technologies Ltd. 647.36 6.70
Geometric Software Solutions Co. Ltd. 450.96 4.67
Tata Consultancy Services Ltd. 420.61 4.36
Subex Systems Ltd. 359.99 3.73
Hughes Software Systems Ltd. 275.17 2.85
I-Flex Solutions Ltd. 196.77 2.04
Mastek Ltd. 192.53 1.99
Datamatics Technologies Ltd. 86.65 0.90
Pharmaceuticals 13.94
IPCA Laboratories Ltd. 298.99 3.10
Dishman Pharmaceuticals & Chemicals Ltd. 278.00 2.88
Torrent Pharmaceuticals Ltd. 275.79 2.86
Cipla Ltd. 272.92 2.83
Aventis Pharma Ltd. 219.39 2.27
Computer Hardware 13.52
CMC Ltd. 592.54 6.14
HCL Infosystems Ltd. 468.80 4.85
Tata Elxsi Ltd. 244.47 2.53
Industrial Machinery 9.03
Bharat Forge Ltd. 492.98 5.11
Alfa Laval (India) Ltd. 378.43 3.92
Heavy Electrical Equipment 7.33
Thermax Ltd. 496.18 5.14
ABB Ltd. 211.92 2.19
Fertilizers & Agricultural Chemicals 7.00
United Phosphorous Ltd. 676.27 7.00
Auto Parts & Equipment 5.13
Sundaram Fasteners Ltd. 495.81 5.13
Electrical Components & Equipment 4.50
Bharat Electronics Ltd. 434.80 4.50
Textiles 3.93
Himatsingka Seide Ltd. 379.38 3.93
Publishing and Printing 3.76
Macmillan India Ltd. 362.84 3.76
Paper Packaging 3.64
Essel Propack Ltd. 351.93 3.64
Cash & Current Assets 94.89 0.98
Total Net Assets 9,656.37 100.00
Issuer Wise Portfolio as of 28-Feb-2005 Asset Allocation 28-Feb-2005
Fund Manager's Speak - Birla India Opportunities Fund (BIOF)
Deven Sangoi
! Reduced allocation in mid cap pharma.
! Remaining bullish on prospect of software industry for next financial year.
! Engineering picks have performed well on the back of strong fundamentals.
@ for methodology please refer page 30
@ICRA Online Awards 2005 : Ranked MFR1 in 'Open Ended Sectoral
Schemes - Technology' (3 year)
(Past performance is no guarantee of future results.)
9
M A R C H 2 0 0 5
7.00%
7.33%
9.03%
5.13%
4.50%
3.93%
3.76%
3.64%
0.98%
27.24%
13.94%
13.52%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00%
Cash & Current Assets
Paper Packaging
Publishing and Printing
Textiles
Electrical Components & Equipment
Auto Parts & Equipment
Fertilizers & Agricultural Chemicals
Heavy Electrical Equipment
Industrial Machinery
Computer Hardware
Pharmaceuticals
IT Consulting & Services
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in BIF...
Monthly Investment 1,000
Number of Investment periods (Since Inception) 29
Total Investment 29,000
Value of Investment (As of February 28, 2005) 44.066
Return on Investment (CAGR) 37.26%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in S & P Nifty would have given a return of 38.18%.
Inception date : September 17, 2002
Birla Index FundAn open-ended index fund tracking the Nifty
Issuer Market Value % to Net AssetsIT Consulting & Services 21.83Tata Consultancy Services Ltd. 31.82 7.28Infosys Technologies Ltd. 28.90 6.61Wipro Ltd. 23.58 5.39Satyam Computer Services Ltd. 6.31 1.44HCL Technologies Ltd. 4.85 1.11
Oil & Gas Exploration 13.39Oil and Natural Gas Corporation Ltd. 58.57 13.39
Banks 11.08State Bank of India 18.12 4.14ICICI Bank Ltd. 13.48 3.08HDFC Bank Ltd. 8.10 1.85Punjab National Bank 5.85 1.34Oriental Bank Of Commerce 2.92 0.67
Commodity Chemicals 9.05Reliance Industries Ltd. 37.42 8.56Indian Petrochemicals Corporation Ltd. 2.15 0.49
Integrated Telecommunication Services 6.22Bharti Tele-Ventures Ltd. 20.11 4.60Mahanagar Telephone Nigam Ltd. 4.08 0.93Videsh Sanchar Nigam Ltd. 3.02 0.69
Steel 5.55Steel Authority of India Ltd. 13.03 2.98Tata Iron and Steel Co. Ltd 11.26 2.57
Pharmaceuticals 5.25Ranbaxy Laboratories Ltd. 9.16 2.10Sun Pharmaceutical Industries Ltd. 4.26 0.97Cipla Ltd. 3.76 0.86GlaxoSmithKline Pharmaceuticals Ltd. 3.10 0.71Dr. Reddys Laboratories Ltd. 2.66 0.61
Automobile Manufacturers 4.07Tata Motors Ltd. 8.22 1.88Maruti Udyog Ltd. 6.59 1.50Mahindra & Mahindra Ltd. 3.00 0.69
Household Products 3.77Hindustan Lever Ltd 15.27 3.49Colgate Palmolive (I) Ltd. 1.22 0.28
Tobacco 3.54I T C Ltd. 15.46 3.54
Heavy Electrical Equipment 2.91Bharat Heavy Electricals Ltd. 10.12 2.31ABB Ltd. 2.62 0.60
Oil & Gas Refining & Marketing 2.73Bharat Petroleum Corporation Ltd. 6.19 1.42Hindustan Petroleum Corporation Ltd. 5.74 1.31
Aluminium 2.68Hindalco Industries Ltd. 6.20 1.42National Aluminium Company Ltd. 5.50 1.26
Motorcycle Manufacturers 2.35Hero Honda Motors Ltd. 5.24 1.20Bajaj Auto Ltd. 5.03 1.15
Gas Utilities 2.25Gas Authority of India Ltd. 9.83 2.25
Consumer Finance 2.12Housing Development Finance Corp. Ltd. 9.27 2.12
Electric Utilities 2.04Reliance Energy Ltd. 5.05 1.15Tata Power Co. Ltd. 3.89 0.89
Construction Materials 1.61Gujarat Ambuja Cements Ltd. 3.88 0.89The Associated Cement Companies Ltd. 3.16 0.72
Construction & Engineering 1.56Larsen & Toubro Ltd. 6.81 1.56
Industrial Conglomerates 1.36Grasim Industries Ltd. 5.95 1.36
Broadcasting & Cable TV 0.65Zee Telefilms Ltd. 2.83 0.65
Marine 0.51Shipping Corporation of India Ltd. 2.21 0.51
Diversified Chemicals 0.37Tata Chemicals Ltd. 1.62 0.37
Health Care Equipment 0.36Dabur India Ltd. 1.60 0.36
Packaged Foods 0.34Tata Tea Ltd. 1.48 0.34
Cash & Current Assets -33.20 -7.59
Total Net Assets 437.28 100.00
Issuer Wise Portfolio as of 28-Feb-2005 Asset Allocation 28-Feb-2005
Fund Manager's Speak - Birla Index Fund (BIF)
Navneet Munot
! Fund performance for the month was 4.46% as against Nifty's return of 4.73%.
! Outlook for Equity market continues to remain positive considering strong domestic economy and corporate fundamentals.
10
M A R C H 2 0 0 5
-7.59%
2.04%
2.12%
2.25%
2.35%
2.68%
2.73%
2.91%
3.54%
3.77%
4.07%
5.25%
5.55%
6.22%
6.76%
9.05%
11.08%
13.39%
21.83%
-10.00% 0.00% 10.00% 20.00% 30.00%
Cash & Current Assets
Electric Utilities
Consumer Finance
Gas Utilities
Motorcycle ManufacturersAluminium
Oil & Gas Refining & Marketing
Heavy Electrical EquipmentTobacco
Household Products
Automobile Manufacturers
Pharmaceuticals
Steel
Integrated Telecommunication Services
Others Equities
Commodity ChemicalsBanks
Oil & Gas Exploration
IT Consulting & Services
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in BIF...
Monthly Investment 1,000
Number of Investment periods (Since Inception) 29
Total Investment 29,000
Value of Investment (As of February 28, 2005) 44.066
Return on Investment (CAGR) 37.26%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in S & P Nifty would have given a return of 38.18%.
Inception date : September 17, 2002
Birla Index FundAn open-ended index fund tracking the Nifty
Issuer Market Value % to Net AssetsIT Consulting & Services 21.83Tata Consultancy Services Ltd. 31.82 7.28Infosys Technologies Ltd. 28.90 6.61Wipro Ltd. 23.58 5.39Satyam Computer Services Ltd. 6.31 1.44HCL Technologies Ltd. 4.85 1.11
Oil & Gas Exploration 13.39Oil and Natural Gas Corporation Ltd. 58.57 13.39
Banks 11.08State Bank of India 18.12 4.14ICICI Bank Ltd. 13.48 3.08HDFC Bank Ltd. 8.10 1.85Punjab National Bank 5.85 1.34Oriental Bank Of Commerce 2.92 0.67
Commodity Chemicals 9.05Reliance Industries Ltd. 37.42 8.56Indian Petrochemicals Corporation Ltd. 2.15 0.49
Integrated Telecommunication Services 6.22Bharti Tele-Ventures Ltd. 20.11 4.60Mahanagar Telephone Nigam Ltd. 4.08 0.93Videsh Sanchar Nigam Ltd. 3.02 0.69
Steel 5.55Steel Authority of India Ltd. 13.03 2.98Tata Iron and Steel Co. Ltd 11.26 2.57
Pharmaceuticals 5.25Ranbaxy Laboratories Ltd. 9.16 2.10Sun Pharmaceutical Industries Ltd. 4.26 0.97Cipla Ltd. 3.76 0.86GlaxoSmithKline Pharmaceuticals Ltd. 3.10 0.71Dr. Reddys Laboratories Ltd. 2.66 0.61
Automobile Manufacturers 4.07Tata Motors Ltd. 8.22 1.88Maruti Udyog Ltd. 6.59 1.50Mahindra & Mahindra Ltd. 3.00 0.69
Household Products 3.77Hindustan Lever Ltd 15.27 3.49Colgate Palmolive (I) Ltd. 1.22 0.28
Tobacco 3.54I T C Ltd. 15.46 3.54
Heavy Electrical Equipment 2.91Bharat Heavy Electricals Ltd. 10.12 2.31ABB Ltd. 2.62 0.60
Oil & Gas Refining & Marketing 2.73Bharat Petroleum Corporation Ltd. 6.19 1.42Hindustan Petroleum Corporation Ltd. 5.74 1.31
Aluminium 2.68Hindalco Industries Ltd. 6.20 1.42National Aluminium Company Ltd. 5.50 1.26
Motorcycle Manufacturers 2.35Hero Honda Motors Ltd. 5.24 1.20Bajaj Auto Ltd. 5.03 1.15
Gas Utilities 2.25Gas Authority of India Ltd. 9.83 2.25
Consumer Finance 2.12Housing Development Finance Corp. Ltd. 9.27 2.12
Electric Utilities 2.04Reliance Energy Ltd. 5.05 1.15Tata Power Co. Ltd. 3.89 0.89
Construction Materials 1.61Gujarat Ambuja Cements Ltd. 3.88 0.89The Associated Cement Companies Ltd. 3.16 0.72
Construction & Engineering 1.56Larsen & Toubro Ltd. 6.81 1.56
Industrial Conglomerates 1.36Grasim Industries Ltd. 5.95 1.36
Broadcasting & Cable TV 0.65Zee Telefilms Ltd. 2.83 0.65
Marine 0.51Shipping Corporation of India Ltd. 2.21 0.51
Diversified Chemicals 0.37Tata Chemicals Ltd. 1.62 0.37
Health Care Equipment 0.36Dabur India Ltd. 1.60 0.36
Packaged Foods 0.34Tata Tea Ltd. 1.48 0.34
Cash & Current Assets -33.20 -7.59
Total Net Assets 437.28 100.00
Issuer Wise Portfolio as of 28-Feb-2005 Asset Allocation 28-Feb-2005
Fund Manager's Speak - Birla Index Fund (BIF)
Navneet Munot
! Fund performance for the month was 4.46% as against Nifty's return of 4.73%.
! Outlook for Equity market continues to remain positive considering strong domestic economy and corporate fundamentals.
10
M A R C H 2 0 0 5
-7.59%
2.04%
2.12%
2.25%
2.35%
2.68%
2.73%
2.91%
3.54%
3.77%
4.07%
5.25%
5.55%
6.22%
6.76%
9.05%
11.08%
13.39%
21.83%
-10.00% 0.00% 10.00% 20.00% 30.00%
Cash & Current Assets
Electric Utilities
Consumer Finance
Gas Utilities
Motorcycle ManufacturersAluminium
Oil & Gas Refining & Marketing
Heavy Electrical EquipmentTobacco
Household Products
Automobile Manufacturers
Pharmaceuticals
Steel
Integrated Telecommunication Services
Others Equities
Commodity ChemicalsBanks
Oil & Gas Exploration
IT Consulting & Services
Did you know that their is no entry or exit load
in Birla Index Fund?
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in BEP...
Monthly Investment 1,000
Number of Investment periods (Since Inception) 72
Total Investment 72,000
Value of Investment (As of February 28, 2005) 208,761
Return on Investment (CAGR) 35.74%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in BSE Sensex would have given a return of 17.09%.
**Dividend reinvestment NAVs have been considered for the analyses.
Inception date : February 16, 1999
Did you know that investments in BEP upto Rs. 10,000/- pa are eligible for a Tax rebate U/S. 88 of the Income Tax Act?
Birla Equity PlanAn open-ended Equity Linked Savings Scheme with a lock-in for 3 years (ELSS)
Issuer Market Value % to Net Assets
Banks 20.26State Bank of India 388.63 8.45Canara Bank 185.73 4.04Union Bank of India 116.16 2.53Punjab National Bank 88.42 1.92Bank Of India 76.29 1.66Oriental Bank of Commerce 76.11 1.66
Pharmaceuticals 17.08Glaxosmithkline Pharmaceuticals Ltd. 190.86 4.15Pfizer Ltd. 160.55 3.49Aventis Pharma Ltd. 155.18 3.38Fulford (India) Ltd. 123.04 2.68Novartis India Ltd. 90.35 1.97Wyeth Lederle Ltd. 64.79 1.41
Hotels 7.39Taj GVK Hotels & Resorts Ltd. 187.05 4.07Asian Hotels Ltd. 106.16 2.31Oriental Hotels Ltd. 46.60 1.01
Fertilizers & Agricultural Chemicals 6.98United Phosphorous Ltd. 198.65 4.32Rallis India Ltd. 122.16 2.66
Computer Hardware 6.78Tata Elxsi Ltd. 171.47 3.73CMC Ltd. 140.45 3.05
Integrated Telecommunication Services 6.49Bharti Tele-Ventures Ltd. 298.26 6.49
IT Consulting & Services 4.66Geometric Software Solutions Co. Ltd. 172.26 3.75
Subex Systems Ltd. 41.71 0.91
Packaged Foods 4.25Glaxo Smithkline Consumer Healthcare Ltd 113.02 2.46Britannia Industries Ltd. 82.14 1.79
Electrical Components & Equipment 4.03Siemens Ltd. 185.31 4.03
Steel 3.79Tata Metaliks Ltd. 112.55 2.45Kalyani Steel 61.62 1.34
Construction Materials 3.75Birla Corporation Ltd. 172.53 3.75
Brewers 3.24Mcdowell & Company Ltd. 148.94 3.24
Publishing and Printing 3.06Macmillan India Ltd. 140.65 3.06
Automobile Manufacturers 2.57Eicher Motors Ltd. 118.00 2.57
Oil & Gas Refining & Marketing 1.55Kochi Refineries Ltd. 71.70 1.55
Electric Utilities 1.44Alstom Power India Ltd. 66.55 1.44
Personal Products 1.32Marico Industries Ltd. 61.33 1.32
Auto Parts & Equipment 0.92Sundaram Fasteners Ltd. 42.26 0.92
Cash & Current Assets 20.07 0.44
Total Net Assets 4,597.50 100.00
Issuer Wise Portfolio as of 28-Feb-2005 Asset Allocation 28-Feb-2005
Fund Manager's Speak - Birla Equity Plan (BEP)
Nishid Shah! Sold holdings in Mastek & IOB.
! Added Kalyani Steel, Sundaram Fasteners, Bank of India & Subex to the portfolio.
! Increased weightage in Mcdowell.
! Overweight maintained in pharmaceuticals, banking, software, services & telecom sectors.
11
M A R C H 2 0 0 5
3.75%
3.79%
4.03%
4.25%
4.66%
5.23%
6.49%
17.08%
20.26%
0.44%
3.24%
2.57%3.06%
7.39%6.98%
6.78%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
Cash & Current Assets
Automobile Manufacturers
Publishing and Printing
Brewers
Construction Materials
Steel
Electrical Components & Equipment
Packaged Foods
IT Consulting & Services
Other Equity
Integrated Telecommunication Services
Computer Hardware
Fertilizers & Agricultural Chemicals
Hotels
Pharmaceuticals
Banks
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in BEP...
Monthly Investment 1,000
Number of Investment periods (Since Inception) 72
Total Investment 72,000
Value of Investment (As of February 28, 2005) 208,761
Return on Investment (CAGR) 35.74%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in BSE Sensex would have given a return of 17.09%.
**Dividend reinvestment NAVs have been considered for the analyses.
Inception date : February 16, 1999
Did you know that investments in BEP upto Rs. 10,000/- pa are eligible for a Tax rebate U/S. 88 of the Income Tax Act?
Birla Equity PlanAn open-ended Equity Linked Savings Scheme with a lock-in for 3 years (ELSS)
Issuer Market Value % to Net Assets
Banks 20.26State Bank of India 388.63 8.45Canara Bank 185.73 4.04Union Bank of India 116.16 2.53Punjab National Bank 88.42 1.92Bank Of India 76.29 1.66Oriental Bank of Commerce 76.11 1.66
Pharmaceuticals 17.08Glaxosmithkline Pharmaceuticals Ltd. 190.86 4.15Pfizer Ltd. 160.55 3.49Aventis Pharma Ltd. 155.18 3.38Fulford (India) Ltd. 123.04 2.68Novartis India Ltd. 90.35 1.97Wyeth Lederle Ltd. 64.79 1.41
Hotels 7.39Taj GVK Hotels & Resorts Ltd. 187.05 4.07Asian Hotels Ltd. 106.16 2.31Oriental Hotels Ltd. 46.60 1.01
Fertilizers & Agricultural Chemicals 6.98United Phosphorous Ltd. 198.65 4.32Rallis India Ltd. 122.16 2.66
Computer Hardware 6.78Tata Elxsi Ltd. 171.47 3.73CMC Ltd. 140.45 3.05
Integrated Telecommunication Services 6.49Bharti Tele-Ventures Ltd. 298.26 6.49
IT Consulting & Services 4.66Geometric Software Solutions Co. Ltd. 172.26 3.75
Subex Systems Ltd. 41.71 0.91
Packaged Foods 4.25Glaxo Smithkline Consumer Healthcare Ltd 113.02 2.46Britannia Industries Ltd. 82.14 1.79
Electrical Components & Equipment 4.03Siemens Ltd. 185.31 4.03
Steel 3.79Tata Metaliks Ltd. 112.55 2.45Kalyani Steel 61.62 1.34
Construction Materials 3.75Birla Corporation Ltd. 172.53 3.75
Brewers 3.24Mcdowell & Company Ltd. 148.94 3.24
Publishing and Printing 3.06Macmillan India Ltd. 140.65 3.06
Automobile Manufacturers 2.57Eicher Motors Ltd. 118.00 2.57
Oil & Gas Refining & Marketing 1.55Kochi Refineries Ltd. 71.70 1.55
Electric Utilities 1.44Alstom Power India Ltd. 66.55 1.44
Personal Products 1.32Marico Industries Ltd. 61.33 1.32
Auto Parts & Equipment 0.92Sundaram Fasteners Ltd. 42.26 0.92
Cash & Current Assets 20.07 0.44
Total Net Assets 4,597.50 100.00
Issuer Wise Portfolio as of 28-Feb-2005 Asset Allocation 28-Feb-2005
Fund Manager's Speak - Birla Equity Plan (BEP)
Nishid Shah! Sold holdings in Mastek & IOB.
! Added Kalyani Steel, Sundaram Fasteners, Bank of India & Subex to the portfolio.
! Increased weightage in Mcdowell.
! Overweight maintained in pharmaceuticals, banking, software, services & telecom sectors.
11
M A R C H 2 0 0 5
3.75%
3.79%
4.03%
4.25%
4.66%
5.23%
6.49%
17.08%
20.26%
0.44%
3.24%
2.57%3.06%
7.39%6.98%
6.78%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
Cash & Current Assets
Automobile Manufacturers
Publishing and Printing
Brewers
Construction Materials
Steel
Electrical Components & Equipment
Packaged Foods
IT Consulting & Services
Other Equity
Integrated Telecommunication Services
Computer Hardware
Fertilizers & Agricultural Chemicals
Hotels
Pharmaceuticals
Banks
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in Birla Balance...
Monthly Investment 1,000
Number of Investment periods (Since Inception) 64
Total Investment 64,000
Value of Investment (As of February 28, 2005) 106,840
Return on Investment (CAGR) 19.25%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. Benchmark return since inception not available.
Inception date : October 12, 1999
Birla BalanceAn open-ended balanced fund investing in a mix of Debt and Equity
Issuer Market Value % to Net Assets
Equity and Equity relatedListed / Awaiting listing on stock Exchange
Banks 13.13State Bank of India 852.28 5.55Canara Bank 376.48 2.45Union Bank of India 283.93 1.85Oriental Bank of Commerce 193.24 1.26Punjab National Bank 167.41 1.09Bank Of India 105.05 0.68Indian Overseas Bank 39.53 0.26
Pharmaceuticals 10.81Pfizer Ltd. 564.41 3.67Glaxosmithkline Pharmaceuticals Ltd. 446.30 2.90Novartis India Ltd. 333.13 2.17Wyeth Lederle Ltd. 177.82 1.16Aventis Pharma Ltd. 138.78 0.90
IT Consulting & Services 8.14Infosys Technologies Ltd. 472.04 3.07Tata Consultancy Services Ltd. 465.36 3.03Mastek Ltd. 181.74 1.18Subex Systems Ltd. 132.07 0.86
Integrated Telecommunication Services 4.95Bharti Tele-Ventures Ltd. 760.39 4.95
Fertilizers & Agricultural Chemicals 3.86United Phosphorous Ltd. 479.11 3.12Monsanto India Ltd. 114.68 0.75
Hotels 3.59Indian Hotels Co. Ltd. 310.35 2.02Asian Hotels Ltd. 240.74 1.57
Heavy Electrical Equipment 3.08Thermax Ltd. 264.83 1.72Bharat Heavy Electricals Ltd. 208.59 1.36
Oil & Gas Refining & Marketing 2.77Kochi Refineries Ltd. 224.20 1.46Indian Oil Corporation Ltd. 132.20 0.86Hindustan Petroleum Corporation Ltd. 68.85 0.45
Motorcycle Manufacturers 2.52Hero Honda Motors Ltd. 278.11 1.81Bajaj Auto Ltd. 108.50 0.71
Industrial Conglomerates 2.35Grasim Industries Ltd. 360.62 2.35
Computer Hardware 2.32CMC Ltd. 356.57 2.32
Electrical Components & Equipment 2.23Bharat Electronics Ltd. 226.72 1.48Siemens Ltd. 115.20 0.75
Consumer Finance 2.01LIC Housing Finance Ltd. 308.63 2.01
Steel 1.20Tata Iron & Steel Co. Ltd 185.01 1.20
Construction Materials 1.19Birla Corporation Ltd. 182.59 1.19
Brewers 0.77Mcdowell & Company Ltd. 118.65 0.77
9,974.13 64.91
Preference Share 0.25Thermax Ltd. 38.00 0.25
Debt
Money Market Instruments 9.56Kotak Mahindra Primus Ltd. 970.40 6.32UTI Bank Ltd. 499.05 3.25
PSU/PFI Bonds/Banks 6.45Citibank N A 836.71 5.45HDFC Bank Ltd. 154.55 1.01
Securitised Debt 5.73Loan Receivable Trust II 2003 (Guj Amb) 582.64 3.79VE Trust 4 Sr A1 MMFSL (UTI Bank) 287.30 1.87Auto Loan Sec Trust Sr 6 (UTI Bank) 10.53 0.07
Cash & Current Assets 2,011.77 13.09
Total Net Assets 15,365.07 100.00
Issuer Wise Portfolio as of 28-Feb-2005
Fund Managers' Speak - Birla Balance
Nishid Shah & Navneet Munot! Increased exposure in auto.
! Increased weightage in hotels to capitalize on upturn in the industry.
! Portfolio remains overweight across agrochemicals, banks, capital goods, software, pharma and telecom.
12
Asset Allocation 28-Feb-2005
Rating Profile 28-Feb-2005
M A R C H 2 0 0 5
13.09%
16.07%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%
5.66%AA
Cash & Current Assets
AAA
65.16%Equity & Preference Shares
10.81%
13.13%
20.00% 30.00% 40.00%
2.01%
2.23%
2.32%
2.35%
2.52%
2.77%
3.08%
3.41%
3.59%
3.86%
4.95%
8.14%
34.84%
0.00% 10.00%
Consumer Finance
Electrical Components & Equipment
Computer Hardware
Industrial Conglomerates
Motorcycle Manufacturers
Oil & Gas Refining & Marketing
Heavy Electrical Equipment
Other Equities & Preference Shares
Hotels
Fertilizers & Agricultural Chemicals
Integrated Telecommunication Services
IT Consulting & Services
Pharmaceuticals
Banks
Cash, Debt and Other Current Assets
Systematic Investment Plan (SIP)
SIP is a powerful tool that can help you create wealth over time.
If you had invested* in Birla Balance...
Monthly Investment 1,000
Number of Investment periods (Since Inception) 64
Total Investment 64,000
Value of Investment (As of February 28, 2005) 106,840
Return on Investment (CAGR) 19.25%
* Load has not been taken into consideration. Past performance may or may not be sustained in future. Benchmark return since inception not available.
Inception date : October 12, 1999
Birla BalanceAn open-ended balanced fund investing in a mix of Debt and Equity
Issuer Market Value % to Net Assets
Equity and Equity relatedListed / Awaiting listing on stock Exchange
Banks 13.13State Bank of India 852.28 5.55Canara Bank 376.48 2.45Union Bank of India 283.93 1.85Oriental Bank of Commerce 193.24 1.26Punjab National Bank 167.41 1.09Bank Of India 105.05 0.68Indian Overseas Bank 39.53 0.26
Pharmaceuticals 10.81Pfizer Ltd. 564.41 3.67Glaxosmithkline Pharmaceuticals Ltd. 446.30 2.90Novartis India Ltd. 333.13 2.17Wyeth Lederle Ltd. 177.82 1.16Aventis Pharma Ltd. 138.78 0.90
IT Consulting & Services 8.14Infosys Technologies Ltd. 472.04 3.07Tata Consultancy Services Ltd. 465.36 3.03Mastek Ltd. 181.74 1.18Subex Systems Ltd. 132.07 0.86
Integrated Telecommunication Services 4.95Bharti Tele-Ventures Ltd. 760.39 4.95
Fertilizers & Agricultural Chemicals 3.86United Phosphorous Ltd. 479.11 3.12Monsanto India Ltd. 114.68 0.75
Hotels 3.59Indian Hotels Co. Ltd. 310.35 2.02Asian Hotels Ltd. 240.74 1.57
Heavy Electrical Equipment 3.08Thermax Ltd. 264.83 1.72Bharat Heavy Electricals Ltd. 208.59 1.36
Oil & Gas Refining & Marketing 2.77Kochi Refineries Ltd. 224.20 1.46Indian Oil Corporation Ltd. 132.20 0.86Hindustan Petroleum Corporation Ltd. 68.85 0.45
Motorcycle Manufacturers 2.52Hero Honda Motors Ltd. 278.11 1.81Bajaj Auto Ltd. 108.50 0.71
Industrial Conglomerates 2.35Grasim Industries Ltd. 360.62 2.35
Computer Hardware 2.32CMC Ltd. 356.57 2.32
Electrical Components & Equipment 2.23Bharat Electronics Ltd. 226.72 1.48Siemens Ltd. 115.20 0.75
Consumer Finance 2.01LIC Housing Finance Ltd. 308.63 2.01
Steel 1.20Tata Iron & Steel Co. Ltd 185.01 1.20
Construction Materials 1.19Birla Corporation Ltd. 182.59 1.19
Brewers 0.77Mcdowell & Company Ltd. 118.65 0.77
9,974.13 64.91
Preference Share 0.25Thermax Ltd. 38.00 0.25
Debt
Money Market Instruments 9.56Kotak Mahindra Primus Ltd. 970.40 6.32UTI Bank Ltd. 499.05 3.25
PSU/PFI Bonds/Banks 6.45Citibank N A 836.71 5.45HDFC Bank Ltd. 154.55 1.01
Securitised Debt 5.73Loan Receivable Trust II 2003 (Guj Amb) 582.64 3.79VE Trust 4 Sr A1 MMFSL (UTI Bank) 287.30 1.87Auto Loan Sec Trust Sr 6 (UTI Bank) 10.53 0.07
Cash & Current Assets 2,011.77 13.09
Total Net Assets 15,365.07 100.00
Issuer Wise Portfolio as of 28-Feb-2005
Fund Managers' Speak - Birla Balance
Nishid Shah & Navneet Munot! Increased exposure in auto.
! Increased weightage in hotels to capitalize on upturn in the industry.
! Portfolio remains overweight across agrochemicals, banks, capital goods, software, pharma and telecom.
12
Asset Allocation 28-Feb-2005
Rating Profile 28-Feb-2005
M A R C H 2 0 0 5
13.09%
16.07%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%
5.66%AA
Cash & Current Assets
AAA
65.16%Equity & Preference Shares
10.81%
13.13%
20.00% 30.00% 40.00%
2.01%
2.23%
2.32%
2.35%
2.52%
2.77%
3.08%
3.41%
3.59%
3.86%
4.95%
8.14%
34.84%
0.00% 10.00%
Consumer Finance
Electrical Components & Equipment
Computer Hardware
Industrial Conglomerates
Motorcycle Manufacturers
Oil & Gas Refining & Marketing
Heavy Electrical Equipment
Other Equities & Preference Shares
Hotels
Fertilizers & Agricultural Chemicals
Integrated Telecommunication Services
IT Consulting & Services
Pharmaceuticals
Banks
Cash, Debt and Other Current Assets
Birla MIPAn open- ended fund. Monthly income is not assured and is subject to availability of distributable surplus
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net RatingValue Assets
Debt InstrumentsCorporate Debt **Citicorp Finance India Limited** 1,513.58 2.71 AAAHindalco Industries Ltd** 1,024.97 1.83 AAAOscar Investments Ltd.** 999.89 1.79 LAA(SO)Citifinancial Consumer Finance India Ltd ** 998.99 1.79 AAAReliance Industries Ltd.** 516.24 0.92 AAA Cholamandalam Investment & Finance Company Ltd** 505.76 0.90 MAA+The Great Eastern Shipping Co. Ltd.** 410.57 0.73 AAA(SO)Gujarat Ambuja Cements Ltd** 100.34 0.18 AA+
6,070.34 10.86
Securtised Debt **Loan Sec Trust Sr XVI NTPC (ICICI Bank) 2,052.72 3.67 AAA(SO)MART 2004-SERIES III(CLASS A2)(04DEC06) 1,443.42 2.58 AAA(SO)MART 2003 II A2 (UTI Bank) 1,244.68 2.23 AAA(SO) MART 2003 II A2 SCB 1,069.51 1.91 P1+(SO) NS Retail 2004 Series I (HDFC bank) - 20-NOV-2005 1,012.83 1.81 MAAA(SO) Loan Receivable Trust II 2003 (Guj Ambuja) 971.07 1.74 AA+(SO) BHPC Auto Securitised Trust Series A2 922.74 1.65 AAA(SO)Fleet Trust Aug I 2003 A3 CFIL (IL&FS) 724.57 1.30 AAA(SO) Indian Retail Abs Trust Series Xiii A2 (24-Jan-2008) 689.34 1.23 MAAA(SO) Indian Retail ABS Trust SR VIII A2 (ICICI) 633.90 1.13 AAA(SO)SME Revol Sec Tr Mar04 A2 Sr(Citibank) 498.95 0.89 AAA(SO)SME Revol Sec Tr Mar04 A1 Sr(Citibank) 497.30 0.89 AAA(SO)Loan Receivable Trust Mar2003 (IPCL) 476.62 0.85 AA(SO) Loan Sec Trust SrXII NTPC (ICICI) 364.01 0.65 AAA(SO)PFSL Sr A2 Nov 2003 (Chola) 346.00 0.62 AAA(SO) Fleet Trust Oct 2003 A1 (CFIL) (UTI Bank) 175.64 0.31 AAA(SO)
13,123.28 23.47
PSU/PFI Bonds/BanksHousing & Urban Dev. Corporation of India Ltd.** 2,700.62 4.83 Pr1+Industrial Development Bank of India Ltd ** 2,612.03 4.67 AA+ Bharat Heavy Electricals Ltd.** 2,602.41 4.65 AAA ICICI Bank Ltd** 2,514.96 4.50 AAA State Bank of India** 1,219.83 2.18 AAA Small Industries Development Bank of India 1,050.39 1.88 AAA Neyveli Lignite Corporation Ltd.** 1,049.18 1.88 LAAA Power Finance Corporation of India Ltd.** 1,001.89 1.79 AAA Nuclear Power Corporation of India** 927.06 1.66 AAA National Bank For Agriculture and Rural Development 527.00 0.94 AAA Hindustan Aeronautics Ltd.** 519.07 0.93 AAA Export Import Bank of India Ltd** 518.52 0.93 AAA IDBI Capital Markets Ltd ** 494.04 0.88 Unrated Housing Development Finance Corporation Ltd.** 415.97 0.74 AAA
18,152.95 32.46
Government Bonds
Govt Bond 12.29% 2010 1,849.83 3.31 SovereignGovt Bond 7.38% 2015 1,806.25 3.23 Sovereign Govt Bond 9.39% 2011 580.26 1.04 Sovereign Govt Bond 10.95% 2011 215.45 0.39 Sovereign Govt Bond 9.81% 2013 119.44 0.21 Sovereign Govt Bond 7.37% 2014 26.30 0.05 Sovereign
Govt Bond 7.55% 2010 26.26 0.05 Sovereign 4,623.79 8.27
Money Market InstrumentsICICI Bank Ltd. 976.82 1.75 A1+ Kotak Mahindra Bank Ltd 493.97 0.88 P1+
1,470.80 2.63
Equity & Equity related
Listed/ Awaiting listing on stock exchangeState Bank of India 722.26 1.29 - Bharti Tele-Ventures Ltd 625.54 1.12 - Glaxosmithkline Pharmaceuticals Ltd 552.25 0.99 - Pfizer India Ltd. 490.18 0.88 -LIC Housing Finance Ltd 473.32 0.85 -Infosys Technologies Ltd. 442.96 0.79 -Tata Consultancy Services Ltd. 390.84 0.70 - United Phosphorous Ltd. 386.86 0.69 - Grasim Industries Ltd. 311.01 0.56 -Canara Bank 308.82 0.55 -CMC Ltd 282.13 0.50 -Indian Hotels Ltd. 251.78 0.45 -Union Bank of India 247.78 0.44 -Hero Honda Motors Ltd. 238.38 0.43 -Novartis Pharmaceuticals Ltd. 228.91 0.41 -Asian Hotels Ltd. 215.82 0.39 -Kochi Refineries Ltd 201.52 0.36 -Thermax Ltd 186.54 0.33 -Wyeth Lederle Ltd 164.95 0.29 -
Issuer Wise Portfolio as of 28-Feb-2005 (Contd.)
Tata Iron & Steel Co. Ltd 163.47 0.29 -Oriental Bank of Commerce Ltd. 161.14 0.29 -Bharat Heavy Electricals Ltd. 1156.23 0.28 - Bharat Electronics Ltd. 152.70 0.27 -Aventis Pharma Ltd. 148.32 0.27 -Punjab National Bank 120.20 0.21 -Tata Elxsi Ltd. 116.00 0.21 -Hindustan petroleum Corporation Ltd. 92.73 0.17 -Indian Oil Corporation Ltd. 90.92 0.16 -Indian Overseas Bank 67.53 0.12 -
7,991.07 14.29
Cash & Current Assets 4,487.54 8.02
Net Assets 55,919.78 100.00
**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 66.79%
Issuer Market % to Net RatingValue Assets
Fund Managers' Speak - Birla MIP
K Ramanathan & Nishid Shah
! Average maturity of debt component around 1.57 years in fixed income portion. Maintained low average maturity with low exposure to G-Secs.
! Increased investments in good current yield top quality short term papers that would improve portfolio YTM of debt portion.
! Equity exposure increased to around 14% in a diversified portfolio of large and mid-cap stocks.
13
As on 28-Feb-2005
M A R C H 2 0 0 5
0.88%
8.02%
8.27%
10.13%
14.29%
58.40%
0.00% 20.00% 40.00% 60.00% 80.00%
Unrated
Cash & CurrentAssets
Sovereign
AA \ AA+
Equity
AAA
Rating Profile
5.28%
6.31%
8.02%
14.29%
18.84%
22.31%
24.94%
0.00% 10.00% 20.00% 30.00%
Above 5 years
3 to 5 years
Cash & Current Assets
Equity Invesment
6 mths to 1 year
Less than 6 months
1 to 3 years
Maturity Profile
Asset Allocation
0.00% 10.00% 20.00% 30.00% 40.00%
Money Market Instruments
Government Securities
Equity Investment
PSU/FI Bonds/Banks
Securitised Debt
Corporate Debt
Cash & Current Assets
23.47%
32.46%
2.63%
8.02%
8.27%
14.29%
10.86%
Birla MIPAn open- ended fund. Monthly income is not assured and is subject to availability of distributable surplus
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net RatingValue Assets
Debt InstrumentsCorporate Debt **Citicorp Finance India Limited** 1,513.58 2.71 AAAHindalco Industries Ltd** 1,024.97 1.83 AAAOscar Investments Ltd.** 999.89 1.79 LAA(SO)Citifinancial Consumer Finance India Ltd ** 998.99 1.79 AAAReliance Industries Ltd.** 516.24 0.92 AAA Cholamandalam Investment & Finance Company Ltd** 505.76 0.90 MAA+The Great Eastern Shipping Co. Ltd.** 410.57 0.73 AAA(SO)Gujarat Ambuja Cements Ltd** 100.34 0.18 AA+
6,070.34 10.86
Securtised Debt **Loan Sec Trust Sr XVI NTPC (ICICI Bank) 2,052.72 3.67 AAA(SO)MART 2004-SERIES III(CLASS A2)(04DEC06) 1,443.42 2.58 AAA(SO)MART 2003 II A2 (UTI Bank) 1,244.68 2.23 AAA(SO) MART 2003 II A2 SCB 1,069.51 1.91 P1+(SO) NS Retail 2004 Series I (HDFC bank) - 20-NOV-2005 1,012.83 1.81 MAAA(SO) Loan Receivable Trust II 2003 (Guj Ambuja) 971.07 1.74 AA+(SO) BHPC Auto Securitised Trust Series A2 922.74 1.65 AAA(SO)Fleet Trust Aug I 2003 A3 CFIL (IL&FS) 724.57 1.30 AAA(SO) Indian Retail Abs Trust Series Xiii A2 (24-Jan-2008) 689.34 1.23 MAAA(SO) Indian Retail ABS Trust SR VIII A2 (ICICI) 633.90 1.13 AAA(SO)SME Revol Sec Tr Mar04 A2 Sr(Citibank) 498.95 0.89 AAA(SO)SME Revol Sec Tr Mar04 A1 Sr(Citibank) 497.30 0.89 AAA(SO)Loan Receivable Trust Mar2003 (IPCL) 476.62 0.85 AA(SO) Loan Sec Trust SrXII NTPC (ICICI) 364.01 0.65 AAA(SO)PFSL Sr A2 Nov 2003 (Chola) 346.00 0.62 AAA(SO) Fleet Trust Oct 2003 A1 (CFIL) (UTI Bank) 175.64 0.31 AAA(SO)
13,123.28 23.47
PSU/PFI Bonds/BanksHousing & Urban Dev. Corporation of India Ltd.** 2,700.62 4.83 Pr1+Industrial Development Bank of India Ltd ** 2,612.03 4.67 AA+ Bharat Heavy Electricals Ltd.** 2,602.41 4.65 AAA ICICI Bank Ltd** 2,514.96 4.50 AAA State Bank of India** 1,219.83 2.18 AAA Small Industries Development Bank of India 1,050.39 1.88 AAA Neyveli Lignite Corporation Ltd.** 1,049.18 1.88 LAAA Power Finance Corporation of India Ltd.** 1,001.89 1.79 AAA Nuclear Power Corporation of India** 927.06 1.66 AAA National Bank For Agriculture and Rural Development 527.00 0.94 AAA Hindustan Aeronautics Ltd.** 519.07 0.93 AAA Export Import Bank of India Ltd** 518.52 0.93 AAA IDBI Capital Markets Ltd ** 494.04 0.88 Unrated Housing Development Finance Corporation Ltd.** 415.97 0.74 AAA
18,152.95 32.46
Government Bonds
Govt Bond 12.29% 2010 1,849.83 3.31 SovereignGovt Bond 7.38% 2015 1,806.25 3.23 Sovereign Govt Bond 9.39% 2011 580.26 1.04 Sovereign Govt Bond 10.95% 2011 215.45 0.39 Sovereign Govt Bond 9.81% 2013 119.44 0.21 Sovereign Govt Bond 7.37% 2014 26.30 0.05 Sovereign
Govt Bond 7.55% 2010 26.26 0.05 Sovereign 4,623.79 8.27
Money Market InstrumentsICICI Bank Ltd. 976.82 1.75 A1+ Kotak Mahindra Bank Ltd 493.97 0.88 P1+
1,470.80 2.63
Equity & Equity related
Listed/ Awaiting listing on stock exchangeState Bank of India 722.26 1.29 - Bharti Tele-Ventures Ltd 625.54 1.12 - Glaxosmithkline Pharmaceuticals Ltd 552.25 0.99 - Pfizer India Ltd. 490.18 0.88 -LIC Housing Finance Ltd 473.32 0.85 -Infosys Technologies Ltd. 442.96 0.79 -Tata Consultancy Services Ltd. 390.84 0.70 - United Phosphorous Ltd. 386.86 0.69 - Grasim Industries Ltd. 311.01 0.56 -Canara Bank 308.82 0.55 -CMC Ltd 282.13 0.50 -Indian Hotels Ltd. 251.78 0.45 -Union Bank of India 247.78 0.44 -Hero Honda Motors Ltd. 238.38 0.43 -Novartis Pharmaceuticals Ltd. 228.91 0.41 -Asian Hotels Ltd. 215.82 0.39 -Kochi Refineries Ltd 201.52 0.36 -Thermax Ltd 186.54 0.33 -Wyeth Lederle Ltd 164.95 0.29 -
Issuer Wise Portfolio as of 28-Feb-2005 (Contd.)
Tata Iron & Steel Co. Ltd 163.47 0.29 -Oriental Bank of Commerce Ltd. 161.14 0.29 -Bharat Heavy Electricals Ltd. 1156.23 0.28 - Bharat Electronics Ltd. 152.70 0.27 -Aventis Pharma Ltd. 148.32 0.27 -Punjab National Bank 120.20 0.21 -Tata Elxsi Ltd. 116.00 0.21 -Hindustan petroleum Corporation Ltd. 92.73 0.17 -Indian Oil Corporation Ltd. 90.92 0.16 -Indian Overseas Bank 67.53 0.12 -
7,991.07 14.29
Cash & Current Assets 4,487.54 8.02
Net Assets 55,919.78 100.00
**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 66.79%
Issuer Market % to Net RatingValue Assets
Fund Managers' Speak - Birla MIP
K Ramanathan & Nishid Shah
! Average maturity of debt component around 1.57 years in fixed income portion. Maintained low average maturity with low exposure to G-Secs.
! Increased investments in good current yield top quality short term papers that would improve portfolio YTM of debt portion.
! Equity exposure increased to around 14% in a diversified portfolio of large and mid-cap stocks.
13
As on 28-Feb-2005
M A R C H 2 0 0 5
0.88%
8.02%
8.27%
10.13%
14.29%
58.40%
0.00% 20.00% 40.00% 60.00% 80.00%
Unrated
Cash & CurrentAssets
Sovereign
AA \ AA+
Equity
AAA
Rating Profile
5.28%
6.31%
8.02%
14.29%
18.84%
22.31%
24.94%
0.00% 10.00% 20.00% 30.00%
Above 5 years
3 to 5 years
Cash & Current Assets
Equity Invesment
6 mths to 1 year
Less than 6 months
1 to 3 years
Maturity Profile
Asset Allocation
0.00% 10.00% 20.00% 30.00% 40.00%
Money Market Instruments
Government Securities
Equity Investment
PSU/FI Bonds/Banks
Securitised Debt
Corporate Debt
Cash & Current Assets
23.47%
32.46%
2.63%
8.02%
8.27%
14.29%
10.86%
Cash & Current Assets 2.83%
3.87%Equity
93.30%AAA
24.89%Securitised Debt
Birla MIP II - Savings 5 PlanAn open- ended fund. Monthly income is not assured and is subject to availability of distributable surplus
Fund Managers' Speak - Birla MIP II - Savings 5 Plan
K Ramanathan & Nishid Shah
! Average maturity of debt component low at around 0.58 yearspredominantly consisting of 2005/2006 corporate bonds and securitized papers.
! Cash levels around 3%. Continuing to maintain low average maturity and look at trading in G-Secs to optimize returns.
! Equity exposure around 4% in a diversified portfolio of large and mid-cap stocks.
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net RatingValue Assets
Debt InstrumentsSecuritised Debt **
Indian Retail ABS Trust Ser XIII A3 295.43 13.40 MAAA(SO)
NS Retail 2004 Series I (HDFC bank) 253.21 11.49 MAAA(SO)
548.64 24.89
PSU/PFI Bonds/Banks **
Nuclear Power Corporation of India Ltd. 312.17 14.16 AAA
Housing & Urban Development Corporation Ltd. 300.07 13.61 Pr1+
ICICI Bank Ltd. 207.93 9.43 AAA
Small Industries Development Bank Of India 199.65 9.06 AAA
1,019.83 46.26
Money Market Instruments
ICICI Bank Ltd. 488.41 22.16 A1+
488.41 22.16
Equity & Equity related
Listed/ Awaiting listing on stock exchange
LIC Housing Finance Ltd. 12.71 0.58
State Bank of India 7.27 0.33
Indian Hotels Ltd. 7.25 0.33
Glaxosmithkline Pharmaceuticals Ltd. 6.63 0.30
Bharti Tele-Ventures Ltd. 6.35 0.29
Pfizer Ltd. 5.96 0.27
Tata Consultancy Services Ltd. 5.83 0.26
Grasim Industries Ltd. 5.72 0.26
Wyeth Lederle Ltd. 5.09 0.23
Infosys Technologies Ltd. 4.92 0.22
Novartis India Ltd. 4.58 0.21
Canara Bank 4.06 0.18
Union Bank of India 3.35 0.15
Punjab National Bank 2.84 0.13
Kochi Refineries Ltd 2.70 0.12
85.27 3.87
Cash & Current Assets 62.35 2.83
**Represents thinly traded/ non traded securities and illiquid securities
Total Percentage of thinly/non traded securities is 71.15%
Net Assets 2,204.50 100.00
14
As on 28-Feb-2005
M A R C H 2 0 0 5
0.00% 10.00% 20.00% 30.00% 40.00% 50.00%
2.83%Cash & Current Assets
3.87%Equity
22.16%Money Market Instruments
46.26%PSU/FI Bonds/Banks
Maturity Profile
Asset Allocation
Rating Profile
0.00% 50.00% 100.00%
2.83%Cash & Current Assets
3.87%Equity Invesment
12.58%1 to 3 years
19.08%6 mths to 1 year
61.64%Less than 6 months
0.00% 20.00% 40.00% 80.00%60.00%
Cash & Current Assets 2.83%
3.87%Equity
93.30%AAA
24.89%Securitised Debt
Birla MIP II - Savings 5 PlanAn open- ended fund. Monthly income is not assured and is subject to availability of distributable surplus
Fund Managers' Speak - Birla MIP II - Savings 5 Plan
K Ramanathan & Nishid Shah
! Average maturity of debt component low at around 0.58 yearspredominantly consisting of 2005/2006 corporate bonds and securitized papers.
! Cash levels around 3%. Continuing to maintain low average maturity and look at trading in G-Secs to optimize returns.
! Equity exposure around 4% in a diversified portfolio of large and mid-cap stocks.
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net RatingValue Assets
Debt InstrumentsSecuritised Debt **
Indian Retail ABS Trust Ser XIII A3 295.43 13.40 MAAA(SO)
NS Retail 2004 Series I (HDFC bank) 253.21 11.49 MAAA(SO)
548.64 24.89
PSU/PFI Bonds/Banks **
Nuclear Power Corporation of India Ltd. 312.17 14.16 AAA
Housing & Urban Development Corporation Ltd. 300.07 13.61 Pr1+
ICICI Bank Ltd. 207.93 9.43 AAA
Small Industries Development Bank Of India 199.65 9.06 AAA
1,019.83 46.26
Money Market Instruments
ICICI Bank Ltd. 488.41 22.16 A1+
488.41 22.16
Equity & Equity related
Listed/ Awaiting listing on stock exchange
LIC Housing Finance Ltd. 12.71 0.58
State Bank of India 7.27 0.33
Indian Hotels Ltd. 7.25 0.33
Glaxosmithkline Pharmaceuticals Ltd. 6.63 0.30
Bharti Tele-Ventures Ltd. 6.35 0.29
Pfizer Ltd. 5.96 0.27
Tata Consultancy Services Ltd. 5.83 0.26
Grasim Industries Ltd. 5.72 0.26
Wyeth Lederle Ltd. 5.09 0.23
Infosys Technologies Ltd. 4.92 0.22
Novartis India Ltd. 4.58 0.21
Canara Bank 4.06 0.18
Union Bank of India 3.35 0.15
Punjab National Bank 2.84 0.13
Kochi Refineries Ltd 2.70 0.12
85.27 3.87
Cash & Current Assets 62.35 2.83
**Represents thinly traded/ non traded securities and illiquid securities
Total Percentage of thinly/non traded securities is 71.15%
Net Assets 2,204.50 100.00
14
As on 28-Feb-2005
M A R C H 2 0 0 5
0.00% 10.00% 20.00% 30.00% 40.00% 50.00%
2.83%Cash & Current Assets
3.87%Equity
22.16%Money Market Instruments
46.26%PSU/FI Bonds/Banks
Maturity Profile
Asset Allocation
Rating Profile
0.00% 50.00% 100.00%
2.83%Cash & Current Assets
3.87%Equity Invesment
12.58%1 to 3 years
19.08%6 mths to 1 year
61.64%Less than 6 months
0.00% 20.00% 40.00% 80.00%60.00%
Birla MIP II - Wealth 25 PlanAn open- ended fund. Monthly income is not assured and is subject to availability of distributable surplus
Fund Managers' Speak - Birla MIP II - Wealth 25 Plan
K Ramanathan & Nishid Shah
! Average maturity of debt component low at around 1.45 years predominantly consisting of 2005/2006 corporate bonds and securitized papers.
! Cash levels around 15%. Continuing to maintain low average maturity and looking at trading in G-Secs to optimize returns.
! Equity exposure around 21% in a diversified portfolio of large and mid-cap stocks.
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net RatingValue Assets
Debt Instruments
Floating Rate InstrumentsIndian Retail ABS Trust SerXIII A3** 993.14 7.79 MAAA(SO)
993.14 7.79
Securitised DebtNS Retail 2004 Series I (HDFC bank) - 20-NOV-2005** 1,688.06 13.24 MAAA(SO)Indian Retail Abs Trust Series XIII A2 (24-Jan-2008)** 984.77 7.72 MAAA(SO)
2,672.83 20.96
PSU/PFI Bonds/BanksState Bank of India** 1,118.18 8.77 AAAICICI Bank Ltd.** 640.61 5.02 AAASmall Industries Development Bank Of India** 299.48 2.35 AAA
2,058.27 16.14
Money Market InstrumentsKotak Mahindra Bank Ltd 987.94 7.75 P1+UTI Bank Ltd 399.24 3.13 P1+
1,387.18 10.88Government BondsGovt Bond 9.39% 2011 572.30 4.49 SovereignGovt Bond 7.38% 2015 531.25 4.17 Sovereign
1,103.55 8.65
Equity & Equity relatedListed/ Awaiting listing on stock exchangeState Bank of India 225.04 1.76Bharti Tele-Ventures Ltd. 202.82 1.59LIC Housing Finance Ltd. 157.94 1.24Pfizer Ltd. 153.08 1.20Infosys Technologies Ltd. 145.41 1.14Tata Consultancy Services Ltd. 133.41 1.05Glaxosmithkline Pharmaceuticals Ltd. 128.96 1.01Canara Bank 123.09 0.97Grasim Industries Ltd. 121.10 0.95Novartis India Ltd. 101.04 0.79United Phosphorous Ltd. 99.99 0.78Siemens Ltd. 80.64 0.63Hero Honda Motors Ltd. 77.83 0.61Union Bank of India 75.68 0.59Indian Hotels Co. Ltd. 75.48 0.59Kochi Refineries Ltd. 72.07 0.57Colgate-Palmolive (India) Ltd. 68.21 0.53Tata Iron & Steel Co. Ltd 64.20 0.50Bharat Heavy Electricals Ltd. 63.52 0.50Voltas Ltd. 62.13 0.49Birla Corporation Ltd. 60.94 0.48Oriental Bank of Commerce 47.61 0.37Asian Hotels Ltd. 45.45 0.36Subex Systems Ltd 42.93 0.34Punjab National Bank 39.33 0.31Hindustan Petroleum Corporation Ltd. 37.94 0.30Wyeth Lederle Ltd. 30.17 0.24Indian Overseas Bank. 27.80 0.22Monsanto India 26.86 0.21Aventis Pharma Ltd. 26.07 0.20
2,616.75 20.52
Cash & Current Assets 1,921.16 15.06
**Represents thinly traded/ non traded securities.Total Percentage of thinly/non traded securities is 37.10%
Net Assets 12,752.89 100.00
15
As on 28-Feb-2005
M A R C H 2 0 0 5
8.65%
0.00% 10.00% 20.00% 30.00% 40.00%
Above 5 years
10.46%6 mths to 1 year
15.04%1 to 3 years
15.06%Cash & Current Assets
20.52%Equity Investment & Equity Related
30.27%Less than 6 months
8.65%
15.06%
20.52%
55.76%
0.00% 20.0% 40.0% 60.0%
Sovereign
Cash & Current Assets
Equity & Equity related
AAA
Maturity Profile
Asset Allocation
Rating Profile
20.52%
20.96%
7.79%
8.65%
10.88%
16.14%
15.06%
0.00% 10.00% 20.00% 30.00%
Floating Rate Instruments
Government Bonds
Money Market Instruments
Cash & Current Assets
PSU/FI Bonds/Banks
Equity Investment & Equity Related
Securitised Debt
Birla MIP II - Wealth 25 PlanAn open- ended fund. Monthly income is not assured and is subject to availability of distributable surplus
Fund Managers' Speak - Birla MIP II - Wealth 25 Plan
K Ramanathan & Nishid Shah
! Average maturity of debt component low at around 1.45 years predominantly consisting of 2005/2006 corporate bonds and securitized papers.
! Cash levels around 15%. Continuing to maintain low average maturity and looking at trading in G-Secs to optimize returns.
! Equity exposure around 21% in a diversified portfolio of large and mid-cap stocks.
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net RatingValue Assets
Debt Instruments
Floating Rate InstrumentsIndian Retail ABS Trust SerXIII A3** 993.14 7.79 MAAA(SO)
993.14 7.79
Securitised DebtNS Retail 2004 Series I (HDFC bank) - 20-NOV-2005** 1,688.06 13.24 MAAA(SO)Indian Retail Abs Trust Series XIII A2 (24-Jan-2008)** 984.77 7.72 MAAA(SO)
2,672.83 20.96
PSU/PFI Bonds/BanksState Bank of India** 1,118.18 8.77 AAAICICI Bank Ltd.** 640.61 5.02 AAASmall Industries Development Bank Of India** 299.48 2.35 AAA
2,058.27 16.14
Money Market InstrumentsKotak Mahindra Bank Ltd 987.94 7.75 P1+UTI Bank Ltd 399.24 3.13 P1+
1,387.18 10.88Government BondsGovt Bond 9.39% 2011 572.30 4.49 SovereignGovt Bond 7.38% 2015 531.25 4.17 Sovereign
1,103.55 8.65
Equity & Equity relatedListed/ Awaiting listing on stock exchangeState Bank of India 225.04 1.76Bharti Tele-Ventures Ltd. 202.82 1.59LIC Housing Finance Ltd. 157.94 1.24Pfizer Ltd. 153.08 1.20Infosys Technologies Ltd. 145.41 1.14Tata Consultancy Services Ltd. 133.41 1.05Glaxosmithkline Pharmaceuticals Ltd. 128.96 1.01Canara Bank 123.09 0.97Grasim Industries Ltd. 121.10 0.95Novartis India Ltd. 101.04 0.79United Phosphorous Ltd. 99.99 0.78Siemens Ltd. 80.64 0.63Hero Honda Motors Ltd. 77.83 0.61Union Bank of India 75.68 0.59Indian Hotels Co. Ltd. 75.48 0.59Kochi Refineries Ltd. 72.07 0.57Colgate-Palmolive (India) Ltd. 68.21 0.53Tata Iron & Steel Co. Ltd 64.20 0.50Bharat Heavy Electricals Ltd. 63.52 0.50Voltas Ltd. 62.13 0.49Birla Corporation Ltd. 60.94 0.48Oriental Bank of Commerce 47.61 0.37Asian Hotels Ltd. 45.45 0.36Subex Systems Ltd 42.93 0.34Punjab National Bank 39.33 0.31Hindustan Petroleum Corporation Ltd. 37.94 0.30Wyeth Lederle Ltd. 30.17 0.24Indian Overseas Bank. 27.80 0.22Monsanto India 26.86 0.21Aventis Pharma Ltd. 26.07 0.20
2,616.75 20.52
Cash & Current Assets 1,921.16 15.06
**Represents thinly traded/ non traded securities.Total Percentage of thinly/non traded securities is 37.10%
Net Assets 12,752.89 100.00
15
As on 28-Feb-2005
M A R C H 2 0 0 5
8.65%
0.00% 10.00% 20.00% 30.00% 40.00%
Above 5 years
10.46%6 mths to 1 year
15.04%1 to 3 years
15.06%Cash & Current Assets
20.52%Equity Investment & Equity Related
30.27%Less than 6 months
8.65%
15.06%
20.52%
55.76%
0.00% 20.0% 40.0% 60.0%
Sovereign
Cash & Current Assets
Equity & Equity related
AAA
Maturity Profile
Asset Allocation
Rating Profile
20.52%
20.96%
7.79%
8.65%
10.88%
16.14%
15.06%
0.00% 10.00% 20.00% 30.00%
Floating Rate Instruments
Government Bonds
Money Market Instruments
Cash & Current Assets
PSU/FI Bonds/Banks
Equity Investment & Equity Related
Securitised Debt
Birla Income PlusAn open-ended diversified income fund
Fund Managers' Speak - Birla Income Plus
K Ramanathan
! Reduced average maturity of the Fund to around 2.35 years. Reduced exposure to G-Secs to around 22%.
! Cash levels around 19%.
! Continuing to actively manage duration for optimizing returns.
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net RatingValue Assets
Debt Instruments
Corporate DebtReliance Industries Ltd.** 5,332.78 12.45 AAAHindalco Industries Ltd.** 3,036.41 7.09 AAAL & T Holdings Ltd.** 1,538.83 3.59 AAA(SO)Tata Sons Ltd** 1,518.41 3.54 AAAElectro Steel Castings Ltd.** 1,065.97 2.49 AA+Indian Aluminium Co. Ltd.** 1,000.80 2.34 AAA
13,493.21 31.49
Securitised DebtLoan Sec Trust SrXII NTPC (ICICI)** 1,092.02 2.55 AAA(SO)Mumbai Auto Rec Tr 2003 SR I UTI SCB A2** 313.90 0.73 AAA(SO)Fleet Trust August I 2003 Sr A2 (CFIL)** 248.85 0.58 AAA(SO)Secured Loan Receivables Securitisation Trust (Series III) (ICICI)** 119.56 0.28 AAA(SO)People's Financial Services Ltd. - (Telco)** 72.64 0.17 AAA(SO)MBS 2002 Trust Series I Class A - (HDFC)** 55.14 0.13 AAA(SO)VE Trust II (MMFSL)** 53.17 0.12 AAA(SO)People's Financial Services Ltd A1 PTC (Citibank)** 14.54 0.03 AAA(SO)
1,969.81 4.60
PSU/PFI Bonds/BanksCitibank N. A.** 3,800.16 8.87 AAAState Bank of India** 2,114.47 4.93 AAAIndustrial Development Bank of India Ltd.** 989.96 2.31 AA+National Thermal Power Corporation Ltd.** 511.66 1.19 AAA
7,416.24 17.31
Government BondsGovt Bond 7.55% 2010 5,278.76 12.32 SovereignGovt Bond 9.39% 2011 3,836.36 8.95 SovereignGovt Bond 7.38% 2015 318.75 0.74 Sovereign
9,433.87 22.02
Mutual Fund UnitsBirla Bond Index Fund 166.86 0.39 AAA(F)
166.86 0.39
Money Market InstrumentsICICI Bank Ltd 2,442.06 5.70 A1+
2,442.06 5.70
Cash & Current Assets 7,928.22 18.50
**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/ non traded securities is 53.39%
Net Assets 42,850.27 100.00
16
@ICRA Online Awards 2005 : Ranked MFR1 in 'Open Ended Debt
Schemes (3 year)
(Past performance is no guarantee of future results.)
^^ for methodology please refer page 30. @ for methodology please refer page 30.
As on 28-Feb-2005
CRISIL~CPR 2 Open Ended Debt Category^^
(Past performance is no guarantee of future results.)
M A R C H 2 0 0 5
4.80%
18.50%
54.68%
22.02%
0.00% 20.00% 40.00% 60.00%
AA+/AA
Cash & Current Assets
Sovereign
AAA
Rating Profile
Maturity Profile
0.13%
6.34%
8.13%
18.50%
22.02%
44.89%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00%
6 mths to 1 year
3 to 5 years
Less than 6 months
Cash & Current Assets
Above 5 years
1 to 3 years
Asset Allocation
0.39%
4.60%
5.70%
17.31%
18.50%
31.49%
22.02%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00%
Mutual Fund Units
Securitised Debt
Money Market Instruments
PSU/FI Bonds/Banks
Cash & Current Assets
Government Bonds
Corporate Debt
CNBC-TV 18- CRISIL MUTUAL FUND OF THE YEAR Awards^
Open-ended Income Fund
(Past performance is no guarantee of future results.)
Birla Income PlusAn open-ended diversified income fund
Fund Managers' Speak - Birla Income Plus
K Ramanathan
! Reduced average maturity of the Fund to around 2.35 years. Reduced exposure to G-Secs to around 22%.
! Cash levels around 19%.
! Continuing to actively manage duration for optimizing returns.
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net RatingValue Assets
Debt Instruments
Corporate DebtReliance Industries Ltd.** 5,332.78 12.45 AAAHindalco Industries Ltd.** 3,036.41 7.09 AAAL & T Holdings Ltd.** 1,538.83 3.59 AAA(SO)Tata Sons Ltd** 1,518.41 3.54 AAAElectro Steel Castings Ltd.** 1,065.97 2.49 AA+Indian Aluminium Co. Ltd.** 1,000.80 2.34 AAA
13,493.21 31.49
Securitised DebtLoan Sec Trust SrXII NTPC (ICICI)** 1,092.02 2.55 AAA(SO)Mumbai Auto Rec Tr 2003 SR I UTI SCB A2** 313.90 0.73 AAA(SO)Fleet Trust August I 2003 Sr A2 (CFIL)** 248.85 0.58 AAA(SO)Secured Loan Receivables Securitisation Trust (Series III) (ICICI)** 119.56 0.28 AAA(SO)People's Financial Services Ltd. - (Telco)** 72.64 0.17 AAA(SO)MBS 2002 Trust Series I Class A - (HDFC)** 55.14 0.13 AAA(SO)VE Trust II (MMFSL)** 53.17 0.12 AAA(SO)People's Financial Services Ltd A1 PTC (Citibank)** 14.54 0.03 AAA(SO)
1,969.81 4.60
PSU/PFI Bonds/BanksCitibank N. A.** 3,800.16 8.87 AAAState Bank of India** 2,114.47 4.93 AAAIndustrial Development Bank of India Ltd.** 989.96 2.31 AA+National Thermal Power Corporation Ltd.** 511.66 1.19 AAA
7,416.24 17.31
Government BondsGovt Bond 7.55% 2010 5,278.76 12.32 SovereignGovt Bond 9.39% 2011 3,836.36 8.95 SovereignGovt Bond 7.38% 2015 318.75 0.74 Sovereign
9,433.87 22.02
Mutual Fund UnitsBirla Bond Index Fund 166.86 0.39 AAA(F)
166.86 0.39
Money Market InstrumentsICICI Bank Ltd 2,442.06 5.70 A1+
2,442.06 5.70
Cash & Current Assets 7,928.22 18.50
**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/ non traded securities is 53.39%
Net Assets 42,850.27 100.00
16
@ICRA Online Awards 2005 : Ranked MFR1 in 'Open Ended Debt
Schemes (3 year)
(Past performance is no guarantee of future results.)
^^ for methodology please refer page 30. @ for methodology please refer page 30.
As on 28-Feb-2005
CRISIL~CPR 2 Open Ended Debt Category^^
(Past performance is no guarantee of future results.)
M A R C H 2 0 0 5
4.80%
18.50%
54.68%
22.02%
0.00% 20.00% 40.00% 60.00%
AA+/AA
Cash & Current Assets
Sovereign
AAA
Rating Profile
Maturity Profile
0.13%
6.34%
8.13%
18.50%
22.02%
44.89%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00%
6 mths to 1 year
3 to 5 years
Less than 6 months
Cash & Current Assets
Above 5 years
1 to 3 years
Asset Allocation
0.39%
4.60%
5.70%
17.31%
18.50%
31.49%
22.02%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00%
Mutual Fund Units
Securitised Debt
Money Market Instruments
PSU/FI Bonds/Banks
Cash & Current Assets
Government Bonds
Corporate Debt
CNBC-TV 18- CRISIL MUTUAL FUND OF THE YEAR Awards^
Open-ended Income Fund
(Past performance is no guarantee of future results.)
Birla Gilt Plus An open-ended government securities scheme
Fund Managers' Speak - Birla Gilt Plus
Navneet Munot
! Average maturity of the Regular Plan around 5.56 years and of the PF Plan around 5.61 years with cash levels of around 4-5%.
! Seeing relative value in 5-6 year segment and portfolio is positioned accordingly.
! Continuing to look at trading opportunities to enhance returns.
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net RatingValue Assets
Liquid Plan
Government BondsGovt Bond 11.25%2005 40.80 2.77 Sovereign
40.80 2.77
Cash & Current Assets 1,432.51 97.23
PF Plan
Government BondsGovt Bond 9.39% 2011 9,156.80 44.23 SovereignGovt Bond 7.55% 2010 7,878.75 38.06 SovereignGovt Bond 10.95%2011 2,420.73 11.69 SovereignGovt Bond 7.40% 2012 274.03 1.32 SovereignGovt Bond 10.71%2016 1.31 0.01 Sovereign
19,731.61 95.31
Cash & Current Assets 970.24 4.69
Regular Plan
Government BondsGovt Bond 9.39% 2011 6,867.60 47.70 SovereignGovt Bond 7.55% 2010 5,567.65 38.67 SovereignGovt Bond 10.95%2011 1,210.37 8.41 Sovereign
13,645.62 94.77
Cash & Current Assets 752.43 5.23
Net Assets 1,473.31 100.00
Net Assets 20,701.85 100.00
Net Assets 14,398.04 100.00
17
@ICRA Online Awards 2005 : Ranked MFR1 in Open Ended Gilt Schemes -
Short Term (1 year)
(Past performance is no guarantee of future results.)
@ICRA Online Awards 2005 : Ranked MFR1 in Open Ended Gilt Schemes -
Short Term (3 year)
(Past performance is no guarantee of future results.)
@ for methodology please refer page 30. # for methodology please refer page 30.
As on 28-Feb-2005
#***** -Value Research Rating- Birla Gilt Plus - Liquid Plan
(Past performance is no guarantee of future results.)
M A R C H 2 0 0 5
Cash & Current Assets 4.69%
95.31%
0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00%
Bonds Government
Asset Allocation
Asset Allocation
Asset Allocation
Liquid Plan
PF Plan
Regular Plan
2.77%
97.23%
0.00% 50.00% 100.00% 150.00%
Government Bonds
Cash & Current Assets
5.23%
94.77%
0.00% 20.00% 40.00% 60.00% 80.00% 100.00%
Cash & Current Assets
Government Bonds
Birla Gilt Plus An open-ended government securities scheme
Fund Managers' Speak - Birla Gilt Plus
Navneet Munot
! Average maturity of the Regular Plan around 5.56 years and of the PF Plan around 5.61 years with cash levels of around 4-5%.
! Seeing relative value in 5-6 year segment and portfolio is positioned accordingly.
! Continuing to look at trading opportunities to enhance returns.
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net RatingValue Assets
Liquid Plan
Government BondsGovt Bond 11.25%2005 40.80 2.77 Sovereign
40.80 2.77
Cash & Current Assets 1,432.51 97.23
PF Plan
Government BondsGovt Bond 9.39% 2011 9,156.80 44.23 SovereignGovt Bond 7.55% 2010 7,878.75 38.06 SovereignGovt Bond 10.95%2011 2,420.73 11.69 SovereignGovt Bond 7.40% 2012 274.03 1.32 SovereignGovt Bond 10.71%2016 1.31 0.01 Sovereign
19,731.61 95.31
Cash & Current Assets 970.24 4.69
Regular Plan
Government BondsGovt Bond 9.39% 2011 6,867.60 47.70 SovereignGovt Bond 7.55% 2010 5,567.65 38.67 SovereignGovt Bond 10.95%2011 1,210.37 8.41 Sovereign
13,645.62 94.77
Cash & Current Assets 752.43 5.23
Net Assets 1,473.31 100.00
Net Assets 20,701.85 100.00
Net Assets 14,398.04 100.00
17
@ICRA Online Awards 2005 : Ranked MFR1 in Open Ended Gilt Schemes -
Short Term (1 year)
(Past performance is no guarantee of future results.)
@ICRA Online Awards 2005 : Ranked MFR1 in Open Ended Gilt Schemes -
Short Term (3 year)
(Past performance is no guarantee of future results.)
@ for methodology please refer page 30. # for methodology please refer page 30.
As on 28-Feb-2005
#***** -Value Research Rating- Birla Gilt Plus - Liquid Plan
(Past performance is no guarantee of future results.)
M A R C H 2 0 0 5
Cash & Current Assets 4.69%
95.31%
0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00%
Bonds Government
Asset Allocation
Asset Allocation
Asset Allocation
Liquid Plan
PF Plan
Regular Plan
2.77%
97.23%
0.00% 50.00% 100.00% 150.00%
Government Bonds
Cash & Current Assets
5.23%
94.77%
0.00% 20.00% 40.00% 60.00% 80.00% 100.00%
Cash & Current Assets
Government Bonds
Birla Dynamic Bond FundAn open-ended income scheme
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net RatingValue Assets
PSU/ FI Bonds/ Banks**State Bank of India 203.31 5.52 AAANational Bank For Agricultural and Rural Development 527.00 14.32 AAA
730.30 19.84
Money Market InstrumentsICICI Bank Ltd. 976.82 26.54 A1+
976.82 26.54
Cash & Current Assets 1,973.26 53.62
Net Assets 3,680.39 100.00
**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities 19.84%
18
Fund Managers' Speak - Birla Dynamic Bond Fund
! Average maturity of the Fund is around 0.28 years.
! Duration of the Fund will be managed actively depending on view of the market.
K Ramanathan
Fund Managers' Speak - Birla Bond Index Fund
Satyabrata Mohanty
! Average maturity of the Fund around 3.33 years.
! Asset allocation and portfolio in line with the CRISIL Composite Bond Index.
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net RatingValue Assets
Corporate DebtHindalco Industries Ltd.** 49.54 6.68 AAA
49.54 6.68
PSU/PFI Bonds/BanksIndustrial Development Bank of India Ltd.** 110.00 14.82 AA+Housing Development and Finance Corporation Ltd** 103.99 14.01 AAAPower Finance Corporation Ltd. 100.19 13.50 AAA
314.18 42.33
Government BondsGovt Bond 7.55% 2010 157.58 21.23 SovereignGovt Bond 7.37% 2014 78.90 10.63 Sovereign
236.48 31.86
Cash & Current Assets 142.00 19.13
**Represents thinly traded/ non traded securities and illiquid securitiesTotal Percentage of thinly/non traded securities is 35.51%
Net Assets 742.20 100.00
Birla Bond Index FundAn open-ended diversified income fund tracking theCRISIL Composite Bond Fund Index
As on 28-Feb-2005
Rating: "AAA(F)" - Crisil
M A R C H 2 0 0 5
19.84%
26.54%
53.62%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00%
PSU/ FI Bonds/Banks
Money Market Instruments
Cash & Current Assets
Asset Allocation
Maturity Profile
0.00% 20.00% 40.00% 60.00%
14.32%Above 1 year
32.07%3 mths to 6 months
53.62%Cash & Current Assets
19.84%
26.54%
53.62%
0.00% 20.00% 40.00% 60.00%
AAA
P1+
Cash & Current Assets
Rating Profile
Rating Profile
14.82%
19.13%
31.86%
34.19%
0.00% 10.00% 20.00% 30.00% 40.00%
AA
Cash & Current Assets
Sovereign
AAA
Maturity Profile
13.50%
19.13%
31.86%
35.51%
0.00% 20.00% 40.00%
3 to 5 years
Cash & Current Assets
Above 5 years
1 to 3 years
6.68%
31.86%
19.13%
42.33%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00%
Corporate Debt
Cash & CurrentAssets
Government Bonds
PSU/FI Bonds/Banks
Asset Allocation
Birla Dynamic Bond FundAn open-ended income scheme
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net RatingValue Assets
PSU/ FI Bonds/ Banks**State Bank of India 203.31 5.52 AAANational Bank For Agricultural and Rural Development 527.00 14.32 AAA
730.30 19.84
Money Market InstrumentsICICI Bank Ltd. 976.82 26.54 A1+
976.82 26.54
Cash & Current Assets 1,973.26 53.62
Net Assets 3,680.39 100.00
**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities 19.84%
18
Fund Managers' Speak - Birla Dynamic Bond Fund
! Average maturity of the Fund is around 0.28 years.
! Duration of the Fund will be managed actively depending on view of the market.
K Ramanathan
Fund Managers' Speak - Birla Bond Index Fund
Satyabrata Mohanty
! Average maturity of the Fund around 3.33 years.
! Asset allocation and portfolio in line with the CRISIL Composite Bond Index.
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net RatingValue Assets
Corporate DebtHindalco Industries Ltd.** 49.54 6.68 AAA
49.54 6.68
PSU/PFI Bonds/BanksIndustrial Development Bank of India Ltd.** 110.00 14.82 AA+Housing Development and Finance Corporation Ltd** 103.99 14.01 AAAPower Finance Corporation Ltd. 100.19 13.50 AAA
314.18 42.33
Government BondsGovt Bond 7.55% 2010 157.58 21.23 SovereignGovt Bond 7.37% 2014 78.90 10.63 Sovereign
236.48 31.86
Cash & Current Assets 142.00 19.13
**Represents thinly traded/ non traded securities and illiquid securitiesTotal Percentage of thinly/non traded securities is 35.51%
Net Assets 742.20 100.00
Birla Bond Index FundAn open-ended diversified income fund tracking theCRISIL Composite Bond Fund Index
As on 28-Feb-2005
Rating: "AAA(F)" - Crisil
M A R C H 2 0 0 5
19.84%
26.54%
53.62%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00%
PSU/ FI Bonds/Banks
Money Market Instruments
Cash & Current Assets
Asset Allocation
Maturity Profile
0.00% 20.00% 40.00% 60.00%
14.32%Above 1 year
32.07%3 mths to 6 months
53.62%Cash & Current Assets
19.84%
26.54%
53.62%
0.00% 20.00% 40.00% 60.00%
AAA
P1+
Cash & Current Assets
Rating Profile
Rating Profile
14.82%
19.13%
31.86%
34.19%
0.00% 10.00% 20.00% 30.00% 40.00%
AA
Cash & Current Assets
Sovereign
AAA
Maturity Profile
13.50%
19.13%
31.86%
35.51%
0.00% 20.00% 40.00%
3 to 5 years
Cash & Current Assets
Above 5 years
1 to 3 years
6.68%
31.86%
19.13%
42.33%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00%
Corporate Debt
Cash & CurrentAssets
Government Bonds
PSU/FI Bonds/Banks
Asset Allocation
Birla Bond PlusAn open-ended short term income fund
Fund Managers' Speak - Birla Bond Plus
Navneet Munot
! Average maturity of the Fund around 0.87 years. Portfolio predominantly consists of corporate bonds in the 1-1.5 year maturity segment.
! Focus on reducing volatility and delivering superior risk adjusted return.
! Continuing to look at opportunistic trading in short-end G-Secs to improve returns but in a controlled manner.
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net Rating
Value Assets
Debt InstrumentsCorporate DebtReliance Industries Ltd. ** 1,046.53 6.51 AAAL & T Holdings Ltd.** 1,019.09 6.34 AAA(SO)Citicorp Maruti Finance Ltd.** 1,000.12 6.22 P1+Indian Petrochemicals Corporation Ltd.** 341.81 2.12 AA
3,407.54 21.18
Securitised DebtLoan Securitisation Trust XII Sr NTPC ICICI.** 1,456.03 9.05 AAA(SO)UBL Series 11 Senior PTC Series A1 (UTI BK)** 1,323.97 8.23 AAAABS 2002 Trust Sr 1C (KMBL)** 5.18 0.03 AAA(SO)
2,785.18 17.31
PSU/PFI Bonds/BanksIndustrial Development Bank of India.** 1,933.71 12.02 AA+State Bank of India.** 1,057.23 6.57 AAANational Bank For Agriculture And Rural Development Ltd.** 1,053.99 6.55 AAAUnion Bank of India** 527.37 3.28 AA+Power Grid Corporation of India Ltd.** 515.51 3.20 AAAPower Finance Corporation Ltd. 200.38 1.25 AAA
5,288.20 32.88
Floating Rate Instruments Housing Development and Finance Corporation Ltd. 1,506.69 9.37 LAAAICICI Bank Ltd 500.00 3.11 LAAA
2,006.69 12.48
Cash & Current Assets 2,597.93 16.15
NOTE: Long Term Interest Rate Swap of notional value of Rs 5 Crores
**Represents thinly traded/ non traded securities and illiquid securitiesTotal Percentage of thinly/non traded securities is 70.13%
Net Assets 16,085.54 100.00
19
As on 28-Feb-2005
^ for methodology please refer page 30
M A R C H 2 0 0 5
Maturity Profile
Rating Profile
Asset Allocation
12.48%
16.15%
17.31%
21.18%
32.88%
0.00% 10.00% 20.00% 30.00% 40.00%
Floating Rate Instruments
Cash & Current Assets
Securitised Debt
Corporate Debt
PSU/FI Bonds/Banks
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%
6.22%P1+
16.15%Cash & Current Assets
17.42%AA+/AA
60.21%AAA
2.65%
15.63%
16.15%
18.02%
47.54%
0.00% 20.00% 40.00% 60.00%
Less than 3 months
6 mths to 12 months
Cash & Current Assets
3 mths to 6 months
Above 1 year
CNBC-TV 18- CRISIL MUTUAL FUND OF THE YEAR Awards^
Open-ended Income Short Term Fund
(Past performance is no guarantee of future results.)
Birla Bond PlusAn open-ended short term income fund
Fund Managers' Speak - Birla Bond Plus
Navneet Munot
! Average maturity of the Fund around 0.87 years. Portfolio predominantly consists of corporate bonds in the 1-1.5 year maturity segment.
! Focus on reducing volatility and delivering superior risk adjusted return.
! Continuing to look at opportunistic trading in short-end G-Secs to improve returns but in a controlled manner.
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Market % to Net Rating
Value Assets
Debt InstrumentsCorporate DebtReliance Industries Ltd. ** 1,046.53 6.51 AAAL & T Holdings Ltd.** 1,019.09 6.34 AAA(SO)Citicorp Maruti Finance Ltd.** 1,000.12 6.22 P1+Indian Petrochemicals Corporation Ltd.** 341.81 2.12 AA
3,407.54 21.18
Securitised DebtLoan Securitisation Trust XII Sr NTPC ICICI.** 1,456.03 9.05 AAA(SO)UBL Series 11 Senior PTC Series A1 (UTI BK)** 1,323.97 8.23 AAAABS 2002 Trust Sr 1C (KMBL)** 5.18 0.03 AAA(SO)
2,785.18 17.31
PSU/PFI Bonds/BanksIndustrial Development Bank of India.** 1,933.71 12.02 AA+State Bank of India.** 1,057.23 6.57 AAANational Bank For Agriculture And Rural Development Ltd.** 1,053.99 6.55 AAAUnion Bank of India** 527.37 3.28 AA+Power Grid Corporation of India Ltd.** 515.51 3.20 AAAPower Finance Corporation Ltd. 200.38 1.25 AAA
5,288.20 32.88
Floating Rate Instruments Housing Development and Finance Corporation Ltd. 1,506.69 9.37 LAAAICICI Bank Ltd 500.00 3.11 LAAA
2,006.69 12.48
Cash & Current Assets 2,597.93 16.15
NOTE: Long Term Interest Rate Swap of notional value of Rs 5 Crores
**Represents thinly traded/ non traded securities and illiquid securitiesTotal Percentage of thinly/non traded securities is 70.13%
Net Assets 16,085.54 100.00
19
As on 28-Feb-2005
^ for methodology please refer page 30
M A R C H 2 0 0 5
Maturity Profile
Rating Profile
Asset Allocation
12.48%
16.15%
17.31%
21.18%
32.88%
0.00% 10.00% 20.00% 30.00% 40.00%
Floating Rate Instruments
Cash & Current Assets
Securitised Debt
Corporate Debt
PSU/FI Bonds/Banks
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%
6.22%P1+
16.15%Cash & Current Assets
17.42%AA+/AA
60.21%AAA
2.65%
15.63%
16.15%
18.02%
47.54%
0.00% 20.00% 40.00% 60.00%
Less than 3 months
6 mths to 12 months
Cash & Current Assets
3 mths to 6 months
Above 1 year
CNBC-TV 18- CRISIL MUTUAL FUND OF THE YEAR Awards^
Open-ended Income Short Term Fund
(Past performance is no guarantee of future results.)
Birla Floating Rate Fund - Long Term PlanIssuer Wise Portfolio as of 28-Feb-2005
Fund Managers' Speak - Floating Rate Fund
Satyabrata Mohanty
! Average maturity of the Short Term Plan around 169 days and of Long Term Plan around 213 days.
! Continuing with strategy of a balanced portfolio in floater linked to benchmarks such as INBMK and MIBOR.
! Fund is a good investment option in times of interest rate volatility.
Birla Floating Rate Fund - Long Term PlanIssuer Wise Portfolio as of 28-Feb-2005
Mahindra & Mahindra Financial Services Ltd. 4,500.00 3.92 AA+Indian RMBS Trust Series II A5 Semi Annual Reset( ICICI) 3,740.64 3.26 LAAA(SO)GE Capital Services India 3,700.00 3.22 AAARanbaxy Holding Company 3,400.00 2.96 AA(SO)Century Textiles and Industries Ltd 3,000.00 2.61 F1+Mahindra & Mahindra Financial Services Ltd. 2,500.12 2.18 P1+Gruh Finance Ltd. 2,500.00 2.18 AAMadras Cements Ltd 2,100.00 1.83 P1+Sundaram Finance Ltd. 2,100.00 1.83 MAAAUnited Phosphorus Ltd. 2,000.00 1.74 AA-CitiFinancial Consumer Finance India Ltd. 2,000.00 1.74 AAACiticorp Finance (I) Ltd. 1,904.32 1.66 AAAKotak Mahindra Primus Ltd. 1,700.00 1.48 MAA+Export Import Bank of India 1,501.47 1.31 AAANational Housing Bank 1,008.47 0.88 FAAAIndian RMBS Trust Series II A4 933.93 0.81 AAA(SO)Asset Securitisation Trust Dec2004 IV A6 927.11 0.81 AAA(SO)Lakshmi General Finance Ltd. 500.00 0.44 MAAADewan Housing Finance Corporation Ltd. 500.00 0.44 AAGlobal Trade Finance Ltd. 200.00 0.17 P1+
87,786.27 76.42Money Market InstrumentsICICI Bank Ltd. 4,978.12 4.33 A1+Apollo Tyres Ltd. 1,344.46 1.17 P1+GE Capital Services India 982.15 0.85 P1+Power Finance Corporation Ltd. 982.12 0.85 P1+
8,286.86 7.21
Cash & Current Assets 15,038.32 13.09
**Represents thinly traded/ non traded securities and illiquid securitiesTotal Percentage of thinly/non traded securities is 3.28%
Net Assets 114,880.70 100.00
Issuer Market % to Net RatingValue Assets
Birla Floating Rate FundAn open-ended income scheme investing primarily in floating rate debt instruments
Issuer Market % to Net RatingValue Assets
BIRLA FLOATING RATE FUND - LONG TERM PLANDebt InstrumentsCorporate DebtCiticorp Maruti Finance Ltd.* 1,000.32 1.44 P1+PSU/FI Bonds/Banks**Industrial Development Bank of India** 501.20 0.72 AA+Indian Railway Finance Corporation Limited** 253.21 0.37 AAA
754.40 1.09Securitised DebtIndian Retail Abs Series XXV A2** 2,508.95 3.62 AAA(SO)Indian Retail Abs Series XIX** 1,953.67 2.82 A1+(SO)Collateralised DebtTrust Srs 2 ClassA (ICICI) ** 667.97 0.96 P1+(SO)VE Trust 4 Sr A1 MMFSL (UTI Bank)** 287.30 0.41 AAA(SO)
5,417.90 7.82Floating Rate InstrumentsHousing Development Finance Corporation Ltd. 10,029.68 14.48 AAALIC Housing Finance Ltd. 3,005.27 4.34 AAAIndustrial Development Bank of India 2,596.62 3.75 AA+Ranbaxy Holding Company 2,500.00 3.61 AA(SO)Sterlite Industries (India) Ltd 2,500.00 3.61 P1+Indian Retail Abs Trust Sr XXIII Mibor+70Bps (A1) 2,333.26 3.37 P1+(SO)Fleet Trust January 2005 Series A2** 2,116.04 3.05 AAA(SO)Rabo India Finance Pvt. Ltd1 2,000.00 2.89 P1+Sundaram Finance Limited 1,900.00 2.74 MAAAMadras Cements Limited 1,800.00 2.60 P1+Export Import Bank of India 1,501.47 2.17 AAADewan Housing Finance Corporation Ltd. 1,500.00 2.17 AANM+170bps Indian Retail ABS Series XIII A3 (ICICI) 1,489.72 2.15 MAAA(SO)5Yr GOI+100bps Fleet Trust January 2004 Sr A5 (CFIL) 1,172.59 1.69 AAA(SO)Citicorp Finance (I) Ltd. 1,105.21 1.60 AAANational Housing Bank 1,008.47 1.46 FAAAUTI Bank Ltd. 1,002.78 1.45 LAACentury Textiles and Industries Ltd 1,000.00 1.44 F1+Cholamandalam Investment and Finance Co. Ltd. 1,000.00 1.44 MAA+Berger Paints India Ltd. 1,000.00 1.44 P1+Housing & Urban Development Corporation Ltd. 1,000.00 1.44 Pr1+BHPC AutoSecTrust Sep 04 Sr A7 (UTI Bank) 975.74 1.41 LAAA(SO)Indian RMBS Trust Series II A5 Semi Annual Reset( ICICI) 935.16 1.35 LAAA(SO)Kotak Mahindra Primus Ltd. 600.00 0.87 MAA+GE Capital Services India 510.68 0.74 AAARabo India Finance Pvt. Ltd 501.67 0.72 AAACiti Financial Consumer Finance (I) Ltd. 500.00 0.72 AAAUnited Phosphorus Ltd 500.00 0.72 AA-
48,084.35 69.41Money Market InstrumentsICICI Bank Ltd. 4,894.71 7.07 A1+Kotak Mahindra Bank Ltd. 1,500.00 2.17 P1+
6,394.71 9.23%
Cash & Current Assets 7,623.61 11.00
**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 10.35% Long term OIS of Rs.5 crs notional value is outstanding
Net Assets 69,275.29 100.00
Issuer Market % to Net RatingValue Assets
BIRLA FLOATING RATE FUND - SHORT TERM PLANDebt InstrumentsPSU/FI Bonds/BanksState Bank of India** 1,016.53 0.88 AAA
1,016.53 0.88Securitised debt instruments**Indian RMBS Trust (Series II) A3 ICICI Bank 2,146.66 1.87 AAA(SO)Corporate Loan Sec Sr II Trust 2004 (Devt Credit Bank) 606.06 0.53 P1+(SO)
2,752.71 2.40Floating Rate InstrumentsHousing Development Finance Corporation Ltd. 14,549.01 12.66 LAAASundaram Finance Ltd. 7,000.00 6.09 P1+LIC Housing Finance Ltd. 5,512.51 4.80 AAAIndian Retail Abs Trust Sr XXIII (A1) 5,444.26 4.74 P1+(SO)Sterlite Industries (India) Ltd 5,000.00 4.35 P1+Indian Retail ABS Series XV A2 (ICICI) 4,995.56 4.35 A1+(SO)Industrial Development Bank Of India 4,568.88 3.98 AA+
Birla Floating Rate Fund - Long Term PlanIssuer Wise Portfolio as of 28-Feb-2005
20
#**** -Value Research Rating- Birla FRF - Long Term Plan
(Past performance is no guarantee of future results.)
# for methodology please refer page 30
M A R C H 2 0 0 5
Long Term Plan
Asset Allocation
Short Term Plan
0.88%
2.40%
7.21%
13.09%
76.42%
0.00% 20.00% 40.00% 60.00% 80.00% 100.00%
PSU/FI Bonds/Banks
Securitised Debts
Money Market Instruments
Cash & Current Assets
Floating Rate Instruments
1.09%
1.44%
7.82%
9.23%
11.00%
69.41%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00%
PSU/FI Bonds/Banks
Corporate Debt
Securitised Debt
Money Market Instrumernts
Cash & Current Assets
Floating Rate Instruments
Asset Allocation
Birla Floating Rate Fund - Long Term PlanIssuer Wise Portfolio as of 28-Feb-2005
Fund Managers' Speak - Floating Rate Fund
Satyabrata Mohanty
! Average maturity of the Short Term Plan around 169 days and of Long Term Plan around 213 days.
! Continuing with strategy of a balanced portfolio in floater linked to benchmarks such as INBMK and MIBOR.
! Fund is a good investment option in times of interest rate volatility.
Birla Floating Rate Fund - Long Term PlanIssuer Wise Portfolio as of 28-Feb-2005
Mahindra & Mahindra Financial Services Ltd. 4,500.00 3.92 AA+Indian RMBS Trust Series II A5 Semi Annual Reset( ICICI) 3,740.64 3.26 LAAA(SO)GE Capital Services India 3,700.00 3.22 AAARanbaxy Holding Company 3,400.00 2.96 AA(SO)Century Textiles and Industries Ltd 3,000.00 2.61 F1+Mahindra & Mahindra Financial Services Ltd. 2,500.12 2.18 P1+Gruh Finance Ltd. 2,500.00 2.18 AAMadras Cements Ltd 2,100.00 1.83 P1+Sundaram Finance Ltd. 2,100.00 1.83 MAAAUnited Phosphorus Ltd. 2,000.00 1.74 AA-CitiFinancial Consumer Finance India Ltd. 2,000.00 1.74 AAACiticorp Finance (I) Ltd. 1,904.32 1.66 AAAKotak Mahindra Primus Ltd. 1,700.00 1.48 MAA+Export Import Bank of India 1,501.47 1.31 AAANational Housing Bank 1,008.47 0.88 FAAAIndian RMBS Trust Series II A4 933.93 0.81 AAA(SO)Asset Securitisation Trust Dec2004 IV A6 927.11 0.81 AAA(SO)Lakshmi General Finance Ltd. 500.00 0.44 MAAADewan Housing Finance Corporation Ltd. 500.00 0.44 AAGlobal Trade Finance Ltd. 200.00 0.17 P1+
87,786.27 76.42Money Market InstrumentsICICI Bank Ltd. 4,978.12 4.33 A1+Apollo Tyres Ltd. 1,344.46 1.17 P1+GE Capital Services India 982.15 0.85 P1+Power Finance Corporation Ltd. 982.12 0.85 P1+
8,286.86 7.21
Cash & Current Assets 15,038.32 13.09
**Represents thinly traded/ non traded securities and illiquid securitiesTotal Percentage of thinly/non traded securities is 3.28%
Net Assets 114,880.70 100.00
Issuer Market % to Net RatingValue Assets
Birla Floating Rate FundAn open-ended income scheme investing primarily in floating rate debt instruments
Issuer Market % to Net RatingValue Assets
BIRLA FLOATING RATE FUND - LONG TERM PLANDebt InstrumentsCorporate DebtCiticorp Maruti Finance Ltd.* 1,000.32 1.44 P1+PSU/FI Bonds/Banks**Industrial Development Bank of India** 501.20 0.72 AA+Indian Railway Finance Corporation Limited** 253.21 0.37 AAA
754.40 1.09Securitised DebtIndian Retail Abs Series XXV A2** 2,508.95 3.62 AAA(SO)Indian Retail Abs Series XIX** 1,953.67 2.82 A1+(SO)Collateralised DebtTrust Srs 2 ClassA (ICICI) ** 667.97 0.96 P1+(SO)VE Trust 4 Sr A1 MMFSL (UTI Bank)** 287.30 0.41 AAA(SO)
5,417.90 7.82Floating Rate InstrumentsHousing Development Finance Corporation Ltd. 10,029.68 14.48 AAALIC Housing Finance Ltd. 3,005.27 4.34 AAAIndustrial Development Bank of India 2,596.62 3.75 AA+Ranbaxy Holding Company 2,500.00 3.61 AA(SO)Sterlite Industries (India) Ltd 2,500.00 3.61 P1+Indian Retail Abs Trust Sr XXIII Mibor+70Bps (A1) 2,333.26 3.37 P1+(SO)Fleet Trust January 2005 Series A2** 2,116.04 3.05 AAA(SO)Rabo India Finance Pvt. Ltd1 2,000.00 2.89 P1+Sundaram Finance Limited 1,900.00 2.74 MAAAMadras Cements Limited 1,800.00 2.60 P1+Export Import Bank of India 1,501.47 2.17 AAADewan Housing Finance Corporation Ltd. 1,500.00 2.17 AANM+170bps Indian Retail ABS Series XIII A3 (ICICI) 1,489.72 2.15 MAAA(SO)5Yr GOI+100bps Fleet Trust January 2004 Sr A5 (CFIL) 1,172.59 1.69 AAA(SO)Citicorp Finance (I) Ltd. 1,105.21 1.60 AAANational Housing Bank 1,008.47 1.46 FAAAUTI Bank Ltd. 1,002.78 1.45 LAACentury Textiles and Industries Ltd 1,000.00 1.44 F1+Cholamandalam Investment and Finance Co. Ltd. 1,000.00 1.44 MAA+Berger Paints India Ltd. 1,000.00 1.44 P1+Housing & Urban Development Corporation Ltd. 1,000.00 1.44 Pr1+BHPC AutoSecTrust Sep 04 Sr A7 (UTI Bank) 975.74 1.41 LAAA(SO)Indian RMBS Trust Series II A5 Semi Annual Reset( ICICI) 935.16 1.35 LAAA(SO)Kotak Mahindra Primus Ltd. 600.00 0.87 MAA+GE Capital Services India 510.68 0.74 AAARabo India Finance Pvt. Ltd 501.67 0.72 AAACiti Financial Consumer Finance (I) Ltd. 500.00 0.72 AAAUnited Phosphorus Ltd 500.00 0.72 AA-
48,084.35 69.41Money Market InstrumentsICICI Bank Ltd. 4,894.71 7.07 A1+Kotak Mahindra Bank Ltd. 1,500.00 2.17 P1+
6,394.71 9.23%
Cash & Current Assets 7,623.61 11.00
**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 10.35% Long term OIS of Rs.5 crs notional value is outstanding
Net Assets 69,275.29 100.00
Issuer Market % to Net RatingValue Assets
BIRLA FLOATING RATE FUND - SHORT TERM PLANDebt InstrumentsPSU/FI Bonds/BanksState Bank of India** 1,016.53 0.88 AAA
1,016.53 0.88Securitised debt instruments**Indian RMBS Trust (Series II) A3 ICICI Bank 2,146.66 1.87 AAA(SO)Corporate Loan Sec Sr II Trust 2004 (Devt Credit Bank) 606.06 0.53 P1+(SO)
2,752.71 2.40Floating Rate InstrumentsHousing Development Finance Corporation Ltd. 14,549.01 12.66 LAAASundaram Finance Ltd. 7,000.00 6.09 P1+LIC Housing Finance Ltd. 5,512.51 4.80 AAAIndian Retail Abs Trust Sr XXIII (A1) 5,444.26 4.74 P1+(SO)Sterlite Industries (India) Ltd 5,000.00 4.35 P1+Indian Retail ABS Series XV A2 (ICICI) 4,995.56 4.35 A1+(SO)Industrial Development Bank Of India 4,568.88 3.98 AA+
Birla Floating Rate Fund - Long Term PlanIssuer Wise Portfolio as of 28-Feb-2005
20
#**** -Value Research Rating- Birla FRF - Long Term Plan
(Past performance is no guarantee of future results.)
# for methodology please refer page 30
M A R C H 2 0 0 5
Long Term Plan
Asset Allocation
Short Term Plan
0.88%
2.40%
7.21%
13.09%
76.42%
0.00% 20.00% 40.00% 60.00% 80.00% 100.00%
PSU/FI Bonds/Banks
Securitised Debts
Money Market Instruments
Cash & Current Assets
Floating Rate Instruments
1.09%
1.44%
7.82%
9.23%
11.00%
69.41%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00%
PSU/FI Bonds/Banks
Corporate Debt
Securitised Debt
Money Market Instrumernts
Cash & Current Assets
Floating Rate Instruments
Asset Allocation
Fund Managers' Speak - Birla Cash Plus
Navneet Munot
! Average maturity around 81 days.
! Continuing to look at yield pick up by investing in top quality unrated/AA/AA+ short term papers to improve the portfolio yield. Ensuring at least 75% of the portfolio invested in AAA/P1+/call money/repo at any point in time.
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Wise Portfolio as of 28-Feb-2005
Indian RMBS TR (SR-II) A3 (20-MAY-2005) 9,784.58 2.86 AAA(SO)
Retail Trust Sept. 2004 Sr-A3 (Citi) 4,570.05 1.34 AAA(SO)
Corporate Loan Ser II Trust -DCB-22Mar05 3,818.15 1.12 P1+(SO)
Indian Ret ABS Ser XXXIIi - Pac Sr 3,501.19 1.02 LAAA(SO)
Collat Debt Tr Sr 1 (UTI Bank) (08JUL05) 2,188.39 0.64 A1+(SO)
Retail Trust 2004 Ser. III A1(HDFC Bank) 1,962.16 0.57 AAA(SO)
Retail Trust 2004 Ser. III A3(HDFC Bank) 1,863.26 0.55 AAA(SO)
Collateralised Debt Trust Ser-2 (Rabo) 1,335.95 0.39 P1+(SO)
Indian Retail ABS Series XIX-13-Sep-2005 1,320.05 0.39 A1+(SO)
Indian Ret ABS Trust S VIII (Kotak Bank) 1,293.16 0.38 MAAA(SO)
Loan Sec Trust Series (XXIX) (LGBALA) 1,064.81 0.31 UNRATED
India Loan Securtisation Series IV Trust 04 1,009.56 0.30 P1+(SO)
Loan Securitisation Trust Series IX PGC 919.79 0.27 LAAA(SO)
UBL Ser. 11 Senior PTC Ser. A1 (UTI BK) 882.64 0.26 AAA(SO)
UBL Sr 7 (A1) Senior PTC ALFL June 2004 640.95 0.19 P1+(SO)
Indian Retail Abs Trust Ser XIII-24Mar05 440.80 0.13 A1+(SO)
Retail 2004 Series I (HDFC BK)-(20Apr04) 374.86 0.11 A1+(SO)
Fleet Trust Apr2003 Citicorp Fin A1 50.93 0.01 AAA(SO)
48,899.16 14.31
Cash & Current Assets 108,015.07 31.61
**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 23.44%
Net Assets 341,745.66 100.00
Issuer Market % to Net RatingValue Assets
Birla Cash PlusAn open-ended high liquidity fund investingin short term debt and money market instruments
Issuer Market % to Net RatingValue Assets
Corporate Debt**
United Phosphorus Ltd 5,000.00 1.46 UNRATED
Bajaj Hindusthan Ltd. 3,000.00 0.88 UNRATED
Ballarpur Industries Ltd. 2,500.00 0.73 UNRATED
Larsen & Toubro Finance Ltd. 2,500.00 0.73 UNRATED
ICICI Securities Ltd. 1,502.99 0.44 UNRATED
Swaraj Engines Ltd. 1,500.00 0.44 UNRATED
Electrosteel Castings Ltd. 1,500.00 0.44 P1+
Mahindra & Mahindra Financial Ser. Ltd. 1,002.70 0.29 AA+
Bombay Dyeing & Mfg Co. Ltd 1,000.00 0.29 A1+
DCM Shriram Consolidated Ltd. 1,000.00 0.29 A1+
Ranbaxy Holding Company. 1,000.00 0.29 AA(SO)
Sterlite Opportunities & Ventures Ltd. 502.06 0.15 AAA(SO)
Kotak Mahindra Investments Ltd. 500.00 0.15 A1+
22,507.75 6.59
Money Market Instruments
ICICI Bank Ltd. 24,015.68 7.03 A1+
ICICI Bank Ltd. 14,337.36 4.20 P1+
Power Finance Corp. Ltd. 5,869.94 1.72 P1+
Kotak Mahindra Bank Ltd. 3,395.51 0.99 P1+
Indusind bank 2,455.29 0.72 F1+
Industrial Development Bank of India 2,429.27 0.71 P1+
UTI Bank Ltd. 1,596.96 0.47 P1+
GE Capital Services India Ltd 1,473.49 0.43 P1+
Blue Dart Express Limited 995.49 0.29 F1+
APR Packaging Ltd. 991.22 0.29 F1+
Citi Financial Consumer Finance (I) Ltd. 978.16 0.29 P1+
CMC Ltd 499.40 0.15 P1+
59,037.77 17.28
PSU/PFI Bonds/Banks**
Industrial Development Bank of India 3,517.58 1.03 AA+
National Bank for Agriculture & Rural Development 2,995.68 0.88 AAA
Housing Development Finance Corp. Ltd. 1,996.97 0.58 AAA
ICICI Bank Ltd. 204.92 0.06 AAA
8,715.16 2.55
Floating Rate Instruments
Indian Retail ABS Series. XV A2- (ICICI) 14,487.11 4.24 A1+(SO)
Indian RMBS Trust SR1 A4 20Dec04 ICICI 13,542.02 3.96 AAA(SO)
Housing Development Finance Corp. Ltd. 12,041.62 3.52 AAA
ABN Amro Securities (India) Private Ltd 5,000.00 1.46 P1+
Larsen & Toubro Ltd. 5,000.00 1.46 P1+
Nicholas Piramal India Ltd. 4,500.00 1.32 A1+
Rabo India Finance Pvt. Ltd. 4,500.00 1.32 P1+
ICICI Bank Ltd. 4,500.00 1.32 LAAA(SO)
Ranbaxy Holding Company. 3,000.00 0.88 AA(SO)
Bombay Dyeing & Mfg Co. Ltd 3,000.00 0.88 A1+
Chambal Fertilizers & Chemicals Ltd. 2,500.00 0.73 P1+
Citicorp Finance (I) Ltd. 2,500.00 0.73 AAA
Gujarat Glass (P) Limited 2,500.00 0.73 UNRATED
Infrastructure Leasing & Fin. Ser. Ltd. 2,500.00 0.73 F1+
Sterlite Industries (India) Ltd. 2,500.00 0.73 P1+
The Associated Cement Companies Ltd. 2,000.00 0.59 A1+
Century Textiles & Industries Ltd 2,000.00 0.59 F1+
Citi Financial Consumer Finance (I) Ltd. 2,000.00 0.59 AAA
GE Capital Services India Ltd 2,000.00 0.59 AAA
Global Trade Finance Pvt. Ltd. 1,000.00 0.29 P1+
Hero Honda Finlease Ltd. 1,000.00 0.29 P1+
Madras Cements Ltd. 1,000.00 0.29 P1+
Indian Oil Tanking Ltd. 500.00 0.15 F1+
Mahindra & Mahindra Financial Ser. Ltd. 500.00 0.15 AA+
Sundaram Finance Ltd 500.00 0.15 MAAA
94,570.75 27.67
Securitised Debt**
Indian RMBS Trust Ser. II (A1)- 20 Mar05 11,877.86 3.48 LAAA(SO)
21
#**** -Value Research Rating- Birla Cash Plus - Institutional Plan(Past performance is no guarantee of future results.)
+'mfAAA' by ICRA
# for methodology please refer page 30. + for methodology please refer page 30.
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.
M A R C H 2 0 0 5
Asset Allocation
Rating Profile
14.31%
6.59%
2.55%
17.28%
27.67%
31.61%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00%
PSU/FI Bonds/Banks
Corporate Debt
Securitised Debt
Money Market Instruments
Mibor Rate Instruments
Cash & Current Assets
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%
2.64%AA+/AA
5.73%Unrated
31.61%Cash & Current Assets
60.03%AAA / P1+ / PR1+ /AAA(SO) / P1+(SO)
Fund Managers' Speak - Birla Cash Plus
Navneet Munot
! Average maturity around 81 days.
! Continuing to look at yield pick up by investing in top quality unrated/AA/AA+ short term papers to improve the portfolio yield. Ensuring at least 75% of the portfolio invested in AAA/P1+/call money/repo at any point in time.
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Wise Portfolio as of 28-Feb-2005
Indian RMBS TR (SR-II) A3 (20-MAY-2005) 9,784.58 2.86 AAA(SO)
Retail Trust Sept. 2004 Sr-A3 (Citi) 4,570.05 1.34 AAA(SO)
Corporate Loan Ser II Trust -DCB-22Mar05 3,818.15 1.12 P1+(SO)
Indian Ret ABS Ser XXXIIi - Pac Sr 3,501.19 1.02 LAAA(SO)
Collat Debt Tr Sr 1 (UTI Bank) (08JUL05) 2,188.39 0.64 A1+(SO)
Retail Trust 2004 Ser. III A1(HDFC Bank) 1,962.16 0.57 AAA(SO)
Retail Trust 2004 Ser. III A3(HDFC Bank) 1,863.26 0.55 AAA(SO)
Collateralised Debt Trust Ser-2 (Rabo) 1,335.95 0.39 P1+(SO)
Indian Retail ABS Series XIX-13-Sep-2005 1,320.05 0.39 A1+(SO)
Indian Ret ABS Trust S VIII (Kotak Bank) 1,293.16 0.38 MAAA(SO)
Loan Sec Trust Series (XXIX) (LGBALA) 1,064.81 0.31 UNRATED
India Loan Securtisation Series IV Trust 04 1,009.56 0.30 P1+(SO)
Loan Securitisation Trust Series IX PGC 919.79 0.27 LAAA(SO)
UBL Ser. 11 Senior PTC Ser. A1 (UTI BK) 882.64 0.26 AAA(SO)
UBL Sr 7 (A1) Senior PTC ALFL June 2004 640.95 0.19 P1+(SO)
Indian Retail Abs Trust Ser XIII-24Mar05 440.80 0.13 A1+(SO)
Retail 2004 Series I (HDFC BK)-(20Apr04) 374.86 0.11 A1+(SO)
Fleet Trust Apr2003 Citicorp Fin A1 50.93 0.01 AAA(SO)
48,899.16 14.31
Cash & Current Assets 108,015.07 31.61
**Represents thinly traded/ non traded securities and illiquid securities Total Percentage of thinly/non traded securities is 23.44%
Net Assets 341,745.66 100.00
Issuer Market % to Net RatingValue Assets
Birla Cash PlusAn open-ended high liquidity fund investingin short term debt and money market instruments
Issuer Market % to Net RatingValue Assets
Corporate Debt**
United Phosphorus Ltd 5,000.00 1.46 UNRATED
Bajaj Hindusthan Ltd. 3,000.00 0.88 UNRATED
Ballarpur Industries Ltd. 2,500.00 0.73 UNRATED
Larsen & Toubro Finance Ltd. 2,500.00 0.73 UNRATED
ICICI Securities Ltd. 1,502.99 0.44 UNRATED
Swaraj Engines Ltd. 1,500.00 0.44 UNRATED
Electrosteel Castings Ltd. 1,500.00 0.44 P1+
Mahindra & Mahindra Financial Ser. Ltd. 1,002.70 0.29 AA+
Bombay Dyeing & Mfg Co. Ltd 1,000.00 0.29 A1+
DCM Shriram Consolidated Ltd. 1,000.00 0.29 A1+
Ranbaxy Holding Company. 1,000.00 0.29 AA(SO)
Sterlite Opportunities & Ventures Ltd. 502.06 0.15 AAA(SO)
Kotak Mahindra Investments Ltd. 500.00 0.15 A1+
22,507.75 6.59
Money Market Instruments
ICICI Bank Ltd. 24,015.68 7.03 A1+
ICICI Bank Ltd. 14,337.36 4.20 P1+
Power Finance Corp. Ltd. 5,869.94 1.72 P1+
Kotak Mahindra Bank Ltd. 3,395.51 0.99 P1+
Indusind bank 2,455.29 0.72 F1+
Industrial Development Bank of India 2,429.27 0.71 P1+
UTI Bank Ltd. 1,596.96 0.47 P1+
GE Capital Services India Ltd 1,473.49 0.43 P1+
Blue Dart Express Limited 995.49 0.29 F1+
APR Packaging Ltd. 991.22 0.29 F1+
Citi Financial Consumer Finance (I) Ltd. 978.16 0.29 P1+
CMC Ltd 499.40 0.15 P1+
59,037.77 17.28
PSU/PFI Bonds/Banks**
Industrial Development Bank of India 3,517.58 1.03 AA+
National Bank for Agriculture & Rural Development 2,995.68 0.88 AAA
Housing Development Finance Corp. Ltd. 1,996.97 0.58 AAA
ICICI Bank Ltd. 204.92 0.06 AAA
8,715.16 2.55
Floating Rate Instruments
Indian Retail ABS Series. XV A2- (ICICI) 14,487.11 4.24 A1+(SO)
Indian RMBS Trust SR1 A4 20Dec04 ICICI 13,542.02 3.96 AAA(SO)
Housing Development Finance Corp. Ltd. 12,041.62 3.52 AAA
ABN Amro Securities (India) Private Ltd 5,000.00 1.46 P1+
Larsen & Toubro Ltd. 5,000.00 1.46 P1+
Nicholas Piramal India Ltd. 4,500.00 1.32 A1+
Rabo India Finance Pvt. Ltd. 4,500.00 1.32 P1+
ICICI Bank Ltd. 4,500.00 1.32 LAAA(SO)
Ranbaxy Holding Company. 3,000.00 0.88 AA(SO)
Bombay Dyeing & Mfg Co. Ltd 3,000.00 0.88 A1+
Chambal Fertilizers & Chemicals Ltd. 2,500.00 0.73 P1+
Citicorp Finance (I) Ltd. 2,500.00 0.73 AAA
Gujarat Glass (P) Limited 2,500.00 0.73 UNRATED
Infrastructure Leasing & Fin. Ser. Ltd. 2,500.00 0.73 F1+
Sterlite Industries (India) Ltd. 2,500.00 0.73 P1+
The Associated Cement Companies Ltd. 2,000.00 0.59 A1+
Century Textiles & Industries Ltd 2,000.00 0.59 F1+
Citi Financial Consumer Finance (I) Ltd. 2,000.00 0.59 AAA
GE Capital Services India Ltd 2,000.00 0.59 AAA
Global Trade Finance Pvt. Ltd. 1,000.00 0.29 P1+
Hero Honda Finlease Ltd. 1,000.00 0.29 P1+
Madras Cements Ltd. 1,000.00 0.29 P1+
Indian Oil Tanking Ltd. 500.00 0.15 F1+
Mahindra & Mahindra Financial Ser. Ltd. 500.00 0.15 AA+
Sundaram Finance Ltd 500.00 0.15 MAAA
94,570.75 27.67
Securitised Debt**
Indian RMBS Trust Ser. II (A1)- 20 Mar05 11,877.86 3.48 LAAA(SO)
21
#**** -Value Research Rating- Birla Cash Plus - Institutional Plan(Past performance is no guarantee of future results.)
+'mfAAA' by ICRA
# for methodology please refer page 30. + for methodology please refer page 30.
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.
M A R C H 2 0 0 5
Asset Allocation
Rating Profile
14.31%
6.59%
2.55%
17.28%
27.67%
31.61%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00%
PSU/FI Bonds/Banks
Corporate Debt
Securitised Debt
Money Market Instruments
Mibor Rate Instruments
Cash & Current Assets
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%
2.64%AA+/AA
5.73%Unrated
31.61%Cash & Current Assets
60.03%AAA / P1+ / PR1+ /AAA(SO) / P1+(SO)
As on 28-Feb-2005
Fund Managers' Speak - Birla Asset Allocation Fund
Deven Sangoi & Satyabrata MohantyAggressive
! Allocation to Equity currently around 78% and mainly in Birla Advantage Fund, Birla MNC Fund and Birla Midcap Fund.
! Higher allocation to Birla Advantage Fund has helped in performance.
! Allocation to Debt around 18%.
Moderate
! Debt portfolio allocation mainly in Birla Cash Plus, Birla Floating Rate Fund (Short term plan) and Birla Bond Index Fund.
! Equity portfolio mainly in Birla Advantage Fund and in Birla India Opportunities Fund. Expecting these categories to outperform in the medium term.
Conservative
! In Equity portfolio, the Fund is invested mainly in large cap funds.
! In Debt portion, the Fund is mainly invested in Birla Bond Plus and floating rate schemes.
Issuer Wise Portfolio as of 28-Feb-2005
Birla Asset Allocation FundAn open-ended 'Fund of Funds' Scheme
Aggressive Plan Market % to NetIssuer Value Asset
Mutual Fund Units 95.66
Birla Advantage Fund 341.58 32.64
Birla MNC Plan 196.49 18.77
Birla Midcap Fund 179.40 17.14
Birla India Opportunities Fund 96.39 9.21
Birla Bond Index Fund 78.00 7.45
Birla Floating Rate Fund Long Term Plan 39.32 3.76
Birla Gilt Plus Inv - Growth 27.29 2.61
Birla Cash Plus Institutional Growth 24.82 2.37
Birla Bond Plus 10.81 1.03
Birla Floating Rate Short Term - Growth 7.04 0.68
Birla Gilt Plus Liquid Plan 0.01 0.00
Cash & Current Assets 45.43 4.34
Total Net Assets 1,046.59 100.00
Moderate Plan Market % to Net
Issuer Value Asset
Mutual Fund Units 95.82
Birla Advantage Fund 227.71 28.85
Birla India Opportunities Fund 130.26 16.50
Birla Cash Plus Institutional Growth 112.79 14.29
Birla Floating Rate Short Term - Growth 88.70 11.24
Birla Bond Index Fund 84.39 10.69
Birla Midcap Fund 70.11 8.88
Birla Dividend Yield Plus 38.24 4.84
Birla Bond Plus 4.19 0.53
Cash & Current Assets 32.97 4.18
Total Net Assets 789.37 100.00
Conservative Plan Market % to NetIssuer Value Asset
Mutual Fund Units 86.69
Birla Floating Rate Short Term - Growth 157.82 18.62
Birla Bond Plus 145.07 17.11
Birla Floating Rate Fund Long Term Plan 106.87 12.60
Birla Bond Index Fund 86.74 10.23
Birla Advantage Fund 74.69 8.81
Birla MNC Plan 58.44 6.89
Birla Index Fund 45.72 5.39
Birla Cash Plus Institutional Growth 30.67 3.62
Birla India Opportunities Fund 29.03 3.42
Cash & Current Assets 112.82 13.31
Total Net Assets 847.87 100.00
22
Deven Sangoi & Satyabrata Mohanty
Satyabrata Mohanty & Deven Sangoi
M A R C H 2 0 0 5
Asset Allocation
Asset Allocation
Asset AllocationAggressive Plan
Moderate Plan
Conservative Plan
4.34%
77.76%
17.90%
0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00%
Cash & Current Assets
Equity Mutual Fund Units
60.00%0.00% 20.00% 40.00% 80.00% 100.00% 120.00%
4.18%
59.07%
Cash & Current Assets
Equity Mutual Fund Units
13.31%
62.18%
0.00% 20.00% 40.00% 60.00% 80.00% 100.00%
Cash & Current Assets
Debt Mutual Fund Units
Debt Mutual Fund Units
36.75%Debt Mutual Fund Units
24.51%Equity Mutual Fund Units
As on 28-Feb-2005
Fund Managers' Speak - Birla Asset Allocation Fund
Deven Sangoi & Satyabrata MohantyAggressive
! Allocation to Equity currently around 78% and mainly in Birla Advantage Fund, Birla MNC Fund and Birla Midcap Fund.
! Higher allocation to Birla Advantage Fund has helped in performance.
! Allocation to Debt around 18%.
Moderate
! Debt portfolio allocation mainly in Birla Cash Plus, Birla Floating Rate Fund (Short term plan) and Birla Bond Index Fund.
! Equity portfolio mainly in Birla Advantage Fund and in Birla India Opportunities Fund. Expecting these categories to outperform in the medium term.
Conservative
! In Equity portfolio, the Fund is invested mainly in large cap funds.
! In Debt portion, the Fund is mainly invested in Birla Bond Plus and floating rate schemes.
Issuer Wise Portfolio as of 28-Feb-2005
Birla Asset Allocation FundAn open-ended 'Fund of Funds' Scheme
Aggressive Plan Market % to NetIssuer Value Asset
Mutual Fund Units 95.66
Birla Advantage Fund 341.58 32.64
Birla MNC Plan 196.49 18.77
Birla Midcap Fund 179.40 17.14
Birla India Opportunities Fund 96.39 9.21
Birla Bond Index Fund 78.00 7.45
Birla Floating Rate Fund Long Term Plan 39.32 3.76
Birla Gilt Plus Inv - Growth 27.29 2.61
Birla Cash Plus Institutional Growth 24.82 2.37
Birla Bond Plus 10.81 1.03
Birla Floating Rate Short Term - Growth 7.04 0.68
Birla Gilt Plus Liquid Plan 0.01 0.00
Cash & Current Assets 45.43 4.34
Total Net Assets 1,046.59 100.00
Moderate Plan Market % to Net
Issuer Value Asset
Mutual Fund Units 95.82
Birla Advantage Fund 227.71 28.85
Birla India Opportunities Fund 130.26 16.50
Birla Cash Plus Institutional Growth 112.79 14.29
Birla Floating Rate Short Term - Growth 88.70 11.24
Birla Bond Index Fund 84.39 10.69
Birla Midcap Fund 70.11 8.88
Birla Dividend Yield Plus 38.24 4.84
Birla Bond Plus 4.19 0.53
Cash & Current Assets 32.97 4.18
Total Net Assets 789.37 100.00
Conservative Plan Market % to NetIssuer Value Asset
Mutual Fund Units 86.69
Birla Floating Rate Short Term - Growth 157.82 18.62
Birla Bond Plus 145.07 17.11
Birla Floating Rate Fund Long Term Plan 106.87 12.60
Birla Bond Index Fund 86.74 10.23
Birla Advantage Fund 74.69 8.81
Birla MNC Plan 58.44 6.89
Birla Index Fund 45.72 5.39
Birla Cash Plus Institutional Growth 30.67 3.62
Birla India Opportunities Fund 29.03 3.42
Cash & Current Assets 112.82 13.31
Total Net Assets 847.87 100.00
22
Deven Sangoi & Satyabrata Mohanty
Satyabrata Mohanty & Deven Sangoi
M A R C H 2 0 0 5
Asset Allocation
Asset Allocation
Asset AllocationAggressive Plan
Moderate Plan
Conservative Plan
4.34%
77.76%
17.90%
0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00%
Cash & Current Assets
Equity Mutual Fund Units
60.00%0.00% 20.00% 40.00% 80.00% 100.00% 120.00%
4.18%
59.07%
Cash & Current Assets
Equity Mutual Fund Units
13.31%
62.18%
0.00% 20.00% 40.00% 60.00% 80.00% 100.00%
Cash & Current Assets
Debt Mutual Fund Units
Debt Mutual Fund Units
36.75%Debt Mutual Fund Units
24.51%Equity Mutual Fund Units
India Advantage Fund Ltd.India dedicated offshore investment opportunity(For Non-Resident Indians and eligible foreign nationals)
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Sector Market % to NetValue Assets
TOP 20 EQUITY INVESTMENTS
State Bank Of India Banks 7,917,334 9.90 Bharti Televentures Ltd. Integrated Telecommunication Services 6,401,463 8.01LIC Housing Finance Ltd. Consumer Finance 4,476,515 5.60United Phosphorus Ltd. Fertilizers & Agricultural Chemicals 3,886,007 4.86CMC Ltd. Computer Hardware 3,873,330 4.84Pfizer India Ltd. Pharmaceuticals 3,464,828 4.33Glaxo Smithkline Pharma Ltd. Pharmaceuticals 3,242,276 4.06Canara Bank Banks 3,169,120 3.96Infosys Technologies Ltd. IT Consulting & Services 2,615,981 3.27Tata Consultancy Services Ltd IT Consulting & Services 2,559,911 3.20Siemens Ltd. Electrical Components & Equipment 2,488,585 3.11Indian Hotels Co Ltd. Hotels 2,468,478 3.09Grasim Industries Ltd. Industrial Conglomerates 2,444,866 3.06Novartis Pharma Ltd. Pharmaceuticals 2,214,533 2.77Union Bank Of India Banks 2,102,339 2.63Hero Honda Ltd. Motorcycle Manufacturers 2,023,713 2.53Mcdowell & Company Limited Brewers 2,017,008 2.52Aventis Pharma Ltd. Pharmaceuticals 1,947,599 2.44Monsanto India Ltd. Fertilizers & Agricultural Chemicals 1,765,104 2.21Mastek Ltd. IT Consulting & Services 1,714,662 2.14
Total of top 20 Equity Holdings 62,793,651 78.54
Other Equity Investments 16,699,747 20.89
Total Equity Holdings 79,493,398 99.43
CALL & CALL EQUIVALENTS :
Call Money 457,652 0.57
TOTAL 79,951,049 100.00
OTHER NET ASSETS (SUB FUND) 2,868,144
OTHER NET ASSETS (MAIN FUND) (342,359)
Investment via sub-fund, India Advantage (Offshore) Fund, are stated at market/fair value at the date of determination. Securities listed on a recognised stock exchange are valued at the last quoted closing price on the principal exchange on which the security istraded Non-traded securities are valued at amortised cost and/or fair value as determined in good faith by Birla Sun Life Asset Management Company Limited, India, Conversion Rate: 1 USD = INR 43.70
NET ASSETS 82,476,833 NET ASSETS (in INR) 3,604,237,602.10
Fund Manager's Speak - India Advantage Fund
Nishid Shah
! Increased weightage in capital goods and engineering to take advantage
of increased emphasis on infrastructure.
! Reduced exposure to oil and gas.
! Portfolio continues to remain attractive in terms of valuations and earnings
growth.
23
Asset Allocation 28-Feb-2005
Investment Performance (in %)
1 Year Returns are Absolute Returns 2 Year, 3 Year, 5 Year and Since Inception Return are Compounded Annualised Growth Rates (CAGR) Returns.
Bloomberg Ticker Code: INDADVC MP* For methodology refer page 30
S&P Fund Management Rating: 'A'*
Birla Sun Life AMC (Mauritius) Limited India Advantage Fundawarded 1st Place in the Standard & Poor's Five Years
Offshore Funds Equity India Sector out of 11 funds
2004 @@
2004
@@ for methodology please refer page 30
(Past performance is no guaranteeof future results.)
3rd consecutive award since 2002.
NAV($/UNIT)
93.01
M A R C H 2 0 0 5
Integrated Telecommunication Services
0.37%0.57%0.88%1.11%1.13%1.32%
2.06%2.52%
3.06%3.11%3.51%3.52%
4.60%4.84%
5.60%7.94%8.01%
8.62%15.50%
21.72%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
Heavy Electrical EquipmentCALL Money
Personal ProductsAutomobile Manufacturers
Construction MaterialsElectric Utilities
Constuction MaterialBrewers
Industrial ConglomeratesElectrical Components & Equipment
Motorcycle ManufacturersHotels
Oil & Gas Refining & MarketingComputer Hardware
Consumer FinanceFertilizers & Agricultural Chemicals
IT Consulting & ServicesPharmaceuticals
Banks
1 year 2 Years 3 Years 5 Years Since Inception2003-2004 2002-2004 2001-2004 1999-2004 20-Aug-96
Compounded Annualized Returns
India Advantage Fund Ltd. 43.25 93.76 57.65 10.94 29.87
Sensex 18.46 42.92 23.50 4.27 8.92
MSCI 22.11 44.94 26.10 0.11 7.57
India Advantage Fund Ltd.India dedicated offshore investment opportunity(For Non-Resident Indians and eligible foreign nationals)
Issuer Wise Portfolio as of 28-Feb-2005
Issuer Sector Market % to NetValue Assets
TOP 20 EQUITY INVESTMENTS
State Bank Of India Banks 7,917,334 9.90 Bharti Televentures Ltd. Integrated Telecommunication Services 6,401,463 8.01LIC Housing Finance Ltd. Consumer Finance 4,476,515 5.60United Phosphorus Ltd. Fertilizers & Agricultural Chemicals 3,886,007 4.86CMC Ltd. Computer Hardware 3,873,330 4.84Pfizer India Ltd. Pharmaceuticals 3,464,828 4.33Glaxo Smithkline Pharma Ltd. Pharmaceuticals 3,242,276 4.06Canara Bank Banks 3,169,120 3.96Infosys Technologies Ltd. IT Consulting & Services 2,615,981 3.27Tata Consultancy Services Ltd IT Consulting & Services 2,559,911 3.20Siemens Ltd. Electrical Components & Equipment 2,488,585 3.11Indian Hotels Co Ltd. Hotels 2,468,478 3.09Grasim Industries Ltd. Industrial Conglomerates 2,444,866 3.06Novartis Pharma Ltd. Pharmaceuticals 2,214,533 2.77Union Bank Of India Banks 2,102,339 2.63Hero Honda Ltd. Motorcycle Manufacturers 2,023,713 2.53Mcdowell & Company Limited Brewers 2,017,008 2.52Aventis Pharma Ltd. Pharmaceuticals 1,947,599 2.44Monsanto India Ltd. Fertilizers & Agricultural Chemicals 1,765,104 2.21Mastek Ltd. IT Consulting & Services 1,714,662 2.14
Total of top 20 Equity Holdings 62,793,651 78.54
Other Equity Investments 16,699,747 20.89
Total Equity Holdings 79,493,398 99.43
CALL & CALL EQUIVALENTS :
Call Money 457,652 0.57
TOTAL 79,951,049 100.00
OTHER NET ASSETS (SUB FUND) 2,868,144
OTHER NET ASSETS (MAIN FUND) (342,359)
Investment via sub-fund, India Advantage (Offshore) Fund, are stated at market/fair value at the date of determination. Securities listed on a recognised stock exchange are valued at the last quoted closing price on the principal exchange on which the security istraded Non-traded securities are valued at amortised cost and/or fair value as determined in good faith by Birla Sun Life Asset Management Company Limited, India, Conversion Rate: 1 USD = INR 43.70
NET ASSETS 82,476,833 NET ASSETS (in INR) 3,604,237,602.10
Fund Manager's Speak - India Advantage Fund
Nishid Shah
! Increased weightage in capital goods and engineering to take advantage
of increased emphasis on infrastructure.
! Reduced exposure to oil and gas.
! Portfolio continues to remain attractive in terms of valuations and earnings
growth.
23
Asset Allocation 28-Feb-2005
Investment Performance (in %)
1 Year Returns are Absolute Returns 2 Year, 3 Year, 5 Year and Since Inception Return are Compounded Annualised Growth Rates (CAGR) Returns.
Bloomberg Ticker Code: INDADVC MP* For methodology refer page 30
S&P Fund Management Rating: 'A'*
Birla Sun Life AMC (Mauritius) Limited India Advantage Fundawarded 1st Place in the Standard & Poor's Five Years
Offshore Funds Equity India Sector out of 11 funds
2004 @@
2004
@@ for methodology please refer page 30
(Past performance is no guaranteeof future results.)
3rd consecutive award since 2002.
NAV($/UNIT)
93.01
M A R C H 2 0 0 5
Integrated Telecommunication Services
0.37%0.57%0.88%1.11%1.13%1.32%
2.06%2.52%
3.06%3.11%3.51%3.52%
4.60%4.84%
5.60%7.94%8.01%
8.62%15.50%
21.72%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
Heavy Electrical EquipmentCALL Money
Personal ProductsAutomobile Manufacturers
Construction MaterialsElectric Utilities
Constuction MaterialBrewers
Industrial ConglomeratesElectrical Components & Equipment
Motorcycle ManufacturersHotels
Oil & Gas Refining & MarketingComputer Hardware
Consumer FinanceFertilizers & Agricultural Chemicals
IT Consulting & ServicesPharmaceuticals
Banks
1 year 2 Years 3 Years 5 Years Since Inception2003-2004 2002-2004 2001-2004 1999-2004 20-Aug-96
Compounded Annualized Returns
India Advantage Fund Ltd. 43.25 93.76 57.65 10.94 29.87
Sensex 18.46 42.92 23.50 4.27 8.92
MSCI 22.11 44.94 26.10 0.11 7.57
Scheme Summary
KEY FEATURES
Scheme Objective
Fund Manager
Normal Asset
Allocation
Recommended
Investment
Horizon
Investor Risk
Profile
Investment Plan /
Options
Investment Option
by default
Frequency of
Dividend*
Minimum
subscription
amount
Minimum
additional
investment
Entry Load
Exit Load
Birla Advantage Fund
(BAF)
An Open-ended Growth
Scheme to achieve long-
term growth of capital at
relatively moderate levels
o f r i s k t h r o u g h a
diversified research based
investment approach.
Nishid Shah
Atleast 70% in equity and
e q u i t y r e l a t e d
instruments.
Upto 30% in debt and
m o n e y m a r k e t
instruments.
Suitable for Investors
looking at investment
avenues to invest surplus
funds for a minimum
period of one year
Medium to High
Div idend (Payout &
Reinvestment option )
Growth
Dividend Reinvestment
At the Discretion of
Trustees
R s . 5 , 0 0 0 / - a n d i n
multiples of Re. 1/-
thereafter
R s . 1 , 0 0 0 / - a n d i n
multiples of Re. 1/-
thereafter
For Purchase / Lateral
shifts in of units less than
Rs. 2 Crores in value, an
Entry load of 2.25% is
applicable.
For Purchase / Lateral
shifts in of units equal to or
greater than Rs. 2 Crores
and less than Rs. 5 Crores
in value, an Entry load of
0.50% is applicable.
For Purchase / Lateral
shifts in of units equal to or
greater than Rs. 5 Crores
in value, No Entry load is
applicable.
Ni
Birla Dividend Yield Plus
(BDYP)
An Open-ended Growth
Scheme to provide capital
growth and income by
investing primarily in a
well diversified portfolio of
d i v i d e n d p a y i n g
companies that have a
relatively high dividend
yield.
Deven Sangoi
Upto 100% in equity and
e q u i t y r e l a t e d
instruments.
Upto 10% in cash and
m o n e y m a r k e t
instruments.
Suitable for Investors
looking at investment
avenues to invest surplus
funds for a minimum
period of one year
Medium to High
Div idend (Payout &
Reinvestment option )
Dvidend Reinvestment
At the Discretion of
Trustees
R s . 5 , 0 0 0 / - a n d i n
multiples of Re. 1/-
thereafter
R s . 1 , 0 0 0 / - a n d i n
multiples of Re. 1/-
thereafter
For Purchase / Lateral
shifts in of units less than
Rs. 2 Crores in value, an
Entry load of 2.25% is
applicable.
For Purchase / Lateral
shifts in of units equal to or
greater than Rs. 2 Crores
and less than Rs. 5 Crores
in value, an Entry load of
0.50% is applicable.
For Purchase / Lateral
shifts in of units equal to or
greater than Rs. 5 Crores
in value, No Entry load is
applicable.
Nil
Birla Equity Plan (BEP)
With a lock-in period of
3years
An Open-ended Equity
Linked Savings Scheme to
achieve long-term growth
of capital along with
income tax relief for
investment.
Nishid Shah
Atleast 80% in equity &
equity linked instruments.
Upto 20% in short term,
money market & liquid
instruments.
Suitable for Investors
looking at investment
avenues to invest surplus
funds for a period of
minimum three year
Medium to High
Dividend Payout
Dividend Payout
At the Discretion of
Trustees
Rs.500/- and in multiples
of of Re. 1/- thereafter
Rs.500/- and in multiples
of of Re. 1/- thereafter
For Purchase / Lateral
shifts in of units, an Entry
l o a d o f 2 . 2 5 % i s
applicable.
Nil
Birla Index Fund (BIX)
An Open-ended Index-
L i n k e d S c h e m e t o
g e n e r a t e r e t u r n s
commensurate with the
performance of Nifty
subject to tracking errors.
Navneet Munot
Upto 100% in securities
covered by the Nifty
including derivatives.
Upto 10% in cash and
m o n e y m a r k e t
Instruments including
mibor linked instruments.
Suitable for Investors
looking at investment
avenues to invest surplus
funds for a minimum
period of one year
Medium to High
Div idend (Payout &
Reinvestment option )
Growth
Dividend Reinvestment
At the Discretion of
Trustees
R s . 5 , 0 0 0 / - a n d i n
multiples of Re. 1/-
thereafter
R s . 1 , 0 0 0 / - a n d i n
multiples of Re. 1/-
thereafter
Nil
Nil
Birla India Opportunities Fund
(BIOF)
An Open-ended Growth Scheme 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.
Deven Sangoi
70 - 100% in equity and equity
related instruments. Upto 30% in
cash, money market instruments
and short term debt instruments.
Suitable for Investors looking at
investment avenues to invest
surplus funds for a minimum
period of one year
Medium to High
Dividend (Payout & Reinvestment
option)
Growth
Dividend Reinvestment
At the Discretion of Trustees
Rs.5,000/- and in multiples of Re.
1/- thereafter
Rs.1,000/- and in multiples of Re.
1/- thereafter
For Purchase / Lateral shifts in of
units less than Rs. 2 Crores in
value, an Entry load of 2.25% is
applicable.
For Purchase / Lateral shifts in of
units equal to or greater than Rs. 2
Crores and less than Rs. 5 Crores in
value, an Entry load of 0.50% is
applicable.
For Purchase / Lateral shifts in of
units equal to or greater than Rs. 5
Crores in value, No Entry load is
applicable.
Nil
Birla Midcap Fund (BMIDCAP)
An Open-ended Growth Scheme to
achieve long-term growth of capital
at controlled level of risk by primarily
investing in Midcap stocks.
Nishid Shah
Upto 65%-100% in equity and equity
related instruments of Companies
with a market capitalization between
Rs.150 crores to Rs.1,500 crores
(Mid-Cap Stocks). Upto 35% in
equity and equity related instruments
of companies with a market
capitalisation of more than Rs.1500
crores or less than Rs.150 crores.
Upto 5% in cash, deposits & money
market instruments including mibor
linked short term papers
Suitable for Investors looking at
investment avenues to invest
surplus funds for a minimum period
of one year
Medium to High
Dividend (Payout & Reinvestment
option )
Growth
Dividend Reinvestment
At the Discretion of Trustees
Rs.5,000/- and in multiples of Re. 1/-
thereafter
Rs.1,000/- and in multiples of Re. 1/-
thereafter
For Purchase/Lateral shifts in of
units less than Rs. 2 Crores in value,
an Entry load of 2.25% is applicable.
For Purchase/Lateral shifts in of
units equal to or greater than Rs. 2
Crores and less than Rs. 5 Crores in
value, an Entry load of 0.50% is
applicable. For Purchase/Lateral
shifts in of units equal to or greater
than Rs. 5 Crores in value, No Entry
load is applicable.
Nil
* Dividends will be declared subject to availability of distributable surplus. Actual declaration of dividend and frequency thereof will be at the discretion of the Trustees.
M A R C H 2 0 0 5
KEY FEATURES
Scheme Objective
Fund Manager
Normal Asset
Allocation
R e c o m m e n d e d
Investment Horizon
Investor Risk
Profile
Investment Plan /
Options
Investment Option
by default
Frequency of
Dividend*
Minimum subs-
cription amount
Minimum additional
investment
Entry Load
Exit Load
Birla MNC Fund (MNC)
An Open-ended Growth
Scheme to achieve long-term
growth of capital at relatively
moderate levels of risk by
making investments in
securities of multi-national
companies through a research
based investment approach.
Nishid Shah
Upto 100% in equity and
equity related instruments.
Upto 20% in debt and money
market instruments.
Suitable for Investors looking
at investment avenues to
invest surplus funds for a
minimum period of one year
Medium to High
D i v i d e n d ( P a y o u t &
Reinvestment option)
Growth
Dividend Reinvestment
At the Discretion of Trustees
Rs.5,000/- and in multiples of
Re. 1/- thereafter
Rs.1,000/- and in multiples of
Re. 1/- thereafter
For Purchase/Lateral shifts in
of units less than Rs. 2 Crores
in value, an Entry load of
2.25% is applicable. For
Purchase/Lateral shifts in of
units equal to or greater than
Rs. 2 Crores and less than Rs.
5 Crores in value, an Entry
load of 0.50% is applicable.
For Purchase/Lateral shifts in
of units equal to or greater
than Rs. 5 Crores in value, No
Entry load is applicable.
Nil
Birla Asset Allocation Fund
(BAAF)
An Open-ended Fund of Funds
Scheme to provide income
and capital appreciation along
wi th d ivers i f i ca t ion by
investing in a basket of debt
and equity Mutual Fund
schemes in line with the risk
profile of the investor.
Aggressive Plan: Deven Sangoi
& Satyabrata Mohanty;
Moderate Plan: Deven Sangoi &
S a t y a b r a t a M o h a n t y ;
Conservative Plan: Satyabrata
Mohanty & Deven Sangoi
Aggressive Plan: 75 - 80% in
equity schemes. 20 - 25% in
debt schemes. Moderate
P l a n : 4 0 - 6 0 % e q u i t y
schemes. 40-60% in debt
schemes. Conservative Plan:
20-25% in equity schemes.
75-80% in debt schemes.
Suitable for Investors looking
at investment avenues to
invest surplus funds for a
minimum period of one year
Low to Medium
Aggressive Plan: Dividend
(Payout & Reinvestment option)
& Growth; Moderate Plan:
Dividend (Payout & Reinvestment
option) & Growth; Conservative
Plan: Dividend (Payout & Re-
investment option)& Growth
Dividend Reinvestment
At the Discretion of Trustees
Rs.5,000/- and in multiples of
Re. 1/- thereafter
Rs.1,000/- and in multiples of
Re. 1/- thereafter
Aggress ive P lan: 1 .5%
M o d e r a t e P l a n : 1 %
Conservative Plan: 0.5%
NIL
Birla Balance Fund (BBF)
An Open-ended Balanced
Scheme with an objective to
balance income requirements
with long-term growth of
capital at relatively moderate
levels of risks through a
diversified research based
investment approach.
Nishid Shah and
Navneet Munot
50 - 75% in equity and equity
related instruments.
25 - 50% in debt and money
market instruments.
Suitable for Investors looking
at investment avenues to
invest surplus funds for a
minimum period of one year
Low to Medium
D i v i d e n d ( P a y o u t &
Reinvestment option)
Growth
Dividend Reinvestment
At the Discretion of Trustees
Rs.5,000/- and in multiples of
Re. 1/- thereafter
Rs.1,000/- and in multiples of
Re. 1/- thereafter
For Purchase/Lateral shifts in
of units less than Rs. 2 Crores
in value, an Entry load of
2.25% is applicable. For
Purchase/Lateral shifts in of
units equal to or greater than
Rs. 2 Crores and less than Rs.
5 Crores in value, an Entry
load of 0.50% is applicable.
For Purchase/Lateral shifts in
of units equal to or greater
than Rs. 5 Crores in value, No
Entry load is applicable.
Nil
Birla Gilt Plus (BGP)
An Open-ended Government
Secu r i t i e s Scheme to
generate income and capital
a p p r e c i a t i o n t h r o u g h
investments exclusively in
Government Securities.
Navneet Munot
Upto 100% in securities
created and issued by the
Central Government and/or
Repos/ Reverse Repos in
such Government securities
as permitted by the RBI.
Suitable for Investors looking
at investment avenues to
invest surplus funds for at
least 6 months to 1 year
Low to Medium
Liquid Plan: Quarter ly
Dividend, Annual Dividend &
Growth; Regular Plan:
Quarterly Dividend, Annual
Dividend & Growth; PF Plan:
Quarterly Dividend, Annual
Dividend & Growth
Growth
Quarterly Dividend Option -
15th March / 15th June / 15th
September & 15th December
Annual Dividend Option - At
the Discretion of Trustees
Rs.5,000/- and in multiples of
Re. 1/- thereafter
Rs.1,000/- and in multiples of
Re. 1/- thereafter
Nil
Liquid Plan: Nil; Regular Plan:
Nil; PF Plan: 1% if exited
within 365 days
Birla Dynamic Bond Fund
(BDBF)
An Open-ended Income
Scheme to generate optimal
returns with high liquidity
through active management
of the portfolio by investing in
High Quality Debt and Money
Market Instruments
K.Ramanathan
Upto 50-65% in G-Secs; Upto
25-35% in Corporate Bonds;
Upto 0-25% in Cash / Liquid
Instruments including money
market and short term
debt papers. (Maturity upto 1
year)
Suitable for Investors looking
at investment avenues to
invest surplus funds for a
minimum period of one year
Low to Medium
D i v i d e n d ( P a y o u t &
Reinvestment option
Growth
Quarterly
Dividend Reinvestment
Quarterly - Last business day
of March / June / September
December
Rs.5,000/- and in multiples of
Re. 1/- thereafter
Rs.1,000/- and in multiples of
Re. 1/- thereafter
Nil
Nil
Scheme Summary
Birla Income Plus (BIP)
An Open-ended Income
S c h e m e t o g e n e r a t e
consistent income through
super ior y ie lds on i ts
investments at moderate
levels of risk through a
d i v e r s i f i ed i nves tmen t
approach.
K.Ramanathan
100% in debt and money
markets instruments.
Suitable for Investors looking
at investment avenues to
invest surplus funds for a
minimum period of one year
Low to Medium
D i v i d e n d ( P a y o u t &
Reinvestment option
Growth
Dividend Reinvestment
Quarterly Dividend - 15th
Mar/15th June/15th Sep &
15th Dec
Rs.5,000/- and in multiples of
Re. 1/- thereafter
Rs.1,000/- and in multiples of
Re. 1/- thereafter
Nil
For Purchase/Lateral Shift in of
Units, upto and including Rs.
10 lacs in value, an exit load of
0.60% is payable if units are
redeemed/lateral shifted out
within 180 days from the date
of allotment. For Purchase/
Lateral Shift in of Units, greater
than Rs. 10 lacs in value, no exit
load is payable
* Dividends will be declared subject to availability of distributable surplus. Actual declaration of dividend and frequency thereof will be at the discretion of the Trustees.
M A R C H 2 0 0 5
KEY FEATURES
Scheme Objective
Fund Manager
Normal Asset
Allocation
Recommended
Investment Horizon
Investor Risk Profile
Investment Plan /
Options
Investment Option
by default
Frequency of
Dividend*
Minimum subs-
cription amount
Minimum additional
investment
Entry Load
Exit Load
Birla Cash Plus (BCP)
An Open-ended Liquid Scheme to
provide reasonable returns at a high
level of safety and liquidity through
judicious investments in high quality
debt and money market instruments
Navneet Munot
Upto 90% in money market
instruments.
Atleast 10% in corporate debt, bonds
etc
Suitable for Investors looking at
investment avenues to invest surplus
funds for a time frame of 3 to 30 days
Low
Retail: Daily Dividend Reinvestment &
Growth; Institutional: Daily Dividend
Reinvestment, Weekly Dividend
(Payment plan & Reinvestment);
Fortnightly (Payment Plan &
Reinvestment) & Growth; Institutional
Premium: Daily Dividend Reinvestment,
Weekly Dividend (Payment plan &
Reinvestment); Fortnightly (Payment
Plan & Reinvestment); & Growth
Dividend Reinvestment
Retail: Daily ; Institutional: Daily,
Weekly, Fortnightly Institutional
Premium: Daily, Weekly, Fortnightly
Retail: Rs. 10,000/- and in multiples
of Rs. 1 thereafter; Institutional: Rs.
1,00,00,000/- and in multiples of Rs.
1 thereafter; Institutional Premium:
Rs. 10,00,00,000 and in multiples of
Rs. 1 thereafter
Retail: Rs. 1,000/- and in multiples of Rs.
1 thereafter; Institutional: Rs. 1,00,000/-
and in multiples of Rs. 1 thereafter;
Institutional Premium: Rs. 25,00,000
and in multiples of Rs. 1 thereafter
Nil
Nil
Birla MIP II (BMIP II)
An Open-ended Fund to
generate regular income so as
to make monthly distribution
to unit holders with the
secondary objective being
growth of capital.
K. Ramanathan &
Nishid Shah
Savings 5 Plan: 90 - 100%
in debt and money markets
instruments (including
securitised debt upto a
maximum of 50%). 0-10%
in equity & equity related
instruments. Wealth 25
Plan: 70-80% in debt and
money market instruments
(including securitised debt
upto a maximum of 50%).
20-30% in equity and
equity related instruments
Suitable for Investors
looking at investment
avenues to invest surplus
funds for a minimum
period of one year
Low to Medium
Savings 5 Plan & Wealth
2 5 P l a n : M o n t h l y
Dividend Plan (Payout &
Reinvestment); Monthly
Payment Plan & Growth
Dividend Reinvestment
Monthly - Last friday of
every month
Dividend and Payment
Plan-Rs.25000/- and in
multiples of Re. 1/-
thereaf ter ; Growth -
Rs.5000/- and in multiples
of Re. 1/- thereafter
R s . 1 , 0 0 0 / - a n d i n
multiples of Re. 1/-
thereafter
Nil
Savings 5: Nil; Wealth 25: For
Purchase/Lateral Shift in of
Units, upto and including Rs.
10 lacs in value, an exit load of
0.60% is payable if units are
redeemed/lateral shifted out
within 180 days from the date
of allotment. For Purchase/
Lateral Shift in of Units, greater
than Rs. 10 lacs in value, no
exit load is payable.
Birla Bond Plus (BBOND)
An Open-ended Short
Term Income Scheme to
generate regular returns
through investments in
debt and money market
securities
Navneet Munot
Upto 100% in debt and
m o n e y m a r k e t
instruments.
Suitable for Investors
looking at investment
avenues to invest surplus
funds for a minimum
period of one year
Low to Medium
Retail Plan: Dividend
(Payout & Reinvestment
option) & Growth
I n s t i t u t i o n a l P l a n :
D iv idend (Payout &
Reinvestment option) &
Growth
Dividend Reinvestment
Fortnightly - 2nd and 4th
Friday of every month
Retail Plan: Rs. 10,000/-
and in multiples of Rs. 1
thereafter Institutional
Plan: Rs. 1,00,00,000/-
and in multiples of Rs. 1
thereafter
Retail: Rs. 1,000/- and in
mu l t i p l e s o f Rs . 1
thereafter; Institutional: Rs.
1,00,000/- and in multiples
of Rs. 1 thereafter
Nil
Nil
Birla Bond Index Fund
(BBIX)
An Open-ended Income
Scheme tracking the CRISIL
Composite Bond Fund Index,
which has been introduced
by CRISIL to track the
returns on a composite
portfolio that includes call
instruments, CPs, G-Secs,
AAA & AA rated instruments
Satyabrata Mohanty
Under normal circum-
stances will replicate the
Constituent weights of the
CRISIL Composite Bond
Fund Index. The Scheme
may also invest upto 20 % of
its assets in securitised
instruments.
Suitable for Investors
looking at investment
avenues to invest surplus
funds for a minimum period
of one year
Low to Medium
Dividend (Payout &
Reinvestment option
Growth
Dividend Reinvestment
Quarterly - 15th Mar/15th
Jun/15th Sep & 15th Dec
Rs. 1,00,000/- and in
mu l t i p l es o f Re . 1 / -
thereafter
Rs.1,000/- and in multiples
of Re. 1/- thereafter
NIL
For Purchase/Lateral Shift in of
Units, upto and including Rs.
10 lacs in value, an exit load of
0.25% is payable if units are
redeemed/lateral shifted out
within 90 days from the date of
allotment. For Purchase/Lateral
Shift in of Units, greater than
Rs. 10 lacs in value, no exit
load is payable.
Birla MIP (BMIP)
An Open-ended Fund to
generate regular income so as
to make monthly distribution to
unit holders with the secondary
objective being growth of
capital.
K. Ramanathan and
Nishid Shah
100% in debt and money
markets instruments.
Upto 15% in equity &
equity related instruments.
Suitable for Investors
looking at investment
avenues to invest surplus
funds for a minimum
period of one year
Low to Medium
Monthly Dividend Plan
(Payout & reinvestment)
Monthly Payment Plan
(Instant & Deferred)
Growth
Monthly Div.: Div. Reinvestment;
Monthly Payment: Instant
Monthly - Last friday of
every month
Dividend and Payment
Plan-Rs.25000/- and in
mult iples of Re. 1/-
thereafter; Growth - Rs.
5000/- and in multiples of
Re. 1/- thereafter
Rs.1,000/- and in multiples
of Re. 1/- thereafter
Nil
For Purchase/Lateral Shift in
of Units, upto and including
Rs. 10 lacs in value, an exit
load of 0.60% is payable if
units are redeemed/lateral
shifted out within 90 days
from the date of allotment.
For Purchase/Lateral Shift in
of Units, greater than Rs. 10
lacs in value, no exit load is
payable.
Birla Floating Rate Fund
(BFRF)
An Open-ended Income Scheme
to generate regular income
through investment in a portfolio
comprising substantially of
floating rate debt / money market
instruments. The scheme may
invest a portion of its net asset in
Fixed Rate Debt Securities &
Money Market instruments
Satyabrata Mohanty
65 - 100 % in floating rate debt
s e c u r i t i e s ( i n c l u d i n g
securitised debt, money
market instruments and Fixed
r a t e d e b t i n s t r u m e n t s
swapped for floating rate
returns). 0 - 35% in Fixed rate
debt securities (including
securitised debt, money
market instruments and Fixed
r a t e d e b t i n s t r u m e n t s
swapped for f ixed rate
returns)
Short Term: Suitable for Investors
looking at investment avenues to
invest surplus funds for a period
of 1 month to 3 months. Long
Term: Suitable for investors
looking at invest-ment avenues to
invest surplus funds for a
minimum period of one year.
Low to Medium
Short Term Plan: Dividend
Reinvestment & Growth
Long Term Plan: Dividend
Reinvestment & Growth
Dividend Reinvestment
Short Term Plan: Weekly -
Saturday of every week
Long Term Plan: Monthly -
Last Friday of every month
Short Term: Rs. 5,000/- and in
multiples of Re. 1/- thereafter;
Long Term: Rs. 5,000/- and in
multiples of Rs. 1 thereafter
Short Term: Rs. 1,000/- and in
multiples of Re. 1/- thereafter;
Long Term: Rs. 1,000/- and in
multiples of Rs. 1 thereafter
Nil
Short Term: Nil; Long Term:
For Purchase/Lateral Shift in of
Units, upto and including Rs.
10 lacs in value, an exit load of
0.50% is payable if units are
redeemed/lateral shifted out
within 180 days from the date
of allotment. For Purchase/
Lateral Shift in of Units, greater
than Rs. 10 lacs in value, no
exit load is payable.
Scheme Summary
* Dividends will be declared subject to availability of distributable surplus. Actual declaration of dividend and frequency thereof will be at the discretion of the Trustees.
An Open-ended Fund. Monthly Income is not
assured and is subject to availability of distributable
surplus.
M A R C H 2 0 0 5
NAV as on Feb 28, 2005
27
BIRLA ADVANTAGE FUND Dividend 55.46Growth 65.28
BIRLA DIVIDEND YIELD PLUS Dividend 12.15 Growth 28.23
BIRLA ASSET ALLOCATION FUND - Aggressive Plan Dividend 12.1010 Growth 12.1010
BIRLA ASSET ALLOCATION FUND - Conservative Plan Dividend 11.0801 Growth 11.0801
BIRLA ASSET ALLOCATION FUND - Moderate Plan Dividend 11.6972 Growth 11.6972
BIRLA BALANCE Payout/Rein. 15.71 Growth 17.76
BIRLA MNC FUND Dividend 40.43 Growth 68.16
BIRLA INDEX FUND Dividend 11.8967 Growth 21.4897
BIRLA INDIA OPPORTUNITIES FUND Dividend 14.89 Growth 27.63
BIRLA MIDCAP FUND Dividend 14.59 Growth 32.21
BIRLA EQUITY PLAN 37.03
BIRLA INCOME PLUS Dividend 10.1740Growth 27.8425
BIRLA BOND PLUS Retail Dividend 11.1719 Retail Growth 12.2614Institutional Dividend 10.4311 Institutional Growth 12.3201
BIRLA BOND INDEX FUND Dividend 10.1794 Growth 10.6419
BIRLA FLOATING RATE FUND - Short Term Dividend 10.3734 Growth 10.8643
BIRLA FLOATING RATE FUND - Long Term Dividend 10.3786 Growth 10.9079
BIRLA DYNAMIC BOND FUND Retail Plan(Growth) 10.1940 Retail Plan(Quarterly Dividend) 10.1198
BIRLA CASH PLUS Retail Dividend 16.3701Retail Growth 17.7767Institutional Dividend 10.8026Institutional Plan - Weekly Dividend Option 10.8107Institutional Plan - Fortnightly Dividend Option 10.8128Institutional Growth 17.8637Institutional Premium Plan - Dividend 10.0195 Institutional Premium Plan - Weekly Dividend Option 10.0259Institutional Premium Plan - Fortnightly Dividend Option 10.0507Institutional Premium Plan - Growth 10.4487
BIRLA GILT PLUS Div.-Payout/Rein. 10.6502 Liquid Plan Growth 16.2144 Annual Dividend 10.7962 Div.-Payout/Rein. 10.8599PF Plan Growth 18.9445
Annual Dividend 18.9473 Div.-Payout/Rein. 11.2528
Regular Plan Growth 20.9351Annual Dividend 20.9653
BIRLA MIP Monthly Dividend 10.8289 Monthly Payment 16.3058 Monthly Growth 16.3058
BIRLA MIP II - SAVING 5 Monthly Dividend 10.1579 Monthly Growth 10.3706 Monthly Payment 10.3706
BIRLA MIP II - WEALTH 25 Monthly Dividend 10.4832 Monthly Growth 10.9005 Monthly Payment 10.9005
NAME OF THE SCHEME PLAN/OPTIONS Rs. / Unit
M A R C H 2 0 0 5NAV as on Feb 28, 2005
27
BIRLA ADVANTAGE FUND Dividend 55.46Growth 65.28
BIRLA DIVIDEND YIELD PLUS Dividend 12.15 Growth 28.23
BIRLA ASSET ALLOCATION FUND - Aggressive Plan Dividend 12.1010 Growth 12.1010
BIRLA ASSET ALLOCATION FUND - Conservative Plan Dividend 11.0801 Growth 11.0801
BIRLA ASSET ALLOCATION FUND - Moderate Plan Dividend 11.6972 Growth 11.6972
BIRLA BALANCE Payout/Rein. 15.71 Growth 17.76
BIRLA MNC FUND Dividend 40.43 Growth 68.16
BIRLA INDEX FUND Dividend 11.8967 Growth 21.4897
BIRLA INDIA OPPORTUNITIES FUND Dividend 14.89 Growth 27.63
BIRLA MIDCAP FUND Dividend 14.59 Growth 32.21
BIRLA EQUITY PLAN 37.03
BIRLA INCOME PLUS Dividend 10.1740Growth 27.8425
BIRLA BOND PLUS Retail Dividend 11.1719 Retail Growth 12.2614Institutional Dividend 10.4311 Institutional Growth 12.3201
BIRLA BOND INDEX FUND Dividend 10.1794 Growth 10.6419
BIRLA FLOATING RATE FUND - Short Term Dividend 10.3734 Growth 10.8643
BIRLA FLOATING RATE FUND - Long Term Dividend 10.3786 Growth 10.9079
BIRLA DYNAMIC BOND FUND Retail Plan(Growth) 10.1940 Retail Plan(Quarterly Dividend) 10.1198
BIRLA CASH PLUS Retail Dividend 16.3701Retail Growth 17.7767Institutional Dividend 10.8026Institutional Plan - Weekly Dividend Option 10.8107Institutional Plan - Fortnightly Dividend Option 10.8128Institutional Growth 17.8637Institutional Premium Plan - Dividend 10.0195 Institutional Premium Plan - Weekly Dividend Option 10.0259Institutional Premium Plan - Fortnightly Dividend Option 10.0507Institutional Premium Plan - Growth 10.4487
BIRLA GILT PLUS Div.-Payout/Rein. 10.6502 Liquid Plan Growth 16.2144 Annual Dividend 10.7962 Div.-Payout/Rein. 10.8599PF Plan Growth 18.9445
Annual Dividend 18.9473 Div.-Payout/Rein. 11.2528
Regular Plan Growth 20.9351Annual Dividend 20.9653
BIRLA MIP Monthly Dividend 10.8289 Monthly Payment 16.3058 Monthly Growth 16.3058
BIRLA MIP II - SAVING 5 Monthly Dividend 10.1579 Monthly Growth 10.3706 Monthly Payment 10.3706
BIRLA MIP II - WEALTH 25 Monthly Dividend 10.4832 Monthly Growth 10.9005 Monthly Payment 10.9005
NAME OF THE SCHEME PLAN/OPTIONS Rs. / Unit
M A R C H 2 0 0 5
Dividend History#EQUITY SCHEMES Declared Dividend Dividend Face value Cum Dividend NAV
on date (%) (Rs. per unit) (Rs.) (Rs. per unit)Birla Advantage Fund 27-Aug-99 20 2.00 10.00 33.81
22-Mar-00 80 8.00 10.00 70.3728-Nov-03 30 3.00 10.00 44.8823-Jan-04 20 2.00 10.00 47.3312-Mar-04 25 2.50 10.00 46.10
Birla Equity Plan 31-Mar-00 25 2.50 10.00 30.4315-Feb-02 10 1.00 10.00 12.4517-Oct-03 15 1.50 10.00 24.8926-Mar-04 15 1.50 10.00 26.90
Birla India Opportunities Fund 04-Feb-00 25 2.50 10.00 28.97
14-Jan-03 10 1.00 10.00 12.1627-Feb-04 60 6.00 10.00 18.6926-Oct-04 12.5 1.25 10.00 14.17
Birla MNC Fund 04-Feb-00 25 2.50 10.00 39.4622-Feb-02 40 4.00 10.00 27.1629-Aug-03 50 5.00 10.00 30.5818-Jan-05 50 5.00 10.00 42.80
Birla Midcap Fund 24-Jan-03 5 0.50 10.00 10.5219-Jun-03 10 1.00 10.00 11.8322-Jul-03 10 1.00 10.00 11.8124-Dec-03 60 6.00 10.00 18.358-Oct-04 12.5 1.25 10.00 13.72
28-Jan-05 10.0 1.00 10.00 14.75Birla Dividend Yield 30-May-03 8 0.80 10.00 11.84Plus 13-Jun-03 5 0.50 10.00 10.88
24-Jul-03 12 1.20 10.00 11.6219-Sept-03 18 1.80 10.00 12.0931-Oct-03 10 1.00 10.00 11.8726-Dec-03 15 1.50 10.00 13.9313-Feb-04 10 1.00 10.00 12.5828-Sep-04 8 0.80 10.00 11.5724-Dec-04 14 1.40 10.00 13.75
Birla Index Fund 17-Oct-03 56 5.60 10.00 16.1903-Feb-04 16.5 1.65 10.00 11.9857
Birla Balance 17-Oct-03 15 1.50 10.00 13.32
#DEBT SCHEMES Declared Dividend Dividend Face value Cum Dividend NAVon date (%) (Rs. per unit) (Rs.) (Rs. per unit)
Birla Income Plus 15-Jun-04 1.00 0.10 10.00 10.3371(Retail) 15-Sep-04 0.5640* 0.05640* 10.00 10.1724
15-Dec-04 0.504* 0.0504* 10.00 10.0815Birla Gilt PlusLiquid Plan 15-Jun-04 0.941 0.0941 10.00 10.4982
15-Sep-04 1.0620* 0.10620* 10.00 10.580515-Dec-04 1.050* 0.105* 10.00 10.5993
PF Plan 15-Jun-04 1.20 0.120 10.00 11.306815-Sep-04 1.354* 0.1354* 10.00 10.902515-Dec-04 1.075* 0.1075* 10.00 10.7629
Regular Plan 15-Jun-04 1.25 0.125 10.00 11.680615-Sep-04 1.41* 0.141* 10.00 11.284915-Dec-04 1.39* 0.139* 10.00 11.1856
Birla MIP (Since January 2004)(Monthly Dividend Plan) 30-Jan-04 0.80 0.080 10.00 11.2671
27-Feb-04 0.80 0.080 10.00 11.204526-Mar-04 0.80 0.080 10.00 11.149630-Apr-04 0.80 0.080 10.00 11.259228-May-04 0.80 0.080 10.00 10.995125-Jun-04 0.70 0.070 10.00 10.713030-Jul-04 0.79* 0.079* 10.00 10.712527-Aug-04 0.70* 0.070* 10.00 10.746424-Sep-04 0.70* 0.070* 10.00 10.818929-Oct-04 0.70* 0.070* 10.00 10.768626-Nov-04 0.70* 0.070* 10.00 10.826131-Dec-04 1.00* 0.100* 10.00 11.016328-Jan-05 0.70* 0.070* 10.00 10.856525-Feb-05 0.70* 0.070* 10.00 10.8701
Birla MIP II - Savings 5 Plan 29-Oct-04 0.45* 0.045* 10.00 10.124626-Nov-04 0.45* 0.045* 10.00 10.155731-Dec-04 0.50* 0.050* 10.00 10.221928-Jan-05 0.35* 0.0351* 10.00 10.163725-Feb-05 0.35* 0.0351* 10.00 10.1822
Birla MIP II - Wealth 25 Plan 29-Oct-04 0.70* 0.070* 10.00 10.282726-Nov-04 0.70* 0.070* 10.00 10.434131-Dec-04 1.20* 0.120* 10.00 10.70528-Jan-05 0.70* 0.070* 10.00 10.495325-Feb-05 0.80* 0.080* 10.00 10.5255
Birla Floating Rate Fund(Long Term Plan) 28-Feb-04 0.319 0.0319 10.00 10.3862
27-Mar-04 0.323 0.0323 10.00 10.386730-Apr-04 0.402 0.0402 10.00 10.397028-May-04 0.310 0.0310 10.00 10.386625-Jun-04 0.314 0.0314 10.00 10.360431-Jul-04 0.439* 0.0439* 10.00 10.356827-Aug-04 0.352* 0.0352* 10.00 10.388124-Sep-04 0.382* 0.0382* 10.00 10.391129-Oct-04 0.45* 0.045* 10.00 10.407226-Nov-04 0.357* 0.0357* 10.00 10.404731-Dec-04 0.500* 0.0500* 10.00 10.423228-Jan-05 0.400* 0.040* 10.00 10.414025-Feb-05 0.400* 0.040* 10.00 10.4144
Birla Dynamic Bond Fund(Retail Plan) 31-Dec-04 0.800* 0.0800* 10.00 10.1020
(For select Schemes)
* Gross Dividend declared. The Dividend Distribution Tax Rates for Corporates is 20.91% and for Non-Corporates is 13.06875%. Past performance may or may not be sustained in future. ^Dividend distribution is not assured and is subject to availability of distributable surplus. After payment of dividend the NAV will fall to the extent of payout.
28
M A R C H 2 0 0 5Dividend History#EQUITY SCHEMES Declared Dividend Dividend Face value Cum Dividend NAV
on date (%) (Rs. per unit) (Rs.) (Rs. per unit)Birla Advantage Fund 27-Aug-99 20 2.00 10.00 33.81
22-Mar-00 80 8.00 10.00 70.3728-Nov-03 30 3.00 10.00 44.8823-Jan-04 20 2.00 10.00 47.3312-Mar-04 25 2.50 10.00 46.10
Birla Equity Plan 31-Mar-00 25 2.50 10.00 30.4315-Feb-02 10 1.00 10.00 12.4517-Oct-03 15 1.50 10.00 24.8926-Mar-04 15 1.50 10.00 26.90
Birla India Opportunities Fund 04-Feb-00 25 2.50 10.00 28.97
14-Jan-03 10 1.00 10.00 12.1627-Feb-04 60 6.00 10.00 18.6926-Oct-04 12.5 1.25 10.00 14.17
Birla MNC Fund 04-Feb-00 25 2.50 10.00 39.4622-Feb-02 40 4.00 10.00 27.1629-Aug-03 50 5.00 10.00 30.5818-Jan-05 50 5.00 10.00 42.80
Birla Midcap Fund 24-Jan-03 5 0.50 10.00 10.5219-Jun-03 10 1.00 10.00 11.8322-Jul-03 10 1.00 10.00 11.8124-Dec-03 60 6.00 10.00 18.358-Oct-04 12.5 1.25 10.00 13.72
28-Jan-05 10.0 1.00 10.00 14.75Birla Dividend Yield 30-May-03 8 0.80 10.00 11.84Plus 13-Jun-03 5 0.50 10.00 10.88
24-Jul-03 12 1.20 10.00 11.6219-Sept-03 18 1.80 10.00 12.0931-Oct-03 10 1.00 10.00 11.8726-Dec-03 15 1.50 10.00 13.9313-Feb-04 10 1.00 10.00 12.5828-Sep-04 8 0.80 10.00 11.5724-Dec-04 14 1.40 10.00 13.75
Birla Index Fund 17-Oct-03 56 5.60 10.00 16.1903-Feb-04 16.5 1.65 10.00 11.9857
Birla Balance 17-Oct-03 15 1.50 10.00 13.32
#DEBT SCHEMES Declared Dividend Dividend Face value Cum Dividend NAVon date (%) (Rs. per unit) (Rs.) (Rs. per unit)
Birla Income Plus 15-Jun-04 1.00 0.10 10.00 10.3371(Retail) 15-Sep-04 0.5640* 0.05640* 10.00 10.1724
15-Dec-04 0.504* 0.0504* 10.00 10.0815Birla Gilt PlusLiquid Plan 15-Jun-04 0.941 0.0941 10.00 10.4982
15-Sep-04 1.0620* 0.10620* 10.00 10.580515-Dec-04 1.050* 0.105* 10.00 10.5993
PF Plan 15-Jun-04 1.20 0.120 10.00 11.306815-Sep-04 1.354* 0.1354* 10.00 10.902515-Dec-04 1.075* 0.1075* 10.00 10.7629
Regular Plan 15-Jun-04 1.25 0.125 10.00 11.680615-Sep-04 1.41* 0.141* 10.00 11.284915-Dec-04 1.39* 0.139* 10.00 11.1856
Birla MIP (Since January 2004)(Monthly Dividend Plan) 30-Jan-04 0.80 0.080 10.00 11.2671
27-Feb-04 0.80 0.080 10.00 11.204526-Mar-04 0.80 0.080 10.00 11.149630-Apr-04 0.80 0.080 10.00 11.259228-May-04 0.80 0.080 10.00 10.995125-Jun-04 0.70 0.070 10.00 10.713030-Jul-04 0.79* 0.079* 10.00 10.712527-Aug-04 0.70* 0.070* 10.00 10.746424-Sep-04 0.70* 0.070* 10.00 10.818929-Oct-04 0.70* 0.070* 10.00 10.768626-Nov-04 0.70* 0.070* 10.00 10.826131-Dec-04 1.00* 0.100* 10.00 11.016328-Jan-05 0.70* 0.070* 10.00 10.856525-Feb-05 0.70* 0.070* 10.00 10.8701
Birla MIP II - Savings 5 Plan 29-Oct-04 0.45* 0.045* 10.00 10.124626-Nov-04 0.45* 0.045* 10.00 10.155731-Dec-04 0.50* 0.050* 10.00 10.221928-Jan-05 0.35* 0.0351* 10.00 10.163725-Feb-05 0.35* 0.0351* 10.00 10.1822
Birla MIP II - Wealth 25 Plan 29-Oct-04 0.70* 0.070* 10.00 10.282726-Nov-04 0.70* 0.070* 10.00 10.434131-Dec-04 1.20* 0.120* 10.00 10.70528-Jan-05 0.70* 0.070* 10.00 10.495325-Feb-05 0.80* 0.080* 10.00 10.5255
Birla Floating Rate Fund(Long Term Plan) 28-Feb-04 0.319 0.0319 10.00 10.3862
27-Mar-04 0.323 0.0323 10.00 10.386730-Apr-04 0.402 0.0402 10.00 10.397028-May-04 0.310 0.0310 10.00 10.386625-Jun-04 0.314 0.0314 10.00 10.360431-Jul-04 0.439* 0.0439* 10.00 10.356827-Aug-04 0.352* 0.0352* 10.00 10.388124-Sep-04 0.382* 0.0382* 10.00 10.391129-Oct-04 0.45* 0.045* 10.00 10.407226-Nov-04 0.357* 0.0357* 10.00 10.404731-Dec-04 0.500* 0.0500* 10.00 10.423228-Jan-05 0.400* 0.040* 10.00 10.414025-Feb-05 0.400* 0.040* 10.00 10.4144
Birla Dynamic Bond Fund(Retail Plan) 31-Dec-04 0.800* 0.0800* 10.00 10.1020
(For select Schemes)
* Gross Dividend declared. The Dividend Distribution Tax Rates for Corporates is 20.91% and for Non-Corporates is 13.06875%. Past performance may or may not be sustained in future. ^Dividend distribution is not assured and is subject to availability of distributable surplus. After payment of dividend the NAV will fall to the extent of payout.
28
M A R C H 2 0 0 5
$Performanceat a glance
DEBT SCHEME
Period 1 Year 2 Years 3 Years 5 Years Since Inception
Birla MIP (Growth) 6.27 10.69 11.12 -- 12.11Crisil MIP Blended Index 3.42 9.82 -- -- --Inception - November 20,2000
Birla Income Plus (Growth) 0.22 3.93 7.21 9.57 11.56Crisil Composite Bond Fund Index 1.08 4.5 -- -- --Inception - October 23,1995
Birla Gilt Plus - Liq. (Growth) 4.94 5.6 6.43 8.6 9.39I-Sec Si-Bex 3.81 5.84 -- -- --
Birla Gilt Plus - PF (Growth) -0.44 4.65 9.13 11.94 12.59
Birla Gilt Plus - Reg (Growth) 0.23 4.87 9.75 13.51 14.7I-Sec Li-Bex -0.39 7.33 -- -- --Inception - October 12, 1999
Period 1 Month 2 Months 3 Months 1 Year 3 Years 5 Years Since Inception
Birla Cash Plus - Retail (Growth)Crisil Liquid Fund IndexInception - June 16,1997
Birla Bond Plus - Retail (GrowthCRISIL Short-Term Bond Fund Index Inception - November 26,2001
Birla Bond Index Fund (Growth)Crisil Composite Bond Fund Index Inception - April 24,2003
Birla Floating Rate Fund LTP - GrowthSTP - Growth Crisil Liquid Fund IndexInception - June 04, 2003
Birla MIP II - Saving 5 (Growth)Crisil MIP Blended IndexInception - May 01, 2004
Birla MIP II - Wealth 25 (Growth)Crisil MIP Blended IndexInception - May 01, 2004
Birla AAF - Conservative Plan (Growth)Crisil MIP Blended IndexInception - January 23,2004
Birla Dynamic Bond Fund (Growth)Crisil Composite Bond Fund IndexInception - September 24,2004
EQUITY SCHEME
Period 1 Year 2 Years 3 Years 5 Years SinceInception/Takeover
Birla Advantage Fund (Growth) 29.52 65.02 36.72 -2.68 20.59S&P NiftyBSE SensexInception - February 24, 1995
Birla Equity Plan 27.34 71.65 48.61 1.99 24.21S&P Nifty 16.73 40.57 22.55 4.07 13.89BSE SensexInception - February 16, 1999
Birla India Opportunities Fund (Growth)(formerly Birla IT Fund)CNX500Takeover - December 27, 1999
Birla MNC Fund (Growth)CNX MNC 11.79 24.86 7.97 -1.22 0.54Takeover - December 27, 1999
Birla Balance (Growth)Crisil Balanced Fund Index Inception - October 12, 1999
Birla Index Fund (Growth) S&P NiftyInception - September 17, 2002
Birla Midcap Fund (Growth) 47.78 74.1 -- -- 64.02CNX Midcap 67.42 92.33 58.5 15.5 77.72Inception - October 16, 2002
Birla Dividend Yield Plus (Growth) CNX500Inception - February 10, 2003
Period 1 Month 2 Months 3 Months 1 Year Since Inception
Birla AAF - Aggressive Plan (Growth)S&P NiftyInception - January 23,2004
Birla AAF - Moderate Plan (Growth)Crisil Balanced Fund IndexInception - January 23,2004
Returns calculated as on 28th February 2005 Absolute returns for period less than 1 year, CAGR for period 1year or more $ All return figures are in percentage. Performance has been calculated on the basis of the Advertisement Code as prescribed under SEBI (Mutual Funds) Regulations, 1996. Past performance may or may not be sustained in future.
0.42 0.83 1.24 4.49 5.43 6.73 7.750.38 0.78 1.19 4.13 -- -- --
0.6 1.22 1.82 4.78 6.27 -- 6.450.57 0.96 1.62 3.47 -- -- --
0.79 0.99 2.33 0.43 -- -- 3.420.92 1.18 2.71 1.08 -- -- 3.42
0.43 0.89 1.3 4.99 -- -- 5.120.42 0.85 1.28 4.88 -- -- 4.880.38 0.78 1.19 4.13 -- -- 4.12
0.64 0.63 1.55 -- -- -- 3.711.49 1.27 3.92 3.42 -- -- 1.92
1.33 0.68 3.38 -- -- -- 91.49 1.27 3.92 3.42 -- -- 1.92
1.49 0.85 3.4 10.71 -- -- 9.761.49 1.27 3.92 3.42 -- -- 3.08
0.64 0.71 1.16 -- -- -- 1.940.92 1.18 2.71 1.08 -- -- 1.4
16.73 40.57 22.55 4.07 7.4718.35 42.92 23.5 3.18 6.86
18.35 42.92 23.5 3.18 12.23
27.28 44.77 35.41 -3.92 3.0126.49 54.77 33.49 3.23 7.45
28.26 53.59 33.43 11.22 11.97
18.53 40.96 26.01 1.93 11.259.74 26.68 -- -- --
14.79 40.42 -- -- 36.6116.73 40.57 22.55 4.07 35.7
34.91 67.81 -- -- 65.8226.49 54.77 33.49 3.23 53.17
23.28 -- -- -- 18.916.73 40.57 22.55 4.07 12.49
19.03 -- -- -- 15.39.74 26.68 -- -- 9.6
29
M A R C H 2 0 0 5
$Performanceat a glance
DEBT SCHEME
Period 1 Year 2 Years 3 Years 5 Years Since Inception
Birla MIP (Growth) 6.27 10.69 11.12 -- 12.11Crisil MIP Blended Index 3.42 9.82 -- -- --Inception - November 20,2000
Birla Income Plus (Growth) 0.22 3.93 7.21 9.57 11.56Crisil Composite Bond Fund Index 1.08 4.5 -- -- --Inception - October 23,1995
Birla Gilt Plus - Liq. (Growth) 4.94 5.6 6.43 8.6 9.39I-Sec Si-Bex 3.81 5.84 -- -- --
Birla Gilt Plus - PF (Growth) -0.44 4.65 9.13 11.94 12.59
Birla Gilt Plus - Reg (Growth) 0.23 4.87 9.75 13.51 14.7I-Sec Li-Bex -0.39 7.33 -- -- --Inception - October 12, 1999
Period 1 Month 2 Months 3 Months 1 Year 3 Years 5 Years Since Inception
Birla Cash Plus - Retail (Growth)Crisil Liquid Fund IndexInception - June 16,1997
Birla Bond Plus - Retail (GrowthCRISIL Short-Term Bond Fund Index Inception - November 26,2001
Birla Bond Index Fund (Growth)Crisil Composite Bond Fund Index Inception - April 24,2003
Birla Floating Rate Fund LTP - GrowthSTP - Growth Crisil Liquid Fund IndexInception - June 04, 2003
Birla MIP II - Saving 5 (Growth)Crisil MIP Blended IndexInception - May 01, 2004
Birla MIP II - Wealth 25 (Growth)Crisil MIP Blended IndexInception - May 01, 2004
Birla AAF - Conservative Plan (Growth)Crisil MIP Blended IndexInception - January 23,2004
Birla Dynamic Bond Fund (Growth)Crisil Composite Bond Fund IndexInception - September 24,2004
EQUITY SCHEME
Period 1 Year 2 Years 3 Years 5 Years SinceInception/Takeover
Birla Advantage Fund (Growth) 29.52 65.02 36.72 -2.68 20.59S&P NiftyBSE SensexInception - February 24, 1995
Birla Equity Plan 27.34 71.65 48.61 1.99 24.21S&P Nifty 16.73 40.57 22.55 4.07 13.89BSE SensexInception - February 16, 1999
Birla India Opportunities Fund (Growth)(formerly Birla IT Fund)CNX500Takeover - December 27, 1999
Birla MNC Fund (Growth)CNX MNC 11.79 24.86 7.97 -1.22 0.54Takeover - December 27, 1999
Birla Balance (Growth)Crisil Balanced Fund Index Inception - October 12, 1999
Birla Index Fund (Growth) S&P NiftyInception - September 17, 2002
Birla Midcap Fund (Growth) 47.78 74.1 -- -- 64.02CNX Midcap 67.42 92.33 58.5 15.5 77.72Inception - October 16, 2002
Birla Dividend Yield Plus (Growth) CNX500Inception - February 10, 2003
Period 1 Month 2 Months 3 Months 1 Year Since Inception
Birla AAF - Aggressive Plan (Growth)S&P NiftyInception - January 23,2004
Birla AAF - Moderate Plan (Growth)Crisil Balanced Fund IndexInception - January 23,2004
Returns calculated as on 28th February 2005 Absolute returns for period less than 1 year, CAGR for period 1year or more $ All return figures are in percentage. Performance has been calculated on the basis of the Advertisement Code as prescribed under SEBI (Mutual Funds) Regulations, 1996. Past performance may or may not be sustained in future.
0.42 0.83 1.24 4.49 5.43 6.73 7.750.38 0.78 1.19 4.13 -- -- --
0.6 1.22 1.82 4.78 6.27 -- 6.450.57 0.96 1.62 3.47 -- -- --
0.79 0.99 2.33 0.43 -- -- 3.420.92 1.18 2.71 1.08 -- -- 3.42
0.43 0.89 1.3 4.99 -- -- 5.120.42 0.85 1.28 4.88 -- -- 4.880.38 0.78 1.19 4.13 -- -- 4.12
0.64 0.63 1.55 -- -- -- 3.711.49 1.27 3.92 3.42 -- -- 1.92
1.33 0.68 3.38 -- -- -- 91.49 1.27 3.92 3.42 -- -- 1.92
1.49 0.85 3.4 10.71 -- -- 9.761.49 1.27 3.92 3.42 -- -- 3.08
0.64 0.71 1.16 -- -- -- 1.940.92 1.18 2.71 1.08 -- -- 1.4
16.73 40.57 22.55 4.07 7.4718.35 42.92 23.5 3.18 6.86
18.35 42.92 23.5 3.18 12.23
27.28 44.77 35.41 -3.92 3.0126.49 54.77 33.49 3.23 7.45
28.26 53.59 33.43 11.22 11.97
18.53 40.96 26.01 1.93 11.259.74 26.68 -- -- --
14.79 40.42 -- -- 36.6116.73 40.57 22.55 4.07 35.7
34.91 67.81 -- -- 65.8226.49 54.77 33.49 3.23 53.17
23.28 -- -- -- 18.916.73 40.57 22.55 4.07 12.49
19.03 -- -- -- 15.39.74 26.68 -- -- 9.6
29
M A R C H 2 0 0 5
# Value Research RankingsValue Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity and hybrid funds this rating is based on the weighted average monthly returns for the last 3 and 5-year periods. In the case of debt funds this rating is based on the weighted average weekly returns for the last 18 months and 3-year periods and in case of short-term debt funds - weekly returns for the last 18 months. These ratings do not take into consideration any entry or exit load.Five-stars indicate that a fund is in the top 10 per cent of its category in terms of historical risk-adjusted returns. Four stars indicate that a fund is in the next 22.5 per cent of its category. The number of schemes in each category is mentioned along side the categories name.
The Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. The Ratings are subject to change every month. The Rating is based on primary data provided by respective funds, Value Research does not guarantee the accuracy.Ranking Entity
#CNBC Award Methodology
CNBC TV18 - CRISIL Mutual Fund of the Year Award for Birla Income Plus Plan B and Birla Bond Plus - Retail
Birla Income Plus Plan B was among the 2 schemes that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Open - ended Income Funds Category. In total 13 schemes were eligible for the award universe.Birla Bond Plus - Retail was among the 2 schemes that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Open-ended Income-Short Term Funds Category. In total 14 schemes were eligible for the award universe Schemes present in all four quarter CRISIL CPRs were considered for the award. The awards are based on consistency of schemes' performance in the four quarterly CRISIL CPR rankings released during the calendar year 2004. The individual CRISIL CPR parameter scores averaged for the four quarters and further multiplied by the parameter weight as per the CRISIL CPR methodology to arrive at the final scores. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, Average Maturity, Concentration, Liquidity and Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. A detailed methodology of the CRISIL CPR is available at www.crisil.com.
Rankings and Award Source: CRISIL FundServices, CRISIL Ltd.
Fund Management RatingsA S&P Rating is its current opinion of a fund's adherence to consistent investment processes combined with the level of volatility adjusted returns. In S&P's opinion, funds which adhere to disciplined processes and exhibit strong management, are more likely, over the long run, to provide consistent, above average volatility adjusted returns, relative to the funds in the same sector. The rating is based on an evaluation of qualitative (management, investment process and organization) and quantitative (historic performance, portfolio construction and volatility) factors which contribute to long term performance. The rating does not address, the market, credit or counter party risk of a fund, nor a fund's suitability as a counter party or obligor.Ratings Definition Funds rated in the AAA to A categories demonstrate to S&P an ability to provide above average volatility, adjusted returns over long term period (relative to funds in the same sector) along with a strong ability to adhere to a consistent investment process. The differentiation in the rating categories is based on quantitative factors along with Standard & Poor's The McGraw-Hill Companies's assessment of the investment process and management.AAA: A fund which demonstrates an extremely strong ability to adhere to consistent investment processes and provides above average volatility adjusters returns relative to funds with similar objectives. AA: The fund demonstrates very high standards of quality in its sector based on its investment process and management's consistency of performance as compared to funds with similar objectives. A: The fund demonstrates a high standard or quality in its sector based on its investment process arid management's consistency of performance as compared with funds with similar objectives NR: Funds designated as NR (not rated) currently do not meet the requisite performance standards and / or the minimum qualitative criteria.
Equity Diversified (62), Equity Tax Planning (19), Hybrid Equity Oriented (25), Hybrid: Monthly Income (15), Debt: Medium-term (35), Gilt: Medium and Long-term (28), Gilt: Short-term (15), Debt: Ultra Short-term (38), Debt: Short-term (19) Hybrid: Debt-oriented (10). These Fund Ratings are as on February 28, 2005.
@@ STANDARD & POOR'S FUND AWARDS 2004 MethodologyFunds must have minimum assets under management of US$4m, as at end of June 2003. The Offshore fund universe for the purposes of these Awards excludes funds that are domiciled in Luxembourg or Ireland. Awards are calculated for 1 and 5 years. There must be a minimum of 10 funds in a sector to qualify for the calculation. For detailed methodology, kindly visit http://www.funds-sp.com
@ICRA - Ranking Methodology & Disclaimer: Birla India Opportunities Fund has been ranked ICRA MFR 1 by ICRA Online in the category 'Open Ended Sectoral Schemes - Technology' for its 3 year performance till December 31, 2004. The rank indicates performance within the top 10% of the stated category, which had a total of 10 similar funds, including this scheme. Birla Income Plus has been ranked ICRA MFR 1 by ICRA Online in the category 'Open Ended Debt Schemes - Long Term' for its 3 year performance till December 31, 2004. The rank indicates performance within the top 10% of the stated category, which had a total of 22 similar funds, including this scheme. Birla Gilt Plus Liquid Plan has been ranked ICRA MFR 1 by ICRA Online in the category 'Open ended Gilt Schemes - Short Term' for its 1 year performance till December 31, 2004. The rank indicates performance within the top 10% of the stated category, which had a total of 12 similar funds, including this scheme. Birla Gilt Plus Liquid Plan has been ranked ICRA MFR 1 by ICRA Online in the category 'Open ended Gilt Schemes - Short Term' for its 3 year performance till December 31, 2004. The rank indicates performance within the top 10% of the stated category, which had a total of 9 similar funds, including this scheme. The ranks are an outcome of an objective and comparative analysis against various performance parameters, including: risk adjusted return; fund size, Sector Concentration, and average maturity. The ranking methodology did not take into account the entry and exit loads imposed by the Fund. The ranks are neither a certificate of statutory compliance nor any guarantee on the future performance of Birla India Opportunities Fund, Birla Gilt Plus Liquid Plan or Birla Income Plus. Ranking Source: ICRA Online
^^CRISIL CPR - Ranking Methodology & Disclaimer:
Birla Income Plus: CRISIL~CPR 2 Open End Debt Scheme, November 2002 - December 2004
CRISIL~CPR 2: The composite performance of Birla Income Plus Plan B is 'Good' in the Open End Debt Category, and ranks within the top 30 % of the 16 schemes ranked in this category. The
criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended December 31, 2004, Average Maturity, Concentration,
Liquidity and Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can
be expected from the scheme in future.
Ranking Source: CRISIL FundServices, CRISIL Limited
Birla Advantage Fund: CRISIL~CPR 2 Open End Equity Scheme, November 2002 - December 2004
CRISIL~CPR 2 ': The composite performance of Birla Advantage Fund is 'Good' performance in the Open End Equity Category, and ranks within the Top 30% of the 42 schemes ranked in this
category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended December 31, 2004, Concentration and
Liquidity of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from
the scheme in future.
Ranking Source: CRISIL FundServices, CRISIL Limited
Methodology of Ranking
30
M A R C H 2 0 0 5
# Value Research RankingsValue Research Fund Ratings are a composite measure of historical risk-adjusted returns. In the case of equity and hybrid funds this rating is based on the weighted average monthly returns for the last 3 and 5-year periods. In the case of debt funds this rating is based on the weighted average weekly returns for the last 18 months and 3-year periods and in case of short-term debt funds - weekly returns for the last 18 months. These ratings do not take into consideration any entry or exit load.Five-stars indicate that a fund is in the top 10 per cent of its category in terms of historical risk-adjusted returns. Four stars indicate that a fund is in the next 22.5 per cent of its category. The number of schemes in each category is mentioned along side the categories name.
The Value Research Ratings are published in Monthly Mutual Fund Performance Report and Mutual Fund Insight. The Ratings are subject to change every month. The Rating is based on primary data provided by respective funds, Value Research does not guarantee the accuracy.Ranking Entity
#CNBC Award Methodology
CNBC TV18 - CRISIL Mutual Fund of the Year Award for Birla Income Plus Plan B and Birla Bond Plus - Retail
Birla Income Plus Plan B was among the 2 schemes that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Open - ended Income Funds Category. In total 13 schemes were eligible for the award universe.Birla Bond Plus - Retail was among the 2 schemes that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Open-ended Income-Short Term Funds Category. In total 14 schemes were eligible for the award universe Schemes present in all four quarter CRISIL CPRs were considered for the award. The awards are based on consistency of schemes' performance in the four quarterly CRISIL CPR rankings released during the calendar year 2004. The individual CRISIL CPR parameter scores averaged for the four quarters and further multiplied by the parameter weight as per the CRISIL CPR methodology to arrive at the final scores. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, Average Maturity, Concentration, Liquidity and Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from the scheme in future. A detailed methodology of the CRISIL CPR is available at www.crisil.com.
Rankings and Award Source: CRISIL FundServices, CRISIL Ltd.
Fund Management RatingsA S&P Rating is its current opinion of a fund's adherence to consistent investment processes combined with the level of volatility adjusted returns. In S&P's opinion, funds which adhere to disciplined processes and exhibit strong management, are more likely, over the long run, to provide consistent, above average volatility adjusted returns, relative to the funds in the same sector. The rating is based on an evaluation of qualitative (management, investment process and organization) and quantitative (historic performance, portfolio construction and volatility) factors which contribute to long term performance. The rating does not address, the market, credit or counter party risk of a fund, nor a fund's suitability as a counter party or obligor.Ratings Definition Funds rated in the AAA to A categories demonstrate to S&P an ability to provide above average volatility, adjusted returns over long term period (relative to funds in the same sector) along with a strong ability to adhere to a consistent investment process. The differentiation in the rating categories is based on quantitative factors along with Standard & Poor's The McGraw-Hill Companies's assessment of the investment process and management.AAA: A fund which demonstrates an extremely strong ability to adhere to consistent investment processes and provides above average volatility adjusters returns relative to funds with similar objectives. AA: The fund demonstrates very high standards of quality in its sector based on its investment process and management's consistency of performance as compared to funds with similar objectives. A: The fund demonstrates a high standard or quality in its sector based on its investment process arid management's consistency of performance as compared with funds with similar objectives NR: Funds designated as NR (not rated) currently do not meet the requisite performance standards and / or the minimum qualitative criteria.
Equity Diversified (62), Equity Tax Planning (19), Hybrid Equity Oriented (25), Hybrid: Monthly Income (15), Debt: Medium-term (35), Gilt: Medium and Long-term (28), Gilt: Short-term (15), Debt: Ultra Short-term (38), Debt: Short-term (19) Hybrid: Debt-oriented (10). These Fund Ratings are as on February 28, 2005.
@@ STANDARD & POOR'S FUND AWARDS 2004 MethodologyFunds must have minimum assets under management of US$4m, as at end of June 2003. The Offshore fund universe for the purposes of these Awards excludes funds that are domiciled in Luxembourg or Ireland. Awards are calculated for 1 and 5 years. There must be a minimum of 10 funds in a sector to qualify for the calculation. For detailed methodology, kindly visit http://www.funds-sp.com
@ICRA - Ranking Methodology & Disclaimer: Birla India Opportunities Fund has been ranked ICRA MFR 1 by ICRA Online in the category 'Open Ended Sectoral Schemes - Technology' for its 3 year performance till December 31, 2004. The rank indicates performance within the top 10% of the stated category, which had a total of 10 similar funds, including this scheme. Birla Income Plus has been ranked ICRA MFR 1 by ICRA Online in the category 'Open Ended Debt Schemes - Long Term' for its 3 year performance till December 31, 2004. The rank indicates performance within the top 10% of the stated category, which had a total of 22 similar funds, including this scheme. Birla Gilt Plus Liquid Plan has been ranked ICRA MFR 1 by ICRA Online in the category 'Open ended Gilt Schemes - Short Term' for its 1 year performance till December 31, 2004. The rank indicates performance within the top 10% of the stated category, which had a total of 12 similar funds, including this scheme. Birla Gilt Plus Liquid Plan has been ranked ICRA MFR 1 by ICRA Online in the category 'Open ended Gilt Schemes - Short Term' for its 3 year performance till December 31, 2004. The rank indicates performance within the top 10% of the stated category, which had a total of 9 similar funds, including this scheme. The ranks are an outcome of an objective and comparative analysis against various performance parameters, including: risk adjusted return; fund size, Sector Concentration, and average maturity. The ranking methodology did not take into account the entry and exit loads imposed by the Fund. The ranks are neither a certificate of statutory compliance nor any guarantee on the future performance of Birla India Opportunities Fund, Birla Gilt Plus Liquid Plan or Birla Income Plus. Ranking Source: ICRA Online
^^CRISIL CPR - Ranking Methodology & Disclaimer:
Birla Income Plus: CRISIL~CPR 2 Open End Debt Scheme, November 2002 - December 2004
CRISIL~CPR 2: The composite performance of Birla Income Plus Plan B is 'Good' in the Open End Debt Category, and ranks within the top 30 % of the 16 schemes ranked in this category. The
criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended December 31, 2004, Average Maturity, Concentration,
Liquidity and Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can
be expected from the scheme in future.
Ranking Source: CRISIL FundServices, CRISIL Limited
Birla Advantage Fund: CRISIL~CPR 2 Open End Equity Scheme, November 2002 - December 2004
CRISIL~CPR 2 ': The composite performance of Birla Advantage Fund is 'Good' performance in the Open End Equity Category, and ranks within the Top 30% of the 42 schemes ranked in this
category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 2-year period ended December 31, 2004, Concentration and
Liquidity of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL CPR is no indication of the performance that can be expected from
the scheme in future.
Ranking Source: CRISIL FundServices, CRISIL Limited
Methodology of Ranking
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The Material provided in the Connect cannot be reproduced or quoted anywhere without express permission from Birla Sun Life Asset Management Company Ltd.
Constitution: Birla Mutual Fund (BMF), has been set up as a trust under the Indian Trust Act, 1882. Sponsors: Sun Life (India) AMC Investments Inc. and Birla Global Finance Ltd. (liability restricted to seed corpus of Rs. 1 lac) Trustee: Birla Sun Life Trustee Co. Pvt. Ltd. Investment Manager: Birla Sun Life Asset Management Company Ltd. Risk Factors: Mutual Funds and securities investments are subject to usual risks associated with capital and money market instruments. There can be no assurance that the funds objectives will be achieved. As with any investment in securities, the NAV of the units issued under the schemes can go up or down depending on the factors and forces affecting the securities markets. Past performance of BMF does not guarantee the future performance of the schemes of BMF and does not form a basis of comparison with other investments. The names of schemes do not in any manner indicate either the quality of the schemes, their future prospects or returns. Scheme Objective: Birla Advantage Fund: An Open-ended Growth Scheme to achieve long-term growth of capital at relatively moderate levels of risk through a diversified research based investment approach. Birla Equity Plan: An Open-ended Equity Linked Savings Scheme to achieve long-term growth of capital along with income tax relief for investment. Birla India Opportunities Fund: An Open-ended Growth Scheme 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. Birla MNC Fund: An Open-ended Growth Scheme to achieve long-term growth of capital at relatively moderate levels of risk by making investments in securities of multi-national companies through a research based investment approach. Birla Midcap Fund: An Open-ended Growth Scheme to achieve long-term growth of capital at controlled level of risk by primarily investing in Midcap stocks. Birla Index Fund: An Open-ended Index-Linked Scheme to generate returns commensurate with the performance of Nifty subject to tracking errors. Birla Dividend Yield Plus: An Open-ended Growth Scheme to provide capital growth and income by investing primarily in a well diversified portfolio of dividend paying companies that have a relatively high dividend yield. Birla Balance: An Open-ended Balanced Scheme with an objective to balance income requirements with long-term growth of capital at relatively moderate levels of risks through a diversified research based investment approach. Birla Bond Index Fund: An Open-ended Income Scheme tracking the CRISIL Composite Bond Fund Index. Birla Income Plus: An Open-ended Income Scheme to generate consistent income through superior yields on its investments at moderate levels of risk through a diversified investment approach. Birla Gilt Plus: An Open-ended Government Securities Scheme to generate income and capital appreciation through investments exclusively in Government Securities. Birla MIP: An Open-ended Fund 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. Birla MIP II: An Open-ended Fund 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. Birla Dynamic Bond Fund: An Open-ended Income Scheme to generate optimal returns with high liquidity through active management of the portfolio by investing in High Quality Debt and Money Market Instruments.Birla Floating Rate Fund: An Open-ended Income Scheme to generate regular income through investment in a portfolio comprising substantially of floating rate debt / money market instruments. Birla Bond Plus: An Open-ended Short Term Income Scheme to generate regular returns through investments in debt and money market securities. Birla Cash Plus: An Open-ended Liquid Scheme to provide reasonable returns at a high level of safety and liquidity through judicious investments in high quality debt and money market instruments. Birla Asset Allocation Fund: An Open-ended Fund of Funds Scheme 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. Birla Fixed Maturity Plan: An open-ended scheme with an objective to generate regular income through investments in a portfolio of fixed income securities normally maturing in line with the time profile of the plan. The fixed maturity plans may not be able to generate similar returns as compared to the debt instruments with similar maturity. India Advantage Fund and Excel India Fund: Funds designed to seek 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. Liquidity: The schemes offer NAVs, subscription and redemptions on all business days. For all schemes please check applicable load structure before investing. For details and scheme specific risk factors read offer documents and refer to your financial advisor before investing.
BIRLA SUN LIFE AMC LTD.: BRANCHES - OFFICIAL POINTS OF ACCEPTANCE OF APPLICATIONS : AHMEDABAD: 079-640 3553 /48; BANGALORE: 080-2238 9991/2/3; CHENNAI: 044- 5204 5003 /2819 1681; KOLKATA: 033-2288 2595/288 2592/94; MUMBAI (Head Office): 022 - 5692 8000; MUMBAI (SALES Office): 022 - 5637 9999; NEW DELHI: 011-2335 8636 -2332 0831/3364; PUNE: 020-56011865 /66 /67; SECUNDARABAD: 040- 2772 1818 /5531 1052/3580. OTHER BRANCHES: BARODA: 0265- 558 2984 / 2986; BHUBANESHWAR: 0674-253 3016/3413 /826/22533 413; CHANDIGARH: 0172-274 9172; COCHIN: 0484-238 3969 /236 6817; COIMBATORE: 0422 - 535 0260 / 64; GOA: 0832 243 7628/29; GUWAHATI: 0361-259 8273 /259 5020; INDORE: 0731-504 6789/0496,253 4502; JAIPUR: 0141-2372935 /2367882; KANPUR: 0512-233 1116 /1121; LUCKNOW: 0522- 229 4110; LUDHIANA: 0161-508 8847/277 1217; PATNA: 0612-220 7022/7023 / 3090873; SURAT: 0261- 558 1707/ 1708. OTHER OFFICIAL POINTS OF ACCEPTANCE OF APPLICATIONS - CAMS: Agra: 0562-252 1812; Ahmedabad: 079 -2642 4940 / 2646 4929; Allahabad: 0532 – 260 1602; Amritsar: 0183 – 221 1194; Bangalore: 080 -2225 9491 / 2220 3157; Belgaum: 0831-2425 305; Bhilai: 0788 -505 0568; Bhopal: 0755 – 528 5266; Bhubaneswar: 0674-253 4909 / 253 5395; Calicut: 0495 - 2723175; Chandigarh: 0172– 2706 651/ 2711 325; Chennai: 044 - 2829 5163 / 2829 1549; Coimbatore: 0422- 252 5353 / 252 0817; Dehradun: 0135 - 271 3233; Durgapur: 0343 -254 8190; Goa: 0832 –242 4527/ 564 1070; Guwahati: 0361-2607771; Hubli: 0836- 2358688; Indore: 0731-252 8609 / 252 9261; Jaipur: 141-222-0948 / 0141-222-0951; Jalandhar: 0181-2456336; Jamnagar: 0288 - 255 8467; Jamshedpur: 0657 – 310 5930; Jodhpur: 0291-309 2892 / 262 8039; Kanpur: 0512-230 6668 / 230 6685; Kochi: 0484– 238 0443; Kolkata: 033- 30582297/85/ 2303; Lucknow: 0522–237309; Ludhiana: 0161-501 7502 / 241 0279; Madurai: 0452 - 2622 682; Mangalore: 0824- 243 6567/ 525 2525; Manipal: 0820 -257 3333; Moradabad: 0591-3092844; Mumbai: 022 - 22702414 / 22702415 / 22702416; Mysore: 0821- 309 1244 / 234 2182; Nagpur: 0712-253 2447/ 253 7321; Nasik: 0253 - 257 7449; New Delhi: 011- 2335 3831/ 2335 3832; Patiala: 0175-2229633 / 3093724; Patna: 0612-2322 206; Pondicherry: 0413 -2220575 / 2335722; Pune: 020 – 2545 9439 / 2545 9440; Raipur: 0771 – 309 0830; Rajahmundry: 02883 - 5565531; Rajkot: 0281- 2241 399; Ranchi: 0651 - 3095122; Salem: 0427-244 6338; Secundarabad: 040 - 5532 1531 / 5532 1532; Siliguri: 0353-2216065; Surat: 0261– 246 4887 / 246 4679; Trichur: 0487-2420646; Trichy: 0431 - 274 1717; Trivandrum: 0471 – 272 4687; Udaipur: 0294 -3091722; Vadodara: 0265- 222 5146 / 236 2412; Valsad: 02632-249 957; Varanasi: 0542–220 8546 / 311 3810; Vijaywada: 0866 – 559 5657; Visakhapatnam: 0891–2598 875 / 2540 175.
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
E-MAIL: [email protected]
WEBSITE: www.birlasunlife.comTOLL FREE NO.: 1-600-22-7000
INCOME FUNDS
• Birla Cash Plus
• Birla Floating Rate Fund
• Birla Income Plus
• Birla Dynamic Bond Fund
• Birla Gilt Plus
• Birla Fixed Maturity Plan
• Birla Bond Index Fund
• Birla Bond Plus
GROWTH FUNDS
• Birla Advantage Fund
• Birla Dividend Yield Plus
• Birla Midcap Fund
• Birla India Opportunities Fund
• Birla MNC Fund • Birla Index Fund
• Birla Equity Plan
FUND OF FUNDS
• Birla Asset Allocation Fund
OFFSHORE FUNDS
• India Advantage Fund
• Excel India Fund
HYBRID FUNDS
An open-ended fund. 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.
• Birla Balance
• Birla MIP
• Birla MIP II
The name inspires trust
For further details on our Fund, please contact our Customers Service Centres at details given below.