march 2005 quarterly communication to unit-holders · pdf filequarterly communication to...

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


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



If you had invested* in BAF...







* Dividend Reinvestment NAVs has been considered for the analysis.


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


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





Fund Manager's Speak - Birla Advantage Fund (BAF)

Nishid Shah

5


! 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^^


^^ 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%


Brewers

Other Equity & PreferenceIndustrial Conglomerates

Hotels


Motorcycle ManufacturersComputer Hardware


Oil & Gas Refining & MarketingConsumer Finance


Fertilizers & Agricultural ChemicalsIntegrated Telecommunication Services


Banks



If you had invested* in BDYP...






* 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


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


Cash & Current Assets 1,528.20 2.38



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


Commodity Chemicals

Other Equity & Preference

Motorcycle Manufacturers

Marine

Industrial MachineryHousehold Products

Oil & Gas Refining & MarketingBanks



If you had invested* in BDYP...







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


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





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


Commodity Chemicals

Other Equity & Preference


Marine

Industrial MachineryHousehold Products

Oil & Gas Refining & MarketingBanks



If you had invested* in BMC...






* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX Midcap would have given a return of 86.17%.

Inception date : October 16, 2002

Birla Midcap FundAn open-ended growth scheme investing primarily in midcap stocks


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





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


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?



If you had invested* in BMC...






* Load has not been taken into consideration. Past performance may or may not be sustained in future. In the same period, a SIP in CNX Midcap would have given a return of 86.17%.


Birla Midcap FundAn open-ended growth scheme investing primarily in midcap stocks





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


Vijaya Bank 136.48 1.06

Indian Overseas Bank 99.33 0.77



Mastek Ltd. 264.14 2.04




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


Construction Materials 4.16

Birla Corporation Ltd. 537.98 4.16






Brewers 3.43

Mcdowell & Company Ltd. 443.48 3.43




Rallis India Ltd. 398.66 3.08




Eicher Motors Ltd. 349.68 2.71

Integrated Telecommunication Services 1.76


Packaged Foods 1.50



Marico Industries Ltd. 188.78 1.46


Trent Ltd 150.79 1.17

Preference Share 0.08





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


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?



If you had invested* in BMNC...


Number of Investment periods (Since takeover) 62




* 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





Pfizer Ltd. 940.41 6.33

Novartis India Ltd. 510.62 3.43

Wyeth Lederle Ltd. 243.01 1.63


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


Glaxo Smithkline Consumer Healthcare Ltd 495.85 3.34




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


Hindustan Lever Ltd. 405.36 2.73

Colgate Palmolive (I) Ltd. 339.38 2.28




Tobacco 4.39

I T C Ltd. 652.45 4.39


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


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


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


Total Net Assets 14867.1 100.00


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


Personal Products

Speciality Chemicals

Fertilizers & Agricultural Chemicals

Tobacco

Auto Parts & Equipment

Household Products

Industrial Machinery



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?



If you had invested* in BMNC...






* 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%.


Birla MNC FundAn open-ended growth scheme investing in multinational companies





Pfizer Ltd. 940.41 6.33






Mphasis BFL Ltd. 420.66 2.83

Packaged Foods 8.72


Glaxo Smithkline Consumer Healthcare Ltd 495.85 3.34




ABB Ltd. 850.24 5.72



Vesuvius India Ltd. 293.37 1.97


Hindustan Lever Ltd. 405.36 2.73

Colgate Palmolive (I) Ltd. 339.38 2.28




Tobacco 4.39

I T C Ltd. 652.45 4.39


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


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


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




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%



Personal Products

Speciality Chemicals


Tobacco


Household Products




Others Equities

Packaged Foods


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?



If you had invested* in BIOF...








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



Infosys Technologies Ltd. 647.36 6.70


Tata Consultancy Services Ltd. 420.61 4.36




Mastek Ltd. 192.53 1.99

Datamatics Technologies Ltd. 86.65 0.90


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



CMC Ltd. 592.54 6.14

HCL Infosystems Ltd. 468.80 4.85



Bharat Forge Ltd. 492.98 5.11




ABB Ltd. 211.92 2.19


United Phosphorous Ltd. 676.27 7.00


Sundaram Fasteners Ltd. 495.81 5.13


Bharat Electronics Ltd. 434.80 4.50

Textiles 3.93

Himatsingka Seide Ltd. 379.38 3.93



Paper Packaging 3.64

Essel Propack Ltd. 351.93 3.64




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)


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%


Paper Packaging

Publishing and Printing

Textiles






Computer Hardware

Pharmaceuticals




If you had invested* in BIOF...








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









Mastek Ltd. 192.53 1.99

Datamatics Technologies Ltd. 86.65 0.90


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



CMC Ltd. 592.54 6.14

HCL Infosystems Ltd. 468.80 4.85



Bharat Forge Ltd. 492.98 5.11




ABB Ltd. 211.92 2.19


United Phosphorous Ltd. 676.27 7.00


Sundaram Fasteners Ltd. 495.81 5.13


Bharat Electronics Ltd. 434.80 4.50

Textiles 3.93

Himatsingka Seide Ltd. 379.38 3.93



Paper Packaging 3.64

Essel Propack Ltd. 351.93 3.64




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)


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%


Paper Packaging


Textiles






Computer Hardware

Pharmaceuticals




If you had invested* in BIF...




Value of Investment (As of February 28, 2005) 44.066


* 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



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%


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




If you had invested* in BIF...




Value of Investment (As of February 28, 2005) 44.066


* 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


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


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



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%


Electric Utilities

Consumer Finance

Gas Utilities

Motorcycle ManufacturersAluminium


Heavy Electrical EquipmentTobacco

Household Products


Pharmaceuticals

Steel


Others Equities

Commodity ChemicalsBanks

Oil & Gas Exploration


Did you know that their is no entry or exit load

in Birla Index Fund?



If you had invested* in BEP...







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


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)


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


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




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%




Brewers


Steel


Packaged Foods


Other Equity


Computer Hardware


Hotels

Pharmaceuticals

Banks



If you had invested* in BEP...







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


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)


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


IT Consulting & Services 4.66Geometric Software Solutions Co. Ltd. 172.26 3.75


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



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




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%




Brewers


Steel


Packaged Foods


Other Equity


Computer Hardware


Hotels

Pharmaceuticals

Banks



If you had invested* in Birla Balance...






* Load has not been taken into consideration. Past performance may or may not be sustained in future. Benchmark return since inception not available.


Birla BalanceAn open-ended balanced fund investing in a mix of Debt and Equity


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


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



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



9,974.13 64.91


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



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


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


Computer Hardware

Industrial Conglomerates




Other Equities & Preference Shares

Hotels




Pharmaceuticals

Banks

Cash, Debt and Other Current Assets



If you had invested* in Birla Balance...






* Load has not been taken into consideration. Past performance may or may not be sustained in future. Benchmark return since inception not available.


Birla BalanceAn open-ended balanced fund investing in a mix of Debt and Equity


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


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



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



9,974.13 64.91


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




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


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


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


Computer Hardware

Industrial Conglomerates




Other Equities & Preference Shares

Hotels




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 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


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%


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


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


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



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


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


Net Assets 55,919.78 100.00



Fund Managers' Speak - Birla MIP


! 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


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


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%


Government Securities

Equity Investment

PSU/FI Bonds/Banks

Securitised Debt

Corporate Debt


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


! 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.



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


ICICI Bank Ltd. 488.41 22.16 A1+

488.41 22.16


Listed/ Awaiting listing on stock exchange


State Bank of India 7.27 0.33

Indian Hotels Ltd. 7.25 0.33



Pfizer Ltd. 5.96 0.27


Grasim Industries Ltd. 5.72 0.26




Canara Bank 4.06 0.18


Punjab National Bank 2.84 0.13

Kochi Refineries Ltd 2.70 0.12

85.27 3.87


**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%


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%


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%


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


! 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.




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+


Small Industries Development Bank Of India 199.65 9.06 AAA

1,019.83 46.26


ICICI Bank Ltd. 488.41 22.16 A1+

488.41 22.16


Listed/ Awaiting listing on stock exchange


State Bank of India 7.27 0.33

Indian Hotels Ltd. 7.25 0.33



Pfizer Ltd. 5.96 0.27


Grasim Industries Ltd. 5.72 0.26




Canara Bank 4.06 0.18


Punjab National Bank 2.84 0.13

Kochi Refineries Ltd 2.70 0.12

85.27 3.87


**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%


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%


3.87%Equity Invesment

12.58%1 to 3 years



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


! 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.




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


**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


15.04%1 to 3 years


20.52%Equity Investment & Equity Related


8.65%

15.06%

20.52%

55.76%

0.00% 20.0% 40.0% 60.0%

Sovereign



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



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


! 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.




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


**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


15.04%1 to 3 years


20.52%Equity Investment & Equity Related


8.65%

15.06%

20.52%

55.76%

0.00% 20.0% 40.0% 60.0%

Sovereign



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%


Government Bonds



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.



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


**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)


^^ for methodology please refer page 30. @ for methodology please refer page 30.

As on 28-Feb-2005

CRISIL~CPR 2 Open Ended Debt Category^^


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


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


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


PSU/FI Bonds/Banks


Government Bonds

Corporate Debt

CNBC-TV 18- CRISIL MUTUAL FUND OF THE YEAR Awards^

Open-ended Income Fund


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.



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


**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)


^^ for methodology please refer page 30. @ for methodology please refer page 30.

As on 28-Feb-2005

CRISIL~CPR 2 Open Ended Debt Category^^


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


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


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


PSU/FI Bonds/Banks


Government Bonds

Corporate Debt


Open-ended Income Fund


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.



Liquid Plan

Government BondsGovt Bond 11.25%2005 40.80 2.77 Sovereign

40.80 2.77


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


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


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)



Short Term (3 year)


@ 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


M A R C H 2 0 0 5


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


5.23%

94.77%

0.00% 20.00% 40.00% 60.00% 80.00% 100.00%


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.



Liquid Plan

Government BondsGovt Bond 11.25%2005 40.80 2.77 Sovereign

40.80 2.77


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


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


Net Assets 1,473.31 100.00

Net Assets 20,701.85 100.00

Net Assets 14,398.04 100.00

17


Short Term (1 year)



Short Term (3 year)


@ 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


M A R C H 2 0 0 5


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


5.23%

94.77%

0.00% 20.00% 40.00% 60.00% 80.00% 100.00%


Government Bonds

Birla Dynamic Bond FundAn open-ended income scheme



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


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.



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


**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



Asset Allocation

Maturity Profile

0.00% 20.00% 40.00% 60.00%

14.32%Above 1 year

32.07%3 mths to 6 months


19.84%

26.54%

53.62%

0.00% 20.00% 40.00% 60.00%

AAA

P1+


Rating Profile

Rating Profile

14.82%

19.13%

31.86%

34.19%

0.00% 10.00% 20.00% 30.00% 40.00%

AA


Sovereign

AAA

Maturity Profile

13.50%

19.13%

31.86%

35.51%

0.00% 20.00% 40.00%

3 to 5 years


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


Government Bonds

PSU/FI Bonds/Banks

Asset Allocation

Birla Dynamic Bond FundAn open-ended income scheme



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


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.



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



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



Asset Allocation

Maturity Profile

0.00% 20.00% 40.00% 60.00%

14.32%Above 1 year

32.07%3 mths to 6 months


19.84%

26.54%

53.62%

0.00% 20.00% 40.00% 60.00%

AAA

P1+


Rating Profile

Rating Profile

14.82%

19.13%

31.86%

34.19%

0.00% 10.00% 20.00% 30.00% 40.00%

AA


Sovereign

AAA

Maturity Profile

13.50%

19.13%

31.86%

35.51%

0.00% 20.00% 40.00%

3 to 5 years


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


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 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


NOTE: Long Term Interest Rate Swap of notional value of Rs 5 Crores


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%



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+


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


3 mths to 6 months

Above 1 year


Open-ended Income Short Term Fund


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 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


NOTE: Long Term Interest Rate Swap of notional value of Rs 5 Crores


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%



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+


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


3 mths to 6 months

Above 1 year


Open-ended Income Short Term Fund


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.


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



Net Assets 114,880.70 100.00


Birla Floating Rate FundAn open-ended income scheme investing primarily in floating rate debt instruments


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%


**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


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+


20

#**** -Value Research Rating- Birla FRF - Long Term Plan


# 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




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



Asset Allocation


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.


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



Net Assets 114,880.70 100.00


Birla Floating Rate FundAn open-ended income scheme investing primarily in floating rate debt instruments


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%


**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


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+


20

#**** -Value Research Rating- Birla FRF - Long Term Plan


# 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




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



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.



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)


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



Net Assets 341,745.66 100.00


Birla Cash PlusAn open-ended high liquidity fund investingin short term debt and money market instruments


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


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


8,715.16 2.55


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)


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)



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


Mibor Rate Instruments


0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%

2.64%AA+/AA

5.73%Unrated


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.



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)



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



Net Assets 341,745.66 100.00


Birla Cash PlusAn open-ended high liquidity fund investingin short term debt and money market instruments


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+


DCM Shriram Consolidated Ltd. 1,000.00 0.29 A1+


Sterlite Opportunities & Ventures Ltd. 502.06 0.15 AAA(SO)

Kotak Mahindra Investments Ltd. 500.00 0.15 A1+

22,507.75 6.59


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



8,715.16 2.55


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)


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)



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


Mibor Rate Instruments


0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%

2.64%AA+/AA

5.73%Unrated


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.


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



Moderate Plan Market % to Net

Issuer Value Asset








Birla Dividend Yield Plus 38.24 4.84




Conservative Plan Market % to NetIssuer Value Asset








Birla Index Fund 45.72 5.39





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%


Equity Mutual Fund Units

60.00%0.00% 20.00% 40.00% 80.00% 100.00% 120.00%

4.18%

59.07%



13.31%

62.18%

0.00% 20.00% 40.00% 60.00% 80.00% 100.00%


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.


Birla Asset Allocation FundAn open-ended 'Fund of Funds' Scheme

Aggressive Plan Market % to NetIssuer Value Asset








Birla Gilt Plus Inv - Growth 27.29 2.61




Birla Gilt Plus Liquid Plan 0.01 0.00



Moderate Plan Market % to Net

Issuer Value Asset








Birla Dividend Yield Plus 38.24 4.84




Conservative Plan Market % to NetIssuer Value Asset








Birla Index Fund 45.72 5.39





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%



60.00%0.00% 20.00% 40.00% 80.00% 100.00% 120.00%

4.18%

59.07%



13.31%

62.18%

0.00% 20.00% 40.00% 60.00% 80.00% 100.00%




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 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.


! Portfolio continues to remain attractive in terms of valuations and earnings

growth.

23


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


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


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 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.


! Portfolio continues to remain attractive in terms of valuations and earnings

growth.

23


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


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


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


thereafter

For Purchase / Lateral

shifts in of units less than

Rs. 2 Crores in value, an

Entry load of 2.25% is

applicable.


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.




in value, No Entry load is

applicable.

Ni

Birla Dividend Yield Plus

(BDYP)


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


instruments.




funds for a minimum

period of one year

Medium to High

Div idend (Payout &


Dvidend Reinvestment


Trustees

R s . 5 , 0 0 0 / - a n d i n


thereafter

R s . 1 , 0 0 0 / - a n d i n


thereafter


shifts in of units less than

Rs. 2 Crores in value, an

Entry load of 2.25% is

applicable.




and less than Rs. 5 Crores


0.50% is applicable.




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.




funds for a period of

minimum three year

Medium to High

Dividend Payout

Dividend Payout


Trustees

Rs.500/- and in multiples

of of Re. 1/- thereafter


of of Re. 1/- thereafter


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


Instruments including

mibor linked instruments.




funds for a minimum

period of one year

Medium to High

Div idend (Payout &


Growth



Trustees

R s . 5 , 0 0 0 / - a n d i n


thereafter

R s . 1 , 0 0 0 / - a n d i n


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


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.


units equal to or greater than Rs. 2

Crores and less than Rs. 5 Crores in


applicable.



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


investment avenues to invest

surplus funds for a minimum period

of one year

Medium to High


option )

Growth



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


Crores and less than Rs. 5 Crores in


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)


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



Rs.5,000/- and in multiples of

Re. 1/- thereafter


Re. 1/- thereafter

For Purchase/Lateral shifts in

of units less than Rs. 2 Crores


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.


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.





Low to Medium

Aggressive Plan: Dividend

(Payout & Reinvestment option)

& Growth; Moderate Plan:


option) & Growth; Conservative

Plan: Dividend (Payout & Re-

investment option)& Growth




Re. 1/- thereafter


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.





Low to Medium


Reinvestment option)

Growth




Re. 1/- thereafter


Re. 1/- thereafter


of units less than Rs. 2 Crores


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.


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.



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


Re. 1/- thereafter


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)





Low to Medium


Reinvestment option

Growth

Quarterly


Quarterly - Last business day

of March / June / September

December


Re. 1/- thereafter


Re. 1/- thereafter

Nil

Nil

Scheme Summary

Birla Income Plus (BIP)


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.





Low to Medium


Reinvestment option

Growth


Quarterly Dividend - 15th

Mar/15th June/15th Sep &

15th Dec


Re. 1/- thereafter


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


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


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


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




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


Monthly - Last friday of

every month

Dividend and Payment

Plan-Rs.25000/- and in


thereaf ter ; Growth -


of Re. 1/- thereafter

R s . 1 , 0 0 0 / - a n d i n


thereafter

Nil

Savings 5: Nil; Wealth 25: For

Purchase/Lateral Shift in of








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


instruments.




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


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)


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.




funds for a minimum period

of one year

Low to Medium

Dividend (Payout &

Reinvestment option

Growth


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


NIL






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.




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


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


minimum period of one year.

Low to Medium

Short Term Plan: Dividend

Reinvestment & Growth

Long Term Plan: Dividend

Reinvestment & Growth


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:









than Rs. 10 lacs in value, no

exit load is payable.

Scheme Summary


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

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$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

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# 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.


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.


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.


Methodology of Ranking

30

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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]




































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


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

march 2005 quarterly communication to unit-holders · pdf filequarterly communication to...

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