o c t o b e r 2 0 0 8 - aditya birla capital · ... aditya birla nuvo limited and sun life ... tata...

O c t o b e r 2 0 0 8

For further details of Birla Sun Life Commodity Equities Fund refer overleafFor award methodology refer last page

The new Birla Sun Life Commodity Equities Fund (BSL CEF) is your chance to reduce risk

and strengthen your portfolio by diversifying across countries, industries and commodity

based companies.

Diversification is, basically, reducing risk by not putting all your eggs into one basket. The

more you diversify, the more you reduce the chance of any single loss (in a component of

your portfolio) seriously damaging the portfolio as a whole.

Brought to you by

Mutual Fund House

of the Year.

Awarded by

CNBC TV 18 CRISIL

Past performance is no guarantee of future results.

For ranking methodology, see last page

Statutory Details: Constitution: Birla Sun Life Mutual Fund (BSLMF) has been set up as a Trust under the Indian Trust Act, 1882. Sponsors: Aditya Birla Nuvo Limited and Sun Life (India) AMC Investments Inc. (liability restricted to seed corpus of Rs. 1 Lac). Trustee: Birla Sun Life Trustee Company Pvt. Ltd. Investment Manager: Birla Sun Life Asset Management Company Ltd. Birla Sun Life Commodity Equities Fund: Scheme Classification & Objective: (An Open Ended Growth Scheme) with the objective to offer long term growth of capital, by investing in (1) stocks of commodity companies, i.e., companies engaged in or focusing on the specified commodity business and / or (2) overseas mutual fund scheme(s), that have similar investment objectives. These securities could be issued in India or overseas. Load Structure: Entry Load (Including SIP) : (For Purchase / Switch-in of units of) less than Rs. 3 crores : 2.50%, Rs. 3 crores and above but less than Rs. 5 crores : 1%, Rs. 5 crores and above: Nil. For Direct applicatio : Nil. Exit Load (Including SIP): (For Repurchase / Switch out of Units of) less than Rs. 5 crores in value: 1.00% if Redeemed / Switched out within 1 year from the date of allotment, equal to or greater than Rs. 5 crores in value: Nil. Asset Allocation and Investment Pattern: Equities and Equity Linked Instruments: 80% - 100%, Overseas securities: 65% - 100%, Indian securities: 0% - 35%, Overseas Equity Mutual Funds: 0% - 35%, Debt Securities and Money market instruments: 0% - 20%. Minimum Application Amount: Retail Plan: Rs. 5,000/- and in multiples of Re. 1/- thereafter, Institutional Plan: Rs. 5,00,00,000/ and in multiples of Re. 1/- thereafter. Risk Factors: Mutual Funds and securities investments are subject to market risks and there can be no assurance or guarantee that the objectives of the Schemes will be achieved. As with any investment in securities, the NAV of the Units issued under the Schemes may go up or down depending on the various factors and forces affecting capital markets and money marke . Past performance of the Sponsors / Investment Manager / Mutual Fund does not indicate the future performance of the Schemes and may not necessarily provide a basis of comparison with other investments. The name of the Scheme (and various plans under it) does not, in any manner, indicate either the quality of the Schemes or their future prospects or returns. Since the scheme will invest in specified commodity companies or units of mutual funds that invest in commodity companies, the risk pertaining to each of the commodities will also be applicable to the Scheme. Unitholders in the schemes are not being offered any guaranteed / assured returns. Please refer to the Scheme Information Document(s) for scheme specific risk factors. Investors should carefully read the Statement Of Additional Information / Scheme Information Document / Key Information Memorandum available at Investor Service Centres and with Distributors before investing.

1. Diversify globally

Until recently, Indian investors were confined to options within India. BSL CEF lets you strengthen your portfolio from opportunities across the world. This shields your wealth, because risks in one area can be made up by gains in others.

You would have invested in assets like Equity, Debt, Bonds, and so on. However, exposure to commodities - via commodity companies - as an investment avenue is limited for most Indian investors. They are an attractive alternative too: Demand is ever increasing; supply is limited; and commodity prices, far more often than not, are rising. Companies dealing in fertilizers, water treatment, oil extraction, mining, alternative energy, and the like, should do better and better as the related commodities become scarcer.

Within commodities, there are investment options like food grains, precious metals, energy, water, etc. Through the BSL CEF – Global Multi Commodity Plan option, you can spread your investment across companies that deal in all these commodities.

2. Diversify into an alternate asset class

3. Diversification within commodities

How BSL CEF diversifies to reduce risk and improve returns

3 Plans to choose from:

Plan name Investments in companies that have business exposure to...

Global Multi Commodity Plan energy, water, precious metals, agriculture related businesses

Global Precious Metals Plan precious metals like gold, silver, platinum

Global Agri Plan agriculture related businesses

No time to lose – NFO closes October 14, 2008.

Market OutlookO c t o b e r 2 0 0 8

EQUITY MARKET

DEBT MARKET

Our Investment Team (In alphabetical order): As on 30th September, 2008

A. Balasubramanian

Achala Kanitkar

Ajay Argal

Chief Investment Officer

Research Analyst - Equity

Co - Head Equity

Fund Manager - Equity


Ajay Garg

Ankit Sancheti

Atul Penkar

Hemang Dagli

Hina Sampat

Lokesh Mallya

Mahesh Patil


Sr. Dealer - Equity & Deri. Specialist

Executive - Knowledge Management

Credit Analyst-Fixed Income

Co - Head Equity

Maneesh Dangi

Paresh Khandelwal

Prasad Dhonde

Sanjay Chawla

Co - Head Fixed Income

Equity Analyst

Fund Manager - Debt


Satyabrata Mohanty

Sujit Patki

Sunaina da Cunha

Vineet Maloo

Co - Head Fixed Income

Dealer-Equity

Fund Manager - Debt


Indian markets fared well relatively, outperforming most of the peers except Korea,China and Malaysia. The MSCI emerging markets ended lower by 19.01%whereas MSCI India was down 17.41% for the month. The fall in Sensex and Niftywas lesser at 11.7% and 10.1% respectively as the US Dollar appreciated againstthe Rupee by 6.9% over the period.

Equity markets have been extremely volatile in past few months on account of amajor crisis in the US financial system. Lehman Bros, a 150-year old organizationwas forced to file for bankruptcy, as it was unable to secure capital. Just before this,US Fed had bailed out Freddie Mae and Fannie Mae, the two largest Mortgagefinance firms in US.

Post Lehman’s collapse, fear has set in global market as to the survival of otherleading global investment firms. US Fed has also bailed out AIG, the largestinsurance firm, by injecting USD 85 billion into the company, effectively taking overthe beleaguered insurer. The bail out would essentially avoid any ripple effect inrest of the global financial market.

There have been expectations, given the crisis in the financial sector in US, thatsome more consolidation would happen between investment bankers like MorganStanley and Goldman Sachs and deposit taking banks of the world. One has tokeep a close watch, as events are unfolding at an unprecedented scale and pace.

These events have created huge pressure on equity market across the globe.Some of these global investment firms operate in markets through leveraged fundsand have been forced to unwind their positions. Indian markets have also beenaffected by this phenomenon as these firms have significant exposures eitherdirectly in their own account or on behalf of their clients through Participatory Note.

During this period of turmoil, there has been flight to quality through investment in

Bond market

Indian Economy

Bonds continued under pressure from tight liquidity conditions that aggravatedduring the month of September resulting into choppy trades throughout. Over themonth however, bonds finished with gains backed by easing pressure frominflation. In addition, flight to safer assets also helped in bringing down the yields onG-secs. The 10-year benchmark ended at 8.57% from the previous month’s 8.69%but up from a 8.09% low.

Annual WPI inflation rate held steady above 12% y-o-y, but showed signs ofmoderating. Bonds however reversed from the month’s high after the RBIannounced measures to ease the liquidity crunch. RBI supported the liquidity byopening a second LAF window and allowed banks to borrow against upto 1% of thesecurities held for SLR purposes.

The market meanwhile failed to recover from the liquidity crunch that worsened dueto the advance tax outflows and bond auctions. Additionally, absorption of rupeesthrough the currency market to support the rupee exchange rate also sucked largeamount of cash from the system. Call rates escalated to above 15%.

Corporate bond activity was subdued amidst cash deficit and in absence of anypositive triggers. The 5-year AAA yield rose to 11.09% from 11.06% and its creditspread widened to 233 bps from 201 bps.

Industrial output growth in July was 7.1% y-o-y, above the previous month’s 5.4%.Growth was slightly above forecast but still lower than the double-digit growth ratesseen last year.

Sovereign bonds. Government bonds across the globe have rallied significantlyjust in a matter of few weeks by more than 60 bps. In India too, a similar situationwas witnessed wherein 10 year bond yields have fallen to close to 8% from 9% fewweeks back. The rally in Government bonds has resulted in widening of spreadfor corporate bonds due to reduced availability of funds to this segment.

While the domestic equity markets have been under pressure, over the sameperiod Government bonds have rallied significantly. Money market yields haveremained tight due to out flow of dollars, which resulted in significant depreciationof rupee against the US dollar.

RBI has taken specific measures to ensure sufficient liquidity in the system. Thecentral bank has now allowed liquidity to Banks against 1% SLR holding. RBI hasalso eased FCNR restrictions to attract more dollars into the country. In our view,this move is very timely in ensuring Indian financial system is not affected by theglobal crisis.

The overall leverage of Indian Non-Banking Financial Companies (NBFCs) is ofthe order of 5 times as against 20-50x for global financial firms. This disciplinedleveraging and strong balance sheets have stood us in good stead in thesechallenging times. The Banking system is also adequately capitalized and it isbound by strict statutory reserves requirements.

The current US crisis could continue to post threat for global growth, credit deliveryand sentiment and wait until perhaps some more major firms get consolidated asthe market punish their stock prices. In India also equity market could remainvolatile amidst lack of risk appetite from overseas investors in the near term. Asinflation eases in the next 3 – 6 it is likely to kickstart a monetary easing cycle whichalong with the ensuing result season would provide a firmer direction to the equitymarkets.

Fiscal deficit during April to August stood at 1.17 trillion rupees or 87.7% of theannual target. The current account deficit widened to $10.72 billion in the April-June quarter. The BOP surplus in the April-June quarter was $2.24 billion, downsharply from a surplus of $24.09 billion in January-March.

Deep-rooted sub-prime-related problems were brought back into the spotlightafter credit woes resurfaced and several major US institutions went under orreceived support in the form of acquisitions or government cash infusion. Towardsthe later part of the month, similar news emanated from Europe as well.Meanwhile, central banks globally continued to kick-start circulation of cash in thebanking system by injected massive amounts of liquidity. In the US, the Treasuryand the Senate drew $700 billion bailout solution for the debilitated US financialindustry.

Bond markets are expected to stay weak as outlook over liquidity remains poor.Going forward, there will be further liquidity tightness owing to the currencyleakage in festive season. The market would keenly look for fresh triggers inaddition to the inflation front. Markets expect the inflation rate to stay above 10%for the coming months due to the statistical base effect and the higher prices ofmanufactured products. RBI may take further actions to ease the ongoing liquiditycrunch in the market. The flight to safety would continue, in turn, bringing down theyields on the G-secs.

Global Markets

Outlook for bond markets:

03

As on September 30, 2008

Birla Sun Life Equity Fund

Investment Performance

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

Portfolio

Money Market Instruments 14.69

Banks 10.93

A

Telecom-Services 7.70

Industrial Capital Goods 7.64

Petroleum Products 6.76

Power 6.34

ICICI Bank Ltd. 12.84

Tata Sons Ltd. 1.85

xis Bank Ltd. 2.97

HDFC Bank Ltd. 2.77


Indian Bank 1.19

Punjab National Bank 0.87

Bank of India 0.67

Bharti Airtel Ltd. 6.15

Reliance Communications Ltd. 1.56

Bharat Heavy Electricals Ltd. 3.04

Crompton Greaves Ltd. 2.14

Thermax Ltd. 1.36

Bharat Bijlee Ltd. 1.10

Reliance Industries Ltd. 6.76

CESC Ltd. 1.43

Reliance Infrastructure Ltd. 1.42

Tata Power Company Ltd. 1.34

GVK Power & Infrastructure Ltd. 1.10

KEC International Ltd. 1.05

Infosys Technologies Ltd. 2.69

Satyam Computer Services Ltd. 2.10

Megasoft Ltd. 0.98

ITC Ltd. 3.63

Hindustan Unilever Ltd. 1.70

Jaiprakash Associates Ltd. 1.84

Larsen & Toubro Ltd. 1.82

IVRCL Infrastructures & Projects Ltd. 1.19

Gammon India Ltd. 0.36

Oil & Natural Gas Corporation Ltd. 3.69

Housing Development Finance Corporation Ltd. 3.28

India Infoline Ltd. 0.38

Balaji Telefilms Ltd. 1.52

Zee Entertainment Enterprises Ltd 0.74

Jagran Prakashan Ltd. 0.64

Software 5.76

Consumer Non Durables 5.33

Construction 5.22

Oil 3.69

Finance 3.66

Media & Entertainment 2.89

Magnasound India Ltd. ** 0.00

Dr. Reddys Laboratories Ltd. 1.13

Sun Pharmaceutical Industries Ltd. 0.65

Wockhardt Ltd. 0.55

Ranbaxy Laboratories Ltd. 0.16

Maestro Mediline Systems Ltd. 0.02

United Breweries Holdings Ltd. 1.90

Aditya Birla Nuvo Ltd. 0.25

Pantaloon Retail (India) Ltd. 1.89

Sterlite Industries (India) Ltd. 1.32

Jindal Steel & Power Ltd. 0.91

Maruti Suzuki India Ltd. 0.58

Pharmaceuticals 2.50

Diversified 2.15

Retailing 1.89

Non - Ferrous Metals 1.32

Ferrous Metals 0.91

Auto 0.58

Cash & Current Assets 10.06

Total Net Asset 100.00

** Represents thinly traded / non traded securities. Total outstanding exposure in derivatives as on September 30, 2008 is Rs. 92.53 Crores (Notional value).

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

in Birla Sun Life Equity Fund...

Systematic Investment Plan (SIP)

Asset Allocation

Date of First Installment : October 1, 1998

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

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

An open-ended growth scheme with theobjective of long term growth of capital,through a portfolio with a target allocation of90% equity and 10% debt and money marketsecurities.

Investment Objective

Date of inception : August 27, 1998

Fund Manager : Mr. Mahesh Patil

NAV Rs.:

Dividend : 54.31

Growth : 168.56

Load Structure :

Entry Load* (For SIP) : Nil

Rs. 5 crores - 1% if redeemed/ switched out within

Rs. 5 crores - Nil

Entry Load*

Exit Load**

Exit Load**

(Except SIP)

(For SIP)

(Except SIP)

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

: Redeemed / switched out within 24months: 2.25%

:12 months

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Benchmark : BSE 200

Investment Style Box

InvestmentPeriod

TotalInvestment

(Rs.)

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

Birla SunLife Equity

Fund

Birla SunLife Equity

Fund

BSE200

BSE200

Value Blend Growth Size

Large

Mid

Small

Investment Style

Since Inception 533394 28.09

Last 5 years 98136 19.77

Last 3 years 34997 -1.83

Last 1 year 8910 43.91

120000 317955 18.52

60000 84140 13.49

36000 35150 -1.55

12000 9027 -42.40 -

Issuer % to NetAssets



Birla Sun Life Equity Fund - Growth BSE 200

% R

etu

rns

(Past performance is no guarantee of future results.) for ranking methodology please refer page 42

*For direct application: Entry Load is Nil. **Exit / Entry Load is NIL for units issued in Bonus & Dividend Reinvestment.

Average AUM : Rs. 1,009.95 Crs.

04

CRISIL~CPR 1^^Birla Sun Life Equity Fund

Consistent CPR Performer - Equity ( Schemes), 524 Yrs ended 30-June-08

O c t o b e r 2 0 0 8

Diversified

Pharmaceuticals

Media & Entertainment

Finance

Oil

Other Equity

Construction

Consumer Non Durables

Software

Power

Petroleum Products

Industrial Capital Goods

Telecom- Services

Cash & Current Assets

Banks

Money Market Instruments

7.70%

14.69%

10.93%

10.06%

7.64%

6.76%

6.34%

5.22%

5.76%

5.33%

4.70%

3.69%

3.66%

2.89%

2.50%

2.15%

-29.64

12.92

32.33 32.26

-26.39

12.30

22.06

17.29

-40

-30

-20

-10

0

10

20

30

40

1 Year

3 Years 5 Years Since Inception

Birla Sun Life Midcap FundAs on September 30, 2008


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

Portfolio



Banks 10.11


Construction 5.54

Marico Ltd. 3.29ITC Ltd. 3.17Shaw Wallace Company Ltd. 2.60Balrampur Chini Mills Ltd. 2.39Asian Paints (India) Ltd. 1.42Colgate-Palmolive (India) Ltd. 1.39

State Bank of Patiala 6.45ICICI Bank Ltd. 6.45

Union Bank of India 2.71Bank of India 2.56Axis Bank Ltd. 2.23Indian Overseas Bank 1.46IDBI Bank Ltd. 1.15

Havells India Ltd. 2.39Thermax Ltd. 2.15Jyoti Structures Ltd. 1.80Bharat Bijlee Ltd. 1.17Crompton Greaves Ltd. 1.10Bharati Shipyard Ltd. 0.84

Simplex Infrastructures Ltd. 2.98


Glenmark Pharmaceuticals Ltd. 3.09Lupin Laboratories Ltd. 2.36

Tata Power Company Ltd. 3.00GVK Power & Infrastructure Ltd. 1.60

Monnet Ispat Ltd. 3.16Welspun Gujarat Stahl Rohren Ltd. 1.31

Sintex Industries Ltd. 3.44Bharat Forge Ltd. 0.91

Tata Chemicals Ltd. 3.51

Solar Explosives Ltd. 3.46

Bharat Petroleum Corporation Ltd. 2.39Hindustan Petroleum Corporation Ltd. 0.54

Tech Mahindra Ltd. 2.16


Power 4.60

Ferrous Metals 4.47

Industrial Products 4.35

Fertilisers 3.51

Chemicals 3.46


Software 2.90

Tata Consultancy Services Ltd. 0.74

Nava Bharat Ventures Ltd. 2.81

Great Eastern Shipping Company Ltd. 2.28


Exide Industries Ltd. 1.54


Blue Star Ltd. 1.41

Century Textile & Industries Ltd. 1.10

Trent Ltd.** 0.14


Transportation 2.28

Diversified 2.03

Auto Ancillaries 1.54


Consumer Durables 1.41

Cement 1.10

Corporate Debt 0.14




in Birla Sun Life Midcap Fund…


Asset Allocation

Date of First Installment - November 1, 2002.



An open-ended growth scheme with theobjective to achieve long-term growth of capitalat controlled level of risk by primarily investingin midcap stocks.


Date of inception : October 3, 2002

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

NAV Rs.:

Dividend : 17.02

Growth : 61.42

Benchmark : CNX Midcap


InvestmentPeriod

TotalInvestment

(Rs.)


Birla SunLife Midcap

Fund

Birla SunLife Midcap

Fund

CNXMidcap

CNXMidcap


Last 5 years 93766 17.90

Last 3 years 34828 -2.14

Last 1 year 8797 -45.35

71000 132570 21.01

60000 82733 12.81

36000 33974 -3.73

12000 8789 -45.45


Large

Mid

Small

Investment Style

Load Structure (Incl. for SIP):

Entry Load*

Exit Load**

: Rs. 5 crores - 2.25%

Rs. 5 crores - Nil

: Rs. 5 crores - 1% if redeemed

/ switched out within

Rs. 5 crores - Nil

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12 months




Birla Sun Life Midcap Fund - Growth CNX Midcap

% R

etu

rns

** Represents thinly traded / non traded securities. Total percentage of thinly/ non traded securities is 0.14%.

Average AUM: Rs. 494.49 Crores

05


O c t o b e r 2 0 0 8

0.14%

2.03%

2.28%

2.81%

2.90%

2.92%

3.28%

3.46%

3.51%

4.35%

4.47%

4.60%

5.45%

5.54%

5.55%

9.45%

10.11%

12.90%

14.26%

Corporate Debt

Diversified

Transportation

Non - Ferrous Metals

Software

Petroleum Products


Chemicals

Fertilisers

Industrial Products

Ferrous Metals

Power

Pharmaceuticals

Construction

Other Equity


Banks



-29.02

12.88

30.28

35.35

-28.58

8.70

24.05

32.62

-40

-30

-20

-10

0

10

20

30

40

1 Year


Birla Sun Life Frontline Equity FundAs on September 30, 2008


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

Portfolio

Banks 12.04





Software 6.55

Axis Bank Ltd. 3.38HDFC Bank Ltd. 2.97ICICI Bank Ltd. 1.89ING Vysya Bank Ltd. 1.87Union Bank of India 1.21Punjab National Bank 0.72

Reliance Industries Ltd. 6.91Indian Oil Corporation Ltd. 1.66Reliance Petroleum Ltd. 1.22


Bharti Airtel Ltd. 6.32Reliance Communications Ltd. 1.20Spice Communications Ltd. 1.11

Crompton Greaves Ltd. 2.32Bharat Heavy Electricals Ltd. 1.90Bharat Electronics Ltd. 1.25Thermax Ltd. 0.74Siemens Ltd. 0.43


Satyam Computer Services Ltd. 1.86Tata Consultancy Services Ltd. 0.99

ITC Ltd. 3.26United Spirits Ltd. 1.70Nestle India Ltd. 1.27

Larsen & Toubro Ltd. 2.06Jaiprakash Associates Ltd. 1.54IVRCL Infrastructures & Projects Ltd. 1.25

Housing Development Finance Corporation Ltd. 2.29Power Finance Corporation Ltd. 1.37Rural Electrification Corporation Ltd. 0.65ICRA Ltd. 0.49


Cipla Ltd. 1.66Dr. Reddys Laboratories Ltd. 1.60

Reliance Infrastructure Ltd. 1.15CESC Ltd. 1.02GVK Power & Infrastructure Ltd. 0.67


Construction 4.84

Finance 4.81

Oil 4.58


Power 3.16


GAIL (India) Ltd. 2.19

Tata Steel Ltd. 1.28Jindal Steel & Power Ltd. 0.72

Television Eighteen India Ltd. 0.93Zee Entertainment Enterprises Ltd 0.56




Hindalco Industries Ltd.- Rights 0.00

Gas 2.19

Ferrous Metals 1.99


Auto 0.99

Cement 0.96

Fertilisers 0.57





in Birla Sun Life Frontline Equity Fund...


Asset Allocation




An open-ended growth scheme with the objectiveof long term growth of capital, through a portfoliowith a target allocation of 100% equity by aimingat being as diversified across various industriesand or sectors as its chosen benchmark index, BSE200.




NAV Rs.:

Dividend : 16.41

Growth : 51.70

Benchmark : BSE 200


InvestmentPeriod

TotalInvestment

(Rs.)


Birla Sun LifeFrontline

Equity Fund

Birla Sun LifeFrontline

Equity Fund

BSE200

BSE200


Large

Mid

Small

Investment Style


Last 5 Years 98855 20.07

Last 3 years 38701 4.76

Last 1 year 9606 -34.75

72000 130834 19.78

60000 84140 13.49

36000 35150 -1.55

12000 9027 -42.40

�� Value Research Rating#

�

Birla Sun Life Frontline Equity FundEquity: Diversified ( Schemes), 5220 Yrs ended 30-Sep-08


Load Structure (Incl. for SIP):Entry Load*

Exit Load**


: Rs. 5 crores - 1% if redeemed/ switched out within

Rs. 5 crores - Nil

�

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12 months




Birla Sun Life Frontline Equity Fund - Growth BSE 200

% R

etu

rns

Total outstanding exposure in derivatives as on September 30, 2008 is Rs. 27.68 Crores (Notional value).

CNBC TV-18 CRISIL AWARD 2007Birla Sun Life Frontline Equity Fund

&&

Category: Large Cap oriented Equity Fund1 yr performance ended 31 Dec, ‘07 Total Schemes in Category = 22

Average AUM: Rs. 412.26 Crores

06


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

Diversified Equity Scheme ( Schemes), 287 Yrs ended 30-June-08

O c t o b e r 2 0 0 8

2.19%

3.16%

3.25%

4.58%

4.81%

4.84%

6.00%

6.23%

6.55%

6.65%

8.62%

9.72%

9.79%

11.56%

12.04%

Gas

Power

Pharmaceuticals

Oil

Finance

Construction

Other Equity


Software


Telecom-Services


Petroleum Products


Banks

-21.11

18.04

27.59

30.96

-26.39

12.30

22.06

26.17

-30

-20

-10

0

10

20

30

40

1 Year


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



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

Portfolio

Banks 12.88

Finance 11.78




ICICI Bank Ltd. 3.14HDFC Bank Ltd. 3.09ING Vysya Bank Ltd. 2.84Axis Bank Ltd. 2.42Kotak Mahindra Bank Ltd. 1.40

Housing Development Finance Corporation Ltd. 3.99ICRA Ltd. 3.42Reliance Capital Ltd. 2.49India Infoline Ltd. 1.88

Bharat Heavy Electricals Ltd. 4.26Honeywell Automation India Ltd. 2.54Crompton Greaves Ltd. 2.16Bharat Bijlee Ltd. 1.34Siemens Ltd. 0.90


ICICI Bank Ltd. 4.53Canara Bank 2.35Punjab National Bank 0.50

Construction 5.73


Power 4.33


Pesticides 3.11

Ferrous Metals 3.04

Auto 2.91




Reliance Infrastructure Ltd. 3.33GVK Power & Infrastructure Ltd. 1.00

Bosch Chassis Systems India Ltd. 2.74MRF Ltd. 1.11

United Phosphorus Ltd. 3.11

Jindal Steel & Power Ltd. 2.06Tata Steel Ltd. 0.99

Maruti Suzuki India Ltd. 1.96Mahindra & Mahindra Ltd. 0.95

Cummins India Ltd. 2.82

Diversified 2.80

Hotels 2.78



Software 2.14


Trading 0.61




Asian Hotels Ltd. 1.61Taj GVK Hotels & Resorts Ltd. 1.17

Shaw Wallace Company Ltd. 1.92Radico Khaitan Ltd. 0.82

Television Eighteen India Ltd. 2.33Magnasound India Ltd. ** 0.00

Infosys Technologies Ltd. 1.51Tata Consultancy Services Ltd. 0.64

Blue Star Ltd. 0.97

Uniphos Enterprises Ltd. 0.61

** Represents thinly traded / non-traded securities.


in Birla Sun Life Tax Relief '96...


Asset Allocation

Date of First Installment : April 1, 1996



An open-ended equity linked savings scheme(ELSS) with the objective of long term growthof capital through a portfolio with a targetallocation of 80% equity, 20% debt and moneymarket securities


Date of inception : March 29, 1996

Fund Manager : Mr. Ajay Garg

NAV Rs.:

Growth* : 7.35

Dividend : 62.50*Introduced with effect from 06/03/08


Exit Load

: Rs. 5 crores - 2.25%

Rs. 5 crores - Nil

: NIL

�

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Benchmark : BSE 200 Average AUM: Rs. 567.06 Crores


InvestmentPeriod

TotalInvestment

(Rs.)


Birla SunLife Tax

Relief '96

Birla SunLife Tax

Relief '96

BSE200

BSE200


Large

Mid

Small

Investment Style


Last 5 years 82379 12.64

Last 3 years 33684 -4.27

Last 1 year 8578 -48.10

150000 450378 16.37

60000 84140 13.49

36000 35150 -1.55

12000 9027 -42.40




Birla Sun Life Tax Relief ‘96 - Dividend BSE 200

Ranked 3rd among Top Performing EquityFunds in the World by Lipper

&

Birla Sun Life Tax Relief '96Equity Funds (6302 funds), 10 yrs ended 31 Dec 07


% R

etu

rns

07

*For direct application: Entry Load is Nil.

O c t o b e r 2 0 0 8

1.58%

2.14%

2.33%

2.74%

2.78%

2.80%

2.82%

2.91%

3.04%

3.11%

3.84%

3.96%

4.33%

4.47%

5.73%

7.39%

8.16%

11.20%

11.78%

12.88%

Other Equity

Software



Hotels

Diversified

Industrial Products

Auto

Ferrous Metals

Pesticides

Auto Ancillaries


Power

Telecom-Services

Construction


Petroleum Products


Finance

Banks

-29.49

13.54

23.68

30.45

-26.39

12.30

22.06

12.78

-40

-30

-20

-10

0

10

20

30

40

1 Year


Birla Sun LifeInfrastructure Fund




Portfolio



Power 10.31

Banks 8.22

State Bank of Patiala 12.92

Canara Bank 3.09



Thermax Ltd. 2.44

Jyoti Structures Ltd. 1.53

Bharat Electronics Ltd. 1.42

Bharati Shipyard Ltd. 1.17

CESC Ltd. 2.41


Power Trading Corporation of India Ltd. 1.66



Kalpataru Power Transmission Ltd. 1.03

Lanco Infratech Ltd. 0.72

Axis Bank Ltd. 3.08


HDFC Bank Ltd. 1.96

South Indian Bank Ltd. 0.95


Construction 6.65

Finance 6.11


Gas 4.48




Jaiprakash Associates Ltd. 1.61

ITD Cementation India Ltd. 0.90

Madhucon Projects Ltd. 0.90



Power Finance Corporation Ltd. 2.04

Octav Investments Ltd. 0.01



Gujarat Gas Company Ltd. 1.84

Sintex Industries Ltd. 1.73

Finolex Cables Ltd. 0.97

Kirloskar Oil Engines Ltd. 0.79

Torrent Cables Ltd. 0.46


in Birla Sun Life Infrastructure Fund...


Asset Allocation




An open-ended growth scheme with the objectiveto providing for medium to long-term capitalappreciation by investing predominantly in adiversified portfolio of equity and equity relatedsecurities of companies that are participating inthe growth and development of Infrastructure inIndia.


Date of inception : March 17, 2006


NAV Rs.:

Growth : 11.01

Dividend : 10.23

Benchmark :S&P CNX NIFTY

Average AUM : Rs. 404.83 Crs


InvestmentPeriod

TotalInvestment

(Rs.)


Birla Sun LifeInfrastructure

Fund

Birla Sun LifeInfrastructure

Fund

S&P CNXNIFTY

S&P CNXNIFTY


Large

Mid

Small

Investment Style

Since Inception 26120 -10.40

Last 1 year 8709 -46.46

30000 28350 -4.33

12000 9479 -36.46




% R

etu

rns

Birla Sun Life Infrastructure Fund - Growth S&P CNX Nifty

Ferrous Metals 3.73

Oil 2.77

Transportation 2.37


Hotels 0.69






Maharashtra Seamless Ltd. 1.52


Gateway Distriparks Ltd. 1.69

Arshiya International Ltd. 0.67

Voltas Ltd. 0.71

Taj GVK Hotels & Resorts Ltd. 0.69


Hindustan Sanitaryware & Industries Ltd. 0.19

Total outstanding exposure in derivatives as on September 30, 2008 is Rs 37.84 Crores (Notional value).

CNBC TV-18 CRISIL AWARD 2007&&

Birla Sun Life Infrastructure Fund – GrowthEmerging Equity Fund of the Year

1 yr performance ended 31 Dec, ‘07. Total Schemes in Category = 14(Past performance is no guarantee of future results.) for ranking methodology please refer page 42

08


Load Structure :



Rs. 5 crores - Nil

Entry Load*

Exit Load**

Exit Load**

(Except SIP)

(For SIP)

(Except SIP)


: Redeemed / switched out within24 months: 2.25%

:12 months

�

�

�

�

CRISIL~CPR 2^^Birla Sun Life Infrastructure Fund

Diversified Equity Scheme 87 Yrs ended 30-June-08( Schemes), 2

O c t o b e r 2 0 0 8

1.83%

2.37%

2.77%

3.73%

3.95%

4.48%

5.49%

6.11%

6.65%

7.15%

8.10%

8.22%

10.31%

12.82%

16.02%

Other Equity

Transportation

Oil

Ferrous Metals

Industrial Products

Gas

Telecom-Services

Finance

Construction

Petroleum Products


Banks

Power



-32.93

3.86

-21.75

7.87

-35

-30

-25

-20

-15

-10

-5

0

5

10

1 Year

Since Inception

Birla Sun Life Basic Industries FundAs on September 30, 2008



Portfolio




Banks 8.70

Ferrous Metals 7.54


Reliance Industries Ltd. 8.12Apar Industries Ltd. 2.70Indian Oil Corporation Ltd. 1.49Bharat Petroleum Corporation Ltd. 1.44Reliance Petroleum Ltd. 0.92

Bharat Heavy Electricals Ltd. 3.06Crompton Greaves Ltd. 2.07Bharati Shipyard Ltd. 1.32Thermax Ltd. 1.21Jyoti Structures Ltd. 1.09Voltamp Transformers Ltd. 0.91Elecon Engineering Ltd. 0.76Bharat Bijlee Ltd. 0.28

ICICI Bank Ltd. 3.21Bank of Baroda 2.97Union Bank of India 1.92Axis Bank Ltd. 0.61


Maharashtra Seamless Ltd. 2.47Jindal Saw Ltd. 1.23Tata Steel Ltd. 0.85Tata Sponge Iron Ltd. 0.38

Housing Development Finance Corporation Ltd. 4.55Infrastructure Development Finance Company Ltd. 1.72

Larsen & Toubro Ltd. 2.19IVRCL Infrastructures & Projects Ltd. 1.91Nagarjuna Construction Company Ltd. 0.74

Sintex Industries Ltd. 3.13TRF Ltd. 0.70Carborundum Universal Ltd. 0.59

Oil & Natural Gas Corporation Ltd. 2.30Cairn India Ltd. 1.58

Chambal Fertilizers & Chemicals Ltd. 1.27Tata Chemicals Ltd. 1.16

Finance 6.27

Construction 4.84


Oil 3.88

Fertilisers 2.43

Power 2.41

Transportation 1.56

Mining 1.47

Paper 1.36








Gujarat NRE Coke Ltd. 1.47

Ballarpur Industries Ltd. 1.36



Mcleod Russel India Ltd. 1.10


in Birla Sun Life Basic Industries Fund...


Asset Allocation

Date of First Installment : March 01, 2000

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

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

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

of return)

A multi-sector open-ended growth scheme withthe objective of long term growth capital,through a portfolio with a target allocation of100% equity, focusing on investing incompanies sensitive to economic cycles andcommodity pricing cycles. The investments willbe in companies which are often referred to ascyclical companies.


Date of inception : January 15, 2000

Fund Manager : Mr. Ankit Sancheti

NAV Rs.:

Dividend : 25.09

Growth : 64.72

Benchmark : BSE 200 Average AUM : Rs. 109.09 Crores


InvestmentPeriod

TotalInvestment

(Rs.)


Birla Sun LifeBasic Indus-

tries Fund

Birla Sun LifeBasic Indus-

tries Fund

BSE200

BSE200


Large

Mid

Small

Investment Style


Last 5 years 84562 13.69

Last 3 years 33917 -3.83

Last 1 year 8710 -46.46

103000 250675 19.98

60000 84140 13.49

36000 35150 -1.55

12000 9027 -42.40




Birla Sun Life Basic Industries - Growth BSE 200

% R

etu

rns

Load Structure (Incl. for SIP)Entry Load*

Exit Load**


:

�

�

� Rs. 5 crores - 1% if redeemed/ switched out within

Rs. 5 crores - Nil12 months

�

for ranking methodology please refer page 42(Past performance is no guarantee of future results.)

09


Total outstanding exposure in derivatives as on September 30, 2008 is Rs.12.59 Crores (Notional value).

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

Diversified Equity Scheme 87 Yrs ended 30-June-08( Schemes), 2

O c t o b e r 2 0 0 8

2.41%

2.43%

3.88%

4.42%

4.84%

6.27%

7.54%

8.00%

8.68%

8.70%

10.68%

14.68%

17.47%

Power

Fertilisers

Oil

Industrial Products

Construction

Finance

Ferrous Metals

Other Equity


Banks


Petroleum Products


-30.07

10.05

25.6023.90

-26.39

12.30

22.06

11.24

-40

-30

-20

-10

0

10

20

30

1 Year


Birla Sun Life India GenNext FundAs on September 30, 2008



Portfolio


Banks 11.23



ITC Ltd. 6.34

Glaxosmithkline Consumer Healthcare Ltd. 5.62

Colgate-Palmolive (India) Ltd. 4.25

Asian Paints (India) Ltd. 4.21

Dabur India Ltd. 3.97

Nestle India Ltd. 3.37

United Spirits Ltd. 1.32

Shaw Wallace Company Ltd. 0.84

Axis Bank Ltd. 4.56

Federal Bank Ltd. 3.23

ING Vysya Bank Ltd. 2.32



Glaxosmithkline Pharmaceuticals Ltd. 2.99

Housing Development Finance Corp. Ltd. 6.88




Educomp Solutions Ltd. 2.14

Everonn Systems India Ltd. 1.22

Core Projects & Technologies Ltd 0.96


Television Eighteen India Ltd. 1.70

Finance 9.44


Software 4.32


ZEE News Ltd. 0.21


Bajaj Electricals Ltd. 3.95

Bajaj Auto Ltd. 2.25


Country Club India Ltd. 0.84


Auto 2.25

Retailing 2.19

Hotels 0.84







in Birla Sun Life India GenNext Fund...


Asset Allocation

Date of First Installment : September 1, 2005



An open-ended growth scheme with the objectiveto target growth of capital by investing inequity/equity related instruments of companiesthat are expected to benefit from the risingconsumption patterns in India, which in turn isgetting fuelled by high disposable incomes of theyoung generation (Generation Next). The scheme

will invest in companies that have the following characteristics: Companies that seekgrowth in revenues arising out of demand from the younger generation (GenNext) fortheir products or services. They should be engaged in manufacturing of products orrendering of services that go directly to the consumer. The products and servicesshould have distinct brand identity, thereby enabling choice.

1.

2.3.

Investment ObjectiveInvestment Style Box

InvestmentPeriod

TotalInvestment

(Rs.)


Birla SunLife IndiaGenNext

Fund

Birla SunLife IndiaGenNext

Fund

S&PCNX NIFTY

S&PCNX NIFTY


Last 1 year 9867 -31.21

37000 38503 2.53

12000 9479 -36.46

Last 3 year 36243 0.4436000 36872 1.56


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

NAV Rs.:

Dividend : 12.60

Growth : 15.22

Benchmark : S&P CNX NIFTY Average AUM : Rs. 98.87 Crores


Large

Mid

Small

Investment Style


Exit Load**



Rs. 5 crores - Nil

�

�

�

�

12 months

Birla Sun Life India GenNext Fund - Growth S&P CNX Nifty

% R

etu

rns

10


O c t o b e r 2 0 0 8

0.84%

2.19%

2.25%

3.95%

4.20%

4.32%

7.01%

8.02%

9.44%

9.61%

11.23%

36.93%

Other Equity

Retailing

Auto

Consumer Durables


Software

Telecom-Services


Finance

Pharmaceuticals

Banks


-22.50

10.89

14.23

-21.75

14.64

17.43

-25

-20

-15

-10

-5

0

5

10

15

20

1 Year

3 Years Since Inception


Birla Sun Life Advantage Fund



Portfolio


Banks 11.14

Software 8.96





Indian Oil Corporation Ltd. 2.64

Bharat Petroleum Corporation Ltd. 1.58

State Bank of India 2.78

HDFC Bank Ltd. 2.69

Axis Bank Ltd. 2.65

Kotak Mahindra Bank Ltd. 1.76


Union Bank of India 0.62







Idea Cellular Ltd. 1.82



ITC Ltd. 2.22

Balrampur Chini Mills Ltd. 1.97

Eveready Industries India Ltd. 0.45

Cipla Ltd. 2.55

Glenmark Pharmaceuticals Ltd. 2.12



Dharti Dredging & Construction Ltd. ** 0.10


Thermax Ltd. 1.37



Hindalco Industries Ltd. 1.26

Hindalco Industries Ltd.- Rights 0.00

Welspun Gujarat Stahl Rohren Ltd. 1.78



Construction 4.73


Finance 3.90


Ferrous Metals 2.93

Cement 2.52

Auto 2.38

Diversified 2.25

Gas 2.04

Power 1.44

Fertilisers 0.71

Heavy Electrical Equipment 0.45



India Cements Ltd 1.50


Hero Honda Motors Ltd. 2.38



Reliance Infrastructure Ltd. 1.44


Emco Ltd. 0.45





in Birla Sun Life Advantage Fund...


Asset Allocation




An open-ended growth scheme with theobjective to achieve long-term growth of capitalat relatively moderate levels of risk through adiversified research based investmentapproach.


Date of inception : February 24, 1995

Fund Manager : Mr. A. Balasubramaniam

NAV Rs.:

Dividend : 71.10

Growth : 104.24

Benchmark : BSE Sensex Average AUM : Rs. 354.93 Crores


InvestmentPeriod

TotalInvestment

(Rs.)


Birla SunLife

AdvantageFund

Birla SunLife

AdvantageFund

BSESensex

BSESensex


Last 5 years 78345 10.61

Last 3 years 31762 -7.97

Last 1 year 8870 -44.42

163000 460977 14.20

60000 88565 15.57

36000 35761 -0.43

12000 9271 -39.22


Large

Mid

Small

Investment Style

Birla Sun Life Advantage Fund - Growth BSE Sensex

% R

etu

rns


Exit Load**


:

�

�



�

11


O c t o b e r 2 0 0 8

2.04%

2.25%

2.38%

2.52%

2.60%

2.93%

3.14%

3.90%

4.66%

4.73%

4.82%

7.68%

7.70%

8.18%

8.96%

9.20%

11.14%

11.18%

Gas

Diversified

Auto

Cement

Other Equity

Ferrous Metals


Finance


Construction

Pharmaceuticals


Telecom-Services


Software


Banks

Petroleum Products

** Represents thinly traded/ non traded securities. Total Percentage of thinly/non traded securities is 0.10%

-31.55

7.62

21.9219.60

-25.44

14.19

23.60

10.14

-40

-30

-20

-10

0

10

20

30

1 Year


Birla Sun Life Tax Plan”An open-ended Equity Linked Savings Scheme (ELSS) with a lock-in of 3 years



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

Portfolio


Banks 8.75





Construction 4.44

Canara Bank 11.02

Federal Bank Ltd. 3.29

HDFC Bank Ltd. 3.22







ABB Ltd. 2.40

Bharat Bijlee Ltd. 1.38

Havells India Ltd. 0.17

ITC Ltd. 4.10

Ruchi Soya Industries Ltd. 1.71


“Name of the scheme has been changed w.e.f. 23/06/08. Erstwhile: Birla Equity Plan

JMC Projects India Ltd. 1.50




Mundra Port and Special Economic Zone Ltd. 3.73





Solar Explosives Ltd. 3.06


Ferrous Metals 4.03

Transportation 3.73

Software 3.66

Oil 3.61

Power 3.56


Chemicals 3.06

Fertilisers 2.97



Retailing 2.61


Diversified 2.43


Auto 1.61

Finance 1.26




Goodyear India Ltd. 2.81


TRF Ltd. 2.53


Zee Entertainment Enterprises Ltd. 1.73


Infrastructure Development Finance Company Ltd. 1.26





in Birla Sun Life Tax Plan…


Asset Allocation

Date of First Installment : March 01,1999



An open-ended Equity Linked Savings Scheme(ELSS) with the objective to achieve long-termgrowth of capital along with income tax relieffor investment.



Fund Manager : Mr. Sanjay Chawla

NAV Rs.:

Dividend : 45.59

Growth* : 9.58

*Introduced with effect from 01/10/06

Load Structure :Entry Load*

Entry Load*Exit Load

(Except SIP)

(For SIP)

(Incl. for SIP)

: Rs. 5 crores - 2.25%

Rs. 5 crores - Nil

: NIL: NIL

�

�

Benchmark : BSE Sensex Average AUM : Rs. 122.28 Crores


InvestmentPeriod

TotalInvestment

(Rs.)


Birla SunLife Tax

Plan

Birla SunLife Tax

Plan

BSESensex

BSESensex


Last 5 years 84274 13.56

Last 3 years 32530 -6.47

Last 1 year 8981 -43.00

115000 279865 17.74

60000 88565 15.57

36000 35761 -0.43

12000 9271 -39.22


Large

Mid

Small

Investment Style

Birla Sun Life Tax Plan - Dividend BSE Sensex

% R

etu

rns

12

*For direct application: Entry Load is Nil.

O c t o b e r 2 0 0 8

2.38%

2.43%

2.53%

2.61%

2.81%

2.89%

2.97%

3.06%

3.21%

3.56%

3.61%

3.66%

3.73%

4.03%

4.44%

4.59%

5.81%

7.06%

7.22%

7.64%

8.75%

11.02%


Diversified

Industrial Products

Retailing

Auto Ancillaries


Fertilisers

Chemicals

Telecom-Services

Power

Oil

Software

Transportation

Ferrous Metals

Construction

Other Equity



Pharmaceuticals

Petroleum Products

Banks


-28.79

8.47

24.3422.42

-25.44

14.19

23.60

15.01

-40

-30

-20

-10

0

10

20

30

1 Year


Birla Sun Life Index FundAs on September 30, 2008

Portfolio


Oil 8.67


Software 7.63

Power 8.53

Banks 7.06

Reliance Industries Ltd. 9.49Reliance Petroleum Ltd. 2.16Bharat Petroleum Corporation Ltd. 0.43

Oil and Natural Gas Corporation Ltd. 7.41Cairn India Ltd. 1.26

Bharti Airtel Ltd. 4.99Reliance Communications Ltd. 2.30Idea Cellular Ltd. 0.66Tata Communications Ltd. 0.45

Infosys Technologies Ltd. 2.68Tata Consultancy Services Ltd. 2.18Wipro Ltd. 1.66Satyam Computer Services Ltd. 0.67HCL Technologies Ltd. 0.43

NTPC Ltd. 4.75Reliance Power Ltd. 1.28Power Grid Corporation of India Ltd 1.21Tata Power Company Ltd. 0.66Reliance Infrastructure Ltd. 0.63


ICICI Bank Ltd. 2.00HDFC Bank Ltd. 1.46Punjab National Bank 0.50

Larsen & Toubro Ltd. 2.39DLF Ltd. 2.02Unitech Ltd. 0.64

Bharat Heavy Electricals Ltd. 2.61Suzlon Energy Ltd. 0.76ABB Ltd. 0.56Siemens Ltd. 0.45

ITC Ltd. 2.37Hindustan Unilever Ltd. 1.85

Steel Authority of India Ltd. 1.77Tata Steel Ltd. 1.05

Sterlite Industries (India) Ltd. 1.02National Aluminium Company Ltd. 0.80Hindalco Industries Ltd. 0.40Hindalco Industries Ltd. - Right Shares 0.00

Maruti Udyog Ltd. 0.67

Construction 5.05



Ferrous Metals 2.81

Non-Ferrous Metals 2.22

Auto 2.11

Hero Honda Motors Ltd. 0.59Tata Motors Ltd. 0.44Mahindra & Mahindra Ltd. 0.42Tata Motors-Ordinary-Rights ** 0.00Tata Motors"A" Ordinary-Rights 0.00


Sun Pharmaceutical Industries Ltd. 1.00Cipla Ltd. 0.60Ranbaxy Laboratories Ltd. 0.31

Grasim Industries Ltd. 0.52Ambuja Cements Ltd. 0.40The Associated Cement Companies Ltd. 0.39

GAIL India Ltd. 1.16


Finance 2.02


Cement 1.31

Gas 1.16







** Represents thinly traded/ non traded securities and illiquid securities. Total outstanding exposure in derivatives as on September 30, 2008 is Rs.5.71 Crores (Notional value).

Asset AllocationInvestment Performance


Birla Sun Life Index Fund - Growth S&P CNX Nifty

% R

etu

rns

An open-ended index-linked growth schemewith the objective to generate returnscommensurate with the performance ofNifty subject to tracking errors.


Date of inception : September 18, 2002


NAV Rs.:

Dividend : 15.20

Growth : 39.29

Load Structure (Incl. for SIP)Entry Load

Exit Load**

: NIL

: �

�

Rs. 5 crores -1% if redeemed/ switched out within

Rs. 5 crores - Nil15 days

Benchmark : S & P CNX Nifty Average AUM : Rs. 31.63 Crores


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

Sun Life Index Fund…



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

InvestmentPeriod

TotalInvestment

(Rs.)


Birla SunLife Index

Fund

Birla SunLife Index

Fund

S&PCNX NIFTY

S&PCNX NIFTY


Last 5 years 85923 14.34

Last 3 years 36272 0.49

Last 1 year 9385 -37.71

72000 132592 20.23

60000 88088 15.35

36000 36873 1.56

12000 9479 -36.46



Large

Mid

Small

Investment Style

13

O c t o b e r 2 0 0 8

2.02%

2.11%

2.22%

2.81%

4.22%

4.39%

4.66%

5.05%

7.06%

7.25%

7.63%

8.41%

8.67%

12.09%

21.42%

Finance

Auto

Non-Ferrous Metals

Ferrous Metals

Consumer Durables


Other Equity

Construction

Banks

Power

Software

Telecom-Services

Oil

Petroleum Products


**Exit / Entry Load is NIL for units issued in Bonus & Dividend Reinvestment.

-23.59

13.95

21.63

25.43

-21.75

14.64

22.55

25.74

-30

-20

-10

0

10

20

30

1 Year


Birla Sun Life New Millennium FundAs on September 30, 2008

A multi-sector open-ended growth scheme withthe objective of long term growth of capital,through a portfolio with a target allocation of100% equity, focusing on investing intechnology and technology dependentcompanies, hardware, peripherals andcomponents, software, telecom, media,internet and e-commerce and other technologyenabled companies.



Fund Manager : Mr. Atul Penkar

NAV Rs.:

Dividend : 11.17

Growth : 14.10


Exit Load**


:

�

�



�

Benchmark : BSE Teck Average AUM : Rs. 67.82 Crores



Large

Mid

Small

Investment Style SIP is a powerful tool that can help you create wealth over time. If you had invested

in Birla Sun Life New Millennium Fund...





InvestmentPeriod

TotalInvestment

(Rs.)


Birla Sun LifeNew Millenn-

ium Fund

Birla Sun LifeNew Millenn-

ium Fund

BSE Teck BSE Teck


Last 5 years 74305 8.49

Last 3 years 29425 -12.67

Last 1 year 8812 -45.17

103000 180282 12.66

60000 73073 7.82

36000 29979 -11.53

12000 9025 -42.43

Portfolio

Software 38.68



3i Infotech Ltd. 3.85

Megasoft Ltd. 3.15

Infotech Enterprises Ltd. 3.13

Core Projects & Technologies Ltd. 2.98

Tanla Solutions Ltd. 2.27


Subex Ltd. 1.64

Oracle Financial Services Software Ltd. 1.43

Tech Mahindra Ltd. 1.23





Idea Cellular Ltd. 4.95

Spice Communications Ltd. 3.70


PVR Ltd. 2.28

ETC Networks Ltd. 1.66




Allied Digital Services Ltd. 6.88

HCL Infosystems Ltd. 0.18

Hardware 7.07







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

Birla Sun Life New Millennium Fund - Growth BSE Teck

% R

etu

rns

14


O c t o b e r 2 0 0 8

7.07%

10.65%

13.23%

30.37%

38.68%

Hardware



Telecom-Services

Software


-32.06

3.95

21.50

4.02

-32.18

6.02

20.46

-40

-30

-20

-10

0

10

20

30

1 Year


Birla Sun Life Top 100 FundAs on September 30, 2008



Portfolio

Banks 11.77




Oil 8.37



Bank of India 3.34

Oriental Bank of Commerce 2.27

Axis Bank Ltd. 2.14

ABN AMRO Bank 6.58

Canara Bank 4.24

ITC Ltd. 4.42




Reliance Petroleum Ltd. 1.44


Cairn India Ltd. 2.07












Bosch Limited. 2.64

Software 8.04



Finance 4.53

Gas 2.74


Auto 2.19

Transportation 1.33

Power 1.24

Fertilisers 1.14

Construction 1.12

Ferrous Metals 1.04






CESC Ltd. 1.24









in Birla Sun Life Top 100 Fund...


Asset Allocation

Date of First Installment : November 1, 2005



An open-ended growth scheme with theobjective to provide medium to longtermcap i t a l app rec i a t i on , by inves t i ngpredominantly in a diversified portfolio ofequity and equity related securities of top 100companies as measured by marketcapitalization.



Fund Manager : Mr. Ajay Argal

NAV Rs.:

Dividend : 11.67

Growth : 14.23

Benchmark : S & P CNX Nifty Average AUM : Rs. 312.21 Crores


InvestmentPeriod

TotalInvestment

(Rs.)


Birla SunLife Top

100 Fund

Birla SunLife Top

100 Fund

S&PCNX NIFTY

S&PCNX NIFTY

Since Inception 32740 -4.41

Last 1 year 9420 -37.25

35000 35382 0.73

12000 9479 -36.46


Large

Mid

Small

Investment Style


Exit Load**



Rs. 5 crores - Nil

�

�

�

�

12 months

Birla Sun Life Top 100 Fund - Growth S&P CNX Nifty

% R

etu

rns

15


O c t o b e r 2 0 0 8

0.84%

1.04%

1.12%

1.14%

1.24%

1.33%

2.19%

2.64%

2.74%

4.53%

4.66%

4.71%

6.34%

8.04%

8.34%

8.37%

8.50%

9.64%

10.82%

11.77%


Ferrous Metals

Construction

Fertilisers

Power

Transportation

Auto

Auto Ancillaries

Gas

Finance


Pharmaceuticals


Software

Telecom-Services

Oil

Petroleum Products



Banks

-26.16

12.77

-21.75

18.28

-30

-25

-20

-15

-10

-5

0

5

10

15

20

25

1 Year

Since Inception

Birla Sun Life Buy India FundAs on September 30, 2008



Birla Sun Life Buy India Fund - Growth BSE 200

% R

etu

rns

Portfolio



Finance 9.39

Tata Tea Ltd. 4.02


E.I.D. Parry (India) Ltd. 3.68


ITC Ltd. 3.29

Radico Khaitan Ltd 2.20

Marico Ltd. 2.04



Aventis Pharma Ltd. 3.30

Pfizer Ltd. 0.92


Reliance Capital Ltd. 3.60



Pesticides 7.86

Banks 7.24

Auto 6.41

Hotels 6.23

UTV Software Communications Ltd. 5.00

PVR Ltd. 2.25

Television Eighteen India Ltd. 2.12


Rallis India Ltd. 7.86


Axis Bank Ltd. 2.27

Kotak Mahindra Bank Ltd. 1.98



Asian Hotels Ltd. 2.76



Indraprastha Gas Ltd. 3.77


Trent Ltd. - Warrants ** 0.29


Gas 3.77

Diversified 2.12

Retailing 0.29






A multi-sector open-ended growth scheme withthe objective of long term growth of capital,through a portfolio with a target allocation of100% equity, focusing on investing inbusinesses that are driven by India's largepopulation and inherent consumption patterns.The focus of the scheme will be in the consumerand healthcare sectors.




NAV Rs.:

Dividend : 17.06

Growth : 24.29


Exit Load**


:

�

�



�

Benchmark : BSE 200 Average AUM : Rs. 45.54 Crores



Large

Mid

Small

Investment Style SIP is a powerful tool that can help you create wealth over time. If you had invested

in Birla Sun Life Buy India Fund...





InvestmentPeriod

TotalInvestment

(Rs.)


Birla Sun LifeBuy India

Fund

Birla Sun LifeBuy India

Fund

BSE 200 BSE 200


Last 5 years 89645 16.07

Last 3 years 33523 -4.58

Last 1 year

103000 250675 19.98

60000 84140 13.49

36000 35150 -1.55

12000 9027 -42.409879 -31.03

16


O c t o b e r 2 0 0 8

0.29%

2.12%

3.18%

3.77%

4.07%

6.23%

6.41%

7.24%

7.86%

9.36%

9.39%

17.64%

22.43%

Other Equity

Diversified


Gas

Telecom-Services

Hotels

Auto

Banks

Pesticides


Finance

Pharmaceuticals



-21.11

5.74

29.31

10.72

-26.39

12.30

22.06

11.24

-30

-20

-10

0

10

20

30

40

1 Year


Birla Sun Life MNC FundAs on September 30, 2008



Portfolio






ITC Ltd. 4.39

Kansai Nerolac Paints Ltd. 2.48


Pfizer Ltd. 5.40


Fulford (India) Ltd. 3.41

Wyeth Ltd. 2.66

Areva T&D India Ltd. 3.88

ABB Ltd. 3.06

Honeywell Automation India Ltd. 2.74

Alstom Projects India Ltd. 2.15

Siemens Ltd. 1.89

Finance 10.43

Banks 8.53



Gas 4.69

CRISIL Ltd. 6.69

ICRA Ltd. 3.74

ING Vysya Bank Ltd. 5.14

Yes Bank Ltd. 3.38

Cummins India Ltd. 5.55

Fag Bearings India Ltd. 0.97


Gujarat Gas Co. Ltd. 4.69


Auto 3.21

Ferrous Metals 2.78

Construction 1.54



Bosch Chassis Systems India Ltd. 1.37

WABCO-TVS (India) Ltd. ** 1.26

Sundaram-Clayton Ltd. 0.99

Federal Mogul Goetze (India) Ltd. 0.78


Sesa Goa Ltd. 2.78



in Birla Sun Life MNC Fund…


Asset Allocation

Date of First Installment : January 01, 2000



An open-ended growth scheme with theobjective to achieve long-term growth of capitalat relatively moderate levels of risk by makinginvestments in securities of multi-nationalcompanies through a research basedinvestment approach.


Date of inception : December 27, 1999

Fund Manager : Mr. A. Balasubramaniam

NAV Rs.:

Dividend : 51.86

Growth : 103.46

Benchmark : S & P CNX MNC Average AUM : Rs. 133.62 Crores


InvestmentPeriod

TotalInvestment

(Rs.)


Birla SunLife MNC

Fund

Birla SunLife MNC

Fund

S&PCNX MNC

S&PCNX MNC


Last 5 years 75652 9.21

Last 3 years 32374

Last 1 year 9964 -29.87

105000 181625 12.15

60000 78338 10.61

36000 33556 -4.51 -6.78

12000 10090 -28.11


Large

Mid

Small

Investment Style




Birla Sun Life MNC Fund - Growth S&P CNX MNC

% R

etu

rns


Exit Load**

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

:�

� Rs. 5 crores - 1% if redeemed/ switched out within 12 months

Rs. 5 crores - Nil�

17


O c t o b e r 2 0 0 8

1.54%

2.78%

3.21%

4.39%

4.69%

5.01%

5.51%

6.52%

8.53%

10.43%

13.72%

15.61%

18.06%

Other Equity

Ferrous Metals

Auto

Auto Ancillaries

Gas


Telecom-Services

Industrial Products

Banks

Finance


Pharmaceuticals



-23.20

5.80

20.72

12.12

-21.75

14.64

22.55

12.18

-30

-20

-10

0

10

20

30

1 Year


Birla Sun Life India Opportunities FundAs on September 30, 2008



Portfolio

Software 24.83



Construction 6.18



3i Infotech Ltd. 3.06

Tanla Solutions Ltd. 2.85

Infotech Enterprises Ltd. 2.56


Oracle Financial Services Software Ltd. 0.91


Honeywell Automation India Ltd. 4.02

AIA Engineering Ltd. 2.46




Punj Lloyd Ltd. 2.34

Victory Projects Ltd 0.52

CRISIL Ltd. 4.28






Shree Ganesh Forgings Ltd. 0.45

Hanung Toys & Textiles Ltd. 2.54

Allied Digital Services Ltd. 2.41

Finance 4.28





Hardware 2.41



Fertilisers 1.46

Textile Products 0.75

Ferrous Metals 0.61



Voltas Ltd. 2.32



Raymond Ltd. 0.75






in Birla Sun Life India Opportunities Fund...


Asset Allocation

Date of First Installment : January 01, 2000



An open-ended growth scheme with theobjective to achieve superior long-term growthof capital by investing in shares of companiesthat do one or more of the following: LeverageIndia's intellectual capital for providingservices, research and creative inputs; Seek touse current and impending changes in patent

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


Date of inception : December 27, 1999

Fund Manager : Mr. Atul Penkar

NAV Rs.:

Dividend : 14.85

Growth : 34.58

Benchmark : S & P CNX 500 Average AUM : Rs. 48.78 Crores


InvestmentPeriod

TotalInvestment

(Rs.)


Birla Sun LifeIndia

OpportunitiesFund

Birla Sun LifeIndia

OpportunitiesFund

S&PCNX 500

S&PCNX 500


Last 5 years 61959 1.27

Last 3 years 26935 -17.96

Last 1 year 8487 -49.25

105000 249366 19.04

60000 82107 12.50

36000 34332 -3.06

12000 9025 -42.43


Large

Mid

Small

Investment Style

Birla Sun Life India Opportunities Fund - Growth S&P CNX 500

% R

etu

rns


Exit Load**


:

�

�



�

18


O c t o b e r 2 0 0 8

2.32%

2.41%

2.54%

3.66%

3.71%

3.93%

4.28%

4.77%

6.18%

8.33%

12.94%

20.11%

24.83%

Consumer Durables

Hardware


Industrial Products

Telecom-Services

Pharmaceuticals

Finance

Other Equity

Construction

Petroleum Products



Software

-36.37

0.26

14.54

4.40

-26.79

10.38

21.83

11.78

-40

-30

-20

-10

0

10

20

30

1 Year


Birla Sun Life Dividend Yield PlusAs on September 30, 2008


in Birla Sun Life Dividend Yield Plus...





An open-ended growth scheme with theobjective to provide capital growth and incomeby investing primarily in a well-diversifiedportfolio of dividend paying companies thathave a relatively high dividend yield.



Fund Manager : Mr. Ankit Sancheti

NAV Rs.:

Dividend : 9.32

Growth : 41.48

Benchmark : S & P CNX 500 Average AUM : Rs. 226.69 Crores


InvestmentPeriod

TotalInvestment

(Rs.)


Birla SunLife Dividend

Yield Plus

Birla SunLife Dividend

Yield Plus

S&PCNX 500

S&PCNX 500


Last 5 years 77132 9.98

Last 3 years 34768 -2.25

Last 1 year 10084 -28.19

67000 107962 17.02

60000 82107 12.50

36000 34332 -3.06

12000 9025 -42.43


Large

Mid

Small

Investment Style

Portfolio



Banks 11.69





Kansai Nerolac Paints Ltd. 1.92


Procter&Gamble Hygiene&Health Care Ltd. 1.43

Berger Paints India Ltd. 1.33

Eveready Industries India Ltd. 0.93


Hindustan Petroleum Corporation Ltd. 3.07



Apar Industries Ltd. 2.09

Castrol (India) Ltd. 1.96

Chennai Petroleum Corporation Ltd. 0.55

Bank of Baroda 2.40


Andhra Bank 1.97

Allahabad Bank 1.74

Indian Overseas Bank 1.70


IDBI Bank Ltd. 0.81


National Bank for Agricultural & Rural Development. 2.31

Wyeth Ltd. 4.30


Pfizer Ltd. 1.36



Rashtriya Chemicals & Fertilizers Ltd. 1.72

Gujarat Narmada Valley Fertilisers Co Ltd. 0.64

DCM Shriram Consolidated Ltd. 0.40



Varun Shipping Company Ltd. 0.52



Neyveli Lignite Corporation Ltd. 1.64


Tamil Nadu Newsprint & Papers Ltd. 3.18

Clariant Chemicals (India) Ltd. 2.84

Cosmo Films Ltd. 1.60

Oil 4.88

Fertilisers 4.86

Transportation 4.46

Gas 4.45

Power 3.28

Paper 3.18

Chemicals 2.84



Kirloskar Brothers Ltd. 0.02



Goodyear India Ltd. 0.56

WABCO-TVS (India) Ltd. ** 0.48


Tata Metaliks Ltd. 0.76

Tata Steel Ltd. 0.49

HCL Infosystems Ltd. 1.15


Power Finance Corporation Ltd 0.84

Octav Investments Ltd. 0.01

Salora International Ltd. 0.43

Auto 1.91


Ferrous Metals 1.25

Hardware 1.15


Finance 0.85








Exit Load**


:

�

�



�



Asset Allocation

% R

etu

rns

Birla Sun Life Dividend Yield Plus - Growth S&P CNX 500

19


O c t o b e r 2 0 0 8

0.43%

0.85%

0.95%

1.15%

1.25%

1.43%

1.91%

1.94%

2.84%

3.18%

3.23%

3.28%

4.45%

4.46%

4.86%

4.88%

9.71%

11.30%

11.69%

13.08%

13.17%

Consumer Durables

Finance


Hardware

Ferrous Metals

Auto Ancillaries

Auto

Industrial Products

Chemicals

Paper


Power

Gas

Transportation

Fertilisers

Oil

Pharmaceuticals


Banks

Petroleum Products



-19.06

5.56

20.69

28.94

-26.79

10.38

21.83

28.46

-30

-20

-10

0

10

20

30

40

1 Year




in Birla Sun Life International Equity Fund - PlanA(BSLIEF - PlanA)...


Date of First Installment : December 01, 2007

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


An open-ended diversified equity scheme withan objective to generate long-term growth ofcapital, by investing predominantly in adiversified portfolio of equity and equity relatedsecurities in the international markets.



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

NAV Rs.:

Dividend : 8.65

Growth : 8.65

Benchmark : S&P Global 1200 Average AUM : Rs. 185.71 Crores



Large

Mid

Small

Investment Style

Portfolio

Foreign Equity 88.70

LG Electronics Inc 0.16

Foxconn International Holdings Ltd. 0.59

Metso Corporation 0.82

Bayerische Motoren Werke Ag - BMW 0.93

China Oilfield Services Ltd. 1.17

Chubb Corp 1.29

Vimpel Communication 1.33

Airgas Inc 1.35

Esprit Holdings Ltd 1.41

Oracle Corporation Ltd. 1.52

China Mobile (Hk) Ltd. 1.52

Wimm Bill Dann Foods OJSC - ADR 1.58

Wharf Holdings Ltd. 1.61

Telenor ASA 1.63

DSV A/S 1.75

Akzo Nobel NV 1.81

Genting Bhd (Cds) 1.83

Renewable Enrgy Corp 1.83

Au Optronics Corp 1.84

Aetna Inc New 1.88

Bumiputra-Commerce Holdings Ltd 1.90

Schneider Electric SA 1.93

Microsoft Corportion Ltd. 1.94

China Construction Bank 2.03

Industrial and Commercial Bank of China Asia Ltd 2.11

Cooper Industries Ltd. 2.16

Unibanco Holding GDR 2.16

Roche Holding AG Gen 2.18

Venture Corporation 2.21

Northrop Grumman Co 2.24

Mtr Corp Ltd. 2.26

Public Bank Bhd (Local) (Cds) 2.28

Nobel Corp 2.32

Statoilhydro ASA 2.33

Singapore Airlines Ltd. 2.40

JP Morgan Chase & Co 2.44

Coca Cola Co 2.62

Bayer AG 2.63

Reckitt Benckiser Plc 2.65

Pride International Inc 2.68

Teva Pharmaceutical Industries Ltd. - ADR 2.78

Taiwan Semiconductor Mfg. Company Ltd. - ADR 2.88

Nestle SA 2.94

Procter & Gamble Co 3.11

Cheung Kong Intl holding Ltd. 3.68









Exit Load**


:

�

�

� 5 Crores - 1% if redeemed /switched out within 12 months



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

Asset Allocation

Birla Sun Life International Equity Fund - Plan A - Growth S&P Global 1200

Birla Sun LifeInternational Equity Fund - Plan A

Your Total Investment Rs. 10,000

Value of Your Investment Rs. 8,875

Value of Benchmark (S&P Global 1200) Rs. 9,207

Return on Investment (CAGR)* -23.38%

Benchmark (S&P Global 1200) Returns (CAGR)* -16.77%

20


O c t o b e r 2 0 0 8

0.21%

11.09%

88.70%



Foreign Equity

-13.48

-16.09

-20

-16

-12

-8

-4

0

Since Inception



in Birla Sun Life International Equity Fund - Plan B (BSLIEF - Plan B)...


Date of First Installment : December 01, 2007

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


An open-ended diversified equity scheme withan objective to generate long-term growth ofcapital, by investing predominantly in adiversified portfolio of equity and equity relatedsecurities in the domestic and internationalmarkets.



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

NAV Rs.:

Dividend : 6.97

Growth : 6.97

Benchmark:Customised Index† Average AUM : Rs. 602.28 Crores



Large

Mid

Small

Investment Style

Portfolio

Foreign Equity 27.78LG Electronics Inc 0.05Foxconn International Holdings Ltd. 0.20Chubb Corp 0.40China Oilfield Services Ltd. 0.41Airgas Inc 0.42Vimpel Communication 0.45Oracle Corporation Ltd. 0.52Wimm Bill Dann Foods OJSC - ADR 0.54China Mobile (Hk) Ltd. 0.55Wharf Holdings Ltd. 0.56Au Optronics Corp 0.57Telenor ASA 0.58Akzo Nobel NV 0.61Genting Bhd (Cds) 0.62Bumiputra-Commerce Holdings Ltd 0.64Renewable Enrgy Corp 0.65Aetna Inc New 0.66Microsoft Corportion Ltd. 0.66China Construction Bank 0.69Singapore Airlines Ltd. 0.70Roche Holding AG Gen 0.73Cooper Industries Ltd. 0.73Industrial and Commercial Bank of China Asia Ltd 0.73Unibanco Holding GDR 0.74Northrop Grumman Co 0.78Mtr Corp Ltd. 0.79Statoilhydro ASA 0.79Nobel Corp 0.79Venture Corporation 0.80Public Bank Bhd (Local) (Cds) 0.82JP Morgan Chase & Co 0.83Cheung Kong Intl holding Ltd. 0.89Bayer AG 0.89Reckitt Benckiser Plc 0.91Pride International Inc 0.92Coca Cola Co 0.94Nestle SA 0.99Teva Pharmaceutical Industries Ltd. - ADR 1.05Taiwan Semiconductor Mfg. Company Ltd. - ADR 1.06Procter & Gamble Co 1.11


Banks 7.13





Finance 4.39

Software 3.74

ICICI Bank Ltd. 12.93Canara Bank 5.17National Bank for Agriculture & Rural Development 3.90

Axis Bank Ltd. 1.95Punjab National Bank 1.60HDFC Bank Ltd. 1.49ING Vysya Bank Ltd. 0.98Union Bank of India 0.91ICICI Bank Ltd. 0.21

ITC Ltd. 2.28Colgate-Palmolive (India) Ltd. 1.75United Spirits Ltd. 0.76

Bharti Airtel Ltd. 3.52Reliance Communications Ltd. 1.26

Reliance Industries Ltd. 4.66Reliance Petroleum Ltd. 0.00

Bharat Heavy Electricals Ltd. 1.68Crompton Greaves Ltd. 1.53Suzlon Energy Ltd. 0.74Bharat Electronics Ltd. 0.69

Housing Development Finance Corporation Ltd. 2.21ICRA Ltd. 1.45India Infoline Ltd. 0.73Octav Investments Limited. 0.00

Infosys Technologies Ltd. 2.48Satyam Computer Services Ltd. 1.26

Construction 3.31

Oil 2.11

Power 1.95


Gas 1.19


Ferrous Metals 0.63

Fertilisers 0.60

Diversified 0.52

Auto 0.27



Larsen & Toubro Ltd. 2.02Jaiprakash Associates Ltd. 0.77D.S. Kulkarni Developers Ltd. 0.52


Tata Power Company Ltd. 1.15GVK Power & Infrastructure Ltd. 0.79













Asset Allocation

Birla Sun LifeInternational Equity Fund - Plan B

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

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

Total outstanding exposure in derivatives as on September 30, 2008 is Rs.47.84 Crores (Notional value).

Birla Sun Life International Equity Fund - Plan B - Growth Customised Index†

21




Value of Benchmark (Customised Index ) Rs. 8,208


Benchmark (Customised Index ) Returns (CAGR)*

†

† -35.97%


Exit Load**


:

�

�

� 5 Crores - 1% if redeemed /switched out within 12 months


O c t o b e r 2 0 0 8%

Re

turn

s

2.11%

3.06%

3.31%

3.74%

4.39%

4.64%

4.66%

4.78%

4.78%

7.13%

7.61%

22.00%

27.78%

Oil


Construction

Software

Finance


Petroleum Products

Telecom-Services


Banks

Other Equity


Foreign Equity

-30.27-28.82

-35

-30

-25

-20

-15

-10

-5

0Since Inception

Birla Sun LifeSpecial Situations Fund



in Birla Sun Life Special Situations Fund...





An open-ended diversified equity scheme withan objective of the scheme is to generate long-term growth of capital by investing in a portfolioof equity and equity related securities. TheScheme would follow an investment strategythat would take advantage of Special Situations& Contrarian investment style.


Date of inception : Jan 31, 2008

Fund Manager : Mr. A. Balasubramanian & Mr. Jignesh Shah

NAV Rs.:

Dividend : 7.12

Growth : 7.12

Benchmark : BSE 200

Average AUM : Rs. 594.65 Crs



Large

Mid

Small

Investment Style

Portfolio



Banks 8.91


Power 5.79



Reliance Industries Ltd. 9.59Indian Oil Corporation Ltd. 1.77Bharat Petroleum Corporation Ltd. 1.03

State Bank of India 3.25Axis Bank Ltd. 2.08Bank of India 1.38Bank of Baroda 1.07ICICI Bank Ltd. 0.82Dena Bank 0.30

ITC Ltd. 4.17United Spirits Ltd. 2.01Balrampur Chini Mills Ltd. 1.33Bajaj Hindustan Ltd. 1.18

NTPC Ltd. 3.58Reliance Infrastructure Ltd. 1.88LANCO Infratech Ltd. 0.33

Divis Laboratories Ltd. 2.25Glaxosmithkline Pharmaceuticals Ltd. 1.69Sun Pharmaceutical Industries Ltd. 1.41Glenmark Pharmaceuticals Ltd. 0.21


Bharti Airtel Ltd. 3.98Reliance Communications Ltd. 1.51

Tata Chemicals Ltd. 3.88Coromandel Fertilisers Ltd. 0.53

Core Projects & Technologies Ltd. 2.11Tata Consultancy Services Ltd. 1.04Infosys Technologies Ltd. 1.01

Larsen & Toubro Ltd. 1.96Patel Engineering Ltd. 1.70

Gujarat Alkalies & Chemicals Ltd. 1.91Solar Explosives Ltd. 1.08

ACC Ltd. 1.76Century Textile & Industries Ltd. 0.99




Fertilisers 4.41

Software 4.16

Construction 3.66

Chemicals 2.99

Cement 2.75


Diversified 2.36


Gujarat Fluorochemicals Ltd. 2.00


Welspun Gujarat Stahl Rohren Ltd. 0.98Jindal Steel & Power Ltd. 0.59

Adlabs Films Ltd. 1.27

Raymond Ltd. 1.15


LIC Housing Finance Ltd. 0.72


Gas 2.00

Oil 1.77

Ferrous Metals 1.57



Paper 0.90

Finance 0.72

Auto 0.24








Asset Allocation

Birla Sun Life Special Situations Fund - Growth BSE 200

22




Value of Benchmark (BSE 200) Rs.


Benchmark (BSE 200) Returns (CAGR)* -46.46%

5029

Load Structure :



Rs. 5 crores - Nil

Entry Load*

Exit Load**

Exit Load**

(Except SIP)

(For SIP)

(Except SIP)


: Redeemed / switched out within 24months: 2.25%

:12 months

�

�

�

�

O c t o b e r 2 0 0 8

% R

etu

rns

2.36%

2.71%

2.75%

2.99%

3.66%

4.16%

4.41%

5.49%

5.61%

5.79%

7.28%

8.69%

8.91%

9.61%

12.39%

13.19%

Diversified


Cement

Chemicals

Construction

Software

Fertilisers

Telecom-Services

Pharmaceuticals

Power



Banks

Other Equity

Petroleum Products


-29.32

-31.38

-36

-32

-28

-24

-20

-16

-12

-8

-4

0Since Inception

Birla Sun Life Long TermAdvantage Fund


O c t o b e r 2 0 0 8

Portfolio


Banks 9.71







Gujarat Apollo Industries Ltd. 1.76

Engineers India Ltd. 1.47

Mcnally Bharat Engineering Company Ltd. 1.02

Manugraph India Ltd. 0.37

Bank of India 2.74



Axis Bank Ltd. 2.18



Bosch Limited. 3.93



ITC Ltd. 3.77



Software 6.33

Oil 5.60

Pesticides 4.80

Finance 3.62


Power 3.20

Construction 2.70




Subex Ltd. 1.03








CESC Ltd. 1.46







PVR Ltd. 1.21




Gujarat NRE Coke Ltd 1.41


Madras Cements Ltd. 0.45



Ferrous Metals 2.13

Gas 1.50

Mining 1.41

Retailing 0.81

Cement 0.45






23



Asset Allocation

A 5 years close ended scheme with automatic conversion to an open ended scheme upon maturity with the objective to provide longtermcapital appreciation by investing predominantly in a diversified portfolio of equity and equity related securities.


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

NAV Rs.:

Dividend : 8.99

Growth : 8.99Benchmark : BSE Sensex

Average AUM : Rs. 289.08 Crores



Large

Mid

Small

Investment Style

Load Structure

Entry Load

Exit Load

: N.A.

: Nil: Investors offering units for repurchase

before maturity of the scheme / conversion of scheme into open

ended scheme will be charged balance proportionate unamortized

issue expenses on the applicable NAV.

2.13%

2.32%

2.46%

2.68%

2.70%

3.20%

3.58%

3.62%

4.17%

4.80%

5.60%

6.33%

6.45%

7.00%

7.23%

7.43%

7.86%

9.71%

10.71%

Ferrous Metals

Pharmaceuticals


Industrial Products

Construction

Power


Finance

Other Equity

Pesticides

Oil

Software


Petroleum Products

Auto Ancillaries


Telecom-Services

Banks


% R

etu

rns

-28.79

-5.25

-25.44

2.01

-35

-30

-25

-20

-15

-10

-5

0

5

1 Year

Since Inception

Birla Sun Life Long TermAdvantage Fund Series-I


Portfolio


Dishman Pharmaceuticals & Chemicals Ltd. 2.83Pfizer Ltd. 2.03

GVK Power & Infrastructure Ltd. 2.13CESC Ltd. 1.52

Apar Industries Ltd. 2.89

Geometric Ltd. 1.46Mphasis Ltd. 1.27

Aditya Birla Nuvo Ltd. 1.70United Breweries Holdings Ltd. 0.98

ICRA Ltd. 1.57Infrastructure Development Finance Company Ltd. 0.66McDowell Holdings Ltd. 0.35

Nagarjuna Construction Company Ltd. 1.13JMC Projects India Ltd. 0.77ITD Cementation India Ltd. 0.66

Maharashtra Seamless Ltd. 1.74Monnet Ispat Ltd. 0.70

Zee Entertainment Enterprises Ltd. 1.36Balaji Telefilms Ltd. 0.93


Power 3.66


Software 2.73

Diversified 2.68

Finance 2.58

Construction 2.56

Ferrous Metals 2.44


Fertilisers 2.05

Retailing 1.99

Hotels 1.93

Auto 1.52

Chemicals 1.47


Cement 0.59


Paper 0.17



Aries Agro Ltd. 1.11Tata Chemicals Ltd. 0.94

Trent Ltd. 1.36Shoppers Stop Ltd. 0.63


Eicher Motors Ltd. 1.52

Micro Inks Ltd. 0.77Bombay Dyeing & Manufacturing Company Ltd. 0.70

Raymond Ltd. 0.73

Mangalam Cement Ltd. 0.59

Voltas Ltd. 0.54




A Closed-end Small and Mid Cap Equity Scheme with a maturity of 3 years. Upon maturity, the scheme shall automatically be converted into anOpen-ended scheme. It seeks to generate consistent long-term capital appreciation by investing predominantly in equity and equity relatedsecurities of companies considered to be small and mid cap. The Scheme may also invest a certain portion of its corpus in fixed incomesecurities including money market instruments, in order to meet liquidity requirements from time to time.


Date of inception : May 31, 2007Fund Manager : Mr. Ankit Sancheti

NAV Rs.:

Dividend : 6.98

Growth : 6.98Benchmark : BSE 500




Large

Mid

Small

Investment Style

Load Structure

Entry Load

Exit Load

: N.A.







Asset Allocation

% R

etu

rns

Birla Sun Life Long Term Advantage Series-I - Growth BSE 500

O c t o b e r 2 0 0 8

24

2.05%

2.29%

2.44%

2.56%

2.58%

2.68%

2.73%

2.89%

3.66%

4.86%

5.91%

6.12%

8.05%

8.53%

8.93%

8.99%

9.87%

14.87%

Fertilisers


Ferrous Metals

Construction

Finance

Diversified

Software

Petroleum Products

Power

Pharmaceuticals

Auto Ancillaries

Industrial Products



Other Equity


Banks



-35.07

-23.61

-27.50

-10.10

-40

-35

-30

-25

-20

-15

-10

-5

01 Year Since Inception


Banks 9.87





ICICI Bank Ltd. 8.47National Bank for Agriculture & Rural Development 6.40

ING Vysya Bank Ltd. 3.56South Indian Bank Ltd. 2.46City Union Bank Ltd. 1.83Indian Overseas Bank 0.84Indian Bank 0.64Bank of Maharashtra 0.55

Glaxosmithkline Consumer Healthcare Ltd. 3.83Radico Khaitan Ltd 1.53Shaw Wallace Company Ltd. 1.19Hindustan Sanitaryware & Industries Ltd. 0.91Ruchi Soya Industries Ltd. 0.87Millennium Beer Industries Ltd. 0.21

Crompton Greaves Ltd. 4.22Hindustan Dorr-Oliver Ltd. 1.79Honeywell Automation India Ltd. 0.90Jyoti Structures Ltd. 0.90Bharati Shipyard Ltd. 0.25

Jain Irrigation Systems Ltd. 2.73Sintex Industries Ltd. 1.30Greaves Cotton Ltd. 1.09Paper Products Ltd. 1.00

MRF Ltd. 2.11Exide Industries Ltd. 1.23WABCO-TVS (India) Ltd. ** 0.99Kesoram Industries Ltd. 0.88


Birla Sun Life Pure Value FundAs on September 30, 2008

Portfolio


Banks 13.49


Oil 7.74

Fertilisers 6.32



Bank of Baroda 2.49




Bank of India 1.89


Andhra Bank 0.96


Hindustan Petroleum Corporation Ltd. 2.99


Castrol (India) Ltd. 1.94


Great Offshore Ltd. 1.05

Coromandel Fertilisers Ltd. 2.35


Chambal Fertilizers & Chemicals Ltd. 1.90

Transportation 5.29



Gas 5.06


Ferrous Metals 2.32




Mercator Lines Ltd. 1.39


Jyoti Structures Ltd. 1.87

Bharati Shipyard Ltd. 0.82

Pfizer Ltd. 2.79


Cadila Healthcare Ltd. 0.16










Tamil Nadu Newsprint & Papers Ltd. 1.70

Grasim Industries Ltd. 1.63

Hindustan Zinc Ltd 1.26


Kesoram Industries Ltd. 1.05

Pesticides 2.01

Auto 1.90

Construction 1.71

Paper 1.70

Cement 1.63








O c t o b e r 2 0 0 8

25



Asset Allocation

% R

etu

rns

Birla Sun Life Pure Value Fund - Growth BSE 200

A Closed-end Diversified Equity Scheme with a maturity of 3 years. Upon maturity, the scheme shall automatically be converted into an open-ended scheme. It seeks to generate consistent longterm capital appreciation by investing predominantly in equity and equity relatedsecurities by following value investing strategy.


Date of inception : March 27, 2008Fund Manager : Mr. Ajay Argal

NAV Rs.:

Dividend : 8.84

Growth : 8.84

Benchmark : BSE 200




Large

Mid

Small

Investment Style

1.05%

1.44%

1.63%

1.70%

1.71%

1.90%

2.01%

2.29%

2.32%

3.17%

5.06%

5.12%

5.17%

5.29%

5.31%

6.32%

7.74%

10.77%

13.49%

16.52%

Auto Ancillaries


Cement

Paper

Construction

Auto

Pesticides

Industrial Products

Ferrous Metals


Gas

Pharmaceuticals


Transportation


Fertilisers

Oil

Petroleum Products

Banks


-21.45

-36.18

-40

-35

-30

-25

-20

-15

-10

-5

0Since Inception

Load Structure

Entry Load

Exit Load

: N.A.





Birla Sun Life '95 FundAs on September 30, 2008


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

Portfolio

PSU/PFI Bonds/Banks 17.39


Corporate Debt 7.22

Banks 7.17

Pesticides 6.84



Software 4.78


Government Bond 4.16

Retailing 4.16

Power Finance Corporation Ltd.** 7.63 AAAIndian Railways Finance Corporation Ltd.** 6.07 AAAICICI Bank Ltd.** 3.70 AAA

ITC Ltd. 4.28Nestle India Ltd. 2.44Colgate-Palmolive (India) Ltd. 1.65

IDBI Bank Ltd.** 3.79 AA+CitiFinancial Consumer Finance India Ltd** 3.43 AAA

Kotak Mahindra Bank Ltd. 2.93Punjab National Bank 1.63ICICI Bank Ltd. 1.54Allahabad Bank 1.07


Reliance Industries Ltd. 3.69Indian Oil Corporation Ltd. 2.31

Glenmark Pharmaceuticals Ltd. 2.80Dr. Reddys Laboratories Ltd. 1.49Aventis Pharma Ltd. 0.69

Infosys Technologies Ltd. 3.18Satyam Computer Services Ltd. 1.60

Bharti Airtel Ltd. 3.19Spice Communications Ltd. 1.55

08.24% CGL 2027 4.16 Sovereign

Trent Ltd. 4.16


Construction 3.89

Diversified 2.65

Fertilisers 2.27

Gas 2.13


Finance 0.96

Power 0.92


Auto 0.57

Transportation 0.40



Bharat Heavy Electricals Ltd. 1.32Jyoti Structures Ltd. 0.98Siemens Ltd. 0.97Bharati Shipyard Ltd. 0.81

Larsen & Toubro Ltd. 2.78Jaiprakash Associates Ltd. 1.11

United Breweries Holdings Ltd. 1.26Aditya Birla Nuvo Ltd. 0.72Bombay Burmah Trading Corporation Ltd. 0.67




Infrastructure Development Finance Company Ltd. 0.96


ETC Networks Ltd. 0.79Magnasound India Ltd.** 0.00



** Represents thinly traded/ non traded securities. Total Percentage of thinly/non traded securities is 24.61%.


in Birla Sun Life '95 Fund...


Asset Allocation




An open-ended balanced scheme with theobjective of long term growth of capital andcurrent income, through a portfolio of equityand fixed income securities



Fund Manager : Mr. A. Balasubramanian

NAV Rs.:

Dividend : 75.63

Growth : 172.64

Benchmark : CRISILBalancedFund Index

Average Maturity : 2.86 Years

Average AUM : Rs. 141.68Crores


InvestmentPeriod

TotalInvestment

(Rs.)


Birla SunLife '95Fund

Birla SunLife '95Fund

CRISILBalanced

Fund Index

CRISILBalanced

Fund Index

Rating Profile


Large

Mid

Small

Investment Style


Last 5 years 81356 12.14

Last 3 years 35175 1.50

Last 1 year 9553 35.62

162000 337500 10.25

60000 78940 10.93

36000 37665 2.97 -

12000 10377 -24.19 -

Interest Rate Sensitivity: (Debt) Low

Issuer % to Net RatingAssets


Birla Sun Life 95 Fund - Growth Crisil Balanced Fund Index

% R

etu

rns

O c t o b e r 2 0 0 8

Best Fund - 10 yrs performanceLipper Awards India 2008

&

Winner of

Mixed Asset INR Aggressive, (6 schemes) 10 Yrs ended 31-Dec-07

Birla Sun Life ‘95 Fund - Growth



Load Structure :



Rs. 5 crores - Nil

Entry Load*

Exit Load**

Exit Load**

(Except SIP)

(For SIP)

(Except SIP)


: Redeemed / switched out within24 months: 2.25%

:12 months

�

�

�

�

2.13%

2.27%

2.65%

3.89%

4.08%

4.16%

4.16%

4.16%

4.74%

4.78%

4.98%

5.02%

6.00%

6.84%

7.17%

7.22%

8.36%

17.39%

Gas

Fertilisers

Diversified

Construction


Retailing

Government Bond


Telecom-Services

Software

Pharmaceuticals

Other Equity

Petroleum Products

Pesticides

Banks

Corporate Debt


PSU/PFI Bonds/Banks

3.79%

4.16%

4.16%

20.82%

67.07%

AA

Sovereign


AAA

Other

-24.36

9.42

20.7923.11

-12.45

11.16

15.60

-30

-20

-10

0

10

20

30

1 Year


26

Birla Sun Life BalanceAs on September 30, 2008



Portfolio





Corporate Debt 5.88


Software 4.72

Banks 4.65

ITC Ltd. 5.55E.I.D. Parry (India) Ltd. 5.50Radico Khaitan Ltd 2.08Shaw Wallace Company Ltd. 1.44United Spirits Ltd. 1.35Balrampur Chini Mills Ltd. 0.77

Citibank N A** 7.58 AAAPower Finance Corporation Ltd.** 3.24 AAAInfrastructure Development Fin. Co. Ltd.** 2.90 AAAHDFC Bank Ltd.** 0.43 AAAICICI Bank Ltd.** 0.37 AAA

Novartis India Ltd. 4.38Pfizer Ltd. 3.84Dr. Reddys Laboratories Ltd. 2.04Wyeth Ltd. 1.81Piramal Healthcare Ltd. 1.79Piramal Life Sciences Limited (PLSL) 0.07

08.24% CGL 2027 5.88 SovereignGovt Bond 7.61% Oil Company 2015 2.96 Sovereign

IDBI Bank Ltd.** 5.36 AA+Housing Development Finance Corp Ltd.** 0.52 AAA

Reliance Industries Ltd. 3.13Indian Oil Corporation Ltd. 1.65

Infosys Technologies Ltd. 3.00HCL Technologies Ltd. 1.30Core Projects & Technologies Ltd 0.42


Punjab National Bank 1.42Kotak Mahindra Bank Ltd. 0.58ICICI Bank Ltd. 0.42






Tata Chemicals Ltd. 1.39Chambal Fertilizers & Chemicals Ltd. 0.66


Hotel Leelaventure Ltd. 0.77

Nagarjuna Construction Co. Ltd. 0.65


Bajaj Financial services Ltd 0.33

Pesticides 2.49


Gas 2.29

Oil 2.22


Fertilisers 2.05

Auto 1.46

Hotels 0.77

Construction 0.65

Transportation 0.48

Finance 0.33




in Birla Sun Life Balance ...


Asset Allocation

Date of First Installment : November 1,1999



An open-ended balanced scheme with anobjective to balance income requirements withgrowth of capital through a balance mix ofinvestments in equity and debt at relativelymoderate levels of risks through a diversifiedresearch based investment approach.



Fund Manager : Mr. A. Balasubramanian

NAV Rs.:

Dividend : 18.49

Growth : 27.80

Benchmark : CRISILBalancedFund Index Average Maturity : 6.24 Years



InvestmentPeriod

TotalInvestment

(Rs.)


Birla SunLife Balance

Birla SunLife Balance

CRISILBalanced

Fund Index

CRISILBalanced

Fund Index

Rating Profile




Large

Mid

Small

Investment Style


Last 5 years 77824 10.35

Last 3 years 36330 0.60

Last 1 year 10399 23.89

107000 198343 13.40

60000 78940 10.93

36000 37665 2.97

12000 10377 -24.19 -

Interest Rate Sensitivity: (Debt) Medium

Birla Sun Life Balance - Growth Crisil Balanced Fund Index

% R

etu

rns


Exit Load**


:

�

�



�

O c t o b e r 2 0 0 8

**Represents thinly traded / non traded securities. Total Percentage of thinly/non traded securities is 20.40%.


CRISIL~CPR 2^^Birla Sun Life Balance

Balanced Schemes Category ( Schemes) Yrs ended -Jun-0816 , 2 30

(Past performance is no guarantee of future results.)for ranking methodology please refer page 42

2.05%

2.11%

2.22%

2.29%

2.44%

2.49%

3.69%

4.65%

4.72%

4.78%

5.88%

8.72%

8.84%

13.92%

14.52%

16.69%

Fertilisers

Telecom-Services

Oil

Gas


Pesticides

Other Equity

Banks

Software

Petroleum Products

Corporate Debt


Government Bond

Pharmaceuticals

PSU/PFI Bonds/Banks


5.36%

8.72%

8.84%

15.04%

62.04%

AA


Sovereign

AAA

Other

-17.79

9.64

17.10

11.90

-12.45

11.16

15.60

-20

-15

-10

-5

0

5

10

15

20

1 Year


27

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

to availability of distributable surplusAs on September 30, 2008



Portfolio

** Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 74.29%.

An open-ended income scheme with the primary investment objective to generate regular income so as to make monthly and quarterlydistributions to Unitholders and the secondary objective as growth of capital. Monthly income is not assured and is subject to availability ofdistributable surplus.


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

NAV Rs.:Growth : 27.1445

Quarterly Dividend : 10.4584Monthly Dividend : 9.9438


Entry Load

Exit Load**

:

: For redemption / switch out of

units within 12 months from the

date of allotment: 1%

NIL

Benchmark : CRISIL MIP BlendedIndex




Asset Allocation

Rating Profile

Corporate Debt 45.92


Housing Development Finance Corporation Ltd.** 13.44 AAA

IDBI Bank Ltd.** 11.05 AA+

GE Capital Services India Ltd.** 10.39 AAA

Reliance Industries Ltd.** 4.93 AAA

ICICI Bank Ltd.** 3.95 AAA

Sundaram Finance Ltd.** 2.15 AA+

Indian Railways Finance Corporation Ltd.** 17.70 AAA

Power Finance Corporation Ltd.** 7.41 AAA

Infrastructure Development Financial Corporation Ltd.** 2.84 AAA

LIC Housing Finance Ltd.** 0.35 AAA


EQUITY 12.04


Cipla Ltd. 1.43





Chambal Fertilizers & Chemicals Ltd. 0.66

HCL Technologies Ltd. 0.54


ETC Networks Ltd. 0.42




Power Grid Corporation of (I) Ltd. 0.33

McDowell Holdings Ltd. 0.29



United Breweries Ltd. 0.01


Govt. Bond 7.47% 2012 4.19 Sovereign

Govt Bond 5.87%2010 2.53 Sovereign








High Med LowInterest Rate

Sensivity

High

Mid

Low

Credit Quality

CRISIL~CPR 2^^Birla Sun Life Monthly Income

MIP Conservative Scheme ( Schemes) Yrs ended -Jun-089 , 2 30

Birla Sun Life Monthly Income - Growth Crisil MIP Blended Index


% R

etu

rns

O c t o b e r 2 0 0 8

CNBC TV-18 CRISIL AWARD 2007Birla Sun Life Monthly Income

&&

Category: Monthly Income Plans – Conservative1 yr performance ended 31 Dec, '07. Total Schemes in Category = 9


6.27%

7.40%

12.04%

28.37%

45.92%


Government Bond

Equity

PSU/PFI Bonds/Banks

Corporate Debt

6.27%

7.40%

12.04%

13.21%

61.08%


Sovereign

Equity

AA

AAA

-2.38

6.91

7.81

11.40

0.20

6.226.66

-4

-2

0

2

4

6

8

10

12

14

1 Year 3 Years 5 Years Since Inception

28

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

availability of distributable surplusAs on September 30, 2008



Portfolio

The primary objective of the schemes is to generate regular income so as to make monthly distributions to unitholders with the secondaryobjective being growth of capital. Income may be generated through the receipt of coupon payments, the amortization of the discount on debtinstruments, receipt of dividends or the purchase and sale of securities in the underlying portfolio. The schemes will under normal marketconditions, invest its net assets primarily in fixed income securities, money market instruments, cash and cash equivalents while at the sametime maintaining a small exposure to equity markets. (Monthly income is not assured and is subject to availability of distributable surplus.)


Fund Manager : Mr. A. Balasubramanian Date of inception : November 20, 2000

NAV Rs.:

Monthly

Dividend Plan : 9.9319

Payment / Plan : 19.9447


Entry Load

Exit Load**

:

: Rs 10 lakhs: 0.60% if redeemed

/ switched out with in 90 days

from the date of allotment.

> 10 Lakhs: Nil

NIL

�

Benchmark : CRISIL MIP BlendedIndex




Asset Allocation

Rating Profile




Great Eastern Shipping Company Ltd.** 8.40 AAA



Sundaram Finance Ltd.** 1.80 AA+



Infrastructure Development Finance Company Ltd.** 4.47 AAA

Power Grid Corporation of India Ltd.** 3.40 AAA


State Bank of India** 0.18 AAA


EQUITY 10.19

Punjab National Bank 12.53 F1+

Tata Sons Ltd. 9.25 A1+


ITC Ltd. 1.39


Pfizer Ltd. 0.94

Reliance Petroleum Ltd. 0.84



Raymond Ltd. 0.56


Cipla Ltd. 0.47



Hanung Toys & Textiles Ltd. 0.25




Total Net Asset 100%





Sensivity

High

Mid

Low

Credit Quality

Birla Sun Life MIP - Growth Crisil MIP Blended Index

% R

etu

rns

O c t o b e r 2 0 0 8


0.85%

8.35%

10.19%

21.78%

26.23%

32.61%

Government Bond


Equity


PSU/PFI Bonds/Banks

Corporate Debt

0.85%

6.43%

8.35%

10.19%

74.19%

Sovereign

AA


Equity

AAA

** Represents thinly traded/ non traded securities and illiquid securities.Total Percentage of thinly/non traded securities is 58.84 %.

-5.70

5.08

6.50

9.15

0.20

6.226.66

-8

-6

-4

-2

0

2

4

6

8

10


29


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

to availability of distributable surplus



Portfolio

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


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

NAV Rs.:

Dividend :

Payment / Growth : 12.9874

9.3020


Entry Load

Exit Load**

:

: For redemption / switch out of

units within 12 months from the

date of allotment: 1%

NIL

Benchmark : CRISIL MIP Blended

IndexAverage AUM : Rs. 82.22 Crores



Asset Allocation

Rating Profile


EQUITY 24.00




Great Eastern Shipping Company Ltd.** 5.77 AAA

Spice Communications Ltd. 3.00






ITC Ltd. 1.67



HDFC Bank Ltd. 1.25


Novartis India Ltd. 1.17

Pfizer Ltd. 1.16


Madras Cements Ltd. 0.56

Infrastructure Development Finance Company Ltd.** 12.25 AAA





Govt Bond 7.61% Oil Company 2015 2.14 Sovereign



Total Net Asset 100





Sensivity

High

Mid

Low

Credit Quality

Birla Sun Life MIP - Wealth 25 - Growth Crisil MIP Blended Index

% R

etu

rns

O c t o b e r 2 0 0 8


9.10%

13.29%

21.15%

24.00%

32.45%

Government Bond


PSU/PFI Bonds/Banks

Equity

Corporate Debt

6.35%

9.10%

13.29%

24.00%

47.26%

AA

Sovereign


Equity

AAA

-11.9

3.33

6.09

0.20

6.226.63

-15

-10

-5

0

5

10

1 Year 3 Years Since Inception

30

** Represents thinly traded/ non traded securities. Total Percentage of thinly/non traded securities is 53.61%.

Birla Sun Life Asset Allocation FundAs on September 30, 2008

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

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


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

Date of inception : February 24, 2004NAV Rs.Aggressive Plan

Conservative Plan

Moderate Plan

:

Dividend : 20.0338

Dividend : 15.7668

Dividend :

Growth : 20.0338

Growth : 15.7668

Growth : 18.446018.4460

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

Exit Load :

Aggressive Plan : 1.50%Moderate Plan : 1.00%Conservative Plan : 0.50%

NIL

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

Investment Performance - Aggressive Plan

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

Investment Performance - Moderate Plan


Investment Performance - Conservation Plan





Mutual Fund Units 71.61



Birla Sun Life Advantage Fund 19.71

Birla Sun Life Midcap Fund 19.57

Birla Sun Life New Millennium Fund. 11.40

Birla Sun Life Dynamic Bond Fund 9.63

Birla Sun Life Income Fund - Growth 5.88

Birla Sun Life Short Term Fund - Growth 4.38

Birla Sun Life Gilt Plus PF Plan 1.03






Birla Sun Life Midcap Fund - Growth 5.88

Birla Sun Life Advantage Fund - Growth 3.28

Birla Sun Life Dynamic Bond Fund - Retail Plan - Growth 2.80

Birla Sun Life New Millennium Fund - Growth 1.96

Average AUM

Aggressive Plan : Rs. 7.57 Crores

Moderate Plan : Rs. 4.83 Crores

Conservative Plan : Rs. 5.23 Crores

Benchmark

Aggressive Plan : S&P CNX Nifty

Moderate Plan : Crisil Balanced Fund Index

Conservative Plan : Crisil MIP Blended Index


Sensivity

High

Mid

Low


Sensivity

High

Mid

Low


Sensivity

High

Mid

Low

Credit Quality Credit Quality Credit Quality

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


% R

etu

rns

% R

etu

rns

% R

etu

rns

O c t o b e r 2 0 0 8




Birla Sun Life Dynamic Bond Fund - Growth 20.60

Birla Sun Life Midcap Fund - Growth 17.99

Birla Sun Life Advantage Fund - Growth 10.69


Birla Sun Life New Millennium Fund - Growth 5.62



�

Birla Sun Life AAF - ConservativeHybrid: Debt-oriented ( Schemes), 5 Yrs ended -31 3 & 30-Sep 08

1.14

9.6810.35

0.20

6.22 6.09

0

2

4

6

8

10

12

1 Year 3 Years Since Inception

-10.76

11.02

14.09

-12.45

11.1612.59

-15

-10

-5

0

5

10

15

20

1 Year


-17.75

11.08

16.07

-21.75

14.64

18.13

-25

-20

-15

-10

-5

0

5

10

15

20

25

1 Year


31

Birla Sun Life Cash PlusAs on September 30, 2008

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


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

Date of inception : June 16,1997

Load Structure

Entry Load

Exit Load

:

: NIL

NIL

Benchmark : Crisil Liquid Fund Index




Asset Allocation

Rating Profile


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

NAV Rs.:

Retail - Daily Dividend : 16.3694

Institutional Plan - Daily Dividend : 10.8023Institutional Plan - Weekly Dividend : 10.8192Institutional Plan - Fortnightly Dividend : 10.8334

Institutional Premium Plan - Daily Dividend : 10.0195Institutional Premium Plan - Weekly Dividend : 10.0341Institutional Premium Plan - Fortnightly Dividend : 10.0000Institutional Premium Plan - Monthly Dividend : 10.0000

Retail - Growth : 22.7275

Institutional Plan - Growth : 22.9227

Institutional Premium Plan - Growth : 13.5043

Portfolio


Floating Rate Instruments 32.58

IDBI Bank Ltd. 8.64 P1+


Canara Bank 5.20 P1+

ICICI Bank Ltd. 4.69 A1+

State Bank of Patiala 4.16 A1+

State Bank Of Bikaner And Jaipur 2.93 P1+

UCO Bank Ltd. 2.48 P1+

State Bank of Indore 1.62 P1+

IL&FS Financial Services Ltd. 1.47 PR1+

IDBI Bank Ltd. 1.01 A1+

ICICI Home Finance Company Ltd. 0.98 A1+

Tata Motors Ltd. 0.95 P1+

Indian Bank 0.93 F1+

ICICI Securities Ltd. 0.48 P1+

State Bank of Travancore 0.39 A1+

Karnataka Bank Ltd. 0.24 A1+

Development Credit Bank Ltd. 0.08 P1+

Housing Development Finance Corporation Ltd. 6.77 AAA

CitiFinancial Consumer Finance India Ltd 4.44 AAA

Infrastructure Development Finance Company 4.09 LAAA

Tata Steel Ltd. 3.03 FAAA

Ultratech Cement Ltd. 3.03 AAA

LIC Housing Finance Ltd. 2.03 AAA

Tata Sons Ltd. 1.51 AAA

Housing Development Finance Corporation Ltd. 1.34 LAAA

Gruh Finance Ltd 1.01 LAA+

Axis Bank Ltd. 0.79 LAA+

ICICI Bank Ltd. 0.67 AAA

IDBI Bank Ltd. 0.61 CARE AA+

Power Finance Corporation Ltd. 0.58 AAA

ICICI Bank Ltd. 0.50 CARE AAA

Citicorp Finance India Ltd. 0.50 AAA

Hero Honda Finlease Ltd. 0.50 P1+

Indian Railway Finance Corporation Ltd. 0.48 AAA

Infrastructure Development Finance Company 0.40 AAA

IDBI Bank Ltd. 0.20 AA+

Union Bank of India 0.10 AA+

Credit Asset Trust-CLASS A (24-MAR-2009)** 2.33 F1+(SO)

Invest 1608-Sr A(IndiaBull)(27-Mar-2009)** 2.04 P1+(SO)

Securitised Debt 6.70

RB LOAN TR S 22(A4 F) MAT 23-JUN-2009** 1.00 P1+(SO)

Indian Corp Ln Sec Tr Sr V(A1) 29-MAR-08** 0.81 A1+(SO)

Collateral Debt Tr Sr 20 Sr A1 27 Oct 08** 0.50 P1+(SO)

Collateral Debt Tr Sr 20 Sr A2 27 Oct 08** 0.02 P1+(SO)

BHPC Auto Sec Trust 15 Oct 2008** 0.00 AAA+(SO)

IL&FS Financial Services Ltd.** 5.04 F1+

Kotak Mahindra Prime Ltd.** 0.40 LAA

CitiFinancial Consumer Finance India Ltd.** 0.30 AAA

Indian Oil Corporation Ltd.** 2.02 A1+

Corporate Debt 5.75








Sensivity

High

Mid

Low

Credit Quality

��Value Research Rating#

Birla Sun Life Cash Plus - Institutional PremiumDebt: Ultra Short-term Institutional (59 Schemes), 18 months ended 30-Sep-08


Birla Sun Life Cash Plus - RetailDebt: Ultra Short-term ( Schemes), 18 months ended54 30-Sep-08

CRISIL~CPR 2^^Birla Sun Life Cash Plus - Institutional Premium PlanLiquid Super Institutional Scheme (18 Schemes), 1 Yr ended 30-Jun-08

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

Consistent CPR Performer - Liquid (28 schemes), 5 Yrs ended 30-Jun-08

CRISIL~CPR 2^^Birla Sun Life Cash Plus - Institutional PlanLiquid Institutional Scheme (13 Schemes), 1 Yr ended 30-Jun-08

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

Birla Sun Life Cash Plus - Retail - Growth Crisil Liquid Fund Index


% R

etu

rns

O c t o b e r 2 0 0 8


Birla Sun Life Cash Plus - InstitutionalDebt: Ultra Short-term Institutional (59 Schemes), 18 months ended 30-Sep-08

** Represents thinly traded/ non traded securities and illiquid securities. Total Percentage of thinly/non traded securities is 14.47%.

2.02%

5.75%

6.70%

9.70%

32.58%

43.25%

PSU/PFI Bonds/Banks

Corporate Debt

Securitised Debt


Floating Rate Instruments


3.10%

9.70%

87.19%

AA


AAA

10.059.51

9.16

7.54

8.90 8.968.52

0

2

4

6

8

10

12

15 Days 1 Month 3 Months Since Inception

32

Birla Sun Life Liquid PlusAs on September 30, 2008



The primary objective of the schemes is to generate regular income through investments in debt and money market instruments. Income maybe generated through the receipt of coupon payments or the purchase and sale of securities in the underlying portfolio. The schemes will undernormal market conditions, invest its net assets in fixed income securities, money market instruments, cash and cash equivalents.


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

Retail Plan : November 27, 2001

Institutional Plan : April 16, 2003NAV Rs.:Retail - Growth : 15.7061Retail - Daily Dividend : 10.0095Retail - Fortnightly Dividend : 10.9597Retail - Monthly Dividend : 10.0850Retail - Weekly Dividend : 10.0148Institutional - Growth : 15.9339Institutional - Dividend : 10.6393Institutional Plan- Daily Dividend : 10.0096Institutional Plan- Weekly Dividend : 10.0152Institutional Plan- Monthly Dividend : 10.0934


Entry Load

Exit Load

:

: NIL

NIL

Benchmark : CRISIL Short-Term

Bond Fund Index




Asset Allocation

Rating Profile


Sensivity

High

Mid

Low

Credit Quality

Portfolio



Punjab National Bank 10.10 F1+ICICI Bank Ltd. 9.98 A1+Housing Development Finance Corporation Ltd. 8.22 A1+IDBI Bank Ltd. 5.17 P1+Canara Bank 3.29 P1+Allahabad Bank 2.90 A1+State Bank of Bikaner and Jaipur 2.59 P1+DLF Ltd. 2.49 P1+State Bank of Indore 1.76 P1+IDBI Bank Ltd. 1.01 A1+State Bank of Travancore 0.92 A1+Kotak Mahindra Bank Ltd. 0.63 P1+Tata Sons Ltd. 0.47 A1+Aditya Birla Nuvo Ltd. 0.47 P1+Indian Bank 0.36 F1+Karnataka Bank Ltd. 0.20 A1+ABN AMRO Bank 0.16 A1+Unitech Ltd. 0.11 PR1+State Bank of Patiala 0.09 A1+

Corp Debt Tr 08-09 sr 12 (A-1) 09-SEP-09 ** 4.71 A1+(SO)IND LN SECT 2008 SR 35(A3) BPCL 19 NOV08. ** 1.57 P1+(SO)IND LN SECT 2008 SR 35(A3) BPCL 19 NOV08. ** 1.15 A1+(SO)CLSS 87 TR A2 DLF 09 Feb 09. ** 1.12 A1+(SO)CLSS 25 TR 2009(SERA1) (BPCL) (01SEP09). ** 1.08 P1+(SO)Corp Debt Tr 08-09 sr 12 (A-2) 09-SEP-09. ** 1.08 A1+(SO)KBH Loan Trust Series A1(31-OCT-08). ** 1.06 F1+(SO)Cor Debt Tr 08 Sr 4 A1 (HPCL) (21 MAY09). ** 1.02 P1+(SO)Corp Debt Tr 08-09 sr 13 (A-2) 10-SEP-09. ** 0.86 A1+(SO)CLSS 89 TR A2 DLF 09 Feb 09. ** 0.72 A1+(SO)RB Loan Trust Series X (A) (02-Mar-2009). ** 0.59 F1+(SO)CLSS 86 TR A2 DLF 06 Feb 09. ** 0.56 A1+(SO)Collateral Debt Tr Sr 20 Sr A1 27 Oct 08. ** 0.47 P1+(SO)LOAN SECURITISATION TRUST SERIES 51(4B). ** 0.43 P1+(SO)Credit Asset TrustSr XLVIII(A3) 21MAY09. ** 0.36 F1+(SO)IML LOAN SE A1 FIXOPT(WOCKHAR) 29 MAY09. ** 0.25 F1+(SO)

Ind Ret ABS Trust Ser 49(A4) 18 MAY 2010. ** 0.16 AAA(SO)Loan Sec Trust Sr XVI NTPC (ICICI Bank). ** 0.13 AAA(SO)Cor Debt Tr 08 Sr 4 A2 (HPCL) (21 MAY09). ** 0.12 P1+(SO)BVL TRUST (Interest PTC.) (20-Feb-2009). ** 0.10 A1+(SO)LOAN SECURITISATION TRUST SERIES 51(4A) . ** 0.05 P1+(SO)RB Loan Tr SR III A4-IO Indiabull-2008. ** 0.03 A1+(SO)Loan Sec Trust SrXII NTPC (ICICI). ** 0.01 AAA(SO)

Mahindra & Mahindra Financial Serv. Ltd. ** 3.75 P1+K Raheja Corporation Private Ltd. ** 2.80Cholamandalam DBS Finance Ltd. ** 1.41 LAAICICI Home Finance Company Ltd. ** 1.12 LAAAHousing Development Finance Corporation Ltd. ** 0.68 AAAKotak Mahindra Prime Ltd. ** 0.37 LAAGE Capital Services India Ltd. ** 0.34 AAASundaram Finance Ltd. ** 0.34 P1+CitiFinancial Consumer Finance India Ltd ** 0.31 AAAMahindra & Mahindra Financial Serv. Ltd. ** 0.28 AA+GE Money Financial Services Ltd. ** 0.21 AAATata Sons Ltd. ** 0.14 AAA

Housing Development Finance Corporation Ltd. 5.49 AAAHousing Development Finance Corporation Ltd. 1.90 LAAATata Motors Ltd. 1.87 A1+Berger Paints India Ltd. 0.47 P1+Indian Railways Finance Corporation Ltd. 0.47 AAATata Sons Ltd. 0.28 AAAIndian Retail ABS Trust Series 50. 0.12 AAA(SO)

IDBI Bank Ltd. ** 0.20 AA+









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

% R

etu

rns

O c t o b e r 2 0 0 8



�

Birla Sun Life Liquid Plus Fund - Retail PlanDebt: Liquid Plus (36 Schemes), 18 months & 3 Yrs ended 30-Sep-08

0.20%

8.90%

10.61%

11.77%

17.61%

50.91%

PSU/PFI Bonds/Banks



Corporate Debt

Securitised Debt


2.26%

2.80%

8.90%

86.03%

AA

Unrated


AAA

� � Value Research Rating#

��

Birla Sun Life Liquid Plus Fund - Institutional PlanDebt: Liquid Plus Inst(37 Schemes), 18 months & 3 Yrs ended 30-Sep-08

8.58

7.40

6.416.81

6.406.08

5.21

0

1

2

3

4

5

6

7

8

9

10


33

Birla Sun Life Short Term FundAs on September 30, 2008



Portfolio

Asset Allocation

Rating Profile

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


Fund Manager : Mr. Maneesh Dangi & Mr. Satyabrata Mohanty Date of inception : April 19, 2002

NAV Rs.Retail Plan

:

Monthly Dividend :Growth : 15.2925

10.5825Fortnightly Dividend : 10.1316

Daily Dividend : 10.0079Fortnightly Dividend : 10.0333Monthly Dividend : 10.0259Growth : 10.0161

Institutional Plan


Entry Load

Exit Load**

:

: 0.15% for redemption / switch-out

of units within seven (7) days


NIL





Sensivity

High

Mid

Low

Credit Quality


State Bank of Patiala 8.70 A1+


State Bank of Travancore 7.83 P1+

State Bank of Bikaner and Jaipur 7.16 P1+

UCO Bank 6.69 P1+

Housing Development Finance Corporation Ltd. 6.66 A1+

State Bank of Indore 6.39 P1+

Allahabad Bank 6.25 A1+

Kotak Mahindra Bank Ltd. 6.19 P1+




Corporation Bank 4.80 P1+

IDBI Bank Ltd. 4.57 A1+



Karur Vysya Bank Ltd. 2.39 F1+

State Bank of India 0.19 P1+

Power Finance Corporation Ltd. ** 0.28 AAA

Indian Retail ABS Trust Series 50. 0.09 AAA(SO)

BHPC AutoSec Trust Jun05-Sr. A3(15OCT08). ** 0.02 AAA(SO)








7-Star Gold Award by ICRA@

Birla Sun Life Short Term Fund - GrowthLiquid Plus Schemes (2 Schemes), 1 year ended6 31-Dec-07

CRISIL~CPR 2^^Birla Sun Life Short Term Fund - Retail Plan

Debt: Short Term Schemes (19 Schemes), 1 Yrs ended 30-Jun-08


% R

etu

rns

Birla Sun Life Short Term Fund - Retail Plan - Growth CRISIL Short-Term Bond Fund Index

O c t o b e r 2 0 0 8

CNBC TV-18 CRISIL AWARD 2007Birla Sun Life Short Term Fund

&&

Category: Income – Short Term Funds1 yr performance ended 31 Dec, ‘07. Total Schemes in Category = 12


Benchmark : CRISIL Short-Term Bond Fund Index


�

Birla Sun Life Short Term Fund - Retail PlanDebt: Short Term Schemes (24 Schemes), 18 months ended 30-Sep-08

0.02%

0.09%

0.28%

4.20%

95.41%

Securitised Debt


PSU/PFI Bonds/Banks



4.20%

95.80%


AAA

8.48

8.01

6.646.80

6.406.08

5.21

5.74

0

1

2

3

4

5

6

7

8

9


34

Birla Sun Life Income PlusAs on September 30, 2008



Portfolio

** Represents thinly traded/ non traded securities. Total Percentage of thinly/non traded securities is 37.16 %

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


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

NAV Rs.:

Dividend :

Growth : 35.2404

10.3906

Benchmark : CRISIL Composite

Bond Fund IndexAverage AUM : Rs. 401.78 Crores



Asset Allocation

Rating Profile








Yes Bank Ltd. 7.60 A1+

Karur Vysya Bank Ltd. 3.35 F1+





Export-Import Bank of India** 1.27 AAA


IL&FS Investsmart Ltd.** 0.25 LAAA

Reliance Industries Ltd.** 0.09 AAA




Govt. Bond 7.47% 2012 2.28 Sovereign





Entry Load

Exit Load**

:

: Rs 10 Lakhs: 0.75% if redeemed /

switched out with in 180 days from

the date of allotment.

> Rs. 10 Lakhs: Nil

NIL

�


Sensivity

High

Mid

Low

Credit Quality

Birla Sun Life Income Plus - Growth Crisil Composite Bond Fund Index


% R

etu

rns

� �Value Research Rating#

��

Birla Sun Life Income PlusDebt: Medium-term (52 Schemes), 18 months & 3 yrs ended 30-Sep-08

CRISIL~CPR 1^^Birla Sun Life Income Plus

Income Scheme (18 Schemes), 1 Yr ended 30-Jun-08

CRISIL~CPR 2^^Birla Sun Life Income Plus

Consistent CPR Performer - Debt (13 schemes), 1 Yr ended 30-Jun-08

O c t o b e r 2 0 0 8

7-Star Gold Award by ICRA@

Birla Sun Life Income Plus - GrowthDebt: Long Term (18 Schemes), 1 Year ended 31-Dec-07


2.28%

3.32%

12.35%

24.81%

57.24%

Government Bond


Corporate Debt

PSU/PFI Bonds/Banks


2.28%

3.32%

12.01%

82.39%

Sovereign


AA

AAA

7.477.27

5.04

10.20

3.69

4.15

3.46

0

2

4

6

8

10

12


35

Birla Sun Life Income FundAs on September 30, 2008



Portfolio

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


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

NAV Rs.:

Half Yearly - Dividend : 10.9762

Quarterly Dividend : 10.4906

54 EA Dividend :

54 EB Dividend :

Growth : 30.0508

54 EA Growth : 30.0301

13.2329

54 EB Growth : 29.8410

13.2468




Asset Allocation

Rating Profile



















Benchmark : CRISIL Composite

Bond Fund Index


Entry Load

Exit Load**

:

: Rs 1 Crore: 1.00% if redeemed

/ switched out with in 365 days


> : Nil

NIL

Rs 1 Crore

�


Sensivity

High

Mid

Low

Credit Quality

Birla Sun Life Income Fund - Growth Crisil Composite Bond Fund Index

CRISIL~CPR 1^^Birla Sun Life Income Fund

Income Scheme (18 Schemes), 2 Yrs ended 30-Jun-08


Birla Sun Life Income FundDebt: Medium Term (52 Schemes), 18months & Yrs ended - -03 30 Sep 8


% R

etu

rns

O c t o b e r 2 0 0 8

Best Fund - 3 & 10 yrs performance Lipper Awards India 2008&

Winner of

Bond INR General, 3 yrs & 10 yrs ended 31-Dec-07 out of 100 & 10 Schemes respectively

Birla Sun Life Income Fund - Growth

CNBC TV-18 CRISIL AWARD 2007Birla Sun Life Income Fund

&&

Category: Income Funds1 yr performance ended 31 Dec, ‘07. Total Schemes in Category = 17


** Represents thinly traded/ non traded securities. Total Percentage of thinly/non traded securities is 34.69 %

1.27%

9.63%

13.84%

20.85%

54.41%

Government Bond


Corporate Debt

PSU/PFI Bonds/Banks


1.27%

9.63%

13.84%

75.26%

Sovereign


AA

AAA

7.75

8.28

5.93

9.95

3.69

4.15

3.46

0

2

4

6

8

10

12


36

Birla Sun Life Cash ManagerAs on September 30, 2008


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

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


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

NAV Rs.:

Institutional Weekly Dividend : 10.

Growth : 20.6868

Weekly Dividend : 10.0167

Institutional Daily Dividend : 10.0030

Institutional Growth : 14.1097

0171

Load Structure

Entry Load

Exit Load

:

: NIL

NIL

Benchmark : Crisil Liquid Fund Index Average AUM : Rs. 106.03 Crores



Asset Allocation

Rating Profile

Portfolio






Sensivity

High

Mid

Low

Credit Quality

Birla Sun Life Cash Manager - Growth Crisil Liquid Fund Index

% R

etu

rns



UCO Bank 24.45 P1+

State Bank of India 22.64 P1+


ABN AMRO Bank 4.46 A1+

O c t o b e r 2 0 0 8

8.37%

91.63%



91.63%

8.37%Cash & Current Assets

AAA

8.718.47

8.70

7.25

8.90 8.96

8.52

0

1

2

3

4

5

6

7

8

9

10


37


Birla Sun Life FloatingRate Fund

Portfolio - Short Term Plan

The primary objective of the schemes is to generate regular income through investment in a portfolio comprising substantially of floating ratedebt / money market instruments. The schemes may invest a portion of its net assets in fixed rate debt securities and money marketinstruments.


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

NAV Rs.Long Term Plan

Short Term Plan

:

Monthly Dividend : 10.3759Weekly Dividend : 10.0119

Weekly Dividend : 10.3881

Institutional Plan-Daily Dividend : 10.0086Institutional Plan-Weekly Dividend : 10.0208

Growth : 14.0560

Growth : 13.9019Daily Dividend : 10.0015

Institutional Plan-Growth : 11.1868

Institutional Plan-Fortnightly Dividend: 10.0000

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

Average AUMLong Term Plan : Rs. 87.30 CroresShort Term Plan : Rs. 121.78 Crores

Average MaturityLong Term Plan : 0.30 YearsShort Term Plan : 0.18 Years


Investment Performance - Long Term Plan

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

Investment Performance - Short Term Plan

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

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

Portfolio - Long Term Plan







State Bank of Bikaner and Jaipur 14.78 P1+

State Bank of Travancore 9.99 P1+

DLF Ltd. 6.16 A1+


Sundaram Finance Ltd. 10.26 LAA+









LIC Housing Finance Ltd. 15.45 AAA

Citicorp Finance India Ltd. 15.45 AAA


CitiFinancial Consumer Finance India Ltd 5.15 AAA

ICICI Bank Ltd. 2.06 AAA


Indiabulls Financial Services Ltd. 9.81 P1+


Load Structure :

Long Term Plan

Entry Load :

Exit Load** :

Short Term Plan

Entry Load :

Exit Load :

(Incl. for SIP)

Nil

For any redemption / switch out of

units within 7 days from the date

of allotment :- 0.10%

NIL

NIL


Sensivity

High

Mid

Low

Credit Quality

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

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

% R

etu

rns


Birla Sun Life Floating Rate Fund - Long Term PlanDebt: Term ( Schemes), 18 months & Yrs ended - -Floating - Long 11 3 30 Sep 08


O c t o b e r 2 0 0 8


0.56%

16.68%

82.76%


AA

AAA

0.56%

29.50%

69.94%




5.57%

33.64%

60.79%




5.15%

5.57%

89.28%

AA


AAA

% R

etu

rns

10.98

10.219.57

6.38

8.90 8.968.52

5.69

0

2

4

6

8

10

12


9.24

7.66

6.65 6.60

7.48

6.80

5.78 5.69

0

1

2

3

4

5

6

7

8

9

10


38

Birla Sun Life Gilt PlusAs on September 30, 2008

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


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

Date of inception : October 12, 1999NAV Rs.Liquid Plan

PF Plan

Regular Plan

:

Quarterly Dividend :Annual Dividend :

Quarterly Dividend : 9.9244Annual Dividend : 19.0524

Quarterly Dividend : 11.2577Annual Dividend : 22.8066

Growth : 19.702410.381210.1685

Growth : 21.9578

Growth : 26.8502

Load Structure (Incl. for SIP):Liquid Plan, Regular Plan & PF Plan-Quarterly /Annual Dividend:

PF Plan - Growth:

Entry Load : NILExit Load : NIL

Entry Load : NILExit Load** : 1.00% if redeemed / switched out

within 365 days from date ofallotment.

Average AUMLiquid Plan : Rs. 11.50 CroresPF Plan : Rs. 78.81 CroresRegular Plan : Rs. 88.48 Crores

Average MaturityLiquid Plan : 0.00 YearsPF Plan : 0.49 YearsRegular Plan : 0.20 Years


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

Investment Performance - Liquid Plan

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

Investment Performance - PF Plan


Investment Performance - Regular Plan


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








08.24% GOI 2027 1.07 Sovereign


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


Sensivity

High

Mid

Low

Credit Quality

CRISIL~CPR 1^^Birla Sun Life Gilt Plus - Regular Plan

Gilt Schemes (14 Schemes), 2 Yrs ended 30-Jun-08

� � Value Research Rating#

��

Birla Sun Life Gilt Plus - Regular PlanGilt: Medium & Long-term ( Schemes), 18 months & 346 Yrs ended 30-Sep-08

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


% R

etu

rns

% R

etu

rns

% R

etu

rns





O c t o b e r 2 0 0 8

Best Fund - 5 yrs Performance Lipper Awards India 2008&

Winner of

Bond INR General (35 Schemes) 5 yrs ended 31-Dec-07

Birla Sun Life Gilt Plus - Regular - Growth


Cash & Current Assets 100.00%

2.66%

97.34%

Government Bond

Cash & Current Assets Cash & Current Assets

Government Bond 1.07%

98.93%

9.10

7.66

5.40

11.63

2.58

4.73

3.55

0

2

4

6

8

10

12

14


2.72

4.11

3.16

9.16

2.58

4.73

3.55

0

1

2

3

4

5

6

7

8

9

10


4.96

5.665.23

7.857.79

7.00

5.91

0

1

2

3

4

5

6

7

8

9


39

Birla Sun Life Government Securities FundAs on September 30, 2008

Portfolio - Short Term PlanPortfolio - Long Term Plan

An open-ended Gilt scheme with the objective to provide investorscurrent income consistent with a portfolio invested 100% in securitiesissued by the Government of India or the State Governments, and thesecondary objective is capital appreciation.


Fund Manager : Mr. Maneesh Dangi

Date of inception : October 28, 1999NAV Rs.

Long Term Plan

Short Term Plan

:

Dividend : 10.1098

Dividend : 10.2194

Growth : 20.5958

Growth : 17.2681


Entry Load

Exit Load

:

: NIL

NIL

Benchmark

Long Term Plan : I-Sec Li-BEX

Short Term Plan : I-Sec Si-BEX

Average AUMLong Term Plan : Rs. 1.36 CroresShort Term Plan : Rs. 0.27 Crores

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

Long Term - Investment Style Box

Long Term Plan - Investment Performance


Asset Allocation - Long Term Plan

Short Term Plan - Investment Performance


Asset Allocation - Short Term Plan






Sensivity

High

Mid

Low

Short Term - Investment Style Box


Sensivity

High

Mid

Low

Credit Quality Credit Quality

Birla Sun Life Govt. Sec Fund - LTP - Growth I-Sec Li-BEX Birla Sun Life Govt. Sec Fund - STP - Growth I-Sec Si-BEX

% R

etu

rns

% R

etu

rns

O c t o b e r 2 0 0 8




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

1.00

3.28

2.62

8.42

2.58

4.73

3.55

0

1

2

3

4

5

6

7

8

9


5.17

5.61

3.83

6.31

7.79

7.00

5.91

0

1

2

3

4

5

6

7

8

9


40

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


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

Portfolio

Investment via sub-fund, IndiaAdvantage (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 whichthe security istraded Non-traded securities are valued at amortised cost and/or fair value as determined in good faith by Birla Sun LifeAsset Management Company Limited, India, Conversion Rate: 1 USD = INR 46.96

Asset Allocation

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


Fund Manager : Mr. Ajay ArgalDate of inception : August 8, 1996

NAV $ per Class C Share : 140.63 Benchmark : BSE Sensex and MSCI (India)

Bloomberg Ticker Code : INDADVC MPAUM : USD 100.55 MillionConversion Rate 1 USD : INR 46.96


Investment Performance CAGR Returns (%)

EQUITY INVESTMENTS :

Reliance Industries Petroleum Products 8.15

Bharti Airtel Ltd. Telecom-Services 6.22

Oil And Natural Gas Oil 6.20

Hdfc Limited Finance 4.78

Infosys Technologies Software 4.70

Itc Limited Consumer Non Durables 4.44

Bhel Industrial Capital Goods 4.38

Icici Bank Ltd. Banks 3.77

Axis Bank Ltd. Banks 3.02

Gas Authority Of Ind Gas 2.83

Hindustan Unilever Consumer Non Durables 2.73

Bank Of India Ltd. Banks 2.66

Reliance Comm. Ltd. Telecom-Services 2.35

Sun Pharmaceuticals Pharmaceuticals 2.32

Oriental Bank Ofcommerce Banks 2.25

Nestle India Consumer Non Durables 2.13

Tcs Ltd. Software 2.11

Bharat Electronicsltd. Industrial Capital Goods 2.09

Dr Reddys Lab Pharmaceuticals 2.07

United Phosphorus Pesticides 1.97

Great Eastern New Transportation 1.89

Cairn India Limited Oil 1.85

Cesc Ltd. Power 1.69

Hero Honda Ltd Auto 1.69

Larsen & Toubro Construction 1.59

Reliance Petro Ltd. Petroleum Products 1.37

Maharashtra Seamless Ferrous Metals 1.35

Sintex Industries Lt Industrial Products 1.26

Name of the Security Sector Percentageof Portfolio

Name of the Security Sector Percentageof Portfolio

Engineers (India) Industrial Capital Goods 1.26

Welspun Gujarat Stah Ferrous Metals 1.26

Great Offshore Ltd Oil 0.97

Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.93

Gujarat Nre Coke Mining 0.83

Bharti Shipyard Industrial Capital Goods 0.82

Bajaj Auto Ltd Auto 0.70

Zee Entert.Entrpze. Media & Entertainment 0.64

Satyam Computers Software 0.63

Subex Ltd. Software 0.55

Icici Bank Ltd. Mat 23 Jan 09 Money Market Instruments 4.13

Cblo 29-Sep-200812.951935 Money Market Instruments 1.42

9.50% Icici Bank Fdmat 16 Oct 2008 Money Market Instruments 1.19

11% Icici Bank - Fdmat 16 Dec 2008 Money Market Instruments 0.64

Mutual Fund Units Mutual Fund Units 0.00

Trent Limited Non - Convertible Debt 0.18

CALL & CALL EQUIVALENTS :

Non-Convertible Debt

TOTAL 98.71

OTHER NET ASSETS (SUB FUND) Cash & Cash Equivalents 1.30

OTHER NET ASSETS (MAIN FUND) Cash & Cash Equivalents 0.01

NET ASSETS 100.00


Large

Mid

Small

Investment Style

India Advantage Fund BSE Sensex MSCI (India)

% R

etu

rns

Morningstar Rating™

��

O c t o b e r 2 0 0 8

Ranked 11th among Top PerformingEquity Funds in the world by Lipper

&

India Advantage FundEquity Funds (6302 funds), 10 yrs ended 31 Dec 07

“Channel IslandsStock Exchange (CISX)”

Also listed on

INDADVC MP

Bloomberg Ticker Code:


0.18%

0.63%

0.82%

0.92%

1.25%

1.57%

1.67%

1.80%

1.87%

1.94%

2.36%

2.58%

2.79%

4.33%

4.71%

5.49%

7.89%

8.44%

8.46%

8.90%

9.17%

9.39%

11.55%

Non-Convertible Debs


Mining

Fertilisers

Industrial Products

Construction

Power

Fixed Deposits

Transportation

Pesticides

Auto

Ferrous Metals

Gas

Pharmaceuticals

Finance


Software


Telecom-Services

Oil


Petroleum Products

Banks

6.17

25.3524.44 24.37

14.02

23.60

15.27

11.8311.19

21.36

15.09

10.03

0.00

5.00

10.00

15.00

20.00

25.00

30.00

3 Years 5 Years 10 Years Since Inception

41

Dividend History(For select Schemes)O c t o b e r 2 0 0 8

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

EQUITY SCHEMES

Birla Advantage Fund 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 46.1023-Mar-05 50 5.00 10.00 54.2516-Dec-05 50 5.00 10.00

Sun Life

Sun Life

Sun Life

Sun Life

Sun LifeSun Life

Sun Life

Sun Life

65.8925-Apr-08 50 5.00 10.00 100.44

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

15-Feb-02 10 1.00 10.00 12.4517-Oct-03 15 1.50 10.00 24.8926-Mar-04 15 1.50 10.00 26.9021-Oct-05 40 4.00 10.00 42.1016-Dec-05 40 4.00 10.00 46.5017-Feb-06 40 4.00 10.00 44.5428-Mar-08 60 6.00 10.00 64.23

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

25-Apr-08 10 1.00 10.00 16.14

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

19-Jun-03 10 1.00 10.00 11.8322-Jul-03 10 1.00 10.00 11.8124-Dec-03 60 6.00 10.00 18.358-Oct-04 12.5 1.25 10.00 13.7228-Jan-05 10 1.00 10.00 14.753-Feb-06 20 2.00 10.00 22.5922-Dec-06 35 3.50 10.00 25.9428-Dec-07 60 6.00 10.00 40.5027-Jun-08 20 2.00 10.00 20.85

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

31-Mar-04 25 2.50 10.00 25.7007-Oct-04 20 2.00 10.00 25.0224-Mar-06 100 10.00 10.00 35.0819-Jan-07 105 10.50 10.00 39.6025-Apr-08 20 2.00 10.00 36.36

28-Mar-06 75 7.50 10.00 17.54

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

31-Mar-04 20 2.00 10.00 18.4814-Oct-04 10 1.00 10.00 16.8027-Feb-06 80 8.00 10.00 28.8828-Aug-06 60 6.00 10.00 23.5629-Jun-07 40 4.00 10.00 23.8608-Aug-08 20 2.00 10.00 20.48

27-Jun-08 10 1.00 10.00 14.43

27-Apr-06 500 50.00 10.00 224.518-Dec-06 250 25.00 10.00 193.9419-Jan-07 260 26.00 10.00 176.5416-Mar-07 500 50.00 10.00 134.2725-Mar-08 200 20.00 10.00 106.7427-Jun-08 50 5.00 10.00 71.86

30-May-08 15 1.50 10.00 15.894

325 32.5Birla Dividend Yield Plus

178 17.80Birla Tax Plan

245 24.50Birla Index Fund

137.5 13.75Birla India GenNext FundBirla India Opportunities Fund

147.5 14.75Birla Midcap Fund

242.5 24.25Birla MNC Fund

240 24.00Birla Sun Life Basic Industries Fund

295 29.50Birla Sun Life Buy India FundBirla Sun Life Equity Fund

445 44.50Birla Sun Life Frontline Equity Fund

230 23.00Birla Sun Life New Millennium FundBirla Sun Life Tax Relief ‘96

2160 216.00

Birla Sun Life Top 100 Fund

Total dividend declared

since inception (Feb 24, 1995) = 325%




since inception (Aug 27, 1998) = 445%


since inception (Dec 27, 1999) = 147.50%


since inception (Dec 27, 1999) = 240%


since inception (Oct 3, 2002) = 242.50%



Total dividend declaredsince inception (Sept 18, 2002) = 137.5%


since inception (Aug 30, 2002) = 240%


since inception (Jan 15, 2000) = 295%


since inception (Mar 29, 1996) = 2160%

After payment of dividend, NAV will fall to the extent of the payout and statutory levy, if any. Past performance is no guarantee of future results.42


HYBRID & MONTHLY INCOME SCHEMES

DEBT SCHEMES Date Face Value Dividend Dividend Cum Dividend NAV(%)

# Dividend Dividend(Rs. per unit) (%) (Rs. per unit) (Rs. per unit)

#

Non Corporate Corporate

Birla Sun Life Balance

65 6.50

Birla Sun Life MIP (Monthly Dividend Plan

Birla Sun Life MIP II - Savings 5 Plan(Monthly Dividend Plan)

Birla Sun Life MIP II - Wealth 25 Plan(Monthly Dividend Plan)

Birla Sun Life Monthly Income -

Birla Sun Life Monthly Income -Quarterly Dividend

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

27-July-07 10.00 1.120 0.1120 1.043 0.104311.540331-Aug-07 10.00 0.958 0.0958 0.892 0.0892 11.406328-Sep-07 10.00 1.139 0.1139 1.060 0.1060 11.583326-Oct-07 10.00 1.196 0.1196 1.113 0.1113 11.684430-Nov-07 10.00 1.455 0.1455 1.354 0.1354 11.552628-Dec-07 10.00 1.147 0.1147 1.068 0.1068 11.669325-Jan-08 10.00 1.204 0.1204 1.120 0.1120 11.339929-Feb-08 10.00 0.847 0.0847 0.788 0.0788 10.985328-Mar-08 10.00 0.682 0.0682 0.635 0.0635 10.683725-Apr-08 10.00 0.641 0.0641 0.597 0.0597 10.6054

30-May-08 10.00 0.796 0.0796 0.741 0.0741 10.490627-Jun-08 10.00 0.123 0.0123 0.114 0.0114 10.014629-Aug-08 10.00 0.228 0.0228 0.212 0.0212 10.0638

26-Oct-07 10.00 0.771 0.0771 0.717 0.0717 10.199130-Nov-07 10.00 0.871 0.0871 0.810 0.0810 10.199328-Dec-07 10.00 0.696 0.0696 0.648 0.0648 10.172925-Jan-08 10.00 0.640 0.0640 0.599 0.0599 10.166429-Feb-08 10.00 0.620 0.0620 0.577 0.0577 10.191627-Mar-08 10.00 0.520 0.0520 0.484 0.0484 10.180225-Apr-08 10.00 0.529 0.0529 0.492 0.0492 10.1977

30-May-08 10.00 0.836 0.0836 0.778 0.0778 10.232725-Jun-08 10.00 0.546 0.0546 0.508 0.0508 10.199625-Jul-08 10.00 0.521 0.0521 0.485 0.0485 10.2026

13-Aug-08 10.00 0.402 0.0402 0.374 0.0374 10.189028-Aug-08 10.00 0.140 0.0140 0.130 0.0130 10.677829-Sep-08 10.00 0.802 0.0802 0.747 0.0747 10.7534

25-May-07 10.00 0.629 0.0629 0.585 0.0585 11.091529-Jun-07 10.00 0.756 0.0756 0.704 0.0704 11.253527-July-07 10.00 1.126 0.1126 1.048 0.1048 11.565831-Aug-07 10.00 0.962 0.0962 0.895 0.0895 11.349328-Sep-07 10.00 1.133 0.1133 1.054 0.1054 11.554326-Oct-07 10.00 1.193 0.1193 1.110 0.1110 11.624130-Nov-07 10.00 1.446 0.1446 1.346 0.1346 11.525528-Dec-07 10.00 1.145 0.1145 1.066 0.1066 11.762025-Jan-08 10.00 1.214 0.1214 1.130 0.1130 11.212629-Feb-08 10.00 0.837 0.0837 0.779 0.0779 10.727928-Mar-08 10.00 0.666 0.0666 0.620 0.0620 10.304925-Apr-08 10.00 0.620 0.0620 0.577 0.0577 10.3476

30-May-08 10.00 0.777 0.0777 0.723 0.0723 10.2064

30-Jun-99 10.00 20 2.00 - - 26.7828-Mar-00 10.00 50 5.00 - - 64.44

10.00 3.0010.00 2.0010.00 2.0010.00 2.0010.00 1.0010.0010.0010.0010.0010.00 25 2.50

31-May-07 10.00 0.673 0.0673 0.626 0.0626 10.825329-Jun-07 10.00 0.622 0.0622 0.579 0.0579 10.848031-July-07 10.00 1.152 0.1152 1.072 0.1072 11.156231-Aug-07 10.00 0.744 0.0744 0.692 0.0692 11.017728-Sep-07 10.00 1.345 0.1345 1.251 0.1251 11.182031-Oct-07 10.00 1.632 0.1632 1.519 0.1519 11.265730-Nov-07 10.00 1.401 0.1401 1.304 0.1304 11.099531-Dec-07 10.00 1.221 0.1221 1.136 0.1136 11.337231-Jan-08 10.00 0.750 0.0750 0.698 0.0698 10.888129-Feb-08 10.00 0.677 0.0677 0.630 0.0630 10.707031-Mar-08 10.00 0.712 0.0712 0.663 0.0663 10.379630-Apr-08 10.00 0.668 0.0668 0.622 0.0622 10.4731

30-May-08 10.00 0.786 0.0786 0.731 0.0731 10.3396

29-Jun-07 10.00 0.622 0.0622 0.579 0.0579 10.848002-July-07 10.00 2.375 0.2375 2.210 0.2210 11.537828-Sep-07 10.00 2.856 0.2856 2.658 0.2658 11.831031-Dec-07 10.00 2.856 0.2856 2.658 0.2658 12.201131-Mar-08 10.00 2.593 0.2593 2.413 0.2413 11.176530-Jun-08 10.00 1.901 0.1901 1.769 0.1769 10.639930-Sep-08 10.00 1.380 0.1380 1.284 0.1284 10.4584

Birla Sun Life '95 Fund

325 32.50

13-Oct-00 30 - - 39.8509-Mar-01 20 - - 33.5015-Oct-01 20 - - 25.7026-Mar-02 20 - - 29.9930-Oct-02 10 - - 26.0128-Mar-03 10 1.00 - - 27.0010-Oct-03 10 1.00 - - 38.5922-Mar-04 30 3.00 - - 42.3125-Oct-04 20 2.00 - - 43.0210-Mar-06 - - 68.5330-May-08 10.00 50 5.00 - - 97.61

After payment of dividend, NAV will fall to the extent of the payout and statutory levy, if any. Past performance is no guarantee of future results.



Total dividend declaredsince inception (Oct 12, 1999) = 65%

Monthly Dividend

43


DEBT SCHEMES

Birla Sun Life Short TermOpportunities Fund

Birla Sun Life Dynamic Bond Fund - Retail -Quarterly Dividend

Sun Life(Quarterly Dividend)

Sun Life

Sun Life(Quarterly Dividend)

Birla Sun Life Income PlusMonthly Dividend)

Birla Sun Life Govt. Securities -Long Term Dividend

Birla Sun Life Govt. Securities -Short Term Dividend

Birla Sun Life Income Fund-Half Yearly Dividend

Quarterly Dividend

Birla Sun Life Liquid Plus -Institutional Monthly Dividend

Birla Sun Life Liquid Plus -Retail Monthly Dividend

Birla Sun Life Short Term Fund -Monthly Dividend

15-Mar-07 10.00 1.546 0.1546 1.440 0.1440 10.285915-Jun-07 10.00 1.656 0.1656 1.541 0.1541 10.270617-Sep-07 10.00 1.706 0.1706 1.588 0.1588 10.247917-Dec-07 10.00 1.875 0.1875 1.745 0.1745 10.219317-Mar-08 10.00 1.162 0.1162 1.082 0.1082 10.137016-Jun-08 10.00 1.162 0.1162 1.082 0.1082 10.137915-Sep-08 10.00 1.201 0.1201 1.118 0.118 10.1943

29-Apr-08 10.00 0.896 0.0896 0.834 0.0834 10.627728-May-08 10.00 0.633 0.0633 0.589 0.0589 10.5977

02-Jul-08 10.00 0.682 0.0682 0.635 0.0635 10.612229-Aug-08 10.00 1.330 0.1330 1.238 0.1238 10.704829-Sep-08 10.00 0.701 0.0701 0.652 0.0652 10.6474




15-Dec-06 10.00 1.537 0.1537 1.431 0.1431 10.3281( 15-Mar-07 10.00 0.930 0.0930 0.866 0.0866 10.1064

15-Jun-07 10.00 1.529 0.1529 1.423 0.1423 10.221817-Sep-07 10.00 1.813 0.1813 1.688 0.1688 10.570417-Dec-07 10.00 2.031 0.2031 1.890 0.1890 10.775817-Mar-08 10.00 2.304 0.2304 2.144 0.2144 10.944516-Jun-08 10.00 1.634 0.1634 1.520 0.1520 10.6083

15-Mar-07 10.00 3.113 0.3113 2.899 0.2899 10.481717-Sep-07 10.00 3.162 0.3162 2.943 0.2943 10.377417-Mar-08 10.00 0.480 0.0480 0.447 0.0447 10.0548


15-Mar-07 10.00 3.191 0.3191 2.971 0.2971 10.888617-Sep-07 10.00 3.758 0.3758 3.497 0.3497 11.245417-Mar-08 10.00 4.752 0.4752 4.423 0.4423 11.6359


25-Jul-08 10.00 0.546 0.0546 0.508 0.0508 10.134029-Aug-08 10.00 0.710 0.0710 0.660 0.0660 10.159326-Sep-08 10.00 0.625 0.0625 0.581 0.0581 10.1534

25-Jul-08 10.00 0.550 0.0550 0.512 0.0512 10.126929-Aug-08 10.00 0.687 0.0687 0.639 0.0639 10.148726-Sep-08 10.00 0.587 0.0587 0.546 0.0546 10.1412

25-Jul-08 10.00 0.532 0.0532 0.495 0.0495 10.621229-Aug-08 10.00 0.727 0.0727 0.677 0.0677 10.650126-Sep-08 10.00 0.639 0.0639 0.594 0.0594 10.6440

Birla Gilt Plus - Liquid Plan -

Birla Gilt Plus - PF Plan

Birla Gilt Plus - Regular Plan

Birla Sun Life Income Fund -

Non Corporate Corporate

DEBT SCHEMES Date Face Value Dividend Dividend Cum Dividend NAV(%)

# Dividend Dividend(Rs. per unit) (%) (Rs. per unit) (Rs. per unit)

#

After payment of dividend, NAV will fall to the extent of the payout and statutory levy, if any. Past performance is no guarantee of future results.44

AddendumsO c t o b e r 2 0 0 8

NOTICE

NOTICE IS HEREBY GIVEN THAT the load structure of Birla Sun Life Dynamic Bond Fund, an open ended income scheme isbeing revised as under w.e.f July 9, 2008:

The revised load structure will be applicable to all investments made on or after July 9, 2008.

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

Date: July 8, 2008

This addendum forms an integral part of the Offer Document/Key Information Memorandum issued for the scheme read withthe addenda.All other features and terms and conditions of the scheme shall remain unchanged.

Type of Load Existing Revised (w.e.f. July 9, 2008)

Entry Load Nil No Change

Exit Load For Units redeemed/ switched out within 180 daysfrom the date of allotment - an exit load of 2% ofapplicable NAV. For Units redeemed/ switched outafter 180 days from the date of allotment - Nil

For Units redeemed/ switched out within 30 daysfrom the date of allotment - an exit load of 0.20% ofapplicable NAV. For Units redeemed/ switched outafter 30 days from the date of allotment - Nil

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

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

This Addendum forms an integral part of the Offer Document(s) / Key Information Memorandum cum Application Form(s) ofthe Schemes of Birla Sun Life Mutual Fund read with the addenda issued there under.

Date: July 21, 2008

(B) Change in Address of Existing Official Points of Acceptance for Transactions in all the Schemes of Birla Sun LifeMutual Fund with effect from July 22, 2008:

Branch Office : Birla Sun LifeAsset Management Company Limited:

State

Maharashtra

NewAddress

1st Floor, Kapish House, Opp. Punit Super Market,Mata Mandir Road, Khare Town, Nagpur - 440010.

OldAddress

Parmanand Apartment, 103-104, 1st Floor, WestHigh Courrt road, Bajaj Nagar, Nagpur – 440010

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

Branch Office: Birla Sun LifeAsset Management Company Limited:

State

Tamil Nadu

Chhatisgarh

Address

No. 4, Omalur, Main Road, Salem – 636 009

Shop No. 9, 2nd Floor, Chauhan Estate, G E Road, Bhilai – 490023

With Effect From

July 22, 2008

July 22, 2008

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

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

Addition of new Official Points ofAcceptance for Transactions in all the Schemes of Birla Sun Life Mutual Fund:

This Addendum forms an integral part of the Offer Document(s) / Scheme Information Document(s) / Key InformationMemorandum cum Application Form(s) of the Schemes of Birla Sun Life Mutual Fund read with the addenda issued thereunder.

Date: July 28, 2008

State Address With Effect From

MaharashtraShop No.8, Manpada Road, Char Rasta, Nr. Bank of India, Dombivili (East) -421 201

July 29,2008

MaharashtraShop No.5, Madhav Building, Oak Baug, Opp Archies Bldg, New KalyanRoad, Kalyan (West) - 421 301

July 29,2008

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


Change in Address of Existing Official Points of Acceptance for Transactions in all the Schemes of Birla Sun LifeMutual Fund with effect fromAugust 11, 2008:

Branch Office - Birla Sun LifeAsset Management Company Limited:


Date:August 08, 2008

State

Delhi

NewAddress

C-34,1st Floor, Inner Circle, Connaught Place,New Delhi - 110001

OldAddress

801 & 802, Ashoka Estate, 24 Barakhamba Road,Connaught Place, New Delhi-110001

Change in Address of Existing Official Points of Acceptance for Transactions in all the Schemes of Birla Sun LifeMutual Fund:


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




State

Tamil Nadu

NewAddress

S.E.V Grandson,1st Floor, 280 b, GoodShed Street, Madurai -625001

OldAddress

215/A, 2nd Floor, R&J Plaza, Thenimain Road,P.P.Chavadi, Madurai- 625016

NOTICE cum Addendum to the Offer Document of Birla Sun Life Index Fund, scheme of Birla Sun Life MutualFund

I. Introduction of Switch Facility:Definition of switch / lateral shift :

a) Inter-Scheme Switching option

b) Intra–Scheme Switching option

Notice is hereby given of the changes in Birla Sun Life Index Fund, scheme of Birla Sun Life Mutual Fund (the Mutual Fund)w.e.f. September 1, 2008.Accordingly the following changes shall be carried out to the Offer Document of Birla Sun Life IndexFund:

Redemption of a unit in any scheme of the Mutual Fund against purchase of a unit inanother scheme (including the plans therein) of the Mutual Fund, subject to completion of lock-in period, if any, of the unitsof the scheme(s) from where the units are being switched and applicable load structure

Unit holders under the Scheme have the option to Switch part or all of their Unit holdings in the Scheme to open endedschemes or close ended schemes during the new fund offer, managed by the Mutual Fund. The Mutual Fund also,provides the investors the flexibility to switch their investments from any other scheme(s) / plan (s) offered by the MutualFund to this scheme.This Option will be useful to Unit holders who wish to alter the allocation of their investment amongst other scheme(s) /plan(s) of the Mutual Fund (subject to completion of lock-in period, if any, of the units of the scheme(s) from where theunits are being switched) in order to meet their changed investment needs. The Switch will be effected at applicableNAVs by way of a Redemption of Units from the Scheme / Plan and a reinvestment of the Redemption proceeds in anopen-ended scheme / plan or close ended scheme during NFO and accordingly, to be effective, the Switch must complywith the Redemption rules of the Scheme and the issue rules of the other scheme (for e.g. as to the minimum number ofUnits that may be redeemed or issued, Exit / Entry Load etc). The price at which the Units will be Switched out of therespective Plans will be based on the Redemption Price, and the proceeds will be invested at the prevailing sale pricefor units in that scheme / plan subject to the day being a business day in both the schemes.

Unit holders under the Scheme have the option to Switch their Unit holdings from Growth option to Dividend option orvice-versa within the Plans offered under the Scheme. No Exit Load will be charged in respect of such Intra-SchemeSwitching. The switches would be done at the applicable NAV based prices and the difference between the NAVs of thetwo options will be reflected in the number of units allotted.

II. Change in Load Structure of Birla Sun Life Index Fund:

The revised load structure will be applicable to all investments made on or after September 01, 2008.The AMC reserves the right to increase / decrease / introduce a Load at any time in future on a prospective basis. However,such increase / decrease / introduction would be subject to the limits prescribed under the regulations.

All other features and terms and conditions of the scheme shall remain unchanged.This Addendum forms an integral part of the Offer Document / Key Information Memorandum cum Application Form of theScheme of Birla Sun Life Mutual Fund read with the addenda issued there under.


Type of Load Existing Revised (w.e.f. September 01, 2008)

Entry Load Nil No Change

Exit Load Nil

For Purchase / Switch in of Units, less than Rs. 5 crores in value, an exit loadof 1.00% is payable if units are redeemed / switched out within 15 days from

the date of allotment. For Purchase / Switch in of Units, Rs. 5 crores in value &above, no exit load is payable.

NOTICE cum Addendum to the Offer Document of the Schemes of Birla Sun Life Mutual Fund

Notice is hereby given of changes in Special Product offered by Schemes of Birla Sun Life Mutual Fund w.e.f. August 27,2008

The eligibility criterions for availing CSIP are hereby modified so as to extend the CSIP facility to the NRI and PIOs

The CSIP facility can also be availed by the NRI/PIO provided they reside in one of the following countries as given below.

Extension of Birla Sun Life Century SIP (CSIP) facility to Non-Resident Indians (NRI) / Persons of Indian Origin(PIOs).

NRIs / PIOs need to submit a proof of residence duly certified in original by local authority in the country of residence at thetime of submission of CSIP Application Form. In case the proof is in any language other than English the same must betranslated to English and certified by GovernmentAuthority in country of residence or by the Indian Embassy.

All claims shall be settled in INR only and the then prevailing tax rates if any will be applied.

The CSIP form has to be received on or before the last day of the CSIP period. CSIP forms received, by any mode, after theclosure of the CSIP date will be rejected.

All the other terms and conditions of the respective offer documents of the schemes offering CSIP will remain unchanged andshall accordingly apply to NRI/PIOs.This Addendum forms an integral part of the Offer Document(s) / Key InformationMemorandum cum Application Form(s) of the Schemes of Birla Sun Life Mutual Fund read with the addenda issued thereunder.


S. No. Country S. No. Country S. No. Country S. No. Country

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

Australia

Austria

Bahamas

Bahrain

Belgium

Brunei

Bulgaria

Canada

China

Croatia

Cyprus

Denmark

Finland

France

Germany

Gibraltar

Greece

Hong Kong

Hungary

Ireland

Italy

Japan

Luxembourg

Mauritius

Moldova

Netherlands

New Zealand

Norway

Oman

Poland

Portugal

Qatar

Romania

Seychelles

Singapore

South Africa

South Korea

Spain

Sweden

Switzerland

Taiwan

Turkey

UAE

UK

USA

45

AddendumsO c t o b e r 2 0 0 8

Addendum to Statement of Additional Information/Offer Document(s)/ Key Information Memorandum(s) of theschemes of Birla Sun Life Mutual Fund

Notice is hereby given that Mr. Jignesh Shah, Fund Manager, has ceased to be a part of Birla Sun Life AssetManagement Company Ltd wef September 2, 2008. In view of the same, all the references to Mr. Jignesh Shah aredeleted from the Statement of Additional Information (SAI)/Offer Document(s)/ Key Information Memorandum(s) ofSchemes of Birla Sun Life Mutual Fund.

The Fund Management responsibilities of the following Schemes of Birla Sun Life Mutual Fund have been reassignedwith immediate effect :

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

This Addendum forms an integral part of the SAI/Offer Document(s) of the respective Schemes of Birla Sun Life Mutual Fundread with the addenda issued thereunder.

Date: September 09, 2008

Fund ManagerSr. No

Mr. Sanjay Chawla / Mr. A. Balasubramaniam1

Name of the Scheme

Birla Sun Life Special Situations Fund

Mr. Ankit Sancheti2 Birla Sun Life Long Term Advantage Fund - Series 1

NOTICE

Birla Sun Life Asset Management Company Limited has decided to carry out following changes to the Offer Document ofBirla Sun Life Short Term Fund (BSLSTF), an Open-ended Short Term Income Scheme with effect from September 22,2008.

Daily Dividend Option with Reinvestment facility is being introduced under the Institutional Plan of Birla Sun Life Short TermFund w.e.f September 22, 2008. The units will be available for purchase to investors at Rs. 10/- and at NAV based price,thereafter.

The Daily Dividend Option introduced under the Institutional Plan of Birla Sun Life Short Term Fund will have the sameinvestment objective, portfolio, liquidity, minimum application amount, applicable load structure and expense ratio as that ofexisting options under the Institutional Plan of the scheme. Since, the option is within an existing portfolio, the Fund does nothave any target for minimum subscription amount.

All other features and terms and conditions of the scheme shall remain unchanged. This addendum forms an integral part ofthe Offer Document of the schemes read together with the addenda.

Introduction of new Option in the Institutional Plan:

Date: September 19, 2008

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

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

Addition of new Official Points ofAcceptance for Transactions in all the Schemes of Birla Sun Life Mutual Fund:


This Addendum forms an integral part of the Offer Document(s) / Key Information Memorandum cum Application Form(s) ofthe Schemes of Birla Sun Life Mutual Fund read with the addenda issued there under.

Date: August 29, 2008

State Address With Effect From

Maharashtra Konark Tower, Ground Floor, Shop 13-15, Ghantali Road, Thane (W),Thane - 400602

September 02, 2008

46

Methodology of RankingO c t o b e r 2 0 0 8

Ranking Source: Crisil FundServices, CRISIL Limited

Birla Sun Life ‘95 Fund – Growth (BSL‘95): Best Fund - 10 yr performance (1997 - 2007), Mixed Asset INR Aggressive, No. of schemes: 6Birla Sun Life Income Fund - Growth (BSLIF): Best Fund - 3yr (2004 - 2007) & 10 yr (1997 - 2007) performance, Bond INR - General, No. of schemes: 100Birla Sun Life Gilt Plus - Regular Growth (BSLGP-Reg): Best Fund - 5 yr performance (2002 - 2007), Bind INR Govt, No. of Schemes: 35Birla Sun Life Tax Relief '96 (BSLTR'96): 3rd Rank (Top Performing Equity funds in the world) - 10 yr performance (1997 - 2007), Equity Funds, No. of Schemes: 6302BSL’95, BSLIF & BSLGP - Reg are awarded the Lipper Award 2008 and BSLTR’96 has been ranked 3rd among the top 100 equity funds in the world on the basis of Consistent Return (Effective Return) value. Entry/Exit load not considered. Ranking source: Lipper - A Reuter Co.

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

Birla Sun Life Mutual Fund - Mutual Fund of the Year: Birla Sun Life Mutual Fund won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Category – Mutual Fund of the Year. In total 26 fund houses were eligible for the award universe. Fund Houses winning at least two awards for their schemes in the category level awards for 2007 were considered for the award. The award is based on consistency of fund house’s performance across various scheme categories in the four quarterly CRISIL CPR rankings released during the calendar year 2007. The individual CRISIL CPR ranks for their schemes were aggregated on a weighted average basis to arrive at the final ranks for fund houses.Birla Sun Life Infrastructure Fund – Growth - Emerging Equity Fund of the Year: Birla Infrastructure Fund - Growth was the only scheme that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the Emerging equity Fund of the year category. In total 14 schemes were eligible for the award universe. Open ended equity schemes having a one to two year track record as on December 31, 2007 and fulfilling CRISIL’s eligibility criteria on disclosure were considered for the award. The award is based on the scheme’s performance using the analytical approach of the CRISIL CPR rankings having the analysis period as the year 2007. Birla Sun Life Frontline Equity Fund - Growth(Large Cap Oriented Equity Fund), 22 Schemes: Among 2 winnersBirla Sun Life Income Fund (Income Funds), 17 schemes: Only winnerBirla Sun Life Monthly Income (Monthly Income Plans – Conservative), 9 schemes: Only winnerBirla Sun Life Short Term Fund (Income – Short Term Funds), 12 schemes: Only winnerSchemes present in all four quarter CRISIL CPRs were considered for the award. The award is based on consistency of scheme’s performance in the four quarterly CRISIL CPR rankings released during the calendar year 2007. The individual CRISIL CPR parameter scores averaged for the four quar ters were further multiplied by the parameter weight as per the CRISIL CPR methodology to arrive at the final scores. A detailed methodology of the CRISIL CPR is available at www.crisil.com. Past performance is no guarantee of future results. Rankings and Award Source: CRISIL FundServices, CRISIL Ltd.

& Lipper Awards 2008 – Award Methodology & Disclaimer

@@ S & P Fund Management Rating

&&CNBC TV18 - CRISIL Mutual Fund of the Year Award for 2007 - Award Methodology & Disclaimer

Parameters Scheme CategorySuperior Return Score Large Cap Oriented Equity, Diversified Equity, ELSS, Balanced, Debt, MIP (Aggressive &

Conservative), Gilt-Long and Consistent CPR Performers – Equity, Balanced and DebtMean Return and Volatility Debt-Short, Liquid Plans & Consistent CPR Performers - LiquidPortfolio Concentration Analysis All SchemesLiquidity Analysis All SchemesAsset Quality Debt SchemesAverage Maturity Debt SchemesDownside Risk Probability Debt- Short Term, Liquid, Liquid Plus, Liquid- Institutional & Super InstitutionalAsset Size Debt- Short Term, Liquid, Liquid Plus, Liquid- Institutional & Super InstitutionalHistoric performance on CRISIL~CPR Consistent CPR Performer – Equity, Balanced, Debt and Liquid categories

#Value Research Ratings

@ ICRA – Ranking Methodology and Disclaimer

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

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

^^Crisil CPR – Ranking Methodology & Disclaimer

The Ratings are a Composite Measure of historical Risk-Adjusted Returns. For Equity and Hybrid Funds, Ratings for the two time periods (3 and 5 years) are combined to give a single assessment of each fund’s risk rating vis-à-vis other funds in the category. For Debt funds and Long & Medium-term Gilt funds, the Ratings are arrived at by combining the assessment for 2 time periods (18 months and 3 years), based on weekly risk-adjusted performance. For Short-term and Ultra Short-term debt funds and Short-term Gilt funds, the Ratings are based on 18-month weekly risk-adjusted performance, relative to the other funds in category. Entry/Exit Loads not considered.5-stars indicate that fund is in top 10% of its category. 4-stars indicate that fund is in next 22.5% of its category. Following is the number of schemes in each category: Equity Diversified (220), Equity: Index (25), Equity Tax Planning (30), Hybrid: Equity Oriented (32), Hybrid: Debt Oriented (31), Hybrid: Monthly Income (37), Debt: MT (52), Debt: ST (24), Debt: Ultra ST (54), Debt: Ultra ST-Inst. (59), Debt: Floating Rate ST (11) Debt: Floating Rate LT (11), Gilt: Medium and LT (45), Gilt: ST (16). Debt: Liquid Plus (36),Debt: Liquid Plus Inst (37). Fund Ratings are as on 30 Sep’08. Ranking Source: www.valueresearchonline.com

Birla Sun Life Short Term Fund - Growth (Category: Liquid Plus Scheme, No of Schemes = 26) & Birla Sun Life Income Plus - Growth (Category: Debt Long Term, No of Schemes = 18) are ranked 7 - Star at ICRA Mutual Funds Awards 2007 for 1 yr performance for period ended 31 Dec. ’07. Ranks are based on in-depth analysis of critical parameters, including: risk-adjusted performance; portfolio concentration characteristics; liquidity; corpus size; average maturity; and portfolio turnover. Entry/Exit Loads not considered. Ranking Source & Publisher: ICRA Online.

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

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

Birla Sun Life Equity Fund: CRISIL~CPR 1 - in Consistent CPR Performer - Equity (24 Schemes)Birla Sun Life Basic Industries Fund: CRISIL~CPR 2 - in Diversified Equity Scheme Category (86 schemes)Birla Sun Life Balance: CRISIL~CPR 2 - in Balanced Schemes Category (16 Schemes)Birla Sun Life Frontline Equity Fund: CRISIL~CPR 2 -In Diversified Equity Scheme Category (87 Schemes). Birla Sun Life Income Fund: CRISIL~CPR 1 - Income Scheme Category (20 Schemes)Birla Sun Life Income Plus: CRISIL~CPR 2 - Consistent CPR Performer - Debt (13 Schemes)Birla Sun Life Monthly Income: CRISIL~CPR 2 - MIP Conservative Scheme Category (9 schemes)Birla Sun Life Short Term Fund - Retail Plan: CRISIL~CPR 1 - Debt Short Term Scheme Category (18 Schemes).Birla Sun Life Cash Plus - Institutional: CRISIL~CPR 2 - Liquid Inst. Scheme Category (9 schemes)Birla Sun Life Cash Plus - Institutional Premium: CRISIL~CPR 2 - Liquid Super Inst. Scheme Category (16 Schemes).Birla Sun Life Cash Plus - Retail Plan: CRISIL~CPR 2 Consistent CPR Performer - Liquid (28 Schemes)Birla Sun Life Gilt Plus - Regular Plan: CRISIL~CPR 1 - Gilt Scheme Category (14 schemes)Birla Sun Life Income Plus: CRISIL~CPR1 - Income Scheme Category (20 schemes)Birla Sun Life Infrastructure Fund: CRISIL~CPR 2 - in Diversified Equity Scheme Category (86 schemes)CRISIL~Composite Performance Ranking - (CRISIL~CPR) is the relative performance ranking of mutual fund schemes within the peer group. The criteria used for computing the ranking are AUM in excess of category cut-off limits & portfolio disclosure and performance in case of Liquid Plans, Floating Rate and Debt-Short Term – Last 1 years; All other Schemes – Last 2 years and 5 yrs CPR track record for consistent CPR Performers. Fund Ratings are as on 30 June ’08. Ranking is done on the following parameters depending on scheme category.CRISIL~CPR 1 - indicates “Very Good" performance & ranks within top 10% of the respective category.CRISIL~CPR 2 - indicates “Good" performance & ranks within top 30% of the respective category.

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

BIRLA SUN LIFE ASSET MANAGEMENT COMPANY LTD. BRANCHES

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

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

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

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

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

AGRA : 0562-2524409

AHMEDABAD : 079-2640 3553 / 48

AJMER : 9983318002

ALLAHABAD : 0532-2427014 / 15 /3201661

AURANGABAD : 0240-6453599

BANGALORE : 080-2238 9991 / 2 / 3

BARODA : 0265-658 2984 / 2986

BHUBANESHWAR : 0674-253 5521 / 3413

CHANDIGARH : 0172-2783556-57

CHENNAI : 044-4204 5003 / 02 / 2819 1681/ 2811 6610

COCHIN : 0484-238 3969 / 236 6817

COIMBATORE : 0422-435 0262 / 64

DEHRADUN : 0135-3241324 / 9837431731

ERODE : 0424 4558197/98

GOA : 0832-243 7628 / 29

GURGOAN : 0124-4235974 / 75

GUWAHATI : 0361-259 5020 / 259 9273

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

JAIPUR : 0141-238 9082 / 9115 / 511 6883

JAMSHEDPUR : 0657-6456127

JODHPUR : 9828992999

KANPUR : 0512-233 1116 / 21 / 324 6000

KOLKATA : 033-2288 2592 / 94 / 95 / 2288 2614 / 16

LUCKNOW : 0522-409 4110 / 11 / 323 6000

LUDHIANA : 0161-508 8847 / 277 1217

MADURAI : 0452-2382566 / 67

MUMBAI (FORT) : 022-6637 9999

MUMBAI (GHATKOPAR) : 022-3268 1373

MUMBAI (HEAD OFFICE) : 022-6692 8000

MUMBAI (PRABHADEVI) : 022-6666 1035 / 36

MYSORE : 0821-4244400 / 1 / 2

NAGPUR : 0712-663 0899 / 4300

NASHIK : 0253-657 3474 / 320 1125

NEW DELHI : 011-2332 3070

NOIDA : 0120-420 3629

PATNA : 0612-220 7022 / 23 / 389 0873

PUNE : 020-66011865 / 66 / 67

RAIPUR : 0771-4266894

SECUNDARABAD : 040-6531 1052 / 3580 / 2772 1818

SURAT : 0261-658 1707 / 1708

THANE : 022-67930660 / 61

TRICHY : 0431-277 3391/92/93

UDAIPUR : 9828215143

VARANASI : 0542-222 7755 / 56

47

Award Methodology, Disclaimer & Statutory: Award:CNBC TV18 - CRISIL Mutual Fund of the Year Award for 2007. Birla Sun Life Mutual Fund, Category – Mutual Fund of the Year, out of 26 fund houses. Fund Houses winning at least two awards for their schemes in the category level awards for 2007 were considered for the award based on consistency of fund house's performance across various scheme categories in the four quarterly CRISIL CPR rankings released during the calendar year 2007. The individual CRISIL CPR ranks for their schemes were aggregated on a weighted average basis to arrive at the final ranks for fund houses. Birla Sun Life Frontline Equity Scheme was among the 2 schemes that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the category- Large Cap Oriented Equity Funds. In total 22 schemes were eligible for the award universe. Birla Sun Life MIP was the only scheme that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the category- Monthly Income Plans (Conservative). In total 9 schemes were eligible for the award universe. Birla Sun Life Short Term Fund was the only scheme that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the category of Income Short Term Funds. In total 12 Schemes were eligible for the award universe. Birla Sun Life Income Fund was the only scheme that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the category of Income Funds. In total 17 Schemes were eligible for the award universe. Schemes present in all four quarter CRISIL CPRs were considered for the award. The award is based on consistency of scheme's performance in the four quarterly CRISIL CPR rankings released during the calendar year 2007. The individual CRISIL CPR parameter scores averaged for the four quarters were further multiplied by the parameter weight as per the CRISIL CPR methodology to arrive at the final scores. Birla Infrastructure Fund was the only scheme that won the CNBC TV18 - CRISIL Mutual Fund of the Year Award in the category- Emerging Equity Fund of the Year. In total 14 schemes were eligible for the award universe. Open ended equity schemes having a one to two year track record as on December 31, 2007 and fulfilling CRISIL's eligibility criteria on disclosure were considered for the award. The award is based on the scheme's performance using the analytical approach of the CRISIL CPR rankings having the analysis period as the year 2007. A detailed methodology of the CRISIL CPR is available at www.crisil.com. Ranking & Award Source: CRISIL Fund Services, CRISIL Ltd. Past performance is no guarantee of future results. ICRA Award: Birla Sun Life Income Plus (Category- Debt- Schemes –Long Term), 7- Star indicates- Best performance amongst the 5-Star Funds. 1 year Performance for the period ending December 31, 2007. Birla Sun Life Short Term Fund (Growth)- (Category- Liquid Plus Schemes), 7- Star indicates- Best performance amongst the 5-Star Funds. 1 year Performance for the period ending December 31, 2007. The rank is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted return, fund size, sector concentration, portfolio turnover, liquidity, company concentration and average maturity. The ranking methodology did not take into account entry and exit loads imposed by the scheme. The rank is neither a certificate of statutory compliance nor any guarantee on the future performance of Birla Sun Life Mutual Fund or its Schemes. Ranking source and publisher: ICRA Online. Lipper Awards 2008: Methodology: Birla Sun Life Income Fund –Growth: Best Fund –Bond Indian Rupee –General for 3 year performance period ended on December 31, 2007 out of 100 funds and Best Fund –Bond Indian Rupee –General for 10 year performance period ended on December 31, 2007, out of 35 funds. Birla Gilt Plus- Regular Plan- Growth: Best Fund –Bond Indian Rupee –Government for 5 year performance period ended on December 31, 2007, out of 10 funds. Birla Sun Life '95 Fund: Best Fund- Mixed Assets Aggressive- General for 10 year performance period ended on December 31, 2007, out of 6 funds. Entry / Exit load not considered. Past performance is no guarantee of future results. Ranking source: Lipper –A Reuter Company. Statutory Details: Constitution: Birla Sun Life Mutual Fund has been set up as a Trust under the Indian Trust Act, 1882. Sponsors: Aditya Birla Nuvo Limited and Sun Life (India) AMC Investments Inc. (liability restricted to seed corpus of Rs. 1 Lac). Trustee: Birla Sun Life Trustee Company Pvt. Ltd. Investment Manager: Birla Sun Life Asset Management Company Ltd. Scheme Name, Nature & Objective: Birla Sun Life Frontline Equity Fund (an Open- end growth scheme) with an objective of long term growth of capital, through a portfolio with a target allocation of 100% equity by aiming at being as diversified across various industries and or sectors as its chosen benchmark index, BSE 200. Birla Sun Life Monthly Income (an Open-end income scheme) with an objective to generate regular income so as to make monthly and quarterly 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 Sun Life Short Term Fund (an Open-end short term income scheme) with an objective to generate income and capital appreciation by investing 100% of the corpus in a diversified portfolio of debt and money market securities with relatively low levels of interest rate risk. Birla Sun Life Income Fund (an Open-end income scheme) with an objective to generate income and capital appreciation by investing 100% of the corpus in a diversified portfolio of debt and money market securities. Birla Sun Life Infrastructure Fund (an Open-end growth scheme) with an objective of providing for medium to long-term capital appreciation by investing predominantly in a diversified portfolio of equity and equity related securities of companies that are participating in the growth and development of infrastructure in India. Birla Sun Life Income Plus (an Open-end income scheme) with an objective to generate consistent income through superior yields on its investments at moderate levels of risk through a diversified investment approach. Birla Sun Life Gilt Plus (an Open-end Government Securities scheme) with an objective to generate income and capital appreciation through investments exclusively in Government Securities. Birla Sun Life '95 Fund (an Open-end balanced scheme) with an objective of long term growth of capital and current income, through a portfolio of equity and fixed income securities. Risk Factors: Mutual Funds and securities investments are subject to market risks and there can be no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in securities, the NAV of the Units issued under the Scheme may go up or down depending on the various factors and forces affecting capital markets and money markets. Past performance of the Sponsors / Investment Manager / Mutual Fund does not indicate the future performance of the Scheme and may not necessarily provide a basis of comparison with other investments. The names of the Schemes do not, in any manner, indicate either the quality of the Scheme or its future prospects or returns. Unitholders in the Scheme are not being offered any guaranteed/assured returns. Investors should read the Offer Document/ Key Information Memorandum available at Investor Service Centers and with Distributors carefully before investing.

At Birla Sun Life Mutual Fund we are committed to consistently providing superior returns to our investors. A commitment that has not only won us recognition and awards from ICRA, LIPPER and CNBC TV18-CRISIL but also the trust of over 21 lakh investors, with average assets under management in excess of Rs. 37,500 crores as on 30th September, 2008. As we humbly thank our investors and partners for the recently won “The Mutual Fund of the Year” award, we look forward to continuing this journey towards a richer tomorrow. Together.