Académique Documents
Professionnel Documents
Culture Documents
F e b r u a r y 2 0 0 7
3
Market Outlook
F e b r u a r y 2 0 0 7
EQUITY MARKET
Indian manufacturing sector is on a roll. The November manufacturing IIP soared 15.7% YoY, driven primarily by robust growth in Transport Equipments (+22%) and
Machinery (+17%) segments. Overall industrial production rose 14.4% as mining sector (+ 7.04%) also joined the party after an extended low growth period.
Continuing the growth momentum corporate earnings delivered a surprise on the upside. Companies in our Investment Universe showed 28% rise in Sales while
EBITDA growth of 56% was higher than that of BSE Sensex companies as margins expanded to 16.8% (+300 bps). Net Profits also showed superior growth at 69%
due to control over interest and depreciation costs.
The quarter was characterized by increased capacity utilization and Earnings Growth BSE Sensex* BSE 500* Investment
consequently EBITDA margins for BSE 500 companies expanded 331
bps to 18.9% as operating leverage kicked in. We also witnessed Universe (247 Cos.)*
improved pricing power as companies passed on cost increases to Sales Growth 35% 30% 28%
their customers.
EBITDA Growth 36% 58% 56%
Going forward, one needs to watch developments on employee costs,
which are likely to rise as businesses look to expand their pool of skilled Net Profit Growth 40% 80% 69%
workers. Interest cost is another component likely to show rising trend * Excludes banks and includes companies that have reported Dec-06 quarter results upto 02-Feb-
on account of (a) increased borrowings to fund capacity expansions;
and (b) rising interest rates.
After a gap of 15 years, Standard & Poors (S&P) upgraded India's foreign and local currency rating back to investment grade (BBB-/A3 from BB+/B). Now all the three
major international rating agencies (S&P, Moody's and Fitch) have Investment grade rating on India. This should make accessing foreign capital easier and cheaper for
domestic companies. We view this as a very positive development.
The Sensex rose 2.2% closing at 14,090 after touching a high of 14,326. Clearly, the market has been factoring in the performance of companies, re-rating stocks
rewarding performers and punishing the under achievers. FII inflows during the month stood at $113 mn while that during Apr'06-Jan'07 aggregated $4.1 bn. Mutual
Funds recorded negative flows of $303 mn (Rs. 1342 Crs), leaving the Apr'06-Jan'07 net purchases at $2.41 bn.
On policy front both the Government and the RBI targeted the rising inflation. On one side, the Government
reduced custom duties on basic materials including cement, metals & alloy products, chemicals etc; and, on No. of Companies
the other, the RBI raised reverse repo rate making accommodation costlier for commercial banks. We are
likely to see more focused and directed policy steps to contain inflation rather than general measures that Net Profit (Rs. Crs) 9M Dec'06 9M Dec'05
could hurt economic growth. These proactive steps targeted to mitigate risks to economic growth should be
interpreted as a positive signal. < 50 Crs 143 219
We believe that Indian companies are increasingly enhancing scale of their operations. This is a result of >= Rs. 50 Crs 292 216
robust demand in domestic market as well as the ambition to have global footprint to be able to service a >= Rs. 100 Crs 161 124
larger market. Incidentally, our research shows that the number of companies with Net Profit (for nine months
ended Dec'06) of Rs. 100 Crs or more, has risen from 124 to 161; and those with Net Profit of Rs. 1,000 Crs >= Rs. 500 Crs 59 39
that has increased to 27 from 15.
>= Rs. 1,000 Crs 27 15
Recently concluded acquisition of Corus Steel by the Tatas is a landmark deal. Not only does it represent a
new aggressive mindset viewing globalisation as a business compulsion, but also supports our hypothesis of >= Rs. 5,000 Crs 3 2
Indian corporates vying for scale. We believe that India Inc would continue scale expansion through organic >= Rs. 10,000 Crs 1 1
and inorganic routes in the coming years.
Outlook * Total 435 Companies
Corporate Earnings have already surpassed initial estimates by a wide margin. Moving forward into the next
fiscal, although growth rates could moderate on account of the elevated base, absolute earnings are expected to be much higher. Given the strong growth momentum
in household savings and low exposure to equity as an asset class, we continue to believe that equity mutual fund schemes provide attractive opportunities to create
wealth for medium to long-term investors.
DEBT MARKET
Review of bond markets, economy and RBI's quarterly policy:
The start of the New Year saw bond yields continuing their rising streak though recovered some lost ground towards month-endfag-end rally after the S&P rating
upgrade and RBI policy review helped market recover some of its lost ground. Deficit in liquidity, passage of ordinance on bank SLR decree, rising inflation, strong
economic data and pre-policy jitters caused a sell-off in bonds. The 10-year benchmark bond yield rose from previous month's close of 7.62% to an intra-month high of
7.93% before closing at 7.73%. The curve steepened as yields at the long-end saw a sharp rise. The call rates ended the month at 7.70-7.80%. The 91-day commercial
paper reference rate was up from 9.25% to 9.35% and the yield on 91-day T-bills sharply rose to 7.56% from 7.19%.
Early in the month, transient improvement in fund surplus failed to prop up bonds as confluence of negative factors took a heavy toll on the markets. Cash tight liquidity
situation due to the second leg of the CRR hike coupled with auction outflows instilled caution. With the government throwing open the authority to the RBI to lower the
statutory liquidity ratio (SLR) requirement, panic selling in the market panicked upsurged and yields rose to their multi-month highs. Healthy economic data worsened
sentiment further as they increased probability of statistically provided credence to the belief of the Indian economy growing strong and thus justified an absolute need
for a rate hike in the January policy review. The optimism generated from the government's move of a cut in import duties so as to curb inflation was balanced by the
bearish cut-off price at the auction and the Presidential approval of the SLR decree. However, we took a contrarian view and increased our duration across funds as we
believed that most of the negatives were priced in, and probablity of SLR cut in a busy season looked remote to us.
RBI increased the Repo rate by 25bps, and kept Reverse repo rate unchanged. In face of surging flow of money from abroad, the RBI decided to reduce the interest
rates ceilings on non-resident external rupee account and FCNR deposits by 0.5% and 0.25% respectively. To rein in growth in bank credit, the RBI raised the
provisioning requirement of the standard assets in the real estate sector, outstanding credit card receivables, loans and advances qualifying as capital market
exposure and personal loans and advances (excluding residential housing loans) to 2% from 1% earlier.
Meanwhile, driven by a robust manufacturing sector, domestic industrial output clocked a growth of 14.4% in November '06 as against 6% in November '05, the fastest
in 11 years. Reflecting the government's optimism of meeting deficit targets for the year, the fiscal deficit for the nine-month period Apr-Dec'06 declined to Rs 948.5
billion (63.8% of the full-year target of Rs 1.49 trillion) from Rs 1.08 trillion on the back of robust tax receipts.
Global Markets- Interest rate signals across the globe:
Accelerated inflation and economic growth prompted the Bank of England to raise lending costs by a quarter point to 5.25% - highest in five and half years. Though the
ECB held its interest rate steady at 3.50%, it is likely to raise it by 25 bps in March in view of strong GDP growth and tight labour markets. with y-o-y GDP growth being
way ahead of the long-term sustainable rate and unemployment is at its lowest level in the past several years, a 25 bps hike in March is most likely on the cards. The
Bank of Japan left its interest rates unchanged at 0.25% because of economic uncertainties. At the FOMC meet, the Fed preferred to maintain a status quo on its
interest rates as it has since June 2006, but it was more optimistic than in the past that inflationary pressures were easing. The FOMC statement said that the extent and
timing of any additional firming would depend on the evolution of the outlook for both inflation and economic growth. Elsewhere in the region, China raised rates while
other Asian central banks such as South Korea, Thailand and Malaysia kept borrowing costs unchanged or reduced them on concern that a slowdown in the U.S. will
hurt demand for exports.
Outlook for bond markets:
Our assesment of RBI Quarterly policy is that central bank is likely to keep the system in deficit liquidity mode, and the short term interest rates are expected to remain at
elevated levels. In the event of excessive foreign capital flows and government spending, we expect RBI to do a follow up act by hiking CRR or increasing issuance of
MSS. RBI refrained from tinkering with SLR, and reinforced the idea that borrowing from RBI in the LAF window should be used for temporary periods. This augurs well
for Long G-sec bonds as RBI is unlikely to cut SLR anytime soon. Fear of SLR cut is postponed for at least three months. Accrual products like liquid funds, floating rate
funds and Fixed Maturity Plans would be in a position to capitalize on tight liquidity situation and high money market rates.
4
Birla Advantage Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth
5 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Dividend Yield Plus
F e b r u a r y 2 0 0 7 Investment Style: Value
An Open-ended growth scheme with the Consumer Non Durables 6525.20 13.75 Fertilisers 2332.90 4.91
objective to provide capital growth and Hindustan Lever Ltd. 2394.83 5.05 Tata Chemicals Ltd. 1729.39 3.64
income by investing primarily in a well- Godrej Consumer Products Ltd. 773.25 1.63 Rashtriya Chemicals & Fertilizers Ltd. 603.50 1.27
Nestle India Ltd. 741.52 1.56
diversified portfolio of dividend paying Glaxosmithkline Consumer Healthcare Ltd. 600.74 1.27 Ferrous Metals 2239.11 4.72
companies that have a relatively high Colgate Palmolive (I) Ltd. 532.17 1.12 Sesa Goa Ltd. 1284.11 2.71
dividend yield. Procter & Gamble Hygiene & Health Care 510.92 1.08 Tata Steel Ltd. 579.94 1.22
Berger Paints India Ltd. 481.10 1.01 Tata Metaliks Ltd. 285.98 0.60
Eveready Industries Ltd. 402.67 0.85 Tata Sponge Iron Ltd. 89.08 0.19
Date of inception / takeover: E.I.D. Parry (India) Ltd. 88.00 0.19
Hardware 1641.76 3.46
February 26, 2003
Banks 5321.17 11.21 Tata Elxsi Ltd. 1004.48 2.12
Andhra Bank. 1898.33 4.00 HCL Infosystems Ltd. 637.28 1.34
Syndicate Bank. 1129.86 2.38
NAV: Rs. Vijaya Bank. 889.14 1.87 Oil 1526.25 3.22
Dividend 11.3402 Union Bank of India. 821.06 1.73 Oil & Natural Gas Corporation Ltd. 1526.25 3.22
Indian Overseas Bank. 487.75 1.03
Growth 43.2856 Allahabad Bank. 95.03 0.20 Chemicals 1355.03 2.85
Clariant Chemicals India Ltd. 1355.03 2.85
Software 4754.28 10.02
Load Structure (Incl. for SIP): NIIT Technologies Ltd. 3003.26 6.33 Industrial Capital Goods 1318.29 2.78
Entry Load: HCL Technologies Ltd. 1751.02 3.69 Alfa Laval (India) Ltd. 1318.29 2.78
< Rs. 5 crores - 2.25 %
Petroleum Products 4229.40 8.91 Paper 1152.91 2.43
³ Rs. 5 crores - Nil Chennai Petroleum Corporation Ltd. 1357.96 2.86 Tamil Nadu Newsprint & Papers Ltd. 1152.91 2.43
Exit Load: NIL Indian Oil Corporation Ltd. 1114.35 2.35
Castrol (India) Ltd. 1098.45 2.30 Telecom-Services 498.45 1.05
Bharat Petroleum Corporation Ltd. 346.94 0.73 Mahanagar Telephone Nigam Ltd. 498.45 1.05
Benchmark: Hindustan Petroleum Corporation Ltd. 311.70 0.66
Finance 492.21 1.04
CNX 500
Industrial Products 3620.06 7.63 LIC Housing Finance Ltd. 492.21 1.04
ESAB India Ltd. 1125.60 2.37
Greaves Cotton Ltd. 1029.87 2.17 Power 394.82 0.83
Corpus: Cummins India Ltd. 1012.09 2.13 Neyveli Lignite Corporation Ltd. 394.82 0.83
Rs. 474.69 Crores Cosmo Films Ltd. 364.65 0.77
ABC Bearings Ltd. 87.85 0.19 Health Care Equipment 246.97 0.52
Rayban Sun Optics India Ltd. 246.97 0.52
Pharmaceuticals 2802.18 5.90
Wyeth Ltd. 1900.95 4.00 Auto Ancillaries 117.76 0.25
Glaxosmithkline Pharmaceuticals Ltd. 722.72 1.52 Rane (Madras) Ltd. 73.43 0.15
Novartis India Ltd. 178.50 0.38 Wheels India Ltd. 44.34 0.09
6 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not
been shown.
Birla Midcap Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth
7 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla MNC Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth
8 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla India Opportunities Fund
F e b r u a r y 2 0 0 7 Investment Style: Value + Growth
9 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla India GenNext Fund
F e b r u a r y 2 0 0 7 Investment Style: Value + Growth
10 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Index Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth
11 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Infrastructure Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth
Ferrous Metals 3010.97 5.90 Cash & Current Assets 285.96 0.56
Corpus: Jindal Saw Ltd. 1344.51 2.63
Jindal Steel & Power Ltd. 964.76 1.89 Total Net Asset 51035.47 100.00
Rs. 510.35 Crores
Welspun Gujarat Stahl Rohren Ltd. 701.70 1.37
12 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Equity Plan
An Open-ended Equity Linked Savings Scheme (ELSS) with a lock-in of 3 years
F e b r u a r y 2 0 0 7
Investment Style: Growth
13 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Top 100 Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth
14 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Sun Life Buy India Fund
F e b r u a r y 2 0 0 7 Investment Style: Value + Growth
32.01%
#
Computed after accounting for the cash flow
by using XIRR method (investment internal #
rate of return) ««««Value Research Rating
# for methodology please refer page 3
Date of First Installment: March 01, 2000 Birla Sun Life Buy India Fund
(Past performance is no guarantee of future results.)
15 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Sun Life New Millennium Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth
16 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Sun Life Basic Industries Fund
F e b r u a r y 2 0 0 7 Investment Style: Value + Growth
17 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Sun Life Frontline Equity Fund
F e b r u a r y 2 0 0 7 Investment Style: Growth
19 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Sun Life Tax Relief '96
An Open-ended Equity Linked Savings Scheme (ELSS) with a lock-in of 3 years
F e b r u a r y 2 0 0 7
Investment Style: Growth
20 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Balance
F e b r u a r y 2 0 0 7 Investment Style: (Equity) Value + Growth
Interest Rate Sensitivity: (Debt) Medium
PSU/PFI Bonds/Banks 795.60 6.49 ** Represents thinly traded/ non traded securities and illiquid securities
Load Structure (Incl. for SIP):
Citibank N A ** 753.19 6.15 Total Percentage of thinly/non traded securities is 8.12 %
Entry Load: HDFC Bank Ltd. ** 42.41 0.35
< Rs. 5 crores - 2.25 % ##
Mc Dowell India Spirits shares received upon demerger from
³ Rs. 5 crores - Nil Banks 757.48 6.18 Mc Dowell & Company Ltd and unlisted as on 31st January 2007 and
State Bank of India 455.22 3.72 hence not valued
Exit Load: NIL
Oriental Bank of Commerce 302.26 2.47
12
Corporate Debt 37.17%
11.08
10.41
10 9.34 9.09 9.59 Government Bond 27.39%
8.87
7.82
8 7.31 Equity 12.87%
6
Securitised Debt 12.45%
4
Cash & Current Assets 5.35%
2
PSU/PFI Bonds/Banks 4.29%
0
1 Year 2 Years 3 Years 5 Years Since Inception
Mutual Fund Units 0.49%
Rating Profile
AAA 27.90%
Sovereign 27.39%
Average Maturity:
0.40 Years
Corpus:
Rs. 6.40 Crores
12
Corporate Debt 35.76%
10 9.59
9.09
8.26
8 Securitised Debt 26.92%
6.36
5.88 5.54
6
Cash & Current Assets 17.87%
4
Rating Profile
AAA 42.43%
AA 35.87%
Past performance may or may not be sustained in future.
Performance has been calculated on the basis of the Cash & Current Assets 17.87%
Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period Equity 3.83%
less than 1 year & CAGR for period 1 year or more. When
24 benchmark returns are not available, they have not been shown.
An open- ended fund.
Birla MIP II - Wealth 25 Plan Monthly income is not
assured and is
F e b r u a r y 2 0 0 7 Investment Style: (Equity) Value + Growth subject to availability of
Interest Rate Sensitivity: (Debt) Medium distributable surplus
Date of inception / takeover: Government Bond 3077.71 25.90 PSU/PFI Bonds/Banks 680.91 5.73
May 22, 2004 Govt Bond 7.44% OIL MKTG. Power Finance Corporation Ltd. ** 680.91 5.73 AAA
COS.2012 1556.04 13.09 Sovereign
Govt Bond 7.61% Oil Company 2015 1279.95 10.77 Sovereign Mutual Fund Units 86.70 0.73
NAV: Rs. Govt Bond 7.59% OIL MKTG. COS.2015 241.73 2.03 Sovereign Birla Fixed Term Debt Fund Ser 3 -18 B 54.53 0.46
Birla Fixed Term Debt Fund Ser 3 -36 B 32.17 0.27
Dividend 11.2223
EQUITY 2350.28 19.77
Payment / Growth 13.5070 ITC Ltd. 138.96 1.17 Cash & Current Assets 382.16 3.22
Bharti Airtel Ltd. 136.41 1.15
Radico Khaitan Ltd 132.70 1.12 Total Net Asset 11885.22 100.00
Load Structure (Incl. for SIP): United Phosphorous Ltd. 131.36 1.11 ** Represents thinly traded/ non traded securities and illiquid securities
Entry Load: NIL Hero Honda Motors Ltd. 129.61 1.09 Total Percentage of thinly/non traded securities is 50.38 %
Exit Load: For redemption / switch Mahindra & Mahindra Ltd. 126.03 1.06
out of units within 12 months from the Reliance Industries Ltd. 122.81 1.03
Rallis India Ltd. 120.02 1.01
date of allotment: 1%
State Bank of India 119.50 1.01
ZF Steering Gear (India) Ltd. 114.64 0.96
Oriental Bank of Commerce 113.35 0.95
Benchmark: Aventis Pharma Ltd. 107.13 0.90
Novartis India Ltd. 107.10 0.90
CRISIL MIP Blended Index Pfizer Ltd. 105.26 0.89
Hindustan Lever Ltd. 104.10 0.88
Reliance Energy Ltd. 97.58 0.82
Average Maturity: Subros Ltd. 93.53 0.79
4.11 Years Glaxosmithkline Consumer Healthcare Ltd. 89.35 0.75
Hindustan Sanitaryware & Industries Ltd. 87.37 0.74
United Spirits Ltd. 85.52 0.72
Corpus:
Rs. 118.85 Crores NAV Performance Asset Allocation
Rating Profile
AAA 28.94%
#
««««Value Research Rating Sovereign 25.90%
25
Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not
been shown.
Birla Sun Life Monthly Income
An open- ended fund. Monthly income is not assured and is subject to availability of distributable surplus
F e b r u a r y 2 0 0 7 Investment Style: (Equity) Value + Growth
Interest Rate Sensitivity: (Debt) Medium
As on January 31, 2007 Portfolio
Issuer Market Value % to Net Rating Issuer Market Value % to Net Rating
Rs. in. Lacs Assets Rs. in. Lacs Assets
Investment Objective:
An open-end income scheme with the Government Bond 5111.02 39.23 State Bank of India 102.42 0.79
primary objective to generate regular Govt Bond 7.44% OIL MKTG. COS.2012 2917.57 22.39 Sovereign Oriental Bank of Commerce 97.16 0.75
income so as to make monthly and Govt Bond 7.61% Oil Company 2015 1516.62 11.64 Sovereign ETC Networks Ltd. 87.10 0.67
quarterly distributions to Unitholders Govt Bond 7.59% OIL MKTG. COS.2015 676.83 5.19 Sovereign Hindustan Sanitaryware & Industries Ltd. 50.57 0.39
and the secondary objective as growth Trent Ltd. 43.42 0.33
of capital. Monthly income is not Corporate Debt 3152.02 24.19 Subros Ltd. 27.30 0.21
assured and is subject to availability of
Cholamandalam DBS Finance Ltd. ** 1041.88 8.00 LAA Magnasound India Ltd. ** - -
distributable surplus.
Kotak Mahindra Prime Ltd. ** 992.65 7.62 LAA PSU/PFI Bonds/Banks 301.32 2.31
Tata Steel Ltd. ** 490.65 3.77 AAA Power Finance Corporation Ltd. ** 291.82 2.24 AAA
Date of inception / takeover: Sundaram Finance Ltd. ** 349.23 2.68 AA+ Power Finance Corporation Ltd. ** 9.50 0.07 AAA
July 14, 1999 Housing Development Finance
Corp. Ltd. ** 277.62 2.13 AAA Cash & Current Assets 547.17 4.20
NAV: Rs. Securitised Debt 1984.80 15.23 Total Net Asset 13028.92 100.00
Dividend 10.8539 Ind Ret ABS Trust Ser 49(A4)
Growth 25.3953 18 MAY 2010 ** 1603.01 12.30 AAA(SO) ** Represents thinly traded/non traded securities and illiquid securities
Quarterly Dividend 11.2941 India Infrastructure Developers Ltd. ** 316.11 2.43 AA(SO) Total Percentage of thinly/non traded securities is 41.74 %
Goldstar Trust (CITI) ** 44.00 0.34 AAA(SO)
Fleet Trust July 2004 A2 Series ** 17.41 0.13 AAA(SO)
Load Structure (Incl. for SIP):
Fleet Trust April 2004 Series ** 4.26 0.03 AAA(SO)
Entry Load: NIL
Exit Load: For redemption / switch
EQUITY 1932.58 14.83
out of units within 12 months from the
United Breweries Holdings Ltd. 199.91 1.53
date of allotment: 1%
Gujarat Gas Co. Ltd. 156.35 1.20
Rallis India Ltd. 144.21 1.11
Bharti Airtel Ltd. 141.50 1.09
Benchmark: Nirma Ltd. 136.57 1.05
CRISIL MIP Blended Index BOC India Ltd. 132.26 1.02
United Phosphorous Ltd. 131.36 1.01
United Breweries Ltd. 126.06 0.97
Average Maturity:
Mahindra & Mahindra Ltd. 126.03 0.97
3.93 Years Hero Honda Motors Ltd. 124.16 0.95
Pritish Nandy Communications Ltd. 106.22 0.82
Corpus:
Rs. 130.28 Crores
14 13.13
11.96 Government Bond 39.23%
12 11.49
10.47
10 9.09
9.59 Corporate Debt 24.19%
8.56
8 7.31
Securitised Debt 15.23%
6
4
Equity 14.83%
Rating Profile
Sovereign 39.23%
AAA 23.44%
AA 18.30%
Past performance may or may not be sustained in future.
Performance has been calculated on the basis of the Equity 14.83%
Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period Cash & Current Assets 4.20%
26 less than 1 year & CAGR for period 1 year or more. When
benchmark returns are not available, they have not been shown.
Birla Income Plus
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Medium
Corpus:
Rs. 231.21 Crores
Rating Profile
Sovereign 53.41%
Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
27 Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Sun Life Income Fund
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Medium
3.74 Years
Corpus:
NAV Performance Asset Allocation
Rs. 33.66 Crores
12
10 Government Bond 45.79%
10
0
PSU/PFI Bonds/Banks 8.47%
1 Year 2 Years 3 Years 5 Years Since Inception
Rating Profile
Sovereign 45.79%
CRISIL~CPR 1
Open End Debt Scheme^^ AAA 43.74%
(Past performance is no guarantee of future results.)
^^ for methodology please refer page 3 Cash & Current Assets 10.47%
28 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not
been shown.
Birla Gilt Plus
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity:
Regular Plan/PF Plan - High, Liquid Plan - Low
Liquid Plan
Quarterly Dividend 10.7270
Growth 18.0443 NAV Performance
PF Plan
Annual Dividend 12.0156 12
10.49
PF Plan 10
Quarterly Dividend 10.6519 Government Bond 9121.42 97.54
Govt Bond 7.61% Oil Company 2015 2163.84 23.14 Sovereign 7.42
8
Growth 20.7403 6.20 6.75
Govt Bond 7.59% OIL MKTG. COS.2015 1630.19 17.43 Sovereign
Annual Dividend 20.7410 6 5.45 5.08
Govt Bond 7.44% OIL MKTG. COS.2012 1556.04 16.64 Sovereign
Regular Plan Govt Bond 7.94% 2021 1161.04 12.42 Sovereign 4
3.50
2.87
Quarterly Dividend 11.2132 8.33% CGL 07 JUNE 2036 1124.75 12.03 Sovereign 2
Growth 23.3676 Govt Bond 8.13% OIL MKT COMP GOI 2021 990.00 10.59 Sovereign
Annual Dividend 23.4153 Govt Bond 7.59% 2016 495.55 5.30 Sovereign 0
1 Year 2 Years 3 Years 5 Years Since
Inception
Load Structure (Incl. for SIP): Cash & Current Assets 229.62 2.46 BGP PFP Gr I-Sec Li-BEX
Liquid Plan, Regular Plan & PF
Total Net Asset 9351.04 100.00
Plan-Quarterly / Annual Dividend:
Entry Load: NIL; Exit Load: NIL NAV Performance
PF Plan - Growth: 14
Regular Plan 12.31
Entry Load: NIL 12
Exit Load: 1.00% if redeemed / Government Bond 5810.91 97.68
10 9.38
switched out within 365 days from
8 7.37
date of allotment. Govt Bond 7.61% Oil Company 2015 1449.00 24.36 Sovereign 6.2 6.07
6.57
Govt Bond 7.94% 2021 1391.25 23.39 Sovereign 6
3.74 3.5
Benchmark: 8.33% CGL 07 JUNE 2036 1022.50 17.19 Sovereign 4
Govt Bond 7.59% OIL MKTG. COS.2015 966.90 16.25 Sovereign 2
Liquid Plan - I-Sec Si-BEX Govt Bond 8.13% OIL MKT COMP GOI 2021 495.00 8.32 Sovereign
PF Plan - I-Sec Li-BEX Govt Bond 7.44% OIL MKTG. COS.2012 486.26 8.17 Sovereign
0
1 Year 2 Years 3 Years 5 Years Since
Regular Plan - I-Sec Li-BEX Inception
Birla GPRP Gr I-Sec Li-BEX
Average Maturity: Cash & Current Assets 137.81 2.32
Liquid Plan - 0.77 Years Past performance may or may not be sustained in future. Performance has been
PF Plan - 4.51 Years calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual
Total Net Asset 5948.72 100.00 Funds) Regulations 1996. Returns are in % and absolute returns for period less
Regular Plan - 13.34 Years than 1 year & CAGR for period 1 year or more. When benchmark returns are not
available, they have not been shown.
Corpus:
Liquid Plan - Rs. 21.71 Crores Liquid Plan - Asset Allocation Regular Plan - Asset Allocation
PF Plan - Rs. 93.51 Crores
Regular Plan - Rs. 59.48 Crores
Treasury Bills 73.18%
Government Bond 97.68%
#
PF Plan - Asset Allocation
«««««Value Research Rating
Birla Gilt Plus - Liquid Plan
ICRA Online Awards 2006@: GOLD (Past performance is no guarantee of future results.)
Ranked MFR1 in Open Ended Gilt # for methodology please refer page 3 Government Bond 97.54%
Schemes - Short Term (3 year)
(Past performance is no
guarantee of future results.) CRISIL~CPR 2 Cash & Current Assets 2.46%
Open End Long Term Gilt Scheme^^
(Past performance is no guarantee of future results.)
29 ^^ for methodology please refer page 3
Birla Sun Life Government Securities Fund
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity:
Long Term Plan - High, Short Term Plan - Low
NAV: Rs.
Long Term Plan:
Dividend 10.6016
Growth 20.0313
Short Term Plan:
Dividend 10.3387
Growth 15.8856
Load Structure (Incl. for SIP): Long Term Plan - NAV Performance Short Term Plan - NAV Performance
12 8
Entry Load: NIL 10.03
7.26
7 6.58
Exit Load: NIL 10 6.44
6 5.64
7.76 5.34
8 4.99
6.57 5 4.54
6.03 6.2
Benchmark: 6 4
5.03
3.36
Long Term Plan - I-Sec Li-BEX 4 3.5 3
2.86
Short Term Plan - I-Sec Si-BEX 2
2
1
0 0
Average Maturity: 1 Year 2 Years 3 Years 5 Years Since Inception 1 Year 2 Years 3 Years 5 Years Since Inception
Long Term Plan - 13.08 Years Birla SunLife G Sec Fund - LT - Growth I-Sec Li-BEX Birla SunLife G Sec Fund - STD - Growth I-Sec Si-BEX
Long Term Plan - Rating Profile Short Term Plan - Rating Profile
Sovereign 91.33%
Cash & Current Assets 83.43%
#
««««Value Research Rating
Birla Sun Life GSF Short Term
(Past performance is no guarantee of future results.)
30 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Dynamic Bond Fund
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Medium
1.89 Years 2 Past performance may or may not be sustained in future. Performance has been
Corpus: 1
calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual
Funds) Regulations 1996. Returns are in % and absolute returns for period less than 1
Rs. 5.38 Crores 0
6 Months 1 Year 2 Years Since Inception
year & CAGR for period 1 year or more.
31 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Bond Plus
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Low to Medium
Average Maturity:
1.49 Years
AA 3.85%
CRISIL~CPR 2
Open End Debt Short Term Scheme^^
(Past performance is no guarantee of future results.)
AAAf by CRISIL*
(Past performance is no guarantee of future results.)
32 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not
been shown.
Birla Sun Life Short Term Fund
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Low to Medium
Benchmark:
CRISIL Short-Term Bond Fund Index
Average Maturity:
0.15 Years
Corpus:
Rs. 35.63 Crores
6 5.59
5.88 5.92 Treasury Bills 52.99%
5.41 5.26
5.02
5
4.36
4
Money Market Instruments 25.18%
3
Rating Profile
#
««««Value Research Rating
Birla Sun Life Short Term Fund
Sovereign 52.99%
(Past performance is no guarantee of future results.)
33 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been
shown.
Birla Floating Rate Fund
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Low
'mfAAA' by ICRA+ Long Term Plan - Asset Allocation Short Term Plan - Asset Allocation
+
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 Cash & Current Assets 44.99%
of the performance of the Mutual Fund scheme or of volatility in its
Floating Rate Instruments 88.68%
returns.
Money Market Instruments 28.49%
34 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not
been shown.
Birla Cash Plus
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Low
'mfA1+' by ICRA+ 5
4
3.5
4.97 Floating Rate Instruments
Corporate Debt 2.94%
17.10%
2.99
3 Securitised Debt 1.76%
2 PSU/PFI Bonds/Banks 0.41%
CRISIL~CPR 2 1
Open End Liquid Scheme^^
(Past performance is no guarantee of future results.)
0
6 Months 1 Year 2 Years 3 Years 5 Years Since Inception
Rating Profile
BCP Retail Gr Crisil Liquid Fund Index
^^ for methodology please refer page 3 AAA 61.25%
#
««««Value Research Rating
#
«««««Value Research Rating Cash & Current Assets 36.06%
Birla Cash Plus - Retail Plan Birla Cash Plus - Institutional Premium Plan AA 2.05%
(Past performance is no guarantee of future results.) (Past performance is no guarantee of future results.)
Unrated 0.64%
# for methodology please refer page 3 # for methodology please refer page 3
+
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.
35 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds) Regulations
1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more. When benchmark returns are not available, they have not been shown.
+
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 Cash Manager
F e b r u a r y 2 0 0 7 Interest Rate Sensitivity: Low
Load Structure:
Entry Load: NIL
Exit Load: NIL
Benchmark:
Crisil Liquid Fund Index
Average Maturity:
0.12 Years
Corpus:
Rs. 407.25 Crores
4 3.56
2.99 Cash & Current Assets 40.71%
3
Rating Profile
AAAf by CRISIL*
(Past performance is no guarantee of future results.)
#
««««Value Research Rating
Birla Sun Life Cash Manager - Cash & Current Assets 40.71%
Institutional Plan
(Past performance is no guarantee of future results.)
36 Past performance may or may not be sustained in future. Performance has been calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual Funds)
Regulations 1996. Returns are in % and absolute returns for period less than 1 year & CAGR for period 1 year or more.
Birla Asset Allocation Fund
F e b r u a r y 2 0 0 7
Past performance may or may not be sustained in future. Performance has been Cash & Current Assets 7.65%
calculated on the basis of the Advertisement Code as prescribe under SEBI (Mutual
37 Funds) Regulations 1996. Returns are in % and absolute returns for period less than
1 year & CAGR for period 1 year or more. When benchmark returns are not available,
they have not been shown.
India Advantage Fund Ltd.
F e b r u a r y 2 0 0 7 (For Non-Resident Indians and Eligible Foreign Nationals)
Asset Allocation
Banks 10.37%
Software 9.39%
Industrial Capital Goods 8.66%
Telecom-Services 8.60%
Investment via sub-fund, India Advantage (Offshore) Fund, are stated at Consumer Non Durables 8.23%
market/fair value at the date of determination. Securities listed on a recognised Petroleum Products 7.17%
stock exchange are valued at the last quoted closing price on the principal Construction Materials 6.74%
exchange on which the security istraded Non-traded securities are valued at
Auto 6.28%
Cash and Cash Equivalent 6.22%
amortised cost and/or fair value as determined in good faith by Birla Sun Life Construction & Engineering 4.38%
Asset Management Company Limited, India, Conversion Rate: 1 USD = INR Pharmaceuticals 4.34%
44.17 Pesticides 4.17%
Hotels 2.64%
Cement 2.35%
@@ Finance 2.13%
2004 Oil & Gas
Bearings
1.98%
1.92%
Birla Sun Life AMC (Mauritius) Limited Oil 1.82%
India Advantage Fund STEEL 1.55%
awarded 1st Place in the Standard & Poor's Five Years Construction 0.95%
Offshore Funds Equity India Sector out of 11 funds
Trent Ltd - Warrants 0.11%
EQUITY SCHEMES Declared Dividend Dividend# Face value Cum Dividend NAV
on date (%) (Rs. per unit) (Rs.) (Rs. per unit)
Birla Advantage Fund 27-Aug-99 20 2.00 10.00 33.81
22-Mar-00 80 8.00 10.00 70.37
28-Nov-03 30 3.00 10.00 44.88
23-Jan-04 20 2.00 10.00 47.33
12-Mar-04 25 2.50 10.00 46.10
23-Mar-05 50 5.00 10.00 54.25
16-Dec-05 50 5.00 10.00 65.89
Birla Equity Plan 31-Mar-00 25 2.50 10.00 30.43
15-Feb-02 10 1.00 10.00 12.45
17-Oct-03 15 1.50 10.00 24.89
26-Mar-04 15 1.50 10.00 26.90
21-Oct-05 40 4.00 10.00 42.10
16-Dec-05 40 4.00 10.00 46.50
17-Feb-06 40 4.00 10.00 44.54
Birla Sun Life Equity Fund 10-Feb-06 50 5.00 10.00 58.94
Birla India Opportunities Fund 04-Feb-00 25 2.50 10.00 28.97
14-Jan-03 10 1.00 10.00 12.16
27-Feb-04 60 6.00 10.00 18.69
26-Oct-04 12.5 1.25 10.00 14.17
16-Sep-05 40 4.00 10.00 14.90
Birla MNC Fund 22-Feb-02 40 4.00 10.00 27.16
29-Aug-03 50 5.00 10.00 30.58
18-Jan-05 50 5.00 10.00 42.80
26-Aug-05 75 7.50 10.00 41.05
Birla Midcap Fund 24-Jan-03 5 0.50 10.00 10.52
19-Jun-03 10 1.00 10.00 11.83
22-Jul-03 10 1.00 10.00 11.81
24-Dec-03 60 6.00 10.00 18.35
8-Oct-04 12.5 1.25 10.00 13.72
28-Jan-05 10 1.00 10.00 14.75
3-Feb-06 20 2.00 10.00 22.59
22-Dec-06 35 3.50 10.00 25.94
Birla Dividend Yield Plus 30-May-03 8 0.80 10.00 11.84
13-Jun-03 5 0.50 10.00 10.88
24-Jul-03 12 1.20 10.00 11.62
19-Sept-03 18 1.80 10.00 12.09
31-Oct-03 10 1.00 10.00 11.87
26-Dec-03 15 1.50 10.00 13.93
13-Feb-04 10 1.00 10.00 12.58
28-Sep-04 8 0.80 10.00 11.57
24-Dec-04 14 1.40 10.00 13.75
11-Mar-05 10 1.00 10.00 12.85
1-July-05 8 0.80 10.00 11.26
28-Oct-05 8 0.80 10.00 11.94
13-Jan-06 16 1.60 10.00 11.89
27-April-06 10 1.00 10.00 13.07
10- Oct-06 8 0.8 10.00 11.67
Birla Index Fund 17-Oct-03 56 5.60 10.00 16.19
03-Feb-04 16.5 1.65 10.00 11.9857
Birla Balance 17-Oct-03 15 1.50 10.00 13.32
20-Jan-06 50 5.00 10.00 15.13
Birla Sun Life New Millennium Fund 27-Jan-06 20 2.00 10.00 11.67
Birla Sun Life Frontline Equity Fund 27-Feb-06 80 8.00 10.00 20.88
28-Aug-06 60 6.00 10.00 23.56
Birla Sun Life Basic Industries 24-Mar-06 100 10.00 10.00 35.08
Fund - Dividend 19-Jan-07 105 10.50 10.00 39.60
Birla Sun Life Buy India Fund - 28-Mar-06 75 7.50 10.00 17.5400
Dividend
Birla Sun Life '95 Fund - Dividend 10-Mar-06 25 2.50 10.00 68.5300
Birla Sun Life Tax Relief 96 27-Apr-06 500 50.00 10.00 224.51
8-Dec-06 250 25.00 10.00 193.94
19-Jan-07 260 26.00 10.00 176.54
Birla Top 100 Fund - Dividend 12-Jan-07 15 1.50 10.00 16.072
39
Dividend History
F e b r u a r y 2 0 0 7 (For select Schemes) - Since January 2006
DEBT SCHEMES Date Face Value Non Corporate Corporate Cum Dividend
Dividend Dividend# Dividend Dividend# NAV
(%) (Rs. per unit) (%) (Rs. per unit) (Rs. per unit)
Birla Income Plus 16-Mar-06 10.00 0.888 0.0888 0.827 0.0827 10.0856
26-June-06 10.00 1.228 0.1228 1.143 0.1143 10.2443
15-Sep-06 10.00 1.081 0.1081 1.007 0.1007 10.2751
15-Dec-06 10.00 1.537 0.1537 1.431 0.1431 10.3281
Birla Bond Index Fund 16-Mar-06 10.00 0.899 0.0899 0.837 0.0837 10.1648
26-June-06 10.00 0.965 0.0965 0.898 0.0898 10.3305
15-Sep-06 10.00 1.093 0.1093 1.018 0.1018 10.3741
15-Dec-06 10.00 1.552 0.1552 1.446 0.1446 10.2120
Birla Gilt Plus Liquid Plan 16-Mar-06 10.00 1.158 0.1158 1.078 0.1078 10.5739
26-June-06 10.00 1.294 0.1294 1.205 0.1205 10.7361
15-Sep-06 10.00 1.082 0.1082 1.008 0.1008 10.7193
15-Dec-06 10.00 1.719 0.1719 1.601 0.1601 10.8382
Birla Gilt Plus PF Plan 16-Mar-06 10.00 1.403 0.1403 0.1307 1.307 10.6278
26-June-06 10.00 1.403 0.1403 0.1307 1.307 10.6278
15-Sep-06 10.00 1.228 0.1228 1.143 0.1143 10.6422
15-Dec-06 10.00 1.59 0.159 1.481 0.1481 10.836
Birla Gilt Plus Regular Plan 16-Mar-06 10.00 1.339 0.1339 1.247 0.1247 10.9616
26-June-06 10.00 1.478 0.1478 1.376 0.1376 11.0499
15-Sep-06 10.00 1.377 0.1377 1.282 0.1282 11.0538
15-Dec-06 10.00 1.886 0.1886 1.756 0.1756 11.1872
Birla MIP (Monthly Dividend Plan) 27-Jan-06 10.00 0.614 0.0614 0.572 0.0572 10.8662
24-Feb-06 10.00 0.614 0.0614 0.572 0.0572 10.8371
31-Mar-06 10.00 0.614 0.0614 0.572 0.0572 11.0024
28-April-06 10.00 0.496 0.0496 0.462 0.0462 11.0372
26-May-06 10.00 0.481 0.0481 0.448 0.0448 10.9033
26-June-06 10.00 0.481 0.0481 0.448 0.0448 10.7585
28-July-06 10.00 0.377 0.0377 0.351 0.0351 10.7792
25-Aug-06 10.00 0.488 0.0488 0.454 0.0454 10.935
29-Sep-06 10.00 0.640 0.0640 0.596 0.0596 11.1323
27-Oct-06 10.00 0.521 0.0521 0.485 0.0485 11.1878
24-Nov-06 10.00 0.581 0.0581 0.541 0.0541 11.2636
29-Dec-06 10.00 0.73 0.073 0.68 0.068 11.1921
29-Jan-07 10.00 0.641 0.0641 0.597 0.0597 11.0777
Birla MIP II - Savings 5 Plan 27-Jan-06 10.00 0.526 0.0526 0.490 0.0490 10.1399
24-Feb-06 10.00 0.526 0.0526 0.490 0.0490 10.1072
31-Mar-06 10.00 0.526 0.0526 0.490 0.0490 10.0888
28-April-06 10.00 0.419 0.0419 0.390 0.0390 10.1356
26-May-06 10.00 0.419 0.0419 0.390 0.0390 10.1350
26-June-06 10.00 0.339 0.0339 0.316 0.0316 10.085
28-July-06 10.00 0.339 0.0339 0.316 0.0316 10.1061
25-Aug-06 10.00 0.372 0.0372 0.346 0.0346 10.1425
29-Sep-06 10.00 0.552 0.0552 0.514 0.0514 10.2278
27-Oct-06 10.00 0.444 0.0444 0.413 0.0413 10.2128
24-Nov-06 10.00 0.461 0.0461 0.430 0.0430 10.2242
29-Dec-06 10.00 0.577 0.0577 0.537 0.0537 10.2121
29-Jan-07 10.00 0.510 0.051 0.475 0.0475 10.1447
Birla MIP II - Wealth 25 Plan 27-Jan-06 10.00 0.702 0.0702 0.653 0.0653 10.9708
24-Feb-06 10.00 0.702 0.0702 0.653 0.0653 10.9741
31-Mar-06 10.00 0.702 0.0702 0.653 0.0653 11.2366
28-April-06 10.00 0.571 0.0571 0.532 0.0532 11.2454
26-May-06 10.00 0.551 0.0551 0.513 0.0513 11.0445
26-June-06 10.00 0.551 0.0551 0.513 0.0513 10.8607
28-July-06 10.00 0.430 0.0430 0.04 0.004 10.8327
25-Aug-06 10.00 0.508 0.0508 0.473 0.0473 11.0255
29-Sep-06 10.00 0.692 0.0692 0.644 0.0644 11.2204
27-Oct-06 10.00 0.562 0.0562 0.524 0.0524 11.3081
24-Nov-06 10.00 0.605 0.0605 0.564 0.0564 11.4327
29-Dec-06 10.00 0.765 0.0765 0.712 0.0712 11.3444
29-Jan-07 10.00 0.671 0.0671 0.625 0.0625 11.2919
40
Dividend History
F e b r u a r y 2 0 0 7 (For select Schemes) - Since January 2006
DEBT SCHEMES Date Face Value Non Corporate Corporate Cum Dividend
Dividend Dividend# Dividend Dividend# NAV
(%) (Rs. per unit) (%) (Rs. per unit) (Rs. per unit)
Birla Sun Life Monthly Income - 2-Jan-06 10.00 0.789 0.0789 0.735 0.0735 10.4630
Monthly Dividend 31-Jan-06 10.00 0.789 0.0789 0.735 0.0735 10.4643
28-Feb-06 10.00 0.702 0.0702 0.653 0.0653 10.5357
31-Mar-06 10.00 0.702 0.0702 0.653 0.0653 10.6836
28-April-06 10.00 0.641 0.0641 0.597 0.0597 11.0372
31-May-06 10.00 0.759 0.0759 0.706 0.0706 10.6100
30-June-06 10.00 0.614 0.0614 0.572 0.0572 10.4457
28-July-06 10.00 0.506 0.0506 0.471 0.0471 10.3995
31-Aug-06 10.00 0.588 0.0558 0.519 0.0519 10.4883
29-Sep-06 10.00 0.586 0.0586 0.546 0.0546 10.7469
31-Oct-06 10.00 0.73 0.073 0.68 0.068 10.8531
30-Nov-06 10.00 0.691 0.0691 0.644 0.0644 10.9319
29-Dec-06 10.00 0.695 0.0695 0.648 0.0648 10.8218
31-Jan-07 10.00 0.758 0.0758 0.706 0.0706 10.8539
Birla Sun Life Monthly Income - 31-Mar-06 10.00 1.579 0.1579 0.147 0.0147 10.9727
Quarterly Dividend 29-Sep-06 10.00 1.666 0.1666 1.552 0.1552 11.2449
29-Dec-06 10.00 1.686 0.1686 1.571 0.1571 11.1776
Birla Sun Life Income Fund - 16-Mar-06 10.00 0.887 0.0887 0.826 0.0826 10.0687
Quarterly Dividend 15-Sep-06 10.00 1.278 0.1278 1.188 0.1188 10.2664
15-Dec-06 10.00 1.644 0.1644 0.1531 0.01531 10.4492
26-Jun-06 10.00 0.148 0.0148 0.1378 0.01378 10.2581
Half Yearly Dividend 16-Mar-06 10.00 0.908 0.0908 0.845 0.0845 10.4176
15-Sep-06 10.00 2.96 0.2960 2.75 0.2756 10.7997
Birla Sun Life Govt. Securities - 16-Mar-06 10.00 1.124 0.1124 1.047 0.1047 10.2391
Long Term Dividend 15-Sep-06 10.00 2.236 0.2236 2.083 0.2083 10.4759
Birla Sun Life Govt. Securities - 16-Mar-06 10.00 1.102 0.1102 1.027 0.1027 10.0655
Short Term Dividend 26-June-06 10.00 1.228 0.1228 1.143 0.1143 10.1985
15-Sep-06 10.00 0.978 0.0978 0.911 0.0911 10.1559
15-Dec-06 10.00 1.194 0.1194 0.1112 0.0112 10.3763
Birla Dynamic Bond Fund - Retail - 02-Jan-06 10.00 4.809 0.4809 4.479 0.4479 10.0305
Quarterly Dividend 29-Sep-06 10.00 1.228 0.1228 1.143 0.1143 10.2218
29-Dec-06 10.00 1.201 0.1201 1.118 0.1118 10.0964
The Dividend Distribution Tax Rates for Corporates is 22.44% and for Non-Corporates is 14.025%. Past performance may or may not be sustained in future.
#
Dividend distribution is not assured and is subject to availability of distributable surplus. After payment of dividend the NAV will fall to the extent of payout.
41
The name inspires trust
For further details on our Fund, please contact our Customers Service Centres at details given below.
Disclaimer: Any information contained in this publication does not constitute and shall be deemed not to constitute an advice, an offer to sell/ purchase or
as an invitation or solicitation to do so for any securities of any entity, and further, Birla Sun Life AMC Ltd./ its subsidiaries / affiliates / sponsors / trustee or
their officers, employees, personnel, directors shall not be liable for any loss, damage, liability whatsoever for any direct or indirect loss arising from the
use or access of any information that may be displayed in this publication from time to time. Recipients of the information contained herein should
exercise due care and caution and read the offer documents (including if necessary, obtaining the advice of tax / legal / accounting / financial / other
professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained herein.
Editorial opinions expressed in the 'Connect' are not necessarily those of Birla Sun Life AMC Ltd. or any of their officers, employees, personnel, directors
and Birla Sun Life AMC Ltd. and its officers, employees, personnel, directors do not accept responsibility for the editorial content. Birla Sun Life AMC Ltd. or
any of its officers, employees, personnel, directors make no representation as to the accuracy, completeness or reliability of the editorial content and hereby
disclaim any liability with regard to the same.
Statutory Details: Constitution: Birla Mutual Fund (BMF) has been set up as a Trust under the Indian Trust Act, 1882. Sponsors: Birla Global Finance
Ltd. (since merged with 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. Risk Factors: Mutual Funds and
Printed in January 2007
securities investments are subject to market risks and there can be no assurance or guarantee that the objectives of the Scheme will be achieved. As
with any investment in securities, the NAV of the Units issued under the Scheme may go up or down depending on the various factors and forces
affecting capital markets and money markets. Past performance of the Sponsor / Investment Manager / Mutual Fund does not indicate the future
performance of the Schemes and may not necessarily provide a basis of comparison with other investments. The names of the Schemes do not, in any
manner, indicate either the quality of the Schemes or their future prospects or returns. Unitholders in the schemes are not being offered any
guaranteed/assured returns. Please refer to the Addendum / Offer Document for scheme specific risk factors before investing. Investors should read
the Offer Document/ Key Information Memorandum available at Investor Service Centers and with distributors carefully before investing.
The Material provided in the Connect cannot be reproduced or quoted anywhere without express permission from Birla Sun Life Asset Management
Company Ltd.