MSFU

ABRIDGED ANNUAL REPORT 2009-2010
From the Managing Director's Desk

Dear Investor,
The year 2009-10 saw a smart recovery in the Indian equity markets after witnessing a steep fall in the preceding year. And yet
again, the emerging markets were the fastest to recover from the slowdown. It is quite encouraging to see this steady and quick
recovery of Indian Markets amidst global economic turbulence. The benchmarks BSE Sensex and S&P Nifty showed an absolute
growth of 80.5% and 73.8% respectively, through the financial year 2009-10. Investors who had shown patience and stayed
invested during the turbulence could reap the benefits of the market recovery. Having a long term horizon always helps you stay
on course for achieving your financial goals.
I am happy to share with you that we continue to increase our investor base and over 58 lakh investors have shown trust in SBI
Mutual Fund. Enclosed is the annual report for the year 2009-10 for your perusal.
The closing Assets under Management (AUM) of the domestic schemes of SBI Mutual Fund as on 31st March 2010 were Rs.
36,360.08 crore as against Rs. 22,215.17 crore for the previous year, reflecting a growth of 63.67%. The average AUM increased
from Rs. 27,846 crore in 2008-09 to Rs. 35,632 crore during 2009-10 reflecting a growth of 27.96%.
SBI Mutual Fund launched SBI Gold Exchange Traded Scheme (SBI GETS) in March 2009 and offered a new asset class for
investors. It will be our endeavour to introduce innovative products in line with our investors’ financial requirements.
We have been taking several initiatives to enhance the service standards and offer best services to our investors. In this direction,
I am glad to share with you that in the month of March 2010, we introduced SBI Debit Card as a payment mode for online
investment through www.sbimf.com. Earlier, in June 2009, we launched Speech Recognition based “Interactive Voice Response
(IVR)” system at our Contact Center in Bangalore. This is a sophisticated system which has the capability of handling queries for
NAV and SOA without the call reaching the agent. We have also been conducting Investor Awareness Camps across India so as to
enhance financial literacy and educating investors about mutual fund.
I assure you that we shall continue to maintain high standards of investment performance in the future, too. It has always been our
endeavour to help our investors achieve their financial dreams and one of the tools to ensure that an investor stays on course with
his/her dreams is by investing through a Systematic Investment Plan in some of our schemes having good track record like
Magnum Sector Funds Umbrella - Contra Fund, Magnum Taxgain Scheme, Magnum Balanced Fund, Magnum Multiplier Plus
Scheme and Magnum Equity Fund just to name few of our schemes...
Lastly, I would also like to assure you of our commitment to provide unparalleled service and cater to your information, investment
and servicing needs. Please feel free to call at our dedicated customer care number 1-800-425-5425 (MTNL/BSNL users only) and
080-26599420 from Monday to Saturday (8am – 10pm) or write to us at customer.delight@sbimf.com with your queries. Alternatively,
you can also visit your nearest Investor Service Centre / Investor Service Desk for any assistance. We are also constantly increasing
our service network by opening new Investor Service Centres and Investor Service Desks to service our valued investors better.
We have also been adding more distributors thereby strengthening our distribution network to offer our award winning products
through them.
I am more than confident that your trust and faith in us will earn rich dividends for you in future.
Warm regards,
Achal Kumar Gupta

Managing Director
MAGNUM SECTOR FUNDS UMBRELLA
REPORT OF THE BOARD OF DIRECTORS
OF SBI MUTUAL FUND TRUSTEE COMPANY PRIVATE LIMITED FOR THE YEAR 2009-10
The Directors of SBI Mutual Fund Trustee Company Private Limited are pleased to present the Audited Accounts in respect of the schemes of SBI Mutual
Fund for the year ended 31st March, 2010. The scheme wise financial statements for the year 2009-10, are enclosed with the report of the auditors.
The significant accounting policies through which the financial statements of the schemes are drawn and the explanatory notes to accounts of each of
the schemes are also attached. The financial statements have been prepared as per the SEBI (Mutual Fund) Regulations 1996, in the manner required
and exhibit true and fair view of the operating results.
1. SCHEME PERFORMANCE, FUTURE OUTLOOK AND OPERATIONS OF THE SCHEMES

Magnum IT Fund generated a performance of 147.74% (31st March 2009 to 31st March 2010) as compared to a return of 129.14% for its benchmark,
the BSE IT Index. Higher exposure to good quality midcaps has helped shore up the performance of the fund. The risk profile of the portfolio is
nevertheless maintained by keeping sufficient large caps exposure.
Magnum Pharma Fund generated a performance of 112.97% (31st March 2009 to 31st March 2010) as compared to a return of 88.27% for its benchmark,
the BSE Healthcare. The fund has benefited from good stock picking. During the period under assessment, we held Lupin (+141%), Piramal Healthcare
(+120%) and Ranbaxy (+186%).
Magnum FMCG Fund generated a performance of 77.12% (31st March 2009 to 31st March 2010) as compared to a return of 39.04% for its benchmark,
the BSE FMCG Index. We benefited from not holding Hindustan Unilever. HUL underperformed the benchmark and its weight decreased from 26% to
18%. On the other hand, our investment in ITC, Nestle, Asian Paint and GSK consumer have benefitted to the portfolio.
Magnum Contra Fund generated a performance of 87.87% (31st March 2009 to 31st March 2010) as compared to a return of 88.17% for the BSE100,
its benchmark. The performance has been underpinned by the high level of cash held during the first part of the year. Some of the contrarian ideas
initiated some time ago have paid off during the period.
Magnum Emerging Business Fund generated a performance of 152.68% (31st March 2009 to 31st March 2010) as compared to a return of 96.38% for
the BSE500, its benchmark. The portfolio benefited from the strong rally in the midcaps segment and the good choices in stock picking.
Name of Scheme Latest Latest Latest Latest Since
6 Months 1 Year 3 Years 5 Years Inception
SBI Magnum Sector Funds Umbrella - IT 13.75 147.74 -5.87 15.68 13.09
Benchmark : BSE IT 14.58 129.14 2.25 14.15 14.03
SBI Magnum Sector Funds Umbrella - Pharma
Growth 14.46 112.97 3.60 12.76 10.53
Benchmark : BSE-HC 20.98 88.27 13.42 15.86 11.09
Dividend 14.64 113.23 3.72 12.82 15.86
Benchmark : BSE-HC 20.98 88.27 13.42 15.86 14.18
SBI Magnum Sector Funds Umbrella- FMCG 23.05 77.12 19.86 17.88 11.03
Benchmark : BSE FMCG 9.91 39.04 17.60 21.85 7.82
SBI Magnum Sector Funds Umbrella - Contra
Growth 5.55 87.87 16.14 N.A. 28.20
Benchmark : BSE100 4.14 88.17 12.16 N.A. 22.21
Dividend 5.53 87.80 16.13 28.38 28.32
Benchmark : BSE100 4.14 88.17 12.16 21.70 16.19
SBI Magnum Sector Funds Umbrella - Emerging Businesses Fund
Growth 20.32 152.68 7.91 19.06 25.31
Benchmark : BSE 500 5.60 96.38 11.75 20.39 22.54
N.A. = Not Available
FUTURE OUTLOOK:
EQUITY OUTLOOK :
India’s equity market may show higher volatility due to uncertainties on the global front and return of risk aversion among global investors. The long
term structural factors suggest that Indian markets are likely to show greater resilience and may gradually decouple from rest of the world:
✓ In a demand constrained world, India is placed well with growth engines of domestic consumption and infrastructure build up.
✓ Signs of increasing momentum in industrial growth and services.
✓ High savings rate, strong financial sector, Household gearing too low.
✓ Corporate sector: manageable gearing, on track for robust earnings growth.
✓ Huge Demographic dividend to boost consumption and savings.
✓ Domestic flows to become stronger, reliance on foreign flows will gradually reduce.
✓ Stable pro-growth government at centre, increased focus on reforms.
Abridged Annual Report 2009-10 1

While in the near term, an upsurge in global risk aversion due to fears about sovereign debt risk and weakness in economic activity pose challenges
for our markets also, we believe the underlying strength of Indian economy would keep the downside in our equity markets protected. Investors should
take advantage of this volatility rather than getting swayed by it. The long term outlook based on structural factors continues to remain positive. We
maintain our focus on bottom up stock picking as markets are likely to remain range-bound.
FIXED INCOME OUTLOOK:

Long term funds
In anticipation of a correction from the recent rally, lighter portfolio duration, especially in Gilts, is to be maintained for some time. We would look for
opportunities at the shorter end of the yield curve in credit markets. The Higher duration risk may be attractive on a sustainable basis a few months down
the line.
Short term funds

We would look to invest in to the rising yields in June on the back of liquidity squeeze. Our focus will be on consistent returns by containing volatility.
The positioning of our funds in line with new guidelines on Mark to market (MTM) accounting will be an important factor to keep in mind. Our investment
strategy remains to stress on security liquidity and credit quality. On the shorter end of the yield curve, credit markets should continue to present
interesting trading opportunities.
Operations of the schemes

SBI Mutual Fund manages 25 open ended and 8 close ended schemes, out of which 14 are equity schemes (2 close ended),1 balance scheme,2 liquid
schemes,1 gilt scheme,14 debt schemes(6 close ended) and 1 Gold ETF scheme. Out of 6 closed ended schemes 3 are redeemed during the year.
SBI Mutual Fund continues to hold certain securities which were sold by it but these have not been got transferred by the buyers in their names. These
securities do not belong to SBIMF, but are held on behalf of the unknown buyers and not as Owners/Investors. Such securities are transferred to the
buyers against claims after establishing the genuineness of the claim.
2. BRIEF BACKGROUND OF SPONSORS, TRUST, TRUSTEE CO. AND AMC CO.

a. State Bank of India
SBI Mutual Fund is sponsored by State Bank of India, the largest public sector bank in India. The Sponsor is the Settler of the Mutual Fund Trust.
The Sponsor has entrusted a sum of Rs. 5 Lakhs to the Trustee as the initial contribution towards the corpus of the Mutual Fund.
The State Bank of India ‘SBI’ having its Corporate Office at State Bank Bhavan, Madame Cama Road, Mumbai - 400 021, is the largest public sector
bank in India with 12, 496 branches in India and 142 offices in 32 countries worldwide. SBI also has 6 Associate Banks in addition to other non-
banking subsidiaries in India. State Bank of India holds 63% stake in SBI Funds Management Private Limited.
Financial Performance of the SBI (Sponsor) {past three years}:
Particulars 2010 2009 2008
Net Worth (Rs. Cr.) ( Paid up Capital and Reserves & Surplus) 65,949.00 57,948.00 49,033.00
Total Income (Rs. Cr.) 85,962.00 76,479.00 57,645.00
Net Profit (Rs. Cr.) 9,166.00 9,121.23 6,729.12
b. SBI Mutual Fund

SBI Mutual Fund ( SBIMF) was set up as a Trust by the settlers, State Bank of India on June 29, 1987 with SBI Mutual Fund Trustee Company Private
Limited (The Trustee Company) as a Trustee in accordance with the provisions of the Indian Trust Act,1882 and is duly registered under the
Registration Act, 1908. The Trustee has entered into an Investment Management Agreement dated May 14, 1993 and also a supplemental thereto
on April 28, 2003, which was replaced by Restated and Amended Investment Management Agreement December 29, 2004 with SBI Funds
Management Private Ltd. (the AMC) to function as the investment Manager for all the Schemes of SBI MF. SBI MF was registered with SEBI on
December 23, 1993 under Registration Code MF-009/93/3.
c. SBI Mutual Fund Trustee Company Private Limited
The Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unit holders. The Trustee has been
discharging its duties and carrying out the responsibilities as provided in the Regulations and the Trust Deed. The Trustee seeks to ensure that
the Fund and the Schemes floated thereunder are managed by the AMC in accordance with the Trust Deed, the Regulations, directions and
guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies.
d. SBI Funds Management Private Limited
SBI Funds Management Private Limited (SBIFMPL) is a private limited company incorporated under the Companies Act, 1956 on February 17, 1992,
having its Registered Office at 191, Maker Tower “E”, 19th Floor, Cuffe Parade, Mumbai 400 005. SBIFMPL has been appointed as the Asset
Management Company of the SBI Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated May 14, 1993 and also a
supplemental thereto on April 28, 2003 and the same have been replaced by Restated and Amended Investment Management Agreement entered
into between SBIMFTCPL and SBIFMPL on December 29, 2004.
As per the audited accounts on 31st March, 2010, the authorized and paid-up capital of the AMC was Rs. 50 crores and the Networth of the AMC
was Rs. 228.01 Crores. Pursuant to the Shareholders and Share Purchase Agreement dated November 5, 2004 entered into amongst State Bank
of India (SBI), Societe Générale Asset Management (SGAM), Societe Générale S.A. and SBI Funds Management Private Limited (SBIFMPL), 37%

of the paid up share capital of the AMC (i.e. 18, 50,000 equity shares of Rs. 100/- each) had been transferred by SBI to SGAM on December 21,
2004. Accordingly SBI currently holds 63% stake in SBI FMPL and the 37% stake is held by SGAM.
In terms of Investment Management Agreement, SBIFMPL has assumed the day to day investment management of the fund and in that capacity
makes investment decisions and manages the SBI Mutual Fund Schemes in accordance with the scheme objectives, Trust Deed, provisions of
Investment Management Agreement and SEBI Regulations & Guidelines.
In addition to the investment management activity, SBI Funds Management Private Limited has also been granted a certificate of registration as a
Portfolio Manager with Registration Code INP000000852. SEBI has renewed the certificate for a period from January 16, 2010 to January 15, 2013.
Apart from this SBI Funds Management Private Limited has received an ‘In-principle’ approval from SEBI for SBI Resurgent India Opportunities
Fund (Offshore Fund) vide letter no. IMD/RK/53940/2005 dated November 16, 2005.
The AMC certifies that there would be no conflict of interest between the Asset Management activity and these other activities.
3. INVESTMENT OBJECTIVES, BASIS AND POLICY OF INVESTMENT OF THE SCHEMES

Magnum Sector Funds Umbrella
Objective:
An open ended Growth Scheme, the objective is to provide the investors maximum growth opportunity through equity investments in stocks of growth
oriented sectors. There are four sub-funds dedicated to specific sectors viz. IT, Pharmaceuticals, FMCG, Contra subfund for investment in stocks
currently out of favour and Emerging Business Fund to participate in the growth potential presented by various companies that are considered emergent
and have export orientation/outsourcing opportunities or are globally competitive by investing in the stocks representing such companies. The fund
may also evaluate emerging businesses with growth potential and domestic focus.
Magnum Sector Funds Umbrella – IT
Launch Date: June 04, 1999.
Objective:
To invest in a balanced portfolio of InfoTech stocks which would enable the investors to be a part of the exciting developed market export potential and
also the long-term outsourcing story.
As on 31.03.10
Unit NAV : Rs. 19.78
Corpus : Rs. 27.39 crores
Total assets under management: Rs.54.22 crores.
Magnum Sector Funds Umbrella – Pharma

Launch Date : June 04, 1999.
Growth Option: December 31, 2004.
Objective:
To invest in a balanced portfolio of Pharma stocks which would enable the investors to be a part of the exciting developed market export potential and
also the long-term outsourcing story.
As on 31.03.10
Unit NAV:
Dividend Option : Rs. 30.98
Growth Option : Rs. 37.49
Total assets under management: Rs. 35.84 crores.
Magnum Sector Funds Umbrella – Contra

Launch Date : June 04, 1999
Growth Option- May 06, 2005.
Objective:
Magnum Contra is a diversified equity fund that adopts a contrarian approach. It aims to invest in undervalued scrips, which may be currently out of
favour, but are likely to show attractive growth in the long term. To identify stocks across sectors utilizing both a top down and bottom up approach. The
fund has no bias for large cap or mid cap stocks. It follows proactive portfolio management .

As on 31.03.10
Unit NAV:
Dividend Option : Rs.25.44
Growth Option : Rs.55.96
Magnum Sector Funds Umbrella – FMCG

Launch Date: June 04, 1999.
Objective:
To invest in a balanced portfolio of FMCG stocks that would enable the investors to be a part of the exciting growth in the domestic market.
As on 31.03.10
Unit NAV : Rs.22.57
Corpus : Rs.4.35 crores.
Total assets under management: Rs.9.81 crores.
Magnum Sector Funds Umbrella – EBF

Launch Date: August 23, 2004
Objective:
To invest in stocks of sectors which are considered emerging at any point of time. To invest at a time when the market capitalization of stocks in such a
sector is small relative to the size of the opportunity on account of global/domestic outlook. To create value for investors through early identification of
stocks that are likely to outperform in the future.
As on 31.03.10
Unit NAV:
Dividend Option : Rs. 15.47
Growth Option : Rs. 34.87
4. SIGNIFICANT ACCOUNTING POLICIES: ACCOUNTING POLICIES ARE IN ACCORDANCE WITH SECURITIES & EXCHANGE
BOARD OF INDIA ( MUTUAL FUND ) REGULATIONS 1996.
5. UNCLAIMED DIVIDENDS & REDEMPTIONS
Summary of No. of Investors & Corresponding amount scheme wise
Unclaimed Dividends Unclaimed Redemptions
Scheme Amount (Rs.) No of Investors Amount (Rs.) No of Investors
Magnum Sector Funds Umbrella – IT 701,358 352 1,858,902 203
Magnum Sector Funds Umbrella - Pharma 1,867,809 687 409,447 33
Magnum Sector Funds Umbrella - FMCG 242,143 67 316,392 13
Magnum Sector Funds Umbrella - Contra 2,435,132 862 2,788,621 128
Magnum Sector Funds Umbrella – EBF 1,476,541 349 1,922,337 91

6. REDRESSAL OF COMPLAINTS RECEIVED AGAINST MUTUAL FUNDS (MFS) DURING 2009 -2010
SBI Funds Management Private Limited : Total Number of Folios : 88,61,825 as on 31.3.2010
Complaint Type of (a) No. of (b) No of Action on (a) and (b)
Code Complaint# complaints complaints
pending received Resolved Non Pending
at the during the Actionable*
beginning year
of the year
within 30 - 60 60 - 180 Beyond 0-3 3-6 6-9 9-12
30 days days days 180 days months months months months
IA Non receipt of Dividend of Units 4 5190 5191 3
IB Interest on delayed payment of dividend
IC Non receipt of Redemption Proceeds 3 319 320 2
ID Interest on delayed payment of
Redemption
II A Non receipt of Statement of Account /
Unit Certificate 5 98 103
II B Discrepancy in Statement of Account
II C Non receipt of Annual Report /
Abridged Summary 3 3
III A Wrong switch between Schemes
III B Unauthorized switch between schemes
III C Deviation from Scheme attributes
III D Wrong or excess charges / load
III E Non updation of changes viz. address,
PAN, bank details, nominations, etc 1 2133 2134
IV Others 2 431 431 2
Total 15 8174 8182 7**
# including against its authorized persons / distributors / employees, etc.
* Non actionable means the complaint that are incomplete / outside the scope of the mutual fund
** Since Resolved.
7. STATUTORY INFORMATION:
a. The Sponsors are not responsible or liable for any loss resulting from the operation of the schemes of the Fund beyond their initial contribution
( to the extent contributed) of Rs.5 lakhs for setting up the Fund, and such other accretions / additions to the same.
b. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its
underlying investments in securities or fair value in underlying real estate asset, as the case may be.
c. Full Annual Report is disclosed on the website (www.sbimf.com) and is available for inspection at the Head Office of the Mutual Fund. Present and
prospective unit holder can obtain copy of the Trust Deed, the full Annual Report of the Fund / AMC at a price and the text of relevant scheme.
ACKNOWLEDGEMENT
The Directors take this opportunity to express their gratitude for the continued support and co-operation extended by the State Bank of India, Société
Générale Asset Management, the Registrars & Transfer Agents, the Custodians, the Collecting Banks, Government Agencies, Auditors, SEBI, AMFI, the
Board of Directors of SBI Funds Management Private Limited, market intermediaries and the large body of investors in various schemes of the Fund.
For and on behalf of the Board of Directors
SBI Mutual Fund Trustee Company Pvt. Ltd.
Sd/-
Place : Mumbai Shri. T. L. Palani Kumar
Date : July 6, 2010 (Chairman)

FINANCIAL STATEMENTS — MARCH 31, 2010 TOGETHER WITH AUDITOR'S REPORT
To the Board of Directors of
SBI MUTUAL FUND TRUSTEE COMPANY PRIVATE LIMITED - MAGNUM SECTOR FUNDS UMBRELLA
1. We have audited the attached Balance Sheet as at March 31, 2010, the Revenue Account and the Cash Flow Statement for the year ended on that
date annexed thereto of Magnum Sector Funds Umbrella (The Scheme) of the SBI Mutual Fund (The Fund). These financial statements are the
responsibility of the Managements of the Trustee and the Asset Management Companies. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with generally accepted auditing standards in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
3. We report that:
i. We have obtained all information and explanations, which, to the best of our knowledge and belief were necessary for the purpose of our
audit.
ii. The Balance Sheet, the Revenue Account and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts
of the Scheme.
iii. In our opinion, valuation methods for Non Traded Securities, adopted by the scheme are fair and reasonable and are in accordance with the
guidelines for valuation issued by Securities and Exchange Board of India and approved by the Trustees.
iv. The Balance Sheet and the Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and
standards adopted by the Trustees and as specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds)
Regulations, 1996.
v. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes
thereon, give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and give a true and
fair view in conformity with the accounting principles generally accepted in India:
(a) in the case of Balance Sheet, of the state of affairs of the scheme as at March 31, 2010;
(b) in the case of Revenue Account, of the surplus of the scheme for the year ended on March 31, 2010; and
(c) in the case of Cash Flow Statement, of the cash flow of the scheme for the year ended on March 31, 2010.
FOR M. M. NISSIM AND CO. (FRN 107122W)

Chartered Accountants
Place : Mumbai Sanjay Khemani

Date : July 06, 2010 (Partner)
Membership No.: 44577

ABRIDGED BALANCE SHEET
AS AT MARCH 31, 2010
As at March 31, 2010 As at March 31, 2009
(Rupees in Lakhs) (Rupees in Lakhs)
IT Fund Pharma FMCG Contra Emerging TOTAL IT Fund Pharma FMCG Contra Emerging TOTAL
Fund Fund Fund Business Fund Fund Fund Business
Fund Fund
LIABILITIES
1 Unit Capital 2,739 1,115 435 97,070 10,290 111,649 3,218 1,316 457 79,656 9,391 94,038
2 Reserves & Surplus
2.1 Unit Premium
Reserves 2,471 593 303 92,617 3,635 99,619 (613) (4) (23) 63,868 (1,781) 61,447
2.2 Unrealised
Appreciation
Reserves 2,510 765 305 65,115 2,910 71,604 - - - - - -
2.3 Other Reserves (2,299) 1,112 (62) 102,392 3,811 104,955 (21) 668 150 33,165 812 34,775
3 Loans & Borrowings - - - - - - - - - - - -
4 Current Liabilities &
Provisions
4.1 Provision for doubtful
Income/ Deposits - - 0 - - 0 - - 0 - - 0
4.2 Other Current Liabilities
& Provisions 170 49 15 3,614 731 4,578 342 206 15 7,611 186 8,358
TOTAL 5,591 3,634 996 360,808 21,377 392,405 2,925 2,186 599 184,300 8,608 198,618
ASSETS
1 Investments
1.1. Listed Securities:
1.1.1 Equity Shares 5,312 3,516 882 336,539 18,731 364,979 2,342 1,739 528 143,690 7,736 156,035
1.1.2 Preference
Shares - - - - - - - - - - - -
1.1.3 Equity Linked
Debentures - - - - - - - - - 227 - 227
1.1.4 Other Debentures
& Bonds - - - - - - - - - - - -
1.1.5 Securitised
Debt Securities - - - - - - - - - - - -
1.2 Securities Awaited
Listing:
1.2.1 Equity Shares 5 - - - 19 24 - - - - - -
1.2.2 Preference Shares - - - - - - - - - - - -
1.2.3 Equity Linked
Debentures - - - - - - - - - - - -
& Bonds - - - - - - - - - - - -
1.2.5 Securitised
Debt Securities - - - - - - - - - - - -
Abridged Annual Report 2009-10

7
As at March 31, 2010 As at March 31, 2009
Fund Fund
1.3 Unlisted Securities
1.3.1 Equity Shares 0 - - - - 0 0 - - - - 0
1.3.2 Preference
Shares - - - - - - - - - - - -
1.3.3 Equity Linked
Debentures - - - - - - - - - - - -
& Bonds - - - 1,010 - 1,010 - - - - - -
1.3.5 Securitised
Debt Securities - - - - - - - - - 12,500 - 12,500
1.4 Government Securities - - - - - - - - - - - -
1.5 Treasury Bills - - - - - - - - - - - -
1.6 Commercial Paper - - - - - - - - - - - -
1.7 Certificate of Deposits - - - 10,234 - 10,234 - - - 9,835 - 9,835
1.8 Bill Rediscounting - - - - - - - - - - - -
1.9 Units of Domestic
Mutual Fund - - - - - - - - - - - -
1.10 Foreign Securities - - - - - - - - - - - -
Total Investments 5,317 3,516 882 347,783 18,750 376,247 2,342 1,739 528 166,252 7,736 178,597
2 Deposits 4 2 2 4,103 210 4,320 4 2 2 8,458 - 8,465
3 Other Current Assets
3.1 Cash & Bank Balance 47 69 11 1,514 123 1,764 61 47 12 287 135 541
3.2 CBLO/ Reverse
Repo Lending 142 27 99 3,710 1,684 5,663 517 395 57 6,881 618 8,468
3.3 Others 81 20 2 3,698 610 4,411 3 3 0 2,422 85 2,513
4 Deferred Revenue
Expenditure (to the extent
not written off) - - - - - - - - - - 34 34
TOTAL 5,591 3,634 996 360,808 21,377 392,405 2,925 2,186 599 184,300 8,608 198,618
Notes to Accounts - Annexure I

8
ABRIDGED REVENUE ACCOUNT
FOR THE YEAR ENDED MARCH 31, 2010
For the Year ended March 31, 2010 For the Year ended March 31, 2009
Fund Fund
1 INCOME
1.1 Dividend 51 34 10 3,542 181 3,818 62 40 14 2,825 133 3,075
1.2 Interest 6 3 2 998 26 1,035 24 17 4 1,960 62 2,067
1.3 Realised Gain / (Loss) on
Foreign Exchange Transactions - - - - - - - - - - - -
1.4 Realised Gains / (Losses) on
Interscheme sale of investments - 60 - 2 34 96 114 164 (61) (3,008) 132 (2,659)
1.5 Realised Gains / (Losses) on
External sale / redemption of
investments (86) 74 106 52,770 (274) 52,589 (590) (396) 46 (1,820) 41 (2,719)
1.6 Realised Gains / (Losses)
on Derivative Transactions - - - (2,477) (46) (2,524) - - - 713 - 713
1.7 Other Income - - - 0 0 0 19 2 3 24 3 50
(A) (29) 171 117 54,835 (79) 55,015 (370) (173) 7 694 370 528
2 EXPENSES
2.1 Management fees 58 39 8 2,154 185 2,443 56 36 8 1,582 158 1,840
2.2 Service tax on
Management fees 6 4 1 222 19 252 7 4 1 194 19 226
2.3 Transfer agents fees
and expenses 17 9 3 1,027 55 1,110 18 14 3 719 56 810
2.4 Custodian fees 1 1 0 78 4 83 1 1 0 59 4 65
2.5 Trusteeship fees 1 0 0 33 2 35 1 0 0 22 2 24
2.6 Commission to Agents 27 19 6 1,799 114 1,966 23 10 5 961 85 1,085
2.7 Marketing &
Distribution expenses 0 0 0 29 0 30 0 2 0 96 1 100
2.8 Audit fees 0 0 0 3 0 3 0 0 0 2 0 2
2.9 Other operating expenses 1 1 0 1,136 38 1,175 6 4 0 76 68 154
(B) 110 73 18 6,480 416 7,098 113 72 17 3,713 392 4,306
3 NET REALISED GAINS / (LOSSES)

FOR THE YEAR / PERIOD (A -B = C) (139) 98 99 48,355 (496) 47,917 (482) (245) (10) (3,019) (22) (3,778)
4 Change in Unrealised Depreciation
in value of investments (D) (1,237) (1,273) (32) (44,761) (10,021) (57,324) 1,237 1,067 32 44,760 10,021 57,117
5 NET GAINS / (LOSSES) FOR THE
YEAR / PERIOD (E=(C-D)) 1,098 1,371 131 93,117 9,525 105,241 (1,719) (1,312) (42) (47,779) (10,043) (60,895)
6 Change in unrealised appreciation
in the value of investments (F) 2,510 765 305 65,115 2,910 71,604 (1,629) - (64) (37,905) (1,719) (41,317)

9
For the Year ended March 31, 2010 For the Year ended March 31, 2009
Fund Fund
7 NET SURPLUS / (DEFICIT) FOR

THE YEAR / PERIOD ( E + F = G ) 3,607 2,136 436 158,231 12,435 176,846 (3,347) (1,312) (106) (85,685) (11,762) (102,212)
7.1 Add: Balance transfer from
Unrealised Appreciation
Reserve - - - - - 1,629 - 64 37,905 1,719 -
7.2 Less: Balance transfer to
Unrealised Appreciation
Reserve (2,510) (765) (305) (65,115) (2,910) (71,604) - - - - - -
7.3 Add / (Less): Equalisation (3,375) (928) (343) 2,661 (4,611) (6,597) (4) 83 (0) 8,159 (222) 8,016
8 Total (2,278) 443 (212) 95,777 4,914 98,645 (1,723) (1,229) (43) (39,620) (10,265) (52,879)
9 Dividend appropriation
9.1 Income Distributed
during the year / period - - - 26,551 1,905 28,456 2 (2) 0 16,598 0 16,598
9.2 Tax on income distributed
during the year / period - - - - - - - - - - - -
10 Retained Surplus / (Deficit) carried
forward to Balance sheet (2,278) 443 (212) 69,227 3,008 70,189 (1,724) (1,227) (43) (56,218) (10,265) (69,477)
Notes to Accounts - Annexure I

10
NOTES TO ACCOUNTS - ANNEXURE I TO THE ABRIDGED BALANCE SHEET AND REVENUE ACCOUNT FOR THE YEAR / PERIOD
ENDED 31ST MARCH 2010
Amount in Rupees in Lakhs unless otherwise stated
1 Investments :-
1.1 The investments of the Scheme are held in the custody of the Fund’s custodian, HDFC Bank Ltd. Investments are registered in the name of
the scheme except where dispute exist or where the delivery has not become due.
1.2 Open position of Derivatives (outstanding market value & % to Net Assets as of the year end).
Options As at 31st March 2010 As at 31st March 2009
Market Value % to Net Assets Market Value % to Net Assets
MSFU - IT Nil Nil Nil Nil
MSFU - PHARMA Nil Nil Nil Nil
MSFU - FMCG Nil Nil Nil Nil
MSFU - CONTRA Nil Nil 1,233.45 0.70
MSFU - EBF 251.97 1.22 Nil Nil
1.3 Investment in Sponsors / Associates and Group Companies by all schemes.
Issuer and instrument Under this scheme All schemes of the Fund
As at 31-03-10 As at 31-03-09 As at 31-03-10 As at 31-03-09
Equity shares of State Bank of India 10,632.34 7,058.61 51,889.87 32,137.44
Equity shares of State Bank of Mysore Nil Nil 257.82 Nil
Total 10,632.34 7,058.61 52,147.69 32,137.44
1.4 Open position of Securities Borrowed and /or Lent by the scheme : NIL (Previous Year : NIL)
1.5 Details of NPA: Aggregate market value and provision thereof.
MSFU –CONTRA
Investment category As at 31st March 2010 As at 31st March 2009
Outstanding Provision Made Book Value Outstanding Provision Made Book Value
NCD 1,010.00 1,010.00 Nil Nil Nil Nil
1.6 Aggregate Unrealised Gain / Loss as at the end of the Financial Year / Period and percentage to Net Assets.
Amount % to Net Assets Amount % to Net Assets
MSFU - IT 2,509.66 46.29 (1,236.56) 47.86
MSFU - PHARMA 765.18 21.35 (1,273.30) 64.31
MSFU - FMCG 305.01 31.10 (32.06) 5.49
MSFU - CONTRA 65,114.55 18.23 (44,743.52) 25.32
MSFU - EBF 2,909.90 14.09 (10,021.42) 118.98
1.7 Aggregate Value of Purchase and Sale with percentage to Average Net Assets.
Options Current Year Previous Year
Purchase % to Avg Sale % to Avg Purchase % to Avg Sale % to Avg
Net Assets Net Assets Net Assets Net Assets
Value Value Value Value
MSFU - IT 2,205.35 47 2,889.81 62 1,336.43 30 2,057.90 46
MSFU - PHARMA 3,793.01 123 4,188.02 135 5,138.54 179 5,065.31 176
MSFU - FMCG 1,195.52 149 1,284.57 160 1,116.33 167 1,187.46 177
MSFU - CONTRA 7,95,666.76 268 7,71,434.04 260 3,55,584.19 182 3,22,740.64 165
MSFU - EBF 28,829.57 180 30,331.13 190 8,121.03 59 9,313.02 68

1.8 Non-Traded securities in the portfolio.
Market Value % to Net Assets Market Value % to Net Assets
Value Value
MSFU - IT 5.48 0.10 0.00 0.00
MSFU - PHARMA Nil Nil Nil Nil
MSFU - FMCG Nil Nil Nil Nil
MSFU - CONTRA 10247.61 2.87 23,867.12 13.51
MSFU - EBF 18.62 0.09 Nil Nil
2. Details of Transaction with Associates under regulation 25(8).
a. Brokerage Paid to Associates/Related Parties/ Group Companies of Sponsor/AMC by all schemes
Segment Name of Related Party Nature of Period Value of Transaction and % Brokerage & % of Total
Relationship Covered of Total Value of Transactions Brokerage
% %
Equity SBICAP Securities Ltd. Group Company Current Year 1,10,741.70 3.70 198.30 4.05
SG Asia Holdings Group Company Current Year 3,684.83 0.12 1.42 0.03
(India) Pvt. Ltd.
SBICAP Securities Ltd. Group Company Current Year 16,165.72 1.05 6.61 1.21
Futures &
SG Asia Holdings Group Company Current Year 4,114.26 0.27 1.62 0.30
Options
(India) Pvt. Ltd.
Debt No Transaction Executed Through Related Party
Segment Name of Related Party Nature of Period Value of Transaction and % Brokerage & % of Total
Relationship Covered of Total Value of Transactions Brokerage
% %
Equity SBICAP Securities Ltd. Group Company Previous Year 54,287.80 4.14 93.48 4.95
SG Asia Holdings Group Company Previous Year 7,659.19 0.58 3.58 0.19
(India) Pvt. Ltd.
SBICAP Securities Ltd. Group Company Previous Year 11,296.71 1.24 4.74 1.43
Futures
SG Asia Holdings Group Company Previous Year 21,251.85 2.34 8.27 2.49
& Options
(India) Pvt. Ltd.
Debt No Transaction Executed Through Related Party
b. Commission Paid to Associates/Related Parties/ Group Companies of Sponsor/AMC by all schemes
Name of Related Party Nature of Period Business Given and %of Commission & % of
Relation Covered Total Business Received Total Commission
% %
Anand Rathi Financial Services Ltd. Associate* Current Year 10,130.03 0.04 24.37 0.17
Centrum Finance Ltd. Associate* Current Year 44.70 0.00 19.06 0.13
SBI DFHI Ltd. Group Company Current Year 87,611.27 0.30 0.00 0.00
SBICAP Securities Ltd. Group Company Current Year 16,99,921.79 5.91 46.51 0.32
State Bank of Bikaner & Jaipur Group Company Current Year 3,60,250.27 1.25 49.02 0.34
State Bank of Hyderabad Group Company Current Year 4,73,660.70 1.65 116.48 0.80
State Bank of India Sponsor Current Year 37,69,689.17 13.10 3,032.47 20.72
State Bank of Indore Group Company Current Year 24,888.55 0.09 29.09 0.20
State Bank of Mysore Group Company Current Year 29,205.50 0.10 53.56 0.37
State Bank of Patiala Group Company Current Year 4,63,257.34 1.61 107.52 0.73
State Bank of Travancore Group Company Current Year 1,02,218.53 0.36 123.43 0.84
Total 70,20,877.85 24.39 3,601.51 24.61

Name of Related Party Nature of Period Business Given and %of Commission & % of
Relation Covered Total Business Received Total Commission
% %
Anand Rathi Financial Services Ltd. Associate* Previous Year 8,544.18 0.03 31.46 0.22
Centrum Finance Ltd. Associate* Previous Year 11,391.54 0.05 20.81 0.15
SBI DFHI Ltd. Group Company Previous Year 1,58,937.66 0.63 3.65 0.03
SBICAP Securities Ltd. Group Company Previous Year 11,39,720.77 4.53 94.18 0.66
State Bank of Bikaner & Jaipur Group Company Previous Year 66,095.75 0.26 51.68 0.36
State Bank of Hyderabad Group Company Previous Year 5,93,996.96 2.36 111.87 0.79
State Bank of India Sponsor Previous Year 26,27,803.69 10.44 2335.00 16.41
State Bank of Indore Group Company Previous Year 7,15,473.20 2.84 25.99 0.18
State Bank of Mysore Group Company Previous Year 74,479.99 0.30 50.26 0.35
State Bank of Patiala Group Company Previous Year 3,47,842.49 1.38 76.64 0.54
State Bank of Travancore Group Company Previous Year 2,69,863.55 1.07 115.49 0.81
Total 60,14,149.78 23.88 2,917.03 20.50
0.00 Indicate amount less than Rs.500
* indicate Associate as per SEBI Regulations
c. The transactions entered into during the year by the scheme with related parties are as under:
MSFU -FMCG
Type of Transaction Name of Related Party Current Year Previous Year
Bank Charges SBI Cards and Payments Services Pvt. Ltd. 0.00 Nil
State Bank of Bikaner & Jaipur 0.00 0.00
State Bank of Hyderabad 0.00 0.00
State Bank of India 0.09 0.16
State Bank of Indore 0.00 0.00
State Bank of Mysore 0.00 0.00
State Bank of Patiala 0.00 Nil
State Bank of Travancore 0.00 Nil
Management Fees SBI Funds Management Pvt. Ltd. 7.62 7.59
Other Operating Charges Clearing Corporation of India Ltd. 0.02 0.02
Trusteeship Fee SBI Mutual Fund Trustee Company Pvt. Ltd. 0.09 0.08
Brokerage on Issue of Magnums SBICAP Securities Ltd. 0.00 0.00
State Bank of Travancore 0.01 0.01
Brokerage on Investments SBICAP Securities Ltd. 0.28 0.40

MSFU - IT
State Bank of Patiala 0.00 0.00
Repurchase of Magnums (In Lakhs) State Bank of Travancore 9.42 Nil
Brokerage on Issue of Magnums SBI Commercial & International Bank Ltd. 0.01 0.01
SBICAP Securities Ltd. 0.03 0.02
MSFU -PHARMA
State Bank of Bikaner & Jaipur 0.00 Nil
State Bank of Mysore 0.00 Nil

MSFU -CONTRA
Dividend Paid State Bank of India 387.00 309.60
Dividend Received State Bank of India 250.71 73.67
Fixed Deposit Matured State Bank of Indore 5,000.00 2,500.00
Interest Received on Fixed Deposits State Bank of Indore 11.06 42.04
Issue/ reissue of Magnums (In Lakhs) State Bank of India Nil 77.40
Management Fees SBI Funds Management Pvt. Ltd. 2,153.59 1,582.37
Purchase of Securities State Bank of India 2,476.72 6,446.87
Repurchase of Magnums (In Lakhs) State Bank of India Nil 0.00
State Bank of Mysore 9.08 Nil
Sale of Securities State Bank of India 5,976.63 4,565.28
Fixed Deposit Placed State Bank of Indore Nil 7,500.00
Brokerage on Issue of Magnums SBI Commercial & International Bank Ltd. 2.89 1.68
SBI DFHI Ltd. 0.04 0.21
SBICAP Securities Ltd. 1.17 0.94
SG Asia Holdings (India) Pvt. Ltd. Nil 0.17

MSFU -EBF
Purchase of Securities State Bank of Mysore 291.07 Nil
0.00 Indicate amount less than Rs. 500
3 Large Holdings in the Scheme (i.e. in excess of 25% of the Net Assets) : NIL ( Previous year : NIL )
4 Unit Capital movement during the year ended / period ended. Plan wise details of movement in units - opening, subscription, redemption, closing.
Indicate planwise face value of units.
MSFU - IT
Current Year Previous Year
No. of Units in Lakhs No. of Units in Lakhs
Face Value 10.00 10.00
Opening 321.76 329.85
Subscription 86.48 38.50
Dividend Reinvestment - 0.00
Redemption 134.30 46.59
Closing 273.95 321.76

MSFU - PHARMA
Dividend Growth Total Dividend Growth Total
Face Value 10.00 10.00 10.00 10.00
Opening 108.73 22.87 131.60 103.83 18.75 122.58
Subscription 5.17 7.12 12.29 18.74 33.80 52.54
Dividend Reinvestment - - - - - -
Redemption 22.42 9.98 32.40 13.84 29.68 43.52
Closing 91.48 20.00 111.49 108.73 22.87 131.60
MSFU - FMCG
Face Value 10.00 10.00
Opening 45.74 47.31
Subscription 14.84 11.73
Dividend Reinvestment - -
Redemption 17.12 13.30
Closing 43.46 45.74
MSFU - CONTRA
Face Value 10.00 10.00 10.00 10.00
Opening 4,665.76 3,299.85 7,965.61 3,836.80 2,399.58 6,236.38
Subscription 2,525.23 1,630.24 4,155.47 1,308.14 1,390.27 2,698.42
Dividend Reinvestment 446.97 - 446.97 201.25 - 201.25
Redemption 1,543.22 1,317.83 2,861.05 680.44 490.00 1,170.44
Closing 6,094.74 3,612.26 9,707.00 4,665.76 3,299.85 7,965.61
MSFU - EBF
Face Value 10.00 10.00 10.00 10.00
Opening 714.90 224.24 939.13 766.67 221.19 987.86
Subscription 180.42 103.24 283.66 38.05 26.78 64.83
Dividend Reinvestment 48.66 - 48.66 0.00 - 0.00
Redemption 158.68 83.75 242.44 89.82 23.74 113.55
Closing 785.29 243.72 1,029.01 714.90 224.24 939.13
5. Expenses other than management fees are disclosed inclusive of service tax.
6 Figures of the previous year have been regrouped, wherever necessary to confirm with the current year’s figures.
7 Contingent liability in respect of Underwriting Commitments, Uncalled liability on partly paid shares and other commitments are Nil
(Previous Year : Nil).

KEY STATISTICS FOR THE YEAR / PERIOD ENDED 31/03/2010
Current Previous
Year / Period Year / Period
ended 31/03/2010 ended 31/03/2009
Magnum Sector Funds Umbrella - IT
1. NAV per unit (Rs.):
Open 8.03 18.30
High 20.90 20.71
Low 8.54 7.05
End 19.78 8.03
2. Closing Assets Under Management (Rs. in Lakhs)
End 5421.83 2583.78
Average (AAUM) 4676.09 4506.57
3. Gross income as % of AAuM (0.61) 4.88
4. Expense Ratio:
a. Total Expense as % of AAUM ### 2.36 2.38
b. Management Fee as % of AAUM 1.25 1.25
5. Net Income as a percentage of AAUM (2.97) (10.70)
6. Portfolio turnover ratio 0.46 0.16
7. Total Dividend per unit distributed during the year / period NIL NIL
8. Returns:
a. Last One Year
Scheme 147.74 (56.37)
Benchmark - BSE - IT 129.14 (35.57)
b. Since Inception
Scheme 13.09 4.34
Benchmark - BSE - IT 14.03 6.15
1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets.
### Total Expenditure does not include loss on sale/redemption of investments, loss on inter-scheme tranfer/sale of investments, net change in
unrealised depreciation in value of investments, deferred revenue expenditure amortised and Provision for Doubtful Debt, Income, Deposits

Current Previous
ended 31/03/2010 ended 31/03/2009
MAGNUM SECTOR FUNDS UMBRELLA-PHARMA
Open
Dividend 14.51 23.52
Growth 17.59 28.55
High
Growth 37.49 33.52
Low
Growth 17.91 15.29
End
Growth 37.49 17.59
End 3584.16 1,979.96
Average (AAuM) 3095.47 2,870.80
3. Gross income as % of AAuM1 5.51 7.76
4. Expense Ratio:
a. Total Expense as % of AAuM (plan wise)### 2.35 2.47
b. Management Fee as % of AAuM (plan wise) 1.25 1.25
5. Net Income as a percentage of AAuM2 3.16 (8.53)
6. Portfolio turnover ratio3 1.21 1.59
7. Total Dividend per unit distributed during the year / period (plan wise) NIL NIL
8. Returns:
a. Last One Year
Scheme
Growth 112.97 (38.42)
Dividend 113.23 (38.28)
Benchmark - BSE - HC 88.27 (26.45)
b. Since Inception
Scheme
Growth 10.53 (5.30)
Dividend 15.86 8.83
Benchmark - BSE - HC
Growth 11.09 (1.90)
Dividend 14.18 8.47
.### - Total Expenditure does not include loss on sale/redemption of investments, loss on inter-scheme tranfer/sale of investments, net change in
unrealised depreciation in value of investments, deferred revenue expenditure amortised and Provision for Doubtful Debt, Income, Deposits.

Current Previous
ended 31/03/2010 ended 31/03/2009
Magnum Sector Fund Umbrella - FMCG Fund
Open 12.75 14.82
High 22.70 16.68
Low 12.85 11.14
End 22.57 12.75
End 980.99 583.79
Average (AAuM) 801.69 670.07
4. Expense Ratio:
a. Total Expense as % of AAuM (plan wise) ### 2.27 2.49
7. Total Dividend per unit distributed during the year / period (plan wise) NIL NIL
8. Returns:
a. Last One Year
Scheme 77.12 (14.05)
Benchmark-BSE-FMCG 39.04 (11.08)
b. Since Inception
Scheme 11.03 5.84
Benchmark-BSE-FMCG 7.82 5.04
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD.

Current Previous
ended 31/03/2010 ended 31/03/2009
MSFU- CONTRA
Open
Growth 29.67 45.62
High
Growth 57.28 50.20
Low
Growth 31.32 36.41
End
Growth 55.96 29.67
End 357,193.98 176,689.64
Average (AAuM) 296,400.72 195,005.79
4. Expense Ratio:
a. Total Expense as % of AAuM (plan wise) ### 1.85 1.90
7. Total Dividend per unit distributed during the year / period (plan wise) 5.00 4.00
8. Returns:
a. Last One Year
Scheme
Dividend 87.80 (34.99)
Growth 87.87 (35.01)
Benchmark - BSE 100
Dividend 88.17 (39.97)
Growth 88.17 (39.97)
b. Since Inception
Scheme
Growth 28.20 16.22
Benchmark - BSE 100
Growth 22.21 9.39
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD.

Current Previous
ended 31/03/2010 ended 31/03/2009
MAGNUM SECTOR FUNDS UMBRELLA - EMERGING BUSINESS FUND
Open
Dividend Option 7.45 17.77
Growth Option 13.79 32.89
High
Low
End
End 20,645.94 8,422.76
Average (AAuM) 15,983.40 13,745.70
4. Expense Ratio:
a. Total Expense as % of AAuM (plan wise) 2.40 2.39
5. Net Income as a percentage of AAuM2 (3.10) (0.16)
7. Total Dividend per unit distributed during the year / period (plan wise) 2.50 Nil
8. Returns:
a. Last One Year
Scheme
Growth 152.68 (58.04)
Benchmark - BSE 500 96.38 (42.77)
b. Since Inception
Scheme
Growth 25.31 7.36
Benchmark - BSE 500 22.54 10.45
4. AAuM=Average daily net assets

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ABRIDGED ANNUAL REPORT 2009-2010

From the Managing Director's Desk

Achal Kumar Gupta

1. SCHEME PERFORMANCE, FUTURE OUTLOOK AND OPERATIONS OF THE SCHEMES

N.A. = Not Available

Abridged Annual Report 2009-10 1

FIXED INCOME OUTLOOK:

Short term funds

Operations of the schemes

2. BRIEF BACKGROUND OF SPONSORS, TRUST, TRUSTEE CO. AND AMC CO.

b. SBI Mutual Fund

Abridged Annual Report 2009-10 2

3. INVESTMENT OBJECTIVES, BASIS AND POLICY OF INVESTMENT OF THE SCHEMES

Magnum Sector Funds Umbrella – Pharma

Magnum Sector Funds Umbrella – Contra

Abridged Annual Report 2009-10 3

Magnum Sector Funds Umbrella – FMCG

Magnum Sector Funds Umbrella – EBF

Abridged Annual Report 2009-10 4

Abridged Annual Report 2009-10 5

FOR M. M. NISSIM AND CO. (FRN 107122W)

Place : Mumbai Sanjay Khemani

Abridged Annual Report 2009-10 6

Abridged Annual Report 2009-10

Notes to Accounts - Annexure I

Abridged Annual Report 2009-10

3 NET REALISED GAINS / (LOSSES)

Abridged Annual Report 2009-10

7 NET SURPLUS / (DEFICIT) FOR

Notes to Accounts - Annexure I

Abridged Annual Report 2009-10

Abridged Annual Report 2009-10 11

Abridged Annual Report 2009-10 12

Abridged Annual Report 2009-10 13

Abridged Annual Report 2009-10 14

Abridged Annual Report 2009-10 15

Abridged Annual Report 2009-10 16

Abridged Annual Report 2009-10 17

Abridged Annual Report 2009-10 18

Abridged Annual Report 2009-10 19

Abridged Annual Report 2009-10 20

Abridged Annual Report 2009-10 21

Abridged Annual Report 2009-10 22

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