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 TAXGAIN SCHEME 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 Tax Gain generated a performance of 86.99% (31st March 2009 to 31st March 2010) as compared to a return of 88.17% for its benchmark (BSE100). Stock picking has been good with stocks like Jindal Steel and Power, Cadila and Asian paints giving very good returns. The same can be said about sectors with strong outperformance coming from Industrial manufacturing, IT and Pharma sectors. Name of Scheme SBI Magnum Taxgain Scheme - 1993 Growth Benchmark : BSE100 Dividend Benchmark : BSE100 N.A. = Not Applicable Latest 6 Months 6.78 4.14 6.79 4.14 Latest 1 Year 86.99 88.17 87.00 88.17 Latest 3 Years N.A. N.A. 10.83 12.16 Latest Latest 5 Years Since Inception N.A. N.A. 26.30 21.70 8.91 9.89 18.50 13.87

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.

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.

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MAGNUM TAXGAIN SCHEME
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 nonbanking 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 Net Worth (Rs. Cr.) ( Paid up Capital and Reserves & Surplus) Total Income (Rs. Cr.) Net Profit (Rs. Cr.) 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. 2010 65,949.00 85,962.00 9,166.00 2009 57,948.00 76,479.00 9,121.23 2008 49,033.00 57,645.00 6,729.12

3. INVESTMENT OBJECTIVES, BASIS AND POLICY OF INVESTMENT OF THE SCHEMES MAGNUM TAXGAIN SCHEME 1993
Launch Date Objective : An open-ended equity linked savings scheme. The objective of the scheme is a) Deliver the benefit of investment in a portfolio of equity shares, while offering deduction on such investments made in the scheme under section 80C of the Income Tax Act, 1961. b) Distribute income periodically depending on distributable surplus‘. Magnum Taxgain delivers the benefit of investment in a portfolio of equity shares, while offering tax rebate on such investments made in the scheme under Sec 80C of the Income Tax Act, 1961. The portfolio strategy is to make long term investments in stocks consistent with the average duration of : February 24, 1993 Growth Option- May 7, 2007

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MAGNUM TAXGAIN SCHEME
investor funds. To invest in companies in all the market cap segments through both top down and bottom up investment philosophies. To invest in companies with sustainable & scalable business models which can lead to significant out-performance in the long run. As on 31.03.10 Unit NAV: Dividend Option Growth Option Corpus : : : Rs. 39.40 Rs. 57.80 Rs. 1,250.06 crores

Total assets under management: Rs.5,475.70 crores.

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 Scheme Magnum Taxgain Scheme – 1993 Amount (Rs.) 52,944,291 No of Investors 19,016 Unclaimed Redemptions Amount (Rs.) 3,608,165 No of Investors 364

6. REDRESSAL OF COMPLAINTS RECEIVED AGAINST MUTUAL FUNDS (MFS) DURING 2009 -2010
SBI Funds Management Private Limited : Complaint Code Type of Complaint# Total Number of Folios : 88,61,825 as on 31.3.2010 (a) No. of complaints pending at the beginning of the year (b) No of complaints received during the year within 30 days IA IB IC ID II A II B II C III A III B III C III D III E IV Non receipt of Dividend of Units Interest on delayed payment of dividend Non receipt of Redemption Proceeds Interest on delayed payment of Redemption Non receipt of Statement of Account / Unit Certificate Discrepancy in Statement of Account Non receipt of Annual Report / Abridged Summary Wrong switch between Schemes Unauthorized switch between schemes Deviation from Scheme attributes Wrong or excess charges / load Non updation of changes viz. address, PAN, bank details, nominations, etc Others Total 1 2 15 2133 431 8174 2134 431 8182 2 7** 3 3 5 98 103 3 319 320 2 4 5190 5191 Action on (a) and (b) Resolved Non Actionable* Pending

30 - 60 days

60 - 180 days

Beyond 180 days

0-3 months 3

3-6 months

6-9 months

9-12 months

# * **

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.

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MAGNUM TAXGAIN SCHEME
7. STATUTORY INFORMATION:
a. b. c. 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. 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. 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/Shri. T. L. Palani Kumar (Chairman)

Place Date

: Mumbai : July 06, 2010

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MAGNUM TAXGAIN SCHEME
FINANCIAL STATEMENTS — MARCH 31, 2010 TOGETHER WITH AUDITOR'S REPORT
To the Board of Directors of SBI MUTUAL FUND TRUSTEE COMPANY PRIVATE LIMITED - MAGNUM TAXGAIN SCHEME 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 Taxgain Scheme 1993 (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. 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. We report that: i. ii. iii. iv. We have obtained all information and explanations, which, to the best of our knowledge and belief were necessary for the purpose of our audit. 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. 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. 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. 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) (b) (c) in the case of Balance Sheet, of the state of affairs of the scheme as at March 31, 2010; in the case of Revenue Account, of the surplus of the scheme for the year ended on March 31, 2010; and in the case of Cash Flow Statement, of the cash flow of the scheme for the year ended on March 31, 2010.

2.

3.

v.

FOR M. M. NISSIM AND CO. (FRN 107122W) Chartered Accountants Place Date : : Mumbai July 06, 2010 Sanjay Khemani (Partner) Membership No.: 44577

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MAGNUM TAXGAIN SCHEME
ABRIDGED BALANCE SHEET AS AT MARCH 31, 2010
As at March 31, 2010 (Rupees in Lakhs) LIABILITIES 1 Unit Capital 2 Reserves & Surplus 2.1 Unit Premium Reserves 2.2 2.3 3 4 Unrealised Appreciation Reserve Other Reserves 125,006 202,552 133,954 86,059 6,437 554,008 As at March 31, 2009 (Rupees in Lakhs) 106,943 123,602 51,542 8,490 290,577

Loans & Borrowings Current Liabilities & Provisions 4.1 4.2 Provision for doubtful Income/Deposits Other Current Liabilities & Provisions

TOTAL ASSETS 1 Investments 1.1 Listed Securities: 1.1.1 Equity Shares 1.1.2 Preference Shares 1.1.3 Equity Linked Debentures 1.1.4 Other Debentures & Bonds 1.1.5 Securitised Debt securities 1.2 Securities Awaited Listing: 1.2.1 Equity Shares 1.2.2 Preference Shares 1.2.3 Equity Linked Debentures 1.2.4 Other Debentures & Bonds 1.2.5 Securitised Debt securities 1.3 Unlisted Securities 1.3.1 Equity Shares 1.3.2 Preference Shares 1.3.3 Equity Linked Debentures 1.3.4 Other Debentures & Bonds 1.3.5 Securitised Debt securities 1.4 Government Securities 1.5 Treasury Bills 1.6 Commercial Paper 1.7 Certificate of Deposits 1.8 Bill Rediscounting 1.9 Units of Domestic Mutual Fund 1.10 Foreign Securities Total Investments Deposits Other Current Assets 3.1 Cash & Bank Balance 3.2 CBLO/ Reverse Repo Lending 3.3 Others Deferred Revenue Expenditure (to the extent not written off) TOTAL Notes to Accounts - Annexure I

517,619 1,010 20,028 4,952 543,609 3,040 1,924 5,435 554,008

223,470 113 2,500 19,590 19,095 264,768 5,000 3,574 10,195 7,040 290,577

2 3

4

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MAGNUM TAXGAIN SCHEME
ABRIDGED REVENUE ACCOUNT AS AT MARCH 31, 2010
As at March 31, 2010 (Rupees in Lakhs) 1 INCOME 1.1 1.2 1.3 1.4 1.5 1.6 1.7 Dividend Interest Realised Gain / (Loss) on Foreign Exchange Transactions Realised Gains / (Losses) on Interscheme sale of investments Realised Gains / (Losses) on External sale / redemption of investments Realised Gains / (Losses) on Derivative Transactions Other Income (A ) 2 EXPENSES 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 Management fees Service tax on Management fees Transfer agents fees and expenses Custodian fees Trusteeship fees Commission to Agents Marketing & Distribution expenses Audit fees Other operating expenses (B ) 3,382 348 1,592 153 51 2,591 94 5 1,168 9,384 1,953 240 1,061 95 31 1,719 46 3 64 5,212 4,648 1,269 (0) 25,890 31,806 3,169 3,351 (346) (10,153) 8 (3,970) As at March 31, 2009 (Rupees in Lakhs)

3 4 5 6 7

NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A -B = C) Change in Unrealised Depreciation in value of investments (D) NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E=(C-D))

22,423 91,071 113,493 133,954 247,447 (133,954) (18,590) 94,904

(9,182) (91,071) (100,253) (40,907) (141,160) 40,907 35,553 (64,700) 3 (64,703)

Change in unrealised appreciation in the value of investments (F) NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD 7.1 7.2 7.3 (E+F=G)

Add: Balance transfer from Unrealised Appreciation Reserve Less: Balance transfer to Unrealised Appreciation Reserve Add / (Less): Equalisation

8 9

Total Dividend appropriation 9.1 9.2 Income Distributed during the year / period Tax on income distributed during the year / period

60,387 34,517

10 Retained Surplus / (Deficit) carried forward to Balance sheet

Notes to Accounts - Annexure I

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MAGNUM TAXGAIN SCHEME
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 Stock Holding Corporation of India Limited (SHCIL). 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). As at 31st March 2010 Market Value Nil % to Net Assets Nil As at 31st March 2009 Market Value Nil % to Net Assets Nil

1.3 Investment in Sponsors / Associates and Group Companies by all schemes. Issuer and instrument Equity shares of State Bank of India Equity shares of State Bank of Mysore Total Under this scheme As at 31-03-10 16,648.26 Nil 16,648.26 As at 31-03-09 13,028.55 Nil 13,028.55 All schemes of the Fund As at 31-03-10 51,889.87 257.82 52,147.69 As at 31-03-09 32,137.44 Nil 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. Investment category Outstanding NCD 1,010.00 As at 31st March 2010 Provision Made 1,010.00 Book Value Nil 1,010.00 As at 31st March 2009 Outstanding Provision Made Nil Book Value 1,010.00

1.6 Aggregate Unrealised Gain / Loss as at the end of the Financial Year / Period and percentage to net assets. As at 31st March 2010 Amount 133,953.83 % to Net Assets 24.46 Amount (91,070.62) As at 31st March 2009 % to Net Assets 32.28

1.7 Aggregate Value of Purchase and Sale with Percentage to Average Net Assets. Current Year Purchase % to Average Net Assets Value 265 Sale % to Average Net Assets Value 259 Purchase Previous Year % to Avg Net Assets Value 223 Sale % to Average Net Assets Value 192

12,24,400.29

11,96,514.93

6,28,626.52

5,41,213.73

1.8 Non-Traded securities in the portfolio : As at 31st March 2010 Market Value 24,980.50 % to Net Assets Value 4.56 As at 31st March 2009 Market Value 41,185.07 % to Net Assets Value 14.60

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MAGNUM TAXGAIN SCHEME
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 Relationship Period Covered Value of Transaction and % of Total Value of Transactions % SBICAP Securities Ltd. Equity SG Asia Holdings (India) Pvt. Ltd. SBICAP Securities Ltd. SG Asia Holdings (India) Pvt. Ltd. Group Company Group Company Group Company Group Company Current Year Current Year Current Year Current Year 1,10,741.70 3,684.83 16,165.72 4,114.26 3.70 0.12 1.05 0.27 198.30 1.42 6.61 1.62 Brokerage & % of Total Brokerage % 4.05 0.03 1.21 0.30

Futures & Options Debt Segment

No Transaction Executed Through Related Party Name of Related Party Nature of Relationship Period Covered Value of Transaction and % of Total Value of Transactions % SBICAP Securities Ltd. Group Company Group Company Group Company Group Company Previous Year Previous Year Previous Year Previous Year 54,287.80 7,659.19 11,296.71 21,251.85 4.14 0.58 1.24 2.34 93.48 3.58 4.74 8.27 Brokerage & % of Total Brokerage % 4.95 0.19 1.43 2.49

Equity

SG Asia Holdings (India) Pvt. Ltd. SBICAP Securities Ltd. SG Asia Holdings (India) Pvt. Ltd.

Futures & Options Debt b.

No Transaction Executed Through Related Party

Commission Paid to Associates/Related Parties/ Group Companies of Sponsor/AMC by all schemes Name of Related Party Nature of Relation Period Covered Business Given and %of Total Business Received % Anand Rathi Financial Services Ltd. Centrum Finance Ltd. SBI DFHI Ltd. SBICAP Securities Ltd. State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of India State Bank of Indore State Bank of Mysore State Bank of Patiala State Bank of Travancore Associate* Associate* Group Company Group Company Group Company Group Company Sponsor Group Company Group Company Group Company Group Company Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Current Year Total 10,130.03 44.70 87,611.27 16,99,921.79 3,60,250.27 4,73,660.70 37,69,689.17 24,888.55 29,205.50 4,63,257.34 1,02,218.53 70,20,877.85 0.04 0.00 0.30 5.91 1.25 1.65 13.10 0.09 0.10 1.61 0.36 24.39 24.37 19.06 0.00 46.51 49.02 116.48 3,032.47 29.09 53.56 107.52 123.43 3,601.51 Commission & % of Total Commission % 0.17 0.13 0.00 0.32 0.34 0.80 20.72 0.20 0.37 0.73 0.84 24.61

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MAGNUM TAXGAIN SCHEME
Name of Related Party Nature of Relation Period Covered Business Given and %of Total Business Received % Anand Rathi Financial Services Ltd. Centrum Finance Ltd. SBI DFHI Ltd. SBICAP Securities Ltd. State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of India State Bank of Indore State Bank of Mysore State Bank of Patiala State Bank of Travancore Associate* Associate* Group Company Group Company Group Company Group Company Sponsor Group Company Group Company Group Company Group Company Previous Year Previous Year Previous Year Previous Year Previous Year Previous Year Previous Year Previous Year Previous Year Previous Year Previous Year Total 0.00 Indicate amount less than Rs. 500 * indicate Associate as per SEBI Regulation c. The transactions entered into during the year by the scheme with the related parties are as under: Type of Transaction Bank Charges Name of Related Party SBI Cards and Payments Services Pvt. Ltd. State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of India State Bank of Indore State Bank of Mysore State Bank of Patiala State Bank of Travancore Dividend Paid Dividend Received Fixed Deposit Matured Interest Received on Fixed Deposits Management Fees Other Operating Charges Purchase of Securities Sale of Securities Trusteeship Fee Fixed Deposit Placed Brokerage on Issue of Magnums State Bank of India State Bank of India State Bank of Indore State Bank of Indore SBI Funds Management Pvt. Ltd. Clearing Corporation of India Ltd. State Bank of India State Bank of India SBI Mutual Fund Trustee Company Pvt. Ltd. State Bank of Indore SBI Commercial & International Bank Ltd. SBI DFHI Ltd. SBICAP Securities Ltd. State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of India State Bank of Indore State Bank of Mysore State Bank of Patiala State Bank of Travancore Brokerage on Investments SBICAP Securities Ltd. Current Year 4.20 1.32 2.48 77.92 0.54 1.06 1.12 0.88 0.07 452.23 5,000.00 11.06 3,381.64 5.65 1,415.08 10,192.27 51.05 Nil 0.16 0.06 2.33 12.89 8.00 583.22 4.45 12.27 14.07 16.43 33.47 Previous Year Nil 0.02 2.12 20.48 1.61 0.02 0.02 0.02 Nil 80.63 7,500.00 123.78 1,953.41 8.24 9,193.74 Nil 31.28 12,500.00 0.14 0.06 2.00 12.80 8.98 577.69 2.66 13.92 13.61 19.27 15.42 8,544.18 11,391.54 1,58,937.66 11,39,720.77 66,095.75 5,93,996.96 26,27,803.69 7,15,473.20 74,479.99 3,47,842.49 2,69,863.55 60,14,149.78 0.03 0.05 0.63 4.53 0.26 2.36 10.44 2.84 0.30 1.38 1.07 23.88 31.46 20.81 3.65 94.18 51.68 111.87 2335.00 25.99 50.26 76.64 115.49 2,917.03 Commission & % of Total Commission % 0.22 0.15 0.03 0.66 0.36 0.79 16.41 0.18 0.35 0.54 0.81 20.50

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MAGNUM TAXGAIN SCHEME
3 4 Large Holdings in the Scheme (i.e. in excess of 25% of the net assets) : NIL ( Previous year : NIL ) 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. Current Year No. of Units in Lakhs Dividend Face Value Opening Subcription Dividend Reinvestment Redemption Closing 5 6 7 10.00 8,374.21 1,257.55 357.59 481.60 9,507.75 Growth 10.00 2,320.05 672.97 0.19 2,992.83 10,694.26 1,930.52 357.59 481.80 12,500.57 Total Dividend 10.00 6,436.10 2,005.73 (0.14) 67.48 8,374.21 Previous Year No. of Units in Lakhs Growth 10.00 1,117.45 1,202.71 0.10 2,320.05 7,553.54 3,208.44 (0.14) 67.58 10,694.26 Total

Expenses other than management fees are disclosed inclusive of service tax. Figures of the previous year have been regrouped, wherever necessary to confirm with the current year’s figures. Contingent liability in respect of Underwriting Commitments, Uncalled liability on partly paid shares and other commitments are Nil (Previous Year Nil).

Abridged Annual Report 2009-10

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MAGNUM TAXGAIN SCHEME
KEY STATISTICS FOR THE YEAR / PERIOD ENDED 31/03/2010
Current Year / Period ended 31/03/2010 1. NAV per unit (Rs.): Open Growth Dividend High Growth Dividend Low Growth Dividend End Growth Dividend 2. Closing Assets Under Management (Rs. in Lakhs) End Average (AAuM) 3. 4. Gross income as % of AAuM1 Expense Ratio: a. Total Expense as % of AAuM (plan wise)### b. Management Fee as % of AAuM (plan wise) 5. 6. 7. 8. Net Income as a percentage of AAuM2 Portfolio turnover ratio4 Total Dividend per unit distributed during the year / period (plan wise) Returns: a. Last One Year Scheme Growth Dividend Benchmark - BSE 100 Growth Dividend b. Since Inception Scheme Growth Dividend Benchmark - BSE 100 Growth Dividend 1. 2. 3. 4. Gross income = amount against (A) in the Revenue account i.e. Income. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period. 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. 8.91 18.50 9.89 13.87 (18.04) 16.24 (17.19) 10.35 86.99 87.00 88.17 88.17 (39.48) (39.47) (39.97) (39.97) 1.81 0.73 4.84 0.35 6.80 1.85 0.70 (3.26) 0.18 Nil 547,570.43 462,837.02 6.87 282,087.17 281,643.27 (1.41) 30.91 25.12 59.25 44.55 32.57 26.47 57.80 39.40 51.00 41.50 55.21 44.70 27.19 22.10 30.91 25.12 Previous Year / Period ended 31/03/2009

Abridged Annual Report 2009-10

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