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SBI MUTUAL FUND

A p a r t n e r for life.

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2008-09
; Asset Management Company: SBI Funds Management Private Limited (A joint venture between SB! and SocieteGenerale Asset Management).
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From the Managing Director's Desk

Dear Investor, '
J

The year 2008'-09 has'been'one of the toughest ones for the markets and the mutual fund industry, wherein the equity markets touched new lows after peaking. A lot of factors were'responsible for, trjis, including the global crisis. The markets witnessed a major downfall in October 2008, and later recovered slightly, towards the end of the financial year. We appreciate the patience shown by our investors who did not panic but stayed invested with a long term horizon. I am happy to share with you that we continue to increase our investor base and.over 57 lakh investors have shown trust in SBI Mutual .Fund. Enclosed is -the annual report for the year 2008-09 for your perusal] "

While our Assets uhderManagement (AuM) stood at Rs. 26382.68 crbres as on 31st March 2009 (Source:; "-- http://www.amfiindia.comj, we have managed to win the trust and faith of over 57 lakhs investors, with . our consistent performance.,And a testimony to this is in the forrn of various awards that we have won during the year. SBI Mutual Fund has been voted as the 'Best .Equity Fund-Mouse Runner Up' in the /- .country, by Outlook Money SNDTV Prof it Awards 2008. Moreover, SBI Mutual Fund has won many other prestigious awards for scheme performance during the year. SBI Mutual Fund launched SB! Gold Exchange Traded Scheme (SBI GETS) in March 2009 and offered a. .. ; newjasset class for inve^tprs.^Goid has been one of the traditional investment avenues and ah asset class which has always seen huge interest from investors. Now investors can invest in gold with ease and -" .convenience,.and: at the same time,, have liquidity through stock exchange. It will be our endeavour to Infroducei innovativeproducts inline with our investors'financial requirements. . ; Iassure 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 (SIP) in some of our award winning schemes like Magnum Contra Fund, Magnum Taxgain Scheme, Magnum Balanced Fund and Magnum Multiplier Plus Scheme, just to name a few. Lastly, I would also like to assure you of our commitment to provide unparalleled service to our investors "and cater td your information, investment and servicing needs. Please feel free to call at our dedicated ^customer care numbers, 1-800-425-5425 arid 080-26599420, from Monday to Saturday (8am-1 Opm) 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 Investpr Service Desks to service our valued investors better. We have also been adding more distributors, thereby,strengthening our distribution network to offer bur award-winning products through them: I am more than confident that your trust and faith in us will earn rich dividends for you in the future.

Warm regards,

"

.=

Achal Kumar Gupta Managing Director

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SBI MUTUAL FUND A p a r t n e r for life. SBI INFRASTRUCTURE FUND -SERIES-!

REPORT OF THE BOARD OF DIRECTORS OF SBI MUTUAL FUND TRUSTEE COMPANY PRIVATE LIMITED FOR THE YEAR 2008-09
The Directors of SBI Mutual Fund Trustee Company Private Limited have pleasure in presenting the Audited Accounts in respect of the schemes of SBI Mutua'l Fund for the year ended 31" March 2009. The scheme wise financial statements for the year 2008-09, are enclosed with the report of the auditors. The significant accounting policies through which the financial statements of the schemes are drawn up 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. . .

THE ECONOMY

The Indian economy managed 6.7 per cent economic growth in 2008-09 despite the manufacturing sector recording a dismal performance. A 5.8 per cent growth rate during the last quarter of the fiscal, at a time when'most developed economies have shrunk, puts India among the top-most growing nations. . . . ' - . The growth rate during 2008-09 is lower than the nine per cent in the preceding fiscal, but not as low as expected by certain analysts arid quite in the range projected by the RBI: 6.5-7 per cent. However, manufacturing growth turned negative at 1.4 per cent in the fourth quarter, pulling down Q4 GDP growth to 5.8 per cent from 8.6 per cent during the corresponding period of the previous year. GDP growth in the third quarter of 2008-09 has been revised to 5.8 per cent from 5.3 per cent estimated provisionally. Agriculture posted 1 .6 per cent growth in 2008-09 against 4.9 per cent in 2007-08, even as it bettered performance in the fourth quarter of the last fiscal to 2.7 per cent against 2.2 per cent in the same period in the previous fiscal. . ''-.. The Central Statistical Organisation had pegged GDP growth at 7.1 per cent for 2008-09 in its advance estimates. The downward revision in the GDP growth rate is, mainly on account of lower than anticipated performance in almost all the sectors excluding construction and community, social and personal services. ' . . CAPITAL MARKETS 2008-09 was a difficult year for the stock markets worldwide. The global financial crisis, which began in 2007. took a turn for the worse in September 2008, with the collapse of several international financial institutions, including investment banks, mortgage lenders and insurance companies leading to a global crash in stock markets. The slowdown intensified with the US, .Europe and Japan sliding into recession. The Bombay Stock Exchange (BSE) Sensex fell from 15,644 as at the end of March 2008 to 9,708 as at the end of March, 2009, while the National Stock Exchange (NSE) index Nifty 50 fell from 4,735 to 3,021 during the, same period. The markets ramined volatile throughout the year. However, towards the end of the year, the negative sentiment prevailing globally seemed to be waning with investors expecting that low interest rates, .stimulus plans and banking bail-outs would lead to a recovery' in the world economy. In India, the economy seemed to be getting back into. a growth path with major sectors such as cement, steel, automobiles and tourism showing recovery..The year saw negative Fll flows, with net sales of equities worth USD. 11.8 bn (Previous Year USD 12.9 bn). The domestic mutual funds, however, net bought equities worth Rs.. 6,984 crore (Previous Year Rs 13,685 crore) during the year.

MUTUAL FUND INDUSTRY

During the year, the following important developments took place in the Mutual Fund Industry: .a) The filing fee & Registration. fee payable by mutual funds were revised. b) SEBI enhanced the aggregate ceiling for overseas investment to. US $ 7 billion. c) Notification on Real Estate Mutual Fund Schemes and Initial Issue Expenses was issued. . " d) The formats of Standard Offer Document and Key Information Memorandum were revised. . . e) Existing mutual fund schemes were allowed to engage in short selling of securities as Well as lending and borrowing of securities after making additional disclosures including risk factors in the Scheme- Information Document. f) SEBI clarified that the SEBI circular' no. SEBI/IMD/CIR No. 1/91171/07 dated April 16, 2007 sball.not apply to term deposits placed as margins for . tradjng'in cash and derivatives market. g) E-mailing of Abridged Scheme-wise Annual Reports, was permitted, if so mandated. . h) Valuation procedure of- Debt securities was revised. i) In respect of purchase of units in Income/ Debt oriented schemes (other than liquid fund schemes and plans) with amount equal to or. more than Rs. 1 crore, irrespective of the time of receipt of application, the closing NAV of the day on which the funds are available for utilization was made applicable. . . j) In case of Close Ended Schemes (except Equity Linked Savings Schemes) to be launched on or after December 12, 2008, (i) Mandatory listing was introduced; (ii) Listing fee was made a permissible expense to be charged under Regulation 52(4); (iii) Trustees are to ensure that before launch of the scheme the in-principle approval for listing has been obtained from the stock exchange(s) and appropriate disclosures are made in the Scheme Information Document; (iv) NAV to be computed and published on daily basis; (v) Close ended debt scheme ,sKall invest only in such securities which mature on or before the date of the maturity of the scheme. . k) In case of liquid schemes, the tenure of the securities held in the portfolio from the one year was reduced and SEBI directed to discontinue the nomenclature of "Liquid-Plus Scheme" since it gives a wrong impression of added liquidity. I) SEBI also decided that the Mutual Funds shall not offer/communicate any indicative portfolio and indicative yield. m) Monthly Portfolio disclosure norms were introduced for debt oriented close-ended and interval schemes/plans. . * ' During the year, the total resources mobilised by the mutual fund industry stood at Rs 54,26,353 crore (Previous year Rs. 44,64,376 crore) while trie total repurchase/redemption amount was Rs. 54,54,649 crore (Previous year Rs. 43,10,575 crore) (Source.: SEBI website). The industry thus'saw a net outflow of Rs. 28,296 crore (Previous year net Inflow of Rs. 1",53,801 crore) during the year. Although the tax-saving funds, balanced funds, growthoriented equity funds and fund of funds investing overseas contributed a net inflow of Rs. 4,863 crore, the net outflow of Rs. 33,159 crore in income/ debt oriented funds and exchange traded funds resulted in a net outflow of Rs. -28,296 crore. . The total Assets under management as on 31" March, 2009 stood at Rs. 4,17,300.crore (Previous-year Rs. 5,05,152 crore).

Annual Report 2008-09

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^ | ^ |NpRASTRUCTJRE FyNp .SERIES-I ,

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SBI MUTUAL FUND'S PERFORMANCE

SBI Mutual Fund saw a total inflow of Rs. 2,51,548 crore (Previous year Rs. 1,12,065 crore) in the domestic open and close-ended funds during the year. The inflows took place predominantly in the liquid and debt funds. The total redemption amounted to Rs. 2,49,439 crore (Previous year Rs. 1,05,487 crore), leaving a net inflow of Rs. 2,109 crore as against a net inflow of Rs. 6,578 crore in the previous year. SBI Mutual Fund had a positive net inflow of Rs. 2,315 crore as against a net outflow of Rs. 28,296 crore for the industry during the year. . Based on average assets under management, SBI Mutual Fund had a market share of 5.15% during'2007-08 which has gone up to 5.52% during 200809. (Source: AMFI website). The average assets under management, which were Rs. 25,302 crore for 2007-08, increased to Rs. 27,846 crore during 2008,09. ' . , - , . ' . . . . ;. During the year, SBI Mutual Fund launched nineteen funds under SBI Debt Fund Series. The schemes received good response from the investors and total funds mobilized under these schemes amounted to Rs 15,109 crore. The first Exchange Traded Fund by SBI Mutual Fund namely SBI Gold Exchange Traded Scheme was also launched in March,-2009 which has closed for subscription on 28'" April, 2009 and mobilized Rs. 113 crore. During the year, the number of AMFI certified Agents selling SBI Mutual Fund products increased to 29,367 as on 31st March, 2009 from 17,109 as on 31" March, 2008. The number of AMFI certified employees in State Bank Group increased to 13,248 as on 31st March, 2009 from 6,150 as on 31" March, :

2008.

: . . ;

''.

. .

" '

During the year, 2 Investor Service Centres, 5 Investor service Desks and 4 Investor Service.Points were added. As on 31" March, 2009, SBI Mutual Fund had 30 Investor Service Centres, 48.lhvestor Service Desks, 7 Investor Service Points and two Overseas Points of presence. As on 31" March, 2009, the number of Business Associates increased to 73 from 38 as on 31" March, 2008 to improve customer service and provide more contact points to the investors. . ,. . , - - . . To improve our quality of customer service and operational efficiency, we have put in place the following initiatives during the year: a) Introduction of centralized direct debits through SBI CMP for all investors banking with SBI core banking branches to give a major boost to Systematic Investment Plans (SIP) business. " .' - l - " b) Introduction of internet and telephone based transactions by use of PIN number. Investors are now able to do several financial and some non financial transaction through.this process. . c) Reduction of "at par" warrants and replacing them with Direct Credits and ECS as a risk'mitigation process. The "at par" warrants now have several additional security features. Further, since the warrant masters are uploaded on SBI's Core Banking System, the instances of misuse of warrants ' .have declined substantially;; . . . > , d) Redemptions and income distribution through direct credits with over forty six banks including SBI core banking branches, which account for about 85% of daily pay-outs. We are running campaigns to convert investors' non-core bank mandates to core banking mandates in a phased manner.

FUTURE PLANS
SBI Mutual Fund plans to augment its distribution network to tier 3 towns and extend the market coverage in rural.markets through SBI's business correspondents/facilitators with Micro SIP options. The Micro SIP launched in April, 2009 will give an option to the small investors to invest as low as Rs. 100 per SIP and will be an important step towards financial inclusion. The other steps for improving investor services include increasing the electronic payout of redemption/ dividends to around 90%, introduction of centralized management of SIPs of all associate banks by direct debits to further increase our SIP reach and improve efficiency and fine tuning of our Contact Centre services to reduce call waiting time.

AWARDS
The Directors are pleased to inform that SBI Mutual Fund has received the 'Best Equity Fund House-Runner Up Award' instituted by Outlook Money NDTV Profit Awards 2008. , , , . In addition, the various schemes of SBI Mutual-Fund won three awards for their performance during the .year as follows: ICRA MUTUAL FUND AWARDS 2009 Scheme Name Magnum Tax Gain Scheme 93 Category . " Open Ended Equity Linked Savings Schemes (ELSS) Award 5 Star Fund Period 3 years

LIPPER FUND AWARDS - INDIA 2009

Scheme Name ' ..;... Period Category , ' 5 Years Magnum Balanced Fund (Dividend) . Equity India " Magnum Sector-Funds Umbrella-Contra Fund-Dividend 5 years Mixed Assets INR Aggressive Summary of Unclaimed Dividends ft Redemptions has been reported in Notes to Accounts. Perspective historical 'Per Unit statistics of all Schemes has been incorporated in the end of full annual report. SBI Mutual Fund (MF) 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 as the Trustee (the Trustee Company) as a Trustee in accordance with the provisions of the Indian Trust Act, 1882 and is duly registered under the Indian Registration Act, 1908. The Trustee has entered into an Investment Management Agreement on 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 on December 29, 2004 with SBI Funds Management Private Ltd. (The AMC) to function as the Investment Manager for all the Schemes of SBIMF. SBIMF was registered.with SEBI on December 2 3 , 1993 under Registration Code MF-009/93/3. ' , ' : ' . The Trustee is the exclusive owner of the Trust fund & holds the same in trust for the benefit of unit holders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in the regulations fj.tha trust deed. The trustee seeks to ensure that the fund and the schemes floated there under 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. "The price and redemption value of the units, and income from them, can go up as well as down with the fluctuations in the market value of-its1 underlying investments in securities or fair value in underlying real estate asset, as the case may be". ' . ' ; . ' '. . '' Annual Report 2008-09 2

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SBI MUTUAL FUND A partner for life. The Performance of the Schemes as on 31.03.2009 is as under:Name of Scheme
i ! .

SBI INFRASTRUCTURE FUND -SERIES-I

Unit NAV Type as on' 31/03/09 (Rs.) .,-...%. Half year Returns 1 year .3 years Returns Returns 5 years Returns Since Launch of the Scheme

.
. ' .

': '

DEBT OR DEBT ORIENTED SCHEMES GILTSCHEMES SBI Magnum Gilt LTP - Growth . . - 18.9843 Gilt 11.9820 Gilt SBI Magnum .Gilt LTP - PF - Fixed Period - 1 year - Growth ' 11.8727 Gilt SBI Magnum Gilt LTP - PF'- Fixed Period.- 2 year - Growth 11.7158 Gilt .. SBI Magnum Gilt LTP - PF - Fixed Period - 3 year - Growth 12.1584 Gilt SBI Magnum Gilt LTP - PF - Regular - Growth I-SEC-LI-BEX 18.0871 Gilt SBI Magnum Gilt STP - Growth I-SEC-SI-BEX . ' LIQUID SCHEMES 19.6477 Liquid SBI Magnum Insta Cash - Cash Plan CRISIL LIQUID FUND INDEX 15.2167 Liquid SBI Magnum Insta Cash Fund - Liquid Floater Plan - Growth CRISIL LIQUID FUND INDEX 14.1409 Liquid SBI Premier Liquid Fund - IP - Growth CRISIL LIQUID FUND INDEX '*" DEBT SCHEMES 17.8362 Debt SBI Magnum Children Benefit Plan CRISIL MIP BLENDED INDEX 13.2824 Debt SBI Magnum Income - FRP - IT - Growth CRISIL LIQUID FUND INDEX SBI Magnum Income - FRP - ST - Growth 13.4589 Debt CRISIL LIQUID FUND INDEX SBI Magnum Income - Growth 21.2434 Debt CRISIL COMPOSITE BOND INDEX 13.5542 Debt SBI Magnum Income Plus Fund - Investment Plan - Growth CRISIL MIP BLENDED INDEX 10.5064 Debt SBI Magnum Income Plus Fund - Savings Plan - Growth CRISIL COMPOSITE BOND INDEX SBI Magnum MIP - Floater - Growth 11.4117 Debt CRISIL MIP BLENDED INDEX SBI Magnum MIP - Growth 16.6875 Debt CRISIL MIP BLENDED INDEX SBI. Magnum NRI Investment Fund Long Term Bond Plan - Growth 10.5545 DebtCRISIL COMPOSITE BOND INDEX SBI Magnum NRI Investment Fund Short Term Bond Plan - Growth . 10.9387 Debt CRISIL LIQUID FUND INDEX 10.0487 Debt SBI SHF - Short Term - Institutional - Growth SBI SHF - Short Term - Retail - Growth ' 11.4943 Debt CRISIL COMPOSITE BOND INDEX SBI SHF - Ultra Short Term - IP - Growth 11.4558 Debt SBI SHF - Ultra Short Term - Retail - Growth ' 11.3639 Debt CRISIL LIQUID FUND INDEX SBICapital Protection Oriented Fund - Series I - Growth 9.8906 Debt ' CRISIL MIP BLENDED INDEX SBI Debt Fund Series 1 3 Months - Dec 2007 .- IP - Growth 10.9916 Debt CRISIL COMPOSITE BOND INDEX - .-., SBI Debt Fund Series - 18 Months - 1 - Dec 2006 - Growth 11.3361 Debt . CRISIL COMPOSITE BOND INDEX

2.54 2.32 2.24 2.17 2.58 17.2211 7.98 8.5320 3.93 4.6648 4.45 4.6648 3.78 4.6648

.4.39 3.93 3.77 3.62 4.46 14.9851 11.07 12.2924 8.44 8.8065 8.72 8.8065 8.21 8.8065

5.16 5.04 4.58 4.43 5.27 9.9100 8.59 9.0272 7.72 7.5624 7.94 7.5624 7.65 7.5624 3.84 5.6265 7.07 7.5624 7.48 7.5624 3.95 6.4176 3.52 5.6265 0.82 6.4176 3.2200 5.6265 2.0700 5.6265 0.77 6.4176 1.14 7.5624 N.A. N.A. 6.4176 N.A. N.A. 7.5624 N.A. 5.7764 N.A. N.A:

3.38 3.26 2.94 2.81 3.55 6.2936 6.28 7.0912

8.09 3.61 3.43 3.16 3.89 6.5200 7.42 N.A. 7.06 N.A. 6.65 5.9400 6.5500 6.1700

6.65 ' 6.3316 6.74 6.3316 6.70 6.3316

(0.72) 2.9848 5.38 4.6648 . 6.29 4.6648 3.60 7.2822 0.23 2:9848 0.95 7.2822 3.1300 2.9848 . (4.5600) 2.9848 (0.15) 7.2822
0.22 4.6648 N.A. 6.16 7.2822 4.04 3.82 4.6648 4.6500 2.2370 N.A. --N.A. N.A. N.A.

(1.63) 0.4983 7.28 8.8065 9.14 8.8065 2.08 7.3541 (1.43) 0.4983 (0.67) 7.3541 (1.4500) 0.4983 (6.1000) 0.4983 (3.34) 7.3541
1.12 8.8065 N.A. 9.76 7.3541 8.61 8.16 8.8065 1.6900 (0.1476) N.A. N.A. N.A. N.A.

6.18 8.43 6.0570 (1.4100) 6.25 N.A. 6.3316 6.4800 N.A. 6.60 6.3316 6.4800 2.81 7.45 4.5178 N.A. 5.86 5.85 6.0570 6.3100 0.72 0.96 4.5178 4.4800 N.A. - 3.8000 . 6.0570 6.2400 4.2000 6.7000 6.0570 N.A. 1.10 4.5178

1.2500 4.6000 1.6700 6.2700 0.38 8.7400 4.6000 8.4200 7.9100 4.6000 (1.5927) 0.5927 , 9.1200 8.7500 8.7000 4.3900

1 .66 6.3316 N.A. N.A. 4.5178 . N.A. ' N.A. 6.3316 N.A. 6.1944
N.A. N.A. N.A. N.A.

N.A.
N.A.

Annual Report 2008-09

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SBI INFRASTRUCTURE FUND -SERIES-I

Unit NAV Type as on 31/03/09 (Rs.) 11.2409 Debt 11.2164 Debt 11.1660 Debt Half year Returns 1 year 3 years Returns Returns 5 years Returns Since Launch of the Scheme 12.3600 12.1200 6.8400 9.3300 6.0700 9.8300 6.9000 11.1600 7.2100 10.9900 7.3900 9.0600 9.0600 . 4.1100 18.4500 N.A. 7.0300 6.5700 8.2700 0.3700 N.A. 11.6400 11.5300 6.9100 8.9800 6.5700 6.9100 6.5100 6.4000 7.8600 6.2200 5.8900 7.4800 9.3500 4.2100 9.0000 0.8200 10.020.0 8.2700 10.5200 8.1100 11.2200 11.0800 10.6400 7.6600 13.0400 9.6800 9.1000 6.9100

Name of Scheme

SBI Debt Fund Series . 18 Months - Oct 2007 - IP - Growth SBI Debt Fund Series 18 Months - Oct 2007 - Ret - Growth CRISIL COMPOSITE BOND INDEX SBI Debt Fund Series - 15 Months - 2 - Jan 2007 - Growth CRISIL COMPOSITE BOND INDEX SBI Debt Fund Series - 15 Months - 3 - Feb 2007 - Growth CRISIL COMPOSITE BOND INDEX SBI Debt Fund Series - 13 Months - 3 - March 2007 - Growth CRISIL COMPOSITE BOND INDEX SBI Debt Fund Series - 13 Months - 4 - March 2007 - Growth' CRISIL COMPOSITE BOND INDEX SBI Debt Fund Series - 13 Months - 5 - Aug 2007 - IP - Growth SBI Debt Fund Series - 13 Months - 5 - Aug 2007 - Ret - Growth CRISIL COMPOSITE BOND INDEX SBI Debt Fund Series - 24 Months May 2007 - Growth CRISIL COMPOSITE BOND INDEX SBI Debt Fund Series - 13 Months - Aug 2008 - 8 - IP - Growth SBI' Debt Fund Series - 13 Months .- Aug 2008 - 8 - Ret - Growth CRISIL COMPOSITE BOND INDEX SBI Debt Fund Series - 13 Months - 9.- IP - Growth CRISIL COMPOSITE BOND INDEX SBI Debt Fund Series - 13 Months - Mar 2008 - 7 - IP - Growth SBI Debt Fund Series - 13 Months - Mar 2008 - 7 - Ret - Growth CRISIL COMPOSITE BOND INDEX SBI Debt Fund Series - 18 Months - Apr 2008 - 3 - IP - Growth SBI Debt Fund Series - 18 Months - Apr 2008 - 3 - Ret ,- Growth CRISIL COMPOSITE BOND INDEX SBI Debt Fund Series - 370 Days - 1 - Sep 08 - IP - Growth SBI Debt Fund Series - 370 Days - 1 - Sep 08 - Ret - Growth CRISIL COMPOSITE BOND INDEX SBI Debt Fund Series - 370 Days - 2 - Sep 08 - IP - Growth SBI Debt Fund Series - 370 Days - 2 - Sep 08 - Ret - Growth CRISIL COMPOSITE BOND INDEX SBI Debt Fund Series - 180 Days - 08 - Nov 08 Growth CRISIL LIQUID FUND INDEX SBI Debt Fund Series - 30 Days - 04 - NovOS Growth CRISIL LIQUID FUND INDEX SBI Debt Fund Series - 90 Days - 20 - Feb 08 Growth CRISIL LIQUID FUND INDEX SBI Debt Fund Series - 90 Days - 21 - Mar 08 Growth CRISIL LIQUID FUND INDEX SBI Debt Fund Series - 30 Days - 1 - Mar 08 Growth . CRISIL LIQUID FUND INDEX SBI Debt Fund Series - 90 Days - 22 - Mar 08 Growth CRISIL LIQUID FUND INDEX SBI Debt Fund Series - 30 Days - 2 - Mar 08 Growth CRISIL LIQUID FUND INDEX SBI Debt Fund Series - 90 Days - 23 - Apr 08 Growth CRISIL LIQUID FUND INDEX

7.4000 7.2600 7.4894 N.A. N.A. N.A. N.A: N.A. N.A. N.A. N.A. N.A. N.A. N.A.

9.0400 8.8000 7.3386 N.A. N.A. N.A, N.A. .N.A. N.A. N.A. N.A. N.A. N.A. N.A.

-N.A.
N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

N.A.

. N.A. N.A.

N;A.
N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.N.A. N.A. N.A. N.A. N:A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

11.2549 Debt 11.2072 Debt 11.1958 Debt

,

10.9875 Debt 10.9735 Debt

11.8607 Debt 10.7034 Debt 10.6566 Debt 10.0371 11.1677 11.1574 10.9084 10.9072 Debt Debt Debt Debt Debt

10.6706 Debt 10.6433 Debt 10.6252 Debt 10.5923 Debt 10.4587 Debt 10.0740 Debt

10.2498 Debt 10.2525 Debt 10.1014 Debt

10.2594 Debt 10.1038 Debt 10.2220 Debt

5.6400 . 9.1400 N.A. 7.4894 7.3386 N.A. 6.0900. N.A. N.A. 5.6900 N.A. N.A. 7.4900 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 6.8600 11.3900 N.A. 6.7600 11.2900 N.A. 7.4900 7.3400 N.A. 7.8200 N.A. N.A. 5.4400 N.A. N.A. 7.4900 N.A. N.A. 5.8600 N.A. N.A. 5.7500 N:A. N.A. 7.4900 N.A. N.A. 6.0900 N.A. N.A. 5.7600 N.A. N.A. 7.4894 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A: . N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. . N.A. N.A. N.A. "N.A. N.A. N.A. N.A. N.A.N.A. , N.A. *N.A. N.A. N.A. N.A.

Annual Report 2008-09

. 4

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SBI INFRASTRUCTURE FUND -SERIES-I

Unit WAV Type as on 31/03/09 (Rs.) ' 10.2194 Debt" 10.2198 Debt , Half year Returns
N.A. N.A.

Name of Scheme

'

SBrDebt Fund Series - 90 Days - 24 - May 08 Growth CRISIL LIQUID FUND INDEX

"

SBI "Debt Fund Series - 90 Days - 25 - June 08 - Ret - Growth CRISIL LIQUID FUND INDEX SBI Debt Fund Series - 30 Days - 3 - Jul 08 Growth CRISIL LIQUID FUND INDEX ' .

, N.A.
N.A. N.A. N.A. N.A. N.A. N.A. N.A.

1 year 3 years , 5 years Since Returns Returns Returns Launch -. of the .Scheme ; 9.0000 N.A. ' N.A. .--' N.A: N.A. .N.A. 7.2000 N.A. 8.9100 N.A. N.A. N.A.
N.A. N:A.

. 10.0913 Debt 10.2564 10.2619 10.2742 10.2770 10.2653 10.2619 10.2319

N.A.

N.A.;
N.A.
N.A:

" N.A.
N.A. N.A.

SBI Debt Fund Series - 90 Days - 26 - July 08 - Ret - Growth. CRISIL LIQUID FUND INDEX SBI Debt Fund Series - 90 Days - 27 - Aug 08 - Ret - Growth , CRISIL LIQUID FUND INDEX SB! Debt Fund Series - 90 Days - 28 - Aug 08 - Ret - Growth CRISIL LIQUID FUND INDEX SBI Debt Fund Series- 90 Days - 29 - DecOS - Ret - Growth CRISIL LIQUID FUND INDEX , SBI Debt Fund Series - 90 Days - 30 - Jan09 - Ret - Growth . CRISIL LIQUID FUND INDEX SBI Debt Fund Series - 90 Days.- 31 - Feb09 - Ret - Growth" CRISIL LIQUID FUND INDEX SBI Debt Fund Series - 90 Days - 32 - Feb09 - Ret - Growth CRISIL LIQUID FUND INDEX SBI Debt Fund Series - 13 Months - Aug 2008 - 8 - IP - Growth SBI Debt Fund Series - 13 Months - Aug 2008 -:8 - Ret - Growth CRISIL COMPOSITE BOND INDEX EQUITY SCHEMES SBI Magnum Equity Fund Growth ., ' . Benchmark : BSE100 SBI Magnum- Equity Fund Dividend Benchmark : BSE100 SBI Magnum Multiplier Plus 93 Growth Benchmark : BSE100 SBI Magnum Multiplier Plus 93 Dividend Benchmark : BSE100 SBI Magnum Taxgain, Scheme - 1993 Growth Benchmark : BSE100 .SBI Magnum Taxgain Scheme - 1993 Dividend Benchmark : BSE100 SBI Magnum Global Fund 94 Growth ' Benchmark : BSE100 . SBI Magnum Global Fund 94 Dividend Benchmark : BSE100 SBI Magnum Balanced Fund Growth Benchmark : Crisil Balanced Fund Index SBI Magnum Balanced Fund Dividend Benchmark : Crisil Balanced Fund Index . SBI Magnum Sector Fund Umbrella - FMCG Benchmark : BSE FMCG . . SBI Magnum Sector Fund Umbrella - IT ' Benchmark : BSE IT . SBI Magnum Sector Umbrella - Pharma Growth Benchmark : BSE-HC SBI Magnum Sector Umbrella - Pharma Dividend Benchmark : BSE-HC SBI Magnum Sector Fund Umbrella - Contra Growth Benchmark : BSE100 -

Debt Debt Debt

',

'
1

N.A. N.A.

'N.A.

1.8300 10:3000 N.A. 8.1200 .-N.A.- 10.4000 ' 2.1900 N.A.

N.A.

N-.A.

- N.A.
N.A. N.A. N.A.

' N.A. N.A: N.A. ' " N.A.. N.A. N.A. ' N:A. N:A.
N.A. N.A. N.A.

10.0300 2.2200
11r1200

Debt Debt Debt Debt . Debt Debt . . :

.N.A.

,. N.A.
N.A.

N.A..
N.A.

N.A:

. N.A.
N.A. N.A. N.A. N.A. N.A. N.A.

.N:A.
N.A. N.A. N.A.

2.3600 N.A.. . 11.1100 N.A. N.A. 2.4100 10.5300 .. -N.A. - N.A. . N.A. 2.5800 N.A. N.A. 10.5000 N.A. 2.5100 N.A. N.A.

N.A.

, . N.A. ' .. N.A. . 9.3000 NA, N.A. ' 2.3900 N.A-. N.A. . N.A. N.A.
N.A: N.A. N.A. N.A.

' N.A.

N.A. N.A.

N.A. N.A.

20.54 18.06 40.26 32.65 30.91 25.12

Equity Equity Equity Equity Equity Tax Savings Equity Tax Savings Equity . Equity
t

21.07 13.91 28.82 18.64 12.75

8.03

....

Balanced Balanced Equity Equity Equity Equity

. !

'

"" ' .:, _

" . ' , ~

17.59 14.51 29.67

Equity ...

-22.88 -38.00 N.A N.A. - -11.76 -26:14 -39.97 N:A.. N.A. :13:72 12.68 .-3.79 ' .14.53. -22.82 ' '-37,96. 13.29 -39.97 -5.75 10.74 -26.14 15.04" -35.40 : -4.58 .N.A. .. -22:09 8.76 -26.14 -39.97 . -5.75. N.A. 22.14 1 .r,80 . -22.08 -35.40 -4.57 10.74 9.14 -26.14 -39.97 -5.75 -18.04 - -23.-5S -39.48 N.A ' ' N.A. -17.19 -39.97 N:A. N.A. -26.14 26.77 . 16.24 -23.51 -39.47 ' -5.48 10.35 -39.97 -5.75 10.74 -26.14 2.'4 9: -37.60 . -53:46 -15:77N.A. 7.29 -5.75 N.A. -26.14 .. -39,97 .8:56 -53.46 -15.76 18:24 -37.62 10.74 6.29 -26 14 -39:97 ' -5.75 -29.36 N.A. . T3.'15-16.58 . -2.96 N.A. 9.76 -11.84 -21.53 , 0.89 .16.78 15.03 -16.61 -29.39 -2.94 8.98 N.A -11.84 -21.53 0.89 12.98 5.84 -14.05 '. --6.8,1.; -7.02 -11:08 . -2.71 16.61 . 5.04 , -5.76 4.34-44.20 -56.37 -21.51. . 5.39 -17.21 6.17 6.15 -26.15 . -35.57 -38.42 -20.93 N.A. -5.30 -33.74 -9.80 N.A. -1.90 -22.93 -26.45 -33.59 -38.28 -20.89 4.49 8.83 -22.93 -26.45 -9.80 4.53 8,47 -20.01 -35.01 -2.75 N.A. -16. 2 2 ' -5.75 9.39 -26.14 -39.97 N.A.

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SB! INFRASTRUCTURE FUND -SERIES-i

Unit NAV Type as on 31/03/09 (Rs.) 16.89 Equity 25.8285 Equity 16.5839 Equity Half year Returns -19.99 ' -26.14 -23.08 -22.96 -20.17 -26.14 -11.84 7.28 -38.37 -28.06 -40.19 -30.33 -22.81 -26.69 -25.41 -26.14 -20.97 -26.14 3.67 4.66 -29.96 -26.69 -29.55 -26.14 -29.43 -26.14 1 year 3 years Returns Returns -34.99 -39.97 -37.88 -36.19 -34.65 -39.97 -21.53 7.35
-2.74 -5.75 -5.38 -3.88 -9.81 -5.75 0.89 6.42 [

Name of Scheme ;

5 .years Returns

SBI Magnum Sector Fund Umbrella - Contra Dividend Benchmark : BSE100 : SBI Magnum Index Fund Growth Benchmark : S&P Nifty . SBI Magnum NRI Investment Fund - Flexi Asset Plan Growth' Benchmark : BSE100 Benchmark : Crisil Balanced Fund Index Benchmark : Crisil Composite Bond Fund Index SBI Magnum Sector Umbrella - Emerging Businesses Fund Growth Benchmark : BSE 500 SBI Magnum Midcap Fund Growth Benchmark : CNX Midcap SBI Magnum COMMA Fund Growth Benchmark : BSE200 : SBI Magnum Multi Cap Fund Growth Benchmark :' BSE100 , SBI Magnum Bluechip Fund Growth Benchmark : BSE100 SBI Arbitrage Opportunities Fund Growth Benchmark : Crisil Liquid Fund Index SBI One India Fund Growth Benchmark : BSE200 SBI Infrastructure Fund -.Series I Growth Benchmark : BSE100. SBI Tax Advantage Fund - Series 1 Growth ' Benchmark : BSE100

Since Launch of the Scheme 23.40 27.59 10.58 10.74 9.79 14.08 14.92 11.25 10.12 11-.20 8.42 10.74 7.92 8.98 4.49 4.52

13.80

Equity

9.92 Equity

12.82 Equity
9.66 Equity 7.65 Equity

12.0956 Equity
5.47 Equity 5.65 Equity 6,09

Equity Tax Savings

-58.04 -20.62 -7.94 -42.77 -59.32 -19.59 -45.40 -10.70 -38.21 -3.38 -40.98 -6.88 -41.77 -11.54 -39.97 -5.75 -37.96 -10.74 -39.97 -5.75 6.84 ' N.A. 8.81 N.A. -44.75J N.A. -40.98 N.A. -47.34 N.A. -39.97 N.A. N.A. N.A. N.A. N.A.

7.36 , N.A. 10.45 N.A. -0.23 N.A. 4.69 N.A. 6.91 N.A. 3.95 N.A. -0.98 N.A. 2.28 N.A. N.A. -8.21 N.A. T2.36 8.54 N.A. 7.91 N.A. N.A. ' -23.96 -16.63 N.A. -28.01 N.A. -22.79 N.A. -40.30 N.A. -39.97 N.A.

N.A. = Not Applicable. The date of schemes redeemed tiuring the year are as of redemption date.

OBJECTIVES AND IN VESTMENT POLICY OF THE SCHEME

Launch Date : May 11, 2007. . ; . ' Objective: . A three year close ended growth fund, the objective is to provide investors with opportunities for long term growth in capital through an active management of investments in a diversified basket of equity stocks of companies directly or indirectly involved in the infrastructure growth in the Indian economy a n d i n debt a n d money market instruments. . " / ' . SBI Infrastructure Fund - Series I is a three year close ended fund which seeks to provide investors with opportunities for long-term growth in capital through an active management of investments in a diversified basket of equity stocks of companies.directly or indirectly involved in the infrastructure growth in the Indian economy , ' ' As on 31.03.09 Unit NAV: Dividend Option Rs. 5.65 Growth Option Rs. 5.65 Corpus Rs.2175.66 crores Total assets under management: Rs.1230.16 crores.

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SBI MUTUAL FUND A p a r t n e r , f o r life.

STATUTORY DETAILS .

SBI INFRASTRUCTURE FUND -SERIES-!

SBI Mutual Fund has been set up as a trust under the Indian Trusts Act, 1882. State.Bank of India (SBI), the sponsor is not responsible or liable for any loss resulting from the operation of the schemes beyond the initial contribution of an amount of Rs 5 lacs made by it towards setting up of the mutual fund. ' . ^ . . LIABILITY AND RESPONSIBILITY OF TRUSTEE AND SETTLOR The main responsibility of the Trustee is to safeguard the interest of the Unit holders and inter-alia ensure that SBI Funds Management Pvt Ltd (SBIFM) functions in the interest of the investors and in accordance of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the provisions of the Trust Deed and the offer documents of the respective schemes. From the information provided to the Trustee and the reviews the Trustee has undertaken, the Trustee believes SBIFM has operated in the interest of the Unit holders. The settlor is not responsible or liable for any loss or shortfall resulting from the operation.of the Schemes beyond the initial contribution of Rs 5 lacs made by it towards setting of SBI Mutual Fund. ' ' \ ' ' ACKNOWLEDGEMENT The Directors take this opportunity to express their gratitude for the continued support and co-operation extended by the State Bank of India, Societe Generate 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. Full Annual Report shall be disclosed on the website www.sbimf.com and shall be available for inspection at the Head Office of the mutual fund. Present and prospective unit-holder can obtain the copy of trust deed and the full Annual Report of the Fund/AMC at a price.

'

' ' - ' . . ' . .

'

F o r a n d o n behalf o f t h e Board o f Directors S B I Mutual Fund Trustee Company Pvt. Ltd.

Place Date

Mumbai 18lh July,'2009

.Dr. Malati Anagol (Chairperson)

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