Investment update April, 2016

Transcription

1 Investment update April, 2016

2 Equity Fund Index From the Managing or s Desk Market Overview Equity Schemes Snapshot How to read Factsheet SBI Blue Chip Fund SBI Magnum Balanced Fund SBI Magnum Global Fund SBI Magnum MidCap Fund SBI Magnum Equity Fund SBI Magnum Taxgain Scheme SBI Emerging Businesses Fund SBI FMCG Fund SBI Pharma Fund SBI IT Fund SBI Contra Fund SBI Magnum Multicap Fund SBI Magnum Multiplier Fund SBI Nifty Index Fund SBI Magnum Comma Fund SBI PSU Fund SBI Infrastructure Fund SBI Arbitrage Opportunities Fund SBI Small And Midcap Fund SBI Dynamic Asset Allocation Fund SBI Banking And Financial Services Fund SBI Gold Fund

3 Debt Fund Index Debt and Liquid Schemes Snapshot SBI Ultra Short Term Debt Fund SBI Short Term Debt Fund SBI Magnum Monthly Income Plan SBI Premier Liquid Fund SBI Magnum Children' Benefit Plan SBI Magnum Income Fund SBI Magnum Gilt Fund Short Term Plan SBI Magnum Gilt Fund Long Term Plan SBI Magnum Monthly Income Plan Floater SBI Savings Fund SBI Dynamic Bond Fund SBI Corporate Bond Fund SBI Savings Fund SBI Magnum InstaCash Fund SBI Magnum InstaCash Fund Liquid Floater SBI Treasury Advantage Fund Comparative Performance for all Schemes Systematic Investment Plan () Total Expense Ratios Disclaimer SBI Funds Management Pvt Ltd Branches History of Debt Funds

4 From the Managing or s Desk Dinesh Kumar Khara MD & CEO Dear Friends, March was an exceptional month for the equity markets. The Nifty 50 and S&P BSE Sensex gained 10.75% and 10.17% respectively clocking one of the highest returns for the month in over two decades. Markets rallied after the Finance Minister stuck to fiscal targets in the Union Budget in February. Sentiments received further boost after some key bills including the Real Estate (Regulation and Development) Bill and The Aadhaar (targeted delivery of financial and other subsidies, benefits and services) Bill were approved by Lok Sabha and Rajya Sabha. Robust buying by FIIs to the tune of more than USD 3 billion, for the first time in five months, also augured well for domestic markets. RBI, in line with expectations, pared its benchmark repo rate by 25 bps (0.25%) and eased its liquidity stance considerably as it sought to address concerns that a shortage of cash in the system was preventing lower lending rates. Hopes of a rate cut had gained traction after the government reduced the interest rate on small savings schemes, easing of domestic inflation in February and disappointing industrial output. The benchmarks also tracked gains in global equities after the US Federal Reserve Chief Janet Yellen said that the global economic and financial uncertainty poses risks to the US economy and justified a slower path of interest rate hikes and sporadic rebound in crude oil prices. However, the markets were also affected by weakness in European equities, against the backdrop of explosions in Brussels and Standard & Poor's (S&P) cutting its outlook on China from stable to negative. The Mutual Fund industry has been a direct beneficiary of all the optimism in the markets with growing participation from retail investors in mutual funds especially in equity-based funds. The industry has seen a growth of around 14% this financial year, ended March 2016, with average assets under management touching `13.53 lakh crore and taking the total number of folios to a record 4.7 crore (Source: SEBI and AMFI). 1

5 Mutual Funds can be an ideal investment option for retail investors to plan for financial goals in life and one should ignore any short-term market movements. We, at SBI Mutual Fund, continue to urge our investors to invest through Systematic Investment Plans (s) and benefit from staying invested for the long-term in equities through mutual funds as they have the potential to generate better inflation-adjusted returns. Make the right choice today if you have still not invested in mutual funds. Plan and start investing. As always, we value your investments and look forward to your continued patronagewarm Regards, For SBI Funds Management Private Ltd. Dinesh Kumar Khara Managing or & Chief Executive Officer 2

6 Market Overview Navneet Munot ED & CIO March witnessed positive returns across all asset classes. Equity market rallied 10%, bond yields have dropped 16bps, most commodity prices inched up and rupee nearly recouped the losses made since the start of the year. Both global and domestic developments triggered these gains. Globally, firming up of crude prices in March boosted the global market sentiments. Further, the recent dovish statement by US Federal Reserve chief Janet Yellen was unexpected and re-ignited the skepticism on strength of US growth. To sum up, lowering of market expectations on US recovery and firming up of oil prices led global investors to cautiously realign their investment in emerging markets and consequently India. FIIs have bought US$ 2.9bn from Indian debt and equity markets during the month. The unprecedented monetary accommodation practiced by the central banks in the developed world since the 2008 financial crisis is reaching the end of its limit in achieving the desired economic growth. The recent response of markets to incremental QE announcement by ECB and Bank of Japan also reflect that probably monetary policy has already reached its maximum potential. It is time for the governments to return to the fiscal policy and structural reforms. Productive fiscal policies in the form of capital spending will not only general employment, thus boosting income, but also crowd in private investment. And if, indeed, the current problem is lack of business participation to revive growth, only fiscal policy, not monetary policy, could work to fill the deficiency in demand. In a sense, there is a need to shift back to the Keynesian orthodoxy which saw fiscal and monetary policy as two wheels of the policy bicycle to push in the same direction. Government s balance sheet capacity may be limited in several cases but given the negative bond yields and low expected returns in global equities, pension funds may find infrastructure as an attractive asset class to invest. commodity prices and technological changes will help in improving project viability. Infrastructure spending which has been vastly neglected for a long time could be the panacea for treating several ills of the global economy. On the domestic front, market returns validated the growth focused budget and host of positive policy developments undertaken by the government ranging from passing the Aadhar bill, establishment of Bank Board Bureau (BBB), pushing the implementation of Bankruptcy code and implementation of UDAY which aims to resolve the financial and operational predicament of power distribution companies. 3

7 The structural problem on banks balance sheet is in its last leg with the regulatory cleansing and the impending sanction of the Bankruptcy code. Corporate sale down of assets to deleverage their balance sheet has accelerated. We think that some bit of market rally also had to do with correction of excessive pessimism priced in the market since the start of the year. To that extent, the current gain could be easily retraced by a sudden return of risk-off investor sentiment on the back of any macro development especially pertaining to China, commodity, Brexit and US interest rates. Global environment today, sits amidst increased volatility. Even locally, while policy push may revive market hope in the interim, in the end, it is imperative that these measures translate into better corporate earnings. In all likelihood, the pain-points in earnings will be visible in this quarter again. But, the policy push and stable macroeconomic environment makes us confident of 14-15% growth in corporate profitability over the next couple of years given a low starting point. While keeping an eye on the macro developments, we remain focused on bottom up stock picking which we believe is the best way to generate alpha on a sustainable basis. th In its latest monetary policy meet held on April 5, RBI delivered a 25bps rate cut and announced its intentions to progressively lower the deficit in the banking system liquidity. There are reasons to believe that the sea-change in RBI's stance on liquidity will have a much stronger impact than conveyed by the headline number of 25 bps rate cut. The overall policy is structurally very positive for the economy. The central bank stated that it will ensure that durable liquidity in the system is closer to neutral versus an earlier deficit of 1% of NDTL. Additionally, it lowered the minimum daily cash balance to be maintained by banks from 95% to 90% (with effect from 16 April 2016) and reduced the LAF interest rate corridor to +/-50bps vs. +/- 100bps previously. All these measures, along with an earlier implementation of MCLR lending rates rules by banks and market alignment of small savings rates by government are likely to aid better monetary policy transmission. RBI has committed to infuse durable liquidity (OMO/FX purchases) on a regular basis irrespective of short-term liquidity movements, with a ` 15,000 crore of OMO purchase conducted the very same day. RBI will use short-term liquidity measures to only address short-term liquidity constraints. In light of these policy developments, we expect the short-term money market rates to ease significantly and be in closer alignment to Repo rate. The front end of the curve is likely to remain well-bid given the liquidity infusion on a structural basis and looks attractive from a valuation perspective. Navneet Munot Executive or & CIO SBI Funds Management Private Limited 4

8 EQUITY SCHEMES SNAPSHOT Fund Name SBI Magnum Balanced Fund SBI Magnum Taxgain Scheme SBI Magnum Multicap Fund SBI Magnum Equity Fund SBI Nifty Index Fund (Previously known as SBI Magnum Index Fund) SBI Magnum Multiplier Fund (Previously known as SBI Magnum Multiplier Plus Scheme) SBI Blue Chip Fund SBI Contra Fund (Previously known as SBI MSFU - Contra Fund) SBI Emerging Businesses Fund (Previously known as SBI MSFU - Emerging Businesses Fund) SBI FMCG Fund (Previously known as SBI MSFU - FMCG Fund) Type of the Scheme An Open-ended Balanced Scheme 31/12/1995 An Openended Equity Linked Savings Scheme 31/03/1993 An Open-ended Scheme 29/09/2005 An Open ended Equity Scheme 01/01/1991 An Open-ended Index Fund 17/01/2002 An Open-ended Equity Scheme 28/02/1993 An Open-ended Scheme 14/02/2006 An Open-ended Equity Fund 31/07/1995 An Open-ended Equity Fund 11/10/2004 An Open-ended Equity Fund 14/07/1999 Mr. R. Srinivasan Mr. Dinesh Ahuja Mr. Jayesh Shroff Mr. Richard D'souza Mr. R. Srinivasan Mr. Raviprakash Sharma Mr. Jayesh Shroff Ms. Sohini Andani Mr. R. Srinivasan Mr. R. Srinivasan Mr. Saurabh Pant Jan-2012 Oct-2008 Dec-2011 May-2009 Feb-2011 Jun-2007 Sep-2010 Jun-2011 May-2009 Jun-2011 Ideal Investment Horizon 3 Year + 3 Year + 3 Year + 3 Year + 3 Year + 3 Year + 3 Year + 3 Year + 3 Year + 3 Year + Minimum Investment Amount ` 5000 & in multiples of ` 1 ` 500 & in multiples of ` 500 ` 1000 & in multiples of ` 1 ` 5000 & in multiples of ` 1 ` 5000 & in multiples of ` 1 ` 5000 & in multiples of ` 1 ` 5000 & in multiples of ` 1 ` 5000 & in multiples of ` 1 ` 5000 & in multiples of ` 1 ` 5000 & in multiples of ` 1 Additional Investment Amount ` 1000 & in multiples of ` 1 ` 500 & in multiples of ` 500 ` 1000 & in multiples of ` 1 ` 1000 & in multiples of ` 1 ` 1000 & in multiples of ` 1 ` 1000 & in multiples of ` 1 ` 1000 & in multiples of ` 1 ` 1000 & in multiples of ` 1 ` 1000 & in multiples of ` 1 ` 1000 & in multiples of ` 1 For exit within 12 months from the date of allotment: For 10% of investment - Nil For remaining investments %; For exit after 12 months from the date of allotment - Nil NIL For exit within 6 months from the date of allotment - 1 %; For exit after 6 months but within one year from the date of allotment 0.50% For exit after one year from the date of allotment - Nil For exit within 1 year from the date of allotment - 1%; For exit after 1 year from the date of allotment - Nil Nil For exit within 12 months from the date of allotment %; For exit after 12 months from the date of allotment - Nil For exit within 1 year from the date of allotment - 1 %; For exit after 1 year from the date of allotment - Nil For exit within 1 year from the date of allotment 1 %; For exit after 1 year from the date of allotment Nil For exit within 1 year from the date of allotment - 1 %; For exit after 1 year from the date of allotment - Nil Nil Available,,,,,,,,, (Minimum Amount) Dates Weekly Monthly Quarterly Weekly - Weekly & in & in multiples multiples of `1 of ` 500 thereafter for a thereafter for a minimum of 6 minimum of 6 Monthly - Monthly & in & in multiples multiples of ` of ` thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for year Quarterly & in multiples of ` 1 thereafter for year 15th/20th/25t h/30th (in case of February last business day) 15th/20th/25th /30th (in case of February last business day) Weekly & in multiples of `1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for minimum one year Quarterly & in multiples of ` 1 thereafter for minimum one year 15th/20th/25th /30th (in case of February last business day) Weekly & in multiples of `1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for year Quarterly & in multiples of ` 1 thereafter for year 15th/20th/25th /30th (in case of February last business day) Weekly & in multiples of `1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for minimum one year Quarterly & in multiples of ` 1 thereafter for minimum one year 15th/20th/25t h/30th (in case of February last business day) Weekly & in multiples of `1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for year Quarterly & in multiples of ` 1 thereafter for year 15th/20th/25th /30th (in case of February last business day) Weekly & in multiples of `1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for minimum one year Quarterly & in multiples of ` 1 thereafter for minimum one year 15th/20th/25th /30th (in case of February last business day) Weekly & in multiples of `1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for minimum one year Quarterly & in multiples of ` 1 thereafter for minimum one year 15th/20th/25th /30th (in case of February last business day) Weekly & in multiples of `1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for minimum one year Quarterly & in multiples of ` 1 thereafter for minimum one year 15th/20th/25th /30th (in case of February last business day) Weekly & in multiples of `1 thereafter for a minimum of 6 Monthly & in thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for year Quarterly & in thereafter for year 15th/20th/25th /30th (in case of February last business day) CRISIL Balanced Fund Index S&P BSE 100 Index S&P BSE 500 Index Nifty 50 Index Nifty 50 Index S&P BSE 200 Index S&P BSE 100 Index S&P BSE 100 Index S&P BSE 500 Index S&P BSE Fast Moving Consumer Goods Index Please consult your financial advisor before investing. 5

9 EQUITY SCHEMES SNAPSHOT Fund Name SBI IT Fund (Previously known as SBI MSFU - IT Fund) SBI Pharma Fund (Previously known as SBI MSFU - Pharma Fund) SBI Magnum COMMA Fund Fund invests in stocks of commodity based companies SBI Magnum Global Fund SBI Magnum Midcap Fund SBI Arbitrage Opportunities Fund SBI Infrastructure Fund (Previously known as SBI Infrastructure Fund- Series 1) SBI PSU Fund SBI SMALL AND MIDCAP FUND Type of the Scheme An Open-ended Equity Fund An Open-ended Equity Fund An Open-ended Equity Scheme An Open-ended Scheme An Open-ended Scheme An Open-ended Scheme An Open-ended Scheme An Open-ended Equity Fund An Open-ended Equity Scheme 14/07/ /07/ /08/ /09/ /03/ /11/ /07/ /07/ /09/2009 Mr. Anup Upadhyay Mr. Tanmaya Desai Mr. Richard D'souza Mr. R. Srinivasan Ms. Sohini Andani Mr. Neeraj Kumar Mr. Richard D'souza Mr. Richard D'souza Mr. R. Srinivasan Jun-2011 Jun-2011 Aug-2014 May-2009 July-2010 Oct-2012 Aug-2014 Aug-2014 Nov Ideal Investment Horizon 3 Year + 3 Year + 3 Year + 3 Year + 3 Year + 1 Year + 3 Year + 3 Year + 3 Year + Minimum Investment Amount ` 5000 & in ` 5000 & in ` 5000 & in ` 5000 & in ` 5000 & in ` 5000 & in ` 5000 & in ` 5000 & in NA Additional Investment Amount ` 1000 & in ` 1000 & in ` 1000 & in ` 1000 & in ` 1000 & in ` 1000 & in ` 1000 & in ` 1000 & in NA Nil Nil For exit within 1 year from the date of allotment - 1 %; For exit after 1 year from the date of allotment - Nil For exit within 12 months from the date of allotment %; For exit after 12 months from the date of allotment - Nil For exit within 1 year from the date of allotment - 1 %; For exit after 1 year from the date of allotment - Nil For exit within 3 months from the date of allotment %; For exit after 3 months from the date of allotment - Nil For exit within 1 year from the date of allotment - 1 %; For exit after 1 year from the date of allotment - Nil For exit within 1 year from the date of allotment - 1%; For exit after 1 year from the date of allotment - Nil For exit within 1 year from the date of allotment - 1%; For exit after 1 year from the date of allotment - Nil Available,,,,,,,, (Minimum Amount) Weekly & in multiples of `1 thereafter for a minimum of 6 Monthly & in thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for year Quarterly & in thereafter for year Weekly & in multiples of `1 thereafter for a minimum of 6 Monthly & in thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for year Quarterly & in thereafter for year Weekly & in multiples of `1 thereafter for a minimum of 6 Monthly & in thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for minimum one year Quarterly & in thereafter for year Weekly & in multiples of `1 thereafter for a minimum of 6 Monthly & in thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for minimum one year Quarterly & in thereafter for year Weekly & in multiples of `1 thereafter for a minimum of 6 Monthly & in thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for minimum one year Quarterly & in thereafter for year Weekly & in multiples of `1 thereafter for a minimum of 6 Monthly & in thereafter for minimum six months (or) minimum ` 500 & in multiples of ` 1 thereafter for year Quarterly & in thereafter for year Weekly - Weekly & in 1000 & in multiples of `1 multiples of `1 thereafter for a thereafter for a minimum of 6 minimum of 6 Monthly - Monthly & in 1000 & in thereafter for thereafter for minimum six minimum six months (or) months (or) minimum ` 500 minimum ` 500 & in multiples & in multiples of of ` 1 thereafter ` 1 thereafter for minimum for minimum one year one year Quarterly - Quarterly & in 1500 & in thereafter for thereafter for year year NA Dates Weekly Monthly Quarterly 15th/20th/25th /30th (in case of February last business day) 15th/20th/25t h/30th (in case of February last business day) 15th/20th/25t h/30th (in case of February last business day) 15th/20th/25th /30th (in case of February last business day) 15th/20th/25th /30th (in case of February last business day) 15th/20th/25th /30th (in case of February last business day) 15th/20th/25th /30th (in case of February last business day) 15th/20th/25 th/30th (in case of February last business day) 15th/20th/25th/3 0th (in case of February last business day) S&P BSE - Information Technology Index S&P BSE HEALTH CARE Index Nifty Commodities Index S&P BSE Midcap Index S&P BSE Midcap Index CRISIL Liquid Fund Index Nifty Infrastructure Index S&P BSE PSU INDEX S&P BSE Small Cap Index Please consult your financial advisor before investing. 6

10 EQUITY SCHEMES SNAPSHOT Fund Name SBI Dynamic Asset Allocation Fund SBI Banking & Financial Services Fund SBI Gold Fund Type of the Scheme An Open Ended Dynamic Asset Allocation Scheme An Open Ended Sector Fund An Open Ended Fund of Fund Scheme 26/03/ /02/ /09/2011 Mr. Dinesh Balachandran- Equity & Equity related instruments & Debt and Money Market Instruments portion-ms. Nidhi Chawlainvestments in foreign securities of the Scheme. Ms. Sohini Andani Mr. Raviprakash Sharma Mar-2015 Feb-2015 Sep-2011 Ideal Investment Horizon 3 Year + 3 Year + 3 Year + Minimum Investment Amount ` 5000 & in multiples of ` 1 ` 5000 & in multiples of ` 1 ` 5000 & in Additional Investment Amount ` 1000 & in multiples of ` 1 ` 1000 & in multiples of ` 1 ` 1000 & in For exit within 12 months from the date of allotment %; For exit after 12 months from the date of allotment - Nil For exit within 12 months from the date of allotment %; For exit after 12 months from the date of allotment - Nil Exit after 1 year from the date of allotment - Nil. Exit within 1 year from the date of allotment 1% Available,,, (Minimum Amount) Dates Weekly Monthly Quarterly Weekly - Weekly & in 1000 & in multiples of `1 multiples of `1 thereafter for a thereafter for a minimum of 6 minimum of 6 Monthly - Monthly & in 1000 & in thereafter for thereafter for minimum six minimum six months (or) months (or) minimum ` 500 minimum ` 500 & in multiples & in multiples of ` 1 of ` 1 thereafter for thereafter for minimum 12 minimum 12 months months Quarterly - Quarterly & in 1500 & in thereafter for thereafter for year year 15th/20th/25th 15th/20th/25th /30th (in case /30th (in case of February last of February last business day) business day) Weekly & in multiples of `1 thereafter for a minimum of 6 The minimum amount of investment for transactions is `6000 (aggregate) either through: (1) `100/- per month and in multiples of `1/- thereafter for minimum 60 months (2) `500/- per month and in multiples of `1/- thereafter for minimum 12 months (3) `1000/- per month and in multiples of `1/- thereafter for minimum 6 months (4) `500/- per quarter and in multiples of `1/- thereafter for minimum 12 quarters (5) `1500/- per quarter and in multiples of `1/- thereafter for minimum 4 quarters 5th/20th/25th/30th (in case of February last business day) 50% Crisil 1 year CD Index + 50% BSE S&P Sensex Nifty Financial Services Price of Physical Gold Please consult your financial advisor before investing. 7

11 How to read Factsheet? : An employee of the asset management company such as a mutual fund or life insurer, who manages investments of the scheme. He is usually part of a larger team of fund managers and research analysts. Application Amount for Fresh Subscription : This is the minimum investment amount for a new investor in a mutual fund scheme. Minimum Additional Amount : This is the minimum investment amount for an existing investor in a mutual fund scheme. Yield to Maturity : The Yield to Maturity or the YTM is the rate of return anticipated on a bond if held until maturity. YTM is expressed as an annual rate. The YTM factors in the bond's current market price, par value, coupon interest rate and time to maturity. : or systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for an that invests Rs 500 every 15th of the month in an equity fund for a period of three years. NAV : The NAV or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV is calculated at the end of every business day. It is the value at which the investor enters or exits the mutual fund. : A group of securities, usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds, among other investments. Some typical benchmarks include the Nifty, Sensex, BSE200, BSE500, 10-Year Gsec. : A mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/agent. Entry load is charged at the time an investor purchases the units of a mutual fund. The entry load is added to the prevailing NAV at the time of investment. For instance, if the NAV is Rs. 100 and the entry load is 1%, the investor will enter the fund at Rs 101. Note: SEBI, vide circular dated June 30, 2009 has abolished entry load and mandated that the upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor : Exit load is charged at the time an investor redeems the units of a mutual fund. The exit load is deducted from the prevailing NAV at the time of redemption. For instance, if the NAV is Rs 100 and the exit load is 1%, the redemption price would be Rs 99 Per Unit. Modified Duration : Modified duration is the price sensitivity and the percentage change in price for a unit change in yield Standard Deviation : Standard deviation is a statistical measure of the range of an investment's performance. When a mutual fund has a high standard deviation, its means its range of performance is wide, implying greater volatility. Sharpe Ratio : The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of riskadjusted returns. It is calculated using standard deviation and excess return to determine reward per unit of risk. Beta : Beta is a measure of an investment's volatility vis-à-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security's price will be more volatile than the market. AUM : AUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any investment firm. Holdings : The holdings or the portfolio is a mutual fund's latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager. Nature of Scheme : The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have sub-categories. Rating Profile : Mutual funds invest in securities after evaluating their creditworthiness as disclosed by the ratings. A depiction of the mutual fund in various investments based on their ratings becomes the rating profile of the fund. Typically, this is a feature of debt funds. Tracking Error : Measure that indicates how closely the portfolio return tracks the benchmark return. Tracking error is the standard deviation of the difference of returns between a portfolio and the benchmark over a specified holding period. 8

12 Investment Objective 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 whose market capitalization is at least equal to or more than the least market capitalized stock of S&P BSE 100 Index. An Open - Ended Scheme 14/02/2006 NET ASSET VALUE Reg-Plan Reg-Plan Dir-Plan Dir-Plan Of HDFC BANK LTD RELIANCE INDUSTRIES LTD INFOSYS LTD SUN PHARMACEUTICALS INDUSTRIES LTD LAST DIVIDENDS Record Date Nav ( `) (in `/Unit) 17-Jul-15 (Reg Plan) Jul-15 (Dir Plan) Mar-14 (Reg Plan) Nov Nov Pursuant to payment of dividend, the NAV of Option of schemes/plans would fall to the extent of payout and statutory levy, if applicable % 13.64% ` 4, Crores ` 5, Crores Ms. Sohini Andani Sep-2010 Over 19 years S&P BSE 100 Index For exit within 1 year from the date of allotment - 1 %; For exit after 1 year from the date of allotment - Nil Weekly & in multiples of ` 1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in thereafter for year Quarterly & in multiples of ` 1 thereafter for year. ` 5000 & in ` 1000 & in Standard Deviation Beta Sharpe Ratio Portfolio Turnover* : 14.59% : 0.87 : 0.71 : 0.74 Source: CRISIL Fund Analyser *Portfolio Turnover = lower of total sale or total purchase for the last 12 months upon Avg. AUM of trailing twelve months. Risk Free rate: FBIL Overnight Mibor rate (9.00% st as on 31 March 2016) Basis for Ratio Calculation: 3 Years Monthly Data Points TATA MOTORS LTD TATA CONSULTANCY SERVICES LTD LARSEN & TOUBRO LTD MARUTI SUZUKI INDIA LTD ULTRATECH CEMENT LTD YES BANK LTD Grand Total SBI Blue Chip Fund will be at Moderately risk FINANCIAL SERVICES PHARMA AUTOMOBILE 9.34 IT 9.10 ENERGY 7.78 CEMENT & CEMENT PRODUCTS 6.13 INDUSTRIAL MANUFACTURING 5.01 CONSUMER GOODS 5.01 CONSTRUCTION 4.73 FERTILISERS & PESTICIDES 3.05 HEALTHCARE SERVICES 1.57 CHEMICALS 1.26 METALS 0.97 SERVICES 0.95 Large Cap Cash & Other Current Assets Other Current Assets comprise of Futures 4.84% Long term capital appreciation. Investment in equity shares of companies whose market capitalization is atleast equal to or more than the least market capitalized stock of S&P BSE 100 index to provide long term capital growth opportunities % Midcap 9

13 Investment Objective To provide investors long term capital appreciation along with the liquidity of an open-ended scheme by investing in a mix of debt and equity. The scheme will invest in a diversified portfolio of equities of high growth companies and balance the risk through investing the rest in a relatively safe portfolio of debt. An Open - Ended Balanced Scheme 31/12/1995 ` 3, Crores ` 4, Crores s Mr. R. Srinivasan -Equity Mr. Dinesh Ahuja -Debt Jan-2012 Mr. R. Srinivasan -Over 22 years Mr. Dinesh Ahuja -Over 16 years CRISIL Balanced Fund Index For exit within 12 months from the date of allotment: For 10% of investment - Nil For remaining investments %; For exit after 12 months from the date of allotment - Nil. Weekly & in multiples of ` 1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in thereafter for year Quarterly & in multiples of ` 1 thereafter for year. ` 5000 & in ` 1000 & in Standard Deviation Beta Sharpe Ratio Portfolio Turnover* : 11.40% : 0.93 : 0.89 : 0.28 Source: CRISIL Fund Analyser *Portfolio Turnover = lower of total sale or total purchase for the last 12 months upon Avg. AUM of trailing twelve months. Risk Free rate: FBIL Overnight Mibor rate (9.00% st as on 31 March 2016) Basis for Ratio Calculation: 3 Years Monthly Data Points NET ASSET VALUE Reg-Plan Reg-Plan Dir-Plan Dir-Plan EQUITY DEBT TOP HOLDINGS SBI Magnum Balanced Fund Of INFOSYS LTD HDFC BANK LTD STATE BANK OF INDIA 3.35 PROCTER & GAMBLE HYGIENE & HEALTH CARE LTD ECLERX SERVICES LTD SJVN LTD ICICI BANK LTD ALSTOM T&D INDIA LTD KOTAK MAHINDRA BANK LTD BAJAJ FINANCE LTD % CGL SBI PREMIER LIQUID FUND % CGL NATIONAL WAYS AUTHORITY OF INDIA % CGL ADANI PROPERTIES PRIVATE LTD JANALAKSHMI FINANCIAL SERVICES PVT. LTD ICICI BANK LTD REPCO HOME FINANCE LTD % CGL Grand Total will be at Moderately risk LAST DIVIDENDS Record Date Nav ( `) (in `/Unit) 23-Mar-16 (Reg Plan) Mar-16 (Dir Plan) Dec-15 (Reg Plan) Dec-15 (Dir Plan) Sep-15 (Reg Plan) Sep-15 (Dir Plan) Jun-15 (Reg Plan) Jun-15 (Dir Plan) Mar-15 (Reg Plan) Mar-15 (Dir Plan) Pursuant to payment of dividend, the NAV of Option of schemes/plans would fall to the extent of payout and statutory levy, if applicable % 7.56% Large Cap Long term capital appreciation. Cash & Other Current Assets (Include Debt) 26.78% FINANCIAL SERVICES IT SERVICES INDUSTRIAL MANUFACTURING 5.75 AUTOMOBILE 5.13 ENERGY 3.95 CONSUMER GOODS 3.62 CHEMICALS 1.99 METALS 1.73 CEMENT & CEMENT PRODUCTS 1.68 HEALTHCARE SERVICES 1.59 MEDIA & ENTERTAINMENT 0.57 Investment in a mix of debt and equity through stocks of high growth companies and relatively safe portfolio of debt to provide both long term capital appreciation and liquidity % Midcap Small Cap 10

14 Investment Objective To provide investors maximum growth opportunity through well researched investments in Indian equities, PCDs and FCDs from selected industries with high growth potential and in Bonds. An Open - Ended Equity Scheme NET ASSET VALUE Reg-Plan Reg-Plan Dir-Plan Dir-Plan LAST DIVIDENDS Record Date Nav ( `) (in `/Unit) 30-Oct-15 (Reg Plan) Oct-15 (Dir Plan) Jun-14 (Reg Plan) May Mar Mar Pursuant to payment of dividend, the NAV of Option of schemes/plans would fall to the extent of payout and statutory levy, if applicable. 30/09/1994 ` 2, Crores ` 2, Crores Mr. R. Srinivasan May-2009 Over 22 years S&P BSE Midcap Index For exit within 12 months from the date of allotment %; For exit after 12 months from the date of allotment - Nil Weekly & in multiples of ` 1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in thereafter for year Quarterly & in multiples of ` 1 thereafter for year. ` 5000 & in ` 1000 & in Standard Deviation Beta Sharpe Ratio Portfolio Turnover* : 14.96% : 0.69 : 1.00 : 0.21 Source: CRISIL Fund Analyser *Portfolio Turnover = lower of total sale or total purchase for the last 12 months upon Avg. AUM of trailing twelve months. Risk Free rate: FBIL Overnight Mibor rate (9.00% st as on 31 March 2016) Basis for Ratio Calculation: 3 Years Monthly Data Points Of PROCTER & GAMBLE HYGIENE & HEALTH CARE LTD SOLAR INDUSTRIES INDIA LTD GRINDWELL NORTON LTD WHIRLPOOL OF INDIA LTD DR. LAL PATHLABS LTD MRF LTD PAGE INDUSTRIES LTD PIDILITE INDUSTRIES LTD CHOLAMANDALAM INVESTMENT & FINANCE CO. LTD SUNDARAM FINANCE LTD Grand Total SBI Magnum Global Fund will be at Moderately risk INDUSTRIAL MANUFACTURING CONSUMER GOODS FINANCIAL SERVICES CHEMICALS 9.14 SERVICES 8.26 AUTOMOBILE 7.12 TEXTILES 4.99 HEALTHCARE SERVICES 3.62 PHARMA 2.94 IT 2.11 CONSTRUCTION 1.88 MEDIA & ENTERTAINMENT % Large Cap Long term capital appreciation. 9.47% Cash & Other Current Assets 64.50% Investments in Indian equities, PCDs and FCDs from selected industries with high growth potential to provide investors maximum growth opportunity % Midcap Small Cap 11

15 Investment Objective To provide investors with opportunities for long-term growth in capital along with the liquidity of an open-ended scheme by investing predominantly in a well diversified basket of equity stocks of Midcap companies. NET ASSET VALUE Reg-Plan Reg-Plan Dir-Plan Dir-Plan LAST DIVIDENDS Record Date Nav ( `) (in `/Unit) 20-Mar-15 (Reg-Plan) Mar-15 (Dir-Plan) Aug-13 (Reg-Plan) Dec Pursuant to payment of dividend, the NAV of Option of schemes/plans would fall to the extent of payout and statutory levy, if applicable. An Open - Ended Scheme 29/03/2005 ` 1, Crores ` 1, Crores Ms. Sohini Andani July-2010 Over 19 years S&P BSE Midcap index For exit within 1 year from the date of allotment - 1 %; For exit after 1 year from the date of allotment - Nil Weekly & in multiples of ` 1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in thereafter for year Quarterly & in multiples of ` 1 thereafter for year. ` 5000 & in ` 1000 & in Standard Deviation : 17.17% Beta : 0.80 Sharpe Ratio : 1.24 Portfolio Turnover* : 0.21 Source: CRISIL Fund Analyser *Portfolio Turnover = lower of total sale or total purchase for the last 12 months upon Avg. AUM of trailing twelve months. Risk Free rate: FBIL Overnight Mibor rate (9.00% st as on 31 March 2016) Basis for Ratio Calculation: 3 Years Monthly Data Points Of STRIDES ARCOLAB LTD CHOLAMANDALAM INVESTMENT & FINANCE CO. LTD THE RAMCO CEMENTS LTD DR. LAL PATHLABS LTD VA TECH WABAG LTD PERSISTENT SYSTEMS LTD PI INDUSTRIES LTD 2.81 HEXAWARE TECHNOLOGIES LTD SANOFI INDIA LTD BAJAJ FINANCE LTD Grand Total SBI Magnum MidCap Fund will be at Moderately risk FINANCIAL SERVICES INDUSTRIAL MANUFACTURING PHARMA CONSUMER GOODS 8.67 FERTILISERS & PESTICIDES 8.33 IT 5.85 HEALTHCARE SERVICES 5.65 CONSTRUCTION 5.52 CEMENT & CEMENT PRODUCTS 5.31 SERVICES 5.30 MEDIA & ENTERTAINMENT 2.76 ENERGY 2.37 AUTOMOBILE 1.99 TEXTILES 1.37 TELECOM % Large Cap Long term capital appreciation 8.93% Cash & Other Current Assets Investment predominantly in a well diversified equity stocks of Midcap companies. 7.76% 72.51% Midcap Small Cap 12

16 Investment Objective To provide the investor long-term capital appreciation by investing in high growth companies along with the liquidity of an open-ended scheme through investments primarily in equities and the balance in debt and money market instruments. An Open - Ended Equity Fund 01/01/1991 ` 1, Crores ` 1, Crores Mr. R. Srinivasan May-2009 Over 22 years Nifty 50 Index NET ASSET VALUE Reg-Plan Reg-Plan Dir-Plan Dir-Plan Of HDFC BANK LTD INFOSYS LTD ITC LTD STATE BANK OF INDIA 5.55 AXIS BANK LTD ADANI PORTS & SPECIAL ECONOMIC ZONE LTD COAL INDIA LTD KOTAK MAHINDRA BANK LTD HCL TECHNOLOGIES LTD ICICI BANK LTD Grand Total LAST DIVIDENDS Record Date Nav ( `) (in `/Unit) 24-Apr-15 (Reg Plan) Apr-15 (Dir Plan) May-14 (Reg Plan) Dec Jan Dec Pursuant to payment of dividend, the NAV of Option of schemes/plans would fall to the extent of payout and statutory levy, if applicable. Large Cap 4.49% 95.51% Cash & Other Current Assets For exit within 1 year from the date of allotment - 1 %; For exit after 1 year from the date of allotment - Nil Weekly & in multiples of ` 1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in thereafter for year Quarterly & in multiples of ` 1 thereafter for year. ` 5000 & in FINANCIAL SERVICES IT ENERGY 8.63 CONSUMER GOODS 7.39 AUTOMOBILE 6.45 SERVICES 6.39 PHARMA 6.03 METALS 4.28 CEMENT & CEMENT PRODUCTS 2.34 CHEMICALS 2.01 INDUSTRIAL MANUFACTURING 1.94 ` 1000 & in Standard Deviation : 15.34% Beta : 0.95 Sharpe Ratio : 0.47 Portfolio Turnover* : 0.91 SBI Magnum Equity Fund Long term capital appreciation Investments in high growth companies along with the liquidity of an open-ended scheme through investments primarily in equities. Source: CRISIL Fund Analyser *Portfolio Turnover = lower of total sale or total purchase for the last 12 months upon Avg. AUM of trailing twelve months. Risk Free rate: FBIL Overnight Mibor rate (9.00% st as on 31 March 2016) Basis for Ratio Calculation: 3 Years Monthly Data Points will be at Moderately risk 13

17 Investment Objective The prime objective of this scheme is to deliver the benefit of investment in a portfolio of equity shares, while offering deduction on such investments made in the scheme under Section 80 C of the Incometax Act, It also seeks to distribute income periodically depending on distributable surplus. An Open - Ended Equity Linked Saving Scheme 31/03/1993 ` 4, Crores ` 4, Crores Mr. Jayesh Shroff Oct-2008 Over 13 years NET ASSET VALUE Reg-Plan Reg-Plan Dir-Plan Dir-Plan Of HDFC BANK LTD INFOSYS LTD RELIANCE INDUSTRIES LTD SHREE CEMENTS LTD TATA MOTORS LTD HDFC LTD AXIS BANK LTD STATE BANK OF INDIA 2.85 SKF INDIA LTD UPL LTD Grand Total LAST DIVIDENDS Record Date Nav ( `) (in `/Unit) 11-Mar-16 (Reg Plan) Mar-16 (Dir Plan) Mar-15 (Reg Plan) Mar-15 (Dir Plan) Mar-14 (Reg Plan) Mar-13 (Reg Plan) Mar Mar Pursuant to payment of dividend, the NAV of Option of schemes/plans would fall to the extent of payout and statutory levy, if applicable % Large Cap 0.35% 7.20% Cash & Other Current Assets 72.05% Midcap Small Cap S&P BSE 100 Index NIL Weekly & in multiples of ` 500 thereafter for a minimum of 6 Monthly & in multiples of ` 500. ` 500 & in multiples of ` 500 ` 500 & in multiples of ` 500 Standard Deviation Beta Sharpe Ratio Portfolio Turnover* : 16.21% : 0.97 : 0.60 : 0.15 Source: CRISIL Fund Analyser *Portfolio Turnover = lower of total sale or total purchase for the last 12 months upon Avg. AUM of trailing twelve months. Risk Free rate: FBIL Overnight Mibor rate (9.00% st as on 31 March 2016) Basis for Ratio Calculation: 3 Years Monthly Data Points SBI Magnum Taxgain Scheme FINANCIAL SERVICES ENERGY IT AUTOMOBILE 9.50 PHARMA 7.00 CEMENT & CEMENT PRODUCTS 6.42 SERVICES 6.38 CONSUMER GOODS 4.17 CONSTRUCTION 4.03 INDUSTRIAL MANUFACTURING 3.24 FERTILISERS & PESTICIDES 2.63 TEXTILES 2.21 Long term appreciation Investment in a portfolio of equity shares, while offering deduction under Section 80 C of IT Act, will be at Moderately risk Investment under the Scheme has a lock-in period of 3 years. 14

18 (Previously known as SBI MSFU - Emerging Businesses Fund) Investment Objective The investment objective of the Emerging Businesses Fund would be 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 tthe stock representing such companies. The fund may also evaluate Emerging Businesses with growth potential and domestic focus. An Open - Ended Equity Fund 11/10/2004 ` 1, Crores ` 1, Crores Mr. R. Srinivasan May-2009 Over 22 years S&P BSE 500 Index For exit within 1 year from the date of allotment - 1 %; For exit after 1 year from the date of allotment - Nil. Weekly & in multiples of ` 1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in thereafter for year Quarterly & in multiples of ` 1 thereafter for year. ` 5000 & in ` 1000 & in Standard Deviation Beta Sharpe Ratio Portfolio Turnover* : 15.24% : 0.81 : 0.62 : 0.59 Source: CRISIL Fund Analyser *Portfolio Turnover = lower of total sale or total purchase for the last 12 months upon Avg. AUM of trailing twelve months. Risk Free rate: FBIL Overnight Mibor rate (9.00% st as on 31 March 2016) Basis for Ratio Calculation: 3 Years Monthly Data Points NET ASSET VALUE Reg-Plan Reg-Plan Dir-Plan Dir-Plan Of PROCTER & GAMBLE HYGIENE & HEALTH CARE LTD HDFC BANK LTD SOLAR INDUSTRIES INDIA LTD ADANI PORTS & SPECIAL ECONOMIC ZONE LTD MANPASAND BEVERAGES LTD DR. LAL PATHLABS LTD DIVI'S LABORATORIES LTD M INDIA LTD NAVKAR CORPORATION LTD KOTAK MAHINDRA BANK LTD Grand Total SBI Emerging Businesses Fund will be at Moderately risk LAST DIVIDENDS Record Date Nav ( `) (in `/Unit) 07-Apr-16 (Reg Plan) Apr-16 (Dir Plan) Nov-14 (Reg Plan) Apr-13 (Reg Plan) Mar Jul Mar Oct Pursuant to payment of dividend, the NAV of Option of schemes/plans would fall to the extent of payout and statutory levy, if applicable. CONSUMER GOODS SERVICES FINANCIAL SERVICES INDUSTRIAL MANUFACTURING 8.89 PHARMA 8.30 CHEMICALS 7.59 HEALTHCARE SERVICES 5.21 AUTOMOBILE 2.71 Long term appreciation 13.80% 41.72% Large Cap 4.66% Cash & Other Current Assets Investments in companies that are considered emergent and have export orientation/outsourcing opportunities or are globally competitive to participate in growth potential of Indian businesses % Midcap Small Cap 15

19 (Previously known as SBI MSFU - FMCG Fund) Investment Objective To provide the investors maximum growth opportunity through equity investments in stocks of growth oriented sectors of the economy. There are four sub-funds dedicated to specific investment themes viz. Information Technology, Pharmaceuticals, FMCG, Contrarian (investment in stocks currently out of favour) and Emerging Businesses. An Open - Ended Equity Fund 14/07/1999 ` Crores ` Crores Mr. Saurabh Pant Jun-2011 Over 8 years S&P BSE Fast Moving Consumer Goods Index Nil Weekly & in multiples of ` 1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in thereafter for year Quarterly & in multiples of ` 1 thereafter for year. ` 5000 & in NET ASSET VALUE Reg-Plan Reg-Plan Dir-Plan Dir-Plan Of ITC LTD TITAN CO. LTD PROCTER & GAMBLE HYGIENE & HEALTH CARE LTD KANSAI NEROLAC PAINTS LTD UNITED BREWERIES LTD MANPASAND BEVERAGES LTD NESTLE INDIA LTD JUBILANT FOODWORKS LTD INDIAN TERRAIN FASHIONS LTD BRITANNIA INDUSTRIES LTD Grand Total LAST DIVIDENDS Record Date Nav ( `) (in `/Unit) 29-May-15 (Reg Plan) May-15 (Dir Plan) May-13 (Reg Plan) Mar Pursuant to payment of dividend, the NAV of Option of schemes/plans would fall to the extent of payout and statutory levy, if applicable % CONSUMER GOODS TEXTILES % Large Cap 4.36% Cash & Other Current Assets 65.84% Midcap Small Cap ` 1000 & in Standard Deviation Beta Sharpe Ratio Portfolio Turnover* : 15.16% : 0.88 : 0.37 : 0.38 Source: CRISIL Fund Analyser *Portfolio Turnover = lower of total sale or total purchase for the last 12 months upon Avg. AUM of trailing twelve months. Risk Free rate: FBIL Overnight Mibor rate (9.00% st as on 31 March 2016) for Ratio Calculation: 3 Years Monthly Data Points SBI FMCG Fund will be at risk Long term appreciation Equity Investments in stock of FMCG sector of the economy to provide sector specific growth opportunities. 16

20 NET ASSET VALUE Reg-Plan Reg-Plan LAST DIVIDENDS Record Date Nav ( `) (in `/Unit) 30-Jan-15 (Reg Plan) Dir-Plan (Previously known as SBI MSFU - Pharma Fund) Investment Objective To provide the investors maximum growth opportunity through equity investments in stocks of growth oriented sectors of the economy. There are four sub-funds dedicated to specific investment themes viz. Information Technology, Pharmaceuticals, FMCG, Contrarian (investment in stocks currently out of favour) and Emerging Businesses. An Open - Ended Equity Fund 14/07/1999 ` Crores ` Crores Mr. Tanmaya Desai Jun-2011 Over 6 years S&P BSE HEALTH CARE Index Nil Weekly & in multiples of ` 1 thereafter for a minimum of 6 Monthly & in multiples of ` 1 thereafter for minimum six months (or) minimum ` 500 & in thereafter for year Quarterly & in multiples of ` 1 thereafter for year. ` 5000 & in ` 1000 & in Standard Deviation Beta Sharpe Ratio Portfolio Turnover* : 18.83% : 0.96 : 1.09 : 0.35 Source: CRISIL Fund Analyser *Portfolio Turnover = lower of total sale or total purchase for the last 12 months upon Avg. AUM of trailing twelve months. Risk Free rate: FBIL Overnight Mibor rate (9.00% st as on 31 March 2016) for Ratio Calculation: 3 Years Monthly Data Points Dir-Plan Of SUN PHARMACEUTICALS INDUSTRIES LTD AUROBINDO PHARMA LTD LUPIN LTD STRIDES ARCOLAB LTD DIVI'S LABORATORIES LTD DR. LAL PATHLABS LTD TORRENT PHARMACEUTICALS LTD ALKEM LABORATORIES LTD GLENMARK PHARMACEUTICALS LTD AJANTA PHARMA LTD Grand Total PHARMA HEALTHCARE SERVICES 7.88 Pursuant to payment of dividend, the NAV of Option of schemes/plans would fall to the extent of payout and statutory levy, if applicable. Large Cap Cash & Other Current Assets SBI Pharma Fund will be at risk 35.80% Long term appreciation 1.46% 3.05% E q u i t y I n v e s t m e n t s i n s t o c k o f Pharmaceuticals sector of the economy to p r o v i d e s e c t o r s p e c i f i c g r o w t h opportunities % Midcap Small Cap 17