At present, SBIMF has eight open-end schemes, which include Magnum Equity Fund, Magnum Liquibond, Magnum Balanced Fund, Magnum Multiplier Plus, Magnum Instacash, Magnum Sector Funds Umbrella (MSFU), Magnum Global Fund and Magnum Tax Gain Scheme.

The net assets of MMIS'91 stand at Rs 68 crore and the fund has given an yield of over 13 per cent during its 10-year history. The close-end scheme was originally due for redemption in June 1997 but was rolled over for three years. In the last two years, investors were paid a dividend of 14 per cent.

The scheme, being a liquid fund, followed the strategy of primarily investing in money market instruments and in the last one year invested bulk of its resources in the call money market where returns were better. For higher returns, the fund also invested occasionally in short dated corporate debt.

As on April 26, 2000 the fund had a mix of 19.06 per cent in equity, 64.47 per cent in debt and the balance 16.48 per cent in other liquid assets.

Between March 31, 2000 and end-April, the fund had reduced the equity component from 23.84 per cent to 19.06 per cent while liquid assets increased in proportion to 16.48 per cent.

About 7 per cent of the equity component of MMIS'91 is invested in Magnum Instacash (liquid fund) and MSFU (Magnum Sector Funds Umbrella)-Contra Fund. Other major equity holdings of the fund are in Ramco, drl, Blue Dart, Sterlite Industries and Sun Pharma. Debt papers of IOC,Wockhardt, Tata Chem, Cholamandalam, GE Capital account for over 35 per cent of its debt portfolio.