Final 2

DECLARATION
This work is based on an original study conducted by
PRAKASHA. K R
USN. 1BM03MBA30
BMS COLLEGE OF ENGINEERING

BANGALORE – 560019
And this has not formed a basis for the award of any degree/ diploma by
VTU or any other university
At
SBI FUNDS MANAGEMENT Pvt LIMITED
Submitted in partial fulfillment of the requirements for the

Master of business administration
Of
VISVESWARAIAH TECHNOLOGICAL UNIVERSITY
Date:
Place: PRAKASH. K R
BMSCE, Dept of Management Studies and research Centre 1

BONAFIDE CERTIFICATE
DEPARTMENT OF MANAGEMENT STUDIES
B.M.S COLLEGE OF ENGINEERING
BANGALORE –560019
Certified that this CEL WORK is based on an original study
Conducted by
PRAKASHA. KR
USN. 1BM03MBA30
And this has not formed a basis for the award of any degree / diploma by
VTU or any other university.
At
SBI FUNDS MANAGEMENT LIMITED

Under the guidance of
Mr. Kesava rao Dr.R.L. Nandeshwar Dr.Murugesh Mudaliar
Internal Guide HOD M.B.A Department Principal

ACKNOWLEDGEMENT
I express my sincere thanks to Mr. Srinivas Jain. V P SBI funds management limited,
Bangalore for giving me an opportunity to do my study.
I am extremely thankful to Mr.Vinod Chakravati.for his masterly guidance, constant

help and encouragement throughout the study and preparation of this report. He also
helped in giving inspiration for me in planning, execution and completion of this study.
Words fail to express my indebtedness to Dr. R.L Nandeshwar (HOD) and

Mr. G.V. Kesava Rao.(Faculty Member) for their invaluable suggestions, which helped
me to conduct the study successfully .
Very special thanks to our respectable Principal Dr. Murugesh Mudaliar and PG
Coordinator for providing moral support which inspired me to take up this study.
And also, I would like to put on my sincere thanks to advisors, my parents and friends
for their kind help during course of this study.

TABLE OF CONTENTS
NO CHAPTER PAGE NO
1 EXECUTIVE SUMMARY
2 PART- A
* INDUSTRY PROFILE
* COMPANY PROFILE
* PRODUCT PROFILE
* 7-S THEORY
* 7-S ADAPTATION TO SBI FUNDS MANAGEMENT (Pvt) Ltd
3 PART-B
* DESIGN OF THE STUDY
*METHODOLOGY
4 ANALYSIS OF DATA AND INTERPRETATION
5 SUMMARY OF FINDING
6 SUGGESTIONS
7 CONCLUSION
8 BIBILIOGRAPHY
9 ANNEXURES
* WEEKLY REPORTS
EXECUTIVE SUMMARY

Corporate Exposure and Learning was conducted for a period of 10 weeks in
“SBI Funds management Pvt. Ltd”. The report consists of two parts- A and B.
Part ‘A’ consists of understanding the functions of various departments in the
organization with reference to the 7’s model.
Part ‘B’ deals with a “Comparative study of Mutual funds”. Eighteen different
equity diversified funds were taken in to consideration and N A V Returns for a period of
up to 5 years were portfolio (Market Indicators) viz, BSE Sensex and Nifty.
It was found from the analysis that private mutual funds outperformed the public mutual
funds and market indicators.
Industry Profile
INTRODUCTION

Can you remember what you felt like when you were three or four years old? You
may not recall the details of what you did, but your picture of childhood will likely
contain some memory of youthful enthusiasm, innocence, and playfulness. There was a
time when nobody told us that playing was difficult, and we played music without feeling
self-conscious it. There were those moments when we marveled at the excitement, the
love and the sadness.
We as a human beings must get involved to make there meaningful memories part
of our future lives. Finance and marketing are to be defined as, Science of the business
life. It is exact, specific, and it demands exact acoustics. It usually reflects the
environment and the times of its creations often even the country and /or racial feeling. It
is also a physical education. It is our duty to develop and simplify the entire industrial
environment for the future generation to reduce the stress in Management. Mutual Fund
is an art of making money by taking moderate or less risk. It is a marketing job to
promote the Mutual Fund concept and it is also a finance job to create new and profit
making concepts for the benefit of the business as well as the investor.
A. ABOUT THE INDUSTRY

HISTORY AND GROWTH OF INDIAN MUTUAL FUND INDUSTRY
What is Mutual fund?
Mutual funds are pools of money that are managed by an investment company.

They offer investors a variety of goals, depending on the fund and its investment
charter. Some funds, for example, seek to generate income on a regular basis. Others seek
to preserve an investor's money. Still others seek to invest in companies that are growing
at a rapid pace. Funds can impose a sales charge, or load, on investors when they buy or
sell shares. Many funds these days are no load and impose no sales charge. Mutual funds
are investment companies regulated by the Investment Company Act of 1940.
The mutual fund industry in India started in 1963 with the formation of Unit Trust
of India, at the initiative of the Government of India and Reserve Bank the. The history of
mutual funds in India can be broadly divided into four distinct phases
First Phase – 1964-87 an Act of Parliament established Unit Trust of India (UTI) on
1963.
It was set up by the Reserve Bank of India and functioned under the Regulatory and
administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the
RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and
administrative control in place of RBI. The first scheme launched by UTI was Unit
Scheme 1964. At the end of 1988 UTI had Rs.6, 700 crores of assets under management.
Second Phase – 1987-1993 (Entry of Public Sector Funds) 1987 marked the entry of
non- UTI, public sector mutual funds set up by public sector banks and Life Insurance
Corporation of India (LIC) and General Insurance Corporation of India (GIC).
SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987
followed by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug
89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda
Mutual Fund (Oct 92). LIC established its mutual fund in June 1989 while GIC had set
up its
mutual fund in December 1990. At the end of 1993, the mutual fund industry had
assets under management of Rs.47,004 crores.

Third Phase – 1993-2003 (Entry of Private Sector Funds) With the entry of private
sector funds in 1993, a new era started in the Indian mutual fund industry, giving the
Indian investors a wider choice of fund families. Also, 1993 was the year in which the
first Mutual Fund Regulations came into being, under which all mutual funds, except UTI
were to be registered and governed. The erstwhile Kothari Pioneer (now merged with
Franklin Templeton) was the first private sector mutual fund registered in July 1993. The
1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and
revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI
(Mutual Fund) Regulations 1996. As at the end of January 2003, there were 33 mutual
funds with total assets of Rs. 1,21,805 crores.
Fourth Phase – since February 2003 In February 2003, following the repeal of the Unit
Trust of India Act 1963 UTI was bifurcated into two separate entities.
One is the Specified Undertaking of the Unit Trust of India with assets under
management of Rs.29,835 crores as at the end of January 2003, representing broadly, the
assets of US 64 scheme, assured return and certain other schemes.
The Specified Undertaking of Unit Trust of India, functioning under an administrator and
under the rules framed by Government of India and does not come under the purview of
the Mutual Fund Regulations. The second is the UTI Mutual Fund Ltd, sponsored by
SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund
Regulations. With the bifurcation of the erstwhile UTI which had in March 2000 more
than Rs.76,000 crores of assets under management and with the setting up of a UTI
Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and with recent mergers
taking place among different private sector funds, the mutual fund industry has entered its
current phase of consolidation and growth. As at the end of June 30, 2003, there were 31
funds, which manage assets of Rs.104762 crores under 376 schemes. The graph indicates
the growth of assets over the years.

Mutual Funds in India (1964-2000)
The end of millennium marks 36 years of existence of mutual funds in this
country. The ride through these 36 years is not been smooth. Investor opinion is still
divided. While some are for mutual funds others are against it.
UTI commenced its operations from July 1964 "with a view to encouraging
savings and investment and participation in the income, profits and gains accruing to the
Corporation from the acquisition, holding, management and disposal of securities."
Different provisions of the UTI Act laid down the structure of management, scope of
business, powers and functions of the Trust as well as accounting, disclosures and
regulatory requirements for the Trust. One thing is certain – the fund industry is here to
stay. The industry was one-entity show till 1986 when the UTI monopoly was broken
when SBI and Canbank mutual fund entered the arena. This was followed by the entry of
others like BOI, LIC, GIC, etc. sponsored by public sector banks. Starting with an asset
base of Rs0.25bn in 1964 the industry has grown at a compounded average growth rate of
26.34% to its current size of Rs1130bn.The period 1986-1993 can be termed as the period
of public sector mutual funds (PMFs). From one player in 1985 the number increased to 8
in 1993.
The opening up of the asset management business to private sector in 1993 saw
international players like Morgan Stanley, Jardine Fleming, JP Morgan, George Soros
and Capital International along with the host of domestic players join the party. But for
the equity funds, the period of 1994-96 was one of the worst in the history of Indian
Mutual Funds.
Global Scenario
Some basic facts-
• The money market mutual fund segment has a total corpus of $ 1.48 trillion in the
U.S. against a corpus of $ 100 million in India.
• Out of the top 10 mutual funds worldwide, eight are bank- sponsored. Only
Fidelity and Capital are non-bank mutual funds in this group.

• In the U.S. the total number of schemes is higher than that of the listed companies
while in India we have just 277 schemes
• Internationally, mutual funds are allowed to go short. In India fund managers do
not have such leeway.
• In the U.S. about 9.7 million households will manage their assets on-line by the
year 2003, such a facility is not yet of avail in India.
• On- line trading is a great idea to reduce management expenses from the current 2
% of total assets to about 0.75 % of the total assets.
• 72% of the core customer base of mutual funds in the top 50-broking firms in the
U.S. are expected to trade on-line by 2003.
Internationally, on- line investing continues its meteoric rise. Many have debated
about the success of e- commerce and its breakthroughs, but it is true that this aspect of
technology could and will change the way financial sectors function. However, mutual
funds cannot be left far behind. They have realized the potential of the Internet and are
equipping themselves to perform better.
Future Scenario
The asset base will continue to grow at an annual rate of about 30 to 35 % over
the next few years as investor’s shift their assets from banks and other traditional
avenues. Some of the older public and private sector players will either close shop
or be taken over.
Out of ten public sector players five will sell out, close down or merge with
stronger players in three to four years. In the private sector this trend has already started

with two mergers and one takeover. Here too some of them will down their shutters in the
near future to come. But this does not mean there is no room for other players. The
market will witness a flurry of new players entering the arena. There will be a large
number of offers from various asset management companies in the time to come. Some
big names like Fidelity, Principal, and Old Mutual etc. are looking at Indian market
seriously. One important reason for it is that most major players already have presence
here and hence these big names would hardly like to get left behind. The mutual fund
industry is awaiting the introduction of derivatives in India as this would enable it
to hedge its risk and this in turn would be reflected in it’s Net Asset Value (NAV). SEBI
is working out the norms for enabling the existing mutual fund schemes to trade in
derivatives.
Importantly, many market players have called on the Regulator to initiate the
process immediately, so that the mutual funds can implement the changes that are
required to trade in Derivatives.
May the Net Asset Values grow!!
INVESTMENT BASICS
Investment is the use of money to earn income or profit. The term also refers to
employment of funds for capital goods, which are used to produce further goods or
services.
There are basically two types of assets that people may invest in:
1.Hard assets.
2.Financial assets
Hard assets are essentially ‘physical products’, which have certain intrinsic value on
account of the usefulness they provide to owner. Some examples are : land property,
vehicles, consumer durable, gold, etc. depending on the specific hard asset, the value may
go up or down over time.

On the other hand, financial assets are securities, which have a certain money value at any
given point of time. This value could be higher or lower than the original price at which
they are bought. By itself financial assets are of no use unless they are used towards
meeting some need or goal. Hence, most people hold their savings in financial assets till
such time that they are able to convert them into a needed product or service.
The three important characteristics of any financial assets are:
 Return- The potential return possible with this asset.
 Risk- How risky is this asset or what are the chances of its value going down.
 Liquidity- How easy is it to convert this asset into cash.
INVESTMENT OPPORTUNITIES
Savings bank account with commercial banks:

A safe, liquid and convenient investment option, it gives an interest rate of an
average 4.5% per annum, ideal parking funds for emergencies or unexpected
expenses, the account holder may keep an average balance equal to three months of
his living expenses.
Objective: To provide high liquidity and safety to the account holders.
Risk: The savings rate is usually very low as compared to the other financial
instruments and it cannot offset inflation.
Bank fixed deposits:

Being a safe investment option bank fixed deposits give interest rates around 5.25%
to 8%. A bank fixed deposit is recommended for those looking for preservation of
capital along with current income in the short term. However, over long term the
returns may not keep pace with inflation.
Objective: To provide regular and fixed income to the account holders who wish to
have regular and steady savings and earnings.

Risk: Although not rated, fixed deposits facilitate 100% assurance of principal with
interest rates regulated by RBI. But there is inflation risk involved.
Bonds and debentures:

They are long-term debt instruments with interest rate ranging between 9-18% per
annum. Many types of debts and bonds have been structured to the investors with
different time horizons. Though the risk is high they offer better returns when
compared to bank fixed deposits.
Objective: It is the safest investment and loans can be borrowed against bonds or
debentures.
Risk: The inflation and interest fluctuation affects investment decision. They have
no commercial ratings.
Company deposits:
Fixed investment schemes offered by various Public limited companies or the
private sector may be cumulative or non-cumulative. They can be offered to the
public as well as the existing shareholders and employees. Non-Banking Financial
Companies cannot offer more than 14% of interest on the fixed deposits.
Objective: It confers faster capital appreciation and hence it is suitable for regular
income holders and an investor can borrow against the deposits depending on the
credit rating.
Risk: It is an unsecured investment and there is no asset backing and provides
limited protection against inflation risk.
Gold:
In India gold is more of a sense of security and a fixed asset rather than for any use
or for the purpose of making profit or income. Since a long time it has been used
extensively for speculation. Gold may be invested either in the form of gold shares
which are banned in India, gold coins, gold bars, gold jewellary etc.,
Objective: gold offsets inflation rates to some extent and offers good appreciation
over a long period of time.

Risk: there are no regular earnings and the rates fluctuate. Even the rates of capital
appreciation are not fixed or certain.
Real estate:
Land and house property are the main real estate investments. These investments
are taken by and large number of people for hedging the inflation rates.
Objective: in India it is found that almost all banks and financial institutions
consider land as good collateral. Hence it is considered a safe investment.
Risk: investment in real estate involves a lot of pressures in terms of tax payment
for capital appreciation, stamp duties etc.
Shares:
It is the most risky investment with highest returns in the long run. Sensex indicates
the price movements of shares on weighted average basis. Dividends up to Rs.1000
are not taxed.
Objective: to provide high capital appreciation and very high rates of dividend.
Risk: being highly volatile the price movements depends on the market and the
company’s performance. The earning may even become negative.
Tax saving avenues:
Public provident fund:

It’s a fixed income instrument having the following advantage
Get investors 20% tax exemption on investment up to an amount of Rs.60000 per

year.
Compounded interest rate at 12% p.a. interest being totally tax-free.
National savings certificate:

Another instrument more popular with the income tax assesses is the NSC’s that
offer:

20% tax exemption up to a maximum of Rs.60000p.a
Compounded at 12% p.a
interest occurring every year qualifying for tax benefit.
Pension plan:
Certain notified retirement based mutual funds entitle investors to get a rebate of
around 20% up to an amount of Rs.60000 p.a. There are other tax benefits provided
u/s88 and sec.80CCC
PROSPECTS
Importance of Investing in Mutual Funds

Professional Management
Mutual Funds provide the services of experienced and skilled professionals,
backed by a dedicated investment research team that analyses the performance and
prospects of companies and selects suitable investments to achieve the objectives of the
scheme.
Diversification
Mutual Funds invest in a number of companies across a broad cross-section of
industries and sectors.
This diversification reduces the risk because seldom do all stocks decline at the same
time and in the same proportion. You achieve this diversification through a Mutual Fund
with far less money than you can do on your own.
Convenient Administration
Investing in a Mutual Fund reduces paperwork and helps you avoid many
problems such as bad deliveries, delayed payments and follow up with brokers and
companies. Mutual Funds save your time and make investing easy and convenient.
Return Potential

Over a medium to long-term, Mutual Funds have the potential to provide a higher
return as they invest in a diversified basket of selected securities.
Low Costs
Mutual Funds are a relatively less expensive way to invest compared to directly
investing in the capital markets because the benefits of scale in brokerage, custodial and
other fees translate into lower costs for investors.
Liquidity
In open-end schemes, the investor gets the money back promptly at net asset
value related prices from the Mutual Fund. In closed-end schemes, the units can be sold
on a stock exchange at the prevailing market price or the investor can avail of the facility
of direct repurchase at NAV related prices by the Mutual Fund.
Transparency
You get regular information on the value of your investment in addition to
disclosure on the specific investments made by your scheme, the proportion invested in
each class of assets and the fund manager's investment strategy and outlook.
Flexibility
Through features such as regular investment plans, regular withdrawal plans and
dividend reinvestment plans, you can systematically invest or withdraw funds according
to your needs and convenience.
Affordability
Investors individually may lack sufficient funds to invest in high-grade stocks.
A mutual fund because of its large corpus allows even a small investor to take the benefit
of its investment strategy.

Choice of Schemes
Mutual Funds offer a family of schemes to suit your varying needs over a
lifetime.
Well Regulated
All Mutual Funds are registered with SEBI and they function within the
provisions of strict regulations designed to protect the interests of investors. The
operations of Mutual Funds are regularly monitored by SEBI.
Market Trends
A lone UTI with just one scheme in 1964, now competes with as many as 400 odd
products and 34 players in the market. In spite of the stiff competition and losing market
share, UTI still remains a formidable force to reckon with.
Last six years have been the most turbulent as well as exiting ones for the
industry. New players have come in, while others have decided to close shop by either
selling off or merging with others. Product innovation is now passé with the game
shifting to performance delivery in fund management as well as service.
Fund managers, by their selection criteria for stocks have forced corporate
governance on the industry. By rewarding honest and transparent management with
higher valuations, a system of risk-reward has been created where the corporate sector is
more transparent then before. Funds have shifted their focus to the recession free sectors
like pharmaceuticals, FMCG and technology sector. Funds performances are improving.
Funds collection, which averaged at less than Rs.100bn per annum over five-year
period spanning 1993-98 doubled to Rs.210bn in 1998-99.
In the current year mobilization till now have exceeded Rs.300bn. Total collection
for the current financial year ending March 2000 is expected to reach Rs.450bn.. What is
particularly noteworthy is that bulk of the mobilization has been by the private sector
mutual funds rather than public sector mutual funds. Indeed private MFs saw a net inflow

of Rs.7819.34 crore during the first nine months of the year as against a net inflow of
Rs.604.40 crore in the case of public sector funds.
Mutual funds are now also competing with commercial banks in the race for retail
investor’s savings and corporate float money. The power shift towards mutual funds has
become obvious. The coming few years will show that the traditional saving avenues are
losing out in the current scenario. Many investors are realizing that investments in
savings accounts are as good as locking up their deposits in a closet. The fund
mobilization trend by mutual funds in the current year indicates that money is going to
mutual funds in a big way. The collection in the first half of the financial year 1999-2000
matches the whole of 1998-99.India is at the first stage of a revolution that has
already peaked in the U.S. The U.S. boasts of an Asset base that is much higher than its
bank deposits. In India, mutual fund assets are not even 10% of the bank deposits, but
this trend is beginning to change. Recent figures indicate that in the first quarter of the
current fiscal year mutual fund assets went up by 115% whereas bank deposits rose by
only 17%.
FUND STRUCTURE AND CONSTITUTENTS
The Mutual Funds have a unique structure not shared with other entities such as
companies or firms. Like other countries, India has a legal framework within which
Mutual Funds must be constituted. Unlike in United Kingdom, where two distinct ‘trust’
and ‘corporate’ structures are followed with separate regulations, in India, open and
close-end funds operate under the same regulatory structure and are constituted along are
unique structure- as unit trusts. A mutual fund in India is allowed to issue open-end and
close-end schemes under a common legal structure.
The SEBI (Mutual Fund) Regulations 1993 defines a mutual fund as a fund established in
the form of a trust by a sponsor to raise money by the Trustees through the sale of units to
the public under one or more schemes for investing in securities in accordance with these
regulations.

These regulations have since been replaced by the SEBI (Mutual Funds) Regulations
1996. The structure indicated by the new regulations is indicated as under.
A mutual fund comprises four separate entities, namely Sponsor, Mutual Fund Trust,
AMC and Custodian. The sponsor established the mutual fund and provisions of the
Indian Registration act, 1908.
structure of mutual fund in India is governed by SEBI (Mutual fund) Regulation, 1996.
These regulation make it mandatory to a mutual fund to have three-tier structure of
Sponsor-Trustees-Asset Management Company.
The Sponsor is promoter of the mutual fund appoints trustees, custodians and the AMC
with prior approval of SEBI. The sponsor establishes the mutual fund and registers the
same with SEBI. sponsors must contribute at least 40% of the capital of the AMC.
Trust/ Board of Trustees: Trustees hold a fiduciary responsibility towards unit holders by
protecting their interests. Trustees float and market schemes, and secure necessary
approvals. They check if the AMC’s investments are within well-defined limits, whether
the fund’s assets are protected, and also ensure that unit holders get their due returns.
They also review any due diligence by the AMC. For major decisions concerning the
fund, they have to take the unit holders’ consent. They submit reports every six months to
SEBI; investors get an annual report. Trustees are paid annually out of the fund’s assets –
0.5 percent of the weekly net asset value
Fund Managers/ AMC: They are the ones who manage money of the investors. An AMC
takes decisions, compensates investors through dividends, maintains proper accounting
and information for pricing of units, calculates the NAV, and provides information on
listed schemes. It also exercises due diligence on investments, and submits quarterly
reports to the trustees. A fund’s AMC can neither act for any other fund nor undertake
any business other than asset management. Its net worth should not fall below Rs. 10
crore. And, its fee should not exceed 1.25 percent if collections are below Rs. 100 crore
and 1 percent if collections are above Rs. 100 crore. SEBI can pull up an AMC if it
deviates from its prescribed role.

Custodian: Often an independent organization, it takes custody of securities and other
assets of mutual fund. Its responsibilities include receipt and delivery of securities,
collecting income-distributing dividends, safekeeping of the units and segregating assets
and settlements between schemes. Their charges range between 0.15-0.2 percent of the
net value of the holding. Custodians can service more than one fund.
Mutual Fund is managed either trust company or board of trustees. Board of trustees and
trust are governed by provisions of Indian Trust Act. If trustee is a company, it is also
subject to Indian Company Act. Trustees appoint AMC in consultation with the sponsors
and according to SEBI regulation. All mutual fund scheme floated by AMC have to be
approved by trustees. Trustees review and ensure that net worth of the company is
according to stipulated norms, every quarter.
Though the trust is the mutual fund, the AMC is its operational face. The AMC is the first
functionary to be appointed, and is involved in appointment of all other functionaries.
The AMC structures the mutual fund products, markets them and mobilizes fund,
manages the funds and services the investors. It seeks the service other functionaries in
carrying out these functions.
A draft offer document is to be prepared at the time of launching the fund. Typically, it
pre specifies the investment objectives of the fund, the risk associated, the costs involved
in the process and the broad rules for entry into and exit from the fund and other areas of
operation. In India, as in most countries, these sponsors need approval from a regulator,
SEBI (Securities exchange Board of India) in our case. SEBI looks at track records of the
sponsor and its financial strength in granting approval to the fund for commencing
operations.
A sponsor then hires an asset management company to invest the funds according to the
investment objective. It also hires another entity to be the custodian of the assets of the
fund and perhaps a third one to handle registry work for the unit holders (subscribers) of
the fund.

In the Indian context, the sponsors promote the Asset Management Company also, in
which it holds a majority stake. In many cases a sponsor can hold a 100% stake in the
Asset Management Company (AMC). E.g. Birla Global Finance is the sponsor of the
Birla Sun Life Asset Management Company Ltd., which has floated different mutual
funds schemes and also acts as an asset manager for the funds collected under the
schemes.
Types of AMCs in Indian Context

The following are the types of AMCs we have in India
 AMCs owned by banks
 AMCs owned by financial institutions
 AMCs owned by the Indian private sector companies
 AMCs owned jointly by Indian and foreign investors.
Different AMCs Working in India are
Name of the AMC Nature of Ownership
Alliance Capital Private Foreign
Anagram Wellington Private Indian
Apple Private Indian
Birla Capital International Private Indian
Bank of Baroda Banks
Bank of India Banks
Canbank Investment Banks
Cholamandalam Cazenove Private Foreign
Dundee Private Foreign
DSP Merrill Lynch Private Foreign
Escorts Private Indian
First India Private Indian
GIC Institutions
IDBI Investment Institutions
Indfund Management Ltd. Banks
Types of Mutual Fund and Terms used.

Mutual fund schemes may be classified on the basis of its structure and its investment
objective.
By Structure:
Open-ended Funds
An open-end fund is one that is available for subscription all through the year.
These do not have a fixed maturity. Investors can conveniently buy and sell units at Net
Asset Value ("NAV") related prices. The key feature of open-end schemes is liquidity.
Closed-ended Funds
A closed-end fund has a stipulated maturity period which generally ranging from
3 to 15 years. The fund is open for subscription only during a specified period. Investors
can invest in the scheme at the time of the initial public issue and thereafter they can buy
or sell the units of the scheme on the stock exchanges where they are listed.
In order to provide an exit route to the investors, some close-ended funds give an
option of selling back the units to the Mutual Fund through periodic repurchase at NAV
related prices. SEBI Regulations stipulate that at least one of the two exit routes is
provided to the investor.
Interval Funds
Interval funds combine the features of open-ended and close-ended schemes.
They are open for sale or redemption during pre-determined intervals at NAV related
prices.
By Investment Objective:
Growth Funds
The aim of growth funds is to provide capital appreciation over the medium to
long- term. Such schemes normally invest a majority of their corpus in equities. It has

Been proven that returns from stocks, have outperformed most other kind of
investments held over the long term.
Growth schemes are ideal for investors having a long-term outlook seeking
growth over a period of time.
Income Funds
The aim of income funds is to provide regular and steady income to investors.
Such schemes generally invest in fixed income securities such as bonds, corporate
debentures and Government securities. Income Funds are ideal for capital stability and
regular income.
Balanced Funds
The aim of balanced funds is to provide both growth and regular income. Such
schemes periodically distribute a part of their earning and invest both in equities and
fixed income securities in the proportion indicated in their offer documents.
In a rising stock market, the NAV of these schemes may not normally keep pace,
or fall equally when the market falls. These are ideal for investors looking for a
combination of income and moderate growth.
Money Market Funds

The aim of money market funds is to provide easy liquidity, preservation of
capital and moderate income. These schemes generally invest in safer short-term
instruments such as treasury bills, certificates of deposit, commercial paper and inter-
bank call money.
Returns on these schemes may fluctuate depending upon the interest rates
prevailing in the market. These are ideal for corporate and individual investors as a
means to park their surplus funds for short periods.
Load Funds

A Load Fund is one that charges a commission for entry or exit. That is, each time
you buy or sell units in the fund, a commission will be payable. Typically entry and exit
loads range from 1% to 2%. It could be worth paying the load, if the fund has a good
performance history.
No-Load Funds
A No-Load Fund is one that does not charge a commission for entry or exit. That
is, no commission is payable on purchase or sale of units in the fund. The advantage of a
no load fund is that the entire corpus is put to work.
Tax Saving Schemes
These schemes offer tax rebates to the investors under specific provisions of the
Indian Income Tax laws as the Government offers tax incentives for investment in
specified avenues.
Investments made in Equity Linked Savings Schemes (ELSS) and Pension
Schemes are allowed as deduction u/s 88 of the Income Tax Act, 1961. The Act also
provides opportunities to investors to save capital gains u/s 54EA and 54EB by investing
in Mutual Funds.
SPECIAL SCHEMES
• Industry Specific Schemes
Industry Specific Schemes invest only in the industries specified in the offer
document. The investment of these funds is limited to specific industries like
InfoTech, FMCG, Pharmaceuticals etc.
• Index Schemes
Index Funds attempt to replicate the performance of a particular index such as the
BSE Sensex or the NSE 50.

• Sectoral Schemes
Sectoral Funds are those, which invest exclusively in a specified industry or a group of
industries or various segments such as 'A' Group shares or initial public offerings.
Company profile:
INCEPTION
The basic objective of any Mutual Fund is to provide a vehicle for investors to
avail of the opportunities offered by the capital market. SBI Mutual Fund [SBIMF] was
also formed with this basic objective in mind. SBIMF's aim is to provide such
opportunity even to the smallest investor in urban as well as rural areas and offer an
opening to employ his funds profitably. At SBIMF, the emphasis is on performance.
They are aware that expectation vary from investor to investor and they have attempted to
cater to different needs through there various schemes. Returns, safety and liquidity
packaged in different forms are the three main features that they offer to their investors.
To improve and build upon past performance is their constant endeavor that is proved by
the fact they have consistently performed better than indicated, with the help of
professional management and strong research based investments.
The number of players in the field has increased with the entry of private sector
Mutual Funds and FIIs. They at SBIMF are determined to meet the challenge and to
further consolidate their position through new and innovative schemes.
SBI Mutual Fund draws strength from India's premier and largest bank; the State
Bank of India. Set up on July 1, 1955, the State Bank of India is the largest banking
operation in the country. Through years of commitment to service and national
development, SBI has grown into an instrument of social change. Today, it has 9,019
branches in India (excluding over 700 branches of banking subsidiaries) and 51 offices in
31 countries spread over all time zones.

NATURE OF THE COMPANY
SBI is today the largest Bank sponsored Mutual Fund in the country. They have
launched 31 Schemes, of which 14 have been redeemed, yielding handsome returns to
investors. The fund has over Rs. 5,600 Crores as assets under management. With an
investor base of over 8 lacks across India, SBIMF operates with a large network 35
collection branches, 26 Investor Service Centers, 3 Investor Service Desks and 35 District
Organizers.
GROWTH
SBI Mutual Fund has grown tremendously in terms of corpus as well as number
of investors. Today they are the largest Bank sponsored Mutual Fund in the country.
SBIMF launched 31 Schemes, of which 14 have been redeemed, yielding

handsome returns to investors. The fund has over Rs. 5,600 Crores as assets under
management. SBI is the first Bank sponsored Mutual Fund to launch an offshore fund,
the India Magnum Fund, with a corpus of around Rs. 225 Crores. Today the Fund has an
investor base of over 8 Lacks spread over 21 schemes. With a large network over 35
collection branches, 26 Investor Service Centers, 4 Investor Service Desks and 23 District
Organizers, they constantly endeavor to get closer to our growing family of investors.
SBIMF MANAGEMENT
 Mr. P. G. R. Prasad ------ Managing Director
 Mr. N. Sethuram Iyer --- Chief Investment Officer
 Mr. B. S. Prakash -------- Chief Operating Officer
 Mr. Dinesh Prasad ------ V.P. & Customer Relations Officer
 Ms. Sonal Barot --------- A.V.P. & Compliance Officer
 Mr. K. Ramkumar ------ Vice President & Fund Manager
 Ms. Aparna Nirgude ----A.V.P. & Head of Equity Research
 Mr. Sachin Sawrikar ----Assistant Vice President & Fund Manager

 Mr. Ajay Bodke ---------Assistant Vice President & Fund Manager
 Mr. Sandip Sabharwal - Assistant Vice President & Fund Manager
 Ms. Bekxy Kuriakose - Fund Manager- Fixed Income
Products and Services:
SBI MUTUAL FUND SCHEMES
No. of schemes 25
No. of schemes including options 36
Equity Schemes [including options] 13
Debt Schemes [including options] 16
Short term debt Schemes [including
2
options]
Equity & Debt 1
Gilt Fund [including options] 4

Open Ended Schemes
SBI Magnum Balanced Fund

SBI Magnum Children Benefit Plan
SBI Magnum Equity Fund
SBI Magnum Gilt LTP - Growth
SBI Magnum Gilt LTP - Quarterly Dividend
SBI Magnum Gilt STP - Growth
SBI Magnum Gilt STP - Monthly Dividend
SBI Magnum Global Fund 94
SBI Magnum Growth Fund 99
SBI Magnum Income - Growth
SBI Magnum Income Fund - Bonus
SBI Magnum Income Fund - Dividend
SBI Magnum Index Fund
SBI Magnum Insta Cash - Cash Plan
SBI Magnum Insta Cash - Dividend Plan
SBI Magnum Insta Cash Fund - STP - Dividend

SBI Magnum Insta Cash Fund - STP - Growth
SBI Magnum MIP - Annual
SBI Magnum MIP - Growth
SBI Magnum MIP - Monthly Dividend
SBI Magnum MIP - Quarterly Dividend
SBI Magnum Multiplier Plus 93
SBI Magnum Sector Umbrella - Contra
SBI Magnum Sector Umbrella - FMCG
SBI Magnum Sector Umbrella - Infotech
SBI Magnum Sector Umbrella - Pharma

SBI Magnum Tax Gain Scheme 93
Close Ended Schemes

SBI Magnum Tax Profit 94
SBI MELS 95
SBI MELS 96
SBI MMIS 97
SBI MMIS 98 (II) - Annual
SBI MMIS 98 (II) - Cumulative
SBI MMIS 98 (II) - Monthly
SBI MMIS 98 (II) - Quarterly
Some of SBI Mutual Fund Schemes are explained below
Equity Schemes
SBIMF’s Investment philosophy revolves around the concept of growth at a

reasonable price whereby they invest in growth-oriented stocks that are available at
attractive relative valuations. They use a combination of the Top down and Bottom up
approaches to investment.
• Top down approach for sector allocation
• Bottom up approach for stock selection

• SBIMF identify and invest in businesses that have a sustainable competitive
advantage.
• They invest with a medium term view, with an investment horizon of at least 18
months.
• Risk control is an important element of our strategy.

Magnum Equity Fund
This actively managed fund offers growth through investment in a portfolio of select
blue chip stocks. The main features of the scheme are:
• A diversified equity fund, focusing on aggressive growth
• Minimum application of Rs. 1000
• Ideal for investors who wish to benefit from the growth of the equity markets and
are comfortable with the attendant volatility
Magnum Tax Gain
Magnum Index Fund invests only in the 50 stocks that constitute S&P CNX Nifty
index in proportion to each stock's weight age in the index.
Hence, who the portfolio Manager is or what his style is does not really matter in
such funds. Volatility of such schemes will be in synchronization with the index. This
investment is ideal for:
• Corporate, Institutions, Banks
• Retail Investors desirous of investing in a basket of Nifty Index stocks for an

investment as low as Rs. 5000/- with liquidity of Open-ended Mutual Fund
Magnum Sector Funds Umbrella
• Targeted at investors seeking high growth and comfortable with attendant

volatility
• SWP available for a minimum of Rs. 500/- subject to maintaining the minimum
investment payable on a monthly basis.
Choice of 4 high-growth sectors:
• I.T Fund
• FMCG Fund

• Pharma Fund
• Contra Fund
A. Information Technology Sector:
With the threat of global economic slowdown looming large over the IT industry,
software stocks have been under pressure for quite some time now. Inspite of this, the
Indian IT industry continues to march ahead as seen by the latest results, making it one of
the highest value-addition and net foreign exchange earning industry.
B. Fast Moving Consumer Goods
Fast Moving Consumer Goods (FMCG) are products that are typically purchased
and consumed on a regular basis.
Some examples of FMCG products include personal products (soaps, shampoos,

hair oils, toothpastes, shaving razors etc.), fabric care, processed foods (dairy products,
atta, edible oils, chocolates,
ice creams etc.), beverages, cigarettes etc. to name a few. The companies in this sector
are sprucing up their brands and distribution networks to realize this huge potential.
C. Pharmaceuticals:
Pharmaceutical industry is a continuous growth industry, largely immune to

economic recession and commodity cycles.
The growth is spurred by a rising population, new disease incidence, and

resurgence of certain diseases. The pharmaceutical industry grew at a compounded rate
of 17% during the last 10 years.
D. Contra Fund:
The objective of the Fund is to invest in undervalued scrips, which may be currently
out of favour but are likely to show attractive growth in the long term.

Thus, this fund provides an alternative to investors for investing in the growth scrips
of the future. The funds collected under this scheme will be invested in the equities of: -
• Companies that are fundamentally sound, but generally are undervalued at the
time of investment due to lack of investor interest.
• Companies that have embarked on the path of turnaround by restructuring of

operations, hiving off unrelated business, etc. And where the results of the
turnaround are likely to accrue in the long term.
Magnum Multiplier Plus Scheme
• A diversified equity fund, focusing on steady growth
• Open-ended from April 1998
• Nomination facility available. Minors can also be nominated.
Magnum Global Fund
The Magnum Global Fund Scheme 1994 commenced from 24th August 1994. This
scheme was launched as a close-ended scheme redeeming on 30th September 1999. The
scheme was converted into an Open-Ended Fund from 1st October 1999. Main features
of the scheme are:
• Ideal for investors who wish to benefit from the growth of the equity markets and
are comfortable with the attendant volatility.
Debt Schemes
Debt Funds invest only in debt instruments such as Corporate Bonds, Government
Securities and Money Market instruments either completely avoiding any investments in
the stock markets as in Income Funds or Gilt Funds or having a small exposure to
equities as in Monthly Income Plans or Children's Plan. Hence they are safer than equity
funds. At the same time the expected returns from debt funds would be lower. Such
investments are advisable for the risk-averse investor and as a part of the investment
portfolio for other investors.

Magnum Income Fund
This 100% debt fund, offers benefits of investment in a high quality bond portfolio,
with liquidity and tax efficiency of returns. The main features of the scheme are:
• A 100% debt fund, investing in high-quality debt instruments
• Ideal for investors who wish to completely avoid the volatility of equity and earn
higher returns than similar investment options
• For tax efficient returns, Systematic Withdrawal Plan (SWP) available under the
Growth Option under which Post-Dated Cheques payable at par is issued to the
optees of SWP.
Magnum Children's Benefit Plan
This is the ideal vehicle to provide for the future needs of your child, be it Education
or marriage.
Under this scheme, money is invested using what is called the 80:20 principle. This
means that 80% of savings is put into debt instruments, ensuring stability and security in
a volatile market. The balance 20% can ride the crest of the equity market to maximize
returns. The ratio can be altered to 75:25 depending on market conditions.
Magnum Monthly Income Plan
This Open-end debt fund has investments of at least in 85% in debt instruments and
not more than 15% in equity.
Endeavor to provide regular income to investors, this fund is suitable, both as a

source of monthly income or to supplement regular income. The main features of the
scheme are:
• Open-end debt fund investing at least in 85% debt and not more than 15% in
equity. It is Suitable, both as a source of monthly income or to supplement regular
income

• Choice of 2 Plans :
• Dividend Plan: Offers regular income through Monthly, Quarterly or

Annual Dividend options.
• Growth Plan: Offers growth along with long-term capital gains tax
benefits but declares no dividend.
Magnum Gilt Fund
Dedicated fund to investing in Government of India Securities and hence carries Zero
Credit Risk, with a choice of 2 plans
• Short-term plan
• Long-term plan
• The scheme offers Monthly dividend option in short-term plan and Quarterly
dividend option in long-term plan with Growth option available in both plans.
1. Magnum Income Plus Fund
a. The scheme has two Plans for investment - Savings Plan and Investment Plan.
Both Plans have Growth and Dividend Options.
b. The Savings Plan will invest its entire corpus only in investment grade debt
instruments such as Government Securities, Corporate Bonds and Debentures and
Money Market instruments. The Investment Plan will invest at least 80% of its
corpus in investment grade Debt instruments and Money market instruments and
the balance will be invested in stocks. The stocks will be selected from the BSE
100 index only. And this scheme provides a group life insurance cover for all
investors, aged between 18 years and 54 years, of the scheme.

Magnum Balanced Fund
• Magnum Balanced Fund invests in a mix of equity and debt investments. Hence
they are less risky than equity funds, but at the same time provide
commensurately lower returns. They provide a good investment opportunity to
investors who do not wish to be completely exposed to equity markets, but is
looking for higher returns than those provided by debt funds.
Magnum InstaCash Fund
A must for the investment portfolio of any corporate / HNI/ Banks/ Institutions. It is a
liquid income fund and it is Ideal short-term instrument for parking surplus cash.
It invests in money market instruments like commercial paper, G-Secs and short-term
debt instruments. It has Cash Plan and Dividend Plan. Minors can also be nominated.
Magnum Insta-Cash Fund - Short Term Plan

It is an open ended Plan under the Magnum InstaCash Fund(MICF),
offering a high degree of liquidity on investments and superior returns
comparable to similar investment avenues consistent with such high liquidity.
Close -Ended funds
1. SBI Magnum Equity Linked Saving Scheme 96:

Objective: Its objective is to provide tax saving u/s 80CCB and long-term capital
gains by investing in equities.
2. SBI Magnum Equity Linked Saving Scheme 96

Objective: To provide tax saving u/s 80CCB and long term capital gains by
investing in equities. Nature of Scheme Equity. Inception Date Mar 31, 1996. Face Value
(Rs/Unit) 10 Fund Size (Rs. in crores) 10.8573 on Mar 28, 2002

3. SBI Magnum Monthly Income Scheme 97:
Objective: To provide an opportunity to investors to earn regular monthly income
along with probability of capital appreciation.
Nature of Scheme Debt, Inception Date Apr 1, 1997 Face Value (Rs/Unit) 10
Fund Size (Rs. in crores) 37.7693 on Jun 30, 2003
4. SBI Magnum Monthly Income Scheme 98 (II) - Annual:

Objective: To provide Investors to earn regular Income along wit a probability of
Capital Appreciation. Nature of Scheme Debt. Inception Date Jan 6, 1999 Face Value
5. SBI Magnum Monthly Income Scheme 98 (II) - Cumulative

Objective: To provide investors to earn regular income along with a probability
of capital appreciation. Nature of Scheme Debt. Inception Date Jan 6, 1999 Face Value
6. SBI Magnum Monthly Income Scheme 98 (II) - Monthly

Objective: To provide investors to earn regular income along with a probability of
capital appreciation. Nature of Scheme Debt. Inception Date Jan 6, 1999 Face Value
7. SBI Magnum Monthly Income Scheme 98 (II) - Quarterly

of capital appreciation.
8. SBI Magnum Monthly Income Scheme 98 (II) - Quarterly

of capital appreciation
Market share
SBI Mutual Fund’s current Market Share in the Indian Mutual Fund’s market is about
5%. Total industry capitalization is about 1 lakh crores as on November 2003. SBI
Mutual Fund has more than 11 lakh investors as on November 2003.
Competitors
The main competitors of SBI Mutual Funds in the Indian Mutual Funds Market are..
• Franklin Templeton Investments
• Standard Chartered Mutual Fund
• GIC Mutual Fund
• HDFC Mutual Fund
• IL & FS Mutual Fund
• Morgan Stanley Mutual Fund
• Prudential ICICI Mutual Fund
• Reliance Capital Mutual Fund
• UTI Mutual Fund
• Alliance mutual Fund
• Birla Mutual Fund

Mc Kinsey’s 7 s Model:
It’s all very well devising a strategy, but you have to be able to implement it if it’s
to do any good. The Seven-S Framework first appeared in “The Art of Japanese
management “ by Richard Pascale and Anthony Athos in 1981. They had been looking at
how Japanese industry has been so successful, at around the same time that Tom Peters
and Robert Waterman were exploring what made a company excellent. The seven –S
model was born at a meeting of the four authors in 1978. It went to appear in “In search
of Excellence” by peters and waterman, and was taken up as a basic tool by the global
management consultancy McKinsey: it’s some times known as the McKinsey 7S model.
Managers, they said, need to take ac count of all seven of the factors to be sure of
successful implementation of strategy-large or small. They are all inter dependent, so if

you fail to pay proper attention to one of them, it can bring the others crashing down
around you. Oh, and the relation importance of each factor will vary over time, and you
can’t always tell how that’s changing. Like a lot of these models, there’s a good dose of
common sense in here, but 7S framework is useful way of checking that you have
covered all the bases.
Mckinsey & Co’s 7S framework provides a useful framework for analyzing the
strategic attributes of an organization. The Mckinsey consulting firm identified strategy
as only one of seven elements exhibited by the managed companies.
Strategy, structure and system can be considered the “hardware” of success whilst
style, staff, skills and shared values can be seen as the “software”.
Companies, in which these soft elements are present, are usually more successful
at the implementation of the strategy.

Shared Values
Shared values means that the employees share the same guiding values. Values
are things that you would strive for even if they were demonstrably not profitable. Values
act as an organization conscience, providing guidance in times of crisis.
Strategy
The integrated vision and direction of the company, as well as the manner
in which it derives, articulates, communicates and implements that vision and direction.
Structure
The policies and procedures that govern the way in which the organization acts
within itself and within its environment. The organigram (e.g. hierarchical or flat) as
well as the group and ownership structure are included here. Also note porter’s
categorization of group structure: efficient allocators of capital; allocation of resources,
etc.
Systems
The decision-making systems within the organization can range from
management intuition, to structured computer systems to complex expert systems and
artificial intelligence. It includes
 Computer systems,
 Operational systems,
 HR systems and etc
Style
Style refers to the employees shared and common way of thinking and behaving-
unwritten norms f behavior and thought:

 Leadership style
 Organizational culture
Skills
Skills refer to the fact that employs have the skills needed to carry out the
company’s strategy. Training and development-ensuring people know how to do their
jobs and stay up to date with the latest techniques.
Staff
Staff means that the company has hired able people, train them well and assigned
them to the right jobs. Selection, training, reward and recognition, retention, motivation
and assignment to appropriate work or all key issues.
7-S ADAPTION TO SBI FUNDS MANAGEMENT PVT LTD
STRATEGY:
A set of decisions and actions aimed at gaining a sustainable competitive

advantage. There is a commonly understood strategy of SBIMF. Their main objective is
to plan their investment objective in such way which gives them better return which in
turn they can distribute the same to their customers. This ultimately helps in the growth
and stability of the co in the industry.
STAFF
There are many different people working with SBIMF from young, dynamic
consultants to enthusiastic, highly motivated experts. They all have one thing in common
they are driven by performance. SBI AMC is a mixture of male and female colleagues.

The designations in the job are as follows:
 Chairman
 Whole time director & Managing director
 Chief executive officer
1. Chief Marketing Manager
2. Chief Investment officer
3. Chief operation officer
 Fund Manager
 Assistant fund manager
In SBI AMC, the staff follows “collegiality” which means, supportive

relationships and teamwork in the organizations. The advantage of this “collegiality” is
that it will make communal tendencies in the form of coherent social rules and common
identities. Such a well-constructed network can make employees feel autonomous but yet
still part of the coherent whole. They continuously invest in hiring the best and the
brightest, developing them to fulfill their aspiration and ensure their growth-professional
and personal.
The company has a range and depth of professional, youthful employees that puts us
among the leading companies in India. SBI’ People Processes are mature,
institutionalized and reflect a vibrant external environment and a rich landscape of the
company’s own ambitions.
STYLE
The style followed in SBI AMC is the open culture. The open culture refers to the
transparency, flexibility, etc.; here the aim of SBI AMC is to be innovative all the time.
To achieve this following are followed in SBI AMC.
Open to innovative ideas
 Following the proper process in working
 Change the mindset of the employees

 Not being afraid of being reviewed
 Working in teams
 Managerial approach
In SBI AMC, wherein the process are driven through a project, there is managerial
style followed to the maximum extent the advantage of this “Managerial” approach is
that it gets the maximum out of existing organization. The focus is on creating a new
order of the things. The managerial approach is more project rather than process focus.
The communication process is two way i.e., the top down and bottom up
communication. The decision making to some extent is decentralized.
SHARED VALUES
Values and Morality:
 Provide value for money to customers through quality products and services
 Treat people with respect and concern; provide opportunities to learn, contribute
and advance; recognize and reward initiative, innovativeness creativity.
 Maintain
 An organizational climate conducive to trust, open communication & team sprit
 A style of operation befitting our size but reflecting moderation and humanity
 Manage environment effectively for harnessing opportunities
 Discharge responsibilities to various sections of society and preserve environment
 Grow in accelerated manner, consistent with values and beliefs by continuous
organizational renewal
SKILLS
The skills required to be an employee of SBI MF AMC are as follows:

 Presentation
 Communication
 Managerial
 Leadership
 Creativity and Innovation
 Interpersonal
The company recruits and selects post Graduates, professional degree holders with
complete Finance Background. The training is an on going process in SBI AMC.
In SBI AMC, all the employees always try to improve upon their performances.
This means that the employees follow the “Maximize” way to look ahead like higher
order capabilities that are beyond the old.
SYSTEM
The company is a market leader and respected in the industry. – The group is a
market leader and well respected in many of the business it is in.
The company is also a good corporate citizen. Social responsibility rank high with
the group. 1% of its net income is spent on charitable activities like health care,
education etc.
STRUCTURE

Part- B

Design of the study
Statement of the problem
To study about the performance of various Mutual funds in the market and rank
them in a systematic order over a period of time (5 year’s)
Objectives of the study
1) To under stand the concept of Mutual funds.

2) To understand the functioning of Mutual fund.
3) To identify different players in mutual fund industry.
4) To study the advantages available to the investors through Mutual funds.
5) To compare Equity funds with the sensex and Nifty.
6) To Ranking of funds.
Limitations:
1) The study was restricted to Bangalore City.

2) Not all the information required was freely available.
3) Interaction with the company professional was limited, due to their busy
schedule.
4) Only 18 Equity funds were compared and analyzed.
5) Only funds, which are more than five years old, have been considered for
ranking.
7) Only open-ended funds have been considered.
8) Equity funds have been ranked on the basis of five years performance.
9) To compute returns, the cut-off date for NAV was taken as 31st march.
10) The funds have been ranked on the basis last five-year return.

Scope of the study:
1) This study will help a layman to take investment decision.

2) This study will help the individual who invest in share’s & in savings Bank
deposit and who are looking towards alternative sources of investment to
maximize their returns.
3) This study will help the investors who are risk averters and who expect a high
rate of return on their investments.

Operational definitions and concept:
Acid Test Ratio
It is the ratio indicated by dividing a company's current assets by current

liabilities. It reflects the financial strength of a company and hence called Acid test ratio
Annual Fund Operating Expenses
The expenses incurred, during a particular year, by Asset Management Company

for managing the funds
Asset Allocation
The process of diversifying the investments in different kinds of assets such as

stocks, bonds, real estate, cash in order to optimize risk
Asset Management Company (AMC)
A Company registered with SEBI, which takes investment/divestment decisions

for the mutual fund, and manages the assets of the mutual fund
Automatic Reinvestment
An investment option for mutual fund unit holders in which the proceeds from
either the fund's dividends or capital gains, or both, are automatically used to buy more
units of the funds
Asset Allocation Fund
A fund that spreads its portfolio among a wide variety of investments, including
domestic and foreign stocks and bonds, government securities, gold bullion and real

estate stocks. Some of these funds keep the proportions allocated between different
sectors relatively constant, while others alter the mix as market conditions change
Balanced Fund
Balanced fund include both equity and debt schemes, with 50-75 per cent in
equity and the rest in debt.
Bond Fund
A mutual fund whose portfolio consists primarily of corporate, municipal or

government bonds. These funds generally emphasize income rather than growth
Bond Rating
A system of evaluating the probability of whether a bond issuer will default.

Standard and Poor's Corp. and Moody's Investors Services, among other firms, analyze
the financial stability of both corporate and government bond issuers. Ratings range from
AAA or Aaa (extremely unlikely to default) to D (currently in default). Bonds rated BBB
or below by S&P or Baa or below by Moody's are not considered to be of investment
grade. Mutual funds generally restrict their bond purchases to issues of certain quality
ratings, which are specified in their prospectuses
Bench mark
An unmanaged group of securities whose performance is used as a standard to

measure investment performance. Commonly known as a market index. Some well-
known benchmarks are the BSE Sensex and NSE Nifty.
Capital Gains Distributions
Payments made usually at the end of the year to mutual fund shareholders of gains
realized on the sale of securities in the mutual fund portfolio

Certificate Of Deposit
An interest-bearing, short-term debt instrument issued by banks and thrifts
Contingent Deferred Sales Charge (CDSC)
A fee (or back-end load) imposed by certain funds on shares redeemed within a
specific period following their purchase. These charges are usually assessed on a sliding
scale, such as four percent to one percent of the amounts redeemed, with the fee reduced
each year the units are held.
Capital Growth
A rise in market value of a mutual fund's securities, reflected in its net asset value
per share. This is a specific long-term objective of many mutual funds
Custodian
The bank or trust company that maintains a mutual fund's assets, including its portfolio of
securities or some record of them. The custodian provides safekeeping of securities but
has no role in portfolio management
Diversification
A basic risk management tool in which an investor maintains a mix of common

stocks, bonds money markets and other investments to reduce potential risk.
Distributor
An individual or a corporation serving as principal underwriter of a mutual fund's

shares, buying shares directly from the fund, and reselling them to other investors

Exchange Privilege
A feature offered by some mutual fund in which an investor is able to switch from
one scheme to another within the fund family without having to pay any charges. Same as
Switching
Ex-Dividend Date
The date on which a fund's Net Asset Value (NAV) will fall by an amount equal
to the dividend and/or capital gains distribution (although market movements may alter
the fund's closing NAV somewhat).
Exit Load
The commission or charge paid when an investor exits from a mutual fund. They
are basically imposed to discourage withdrawals.
Entry Load
The commission charged at the time of buying the fund. It is also called front-end
load.
Expense Ratio
A mutual fund's operating expenses, expressed as a percentage of its average net

assets. Mutual funds with lower expense ratios are able to distribute a higher percentage
of their total returns to their shareholders.
Fiscal Year
An accounting period consisting of 12 consecutive months

Fund Manager
The individual responsible for making portfolio decision for a mutual fund.
Growth Fund
A mutual fund whose primary investment objective is long-term growth of

capital. It invests principally in common stocks with significant growth potential.
Global Fund
A mutual fund investing in stocks or bonds through out the world
Income Fund
A mutual fund that primarily seeks current income rather than growth of capital. It
will tend to invest in stocks and bonds that normally pay high dividends and interest.
Investment Objective
The financial goal (long-term growth, current income, etc.) that an investor or a
mutual fund pursues
Junk Bond
A speculative bond rated BB or below by Standard & Poor's Corp. and Ba or

below by Moody's Investor Service. See Bond Rating. "Junk bonds" are generally issued
by corporations of questionable financial strength or without proven track records. They
tend to be more volatile and higher yielding than bonds with superior quality ratings.
"Junk bond funds" emphasize diversified investments in these low-rated, high-yielding
debt issues

Load
Commissions an investor pays to a mutual fund on entry (buying units) and exit
(selling the units
Management Fee
The amount a mutual fund pays to its investment advisor for services rendered,
including management of the fund's portfolio. In general, this fee ranges from .5% to 1%
of the fund's asset value
Money Market Fund
A mutual fund that invests only in money markets such as commercial papers,
commercial bills, and treasury bills certificate of deposit and other instruments specified
by RBI. These funds have a minimum lock-in period of 15 days. Till recently, the RBI
regulated money market funds but they now come under SEBI.
Net Asset Value Per Unit
The current market worth of a mutual fund share. Calculated daily by taking the
funds total assets: securities, cash and any accrued earnings, deducting liabilities, and
dividing the remainder by the number of units outstanding.
No Load Fund
Mutual fund that does not impose any sales charge or commission for buying and
selling the units

Payable Date
The date on which distributions are paid to shareholders who do not want to
reinvest them. This date can be anywhere from one week to one month after the record
date.
Portfolio Turnover Rate
The rate at which the fund's portfolio securities are changed each year. If a fund's
assets total 100 crore and the fund bought and sold 100 crore worth of securities that
year, its portfolio turnover rate would be 100%. Aggressively managed funds generally
have higher portfolio turnover rates than do conservative funds which invest for the long
term. High portfolio turnover rates generally add to the expenses of a fund.
Prospectus
An official document that each investment company must publish, describing the
mutual fund and offering its shares for sale. It contains information required by the
Securities and Exchange Board of India including fees and expenses of the fund, past
performance and how to buy and redeem shares
Portfolio Manager
A professional hired by the mutual fund advisor to make investment decisions

concerning the purchase and sale of securities for the mutual fund portfolio in accordance
with the fund's objectives
Record Date
The date the fund determines who its shareholders are; "shareholders of record"
who will receive the fund's income dividend and/or net capital gains distribution.
Frequently the business day immediately prior to the Ex-Dividend Date.

Redemption Price
The price at which a mutual fund's shares are redeemed (bought back) by the
fund. The redemption price is usually equal to the current net asset value per share. Also
called the bid, call or sell price
Reinvestment Date (Payable Date)
The date on which a share's dividend and/or capital gains will be reinvested (if requested)
in additional fund shares.
Sector Fund
An equity scheme that invests in shares of companies operating in specific sector

or industries is called a sector fund. For instance, a pharma fund would invest only in
pharmaceutical companies
Specialty Fund
A mutual fund specializing in the securities of a particular industry or group of

industries or special types of securities.
Systematic Withdrawal Plans
Many mutual funds offer withdrawal programs whereby shareholders receive

payments from their investments. These payments are usually drawn from the fund's
dividend income and capital gain distributions, if any, and from principal only when
necessary

Yield
Income or return received from an investment, usually expressed as a percentage

of market price, over a designated period. For a mutual fund, yield is interest or dividend
before any gain or loss in the price per share.
Zero Coupon Bond
Bond sold at a fraction of its face value. It appreciates gradually, but no periodic
interest payments are made. Earnings accumulate until maturity, when the bond is
redeemable at full face value. Nonetheless, interest is taxable as it accrues. As a result,
zero coupon bonds are often used for IRAs, Keoghs and other tax-deferred retirement
plans.

Methodology
Research Design:
Exploratory research: The main purpose of exploratory studies is that of formulating a
problem for precise investigation or of developing the working hypothesis from an
operational point of view.
Nature of Data:
Both primary and secondary data are used for the purpose of the study.
Method of data collection:
The primary data was collected through direct personnel interview with the executives of
SBIMF, and SBI records, manuals, Fact sheets.
The secondary data was collected from websites, magazines and journals.
Population:
The population consists of 18 five year old funds; the entire population has been taken in
to consideration for the study.
Statistical and Financial tools:

Percentage analysis was used to calculate returns on NAV.

Analysis and Interpretation
Investment consist of two attributes, Risk and Return. Higher the Risk so is the returns
and vice versa. Investments can be classified in to short-term and long-term Investments.
Short-term Investments are money market Investments and long-term Investments are
capital market investments basically includes Equity, Debt, and Mutual funds.
An investor may select the capital market investment based on his risk bearing ability,
Mutual funds are a moderate risk-return trade off.
18 Equity diversified Mutual funds (5year old) were ranked based on their NAV return
for a holding period of 5years. HDFC Equity fund was found to top the list with NAV
returns of 306% for a period of 5 years.

Equity diversified funds:
No FUND NAME 99-00 99-01 99-02 99-03 99-04 Rank

A H D F C Equity 97.23 30.27 76.78 76.38 308.86 1
B Reliance Growth 105.48 1.30 25.83 49.60 293.58 2
Frankline India blue
C chip 100.95 48.13 67.08 64.00 284.20 3
D Tata pure equity 112.87 46.15 49.10 30.28 237.76 4
E Alliance Equity 214.52 49.58 60.02 46.94 233.97 5
F Sundram Growth 75.47 8.80 21.76 19.28 160.71 6
G prud I C IC I 125.81 22.28 38.27 24.70 149.90 7
H Kotak 30 92.07 8.52 9.32 9.01 136.99 8
I Birla advantage 162.60 13.16 20.03 5.72 132.59 9
J UTI 50.36 3.74 16.1 8.17 107.25 10
K D S P ML equity 68.06 -15.41 -13.72 -18.98 89.81 11
L Principal equity 51.46 -5.81 4.53 -1.62 88.75 12
M Magnum 187.28 -7.53 -11.21 -23.24 64.42 13
N GIC Growth Plus II 93.88 -6.47 -7.98 -12.59 42.02 14
O LICMF Equity 19.74 -32.22 -27.26 -32.35 41.30 15
P J M Equity 32.50 -39.26 -41.35 -39.93 23.39 16
Q Canglobal 27.99 -28.64 -31.27 -44.15 5.12 17
ING vysya select
R stocks 179.83 -27.80 -18.84 -33.09 4.48 18
SENSEX 34.86 -2.8 -6.44 -17.79 50.75

NIFTY 41.92 6.61 4.88 -9.17 64.52
Description of the fund

Mutual fund family Alliance Capital Asset Mgmt (India) Pvt Ltd.
Fund class Equity Diversified
Inception Date Aug-27-1998
Age of the fund 72 months
Minimum investment Rs. 5,000.00

Fund asset size 268.02 crore
Last dividend No dividend yet
Bonus No bonus yet
Load
Entry load 2.00 %
Exit load 0.00 %
Class %
Equity 104.24
Others/Unlisted 0.02
Debt 0
Money market 0
Cash/call 9.24
Net receivable/Payable -13.49
Portfolio of the fund:

Sector %
Telecommunication 14.03
Bharti Tele Ventures 7.72
Siemens 6.31
Manufacturing 12.86
Pantaloon Retail 7.92
Ballarpur Industries 3.11
Essel Propack 1.84
Automotive 12.17
Tata Motors 7.04
Maruti Udyog 5.14
Pharmaceuticals 11.93
Divis Laboratories 3.60
Ranbaxy Laboratories 3.57
Cadila Healthcare 2.53
Cipla 2.22
Chemicals 9.61
United Phosphorous 8.22
Indian Petrochemicals Corporation 1.40
Miscellaneous 8.67

Trent 7.37
Container Corporation of India 1.30
Metals & Mining 8.47
Hindalco Industries 4.19
Jindal Iron and Steel Company 2.21
PSL Limited 2.07
Information Technology 8.35
Infosys Technologies 5.88
Hinduja TMT 2.47
Banking & Financial Services 6.76
State Bank of India 3.22
Jammu and Kashmir Bank 1.47
Canara Bank 1.10
ING Vysya Bank 0.97
Oil & Gas 6.70
Chennai Petroleum Corporation 3.81
Gujarat Gas Company 1.75
Oil and Natural Gas Corporation 1.13
Engineering & Capital Goods 3.69
Bharat Heavy Electricals 3.69
Food & Beverages 0.94
United Breweries 0.60

United Breweries Holdings 0.34
Media & Entertainment 0.06

ETC Networks 0.06
Net Receivable / Payable -13.49
Others / Unlisted 0.02

Alliance Capital Asset Mgmt (India) Pvt Ltd.
Comparison of Alliance equity fund with market indicators (BSE Sensex and Nifty.)
Table number 1:
99-00 99-01 99-02 99-03 99-04

Alliance equity 214.52 49.58 60.02 46.94 233.97
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 1:
250
200
Returs in %
150
Alliance equity
100 SENSEX
NIFTY
50
0
1999-00 99-01 99-02 99-03 99-04
-50
Periods

It is seen from the above table and graph that Alliance equity fund outperformed the
market portfolios, through out the different holding periods.
Description about the fund:

Birla Sun Life Asset Management Company
Mutual fund family Ltd.
Inception Date Feb-24-1995
Age of the fund 115 Months
Bonus No bonus yet
Load
Entry load 2.25 %
Exit load 0.00 %

Class %
Equity 85.82
Debt 0.05
Money market 0
Cash/call 12.69
Net receivable/Payable 0

Sector %

Thermax 3.84
Bharat Electronics 3.63
Conglomerates 10.35
Grasim Industries 5.72
Voltas 3.02
Kesoram Industries 1.61
Satyam Computer Services 5.01
Patni Computer Systems 1.72
CMC 0.94
Siemens 4.23
Automotive 9.45
Mahindra and Mahindra 4.45
Maruti Udyog 3.14
Ashok Leyland 1.86
Oil & Gas 8.67
Indian Oil Corporation 4.41
Steel Authority of India 4.41
National Aluminium Company 3.75
Canara Bank 1.85
Vijaya Bank 1.67
Services 4.49
Great Eastern Shipping Company 4.49
Chemicals 3.52
Reliance Industries 0.03
Debt 0.05
Cash / Call 12.69

Birla Sun Life Asset Management Company Ltd.
Comparison of Birla advantage fund with market indicators (BSE Sensex and Nifty.)
Table number2:
99-00 99-01 99-02 99-03 99-04

Birla advantage 162.6 13.16 20.03 5.72 132.59
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52

Graph number 2:
200
150
Returns in %
100 Birla advantage

SENSEX
50 NIFTY
0
1999-00 99-01 99-02 99-03 99-04
-50
Periods
It is seen from the table and graphs that Birla advantage fund outperformed the market
indicators, through out the holding periods because fund was managed efficiently.
Description of the fund:

Canbank Investment Management Services
Last dividend 2.00per unit
Bonus No bonus yet
Load
Entry load 1.85 %
Exit load 0.00 %

Class %
Equity 79.08
Others/Unlisted 0
Debt 0
Money market 10.41
Cash/call 10.51
Portfolio of fund:
Sector %
Chemicals 16.38
Hikal 3.81
Manufacturing 12.99
Gujarat NRE Coke 5.57
Arvind Mills 4.15
Indian Rayon and Industries 3.27
Automotive 11.75
Tata Motors 5.76
Hero Honda Motors 2.92
CMC 8.05
SSI 2.21
Bhushan Steel and Strips 3.41
Gujarat Mineral Development Corpora 2.58
Welspun Gujarat Stahl Roh 2.21
Services 8.09
Shipping Corporation of India 3.40
Bharati Healthcare 4.14
Biocon 3.68
Utilities 3.59
Tata Power Company 3.59
Cash / Call 10.51
Money Market 10.41

Canbank Investment Management Services Ltd.
Comparison of Can global fund with market indicators (BSE Sensex and Nifty.)
Table number 3:
99-00 99-01 99-02 99-03 99-04

Can global 27.99 -28.64 -31.27 -44.15 5.12
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 3:
80
60
Returns in %
40
20 Canglobal
0 SENSEX
-20 1 2 3 4 5 NIFTY
-40
-60
Periods
The table and graph shows that Can global fund had higher degree of correlation only
with Sensex and not with Nifty, hence comparing the fund with Sensex it was found that
the returns were lower, which indicated a high degree of risk for the fund.

Mutual fund family DSP Merrill Lynch Fund Managers Ltd.
Inception Date Apr-07-1997
Age of the fund 89months
Bonus 4.00 per unit
Load
Entry load 2.00 %
Exit load 0.00 %
Class %
Equity 93.67
Debt 0.04
Money market 4.53
Cash/call 0
Net receivable/Payable 0.74
Sector %

Kotak Mahindra Bank 2.51
Vijaya Bank 1.50
Karur Vysya Bank 1.33
ICICI Bank 1.10
ING Vysya Bank 0.47

Oil & Gas 11.75
Oil and Natural Gas
Corporation 5.68
Bongaigaon Refineries and
Petrochemicals 2.48
GAIL India 1.56
Bharat Petroleum Corporation 1.05

Kochi Refineries 0.97
HCL Infosystems 2.06
Wipro 1.90
CMC 1.01
E-Serve International 0.79
Tata Iron and Steel Company 3.22
Sesa Goa 2.98
Hindustan Zinc 1.94
Automotive 8.09
Maruti Udyog 3.10
Tata Motors 2.30
Bharat Forge 1.53
Thermax 2.25
Crompton Greaves 1.67
Larsen and Toubro 1.37
ABB 0.66
Conglomerates 6.25
Chemicals 4.81
Finolex Industries 1.09
4.74
Aventis Pharma 2.54
Dishman Pharmaceuticals &
Chemicals 0.79
Siemens 1.43
Utilities 3.89
Power Trading Corporation 1.67
Tobacco 3.35
ITC 3.35
Manufacturing 2.70

Indo Rama Synthetics (India) 1.32
Balrampur Chini Mills 2.14
Cement & Construction 2.03
Gujarat Ambuja Cements 2.03
New Delhi Television Ltd 0.56
Miscellaneous 0.47
Dredging Corporation India 0.47
Consumer Non-durables 0.42
Hindustan Lever 0.42
Debt 0.04
Net Receivable / Payable 0.74
Money Market 4.53

DSP Merrill Lynch Fund Managers Ltd.
Comparison of DSPML equity fund with market indicators (BSE Sensex and Nifty.)
Table number4
99-00 99-01 99-02 99-03 99-04

D S P ML 68.06 -15.41 -13.72 -18.98 89.81
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 4:

100
Returns in % 80
60
D S P ML
40
SENSEX
20
0 NIFTY
-20 1999-00 99-01 99-02 99-03 99-04
-40
Periods
The table and graph shows that DSPML Equity fund had higher degree of correlation
only with Sensex and not with Nifty, hence the fund compared with Sensex and it was
found that it outperformed Sensex.
Description about the fund :

Mutual fund family Franklin Templeton Asset Mgmt. (India) Pvt. Ltd.
Inception Date Nov-30-1993
Last dividend 2.00 per unit
Bonus no bonus yet
Load
Entry load 2.25 %
Exit load 0.00 %

Class %
Equity 94.81

Debt 0
Money market 0
Cash/call 4.73
Sector %


HCL Technologies 4.30
CMC 0.17
Oil & Gas 15.33
Hindustan Petroleum
Corporation 3.98
GAIL India 3.00
Oil and Natural Gas

Corporation 1.67

LIC Housing Finance 3.36
HDFC Bank 2.65
ICICI Bank 1.45
Automotive 8.13
Tata Motors 2.88
Ashok Leyland 1.79
Tobacco 6.76
ITC 6.76
Chemicals 6.73

Indian Petrochemicals
Corporation 0.73
Asian Paints (India) 0.64

Conglomerates 5.61
Mahanagar Telephone Nigam 3.75

Associated Cement
Companies 2.66
Services 2.03
Great Eastern Shipping
Company 2.03
Manufacturing 0.92
Dr Reddys Laboratories 0.37
Sun Pharmaceutical
Industries 0.02
TV Today Network 0.17
Cash / Call 4.73
Franklin Templeton Asset Mgmt. (India) Pvt. Ltd.
Table number 5

Comparison of Franklin India blue chip equity fund with market indicators (BSE Sensex
and Nifty.)
99-00 99-01 99-02 99-03 99-04
FRANKLINE 100.95 48.13 67.08 64 284.2
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 5:
300
Franklin india blue
Returns in %
200 chip
SENSEX
100
0 NIFTY
1999- 99-01 99-02 99-03 99-04
-100 00
Periods
It is seen from the table and graphs that Franklin India blue chip fund outperformed the
market indicators, as also fund was managed efficiently through out the different holding.

Mutual fund family GIC Asset Management Co. Ltd.

Bonus no bonus yet
Load
Entry load 2.00 %
Exit load 1.00 %

Class %
Equity 84.46
Debt 0
Money market 0
Cash/call 12.91
Sector %
GlaxoSmithKline
Oil & Gas 13.81
Petronet LNG Ltd 10.23
Hindustan Petroleum
Corporation 3.58

Cyberspace Infosys 0.01
Galaxy Entertainment 9.54
Tobacco 9.34
ITC 9.34
Chemicals 7.10
Tata Chemicals 2.69
HDFC Bank 2.12
GIC Asset Management Co. Ltd.

Comparison of GIC growth plus fund with market indicators (BSE Sensex and Nifty.)
Table number 6:
99-00 99-01 99-02 99-03 99-04

GIC 93.88 -6.47 -7.98 -12.59 42.02
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 6:

100 G I C Growth plus
Returns in % II
50 SENSEX
0 NIFTY
1999-00 99-01 99-02 99-03 99-04
-50
Periods
The table and graph shows that GIC Growth plus fund had higher degree of correlation
only with Sensex and not with Nifty, hence the fund compared with Sensex and it was
found that returns were lower, which indicated a high degree of risk for the fund.

Mutual fund family HDFC Asset Management Co. Ltd.
Inception Date Dec-08-1994
Bonus No bonus yet
Load
Entry load 2.25 %
0.00 %
Exit load
Class %
Equity 97.62

Others/Unlisted 0
Debt 0
Money market 2.29
Cash/call 0.09

Sector %

Tata Consultancy Services 2.36
Datamatics Technologies Ltd 2.03
CMC 1.99
D-Link (India) 0.42
Indian Overseas Bank 1.63
Vijaya Bank 1.17
Federal Bank 1.12
Conglomerates 11.33
Century Textiles and Industries 4.48
Voltas 0.72
Chemicals 11.32
Automotive 10.05
Amtek Auto 3.44
Maruti Udyog 3.28
Zee Telefilms 5.17
Oil & Gas 4.46
Miscellaneous 3.08
Tata Telecom 3.05

Manufacturing 2.24
Indo Rama Synthetics (India) 2.24
Chemicals 1.98
Cash / Call 0.09
Money Market 2.29
HDFC Asset Management Co. Ltd.

Comparison of HDFC equity fund with market indicators (BSE Sensex and Nifty.)
Table number 7
99-00 99-01 99-02 99-03 99-04

HDFC 97.23 30.27 76.78 76.38 308.86
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 7:
400
300
Returns in %
H D F C Equity
200
SENSEX
100 NIFTY
0
1999-00 99-01 99-02 99-03 99-04
-100
Periods
The table and graph shows that HDFC Equity fund outperformed the market indicators,
through out the different holding period; the fund was well managed both in the short run
and long run.
Description of the fund
Mutual fund family ING Vysya Mutual Fund

Inception Date May-07-1999
Bonus No bonus yet
Load
Entry load 2.00 %
Exit load 0.00 %

Class %
Equity 95.89
Others/Unlisted 0
Debt 0
Money market 0
Cash/call 4.11

Sector %

Wipro 3.62
Hexaware Technologies 3.60
Sun Pharmaceutical Industries 3.64
Biocon 2.92
Lupin 1.94
Wockhardt 1.90

Utilities 8.03
Reliance Energy 3.26
Oriental Bank of Commerce 2.28
Oil & Gas 7.08
Hindustan Petroleum Corporation 2.12
Automotive 5.96
Maruti Udyog 2.18
Manufacturing 5.27
Arvind Mills 2.79
Raymond 2.48
Associated Cement Companies 2.66
Jaiprakash Industries 1.32
India Cements 0.78
Conglomerates 3.76
Tata Tea 2.51
Zee Telefilms 1.49
Cash / Call 4.11

ING Vysya Mutual Fund
Comparison of ING Vysya select stocks fund with market indicators (BSE Sensex and
Nifty.)
Table number 8:
99-00 99-01 99-02 99-03 99-04

ING vysha 179.83 -27.8 -18.84 -33.09 4.48
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 8:
200
150
Returns in %
100 ING vysha

Select stocks
50
SENSEX
0
1999-00 99-01 99-02 99-03 99-04 NIFTY
-50
Periods

The table and graph shows that INGVysaya select stocks fund had higher degree of
correlation only with Sensex and not with Nifty, hence the fund compared with Sensex
and it was found that it outperformed Sensex and which indicated high degree of risk
associated with the fund.

J.M. Capital Management Pvt.
Inception Date Jun-14-1995
Bonus No bonus yet
Load
Entry load 2.25 %
Exit load 0.00 %
Class %
Equity 80.32
Debt 12.63
Money market 0
Cash/call 7.04

Sector %
Automotive 13.98
Maruti Udyog 4.28
Tata Motors 3.47
Amtek Auto 2.94
I-Flex Solutions 4.12
D-Link (India) 1.78
Chemicals 9.59
Wockhardt 2.66
Aventis Pharma 2.64
Lupin 0.61
Oil & Gas 8.10
IBP Company 3.90
Shree Cements 3.00
Jaiprakash Associates 0.75
Manufacturing 3.70
Asahi India Glass 3.70
Services 3.46
Utilities 3.28
Debt 0.07

Cash / Call 7.04
J.M. Capital Management Pvt. Ltd.

Comparison of JM equity fund with market indicators (BSE Sensex and Nifty.)
Table number 9
99-00 99-01 99-02 99-03 99-04

J M Equity 32.5 -39.26 -41.35 -39.93 23.39
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52

Graph number 9:
80
60
Returns in %
40
J M Equity
20
SENSEX
0
NIFTY
-20 1999-00 99-01 99-02 99-03 99-04
-40
-60
Periods
The fund was well correlated with Sensex and it outperformed Sensex only in 5 years
holding period.

Kotak Mahindra Asset Mgmt Co.
Inception Date Dec-22-1999
Bonus No bonus yet

Load
Entry load 2.00 %
Exit load 0.00 %
Class %
Equity 92.83
Debt 0
Money market 4.56
Cash/call 5.10
Net receivable/Payable -2.50
Portfolio of the fund: %

Sector

Wipro 6.45
CMC 5.92
Hughes Software Systems 2.17
Cipla 4.39
Lupin 4.38
GlaxoSmithKline Pharmaceuticals 2.13

Oil & Gas 12.34

Siemens 3.03
Tata Telecom 2.66

Britannia Industries 1.96
Bajaj Hindustan 1.51
Nestle India 0.47
Manufacturing 4.09
Federal Bank 1.64
Chemicals 2.54

GlaxoSmithKline Consumer
Healthcare 0.82
Consumer Durables 0.17
Titan Industries 0.17
Cash / Call 5.10
Net Receivable / Payable -2.50
Money Market 4.56

Kotak Mahindra Asset Mgmt Co. Ltd.
Comparison of Kotak 30 fund with market indicators (BSE Sensex and Nifty.)
Table number 10
99-00 99-01 99-02 99-03 99-04

Kotak 92.07 8.52 9.32 9.01 136.99
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 10:
150
Returns in %
100
Kotak 30
50 SENSEX
NIFTY
0
1999-00 99-01 99-02 99-03 99-04
-50
Periods
It is seen from the above table and graph that Kotak 30 fund outperform the market
portfolios, through out the various holding periods because the fund was managed
efficiently.

Mutual fund family Jeevan Bima Sahayog AMC Ltd.
Inception Date Jan-11-1993
Bonus No bonus yet
Load
Entry load 2.00 %
Exit load 0.00 %
Class %
Equity 70.74
Debt \0
Money market 0
Cash/call 28.90
Jeevan Bima Sahayog AMC Ltd.

Comparison of LIC equity fund with market indicators (BSE Sensex and Nifty.)
Table number 11:
99-00 99-01 99-02 99-03 99-04

LIC 19.74 -32.22 -27.26 -32.35 41.3
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 11:
80
60
Returns in %
40 L I C Equity
20 SENSEX
0 NIFTY
-20 1999-00 99-01 99-02 99-03 99-04
-40
Periods
The table and graph shows that LIC Equity fund had higher degree of correlation only
with Sensex and not with Nifty, hence the fund compared with Sensex and it was found
that it outperformed Sensex and which indicated high degree of risk associated with the
fund.

Mutual fund family SBI Funds Management Ltd.
Inception Date Jan-01-1991

Minimum investment

Rs. 1,000.00
Bonus No bonus yet
Load
Entry load 1.75 %
Exit load 0.00 %

Class %
Equity 98.56
Debt 0
Money market 0
Cash/call 0.89
Sector
Wipro 4.97
Automotive 16.98
Tata Motors 5.60
Maruti Udyog 4.94
Bajaj Auto 2.50
Gesco Corporation 0.00
Chemicals 7.72

Oil & Gas 6.97

Kotak Mahindra Bank 2.92
ICICI Bank 0.87
Utilities 5.35
CESC 2.37
Conglomerates 3.68
Zee Telefilms 2.56
Siemens 0.00
Services 0.00

Cash / Call 0.89

SBI Funds Management Ltd.
Comparison of Magnum equity fund with market indicators (BSE Sensex and Nifty.)
Table number 12
99-00 99-01 99-02 99-03 99-04

Magnum Equity 187.28 -7.53 -11.21 -23.24 64.42
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 12:
200
Returns in %
150
magnum Equity
100
SENSEX
50
NIFTY
0
-50 1999- 99-01 99-02 99-03 99-04
00
Periods

From the above table and graph it is seen that the fund gave a better return than Sensex
and Nifty only in the 1st and fifth year but the return from this fund was low in the
second, third and fourth year.
Mutual fund family Principal Asset Management Company. Ltd.
Bonus No bonus yet
Load
Entry load 2.25 %
Exit load 0.00 %

Class %
Equity 83.14
Debt 3.58
Money market 0
Cash/call 12.59

Sector %
Punjab National Bank 4.61
Corporation Bank 4.01
ING Vysya Bank 0.68
Pfizer 3.27
Aventis Pharma 2.51
Chemicals 9.56
Asian Paints (India) 2.86
Indian Petrochemicals
Corporation 2.75
Automotive 9.38
Maruti Udyog 4.42
Tata Motors 3.34
Oil & Gas 6.33
Tobacco 4.50
ITC 4.50
Miscellaneous 4.03
Zee Telefilms 3.54

Neyveli Lignite Corporation 1.66
Manufacturing 1.29
Debt 3.58
Cash / Call 12.59

PRINCIPAL:
Comparison of Principal equity fund with market indicators (BSE Sensex and Nifty.)
Table number 13
99-00 99-01 99-02 99-03 99-04

Principal 51.46 -5.81 4.53 -1.62 88.75
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52

Graph number 13:
100
80
Principal
Returns in %
60
40 Equity
20 SENSEX
0
-20 1999-00 99-01 99-02 99-03 99-04 NIFTY
-40
Periods
From the above table and graph it is seen that it gave a better return than Sensex and
Nifty only in the 1st and fifth year but the return from this fund was low in the second,
third and fourth year.
Mutual fund family Prudential ICICI Asset Mgmt Co. Ltd.
Age of the fund 77Months
Bonus No bonus yet
Load

Entry load 2.00 %
Exit load 0.00 %

Class %
Equity 87.82
Debt 3.58
Money market 1.20
Cash/call 10.27
Automotive 20.34
Bajaj Auto 5.68
Tata Motors 3.97
Maruti Udyog 1.90
Amtek Auto 0.45
Biocon 6.79
Cipla 0.15
Wipro 0.08
Chemicals 5.12

Man Industries (India) 0.92
Utilities 3.72
Miscellaneous 3.24
Oil & Gas 2.44
Housing Development Finance
Corporation 1.13
ICICI Bank 0.49
HDFC Bank 0.22
Conglomerates 1.24
Tobacco 0.54
ITC 0.54
Zee Telefilms 0.08
Cash / Call 22.54

Prudential ICICI Asset Mgmt Co. Ltd.
Comparison of ICICI Growth fund with market indicators (BSE Sensex and Nifty.)
Table number 14
99-00 99-01 99-02 99-03 99-04

ICICI 125.81 22.28 38.27 24.7 149.9
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 14:
200
150
Returns in %
I C I C I Growth
100
SENSEX
50
NIFTY
0
-50 1999-00 99-01 99-02 99-03 99-04
Periods
It is seen from the above table and graph that ICICI Growth fund outperformed the
market indicators, through out the various holding periods because the fund was well
managed.
Reliance Capital Asset Management


Inception Date Sep-08-1995
Bonus No bonus yet
Load
Entry load 2.00 %
Exit load 0.00 %

Class %
Equity 75.28
Debt 0
Money market 0
Cash/call 16.02

Sector %
Automotive 12.00
Ashok Leyland 2.06
Sundram Fasteners 1.89
Munjal Auto Industries 1.67
Tata Motors 1.45
Swaraj Mazda 1.41
Amforge Industries 1.17
GlaxoSmithKline
Burroughs Wellcome (India) 2.07
Stride Arcolab 2.01

Chemicals 1.26
Jindal Steel & Power 3.47
Maharashtra Seamless 2.15
Hindustan Zinc 1.88
Kirloskar Ferrous Industries 1.61
Conglomerates 7.72
Sintex India 1.62

Kirloskar Brothers 1.81
NRB Bearings 1.42
Hexaware Technologies 3.15
Geometric Software Solutions
Co 3.00
Chemicals 6.10
EID Parry (India) 1.72
Micro Inks 1.17
Jaiprakash Associates 3.51
Nagarjuna Construction Co. 1.15
Radico Khaitaan 1.98
Manufacturing 2.26
Polyplex Corporation 1.20
Welspun India 1.06
ING Vysya Bank 1.95
Bata India 1.95
Tata Telecom 1.25
TV Today Network 1.14
Cash / Call 16.02

Reliance Capital Asset Management Ltd.
Comparison of Reliance Growth fund with market indicators (BSE Sensex and Nifty.)
Table number 15
99-00 99-01 99-02 99-03 99-04

Reliance 105.48 1.3 25.83 49.6 293.58
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 15:
350
300
Returns in %
250
200 Reliance Growth
150 SENSEX
100 NIFTY
50
0
-50 1999- 99-01 99-02 99-03 99-04
00
Periods

It seen from the table and graph that Reliance Growth fund outperformed the market
portfolios, both in the short term as well as long term holding periods.

Mutual fund family Sundaram Asset Mgmt Co. Ltd.
Last dividend no dividend yet
Bonus No bonus yet
Load
Entry load 2.00 %
Exit load 0.00 %

Class %
Equity 98.06
Debt 0
Money market 0
Cash/call 1.59

Sector %
Wipro 3.64
I-Flex Solutions 3.38
KPIT Cummins Infosystems 0.45
Essar Steel 0.95
Sesa Goa 0.49
Man Industries (India) 0.24
Automotive 9.46
Maruti Udyog 3.06
Bajaj Auto 2.83
Tata Motors 1.05
Kalyani Brakes 0.40
ICICI Bank 1.96
Punjab National Bank 1.86
Indian Overseas Bank 1.82
Prism Cement 0.42
Shanthi Gears 2.28
ABB 1.43
Thermax 0.76
Oil & Gas 7.16
Cipla 3.77
Nicholas Piramal 2.17
Chemicals 5.18

Tata Tea 3.70
Siemens 2.51
Conglomerates 2.93
Services 2.13
Tobacco 1.90
ITC 1.90
Dabur India 0.96
Utilities 0.92
Manufacturing 0.54
Cash / Call 1.59
Sundaram Asset Mgmt Co. Ltd.

Comparison of SundramGrowth fund with market indicators (BSE Sensex and Nifty.)
Table number 16
99-00 99-01 99-02 99-03 99-04

Sundram 75.47 8.8 21.76 19.28 160.71
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 16:

200
150
Returns in %
100 Sundram Growth

SENSEX
50 NIFTY
0
1999- 99-01 99-02 99-03 99-04
-50
00
Periods
It is seen from the table and graph that Sundram growth fund has given better return
through out the holding periods.
Tata TD Waterhouse Asset Mgmt Pvt.

Inception Date May-07-1998

Bonus No bonus yet
Load
Entry load 1.75 %
Exit load 0.00 %

Class %
Equity 80.71
Debt 0
Money market 0
Cash/call 18.81
Portfolio fof the fund:
Sector %
Wipro 2.49
Mastek 2.46
Polaris Software Lab 0.96
Patni Computer Systems 0.30
Manufacturing 13.88
Arvind Mills 4.20
Raymond 3.81


Birla Corporation 1.11
Lupin 3.75
Matrix Laboratories 0.88
Biocon 0.05
Oil & Gas 5.62
Chennai Petroleum
Corporation 3.01
Hindustan Petroleum
Corporation 1.90
ABB 1.56
Asian Electronics 0.60
Tata Tea 4.81
Automotive 4.06
Bharat Forge 1.50
Sundaram-Clayton 0.97
Hindustan Zinc 1.12
Chemicals 2.98
Uniphos Enterprises 0.06
Housing Development Finance
Corporation 2.77
Services 2.69
Great Eastern Shipping
Company 1.67
Cash / Call 18.81

Tata TD Waterhouse Asset Mgmt Pvt. Ltd.
Comparison of Tata pure equity fund with market indicators (BSE Sensex and Nifty.)
Table number 17
99-00 99-01 99-02 99-03 99-04

Tata 112.87 46.15 49.1 30.28 237.76
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 17:
300
250
Returns in %
200
Tata pure
150 equity
100
SENSEX
50
0
-50 NIFTY
1999- 99-01 99-02 99-03 99-04
00
Periods
It is seen from the above table and graph that Tata Pure equity fund outperformed the
market indicators, because the fund was well managed, through out the various holding
periods.

Mutual fund family UTI Asset Mgmt Company Pvt. Ltd.
Bonus No bonus yet
Load
Entry load 2.00 %
Exit load 0.00 %
Class %
Equity 83.61
Debt 4.29
Money market 0
Cash/call 12.02

Sector %
SREI International Finance 2.66
Corporation Bank 1.56
Industrial Development Bank of India 1.43

ICICI Bank 1.38

Vijaya Bank 0.67
Nicco Uco Financial Services 0.04
PAL Credit and Capital 0.01
Automotive 10.35
Exide Industries 1.82
Maruti Udyog 1.45
Escorts 1.10
Ashok Leyland 0.99
Tata Motors 0.97
Automotive Axles 0.80
Sundram Fasteners 0.77
Wipro 1.72
Hughes Software Systems 0.90
V and K Softech 0.00
Chemicals 8.39
Indo Gulf Fertilizers 1.22
Rashtriya Chemicals and Fertilisers 1.00
Rain Calcining 0.12
Biocon 1.91
Nicholas Piramal 1.77
Cipla 1.00
FDC 0.83
Pfizer 0.69
Oil & Gas 6.74
Petronet LNG Ltd 1.48
GAIL India 1.20
Bhoruka Gases 0.37
Shri Shakti LPG 0.06
Thermax 1.60
Cummins India 1.08
Modern Insulators 1.01
ABB 0.22
Manufacturing 3.51
Ballarpur Industries 2.09

Raymond 1.20
Gontermann Peipers (India) 0.13
JMP Castings 0.09
Shree Cements 0.35
Miscellaneous 3.06
Dredging Corporation India 1.85
Conglomerates 2.49
Neyveli Lignite Corporation 0.61
Tobacco 2.33
ITC 2.33
GlaxoSmithKline Consumer
Healthcare 1.73
Utilities 1.39
Energy Development Company 0.32
Services 1.01
New Delhi Television Ltd 0.35
Debt 4.29
Cash / Call 12.02

UTI Asset Mgmt Company Pvt. Ltd.
Comparison of UTI Primary equity fund with market indicators (BSE Sensex and Nifty.)
Table number 18:
99-00 99-01 99-02 99-03 99-04

UTI 50.36 3.74 16.1 8.17 107.25
SENSEX 34.86 -2.8 -6.44 -17.79 50.75
NIFTY 41.92 6.61 4.88 -9.17 64.52
Graph number 18:
150
U T I Primary
Returns in %
100 equity
SENSEX
50
0 NIFTY
1999- 99-01 99-02 99-03 99-04
-50 00
Periods
From the above table and graph it is seen that all the year gave a better return than Sensex
and Nifty and the return from the U T I Fund was low only in 2 years holding periods.

SUMMARY OF FINDINGS

CONCLUSION
 The awareness about Mutual Fund is being increasing every day and more
number of investors are investing in the Mutual Funds in India, today it’s one of
the safest investment in the country.
 The biggest advantage of the Mutual Funds that is attracting the investors is the
diversified investment and transparency in the operation of the Asset management
Company.
 Decreasing interest rates has come as a boom for the rapid growth of Mutual
Fund industry in the country.
 The scope of development of the Mutual Fund industry is very wide in India
because it not only caters to the need of the individual investors but also to
institutional investors.
 One thing is for sure the Mutual Fund industry is here to stay for years.

Suggestions
1) As it seen that private Mutual Funds are performing better than the public Mutual
Funds. Public Mutual Funds companies should constantly revise their portfolios
and hire the best portfolio manager so that they can perform in accordance with
the Private Mutual Funds.
2) The Mutual Fund companies should utilize this opportunity of soft interest regime
followed by the banks and attract the fixed deposit and the savings Bank Account
Investors.
3) The Mutual Fund Asset Management companies should Educate and give
Awareness about the concept of Mutual Funds to the investors. As majority of the
investors do not know what a Mutual Fund is.
4) The Mutual asset Management companies should Highlight the benefits of Mutual
Fund over other investments and attract more number of investors.
5) The Mutual Fund Asset Management companies come up with more

advertisements and promotional measures to attract more number of investors.
6) The Mutual Fund Asset Management companies should also target the F I I’s and
individual investors who invest in the capital markets.
7) The Mutual Fund Asset Management companies expand their network not only in
urban areas but also in rural areas.
8) The Mutual Fund Asset Management companies should come up with more
number of schemes & give more option to the investors & cater to their needs.

9) Always the fund should state the objective of each fund floated by the Asset
Management Company to the investors so that the right investors choose the right
fund.

BIBLIOGRAPHY
 Company Website: www.sbimf.com
 Broachers of SBI FUNDS MANAGEMENT PVT LTD
 Other websites: www.money control.com
www.indiainfoline.com
www.indiamutualfunds.com
www.amfi.com

ANNEXURES

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DECLARATION

This work is based on an original study conducted by

BMS COLLEGE OF ENGINEERING

SBI FUNDS MANAGEMENT Pvt LIMITED

Submitted in partial fulfillment of the requirements for the

VISVESWARAIAH TECHNOLOGICAL UNIVERSITY

BMSCE, Dept of Management Studies and research Centre 1

DEPARTMENT OF MANAGEMENT STUDIES

B.M.S COLLEGE OF ENGINEERING

Certified that this CEL WORK is based on an original study

SBI FUNDS MANAGEMENT LIMITED

Mr. Kesava rao Dr.R.L. Nandeshwar Dr.Murugesh Mudaliar

Internal Guide HOD M.B.A Department Principal

BMSCE, Dept of Management Studies and research Centre 2

I am extremely thankful to Mr.Vinod Chakravati.for his masterly guidance, constant

Words fail to express my indebtedness to Dr. R.L Nandeshwar (HOD) and

BMSCE, Dept of Management Studies and research Centre 3

4 ANALYSIS OF DATA AND INTERPRETATION

BMSCE, Dept of Management Studies and research Centre 4

BMSCE, Dept of Management Studies and research Centre 5

A. ABOUT THE INDUSTRY

BMSCE, Dept of Management Studies and research Centre 6

BMSCE, Dept of Management Studies and research Centre 7

BMSCE, Dept of Management Studies and research Centre 8

BMSCE, Dept of Management Studies and research Centre 9

BMSCE, Dept of Management Studies and research Centre 10

BMSCE, Dept of Management Studies and research Centre 11

Savings bank account with commercial banks:

Bank fixed deposits:

BMSCE, Dept of Management Studies and research Centre 12

Bonds and debentures:

BMSCE, Dept of Management Studies and research Centre 13

Tax saving avenues:

Public provident fund:

Get investors 20% tax exemption on investment up to an amount of Rs.60000 per

National savings certificate:

BMSCE, Dept of Management Studies and research Centre 14

Importance of Investing in Mutual Funds

BMSCE, Dept of Management Studies and research Centre 15

BMSCE, Dept of Management Studies and research Centre 16

BMSCE, Dept of Management Studies and research Centre 17

FUND STRUCTURE AND CONSTITUTENTS

BMSCE, Dept of Management Studies and research Centre 18

BMSCE, Dept of Management Studies and research Centre 19

BMSCE, Dept of Management Studies and research Centre 20

Types of AMCs in Indian Context

Types of Mutual Fund and Terms used.

BMSCE, Dept of Management Studies and research Centre 21

BMSCE, Dept of Management Studies and research Centre 22

Money Market Funds

BMSCE, Dept of Management Studies and research Centre 23

BMSCE, Dept of Management Studies and research Centre 24

BMSCE, Dept of Management Studies and research Centre 25

SBIMF launched 31 Schemes, of which 14 have been redeemed, yielding

BMSCE, Dept of Management Studies and research Centre 26

Products and Services:

SBI MUTUAL FUND SCHEMES

BMSCE, Dept of Management Studies and research Centre 27

SBI Magnum Balanced Fund

SBI Magnum Insta Cash Fund - STP - Dividend

BMSCE, Dept of Management Studies and research Centre 28

Close Ended Schemes