In 1998-99 this scheme had appreciated by 58.5 per cent while its benchmark BSE National index fell by 2.70 per cent. This scheme has a track record of consistent performance giving investors annualised returns of 16.35 per cent since inception in 1993.

Magnum TaxGain has been consistently ranked amongst the top performing tax saving schemes. ``Magnum TaxGain has declared a maiden dividend of 25 per cent which is tax-free in the hands of investors. All investors who invest in this scheme on or before the December 15, will be eligible for this dividend,'' according to SBI Funds Management Ltd's managing director Niamatullah.

Addressing a press conference here today, he said that investments in this scheme upto Rs 10,000 qualify for a tax rebate of 20 per centunder Section 88 of the Income Tax Act. Additionally, tax exemptions are also available under Section 54 EA and EB. The scheme has an investor friendly tapering exit load structure with no exit load beyond two years. The top holdings of the scheme currently include Software Solutions, Infosys, Vikas WSP, Zee Telefimls, Ramco and Graism.

Magnum LiquiBond Income Fund (MLIF) too has declared a half-yearly dividend of 5.25 per cent for the period May 1999 - October 1999. MLIF is a fully debt fund investing in high quality debt instruments of corporates and government securities.

SBI Mutual Fund had recently rechristened two of its existing open ended schemes - Magnum Multiplier Scheme and Magnum Open Fund as Magnum Equity Fund and Magnum Balanced Fund respectively. ``This rechristening brings out the character of the scheme upfront and will help in communication,'' he added.

The sector funds umbrella launched by SBI Mutual in July 1999 also has turned in an impressive performance with the IT fund giving thehighest return of 73 per cent followed by pharma fund at 23.7 per cent, contra fund at 22.1 per cent and the FMCG fund at 10 per cent. SBI Mutual Fund is the country's second largest mutual fund.