A Monthly Fund Update from JM Financial Mutual · PDF fileA Monthly Fund Update from JM...

Details as on March 31, 2011A Monthly Fund Update from JM Financial Mutual Fund

Market Update - Equity

Market Update - Derivatives

Economy

The Index of Industrial Production (IIP)’s growth for January 2011 came in at 3.7%, which is better than the consensus estimate of 2.9%. The year-till-date (YTD) growth now stands stable at 8.3% as compared to 9.5% in the corresponding period last year. The inflation rate for February 2011 increased to 8.31% from 8.23% as recorded in the previous month. The sequential jump in inflation in the manufacturing goods segment is quite concerning. The trade deficit for January 2011 came in at $7.98 billion, higher than the trade deficit level recorded in December 2010 (M-o-M). The trade deficit contracted by 17.5% year on year (Y-o-Y). The growth in exports at 32.4% Y-o-Y (36.4% in December 2010) continued to remain high. However, imports grew by 13.1% Y-o-Y (-11.1% in December 2010), thereby contributing to the contraction in the trade deficit (Y-o-Y).

Stock markEt

During the month, the Foreign Institutional Investors (FIIs) and the mutual funds were both net buyers of equities. In March, FIIs bought equities worth Rs 6300 crore while mutual funds bought equities worth Rs 200 crore approximately. At the end of March, India was the second best-performing market in the world, even as India ranks among the bottom five-performing markets of 2011. Mid-caps and small-caps underperformed the Sensex for the fifth month in a row. Telecoms and Consumer Staples were the best and worst performing sectors respectively.

Market activity remained weak during the month. Cash volumes and turnover touched a 13-month low. Derivatives turnover was also down during the month. However towards the end of the month, the breadth of market improved dramatically, which may bode well for mid cap and small cap stocks. The volatility in the Rupee vs. the USD continued. The INR appreciated and reached a 3½ month high during the month.

markEt outlook

Sensex is currently traded at 19,450 levels, marking a sharp comeback from 17,800 levels at the beginning of the month at 16x FY12 which now puts it back at historically traded average band. From the beginning of 2011, India had been seen by FIIs as a market with worsening fundamentals, owing to increasing commodity prices, particularly crude and rising interest rates due to high inflation. However with dramatic recovery in the global markets coupled with strong flows to emerging markets, India seems to be back in the reckoning with strong performance in March 2011.

Although we are reasonably optimistic about the prospects of the Indian economy in the medium to long term; we remain worried on account of weak outlook for domestic flows in the market to counter FII outflows. Market has been driven solely by FII flows and domestic flows have been strong sellers throughout 2010. We do not anticipate any dramatic shift in the market flow dynamics in the next 2 months.

Several large cap stocks valuations have recovered a fair bit and yet there is room for upside from current levels. However, Midcaps and small caps which had corrected severely and were far below fair value in several cases are likely to see some interest in the current scenario. However with increase in borrowing costs, it is very difficult to expect a sustainable recovery.

It is expected that the volatility will persist till the concerns emanating from high crude prices and high interest rates subside. One is not expected to lower the guard and is expected to be cautious at the current spurt in the markets unless fundamentals change dramatically post the q4 results. Disciplined and systematic manner of investment to capture the Indian growth story which could last decades is advised.

The March series saw a strong upmove in the indices with the BSE Sensex ending higher by 10.3% and Nifty by 10.9%. The upmove in the Indian equity markets in March 2011 was led by strong liquidity, propelled by FII inflows, predominantly the ETF type, and sharply outperformed global peers. The March series witnessed total rollovers of 85 % (6 month average 84%) with Nifty rollovers of 67%(6 month average 66%). Total Open Interest at the start of April 2011 expiry is INR 1018.1b as against INR 938.6b at the start of March 2011 expiry. The fund was able to unwind few of its arbitrage positions in the month and redeploy the same alongwith M-T-M received into arbitrage in other stocks. Most of the positions were rolled to the April series at higher levels, as compared to the previous month. The cost-of-carry for April has started at slightly better levels as compared to the past few months. Volatility in the markets could help to churn the arbitrage portfolio and generate good returns.

1

From The Debt DeskIndicators current

monthlast

monthm-o-m

Variation Forex Reserves* USD Bln 304 301 2.506

Credit Off take* - Rs Crs 3,856,066 3,784,570 71496

Credit Deposit Ratio * 75.02 75.06 (0.04)

WPI Inflation*(%) 8.31% 8.23% 0.08%

10-Year Yield - India* (%) 8.00% 8.01% (0.01%)

10-year Yield - USA* (%) 3.47% 3.42% 0.05%

Exchange Rate* USD/INR 44.58 45.27 (0.69)

Brent Crude per/bbl* 103 96.97 6.03

Reverse Repo-Daily Avg Rs Crs 1700 1000 700.00

Repo Average-Daily Avg Rs Crs 82000 79000 3,000.00

* Data Reported as on month-end, Source RBI, WSS & Bloomberg.

Government bond yields remained firm around the 8% park on rate hike by RBI and strong economic data. As expected, RBI raised both the repo and reverse repo rates by 25bps in the review of monetary policy. The hawkish statement emphasized the upside risks to inflation from global commodity prices and demand-led price pressures. However, the statement also noted emerging risks to growth, suggesting that they will continue with gradual rather than more aggressive tightening. Economic data continued to remain strong with headline inflation at 8.31% for the month of February 2011. RBI released the calendar for issuance of dated securities for the first half of financial year 2011-2012 with a target of gross issuance at INR 250000 crores. Government of India will issue around 40% bonds in 5-9 year segment, 40% bonds in 10-14 year and remaining 20% bonds in the above 14 year segment. Domestic liquidity conditions continued to remain tight as RBI received average daily bids of INR 82,000 crores during the month in the daily repo auction. The 10 year benchmark yield ended at 8.00%.

Factor: Inflation Short term: negative medium term: negative

Headline inflation continued to remain firm at 8.31% for the month of February 2011 as compared to 8.23% in the previous month. Food inflation eased marginally, however fuel and manufactured inflation firmed up. The absolute index level was higher at 146 as against 145.90 in the last month. Fuel index was higher at 152.30 as against 151.30 in the previous month. Primary article index was lower at 187.80 and manufacturing index higher at 131.60. According to the RBI, the current growth-inflation dynamics suggest that the balance of risk has tilted towards intensification of inflation. In view of the recent rise in international crude oil prices, oil marketing companies are expected to go ahead with a fresh round of raise in domestic petrol prices which will have impact of domestic inflation. Headline inflation is expected to be around 8.00% level for the month of March 2011.

Factor: liquidityShort term: negative medium term: neutral

System liquidity continued to remain tight on high government balance and advance tax outflows. Advance tax outflow estimated to be around INR 65,000 crores - 70,000 crores. Tight liquidity conditions were evident as RBI received average daily bids of INR 82000 crores during the month in the daily repo auction as against INR 79000 crores in the previous month. Inter bank call rates & CBLO were firm on account of year end and tight liquidity situation. Money market rates remained firm on continues supply in the primary segment. RBI is expected to discontinue with its liquidity easing steps of Second Liquidity Adjustment Facility (SLAF) and additional liquidity support to banks under the LAF to the extent of up to 1% of their Net Demand and Time Liabilities (NDTL). Going forward in the month of April 2011 it is expected that the liquidity situation will improve on government spending.

Factor: Global interest rates Short term: neutral medium term: neutral US 10-year benchmark yield traded in range with an upward bias on worries over tightening Fed policy, reduced safe-haven demand for bonds and rising food and energy prices. The benchmark US treasury 10-year ended at 3.47% as against the previous close of 3.42%. Meanwhile China’s central bank continued its monetary tightening measures and increased the reserve requirement by another 50 basis points to 20%. People’s Bank of China is expected to continue with its tight monetary policy in view of negative real rates and high inflation.

outlook

Government bond yields are expected to remain range bound, as market awaits fresh supply in the new financial year. Government of India is scheduled to borrow around 60% of the gross issuance in H1 as against the market expectation of 65%-70%. RBI released the calendar for issuance of dated securities for the first half of the financial year 2011-2012 with a gross issuance target at INR 250,000 crores. Government of India will issue around 40% issuance in 5-9 year segment, 40% issuance in 10-14 year and remaining 20% in above 14 year segment. First auction of government bonds worth INR 12000 crores is slated between 4th -8th April 2011. Market is expecting the announcement of new 10-year security in the first auction. In the immediate short term, market may remain cautiously optimistic, however monetary tightening stance of RBI, stubbornly high inflation and high international crude oil prices will keep a lid on sharp appreciation in prices. Domestic liquidity situation is expected to improve in the new financial year on government spending.

2

3

Details as on March 31, 2011

ASSET ALLOCATION BY SECTOR


Jm contra Fund(An Open-Ended Equity Oriented Fund)merged into Jm multi Strategy Fund w.e.f. april 1, 2011

Jm Equity Fund(An Open-Ended Growth Scheme)

SNAPSHOTINVESTMENT OBJECTIVE : To provide optimum capital growth

and appreciation.

FUND MANAGER : Sanjay Chhabaria(Managing this fund since December, 2007 & total 10 yrs of experience in fund management & equity research)

INCEPTION : 1st April, 1995

NAV DETAILS : Growth Plan (Rs.) : 36.9164Dividend Plan (Rs.) : 15.0269

CORPUS (Jan 11 - Mar 11) : Qtly - AAUM (Rs.) : 28.13 Crores

PORTFOLIO TURNOVER RATIO : 0.3385

EXPENSE RATIO : 2.50%

PORTFOLIO Issuer % to NAVInfosys Technologies 8.42Reliance Industries 7.98ICICI Bank 6.36HDFC Bank 6.28ITC 6.18Larsen & Toubro 5.86State Bank Of India 5.29Mahindra & Mahindra 4.59TATA Consultancy Service 3.94AXIS Bank 3.69Cairn India 3.48Bajaj Auto 3.23Jindal Steel & Power 3.09Tata Iron & Steel 3.03Bharti Airtel 3.00Wipro 2.94Bharat Heavy Electricals 2.84Tata Motors 2.69Tata Power 2.34Reliance Infrastructure 2.27Eicher Motors 2.23Grasim Industries 2.09Sterlite Industries 2.06Equity less than 2% of corpus 3.23Total Equity Holdings 97.11CBLO & Others* 2.89Total Assets 100.00

SNAPSHOTINVESTMENT OBJECTIVE : To provide capital appreciation by following

contrarian style of investing that refers to buying into fundamentally sound stocks that have been overlooked by the market (for reasons of short term trend) and waiting for the market to give these stocks their real value in course of time.

FUND MANAGER : Sanjay Chhabaria: (Managing this fund since February, 2009 & total 10 yrs of experience in fund management & equity research).

INCEPTION : 7th September, 2007



PORTFOLIO TURNOVER RATIO

: 0.4945


PORTFOLIO Issuer % to NAV

Reliance Industries 6.97

Tata Motors 5.74

Larsen & Toubro 5.58

Infosys Technologies 5.47

TATA Consultancy Service 4.51

Eicher Motors 3.89

Grasim Industries 3.58

Standard Chartered Bank 3.46

AXIS Bank 3.43

Bharat Heavy Electricals 3.21

Tata Iron & Steel 3.19

Bajaj Electricals 3.17

ICICI Bank 2.83

Hindalco Industries 2.54

LIC Housing Finance 2.39

Bajaj Auto 2.31

Mahindra & Mahindra 2.28

Bharti Airtel 2.26

Bank of Baroda 2.25

Wipro 2.23

State Bank of India 2.22

Sterlite Industries 2.20

Cairn India 2.16

Dr Reddy's Lab 2.14

Nestle India 2.14

Mahindra & Mahindra Financial Services

2.10

Equity less than 2% of corpus 7.56

Total Equity Holdings 91.81CBLO & Others* 8.19Total Assets 100.00

Jm Basic Fund(An Open-Ended Sector Scheme)

SNAPSHOTINVESTMENT OBJECTIVE : To provide capital appreciation to its

Unitholders through judicious deployment of the corpus of the Scheme in sectors categorized under “basic industry” in the normal parlance and in context of the Indian economy, including but not limited to, energy, petrochemicals, oil & gas, power generation & distribution and electrical equipment suppliers, metals and building material. The fund would continue to remain open-ended with a sector focus.

FUND MANAGER : Asit Bhandarkar(Managing this fund since December, 2006 & total 8 yrs of experience in fund management & equity research).

INCEPTION : 2nd June, 1997




: 0.4807


RISK REPORT 3 Years (Monthly) RF##=7.25%

Scheme Name Beta Sharpe Std. Dev.JM Equity Fund - Growth Option 1.14 (0.07) 38.45

##Risk Free rate assumed to be 7.25% ( 91 day Treasury Bill yield on March 31, 2011) for calculation of Sharpe Ratio. Standard Deviation & Sharpe are calculated on annualised basis, using 3 years history of monthly returns.


Scheme Name Beta Sharpe Std. Dev.

JM Contra Fund - Growth Option 1.26 (0.38) 45.07##Risk Free rate assumed to be 7.25% ( 91 day Treasury Bill yield on March 31, 2011) for calculation of Sharpe Ratio. Standard Deviation & Sharpe are calculated on annualised basis, using 3 years history of monthly returns.

PERFORMANCE (%) Plan 6 Mths 1 Year 3 Years 5 Years Incep.^^

JM Equity Fund - Growth Plan

(7.19) 5.39 (2.43) 2.40 8.50

BSE Sensex** (3.11) 10.94 7.52 11.50 11.80 ^^ Inception date = Allotment date i.e. 01.04.1995** Benchmark Index: BSE SensexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

PERFORMANCE (%) Plan 6 Mths 1 Year 3 Year Incep.^^

JM Contra Fund - Growth Plan (17.36) (8.50) (18.80) (17.10)

BSE 500 Index** (6.85) 7.48 6.50 5.79 ^^ Inception date = Allotment date i.e. 07.09.2007, ** Benchmark Index: BSE 500 Index. Note: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

PORTFOLIOIssuer % to NAVReliance Industries 6.86HDFC Bank 6.84Larsen & Toubro 5.60Tata Motors 5.03ICICI Bank 4.15Cairn India 3.87Sterlite Industries 3.73Tata Iron & Steel 3.69Reliance Infrastructure 3.68Mahindra & Mahindra 3.54

Total Equity: 91.81%1.09%

2.16%2.26%

3.17%3.19%3.21%3.28%

3.58%4.03%

4.49%4.74%

6.97%8.78%

12.20%14.22%

14.43%

TransportationOil

Telecom-ServicesConsumer Durables

Ferrous MetalsPharmaceuticals

ConstructionCement

Consumer Non DurableFinance

Non Ferrous MetalsPetroleum Products

Industrial Capital GoodsSoftware

AutoBanks


3.00%3.48%

3.97%4.61%

6.12%6.48%

7.98%8.69%

12.74%15.30%

22.64%

CementTelecom-Services

OilNon Ferrous Metals

PowerFerrous Metals

Consumer Non DurablePetroleum Products

Industrial Capital GoodsAuto

SoftwareBanks

4




PORTFOLIO Issuer % to NAVYes Bank 5.59

Godawari Power & Ispat 5.18

SKF India 5.06

Opto Circuits (India) 4.63

United Phosphorous 4.60

Action Construction Equipment 4.55

Raymond 4.48

Dewan Housing Fin Corp 4.11

Mphasis BFL 3.99

Pantaloon Retail (India) 3.92

The Dhanalakshmi Bank 3.84

JSW Steel 3.62

Dish TV 3.47

Sintex Industries 3.41

Nitesh Estate 3.32

Bajaj Auto 3.31

IFCI 3.22

HEG 3.17

Jubilant Organosys 2.99

Wipro 2.68

Kalpataru Power Transmission 2.56

Sundaram Finance 2.51

BLKashyap & Sons 2.48

Jyoti Structures 2.31

Simplex Projects 2.21



PORTFOLIO Issuer % to NAVReliance Industries 6.20Tata Motors 5.36Larsen & Toubro 5.12Infosys Technologies 5.06Action Construction Equipment 4.84Eicher Motors 4.53Cairn India 4.51Tata Consultancy Service 4.12AXIS Bank 3.23HDFC Bank 3.12Bajaj Electricals 3.05Tata Iron & Steel 3.02Bharat Heavy Electricals 2.99JSW Steel 2.96ICICI Bank 2.75Associated Cement Companies 2.62Hindalco Industries 2.47LIC Housing Finance 2.21Bharti Airtel 2.14Wipro 2.13Bank of Baroda 2.12Sterlite Industries 2.09Mahindra & Mahindra 2.09Bajaj Auto 2.08State Bank Of India 2.06Dr Reddy's Lab 2.03Equity less than 2% of corpus 5.25Total Equity Holdings 90.15CBLO & Others* 9.85Total Assets 100.00

SNAPSHOTINVESTMENT OBJECTIVE : To seek long term capital appreciation

from investment in a portfolio of stocks across all market capitalization range. The portfolio may include those companies operating in emerging sectors of the economy or companies which exhibit potential to become leaders of tomorrow. However, there can be no assurances that the investment objective will be achieved.

FUND MANAGER : Asit Bhandarkar(Managing this fund since February, 2009 & total 8 yrs of experience in fund management & equity research).

INCEPTION : 27th July, 2005NAV DETAILS : Growth Plan (Rs.) : 7.2203

Dividend Plan (Rs.) : 7.2360CORPUS (Jan 11 - Mar 11) : Qtly - AAUM (Rs.) : 140.43 CroresPORTFOLIO TURNOVER RATIO : 0.2009EXPENSE RATIO : 2.38%

Jm Small & mid-cap Fund(An Open-Ended Equity Oriented Scheme)merged into Jm multi Strategy Fund w.e.f. april 1, 2011

SNAPSHOTINVESTMENT OBJECTIVE : To provide capital appreciation by primarily

investing in small cap and mid-cap stocks. Small cap stock is de� ned as any company which has a market capitalization less than 10% of the market capitalization of the last stock in S&P CNX NIFTY. Mid-cap stock is defined as any company which has a market capitalization less than the market capitalization of the last stock in S&P CNX NIFTY but greater than 10% of the market capitalization of the last stock in S&P CNX NIFTY.

FUND MANAGER : Sanjay Chhabaria(Managing this fund since September, 2008 & total 10 years of experience in fund management & equity research).

INCEPTION : 30th April, 2007




: 0.8538


JM Emerging Leaders Fund(An Open-Ended Equity Oriented Growth Scheme)


JM ELF - Growth Plan (24.56) (7.97) (16.21) (9.95) (5.57)

BSE 200 Index** (6.00) 8.15 7.17 10.98 16.85 ^^ Inception date = Allotment date i.e. 27.07.2005** Benchmark Index: BSE 200 IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.



JM ELF Fund - Growth Option 1.51 (0.17) 53.94

##Risk Free rate assumed to be 7.25% (91 day Treasury Bill yield on March 31, 2011) for calculation of Sharpe Ratio. Standard Deviation & Sharpe are calculated on annualised basis, using 3 years history of monthly returns.


JM Basic Fund - Growth Plan

(24.29) (24.88) (19.73) (4.58) 18.94

BSE 200** (6.00) 8.15 7.17 10.98 14.49 ^^ Inception date = Allotment date i.e. 02.06.1997, ** Benchmark Index: BSE 200 Index , Note: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

RISK REPORT3 Years (Monthly) RF##=7.25%

Scheme Name Beta Sharpe Std. Dev.JM Basic Fund - Growth Option 1.56 (0.28) 54.98



Jai Prakash Associates 3.46JSW Steel 3.33Mahindra & Mahindra Financial Services 3.22Infrastructure Development Finance Company 3.20AXIS Bank 3.15LIC Housing Finance 2.92JSW ENERGY 2.88Bharat Heavy Electricals 2.67IFCI 2.57Bajaj Auto 2.52Crompton Greaves 2.38Action Construction Equipment 2.34Associated Cement Companies 2.24Nitesh Estate 2.20Bharti Airtel 2.07Power Finance Corporation 2.07Equity less than 2% of corpus 8.78Total Equity Holdings 98.99CBLO & Others* 1.01Total Assets 100.00


0.88%1.67%

2.07%2.24%

3.46%3.73%3.87%

5.14%6.86%

9.01%10.72%

11.08%11.92%11.96%

14.14%

PharmaceuticalsConsumer Non Durable

TransportationTelecom-Services

CementConstruction ProjectNon Ferrous Metals

OilConstruction

Petroleum ProductsFerrous Metals

PowerAuto

FinanceIndustrial Capital Goods

Banks

Total Equity: 91.78%

2.31%2.51%

3.17%3.31%3.41%3.47%

3.93%4.48%4.60%

5.04%5.06%

6.67%7.34%

8.17%8.80%

9.43%10.08%

PowerNBFC

DiversifiedAuto

Industrial ProductsMedia & Entertainment

RetailingTextile Products

PesticidesIndustrial Capital Goods

Auto AncillariesSoftware

FinancePharmaceuticals

Ferrous MetalsBanks

Construction

Total Equity: 90.15%2.03%2.13%2.21%

2.62%3.05%

3.67%4.51%4.56%

5.98%6.20%

6.43%8.11%

11.31%13.29%

14.05%

PharmaceuticalsTelecom-Services

FinanceCement

Consumer DurablesConsumer Non Durable

OilNon Ferrous Metals

Ferrous MetalsPetroleum Products

ConstructionIndustrial Capital Goods

SoftwareBanks

Auto

5


PERFORMANCE (%) Plan 6 Mths 1 Year 3Years Incep.^^

Regular Plan - Growth Option (24.63) (15.04) (24.69) (16.88)CNX MCI ** (12.27) 4.35 8.81 11.51

^^ Inception date = Allotment date i.e. 30.04.2007, ** Benchmark Index: CNX Mid Cap Index ~, (~) Disclaimer: Refer page no. 16Note: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

SNAPSHOTINVESTMENT OBJECTIVE : To generate medium to long term

capital growth from a portfolio that is substantially constituted of equity & equity related securities of companies which could bene� t from the structural changes brought about by the continuing liberalization in economic policies and investments by the Government in the housing, infrastructure and financial services sectors.

FUND MANAGER : Sanjay Chhabaria: (Managing this fund since October 2010 & total 10 yrs of experience in fund management & equity research).

INCEPTION : 7th April, 2006

NAV DETAILS : Growth Plan (Rs.) : 5.0526

Dividend Plan (Rs.) : 5.0526



: 0.5515


Jm HI FI Fund (JM Housing, Infrastructure & Financial Services Fund)(An Open-Ended Equity Oriented Growth Scheme)merged into Jm Basic Fund w.e.f. april 1, 2011


Scheme Name Beta Sharpe Std. Dev.JM SMC Fund - Growth Option 1.39 (0.42) 50.85


Issuer % to NAV

Reliance Industries 7.88HDFC Bank 6.42ICICI Bank 6.22Larsen & Toubro 5.45Action Construction Equipment 5.00Tata Motors 4.93Tata Iron & Steel 4.93Reliance Infrastructure 4.14Supreme Infrastructure India 3.85Power Finance Corporation 3.83

Infrastructure Development Finance Company 3.71Mahindra & Mahindra 3.56AXIS Bank 3.46Jai Prakash Associates 3.37Mahindra & Mahindra Financial Services 3.29Sterlite Industries 3.16JSW Energy 2.99LIC Housing Finance 2.82Bajaj Auto 2.57Jindal Steel & Power 2.55Associated Cement Companies 2.54

Issuer % to NAVReliance Industries 6.11Larsen & Toubro 5.19Tata Motors 5.15Infosys Technologies 5.10Tata Consultancy Service 4.19Nestle India 4.01Asian Paints 3.80Eicher Motors 3.61Action Construction Equipment 3.58

PORTFOLIO

PORTFOLIO

Bharat Heavy Electricals 2.50Crompton Greaves 2.48Bharti Airtel 2.06Equity less than 2% of corpus 1.78Total Equity Holdings 95.49CBLO & Others* 4.51Total Assets 100.00


PERFORMANCE (%) Plan 6 Mths 1 Year 3 Years Incep.^^

JM HI FI Fund - Growth Plan (16.88) (7.73) (22.84) (12.80)S & P CNX Nifty Index** (3.25) 11.14 7.21 11.08

^^ Inception date = Allotment date i.e. 07.04.2006, ** Benchmark Index: S&P CNX Nifty Index, Note: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.


Scheme Name Beta Sharpe Std. Dev.JM HIFI Fund - Growth Option 1.08 (0.66) 38.66



Jm mid cap Fund(An Open-Ended Equity Oriented Scheme)merged into Jm multi Strategy Fund w.e.f. april 1, 2011

SNAPSHOTINVESTMENT OBJECTIVE : To generate long term capital growth at a

controlled level of risk by predominantly investing in Mid Cap Companies.

FUND MANAGER : Sanjay Chhabaria(Managing this fund since July, 2009 & total 10 years of experience in fund management & equity research).

INCEPTION : 29th June, 2004




: 0.7885


Bajaj Electricals 3.27Power Trading Corporation 3.25AXIS Bank 3.13Tata Iron & Steel 2.93Bharat Heavy Electricals 2.90Associated Cement Companies 2.81ICICI Bank 2.63Mahindra & Mahindra Financial Services 2.61JSW Steel 2.58Hindalco Industries 2.36Hindustan Petroleum 2.22LIC Housing Finance 2.19Bharti Airtel 2.11Sterlite Industries 2.09Bank of Baroda 2.09State Bank Of India 2.08Wipro 2.08Mahindra & Mahindra 2.06Bajaj Auto 2.06Cairn India 2.00Equity less than 2% of corpus 7.72Total Equity Holdings 97.91CBLO & Others* 2.09Total Assets 100.00


JM Mid Cap Fund - Growth Plan

(17.71) (7.43) 6.67 2.74 13.31

CNX Mid Cap Index**

(12.27) 4.35 8.81 10.92 23.53

^^ Inception date = Allotment date i.e. 29.06.2004** Benchmark Index: CNX Mid Cap IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

RISK REPORT3 Years (Monthly) RF##=7.25%


JM Mid Cap Fund - Growth Option 1.03 0.14 37.03



2.06%2.54%

3.16%3.37%

7.48%7.88%

8.85%10.43%

10.96%11.06%

11.60%16.10%

Telecom-ServicesCement

Non Ferrous MetalsConstruction Project


ConstructionIndustrial Capital Goods

PowerAuto

FinanceBanks

Total Equity: 97.91%2.00%2.11%

2.81%3.27%

3.58%3.83%

4.45%4.80%

5.22%5.51%

7.81%8.10%

8.33%9.92%

12.88%13.29%

OilTelecom-Services

CementConsumer Durables

ConstructionPharmaceuticals

Non Ferrous MetalsFinance

PowerFerrous Metals

Consumer Non DurableIndustrial Capital Goods

Petroleum ProductsBanks

AutoSoftware

6


PORTFOLIOIssuer % to NAVReliance Industries 6.31

Tata Motors 5.44




Nestle India 3.84

Eicher Motors 3.50

AXIS Bank 3.36

HDFC Bank 3.16

Bank of Baroda 3.05


Bajaj Electricals 2.97


ICICI Bank 2.72

State Bank of India 2.69

Associated Cement Companies 2.62

Mahindra & Mahindra Financial Services 2.56

JSW Steel 2.52

Equity less than 2.5% of corpus 30.87



SNAPSHOTINVESTMENT OBJECTIVE : To provide capital appreciation by investing

in equity and equity related securities using a combination of strategies.

FUND MANAGER : Sanjay Chhabaria(Managing this fund since February, 2009 & total 10 years of experience in fund management & equity research).

INCEPTION : 23rd September, 2008




: 0.4173


Jm multi Strategy Fund (An Open-Ended Equity Oriented Scheme)

PERFORMANCE (%) Plan 6 Mths 1 Year Incep.^^

JM Multi Strategy Fund - Growth Plan (12.64) (1.98) 14.63

BSE 500 Index** (6.85) 7.48 15.35 ^^ Inception date = Allotment date i.e. 23.09.2008** Benchmark Index: BSE 500 IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

PORTFOLIO Issuer % to NAVReliance Industries 9.29ICICI Bank 7.10Larsen & Toubro 6.99ITC 6.44Infosys Technologies 6.44HDFC Bank 6.34Bharat Heavy Electricals 6.07State Bank Of India 5.31Wipro 5.10Tata Iron & Steel 5.07Tata Consultancy Service 4.23Tata Motors 3.53Jindal Steel & Power 3.33Bajaj Auto 3.15Oil & Natural Gas Corp 3.01Eicher Motors 2.40Reliance Infrastructure 2.23Equity less than 2% of corpus 8.54Total Equity Holdings 94.57CBLO & Others* 5.43Total Assets 100.00


SNAPSHOTINVESTMENT OBJECTIVE : To generate returns by predominantly

investing in Large Cap Companies which would be top 100 companies on the National Stock Exchange of India Ltd. in terms of market capitalisation.

FUND MANAGER : Sanjay Chhabaria(Managing this fund since April, 2009 & total 10 years of experience in fund management & equity research).


NAV DETAILS : Growth Plan (Rs.): 19.3645Dividend Plan (Rs.): 14.2396




Jm large cap Fund(An Open-Ended Equity Oriented Scheme)merged into Jm Equity Fund w.e.f. april 1, 2011

PORTFOLIOIssuer % to NAVBharti Airtel 44.31Idea Cellular 9.53Reliance Communications 9.46Total Equity Holdings 63.30CBLO & Others* 36.70Total Assets 100.00


Jm telecom Sector Fund(An Open-Ended Equity Oriented Sector Scheme)merged into Jm Equity Fund w.e.f. april 1, 2011

SNAPSHOTINVESTMENT OBJECTIVE : To invest predominantly in equity &

equity related instruments in the Telecom Sectors in India. Accordingly the NAV of the Scheme is linked to the equity performance of such companies. However, there can be no assurance that the investment objectives of the scheme will be realised. The scheme does not guarantee / indicate any returns.

FUND MANAGER : Asit Bhandarkar(Managing this fund since December, 2006 & total 8 yrs of experience in fund management & equity research).

INCEPTION : 7th December, 2006






JM Large Cap Fund - Growth Option

(4.57) 12.03 3.56 1.31 10.28

S & P CNX Nifty Index** (3.25) 11.14 7.21 11.38 22.05 ^^ Inception date = Allotment date i.e. 29.06.2004, ** Benchmark Index: S & P CNX Nifty Index Note: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.


JM Telecom Sector Fund - Growth Plan

(17.47) (7.05) (12.10) (6.82)

BSE Telecom Index** (10.26) (0.48) (15.15) (7.31)^^ Inception date = Allotment date i.e. 07.12.2006, ** Benchmark Index: BSE Telecom Index () ^ (^) Disclaimer: Refer page no. 16Note: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.



JM Telecom Sector Fund - Growth Option 1.10 (0.31) 40.22##Risk Free rate assumed to be 7.25% ( 91 day Treasury Bill yield on March 31, 2011) for calculation of Sharpe Ratio. Standard Deviation & Sharpe are calculated on annualised basis, using 3 years history of monthly returns.

Disclaimer: Source: Mutual Funds India Explorer. Since Mutual Funds India Explorer does not have customized index values of JM Telecom Fund and JM Financial Services Fund, BSE Sensex is considered for calculation of Beta.


Scheme Name Beta Sharpe Std. Dev.JM Large Cap Fund - Growth Option 0.81 0.03 29.06

##Risk Free rate assumed to be 7.25% ( 91 day Treasury Bill yield on March 31, 2011) for calculation of Sharpe Ratio. Standard Deviation & Sharpe are calculated on annualised basis, using 3 years history of monthly returns.


2.16%2.62%

2.97%3.99%4.19%

4.47%4.70%

5.40%5.72%

8.09%8.36%

13.19%13.39%

14.97%

PharmaceuticalsTelecom-Services

CementConsumer Durables

PowerOil

Non Ferrous MetalsFinance

Ferrous MetalsConsumer Non DurableIndustrial Capital Goods

Petroleum ProductsAuto

SoftwareBanks


1.91%2.23%

3.01%3.81%

6.44%8.39%

9.29%10.00%

13.06%15.78%

20.00%

CementPharmaceuticals

PowerOil

Non Ferrous MetalsConsumer Non Durable


AutoIndustrial Capital Goods

SoftwareBanks

63.30%Telecom-ServicesTotal Equity: 63.30%

7


PORTFOLIOIssuer % to NAVAXIS Bank 8.84

ICICI Bank 8.75

HDFC Bank 8.65

Punjab National Bank 8.37

State Bank Of India 8.25

Bank of Baroda 8.16

Standard Chartered Bank 4.61





JM Financial Services Sector Fund - Growth Plan

(12.09) 12.88 (7.55) 0.21

BSE Finance Index** (6.86) 23.20 16.00 14.97 ^^ Inception date = Allotment date i.e. 07.12.2006 ** Benchmark Index: BSE Finance Index () ! (!) Disclaimer: Refer page no. 16Note: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.



JM Financial Services Sector Fund - Growth Option

1.13 (0.14) 42.61


Disclaimer: Source: Mutual Funds India Explorer. Since Mutual Funds India Explorer does not have customized index values of JM Telecom Fund and JM Financial Services Fund, BSE Sensex is considered for calculation of Beta.

Jm Financial Services Sector Fund(An Open-Ended Equity Oriented Sector Scheme)merged into Jm Equity Fund w.e.f. april 1, 2011

SNAPSHOTINVESTMENT OBJECTIVE : To invest predominantly in equity & equity

related instruments in the Banking / Financial institution / NBFC and housing finance sectors in India. Accordingly the NAV of the Scheme is linked to the equity performance of such companies. However, there can be no assurance that the investment objectives of the scheme will be realised. The scheme does not guarantee / indicate any returns.


INCEPTION : 7th December, 2006




EXPENSE RATIO : 2.50%PORTFOLIO

Issuer % to NAVEicher Motors 9.50Tata Iron & Steel 5.79Infosys Technologies 5.54LIC Housing Finance 5.10AXIS Bank 4.88

Larsen & Toubro 4.75Bajaj Auto 4.39Tata Motors 3.93Hindalco Industries 3.90ICICI Bank 3.83Bharat Heavy Electricals 3.63United Spirits 3.60Opto Circuits (India) 3.24Standard Chartered Bank 3.16Action Construction Equipment 2.99KPIT Cummins Infosytems 2.93Piramal Healthcare 2.91Crompton Greaves 2.85Associated Cement Companies 2.57Patni Computer System 2.33Equity less than 2% of corpus 7.10Total Equity Holdings 88.92CBLO & Others* 11.08Total Assets 100.00


JM Tax Gain Fund - Growth Plan (11.10) (0.18) (10.96) (10.96)BSE 500 Index** (6.85) 7.48 6.50 6.50

^^ Inception date = Allotment date i.e. 31.03.2008** Benchmark Index: BSE 500 IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

SNAPSHOTINVESTMENT OBJECTIVE : To generate long-term capital growth from

a diversi� ed and actively managed portfolio of equity and equity related securities and to enable investors a deduction from total income, as permitted under the Income Tax Act, 1961 from time to time.However, there can be no assurance that the investment objective of the scheme will be achieved.


INCEPTION : 31st March, 2008




: 0.1975


Jm tax Gain Fund (An Open-Ended Equity Linked Savings Scheme)


SNAPSHOTINVESTMENT OBJECTIVE : To provide steady current income as well

as long term growth of capital.FUND MANAGER : Sanjay Chhabaria

(Managing this fund since February, 2008 & total 10 years of experience in fund management & equity research).

INCEPTION : 1st April, 1995NAV DETAILS : Growth Plan (Rs.) : 22.9470

Dividend Plan (Rs.) : 16.3669CORPUS (Jan 11 - Mar 11) : Qtly - AAUM (Rs.) : 12.54 Crores


: 0.0254


PORTFOLIO Issuer % to NAVReliance Industries 7.63Larsen & Toubro 6.79ITC 6.49

Infosys Technologies 6.40Bharat Heavy Electricals 6.17Eicher Motors 5.69Sterlite Industries 4.95Bajaj Auto 4.72Associated Cement Companies 3.93Mahindra & Mahindra 3.51Hindalco Industries 3.36Tata Iron & Steel 2.80Equity less than 2% of corpus 1.92Total Equity Holdings 64.36Non Convertible Debenture 20.97Dr. Reddy's NCD 9.25% 36 months 0.69

Union Bank Of India 20.28 AAATotal Debt Holdings 20.97CBLO & Others* 14.67Total Assets 100.00

Jm Balanced Fund (An Open-Ended Balanced Scheme)


JM Balanced Fund - Growth Plan (6.60) 6.78 (1.83) 2.75 12.75

CBFI** (1.10) 9.37 8.13 10.59 NA

^^ Inception date = Allotment date i.e. 01.04.1995** Benchmark Index: Crisil Balanced Fund IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

Total Equity: 55.63%55.63%Banks


2.57%3.60%

3.90%4.37%

5.79%6.61%

7.58%10.80%

11.23%13.48%

17.83%

Consumer DurablesCement

Consumer Non DurableNon Ferrous Metals

ConstructionFerrous Metals

FinancePharmaceuticals

SoftwareIndustrial Capital Goods

BanksAuto Total Equity: 64.36%

1.92%2.80%

3.93%6.40%6.49%

7.63%8.31%

12.96%13.92%

BanksFerrous Metals

CementSoftware

Consumer Non DurablePetroleum ProductsNon Ferrous Metals

Industrial Capital GoodsAuto



JM Tax Gain Fund - Growth Option 1.12 (0.35) 39.28##Risk Free rate assumed to be 7.25% (91 day Treasury Bill yield on March 31, 2011) for calculation of Sharpe Ratio. Standard Deviation & Sharpe are calculated on annualised basis, using 3 years history of monthly returns.

8


SNAPSHOTINVESTMENT OBJECTIVE : To provide long-term growth by

investing predominantly in equity / equity related instruments of companies that focus on agriculture and infrastructure development of India.


INCEPTION : 16th January, 2008





PORTFOLIO Issuer % to NAVReliance Industries 7.55

HDFC Bank 6.28


Tata Motors 5.62


ICICI Bank 4.45

Reliance Infrastructure 4.30

JSW Steel 4.11



Sanghvi Movers 3.40

Action Construction Equipment 3.39

Jai Prakash Associates 3.37

Infrastructure Development Finance Company 3.33

Mahindra & Mahindra Financial Services 3.24

JSW Energy 3.08


Bajaj Auto 2.74

Crompton Greaves 2.59

Simplex Projects 2.46

Power Finance Corporation 2.44

Supreme Infrastructure India 2.37

LIC Housing Finance 2.28

Jindal Steel & Power 2.14

Cairn India 2.07



Jm agri & Infra Fund(A Open-Ended Equity Oriented Scheme)merged into Jm Basic Fund w.e.f. april 1, 2011


PERFORMANCE (%) Plan 6 Mths 1 Year 3 Year Incep.^^

JM Agri & Infra Fund – Growth Plan

(19.10) (16.72) (29.50) (35.43)

BSE 500 Index** (6.85) 7.48 6.50 (3.52)^^ Inception date = Allotment date i.e. 16.01.2008** Benchmark Index: BSE 500 IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.



JM Agri & Infra Fund - Growth Option 1.14 (0.80) 40.91


SNAPSHOTINVESTMENT OBJECTIVE : To provide long-term growth by investing

predominantly in a concentrated portfolio of equity / equity related instruments

FUND MANAGER : Asit Bhandarkar(Managing this fund since February, 2009 & total 8 yrs of experience in fund management & equity research).

INCEPTION : 5th March, 2008




: 0.0654


PORTFOLIOIssuer % to NAVICICI Bank 9.48Sterlite Industries 9.42Reliance Infrastructure 9.32

Infosys Technologies 9.26Mahindra & Mahindra 9.23Tata Iron & Steel 9.21LIC Housing Finance 9.15Hindalco Industries 8.87Power Trading Corporation 8.61Diamond Power Infrastructure 8.48Sintex Industries 8.18Total Equity Holdings 99.21CBLO & Others* 0.79Total Assets 100.00

Jm core 11 Fund (JM Core 11 Fund - Series 1 was initially launched as 3 years Closed-Ended equity scheme on March 5, 2008. Subsequently, the scheme was converted into an Open-Ended equity oriented scheme w.e.f. March 5, 2011. The name of JM Core 11 Fund - Series 1 is changed to JM Core 11 Fund w.e.f. April 1, 2011.)


JM Core 11 Fund - Growth Plan (19.63) (11.96) (22.55) (26.26)

BSE Sensex** (2.56) 10.94 9.93 5.41 ^^Inception date = Allotment date i.e. 05.03.2008** Benchmark Index: BSE SensexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.


Scheme Name Beta Sharpe Std. Dev.JM Core 11 Fund - Growth Option 1.57 (0.35) 52.48



SNAPSHOTINVESTMENT OBJECTIVE : JM Nifty Plus Fund will be a Scheme

which will endeavor to outperform the benchmark by predominantly investing in the constituents of S & P CNX Nifty in the same weightages as in its composition and through deployment of surplus cash in debt and money market instruments and derivative instruments.

FUND MANAGER : Chaitanya Choksi(Managing this fund since Feb 25, 2011 and has around 10 years of work experience in the � eld of equity research and capital markets.)

INCEPTION : 2nd February, 2009

NAV DETAILS : Growth Plan (Rs.) : 18.5167Dividend Plans (Rs.) : 16.8634




Jm nifty Plus Fund Open Ended Equity Scheme

PORTFOLIO

Issuer % to NAVReliance Industries 8.34


ICICI Bank 6.03

ITC 4.53

Housing Development Finance 4.27


HDFC Bank 3.92

State Bank Of India 3.35


Tata Motors 2.05

Bharti Airtel 2.03


Oil & Natural Gas Corp 1.85

AXIS Bank 1.69



Hindustan Lever 1.41

Jindal Steel & Power 1.27

Hindalco Industries 1.26


National Thermal Power Corporation 1.16

Wipro 1.14


8.18%

9.15%

9.21%

9.23%

9.26%

9.48%

18.29%

26.41%

Industrial Products

Finance

Ferrous Metals

Auto

Software

Banks

Non Ferrous Metals

Power


1.71%1.88%

2.07%3.37%3.40%

3.64%7.55%

8.22%9.83%

10.69%11.22%11.34%

11.58%12.03%

PharmaceuticalsCement

OilConstruction Project

TransportationNon Ferrous MetalsPetroleum Products

ConstructionPower

FinanceFerrous Metals

BanksIndustrial Capital Goods

Auto

9



Growth Plan 0.86 3.65 2.82 3.90 5.79 CMIP In** 1.65 6.17 6.82 7.41 7.78

^^ Inception date = Allotment date i.e. 18.09.2003** Benchmark Index: CRISIL MIP Blended IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

PORTFOLIO STATISTICSCurrent Yield 10.21%Duration 0.0350 yearsAverage Maturity 0.0380 years

PERFORMANCE (%) Plan 6 Mths 1 Year Incep.^^

JM Nifty Plus Fund - Growth Plan (3.93) 10.89 33.07

S&P CNX Nifty Index** (3.25) 11.14 41.34

^^ Inception date = Allotment date i.e. 02.02.2009** Benchmark Index: S&P CNX Nifty IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.



SNAPSHOTINVESTMENT OBJECTIVE : To generate regular income, primarily

through investments in fixed income securities so as to make monthly, quarterly and annual dividend distribution, declare bonus in the growth option. The Fund would also aim to achieve capital appreciation through investing a portion of its assets in equity and equity related securities.

FUND MANAGER^ : Shalini Tibrewala(Managing this fund since September, 2003 & total 14 years of experience in fund management & � nancial services sector).

INCEPTION : 18th September, 2003

NAV DETAILS : Growth Plan (Rs.) : 15.2817Dividend Plans: Monthly Div. option (Rs.): 10.1818Quarterly Div. option (Rs.): 11.5148Annual Div. option (Rs.): 12.2766



^ The equity component is managed by a equity Fund Manager.

PORTFOLIO Issuer % to NAV Rating

Reliance Industries 5.58

JSW Steel 5.08

Bajaj Auto 4.58

McDowell Holdings 0.04

Total Equity Holdings 15.28

Money Market Instruments 59.31

Certifi cate of Deposits

Central Bank of India 22.32 PR1+

Vijaya Bank 22.26 PR1+

Commercial Paper

RHC Holding 14.73 A1+

Corporate Debt 12.45

Britannia 2.51 AAA

Shriram Transport Finance Company 9.94 AA+

Floating Rate Instruments 10.46

UTI Bank 10.46 LAAA

Total Debt Holdings 82.22

CBLO & Others 2.50

Total Assets 100.00

Jm mIP Fund (An Open-Ended Monthly Income Fund with no assured

return. Monthly Income is not assured and is subject to the

availability of the distributable surplus.)

Tata Power 1.01

G A I L (India) 0.98

Dr Reddy's Lab 0.97

Bajaj Auto 0.93

Maruti Udyog 0.78

Sun Pharmaceuticals Industries 0.78

Infrastructure Development Finance Company 0.77

Cipla 0.77

Kotak Mahindra Bank 0.76

Punjab National Bank 0.76

Grasim Industries 0.73

Cairn India 0.71

Hero Honda Motors 0.71

Power Grid Corp of India 0.68

Siemens 0.63

Gujarat Ambuja Cements 0.57

HCL Technologies 0.54

Sesa Goa 0.52

Jai Prakash Associates 0.50

Associated Cement Companies 0.49

Steel Authority of India 0.47

DLF 0.46

Reliance Infrastructure 0.45

Bharat Petroleum 0.37

Reliance Power 0.34

Reliance Communications 0.34

Ranbaxy Laboratories 0.32

Reliance Capital 0.31

Total Equity Holdings 82.42Futures & OptionsNifty - Futures 17.41

Total Derivative Hodings 17.41Non Convertible DebentureDr Reddy's 0.02

Total Debt Holdings 0.02CBLO & Others* 0.15Total Assets 100.00

SNAPSHOTINVESTMENT OBJECTIVE

: To generate income through arbitrage opportunities emerging out of mis-pricing between the cash market and the derivatives market and through deployment of surplus cash in � xed income instruments.

FUND MANAGER : Chaitanya Choksi(Managing this fund since Feb 1, 2011 and has around 10 years of work experience in the � eld of equity research and capital markets.)

INCEPTION : 18th July, 2006




: 0.3631


Jm arbitrage advantage Fund(An Open-Ended Equity Oriented Interval Scheme)

Value Research Rating###

JM ARBITRAGE ADVANTAGE FUND Category: Arbitrage, Total Funds Considered: 19,

No. of funds rated: 14, Period: 36 months ending March 2011.

PORTFOLIO

Issuer Market Value(Rs. In Lacs)

% to NAV

Market Value (Rs.

In Lacs) Futures

Banks 506.38 8.89 -509.59

Bank of Baroda 96.49 1.69

Bank of Baroda - Futures -97.19

Central Bank of India 39.65 0.70

Central Bank of India - Futures -40.02

Dena Bank 370.24 6.50

Dena Bank - Futures -372.38

Cement 151.05 2.65 -152.47

India Cements 151.05 2.65

India Cements - Futures -152.47

Consumer Non Durable 476.25 8.36 -480.18

Bajaj Hindustan 58.30 1.02


0.46%0.50%

0.98%1.79%

2.36%2.42%2.56%

2.83%3.64%

4.18%5.35%

5.94%6.03%

6.30%8.71%

11.84%16.51%

ConstructionConstruction Project

GasCement

Telecom-ServicesNon Ferrous Metals

OilPharmaceuticals

PowerFerrous Metals

FinanceConsumer Non Durable

AutoIndustrial Capital Goods

Petroleum ProductsSoftware

Banks

2.50%

10.46%

12.45%

59.30%

CBLO & Others

Floating Rate Instruments

Corporate Debt

Money Market Instruments

10


ASSET ALLOCATION

Bajaj Hindustan - Futures -58.92

Ruchi Soya Industries 316.95 5.56

Ruchi Soya Industries - Futures -319.50

Shree Renuka Sugars 30.62 0.54

Shree Renuka Sugars - Futures -30.91

Tata Tea 70.38 1.24

Tata Tea - Futures -70.85

Ferrous Metals 125.99 2.21 -127.05

JSW Steel 125.99 2.21

JSW Steel - Futures -127.05

Finance 116.87 2.05 -118.11

IFCI 107.30 1.88

IFCI - Futures -108.43

SREI Infrastructure Finance 9.57 0.17

SREI Infrastructure Finance - Futures

-9.68

Gas 34.80 0.61 -35.06

G A I L (India) 34.80 0.61

G A I L (India) - Futures -35.06

Industrial Capital Goods 119.91 2.11 -120.20

ABG Shipyard 112.76 1.98

ABG Shipyard - Futures -112.98

BGR Energy Systems 7.15 0.13

BGR Energy Systems - Futures -7.22

Industrial Products 118.52 2.08 -119.52

Jain Irrigation Systems 118.52 2.08

Jain Irrigation Systems - Futures

-119.52

Media & Entertainment 155.20 2.72 -155.60

Television Eighteen India 155.20 2.72

Television Eighteen India - Futures

-155.60

Oil 90.44 1.59 -91.56

K S Oils 90.44 1.59

K S Oils - Futures -91.56

Pharmaceuticals 199.40 3.50 -201.79

Cipla 19.30 0.34

Cipla - Futures -19.46

Orchid Chemicals & Pharma 36.08 0.63

Orchid Chemicals & Pharma - Futures

-36.41

Sterling Biotech 144.02 2.53

Sterling Biotech - Futures -145.92

Power 623.85 10.95 -625.67

Lanco Infratech 98.08 1.72

Lanco Infratech - Futures -99.08

National Hydroelec Power Corporation

394.68 6.93

National Hydroelec Power Corporation - Futures

-394.68

Reliance Infrastructure 131.09 2.30

Reliance Infrastructure - Futures

-131.91

Retailing 420.39 7.38 -428.03

Pantaloon Retail (India) 420.39 7.38

Pantaloon Retail (India) - Futures

-428.03

Shipping 70.92 1.25 -71.61


Growth Plan 4.07 6.79 6.00 7.09

CLFI** 3.71 6.21 6.22 6.51 ^^ Inception date = Allotment date i.e. 18.07.2006** Benchmark Index: CRI SIL Liquid Fund IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

Although classi� ed under Equity category, Risk ratios are not calculated for JM Arbitrage Advantage Fund as the scheme is benchmarked to CLFI.

Shipping Corporation of India 70.92 1.25

Shipping Corporation of India - Futures

-71.61

Software 230.01 4.04 -232.52

Firstsource Solutions 196.73 3.45

Firstsource Solutions - Futures -198.92

Rolta India 33.28 0.59

Rolta India - Futures -33.60

Telecom-Services 411.14 7.22 -414.88

Mahanagar Tel Nigam 58.05 1.02

Mahanagar Tel Nigam - Futures

-58.75

Tata Teleservices (Maharashtra) 327.81 5.76

Tata Teleservices (Maharashtra) - Futures

-330.68

Tulip Telecom 25.28 0.44

Tulip Telecom - Futures -25.45

Textile Products 110.75 1.94 -111.75

Alok Industries 110.75 1.94

Alok Industries - Futures -111.75

Transportation 38.15 0.67 -38.60

Mercator Lines 38.15 0.67

Mercator Lines - Futures -38.60

Total Equity Holdings 4000.02 70.22 -4034.19

Fixed Deposit Scheme 880.00 15.45

HDFC Bank 880.00 15.45

Total Debt Holdings 880.00 15.45

CBLO & Others* 815.97 14.33

Total Assets 5695.99 100.00Note: Nifty Futures that are sold is a complete hedge against the purchase of Nifty Basket.


: To provide income by way of dividend (dividend plans) and capital gains (growth plan) through investing in debt and money market instruments.

FUND MANAGER : Shalini Tibrewala(Managing this fund since December, 1997 & total 14 years of experience in fund management & � nancial services sector).

INCEPTION : Regular Plan: 31st December, 1997Regular Plan - DDO: 2nd July, 2001Regular Plan - Bonus: 9th Sept., 2002Regular Plan - Quarterly Div.: 23rd September, 2003Growth Plan - Bonus: 17th August, 2002Institutional Plan: 4th April, 2003Institutional Plan - DDO: 28th July, 2003Super Institutional Plan:19th May, 2004.

NAV DETAILS : Regular PlanGrowth Plan (Rs.): 26.7560Wkly. Dividend Plan (Rs.): 10.8071Daily Dividend Plan (Rs.): 10.4302Growth Plan - Bonus option (Rs.): 14.0506Qtly. Dividend option (Rs.): 15.1441Institutional PlanGrowth option (Rs.): 16.1428Wkly. Dividend option (Rs.): 10.5616Daily Dividend option (Rs.): 10.0159Super Institutional PlanGrowth option (Rs.): 15.3494Wkly. Dividend option (Rs.): 10.0000Daily Dividend option (Rs.): 10.0165

CORPUS (Jan 11 - Mar 11)

: Qtly - AAUM (Rs.) : 3170.05 Crores


Jm High liquidity Fund(An Open - Ended Liquid Scheme)

CRISIL AAAf RATED ## (## Please refer to the back cover page.)


JM HIGH LIQUIDITY FUND - REGULAR JM HIGH LIQUIDITY FUND - INSTITUTIONAL

JM HIGH LIQUIDITY FUND - SUPER INSTITUTIONAL Category: Liquid, Total Funds Considered: 116,



Money Market Instruments 98.23Certifi cate of DepositsAllahabad Bank 18.05 P1+Bank of Maharashtra 9.21 P1+HDFC Bank 4.52 PR1+Indian Overseas Bank 4.52 A1+J&K Bank 18.42 P1+UCO Bank 9.01 P1+Commercial PaperEdelweiss Capital 9.11 P1+Reliance Capital 9.70 A1+Religare Finvest 4.54 A1+RHC Holding 11.15 A1+Total Debt Holdings 98.23CBLO & Others 1.77Total Assets 100.00


0.67%1.25%

1.59%1.94%2.05%2.08%2.11%2.21%

2.65%2.72%

3.50%4.04%

7.22%7.38%

8.36%8.89%

10.95%

0.61%Gas

TransportationShipping

OilTextile Products

FinanceIndustrial Products

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11


Jm money manager Fund - regular Plan(An Open - Ended Debt Scheme)


JM MONEY MANAGER FUND - Regular

Category: Ultra Short Term, Total Funds Considered: 167,


ASSET ALLOCATION (REGULAR)

PERFORMANCE (%) Plan 7 Days 15 Days 30 Days 3 Mths 6 MthsRegular Plan - Growth Plan

9.10 8.81 8.46 8.24 7.79

CLFI** 8.69 8.42 8.39 7.96 7.43

Plan 1 Year 3 Years 5 Years Incep.^^

Regular Plan - Growth Plan

6.60 6.54 6.80 7.71

CLFI** 6.21 6.22 6.51 N A ^^ Inception date = Allotment date i.e. 31.12.1997** Benchmark Index: CRISIL Liquid Fund IndexNote: Simple Annualised returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

PORTFOLIO STATISTICSHigh Liquidity FundCurrent Yield 9.51%Duration 0.1413 yearsAverage Maturity 0.1413 years


: To generate stable long term returns with low risk strategy and capital appreciation/accretion through investments in debt instruments and related securities besides preservation of capital.

FUND MANAGER : Shalini Tibrewala(Managing this fund since September, 2006 & total 14 years of experience in fund management & financial services sector).

INCEPTION : Regular Plan - Growth: 27th Sept, 2006Regular Plan - DDO: 27th Sept, 2006Regular Plan - WDO: 26th July, 2007Regular Plan - FDO: 26th Sept, 2008

NAV DETAILS : Regular Plan -Growth option (Rs.) : 13.4680Daily Dividend option (Rs.) : 10.0112Weekly Dividend option (Rs.) : 10.3926Fortnightly Dividend option (Rs.) : 10.1334

CORPUS (Jan 11 - Mar 11) : Qtly - AAUM (Rs.) : 129.58 CroresEXPENSE RATIO : 0.36%

PORTFOLIO Issuer % to NAV RatingMoney Market Instruments 99.18Certifi cate of DepositsCentral Bank of India 5.71 PR1+ING Vysya Bank 3.05 P1+Punjab National Bank 19.05 PR1+UCO Bank 14.28 P1+YES Bank 19.05 A1+Commercial PaperEdelweiss Securities 19.02 P1+Religare Finvest 19.02 A1+Floating Rate Instruments 0.08Union Bank of India 0.08 AAATotal Debt Holdings 99.26CBLO & Others 0.74Total Assets 100.00

ASSET ALLOCATION (REGULAR PLAN)


Regular Plan - Growth option 4.14 7.08 6.44 6.83CLFI ** 3.71 6.21 6.22 6.54

^^ Inception date = Allotment date i.e. 27.09.2006** Benchmark Index: CRISIL Liquid Fund IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

PORTFOLIO STATISTICSRegular Plan

Current Yield 10.32%

Duration 0.1446 years

Average Maturity 0.1446 years

Jm money manager Fund - Super Plan(An Open - Ended Debt Scheme)

Super Plan - CRISIL AAAf RATED ##

(## Please refer to the back cover page.)Value Research Rating###

JM MONEY MANAGER FUND - SUPER Category: Ultra Short Term, Total Funds Considered: 167,



: To generate stable long term returns with low risk strategy and capital appreciation/ accretion through investments in debt instruments and related securities besides preservation of capital.

FUND MANAGER : Shalini Tibrewala

(Managing this fund since September, 2006 & total 14 years of experience in fund management & � nancial services sector).

INCEPTION : Super Plan - Growth: 27th Sept, 2006Super Plan - DDO: 27th Sept, 2006Super Plan - WDO: 12th October, 2007Super Plan - FDO: 2nd April, 2008

NAV DETAILS : Super PlanGrowth option (Rs.) : 13.8695Daily Dividend option (Rs.) : 10.0118Weekly Dividend option (Rs.) : 10.4235Fortnightly Dividend option (Rs.) : 10.1831






Axis Bank 15.97 P1+

Bank of India 31.89$ P1+

Canara Bank 7.07 P1+


Punjab National Bank 10.84 PR1+

State Bank of Mysore 0.42 A1+


Commercial Paper

Edelweiss Capital 16.09 P1+

Religare Finvest 0.64 A1+

RHC Holding 15.25 A1+

Floating Rate Instruments 0.06

Union Bank of India 0.06 AAA


CBLO & Others 0.81

Total Assets 100.00

$ increase over 30% on account of market movements/change in net assets of the scheme.

ASSET ALLOCATION (SUPER PLAN)


Super Plan - Growth option 4.13 7.26 7.68 7.52CLFI ** 3.71 6.21 6.22 6.54

^^ Inception date = Allotment date i.e. 27.09.2006

** Benchmark Index: CRISIL Liquid Fund Index

Note: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

PORTFOLIO STATISTICSSuper PlanCurrent Yield 10.05%Duration 0.1983 yearsAverage Maturity 0.1983 years

1.77%98.23%

CBLO & Others*


0.08%

0.74%

99.18%


CBLO & Others


0.06%

0.81%

99.13%


CBLO & Others


12


Jm money manager Fund - Super Plus Plan(An Open - Ended Debt Scheme)

Super Plus Plan - CRISIL AAAf RATED ##

(## Please refer to the back cover page.)Value Research Rating###

JM MONEY MANAGER FUND - SUPER PLUS Category: Ultra Short Term, Total Funds Considered: 167,



: To generate stable long term returns with low risk strategy and capital appreciation/accretion through investments in debt instruments and related securities besidespreservation of capital.



INCEPTION : Super Plus Plan - Growth: 27th Sept, 2006Super Plus Plan - DDO: 27th Sept, 2006Super Plus Plan - WDO: 16th July, 2007Super Plus Plan - FDO: 12th July, 2007

NAV DETAILS : Super Plus Plan -Growth option (Rs.) : 13.8213Daily Dividend option (Rs.) : 10.0053Weekly Dividend option (Rs.) : 10.4273Fortnightly Dividend option (Rs.) : 10.2371

CORPUS (Jan 11 - Mar 11)

: Qtly - AAUM (Rs.) : 859.66 Crores


ASSET ALLOCATION (SUPER PLUS PLAN)


Super Plus Plan - Growth option 3.84 6.45 6.85 7.44

CLFI ** 3.71 6.21 6.22 6.54 ^^ Inception date = Allotment date i.e. 27.09.2006** Benchmark Index: CRISIL Liquid Fund IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

PORTFOLIO STATISTICSSuper Plus PlanCurrent Yield 9.31%Duration 0.2495 yearsAverage Maturity 0.2499 years

PORTFOLIO Issuer % to NAV RatingMoney Market Instruments 66.81Certifi cate of DepositsBank of India 12.06 P1+Dhanlakshmi Bank 11.99 P1+State Bank of Mysore 12.27 A1+UCO Bank 6.02 P1+Commercial PaperEdelweiss Capital 18.21 P1+Religare Securities 3.15 P1+RHC Holding 3.11 A1+Corporate Debt 19.13ICICI Bank Bonds 0.76 AAADeccan Chronicle Holdings 18.37# PR1+Floating Rate Instuments 8.29Union Bank of India 5.10 AAAUTI Bank 3.19 LAAATreasuy Bills 2.4291 Days T-Bill 2.42 SOVTotal Debt Holdings 96.65CBLO & Others 3.35Total Assets 100.00

# increase over 15% on account of market movements/change in net assets of the scheme.

Jm Floater Fund - Short term Plan(An Open-Ended Liquid Scheme)


: To provide regular income and capital appreciation through investment in floating rate debt instruments, fixed rate debt instruments swapped for floating rate returns and also fixed rate instruments and money market instruments.




NAV DETAILS : Short Term Plan - Growth option (Rs.) : 15.6841Dividend option (Rs.) : 10.0883




Regular Plan - Growth option

3.58 6.13 6.04 6.37 5.71

CLFI** 3.71 6.21 6.22 6.51 5.75

^^ Inception date = Allotment date i.e. 25.06.2003** Benchmark Index: CRISIL Liquid Fund IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

PORTFOLIO STATISTICSCurrent Yield 8.24%Duration 0.0418 years

Average Maturity 0.0418 years

ASSET ALLOCATION

Jm Floater Fund - long term Plan(An Open-Ended Income Scheme)

(Formerly known as JM Liquid Plus Fund) CRISIL AAAf RATED ##

## Please refer to the back cover page.


: To provide regular income and capital appreciation through investment in floating rate debt instruments, fixed rate debt instruments swapped for floating rate returns and also fixed rate instruments and money market instruments.

FUND MANAGER : Shalini Tibrewala(Managing this fund since March, 2006 & total 14 years of experience in fund management & � nancial services sector).

INCEPTION : Regular Plan: 25th June, 2003Regular Plan - DDO: 22nd May, 2007Regular Plan - WDO: 22nd May, 2007Premium Plan: 13th October, 2004Premium Plan - DDO: 15th May, 2007Premium Plan - WDO: 18th May, 2007

NAV DETAILS : Regular Plan - Growth option (Rs.): 15.3943Dividend option (Rs.): 15.4470Daily Dividend option (Rs.): 10.0031Wkly Dividend option (Rs.): 10.3795Premium Plan - Growth option (Rs.): 14.8358Dividend option (Rs.): 10.2809Daily Dividend option (Rs.): 10.0031Wkly Dividend option (Rs.): 10.4118





Commercial Paper



CBLO & Others 78.42

Total Assets 100.00

2.42%

3.35%

8.29%

19.13%

66.81%

Treasuy Bills

CBLO & Others

Floating Rate Instuments

Corporate Debt


21.58%

78.42%


CBLO & Others*

13


ASSET ALLOCATION

Jm Short term Fund(An Open-Ended Income Scheme)


JM SHORT TERM INSTITUTIONAL PLAN Category: Ultra Short Term, Total Funds Considered: 167,



: To generate regular returns and high level

of liquidity with low risk strategy and

capital appreciation / accretion through

investment in debt instruments and

related securities besides preservation

of capital.

FUND MANAGER : Shalini Tibrewala(Managing this fund since February,

2009 & total 14 years of experience in

fund management & financial services

sector).

Girish Hisaria(Managing this fund since July 2009 &

total 7 years of experience in Fixed Income

Markets).




Allahabad Bank 4.95 P1+

AXIS Bank 9.55 P1+


Dhanlakshmi Bank 9.54 P1+

Punjab National Bank 9.54 PR1+

State Bank of Bikaner & Jaipur 5.77 P1+

UCO Bank 3.67 P1+


Commercial Paper

Edelweiss Capital 13.43 P1+

India Infoline Investment Services 9.52 A1+


Religare Securities 9.52 P1+

Corporate Debt 0.20

Shriram Transport Finance Company 0.20 AA+


CBLO & Others 0.70

Total Assets 100.00

ASSET ALLOCATION

PORTFOLIOIssuer % to NAV RatingMoney Market Instruments 24.72Certifi cate of DepositsUCO Bank 24.72 P1+Total Debt Holdings 24.72CBLO & Others 75.28Total Assets 100.00

PERFORMANCE (%) Plan 7 Days 15 Days 30 Days 3 Mths

Short Term Plan - Growth option

6.12 6.30 6.17 6.79

CLFI** 8.69 8.42 8.39 7.96

Plan 6 Mths 1 Year 3 Years 5 Years Incep.^^

Short Term Plan - Growth option

6.61 5.85 5.81 6.33 5.96

CLFI** 7.43 6.21 6.22 6.51 5.75 ^^ Inception date = Allotment date i.e. 25.06.2003** Benchmark Index: CRISIL Liquid Fund IndexNote: Simple Annualised Returns for period less than 1 year for JM Floater Fund - Short Term Plan. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

PORTFOLIO STATISTICSJM Floater Fund - Short Term PlanCurrent Yield 8.68%Duration 0.0501 YearsAvg. Maturity 0.0501 Years

INCEPTION : Regular Plan: 25th June, 2002Institutional Plan: 4th April, 2003

NAV DETAILS : Regular Plan - Growth Plan (Rs.) : 19.2028 Dividend Plan (Rs.) : 11.5139Institutional Plan - Growth option (Rs.) : 13.8788 Dividend option (Rs.) : 10.4507




Regular Plan - Growth

3.52 6.66 9.42 8.91 7.72

CLFI** 3.71 6.21 6.22 6.51 5.73 ^^ Inception date = Allotment date i.e. 24.06.2002** Benchmark Index: CRISIL Liquid Fund Index

Note: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

PORTFOLIO STATISTICSCurrent Yield 10.69%Duration 0.1871 YearsAvg. Maturity 0.1874 Years

Jm Income Fund(An Open-Ended Income Scheme)

CRISIL AAAf RATED ##

## Please refer to the back cover page.


: To generate stable long term returns with low risk strategy and capital appreciation / accretion through investment in debt instruments and related securities besides preservation of capital.


(Managing this fund since February, 2009 & total 14 years of experience in fund management & � nancial services sector).Girish Hisaria(Managing this fund since July 2009 & total 7 years of experience in Fixed Income Markets).

INCEPTION : 1st April, 1995Growth - Bonus Option: 18th March, 2002

NAV DETAILS : Growth Plan (Rs.) : 29.4180Dividend Plan (Rs.) : 10.4079Growth Plan - Bonus Option (Rs.) : 12.0352


PORTFOLIO Issuer % to NAV RatingMoney Market Instruments 25.26Certifi cate of Deposits

Vijaya Bank 25.26 PR1+Corporate Debt 1.13Shriram Transport Finance Company 1.13 AA+Floating Rate Instruments 22.89Union Bank of India 12.71 AAAUTI Bank 10.18 LAAATotal Debt Holdings 49.28CBLO & Others 50.72Total Assets 100.00

ASSET ALLOCATION


Growth Plan 1.47 4.22 (0.67) 1.21 6.97 CCBFI** 2.40 5.06 5.94 5.94 NA

^^ Inception date = Allotment date i.e. 01.04.1995** Benchmark Index: CRISIL Composite Bond Fund IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.


24.72%

75.28%CBLO & Others*Money Market Instruments

0.20%

0.70%

99.10%

Corporate Debt

CBLO & Others


1.13%

22.89%

25.26%

50.72%

Corporate Debt



CBLO & Others

14


ASSET ALLOCATION (REGULAR)

Jm G-Sec Fund(An Open-Ended Dedicated Gilt Scheme)


JM G-SEC - REGULAR PLAN Category: Gilt Medium & Long Term, Total Funds Considered: 53,



: To provide ultimate level of safety to its unitholders through investments in sovereign securities issued by the Central and State Government.

FUND MANAGER : Shalini Tibrewala(Managing this fund since February, 2009 & total 14 years of experience in fund management & � nancial services sector).Girish Hisaria(Managing this fund since July 2009 & total 7 years of experience in Fixed Income Markets).

INCEPTION : Regular Plan : 29th September, 1999Regular Plan - Growth - Bonus : 30th November, 2002

NAV DETAILS : Regular Plan -Growth option (Rs.) : 31.0662Dividend option (Rs.) : 14.5936Bonus option (Rs.) : 15.1078



CBLO & Others* 100.00

Total Assets 100.00


Regular Plan - Growth Option

2.16 4.25 12.04 8.69 10.35

I-SEC** 3.54 6.41 7.83 7.65 NA ^^ Inception date = Allotment date i.e. Regular : 29.09.1999** Benchmark Index: I-SEC Composite IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.


100.00%CBLO & Others*

(~) Disclaimer: JM Small & Mid-cap Fund (“Product”) is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (“IISL”). IISL makes no representation or warranty, express or implied to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product particularly or the ability of the CNX Midcap Index to track general stock market performance in India. The relationship of IISL to JM Financial Asset Management Private Limited is in respect of the using of the trademark and trade name of CNX Midcap Index which is determined, composed and calculated by IISL without regard to the JM Financial Asset Management Private Limited or the Product. IISL has no obligation to take the needs of JM Financial Asset Management Private Limited or the owners of the Product into consideration in determining, composing or calculating the CNX Midcap Index. IISL is not responsible for nor has participated in the determination of the timing of, prices at, or quantities of the Product to be issued or in the determination or calculation of the equation by which the Product is to be converted into cash. IISL has no obligation or liability in connection with the administration, marketing or trading of the Product.IISL does not guarantee the accuracy and / or the completeness of the CNX Midcap Index or any data included therein and they shall have no liability for any errors, omissions, or interruptions therein. IISL makes no warranty, express or implied, as to the results to be obtained by the JM Financial Asset Management Private Limited, owners of the Product, or any other persons or entities from the use of the CNX Midcap Index or any data included therein. IISL makes no express or implied warranties and expressly disclaims all warranties of merchantability or fi tness for a particular purpose or use with respect to the CNX Midcap Index or any data included therein. Without limiting any of the foregoing, in no event shall IISL have any liability for any special, punitive, indirect or consequential damages (including lost profi ts), even if notifi ed of the possibility of such damages.

Fund Related Disclaimers

(^) Disclaimer: BSE Telecom Index() : JM Telecom Sector Fund is not sponsored, endorsed, sold or promoted by BSE. BSE makes no representation or warranty, express or implied to the investors in JM Telecom Sector Fund or any member of the public in any manner whatsoever regarding the advisability of investing in securities generally or in JM Telecom Sector Fund particularly or the ability of the index to track the sectors represented in the BSE Telecom Index(). The relationship of BSE to the JM Financial Asset Management Pvt. Ltd. is in respect of the licensing of use of BSE Telecom Index() which is determined, composed and calculated by BSE without regard to the JM Financial Asset Management Pvt. Ltd. or JM Telecom Sector Fund. BSE has no obligation to take the needs of the investors of JM Telecom Sector Fund into consideration in determining, composing or calculating the BSE Telecom Index(). BSE is neither responsible for nor has participated in the determination of the time or price at which the units under JM Telecom Sector Fund are to be issued or in the determination or calculation of the equation by which the units are to be redeemed for the underlying securities. BSE has no obligation or liability in connection with the administration, marketing or trading of JM Telecom Sector Fund.BSE does not guarantee the accuracy and/or the completeness and/or continuity of BSE Telecom Index() or any data included therein and they shall have no liability for any errors, omissions or interruptions therein or change or cessation thereof. BSE makes no warranty, express or implied, as to the results to be obtained by the JM Financial Asset Management Pvt. Ltd., investors of JM Telecom Sector Fund, or any other persons or entities from the use of BSE Telecom Index() or any data included therein. BSE makes no express or implied warranties and expressly disclaims all warranties of merchantability or fi tness for a particular purpose or use with respect to BSE Telecom Index() or any data included therein. Without limiting any of the foregoing, in no event shall BSE have any liability for any special, punitive, indirect or consequential damages (including lost profi ts), even if notifi ed of the possibility of such damages.

(!) Disclaimer: BSE Finance Index() : JM Financial Services Sector Fund is not sponsored, endorsed, sold or promoted by BSE. BSE makes no representation or warranty, express or implied to the investors in JM Financial Services Sector Fund or any member of the public in any manner whatsoever regarding the advisability of investing in securities generally or in JM Financial Services Sector Fund particularly or the ability of the index to track the sectors represented in the BSE Finance Index(). The relationship of BSE to the JM Financial Asset Management Pvt. Ltd. is in respect of the licensing of use of BSE Finance Index() which is determined, composed and calculated by BSE without regard to the JM Financial Asset Management Pvt. Ltd. or JM Financial Services Sector Fund. BSE has no obligation to take the needs of the investors of JM Financial Services Sector Fund into consideration in determining, composing or calculating the BSE Finance Index() BSE is neither responsible for nor has participated in the determination of the time or price at which the units under JM Financial Services Sector Fund are to be issued or in the determination or calculation of the equation by which the units are to be redeemed for the underlying securities. BSE has no obligation or liability in connection with the administration, marketing or trading of JM Financial Services Sector Fund.BSE does not guarantee the accuracy and/or the completeness and/or continuity of BSE Finance Index() or any data included therein and they shall have no liability for any errors, omissions or interruptions therein or change or cessation thereof. BSE makes no warranty, express or implied, as to the results to be obtained by the JM Financial Asset Management Pvt. Ltd., investors of JM Financial Services Sector Fund, or any other persons or entities from the use of BSE Finance Index() or any data included therein. BSE makes no express or implied warranties and expressly disclaims all warranties of merchantability or fi tness for a particular purpose or use with respect to BSE Finance Index() or any data included therein. Without limiting any of the foregoing, in no event shall BSE have any liability for any special, punitive, indirect or consequential damages (including lost profi ts), even if notifi ed of the possibility of such damages.

(*) Others may include net receivables / payables, cash, cash equivalents, stocks in transition and other instruments such as warrants, convertibles etc.

15


DIVIDEnD HIStory (for past 3 years)

JM Equity FundFinancial Year Record Date Dividend (Rs. per unit)FY 2010-11 NIL -FY 2009-10 March 19, 2010 1.50FY 2008-09 NIL -

After payment of dividend, the NAV will fall to the extent of payout and distribution taxes wherever applicable. Past performance may or may not be sustained in future. The face value per unit is Rs. 10/-.

JM Basic FundFinancial Year Record Date Dividend (Rs. per unit)FY 2010-11 NIL -FY 2009-10 March 19, 2010 1.00FY 2008-09 NIL -

After payment of dividend, the NAV will fall to the extent of payout and distribution taxes wherever applicable. Past performance may or may not be sustained in future. The face value per unit is Rs. 10/-

JM Mid Cap FundFinancial Year Record Date Dividend (Rs. per unit)Dividend PlanFY 2010-11 NIL -FY 2009-10 March 19, 2010 2.00FY 2008-09 NIL -


JM Large Cap FundFinancial Year Record Date Dividend (Rs. per unit)Dividend PlanFY 2010-11 NIL -FY 2009-10 March 19, 2010 1.00FY 2008-09 NIL -


JM Balanced FundFinancial Year Record Date Dividend (Rs. per unit)Dividend PlanFY 2009-10 March 19, 2010 1.00FY 2008-09 NIL -FY 2007-08 NIL -


JM Multi Strategy FundFinancial Year Record Date Dividend (Rs. per unit)Dividend PlanFY 2010-11 NIL -FY 2009-10 March 19, 2010 1.00FY 2008-09 NIL -


JM Nifty Plus FundFinancial Year Record Date Dividend (Rs. per unit)Dividend PlanFY 2010-11 NIL -FY 2009-10 March 19, 2010 1.50FY 2008-09 NIL -


JM MIP FundJM MIP Fund - Monthly Div. Option

Financial Year Record Date Dividend (Rs. per unit)FY 2010-11 $ December 2010 0.05

November 2010 0.05October 2010 0.05

FY 2009-10 $ March 2010 0.05February 2010 0.05

JM MIP Fund - Quarterly Div. Option Financial Year Record Date Dividend (Rs. per unit)

FY 2010-11 $ - -FY 2009-10 $ September 2009 -

June 2009 -

JM MIP Fund - Annual Div. Option Financial Year Record Date Dividend (Rs. per unit)

FY 2010-11$ NIL -FY 2009-10$ NIL -FY 2008-09$ March 30, 2009 0.3839FY 2007-08$ NIL -

After payment of dividend, the NAV will fall to the extent of payout and distribution taxes wherever applicable. Past performance may or may not be sustained in future. The face value per unit is Rs. 10/-.$ Includes Dividend Distribution Tax.

JM Arbitrage Advantage FundFinancial Year Record Date Dividend (Rs. per unit)Dividend PlanFY 2010-11 March 16, 2011 0.17

December 27, 2010 0.17September 21, 2010 0.12

FY 2009-10 March 17, 2010 0.06January 14, 2010 0.10September 16, 2009 0.08

FY 2008-09 March 18, 2009 0.20December 16, 2008 0.22September 16, 2008 0.18June 19, 2008 0.22

After payment of dividend, the NAV will fall to the extent of payout and distribution taxes wherever applicable. Past performance may or may not be sustained in future. The face value per unit is Rs. 10/-

JM High Liquidity FundFinancial

Year Plan Dividend (Rs. per unit)

FY 2010-11$ Regular Plan - Weekly Dividend Option 0.5849

Regular Plan - Daily Dividend Option 0.6665

Regular Plan - Quarterly Dividend Option -

Inst. Plan - Weekly Dividend option 0.5713

Inst. Plan - Daily Dividend option 0.6403

Super Inst. Plan - Weekly Div. option 0.2032

Super Inst. Plan - Daily Div. option 0.6400

FY 2009-10$ Regular Plan - Weekly Dividend Option 0.3903


Regular Plan - Quarterly Dividend Option -

Inst. Plan - Weekly Dividend option 0.3815


Super Inst. Plan - Weekly Div. option -


FY 2008-09$ Regular Plan - Dividend Option 0.7685


Regular Plan - Quarterly Dividend Option 0.2349

Inst. Plan - Dividend option 0.7522


Super Inst. Plan - Weekly Div. option 0.1959


After payment of dividend, the NAV will fall to the extent of payout and distribution taxes wherever applicable. Past performance may or may not be sustained in future. The face value per unit is Rs.10/-. $ Includes Dividend Distribution Tax

JM Money Manager FundFinancial

Year Plan Dividend (Rs. per unit)

FY 2010-11$ Regular Plan - Daily Dividend option 0.6856Regular Plan - Weekly Dividend option 0.6038Regular Plan - Fortnightly Dividend option 0.6383Super Plan - Daily Dividend option 0.7006Super Plan - Weekly Dividend option 0.6158Super Plan - Fortnightly Dividend option 0.6573Super Plus Plan - Daily Dividend option 0.6251Super Plus Plan - Weekly Dividend option 0.5509Super Plus Plan - Fortnightly Dividend option 0.5877

FY 2009-10$ Regular Plan - Daily Dividend option 0.3994Regular Plan - Weekly Dividend option 0.3425Regular Plan - Fortnightly Dividend option 0.3662

Super Plan - Daily Dividend option 0.5787Super Plan - Weekly Dividend option 0.4943Super Plan - Fortnightly Dividend option 0.5337Super Plus Plan - Daily Dividend option 0.4942Super Plus Plan - Weekly Dividend option 0.4223Super Plus Plan - Fortnightly Dividend option 0.4591

FY 2008-09$ Regular Plan - Daily Dividend option 0.7800Regular Plan - Weekly Dividend option 0.6986Regular Plan - Fortnightly Dividend option 0.3549Super Plan - Daily Dividend option 0.9296Super Plan - Weekly Dividend option 0.8059Super Plan - Fortnightly Dividend option 0.8618

Super Plus Plan - Daily Dividend option 0.8690Super Plus Plan - Weekly Dividend option 0.7483Super Plus Plan - Fortnightly Dividend option 0.8212

After payment of dividend, the NAV will fall to the extent of payout and distribution taxes wherever applicable. Past performance may or may not be sustained in future. The face value per unit is Rs.10/-. $ Includes Dividend Distribution Tax.

JM Floater Fund - LTPFinancial Year Plan Dividend

(Rs. per unit)FY 2010-11$ Regular Plan - Daily Dividend option 0.5950

Regular Plan - Weekly Dividend option 0.5182

Premium Plan - Dividend option 0.5665

Premium Plan - Weekly Dividend option 0.5284

Premium Plan - Daily Dividend Option 0.6052

FY 2009-10$ Regular Plan - Daily Dividend option 0.4258

Regular Plan - Weekly Dividend option 0. 3639

Premium Plan - Dividend option 0.4061


Premium Plan - Daily Dividend Option 0.4358

FY 2008-09$ Regular Plan - Daily Dividend option 0.7361

Regular Plan - Weekly Dividend option 0.6343

Premium Plan - Daily Dividend option 0.7460


Premium Plan - Dividend Option 0.7233

After payment of dividend, the NAV will fall to the extent of payout and distribution taxes wherever applicable. Past performance may or may not be sustained in future. The face value per unit is Rs. 10/-. $ Includes Dividend Distribution Tax.

JM Floater Fund - STPFinancial Year Plan Dividend

(Rs. per unit)FY 2010-11$ Short Term Plan - Dividend Option 0.5733FY 2009-10$ Short Term Plan - Dividend Option 0.3703FY 2008-09$ Short Term Plan - Dividend Option 0.7641

After payment of dividend, the NAV will fall to the extent of payout and distribution taxes wherever applicable. Past performance may or may not be sustained in future. The face value per unit is Rs.10/-. $ Includes Dividend Distribution Tax

JM Short Term FundFinancial Year Plan Dividend (Rs. per unit)FY 2010-11$ Dividend Plan 0.6807

Inst. Plan - Dividend Option 0.6516FY 2009-10$ Dividend Plan 0.5944

Inst. Plan - Dividend Option 0.5708FY 2008-09$ Dividend Plan 1.7654

Inst. Plan - Dividend Option 1.6298After payment of dividend, the NAV will fall to the extent of payout and distribution taxes wherever applicable. Past performance may or may not be sustained in future. The face value per unit is Rs. 10/-. $ Includes Dividend Distribution Tax.

JM G-Sec FundRegular Plan - Div. Option

FY 2010-11$ 0.25FY 2009-10$ -FY 2008-09$ -

After payment of dividend, the NAV will fall to the extent of payout and distribution taxes wherever applicable. Past performance may or may not be sustained in future. The face value per unit is Rs.10/-. $ Includes Dividend Distribution Tax.

JM EQUITY SCHEMES AT A GLANCE (AS ON APRIL 11, 2011)

Introduction of no Entry Load and treatment of Exit Load.In accordance with the requirements specified by the SEBI circular no. SEBI/IMD/CIR No.4/168230/09 dated June 30, 2009, no entry load will be charged for fresh purchase / additional purchase / switch-in transactions accepted by the Fund with effect from August 1, 2009. Similarly, no entry load will be charged with respect to applications for fresh registrations under Systematic Investment Plan/Systematic Transfer Plan accepted by the Fund with effect from August 1, 2009.Also, in compliance with SEBI Circular no. SEBI / IMD / CIR No. 7 /173650 / 2009 dated August 17, 2009, parity among all classes of unit holders in terms of charging exit load shall be madeapplicable at the portfolio level with effect from August 24, 2009.Load Structure: Entry Load: NIL for all Open-ended Equity Schemes.Exit Load: As elaborated below.A. For all Open-ended Equity Schemes (other than JM Nifty Plus Fund, JM Arbitrage Fund and JM Tax Gain Fund) 1.00% of NAV on all investments (including SIP/STP/SWP) transaction, if redeemed/switched-out within 365 days of transfer / allotment of units in normal transactions/allotment of units of

respective installments in SIP/STP/SWP transactions.B. JM Nifty Plus Fund: Exit Load is NIL.C. JM Arbitrage Advantage Fund: 0.50% of NAV on all investments, if redeemed/switched-out within 30 days from the date of transfer/allotment of units in normal transactions/allotment of

units of respective installments in SIP/STP/SWP transactions.D. JM Tax Gain Fund: Exit Load is NIL. The scheme falls in the ELSS category and is eligible for Tax Benefits under section 80C.Minimum criteria for Investment & RedemptionPurchase : As mentioned in the reckoner table for normal transactions other than through SIP/STP.Additional Purchase : Rs. 1,000/- or any amount thereafter in all schemes except JM Tax Gain Fund.Repurchase : Minimum redemption from existing Unit Accounts for normal transactions other than through STP/SWP would bea) Rs. 500 and any amount thereafter ORb) 50 units or any number of units there after subject to keeping a minimum balance of 500 units or Rs. 5000/- whichever is less.c) for all the units in the folio for the respective plan if the available balance is less than Rs. 500/- or less than 50 units on the day of submission of valid redemption request.

Reckoner and Default OptionsIn case an investor fails to specify his preference of Plans/ Sub- Plans/Options/Sub-Options, in the below mentioned schemes, the default Plans/ Sub-Plans/ Options/ Sub-Options would be as under :

EQUITY SCHEMES

Currently available facilities

Sr. no. Schemes Inception Date Min. investment amnt. Options Sub Options Default Option Default Sub Option

Redemption Time#

1 JM - Arbitrage Advantage Fund June 2006 Rs. 5000/-Dividend Plan Payout / Reinvestment

Growth Plan Reinvestment T+3 (*) Business DaysGrowth Plan

2 JM Balanced Fund Dec 1994 Rs. 5000/-Dividend Plan Payout / Reinvestment

Growth Plan Reinvestment T+3 Business DaysGrowth Plan

3 JM Basic Fund March 1997 Rs. 5000/-Dividend Plan Payout / Reinvestment


4 JM Emerging Leaders Fund June 2005 Rs. 5000/-Dividend Plan Payout / Reinvestment


5 JM Equity Fund Dec 1994 Rs. 5000/-Dividend Plan Payout / Reinvestment


6 JM Multi Strategy Fund September 2008 Rs. 5000/-Dividend Plan Payout / Reinvestment


7 JM Nifty Plus Fund Feb 2009 Rs. 5000/-Dividend Plan Payout / Reinvestment


8 JM Tax Gain Fund March 2008 Rs. 500/- or in multiples of Rs. 500/- each

Dividend Plan PayoutGrowth Plan Payout T+3 Business Days

Growth Plan

9 JM Core 11 Fund March 2008 Rs. 5000/-Dividend Plan Payout / Reinvestment

Growth Plan Payout T+3 Business DaysGrowth Plan

* The redemption shall be in terms of Interval Period defined hereinbelow. # AMC would adhere to the aforesaid service standards for redemption payments on best efforts basis under normal circumstances subject to the overall 10 business days as stipulated by SEBI.Redemption request can be submitted to the official point of acceptance on any business day till 3.00 pm. All redemption requests received till Friday (in case such Friday is a holiday then the last business day) of the week preceding the interval period, would be processed at the NAV of the Interval Period. The Interval period will be the settlement Thursday (the settlement day for derivatives segment in the NSE which is currently last Thursday of the month) or any day which is declared as the settlement day for Derivatives segment by the NSE.Illustrative Example:

Interval Cycle Cut-off for for redemption / switch-out requests Applicable NAV for redemption / switch-outFor Nov-Dec 2010 All redemptions / switch-out requests received till 24.12.2010 before 3 p.m. NAV of 30.12.2010 For Dec - Jan 2011 All redemptions / switch-out requests received after 3 p.m. on 24.12.2010 till 3.00 pm 21.01.2011 NAV of 27.01.2011

It is clarified that the cut-off timings will also be applicable to investments made through “sweepmode”.Intra & Inter Equity Switches: No exit load for inter and intra equity switches except in case of (i) switches by SIP/STP investors within 24 months (for cases registered from 4.1.2008 up to 2.10.2008) and within 12 months (for cases registered upto 3.1.2008) of respective SIP/STP installments (ii) switches by STP investors (for cases registered w.e.f. 3.10.2008) within 24 months of respective STP installments (iii) switches by SIP investors (for cases registered w.e.f. 3.10.2008) within 12 months of respective SIP installments (iv) switches to / from JM Arbitrage Advantage Fund / JM Nifty Plus Fund from / to any equity schemes.Exit load on intra-scheme redemptions/switch outs:it load on intra-scheme redemptions/switch outs : The applicable exit load, if any, will be charged for redemptions/ switch outs of the scheme (i.e. at portfolio level) before the completion of the stipulated load/lock-in period. The stipulated load/lock-in period will be reckoned from the date of allotment of units for a particular transaction in the scheme (i.e. at portfolio level) till the date of redemption/ switch out from that scheme, irrespective of the number of intra-scheme switches by the investor between the aforementioned two dates (e.g switches between plans/sub-plans/options/sub-options within the scheme having the same portfolio).

However, Government levies eg. STT (wherever applicable) will continue to be deducted for every intra-scheme and inter-scheme switch-out/redemption transactions.

The above details are subject to provisions laid down in the respective Scheme Information Documents.

JM DEBT SCHEMES AT A GLANCE (AS ON APRIL 11, 2011)Load Structure: Entry Load: NIL for all Open-ended Debt & Liquid Schemes.Exit Load: NIL for all Open-ended Debt & Liquid Schemes/plan except for the following.A. JM MIP Fund: 0.50% of NAV on all investments in case the investments are redeemed/switched-out within 182 days of transfer /allotment of units in normal transactions/ allotment of units of respective

installments in SIP/STP/SWP transactions.B. JM Money Manager - Regular Plan: 0.25% of NAV on all investments, in case the investments are redeemed/switched-out within 45 days from the date of transfer/allotment of units in normal transactions/

allotment of units of respective installments in SIP/STP/SWP transactions.C. JM Money Manager - Super Plan: 0.10% of NAV on all investments, in case the investments are redeemed/switched-out within 30 days from the date of transfer/allotment of units in normal transactions/

allotment of units of respective installments in SIP/STP/SWP transactions.

Reckoner and Default Options:

DEBT SCHEMES

Sr. no. Schemes

Currently available facilities DefaultMin. invest-ment amt. Plans Options Sub Options Default Plan Default Option Default Sub

Option Redemption Time #

1 JM Money Manager Fund Rs. 5000/-

Regular Plan

Daily DividendAuto Reinvestment

Super Plus Plan Daily Dividend Auto Reinvestment

T+1Business Days

Weekly DividendFortnightly DividendGrowth

Super Plan

Daily DividendAuto ReinvestmentWeekly Dividend

Fortnightly DividendGrowth

Super Plus Plan

Daily DividendAuto ReinvestmentWeekly Dividend

Fortnightly DividendGrowth

2 JM Floater Fund - Short Term Plan Rs. 5000/-

Daily Dividend Auto Reinvestment* - Daily Dividend Auto

Reinvestment* T+1Business DaysGrowth

3 JM G Sec Fund Rs. 5000/ Regular Plan Dividend Payout / Reinvestment* - Growth Dividend

Reinvestment*T+2

Business DaysGrowth

4 JM High Liquidity Fund

Rs. 5000/- Regular Plan

Daily Dividend Auto Reinvestment

If investment amt is < Rs. 1 crore then Regular; If investment amount is equal to or more than Rs. 1 crore but less than Rs. 5 crores then Institutional Plan. If investment amount is equal to or more than Rs. 5 crores then Super Institutional Plan-

Daily Dividend

Auto Reinvestment*

T+1Business Days

Weekly DividendPayout / Reinvestment*Quarterly Dividend

Annual DividendGrowthBonus

Rs. 1,00,00,000/-

Institutional Plan


Daily Dividend

Auto Reinvestment*

Weekly Dividend Payout / Reinvestment*

GrowthBonus

Rs. 5,00,00,000/-

Super Institu-tional Plan


Daily Dividend

Auto Reinvestment*Weekly Dividend Payout /

Reinvestment*Growth

5 JM Income Fund Rs. 5000/- - Dividend Payout / Reinvestment* Growth Dividend

Reinvestment*T+2

Business DaysGrowth

6 JM Floater Fund - Long Term Plan Rs. 5000/-

Regular Plan Dividend / Daily Dividend / Weekly Dividend AutoReinvestment

Premium Plan

Daily Dividend

Auto Reinvestment*

T+1Business Days

Growth

Premium Plan

Daily Dividend / Weekly Dividend AutoReinvestment

Daily Dividend

Auto Reinvestment*Fortnightly Dividend Payout /

Reinvestment*Growth

7 JM MIP Fund Rs. 5,000/- -Monthly Dividend/ Quarterly Dividend/ Annual Dividend

Payout / Reinvestment* - Monthly

Dividend Payout* T+2Business DaysGrowth

8 JM Short Term Fund

Rs. 5000/ Regular PlanFortnightly Dividend Payout /

Reinvestment*

If investment amt is < Rs. 1 lac then Regular, else Institutional

Growth Dividend Reinvestment* T+1

Business Days

Daily Dividend Reinvestment*Growth

Rs. 100000/ Institutional Plan

Fortnightly Dividend Payout / Reinvestment*

Daily Dividend Reinvestment*Growth

(*) Others may include net receivables / payables, cash, cash equivalents, stocks in transition and other instruments such as warrants, convertibles etc. # AMC would adhere to the aforesaid service standards for redemption payments on best efforts basis under normal circumstances subject to the overall 10 business days as stipulated by SEBI.In case, the investor does not mention the name of Plan/Options/Sub-Options/or wherever there is an ambiguity in choice of Plan/Option/Sub-Option opted for, the AMC/Registrar will allot the units as per default Plans/Options/Sub-Options. In case, it is not possible to decide about the default Plans/Options/Sub-Options, then the application will be treated as invalid and summarily rejected.In case of purchase transactions, where there is a mismatch in the amounts on the Transaction Slip / Application Form and the payment instrument / credit received, the AMC may at its discretion allot the units for the lesser of the two amounts and refund / utilize the excess, if any, for any other transaction submitted by the same investor, subject to the fulfillment of other regulatory requirements for the fresh transaction.Note: Dividend shall be declared at the descretion of the Trustee subject to the availability of distributable profits as compiled in accordance with SEBI (MF) Regulations, 1996.No dividend under Dividend Plan shall be distributed in cash even for those unitholders who have opted for payout where such dividend on a single payout is less than Rs.100/-. Consequently, such dividend (less than Rs.100/-) shall be compulsorily re-invested except under JM Tax Gain Fund as there is no dividend reinvestment option under the scheme.

NOTICE - CUM - ADDENDUMI. THIS ADDENDUM SETS OUT THE CHANGES TO BE MADE IN THE SCHEME INFORMATION DOCUMENT (“SID”) AND KEY INFORMATION MEMORANDUM (“KIM”) OF JM SHORT TERM FUND

JM Short Term Fund (the “Scheme”), an open ended income scheme, was launched in June 2002 with an investment objective to generate regular return and high level of liquidity with low risk strategy and capital appreciation / accretion through investment in debt instruments and related securities besides preservation of capital.

Currently this scheme offers following investment plans and options under the Scheme:

Plan OptionRegular Plan Fortnightly dividend – payout

Fortnightly dividend – re-investmentGrowth

Institutional Plan Fortnightly dividend – payoutFortnightly dividend – re-investmentGrowth

The AMC proposes to introduce following additional dividend options w.e.f. March 28, 2011

Plan OptionRegular Plan Daily dividend – re-investmentInstitutional Plan Daily dividend – re-investment

Unit holders / investors should note that the other conditions governing dividends as have been set out in the Scheme Information Document remain unchanged. There is no assurance or guarantee to unit holders as to the rate of dividend distribution nor that dividends will be paid as per the specified frequencies.

All other features of the Scheme mentioned above remain unchanged.

II. THIS ADDENDUM SETS OUT THE CHANGES TO BE MADE IN THE SID AND KIM OF JM CORE 11 FUND – SERIES 1 (THE “SCHEME”) AND STATEMENT OF ADDITIONAL INFORMATION (“SAI”) OF ALL SCHEMES OF JM FINANCIAL MUTUAL FUND.

The name of JM Core 11 Fund – Series 1 (the “Scheme”), an Open Ended Equity Oriented Scheme, will be changed to ‘JM Core 11 Fund’, w.e.f. April 1, 2011.

All other terms & conditions of the Scheme, including fundamental attributes, will remain unchanged.

III. NOTICE IS HEREBY GIvEN to all the unitholders of JM Interval Fund – Quarterly Plan 1 (the “Scheme”), who hold investments in the dividend reinvestment option of the Scheme, that pursuant to the proposed listing of the Scheme w.e.f. April 1, 2011, their investments in the dividend reinvestment option will automatically be converted to corresponding dividend payout options as follows:

Existing investment Revised investmentRegular Plan - Dividend reinvestment option

Regular Plan - Dividend payout option

Institutional Plan - Dividend reinvest-ment option

Institutional Plan - Dividend payout option

Iv. THIS ADDENDUM SETS OUT THE CHANGES TO BE MADE IN THE SID, KIM AND SAI OF ALL SCHEMES OF JM FINANCIAL MUTUAL FUND

In terms of Best Practice Circular no. 20/2010-11 dated February 9, 2011, following provisions will be introduced w.e.f. April 1, 2011:

1. “On Behalf of Minor” Accounts: Where the account/folio (account) is opened on behalf of a minor:

(a) The minor shall be the first and the sole holder in an account. There shall not be any joint accounts with minor as the first or joint holder.

(b) The Guardian in the folio on behalf of the minor should either be a natural guardian (i.e. father or mother) or a court appointed legal guardian. Information on the relationship/status of the guardian as father, mother or legal guardian should be provided to the AMC/ the Registrar of JM Financial Mutual Fund (“the Registrar”). If the documents mentioned in clause (c) below do not provide information evidencing the relationship of natural guardian to the minor, separate documents establishing the relationship should be provided. In case of court appointed legal guardian, supporting documentary evidence should be submitted.

(c) Date of birth of the minor along with photocopy of supporting documents as enumerated below shall be mandatory while opening the account on behalf of minor:

1. Birth certificate of the minor, or

2. School leaving certificate / Mark sheet issued by Higher Secondary Board of respective states, ICSE, CBSE etc., or

3. Passport of the minor, or

4. Any other suitable proof evidencing the date of birth of the minor.

2. Minor Attaining Majority – Status Change:

(a) Prior to minor attaining majority, the AMC/ Registrar will send advance notice to the registered correspondence address advising the guardian and the minor to submit an application form along with prescribed documents (as per (e) below) to change the status of the account to “major”.

(b) The account shall be frozen for operation (including SIP, STP, SWP) by the guardian on the day the minor attains the age of majority and no transactions shall be permitted till the documents for changing the staus are received.

(c) The AMC/ the Registrar will suspend all standing instructions like SIPs, SWPs, STPs etc. from the date of the minor attaining majority, by giving adequate notice prior to that date.

(d) The AMC/ the Registrar will execute the standing instructions like SIPs, SWPs, STPs in a folio of a minor only till the date of the minor attaining majority, though the instructions may be registered for a period beyond that date.

(e) List of standard documents required to change the account status from minor to major:

1. Services Request form, duly filled and containing details like name of major, folio numbers, etc.

2. New Bank mandate where account has been changed from minor to major,

3. Signature attestation of the major by a manager of a scheduled bank / Bank Certificate / Letter,

4. KYC acknowledgement of the major.

3. Change in Guardian: When there is a change in guardian either due to mutual consent or demise of existing guardian, following documents should be submitted to the AMC/ the Registrar prior to registering the new guardian:

(a) Request letter from the new guardian,

(b) No Objection Letter (NoC) or Consent Letter from existing guardian or Court Order for new guardian, in case the existing guardian is alive.

(c) Notarized copy or attested copy of the Death Certificate of the deceased guardian, where applicable. The attestation may also be done by a special executive magistrate, AMC authorised official or manager of a scheduled

bank.

(d) The new guardian must be a natural guardian (i.e. father or mother) or a court appointed legal guardian.

1. Information on the relationship/status of the guardian as father, mother or legal guardian should be specified in the application form.

2. In case of natural guardian, a document evidencing the relationship if the same is not available as part of the documents submitted as per sub clause c of clause 1 of this notice – cum – addendum

3. In case of court appointed legal guardian, supporting documentary evidence should be submitted.

(e) Bank attestation attesting the signature of the new guardian in a bank account of the minor where the new guardian is registered as the guardian.

(f) KYC of the new guardian.

4. Nomination facility

(a) Nomination should be maintained at the folio or account level and should be applicable for investments in all schemes in the folio or account.

(b) Where a folio has joint holders, all joint holders should sign the request for nomination/cancellation of nomination, even if the mode of holding is not “joint”. Nomination form cannot be signed by Power of attorney (PoA) holders.

(c) Every new nomination for a folio/account will overwrite the existing nomination.

(d) Nomination shall be mandatory for new folios/accounts opened by individual especially with sole holding and no new folios/accounts for individuals in single holding will be opened without nomination.

1. Even those investors who do not wish to nominate must sign separately confirming their non-intention to nominate.

(e) Nomination will not allowed in a folio held on behalf of a minor.

5. Transmission: We have set out below the list of the documents required for transmission under various situations:

a. Transmission to surviving unit holders in case of death of one or more unitholders:

1. Letter from surviving unitholders to the Fund / AMC / RTA requesting for transmission of units,

2. Death Certificate in original or photocopy duly notarized or attested by gazette officer or a bank manager,

3. Bank Account Details of the new first unit holder as per specified format along with attestation by a bank branch manager or cancelled cheque bearing the account details and account holders name.

4. KYC of the surviving unit holders, if not already available.

b. Transmission to registered nominee/s in case of death of Sole or All unit holders:

1. Letter from claimant nominee/s to the Fund / AMC / RTA requesting for transmission of units,

2. Death Certificate/s in original or photocopy duly notarized or attested by gazette officer or a bank manager,


4. KYC of the claimant/s,

5. If the transmission amount is Rs One Lakh or more:

a. Indemnity duly signed and executed by the nominee/s in the specified

format.

c. Transmission to claimant/s, where nominee is not registered, in case of death of Sole or All unit holders:

1. Letter from claimant/s to the Fund / AMC / RTA requesting for transmission of units,

2. Death Certificate/s in original or photocopy duly notarized or attested by gazette officer or a bank manager,


4. KYC of the claimant/s,

5. Indemnity Bond from legal heir/s as per specified format.

6. Individual affidavits from legal heir/s as per specified format

7. If the transmission amount is below Rs. One Lakh any appropriate document evidencing relationship of the claimant/s with the deceased unitholder/s.

8. If the transmission amount is Rs One Lakh or more any one of the documents mentioned below:

a. Notarised copy of Probated Will, or

b. Legal Heir Certificate or Succession Certificate or Claimant’s Certificate issued by a competent court, or

c. Letter of Administration, in case of Intestate Succession.

d. Transmission in case of HUF, due to death of Karta: HUF, being a Hindu Undivided Family, the property of the family is managed by the Karta and HUF does not come to an end in the event of death of the Karta. In such a case, the members of the HUF will appoint the new Karta who needs to submit following documents for transmission:

1. Letter Requesting for change of Karta,

2. Death Certificate in original or photocopy duly notarized or attested by gazette officer or a bank manager,

3. Duly certified Bank certificate stating that the signature and details of new Karta have been appended in the bank account of the HUF as per specified format

4. KYC of the new Karta and KYC of HUF, if not already available.

5. Indemnity bond signed by all the surviving coparceners and new Karta as per specified format.

6. In case of no surviving co-parceners OR the transmission amount is Rs One Lakh or more OR where there is an objection from any surviving members of the HUF, transmission shall be effected only on the basis of any of the following mandatory documents:

a. Notarized copy of Settlement Deed, or

b. Notarized copy of Deed of Partition, or

c. Notarized copy of Decree of the relevant competent Court

e. Clarifications

1. It is clarified that PAN card copy or another proof of identity of claimant/s is not required separately if KYC acknowledgement issued by CVL is made available.

2. Where the units are to be transmitted to a claimant who is a minor, various documents like KYC, PAN, Bank details, indemnity should be of the guardian of the nominee.

f. Additional risk mitigation measures:

While the list of documents mentioned in sub-clauses a to d above shall be taken in all cases, the AMC/ the Registrar may seek additional documents if

the amount involved in transmission exceeds Rs One Lakh on a case to case basis. The AMC/ the Registrar may also ask additional document depending on circumstances of each cases.

v. NOTICE IS HEREBY GIvEN that the following Points of Acceptance of JM Financial Asset Management Pvt. Ltd. will be de-activated w.e.f. March 31, 2011 for acceptance of transactions.

Location Address

PitampuraPlot No.H-8, Flat No.203, RDDK Best Plaza, Netaji Subhash Place, Pitampura, Delhi - 110034

RaipurShop No.29, 2nd Flr, Millennium Plaza, Near Indian Coffee House, G.E Rd, Raipur, Chhattisgarh - 492001

Investors may avail the services of local Karvy office as per the address printed on the Statement of Account issued to them or any of the nearest AMC branches.

I. Addendum to the Scheme Information Documents (“SID”) and Key Information Memoranda (“KIM”) of all the equity schemes (except JM Core 11 Fund – Series 1, JM Arbitrage Advantage Fund, JM Nifty Plus Fund and JM Tax Gain Fund) of JM Financial Mutual Fund

With effect from April 1, 2011, there will be no exit load under all the equity schemes (except JM Core 11 Fund – Series 1, JM Arbitrage Advantage Fund, JM Nifty Plus Fund and JM Tax Gain Fund) of JM Financial Mutual Fund.

Investors are requested to note that the above change in load structure shall be applicable for all prospective investments in the above schemes w.e.f. April 1, 2011 i.e. investments (including fresh registration of SIP/STP/SWP) made on or after April 1, 2011. Investments made prior to the above changes would continue to attract the load structure and lock-in period as would have been applicable at the time of their respective investments.

All other terms and conditions mentioned in the SID / KIM of all the Schemes remains unchanged.

II. Addendum to the Scheme Information Documents (“SID”) and Key Information Memoranda (“KIM”) of JM Equity Fund, JM Basic Fund and JM Multi Strategy Fund (the “Schemes”)

It is clarified that minimum balance criteria, as applicable to the Schemes, will not be applicable for all those unitholders who will get units in the Schemes on account of merger on April 1, 2011 in lieu of their investments in the respective merging schemes (i.e. JM HI FI Fund, JM Agri & Infra Fund, JM Mid Cap Fund, JM Small & Mid Cap Fund, JM Contra Fund and JM Financial Services Sector Fund, JM Telecom Fund and JM Large Cap Fund).

All other terms and conditions mentioned in the SID / KIM of the Schemes remains unchanged.

III. Addendum to the Scheme Information Documents (“SID”) and Key Information Memoranda (“KIM”) of JM Interval Fund – Quarterly Plan 1 (the “Scheme”)

The default investment option under the Scheme will be dividend pay-out options w.e.f. April 1, 2011.

All other terms and conditions mentioned in the SID / KIM of the Schemes remains unchanged.

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