Annual Report 2007 - 2008 - JM Financial Bank Limited Standard Chartered ... 3 Annual Report...

Annual Report 2007 - 2008

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Annual Report 2007-2008

BOARD OF TRUSTEE / DIRECTORS

JM Financial Trustee Company Pvt. Ltd. JM Financial Asset Management Pvt. Ltd.Mr. Nimesh N. Kampani, Chairman Dr. Vijay L. Kelkar, Chairman (upto 31/12/2007)Mr. Darius E. Udwadia Mr. V. P. Shetty, Chairman (from 28/4/2008)Mr. Anant V. Setalvad Mr. Nityanath P. Ghanekar, MD & CEOMr. Shivji K. Vikamsey Mr. Rajendra P. ChitaleMr. Jalaj A. Dani Mr. J. K. ModiMr. Sharad M. Kulkarni Mr. Vishal N. Kampani Dr. R. Srinivasan Dr. Ajay S. Mookerjee Mr. Darius Pandole

CONSTITUENTS

AuditorsN. M. Raiji & Co.

Legal AdvisorUdwadia & Udeshi

CustodiansHDFC Bank Ltd.

R&T AgentsKarvy Computershare Pvt. Ltd.

BankersHDFC Bank Limited

Standard Chartered BankCitibank

CORPORATE OFFICE

JM Financial Asset Management Private Limited5th Floor, A - Wing Laxmi Towers, Bandra - Kurla Complex, Mumbai - 400 051.

Tel: (022) 39877777 Fax: (022) 26528377-78 E-mail: [email protected]: www.JMFinancialmf.com

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Dear Investor,The Board of Trustees of JM Financial Mutual Fund is pleased to present the Annual Report of JM Financial Mutual Fund for the year ended 31st March 2008.

Equity Market Equity markets have slid across the world over the past six months. Both emerging and developed markets are down, with China and India having dropped the most, developed countries by relatively less, and commodity exporting countries like South Africa, Brazil, Russia and Saudi Arabia the least.

It is however interesting to note that it is hard to draw a distinction between developed and emerging markets in respect of the extent of erosion in stock indices, While it is true that the erosion has been the largest in China, India and the Philippines, the erosion in India is less than that in Italy and comparable to that in Hong Kong and Taiwan which are industrialised economies and not far behind Australia and Spain. It is also not possible to make such a distinction in respect of the timing of either their peaks or troughs.

There were three phases when markets bottomed: The first was after the sub-prime crisis broke in August 2007; the second in January 2008 coinciding broadly with the sell-off in equity derivatives following troubles emerging in a European bank; the third was in mid-March in the wake of the rising tide of bad economic and financial news.

Both the Sensex and Nifty posted respective gains of 25.6% and 30.3% during the financial year ending March 2008, as the correction of 26% in the months of Jan-Mar 2007 shaved off a large part of the gain during the year bringing down the Sensex level from its high of 21200 on 10th of Jan’08. At the year’s peak on, both these indices were respectively up by a healthy 70% and 75% from the previous year end.

Index 01-Apr-07 31-Mar-08 Return (%)

Sensex 12,455.00 15,644.00 25.6%

Nifty 3,633.00 4,734.00 30.3%

BSE100 6,288.00 8,232.00 30.9%

BSE500 4,955.00 6,157.00 24.3%

CNX Midcap 4,686.00 6,140.00 31.0%

Economy: Growth Performance and Outlook The Indian economy grew by 9.0 per cent in 2007-08, an average of 8.8 per cent over the past five years (2003-04 through 2007-08) which was a clear break from the previous spurts in growth. However a number of factors inimical to growth have intensified in 2008 such as a sharp elevation in global inflation rates specially crude oil, tightening in credit and equity markets and global slowdown in growth. India may not emerge unscathed and the increase in the Oil Import bill is bound to widen the Current Account Deficit (CAD) in the Balance of Payments (BoP). The pressure on the fiscal system will intensify on account of key subsidy elements. Overall, economic growth will slow down.

The Council projects that the Indian economy will grow by 7.7 per cent during 2008-09. Considering the magnitude of the adverse economic developments in 2008, the projected drop from 9.0 per cent last year to 7.7 per cent this year is in fact modest. It is expected that farm sector incomes will expand by 2.0 per cent, industrial GDP growth by 7.5 per cent and services sector growth by 9.6 per cent. Overall, non-farm sector GDP is projected to increase by 8.9 per cent in 2008-09, compared to 10.0 per cent last year and 11.0 per cent in 2006-07.

The downside risk to our growth expectations in 2008-09 is primarily from a further deterioration in global conditions with its attendant impact on India – be it in the sphere of oil prices or capital markets. Domestically, aside from the plethora of challenges already on the table, there is also some danger on the food price inflation front.

International Economic ConditionsThe global economy has been subjected to the twin onslaught of a financial crisis

that has gripped capital markets, and a sharp increase in the prices of primary goods, particularly those of crude petroleum and food. Though the US economy had contracted by 0.2 per cent in the last quarter of 2007, in 2008 the world’s major economies have continued to grow more strongly than might have been expected. There is a measure of slowing, but this is as yet modest. On the one hand this points to the resilience of the world’s economies in the globalized era; on the other hand this also suggests that across the world resource utilisation pressures continue to tighten, with negative implications for inflationary outcomes.

While expected losses from US sub prime exposures have by now been mostly acknowledged, but it is too early to assess whether the worst of the turmoil and loss of asset values is behind us. There may be further setbacks in the months to come, but broadly financial conditions are not likely to stabilise before early 2009.

Annual Rates 2003-04

2004-05

2005-06

2006-07

QE

2007-08

Rev

2008-09

Projected

Percentage change over previous year

1. Agriculture & allied activities

10.0 -0.2 5.9 3.8 4.5 2.0

2. Mining & Quarrying 3.1 8.2 4.9 5.7 4.7 7.5

3. Manufacturing 6.6 8.7 9.0 12.0 8.8 7.2

4. Elect., Gas & Water Supply

4.8 7.9 4.7 6.0 6.3 6.5

5. Construction 12.0 16.1 16.5 12.0 9.8 8.5

6. Trade, Hotels, Transport, Storage & Communication

12.1 10.9 11.5 11.8 12.0 9.8

7. Finance, insurance, real estate & business services

5.6 8.7 11.4 13.9 11.8 10.0

8. Community & personal services

5.4 6.8 7.2 6.9 7.3 8.4

9. Gross Domestic Product (factor cost & constant prices)

8.5 7.5 9.4 9.6 9.0 7.7

Industry (2 + 3 + 4 + 5)

7.4 10.3 10.1 11.0 8.5 7.5

Services (6 + 7 + 8) 8.5 9.2 10.3 11.1 10.8 9.6

Non-agriculture (9 – 1) 8.1 9.6 10.3 11.0 10.0 8.9

GDP (factor cost, const. prices) per capita

6.7 5.8 7.8 8.1 7.5 6.2

The main global shocks important for India are from elevated commodity (oil, food, and base metals) prices, a significant slowdown in the global growth momentum, turbulence in International financial markets, and a possible reversal of the USD towards an appreciation path over the next 2-4 quarters. The achievement of a reasonable rate of growth in the Indian economy is built on the presumption of a slow return to normalcy in global financial market conditions.

Fiscal Consolidation

There has been a perceptible improvement in the fiscal situation in India in recent years at both Central and State levels. The consolidated gross fiscal deficit relative to GDP declined

REPORT OF THE BOARD OF TRUSTEES

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steadily from 9.9 per cent in 2001-02 to 7.5 per cent in 2004-05 and is budgeted at 4.6 per cent in 2008/09. Both central and state governments have contributed to this fiscal turnaround by reducing fiscal and revenue deficits significantly. The aggregate revenue deficit declined from 7 per cent of GDP in 2001-02 to 2 per cent in 2006-07 and is budgeted at 0.5 per cent in 2008-09. The fiscal restructuring plan recommended by the 12th Finance Commission requires that by 2008-09, aggregate fiscal deficit should be brought down to 6 per cent of GDP and the revenue deficit should be phased out altogether. The progress in fiscal consolidation shows that both the Central and the State governments are likely to overreach the fiscal deficit target on the one hand, while the persisting revenue deficit would remain a matter of concern on the other.

While the improvement in the fiscal situation is unmistakable – and it is possible to infer that legislated fiscal discipline has substantially contributed to this – as pointed out in the Economic Outlook for 2007/08 it is important to note that there are significant fiscal risks arising from growing off budget liabilities and unfunded commitments. The keenness to adhere to the targets set in the Fiscal Responsibility and Budget Management Act (FRBMA) has perhaps resulted in the accumulation of off budget liabilities, particularly in oil, fertilizers and food.

The revised estimate of fertilizer subsidy for 2007-08 is Rs.30,501 crore. An additional Rs. 7,500 crore is provided by way of bonds to fertilizer companies. The budgeted subsidy in 2008-09 is Rs.30,985 crore. Feedstock prices have however increased sharply, and the subsidy is therefore likely to be substantially higher. Current estimates indicate that the total fertilizer subsidy is likely to be more than Rs.95,000 crore at the prevailing cost of producing fertilizers. Of this, only Rs.30,985 is budgeted, which implies that underestimation on this account alone is 1.2 per cent of GDP. In addition, food subsidy is underprovided in the budget that, together with fertilizer subsidy, could easily be more than 2 per cent of GDP. Losses of the Oil Marketing Companies is of even greater concern. The price of crude oil per barrel increased from USD 106.14 in April 2008 to USD 114.58 in the first half of May, 2008, and is currently over $120/bbl. The Oil Bond burden of the central government in 2008-09 could be a little over 2 per cent of the GDP.

The off-budget liabilities on account of fertiliser, food and oil, along with unbudgeted liabilities arising out of the farm loan waiver and NREGA schemes and the implementation of the Sixth central Pay Commission, could amount to 5 per cent of the GDP in 2008/09, over and above the budgeted central fiscal deficit of 2.5 per cent. Similarly, the substantial cash losses of electricity utilities are not accounted for in budgets at the state level. The problem with off budget liabilities is that not only do they impose an additional burden that has to be extinguished when the liabilities mature, but they also have a significant servicing cost.

An analysis of the sources of fiscal consolidation at the Central level indicates that the improvement in the fiscal situation is mainly attributable to a significant increase in tax revenues. Since 2003-04 when the FRBMA was enacted, the reduction in revenue deficit relative to GDP amounted to almost 2.5 per centage points. During this period, the ratio of gross Central tax revenue to GDP increased by 3.74 per centage points. After accounting for a one per cent increase in tax devolution to the States, the net central tax revenue increased by 2.8 per cent. On the expenditure side, interest payments as a ratio of the GDP declined from 4.5 per cent in 2003-04 to 3.6 per cent in 2008-09, resulting in a reduction of the revenue expenditure by 0.7 per cent. This indicates that non-interest expenditures have marginally increased.

State finances have also shown an appreciable improvement in recent years. There was a 3 per cent improvement as a per centage of the GDP in the revenue deficit from 2.3 per cent in 2003-04 to a marginal surplus of 0.5 per cent in 2008-09. This improvement resulted in a reduction of the fiscal deficit relative to the GSDP from 4.4 to 2.1 per cent. This indicates that capital expenditures increased by about one per centage point. The States have thus been successful in achieving the targets set by the 12th Finance commission.

Future OutlookHaving lost one fifth to one third of their value, equity assets would appear to have greater upside rather than downside prospects. If there are no major further shocks, a slow albeit hesitant recovery may be envisaged. Offsetting the disturbance arising out of weaknesses

in the developed country financial sector, is the fact that the world’s economies continue to appear to have the capacity to grow. This may contribute to an improvement in the behaviour of equity markets by early 2009.

Debt Market The 10 year gilt opened at 8.02 % in April 2007.

The key highlights of the monetary policy-April 2007 were:

• RepoRateunchangedat7.75%andreversereporateunchangedat6.00%.

• BankRateandCashReserveRatiokeptunchangedat6.00%and6.50%respectively

• GDPgrowthprojectionfor2007-08setat8.50%.

The Reserve Bank of India maintained a status quo and kept key interest rates unchanged in the annual review of the monetary policy. The RBI maintained a stance of a swift response as in the past, with all appropriate measures to all situations impinging on inflation expectations and the growth momentum. The policy continued to lay greater emphasis on price stability and well-anchored inflation expectations while ensuring a monetary and interest rate environment that supports growth momentum. In June 2007, the interest rate environment turned volatile on strong economic data and surplus liquidity in the system. The long end of the government bond yield curve shifted upwards while the shorter end rates softened on surplus liquidity conditions. IIP posted an impressive growth of 13.6% in April 2007. The global interest rate scenario turned bearish as strong economic data and the FOMC statement led the market participants to believe that the US Federal Reserve will not reverse the interest rate cycle in the near term. Market drew comfort from easing WPI inflation and receding fears of tightening from the central bank via monetary measures. Liquidity in the system improved substantially on aggressive intervention in the foreign exchange market by the RBI and government spending. Ample liquidity led to a fall in the money market rates.

In July 2007, the RBI delivered the first review of the monetary policy for the FY 2007-08 with a focus on liquidity management and maintained status quo on interest rates. Surging liquidity and the resultant steep fall in the money market rates prompted the RBI to raise the cash reserve ratio. Liquidity conditions continued to remain surplus on aggressive intervention in the foreign exchange market by the RBI and government spending. Ample liquidity led a to steep fall in the money market rates, however money market rates firmed up on RBI’s liquidity tightening measures. Economic data was mixed with the industrial production index at 11.4% for the month of May 2007 and credit deposit ratio stood at 70.55.

Surge in capital flows and resultant liquidity prompted the RBI to raise the Cash Reserve Ratio by 50 basis points to 7.75% at the mid term review of the monetary policy. The RBI placed the real GDP growth forecast at 8.50% and inflation at 5.00% for FY 2007-08.Government bond yields ended higher after the RBI delivered a hawkish review of the monetary policy and surprisingly hiked the Cash Reserve Ratio. Tight liquidity and higher international crude oil prices kept sentiments cautious through out the month of November 2007.

Domestic economic data continued to remain strong with IIP for the month of October 2007 registering a growth of 11.8% as against the market expectation of 6.8% Money market rates firmed up gradually over the month on tight liquidity situation. Domestic liquidity situation was tight during the month of December 2007 on advance tax outflows and built of government balances with RBI. Unwinding of MSS and intervention by RBI during the month provided some respite to liquidity .Inter bank call rates and CBLO rates continued to remain firm at around the repo rate levels. Yields on money market assets moved higher on tight liquidity conditions.

Government bond yields continued to rally during the month of January 2008 on expectations of easing interest rates by RBI in the monetary policy. Easing global interest rates and comfortable liquidity position led to sustained buying in the government securities. Soft statements from the RBI governor before the release of the monetary policy and finance minister asking banks to cut interest rates by 50 basis points further fuelled hopes of a cut in interest rates by the RBI. Surprise and a sharp cut of 75 basis points in US interest rates before the scheduled meet led to frenzied buying in the government

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Annual Report 2007-2008securities market, as the 10 year benchmark yield touched a low of 7.36%. The US Federal Reserve cut the key interest rates by another 50 basis points to 3.00% at the scheduled meeting held on 30th Jan 2008. Sustained rally was witnessed across the curve with the maximum rally at the longer end. However, yields hardened as RBI kept all policy rates unchanged in the review of the monetary policy in view of inflation concerns. The RBI delivered the third quarterly review of the monetary policy with a focus on inflation and concerns on capital flows. All the key interest rates were kept unchanged, as against the market expectation of 25-50 basis points cut in the repo rate. The overall policy stance appeared to be neutral with a focus on price stability, emphasis on credit quality and orderly conditions in financial markets.

Government bond yields rose sharply during the month of March 2008 on back of consistent higher reading on headline inflation, higher crude oil prices, tight liquidity situation, hawkish comments on inflation by RBI & Finance Ministry and release of the government borrowing calendar. RBI released the government borrowing calendar for the first half of the financial year 2008-2009. The borrowing calendar was frontloaded with maximum issuances in long maturities. WPI inflation which surprised the market on the higher side on two consecutive occasions led to a sharp sell off. International crude prices continued to remain firm as Nymex crude remained above the $100 mark during the month and touched a high of $110.33/ per barrel. Bearishness gripped the market as the entire curve witnessed sharp selling with lower volumes as the 10 year benchmark closed at 7.95%.

DerivativesThe Derivatives and the Cash market have been moving hand-in-hand. The F.Y.2007-08 started with a huge Open Interest built up in both Futures and Options. The F&O segment saw robust volumes for most of the period as the indices hit new highs. The fall in the markets on Jan 22nd 2008 led to a major correction in the indices and this shook most of the market participants and retail investors. Margin calls by brokers coupled with huge leveraged position aggravated the fall. Also the Nifty futures which used to trade at a good discount to the spot price started to trade at parity or premium from mid-year depicting the volatile nature of Derivatives.

Future OutlookThe equity markets appear to be following global cues like the rising crude oil prices , rising inflation and slow downin global economies. we believe broader market valuations have corrected to reflect this slowdown in momentum. However, the recent correction has created large value in quite a few sectors and stocks which have high visibility in earnings over the next few years. The valuations continue to be reasonable in a rising earnings growth scenario. However, the returns expectations have become more realistic as compared to previous year. We expect moderate gains in F.Y. 2008-09.

Future outlook for the derivatives market remains bullish. As the sentiment will continue to remain high we expect the cost of carry to remain positive. The volatility in the equity market shall be guided by the volatility in the derivatives market. Also new initiatives by SEBI will boost volumes in the derivatives segment .

SCHEME DETAILS & PERFORMANCEPerformance of the Schemes as on March 31, 2008

Name NAV Returns since inception

(%)

Benchmark Returns

(%)JM Equity Fund - Dividend 17.8581 15.10*** 12.81JM Equity Fund - Growth 39.7484 11.19*** 12.81JM Balanced Fund - Dividend 18.4396 14.68*** NAJM Balanced Fund - Growth 24.2555 16.41*** NAJM Basic Fund - Dividend 19.8956 32.04*** NAJM Basic Fund - Growth 26.4211 32.50*** NAJM Auto Sector Fund - Dividend 14.6632 18.89*** 21.21JM Auto Sector Fund - Growth 19.1582 18.90*** 21.21JM Health Care Sector Fund - Dividend 13.834 15.98*** 16.94

JM Health Care Sector Fund - Growth 17.4377 15.96*** 16.94JM Equity & Derivative Fund - Bonus 11.5166 7.35*** 6.21JM Equity & Derivative Fund - Dividend 10.2472 7.33*** 6.21JM Equity & Derivative Fund - Growth 12.429 7.32*** 6.21JM Emerging Leaders Fund - Dividend 12.2986 8.03*** 28.72JM Emerging Leaders Fund - Growth 12.2727 7.94*** 28.72JM HI FI Fund - Dividend 10.9973 4.91*** 17.22JM HI FI Fund - Growth 10.9974 4.91*** 17.22JM Arbitrage Advantage Fund - Dividend 10.1868 9.02*** 7.02JM Arbitrage Advantage Fund - Growth 11.5859 9.02*** 7.02JM Telecom Sector Fund - Dividend Plan 10.8578 6.46*** 13.42JM Telecom Sector Fund - Growth Plan 10.8569 6.45*** 13.42JM Financial Services Sector Fund - Dividend Plan

12.772 20.45*** 12.66

JM Financial Services Sector Fund - Growth Plan

12.7738 20.46*** 12.66

JM Equity Tax Saver Fund -1-Dividend 10.4083 4.06*** 23.99JM Equity Tax Saver Fund -1-Growth 10.4083 4.06*** 23.99JM Small & Midcap Fund - Regular Dividend 11.3425 13.43* 18.97JM Small & Midcap Fund - Regular Growth 11.3425 13.43* 18.97JM Contra Fund - Dividend 9.5726 -4.27* 1.19JM Contra Fund - Growth 9.5726 -4.27* 1.19JM Core 11 Fund Series 1 - Dividend 8.4508 -15.49 -5.43JM Core 11 Fund Series 1 - Growth 8.4508 -15.49 -5.43JM Agri & Infra Fund - Dividend 7.0242 -29.76* -26.20JM Agri & Infra Fund - Growth 7.0242 -29.76* -26.20JM Income Fund - Bonus Option 12.2791 5.62*** NAJM Income Fund - Dividend 10.6189 10.43*** NAJM Income Fund - Growth 30.0144 8.82*** NAJM Short Term Fund - Institutional Plan – Dividend

10.3918 6.84*** 5.44

JM Short Term Fund - Institutional Plan - Growth

10.4768 0.94*** 4.63

JM Short Term Fund - Dividend 11.4644 6.79*** 5.48JM Short Term Fund - Growth 14.6597 6.85*** 5.48JM High Liquidity Fund Growth - Growth option

22.1257 8.05*** NA

JM High Liquidity Fund Growth - Bonus option

11.6191 5.81*** 5.42

JM High Liquidity Fund - Institutional Plan - Dividend

10.2865 5.95*** 5.44

JM High Liquidity Fund - Institutional Plan - Growth

13.3481 5.95*** 5.44

JM High Liquidity Fund - Super Instituitional Daily Dividend Plan

10.0165 6.35*** 5.78

JM High Liquidity Fund - Dividend 10.5248 7.09*** NAJM High Liquidity Fund -DAILY Dividend 10.4302 5.79*** NAJM High Liquidity Fund - Super Instituitional Growth Plan

12.6927 6.36*** 5.78

JM High Liquidity Fund - Instituitional Daily Dividend Plan

10.0159 5.97*** 5.48

JM High Liquidity Fund - Quarterly Dividend 12.7385 5.75*** 5.52JM High Liquidity Super Instituitional Weekly Dividend Plan

10.0000 N A*** N A

JM High Liquidity Fund - Premium Plan - Daily Dividend

10.0000 6.89*** 6.83

JM Liquid Plus Fund - Premium Plan - Dividend

10.1501 6.40*** 6.01

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JM Liquid Plus Fund - Premium Plan - Growth

12.4043 6.41*** 6.01

JM Liquid Plus Fund - Regular Plan - Dividend

12.9534 5.58*** 5.46

JM Liquid Plus Fund - Regular Plan - Growth 12.9113 5.50*** 5.46JM Liquid Plus Fund - Premium Plan - Daily Dividend

10.0004 7.07* 5.99

JM Liquid Plus Fund - Premium Plan - Weekly Dividend Plan

10.122 6.84* 5.90

JM Liquid Plus Fund - Regular Plan-Daily Dividend

10.0004 6.63* 5.77

JM Liquid Plus Fund - Regular Plan-Weekly Dividend Option

10.0954 6.35* 5.77

JM Floater Fund - Short Term Plan - Dividend

10.0883 6.21*** 5.63

JM Floater Fund - Short Term Plan - Growth 13.2412 6.06*** 5.46JM Money Manager Fund-Super Plus Plan-Daily Dividend

10.0041 8.59*** 7.20

JM Money Manager Fund-Super Plus Plan-Fortnightly Dividend

10.0837 6.19* 4.47

JM Money Manager Fund-Super Plus Plan-Growth

11.3287 8.62*** 7.20

JM Money Manager Fund - Super Plus Plan - Weekly Dividend

10.1076 6.10* 4.40

JM Money Manager Fund-Super Plan-Daily Dividend

10.0000 7.20*** 7.20

JM Money Manager Fund-Super Plan-Growth

11.1085 7.21*** 7.20

JM Money Manager Fund-Super Plan-Weekly Dividend

10.0665 3.74* 3.09

JM Money Manager Fund-Regular Plan-Daily Dividend

10.0002 7.65*** 7.20

JM Money Manager Fund-Regular Plan-Growth

11.1676 7.59*** 7.20

JM Money Manager Fund-Regular Plan-Weekly Dividend

10.1181 5.48* 4.28

JM MIP Fund - Annual Dividend 11.6983 7.78*** 8.42JM MIP Fund - Growth 14.0599 7.80*** 8.42JM MIP Fund - Monthly Dividend 10.5061 7.79*** 8.42JM MIP Fund - Quarterly Dividend 10.9974 7.80*** 8.42JM FMF Series IV- 15 Months Plan - 1 - Dividend

10.0444 9.37*** 8.02

JM FMF Series IV- 15 Months Plan - 1 - Growth

11.1251 9.73*** 8.02

JM FMF Series IV- 13 Months Plan- Dividend 10.0379 10.85*** 8.63JM FMF Series IV- 13 Months Plan- Growth 11.1818 11.29*** 8.63JM FMF Series IV - Yearly - Dividend 10.1444 11.12*** 8.51JM FMF Series IV - Yearly - Growth 11.1612 11.48*** 8.51JM FMF Series IV- 15 Months Plan - 2 - Dividend

10.0456 8.72* 7.55

JM FMF Series IV- 15 Months Plan - 2 - Growth

10.8969 8.97* 7.55

JM FMF Series IV- 15 Months Plan - 2 - Institutional Dividend

10.0348 9.07* 7.55

JM FMF Series IV- 15 Months Plan - 2 - Institutional Growth

10.9346 9.35* 7.55

JM FMF Series VII- 13 Months Plan - 1 - Dividend

10.0389 4.78* 4.29

JM FMF Series VII- 13 Months Plan - 1 - Growth

10.4828 4.83* 4.29

JM FMF Series VII- 13 Months Plan - 1 - Institutional Dividend

10.018 5.02* 4.29

JM FMF Series VII- 13 Months Plan - 1 - Institutional Growth

10.5079 5.08* 4.29

JM FMF Series VII- 18 Months Plan - 1 - Dividend

10.1504 3.88* 3.77


10.3885 3.89* 3.77


10.1074 4.23* 3.77


10.4248 4.25* 3.77


10.0226 1.48* 1.56


10.1479 1.48* 1.56

JM FMF Series VII- 15 Months Plan - 1 – Dividend

10.0651 1.37* 1.56


10.1366 1.37* 1.56

JM FMF Series IX- 15 Months Plan - Institutional Dividend

10.0406 0.41* 0.283

JM FMF Series IX- 15 Months Plan - Institutional Growth

10.0406 0.41* 0.283

JM FMF Series IX- 15 Months Plan - Dividend

10.0383 0.38* 0.283

JM FMF Series IX- 15 Months Plan - Growth 10.0383 0.38* 0.283JM FMF Series XI- 13 Months Plan 1 - Institutional Dividend

10.0127 0.13* -0.04

JM FMF Series XI- 13 Months Plan 1 - Institutional Growth

10.0127 0.13* -0.04

JM FMF Series XI- 13 Months Plan 1 - Dividend

10.0122 0.12* -0.04

JM FMF Series XI- 13 Months Plan 1 - Growth

10.0122 0.12* -0.04

JM Interval Fund -Quarterly Plan-1-Institutional Dividend

10.0186 2.47* 1.82

JM Interval Fund -Quarterly Plan-1-Institutional Growth

10.226 2.26* 1.82

JM Interval Fund -Quarterly Plan-1-Dividend

10.0186 2.38* 1.82

JM Interval Fund -Quarterly Plan-1-Growth 10.2381 2.38* 1.82JM Interval Fund -Quarterly Plan-2-Institutional Dividend

10.0245 2.12* 1.56


10.2124 2.12* 1.56


10.0243 2.07* 1.56


10.0102 1.26* 0.97


10.1256 1.26* 0.97


10.0099 1.22* 0.97


10.0107 1.07* 0.93

7



10.1067 1.07* 0.93


10.0104 1.03* 0.93

JM Interval Fund -Quarterly Plan-4-Growth 10.1035 1.04* 0.93JM Interval Fund -Quarterly Plan-5-Dividend

10.0107 0.93* 0.82

JM Interval Fund -Quarterly Plan-5-Institutional Dividend

10.0109 0.95* 0.82


10.0955 0.96* 0.82


10.0112 0.89* 0.73


10.0893 0.89* 0.73


10.0109 0.87* 0.73

JM Interval Fund -Quarterly Plan-6-Growth 10.0868 0.87* 0.73JM G-Sec Fund - Regular : Growth 22.0902 9.76*** NAJM G-Sec Fund - Regular : Growth - Bonus 10.7469 4.02*** 6.28JM G-Sec Fund - Regular : Dividend 10.561 9.77*** NAJM G-Sec Fund - PF Plus Plan - Dividend 11.2508 2.84*** 4.77JM G-Sec Fund - PF Plus Plan - Growth 11.2483 2.83*** 4.77JM G-Sec Fund - PF Plan - Growth 23.0701 10.32*** NAJM G-Sec Fund - PF Plan - Dividend 21.1392 10.31*** NA

Past performance may or may not be sustained in future.

Notes :* Absolute Returns.

a) Returns are Compounded Annualised Growth Rate Returns, with reinvestment of dividends, if any. All returns have been calculated for Growth Plan.

b) Benchmark Indices of the Schemes : JM Equity Fund – BSE Sensex, JM Balanced Fund – CRISIL Balanced Fund Index, JM Basic Fund – BSE Basic Industries Index, JM Auto Sector Fund – BSE Auto Sector Index, JM Healthcare Sector Fund – BSE Healthcare Sector Index, JM Emerging Leaders Fund – BSE 200 Index, JM MIP Fund – CRISIL MIP Blended Index, JM High Liquidity Fund, JM Floater Fund – Long Term Plan, JM Floater Fund – Short Term Plan, JM Short Term Fund and JM Equity & Derivative Fund – CRISIL Liquid Fund Index, JM Income Fund – CRISIL Composite Bond Fund Index, JM G-Sec Fund – I-Sec Composite Index, JM Fixed Maturity Fund – I-Sec Bond Fund Index.

c) Returns of benchmark indices since inception date of the schemes are not available in some cases as the benchmark indices were launched / changed subsequent to the inception date of the scheme(s).

d) For the purpose of calculating returns, inception date is deemed to be the date of allotment.

Disclaimer regarding BSE Basic Industries Index3

All rights in the BSE Basic Industries Index 3 vest in BSE. BSE and BSE Basic Industries Index 3 are trademarks of BSE and are used by JM Financial Asset Management Private Ltd. under license. BSE shall not be liable in any manner whatsoever (including in negligence) for any loss arising to any person whosoever out of use of or reliance on the BSE Basic Industries Index 3 by any person.

JM Basic Fund is not sponsored, endorsed, sold or promoted by BSE. BSE makes no representation or warranty, express or implied to the investors in JM Basic Fund or any member of the public in any manner whatsoever regarding the advisability of investing in securities generally or in JM Basic Fund particularly or the ability of the index to track the sectors represented in the BSE Basic Industries Index3. The relationship of BSE to the

JM Financial Asset Management Pvt. Ltd is in respect of the licensing of use of BSE Basic Industries Index3 which is determined, composed and calculated by BSE without regard to the JM Financial Asset Management Pvt. Ltd. or JM Basic Fund. BSE has no obligation to take the needs of the investors of JM Basic Fund into consideration in determining, composing or calculating the BSE Basic Industries Index3 BSE is neither responsible for nor has participated in the determination of the time or price at which the units under JM Basic 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 Basic Fund”.

“BSE does not guarantee the accuracy and/or the completeness and/or continuity of BSE Basic Industries Index3 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 Basic Fund, or any other persons or entities from the use of BSE Basic Industries Index3 or any data included therein. BSE makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to BSE Basic Industries Index3 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 profits), even if notified of the possibility of such damages”.

Disclaimer regarding BSE Finance Index3

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 Index3. The relationship of BSE to the JM Financial Asset Management Pvt. Ltd is in respect of the licensing of use of BSE Finance Index3 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 Index3 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 Index3 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 Index3 or any data included therein. BSE makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to BSE Finance Index3 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 profits), even if notified of the possibility of such damages”.

Disclaimer regarding BSE Telecom Index3

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 Index3. The relationship of BSE to the JM Financial Asset Management Pvt. Ltd is in respect of the licensing of use of BSE Telecom Index3 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

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Annual Report 2007-2008obligation to take the needs of the investors of JM Telecom Sector Fund into consideration in determining, composing or calculating the BSE Telecom Index3 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 Index3 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 Index3 or any data included therein. BSE makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to BSE Telecom Index3 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 profits), even if notified of the possibility of such damages”.

Disclaimer regarding CNX Midcap IndexJM 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 fitness 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 profits), even if notified of the possibility of such damages.

INVESTMENT OBJECTIVES OF THE SCHEMESJM Equity Fund JM Equity Fund is an open-ended growth scheme with the main objective to provide optimum capital growth and appreciation.

We continue to hold a diversified portfolio in the fund with a prudent mix of large cap (70%) and mid cap(30%) stocks. Our strategy in the last year was to move to a growth portfolio with a judicious mix of stocks. We will continue to achieve capital growth and appreciation.

JM Emerging Leaders Fund JM Emerging Leaders Fund is an open-ended equity oriented fund launched in June 2005. The primary investment objective of the scheme is 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.

We have a concentrated exposure to 20 – 25 stocks in the portfolio. The focus on emerging companies has improved performance of the scheme and we intend to continue following this strategy. We may see low churn in the portfolio as most stocks will be bought with a longer term horizon.

JM Contra FundThe investment objective of the Scheme is 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.

The fund was launched in August’07 and opened with an NAV of 10.65 in September’07.

JM Basic Fund The primary objective of the scheme will be to provide capital appreciation to its Unit holders 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.

The broadening of the scheme objective has helped in further diversification and improvement in the risk profile. Infrastructure led demand ensured strong performance of capital goods sector and there is strong visibility going forward as well. Although the stocks in the infrastructure sector have taken a sharp knock in last quarter of the FY08, it must be said that this sector still has the maximum visibility. Even in this negative environment, capital goods sector has seen strong new order booking. Basic Fund continues to have strong performance across all time periods from 1 yr to 3 yrs.

JM Small & Mid Cap FundThe primary objective of the Scheme is to provide capital appreciation by primarily investing in small cap and mid-cap stocks. Small cap stock is defined as any company which has a market capitalization of less than or equal to 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 of less than or equal to, and greater than 10% of the market capitalization of the last stock in S&P CNX NIFTY.

This scheme was launched in March 2007. The portfolio has performed well since inception. We intend to book profits aggressively on achievement of profit targets and have diversified stock portfolio of 35-45 stocks to sustain the current performance.

JM Agri & Infra FundThe primary investment objective of the scheme is to generate long term capital appreciation by investing predominantly in equity / equity related instruments of companies that focus on agriculture and infrastructure development of India.

JM Agri & Infra Fund seeks to invest predominantly in the two growth sectors - Agriculture and Infrastructure. Agriculture will continue to be a key focus area for government in terms of policies and allocation towards the sector; the sector offers opportunities for private sector investments to take place. Infrastructure will continue to be a sustainable long term growth story in India given the poor state of infrastructure in the country. Together, these two sectors will play important role in India’s economic growth. The scheme, a 3-year close ended scheme, plays on the investment opportunities available in these two key sectors.

JM Core 11 Fund Series 1JM Core 11 is a 3 year close ended equity oriented scheme. The investment objective of the scheme is to provide long-term growth by investing predominantly in a concentrated portfolio of equity / equity related instruments. Because of a higher concentration, the scheme falls in the high risk – high return category. The scheme has invested in fundamentally strong 11 stocks with a high growth potential. While there will be higher volatility in the NAV in the short term, it is likely to perform well over a relatively longer period of time.

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Annual Report 2007-2008JM HI FI FundThe primary investment objective of the Scheme is to generate medium to long term capital growth from a portfolio that is substantially constituted of equity & equity related securities of companies which could benefit 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.

JM HI FI Fund has been investing in a basket of stocks from the three high growth sectors – housing, infrastructure and financial services. Infrastructure investment is one of the key drivers for India’s economic growth while housing and real estate are poised for further growth. Financial Services is well poised to capitalize on the growth in these two sectors. The scheme select stocks from these sectors (which account for 65% of total market cap) using bottom-up research process.

JM Financial Services Sector FundThe primary investment objective of the schemes is to invest predominantly in equity & equity related instruments in the Banking/Financial institution/NBFC and housing finance sectors in India.

JM Financial Services Fund seeks to ride on the growth in the financial sector of the economy, driven by overall GDP growth and penetration of the finance sector due to demographic changes. Demand for finance from institutions for funding India’s growth, uptrend in capex cycle and rising income levels will lead to higher demand for banking and allied services. Despite recent concerns on the sector due to high interest rate macro-environment, the outlook for the sector remains positive over the long term. The Scheme seeks to play on the high growth and attractive valuations in the sector.

JM Equity Tax Saver Fund – Series IThe primary objective is to generate long-term capital growth from a diversified 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.

This Scheme was launched in March 2007 and deployment was completed within 15 days as the scheme got the benefit of a sharp correction in prices. We intend to be stock specific in this Scheme and invest in stocks that should do well over the life of the Scheme.

JM Auto Sector Fund JM Auto Sector Fund is an open-ended auto and auto ancillary sector scheme launched in June 2004. The primary investment objective of the scheme is to provide capital appreciation to its unitholders through judicious deployment of the corpus of the scheme in the auto & auto ancillary sector.

Auto sector saw a very difficult FY08 with Commercial vehicles and passenger car segment both showing slowdown in growth owing to higher interest rates. Low penetration levels, fast growing economy with an increasing middle class and high income group of consumers remain robust drivers for investors in this sector. Operating margins for the auto companies though, remained under pressure due to rising raw material prices; particularly the sharp increase in the prices of steel. We feel that over the next one year raw material prices should subside and the interest rates should also start reducing. Two Wheeler companies might see the effect of this turnaround in demand first.The fund’s investment strategy will be to invest in companies in the Auto and auto ancillaries sector that have the ability to grow top line and bottom line consistently faster than industry average.

JM Healthcare Sector Fund

JM Healthcare Sector Fund is an open-ended Pharma sector scheme launched in June 2004. The primary investment objective of the scheme is to provide capital appreciation through judicious deployment of the corpus of the Scheme in healthcare sector.

The financial year saw the pharma sector as the biggest underperformer in the market till January and subsequently the performance has picked up on account of Re depreciation. In bearish markets the defensive character of Pharma stocks would play out in terms of their out performance. Excessive competition all around has meant very stiff pricing pressures. The fund’s investment philosophy will be to invest in more stable contract

research and manufacturing opportunities as well as look at specific research led upsides in main line stocks. This will help us tide over the performance uncertainities and provide stable returns in this fund.

JM Telecom Sector FundThe primary investment objective of the scheme is to invest in predominantly in equity and equity related instruments in the Telecom sector in India.

Telecom sector and cellular mobile phones market in particular continues to grow at a scorching pace in India and all listed entities in the cellular space performed very well. Our portfolio has tried to de risk by diversifying into software companies focused on the telecom sector as well. The outlook for this sector continues to look robust with the introduction of licenses for 3G services in Fy09. Although competitive pressures will intensify, the strong growth witnessed in the market should persist for next 2 years and thus reduce the pressure from increased competition.

JM Balanced Fund JM Balanced Fund is an open-ended balanced scheme with the investment policy to provide steady current income as well as long term growth of capital.

JM Balanced Fund has been adopting a conservative investment approach though the broad philosophy for the equity portion continues to be to pick high growth stocks using bottom-up investment approach.

JM Income Fund The investment philosophy of the scheme is 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.

The debt market witnessed a rising yield curve this year. Yields across the spectrum rose sharply. JM Income Fund is rated AAAf by CRISIL reflecting the high quality portfolio maintained by the Fund.

JM High Liquidity Fund The investment philosophy of the scheme is to provide income by way of dividend (dividend plans) and capital gains (growth plan) through investing in debt and money market instruments.

The Fund has posted a return of 7.43% p.a. under its Super Institutional Plan - growth option for the year ended March 31 2008. The fund is rated AAAf from CRISIL.

JM G-Sec Fund

The investment philosophy of the scheme is to provide ultimate level of safety to its unitholders through investments exclusively in sovereign securities issued by the Central and State Governments.

JM Short Term Fund The investment philosophy of the scheme is 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. The Fund provides moderate returns commensurate with its nature. The Fund may invest up to 100% in money market instruments and short-term debt.

JM Floater Fund The scheme seeks 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. The scheme is primarily intended for the risk-averse investors, as interest rate environment has turned volatile.

JM Liquid Plus FundThe scheme seeks 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.

JM MIP Fund (An open-ended monthly income fund with no assured return)

The scheme seeks to generate regular income, primarily through investments in fixed

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income securities so as to make monthly, quarterly and annual dividend distribution, and 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

JM Fixed Maturity Fund The investment objective of the scheme and the plans launched thereunder is to generate predictable returns over a predetermined period by investing in a portfolio of fixed income securities normally maturing in line with the time profile of the respective plans. Fixed maturity plans protect the investor returns from interest rate fluctuations. JM Interval FundThe investment objective of the Scheme and the plans launched thereunder is to seek to generate predictable returns over a predetermined period by investing in a portfolio of fixed income securities normally maturing in line with the time profile of the respective Plans. The Scheme has 6 interval plans.The various plans launched under the various Series (Series IV ,V, VI and VII) of JM Fixed Maturity Fund and JM Interval Fund during the financial year are:

Scheme Name Allotment Date

Date of sale and

repurchaseJM Fixed Maturity Fund – Series V - Quarterly Plan 1 19-Apr-07 19-Apr-07JM Fixed Maturity Fund – Series V - Quarterly Plan 2 08-May-07 08-May-07JM Fixed Maturity Fund - Series IV - 15 Months plan 2 24-May-07 24-May-07JM Fixed Maturity Fund – Series V - Quarterly Plan 3 16-May-07 16-May-07JM Fixed Maturity Fund - Series V - Quarterly Plan 4 29-May-07 29-May-07JM Fixed Maturity Fund - Series V - Quarterly Plan 5 27-Jun-07 27-Jun-07JM Fixed Maturity Fund – Series VI - Quarterly Plan 1 23-Aug-07 23-Aug-07JM Fixed Maturity Fund – Series VI - Quarterly Plan 2 28-Aug-07 28-Aug-07JM Fixed Maturity Fund – Series VI - Quarterly Plan 3 26-Sep-07 26-Sep-07JM Fixed Maturity Fund-Series VII -13 Months Plan1 17-Sep-07 17-Sep-07JM Fixed Maturity Fund-Series VII - 18 Months Plan 19-Oct-07 19-Oct-07JM Fixed Maturity Fund – Series VI - Quarterly Plan 4 22-Nov-07 22-Nov-07JM Fixed Maturity Fund – Series VI - Quarterly Plan 5 27-Nov-07 27-Nov-07JM Interval Fund Quarterly Plan 1 27-Dec-07 27-Dec-07JM Interval Fund Quarterly Plan 2 08-Jan-08 08-Jan-08JM Fixed Maturity Fund Series VII 15Months Plan 1 11-Jan-08 11-Jan-08JM Interval Fund Quarterly Plan 3 12-Feb-08 12-Feb-08JM Interval Fund Quarterly Plan 4 21-Feb-08 21-Feb-08JM Interval Fund Quarterly Plan 5 26-Feb-08 26-Feb-08JM Interval Fund Quarterly Plan 6 29-Feb-08 29-Feb-08JM Fixed Maturity Fund Series IX 15 Months Plan 13-Mar-08 13-Mar-08JM Fixed Maturity Fund Series XI 13 Months Plan 1 27-Mar-08 27-Mar-08

JM Money Manager FundThe investment philosophy of the scheme is to provide income by way of dividend (dividend plans) and capital gains (growth plan) through investing in debt and money market instruments.

The Scheme was launched in September, 2006. The Fund has posted a return of 7.61% p.a., 6.98% p.a., 8.75% p.a. under its Regular, Super and Super Plus plans respectively for the year ended March 31, 2008.

JM Equity & Derivative Fund and JM Arbitrage Advantage FundThe primary investment objective of the scheme is 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 fixed income instruments.

JM Equity & Derivative scheme has given a return of 7.71% for the last 1 year, while the JM Arbitrage Advantage Fund yielded 8.04% since inception. Both the schemes have generated good returns for the investors in spite of the markets witnessing a sharp fall in the first quarter of 2006-07. Dividends are being declared in both the schemes every quarter. JM Arbitrage Advantage scheme also got an Equity fund status for income-tax

purpose for this fiscal.

Brief background of Sponsors, Trust, Trustee Company and AMC JM Financial Mutual Fund has been constituted as a Trust with J.M. Financial and Investment Consultancy Services Pvt. Limited and JM Financial Limited as settlors and JM Financial Trustee Company Private Limited as the Trustee. The Trustee has entered into an Investment Management Agreement dated 1st September,1994 with JM Financial Asset Management Private Limited (the AMC) to function as the Investment Manager for all the schemes of JM Financial Mutual Fund. JM Financial Mutual Fund was registered with SEBI on 15th September 1994. J.M. Financial Investment Consultancy Services Pvt. Ltd. & JM Financial Ltd. have made an initial contribution of Rs. one lac each towards setting up of JM Financial Mutual Fund, which has been invested in JM Equity Fund. Consequent to the change in the shareholding of the AMC in October 2007 and by virtue of being the only shareholder holding more than 40% of the equity share capital of the AMC, JM Financial Limited has become the sole Sponsor of JM Financial Mutual Fund.

Trustee CompanyThe Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unitholders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in the Regulations and the Trust Deed. The Trustee seeks to ensure that the Fund and the Schemes floated there under are managed by the AMC in accordance with the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies.

Statutory Informationa. The Sponsor is not responsible or liable for any loss resulting from the operation of the

Schemes of the Fund beyond their initial contribution (to the extent contributed) of Rs. 1 lac for setting up the Fund, and such other accretions / additions to the same.

b. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments.

c. Full Annual Report shall be disclosed on the website (www.jmfinancialmf.com) and shall be available for inspection at the Head Office of the mutual fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund / AMC at a price.

AcknowledgementsThe trustees would like to thank the Securities and Exchange Board of India, the Reserve Bank of India, Association of Mutual Funds in India for their continued support, co-operation and guidance during the year. The Trustees would also like to thank our Auditors, Custodian, Registrar & Transfer Agents, Bankers and all other service providers for their support. The Trustees would also like to place on record the contribution from the employees of JM Financial Asset Management Private Limited for their dedication, commitment and wholehearted support throughout the year.

For JM Financial Mutual Fund On behalf of the Board of Trustees

Place : Mumbai Nimesh N KampaniDated : April 28, 2008 Chairman

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AUDITORS’ REPORT

The Board of Directors

JM Financial Trustee Company Private Limited

(Trustee for JM Financial Mutual Fund)

We have audited the Balance Sheets of the schemes of JM Financial Mutual Fund (the Fund) as at March 31, 2008 viz. JM Equity Fund, JM Equity Tax Saver Fund - Series I, JM Balanced Fund, JM Emerging Leaders Fund, JM Small & Midcap Fund, JM Contra Fund, JM Core 11 Fund - Series 1, JM Tax Gain Fund, JM Agri & Infra Fund, JM Hi Fi Fund, JM Financial Services Sector Fund, JM Basic Fund, JM Auto Sector Fund, JM Healthcare Sector Fund, JM Telecom Sector Fund, JM Equity & Derivative Fund, JM Arbitrage Advantage Fund, JM Income Fund, JM Short Term Fund, JM G-Sec Fund - Regular Plan, JM G-Sec Fund - PF Plan, JM G-Sec Fund - PF Plus Plan, JM High Liquidity Fund, JM High Liquidity Fund - Premium Plan, JM Money Manager Fund - Super Plus Plan, JM Money Manager Fund - Super Plan, JM Money Manager Fund - Regular Plan, JM Liquid Plus Fund (Formerly - JM Floater Fund- Long Term Plan), JM Floater Fund - Short Term Plan, JM MIP Fund, JM Interval Fund - Quarterly Plan 1,JM Interval Fund - Quarterly Plan 2, JM Interval Fund - Quarterly Plan 3, JM Interval Fund - Quarterly Plan 4, JM Interval Fund - Quarterly Plan 5, JM Interval Fund - Quarterly Plan 6, JM Fixed Maturity Fund Series IV - 13 Months, JM Fixed Maturity Fund Series IV - 15 Months-1, JM Fixed Maturity Fund Series IV - 15 Months-2, JM Fixed Maturity Fund Series IV - Yearly Plan, JM Fixed Maturity Fund Series VII - 13 Months-1, JM Fixed Maturity Fund Series VII - 15 Months-1, JM Fixed Maturity Fund Series VII - 18 Months, JM Fixed Maturity Fund Series IX - 15 Months 1, and JM Fixed Maturity Fund Series XI - 13 Months 1 including various plans under each scheme. We state that, JM Fixed Maturity Fund Series IV-Quarterly Plan-1 (Redeemed on April 18, 2007), JM Fixed Maturity Fund Series IV-Quarterly Plan-2 (Redeemed on May 7, 2007), JM Fixed Maturity Fund Series IV-Quarterly Plan-3 (Redeemed on May 15, 2007), JM Fixed Maturity Fund Series IV-Quarterly Plan-4 (Redeemed on May 28, 2007), JM Fixed Maturity Fund Series II-Yearly Plan (Redeemed on April 3, 2007), JM Fixed Maturity Fund Series V-Quarterly Plan-1 (Redeemed on July 19, 2007), JM Fixed Maturity Fund Series V-Quarterly Plan-2 (Redeemed on August 6, 2007), JM Fixed Maturity Fund Series V-Quarterly Plan-3 (Redeemed on August 14, 2007), JM Fixed Maturity Fund Series V-Quarterly Plan-4 (Redeemed on August 27, 2007), JM Fixed Maturity Fund Series V-Quarterly Plan-5 (Redeemed on September 25, 2007), JM Fixed Maturity Fund Series VI-Quarterly Plan-1 (Redeemed on November 21, 2007), JM Fixed Maturity Fund Series VI-Quarterly Plan-2 (Redeemed on November 26, 2007), JM Fixed Maturity Fund Series VI-Quarterly Plan-3 (Redeemed on December 26, 2007), JM Fixed Maturity Fund Series VI-Quarterly Plan-4 (Redeemed on February 20, 2008) and JM Fixed Maturity Fund Series VI-Quarterly Plan-5 (Redeemed on February 25, 2008) do not have any assets or liabilities on the balance sheet date and hence, there is no balance sheet for the said plans as at March 31, 2008. We have also audited the related Revenue Accounts of the aforesaid schemes (including all the plans) for the year/ period ended on that date. These financial statements are the responsibility of the Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with SEBI (Mutual Fund) Regulations, 1996. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We report that:

1. We have obtained all the information and explanations, which, to the best of our knowledge and belief were necessary for the purpose of our audit.

2. The Balance Sheet and the Revenue Account referred to above are in agreement with the books of accounts maintained for the respective schemes of the Fund.

3. The Accounts have been prepared in accordance with the accounting policies and standards as specified in the Ninth Schedule to the SEBI ( Mutual Funds) Regulations, 1996.

4. In our opinion, valuation methods for non Traded securities adopted by the scheme are fair and reasonable and are in accordance with the guidelines for valuation issued by SEBI and approved by the Trustees.

5. In our opinion and to the best of our information and according to the explanations given to us, the statement of accounts read with the accounting policies and notes on accounts attached thereto, give a true and fair view in accordance with the generally accepted accounting principles in India.

12


a) In case of Balance Sheets of the schemes including all relevant plans/ options under the respective schemes of the Fund, viz JM Equity Fund, JM Equity Tax Saver Fund - Series I, JM Balanced Fund, JM Emerging Leaders Fund, JM Small & Midcap Fund, JM Contra Fund, JM Core 11 Fund - Series 1, JM Tax Gain Fund, JM Agri & Infra Fund, JM Hi Fi Fund, JM Financial Services Sector Fund, JM Basic Fund, JM Auto Sector Fund, JM Healthcare Sector Fund, JM Telecom Sector Fund, JM Equity & Derivative Fund, JM Arbitrage Advantage Fund, JM Income Fund, JM Short Term Fund, JM G-Sec Fund - Regular Plan, JM G-Sec Fund - PF Plan, JM G-Sec Fund - PF Plus Plan, JM High Liquidity Fund, JM High Liquidity Fund - Premium Plan, JM Money Manager Fund - Super Plus Plan, JM Money Manager Fund - Super Plan, JM Money Manager Fund - Regular Plan, JM Liquid Plus Fund (Formerly - JM Floater Fund- Long Term Plan), JM Floater Fund - Short Term Plan, JM MIP Fund, JM Interval Fund - Quarterly Plan 1,JM Interval Fund - Quarterly Plan 2, JM Interval Fund - Quarterly Plan 3, JM Interval Fund - Quarterly Plan 4, JM Interval Fund - Quarterly Plan 5, JM Interval Fund - Quarterly Plan 6, JM Fixed Maturity Fund Series IV - 13 Months, JM Fixed Maturity Fund Series IV - 15 Months-1, JM Fixed Maturity Fund Series IV - 15 Months-2, JM Fixed Maturity Fund Series IV - Yearly Plan, JM Fixed Maturity Fund Series VII - 13 Months-1, JM Fixed Maturity Fund Series VII - 15 Months-1, JM Fixed Maturity Fund Series VII - 18 Months, JM Fixed Maturity Fund Series IX - 15 Months 1, and JM Fixed Maturity Fund Series XI - 13 Months 1, of the state of affairs of the schemes as at March 31, 2008; and

b) In case of the Revenue Account of the schemes including all the plans / options under the respective schemes of the Fund, viz JM Equity Fund, JM Equity Tax Saver Fund - Series I, JM Balanced Fund, JM Emerging Leaders Fund, JM Small & Midcap Fund, JM Contra Fund, JM Core 11 Fund - Series 1, JM Tax Gain Fund, JM Agri & Infra Fund, JM Hi Fi Fund, JM Financial Services Sector Fund, JM Basic Fund, JM Auto Sector Fund, JM Healthcare Sector Fund, JM Telecom Sector Fund, JM Equity & Derivative Fund, JM Arbitrage Advantage Fund, JM Income Fund, JM Short Term Fund, JM G-Sec Fund - Regular Plan, JM G-Sec Fund - PF Plan, JM G-Sec Fund - PF Plus Plan, JM High Liquidity Fund, JM High Liquidity Fund - Premium Plan, JM Money Manager Fund - Super Plus Plan, JM Money Manager Fund - Super Plan, JM Money Manager Fund - Regular Plan, JM Liquid Plus Fund (Formerly - JM Floater Fund- Long Term Plan), JM Floater Fund - Short Term Plan, JM MIP Fund, JM Interval Fund - Quarterly Plan 1,JM Interval Fund - Quarterly Plan 2, JM Interval Fund - Quarterly Plan 3, JM Interval Fund - Quarterly Plan 4, JM Interval Fund - Quarterly Plan 5, JM Interval Fund - Quarterly Plan 6, JM Fixed Maturity Fund Series IV - 13 Months, JM Fixed Maturity Fund Series IV - 15 Months-1, JM Fixed Maturity Fund Series IV - 15 Months-2, JM Fixed Maturity Fund Series IV - Yearly Plan, JM Fixed Maturity Fund Series VII - 13 Months-1, JM Fixed Maturity Fund Series VII - 15 Months-1, JM Fixed Maturity Fund Series VII - 18 Months, JM Fixed Maturity Fund Series IX - 15 Months 1, and JM Fixed Maturity Fund Series XI - 13 Months 1 of the surplus/deficit of the scheme for the year/ period ended March 31, 2008 including JM Fixed Maturity Fund Series IV-Quarterly Plan-1 (Redeemed on April 18, 2007), JM Fixed Maturity Fund Series IV-Quarterly Plan-2 (Redeemed on May 7, 2007), JM Fixed Maturity Fund Series IV-Quarterly Plan-3 (Redeemed on May 15, 2007), JM Fixed Maturity Fund Series IV-Quarterly Plan-4 (Redeemed on May 28, 2007), JM Fixed Maturity Fund Series II-Yearly Plan (Redeemed on April 3, 2007), JM Fixed Maturity Fund Series V-Quarterly Plan-1 (Redeemed on July 19, 2007), JM Fixed Maturity Fund Series V-Quarterly Plan-2 (Redeemed on August 6, 2007), JM Fixed Maturity Fund Series V-Quarterly Plan-3 (Redeemed on August 14, 2007), JM Fixed Maturity Fund Series V-Quarterly Plan-4 (Redeemed on August 27, 2007), JM Fixed Maturity Fund Series V-Quarterly Plan-5 (Redeemed on September 25, 2007), JM Fixed Maturity Fund Series VI-Quarterly Plan-1 (Redeemed on November 21, 2007), JM Fixed Maturity Fund Series VI-Quarterly Plan-2 (Redeemed on November 26, 2007), JM Fixed Maturity Fund Series VI-Quarterly Plan-3 (Redeemed on December 26, 2007), JM Fixed Maturity Fund Series VI-Quarterly Plan-4 (Redeemed on February 20, 2008) and JM Fixed Maturity Fund Series VI-Quarterly Plan-5 (Redeemed on February 25, 2008), the surplus/deficit of the respective plans/options under the respective schemes of the Fund for the year/period ended on that date.

For N. M. RAIJI & CO.

Chartered Accountants

J. M. GANDHI

Partner

Membership No: 37924.

Place: Mumbai.

Dated: April 28, 2008

13


Audited Balance Sheet As At March 31, 2008 Figures in Rs.

JM Equity Fund JM Equity Tax Saver Fund - Series I JM Balanced Fund

Sch. March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2007 LiabilitiesUnit Capital A 349,389,076 363,841,213 134,700,546 134,700,546 304,598,957 74,458,911 Reserves & Surplus B 461,480,500 282,577,578 5,510,444 1,439,011 287,707,876 63,821,382 Current Liabilities & Provisions C 8,169,175 3,662,912 283,137 7,058,160 68,944,873 432,104 Total 819,038,751 650,081,703 140,494,127 143,197,717 661,251,706 138,712,397 AssetsInvestments D 736,355,300 600,138,996 134,325,841 39,333,117 577,099,488 132,944,571 Deposits E 79,754,559 41,147,023 768,050 40,139,000 51,752,570 3,008,966 Other Current Assets F 2,928,892 8,795,684 160 56,689,578 32,399,648 2,758,860 Deferred Revenue Expenditure G - - 5,400,076 7,036,022 - - Total 819,038,751 650,081,703 140,494,127 143,197,717 661,251,706 138,712,397

Revenue Account for the Year / Period ended March 31, 2008 Figures in Rs.


Sch. Current Year Previous Year Current Year Previous Year Current Year Previous Year IncomeDividend 3,035,563 5,593,965 615,600 45,405 963,492 1,059,869 Interest 2,135,405 3,139,063 890,029 189,573 10,044,764 2,673,374 Profit on sale/redemption of investments(other than inter scheme transfer/sale)

226,163,604 141,488,429 21,053,757 - 53,151,152 31,913,702

Profit on inter-scheme transfer/sale of invest-ments

1,943,502 - 88,408 - 417,950 273,078

Profit on Futures / Options 18,453,862 27,977,123 - - - - Other income - - - - - 129,126 Net change in unrealised Appreciation/Deprecia-tion of Investments

- - - 1,225,752 - -

Load Written Back - - - - - - Total Income 251,731,936 178,198,580 22,647,794 1,460,730 64,577,358 36,049,149 Expenses and LossesManagement & Operating expenses H 20,416,565 13,711,937 6,645,132 21,719 10,111,974 3,252,852 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

54,947,078 42,522,303 8,764,008 - 33,997,181 6,406,921

Loss on Futures / Options 27,434,185 37,826,148 1,175,080 - 7,440,185 6,785 Loss on inter-scheme transfer/sale of investments - 7,371 - - 676,168 - Net change in unrealised Appreciation/Deprecia-tion of Investments

21,990,547 118,617,694 1,992,141 - 168,692,935 11,726,230

Other Losses - - - - - - Total Expenses & Losses 124,788,375 212,685,453 18,576,361 21,719 220,918,443 21,392,788 Surplus / (Deficit) for the year 126,943,561 (34,486,873) 4,071,433 1,439,011 (156,341,085) 14,656,361 Add/(Less) :Income Equalisation Account 12,375,945 21,854,669 - - 207,328,856 (1,240,961)Add/(Less) :Unrealised Appreciation on Invest-ments transferred from / to Balance Sheet

- 85,265,169 1,225,752 (1,225,752) 9,837,923 11,726,230

Surplus / (Deficit) for the year available for Distribution

139,319,506 72,632,965 5,297,185 213,259 60,825,694 25,141,630

Balance brought forward from Balance Sheet 263,565,450 235,553,092 213,259 - 258,837,127 233,695,497 Surplus available for distribution / (Deficit) 402,884,956 308,186,057 5,510,444 213,259 319,662,821 258,837,127 AppropriationIncome Distribution - 44,620,607 - - - - Distribution Tax - - - - - - Balance carried to the Balance Sheet 402,884,956 263,565,450 5,510,444 213,259 319,662,821 258,837,127 Accounting Policies and Notes on Accounts IFund Manager Sanjay Chhabaria

As per our report of even dateFor N. M. Raiji & Co. For and on behalf ofChartered Accountants JM Financial Asset Management Private Limited

J.M. Gandhi Nityanath P. Ghanekar Dr. R. SrinivasanPartner Managing Director & CEO DirectorM. No. 37924

For and on behalf ofJM Financial Trustee Company Private Limited

Nimesh N Kampani Anant Setalvad Date: April 28, 2008Chairman Director Place: Mumbai

14


Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.


Sch. March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2007

SCHEDULE AUnit CapitalUnit Capital - Dividend 264,020,602 304,124,090 57,290,920 57,332,920 251,966,889 50,443,713 Unit Capital - Growth 85,368,474 59,717,123 77,409,626 77,367,626 52,632,068 24,015,198 Unit Capital - Bonus - - - - - - Unit Capital - Daily Dividend - - - - - - Unit Capital - Weekly Dividend - - - - - - Unit Capital - Fortnightly Dividend - - - - - - Unit Capital - Monthly Dividend - - - - - - Unit Capital - Quarterly Dividend - - - - - - Unit Capital - Annual Dividend - - - - - - Unit Capital - Institutional Dividend - - - - - - Unit Capital - Instituitional Daily Dividend - - - - - - Unit Capital - Institutional Growth - - - - - - Unit Capital - Super Instituitional Daily Dividend - - - - - - Unit Capital - Super Institutional Weekly Dividend - - - - - - Unit Capital - Super Institutional Growth - - - - - - Unit Capital - Premium Dividend - - - - - - Unit Capital - Premium Growth - - - - - - Unit Capital - Premium Daily Dividend - - - - - - Unit Capital - Premium Weekly Dividend - - - - - - Total 349,389,076 363,841,213 134,700,546 134,700,546 304,598,957 74,458,911 No of Units of face value of Rs.10/- each 34,938,908 36,384,121 13,470,055 13,470,055 30,459,896 7,445,891 SCHEDULE BReserves & SurplusUnit Premium ReserveOpening Balance 19,012,128 (116,015,304) - - (204,853,667) (211,282,963)Add/(Less) on account of purchase/sale of units 39,583,416 135,027,432 - - 172,898,722 6,429,296 Closing Balance 58,595,544 19,012,128 - - (31,954,945) (204,853,667)Income Equalization Reserve - - - - - - Unrealised appreciation reserve - - - 1,225,752 - 9,837,922 Surplus/(Deficit)Balance brought forward from Revenue Account 402,884,956 263,565,450 5,510,444 213,259 319,662,821 258,837,127 Grand Total 461,480,500 282,577,578 5,510,444 1,439,011 287,707,876 63,821,382 SCHEDULE CCurrent Liabilities & ProvisionsSundry creditors 83,958 - - 7,048,896 - - Contracts for purchase of investments - - - - - - Management fee payable 841,359 682,819 141,559 4,422 708,338 141,869 Trusteeship fee payable 30,017 26,084 4,996 167 26,830 7,125 Others 1,108,258 998,573 136,582 4,675 1,426,710 247,732 MTM receivable/payable 4,103,498 - - - 1,415,565 Payable on repurchase of units 2,002,085 1,955,436 - - 65,367,430 35,378 Total 8,169,175 3,662,912 283,137 7,058,160 68,944,873 432,104 SCHEDULE DInvestmentsEquity Shares 736,933,339 600,717,035 134,325,841 39,333,117 455,212,302 91,894,031 Less: Provision for Equity Shares cost (578,039) (578,039) - - (32,569) (32,569)Privately Placed Debentures/Bonds - - - - 93,280,497 10,000,000 Debt Securities listed/ awaiting listing on a recognised stock exchange

- - - - 10,035,720 31,083,109

Less : Provision for doubtful Investments - - - - - - Government Securities - - - - - - Treasury Bills - - - - 18,603,538 - Commercial Paper - - - - - - Securitised - - - - - - Certificate of Deposits - - - - - -

15





Bills rediscounting - - - - - - Deep Discount Bond - - - - - - Total 736,355,300 600,138,996 134,325,841 39,333,117 577,099,488 132,944,571 SCHEDULE EDeposits- CBLO 35,554,559 - 768,050 40,139,000 32,752,570 - - Term Deposits ( with scheduled banks) - - - - - - - Margin Deposits ( with scheduled banks) 44,200,000 16,600,000 - - 19,000,000 - - Deposit with CCIL - - - - - - - Repo - 24,547,023 - - - 3,008,966 Total 79,754,559 41,147,023 768,050 40,139,000 51,752,570 3,008,966 SCHEDULE FOther Current AssetsBalances with banks on current account 119,612 319,516 - 300,544 105,005 305,764 Sundry debtors - - - - - - Contracts for sale of investments - 370 - - 24,997,094 848 MTM receivable/payable - 102,032 - - - - Outstanding and accrued income 69,144 970,094 160 55,388 5,000,735 668,298 Less : Provision for doubtful income (63,003) (63,003) - - - - Shares/Debentures application money - 6,546,540 - 531,300 - 1,364,880 Others (Including reissue of units) 2,803,139 920,135 - 55,802,346 2,296,814 419,070 Total 2,928,892 8,795,684 160 56,689,578 32,399,648 2,758,860 SCHEDULE GDeferred Revenue Expenditure (to the extent not written off )Opening balance - - 7,036,022 7,048,897 - - Addition / Incurred during the year - - 1,033,135 - - - Less : Amount written off during the year - - 2,669,081 12,875 - - Less : Excess Provision Written Back - - - - - - Less : Adjusted against redemption - - - - - - Closing Balance - - 5,400,076 7,036,022 - - SCHEDULE HManagement & Operating expensesManagement fees 10,206,180 6,829,282 1,988,027 4,422 5,055,940 1,626,424 Trusteeship fees 408,428 273,180 79,523 177 202,248 65,059 Deferred expenses written off - - 2,669,081 12,875 - - Registration and legal expenses 1,291,350 887,511 251,719 - 647,928 209,170 Commission To agents 4,701,415 651,122 612,640 - 2,818,956 - Publicity expenses 613,666 859,062 104,407 - 160,602 300,938 Audit fees 153,075 210,687 29,323 4,245 64,809 51,248 Custodian fees 167,726 206,970 29,591 - 46,963 40,451 Registrar fee 804,218 1,028,262 161,533 - 365,246 236,871 Administrative expenses 2,070,507 2,712,505 719,288 - 749,282 722,691 Sundry writte off - 53,356 - Total 20,416,565 13,711,937 6,645,132 21,719 10,111,974 3,252,852

16



JM Emerging Leaders Fund JM Small & Midcap Fund JM Contra Fund JM Core 11 Fund -

Series 1 JM Tax Gain Fund

Sch. March 31,2008 March 31,2007 March 31,2008 March 31,2008 March 31,2008 March 31,2008 LiabilitiesUnit Capital A 4,182,909,411 655,470,350 1,832,248,246 7,439,749,117 6,798,055,602 599,422,920 Reserves & Surplus B 956,542,391 (21,417,137) 246,117,800 (317,717,854) (1,060,475,556) (47,767,840)Current Liabilities & Provisions C 51,741,246 9,281,202 5,949,736 170,716,818 21,869,729 79,712,349 Total 5,191,193,048 643,334,415 2,084,315,782 7,292,748,081 5,759,449,775 631,367,429 AssetsInvestments D 4,860,944,435 585,309,757 2,030,478,753 5,054,286,522 5,061,853,245 407,448,290 Deposits E 286,505,145 34,662,981 41,370,316 1,998,642,765 298,185,156 215,199,001 Other Current Assets F 43,743,468 15,785,506 12,466,713 239,818,794 1,576,078 8,720,138 Deferred Revenue Expenditure G - 7,576,171 - - 397,835,296 - Total 5,191,193,048 643,334,415 2,084,315,782 7,292,748,081 5,759,449,775 631,367,429




Sch. Current Year Previous Year Current Year Current Year Current Year Current Year IncomeDividend 9,862,126 1,794,919 6,822,273 14,518,983 4,755,713 - Interest 10,390,786 2,843,946 13,990,034 16,666,503 12,937,675 590,376 Profit on sale/redemption of investments(other than inter scheme transfer/sale)

299,629,455 116,362,859 291,095,689 1,107,023,644 11,985,559 -


- - 21,359,544 47,989,919 - -

Profit on Futures / Options 57,611,857 10,261,712 9,371,513 1,742,024,282 28,417,411 2,236,040 Other income - - - - - - Net change in unrealised Appreciation/Deprecia-tion of Investments

- - - - - -

Load Written Back - 1,500,000 - - - - Total Income 377,494,224 132,763,436 342,639,053 2,928,223,331 58,096,358 2,826,416 Expenses and LossesManagement & Operating expenses H 83,770,514 93,530,835 49,744,235 108,554,836 19,049,066 - Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

330,321,888 37,461,133 43,588,155 26,426,869 4,123 -

Loss on Futures / Options 103,919,096 14,336,148 11,350,652 2,091,645,133 17,538,729 - Loss on inter-scheme transfer/sale of investments - - 519 12,364,054 - - Net change in unrealised Appreciation/Deprecia-tion of Investments

1,004,589,610 82,183,288 54,426,331 756,023,803 1,081,979,996 50,594,256

Other Losses - - - - - - Total Expenses & Losses 1,522,601,108 227,511,404 159,109,892 2,995,014,695 1,118,571,914 50,594,256 Surplus / (Deficit) for the year (1,145,106,884) (94,747,968) 183,529,161 (66,791,364) (1,060,475,556) (47,767,840)Add/(Less) :Income Equalisation Account 2,250,376,575 (72,667,674) 62,588,639 (250,926,490) - - Add/(Less) :Unrealised Appreciation on Invest-ments transferred from / to Balance Sheet

- 62,270,702 - - - -


1,105,269,691 (105,144,940) 246,117,800 (317,717,854) (1,060,475,556) (47,767,840)

Balance brought forward from Balance Sheet (93,117,868) 12,027,072 - - - - Surplus available for distribution / (Deficit) 1,012,151,823 (93,117,868) 246,117,800 (317,717,854) (1,060,475,556) (47,767,840)AppropriationIncome Distribution - - - - - - Distribution Tax - - - - - - Balance carried to the Balance Sheet 1,012,151,823 (93,117,868) 246,117,800 (317,717,854) (1,060,475,556) (47,767,840)Accounting Policies and Notes on Accounts IFund Manager Sandip Sabharwal


J.M. Gandhi Nityanath P. Ghanekar Dr. R. SrinivasanPartner Managing Director & CEO DirectorM. No. 37924 For and on behalf ofJM Financial Trustee Company Private Limited


17






SCHEDULE AUnit CapitalUnit Capital - Dividend 2,203,917,322 600,705,991 870,272,465 3,603,082,846 2,918,126,978 198,575,962 Unit Capital - Growth 1,978,992,089 54,764,359 961,975,781 3,836,666,271 3,879,928,624 400,846,958 Unit Capital - Bonus - - - - - - Unit Capital - Daily Dividend - - - - - - Unit Capital - Weekly Dividend - - - - - - Unit Capital - Fortnightly Dividend - - - - - - Unit Capital - Monthly Dividend - - - - - - Unit Capital - Quarterly Dividend - - - - - - Unit Capital - Annual Dividend - - - - - - Unit Capital - Institutional Dividend - - - - - - Unit Capital - Instituitional Daily Dividend - - - - - - Unit Capital - Institutional Growth - - - - - - Unit Capital - Super Instituitional Daily Dividend - - - - - - Unit Capital - Super Institutional Weekly Dividend - - - - - - Unit Capital - Super Institutional Growth - - - - - - Unit Capital - Premium Dividend - - - - - - Unit Capital - Premium Growth - - - - - - Unit Capital - Premium Daily Dividend - - - - - - Unit Capital - Premium Weekly Dividend - - - - - - Total 4,182,909,411 655,470,350 1,832,248,246 7,439,749,117 6,798,055,602 599,422,920 No of Units of face value of Rs.10/- each 418,290,941 65,547,035 183,224,825 743,974,912 679,805,560 59,942,292 SCHEDULE BReserves & SurplusUnit Premium ReserveOpening Balance 71,700,731 - - - - - Add/(Less) on account of purchase/sale of units (127,310,163) 71,700,731 - - - - Closing Balance (55,609,432) 71,700,731 - - - - Income Equalization Reserve - - - - - - Unrealised appreciation reserve - - - - - - Surplus/(Deficit)Balance brought forward from Revenue Account 1,012,151,823 (93,117,868) 246,117,800 (317,717,854) (1,060,475,556) (47,767,840)Grand Total 956,542,391 (21,417,137) 246,117,800 (317,717,854) (1,060,475,556) (47,767,840)SCHEDULE CCurrent Liabilities & ProvisionsSundry creditors - - - - 12,094,208 6,626,803 Contracts for purchase of investments - - - - - 59,957,105 Management fee payable 4,893,060 614,708 2,002,442 6,395,456 4,219,143 - Trusteeship fee payable 207,305 23,210 79,259 273,494 178,817 - Others 11,374,803 6,671,814 2,958,806 13,830,560 4,677,676 13,128,441 MTM receivable/payable 4,552,800 - - 100,832,373 699,885 - Payable on repurchase of units 30,713,278 1,971,470 909,229 49,384,935 - - Total 51,741,246 9,281,202 5,949,736 170,716,818 21,869,729 79,712,349 SCHEDULE DInvestmentsEquity Shares 4,860,944,435 585,309,757 2,030,478,753 5,054,286,522 5,061,853,245 407,448,290 Less: Provision for Equity Shares cost - - - - - - Privately Placed Debentures/Bonds - - - - - - Debt Securities listed/ awaiting listing on a recognised stock exchange

- - - - - -

Less : Provision for doubtful Investments - - - - - - Government Securities - - - - - - Treasury Bills - - - - - - Commercial Paper - - - - - - Securitised - - - - - -

18






Certificate of Deposits - - - - - - Bills rediscounting - - - - - - Deep Discount Bond - - - - - - Total 4,860,944,435 585,309,757 2,030,478,753 5,054,286,522 5,061,853,245 407,448,290 SCHEDULE EDeposits- CBLO 109,405,145 - 17,670,316 263,442,765 3,185,156 215,199,001 - Term Deposits ( with scheduled banks) - - - - - - - Margin Deposits ( with scheduled banks) 177,100,000 11,100,000 23,700,000 1,735,200,000 295,000,000 - - Deposit with CCIL - - - - - - - Repo - 23,562,981 - - - - Total 286,505,145 34,662,981 41,370,316 1,998,642,765 298,185,156 215,199,001 SCHEDULE FOther Current AssetsBalances with banks on current account 200,010 400,969 - - 1,575,511 8,690,965 Sundry debtors - - - - - - Contracts for sale of investments 369,955 - - 186,631,086 - - MTM receivable/payable - 655,220 - - - - Outstanding and accrued income 19,481 507,927 3,219 46,920 567 29,173 Less : Provision for doubtful income - - - - - - Shares/Debentures application money - 6,190,140 10,000,260 - - - Others (Including reissue of units) 43,154,022 8,031,250 2,463,234 53,140,788 - - Total 43,743,468 15,785,506 12,466,713 239,818,794 1,576,078 8,720,138 SCHEDULE G

Deferred Revenue Expenditure (to the extent not written off )Opening balance 7,576,171 97,684,425 - - 407,892,930 - Addition / Incurred during the year - - - - - - Less : Amount written off during the year 7,576,171 84,392,666 - - 10,057,634 - Less : Excess Provision Written Back - 5,715,588 - - - - Less : Adjusted against redemption - - - - - - Closing Balance - 7,576,171 - - 397,835,296 - SCHEDULE HManagement & Operating expensesManagement fees 36,006,617 4,569,079 23,308,050 53,797,847 4,219,143 - Trusteeship fees 1,680,855 182,769 1,071,833 2,619,607 201,736 - Deferred expenses written off 7,576,171 84,392,666 - - 10,057,634 - Registration and legal expenses 4,837,660 628,667 3,164,256 7,002,495 553,643 - Commission To agents 24,543,684 - 11,763,077 29,444,496 3,252,271 - Publicity expenses 1,732,227 837,908 3,229,449 4,339,888 15,005 - Audit fees 497,031 142,793 408,563 475,096 268,171 - Custodian fees 605,042 147,011 242,185 1,337,053 95,193 - Registrar fee 2,990,463 955,908 2,087,478 4,258,123 314,130 - Administrative expenses 3,300,764 1,674,034 4,469,344 5,280,231 72,140 - Sundry writte off - - - - Total 83,770,514 93,530,835 49,744,235 108,554,836 19,049,066 -

19



JM Agri & Infra Fund JM Hi Fi Fund JM Financial Services Sector Fund JM Basic Fund

Sch. March 31,2008 March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2007 LiabilitiesUnit Capital A 6,786,447,769 326,419,922 366,682,131 506,027,426 53,635,659 4,782,157,745 48,927,976 Reserves & Surplus B (2,019,475,083) 32,581,597 (32,267,506) 140,329,713 (3,972,803) 5,977,396,312 42,762,884 Current Liabilities & Provisions C 84,281,272 3,856,750 6,027,425 24,187,132 82,284 418,238,392 406,612 Total 4,851,253,958 362,858,269 340,442,050 670,544,271 49,745,140 11,177,792,449 92,097,472 AssetsInvestments D 3,968,980,749 347,258,507 315,589,854 615,890,266 48,631,613 10,290,179,455 83,773,516 Deposits E 486,586,013 15,107,961 12,200,000 39,602,730 500,000 548,198,449 7,783,040 Other Current Assets F 16,735,382 491,801 9,031,318 15,051,275 613,527 339,414,545 540,916 Deferred Revenue Expenditure G 378,951,814 - 3,620,878 - - - - Total 4,851,253,958 362,858,269 340,442,050 670,544,271 49,745,140 11,177,792,449 92,097,472



Sch. Current Year Current Year Previous Year Current Year Previous Year Current Year Previous Year IncomeDividend 8,239,508 1,218,148 4,850,076 980,103 70,000 23,305,115 1,079,858 Interest 18,685,450 1,561,119 5,096,199 1,024,943 265,563 22,207,501 308,264 Profit on sale/redemption of investments(other than inter scheme transfer/sale)

35,971,475 118,646,766 182,750,812 45,422,867 359,474 594,868,138 31,174,877


386,591 - - - - - -

Profit on Futures / Options 7,510,450 8,460,449 75,928,003 - - 107,545,085 - Other income - 1,299 - - - 27,160 - Net change in unrealised Appreciation/Deprecia-tion of Investments

- - - - - - -

Load Written Back - - - - - - - Total Income 70,793,474 129,887,781 268,625,090 47,427,913 695,037 747,952,999 32,562,999 Expenses and LossesManagement & Operating expenses H 51,957,684 13,528,040 64,220,529 6,283,722 83,270 134,983,745 2,339,434 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

286,897,581 48,509,706 105,815,016 24,247,080 2,713,460 268,975,698 2,220,956

Loss on Futures / Options 213,568,063 2,362,540 67,842,026 - - 439,119,679 - Loss on inter-scheme transfer/sale of investments 403,000 - - - - - - Net change in unrealised Appreciation/Deprecia-tion of Investments

1,537,442,229 32,033,298 44,330,970 180,403,079 1,875,678 1,509,016,701 23,166,599

Other Losses - - - - - - - Total Expenses & Losses 2,090,268,557 96,433,584 282,208,541 210,933,881 4,672,408 2,352,095,823 27,726,989 Surplus / (Deficit) for the year (2,019,475,083) 33,454,197 (13,583,451) (163,505,968) (3,977,371) (1,604,142,824) 4,836,010 Add/(Less) :Income Equalisation Account - 27,851,915 (18,684,055) 341,285,478 4,568 5,123,637,229 2,306,914 Add/(Less) :Unrealised Appreciation on Invest-ments transferred from / to Balance Sheet

- - - - - 16,339,825 23,166,599


(2,019,475,083) 61,306,112 (32,267,506) 177,779,510 (3,972,803) 3,535,834,230 30,309,523

Balance brought forward from Balance Sheet - (32,267,506) - (3,972,803) - 38,298,678 7,989,155 Surplus available for distribution / (Deficit) (2,019,475,083) 29,038,606 (32,267,506) 173,806,707 (3,972,803) 3,574,132,908 38,298,678 AppropriationIncome Distribution - - - - - 1,721,704,092 - Distribution Tax - - - - - - - Balance carried to the Balance Sheet (2,019,475,083) 29,038,606 (32,267,506) 173,806,707 (3,972,803) 1,852,428,816 38,298,678 Accounting Policies and Notes on Accounts IFund Manager Sandeep Neema Asit Bhandarkar

As per our report of even dateFor N. M. Raiji & Co. For and on behalf ofChartered Accountants JM Financial Asset Management Private LimitedJ.M. Gandhi Nityanath P. Ghanekar Dr. R. SrinivasanPartner Managing Director & CEO DirectorM. No. 37924 For and on behalf ofJM Financial Trustee Company Private Limited


20




Sch. March 31,2008 March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2007

SCHEDULE AUnit CapitalUnit Capital - Dividend 2,521,825,185 151,371,899 164,293,677 196,952,129 36,916,655 2,874,422,157 48,927,976 Unit Capital - Growth 4,264,622,584 175,048,023 202,388,454 309,075,297 16,719,004 1,907,735,588 - Unit Capital - Bonus - - - - - - - Unit Capital - Daily Dividend - - - - - - - Unit Capital - Weekly Dividend - - - - - - - Unit Capital - Fortnightly Dividend - - - - - - - Unit Capital - Monthly Dividend - - - - - - - Unit Capital - Quarterly Dividend - - - - - - - Unit Capital - Annual Dividend - - - - - - - Unit Capital - Institutional Dividend - - - - - - - Unit Capital - Instituitional Daily Dividend - - - - - - - Unit Capital - Institutional Growth - - - - - - - Unit Capital - Super Instituitional Daily Dividend - - - - - - - Unit Capital - Super Institutional Weekly Dividend - - - - - - - Unit Capital - Super Institutional Growth - - - - - - - Unit Capital - Premium Dividend - - - - - - - Unit Capital - Premium Growth - - - - - - - Unit Capital - Premium Daily Dividend - - - - - - - Unit Capital - Premium Weekly Dividend - - - - - - - Total 6,786,447,769 326,419,922 366,682,131 506,027,426 53,635,659 4,782,157,745 48,927,976 No of Units of face value of Rs.10/- each 678,644,777 32,641,992 36,668,213 50,602,743 5,363,566 478,215,775 4,892,798 SCHEDULE BReserves & SurplusUnit Premium ReserveOpening Balance - - - - - (11,875,620) 2,065,405 Add/(Less) on account of purchase/sale of units - 3,542,991 - (33,476,994) - 4,136,843,116 (13,941,025)Closing Balance - 3,542,991 - (33,476,994) - 4,124,967,496 (11,875,620)Income Equalization Reserve - - - - - - - Unrealised appreciation reserve - - - - - - 16,339,826 Surplus/(Deficit)Balance brought forward from Revenue Account (2,019,475,083) 29,038,606 (32,267,506) 173,806,707 (3,972,803) 1,852,428,816 38,298,678 Grand Total (2,019,475,083) 32,581,597 (32,267,506) 140,329,713 (3,972,803) 5,977,396,312 42,762,884 SCHEDULE CCurrent Liabilities & ProvisionsSundry creditors 26,188,323 - 357,985 - - 418 - Contracts for purchase of investments 35,412,953 - - 19,905,052 - 40,346,409 - Management fee payable 4,063,649 387,871 359,507 687,223 6,190 9,692,382 94,046 Trusteeship fee payable 170,638 13,695 13,574 24,319 1,948 419,544 - Others 5,048,481 546,887 455,729 2,238,867 33,597 20,511,221 176,439 MTM receivable/payable 13,397,228 - 21,284 - - 28,245,880 3,551 Payable on repurchase of units - 2,908,297 4,819,346 1,331,671 40,549 319,022,538 132,576 Total 84,281,272 3,856,750 6,027,425 24,187,132 82,284 418,238,392 406,612 SCHEDULE DInvestmentsEquity Shares 3,968,980,749 347,258,507 315,589,854 615,890,266 48,631,613 10,292,251,682 85,845,743 Less: Provision for Equity Shares cost - - - - - (2,072,227) (2,072,227)Privately Placed Debentures/Bonds - - - - - - - Debt Securities listed/ awaiting listing on a recognised stock exchange

- - - - - - -

Less : Provision for doubtful Investments - - - - - - - Government Securities - - - - - - - Treasury Bills - - - - - - - Commercial Paper - - - - - - - Securitised - - - - - - -

21

Annual Report 2007-2008Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.



Certificate of Deposits - - - - - - - Bills rediscounting - - - - - - - Deep Discount Bond - - - - - - - Total 3,968,980,749 347,258,507 315,589,854 615,890,266 48,631,613 10,290,179,455 83,773,516 SCHEDULE EDeposits- CBLO 193,086,013 15,107,961 700,000 39,602,730 500,000 158,398,449 - - Term Deposits ( with scheduled banks) - - - - - - - - Margin Deposits ( with scheduled banks) 293,500,000 - 11,500,000 - - 389,800,000 - - Deposit with CCIL - - - - - - - - Repo - - - - - - 7,783,040 Total 486,586,013 15,107,961 12,200,000 39,602,730 500,000 548,198,449 7,783,040 SCHEDULE FOther Current AssetsBalances with banks on current account - - 61,183 - 25,082 99,989 300,582 Sundry debtors - - - - - - - Contracts for sale of investments 16,710,552 10.000 5,155,046 - - 165,912,650 - MTM receivable/payable - - - - - - - Outstanding and accrued income 24,830 2,690 174,608 7,050 548 339,349 375,703 Less : Provision for doubtful income - - - - - (311,137) (311,137)Shares/Debentures application money - - 3,471,600 - 504,900 - - Others (Including reissue of units) - 489,101 168,881 15,044,225 82,997 173,373,694 175,768 Total 16,735,382 491,801 9,031,318 15,051,275 613,527 339,414,545 540,916 SCHEDULE G

Deferred Revenue Expenditure (to the extent not written off )Opening balance - 3,620,878 52,838,401 - - - - Addition / Incurred during the year 407,187,439 - - - - - - Less : Amount written off during the year 28,235,625 3,620,878 49,217,523 - - - - Less : Excess Provision Written Back - - - - - - - Less : Adjusted against redemption - - - - - - - Closing Balance 378,951,814 - 3,620,878 - - - - SCHEDULE HManagement & Operating expensesManagement fees 11,091,417 4,953,589 7,501,499 3,127,458 24,981 67,379,073 1,169,716 Trusteeship fees 529,092 198,149 300,069 131,438 8,327 3,266,627 46,790 Deferred expenses written off 28,235,625 3,620,878 49,217,523 - - - - Registration and legal expenses 1,455,421 628,717 812,275 404,682 8,074 8,934,252 150,706 Commission To agents 8,131,748 2,236,934 941,413 1,840,206 - 31,815,807 89,387 Publicity expenses 246,341 197,534 1,374,028 78,601 - 9,017,323 123,345 Audit fees 265,452 67,612 239,640 45,837 1,412 740,035 38,046 Custodian fees 197,310 75,446 139,264 42,124 - 1,202,355 38,585 Registrar fee 899,617 386,448 1,276,485 224,381 - 5,633,713 170,515 Administrative expenses 905,661 1,162,733 2,418,333 388,995 40,476 6,994,560 512,344 Sundry writte off - - - - Total 51,957,684 13,528,040 64,220,529 6,283,722 83,270 134,983,745 2,339,434

22

Annual Report 2007-2008Audited Balance Sheet As At March 31, 2008 Figures in Rs.

JM Auto Sector Fund JM Healthcare Sector Fund JM Telecom Sector Fund JM Equity & Derivative Fund

Sch. March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2007 LiabilitiesUnit Capital A 62,478,468 62,792,203 38,681,805 55,333,175 62,079,088 76,056,999 299,808,663 2,247,964,432 Reserves & Surplus B 41,838,525 36,629,378 17,016,995 21,722,432 5,327,808 4,597,631 35,332,624 242,569,224 Current Liabilities & Provisions C 5,172,071 254,503 233,694 4,992,781 361,970 610,846 337,903 35,101,761 Total 109,489,064 99,676,084 55,932,494 82,048,388 67,768,866 81,265,476 335,479,190 2,525,635,417 AssetsInvestments D 102,132,300 98,600,617 52,932,860 76,632,045 65,291,309 63,447,052 85,428,114 1,989,386,459 Deposits E 2,143,573 700,036 2,760,139 199,953 2,373,609 16,183,000 246,636,034 516,148,979 Other Current Assets F 5,213,191 375,431 239,495 5,216,390 103,948 1,635,424 3,415,042 20,099,979 Deferred Revenue Expenditure G - - - - - - - - Total 109,489,064 99,676,084 55,932,494 82,048,388 67,768,866 81,265,476 335,479,190 2,525,635,417



Sch. Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year IncomeDividend 658,780 1,686,319 572,176 977,357 186,941 98,930 2,624,355 22,923,431 Interest 317,281 359,423 63,165 132,740 200,938 538,201 44,599,462 238,757,650 Profit on sale/redemption of investments(other than inter scheme transfer/sale)

19,942,100 16,834,195 10,434,734 14,803,709 15,199,564 1,153,345 290,091,276 891,866,517


- - - - - - - 557,446

Profit on Futures / Options - - - - - - 162,527,961 1,155,851,669 Other income - - - - - - - 1,837 Net change in unrealised Appreciation/Deprecia-tion of Investments

- - - - 409,954 1,983,734 24,025,300 -

Load Written Back - - - - - - - - Total Income 20,918,161 18,879,937 11,070,075 15,913,806 15,997,397 3,774,210 523,868,354 2,309,958,550 Expenses and LossesManagement & Operating expenses H 2,597,861 2,619,586 1,684,802 2,322,561 2,007,223 106,796 11,440,409 61,174,679 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

7,937,741 11,366,234 5,870,873 6,020,348 4,629,270 - 119,879,956 557,689,123

Loss on Futures / Options - - - - - - 329,070,690 979,805,374 Loss on inter-scheme transfer/sale of investments - - - - - - 1,770,453 3,013,399 Net change in unrealised Appreciation/Deprecia-tion of Investments

19,712,521 6,475,244 862,563 15,076,089 - - - 310,454,956

Other Losses - - - - - - - - Total Expenses & Losses 30,248,123 20,461,064 8,418,238 23,418,998 6,636,493 106,796 462,161,508 1,912,137,531 Surplus / (Deficit) for the year (9,329,962) (1,581,127) 2,651,837 (7,505,192) 9,360,904 3,667,414 61,706,846 397,821,019 Add/(Less) :Income Equalisation Account 4,782,725 (15,385) (847,509) 1,718,822 (7,797,587) 930,217 (29,505,760) (112,779,298)Add/(Less) :Unrealised Appreciation on Invest-ments transferred from / to Balance Sheet

8,372,731 6,475,244 862,563 15,076,089 (409,954) (1,983,734) (6,211,621) 292,644,508


3,825,494 4,878,732 2,666,891 9,289,719 1,153,363 2,613,897 25,989,465 577,686,229

Balance brought forward from Balance Sheet 40,435,571 35,556,839 29,858,625 20,568,906 2,613,897 - 507,115,547 102,702,080 Surplus available for distribution / (Deficit) 44,261,065 40,435,571 32,525,516 29,858,625 3,767,260 2,613,897 533,105,012 680,388,309 AppropriationIncome Distribution - - - - - - 18,047,451 144,076,605 Distribution Tax - - - - - - 3,029,204 29,196,157 Balance carried to the Balance Sheet 44,261,065 40,435,571 32,525,516 29,858,625 3,767,260 2,613,897 512,028,357 507,115,547 Accounting Policies and Notes on Accounts IFund Manager Asit Bhandarkar Biren Mehta





23




Sch. March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2007

SCHEDULE AUnit CapitalUnit Capital - Dividend 34,232,759 55,749,437 32,627,522 46,800,522 30,620,238 44,042,641 171,692,850 749,200,401 Unit Capital - Growth 28,245,709 7,042,766 6,054,283 8,532,653 31,458,850 32,014,358 127,738,267 1,423,856,382 Unit Capital - Bonus - - - - - - 377,546 74,907,649 Unit Capital - Daily Dividend - - - - - - - - Unit Capital - Weekly Dividend - - - - - - - - Unit Capital - Fortnightly Dividend - - - - - - - - Unit Capital - Monthly Dividend - - - - - - - - Unit Capital - Quarterly Dividend - - - - - - - - Unit Capital - Annual Dividend - - - - - - - - Unit Capital - Institutional Dividend - - - - - - - - Unit Capital - Instituitional Daily Dividend - - - - - - - - Unit Capital - Institutional Growth - - - - - - - - Unit Capital - Super Instituitional Daily Dividend - - - - - - - - Unit Capital - Super Institutional Weekly Dividend - - - - - - - - Unit Capital - Super Institutional Growth - - - - - - - - Unit Capital - Premium Dividend - - - - - - - - Unit Capital - Premium Growth - - - - - - - - Unit Capital - Premium Daily Dividend - - - - - - - - Unit Capital - Premium Weekly Dividend - - - - - - - - Total 62,478,468 62,792,203 38,681,805 55,333,175 62,079,088 76,056,999 299,808,663 2,247,964,432 No of Units of face value of Rs.10/- each 6,247,847 6,279,220 3,868,181 5,533,318 6,207,909 7,605,700 29,980,866 224,796,443 SCHEDULE BReserves & SurplusUnit Premium ReserveOpening Balance (12,178,925) (6,790,202) (20,431,681) (8,978,269) - - (264,546,323) (6,135,658)Add/(Less) on account of purchase/sale of units 9,756,385 (5,388,723) (6,509,765) (11,453,412) (833,140) - (218,361,031) (258,410,665)Closing Balance (2,422,540) (12,178,925) (26,941,446) (20,431,681) (833,140) - (482,907,354) (264,546,323)Income Equalization Reserve - - - - - - - - Unrealised appreciation reserve - 8,372,732 11,432,925 12,295,488 2,393,688 1,983,734 6,211,621 - Surplus/(Deficit)Balance brought forward from Revenue Account 44,261,065 40,435,571 32,525,516 29,858,625 3,767,260 2,613,897 512,028,357 507,115,547 Grand Total 41,838,525 36,629,378 17,016,995 21,722,432 5,327,808 4,597,631 35,332,624 242,569,224 SCHEDULE CCurrent Liabilities & ProvisionsSundry creditors - - 1,425 - - - - - Contracts for purchase of investments - - - 4,666,811 - - - 21,811,078 Management fee payable 110,570 106,230 57,353 80,344 70,618 9,493 98,338 1,992,685 Trusteeship fee payable 3,906 4,011 2,024 3,034 2,465 2,987 12,634 112,805 Others 172,714 108,836 98,773 84,822 96,501 256,707 226,931 2,128,120 MTM receivable/payable - - - - - - 9,057,073 Payable on repurchase of units 4,884,881 35,426 74,119 157,770 192,386 341,659 - - Total 5,172,071 254,503 233,694 4,992,781 361,970 610,846 337,903 35,101,761 SCHEDULE DInvestmentsEquity Shares 102,132,300 98,600,617 52,932,860 76,632,045 65,291,309 63,447,052 25,426,500 789,032,295 Less: Provision for Equity Shares cost - - - - - - - - Privately Placed Debentures/Bonds - - - - - - 55,000,000 657,343,167 Debt Securities listed/ awaiting listing on a recognised stock exchange

- - - - - - 5,001,614 493,540,096

Less : Provision for doubtful Investments - - - - - - - - Government Securities - - - - - - - - Treasury Bills - - - - - - - - Commercial Paper - - - - - - - - Securitised - - - - - - - 49,470,901 Certificate of Deposits - - - - - - - -

24





Bills rediscounting - - - - - - - - Deep Discount Bond - - - - - - - - Total 102,132,300 98,600,617 52,932,860 76,632,045 65,291,309 63,447,052 85,428,114 1,989,386,459 SCHEDULE EDeposits- CBLO 2,143,573 - 2,760,139 - 2,373,609 16,183,000 236,636,034 - - Term Deposits ( with scheduled banks) - - - - - - - - - Margin Deposits ( with scheduled banks) - - - - - - 10,000,000 505,000,000 - Deposit with CCIL - - - - - - - - - Repo - 700,036 - 199,953 - - - 11,148,979 Total 2,143,573 700,036 2,760,139 199,953 2,373,609 16,183,000 246,636,034 516,148,979 SCHEDULE FOther Current AssetsBalances with banks on current account - 122,959 - 84,229 - 300,955 800,036 1,000,612 Sundry debtors - - - - - - - - Contracts for sale of investments - 248,460 - 4,971,564 - - - 3,078,450 MTM receivable/payable - - - - - - 399,300 - Outstanding and accrued income 381 - 495 156,597 427 42,814 2,215,155 16,020,917 Less : Provision for doubtful income - - - - - - - - Shares/Debentures application money - - - - - - - - Others (Including reissue of units) 5,212,810 4,012 239,000 4,000 103,521 1,291,655 551 - Total 5,213,191 375,431 239,495 5,216,390 103,948 1,635,424 3,415,042 20,099,979 SCHEDULE G

Deferred Revenue Expenditure (to the extent not written off )Opening balance - - - - - - - - Addition / Incurred during the year - - - - - - - - Less : Amount written off during the year - - - - - - - - Less : Excess Provision Written Back - - - - - - - - Less : Adjusted against redemption - - - - - - - - Closing Balance - - - - - - - - SCHEDULE HManagement & Operating expensesManagement fees 1,298,929 1,309,791 842,400 1,161,279 980,609 32,039 4,867,875 22,425,042 Trusteeship fees 51,959 52,393 33,697 46,453 49,346 10,680 463,665 2,663,680 Deferred expenses written off - - - - - - - - Registration and legal expenses 164,168 168,787 106,031 148,057 127,947 8,712 791,815 4,615,202 Commission To agents 655,338 227,982 395,766 230,881 407,530 - 2,969,160 16,681,992 Publicity expenses 56,124 133,473 40,362 123,080 39,359 - 554,542 2,824,133 Audit fees 20,969 42,092 14,730 37,633 10,981 1,876 125,498 1,273,158 Custodian fees 20,659 42,211 16,737 38,457 19,754 - 150,156 1,353,613 Registrar fee 103,691 190,830 69,554 165,208 87,795 - 803,716 5,311,945 Administrative expenses 226,024 452,027 165,525 371,513 283,902 53,489 713,982 4,025,914 Sundry writte off - - - - - Total 2,597,861 2,619,586 1,684,802 2,322,561 2,007,223 106,796 11,440,409 61,174,679

25



JM Arbitrage Advantage Fund JM Income Fund JM Short Term Fund JM G-Sec Fund - Regular Plan

Sch. March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2007 LiabilitiesUnit Capital A 6,672,627,637 3,266,272,594 223,212,041 150,335,062 1,011,856,649 120,952,000 23,184,489 32,944,714 Reserves & Surplus B 392,991,226 88,343,297 108,129,053 109,720,031 93,219,295 17,678,971 9,004,621 13,126,062 Current Liabilities & Provisions C 496,058,758 143,911,756 4,330,524 645,312 7,415,644 191,869 42,060 112,646 Total 7,561,677,621 3,498,527,647 335,671,618 260,700,405 1,112,491,588 138,822,840 32,231,170 46,183,422 AssetsInvestments D 5,048,805,747 2,461,439,581 260,715,822 242,308,028 1,048,945,312 131,743,259 32,230,930 19,812,000 Deposits E 2,075,399,484 975,292,357 67,230,725 14,330,954 55,601,467 3,639,967 240 21,189,046 Other Current Assets F 437,472,390 61,795,709 7,725,071 4,061,423 7,944,809 3,439,614 - 5,182,376 Deferred Revenue Expenditure G - - - - - - - - Total 7,561,677,621 3,498,527,647 335,671,618 260,700,405 1,112,491,588 138,822,840 32,231,170 46,183,422



Sch. Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year IncomeDividend 36,466,465 30,289,191 - - - - - - Interest 210,697,740 130,104,252 19,931,240 20,774,267 45,405,473 34,567,105 1,721,834 2,006,120 Profit on sale/redemption of investments(other than inter scheme transfer/sale)

2,942,054,773 1,305,158,317 15,295,282 1,260,385 21,730,817 1,625,822 1,718,536 1,239,859


1,230,619 267,853 3,748,820 105,624 2,573,926 1,874,965 426,697 150,944

Profit on Futures / Options 3,658,353,674 1,436,988,099 - - - - - - Other income - 4,615 - 6,601 - 3,045 - 19,280 Net change in unrealised Appreciation/Deprecia-tion of Investments

- - 298,749 1,620,252 884,667 - - -

Load Written Back - - - - - - - - Total Income 6,848,803,271 2,902,812,327 39,274,091 23,767,131 70,594,883 38,070,937 3,867,067 3,416,203 Expenses and LossesManagement & Operating expenses H 117,097,592 64,493,674 5,893,683 6,497,729 4,819,442 4,076,650 465,555 654,283 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

2,055,023,506 469,883,167 13,423,827 2,129,928 16,179,618 46,494 1,959,511 549,739

Loss on Futures / Options 3,736,649,888 1,870,925,822 - - - - - - Loss on inter-scheme transfer/sale of investments 1,910,818 291,535 2,673,795 2,951,938 4,639,768 1,107,793 35,050 389,674 Net change in unrealised Appreciation/Deprecia-tion of Investments

318,162,513 151,262,048 - - - 1,233,685 15,619 46,451

Other Losses - - - - - - - - Total Expenses & Losses 6,228,844,317 2,556,856,246 21,991,305 11,579,595 25,638,828 6,464,622 2,475,735 1,640,147 Surplus / (Deficit) for the year 619,958,954 345,956,081 17,282,786 12,187,535 44,956,055 31,606,315 1,391,332 1,776,056 Add/(Less) :Income Equalisation Account 29,332,852 (102,660,635) (3,349,233) (2,612,142) 23,963,308 (11,616,519) (143,524) (328,699)Add/(Less) :Unrealised Appreciation on Invest-ments transferred from / to Balance Sheet

- - - - - - 15,619 46,451


649,291,806 243,295,446 13,933,553 9,575,394 68,919,363 19,989,796 1,263,427 1,493,808

Balance brought forward from Balance Sheet 88,343,297 - 3,586,176,146 3,577,982,098 425,024,419 420,602,244 468,707,223 467,422,278 Surplus available for distribution / (Deficit) 737,635,103 243,295,446 3,600,109,699 3,587,557,492 493,943,782 440,592,040 469,970,650 468,916,086 AppropriationIncome Distribution 456,480,661 154,952,149 - 1,184,941 22,305,894 12,940,232 - 175,644 Distribution Tax - - - 196,405 4,181,142 2,627,389 - 33,219 Balance carried to the Balance Sheet 281,154,442 88,343,297 3,600,109,699 3,586,176,146 467,456,746 425,024,419 469,970,650 468,707,223 Accounting Policies and Notes on Accounts IFund Manager Biren Mehta Mohit Verma





26





SCHEDULE AUnit CapitalUnit Capital - Dividend 4,754,641,374 2,553,252,905 140,778,597 53,505,813 129,212,290 7,785,656 3,077,503 14,625,836

Unit Capital - Growth 1,917,986,263 713,019,689 45,462,333 53,991,453 82,374,210 42,805,114 6,462,161 7,161,562

Unit Capital - Bonus - - 36,971,111 42,837,796 - - 13,644,825 11,157,316

Unit Capital - Daily Dividend - - - - - - - -

Unit Capital - Weekly Dividend - - - - - - - -

Unit Capital - Fortnightly Dividend - - - - - - - -

Unit Capital - Monthly Dividend - - - - - - - -

Unit Capital - Quarterly Dividend - - - - - - - -

Unit Capital - Annual Dividend - - - - - - - -

Unit Capital - Institutional Dividend - - - - 264,356,447 70,110,745 - -

Unit Capital - Instituitional Daily Dividend - - - - - - - -

Unit Capital - Institutional Growth - - - - 535,913,702 250,485 - -

Unit Capital - Super Instituitional Daily Dividend - - - - - - - -

Unit Capital - Super Institutional Weekly Dividend - - - - - - - -

Unit Capital - Super Institutional Growth - - - - - - - -

Unit Capital - Premium Dividend - - - - - - - -

Unit Capital - Premium Growth - - - - - - - -

Unit Capital - Premium Daily Dividend - - - - - - - -

Unit Capital - Premium Weekly Dividend - - - - - - - -

Total 6,672,627,637 3,266,272,594 223,212,041 150,335,062 1,011,856,649 120,952,000 23,184,489 32,944,714

No of Units of face value of Rs.10/- each 667,262,764 326,627,259 22,321,204 15,033,506 101,185,665 12,095,200 2,318,449 3,294,471

SCHEDULE BReserves & SurplusUnit Premium ReserveOpening Balance - - (3,476,456,116) (3,402,723,463) (407,345,448) (391,959,964) (455,623,161) (454,665,792)

Add/(Less) on account of purchase/sale of units 111,836,784 - (15,524,530) (73,732,653) 33,107,997 (15,385,484) (5,369,249) (957,369)

Closing Balance 111,836,784 - (3,491,980,646) (3,476,456,116) (374,237,451) (407,345,448) (460,992,410) (455,623,161)

Income Equalization Reserve - - - - - - - -

Unrealised appreciation reserve - - - - - - 26,381 42,000

Surplus/(Deficit)Balance brought forward from Revenue Account 281,154,442 88,343,297 3,600,109,699 3,586,176,146 467,456,746 425,024,419 469,970,650 468,707,223

Grand Total 392,991,226 88,343,297 108,129,053 109,720,031 93,219,295 17,678,971 9,004,621 13,126,062

SCHEDULE CCurrent Liabilities & ProvisionsSundry creditors 457 457 - - - - - -

Contracts for purchase of investments 480,630,920 104,910,240 - - - - - -

Management fee payable 4,794,211 5,409,874 215,216 222,767 397,402 47,325 16,422 23,536

Trusteeship fee payable 289,123 185,452 9,542 10,514 48,764 5,602 485 741

Others 10,344,047 8,254,003 306,152 269,665 479,404 50,118 14,578 23,466

MTM receivable/payable - 25,151,730 - - - - - -

Payable on repurchase of units - - 3,799,614 142,366 6,490,074 88,824 10,575 64,903

Total 496,058,758 143,911,756 4,330,524 645,312 7,415,644 191,869 42,060 112,646

SCHEDULE DInvestmentsEquity Shares 4,734,571,218 2,270,887,540 - - - - - -

Less: Provision for Equity Shares cost - - - - - - - -

Privately Placed Debentures/Bonds 265,518,633 60,075,506 30,183,667 50,075,506 33,224,867 10,000,000 - -

Debt Securities listed/ awaiting listing on a recognised stock exchange

25,008,067 113,150,653 192,116,691 96,021,926 100,640,158 87,211,010 - -

Less : Provision for doubtful Investments - - (1,000) (1,000) - - - -

Government Securities - - - - - - - -

Treasury Bills - - - - - - 32,230,930 19,812,000

Commercial Paper - - - - 334,787,687 - - -

Securitised - 17,325,882 - 68,083,935 410,244 10,534,786 - -

Certificate of Deposits 23,707,829 - 38,416,464 28,127,661 579,882,356 23,997,463 - -

27





Bills rediscounting - - - - - - - -

Deep Discount Bond - - - - - - - -

Total 5,048,805,747 2,461,439,581 260,715,822 242,308,028 1,048,945,312 131,743,259 32,230,930 19,812,000

SCHEDULE EDeposits- CBLO 43,399,484 2,877,000 55,430,725 - 55,601,467 - 240 -

- Term Deposits ( with scheduled banks) - 970,000,000 - - - - - -

- Margin Deposits ( with scheduled banks) 2,032,000,000 - - - - - - -

- Deposit with CCIL - - 11,800,000 11,800,000 - - - -

- Repo - 2,415,357 - 2,530,954 - 3,639,967 - 21,189,046

Total 2,075,399,484 975,292,357 67,230,725 14,330,954 55,601,467 3,639,967 240 21,189,046

SCHEDULE FOther Current AssetsBalances with banks on current account 18,011 300,965 159,995 161,051 - 1,226 - 1,583

Sundry debtors - - - - - - - -

Contracts for sale of investments 169,325,501 39,921,297 - - - - - 5,154,081

MTM receivable/payable 221,187,461 - - - - - - -

Outstanding and accrued income 38,900,494 20,313,447 7,242,273 3,897,878 5,361,471 3,438,388 - 26,712

Less : Provision for doubtful income - - - - - - - -

Shares/Debentures application money - - - - - - - -

Others (Including reissue of units) 8,040,923 1,260,000 322,803 2,494 2,583,338 - - -

Total 437,472,390 61,795,709 7,725,071 4,061,423 7,944,809 3,439,614 - 5,182,376

SCHEDULE G

Deferred Revenue Expenditure (to the extent not written off )Opening balance - - - - - - - -

Addition / Incurred during the year - - - - - - - -

Less : Amount written off during the year - - - - - - - -

Less : Excess Provision Written Back - - - - - - - -

Less : Adjusted against redemption - - - - - - - -

Closing Balance - - - - - - - -

SCHEDULE HManagement & Operating expensesManagement fees 56,902,936 32,561,279 2,946,837 3,248,860 2,199,644 1,865,605 206,975 290,879

Trusteeship fees 3,470,215 2,197,059 147,346 162,447 281,538 235,819 6,899 9,696

Deferred expenses written off - - - - - - - -

Registration and legal expenses 7,847,255 3,537,882 371,740 404,499 304,257 254,714 30,763 47,237

Commission To agents 34,351,506 12,743,924 1,238,708 972,405 1,294,381 986,960 136,213 103,368

Publicity expenses 2,080,360 2,215,222 83,733 94,408 69,206 61,697 8,177 18,206

Audit fees 709,849 914,831 41,491 106,164 37,655 63,941 4,262 11,989

Custodian fees 1,764,377 1,923,463 31,205 29,278 76,271 68,208 - -

Registrar fee 5,755,285 5,213,701 265,614 437,207 389,741 335,681 38,065 61,321

Administrative expenses 4,215,809 3,186,313 767,009 1,042,461 166,749 204,025 34,201 111,587

Sundry writte off - - - - - -

Total 117,097,592 64,493,674 5,893,683 6,497,729 4,819,442 4,076,650 465,555 654,283

28



JM G-Sec Fund - PF Plan JM G-Sec Fund - PF Plus Plan JM High Liquidity Fund JM High Liquidity FundPremium Plan

Sch. March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2007 LiabilitiesUnit Capital A 9,373,533 10,876,564 67,691,140 83,604,381 6,695,932,779 5,962,863,462 18,086,860 92,463,925 Reserves & Surplus B 11,419,014 12,351,133 8,453,494 8,396,998 494,457,163 568,436,842 4 6 Current Liabilities & Provisions C 5,148,093 21,736 966,575 86,801 3,287,251 8,654,837 7,343 16,551 Total 25,940,640 23,249,433 77,111,209 92,088,180 7,193,677,193 6,539,955,141 18,094,207 92,480,482 AssetsInvestments D 25,940,489 9,906,000 69,835,034 19,812,000 6,903,828,895 5,774,793,695 - 91,836,468 Deposits E 151 3,033,961 2,161,664 36,163,028 251,500,286 721,195,954 18,090,736 642,000 Other Current Assets F - 10,309,472 5,114,511 36,113,152 38,348,012 43,965,492 3,471 2,014 Deferred Revenue Expenditure G - - - - - - - - Total 25,940,640 23,249,433 77,111,209 92,088,180 7,193,677,193 6,539,955,141 18,094,207 92,480,482



Sch. Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year IncomeDividend - - - - - - - - Interest 1,167,821 1,464,580 4,090,269 5,145,895 887,273,977 736,942,136 3,160,489 36,248,945 Profit on sale/redemption of investments(other than inter scheme transfer/sale)

1,374,342 788,342 4,123,807 2,466,017 17,203,765 15,090,721 - 666,200


180,051 90,192 787,875 435,195 4,460,493 1,301,402 - -

Profit on Futures / Options - - - - - - - - Other income - - - - 2,112 24,448 - - Net change in unrealised Appreciation/Deprecia-tion of Investments

1,232 - 17,160 - - 784,624 - -

Load Written Back - - - - - - - - Total Income 2,723,446 2,343,114 9,019,111 8,047,107 908,940,347 754,143,331 3,160,489 36,915,145 Expenses and LossesManagement & Operating expenses H 230,851 351,894 822,740 1,139,170 20,116,274 31,858,478 58,277 1,595,812 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

1,464,188 611,561 5,474,075 1,814,412 1,804,818 111,678 - -

Loss on Futures / Options - - - - - - - - Loss on inter-scheme transfer/sale of investments 106,391 125,264 1,012,802 1,899,101 2,907,298 1,991,990 2,089 16,540 Net change in unrealised Appreciation/Deprecia-tion of Investments

- 37,201 - 126,848 3,069,007 - - 3,982

Other Losses - - - - - - - - Total Expenses & Losses 1,801,430 1,125,920 7,309,617 4,979,531 27,897,397 33,962,146 60,366 1,616,334 Surplus / (Deficit) for the year 922,016 1,217,195 1,709,494 3,067,576 881,042,950 720,181,185 3,100,123 35,298,811 Add/(Less) :Income Equalisation Account (46,119) (417,586) (55,634) (695,323) (256,699,824) (291,264,048) - - Add/(Less) :Unrealised Appreciation on Invest-ments transferred from / to Balance Sheet

(1,232) 37,201 (17,160) 126,848 677,733 (677,733) - 3,982


874,665 836,810 1,636,700 2,499,101 625,020,859 428,239,404 3,100,123 35,302,793

Balance brought forward from Balance Sheet 45,695,181 44,858,372 14,641,115 12,142,014 2,081,859,151 2,014,475,322 6 18 Surplus available for distribution / (Deficit) 46,569,846 45,695,181 16,277,815 14,641,115 2,706,880,010 2,442,714,726 3,100,129 35,302,811 AppropriationIncome Distribution - - - - 405,377,947 295,056,292 2,415,811 28,991,822 Distribution Tax - - - - 114,823,270 65,799,283 684,314 6,310,983 Balance carried to the Balance Sheet 46,569,846 45,695,181 16,277,815 14,641,115 2,186,678,793 2,081,859,151 4 6Accounting Policies and Notes on Accounts IFund Manager Mohit Verma Shalini Tibrewala


J.M. Gandhi Nityanath P. Ghanekar Dr. R. SrinivasanPartner Managing Director & CEO DirectorM. No. 37924 For and on behalf ofJM Financial Trustee Company Private LimitedNimesh N Kampani Anant Setalvad Date: April 28, 2008Chairman Director Place: Mumbai

29





SCHEDULE AUnit CapitalUnit Capital - Dividend 4,332,643 4,392,576 31,357,116 33,874,295 - - - -

Unit Capital - Growth 5,040,890 6,483,988 36,334,024 49,730,086 195,149,323 261,841,314 - -

Unit Capital - Bonus - - - - 4,482,528 541,874,850 - -

Unit Capital - Daily Dividend - - - - 355,707,142 87,380,402 18,086,860 92,463,925


Unit Capital - Fortnightly Dividend - - - - 122,949,252 64,091,008 - -


Unit Capital - Quarterly Dividend - - - - 14,376,778 5,202,600 - -


Unit Capital - Institutional Dividend - - - - 59,064,688 57,273,920 - -

Unit Capital - Instituitional Daily Dividend - - - - 243,898,342 72,471,150 - -

Unit Capital - Institutional Growth - - - - 85,117,356 213,484,312 - -

Unit Capital - Super Instituitional Daily Dividend - - - - 4,899,378,821 3,628,359,401 - -

Unit Capital - Super Institutional Weekly Dividend - - - - - 39,728,539 - -

Unit Capital - Super Institutional Growth - - - - 715,808,549 991,155,966 - -





Total 9,373,533 10,876,564 67,691,140 83,604,381 6,695,932,779 5,962,863,462 18,086,860 92,463,925

No of Units of face value of Rs.10/- each 937,353 1,087,656 6,769,114 8,360,438 669,593,278 596,286,346 1,808,686 9,246,393

SCHEDULE BReserves & SurplusUnit Premium ReserveOpening Balance (33,364,049) (22,148,773) (6,284,117) (3,029,046) (1,514,100,042) (1,514,649,229) - -

Add/(Less) on account of purchase/sale of units (1,808,015) (11,215,276) (1,597,364) (3,255,071) (178,121,588) 549,187 - -

Closing Balance (35,172,064) (33,364,049) (7,881,481) (6,284,117) (1,692,221,630) (1,514,100,042) - -


Unrealised appreciation reserve 21,232 20,000 57,160 40,000 - 677,733 - -

Surplus/(Deficit)Balance brought forward from Revenue Account 46,569,846 45,695,182 16,277,815 14,641,115 2,186,678,793 2,081,859,151 4 6

Grand Total 11,419,014 12,351,133 8,453,494 8,396,998 494,457,163 568,436,842 4 6

SCHEDULE CCurrent Liabilities & ProvisionsSundry creditors 5,114,100 - - - - - - -

Contracts for purchase of investments - - - - - - - -

Management fee payable 11,029 11,815 37,079 46,815 622,356 - 768 -

Trusteeship fee payable 326 372 1,096 1,473 551,843 326,195 681 5,686

Others 8,440 9,549 28,336 38,513 2,113,052 8,328,642 5,894 10,865

MTM receivable/payable - - - - - - - -

Payable on repurchase of units 14,198 - 900,064 - - - - -

Total 5,148,093 21,736 966,575 86,801 3,287,251 8,654,837 7,343 16,551

SCHEDULE DInvestmentsEquity Shares - - - - - - - -


Privately Placed Debentures/Bonds - - - - - 1,855,022,755 - -


- - - - 950,040,616 469,848,085 - -

Less : Provision for doubtful Investments - - - - - - -


Treasury Bills 25,940,489 9,906,000 69,835,034 19,812,000 - 49,530,000 - -

Commercial Paper - - - - 321,125,702 931,147,579 - -

Securitised - - - - 778,313,821 395,674,281 - -

30





Certificate of Deposits - - - - 4,854,348,756 2,073,570,995 - 91,836,468



Total 25,940,489 9,906,000 69,835,034 19,812,000 6,903,828,895 5,774,793,695 - 91,836,468

SCHEDULE EDeposits- CBLO 151 - 2,161,664 - 249,100,286 12,590,940 18,090,736 642,000

- Term Deposits ( with scheduled banks) - - - - - - - -

- Margin Deposits ( with scheduled banks) - - - - - - - -

- Deposit with CCIL - - - - 2,400,000 2,400,000 - -

- Repo - 3,033,961 - 36,163,028 - 706,205,014 - -

Total 151 3,033,961 2,161,664 36,163,028 251,500,286 721,195,954 18,090,736 642,000

SCHEDULE FOther Current AssetsBalances with banks on current account - 1,311 - 1,247 2,563,897 264,594 - 1,134


Contracts for sale of investments - 10,308,161 - 36,078,564 - - - -


Outstanding and accrued income - - 411 33,341 35,781,512 43,699,140 3,471 880



Others (Including reissue of units) - - 5,114,100 - 2,603 1,758 - -

Total - 10,309,472 5,114,511 36,113,152 38,348,012 43,965,492 3,471 2,014

SCHEDULE G







SCHEDULE HManagement & Operating expensesManagement fees 131,965 201,158 470,315 651,201 4,626,257 8,596,018 10,941 489,670

Trusteeship fees 4,399 6,705 15,678 21,707 5,968,175 5,300,919 23,003 268,599


Registration and legal expenses 13,751 18,895 48,885 61,420 1,231,017 2,106,465 3,104 105,900

Commission To agents 52,607 76,104 190,436 280,566 - 6,221,237 - 275,239

Publicity expenses 3,064 4,594 11,110 11,947 - 797,283 - 26,922

Audit fees 1,655 4,920 5,912 15,939 121,087 627,658 507 31,792

Custodian fees - - - - 892,211 1,104,462 2,375 90,471

Registrar fee 14,319 33,138 51,182 75,171 4,766,445 4,984,265 10,195 215,164

Administrative expenses 9,091 6,380 29,222 21,219 2,511,082 2,120,171 8,152 92,055

Sundry writte off - - - - - - - -

Total 230,851 351,894 822,740 1,139,170 20,116,274 31,858,478 58,277 1,595,812

31



JM Money Manager Fund - Super Plus Plan

JM Money Manager Fund - Super Plan

JM Money Manager Fund - Regular Plan

JM Liquid Plus Fund (Formerly-JM Floater Fund- Long Term Plan)

Sch. March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2007 LiabilitiesUnit Capital A 23,956,151,433 2,781,257,209 7,540,016,237 571,002,645 163,485,965 13,295,435 330,820,059 22,594,697

Reserves & Surplus B 735,178,164 5,150,505 804,869,681 1,008,042 6,410,113 433,181 18,048,260 3,684,688

Current Liabilities & Provisions C 544,284,178 1,280,580 1,507,331 140,495 1,012,155,338 7,045 3,902,349 17,955

Total 25,235,613,775 2,787,688,294 8,346,393,249 572,151,182 1,182,051,416 13,735,661 352,770,668 26,297,340

AssetsInvestments D 24,060,422,585 2,554,697,599 8,047,838,630 173,305,628 1,145,713,991 1,475,989 284,187,235 17,863,701

Deposits E 546,963,457 228,123,416 295,668,730 398,266,968 29,606,408 12,241,000 57,698,655 8,298,039

Other Current Assets F 628,227,733 4,867,279 2,885,889 578,586 6,731,017 18,672 10,884,778 135,600

Deferred Revenue Expenditure G - - - - - - - -

Total 25,235,613,775 2,787,688,294 8,346,393,249 572,151,182 1,182,051,416 13,735,661 352,770,668 26,297,340






Sch. Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year IncomeDividend - - - - - - - - Interest 1,705,484,661 195,535,440 46,865,915 10,008,271 88,656,228 5,574,725 51,211,438 13,882,604 Profit on sale/redemption of investments(other than inter scheme transfer/sale)

50,532,464 157 - - 5,476,175 - 661,282 2,167


22,169,049 255,794 27,242 54,440 9,837 - 381,011 206,383

Profit on Futures / Options - - - - - - - - Other income - - - - - - - 523 Net change in unrealised Appreciation/Deprecia-tion of Investments

2,886,807 - - - - - - 133,807

Load Written Back - - - - - - - - Total Income 1,781,072,981 195,791,391 46,893,157 10,062,711 94,142,240 5,574,725 52,253,731 14,225,484 Expenses and LossesManagement & Operating expenses H 63,789,677 8,156,158 1,778,105 329,266 2,740,968 309,088 3,508,907 1,169,492 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

18,777,062 - - - 4,943,591 - 7,718 7,730

Loss on Futures / Options - - - - - - - - Loss on inter-scheme transfer/sale of investments 20,319,063 589,738 - - 3,668,427 - 178,120 348,286 Net change in unrealised Appreciation/Deprecia-tion of Investments

- - 77,914 - 1,157,103 - 27,286 -

Other Losses - 19 - - - - - - Total Expenses & Losses 102,885,802 8,745,915 1,856,019 329,266 12,510,089 309,088 3,722,031 1,525,508 Surplus / (Deficit) for the year 1,678,187,179 187,045,476 45,037,138 9,733,445 81,632,151 5,265,637 48,531,700 12,699,976 Add/(Less) :Income Equalisation Account (6,951,978) (36,838,002) 491,167,838 (646,712) (58,046,253) (524,294) (18,511,720) (7,871,223)Add/(Less) :Unrealised Appreciation on Invest-ments transferred from / to Balance Sheet

(2,886,807) - - - - - 233 (233)


1,668,348,394 150,207,474 536,204,976 9,086,733 23,585,898 4,741,343 30,020,213 4,828,520

Balance brought forward from Balance Sheet 5,150,505 - 1,008,042 - 433,181 - 40,346,223 39,071,620 Surplus available for distribution / (Deficit) 1,673,498,899 150,207,474 537,213,018 9,086,733 24,019,079 4,741,343 70,366,436 43,900,140 AppropriationIncome Distribution 947,235,469 118,787,912 8,070,054 6,610,275 15,728,299 3,529,851 19,798,036 2,917,228 Distribution Tax 214,747,513 26,269,057 1,852,679 1,468,416 3,481,063 778,311 3,920,467 636,689 Balance carried to the Balance Sheet 511,515,917 5,150,505 527,290,285 1,008,042 4,809,717 433,181 46,647,933 40,346,223 Accounting Policies and Notes on Accounts IFund Manager Shalini Tibrewala



32








SCHEDULE AUnit CapitalUnit Capital - Dividend - - - - - - 27,892,316 5,283,831

Unit Capital - Growth 5,419,175,822 123,530,667 7,260,554,238 26,272,361 53,839,640 11,467,487 17,689,353 11,554,588

Unit Capital - Bonus - - - - - - - -

Unit Capital - Daily Dividend 17,783,692,978 2,657,726,542 278,345,618 544,730,284 99,112,298 1,827,948 12,904,973 -

Unit Capital - Weekly Dividend 674,580,320 - 1,116,381 - 10,534,027 - 22,008,348 -

Unit Capital - Fortnightly Dividend 78,702,313 - - - - - - -


Unit Capital - Quarterly Dividend - - - - - - - -


Unit Capital - Institutional Dividend - - - - - - - -


Unit Capital - Institutional Growth - - - - - - - -




Unit Capital - Premium Dividend - - - - - - 8,170,165 3,681,805

Unit Capital - Premium Growth - - - - - - 17,231,582 2,074,473

Unit Capital - Premium Daily Dividend - - - - - - 210,898,942 -

Unit Capital - Premium Weekly Dividend - - - - - - 14,024,380 -

Total 23,956,151,433 2,781,257,209 7,540,016,237 571,002,645 163,485,965 13,295,435 330,820,059 22,594,697

No of Units of face value of Rs.10/- each 2,395,615,143 278,125,721 754,001,624 57,100,265 16,348,597 1,329,544 33,082,006 2,259,470

SCHEDULE BReserves & SurplusUnit Premium ReserveOpening Balance - - - - - - (36,661,768) (13,541,559)

Add/(Less) on account of purchase/sale of units 220,775,440 - 277,579,396 - 1,600,396 - 8,062,095 (23,120,209)

Closing Balance 220,775,440 - 277,579,396 - 1,600,396 - (28,599,673) (36,661,768)


Unrealised appreciation reserve 2,886,807 - - - - - - 233

Surplus/(Deficit)Balance brought forward from Revenue Account 511,515,917 5,150,505 527,290,285 1,008,042 4,809,717 433,181 46,647,933 40,346,223

Grand Total 735,178,164 5,150,505 804,869,681 1,008,042 6,410,113 433,181 18,048,260 3,684,688

SCHEDULE CCurrent Liabilities & ProvisionsSundry creditors - - - - - - - -


Management fee payable 4,563,865 33,195 528,997 1,347 343,965 195 159,708 10,290

Trusteeship fee payable 1,353,284 156,663 156,354 6,357 101,665 922 21,900 1,410

Others 10,047,124 1,090,722 821,980 132,791 428,666 5,928 150,063 6,255


Payable on repurchase of units 528,319,905 - - - 1,011,281,042 - 3,570,678 -

Total 544,284,178 1,280,580 1,507,331 140,495 1,012,155,338 7,045 3,902,349 17,955

SCHEDULE DInvestmentsEquity Shares - - - - - - - -


Privately Placed Debentures/Bonds 2,679,958,516 392,000,000 70,000,000 - 50,082,300 - 79,000,000 -


1,668,348,546 - 7,209,761 - 7,209,761 - 39,069,655 -

Less : Provision for doubtful Investments - - - - - - - -


Treasury Bills - - - - - - - -

Commercial Paper 5,418,367,670 378,317,241 - - 568,951,669 485,639 - -

Securitised 541,218,801 8,452,143 - - - - - 6,602,439

33







Certificate of Deposits 13,752,529,052 1,775,928,215 7,970,628,869 173,305,628 519,470,261 - 166,117,580 11,261,262

Bills rediscounting - - - - - 990,350 - -


Total 24,060,422,585 2,554,697,599 8,047,838,630 173,305,628 1,145,713,991 1,475,989 284,187,235 17,863,701

SCHEDULE EDeposits- CBLO 546,963,457 228,123,416 295,668,730 398,266,968 29,606,408 12,241,000 57,698,655 -



- Deposit with CCIL - - - - - - - -

- Repo - - - - - - - 8,298,039

Total 546,963,457 228,123,416 295,668,730 398,266,968 29,606,408 12,241,000 57,698,655 8,298,039

SCHEDULE FOther Current AssetsBalances with banks on current account - 1,960 5.00000 1,128 - 1,904 99,999 104,281


Contracts for sale of investments - - - - - - - -


Outstanding and accrued income 110,053,287 4,865,298 535,301 577,458 2,176,229 16,768 2,925,521 31,319



Others (Including reissue of units) 518,174,446 21 2,350,583 - 4,554,788 - 7,859,258 -

Total 628,227,733 4,867,279 2,885,889 578,586 6,731,017 18,672 10,884,778 135,600

SCHEDULE G







SCHEDULE HManagement & Operating expensesManagement fees 26,413,158 2,131,207 719,447 51,749 1,145,433 181,488 2,047,989 698,755

Trusteeship fees 9,904,388 1,169,002 269,550 63,441 397,530 30,677 321,744 105,549


Registration and legal expenses 4,277,324 645,610 125,642 31,067 193,343 13,716 208,525 44,898

Commission To agents 6,109,273 1,650,408 207,070 62,087 328,577 - - -

Publicity expenses 1,002,947 179,407 29,830 7,457 27,140 - 1,151 -

Audit fees 376,788 130,677 34,689 6,091 23,096 2,473 16,383 12,739

Custodian fees 1,704,747 262,056 52,911 13,211 93,629 70,766 45,177 4,382

Registrar fee 12,173,031 1,566,646 300,729 70,348 474,974 - 551,354 65,127

Administrative expenses 1,828,021 421,145 38,237 23,815 57,246 9,968 316,584 238,042

Sundry writte off - - - - - - - -

Total 63,789,677 8,156,158 1,778,105 329,266 2,740,968 309,088 3,508,907 1,169,492

34



JM Floater Fund - Short Term Plan JM MIP FundJM Interval

Fund - Quar-terly Plan 1

JM Interval Fund - Quarterly

Plan 2

JM Interval Fund - Quar-terly Plan 3

JM Interval Fund - Quar-terly Plan 4

Sch. March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 March 31,2008 March 31,2008 March 31,2008 LiabilitiesUnit Capital A 184,838,204 565,990,988 103,568,134 125,580,013 2,883,500,283 1,229,491,553 2,123,340,362 2,765,612,725

Reserves & Surplus B 38,740,288 63,568,897 25,065,917 22,388,662 9,651,440 5,274,930 7,062,096 6,137,745

Current Liabilities & Provisions C 74,431 156,450 249,780 1,165,690 889,987 4,078,104 4,060,059 4,881,137

Total 223,652,923 629,716,335 128,883,831 149,134,365 2,894,041,710 1,238,844,587 2,134,462,517 2,776,631,607

AssetsInvestments D 194,581,863 534,007,358 64,278,350 138,491,213 2,819,727,994 1,219,965,137 2,118,800,531 2,768,504,476

Deposits E 25,061,295 82,333,000 63,728,026 8,273,045 61,300,544 7,431,837 1,487,188 5,839,431

Other Current Assets F 4,009,765 13,375,977 877,455 2,370,107 13,013,172 11,447,613 14,174,798 2,287,700

Deferred Revenue Expenditure G - - - - - - - -

Total 223,652,923 629,716,335 128,883,831 149,134,365 2,894,041,710 1,238,844,587 2,134,462,517 2,776,631,607



Fund - Quarterly Plan 1


Plan 2


Plan 3


Plan 4

Sch. Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year IncomeDividend - - 108,014 431,731 - - - - Interest 26,692,224 151,886,674 9,530,684 12,446,141 103,862,143 24,750,149 27,236,597 30,157,235 Profit on sale/redemption of investments(other than inter scheme transfer/sale)

33,288 33,439 14,895,911 7,936,458 1,675,326 - - -


21,970 172,750 - 2,348 3,942,500 8,513 - -

Profit on Futures / Options - - - - - - - - Other income - 6,693 - - - - - - Net change in unrealised Appreciation/Deprecia-tion of Investments

59,082 1,030,470 1,145,766 - - 1,833,101 - -

Load Written Back - - - - - - - - Total Income 26,806,564 153,130,025 25,680,375 20,816,678 109,479,969 26,591,763 27,236,597 30,157,235 Expenses and LossesManagement & Operating expenses H 915,919 8,705,319 3,186,442 4,173,134 2,911,127 783,093 755,366 801,354 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

1,302 - 7,200,253 3,702,573 7,201,280 - - -

Loss on Futures / Options - - - - - - - - Loss on inter-scheme transfer/sale of investments 74,452 605,661 4,522,971 482,898 758,825 - - - Net change in unrealised Appreciation/Deprecia-tion of Investments

- - - 5,551,903 - - - -

Other Losses - - - - - - - - Total Expenses & Losses 991,673 9,310,979 14,909,666 13,910,508 10,871,232 783,093 755,366 801,354 Surplus / (Deficit) for the year 25,814,891 143,819,046 10,770,709 6,906,170 98,608,737 25,808,670 26,481,231 29,355,881 Add/(Less) :Income Equalisation Account (7,411,062) (53,314,549) (1,395,702) (189,810) (27,192,498) 20,271 - - Add/(Less) :Unrealised Appreciation on Invest-ments transferred from / to Balance Sheet

- - - 54,235 - (1,833,101) - -


18,403,829 90,504,497 9,375,007 6,770,595 71,416,239 23,995,840 26,481,231 29,355,881

Balance brought forward from Balance Sheet 233,205,620 211,965,112 103,475,447 102,959,158 - - - - Surplus available for distribution / (Deficit) 251,609,449 302,469,609 112,850,454 109,729,753 71,416,239 23,995,840 26,481,231 29,355,881 AppropriationIncome Distribution 6,121,039 57,490,347 2,248,738 5,382,099 50,573,822 16,770,099 15,847,940 18,974,735 Distribution Tax 1,733,794 11,773,642 353,636 872,207 11,190,977 3,783,912 3,571,195 4,243,401 Balance carried to the Balance Sheet 243,754,616 233,205,620 110,248,080 103,475,447 9,651,440 3,441,829 7,062,096 6,137,745 Accounting Policies and Notes on Accounts IFund Manager Shalini Tibrewala

As per our report of even dateFor N. M. Raiji & Co. For and on behalf ofChartered Accountants JM Financial Asset Management Private LimitedJ.M. Gandhi Nityanath P. Ghanekar Dr. R. SrinivasanPartner Managing Director & CEO DirectorM. No. 37924



35





Plan 2


Plan 3


Plan 4


SCHEDULE AUnit CapitalUnit Capital - Dividend 67,143,131 306,436,382 - - 5,017,302 2,220,319 3,624,239 8,026,958

Unit Capital - Growth 117,695,073 259,554,607 52,050,367 63,556,190 4,913,933 105,000 1,649,000 2,870,000

Unit Capital - Bonus - - - - - - - -

Unit Capital - Daily Dividend - - - - - - - -


Unit Capital - Fortnightly Dividend - - - - - - - -

Unit Capital - Monthly Dividend - - 28,902,520 28,947,340 - - - -

Unit Capital - Quarterly Dividend - - 19,668,547 26,901,942 - - - -

Unit Capital - Annual Dividend - - 2,946,700 6,174,541 - - - -

Unit Capital - Institutional Dividend - - - - 2,672,524,061 1,107,166,234 1,695,517,123 2,426,986,214


Unit Capital - Institutional Growth - - - - 201,044,987 120,000,000 422,550,000 327,729,553








Total 184,838,204 565,990,988 103,568,134 125,580,013 2,883,500,283 1,229,491,553 2,123,340,362 2,765,612,725

No of Units of face value of Rs.10/- each 18,483,820 56,599,099 10,356,813 12,558,001 288,350,028 122,949,155 212,334,036 276,561,273

SCHEDULE BReserves & SurplusUnit Premium ReserveOpening Balance (169,636,723) (4,305,447) (81,086,785) (74,089,064) - - - -

Add/(Less) on account of purchase/sale of units (35,377,605) (165,331,276) (4,095,378) (6,997,721) - - - -

Closing Balance (205,014,328) (169,636,723) (85,182,163) (81,086,785) - - - -


Unrealised appreciation reserve - - - - - 1,833,101 - -

Surplus/(Deficit)Balance brought forward from Revenue Account 243,754,616 233,205,620 110,248,080 103,475,447 9,651,440 3,441,829 7,062,096 6,137,745

Grand Total 38,740,288 63,568,897 25,065,917 22,388,662 9,651,440 5,274,930 7,062,096 6,137,745

SCHEDULE CCurrent Liabilities & ProvisionsSundry creditors - - - - - - - -


Management fee payable 21,258 6,077 133,018 159,288 231,759 83,905 144,429 188,083

Trusteeship fee payable 9,425 28,679 4,696 6,014 148,915 46,499 80,041 104,234

Others 43,748 121,694 105,066 122,254 509,313 3,947,700 3,835,589 4,588,820


Payable on repurchase of units - - 7,000 878,134 - - - -

Total 74,431 156,450 249,780 1,165,690 889,987 4,078,104 4,060,059 4,881,137

SCHEDULE DInvestmentsEquity Shares - - 16,746,233 21,574,324 - - - -


Privately Placed Debentures/Bonds 70,000,000 - - 20,000,000 - 680,000,000 - -


89,028,719 506,088,563 37,420,168 62,174,569 1,120,000,000 92,774,596 1,110,000,000 200,000,000

Less : Provision for doubtful Investments - - - - - - - -


Treasury Bills - - - - - - - -

Commercial Paper - - - - 731,372,820 447,190,541 1,008,800,531 493,546,308

Securitised - - 249,141 2,217,767 250,562,299 - - -

36






Plan 2


Plan 3


Plan 4


Certificate of Deposits 35,553,144 27,918,795 9,862,808 32,524,553 717,792,875 - - 2,074,958,168



Total 194,581,863 534,007,358 64,278,350 138,491,213 2,819,727,994 1,219,965,137 2,118,800,531 2,768,504,476

SCHEDULE EDeposits- CBLO 25,061,295 82,333,000 63,728,026 - 61,300,544 7,431,837 1,487,188 5,839,431



- Deposit with CCIL - - - - - - - -

- Repo - - - 8,273,045 - - - -

Total 25,061,295 82,333,000 63,728,026 8,273,045 61,300,544 7,431,837 1,487,188 5,839,431

SCHEDULE FOther Current AssetsBalances with banks on current account - 1,174 - 1,042 - - - -


Contracts for sale of investments - - - - - - - -


Outstanding and accrued income 4,008,908 13,374,803 846,834 874,353 11,043,172 11,447,613 14,174,798 2,287,700


Shares/Debentures application money - - - 1,491,600 - - - -

Others (Including reissue of units) 857 - 30,621 3,112 1,970,000 - - -

Total 4,009,765 13,375,977 877,455 2,370,107 13,013,172 11,447,613 14,174,798 2,287,700

SCHEDULE G







SCHEDULE HManagement & Operating expensesManagement fees 297,120 3,489,564 1,770,238 2,318,398 782,839 223,360 223,194 236,404

Trusteeship fees 185,759 1,077,227 70,812 92,739 534,490 139,600 139,496 147,753


Registration and legal expenses 61,776 519,467 192,461 227,214 165,336 45,524 45,448 48,140

Commission To agents - 1,173,883 405,153 665,850 1,257,148 325,782 293,827 302,215

Publicity expenses - 167,920 57,168 80,013 15,665 4,066 1,453 1,381

Audit fees 8,030 139,346 22,836 60,668 28,771 9,235 14,869 19,423

Custodian fees 9,027 133,227 6,930 32,948 47,610 15,506 10,225 18,576

Registrar fee 263,738 1,051,855 388,797 247,452 33,821 9,145 9,506 10,373

Administrative expenses 90,469 952,830 272,047 447,852 45,447 10,875 17,348 17,089

Sundry writte off - - - - - - -

Total 915,919 8,705,319 3,186,442 4,173,134 2,911,127 783,093 755,366 801,354

37



JM Interval Fund - Quarterly Plan 5


JM Fixed Maturity Fund Series IV - 13 Months

JM Fixed Maturity Fund Series IV - 15 Months-1

JM Fixed Maturity Fund Series IV - 15

Months-2

Sch. March 31,2008 March 31,2008 March 31,2008 March 31,2007 March 31,2008 March 31,2007 March 31,2008 LiabilitiesUnit Capital A 2,023,162,074 1,968,974,706 711,215,692 712,590,896 436,191,541 440,191,541 907,432,308

Reserves & Surplus B 3,213,025 5,934,703 79,154,865 3,345,544 48,901,210 5,174,482 63,956,123

Current Liabilities & Provisions C 3,398,356 2,550,813 265,028 993,750 49,222 83,630 1,095,260

Total 2,029,773,455 1,977,460,222 790,635,585 716,930,190 485,141,973 445,449,653 972,483,691

AssetsInvestments D 2,021,709,436 1,963,161,633 371,820,247 265,394,151 387,993,319 296,502,849 887,546,805

Deposits E 5,058,938 26,100 357,506,108 345,511,000 81,326,665 80,991,000 8,581,818

Other Current Assets F 3,005,081 14,272,489 61,275,837 105,170,436 15,780,181 67,470,868 75,782,808

Deferred Revenue Expenditure G - - 33,393 854,603 41,808 484,936 572,260

Total 2,029,773,455 1,977,460,222 790,635,585 716,930,190 485,141,973 445,449,653 972,483,691







Months-2

Sch. Current Year Previous Year Current Year Previous Year Current Year Previous Year Previous Year IncomeDividend - - - - - - - Interest 19,729,716 17,957,845 73,585,813 3,146,241 43,414,388 5,654,024 83,629,827 Profit on sale/redemption of investments(other than inter scheme transfer/sale)

- - 58 - 2,369 45,700 -


- - 7,446,366 - 104,965 755,363 9,178

Profit on Futures / Options - - - - - - - Other income - - - - - - - Net change in unrealised Appreciation/Deprecia-tion of Investments

- - 976,408 459,480 1,704,363 - 1,647,217

Load Written Back - - - - - - - Total Income 19,729,716 17,957,845 82,008,645 3,605,721 45,226,085 6,455,087 85,286,222 Expenses and LossesManagement & Operating expenses H 529,774 459,576 1,461,245 60,913 906,226 129,502 2,503,529 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

- - 624 - 62,213 - -

Loss on Futures / Options - - - - - 892,123 - Loss on inter-scheme transfer/sale of investments - - 180,000 - 187,625 - 4,547 Net change in unrealised Appreciation/Deprecia-tion of Investments

- - - - - 216,313 -

Other Losses - - - - - - - Total Expenses & Losses 529,774 459,576 1,641,869 60,913 1,156,064 1,237,938 2,508,076 Surplus / (Deficit) for the year 19,199,942 17,498,269 80,366,776 3,544,808 44,070,021 5,217,149 82,778,146 Add/(Less) :Income Equalisation Account 125 87 (224,611) - (172,760) - 26,771 Add/(Less) :Unrealised Appreciation on Invest-ments transferred from / to Balance Sheet

- - (976,408) (459,480) (1,488,051) - (1,647,217)


19,200,067 17,498,356 79,165,757 3,085,328 42,409,210 5,217,149 81,157,700

Balance brought forward from Balance Sheet - - 2,886,064 - 5,174,482 - - Surplus available for distribution / (Deficit) 19,200,067 17,498,356 82,051,821 3,085,328 47,583,692 5,217,149 81,157,700 AppropriationIncome Distribution 13,072,032 9,472,433 3,516,399 162,759 123,048 36,705 15,572,427 Distribution Tax 2,915,010 2,091,220 796,425 36,505 23,785 5,962 3,276,367 Balance carried to the Balance Sheet 3,213,025 5,934,703 77,738,997 2,886,064 47,436,859 5,174,482 62,308,906 Accounting Policies and Notes on Accounts IFund Manager Shalini Tibrewala



38








Months-2


SCHEDULE AUnit CapitalUnit Capital - Dividend 11,436,093 28,341,634 42,816,723 40,171,927 1,600,000 3,600,000 14,517,897

Unit Capital - Growth 1,137,000 3,466,999 668,398,969 672,418,969 434,591,541 436,591,541 172,417,889

Unit Capital - Bonus - - - - - - -

Unit Capital - Daily Dividend - - - - - - -

Unit Capital - Weekly Dividend - - - - - - -

Unit Capital - Fortnightly Dividend - - - - - - -

Unit Capital - Monthly Dividend - - - - - - -

Unit Capital - Quarterly Dividend - - - - - - -

Unit Capital - Annual Dividend - - - - - - -

Unit Capital - Institutional Dividend 1,893,313,837 1,463,758,715 - - - - 210,156,540

Unit Capital - Instituitional Daily Dividend - - - - - - -

Unit Capital - Institutional Growth 117,275,144 473,407,358 - - - - 510,339,982

Unit Capital - Super Instituitional Daily Dividend - - - - - - -

Unit Capital - Super Institutional Weekly Dividend - - - - - - -

Unit Capital - Super Institutional Growth - - - - - - -

Unit Capital - Premium Dividend - - - - - - -

Unit Capital - Premium Growth - - - - - - -

Unit Capital - Premium Daily Dividend - - - - - - -

Unit Capital - Premium Weekly Dividend - - - - - - -

Total 2,023,162,074 1,968,974,706 711,215,692 712,590,896 436,191,541 440,191,541 907,432,308

No of Units of face value of Rs.10/- each 202,316,207 196,897,471 71,121,569 71,259,090 43,619,154 44,019,154 90,743,231

SCHEDULE BReserves & SurplusUnit Premium ReserveOpening Balance - - - - - - -

Add/(Less) on account of purchase/sale of units - - (20,020) - (23,700) - -

Closing Balance - - (20,020) - (23,700) - -

Income Equalization Reserve - - - - - - -

Unrealised appreciation reserve - - 1,435,888 459,480 1,488,051 - 1,647,217

Surplus/(Deficit)Balance brought forward from Revenue Account 3,213,025 5,934,703 77,738,997 2,886,064 47,436,859 5,174,482 62,308,906

Grand Total 3,213,025 5,934,703 79,154,865 3,345,544 48,901,210 5,174,482 63,956,123

SCHEDULE CCurrent Liabilities & ProvisionsSundry creditors - - - 890,586 - - -

Contracts for purchase of investments - - - - - - -

Management fee payable 137,294 133,764 16,714 7,332 16,412 15,056 41,086

Trusteeship fee payable 76,086 74,130 29,640 - 18,190 17,764 36,432

Others 3,184,976 2,342,919 218,674 13,843 14,620 50,810 1,017,742

MTM receivable/payable - - - 81,989 - - -

Payable on repurchase of units - - - - - - -

Total 3,398,356 2,550,813 265,028 993,750 49,222 83,630 1,095,260

SCHEDULE DInvestmentsEquity Shares - - - - - - -

Less: Provision for Equity Shares cost - - - - - - -

Privately Placed Debentures/Bonds - - 221,650,498 190,167,569 6,999,150 48,732,484 752,603,280


300,000,000 1,610,000,000 47,000,000 71,000,511 178,530,720 129,030,201 134,943,525


Government Securities - - - - - - -

Treasury Bills - - - - - - -

Commercial Paper 958,131,295 245,824,560 - - 134,798,448 - -

Securitised - - 103,169,749 4,226,071 957,236 - -

39








Months-2


Certificate of Deposits 763,578,141 107,337,073 - - 66,707,766 118,740,164 -

Bills rediscounting - - - - - - -

Deep Discount Bond - - - - - - -

Total 2,021,709,436 1,963,161,633 371,820,247 265,394,151 387,993,319 296,502,849 887,546,805

SCHEDULE EDeposits- CBLO 5,058,938 26,100 12,506,108 511,000 1,326,665 991,000 8,581,818

- Term Deposits ( with scheduled banks) - - 345,000,000 345,000,000 80,000,000 80,000,000 -

- Margin Deposits ( with scheduled banks) - - - - - - -

- Deposit with CCIL - - - - - - -

- Repo - - - - - - -

Total 5,058,938 26,100 357,506,108 345,511,000 81,326,665 80,991,000 8,581,818

SCHEDULE FOther Current AssetsBalances with banks on current account - - - 1,952 14.000 1,150 -

Sundry debtors - - - - - - -

Contracts for sale of investments - - - - - - -

MTM receivable/payable - - - - - - -

Outstanding and accrued income 3,005,081 14,272,489 61,275,837 5,168,484 15,780,167 7,469,718 75,782,808

Less : Provision for doubtful income - - - - - - -

Shares/Debentures application money - - - 100,000,000 - 60,000,000 -

Others (Including reissue of units) - - - - - - -

Total 3,005,081 14,272,489 61,275,837 105,170,436 15,780,181 67,470,868 75,782,808

SCHEDULE G

Deferred Revenue Expenditure (to the extent not written off )Opening balance - - 854,603 890,586 484,936 550,239 1,834,388

Addition / Incurred during the year - - - - - - -

Less : Amount written off during the year - - 818,750 35,983 440,428 65,303 1,261,758

Less : Excess Provision Written Back - - - - - - -

Less : Adjusted against redemption - - 2,460 - 2,700 - 370

Closing Balance - - 33,393 854,603 41,808 484,936 572,260

SCHEDULE HManagement & Operating expensesManagement fees 150,524 133,764 188,969 7,332 186,319 25,679 400,668

Trusteeship fees 94,078 83,602 377,938 14,665 232,899 32,100 400,667

Deferred expenses written off - - 818,750 35,983 440,428 65,303 1,261,758

Registration and legal expenses 30,681 27,249 30,554 600 21,749 770 34,056

Commission To agents 203,906 164,720 - - - - -

Publicity expenses 857 672 - - - - -

Audit fees 15,220 14,172 1,288 130 795 228 7,126

Custodian fees 12,703 15,431 - - - 3,203 13,174

Registrar fee 7,238 6,241 - - - - 307,639

Administrative expenses 14,567 13,725 43,746 2,203 24,036 2,219 78,441

Sundry writte off - - - - -

Total 529,774 459,576 1,461,245 60,913 906,226 129,502 2,503,529

40



JM Fixed Maturity Fund Series IV - Yearly Plan

JM Fixed Maturity Fund Series VII - 13

Months-1


Months-1


Months

JM Fixed Maturity Fund Series IX - 15

Months 1

JM Fixed Maturity Fund Series XI - 13

Months 1

Sch. March 31,2008 March 31,2007 March 31,2008 March 31,2008 March 31,2008 March 31,2008 March 31,2008 LiabilitiesUnit Capital A 406,399,199 416,564,237 2,566,985,540 1,129,819,443 587,861,935 253,703,000 1,448,929,000

Reserves & Surplus B 47,140,325 991,854 107,450,480 15,314,966 23,616,030 1,024,133 1,837,198

Current Liabilities & Provisions C 32,201 380,875 2,342,296 1,925,042 178,135 43,797 49,427

Total 453,571,725 417,936,966 2,676,778,316 1,147,059,451 611,656,100 254,770,930 1,450,815,625

AssetsInvestments D 186,431,236 129,090,285 2,610,058,927 785,667,469 427,333,492 247,321,704 1,375,115,637

Deposits E 226,624,630 226,634,000 11,610,707 171,774,352 94,922,383 7,447,799 75,685,473

Other Current Assets F 40,509,012 61,838,798 54,022,151 188,378,025 88,653,166 1,427 14,515

Deferred Revenue Expenditure G 6,847 373,883 1,086,531 1,239,605 747,059 - -

Total 453,571,725 417,936,966 2,676,778,316 1,147,059,451 611,656,100 254,770,930 1,450,815,625




Months-1


Months-1


Months


Months 1


Months 1

Sch. Current Year Previous Year Current Year Current Year Current Year Current Year Current Year IncomeDividend - 880,455 - - - - - Interest 41,969,450 - 135,293,606 23,196,185 23,313,760 1,060,662 1,876,964 Profit on sale/redemption of investments(other than inter scheme transfer/sale)

- - - - - - -


115,597 - - - 961,892 - -

Profit on Futures / Options - - - - - - - Other income - - - - - - - Net change in unrealised Appreciation/Deprecia-tion of Investments

5,651,049 118,149 - - 1,772,990 - -

Load Written Back - - - - - - - Total Income 47,736,096 998,604 135,293,606 23,196,185 26,048,642 1,060,662 1,876,964 Expenses and LossesManagement & Operating expenses H 715,558 6,750 3,347,474 733,337 864,255 36,529 39,766 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

- - - - - - -

Loss on Futures / Options - - - - - - - Loss on inter-scheme transfer/sale of investments - - 20,479 1,259,179 18,435 - - Net change in unrealised Appreciation/Deprecia-tion of Investments

- - 1,863,991 4,613,021 - - -

Other Losses - - - - - - - Total Expenses & Losses 715,558 6,750 5,231,944 6,605,537 882,690 36,529 39,766 Surplus / (Deficit) for the year 47,020,538 991,854 130,061,662 16,590,648 25,165,952 1,024,133 1,837,198 Add/(Less) :Income Equalisation Account (801,336) - (220,517) 808 (379,786) - - Add/(Less) :Unrealised Appreciation on Invest-ments transferred from / to Balance Sheet

(5,651,049) (118,149) - - (1,772,990) - -


40,568,153 873,705 129,841,145 16,591,456 23,013,176 1,024,133 1,837,198

Balance brought forward from Balance Sheet 873,705 - - - - - - Surplus available for distribution / (Deficit) 41,441,858 873,705 129,841,145 16,591,456 23,013,176 1,024,133 1,837,198 AppropriationIncome Distribution 40,869 - 18,297,186 1,041,136 990,422 - - Distribution Tax 5,788 - 4,093,479 235,354 179,714 - - Balance carried to the Balance Sheet 41,395,201 873,705 107,450,480 15,314,966 21,843,040 1,024,133 1,837,198 Accounting Policies and Notes on Accounts IFund Manager Shalini Tibrewala



41





Months-1


Months-1


Months


Months 1


Months 1


SCHEDULE AUnit CapitalUnit Capital - Dividend 499,962 465,000 12,631,058 3,572,489 7,918,489 311,000 5,000

Unit Capital - Growth 405,899,237 416,099,237 49,416,674 84,167,000 37,332,713 23,027,000 674,000

Unit Capital - Bonus - - - - - - -

Unit Capital - Daily Dividend - - - - - - -

Unit Capital - Weekly Dividend - - - - - - -

Unit Capital - Fortnightly Dividend - - - - - - -

Unit Capital - Monthly Dividend - - - - - - -

Unit Capital - Quarterly Dividend - - - - - - -

Unit Capital - Annual Dividend - - - - - - -

Unit Capital - Institutional Dividend - - 453,230,728 101,019,098 31,695,607 38,000,000 500,000

Unit Capital - Instituitional Daily Dividend - - - - - - -

Unit Capital - Institutional Growth - - 2,051,707,080 941,060,856 510,915,126 192,365,000 1,447,750,000

Unit Capital - Super Instituitional Daily Dividend - - - - - - -

Unit Capital - Super Institutional Weekly Dividend - - - - - - -

Unit Capital - Super Institutional Growth - - - - - - -

Unit Capital - Premium Dividend - - - - - - -

Unit Capital - Premium Growth - - - - - - -

Unit Capital - Premium Daily Dividend - - - - - - -

Unit Capital - Premium Weekly Dividend - - - - - - -

Total 406,399,199 416,564,237 2,566,985,540 1,129,819,443 587,861,935 253,703,000 1,448,929,000

No of Units of face value of Rs.10/- each 40,639,920 41,656,424 256,698,554 112,981,944 58,786,194 25,370,300 144,892,900

SCHEDULE BReserves & SurplusUnit Premium ReserveOpening Balance - - - - - - -

Add/(Less) on account of purchase/sale of units (24,074) - - - - - -

Closing Balance (24,074) - - - - - -

Income Equalization Reserve - - - - - - -

Unrealised appreciation reserve 5,769,198 118,149 - - 1,772,990 - -

Surplus/(Deficit)Balance brought forward from Revenue Account 41,395,201 873,705 107,450,480 15,314,966 21,843,040 1,024,133 1,837,198

Grand Total 47,140,325 991,854 107,450,480 15,314,966 23,616,030 1,024,133 1,837,198

SCHEDULE CCurrent Liabilities & ProvisionsSundry creditors - 377,893 - 1,508,077 - - -

Contracts for purchase of investments - - - - - - -

Management fee payable 7,671 685 67,960 48,304 - 8,775 9,535

Trusteeship fee payable 17,006 1,617 100,433 42,832 22,910 5,558 7,046

Others 7,524 680 2,173,903 325,829 155,225 29,464 32,846


Payable on repurchase of units - - - - - - -

Total 32,201 380,875 2,342,296 1,925,042 178,135 43,797 49,427

SCHEDULE DInvestmentsEquity Shares - - - - - - -

Less: Provision for Equity Shares cost - - - - - - -

Privately Placed Debentures/Bonds 109,918,471 95,090,285 1,215,344,826 297,942,425 228,601,965 - -


55,878,815 34,000,000 - 487,725,045 116,195,728 - -


Government Securities - - - - - - -

Treasury Bills - - - - - - -

Commercial Paper - - 398,341,560 - - - -

42





Months-1


Months-1


Months


Months 1


Months 1


Securitised 20,633,950 - 226,639,683 - 82,535,799 - -

Certificate of Deposits - - 769,732,858 - - 247,321,704 1,375,115,637

Bills rediscounting - - - - - - -

Deep Discount Bond - - - - - - -

Total 186,431,236 129,090,285 2,610,058,927 785,667,469 427,333,492 247,321,704 1,375,115,637

SCHEDULE EDeposits- CBLO 624,630 634,000 11,610,707 171,774,352 94,922,383 7,447,799 75,685,473

- Term Deposits ( with scheduled banks) 226,000,000 226,000,000 - - - - -

- Margin Deposits ( with scheduled banks) - - - - - - -

- Deposit with CCIL - - - - - - -

- Repo - - - - - - -

Total 226,624,630 226,634,000 11,610,707 171,774,352 94,922,383 7,447,799 75,685,473

SCHEDULE FOther Current AssetsBalances with banks on current account - 1,306 - - - - -

Sundry debtors - - - - - - -

Contracts for sale of investments - - - - - - -


Outstanding and accrued income 40,509,012 1,837,492 54,010,330 38,378,025 18,653,166 1,427 14,515

Less : Provision for doubtful income - - - - - - -

Shares/Debentures application money - 60,000,000 - 150,000,000 70,000,000 - -

Others (Including reissue of units) - - 11,821 - - - -

Total 40,509,012 61,838,798 54,022,151 188,378,025 88,653,166 1,427 14,515

SCHEDULE G

Deferred Revenue Expenditure (to the extent not written off )Opening balance 373,883 377,892 2,175,414 1,508,076 1,096,066 - -

Addition / Incurred during the year - - - - - - -

Less : Amount written off during the year 364,025 4,009 1,083,265 268,471 324,364 - -

Less : Excess Provision Written Back - - - - - - -

Less : Adjusted against redemption 3,011 - 5,618 - 24,643 - -

Closing Balance 6,847 373,883 1,086,531 1,239,605 747,059 - -

SCHEDULE HManagement & Operating expensesManagement fees 87,883 685 418,560 124,306 - 8,775 9,535

Trusteeship fees 219,708 1,713 705,826 124,305 136,412 6,268 7,947

Deferred expenses written off 364,025 4,009 1,083,265 268,471 324,364 - -

Registration and legal expenses 16,696 70 144,579 31,070 25,359 1,890 2,194

Commission To agents - - - - - - -

Publicity expenses - - - - - - -

Audit fees 748 - 12,062 4,917 2,157 1,257 1,304

Custodian fees 4,226 - 27,359 15,655 14,558 - -

Registrar fee - - 802,397 158,716 339,055 18,054 18,499

Administrative expenses 22,272 273 153,426 5,897 22,350 285 287

Sundry writte off - - -

Total 715,558 6,750 3,347,474 733,337 864,255 36,529 39,766

43


Revenue Account for the Year / Period ended March 31, 2008 (Closed Schemes) Figures in Rs.

JM Fixed Maturity Fund Series IV-Quarterly Plan-1




Sch. April 01, 2007 to April 18, 2007

January 18, 2007 to March

31, 2007

April 01, 2007 to May 07, 2007

February 06, 2007 to March

31, 2007

April 01, 2007 to May 15, 2007


31, 2007

April 01, 2007 to May 28, 2007


31, 2007IncomeInterest 11,443,491 46,778,360 15,868,208 23,247,575 11,726,294 13,146,464 53,132,777 30,109,439 Profit on sale/redemption of investments(other than inter scheme transfer/sale)

- - - - - - - -

Profit on inter-scheme transfer/sale of investments

- - - - - - 122,665 -

Profit on Futures - - - - - - - - Other income - - - - - - - - Net change in unrealised Appreciation/Depreciation of Investments

- - - - - - - 46,369

Load Written Back 311,450 - - - 1,013,000 - - - Total Income 11,754,942 46,778,360 15,868,208 23,247,575 12,739,294 13,146,464 53,255,442 30,155,808 Expenses and LossesManagement & Operating expenses A 309,286 752,000 318,325 453,776 498,652 223,695 967,644 528,206 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

- - - - - - - -

Loss on inter-scheme transfer/sale of investments - - - - 790,335 - 143,362 - Net change in unrealised Appreciation/Depreciation of Investments

- - - - - - 46,369 -

Total Expenses & Losses 309,286 752,000 318,325 453,776 1,288,987 223,695 1,157,374 528,206 Surplus / (Deficit) for the year 11,445,656 46,026,360 15,549,884 22,793,799 11,450,307 12,922,769 52,098,068 29,627,602 Add/(Less) :Income Equalisation Account (2,317,944) - (511,113) - (3,236,330) - (1,244,992) 233 Add/(Less) :Unrealised Appreciation on Investments transferred from / to Balance Sheet

- - - - - - 46,369 (46,369)

Add/(Less) :Unit Premium Reserve (9,659,144) (744,795) (4,451,067) (755,421)Surplus / (Deficit) for the year available for Distribution

(531,432) 46,026,360 14,293,976 22,793,799 3,762,910 12,922,769 50,144,023 29,581,466

Balance brought forward from Balance Sheet 9,658,888 - 744,681 - 4,452,417 - 723,396 - Surplus available for distribution / (Deficit) 9,127,456 46,026,360 15,038,657 22,793,799 8,215,327 12,922,769 50,867,419 29,581,466 AppropriationIncome Distribution 7,456,431 29,765,952 12,290,311 18,051,528 6,704,734 6,925,204 41,577,900 23,629,846 Distribution Tax 1,671,026 6,604,520 2,748,348 3,997,590 1,510,595 1,545,148 9,289,522 5,228,224 Balance carried to the Balance Sheet - 9,655,888 - 744,681 - 4,452,417 - 723,396 SCHEDULE AManagement & Operating expensesManagement fees 118,334 200,533 117,294 167,180 306,943 65,793 356,505 194,658 Trusteeship fees 62,397 250,666 83,781 119,415 60,508 65,793 254,647 139,041 Other operating expenses - - - - - - - - Deferred expenses written off - - - - - - - - Registration and legal expenses - 45,598 - 20,065 - 13,008 - 38,562 Commission To agents - - - - - - - - Publicity expenses - - - - 1,401 - 7,632 - Audit fees 3,329 9,680 2,868 5,926 2,695 3,468 2,008 8,474 Custodian fees 3,345 14,755 519 13,070 316 10,130 269,958 11,882 Registrar fee 93,123 214,897 59,740 117,188 98,902 53,850 29,138 116,563 Administrative expenses 11,099 15,871 37,978 10,932 10,451 11,653 562 19,026 Statutory Expenses 203 - 185 - 207 - 47,193 - Service Tax Exps. 17,455 - 15,960 - 17,229 - - - Mkt & Selling Expenses - - - - - - - - Total 309,286 752,000 318,325 453,776 498,652 223,695 967,644 528,206 Accounting Policies and Notes on Accounts BFund Manager Shalini Tibrewala


J.M. Gandhi Nityanath P. Ghanekar Dr. R. SrinivasanPartner Managing Director & CEO DirectorM. No. 37924 For and on behalf ofJM Financial Trustee Company Private Limited


44


Revenue Account for the Year / Period ended March 31, 2008 (Closed Schemes) Figures in Rs.

JM Fixed Maturity Fund Series II-Yearly PlanJM Fixed Matu-rity Fund Series

V-Quarterly Plan-1

JM Fixed Matu-rity Fund Series

V-Quarterly Plan-2


V-Quarterly Plan-3


V-Quarterly Plan-4

Sch. April 01, 2007 to April 03, 2007 March 31, 2007 April 19, 2007 to July

19, 2007May 08, 2007 to Aug

06, 2007May 16, 2007 to Aug

14, 2007May 29, 2007 to Aug

27, 2007IncomeInterest 1,618,598 159,805,633 74,431,131 43,890,587 28,448,138 51,613,890 Profit on sale/redemption of investments(other than inter scheme transfer/sale)

- - - - - 2,500,000


7,366 - - 152,557 - 2,423,268

Profit on Futures - - - - - - Other income - - - - - - Net change in unrealised Appreciation/Depreciation of Investments

- 9,375 - - - -

Load Written Back - - - - - Total Income 1,625,963 159,815,008 74,431,131 44,043,144 28,448,138 56,537,157 Expenses and LossesManagement & Operating expenses A 47,094 5,589,552 1,730,932 999,071 165,879 1,205,303 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

- - - - - -

Loss on inter-scheme transfer/sale of investments 655,026 - 440,940 - - 541,714 Net change in unrealised Appreciation/Depreciation of Investments

9,375 - - - - -

Total Expenses & Losses 711,494 5,589,552 2,171,872 999,071 165,879 1,747,017 Surplus / (Deficit) for the year 914,469 154,225,456 72,259,259 43,044,073 28,282,259 54,790,141 Add/(Less) :Income Equalisation Account (920,191) (39,042) (4,124,198) (6,237,848) (3,975,052) (1,351,796)Add/(Less) :Unrealised Appreciation on Investments transferred from / to Balance Sheet

9,375 (9,375) - - - -

Add/(Less) :Unit Premium Reserve (157,498,035) - - - - Surplus / (Deficit) for the year available for Distribution

(157,494,382) 154,177,039 68,135,061 36,806,225 24,307,207 53,438,345

Balance brought forward from Balance Sheet 157,494,381 3,317,342 - - - - Surplus available for distribution / (Deficit) - 157,494,381 68,135,061 36,806,225 24,307,207 53,438,345 AppropriationIncome Distribution - - 55,721,248 30,198,301 20,025,257 43,621,946 Distribution Tax - - 12,413,813 6,607,924 4,281,950 9,816,399 Balance carried to the Balance Sheet - 157,494,381 - - - - SCHEDULE AManagement & Operating expensesManagement fees 32,263 3,413,508 353,192 207,723 - 290,347 Trusteeship fees 8,066 942,239 353,192 207,723 141,754 290,347 Other operating expenses - - - - - - Deferred expenses written off 2,406 878,354 - - - - Registration and legal expenses - 49,896 - - - - Commission To agents 4,042 26,046 - - - - Publicity expenses - 43,025 - 3,315 - - Audit fees - 14,848 34,445 18,444 716 19,289 Custodian fees - 24,316 22,160 17,116 12,296 32,905 Registrar fee - 108,102 738,897 414,893 1,044 432,385 Administrative expenses 23 89,218 96,117 55,261 7,193 63,661 Statutory Expenses - - 1,615 920 38 984 Service Tax Exps. - - 131,314 73,676 2,837 75,384 Mkt & Selling Expenses - - - - - - Total 46,801 5,589,552 1,730,932 999,071 165,879 1,205,303 Accounting Policies and Notes on Accounts B

Fund Manager Shalini Tibrewala





45

Annual Report 2007-2008Revenue Account for the Year / Period ended March 31, 2008 (Closed Schemes) Figures in Rs.


V-Quarterly Plan-5


VI-Quarterly Plan-1


VI-Quarterly Plan-2


VI-Quarterly Plan-3


VI-Quarterly Plan-4


VI-Quarterly Plan-5

Sch. June 27, 2007 to Sep 25, 2007

September 30, 2007 to November 21, 2007





IncomeInterest 38,055,678 37,799,077 63,626,562 27,411,429 73,748,762 81,079,063 Profit on sale/redemption of investments(other than inter scheme transfer/sale)

- - - - 567,810 -


577,858 - - - - -

Profit on Futures - - - - - - Other income - - - - - - Net change in unrealised Appreciation/Depreciation of Investments

- - - - - -

Load Written Back - - - - - - Total Income 38,633,536 37,799,077 63,626,562 27,411,429 74,316,572 81,079,063 Expenses and LossesManagement & Operating expenses A 1,316,567 955,528 1,514,503 959,229 2,390,748 2,208,051 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

- - 188,475 - - -

Loss on inter-scheme transfer/sale of investments 764,801 - - 3,250 - 303,033 Net change in unrealised Appreciation/Depreciation of Investments

- - - - - -

Total Expenses & Losses 2,081,368 955,528 1,702,978 962,480 2,390,748 2,511,083 Surplus / (Deficit) for the year 36,552,168 36,843,549 61,923,584 26,448,949 71,925,824 78,567,980 Add/(Less) :Income Equalisation Account (1,497,446) (262,968) (3,274,420) (204,200) (242,820) (3,480,047)Add/(Less) :Unrealised Appreciation on Investments transferred from / to Balance Sheet

- - - - - -

Add/(Less) :Unit Premium Reserve - - - - - - Surplus / (Deficit) for the year available for Distribution

35,054,722 36,580,581 58,649,164 26,244,749 71,683,004 75,087,932

Balance brought forward from Balance Sheet - - - - - - Surplus available for distribution / (Deficit) 35,054,722 36,580,581 58,649,164 26,244,749 71,683,004 75,087,932 AppropriationIncome Distribution 28,689,353 29,852,693 47,851,939 21,415,143 58,488,091 61,269,026 Distribution Tax 6,365,368 6,727,888 10,797,225 4,829,606 13,194,913 13,818,906 Balance carried to the Balance Sheet - - - - - - SCHEDULE AManagement & Operating expensesManagement fees 475,216 205,604 325,197 347,898 821,513 706,281 Trusteeship fees 220,614 225,775 370,597 163,123 410,757 441,426 Other operating expenses - - - - - - Deferred expenses written off - - - - - - Registration and legal expenses - - - - - - Commission To agents - - - - 9,855 - Publicity expenses - - - - - - Audit fees 8,156 2,445 3,426 737 75 69 Custodian fees 19,843 17,798 24,725 13,483 23,601 21,273 Registrar fee 433,862 325,377 504,951 292,774 898,007 846,155 Administrative expenses 44,196 109,600 176,509 80,496 46,957 41,866 Statutory Expenses 978 826 1,290 706 1,826 1,671 Service Tax Exps. 113,701 68,104 107,806 59,937 152,139 141,738 Mkt & Selling Expenses - - - 75 26,018 7,571 Total 1,316,567 955,528 1,514,503 959,229 2,390,748 2,208,051 Accounting Policies and Notes on Accounts B

Fund Manager Shalini Tibrewala





46


Accounting Policies1. Investments. (a) Purchase and sale of securities are recognised on trade dates i.e. on the dates of transaction.

Where transactions take place outside the stock market, the same will be recognized on the date of enforceable obligation to pay/collect the proceeds.

b) All investments are accounted at acquisition cost. Such cost is updated for stamp duty, brokerage and securities transaction tax on incurrence. All investments are shown at marked to market.

c) Cost of Right Equity Shares is considered at issue price plus premium paid, if any to acquire rights renunciation.

d) Bonus entitlements are recognised on ex-bonus dates. Similarly, rights are recognized on ex-rights dates on the principal stock exchange where the original shares are traded.

e) Equity stock futures are marked to market on a daily basis. Debit or credit balance disclosed under other current assets or current liabilities respectively, in the “Mark to Market Margin – Receivable/ Payable Account”, represents the net amount payable or receivable on the basis of movement in the prices of stock futures till the balance sheet date from the purchase date.

f ) In case of Options, premium received/paid is Marked to Market and the balance amount is treated as liability/asset till the time the position is expired/squared off.

2) INCOME RECOGNITION a) Dividend income is accrued on ex-dividend date. In case of unquoted, the same is recognized on the

date of declaration. b) Profit or loss on sale of investments is arrived at by applying weighted average cost on trade date.

Except that, such profit is not recognised in respect of sale transaction remaining unsettled for more than three months.

c) Underwriting commission is accrued on confirmation of full subscription by the Company. In case of devolvement, underwriting commission is adjusted against cost of investments of devolved securities.

d) Provision is made against income accrued but not received for one quarter after the due date. In respect of such investments, income is recognised when it is realised.

e) Interest on investments, other than covered by Para‘d’ above, and other income are recognised on accrual basis. Interest on investment in defaulted cases is accounted on cash basis.

f ) Unrealised gain / loss is recognized in Revenue Account. However, unrealised gain is excluded for calculating distributable income and same is carried to the Balance Sheet as Unrealised Appreciation Reserve.

g) Income on Discounted instruments is recognised in Revenue Account by spreading the difference between the maturity value and book value over the unexpired period of maturity.

3) COLLATERAL BORROWING AND LENDING OBLIGATION (CBLO) CHARGES Collateral Borrowing and Lending Obligation (CBLO), charges are netted against the interest receipt. 4) INCOME EQUALISATION ACCOUNT In case of open ended schemes, an appropriate portion of price of the unit at the time of purchase and

sale is transferred to income equalisation account. In arriving at the portion of the price to be transferred to income equalisation account, surplus/deficit (after considering unrealised appreciation/depreciation), earned in the current period, upto the date of transaction is taken into account. The net balance in this account is transferred to the revenue account to adjust distributable surplus for the year.

5) UNIT PREMIUM RESERVE Unit premium reserve is debited or credited at the time of purchase and sale of units after taking into

account the face value of the units and income equalisation.6) VALUATION OF PERFORMING ASSETS. For the purpose of financial statements, the Fund marks all investments to market and carries investments

in the Balance Sheet at the market value. Unrealised gain, if any, arising out of appreciation of the investments, is carried to the Balance Sheet. All securities are valued at market value, if quoted.

Non traded / thinly traded / unlisted shares are valued after considering net worth, discounted average industry P/E ratio etc as prescribed in the revised SEBI Guidelines. Non-traded debt instruments are valued on YTM arrived at based on CRISIL model. In case where duration of such debt instruments is less than 182 days, the same are valued on the basis of maturity value, adjusted for amortisation of the difference between cost and maturity value.

7) NON-PERFORMING ASSETS An investment is regarded as non-performing, if the interest/principal due is outstanding for more than

one quarter from the day such income/installment has fallen due. For non performing assets provisions are made as per guidelines prescribed by SEBI.

8) ENTRY/EXIT LOAD Load charged at the time of purchase and sale of units is offset against distribution and marketing

expenses viz: commission to agents and publicity expenses. Unutilised amount of load collected is carried to subsequent year unless the same is found excess by the trustees. Such excess amount is credited to other income.

9) EQUITY STOCK FUTURES On final settlement or squaring up of contracts for equity stock futures, the profit or loss is calculated as the

difference between settlement price and the average cost. Accordingly, debit or credit balance pertaining

to the settled/ squared up contract in “Mark to market margin – Receivable/Payable Account” after adjustment of provision for anticipated losses is recognized in the Revenue account.

10) INITIAL ISSUE EXPENSES Initial Issue Expenses at the time of new fund offering, is debited to the scheme and treated as Deferred

Revenue Expenditure in the respective schemes. Initial issue expenses in respect of JM Emerging Leaders Fund & JM Hi Fi Fund are amortised to Revenue account on an accelerated basis till 31st March 2008 from the date of allotment of units.

Initial issue expenses in respect JM Equity Tax Saver Fund – Series I, JM Fixed Maturity Fund - Series II – Yearly Plan, JM Fixed Maturity Fund - Series IV – 15 Months Plan – 1, JM Fixed Maturity Fund - Series IV – 13 Months Plan, JM Fixed Maturity Fund - Series IV – Yearly Plan, JM Fixed Maturity Fund - Series IV – 15 Months Plan – 2, JM Fixed Maturity Fund - Series VII – 13 Months Plan, JM Fixed Maturity Fund - Series VII – 18 Months Plan, JM Fixed Maturity Fund - Series VII – 15 Months Plan-1, JM Agri & Infra Fund & JM Core 11 Fund Series 1 are amortised to Revenue account over duration of the scheme from the date of allotment of units.

NOTES ON ACCOUNTS1. Other income comprises of service charges, processing charges, underwriting commission, reversal of

excess provision for expenses, load credited to scheme etc.2. No provision for taxation is required as the fund is a recognised Mutual Fund under Section 10 (23D) of the

Income Tax Act, 1961. 3. Brokerage on secondary market transactions, mobilization of funds, advisory fees and reimbursement of

expenses paid to sponsor, affiliate companies or relatives of employees during the year:

Scheme Name Brokerage on Units & Arranger Fees (Rs. in Lakhs)

JM Financial Services Pvt. Ltd$

JM Financial Securities Pvt. Ltd$

JM - Arbitrage Advantage Fund 68.94 -

JM Hi Fi Fund 1.50 -

JM Agri & Infra Fund 199.46 -

JM Auto Sector Fund 0.92 -

JM Balanced Fund 17.05 0.00#

JM Basic Fund 106.35 -

JM Contra Fund 516.26 -

JM Core 11 Fund - Series 1 1,203.70 -

JM Emerging Leaders Fund 48.56 -

JM Equity & Derivative Fund 6.65 -

JM Equity Fund 10.75 -

JM Equity Tax Saver Fund-Series-1 5.00 -

JM Financial Services Sector Fund 1.74 -

JM Fixed Maturity Fund - Series VI - Quarterly Plan 1 0.61 -





JM Fixed Maturity Fund - Series VII - 13 Months Plan1 2.17 -

JM Fixed Maturity Fund - Series VII - 15 Months Plan 1 1.76 -

JM Fixed Maturity Fund - Series VII - 18 Months Plan 3.22 -

JM Fixed Maturity Fund - Series IV - 15 Months plan 2 4.06 -

JM Fixed Maturity Fund - Series V - Quarterly Plan 2 0.59 -




JM Fixed Maturity Fund-Series IV - Quarterly Plan 2-F1 0.30 -



JM Fixed Maturity Fund-Series V - Quarterly Plan 1 0.94 -

JM Floater Fund - Short Term Plan 0.26 -

JM G-Sec Fund - PF Plan 0.02 0.08

JM G-Sec Fund - PF Plus 0.34 -

Accounting Policies And Notes On Accounts – Schedule I

47


Scheme Name Brokerage on Units & Arranger Fees (Rs. in Lakhs)

JM Financial Services Pvt. Ltd$

JM Financial Securities Pvt. Ltd$

JM G-Sec Regular Plan 0.26 -

JM Healthcare Sector Fund 0.84 -

JM High Liquidity Fund 18.88 -

JM High Liquidity Fund - Premium Plan 0.00# -

JM Income Fund 1.70 0.01

JM Interval Fund - Quarterly Plan 1 1.35 -




JM Interval Fund - Quarterly Plan 5 0.00# -

JM Interval Fund - Quarterly Plan 6 0.00# -

JM Liquid Plus Fund (formerly Floater Fund - Long Term Plan)

1.02 0.01

JM MIP Fund 0.43 -

JM Money Manager Fund Regular Plan 0.11 -

JM Money Manager Fund Super Plan 0.09 -

JM Money Manager Fund Super Plus Plan 63.16 0.71

JM Short Term Fund 0.59 -

JM Small & Mid Cap Fund 209.54 -

JM Telecom Sector Fund 0.16 -

JM Fixed Maturity Fund Series IV - Quarterly Plan 1 0.19 -

Scheme Name Brokerage on Securities (Rs. in Lakhs)

JM Financial Securities Pvt. Ltd $

JM Financial ASK Securities Ltd $

JM - Arbitrage Advantage Fund - 0.34

JM Hi Fi Fund - 1.91

JM Agri & Infra Fund - 6.04

JM Balanced Fund - 2.27

JM Basic Fund - 12.53

JM Contra Fund - 5.10

JM Core 11 Fund - Series 1 - 9.45

JM Emerging Leaders Fund - 5.04

JM Equity Fund - 1.43

JM Equity Tax Saver Fund-Series-1 - 0.01

JM Financial Services Sector Fund - 5.31

JM Fixed Maturity Fund - Series IV - 15M1 Plan - IM 0.01 -

JM Fixed Maturity Fund - Series VII - 15 Months Plan 1 0.13 -


JM High Liquidity Fund 0.13 -

JM MIP Fund - 0.00#

JM Small & Mid Cap Fund - 2.34

JM Telecom Sector Fund - 0.05

Scheme Name Marketing & Selling Exp (Rs. in Lakhs)

JM Financial Services Pvt. Ltd

JM Hi Fi Fund 0.09

JM Auto Sector Fund 0.02

JM Balanced Fund 0.09

JM Contra Fund 5.08

JM Emerging Leaders Fund 0.75

JM Equity Fund 0.16

JM Equity Tax Saver Fund-Series-1 0.03

JM Healthcare Sector Fund 0.01

JM High Liquidity Fund 0.79

JM High Liquidity Fund - Premium Plan 0.01

JM Money Manager Fund Super Plus Plan 1.97

JM Short Term Fund 0.24

JM Small & Mid Cap Fund 0.41

# less than Rs. One Thousand

$

Name Former Name

JM Financial Services Pvt. Ltd. JM Morgan Stanley Financial Services Pvt. Ltd.

JM Financial Securities Pvt. Ltd. JM Morgan Stanley Fixed Income Securities Pvt. Ltd.

JM Financial ASK Securities Pvt. Ltd. ASK Securities Ind. Pvt. Ltd.

These companies are associate companies as defined in SEBI (Mutual Fund) Regulations.

4. There are no underwriting obligations undertaken by any of the schemes of the mutual funds with respect to issue of securities of associate companies. Hence there is no devolvement.

5. There is no contingent liability on underwriting commitment, uncalled liabilities on partly paid shares on any other commitments.

6. Expenses other than management fee and trusteeship fee, which is in excess of specified internal limit (within SEBI permitted limit) are borne by the Asset Management Company and Trustee Company.

7. During the year ended March 31, 2008 the Mutual Fund had invested in the securities of the sponsor - JM Financial Ltd as follows.

Scheme (which had invested) Particulars Number of Shares Cost (Rs. in Lakhs)

JM Financial Services Sector Fund Purchase 10,537.00 264.21

Sale - -

Total Purchases 10,537.00 264.21

Total Sales - -

8. Holding in sponsor – JM Financial Ltd as on March 31, 2008

Scheme (which had invested) Number of Shares Cost (Rs. in LakhsMarket Value (Rs. in Lakhs)

JM Financial Services Sector Fund 10,537.00 264.21 139.27

9. Following are the details of margin deposits placed with PCM and exchange (Rs. In Lakhs) :

Scheme Cash Deposit Fixed Deposit

JM Equity & Derivative Fund 100.00 -

JM Arbitrage Advantage Fund 520.00 19,800.00

JM Balanced Fund 190.00 -

JM Equity Fund 442.00 -

JM Emerging Leaders Fund 1,771.00 -

JM Small and Mid-cap Fund 237.00 -

JM Basic Fund 3,898.00 -

JM Contra Fund 17,352.00 -

JM Core-11 Fund Series-1 2,950.00 -

JM Agri & Infra Fund 2,935.00 -

10. Investors having large unit-holdings in the scheme which are over 25% the NAV as on 31st March 2008(as per circular MFD/CIRNo 3/211/2001, dated 30/04/2001):

Scheme No. of Investors % of Holdings

JM Balanced Fund 1 31.89%

JM High Liquidity Fund - Premium Plan 1 29.35%

JM Money Manager Fund - Super Plan 1 71.60%

JM Money Manager Fund - Regular Plan 1 56.13%

JM Fixed Maturity Fund - Series VII - 18 M Plan 1 25.54%

11. On the Balance Sheet Date Unclaimed Redemption and Dividend are as under

Particulars Nature Amount (Rs. In Lakhs)

JM Basic Fund Unclaimed 0.83

JM Short Term Fund Unclaimed 0.07

JM Balanced Fund Unclaimed 2.63

JM Equity & Derivative Fund Unclaimed 0.26

JM Equity Fund Unclaimed 6.78

48


JM Liquid Plus Fund (Formerly Floater Fund - Long Term Plan)

Unclaimed 1.67

JM Income Fund Unclaimed 9.54

JM High Liquidity Fund Unclaimed 0.95

JM MIP Fund Unclaimed 1.15

JM G-Sec Fund Unclaimed 1.39

12. During the period no bonus was declared in any of the schemes.

13. In case of interim dividends declared during the year, there were cumulative distributable surplus in the respective scheme, on the dates of declaration of dividend. On account of subsequent change in the value of the investments, considering market value as on the Balance Sheet date, the amount shown as distributable surplus may be lower than the amount distributed.

14. Details in respect of the NFO launch date, allotment date and the maturity date of the shemes are given below:

Equity Schemes

Scheme Name NFO Launch Date Allotment Date

JM Equity Fund 1-Feb-95 01-Apr-95

JM Emerging Leaders Fund 16-Jun-05 27-Jul-05

JM Small & Midcap Fund 09-Mar-07 30-Apr-07

JM Contra Fund 16-Jul-07 07-Sep-07

JM Equity Tax Saver Fund - Series I 28-Dec-06 30-Mar-07

JM Tax Gain Fund 24-Dec-07 31-Mar-08

JM Agri & Infra Fund 19-Nov-07 16-Jan-08

JM Core 11 Fund - Series 1 14-Jan-08 05-Mar-08

JM Basic Fund 25-Mar-97 02-Jun-97

JM Auto Sector Fund 01-Jun-04 29-Jun-04

JM Healthcare Sector Fund 01-Jun-04 29-Jun-04

JM Equity & Derivative Fund 04-Feb-05 04-Mar-05

JM Arbitrage Advantage Fund 01-Jun-06 18-Jul-06

JM Balanced Fund 12-Dec-94 01-Apr-95

JM Hi Fi Fund 20-Feb-06 07-Apr-06

JM Financial Services Sector Fund 02-Nov-06 07-Dec-06

JM Telecom Sector Fund 02-Nov-06 07-Dec-06

Debt Scheme

Scheme Name NFO Launch Date Allotment Date

JM Income Fund 12-Dec-94 01-Apr-95

JM Short Term Fund 18-Jun-02 18-Jun-02

JM G-Sec Fund - Regular Plan 15-Sep-99 29-Sep-99

JM G-Sec Fund - PF Plan 15-Sep-99 29-Sep-99

JM G-Sec Fund - PF Plus Plan 29-Dec-03 15-Jan-04

JM High Liquidity Fund 31-Dec-97 31-Dec-97

JM High Liquidity Fund - Premium Plan 10-Feb-06 15-May-07

JM Money Manager Fund - Super Plus Plan 25-Sep-06 27-Sep-06

JM Money Manager Fund - Super Plan 25-Sep-06 27-Sep-06

JM Money Manager Fund - Regular Plan 25-Sep-06 27-Sep-06

JM Liquid Plus Fund ( Formerly - JM Floater Fund- Long Term Plan)

23-Jun-03 25-Jun-03

JM Floater Fund - Short Term Plan 23-Jun-03 25-Jun-03

JM MIP Fund 18-Aug-03 18-Sep-03

Equity Schemes

Scheme Name NFO Launch Date

Allotment Date Maturity Date ~

JM Interval Fund - Quarterly Plan 1 24-Dec-07 27-Dec-07

JM Interval Fund - Quarterly Plan 2 04-Jan-08 08-Jan-08

JM Interval Fund - Quarterly Plan 3 31-Jan-08 12-Feb-08




JM Fixed Maturity Fund Series IV - 13 Months 02-Mar-07 16-Mar-07

JM Fixed Maturity Fund Series IV - 15 Months-1 31-Jan-07 06-Feb-07

JM Fixed Maturity Fund Series IV - 15 Months-2 27-Apr-07 24-May-07

JM Fixed Maturity Fund Series IV - Yearly Plan 21-Mar-07 28-Mar-07

JM Fixed Maturity Fund Series VII - 13 Months-1 06-Sep-07 17-Sep-07

JM Fixed Maturity Fund Series VII - 15 Months-1 02-Jan-08 11-Jan-08

JM Fixed Maturity Fund Series VII - 18 Months 11-Oct-07 19-Oct-07

JM Fixed Maturity Fund Series IX - 15 Months 1 07-Mar-08 13-Mar-08

JM Fixed Maturity Fund Series XI - 13 Months 1 25-Mar-08 27-Mar-08

JM Fixed Maturity Fund Series V Quarterly Plan 1 13-Apr-07 19-Apr-07 19-Jul-07

JM Fixed Maturity Fund Series V Quarterly Plan 2 27-Apr-07 08-May-07 06-Aug-07

JM Fixed Maturity Fund Series V Quarterly Plan 3 09-May-07 16-May-07 14-Aug-07

JM Fixed Maturity Fund Series V Quarterly Plan 4 24-May-07 29-May-07 27-Aug-07

JM Fixed Maturity Fund Series V Quarterly Plan 5 19-Jun-07 27-Jun-07 25-Sep-07

JM Fixed Maturity Fund Series VI Quarterly Plan 1 22-Aug-07 23-Aug-07 21-Nov-07

JM Fixed Maturity Fund Series VI Quarterly Plan 2 25-Aug-07 28-Aug-07 26-Nov-07

JM Fixed Maturity Fund Series VI Quarterly Plan 3 19-Sep-07 26-Sep-07 26-Dec-07

JM Fixed Maturity Fund Series VI Quarterly Plan 4 16-Nov-07 22-Nov-07 20-Feb-08

JM Fixed Maturity Fund Series VI Quarterly Plan 5 23-Nov-07 27-Nov-07 25-Feb-08

JM Fixed Maturity Fund Series II Yearly Plan 21-Mar-06 22-Mar-06 03-Apr-07

JM Fixed Maturity Fund Series IV Quarterly Plan 1 17-Jan-07 18-Jan-07 18-Apr-07

JM Fixed Maturity Fund Series IV Quarterly Plan 2 05-Feb-07 06-Feb-07 07-May-07



~ in case scheme/plan matured during the year. The Revenue Account is prepared from the date of launch of the scheme/plan.

15. The scheme JM Gsec Fund PF Plan has been wound up on 09.04.08, subsequent to the Balance Sheet date, as the criteria of the minimum number of investor were not met pursuant to the provisions of the SEBI Circular No. SEBI/IMD/CIR No 10/ 22701/03 dated December 12, 2003.

16. The details of deferred revenue expenditure written off: (in Rs.)

Scheme Name

Deferred Revenue

Expenditure Incurred/ brought forward

Less : Adjusted on account of

Redemption of units

Less : Amount written

off during the period

Closing Balance

JM Equity Tax Saver Fund – Series I 8,069,157*< - 2,669,081 5,400,076

JM Emerging Leaders Fund 7,576,171< - 7,576,171 -

JM Hi Fi Fund 3,620,878< - 3,620,878 -

JM Fixed Maturity Fund Series II – Yearly Plan

2,406< - 2,406 -

JM Fixed Maturity Fund Series IV – 15 Months Plan – 1

484,936< 2,700 440,428 41,808

JM Fixed Maturity Fund Series IV – 13 Months Plan

854,603< 2,460 818,750 33,393

JM Fixed Maturity Fund Series IV – Yearly Plan

373,883< 3,011 364,025 6,847

JM Fixed Maturity Fund Series VII– 13 Months Plan

2,175,414 5,618 1,083,265 1,086,531

JM Fixed Maturity Fund Series IV – 15 Months Plan – 2

1,834,388 370 1,261,758 572,260

JM Core-11 Fund series 1 407,892,930 - 10,057,634 397,835,296

JM Fixed Maturity Fund Series VII – 15 Months Plan – 1

1,508,076 - 268,471 1,239,605

JM Fixed Maturity Fund Series VII – 18 Months Plan – 1

1,096,066 24,643 324,364 747,059

JM Agri & Infra Fund 407,187,439 - 28,235,625 378,951,814

* Includes addition made during the year Rs.1, 033,135

< Brought forward

17. Previous year figures have been regrouped wherever necessary.

18. Statement of Portfolio as on March 31, 2008 : As per Annexure – 1

19. Details of investments made in companies which have invested more than 5% of the NAV of the Scheme in terms of regulation 25(11) : As per Annexure – 2

20. Management Fees - The Scheme pays investment management fees as agreed between the Trustees and AMC, Which is within the limits specified in the offer document and SEBI. The Management fees have been computed on the basis of Average Daily Net Assets of the Scheme excluding the Net Asset Value of the AMC’s Investment in the scheme and Deferred Revenue Expenditure if any.

Management Fees

Scheme %age of Daily Average Net Assets

Amount (Rs.in lakhs)

JM Equity Fund 1.25 102.06JM Emerging Leaders Fund 1.07 360.07JM Small & Midcap Fund 1.09 233.08JM Contra Fund 1.03 537.98

49


JM Equity Tax Saver Fund - Series I 1.20 19.88JM Tax Gain Fund NIL NILJM Agri & Infra Fund 0.97 110.91JM Core 11 Fund - Series 1 0.97 42.19JM Basic Fund 1.03 673.79JM Auto Sector Fund 1.25 12.99JM Healthcare Sector Fund 1.25 8.42JM Equity & Derivative Fund 0.53 48.68JM Arbitrage Advantage Fund 0.82 569.03JM Balanced Fund 1.25 50.56JM Hi Fi Fund 1.24 49.54JM Financial Services Sector Fund 1.19 31.27JM Telecom Sector Fund 0.99 9.81JM Income Fund 1.00 29.47JM Short Term Fund 0.39 22.00JM G-Sec Fund - Regular Plan 0.60 2.07JM G-Sec Fund - PF Plan 0.60 1.32JM G-Sec Fund - PF Plus Plan 0.60 4.70JM High Liquidity Fund 0.04 46.26JM High Liquidity Fund - Premium Plan 0.02 0.11JM Money Manager Fund - Super Plus Plan 0.13 264.13JM Money Manager Fund - Super Plan 0.13 7.19JM Money Manager Fund - Regular Plan 0.14 11.45JM Liquid Plus Fund (formerly Floater Fund - Long Term Plan) 0.32 20.48JM Floater Fund - Short Term Plan 0.08 2.97JM MIP Fund 1.25 17.70JM Interval Fund - Quarterly Plan 1 0.07 7.83JM Interval Fund - Quarterly Plan 2 0.08 2.23JM Interval Fund - Quarterly Plan 3 0.08 2.23JM Interval Fund - Quarterly Plan 4 0.08 2.36JM Interval Fund - Quarterly Plan 5 0.08 1.51JM Interval Fund - Quarterly Plan 6 0.08 1.34JM Fixed Maturity Fund Series IV - 13 Months 0.03 1.89JM Fixed Maturity Fund Series IV - 15 Months-1 0.04 1.86JM Fixed Maturity Fund Series IV - 15 Months-2 0.05 4.01JM Fixed Maturity Fund Series IV - Yearly Plan 0.02 0.88JM Fixed Maturity Fund Series VII - 13 Months-1 0.03 4.19JM Fixed Maturity Fund Series VII - 15 Months-1 0.05 1.24JM Fixed Maturity Fund Series VII - 18 Months NIL NilJM Fixed Maturity Fund Series IX - 15 Months 1 0.07 0.09JM Fixed Maturity Fund Series XI - 13 Months 1 0.06 0.10JM Fixed Maturity Fund Series II - Yearly Plan 0.20 0.32JM Fixed Maturity Fund Series IV – Quarterly Plan 1 0.09 1.18JM Fixed Maturity Fund Series IV – Quarterly Plan 2 0.07 1.17JM Fixed Maturity Fund Series IV – Quarterly Plan 3 0.25 3.07JM Fixed Maturity Fund Series IV – Quarterly Plan 4 0.07 3.57JM Fixed Maturity Fund Series V – Quarterly Plan 1 0.05 3.53JM Fixed Maturity Fund Series V – Quarterly Plan 2 0.05 2.08JM Fixed Maturity Fund Series V – Quarterly Plan 3 0.00 0.00JM Fixed Maturity Fund Series V – Quarterly Plan 4 0.05 2.90JM Fixed Maturity Fund Series V – Quarterly Plan 5 0.11 4.75JM Fixed Maturity Fund Series VI Quarterly Plan-1 0.05 2.06JM Fixed Maturity Fund Series VI Quarterly Plan-2 0.04 3.25JM Fixed Maturity Fund Series VI Quarterly Plan-3 0.11 3.48JM Fixed Maturity Fund Series VI Quarterly Plan-4 0.10 8.22JM Fixed Maturity Fund Series VI Quarterly Plan-5 0.08 7.06

21. The following equity issues have been subscribed to, where the lead managers are associate companies:

Lead Manager/Arranger:JM Financial Consultants Pvt. Ltd (formerly Known as JM Morgan Stanley Pvt. Ltd.)

Rs. in Lakhs

Scheme Name Omaxe Ltd.Koutons

Retail India Ltd.

Mundra Port & Special Economic

Zone Ltd.

Titagarh Wagons

Ltd.JM Equity Fund 691.24 - 860.38 -JM Emerging Leaders Fund 1,502.63 1,612.52 3,309.11 -JM Small & Midcap Fund - - 2,049.63 1,000.03JM Contra Fund - 5,447.37 7,683.32 -JM Equity Tax Saver Fund - Series I 144.40 143.61 126.98 -JM Basic Fund 2,581.80 4,301.97 7,380.12 -JM Balanced Fund 162.69 - 498.30 -JM Hi Fi Fund 293.45 - 497.84 -JM MIP Fund - - 17.95 -

22. The Mutual Fund had made subscription to issues of debt on private placement basis where the sponsor or its associate companies have acted as arrangers or manager.

Arrangers / Manager : JM Financial Securities Pvt. Ltd. (formerly known as JM Morgan Stanley Fixed Income Securities Pvt. Ltd.)

Issuer Scheme Rs. in Lakhs

Britannia Industries Ltd. JM Money Manager Fund - Super Plus Plan 2,288.86GE Capital Services India Ltd JM Fixed Maturity Fund Series IV - 15 Months-2 1,300.00

ICICI Bank LtdJM Income Fund 500.00JM Short Term Fund 500.00

IDBI Home Finance Ltd. JM Fixed Maturity Fund Series VI – Quarterly Plan 4 2,447.72

India Infoline Investment Services Ltd.JM Interval Fund - Quarterly Plan 1 4,400.00JM Money Manager Fund - Super Plus Plan 5,600.00

India Infoline Ltd. JM Money Manager Fund - Super Plus Plan 2,500.00

Magma Leasing Ltd.JM Fixed Maturity Fund Series IV - 15 Months-2 1,300.00JM Liquid Plus Fund (formerly Floater Fund - Long Term Plan)

200.00

Pidilite Industries LtdJM Fixed Maturity Fund Series V – Quarterly Plan 5 4,218.26JM Liquid Plus Fund (formerly Floater Fund - Long Term Plan)

686.69

Ranbaxy Laboratories Ltd JM Money Manager Fund - Super Plus Plan 5,000.00

Religare Finvest Ltd.

JM Fixed Maturity Fund Series V – Quarterly Plan 4 2,437.59JM High Liquidity Fund 6,500.00JM Interval Fund - Quarterly Plan 3 6,200.00JM Liquid Plus Fund (formerly Floater Fund - Long Term Plan)

900.00

JM Money Manager Fund - Super Plus Plan 16,900.00Unitech Ltd JM Money Manager Fund - Super Plus Plan 4,577.84

23. The details of investments by JM Financial Asset Management Private Limited and JM Financial Trustee Company Private Limited under any of the schemes of JM Financial Mutual Fund as at March 31, 2008:

JM Financial Asset Management Private Ltd

JM Financial Trustee Company Private Ltd

Scheme Rs. In Lakhs Rs. In Lakhs

JM Money Manager Fund - Super Plus Plan 1,337.95 -

JM High Liquidity Fund - 232.71

JM Healthcare Sector Fund - 754.81


JM Auto Sector Fund - 73.32

JM Interval Fund – Quarterly Plan 1 2,002.27 -

24. Provision for depreciation on global basis and unrealized appreciation on global basis :

Provision for depreciation on global basis (Rs. In Lakhs)

Unrealised appreciation on global basis (Rs. In Lakhs)

Scheme Name Current Year Previous Year Current Year Previous Year

JM Equity Fund 553.43 333.53 - -JM Emerging Leaders Fund 10,245.02 199.13 - -JM Small & Midcap Fund 544.26 N.A. - N.A.JM Contra Fund 7,560.24 N.A. - N.A.JM Equity Tax Saver Fund - Series I 7.66 - - 12.26JM Agri & Infra Fund 15,374.42 N.A. - N.A.JM Core 11 Fund - Series 1 10,819.80 - - -JM Basic Fund 14,926.77 - - 163.40JM Tax Gain Fund 505.94 N.A. - N.A.JM Auto Sector Fund 113.40 - - 83.73JM Healthcare Sector Fund - - 114.33 122.95JM Equity & Derivative Fund - 178.14 62.12 -JM Arbitrage Advantage Fund 4,694.25 1,512.62 - -JM Balanced Fund 1,588.55 - 98.38JM Hi Fi Fund 763.64 443.31 - -JM Financial Services Sector Fund 1,822.79 18.76 - -JM Telecom Sector Fund - - 23.94 19.84JM Income Fund 2.11 5.10 - -JM Short Term Fund 3.42 12.26 - -JM G-Sec Fund - Regular Plan - - 0.26 0.42JM G-Sec Fund - PF Plan - - 0.21 0.20JM G-Sec Fund - PF Plus Plan - - 0.57 0.40JM High Liquidity Fund 23.91 - - 6.78JM High Liquidity Fund - Premium Plan - - - -JM Money Manager Fund - Super Plus Plan

- - 28.87 -

JM Money Manager Fund - Super Plan 0.78 - - -JM Money Manager Fund - Regular Plan 11.57 - - -

50


JM Liquid Plus Fund (formerly Floater Fund - Long Term Plan)

0.27 - - -

JM Floater Fund - Short Term Plan 0.11 0.70 - -JM MIP Fund 43.52 54.98 - -JM Interval Fund - Quarterly Plan 1 - N.A. - N.A.JM Interval Fund - Quarterly Plan 2 - N.A. 18.33 N.A.JM Interval Fund - Quarterly Plan 3 - N.A. - N.A.JM Interval Fund - Quarterly Plan 4 - N.A. - N.A.JM Interval Fund - Quarterly Plan 5 - N.A. - N.A.JM Interval Fund - Quarterly Plan 6 - N.A. - N.A.JM Fixed Maturity Fund Series IV - 13 Months

- - 14.36 4.59


- 2.16 14.88 -


- - 16.47 N.A.


- - 57.69 1.18

JM Fixed Maturity Fund Series VII - 13 Months-1

18.64 N.A. - N.A.

JM Fixed Maturity Fund Series VII - 15 Months-1

46.13 N.A. - N.A.

JM Fixed Maturity Fund Series VII - 18 Months

- N.A. 17.73 N.A.

JM Fixed Maturity Fund Series IX - 15 Months 1

- N.A. - N.A.

JM Fixed Maturity Fund Series XI - 13 Months-1

- N.A. - N.A.

25. Income and Expenses as percentage of Daily Average Net Assets :

Income ^ Expenses $

Scheme %age of Daily Average Net AssetsJM Equity Fund 20.73 2.50JM Emerging Leaders Fund (1.69) 2.26JM Small & Midcap Fund 12.32 2.32JM Contra Fund 8.45 2.07JM Equity Tax Saver Fund - Series I 7.67 2.40JM Tax Gain Fund 0.51 0.00JM Agri & Infra Fund (7.74) 2.08JM Core 11 Fund - Series 1 0.67 2.08JM Basic Fund 0.61 2.07JM Auto Sector Fund 12.49 2.50JM Healthcare Sector Fund 7.71 2.50JM Equity & Derivative Fund 5.31 1.24JM Arbitrage Advantage Fund 15.24 1.69JM Balanced Fund 5.55 2.50JM Hi Fi Fund 19.80 2.48JM Financial Services Sector Fund 8.82 2.39JM Telecom Sector Fund 11.10 2.03JM Income Fund 7.79 2.01JM Short Term Fund 8.71 0.86JM G-Sec Fund - Regular Plan 5.44 1.35JM G-Sec Fund - PF Plan 5.25 1.05JM G-Sec Fund - PF Plus Plan 3.22 1.05JM High Liquidity Fund 7.59 0.17JM High Liquidity Fund - Premium Plan 6.88 0.13JM Money Manager Fund - Super Plus Plan 8.80 0.32JM Money Manager Fund - Super Plan 8.72 0.33JM Money Manager Fund - Regular Plan 10.32 0.33JM Liquid Plus Fund (formerly Floater Fund - Long Term Plan) 8.11 0.55JM Floater Fund - Short Term Plan 7.20 0.25JM MIP Fund 9.05 2.25JM Interval Fund - Quarterly Plan 1 2.47 0.27JM Interval Fund - Quarterly Plan 2 2.02 0.28JM Interval Fund - Quarterly Plan 3 1.28 0.27JM Interval Fund - Quarterly Plan 4 1.09 0.27JM Interval Fund - Quarterly Plan 5 0.98 0.28JM Interval Fund - Quarterly Plan 6 0.91 0.28JM Fixed Maturity Fund Series IV - 13 Months 10.72 0.09JM Fixed Maturity Fund Series IV - 15 Months-1 9.31 0.10JM Fixed Maturity Fund Series IV - 15 Months-2 8.91 0.16JM Fixed Maturity Fund Series IV - Yearly Plan 9.60 0.08JM Fixed Maturity Fund Series VII - 13 Months-1 5.14 0.16

JM Fixed Maturity Fund Series VII - 15 Months-1 1.93 0.19JM Fixed Maturity Fund Series VII - 18 Months 3.99 0.20JM Fixed Maturity Fund Series IX - 15 Months 1 0.42 0.29JM Fixed Maturity Fund Series XI - 13 Months 1 0.13 0.25JM Fixed Maturity Fund Series IV-Quarterly Plan-1 0.46 0.25JM Fixed Maturity Fund Series IV-Quarterly Plan-2 0.96 0.19JM Fixed Maturity Fund Series IV-Quarterly Plan-3 1.22 0.41JM Fixed Maturity Fund Series IV-Quarterly Plan-4 1.66 0.19JM Fixed Maturity Fund Series V-Quarterly Plan-1 2.58 0.25JM Fixed Maturity Fund Series V-Quarterly Plan-2 2.61 0.24JM Fixed Maturity Fund Series V-Quarterly Plan-3 2.47 0.06JM Fixed Maturity Fund Series V-Quarterly Plan-4 2.38 0.21JM Fixed Maturity Fund Series V-Quarterly Plan-5 2.12 0.30JM Fixed Maturity Fund Series II-Yearly Plan 0.05 0.25JM Fixed Maturity Fund Series VI-Quarterly Plan-1 2.40 0.21JM Fixed Maturity Fund Series VI-Quarterly Plan-2 2.49 0.20JM Fixed Maturity Fund Series VI-Quarterly Plan-3 2.13 0.29JM Fixed Maturity Fund Series VI-Quarterly Plan-4 2.23 0.29JM Fixed Maturity Fund Series VI-Quarterly Plan-5 2.26 0.25

^ Excluding unrealised change in value of investments $ Annualised

26. Amount in respect of purchase and sale of investments yet to be settled : (Rs. In Lakhs)

Scheme Purchases Sales

JM Basic Fund 403.46 1,659.13

JM Agri & Infra Fund 354.13 167.11

JM Financial Services Sector Fund 199.05 -

JM Arbitrage Advantage Fund 4,806.31 1,693.26

JM Balanced Fund - 249.97

JM Contra Fund - 1,866.31


JM Tax Gain Fund 599.57 -

27. Units Movement during the period (face value per unit is Rs. 10.0000).Scheme Name - Plan /Option Opening Initial Inflow outflow Closing

JM Equity Fund - Dividend

Units

30,412,409 -

20,963,816

24,974,165

26,402,060

JM Equity Fund - Growth

Units

5,971,712 -

5,058,285

2,493,150

8,536,847

JM Equity Tax Saver Fund-Series-I - Dividend

Units

5,733,292 - -

4,200

5,729,092

JM Equity Tax Saver Fund-Series-I - Growth

Units

7,736,763 -

4,200

-

7,740,963

JM Balanced Fund - Dividend

Units

5,044,371 -

29,198,864

9,046,546

25,196,689

JM Balanced Fund - Growth

Units

2,401,520 -

4,931,356

2,069,669

5,263,207

JM Emerging Leaders Fund - Dividend

Units

60,070,599 -

283,148,373

122,827,240

220,391,732

JM Emerging Leaders Fund - Growth

Units

5,476,436 -

262,251,154

69,828,381

197,899,209

JM Small & Mid Cap Fund - Regular Dividend

Units -

125,527,405

28,141,003

66,641,162

87,027,246

JM Small & Mid Cap Fund - Regular Growth

Units -

105,206,561

49,744,418

58,753,401

96,197,578

JM Small & Mid Cap Fund - Institutional Dividend

Units -

10,000,000 -

10,000,000

-

JM Small & Mid Cap Fund - Institutional Growth

Units -

10,000,000 -

10,000,000

-

JM Contra Fund - Dividend

Units -

456,653,927

71,850,753

168,196,395

360,308,285 JM Contra Fund - Growth

Units -

465,616,309

113,496,999

195,446,681

383,666,627 JM Core 11 Fund - Series 1 - Dividend

Units -

291,812,698 - -

291,812,698

JM Core 11 Fund - Series 1 - Growth

Units -

387,992,862 - -

387,992,862

JM Tax Gain - Dividend

Units -

19,857,596 - -

19,857,596

JM Tax Gain - Growth

Units -

40,084,696 - -

40,084,696

JM Agri & Infra Fund - Dividend

Units -

252,182,519 - -

252,182,519

51

Annual Report 2007-2008Scheme Name - Plan /Option Opening Initial Inflow outflow Closing

JM Agri & Infra Fund - Growth

Units -

426,462,258 - -

426,462,258

JM Hi Fi Fund - Dividend

Units

16,429,368 -

13,048,155

14,340,333

15,137,190

JM Hi Fi Fund - Growth

Units

20,238,845 -

18,880,447

21,614,490

17,504,802

JM Financial Services Sector Fund - Dividend

Units

3,691,666 -

23,538,750

7,535,203

19,695,213

JM Financial Services Sector Fund - Growth

Units

1,671,900 -

32,584,806

3,349,176

30,907,530

JM Basic Fund - Dividend

Units

4,892,798 -

426,156,491

143,607,073

287,442,216

JM Basic Fund - Growth

Units - -

259,737,125

68,963,566

190,773,559 JM Auto Sector Fund - Dividend

Units

5,574,944 -

749,350

2,901,018

3,423,276

JM Auto Sector Fund - Growth

Units 704,277

- 2,615,282

494,988

2,824,571

JM Healthcare Sector Fund - Dividend

Units

4,680,052 -

282,530

1,699,830

3,262,752

JM Healthcare Sector Fund - Growth

Units 853,265

-

543,757

791,594 605,428

JM Telecom Sector Fund - Dividend

Units

4,404,264 -

3,533,145

4,875,385

3,062,024

JM Telecom Sector Fund - Growth

Units

3,201,436 -

3,782,212

3,837,763

3,145,885

JM Equity & Derivative Fund - Dividend

Units

74,920,040 -

1,584,194

59,334,949

17,169,285

JM Equity & Derivative Fund - Growth

Units

142,385,638 -

1,242,937

130,854,748

12,773,827

JM Equity & Derivative Fund - Bonus

Units

7,490,765 -

901

7,453,911

37,755

JM - Arbitrage Advantage Fund - Dividend

Units

255,325,291 -

833,528,546

613,389,700

475,464,137

JM - Arbitrage Advantage Fund - Growth

Units

71,301,969 -

176,678,945

56,182,288

191,798,626

JM Income Fund - Dividend - Dividend

Units

5,350,581 -

9,994,715

1,267,436

14,077,860

JM Income Fund - Growth - Growth

Units

5,399,145 -

16,612,130

17,465,042

4,546,233

JM Income Fund Growth - Bonus

Units

4,283,780 - -

586,669

3,697,111

JM Short Term Fund - Dividend

Units 778,566

-

48,752,629

36,609,966

12,921,229 JM Short Term Fund - Growth

Units

4,280,511 -

61,622,740

57,665,830

8,237,421

JM Short Term Fund - Institutional - Dividend

Units

7,011,075 -

102,349,354

82,924,784

26,435,645

JM Short Term Fund - Institutional - Growth

Units

25,049 -

97,204,883

43,638,562

53,591,370

JM G-Sec Fund - Regular - Dividend

Units 716,156

-

16,329

424,735 307,750

JM G-Sec Fund - Regular - Growth

Units

1,115,732 -

698,447

1,167,963

646,216

JM G-Sec Regular Growth - Bonus

Units

1,462,584 -

4,655

102,756

1,364,483

JM G-Sec Fund - PF Plan - Dividend

Units 439,258

- -

5,994 433,264

JM G-Sec Fund - PF Plan - Growth

Units 648,399

-

12,405

156,715 504,089

JM G-Sec Fund - PF Plus - Dividend

Units

3,387,430 - -

251,718

3,135,712

JM G-Sec Fund - PF Plus - Growth

Units

4,973,009 -

1,030,397

2,370,004

3,633,402

JM High Liquidity Fund - Growth

Units

26,184,131 -

272,977,403

279,646,602

19,514,932

JM High Liquidity Fund - Growth - Bonus

Units

54,187,485 -

51,336

53,790,568

448,253

JM High Liquidity Fund - Daily Dividend

Units

8,738,040 -

481,808,047

454,975,373

35,570,714

JM High Liquidity Fund - Dividend

Units

6,409,101 -

253,801,206

247,915,382

12,294,925

JM High Liquidity Fund - Dividend - Quarterly Dividend

Units 520,260

- 4,775,368

3,857,950

1,437,678

Scheme Name - Plan /Option Opening Initial Inflow outflow Closing

JM High Liquidity Fund - Institutional - Dividend

Units

5,727,392 -

87,662,865

87,483,788

5,906,469

JM High Liquidity Fund - Institutional - Daily Dividend

Units

7,247,115 -

758,634,523

741,491,804

24,389,834

JM High Liquidity Fund - Institutional - Growth

Units

21,348,431 -

1,048,932,496

1,061,769,191

8,511,736

JM High Liquidity Fund - Super Institutional - Daily Dividend

Units

362,835,940 -

27,873,810,294

27,746,708,353

489,937,881

JM High Liquidity Fund - Super Institutional - Weekly Dividend

Units

3,972,854 -

402,141,701

406,114,555

-

JM High Liquidity Fund - Super Institutional - Growth

Units

99,115,597 -

13,197,651,403

13,225,186,145

71,580,855

JM High Liquidity Fund - Premium - Daily Dividend

Units

9,246,393 -

18,620,614

26,058,321

1,808,686

JM Money Manager Fund Super Plus - Daily Dividend

Units

265,772,654 -

10,143,037,854

8,630,441,210

1,778,369,298

JM Money Manager Fund Super Plus - Growth

Units

12,353,067 -

5,114,924,665

4,585,360,150

541,917,582

JM Money Manager Fund - Super Plus - Weekly Dividend

Units - -

453,319,777

385,861,745

67,458,032

JM Money Manager Fund - Super Plus - Fortnightly Dividend

Units - -

23,352,348

15,482,117

7,870,231

JM Money Manager Fund Super - Daily Dividend

Units

54,473,028 -

304,317,996

330,956,462

27,834,562

JM Money Manager Fund Super - Growth

Units

2,627,236 -

922,896,819

199,468,631

726,055,424

JM Money Manager Fund - Super - Weekly Dividend

Units - - 1,132,229

1,020,591

111,638

JM Money Manager Fund Regular - Daily Dividend

Units 182,795

-

889,458,490

879,730,055

9,911,230

JM Money Manager Fund Regular - Growth

Units

1,146,749 -

1,718,871,846

1,714,634,631

5,383,964

JM Money Manager Fund - Regular - Weekly Dividend

Units - - 6,782,043

5,728,640

1,053,403

JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan)- Regular - Dividend

Units 528,383

-

34,191,253

31,930,404

2,789,232

JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan)- Regular - Growth

Units

1,155,459 -

12,679,183

12,065,707

1,768,935

JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan)- Regular -Daily Dividend

Units - -

21,386,655

20,096,158

1,290,497

JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan)- Regular -Weekly Dividend

Units - -

18,557,483

16,356,648

2,200,835

JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan)- Premium - Dividend

Units 368,181

-

19,037,407

18,588,571 817,017

52


JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan)- Premium - Growth

Units 207,447

-

33,946,262

32,430,551

1,723,158

JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan)- Premium -Daily Dividend

Units - -

293,240,265

272,150,371

21,089,894

JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan)- Premium -Weekly Dividend

Units - -

12,777,784

11,375,346

1,402,438

JM Floater Fund - Short Term - Daily Dividend

Units

30,643,638 -

55,475,709

79,405,034

6,714,313

JM Floater Fund - Short Term - Growth

Units

25,955,461 -

166,895,248

181,081,202

11,769,507

JM MIP Fund - Growth - Growth

Units

6,355,619 -

7,506,547

8,657,129

5,205,037

JM MIP Fund - Dividend - Monthly Dividend

Units

2,894,734 -

3,458,416

3,462,898

2,890,252

JM MIP Fund - Dividend -Quarterly Dividend

Units

2,690,194 -

311,051

1,034,390

1,966,855

JM MIP Fund - Dividend - Annual Dividend

Units 617,454

-

40,812

363,596 294,670

JM Interval Fund - Quarterly 1 - Regular Dividend

Units - 543,597

420,243

462,110

501,730

JM Interval Fund - Quarterly 1 - Regular Growth

Units - 156,000

335,393

- 491,393

JM Interval Fund - Quarterly 1 - Institutional Dividend

Units -

270,198,963

159,400,944

162,347,501

267,252,406

JM Interval Fund - Quarterly 1 - Institutional Growth

Units -

143,364,104

19,799,499

143,059,104

20,104,499


Units - 222,000

32 - 222,032


Units -

10,500 - -

10,500


Units -

109,289,092 1,427,531

-

110,716,623


Units -

12,000,000 - -

12,000,000


Units - 361,050

1,374

- 362,424


Units - 164,900

- - 164,900


Units -

168,073,210 1,478,502

-

169,551,712


Units -

42,255,000 - -

42,255,000


Units - 796,500

6,196

- 802,696


Units - 287,000

- - 287,000


Units -

241,335,363 1,363,258

-

242,698,621


Units -

32,772,955 - -

32,772,955


Units -

1,143,272

337 -

1,143,609



Units - 113,700

- - 113,700


Units -

188,080,900 1,250,484

-

189,331,384


Units -

11,727,514 - -

11,727,514


Units -

2,829,900

4,263 -

2,834,163


Units - 346,700

- - 346,700


Units -

145,501,888

873,984 -

146,375,872


Units -

47,340,736 - -

47,340,736

JM Fixed Maturity Fund - Series IV -13 Monthly - Dividend

Units

4,017,193 -

264,479

-

4,281,672

JM Fixed Maturity Fund - Series IV -13 Monthly - Growth

Units

67,241,897 - -

402,000

66,839,897

JM Fixed Maturity Fund - Series IV - 15M1 - Dividend

Units 360,000

- -

200,000 160,000

JM Fixed Maturity Fund - Series IV - 15M1 - Growth

Units

43,659,154 - -

200,000

43,459,154

JM Fixed Maturity Fund-Series IV - 15 Months 2 - Regular Dividend

Units -

1,424,435

27,355 -

1,451,790

JM Fixed Maturity Fund-Series IV - 15 Months 2 - Regular Growth

Units -

17,243,789 -

2,000

17,241,789

JM Fixed Maturity Fund-Series IV - 15 Months 2 - Institutional Dividend

Units -

19,780,000 1,235,654

-

21,015,654

JM Fixed Maturity Fund-Series IV - 15 Months 2 - Institutional Growth

Units -

51,083,998 -

50,000

51,033,998

JM Fixed Maturity Fund-Series IV - Yearly - Dividend

Units

46,500 -

3,496

-

49,996

JM Fixed Maturity Fund-Series IV - Yearly - Growth

Units

41,609,924 - -

1,020,000

40,589,924

JM Fixed Maturity Fund-Series VII -13 Months 1-Regular Dividend

Units -

1,233,150

29,956 -

1,263,106

JM Fixed Maturity Fund-Series VII -13 Months 1-Regular Growth

Units -

4,992,167 -

50,500

4,941,667

JM Fixed Maturity Fund-Series VII -13 Months 1-Institutional Dividend

Units -

45,125,202

197,871 -

45,323,073

JM Fixed Maturity Fund-Series VII -13 Months 1-Institutional Growth

Units -

205,870,708 -

700,000

205,170,708

JM Fixed Maturity Fund - Series VII - 15 Months 1 - Regular Dividend

Units - 357,000

249

- 357,249

JM Fixed Maturity Fund - Series VII - 15 Months 1 - Regular Growth

Units -

8,416,700 - -

8,416,700

JM Fixed Maturity Fund - Series VII - 15 Months 1 - Institutional Dividend

Units -

10,000,000

101,910 -

10,101,910

53


JM Fixed Maturity Fund - Series VII - 15 Months 1 - Institutional Growth

Units -

94,106,086 - -

94,106,086

JM Fixed Maturity Fund-Series VII - 18 Months - Regular Dividend

Units - 790,000

1,849

- 791,849

JM Fixed Maturity Fund-Series VII - 18 Months - Regular Growth

Units -

3,733,271 - -

3,733,271

JM Fixed Maturity Fund-Series VII - 18 Months - Institutional Dividend

Units -

3,113,484

56,077 -

3,169,561

JM Fixed Maturity Fund-Series VII - 18 Months - Institutional Growth

Units -

53,001,812 -

1,910,299

51,091,513

JM Fixed Maturity Fund - Series IX - 15 Months - Regular Dividend

Units -

31,100 - -

31,100

JM Fixed Maturity Fund - Series IX - 15 Months - Regular Growth

Units -

2,302,700 - -

2,302,700

JM Fixed Maturity Fund - Series IX - 15 Months - Institutional Dividend

Units -

3,800,000 - -

3,800,000

JM Fixed Maturity Fund - Series IX - 15 Months - Institutional Growth

Units -

19,236,500 - -

19,236,500

JM Fixed Maturity Fund - Series XI 13 Months 1 - Regular Dividend

Units -

500 - - 500

JM Fixed Maturity Fund - Series XI 13 Months 1 - Regular Growth

Units -

67,400 - -

67,400

JM Fixed Maturity Fund - Series XI 13 Months 1 - Institutional Dividend

Units -

50,000 - -

50,000

JM Fixed Maturity Fund - Series XI 13 Months 1 - Institutional Growth

Units -

144,775,000 - -

144,775,000

JM Fixed Maturity Fund Series IV - Quarterly 1 - Dividend

Units

201,289,145 -

584,546

201,873,691

-

JM Fixed Maturity Fund Series IV - Quarterly 1 - Growth

Units

52,839,957 - -

52,839,957

-

JM Fixed Maturity Fund-Series IV - Quarterly 2 - Dividend

Units

159,129,148 -

785,341

159,914,489

-

JM Fixed Maturity Fund-Series IV - Quarterly 2 - Growth

Units

5,335,207 - -

5,335,207

-


Units

69,980,343 -

444,954

70,425,297

-


Units

36,544,064 - -

36,544,064

-


Units

310,140,937 -

4,098,320

314,239,257

-


Units

7,714,667 - -

7,714,667

-

JM Fixed Maturity Fund-Series V - Quarterly 1 - Institutional Dividend

Units -

264,639,416 4,161,744

268,801,160

-


JM Fixed Maturity Fund-Series V - Quarterly 1 - Institutional Growth

Units -

15,560,300 -

15,560,300

-

JM Fixed Maturity Fund-Series V - Quarterly 1 - Regular Dividend

Units -

2,573,347

20,484 2,593,831

-

JM Fixed Maturity Fund-Series V - Quarterly 1 - Regular Growth

Units - 604,867

-

604,867 -

JM Fixed Maturity Fund - Series V - Quarterly 2 - Institutional Dividend

Units -

133,443,906 1,731,771

135,175,677

-

JM Fixed Maturity Fund - Series V - Quarterly 2 - Institutional Growth

Units -

22,002,717 -

22,002,717

-

JM Fixed Maturity Fund - Series V - Quarterly 2 - Regular Dividend

Units -

9,263,941

51,816 9,315,757

-

JM Fixed Maturity Fund - Series V - Quarterly 2 - Regular Growth

Units -

2,135,913 -

2,135,913

-


Units -

95,347,868 1,456,720

96,804,588

-


Units -

15,772,998 -

15,772,998

-


Units -

2,519,609

22,109 2,541,718

-


Units - 171,500

-

171,500 -


Units -

220,637,275 3,608,295

224,245,570

-


Units -

5,491,480 -

5,491,480

-


Units -

6,642,564

98,508 6,741,072

-


Units - 280,999

-

280,999 -


Units -

12,331,781

171,378

12,503,159 -


Units - 794,815

-

794,815 -


Units -

157,478,000 2,456,504

159,934,504

-


Units -

6,465,000 -

6,465,000

-

JM Fixed Maturity Fund - Series VI - Quarterly 1 - Regular Dividend

Units - 230,000

514

230,514

-

JM Fixed Maturity Fund - Series VI - Quarterly 1 - Regular Growth

Units - 155,500

-

155,500 -

54



JM Fixed Maturity Fund - Series VI - Quarterly 1 - Institutional Dividend

Units -

180,209,941 2,399,172

182,609,113

-

JM Fixed Maturity Fund - Series VI - Quarterly 1 - Institutional Growth

Units -

1,035,000 -

1,035,000

-


Units - 352,686

379

353,065

-


Units - 206,596

-

206,596 -


Units -

282,015,449 4,039,958

286,055,407

-


Units -

15,587,325 -

15,587,325

-


Units - 210,908

2,400

213,308

-


Units - - - - -


Units -

128,320,222 2,084,455

130,404,677

-


Units -

1,000,000 -

1,000,000

-


Units -

328,604,670 4,782,646

333,387,316

-


Units -

1,016,379 -

1,016,379

-


Units - 468,500

2,086

470,586

-


Units - 101,087

-

101,087 -


Units -

338,755,532 5,890,478

344,646,010

-


Units -

15,674,419 -

15,674,419

-


Units -

20,600 18

20,618

-


Units -

10,000 -

10,000

-

JM Fixed Maturity Fund - Series II - Yearly - Growth

Units

180,429,649 - -

180,429,649

-

28. Purchase and sale of securities as a % Average Daily Net Assets :

Scheme Average Daily Net Assets (Rs. In Lakhs)

Purchase Value (Rs. In Lakhs) Purchase % Sale Value (Rs.

In Lakhs) Sale %

JM Equity Fund 8,168.01 12,564.52 153.83 12,814.94 156.89JM Emerging Leaders Fund

33,673.99 79,299.95 235.49 25,646.64 76.16

JM Small & Mid-Cap Fund

23,349.20 88,908.33 380.78 69,602.46 298.09



In Lakhs) Sale %

JM Contra Fund 94,451.62 137,579.66 145.66 84,438.15 89.40JM Equity Tax Saver Fund - Series I

1,656.48 1,874.93 113.19 1,171.51 70.72

JM Tax Gain Fund 5,516.55 4,891.07 88.66 - -JM Agri & Infra Fund

55,529.96 128,395.07 231.22 71,188.05 128.20

JM Core 11 Fund - Series 1

60,975.94 68,725.77 112.71 2,539.08 4.16

JM Basic Fund 65,328.95 174,502.98 267.11 60,663.39 92.86JM Auto Sector Fund

1,039.11 797.14 76.71 684.76 65.90

JM Healthcare Sector Fund

673.90 466.14 69.17 740.14 109.83

JM Equity & Derivative Fund

9,247.66 31,541.99 341.08 53,158.22 574.83

JM Arbitrage Advantage Fund

69,220.87 551,195.30 796.28 492,594.75 711.63

JM Balanced Fund

4,044.68 21,077.51 521.12 15,346.56 379.43

JM HI FI Fund 3,991.00 6,637.40 166.31 6,066.96 152.02JM Financial Services Fund

2,628.59 9,991.62 380.11 2,754.78 104.80

JM Telecom Fund 986.87 664.43 67.33 755.79 76.58JM Income Fund 2,938.69 97,029.59 3,301.80 96,810.82 3,294.35JM Short Term Fund

5,615.26 137,528.74 2,449.20 128,516.84 2,288.71

JM G-sec Fund - Regular Plan

344.01 11,500.14 3,342.97 11,360.78 3,302.46

JM G-sec Fund – PF Plan

219.34 8,255.97 3,764.04 8,095.47 3,690.87

JM G-sec Fund – PF Plus Plan

781.71 30,802.46 3,940.41 29,811.73 3,813.67

JM High Liquid-ity Fund

119,138.04 2,231,800.52 1,873.29 2,223,769.60 1,866.55

JM High Liquidity Fund - Premium Plan

458.80 568.66 123.95 1,509.60 329.03

JM Money Man-ager Fund-Super Plus Plan

197,521.35 3,308,317.43 1,674.92 3,111,830.09 1,575.44

JM Money Manager Fund-Super Plan

5,376.22 176,392.96 3,280.98 97,958.09 1,822.06

JM Money Manager Fund-Regular Plan

8,283.84 360,037.04 4,346.26 348,998.58 4,213.00

JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan)

6,417.21 54,673.45 851.98 52,290.75 814.85

JM Floater Fund - Short Term Plan

3,705.00 12,926.03 348.88 16,365.93 441.73

JM MIP Fund 1,416.15 1,421.43 100.37 2,357.14 166.45JM Interval Fund - Quarterly Plan 1

41,071.11 122,180.98 297.49 94,605.76 230.35


12,278.01 17,502.74 142.55 5,384.50 43.85


21,214.95 24,158.24 113.87 3,100.00 14.61


27,656.09 42,633.30 154.16 15,210.00 55.00


20,198.94 34,511.87 170.86 14,452.91 71.55


19,686.87 28,189.33 143.19 8,589.70 43.63

JM Fixed Maturity Fund Series IV – 13 Months Plan

7,542.53 4,765.00 63.18 3,770.04 49.98

55




In Lakhs) Sale %

JM Fixed Matu-rity Fund Series IV – 15 Months Plan – 1

4,647.86 7,226.64 155.48 6,475.39 139.32

JM Fixed Matu-rity Fund Series IV – 15 Months Plan – 2

9,386.55 13,979.00 148.93 5,120.05 54.55

JM Fixed Matu-rity Fund Series IV - Yearly

4,384.05 1,350.14 30.80 835.08 19.05

JM Fixed Maturity Fund Series VII – 13 Months Plan

26,304.60 42,406.94 161.21 16,857.15 64.08

JM Fixed Matu-rity Fund Series VII - 15 Months Plan -1

11,356.19 11,127.00 97.98 3,211.60 28.28

JM Fixed Matu-rity Fund Series VII - 18 Months Plan -1

6,081.68 5,884.91 96.76 1,638.74 26.95

JM Fixed Matu-rity Fund Series IX - 15 Months Plan -1

2,542.14 2,468.22 97.09 - -

JM Fixed Matu-rity Fund Series XI - 13 Months Plan-1

14,502.31 13,734.69 94.71 - -

JM Fixed Matu-rity Fund Series IV – Quarterly Plan 1

25,305.12 6,200.00 24.50 31,615.86 124.94


16,529.73 - - 16,388.10 99.14


9,815.72 2,840.01 28.93 13,476.89 137.30


32,050.14 731.35 2.28 32,508.04 101.43

JM Fixed Matu-rity Fund Series V – Quarterly Plan 1

28,648.01 46,292.36 161.59 46,959.98 163.92


16,848.54 23,306.99 138.33 23,469.09 139.29


11,497.81 15,030.76 130.73 15,232.84 132.48


23,550.29 29,223.40 124.09 29,386.74 124.78


17,894.15 25,367.79 141.77 25,490.08 142.45

JM Fixed Maturity Fund Series II - Y

19,626.68 1,319.12 6.72 19,499.82 99.35

JM Fixed Matu-rity Fund Series VI – Quarterly Plan 1

18,312.74 18,094.24 98.81 18,239.49 99.60


30,059.44 34,137.77 113.57 34,443.90 114.59



In Lakhs) Sale %


13,085.64 18,269.37 139.61 18,373.04 140.41


33,316.75 40,356.12 121.13 40,606.05 121.88


35,804.39 53,573.90 149.63 54,213.12 151.41

29. Borrowings if any, above 10% of the net assets of any of the scheme of a mutual fund – NIL

30. Notional Value of exposure in Derivative products:

Rs. in Lakhs % to Net Asset Value

NAV Long Short Long Short

JM Equity Fund 8,108.14 606.66 - 7.48 0.00

JM Balanced Fund 5,922.79 205.20 - 3.46 0.00

JM Emerging Leaders Fund 51,376.09 1,984.99 - 3.86 0.00

JM Basic Fund 107,591.84 7,283.81 - 6.77 0.00

JM Contra Fund 71,217.34 32,139.90 11,629.72 45.13 16.33

JM Core11 Fund - Series1 57,375.55 729.47 - 1.27 0.00

JM Agri & Infra Fund 47,669.08 4,606.35 - 9.66 0.00

JM Equity & Derivative Fund 3,351.41 - 252.09 0.00 7.52

JM Arbitrage Advantage Fund 70,656.19 - 47,365.23 0.00 67.04

31. Investments in ADR/GDR – NIL.

32. Net Asset Value (Rs. Per unit)

Scheme Option NAV Per Unit (Rs )

Face Value Per Unit (Rs)

NAV as on

JM Equity Fund Dividend 17.8593 10.0000 31-Mar-08JM Equity Fund Growth 39.7511 10.0000 31-Mar-08JM Emerging Leaders Fund Dividend 12.2991 10.0000 31-Mar-08JM Emerging Leaders Fund Growth 12.2732 10.0000 31-Mar-08JM Small & Mid-Cap Fund Dividend 11.3433 10.0000 31-Mar-08JM Small & Mid-Cap Fund Growth 11.3433 10.0000 31-Mar-08JM Core-11 Fund Series 1 Dividend 8.4400 10.0000 31-Mar-08JM Core-11 Fund Series 1 Growth 8.4400 10.0000 31-Mar-08JM Contra Fund Dividend 9.5730 10.0000 31-Mar-08JM Contra Fund Growth 9.5730 10.0000 31-Mar-08JM Agri & Infra Fund Dividend 7.0243 10.0000 31-Mar-08JM Agri & Infra Fund Growth 7.0243 10.0000 31-Mar-08JM Equity Tax Saver Fund -Series 1 Dividend 10.4091 10.0000 31-Mar-08JM Equity Tax Saver Fund -Series 1 Growth 10.4091 10.0000 31-Mar-08JM Balanced Fund Dividend 18.4405 10.0000 31-Mar-08JM Balanced Fund Growth 24.2566 10.0000 31-Mar-08JM Tax Gain Fund Dividend 9.2031 10.0000 31-Mar-08JM Tax Gain Fund Growth 9.2031 10.0000 31-Mar-08JM Hi Fi Fund Dividend 10.9981 10.0000 31-Mar-08JM Hi Fi Fund Growth 10.9982 10.0000 31-Mar-08JM Financial Services Sector Fund Dividend 12.7723 10.0000 31-Mar-08JM Financial Services Sector Fund Growth 12.7742 10.0000 31-Mar-08JM Telecom Sector Fund Dividend 10.8586 10.0000 31-Mar-08JM Telecom Sector Fund Growth 10.8578 10.0000 31-Mar-08JM Basic Fund Dividend 19.8963 10.0000 31-Mar-08JM Basic Fund Growth 26.4220 10.0000 31-Mar-08JM Auto Sector Fund Dividend 14.6642 10.0000 31-Mar-08JM Auto Sector Fund Growth 19.1595 10.0000 31-Mar-08JM Health Care Sector Fund Dividend 13.8352 10.0000 31-Mar-08JM Health Care Sector Fund Growth 17.4391 10.0000 31-Mar-08JM Arbitrage Advantage Fund Dividend 10.1868 10.0000 31-Mar-08JM Arbitrage Advantage Fund Growth 11.5859 10.0000 31-Mar-08JM Equity & Derivative Fund Bonus 11.5166 10.0000 31-Mar-08JM Equity & Derivative Fund Dividend 10.2472 10.0000 31-Mar-08JM Equity & Derivative Fund Growth 12.4290 10.0000 31-Mar-08JM Income Fund Bonus 12.2791 10.0000 31-Mar-08JM Income Fund Dividend 10.6189 10.0000 31-Mar-08JM Income Fund Growth 30.0144 10.0000 31-Mar-08JM Short Term Fund Institutional Dividend 10.3918 10.0000 31-Mar-08JM Short Term Fund Institutional Growth 10.4768 10.0000 31-Mar-08

56

Annual Report 2007-2008JM Short Term Fund Dividend 11.4644 10.0000 31-Mar-08JM Short Term Fund Growth 14.6597 10.0000 31-Mar-08JM G-sec Fund - Regular Plan Growth 22.0902 10.0000 31-Mar-08JM G-sec Fund - Regular Plan Principal 10.7469 10.0000 31-Mar-08JM G-sec Fund - Regular Plan Bonus 10.7469 10.0000 31-Mar-08JM G-sec Fund - Regular Plan Dividend 10.5610 10.0000 31-Mar-08JM G-sec Fund – PF Plan Growth 23.0701 10.0000 31-Mar-08JM G-sec Fund – PF Plan Dividend 21.1392 10.0000 31-Mar-08JM G-sec Fund – PF Plus Plan Dividend 11.2508 10.0000 31-Mar-08JM G-sec Fund – PF Plus Plan Growth 11.2483 10.0000 31-Mar-08JM High Liquidity Fund Growth 22.1257 10.0000 31-Mar-08JM High Liquidity Fund Bonus 11.6191 10.0000 31-Mar-08JM High Liquidity Fund Institutional Dividend 10.2865 10.0000 31-Mar-08JM High Liquidity Fund Institutional Growth 13.3481 10.0000 31-Mar-08JM High Liquidity Fund Super Institutional

Daily Dividend10.0000 10.0000 31-Mar-08

JM High Liquidity Fund Dividend 10.5248 10.0000 31-Mar-08JM High Liquidity Fund Daily Dividend 10.4302 10.0000 31-Mar-08JM High Liquidity Fund Super Inst Growth 12.6927 10.0000 31-Mar-08JM High Liquidity Fund Institutional Daily

Dividend10.0159 10.0000 31-Mar-08

JM High Liquidity Fund Quarterly Dividend 12.7385 10.0000 31-Mar-08JM High Liquidity Fund Super Institutional

Weekly Dividend10.0000 10.0000 31-Mar-08

JM High Liquidity Fund Premium Daily Dividend

10.0000 10.0000 31-Mar-08

JM Money Manager Fund-Super Plus Plan Daily Dividend 10.0041 10.0000 31-Mar-08JM Money Manager Fund-Super Plus Plan Fortnightly Dividend 10.0837 10.0000 31-Mar-08JM Money Manager Fund-Super Plus Plan Growth 11.3287 10.0000 31-Mar-08JM Money Manager Fund-Super Plus Plan Weekly Dividend 10.1076 10.0000 31-Mar-08JM Money Manager Fund-Super Plan Daily Dividend 10.0000 10.0000 31-Mar-08JM Money Manager Fund-Super Plan Growth 11.1085 10.0000 31-Mar-08JM Money Manager Fund-Super Plan Weekly Dividend 10.0665 10.0000 31-Mar-08JM Money Manager Fund-Regular Plan Daily Dividend 10.0002 10.0000 31-Mar-08JM Money Manager Fund-Regular Plan Growth 11.1676 10.0000 31-Mar-08JM Money Manager Fund-Regular Plan Weekly Dividend 10.1181 10.0000 31-Mar-08JM Floater Fund - Short Term Dividend 10.0883 10.0000 31-Mar-08JM Floater Fund - Short Term Growth 13.2412 10.0000 31-Mar-08JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan)

Premium Dividend 10.1501 10.0000 31-Mar-08


Premium Growth 12.4043 10.0000 31-Mar-08


Regular Dividend 12.9534 10.0000 31-Mar-08


Regular Growth 12.9113 10.0000 31-Mar-08


Premium Daily Dividend

10.0004 10.0000 31-Mar-08


Premium Weekly Dividend

10.1220 10.0000 31-Mar-08


Regular Daily Dividend 10.0004 10.0000 31-Mar-08


Regular Weekly Dividend

10.0954 10.0000 31-Mar-08

JM MIP Fund Annual Dividend 11.6991 10.0000 31-Mar-08JM MIP Fund Growth 14.0609 10.0000 31-Mar-08JM MIP Fund Monthly Dividend 10.5068 10.0000 31-Mar-08JM MIP Fund Quarterly Dividend 10.9982 10.0000 31-Mar-08JM Fixed Maturity Fund Series IV - 13 Months Plan

Dividend 10.0379 10.0000 31-Mar-08

JM Fixed Maturity Fund Series IV - 13 Months Plan

Growth 11.1818 10.0000 31-Mar-08

JM Fixed Maturity Fund Series VII - 13 Months Plan -1

Dividend 10.0389 10.0000 31-Mar-08


Growth 10.4828 10.0000 31-Mar-08


Institutional Dividend 10.0180 10.0000 31-Mar-08


Institutional Growth 10.5079 10.0000 31-Mar-08


Dividend 10.1504 10.0000 31-Mar-08


Growth 10.3885 10.0000 31-Mar-08






Dividend 10.0651 10.0000 31-Mar-08


Growth 10.1366 10.0000 31-Mar-08





JM Fixed Maturity Fund Series IV - 15 Months Plan -1

Dividend 10.0444 10.0000 31-Mar-08


Growth 11.1251 10.0000 31-Mar-08


Dividend 10.0456 10.0000 31-Mar-08


Growth 10.8969 10.0000 31-Mar-08





JM Fixed Maturity Fund Series IX - 15 Months Plan -1

Dividend 10.0383 10.0000 31-Mar-08


Growth 10.0383 10.0000 31-Mar-08





JM Fixed Maturity Fund Series VI - Quarterly Plan -1

Dividend 10.0000 10.0000 21-Nov-07


Growth 10.1957 10.0000 21-Nov-07


Institutional Dividend 10.0000 10.0000 21-Nov-07


Institutional Growth 10.2032 10.0000 21-Nov-07

JM Interval Fund Quarterly Plan -1 Dividend 10.0186 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -1 Growth 10.2381 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -1 Institutional Dividend 10.0186 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -1 Institutional Growth 10.2260 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -2 Dividend 10.0243 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -2 Growth 10.2066 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -2 Institutional Dividend 10.0246 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -2 Institutional Growth 10.2124 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -3 Dividend 10.0099 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -3 Growth 10.1216 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -3 Institutional Dividend 10.0102 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -3 Institutional Growth 10.1256 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -4 Dividend 10.0104 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -4 Growth 10.1035 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -4 Institutional Dividend 10.0107 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -4 Institutional Growth 10.1067 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -5 Dividend 10.0107 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -5 Growth 10.0932 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -5 Institutional Dividend 10.0109 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -5 Institutional Growth 10.0955 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -6 Dividend 10.0109 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -6 Growth 10.0868 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -6 Institutional Dividend 10.0112 10.0000 31-Mar-08JM Interval Fund Quarterly Plan -6 Institutional Growth 10.0893 10.0000 31-Mar-08JM Fixed Maturity Fund Series VI - Quar-terly Plan -2 *

Dividend 10.0000 10.0000 26-Nov-07

JM Fixed Maturity Fund Series VI - Quar-terly Plan -2 *

Growth 10.1994 10.0000 26-Nov-07


Institutional Dividend 10.0000 10.0000 26-Nov-07


Institutional Growth 10.2082 10.0000 26-Nov-07


Dividend 10.0000 10.0000 26-Dec-07

57

Annual Report 2007-2008JM Fixed Maturity Fund Series VI - Quar-terly Plan -3 *

Institutional Dividend 10.0000 10.0000 26-Dec-07


Institutional Growth 10.2042 10.0000 26-Dec-07


Dividend 10.0000 10.0000 20-Feb-08


Growth 10.2095 10.0000 20-Feb-08


Institutional Dividend 10.0000 10.0000 20-Feb-08


Institutional Growth 10.2219 10.0000 20-Feb-08


Dividend 10.0000 10.0000 25-Feb-08


Growth 10.2082 10.0000 25-Feb-08


Institutional Dividend 10.0000 10.0000 25-Feb-08


Institutional Growth 10.2182 10.0000 25-Feb-08

JM Fixed Maturity Fund Series IV - Yearly Dividend 10.1444 10.0000 31-Mar-08JM Fixed Maturity Fund Series IV - Yearly Growth 11.1612 10.0000 31-Mar-08JM Fixed Maturity Fund Series II - Yearly Plan *

Growth 10.8780 10.0000 03-Apr-07

JM Fixed Maturity Fund Series IV – Quarterly Plan 1 *

Dividend 10.0000 10.0000 18-Apr-07


Growth 10.2289 10.0000 18-Apr-07


Dividend 10.0000 10.0000 07-May-07


Growth 10.2354 10.0000 07-May-07


Dividend 10.0000 10.0000 15-May-07


Growth 10.2407 10.0000 15-May-07


Dividend 10.0000 10.0000 28-May-07


Growth 10.2593 10.0000 28-May-07

JM Fixed Maturity Fund Series V – Quarterly Plan 1 *

Dividend 10.0000 10.0000 18-Jul-07


Growth 10.2435 10.0000 18-Jul-07


Institutional Dividend 10.0000 10.0000 18-Jul-07


Institutional Growth 10.2556 10.0000 18-Jul-07


Dividend 10.0000 10.0000 06-Aug-07


Growth 10.2517 10.0000 06-Aug-07


Institutional Dividend 10.0000 10.0000 06-Aug-07


Institutional Growth 10.2593 10.0000 06-Aug-07


Dividend 10.0000 10.0000 14-Aug-07


Growth 10.2416 10.0000 14-Aug-07






Dividend 10.0000 10.0000 27-Aug-07


Growth 10.2293 10.0000 27-Aug-07






Dividend 10.0000 10.0000 25-Sep-07


Growth 10.2011 10.0000 25-Sep-07


Institutional Dividend 10.0000 10.0000 25-Sep-07


Institutional Growth 10.2069 10.0000 25-Sep-07

* These are closed schemes, therefore NAV per unit has been given as on the closing date.

33. Non Traded Investments exceeding 5% of NAV as on March 31, 2008.

The aggregate fair value of non traded/ thinly traded investments and fair value of non traded/ thinly traded investments individually exceeding 5% of the Net Asset Value at the end of the year is as follows:

(Rs. In Lakhs)

SchemeAggregate Value Individually

Exceeding 5% Net Asset

Amount % Amount % ValueJM Balanced Fund 1,033.15 17.45 721.84 12.19 5,922.79JM MIP Fund 455.32 35.40 452.83 35.21 1,286.25JM Equity & Derivative Fund 600.02 17.90 550.00 16.41 3,351.41JM Arbitrage Advantage Fund 2,892.27 4.08 0.00 0.00 70,656.19JM High Liquidity Fund 69,038.30 96.01 31,739.23 44.15 71,903.90JM Income Fund 2,607.17 78.68 2,607.17 78.68 3,313.41JM Short Term Fund 10,489.44 94.93 8,517.57 77.07 11,050.76JM Liquid Plus Fund (Formerly JM Floater Fund - Long Term Plan)

2,551.78 73.15 2,033.24 58.28 3,488.68

JM Floater Fund - Short Term Plan 1,055.53 47.21 904.48 40.46 2,235.78JM Money Manager Fund-Regular Plan 11,457.16 674.36 11,299.92 665.11 1,698.96JM Money Manager Fund-Super Plan 80,478.39 96.45 59,306.13 71.08 83,448.86JM Money Manager Fund-Super Plus Plan 233,082.46 94.38 0.00 0.00 246,913.30JM Fixed Maturity Fund Series IV - 15 Months Plan 1 3,810.10 78.54 3,573.73 73.66 4,850.93JM Fixed Maturity Fund Series IV - 13 Month Plan 3,718.21 47.04 3,517.20 44.50 7,903.71JM Fixed Maturity Fund Series IV - Yearly 1,365.53 30.11 1,099.19 24.24 4,535.40JM Fixed Maturity Fund Series VII - 13 Month Plan 26,100.60 97.59 25,933.22 96.96 26,744.36JM Fixed Maturity Fund Series VII - 18 Month Plan 4,273.33 69.89 3,975.93 65.03 6,114.78JM Fixed Maturity Fund Series IV - 15 Months Plan 2 8,875.48 91.37 8,875.48 91.37 9,713.88JM Fixed Maturity Fund Series VII - 15 Months Plan 1 7,856.67 68.60 7,460.71 65.14 11,451.34JM Fixed Maturity Fund Series IX - 15 Months Plan 1 2,473.21 97.09 2,473.21 97.09 2,547.27JM Fixed Maturity Fund Series XI - 13 Months Plan 1 13,751.15 94.79 13,751.15 94.79 14,507.66JM Interval Fund - Quarterly Plan 1 28,197.28 97.47 28,097.28 97.12 28,931.52JM Interval Fund - Quarterly Plan 2 11,271.91 91.29 11,271.91 91.29 12,347.66JM Interval Fund - Quarterly Plan 3 21,188.00 99.44 20,688.70 97.10 21,304.02JM Interval Fund - Quarterly Plan 4 27,685.04 99.88 27,658.62 99.79 27,717.50JM Interval Fund - Quarterly Plan 5 20,217.10 99.76 20,217.10 99.76 20,263.75JM Interval Fund - Quarterly Plan 6 19,631.62 99.41 19,631.62 99.41 19,749.09

34. Shares pending registration/under objection. The values for following have been provided for in the accounts in earlier years.

Company Scheme Quantity Amount (Rs. In Lakhs)

Reliance Industries Ltd JM Equity Fund 856 1.57

JM Balanced Fund 175 0.32

JM Basic Fund 13,942 20.72

Hindustan Lever Ltd. JM Equity Fund 4,110 4.19

35. The value for following Non Performing assets have been written off in the accounts in earlier years and are carried at nominal value.

Company Type of Security Scheme Quantity Amount (Rs. In Lakhs)

Flora Textiles Ltd Equity Shares JM Equity Fund 1,95,000 0.02

JM Balanced Fund 60,000 0.01

HMG Industries Ltd Debentures JM Balanced Fund 45,000 0.00 #

JM Income Fund 5,000 0.00 #

# Less than Rs. One thousand.

58


PORTFOLIO HOLDING ANNEXURE 31.03.2008

JM EQUITY FUND Rs. In lakhs

Name of the Instruments Industry/Rating

Quantity Market Value

% age to NAV

% age to Total Mar-

ket Value of Investment

EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeBombay Rayon Fashions Ltd. Textile Products 224,000 651.50 8.04 8.44 Satyam Computer Services Ltd. Software 162,450 643.87 7.94 8.34 Voltas Ltd. Consumer

Durables 300,000 538.95 6.65 6.98

Apollo Tyres Ltd. Auto Ancillaries 1,278,290 527.93 6.51 6.84 Grasim Industries Ltd. Cement 19,652 506.10 6.24 6.56 Bharati Shipyard Ltd. Industrial

Capital Goods 91,150 495.86 6.12 6.42

Maruti Suzuki India Ltd. Auto 59,050 488.34 6.02 6.33 Tata Power Co. Ltd. Power 34,000 398.31 4.91 5.16 IVRCL Infrastructures & Projects Ltd. Construction 90,000 365.04 4.50 4.73 Reliance Communications Ltd. Telecom -

Services 71,500 364.47 4.50 4.72

Hindustan Construction Co. Ltd. Construction 270,000 357.48 4.41 4.63 United Phosphorous Ltd. Pesticides 135,556 355.36 4.38 4.60 JSW Steel Ltd. Ferrous Metals 36,000 294.95 3.64 3.82 Jet Airways (India) Ltd. Transportation 48,900 272.40 3.36 3.53 Balrampur Chini Mills Ltd. Consumer Non

Durables 320,000 258.72 3.19 3.35

Tech Mahindra Ltd. Software 34,000 239.79 2.96 3.11 Punj Lloyd Ltd. Construction 67,500 209.79 2.59 2.72 Suzlon Energy Ltd. Industrial

Capital Goods 70,000 184.66 2.28 2.39

Nahar Industrial Enterprises Ltd. Textiles - Cotton 200,000 174.00 2.15 2.25 Renaissance Jewellery Ltd. Consumer Non

Durables 23,032 16.54 0.20 0.21

Simplex Projects Ltd. Construction 4,877 10.71 0.13 0.14 McDowell India Spirits Ltd. Beverages 4,000 6.85 0.08 0.09 Renaissance Jewellery Ltd. Detach-able Warrant

Consumer Non Durables

11,516 1.38 0.02 0.02

Unitech Ltd. Construction 200 0.55 0.01 0.01 Hindustan Lever Ltd. # Consumer Non

Durables 4,110 4.19 0.05 0.05

Reliance Industries Ltd. # Petroleum Products

856 1.57 0.02 0.02

Flora Textiles Ltd.* Textile Products 195,000 0.02 0.00^ 0.00^ Less: Provision (5.78) (0.07) (0.07)Sub Total: 7,363.55 90.83 95.39 (Cost : 7907.27)b) Unlisted NIL NIL NIL Total: 7,363.55 90.83 95.39(Cost : 7907.27)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 355.55 4.37 4.61 Sub Total: 355.55 4.37 4.61 (Cost : 355.55)Total: 7,719.10 95.20 100.00 (Cost : 8262.82)Net Current Assets 389.60 4.80 Net Assets 8,108.70 100.00

Following is the position of Equity Futures - Long/(Short) at the end of the Year / period

Name of Scrip Quantity Notional Market Value

Unitech Ltd.-APR2008 Equity Futures 114,300 313.98

Reliance Communications Ltd-APR2008 Equity Futures 57,750 292.68

Total 606.66

* NPA , ^ Less than 0.01%# Shares pending registration / Under objection

JM JM EQUITY TAX SAVER FUND - SERIES I FUND Rs. In lakhs

Name of the Instruments Industry/Rating Quantity Market Value

% age to NAV

% age to Total Mar-


EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeJindal Steel & Power Ltd. Ferrous Metals 5,000 103.50 7.37 7.66 Sintex Industries Ltd. Industrial Products 25,900 92.01 6.56 6.81 Hanung Toys and Textiles Ltd. Consumer Non

Durables 41,000 88.25 6.29 6.53

Voltas Ltd. Consumer Durables 47,210 84.81 6.05 6.28 Action Construction Equipment Ltd. Industrial Capital

Goods 101,025 77.08 5.50 5.71

Bharati Shipyard Ltd. Industrial Capital Goods

14,000 76.16 5.43 5.64

Deccan Aviation Ltd. Transportation 60,500 73.81 5.26 5.46 Maruti Suzuki India Ltd. Auto 8,590 71.04 5.07 5.26 Sanghvi Movers Ltd. Industrial Capital

Goods 31,855 69.87 4.98 5.17

Spicejet Ltd. Transportation 164,500 67.12 4.79 4.97 Unitech Ltd. Construction 22,500 62.15 4.43 4.60 Century Textile & Industries Ltd. Cement 8,500 61.84 4.41 4.58 Kalpana Industries Ltd. Industrial Capital

Goods 70,000 57.47 4.10 4.25

Apollo Tyres Ltd. Auto Ancillaries 131,000 54.10 3.86 4.00 Deccan Chronicle Holdings Ltd. Media &

Entertainment 28,900 46.79 3.34 3.46

Sujana Towers Ltd. Power Transmission Equipment

40,000 45.32 3.23 3.35

Renaissance Jewellery Ltd. Consumer Non Durables

62,647 44.98 3.21 3.33

Mahindra & Mahindra Ltd. Auto 5,875 40.95 2.92 3.03 Sobha Developers Ltd. Construction 6,500 39.24 2.80 2.90 Maharashtra Seamless Ltd. Ferrous Metals 10,500 32.09 2.29 2.38 House Of Pearl Fashions Ltd. Textile Products 20,000 27.56 1.97 2.04 Kalpataru Power Transmission Ltd. Power 2,300 24.79 1.77 1.84 Supreme Infrastructure India Ltd. Construction 2,509 2.04 0.15 0.15 Renaissance Jewellery Ltd. Detachable Warrant


2,324 0.28 0.02 0.02

Sub Total: 1,343.25 95.80 99.42 (Cost : 1350.93)b) Unlisted NIL NIL NIL Total: 1,343.25 95.80 99.42(Cost : 1350.93)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 7.68 0.55 0.58 Sub Total: 7.68 0.55 0.58 (Cost : 7.68)Total: 1,350.93 96.35 100.00 (Cost : 1358.61)Net Current Assets 51.18 3.65 Net Assets 1,402.11 100.00

JM BALANCED FUND Rs. In lakhs


% age to NAV

% age to Total Mar-


EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeIVRCL Infrastructures & Projects Ltd. Construction 100,000 405.60 6.85 6.65 Century Textile & Industries Ltd. Cement 51,420 374.11 6.32 6.13 Karnataka Bank Ltd. Banks 168,775 337.97 5.70 5.54 I T C Ltd. Consumer Non

Durables 155,500 320.72 5.42 5.26

Unitech Ltd. Construction 115,300 318.46 5.38 5.22 Maharashtra Seamless Ltd. Ferrous Metals 100,000 305.65 5.16 5.01 3i Infotech Ltd. Software 300,000 296.70 5.01 4.87 Balrampur Chini Mills Ltd. Consumer Non

Durables 313,000 253.06 4.27 4.15

ICICI Bank Ltd. Banks 28,928 222.57 3.76 3.65

59

Annual Report 2007-2008Ruchi Soya Industries Ltd. Consumer Non

Durables 250,000 218.50 3.69 3.58

Industrial Development Bank of India Ltd.

Banks 197,500 175.97 2.97 2.89

PSL Ltd. Ferrous Metals 60,000 175.68 2.97 2.88 Monnet Ispat Ltd. Ferrous Metals 30,000 146.90 2.48 2.41 Cholamandalam DBS Finance Ltd. Finance 83,096 133.91 2.26 2.20 Renaissance Jewellery Ltd. Consumer Non

Durables 176,139 126.47 2.14 2.07

Alstom Ltd. Industrial Capital Goods

7,500 116.03 1.96 1.90

Andhra Bank Banks 158,000 116.29 1.96 1.91 Emco Ltd. Industrial Capital

Goods 54,375 115.98 1.96 1.90

Kalindee Rail Nirman (Engineers) Ltd.

Construction 30,500 86.96 1.47 1.43

Era Constructions (India) Ltd. Construction 12,500 74.81 1.26 1.23 Apollo Tyres Ltd. Auto Ancillaries 175,000 72.28 1.22 1.19 Deccan Chronicle Holdings Ltd. Media & Entertain-

ment 35,000 56.67 0.96 0.93

Grasim Industries Ltd. Cement 2,100 54.08 0.91 0.89 McNally Bharat Engineering Co Ltd. Industrial Capital

Goods 27,000 46.44 0.78 0.76

Reliance Industries Ltd. # Petroleum Products 175 0.32 0.01 0.01 Flora Textiles Ltd.* Textile Products 60,000 0.01 0.00^ 0.00^ Less: Provision (0.33) (0.01) (0.01)Sub Total: 4,551.81 76.86 74.65 (Cost : 6139.79)b) Unlisted NIL NIL NIL Total: 4,551.81 76.86 74.65(Cost : 6139.79)DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeIndian Railway Finance Corporation Ltd**

AAA 8 80.48 1.36 1.32

DSP Merrill Lynch Capital Ltd** AAA(fso) 2 19.87 0.34 0.33 Sub Total: 100.35 1.70 1.65 (Cost : 100.62)b) Privately Placed / UnlistedUnion Bank Of India** AA+ 42 420.00 7.09 6.89 Citi Finance Consumer Finance Ltd** AAA 30 301.84 5.10 4.95 Citicorp Maruti Finance Ltd ** AAA 16 161.13 2.72 2.64 Kotak Mahindra Invt Ltd** A1+ 4 39.81 0.67 0.65 GE Capital Services India Ltd** AAA 1 10.02 0.17 0.16 HMG Industries Ltd* - 45,000 - 0.00^ 0.00^ Sub Total: 932.80 15.75 15.29 (Cost : 935.65)Total: 1,033.15 17.45 16.94 (Cost : 1036.27)MONEY MARKET INSTRUMENTSTreasury Bills182 Days T-Bill 25/07/08 SOV 190,337 186.04 3.14 3.05 Sub Total: 186.04 3.14 3.05 (Cost : 185.88)OTHERSCBLO / Reverse Repo 327.53 5.51 5.36 Sub Total: 327.53 5.51 5.36 (Cost : 327.53)Total: 6,098.53 102.96 100.00 (Cost : 7689.47)Net Current Assets (175.46) (2.96)Net Assets 5,923.07 00.00



Unitech Ltd-APR2008 Equity Futures 74,700 205.20

Total 205.20

* NPA# Shares pending registration / Under objection** Thinly Traded/ Non Traded., ^ Less than 0.01%

JM EMERGING LEADERS FUND Rs. In lakhs



% age to NAV

% age to Total Mar-


EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeBombay Rayon Fashions Ltd. Textile Products 1,535,413 4,465.75 8.69 8.98 Emco Ltd. Industrial

Capital Goods 1,914,634 4,083.91 7.95 8.22

Mphasis BFL Ltd. Software 1,668,575 3,366.35 6.55 6.77 XL Telecom Ltd. Telecom

- Equipment & Accessories

1,691,507 3,322.97 6.46 6.69

Sintex Industries Ltd. Industrial Products

900,992 3,200.77 6.23 6.44

Gitanjali Gems Ltd. Consumer Non Durables

1,396,300 3,085.12 6.00 6.21

Hanung Toys and Textiles Ltd. Consumer Non Durables

1,405,899 3,026.20 5.89 6.09

Century Textile & Industries Ltd. Cement 382,900 2,785.79 5.42 5.60 3i Infotech Ltd. Software 2,688,118 2,658.55 5.17 5.35 Nagarjuna Construction Co. Ltd. Construction 1,195,362 2,566.44 5.00 5.16 Rajesh Exports Ltd. Consumer Non

Durables 3,046,400 2,362.48 4.60 4.75


424,044 2,306.80 4.49 4.64

Action Construction Equipment Ltd. Industrial Capital Goods

2,732,230 2,084.69 4.05 4.19

Simplex Projects Ltd. Construction 865,934 1,901.59 3.70 3.83 Spicejet Ltd. Transportation 4,644,025 1,894.76 3.68 3.81 Bartronics India Ltd. Software 1,039,080 1,569.01 3.05 3.16 Asian Electronics Ltd. Industrial

Capital Goods 753,471 1,499.79 2.92 3.02

Jet Airways (India) Ltd. Transportation 267,050 1,487.60 2.90 2.99 Tulip It Services Ltd. Telecom -

Services 109,275 934.74 1.82 1.88

BGR Energy Systems Ltd Industrial Capital Goods

1,792 6.13 0.01 0.01

Sub Total: 48,609.44 94.58 97.79 (Cost : 58915.84)b) Unlisted NIL NIL NIL Total: 48,609.44 94.58 97.79(Cost : 58915.84)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 1,094.05 2.13 2.21 Sub Total: 1,094.05 2.13 2.21 (Cost : 1094.05)Total: 49,703.49 96.71 100.00 (Cost : 60009.89)Net Current Assets 1,691.03 3.29 Net Assets 51,394.52 100.00



Bombay Rayon Fashions Ltd.-APR2008 Equity Futures 345,000 1,011.54

Gitanjali Gems Ltd.-APR2008 Equity Futures 244,500 545.85

Nagarjuna Construction Co. Ltd.-APR2008 Equity Futures 200,000 427.60

Total 1,984.99

# Shares pending registration / Under objection

JM SMALL & MID-CAP FUND Rs. In lakhs



% age to NAV

% age to Total Mar-


EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeHanung Toys and Textiles Ltd. Consumer Non

Durables 1,034,793 2,227.39 10.72 10.88

Bombay Rayon Fashions Ltd. Textile Products 654,947 1,904.91 9.17 9.30 Sintex Industries Ltd. Industrial

Products 457,355 1,624.75 7.82 7.93

60


Emco Ltd. Industrial Capital Goods

726,465 1,549.55 7.46 7.57

Sujana Towers Ltd. Power Transmission Equipment

1,353,753 1,533.80 7.38 7.49

Tulip IT Services Ltd. Telecom - Services

156,369 1,337.58 6.43 6.52

Apollo Tyres Ltd. Auto Ancillaries 3,213,619 1,327.23 6.39 6.48 Gitanjali Gems Ltd. Consumer Non

Durables 566,020 1,250.62 6.02 6.11

Spicejet Ltd. Transportation 2,841,109 1,159.17 5.58 5.66 Bharati Shipyard Ltd. Industrial

Capital Goods 211,004 1,147.86 5.52 5.60

Country Club India Ltd. Hotels 149,800 915.05 4.40 4.47 Century Textile & Industries Ltd. Cement 116,935 850.76 4.09 4.15 Nagarjuna Construction Co. Ltd. Construction 388,111 833.28 4.01 4.07 Simplex Projects Ltd. Construction 277,592 609.59 2.93 2.98 Hindustan Construction Co. Ltd. Construction 397,220 525.92 2.53 2.57 3i Infotech Ltd. Software 503,356 497.82 2.40 2.43 House Of Pearl Fashions Ltd. Textile Products 360,355 496.57 2.39 2.42 Ansal Properties & Infrastructure Ltd.

Construction 301,176 466.22 2.24 2.28

Renaissance Jewellery Ltd. Consumer Non Durables

50,419 36.20 0.17 0.18

BGR Energy Systems Ltd Industrial Capital Goods

2,192 7.50 0.04 0.04

Renaissance Jewellery Ltd. Detach-able Warrant


25,210 3.01 0.01 0.01

Sub Total: 20,304.78 97.70 99.14 (Cost : 20849.08)b) Unlisted NIL NIL NIL Total: 20,304.78 97.70 99.14(Cost : 20849.08)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 176.70 0.85 0.86 Sub Total: 176.70 0.85 0.86 (Cost : 176.7)Total: 20,481.48 98.55 100.00 (Cost : 21025.78)Net Current Assets 302.18 1.45 Net Assets 20,783.66 100.00

JM CONTRA FUND Rs. In lakhs



% age to NAV

% age to Total Mar-


EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeBombay Rayon Fashions Ltd. Textile Products 2,274,050 6,614.07 9.29 12.44 Voltas Ltd. Consumer

Durables 3,335,162 5,991.62 8.41 11.27

Apollo Tyres Ltd. Auto Ancillaries 11,946,042 4,933.72 6.93 9.28 Century Textile & Industries Ltd. Cement 555,002 4,037.92 5.67 7.59 Jet Airways (India) Ltd. Transportation 660,586 3,679.79 5.17 6.92 3i Infotech Ltd. Software 3,328,000 3,291.39 4.62 6.19 Spicejet Ltd. Transportation 8,036,111 3,278.73 4.60 6.17 Balrampur Chini Mills Ltd. Consumer Non

Durables 3,485,000 2,817.62 3.96 5.30

Nagarjuna Construction Co. Ltd. Construction 1,275,300 2,738.07 3.84 5.15 Maharashtra Seamless Ltd. Ferrous Metals 778,150 2,378.42 3.34 4.47 PSL Ltd. Ferrous Metals 731,797 2,142.70 3.01 4.03 Gitanjali Gems Ltd. Consumer Non

Durables 890,153 1,966.79 2.76 3.70

Satyam Computer Services Ltd. Software 470,000 1,862.85 2.62 3.50 Ansal Properties & Infrastructure Ltd.

Construction 1,186,500 1,836.70 2.58 3.45

Mphasis BFL Ltd. Software 600,000 1,210.50 1.70 2.28 Punj Lloyd Ltd. Construction 219,300 681.58 0.96 1.28 Clutch Auto Ltd. Auto Ancillaries 820,743 510.91 0.72 0.96 Praj Industries Ltd. Industrial

Capital Goods 200,000 272.40 0.38 0.51

Reliance Industries Ltd. Petroleum Products

6,700 151.81 0.21 0.29

Reliance Petroleum Ltd. Petroleum Products

93,000 145.27 0.20 0.27

Sub Total: 50,542.86 70.97 95.05 (Cost : 57991.98)b) Unlisted NIL NIL NIL Total: 50,542.86 70.97 95.05(Cost : 57991.98)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 2,634.43 3.70 4.95 Sub Total: 2,634.43 3.70 4.95 (Cost : 2634.43)Total: 53,177.29 74.67 100.00 (Cost : 60626.41)Net Current Assets # 18,043.02 25.33 Net Assets 71,220.31 100.00


Name of Scrip Quantity Notional Value

Reliance Industries Ltd APR2008 Equity Futures 255,825 5,805.69

Reliance Petroleum Ltd.APR2008 Equity Futures 3,453,850 5,403.55

Infosys Technologies Ltd.APR2008 Equity Futures 329,400 4,722.94

Satyam Computer Services Ltd.APR2008 Equity Futures 1,102,800 4,365.43

Bharat Heavy Electricals Ltd.APR2008 Equity Futures 200,475 4,127.18

Reliance Capital Ltd.APR2008 Equity Futures 189,750 2,339.81

Praj Industries Ltd.APR2008 Equity Futures 1,399,200 1,907.81

Balrampur Chini Mills Ltd.APR2008 Equity Futures 1,622,400 1,306.84

Punj Lloyd Ltd.APR2008 Equity Futures 249,750 774.60

3i Infotech Ltd.APR2008 Equity Futures 761,400 745.41

Bombay Rayon Fashions Ltd.APR2008 Equity Futures 218,500 640.64

Hindustan Unilever Ltd.APR2008 Equity Futures (633,000) (1,454.95)

I T C Ltd.APR2008 Equity Futures (1,433,250) (2,960.38)

Nifty APR2008 Nifty Index Futures (152,450) (7,214.39)

Total 20,510.18

# Net Current Assets includes Rs.17,352 lakhs as margin money paid for equity futures to Stock Exchange & PCM.

JM CORE 11 FUND - SERIES 1 Rs. In lakhs



% age to NAV

% age to Total Mar-


EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeVoltas Ltd. Consumer

Durables 3,152,108 5,662.76 9.88 11.19

Mahindra & Mahindra Ltd. Auto 766,445 5,342.50 9.31 10.55 Infrastructure Devlopment Finance Co. Ltd.

Finance 3,314,000 5,004.14 8.72 9.88

Praj Industries Ltd. Industrial Capital Goods

3,675,356 5,005.83 8.72 9.88

Country Club India Ltd. Hotels 761,426 4,651.17 8.11 9.18 Rajesh Exports Ltd. Consumer Non

Durables 5,935,965 4,603.34 8.02 9.10

Gitanjali Gems Ltd. Consumer Non Durables

2,034,165 4,494.49 7.83 8.87

Hindustan Construction Co. Ltd. Construction 3,317,094 4,391.83 7.65 8.67 Bajaj Hindusthan Ltd. Consumer Non

Durables 2,242,215 4,225.45 7.36 8.34

Punj Lloyd Ltd. Construction 1,322,808 4,111.29 7.17 8.12 Diamond Cable Ltd. Power Cables 927,100 3,125.72 5.45 6.17 Sub Total: 50,618.52 88.22 99.95 (Cost : 61466.23)b) Unlisted NIL NIL NIL Total: 50,618.52 88.22 99.95 MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 31.85 0.06 0.05 Sub Total: 31.85 0.06 0.05 (Cost : 31.85)

61


Total : 50,650.37 88.28 100.00 (Cost : 61498.08)Net Current Assets 6,725.43 11.72 Net Assets 57,375.80 100.00



Rajesh Exports Ltd.-APR2008 Equity Futures 580,800 450.41

Gitanjali Gems Ltd.-APR2008 Equity Futures 125,000 279.06

Total 729.47

JM TAX GAIN FUND Rs. In lakhs


% age to NAV

% age to Total Market

Value of Investment

EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeMphasis BFL Ltd. Software 190,000 383.33 6.96 6.16 Voltas Ltd. Consumer Durables 200,000 359.30 6.51 5.77 Reliance Industries Ltd. Petroleum Products 15,500 351.20 6.37 5.64 Punj Lloyd Ltd. Construction 111,500 346.54 6.28 5.57 Balrampur Chini Mills Ltd. Consumer Non

Durables 400,000 323.40 5.86 5.19

Bombay Rayon Fashions Ltd. Textile Products 100,000 290.85 5.27 4.67 Praj Industries Ltd. Industrial Capital

Goods 200,000 272.40 4.94 4.37

ICICI Bank Ltd. Banks 25,000 192.35 3.49 3.09 Rajesh Exports Ltd. Consumer Non

Durables 234,000 181.47 3.29 2.91

Bharat Heavy Electricals Ltd. Industrial Capital Goods

8,000 164.91 2.99 2.65

Kotak Mahindra Bank Ltd. Banks 25,500 159.60 2.89 2.56 Sintex Industries Ltd. Industrial Products 44,500 158.09 2.87 2.54 Bharati Shipyard Ltd. Industrial Capital

Goods 27,500 149.60 2.71 2.40

Reliance Petroleum Ltd. Petroleum Products 95,200 148.70 2.70 2.39 Hindustan Construction Co. Ltd. Construction 100,000 132.40 2.40 2.13 Tech Mahindra Ltd. Software 14,500 102.26 1.85 1.64 Country Club India Ltd. Hotels 16,500 100.79 1.83 1.62 Jaiprakash Associates Ltd. Construction 44,500 100.81 1.83 1.62 Spicejet Ltd. Transportation 200,000 81.60 1.48 1.31 Gitanjali Gems Ltd. Consumer Non

Durables 25,000 55.24 1.00 0.89

XL Telecom Ltd. Telecom - Equip-ment & Accessories

10,000 19.64 0.36 0.32

Sub Total: 4,074.48 73.88 65.44 (Cost : 4580.42)b) Unlisted NIL NIL NIL Total: 4,074.48 73.88 65.44(Cost : 4580.42)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 2,151.99 38.99 34.56 Sub Total: 2,151.99 38.99 34.56 (Cost : 2151.99)Total: 6,226.47 112.87 100.00 (Cost : 6732.41)Net Current Assets (709.92) (12.87)Net Assets 5,516.55 100.00

JM AGRI & INFRA FUND Rs. In lakhs


% age to NAV

% age to Total Mar-


EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangePSL Ltd. Ferrous Metals 1,305,287 3,821.88 8.02 9.18 Hindustan Construction Co. Ltd. Construction 2,878,000 3,810.47 7.99 9.16 IVRCL Infrastructures & Projects Ltd. Construction 904,800 3,669.87 7.70 8.82 Gujarat NRE Coke Ltd. Minerals/Mining 2,500,000 3,451.25 7.24 8.29

United Phosphorous Ltd. Pesticides 1,035,605 2,714.84 5.70 6.52 Century Textile & Industries Ltd. Cement 358,956 2,611.58 5.48 6.27 Bharati Shipyard Ltd. Industrial Capital

Goods 455,410 2,477.43 5.20 5.95

Voltas Ltd. Consumer Durables 1,206,800 2,168.02 4.55 5.21 Asian Electronics Ltd. Industrial Capital

Goods 1,040,000 2,070.12 4.34 4.97

Ruchi Soya Industries Ltd. Consumer Non Durables

1,866,386 1,631.22 3.42 3.92

Balrampur Chini Mills Ltd. Consumer Non Durables

1,812,000 1,465.00 3.07 3.52

Punj Lloyd Ltd. Construction 447,000 1,389.28 2.91 3.34 Praj Industries Ltd. Industrial Capital

Goods 1,000,000 1,362.00 2.86 3.27

Rajesh Exports Ltd. Consumer Non Durables

1,699,986 1,318.34 2.77 3.17

Nagarjuna Construction Co. Ltd. Construction 519,566 1,115.51 2.34 2.68 Jindal Steel & Power Ltd. Ferrous Metals 51,835 1,072.98 2.25 2.58 Sterlite Industries (India) Ltd. Non - Ferrous Metals 129,000 921.71 1.93 2.21 JSW Steel Ltd. Ferrous Metals 104,000 852.07 1.79 2.05 Sujana Towers Ltd. Power Transmission

Equipments 590,665 669.22 1.40 1.61

Suzlon Energy Ltd. Industrial Capital Goods

137,713 363.29 0.76 0.87

Bajaj Hindusthan Ltd. Consumer Non Durables

190,000 358.06 0.75 0.86

Kaveri Seed Company Ltd. Consumer Non Durables

110,779 310.07 0.65 0.74

KRBL Ltd. Consumer Non Durables

26,568 30.79 0.06 0.07

Transformers and Rectifiers (India) Ltd.

Industrial Capital Goods

869 3.44 0.01 0.01

Sub Total: 39,658.44 83.19 95.27 (Cost : 54963.61)b) UNLISTEDPipapav Shipyard Ltd. $ Industrial Capital

Goods 250,000 31.38 0.07 0.08

Sub Total: 31.38 0.07 0.08 (Cost : 200)Total: 39,689.82 83.26 95.35 (Cost : 55163.61)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 1,930.86 4.05 4.65 Sub Total: 1,930.86 4.05 4.65 (Cost : 1930.86)Total: 41,620.68 87.31 100.00 (Cost : 57094.47)Net Current Assets 6,049.05 12.69 Net Assets 47,669.73 100.00



Bajaj Hindusthan Ltd.-APR2008 Equity Futures 224,200 422.73

Bombay Rayon Fashions Ltd.-APR2008 Equity Futures 197,800 579.95

Larsen & Toubro Ltd.-APR2008 Equity Futures 34,800 1,053.10

Praj Industries Ltd.-APR2008 Equity Futures 999,900 1,363.36

Punj Lloyd Ltd.-APR2008 Equity Futures 325,500 1,009.54

Voltas Ltd.-APR2008 Equity Futures 99,900 177.67

Total 4,606.35

$ Illquid

JM HI FI FUND Rs. In lakhs



% age to NAV

% age to Total Mar-


EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeInfrastructure Devlopment Finance Co. Ltd.

Finance 160,200 241.90 6.74 6.68

Voltas Ltd. Consumer Durables

132,600 238.22 6.63 6.57

62

Annual Report 2007-2008Kalindee Rail Nirman (Engineers) Ltd.

Construction 83,500 238.06 6.63 6.57

Unitech Ltd. Construction 80,000 220.96 6.16 6.10 Everest Kanto Cylinder Ltd. Industrial

Products 80,000 215.28 6.00 5.94

Maruti Suzuki India Ltd. Auto 25,000 206.75 5.76 5.71 Jai Corp Ltd. Ferrous Metals 39,000 200.87 5.60 5.54 Havell's India Ltd. Consumer

Durables 38,200 178.53 4.97 4.93

Canara Bank Banks 75,000 168.83 4.70 4.66 IL&FS Investment Managers Ltd. Finance 60,000 150.93 4.20 4.17 Era Constructions (India) Ltd. Construction 24,000 143.64 4.00 3.96 Punjab National Bank Banks 28,000 142.87 3.98 3.94 Hindustan Construction Co. Ltd. Construction 100,000 132.40 3.69 3.65 Bharat Bijlee Ltd. Industrial

Capital Goods 4,635 116.84 3.25 3.22

Cholamandalam DBS Finance Ltd. Finance 70,236 113.18 3.15 3.12 Siemens Ltd. Industrial

Capital Goods 18,000 110.95 3.09 3.06

Axis Bank Ltd. Banks 14,000 110.58 3.08 3.05 Kalpana Industries Ltd. Industrial

Products 130,000 106.73 2.97 2.95

Parsvnath Developers Ltd. Construction 50,000 105.08 2.93 2.90 Simplex Projects Ltd. Construction 45,000 98.82 2.75 2.73 McNally Bharat Engineering Co Ltd. Industrial

Capital Goods 53,383 91.82 2.56 2.53

India Cements Ltd. Cement 45,000 84.06 2.34 2.32 Dena Bank Banks 100,000 50.80 1.42 1.40 BGR Energy Systems Ltd Industrial

Capital Goods 717 2.45 0.07 0.07

Supreme Infrastructure India Ltd. Construction 2,509 2.04 0.06 0.06 Sub Total: 3,472.59 96.73 95.83 (Cost : 4236.22)b) Unlisted NIL NIL NIL Total: 3,472.59 96.73 95.83(Cost : 4236.22)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 151.08 4.21 4.17 Sub Total: 151.08 4.21 4.17 (Cost : 151.08)Total: 3,623.67 100.94 100.00 (Cost : 4387.3)Net Current Assets (33.66) (0.94)Net Assets 3,590.01 100.00

JM FINANCIAL SERVICES FUND Rs. In lakhs


% age to NAV


Value of Investment

EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeICICI Bank Ltd. Banks 97,760 752.17 11.64 11.47 Axis Bank Ltd. Banks 76,370 603.21 9.33 9.20 Infrastructure Devlopment Finance Co. Ltd.

Finance 381,400 575.92 8.91 8.79

Bank Of India Banks 219,500 555.88 8.60 8.48 Reliance Capital Ltd. Finance 41,570 510.81 7.90 7.79 State Bank Of India Banks 25,000 400.06 6.19 6.10 Canara Bank Banks 149,890 337.40 5.22 5.15 LIC Housing Finance Ltd. Finance 112,000 315.79 4.89 4.82 Cholamandalam DBS Finance Ltd. Finance 164,396 264.92 4.10 4.04 Punjab National Bank Banks 50,580 258.08 3.99 3.94 India Infoline Ltd. Finance 31,000 238.31 3.69 3.64 Kotak Mahindra Bank Ltd. Banks 36,250 226.89 3.51 3.46 Mahindra & Mahindra Financial Services Ltd.

Finance 75,000 210.19 3.25 3.21

Karnataka Bank Ltd. Banks 93,800 187.83 2.91 2.87 Shriram Transport Finance Co. Ltd. Finance 53,671 181.19 2.80 2.76 IL&FS Investment Managers Ltd. Finance 61,116 153.74 2.38 2.35 JM Financial Ltd. Finance 10,537 139.27 2.15 2.12 ING Vysya Bank Ltd. Banks 40,000 133.92 2.07 2.04 Srei Infrastructure Finance Ltd. Finance 65,000 87.88 1.36 1.34

State Bank Of India (Rights)** Banks 1,600 25.44 0.39 0.39 Sub Total: 6,158.90 95.28 93.96 (Cost : 7981.7)b) Unlisted NIL NIL NIL Total: 6,158.90 95.28 93.96(Cost : 7981.7)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 396.03 6.14 6.04 Sub Total: 396.03 6.14 6.04 (Cost : 396.03)Total: 6,554.93 101.42 100.00 (Cost : 8377.73)Net Current Assets (91.34) (1.42)Net Assets 6,463.57 100.00

JM BASIC FUND Rs. In lakhs



% age to NAV

% age to Total Mar-


EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeSintex Industries Ltd. Industrial

Products 2,481,832 8,816.71 8.19 8.44


1,309,012 7,121.03 6.62 6.82

Voltas Ltd. Consumer Durables

3,783,818 6,797.63 6.32 6.51

Hindustan Construction Co. Ltd. Construction 4,236,855 5,609.60 5.21 5.37 Emco Ltd. Industrial

Capital Goods 2,617,335 5,582.78 5.19 5.34

PSL Ltd. Ferrous Metals 1,706,189 4,995.72 4.64 4.78 Nagarjuna Construction Co. Ltd. Construction 2,215,030 4,755.67 4.42 4.55 IVRCL Infrastructures & Projects Ltd. Construction 1,160,993 4,708.99 4.38 4.51 Punj Lloyd Ltd. Construction 1,489,900 4,630.61 4.30 4.43 Infrastructure Devlopment Finance Co. Ltd.

Finance 3,063,000 4,625.13 4.30 4.43

Action Construction Equipment Ltd. Industrial Capital Goods

5,897,815 4,500.03 4.18 4.31

Era Constructions (India) Ltd. Construction 743,721 4,451.17 4.14 4.26 Bombay Rayon Fashions Ltd. Textile Products 1,459,989 4,246.38 3.95 4.06 Greenply Industries Ltd. Consumer Non

Durables 1,310,453 4,135.79 3.84 3.96

Everest Kanto Cylinder Ltd. Industrial Products

1,467,465 3,948.95 3.67 3.78

Apollo Tyres Ltd. Auto Ancillaries 9,432,744 3,895.72 3.62 3.73 Kalpataru Power Transmission Ltd. Power 335,361 3,614.02 3.36 3.46 Balrampur Chini Mills Ltd. Consumer Non

Durables 4,295,282 3,472.74 3.23 3.32

Maharashtra Seamless Ltd. Ferrous Metals 1,072,835 3,279.12 3.05 3.14 Finolex Cables Ltd. Industrial

Products 4,557,573 3,240.43 3.01 3.10

Sanghvi Movers Ltd. Industrial Capital Goods

1,396,720 3,063.71 2.85 2.93

BEML Ltd. Industrial Capital Goods

157,078 1,556.64 1.45 1.49

Suzlon Energy Ltd. Industrial Capital Goods

407,800 1,075.78 1.00 1.03

Jai Corp Ltd. Ferrous Metals 150,950 777.47 0.72 0.74 Reliance Industries Ltd. # Petroleum

Products 13,942 20.72 0.02 0.02

Less: Provision (20.72) (0.02) (0.02)Sub Total: 02,901.82 95.64 98.49 (Cost : 118022.39)b) Unlisted NIL NIL NIL Total: 102,901.82 95.64 98.49 MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 1,583.98 1.47 1.51 Sub Total: 1,583.98 1.47 1.51 (Cost : 1583.98)Total : 04,485.80 97.11 100.00 (Cost : 119606.37)Net Current Assets 3,109.74 2.89

63

Annual Report 2007-2008Net Assets 07,595.54 100.00



Balrampur Chini Mills Ltd.-APR2008 Equity Futures 1,598,400 1,287.51

Bombay Rayon Fashions Ltd.-APR2008 Equity Futures 323,150 947.48

Infrastructure Devlopment Finance Co. Ltd.-APR2008 Equity Futures 1,383,550 2,097.46

IVRCL Infrastructures & Projects Ltd.-APR2008 Equity Futures 287,000 1,154.60

Punj Lloyd Ltd.-APR2008 Equity Futures 155,250 481.51

Suzlon Energy Ltd.-APR2008 Equity Futures 500,000 1,315.25

Total 7,283.81

# Shares pending registration / Under objection

JM AUTO SECTOR FUND Rs. In lakhs


% age to NAV

% age to To-tal Market

Value of Investment

EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeTata Motors Ltd. Auto 25,752 160.36 15.37 15.38 Mahindra & Mahindra Ltd. Auto 20,300 141.50 13.56 13.57 Maruti Suzuki India Ltd. Auto 15,500 128.19 12.29 12.29 Ramkrishna Forgings Ltd. Industrial Products 43,771 84.28 8.08 8.08 Escorts Ltd. Auto 96,420 82.63 7.92 7.92 Apollo Tyres Ltd. Auto Ancillaries 168,500 69.59 6.67 6.67 Exide Industries Ltd. Auto Ancillaries 94,000 63.59 6.10 6.10 Ahmednagar Forgings Ltd. Industrial Products 34,200 57.40 5.50 5.50 Eicher Motors Ltd. Auto 22,855 57.11 5.48 5.48 Amtek India Ltd. Auto Ancillaries 52,700 47.22 4.53 4.53 Amtek Auto Ltd. Auto Ancillaries 16,700 42.74 4.10 4.10 Ashok Leyland Ltd. Auto 102,700 36.36 3.49 3.49 Bajaj Auto Ltd. N.A. 2,500 22.05 2.11 2.11 Bajaj Holding & Investment Ltd. Auto 2,500 17.29 1.66 1.66 Bajaj Finserv Ltd. Finance 2,500 11.02 1.06 1.06 Sub Total: 1,021.33 97.92 97.94 (Cost : 1134.72)b) Unlisted NIL NIL NIL Total: 1,021.33 97.92 97.94(Cost : 1134.72)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 21.44 2.04 2.06 Sub Total: 21.44 2.04 2.06 (Cost : 21.44)Total: 1,042.77 99.96 100.00 (Cost : 1156.16)Net Current Assets 0.40 0.04 Net Assets 1,043.17 100.00

JM HEALTHCARE SECTOR FUND Rs. In lakhs



% age to NAV


Value of Investment

EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeDishman Pharmaceuticals & Chemicals Ltd.

Pharmaceuticals 24,230 69.82 12.53 12.54

Ranbaxy Laboratories Ltd. Pharmaceuticals 13,250 58.09 10.43 10.43 Glenmark Pharmaceuticals Ltd. Pharmaceuticals 10,530 51.49 9.25 9.25 Sun Pharmaceutical Industries Ltd. Pharmaceuticals 3,825 47.02 8.44 8.44 Ipca Laboratories Ltd. Pharmaceuticals 7,023 43.34 7.78 7.78 Aurobindo Pharma Ltd. Pharmaceuticals 14,805 43.13 7.74 7.74 Lupin Ltd. Pharmaceuticals 8,600 42.87 7.70 7.70 Nicholas Piramal India Ltd. Pharmaceuticals 12,860 39.36 7.07 7.07 Indoco Remedies Ltd. Pharmaceuticals 13,250 38.72 6.95 6.95 Cipla Ltd. Pharmaceuticals 15,145 33.32 5.98 5.98 Jubilant Organosys Ltd. Pharmaceuticals 9,000 29.51 5.30 5.30 Panacea Biotec Ltd. Pharmaceuticals 8,225 27.77 4.99 4.99

NPIL Research & Development Ltd. Pharmaceuticals 1,286 4.89 0.88 0.88 Sub Total: 529.33 95.04 95.05 (Cost : 414.99)b) Unlisted NIL NIL NIL Total: 529.33 95.04 95.05(Cost : 414.99)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 27.60 4.95 4.95 Sub Total: 27.60 4.95 4.95 (Cost : 27.6)Total: 556.93 99.99 100.00 (Cost : 442.59)Net Current Assets 0.06 0.01 Net Assets 556.99 100.00

JM TELECOM SECTOR FUND Rs. In lakhs


% age to NAV


Value of Investment

EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeReliance Communications Ltd. Telecom - Services 44,707 227.89 33.81 33.68 Bharti Airtel Ltd. Telecom - Services 26,498 218.94 32.48 32.36 Tulip IT Services Ltd. Telecom - Services 8,380 71.68 10.63 10.59 Tanla Solutions Ltd. Software 8,900 47.21 7.00 6.98 Geodesic Information Systems Ltd. Software 22,100 39.81 5.91 5.88 Finolex Cables Ltd. Industrial

Products 34,250 24.35 3.61 3.60

Tech Mahindra Ltd. Software 3,265 23.03 3.42 3.40 Sub Total: 652.91 96.86 96.49 (Cost : 628.98)b) Unlisted NIL NIL NIL Total: 652.91 96.86 96.49(Cost : 628.98)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 23.74 3.53 3.51 Sub Total: 23.74 3.53 3.51 (Cost : 23.74)Total: 676.65 100.39 100.00 (Cost : 652.72)Net Current Assets (2.59) (0.39)Net Assets 674.06 100.00

JM EQUITY & DERIVATIVE FUND Rs. In lakhs


% age to NAV

% age to Total Mar-


EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeNDTV Ltd. Media & Entertain-

ment 66,000 254.27 7.59 7.89

Sub Total: 254.27 7.59 7.89(Cost : 194.27)b) Unlisted NIL NIL NIL Total: 254.27 7.59 7.89 DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeAxis Bank Ltd.** LAA+ 5 50.02 1.49 1.55Sub Total: 50.02 1.49 1.55(Cost : 50.02)b) Privately Placed / UnlistedUnion Bank of India Ltd.** AA+ 55 550.00 16.41 17.08Sub Total: 550.00 16.41 17.08(Cost : 550)Total: 600.02 17.90 18.63(Cost : 600.02)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 2,366.36 70.61 73.48

64


Sub Total: 2,366.36 70.61 73.48(Cost : 2366.36)Total: 3,220.65 96.10 100.00(Cost : 3160.65)Net Current Assets 130.73 3.90Net Assets 3,351.38 100.00

** Thinly Traded/ Non Traded.



NDTV Ltd.-APR2008Media &

Entertainment (66,000) (252.09)

Total (252.09)

JM ARBITRAGE ADVANTAGE FUND Rs. In lakhs


% age to NAV

% age to Total Mar-


EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeReliance Industries Ltd. Petroleum Products 250,939 5,685.77 8.05 8.04 Housing Development Finance Corporation Ltd.

Finance 70,059 1,667.23 2.36 2.36

Reliance Petroleum Ltd. Petroleum Products 1,044,958 1,632.22 2.31 2.31 Infosys Technologies Ltd. Software 109,804 1,581.07 2.24 2.24 Jaiprakash Associates Ltd. Construction 690,750 1,564.89 2.21 2.21 IFCI Ltd. Finance 3,512,510 1,549.02 2.19 2.19 ICICI Bank Ltd. Banks 184,834 1,422.11 2.01 2.01 Mahanagar Telephone Nigam Ltd. Telecom - Services 1,364,800 1,318.40 1.87 1.86 NTPC Ltd. Power 643,070 1,264.27 1.79 1.79 Bank Of Baroda Banks 443,100 1,255.52 1.78 1.78 Reliance Capital Ltd. Finance 101,844 1,251.46 1.77 1.77 GAIL (India) Ltd. Gas 253,866 1,080.07 1.53 1.53 Oriental Bank Of Commerce Banks 553,200 980.82 1.39 1.39 Allahabad Bank Banks 1,215,200 929.63 1.32 1.31 Hindalco Industries Ltd. Non - Ferrous Metals 561,593 927.19 1.31 1.31 Oil & Natural Gas Corporation Ltd. Oil 93,870 920.44 1.30 1.30 NDTV Ltd. Media & Entertain-

ment 212,850 820.00 1.16 1.16

Lanco Infratech Ltd. Power 205,700 799.25 1.13 1.13 Adlabs Films Ltd. Media & Entertain-

ment 123,075 755.13 1.07 1.07

Jindal Saw Ltd. Ferrous Metals 115,500 748.90 1.06 1.06 Nagarjuna Fertilizers & Chemicals Ltd.

Fertilisers 1,935,500 717.10 1.01 1.01

Punj Lloyd Ltd. Construction 213,750 664.33 0.94 0.94 Steel Authority of India Ltd. Ferrous Metals 356,880 661.30 0.94 0.94 Bharti Airtel Ltd. Telecom - Services 75,620 624.81 0.88 0.88 Voltas Ltd. Consumer Durables 346,500 622.49 0.88 0.88 Alstom Projects India Ltd. Industrial Capital

Goods 105,600 613.48 0.87 0.87

Punjab National Bank Banks 114,904 586.30 0.83 0.83 Reliance Natural Resources Ltd. Gas 575,736 574.58 0.81 0.81 I T C Ltd. Consumer Non

Durables 274,802 566.78 0.80 0.80

Sterlite Industries (India) Ltd. Non - Ferrous Metals 76,974 549.98 0.78 0.78 Hindustan Petroleum Corporation Ltd.

Petroleum Products 202,800 519.98 0.74 0.74

Satyam Computer Services Ltd. Software 130,460 517.08 0.73 0.73 Chennai Petroleum Corporation Ltd. Petroleum Products 183,600 516.01 0.73 0.73 Tata Consultancy Services Ltd. Software 62,262 504.60 0.71 0.71 GTL Ltd. Telecom - Equip-

ment & Accessories 198,750 500.06 0.71 0.71

Tata Teleservices (Maharashtra) Ltd. Telecom - Services 1,719,025 483.05 0.68 0.68 State Bank Of India Banks 29,140 466.31 0.66 0.66 ACC Ltd. Cement 56,144 463.83 0.66 0.66 India Cements Ltd. Cement 229,100 427.96 0.61 0.61 Neyveli Lignite Corporation Ltd. Power 352,525 422.50 0.60 0.60 Bharat Heavy Electricals Ltd. Industrial Capital

Goods 19,981 411.88 0.58 0.58

Larsen & Toubro Ltd. Diversified 12,290 373.12 0.53 0.53 ABB Ltd. Industrial Capital

Goods 31,154 367.60 0.52 0.52

Pantaloon Retail (India) Ltd. Retailing 75,500 322.31 0.46 0.46 Balrampur Chini Mills Ltd. Consumer Non

Durables 396,000 320.17 0.45 0.45

Axis Bank Ltd. Banks 39,825 314.56 0.45 0.44 Bank Of India Banks 118,750 300.73 0.43 0.43 Mphasis BFL Ltd. Software 148,800 300.20 0.42 0.42 Indian Overseas Bank Banks 215,350 290.94 0.41 0.41 SRF Ltd. Auto Ancillaries 285,000 287.00 0.41 0.41 Maruti Suzuki India Ltd. Auto 30,916 255.67 0.36 0.36 Suzlon Energy Ltd. Industrial Capital

Goods 93,960 247.87 0.35 0.35

Syndicate Bank Banks 323,000 242.09 0.34 0.34 Orchid Chemicals & Pharmaceu-ticals Ltd.

Pharmaceuticals 149,100 240.65 0.34 0.34

Industrial Development Bank of India Ltd.

Banks 242,400 215.98 0.31 0.31

Hindustan Unilever Ltd. Diversified 85,452 195.51 0.28 0.28 Shree Renuka Sugars Ltd Consumer Non

Durables 18,500 178.76 0.25 0.25

Andhra Bank Banks 216,200 159.12 0.23 0.22 Jaiprakash Hydropower Ltd. Power 293,750 158.62 0.22 0.22 HDFC Bank Ltd. Banks 11,756 156.50 0.22 0.22 Cairn India Ltd. Oil 68,066 152.54 0.22 0.22 Housing Development and Infra-structure Ltd.

Construction 21,200 139.34 0.20 0.20

Tata Steel Ltd. Ferrous Metals 18,608 129.20 0.18 0.18 Ultratech Cement Ltd. Cement 15,200 119.25 0.17 0.17 Sun Pharmaceutical Industries Ltd. Pharmaceuticals 9,014 110.81 0.16 0.16 Bajaj Hindusthan Ltd. Consumer Non

Durables 57,000 107.42 0.15 0.15

Zee Entertainment Enterprises Ltd. Media & Entertain-ment

42,792 105.29 0.15 0.15

Reliance Communications Ltd. Telecom - Services 20,382 103.90 0.15 0.15 Tata Motors Ltd. Auto 16,156 100.60 0.14 0.14 Triveni Engineering & Industries Ltd. Consumer Non

Durables 90,475 96.13 0.14 0.14

Rural Electrification Corporation Ltd. Finance 87,750 93.41 0.13 0.13 Power Finance Corporation Ltd. Finance 57,600 93.40 0.13 0.13 Praj Industries Ltd. Industrial Capital

Goods 68,200 92.89 0.13 0.13

Union Bank of India Banks 63,000 88.67 0.13 0.13 Omaxe Ltd. Construction 42,250 87.61 0.12 0.12 Indian Bank Banks 50,600 82.96 0.12 0.12 Tata Power Co. Ltd. Power 6,864 80.41 0.11 0.11 Gitanjali Gems Ltd. Consumer Non

Durables 34,500 76.23 0.11 0.11

Vijaya Bank Banks 151,800 75.22 0.11 0.11 DLF Ltd. Construction 11,340 73.23 0.10 0.10 Wire & Wireless (I) Ltd. Media & Entertain-

ment 195,300 70.21 0.10 0.10

S. Kumars Nationwide Ltd. Textile Products 78,000 69.03 0.10 0.10 Reliance Energy Ltd. Power 5,156 64.49 0.09 0.09 Infrastructure Devlopment Finance Co. Ltd.

Finance 32,450 49.00 0.07 0.07

Maharashtra Seamless Ltd. Ferrous Metals 15,000 45.85 0.06 0.06 NIIT Technologies Ltd. Software 42,000 42.80 0.06 0.06 Wipro Ltd. Software 9,724 42.02 0.06 0.06 Aurobindo Pharma Ltd. Pharmaceuticals 12,600 36.70 0.05 0.05 3i Infotech Ltd. Software 35,100 34.71 0.05 0.05 Jindal Stainless Ltd. Ferrous Metals 24,000 33.89 0.05 0.05 Alok Industries Ltd. Textile Products 53,600 30.71 0.04 0.04 Jindal Steel & Power Ltd. Ferrous Metals 1,440 29.81 0.04 0.04 Unitech Ltd. Construction 10,776 29.76 0.04 0.04 Power Grid Corporation of India Ltd. Power 28,044 27.57 0.04 0.04 National Aluminium Co. Ltd. Non - Ferrous Metals 4,276 19.32 0.03 0.03 Deccan Aviation Ltd. Transportation 15,300 18.67 0.03 0.03 Idea Cellular Ltd. Telecom - Services 17,548 18.01 0.03 0.03 Grasim Industries Ltd. Cement 612 15.76 0.02 0.02 Mangalore Refinery & Petrochemi-cals Ltd.

Petroleum Products 20,025 15.64 0.02 0.02

65

Annual Report 2007-2008Siemens Ltd. Industrial Capital

Goods 2,244 13.83 0.02 0.02

Gujarat Ambuja Cements Ltd. Cement 10,080 12.20 0.02 0.02 Parsvnath Developers Ltd. Construction 5,600 11.77 0.02 0.02 Cipla Ltd. Pharmaceuticals 5,176 11.39 0.02 0.02 Arvind Mills Ltd. Textile Products 30,100 11.35 0.02 0.02 Mahindra & Mahindra Ltd. Auto 1,628 11.35 0.02 0.02 HCL Technologies Ltd. Software 4,420 11.19 0.02 0.02 Ranbaxy Laboratories Ltd. Pharmaceuticals 2,488 10.91 0.02 0.02 Bharat Petroleum Corporation Ltd. Petroleum Products 2,396 9.79 0.01 0.01 Tata Communication Ltd Telecom - Services 1,900 9.75 0.01 0.01 Tata Chemicals Ltd. Fertilisers 3,375 9.47 0.01 0.01 Hero Honda Motors Ltd. Auto 1,336 9.28 0.01 0.01 Federal Bank Ltd. Banks 4,255 9.22 0.01 0.01 Dr. Reddy's Laboratories Ltd. Pharmaceuticals 1,108 6.55 0.01 0.01 Sub Total: 47,345.71 67.03 66.98 (Cost : 51710.11)b) Unlisted NIL NIL NIL Total: 47,345.71 67.03 66.98(Cost : 51710.11)DEBT INSTRUMENTSa)LISTED/AWAITING LISTING ON STOCK EXCHANGEAxis Bank Ltd LAA+ 25 250.08 0.35 0.35 Sub Total: 250.08 0.35 0.35 (Cost : 250.09)b) Privately Placed / UnlistedUnion Bank Of India** AA+ 13 130.00 0.18 0.18 Unitech Ltd** A+ (ind) 250 2,525.19 3.57 3.57 Sub Total: 2,655.19 3.75 3.75 (Cost : 2655.56)Total: 2,905.27 4.10 4.10 (Cost : 2905.65)TERM DEPOSITSPunjab National Bank 7,500.00 10.61 10.60 Axis Bank Ltd 6,500.00 9.20 9.19 HDFC Bank Ltd 4,800.00 6.79 6.79 J & K Bank Ltd 1,000.00 1.42 1.40 Sub Total: 19,800.00 28.02 27.98(Cost : 19800)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Commercial Paper (CP)State Bank Of India CD** P1+ 240 237.08 0.33 0.34 Sub Total: 237.08 0.33 0.34 (Cost : 232.28)CBLO / Reverse Repo 433.99 0.61 0.60 Sub Total: 433.99 0.61 0.60 (Cost : 433.99)Total: 70,722.05 100.09 100.00 (Cost : 75082.03)Net Current Assets (65.86) (0.09)Net Assets 70,656.19 100.00



3i Infotech Ltd. APR2008 Equity Futures (35,100) (34.36)

ABB Ltd. APR2008 Equity Futures (29,750) (350.69)

ACC Ltd. APR2008 Equity Futures (54,896) (447.73)

Adlabs Films Ltd. APR2008 Equity Futures (123,075) (752.48)

Deccan Aviation Ltd. APR2008 Equity Futures (15,300) (18.73)

Allahabad Bank APR2008 Equity Futures (1,215,200) (939.35)

Alok Industries Ltd. APR2008 Equity Futures (53,600) (30.71)

Andhra Bank APR2008 Equity Futures (216,200) (160.31)

Alstom Projects India Ltd. APR2008 Equity Futures (105,600) (610.16)

Arvind Mills Ltd. APR2008 Equity Futures (30,100) (11.38)

Aurobindo Pharma Ltd. APR2008 Equity Futures (12,600) (36.86)

Axis Bank Ltd. APR2008 Equity Futures (39,825) (313.62)

Bajaj Hindusthan Ltd. APR2008 Equity Futures (57,000) (107.47)

Balrampur Chini Mills Ltd. APR2008 Equity Futures (396,000) (318.98)

Bank Of Baroda APR2008 Equity Futures (443,100) (1,261.06)

Bank Of India APR2008 Equity Futures (118,750) (301.63)

Bharti Airtel Ltd. APR2008 Equity Futures (63,000) (521.01)

Bharat Heavy Electricals Ltd. APR2008 Equity Futures (16,725) (344.32)

Cairn India Ltd. APR2008 Equity Futures (56,250) (126.11)

Chennai Petroleum Corporation Ltd. APR2008 Equity Futures (183,600) (515.46)

Federal Bank Ltd. APR2008 Equity Futures (4,255) (9.26)

GAIL (India) Ltd. APR2008 Equity Futures (248,250) (1,058.29)

Gitanjali Gems Ltd. APR2008 Equity Futures (34,500) (77.02)

GTL Ltd. APR2008 Equity Futures (198,750) (499.16)

Housing Development Finance Corporation Ltd. APR2008

Equity Futures (68,175) (1,630.54)

HDFC Bank Ltd. APR2008 Equity Futures (9,400) (124.15)

Housing Development and Infrastructure Ltd. APR2008

Equity Futures (21,200) (140.10)

Hindalco Industries Ltd. APR2008 Equity Futures (553,465) (915.15)

Hindustan Unilever Ltd. APR2008 Equity Futures (71,000) (163.19)

Hindustan Petroleum Corporation Ltd. APR2008 Equity Futures (202,800) (520.59)

ICICI Bank Ltd. APR2008 Equity Futures (177,450) (1,370.09)

Industrial Development Bank of India Ltd. APR2008 Equity Futures (242,400) (215.61)

Infrastructure Devlopment Finance Co. Ltd. APR2008 Equity Futures (32,450) (49.19)

IFCI Ltd. APR2008 Equity Futures (3,512,510) (1,547.26)

India Cements Ltd. APR2008 Equity Futures (229,100) (426.93)

Indian Bank APR2008 Equity Futures (50,600) (82.53)

Infosys Technologies Ltd. APR2008 Equity Futures (106,000) (1,519.83)

Indian Overseas Bank APR2008 Equity Futures (215,350) (291.37)

I T C Ltd. APR2008 Equity Futures (249,750) (515.86)

Jindal Saw Ltd. APR2008 Equity Futures (115,500) (751.27)

Jindal Steel & Power Ltd. APR2008 Equity Futures (1,440) (29.85)

Jaiprakash Hydropower Ltd. APR2008 Equity Futures (690,750) (1,563.86)

Jaiprakash Associates Ltd. APR2008 Equity Futures (293,750) (158.63)

Jindal Stainless Ltd. APR2008 Equity Futures (24,000) (33.97)

Lanco Infratech Ltd. APR2008 Equity Futures (205,700) (796.16)

Larsen & Toubro Ltd. APR2008 Equity Futures (10,350) (313.21)

Maharashtra Seamless Ltd. APR2008 Equity Futures (15,000) (45.71)

Maruti Suzuki India Ltd. APR2008 Equity Futures (29,000) (239.95)

Mphasis BFL Ltd. APR2008 Equity Futures (148,800) (303.63)

Mangalore Refinery & Petrochemicals Ltd. APR2008 Equity Futures (20,025) (15.61)

Mahanagar Telephone Nigam Ltd. APR2008 Equity Futures (1,364,800) (1,319.76)

Nagarjuna Fertilizers & Chemicals Ltd. APR2008 Equity Futures (1,935,500) (718.07)

New Delhi Television Ltd. APR2008 Equity Futures (212,850) (812.98)

Neyveli Lignite Corporation Ltd. APR2008 Equity Futures (352,525) (421.44)

Nifty APR2008 Nifty Index Futures (40,000) (1,892.92)

NIIT Technologies Ltd. APR2008 Equity Futures (42,000) (42.92)

NTPC Ltd. APR2008 Equity Futures (588,250) (1,160.62)

Omaxe Ltd. APR2008 Equity Futures (42,250) (87.65)

Oil & Natural Gas Corporation Ltd. APR2008 Equity Futures (79,650) (784.87)

Orchid Chemicals & Pharmaceuticals Ltd. APR2008 Equity Futures (149,100) (240.57)

Oriental Bank Of Commerce APR2008 Equity Futures (553,200) (990.78)

Pantaloon Retail (India) Ltd. APR2008 Equity Futures (75,500) (321.52)

Parsvnath Developers Ltd. APR2008 Equity Futures (5,600) (11.73)

Power Finance Corporation Ltd. APR2008 Equity Futures (57,600) (93.57)

Punjab National Bank APR2008 Equity Futures (112,800) (569.25)

Praj Industries Ltd. APR2008 Equity Futures (68,200) (92.99)

Punj Lloyd Ltd. APR2008 Equity Futures (213,750) (662.95)

Ranbaxy Laboratories Ltd. APR2008 Equity Futures (6,650) (33.70)

Reliance Communications Ltd. APR2008 Equity Futures (87,750) (93.28)

Rural Electrification Corporation Ltd. APR2008 Equity Futures (3,588) (44.89)

Reliance Capital Ltd. APR2008 Equity Futures (101,844) (1,255.84)

Reliance Industries Ltd. APR2008 Equity Futures (241,275) (5,475.49)

Shree Renuka Sugars Ltd APR2008 Equity Futures (18,500) (179.10)

Reliance Natural Resources Ltd. APR2008 Equity Futures (575,736) (572.57)

Reliance Petroleum Ltd. APR2008 Equity Futures (1,015,050) (1,588.05)

Steel Authority of India Ltd. APR2008 Equity Futures (329,400) (609.39)

Satyam Computer Services Ltd. APR2008 Equity Futures (126,000) (498.77)

State Bank Of India APR2008 Equity Futures (24,948) (395.08)

66

Annual Report 2007-2008Siemens Ltd. APR2008 Equity Futures (78,000) (69.30)

S. Kumars Nationwide Ltd. APR2008 Equity Futures (285,000) (287.57)

SRF Ltd. APR2008 Equity Futures (72,270) (517.96)

Sterlite Industries (India) Ltd. APR2008 Equity Futures (7,650) (94.45)

Suzlon Energy Ltd. APR2008 Equity Futures (84,000) (220.96)

Syndicate Bank APR2008 Equity Futures (323,000) (243.38)

Tata Chemicals Ltd. APR2008 Equity Futures (3,375) (9.49)

Tata Motors Ltd. APR2008 Equity Futures (13,596) (84.84)

Tata Power Co. Ltd. APR2008 Equity Futures (5,400) (62.92)

Tata Steel Ltd. APR2008 Equity Futures (13,752) (95.01)

Tata Consultancy Services Ltd. APR2008 Equity Futures (55,750) (452.30)

Triveni Engineering & Industries Ltd. APR2008 Equity Futures (90,475) (96.22)

Tata Teleservices (Maharashtra) Ltd. APR2008 Equity Futures (1,719,025) (482.19)

Ultratech Cement Ltd. APR2008 Equity Futures (15,200) (118.96)

Union Bank of India APR2008 Equity Futures (63,000) (88.74)

Vijaya Bank APR2008 Equity Futures (151,800) (75.29)

Voltas Ltd. APR2008 Equity Futures (346,500) (616.25)

Wire & Wireless (I) Ltd. APR2008 Equity Futures (195,300) (70.31)

Zee Entertainment Enterprises Ltd. APR2008 Equity Futures (39,900) (97.95)

Total (47,365.23)


JM INCOME FUND Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeIDFC Ltd** AAA (ind) 49 488.68 14.75 15.46 Indian Railway Finance Corporartion Ltd**

AAA 48 482.89 14.57 15.27

Tata Tea Ltd.** LAA+ 48 476.20 14.37 15.06 HDFC Ltd** LAAA 48 473.40 14.29 14.97 Sub Total: 1,921.17 57.98 60.76 (Cost : 1921.14)b) Privately Placed / UnlistedCiti Financial Consumer Finance Ltd**

AAA 30 301.84 9.11 9.55

HMG Industries Ltd* - 5,000 0.00 0.00^ 0.00^ Sub Total: 301.84 9.11 9.55 (Cost : 303.97)Total: 2,223.01 67.09 70.31 (Cost : 2225.11)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)Oriental Bank Of Commerce CD** P1+ 400 384.16 11.59 12.15 Sub Total: 384.16 11.59 12.15 (Cost : 383.72)CBLO / Reverse Repo 554.31 16.73 17.54 Sub Total: 554.31 16.73 17.54 (Cost : 554.31)Total: 3,161.48 95.41 100.00 (Cost : 3163.14)Net Current Assets 151.93 4.59 Net Assets 3,313.41 100.00

* NPA , ** Thinly Traded/ Non Traded, ^ Less Than 0.01%

JM SHORT TERM FUND Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeIDBI Ltd** AA+ 500 493.44 4.47 4.47 HDFC Ltd.** LAAA 50 493.12 4.46 4.46 Tata Tea Ltd.** LAA+ 2 19.84 0.18 0.18

Sub Total: 1,006.40 9.11 9.11 (Cost : 1010.38)b) Privately Placed / UnlistedICICI Bank Ltd** AAA 3,296 332.25 3.00 3.01 Sub Total: 332.25 3.00 3.01 (Cost : 331.69)c) SecuritisedAsset Securitisation Trust Jun 05 Series - A**

AAA(so) 3 4.10 0.04 0.04

Sub Total: 4.10 0.04 0.04 (Cost : 4.1)Total: 1,342.75 12.15 12.16 (Cost : 1346.17)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Commercial Paper (CP)Unitech Ltd CP** F1+(ind) 500 2,390.61 21.63 21.64 UCO Bank CD** P1+ 2,500 2,289.46 20.72 20.73 Canara Bank CD** P1+ 2,500 2,287.59 20.70 20.71 Unitech Ltd CP** F1+(ind) 200 957.26 8.66 8.67 State Bank Of Indore CD** P1+ 600 592.66 5.36 5.37 Oriental Bank Of Commerce CD** P1+ 545 523.43 4.74 4.74 State Bank Of India CD** P1+ 107 105.70 0.96 0.96 Sub Total: 9,146.71 82.77 82.82 (Cost : 9099.1)CBLO / Reverse Repo 556.01 5.03 5.02 Sub Total: 556.01 5.03 5.02 (Cost : 556.01)Total: 11,045.47 99.95 100.00 (Cost : 11001.28)Net Current Assets 5.29 0.05 Net Assets 11,050.76 100.00


JM GSEC FUND REGULAR PLAN Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock Exchange

NIL NIL NIL

b) Privately Placed / Unlisted NIL NIL NILMONEY MARKET INSTRUMENTSTreasury Bills182 Days T-Bill 25/07/08 SOV 329,762 322.31 100.13 100.00 Sub Total: 322.31 100.13 100.00 (Cost : 322.05)CBLO / Reverse Repo 0.00 0.00^ 0.00^ Sub Total: 0.00 0.00^ 0.00^ (Cost : 0.00)Total: 322.31 100.13 100.00 (Cost : 322.05)Net Current Assets (0.42) (0.13)Net Assets 321.89 100.00

^ Less than 0.01%

JM GSEC FUND PF PLAN Rs. In lakhs



% age to NAV

% age to Total Mar-



NIL NIL NIL

b) Privately Placed / Unlisted NIL NIL NILMONEY MARKET INSTRUMENTSTreasury Bills182 Days T-Bill 25/07/08 SOV 265,403 259.40 124.76 100.00 Sub Total : 259.40 124.76 100.00 (COST : 259.19)CBLO / Reverse Repo 0.00 0.00^ 0.00^ Sub Total: 0.00 0.00^ 0.00^

67

Annual Report 2007-2008(Cost : 0.00)Total: 259.40 124.76 100.00 (Cost : 259.19)Net Current Assets (51.48) (24.76)Net Assets 207.93 100.00

^ Less than 0.01%

JM GSEC FUND PF + PLAN Rs. In lakhs



% age to NAV

% age to Total Mar-



NIL NIL NIL

b) Privately Placed / Unlisted NIL NIL NILMONEY MARKET INSTRUMENTSTreasury Bills182 Days T-Bill 25/07/08 SOV 714,498 698.35 91.71 97.00 Sub Total: 698.35 91.71 97.00 (Cost : 697.78)CBLO / Reverse Repo 21.62 2.84 3.00 Sub Total: 21.62 2.84 3.00 (Cost : 21.62)Total: 719.97 94.55 100.00 (Cost : 719.4)Net Current Assets 41.48 5.45 Net Assets 761.45 100.00

^ Less than 0.01%

JM HIGH LIQUIDITY FUND Rs. In lakhs


% age to NAV

% age to Total Mar-


EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeRabo India Finance Ltd** P1+ 395 3,950.00 5.50 5.53 Citi Finance Consumer Finance Ltd **

AAA 250 2,505.88 3.49 3.50

Export Import Bank of India** AAA 150 1,491.23 2.07 2.08 Citicorp Maruti Finance Ltd** AAA 100 1,001.25 1.39 1.40 Indian Railway Finance Corporation Ltd**.

AAA 34 342.05 0.48 0.48

Citicorp Finance Ltd** AAA 21 210.00 0.29 0.29 Sub Total: 9,500.41 13.22 13.28 (Cost : 9524.41)b) Privately Placed / Unlisted NIL NIL NIL c) SecuritisedCredit Asset Trust Series XVI - Class A2**

F1+(ind) 25 2,519.23 3.50 3.52

Credit Asset Trust Series XXX - Class A2**

F1+(ind) 25 2,505.37 3.48 3.50

GE Loan Trust Series I** LAA(So) 25 2,500.00 3.48 3.50 India Loan Sec. Series VI Trust 2006 Sr.A**

AAA(So) 10 236.12 0.33 0.33

Indian Retail ABS Trust Series 47-A1**

LAAA(So) 9 22.42 0.03 0.03

Sub Total: 7,783.14 10.82 10.88 (Cost : 7783.04)Total: 17,283.55 24.04 24.16 (Cost : 17307.45)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)State Bank of Bikaner & Jaipur CD** P1+ 7,500 7,363.28 10.24 10.29 State Bank of India CD** P1+ 6,283 6,205.88 8.63 8.68 State Bank of Patiala CD** A1+ 5,000 4,765.97 6.63 6.66 State Bank of Indore CD** P1+ 5,000 4,746.33 6.60 6.64 ICICI Bank Ltd CD** A1+ 5,000 4,707.77 6.55 6.58 Corporation Bank CD** P1+ 2,500 2,474.71 3.44 3.46 Indian Overseas Bank CD** P1+ 2,500 2,465.94 3.43 3.45 State Bank of Hyderabad CD** A1+ 2,500 2,462.61 3.42 3.44

State Bank of Saurashtra CD** A1+ 2,500 2,461.54 3.42 3.44 DLF Ltd. CP** A1+ 500 2,446.93 3.40 3.42 Punjab National Bank CD** A1+ 2,500 2,405.67 3.35 3.36 Canara Bank CD** P1+ 2,500 2,396.67 3.33 3.35 Oriental Bank of Commerce CD** P1+ 2,500 2,361.69 3.28 3.30 ICICI Bank Ltd CD** A1+ 2,000 1,968.75 2.74 2.75 State Bank of Indore CD** P1+ 1,695 1,674.25 2.33 2.34 Pidilite Industries CP** P1+ 109 534.77 0.74 0.75 Unitech Ltd CP** F1+(ind) 48 229.56 0.32 0.32 Federal Bank Ltd CD** P1+ 80 78.53 0.11 0.11 Union Bank of India CD** A1+ 4 3.90 0.01 0.01 Sub Total: 51,754.75 71.97 72.35 (Cost : 50687.13)CBLO / Reverse Repo 2,491.00 3.47 3.49 Sub Total: 2,491.00 3.47 3.49 (Cost : 2491)Total: 71,529.30 99.48 100.00 (Cost : 70485.58)Net Current Assets 374.60 0.52 Net Assets 71,903.90 100.00


JM HIGH LIQUIDITY FUND - PREMIUM PLAN Rs. In lakhs


% age to NAV


Value of Investment

a) Listed/Awaiting Listing On Stock Exchange

NIL NIL NIL

b) Privately Placed / Unlisted NIL NIL NILMONEY MARKET INSTRUMENTSCBLO / Reverse Repo 180.91 100.02 100.00Sub Total: 180.91 100.02 100.00 (Cost : 180.91)Total: 180.91 100.02 100.00 (Cost : 180.91)Net Current Assets (0.04) (0.02)Net Assets 180.87 100.00

JM MONEY MANAGER FUND - SUPER PLUS PLAN Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeNABARD AAA 500 5,032.52 2.04 2.05HDFC Ltd.** LAAA 250 2,486.95 1.01 1.01Power Finance Corporation Ltd AAA 250 2,489.22 1.01 1.01IDFC Ltd** AAA (ind) 201 2,004.57 0.81 0.81Citi Financial Consumer Finance Ltd **

AAA 190 1,911.63 0.77 0.78

Hero Cycles Ltd** P1+ 15 1,500.00 0.61 0.61Dewan Housing Finance Corporation Ltd**

AA+ 49 490.00 0.20 0.20

Citicorp Finance Ltd** AAA 26 260.00 0.11 0.11Citi Financial Consumer Finance Ltd **

AAA 20 198.27 0.08 0.08

DSP Merrill Lynch Capital Ltd** AAA(fso) 11 109.31 0.04 0.04IDFC Ltd** AAA (ind) 11 109.19 0.04 0.04Reliance Industries Ltd** AAA 1 72.10 0.03 0.03HDFC Ltd.** LAAA 2 19.72 0.01 0.01Sub Total: 16,683.48 6.76 6.78 (Cost : 16670.53)b) Privately Placed / UnlistedOzone Propex Pvt. Ltd** Unrated 50 5,000.00 2.03 2.03Hero Cycles Ltd** P1+ 50 5,000.00 2.03 2.03NABARD** AAA 450 4,517.43 1.83 1.84Hindustan National Glass Ltd** PR1+ 30 3,000.00 1.22 1.22TGS Investment & Trade Ltd** A1+ 5 2,500.00 1.01 1.02Lanco Indusries Ltd** PR1+ 20 2,000.00 0.81 0.81Deccan Chronicle Holdings Ltd** AA 200 2,000.00 0.81 0.81Whirlpool of India Ltd** P1+ 15 1,500.00 0.61 0.61

68


Religare Finvest Ltd ** A1+ 9 900.00 0.36 0.37Religare Finvest Ltd** A1 2 200.00 0.08 0.08ICICI Bank Ltd** AAA 1,807 182.15 0.07 0.07Sub Total: 26,799.58 10.86 10.89 (Cost : 26804.36)c) SecuritisedCollateralised Debt Trust Series 12 - Class A1**

P1+(SO) 25 2,289.26 0.93 0.93

Credit Asset Trust Sr. XXXV - Class A4**

LAAA(SO) 15 1,530.35 0.62 0.62

ULS Trust Series I - Series A1** F1+(ind) 15 1,512.56 0.61 0.61Collateralised Debt Trust Series 12 - Class A2**

P1+(SO) 5 80.02 0.03 0.03

Sub Total: 5,412.19 2.19 2.19 (Cost : 5391.49)Total: 48,895.25 19.81 19.86 (Cost : 48866.38)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)State Bank Of India CD** P1+ 12,400 12,234.24 4.95 4.97DLF Ltd. CP** A1+ 2,000 9,788.43 3.96 3.98IDBI Ltd CD** PR1+ 10,000 9,399.66 3.81 3.82Punjab National Bank CD** A1+ 10,000 9,349.95 3.79 3.80State Bank Of India CD** P1+ 10,000 9,313.72 3.77 3.78ICICI Bank Ltd CD** A1+ 7,500 7,191.81 2.91 2.92Unitech Ltd CP** F1+(ind) 1,340 6,395.85 2.60 2.59Pidilite Industries Ltd CP** P1+ 1,086 5,328.07 2.16 2.17Indiabulls Financial Services Ltd CP**

P1+ 1,000 4,887.56 1.98 1.99

Sharekhan Ltd CP** A1+ 1,000 4,891.14 1.98 1.99Export Import Bank Of India CD** P1+ 5,000 4,807.08 1.95 1.95Punjab National Bank CD** A1+ 5,000 4,804.62 1.95 1.95Axis Bank Ltd CD** P1+ 5,000 4,796.14 1.94 1.95State Bank Of Bikaner & Jaipur CD** P1+ 5,000 4,668.75 1.89 1.90State Bank Of Travancore CD** P1+ 5,000 4,659.30 1.89 1.89Canara Bank CD** P1+ 5,000 4,652.10 1.88 1.89ICICI Bank Ltd CD** A1+ 5,000 4,652.28 1.88 1.89ICICI Bank Ltd CD** A1+ 5,000 4,623.37 1.87 1.88Punjab National Bank Ltd CD** A1+ 3,500 3,221.26 1.30 1.31Religare Securities Ltd CP** P1 636 3,144.11 1.27 1.28Canara Bank CD** P1+ 3,175 3,049.19 1.23 1.24State Bank Of Hyderabad CD** A1+ 2,500 2,460.04 1.00 1.00State Bank Of Patiala CD** A1+ 2,500 2,470.31 1.00 1.00Reliance Capital Ltd CP** A1+ 500 2,474.20 1.00 1.01Tata Capital Ltd CP** A1+ 500 2,473.98 1.00 1.01ICICI Bank Ltd CD** A1+ 2,500 2,449.68 0.99 1.00J & K Bank CD** P1+ 2,500 2,433.35 0.99 0.99State Bank Of Bikaner & Jaipur CD** P1+ 2,500 2,454.29 0.99 1.00State Bank Of Hyderabad CD** A1+ 2,500 2,454.45 0.99 1.00State Bank Of Patiala CD** A1+ 2,500 2,451.44 0.99 1.00Rabo India Finance Ltd CP** P1+ 500 2,446.86 0.99 0.99Axis Bank Ltd CD** P1+ 2,500 2,397.92 0.97 0.97NABARD CD** AAA 2,500 2,400.28 0.97 0.98Punjab National Bank CD** A1+ 2,500 2,393.35 0.97 0.97State Bank Of Travancore CD** P1+ 2,500 2,403.43 0.97 0.98Britannia Industries CP** P1+ 500 2,406.03 0.97 0.98Sobha Developers Ltd CP** A1 500 2,362.76 0.96 0.96Canara Bank CD** P1+ 2,500 2,351.61 0.95 0.96Federal Bank Ltd CD** P1+ 2,500 2,342.27 0.95 0.95ICICI Bank Ltd CD** A1+ 2,500 2,347.45 0.95 0.95ICICI Home Finance Ltd CP** A1+ 500 2,338.89 0.95 0.95ICICI Home Finance Ltd CP** A1+ 500 2,319.97 0.94 0.94Sharekhan Ltd CP** A1+ 500 2,303.83 0.93 0.94Canara Bank CD** P1+ 2,500 2,283.44 0.92 0.93HSBC Bank CD** F1+ 2,000 1,997.03 0.81 0.81ICICI Bank Ltd CD** A1+ 2,000 1,968.75 0.80 0.80Federal Bank Ltd CD** P1+ 1,800 1,766.89 0.72 0.72Punjab National Bank CD** A1+ 1,700 1,563.49 0.63 0.64Allahabad Bank CD** P1+ 1,329 1,225.52 0.50 0.50Union Bank Of India CD** A1+ 700 681.69 0.28 0.28Oriental Bank Of Commerce CD** P1+ 615 590.65 0.24 0.24

Unitech Ltd CP** F1+(ind) 107 511.72 0.21 0.21Oriental Bank Of Commerce CD** P1+ 235 214.51 0.09 0.09HDFC Ltd. CP** P1+ 23 110.26 0.04 0.04Sub Total: 191,708.97 77.62 77.93(Cost : 187508.22)CBLO / Reverse Repo 5,469.64 2.23 2.21Sub Total: 5,469.64 2.23 2.21 (Cost : 5469.64)Total: 246,073.86 99.66 100.00 (Cost : 241844.24)Net Current Assets 839.44 0.34 Net Assets 246,913.30 100.00


JM MONEY MANAGER FUND - SUPER PLAN Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeReliance Industries Ltd** AAA 1 72.10 0.10 0.09Sub Total: 72.10 0.10 0.09 (Cost : 72.88)b) Privately Placed / UnlistedReligare Finvest Ltd** A1+ 7 700.00 0.84 0.84Sub Total: 700.00 0.84 0.84 (Cost : 700)Total: 772.10 0.94 0.93 (Cost : 772.88)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)State Bank Of Patiala CD** A1+ 15,000 14,329.01 17.17 17.17Punjab National Bank CD** A1+ 14,400 13,219.21 15.84 15.84Allahabad Bank CD** A1+ 9,400 8,625.20 10.34 10.34State Bank of Indore CD** P1+ 5,000 4,799.26 5.75 5.75State Bank of Patiala CD** A1+ 5,000 4,598.93 5.51 5.51ICICI Bank Ltd CD** A1+ 5,000 4,585.93 5.50 5.50Karur Vysya Bank CD** A1+ 5,000 4,585.65 5.50 5.50ICICI Bank Ltd CD** A1+ 5,000 4,562.94 5.47 5.47UCO Bank CD** P1+ 4,500 4,121.03 4.94 4.94Canara Bank CD** P1+ 4,500 4,117.94 4.93 4.94State Bank of Travanore CD** P1+ 2,500 2,393.95 2.87 2.87IDBI Ltd CD** A1+ 2,500 2,383.61 2.86 2.86Karnataka Bank CD** A1+ 2,500 2,388.55 2.86 2.86Punjab National Bank CD** A1+ 2,500 2,385.96 2.86 2.86Indian Bank CD** P1+ 2,500 2,287.92 2.74 2.74ICICI Bank Ltd CD** A1+ 300 295.88 0.35 0.35Union Bank Of India CD** A1+ 26 25.32 0.03 0.03Sub Total: 79,706.29 95.52 95.53 (Cost : 79425.74)CBLO / Reverse Repo 2,956.69 3.52 3.54Sub Total: 2,956.69 3.52 3.54 (Cost : 2956.69)Total: 83,435.08 99.98 100.00 (Cost : 83155.31)Net Current Assets 13.78 0.02 Net Assets 83,448.86 100.00


JM MONEY MANAGER FUND - REGULAR PLAN Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeReliance Industries Ltd** AAA 1 72.10 4.24 0.61Sub Total: 72.10 4.24 0.61 (Cost : 72.88)

69


b) Privately Placed / UnlistedILFS.Ltd** AAA (ind) 50,000 490.67 28.88 4.17First Leasing Co. of India Ltd** PR1+ 1 10.15 0.60 0.09Sub Total: 500.82 29.48 4.26 (Cost : 511.61)Total: 572.92 33.72 4.87 (Cost : 584.49)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)HDFC Ltd. CP** P1+ 977 4,683.76 275.68 39.85Canara Bank CD** P1+ 4,325 4,154.59 244.54 35.35Pidilite Industries CP** P1+ 205 1,005.76 59.20 8.56Federal Bank Ltd CD** P1+ 525 515.34 30.33 4.38IDBI Ltd CD** PR1+ 275 252.38 14.86 2.15ICICI Bank Ltd CD** A1+ 100 98.63 5.81 0.84State Bank Of Indore CD** P1+ 100 98.78 5.81 0.84Union Bank Of India CD** A1+ 77 74.98 4.41 0.64Sub Total: 10,884.22 640.64 92.61 (Cost : 10842.04)CBLO / Reverse Repo 296.06 17.43 2.52Sub Total: 296.06 17.43 2.52 (Cost : 296.06)Total: 11,753.20 691.79 100.00 (Cost : 11722.59)Net Current Assets # (10,054.24) (591.79)Net Assets 1,698.96 100.00

# Net Current Assets includes amount payable Rs.10,036.94 lakhs on redemption of units.** Thinly Traded/ Non Traded.

JM LIQUID PLUS FUND (FORMERLY JM FLOATER FUND - LONG TERM PLAN)

Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeAxis Bank Ltd LAA+ 29 290.09 8.32 8.48 Indian Railway Finance Corporation Ltd**

AAA 10 100.60 2.88 2.94

Sub Total: 390.69 11.20 11.42 (Cost : 390.96)b) Privately Placed / UnlistedUnion Bank Of India** AA+ 49 490.00 14.05 14.33 Indiabulls Financial Services Ltd ** P1+ 1 100.00 2.87 2.92 Magma Shrachi Finance Ltd** PR1+ 1 100.00 2.87 2.92 Birla Global Finance Ltd** A1+ 100,000 100.00 2.87 2.92 Sub Total: 790.00 22.66 23.09 (Cost : 790)Total: 1,180.69 33.86 34.51 (Cost : 1180.96)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)Oriental Bank Of Commerce CD** P1+ 865 830.76 23.81 24.30 ICICI Bank Ltd CD** A1+ 500 492.19 14.11 14.40 State Bank Of India CD** P1+ 223 220.29 6.31 6.44 Federal Bank Ltd CD** P1+ 95 93.25 2.67 2.73 State Bank Of Indore CD** P1+ 25 24.69 0.71 0.73 Sub Total: 1,661.18 47.61 48.60 (Cost : 1581.54)CBLO / Reverse Repo 576.99 16.53 16.89 Sub Total: 576.99 16.53 16.89 (Cost : 576.99)Total: 3,418.86 98.00 100.00 (Cost : 3339.49)Net Current Assets 69.82 2.00 Net Assets 3,488.68 100.00


JM FLOATER FUND - SHORT TERM PLAN Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeAxis Bank Ltd LAA+ 89 890.29 39.82 40.53Sub Total: 890.29 39.82 40.53 (Cost : 890.4)b) Privately Placed / UnlistedUnion Bank Of India** AA+ 70 700.00 31.31 31.87Sub Total: 700.00 31.31 31.87 (Cost : 700)Total: 1,590.29 71.13 72.40 (Cost : 1590.4)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)State Bank Of India CD** P1+ 207 204.48 9.15 9.31State Bank Of Indore CD** P1+ 80 79.02 3.53 3.60Oriental Bank Of Commerce CD** P1+ 75 72.03 3.22 3.28Sub Total: 355.53 15.90 16.19 (Cost : 344.93)CBLO / Reverse Repo 250.61 11.21 11.41Sub Total: 250.61 11.21 11.41 (Cost : 250.61)Total: 2,196.43 98.24 100.00 (Cost : 2185.94)Net Current Assets 39.35 1.76 Net Assets 2,235.78 100.00


JM MIP FUND Rs. In lakhs


% age to NAV

% age to Total Mar-


EQUITY & EQUITY RELATEDa) Listed/Awaiting Listing On Stock ExchangeApollo Tyres Ltd. Auto Ancillaries 120,000 49.56 3.85 3.87 Action Construction Equipment Ltd. Industrial Capital

Goods 50,120 38.24 2.97 2.99

HDFC Bank Ltd. Banks 2,300 30.62 2.38 2.39 Renaissance Jewellery Ltd. Consumer Non

Durables 32,232 23.14 1.80 1.81

XL Telecom Ltd. Telecom - Equip-ment & Accessories

10,000 19.65 1.53 1.54

Power Grid Corporation of India Ltd. Power 3,271 3.21 0.25 0.25 Simplex Projects Ltd. Construction 1,146 2.52 0.20 0.20 McDowell India Spirits Ltd. Beverages 200 0.34 0.03 0.03 BGR Energy Systems Ltd Industrial Capital

Goods 41 0.14 0.01 0.01

Renaissance Jewellery Ltd. Detach-able Warrant


331 0.04 0.00^ 0.00^

Sub Total: 167.46 13.02 13.09 (Cost : 179.27)b) Unlisted NIL NIL NIL Total: 167.46 13.02 13.09(Cost : 179.27)DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeUnion Bank Of India** AA+ 21 210.00 16.33 16.41 Reliance Industries Ltd** AAA 2 144.19 11.21 11.26 Axis Bank Ltd LAA+ 2 20.01 1.56 1.56 Sub Total: 374.20 29.10 29.23 (Cost : 405.92)b) Privately Placed / Unlisted NIL NIL NILc) SecuritisedIndian Retail ABS Trust Series 47-A1**

LAAA(SO) 1 2.49 0.19 0.19

Sub Total: 2.49 0.19 0.19 (Cost : 2.49)

70

Annual Report 2007-2008Total: 376.69 29.29 29.42 (Cost : 408.41)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Commercial Paper (CP)ICICI Bank Ltd CD** A1+ 100 98.63 7.67 7.71 Sub Total: 98.63 7.67 7.71 (Cost : 93.77)CBLO / Reverse Repo 637.28 49.54 49.78 Sub Total: 637.28 49.54 49.78 (Cost : 637.28)Total: 1,280.06 99.52 100.00 (Cost : 1318.73)Net Current Assets 6.28 0.48Net Assets 1,286.34 100.00

** Thinly Traded/ Non Traded., ^ Less than 0.01%

JM INTERVAL FUND - QUARTERLY PLAN 1 Rs. In lakhs



% age to NAV

% age to Total Mar-



NIL NIL NIL

b) Privately Placed / UnlistedIndia Bulls Financial Services Ltd** P1+ 43 4,300.00 14.86 14.93 Religare Finvest Ltd** A1+ 43 4,300.00 14.86 14.93 Kotak Mahindra Prime Ltd** P1+ 250 2,500.00 8.64 8.68 Kotak Mahindra Prime Ltd** P1+ 10 100.00 0.35 0.35 Sub Total: 11,200.00 38.71 38.89 (Cost : 11200)c) SecuritisedCredit Asset Trust Series XXXVII - Class A2**

F1+(ind) 25 2,505.62 8.66 8.70

Sub Total: 2,505.62 8.66 8.70 (Cost : 2505.62)Total: 13,705.62 47.37 47.59 (Cost : 13705.62)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)Standard Chartered Investment & Loans CP**

P1+ 500 2,440.74 8.44 8.47

India Infoline Invt. Ser. Ltd CP** A1 500 2,437.90 8.43 8.46 Sharekhan Ltd CP** A1+ 500 2,435.09 8.42 8.45 State Bank Of Patiala CD** A1+ 2,500 2,399.93 8.30 8.33 ICICI Bank Ltd CD** A1+ 2,500 2,393.06 8.27 8.31 J & K Bank CD** P1+ 2,500 2,384.94 8.24 8.28 Sub Total: 14,491.66 50.10 50.30 (Cost : 14411.31)CBLO / Reverse Repo 613.01 2.11 2.11 Sub Total: 613.01 2.11 2.11 (Cost : 613.01)Total: 28,810.29 99.58 100.00 (Cost : 28729.94)Net Current Assets 121.23 0.42Net Assets 28,931.52 100.00





% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeHDFC Ltd AAA 93 927.74 7.51 7.56 Sub Total: 927.74 7.51 7.56 (Cost : 909.41)b) Privately Placed / UnlistedReligare Finvest Ltd** A1 18 1,800.00 14.58 14.67 Lanco Industries Ltd** PR1+ 15 1,500.00 12.15 12.22 Magma Shrachi Fin. Ltd** PR1+ 15 1,500.00 12.15 12.22 Srei Infrastructure Finance Ltd** PR1+ 1,000 1,000.00 8.10 8.15 Deccan Chronicle Holdings Ltd** PR1+ 100 1,000.00 8.10 8.15

Sub Total: 6,800.00 55.08 55.41 (Cost : 6800)Total: 7,727.74 62.59 62.97 (Cost : 7709.41)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)Fortis Healthcare Ltd CP** A1+s 596 2,974.86 24.09 24.24 Reliance Capital CP** A1+ 300 1,497.05 12.12 12.20 Sub Total: 4,471.91 36.21 36.44 (Cost : 4411.18)CBLO / Reverse Repo 74.32 0.60 0.59 Sub Total: 74.32 0.60 0.59 (Cost : 74.32)Total: 12,273.97 99.40 100.00 (Cost : 12194.91)Net Current Assets 73.69 0.60 Net Assets 12,347.66 100.00





% age to NAV

% age to Total Mar-



NIL NIL NIL

b) Privately Placed / UnlistedReligare Finvest Ltd** A1+ 31 3,100.00 14.55 14.62 Deccan Chronicle Holdings Ltd** AA 300 3,000.00 14.08 14.15 Magma Shrachi Fin. Ltd** PR1+ 25 2,500.00 11.73 11.79 DSP Merrill Lynch Capital Ltd** P1+(SO) 2,500 2,500.00 11.73 11.79 Sub Total: 11,100.00 52.09 52.35 (Cost : 11100)Total: 11,100.00 52.09 52.35 (Cost : 11100)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)Unitech Ltd CP** PR1+ 1,000 4,640.52 21.79 21.89 Reliance Capital Ltd CP** A1+ 500 2,474.20 11.61 11.67 Tata Capital Ltd CP** A1+ 500 2,473.98 11.61 11.67 Religare Securities Ltd CP** P1 101 499.30 2.34 2.35 Sub Total: 10,088.00 47.35 47.58 (Cost : 9958.25)CBLO / Reverse Repo 14.87 0.09 0.07 Sub Total: 14.87 0.09 0.07 (Cost : 14.87)Total: 21,202.87 99.53 100.00 (Cost : 21073.12)Net Current Assets 101.15 0.47 Net Assets 21,304.02 100.00





% age to NAV

% age to Total Mar-



NIL NIL NIL

b) Privately Placed / UnlistedFirst Leasing Co. of India Ltd** PR1+ 200 2,000.00 7.22 7.21 Sub Total: 2,000.00 7.22 7.21 (Cost : 2000)Total: 2,000.00 7.22 7.21 (Cost : 2000)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)ICICI Bank Ltd CD** A1+ 7,500 6,886.97 24.85 24.82 Sharekhan Ltd CP** A1+ 1,000 4,915.50 17.73 17.72 Standard Chartered Bank CD** P1+ 5,000 4,811.98 17.36 17.34 IDBI Ltd CD** PR1+ 4,725 4,336.43 15.65 15.63 Yes Bank CD** A1+ 2,500 2,405.82 8.68 8.67 Corporation Bank CD** P1+ 2,500 2,301.92 8.30 8.30

71

Annual Report 2007-2008Fortis Healthcare Ltd CP** A1+s 4 19.97 0.07 0.07 Allahabad Bank CD** P1+ 7 6.45 0.02 0.02 Sub Total: 25,685.04 92.66 92.57 (Cost : 25425.57)CBLO / Reverse Repo 58.39 0.21 0.22 Sub Total: 58.39 0.21 0.22 (Cost : 58.39)Total: 27,743.43 100.09 100.00 (Cost : 27483.96)Net Current Assets (25.93) (0.09)Net Assets 27,717.50 100.00





% age to NAV

% age to Total Mar-



NIL NIL NIL

b) Privately Placed / UnlistedRanbaxy Holding Co Ltd** P1 30 3,000.00 14.80 14.80Sub Total: 3,000.00 14.80 14.80 (Cost : 3000)Total: 3,000.00 14.80 14.80 (Cost : 3000)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)Indiabulls Financial Services Ltd CP**

P1+ 1,000 4,823.40 23.80 23.80

ICICI Bank Ltd CD** A1+ 5,000 4,600.78 22.70 22.70Punjab National Bank CD** A1+ 3,300 3,035.00 14.98 14.97India Infoline Ltd. CP** F1 500 2,458.24 12.13 12.13Investsmart Financial Services Ltd CP**

A1+ 500 2,299.67 11.35 11.35

Sub Total: 17,217.09 84.96 84.95 (Cost : 17059.01)CBLO / Reverse Repo 50.59 0.26 0.25Sub Total: 50.59 0.26 0.25 (Cost : 50.59)Total: 20,267.68 100.02 100.00 (Cost : 20109.6)Net Current Assets (3.93) (0.02)Net Assets 20,263.75 100.00





% age to NAV

% age to Total Mar-



NIL NIL NIL

b) Privately Placed / UnlistedIndiabulls Financial Services Ltd** P1+ 29 2,900.00 14.68 14.77Magma Shrachi Finance Ltd** PR1+ 29 2,900.00 14.68 14.77Birla Global Finance Ltd** A1+ 2,900,000 2,900.00 14.68 14.77Kotak Mahindra Prime Ltd** P1+ 290 2,900.00 14.68 14.77Religare Finvest Ltd** A1+ 25 2,500.00 12.66 12.73Ranbaxy Holding Co Ltd** P1 20 2,000.00 10.13 10.19Sub Total: 16,100.00 81.51 82.00 (Cost : 16100)Total: 16,100.00 81.51 82.00 (Cost : 16100)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)India Infoline Ltd.CP** F1 500 2,458.25 12.46 12.53Allahabad Bank CD** P1+ 1,164 1,073.37 5.44 5.47Sub Total: 3,531.62 17.90 18.00 (Cost : 3499.68)CBLO / Reverse Repo 0.26 0.00^ 0.00^ Sub Total: 0.26 0.00^ 0.00^ (Cost : 0.26)Total: 19,631.88 99.41 100.00

(Cost : 19599.94)Net Current Assets 117.21 0.59 Net Assets 19,749.09 100.00

** Thinly Traded/ Non Traded., ^ Less Than 0.01%

JM FIXED MATURITY FUND SERIES IV - 13M Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeCiticorp Finance Ltd** AAA 47 470.00 5.95 6.44 Sub Total: 470.00 5.95 6.44 (Cost : 470)b) Privately Placed / UnlistedFirst Leasing Co. of India Ltd** PR1+ 100 1,014.77 12.85 13.91 I L & F S Ltd** LAAA 100,000 1,000.73 12.66 13.72 Magma Leasing Ltd.** AA 2 201.01 2.55 2.76 Sub Total: 2,216.51 28.06 30.39(Cost : 2199.35)c) SecuritisedCorporate Loan Sec. Series 71 Trust 2008**

A+ (ind) 10 1,031.70 13.05 14.15

Sub Total: 1,031.70 13.05 14.15(Cost : 1034.5)Total: 3,718.21 47.06 50.98(Cost : 3703.85)TERM DEPOSITSCanara Bank 1,400.00 17.71 19.20ICICI Bank Ltd 1,400.00 17.71 19.20Punjab National Bank 650.00 8.22 8.91Sub Total: 3,450.00 43.64 47.31 (Cost : 3450)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 125.06 1.58 1.71Sub Total: 125.06 1.58 1.71 (Cost : 125.06)Total: 7,293.27 92.28 100.00 (Cost : 7278.91)Net Current Assets 610.44 7.72Net Assets 7,903.71 100.00


JM FIXED MATURITY FUND SERIES IV - 15M1 Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeRanbaxy Holding Co. Ltd.** P1 6 600.97 12.39 12.81 Dewan Housing Finance Corporation Ltd**

AA+ 51 510.00 10.51 10.87

Citicorp Finance Ltd.** AAA 50 495.52 10.21 10.56 Citicorp Finance Ltd** AAA 10 98.99 2.04 2.11 HDFC Ltd AAA 7 69.83 1.44 1.49 Kotak Mahindra Prime Ltd** LAA 1 10.00 0.21 0.21 Sub Total: 1,785.31 36.80 38.05 (Cost : 1770.43)b) Privately Placed / UnlistedFirst Leasing Co. of India Ltd.** PR1+ 7 69.99 1.46 1.49 Sub Total: 69.99 1.46 1.49 (Cost : 70)c) SecuritisedAsset Securitisation Trust Jun05 Sr A**

AAA(so) 7 9.57 0.20 0.20

Sub Total: 9.57 0.20 0.20 (Cost : 9.57)Total: 1,864.87 38.46 39.74 (Cost : 1850)TERM DEPOSITSAxis Bank 800.00 16.49 17.05 Sub Total: 800.00 16.49 17.05

72

Annual Report 2007-2008(Cost : 800)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)Religare Securities Ltd CP** P1 263 1,300.16 26.80 27.70 Union Bank Of India CD** A1+ 685 667.08 13.75 14.21 Unitech Ltd CP** F1+(ind) 10 47.82 0.99 1.02 Sub Total: 2,015.06 41.54 42.93 (Cost : 1983.16)CBLO / Reverse Repo 13.27 0.27 0.28 Sub Total: 13.27 0.27 0.28 (Cost : 13.27)Total: 4,693.20 96.76 100.00 (Cost : 4646.43)Net Current Assets 157.73 3.24 Net Assets 4,850.93 100.00


JM FIXED MATURITY FUND SERIES IV - 15M2 Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeCiticorp Maruti Finance Ltd** AAA 134 1,349.44 13.89 15.06 Sub Total: 1,349.44 13.89 15.06 (Cost : 1340)b) Privately Placed / UnlistedFirst Leasing Co. of India Ltd ** PR1+ 133 1,329.84 13.69 14.84 Magma Leasing Ltd.** AA 13 1,306.55 13.45 14.58 Shriram Transport Finance Ltd** AA 130 1,298.40 13.37 14.49 GE Capital Services India Ltd** AAA 129 1,293.09 13.31 14.43 Kotak Mahindra Prime Ltd** LAA 129 1,289.76 13.28 14.39 Cholamandalam DBS Finance Ltd** LAA 100 1,008.40 10.38 11.25 Sub Total: 7,526.04 77.48 83.98 (Cost : 7519)Total: 8,875.48 91.37 99.04 (Cost : 8859)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 85.82 0.88 0.96 Sub Total: 85.82 0.88 0.96 (Cost : 85.82)Total: 8,961.30 92.25 100.00 (Cost : 8944.82)Net Current Assets 752.58 7.75 Net Assets 9,713.88 100.00


JM FIXED MATURITY FUND SERIES IV - YEARLY Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeHDFC Ltd AAA 50 498.79 11.00 12.08Citicorp Finance Ltd** AAA 2 60.00 1.32 1.45Sub Total: 558.79 12.32 13.53(Cost : 509.72)b) Privately Placed / UnlistedFirst Leasing Co. of India Ltd** PR1+ 59 598.91 13.21 14.50Indiabulls Financial Services Ltd.** P1+ 5 500.28 11.03 12.11Sub Total: 1,099.19 24.24 26.61(Cost : 1090)c) SecuritisedCorporate Loan Sec. Series 71 Trust 2008**

A+ (ind) 2 206.34 4.55 5.00

Sub Total: 206.34 4.55 5.00(Cost : 206.9)Total: 1,864.32 41.11 45.14(Cost : 1806.62)TERM DEPOSITSAxis Bank Ltd 600.00 13.23 14.53Canara Bank 830.00 18.30 20.09ICICI Bank Ltd 830.00 18.30 20.09

Sub Total: 2,260.00 49.83 54.71 (Cost : 2260)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 6.25 0.13 0.15Sub Total: 6.25 0.13 0.15 (Cost : 6.25)Total: 4,130.57 91.07 100.00 (Cost : 4072.87)Net Current Assets 404.83 8.93Net Assets 4,535.40 100.00


JM FIXED MATURITY FUND SERIES VII - 13M Rs. In lakhs



% age to NAV

% age to Total Mar-



NIL NIL NIL

b) Privately Placed / UnlistedIndiabulls Financial Services Ltd** P1+ 38 3,805.49 14.23 14.52 Shriram Transport Finance Ltd** AA(ind) 380 3,802.39 14.22 14.50 Kotak Mahindra Investments Ltd** A1+ 306 3,045.72 11.39 11.62 Cholamandalam DBS Finance Ltd ** LAA 150 1,499.86 5.61 5.72 Sub Total: 12,153.46 45.45 46.36 (Cost : 12160)c) SecuritisedIndian Corporate Loan Securitisation Trust-A1**

P1+(SO) 25 2,266.40 8.47 8.64

Sub Total: 2,266.40 8.47 8.64 (Cost : 2278.49)Total: 14,419.86 53.92 55.00 (Cost : 14438.49)MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)Development Credit Bank Ltd CD** P1+ 4,500 4,281.11 16.01 16.33 Union Bank Of India CD** A1+ 3,508 3,416.22 12.77 13.03 Edelweiss Securities Ltd CP** P1+ 500 2,391.08 8.95 9.12 Unitech Ltd CP** F1+ 300 1,424.95 5.32 5.44 Unitech Ltd CP** F1+(ind) 35 167.38 0.63 0.64 Sub Total: 11,680.74 43.68 44.56 (Cost : 11142.51)CBLO / Reverse Repo 116.11 0.43 0.44 Sub Total: 116.11 0.43 0.44 (Cost : 116.11)Total: 26,216.71 98.03 100.00 (Cost : 25697.11)Net Current Assets 527.65 1.97 Net Assets 26,744.36 100.00


JM FIXED MATURITY FUND SERIES VII - 15M1 Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeCiti Financial Consumer Finance Ltd**

AAA 150 1,505.19 13.14 15.72

Citicorp Maruti Finance Ltd** AAA 150 1,489.53 13.01 15.56 DSP Merrill Lynch Capital Ltd** AAA 1,500 1,486.57 12.98 15.53 Citicorp Finance India Ltd** AAA 40 395.96 3.46 4.14 Sub Total: 4,877.25 42.59 50.95 (Cost : 4907.32)b) Privately Placed / UnlistedGE Money Financial Services Ltd** AAA 150 1,493.64 13.04 15.60 GE Capital Services Ltd ** AAA 150 1,485.78 12.97 15.52 Sub Total: 2,979.42 26.01 31.12 (Cost : 2995.49)Total: 7,856.67 68.60 82.07 (Cost : 7902.81)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 1,717.74 15.01 17.93 Sub Total: 1,717.74 15.01 17.93

73

Annual Report 2007-2008(Cost : 1717.74)Total: 9,574.41 83.61 100.00 (Cost : 9620.55)Net Current Assets 1,876.93 16.39 Net Assets 11,451.34 100.00


JM FIXED MATURITY FUND SERIES VII - 18M Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTSa) Listed/Awaiting Listing On Stock ExchangeDSP Merrill Lynch Capital Ltd** AAA(fso) 87 864.55 14.14 16.55 Citi Financial Consumer Finance Ltd**

AAA 30 297.40 4.86 5.69

Sub Total: 1,161.95 19.00 22.24 (Cost : 1169.02)b) Privately Placed / UnlistedIDFC Ltd** AAA (ind) 89 883.43 14.45 16.92 Tata Sons Ltd.** AAA 100 882.06 14.43 16.89 HSBC Ltd.** AAA 5 520.53 8.51 9.97 Sub Total: 2,286.02 37.39 43.78 (Cost : 2270.89)c) SecuritisedCorporate Loan Sec. Series 71 Trust 2008**

A+ (ind) 8 825.36 13.50 15.80

Sub Total: 825.36 13.50 15.80 (Cost : 815.69)Total: 4,273.33 69.89 81.82 (Cost : 4255.6)MONEY MARKET INSTRUMENTSCBLO / Reverse Repo 949.22 15.52 18.18 Sub Total: 949.22 15.52 18.18 (Cost : 949.22)Total: 5,222.55 85.41 100.00 (Cost : 5204.82)Net Current Assets 892.23 14.59 Net Assets 6,114.78 100.00


JM FIXED MATURITY FUND SERIES IX - 15M-1 Rs. In lakhs



% age to NAV

% age to Total Mar-



NIL NIL NIL

b) Privately Placed / Unlisted NIL NIL NILMONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)Punjab National Bank CD** A1+ 600 550.80 21.62 21.62 Allahabad Bank CD** A1+ 600 550.54 21.61 21.61 UCO Bank CD** P1+ 500 457.89 17.98 17.97 Canara Bank CD** P1+ 500 457.55 17.96 17.96 Vijaya Bank CD** PR1+ 500 456.43 17.92 17.92 Sub Total: 2,473.21 97.09 97.08 (Cost : 2468.21)CBLO / Reverse Repo 74.48 2.93 2.92 Sub Total: 74.48 2.93 2.92 (Cost : 74.48)Total: 2,547.69 100.02 100.00 (Cost : 2542.69)Net Current Assets (0.42) (0.02)Net Assets 2,547.27 100.00


JM FIXED MATURITY FUND SERIES XI - 13M-1 Rs. In lakhs



% age to NAV

% age to Total Mar-


DEBT INSTRUMENTS

a) Listed/Awaiting Listing On Stock Exchange

NIL NIL NIL

b) Privately Placed / Unlisted NIL NIL NIL MONEY MARKET INSTRUMENTSCertificate of Deposit (CD) / Com-mercial Paper (CP)Oriental Bank Of Commerce CD** P1+ 4,765 4,349.55 29.98 29.98State Bank Of India CD** P1+ 3,040 3,002.74 20.70 20.70ICICI Bank Ltd CD** A1+ 2,500 2,292.96 15.81 15.80IDBI Bank CD** P1+ 2,500 2,280.17 15.72 15.72Vijaya Bank CD** PR1+ 2,000 1,825.73 12.58 12.58Sub Total: 13,751.15 94.79 94.78(Cost : 13734.69)CBLO / Reverse Repo 756.85 5.21 5.22Sub Total: 756.85 5.21 5.22(Cost : 756.85)Total: 14,508.00 100.00 100.00 (Cost : 14491.54)Net Current Assets (0.34) 0.00 ^Net Assets 14,507.66 100.00

** Thinly Traded/ Non Traded., ^ Less 0.01%

74

Annual Report 2007-2008PE

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Annual Report 2007-2008JM

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5339

.6732

.0416

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10

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33.97

24

23.77

20

.0320

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12

.9100

12

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.7077

NA

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.5226

NA

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3Bo

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11.89

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12.04

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1Di

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12.30

11.54

9.287

7 10

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15.94

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12.31

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29.7

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8.534

7 NA

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2Gr

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30.72

2824

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.9772

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12.65

9.051

7 8.8

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8.64

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7 NA

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3Bo

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9.920

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11In

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12In

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1Di

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18.65

20.75

17.06

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10.00

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16.31

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54

13.55

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12.51

18.52

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14.14

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2Gr

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61.18

8141

.4933

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35.53

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24.87

20

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13

.5100

12

.4718

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3Bo

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Equi

ty Fu

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31

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11In

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12.10

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12In

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1Di

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12.86

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9.715

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16.67

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12.87

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9.260

0 8.8

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2Gr

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32.13

7225

.2418

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153

10.00

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.9429

16

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12.65

9.468

3 9.2

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8.64

10.19

43

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8.927

7 NA

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3Bo

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5W

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6Fo

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7M

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9An

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10In

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9.970

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11In

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9.970

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12In

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13Su

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Price

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77


Core

11 Fu

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31

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ANe

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1Di

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NANA

9.203

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243

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10.99

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12.77

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19.89

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8.440

0NA

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7.024

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9.12

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9.26

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.4220

3Bo

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than

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per u

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NA

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0.01

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0.09

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0.64

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NA

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34

2.32

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42

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30

iv) Tr

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Reve

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pas

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rese

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, per

unit

- -

NA

NA

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- N

A -

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(v)

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unr

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(1.59

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A N

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NA

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(2.27

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(1.21

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(0.35

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(4.73

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45

Gros

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(1.53

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1.47

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Aggr

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per

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0.03

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1.75

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ii) Pr

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of

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NA

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NA

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1Di

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18.66

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33.78

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1Di

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8.484

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17.52

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11.10

2310

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10.56

1010

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10.05

9321

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20.25

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10.72

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12.53

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5420

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.2483

11.00

3410

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22.12

5720

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94

3Bo

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10.10

8811

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10.81

5212

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her

than

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per u

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0.29

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to

31

-03-

06

01-0

4-07

to

31

-03-

08

01-0

4-06

to

31

-03-

07

01-0

4-05

to

31

-03-

06

01-0

4-07

to

31

-03-

08

01-0

4-06

to

31

-03-

07

01-0

4-05

to

31

-03-

06

01-0

4-07

to

31

-03-

08

01-0

4-06

to

31

-03-

07

01-0

4-05

to

31

-03-

06

01-0

4-07

to

31

-03-

08

01-0

4-06

to

31

-03-

07

01-0

4-05

to

31

-03-

06

01-0

4-07

to

31

-03-

08

01-0

4-06

to

31

-03-

07

01-0

4-05

to

31

-03-

06

27-1

2-07

to

31

-03-

08

01-0

4-06

to

31

-03-

07

01-0

4-05

to

31

-03-

06

ANe

t Asse

t Valu

e Per

Unit

1Di

viden

d 10

.0041

10.00

00NA

10.00

0010

.0000

NA10

.0002

10.00

00NA

12.95

3412

.0134

11.34

2610

.0883

10.08

8310

.0794

10.01

86NA

NA

2Gr

owth

11.32

8710

.4169

NA11

.1085

10.38

37NA

11.16

7610

.3777

NA12

.9113

11.97

4411

.3056

13.24

1212

.3449

11.53

7014

.0609

13.06

4212

.6202

10.23

81NA

NA

3Bo

nus

4Da

ily D

ivide

nd

5W

eekly

Divi

dend

10.10

76NA

NA10

.0665

NANA

10.11

81NA

NA

6Fo

rtnigh

tly D

ivide

nd10

.0837

NANA

7M

onth

ly Di

viden

d10

.5068

10.45

2210

.8170

8Qu

arte

rly D

ivide

nd10

.9982

10.39

6710

.7631

9An

nual

Divid

end

11.69

9110

.8699

11.38

51

10In

stitu

tiona

l Divi

dend

10.01

86NA

NA

11In

stitu

tiona

l Gro

wth

10.22

60NA

NA

12In

stitu

tiona

l Dail

y Divi

dend

13Su

per I

nstit

ution

al Da

ily D

ivide

nd

14Su

per I

nstit

ution

al W

eekly

Divi

dend

15Su

per I

nstit

ution

al Gr

owth

16Pr

emium

Plan

Dail

y Divi

dend

10

.0004

NANA

17Pr

emium

Plan

Wee

kly D

ivide

nd

10.12

20NA

NA

18Pr

emium

Plan

Divi

dend

10.15

0110

.0810

10.05

02

19Pr

emium

Plan

Gro

wth

12.40

4311

.4927

10.84

00

20Re

gular

Plan

Dail

y Divi

dend

10.00

04NA

NA

21Re

gular

Plan

Wee

kly D

ivide

nd10

.0954

NANA

BGr

oss I

ncom

e pe

r unit

bro

ken

up in

to th

e fo

llowi

ng co

mpo

nent

s

i) In

com

e ot

her

than

pro

fit o

n sa

le of

inv

estm

ent,

per u

nit 0.

71

0.70

N

A 0.

06

0.18

N

A 5.

42

4.19

N

A 1.

55

6.14

3.

37

1.44

2.

68

1.19

0.

93

1.03

1.

03

0.36

N

A N

A

ii) In

com

e (ne

t) fro

m pr

ofit o

n int

ersch

eme

sale/

trans

fer of

inve

stmen

t, pe

r unit

0.00

(0

.00)

NA

0.00

0.0

0 N

A (0

.22)

- N

A 0.

01

(0.06

) 0.

32

(0.00

) (0

.01)

0.16

(0

.44)

(0.04

) (0

.26)

0.01

N

A N

A

iii) In

com

e (n

et)

from

pro

fit o

n sa

le of

inv

estm

ent t

o thir

d par

ty, pe

r unit

0.01

0.0

0 N

A -

- N

A 0.

03

- N

A 0.

02

(0.00

) 0.

17

0.00

0.0

0 0.

14

0.74

0.

34

1.00

(0

.02)

NA

NA

iv) Tr

ansfe

r to

Reve

nue

acco

unt f

rom

pas

t ye

ars'

rese

rves

, per

unit

- -

NA

- -

NA

- -

NA

- -

- -

- -

- -

- -

NA

NA

(v)

Chan

ge in

unr

ealis

ed a

ppre

ciatio

n /

(dep

recia

tion)

0.00

0.0

0 N

A (0

.00)

0.00

NA

(0.07

) -

NA

(0.00

) -

- 0.

00

0.02

(0

.01)

0.11

(0

.44)

0.70

0.0

0 N

A N

A

Gros

s Inc

ome (

Tota

l of i

to v)

0.73

0.

70

0.06

0.

18

5.16

4.

19

1.57

6.

08

3.86

1.

45

2.69

1.

48

1.35

0.

89

2.47

0.

35

Ci)

Aggr

egat

e of

ex

pens

es,

write

off

, am

ortiz

ation

an

d ch

arge

s, pe

r un

it ind

icatin

g se

para

tely

prov

ision

fo

r de

prec

iation

in v

alue

of in

vestm

ents,

per

un

it

0.03

0.

03

NA

0.00

0.

01

NA

0.17

0.

23

NA

0.11

0.

52

0.31

0.

05

0.15

0.

12

0.31

0.

33

0.39

0.

01

NA

NA

ii) Pr

ovisi

on fo

r dep

recia

tion i

n the

value

of

inves

tmen

ts -

- N

A -

- N

A -

- N

A -

- -

- -

- -

- -

- N

A N

A

Gros

s Exp

ense

s ( To

tal o

f I to

ii )

0.03

0.

03

0.00

0.

01

0.17

0.

23

0.11

0.

52

0.31

0.

05

0.15

0.

12

0.31

0.

33

0.39

0.

01

DNe

t Inc

ome (

B-C)

0.70

0.

67

0.06

0.

17

4.99

3.

96

1.47

5.

56

3.55

1.

40

2.54

1.

36

1.04

0.

56

2.08

0.

34

EIf

the

units

are

tra

ded

or re

purch

ased

/

reso

ld, th

e hig

hest

and

the

lowes

t pric

es

per

unit

durin

g th

e ye

ar a

nd t

he p

rice-

earn

ing ra

tio

i) R

epur

chas

e Pric

e

1. H

ighe

st d

urin

g th

e yea

r

87


Mon

ey M

anag

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nd - S

uper

Pl

us P

lan

JM M

oney

Man

ager

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1

01-0

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31

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01-0

4-06

to

31

-03-

07

01-0

4-05

to

31

-03-

06

01-0

4-07

to

31

-03-

08

01-0

4-06

to

31

-03-

07

01-0

4-05

to

31

-03-

06

01-0

4-07

to

31

-03-

08

01-0

4-06

to

31

-03-

07

01-0

4-05

to

31

-03-

06

01-0

4-07

to

31

-03-

08

01-0

4-06

to

31

-03-

07

01-0

4-05

to

31

-03-

06

01-0

4-07

to

31

-03-

08

01-0

4-06

to

31

-03-

07

01-0

4-05

to

31

-03-

06

01-0

4-07

to

31

-03-

08

01-0

4-06

to

31

-03-

07

01-0

4-05

to

31

-03-

06

27-1

2-07

to

31

-03-

08

01-0

4-06

to

31

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07

01-0

4-05

to

31

-03-

06

1Di

viden

d 9.9

978

9.900

4 NA

9.990

0 10

.0016

NA

10.00

02

10.00

00

NA12

.8886

11

.9487

11

.3375

10.08

83

10.10

72

10.09

4310

.1154

NA

NA

2Gr

owth

11.31

74

10.40

65

NA11

.0974

10

.3837

NA

11.16

76

10.37

77

NA12

.8467

11

.9100

11

.3056

13.24

12

12.34

49

11.53

7014

.9756

13

.3231

12

.6202

10.13

57

NANA

3Bo

nus

4Da

ily D

ivide

nd

5W

eekly

Divi

dend

10.09

75

NANA

10.05

64

NANA

10.11

81

NANA

6Fo

rtnigh

tly D

ivide

nd10

.0736

NA

NA

7M

onth

ly Di

viden

d11

.2675

10

.9123

10

.7629

8Qu

arte

rly D

ivide

nd11

.6549

10

.9334

10

.9752

9An

nual

Divid

end

12.39

78

11.56

52

11.86

16

10In

stitu

tiona

l Divi

dend

10.12

33

NANA

11In

stitu

tiona

l Gro

wth

10.12

59

NANA

12In

stitu

tiona

l Dail

y Divi

dend

13Su

per I

nstit

ution

al Da

ily D

ivide

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14Su

per I

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ution

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Divi

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15Su

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nstit

ution

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Plan

Dail

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dend

10.00

36

NANA

17Pr

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Plan

Wee

kly D

ivide

nd10

.1220

NA

NA

18Pr

emium

Plan

Divi

dend

10.15

01

10.09

69

10.05

36

19Pr

emium

Plan

Gro

wth

12.40

43

11.48

82

10.83

66

20Re

gular

Plan

Dail

y Divi

dend

9.953

6 NA

NA

21Re

gular

Plan

Wee

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.0449

NA

NA

2. Lo

west

dur

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the y

ear

1Di

viden

d 9.9

900

9.990

0 NA

9.990

0 10

.0000

NA

10.00

00

10.00

00

NA11

.9637

11

.2909

10

.6936

10.08

83

10.07

64

10.05

249.9

000

NANA

2Gr

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10.41

19

9.990

0 NA

10.37

91

10.00

00

NA10

.3843

10

.0000

NA

11.92

49

11.25

40

10.64

7312

.3483

11

.5389

10

.9154

12.93

97

12.15

83

11.01

499.9

000

NANA

3Bo

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4Da

ily D

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nd

5W

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9.990

0 NA

NA9.9

900

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10.00

00

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6Fo

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900

NANA

7M

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.2992

10

.2451

9.9

757

8Qu

arte

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.2977

10

.2644

10

.0249

9An

nual

Divid

end

10.76

63

10.62

01

10.52

68

10In

stitu

tiona

l Divi

dend

9.900

0 NA

NA

11In

stitu

tiona

l Gro

wth

9.900

0 NA

NA

12In

stitu

tiona

l Dail

y Divi

dend

13Su

per I

nstit

ution

al Da

ily D

ivide

nd

14Su

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nstit

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10.00

00

NANA

17Pr

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Plan

Wee

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ivide

nd10

.0000

NA

NA

18Pr

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Plan

Divi

dend

10.06

08

10.03

62

10.00

91

19Pr

emium

Plan

Gro

wth

11.50

28

10.84

48

10.24

92

20Re

gular

Plan

Dail

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9.950

0 NA

NA

21Re

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500

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ii) R

esal

e Pric

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1. H

ighe

st d

urin

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1Di

viden

d 10

.0078

10

.0004

NA

10.00

00

10.00

16

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12.95

34

12.00

87

11.33

7510

.0883

10

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10

.0943

10.21

76

NANA

2Gr

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11.32

87

10.41

69

NA11

.1085

10

.3837

NA

11.16

76

10.37

77

NA12

.9113

11

.9698

11

.3056

13.24

12

12.34

49

11.53

7014

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13

.3900

12

.6202

10.23

81

NANA

3Bo

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88


Mon

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Pl

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Man

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Fund

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1

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31

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08

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31

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07

01-0

4-05

to

31

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06

01-0

4-07

to

31

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08

01-0

4-06

to

31

-03-

07

01-0

4-05

to

31

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06

01-0

4-07

to

31

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08

01-0

4-06

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31

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01-0

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31

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31

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08

01-0

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31

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07

01-0

4-05

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31

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06

01-0

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31

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01-0

4-05

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31

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06

01-0

4-07

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31

-03-

08

01-0

4-06

to

31

-03-

07

01-0

4-05

to

31

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06

27-1

2-07

to

31

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08

01-0

4-06

to

31

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01-0

4-05

to

31

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06

4Da

ily D

ivide

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5W

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Divi

dend

10.10

76

NANA

10.06

65

NANA

10.11

81

NANA

6Fo

rtnigh

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NA

NA

7M

onth

ly Di

viden

d11

.3241

10

.9671

10

.7944

8Qu

arte

rly D

ivide

nd11

.7135

10

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10

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9An

nual

Divid

end

12.46

01

11.62

33

11.86

16

10In

stitu

tiona

l Divi

dend

10.22

56

NANA

11In

stitu

tiona

l Gro

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10.22

82

NANA

12In

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tiona

l Dail

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13Su

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10.00

36

NANA

17Pr

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Plan

Wee

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.1220

NA

NA

18Pr

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Plan

Divi

dend

10.15

01

10.09

69

10.05

36

19Pr

emium

Plan

Gro

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12.40

43

11.48

82

10.83

66

20Re

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Plan

Dail

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10.00

36

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21Re

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Plan

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NA

NA

2. Lo

west

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the y

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1Di

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d 10

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10

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10.00

00

10.00

00

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12.02

38

11.34

76

10.69

3610

.0883

10

.0764

10

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10.00

00

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2Gr

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10.42

23

10.00

00

NA10

.3895

10

.0000

NA

10.38

43

10.00

00

NA11

.9848

11

.3106

10

.6473

12.34

83

11.53

89

10.91

5413

.0047

12

.2194

11

.0149

10.00

00

NANA

3Bo

nus

4Da

ily D

ivide

nd

5W

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Divi

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10.00

00

NANA

10.00

00

NANA

10.00

00

NANA

6Fo

rtnigh

tly D

ivide

nd10

.0000

NA

NA

7M

onth

ly Di

viden

d10

.3510

10

.2966

9.9

757

8Qu

arte

rly D

ivide

nd10

.3494

10

.3160

10

.0249

9An

nual

Divid

end

10.82

04

10.67

35

10.52

68

10In

stitu

tiona

l Divi

dend

10.00

00

NANA

11In

stitu

tiona

l Gro

wth

10.00

00

NANA

12In

stitu

tiona

l Dail

y Divi

dend

13Su

per I

nstit

ution

al Da

ily D

ivide

nd

14Su

per I

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dend

15Su

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nstit

ution

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owth

16Pr

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dend

10.00

00

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17Pr

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Wee

kly D

ivide

nd10

.0000

NA

NA

18Pr

emium

Plan

Divi

dend

10.06

08

10.03

62

10.00

91

19Pr

emium

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Gro

wth

11.50

28

10.84

48

10.24

92

20Re

gular

Plan

Dail

y Divi

dend

10.00

00

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21Re

gular

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.0000

NA

NA

Price

Earn

ing Ra

tio Ω

89


Inte

rval

Fund

Qua

rter

ly P

lan

2 JM

Inte

rval

Fund

Qua

rter

ly P

lan

3 JM

Inte

rval

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10.10

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10.08

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95


During the year, the Mutual Fund has made the following investments in companies which hold/ have held units in excess of 5% of the net assets of any schemes of the Mutual Fund.

Name of Company(Investor)

Scheme in which Investment is made by the Company

Scheme by which Investment is made in securities of the

Company

Aggregate Investment by scheme in securities

of the Company during the specified Period (Rs in Lacs)

Aggregate Investment Outstanding as on 31-March-

08(At Market Value) (Rs in Lacs)

Alkem Laboratories Ltd JM Fixed Maturity Fund Series XI - 13M1

JM High Liquidity Fund 51,805.21 - JM Arbitrage Advantage Fund 1,501.30 - JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 1,000.00 - JM Short Term Fund 2,001.11 - JM Money Manager Fund-Super Plus Plan 43,303.67 - JM Interval Fund - Quarterly Plan 5 3,000.00 -

Ashapura Minechem Ltd JM Interval Fund - Quarterly Plan 6 JM Basic Fund 582.05 -

Axis Bank JM High Liquidity Fund

JM High Liquidity Fund 19170.11 - JM Equity & Derivative Fund 3318.90 50.02 JM Fixed Maturity Fund Series III - Q-5 2500.00 - JM Fixed Maturity Fund Series IV - 15M1 800.00 800.00 JM Fixed Maturity Fund Series IV - Q-1 5000.00 - JM Fixed Maturity Fund Series IV - Q-2 3200.00 - JM Fixed Maturity Fund Series IV - Q-3 2000.00 - JM Fixed Maturity Fund Series IV - Q-4 6300.00 - JM Fixed Maturity Fund Series IV - Yearly 600.00 600.00 JM Financial Services Fund 842.03 603.21 JM Arbitrage Advantage Fund 14529.08 6,751.02 JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 589.44 290.09 JM Floater Fund - Short Term Plan 1502.86 890.29 JM HI FI Fund 141.78 110.58 JM Income Fund 487.01 - JM MIP Fund 20.70 20.01 JM Short Term Fund 859.83 - JM Money Manager Fund-Regular Plan 1609.33 - JM Money Manager Fund-Super Plan 1294.38 - JM Money Manager Fund-Super Plus Plan 19373.71 8,706.62 JM Fixed Maturity Fund Series V - Q-2 1544.46 - JM Fixed Maturity Fund Series V - Q-5 3072.20 - JM Fixed Maturity Fund Series VI - Q-3 1534.36 -

Bank of Baroda JM High Liquidity Fund

JM Equity & Derivative Fund 973.03 - JM Financial Services Fund 26.40 - JM Arbitrage Advantage Fund 7884.71 1,255.52 JM Emerging Leaders Fund 57.47 - JM HI FI Fund 395.52 -

Central Bank of India JM High Liquidity FundJM Financial Services Fund 149.63 - JM Arbitrage Advantage Fund 1076.52 -

Chamabal Fertlisers and Chemicals Ltd JM Money Manager Fund-Super Plus Plan

JM High Liquidity Fund 26800.00 - JM Equity & Derivative Fund 322.35 - JM Fixed Maturity Fund Series III - Q-2 6000.90 - JM Arbitrage Advantage Fund 6091.01 - JM Money Manager Fund-Regular Plan 10200.00 - JM Money Manager Fund-Super Plan 800.00 - JM Money Manager Fund-Super Plus Plan 60617.93 -

Corporation Bank JM High Liquidity Fund

JM High Liquidity Fund 9782.18 2,474.71 JM Financial Services Fund 46.41 - JM Money Manager Fund-Super Plus Plan 1934.47 - JM Interval Fund - Quarterly Plan 1 1930.59 - JM Agri & Infra Fund 4909.36 - JM Interval Fund - Quarterly Plan 4 2280.48 2,301.92

Cummins India LtdJM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan)

JM Basic Fund 572.48 - JM Equity & Derivative Fund 25.55 - JM Arbitrage Advantage Fund 519.46 - JM Equity Fund 197.93 -

Dena Bank JM High Liquidity FundJM Financial Services Fund 283.67 - JM Arbitrage Advantage Fund 374.02 - JM HI FI Fund 265.77 50.80

Dr. Reddy's Laboratories Ltd. JM Interval Fund - Quarterly Plan 1JM Arbitrage Advantage Fund 341.24 6.55 JM Equity Fund 295.29 - JM Healthcare Sector Fund 45.56 -

DSP Merrill Lynch Capital LtdJM High Liquidity FundJM Money Manager Fund-Super Plus Plan

JM High Liquidity Fund 35397.41 - JM Equity & Derivative Fund 1100.00 - JM Fixed Maturity Fund Series III - Q-2 1538.80 - JM Fixed Maturity Fund Series III - Q-4 2700.00 - JM Arbitrage Advantage Fund 1500.00 - JM Balanced Fund 19.96 19.87 JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 500.00 - JM Income Fund 500.00 - JM Money Manager Fund-Regular Plan 1502.62 - JM Money Manager Fund-Super Plan 500.00 -

Annexure - 2

96





Company





JM Money Manager Fund-Super Plus Plan 70208.46 109.31 JM Fixed Maturity Fund Series V - Q-5 600.00 - JM Fixed Maturity Fund Series VI - Q-3 601.76 - JM Fixed Maturity Fund Series VII - 18M 968.43 864.55 JM Agri & Infra Fund 5020.96 - JM Fixed Maturity Fund Series VII - 15M-1 1562.66 1,486.57 JM Interval Fund - Quarterly Plan 3 2500.00 2,500.00

EID Parry India Ltd JM Short Term Fund JM Arbitrage Advantage Fund 2000.00 -

Electrosteel Castings LtdJM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan)

JM High Liquidity Fund 12303.61 - JM Money Manager Fund-Super Plan 4705.76 - JM Money Manager Fund-Super Plus Plan 13500.00 -

Finolex Cables Ltd JM Fixed Maturity Fund Series IX - 15M

JM Basic Fund 4666.34 3,240.43 JM High Liquidity Fund 4604.73 - JM Telecom Fund 57.96 24.35 JM Money Manager Fund-Regular Plan 100.00 - JM Money Manager Fund-Super Plan 100.00 - JM Money Manager Fund-Super Plus Plan 12800.00 -

Global Trade Finance Private Limited JM High Liquidity Fund

JM Basic Fund 4000.00 - JM High Liquidity Fund 141327.79 - JM Equity & Derivative Fund 7707.55 - JM Fixed Maturity Fund Series II - Y 7409.63 - JM Fixed Maturity Fund Series III - M-1 5100.00 - JM Fixed Maturity Fund Series III - Q-5 6000.00 - JM Fixed Maturity Fund Series IV - 13M 1000.00 - JM Fixed Maturity Fund Series IV - Q-1 3700.00 - JM Fixed Maturity Fund Series V - Q-1 3701.18 - JM Fixed Maturity Fund Yearly - B2 900.00 - JM Arbitrage Advantage Fund 22348.19 - JM Balanced Fund 405.07 - JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 2703.27 - JM Floater Fund - Short Term Plan 5706.28 - JM High Liquidity Fund - Premium Plan 1403.25 - JM Income Fund 802.69 - JM MIP Fund 200.00 - JM Small & Mid-Cap Fund 2801.57 - JM Short Term Fund 5402.78 - JM Money Manager Fund-Regular Plan 1702.47 - JM Money Manager Fund-Super Plan 6009.64 - JM Money Manager Fund-Super Plus Plan 108468.01 -

GMR Infrastructure Limited JM High Liquidity Fund JM Arbitrage Advantage Fund 2759.80 -

Grasim Industries Ltd

JM Fixed Maturity Fund-Series V - Q-2JM Fixed Maturity Fund-Series V - Q-4JM Fixed Maturity Fund-Series V - Q-5JM Fixed Maturity Fund-Series VI - Q-1JM Fixed Maturity Fund-Series VI - Q-4JM Interval Fund - Quarterly Plan 1JM Interval Fund - Quarterly Plan 2JM Interval Fund - Quarterly Plan 5

JM Basic Fund 2253.36 - JM High Liquidity Fund 3500.00 - JM Equity & Derivative Fund 303.69 - JM Arbitrage Advantage Fund 805.25 15.76 JM Balanced Fund 63.33 54.08 JM Equity Fund 679.60 506.10 JM HI FI Fund 545.72 - JM Money Manager Fund-Super Plan 1500.00 - JM Money Manager Fund-Super Plus Plan 7504.03 -

HDFC Bank Ltd JM High Liquidity Fund

JM High Liquidity Fund 743.94 - JM Equity & Derivative Fund 1225.00 - JM Fixed Maturity Fund Series IV - Q-1 6448.98 - JM Fixed Maturity Fund Series IV - Q-2 4482.35 - JM Fixed Maturity Fund Series IV - Q-4 0.98 - JM Fixed Maturity Fund Series V - Q-1 8557.93 - JM Equity Tax Saver Fund - Series I 62.44 - JM Arbitrage Advantage Fund 23464.73 4,800.00 JM Balanced Fund 73.52 - JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 73.20 - JM Floater Fund - Short Term Plan 24.99 - JM MIP Fund 23.91 - JM Money Manager Fund-Regular Plan 376.55 - JM Money Manager Fund-Super Plan 7.93 - JM Money Manager Fund-Super Plus Plan 5448.86 -

Hindalco Industries Ltd

JM Fixed Maturity Fund-Series V - Q-1JM Fixed Maturity Fund-Series V - Q-5JM Fixed Maturity Fund-Series VI - Q-1JM Fixed Maturity Fund-Series VI - Q-5JM Interval Fund - Quarterly Plan 2JM Interval Fund - Quarterly Plan 6

JM Equity & Derivative Fund 1374.88 - JM Arbitrage Advantage Fund 10,199.20 927.19 JM Balanced Fund 9.00 - JM Equity Fund 329.34 - JM HI FI Fund 233.53 -

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Company





Hindustan Zinc Ltd

JM High Liquidity FundJM Fixed Maturity Fund-Series V - Q-5 JM Fixed Maturity Fund-Series VII - 13M1 JM Fixed Maturity Fund-Series V I - Q-3JM Money Manager Fund - Super Plus Plan

JM Basic Fund 1445.15 - JM Equity Fund 274.77 -

JM HI FI Fund 202.85 -

Idea Cellular Ltd JM High Liquidity Fund JM Arbitrage Advantage Fund 239.22 18.01

ICICI Bank JM High Liquidity Fund

JM High Liquidity Fund 69476.38 6,698.94 JM Equity & Derivative Fund 10637.39 - JM Fixed Maturity Fund Series III - M-1 6608.47 - JM Fixed Maturity Fund Series III - Q-2 6731.68 - JM Fixed Maturity Fund Series III - Q-4 391.72 - JM Fixed Maturity Fund Series III - Q-5 4000.00 - JM Fixed Maturity Fund Series IV - 13M 1400.00 1,400.00 JM Fixed Maturity Fund Series IV - 15M1 1297.26 - JM Fixed Maturity Fund Series IV - Q-3 289.25 - JM Fixed Maturity Fund Series IV - Q-4 9450.72 - JM Fixed Maturity Fund Series IV - Yearly 830.00 830.00 JM Financial Services Fund 1297.68 752.17 JM Arbitrage Advantage Fund 35453.97 1,422.11 JM Balanced Fund 433.42 222.57 JM Equity Fund 270.23 - JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 2544.68 492.19 JM Floater Fund - Short Term Plan 3614.88 - JM HI FI Fund 245.85 - JM High Liquidity Fund - Premium Plan 857.86 - JM Income Fund 308.54 - JM MIP Fund 93.77 101.12 JM Short Term Fund 3341.93 332.25 JM Money Manager Fund-Regular Plan 2854.23 98.63 JM Money Manager Fund-Super Plan 11432.64 9,444.75 JM Money Manager Fund-Super Plus Plan 60238.66 23,415.49 JM Fixed Maturity Fund Series III - Q-1 2346.12 - JM Fixed Maturity Fund Series III - M-2 1947.79 - JM Fixed Maturity Fund Series III - M-3 1861.96 - JM Fixed Maturity Fund Series V - Q-3 3410.81 - JM Fixed Maturity Fund Series V - Q-2 2364.65 - JM Fixed Maturity Fund Series VI - Q-1 2391.51 - JM Contra Fund 4738.83 - JM Fixed Maturity Fund Series VI - Q-2 4896.24 - JM Fixed Maturity Fund Series VI - Q-4 2441.58 - JM Interval Fund - Quarterly Plan 1 2389.76 2,393.06 JM Interval Fund - Quarterly Plan 4 6812.72 6,886.97 JM Interval Fund - Quarterly Plan 5 4558.50 4,600.78 JM Fixed Maturity Fund Series XI - 13M-1 2289.70 2,292.96 JM Tax Gain Fund 205.89 192.35

IDBI Ltd JM High Liquidity Fund

JM High Liquidity Fund 18563.58 - JM Equity & Derivative Fund 948.42 - JM Fixed Maturity Fund Series IV - 15M1 614.66 - JM Fixed Maturity Fund Series IV - Q-2 2048.79 - JM Fixed Maturity Fund Series IV - Yearly 973.84 - JM Financial Services Fund 160.49 - JM Arbitrage Advantage Fund 3484.01 215.98 JM Balanced Fund 247.33 175.97 JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 1401.97 - JM HI FI Fund 159.12 - JM Income Fund 810.48 - JM MIP Fund 134.30 - JM Small & Mid-Cap Fund 2084.60 - JM Short Term Fund 2020.20 493.44 JM Money Manager Fund-Regular Plan 5774.92 252.39 JM Money Manager Fund-Super Plan 2371.65 2,383.61 JM Money Manager Fund-Super Plus Plan 8812.61 9,399.66 JM Interval Fund - Quarterly Plan 4 4297.69 4,336.43 JM Fixed Maturity Fund Series XI - 13M-1 2277.11 2,280.17

IFCI Limited JM High Liquidity FundJM Equity & Derivative Fund 2141.29 - JM Financial Services Fund 33.32 - JM Arbitrage Advantage Fund 16008.60 1,549.02

Indian Overseas Bank Ltd JM High Liquidity Fund

JM High Liquidity Fund 2381.59 2,465.94 JM Equity & Derivative Fund 96.93 - JM Financial Services Fund 169.38 - JM Arbitrage Advantage Fund 381.10 290.94 JM Money Manager Fund-Super Plus Plan 4594.22 -

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Company





India Infoline Investments Services Ltd JM High Liquidity Fund

JM High Liquidity Fund 20000.00 - JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 1000.00 - JM Money Manager Fund-Regular Plan 15004.11 - JM Money Manager Fund-Super Plus Plan 41705.64 - JM Fixed Maturity Fund Series VI - Q-4 2326.09 - JM Interval Fund - Quarterly Plan 1 6834.45 2,437.90 JM Interval Fund - Quarterly Plan 2 1500.00 - JM Interval Fund - Quarterly Plan 4 2327.22 -

Infrastructure Development Finance Company Ltd

JM Income Fund

JM Basic Fund 6338.72 4,625.13 JM High Liquidity Fund 4141.78 - JM Equity & Derivative Fund 62.47 - JM Fixed Maturity Fund Series III - Q-3 1431.31 - JM Fixed Maturity Fund Series IV - Q-1 1458.37 - JM Financial Services Fund 781.67 575.91 JM Arbitrage Advantage Fund 2989.59 49.00 JM Balanced Fund 502.26 - JM HI FI Fund 229.94 241.90 JM Income Fund 1294.37 488.68 JM MIP Fund 99.68 - JM Small & Mid-Cap Fund 1493.46 - JM Short Term Fund 1,702.26 - JM Money Manager Fund-Regular Plan 799.68 - JM Money Manager Fund-Super Plan 1,196.67 - JM Money Manager Fund-Super Plus Plan 11,059.69 2,113.76 JM Fixed Maturity Fund Series VII - 18M 893.30 883.43 JM Fixed Maturity Fund Series VI - Q-5 2,498.33 - JM Interval Fund - Quarterly Plan 1 1,593.90 - JM Core 11 Fund - Series 1 6,414.68 5,004.14

ITC Limited

JM Fixed Maturity Fund-Series V - Q-1JM Fixed Maturity Fund-Series V - Q-2JM Fixed Maturity Fund-Series VI - Q- 2JM Interval Fund - Quarterly Plan 1

JM Equity & Derivative Fund 625.51 - JM Arbitrage Advantage Fund 981.93 566.78 JM Balanced Fund 388.49 320.72 JM Emerging Leaders Fund 331.05 - JM Equity Fund 327.66 - JM Agri & Infra Fund 4,448.06 -

Jai Corp Ltd JM Money Manager Fund-Super Plus PlanJM Basic Fund 1567.41 777.47 JM HI FI Fund 404.96 200.87

JM Financial Ltd JM High Liquidity Fund JM Financial Services Fund 264.21 139.27

Larsen & Toubro Ltd

JM Basic FundJM Emerging Leader FundJM Fixed Maturity Fund-Series VII - 13 M1JM - Arbitrage Advantage FundJM Interval Fund - Quarterly Plan 1JM Money Manager Fund-Super Plus Plan

JM Basic Fund 425.88 - JM Equity & Derivative Fund 480.53 - JM Arbitrage Advantage Fund 2070.83 373.12 JM Emerging Leaders Fund 40.34 - JM Equity Fund 147.45 - JM HI FI Fund 325.71 - JM Contra Fund 411.00 -

Maruti Suzuki India Ltd JM Money Manager Fund - Super Plus Plan

JM Auto Sector Fund 44.78 128.19 JM Equity Tax Saver Fund - Series I 67.40 71.04 JM Arbitrage Advantage Fund 963.38 255.68 JM Balanced Fund 65.60 - JM Equity Fund 1,094.00 488.34 JM HI FI Fund 261.12 206.75 JM MIP Fund 23.77 - JM Contra Fund 6,273.36 -

Patni Computer Systems Ltd

JM Fixed Maturity Fund-Series VI - Q 1 JM Fixed Maturity Fund-Series VII - 15M1JM Interval Fund - Quarterly Plan 2JM Interval Fund - Quarterly Plan 3JM Fixed Maturity Fund-Series XI - 13M1

JM Equity & Derivative Fund 65.03 - JM Arbitrage Advantage Fund 1199.34 -

Ranbaxy Holding Co. LtdJM High Liquidity FundJM Short Term Fund

JM High Liquidity Fund 12098.41 - JM Fixed Maturity Fund Series IV - 15M1 1211.13 600.97 JM Fixed Maturity Fund Series IV - Q-1 3700.00 - JM Fixed Maturity Fund Series IV - Q-2 2400.00 - JM Fixed Maturity Fund Series IV - Q-3 2150.95 - JM Fixed Maturity Fund Series IV - Q-4 4700.00 - JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 500.00 - JM Floater Fund - Short Term Plan 811.93 - JM Small & Mid-Cap Fund 1593.95 - JM Short Term Fund 407.32 - JM Money Manager Fund-Super Plus Plan 33082.34 - JM Fixed Maturity Fund Series V - Q-3 1700.00 - JM Fixed Maturity Fund Series VI - Q-1 2500.00 - JM Fixed Maturity Fund Series VI - Q-2 2500.00 - JM Fixed Maturity Fund Series V - Q-4 1000.00 -

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Company





JM Interval Fund - Quarterly Plan 6 2000.00 2,000.00 JM Interval Fund - Quarterly Plan 5 3000.00 3,000.00

Raymond Ltd JM Money Manager Fund-Super Plus Plan

JM High Liquidity Fund 31484.32 - JM Equity & Derivative Fund 1223.34 - JM Fixed Maturity Fund Series II - Y 2405.62 - JM Arbitrage Advantage Fund 5050.53 - JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 1605.08 - JM Floater Fund - Short Term Plan 302.85 - JM Small & Mid-Cap Fund 4641.47 - JM Short Term Fund 402.38 - JM Money Manager Fund-Regular Plan 1606.50 - JM Money Manager Fund-Super Plan 1514.09 - JM Money Manager Fund-Super Plus Plan 16833.13 -

Reliance Industries Ltd JM High Liquidity Fund

JM Basic Fund 2004.67 20.72 JM High Liquidity Fund 1493.59 - JM Equity & Derivative Fund 1812.31 - JM Fixed Maturity Fund Series IV - 15M1 603.65 - JM Equity Tax Saver Fund - Series I 120.13 - JM Arbitrage Advantage Fund 22329.02 5,685.78 JM Emerging Leaders Fund 1.21 - JM Equity Fund 302.03 1.57 JM HI FI Fund 444.06 - JM Income Fund 402.44 - JM Money Manager Fund-Regular Plan 73.73 72.10 JM Money Manager Fund-Super Plan 73.73 72.10 JM Money Manager Fund-Super Plus Plan 1565.61 72.10 JM Contra Fund 149.69 151.81 JM Agri & Infra Fund 751.90 - JM Tax Gain Fund 351.29 351.20 JM Balanced Fund - 0.32 JM MIP Fund - 144.20

Religare Finvest Ltd JM High Liquidity Fund

JM High Liquidity Fund 21500.00 - JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 900.00 - JM Floater Fund - Short Term Plan 500.00 - JM Money Manager Fund-Regular Plan 5000.00 - JM Money Manager Fund-Super Plan 703.86 700.00 JM Money Manager Fund-Super Plus Plan 47144.36 1,100.00 JM Fixed Maturity Fund Series V - Q-2 2002.08 - JM Fixed Maturity Fund Series V - Q-5 1727.14 - JM Fixed Maturity Fund Series VI - Q-3 1735.90 - JM Interval Fund - Quarterly Plan 1 4322.37 4,300.00 JM Interval Fund - Quarterly Plan 2 1800.00 1,800.00 JM Interval Fund - Quarterly Plan 6 2500.00 2,500.00 JM Interval Fund - Quarterly Plan 3 6200.00 3,100.00

Reliance Petroleum LimitedJM High Liquidity FundJM Fixed Maturity Fund-Series V - Q-4JM Fixed Maturity Fund-Series V - Q-5

JM Equity & Derivative Fund 502.17 - JM Arbitrage Advantage Fund 4758.62 1,632.22 JM Contra Fund 148.96 145.27 JM Tax Gain Fund 150.01 148.70

Shree Cement LtdJM Arbitrage Advantage FundJM Fixed Maturity Fund Series VII - 15M1

JM High Liquidity Fund 45013.87 - JM Equity Tax Saver Fund - Series I 21.96 - JM Emerging Leaders Fund 246.66 - JM Equity Fund 283.81 - JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 500.00 - JM HI FI Fund 218.89 - JM Short Term Fund 3500.00 - JM Money Manager Fund-Regular Plan 6510.57 - JM Money Manager Fund-Super Plan 1500.00 - JM Money Manager Fund-Super Plus Plan 79517.23 - JM Agri & Infra Fund 500.24 - JM Interval Fund - Quarterly Plan 6 2001.34 - JM Interval Fund - Quarterly Plan 5 3000.00 -

State Bank Of Bikaner and Jaipur JM High Liquidity Fund

JM High Liquidity Fund 25750.61 7,363.28 JM Fixed Maturity Fund Series III - Q-3 1372.65 - JM Fixed Maturity Fund Series III - Q-4 913.28 - JM Fixed Maturity Fund Series IV - 15M1 518.95 - JM Fixed Maturity Fund Series IV - Q-1 1033.09 - JM Fixed Maturity Fund Series IV - Q-2 3200.00 - JM Arbitrage Advantage Fund 1996.59 - JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 32.92 - JM Floater Fund - Short Term Plan 3804.38 - JM Income Fund 813.54 - JM Small & Mid-Cap Fund 3570.43 - JM Short Term Fund 3136.38 -

100





Company





JM Money Manager Fund-Regular Plan 3007.57 - JM Money Manager Fund-Super Plan 434.38 - JM Money Manager Fund-Super Plus Plan 24647.20 7,123.04 JM Fixed Maturity Fund Series V - Q-3 2059.16 -

Sterlite Industries (India) Ltd

JM Money Manager Fund-Super Plus Plan JM Fixed Maturity Fund-Series VII - 13 M1 JM Fixed Maturity Fund-Series VI - Q-3JM Interval Fund - Quarterly Plan 1JM Interval Fund - Quarterly Plan 2JM Interval Fund - Quarterly Plan 3

JM High Liquidity Fund 12402.57 - JM Equity & Derivative Fund 320.65 - JM Fixed Maturity Fund Series III - Q-2 2500.00 - JM Arbitrage Advantage Fund 3866.40 549.98 JM Emerging Leaders Fund 330.38 - JM Equity Fund 136.16 - JM Floater Fund - Short Term Plan 100.00 - JM HI FI Fund 136.14 - JM High Liquidity Fund - Premium Plan 100.00 - JM Short Term Fund 300.00 - JM Money Manager Fund-Super Plan 400.00 - JM Money Manager Fund-Super Plus Plan 23700.36 - JM Agri & Infra Fund 1001.85 921.71

Syndicate Bank JM High Liquidity FundJM Financial Services Fund 100.02 - JM Arbitrage Advantage Fund 978.35 242.09

Tata Consultancy Services Limited

JM Money Manager Fund-Super Plus PlanJM Fixed Maturity Fund-Series V - Q-5JM Fixed Maturity Fund-Series VI - Q-2JM Fixed Maturity Fund-Series VI - Q-4JM Fixed Maturity Fund-Series VI - Q-5JM Interval Fund - Quarterly Plan 1JM Interval Fund - Quarterly Plan 2 JM Fixed Maturity Fund-Series VII - 15 M1JM Interval Fund - Quarterly Plan 3JM Interval Fund - Quarterly Plan 6JM Fixed Maturity Fund-Series XI - 13M1

JM Equity & Derivative Fund 300.42 - JM Arbitrage Advantage Fund 1211.29 504.60

Tata Motors Limited JM High Liquidity Fund

JM High Liquidity Fund 42887.77 - JM Equity & Derivative Fund 372.84 - JM Fixed Maturity Fund Series IV - 15M1 105.49 - JM Auto Sector Fund 118.05 160.36 JM Arbitrage Advantage Fund 481.31 100.60 JM Equity Fund 367.15 - JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 155.59 - JM Floater Fund - Short Term Plan 452.73 - JM HI FI Fund 45.50 - JM Income Fund 102.85 - JM Short Term Fund 156.64 - JM Money Manager Fund-Super Plus Plan 21000.00 -

Tata Steel Limited JM High Liquidity Fund JM Arbitrage Advantage Fund 5502.98 129.20

Tata Chemicals LimitedJM Money Manager Fund-Super Plus PlanJM Fixed Maturity Fund-Series VI - Q-1

JM Arbitrage Advantage Fund 496.74 9.47 JM HI FI Fund 67.98 -

Thermax Ltd JM Fixed Maturity Fund-Series VI - Q-1JM Basic Fund 1175.18 - JM HI FI Fund 110.73 -

The Bombay Dyeing & Manufacturing Co. Ltd

JM Short Term FundJM High Liquidity Fund 12500.00 - JM Arbitrage Advantage Fund 109.47 - JM Money Manager Fund-Super Plus Plan 25000.00 -

The Great Eastern Shipping Co. LtdJM Arbitrage Advantage FundJM High Liquidity Fund

JM Equity & Derivative Fund 310.73 - JM Arbitrage Advantage Fund 2966.96 - JM Balanced Fund 78.84 - JM Emerging Leaders Fund 890.19 - JM Equity Fund 394.23 - JM HI FI Fund 858.02 -

UCO BankJM High Liquidity FundJM Money Manager Fund-Super Plus Plan

JM High Liquidity Fund 4293.49 - JM Equity & Derivative Fund 2992.03 - JM High Liquidity Fund - Premium Plan 466.37 - JM Short Term Fund 2284.58 2,289.46 JM Money Manager Fund-Super Plan 4112.24 4,121.03 JM Money Manager Fund-Super Plus Plan 7987.53 - JM Fixed Maturity Fund Series VI - Q-1 2254.37 - JM Fixed Maturity Fund Series IX - 15M-1 456.92 457.89

Ultratech Cement Limited JM Fixed Maturity Fund-Series V - Q-3JM Arbitrage Advantage Fund 630.43 119.25 JM Equity Fund 87.75 - JM HI FI Fund 154.14 -

Union Bank of India JM High Liquidity Fund

JM High Liquidity Fund 11836.35 3.90 JM Equity & Derivative Fund 2616.23 550.00 JM Fixed Maturity Fund Series III - M-1 2481.84 - JM Fixed Maturity Fund Series IV - 13M 722.92 - JM Fixed Maturity Fund Series IV - 15M1 806.32 667.08 JM Fixed Maturity Fund Series IV - Yearly 351.97 -

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Company





JM Financial Services Fund 200.68 - JM Arbitrage Advantage Fund 7218.89 218.67 JM Balanced Fund 426.81 420.00 JM Liquid Plus Fund (formerly JM Floater Fund - Long Term Plan) 2,282.15 490.00 JM Floater Fund - Short Term Plan 6105.20 700.00 JM Income Fund 910.22 - JM MIP Fund 214.11 210.00 JM Short Term Fund 2087.05 - JM Money Manager Fund-Regular Plan 73.64 74.99 JM Money Manager Fund-Super Plan 24.84 25.32 JM Money Manager Fund-Super Plus Plan 9075.90 681.69 JM Fixed Maturity Fund Series VII - 13M 3375.54 3,416.22

United Phosphorus Ltd JM Interval Fund - Quarterly Plan 6

JM Equity Tax Saver Fund - Series I 22.19 - JM Arbitrage Advantage Fund 161.20 - JM Balanced Fund 64.78 - JM Equity Fund 435.83 355.36 JM Money Manager Fund-Super Plus Plan 7000.00 - JM Contra Fund 963.06 - JM Agri & Infra Fund 3853.63 2,714.84

Tata Communications LtdJM Money Manager Fund-Super Plus PlanJM Fixed Maturity Fund-Series VI - Q-1

JM Equity & Derivative Fund 542.96 - JM Telecom Fund 59.36 - JM Arbitrage Advantage Fund 1451.92 9.75 JM Emerging Leaders Fund 108.82 - JM Equity Fund 44.60 - JM HI FI Fund 0.42 -

Wipro Limited

JM High Liquidity Fund JM Fixed Maturity Fund-Series VII-13 M1JM Fixed Maturity Fund-Series VI - Q-4JM Fixed Maturity Fund-Series VI - Q-5

JM Arbitrage Advantage Fund 324.63 42.02

Welspun Gujarat Stahl Rohren Ltd JM High Liquidity Fund

JM Arbitrage Advantage Fund 300.76 - JM HI FI Fund 270.80 - JM Money Manager Fund-Super Plus Plan 5000.00 - JM Agri & Infra Fund 703.49 -

Yes Bank Ltd JM High Liquidity Fund

JM High Liquidity Fund 7739.57 - JM Equity & Derivative Fund 499.22 - JM Fixed Maturity Fund Series II - Y 3517.21 - JM Fixed Maturity Fund Series III - Q-3 2500.00 - JM Fixed Maturity Fund Series III - Q-4 2500.00 - JM Fixed Maturity Fund Series IV - Q-1 5048.08 - JM Fixed Maturity Fund Series IV - Q-2 1000.00 - JM Fixed Maturity Fund Series IV - Q-3 1500.00 - JM Fixed Maturity Fund Yearly - A2 1201.82 - JM Fixed Maturity Fund Yearly - B2 162.54 - JM Financial Services Fund 161.59 - JM Arbitrage Advantage Fund 6.37 - JM Emerging Leaders Fund 17.45 - JM High Liquidity Fund - Premium Plan 2,091.74 - JM Money Manager Fund-Super Plus Plan 3,500.00 - JM Fixed Maturity Fund Series VI - Q-2 4,897.60 - JM Fixed Maturity Fund Series VI - Q-5 4,900.23 - JM Interval Fund - Quarterly Plan 4 2,380.13 2,405.82

Investments by the schemes in the above companies have been made to achieve the investment objectives of the relevant schemes and considering long term prospects and/or yield on investments.Derivative positions and CBLO have not been considered for investment purpose.

BRANCHES/INVESTOR SERVICE CENTERS : • AGRA: Office No. F-C-6, 1st Floor, Block No.41/4B, Friends Tower, Sanjay Palace, Agra - 282 002. Tel.: (0562) 4041239. • AHMEDABAD: 201, SAMEDH complex, Next to Associated Petrol Pump, C. G. Road, Panchvati, Ahmedabad - 380 006. Tel.: (079) 26426620 / 26426630. • AMRITSAR: 26 Kennedy Avenue, 1st Floor, Above Oriental Insurance, Court Road, Amritsar 143 001. Tel.: (0183) 5013369 / 70. • BANGALORE (MAIN): Ground Floor, 18/3 Ali Asker Road, Bangalore - 560 052. Tel.: (080) 41126697 / 41126698. • BANGALORE (MALLESWARAM): No.61, 8th Cross, Margosa Road, Sri Channakeshva Complex II floor, Malleswaram, Bangalore 560 003. Tel.: (080) 41532713 / 41400412. • BANGALORE (JAYANAGAR): F-101, 1st floor, Lucky Paradise, III Block, Jayanagar, Bangalore 560 011. Tel.: (080) 41516640 / 41516642• BELLERY: Door No. 512, 2nd Floor, Ward No. 18, Moka Road, Gandhinagar, Bellery 583 001. Tel.: (08392) 256077. • BELGAUM: 1st Floor, Bilgi Plaza, Opp. Lingaraj College, College Road, Belgaum 590 002. Tel.: (0831) 4211009. • BHUBANESHWAR: A/4 Station Square, Master Canteen, Bhubaneshwar 751 003 Tel.: (0674) 6545186. • BHOPAL : M-16, Mansarovar Complex, Near Habibganj Railway Station, Bhopal 452 001. Tel.: (0755) 4223518 • CHANDIGARH: SCO-61, 62, 63, 2nd Floor, Sector 9D, Madhya Marg, Chandigarh - 160 009. Tel.: (0172) 4617236 / 4617239. • CHENNAI: 2nd Floor, Ruby Regency, Dinrose Estate, Opposite to Tarapore Towers, (Behind HP Petrol Pump) Old No. 69, Anna Salai, Chennai - 600 002. Tel.: (044) 28513026 / 28513257. • COCHIN: 504, Goverdhan Business Centre, Goverdhan Bldg.,Chittor Road, Cochin 682 035. Tel.: (0484) 2366686 / 2366698. • COIMBATORE: Door No. 196/17, First Floor, Aiswarya Commercial Centre, Thiruvenkatasamy Road, R S Puram, Coimbatore 641 002. Tel.: (0422) 4367375. • DEHRADUN: 57/19 Shiva Palace, Rajpur Road, Dehradun 248 001. Tel.: (0135) 3244581. • DAVANGERE: No.80/5, AVK College Road, P J Extn. Davangere 577 002. Tel.: (0819) 2235911. • GOA: CL-12, Advani Business Centre, Neelkamal Arcade, Atmaram Borkar Road, Above Federal Bank, Panaji, Goa 403 001. Tel.: (0832) 6650302. • GURGAON: Shop No.210, Central Arcade, DLF City Phase II, Gurgaon. Tel.: (0124) 4240035 / 4240056. • HUBLI: Shop no. 8/18, Upper Ground Floor, Vevekananda Corner, Desai Cross, Hubli 580029. Tel.: (0836) 4253907/908. • HYDERABAD: ABK OLBEE Plaza, 8-2-618/8 & 9, 4th Floor, 403, Road No. 1, Banjara Hills, Hyderabad 500 034. Tel.: (040) 66664436 / 66780752. • INDORE: 416-A, 21/1 Race Course Road, D M Tower, Indore (MP) - 452 001. Tel.: (0731) 2533344. • JAIPUR: 447, 4th Floor, Ganapati Plaza, Ml Road, Jaipur - 302 001. Tel.: (0141) 4002188 / 99. • JALANDHAR: SCO 203,2nd Floor, Lotus Tower, GT Road, Jalandhar City -144 001. Tel.: 9872695900. • KANPUR: Office No. 512, 5th Floor, Kan Chambers, 14/113 Civil Lines, Kanpur - 208 001, (U.P.) Tel.: (0512) 3914577, 3022754, 3022755. • KOLHAPUR: Krishnaji Residency, Ground floor, 01 Skes Extension Area, City Survey No.1142A/2 West Side, Kolhapur 416 001. Tel.: (0231) 2522253• KOLKATA: 6, Little Russell Street, 8th Floor, Kankaria Estate, Kolkata - 700 071. Tel.: (033) 22830627 / 28 / 29. • LUCKNOW: Room No.101, 1st Floor, Sky Hi, 5-Park Road, Lucknow - 226 001. Tel.: (0522) 4026636/7/6. • LUDHIANA: Office No. 308, SCO 18, Opp. Stock Exchange, Feroze Gandhi Market, Ludhiana - 141 001. Tel.: (0161) 5054519 / 5054520. • MANGALORE: Room No. 22, 2nd Floor, Manasa Towers, M G Road, Near PVS Circle, Mangalore 573 003. Tel.: (0824) 4277326 / 4266326. • MUMBAI (Jolly Maker II): 112, Jolly Maker Chambers II, Nariman Point, Mumbai - 400 021. Tel.: (022) 39877777. • MUMBAI (MakerChamber III): 101,Maker Chamber III, Nariman Point, Mumbai - 400 021. Tel.: (022) 39877777.• MUMBAI (BORIVALI): 402, Sai Leela Commercial Complex, S. V. Road, Next to Rasoi Restaurant, Borivali (West), Mumbai 400 092. • MUMBAI (GHATKOPAR): 319 Kailas Plaza, 3rd floor, V.B. Lane, Ghatkopar (East), Mumbai 400077. Tel.: (022) 32060287 • MUMBAI (THANE): Shop No.2, Kashinath Co-op. Hsg. Soc., Ghantali Road, Near Ghantali Devi Mandir, Thane (West) 400602. Tel.: (022) 32060285 • MUMBAI (VASHI): Ground Floor, B-152, Vashi Plaza, Sector 17, Vashi, Navi Mumbai 400705 • MYSORE: No.2916, Kanti Complex, 2nd floor, 1st main, 5th Cross, Saraswathipuram, Mysore 570 009 Tel.: (0821) 4000704 • NAGPUR: 204, Khullar Chambers, Above Bank of Baroda, Munje Chowk, Sita Buldi, Nagpur - 440 012. Tel.: (0712) 6500171 / 72. • NASIK: Lower Ground 14, Suyojit Sankul, Behind Centurion Bank, Sharanpur Road, Nasik - 422 002. Tel.: (0253) 3012824, Mob.: 9970180824. • NEW DELHI (MAIN): 105, 106 & 107, 1st Floor, Prakashdeep Building, 7-Tolstoy Marg, New Delhi-110001. Tel.: (011) 43616160. • NEW DELHI (JANAKPURI): UG-1, Suneja Tower -1, Distt. Center, Janakpuri, New Delhi 110058. Tel.: (011) 47056804 / 47056805 • NEW DELHI (PITAMPURA): Plot No.H-8, Flat No.203, RDDK Best Plaza, Netaji Subhash Place, Pitampura, New Delhi 110034. Tel.: (011) 47073080 / 47073081 • NOIDA: 505, 5th floor, Ocean Complex, Plot No.6, Sector 18, Noida. Tel.: (0120) 4271915 / 4271916 • PATNA: 521, Ashiana Hamiwas, New Dak Bunglow Road, Patna - 800 001. Tel.: (0612) 2206796. • PUNE (MAIN): Office # 304 & 305, 4th Floor, “Amit Shreephal” Ghole Road, 1187/25 Shivajinagar, Next to Federal Bank, Pune- 411005. Tel: (020) 30266021/22/23. • PUNE (PIMPRI): Shop No.16, A Wing, 1st floor, Kamala Cross Arcade, C.T.S. No.4700, Survey No.409/B, Opp. PCMC Bldg., Pimpri, Pune 411018.• RAIPUR: Shop No. 29, 2nd Floor, Millennium Plaza, Near Indian Coffee House, G.E. Road, Raipur, Chhattisgarh - 492 001. Tel.: (0771) 426 7710. • RAJKOT: 208, Star Chambers, 2nd Floor, Harihar Chowk, Rajkot - 360 001. Tel.:(0281) 2231303, Mob.: 9898234095. • SALEM: 24-1/11A, Annasalai, Swarnapuri, Salem 636 004. Tel.: (0427) 4041050• SECUNDERABAD: Shop No.45, Minerva Complex, S.D. Road, Secunderabad. Tel.: (040) 42414436 / 42414437• SURAT: 220, Second Floor, Lalbhai, Contractor Complex, Nanpura, Surat - 395001. Tel.: (0261) 2460134 / 6533056. • UDUPI: “Vyavahar 1001”, 1st Floor, Opp. IDBI Bank, Maruthi Veethika Road, Udupi 576101. Tel.: (0820) 4295955. • VADODARA: 407, 4th Floor, Siddarth Complex, Alkapuri, R C Dutt Road, Vadodara - 390 005. Tel.: (0265) 5526474 / 2350453. • VARANASI: 2nd Floor, Office No. 5, Urvashi Complex, Sigra, Varanasi - 221 010. Tel.: (0542) 6454254. • VIJAYWADA: T3, 3rd floor, Vasanth Plaza, MG Road, Near Benz Circle, Vijaywada 520010. Tel:(0866)6450708 / 6640708 (fax). • VISAKHAPATNAM: Visakha Executive Centre, 47-11-1/5, Eswar Arcade, Dwarka Nagar, 1st Lane, Visakhapatnam 530016. Tel.: (0891) 3024133.

Statutory Details : Trustee : JM Financial Trustee Company Private Limited. Investment Manager : JM Financial Asset Management Private Limited. Sponsor : JM Financial Limited.

Risk Factors: Mutual fund investments are subject to market risks and there is no assurance or guarantee that the objectives of the scheme will be achieved. As with any investment in securities, the Net Asset Value

(NAV) of the units issued under the Scheme can go up or down depending on the factors and forces affecting the capital markets. Past performance of the Sponsor / AMC / Schemes of JM Financial Mutual Fund does

not indicate the future performance of the schemes of JM Financial Mutual Fund. The sponsor is not responsible or liable for any loss resulting from the operation of the fund beyond the initial contribution made by

them of an aggregate amount of Rupees Two lacs towards setting up of the Mutual Fund, which has been invested in JM Equity Fund. The names of the schemes do not in any manner indicate either the quality of the

schemes or their future prospects or returns. Investors in the Schemes are not being offer any guaranteed / indicative returns. Investors may please note that after payment of the dividend, the per unit NAV will fall to

the extent of the dividend paid out (including the applicable distribution tax payable to Government). Past performance is no guarantee of future results. This newsletter is neither a prospectus nor an invitation to

subscribe to units of JM Financial Mutual Fund. Application should be made on the application form and on the bais of the respective scheme Offer Documents. Distribution taxes have been excluded while calculating

the returns. The above information is not necessarily indicative of future results and may not necessarily provide a basis of comparison with other investments. Please read the Offer Documents carefully before

investing. Source for calculation of returns of all schemes: mutualfundsindia.com

On written request, present and prospective unitholders / investors can obtain a copy of the Trust Deed, the Annual Report (at a price) and the text of the relevant scheme.

Designed by JM Financial Mutual Fund.

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ADDITIONAL JM BRANCHES:• AJMER : Shop No. 26, 1st floor, K.C. Complex, Opp. Daulat Bagh, Ajmer - 305 001. Tel.: (0145) 2623866. • ALLAHABAD : 132-B/28, Anant Raj Plaza, Mahatma Gandhi Marg, Allahabad - 211001. Tel.: 09936408852.• AURANGABAD : A/105, First Floor, Tapadiya Super Market, Nirala Bazar, Aurangabad -431 001. Tel.: ( 0240 ) 2341904 / 09960187867.• BHAGALPUR : Jansheela Complex, 2nd floor, Raja Sarat Chandra Path, Masakchak, Near Ghantaghar, Bhagalpur - 812001 (Bihar). Tel.: 09934361685• BHILLAI : Shop No.13, 2nd Floor, Chouhan Estate, GE Road, Bhilai – 490023. Tel.: (0788) 4010071.• CUTTACK : Plot No.2174-76, Khata No.571, Badambari, Link Road, Below GE Money Office, Cuttack – 753001. Tel.: 09937022192.• DURGAPUR : UCP-37, Ambuja Commercial Complex, City Centre, Durgapur -713216. Tel.: 09903985068.• GORAKHPUR : Shop No.22, 2nd floor, The Mall, Cross Road, Bank Road, Gorakhpur – 273001. Tel.: 09415018587. • GUNTUR : 2nd Floor, Platina Plaza, 8th Line Main Road, Arundelpet, Guntur -522002. Tel.: ( 0863) 6630456.• JAMMU : 1st floor, Opp. 295-A, Apsara Road, Gandhi Nagar, Jammu – 180004. Tel.: 09906060764.• JAMNAGAR : 124 - Manek Centre, Opp. Income Tax Office, P.N. Marg, Jamnagar - 361008 (Gujrat). Tel.: (0288) 2771011.• JHARKHAND (DEOGHAR) : Ground Floor, Sawitri Complex, Station Road, Near Bank of Baroda ATM, Deoghar - 814112 (Jharkhand). Tel.: 09934361684.• JHARKHAND (DHANBAD) : 4th floor, Shri Laxmi Complex, Shastri Nagar, Bank More, Dist. Dhanbad - 826001(Jharkhand). Tel.: 09934318850.• JHARKHAND (RANCHI) : 215-A, 2nd floor, Panchwati Plaza, Kuchahri Road, Ranchi – 834001 (Jharkhand). Tel.: 09934306844.• JODHPUR : 637-B, Bhansali Tower, Residency Road, Jodhpur – 342001. Tel.:(0291)-2635915.• KARNAL : 26, Nehru Place, Kunjpura Road, Near Head Post Office, Karnal - 132001 (Haryana). Tel.: (0184) 4046701/702. • KOLKATA (ULTADANGA) : 1st Floor, Suncity Building, 105/1 Ultadanga, Main Road, Near Bidhanagar Railway Station, Kolkata - 700 067. Tel.: 09903958536.• KOTA : D-9, 2nd floor, Deep Shree Bhawan, Opp. Multipurpose School, Gumanpura, Kota – 324007. Tel.:( 0744 ) 2392438. • MEERUT : G-37 Ganga Plaza, Ground Floor, Begum Bridge Road, Meerut – 250001. Tel.: (0121) 4028731/32. • MORADABAD : Shop No.UGF-9A, Sri Sai Sadan Commercial Complex, Near Head Post Office, Moradbad-244001 (UP). Tel.: 09935187617. • MUZZAFFARPUR : 2nd Floor, Shukla Emporium, Kalyani Chowk, Muzaffarpur - 842001 (Bihar). Tel.: 09934361683.• PATIALA : SCO 19, New Leela Bhawan, Near Kamal Laboratory, Patiala – 147001. Tel.: (175) 5004793/94.• ROURKELA : JBS Complex, Udit Nagar, Rourkela – 769012. Tel.: 09937009485.• SHIMLA : 403 B.M. Chambers, 23, Middle Bazar, Below Mall Road, Shimla – 171001. Tel.: (0177) 2817777.• SILIGURI : City Plaza, Second floor, Near SKP Office, Sevok Road, Siliguri -734001. Tel.: 09933308222.• TIRUPATHI : Off.No.12-3-328&329, Tilak Road, Above Blue Chip Corporate Office, Beside Karvy Finopolis, Thirupathi -517501. Tel.: (0877) 2222092. • TRICHY : Krishna Complex, 60/2, Swaminatha Shastri Road, Tenur, Trichy – 620017. Tel.: 09894069903. • UDAIPUR : G-12, Krishna Plaza, Near Court Chohray, Hazareshwar Colony, Udaipur – 313001. Tel.: (0294)-2419727.• VAPI : 202-B, Royal Fortune, 2nd floor, Chala-Daman Road, Chala, Vapi – 396195. Tel.: 09725358587.• WARANGAL : G10, Thirumala Mall D.No.5-9-130, 130/1 130/2 Sikhwadi, Kishanpura, Opp. Police Headquarter, Hanumakonda – 506001. Tel.: (0870) 2547772 / 2577772.

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